EX-99.1 2 d887960dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

Norwood Financial Corp

Announces Third Quarter 2024 Results

Quarterly Highlights:

 

  •  

Net interest margin increased 19 basis points vs. the prior quarter and 7 basis points over the prior year.

 

  •  

Loans grew at an 8% annualized rate during the 3rd quarter.

 

  •  

Capital continues to improve as the negative mark-to-market effect lessens 42% since last year.

Honesdale, Pennsylvania – October 28, 2024 – Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced earnings for the three months ended September 30, 2024 of $3.8 million, which was $275 thousand lower than the same three-month period of last year. Net interest income was up by $892 thousand which was offset by increases in operating expense and the provision for credit losses. Earnings per share (fully diluted) were $0.48 in the three months ended September 30, 2024, compared to $0.51 in the same period of last year. The annualized return on average assets for the three months ended September 30, 2024, was 0.68%, while the annualized return on average tangible equity was 9.58%.

Net income for the nine months ended September 30, 2024, was $12.5 million, which is $3.9 million lower than the same nine-month period of 2023, due to a decrease in net interest income, an increase in the provision for credit losses, and an increase in operating expenses, partially offset by an increase in total other income. Earnings per share (fully diluted) for the nine months ended September 30, 2024, were $1.55, compared to $2.03 for the nine months ended September 30, 2023. The annualized return on average assets for the nine months ended September 30, 2024 was 0.75%. The annualized return on average tangible equity for the nine months ended September 30, 2024 was 10.82%.

Total assets as of September 30, 2024 were $2.280 billion, compared to $2.180 billion at September 30, 2023. At September 30, 2024, loans receivable were $1.675 billion, total deposits were $1.855 billion and stockholders’ equity was $195.7 million.

For the three months ended September 30, 2024, net interest income, on a fully-taxable equivalent basis (fte), totaled $16.1 million, an increase of $914 thousand compared to the same period in 2023. A $77.5 million increase in average interest-earning assets, generated an increase in interest income of $4.0 million. Interest expense increased $3.1 million mainly due to higher deposit balances and higher rates on

those deposits. Net interest margin (fte) for the three months ended September 30, 2024 was 2.99%, compared to 2.92% in the same period of 2023. The tax-equivalent yield on interest-earning assets increased 58 basis points to 5.31% during the three months ended September 30, 2024, compared to the same prior year period, while the cost of interest-bearing liabilities increased 62 basis points to 3.09%.

Net interest income (fte) for the nine-months ended September 30, 2024 totaled $45.6 million, which was $1.2 million lower than the same period in 2023, due primarily to a $14.8 million increase in the cost of interest-bearing liabilities. The net interest margin (fte) was 2.87% for the nine-months ended September 30, 2024, as compared to 3.10% for the nine-months ended September 30, 2023.

Other income for the three months ended September 30, 2024, totaled $2.3 million, compared to $2.3 million for the same period in 2023. For the nine-months ended September 30, 2024, other income totaled $6.5 million, compared to $6.0 million for the nine-months ended September 30, 2023.

Other expenses totaled $12.0 million for the three months ended September 30, 2024, an increase of $755 thousand, compared to the $11.3 million for the same period of 2023. For the nine-months ended September 30, 2024, other expenses totaled $35.2 million, compared to $32.6 million for the same period in 2023, due primarily to an increase in salaries and benefits, professional fees, data processing costs and FDIC insurance.

Jim Donnelly President and CEO of Norwood Financial Corp and Wayne Bank, stated, “We are pleased to present our result of operations for the third quarter. Although strong loan growth caused an increase in our provision for credit losses we welcome the ongoing opportunity to serve our customers. Net interest margin (fte) for this quarter eclipsed the margin for last year, something that hasn’t happened since the Federal Reserve began raising interest rates. Our capital base remains above “Well-Capitalized” targets and we continue to show less impact from the market value of our bond portfolio. Additionally, our credit quality metrics remained strong during the third quarter, which we believe should benefit future performance. We appreciate the opportunity to serve our Wayne Bank customers and our customers at the Bank of the Finger Lakes and Bank of Cooperstown locations. We continue to look for 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 fourteen offices throughout Northeastern Pennsylvania and fifteen offices in 4 Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades 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”, “bode”, “future performance” 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, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality

metrics, our ability to have future performance, our ability to control core operating expenses and costs, 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 net interest income on a fully taxable-equivalent basis (fte), which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Fully taxable-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 fully taxable-equivalent basis ensures comparability of net 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 fully taxable-equivalent basis:

 

(dollars in thousands)    Three months ended      Nine months ended  
     September 30      September 30  
     2024      2023      2024      2023  

Net Interest Income

    $ 15,931      $ 15,039      $ 45,566      $ 46,774  

Taxable equivalent basis adjustment using 21% marginal tax rate

      207        185        601        554  

Net interest income on a fully taxable equivalent basis

    $ 16,138      $ 15,224      $ 46,167      $ 47,328  
  

 

 

     

 

 

     

 

 

     

 

 

  

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 table reconciles average equity to average tangible equity:

 

     Three months ended      Nine months ended  
(dollars in thousands)    September 30      September 30  
     2024      2023      2024      2023  

Average equity

    $ 189,135      $ 175,224      $ 183,593      $ 174,943  

Average goodwill and other

intangibles

   

 

(29,440

) 

   

 

(29,514

) 

   

 

(29,457

) 

      (29,536 ) 

Average tangible equity

    $ 159,695      $ 145,710      $ 154,136      $ 145,407  
  

 

 

     

 

 

     

 

 

     

 

 

  

Contact: John M. McCaffery

Executive Vice President &

Chief Financial Officer

NORWOOD FINANCIAL CORP

272-304-3003

www.waynebank.com

NORWOOD FINANCIAL CORP

Consolidated Balance Sheets

(dollars in thousands, except share and per share data)

(unaudited)

 

     September 30  
     2024     2023  

ASSETS

     

Cash and due from banks

    $ 47,072     $ 41,141  

Interest-bearing deposits with banks

     35,808       13,005  
  

 

 

    

 

 

  

Cash and cash equivalents

      82,880       54,146  

Securities available for sale

      396,891       380,499  

Loans receivable

      1,675,139       1,611,069  

Less: Allowance for credit losses

      18,699       16,086  
  

 

 

    

 

 

  

Net loans receivable

      1,656,440       1,594,983  

Regulatory stock, at cost

      6,329       8,843  

Bank premises and equipment, net

      18,503       17,254  

Bank owned life insurance

      46,382       46,197  

Foreclosed real estate owned

      0       290  

Accrued interest receivable

      8,062       7,759  

Deferred tax assets, net

      18,818       25,610  

Goodwill

      29,266       29,266  

Other intangible assets

      167       240  

Other assets

      16,013       14,911  
  

 

 

    

 

 

  

TOTAL ASSETS

    $ 2,279,751     $ 2,179,998  
  

 

 

    

 

 

  

LIABILITIES

    

Deposits:

     

Non-interest bearing demand

    $ 420,967     $ 430,242  

Interest-bearing

      1,434,284       1,316,582  
  

 

 

    

 

 

  

Total deposits

      1,855,251       1,746,824  

Short-term borrowings

      52,453       103,881  

Other borrowings

      144,959       137,447  

Accrued interest payable

      12,688       8,605  

Other liabilities

      18,746       18,539  
  

 

 

    

 

 

  

TOTAL LIABILITIES

      2,084,097       2,015,296  

STOCKHOLDERS’ EQUITY

     

Preferred Stock, no par value per share, authorized 5,000,000 shares

      —        —   

Common Stock, $.10 par value per share, authorized: 20,000,000 shares, issued: 2024: 8,311,851 shares, 2023: 8,291,401 shares

      831       829  

Surplus

      98,330       97,449  

Retained earnings

      140,489       137,363  

Treasury stock, at cost: 2024: 221,140 shares, 2023: 222,051 shares

      (5,969 )      (5,957 ) 

Accumulated other comprehensive loss

      (38,027 )      (64,982 ) 
  

 

 

    

 

 

  

TOTAL STOCKHOLDERS’ EQUITY

      195,654       164,702  
  

 

 

    

 

 

  

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

    $ 2,279,751     $ 2,179,998  
  

 

 

    

 

 

  

NORWOOD FINANCIAL CORP

Consolidated Statements of Income

(dollars in thousands, except per share data)

(unaudited)

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2024      2023      2024      2023  

INTEREST INCOME

            

Loans receivable, including fees

    $ 25,464      $ 22,021      $ 73,266      $ 61,881  

Securities

      2,526        2,433        7,635        7,418  

Other

      497        54        2,194        156  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Interest income

      28,487        24,508        83,095        69,455  

INTEREST EXPENSE

            

Deposits

      10,553        7,017        31,349        17,119  

Short-term borrowings

      323        1,126        1,015        2,702  

Other borrowings

      1,680        1,326        5,165        2,860  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Interest expense

      12,556        9,469        37,529        22,681  
  

 

 

     

 

 

     

 

 

     

 

 

  

NET INTEREST INCOME

      15,931        15,039        45,566        46,774  

PROVISION FOR CREDIT LOSSES

      1,345        $882      $ 1,069        $(568)  
  

 

 

     

 

 

     

 

 

     

 

 

  

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

      14,586        14,157        44,497        47,342  

OTHER INCOME

            

Service charges and fees

      1,517        1,527        4,364        4,192  

Income from fiduciary activities

      256        246        719        688  

Net realized (losses) gains on sales of securities

      —         —         —         (209 ) 

Gains on sales of loans, net

      103        18        145        27  

Gains on sales of foreclosed real estate owned

      —         13        32        13  

Earnings and proceeds on life insurance policies

      261        328        781        770  

Other

      158        174        467        520  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total other income

      2,295        2,306        6,508        6,001  

OTHER EXPENSES

            

Salaries and employee benefits

      6,239        6,083        18,328        17,893  

Occupancy, furniture and equipment

      1,269        1,242        3,758        3,818  

Data processing and related operations

      1,162        876        3,208        2,465  

Taxes, other than income

      179        167        452        490  

Professional fees

      576        524        1,669        1,132  

FDIC Insurance assessment

      339        254        1,009        699  

Foreclosed real estate

      9        9        45        112  

Amortization of intangibles

      16        20        54        66  

Other

      2,242        2,101        6,683        5,974  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total other expenses

      12,031        11,276        35,206        32,649  

INCOME BEFORE TAX

      4,850        5,187        15,799        20,694  

INCOME TAX EXPENSE

      1,006        1,068        3,308        4,289  
  

 

 

     

 

 

     

 

 

     

 

 

  

NET INCOME

    $ 3,844      $ 4,119      $ 12,491      $ 16,405  
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share

    $ 0.48      $ 0.51      $ 1.55      $ 2.03  
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share

    $ 0.48      $ 0.51      $ 1.55      $ 2.03  
  

 

 

     

 

 

     

 

 

     

 

 

  

NORWOOD FINANCIAL CORP

Financial Highlights (Unaudited)

(dollars in thousands, except per share data)

 

For the Three Months Ended September 30

    2024     2023  

Net interest income

    $ 15,931     $ 15,039  

Net income

      3,844       4,119  

Net interest spread (fully taxable equivalent)

      2.23 %      2.26 % 

Net interest margin (fully taxable equivalent)

      2.99 %      2.92 % 

Return on average assets

      0.68 %      0.76 % 

Return on average equity

      8.09 %      9.33 % 

Return on average tangible equity

      9.58 %      11.22 % 

Basic earnings per share

    $ 0.48     $ 0.51  

Diluted earnings per share

    $ 0.48     $ 0.51  

 

For the Nine Months Ended September 30

    2024     2023  

Net interest income

    $ 45,566     $ 46,774  

Net income

      12,491       16,405  

Net interest spread (fully taxable equivalent)

      2.12 %      2.56 % 

Net interest margin (fully taxable equivalent)

      2.87 %      3.10 % 

Return on average assets

      0.75 %      1.04 % 

Return on average equity

      9.09 %      12.54 % 

Return on average tangible equity

      10.82 %      15.08 % 

Basic earnings per share

    $ 1.55     $ 2.03  

Diluted earnings per share

    $ 1.55     $ 2.03  

 

As of September 30

    2024     2023  

Total assets

    $ 2,279,751     $ 2,179,998  

Total loans receivable

      1,675,139       1,611,069  

Allowance for credit losses

      18,699       16,086  

Total deposits

      1,855,251       1,746,824  

Stockholders’ equity

      195,654       164,702  

Trust assets under management

      209,857       185,913  

Book value per share

    $ 24.92     $ 21.15  

Tangible book value per share

    $ 21.28     $ 17.49  

Equity to total assets

      8.58 %      7.56 % 

Allowance to total loans receivable

      1.12 %      1.00 % 

Nonperforming loans to total loans

      0.47 %      0.65 % 

Nonperforming assets to total assets

      0.35 %      0.50 % 

NORWOOD FINANCIAL CORP

Consolidated Balance Sheets (unaudited)

(dollars in thousands)

 

     September 30
2024		      June 30
2024		      March 31
2024		      December 31
2023		      September 30
2023		  
ASSETS                                   

Cash and due from banks

    $ 47,072      $ 29,903      $ 19,519      $ 28,533      $ 41,141  

Interest-bearing deposits with banks

     35,808        39,492        92,444        37,587        13,005  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Cash and cash equivalents

      82,880        69,395        111,963        66,120        54,146  

Securities available for sale

      396,891        397,578        398,374        406,259        380,499  

Loans receivable

      1,675,139        1,641,356        1,621,448        1,603,618        1,611,069  

Less: Allowance for credit losses

      18,699        17,807        18,020        18,968        16,086  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net loans receivable

      1,656,440        1,623,549        1,603,428        1,584,650        1,594,983  

Regulatory stock, at cost

      6,329        6,443        6,545        7,318        8,843  

Bank owned life insurance

      46,382        46,121        45,869        46,439        46,197  

Bank premises and equipment, net

      18,503        18,264        18,057        17,838        17,254  

Foreclosed real estate owned

      0        0        97        97        290  

Goodwill and other intangibles

      29,433        29,449        29,468        29,487        29,506  

Other assets

      42,893        44,517        46,622        42,871        48,280  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

TOTAL ASSETS

    $ 2,279,751      $ 2,235,316      $ 2,260,423      $ 2,201,079      $ 2,179,998  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

LIABILITIES

              

Deposits:

               

Non-interest bearing demand

    $ 420,967      $ 391,849      $ 383,362      $ 399,545      $ 430,242  

Interest-bearing deposits

      1,434,284        1,419,323        1,455,636        1,395,614        1,316,582  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total deposits

      1,855,251        1,811,172        1,838,998        1,795,159        1,746,824  

Borrowings

      197,412        210,422        211,234        198,312        241,328  

Other liabilities

      31,434        31,534        28,978        26,538        27,144  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

TOTAL LIABILITIES

      2,084,097        2,053,128        2,079,210        2,020,009        2,015,296  

STOCKHOLDERS’ EQUITY

      195,654        182,188        181,213        181,070        164,702  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

    $ 2,279,751      $ 2,235,316      $ 2,260,423      $ 2,201,079      $ 2,179,998  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

NORWOOD FINANCIAL CORP

Consolidated Statements of Income (unaudited)

(dollars in thousands, except per share data)

 

Three months ended    September 30
2024		     June 30
2024		     March 31
2024		     December 31
2023		     September 30
2023		  

INTEREST INCOME

           

Loans receivable, including fees

    $ 25,464     $ 24,121     $ 23,681     $ 23,328     $ 22,021  

Securities

      2,526       2,584       2,526       2,504       2,433  

Other

      497       966       731       253       54  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total interest income

      28,487       27,671       26,938       26,085       24,508  

INTEREST EXPENSE

           

Deposits

      10,553       10,687       10,110       8,910       7,017  

Borrowings

      2,003       2,059       2,118       1,882       2,452  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total interest expense

      12,556       12,746       12,228       10,792       9,469  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET INTEREST INCOME

      15,931       14,925       14,710       15,293       15,039  

(RELEASE OF) PROVISION FOR CREDIT LOSSES

      1,345       347       (624 )      6,116       882  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES

      14,586       14,578       15,334       9,177       14,157  

OTHER INCOME

           

Service charges and fees

      1,517       1,504       1,343       1,421       1,527  

Income from fiduciary activities

      256       225       238       210       246  

Net realized (losses) gains on sales of securities

      —        —        —        —        —   

Gains on sales of loans, net

      103       36       6       36       18  

Gains on sales of foreclosed real estate owned

      —        32       —        66       13  

Earnings and proceeds on life insurance policies

      261       253       268       242       328  

Other

      158       157       151       148       174  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other income

      2,295       2,207       2,006       2,123       2,306  

OTHER EXPENSES

           

Salaries and employee benefits

      6,239       5,954       6,135       5,672       6,083  

Occupancy, furniture and equipment, net

      1,269       1,229       1,261       1,265       1,242  

Foreclosed real estate

      9       15       21       17       9  

FDIC insurance assessment

      339       309       361       287       254  

Other

      4,175       3,937       3,954       3,608       3,688  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other expenses

      12,031       11,444       11,732       10,849       11,276  

INCOME BEFORE TAX

      4,850       5,341       5,608       451       5,187  

INCOME TAX EXPENSE

      1,006       1,128       1,175       96       1,068  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET INCOME

    $ 3,844     $ 4,213     $ 4,433     $ 355     $ 4,119  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per share

    $ 0.48     $ 0.52     $ 0.55     $ 0.04     $ 0.51  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings per share

    $ 0.48     $ 0.52     $ 0.55     $ 0.04     $ 0.51  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Book Value per share

    $ 24.92     $ 23.26     $ 23.01     $ 22.99     $ 21.15  

Tangible Book Value per share

      21.28       19.62       19.38       19.36       17.49  

Return on average assets (annualized)

      0.68 %      0.75 %      0.80 %      0.06 %      0.76 % 

Return on average equity (annualized)

      8.09 %      9.41 %      9.79 %      0.84 %      9.33 % 

Return on average tangible equity (annualized)

      9.58 %      11.26 %      11.68 %      1.01 %      11.22 % 

Net interest spread (fte)

      2.23 %      2.05 %      2.07 %      2.24 %      2.28 % 

Net interest margin (fte)

      2.99 %      2.79 %      2.79 %      2.95 %      2.94 % 

Allowance for credit losses to total loans

      1.12 %      1.08 %      1.11 %      1.18 %      1.00 % 

Net charge-offs to average loans (annualized)

      0.08 %      0.13 %      0.08 %      0.79 %      0.59 % 

Nonperforming loans to total loans

      0.47 %      0.47 %      0.23 %      0.48 %      0.65 % 

Nonperforming assets to total assets

      0.35 %      0.34 %      0.17 %      0.35 %      0.50 % 

NORWOOD FINANCIAL CORP

NET INTEREST MARGIN ANALYSIS

(dollars in thousands)

 

     September 30, 2024     For the Quarter Ended
June 30, 2024		     September 30, 2023  
   Average
Balance
(2)		     Interest
(1)		     Average
Rate
(3)		     Average
Balance
(2)		     Interest
(1)		     Average
Rate
(3)		     Average
Balance
(2)		     Interest
(1)		     Average
Rate
(3)		  

Assets

                   

Interest-earning assets:

                   

Interest-bearing deposits with banks

    $ 36,221     $ 497       5.46 %    $ 69,173     $ 967       5.62 %    $ 3,675     $ 54       5.83 % 

Securities available for sale:

                   

Taxable

      392,168       2,161       2.19       401,014       2,206       2.21       406,962       2,052       2.00  

Tax-exempt (1)

      67,563       461       2.71       69,126       477       2.78       70,219       483       2.73  
  

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Total securities available for sale (1)

      459,731       2,622       2.27       470,140       2,683       2.30       477,181       2,535       2.11  

Loans receivable (1) (4) (5)

      1,651,921       25,575       6.16       1,629,283       24,220       5.98       1,589,474       22,104       5.52  
  

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Total interest-earning assets

      2,147,873       28,694       5.31       2,168,596       27,870       5.17       2,070,330       24,693       4.73  

Non-interest earning assets:

                   

Cash and due from banks

      28,193           26,422           27,910      

Allowance for credit losses

      (17,944 )          (18,023 )          (17,262 )     

Other assets

      78,344           69,718           65,863      
  

 

 

        

 

 

        

 

 

      

Total non-interest earning assets

      88,593           78,117           76,511      
  

 

 

        

 

 

        

 

 

      

Total Assets

    $ 2,236,466         $ 2,246,713         $ 2,146,841      
  

 

 

        

 

 

        

 

 

      

Liabilities and Stockholders’ Equity

                   

Interest-bearing liabilities:

                   

Interest-bearing demand and money market

    $ 461,897     $ 2,782       2.40     $ 450,918     $ 2,397       2.14     $ 439,255     $ 1,647       1.49  

Savings

      221,366       13       0.02       233,676       286       0.49       238,493       77       0.13  

Time

      734,235       7,758       4.20       755,224       8,004       4.26       611,607       5,293       3.43  
  

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Total interest-bearing deposits

      1,417,498       10,553       2.96       1,439,818       10,687       2.99       1,289,355       7,017       2.16  

Short-term borrowings

      53,622       323       2.40       61,689       356       2.32       116,470       1,126       3.84  

Other borrowings

      146,357       1,680       4.57       149,442       1,703       4.58       116,700       1,326       4.51  
  

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Total interest-bearing liabilities

      1,617,477       12,556       3.09       1,650,949       12,746       3.11       1,522,525       9,469       2.47  

Non-interest bearing liabilities:

                   

Demand deposits

      400,314           387,962           425,216      

Other liabilities

      29,540           28,308           23,876      
  

 

 

        

 

 

        

 

 

      

Total non-interest bearing liabilities

      429,854           416,270           449,092      

Stockholders’ equity

      189,135           179,494           175,224      
  

 

 

        

 

 

        

 

 

      

Total Liabilities and Stockholders’ Equity

    $ 2,236,466         $ 2,246,713         $ 2,146,841      
  

 

 

        

 

 

        

 

 

      

Net interest income/spread (tax equivalent basis)

        16,138       2.23 %        15,124       2.06 %        15,224       2.26 % 
    

 

 

    

 

 

        

 

 

      

 

 

    

 

 

  

Tax-equivalent basis adjustment

        (207 )          (199 )          (185 )   
    

 

 

        

 

 

        

 

 

    

Net interest income

      $ 15,931         $ 14,925         $ 15,039    
    

 

 

        

 

 

        

 

 

    

Net interest margin (tax equivalent basis)

          2.99 %          2.80 %          2.92 % 
      

 

 

        

 

 

        

 

 

  

 

(1)

Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.

(2)

Average balances have been calculated based on daily balances.

(3)

Annualized

(4)

Loan balances include non-accrual loans and are net of unearned income.

(5)

Loan yields include the effect of amortization of deferred fees, net of costs.