Illinois | 001-37505 | 20-4718752 | ||
(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
2801 Black Road, Joliet, IL | 60435 | |
(Address of Principal Executive Offices) | (Zip Code) |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Press Release dated July 21, 2016 |
FIRST COMMUNITY FINANCIAL PARTNERS, INC. | ||
Date: July 21, 2016 | /s/ Glen L. Stiteley | |
Glen L. Stiteley | ||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release dated July 21, 2016 |
• | Asset growth of $64.5 million, or 6.08%, from the first quarter, and $84.7 million, or 8.14% from December 31, 2015 |
• | Loan growth of $98.4 million, or 12.71%, from the first quarter, and $100.3 million, or 12.99% from December 31, 2015 |
• | Deposit growth of $17.9 million, or 2.03%, from the first quarter and $30.8 million, or 3.56%, from December 31, 2015 |
• | Noninterest bearing deposits decrease of $1.2 million, or 0.57%, from the first quarter, growth of $7.2 million, or 3.67%, from December 31, 2015 |
• | Diluted earnings per share (“EPS”) of $0.25 for the six months ended June 30, 2016; a $0.02 or 8.70% per diluted share increase over the same period in 2015 |
• | Pre-tax, pre-provision core income growth of $875,000, or 30.47%, to $3.7 million, compared to $2.9 million in the second quarter of 2015 |
• | Net interest income growth of $1.3 million, or 16.81%, compared to the second quarter of 2015 and $2.4 million, or 16.15%, compared to the six months ended June 30, 2015 |
• | Loan loss provision of $500,000 in the second quarter of 2016 compared to a reversal of $749,000 in loan loss provision in the second quarter of 2015, as a result of loan growth in the second quarter of 2016 |
• | Noninterest expense increase of $1,711,000, or 16.52%, as compared to the six months ended June 30, 2015, due to the addition of six commercial bankers and one leasing officer in addition to merger related costs incurred during 2016 |
• | Shareholders’ equity increase of $8.1 million, or 7.83%, to $111.1 million from year-end; resulting in a tangible equity ratio of 9.87% as of June 30, 2016 |
• | Nonperforming assets decrease of $2.5 million, or 34.49%, from March 31, 2016 to $4.8 million, or 0.43%, of total assets |
FINANCIAL SUMMARY | |||||||||||||||
June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | |||||||||||
Period-End Balance Sheet | |||||||||||||||
(In thousands)(Unaudited) | |||||||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 13,777 | $ | 9,132 | $ | 10,699 | $ | 10,110 | $ | 9,669 | |||||
Interest-bearing deposits in banks | 19,335 | 30,558 | 7,406 | 21,324 | 38,390 | ||||||||||
Securities available for sale | 179,517 | 203,874 | 205,604 | 215,827 | 182,982 | ||||||||||
Mortgage loans held for sale | 711 | 133 | 400 | — | 1,449 | ||||||||||
Leases, net | 448 | — | — | — | — | ||||||||||
Commercial real estate | 410,461 | 378,304 | 381,098 | 368,896 | 363,575 | ||||||||||
Commercial | 239,038 | 181,142 | 179,623 | 180,674 | 187,780 | ||||||||||
Residential 1-4 family | 143,908 | 139,208 | 135,864 | 126,316 | 109,819 | ||||||||||
Multifamily | 30,809 | 31,511 | 34,272 | 30,771 | 29,829 | ||||||||||
Construction and land development | 30,834 | 27,798 | 22,082 | 19,451 | 19,612 | ||||||||||
Farmland and agricultural production | 9,235 | 9,060 | 9,989 | 8,984 | 8,604 | ||||||||||
Consumer and other | 7,924 | 7,250 | 9,391 | 7,963 | 8,578 | ||||||||||
Total loans | 872,209 | 774,273 | 772,319 | 743,055 | 727,797 | ||||||||||
Allowance for loan losses | 12,044 | 11,335 | 11,741 | 11,753 | 12,420 | ||||||||||
Net loans | 860,165 | 762,938 | 760,578 | 731,302 | 715,377 | ||||||||||
Other assets | 51,409 | 54,227 | 55,965 | 44,869 | 46,602 | ||||||||||
Total Assets | $ | 1,125,362 | $ | 1,060,862 | $ | 1,040,652 | $ | 1,023,432 | $ | 994,469 | |||||
Liabilities and Shareholders' Equity | |||||||||||||||
Noninterest bearing deposits | $ | 203,258 | $ | 204,414 | $ | 196,063 | $ | 174,849 | $ | 174,527 | |||||
Savings deposits | 40,603 | 38,481 | 36,206 | 34,933 | 33,567 | ||||||||||
NOW accounts | 103,324 | 104,136 | 102,882 | 101,828 | 95,406 | ||||||||||
Money market accounts | 238,229 | 237,873 | 233,315 | 232,195 | 231,185 | ||||||||||
Time deposits | 311,416 | 294,076 | 297,525 | 302,892 | 299,703 | ||||||||||
Total deposits | 896,830 | 878,980 | 865,991 | 846,697 | 834,388 | ||||||||||
Total borrowings | 114,701 | 72,237 | 68,315 | 72,551 | 59,398 | ||||||||||
Other liabilities | 2,722 | 2,855 | 3,305 | 4,065 | 4,513 | ||||||||||
Total Liabilities | 1,014,253 | 954,072 | 937,611 | 923,313 | 898,299 | ||||||||||
Shareholders’ equity | 111,109 | 106,790 | 103,041 | 100,119 | 96,170 | ||||||||||
Total Shareholders’ Equity | 111,109 | 106,790 | 103,041 | 100,119 | 96,170 | ||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,125,362 | $ | 1,060,862 | $ | 1,040,652 | $ | 1,023,432 | $ | 994,469 |
FINANCIAL SUMMARY | |||||||||||||||
Three months ended, | |||||||||||||||
June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | |||||||||||
Interest income: | (In thousands, except per share data)(Unaudited) | ||||||||||||||
Loans, including fees | $ | 9,024 | $ | 8,508 | $ | 8,401 | $ | 8,218 | $ | 8,090 | |||||
Securities | 1,042 | 1,101 | 1,117 | 1,103 | 962 | ||||||||||
Federal funds sold and other | 21 | 19 | 19 | 19 | 15 | ||||||||||
Total interest income | 10,087 | 9,628 | 9,537 | 9,340 | 9,067 | ||||||||||
Interest expense: | |||||||||||||||
Deposits | 957 | 940 | 986 | 973 | 987 | ||||||||||
Federal funds purchased and other borrowed funds | 119 | 93 | 87 | 98 | 17 | ||||||||||
Subordinated debentures | 297 | 297 | 297 | 297 | 603 | ||||||||||
Total interest expense | 1,373 | 1,330 | 1,370 | 1,368 | 1,607 | ||||||||||
Net interest income | 8,714 | 8,298 | 8,167 | 7,972 | 7,460 | ||||||||||
Provision for loan losses | 500 | — | (515 | ) | (813 | ) | (749 | ) | |||||||
Net interest income after provision for loan losses | 8,214 | 8,298 | 8,682 | 8,785 | 8,209 | ||||||||||
Noninterest income: | |||||||||||||||
Service charges on deposit accounts | 207 | 204 | 190 | 188 | 194 | ||||||||||
Gain on sale of securities | 603 | — | 212 | 251 | — | ||||||||||
Mortgage fee income | 116 | 78 | 96 | 178 | 153 | ||||||||||
Other | 315 | 273 | 261 | 152 | 174 | ||||||||||
Total noninterest income | 1,241 | 555 | 759 | 769 | 521 | ||||||||||
Noninterest expenses: | |||||||||||||||
Salaries and employee benefits | 3,311 | 3,256 | 3,004 | 2,841 | 2,810 | ||||||||||
Occupancy and equipment expense | 429 | 437 | 494 | 486 | 505 | ||||||||||
Data processing | 690 | 257 | 203 | 248 | 237 | ||||||||||
Professional fees | 375 | 392 | 68 | 342 | 411 | ||||||||||
Advertising and business development | 262 | 215 | 219 | 217 | 227 | ||||||||||
Losses on sale and writedowns of foreclosed assets, net | 31 | 16 | 109 | 58 | 20 | ||||||||||
Foreclosed assets expenses, net of rental income | 60 | 53 | 50 | (61 | ) | 70 | |||||||||
Other expense | 974 | 1,310 | 898 | 1,005 | 919 | ||||||||||
Total noninterest expense | 6,132 | 5,936 | 5,045 | 5,136 | 5,199 | ||||||||||
Income before income taxes | 3,323 | 2,917 | 4,396 | 4,418 | 3,531 | ||||||||||
Income taxes | 1,058 | 889 | 1,474 | 1,471 | 1,189 | ||||||||||
Net income applicable to common shareholders | $ | 2,265 | $ | 2,028 | $ | 2,922 | $ | 2,947 | $ | 2,342 | |||||
Basic earnings per share | $ | 0.13 | $ | 0.12 | $ | 0.17 | $ | 0.17 | $ | 0.14 | |||||
Diluted earnings per share | $ | 0.13 | $ | 0.12 | $ | 0.17 | $ | 0.17 | $ | 0.14 |
Six months ended June 30, | ||||||
2016 | 2015 | |||||
Interest income: | (in thousands, except share data)(unaudited) | |||||
Loans, including fees | $ | 17,532 | $ | 15,906 | ||
Securities | 2,143 | 1,913 | ||||
Federal funds sold and other | 40 | 28 | ||||
Total interest income | 19,715 | 17,847 | ||||
Interest expense: | ||||||
Deposits | 1,897 | 1,964 | ||||
Federal funds purchased and other borrowed funds | 212 | 31 | ||||
Subordinated debentures | 594 | 1,206 | ||||
Total interest expense | 2,703 | 3,201 | ||||
Net interest income | 17,012 | 14,646 | ||||
Provision for loan losses | 500 | (749 | ) | |||
Net interest income after provision for loan losses | 16,512 | 15,395 | ||||
Noninterest income: | ||||||
Service charges on deposit accounts | 411 | 377 | ||||
Gain on sale of securities | 603 | 21 | ||||
Mortgage fee income | 194 | 257 | ||||
Other | 588 | 313 | ||||
1,796 | 968 | |||||
Noninterest expenses: | ||||||
Salaries and employee benefits | 6,567 | 5,694 | ||||
Occupancy and equipment expense | 866 | 997 | ||||
Data processing | 947 | 462 | ||||
Professional fees | 767 | 792 | ||||
Advertising and business development | 477 | 417 | ||||
Losses on sale and writedowns of foreclosed assets, net | 47 | 20 | ||||
Foreclosed assets expenses, net of rental income | 113 | 141 | ||||
Other expense | 2,284 | 1,834 | ||||
12,068 | 10,357 | |||||
Income before income taxes | 6,240 | 6,006 | ||||
Income taxes | 1,947 | 2,056 | ||||
Net income applicable to common shareholders | $ | 4,293 | $ | 3,950 | ||
Basic earnings per share | $ | 0.25 | $ | 0.23 | ||
Diluted earnings per share | $ | 0.25 | $ | 0.23 |
Three months ended, | ||||||||||||||||||||||||
June 30, 2016 | March 31, 2016 | June 30, 2015 | ||||||||||||||||||||||
Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | ||||||||||||||||
Assets | (Dollars in thousands)(Unaudited) | |||||||||||||||||||||||
Loans (1) | $ | 826,416 | $ | 9,024 | 4.37 | % | $ | 768,983 | $ | 8,508 | 4.43 | % | $ | 711,889 | $ | 8,090 | 4.55 | % | ||||||
Investment securities (2) | 190,924 | 1,042 | 2.18 | % | 206,535 | 1,101 | 2.13 | % | 189,011 | 962 | 2.04 | % | ||||||||||||
Interest-bearing deposits with other banks | 11,465 | 21 | 0.73 | % | 13,690 | 19 | 0.56 | % | 11,973 | 15 | 0.50 | % | ||||||||||||
Total earning assets | $ | 1,028,805 | $ | 10,087 | 3.92 | % | $ | 989,208 | $ | 9,628 | 3.89 | % | $ | 912,873 | $ | 9,067 | 3.97 | % | ||||||
Other assets | 50,707 | 55,124 | 58,679 | |||||||||||||||||||||
Total assets | $ | 1,079,512 | $ | 1,044,332 | $ | 971,552 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
NOW accounts | $ | 109,354 | $ | 81 | 0.30 | % | $ | 104,467 | $ | 71 | 0.27 | % | $ | 71,739 | $ | 24 | 0.13 | % | ||||||
Money market accounts | 232,004 | 162 | 0.28 | % | 234,455 | 162 | 0.28 | % | 222,089 | 177 | 0.32 | % | ||||||||||||
Savings accounts | 39,525 | 12 | 0.12 | % | 37,194 | 11 | 0.12 | % | 32,961 | 14 | 0.17 | % | ||||||||||||
Time deposits | 292,811 | 702 | 0.96 | % | 292,491 | 696 | 0.95 | % | 301,399 | 772 | 1.02 | % | ||||||||||||
Total interest bearing deposits | 673,694 | 957 | 0.57 | % | 668,607 | 940 | 0.56 | % | 628,188 | 987 | 0.63 | % | ||||||||||||
Securities sold under agreements to repurchase | 21,650 | 9 | 0.17 | % | 23,902 | 9 | 0.15 | % | 29,087 | 7 | 0.10 | % | ||||||||||||
Secured borrowings | 9,261 | 66 | 2.85 | % | 10,528 | 74 | 2.81 | % | 155 | 2 | 5.16 | % | ||||||||||||
Mortgage payable | — | — | — | % | — | — | — | % | 278 | 7 | 10.07 | % | ||||||||||||
FHLB borrowings | 44,615 | 44 | 0.39 | % | 12,067 | 10 | 0.33 | % | 1,385 | 1 | 0.29 | % | ||||||||||||
Subordinated debentures | 15,300 | 297 | 7.76 | % | 15,300 | 297 | 7.76 | % | 28,988 | 603 | 8.32 | % | ||||||||||||
Total interest bearing liabilities | $ | 764,520 | $ | 1,373 | 0.72 | % | $ | 730,404 | $ | 1,330 | 0.73 | % | $ | 688,081 | $ | 1,607 | 0.93 | % | ||||||
Noninterest bearing deposits | 204,016 | 205,215 | 184,246 | |||||||||||||||||||||
Other liabilities | 2,544 | 3,051 | 3,333 | |||||||||||||||||||||
Total liabilities | $ | 971,080 | $ | 938,670 | $ | 875,660 | ||||||||||||||||||
Total shareholders' equity | $ | 108,432 | $ | 105,662 | $ | 95,892 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,079,512 | $ | 1,044,332 | $ | 971,552 | ||||||||||||||||||
Net interest income | $ | 8,714 | $ | 8,298 | $ | 7,460 | ||||||||||||||||||
Interest rate spread | 3.20 | % | 3.16 | % | 3.04 | % | ||||||||||||||||||
Net interest margin | 3.39 | % | 3.36 | % | 3.27 | % |
Footnotes: |
(1) Average loans include nonperforming loans. |
(2) No tax-equivalent adjustments were made, as the effect thereof was not material. |
Six months ended June 30, | ||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||
Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | |||||||||||
Assets | (Dollars in thousands)(Unaudited) | |||||||||||||||
Loans (1) | $ | 797,699 | $ | 17,532 | 4.40 | % | $ | 710,154 | $ | 15,906 | 4.48 | % | ||||
Investment securities (2) | 198,729 | 2,143 | 2.16 | % | 185,775 | 1,913 | 2.06 | % | ||||||||
Federal funds sold | — | — | — | % | — | — | — | % | ||||||||
Interest-bearing deposits with other banks | 11,383 | 40 | 0.70 | % | 11,876 | 28 | 0.47 | % | ||||||||
Total earning assets | $ | 1,007,811 | $ | 19,715 | 3.91 | % | $ | 907,805 | $ | 17,847 | 3.93 | % | ||||
Other assets | 52,917 | 44,992 | ||||||||||||||
Total assets | $ | 1,060,728 | $ | 952,797 | ||||||||||||
Liabilities | ||||||||||||||||
NOW accounts | $ | 106,910 | $ | 152 | 0.28 | % | $ | 81,816 | $ | 74 | 0.18 | % | ||||
Money market accounts | 232,035 | 323 | 0.28 | % | 215,802 | 290 | 0.27 | % | ||||||||
Savings accounts | 38,360 | 23 | 0.12 | % | 32,377 | 27 | 0.17 | % | ||||||||
Time deposits | 292,651 | 1,399 | 0.96 | % | 300,436 | 1,573 | 1.05 | % | ||||||||
Total interest bearing deposits | 669,956 | 1,897 | 0.57 | % | 630,431 | 1,964 | 0.62 | % | ||||||||
Securities sold under agreements to repurchase | 22,776 | 18 | 0.16 | % | 28,955 | 15 | 0.10 | % | ||||||||
Secured borrowings | 9,895 | 141 | 2.85 | % | 78 | 2 | — | |||||||||
Mortgage payable | — | — | — | % | 363 | 14 | 7.71 | % | ||||||||
FHLB borrowings | 28,341 | 53 | 0.37 | % | 1,022 | — | — | % | ||||||||
Subordinated debentures | 15,300 | 594 | 7.76 | % | 29,062 | 1,206 | 8.30 | % | ||||||||
Total interest bearing liabilities | $ | 746,268 | $ | 2,703 | 0.72 | % | $ | 689,911 | $ | 3,201 | 0.93 | % | ||||
Noninterest bearing deposits | 204,615 | 164,389 | ||||||||||||||
Other liabilities | 2,798 | 3,762 | ||||||||||||||
Total liabilities | $ | 953,681 | $ | 858,062 | ||||||||||||
Total shareholders' equity | $ | 107,047 | $ | 94,735 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 1,060,728 | $ | 952,797 | ||||||||||||
Net interest income | $ | 17,012 | $ | 14,646 | ||||||||||||
Interest rate spread | 3.19 | % | 3.00 | % | ||||||||||||
Net interest margin | 3.38 | % | 3.23 | % |
Footnotes: |
(1) Average loans include nonperforming loans. |
(2) No tax-equivalent adjustments were made, as the effect thereof was not material. |
COMMON STOCK DATA | |||||||||||||||
2016 | 2015 | ||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||
(Unaudited) | |||||||||||||||
Market value (1): | |||||||||||||||
End of period | $ | 8.80 | $ | 8.70 | $ | 7.24 | $ | 6.51 | $ | 6.45 | |||||
High | 9.10 | 8.84 | 7.31 | 7.00 | 6.55 | ||||||||||
Low | 8.18 | 7.00 | 6.26 | 6.25 | 5.47 | ||||||||||
Book value (end of period) | 6.47 | 6.22 | 6.05 | 5.88 | 5.66 | ||||||||||
Tangible book value (end of period) | 6.47 | 6.22 | 6.05 | 5.88 | 5.66 | ||||||||||
Shares outstanding (end of period) | 17,183,780 | 17,175,864 | 17,026,941 | 17,017,441 | 16,984,221 | ||||||||||
Average shares outstanding | 17,182,197 | 17,125,928 | 16,939,010 | 16,993,822 | 16,970,721 | ||||||||||
Average diluted shares outstanding | 17,550,547 | 17.451354 | 17,085,752 | 17,161,783 | 17,088,102 |
(1) The prices shown are as reported on the NASDAQ Capital Market other than for the second quarter of 2015, for which the prices are as reported on the OTC Pink Marketplace. |
ASSET QUALITY DATA | |||||||||||||||
June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | |||||||||||
(Dollars in thousands)(Unaudited) | |||||||||||||||
Loans identified as nonperforming | $ | 2,622 | $ | 2,146 | $ | 1,411 | $ | 3,117 | $ | 4,185 | |||||
Other nonperforming loans | — | — | 67 | 55 | 55 | ||||||||||
Total nonperforming loans | 2,622 | 2,146 | 1,478 | 3,172 | 4,240 | ||||||||||
Foreclosed assets | 2,211 | 5,231 | 5,487 | 4,109 | 4,248 | ||||||||||
Total nonperforming assets | $ | 4,833 | $ | 7,377 | $ | 6,965 | $ | 7,281 | $ | 8,488 | |||||
Allowance for loan losses | 12,044 | 11,335 | 11,741 | 11,753 | 12,420 | ||||||||||
Nonperforming assets to total assets | 0.43 | % | 0.70 | % | 0.67 | % | 0.71 | % | 0.85 | % | |||||
Nonperforming loans to total assets | 0.23 | % | 0.20 | % | 0.14 | % | 0.31 | % | 0.43 | % | |||||
Allowance for loan losses to nonperforming loans | 459.34 | % | 528.19 | % | 794.38 | % | 370.52 | % | 292.92 | % |
ALLOWANCE FOR LOAN LOSSES ROLLFORWARD | |||||||||||||||
(Dollars in thousands)(Unaudited) | Three months ended, | ||||||||||||||
June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | |||||||||||
Beginning balance | $ | 11,335 | $ | 11,741 | $ | 11,753 | $ | 12,420 | $ | 13,778 | |||||
Charge-offs | 193 | 506 | 133 | 654 | 736 | ||||||||||
Recoveries | 402 | 100 | 636 | 800 | 127 | ||||||||||
Net charge-offs | (209 | ) | 406 | (503 | ) | (146 | ) | 609 | |||||||
Provision for loan losses | 500 | — | (515 | ) | (813 | ) | (749 | ) | |||||||
Ending balance | $ | 12,044 | $ | 11,335 | $ | 11,741 | $ | 11,753 | $ | 12,420 | |||||
Net charge-offs | (209 | ) | 406 | (503 | ) | (146 | ) | 609 | |||||||
Net chargeoff percentage (annualized) | (0.10 | )% | 0.21 | % | (0.26 | )% | (0.08 | )% | 0.34 | % |
OTHER DATA | ||||||||||
(Unaudited) | ||||||||||
Three months ended, | ||||||||||
June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | ||||||
Return on average assets | 0.84 | % | 0.78 | % | 1.11 | % | 1.17 | % | 0.96 | % |
Return on average equity | 8.36 | % | 7.68 | % | 11.48 | % | 12.01 | % | 9.77 | % |
Net interest margin | 3.39 | % | 3.36 | % | 3.29 | % | 3.31 | % | 3.23 | % |
Average loans to assets | 76.55 | % | 73.63 | % | 72.12 | % | 72.37 | % | 73.27 | % |
Average loans to deposits | 94.16 | % | 88.00 | % | 85.95 | % | 86.63 | % | 87.62 | % |
Average noninterest bearing deposits to total deposits | 22.75 | % | 23.35 | % | 23.45 | % | 20.79 | % | 22.08 | % |
COMPANY CAPITAL RATIOS | ||||||||||
(Unaudited) | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | |||||
Tier 1 leverage ratio | 9.77 | % | 9.72 | % | 9.36 | % | 9.39 | % | 9.24 | % |
Common equity tier 1 capital ratio | 11.26 | % | 11.94 | % | 11.62 | % | 11.57 | % | 11.20 | % |
Tier 1 capital ratio | 11.26 | % | 11.94 | % | 11.62 | % | 11.57 | % | 11.20 | % |
Total capital ratio | 14.14 | % | 14.99 | % | 14.69 | % | 14.71 | % | 14.39 | % |
Tangible common equity to tangible assets | 9.87 | % | 10.07 | % | 9.90 | % | 9.78 | % | 9.67 | % |
NON-GAAP MEASURES | |||||||||||||||
Pre-tax pre-provision core income (1) | |||||||||||||||
(In thousands)(Unaudited) | |||||||||||||||
For the three months ended, | |||||||||||||||
June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | |||||||||||
Pre-tax net income | $ | 3,323 | $ | 2,917 | $ | 4,396 | $ | 4,418 | $ | 3,531 | |||||
Provision for loan losses | 500 | — | (515 | ) | (813 | ) | (749 | ) | |||||||
Gain on sale of securities | (603 | ) | — | (212 | ) | (251 | ) | — | |||||||
Merger related expenses included in professional and data processing fees | 436 | 100 | — | — | — | ||||||||||
Losses on sale and writedowns of foreclosed assets, net | 31 | 16 | 109 | 58 | 20 | ||||||||||
Foreclosed assets expense, net of rental income | 60 | 53 | 50 | (61 | ) | 70 | |||||||||
Pre-tax pre-provision core income | $ | 3,747 | $ | 3,086 | $ | 3,828 | $ | 3,351 | $ | 2,872 |
(1) This is a non-GAAP financial measure. The Company’s management believes the presentation of pre-tax pre-provision core income provides investors with a greater understanding of the Company’s operating results, in addition to the results measured in accordance with GAAP. |