Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - HOPFED BANCORP INC | d517182d8k.htm |
Exhibit 99.1
| NEWS | ||||||||
| FOR IMMEDIATE RELEASE | CONTACT: | John E. Peck | ||||||
| President and CEO | ||||||||
| (270) 885-1171 | ||||||||
HOPFED BANCORP, INC. REPORTS GROWTH IN NET INCOME
AND LOANS IN THE FIRST QUARTER OF 2018
Pre-Tax Income up 23.6% Year-over-Year
First Quarter Loan Growth of $23.3 Million to $665.2 Million
HOPKINSVILLE, KY (April 27, 2018) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported operating results for the three month period ended March 31, 2018. For the three month period ended March 31, 2018, net income was $1.1 million, or $0.18 per share, compared to $935,000, or $0.15 per share, for the three month period ended March 31, 2017.
Commenting on the first quarter results, John E. Peck, President and Chief Executive Officer, said, “We are excited to report that loans grew by $23.3 million in the three month period ended March 31, 2018. Economic activity in our market remains strong, providing a robust pipeline of new loan opportunities. For the three month period ended March 31, 2018, net interest income was $7.2 million, an increase of $432,000 compared to the three month period ended March 31, 2017. On a linked quarter basis, our net interest margin improved to 3.45% from 3.41% despite the tax law change that reduced the tax equivalent yield of our municipal bond portfolio by 0.78%. We remain confident in our Company’s future earning potential due to our strong asset quality, the size of our loan pipeline and the strength of our local economy.”
Financial Highlights
| • | In the three month period ended March 31, 2018, total loans increased $23.3 million, representing an annualized growth rate of 14.5%. At March 31, 2018, total loans originated and outstanding in the Nashville, Tennessee loan production office were $80.5 million, compared to $48.3 million at March 31, 2017. |
| • | Non-accrual loans are $2.0 million, or 0.30% of total loans, at March 31, 2018, compared to $8.9 million, or 1.44% of total loans, at March 31, 2017. |
| • | At March 31, 2018, the Company held 1,340,394 shares of treasury stock with a weighted average cost of $12.44 per share. The Company may purchase an additional 297,966 shares of treasury stock under our current repurchase program. In the three month period ended March 31, 2018, the Company purchased 2,034 shares of treasury stock at a weighted average cost of $14.14 per share. |
| • | At March 31, 2018, the Company’s book value was $13.97 per share and the Tangible Common Equity Ratio was 9.49%. The Company’s book value computation does not include 423,679 unearned ESOP shares. |
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HFBC Reports First Quarter Results
Page 2
April 27, 2018
Results of Operations
In the three month periods ended March 31, 2018, December 31, 2017 and March 31, 2017, net interest income was $7.2 million, $7.0 million and $6.8 million. The improved level of net interest income is largely the result of loan portfolio growth. For the three month period ended March 31, 2018, the average balance of net loans was $647.2, compared to $631.5 million for the three month period ended December 31, 2017 and $615.4 million for the three month period ended March 31, 2017.
For the three month period ended March 31, 2018, the Company’s non-interest income was $1.7 million compared to $2.3 million for the three month periods ended March 31, 2017. In the three month period ended March 31, 2017, the Company received $160,000 of tax free payment on a bank owned life insurance policy and $250,000 from a one-time reimbursement from a vendor. For the three month period ended March 31, 2018, service charge income was $706,000 compared to $804,000 for the three month period ended March 31, 2017, respectively. Beginning January 1, 2017, the Company revised our retail transaction account product offerings which reduced the amount of transaction accounts that were not being assessed a monthly fee. During the first six months of 2017, the Company experienced elevated levels of service charge income as a result of these changes.
On a linked quarter basis, total non-interest income declined by $124,000. The decline in linked quarter non-interest income was largely the result of a $95,000 decline in service charge income and a $55,000 decline in mortgage origination income due to increases in long term interest rates. The decline in linked quarter service charge income is largely a seasonal issue that occurs as consumer spending declines following the fourth quarter holiday season.
For the three month periods ended March 31. 2018 and March 31, 2017, non-interest expenses were $7.5 million and $7.7 million, respectively. For the three months ended March 31, 2018, the increase in professional expenses was largely the result of an $180,000 increase in legal expenses compared to the three month period ended March 31, 2017. The table below outlines the most significant changes in non-interest expenses for the three month period ended March 31, 2018 and March 31, 2017:
| March 31, 2018 | March 31, 2017 | Dollar Change |
Percentage Change |
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| (Dollars in Thousands, Except Percentages) | ||||||||||||||||
| Salaries and benefits |
$ | 4,117 | $ | 4,236 | ($ | 119 | ) | -2.81 | % | |||||||
| State deposit tax |
169 | 231 | (62 | ) | -26.84 | % | ||||||||||
| Professional services |
466 | 348 | 118 | 33.91 | % | |||||||||||
| Advertising |
308 | 381 | (73 | ) | -19.16 | % | ||||||||||
| Foreclosure, net |
(6 | ) | 108 | (114 | ) | -105.56 | % | |||||||||
| Other operating expenses |
920 | 846 | 74 | 8.75 | % | |||||||||||
This information is preliminary and based on company data available at the time of the presentation
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HFBC Reports First Quarter Results
Page 3
April 27, 2018
Results of Operations (continued)
On a linked quarter basis, the Company’s non-interest expenses declined by $266,000. The linked quarter decline in non-interest expense was largely the result of a reduction in legal expenses. On a linked quarter basis, salaries and benefits expenses increased $200,000, or 5.1%. The increase in salaries and benefits expense includes approximately $164,000 related to seasonal vacation accruals and $87,000 related to employee payroll expenses. The table below outlines the most significant changes in non-interest expenses on a linked quarter basis:
| March 31, 2018 | December 31, 2017 | Change | Change | |||||||||||||
| (Dollars in Thousands, Except Percentages) | ||||||||||||||||
| Salaries and benefits |
$ | 4,117 | $ | 3,917 | $ | 200 | 5.11 | % | ||||||||
| Professional services |
466 | 1,095 | (629 | ) | -57.44 | % | ||||||||||
| Advertising |
308 | 365 | (57 | ) | -15.62 | % | ||||||||||
| Foreclosure, net |
(6 | ) | (80 | ) | 74 | -92.50 | % | |||||||||
| Other operating expenses |
920 | 861 | 59 | 6.85 | % | |||||||||||
Balance Sheet
At March 31, 2018, total assets were $914.0 million, compared to $917.5 million at December 31, 2017. At March 31, 2018, the Company’s brokered deposits were $50.6 million, a reduction of $9.5 million compared to December 31, 2017. For the three month period ended March 31, 2018, a combination of reduced brokered deposits and loan growth resulted in $23.5 million reduction in cash balances compared to December 31, 2017. A summary of loans outstanding by type at March 31, 2018 and December 31, 2017 is as follows:
| March 31, 2018 | December 31, 2017 | |||||||
| (Dollars in Thousands) | ||||||||
| One-to-four family first mortgages |
$ | 167,947 | $ | 163,565 | ||||
| Second mortgages (closed end) |
1,181 | 1,184 | ||||||
| Home equity lines of credit |
34,261 | 35,697 | ||||||
| Multi-family |
37,977 | 37,445 | ||||||
| Construction |
40,484 | 30,246 | ||||||
| Land |
9,096 | 14,873 | ||||||
| Farmland |
34,830 | 36,851 | ||||||
| Non-residential real estate |
234,900 | 224,952 | ||||||
| Consumer loans |
8,514 | 8,620 | ||||||
| Commercial loans |
96,527 | 88,938 | ||||||
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| Total loans, gross |
665,717 | 642,371 | ||||||
| Unearned income, net of fees |
(539 | ) | (443 | ) | ||||
| Less allowance for loan losses |
(4,654 | ) | (4,826 | ) | ||||
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| Total loans |
$ | 660,524 | $ | 637,102 | ||||
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This information is preliminary and based on company data available at the time of the presentation
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HFBC Reports First Quarter Results
Page 4
April 27, 2018
Asset Quality
For the three month periods ended March 31, 2018 and March 31, 2017, the Company’s net charge-offs totaled $239,000 and $238,000, respectively, or 0.15% of average loan balances. At March 31, 2018, the Company’s non-accrual loans were $2.0 million, or 0.30% of total loans, compared to $8.9 million, or 1.44% of total loans at March 31, 2017. The Company’s level of loans classified as substandard declined from $26.3 million at March 31, 2017 and $14.1 million at March 31, 2018. The table below provides a history of the Company’s significant credit quality metrics:
| 3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | ||||||||||||||||
| (Dollars in Thousands, Except Percentages) | ||||||||||||||||||||
| Loans past due 30-89 days |
432 | 393 | 754 | 2,910 | 746 | |||||||||||||||
| Loans past due 90 + days accruing interest |
— | 88 | — | — | — | |||||||||||||||
| Total non-accrual loans |
2,004 | 1,285 | 1,739 | 8,579 | 8,944 | |||||||||||||||
| Total loans classified as substanard or doubtful |
14,082 | 10,780 | 11,217 | 24,808 | 26,345 | |||||||||||||||
| Total performing TDR loans |
3,255 | 3,163 | 3,371 | 3,388 | 4,237 | |||||||||||||||
| Total foreclosed assets |
3,329 | 3,369 | 4,975 | 1,408 | 2,111 | |||||||||||||||
| Quarterly net charge offs |
239 | (336 | ) | 2,451 | (956 | ) | 239 | |||||||||||||
| Non-accrual loans / Total loans |
0.30 | % | 0.20 | % | 0.28 | % | 1.34 | % | 1.44 | % | ||||||||||
| Non-performing assets / Total assets |
0.58 | % | 0.52 | % | 0.74 | % | 1.09 | % | 1.20 | % | ||||||||||
| Allowance / Total loans |
0.70 | % | 0.75 | % | 0.76 | % | 1.12 | % | 0.99 | % | ||||||||||
| Allowance / Non-accrual loans |
232.19 | % | 375.74 | % | 275.96 | % | 83.69 | % | 68.92 | % | ||||||||||
| Substandard loans / Risk based capital |
13.94 | % | 10.72 | % | 11.08 | % | 24.28 | % | 26.15 | % | ||||||||||
| Quarterly net charge off ratio (annualized) |
0.15 | % | -0.21 | % | 1.54 | % | -0.61 | % | 0.16 | % | ||||||||||
| FTE Employees |
227 | 229 | 227 | 230 | 234 | |||||||||||||||
The Company
HopFed Bancorp, Inc. is the holding company for Heritage Bank USA, Inc. (“Heritage Bank”), a Kentucky state chartered commercial bank. Heritage Bank has eighteen offices in western Kentucky and middle Tennessee and loan production offices in Nashville and Brentwood, Tennessee. The Company offers a broad line of financial services and products with the personalized focus of a community banking organization. More information about HopFed Bancorp and Heritage Bank is located on its website www.bankwithheritage.com.
Forward-Looking Information
Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results, performance or financial condition are competition and the demand for the Company’s products and services, and other factors as set forth in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. Certain tabular presentations may not reconcile because of rounding.
This information is preliminary and based on company data available at the time of the presentation
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HFBC Reports First Quarter Results
Page 5
April 27, 2018
HOPFED BANCORP, INC.
Consolidated Condensed Balance Sheets
(Dollars in Thousands)
| 3/31/2018 | 12/31/2017 | 09/30/17 | 06/30/17 | 03/31/17 | ||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks |
$ | 18,472 | $ | 37,965 | $ | 23,469 | 20,208 | 30,663 | ||||||||||||
| Interest-earning deposits in banks |
3,149 | 7,111 | 9,842 | 4,801 | 19,408 | |||||||||||||||
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| Cash and cash equivalents |
21,621 | 45,076 | 33,311 | 25,009 | 50,071 | |||||||||||||||
| Federal Home Loan Bank stock, at cost |
4,428 | 4,428 | 4,428 | 4,428 | 4,428 | |||||||||||||||
| Securities available for sale |
180,212 | 184,791 | 192,287 | 205,363 | 207,580 | |||||||||||||||
| Loans held for sale |
2,706 | 1,539 | 1,749 | 2,386 | 1,091 | |||||||||||||||
| Loans receivable |
665,178 | 641,928 | 630,202 | 638,422 | 621,644 | |||||||||||||||
| Allowance for loan losses |
(4,654 | ) | (4,826 | ) | (4,799 | ) | (7,180 | ) | (6,164 | ) | ||||||||||
| Accrued interest receivable |
3,212 | 3,589 | 3,414 | 3,332 | 3,121 | |||||||||||||||
| Foreclosed assets |
3,329 | 3,369 | 4,975 | 1,408 | 2,111 | |||||||||||||||
| Bank owned life insurance |
10,439 | 10,368 | 10,287 | 10,192 | 10,120 | |||||||||||||||
| Premises and equipment, net |
22,619 | 22,700 | 22,945 | 23,097 | 23,225 | |||||||||||||||
| Deferred tax assets |
2,127 | 1,764 | 2,292 | 3,025 | 2,918 | |||||||||||||||
| Other assets |
2,748 | 2,784 | 2,973 | 2,645 | 3,162 | |||||||||||||||
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| Total assets |
$ | 913,965 | $ | 917,510 | $ | 904,064 | $ | 912,127 | $ | 923,307 | ||||||||||
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| Liabilities: | ||||||||||||||||||||
| Deposits: |
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| Non-interest-bearing accounts |
$ | 139,093 | $ | 136,197 | $ | 128,184 | $ | 132,305 | $ | 136,333 | ||||||||||
| Interest-bearing accounts |
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| NOW accounts |
219,483 | 208,496 | 196,315 | 216,256 | 217,562 | |||||||||||||||
| Savings and money market accounts |
101,153 | 104,347 | 97,929 | 98,269 | 100,009 | |||||||||||||||
| Other time deposits |
287,077 | 304,969 | 308,801 | 299,114 | 311,839 | |||||||||||||||
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| Total deposits |
746,806 | 754,009 | 731,229 | 745,944 | 765,743 | |||||||||||||||
| Advances from Federal Home Loan Bank |
25,000 | 23,000 | 31,000 | 21,000 | 11,000 | |||||||||||||||
| Repurchase agreements |
41,792 | 38,353 | 37,829 | 41,820 | 45,492 | |||||||||||||||
| Subordinated debentures |
10,310 | 10,310 | 10,310 | 10,310 | 10,310 | |||||||||||||||
| Accrued expenses and other liabilities |
3,304 | 4,426 | 4,461 | 4,262 | 3,301 | |||||||||||||||
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| Total liabilities |
827,212 | 830,098 | 814,829 | 823,336 | 835,846 | |||||||||||||||
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This information is preliminary and based on company data available at the time of the presentation.
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HFBC Reports First Quarter Results
Page 6
April 27, 2018
HOPFED BANCORP, INC.
Consolidated Condensed Balance Sheets, Continued
(Dollars in Thousands, Except Percentages, Share and Per Share Data)
| 3/31/2018 | 12/31/2017 | 09/30/17 | 06/30/17 | 03/31/17 | ||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||
| Stockholders’ equity: |
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| Common stock, par value $.01 |
80 | 80 | 80 | 80 | 80 | |||||||||||||||
| Additional paid-in-capital |
58,875 | 58,825 | 58,777 | 58,750 | 58,705 | |||||||||||||||
| Retained earnings |
51,957 | 51,162 | 51,646 | 50,552 | 49,721 | |||||||||||||||
| Treasury stock- common , at cost |
(16,684 | ) | (16,655 | ) | (15,931 | ) | (15,361 | ) | (15,356 | ) | ||||||||||
| Unearned ESOP Shares, at cost |
(5,759 | ) | (5,901 | ) | (6,125 | ) | (6,269 | ) | (6,414 | ) | ||||||||||
| Accumulated other comprehensive income, net of taxes |
(1,716 | ) | (99 | ) | 788 | 1,039 | 725 | |||||||||||||
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| Total stockholders’ equity |
86,753 | 87,412 | 89,235 | 88,791 | 87,461 | |||||||||||||||
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| Total liabilities and stockholders’ equity |
$ | 913,965 | $ | 917,510 | $ | 904,064 | $ | 912,127 | $ | 923,307 | ||||||||||
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| Additional Capital Information | ||||||||||||||||||||
| 3/31/2018 | 12/31/2017 | 09/30/17 | 06/30/17 | 03/31/17 | ||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||
| Preferred stock authorized |
500,000 | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||||||
| Preferred stock outstanding |
— | — | — | — | — | |||||||||||||||
| Common shares authorized |
15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||||||||
| Common shares issued |
7,988,983 | 7,976,131 | 7,976,131 | 7,964,076 | 7,963,378 | |||||||||||||||
| Common shares outstanding |
6,648,589 | 6,637,771 | 6,688,674 | 6,716,809 | 6,716,549 | |||||||||||||||
| Treasury shares |
1,340,394 | 1,338,360 | 1,287,457 | 1,247,267 | 1,246,829 | |||||||||||||||
| Unearned ESOP shares |
423,679 | 434,548 | 465,861 | 476,862 | 488,161 | |||||||||||||||
| Book value per share (excludes unearned ESOP shares) |
$ | 13.97 | $ | 14.09 | $ | 14.34 | $ | 14.23 | $ | 14.04 | ||||||||||
| Tier 1 leverage ratio |
10.6 | % | 10.6 | % | 10.9 | % | 10.4 | % | 10.6 | % | ||||||||||
| Total risk based capital ratio |
15.5 | % | 16.0 | % | 16.3 | % | 16.1 | % | 16.1 | % | ||||||||||
| Common equity tier 1 capital ratio |
14.8 | % | 15.2 | % | 15.6 | % | 15.0 | % | 15.1 | % | ||||||||||
This information is preliminary and based on company data available at the time of the presentation.
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HFBC Reports First Quarter Results
Page 7
April 27, 2018
HOPFED BANCORP, INC.
Consolidated Condensed Quarterly Statements of Income
(Dollars in Thousands)
(Unaudited)
| For the three month periods ended | ||||||||||||||||||||
| 3/31/2018 | 12/31/2017 | 09/30/17 | 06/30/17 | 03/31/17 | ||||||||||||||||
| Interest and dividend income: |
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| Loans receivable |
7,477 | 7,208 | 7,260 | 6,963 | 6,736 | |||||||||||||||
| Investment in securities, taxable |
1,079 | 1,081 | 1,124 | 1,155 | 1,118 | |||||||||||||||
| Nontaxable securities available for sale |
213 | 218 | 233 | 280 | 283 | |||||||||||||||
| Interest-earning deposits |
29 | 34 | 18 | 21 | 23 | |||||||||||||||
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| Total interest and dividend income |
8,798 | 8,541 | 8,635 | 8,419 | 8,160 | |||||||||||||||
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| Interest expense: |
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| Deposits |
1,244 | 1,240 | 1,206 | 1,197 | 1,167 | |||||||||||||||
| Advances from Federal Home Loan Bank |
92 | 97 | 89 | 30 | 32 | |||||||||||||||
| Repurchase agreements |
154 | 117 | 130 | 119 | 103 | |||||||||||||||
| Subordinated debentures |
122 | 112 | 112 | 108 | 104 | |||||||||||||||
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| Total interest expense |
1,612 | 1,566 | 1,537 | 1,454 | 1,406 | |||||||||||||||
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| Net interest income |
7,186 | 6,975 | 7,098 | 6,965 | 6,754 | |||||||||||||||
| Provision for loan losses |
68 | 56 | 71 | 59 | 291 | |||||||||||||||
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| Net interest income after provision for loan losses |
7,118 | 6,919 | 7,027 | 6,906 | 6,463 | |||||||||||||||
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| Non-interest income: |
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| Service charges |
706 | 801 | 819 | 800 | 804 | |||||||||||||||
| Merchant card income |
308 | 306 | 299 | 315 | 302 | |||||||||||||||
| Mortgage orgination revenue |
319 | 374 | 335 | 278 | 334 | |||||||||||||||
| Gain (loss) on sale of securities |
27 | (9 | ) | 162 | 14 | 2 | ||||||||||||||
| Income from bank owned life insurance |
71 | 81 | 95 | 72 | 235 | |||||||||||||||
| Financial services commission |
138 | 117 | 134 | 145 | 140 | |||||||||||||||
| Other operating income |
175 | 198 | 186 | 212 | 479 | |||||||||||||||
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| Total non-interest income |
1,744 | 1,868 | 2,030 | 1,836 | 2,296 | |||||||||||||||
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This information is preliminary and based on company data available at the time of the presentation.
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HFBC Reports First Quarter Results
Page 8
April 27, 2018
HOPFED BANCORP, INC.
Consolidated Condensed Statements of Income, Continued
(Dollars in Thousands, Except Per Share Data)
(Unaudited)
| For the three month periods ended | ||||||||||||||||||||
| 3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | ||||||||||||||||
| Non-interest expenses: |
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| Salaries and benefits |
4,117 | 3,917 | 3,919 | 3,977 | 4,236 | |||||||||||||||
| Occupancy |
782 | 700 | 716 | 729 | 775 | |||||||||||||||
| Data processing |
784 | 779 | 795 | 546 | 764 | |||||||||||||||
| State deposit tax |
169 | 170 | 169 | 200 | 231 | |||||||||||||||
| Professional services |
466 | 1,095 | 409 | 464 | 348 | |||||||||||||||
| Advertising |
308 | 365 | 240 | 368 | 381 | |||||||||||||||
| Foreclosure, net |
(6 | ) | (80 | ) | (25 | ) | 6 | 108 | ||||||||||||
| Loss on sale of asset |
— | (1 | ) | — | 3 | — | ||||||||||||||
| Other operating expenses |
920 | 861 | 945 | 940 | 846 | |||||||||||||||
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| Total non-interest expense |
7,540 | 7,806 | 7,168 | 7,233 | 7,689 | |||||||||||||||
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| Income before income tax expense |
1,322 | 981 | 1,889 | 1,509 | 1,070 | |||||||||||||||
| Income tax expense |
196 | 1,159 | 486 | 368 | 135 | |||||||||||||||
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| Net income |
1,126 | (178 | ) | 1,403 | 1,141 | 935 | ||||||||||||||
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| Net income per share |
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| Basic |
$ | 0.18 | ($ | 0.03 | ) | $ | 0.22 | $ | 0.18 | $ | 0.15 | |||||||||
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| Diluted |
$ | 0.18 | ($ | 0.03 | ) | $ | 0.22 | $ | 0.18 | $ | 0.15 | |||||||||
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| Dividend per share |
$ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.04 | ||||||||||
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This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports First Quarter Results
Page 9
April 27, 2018
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in Thousands, Except Percentages)
(Unaudited)
| Three month periods ended | ||||||||||||||||||||
| 3/31/18 | 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | ||||||||||||||||
| Average Balance Sheet Data |
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| Loans, net of allowance |
647,204 | 631,463 | 636,955 | 622,606 | 615,382 | |||||||||||||||
| Available for sale taxable securities |
160,582 | 164,667 | 173,624 | 177,260 | 176,824 | |||||||||||||||
| Available for sale tax free securities |
26,856 | 27,361 | 29,090 | 32,919 | 33,868 | |||||||||||||||
| Interest bearing deposits held in banks |
6,030 | 8,418 | 4,351 | 5,888 | 9,260 | |||||||||||||||
| Average earning assets |
840,672 | 831,909 | 844,020 | 838,673 | 835,334 | |||||||||||||||
| Average non-earning assets |
69,290 | 74,856 | 64,913 | 70,359 | 75,527 | |||||||||||||||
| Average assets |
909,962 | 906,765 | 908,933 | 909,032 | 908,861 | |||||||||||||||
| Average interest bearing deposits |
612,019 | 611,371 | 612,655 | 628,583 | 625,104 | |||||||||||||||
| Repurchase agreements |
39,072 | 34,677 | 37,978 | 39,138 | 41,840 | |||||||||||||||
| FHLB borrowings |
23,656 | 25,174 | 26,909 | 11,176 | 13,433 | |||||||||||||||
| Subordinated debentures |
10,310 | 10,310 | 10,310 | 10,310 | 10,310 | |||||||||||||||
| Total average interest bearing liabilities |
685,057 | 681,532 | 687,852 | 689,207 | 690,687 | |||||||||||||||
| Average non-interest bearing deposits |
133,412 | 132,624 | 126,039 | 128,078 | 126,809 | |||||||||||||||
| Average other non-interest bearing liabilities |
32,887 | 3,365 | 5,628 | 3,915 | 3,993 | |||||||||||||||
| Average total equity |
87,336 | 89,244 | 89,214 | 87,832 | 87,372 | |||||||||||||||
| Three month periods ended | ||||||||||||||||||||
| 03/31/18 | 12/31/17 | 09/30/17 | 06/30/17 | 03/31/17 | ||||||||||||||||
| Tax equivalent yield / Cost of: |
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| Loans, fully tax equivalent |
4.62 | % | 4.58 | % | 4.57 | % | 4.48 | % | 4.38 | % | ||||||||||
| Available for sale taxable securities |
2.69 | % | 2.63 | % | 2.59 | % | 2.61 | % | 2.53 | % | ||||||||||
| Available for sale tax free securities, fully tax equivalent |
3.96 | % | 4.76 | % | 4.78 | % | 5.09 | % | 5.00 | % | ||||||||||
| Average yield of interest bearing deposits |
1.92 | % | 1.62 | % | 1.65 | % | 1.43 | % | 0.99 | % | ||||||||||
| Yield on total interest earning assets |
4.21 | % | 4.17 | % | 4.15 | % | 4.09 | % | 3.98 | % | ||||||||||
| Cost of total average deposits |
0.67 | % | 0.67 | % | 0.65 | % | 0.63 | % | 0.62 | % | ||||||||||
| Cost of average total interest bearing liabilities |
0.94 | % | 0.92 | % | 0.89 | % | 0.84 | % | 0.81 | % | ||||||||||
| Fully tax equivalent interest rate spread |
3.30 | % | 3.25 | % | 3.26 | % | 3.25 | % | 3.17 | % | ||||||||||
| Fully tax equivalent net interest margin |
3.45 | % | 3.41 | % | 3.43 | % | 3.39 | % | 3.31 | % | ||||||||||
| Net income |
1,126 | 225 | 1,403 | 1,141 | 935 | |||||||||||||||
| Return on Assets |
0.49 | % | 0.10 | % | 0.62 | % | 0.50 | % | 0.41 | % | ||||||||||
This information is preliminary and based on company data available at the time of the presentation.
-END-