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 October 21, 2015, First Connecticut Bancorp, Inc., the holding company for Farmington Bank, issued a Press Release describing its results of operation for the third quarter 2015.
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 October 21, 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
|
|
October 21, 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 October 21, 2015.
|
·
|
Net interest income increased $573,000 to $17.7 million in the third quarter of 2015 compared to the linked quarter and increased $1.7 million or 11% compared to the third quarter of 2014.
|
·
|
Net gain on loans sold increased $581,000 to $993,000 in the third quarter of 2015 compared to the linked quarter primarily due to selling $83.2 million of fixed rate residential portfolio loans to reposition the balance sheet and maintain our asset sensitive interest rate position.
|
·
|
Strong organic loan growth continued during the quarter as total loans increased $50.4 million to $2.3 billion at September 30, 2015 and increased $287.6 million or 14% from a year ago. Loan growth during the quarter was primarily driven by an $82.0 million increase in the commercial loan portfolio offset by a $31.5 million decrease in the residential loan portfolio.
|
·
|
Overall deposits increased $95.3 million to $2.0 billion in the third quarter of 2015 compared to the linked quarter and increased $245.4 million or 14% from a year ago.
|
·
|
Checking accounts grew by 3.0% or 1,432 net new accounts in the third quarter of 2015 and by 11.8% or 5,182 net new accounts from a year ago.
|
·
|
Core noninterest expense to average assets was 2.26% in the third quarter of 2015 compared to 2.39% in the linked quarter and 2.46% in the third quarter of 2014.
|
·
|
Tangible book value per share is $15.30 compared to $15.01 on a linked quarter basis and $14.56 at September 30, 2014.
|
·
|
Asset quality decreased slightly compared to the linked quarter due to one commercial loan relationship but improved year over year. Loan delinquencies 30 days and greater represented 0.67% of total loans at September 30, 2015 compared to 0.58% at June 30, 2015 and 0.78% at September 30, 2014. Non-accrual loans represented 0.71% of total loans compared to 0.57% of total loans on a linked quarter basis and 0.76% of total loans at September 30, 2014.
|
·
|
The allowance for loan losses represented 0.86% of total loans at September 30, 2015 and June 30, 2015 and 0.91% at September 30, 2014.
|
·
|
The Company paid a cash dividend of $0.06 per share on September 14, 2015, an increase of $0.01 compared to the linked quarter.
|
·
|
Net interest income increased $573,000 to $17.7 million in the third quarter of 2015 compared to the linked quarter due primarily to a $117.8 million increase in the average net loan balance offset by a $357,000 increase in interest expense.
|
·
|
Net interest margin decreased 7 basis points to 2.79% in the third quarter of 2015 compared to 2.86% in the linked quarter due to a 5 basis point decrease in the loan yield and a 2 basis point increase in the cost of interest-bearing liabilities. The decrease in the loan yield was primarily due to lower yields on new loans originated as a result of a low interest rate environment during the quarter.
|
·
|
The cost of interest-bearing liabilities increased 2 basis points to 66 basis points in the third quarter of 2015 compared to 64 basis points in the linked quarter primarily due to money market and certificate of deposit promotions.
|
·
|
Provision for loan losses was $386,000 for the third quarter of 2015 compared to $663,000 for the linked quarter.
|
·
|
Net charge-offs (recoveries) in the quarter were ($43,000) or (0.01%) to average loans (annualized) compared to $314,000 or 0.06% to average loans (annualized) in the linked quarter.
|
·
|
The allowance for loan losses represented 0.86% of total loans at September 30, 2015 and June 30, 2015.
|
·
|
Total noninterest income decreased $833,000 to $3.2 million in the third quarter of 2015 compared to the linked quarter primarily due to no gain on sale of investments during the quarter, a $219,000 decrease in other noninterest income offset by a $581,000 increase in net gain on loans sold.
|
·
|
Gain on sale of investments was $1.3 million in the second quarter of 2015 due to the sale of a trust preferred security.
|
·
|
Net gain on loans sold increased $581,000 primarily due to selling $83.2 million of fixed rate residential portfolio loans to reposition the balance sheet and maintain our asset sensitive interest rate position.
|
·
|
Other income decreased $219,000 to $309,000 in the third quarter of 2015 compared to $528,000 in the linked quarter primarily due to a $95,000 decrease in swap fees and a decrease in mortgage banking derivatives income.
|
·
|
Noninterest expense decreased $879,000 in the third quarter of 2015 to $14.7 million compared to the linked quarter primarily due to a $970,000 decrease in other operating expenses offset by a $267,000 increase in salaries and employee benefits. Noninterest expense on a core basis remained flat at $15.3 million in the third quarter of 2015 compared to the linked quarter.
|
·
|
Other operating expenses decreased $970,000 on a linked quarter basis primarily due to a $557,000 gain on foreclosed real estate in the third quarter and $258,000 in non-recurring stock compensation costs in the second quarter related to the retirement of two directors and a $149,000 loss on a credit sharing arrangement on a sold loan incurred in the second quarter.
|
·
|
Income tax expense was $1.6 million in the third quarter of 2015 compared to $1.4 million in the linked quarter. The increase in income tax expense in the third quarter was primarily due to an $896,000 increase in income before taxes.
|
·
|
Net interest income increased $1.7 million to $17.7 million in the third quarter of 2015 compared to the prior year quarter primarily due to a $362.3 million increase in the average net loan balance offset by an $879,000 increase in interest expense.
|
·
|
Net interest margin decreased to 2.79% in the third quarter of 2015 compared to 2.91% in the third quarter of 2014 primarily due to a 5 basis point decrease in the yield on interest-earning assets and a 7 basis point increase in the cost of interest-bearing liabilities.
|
·
|
The yield on interest-earning assets decreased to 3.31% in the third quarter of 2015 compared to 3.36% in the prior year quarter primarily due to a 12 basis point decrease in the yield on average loans offset by increases in the investments yields.
|
·
|
The cost of interest-bearing liabilities increased to 66 basis points in the third quarter of 2015 compared to 59 basis points in the prior year quarter primarily due to certificate of deposit promotions and entering the brokered deposit market.
|
·
|
Provision for loan losses was $386,000 for the third quarter of 2015 compared to $1.0 million for the prior year quarter.
|
·
|
Net charge-offs (recoveries) in the quarter were ($43,000) or (0.01%) to average loans (annualized) compared to $397,000 or 0.08% to average loans (annualized) in the prior year quarter.
|
·
|
The allowance for loan losses represented 0.86% of total loans at September 30, 2015 compared to 0.91% at September 30, 2014.
|
·
|
Total noninterest income increased $463,000 to $3.2 million in the third quarter of 2015 compared to the prior year quarter primarily due to a $360,000 increase in net gain on loans sold, a $77,000 increase in fees for customer services and a $65,000 increase in bank owned life insurance income.
|
·
|
Noninterest expense on a core basis increased $1.1 million in the third quarter of 2015 compared to the prior year quarter primarily due to a $709,000 increase in salaries and employee benefits and a $295,000 increase in other operating expenses.
|
·
|
Salaries and employee benefits increased $709,000 primarily due to costs associated with our expansion into western Massachusetts, growth driven staff increases in our compliance areas and a general increase to maintain the Bank's growth.
|
·
|
Other operating expenses increased $295,000 due to a general increase in other costs to support the Bank's operations.
|
·
|
Income tax expense was $1.6 million in the third quarter of 2015 compared to $997,000 in the prior year quarter. The increase in income tax expense in the third quarter was primarily due to a $2.3 million increase in income before taxes.
|
·
|
Total assets increased $312.8 million or 13% at September 30, 2015 to $2.7 billion compared to $2.4 billion at September 30, 2014, largely reflecting an increase in loans.
|
·
|
Our investment portfolio totaled $196.9 million at September 30, 2015 compared to $207.1 million at September 30, 2014, a decrease of $10.3 million.
|
|
Net loans increased $286.5 million at September 30, 2015 to $2.3 billion compared to $2.0 billion at September 30, 2014 due to our continued focus on commercial and residential lending.
|
·
|
Deposits increased $245.4 million at September 30, 2015 to $2.0 billion compared to $1.7 billion at September 30, 2014 primarily due to increases in municipal deposits, demand deposits and time deposits accounts as we continue to develop and grow relationships in the geographical areas we serve. We entered the brokered deposit market during the second quarter of 2015 with balances totaling $55.5 million at September 30, 2015.
|
·
|
Federal Home Loan Bank of Boston advances increased $68.9 million to $373.6 million at September 30, 2015 compared to $304.7 million at September 30, 2014. Advances were used to support loan and securities growth during the quarter.
|
·
|
Asset quality decreased slightly compared to the linked quarter due to one commercial loan relationship totaling $3.5 million at September 30, 2015 was 30 days delinquent and on nonaccrual due to a Chapter 11 Bankruptcy filing.
|
·
|
At September 30, 2015, the allowance for loan losses represented 0.86% of total loans and 120.05% of non-accrual loans, compared to 0.86% of total loans and 150.94% of non-accrual loans at June 30, 2015 and 0.91% of total loans and 119.91% of non-accrual loans at September 30, 2014.
|
·
|
Loan delinquencies 30 days and greater represented to 0.67% of total loans at September 30, 2015 compared to 0.58% of total loans at June 30, 2015 and 0.78% of total loans at September 30, 2014.
|
·
|
Non-accrual loans represented 0.71% of total loans at September 30, 2015 compared to 0.57% of total loans at June 30, 2015 and 0.76% of total loans at September 30, 2014.
|
·
|
Net charge-offs (recoveries) in the quarter were ($43,000) or (0.01%) to average loans (annualized) compared to $314,000 or 0.06% to average loans (annualized) in the linked quarter and $397,000 or 0.08% 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 12.72% at September 30, 2015.
|
·
|
Tangible book value per share was $15.30 compared to $15.01 on a linked quarter basis and $14.56 at September 30, 2014.
|
·
|
During the third quarter of 2015, the Company repurchased 7,589 shares of common stock at an average price per share of $15.76 at a total cost of $120,000. Repurchased shares are held as treasury stock and will be available for general corporate purposes. The Company has 772,745 shares remaining to repurchase at September 30, 2015 from prior regulatory approval.
|
·
|
At September 30, 2015, 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
|
||||||||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
2015
|
2015
|
2015
|
2014
|
2014
|
|||||||||||||||
Selected Financial Condition Data:
|
||||||||||||||||||||
Total assets
|
$
|
2,708,454
|
$
|
2,626,217
|
$
|
2,549,074
|
$
|
2,485,360
|
$
|
2,395,674
|
||||||||||
Cash and cash equivalents
|
47,447
|
42,992
|
44,847
|
42,863
|
43,914
|
|||||||||||||||
Securities held-to-maturity, at amortized cost
|
25,486
|
34,366
|
21,006
|
16,224
|
12,439
|
|||||||||||||||
Securities available-for-sale, at fair value
|
171,390
|
143,799
|
173,829
|
188,041
|
194,706
|
|||||||||||||||
Federal Home Loan Bank of Boston stock, at cost
|
23,038
|
21,496
|
19,785
|
19,785
|
17,724
|
|||||||||||||||
Loans, net
|
2,318,257
|
2,268,385
|
2,186,937
|
2,119,917
|
2,031,780
|
|||||||||||||||
Deposits
|
1,973,355
|
1,878,040
|
1,887,954
|
1,733,041
|
1,727,994
|
|||||||||||||||
Federal Home Loan Bank of Boston advances
|
373,600
|
400,700
|
308,700
|
401,700
|
304,700
|
|||||||||||||||
Total stockholders' equity
|
243,195
|
239,082
|
237,709
|
234,563
|
233,646
|
|||||||||||||||
Allowance for loan losses
|
20,010
|
19,581
|
19,232
|
18,960
|
18,556
|
|||||||||||||||
Non-accrual loans
|
16,668
|
12,973
|
14,086
|
15,468
|
15,475
|
|||||||||||||||
Impaired loans
|
42,662
|
39,975
|
42,130
|
43,452
|
39,579
|
|||||||||||||||
Loan delinquencies 30 days and greater
|
15,598
|
13,244
|
14,193
|
16,079
|
15,922
|
|||||||||||||||
Selected Operating Data:
|
||||||||||||||||||||
Interest income
|
$
|
21,094
|
$
|
20,164
|
$
|
19,532
|
$
|
19,412
|
$
|
18,528
|
||||||||||
Interest expense
|
3,422
|
3,065
|
3,157
|
3,017
|
2,543
|
|||||||||||||||
Net interest income
|
17,672
|
17,099
|
16,375
|
16,395
|
15,985
|
|||||||||||||||
Provision for loan losses
|
386
|
663
|
615
|
632
|
1,041
|
|||||||||||||||
Net interest income after provision for loan losses
|
17,286
|
16,436
|
15,760
|
15,763
|
14,944
|
|||||||||||||||
Noninterest income
|
3,241
|
4,074
|
2,664
|
2,498
|
2,778
|
|||||||||||||||
Noninterest expense
|
14,718
|
15,597
|
14,937
|
14,615
|
14,219
|
|||||||||||||||
Income before income taxes
|
5,809
|
4,913
|
3,487
|
3,646
|
3,503
|
|||||||||||||||
Income tax expense
|
1,594
|
1,441
|
976
|
499
|
997
|
|||||||||||||||
Net income
|
$
|
4,215
|
$
|
3,472
|
$
|
2,511
|
$
|
3,147
|
$
|
2,506
|
||||||||||
Performance Ratios (annualized):
|
||||||||||||||||||||
Return on average assets
|
0.62
|
%
|
0.54
|
%
|
0.40
|
%
|
0.52
|
%
|
0.43
|
%
|
||||||||||
Return on average equity
|
6.92
|
%
|
5.77
|
%
|
4.24
|
%
|
5.31
|
%
|
4.27
|
%
|
||||||||||
Net interest rate spread (1)
|
2.65
|
%
|
2.72
|
%
|
2.68
|
%
|
2.68
|
%
|
2.78
|
%
|
||||||||||
Net interest rate margin (2)
|
2.79
|
%
|
2.86
|
%
|
2.83
|
%
|
2.83
|
%
|
2.91
|
%
|
||||||||||
Non-interest expense to average assets (3)
|
2.26
|
%
|
2.39
|
%
|
2.34
|
%
|
2.39
|
%
|
2.46
|
%
|
||||||||||
Efficiency ratio (4)
|
73.04
|
%
|
77.13
|
%
|
78.35
|
%
|
77.70
|
%
|
75.78
|
%
|
||||||||||
Average interest-earning assets to average
|
||||||||||||||||||||
interest-bearing liabilities
|
126.44
|
%
|
126.98
|
%
|
125.86
|
%
|
127.89
|
%
|
128.17
|
%
|
||||||||||
Loans to deposits
|
118.49
|
%
|
121.83
|
%
|
116.86
|
%
|
123.42
|
%
|
118.65
|
%
|
||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Allowance for loan losses as a percent of total loans
|
0.86
|
%
|
0.86
|
%
|
0.87
|
%
|
0.89
|
%
|
0.91
|
%
|
||||||||||
Allowance for loan losses as a percent of
|
||||||||||||||||||||
non-accrual loans
|
120.05
|
%
|
150.94
|
%
|
136.53
|
%
|
122.58
|
%
|
119.91
|
%
|
||||||||||
Net charge-offs (recoveries) to average loans (annualized)
|
(0.01
|
%)
|
0.06
|
%
|
0.06
|
%
|
0.04
|
%
|
0.08
|
%
|
||||||||||
Non-accrual loans as a percent of total loans
|
0.71
|
%
|
0.57
|
%
|
0.64
|
%
|
0.72
|
%
|
0.76
|
%
|
||||||||||
Non-accrual loans as a percent of total assets
|
0.62
|
%
|
0.49
|
%
|
0.55
|
%
|
0.62
|
%
|
0.65
|
%
|
||||||||||
Loan delinquencies 30 days and greater as a
|
||||||||||||||||||||
percent of total loans
|
0.67
|
%
|
0.58
|
%
|
0.64
|
%
|
0.75
|
%
|
0.78
|
%
|
||||||||||
Per Share Related Data:
|
||||||||||||||||||||
Basic earnings per share
|
$
|
0.28
|
$
|
0.23
|
$
|
0.17
|
$
|
0.21
|
$
|
0.17
|
||||||||||
Diluted earnings per share
|
$
|
0.28
|
$
|
0.23
|
$
|
0.17
|
$
|
0.21
|
$
|
0.17
|
||||||||||
Dividends declared per share
|
$
|
0.06
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
||||||||||
Tangible book value (5)
|
$
|
15.30
|
$
|
15.01
|
$
|
14.82
|
$
|
14.64
|
$
|
14.56
|
||||||||||
Common stock shares outstanding
|
15,893,263
|
15,922,888
|
16,035,005
|
16,026,319
|
16,043,031
|
|||||||||||||||
Weighted-average basic shares outstanding
|
14,632,951
|
14,694,472
|
14,722,112
|
14,695,490
|
14,613,115
|
|||||||||||||||
Weighted-average diluted shares outstanding
|
14,887,461
|
14,839,454
|
14,850,597
|
14,836,032
|
14,710,880
|
|||||||||||||||
(1) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
||||||||||||||||||||
(2) Represents tax-equivalent net interest income as a percent of average interest-earning assets.
|
||||||||||||||||||||
(3) Represents core noninterest expense annualized divided by average assets. See "Reconciliation of Non-GAAP Financial Measures" table.
|
||||||||||||||||||||
(4) Represents core noninterest expense divided by the sum of core net interest income and core noninterest income.
|
||||||||||||||||||||
See "Reconciliation of Non-GAAP Financial Measures" table.
|
||||||||||||||||||||
(5) 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
|
||||||||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||||||||||||
(Dollars in thousands)
|
2015
|
2015
|
2015
|
2014
|
2014
|
|||||||||||||||
Capital Ratios:
|
||||||||||||||||||||
Equity to total assets at end of period
|
8.98
|
%
|
9.10
|
%
|
9.33
|
%
|
9.44
|
%
|
9.75
|
%
|
||||||||||
Average equity to average assets
|
9.00
|
%
|
9.36
|
%
|
9.45
|
%
|
9.71
|
%
|
10.13
|
%
|
||||||||||
Total Capital (to Risk Weighted Assets)
|
12.72
|
%
|
* |
13.11
|
%
|
13.44
|
%
|
13.73
|
%
|
14.12
|
%
|
|||||||||
Tier I Capital (to Risk Weighted Assets)
|
11.76
|
%
|
* |
12.12
|
%
|
12.44
|
%
|
12.70
|
%
|
13.07
|
%
|
|||||||||
Common Equity Tier I Capital
|
11.76
|
%
|
* |
12.12
|
%
|
12.44
|
%
|
n/
|
a
|
n/
|
a
|
|||||||||
Tier I Leverage Capital (to Average Assets)
|
9.24
|
%
|
* |
9.57
|
%
|
9.72
|
%
|
9.86
|
%
|
10.25
|
%
|
|||||||||
Total equity to total average assets
|
8.98
|
%
|
9.29
|
%
|
9.48
|
%
|
9.61
|
%
|
10.09
|
%
|
||||||||||
* Estimated
|
||||||||||||||||||||
Loans and Allowance for Loan Losses:
|
||||||||||||||||||||
Real estate
|
||||||||||||||||||||
Residential
|
$
|
851,784
|
$
|
888,376
|
$
|
850,819
|
$
|
827,005
|
$
|
789,166
|
||||||||||
Commercial
|
862,367
|
817,955
|
769,712
|
765,066
|
717,399
|
|||||||||||||||
Construction
|
29,244
|
42,858
|
53,913
|
57,371
|
80,242
|
|||||||||||||||
Installment
|
3,007
|
3,103
|
3,114
|
3,356
|
3,524
|
|||||||||||||||
Commercial
|
410,704
|
359,537
|
352,085
|
309,708
|
289,708
|
|||||||||||||||
Collateral
|
1,632
|
1,551
|
1,676
|
1,733
|
1,826
|
|||||||||||||||
Home equity line of credit
|
174,579
|
169,507
|
169,969
|
169,768
|
163,608
|
|||||||||||||||
Revolving credit
|
96
|
77
|
80
|
99
|
97
|
|||||||||||||||
Resort
|
807
|
837
|
880
|
929
|
1,019
|
|||||||||||||||
Total loans
|
2,334,220
|
2,283,801
|
2,202,248
|
2,135,035
|
2,046,589
|
|||||||||||||||
Net deferred loan costs
|
4,047
|
4,165
|
3,921
|
3,842
|
3,747
|
|||||||||||||||
Loans
|
2,338,267
|
2,287,966
|
2,206,169
|
2,138,877
|
2,050,336
|
|||||||||||||||
Allowance for loan losses
|
(20,010
|
)
|
(19,581
|
)
|
(19,232
|
)
|
(18,960
|
)
|
(18,556
|
)
|
||||||||||
Loans, net
|
$
|
2,318,257
|
$
|
2,268,385
|
$
|
2,186,937
|
$
|
2,119,917
|
$
|
2,031,780
|
||||||||||
Deposits:
|
||||||||||||||||||||
Noninterest-bearing demand deposits
|
$
|
359,757
|
$
|
377,092
|
$
|
337,211
|
$
|
330,524
|
$
|
323,499
|
||||||||||
Interest-bearing
|
||||||||||||||||||||
NOW accounts
|
527,128
|
425,789
|
499,130
|
355,412
|
454,650
|
|||||||||||||||
Money market
|
440,249
|
430,558
|
462,532
|
470,991
|
417,498
|
|||||||||||||||
Savings accounts
|
211,170
|
220,154
|
214,083
|
210,892
|
200,501
|
|||||||||||||||
Time deposits
|
435,051
|
424,447
|
374,998
|
365,222
|
331,846
|
|||||||||||||||
Total interest-bearing deposits
|
1,613,598
|
1,500,948
|
1,550,743
|
1,402,517
|
1,404,495
|
|||||||||||||||
Total deposits
|
$
|
1,973,355
|
$
|
1,878,040
|
$
|
1,887,954
|
$
|
1,733,041
|
$
|
1,727,994
|
September 30,
|
June 30,
|
September 30,
|
||||||||||
2015
|
2015
|
2014
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Assets
|
||||||||||||
Cash and due from banks
|
$
|
33,564
|
$
|
35,595
|
$
|
41,159
|
||||||
Interest bearing deposits with other institutions
|
13,883
|
7,397
|
2,755
|
|||||||||
Total cash and cash equivalents
|
47,447
|
42,992
|
43,914
|
|||||||||
Securities held-to-maturity, at amortized cost
|
25,486
|
34,366
|
12,439
|
|||||||||
Securities available-for-sale, at fair value
|
171,390
|
143,799
|
194,706
|
|||||||||
Loans held for sale
|
8,416
|
7,550
|
5,533
|
|||||||||
Loans (1)
|
2,338,267
|
2,287,966
|
2,050,336
|
|||||||||
Allowance for loan losses
|
(20,010
|
)
|
(19,581
|
)
|
(18,556
|
)
|
||||||
Loans, net
|
2,318,257
|
2,268,385
|
2,031,780
|
|||||||||
Premises and equipment, net
|
17,870
|
17,964
|
19,384
|
|||||||||
Federal Home Loan Bank of Boston stock, at cost
|
23,038
|
21,496
|
17,724
|
|||||||||
Accrued income receivable
|
6,305
|
6,425
|
5,331
|
|||||||||
Bank-owned life insurance
|
50,633
|
50,283
|
39,403
|
|||||||||
Deferred income taxes
|
15,935
|
16,450
|
14,529
|
|||||||||
Prepaid expenses and other assets
|
23,677
|
16,507
|
10,931
|
|||||||||
Total assets
|
$
|
2,708,454
|
$
|
2,626,217
|
$
|
2,395,674
|
||||||
Liabilities and Stockholders' Equity
|
||||||||||||
Deposits
|
||||||||||||
Interest-bearing
|
$
|
1,613,598
|
$
|
1,500,948
|
$
|
1,404,495
|
||||||
Noninterest-bearing
|
359,757
|
377,092
|
323,499
|
|||||||||
1,973,355
|
1,878,040
|
1,727,994
|
||||||||||
Federal Home Loan Bank of Boston advances
|
373,600
|
400,700
|
304,700
|
|||||||||
Repurchase agreement borrowings
|
10,500
|
10,500
|
21,000
|
|||||||||
Repurchase liabilities
|
58,084
|
56,041
|
73,855
|
|||||||||
Accrued expenses and other liabilities
|
49,720
|
41,854
|
34,479
|
|||||||||
Total liabilities
|
2,465,259
|
2,387,135
|
2,162,028
|
|||||||||
Stockholders' Equity
|
||||||||||||
Common stock
|
181
|
181
|
181
|
|||||||||
Additional paid-in-capital
|
181,195
|
180,764
|
177,937
|
|||||||||
Unallocated common stock held by ESOP
|
(11,893
|
)
|
(12,160
|
)
|
(12,949
|
)
|
||||||
Treasury stock, at cost
|
(30,411
|
)
|
(30,389
|
)
|
(28,585
|
)
|
||||||
Retained earnings
|
111,274
|
108,014
|
101,089
|
|||||||||
Accumulated other comprehensive loss
|
(7,151
|
)
|
(7,328
|
)
|
(4,027
|
)
|
||||||
Total stockholders' equity
|
243,195
|
239,082
|
233,646
|
|||||||||
Total liabilities and stockholders' equity
|
$
|
2,708,454
|
$
|
2,626,217
|
$
|
2,395,674
|
||||||
(1) Loans include net deferred fees and unamortized premiums of $4.0 million, $4.2 million and $3.7 million at September 30, 2015,
|
||||||||||||
June 30, 2015 and September 30, 2014, respectively.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
September 30,
|
|||||||||||||||||
(Dollars in thousands, except per share data)
|
2015
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||||
Interest income
|
||||||||||||||||||||
Interest and fees on loans
|
||||||||||||||||||||
Mortgage
|
$
|
15,861
|
$
|
15,331
|
$
|
14,490
|
$
|
46,250
|
$
|
41,793
|
||||||||||
Other
|
4,594
|
4,264
|
3,608
|
12,853
|
10,389
|
|||||||||||||||
Interest and dividends on investments
|
||||||||||||||||||||
United States Government and agency obligations
|
401
|
385
|
258
|
1,109
|
665
|
|||||||||||||||
Other bonds
|
13
|
35
|
57
|
66
|
196
|
|||||||||||||||
Corporate stocks
|
217
|
145
|
109
|
493
|
307
|
|||||||||||||||
Other interest income
|
8
|
4
|
6
|
19
|
12
|
|||||||||||||||
Total interest income
|
21,094
|
20,164
|
18,528
|
60,790
|
53,362
|
|||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
2,412
|
2,140
|
1,845
|
6,761
|
5,250
|
|||||||||||||||
Interest on borrowed funds
|
890
|
804
|
479
|
2,445
|
1,166
|
|||||||||||||||
Interest on repo borrowings
|
96
|
92
|
182
|
351
|
538
|
|||||||||||||||
Interest on repurchase liabilities
|
24
|
29
|
37
|
87
|
109
|
|||||||||||||||
Total interest expense
|
3,422
|
3,065
|
2,543
|
9,644
|
7,063
|
|||||||||||||||
Net interest income
|
17,672
|
17,099
|
15,985
|
51,146
|
46,299
|
|||||||||||||||
Provision for loan losses
|
386
|
663
|
1,041
|
1,664
|
1,956
|
|||||||||||||||
Net interest income
|
||||||||||||||||||||
after provision for loan losses
|
17,286
|
16,436
|
14,944
|
49,482
|
44,343
|
|||||||||||||||
Noninterest income
|
||||||||||||||||||||
Fees for customer services
|
1,536
|
1,500
|
1,459
|
4,409
|
3,967
|
|||||||||||||||
Gain on sale of investments
|
-
|
1,250
|
-
|
1,523
|
-
|
|||||||||||||||
Net gain on loans sold
|
993
|
412
|
633
|
1,925
|
1,072
|
|||||||||||||||
Brokerage and insurance fee income
|
54
|
60
|
47
|
163
|
140
|
|||||||||||||||
Bank owned life insurance income
|
349
|
324
|
284
|
946
|
847
|
|||||||||||||||
Other
|
309
|
528
|
355
|
1,013
|
580
|
|||||||||||||||
Total noninterest income
|
3,241
|
4,074
|
2,778
|
9,979
|
6,606
|
|||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
9,302
|
9,035
|
8,593
|
27,127
|
25,519
|
|||||||||||||||
Occupancy expense
|
1,219
|
1,272
|
1,271
|
3,858
|
3,829
|
|||||||||||||||
Furniture and equipment expense
|
1,034
|
1,077
|
1,093
|
3,147
|
3,217
|
|||||||||||||||
FDIC assessment
|
413
|
402
|
361
|
1,227
|
1,010
|
|||||||||||||||
Marketing
|
443
|
534
|
332
|
1,386
|
1,219
|
|||||||||||||||
Other operating expenses
|
2,307
|
3,277
|
2,569
|
8,507
|
7,639
|
|||||||||||||||
Total noninterest expense
|
14,718
|
15,597
|
14,219
|
45,252
|
42,433
|
|||||||||||||||
Income before income taxes
|
5,809
|
4,913
|
3,503
|
14,209
|
8,516
|
|||||||||||||||
Income tax expense
|
1,594
|
1,441
|
997
|
4,011
|
2,328
|
|||||||||||||||
Net income
|
$
|
4,215
|
$
|
3,472
|
$
|
2,506
|
$
|
10,198
|
$
|
6,188
|
||||||||||
Earnings per share:
|
||||||||||||||||||||
Basic
|
$
|
0.28
|
$
|
0.23
|
$
|
0.17
|
$
|
0.68
|
$
|
0.41
|
||||||||||
Diluted
|
0.28
|
0.23
|
0.17
|
0.67
|
0.41
|
|||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||||||
Basic
|
14,632,951
|
14,694,472
|
14,613,115
|
14,706,908
|
14,677,650
|
|||||||||||||||
Diluted
|
14,887,461
|
14,839,454
|
14,710,880
|
14,883,362
|
14,778,961
|
For The Three Months Ended
|
||||||||||||||||||||||||||||||||||||
September 30, 2015
|
June 30, 2015
|
September 30, 2014
|
||||||||||||||||||||||||||||||||||
Average
Balance
|
Interest and Dividends (1)
|
Yield/
Cost
|
Average
Balance
|
Interest and Dividends (1)
|
Yield/
Cost
|
Average
Balance
|
Interest and Dividends (1)
|
Yield/
Cost
|
||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Loans
|
$
|
2,359,293
|
$
|
20,937
|
3.52
|
%
|
$
|
2,241,447
|
$
|
19,949
|
3.57
|
%
|
$
|
1,997,010
|
$
|
18,303
|
3.64
|
%
|
||||||||||||||||||
Securities
|
191,530
|
465
|
0.96
|
%
|
178,780
|
478
|
1.07
|
%
|
189,208
|
369
|
0.77
|
%
|
||||||||||||||||||||||||
Federal Home Loan Bank of Boston stock
|
22,883
|
166
|
2.88
|
%
|
20,310
|
86
|
1.70
|
%
|
17,724
|
55
|
1.23
|
%
|
||||||||||||||||||||||||
Federal funds and other earning assets
|
11,089
|
8
|
0.29
|
%
|
10,032
|
5
|
0.20
|
%
|
4,918
|
6
|
0.48
|
%
|
||||||||||||||||||||||||
Total interest-earning assets
|
2,584,795
|
21,576
|
3.31
|
%
|
2,450,569
|
20,518
|
3.36
|
%
|
2,208,860
|
18,733
|
3.36
|
%
|
||||||||||||||||||||||||
Noninterest-earning assets
|
122,438
|
121,820
|
106,705
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
2,707,233
|
$
|
2,572,389
|
$
|
2,315,565
|
||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
NOW accounts
|
$
|
486,798
|
$
|
357
|
0.29
|
%
|
$
|
454,532
|
$
|
310
|
0.27
|
%
|
$
|
436,303
|
$
|
313
|
0.28
|
%
|
||||||||||||||||||
Money market
|
437,000
|
867
|
0.79
|
%
|
435,749
|
798
|
0.73
|
%
|
406,293
|
748
|
0.73
|
%
|
||||||||||||||||||||||||
Savings accounts
|
210,978
|
58
|
0.11
|
%
|
217,651
|
57
|
0.11
|
%
|
199,505
|
57
|
0.11
|
%
|
||||||||||||||||||||||||
Certificates of deposit
|
430,152
|
1,130
|
1.04
|
%
|
392,941
|
975
|
1.00
|
%
|
330,497
|
727
|
0.87
|
%
|
||||||||||||||||||||||||
Total interest-bearing deposits
|
1,564,928
|
2,412
|
0.61
|
%
|
1,500,873
|
2,140
|
0.57
|
%
|
1,372,598
|
1,845
|
0.53
|
%
|
||||||||||||||||||||||||
Federal Home Loan Bank of Boston Advances
|
411,236
|
890
|
0.86
|
%
|
366,460
|
804
|
0.88
|
%
|
270,250
|
479
|
0.70
|
%
|
||||||||||||||||||||||||
Repurchase agreement borrowings
|
10,500
|
96
|
3.63
|
%
|
10,500
|
92
|
3.51
|
%
|
21,000
|
182
|
3.44
|
%
|
||||||||||||||||||||||||
Repurchase liabilities
|
57,644
|
24
|
0.17
|
%
|
52,043
|
29
|
0.22
|
%
|
59,624
|
37
|
0.25
|
%
|
||||||||||||||||||||||||
Total interest-bearing liabilities
|
2,044,308
|
3,422
|
0.66
|
%
|
1,929,876
|
3,065
|
0.64
|
%
|
1,723,472
|
2,543
|
0.59
|
%
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
368,200
|
348,857
|
321,008
|
|||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities
|
51,089
|
52,831
|
36,481
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
2,463,597
|
2,331,564
|
2,080,961
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
243,636
|
240,825
|
234,604
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
2,707,233
|
$
|
2,572,389
|
$
|
2,315,565
|
||||||||||||||||||||||||||||||
Tax-equivalent net interest income
|
$
|
18,154
|
$
|
17,453
|
$
|
16,190
|
||||||||||||||||||||||||||||||
Less: tax-equivalent adjustment
|
(482
|
)
|
(354
|
)
|
(205
|
)
|
||||||||||||||||||||||||||||||
Net interest income
|
$
|
17,672
|
$
|
17,099
|
$
|
15,985
|
||||||||||||||||||||||||||||||
Net interest rate spread (2)
|
2.65
|
%
|
2.72
|
%
|
2.78
|
%
|
||||||||||||||||||||||||||||||
Net interest-earning assets (3)
|
$
|
540,487
|
$
|
520,693
|
$
|
485,388
|
||||||||||||||||||||||||||||||
Net interest margin (4)
|
2.79
|
%
|
2.86
|
%
|
2.91
|
%
|
||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
||||||||||||||||||||||||||||||||||||
126.44
|
%
|
126.98
|
%
|
128.16
|
%
|
|||||||||||||||||||||||||||||||
(1) On a fully-tax equivalent basis.
|
||||||||||||||||||||||||||||||||||||
(2) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost
|
||||||||||||||||||||||||||||||||||||
of average interest-bearing liabilities.
|
||||||||||||||||||||||||||||||||||||
(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
||||||||||||||||||||||||||||||||||||
(4) Net interest margin represents tax-equivalent net interest income divided by average total interest-earning assets.
|
For The Nine Months Ended September 30,
|
||||||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||||||
Average Balance
|
Interest and Dividends (1)
|
Yield/
Cost
|
Average Balance
|
Interest and Dividends (1)
|
Yield/
Cost
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$
|
2,256,907
|
$
|
60,259
|
3.57
|
%
|
$
|
1,914,846
|
$
|
52,742
|
3.68
|
%
|
||||||||||||
Securities
|
188,781
|
1,337
|
0.95
|
%
|
172,482
|
1,026
|
0.80
|
%
|
||||||||||||||||
Federal Home Loan Bank of Boston stock
|
21,004
|
331
|
2.11
|
%
|
15,218
|
142
|
1.25
|
%
|
||||||||||||||||
Federal funds and other earning assets
|
11,166
|
19
|
0.23
|
%
|
3,913
|
12
|
0.41
|
%
|
||||||||||||||||
Total interest-earning assets
|
2,477,858
|
61,946
|
3.34
|
%
|
2,106,459
|
53,922
|
3.42
|
%
|
||||||||||||||||
Noninterest-earning assets
|
118,969
|
105,511
|
||||||||||||||||||||||
Total assets
|
$
|
2,596,827
|
$
|
2,211,970
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$
|
463,878
|
$
|
988
|
0.28
|
%
|
$
|
374,084
|
$
|
695
|
0.25
|
%
|
||||||||||||
Money market
|
450,985
|
2,635
|
0.78
|
%
|
410,066
|
2,186
|
0.71
|
%
|
||||||||||||||||
Savings accounts
|
212,427
|
172
|
0.11
|
%
|
198,978
|
154
|
0.10
|
%
|
||||||||||||||||
Certificates of deposit
|
397,094
|
2,966
|
1.00
|
%
|
334,037
|
2,215
|
0.89
|
%
|
||||||||||||||||
Total interest-bearing deposits
|
1,524,384
|
6,761
|
0.59
|
%
|
1,317,165
|
5,250
|
0.53
|
%
|
||||||||||||||||
Federal Home Loan Bank of Boston Advances
|
361,094
|
2,445
|
0.91
|
%
|
237,576
|
1,166
|
0.66
|
%
|
||||||||||||||||
Repurchase agreement borrowings
|
13,346
|
351
|
3.52
|
%
|
21,000
|
538
|
3.43
|
%
|
||||||||||||||||
Repurchase liabilities
|
56,061
|
87
|
0.21
|
%
|
57,984
|
109
|
0.25
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
1,954,885
|
9,644
|
0.66
|
%
|
1,633,725
|
7,063
|
0.58
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
349,444
|
308,112
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
52,000
|
36,664
|
||||||||||||||||||||||
Total liabilities
|
2,356,329
|
1,978,501
|
||||||||||||||||||||||
Stockholders' equity
|
240,498
|
233,469
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
2,596,827
|
$
|
2,211,970
|
||||||||||||||||||||
Tax-equivalent net interest income
|
$
|
52,302
|
$
|
46,859
|
||||||||||||||||||||
Less: tax-equivalent adjustment
|
(1,156
|
)
|
(560
|
)
|
||||||||||||||||||||
Net interest income
|
$
|
51,146
|
$
|
46,299
|
||||||||||||||||||||
Net interest rate spread (2)
|
2.68
|
%
|
2.84
|
%
|
||||||||||||||||||||
Net interest-earning assets (3)
|
$
|
522,973
|
$
|
472,734
|
||||||||||||||||||||
Net interest margin (4)
|
2.82
|
%
|
2.97
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
||||||||||||||||||||||||
126.75
|
%
|
128.94
|
%
|
|||||||||||||||||||||
(1) On a fully-tax equivalent basis.
|
||||||||||||||||||||||||
(2) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost
|
||||||||||||||||||||||||
of average interest-bearing liabilities.
|
||||||||||||||||||||||||
(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
||||||||||||||||||||||||
(4) Net interest margin represents tax-equivalent net interest income divided by average total interest-earning assets.
|
At or for the Three Months Ended
|
||||||||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
2015
|
2015
|
2015
|
2014
|
2014
|
|||||||||||||||
Net Income
|
$
|
4,215
|
$
|
3,472
|
$
|
2,511
|
$
|
3,147
|
$
|
2,506
|
||||||||||
Adjustments:
|
||||||||||||||||||||
Plus: Accelerated vesting of stock compensation
|
-
|
258
|
140
|
-
|
-
|
|||||||||||||||
Plus: Employee severance
|
-
|
-
|
93
|
-
|
-
|
|||||||||||||||
Less: Prepayment penalty fees
|
-
|
(35
|
)
|
-
|
-
|
-
|
||||||||||||||
Less: Non-recurring payment related to a loan participation
|
-
|
-
|
-
|
(250
|
)
|
-
|
||||||||||||||
Less: Gain on sale of foreclosed real estate
|
(557
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Less: Net gain on sales of investments
|
-
|
(1,250
|
)
|
(273
|
)
|
-
|
-
|
|||||||||||||
Total core adjustments before taxes
|
(557
|
)
|
(1,027
|
)
|
(40
|
)
|
(250
|
)
|
-
|
|||||||||||
Tax benefit on core adjustments
|
195
|
359
|
14
|
88
|
-
|
|||||||||||||||
Tax rate adjustment (1)
|
-
|
-
|
-
|
(441
|
)
|
-
|
||||||||||||||
Total core adjustments after taxes
|
(362
|
)
|
(668
|
)
|
(26
|
)
|
(603
|
)
|
-
|
|||||||||||
Total core net income
|
$
|
3,853
|
$
|
2,804
|
$
|
2,485
|
$
|
2,544
|
$
|
2,506
|
||||||||||
Total net interest income
|
$
|
17,672
|
$
|
17,099
|
$
|
16,375
|
$
|
16,395
|
$
|
15,985
|
||||||||||
Less: Prepayment penalty fees
|
-
|
(35
|
)
|
-
|
-
|
-
|
||||||||||||||
Less: Non-recurring payment related to a loan participation
|
-
|
-
|
-
|
(250
|
)
|
-
|
||||||||||||||
Total core net interest income
|
$
|
17,672
|
$
|
17,064
|
$
|
16,375
|
$
|
16,145
|
$
|
15,985
|
||||||||||
Total noninterest income
|
$
|
3,241
|
$
|
4,074
|
$
|
2,664
|
$
|
2,498
|
$
|
2,778
|
||||||||||
Less: Net gain on sales of investments
|
-
|
(1,250
|
)
|
(273
|
)
|
-
|
-
|
|||||||||||||
Total core noninterest income
|
$
|
3,241
|
$
|
2,824
|
$
|
2,391
|
$
|
2,498
|
$
|
2,778
|
||||||||||
Total noninterest expense
|
$
|
14,718
|
$
|
15,597
|
$
|
14,937
|
$
|
14,615
|
$
|
14,219
|
||||||||||
Less: Accelerated vesting of stock compensation
|
-
|
(258
|
)
|
(140
|
)
|
-
|
-
|
|||||||||||||
Less: Employee severances
|
-
|
-
|
(93
|
)
|
-
|
-
|
||||||||||||||
Less: Gain on sale of foreclosed real estate
|
557
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total core noninterest expense
|
$
|
15,275
|
$
|
15,339
|
$
|
14,704
|
$
|
14,615
|
$
|
14,219
|
||||||||||
Core earnings per common share, diluted
|
$
|
0.25
|
$
|
0.19
|
$
|
0.16
|
$
|
0.17
|
$
|
0.17
|
||||||||||
Core return on average assets (annualized)
|
0.57
|
%
|
0.44
|
%
|
0.40
|
%
|
0.42
|
%
|
0.43
|
%
|
||||||||||
Core return on average equity (annualized)
|
6.33
|
%
|
4.66
|
%
|
4.19
|
%
|
4.29
|
%
|
4.27
|
%
|
||||||||||
Core non-interest expense to average assets (annualized)
|
2.26
|
%
|
2.43
|
%
|
2.34
|
%
|
2.39
|
%
|
2.46
|
%
|
||||||||||
Efficiency ratio (2)
|
73.04
|
%
|
77.13
|
%
|
78.35
|
%
|
78.39
|
%
|
75.78
|
%
|
||||||||||
Tangible book value (3)
|
$
|
15.30
|
$
|
15.01
|
$
|
14.82
|
$
|
14.64
|
$
|
14.56
|
||||||||||
(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.
|