EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1
 
 
 
10753 Macatawa Drive
 
Holland, Michigan 49424
 
NEWS RELEASE
  
NASDAQ STOCK MARKET:
MCBC
FOR RELEASE:
Immediate
DATE:
October 23, 2014

Macatawa Bank Corporation Reports
Third Quarter 2014 Results

Holland, Michigan, October 23, 2014 – Macatawa Bank Corporation (Nasdaq: MCBC) today announced its results for the third quarter of 2014, continuing its trend of improvement in key operating metrics and financial performance.

  ● Net income of $2.8 million in the third quarter 2014, a 23% increase over third quarter 2013 net income of $2.2 million
  ● Total performing loan portfolio growth of $10.9 million in the third quarter 2014
  ● Strong loan collection results exemplified by net recoveries once again – net recoveries of $330,000 for the third quarter 2014, net recoveries in six of the previous seven quarters
  ● Low loan delinquency rate of 0.48% -  lowest level in over 11 years
  ● Strong growth in non-interest income – up $352,000 from third quarter 2013
● Further expense reductions – total non-interest expense decreased by $973,000 from third quarter 2013
●
Paid third consecutive quarterly cash dividend - $0.02 per share paid on August 28, 2014 to shareholders of record on August 7, 2014

Macatawa reported net income of $2.8 million, or $0.08 per diluted share, in the third quarter 2014 compared to net income of $2.2 million, or $0.08 per diluted share, for the third quarter 2013.  For the first nine months of 2014, Macatawa reported $8.2 million, or $0.24 per diluted share, compared to $7.3 million, or $0.27 per diluted share, for the same period in 2013.  The 2014 per share information reflects the impact of the exchange of all of Macatawa’s outstanding preferred stock for common stock and cash completed at the end of 2013.

"The Company is pleased to report improved earnings in the third quarter 2014 compared to both the third quarter 2013 and the second quarter 2014”, said Ronald L. Haan, President and CEO of the Company.  “Our asset quality continues to improve, net interest margin has stabilized and we saw growth in the loan portfolio again.  Our financial performance continues to improve quarter over quarter, and we are well positioned for continued profitable growth.”

Mr. Haan continued: "Net income for the third quarter 2014 reflected continued improvement in operating results.  Our collection efforts yielded strong loan recoveries which led to further favorable levels of provision for loan losses.  Non-interest income increased in all categories, including net gains on sales of mortgage loans, which had been down in the previous quarter.  We continue to make progress towards eliminating the costs associated with holding and disposing of nonperforming assets, and also reduced several other core expense categories reflecting our ongoing focus on improving earnings performance.”

Mr. Haan concluded: "Looking forward, our commercial loan pipeline is strong and we are focused on profitable growth.  Total performing loan portfolio balances increased $10.9 million after growing $20.9 million in the second quarter 2014 and we believe we are well positioned for additional growth over the remainder of 2014.  This growth is the foundation for producing stronger future earnings for our shareholders."
 
-- more –
Macatawa Bank Corporation 3Q Results / page 2 of 4

Operating Results
Net interest income for the third quarter 2014 totaled $10.3 million, an increase of $148,000 from the second quarter 2014 and an increase of $180,000 from the third quarter 2013.  Net interest margin was 3.04 percent, down 2 basis points from the second quarter 2014 and up 8 basis points from the third quarter 2013.  The Company believes that loan yield compression is bottoming and adjustments made to rates on certain deposit products early in 2014 will further benefit net interest margin in future quarters.

Average interest earning assets for the third quarter 2014 increased $20.4 million from the second quarter 2014 and were down $4.0 million from the third quarter 2013.

Non-interest income increased $235,000 in the third quarter 2014 compared to the second quarter 2014 and $352,000 from the third quarter 2013.  The increase from the second quarter 2014 was due primarily to increased gains on sales of mortgage loans, which were up $212,000 for the quarter.  The increase from the third quarter 2013 was due to increases in gains on sales of mortgage loans, trust fees and debit card interchange income.  The Bank originated $24.5 million in loans for sale in the third quarter 2014 compared to $12.6 million in loans for sale in the second quarter 2014 and $28.0 million in loans for sale in the third quarter 2013.

Non-interest expense was $11.4 million for the third quarter 2014, compared to $11.2 million for the second quarter 2014 and $12.4 million for the third quarter 2013.  The largest fluctuations in non-interest expense related to costs associated with the administration and disposition of problem loans and non-performing assets, which decreased $26,000 compared to the second quarter 2014 and $950,000 compared to the third quarter 2013.  The large decrease from the third quarter of 2013 related to an overall general decline in these expenses as a result of the Company’s success in reducing non-performing assets.  Salaries and benefits were up $266,000 compared to the second quarter 2014 due to a lower level of medical insurance costs from actual claims in the second quarter 2014 and were down $24,000 compared to the third quarter 2013 due to lower incentive compensation payouts.

Federal income tax expense was $1.2 million for the third quarter 2014 compared to $1.2 million for the second  quarter 2014 and $975,000 for the third quarter 2013.  The effective tax rate was 30.39% for the third quarter 2014, 30.89% for the second quarter 2014 and 30.34% for the third quarter 2013.

Asset Quality
As a result of the consistent improvements in nonperforming loans and past due loans over the past several quarters, and the reduction in historical loan loss ratios, a negative provision for loan losses of $750,000 was recorded in the third quarter 2014.  Net loan recoveries for the third quarter 2014 were $330,000, compared to second quarter 2014 net loan recoveries of $666,000 and third quarter 2013 net loan recoveries of $523,000.  The Bank has experienced net loan recoveries in six of the past seven quarters. Total loans past due on payments by 30 days or more amounted to $5.1 million at September 30, 2014, down from $5.2 million at June 30, 2014 and $7.8 million at September 30, 2013.  Delinquency as a percentage of total loans was 0.48% at September 30, 2014, the lowest quarterly level for the Bank in 11 years.

The allowance for loan losses of $19.6 million was 1.86 percent of total loans at September 30, 2014, compared to 1.92 percent of total loans at June 30, 2014, and 2.07 percent at September 30, 2013.    The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 232.99 percent as of September 30, 2014, compared to 248.59 percent at June 30, 2014, and 208.14 percent at September 30, 2013.

At September 30, 2014, the Company's nonperforming loans were $8.4 million, representing 0.80 percent of total loans.  This compares to $8.1 million (0.77 percent of total loans) at June 30, 2014 and $10.2 million (0.99 percent of total loans) at September 30, 2013.  Other real estate owned and repossessed assets were $28.8 million at September 30, 2014, compared to $31.6 million at June 30, 2014, and were down significantly from $42.8 million at September 30, 2013. Total nonperforming assets, including other real estate owned and nonperforming loans, have decreased by $15.8 million, or 29.8 percent, from September 30, 2013 to September 30, 2014.
 
-- more –
Macatawa Bank Corporation 3Q Results / page 3 of 4
 
A break-down of non-performing loans is shown in the table below.
 
 
Dollars in 000s
  
September 30,
2014
    
June 30,
2014
    
March 31,
2014
    
December 31,
2013
    
September 30,
2013
  
                     
Commercial Real Estate
  
$
3,499
    
$
3,955
    
$
6,299
    
$
5,706
    
$
4,934
  
Commercial and Industrial
    
4,372
      
3,485
      
8,077
      
5,625
      
4,240
  
Total Commercial Loans
    
7,871
      
7,440
      
14,376
      
11,331
      
9,174
  
Residential Mortgage Loans
    
144
      
142
      
762
      
639
      
639
  
Consumer Loans
    
410
      
483
      
410
      
365
      
407
  
Total Non-Performing Loans
  
$
8,425
    
$
8,065
    
$
15,548
    
$
12,335
    
$
10,220
  
                                         
Residential Developer Loans (a)
  
$
2,245
    
$
2,249
    
$
2,205
    
$
2,591
    
$
2,651
  

(a) Represents the amount of loans to residential developers secured by single family residential property which is included in non-performing commercial loans secured by real estate.

Total non-performing assets were $37.2 million, or 2.50 percent of total assets, at September 30, 2014.  A break-down of non-performing assets is shown in the table below.

 
Dollars in 000s
  
September 30,
2014
    
June 30,
2014
    
March 31,
2014
    
December 31,
2013
    
September 30,
2013
  
                     
Non-Performing Loans
  
$
8,425
      
8,065
    
$
15,548
    
$
12,335
    
$
10,220
  
Other Repossessed Assets
    
38
      
48
      
42
      
40
      
---
  
Other Real Estate Owned
    
28,763
      
31,523
      
34,035
      
36,796
      
42,796
  
Total Non-Performing Assets
  
$
37,226
      
39,636
    
$
49,625
    
$
49,171
    
$
53,016
  

Balance Sheet, Liquidity and Capital
Total assets were $1,489.7 million at September 30, 2014, a decrease of $27.7 million from $1,517.4 million at December 31, 2013 and a decrease of $73.0 million from $1,562.7 million at September 30, 2013.  Total loans were $1,054.8 million at September 30, 2014, an increase of $12.4 million from $1,042.4 million at December 31, 2013 and an increase of $26.0 million from $1,028.8 million at September 30, 2013.

Commercial loans increased by $7.3 million from December 31, 2013 to September 30, 2014, along with an increase of $5.1 million in the Company’s residential mortgage and consumer loan portfolios.  Commercial real estate loans were reduced by $4.4 million, as the Company continued its efforts to reduce exposure in this segment, and commercial and industrial loans increased by $11.7 million during the same period.

The composition of the commercial loan portfolio is shown in the table below:

 
Dollars in 000s
  
September 30,
2014
    
June 30,
2014
    
March 31,
2014
    
December 31,
2013
    
September 30,
2013
  
                     
Construction and Development
  
$
82,485
    
$
84,448
    
$
84,875
    
$
86,413
    
$
86,824
  
Other Commercial Real Estate
    
385,432
      
380,146
      
378,322
      
385,927
      
395,108
  
Commercial Loans Secured by Real Estate
    
467,917
      
464,594
      
463,197
      
472,340
      
481,932
  
Commercial and Industrial
    
285,833
      
284,152
      
271,924
      
274,099
      
253,216
  
Total Commercial Loans
  
$
753,750
    
$
748,746
    
$
735,121
    
$
746,439
    
$
735,148
  
                                         
Residential Developer Loans (a)
  
$
32,441
    
$
33,622
    
$
33,970
    
$
35,164
    
$
39,886
  

(a) Represents the amount of loans to residential developers secured by single family residential property which is included in commercial loans secured by real estate.
 
-- more –
Macatawa Bank Corporation 3Q Results / page 4 of 4

Total deposits were $1,216.1 million at September 30, 2014, down $33.6 million from $1,249.7 million at December 31, 2013 and were down $71.9 million from $1,288.0 million at September 30, 2013.  Since September 30, 2013, balances in noninterest checking and savings increased by $43.8 million, offset by decreases of $24.5 million in interest bearing checking, $61.8 million in money market accounts and $29.5 million in higher costing certificates of deposit.  The Bank continues to be successful at attracting and retaining core deposit customers.  Customer deposit accounts remain insured to the highest levels available under FDIC deposit insurance.

The Bank's regulatory capital increased in the third quarter 2014 and continued to be at levels among the highest in Bank history, comfortably above levels required to be categorized as “well capitalized” under applicable regulatory capital guidelines.  The Bank was categorized as "well capitalized" at September 30, 2014.

About Macatawa Bank
Headquartered in Holland, Michigan, Macatawa Bank Corporation is the parent company for Macatawa Bank.  Through its banking subsidiary, the Company offers a full range of banking, investment and trust services to individuals, businesses, and governmental entities from a network of 26 full service branches located in communities in Kent County, Ottawa County, and northern Allegan County.  Services include commercial, consumer and real estate financing, business and personal deposit services, ATM's and Internet banking services, trust and employee benefit plan services, and various investment services.  The Company emphasizes its local management team and decision making, along with providing customers excellent service and superior financial products.
 
CAUTIONARY STATEMENT:  This press release contains forward-looking statements that are based on management's current beliefs, expectations, assumptions, estimates, plans and intentions.  Forward-looking statements are identifiable by words or phrases such as "believe," "may," "will," "continue," "improving," "efforts," "focus," "future," "well positioned," "looking forward," "seems" and other similar words or phrases.  Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  These statements include, among others, statements related to trends in our key operating metrics and financial performance, future levels of earnings and profitability, future levels of earning assets, future asset quality, future growth, future yield compression and future net interest margin.  The declaration and payment of future dividends to common shareholders will be considered by the Board of Directors in its discretion and will depend on a number of factors, including our financial condition and anticipated profitability.  All statements with references to future time periods are forward-looking.  Management's determination of the provision and allowance for loan losses, the appropriate carrying value of intangible assets (including deferred tax assets) and other real estate owned and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment) involves judgments that are inherently forward-looking. Our ability to sell other real estate owned at its carrying value or at all, utilize our deferred tax asset, successfully implement new programs and initiatives, increase efficiencies, maintain our current level of deposits and other sources of funding, maintain liquidity, respond to declines in collateral values and credit quality, improve profitability, and produce consistent core earnings is not entirely within our control and is not assured.  The future effect of changes in the real estate, financial and credit markets and the national and regional economy on the banking industry, generally, and Macatawa Bank Corporation, specifically, are also inherently uncertain.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence.  Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Macatawa Bank Corporation does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
 
Risk factors include, but are not limited to, the risk factors described in "Item 1A - Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2013.  These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.
MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)

(Dollars in thousands except per share information)

   
Three Months Ended
    
Nine Months Ended
  
   
September 30
    
September 30
  
EARNINGS SUMMARY
  
2014
    
2013
    
2014
    
2013
  
Total interest income
  
$
11,674
    
$
11,919
    
$
35,172
    
$
36,659
  
Total interest expense
    
1,370
      
1,795
      
4,237
      
5,588
  
Net interest income
    
10,304
      
10,124
      
30,935
      
31,071
  
Provision for loan losses
    
(750
)
    
(1,500
)
    
(2,750
)
    
(3,250
)
Net interest income after provision for loan losses
    
11,054
      
11,624
      
33,685
      
34,321
  
                                 
NON-INTEREST INCOME
                                
Deposit service charges
    
1,163
      
1,072
      
3,219
      
3,041
  
Net gains on mortgage loans
    
679
      
612
      
1,405
      
2,145
  
Trust fees
    
669
      
584
      
2,002
      
1,797
  
Other
    
1,792
      
1,683
      
5,255
      
5,142
  
Total non-interest income
    
4,303
      
3,951
      
11,881
      
12,125
  
                                 
NON-INTEREST EXPENSE
                                
Salaries and benefits
    
5,810
      
5,834
      
17,177
      
17,359
  
Occupancy
    
897
      
908
      
2,837
      
2,759
  
Furniture and equipment
    
803
      
819
      
2,394
      
2,414
  
FDIC assessment
    
287
      
317
      
934
      
1,133
  
Administration and disposition of problem assets
    
861
      
1,811
      
2,218
      
4,072
  
Other
    
2,731
      
2,673
      
8,237
      
8,081
  
Total non-interest expense
    
11,389
      
12,362
      
33,797
      
35,818
  
Income before income tax
    
3,968
      
3,213
      
11,769
      
10,628
  
Income tax expense
    
1,206
      
975
      
3,614
      
3,313
  
Net income
  
$
2,762
    
$
2,238
    
$
8,155
    
$
7,315
  
Net income attributable to common shareholders
  
$
2,762
    
$
2,238
    
$
8,155
    
$
7,315
  
                                 
Basic earnings per common share
  
$
0.08
    
$
0.08
    
$
0.24
    
$
0.27
  
Diluted earnings per common share
  
$
0.08
    
$
0.08
    
$
0.24
    
$
0.27
  
Return on average assets
    
0.74
%
    
0.59
%
    
0.73
%
    
0.65
%
Return on average equity
    
7.94
%
    
6.67
%
    
7.94
%
    
7.30
%
Net interest margin
    
3.04
%
    
2.96
%
    
3.08
%
    
3.08
%
Efficiency ratio
    
77.97
%
    
87.83
%
    
78.94
%
    
82.92
%

BALANCE SHEET DATA
  
September 30
    
December 31
    
September 30
  
Assets
  
2014
    
2013
    
2013
  
Cash and due from banks
  
$
24,731
    
$
38,714
    
$
35,592
  
Federal funds sold and other short-term investments
    
74,808
      
118,178
      
178,263
  
Interest-bearing time deposits in other financial institutions
    
20,000
      
25,000
      
25,000
  
Securities available for sale
    
162,101
      
139,659
      
135,439
  
Securities held to maturity
    
31,744
      
19,248
      
18,995
  
Federal Home Loan Bank Stock
    
11,236
      
11,236
      
11,236
  
Loans held for sale
    
905
      
1,915
      
2,983
  
Total loans
    
1,054,788
      
1,042,377
      
1,028,793
  
Less allowance for loan loss
    
19,629
      
20,798
      
21,272
  
Net loans
    
1,035,159
      
1,021,579
      
1,007,521
  
Premises and equipment, net
    
53,292
      
53,641
      
52,916
  
Bank-owned life insurance
    
28,021
      
27,517
      
27,343
  
Other real estate owned
    
28,763
      
36,796
      
42,796
  
Other assets
    
18,904
      
23,922
      
24,596
  
                         
Total Assets
  
$
1,489,664
    
$
1,517,405
    
$
1,562,680
  
                         
Liabilities and Shareholders' Equity
                        
Noninterest-bearing deposits
  
$
385,182
    
$
344,550
    
$
352,879
  
Interest-bearing deposits
    
830,907
      
905,184
      
935,162
  
Total deposits
    
1,216,089
      
1,249,734
      
1,288,041
  
Other borrowed funds
    
88,107
      
89,991
      
89,991
  
Subordinated debt
    
-
      
-
      
-
  
Long-term debt
    
41,238
      
41,238
      
41,238
  
Other liabilities
    
3,761
      
3,920
      
7,903
  
Total Liabilities
    
1,349,195
      
1,384,883
      
1,427,173
  
                         
Shareholders' equity
    
140,469
      
132,522
      
135,507
  
                         
Total Liabilities and Shareholders' Equity
  
$
1,489,664
    
$
1,517,405
    
$
1,562,680
  

MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)

(Dollars in thousands except per share information)

   
Quarterly
    
Year to Date
  
                             
   
3rd Qtr
    
2nd Qtr
    
1st Qtr
    
4th Qtr
    
3rd Qtr
          
   
2014
    
2014
    
2014
    
2013
    
2013
    
2014
    
2013
  
EARNINGS SUMMARY
                            
Net interest income
  
$
10,304
    
$
10,156
    
$
10,475
    
$
10,212
    
$
10,124
    
$
30,935
    
$
31,071
  
Provision for loan losses
    
(750
)
    
(1,000
)
    
(1,000
)
    
(1,000
)
    
(1,500
)
    
(2,750
)
    
(3,250
)
Total non-interest income
    
4,303
      
4,068
      
3,510
      
4,016
      
3,951
      
11,881
      
12,125
  
Total non-interest expense
    
11,389
      
11,238
      
11,169
      
12,036
      
12,362
      
33,797
      
35,818
  
Federal income tax expense (benefit)
    
1,206
      
1,231
      
1,177
      
958
      
975
      
3,614
      
3,313
  
Net income
  
$
2,762
    
$
2,755
    
$
2,639
    
$
2,234
    
$
2,238
    
$
8,155
    
$
7,315
  
                                                         
Basic earnings per common share
  
$
0.08
    
$
0.08
    
$
0.08
    
$
(0.56
)
  
$
0.08
    
$
0.24
    
$
0.27
  
Diluted earnings per common share
  
$
0.08
    
$
0.08
    
$
0.08
    
$
(0.56
)
  
$
0.08
    
$
0.24
    
$
0.27
  
                                                         
MARKET DATA
                                                        
Book value per common share
  
$
4.15
    
$
4.09
    
$
4.00
    
$
3.92
    
$
3.77
    
$
4.15
    
$
3.77
  
Tangible book value per common share
  
$
4.15
    
$
4.09
    
$
4.00
    
$
3.92
    
$
3.77
    
$
4.15
    
$
3.77
  
Market value per common share
  
$
4.80
    
$
5.07
    
$
5.04
    
$
5.00
    
$
5.38
    
$
4.80
    
$
5.38
  
Average basic common shares
    
33,795,384
      
33,788,431
      
33,790,542
      
27,276,722
      
27,261,325
      
33,791,470
      
27,244,741
  
Average diluted common shares
    
33,795,384
      
33,788,431
      
33,790,542
      
27,276,722
      
27,261,325
      
33,791,470
      
27,244,741
  
Period end common shares
    
33,803,823
      
33,788,431
      
33,788,431
      
33,801,097
      
27,261,325
      
33,808,823
      
27,261,325
  
                                                         
PERFORMANCE RATIOS
                                                        
Return on average assets
    
0.74
%
    
0.75
%
    
0.71
%
    
0.58
%
    
0.59
%
    
0.73
%
    
0.65
%
Return on average equity
    
7.94
%
    
8.03
%
    
7.85
%
    
6.54
%
    
6.67
%
    
7.94
%
    
7.30
%
Net interest margin (fully taxable equivalent)
    
3.04
%
    
3.06
%
    
3.15
%
    
2.95
%
    
2.96
%
    
3.08
%
    
3.08
%
Efficiency ratio
    
77.97
%
    
79.01
%
    
79.86
%
    
84.59
%
    
87.83
%
    
78.94
%
    
82.92
%
Full-time equivalent employees (period end)
    
352
      
348
      
354
      
361
      
363
      
352
      
363
  
                                                         
ASSET QUALITY
                                                        
Gross charge-offs
  
$
120
    
$
92
    
$
82
    
$
508
    
$
354
    
$
294
    
$
1,695
  
Net charge-offs
  
$
(330
)
  
$
(666
)
  
$
(585
)
  
$
(526
)
  
$
(523
)
  
$
(1,581
)
  
$
(783
)
Net charge-offs to average loans (annualized)
    
-0.13
%
    
-0.26
%
    
-0.23
%
    
-0.20
%
    
-0.21
%
    
-0.20
%
    
-0.10
%
Nonperforming loans
  
$
8,425
    
$
8,065
    
$
15,548
    
$
12,335
    
$
10,220
    
$
8,425
    
$
10,220
  
Other real estate and repossessed assets
  
$
28,801
    
$
31,571
    
$
34,077
    
$
36,836
    
$
42,796
    
$
28,801
    
$
42,796
  
Nonperforming loans to total loans
    
0.80
%
    
0.77
%
    
1.51
%
    
1.18
%
    
0.99
%
    
0.80
%
    
0.99
%
Nonperforming assets to total assets
    
2.50
%
    
2.66
%
    
3.33
%
    
3.24
%
    
3.39
%
    
2.50
%
    
3.39
%
Allowance for loan losses
  
$
19,629
    
$
20,049
    
$
20,383
    
$
20,798
    
$
21,272
    
$
19,629
    
$
21,272
  
Allowance for loan losses to total loans
    
1.86
%
    
1.92
%
    
1.98
%
    
2.00
%
    
2.07
%
    
1.86
%
    
2.07
%
Allowance for loan losses to nonperforming loans
    
232.99
%
    
248.59
%
    
131.10
%
    
168.61
%
    
208.14
%
    
232.99
%
    
208.14
%
                                                         
CAPITAL
                                                        
Average equity to average assets
    
9.29
%
    
9.29
%
    
9.01
%
    
8.95
%
    
8.86
%
    
9.19
%
    
8.88
%
Tier 1 capital to average assets
    
11.55
%
    
11.43
%
    
11.06
%
    
10.61
%
    
10.89
%
    
11.55
%
    
10.89
%
Total capital to risk-weighted assets
    
16.27
%
    
16.33
%
    
16.11
%
    
15.69
%
    
16.04
%
    
16.27
%
    
16.04
%
Tier 1 capital to average assets (Bank)
    
11.36
%
    
11.26
%
    
10.99
%
    
10.45
%
    
10.80
%
    
11.36
%
    
10.80
%
Total capital to risk-weighted assets (Bank)
    
15.98
%
    
16.06
%
    
16.00
%
    
15.45
%
    
15.90
%
    
15.98
%
    
15.90
%
Tangible common equity to assets
    
9.49
%
    
9.34
%
    
9.15
%
    
8.82
%
    
6.63
%
    
9.49
%
    
6.63
%
                                                         
END OF PERIOD BALANCES
                                                        
Total portfolio loans
  
$
1,054,788
    
$
1,043,529
    
$
1,030,111
    
$
1,042,377
    
$
1,028,793
    
$
1,054,788
    
$
1,028,793
  
Earning assets
    
1,355,635
      
1,340,438
      
1,337,512
      
1,359,686
      
1,402,703
      
1,355,635
      
1,402,703
  
Total assets
    
1,489,664
      
1,491,142
      
1,490,899
      
1,517,405
      
1,562,680
      
1,489,664
      
1,562,680
  
Deposits
    
1,216,089
      
1,215,724
      
1,216,778
      
1,249,734
      
1,288,041
      
1,216,089
      
1,288,041
  
Total shareholders' equity
    
140,469
      
138,092
      
135,188
      
132,522
      
135,507
      
140,469
      
135,507
  
                                                         
AVERAGE BALANCES
                                                        
Total portfolio loans
  
$
1,043,774
    
$
1,040,413
    
$
1,037,678
    
$
1,026,603
    
$
1,012,361
    
$
1,040,644
    
$
1,032,169
  
Earning assets
    
1,358,219
      
1,337,822
      
1,349,971
      
1,380,510
      
1,362,223
      
1,348,701
      
1,347,544
  
Total assets
    
1,497,386
      
1,477,114
      
1,493,201
      
1,527,910
      
1,514,555
      
1,489,249
      
1,503,750
  
Deposits
    
1,224,041
      
1,205,194
      
1,223,928
      
1,255,221
      
1,238,303
      
1,217,721
      
1,227,648
  
Total shareholders' equity
    
139,107
      
137,163
      
134,488
      
136,718
      
134,118
      
136,936
      
133,540