|
California
|
| |
37-1849111
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification Number) |
|
|
500 Ygnacio Valley Road, Walnut Creek, California
|
| |
94596
|
|
|
(Address of principal executive offices)
|
| |
(Zip Code)
|
|
|
Common Stock, no par value per share
|
| |
The Nasdaq Stock Market LLC
|
|
|
(Title of Each Class)
|
| |
(Name of Each Exchange on Which Registered)
|
|
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | | |
Non-accelerated filer
|
| | ☒ | |
| Smaller reporting company | | | ☐ | | | Emerging growth company | | | ☒ | | | | | |
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 25 | | | |
| | | | | 44 | | | |
| | | | | 44 | | | |
| | | | | 45 | | | |
| | | | | 45 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 47 | | | |
| | | | | 49 | | | |
| | | | | 81 | | | |
| | | | | 133 | | | |
| | | | | 133 | | | |
| | | | | 133 | | | |
| | | | | 134 | | | |
| | | | | 134 | | | |
| | | | | 138 | | | |
| | | | | 146 | | | |
| | | | | 148 | | | |
| | | | | 149 | | | |
| | | | | 150 | | | |
| | | | | 150 | | | |
| | | | | 151 | | | |
| | | | | 152 | | |
Borrower Type
|
| |
Number of
loans |
| |
Loan Type
|
| |
Total
|
| |||||||||||||||||||||||||||
|
Commercial
& Industrial |
| |
CRE
Owner Occupied |
| |
CRE
Non-Owner Occupied |
| |
Construction
|
| ||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Commercial real estate investor
|
| | | | 4 | | | | | $ | — | | | | | $ | 9,231 | | | | | $ | 14,923 | | | | | $ | — | | | | | $ | 24,154 | | |
Commercial real estate investor
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | 15,256 | | | | | | 8,131 | | | | | | 23,387 | | |
Commercial real estate investor
|
| | | | 11 | | | | | | 4,450 | | | | | | 11,253 | | | | | | 5,543 | | | | | | — | | | | | | 21,246 | | |
Commercial real estate investor
|
| | | | 5 | | | | | | — | | | | | | — | | | | | | 12,208 | | | | | | — | | | | | | 12,208 | | |
Commercial real estate investor
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | 12,087 | | | | | | — | | | | | | 12,087 | | |
Total
|
| | | | 24 | | | | | $ | 4,450 | | | | | $ | 20,484 | | | | | $ | 60,017 | | | | | $ | 8,131 | | | | | $ | 93,082 | | |
|
| | |
December 31, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
| | |
Amount
|
| |
% of
Total in Category |
| |
Amount
|
| |
% of
Total in Category |
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Retail
|
| | | $ | 92,897 | | | | | | 13.2% | | | | | $ | 74,380 | | | | | | 11.1% | | |
Multifamily residential
|
| | | | 117,181 | | | | | | 16.7% | | | | | | 118,128 | | | | | | 17.7% | | |
Hotel/motel
|
| | | | 92,647 | | | | | | 13.2% | | | | | | 95,295 | | | | | | 14.2% | | |
Office
|
| | | | 103,500 | | | | | | 14.7% | | | | | | 99,187 | | | | | | 14.8% | | |
Gas station
|
| | | | 65,093 | | | | | | 9.3% | | | | | | 69,241 | | | | | | 10.3% | | |
Convalescent facility
|
| | | | 33,181 | | | | | | 4.7% | | | | | | 31,419 | | | | | | 4.7% | | |
Industrial
|
| | | | 76,833 | | | | | | 10.9% | | | | | | 60,751 | | | | | | 9.1% | | |
Restaurants
|
| | | | 29,749 | | | | | | 4.2% | | | | | | 21,438 | | | | | | 3.2% | | |
Agricultural real estate
|
| | | | 16,749 | | | | | | 2.4% | | | | | | 17,037 | | | | | | 2.5% | | |
Other
|
| | | | 74,153 | | | | | | 10.7% | | | | | | 82,274 | | | | | | 12.4% | | |
Total loans
|
| | | $ | 701,983 | | | | | | 100.0% | | | | | $ | 669,150 | | | | | | 100.0% | | |
|
Office Location
|
| |
Owned/Leased
|
|
San Francisco Bay Area, California | | | | |
500 Ygnacio Valley Road, Suite 130, 200, 350 and 390, Walnut Creek, CA | | |
Leased
|
|
3895 E. Castro Valley, Suite A, Castro Valley, CA | | |
Leased
|
|
700 E. El Camino Real, Suite 110, Mountain View, CA | | |
Leased
|
|
960 School Street, Napa, CA | | |
Leased
|
|
100 Hegenberger Rd, Oakland, CA | | |
Owned
|
|
465 Main Street, Pleasanton, CA | | |
Leased
|
|
2300 First Street, Suite 100, Livermore, CA | | |
Leased
|
|
2 Harrison Street, Suite 158, San Francisco, CA | | |
Leased
|
|
2250 N. First Street, Suite 102, San Jose, CA | | |
Leased
|
|
Office Location
|
| |
Owned/Leased
|
|
Central Valley, California | | | | |
22 West Yokuts Avenue, Stockton, CA | | |
Leased
|
|
4426 E. Waterloo Road, Stockton, CA | | |
Leased
|
|
2815 J Street, Sacramento, CA | | |
Leased
|
|
Southern California | | | | |
330 N. Brand Blvd., Suite 120, Glendale, CA | | |
Leased
|
|
3750 Kilroy Airway Way, Suite 130, Long Beach, CA | | |
Leased
|
|
3530 Wilshire Blvd., Suite 1400, Los Angeles, CA | | |
Leased
|
|
Washington | | | | |
14900 Interurban Ave. S., Suite 150, Seattle, WA | | |
Leased
|
|
520 Pike Street, Suite 2750, Seattle, WA | | |
Leased
|
|
New Mexico | | | | |
1500 Mercantile Avenue NE, Albuquerque, NM | | |
Owned
|
|
6000 Montgomery Blvd NE, Albuquerque, NM | | |
Owned
|
|
19339 Highway 314, Belen, NM | | |
Owned
|
|
2199 Main Street SE, Los Lunas, NM | | |
Owned
|
|
307 West Broadway, Mountainair, NM | | |
Owned
|
|
394 Rio Communities Blvd, Belen, NM | | |
Owned
|
|
Index Values
|
| |
5/14/2018
|
| |
6/30/2018
|
| |
9/30/2018
|
| |
12/31/2018
|
| ||||||||||||
Baycom Corp
|
| | | | 100.00 | | | | | | 106.68 | | | | | | 115.00 | | | | | | 99.53 | | |
Nasdaq Composite
|
| | | | 100.00 | | | | | | 101.34 | | | | | | 108.57 | | | | | | 89.53 | | |
SNL U.S. Bank Nasdaq
|
| | | | 100.00 | | | | | | 96.63 | | | | | | 94.06 | | | | | | 76.77 | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||||||||
| | |
(In thousands, except for per share data)
|
| |||||||||||||||||||||||||||
Selected Financial Condition Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 1,478,395 | | | | | $ | 1,245,794 | | | | | $ | 675,299 | | | | | $ | 623,304 | | | | | $ | 504,391 | | |
Cash and due from banks
|
| | | | 327,561 | | | | | | 251,596 | | | | | | 130,213 | | | | | | 111,391 | | | | | | 145,281 | | |
Investments, available for sale
|
| | | | 99,796 | | | | | | 40,505 | | | | | | 13,918 | | | | | | 23,615 | | | | | | 17,540 | | |
FHLB and FRB stock, at cost
|
| | | | 9,243 | | | | | | 7,759 | | | | | | 3,923 | | | | | | 3,846 | | | | | | 2,859 | | |
Loans receivable, net
|
| | | | 970,189 | | | | | | 886,864 | | | | | | 504,264 | | | | | | 460,208 | | | | | | 322,908 | | |
Total liabilities
|
| | | | 1,277,642 | | | | | | 1,127,159 | | | | | | 597,236 | | | | | | 550,923 | | | | | | 446,217 | | |
Deposits
|
| | | | 1,257,768 | | | | | | 1,104,305 | | | | | | 590,759 | | | | | | 543,304 | | | | | | 437,941 | | |
Borrowings
|
| | | | 8,161 | | | | | | 11,387 | | | | | | — | | | | | | — | | | | | | 6,000 | | |
Total equity
|
| | | | 200,753 | | | | | | 118,635 | | | | | | 78,063 | | | | | | 72,381 | | | | | | 58,174 | | |
| | |
For the Years ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||||||||
Selected Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and dividend income
|
| | | $ | 56,860 | | | | | $ | 44,253 | | | | | $ | 29,625 | | | | | $ | 25,715 | | | | | $ | 19,637 | | |
Interest expense
|
| | | | 4,942 | | | | | | 4,312 | | | | | | 3,074 | | | | | | 2,691 | | | | | | 2,310 | | |
Net interest income before provision for loan loss
|
| | | | 51,918 | | | | | | 39,941 | | | | | | 26,551 | | | | | | 23,024 | | | | | | 17,327 | | |
Provision for loan loss
|
| | | | 1,842 | | | | | | 462 | | | | | | 598 | | | | | | 1,412 | | | | | | 1,074 | | |
Net interest income after provision for loan
loss |
| | | | 50,076 | | | | | | 39,479 | | | | | | 25,953 | | | | | | 21,612 | | | | | | 16,253 | | |
Noninterest income
|
| | | | 7,082 | | | | | | 4,794 | | | | | | 1,358 | | | | | | 6,902 | | | | | | 3,705 | | |
Noninterest expense
|
| | | | 36,669 | | | | | | 30,124 | | | | | | 16,963 | | | | | | 19,350 | | | | | | 13,063 | | |
Income before provision for income tax
|
| | | | 20,489 | | | | | | 14,149 | | | | | | 10,348 | | | | | | 9,164 | | | | | | 6,895 | | |
Provision for income tax
|
| | | | 5,996 | | | | | | 8,889 | | | | | | 4,436 | | | | | | 1,712 | | | | | | 1,717 | | |
Net income
|
| | | $ | 14,493 | | | | | $ | 5,260 | | | | | $ | 5,912 | | | | | $ | 7,452 | | | | | $ | 5,178 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding at end of period
|
| | | | 10,869,275 | | | | | | 7,496,995 | | | | | | 5,472,426 | | | | | | 5,493,209 | | | | | | 4,875,787 | | |
Average diluted shares outstanding
|
| | | | 9,692,009 | | | | | | 6,520,230 | | | | | | 5,449,998 | | | | | | 5,466,468 | | | | | | 4,740,152 | | |
Diluted earnings per share
|
| | | $ | 1.50 | | | | | $ | 0.81 | | | | | $ | 1.09 | | | | | $ | 1.37 | | | | | $ | 1.09 | | |
Book value per share
|
| | | | 18.47 | | | | | | 15.82 | | | | | | 14.26 | | | | | | 13.18 | | | | | | 11.93 | | |
Tangible book value per share(1)
|
| | | | 16.46 | | | | | | 13.81 | | | | | | 14.12 | | | | | | 12.96 | | | | | | 11.76 | | |
Dividends paid during period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
At and for the Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||||||||
| | |
(In thousands, except for per share data)
|
| |||||||||||||||||||||||||||
Selected Financial Ratios and Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets
|
| | | | 1.07% | | | | | | 0.51% | | | | | | 0.91% | | | | | | 1.24% | | | | | | 1.13% | | |
Return on average equity
|
| | | | 8.28% | | | | | | 5.28% | | | | | | 7.87% | | | | | | 10.36% | | | | | | 10.02% | | |
Yield on earning assets
|
| | | | 4.54% | | | | | | 4.59% | | | | | | 4.74% | | | | | | 4.47% | | | | | | 4.55% | | |
Rate paid on average interest bearing
liabilities |
| | | | 0.62% | | | | | | 0.65% | | | | | | 0.73% | | | | | | 0.72% | | | | | | 0.89% | | |
Interest rate spread(1)
|
| | | | 3.92% | | | | | | 3.94% | | | | | | 4.01% | | | | | | 3.75% | | | | | | 3.66% | | |
Net interest margin(2)
|
| | | | 4.15% | | | | | | 4.14% | | | | | | 4.25% | | | | | | 4.00% | | | | | | 3.95% | | |
Dividend payout ratio
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Noninterest expense to average assets
|
| | | | 2.78% | | | | | | 2.93% | | | | | | 2.61% | | | | | | 3.21% | | | | | | 2.79% | | |
Average interest earning assets to average
interest bearing liabilities |
| | | | 157.80% | | | | | | 144.87% | | | | | | 149.24% | | | | | | 153.08% | | | | | | 148.15% | | |
Efficiency ratio(3)
|
| | | | 62.15% | | | | | | 67.34% | | | | | | 60.78% | | | | | | 64.66% | | | | | | 62.11% | | |
Capital Ratios(4): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage ratio – Bank
|
| | | | 10.04% | | | | | | 8.92% | | | | | | 10.59% | | | | | | 10.59% | | | | | | 10.67% | | |
Common equity tier 1 – Bank
|
| | | | 14.63% | | | | | | 12.43% | | | | | | 13.43% | | | | | | 13.30% | | | | | | 15.78% | | |
Tier 1 capital ratio – Bank
|
| | | | 14.63% | | | | | | 12.43% | | | | | | 13.43% | | | | | | 13.30% | | | | | | 15.78% | | |
Total capital ratio – Bank
|
| | | | 15.17% | | | | | | 12.94% | | | | | | 14.18% | | | | | | 14.13% | | | | | | 16.50% | | |
Equity to total assets at end of period
|
| | | | 13.58% | | | | | | 14.68% | | | | | | 11.56% | | | | | | 11.61% | | | | | | 11.53% | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-performing assets to total assets(5)
|
| | | | 0.27% | | | | | | 0.01% | | | | | | 0.28% | | | | | | 0.05% | | | | | | 0.59% | | |
Non-performing loans to total loans
|
| | | | 0.32% | | | | | | 0.02% | | | | | | 0.22% | | | | | | 0.07% | | | | | | 0.26% | | |
Allowance for loan losses to non-performing loans
|
| | | | 164.32% | | | | | | 2354.75% | | | | | | 343.18% | | | | | | 1152.69% | | | | | | 84.49% | | |
Allowance for loan losses to total loans
|
| | | | 0.53% | | | | | | 0.47% | | | | | | 0.74% | | | | | | 0.83% | | | | | | 0.77% | | |
Classified assets (graded substandard and doubtful)
|
| | | $ | 8,602 | | | | | $ | 7,017 | | | | | $ | 7,602 | | | | | $ | 9,620 | | | | | $ | 3,325 | | |
Total accruing loans 30 – 89 days past due
|
| | | | 2,707 | | | | | | 1,894 | | | | | | 625 | | | | | | 499 | | | | | | 399 | | |
Total loans 90 days past due and still
accruing |
| | | | — | | | | | | — | | | | | | 230 | | | | | | 334 | | | | | | 96 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of full service offices
|
| | | | 22 | | | | | | 19 | | | | | | 10 | | | | | | 10 | | | | | | 7 | | |
Number of full-time equivalent employees
|
| | | | 214 | | | | | | 158 | | | | | | 110 | | | | | | 103 | | | | | | 78 | | |
| | |
Years ended December 31,
|
| |||||||||||||||||||||||||||
Tangible Common Equity
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||||||||
| | |
(in thousands, except per share data)
|
| |||||||||||||||||||||||||||
Total shareholders’ equity
|
| | | $ | 200,753 | | | | | $ | 118,635 | | | | | $ | 78,063 | | | | | $ | 72,381 | | | | | $ | 58,174 | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Core deposit intangibles
|
| | | | (7,205) | | | | | | (4,772) | | | | | | (802) | | | | | | (1,201) | | | | | | (812) | | |
Goodwill
|
| | | | (14,594) | | | | | | (10,365) | | | | | | — | | | | | | — | | | | | | — | | |
Tangible common equity
|
| | | | 178,954 | | | | | | 103,498 | | | | | | 77,261 | | | | | | 71,180 | | | | | | 57,362 | | |
Common shares outstanding
|
| | | | 10,869,275 | | | | | | 7,496,995 | | | | | | 5,472,426 | | | | | | 5,493,209 | | | | | | 4,875,787 | | |
Book value per common share (GAAP)
|
| | | $ | 18.47 | | | | | $ | 15.82 | | | | | $ | 14.26 | | | | | $ | 13.18 | | | | | $ | 11.93 | | |
Tangible book value per common share (non GAAP)
|
| | | $ | 16.46 | | | | | $ | 13.81 | | | | | $ | 14.12 | | | | | $ | 12.96 | | | | | $ | 11.76 | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||||||||
U.S. Treasuries
|
| | | $ | 984 | | | | | $ | 985 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,008 | | | | | $ | 1,006 | | |
U.S. Government Agencies
|
| | | | 13,761 | | | | | | 13,765 | | | | | | 6,984 | | | | | | 6,971 | | | | | | 5,358 | | | | | | 5,377 | | |
Municipal securities
|
| | | | 19,604 | | | | | | 19,503 | | | | | | 15,910 | | | | | | 16,047 | | | | | | 4,003 | | | | | | 4,081 | | |
Mortgage-backed securities
|
| | | | 49,565 | | | | | | 49,602 | | | | | | 9,621 | | | | | | 9,740 | | | | | | 1,666 | | | | | | 1,684 | | |
Collateralized mortgage obligations
|
| | | | 4,705 | | | | | | 4,717 | | | | | | 1,758 | | | | | | 1,750 | | | | | | 1,732 | | | | | | 1,770 | | |
SBA securities
|
| | | | 4,300 | | | | | | 4,241 | | | | | | 5,929 | | | | | | 5,997 | | | | | | — | | | | | | — | | |
Corporate bonds
|
| | | | 7,016 | | | | | | 6,983 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 99,935 | | | | | $ | 99,796 | | | | | $ | 40,202 | | | | | $ | 40,505 | | | | | $ | 13,767 | | | | | $ | 13,918 | | |
|
| | |
Amount Due or Repricing Within:
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
One Year
or Less |
| |
Over One
to Five Years |
| |
Over Five to
Ten Years |
| |
Over
Ten Years |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Weighted
Average Yield |
| |
Amortized
Cost |
| |
Weighted
Average Yield |
| ||||||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries
|
| | | $ | 984 | | | | | | 2.78% | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | 984 | | | | | | 2.78% | | |
U.S. Government Agencies
|
| | | | 5,236 | | | | | | 2.12% | | | | | | 8,525 | | | | | | 2.77% | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 13,761 | | | | | | 2.50% | | |
Municipal securities
|
| | | | 2,540 | | | | | | 1.65% | | | | | | 7,497 | | | | | | 2.09% | | | | | | 7,572 | | | | | | 2.80% | | | | | | 1,995 | | | | | | 3.77% | | | | | | 19,604 | | | | | | 2.36% | | |
Mortgage-backed securities
|
| | | | 2,047 | | | | | | 1.83% | | | | | | 13,606 | | | | | | 2.96% | | | | | | 4,388 | | | | | | 4.19% | | | | | | 29,524 | | | | | | 3.70% | | | | | | 49,565 | | | | | | 3.21% | | |
Collateralized mortgage
obligations |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 869 | | | | | | 2.96% | | | | | | 3,836 | | | | | | 2.96% | | | | | | 4,705 | | | | | | 2.96% | | |
SBA securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,836 | | | | | | 3.48% | | | | | | 2,464 | | | | | | 4.17% | | | | | | 4,300 | | | | | | 3.71% | | |
Corporate bonds
|
| | | | 3,485 | | | | | | 2.68% | | | | | | 3,531 | | | | | | 3.08% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,016 | | | | | | 2.90% | | |
Total
|
| | | $ | 14,292 | | | | | | 2.21% | | | | | $ | 33,159 | | | | | | 2.73% | | | | | $ | 14,665 | | | | | | 3.36% | | | | | $ | 37,819 | | | | | | 2.73% | | | | | $ | 99,935 | | | | | | 2.92% | | |
|
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
of Total |
| |
Amount
|
| |
Percent
of Total |
| |
Amount
|
| |
Percent
of Total |
| |
Amount
|
| |
Percent
of Total |
| |
Amount
|
| |
Percent
of Total |
| ||||||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
| | | $ | 121,853 | | | | | | 12.5% | | | | | $ | 113,778 | | | | | | 12.8% | | | | | $ | 70,987 | | | | | | 14.0% | | | | | $ | 71,357 | | | | | | 15.4% | | | | | $ | 71,248 | | | | | | 21.9% | | |
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | | 100,915 | | | | | | 10.3% | | | | | | 83,486 | | | | | | 9.4% | | | | | | 30,498 | | | | | | 6.0% | | | | | | 27,938 | | | | | | 6.0% | | | | | | 25,312 | | | | | | 7.8% | | |
Multifamily residential
|
| | | | 112,958 | | | | | | 11.6% | | | | | | 113,759 | | | | | | 12.8% | | | | | | 38,235 | | | | | | 7.5% | | | | | | 36,778 | | | | | | 7.9% | | | | | | 8,233 | | | | | | 2.5% | | |
Owner occupied CRE
|
| | | | 270,204 | | | | | | 27.7% | | | | | | 249,062 | | | | | | 27.9% | | | | | | 145,200 | | | | | | 28.6% | | | | | | 126,413 | | | | | | 27.2% | | | | | | 80,813 | | | | | | 24.8% | | |
Nonowner occupied CRE
|
| | | | 308,045 | | | | | | 31.6% | | | | | | 293,332 | | | | | | 32.9% | | | | | | 194,961 | | | | | | 38.4% | | | | | | 174,007 | | | | | | 37.5% | | | | | | 124,981 | | | | | | 38.4% | | |
Construction and land
|
| | | | 47,069 | | | | | | 4.8% | | | | | | 22,720 | | | | | | 2.5% | | | | | | 19,745 | | | | | | 3.8% | | | | | | 17,086 | | | | | | 3.7% | | | | | | 12,548 | | | | | | 3.9% | | |
Total real estate
|
| | | | 839,191 | | | | | | 86.0% | | | | | | 762,359 | | | | | | 85.5% | | | | | | 428,639 | | | | | | 84.3% | | | | | | 382,222 | | | | | | 82.3% | | | | | | 251,887 | | | | | | 77.3% | | |
Consumer
|
| | | | 1,847 | | | | | | 0.2% | | | | | | 1,096 | | | | | | 0.1% | | | | | | 1,317 | | | | | | 0.3% | | | | | | 967 | | | | | | 0.2% | | | | | | 452 | | | | | | 0.1% | | |
PCI loans
|
| | | | 12,804 | | | | | | 1.3% | | | | | | 14,315 | | | | | | 1.6% | | | | | | 7,407 | | | | | | 1.4% | | | | | | 9,854 | | | | | | 2.1% | | | | | | 2,112 | | | | | | 0.6% | | |
Total loans
|
| | | | 975,695 | | | | | | 100.0% | | | | | | 891,548 | | | | | | 100.0% | | | | | | 508,350 | | | | | | 100.0% | | | | | | 464,400 | | | | | | 100.0% | | | | | | 325,699 | | | | | | 100.0% | | |
Deferred loan fees and costs,
net |
| | | | (366) | | | | | | | | | | | | (469) | | | | | | | | | | | | (311) | | | | | | | | | | | | (342) | | | | | | | | | | | | (292) | | | | | | | | |
Allowance for loan losses
|
| | | | (5,140) | | | | | | | | | | | | (4,215) | | | | | | | | | | | | (3,775) | | | | | | | | | | | | (3,850) | | | | | | | | | | | | (2,500) | | | | | | | | |
Loans, net
|
| | | $ | 970,189 | | | | | | | | | | | $ | 886,864 | | | | | | | | | | | $ | 504,264 | | | | | | | | | | | $ | 460,208 | | | | | | | | | | | $ | 322,907 | | | | | | | | |
|
| | |
San Francisco Bay
Area(1) |
| |
Other California
|
| |
Total in State of
California |
| |
All Other States(2)
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
% of
Total in Category |
| |
Amount
|
| |
% of
Total in Category |
| |
Amount
|
| |
% of
Total in Category |
| |
Amount
|
| |
% of
Total in Category |
| |
Amount
|
| |
% of
Total in Category |
| ||||||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
| | | $ | 52,093 | | | | | | 10.0% | | | | | $ | 27,018 | | | | | | 13.2% | | | | | $ | 79,111 | | | | | | 10.9% | | | | | $ | 42,744 | | | | | | 17.0% | | | | | $ | 121,855 | | | | | | 12.5% | | |
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | $ | 59,722 | | | | | | 11.5% | | | | | $ | 9,281 | | | | | | 4.5% | | | | | $ | 69,003 | | | | | | 9.5% | | | | | $ | 33,705 | | | | | | 13.4% | | | | | $ | 102,708 | | | | | | 10.5% | | |
Multifamily residential
|
| | | | 75,632 | | | | | | 14.6% | | | | | | 17,872 | | | | | | 8.7% | | | | | | 93,504 | | | | | | 12.9% | | | | | | 23,678 | | | | | | 9.4% | | | | | | 117,181 | | | | | | 12.0% | | |
Owner occupied CRE
|
| | | | 157,767 | | | | | | 30.4% | | | | | | 57,217 | | | | | | 28.0% | | | | | | 214,984 | | | | | | 29.7% | | | | | | 57,687 | | | | | | 22.9% | | | | | | 272,672 | | | | | | 27.9% | | |
Nonowner occupied
|
| | | | 156,934 | | | | | | 30.2% | | | | | | 78,143 | | | | | | 38.2% | | | | | | 235,077 | | | | | | 32.5% | | | | | | 77,052 | | | | | | 30.6% | | | | | | 312,130 | | | | | | 32.0% | | |
Construction and land
|
| | | | 17,605 | | | | | | 3.4% | | | | | | 14,401 | | | | | | 7.0% | | | | | | 32,006 | | | | | | 4.4% | | | | | | 15,297 | | | | | | 6.1% | | | | | | 47,302 | | | | | | 4.8% | | |
Total real estate
|
| | | $ | 467,660 | | | | | | | | | | | $ | 176,914 | | | | | | | | | | | $ | 644,574 | | | | | | | | | | | $ | 207,419 | | | | | | | | | | | $ | 851,993 | | | | | | | | |
Consumer
|
| | | | 21 | | | | | | 0.0% | | | | | | 561 | | | | | | 0.3% | | | | | | 582 | | | | | | 0.1% | | | | | | 1,265 | | | | | | 0.5% | | | | | | 1,847 | | | | | | 0.2% | | |
Total loans
|
| | | $ | 519,774 | | | | | | | | | | | $ | 204,493 | | | | | | | | | | | $ | 724,267 | | | | | | | | | | | $ | 251,428 | | | | | | | | | | | $ | 975,695 | | | | | | | | |
|
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Legacy
|
| |
Acquired
|
| |
Total
|
| |
Legacy
|
| |
Acquired
|
| |
Total
|
| |
Legacy
|
| |
Acquired
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
| | | $ | 90,946 | | | | | $ | 30,907 | | | | | $ | 121,853 | | | | | $ | 76,938 | | | | | $ | 37,435 | | | | | $ | 114,373 | | | | | $ | 67,925 | | | | | $ | 3,062 | | | | | $ | 70,987 | | |
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | | 24,053 | | | | | | 76,862 | | | | | | 100,915 | | | | | | 19,771 | | | | | | 63,715 | | | | | | 83,486 | | | | | | 24,494 | | | | | | 6,004 | | | | | | 30,498 | | |
Multifamily residential
|
| | | | 41,073 | | | | | | 71,886 | | | | | | 112,958 | | | | | | 34,041 | | | | | | 79,718 | | | | | | 113,759 | | | | | | 35,334 | | | | | | 2,901 | | | | | | 38,235 | | |
Owner occupied CRE
|
| | | | 170,599 | | | | | | 99,605 | | | | | | 270,204 | | | | | | 150,419 | | | | | | 101,293 | | | | | | 251,712 | | | | | | 112,247 | | | | | | 32,953 | | | | | | 145,200 | | |
Nonowner occupied
CRE |
| | | | 220,471 | | | | | | 87,574 | | | | | | 308,045 | | | | | | 195,670 | | | | | | 97,662 | | | | | | 293,332 | | | | | | 174,499 | | | | | | 20,462 | | | | | | 194,961 | | |
Construction and land
|
| | | | 34,188 | | | | | | 12,881 | | | | | | 47,069 | | | | | | 17,028 | | | | | | 5,692 | | | | | | 22,720 | | | | | | 19,010 | | | | | | 735 | | | | | | 19,745 | | |
Total real estate
|
| | | | 490,384 | | | | | | 348,808 | | | | | | 839,191 | | | | | | 416,929 | | | | | | 348,080 | | | | | | 765,009 | | | | | | 365,584 | | | | | | 63,055 | | | | | | 428,639 | | |
Consumer
|
| | | | 588 | | | | | | 1,259 | | | | | | 1,847 | | | | | | 1,005 | | | | | | 91 | | | | | | 1,096 | | | | | | 781 | | | | | | 536 | | | | | | 1,317 | | |
PCI loans
|
| | | | — | | | | | | 12,804 | | | | | | 12,804 | | | | | | — | | | | | | 14,315 | | | | | | 14,315 | | | | | | — | | | | | | 7,407 | | | | | | 7,407 | | |
Total Loans
|
| | | | 581,918 | | | | | | 393,778 | | | | | | 975,695 | | | | | | 494,872 | | | | | | 399,921 | | | | | | 894,793 | | | | | | 434,290 | | | | | | 74,060 | | | | | | 508,350 | | |
Deferred loan fees and costs,
net |
| | | | (390) | | | | | | 24 | | | | | | (366) | | | | | | (469) | | | | | | — | | | | | | (469) | | | | | | (311) | | | | | | — | | | | | | (311) | | |
Allowance for loan losses
|
| | | | (5,140) | | | | | | — | | | | | | (5,140) | | | | | | (4,215) | | | | | | — | | | | | | (4,215) | | | | | | (3,775) | | | | | | — | | | | | | (3,775) | | |
Net loans
|
| | | $ | 576,388 | | | | | $ | 393,802 | | | | | $ | 970,189 | | | | | $ | 490,188 | | | | | $ | 399,921 | | | | | $ | 890,109 | | | | | $ | 430,204 | | | | | $ | 74,060 | | | | | $ | 504,264 | | |
|
| | |
Maturing
Within One Year |
| |
Maturing
After One to Five Years |
| |
Maturing
After Five Years |
| |
Total
|
| ||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||
Commercial and industrial
|
| | | $ | 26,372 | | | | | $ | 51,291 | | | | | $ | 44,190 | | | | | $ | 121,853 | | |
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | | 5,617 | | | | | | 6,184 | | | | | | 89,114 | | | | | | 100,915 | | |
Multifamily residential
|
| | | | 2,394 | | | | | | 10,848 | | | | | | 99,717 | | | | | | 112,958 | | |
Owner occupied CRE
|
| | | | 10,186 | | | | | | 29,305 | | | | | | 230,713 | | | | | | 270,204 | | |
Nonowner occupied CRE
|
| | | | 26,566 | | | | | | 82,593 | | | | | | 198,886 | | | | | | 308,045 | | |
Construction and land
|
| | | | 32,104 | | | | | | 11,683 | | | | | | 3,282 | | | | | | 47,069 | | |
Total real estate
|
| | | | 76,867 | | | | | | 140,612 | | | | | | 621,712 | | | | | | 839,191 | | |
Consumer and other
|
| | | | 81 | | | | | | 1,589 | | | | | | 177 | | | | | | 1,847 | | |
PCI loans
|
| | | | 1,874 | | | | | | 1,836 | | | | | | 9,094 | | | | | | 12,804 | | |
Total loans
|
| | | | 105,194 | | | | | | 195,328 | | | | | | 675,173 | | | | | | 975,695 | | |
Deferred loan fees and costs, net
|
| | | | 37 | | | | | | (17) | | | | | | (386) | | | | | | (366) | | |
Allowance for loan losses
|
| | | | (833) | | | | | | (989) | | | | | | (3,318) | | | | | | (5,140) | | |
Loans, net
|
| | | $ | 104,398 | | | | | $ | 194,321 | | | | | $ | 671,470 | | | | | $ | 970,189 | | |
|
| | |
Floating or
Adjustable Rate |
| |
Fixed
Rate |
| |
Total
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Commercial and industrial
|
| | | $ | 47,062 | | | | | $ | 74,791 | | | | | $ | 121,853 | | |
Real estate: | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | | 73,086 | | | | | | 27,828 | | | | | | 100,914 | | |
Multifamily residential
|
| | | | 98,896 | | | | | | 14,062 | | | | | | 112,958 | | |
Owner occupied CRE
|
| | | | 171,326 | | | | | | 98,879 | | | | | | 270,205 | | |
Nonowner occupied CRE
|
| | | | 212,588 | | | | | | 95,457 | | | | | | 308,045 | | |
Construction and land
|
| | | | 30,864 | | | | | | 16,205 | | | | | | 47,069 | | |
Total real estate
|
| | | | 586,760 | | | | | | 252,431 | | | | | | 839,191 | | |
Consumer and other
|
| | | | 564 | | | | | | 1,282 | | | | | | 1,846 | | |
PCI loans
|
| | | | 10,490 | | | | | | 2,314 | | | | | | 12,804 | | |
Total loans
|
| | | $ | 644,876 | | | | | $ | 330,818 | | | | | $ | 975,695 | | |
|
| | |
December 31, 2018
Weighted Average Age (months) |
| |||
Commercial and industrial
|
| | | | 57 | | |
Real estate: | | | | | | | |
Residential
|
| | | | 218 | | |
Multifamily residential
|
| | | | 118 | | |
Owner occupied CRE
|
| | | | 113 | | |
Nonowner occupied CRE
|
| | | | 84 | | |
Construction and land
|
| | | | 16 | | |
Consumer and other
|
| | | | 8 | | |
Total
|
| | | | 104 | | |
|
| | |
Years ended December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Loans originated | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 30,204 | | | | | $ | 35,817 | | | | | $ | 30,954 | | |
Real estate: | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | | 5,608 | | | | | | 5,323 | | | | | | 11,985 | | |
Multifamily residential
|
| | | | 10,169 | | | | | | 6,465 | | | | | | 5,808 | | |
Owner occupied CRE
|
| | | | 49,758 | | | | | | 41,180 | | | | | | 43,102 | | |
Nonowner occupied CRE
|
| | | | 49,712 | | | | | | 50,345 | | | | | | 62,862 | | |
Construction and land
|
| | | | 2,286 | | | | | | 26,801 | | | | | | — | | |
Total real estate
|
| | | | 117,533 | | | | | | 130,114 | | | | | | 123,757 | | |
Consumer | | | | | 35 | | | | | | 500 | | | | | | — | | |
Total loans originated
|
| | | | 147,772 | | | | | | 166,431 | | | | | | 154,711 | | |
Loans purchased | | | | | | | | | | | | | | | | | | | |
Net loans purchased in acquisitions
|
| | | | 75,384 | | | | | | 381,336 | | | | | | — | | |
Other loans purchased
|
| | | | 14,995 | | | | | | 5,808 | | | | | | — | | |
Loans sold | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | | (11,641) | | | | | | (6,445) | | | | | | — | | |
Real estate
|
| | | | (16,776) | | | | | | (15,867) | | | | | | — | | |
Other | | | | | | | | | | | | | | | | | | | |
Principal repayments
|
| | | | (127,583) | | | | | | (144,703) | | | | | | (109,775) | | |
Transfer to real estate owned
|
| | | | (394) | | | | | | (275) | | | | | | (954) | | |
(Decrease)/increase in allowance for loan losses and other items, net
|
| | | | (822) | | | | | | (440) | | | | | | 75 | | |
Net increase in loans receivable and loans held for sale
|
| | | $ | 80,935 | | | | | $ | 385,845 | | | | | $ | 44,057 | | |
|
| | |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater
Than 90 Days |
| |
Total Past
Due |
| |
Current
|
| |
PCI Loans
|
| |
Total Loans
Receivable |
| |
Non-
performing Loans |
| ||||||||||||||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 270 | | | | | $ | 349 | | | | | $ | 1,861 | | | | | $ | 2,480 | | | | | $ | 119,373 | | | | | $ | 2 | | | | | $ | 121,855 | | | | | $ | 1,878 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 47,069 | | | | | | 233 | | | | | | 47,302 | | | | | | — | | |
Commercial real estate
|
| | | | 2,345 | | | | | | 356 | | | | | | 501 | | | | | | 3,202 | | | | | | 688,005 | | | | | | 10,776 | | | | | | 701,983 | | | | | | 596 | | |
Residential
|
| | | | 93 | | | | | | — | | | | | | 57 | | | | | | 150 | | | | | | 100,765 | | | | | | 1,793 | | | | | | 102,708 | | | | | | — | | |
Consumer
|
| | | | — | | | | | | 4 | | | | | | — | | | | | | 4 | | | | | | 1,843 | | | | | | — | | | | | | 1,847 | | | | | | 654 | | |
Total
|
| | | $ | 2,708 | | | | | $ | 709 | | | | | $ | 2,419 | | | | | $ | 5,836 | | | | | $ | 957,055 | | | | | $ | 12,804 | | | | | $ | 975,695 | | | | | $ | 3,128 | | |
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 96 | | | | | $ | — | | | | | $ | — | | | | | $ | 96 | | | | | $ | 113,702 | | | | | $ | 3 | | | | | $ | 113,801 | | | | | $ | 13 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,720 | | | | | | — | | | | | | 22,720 | | | | | | — | | |
Commercial real estate
|
| | | | 1,446 | | | | | | — | | | | | | — | | | | | | 1,446 | | | | | | 654,687 | | | | | | 13,017 | | | | | | 669,150 | | | | | | 166 | | |
Residential
|
| | | | 349 | | | | | | — | | | | | | — | | | | | | 349 | | | | | | 83,137 | | | | | | 1,295 | | | | | | 84,781 | | | | | | — | | |
Consumer
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | 3 | | | | | | 1,093 | | | | | | — | | | | | | 1,096 | | | | | | — | | |
Total
|
| | | $ | 1,894 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,894 | | | | | $ | 875,339 | | | | | $ | 14,315 | | | | | $ | 891,548 | | | | | $ | 179 | | |
|
| | |
As of December 31,
|
| |||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||
Loans accounted for on a non-accrual basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 1,878 | | | | | $ | 13 | | | | | $ | 458 | | | | | $ | 334 | | | | | $ | 614 | | |
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | | 654 | | | | | | — | | | | | | — | | | | | | — | | | | | | 241 | | |
Multifamily residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Owner occupied CRE
|
| | | | — | | | | | | 78 | | | | | | — | | | | | | — | | | | | | — | | |
Nonowner occupied CRE
|
| | | | 596 | | | | | | 88 | | | | | | 632 | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total real estate
|
| | | | 1,249 | | | | | | 166 | | | | | | 632 | | | | | | — | | | | | | 241 | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total nonaccrual loans
|
| | | | 3,128 | | | | | | 179 | | | | | | 1,090 | | | | | | 334 | | | | | | 855 | | |
More than 90 days past due and still accruing
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total of nonaccrual and 90 days past due loans
|
| | | | 3,128 | | | | | | 179 | | | | | | 1,090 | | | | | | 334 | | | | | | 855 | | |
Real estate owned
|
| | | | 801 | | | | | | — | | | | | | 775 | | | | | | — | | | | | | 2,103 | | |
Total nonperforming assets(1)
|
| | | $ | 3,929 | | | | | $ | 179 | | | | | $ | 1,865 | | | | | $ | 334 | | | | | $ | 2,958 | | |
Troubled debt restructurings – performing
|
| | | $ | 750 | | | | | $ | 1,045 | | | | | $ | 632 | | | | | $ | — | | | | | $ | — | | |
PCI loans
|
| | | $ | 12,804 | | | | | $ | 14,315 | | | | | $ | 7,407 | | | | | $ | 9,854 | | | | | $ | 2,112 | | |
Nonperforming assets to total assets(1)
|
| | | | 0.27% | | | | | | 0.01% | | | | | | 0.28% | | | | | | 0.05% | | | | | | 0.59% | | |
Nonperforming loans to total loans(1)
|
| | | | 0.32% | | | | | | 0.02% | | | | | | 0.22% | | | | | | 0.07% | | | | | | 0.26% | | |
| | |
Years ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||
Allowance, beginning of period
|
| | | $ | 4,215 | | | | | $ | 3,775 | | | | | $ | 3,850 | | | | | $ | 2,500 | | | | | $ | 2,775 | | |
Provisions for loan losses
|
| | | | 1,842 | | | | | | 462 | | | | | | 599 | | | | | | 1,412 | | | | | | 1,074 | | |
Recoveries:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | | 189 | | | | | | 45 | | | | | | 55 | | | | | | 46 | | | | | | 119 | | |
Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Owner occupied CRE
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nonowner occupied CRE
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | 12 | | | | | | — | | | | | | — | | |
Total recoveries
|
| | | | 189 | | | | | | 45 | | | | | | 67 | | | | | | 46 | | | | | | 119 | | |
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | | (1,106) | | | | | | (63) | | | | | | (491) | | | | | | (95) | | | | | | (1,112) | | |
Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Owner occupied CRE
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (356) | | |
Nonowner occupied CRE
|
| | | | — | | | | | | (3) | | | | | | (250) | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | (1) | | | | | | — | | | | | | (13) | | | | | | — | | |
Total charge-offs
|
| | | | (1,106) | | | | | | (67) | | | | | | (741) | | | | | | (108) | | | | | | (1,468) | | |
Net charge-offs
|
| | | | (917) | | | | | | (22) | | | | | | (674) | | | | | | (62) | | | | | | (1,349) | | |
Balance at end of period
|
| | | $ | 5,140 | | | | | $ | 4,215 | | | | | $ | 3,775 | | | | | $ | 3,850 | | | | | $ | 2,500 | | |
Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses as a percentage of total loans
|
| | | | 0.53% | | | | | | 0.47% | | | | | | 0.74% | | | | | | 0.83% | | | | | | 0.77% | | |
Allowance for loan losses to total loans excluding PCI
loans |
| | | | 0.53% | | | | | | 0.48% | | | | | | 0.75% | | | | | | 0.85% | | | | | | 0.77% | | |
Allowance for loan losses excluding acquired loans (loans not covered by the allowance)
|
| | | | 0.88% | | | | | | 0.85% | | | | | | 0.87% | | | | | | 1.08% | | | | | | 0.96% | | |
Allowance for loan losses as a percentage of total nonperforming loans
|
| | | | 164.32% | | | | | | 2354.75% | | | | | | 343.18% | | | | | | 1152.69% | | | | | | 84.49% | | |
Net charge-offs as a percentage of average loans outstanding for the period
|
| | | | 0.09% | | | | | | 0.00% | | | | | | 0.14% | | | | | | 0.02% | | | | | | 0.43% | | |
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Loan
Balance |
| |
Allowance
by Loan Category |
| |
Percent of
Loans in Category to Total Loans |
| |
Loan
Balance |
| |
Allowance
by Loan Category |
| |
Percent of
Loans in Category to Total Loans |
| |
Loan
Balance |
| |
Allowance
by Loan Category |
| |
Percent of
Loans in Category to Total Loans |
| |||||||||||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and
industrial |
| | | $ | 121,853 | | | | | $ | 1,093 | | | | | | 12.5% | | | | | $ | 113,778 | | | | | $ | 911 | | | | | | 12.8% | | | | | $ | 70,987 | | | | | $ | 1,072 | | | | | | 14.0% | | |
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | | 100,915 | | | | | | 232 | | | | | | 10.3% | | | | | | 83,486 | | | | | | 163 | | | | | | 9.4% | | | | | | 30,498 | | | | | | 160 | | | | | | 6.0% | | |
Multifamily residential
|
| | | | 112,958 | | | | | | 333 | | | | | | 11.6% | | | | | | 113,759 | | | | | | 289 | | | | | | 12.8% | | | | | | 38,235 | | | | | | 407 | | | | | | 7.5% | | |
Owner occupied CRE
|
| | | | 270,204 | | | | | | 1,327 | | | | | | 27.7% | | | | | | 249,062 | | | | | | 1,105 | | | | | | 27.9% | | | | | | 145,200 | | | | | | 671 | | | | | | 28.6% | | |
Nonowner occupied
CRE |
| | | | 308,045 | | | | | | 1,800 | | | | | | 31.6% | | | | | | 293,332 | | | | | | 1,528 | | | | | | 32.9% | | | | | | 194,961 | | | | | | 1,156 | | | | | | 38.4% | | |
Construction and land
|
| | | | 47,069 | | | | | | 352 | | | | | | 4.8% | | | | | | 22,720 | | | | | | 216 | | | | | | 2.5% | | | | | | 19,745 | | | | | | 304 | | | | | | 3.8% | | |
Total real estate
|
| | | | 839,191 | | | | | | 4,044 | | | | | | 86.0% | | | | | | 765,009 | | | | | | 3,301 | | | | | | 85.5% | | | | | | 428,639 | | | | | | 2,698 | | | | | | 84.3% | | |
Consumer | | | | | 1,847 | | | | | | 3 | | | | | | 0.2% | | | | | | 1,096 | | | | | | 3 | | | | | | 0.1% | | | | | | 1,317 | | | | | | 5 | | | | | | 0.3% | | |
PCI loans
|
| | | | 12,804 | | | | | | — | | | | | | 1.3% | | | | | | 14,315 | | | | | | — | | | | | | 1.6% | | | | | | 7,407 | | | | | | — | | | | | | 1.4% | | |
Total Loans
|
| | | $ | 975,695 | | | | | $ | 5,140 | | | | | | 100.0% | | | | | $ | 891,548 | | | | | $ | 4,215 | | | | | | 100.0% | | | | | $ | 508,350 | | | | | $ | 3,775 | | | | | | 100.0% | | |
|
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2015
|
| |
2014
|
| ||||||||||||||||||||||||||||||
| | |
Loan
Balance |
| |
Allowance
by Loan Category |
| |
Percent of
Loans in Category to Total Loans |
| |
Loan
Balance |
| |
Allowance
by Loan Category |
| |
Percent of
Loans in Category to Total Loans |
| ||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||||||||
Commercial and industrial
|
| | | $ | 71,357 | | | | | $ | 1,559 | | | | | | 15.4% | | | | | $ | 70,901 | | | | | $ | 1,368 | | | | | | 21.8% | | |
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | | 27,938 | | | | | | 144 | | | | | | 6.0% | | | | | | 25,312 | | | | | | 285 | | | | | | 7.8% | | |
Multifamily residential
|
| | | | 36,778 | | | | | | 384 | | | | | | 7.9% | | | | | | 8,233 | | | | | | 11 | | | | | | 2.5% | | |
Owner occupied CRE
|
| | | | 126,413 | | | | | | 494 | | | | | | 27.2% | | | | | | 68,821 | | | | | | 178 | | | | | | 21.1% | | |
Non owner occupied CRE
|
| | | | 174,007 | | | | | | 1,032 | | | | | | 37.5% | | | | | | 125,737 | | | | | | 362 | | | | | | 38.7% | | |
Construction and land
|
| | | | 17,086 | | | | | | 234 | | | | | | 3.7% | | | | | | 24,131 | | | | | | 293 | | | | | | 7.3% | | |
Total real estate
|
| | | | 382,222 | | | | | | 2,288 | | | | | | 82.3% | | | | | | 252,234 | | | | | | 1,457 | | | | | | 77.4% | | |
Consumer | | | | | 967 | | | | | | 3 | | | | | | 0.2% | | | | | | 452 | | | | | | 3 | | | | | | 0.1% | | |
PCI loans
|
| | | | 9,854 | | | | | | — | | | | | | 2.1% | | | | | | 2,112 | | | | | | — | | | | | | 0.7% | | |
Total Loans
|
| | | $ | 464,400 | | | | | $ | 3,850 | | | | | | 100.0% | | | | | $ | 325,699 | | | | | $ | 2,500 | | | | | | 100.0% | | |
|
| | |
December 31,
|
| | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
of Total Deposits |
| |
Increase/
(Decrease) |
| |
Amount
|
| |
Percent
of Total Deposits |
| |
Increase/
(Decrease) |
| |
Amount
|
| |
Percent
of Total Deposits |
| |
Increase/
(Decrease) |
| | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing demand
|
| | | $ | 398,045 | | | | | | 31.6% | | | | | $ | 70,736 | | | | | $ | 327,309 | | | | | | 29.6% | | | | | $ | 198,612 | | | | | $ | 128,697 | | | | | | 21.8% | | | | | $ | (23,316) | | | | | | | | | | | ||||||||||||||||
NOW accounts and savings
|
| | | | 246,288 | | | | | | 19.6% | | | | | | 54,738 | | | | | | 191,550 | | | | | | 17.3% | | | | | | 138,364 | | | | | | 53,186 | | | | | | 9.0% | | | | | | (796) | | | | | | | | | | | ||||||||||||||||
Money market
|
| | | | 398,081 | | | | | | 31.6% | | | | | | 41,441 | | | | | | 356,640 | | | | | | 32.3% | | | | | | 108,908 | | | | | | 247,732 | | | | | | 41.9% | | | | | | 37,209 | | | | | | | | | | | ||||||||||||||||
Time deposits – $250,000 or less
|
| | | | 117,653 | | | | | | 9.4% | | | | | | (8,618) | | | | | | 126,271 | | | | | | 11.4% | | | | | | 47,713 | | | | | | 80,808 | | | | | | 13.7% | | | | | | 7,271 | | | | | | | | | | | ||||||||||||||||
Time deposits – more than $250,000
|
| | | | 97,701 | | | | | | 7.8% | | | | | | (4,834) | | | | | | 102,535 | | | | | | 9.4% | | | | | | 19,949 | | | | | | 80,336 | | | | | | 13.6% | | | | | | 27,087 | | | | | | | | | | | ||||||||||||||||
Total
|
| | | $ | 1,257,768 | | | | | | 100.0% | | | | | $ | 153,463 | | | | | $ | 1,104,305 | | | | | | 100.0% | | | | | $ | 513,546 | | | | | $ | 590,759 | | | | | | 100.0% | | | | | $ | 47,455 | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
One Year
or Less |
| |
After One
Year Through Two Years |
| |
After Two
Years Through Three Years |
| |
After Three
Years |
| |
Total
|
| |||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||
0.00 – 0.99%
|
| | | $ | 60,241 | | | | | $ | 10,267 | | | | | $ | 1,566 | | | | | $ | 1,177 | | | | | $ | 73,251 | | |
1.00 – 1.99%
|
| | | | 56,001 | | | | | | 4,323 | | | | | | 1,638 | | | | | | 8,633 | | | | | | 70,595 | | |
2.00% and above
|
| | | | 34,297 | | | | | | 25,897 | | | | | | 4,442 | | | | | | 6,872 | | | | | | 71,508 | | |
Total
|
| | | $ | 150,539 | | | | | $ | 40,487 | | | | | $ | 7,646 | | | | | $ | 16,682 | | | | | $ | 215,354 | | |
|
| | |
Three
Months or Less |
| |
Over Three
to Six Months |
| |
Over Six
to 12 Months |
| |
Over 12
Months |
| |
Total
|
| |||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||
Certificates of deposit less than $100,000
|
| | | $ | 7,857 | | | | | $ | 6,628 | | | | | $ | 9,553 | | | | | $ | 10,470 | | | | | $ | 34,508 | | |
Certificates of deposit of $100,000 or more
|
| | | | 32,147 | | | | | | 31,163 | | | | | | 61,987 | | | | | | 53,681 | | | | | | 178,978 | | |
Public funds
|
| | | | 613 | | | | | | 250 | | | | | | 341 | | | | | | 664 | | | | | | 1,868 | | |
Total
|
| | | $ | 40,617 | | | | | $ | 38,041 | | | | | $ | 71,881 | | | | | $ | 64,815 | | | | | $ | 215,354 | | |
|
| | |
December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Maximum balance: | | | | | | | | | | | | | | | | | | | |
Subordinated debt
|
| | | $ | 9,485 | | | | | $ | 6,392 | | | | | $ | — | | |
FHLB and other borrowings
|
| | | | — | | | | | | 13,502 | | | | | | 26,000 | | |
Term loan(1)
|
| | | | — | | | | | | 6,000 | | | | | | — | | |
Average balance: | | | | | | | | | | | | | | | | | | | |
Subordinated debt
|
| | | | 5,654 | | | | | | 3,618 | | | | | | — | | |
FHLB and other borrowings
|
| | | | — | | | | | | 85 | | | | | | 76 | | |
Term loan
|
| | | | 2,104 | | | | | | 4,092 | | | | | | — | | |
Weighted average rate: | | | | | | | | | | | | | | | | | | | |
Subordinated debt
|
| | | | 6.19% | | | | | | 5.48% | | | | | | 0.00% | | |
FHLB and other borrowings
|
| | | | 0.00% | | | | | | 0.75% | | | | | | 0.57% | | |
Term loan
|
| | | | 0.00% | | | | | | 4.71% | | | | | | 0.00% | | |
| | |
Years ended December 31,
|
| | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Average
Balance(1) |
| |
Interest
|
| |
Annualized
Average Yield |
| |
Average
Balance |
| |
Interest
|
| |
Annualized
Average Yield |
| |
Average
Balance |
| |
Interest
|
| |
Annualized
Average Yield |
| | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Interest earning assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Interest earning deposits
|
| | | $ | 278,927 | | | | | $ | 5,862 | | | | | | 2.10% | | | | | $ | 173,321 | | | | | $ | 2,092 | | | | | | 1.21% | | | | | $ | 105,999 | | | | | $ | 566 | | | | | | 0.53% | | | | | | | | | | | ||||||||||||||||
Investments available-for-sale
|
| | | | 57,823 | | | | | | 1,209 | | | | | | 2.09% | | | | | | 30,452 | | | | | | 631 | | | | | | 2.07% | | | | | | 21,400 | | | | | | 268 | | | | | | 1.25% | | | | | | | | | | | ||||||||||||||||
FHLB Stock
|
| | | | 5,013 | | | | | | 446 | | | | | | 8.90% | | | | | | 4,116 | | | | | | 356 | | | | | | 8.65% | | | | | | 2,462 | | | | | | 307 | | | | | | 12.47% | | | | | | | | | | | ||||||||||||||||
FRB Stock
|
| | | | 3,328 | | | | | | 223 | | | | | | 6.70% | | | | | | 1,863 | | | | | | 87 | | | | | | 4.67% | | | | | | 1,441 | | | | | | 90 | | | | | | 6.25% | | | | | | | | | | | ||||||||||||||||
Total loans(1)
|
| | | | 907,083 | | | | | | 49,120 | | | | | | 5.42% | | | | | | 755,404 | | | | | | 41,087 | | | | | | 5.44% | | | | | | 493,091 | | | | | | 28,394 | | | | | | 5.76% | | | | | | | | | | | ||||||||||||||||
Total interest earning
assets |
| | | | 1,252,174 | | | | | | 56,860 | | | | | | 4.54% | | | | | | 965,156 | | | | | | 44,253 | | | | | | 4.59% | | | | | | 624,393 | | | | | | 29,625 | | | | | | 4.74% | | | | | | | | | | | ||||||||||||||||
Non-interest earning assets
|
| | | | 68,914 | | | | | | | | | | | | | | | | | | 61,545 | | | | | | | | | | | | | | | | | | 25,350 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Total average assets
|
| | | $ | 1,321,088 | | | | | | | | | | | | | | | | | $ | 1,026,701 | | | | | | | | | | | | | | | | | $ | 649,743 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Interest bearing liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Savings accounts
|
| | | $ | 41,365 | | | | | | 34 | | | | | | 0.08% | | | | | $ | 30,748 | | | | | | 28 | | | | | | 0.09% | | | | | $ | 13,694 | | | | | | 21 | | | | | | 0.15% | | | | | | | | | | | ||||||||||||||||
Interest bearing checking
|
| | | | 166,124 | | | | | | 133 | | | | | | 0.08% | | | | | | 117,965 | | | | | | 120 | | | | | | 0.10% | | | | | | 40,222 | | | | | | 77 | | | | | | 0.19% | | | | | | | | | | | ||||||||||||||||
Money market accounts
|
| | | | 363,168 | | | | | | 1,895 | | | | | | 0.52% | | | | | | 317,946 | | | | | | 1,703 | | | | | | 0.54% | | | | | | 228,011 | | | | | | 1,102 | | | | | | 0.48% | | | | | | | | | | | ||||||||||||||||
Certificates of deposit
|
| | | | 215,103 | | | | | | 2,400 | | | | | | 1.12% | | | | | | 191,086 | | | | | | 2,057 | | | | | | 1.08% | | | | | | 136,382 | | | | | | 1,874 | | | | | | 1.37% | | | | | | | | | | | ||||||||||||||||
Total deposit accounts
|
| | | | 785,760 | | | | | | 4,462 | | | | | | 0.57% | | | | | | 657,745 | | | | | | 3,908 | | | | | | 0.59% | | | | | | 418,309 | | | | | | 3,074 | | | | | | 0.73% | | | | | | | | | | | ||||||||||||||||
Borrowed funds
|
| | | | 7,758 | | | | | | 480 | | | | | | 6.19% | | | | | | 8,485 | | | | | | 404 | | | | | | 4.76% | | | | | | 77 | | | | | | — | | | | | | — | | | | | | | | | | | ||||||||||||||||
Total interest bearing liabilities
|
| | | | 793,518 | | | | | | 4,942 | | | | | | 0.62% | | | | | | 666,230 | | | | | | 4,312 | | | | | | 0.65% | | | | | | 418,386 | | | | | | 3,074 | | | | | | 0.73% | | | | | | | | | | | ||||||||||||||||
Non-interest bearing
liabilities |
| | | | 356,636 | | | | | | | | | | | | | | | | | | 260,903 | | | | | | | | | | | | | | | | | | 156,280 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Total average liabilities
|
| | | | 1,150,154 | | | | | | | | | | | | | | | | | | 927,133 | | | | | | | | | | | | | | | | | | 574,666 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Average equity
|
| | | | 170,934 | | | | | | | | | | | | | | | | | | 99,568 | | | | | | | | | | | | | | | | | | 75,077 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Total average liabilities and equity
|
| | | $ | 1,321,088 | | | | | | | | | | | | | | | | | $ | 1,026,701 | | | | | | | | | | | | | | | | | $ | 649,743 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Net interest income
|
| | | | | | | | | $ | 51,918 | | | | | | | | | | | | | | | | | $ | 39,941 | | | | | | | | | | | | | | | | | $ | 26,551 | | | | | | | | | | | | | | | | | ||||||||||||||||
Interest rate spread(2)
|
| | | | | | | | | | | | | | | | 3.92% | | | | | | | | | | | | | | | | | | 3.94% | | | | | | | | | | | | | | | | | | 4.01% | | | | | | | | | | | ||||||||||||||||
Net interest margin(3)
|
| | | | | | | | | | | | | | | | 4.15% | | | | | | | | | | | | | | | | | | 4.14% | | | | | | | | | | | | | | | | | | 4.25% | | | | | | | | | | | ||||||||||||||||
Ratio of average interest earning assets to average interest bearing liabilities
|
| | | | | | | | | | | | | | | | 157.80% | | | | | | | | | | | | | | | | | | 144.87% | | | | | | | | | | | | | | | | | | 149.24% | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Year ended December 31,
2018 compared to 2017 Increase/(Decrease) Attributable to |
| |
Year ended December 31,
2017 compared to 2016 Increase/(Decrease) Attributable to |
| ||||||||||||||||||||||||||||||
| | |
Rate
|
| |
Volume
|
| |
Total
|
| |
Rate
|
| |
Volume
|
| |
Total
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |
(Dollars in thousands)
|
| ||||||||||||||||||||||||||||||
Interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits
|
| | | $ | 2,495 | | | | | $ | 1,275 | | | | | $ | 3,770 | | | | | $ | 716 | | | | | $ | 810 | | | | | $ | 1,526 | | |
Investments available for sale
|
| | | | 11 | | | | | | 567 | | | | | | 578 | | | | | | 176 | | | | | | 188 | | | | | | 364 | | |
Other equity securities
|
| | | | 51 | | | | | | 175 | | | | | | 226 | | | | | | (117) | | | | | | 163 | | | | | | 46 | | |
Total loans
|
| | | | (217) | | | | | | 8,250 | | | | | | 8,033 | | | | | | (1,578) | | | | | | 14,270 | | | | | | 12,692 | | |
Total interest income
|
| | | | 2,340 | | | | | | 10,267 | | | | | | 12,607 | | | | | | (803) | | | | | | 15,431 | | | | | | 14,628 | | |
Interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings accounts
|
| | | | (4) | | | | | | 10 | | | | | | 6 | | | | | | (8) | | | | | | 15 | | | | | | 7 | | |
Interest bearing checking
|
| | | | (36) | | | | | | 49 | | | | | | 13 | | | | | | (37) | | | | | | 80 | | | | | | 43 | | |
Money market accounts
|
| | | | (50) | | | | | | 242 | | | | | | 192 | | | | | | 132 | | | | | | 469 | | | | | | 601 | | |
Certificates of deposit
|
| | | | 84 | | | | | | 259 | | | | | | 343 | | | | | | (371) | | | | | | 555 | | | | | | 184 | | |
Total deposits
|
| | | | (6) | | | | | | 560 | | | | | | 554 | | | | | | (284) | | | | | | 1,119 | | | | | | 835 | | |
Borrowed funds
|
| | | | 111 | | | | | | (35) | | | | | | 76 | | | | | | 3 | | | | | | 400 | | | | | | 403 | | |
Total interest expense
|
| | | | 105 | | | | | | 525 | | | | | | 630 | | | | | | (281) | | | | | | 1,519 | | | | | | 1,238 | | |
Net interest income
|
| | | $ | 2,235 | | | | | $ | 9,742 | | | | | $ | 11,977 | | | | | $ | (522) | | | | | $ | 13,912 | | | | | $ | 13,390 | | |
|
| | |
Year ended December 31,
|
| |
Amount
Increase (Decrease) |
| |
Percent
Increase (Decrease) |
| |||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Gain on sale of loans
|
| | | $ | 2,061 | | | | | $ | 2,173 | | | | | $ | (112) | | | | | | -5.2% | | |
Service charges and other fees
|
| | | | 2,010 | | | | | | 1,249 | | | | | | 761 | | | | | | 60.9% | | |
Loan servicing and other loan fees
|
| | | | 1,243 | | | | | | 566 | | | | | | 677 | | | | | | 119.6% | | |
Gain on sale of OREO
|
| | | | 70 | | | | | | 252 | | | | | | (182) | | | | | | -72.2% | | |
Other income and fees
|
| | | | 1,698 | | | | | | 554 | | | | | | 1,144 | | | | | | 206.5% | | |
Total non interest income
|
| | | $ | 7,082 | | | | | $ | 4,794 | | | | | $ | 2,288 | | | | | | 47.7% | | |
|
| | |
Years ended December 31,
|
| |
Amount
Increase (Decrease) |
| |
Percent
Increase (Decrease) |
| |||||||||||||||
| | |
2018
|
| |
2017
|
| ||||||||||||||||||
Salaries and related benefits
|
| | | $ | 21,444 | | | | | $ | 17,018 | | | | | $ | 4,426 | | | | | | 26.0% | | |
Occupancy and equipment
|
| | | | 4,259 | | | | | | 3,227 | | | | | | 1,032 | | | | | | 32.0% | | |
Data processing expense
|
| | | | 3,806 | | | | | | 4,735 | | | | | | (929) | | | | | | -19.6% | | |
Other expense
|
| | | | 7,160 | | | | | | 5,144 | | | | | | 2,016 | | | | | | 39.2% | | |
Total non interest expense
|
| | | $ | 36,669 | | | | | $ | 30,124 | | | | | $ | 6,545 | | | | | | 21.7% | | |
|
| | |
Year ended December 31,
|
| |
Amount
Increase (Decrease) |
| |
Percent
Increase (Decrease) |
| |||||||||||||||
| | |
2017
|
| |
2016
|
| ||||||||||||||||||
Gain on sale of loans
|
| | | $ | 2,173 | | | | | $ | — | | | | | $ | 2,173 | | | | | | NM | | |
Service charges and other fees
|
| | | | 1,249 | | | | | | 607 | | | | | | 642 | | | | | | 105.8% | | |
Loan servicing and other loan fees
|
| | | | 566 | | | | | | 331 | | | | | | 235 | | | | | | 71.0% | | |
Gain on sale of OREO
|
| | | | 252 | | | | | | — | | | | | | 252 | | | | | | NM | | |
Other income and fees
|
| | | | 554 | | | | | | 420 | | | | | | 134 | | | | | | 31.9% | | |
Total non interest income
|
| | | $ | 4,794 | | | | | $ | 1,358 | | | | | $ | 3,436 | | | | | | 253.0% | | |
|
| | |
Year ended December 31,
|
| |
Amount
Increase (Decrease) |
| |
Percent
Increase (Decrease) |
| |||||||||||||||
| | |
2017
|
| |
2016
|
| ||||||||||||||||||
Salaries and related benefits
|
| | | $ | 17,018 | | | | | $ | 10,611 | | | | | $ | 6,407 | | | | | | 60.4% | | |
Occupancy and equipment
|
| | | | 3,227 | | | | | | 2,147 | | | | | | 1,080 | | | | | | 50.3% | | |
Data processing expense
|
| | | | 4,735 | | | | | | 1,386 | | | | | | 3,349 | | | | | | 241.6% | | |
Other expense
|
| | | | 5,144 | | | | | | 2,819 | | | | | | 2,325 | | | | | | 82.5% | | |
Total non interest expense
|
| | | $ | 30,124 | | | | | $ | 16,963 | | | | | $ | 13,161 | | | | | | 77.6% | | |
|
| | |
Actual
|
| |
Minimum
Regulatory Requirement |
| |
Minimum
Regulatory Requirement for “Well-Capitalized” |
| | | | | | | |||||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| | | | | | | ||||||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
BayCom Corp | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
As of December 31, 2018
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Tier 1 leverage ratio
|
| | | $ | 177,573 | | | | | | 12.11% | | | | | $ | 58,670 | | | | | | 4.00% | | | | | $ | 73,337 | | | | | | 5.00% | | | | | | | | | ||||||||||||
Common equity tier 1 capital
|
| | | | 177,573 | | | | | | 17.63% | | | | | | 45,322 | | | | | | 4.50% | | | | | | 65,466 | | | | | | 6.50% | | | | | | | | | ||||||||||||
Tier 1 capital to risk-weighted assets
|
| | | | 185,734 | | | | | | 18.44% | | | | | | 60,430 | | | | | | 6.00% | | | | | | 80,573 | | | | | | 8.00% | | | | | | | | | ||||||||||||
Total capital to risk-weighted assets
|
| | | | 191,204 | | | | | | 18.98% | | | | | | 80,573 | | | | | | 8.00% | | | | | | 100,716 | | | | | | 10.00% | | | | | | | | | ||||||||||||
United Business Bank | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
As of December 31, 2018
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Tier 1 leverage ratio
|
| | | $ | 147,209 | | | | | | 10.04% | | | | | $ | 58,663 | | | | | | 4.00% | | | | | $ | 73,328 | | | | | | 5.00% | | | | | | | | | ||||||||||||
Common equity tier 1 capital
|
| | | | 147,209 | | | | | | 14.63% | | | | | | 45,293 | | | | | | 4.50% | | | | | | 65,424 | | | | | | 6.50% | | | | | | | | | ||||||||||||
Tier 1 capital to risk-weighted assets
|
| | | | 147,209 | | | | | | 14.63% | | | | | | 60,391 | | | | | | 6.00% | | | | | | 80,522 | | | | | | 8.00% | | | | | | | | | ||||||||||||
Total capital to risk-weighted assets
|
| | | | 152,679 | | | | | | 15.17% | | | | | | 80,522 | | | | | | 8.00% | | | | | | 100,652 | | | | | | 10.00% | | | | | | | | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
One Year
or Less |
| |
After One
Year Through Three Years |
| |
After Three
Years Through Five Years |
| |
After Five
Years |
| |
Total
|
| |||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||
Deposits without a stated maturity
|
| | | $ | 1,042,414 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,042,414 | | |
Certificates of deposit
|
| | | | 150,539 | | | | | | 48,133 | | | | | | 16,682 | | | | | | — | | | | | | 215,354 | | |
Subordinated debt, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 8,161 | | | | | | 8,161 | | |
Salary continuation plan
|
| | | | 609 | | | | | | 1,257 | | | | | | 1,302 | | | | | | 4,755 | | | | | | 7,923 | | |
Operating lease obligations
|
| | | | 2,160 | | | | | | 4,330 | | | | | | 3,664 | | | | | | 9,519 | | | | | | 19,673 | | |
Total contractual obligations
|
| | | $ | 1,195,722 | | | | | $ | 53,720 | | | | | $ | 21,648 | | | | | $ | 22,435 | | | | | $ | 1,293,525 | | |
|
| | |
Net Interest Income Sensitivity
Immediate Changes in Rates |
| |||||||||||||||||||||||||||
| | |
-200
|
| |
-100
|
| |
+100
|
| |
+200
|
| |
+300
|
| |||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dollar change
|
| | | $ | (24,997) | | | | | $ | (10,812) | | | | | $ | 4,627 | | | | | $ | 9,234 | | | | | $ | 13,820 | | |
Percent change
|
| | | | -19% | | | | | | -8% | | | | | | 4% | | | | | | 7% | | | | | | 11% | | |
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dollar change
|
| | | $ | (20,772) | | | | | $ | (8,011) | | | | | $ | 1,917 | | | | | $ | 2,908 | | | | | $ | 3,221 | | |
Percent change
|
| | | | -21% | | | | | | -9% | | | | | | 2% | | | | | | 3% | | | | | | 3% | | |
| | | | | 82 | | | |
| | | | | 83 | | | |
| Consolidated Financial Statements | | | | | | | |
| | | | | 84 | | | |
| | | | | 85 | | | |
| | | | | 86 | | | |
| | | | | 87 | | | |
| | | | | 88 | | | |
| | | | | 90 | | |
| | |
2018
|
| |
2017
|
| ||||||
ASSETS | | | | ||||||||||
Cash and due from banks
|
| | | $ | 20,846 | | | | | $ | 14,754 | | |
Federal funds sold
|
| | | | 302,735 | | | | | | 235,099 | | |
Cash and cash equivalents
|
| | | | 323,581 | | | | | | 249,853 | | |
Interest bearing deposits in banks
|
| | | | 3,980 | | | | | | 1,743 | | |
Investment securities available-for-sale
|
| | | | 99,796 | | | | | | 40,505 | | |
Federal Home Loan Bank (“FHLB”) stock, at par
|
| | | | 5,162 | | | | | | 4,772 | | |
Federal Reserve Bank (“FRB”) stock, at par
|
| | | | 4,081 | | | | | | 2,987 | | |
Loans held for sale
|
| | | | 855 | | | | | | 3,245 | | |
Loans, net of allowance for loan losses of $5,140 and $4,215 at December 31,
2018 and 2017, respectively |
| | | | 970,189 | | | | | | 886,864 | | |
Premises and equipment, net
|
| | | | 11,168 | | | | | | 8,399 | | |
Other real estate owned (“OREO”)
|
| | | | 801 | | | | | | — | | |
Core deposit intangible
|
| | | | 7,205 | | | | | | 4,772 | | |
Cash surrender value of Bank owned life insurance policies, net
|
| | | | 19,602 | | | | | | 17,132 | | |
Goodwill
|
| | | | 14,594 | | | | | | 10,365 | | |
Interest receivable and other assets
|
| | | | 17,381 | | | | | | 15,157 | | |
Total Assets
|
| | | $ | 1,478,395 | | | | | $ | 1,245,794 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Noninterest and interest bearing deposits
|
| | | $ | 1,257,768 | | | | | $ | 1,104,305 | | |
Long-term borrowings
|
| | | | — | | | | | | 6,000 | | |
Salary continuation plan
|
| | | | 3,338 | | | | | | 4,046 | | |
Interest payable and other liabilities
|
| | | | 8,375 | | | | | | 7,421 | | |
Junior subordinated deferrable interest debentures, net
|
| | | | 8,161 | | | | | | 5,387 | | |
Total liabilities
|
| | | | 1,277,642 | | | | | | 1,127,159 | | |
Commitments and contingencies (Note 14) | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | |
Preferred stock – no par value; 10,000,000 shares authorized; no shares issued and outstanding
|
| | | | — | | | | | | — | | |
Common stock – no par value; 100,000,000 shares authorized; 10,869,275 and 7,496,995 shares issued and outstanding at December 31, 2018 and 2017, respectively
|
| | | | 149,248 | | | | | | 81,307 | | |
Additional paid in capital
|
| | | | 287 | | | | | | 287 | | |
Accumulated other comprehensive (loss) income, net of tax
|
| | | | (103) | | | | | | 213 | | |
Retained earnings
|
| | | | 51,321 | | | | | | 36,828 | | |
Total shareholders’ equity
|
| | | | 200,753 | | | | | | 118,635 | | |
Total Liabilities and Shareholders’ Equity
|
| | | $ | 1,478,395 | | | | | $ | 1,245,794 | | |
|
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Interest income: | | | | | | | | | | | | | | | | | | | |
Loans, including fees
|
| | | $ | 49,120 | | | | | $ | 41,087 | | | | | $ | 28,394 | | |
Investment securities and interest bearing deposits in banks
|
| | | | 7,071 | | | | | | 2,723 | | | | | | 834 | | |
FHLB dividends
|
| | | | 446 | | | | | | 356 | | | | | | 307 | | |
FRB dividends
|
| | | | 223 | | | | | | 87 | | | | | | 90 | | |
Total interest and dividend income
|
| | | | 56,860 | | | | | | 44,253 | | | | | | 29,625 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 4,462 | | | | | | 3,908 | | | | | | 3,074 | | |
Other borrowings
|
| | | | 480 | | | | | | 404 | | | | | | — | | |
Total interest expense
|
| | | | 4,942 | | | | | | 4,312 | | | | | | 3,074 | | |
Net interest income
|
| | | | 51,918 | | | | | | 39,941 | | | | | | 26,551 | | |
Provision for loan losses
|
| | | | 1,842 | | | | | | 462 | | | | | | 598 | | |
Net interest income after provision for loan losses
|
| | | | 50,076 | | | | | | 39,479 | | | | | | 25,953 | | |
Noninterest income: | | | | | | | | | | | | | | | | | | | |
Gain on sale of loans
|
| | | | 2,061 | | | | | | 2,173 | | | | | | — | | |
Service charges and other fees
|
| | | | 2,010 | | | | | | 1,249 | | | | | | 607 | | |
Loan servicing fees and other income
|
| | | | 1,243 | | | | | | 566 | | | | | | 331 | | |
Gain on sale of OREO
|
| | | | 70 | | | | | | 252 | | | | | | — | | |
Other income
|
| | | | 1,698 | | | | | | 554 | | | | | | 420 | | |
Total noninterest income
|
| | | | 7,082 | | | | | | 4,794 | | | | | | 1,358 | | |
Noninterest expense: | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 21,444 | | | | | | 17,018 | | | | | | 10,611 | | |
Occupancy and equipment
|
| | | | 4,259 | | | | | | 3,227 | | | | | | 2,147 | | |
Data processing
|
| | | | 3,806 | | | | | | 4,735 | | | | | | 1,386 | | |
Other
|
| | | | 7,160 | | | | | | 5,144 | | | | | | 2,819 | | |
Total noninterest expense
|
| | | | 36,669 | | | | | | 30,124 | | | | | | 16,963 | | |
Income before provision for income taxes
|
| | | | 20,489 | | | | | | 14,149 | | | | | | 10,348 | | |
Provision for income taxes
|
| | | | 5,996 | | | | | | 8,889 | | | | | | 4,436 | | |
Net income
|
| | | $ | 14,493 | | | | | $ | 5,260 | | | | | $ | 5,912 | | |
Earnings per common share: | | | | | | | | | | | | | | | | | | | |
Basic earnings per common share
|
| | | $ | 1.50 | | | | | $ | 0.81 | | | | | $ | 1.10 | | |
Weighted average shares outstanding
|
| | | | 9,692,009 | | | | | | 6,520,230 | | | | | | 5,441,085 | | |
Diluted earnings per common share
|
| | | $ | 1.50 | | | | | $ | 0.81 | | | | | $ | 1.09 | | |
Weighted average shares outstanding
|
| | | | 9,692,009 | | | | | | 6,520,230 | | | | | | 5,449,998 | | |
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Net income
|
| | | $ | 14,493 | | | | | $ | 5,260 | | | | | $ | 5,912 | | |
Other comprehensive (loss) income:
|
| | | | | | | | | | | | | | | | | | |
Change in unrealized (loss) gain on available-for-sale securities
|
| | | | (442) | | | | | | 152 | | | | | | (57) | | |
Deferred tax benefit (expense)
|
| | | | 126 | | | | | | (63) | | | | | | 24 | | |
Other comprehensive (loss) income, net of tax
|
| | | | (316) | | | | | | 89 | | | | | | (33) | | |
Total comprehensive income
|
| | | $ | 14,177 | | | | | $ | 5,349 | | | | | $ | 5,879 | | |
|
| | |
Number of
Shares |
| |
Common
Stock Amount |
| |
Additional
Paid in Capital |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Income/(Loss) |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||
Balance, December 31, 2015
|
| | | | 5,493,209 | | | | | $ | 46,280 | | | | | $ | 287 | | | | | $ | 25,692 | | | | | $ | 121 | | | | | $ | 72,380 | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | 5,912 | | | | | | | | | | | | 5,912 | | |
Other comprehensive loss, net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (33) | | | | | | (33) | | |
Restricted stock granted
|
| | | | 12,794 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Termination of restricted stock
|
| | | | (2,000) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock based compensation
|
| | | | | | | | | | 334 | | | | | | | | | | | | | | | | | | | | | | | | 334 | | |
Exercise of stock options
|
| | | | 38,331 | | | | | | 371 | | | | | | | | | | | | | | | | | | | | | | | | 371 | | |
Repurchase of shares
|
| | | | (69,908) | | | | | | (901) | | | | | | | | | | | | | | | | | | | | | | | | (901) | | |
Balance, December 31, 2016
|
| | | | 5,472,426 | | | | | | 46,084 | | | | | | 287 | | | | | | 31,604 | | | | | | 88 | | | | | | 78,063 | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | 5,260 | | | | | | | | | | | | 5,260 | | |
Other comprehensive income, net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 89 | | | | | | 89 | | |
Reclassification of stranded tax effects
from change in tax rate |
| | | | | | | | | | | | | | | | | | | | | | (36) | | | | | | 36 | | | | | | — | | |
Restricted stock granted
|
| | | | 28,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock based compensation
|
| | | | | | | | | | 423 | | | | | | | | | | | | | | | | | | | | | | | | 423 | | |
Issuance of shares
|
| | | | 1,997,960 | | | | | | 34,824 | | | | | | | | | | | | | | | | | | | | | | | | 34,824 | | |
Repurchase of shares
|
| | | | (1,891) | | | | | | (24) | | | | | | | | | | | | | | | | | | | | | | | | (24) | | |
Balance, December 31, 2017
|
| | | | 7,496,995 | | | | | | 81,307 | | | | | | 287 | | | | | | 36,828 | | | | | | 213 | | | | | | 118,635 | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | 14,493 | | | | | | | | | | | | 14,493 | | |
Other comprehensive loss, net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (316) | | | | | | (316) | | |
Restricted stock granted
|
| | | | 93,380 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock based compensation
|
| | | | | | | | | | 1,180 | | | | | | | | | | | | | | | | | | | | | | | | 1,180 | | |
Initial public offering (“IPO”), net
|
| | | | 3,278,900 | | | | | | 66,761 | | | | | | | | | | | | | | | | | | | | | | | | 66,761 | | |
Balance, December 31, 2018
|
| | | | 10,869,275 | | | | | $ | 149,248 | | | | | $ | 287 | | | | | $ | 51,321 | | | | | $ | (103) | | | | | $ | 200,753 | | |
|
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 14,493 | | | | | $ | 5,260 | | | | | $ | 5,912 | | |
Adjustments to reconcile net income to net cash provided by
|
| | | | | | | | | | | | | | | | | | |
operating activities:
|
| | | | | | | | | | | | | | | | | | |
Decrease in deferred tax asset
|
| | | | 740 | | | | | | 3,491 | | | | | | 1,699 | | |
Accretion on acquired loans
|
| | | | (2,944) | | | | | | (3,000) | | | | | | (1,891) | | |
Gain on sale of loans
|
| | | | (2,061) | | | | | | (2,173) | | | | | | — | | |
Proceeds from sale of loans
|
| | | | 28,959 | | | | | | 24,784 | | | | | | — | | |
Loans originated for sale
|
| | | | (37,773) | | | | | | (25,558) | | | | | | — | | |
Loss on impairment of building held for sale
|
| | | | 600 | | | | | | — | | | | | | — | | |
Accretion on junior subordinated debentures
|
| | | | 59 | | | | | | 40 | | | | | | — | | |
Increase in cash surrender value of life insurance policies
|
| | | | (301) | | | | | | (231) | | | | | | (214) | | |
Provision for loan losses
|
| | | | 1,842 | | | | | | 462 | | | | | | 598 | | |
Net (gain) loss on sale of OREO
|
| | | | (70) | | | | | | (252) | | | | | | 179 | | |
Amortization/accretion of premium/discount on investment securities
|
| | | | 441 | | | | | | 369 | | | | | | 190 | | |
Depreciation and amortization
|
| | | | 935 | | | | | | 762 | | | | | | 498 | | |
Core deposit intangible amortization
|
| | | | 1,171 | | | | | | 850 | | | | | | 398 | | |
Stock based compensation expense
|
| | | | 1,180 | | | | | | 423 | | | | | | 334 | | |
(Increase) decrease in deferred loan origination fees, net
|
| | | | (103) | | | | | | 158 | | | | | | (30) | | |
(Increase) decrease in accrued interest receivable and other assets
|
| | | | (848) | | | | | | 990 | | | | | | (212) | | |
(Decrease) increase in salary continuation liability, net
|
| | | | (708) | | | | | | 126 | | | | | | (37) | | |
Increase (decrease) in accrued expenses and other liabilities
|
| | | | 625 | | | | | | 2,827 | | | | | | (1,106) | | |
Net cash provided by operating activities
|
| | | | 6,237 | | | | | | 9,328 | | | | | | 6,318 | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Maturity of interest bearing deposits in banks
|
| | | | 1,491 | | | | | | 2,522 | | | | | | 1,690 | | |
Purchase of investment securities
|
| | | | (41,353) | | | | | | (1,180) | | | | | | — | | |
Proceeds from the sale, maturity and repayment of investment securities
|
| | | | 37,377 | | | | | | 7,651 | | | | | | 9,564 | | |
(Purchase) redemption of Federal Home Loan Bank stock
|
| | | | (236) | | | | | | 319 | | | | | | (151) | | |
(Purchase) redemption of Federal Reserve Bank stock
|
| | | | (921) | | | | | | (1,576) | | | | | | 75 | | |
Net decrease (increase) in loans
|
| | | | 4,267 | | | | | | 295 | | | | | | (43,687) | | |
Purchase of equipment and leasehold improvements
|
| | | | (1,013) | | | | | | (368) | | | | | | (214) | | |
Proceeds from sale of OREO
|
| | | | 729 | | | | | | 1,754 | | | | | | — | | |
Purchase of Bank owned life insurance
|
| | | | — | | | | | | (4,003) | | | | | | (8) | | |
Proceeds from death benefit on BOLI investment
|
| | | | 1,382 | | | | | | — | | | | | | — | | |
Net cash (paid out) received from acquisition
|
| | | | (12,974) | | | | | | 84,996 | | | | | | — | | |
Net cash (used in) provided by investing activities
|
| | | | (11,251) | | | | | | 90,410 | | | | | | (32,731) | | |
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Net increase in noninterest and interest bearing deposits
|
| | | | 69,144 | | | | | | 7,812 | | | | | | 13,098 | | |
Net (decrease) increase in time deposits
|
| | | | (51,163) | | | | | | 23,538 | | | | | | 34,357 | | |
Repurchase of common stock
|
| | | | — | | | | | | (24) | | | | | | (901) | | |
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | 371 | | |
(Decrease) increase in long-term borrowings
|
| | | | (6,000) | | | | | | 6,000 | | | | | | — | | |
Decrease in short-term borrowings
|
| | | | — | | | | | | (15,895) | | | | | | — | | |
Proceeds from initial public offering, net
|
| | | | 66,761 | | | | | | — | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 78,742 | | | | | | 21,431 | | | | | | 46,925 | | |
Increase in cash and cash equivalents
|
| | | | 73,728 | | | | | | 121,169 | | | | | | 20,512 | | |
Cash and cash equivalents at beginning of period
|
| | | | 249,853 | | | | | | 128,684 | | | | | | 108,172 | | |
Cash and cash equivalents at end of period
|
| | | $ | 323,581 | | | | | $ | 249,853 | | | | | $ | 128,684 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash paid during the year for: | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | $ | 4,939 | | | | | $ | 4,178 | | | | | $ | 3,055 | | |
Income tax, net of refunds
|
| | | | 5,402 | | | | | | 3,838 | | | | | | 2,845 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Change in unrealized (loss) gain on available-for-sale securities, net of tax
|
| | | $ | (316) | | | | | $ | 89 | | | | | $ | (33) | | |
Transfer of loans to other real estate owned
|
| | | | 394 | | | | | | 275 | | | | | | 954 | | |
Acquisition: | | | | | | | | | | | | | | | | | | | |
Assets acquired, net of cash received
|
| | | $ | 143,542 | | | | | $ | 444,826 | | | | | $ | — | | |
Liabilities assumed
|
| | | | 138,526 | | | | | | 505,364 | | | | | | — | | |
Common stock issued
|
| | | | — | | | | | | 34,824 | | | | | | — | | |
Cash consideration
|
| | | | 23,523 | | | | | | 19,156 | | | | | | — | | |
Goodwill
|
| | | | 4,229 | | | | | | 10,365 | | | | | | — | | |
| | |
December 31,
2018 |
| |
December 31,
2017 |
| |
December 31,
2016 |
| |||||||||
Common Stock
|
| | | | 9,692,009 | | | | | | 6,520,230 | | | | | | 5,441,085 | | |
Diluted effect of stock options
|
| | | | — | | | | | | — | | | | | | 8,913 | | |
Total weighted average diluted shares
|
| | | | 9,692,009 | | | | | | 6,520,230 | | | | | | 5,449,998 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| |
December 31,
2016 |
| |||||||||
Net interest income
|
| | | $ | 64,547 | | | | | $ | 44,620 | | | | | $ | 33,906 | | |
Net income
|
| | | | 17,269 | | | | | | 7,228 | | | | | | 7,241 | | |
Basic earnings per share
|
| | | $ | 1.60 | | | | | $ | 0.95 | | | | | $ | 1.13 | | |
Diluted earnings per share
|
| | | $ | 1.60 | | | | | $ | 0.95 | | | | | $ | 1.13 | | |
| | |
BFC
Acquisition Date November 30, 2018 |
| |
Plaza
Acquisition Date November 3, 2017 |
| |
FULB
Acquisition Date April 28, 2017 |
| |||||||||
Fair value of assets: | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 4,932 | | | | | $ | 1,124 | | | | | $ | 27,992 | | |
Federal funds sold
|
| | | | 9,346 | | | | | | — | | | | | | 75,037 | | |
Total cash and cash equivalents
|
| | | | 14,278 | | | | | | 1,124 | | | | | | 103,029 | | |
Investment securities
|
| | | | 56,198 | | | | | | 5,772 | | | | | | 30,241 | | |
FHLB stock, at par
|
| | | | 154 | | | | | | 493 | | | | | | 2,087 | | |
FRB stock, at par
|
| | | | 173 | | | | | | — | | | | | | — | | |
Loans, net
|
| | | | 75,384 | | | | | | 65,366 | | | | | | 315,970 | | |
Other real estate owned
|
| | | | 1,066 | | | | | | — | | | | | | — | | |
Core deposit intangible
|
| | | | 3,604 | | | | | | 385 | | | | | | 4,435 | | |
BOLI
|
| | | | 2,937 | | | | | | — | | | | | | 6,428 | | |
Deferred tax assets, net
|
| | | | 3,291 | | | | | | 2,070 | | | | | | (164) | | |
Servicing asset
|
| | | | — | | | | | | — | | | | | | 1,282 | | |
Other assets
|
| | | | 735 | | | | | | 630 | | | | | | 9,831 | | |
Total assets acquired
|
| | | | 157,820 | | | | | | 75,840 | | | | | | 473,139 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | | | | | | | | | | | | | | | |
Noninterest bearing
|
| | | | 97,771 | | | | | | 17,256 | | | | | | 152,842 | | |
Interest bearing
|
| | | | 37,711 | | | | | | 36,923 | | | | | | 275,175 | | |
| | | | | 135,482 | | | | | | 54,179 | | | | | | 428,017 | | |
Other borrowings
|
| | | | 2,715 | | | | | | 10,467 | | | | | | 10,775 | | |
Salary continuation plan
|
| | | | — | | | | | | — | | | | | | 764 | | |
Other liabilities
|
| | | | 329 | | | | | | 350 | | | | | | 812 | | |
Total liabilities assumed
|
| | | | 138,526 | | | | | | 64,996 | | | | | | 440,368 | | |
Stock issued
|
| | | | — | | | | | | 11,964 | | | | | | 22,860 | | |
Cash consideration
|
| | | | 23,523 | | | | | | 119 | | | | | | 19,037 | | |
Goodwill
|
| | | $ | 4,229 | | | | | $ | 1,239 | | | | | $ | 9,126 | | |
|
| | |
BFC
Acquisition Date November 30, 2018 |
| |
Plaza
Acquisition Date November 3, 2017 |
| |
FULB
Acquisition Date April 28, 2017 |
| |||||||||
Book value of net assets acquired
|
| | | $ | 16,201 | | | | | $ | 8,107 | | | | | $ | 29,321 | | |
Fair value adjustments: | | | | | | | | | | | | | | | | | | | |
Investments
|
| | | | (382) | | | | | | — | | | | | | — | | |
Loans
|
| | | | 284 | | | | | | 386 | | | | | | 636 | | |
Branch facilities
|
| | | | 668 | | | | | | — | | | | | | — | | |
Write-down on real estate investment
|
| | | | (229) | | | | | | — | | | | | | (262) | | |
Core deposit intangible
|
| | | | 3,604 | | | | | | 385 | | | | | | 4,435 | | |
Deferred tax assets
|
| | | | (1,176) | | | | | | 2,070 | | | | | | (2,404) | | |
Time deposits
|
| | | | (54) | | | | | | (74) | | | | | | — | | |
Other borrowings
|
| | | | — | | | | | | (30) | | | | | | — | | |
Trust preferred securities
|
| | | | 378 | | | | | | — | | | | | | 1,045 | | |
Total purchase accounting adjustments
|
| | | | 3,093 | | | | | | 2,737 | | | | | | 3,450 | | |
Fair value of net assets acquired
|
| | | | 19,294 | | | | | | 10,844 | | | | | | 32,771 | | |
Price paid: | | | | | | | | | | | | | | | | | | | |
Common stock issued
|
| | | | — | | | | | | 11,964 | | | | | | 22,860 | | |
Cash paid
|
| | | | 23,523 | | | | | | 119 | | | | | | 19,037 | | |
Total price paid
|
| | | | 23,523 | | | | | | 12,083 | | | | | | 41,897 | | |
Goodwill
|
| | | $ | 4,229 | | | | | $ | 1,239 | | | | | $ | 9,126 | | |
|
| | |
December 31,
|
| |||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||
Net interest income
|
| | | $ | 58,185 | | | | | $ | 53,957 | | | | | $ | 50,649 | | |
Net income
|
| | | | 15,503 | | | | | | 5,225 | | | | | | 10,501 | | |
Basic earnings per share
|
| | | $ | 1.60 | | | | | $ | 0.80 | | | | | $ | 1.93 | | |
Diluted earnings per share
|
| | | $ | 1.60 | | | | | $ | 0.80 | | | | | $ | 1.93 | | |
| | |
December 31, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
| | |
BFC
|
| |
Plaza
|
| |
FULB
|
| |
Total
|
| ||||||||||||
Professional fees
|
| | | $ | 130 | | | | | $ | 225 | | | | | $ | 349 | | | | | $ | 574 | | |
Data processing
|
| | | | 1,290 | | | | | | 855 | | | | | | 1,586 | | | | | | 2,441 | | |
Severance expense
|
| | | | 536 | | | | | | 75 | | | | | | 212 | | | | | | 287 | | |
Other
|
| | | | 369 | | | | | | 54 | | | | | | 120 | | | | | | 174 | | |
Total
|
| | | $ | 2,325 | | | | | $ | 1,209 | | | | | $ | 2,267 | | | | | $ | 3,476 | | |
|
| | |
Amortized
cost |
| |
Gross
unrealized gains |
| |
Gross
unrealized losses |
| |
Estimated
fair value |
| ||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasuries
|
| | | $ | 984 | | | | | $ | 1 | | | | | $ | — | | | | | $ | 985 | | |
U.S. Government Agencies
|
| | | | 13,761 | | | | | | 21 | | | | | | (17) | | | | | | 13,765 | | |
Municipal securities
|
| | | | 19,604 | | | | | | 65 | | | | | | (166) | | | | | | 19,503 | | |
Mortgage-backed securities
|
| | | | 49,565 | | | | | | 243 | | | | | | (206) | | | | | | 49,602 | | |
Collateralized mortgage obligations
|
| | | | 4,705 | | | | | | 32 | | | | | | (20) | | | | | | 4,717 | | |
SBA securities
|
| | | | 4,300 | | | | | | 2 | | | | | | (61) | | | | | | 4,241 | | |
Corporate bonds
|
| | | | 7,016 | | | | | | 4 | | | | | | (37) | | | | | | 6,983 | | |
Total
|
| | | $ | 99,935 | | | | | $ | 368 | | | | | $ | (507) | | | | | $ | 99,796 | | |
|
| | |
Amortized
cost |
| |
Gross
unrealized gains |
| |
Gross
unrealized losses |
| |
Estimated
fair value |
| ||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasuries
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
U.S. Government Agencies
|
| | | | 6,984 | | | | | | — | | | | | | (13) | | | | | | 6,971 | | |
Municipal securities
|
| | | | 15,910 | | | | | | 182 | | | | | | (45) | | | | | | 16,047 | | |
Mortgage-backed securities
|
| | | | 9,621 | | | | | | 143 | | | | | | (24) | | | | | | 9,740 | | |
Collateralized mortgage obligations
|
| | | | 1,758 | | | | | | 1 | | | | | | (9) | | | | | | 1,750 | | |
SBA securities
|
| | | | 5,929 | | | | | | 78 | | | | | | (10) | | | | | | 5,997 | | |
Corporate bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 40,202 | | | | | $ | 404 | | | | | $ | (101) | | | | | $ | 40,505 | | |
|
| | |
Less than 12 months
|
| |
12 months or more
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Estimated
fair value |
| |
Unrealized
loss |
| |
Estimated
fair value |
| |
Unrealized
loss |
| |
Estimated
fair value |
| |
Unrealized
loss |
| ||||||||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasuries
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
U.S. Government Agencies
|
| | | | 4,014 | | | | | | (9) | | | | | | 1,743 | | | | | | (8) | | | | | | 5,757 | | | | | | (17) | | |
Municipal securities
|
| | | | 6,883 | | | | | | (35) | | | | | | 7,537 | | | | | | (131) | | | | | | 14,420 | | | | | | (166) | | |
Mortgage-backed securities
|
| | | | 14,919 | | | | | | (91) | | | | | | 6,054 | | | | | | (115) | | | | | | 20,973 | | | | | | (206) | | |
Collateralized mortgage obligations
|
| | | | 2,427 | | | | | | (9) | | | | | | 477 | | | | | | (11) | | | | | | 2,904 | | | | | | (20) | | |
SBA securities
|
| | | | 677 | | | | | | (32) | | | | | | 2,336 | | | | | | (29) | | | | | | 3,013 | | | | | | (61) | | |
Corporate bonds
|
| | | | 4,975 | | | | | | (37) | | | | | | — | | | | | | — | | | | | | 4,975 | | | | | | (37) | | |
Total
|
| | | $ | 33,895 | | | | | $ | (213) | | | | | $ | 18,147 | | | | | $ | (294) | | | | | $ | 52,042 | | | | | $ | (507) | | |
|
| | |
Less than 12 months
|
| |
12 months or more
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Estimated
fair value |
| |
Unrealized
loss |
| |
Estimated
fair value |
| |
Unrealized
loss |
| |
Estimated
fair value |
| |
Unrealized
loss |
| ||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasuries
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
U.S. Government Agencies
|
| | | | 6,981 | | | | | | (13) | | | | | | — | | | | | | — | | | | | | 6,981 | | | | | | (13) | | |
Municipal securities
|
| | | | 4,011 | | | | | | (39) | | | | | | 267 | | | | | | (6) | | | | | | 4,278 | | | | | | (45) | | |
Mortgage-backed securities
|
| | | | 4,075 | | | | | | (24) | | | | | | — | | | | | | — | | | | | | 4,075 | | | | | | (24) | | |
Collateralized mortgage obligations
|
| | | | 1,201 | | | | | | (9) | | | | | | — | | | | | | — | | | | | | 1,201 | | | | | | (9) | | |
SBA securities
|
| | | | 1,245 | | | | | | (10) | | | | | | — | | | | | | — | | | | | | 1,245 | | | | | | (10) | | |
Corporate bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 17,513 | | | | | $ | (95) | | | | | $ | 267 | | | | | $ | (6) | | | | | $ | 17,780 | | | | | $ | (101) | | |
|
| | |
December 31, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
| | |
Amortized
cost |
| |
Estimated
fair value |
| |
Amortized
cost |
| |
Estimated
fair value |
| ||||||||||||
Available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less
|
| | | $ | 14,292 | | | | | $ | 14,279 | | | | | $ | 5,248 | | | | | $ | 5,243 | | |
Due after one through five years
|
| | | | 26,287 | | | | | | 26,327 | | | | | | 4,987 | | | | | | 4,959 | | |
Due after five years through ten years
|
| | | | 20,840 | | | | | | 20,758 | | | | | | 14,619 | | | | | | 14,737 | | |
Due after ten years
|
| | | | 38,516 | | | | | | 38,432 | | | | | | 15,348 | | | | | | 15,566 | | |
Total
|
| | | $ | 99,935 | | | | | $ | 99,796 | | | | | $ | 40,202 | | | | | $ | 40,505 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Commercial and industrial
|
| | | $ | 121,855 | | | | | $ | 113,801 | | |
Construction and land
|
| | | | 47,302 | | | | | | 22,720 | | |
Commercial real estate
|
| | | | 701,983 | | | | | | 669,150 | | |
Residential
|
| | | | 102,708 | | | | | | 84,781 | | |
Consumer
|
| | | | 1,847 | | | | | | 1,096 | | |
Total loans
|
| | | | 975,695 | | | | | | 891,548 | | |
Net deferred loan fees
|
| | | | (366) | | | | | | (469) | | |
Allowance for loan losses
|
| | | | (5,140) | | | | | | (4,215) | | |
Net loans
|
| | | $ | 970,189 | | | | | $ | 886,864 | | |
|
| | |
Commercial
and industrial |
| |
Construction
and land |
| |
Commercial
real estate |
| |
Residential
|
| |
Consumer
|
| |
Total
|
| ||||||||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Recorded investment in impaired loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
With no specific allowance recorded
|
| | | $ | 1,868 | | | | | $ | — | | | | | $ | 1,346 | | | | | $ | 654 | | | | | $ | — | | | | | $ | 3,868 | | |
With a specific allowance recorded
|
| | | | 10 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10 | | |
Total recorded investment in impaired loans
|
| | | $ | 1,878 | | | | | $ | — | | | | | $ | 1,346 | | | | | $ | 654 | | | | | $ | — | | | | | $ | 3,878 | | |
Specific allowance on impaired loans
|
| | | | 10 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10 | | |
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Recorded investment in impaired loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
With no specific allowance recorded
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,120 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,120 | | |
With a specific allowance recorded
|
| | | | — | | | | | | — | | | | | | 13 | | | | | | — | | | | | | — | | | | | | 13 | | |
Total recorded investment in impaired loans
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,133 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,133 | | |
Specific allowance on impaired loans
|
| | | | — | | | | | | — | | | | | | 13 | | | | | | — | | | | | | — | | | | | | 13 | | |
Year ended December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average recorded investment in impaired loans
|
| | | | 2,004 | | | | | | — | | | | | | 629 | | | | | | 664 | | | | | | — | | | | | | 3,297 | | |
Interest recognized
|
| | | | 54 | | | | | | — | | | | | | 106 | | | | | | 24 | | | | | | — | | | | | | 184 | | |
Year ended December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average recorded investment in impaired loans
|
| | | | — | | | | | | — | | | | | | 1,160 | | | | | | — | | | | | | — | | | | | | 1,160 | | |
Interest recognized
|
| | | | — | | | | | | — | | | | | | 58 | | | | | | — | | | | | | — | | | | | | 58 | | |
Year ended December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average recorded investment in impaired loans
|
| | | | 473 | | | | | | — | | | | | | 653 | | | | | | — | | | | | | — | | | | | | 1,126 | | |
Interest recognized
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Number of
loans |
| |
Rate
modification |
| |
Term
modification |
| |
Interest only
modification |
| |
Rate & term
modification |
| |
Total
|
| ||||||||||||||||||
Year ended December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential
|
| | | | 2 | | | | | | — | | | | | | 125 | | | | | | — | | | | | | 471 | | | | | | 596 | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 2 | | | | | $ | — | | | | | $ | 125 | | | | | $ | — | | | | | $ | 471 | | | | | $ | 596 | | |
|
| | |
Number of
loans |
| |
Rate
modification |
| |
Term
modification |
| |
Interest only
modification |
| |
Rate & term
modification |
| |
Total
|
| ||||||||||||||||||
Year ended December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 13 | | | | | $ | 13 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate
|
| | | | 3 | | | | | | — | | | | | | 238 | | | | | | — | | | | | | 794 | | | | | | 1,032 | | |
Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 4 | | | | | $ | — | | | | | $ | 238 | | | | | $ | — | | | | | $ | 807 | | | | | $ | 1,045 | | |
|
| | |
Pass
|
| |
Special
mention |
| |
Substandard
|
| |
Doubtful
|
| |
Total
|
| |||||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 119,926 | | | | | $ | 1,302 | | | | | $ | 627 | | | | | $ | — | | | | | $ | 121,855 | | |
Construction and land
|
| | | | 44,490 | | | | | | — | | | | | | 2,812 | | | | | | — | | | | | | 47,302 | | |
Commercial real estate
|
| | | | 686,154 | | | | | | 12,120 | | | | | | 3,709 | | | | | | — | | | | | | 701,983 | | |
Residential
|
| | | | 101,908 | | | | | | 147 | | | | | | 653 | | | | | | — | | | | | | 102,708 | | |
Consumer
|
| | | | 1,847 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,847 | | |
Total
|
| | | $ | 954,325 | | | | | $ | 13,569 | | | | | $ | 7,801 | | | | | $ | — | | | | | $ | 975,695 | | |
|
| | |
Pass
|
| |
Special
mention |
| |
Substandard
|
| |
Doubtful
|
| |
Total
|
| |||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 112,078 | | | | | $ | 807 | | | | | $ | 916 | | | | | $ | — | | | | | $ | 113,801 | | |
Construction and land
|
| | | | 19,833 | | | | | | — | | | | | | 2,887 | | | | | | — | | | | | | 22,720 | | |
Commercial real estate
|
| | | | 661,878 | | | | | | 4,058 | | | | | | 3,214 | | | | | | — | | | | | | 669,150 | | |
Residential
|
| | | | 84,781 | | | | | | — | | | | | | — | | | | | | — | | | | | | 84,781 | | |
Consumer
|
| | | | 1,096 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,096 | | |
Total
|
| | | $ | 879,666 | | | | | $ | 4,865 | | | | | $ | 7,017 | | | | | $ | — | | | | | $ | 891,548 | | |
|
| | |
30 – 59 Days
past due |
| |
60 – 89 Days
past due |
| |
90 Days
or more past due |
| |
Total
past due |
| |
Current
|
| |
PCI loans
|
| |
Total loans
receivable |
| |
Non-
performing loans |
| ||||||||||||||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 270 | | | | | $ | 349 | | | | | $ | 1,861 | | | | | $ | 2,480 | | | | | $ | 119,373 | | | | | $ | 2 | | | | | $ | 121,855 | | | | | $ | 1,878 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 47,069 | | | | | | 233 | | | | | | 47,302 | | | | | | — | | |
Commercial real estate
|
| | | | 2,345 | | | | | | 356 | | | | | | 501 | | | | | | 3,202 | | | | | | 688,005 | | | | | | 10,776 | | | | | | 701,983 | | | | | | 596 | | |
Residential
|
| | | | 93 | | | | | | — | | | | | | 57 | | | | | | 150 | | | | | | 100,765 | | | | | | 1,793 | | | | | | 102,708 | | | | | | 654 | | |
Consumer
|
| | | | — | | | | | | 4 | | | | | | — | | | | | | 4 | | | | | | 1,843 | | | | | | — | | | | | | 1,847 | | | | | | — | | |
Total
|
| | | $ | 2,708 | | | | | $ | 709 | | | | | $ | 2,419 | | | | | $ | 5,836 | | | | | $ | 957,056 | | | | | $ | 12,804 | | | | | $ | 975,696 | | | | | $ | 3,128 | | |
|
| | |
30 – 59 Days
past due |
| |
60 – 89 Days
past due |
| |
90 Days
or more past due |
| |
Total
past due |
| |
Current
|
| |
PCI loans
|
| |
Total loans
receivable |
| |
Non-
performing loans |
| ||||||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 96 | | | | | $ | — | | | | | $ | — | | | | | $ | 96 | | | | | $ | 113,702 | | | | | $ | 3 | | | | | $ | 113,801 | | | | | $ | 13 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,720 | | | | | | — | | | | | | 22,720 | | | | | | — | | |
Commercial real estate
|
| | | | 1,446 | | | | | | — | | | | | | — | | | | | | 1,446 | | | | | | 654,687 | | | | | | 13,017 | | | | | | 669,150 | | | | | | 166 | | |
Residential
|
| | | | 349 | | | | | | — | | | | | | — | | | | | | 349 | | | | | | 83,137 | | | | | | 1,295 | | | | | | 84,781 | | | | | | — | | |
Consumer
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | 3 | | | | | | 1,093 | | | | | | — | | | | | | 1,096 | | | | | | — | | |
Total
|
| | | $ | 1,894 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,894 | | | | | $ | 875,339 | | | | | $ | 14,315 | | | | | $ | 891,548 | | | | | $ | 179 | | |
|
| | |
December 31, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
| | |
Unpaid
principal balance |
| |
Carrying
value |
| |
Unpaid
principal balance |
| |
Carrying
value |
| ||||||||||||
Commercial and industrial
|
| | | $ | 125 | | | | | $ | 2 | | | | | $ | 149 | | | | | $ | 3 | | |
Construction and land
|
| | | | 335 | | | | | | 233 | | | | | | — | | | | | | — | | |
Commercial real estate
|
| | | | 12,605 | | | | | | 10,776 | | | | | | 15,706 | | | | | | 13,017 | | |
Residential
|
| | | | 2,381 | | | | | | 1,793 | | | | | | 1,562 | | | | | | 1,295 | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 15,446 | | | | | $ | 12,804 | | | | | $ | 17,417 | | | | | $ | 14,315 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Balance at beginning of period
|
| | | $ | 372 | | | | | $ | 311 | | |
Additions
|
| | | | 485 | | | | | | 1,422 | | |
Removals
|
| | | | 301 | | | | | | — | | |
Accretion
|
| | | | (902) | | | | | | (1,361) | | |
Balance at end of period
|
| | | $ | 256 | | | | | $ | 372 | | |
|
| | |
Commercial
and industrial |
| |
Construction
and land |
| |
Commercial
real estate |
| |
Residential
|
| |
Consumer
|
| |
Unallocated
|
| |
Total
|
| |||||||||||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 841 | | | | | $ | 199 | | | | | $ | 2,695 | | | | | $ | 150 | | | | | $ | 3 | | | | | $ | 327 | | | | | $ | 4,215 | | |
Charge-offs
|
| | | | (1,106) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,106) | | |
Recoveries
|
| | | | 189 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 189 | | |
Provision for loan losses
|
| | | | 1,093 | | | | | | 128 | | | | | | 519 | | | | | | 65 | | | | | | — | | | | | | 37 | | | | | | 1,842 | | |
Ending balance
|
| | | $ | 1,017 | | | | | $ | 327 | | | | | $ | 3,214 | | | | | $ | 215 | | | | | $ | 3 | | | | | $ | 364 | | | | | $ | 5,140 | | |
Allowance for loan losses related to:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans individually evaluated for
impairment |
| | | $ | 10 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 10 | | |
Loans collectively evaluated for impairment
|
| | | | 1,007 | | | | | | 327 | | | | | | 3,214 | | | | | | 215 | | | | | | 3 | | | | | | 364 | | | | | | 5,130 | | |
PCI loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loans receivable | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 1,878 | | | | | $ | — | | | | | $ | 1,346 | | | | | $ | 654 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,878 | | |
Collectively evaluated for impairment
|
| | | | 119,975 | | | | | | 47,069 | | | | | | 690,611 | | | | | | 100,261 | | | | | | 1,847 | | | | | | — | | | | | | 959,763 | | |
PCI loans
|
| | | | 2 | | | | | | 233 | | | | | | 10,026 | | | | | | 1,793 | | | | | | — | | | | | | — | | | | | | 12,054 | | |
Total loans
|
| | | $ | 121,855 | | | | | $ | 47,302 | | | | | $ | 701,983 | | | | | $ | 102,708 | | | | | $ | 1,847 | | | | | $ | — | | | | | $ | 975,695 | | |
|
| | |
Commercial
and industrial |
| |
Construction
and land |
| |
Commercial
real estate |
| |
Residential
|
| |
Consumer
|
| |
Unallocated
|
| |
Total
|
| |||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 1,011 | | | | | $ | 287 | | | | | $ | 2,105 | | | | | $ | 151 | | | | | $ | 4 | | | | | $ | 217 | | | | | $ | 3,775 | | |
Charge-offs
|
| | | | (63) | | | | | | — | | | | | | (3) | | | | | | — | | | | | | (1) | | | | | | — | | | | | | (67) | | |
Recoveries
|
| | | | 45 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 45 | | |
Provision (reclassification) for loan losses
|
| | | | (152) | | | | | | (88) | | | | | | 593 | | | | | | (1) | | | | | | — | | | | | | 110 | | | | | | 462 | | |
Ending balance
|
| | | $ | 841 | | | | | $ | 199 | | | | | $ | 2,695 | | | | | $ | 150 | | | | | $ | 3 | | | | | $ | 327 | | | | | $ | 4,215 | | |
Allowance for loan losses related to:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans individually evaluated for
impairment |
| | | $ | 13 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 13 | | |
Loans collectively evaluated for impairment
|
| | | | 828 | | | | | | 199 | | | | | | 2,695 | | | | | | 150 | | | | | | 3 | | | | | | 327 | | | | | | 4,202 | | |
PCI loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loans receivable | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 13 | | | | | $ | — | | | | | $ | 1,120 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,133 | | |
Collectively evaluated for impairment
|
| | | | 114,357 | | | | | | 22,720 | | | | | | 654,441 | | | | | | 83,486 | | | | | | 1,096 | | | | | | — | | | | | | 876,100 | | |
PCI loans
|
| | | | 3 | | | | | | — | | | | | | 13,017 | | | | | | 1,295 | | | | | | — | | | | | | — | | | | | | 14,315 | | |
Total loans
|
| | | $ | 114,373 | | | | | $ | 22,720 | | | | | $ | 668,578 | | | | | $ | 84,781 | | | | | $ | 1,096 | | | | | $ | — | | | | | $ | 891,548 | | |
|
| | |
Commercial
and industrial |
| |
Construction
and land |
| |
Commercial
real estate |
| |
Residential
|
| |
Consumer
|
| |
Unallocated
|
| |
Total
|
| |||||||||||||||||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 1,418 | | | | | $ | 212 | | | | | $ | 1,735 | | | | | $ | 131 | | | | | $ | 3 | | | | | $ | 351 | | | | | $ | 3,850 | | |
Charge-offs
|
| | | | (491) | | | | | | — | | | | | | (250) | | | | | | — | | | | | | — | | | | | | — | | | | | | (741) | | |
Recoveries
|
| | | | 55 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12 | | | | | | — | | | | | | 67 | | |
Provision (reclassification) for loan losses
|
| | | | 29 | | | | | | 75 | | | | | | 620 | | | | | | 20 | | | | | | (11) | | | | | | (134) | | | | | | 599 | | |
Ending balance
|
| | | $ | 1,011 | | | | | $ | 287 | | | | | $ | 2,105 | | | | | $ | 151 | | | | | $ | 4 | | | | | $ | 217 | | | | | $ | 3,775 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Premises owned
|
| | | $ | 10,267 | | | | | $ | 7,276 | | |
Write-down on premises owned
|
| | | | (600) | | | | | | — | | |
Premises owned, net
|
| | | | 9,667 | | | | | | 7,276 | | |
Leasehold improvements
|
| | | | 1,654 | | | | | | 1,271 | | |
Furniture, fixtures and equipment
|
| | | | 3,835 | | | | | | 2,939 | | |
Less accumulated depreciation and amortization
|
| | | | (3,988) | | | | | | (3,087) | | |
Total premises and equipment, net
|
| | | $ | 11,168 | | | | | $ | 8,399 | | |
|
|
Year ending December 31,
|
| | | | | | |
|
2019
|
| | | $ | 2,160 | | |
|
2020
|
| | | | 2,282 | | |
|
2021
|
| | | | 2,048 | | |
|
2022
|
| | | | 1,931 | | |
|
2023
|
| | | | 1,733 | | |
|
Thereafter
|
| | | | 9,519 | | |
|
Total
|
| | | $ | 19,673 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Land
|
| | | $ | 490 | | | | | $ | — | | |
Commercial real estate
|
| | | | 311 | | | | | | — | | |
Total
|
| | | $ | 801 | | | | | $ | — | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Balance at beginning of period
|
| | | $ | 10,365 | | | | | $ | — | | |
Acquired goodwill
|
| | | | 4,229 | | | | | | 10,365 | | |
Impairment
|
| | | | — | | | | | | — | | |
Balance at end of period
|
| | | $ | 14,594 | | | | | $ | 10,365 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Balance at beginning of period
|
| | | $ | 4,772 | | | | | $ | 802 | | |
Additions
|
| | | | 3,604 | | | | | | 4,820 | | |
Less amortization
|
| | | | (1,171) | | | | | | (850) | | |
Balance at end of period
|
| | | $ | 7,205 | | | | | $ | 4,772 | | |
|
|
Year ending December 31,
|
| | |||||
|
2019
|
| | | $ | 1,545 | | |
|
2020
|
| | | | 1,395 | | |
|
2021
|
| | | | 1,368 | | |
|
2022
|
| | | | 1,368 | | |
|
2023
|
| | | | 542 | | |
|
Thereafter
|
| | | | 987 | | |
|
Total
|
| | | $ | 7,205 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Deferred tax assets, net
|
| | | $ | 5,891 | | | | | $ | 6,519 | | |
Accrued interest receivable
|
| | | | 3,676 | | | | | | 3,002 | | |
Investment in SBIC Fund
|
| | | | 1,347 | | | | | | 799 | | |
Prepaid assets
|
| | | | 2,156 | | | | | | 2,391 | | |
Servicing asset
|
| | | | 814 | | | | | | 1,270 | | |
Low income housing partnership, net
|
| | | | 607 | | | | | | — | | |
Investment in statutory trusts
|
| | | | 395 | | | | | | 296 | | |
All other
|
| | | | 2,495 | | | | | | 880 | | |
Total
|
| | | $ | 17,381 | | | | | $ | 15,157 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Demand deposits
|
| | | $ | 398,045 | | | | | $ | 327,309 | | |
NOW accounts and savings
|
| | | | 246,288 | | | | | | 191,550 | | |
Money market
|
| | | | 398,081 | | | | | | 356,640 | | |
Time under $250,000
|
| | | | 117,653 | | | | | | 126,271 | | |
Time $250,000 and over
|
| | | | 97,701 | | | | | | 102,535 | | |
Total
|
| | | $ | 1,257,768 | | | | | $ | 1,104,305 | | |
|
|
Year ending December 31,
|
| | |||||
|
2019
|
| | | $ | 150,539 | | |
|
2020
|
| | | | 40,487 | | |
|
2021
|
| | | | 7,646 | | |
|
2022
|
| | | | 14,755 | | |
|
2023
|
| | | | 1,927 | | |
|
Total
|
| | | $ | 215,354 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| |
December 31,
2016 |
| |||||||||
NOW accounts and savings
|
| | | $ | 167 | | | | | $ | 148 | | | | | $ | 98 | | |
Money market
|
| | | | 1,895 | | | | | | 1,703 | | | | | | 1,102 | | |
Time under $250,000
|
| | | | 949 | | | | | | 1,137 | | | | | | 1,114 | | |
Time $250,000 and over
|
| | | | 1,451 | | | | | | 920 | | | | | | 760 | | |
Total
|
| | | $ | 4,462 | | | | | $ | 3,908 | | | | | $ | 3,074 | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||
Subordinated debenture
|
| |
Gross
|
| |
Mark to Market
|
| |
Net
|
| |
Interest rate
|
| |
Effective Rate
|
| |||||||||||||||
BFC Trust
|
| | | $ | 3,093 | | | | | $ | (376) | | | | | $ | 2,717 | | | | | | 5.54% | | | | | | 7.00% | | |
FULB Trust
|
| | | | 6,392 | | | | | | (948) | | | | | | 5,444 | | | | | | 5.29% | | | | | | 7.05% | | |
Total
|
| | | $ | 9,485 | | | | | $ | (1,324) | | | | | $ | 8,161 | | | | | | 5.37% | | | | | | 7.03% | | |
|
| | |
December 31, 2017
|
| |||||||||||||||||||||||||||
Subordinated debenture
|
| |
Gross
|
| |
Mark to Market
|
| |
Net
|
| |
Interest rate
|
| |
Effective Rate
|
| |||||||||||||||
FULB Trust
|
| | | $ | 6,392 | | | | | $ | (1,005) | | | | | $ | 5,387 | | | | | | 3.82% | | | | | | 5.28% | | |
|
| | |
December 31, 2018
|
| |
December 31, 2017
|
| |
December 31, 2016
|
| |||||||||||||||||||||||||||
| | |
Federal
|
| |
State
|
| |
Federal
|
| |
State
|
| |
Federal
|
| |
State
|
| ||||||||||||||||||
Current income taxes
|
| | | $ | 3,157 | | | | | $ | 2,299 | | | | | $ | 4,164 | | | | | $ | 1,234 | | | | | $ | 2,060 | | | | | $ | 677 | | |
Deferred tax asset adjustment for
enacted change in tax rate |
| | | | — | | | | | | — | | | | | | 2,681 | | | | | | — | | | | | | — | | | | | | — | | |
Deferred income taxes, net
|
| | | | 517 | | | | | | 23 | | | | | | 437 | | | | | | 373 | | | | | | 1,222 | | | | | | 477 | | |
Total provision for income taxes
|
| | | $ | 3,674 | | | | | $ | 2,322 | | | | | $ | 7,282 | | | | | $ | 1,607 | | | | | $ | 3,282 | | | | | $ | 1,154 | | |
|
| | |
December 31, 2018
|
| |
December 31, 2017
|
| |
December 31, 2016
|
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Rate %
|
| |
Amount
|
| |
Rate %
|
| |
Amount
|
| |
Rate%
|
| ||||||||||||||||||
Federal statutory tax rate
|
| | | $ | 4,303 | | | | | | 21.00% | | | | | $ | 4,811 | | | | | | 34.00% | | | | | $ | 3,518 | | | | | | 34.00% | | |
State statutory tax rate, net of federal effective
tax rate |
| | | | 1,835 | | | | | | 8.95% | | | | | | 1,061 | | | | | | 7.50% | | | | | | 727 | | | | | | 7.02% | | |
Tax exempt interest
|
| | | | (51) | | | | | | -0.25% | | | | | | (77) | | | | | | -0.54% | | | | | | (13) | | | | | | -0.13% | | |
Bank owned life insurance
|
| | | | (190) | | | | | | -0.93% | | | | | | (79) | | | | | | -0.56% | | | | | | (73) | | | | | | -0.71% | | |
Tax impact from enacted change in tax rate
|
| | | | — | | | | | | 0.00% | | | | | | 2,681 | | | | | | 18.95% | | | | | | — | | | | | | 0.00% | | |
Acquisition expenses
|
| | | | 30 | | | | | | 0.14% | | | | | | 179 | | | | | | 1.26% | | | | | | — | | | | | | 0.00% | | |
Other
|
| | | | 69 | | | | | | 0.35% | | | | | | 313 | | | | | | 2.21% | | | | | | 277 | | | | | | 2.69% | | |
Total income tax expense
|
| | | $ | 5,996 | | | | | | 29.26% | | | | | $ | 8,889 | | | | | | 62.82% | | | | | $ | 4,436 | | | | | | 42.87% | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Deferred tax assets | | | | | | | | | | | | | |
Net operating loss carryforward
|
| | | $ | 3,717 | | | | | $ | 3,935 | | |
Mark to market adjustments
|
| | | | — | | | | | | 515 | | |
Salary continuation plan
|
| | | | 962 | | | | | | 1,178 | | |
Allowance for loan losses
|
| | | | 1,214 | | | | | | 879 | | |
Amortization of start up costs
|
| | | | 134 | | | | | | 221 | | |
Stock based compensation
|
| | | | 296 | | | | | | 196 | | |
Depreciation
|
| | | | 195 | | | | | | — | | |
Unrealized loss on AFS securities
|
| | | | 42 | | | | | | — | | |
State taxes on income, net of federal benefit
|
| | | | 346 | | | | | | 259 | | |
Other
|
| | | | 508 | | | | | | 20 | | |
Total deferred tax assets
|
| | | | 7,414 | | | | | | 7,203 | | |
Deferred tax liabilities | | | | | | | | | | | | | |
Mark to market adjustment
|
| | | | (766) | | | | | | — | | |
Depreciation
|
| | | | — | | | | | | (3) | | |
FHLB stock dividend
|
| | | | (197) | | | | | | (193) | | |
Unrealized gain on AFS securities
|
| | | | — | | | | | | (88) | | |
Excess servicing asset
|
| | | | (235) | | | | | | (370) | | |
Other
|
| | | | (325) | | | | | | (30) | | |
Total deferred tax liability
|
| | | | (1,523) | | | | | | (684) | | |
Deferred tax assets, net
|
| | | $ | 5,891 | | | | | $ | 6,519 | | |
|
| | |
December 31, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
| | |
Shares
|
| |
Weighted-average
grant date fair value |
| |
Shares
|
| |
Weighted-average
grant date fair value |
| ||||||||||||
Non-vested at January 1,
|
| | | | 67,481 | | | | | $ | 13.51 | | | | | | 68,605 | | | | | $ | 11.51 | | |
Granted
|
| | | | 93,380 | | | | | | 21.58 | | | | | | 28,500 | | | | | | 15.94 | | |
Vested
|
| | | | (29,861) | | | | | | 13.88 | | | | | | (29,624) | | | | | | 11.23 | | |
Non-vested at December 31,
|
| | | | 131,000 | | | | | $ | 19.18 | | | | | | 67,481 | | | | | $ | 13.51 | | |
|
| | |
At December 31, 2018
|
| |
At December 31, 2017
|
| ||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||
Leverage Ratio | | | | | | | | | | | | | | | | | | | | | | | | | |
BayCom Corp
|
| | | $ | 177,573 | | | | | | 12.11% | | | | | $ | 107,153 | | | | | | 8.73% | | |
Minimum requirement for “Well-Capitalized”
|
| | | | 73,337 | | | | | | 5.00% | | | | | | 61,396 | | | | | | 5.00% | | |
Minimum regulatory requirement
|
| | | | 58,670 | | | | | | 4.00% | | | | | | 49,117 | | | | | | 4.00% | | |
United Business Bank
|
| | | | 147,209 | | | | | | 10.04% | | | | | | 111,143 | | | | | | 8.92% | | |
Minimum requirement for “Well-Capitalized”
|
| | | | 73,328 | | | | | | 5.00% | | | | | | 62,279 | | | | | | 5.00% | | |
Minimum regulatory requirement
|
| | | | 58,663 | | | | | | 4.00% | | | | | | 49,823 | | | | | | 4.00% | | |
Common Equity Tier 1 Ratio | | | | | | | | | | | | | | | | | | | | | | | | | |
BayCom Corp
|
| | | | 177,573 | | | | | | 17.63% | | | | | | 100,761 | | | | | | 11.43% | | |
Minimum requirement for “Well-Capitalized”
|
| | | | 65,466 | | | | | | 6.50% | | | | | | 57,285 | | | | | | 6.50% | | |
Minimum regulatory requirement
|
| | | | 45,322 | | | | | | 4.50% | | | | | | 39,659 | | | | | | 4.50% | | |
United Business Bank
|
| | | | 147,209 | | | | | | 14.63% | | | | | | 111,143 | | | | | | 12.43% | | |
Minimum requirement for “Well-Capitalized”
|
| | | | 65,424 | | | | | | 6.50% | | | | | | 58,109 | | | | | | 6.50% | | |
Minimum regulatory requirement
|
| | | | 45,293 | | | | | | 4.50% | | | | | | 40,229 | | | | | | 4.50% | | |
Tier 1 Risk-Based Capital Ratio | | | | | | | | | | | | | | | | | | | | | | | | | |
BayCom Corp
|
| | | | 185,734 | | | | | | 18.44% | | | | | | 107,153 | | | | | | 12.16% | | |
Minimum requirement for “Well-Capitalized”
|
| | | | 80,573 | | | | | | 8.00% | | | | | | 70,504 | | | | | | 8.00% | | |
Minimum regulatory requirement
|
| | | | 60,430 | | | | | | 6.00% | | | | | | 52,878 | | | | | | 6.00% | | |
United Business Bank
|
| | | | 147,209 | | | | | | 14.63% | | | | | | 111,143 | | | | | | 12.43% | | |
Minimum requirement for “Well-Capitalized”
|
| | | | 80,522 | | | | | | 8.00% | | | | | | 71,519 | | | | | | 8.00% | | |
Minimum regulatory requirement
|
| | | | 60,391 | | | | | | 6.00% | | | | | | 53,639 | | | | | | 6.00% | | |
Total Risk-Based Capital Ratio | | | | | | | | | | | | | | | | | | | | | | | | | |
BayCom Corp
|
| | | | 191,204 | | | | | | 18.98% | | | | | | 111,678 | | | | | | 12.67% | | |
Minimum requirement for “Well-Capitalized”
|
| | | | 100,716 | | | | | | 10.00% | | | | | | 88,133 | | | | | | 10.00% | | |
Minimum regulatory requirement
|
| | | | 80,573 | | | | | | 8.00% | | | | | | 70,504 | | | | | | 8.00% | | |
United Business Bank
|
| | | | 152,679 | | | | | | 15.17% | | | | | | 115,668 | | | | | | 12.94% | | |
Minimum requirement for “Well-Capitalized”
|
| | | | 100,652 | | | | | | 10.00% | | | | | | 89,399 | | | | | | 10.00% | | |
Minimum regulatory requirement
|
| | | | 80,522 | | | | | | 8.00% | | | | | | 71,519 | | | | | | 8.00% | | |
| | |
December 31,
2018 |
| |
December 31,
2017 |
| ||||||
Beginning of the year
|
| | | $ | 4,559 | | | | | $ | 9,862 | | |
Disbursements
|
| | | | 9,301 | | | | | | 1,488 | | |
Amounts paid
|
| | | | (199) | | | | | | (6,791) | | |
End of year
|
| | | $ | 13,661 | | | | | $ | 4,559 | | |
Undisbursed commitments to related parties
|
| | | $ | 5,741 | | | | | $ | 7,187 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2017 |
| |
December 31,
2016 |
| |||||||||
Professional fees
|
| | | $ | 1,885 | | | | | $ | 1,217 | | | | | $ | 700 | | |
Core deposit premium amortization
|
| | | | 1,171 | | | | | | 850 | | | | | | 398 | | |
Marketing and promotions
|
| | | | 979 | | | | | | 601 | | | | | | 269 | | |
Stationary and supplies
|
| | | | 460 | | | | | | 585 | | | | | | 289 | | |
Insurance (including FDIC premiums)
|
| | | | 556 | | | | | | 508 | | | | | | 349 | | |
Communication and postage
|
| | | | 456 | | | | | | 368 | | | | | | 219 | | |
Loan default related (recovery) expense
|
| | | | (73) | | | | | | 234 | | | | | | (61) | | |
Director fees
|
| | | | 251 | | | | | | 219 | | | | | | 181 | | |
Bank service charges
|
| | | | 62 | | | | | | 113 | | | | | | 81 | | |
Courier expense
|
| | | | 200 | | | | | | 112 | | | | | | 82 | | |
Impairment of asset
|
| | | | 600 | | | | | | — | | | | | | — | | |
Write-down on OREO
|
| | | | — | | | | | | — | | | | | | 179 | | |
Other
|
| | | | 613 | | | | | | 337 | | | | | | 133 | | |
Total
|
| | | $ | 7,160 | | | | | $ | 5,144 | | | | | $ | 2,819 | | |
|
| | |
Total
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasuries
|
| | | $ | 985 | | | | | $ | 985 | | | | | $ | — | | | | | $ | — | | |
U.S. Government Agencies
|
| | | | 13,765 | | | | | | — | | | | | | 13,765 | | | | | | — | | |
Municipal securities
|
| | | | 19,503 | | | | | | — | | | | | | 19,503 | | | | | | — | | |
Mortgage-backed securities
|
| | | | 49,602 | | | | | | — | | | | | | 49,602 | | | | | | — | | |
Collateralized mortgage obligations
|
| | | | 6,983 | | | | | | — | | | | | | 6,983 | | | | | | — | | |
SBA securities
|
| | | | 4,241 | | | | | | — | | | | | | 4,241 | | | | | | — | | |
Corporate bonds
|
| | | | 4,717 | | | | | | — | | | | | | 4,717 | | | | | | — | | |
Total assets measured at fair value
|
| | | $ | 99,796 | | | | | $ | 985 | | | | | $ | 98,811 | | | | | $ | — | | |
|
| | |
Total
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasuries
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
U.S. Government Agencies
|
| | | | 6,971 | | | | | | — | | | | | | 6,971 | | | | | | — | | |
Municipal securities
|
| | | | 16,047 | | | | | | — | | | | | | 16,047 | | | | | | — | | |
Mortgage-backed securities
|
| | | | 9,740 | | | | | | — | | | | | | 9,740 | | | | | | — | | |
Collateralized mortgage obligations
|
| | | | 1,750 | | | | | | — | | | | | | 1,750 | | | | | | — | | |
SBA securities
|
| | | | 5,997 | | | | | | — | | | | | | 5,997 | | | | | | — | | |
Corporate bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total assets measured at fair value
|
| | | $ | 40,505 | | | | | $ | — | | | | | $ | 40,505 | | | | | $ | — | | |
|
| | |
Total
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
Performing impaired loans
|
| | | $ | 750 | | | | | $ | — | | | | | $ | — | | | | | $ | 750 | | |
Nonperforming impaired loans
|
| | | | 3,128 | | | | | | — | | | | | | — | | | | | | 3,128 | | |
OREO
|
| | | | 801 | | | | | | — | | | | | | — | | | | | | 801 | | |
Total assets measured at fair value
|
| | | $ | 4,679 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,679 | | |
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | |
Performing impaired loans
|
| | | $ | 954 | | | | | $ | — | | | | | $ | — | | | | | $ | 954 | | |
Nonperforming impaired loans
|
| | | | 179 | | | | | | — | | | | | | — | | | | | | 179 | | |
OREO
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total assets measured at fair value
|
| | | $ | 1,133 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,133 | | |
|
| | |
Carrying
amount |
| |
Fair
value |
| |
Fair value measurements
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 323,581 | | | | | $ | 323,581 | | | | | $ | 323,581 | | | | | $ | — | | | | | $ | — | | |
Interest bearing deposits in banks
|
| | | | 3,980 | | | | | | 3,980 | | | | | | 3,980 | | | | | | — | | | | | | — | | |
Securities available for sale
|
| | | | 99,796 | | | | | | 99,796 | | | | | | 985 | | | | | | 98,811 | | | | | | — | | |
Loans, net(1)
|
| | | | 970,189 | | | | | | 967,882 | | | | | | — | | | | | | — | | | | | | 967,882 | | |
Loans held for sale
|
| | | | 855 | | | | | | 855 | | | | | | — | | | | | | 855 | | | | | | — | | |
Other equity securities
|
| | | | 9,243 | | | | | | 9,243 | | | | | | 9,243 | | | | | | — | | | | | | — | | |
Accrued interest receivable
|
| | | | 3,676 | | | | | | 3,676 | | | | | | — | | | | | | 3,676 | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 1,257,768 | | | | | | 1,259,045 | | | | | | — | | | | | | 1,259,045 | | | | | | — | | |
Subordinated debentures
|
| | | | 8,161 | | | | | | 6,824 | | | | | | — | | | | | | — | | | | | | 6,824 | | |
Accrued interest payable
|
| | | | 198 | | | | | | 198 | | | | | | — | | | | | | 198 | | | | | | — | | |
Off-balance sheet liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Undisbursed loan commitments, lines of
credit, standby letters of credit |
| | | | 101,076 | | | | | | 100,746 | | | | | | — | | | | | | — | | | | | | 100,746 | | |
| | |
Carrying
amount |
| |
Fair
value |
| |
Fair value measurements
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 249,853 | | | | | $ | 249,853 | | | | | $ | 249,853 | | | | | $ | — | | | | | $ | — | | |
Interest bearing deposits in banks
|
| | | | 1,743 | | | | | | 1,743 | | | | | | 1,743 | | | | | | — | | | | | | — | | |
Securities available for sale
|
| | | | 40,505 | | | | | | 40,505 | | | | | | — | | | | | | 40,505 | | | | | | — | | |
Loans, net(1)
|
| | | | 7,759 | | | | | | 7,759 | | | | | | — | | | | | | 7,759 | | | | | | — | | |
Loans held for sale
|
| | | | 886,864 | | | | | | 883,361 | | | | | | — | | | | | | — | | | | | | 883,361 | | |
Other equity securities
|
| | | | 3,245 | | | | | | 3,245 | | | | | | — | | | | | | 3,245 | | | | | | — | | |
Accrued interest receivable
|
| | | | 3,002 | | | | | | 3,002 | | | | | | — | | | | | | 3,002 | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 1,104,305 | | | | | | 1,104,665 | | | | | | 875,506 | | | | | | 229,159 | | | | | | — | | |
Subordinated debentures
|
| | | | 5,387 | | | | | | 5,387 | | | | | | — | | | | | | — | | | | | | 5,387 | | |
Other borrowings
|
| | | | 6,000 | | | | | | 6,000 | | | | | | — | | | | | | — | | | | | | 6,000 | | |
Accrued interest payable
|
| | | | 141 | | | | | | 141 | | | | | | — | | | | | | 141 | | | | | | — | | |
Off-balance sheet liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Undisbursed loan commitments, lines of credit, standby letters of credit
|
| | | | 98,664 | | | | | | 98,354 | | | | | | — | | | | | | — | | | | | | 98,354 | | |
| | |
2018
|
| |
2017
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 37,954 | | | | | $ | 676 | | |
Investment in bank subsidiary
|
| | | | 170,783 | | | | | | 129,246 | | |
Premises and equipment, net
|
| | | | 1 | | | | | | 4 | | |
Interest receivable and other assets
|
| | | | 245 | | | | | | 198 | | |
Total Assets
|
| | | $ | 208,983 | | | | | $ | 130,124 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Junior subordinated debt
|
| | | $ | 8,161 | | | | | $ | 5,387 | | |
Long-term borrowings
|
| | | | — | | | | | | 6,000 | | |
Interest payable and other liabilities
|
| | | | 69 | | | | | | 102 | | |
Total liabilities
|
| | | | 8,230 | | | | | | 11,489 | | |
Shareholders’ equity | | | | | | | | | | | | | |
Preferred stock – no par value; 10,000,000 shares authorized; no shares issued and outstanding
|
| | | | — | | | | | | — | | |
Common stock – no par value; 100,000,000 shares authorized; 10,869,275 and 7,496,995 shares issued and outstanding at December 31, 2018 and 2017, respectively
|
| | | | 149,248 | | | | | | 81,307 | | |
Additional paid in capital
|
| | | | 287 | | | | | | 287 | | |
Accumulated other comprehensive (loss) income, net of tax
|
| | | | (103) | | | | | | 213 | | |
Retained earnings
|
| | | | 51,321 | | | | | | 36,828 | | |
Total shareholders’ equity
|
| | | | 200,753 | | | | | | 118,635 | | |
Total Liabilities and Shareholders’ Equity
|
| | | $ | 208,983 | | | | | $ | 130,124 | | |
|
| | |
2018
|
| |
2017
|
| ||||||
Income: | | | | | | | | | | | | | |
Interest income
|
| | | $ | 466 | | | | | $ | — | | |
Dividends from bank subsidiary
|
| | | | 14,535 | | | | | | 5,620 | | |
Dividends from statutory trusts
|
| | | | 2 | | | | | | 3 | | |
Total income
|
| | | | 15,003 | | | | | | 5,623 | | |
Expense: | | | | | | | | | | | | | |
Interest expense
|
| | | | 480 | | | | | | 404 | | |
Noninterest expense
|
| | | | 98 | | | | | | 106 | | |
Total expense
|
| | | | 578 | | | | | | 510 | | |
Income before tax benefit
|
| | | | 14,425 | | | | | | 5,113 | | |
Provision for income tax benefit
|
| | | | (68) | | | | | | (147) | | |
Net income
|
| | | $ | 14,493 | | | | | $ | 5,260 | | |
|
| | |
2018
|
| |
2017
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net income
|
| | | $ | 14,493 | | | | | $ | 5,260 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Income from subsidiary
|
| | | | (14,655) | | | | | | (5,620) | | |
Dividend from subsidiary
|
| | | | — | | | | | | 19,035 | | |
Depreciation of furniture, fixtures and equipment
|
| | | | 3 | | | | | | 2 | | |
Income tax benefit
|
| | | | (68) | | | | | | (147) | | |
Accretion on junior subordinated debt
|
| | | | 36 | | | | | | 40 | | |
Stock-based compensation expense
|
| | | | 45 | | | | | | — | | |
(Increase) in accrued interest receivable and other assets
|
| | | | (88) | | | | | | (12) | | |
(Decrease) in accrued expenses and other liabilities
|
| | | | (217) | | | | | | — | | |
Net cash (used in) provided by operating activities
|
| | | | (451) | | | | | | 18,558 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Capital contribution to subsidiary
|
| | | | (644) | | | | | | — | | |
Sale of real estate investment
|
| | | | — | | | | | | 452 | | |
Net cash paid for acquisitions
|
| | | | (23,523) | | | | | | (18,881) | | |
Net cash used in investing activities
|
| | | | (24,167) | | | | | | (18,429) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Restricted stock issued
|
| | | | 1,135 | | | | | | — | | |
(Decrease) increase in long-term borrowings
|
| | | | (6,000) | | | | | | 6,000 | | |
Repurchase of shares
|
| | | | — | | | | | | (24) | | |
Proceeds from initial public offering, net
|
| | | | 66,761 | | | | | | — | | |
Payoff of short-term borrowings
|
| | | | — | | | | | | (5,429) | | |
Net cash provided by financing activities
|
| | | | 61,896 | | | | | | 547 | | |
Increase in cash and cash equivalents
|
| | | | 37,278 | | | | | | 676 | | |
Cash and cash equivalents at beginning of period
|
| | | | 676 | | | | | | — | | |
Cash and cash equivalents at end of period
|
| | | $ | 37,954 | | | | | $ | 676 | | |
|
Name
|
| |
Age
|
| |
Position(s) Held in the Company
|
| |
Director
Since(1) |
|
Lloyd W. Kendall, Jr. | | |
72
|
| | Chairman of the Board | | |
2004
|
|
George J. Guarini | | |
65
|
| | President, Chief Executive Officer and Director | | |
2004
|
|
James S. Camp | | |
67
|
| | Director | | |
2004
|
|
Harpreet S. Chaudhary | | |
57
|
| | Director | | |
2011
|
|
Rocco Davis | | |
60
|
| | Director | | |
2017
|
|
Malcolm F. Hotchkiss | | |
70
|
| | Director | | |
2017
|
|
Robert G. Laverne, MD | | |
70
|
| | Director | | |
2004
|
|
David M. Spatz | | |
71
|
| | Director | | |
2004
|
|
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
Bonus
|
| |
Stock
Awards(1) |
| |
All Other
Compensation(2) |
| |
Total
|
| ||||||||||||||||||
George J. Guarini
President and CEO |
| | | | 2018 | | | | | $ | 495,000 | | | | | $ | 394,451 | | | | | $ | 250,793 | | | | | $ | 304,267 | | | | | $ | 1,444,511 | | |
| | | 2017 | | | | | | 450,000 | | | | | | 411,122 | | | | | | 112,505 | | | | | | 282,571 | | | | | | 1,256,198 | | | ||
Janet L. King
Senior Executive Vice President and COO |
| | | | 2018 | | | | | | 357,500 | | | | | | 203,487 | | | | | | 79,871 | | | | | | 104,779 | | | | | | 745,637 | | |
| | | 2017 | | | | | | 325,000 | | | | | | 212,095 | | | | | | 48,756 | | | | | | 62,049 | | | | | | 647,900 | | | ||
Keary L. Colwell
Senior Executive Vice President, CFO and Corporate Secretary |
| | | | 2018 | | | | | | 357,500 | | | | | | 203,487 | | | | | | 79,871 | | | | | | 101,707 | | | | | | 742,565 | | |
| | | 2017 | | | | | | 325,000 | | | | | | 212,095 | | | | | | 48,756 | | | | | | 61,910 | | | | | | 647,761 | | |
Name
|
| |
401(k)
Matching Contributions |
| |
Salary
Continuation Plan |
| |
Premiums on
Split-Dollar life insurance benefits |
| |
Total
|
| ||||||||||||
George J. Guarini
|
| | | $ | 11,000 | | | | | $ | 281,146 | | | | | $ | 2,521 | | | | | $ | 294,667 | | |
Janet L. King
|
| | | | 11,000 | | | | | | 82,377 | | | | | | 1,802 | | | | | | 95,179 | | |
Keary L. Colwell
|
| | | | 11,000 | | | | | | 82,377 | | | | | | 2,330 | | | | | | 95,707 | | |
| | |
Stock Awards
|
| | |||||||||||
Name
|
| |
Number of
Unvested Shares |
| |
Market Value
of Unvested Shares(1) |
| |
Vesting Date
|
| ||||||
George J. Guarini
|
| | | | 5,812 | | | | | $ | 134,199 | | | |
1/1/2019
|
|
| | | 11,021 | | | | | | 254,475 | | | |
5/8/2019
|
| ||
| | | 6,098 | | | | | | 140,803 | | | |
8/19/2019
|
| ||
| | | 5,812 | | | | | | 134,199 | | | |
1/1/2020
|
| ||
| | | 11,021 | | | | | | 254,475 | | | |
5/8/2020
|
| ||
| | | 4,238 | | | | | | 97,855 | | | |
1/1/2021
|
| ||
| | | 11,021 | | | | | | 254,475 | | | |
5/8/2021
|
| ||
| | | 2,786 | | | | | | 64,329 | | | |
1/1/2022
|
| ||
| | | 1,272 | | | | | | 29,370 | | | |
1/1/2023
|
| ||
Total | | | | | 59,081 | | | | | $ | 1,364,180 | | | | | |
Janet L. King
|
| | | | 2,361 | | | | | | 54,515 | | | |
1/1/2019
|
|
| | | 3,006 | | | | | | 69,409 | | | |
5/8/2019
|
| ||
| | | 1,676 | | | | | | 38,699 | | | |
8/19/2019
|
| ||
| | | 2,361 | | | | | | 54,515 | | | |
1/1/2020
|
| ||
| | | 3,006 | | | | | | 69,409 | | | |
5/8/2020
|
| ||
| | | 1,761 | | | | | | 40,661 | | | |
1/1/2021
|
| ||
| | | 3,006 | | | | | | 69,409 | | | |
5/8/2021
|
| ||
| | | 1,208 | | | | | | 27,893 | | | |
1/1/2022
|
| ||
| | | 552 | | | | | | 12,746 | | | |
1/1/2023
|
| ||
Total | | | | | 18,937 | | | | | $ | 437,255 | | | | | |
Keary L. Colwell
|
| | | | 2,361 | | | | | | 54,515 | | | |
1/1/2019
|
|
| | | 3,006 | | | | | | 69,409 | | | |
5/8/2019
|
| ||
| | | 1,676 | | | | | | 38,699 | | | |
8/19/2019
|
| ||
| | | 2,361 | | | | | | 54,515 | | | |
1/1/2020
|
| ||
| | | 3,006 | | | | | | 69,409 | | | |
5/8/2020
|
| ||
| | | 1,761 | | | | | | 40,661 | | | |
1/1/2021
|
| ||
| | | 3,006 | | | | | | 69,409 | | | |
5/8/2021
|
| ||
| | | 1,208 | | | | | | 27,893 | | | |
1/1/2022
|
| ||
| | | 552 | | | | | | 12,746 | | | |
1/1/2023
|
| ||
Total | | | | | 18,937 | | | | | $ | 437,255 | | | | | |
|
Name
|
| |
Fees Earned or
Paid in Cash |
| |
Stock Awards(1)
|
| |
Total
Compensation |
| |||||||||
Lloyd W. Kendall, Jr.
|
| | | $ | 46,200 | | | | | $ | 90,596 | | | | | $ | 136,796 | | |
James S. Camp
|
| | | | 24,000 | | | | | | 90,596 | | | | | | 114,596 | | |
Harpreet S. Chaudhary
|
| | | | 33,600 | | | | | | 57,794 | | | | | | 91,394 | | |
Rocco Davis
|
| | | | 8,000 | | | | | | 29,678 | | | | | | 37,678 | | |
Malcolm F. Hotchkiss
|
| | | | 20,000 | | | | | | 29,678 | | | | | | 49,678 | | |
Robert G. Laverne, MD
|
| | | | 24,000 | | | | | | 90,596 | | | | | | 114,596 | | |
David M. Spatz
|
| | | | 33,600 | | | | | | 90,596 | | | | | | 124,196 | | |
Plan category
|
| |
Number of securities to
be issued upon exercise of outstanding options, warrants, and rights |
| |
Weighted-average
exercise price of outstanding options, warrants, and rights |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
| |||||||||
| | |
(a)
|
| |
(b)
|
| |
(c)
|
| |||||||||
Equity compensation plans (stock options) approved by security holders:
|
| | | | | | | | | | | | | | | | | | |
2017 Omnibus Equity Incentive Plan(1)
|
| | | | — | | | | | $ | — | | | | | | 356,620 | | |
Equity compensation plans not approved by security holders
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | — | | | | | $ | — | | | | | | 356,620 | | |
|
Name of Beneficial Owner
|
| |
Number of Shares
Beneficially Owned |
| |
Percent of
Common Stock Outstanding |
| ||||||
Name of Beneficial Owners Greater than 5% Shareholders | | | | | | | | | | | | | |
EJF Capital LLC
|
| | | | 752,273(1) | | | | | | 6.9% | | |
2107 Wilson Boulevard, Suite 410 | | | | | | | | | | | | | |
Arlington, VA 22201 | | | | | | | | | | | | | |
Directors and Executive Officers | | | | | | | | | | | | | |
Lloyd W. Kendall, Jr.
|
| | | | 72,464(2) | | | | | | * | | |
George J. Guarini
|
| | | | 126,329(3) | | | | | | 1.2% | | |
James S. Camp
|
| | | | 109,742(4) | | | | | | 1.0% | | |
Harpreet S. Chaudhary
|
| | | | 37,921(5) | | | | | | * | | |
Rocco Davis
|
| | | | 3,589(6) | | | | | | * | | |
Malcolm F. Hotchkiss
|
| | | | 10,994(7) | | | | | | * | | |
Robert G. Laverne, M.D,
|
| | | | 109,015(8) | | | | | | 1.0% | | |
David M. Spatz
|
| | | | 63,625(9) | | | | | | 0.6% | | |
Keary L. Colwell
|
| | | | 33,600(10) | | | | | | * | | |
Janet L. King
|
| | | | 37,600(11) | | | | | | * | | |
All directors and executive officers as a group (14 persons)
|
| | | | 615,031(12) | | | | | | 5.4% | | |
| | | | BAYCOM CORP | |
|
Date:
March 18, 2019
|
| |
By:
/s/ George J. Guarini
George J. Guarini
President and Chief Executive Officer |
|
|
/s/ George J. Guarini
George J. Guarini, President, Chief Executive Officer and Director (Principal Executive Officer)
|
| |
Date:
March 18, 2019
|
|
|
/s/ Lloyd W. Kendall
Lloyd W. Kendall, Chairman of the Board and Director
|
| |
Date:
March 18, 2019
|
|
|
/s/ James S. Camp
James S. Camp, Director
|
| |
Date:
March 18, 2019
|
|
|
/s/ Harpreet S. Chaudhary
Harpreet S. Chaudhary, Director
|
| |
Date:
March 18, 2019
|
|
|
/s/ Rocco Davis
Rocco Davis, Director
|
| |
Date:
March 18, 2019
|
|
|
/s/ Malcolm F. Hotchkiss
Malcolm F. Hotchkiss, Director
|
| |
Date:
March 18, 2019
|
|
|
/s/ Robert G. Laverne
Robert G. Laverne, MD, Director
|
| |
Date:
March 18, 2019
|
|
|
/s/ David M. Spatz
David M. Spatz, Director
|
| |
Date:
March 18, 2019
|
|
|
/s/ Keary L. Colwell
Keary L. Colwell, Senior Executive Vice President and Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)
|
| |
Date:
March 18, 2019
|
|
Subsidiary
|
| |
Ownership
|
| |
Jurisdiction
|
|
United Business Bank | | | Wholly owned subsidiary of BayCom Corp | | | California | |
First ULB Statutory Trust I
|
| |
BayCom Corp own 100% of the common securities of the trust
|
| | Delaware | |
Bethlehem Capital Trust | | |
BayCom Corp own 100% of the common securities of the trust
|
| | Delaware | |
| Date: March 18, 2019 | | |
By:
/s/ George J. Guarini
George J. Guarini
President and Chief Executive Officer |
|
| Date: March 18, 2019 | | |
By:
/s/ Keary L. Colwell
Keary L. Colwell
Senior Executive Vice President and Chief Financial Officer |
|
| Date: March 18, 2019 | | |
By:
/s/ George J. Guarini
George J. Guarini
President and Chief Executive Officer |
|
| Date: March 18, 2019 | | |
By:
/s/ Keary L. Colwell
Keary L. Colwell
Senior Executive Vice President and Chief Financial Officer |
|
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