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 March 1, 2013, First Connecticut Bancorp, Inc., the holding company for Farmington Bank, issued a Press Release describing its results of operation for the fourth quarter and year ended December 31, 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 March 1, 2013.
|
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
|
|
March 1, 2013
|
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 March 1, 2013.
|
·
|
Net interest income remained strong increasing $705,000 or 5% to $14.1 million for the quarter ended December 31, 2012 and $5.0 million or 10% to $53.2 million for the year ended December 31, 2012, despite a faster than anticipated decline in our resort loans as we continue our planned exit of the resort financing market.
|
·
|
Strong organic loan growth continued as total loans increased $34.1 million or 2% to $1.5 billion during the quarter ended December 31, 2012 and increased $223.9 million or 17% for the year ended December 31, 2012. This growth was achieved despite resort loans decreasing $18.5 million or 37% to $31.2 million for the quarter ended December 31, 2012 and decreasing $44.1 million or 59% for the year ended December 31, 2012.
|
·
|
Overall deposits increased $72.5 million or 6% to $1.3 billion during the quarter ended December 31, 2012 and increased $153.8 million or 13% for the year ended December 31, 2012.
|
·
|
Checking accounts grew by 4% or 1,258 net new accounts for the quarter ended December 31, 2012 and 17% or 5,066 net new accounts for the year ended December 31, 2012.
|
·
|
Continued expansion of the secondary market residential lending program led to an increase in the net gain on loans sold of $1.3 million or 182% to $1.9 million for the quarter ended December 31, 2012 compared to $687,000 for the quarter ended September 30, 2012. The net gain on loans sold increased $2.5 million or 370% to $3.2 million for the year ended December 31, 2012 compared to $671,000 for the year ended December 31, 2011.
|
·
|
Asset quality remains strong as loan delinquencies 30 days and greater decreased $751,000 at December 31, 2012 to $17.1 million compared to $17.8 million at September 30, 2012. Non-performing loans totaled $13.8 million or 0.90% of total loans at December 31, 2012 compared to $13.2 million or 0.88% of total loans at September 30, 2012. Net charge-offs totaled $1.7 million or 0.12% of average loans outstanding for the year ended December 31, 2012 as compared to net charge-offs of $7.3 million or 0.61% of average loans outstanding for the year ended December 31, 2011.
|
·
|
On December 27, 2012, the Company announced the freeze of its non-contributory defined benefit and other post-retirement plans effective February 28, 2013 limiting future growth in the Company’s pension and other post-retirement liabilities. As a result, the Company recognized a $1.9 million reduction in pension and other post-retirement benefit expenses related to unrecognized prior service costs for the quarter ended December 31, 2012. For 2013, it is expected the net incremental decrease in pension and other post-retirement expenses will be approximately $606,000.
|
·
|
We paid a cash dividend of $0.03 per share on December 27, 2012. This marks the fifth consecutive quarter we have paid a dividend since First Connecticut Bancorp, Inc. became a public company on June 29, 2011.
|
At or for the Three Months Ended | |||||||||
(Dollars in thousands, except per share data)
|
December 31,
2012
|
September
30, 2012
|
June 30,
2012
|
March 31,
2012
|
December 31,
2011
|
||||
Selected Financial Condition Data:
|
|||||||||
Total assets
|
$ 1,822,946
|
$ 1,756,133
|
$1,687,431
|
$ 1,677,229
|
$ 1,617,650
|
||||
Cash and cash equivalents
|
50,641
|
33,021
|
36,727
|
131,280
|
90,296
|
||||
Held to maturity securities
|
3,006
|
3,007
|
3,007
|
3,216
|
3,216
|
||||
Available for sale securities
|
138,481
|
125,854
|
130,386
|
115,956
|
135,170
|
||||
Federal Home Loan Bank of Boston stock, at cost
|
8,939
|
8,056
|
7,137
|
7,137
|
7,449
|
||||
Loans receivable, net
|
1,520,170
|
1,485,275
|
1,415,732
|
1,326,107
|
1,295,177
|
||||
Deposits
|
1,330,455
|
1,257,987
|
1,218,743
|
1,249,583
|
1,176,682
|
||||
Federal Home Loan Bank of Boston advances
|
128,000
|
125,200
|
91,000
|
63,000
|
63,000
|
||||
Total stockholders' equity
|
241,522
|
242,199
|
248,105
|
250,196
|
251,980
|
||||
Allowance for loan losses
|
17,229
|
17,920
|
17,927
|
17,727
|
17,533
|
||||
Non-performing loans
|
13,782
|
13,240
|
13,478
|
16,338
|
15,501
|
||||
Selected Operating Data:
|
|||||||||
Interest income
|
$ 16,507
|
$ 15,780
|
$ 15,146
|
$ 15,427
|
$ 14,961
|
||||
Interest expense
|
2,415
|
2,393
|
2,347
|
2,473
|
2,614
|
||||
Net Interest Income
|
14,092
|
13,387
|
12,799
|
12,954
|
12,347
|
||||
Provision for allowance for loan losses
|
315
|
215
|
520
|
330
|
3,190
|
||||
Net interest income after provision for loan losses
|
13,777
|
13,172
|
|
12,279
|
12,624
|
9,157
|
|||
Noninterest income
|
4,054
|
2,145
|
1,978
|
1,313
|
1,250
|
||||
Noninterest expense
|
13,025
|
16,905
|
13,133
|
12,629
|
12,779
|
||||
Income (loss) before income taxes
|
4,806
|
(1,588)
|
1,124
|
1,308
|
(2,372)
|
||||
Provision (benefit) for income taxes
|
1,381
|
(519)
|
293
|
317
|
(918)
|
||||
Net income (loss)
|
$ 3,425
|
$ (1,069)
|
|
$ 831
|
|
$ 991
|
$ (1,454)
|
||
Performance Ratios (annualized):
|
|||||||||
Return on average assets
|
0.77%
|
-0.25%
|
0.20%
|
0.24%
|
-0.35%
|
||||
Return average equity
|
5.62%
|
-1.74%
|
1.32%
|
1.57%
|
-2.24%
|
||||
Interest rate spread (1)
|
3.19%
|
3.09%
|
3.12%
|
3.20%
|
2.93%
|
||||
Net interest rate margin (2)
|
3.37%
|
3.28%
|
3.32%
|
3.41%
|
3.15%
|
||||
Non-interest expense to average assets
|
2.92%
|
3.89%
|
3.16%
|
3.08%
|
3.08%
|
||||
Efficiency ratio (3)
|
71.78%
|
108.84%
|
88.87%
|
88.52%
|
93.98%
|
||||
Average interest-earning assets to average
|
|||||||||
interest-bearing liabilities
|
131.82%
|
131.77%
|
132.88%
|
132.04%
|
132.19%
|
||||
Asset Quality Ratios:
|
|||||||||
Allowance for loan losses as a percent of total loans
|
1.12%
|
1.19%
|
1.25%
|
1.32%
|
1.34%
|
||||
Allowance for loan losses as a percent of
|
|||||||||
non-performing loans
|
125.01%
|
135.35%
|
133.01%
|
108.50%
|
113.11%
|
||||
Net charge-offs to average loans (annualized)
|
0.27%
|
0.06%
|
0.09%
|
0.04%
|
0.56%
|
||||
Non-performing loans as a percent of total loans
|
0.90%
|
0.88%
|
0.94%
|
1.22%
|
1.18%
|
||||
Non-performing loans as a percent of total assets
|
0.76%
|
0.75%
|
0.80%
|
0.97%
|
0.96%
|
||||
Per Share Related Data:
|
|||||||||
Basic earnings (loss) per share
|
$ 0.20
|
$ (0.07)
|
$ 0.05
|
$ 0.06
|
$ (0.09)
|
||||
Diluted earnings (loss) per share
|
$ 0.20
|
$ (0.07)
|
$ 0.05
|
$ 0.06
|
$ (0.09)
|
||||
Dividends declared per share
|
$ 0.03
|
$ 0.03
|
$ 0.03
|
$ 0.03
|
$ 0.03
|
||||
Capital Ratios:
|
|||||||||
Equity to total assets at end of period
|
13.25%
|
13.79%
|
14.70%
|
14.92%
|
15.58%
|
||||
Average equity to average assets
|
13.68%
|
14.19%
|
15.09%
|
15.36%
|
15.65%
|
||||
Total capital to risk-weighted assets
|
18.85%
|
19.15%
|
20.43%
|
21.84%
|
22.38%
|
||||
Tier I capital to risk-weighted assets
|
17.60%
|
17.90%
|
19.18%
|
20.59%
|
21.13%
|
||||
Tier I capital to total average assets
|
13.94%
|
14.24%
|
15.21%
|
15.58%
|
15.51%
|
||||
Total equity to total average assets
|
13.56%
|
13.95%
|
14.90%
|
15.27%
|
15.20%
|
||||
(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.
|
December 31,
2012
|
September 30,
2012
|
December 31,
2011
|
|||||||||
(Dollars in thousands)
|
(Unaudited)
|
(Unaudited)
|
|||||||||
Assets
|
|||||||||||
Cash and due from banks
|
$ 50,641
|
$ 33,021
|
$ 40,296
|
||||||||
Federal funds sold
|
-
|
-
|
50,000
|
||||||||
Cash and cash equivalents
|
50,641
|
33,021
|
90,296
|
||||||||
Securities held-to-maturity, at amortized cost
|
3,006
|
3,007
|
3,216
|
||||||||
Securities available-for-sale, at fair value
|
138,481
|
125,854
|
135,170
|
||||||||
Loans held for sale
|
9,626
|
4,569
|
1,039
|
||||||||
Loans, net
|
1,520,170
|
1,485,275
|
1,295,177
|
||||||||
Premises and equipment, net
|
19,967
|
19,231
|
21,379
|
||||||||
Federal Home Loan Bank of Boston stock, at cost
|
8,939
|
8,056
|
7,449
|
||||||||
Accrued income receivable
|
4,415
|
4,502
|
4,185
|
||||||||
Bank-owned life insurance
|
37,449
|
37,348
|
30,382
|
||||||||
Deferred income taxes
|
15,682
|
14,038
|
13,907
|
||||||||
Prepaid expenses and other assets
|
14,570
|
21,232
|
15,450
|
||||||||
Total assets
|
$ 1,822,946
|
$ 1,756,133
|
$ 1,617,650
|
||||||||
Liabilities and Stockholders' Equity
|
|||||||||||
Deposits
|
|||||||||||
Interest-bearing
|
$ 1,082,869
|
$ 1,036,523
|
$ 981,057
|
||||||||
Noninterest-bearing
|
247,586
|
221,464
|
195,625
|
||||||||
1,330,455
|
1,257,987
|
1,176,682
|
|||||||||
Federal Home Loan Bank of Boston advances
|
128,000
|
125,200
|
63,000
|
||||||||
Repurchase agreement borrowings
|
21,000
|
21,000
|
21,000
|
||||||||
Repurchase liabilities
|
54,187
|
66,096
|
64,466
|
||||||||
Accrued expenses and other liabilities
|
47,782
|
43,651
|
40,522
|
||||||||
Total liabilities
|
1,581,424
|
1,513,934
|
1,365,670
|
||||||||
Commitments and contingencies
|
-
|
-
|
-
|
||||||||
Stockholders' Equity
|
|||||||||||
Common stock
|
181
|
181
|
179
|
||||||||
Additional paid-in-capital
|
172,247
|
171,419
|
174,836
|
||||||||
Unallocated common stock held by ESOP
|
(14,806)
|
(15,073)
|
(10,490)
|
||||||||
Treasury stock, at cost
|
(4,860)
|
(1,174)
|
-
|
||||||||
Retained earnings
|
95,145
|
92,076
|
92,937
|
||||||||
Accumulated other comprehensive loss
|
(6,385)
|
(5,230)
|
(5,482)
|
||||||||
Total stockholders' equity
|
241,522
|
242,199
|
251,980
|
||||||||
Total liabilities and stockholders' equity
|
$ 1,822,946
|
$ 1,756,133
|
$ 1,617,650
|
Three Months Ended
|
For The Years Ended
|
|||||||||||||||||||
Dec 31,
|
Sept 30
|
Dec 31,
|
Dec 31,
|
|||||||||||||||||
(Dollars in thousands, except per share data)
|
2012
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||
Interest income
|
||||||||||||||||||||
Interest and fees on loans
|
||||||||||||||||||||
Mortgage
|
$ | 12,415 | $ | 11,460 | $ | 10,836 | $ | 45,867 | $ | 42,552 | ||||||||||
Other
|
3,770 | 3,927 | 3,652 | 15,445 | 14,331 | |||||||||||||||
Interest and dividends on investments
|
||||||||||||||||||||
United States Government and agency obligations
|
190 | 234 | 269 | 939 | 1,373 | |||||||||||||||
Other bonds
|
61 | 87 | 51 | 266 | 191 | |||||||||||||||
Corporate stocks
|
66 | 69 | 69 | 275 | 275 | |||||||||||||||
Other interest income
|
5 | 3 | 84 | 68 | 303 | |||||||||||||||
Total interest income
|
16,507 | 15,780 | 14,961 | 62,860 | 59,025 | |||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
1,649 | 1,644 | 1,873 | 6,691 | 7,665 | |||||||||||||||
Interest on borrowed funds
|
511 | 499 | 486 | 1,953 | 2,061 | |||||||||||||||
Interest on repo borrowings
|
187 | 179 | 181 | 727 | 721 | |||||||||||||||
Interest on repurchase liabilities
|
68 | 71 | 74 | 257 | 379 | |||||||||||||||
Total interest expense
|
2,415 | 2,393 | 2,614 | 9,628 | 10,826 | |||||||||||||||
Net interest income
|
14,092 | 13,387 | 12,347 | 53,232 | 48,199 | |||||||||||||||
Provision for allowance for loan losses
|
315 | 215 | 3,190 | 1,380 | 4,090 | |||||||||||||||
Net interest income
|
||||||||||||||||||||
after provision for loan losses
|
13,777 | 13,172 | 9,157 | 51,852 | 44,109 | |||||||||||||||
Noninterest income
|
||||||||||||||||||||
Fees for customer services
|
1,048 | 950 | 856 | 3,714 | 3,355 | |||||||||||||||
Net gain on sale of investments
|
- | - | - | - | 89 | |||||||||||||||
Net gain on loans sold
|
1,935 | 687 | 42 | 3,151 | 671 | |||||||||||||||
Brokerage and insurance fee income
|
32 | 34 | 25 | 123 | 189 | |||||||||||||||
Bank owned life insurance income
|
571 | 326 | 200 | 1,537 | 725 | |||||||||||||||
Other
|
468 | 148 | 127 | 965 | 659 | |||||||||||||||
Total noninterest income
|
4,054 | 2,145 | 1,250 | 9,490 | 5,688 | |||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
7,156 | 10,243 | 7,499 | 32,442 | 28,605 | |||||||||||||||
Occupancy expense
|
1,095 | 1,108 | 1,074 | 4,491 | 4,534 | |||||||||||||||
Furniture and equipment expense
|
1,050 | 1,120 | 1,044 | 4,381 | 4,047 | |||||||||||||||
FDIC assessment
|
342 | 255 | 340 | 1,170 | 1,466 | |||||||||||||||
Marketing
|
587 | 509 | 838 | 2,455 | 2,474 | |||||||||||||||
Contribution to Farmington Bank
|
||||||||||||||||||||
Community Foundation, Inc.
|
- | - | - | - | 6,877 | |||||||||||||||
Other operating expenses
|
2,795 | 3,670 | 1,984 | 10,753 | 8,309 | |||||||||||||||
Total noninterest expense
|
13,025 | 16,905 | 12,779 | 55,692 | 56,312 | |||||||||||||||
Income (loss) before income taxes
|
4,806 | (1,588 | ) | (2,372 | ) | 5,650 | (6,515 | ) | ||||||||||||
Provision for (benefit from) income taxes
|
1,381 | (519 | ) | (918 | ) | 1,472 | (2,475 | ) | ||||||||||||
Net income (loss)
|
$ | 3,425 | $ | (1,069 | ) | $ | (1,454 | ) | $ | 4,178 | $ | (4,040 | ) | |||||||
Earnings (loss) per share (1):
|
||||||||||||||||||||
Basic and Diluted
|
$ | 0.20 | $ | (0.07 | ) | $ | (0.09 | ) | $ | 0.25 | $ | (0.29 | ) | |||||||
Weighted average shares outstanding:
|
||||||||||||||||||||
Basic and Diluted
|
17,192,767 | 16,309,325 | 17,344,666 | 16,643,566 | 17,145,031 | |||||||||||||||
Pro forma net loss per share (2):
|
||||||||||||||||||||
Basic and Diluted
|
N/A | N/A | N/A | N/A | $ | (0.23 | ) | |||||||||||||
(1)= For the year ended December 31, 2011, 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 December 31, 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
|
|||||||||
December 31, 2012
|
September 30, 2012
|
December 31, 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, net
|
$ 1,504,834
|
$ 16,185
|
4.28%
|
$ 1,460,686
|
$ 15,387
|
4.18%
|
$1,251,274
|
14,488
|
4.59%
|
||
Securities
|
139,636
|
308
|
0.88%
|
141,607
|
380
|
1.06%
|
149,503
|
389
|
1.03%
|
||
Federal Home Loan Bank of Boston stock
|
8,670
|
9
|
0.41%
|
7,671
|
10
|
0.52%
|
7,449
|
-
|
0.00%
|
||
Federal funds and other earning assets
|
10,598
|
5
|
0.19%
|
10,317
|
3
|
0.12%
|
148,832
|
84
|
0.22%
|
||
Total interest-earning assets
|
1,663,738
|
16,507
|
3.95%
|
1,620,281
|
15,780
|
3.86%
|
1,557,058
|
14,961
|
3.81%
|
||
Noninterest-earning assets
|
118,033
|
115,860
|
100,189
|
||||||||
Total assets
|
$ 1,781,771
|
$ 1,736,141
|
$1,657,247
|
||||||||
Interest-bearing liabilities:
|
|||||||||||
NOW accounts
|
$ 215,266
|
$ 117
|
0.22%
|
$ 207,763
|
$ 100
|
0.19%
|
$ 233,946
|
116
|
0.20%
|
||
Money market
|
299,408
|
487
|
0.65%
|
280,572
|
498
|
0.70%
|
233,650
|
510
|
0.87%
|
||
Savings accounts
|
178,959
|
99
|
0.22%
|
172,494
|
67
|
0.15%
|
155,990
|
129
|
0.33%
|
||
Certificates of deposit
|
358,047
|
946
|
1.05%
|
361,648
|
979
|
1.07%
|
398,210
|
1,118
|
1.11%
|
||
Total interest-bearing deposits
|
1,051,680
|
1,649
|
0.62%
|
1,022,477
|
1,644
|
0.64%
|
1,021,796
|
1,873
|
0.73%
|
||
Advances from the Federal Home Loan Bank
|
118,339
|
511
|
1.72%
|
112,850
|
499
|
1.75%
|
63,001
|
486
|
3.06%
|
||
Repurchase agreement borrowings
|
21,000
|
187
|
3.54%
|
21,000
|
179
|
3.38%
|
21,000
|
181
|
3.42%
|
||
Repurchase liabilities
|
71,115
|
68
|
0.38%
|
73,268
|
71
|
0.38%
|
72,112
|
74
|
0.41%
|
||
Total interest-bearing liabilities
|
1,262,134
|
2,415
|
0.76%
|
1,229,595
|
2,393
|
0.77%
|
1,177,909
|
2,614
|
0.88%
|
||
Noninterest-bearing deposits
|
232,286
|
216,205
|
187,008
|
||||||||
Other noninterest-bearing liabilities
|
43,663
|
43,965
|
32,938
|
||||||||
Total liabilities
|
1,538,083
|
1,489,765
|
1,397,855
|
||||||||
Stockholders' equity
|
243,688
|
246,376
|
259,392
|
||||||||
Total liabilities and stockholders' equity
|
$ 1,781,771
|
$ 1,736,141
|
$1,657,247
|
||||||||
Net interest income
|
$ 14,092
|
$ 13,387
|
$ 12,347
|
||||||||
Net interest rate spread (1)
|
3.19%
|
3.09%
|
2.93%
|
||||||||
Net interest-earning assets (2)
|
$ 401,604
|
$ 390,686
|
$ 379,149
|
||||||||
Net interest margin (3)
|
3.37%
|
3.28%
|
3.15%
|
||||||||
Average interest-earning assets
|
|||||||||||
to average interest-bearing liabilities
|
131.82%
|
131.77%
|
132.19%
|
||||||||
(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.
|
For The Years Ended December 31,
|
|||||||
2012
|
2011
|
||||||
Average
Balance
|
Interest and
Dividends
|
Yield/Cost
|
Average
Balance
|
Interest and
Dividends
|
Yield/Cost
|
||
(Dollars in thousands)
|
|||||||
Interest-earning assets:
|
|||||||
Loans, net
|
$ 1,410,822
|
$ 61,312
|
4.35%
|
$ 1,194,804
|
$ 56,883
|
4.76%
|
|
Securities
|
136,302
|
1,443
|
1.06%
|
152,213
|
1,823
|
1.20%
|
|
Federal Home Loan Bank of Boston stock
|
7,714
|
37
|
0.48%
|
7,449
|
16
|
0.21%
|
|
Federal funds and other earning assets
|
33,521
|
68
|
0.20%
|
135,973
|
303
|
0.22%
|
|
Total interest-earning assets
|
1,588,359
|
62,860
|
3.96%
|
1,490,439
|
59,025
|
3.96%
|
|
Noninterest-earning assets
|
117,209
|
86,446
|
|||||
Total assets
|
$ 1,705,568
|
$ 1,576,885
|
|||||
Interest-bearing liabilities:
|
|||||||
NOW accounts
|
$ 208,161
|
$ 389
|
0.19%
|
$ 252,381
|
$ 632
|
0.25%
|
|
Money market
|
278,179
|
2,017
|
0.73%
|
208,985
|
1,993
|
0.95%
|
|
Savings accounts
|
171,871
|
291
|
0.17%
|
149,598
|
334
|
0.22%
|
|
Certificates of deposit
|
367,380
|
3,994
|
1.09%
|
419,084
|
4,706
|
1.12%
|
|
Total interest-bearing deposits
|
1,025,591
|
6,691
|
0.65%
|
1,030,048
|
7,665
|
0.74%
|
|
Advances from the Federal Home Loan Bank
|
89,419
|
1,953
|
2.18%
|
66,314
|
2,061
|
3.11%
|
|
Repurchase agreement borrowings
|
21,000
|
727
|
3.46%
|
21,000
|
721
|
3.43%
|
|
Repurchase liabilities
|
66,436
|
257
|
0.39%
|
72,543
|
379
|
0.52%
|
|
Total interest-bearing liabilities
|
1,202,446
|
9,628
|
0.80%
|
1,189,905
|
10,826
|
0.91%
|
|
Noninterest-bearing deposits
|
213,697
|
176,459
|
|||||
Other noninterest-bearing liabilities
|
41,223
|
30,018
|
|||||
Total liabilities
|
1,457,366
|
1,396,382
|
|||||
Stockholders' equity
|
248,202
|
180,503
|
|||||
Total liabilities and stockholders' equity
|
$ 1,705,568
|
$ 1,576,885
|
|||||
Net interest income
|
$ 53,232
|
$ 48,199
|
|||||
Net interest rate spread (1)
|
3.16%
|
3.05%
|
|||||
Net interest-earning assets (2)
|
$ 385,913
|
$ 300,534
|
|||||
Net interest margin (3)
|
3.35%
|
3.23%
|
|||||
Average interest-earning assets
|
|||||||
to average interest-bearing liabilities
|
132.09%
|
125.26%
|
|||||
(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.
|