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 October 28, 2015 |
Date: | October 28, 2015 | By: | /s/ Rheo A. Brouillard | |
Rheo A. Brouillard | ||||
President and Chief Executive Officer |
![]() | EARNINGS RELEASE |
September 30, | December 31, | |||||||
(In Thousands / Unaudited) | 2015 | 2014 | ||||||
ASSETS | ||||||||
Noninterest-bearing cash and due from banks | $ | 14,011 | $ | 18,965 | ||||
Interest-bearing cash and cash equivalents | 22,551 | 20,286 | ||||||
Securities | 192,219 | 183,373 | ||||||
Loans held for sale | 165 | 747 | ||||||
Loans receivable, net | 1,142,998 | 1,044,864 | ||||||
Bank-owned life insurance | 21,755 | 21,306 | ||||||
Premises and equipment, net | 21,669 | 21,711 | ||||||
Intangible assets | 18,246 | 18,697 | ||||||
Deferred tax asset | 7,676 | 8,048 | ||||||
Other real estate owned, net | 1,341 | 1,271 | ||||||
Other assets | 11,015 | 11,265 | ||||||
Total assets | $ | 1,453,646 | $ | 1,350,533 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Liabilities | ||||||||
Deposits | $ | 1,043,130 | $ | 1,010,713 | ||||
Borrowings | 232,707 | 156,525 | ||||||
Other liabilities | 23,830 | 25,556 | ||||||
Total liabilities | 1,299,667 | 1,192,794 | ||||||
Shareholders' equity | 153,979 | 157,739 | ||||||
Total liabilities and shareholders' equity | $ | 1,453,646 | $ | 1,350,533 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(In Thousands / Unaudited) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Interest and dividend income | $ | 12,217 | $ | 11,728 | $ | 35,477 | $ | 35,482 | ||||||
Interest expense | 2,333 | 2,041 | 6,525 | 6,205 | ||||||||||
Net interest income | 9,884 | 9,687 | 28,952 | 29,277 | ||||||||||
Provision for loan losses | 1,017 | 350 | 1,712 | 1,195 | ||||||||||
Net interest income after provision for loan losses | 8,867 | 9,337 | 27,240 | 28,082 | ||||||||||
Noninterest income | 2,746 | 2,446 | 7,693 | 7,680 | ||||||||||
Noninterest expenses | 10,145 | 10,004 | 30,612 | 31,295 | ||||||||||
Income before income taxes | 1,468 | 1,779 | 4,321 | 4,467 | ||||||||||
Income tax provision | 494 | 579 | 1,421 | 1,447 | ||||||||||
Net income | $ | 974 | $ | 1,200 | $ | 2,900 | $ | 3,020 |
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
(Unaudited) | 2015 | 2014 | 2015 | 2014 | |||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.08 | $ | 0.10 | $ | 0.24 | $ | 0.25 | |||||
Diluted | $ | 0.08 | $ | 0.10 | $ | 0.24 | $ | 0.24 | |||||
Weighted average shares outstanding: | |||||||||||||
Basic | 11,793,218 | 12,310,368 | 12,036,573 | 12,315,829 | |||||||||
Diluted | 11,814,931 | 12,333,433 | 12,065,058 | 12,354,211 |
At or For the | At or For the | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
(Dollars in Thousands, Except per Share Data / Unaudited) | 2015 | 2014 | 2015 | 2014 | |||||||||
Selected Performance Ratios: | |||||||||||||
Return on average assets (1) | 0.27 | % | 0.35 | % | 0.28 | % | 0.30 | % | |||||
Return on average equity (1) | 2.52 | 3.03 | 2.49 | 2.59 | |||||||||
Interest rate spread | 2.76 | 2.92 | 2.82 | 2.96 | |||||||||
Net interest margin | 2.91 | 3.06 | 2.97 | 3.10 | |||||||||
Efficiency ratio (2) | 80.41 | 82.45 | 83.87 | 84.83 | |||||||||
Asset Quality Ratios: | |||||||||||||
Allowance for loan losses | $ | 9,246 | $ | 7,619 | |||||||||
Allowance for loan losses as a percent of total loans (3) | 0.80 | % | 0.73 | % | |||||||||
Allowance for loan losses as a percent of nonperforming loans | 127.50 | 155.11 | |||||||||||
Nonperforming loans | $ | 7,252 | $ | 4,912 | |||||||||
Nonperforming loans as a percent of total loans (3) | 0.63 | % | 0.47 | % | |||||||||
Nonperforming assets (4) | $ | 8,593 | $ | 6,273 | |||||||||
Nonperforming assets as a percent of total assets | 0.59 | % | 0.47 | % | |||||||||
Per Share Data: | |||||||||||||
Book value per share | $ | 12.60 | $ | 12.21 | |||||||||
Less: Intangible assets per share(5) | (1.49 | ) | (1.47 | ) | |||||||||
Tangible book value per share (5) | 11.11 | 10.74 | |||||||||||
Dividends declared per share | $ | 0.12 | $ | 0.09 |
(1) Ratios for the three and nine 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 $18.2 million and $18.8 million at September 30, 2015 and 2014, respectively. |
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