Maryland
|
|
000-50345
|
|
20-0154352
|
(State or other
jurisdiction)of incorporation
|
|
(Commission File
Number)
|
|
(I.R.S. Employer
Identification No.)
|
1525 Pointer Ridge
Place
Bowie,
Maryland
|
|
20716
|
(Address of
principal executive offices)
|
|
(Zip
Code)
|
N/A
|
(Former name or
former address, if changed since last report.)
|
|
|
|
|
OLD LINE
BANCSHARES, INC.
|
|
|
|
|
|
|
|
|
|
|
Date: October 24,
2017
|
By: /s/Elise M.
Hubbard
|
|
|
Elise M. Hubbard,
Senior Vice President and Chief Financial Officer
|
|
PRESS
RELEASE
|
OLD LINE
BANCSHARES, INC.
|
FOR IMMEDIATE
RELEASE
|
CONTACT: ELISE
HUBBARD
|
October 24,
2017
|
CHIEF FINANCIAL
OFFICER
|
|
(301)
430-2560
|
|
September
30,
2017
|
June
30,
2017
|
March
31,
2017
|
December
31,
2016
(1)
|
September
30,
2016
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
Cash and
due from banks
|
$33,063,210
|
$25,025,269
|
$27,168,603
|
$22,062,912
|
$28,696,913
|
Interest
bearing accounts
|
1,017,257
|
1,136,343
|
1,144,100
|
1,151,917
|
1,159,687
|
Federal
funds sold
|
383,737
|
302,970
|
237,294
|
248,342
|
301,262
|
Total cash and cash equivalents
|
34,464,204
|
26,464,582
|
28,549,997
|
23,463,171
|
30,157,862
|
Investment
securities available for sale
|
213,664,342
|
198,372,453
|
199,741,104
|
199,505,204
|
201,830,885
|
Loans held
for sale
|
2,729,060
|
6,615,208
|
3,504,268
|
8,418,435
|
7,578,285
|
Loans held
for invesment, less allowance for loan losses of
$5,816,187
|
|
|
|
|
|
and
$6,195,469 for September 30, 2017 and December 31,
2016
|
1,666,505,168
|
1,446,573,249
|
1,417,086,149
|
1,361,175,206
|
1,292,431,559
|
Equity
securities at cost
|
7,277,746
|
9,972,744
|
9,335,247
|
8,303,347
|
6,603,346
|
Premises
and equipment
|
42,074,857
|
36,999,988
|
36,898,159
|
35,700,659
|
36,153,064
|
Accrued
interest receivable
|
4,946,823
|
4,144,803
|
4,044,270
|
4,278,229
|
3,686,161
|
Deferred
income taxes
|
7,774,629
|
7,323,124
|
8,897,842
|
9,578,350
|
13,600,152
|
Current
income taxes receivable
|
-
|
-
|
-
|
-
|
-
|
Bank owned
life insurance
|
41,360,871
|
38,025,982
|
37,791,491
|
37,557,566
|
37,321,217
|
Other real
estate owned
|
2,003,998
|
2,895,893
|
2,895,893
|
2,746,000
|
1,934,720
|
Goodwill
|
25,083,675
|
9,786,357
|
9,786,357
|
9,786,357
|
9,786,357
|
Core
deposit intangible
|
6,615,238
|
3,141,162
|
3,322,519
|
3,520,421
|
3,721,858
|
Other
assets
|
6,738,435
|
4,001,391
|
3,933,804
|
4,986,685
|
5,299,676
|
Total assets
|
$2,061,239,046
|
$1,794,316,936
|
$1,765,787,100
|
$1,709,019,630
|
$1,650,105,142
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
Non-interest bearing
|
$436,645,881
|
$366,468,569
|
$352,742,300
|
$331,331,263
|
$328,967,215
|
Interest bearing
|
1,217,988,749
|
1,012,960,448
|
1,016,136,456
|
994,549,269
|
972,325,625
|
Total deposits
|
1,654,634,630
|
1,379,429,017
|
1,368,878,756
|
1,325,880,532
|
1,301,292,840
|
Short term
borrowings
|
152,179,112
|
203,781,308
|
191,395,616
|
183,433,892
|
141,775,684
|
Long term
borrowings
|
38,040,618
|
37,974,308
|
37,908,290
|
37,842,567
|
37,776,841
|
Accrued
interest payable
|
867,884
|
1,340,591
|
782,212
|
1,269,356
|
712,080
|
Supplemental
executive retirement plan
|
5,823,391
|
5,753,527
|
5,683,663
|
5,613,799
|
5,547,176
|
Income
taxes payable
|
864,260
|
1,357,159
|
2,061,127
|
18,706
|
6,677,102
|
Other
liabilities
|
5,489,031
|
3,633,602
|
3,960,898
|
4,293,993
|
4,466,051
|
Total liabilities
|
1,857,898,926
|
1,633,269,512
|
1,610,670,562
|
1,558,352,845
|
1,498,247,774
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
Common
stock
|
124,675
|
109,561
|
109,438
|
109,109
|
108,591
|
Additional
paid-in capital
|
148,351,881
|
107,333,216
|
106,956,124
|
106,692,958
|
106,000,537
|
Retained
earnings
|
56,198,108
|
55,032,717
|
51,940,050
|
48,842,026
|
45,166,362
|
Accumulated
other comprehensive income (loss)
|
(1,334,544)
|
(1,428,070)
|
(3,889,074)
|
(4,977,308)
|
581,878
|
Total Old
Line Bancshares, Inc.stockholders' equity
|
203,340,120
|
161,047,424
|
155,116,538
|
150,666,785
|
151,857,368
|
Non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
Total
stockholders' equity
|
203,340,120
|
161,047,424
|
155,116,538
|
150,666,785
|
151,857,368
|
Total
liabilities andstockholders' equity
|
$2,061,239,046
|
$1,794,316,936
|
$1,765,787,100
|
$1,709,019,630
|
$1,650,105,142
|
Shares of
basic common stock outstanding
|
12,467,518
|
10,956,130
|
10,943,830
|
10,910,915
|
10,859,074
|
(1)
Financial information at December 31, 2016 has been derived from
audited financial statements.
|
|
|
|
|
|
|
Three
Months
Ended
September
30,
|
Three
Months
Ended
June
30,
|
Three
Months
Ended
March
31,
|
Three
Months
Ended
December
31,
|
Three
Months
Ended
September
30,
|
Nine
Months
Ended
September
30,
|
Nine
Months
Ended
September
30,
|
|
2017
|
2017
|
2017
|
2016
(1)
|
2016
|
2017
|
2016
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Interest income
|
|
|
|
|
|
|
|
Loans, including fees
|
$18,022,324
|
$15,765,250
|
$15,365,654
|
$15,219,684
|
$14,191,639
|
$49,153,228
|
$40,811,462
|
Investment securities and other
|
1,469,478
|
1,288,521
|
1,269,680
|
1,134,253
|
1,146,898
|
4,027,679
|
3,299,140
|
Total interest income
|
19,491,802
|
17,053,771
|
16,635,334
|
16,353,937
|
15,338,537
|
53,180,907
|
44,110,602
|
Interest expense
|
|
|
|
|
|
|
|
Deposits
|
1,926,590
|
1,706,993
|
1,541,058
|
1,507,180
|
1,421,842
|
5,174,641
|
4,001,653
|
Borrowed funds
|
1,092,736
|
1,094,133
|
932,887
|
834,298
|
577,709
|
3,119,756
|
1,181,980
|
Total interest expense
|
3,019,326
|
2,801,126
|
2,473,945
|
2,341,478
|
1,999,551
|
8,294,397
|
5,183,633
|
Net
interest income
|
16,472,476
|
14,252,645
|
14,161,389
|
14,012,459
|
13,338,986
|
44,886,510
|
38,926,969
|
Provision for loan losses
|
135,701
|
278,916
|
440,491
|
200,000
|
305,931
|
855,108
|
1,384,542
|
Net
interest income afterprovision for loan losses
|
16,336,775
|
13,973,729
|
13,720,898
|
13,812,459
|
13,033,055
|
44,031,402
|
37,542,427
|
Non-interest income
|
|
|
|
|
|
|
|
Service charges ondeposit accounts
|
542,909
|
434,272
|
412,159
|
437,900
|
445,901
|
1,389,340
|
1,290,736
|
Gain
on sales or callsof investment securities
|
-
|
19,581
|
15,677
|
1,682
|
326,021
|
35,258
|
1,226,233
|
Gain
on sale of stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Earnings on bank ownedlife insurance
|
297,656
|
282,100
|
281,356
|
282,875
|
284,982
|
861,112
|
849,525
|
Gains (losses) on disposal of assets
|
7,469
|
-
|
112,594
|
(3)
|
(49,957)
|
120,063
|
(27,173)
|
Gain
on sale of loans
|
-
|
94,714
|
-
|
-
|
-
|
94,714
|
-
|
Income on marketable loans
|
482,641
|
726,647
|
630,930
|
570,970
|
782,510
|
1,840,218
|
1,746,678
|
Other fees and commissions
|
820,696
|
438,305
|
402,018
|
277,428
|
348,391
|
1,661,019
|
1,599,185
|
Total non-interest income
|
2,151,371
|
1,995,619
|
1,854,734
|
1,570,852
|
2,137,848
|
6,001,724
|
6,685,184
|
Non-interest expense
|
|
|
|
|
|
|
|
Salaries & employee benefits
|
5,365,890
|
5,050,635
|
4,867,531
|
4,319,736
|
4,812,949
|
15,284,056
|
15,268,644
|
Severance expense
|
-
|
-
|
-
|
-
|
49,762
|
-
|
443,257
|
Occupancy & Equipment
|
1,828,593
|
1,655,270
|
1,653,413
|
1,509,077
|
1,907,090
|
5,137,276
|
5,279,134
|
Pension plan termination
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Data
processing
|
443,453
|
361,546
|
356,648
|
384,000
|
384,382
|
1,161,647
|
1,165,862
|
Merger and integration
|
3,985,514
|
-
|
-
|
-
|
-
|
3,985,514
|
661,018
|
Core
deposit amortization
|
272,354
|
181,357
|
197,901
|
201,437
|
202,129
|
651,612
|
629,368
|
(Gains) losses on sales ofother real estate
owned
|
4,100
|
-
|
(17,689)
|
2,278
|
(27,914)
|
(13,589)
|
(80,220)
|
OREO
expense
|
200,959
|
27,634
|
27,577
|
23,116
|
77,224
|
256,170
|
295,381
|
Other operating
|
2,539,590
|
2,653,009
|
2,446,749
|
2,228,915
|
2,391,728
|
7,639,348
|
7,312,161
|
Total non-interest expense
|
14,640,453
|
9,929,451
|
9,532,130
|
8,668,559
|
9,797,350
|
34,102,034
|
30,974,605
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
3,847,693
|
6,039,897
|
6,043,502
|
6,714,752
|
5,373,553
|
15,931,092
|
13,253,006
|
Income tax expense
|
1,684,505
|
2,070,488
|
2,069,720
|
2,384,312
|
1,830,921
|
5,824,713
|
4,428,287
|
Net
income
|
2,163,188
|
3,969,409
|
3,973,782
|
4,330,440
|
3,542,632
|
10,106,379
|
8,824,719
|
Less: Net incomeattributable to thenoncontrolling
interest
|
-
|
-
|
-
|
-
|
-
|
-
|
62
|
Net income available to common
stockholders
|
$2,163,188
|
$3,969,409
|
$3,973,782
|
$4,330,440
|
$3,542,632
|
$10,106,379
|
$8,824,657
|
Earnings
per basic share
|
$0.18
|
$0.36
|
$0.36
|
$0.40
|
$0.33
|
$0.90
|
$0.82
|
Earnings
per diluted share
|
$0.18
|
$0.36
|
$0.36
|
$0.39
|
$0.32
|
$0.88
|
$0.80
|
Adjusted
per basic share
|
$0.42
|
$-
|
$-
|
$-
|
$-
|
$1.15
|
$0.86
|
Adjusted
per diluted share
|
$0.42
|
$-
|
$-
|
$-
|
$-
|
$1.13
|
$0.85
|
Dividend
per common share
|
$0.08
|
$0.08
|
$0.08
|
$0.06
|
$0.06
|
$0.24
|
$0.18
|
Average
number of basic shares
|
11,969,536
|
10,951,464
|
10,926,181
|
10,878,153
|
10,848,418
|
11,286,215
|
10,824,436
|
Average
number of dilutive shares
|
12,172,868
|
11,165,814
|
11,139,802
|
11,054,979
|
11,033,655
|
11,496,659
|
10,998,150
|
Return on
Average Assets
|
0.43%
|
0.89%
|
0.93%
|
1.03%
|
0.88%
|
0.73%
|
0.75%
|
Return on
Average Equity
|
4.26%
|
9.37%
|
9.63%
|
10.93%
|
9.37%
|
7.52%
|
8.02%
|
Operating
Efficiency (2)
|
78.52%
|
61.11%
|
59.52%
|
55.63%
|
63.30%
|
66.81%
|
67.91%
|
Reconciliation of Non-GAAP measures
(Unaudited)
|
Three Months
ending
September
30,
2017
|
Nine Months
ending
September
30,
2017
|
Nine Months
ending
September
30,
2016
|
|
|||
|
|||
Net Income (GAAP)
|
$2,163,187
|
$10,106,379
|
$8,824,657
|
Merger-related
expenses, net of tax
|
2,902,912
|
2,902,912
|
529,604
|
Operating Net
Income (non-GAAP)
|
$5,066,099
|
$13,009,291
|
$9,354,261
|
|
|
|
|
Net income available to common shareholders
|
$2,163,187
|
$10,106,379
|
$8,824,657
|
Merger-related
expenses, net of tax
|
2,902,912
|
2,902,912
|
529,604
|
Operating
earnings (non-GAAP)
|
$5,066,099
|
$13,009,291
|
$9,354,261
|
|
|
|
|
|
|
|
|
Earnings per
weighted average common shares, basic (GAAP)
|
$0.18
|
$0.90
|
$0.82
|
Meger-related
expenses, net of tax
|
0.24
|
0.25
|
0.04
|
Operating
earnings per weighted average common share basic (non
GAAP)
|
$0.42
|
$1.15
|
$0.86
|
|
|
|
|
|
|
|
|
Earnings per
weighted average common shares, diluted (GAAP)
|
$0.18
|
$0.88
|
$0.80
|
Meger-related
expenses, net of tax
|
0.24
|
0.25
|
0.05
|
Operating
earnings per weighted average common share basic
(non-GAAP)
|
$0.42
|
$1.13
|
$0.85
|
|
|
|
|
Summary Operating Results (non-GAAP)
|
|
|
|
Noninterest
expense (GAAP)
|
$14,640,453
|
$34,102,034
|
$30,974,605
|
Merger-related
expenses, gross
|
3,985,514
|
3,985,514
|
661,018
|
Operating
noninterest expense (non-GAAP)
|
10,654,939
|
$30,116,520
|
$30,313,587
|
|
|
|
|
Operating
efficiency ratio (non-GAAP)
|
57.21%
|
59.18%
|
66.46%
|
|
|
|
|
Operating
noninterest expense as a % of average assets
|
1.01%
|
0.94%
|
0.80%
|
|
|
|
|
Return on average assets
|
|
|
|
Net
income
|
$2,163,187
|
$10,106,379
|
$8,824,657
|
Merger-related
expenses, net of tax
|
2,902,912
|
2,902,912
|
529,604
|
Operating net
income (non-GAAP)
|
$5,066,099
|
$13,009,291
|
$9,354,261
|
|
|
|
|
Adjusted Return of Average Assets
|
|
|
|
Return on
average assets (GAAP)
|
0.43
|
0.73
|
0.75
|
Effect to
adjust for merger-related expenses, net of tax
|
0.58
|
0.21
|
0.05
|
Adjusted
return on average assets
|
1.01%
|
0.94%
|
0.80%
|
|
|
|
|
Return on average common equity
|
|
|
|
Net income
available to common shareholders
|
$2,163,187
|
$10,106,379
|
$8,824,657
|
Merger-related
expenses, net of tax
|
2,902,912
|
2,902,912
|
529,604
|
Operating
earnings (non-GAAP)
|
$5,066,099
|
$13,009,291
|
$9,354,261
|
|
|
|
|
Adjusted Return on Average Equity
|
|
|
|
Return on
Average Equity (GAAP)
|
4.26
|
7.52
|
8.02
|
Effect to
adjust for merger-related expenses, net of tax
|
5.72
|
2.16
|
0.48
|
Adjusted
return on average common equity (non-GAAP)
|
9.98%
|
9.68%
|
8.50%
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
|
Average
Balance
|
Yield/
Rate
|
Average
Balance
|
Yield/
Rate
|
Average
Balance
|
Yield/
Rate
|
Average
Balance
|
Yield/
Rate
|
Average
Balance
|
Yield/
Rate
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Int. Bearing Deposits
|
$2,388,171
|
1.25%
|
$1,474,693
|
1.19%
|
$1,398,540
|
1.01%
|
$1,480,748
|
0.52%
|
$1,504,448
|
0.47%
|
Investment Securities (2)
|
223,733,565
|
3.07%
|
213,284,562
|
2.88%
|
215,900,619
|
2.86%
|
212,267,718
|
2.44%
|
202,986,618
|
2.72%
|
Loans
|
1,600,429,497
|
4.54%
|
1,439,841,120
|
4.47%
|
1,382,343,824
|
4.58%
|
1,330,488,055
|
4.62%
|
1,271,170,965
|
4.50%
|
Allowance for Loan Losses
|
(5,956,956)
|
|
(5,780,277)
|
|
(6,132,653)
|
|
(6,420,517)
|
|
(6,145,988)
|
|
Total Loans
|
|
|
|
|
|
|
|
|
|
|
Net of allowance
|
1,594,472,541
|
4.56%
|
1,434,060,843
|
4.49%
|
1,376,211,171
|
4.61%
|
1,324,067,538
|
4.64%
|
1,265,024,977
|
4.52%
|
Total interest-earning assets
|
1,820,594,277
|
4.37%
|
1,648,820,098
|
4.28%
|
1,593,510,330
|
4.37%
|
1,537,816,004
|
4.36%
|
1,469,516,043
|
4.27%
|
Noninterest bearing cash
|
38,671,275
|
|
29,113,718
|
|
28,795,542
|
|
27,124,238
|
|
28,168,294
|
|
Goodwill and Intangibles
|
26,317,526
|
|
13,045,098
|
|
13,238,624
|
|
13,438,139
|
|
13,639,968
|
|
Premises and Equipment
|
40,923,913
|
|
37,054,746
|
|
35,256,270
|
|
35,957,212
|
|
36,486,228
|
|
Other Assets
|
67,286,798
|
|
62,896,269
|
|
65,100,801
|
|
62,642,065
|
|
58,198,976
|
|
Total
Assets
|
$1,993,793,789
|
|
$1,790,929,929
|
|
$1,735,901,567
|
|
$1,676,977,658
|
|
$1,606,009,509
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing Deposits
|
$1,142,438,456
|
0.67%
|
$1,010,826,579
|
0.68%
|
$988,719,394
|
0.63%
|
$976,900,133
|
0.61%
|
$962,097,781
|
0.59%
|
Borrowed Funds
|
207,268,687
|
2.09%
|
241,256,198
|
1.82%
|
232,287,588
|
1.63%
|
195,628,913
|
1.70%
|
152,091,696
|
1.51%
|
Total interest-bearing
liabilities
|
1,349,707,143
|
0.89%
|
1,252,082,777
|
0.90%
|
1,221,006,982
|
0.82%
|
1,172,529,046
|
0.79%
|
1,114,189,477
|
0.71%
|
Noninterest bearing deposits
|
430,325,956
|
|
357,709,853
|
|
336,645,712
|
|
331,686,582
|
|
326,480,191
|
|
|
1,780,033,099
|
|
1,609,792,630
|
|
1,557,652,694
|
|
1,504,215,628
|
|
1,440,669,668
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities
|
12,465,862
|
|
11,261,452
|
|
10,884,384
|
|
17,590,193
|
|
15,260,196
|
|
Stockholder's Equity
|
201,294,828
|
|
169,875,847
|
|
167,364,489
|
|
155,171,837
|
|
150,079,645
|
|
Total Liabilities and
Stockholder's
Equity
|
$1,993,793,789
|
|
$1,790,929,929
|
|
$1,735,901,567
|
|
$1,676,977,658
|
|
$1,606,009,509
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
3.48%
|
|
3.38%
|
|
3.54%
|
|
3.56%
|
|
3.56%
|
Net interest income and Net interest margin(1)
|
$17,025,836
|
3.71%
|
$14,783,859
|
3.60%
|
$14,677,622
|
3.74%
|
$14,497,216
|
3.75%
|
$13,814,036
|
3.73%
|
|
9/30/2017
|
6/30/2017
|
3/31/2017
|
12/31/2016
|
9/30/2016
|
|||||
|
Fair
Value
Accretion
Dollars
|
% Impact
on
Net
Interest
Margin
|
Fair
Value
Accretion
Dollars
|
% Impact
on
Net
Interest
Margin
|
Fair
Value
Accretion
Dollars
|
% Impact
on
Net
Interest
Margin
|
Fair
Value
Accretion
Dollars
|
% Impact
on
Net
Interest
Margin
|
Fair
Value
Accretion
Dollars
|
% Impact
on
Net
Interest
Margin
|
Commercial
loans (1)
|
$28,420
|
0.01%
|
$(6,028)
|
(0.00)%
|
$9,727
|
0.00%
|
$(3,913)
|
(0.00)%
|
$12,442
|
0.00%
|
Mortgage
loans
|
159,941
|
0.03
|
302,687
|
0.07
|
285,482
|
0.07
|
473,922
|
0.12
|
67,300
|
0.02
|
Consumer
loans
|
57,514
|
0.01
|
5,038
|
0.00
|
5,277
|
0.00
|
71,118
|
0.02
|
12,947
|
0.00
|
Interest
bearing deposits
|
88,766
|
0.02
|
29,538
|
0.01
|
35,036
|
0.01
|
45,705
|
0.01
|
52,728
|
0.01
|
Total Fair
Value Accretion
|
$334,641
|
0.07%
|
$331,235
|
0.08%
|
$335,522
|
0.08%
|
$586,832
|
0.15%
|
$145,417
|
0.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2017
|
6/30/2017
|
3/31/2017
|
12/31/2016
|
9/30/2016
|
|||||
|
Net
Interest
Income
|
Yield
|
Net
Interest
Income
|
Yield
|
Net
Interest
Income
|
Yield
|
Net
Interest
Income
|
Yield
|
Net
Interest
Income
|
Yield
|
GAAP net
interest income
|
$16,472,476
|
3.59%
|
$14,252,645
|
3.47%
|
$14,161,389
|
3.60%
|
$14,012,459
|
3.62%
|
$13,338,986
|
3.60%
|
Tax equivalent
adjustment
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold
|
177
|
0.00
|
25
|
0.00
|
11
|
0.00
|
4
|
0.00
|
4
|
0.00
|
Investment
securities
|
267,376
|
0.06
|
245,539
|
0.06
|
255,220
|
0.07
|
253,166
|
0.07
|
243,510
|
0.07
|
Loans
|
285,807
|
0.06
|
285,650
|
0.07
|
261,002
|
0.07
|
231,587
|
0.06
|
231,536
|
0.06
|
Total tax
equivalent adjustment
|
553,360
|
0.12
|
531,214
|
0.13
|
516,233
|
0.14
|
484,757
|
0.13
|
475,050
|
0.13
|
Tax equivalent
interest yield
|
$17,025,836
|
3.71%
|
$14,783,859
|
3.60%
|
$14,677,622
|
3.74%
|
$14,497,216
|
3.75%
|
$13,814,036
|
3.73%
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
2017
|
June
30,
2017
|
March
31,
2017
|
December
31,
2016
|
September
30,
2016
|
|
|
|
|
|
|
Legacy Loans(1)
|
|
|
|
|
|
Period End
Loan Balance
|
$1,304,530
|
$1,285,819
|
$1,241,666
|
$1,177,232
|
$1,093,436
|
Deferred
Costs
|
1,807
|
1,679
|
1,520
|
1,257
|
1,222
|
Accruing
|
1,299,139
|
1,279,091
|
1,236,642
|
1,167,381
|
1,084,851
|
Non-accrual
|
686
|
659
|
660
|
6,090
|
5,803
|
Accruing 30-89
days past due
|
4,705
|
6,050
|
4,191
|
3,742
|
2,524
|
Accruing 90 or
more days past due
|
-
|
19
|
174
|
19
|
259
|
Allowance for
loan losses
|
5,634
|
5,807
|
5,504
|
6,084
|
5,967
|
Other real
estate owned
|
425
|
747
|
747
|
425
|
425
|
Net charge
offs (recoveries)
|
198
|
(21)
|
1,029
|
-
|
(3)
|
|
|
|
|
|
|
Acquired Loans(2)
|
|
|
|
|
|
Period End
Loan Balance
|
$365,984
|
$164,986
|
$179,509
|
$188,881
|
$204,126
|
Deferred
Costs
|
-
|
-
|
-
|
-
|
-
|
Accruing
|
360,858
|
160,608
|
174,925
|
185,631
|
200,412
|
Non-accrual(3)
|
1,214
|
1,237
|
466
|
294
|
1,545
|
Accruing 30-89
days past due
|
3,900
|
3,138
|
4,118
|
2,072
|
1,284
|
Accruing 90 or
more days past due
|
107
|
3
|
-
|
884
|
885
|
Allowance for
loan losses
|
182
|
105
|
106
|
111
|
385
|
Other real
estate owned
|
1,579
|
2,149
|
2,149
|
2,321
|
1,510
|
Net charge
offs (recoveries)
|
33
|
(2)
|
(3)
|
357
|
(25)
|
|
|
|
|
|
|
Allowance for
loan losses as % of held for investment loans
|
0.35%
|
0.41%
|
0.39%
|
0.45%
|
0.49%
|
Allowance for
loan losses as % of legacy held for investment
loans
|
0.43%
|
0.45%
|
0.44%
|
0.52%
|
0.55%
|
Allowance for
loan losses as % of acquired held for investment
loans
|
0.05%
|
0.06%
|
0.06%
|
0.06%
|
0.19%
|
Total
non-performing loans as a % of held for investment
loans
|
0.12%
|
0.13%
|
0.10%
|
0.53%
|
0.65%
|
Total
non-performing assets as a % of total assets
|
0.19%
|
0.27%
|
0.24%
|
0.59%
|
0.63%
|