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): November 7, 2011
ECB BANCORP, INC.
(Exact name of registrant as specified in its charter)
North Carolina | 000-24753 | 56-2090738 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
Post Office Box 337
Engelhard, North Carolina 27824
(Address of principal executive offices, including zip code
Registrants telephone number, including area code: (252) 925-5501
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)) |
Item 2.02. | Results of Operations and Financial Condition. |
On November 7, 2011, we announced our results of operations for the three and nine months ended September 30, 2011. A copy of our press release is being furnished as Exhibit 99.1 to this Report.
The information contained in this Report and its exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. The following exhibit is furnished with this Report: |
Exhibit |
Exhibit Description | |
99.1 | Copy of our press release dated November 7, 2011 |
Disclosures About Forward-Looking Statements
Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, expectations or beliefs about future events or results, and other statements that are not descriptions of historical facts, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in our Annual Report on Form 10-K and in other documents we file with the Securities and Exchange Commission from time to time. Copies of those reports are available through our Internet website at www.myecb.com or directly through the Commissions website at www.sec.gov. Forward-looking statements may be identified by terms such as may, will, should, could, expects, plans, intends, anticipates, feels, believes, estimates, predicts, forecasts, potential or continue, or similar terms or the negative of these terms, or other statements concerning opinions or judgments of our management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to: the necessary approvals required for the private placement and branch purchase may not be obtained or may not be obtained on the terms expected or on the schedule that we anticipate, and other closing conditions for such transactions may not be satisfied; pressures on our earnings, capital and liquidity resulting from current and future conditions in the credit and equity markets; the financial success or changing strategies of our customers; actions of government regulators or changes in laws, regulations or accounting standards that adversely affect our business; changes in the interest rate environment and the level of market interest rates that reduce our net interest margins and/or the values of loans we make and securities we hold; weather and similar conditions, particularly the effect of hurricanes on our banking and operations facilities and on our customers and the communities in which we do business; continued or unexpected increases in credit losses in our loan portfolio; continued adverse conditions in general economic conditions and real estate values in our banking market (particularly as those conditions affect our loan portfolio, the abilities of our borrowers to repay their loans, and the values of loan collateral); and other developments or changes in our business that we do not expect. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements in this paragraph. We have no obligation, and do not intend, to update these forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, we have duly caused this Report to be signed on our behalf by the undersigned hereunto duly authorized.
ECB BANCORP, INC. | ||||||
(Registrant) | ||||||
Date: November 8, 2011 | By: | /s/ Thomas M. Crowder | ||||
Thomas M. Crowder | ||||||
Executive Vice President and Chief Financial Officer |
EXHIBIT 99.1
November 7, 2011
CONTACT: | ECB Bancorp, Inc. | |
Thomas M. Crowder, Chief Financial Officer | ||
(252) 925-5520 | ||
(252) 925-8491 facsimile |
FOR IMMEDIATE RELEASE
ECB Bancorp, Inc. Reports 2011 Third Quarter Results
ENGELHARD, N.C.-ECB Bancorp, Inc. (NASDAQ:ECBE) (ECB or the Company) today announced its results for the three and nine months ended September 30, 2011.
2011 Third Quarter Financial Highlights
For the three months ended September 30, 2011, net income totaled $527,000, a 2.4% decrease from the $540,000 in net income for the three months ended September 30, 2010. After adjusting for $267,000 in preferred stock dividends and the accretion of warrant discount, net income available to common shareholders for the three months ended September 30, 2011 was $260,000 or $0.09 per basic and diluted share, a decrease of 4.8% compared to $273,000 or $0.10 per basic and diluted share for the three months ended September 30, 2010.
For the nine months ended September 30, 2011, net income was $588,000, a decrease of 70.4% compared to net income for the nine months ended September 30, 2010 of $1,984,000. After adjusting for $797,000 in preferred stock dividends and accretion of warrant discount, net loss available to common shareholders for the nine months ended September 30, 2011 was $209,000 or $0.07 per basic and diluted share, compared to net income available to common shareholders of $1,187,000 or $0.42 per basic and diluted share for the prior nine-month period.
Other Financial Highlights include:
| Consolidated assets decreased 0.9% to $923,695,000 at September 30, 2011 from $932,209,000 at September 30, 2010. |
| Loans decreased 9.3% to $521,626,000 at September 30, 2011 compared to $575,003,000 at September 30, 2010. |
| Deposits increased 0.8% to $796,609,000 at September 30, 2011 from $790,592,000 at September 30, 2010. |
| Net interest income decreased 5.1 % to $6,623,000 for the three months ended September 30, 2011 from $6,977,000 for the same three-month period a year ago. For the nine months ended September 30, 2011, net interest income decreased 2.7% to $20,436,000 compared to $21,005,000 for the first nine months of 2010. |
| Noninterest income for the three months ended September 30, 2011 was $2,568,000, a decrease of 32.4% compared to $3,800,000 for the same three-month period a year ago. For the nine months ended September 30, 2011, noninterest income decreased 21.6% to $6,538,000 compared to $8,334,000 for the same period in 2010. Excluding net gain on sale of securities for the three-month periods ending September 30, 2011 and 2010, noninterest income was $1,570,000, a decrease of 11.3% compared to $1,770,000 in the third quarter of 2010. Excluding net gain on sale of securities for the nine-month period ending September 30, 2011, noninterest income was $4,656,000, a decrease of 4.3% when compared to $4,863,000 for the nine-month period in 2010. |
| Provision for loan losses charged to operations for the three months ended September 30, 2011 totaled $1,028,000, a decrease of 19.2% compared to the $1,273,000 provision charged to operations for the second quarter ended June 30, 2011 and a decrease of 73.4% compared to the $3,863,000 loan loss provision charged in the same period 2010. For the nine months ended September 30, 2011, provision for loan loss totaled $6,231,000, a reduction of 27.9% compared to $8,643,000 loan loss provision taken in the same nine-month period in 2010. |
| During the third quarter of 2011, the Company declared and paid a common stock dividend of $0.07 per share. |
A. Dwight Utz, President and Chief Executive Officer, stated: We have been moving forward with our previously announced private placement to have six institutional investors purchase $79.7 million of our stock at $16 per share. This transaction combined with our announcement in third quarter that we had executed a purchase and assumption agreement to acquire six branches from Bank of Hampton Roads located in Raleigh, Chapel Hill, Cary, Plymouth and Roper, North Carolina, positions the Bank to move into 2012 with good momentum and a strong capital base.
Thomas M. Crowder, Executive Vice President and Chief Financial Officer stated: Although we are still seeing slight net interest margin compression, we feel that the fourth quarter should see stabilization in our net interest margin and we look to continue to lower our cost of funds through year end to assist in this result.
Mr. Utz concluded: The third quarter saw ECB Bancorp continue to position itself for future expansion and we are looking forward to 2012 and continued execution of our multi-pronged growth strategy that the anticipated enhancement to our capital position will help us to accomplish.
- More -
About ECB Bancorp, Inc.
ECB Bancorp, Inc. is a bank holding company, headquartered in Engelhard, North Carolina, whose wholly-owned subsidiary, The East Carolina Bank, is a state-chartered, independent community bank insured by the FDIC. The Bank provides a full range of financial services through its 25 offices covering eastern North Carolina from Currituck to Ocean Isle Beach and Greenville to Hatteras. The Bank also provides mortgages, insurance services through the Banks licensed agents, and investment and brokerage services offered through a third-party broker-dealer. The Companys common stock is listed on The Nasdaq Global Market under the symbol ECBE. More information can be obtained by visiting ECBs web site at www.myecb.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, expectations or beliefs about future events or results, and other statements that are not descriptions of historical facts, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the Companys Annual Report on Form 10-K and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as may, will, should, could, expects, plans, intends, anticipates, feels, believes, estimates, predicts, forecasts, potential or continue, or similar terms or the negative of these terms, or other statements concerning opinions or judgments of the Companys management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to: the necessary approvals required for the private placement and branch purchase may not be obtained or may not be obtained on the terms expected or on the schedule that we anticipate, and other closing conditions for such transactions may not be satisfied; pressures on the Companys earnings, capital and liquidity resulting from current and future conditions in the credit and equity markets; the financial success or changing strategies of the Companys customers; actions of government regulators or changes in laws, regulations or accounting standards that adversely affect our business; changes in the interest rate environment and the level of market interest rates that reduce our net interest margins and/or the values of loans we make and securities we hold; weather and similar conditions, particularly the effect of hurricanes on the Companys banking and operations facilities and on the Companys customers and the communities in which it does business; continued or unexpected increases in credit losses in the Companys loan portfolio; continued adverse conditions in general economic conditions and real estate values in our banking market (particularly as those conditions affect its loan portfolio, the abilities of its borrowers to repay their loans, and the values of loan collateral); and other developments or changes in the Companys business that it does not expect. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by the cautionary statements in this paragraph. The Company has no obligation, and does not intend, to update these forward-looking statements.
See 3 pages of financial information attached
ECB BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
September 30, 2011, December 31, 2010 and September 30, 2010
(Dollars in thousands, except per share data)
September 30, 2011 |
December 31, 2010* |
September 30, 2010 |
||||||||||
(unaudited) | (unaudited) | |||||||||||
Assets |
||||||||||||
Non-interest bearing deposits and cash |
$ | 13,123 | $ | 11,731 | $ | 8,666 | ||||||
Interest bearing deposits |
61 | 20 | 20 | |||||||||
Overnight investments |
4,055 | 8,415 | 31,720 | |||||||||
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Total cash and cash equivalents |
17,239 | 20,166 | 40,406 | |||||||||
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Investment securities |
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Available-for-sale, at market value (cost of $325,023, $275,883 and $258,148 at September 30, 2011, December 31, 2010 and September 30, 2010 respectively) |
327,066 | 273,229 | 263,946 | |||||||||
Loans held for sale |
2,338 | 4,136 | 2,103 | |||||||||
Loans |
521,626 | 567,631 | 575,003 | |||||||||
Allowance for loan losses |
(12,214 | ) | (13,247 | ) | (13,187 | ) | ||||||
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Loans, net |
509,412 | 554,384 | 561,816 | |||||||||
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Real estate and repossessions acquired in settlement of loans, net |
6,223 | 4,536 | 5,253 | |||||||||
Federal Home Loan Bank common stock, at cost |
3,768 | 4,571 | 4,749 | |||||||||
Bank premises and equipment, net |
26,137 | 26,636 | 25,897 | |||||||||
Accrued interest receivable |
4,972 | 5,243 | 5,176 | |||||||||
Bank owned life insurance |
11,676 | 8,954 | 8,879 | |||||||||
Other assets |
14,864 | 18,014 | 13,984 | |||||||||
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Total |
$ | 923,695 | $ | 919,869 | $ | 932,209 | ||||||
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Liabilities and Shareholders equity |
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Deposits |
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Demand, noninterest bearing |
$ | 123,783 | $ | 104,932 | $ | 105,628 | ||||||
Demand, interest bearing |
257,115 | 262,977 | 215,346 | |||||||||
Savings |
46,879 | 29,938 | 25,972 | |||||||||
Time |
368,832 | 388,094 | 443,646 | |||||||||
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Total deposits |
796,609 | 785,941 | 790,592 | |||||||||
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Accrued interest payable |
630 | 631 | 982 | |||||||||
Short-term borrowings |
13,528 | 11,509 | 13,534 | |||||||||
Long-term obligations |
25,500 | 34,500 | 34,500 | |||||||||
Other liabilities |
4,180 | 6,394 | 4,969 | |||||||||
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Total liabilities |
840,447 | 838,975 | 844,577 | |||||||||
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Shareholders equity |
||||||||||||
Preferred stock, Series A |
17,411 | 17,288 | 17,246 | |||||||||
Common stock, par value $3.50 per share |
9,974 | 9,974 | 9,974 | |||||||||
Capital surplus |
25,868 | 25,852 | 25,844 | |||||||||
Warrants |
878 | 878 | 878 | |||||||||
Retained earnings |
27,947 | 28,554 | 30,144 | |||||||||
Accumulated other comprehensive income (loss) |
1,170 | (1,652 | ) | 3,546 | ||||||||
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Total shareholders equity |
83,248 | 80,894 | 87,632 | |||||||||
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Total |
$ | 923,695 | $ | 919,869 | $ | 932,209 | ||||||
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Common shares outstanding |
2,849,841 | 2,849,841 | 2,849,841 | |||||||||
Common shares authorized |
10,000,000 | 10,000,000 | 10,000,000 | |||||||||
Preferred shares outstanding |
17,949 | 17,949 | 17,949 | |||||||||
Preferred shares authorized |
2,000,000 | 2,000,000 | 2,000,000 |
* | Derived from audited consolidated financial statements. |
ECB BANCORP, INC. AND SUBSIDIARY
Consolidated Results of Operations
For the three and nine months ended September 30, 2011 and 2010 (unaudited)
(Dollars in thousands, except per share data)
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Interest income: |
||||||||||||||||
Interest and fees on loans |
$ | 7,096 | $ | 7,640 | $ | 21,782 | $ | 23,062 | ||||||||
Interest on investment securities: |
||||||||||||||||
Interest exempt from federal income taxes |
106 | 385 | 351 | 1,337 | ||||||||||||
Taxable interest income |
1,961 | 1,949 | 6,061 | 5,519 | ||||||||||||
Dividend income |
9 | 6 | 27 | 40 | ||||||||||||
Other interest income |
17 | 2 | 38 | 9 | ||||||||||||
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Total interest income |
9,189 | 9,982 | 28,259 | 29,967 | ||||||||||||
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Interest expense: |
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Deposits: |
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Demand accounts |
511 | 406 | 1,573 | 1,045 | ||||||||||||
Savings |
85 | 25 | 212 | 52 | ||||||||||||
Time |
1,751 | 2,347 | 5,352 | 7,248 | ||||||||||||
Short-term borrowings |
73 | 66 | 215 | 183 | ||||||||||||
Long-term obligations |
146 | 161 | 471 | 434 | ||||||||||||
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Total interest expense |
2,566 | 3,005 | 7,823 | 8,962 | ||||||||||||
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Net interest income |
6,623 | 6,977 | 20,436 | 21,005 | ||||||||||||
Provision for loan losses |
1,028 | 3,863 | 6,231 | 8,643 | ||||||||||||
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Net interest income after provision for loan losses |
5,595 | 3,114 | 14,205 | 12,362 | ||||||||||||
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Noninterest income: |
||||||||||||||||
Service charges on deposit accounts |
836 | 842 | 2,429 | 2,558 | ||||||||||||
Other service charges and fees |
410 | 470 | 984 | 1,168 | ||||||||||||
Mortgage origination fees |
255 | 351 | 1,033 | 856 | ||||||||||||
Net gain on sale of securities |
998 | 2,030 | 1,882 | 3,471 | ||||||||||||
Income from bank owned life insurance |
74 | 75 | 222 | 223 | ||||||||||||
Other operating (expense) income |
(5 | ) | 32 | (12 | ) | 58 | ||||||||||
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Total noninterest income |
2,568 | 3,800 | 6,538 | 8,334 | ||||||||||||
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Noninterest expenses: |
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Salaries |
2,737 | 2,548 | 8,127 | 7,193 | ||||||||||||
Retirement and other employee benefits |
638 | 740 | 2,098 | 2,182 | ||||||||||||
Occupancy |
528 | 480 | 1,533 | 1,384 | ||||||||||||
Equipment |
550 | 589 | 1,622 | 1,542 | ||||||||||||
Professional fees |
240 | 187 | 782 | 686 | ||||||||||||
Supplies |
49 | 45 | 178 | 165 | ||||||||||||
Telephone |
179 | 147 | 537 | 487 | ||||||||||||
FDIC insurance |
236 | 355 | 763 | 1,033 | ||||||||||||
Other outside services |
94 | 123 | 437 | 351 | ||||||||||||
Net cost of real estate and repossessions acquired in settlement of loans |
645 | 112 | 742 | 493 | ||||||||||||
Other operating expenses |
1,643 | 1,053 | 3,621 | 3,017 | ||||||||||||
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Total noninterest expenses |
7,539 | 6,379 | 20,440 | 18,533 | ||||||||||||
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Income before income taxes |
624 | 535 | 303 | 2,163 | ||||||||||||
Income tax expense (benefit) |
97 | (5 | ) | (285 | ) | 179 | ||||||||||
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Net income |
527 | 540 | 588 | 1,984 | ||||||||||||
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Preferred stock dividends |
225 | 225 | 673 | 673 | ||||||||||||
Accretion of discount |
42 | 42 | 124 | 124 | ||||||||||||
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Income (loss) available to common shareholders |
$ | 260 | $ | 273 | ($ | 209 | ) | $ | 1,187 | |||||||
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Net income (loss) per share - basic |
$ | 0.09 | $ | 0.10 | ($ | 0.07 | ) | $ | 0.42 | |||||||
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Net income (loss) per share - diluted |
$ | 0.09 | $ | 0.10 | ($ | 0.07 | ) | $ | 0.42 | |||||||
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Weighted average shares outstanding - basic |
2,849,841 | 2,849,841 | 2,849,841 | 2,849,511 | ||||||||||||
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Weighted average shares outstanding - diluted |
2,849,841 | 2,849,841 | 2,849,841 | 2,849,554 | ||||||||||||
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ECB BANCORP, INC. AND SUBSIDIARY
Supplemental Quarterly Financial Data (unaudited)
(Dollars in thousands, except per share data)
9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | ||||||||||||||||
Income Statement Data: |
||||||||||||||||||||
Interest income |
$ | 9,189 | $ | 9,632 | $ | 9,438 | $ | 9,840 | $ | 9,982 | ||||||||||
Interest expense |
2,566 | 2,587 | 2,670 | 2,926 | 3,005 | |||||||||||||||
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Net interest income |
6,623 | 7,045 | 6,768 | 6,914 | 6,977 | |||||||||||||||
Provision for loan losses |
1,028 | 1,273 | 3,930 | 4,337 | 3,863 | |||||||||||||||
Net after provision expense |
5,595 | 5,772 | 2,838 | 2,577 | 3,114 | |||||||||||||||
Noninterest income |
2,568 | 2,539 | 1,431 | 3,661 | 3,800 | |||||||||||||||
Noninterest expense |
7,539 | 6,657 | 6,244 | 8,307 | 6,379 | |||||||||||||||
Income (loss) before income taxes |
624 | 1,654 | (1,975 | ) | (2,069 | ) | 535 | |||||||||||||
Income tax expense (benefit) |
97 | 509 | (891 | ) | (945 | ) | (5 | ) | ||||||||||||
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Net income (loss) |
527 | 1,145 | (1,084 | ) | (1,124 | ) | 540 | |||||||||||||
Preferred stock dividend & accretion of discount |
267 | 265 | 265 | 266 | 267 | |||||||||||||||
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Net income (loss) available to common shareholders |
$ | 260 | $ | 880 | $ | (1,349 | ) | $ | (1,390 | ) | $ | 273 | ||||||||
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Per Share Data and Shares Outstanding: |
||||||||||||||||||||
Net income (loss) - basic |
$ | 0.09 | $ | 0.31 | $ | (0.47 | ) | $ | (0.49 | ) | $ | 0.10 | ||||||||
Net income (loss)- diluted |
0.09 | 0.31 | (0.47 | ) | (0.49 | ) | 0.10 | |||||||||||||
Cash dividends declared on common stock |
0.07 | | 0.07 | 0.07 | 0.07 | |||||||||||||||
Book value at period end |
23.10 | 22.79 | 21.71 | 22.32 | 24.70 | |||||||||||||||
Dividend payout ratio |
77.78 | % | | -14.89 | % | -14.29 | % | 70.00 | % | |||||||||||
Weighted-average number of common shares outstanding: |
||||||||||||||||||||
Basic |
2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | |||||||||||||||
Diluted |
2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | |||||||||||||||
Shares outstanding at period end |
2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | |||||||||||||||
Balance Sheet Data: |
||||||||||||||||||||
Total assets |
$ | 923,695 | $ | 941,463 | $ | 916,571 | $ | 919,869 | $ | 932,209 | ||||||||||
Loans - gross |
521,626 | 542,687 | 546,641 | 567,631 | 575,003 | |||||||||||||||
Allowance for loan losses |
12,214 | 15,448 | 15,219 | 13,247 | 13,187 | |||||||||||||||
Investment securities |
327,066 | 298,116 | 304,975 | 273,229 | 263,946 | |||||||||||||||
Interest earning assets |
858,914 | 880,814 | 856,840 | 858,002 | 877,540 | |||||||||||||||
Premises and equipment, net |
26,137 | 26,740 | 26,716 | 26,636 | 25,897 | |||||||||||||||
Total deposits |
796,609 | 812,774 | 786,754 | 785,941 | 790,592 | |||||||||||||||
Short-term borrowings |
13,528 | 13,711 | 17,421 | 11,509 | 13,534 | |||||||||||||||
Long-term obligations |
25,500 | 27,500 | 27,500 | 34,500 | 34,500 | |||||||||||||||
Shareholders equity |
83,248 | 82,320 | 79,213 | 80,894 | 87,632 | |||||||||||||||
Selected Performance Ratios (annualized): |
||||||||||||||||||||
Return on average assets |
0.22 | % | 0.49 | % | -0.48 | % | -0.48 | % | 0.23 | % | ||||||||||
Return on average shareholders equity |
2.56 | % | 5.71 | % | -5.38 | % | -5.15 | % | 2.44 | % | ||||||||||
Net interest margin |
3.06 | % | 3.35 | % | 3.30 | % | 3.23 | % | 3.31 | % | ||||||||||
Efficiency ratio |
81.02 | % | 68.60 | % | 75.00 | % | 77.28 | % | 57.83 | % | ||||||||||
Asset Quality Ratios: |
||||||||||||||||||||
Nonperforming loans to period-end loans |
5.49 | % | 4.65 | % | 4.04 | % | 3.89 | % | 3.59 | % | ||||||||||
Allowance for loan losses to period-end loans |
2.34 | % | 2.85 | % | 2.78 | % | 2.33 | % | 2.29 | % | ||||||||||
Allowance for loan losses to nonperforming loans |
43 | % | 61 | % | 69 | % | 60 | % | 64 | % | ||||||||||
Net charge-offs to average loans (annualized) |
3.18 | % | 0.77 | % | 1.40 | % | 2.99 | % | 0.79 | % | ||||||||||
Capital Ratios: |
||||||||||||||||||||
Tangible equity to total assets |
7.13 | % | 6.90 | % | 6.75 | % | 6.91 | % | 7.55 | % | ||||||||||
Equity-to-assets ratio |
9.01 | % | 8.74 | % | 8.64 | % | 8.79 | % | 9.40 | % | ||||||||||
Leverage Capital Ratio |
8.34 | % | 8.39 | % | 8.42 | % | 8.66 | % | 8.79 | % | ||||||||||
Tier 1 Capital Ratio |
12.59 | % | 12.20 | % | 11.97 | % | 12.08 | % | 12.38 | % | ||||||||||
Total Capital Ratio |
13.85 | % | 13.46 | % | 13.24 | % | 13.34 | % | 13.64 | % |
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