SOURCE: First Bank

First Bank

July 25, 2016 16:35 ET

First Bank Reports Second Quarter 2016 Net Income of $1.4 Million, up 92.9% From 2015

HAMILTON, NJ--(Marketwired - July 25, 2016) -

  • Improved Results Driven by Continued Strong Loan and Deposit Growth
  • Non-Interest Expense Increase of Less than 4%, Compared to Second Quarter 2015
  • Asset Quality Metrics Remain Favorable
  • $13.7 million in Growth Capital Raised during the Quarter

First Bank (NASDAQ: FRBA) today announced second quarter and year to date 2016 results. Net income for the quarter was $1.4 million or $0.15 per diluted share, compared to $748 thousand or $0.08 per diluted share for the second quarter of 2015, an increase of 92.9% in net income. The increase in second quarter net income compared to the second quarter of 2015 was driven by higher net interest income from strong loan growth and controlled non-interest expense growth. Continued margin compression worked to offset some of the benefits of higher loan balances.

Net income for the first six months of 2016 was $2.8 million, an increase of $322 thousand or 13.0% compared to the first six months of 2015. Similarly, the increase in net income during the first six months was driven by higher net interest income due to strong loan growth coupled with controlled expense growth.

Book value per share was $7.51 at the end of the second quarter of 2016, an increase of 5.5% compared to book value of $7.12 at the end of the second quarter of 2015.

Nonperforming assets as a percentage of total assets equaled 0.75% at the end of the second quarter of 2016 compared to 0.92% at the end of the second quarter of 2015.

2016 Performance Highlights:

  • Total net revenue (net interest income plus non-interest income) of $7.2 million for the second quarter 2016 increased by $1.2 million or 19.5%, compared to the prior year quarter
  • Total loans of $801.4 million at June 30, 2016 were up $220.7 million, or 38.0%, from June 30, 2015
  • Total deposits of $852.2 million at June 30, 2016 were up $199.6 million, or 30.6%, compared to the prior year period
  • Continued strong asset quality metrics with annualized net loan charge-offs to average loans of just 0.03% for the quarter, and nonperforming loans to total loans of 0.70% at June 30, 2016, compared to 0.84% at June 30, 2015
  • The efficiency ratio improved to 62.43% for the second quarter, from 71.69% for second quarter 2015

President and Chief Executive Officer Patrick L. Ryan commenting on the results said: "We accomplished a lot of great things in the second quarter: i) we successfully raised $13.7 million in new equity capital to fund future growth, and ii) we continued to grow loans, deposits and earnings. In addition, two of our Mercer County competitors announced they were being acquired. With fresh capital, solid asset quality, and growing brand awareness, we are extremely well positioned to take advantage of the upcoming dislocation in our Central New Jersey markets. We already had high hopes for 2016, but this new capital and improving competitive landscape only make us more optimistic.

"While new capital and reduced competition will help going forward, it's important to note that we're already seeing improved earnings from the growth and cost control measures currently in place. Loans and deposits continued their strong upward trajectory, resulting in continued, steady earnings growth. In fact, year to date net income is up 13% compared to the first half of last year. Non-interest expenses grew slightly in the quarter, but are up only 3.7% compared to the second quarter of 2015.

"Our loan portfolio grew nicely in the second quarter with an increase of $43 million in net new loans during the period. With a total loan portfolio in excess of $800 million, loans are up 38% compared to this time last year. Plus, we are on pace for our best year ever in loan growth. Meanwhile, asset quality metrics remained strong. Our ratio of nonperforming assets to total assets increased slightly since March 31, 2016 but remained at a healthy level and net charge offs declined significantly. We saw some positive trends on the deposit side as well. Once again, we experienced deposit growth in all of the markets we serve. And, importantly, non-interest balances grew by over $6 million since March 31, 2016, while CDs as a percent of total deposits declined slightly.

Ryan concluded, "Having achieved our capital raising objectives, we're excited for the second half of 2016 and beyond. We have the right team, with the right model, operating in great markets. A tremendous opportunity has presented itself; now we need to execute and seize the moment."

Conference Call

First Bank will host an earnings call on Tuesday, July 26, 2016 at 2:00 p.m. The direct dial toll free number for the call is 1-888-317-6016. For those unable to participate in the call, a replay will be available by dialing 1-877-344-7529 from one hour after the end of the conference call until August 26, 2016. The replay will also be available on our website at www.firstbanknj.com under the "About Us" tab. Click on "Investor Relations" to access the replay of the conference call.

Second Quarter 2016 Highlights

  • Balance Sheet
    • Total assets at June 30, 2016 were $970.7 million, an increase of $53.2 million or 5.8% compared to March 31, 2016, and an increase of $213.7 million or 28.2% compared to June 30, 2015.
    • Total loans reached $801.4 million at June 30, 2016, an increase of $43.3 million or 5.7% compared to March 31, 2016 and an increase of $220.7 million or 38.0% compared to June 30, 2015.
    • Loan portfolio composition at June 30, 2016:
      • Acquisition, Construction and Development (ACD) loans equaled 9.3% of total loans;
      • Commercial Real Estate, Investor (CREI; including multi-family) loans equaled 45.0% of total loans;
      • Commercial Real Estate, Owner-Occupied (CREO) loans equaled 22.7% of total loans;
      • Commercial and Industrial (C&I) loans equaled 13.2% of total loans;
      • Residential Real Estate and Consumer and Other loans equaled 9.8% of total loans.
    • Total deposits reached $852.2 million at June 30, 2016, an increase of $53.2 million or 6.7% compared to March 31, 2016 and an increase of $199.6 million or 30.6% compared to June 30, 2015. Non-interest bearing deposits totaled $107.7 million at June 30, 2016, or 12.6% of total deposits.
    • Stockholders' equity increased to $85.5 million at June 30, 2016. On June 30, 2016 First Bank raised $13.4 million in new equity, after expenses, through the private placement of 1,890,000 shares of common stock at a price of $7.25 per share.
    • Book value per share was $7.51 at June 30, 2016 compared to $7.42 per share at March 31, 2016 and $7.12 per share at June 30, 2015. Tangible book value per share was $7.49 at June 30, 2016, compared to $7.39 per share at March 31, 2016 and $7.09 per share at June 30, 2015.
  • Quarterly Income Statement
    • Net interest income for the second quarter of 2016 totaled $6.9 million, an increase of $111 thousand, or 1.6%, compared to $6.8 million for the first quarter of 2016 and an increase of $1.1million, or 19.5%, compared to the second quarter of 2015.
    • The provision for loan losses in the second quarter of 2016 totaled $639 thousand, a decrease of $174 thousand, or 21.4%, compared to $813 thousand for the first quarter of 2016 and an increase of $7 thousand, or 1.1% compared to the second quarter of 2015.
    • Non-interest income for the second quarter of 2016 totaled $316 thousand compared to $360 thousand for the first quarter of 2016. Gains on recovery of acquired loans totaled $63 thousand in the second quarter of 2016 compared to $111 thousand in the first quarter of 2016. When compared to the second quarter of 2015, non-interest income increased $51 thousand, as gains on recovery of acquired loans increased by $33 thousand.
    • Non-interest expense for the second quarter of 2016 totaled $4.5 million, an increase of $84 thousand, or 1.9%, compared to $4.4 million for the first quarter of 2016, as salaries and employee benefits increased 3.3% due to our growth. When compared to the second quarter of 2015, non-interest expense increased $158 thousand due to slight increases across all categories.
    • Pre-tax income for the second quarter of 2016 totaled $2.1 million, an increase of $157 thousand, or 8.1%, compared to $1.9 million for the first quarter of 2016 and an increase of $1.0 million or 92.3% compared to the second quarter of 2015.
    • Income tax expense for the second quarter of 2016 totaled $661 thousand, an increase of $70 thousand, or 11.8% compared to $591 thousand for the first quarter of 2016 and an increase of $315 thousand, or 91.0%, compared to the second quarter of 2015.
    • Net income for the second quarter of 2016 totaled $1.44 million, an increase of $87 thousand, or 6.4%, compared to $1.36 million in the first quarter of 2016, and an increase of $695 thousand, or 92.9%, compared to the second quarter of 2015.
    • Diluted earnings per share for the second quarter of 2016 totaled $0.15 an increase of $0.01 per diluted share compared to $0.14 per diluted share for the first quarter of 2016. Diluted earnings per share for the second quarter of 2015 totaled $0.08.
    • Pre-provision net revenue1 for the second quarter of 2016 was $2.7 million, an increase of $56 thousand, or 2.1%, compared to $2.6 million in the first quarter of 2016, and an increase of $984 thousand, or 58.0%, compared to the second quarter of 2015.
  • Year-to-Date Income Statement
    • Net income for the six months ended June 30, 2016 totaled $2.8 million, an increase of $322 thousand or 13.0% compared to $2.5 million for the same period in 2015. Year-to-date 2015 results included $654 thousand in gains on recovery of acquired loans compared to $174 thousand for the same period in 2016. Additionally, 2016 year-to-date results included $796 thousand in interest expense on our outstanding subordinated debentures compared to $269 thousand for the same period in 2015.
    • Net interest income for the six months ended June 30, 2016 totaled $13.7 million, an increase of $1.8 million or 14.8% compared to $11.9 million for the same period in 2015.
    • The provision for loan losses for the six months ended June 30, 2016 totaled $1.5 million, an increase of $764 thousand or 111.0% compared to $688 thousand for the same period in 2015. The increased provision for the comparative period was driven primarily by the level of loan growth.
    • Non-interest income for the six months ended June 30, 2016 totaled $676 thousand, a decrease of $421 thousand or 38.4% compared to $1.1 million for the same period in 2015. This decrease was largely due to the decrease in gains on recovery of acquired loans discussed above.
    • Non-interest expense for the six months ended June 30, 2016 totaled $8.8 million, an increase of $93 thousand or 1.1% compared to $8.7 million for the same period in 2015.
  • Other items
    • The tax equivalent net interest margin for the second quarter of 2016 was 3.04% compared to 3.14% for the first quarter of 2016 and 3.24% for the second quarter of 2015. The tax equivalent net interest margin for the first six months of 2016 was 3.09% compared to 3.48% for the same period in 2015.
    • Nonperforming assets were $7.3 million or 0.75% of total assets at June 30, 2016 compared to $5.8 million or 0.63% of total assets at March 31, 2016. This increase was mainly the result of one new nonperforming loan with a principal balance of $1.8 million. This loan is well secured and in the process of being worked out.
      • Nonaccrual loans totaled $5.6 million or 0.70% of total loans at June 30, 2016 compared to nonaccrual loans of $3.9 million or 0.52% of total loans at March 31, 2016.
      • Loans 30-89 days past due totaled $5.3 million at June 30, 2016 compared to $4.2 million at March 31, 2016. There were no loans over 90 days past due or more and still accruing at June 30, 2016. Loans over 90 days past due or more and still accruing at March 31, 2016 totaled $155 thousand.
      • Other real estate owned and other repossessed assets totaled $1.7 million at June 30, 2016 and March 31, 2016.
    • Regulatory capital ratios at June 30, 2016:
      • Tier 1 Leverage ratio of 8.99%
      • Tier 1 Risk-Based capital ratio of 9.49%
      • Common Equity Tier 1 capital ratio of 9.49%
      • Total Risk-Based capital ratio of 12.92%
    • The ratio of the allowance for loan losses to total loans at June 30, 2016 was 1.13% compared to 1.12% at March 31, 2016.
    • There were 107 full-time equivalent employees at June 30, 2016 compared to 102 full-time equivalent employees at March 31, 2016.

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 $971 million in assets as of June 30 2016, 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)  
   
          
   June 30,   December 31,  
   2016   2015  
Assets           
Cash and due from banks  $5,457   $10,032  
Interest bearing deposits in other banks   47,906    23,299  
  Cash and cash equivalents   53,363    33,331  
Interest bearing time deposits in other banks   7,117    4,125  
Investment securities available for sale   29,947    45,341  
Investment securities held to maturity (fair value of $52,185 at June 30, 2016 and $53,793 at December 31, 2015)   50,777    53,262  
Restricted investment in bank stocks   1,392    1,862  
Other investments   5,000    5,000  
Loans, net of deferred fees and costs   801,421    689,887  
 Less: Allowance for loan losses   9,035    7,940  
  Net loans   792,386    681,947  
Premises and equipment, net   3,350    3,449  
Other real estate owned, net   1,645    1,557  
Accrued interest receivable   2,272    2,056  
Bank-owned life insurance   14,780    14,572  
Intangible assets, net   254    286  
Deferred income taxes   7,680    7,935  
Other assets   726    778  
  Total assets  $970,689   $855,501  
            
Liabilities and Stockholders' Equity           
Deposits:           
 Non-interest bearing  $107,714   $99,966  
 Interest bearing   744,516    639,055  
  Total deposits   852,230    739,021  
Borrowings   9,000    24,000  
Subordinated debentures   21,587    21,533  
Accrued interest payable   649    612  
Other liabilities   1,683    1,572  
  Total liabilities   885,149    786,738  
Stockholders' Equity:           
Preferred stock, par value $2 per share; authorized 5,000,000 shares; no shares outstanding   -    -  
Common stock, par value $5 per share; authorized 20,000,000 shares; issued and outstanding 11,392,776 shares at June 30, 2016 and 9,470,157 shares at December 31, 2015   56,796    47,218  
Additional paid-in capital   18,588    14,510  
Retained earnings   10,232    7,433  
Accumulated other comprehensive loss   (76 )  (398 )
  Total stockholders' equity   85,540    68,763  
  Total liabilities and stockholders' equity  $970,689   $855,501  
         
 
FIRST BANK AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
 
             
   Three Months Ended  Six Months Ended
   June 30,  June 30,
   2016  2015  2016  2015
Interest and Dividend Income                
Investment securities - taxable  $279  $357  $635  $652
Investment securities - tax-exempt   125   106   251   198
Interest bearing deposits in other banks and other   95   64   177   125
Loans, including fees   8,762   6,890   17,234   13,886
 Total interest and dividend income   9,261   7,417   18,297   14,861
                 
Interest Expense                
Deposits   1,937   1,338   3,725   2,596
Borrowings   46   54   127   108
Subordinated debentures   398   269   796   269
 Total interest expense   2,381   1,661   4,648   2,973
Net interest income   6,880   5,756   13,649   11,888
Provision for loan losses   639   632   1,452   688
Net interest income after provision for loan losses   6,241   5,124   12,197   11,200
                 
Non-Interest Income                
Service fees on deposit accounts   46   36   81   64
Loan fees   20   13   35   23
Income from bank-owned life insurance   105   107   208   213
Gains on sale of investment securities, net   -   -   25   -
Gains on recovery of acquired loans   63   30   174   654
Other non-interest income   82   79   153   143
 Total non-interest income   316   265   676   1,097
                 
Non-Interest Expense                
Salaries and employee benefits   2,287   2,278   4,501   4,509
Occupancy and equipment   638   609   1,325   1,155
Legal fees   78   91   152   183
Other professional fees   295   269   569   686
Regulatory fees   153   143   325   290
Directors' fees   120   118   233   228
Data processing   231   203   458   392
Marketing and advertising   125   119   250   237
Travel and entertainment   57   61   105   117
Insurance   53   49   110   103
Other real estate owned expense, net   123   96   242   330
Other expense   293   259   552   499
 Total non-interest expense   4,453   4,295   8,822   8,729
Income Before Income Taxes   2,104   1,094   4,051   3,568
Income tax expense   661   346   1,252   1,091
Net Income  $1,443  $748  $2,799  $2,477
                 
Basic earnings per share  $0.15  $0.08  $0.30  $0.26
Diluted earnings per share  $0.15  $0.08  $0.29  $0.26
                 
Basic weighted average common shares outstanding   9,486,450   9,408,491   9,467,438   9,408,491
Diluted weighted average common shares outstanding   9,596,407   9,473,950   9,568,510   9,471,105
             
  
FIRST BANK AND SUBSIDIARIES  
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES  
(in thousands, unaudited)  
                          
                          
   Three Months Ended June 30,  
   2016   2015  
   Average       Average   Average       Average  
   Balance   Interest   Rate (5)   Balance   Interest   Rate (5)  
   (dollars in thousands)  
Interest earning assets                             
Investment securities (1) (2)  $82,197   $447   2.19 % $96,885   $499   2.07 %
Loans (3)   782,357    8,762   4.50 %  564,227    6,890   4.90 %
Interest bearing deposits in other banks   43,744    57   0.52 %  48,741    37   0.30 %
Restricted investment in bank stocks   1,788    23   5.17 %  1,406    12   3.42 %
Other investments   5,000    15   1.21 %  5,000    15   1.20 %
 Total interest earning assets (2)   915,086    9,304   4.09 %  716,259    7,453   4.17 %
Allowance for loan losses   (8,725 )           (6,605 )         
Non-interest earning assets   36,092             40,212           
 Total assets  $942,453            $749,866           
                              
Interest bearing liabilities                             
Interest bearing demand deposits  $87,354   $146   0.67 % $45,877    82   0.72 %
Money market deposits   115,927    200   0.69 %  113,318    187   0.66 %
Savings deposits   72,276    91   0.51 %  94,199    121   0.52 %
Time deposits   447,584    1,500   1.35 %  304,832    948   1.25 %
  Total interest bearing deposits   723,141    1,937   1.08 %  558,226    1,338   0.96 %
Borrowings   17,791    46   1.04 %  14,000    54   1.55 %
Subordinated debentures   21,572    398   7.38 %  14,696    269   7.32 %
  Total interest bearing liabilities   762,504    2,381   1.26 %  586,922    1,661   1.14 %
Non-interest bearing deposits   106,067             93,652           
Other liabilities   2,113             1,756           
Stockholders' equity   71,769             67,536           
 Total liabilities and stockholders' equity  $942,453            $749,866           
Net interest income/interest rate spread (2)        6,923   2.83 %       5,792   3.03 %
Net interest margin (2) (4)            3.04 %           3.24 %
Tax-equivalent adjustment (2)        (43 )           (36 )    
Net interest income       $6,880            $5,756      
                              
(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  
(in thousands, unaudited)  
                          
                          
   Six Months Ended June 30,  
   2016   2015  
   Average       Average   Average       Average  
   Balance   Interest   Rate (5)   Balance   Interest   Rate (5)  
   (dollars in thousands)  
Interest earning assets                             
Investment securities (1) (2)  $88,570   $971   2.20 % $85,685   $917   2.16 %
Loans (3)   757,352    17,234   4.58 %  556,165    13,886   5.03 %
Interest bearing deposits in other banks   41,212    107   0.52 %  45,294    67   0.30 %
Restricted investment in bank stocks   1,973    39   3.98 %  1,356    27   4.02 %
Other investments   5,000    31   1.25 %  5,000    31   1.25 %
 Total interest earning assets (2)   894,107    18,382   4.13 %  693,500    14,928   4.34 %
Allowance for loan losses   (8,439 )           (6,448 )         
Non-interest earning assets   36,580             38,099           
 Total assets  $922,248            $725,151           
                              
Interest bearing liabilities                             
Interest bearing demand deposits  $82,255   $280   0.68 % $40,264   $143   0.72 %
Money market deposits   120,350    429   0.72 %  108,674    352   0.65 %
Savings deposits   74,999    187   0.50 %  96,930    267   0.56 %
Time deposits   420,903    2,829   1.35 %  299,155    1,834   1.24 %
  Total interest bearing deposits   698,507    3,725   1.07 %  545,023    2,596   0.96 %
Borrowings   24,192    127   1.06 %  14,022    108   1.55 %
Subordinated debentures   21,558    796   7.38 %  7,388    269   7.28 %
  Total interest bearing liabilities   744,257    4,648   1.26 %  566,433    2,973   1.06 %
Non-interest bearing deposits   105,043             90,126           
Other liabilities   2,217             1,830           
Stockholders' equity   70,731             66,762           
 Total liabilities and stockholders' equity  $922,248            $725,151           
Net interest income/interest rate spread (2)        13,734   2.87 %       11,955   3.28 %
Net interest margin (2) (4)            3.09 %           3.48 %
Tax-equivalent adjustment (2)        (85 )           (67 )    
Net interest income       $13,649            $11,888      
                              
(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  
QUARTERLY FINANCIAL HIGHLIGHTS  
(in thousands, except share and employee data, unaudited)  
                  
   2Q2016  1Q2016  4Q2015  3Q2015  2Q2015  
EARNINGS                      
 Net interest income  $6,880  $6,769  $6,096  $5,839  $5,756  
 Provision for loan losses   639   813   950   1,031   632  
 Non-interest income   316   360   282   264   265  
 Non-interest expense   4,453   4,369   4,665   4,331   4,295  
 Income tax expense   661   591   77   17   346  
 Net income   1,443   1,356   686   724   748  
                       
PER SHARE DATA                      
 Basic earnings per share  $0.15  $0.14  $0.07  $0.08  $0.08  
 Diluted earnings per share   0.15   0.14   0.07   0.08   0.08  
 Tangible book value (1)   7.49   7.39   7.23   7.18   7.09  
 Book value   7.51   7.42   7.26   7.21   7.12  
                       
PERFORMANCE RATIOS                      
 Return on average assets (2)   0.62 % 0.60 % 0.33 % 0.37 % 0.40 %
 Return on average equity (2)   8.09 % 7.83 % 3.97 % 4.21 % 4.44 %
 Net interest margin, tax equivalent basis (2)   3.04 % 3.14 % 3.05 % 3.14 % 3.24 %
 Efficiency ratio (1)   62.43 % 62.48 % 73.79 % 71.49 % 71.69 %
 Pre-provision net revenue (1)   2,680  $2,624  $2,006  $1,727  $1,696  
                       
MARKET DATA (period-end)                      
 Market value per share  $6.94  $6.94  $6.61  $6.21  $6.00  
 Market value / book value   92.43 % 93.37 % 91.03 % 86.07 % 84.24 %
 Common shares outstanding   11,392,776   9,497,776   9,470,157   9,470,407   9,434,741  
 Market capitalization  $79,066  $65,805  $62,597  $58,809  $56,610  
                       
CAPITAL & LIQUIDITY                      
 Tangible equity / assets (1)   8.79 % 7.65 % 8.00 % 8.42 % 8.83 %
 Equity / assets   8.81 % 7.68 % 8.04 % 8.46 % 8.88 %
 Loans / deposits   94.04 % 94.89 % 93.35 % 86.68 % 88.98 %
                       
ASSET QUALITY                      
 Net charge offs (recoveries)  $63  $294  $170  $626  $58  
 Nonperforming loans   5,595   4,094   3,903   4,729   4,887  
 Nonperforming assets   7,270   5,793   5,489   6,567   6,949  
 Net charge offs (recoveries) / average loans (2)   0.03 % 0.16 % 0.11 % 0.42 % 0.04 %
 Nonperforming loans / total loans   0.70 % 0.54 % 0.57 % 0.78 % 0.84 %
 Nonperforming assets / total assets   0.75 % 0.63 % 0.64 % 0.81 % 0.92 %
 Allowance for loan losses / total loans   1.13 % 1.12 % 1.15 % 1.18 % 1.16 %
 Allowance for loan losses / nonperforming loans   161.48 % 206.62 % 203.43 % 151.41 % 138.22 %
                       
PERIOD-END DATA                      
 Total assets  $970,689  $917,441  $855,501  $808,031  $757,039  
 Total loans   801,421   758,131   689,887   608,794   580,760  
 Total deposits   852,230   798,985   739,021   702,325   652,665  
 Total stockholders' equity   85,540   70,474   68,763   68,323   67,198  
 Full-time equivalent employees   107   102   99   103   105  
                       
(1) 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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