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) July 22, 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:
☐ | 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 July 22, 2020, the Registrant issued a press release announcing its earnings for the quarter ended June 30, 2020. A copy of the press release is furnished with this report as exhibit 99.1 hereto and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
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 July 22, 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: July 22, 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 SECOND QUARTER EARNINGS
Honesdale, PennsylvaniaJuly 22, 2020
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 June 30, 2020 of $1,488,000, which was $2,034,000 lower than the similar period of last year due to increased loan loss provisions and $1,597,000 of expenses related to the acquisition of UpState New York Bancorp, Inc. (UpState) which closed on July 7, 2020. Earnings per share (fully diluted) were $0.24 in the 2020 compared to $0.56 in the same period of last year. Annualized return on average assets for the three months ended June 30, 2020 was 0.45% with an annualized return on average equity of 4.17%. Net income for the six months ended June 30, 2020 totaled $4,567,000, which is $2,145,000 lower than the same six-month period of last year due primarily to increased loan loss provisions and merger related expenses. Earnings per share (fully diluted) for the six months ended June 30, 2020 were $0.73 compared to $1.06 in the 2019 period.
Total assets as of June 30, 2020 were $1.355 billion, with loans receivable of $988.7 million, deposits of $1.086 billion and stockholders equity of $142.7 million. Loans receivable increased $101.0 million since June 30, 2019, while total deposits increased $105.0 million. The increase in loans includes $67.3 million of Paycheck Protection Program (PPP) loans, while the increase in deposits also includes significant stimulus funds resulting from the PPP and CARES Act.
1
Non-performing assets, which include non-performing loans and foreclosed assets, totaled $3.9 million and represented 0.29% of total assets as of June 30, 2020 compared to $3.0 million, or 0.25% of total assets, as of June 30, 2019. The allowance for loan losses totaled $10,312,000 as of June 30, 2020 and represented 1.04% of total loans outstanding, compared to $8,228,000 and 0.93%, respectively, on June 30, 2019.
For the three months ended June 30, 2020, net interest income, on a fully-taxable equivalent basis (fte), totaled $10,088,000, an increase of $210,000 compared to the similar period in 2019. A $101.2 million increase in average loans outstanding contributed to the increased income. Net interest margin (fte) for the 2020 period was 3.25%, compared to 3.49% in 2019 period. The tax-equivalent yield on interest-earning assets decreased 38 basis points to 3.89% compared to the prior year while the cost of interest-bearing liabilities decreased 16 basis points to 0.86%. Net interest income (fte) for the six months ended June 30, 2020 totaled $19,991,000, which was $578,000 higher than the similar period in 2019 due to the higher volume of earning assets. The net interest margin (fte) was 3.36% in the 2020 period and 3.46% during the first six months of 2019. The decrease in the net interest margin (fte) reflects the growth in PPP loans and the reduced net interest spread earned due to the 1.00% interest rate on these loans.
Other income for the three months ended June 30, 2020 totaled $1,392,000 compared to $1,641,000 for the similar period in 2019. The decrease can be attributed to a lower level of service charges and fees due to accommodations made to customers as a result of the COVID-19 pandemic. For the six months ended June 30, 2020, other income totaled $3,047,000 compared to $3,201,000 in the 2019 period. Service charges on deposits and fees on loans decreased $182,000, net, due to accommodations made to customers as a result of the COVID-19 pandemic.
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Other expenses totaled $8,092,000 for the three months ended June 30, 2020, an increase of $1,307,000 compared to the $6,785,000 reported in the similar period of 2019 due primarily to merger related expenses of $1,597,000. For the six months ended June 30, 2020, other expenses totaled $15,152,000 compared to $13,433,000 for the similar period in 2019. The increase includes the $1,597,000 of merger related expenses.
Mr. Critelli commented, Our results for the first half of 2020 have been significantly impacted by our efforts to assist our customers during the COVID-19 pandemic, restrictions on business activity and the costs associated with our acquisition of UpState New York Bancorp, Inc. Our balance sheet reflects our success providing small business customers with PPP loans and other economic stimulus that has been provided. Mr. Critelli further commented, We are pleased to announce the completion of the merger on July 7th and to welcome Upstates shareholders to Norwood and the employees to Wayne Bank. We also look forward to serving the customers of Bank of the Finger Lakes and Bank of Cooperstown. We continue to search out opportunities available to us as we service our growing base of stockholders and customers.
Norwood Financial Corp is the parent company of Wayne Bank, which operates from 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
3
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 risks and uncertainty posed by, and the effect and impact of, the COVID-19 pandemic on the economy and the Companys results of operation and financial condition, 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 net interest income, which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Tax-equivalent net interest income was derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of net interest income on a tax-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.
The following reconciles net interest income to net interest income on a fully taxable-equivalent basis:
Three months ended June 30 |
Six months ended June 30 |
|||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Net Interest Income |
$ | 9,867 | $ | 9,612 | $ | 19,532 | $ | 18,882 | ||||||||
Taxable equivalent basis adjustment using 21% marginal tax rate |
221 | 266 | 459 | 531 | ||||||||||||
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Net interest income on a fully taxable equivalent basis |
$ | 10,088 | $ | 9,878 | $ | 19,991 | $ | 19,413 | ||||||||
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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:
Three months ended June 30 |
Six months ended June 30 |
|||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Average equity |
$ | 143,472 | $ | 129,215 | $ | 142,217 | $ | 126,993 | ||||||||
Average goodwill and other intangibles |
(11,530 | ) | (11,621 | ) | (11,541 | ) | (11,635 | ) | ||||||||
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Average tangible equity |
$ | 131,942 | $ | 117,594 | $ | 130,676 | $ | 115,358 |
Contact: William S. Lance
Executive Vice President &
Chief Financial Officer
NORWOOD FINANCIAL CORP
570-253-8505
www.waynebank.com
5
NORWOOD FINANCIAL CORP.
Consolidated Balance Sheets
(dollars in thousands, except share and per share data)
(unaudited)
June 30 | ||||||||
2020 | 2019 | |||||||
ASSETS |
||||||||
Cash and due from banks |
$ | 15,387 | $ | 14,207 | ||||
Interest-bearing deposits with banks |
67,989 | 4,265 | ||||||
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Cash and cash equivalents |
83,376 | 18,472 | ||||||
Securities available for sale |
196,735 | 238,083 | ||||||
Loans receivable |
988,679 | 887,673 | ||||||
Less: Allowance for loan losses |
10,312 | 8,228 | ||||||
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Net loans receivable |
978,367 | 879,445 | ||||||
Regulatory stock, at cost |
3,677 | 3,155 | ||||||
Bank premises and equipment, net |
14,040 | 13,880 | ||||||
Bank owned life insurance |
39,183 | 38,340 | ||||||
Foreclosed real estate owned |
965 | 1,677 | ||||||
Accrued interest receivable |
4,383 | 3,979 | ||||||
Goodwill |
11,331 | 11,331 | ||||||
Other intangible assets |
191 | 280 | ||||||
Other assets |
22,293 | 13,886 | ||||||
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TOTAL ASSETS |
$ | 1,354,541 | $ | 1,222,528 | ||||
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LIABILITIES |
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Deposits: |
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Non-interest bearing demand |
$ | 284,754 | $ | 221,764 | ||||
Interest-bearing |
801,484 | 759,460 | ||||||
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Total deposits |
1,086,238 | 981,224 | ||||||
Short-term borrowings |
55,204 | 48,094 | ||||||
Other borrowings |
50,823 | 44,024 | ||||||
Accrued interest payable |
2,826 | 3,008 | ||||||
Other liabilities |
16,786 | 14,695 | ||||||
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TOTAL LIABILITIES |
1,211,877 | 1,091,045 | ||||||
STOCKHOLDERS EQUITY |
||||||||
Preferred Stock, no par value per share, authorized 5,000,000 shares |
| | ||||||
Common Stock, $.10 par value per share, |
634 | 630 | ||||||
Surplus |
49,778 | 48,741 | ||||||
Retained earnings |
87,939 | 82,127 | ||||||
Treasury stock, at cost: 2020: 13,778 shares, 2019: 13,807 shares |
(469 | ) | (455 | ) | ||||
Accumulated other comprehensive income |
4,782 | 440 | ||||||
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TOTAL STOCKHOLDERS EQUITY |
142,664 | 131,483 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ | 1,354,541 | $ | 1,222,528 | ||||
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NORWOOD FINANCIAL CORP.
Consolidated Statements of Income
(dollars in thousands, except per share data)
(unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
INTEREST INCOME |
||||||||||||||||
Loans receivable, including fees |
$ | 10,767 | $ | 10,328 | $ | 21,450 | $ | 20,298 | ||||||||
Securities |
1,063 | 1,435 | 2,242 | 2,876 | ||||||||||||
Other |
19 | 51 | 25 | 66 | ||||||||||||
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Total Interest income |
11,849 | 11,814 | 23,717 | 23,240 | ||||||||||||
INTEREST EXPENSE |
||||||||||||||||
Deposits |
1,630 | 1,839 | 3,420 | 3,568 | ||||||||||||
Short-term borrowings |
73 | 85 | 184 | 209 | ||||||||||||
Other borrowings |
279 | 278 | 581 | 581 | ||||||||||||
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Total Interest expense |
1,982 | 2,202 | 4,185 | 4,358 | ||||||||||||
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NET INTEREST INCOME |
9,867 | 9,612 | 19,532 | 18,882 | ||||||||||||
PROVISION FOR LOAN LOSSES |
1,300 | 300 | 2,000 | 750 | ||||||||||||
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
8,567 | 9,312 | 17,532 | 18,132 | ||||||||||||
OTHER INCOME |
||||||||||||||||
Service charges and fees |
837 | 1,052 | 1,901 | 2,083 | ||||||||||||
Income from fiduciary activities |
175 | 145 | 328 | 287 | ||||||||||||
Net realized gains on sales of securities |
| 64 | 38 | 64 | ||||||||||||
Gains on sales of loans, net |
65 | 67 | 121 | 110 | ||||||||||||
Earnings and proceeds on life insurance policies |
212 | 207 | 420 | 408 | ||||||||||||
Other |
103 | 106 | 239 | 249 | ||||||||||||
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Total other income |
1,392 | 1,641 | 3,047 | 3,201 | ||||||||||||
OTHER EXPENSES |
||||||||||||||||
Salaries and employee benefits |
3,289 | 3,599 | 7,065 | 7,248 | ||||||||||||
Occupancy, furniture and equipment |
906 | 940 | 1,875 | 1,864 | ||||||||||||
Data processing and related operations |
466 | 472 | 903 | 920 | ||||||||||||
Taxes, other than income |
214 | 179 | 427 | 340 | ||||||||||||
Professional fees |
225 | 226 | 443 | 476 | ||||||||||||
FDIC Insurance assessment |
42 | 84 | 42 | 155 | ||||||||||||
Foreclosed real estate |
(2 | ) | (10 | ) | 14 | 13 | ||||||||||
Amortization of intangibles |
21 | 27 | 44 | 56 | ||||||||||||
Merger related |
1,597 | | 1,597 | | ||||||||||||
Other |
1,334 | 1,268 | 2,742 | 2,361 | ||||||||||||
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Total other expenses |
8,092 | 6,785 | 15,152 | 13,433 | ||||||||||||
INCOME BEFORE TAX |
1,867 | 4,168 | 5,427 | 7,900 | ||||||||||||
INCOME TAX EXPENSE |
379 | 646 | 860 | 1,188 | ||||||||||||
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NET INCOME |
$ | 1,488 | $ | 3,522 | $ | 4,567 | $ | 6,712 | ||||||||
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Basic earnings per share |
$ | 0.24 | $ | 0.56 | $ | 0.73 | $ | 1.07 | ||||||||
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Diluted earnings per share |
$ | 0.24 | $ | 0.56 | $ | 0.73 | $ | 1.06 | ||||||||
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NORWOOD FINANCIAL CORP.
Financial Highlights (Unaudited)
(dollars in thousands, except per share data)
For the Three Months Ended June 30 |
2020 | 2019 | ||||||
Net interest income |
$ | 9,867 | $ | 9,612 | ||||
Net income |
1,488 | 3,522 | ||||||
Net interest spread (fully taxable equivalent) |
3.03 | % | 3.24 | % | ||||
Net interest margin (fully taxable equivalent) |
3.25 | % | 3.49 | % | ||||
Return on average assets |
0.45 | % | 1.16 | % | ||||
Return on average equity |
4.17 | % | 10.93 | % | ||||
Return on average tangible equity |
4.54 | % | 12.01 | % | ||||
Basic earnings per share |
$ | 0.24 | $ | 0.56 | ||||
Diluted earnings per share |
$ | 0.24 | $ | 0.56 | ||||
For the Six Months Ended June 30 |
2020 | 2019 | ||||||
Net interest income |
$ | 19,532 | $ | 18,882 | ||||
Net income |
4,567 | 6,712 | ||||||
Net interest spread (fully taxable equivalent) |
3.12 | % | 3.22 | % | ||||
Net interest margin (fully taxable equivalent) |
3.36 | % | 3.46 | % | ||||
Return on average assets |
0.72 | % | 1.12 | % | ||||
Return on average equity |
6.46 | % | 10.66 | % | ||||
Return on average tangible equity |
7.03 | % | 11.73 | % | ||||
Basic earnings per share |
$ | 0.73 | $ | 1.07 | ||||
Diluted earnings per share |
$ | 0.73 | $ | 1.06 | ||||
As of June 30 |
2020 | 2019 | ||||||
Total assets |
$ | 1,354,541 | $ | 1,222,528 | ||||
Total loans receivable |
988,679 | 887,673 | ||||||
Allowance for loan losses |
10,312 | 8,228 | ||||||
Total deposits |
1,086,238 | 981,224 | ||||||
Stockholders equity |
142,664 | 131,483 | ||||||
Trust assets under management |
149,535 | 163,103 | ||||||
Book value per share |
$ | 22.62 | $ | 20.90 | ||||
Tangible book value per share |
$ | 20.80 | $ | 19.06 | ||||
Equity to total assets |
10.53 | % | 10.76 | % | ||||
Allowance to total loans receivable |
1.04 | % | 0.93 | % | ||||
Nonperforming loans to total loans |
0.30 | % | 0.15 | % | ||||
Nonperforming assets to total assets |
0.29 | % | 0.25 | % |
NORWOOD FINANCIAL CORP.
Consolidated Balance Sheets (unaudited)
(dollars in thousands)
June 30 | March 31 | December 31 | September 30 | June 30 | ||||||||||||||||
2020 | 2020 | 2019 | 2019 | 2019 | ||||||||||||||||
ASSETS |
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Cash and due from banks |
$ | 15,387 | $ | 14,712 | $ | 15,038 | $ | 20,067 | $ | 14,207 | ||||||||||
Interest-bearing deposits with banks |
67,989 | 23,706 | 377 | 848 | 4,265 | |||||||||||||||
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Cash and cash equivalents |
83,376 | 38,418 | 15,415 | 20,915 | 18,472 | |||||||||||||||
Securities available for sale |
196,735 | 196,998 | 210,205 | 211,199 | 238,083 | |||||||||||||||
Loans receivable |
988,679 | 928,565 | 924,581 | 905,582 | 887,673 | |||||||||||||||
Less: Allowance for loan losses |
10,312 | 9,088 | 8,509 | 8,405 | 8,228 | |||||||||||||||
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Net loans receivable |
978,367 | 919,477 | 916,072 | 897,177 | 879,445 | |||||||||||||||
Regulatory stock, at cost |
3,677 | 3,770 | 4,844 | 3,137 | 3,155 | |||||||||||||||
Bank owned life insurance |
39,183 | 38,971 | 38,763 | 38,562 | 38,340 | |||||||||||||||
Bank premises and equipment, net |
14,040 | 14,071 | 14,228 | 13,927 | 13,880 | |||||||||||||||
Foreclosed real estate owned |
965 | 1,077 | 1,556 | 1,572 | 1,677 | |||||||||||||||
Goodwill and other intangibles |
11,522 | 11,543 | 11,566 | 11,588 | 11,611 | |||||||||||||||
Other assets |
26,676 | 17,966 | 17,961 | 17,779 | 17,865 | |||||||||||||||
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TOTAL ASSETS |
$ | 1,354,541 | $ | 1,242,291 | $ | 1,230,610 | $ | 1,215,856 | $ | 1,222,528 | ||||||||||
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LIABILITIES |
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Deposits: |
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Non-interest bearing demand |
$ | 284,754 | $ | 213,359 | $ | 207,299 | $ | 231,211 | $ | 221,764 | ||||||||||
Interest-bearing deposits |
801,484 | 776,801 | 750,230 | 743,222 | 759,460 | |||||||||||||||
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Total deposits |
1,086,238 | 990,160 | 957,529 | 974,433 | 981,224 | |||||||||||||||
Borrowings |
106,027 | 92,006 | 118,694 | 88,684 | 92,118 | |||||||||||||||
Other liabilities |
19,612 | 17,938 | 16,959 | 17,845 | 17,703 | |||||||||||||||
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TOTAL LIABILITIES |
1,211,877 | 1,100,104 | 1,093,182 | 1,080,962 | 1,091,045 | |||||||||||||||
STOCKHOLDERS EQUITY |
142,664 | 142,187 | 137,428 | 134,894 | 131,483 | |||||||||||||||
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TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ | 1,354,541 | $ | 1,242,291 | $ | 1,230,610 | $ | 1,215,856 | $ | 1,222,528 | ||||||||||
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NORWOOD FINANCIAL CORP.
Consolidated Statements of Income (unaudited)
(dollars in thousands, except per share data)
June 30 | March 31 | December 31 | September 30 | June 30 | ||||||||||||||||
Three months ended | 2020 | 2020 | 2019 | 2019 | 2019 | |||||||||||||||
INTEREST INCOME |
||||||||||||||||||||
Loans receivable, including fees |
$ | 10,767 | $ | 10,683 | $ | 10,815 | $ | 10,776 | $ | 10,328 | ||||||||||
Securities |
1,063 | 1,179 | 1,159 | 1,278 | 1,435 | |||||||||||||||
Other |
19 | 6 | 11 | 5 | 51 | |||||||||||||||
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Total interest income |
11,849 | 11,868 | 11,985 | 12,059 | 11,814 | |||||||||||||||
INTEREST EXPENSE |
||||||||||||||||||||
Deposits |
1,630 | 1,790 | 1,784 | 1,787 | 1,839 | |||||||||||||||
Borrowings |
352 | 413 | 368 | 381 | 363 | |||||||||||||||
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Total interest expense |
1,982 | 2,203 | 2,152 | 2,168 | 2,202 | |||||||||||||||
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NET INTEREST INCOME |
9,867 | 9,665 | 9,833 | 9,891 | 9,612 | |||||||||||||||
PROVISION FOR LOAN LOSSES |
1,300 | 700 | 200 | 300 | 300 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION |
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FOR LOAN LOSSES |
8,567 | 8,965 | 9,633 | 9,591 | 9,312 | |||||||||||||||
OTHER INCOME |
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Service charges and fees |
837 | 1,063 | 1,168 | 1,200 | 1,052 | |||||||||||||||
Income from fiduciary activities |
175 | 153 | 156 | 167 | 145 | |||||||||||||||
Net realized gains on sales of securities |
| 38 | 21 | 169 | 64 | |||||||||||||||
Gains on sales of loans, net |
65 | 56 | 44 | 15 | 67 | |||||||||||||||
Earnings and proceeds on life insurance policies |
212 | 208 | 200 | 222 | 207 | |||||||||||||||
Other |
103 | 136 | 107 | 109 | 106 | |||||||||||||||
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Total other income |
1,392 | 1,654 | 1,696 | 1,882 | 1,641 | |||||||||||||||
OTHER EXPENSES |
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Salaries and employee benefits |
3,289 | 3,777 | 3,740 | 3,667 | 3,599 | |||||||||||||||
Occupancy, furniture and equipment, net |
906 | 968 | 938 | 916 | 940 | |||||||||||||||
Foreclosed real estate |
(2 | ) | 16 | 9 | 24 | (10 | ) | |||||||||||||
FDIC insurance assessment |
42 | | 3 | (5 | ) | 84 | ||||||||||||||
Merger related |
1,597 | | | | | |||||||||||||||
Other |
2,260 | 2,298 | 2,398 | 2,189 | 2,172 | |||||||||||||||
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Total other expenses |
8,092 | 7,059 | 7,088 | 6,791 | 6,785 | |||||||||||||||
INCOME BEFORE TAX |
1,867 | 3,560 | 4,241 | 4,682 | 4,168 | |||||||||||||||
INCOME TAX EXPENSE |
379 | 481 | 645 | 775 | 646 | |||||||||||||||
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NET INCOME |
$ | 1,488 | $ | 3,079 | $ | 3,596 | $ | 3,907 | $ | 3,522 | ||||||||||
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Basic earnings per share |
$ | 0.24 | $ | 0.49 | $ | 0.57 | $ | 0.62 | $ | 0.56 | ||||||||||
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Diluted earnings per share |
$ | 0.24 | $ | 0.49 | $ | 0.57 | $ | 0.62 | $ | 0.56 | ||||||||||
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Book Value per share |
$ | 22.62 | $ | 22.52 | $ | 21.67 | $ | 21.41 | $ | 20.90 | ||||||||||
Tangible Book Value per share |
20.80 | 20.70 | 19.84 | 19.57 | 19.06 | |||||||||||||||
Return on average assets (annualized) |
0.45 | % | 1.01 | % | 1.18 | % | 1.27 | % | 1.16 | % | ||||||||||
Return on average equity (annualized) |
4.17 | % | 8.79 | % | 10.42 | % | 11.56 | % | 10.93 | % | ||||||||||
Return on average tangible equity (annualized) |
4.54 | % | 9.57 | % | 11.38 | % | 12.66 | % | 12.01 | % | ||||||||||
Net interest spread (fte) |
3.03 | % | 3.23 | % | 3.33 | % | 3.35 | % | 3.24 | % | ||||||||||
Net interest margin (fte) |
3.25 | % | 3.48 | % | 3.59 | % | 3.60 | % | 3.49 | % | ||||||||||
Allowance for loan losses to total loans |
1.04 | % | 0.98 | % | 0.92 | % | 0.93 | % | 0.93 | % | ||||||||||
Net charge-offs to average loans (annualized) |
0.03 | % | 0.05 | % | 0.04 | % | 0.05 | % | 0.19 | % | ||||||||||
Nonperforming loans to total loans |
0.30 | % | 0.30 | % | 0.09 | % | 0.15 | % | 0.15 | % | ||||||||||
Nonperforming assets to total assets |
0.29 | % | 0.31 | % | 0.19 | % | 0.24 | % | 0.25 | % |