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 January 28, 2015, 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, 2014.
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 January 28, 2015.
|
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
|
|
January 28, 2015
|
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 January 28, 2015.
|
·
|
Net interest income increased $410,000 to $16.4 million in the fourth quarter of 2014 compared to $16.0 million in the linked quarter and increased $2.1 million or 14% compared to fourth quarter of 2013. On a core basis, net interest income increased $160,000 in the fourth quarter of 2014 compared to the linked quarter.
|
·
|
Strong organic loan growth continued during the quarter as total loans increased $88.4 million to $2.1 billion at December 31, 2014 and increased $318.7 million or 18% from a year ago.
|
·
|
Noninterest expense to average assets was 2.39% in the fourth quarter of 2014 compared to 2.46% in the linked quarter and 2.80% in the fourth quarter of 2013.
|
·
|
Tangible book value per share is $14.57 compared to $14.56 on a linked quarter basis and $14.11 at December 31, 2013.
|
·
|
Checking accounts grew by 2.8% or 1,242 net new accounts in the fourth quarter of 2014 and by 13.1% or 5,248 net new accounts compared to December 31, 2013.
|
·
|
Asset quality improved as loan delinquencies 30 days and greater decreased slightly to 0.75% of total loans at December 31, 2014 compared to 0.78% at September 30, 2014 and 0.85% at December 31, 2013. Non-accrual loans represented 0.72% of total loans compared to 0.76% of total loans on a linked quarter basis and 0.81% of total loans at December 31, 2013.
|
·
|
The allowance for loan losses represented 0.89% of total loans at December 31, 2014 compared to 0.91% at September 30, 2014 and 1.01% at December 31, 2013.
|
·
|
The Company paid a cash dividend of $0.05 per share on December 15, 2014, and paid a cash dividend of $0.17 per share for the year, an increase of $0.05 compared to the prior year. This marks the thirteenth consecutive quarter the Company has paid a dividend since it became a public company on June 29, 2011.
|
·
|
Net interest income increased $410,000 to $16.4 million in the fourth quarter of 2014 compared to the linked quarter primarily due to a $105.0 million increase in the average net loan balance. Excluding a $250,000 non-recurring payment related to a loan participation, core net interest income increased $160,000 in the fourth quarter compared to the linked quarter.
|
·
|
Net interest margin decreased to 2.81% in the fourth quarter of 2014 compared to 2.89% in the third quarter of 2014 due to an increase in the average cost of interest-bearing liabilities. Excluding the non-recurring payment related to a loan participation, fourth quarter net interest margin would have been 2.76%.
|
·
|
The cost of interest-bearing liabilities increased to 66 basis points in the fourth quarter of 2014 compared to 59 basis points in the third quarter of 2014. The increase was primarily due to certificate of deposits and money market promotions in the fourth quarter and a 12 basis point increase in the average cost of Federal Home Loan Bank of Boston borrowings.
|
·
|
Provision for loan losses was $632,000 for the fourth quarter of 2014 compared to $1.0 million for the linked quarter.
|
·
|
Net charge-offs in the quarter were $228,000 or 0.04% to average loans (annualized) compared to $397,000 or 0.08% to average loans (annualized) in the linked quarter.
|
·
|
The allowance for loan losses represented 0.89% of total loans at December 31, 2014 compared to 0.91% at September 30, 2014.
|
·
|
Total noninterest income decreased $280,000 to $2.5 million in the fourth quarter of 2014 compared to the linked quarter primarily due to a $286,000 decrease in net gain on loans sold as a result of a seasonal decline in our loan originations and an increase in the percentage of closed loans held in portfolio.
|
·
|
Other income decreased $60,000 to $295,000 in the fourth quarter of 2014 compared to the linked quarter primarily due to a decrease in mortgage banking derivatives income and an increase in mortgage servicing rights amortization offset by an $198,000 increase in swaps fees.
|
·
|
Noninterest expense increased $396,000 in the fourth quarter of 2014 to $14.6 million compared to the linked quarter primarily due to an increase in salaries and employee benefits. Salaries and employee benefits increased $304,000 primarily due to costs associated with our expansion into western Massachusetts and growth driven staff increases in our compliance areas.
|
·
|
Income tax expense was $499,000 in the fourth quarter of 2014 compared to $997,000 in the linked quarter. The decrease in income tax expense in the fourth quarter was primarily due to adjusting the tax rate on our deferred tax assets from 34% to 35%. Our taxable income, before and after, the utilization of our charitable contribution carryforward deduction, placed us in the 35% corporate tax bracket.
|
·
|
Net interest income increased $2.1 million or 14% to $16.4 million compared to $14.3 million in the fourth quarter of 2013 primarily due to a $316.4 million increase in the average net loan balance despite an 8 basis point decrease in the yield on loans.
|
·
|
Net interest margin decreased to 2.81% in the fourth quarter of 2014 compared to 2.94% in the fourth quarter of 2013. Excluding the non-recurring payment related to a loan participation, fourth quarter net interest margin would have been 2.76%.
|
·
|
The cost of interest-bearing liabilities increased 3 basis points to 66 basis points in the fourth quarter of 2014 compared to 63 basis points in the fourth quarter of 2013. The increase was primarily due to an increase of 6 basis points for both NOW and money market accounts, an 8 basis points increase in certificates of deposit offset by an 11 basis points decrease in Federal Home Loan Bank of Boston advance costs due to an increase in short-term rate advances.
|
·
|
Provision for loan losses was $632,000 for the fourth quarter of 2014 compared to $660,000 for the prior year quarter.
|
·
|
Net charge-offs in the quarter were $228,000 or 0.04% to average loans (annualized) compared to $44,000 or 0.01% to average loans (annualized) in the prior year quarter.
|
·
|
The allowance for loan losses represented 0.89% of total loans at December 31, 2014 compared to 1.01% at December 31, 2013.
|
·
|
Total noninterest income increased $315,000 to $2.5 million compared to the prior year quarter primarily due to a $270,000 increase in fees for customer services and a $285,000 increase in other income offset by a $234,000 decrease in net gain on loans sold.
|
·
|
Other income increased in the fourth quarter of 2014 compared to the prior year quarter primarily due to a $338,000 increase in swap fees offset by a decrease in mortgage banking derivative income and an increase in mortgage servicing rights amortization.
|
·
|
Noninterest expense increased $217,000 to $14.6 million in the fourth quarter of 2014 compared to the prior year quarter.
|
·
|
Income tax expense was $499,000 in the fourth quarter of 2014 compared to $322,000 in the prior year quarter.
|
·
|
Net interest income increased $9.5 million or 18% to $62.7 million for the year ended 2014 compared to $53.2 million for the year ended 2013 due to a $314.1 million increase in the average net loan balance despite a 14 basis point decrease in the yield on loans and a $50.8 million increase in the average securities balance offset by a $328.8 million increase in the average interest-bearing liabilities balance.
|
·
|
Net interest margin decreased to 2.92% for the year ended 2014 compared to 2.99% for the year ended 2013. Excluding the non-recurring payment related to a loan participation, the year ended 2014 interest margin would have been 2.91%.
|
·
|
The cost of interest-bearing liabilities decreased 12 basis points to 60 basis points for the year ended 2014 compared to 72 basis points for the year ended 2013. The decrease was primarily due to a 97 basis point decrease in the average cost of Federal Home Loan Bank of Boston borrowings due to an increase in short-term rate advances.
|
·
|
Provision for loan losses was $2.6 million for the year ended 2014 compared to $1.5 million for the year ended 2013.
|
·
|
Net charge-offs for the year ended 2014 were $1.9 million or 0.10% to average loans compared to $445,000 or 0.03% to average loans for the year ended 2013.
|
·
|
The allowance for loan losses represented 0.89% of total loans at December 31, 2014 compared to 1.01% at December 31, 2013.
|
·
|
Total noninterest income decreased $1.9 million to $9.1 million for the year ended 2014 compared to the year ended 2013 primarily due to decreases in net gain on loans sold and gain on sale of investments offset by increases in fees for customer services and other income.
|
·
|
Fees for customer services increased $929,000 to $5.5 million for the year ended 2014 compared to the year ended 2013 driven by our growth in checking accounts and debit card fees.
|
·
|
Net gain on loans sold decreased $3.4 million to $1.4 million for the year ended 2014 compared to the year ended 2013 as a result of a decline in our secondary market residential sales activity.
|
·
|
Other income increased $1.0 million to $875,000 for the year ended 2014 compared to the year ended 2013 primarily due to a $478,000 increase in swap fees and a $406,000 increase in mortgage banking derivative income.
|
·
|
Gain on sales of investments decreased $340,000 as there were no sales of investments for the year ended 2014.
|
·
|
Noninterest expense decreased by $714,000 to $57.0 million during the year ended 2014 compared to $57.8 million for the year ended 2013.
|
·
|
Salaries and employee benefits decreased $435,000 to $34.4 million for the year ended 2014 compared to the year ended 2013. Excluding $633,000 related to accelerated vesting of stock compensation for the year ended 2013, salaries and employee benefits increased $198,000 for the year ended 2014.
|
·
|
Income tax expense was $2.8 million for the year ended 2014 compared to $1.2 million for the year ended 2013.
|
·
|
Total assets increased $374.3 million or 18% at December 31, 2014 to $2.5 billion compared to $2.1 billion at December 31, 2013 largely reflecting an increase in loans and securities.
|
·
|
Our investment portfolio totaled $202.7 million at December 31, 2014 compared to $163.9 million at December 31, 2013, an increase of $38.8 million.
|
·
|
Net loans increased $318.9 million at December 31, 2014 to $2.1 billion compared to $1.8 billion at December 31, 2013 due to our continued focus on commercial and residential lending, which combined, increased $320.3 million.
|
·
|
Deposits increased $219.5 million at December 31, 2014 to $1.7 billion compared to $1.5 billion at December 31, 2013 primarily due to increases in municipal deposits and money market accounts as we continue to develop and grow relationships in the geographical areas we serve.
|
·
|
Federal Home Loan Bank of Boston advances increased $142.7 million to $401.7 million at December 31, 2014 compared to $259.0 million at December 31, 2013. Advances were used to support loan and securities growth.
|
·
|
At December 31, 2014, the allowance for loan losses represented 0.89% of total loans and 122.58% of non-accrual loans, compared to 1.01% of total loans and 123.74% of non-accrual loans at December 31, 2013.
|
·
|
Loan delinquencies 30 days and greater decreased to 0.75% of total loans at December 31, 2014 compared to 0.85% of total loans at December 31, 2013.
|
·
|
Non-accrual loans represented 0.72% of total loans at December 31, 2014 compared to 0.81% of total loans at December 31, 2013.
|
·
|
Net charge-offs in the quarter were $228,000 or 0.04% to average loans (annualized) compared to $44,000 or 0.01% to average loans (annualized) in the prior year quarter.
|
·
|
The Company remained well-capitalized with an estimated total capital to risk-weighted asset ratio of 13.82% at December 31, 2014.
|
·
|
Tangible book value per share grew to $14.57 compared to $14.56 on a linked quarter basis and $14.11 at the quarter ended December 31, 2013. Our tangible book value per share was negatively affected by $0.23 during the fourth quarter of 2014 due to lower discount rates and a change in mortality tables used for our defined benefit liabilities.
|
·
|
During the fourth quarter of 2014, the Company repurchased 16,712 shares of common stock at an average price per share of $14.51 at a total cost of $242,000. Repurchased shares are held as treasury stock and will be available for general corporate purposes. The Company has 904,765 shares remaining to repurchase at December 31, 2014 from prior regulatory approval.
|
·
|
At December 31, 2014, the Company continued to have adequate liquidity including significant unused borrowing capacity at the Federal Home Loan Bank of Boston and the Federal Reserve Bank, as well as access to funding through brokered deposits.
|
At or for the Three Months Ended
|
||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
2014
|
2014
|
2014
|
2014
|
2013
|
|||||||||||||||
Selected Financial Condition Data:
|
||||||||||||||||||||
Total assets
|
$
|
2,484,352
|
$
|
2,395,674
|
$
|
2,267,709
|
$
|
2,181,759
|
$
|
2,110,028
|
||||||||||
Cash and cash equivalents
|
42,863
|
43,914
|
50,778
|
44,110
|
38,799
|
|||||||||||||||
Securities held-to-maturity, at amortized cost
|
16,224
|
12,439
|
12,715
|
12,872
|
12,983
|
|||||||||||||||
Securities available-for-sale, at fair value
|
186,484
|
194,706
|
160,784
|
163,232
|
150,886
|
|||||||||||||||
Federal Home Loan Bank of Boston stock, at cost
|
19,785
|
17,724
|
17,724
|
13,137
|
13,136
|
|||||||||||||||
Loans, net
|
2,119,917
|
2,031,780
|
1,930,502
|
1,854,497
|
1,800,987
|
|||||||||||||||
Deposits
|
1,733,041
|
1,727,994
|
1,630,779
|
1,634,400
|
1,513,501
|
|||||||||||||||
Federal Home Loan Bank of Boston advances
|
401,700
|
304,700
|
291,000
|
206,000
|
259,000
|
|||||||||||||||
Total stockholders' equity
|
233,555
|
233,646
|
231,269
|
230,488
|
232,209
|
|||||||||||||||
Allowance for loan losses
|
18,960
|
18,556
|
17,912
|
17,631
|
18,314
|
|||||||||||||||
Non-accrual loans
|
15,468
|
15,475
|
14,652
|
12,974
|
14,800
|
|||||||||||||||
Impaired loans
|
43,452
|
39,579
|
41,892
|
41,782
|
39,623
|
|||||||||||||||
Loan delinquencies 30 days and greater
|
16,079
|
15,922
|
15,257
|
14,882
|
15,511
|
|||||||||||||||
Selected Operating Data:
|
||||||||||||||||||||
Interest income
|
$
|
19,412
|
$
|
18,528
|
$
|
17,854
|
$
|
16,980
|
$
|
16,697
|
||||||||||
Interest expense
|
3,017
|
2,543
|
2,290
|
2,230
|
2,366
|
|||||||||||||||
Net interest income
|
16,395
|
15,985
|
15,564
|
14,750
|
14,331
|
|||||||||||||||
Provision for loan losses
|
632
|
1,041
|
410
|
505
|
660
|
|||||||||||||||
Net interest income after provision for loan losses
|
15,763
|
14,944
|
15,154
|
14,245
|
13,671
|
|||||||||||||||
Noninterest income
|
2,498
|
2,778
|
2,066
|
1,762
|
2,183
|
|||||||||||||||
Noninterest expense
|
14,615
|
14,219
|
14,254
|
13,960
|
14,398
|
|||||||||||||||
Income before income taxes
|
3,646
|
3,503
|
2,966
|
2,047
|
1,456
|
|||||||||||||||
Income tax expense
|
499
|
997
|
776
|
555
|
322
|
|||||||||||||||
Net income
|
$
|
3,147
|
$
|
2,506
|
$
|
2,190
|
$
|
1,492
|
$
|
1,134
|
||||||||||
Performance Ratios (annualized):
|
||||||||||||||||||||
Return on average assets
|
0.52
|
%
|
0.43
|
%
|
0.40
|
%
|
0.28
|
%
|
0.22
|
%
|
||||||||||
Return on average equity
|
5.31
|
%
|
4.27
|
%
|
3.77
|
%
|
2.56
|
%
|
1.96
|
%
|
||||||||||
Interest rate spread (1)
|
2.66
|
%
|
2.77
|
%
|
2.88
|
%
|
2.86
|
%
|
2.80
|
%
|
||||||||||
Net interest rate margin (2)
|
2.81
|
%
|
2.89
|
%
|
3.01
|
%
|
2.99
|
%
|
2.94
|
%
|
||||||||||
Non-interest expense to average assets
|
2.39
|
%
|
2.46
|
%
|
2.60
|
%
|
2.63
|
%
|
2.80
|
%
|
||||||||||
Efficiency ratio (3)
|
78.39
|
%
|
75.78
|
%
|
81.71
|
%
|
84.54
|
%
|
87.95
|
%
|
||||||||||
Average interest-earning assets to average
|
||||||||||||||||||||
interest-bearing liabilities
|
126.84
|
%
|
127.11
|
%
|
128.04
|
%
|
128.59
|
%
|
129.64
|
%
|
||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Allowance for loan losses as a percent of total loans
|
0.89
|
%
|
0.91
|
%
|
0.92
|
%
|
0.94
|
%
|
1.01
|
%
|
||||||||||
Allowance for loan losses as a percent of
|
||||||||||||||||||||
non-accrual loans
|
122.58
|
%
|
119.91
|
%
|
122.25
|
%
|
135.89
|
%
|
123.74
|
%
|
||||||||||
Net charge-offs to average loans (annualized)
|
0.04
|
%
|
0.08
|
%
|
0.03
|
%
|
0.26
|
%
|
0.01
|
%
|
||||||||||
Non-accrual loans as a percent of total loans
|
0.72
|
%
|
0.76
|
%
|
0.75
|
%
|
0.69
|
%
|
0.81
|
%
|
||||||||||
Non-accrual loans as a percent of total assets
|
0.62
|
%
|
0.65
|
%
|
0.65
|
%
|
0.59
|
%
|
0.70
|
%
|
||||||||||
Loan delinquencies 30 days and greater as a
|
||||||||||||||||||||
percent of total loans
|
0.75
|
%
|
0.78
|
%
|
0.78
|
%
|
0.80
|
%
|
0.85
|
%
|
||||||||||
Per Share Related Data:
|
||||||||||||||||||||
Basic earnings per share
|
$
|
0.21
|
$
|
0.17
|
$
|
0.15
|
$
|
0.10
|
$
|
0.07
|
||||||||||
Diluted earnings per share
|
$
|
0.21
|
$
|
0.17
|
$
|
0.14
|
$
|
0.10
|
$
|
0.07
|
||||||||||
Dividends declared per share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.04
|
$
|
0.03
|
$
|
0.03
|
||||||||||
Tangible book value (4)
|
$
|
14.57
|
$
|
14.56
|
$
|
14.39
|
$
|
14.22
|
$
|
14.11
|
||||||||||
Common stock shares outstanding
|
16,026,319
|
16,043,031
|
16,072,637
|
16,203,933
|
16,457,642
|
|||||||||||||||
Weighted-average basic shares outstanding
|
14,695,490
|
14,613,115
|
14,601,416
|
14,820,700
|
14,880,971
|
|||||||||||||||
Weighted-average diluted shares outstanding
|
14,836,032
|
14,710,880
|
14,707,472
|
14,920,837
|
14,897,762
|
|||||||||||||||
(1) Represents the difference between the weighted-average yield on average interest-earning assets and the weighted-average cost of
|
||||||||||||||||||||
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, adjusted for non-recurring items.
|
||||||||||||||||||||
See "Reconciliation of Non-GAAP Financial Measures" table.
|
||||||||||||||||||||
(4) Represents ending stockholders' equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by ending common shares outstanding.
|
||||||||||||||||||||
The Company does not have goodwill and intangible assets for any of the periods presented. See "Reconciliation of Non-GAAP Financial Measures" table.
|
At or for the Three Months Ended
|
||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||||||
(Dollars in thousands)
|
2014
|
2014
|
2014
|
2014
|
2013
|
|||||||||||||||
Capital Ratios:
|
||||||||||||||||||||
Equity to total assets at end of period
|
9.40
|
%
|
9.75
|
%
|
10.20
|
%
|
10.56
|
%
|
11.01
|
%
|
||||||||||
Average equity to average assets
|
9.71
|
%
|
10.13
|
%
|
10.59
|
%
|
10.99
|
%
|
11.23
|
%
|
||||||||||
Total capital to risk-weighted assets
|
13.82
|
%
|
*
|
14.12
|
%
|
14.56
|
%
|
15.05
|
%
|
15.50
|
%
|
|||||||||
Tier I capital to risk-weighted assets
|
12.79
|
%
|
*
|
13.07
|
%
|
13.51
|
%
|
13.97
|
%
|
14.36
|
%
|
|||||||||
Tier I capital to total average assets
|
9.86
|
%
|
*
|
10.25
|
%
|
10.70
|
%
|
11.02
|
%
|
11.47
|
%
|
|||||||||
Total equity to total average assets
|
9.57
|
%
|
10.09
|
%
|
10.54
|
%
|
10.85
|
%
|
11.30
|
%
|
||||||||||
* Estimated
|
||||||||||||||||||||
Loans and Allowance for Loan Losses:
|
||||||||||||||||||||
Real estate
|
||||||||||||||||||||
Residential
|
$
|
827,005
|
$
|
789,166
|
$
|
749,124
|
$
|
716,836
|
$
|
693,046
|
||||||||||
Commercial
|
765,066
|
717,399
|
686,299
|
677,948
|
633,764
|
|||||||||||||||
Construction
|
57,371
|
80,242
|
69,047
|
69,476
|
78,191
|
|||||||||||||||
Installment
|
3,356
|
3,524
|
3,850
|
4,109
|
4,516
|
|||||||||||||||
Commercial
|
309,708
|
289,708
|
277,483
|
244,075
|
252,032
|
|||||||||||||||
Collateral
|
1,733
|
1,826
|
1,480
|
1,455
|
1,600
|
|||||||||||||||
Home equity line of credit
|
169,768
|
163,608
|
156,625
|
153,619
|
151,606
|
|||||||||||||||
Demand
|
-
|
-
|
-
|
124
|
85
|
|||||||||||||||
Revolving credit
|
99
|
97
|
75
|
80
|
94
|
|||||||||||||||
Resort
|
929
|
1,019
|
1,068
|
1,124
|
1,374
|
|||||||||||||||
Total loans
|
2,135,035
|
2,046,589
|
1,945,051
|
1,868,846
|
1,816,308
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Allowance for loan losses
|
(18,960
|
)
|
(18,556
|
)
|
(17,912
|
)
|
(17,631
|
)
|
(18,314
|
)
|
||||||||||
Net deferred loan costs
|
3,842
|
3,747
|
3,363
|
3,282
|
2,993
|
|||||||||||||||
Loans, net
|
$
|
2,119,917
|
$
|
2,031,780
|
$
|
1,930,502
|
$
|
1,854,497
|
$
|
1,800,987
|
||||||||||
Deposits:
|
||||||||||||||||||||
Noninterest-bearing demand deposits
|
$
|
330,524
|
$
|
323,499
|
$
|
315,916
|
$
|
303,966
|
$
|
308,459
|
||||||||||
Interest-bearing
|
||||||||||||||||||||
NOW accounts
|
355,412
|
454,650
|
377,570
|
368,700
|
285,392
|
|||||||||||||||
Money market
|
470,991
|
417,498
|
401,694
|
427,535
|
387,225
|
|||||||||||||||
Savings accounts
|
210,892
|
200,501
|
202,970
|
199,531
|
193,937
|
|||||||||||||||
Time deposits
|
365,222
|
331,846
|
332,629
|
334,668
|
338,488
|
|||||||||||||||
Total interest-bearing deposits
|
1,402,517
|
1,404,495
|
1,314,863
|
1,330,434
|
1,205,042
|
|||||||||||||||
Total deposits
|
$
|
1,733,041
|
$
|
1,727,994
|
$
|
1,630,779
|
$
|
1,634,400
|
$
|
1,513,501
|
December 31,
|
September 30,
|
December 31,
|
||||||||||
2014
|
2014
|
2013
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
$
|
42,863
|
$
|
43,914
|
$
|
38,799
|
||||||
Securities held-to-maturity, at amortized cost
|
16,224
|
12,439
|
12,983
|
|||||||||
Securities available-for-sale, at fair value
|
186,484
|
194,706
|
150,886
|
|||||||||
Loans held for sale
|
2,417
|
5,533
|
3,186
|
|||||||||
Loans (1)
|
2,138,877
|
2,050,336
|
1,819,301
|
|||||||||
Allowance for loan losses
|
(18,960
|
)
|
(18,556
|
)
|
(18,314
|
)
|
||||||
Loans, net
|
2,119,917
|
2,031,780
|
1,800,987
|
|||||||||
Premises and equipment, net
|
18,873
|
19,384
|
20,619
|
|||||||||
Federal Home Loan Bank of Boston stock, at cost
|
19,785
|
17,724
|
13,136
|
|||||||||
Accrued income receivable
|
5,777
|
5,331
|
4,917
|
|||||||||
Bank-owned life insurance
|
39,686
|
39,403
|
38,556
|
|||||||||
Deferred income taxes
|
17,390
|
14,529
|
14,884
|
|||||||||
Prepaid expenses and other assets
|
14,936
|
10,931
|
11,075
|
|||||||||
Total assets
|
$
|
2,484,352
|
$
|
2,395,674
|
$
|
2,110,028
|
||||||
Liabilities and Stockholders' Equity
|
||||||||||||
Deposits
|
||||||||||||
Interest-bearing
|
$
|
1,402,517
|
$
|
1,404,495
|
$
|
1,205,042
|
||||||
Noninterest-bearing
|
330,524
|
323,499
|
308,459
|
|||||||||
1,733,041
|
1,727,994
|
1,513,501
|
||||||||||
Federal Home Loan Bank of Boston advances
|
401,700
|
304,700
|
259,000
|
|||||||||
Repurchase agreement borrowings
|
21,000
|
21,000
|
21,000
|
|||||||||
Repurchase liabilities
|
48,987
|
73,855
|
50,816
|
|||||||||
Accrued expenses and other liabilities
|
46,069
|
34,479
|
33,502
|
|||||||||
Total liabilities
|
2,250,797
|
2,162,028
|
1,877,819
|
|||||||||
Stockholders' Equity
|
||||||||||||
Common stock
|
181
|
181
|
181
|
|||||||||
Additional paid-in-capital
|
178,772
|
177,937
|
175,766
|
|||||||||
Unallocated common stock held by ESOP
|
(12,681
|
)
|
(12,949
|
)
|
(13,747
|
)
|
||||||
Treasury stock, at cost
|
(28,828
|
)
|
(28,585
|
)
|
(22,599
|
)
|
||||||
Retained earnings
|
103,630
|
101,089
|
96,832
|
|||||||||
Accumulated other comprehensive loss
|
(7,519
|
)
|
(4,027
|
)
|
(4,224
|
)
|
||||||
Total stockholders' equity
|
233,555
|
233,646
|
232,209
|
|||||||||
Total liabilities and stockholders' equity
|
$
|
2,484,352
|
$
|
2,395,674
|
$
|
2,110,028
|
Three Months Ended
|
For The Year Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
|||||||||||||||||
(Dollars in thousands, except per share data)
|
2014
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||
Interest income
|
||||||||||||||||||||
Interest and fees on loans
|
||||||||||||||||||||
Mortgage
|
$
|
15,170
|
$
|
14,490
|
$
|
13,007
|
$
|
56,963
|
$
|
48,728
|
||||||||||
Other
|
3,770
|
3,608
|
3,437
|
14,159
|
13,183
|
|||||||||||||||
Interest and dividends on investments
|
||||||||||||||||||||
United States Government and agency obligations
|
284
|
258
|
134
|
949
|
478
|
|||||||||||||||
Other bonds
|
63
|
57
|
53
|
259
|
230
|
|||||||||||||||
Corporate stocks
|
122
|
109
|
64
|
429
|
252
|
|||||||||||||||
Other interest income
|
3
|
6
|
2
|
15
|
15
|
|||||||||||||||
Total interest income
|
19,412
|
18,528
|
16,697
|
72,774
|
62,886
|
|||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
2,119
|
1,845
|
1,736
|
7,369
|
7,182
|
|||||||||||||||
Interest on borrowed funds
|
675
|
479
|
398
|
1,841
|
1,651
|
|||||||||||||||
Interest on repo borrowings
|
181
|
182
|
181
|
719
|
713
|
|||||||||||||||
Interest on repurchase liabilities
|
42
|
37
|
51
|
151
|
187
|
|||||||||||||||
Total interest expense
|
3,017
|
2,543
|
2,366
|
10,080
|
9,733
|
|||||||||||||||
Net interest income
|
16,395
|
15,985
|
14,331
|
62,694
|
53,153
|
|||||||||||||||
Provision for loan losses
|
632
|
1,041
|
660
|
2,588
|
1,530
|
|||||||||||||||
Net interest income
|
||||||||||||||||||||
after provision for loan losses
|
15,763
|
14,944
|
13,671
|
60,106
|
51,623
|
|||||||||||||||
Noninterest income
|
||||||||||||||||||||
Fees for customer services
|
1,521
|
1,459
|
1,251
|
5,488
|
4,559
|
|||||||||||||||
Gain on sale of investments
|
-
|
-
|
-
|
-
|
340
|
|||||||||||||||
Net gain on loans sold
|
347
|
633
|
581
|
1,419
|
4,825
|
|||||||||||||||
Brokerage and insurance fee income
|
52
|
47
|
40
|
192
|
150
|
|||||||||||||||
Bank owned life insurance income
|
283
|
284
|
301
|
1,130
|
1,316
|
|||||||||||||||
Other
|
295
|
355
|
10
|
875
|
(178
|
)
|
||||||||||||||
Total noninterest income
|
2,498
|
2,778
|
2,183
|
9,104
|
11,012
|
|||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
8,897
|
8,593
|
8,691
|
34,416
|
34,851
|
|||||||||||||||
Occupancy expense
|
1,251
|
1,271
|
1,181
|
5,080
|
4,722
|
|||||||||||||||
Furniture and equipment expense
|
1,125
|
1,093
|
964
|
4,342
|
4,079
|
|||||||||||||||
FDIC assessment
|
386
|
361
|
329
|
1,396
|
1,272
|
|||||||||||||||
Marketing
|
371
|
332
|
368
|
1,590
|
1,995
|
|||||||||||||||
Other operating expenses
|
2,585
|
2,569
|
2,865
|
10,224
|
10,843
|
|||||||||||||||
Total noninterest expense
|
14,615
|
14,219
|
14,398
|
57,048
|
57,762
|
|||||||||||||||
Income before income taxes
|
3,646
|
3,503
|
1,456
|
12,162
|
4,873
|
|||||||||||||||
Income tax expense
|
499
|
997
|
322
|
2,827
|
1,169
|
|||||||||||||||
Net income
|
$
|
3,147
|
$
|
2,506
|
$
|
1,134
|
$
|
9,335
|
$
|
3,704
|
||||||||||
Earnings per share:
|
||||||||||||||||||||
Basic
|
$
|
0.21
|
$
|
0.17
|
$
|
0.07
|
$
|
0.62
|
$
|
0.24
|
||||||||||
Diluted
|
0.21
|
0.17
|
0.07
|
0.62
|
0.24
|
|||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||||||
Basic
|
14,695,490
|
14,613,115
|
14,880,971
|
14,682,147
|
15,253,421
|
|||||||||||||||
Diluted
|
14,836,032
|
14,710,880
|
14,897,762
|
14,793,346
|
15,270,212
|
For The Three Months Ended
|
||||||||||||||||||||||||||||||||||||
December 31, 2014
|
September 30, 2014
|
December 31, 2013
|
||||||||||||||||||||||||||||||||||
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
|
$
|
2,083,857
|
$
|
18,940
|
3.61
|
%
|
$
|
1,978,854
|
$
|
18,098
|
3.63
|
%
|
$
|
1,767,468
|
$
|
16,444
|
3.69
|
%
|
||||||||||||||||||
Securities
|
207,616
|
403
|
0.77
|
%
|
189,246
|
369
|
0.77
|
%
|
148,653
|
243
|
0.65
|
%
|
||||||||||||||||||||||||
Federal Home Loan Bank of Boston stock
|
17,969
|
66
|
1.46
|
%
|
17,724
|
55
|
1.23
|
%
|
10,338
|
8
|
0.31
|
%
|
||||||||||||||||||||||||
Federal funds and other earning assets
|
8,014
|
3
|
0.15
|
%
|
4,918
|
6
|
0.48
|
%
|
5,093
|
2
|
0.16
|
%
|
||||||||||||||||||||||||
Total interest-earning assets
|
2,317,456
|
19,412
|
3.32
|
%
|
2,190,742
|
18,528
|
3.36
|
%
|
1,931,552
|
16,697
|
3.43
|
%
|
||||||||||||||||||||||||
Noninterest-earning assets
|
124,297
|
124,823
|
123,891
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
2,441,753
|
$
|
2,315,565
|
$
|
2,055,443
|
||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
NOW accounts
|
$
|
401,269
|
$
|
281
|
0.28
|
%
|
$
|
436,303
|
$
|
313
|
0.28
|
%
|
$
|
305,045
|
$
|
172
|
0.22
|
%
|
||||||||||||||||||
Money market
|
451,288
|
926
|
0.81
|
%
|
406,293
|
748
|
0.73
|
%
|
388,503
|
732
|
0.75
|
%
|
||||||||||||||||||||||||
Savings accounts
|
206,794
|
51
|
0.10
|
%
|
199,505
|
57
|
0.11
|
%
|
190,258
|
51
|
0.11
|
%
|
||||||||||||||||||||||||
Certificates of deposit
|
352,100
|
861
|
0.97
|
%
|
330,496
|
727
|
0.87
|
%
|
346,977
|
781
|
0.89
|
%
|
||||||||||||||||||||||||
Total interest-bearing deposits
|
1,411,451
|
2,119
|
0.60
|
%
|
1,372,597
|
1,845
|
0.53
|
%
|
1,230,783
|
1,736
|
0.56
|
%
|
||||||||||||||||||||||||
Federal Home Loan Bank of Boston Advances
|
328,257
|
675
|
0.82
|
%
|
270,250
|
479
|
0.70
|
%
|
170,000
|
398
|
0.93
|
%
|
||||||||||||||||||||||||
Repurchase agreement borrowings
|
21,000
|
181
|
3.42
|
%
|
21,000
|
182
|
3.44
|
%
|
21,000
|
181
|
3.42
|
%
|
||||||||||||||||||||||||
Repurchase liabilities
|
66,305
|
42
|
0.25
|
%
|
59,624
|
37
|
0.25
|
%
|
68,122
|
51
|
0.30
|
%
|
||||||||||||||||||||||||
Total interest-bearing liabilities
|
1,827,013
|
3,017
|
0.66
|
%
|
1,723,471
|
2,543
|
0.59
|
%
|
1,489,905
|
2,366
|
0.63
|
%
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
336,141
|
321,008
|
294,071
|
|||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities
|
41,602
|
36,482
|
40,543
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
2,204,756
|
2,080,961
|
1,824,519
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
236,997
|
234,604
|
230,924
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
2,441,753
|
$
|
2,315,565
|
$
|
2,055,443
|
||||||||||||||||||||||||||||||
Net interest income
|
$
|
16,395
|
$
|
15,985
|
$
|
14,331
|
||||||||||||||||||||||||||||||
Net interest rate spread (1)
|
2.66
|
%
|
2.77
|
%
|
2.80
|
%
|
||||||||||||||||||||||||||||||
Net interest-earning assets (2)
|
$
|
490,443
|
$
|
467,271
|
$
|
441,647
|
||||||||||||||||||||||||||||||
Net interest margin (3)
|
2.81
|
%
|
2.89
|
%
|
2.94
|
%
|
||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
||||||||||||||||||||||||||||||||||||
126.84
|
%
|
127.11
|
%
|
129.64
|
%
|
|||||||||||||||||||||||||||||||
(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,
|
||||||||||||||||||||||||
2014
|
2013
|
|||||||||||||||||||||||
Average Balance
|
Interest and Dividends
|
Yield/Cost
|
Average Balance
|
Interest and Dividends
|
Yield/Cost
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans, net
|
$
|
1,943,924
|
$
|
71,122
|
3.66
|
%
|
$
|
1,629,921
|
$
|
61,911
|
3.80
|
%
|
||||||||||||
Securities
|
181,345
|
1,429
|
0.79
|
%
|
130,593
|
927
|
0.71
|
%
|
||||||||||||||||
Federal Home Loan Bank of Boston stock
|
15,911
|
208
|
1.31
|
%
|
8,981
|
33
|
0.37
|
%
|
||||||||||||||||
Federal funds and other earning assets
|
4,947
|
15
|
0.30
|
%
|
8,398
|
15
|
0.18
|
%
|
||||||||||||||||
Total interest-earning assets
|
2,146,127
|
72,774
|
3.39
|
%
|
1,777,893
|
62,886
|
3.54
|
%
|
||||||||||||||||
Noninterest-earning assets
|
123,761
|
122,381
|
||||||||||||||||||||||
Total assets
|
$
|
2,269,888
|
$
|
1,900,274
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$
|
380,936
|
$
|
976
|
0.26
|
%
|
$
|
277,698
|
$
|
638
|
0.23
|
%
|
||||||||||||
Money market
|
420,456
|
3,112
|
0.74
|
%
|
362,914
|
2,878
|
0.79
|
%
|
||||||||||||||||
Savings accounts
|
200,948
|
205
|
0.10
|
%
|
182,952
|
206
|
0.11
|
%
|
||||||||||||||||
Certificates of deposit
|
338,590
|
3,076
|
0.91
|
%
|
353,677
|
3,460
|
0.98
|
%
|
||||||||||||||||
Total interest-bearing deposits
|
1,340,930
|
7,369
|
0.55
|
%
|
1,177,241
|
7,182
|
0.61
|
%
|
||||||||||||||||
Federal Home Loan Bank of Boston Advances
|
260,432
|
1,841
|
0.71
|
%
|
98,486
|
1,651
|
1.68
|
%
|
||||||||||||||||
Repurchase agreement borrowings
|
21,000
|
719
|
3.42
|
%
|
21,000
|
713
|
3.40
|
%
|
||||||||||||||||
Repurchase liabilities
|
60,082
|
151
|
0.25
|
%
|
56,891
|
187
|
0.33
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
1,682,444
|
10,080
|
0.60
|
%
|
1,353,618
|
9,733
|
0.72
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
315,177
|
266,217
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
37,909
|
44,597
|
||||||||||||||||||||||
Total liabilities
|
2,035,530
|
1,664,432
|
||||||||||||||||||||||
Stockholders' equity
|
234,358
|
235,842
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
2,269,888
|
$
|
1,900,274
|
||||||||||||||||||||
Net interest income
|
$
|
62,694
|
$
|
53,153
|
||||||||||||||||||||
Net interest rate spread (1)
|
2.79
|
%
|
2.82
|
%
|
||||||||||||||||||||
Net interest-earning assets (2)
|
$
|
463,683
|
$
|
424,275
|
||||||||||||||||||||
Net interest margin (3)
|
2.92
|
%
|
2.99
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
||||||||||||||||||||||||
127.56
|
%
|
131.34
|
%
|
|||||||||||||||||||||
(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.
|
At or for the Three Months Ended
|
||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
2014
|
2014
|
2014
|
2014
|
2013
|
|||||||||||||||
Net Income
|
$
|
3,147
|
$
|
2,506
|
$
|
2,190
|
$
|
1,492
|
$
|
1,134
|
||||||||||
Adjustments:
|
||||||||||||||||||||
Less: Prepayment penalty fees
|
-
|
-
|
(185
|
)
|
-
|
(144
|
)
|
|||||||||||||
Less: Non-recurring payment related to a loan participation
|
(250
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Total core adjustments before taxes
|
(250
|
)
|
-
|
(185
|
)
|
-
|
(144
|
)
|
||||||||||||
Tax benefit on core adjustments
|
88
|
-
|
63
|
-
|
49
|
|||||||||||||||
Tax rate adjustment (1)
|
(441
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Total core adjustments after taxes
|
(603
|
)
|
-
|
(122
|
)
|
-
|
(95
|
)
|
||||||||||||
Total core net income
|
$
|
2,544
|
$
|
2,506
|
$
|
2,068
|
$
|
1,492
|
$
|
1,039
|
||||||||||
Total net interest income
|
$
|
16,395
|
$
|
15,985
|
$
|
15,564
|
$
|
14,750
|
$
|
14,331
|
||||||||||
Less: Prepayment penalty fees
|
-
|
-
|
(185
|
)
|
-
|
(144
|
)
|
|||||||||||||
Less: Non-recurring payment related to a loan participation
|
(250
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Total core net interest income
|
$
|
16,145
|
$
|
15,985
|
$
|
15,379
|
$
|
14,750
|
$
|
14,187
|
||||||||||
Total noninterest income
|
$
|
2,498
|
$
|
2,778
|
$
|
2,066
|
$
|
1,762
|
$
|
2,183
|
||||||||||
Less: Net gain on sales of investments
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total core noninterest income
|
$
|
2,498
|
$
|
2,778
|
$
|
2,066
|
$
|
1,762
|
$
|
2,183
|
||||||||||
Total noninterest expense
|
$
|
14,615
|
$
|
14,219
|
$
|
14,254
|
$
|
13,960
|
$
|
14,398
|
||||||||||
Total core noninterest expense
|
$
|
14,615
|
$
|
14,219
|
$
|
14,254
|
$
|
13,960
|
$
|
14,398
|
||||||||||
Core earnings per common share, diluted
|
$
|
0.17
|
$
|
0.17
|
$
|
0.14
|
$
|
0.10
|
$
|
0.07
|
||||||||||
Core return on average assets (annualized)
|
0.42
|
%
|
0.43
|
%
|
0.38
|
%
|
0.28
|
%
|
0.20
|
%
|
||||||||||
Core return on average equity (annualized)
|
4.29
|
%
|
4.27
|
%
|
3.56
|
%
|
2.56
|
%
|
1.80
|
%
|
||||||||||
Efficiency ratio (2)
|
78.39
|
%
|
75.78
|
%
|
81.71
|
%
|
84.54
|
%
|
87.95
|
%
|
||||||||||
Tangible book value (3)
|
$
|
14.57
|
$
|
14.56
|
$
|
14.39
|
$
|
14.22
|
$
|
14.11
|
||||||||||
(1) Represents the tax benefit derived from adjusting the tax rate on the Company's deferred tax assets from 34% to 35%. The Company's taxable income placed it in
|
||||||||||||||||||||
the 35% corporate tax bracket.
|
||||||||||||||||||||
(2) Represents core noninterest expense divided by the sum of core net interest income and core noninterest income.
|
||||||||||||||||||||
(3) Represents ending stockholders' equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by ending common shares outstanding.
|
||||||||||||||||||||
The Company does not have goodwill and intangible assets for any of the periods presented.
|
At or for the Years Ended December 31,
|
||||||||
(Dollars in thousands, except per share data)
|
2014
|
2013
|
||||||
Net Income
|
$
|
9,335
|
$
|
3,704
|
||||
Adjustments:
|
||||||||
Less: Prepayment penalty fees
|
(185
|
)
|
(291
|
)
|
||||
Less: Net gain on sales of investments
|
-
|
(340
|
)
|
|||||
Less: Bank-owned life insurance proceeds
|
-
|
(108
|
)
|
|||||
Less: Non-recurring payment related to a loan participation
|
(250
|
)
|
-
|
|||||
Plus: Accelerated vesting of stock compensation
|
-
|
633
|
||||||
Total core adjustments before taxes
|
(435
|
)
|
(106
|
)
|
||||
Tax benefit on core adjustments
|
151
|
36
|
||||||
Tax rate adjustment (1)
|
(441
|
)
|
-
|
|||||
Total core adjustments after taxes
|
(725
|
)
|
(70
|
)
|
||||
Total core net income
|
$
|
8,610
|
$
|
3,634
|
||||
Total net interest income
|
$
|
62,694
|
$
|
53,153
|
||||
Less: Prepayment penalty fees
|
(185
|
)
|
-
|
|||||
Less: Non-recurring payment related to a loan participation
|
(250
|
)
|
-
|
|||||
Total core net interest income
|
$
|
62,259
|
$
|
53,153
|
||||
Total noninterest income
|
$
|
9,104
|
$
|
11,012
|
||||
Less: Net gain on sales of investments
|
-
|
(340
|
)
|
|||||
Less: Bank-owned life insurance proceeds
|
-
|
(108
|
)
|
|||||
Total core noninterest income
|
$
|
9,104
|
$
|
10,564
|
||||
Total noninterest expense
|
$
|
57,048
|
$
|
57,762
|
||||
Plus: Accelerated vesting of stock compensation
|
-
|
633
|
||||||
Total core noninterest expense
|
$
|
57,048
|
$
|
58,395
|
||||
Core earnings per common share, diluted
|
$
|
0.57
|
$
|
0.23
|
||||
Core return on average assets
|
0.38
|
%
|
0.19
|
%
|
||||
Core return on average equity
|
3.67
|
%
|
1.54
|
%
|
||||
Efficiency ratio (2)
|
79.94
|
%
|
91.65
|
%
|
||||
Tangible book value (3)
|
$
|
14.57
|
$
|
14.11
|
||||
(1) Represents the tax benefit derived from adjusting the tax rate on the Company's deferred tax assets from 34% to 35%.
|
||||||||
The Company's taxable income placed it in the 35% corporate tax bracket.
|
||||||||
(2) Represents core noninterest expense divided by the sum of core net interest income and core noninterest income.
|
||||||||
(3) Represents ending stockholders' equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by ending
|
||||||||
common shares outstanding. The Company does not have goodwill and intangible assets for any of the periods presented.
|