Maryland
|
333-171913
|
45-1496206
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
TABLE OF CONTENTS
|
|
Item 2.02
|
Results of Operations and Financial Conditions
|
Item 9.01
|
Financial Statements and Exhibits
|
SIGNATURES
|
|
EXHIBIT INDEX
|
|
EX-99.1
|
Press Release
|
Item 2.02
|
Results of Operations and Financial Conditions
|
On July 30, 2012, First Connecticut Bancorp, Inc., the holding company for Farmington Bank, issued a Press Release describing its results of operation for the second quarter ended June 30, 2012. A copy of the Press Release is included as Exhibit 99.1 to this current Form 8-K and is incorporated herein by reference.
|
|
Item 9.01
|
Financial Statements and Exhibits
|
(a)
|
Not applicable.
|
(b)
|
Not applicable.
|
(c)
|
Not applicable.
|
(d)
|
Exhibits.
|
Exhibit Number
|
Description
|
99.1
|
Press Release dated July 30, 2012.
|
SIGNATURES
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
FIRST CONNECTICUT BANCORP, INC.
|
|
Registrant
|
|
July 30, 2012
|
By: /s/ John J. Patrick, Jr.
|
John J. Patrick, Jr.
|
|
Chairman, President and
|
|
and Chief Executive Officer
|
Exhibit Number
|
Description
|
99.1
|
Press Release dated July 30, 2012.
|
·
|
Loan growth continued as total loans increased $89.5 million or 7% for the second quarter of 2012 compared to the previous quarter. Loan portfolios grew as follows: Residential Real Estate, $45.9 million or 9%, Commercial Real Estate $12.5 million or 3%, Commercial and Industrial Loans, $20.5 million or 13% and Home Equity Lines of Credit, $11.3 million or 10%.
|
·
|
Our focus continues to be on core deposit growth, specifically Demand Deposit Accounts and Small Business Checking. Total core deposits grew by 1,331 net new accounts during the quarter.
|
·
|
Asset quality continues to improve as non-performing loans decreased $2.8 million to $13.5 million at June 30, 2012 from $16.3 million at March 31, 2012 and loan delinquencies 30 days and greater decreased $3.0 million to $15.3 million at June 30, 2012 from $18.3 million at March 31, 2012.
|
·
|
We paid a cash dividend of $.03 per share on June 14, 2012. This marks the third consecutive quarter we have paid a dividend since First Connecticut Bancorp, Inc. became a public company on June 29, 2011.
|
·
|
On July 2, 2012, we received regulatory approval to repurchase up to 1,788,020 shares, or 10% of our current outstanding common stock. Repurchased shares will be held as treasury stock and will be available for general corporate purposes.
|
At or for the Three Months Ended
|
||||||||||||||||||||
(Dollars in thousands, except per share data)
|
June 30,
2012
|
March 31,
2012
|
December 31,
2011
|
September 30,
2011
|
June 30,
2011
|
|||||||||||||||
Selected Financial Condition Data:
|
||||||||||||||||||||
Total assets
|
$ | 1,687,431 | $ | 1,677,229 | $ | 1,617,650 | $ | 1,696,576 | $ | 1,632,269 | ||||||||||
Cash and cash equivalents
|
36,727 | 131,280 | 90,296 | 240,554 | 238,662 | |||||||||||||||
Held to maturity securities
|
3,007 | 3,216 | 3,216 | 3,621 | 3,621 | |||||||||||||||
Available for sale securities
|
130,386 | 115,956 | 135,170 | 160,743 | 135,823 | |||||||||||||||
Federal Home Loan Bank of Boston stock, at cost
|
7,137 | 7,137 | 7,449 | 7,449 | 7,449 | |||||||||||||||
Loans receivable, net
|
1,415,732 | 1,326,107 | 1,295,177 | 1,211,514 | 1,177,571 | |||||||||||||||
Deposits
|
1,218,743 | 1,249,583 | 1,176,682 | 1,248,236 | 1,187,707 | |||||||||||||||
Federal Home Loan Bank of Boston advances
|
91,000 | 63,000 | 63,000 | 63,000 | 68,000 | |||||||||||||||
Total stockholders' equity
|
248,105 | 250,196 | 251,980 | 257,912 | 263,047 | |||||||||||||||
Allowance for loan losses
|
17,927 | 17,727 | 17,533 | 16,094 | 15,912 | |||||||||||||||
Non-performing loans
|
13,478 | 16,338 | 15,501 | 18,442 | 18,699 | |||||||||||||||
Selected Operating Data:
|
||||||||||||||||||||
Interest income
|
$ | 15,146 | $ | 15,427 | $ | 14,961 | $ | 14,659 | $ | 14,674 | ||||||||||
Interest expense
|
2,347 | 2,473 | 2,614 | 2,672 | 2,760 | |||||||||||||||
Net Interest Income
|
12,799 | 12,954 | 12,347 | 11,987 | 11,914 | |||||||||||||||
Provision for allowance for loan losses
|
520 | 330 | 3,190 | 300 | 300 | |||||||||||||||
Net interest income after provision for loan losses
|
12,279 | 12,624 | 9,157 | 11,687 | 11,614 | |||||||||||||||
Noninterest income
|
2,006 | 1,313 | 1,250 | 1,728 | 1,429 | |||||||||||||||
Noninterest expense, excluding contribution to
|
||||||||||||||||||||
charitable foundation (*)
|
13,161 | 12,629 | 12,779 | 11,945 | 13,050 | |||||||||||||||
Contribution to charitable foundation (*)
|
- | - | - | - | 6,877 | |||||||||||||||
Total noninterest expense
|
13,161 | 12,629 | 12,779 | 11,945 | 19,927 | |||||||||||||||
Income (loss) before income taxes
|
1,124 | 1,308 | (2,372 | ) | 1,470 | (6,884 | ) | |||||||||||||
Provision (benefit) for income taxes
|
293 | 317 | (918 | ) | 427 | (2,239 | ) | |||||||||||||
Net income (loss)
|
831 | $ | 991 | $ | (1,454 | ) | $ | 1,043 | $ | (4,645 | ) | |||||||||
Performance Ratios (annualized):
|
||||||||||||||||||||
Return on average assets
|
0.20 | % | 0.24 | % | -0.35 | % | 0.25 | % | -1.22 | % | ||||||||||
Return average equity
|
1.32 | % | 1.57 | % | -2.24 | % | 1.60 | % | -18.26 | % | ||||||||||
Interest rate spread (1)
|
3.12 | % | 3.20 | % | 2.93 | % | 2.78 | % | 3.14 | % | ||||||||||
Net interest rate margin (2)
|
3.32 | % | 3.41 | % | 3.15 | % | 2.99 | % | 3.31 | % | ||||||||||
Non-interest expense to average assets
|
3.16 | % | 3.08 | % | 3.08 | % | 2.85 | % | 3.44 | % | ||||||||||
Efficiency ratio (3)
|
88.90 | % | 88.52 | % | 93.98 | % | 87.09 | % | 149.34 | % | ||||||||||
Efficiency ratio, excluding foundation contribution (4)
|
88.90 | % | 88.52 | % | 93.98 | % | 87.09 | % | 97.80 | % | ||||||||||
Average interest-earning assets to average
|
||||||||||||||||||||
interest-bearing liabilities
|
132.88 | % | 132.04 | % | 132.19 | % | 130.83 | % | 122.40 | % | ||||||||||
(*) In connection with the Conversion and Reorganization on June 29, 2011, the Company established Farmington Bank Community Foundation, Inc., a non-profit charitable organization, which was funded with a contribution of 687,000 shares of the Company's common stock.
|
||||||||||||||||||||
(1) Represents the difference between the weighted-average yield on average interest-earning assets and the weighted-average cost of the interest-bearing liabilities.
|
||||||||||||||||||||
(2) Represents net interest income as a percent of average interest-earning assets.
|
||||||||||||||||||||
(3) Represents noninterest expense divided by the sum of net interest income and noninterest income.
|
||||||||||||||||||||
(4) Represents noninterest expense (excluding $6.9 million contribution to Farmington Bank Community Foundation, Inc. in June 2011) dividend by the sum of net interest income and noninterest income. | ||||||||||||||||||||
At or for the Three Months Ended
|
||||||||||||||||||||
June 30,
2012
|
March 31,
2012
|
December
31, 2011
|
September
30, 2011
|
June 30,
2011
|
||||||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Allowance for loan losses as a percent of total loans
|
1.25 | % | 1.32 | % | 1.34 | % | 1.31 | % | 1.33 | % | ||||||||||
Allowance for loan losses as a percent of
|
||||||||||||||||||||
non-performing loans
|
133.01 | % | 108.50 | % | 113.11 | % | 87.27 | % | 85.10 | % | ||||||||||
Net charge-offs to average loans (annualized)
|
0.09 | % | 0.04 | % | 0.56 | % | 0.04 | % | 1.67 | % | ||||||||||
Non-performing loans as a percent of total loans
|
0.94 | % | 1.22 | % | 1.18 | % | 1.50 | % | 1.57 | % | ||||||||||
Non-performing loans as a percent of total assets
|
0.80 | % | 0.97 | % | 0.96 | % | 1.09 | % | 1.15 | % | ||||||||||
Per Share Related Data:
|
||||||||||||||||||||
Basic and diluted earnings per share
|
$ | 0.05 | $ | 0.06 | $ | (0.09 | ) | $ | 0.06 | $ | (0.26 | ) | ||||||||
Dividends declared per share
|
$ | 0.03 | $ | 0.03 | $ | 0.03 | $ | - | $ | - | ||||||||||
Capital Ratios:
|
||||||||||||||||||||
Equity to total assets at end of period
|
14.70 | % | 14.92 | % | 15.58 | % | 15.20 | % | 16.12 | % | ||||||||||
Average equity to average assets
|
15.09 | % | 15.36 | % | 15.65 | % | 15.60 | % | 6.70 | % | ||||||||||
Total capital to risk-weighted assets
|
20.43 | % * | 21.84 | % | 22.38 | % | 24.21 | % | 25.46 | % | ||||||||||
Tier I capital to risk-weighted assets
|
19.18 | % * | 20.59 | % | 21.13 | % | 22.96 | % | 24.20 | % | ||||||||||
Tier I capital to total average assets
|
15.21 | % * | 15.58 | % | 15.51 | % | 15.55 | % | 17.48 | % | ||||||||||
Total equity to total average assets
|
14.90 | % | 15.27 | % | 15.20 | % | 15.40 | % | 17.32 | % | ||||||||||
* Estimated
|
June 30,
|
March 31,
|
December | ||||||||||
2012
|
2012
|
31, 2011
|
||||||||||
(Dollars in thousands)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|||||||||
Assets
|
||||||||||||
Cash and due from banks
|
$ | 36,727 | $ | 38,280 | $ | 40,296 | ||||||
Federal funds sold
|
- | 93,000 | 50,000 | |||||||||
Cash and cash equivalents
|
36,727 | 131,280 | 90,296 | |||||||||
Securities held-to-maturity, at amortized cost
|
3,007 | 3,216 | 3,216 | |||||||||
Securities available-for-sale, at fair value
|
130,386 | 115,956 | 135,170 | |||||||||
Loans held for sale
|
1,667 | 3,408 | 1,039 | |||||||||
Loans, net
|
1,415,732 | 1,326,107 | 1,295,177 | |||||||||
Premises and equipment, net
|
21,514 | 21,293 | 21,379 | |||||||||
Federal Home Loan Bank of Boston stock, at cost
|
7,137 | 7,137 | 7,449 | |||||||||
Accrued income receivable
|
4,174 | 4,304 | 4,185 | |||||||||
Bank-owned life insurance
|
37,022 | 36,701 | 30,382 | |||||||||
Deferred income taxes
|
13,735 | 13,672 | 13,907 | |||||||||
Prepaid expenses and other assets
|
16,330 | 14,155 | 15,450 | |||||||||
Total assets
|
$ | 1,687,431 | $ | 1,677,229 | $ | 1,617,650 | ||||||
Liabilities and Stockholders' Equity
|
||||||||||||
Deposits
|
||||||||||||
Interest-bearing
|
$ | 994,923 | $ | 1,033,981 | $ | 981,057 | ||||||
Noninterest-bearing
|
223,820 | 215,602 | 195,625 | |||||||||
1,218,743 | 1,249,583 | 1,176,682 | ||||||||||
Federal Home Loan Bank of Boston advances
|
91,000 | 63,000 | 63,000 | |||||||||
Repurchase agreement borrowings
|
21,000 | 21,000 | 21,000 | |||||||||
Repurchase liabilities
|
67,534 | 55,713 | 64,466 | |||||||||
Accrued expenses and other liabilities
|
41,049 | 37,737 | 40,522 | |||||||||
Total liabilities
|
1,439,326 | 1,427,033 | 1,365,670 | |||||||||
Commitments and contingencies
|
- | - | - | |||||||||
Stockholders' Equity
|
||||||||||||
Common stock
|
179 | 179 | 179 | |||||||||
Additional paid-in-capital
|
174,929 | 174,884 | 174,836 | |||||||||
Unallocated common stock held by ESOP
|
(15,340 | ) | (13,031 | ) | (10,490 | ) | ||||||
Retained earnings
|
93,687 | 93,392 | 92,937 | |||||||||
Accumulated other comprehensive loss
|
(5,350 | ) | (5,228 | ) | (5,482 | ) | ||||||
Total stockholders' equity
|
248,105 | 250,196 | 251,980 | |||||||||
Total liabilities and stockholders' equity
|
$ | 1,687,431 | $ | 1,677,229 | $ | 1,617,650 | ||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||||||
(Dollars in thousands, except per share data)
|
2012
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||
Interest income
|
||||||||||||||||||||
Interest and fees on loans
|
||||||||||||||||||||
Mortgage
|
$ | 10,882 | $ | 11,110 | $ | 10,595 | $ | 21,992 | $ | 21,143 | ||||||||||
Other
|
3,859 | 3,889 | 3,536 | 7,748 | 7,148 | |||||||||||||||
Interest and dividends on investments
|
||||||||||||||||||||
United States Government and agency obligations
|
249 | 266 | 360 | 515 | 795 | |||||||||||||||
Other bonds
|
60 | 58 | 54 | 118 | 106 | |||||||||||||||
Corporate stocks
|
70 | 70 | 71 | 140 | 138 | |||||||||||||||
Other interest income
|
26 | 34 | 58 | 60 | 75 | |||||||||||||||
Total interest income
|
15,146 | 15,427 | 14,674 | 30,573 | 29,405 | |||||||||||||||
Interest expense
|
. | |||||||||||||||||||
Deposits
|
1,643 | 1,755 | 1,954 | 3,398 | 3,906 | |||||||||||||||
Interest on borrowed funds
|
462 | 481 | 531 | 943 | 1,056 | |||||||||||||||
Interest on repo borrowings
|
181 | 180 | 179 | 361 | 358 | |||||||||||||||
Interest on repurchase liabilities
|
61 | 57 | 96 | 118 | 220 | |||||||||||||||
Total interest expense
|
2,347 | 2,473 | 2,760 | 4,820 | 5,540 | |||||||||||||||
Net interest income
|
12,799 | 12,954 | 11,914 | 25,753 | 23,865 | |||||||||||||||
Provision for allowance for loan losses
|
520 | 330 | 300 | 850 | 600 | |||||||||||||||
Net interest income
|
||||||||||||||||||||
after provision for loan losses
|
12,279 | 12,624 | 11,614 | 24,903 | 23,265 | |||||||||||||||
Noninterest income
|
||||||||||||||||||||
Fees for customer services
|
900 | 816 | 860 | 1,716 | 1,647 | |||||||||||||||
Net gain on loans sold
|
431 | 98 | 199 | 529 | 345 | |||||||||||||||
Brokerage and insurance fee income
|
32 | 25 | 10 | 57 | 134 | |||||||||||||||
Bank owned life insurance income
|
321 | 319 | 174 | 640 | 348 | |||||||||||||||
Other
|
322 | 55 | 186 | 377 | 236 | |||||||||||||||
Total noninterest income
|
2,006 | 1,313 | 1,429 | 3,319 | 2,710 | |||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
7,619 | 7,424 | 7,473 | 15,043 | 14,041 | |||||||||||||||
Occupancy expense
|
1,098 | 1,190 | 1,094 | 2,288 | 2,331 | |||||||||||||||
Furniture and equipment expense
|
1,112 | 1,099 | 990 | 2,211 | 1,965 | |||||||||||||||
FDIC assessment
|
294 | 279 | 529 | 573 | 1,070 | |||||||||||||||
Marketing
|
753 | 606 | 658 | 1,359 | 1,131 | |||||||||||||||
Contribution to Farmington Bank
|
||||||||||||||||||||
Community Foundation, Inc.
|
- | - | 6,877 | - | 6,877 | |||||||||||||||
Other operating expenses
|
2,285 | 2,031 | 2,306 | 4,316 | 4,173 | |||||||||||||||
Total noninterest expense
|
13,161 | 12,629 | 19,927 | 25,790 | 31,588 | |||||||||||||||
Income before income taxes
|
1,124 | 1,308 | (6,884 | ) | 2,432 | (5,613 | ) | |||||||||||||
Provision for (benefit from) income taxes
|
293 | 317 | (2,239 | ) | 610 | (1,984 | ) | |||||||||||||
Net income (loss)
|
$ | 831 | $ | 991 | $ | (4,645 | ) | $ | 1,822 | $ | (3,629 | ) | ||||||||
Net income per share:
|
||||||||||||||||||||
Basic and Diluted (1)
|
$ | 0.05 | $ | 0.06 | $ | (0.26 | ) | $ | 0.11 | N/A | ||||||||||
Weighted average shares outstanding:
|
||||||||||||||||||||
Basic and Diluted
|
16,686,810 | 16,784,974 | 17,581,225 | 16,735,892 | N/A | |||||||||||||||
Pro forma net loss per share (2):
|
||||||||||||||||||||
Basic and Diluted
|
N/A | N/A | $ | (0.26 | ) | N/A | $ | (0.21 | ) | |||||||||||
(1)= Net loss per share reflects earnings for the period from June 29, 2011, the date the Company completed a Plan of Conversion and Reorganization to June 30, 2011.
|
||||||||||||||||||||
(2)= Pro forma net loss per share assumes the Company's shares are outstanding for all periods prior to the completion of the Plan of Conversion and Reorganization on June 29, 2011.
|
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
|||||||||||
June 30, 2012
|
March 31, 2012
|
June 30, 2011
|
|||||||||||
Average
Balance
|
Interest
and
Dividends
|
Yield/
Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/
Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/
Cost
|
|||||
(Dollars in thousands)
|
|||||||||||||
Interest-earning assets:
|
|||||||||||||
Loans receivable
|
$ 1,360,401
|
$ 14,741
|
4.35%
|
$ 1,315,786
|
$ 14,999
|
4.57%
|
$ 1,186,674
|
$ 14,131
|
4.78%
|
||||
Securities
|
131,309
|
370
|
1.13%
|
132,561
|
385
|
1.16%
|
143,277
|
485
|
1.36%
|
||||
Federal Home Loan Bank of Boston stock
|
7,137
|
9
|
0.51%
|
7,370
|
9
|
0.49%
|
7,449
|
-
|
0.00%
|
||||
Fed Funds and other earning assets
|
48,049
|
26
|
0.22%
|
66,714
|
34
|
0.20%
|
105,095
|
58
|
0.22%
|
||||
Total interest-earning assets
|
1,546,896
|
15,146
|
3.93%
|
1,522,431
|
15,427
|
4.06%
|
1,442,495
|
14,674
|
4.08%
|
||||
Noninterest-earning assets
|
117,486
|
116,374
|
76,585
|
||||||||||
Total assets
|
$ 1,664,382
|
$ 1,638,805
|
$ 1,519,080
|
||||||||||
Interest-bearing liabilities:
|
|||||||||||||
NOW accounts
|
$ 204,611
|
$ 83
|
0.16%
|
$ 204,932
|
$ 89
|
0.17%
|
$ 245,649
|
$ 178
|
0.29%
|
||||
Money market
|
270,157
|
488
|
0.72%
|
262,320
|
544
|
0.83%
|
204,711
|
543
|
1.06%
|
||||
Savings accounts
|
174,321
|
64
|
0.15%
|
161,626
|
61
|
0.15%
|
153,806
|
76
|
0.20%
|
||||
Certificates of deposit
|
368,006
|
1,008
|
1.10%
|
381,985
|
1,061
|
1.11%
|
421,766
|
1,157
|
1.10%
|
||||
Total interest-bearing deposits
|
1,017,095
|
1,643
|
0.65%
|
1,010,863
|
1,755
|
0.70%
|
1,025,932
|
1,954
|
0.76%
|
||||
Advances from the Federal Home Loan Bank
|
62,869
|
462
|
2.95%
|
63,042
|
481
|
3.06%
|
68,005
|
531
|
3.13%
|
||||
Repurchase Agreement Borrowing
|
21,000
|
181
|
3.46%
|
21,000
|
180
|
3.44%
|
21,000
|
179
|
3.42%
|
||||
Repurchase liabilities
|
63,166
|
61
|
0.39%
|
58,067
|
57
|
0.39%
|
63,577
|
96
|
0.61%
|
||||
Total interest-bearing liabilities
|
1,164,130
|
2,347
|
0.81%
|
1,152,972
|
2,473
|
0.86%
|
1,178,514
|
2,760
|
0.94%
|
||||
Noninterest-bearing deposits
|
210,874
|
195,192
|
210,582
|
||||||||||
Other noninterest-bearing liabilities
|
38,273
|
38,932
|
28,213
|
||||||||||
Total liabilities
|
1,413,277
|
1,387,096
|
1,417,309
|
||||||||||
Capital
|
251,105
|
251,709
|
101,771
|
||||||||||
Total liabilities and capital
|
$ 1,664,382
|
$ 1,638,805
|
$ 1,519,080
|
||||||||||
Net interest income
|
$ 12,799
|
$ 12,954
|
$ 11,914
|
||||||||||
Net interest rate spread (1)
|
3.12%
|
3.20%
|
3.14%
|
||||||||||
Net interest-earning assets (2)
|
$ 382,766
|
$ 369,459
|
$ 263,981
|
||||||||||
Net interest margin (3)
|
3.32%
|
3.41%
|
3.31%
|
||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
|||||||||||||
132.88%
|
132.04%
|
122.40%
|
|||||||||||
(1) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
|||||||||||||
(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
|||||||||||||
(3) Net interest margin represents net interest income divided by average total interest-earning assets.
|
Six Months Ended June 30,
|
|||||||
2012
|
2011
|
||||||
Average
Balance
|
Interest and
Dividends
|
Yield/
Cost
|
Average
Balance
|
Interest and
Dividends
|
Yield/
Cost
|
||
(Dollars in thousands)
|
|||||||
Interest-earning assets:
|
|||||||
Loans receivable, net
|
$ 1,338,093
|
$ 29,740
|
4.46%
|
$ 1,184,335
|
$ 28,291
|
4.82%
|
|
Securities
|
131,935
|
755
|
1.15%
|
152,052
|
1,033
|
1.37%
|
|
Federal Home Loan Bank of Boston stock
|
7,253
|
18
|
0.50%
|
7,449
|
6
|
0.16%
|
|
Fed Funds and other earning assets
|
57,381
|
60
|
0.21%
|
69,775
|
75
|
0.22%
|
|
Total interest-earning assets
|
1,534,662
|
30,573
|
4.00%
|
1,413,611
|
29,405
|
4.19%
|
|
Noninterest-earning assets
|
116,931
|
72,482
|
|||||
Total assets
|
$ 1,651,593
|
$ 1,486,093
|
|||||
Interest-bearing liabilities:
|
|||||||
NOW accounts
|
$ 204,771
|
$ 172
|
0.17%
|
$ 242,804
|
$ 361
|
0.30%
|
|
Money market
|
266,238
|
1,032
|
0.78%
|
192,225
|
955
|
1.00%
|
|
Savings accounts
|
167,973
|
125
|
0.15%
|
146,967
|
145
|
0.20%
|
|
Certificates of deposit
|
374,996
|
2,069
|
1.11%
|
431,628
|
2,445
|
1.14%
|
|
Total interest-bearing deposits
|
1,013,978
|
3,398
|
0.67%
|
1,013,624
|
3,906
|
0.78%
|
|
Advances from the Federal Home Loan Bank
|
62,955
|
943
|
3.00%
|
68,052
|
1,056
|
3.13%
|
|
Repurchase Agreement Borrowing
|
21,000
|
361
|
3.45%
|
21,000
|
358
|
3.44%
|
|
Repurchase liabilities
|
60,617
|
118
|
0.39%
|
72,798
|
220
|
0.61%
|
|
Total interest-bearing liabilities
|
1,158,550
|
4,820
|
0.83%
|
1,175,474
|
5,540
|
0.95%
|
|
Noninterest-bearing deposits
|
203,033
|
183,484
|
|||||
Other noninterest-bearing liabilities
|
38,603
|
27,719
|
|||||
Total liabilities
|
1,400,186
|
1,386,677
|
|||||
Stockholders' equity
|
251,407
|
99,416
|
|||||
Total liabilities and stockholders' equity
|
$ 1,651,593
|
$ 1,486,093
|
|||||
Net interest income
|
$ 25,753
|
$ 23,865
|
|||||
Net interest rate spread (1)
|
3.17%
|
3.24%
|
|||||
Net interest-earning assets (2)
|
$ 376,112
|
$ 238,137
|
|||||
Net interest margin (3)
|
3.37%
|
3.39%
|
|||||
Average interest-earning assets to average interest-bearing liabilities
|
|||||||
132.46%
|
120.26%
|
||||||
(1) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
|||||||
(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
|||||||
(3) Net interest margin represents net interest income divided by average total interest-earning assets.
|