SOURCE: First Bank

First Bank

January 28, 2016 17:53 ET

First Bank Reports Full Year 2015 Earnings of $3.9 Million; Total Assets Reach $856 Million

HAMILTON, NJ--(Marketwired - January 28, 2016) - First Bank (NASDAQ: FRBA) today announced fourth quarter and full-year 2015 results. Net income for the quarter was $686 thousand or $0.07 per diluted share, compared to $724 thousand or $0.08 per diluted share for the third quarter of 2015 and $1.2 million or $0.13 per diluted share for the fourth quarter of 2014. 

Net income for the full year 2015 was $3.9 million or $0.41 per diluted share, compared to $5.8 million, or $0.63 per diluted share for the full year of 2014.

Fourth quarter net income for 2015 included $398 thousand in interest expense paid on subordinated debt. Subordinated debt expense for the full year 2015 was $1.1 million. The Bank had no subordinated debt outstanding in 2014. Fourth quarter 2015 results also included approximately $350 thousand in one-time employee severance and branch closing costs. Offsetting these costs was a lower-than-expected annual effective income tax rate of 23.4% which led to significantly lower income tax expense in the quarter. Despite continued improvement in asset quality metrics, very strong loan growth in the quarter led to an elevated provision for loan losses in the fourth quarter of 2015 of $950 thousand. 

Book value per share was $7.26 at the end of 2015, an increase of 5.5% compared to book value of $6.88 at year-end 2014.

The year over year decrease in net income was due primarily to the $2.6 million tax-free bargain purchase gain realized in the first quarter of 2014 on the acquisition of Heritage Community Bank and $1.1 million in interest expense incurred on subordinated debt during 2015. These factors that reduced income in 2015 were partially offset by higher net interest income during the year. 

President and Chief Executive Officer Patrick L. Ryan discussed the results: "In the fourth quarter of 2015 we took a tremendous leap forward. Total loans grew $81 million, by far our biggest loan growth quarter ever. Our strong loan growth can be attributed to a few key factors: i) we are generating opportunities in all of our markets (Northern New Jersey, Central/South New Jersey and Eastern Pennsylvania), ii) more business is coming our way as community bank competitors get acquired, and iii) our larger legal lending limit is allowing us to service larger companies and make larger loans. Additionally, on January 19, 2016 we expanded our Central New Jersey market as we opened our first branch in Flemington, Hunterdon County, New Jersey.

"Importantly, as our loan growth has continued, our asset quality metrics have also improved. Nonperforming assets/total assets are now at 0.64%, down more than half since this time last year. Let me be clear on this point: we are not looking to take on additional credit risk in an effort to grow loans. As our credit quality data and our net interest margin reflect, our strategy remains focused on finding high quality borrowers, even if those deals have lower yields. In a low-rate environment, this strategy has short-term consequences -- namely a tighter net interest margin. Nevertheless, we believe it's the best way to create long-term shareholder value.

"Furthermore, our expense containment efforts continued throughout the fourth quarter. We finalized the closure of our Route 10 branch in Randolph, and we streamlined our administrative structure to help reduce costs going forward. When backing out the one-time severance costs noted above, non-interest expense in the fourth quarter of 2015 was basically flat compared to the third quarter of 2015 -- and actually at levels similar to where we were at the end of last year."

Ryan continued, "Despite pressure on our net interest margin, I feel we're very well situated as we head into 2016. Our competitive position continues to improve as we grow (allowing us to service larger customers) and as community bank competition disappears (without new banks coming online to take their place). And, unlike last year, our strong fourth quarter 2015 loan growth didn't deplete our loan pipeline. While we don't expect to continue to have $80 million loan growth quarters, we think $25 to $35 million per quarter is achievable heading into 2016."

Fourth Quarter 2015 Highlights

  • Balance Sheet
    • Total assets at December 31, 2015 were $855.5 million, an increase of $47.5 million or 5.9% compared to September 30, 2015, and an increase of $178.0 million or 26.3% compared to December 31, 2014. 
    • Total loans reached $689.9 million at December 31, 2015, an increase of $81.1 million or 13.3% compared to September 30, 2015 and an increase of $142.1 million or 25.9% compared to December 31, 2014. 
    • Loan portfolio composition at December 31, 2015:
      • Acquisition, Development and Construction (ADC) loans equaled 6.4% of total loans;
      • Commercial Real Estate, Investor (CREI; including multi-family) loans equaled 45.8% of total loans;
      • Commercial Real Estate, Owner-Occupied (CREO) loans equaled 23.0% of total loans;
      • Commercial and Industrial (C&I) loans equaled 14.4% of total loans; and
      • Residential Real Estate, Consumer and Other loans equaled 10.4% of total loans.
    • Total deposits reached $739.0 million at December 31, 2015, an increase of $36.7 million or 5.2% compared to September 30, 2015 and an increase of $142.5 million or 23.9% compared to December 31 2014. Non-interest bearing deposits totaled $100.0 million at December 31, 2015 or 13.5% of total deposits.
    • Stockholders' equity increased to $68.8 million at December 31, 2015.
    • Book value per share was $7.26 at December 31, 2015 compared to $7.21 per share at September 30, 2015 and $6.88 per share at December 31, 2014. Tangible book value per share was $7.23 at December 31, 2015, compared to $7.18 per share at September 30, 2015 and $6.85 per share at December 31, 2014. 
  • Quarterly Income Statement
    • Net interest income for the fourth quarter of 2015 totaled $6.1 million, an increase of $257 thousand or 4.4% compared to $5.8 million for the third quarter of 2015 and an increase of $21 thousand or 0.3% compared to the fourth quarter of 2014.
    • The provision for loan losses in the fourth quarter of 2015 totaled $950 thousand, a decrease of $81 thousand or 7.9% compared to $1.0 million for the third quarter of 2015 and an increase of $3 thousand or 0.3% compared to the fourth quarter of 2014. The provision for loan losses in the fourth quarter of 2015 was primarily driven by loan growth.
    • Non-interest income for the fourth quarter of 2015 totaled $282 thousand compared to $264 thousand for the third quarter of 2015. When compared to the fourth quarter of 2014 non-interest income decreased $684 thousand. Gains on recovery of acquired loans totaled $56 thousand in the fourth quarter of 2015 compared to $34 thousand in the third quarter of 2015 and $472 thousand in the fourth quarter of 2014.
    • Non-interest expense for the fourth quarter of 2015 totaled $4.7 million, an increase of $334 thousand or 7.7% compared to $4.3 million for the third quarter of 2015 and an increase of $297 thousand, or 6.8%, compared to the fourth quarter of 2014. Non-interest expense growth in the fourth quarter of 2015 was primarily due to one-time employee severance costs.
    • Pre-tax income for the fourth quarter of 2015 totaled $763 thousand, an increase of $22 thousand, or 3.0%, compared to $741 thousand for the third quarter of 2015 and a decrease of $963 thousand, or 55.8%, compared to the fourth quarter of 2014.
    • Income tax expense for the fourth quarter of 2015 totaled $77 thousand, an increase of $60 thousand compared to $17 thousand for the third quarter of 2015 and a decrease of $407 thousand or 84.1%, compared to the fourth quarter of 2014. In the third quarter of 2015 a tax benefit was recorded through income tax expense as a discrete item for a change in estimate relating to our prior-year tax provision. Additionally, there was a reduction in the calculated annual effective income tax rate for the year resulting in lower income tax expense for the fourth quarter of 2015. These adjustments resulted in a reduction in income tax expense.
    • Net income for the fourth quarter of 2015 totaled $686 thousand, a decrease of $38 thousand or 5.2% compared to $724 thousand in the third quarter of 2015, and a decrease of $556 thousand or 44.8% compared to the fourth quarter of 2014.
    • Diluted earnings per share for the fourth quarter of 2015 totaled $0.07 compared to $0.08 per diluted share for the third quarter of 2015. Diluted earnings per share for the fourth quarter of 2014 totaled $0.13.
    • Pre-provision net revenue(1) for the fourth quarter was $2.0 million, an increase of $279 thousand or 16.2% compared to $1.7 million in the third quarter of 2015, and a decrease of $206 thousand or 9.3% compared to the fourth quarter of 2014.
  • Year to Date Income Statement
  • Net interest income for the year ended December 31, 2015 totaled $23.8 million, an increase of $2.6 million or 12.3% compared to $21.2 million for the same period in 2014.
  • The provision for loan losses for the year ended December 31, 2015 totaled $2.7 million, an increase of $231 thousand, or 9.5%, compared to $2.4 million for the same period in 2014.
  • Non-interest income for the year ended December 31, 2015 totaled $1.6 million, a decrease of $3.5 million or 67.8% compared to $5.1 million for the same period in 2014. A bargain purchase gain of $2.6 million and $1.4 million in gains on recovery of acquired loans is included for the year ended December 31, 2014. Gains on recovery of acquired loans for the year ended December 31, 2015 was $744 thousand.
  • Non-interest expense for the year ended December 31, 2015 totaled $17.7 million, an increase of $1.9 million or 12.0% compared to $15.8 million for the year ended December 31, 2014.
  • Other items
    • The tax equivalent net interest margin (NIM) for the fourth quarter of 2015 was 3.05% compared to 3.14% for the third quarter of 2015 and 3.84% for the fourth quarter of 2014. 
    • Non-performing assets (NPAs) were $5.5 million or 0.64% of total assets at December 31, 2015 compared to $6.6 million or 0.81% of total assets at September 30, 2015. 
      • Non-accrual loans totaled $3.8 million or 0.55% of total loans at December 31, 2015 compared to non-accrual loans of $4.5 million or 0.75% of total loans at September 30, 2015.
      • Loans 30-89 days past due totaled $11.3 million at December 31, 2015 compared to $1.1 million at September 30, 2015. Loans over 90 days past due or more and still accruing at December 31, 2015 totaled $108 thousand compared to $185 thousand in loans over 90 days past due or more and still accruing at September 30, 2015. Loans past due 30-89 days at December 31, 2015 included six loans totaling $6.4 million that were exactly 30 days past due (and are now current). It also included two loans totaling $0.6 million that had matured and have subsequently been renewed. We do not believe that the level of loans past due 30-89 days at December 31, 2015 reflect overall asset quality concerns.
      • Other real estate owned and other repossessed assets totaled $1.6 million at December 31, 2015 and $1.8 million at September 30, 2015.
    • Regulatory capital ratios at December 31, 2015:
      • Tier 1 leverage ratio of 8.22%
      • Common equity tier 1 capital ratio of 8.58%
      • Tier 1 risk-based capital ratio of 8.58%
      • Total risk-based capital ratio of 12.29%
    • The allowance for loan losses (ALLL) to total loans at December 31, 2015 was 1.15% compared to 1.18% at September 30, 2015.
    • 99 full-time equivalent employees (FTEs) at December 31, 2015, compared to 103 at September 30, 2015.

About First Bank
First Bank (www.firstbanknj.com) is a New Jersey state-chartered bank with ten full-service branches in Cranbury, Denville, Ewing, Flemington, Hamilton, Lawrence, Randolph, Somerset and Williamstown, New Jersey, and Trevose, Pennsylvania. With $856 million in assets as of December 31, 2015, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol "FRBA". 

This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond First Bank's control and could impede its ability to achieve these goals. These factors include those listed in our Annual Report on Form 10K under the caption "Item 1A-Risk Factors", and general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.

(1) A non-U.S. GAAP metric defined by SNL Financial as net interest income before provision for loan losses plus non-interest income excluding non-ordinary items (e.g. gains on sale of investment securities, gains on recovery of acquired loans, and bargain purchase gains) minus non-interest expense excluding non-ordinary items (e.g. merger related expenses and other one-time, non-ordinary costs).

 
FIRST BANK AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except share data, unaudited)
 
         
    December 31,
    2015   2014
Assets                
Cash and due from banks   $ 10,032     $ 4,352  
Interest bearing deposits in other banks     23,299       16,018  
    Cash and cash equivalents     33,331       20,370  
Interest bearing time deposits in other banks     4,125       5,183  
Investment securities available for sale     45,341       40,390  
Investment securities held to maturity (fair value of $53,793 at December 31, 2015 and $34,734 at December 31, 2014)     53,262       34,273  
Restricted investment in bank stocks     1,862       1,304  
Other investments     5,000       5,000  
Loans, net of deferred fees and costs     689,887       547,759  
  Less: Allowance for loan losses     7,940       6,104  
    Net loans     681,947       541,655  
Premises and equipment, net     3,449       3,452  
Other real estate owned, net     1,557       2,182  
Accrued interest receivable     2,056       1,724  
Bank-owned life insurance     14,572       14,147  
Intangible assets, net     286       356  
Deferred income taxes     7,935       6,864  
Other assets     778       558  
    Total assets   $ 855,501     $ 677,458  
                 
Liabilities and Stockholders' Equity                
Deposits:                
  Non-interest bearing   $ 99,966     $ 91,972  
  Interest bearing     639,055       504,510  
    Total deposits     739,021       596,482  
Borrowings     24,000       14,000  
Subordinated debentures     21,533       -  
Accrued interest payable     612       337  
Other liabilities     1,572       1,880  
    Total liabilities     786,738       612,699  
Stockholders' Equity:                
Preferred stock, par value $2 per share; 5,000,000 shares authorized; no shares outstanding     -       -  
Common stock, par value $5 per share; 20,000,000 shares authorized; issued and outstanding 9,470,407 shares at December 31, 2015 and 9,408,491 shares at December 31, 2014     47,218       47,042  
Additional paid-in capital     14,510       14,301  
Retained earnings     7,433       3,546  
Accumulated other comprehensive loss     (398 )     (130 )
    Total stockholders' equity     68,763       64,759  
    Total liabilities and stockholders' equity   $ 855,501     $ 677,458
 
                     
                     
                     
FIRST BANK AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
 
                 
    Three Months Ended   Year Ended
    December 31,   December 31,
    2015   2014   2015   2014
Interest and Dividend Income                        
Investment securities-taxable   $ 375   $ 307   $ 1,423   $ 1,288
Investment securities-tax-exempt     127     86     452     291
Federal funds sold     -     -     -     2
Interest bearing deposits in other banks and other     69     53     247     233
Loans, including fees     7,606     6,807     28,642     23,536
    Total interest and dividend income     8,177     7,253     30,764     25,350
                         
Interest Expense                        
Deposits     1,628     1,123     5,658     3,919
Borrowings     55     55     218     218
Subordinated debentures     398     -     1,065     -
    Total interest expense     2,081     1,178     6,941     4,137
Net interest income     6,096     6,075     23,823     21,213
Provision for loan losses     950     947     2,669     2,438
Net interest income after provision for loan losses     5,146     5,128     21,154     18,775
                         
Non-Interest Income                        
Service fees on deposit accounts     33     30     128     136
Loan fees     13     4     44     22
Income from bank-owned life insurance     106     111     425     342
Gains on sale of investment securities     -     -     11     34
Gains on sale of loans held for sale     -     246     -     283
Gain on acquisition of Heritage Community Bank     -     -     -     2,606
Gains on recovery of acquired loans     56     472     744     1,425
Other non-interest income     74     103     291     251
    Total non-interest income     282     966     1,643     5,099
                         
Non-Interest Expense                        
Salaries and employee benefits     2,449     2,214     9,221     7,904
Occupancy and equipment     585     552     2,372     1,981
Legal fees     95     100     336     346
Other professional fees     320     252     1,225     1,091
Regulatory fees     126     150     507     539
Directors' fees     100     94     429     330
Data processing     214     187     811     730
Marketing and advertising     123     191     503     511
Travel and entertainment     89     75     269     238
Insurance     50     58     196     167
Other real estate owned expense, net     220     135     801     435
Merger-related expenses     -     11     -     590
Other expense     294     349     1,055     958
    Total non-interest expense     4,665     4,368     17,725     15,820
Income Before Income Taxes     763     1,726     5,072     8,054
Income tax expense     77     484     1,185     2,218
Net Income   $ 686   $ 1,242   $ 3,887   $ 5,836
                         
Basic earnings per share   $ 0.07   $ 0.13   $ 0.41   $ 0.63
Diluted earnings per share   $ 0.07   $ 0.13   $ 0.41   $ 0.63
                         
Basic weighted average common shares outstanding     9,443,657     9,408,491     9,423,029     9,244,005
Diluted weighted average common shares outstanding     9,529,389     9,466,647     9,492,289     9,309,134
                         
                         
                         
FIRST BANK AND SUBSIDIARIES
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
(unaudited)
                         
                         
    Three Months Ended December 31,
    2015   2014
    Average       Average   Average       Average
    Balance   Interest   Rate (5)   Balance   Interest   Rate (5)
    (dollars in thousands)
Interest earning assets                                            
Investment securities (1) (2)   $ 100,460     $ 545     2.15 %   $ 74,087     $ 423     2.27 %
Loans (3)     637,802       7,606     4.73 %     521,216       6,807     5.18 %
Interest bearing deposits in other banks     54,257       40     0.29 %     29,679       24     0.32 %
Restricted investment in bank stocks     1,422       13     3.63 %     1,305       13     3.95 %
Other investments     5,000       16     1.27 %     5,000       16     1.27 %
    Total interest earning assets (2)     798,941       8,220     4.08 %     631,287       7,283     4.58 %
Allowance for loan losses     (7,399 )                   (5,718 )              
Non-interest earning assets     38,519                     38,849                
    Total assets   $ 830,061                   $ 664,418                
                                             
Interest bearing liabilities                                            
Interest bearing demand deposits   $ 68,478     $ 122     0.71 %   $ 26,525     $ 39     0.58 %
Money market deposits     123,787       228     0.73 %     100,402       157     0.62 %
Savings deposits     80,959       103     0.50 %     105,456       158     0.59 %
Time deposits     349,899       1,175     1.33 %     259,266       769     1.18 %
    Total interest bearing deposits     623,123       1,628     1.04 %     491,649       1,123     0.91 %
Borrowings     14,239       55     1.53 %     14,000       55     1.56 %
Subordinated debentures     21,521       398     7.40 %     -       -     -  
    Total interest bearing liabilities     658,883       2,081     1.25 %     505,649       1,178     0.92 %
Non-interest bearing deposits     101,028                     91,565                
Other liabilities     1,579                     1,930                
Stockholders' equity     68,571                     65,274                
    Total liabilities and stockholders' equity   $ 830,061                   $ 664,418                
Net interest income/interest rate spread (2)             6,139     2.83 %             6,105     3.66 %
Net interest margin (2) (4)                   3.05 %                   3.84 %
Tax-equivalent adjustment (2)             (43 )                   (30 )      
Net interest income           $ 6,096                   $ 6,075        
                                             
                                             
(1) Average balances of investment securities available for sale are based on amortized cost.  
(2) Interest and average rates are tax equivalent using a federal income tax rate of 34 percent.  
(3) Average balances of loans include loans on nonaccrual status.  
(4) Net interest income divided by average total interest earning assets.  
(5) Average rates are annualized.  
   
   
   
FIRST BANK AND SUBSIDIARIES
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
(unaudited)
                         
                         
    Year Ended December 31,
    2015   2014
    Average       Average   Average       Average
    Balance   Interest   Rate   Balance   Interest   Rate
    (dollars in thousands)
Interest earning assets                                            
Investment securities (1) (2)   $ 94,773     $ 2,029     2.14 %   $ 73,741     $ 1,678     2.28 %
Loans (3)     586,574       28,642     4.88 %     456,105       23,536     5.16 %
Federal funds sold and interest bearing deposits in other banks     44,980       130     0.29 %     31,508       101     0.32 %
Restricted investment in bank stocks     1,387       54     3.89 %     1,337       53     3.96 %
Other investments     5,000       63     1.26 %     5,000       81     1.62 %
    Total interest earning assets (2)     732,714       30,918     4.22 %     567,691       25,449     4.48 %
Allowance for loan losses     (6,817 )                   (5,138 )              
Non-interest earning assets     38,460                     35,258                
    Total assets   $ 764,357                   $ 597,811                
                                             
Interest bearing liabilities                                            
Interest bearing demand deposits   $ 52,971     $ 375     0.71 %   $ 19,380     $ 84     0.43 %
Money market deposits     112,504       766     0.68 %     91,121       521     0.57 %
Savings deposits     89,852       477     0.53 %     113,415       713     0.63 %
Time deposits     316,149       4,040     1.28 %     218,934       2,601     1.19 %
    Total interest bearing deposits     571,476       5,658     0.99 %     442,850       3,919     0.88 %
Borrowings     14,072       218     1.55 %     14,000       218     1.56 %
Subordinated debentures     14,506       1,065     7.34 %     -       -     -  
    Total interest bearing liabilities     600,054       6,941     1.16 %     456,850       4,137     0.91 %
Non-interest bearing deposits     94,774                     77,831                
Other liabilities     1,821                     1,600                
Stockholders' equity     67,708                     61,530                
    Total liabilities and stockholders' equity   $ 764,357                   $ 597,811                
Net interest income/interest rate spread (2)             23,977     3.06 %             21,312     3.57 %
Net interest margin (2) (4)                   3.27 %                   3.75 %
Tax-equivalent adjustment (2)             (154 )                   (99 )      
Net interest income           $ 23,823                   $ 21,213        
                                             
                                             
(1) Average balances of investment securities available for sale are based on amortized cost.  
(2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 34 percent.  
(3) Average balances of loans include loans on nonaccrual status.  
(4) Net interest income divided by average total interest earning assets.  
   
   
   
FIRST BANK AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS
(in thousands, except share data, unaudited)
                     
    4Q2015   3Q2015   2Q2015   1Q2015   4Q2014
EARNINGS                                        
  Net interest income   $ 6,096     $ 5,839     $ 5,756     $ 6,132     $ 6,075  
  Provision for loan losses     950       1,031       632       56       947  
  Non-interest income     282       264       265       832       966  
  Non-interest expense     4,665       4,331       4,295       4,434       4,368  
  Income tax expense     77       17       346       745       484  
  Net income     686       724       748       1,729       1,242  
                                         
PER SHARE DATA                                        
  Basic earnings per share   $ 0.07     $ 0.08     $ 0.08     $ 0.18     $ 0.13  
  Diluted earnings per share     0.07       0.08       0.08       0.18       0.13  
  Tangible book value (1)     7.23       7.18       7.09       7.03       6.85  
  Book value     7.26       7.21       7.12       7.07       6.88  
                                         
PERFORMANCE RATIOS                                        
  Return on average assets (2)     0.33 %     0.37 %     0.40 %     1.00 %     0.74 %
  Return on average equity (2)     3.97 %     4.21 %     4.44 %     10.63 %     7.55 %
  Net interest margin, tax equivalent basis (2)     3.05 %     3.14 %     3.24 %     3.74 %     3.84 %
  Efficiency ratio (1)     73.79 %     71.49 %     71.69 %     69.94 %     68.91 %
  Pre-provision net revenue (1)   $ 2,006     $ 1,727     $ 1,696     $ 2,056     $ 2,212  
                                         
MARKET DATA (period-end)                                        
  Market value per share   $ 6.61     $ 6.21     $ 6.00     $ 6.03     $ 6.24  
  Market value / book value     91.03 %     86.07 %     84.24 %     85.34 %     90.65 %
  Common shares outstanding     9,470       9,470       9,435       9,437       9,408  
  Market capitalization   $ 62,597     $ 58,809     $ 56,610     $ 56,905     $ 58,706  
                                         
CAPITAL & LIQUIDITY                                        
  Tangible equity / assets (1)     8.00 %     8.42 %     8.83 %     9.08 %     9.51 %
  Equity / assets     8.04 %     8.46 %     8.88 %     9.12 %     9.56 %
  Loans / deposits     93.35 %     86.68 %     88.98 %     84.08 %     91.83 %
                                         
ASSET QUALITY                                        
  Net charge offs (recoveries)   $ 170     $ 626     $ 58     $ (21 )   $ 354  
  Nonperforming loans     3,903       4,729       4,887       5,414       7,112  
  Nonperforming assets     5,489       6,567       6,949       7,521       9,394  
  Net charge offs (recoveries) / average loans (2)     0.11 %     0.42 %     0.04 %     (0.02 %)     0.27 %
  Nonperforming loans / total loans     0.57 %     0.78 %     0.84 %     0.99 %     1.30 %
  Nonperforming assets / total assets     0.64 %     0.81 %     0.92 %     1.03 %     1.39 %
  Allowance for loan losses / total loans     1.15 %     1.18 %     1.16 %     1.13 %     1.11 %
  Allowance for loan losses / nonperforming loans     203.43 %     151.41 %     138.22 %     114.17 %     85.83 %
                                         
PERIOD-END DATA                                        
  Total assets   $ 855,501     $ 808,031     $ 757,039     $ 730,935     $ 677,458  
  Total loans     689,887       608,794       580,760       545,074       547,759  
  Total deposits     739,021       702,325       652,665       648,316       596,482  
  Total stockholders' equity     68,763       68,323       67,198       66,684       64,759  
  Full-time equivalent employees     99       103       105       94       94  
                                         
                                         
(1) A non-U.S. GAAP financial measure that we believe provides management and investors with information that is useful in understanding our financial performance and condition.  
(2) Annualized.  
   

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