SMARTFINANCIAL INC. - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - 8-K 3RD QUARTER 2016 EARNINGS RELEASE - SMARTFINANCIAL INC.	a2016q3earningsreleasecover.htm

Exhibit 99.1

3Q 2016

SmartFinancial Reports Third Quarter Results

KNOXVILLE, TN - October 26, 2016 - SmartFinancial, Inc. ("SmartFinancial"; NASDAQ: SMBK), announced today net income of $1.6 million in its third quarter of 2016, compared to $(0.1) million a year ago. In the third quarter 2015, SmartFinancial successfully completed the merger of two holding companies, legacy SmartFinancial, Inc. and Cornerstone Bancshares, Inc., and carried forward the name "SmartFinancial, Inc." In the first quarter of 2016, SmartFinancial completed the merger of Cornerstone Community Bank with and into SmartBank. This quarter completes the fourth full quarter’s results from the combined company and the second full quarter's results of the merged bank.

Billy Carroll, President & CEO, stated: "We are pleased to see the hard work of our associates materialize in the form of improved results for our shareholders with increases in earnings per share, return on equity and return on assets this quarter. Loan growth was over 12 percent annualized, which was the second quarter it grew at a double digit pace. Our non-interest income is improving thanks to the results from our mortgage business and higher deposit service charges driven by balance growth. Our non interest expense reduction was primarily due to merger efficiencies. We are excited to put our merger expenses behind us and concentrate on the successful execution of our 2016 goals.”

SmartFinancial's Chairman, Miller Welborn, concluded: "It is exciting to see the internal achievements we have made as a company translate into improved external results. To be able to grow while maintaining a strong margin, improving asset quality, and increasing efficiencies is a testament to leadership at all levels of our company. Every day we strive to achieve our goals of being a best place to work, a great place to bank and especially rewarding for our shareholders. "

Performance Highlights


•	Net income available to common shareholders totaled $1.3 million or $0.23 per share during the third quarter of 2016.


•	Annualized return on average assets equaled 0.63 percent in the third quarter of 2016, compared to 0.48 percent in the previous quarter.


•	Annualized net loan growth was approximately 12.42 percent in the third quarter of 2016, with a healthy mix of construction & development, residential real estate, and commercial real estate loan growth.


•	Asset quality was outstanding with nonperforming assets to total assets dropping to just 0.41 percent.


•	Non interest income as a percent of average assets increased to 0.47 percent as the sale of mortgage and SBA loans increased over 45 percent.

Third Quarter 2016 compared to Second Quarter 2016

Net interest income to average assets of 3.79 percent for the quarter decreased from 3.87 percent in the second quarter of 2016. Net interest income totaled $9.7 million in the third quarter of 2016 compared to $9.6 million in the second quarter of 2016. Net interest income was positively impacted during the quarter by increased loan balances. Net interest margin, taxable equivalent, fell slightly from 4.11 percent in the second quarter of 2016 to 4.03 percent in the third quarter of 2016 primarily as a result of a reduction in purchased loan accounting adjustments and lower balances and yields in the securities portfolio.

Provision for loan losses was $261 thousand in the third quarter of 2016, compared to $218 thousand in the second quarter of 2016 . The increase in provision for loan losses was primarily due to the growth of the loan portfolio during the quarter. Annualized net charge-offs remained the same at 0.01 percent of average loans in the second third quarter of 2016.

The ALLL was $5.0 million, or 0.62 percent of total loans as of September 30, 2016, compared to $4.7 million, or 0.61 percent of total loans, as of June 30, 2016. Adjusted ALLL, which includes the ALLL as well as net acquisition accounting fair value adjustments for acquired loans, was 1.93 percent of total loans as of September 30, 2016, which was down from 2.00 percent as of June 30, 2016. The reduction in adjusted ALLL resulted from continued accretion of fair value discounts.

Nonperforming loans as a percentage of total loans was 0.21 percent as of September 30, 2016, which was down from 0.29 percent in the prior quarter. Total nonperforming assets (which include nonaccrual loans, loans past due 90 days or more and still accruing, and foreclosed assets) as a percentage of total assets was 0.41 percent as of September 30, 2016, compared to 0.69 percent as of June 30, 2016.

Non-interest income to average assets of 0.47 percent for the quarter increased from 0.39 percent in the second quarter of 2016. Non-interest income totaled $1.2 million in the third quarter of 2016, compared to $961 thousand in the second quarter of 2016. The increase in non-interest income was primarily due to higher service charges and fees, higher gains on the sale of SBA and mortgage loans, and gains on sale of foreclosed assets.

Non-interest expense to average assets of 3.16 percent for the quarter was down from 3.41 percent in the second quarter of 2016. Non-interest expense totaled $8.0 million in the third quarter of 2016, which was down $422 thousand from the second quarter of 2016 primarily due to normalized post merger data processing costs, the completion of repairs at one branch, and a drop in salary and employee benefit expenses. Occupancy expense of $965 thousand was down $172 thousand from the previous quarter due to the completion of a repair project at one branch. Data processing expenses decreased $98 thousand compared to the second quarter in the absence of merger related costs.

Income tax expense was $947 thousand in the third quarter of 2016 compared to $691 thousand in the second quarter of 2016. The company's effective tax rate was 37.02 percent in the third quarter of 2016 compared to 36.71 percent in the second quarter of 2016.

Third Quarter 2016 compared to Third Quarter 2015

Net operating earnings available to common shareholders, which excludes purchased loans accounting adjustments, securities gains, merger and conversion costs, and foreclosed assets gains and losses, totaled $1.1 million in the third quarter of 2016 compared to $154 thousand in the third quarter of 2015. Net income available to common shareholders totaled $1.3 million in the third quarter of 2016, or $0.22 per diluted share, compared to $(107) thousand, or $(0.03) per diluted share, in the third quarter of 2015. The company's operations and financial performance were significantly impacted in nearly every respect by the merger of SmartFinancial, Inc. and Cornerstone Bancshares, Inc. on August 31, 2015. Therefore, financial results in 3Q 2016 are not comparable to results reported for 3Q 2015.

About SmartFinancial, Inc.

SmartFinancial, Inc., based in Knoxville, Tennessee, is the bank holding company for SmartBank. SmartBank is a full-service commercial bank founded in 2007, with twelve branches, two loan production offices, and one mortgage production office located in East Tennessee, the Florida Panhandle, and North Georgia. Recruiting the best people, delivering exceptional client service, strategic branching and a conservative and disciplined approach to lending have all given rise to SmartBank’s success. More information about SmartFinancial can be found on its website: www.smartbank.com.

This release contains forward-looking statements. SmartFinancial cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: changes in management’s plans for the future, prevailing economic and political conditions, particularly in our market area; credit risk associated with our lending activities; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services and other factors that may be described in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time.

The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, SmartFinancial assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. SmartFinancial management uses non-GAAP financial measures, including: (i) net operating earnings available to common shareholders; (ii) operating efficiency ratio; (iii) adjusted allowance for loan losses to loans; and (iv) tangible common equity, in its analysis of the company's performance. Net operating earnings available to common shareholders excludes the following from net income available to common shareholders: securities gains and losses, merger and conversion costs, OREO gain and losses, and the income tax effect of adjustments. The operating efficiency ratio excludes securities gains and losses, merger and conversion costs, and adjustment for OREO gains and losses from the efficiency ratio. Adjusted allowance for loan losses adds net acquisition accounting fair value discounts to the allowance for loan losses. Tangible common equity excludes total preferred stock, preferred stock paid in capital, goodwill, and other intangible assets.

Management believes that non-GAAP financial measures provide additional useful information that allows readers to evaluate the ongoing performance of the company and provide meaningful comparisons to its peers. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider SmartFinancial's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

Source

SmartFinancial, Inc.

Investor Contacts

Billy Carroll

President & CEO

865.868.0613

Frank Hughes

Executive Vice President

Investor Relations

423.385.3009

Media Contact

Kelley Fowler

First Vice President, Public Relations & Marketing

SmartBank

865.868.0611

kfowler@smartbank.net



SmartFinancial, Inc. and Subsidiaries
Condensed Consolidated Financial Information (unaudited)
(In thousands except per share data)
	As of and for the three months ending
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Selected Performance Ratios (Annualized)
Return on average assets	0.63		%	0.48		%	0.54		%	0.47		%	(0.04		)%
Net operating return on average assets (Non-GAAP)	0.44		%	0.26		%	0.40		%	0.24		%	0.10		%
Return on average shareholder equity	6.19		%	4.64		%	5.29		%	4.75		%	(0.44		)%
Net operating return on average shareholder equity (Non-GAAP)	4.35		%	2.47		%	3.89		%	2.47		%	1.05		%
Net interest income / average assets	3.79		%	3.87		%	3.67		%	3.79		%	3.65		%
Yield on earning assets, TE (Non-GAAP)	4.48		%	4.56		%	4.40		%	4.54		%	4.50		%
Cost of interest-bearing liabilities	0.57		%	0.56		%	0.53		%	0.52		%	0.53		%
Net interest margin, TE (Non-GAAP)	4.03		%	4.11		%	3.96		%	4.10		%	4.04		%
Non-interest income / average assets	0.47		%	0.39		%	0.43		%	0.46		%	0.10		%
Non-interest expense / average assets	3.16		%	3.41		%	3.19		%	3.20		%	3.69		%
Efficiency ratio	74.06		%	80.13		%	77.95		%	75.24		%	98.38		%
Operating efficiency ratio (Non-GAAP)	80.31		%	85.49		%	82.09		%	85.73		%	90.96		%
Pre-tax pre-provision income / average assets	1.09		%	0.85		%	0.90		%	1.05		%	0.06		%

Per Common Share
Net income, basic	$	0.23		$	0.16		$	0.20		$	0.20		$	(0.03	)
Net income, diluted	0.22			0.15			0.19			0.19			(0.03		)
Net operating earnings, basic (Non-GAAP)	0.19			0.11			0.13			0.10			0.04
Net operating earnings, diluted (Non-GAAP)	0.19			0.10			0.13			0.10			0.04
Book value as of	15.80			15.64			15.47			15.19			15.07
Tangible book value (Non-GAAP) as of	14.67			14.48			14.29			13.99			13.84
Common shares outstanding as of	5,897			5,824			5,817			5,806			5,735

Composition Of Loans
Commercial & financial	$	83,471		$	87,253		$	83,197		$	85,526		$	81,107
Real estate construction & Development	128,727			115,385			113,028			105,132			97,050
Real estate commercial	394,989			389,368			370,922			369,263			365,607
owner occupied	172,397			177,052			166,364			161,698			153,496
non-owner occupied	222,592			212,315			204,558			207,565			212,111
Real estate residential	182,952			174,013			166,214			161,427			162,090
Other loans	7,263			7,377			7,578			6,368			4,585
Total loans	$	797,402		$	773,396		$	740,939		$	727,716		$	710,439





SmartFinancial, Inc. and Subsidiaries
Condensed Consolidated Financial Information (unaudited)
(In thousands except per share data)
	As of and for the three months ending
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Asset Quality Data and Ratios
Nonperforming loans	$	1,688		$	2,226		$	3,171		$	2,754		$	1,715
Foreclosed assets	2,536			4,936			5,133			5,358			9,647
Total nonperforming assets	$	4,224		$	7,162		$	8,304		$	8,112		$	11,362
Restructured loans not included in nonperforming loans	$	3,388		$	3,639		$	3,677		$	3,693		$	3,731
Net charge-offs to average loans (annualized)	0.01		%	0.01		%	(0.02		)%	0.02		%	0.03		%
Allowance for loan losses to loans	0.62		%	0.61		%	0.61		%	0.60		%	0.54		%
Adjusted allowance for loan losses to loans (Non-GAAP)	1.93		%	2.00		%	2.11		%	2.18		%	2.26		%
Nonperforming loans to total loans, gross	0.21		%	0.29		%	0.43		%	0.38		%	0.24		%
Nonperforming assets to total assets	0.41		%	0.69		%	0.82		%	0.79		%	1.13		%

Capital Ratios
Tangible equity to tangible assets	9.53		%	9.37		%	9.43		%	9.17		%	9.14		%
Tangible common equity to tangible assets	8.37		%	8.20		%	8.24		%	7.99		%	7.94		%
SmartFinancial Inc.:	Estimated
Tier 1 leverage	9.92		%	9.66		%	9.74		%	9.45		%	9.31		%
Common equity Tier 1	10.36		%	10.53		%	10.61		%	10.3		%	10.25		%
Tier 1 risk-based capital	11.83		%	12.04		%	12.14		%	11.78		%	11.77		%
Total risk-based capital	12.39		%	12.60		%	12.70		%	12.32		%	12.25		%
SmartBank:	Estimated
Tier 1 leverage	9.85		%	9.70		%	9.49		%	10.05		%	10.13		%
Common equity Tier 1	11.48		%	11.31		%	11.64		%	12.16		%	12.57		%
Tier 1 risk-based capital	11.48		%	11.31		%	11.64		%	12.16		%	12.57		%
Total risk-based capital	12.05		%	11.87		%	12.20		%	12.97		%	13.43		%



SmartFinancial, Inc. and Subsidiaries
Condensed Consolidated Financial Information (unaudited)
(In thousands)
BALANCE SHEET
	Ending Balances
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Assets
Cash & cash equivalents	$	58,587		$	71,737		$	68,933		$	79,965		$	89,936
Securities available for sale	138,628			142,875			157,560			166,413			152,150
Other investments	4,451			4,451			4,451			4,451			4,451
Total investment securities	143,079			147,326			162,011			170,864			156,601
Total loans	797,403			773,396			740,939			727,716			710,439
Allowance for loan losses	(4,964		)	(4,720		)	(4,527		)	(4,355		)	(3,828		)
Loans net	792,439			768,676			736,412			723,361			706,611
Premises and equipment	27,863			25,844			25,680			25,038			25,266
Foreclosed assets	2,536			4,936			5,133			5,358			9,647
Goodwill and other intangibles	6,675			6,754			6,848			6,941			7,034
Other assets	9,371			9,524			11,207			12,436			11,962
Total assets	$	1,040,550		$	1,034,798		$	1,016,224		$	1,023,963		$	1,007,057

Liabilities
Non-interest demand	$	145,509		$	145,864		$	132,481		$	131,419		$	123,551
Interest-bearing demand	152,216			153,166			161,454			149,424			144,012
Money market and savings	271,259			258,281			241,500			236,901			231,477
Time deposits	291,857			331,438			323,676			340,739			347,951
Total deposits	860,842			888,749			859,111			858,483			846,992
Repurchase agreements	24,202			26,883			20,747			28,068			18,442
FHLB & other borrowings	43,048			10,091			30,125			34,187			39,278
Other liabilities	7,287			6,011			4,253			3,048			3,908
Total liabilities	935,379			931,734			914,236			923,786			908,621
Shareholders' Equity
Preferred stock	12			12			12			12			12
Common stock	5,897			5,824			5,817			5,806			5,732
Additional paid-in capital	83,319			82,800			82,717			82,616			81,628
Retained earnings	15,494			14,153			13,231			12,095			10,942
Accumulated other comprehensive loss	449			275			211			(352		)	122
Total shareholders' equity	105,171			103,064			101,988			100,177			98,436
Total liabilities & shareholders' equity	$	1,040,550		$	1,034,798		$	1,016,224		$	1,023,963		$	1,007,057



SmartFinancial, Inc. and Subsidiaries
Condensed Consolidated Financial Information (unaudited)
(In thousands)
INCOME STATEMENT
	Three months ending
	September 30, 2016		June 30, 2016			March 31, 2016		December 31, 2015		September 30, 2015
Interest Income
Loans, including fees	$	10,111	$	9,954		$	9,374	$	9,875	$	6,660
Investment securities	602		665			717		630		458
Other interest income	51		50			63		62		35
Total interest income	10,763		10,670			10,154		10,567		7,153
Interest Expense
Deposits	1,065		1,013			961		937		688
Repurchase agreements	17		15			17		17		7
FHLB and other borrowings	17		29			45		66		32
Total interest expense	1,099		1,057			1,023		1,020		727
Net interest income	9,665		9,613			9,131		9,547		6,426
Provision for loan losses	261		218			138		567		32
Net interest income after provision for loan losses	9,404		9,394			8,993		8,980		6,394
Non-interest income
Service charges on deposit accounts	296		259			296		397		237
Gain on securities	18		98			83		—		—
Gain on sale of loans and other assets	287		197			222		86		(294		)
Gain (loss) on sale of foreclosed assets	130		(4		)	58		332		(86		)
Other non-interest income	472		410			412		340		317
Total non-interest income	1,204		961			1,071		1,155		174

Non-interest expense
Salaries and employee benefits	4,312		4,486			4,495		4,208		3,187
Occupancy expense	965		1,137			1,018		910		688
FDIC premiums	153		151			136		148		144
Foreclosed asset expense	79		64			57		110		91
Marketing	179		184			173		100		142
Data Processing	457		555			341		510		278
Professional expenses	558		551			455		760		908
Amortization of other intangibles	80		93			93		93		58
Service contracts	272		316			286		248		192
Other non-interest expense	994		936			897		965		805
Total non-interest expense	8,050		8,472			7,952		8,052		6,493
Earnings before income taxes	2,558		1,883			2,112		2,083		75
Income tax expense	947		691			764		901		152
Net income (loss)	1,611		1,192			1,348		1,182		(77		)
Dividends on preferred stock	270		270			212		30		30
Net income available to common shareholders	$	1,341	$	922		$	1,136	$	1,152	$	(107	)

NET INCOME PER COMMON SHARE
Basic	$	0.23	$	0.16		$	0.20	$	0.20	$	(0.03	)
Diluted	0.22		0.15			0.19		0.19		(0.03		)

Weighted average common shares outstanding
Basic	5,846		5,820			5,807		5,750		3,937
Diluted	6,108		6,132			6,108		6,037		4,244



SmartFinancial, Inc. and Subsidiaries
Condensed Consolidated Financial Information (unaudited)
(In thousands)
YIELD ANALYSIS
	Three Months Ended September 30, 2016						Three months ended June 30, 2016						Three Months Ended September 30, 2015
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest *		Cost*		Balance		Interest *		Cost*		Balance		Interest *		Cost*
Assets
Loans	$	788,585	$	10,112	5.09	%	$	751,425	$	9,955	5.26	%	$	489,926	$	6,661	5.39	%
Investment securities and interest bearing due froms	159,683		615		1.53	%	171,526		678		1.57	%	107,061		449		1.66	%
Federal funds and other	5,442		51		3.72	%	5,719		50		3.47	%	33,539		44		0.52	%
Total interest-earning assets	953,710		10,778		4.48	%	928,670		10,683		4.56	%	630,526		7,154		4.50	%
Non-interest-earning assets	66,735						65,380						72,898
Total assets	$	1,020,445					$	994,050					$	703,424

Liabilities and Stockholders’ Equity
Interest-bearing demand deposits	$	147,102	$	73	0.20	%	$	153,881	$	69	0.18	%	$	114,727	$	45	0.16	%
Money market and savings deposits	268,307		283		0.42	%	248,401		299		0.48	%	169,916		176		0.41	%
Time deposits	312,889		709		0.90	%	321,244		645		0.80	%	234,017		468		0.79	%
Total interest-bearing deposits	728,298		1,065		0.58	%	723,526		1,013		0.56	%	518,660		689		0.53	%
Securities sold under agreement to repurchase	22,471		17		0.30	%	19,742		15		0.30	%	11,095		7		0.25	%
Federal Home Loan Bank advances and other borrowings	11,187		17		0.60	%	11,287		29		1.02	%	13,806		31		0.89	%
Total interest-bearing liabilities	761,956		1,099		0.57	%	754,555		1,057		0.56	%	543,561		727		0.53	%
Noninterest-bearing deposits	148,178						132,765						88,468
Other liabilities	6,194						4,111						2,141
Total liabilities	916,328						891,431						634,170
Shareholders’ equity	104,117						102,619						69,254
Total liabilities and stockholders’ equity	$	1,020,445					$	994,050					$	703,424

Net interest income, taxable equivalent			$	9,679					$	9,626					$	6,427
Interest rate spread					3.91	%					4.00	%					3.97	%
Tax equivalent net interest margin					4.03	%					4.11	%					4.04	%

Percentage of average interest-earning assets to average interest-bearing liabilities					125.17	%					123.08	%					116.0	%
Percentage of average equity to average assets					10.20	%					10.32	%					9.85	%
* Taxable equivalent basis



SmartFinancial, Inc. and Subsidiaries
Condensed Consolidated Financial Information (unaudited)
(In thousands)
	Three months ending
	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Operating Earnings
Net income (loss) (GAAP)	$	1,611		$	1,192		$	1,348		$	1,182		$	(77	)
Purchased loan accounting adjustments*	(450		)	(597		)	(541		)	(818		)	(412		)
Securities (gains) losses	(18		)	(98		)	(83		)	—			—
Merger and conversion costs	—			153			105			230			748
Foreclosed assets (gains) losses	(130		)	4			(58		)	(332		)	86
Income tax effect of adjustments	388			250			221			352			(161		)
Net operating earnings (Non-GAAP)	1,401			904			992			614			184
Dividends on preferred stock	(270		)	(270		)	(212		)	(30		)	(30		)
Net operating earnings available to common shareholders (Non-GAAP)	$	1,131		$	634		$	780		$	584		$	154
Net operating earnings per common share:
Basic	$	0.19		$	0.11		$	0.13		$	0.10		$	0.04
Diluted	0.19			0.10			0.13			0.10			0.04

Operating Efficiency Ratio
Efficiency ratio (GAAP)	74.06		%	80.13		%	77.95		%	75.24		%	98.38		%
Adjustment for amortization of intangibles	(0.99		)%	(1.10		)%	(1.17		)%	(1.16		)%	(0.90		)%
Adjustment for taxable equivalent yields	(0.18		)%	(0.16		)%	(0.17		)%	(0.26		)%	(0.02		)%
Adjustment for purchased loan accounting adjustments*	5.59		%	7.05		%	6.81		%	10.16		%	6.34		%
Adjustment for securities (gains) losses	0.22		%	1.16		%	1.05		%	—		%	—		%
Adjustment for merger and conversion costs	—		%	(1.81		)%	(1.33		)%	(2.85		)%	(11.51		)%
Adjustment for OREO (gains) losses	1.61		%	(0.05		)%	0.73		%	4.13		%	(1.32		)%
Operating efficiency ratio (Non-GAAP)	80.31		%	85.22		%	83.87		%	85.26		%	90.97		%

Adjusted Allowance for Loan Losses
Allowance for loan losses (GAAP)	$	4,964		$	4,720		$	4,527		$	4,355		$	3,828
Net acquisition accounting fair value discounts to loans	10,742			11,053			11,381			11,781			12,520
Adjusted allowance for loan losses (Non-GAAP)	15,706			15,773			15,908			16,136			16,348
Loans (excluding acquisition accounting fair value discounts)	813,109			789,169			752,321			739,497			722,959
Adjusted allowance for loan losses to loans (Non-GAAP)	1.93		%	2.00		%	2.11		%	2.18		%	2.26		%

Tangible Common Equity
Shareholders' equity (GAAP)	$	105,171		$	103,064		$	101,988		$	100,177		$	98,436
Less preferred stock & preferred stock paid in capital	12,000			12,000			12,000			12,000			12,000
Less goodwill and other intangible assets	6,675			6,754			6,848			6,941			7,034
Tangible common equity (Non-GAAP)	$	86,496		$	84,310		$	83,140		$	81,236		$	79,402

*Consists of ASC 310-30 accretion above (below) contractual loan income and ASC 310-20 accretion

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