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 February 24, 2016 |
Date: | February 24, 2016 | By: | /s/ Rheo A. Brouillard | |
Rheo A. Brouillard | ||||
President and Chief Executive Officer |
![]() | EARNINGS RELEASE |
December 31, | December 31, | |||||||
(Dollars in Thousands / Unaudited) | 2015 | 2014 | ||||||
ASSETS | ||||||||
Noninterest-bearing cash and due from banks | $ | 14,373 | $ | 18,965 | ||||
Interest-bearing cash and cash equivalents | 26,405 | 20,286 | ||||||
Securities | 191,627 | 183,373 | ||||||
Loans held for sale | 1,804 | 747 | ||||||
Loans receivable, net | 1,165,372 | 1,044,864 | ||||||
Bank-owned life insurance | 21,924 | 21,306 | ||||||
Premises and equipment, net | 21,188 | 21,711 | ||||||
Intangible assets | 18,096 | 18,697 | ||||||
Deferred tax asset | 8,961 | 8,048 | ||||||
Other real estate owned, net | 1,088 | 1,271 | ||||||
Other assets | 10,996 | 11,265 | ||||||
Total assets | $ | 1,481,834 | $ | 1,350,533 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Liabilities | ||||||||
Deposits | $ | 1,058,017 | $ | 1,010,713 | ||||
Borrowings | 242,843 | 156,525 | ||||||
Other liabilities | 26,644 | 25,556 | ||||||
Total liabilities | 1,327,504 | 1,192,794 | ||||||
Shareholders' equity | 154,330 | 157,739 | ||||||
Total liabilities and shareholders' equity | $ | 1,481,834 | $ | 1,350,533 |
Three Months Ended | Years Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
(Dollars in Thousands / Unaudited) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Interest and dividend income | $ | 12,649 | $ | 12,039 | $ | 48,126 | $ | 47,521 | ||||||
Interest expense | 2,376 | 2,038 | 8,901 | 8,243 | ||||||||||
Net interest income | 10,273 | 10,001 | 39,225 | 39,278 | ||||||||||
Provision for loan losses | 797 | 344 | 2,509 | 1,539 | ||||||||||
Net interest income after provision for loan losses | 9,476 | 9,657 | 36,716 | 37,739 | ||||||||||
Noninterest income | 2,628 | 2,486 | 10,321 | 10,166 | ||||||||||
Noninterest expenses | 9,973 | 10,211 | 40,585 | 41,506 | ||||||||||
Income before income taxes | 2,131 | 1,932 | 6,452 | 6,399 | ||||||||||
Income tax provision | 683 | 541 | 2,104 | 1,988 | ||||||||||
Net income | $ | 1,448 | $ | 1,391 | $ | 4,348 | $ | 4,411 |
Three Months Ended | Years Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
(Unaudited) | 2015 | 2014 | 2015 | 2014 | |||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.12 | $ | 0.11 | $ | 0.36 | $ | 0.36 | |||||
Diluted | $ | 0.12 | $ | 0.11 | $ | 0.36 | $ | 0.36 | |||||
Weighted average shares outstanding: | |||||||||||||
Basic | 11,797,410 | 12,274,489 | 11,976,291 | 12,313,549 | |||||||||
Diluted | 11,830,737 | 12,322,115 | 12,005,987 | 12,347,129 |
At or For the | At or For the | ||||||||||||
Three Months Ended | Years Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
(Dollars in Thousands, Except Per Share Data / Unaudited) | 2015 | 2014 | 2015 | 2014 | |||||||||
Selected Performance Ratios: | |||||||||||||
Return on average assets (1) | 0.39 | % | 0.41 | % | 0.31 | % | 0.33 | % | |||||
Return on average equity (1) | 3.69 | 3.49 | 2.79 | 2.82 | |||||||||
Interest rate spread | 2.83 | 2.99 | 2.82 | 2.97 | |||||||||
Net interest margin | 2.98 | 3.14 | 2.97 | 3.11 | |||||||||
Efficiency ratio (2) | 77.30 | 81.77 | 82.16 | 84.05 | |||||||||
Asset Quality Ratios: | |||||||||||||
Allowance for loan losses | $ | 9,863 | $ | 7,797 | |||||||||
Allowance for loan losses as a percent of total loans (3) | 0.84 | % | 0.74 | % | |||||||||
Allowance for loan losses as a percent of nonperforming loans | 149.83 | % | 155.88 | % | |||||||||
Nonperforming loans | $ | 6,583 | $ | 5,002 | |||||||||
Nonperforming loans as a percent of total loans (3) | 0.56 | % | 0.48 | % | |||||||||
Nonperforming assets (4) | $ | 7,671 | $ | 6,273 | |||||||||
Nonperforming assets as a percent of total assets | 0.52 | % | 0.46 | % | |||||||||
Per Share Data: | |||||||||||||
Book value per share | $ | 12.63 | $ | 12.35 | |||||||||
Less: Intangible assets per share (5) | (1.48 | ) | (1.46 | ) | |||||||||
Tangible book value per share (5) | 11.15 | 10.89 | |||||||||||
Dividends per share | 0.16 | 0.12 |
(1) Quarterly ratios 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 losses 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 $18.1 million and $18.7 million at December 31, 2015 and 2014, respectively. |
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