Maryland | 0-54241 | 80-0643149 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
(a) | Financial Statements of Businesses Acquired: Not applicable | ||
(b) | Pro Forma Financial Information: Not applicable | ||
(c) | Shell Company Transactions: Not applicable | ||
(d) | Exhibits | ||
Number | Description | ||
99.1 | Earnings Release Dated July 22, 2015 |
Date: | July 22, 2015 | By: | /s/ Rheo A. Brouillard | |
Rheo A. Brouillard | ||||
President and Chief Executive Officer |
![]() | EARNINGS RELEASE |
June 30, | December 31, | |||||||
(In Thousands / Unaudited) | 2015 | 2014 | ||||||
ASSETS | ||||||||
Noninterest-bearing cash and due from banks | $ | 16,693 | $ | 18,965 | ||||
Interest-bearing cash and cash equivalents | 22,892 | 20,286 | ||||||
Securities | 185,386 | 183,373 | ||||||
Loans held for sale | 1,240 | 747 | ||||||
Loans receivable, net | 1,100,772 | 1,044,864 | ||||||
Bank-owned life insurance | 21,609 | 21,306 | ||||||
Premises and equipment, net | 22,130 | 21,711 | ||||||
Intangible assets | 18,396 | 18,697 | ||||||
Deferred tax asset | 7,861 | 8,048 | ||||||
Other real estate owned, net | 1,420 | 1,271 | ||||||
Other assets | 10,950 | 11,265 | ||||||
Total assets | $ | 1,409,349 | $ | 1,350,533 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Liabilities | ||||||||
Deposits | $ | 1,030,128 | $ | 1,010,713 | ||||
Borrowings | 200,441 | 156,525 | ||||||
Other liabilities | 26,159 | 25,556 | ||||||
Total liabilities | 1,256,728 | 1,192,794 | ||||||
Shareholders' equity | 152,621 | 157,739 | ||||||
Total liabilities and shareholders' equity | $ | 1,409,349 | $ | 1,350,533 |
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
(In Thousands / Unaudited) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Interest and dividend income | $ | 11,790 | $ | 11,683 | $ | 23,260 | $ | 23,754 | ||||||
Interest expense | 2,145 | 2,080 | 4,192 | 4,164 | ||||||||||
Net interest income | 9,645 | 9,603 | 19,068 | 19,590 | ||||||||||
Provision for loan losses | 360 | 415 | 695 | 845 | ||||||||||
Net interest income after provision for loan losses | 9,285 | 9,188 | 18,373 | 18,745 | ||||||||||
Noninterest income | 2,610 | 2,462 | 4,947 | 5,234 | ||||||||||
Noninterest expenses | 10,406 | 10,337 | 20,467 | 21,291 | ||||||||||
Income before income taxes | 1,489 | 1,313 | 2,853 | 2,688 | ||||||||||
Income tax provision | 484 | 399 | 927 | 868 | ||||||||||
Net income | $ | 1,005 | $ | 914 | $ | 1,926 | $ | 1,820 |
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
(Unaudited) | 2015 | 2014 | 2015 | 2014 | |||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.08 | $ | 0.07 | $ | 0.16 | $ | 0.15 | |||||
Diluted | $ | 0.08 | $ | 0.07 | $ | 0.16 | $ | 0.15 | |||||
Weighted average shares outstanding: | |||||||||||||
Basic | 12,006,510 | 12,341,727 | 12,160,268 | 12,318,604 | |||||||||
Diluted | 12,031,613 | 12,387,433 | 12,192,140 | 12,365,583 |
At or For the | At or For the | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
(Dollars in Thousands, Except per Share Data / Unaudited) | 2015 | 2014 | 2015 | 2014 | |||||||||
Selected Performance Ratios: | |||||||||||||
Return on average assets (1) | 0.29 | % | 0.27 | % | 0.28 | % | 0.27 | % | |||||
Return on average equity (1) | 2.60 | 2.35 | 2.48 | 2.36 | |||||||||
Interest rate spread | 2.84 | 2.90 | 2.87 | 2.99 | |||||||||
Net interest margin | 2.98 | 3.04 | 3.00 | 3.13 | |||||||||
Efficiency ratio (2) | 85.84 | 85.88 | 85.70 | 85.99 | |||||||||
Asset Quality Ratios: | |||||||||||||
Allowance for loan losses | $ | 8,437 | $ | 7,445 | |||||||||
Allowance for loan losses as a percent of total loans (3) | 0.76 | % | 0.71 | % | |||||||||
Allowance for loan losses as a percent of nonperforming loans | 143.07 | 135.88 | |||||||||||
Nonperforming loans | $ | 5,897 | $ | 5,479 | |||||||||
Nonperforming loans as a percent of total loans (3) | 0.53 | % | 0.52 | % | |||||||||
Nonperforming assets (4) | $ | 7,317 | $ | 7,143 | |||||||||
Nonperforming assets as a percent of total assets | 0.52 | % | 0.53 | % | |||||||||
Per Share Data: | |||||||||||||
Book value per share | $ | 12.48 | $ | 12.15 | |||||||||
Less: Intangible assets per share(5) | (1.50 | ) | (1.48 | ) | |||||||||
Tangible book value per share (5) | 10.98 | 10.67 | |||||||||||
Dividends declared per share | $ | 0.08 | $ | 0.06 |
(1) Ratios for the three and six months have been annualized. | |
(2) Represents noninterest expenses divided by the sum of net interest and noninterest income, less any realized gains or losses on the sale of securities and other-than-temporary impairment on securities. | |
(3) Total loans exclude deferred fees and costs. | |
(4) Nonperforming assets consist of nonperforming loans and other real estate owned. | |
(5) Tangible book value per share equals book value per share less the effect of intangible assets, which consisted of goodwill and other intangibles of $18.4 million and $19.0 million at June 30, 2015 and 2014, respectively. |
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