UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 23, 2020
NORWOOD FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Pennsylvania | 0-28364 | 23-2828306 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
717 Main Street, Honesdale, Pennsylvania | 18431 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (570) 253-1455
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered | ||
Common Stock, par value $0.10 per share | NWFL | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
NORWOOD FINANCIAL CORP.
INFORMATION TO BE INCLUDED IN THE REPORT
Item 2.02. Results of Operations and Financial Condition
On January 23, 2020, the Registrant issued a press release announcing its earnings for the quarter and year ended December 31, 2019. A copy of the press release is furnished with this report as exhibit 99.1 hereto.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits:
The following exhibits are being furnished with this report.
No. |
Description | |
99.1 | Press Release, dated January 23, 2020 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NORWOOD FINANCIAL CORP. | ||||||
Date: January 23, 2020 | By: | /s/ Lewis J. Critelli | ||||
Lewis J. Critelli | ||||||
President and Chief Executive Officer (Duly Authorized Representative) |
Exhibit 99.1
FOR IMMEDIATE RELEASE
NORWOOD FINANCIAL CORP ANNOUNCES EARNINGS FOR THE FOURTH QUARTER AND YEAR
January 23, 2020 Honesdale, Pennsylvania
Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial Corp (Nasdaq Global Market NWFL) and its subsidiary Wayne Bank, announced earnings for the three months ended December 31, 2019 of $3,596,000 compared to $3,299,000 earned in the corresponding period of 2018. The 9% increase in earnings is due primarily to the $404,000 improvement in net interest income and a lower provision for loan losses. For the year ended December 31, 2019 net income totaled $14,215,000, an increase of $564,000, or 4.1%, from the $13,651,000 earned in the prior year. The increase reflects improvement in net interest income, as well as a reduction in the provision for loan losses.
Earnings per share (fully diluted) were $0.57 and $0.53 for the three-month periods ended December 31, 2019 and 2018, respectively. For the year, earnings per share on a fully diluted basis were $2.25 for 2019 compared to $2.17 in 2018. The return on average assets for the year was 1.18% with a return on average equity of 10.83% compared to 1.19% and 11.71%, respectively, in 2018.
Total assets were $1.231 billion as of December 31, 2019. Loans receivable totaled $924.6 million as of December 31, 2019, with total deposits of $957.5 million and stockholders equity of $137.1 million.
Loans receivable increased $74.4 million, or 8.8%, from the prior year-end due primarily to a $40.4 million increase in commercial loans and a $34.0 million increase in consumer loans. For the three months and year ended December 31, 2019, net charge-offs totaled $96,000 and $1,194,000, respectively, compared to $203,000 and $907,000, respectively, for the corresponding periods in 2018.
Net interest income, on a fully taxable equivalent basis (fte), totaled $10,066,000 for the three months ended December 31, 2019, an increase of $379,000 compared to the same period in 2018. For the year, net interest income (fte) totaled $39,612,000, an increase of $1,713,000 compared to 2018 due primarily to the higher volume of earning assets, including an $84.8 million increase in average loans outstanding.
Other income for the three months ended December 31, 2019 totaled $1,696,000 compared to $1,600,000 for the similar period in 2018. Gains on the sale of loans and securities increased $65,000, while all other items of other income increased $31,000 in the aggregate due primarily to service charges and fees. Other income for the year ended December 31, 2019 totaled $6,778,000 compared to $7,065,000 in 2018, a decrease of $287,000 due primarily to non-recurring income recognized in 2018. Gains on the sale of loans and investment securities increased $195,000 in the aggregate, while all other items of other income decreased $482,000, net.
Other expenses totaled $7,088,000 for the three months ended December 31, 2019, compared to $6,803,000 in the similar period of 2018. The $285,000 increase includes a $165,000 increase in salaries and benefits costs. All other operating expenses increased $120,000 or 3.7%, net. For the year ended December 31, 2019, other expenses totaled $27,311,000 compared to $25,975,000 for 2018, an increase of $1,336,000. Salaries and benefits increased $635,000 and data processing related costs increased $442,000. All other operating expenses increased $262,000, or 2.5%, net.
Mr. Critelli commented, In 2019, our earnings increased $564,000 over our previous record year of 2018. Our Return on Average Assets was 1.18% and our Return on Average Equity was 10.83%. Our cash dividend of $0.25 per share declared in the fourth quarter of 2019 represents a 4.2% increase over the same period of last year. Earnings per share (fully diluted) also improved to $2.25 from $2.17 in 2018. Our loan growth exceeded 8%, operating expenses remain well controlled, and our capital base remains above regulatory Well Capitalized targets. Please know that we continue to search out opportunities available to us, and look forward to serving our growing base of stockholders and customers.
Norwood Financial Corp., through its subsidiary Wayne Bank, operates fifteen offices throughout Northeastern Pennsylvania and twelve offices in the Southern Tier of New York. The Companys stock is traded on the Nasdaq Global Market under the symbol, NWFL.
Forward-Looking Statements.
The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words believes, anticipates, contemplates, expects, and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include changes in federal and state laws, changes in interest rates, the ability to control costs and expenses, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Non-GAAP Financial Measures
This release references tax-equivalent interest income and net interest income, which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Tax-equivalent net interest income is derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of interest income on a taxequivalent basis ensures comparability of interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.
The following table reconciles net interest income to net interest income on a tax-equivalent basis:
(dollars in thousands) | Three months ended December 31 |
Year ended December 31 |
||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net interest income |
$ | 9,833 | $ | 9,429 | $ | 38,606 | $ | 36,839 | ||||||||
Tax equivalent basis adjustment using 21% marginal tax rate |
233 | 258 | 1,006 | 1,060 | ||||||||||||
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Net interest income on a fully taxable equivalent basis |
$ | 10,066 | $ | 9,687 | $ | 39,612 | $ | 37,899 | ||||||||
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This release also references average tangible equity, which is also a non-GAAP financial measure. Average tangible equity is calculated by deducting average goodwill and other intangible assets from average stockholders equity. The Company believes that disclosure of tangible equity ratios enhances investor understanding of our financial position and improves the comparability of our financial data.
The following reconciles average equity to average tangible equity:
(dollars in thousands) | Three months ended December 31 |
Year ended December 31 |
||||||||||||||
2019 | 2019 | 2019 | 2018 | |||||||||||||
Average equity |
$ | 136,920 | $ | 118,442 | $ | 131,271 | $ | 116,538 | ||||||||
Average goodwill and other Intangibles |
(11,575 | ) | (11,678 | ) | (11,611 | ) | (11,723 | ) | ||||||||
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Average tangible equity |
$ | 125,345 | $ | 106,764 | $ | 119,660 | $ | 104,815 | ||||||||
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Contact: | William S. Lance Executive Vice President & Chief Financial Officer NORWOOD FINANCIAL CORP 570-253-8505 www.waynebank.com |
NORWOOD FINANCIAL CORP.
Consolidated Balance Sheets
(dollars in thousands, except share and per share data)
(unaudited)
December 31 | ||||||||
2019 | 2018 | |||||||
ASSETS |
||||||||
Cash and due from banks |
$ | 15,038 | $ | 18,039 | ||||
Interest-bearing deposits with banks |
377 | 309 | ||||||
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Cash and cash equivalents |
15,415 | 18,348 | ||||||
Securities available for sale |
210,205 | 243,277 | ||||||
Loans receivable |
924,581 | 850,182 | ||||||
Less: Allowance for loan losses |
8,509 | 8,452 | ||||||
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Net loans receivable |
916,072 | 841,730 | ||||||
Regulatory stock, at cost |
4,844 | 3,926 | ||||||
Bank premises and equipment, net |
14,228 | 13,846 | ||||||
Bank owned life insurance |
38,763 | 37,932 | ||||||
Foreclosed real estate owned |
1,556 | 1,115 | ||||||
Accrued interest receivable |
3,719 | 3,776 | ||||||
Goodwill |
11,331 | 11,331 | ||||||
Other intangible assets |
235 | 336 | ||||||
Other assets |
14,242 | 8,942 | ||||||
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TOTAL ASSETS |
$ | 1,230,610 | $ | 1,184,559 | ||||
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LIABILITIES |
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Deposits: |
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Non-interest bearing demand |
$ | 207,299 | $ | 201,457 | ||||
Interest-bearing |
750,230 | 745,323 | ||||||
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Total deposits |
957,529 | 946,780 | ||||||
Short-term borrowings |
62,256 | 53,046 | ||||||
Other borrowings |
56,438 | 52,284 | ||||||
Accrued interest payable |
2,432 | 1,806 | ||||||
Other liabilities |
14,527 | 8,358 | ||||||
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TOTAL LIABILITIES |
1,093,182 | 1,062,274 | ||||||
STOCKHOLDERS' EQUITY |
||||||||
Preferred Stock, no par value per share, authorized 5,000,000 shares |
| | ||||||
Common Stock, $.10 par value per share, |
||||||||
authorized: 2019: 20,000,000 shares, 2018: 10,000,000 shares |
634 | 630 | ||||||
issued: 2019: 6,340,563 shares, 2018: 6,295,113 shares |
||||||||
Surplus |
49,471 | 48,322 | ||||||
Retained earnings |
86,536 | 78,434 | ||||||
Treasury stock, at cost: 2019: 12,007 shares, 2018: 2,470 shares |
(400 | ) | (81 | ) | ||||
Accumulated other comprehensive income (loss) |
1,187 | (5,020 | ) | |||||
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TOTAL STOCKHOLDERS' EQUITY |
137,428 | 122,285 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ | 1,230,610 | $ | 1,184,559 | ||||
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NORWOOD FINANCIAL CORP.
Consolidated Statements of Income
(dollars in thousands, except per share data)
(unaudited)
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
INTEREST INCOME |
||||||||||||||||
Loans receivable, including fees |
$ | 10,815 | $ | 9,759 | $ | 41,889 | $ | 36,404 | ||||||||
Securities |
1,159 | 1,476 | 5,314 | 6,019 | ||||||||||||
Other |
11 | 10 | 81 | 73 | ||||||||||||
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Total Interest income |
11,985 | 11,245 | 47,284 | 42,496 | ||||||||||||
INTEREST EXPENSE |
||||||||||||||||
Deposits |
1,784 | 1,446 | 7,139 | 4,644 | ||||||||||||
Short-term borrowings |
124 | 122 | 468 | 323 | ||||||||||||
Other borrowings |
244 | 248 | 1,071 | 690 | ||||||||||||
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Total Interest expense |
2,152 | 1,816 | 8,678 | 5,657 | ||||||||||||
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NET INTEREST INCOME |
9,833 | 9,429 | 38,606 | 36,839 | ||||||||||||
PROVISION FOR LOAN LOSSES |
200 | 375 | 1,250 | 1,725 | ||||||||||||
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
9,633 | 9,054 | 37,356 | 35,114 | ||||||||||||
OTHER INCOME |
||||||||||||||||
Service charges and fees |
1,168 | 1,085 | 4,450 | 4,295 | ||||||||||||
Income from fiduciary activities |
156 | 126 | 610 | 589 | ||||||||||||
Net realized gains on sales of securities |
21 | | 254 | 213 | ||||||||||||
Gains on sales of loans, net |
44 | | 169 | 15 | ||||||||||||
Earnings and proceeds on life insurance policies |
200 | 277 | 830 | 1,126 | ||||||||||||
Other |
107 | 112 | 465 | 827 | ||||||||||||
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Total other income |
1,696 | 1,600 | 6,778 | 7,065 | ||||||||||||
OTHER EXPENSES |
||||||||||||||||
Salaries and employee benefits |
3,740 | 3,575 | 14,655 | 14,020 | ||||||||||||
Occupancy, furniture and equipment |
938 | 1,036 | 3,719 | 3,695 | ||||||||||||
Data processing and related operations |
469 | 400 | 1,869 | 1,427 | ||||||||||||
Taxes, other than income |
232 | 92 | 751 | 572 | ||||||||||||
Professional fees |
362 | 232 | 1,113 | 993 | ||||||||||||
FDIC Insurance assessment |
3 | 83 | 153 | 347 | ||||||||||||
Foreclosed real estate |
9 | 104 | 45 | 172 | ||||||||||||
Amortization of intangibles |
22 | 29 | 101 | 126 | ||||||||||||
Other |
1,313 | 1,252 | 4,905 | 4,623 | ||||||||||||
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Total other expenses |
7,088 | 6,803 | 27,311 | 25,975 | ||||||||||||
INCOME BEFORE TAX |
4,241 | 3,851 | 16,823 | 16,204 | ||||||||||||
INCOME TAX EXPENSE |
645 | 552 | 2,608 | 2,553 | ||||||||||||
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NET INCOME |
$ | 3,596 | $ | 3,299 | $ | 14,215 | $ | 13,651 | ||||||||
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Basic earnings per share |
$ | 0.57 | $ | 0.53 | $ | 2.27 | $ | 2.19 | ||||||||
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Diluted earnings per share |
$ | 0.57 | $ | 0.53 | $ | 2.25 | $ | 2.17 | ||||||||
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NORWOOD FINANCIAL CORP.
Financial Highlights (Unaudited)
(dollars in thousands, except per share data)
For the Three Months Ended December 31 |
2019 | 2018 | ||||||
Net interest income |
$ | 9,833 | $ | 9,429 | ||||
Net income |
3,596 | 3,299 | ||||||
Net interest spread (fully taxable equivalent) |
3.33 | % | 3.33 | % | ||||
Net interest margin (fully taxable equivalent) |
3.59 | % | 3.54 | % | ||||
Return on average assets |
1.18 | % | 1.12 | % | ||||
Return on average equity |
10.42 | % | 11.05 | % | ||||
Return on average tangible equity |
11.38 | % | 12.26 | % | ||||
Basic earnings per share |
$ | 0.57 | $ | 0.53 | ||||
Diluted earnings per share |
$ | 0.57 | $ | 0.53 | ||||
For the Twelve Months Ended December 31 |
||||||||
Net interest income |
$ | 38,606 | $ | 36,839 | ||||
Net income |
14,215 | 13,651 | ||||||
Net interest spread (fully taxable equivalent) |
3.28 | % | 3.36 | % | ||||
Net interest margin (fully taxable equivalent) |
3.53 | % | 3.53 | % | ||||
Return on average assets |
1.18 | % | 1.19 | % | ||||
Return on average equity |
10.83 | % | 11.71 | % | ||||
Return on average tangible equity |
11.88 | % | 13.02 | % | ||||
Basic earnings per share |
$ | 2.27 | $ | 2.19 | ||||
Diluted earnings per share |
$ | 2.25 | $ | 2.17 | ||||
As of December 31 |
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Total assets |
$ | 1,230,610 | $ | 1,184,559 | ||||
Total loans receivable |
924,581 | 850,182 | ||||||
Allowance for loan losses |
8,509 | 8,452 | ||||||
Total deposits |
957,529 | 946,780 | ||||||
Stockholders equity |
137,428 | 122,285 | ||||||
Trust assets under management |
170,685 | 151,224 | ||||||
Book value per share |
$ | 21.67 | $ | 19.43 | ||||
Tangible book value per share |
$ | 19.84 | $ | 17.58 | ||||
Equity to total assets |
11.17 | % | 10.32 | % | ||||
Allowance to total loans receivable |
0.92 | % | 0.99 | % | ||||
Nonperforming loans to total loans |
0.09 | % | 0.13 | % | ||||
Nonperforming assets to total assets |
0.19 | % | 0.19 | % |
NORWOOD FINANCIAL CORP.
Consolidated Balance Sheets (unaudited)
(dollars in thousands)
December 31 2019 |
September 30 2019 |
June 30 2019 |
March 31 2019 |
December 31 2018 |
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ASSETS |
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Cash and due from banks |
$ | 15,038 | $ | 20,067 | $ | 14,207 | $ | 13,583 | $ | 18,039 | ||||||||||
Interest-bearing deposits with banks |
377 | 848 | 4,265 | 6,291 | 309 | |||||||||||||||
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Cash and cash equivalents |
15,415 | 20,915 | 18,472 | 19,874 | 18,348 | |||||||||||||||
Securities available for sale |
210,205 | 211,199 | 238,083 | 240,621 | 243,277 | |||||||||||||||
Loans receivable |
924,581 | 905,582 | 887,673 | 864,198 | 850,182 | |||||||||||||||
Less: Allowance for loan losses |
8,509 | 8,405 | 8,228 | 8,349 | 8,452 | |||||||||||||||
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Net loans receivable |
916,072 | 897,177 | 879,445 | 855,849 | 841,730 | |||||||||||||||
Regulatory stock, at cost |
4,844 | 3,137 | 3,155 | 3,132 | 3,926 | |||||||||||||||
Bank owned life insurance |
38,763 | 38,562 | 38,340 | 38,134 | 37,932 | |||||||||||||||
Bank premises and equipment, net |
14,228 | 13,927 | 13,880 | 14,165 | 13,846 | |||||||||||||||
Foreclosed real estate owned |
1,556 | 1,572 | 1,677 | 1,792 | 1,115 | |||||||||||||||
Goodwill and other intangibles |
11,566 | 11,588 | 11,611 | 11,638 | 11,667 | |||||||||||||||
Other assets |
17,961 | 17,779 | 17,865 | 18,390 | 12,718 | |||||||||||||||
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TOTAL ASSETS |
$ | 1,230,610 | $ | 1,215,856 | $ | 1,222,528 | $ | 1,203,595 | $ | 1,184,559 | ||||||||||
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LIABILITIES |
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Deposits: |
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Non-interest bearing demand |
$ | 207,299 | $ | 231,211 | $ | 221,764 | $ | 206,806 | $ | 201,457 | ||||||||||
Interest-bearing deposits |
750,230 | 743,222 | 759,460 | 767,609 | 745,323 | |||||||||||||||
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Total deposits |
957,529 | 974,433 | 981,224 | 974,415 | 946,780 | |||||||||||||||
Borrowings |
118,694 | 88,684 | 92,118 | 85,779 | 105,330 | |||||||||||||||
Other liabilities |
16,959 | 17,845 | 17,703 | 16,629 | 10,164 | |||||||||||||||
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TOTAL LIABILITIES |
1,093,182 | 1,080,962 | 1,091,045 | 1,076,823 | 1,062,274 | |||||||||||||||
STOCKHOLDERS' EQUITY |
137,428 | 134,894 | 131,483 | 126,772 | 122,285 | |||||||||||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ | 1,230,610 | $ | 1,215,856 | $ | 1,222,528 | $ | 1,203,595 | $ | 1,184,559 | ||||||||||
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NORWOOD FINANCIAL CORP.
Consolidated Statements of Income (unaudited)
(dollars in thousands, except per share data)
Three months ended | December 31 2019 |
September 30 2019 |
June 30 2019 |
March 31 2019 |
December 31 2018 |
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INTEREST INCOME |
||||||||||||||||||||
Loans receivable, including fees |
$ | 10,815 | $ | 10,776 | $ | 10,328 | $ | 9,970 | $ | 9,759 | ||||||||||
Securities |
1,159 | 1,278 | 1,435 | 1,441 | 1,476 | |||||||||||||||
Other |
11 | 5 | 51 | 15 | 10 | |||||||||||||||
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Total interest income |
11,985 | 12,059 | 11,814 | 11,426 | 11,245 | |||||||||||||||
INTEREST EXPENSE |
||||||||||||||||||||
Deposits |
1,784 | 1,787 | 1,839 | 1,729 | 1,446 | |||||||||||||||
Borrowings |
368 | 381 | 363 | 426 | 370 | |||||||||||||||
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Total interest expense |
2,152 | 2,168 | 2,202 | 2,155 | 1,816 | |||||||||||||||
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NET INTEREST INCOME |
9,833 | 9,891 | 9,612 | 9,271 | 9,429 | |||||||||||||||
PROVISION FOR LOAN LOSSES |
200 | 300 | 300 | 450 | 375 | |||||||||||||||
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
9,633 | 9,591 | 9,312 | 8,821 | 9,054 | |||||||||||||||
OTHER INCOME |
||||||||||||||||||||
Service charges and fees |
1,168 | 1,200 | 1,052 | 1,031 | 1,085 | |||||||||||||||
Income from fiduciary activities |
156 | 167 | 145 | 142 | 126 | |||||||||||||||
Net realized gains on sales of securities |
21 | 169 | 64 | | | |||||||||||||||
Gains on sales of loans, net |
44 | 15 | 67 | 42 | | |||||||||||||||
Earnings and proceeds on life insurance policies |
200 | 222 | 207 | 202 | 277 | |||||||||||||||
Other |
107 | 109 | 106 | 143 | 112 | |||||||||||||||
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Total other income |
1,696 | 1,882 | 1,641 | 1,560 | 1,600 | |||||||||||||||
OTHER EXPENSES |
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Salaries and employee benefits |
3,740 | 3,667 | 3,599 | 3,649 | 3,575 | |||||||||||||||
Occupancy, furniture and equipment, net |
938 | 916 | 940 | 924 | 1,036 | |||||||||||||||
Foreclosed real estate |
9 | 24 | (10 | ) | 23 | 104 | ||||||||||||||
FDIC insurance assessment |
3 | (5 | ) | 84 | 71 | 83 | ||||||||||||||
Other |
2,398 | 2,189 | 2,172 | 1,981 | 2,005 | |||||||||||||||
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Total other expenses |
7,088 | 6,791 | 6,785 | 6,648 | 6,803 | |||||||||||||||
INCOME BEFORE TAX |
4,241 | 4,682 | 4,168 | 3,733 | 3,851 | |||||||||||||||
INCOME TAX EXPENSE |
645 | 775 | 646 | 543 | 552 | |||||||||||||||
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NET INCOME |
$ | 3,596 | $ | 3,907 | $ | 3,522 | $ | 3,190 | $ | 3,299 | ||||||||||
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Basic earnings per share |
$ | 0.57 | $ | 0.62 | $ | 0.56 | $ | 0.51 | $ | 0.53 | ||||||||||
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Diluted earnings per share |
$ | 0.57 | $ | 0.62 | $ | 0.56 | $ | 0.51 | $ | 0.53 | ||||||||||
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Book Value per share |
$ | 21.67 | $ | 21.41 | $ | 20.90 | $ | 20.16 | $ | 19.43 | ||||||||||
Tangible Book Value per share |
19.84 | 19.57 | 19.06 | 18.31 | 17.58 | |||||||||||||||
Return on average assets (annualized) |
1.18 | % | 1.27 | % | 1.16 | % | 1.09 | % | 1.12 | % | ||||||||||
Return on average equity (annualized) |
10.42 | % | 11.56 | % | 10.93 | % | 10.37 | % | 11.02 | % | ||||||||||
Return on average tangible equity (annualized) |
11.38 | % | 12.66 | % | 12.01 | % | 11.44 | % | 12.23 | % | ||||||||||
Net interest spread (fte) |
3.33 | % | 3.35 | % | 3.24 | % | 3.20 | % | 3.33 | % | ||||||||||
Net interest margin (fte) |
3.59 | % | 3.60 | % | 3.49 | % | 3.43 | % | 3.54 | % | ||||||||||
Allowance for loan losses to total loans |
0.92 | % | 0.93 | % | 0.93 | % | 0.97 | % | 0.99 | % | ||||||||||
Net charge-offs to average loans (annualized) |
0.04 | % | 0.05 | % | 0.19 | % | 0.26 | % | 0.10 | % | ||||||||||
Nonperforming loans to total loans |
0.09 | % | 0.15 | % | 0.15 | % | 0.13 | % | 0.13 | % | ||||||||||
Nonperforming assets to total assets |
0.19 | % | 0.24 | % | 0.25 | % | 0.24 | % | 0.19 | % |