0001564590-17-013927.txt : 20170725 0001564590-17-013927.hdr.sgml : 20170725 20170725155842 ACCESSION NUMBER: 0001564590-17-013927 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170725 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20170725 DATE AS OF CHANGE: 20170725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QNB CORP CENTRAL INDEX KEY: 0000750558 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 232318082 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17706 FILM NUMBER: 17980437 BUSINESS ADDRESS: STREET 1: 15 NORTH THIRD STREET CITY: QUAKERTOWN STATE: PA ZIP: 18951-9005 BUSINESS PHONE: 2155385600 MAIL ADDRESS: STREET 1: P.O. BOX 9005 CITY: QUAKERTOWN STATE: PA ZIP: 18951 8-K 1 qnbc-8k_20170725.htm 8-K qnbc-8k_20170725.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

Form 8-K

 

CURRENT REPORT

PURSUANT TO SECTIONS 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Date of report (Date of earliest event reported):

July 25, 2017

 

QNB Corp.

(Exact name of registrant as specified in its charter)

 

Pennsylvania

0-17706

23-2318082

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

 

15 North Third Street, P.O. Box 9005, Quakertown, PA 18951-9005

(Address of principal executive offices, including zip code)

 

(215) 538-5600

(Registrant's telephone number, including area code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐  Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02

Results of Operations and Financial Condition

 

On July 25, 2017, QNB Corp. announced its consolidated financial results for the second quarter and six months ended June 30, 2017.  A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information included in this Item, as well as Exhibit 99.1, referenced herein, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 unless specifically incorporated in such filing.

 

 

 

Item 9.01

Financial Statements and Exhibits

 

The following exhibits are filed herewith:

 

 

 

Exhibit No.

Description

d

 

 

 

 

 

99.1

News release disseminated on July 25, 2017 by QNB Corp.

 

 


 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

QNB Corp.

 

 

 

 

 

 

 

By:

/s/ Janice S. McCracken Erkes

 

 

Janice S. McCracken Erkes

 

 

Chief Financial Officer

 

Dated:  July 25, 2017

 

 EX-99.1 2 qnbc-ex991_6.htm EX-99.1 qnbc-ex991_6.htm

Exhibit 99.1

 

PO Box 9005

Quakertown, PA 18951-9005

215.538.5600

1.800.491.9070

www.qnbbank.com

FOR IMMEDIATE RELEASE

 

QNB CORP. REPORTS INCREASED

EARNINGS FOR SECOND QUARTER 2017

 

 

QUAKERTOWN, PA (July 25, 2017) QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank, reported net income for the second quarter of 2017 of $2,386,000, or $0.69 per share on a diluted basis, compared to net income of $2,098,000, or $0.62 per share on a diluted basis, for the same period in 2016. For the six months ended June 30, 2017, QNB reported net income of $5,246,000, or $1.53 per share on a diluted basis. This compares to net income of $4,363,000, or $1.29 per share on a diluted basis, reported for the same period in 2016.

 

Total assets as of June 30, 2017 were $1,120,523,000 compared with $1,063,141,000 at December 31, 2016. Loans receivable at June 30, 2017 were $695,213,000 compared with $633,079,000 at December 31, 2016, an increase of $62,134,000, or 9.8%.  Total deposits at June 30, 2017 were $951,314,000, increasing $37,959,000, or 4.2%, compared with $913,355,000 at December 31, 2016.

 

“QNB is pleased to report increased net income and earnings per share for both the second quarter and year-to-date 2017,” said David W. Freeman, President and Chief Executive Officer.  “Net income for the first half of 2017 is our highest yet.  We continue to see strong loan, deposit, and household growth. Asset quality and net interest margin continue to improve.”

 

Net Interest Income and Net Interest Margin

Net interest income for the quarter and six months ended June 30, 2017 totaled $7,858,000 and $15,738,000, respectively, an increase of $839,000 and $1,598,000, respectively, from the same periods in 2016. The net interest margin for the second quarter 2017 was 3.10% compared to 3.08% for the second quarter 2016.  Net interest margin for the six months ended June 30, 2017 was 3.16%, an increase of five basis points compared to the same period in 2016.

 

The yield on average earning assets increased four basis points to 3.60% for the second quarter 2017, compared with the second quarter 2016.  For the six months ended June 30, 2017, the yield on average earning assets was 3.65%, compared with 3.59% for the same period in 2016.   The cost of interest-bearing liabilities increased to 0.61% and 0.60% for the quarter and first six months ended June 30, 2017, respectively, compared with 0.58% for the same periods in 2016.

 

Asset Quality, Provision for Loan Loss and Allowance for Loan Loss

QNB recorded a $300,000 provision for loan losses in the first and second quarters of 2017 compared with $125,000 in the first quarter 2016.  No provision was required for the second quarter 2016.  QNB's allowance for loan losses of $8,035,000 represents 1.16% of loans receivable at June 30, 2017 compared to $7,394,000, or 1.17% of loans receivable at December 31, 2016, and $7,550,000, or 1.25% of loans receivable at June 30, 2016. Net loan recoveries were $16,000 and $41,000 for the quarter and six months ended June 30, 2017, respectively.

 

 

Non-performing assets totaled $10,846,000 as of June 30, 2017, compared with $14,219,000 as of December 31, 2016, and $12,583,000 as of June 30, 2016. For periods prior to June 2017, this category comprised non-performing loans and trust preferred securities.  In June 2017, QNB Bank sold five non-performing pooled trust preferred securities, with a $2,234,000 carrying value, recording a loss on sale of $15,000. The remaining trust preferred security, which had a carrying balance of $212,000 at June 30, 2017, was returned to accruing status.

 

Total non-performing loans, which represent loans on non-accrual status, loans past due 90 days or more and still accruing interest and restructured loans, were $10,846,000, or 1.56% of loans receivable at June 30, 2017, compared with $11,938,000, or 1.89% of loans receivable at December 31, 2016, and $10,183,000, or 1.68% of loans receivable at June 30, 2016. In cases where there is a collateral shortfall on impaired loans, specific impairment reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. At June 30, 2017, $7,655,000, or approximately 81% of the loans classified as non-accrual are current or past due less than 30 days.  Commercial loans classified as substandard or doubtful, which includes non-performing loans, improved. At June 30, 2017, substandard or doubtful loans totaled $19,129,000, a reduction of $3,075,000, or 13.8%, from the $22,204,000 reported at December 31, 2016 and a decrease of $4,347,000, or 18.5%, from the $23,476,000 reported at June 30, 2016.

 

Non-Interest Income

Total non-interest income was $1,615,000 for the second quarter of 2017, an increase of $241,000, or 17.5%, compared with the same period in 2016.  Non-interest income for the six months ended June 30, 2017 was $3,605,000, an increase of $655,000, or 22.2%, compared to the same period in 2016.  Increases in non-interest income for the second quarter 2017, compared with the same period in 2016 comprise; net gain on sale of loans, which increased $130,000 to $201,000, attributable to gains on residential mortgage sales and a $99,000 gain on sale of a non-performing loan; net gains on investment securities, from $15,000 in second quarter 2016 to $115,000 for the same period in 2017; ATM and debit card income, up $27,000, or 6.4%, to $449,000; fees for services to customers, increasing $24,000, or 6.0%, to $421,000, due primarily to an increase in overdraft income; and other non-interest income, also increasing $24,000, or 8.2%, to $315,000 for the quarter.  Other income for the second quarter 2017 included a life insurance benefit of $51,000, increased letter of credit fees, title insurance income, and sale of checks to depositors, offset in part by a decline in income related to a sales tax refund received in 2016.

 

These increases in non-interest income were offset in part by decreases in trading and retail brokerage income.    QNB redeemed the trading portfolio during the second quarter of 2017, and income from this portfolio declined $42,000 when comparing the second quarter of 2017 to the same period in 2016.  Retail brokerage and advisory income declined $22,000 to $104,000 for the second quarter of 2017 compared to the same period in 2016.

 

Non-Interest Expense

Total non-interest expense was $5,942,000 for the second quarter of 2017, increasing $349,000, or 6.2%, from $5,593,000 for the same period in 2016. For the six months ended June 30, 2017, non-interest expense increased $418,000, or 3.8%, from the same period in 2016.  Salaries and benefits expense increased $249,000, or 8.3%, to $3,237,000 when comparing the two quarters.  Salary expense and related payroll taxes increased $274,000 to $2,822,000, or 10.7%, during the second quarter of 2017 compared to the same period in 2016. Benefits expense decreased $25,000, due primarily to decreased medical insurance claims when comparing the two periods.  Net occupancy and furniture and equipment expense increased $15,000, or 1.7%, to $881,000 for the second quarter 2017, with maintenance and rent expense increases of $32,000 and $20,000, respectively, partially offset by a $23,000 decrease in building repairs and maintenance and $24,000 decrease in depreciation and amortization expense.  Other non-interest expense increased $85,000, or 4.9%, when comparing the second quarter of 2017 with the second quarter of 2016, with increased marketing, third party processing, and check card expense offset in part by a reduction in foreclosure expense.  Provision for income taxes increased

 

$143,000, or 20.4%, to $845,000 in the second quarter 2017 due to increased pre-tax income and a higher effective tax rate. The effective tax rate for the second quarters of 2017 and 2016 was 26.2% and 25.1%, respectively. The increase in the effective rate for 2017 reflects a lower proportion of tax-free income for the second quarter of 2017 compared to the same period in 2016.

 

About the Company

QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates eleven branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at www.qnbbank.com.

 

Forward Looking Statement

This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including "Item lA. Risk Factors," set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

 

 

Contacts:

David W. Freeman

Janice S. McCracken Erkes

 

President & Chief Executive Officer

Chief Financial Officer

 

215-538-5600 x-5619

215-538-5600 x-5716

 

dfreeman@qnbbank.com

jmccracken@qnbbank.com

 


 

QNB Corp.

 

Consolidated Selected Financial Data (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet (Period End)

6/30/17

 

3/31/17

 

12/31/16

 

9/30/16

 

6/30/16

 

Assets

$

1,120,523

 

$

1,089,007

 

$

1,063,141

 

$

1,071,931

 

$

1,030,238

 

Cash and cash equivalents

 

15,248

 

 

20,542

 

 

10,721

 

 

69,428

 

 

57,949

 

Investment securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading

 

-

 

 

2,358

 

 

3,596

 

 

4,312

 

 

3,459

 

Available-for-sale

 

382,564

 

 

382,296

 

 

390,475

 

 

368,834

 

 

344,253

 

Held-to-maturity

 

-

 

 

-

 

 

-

 

 

147

 

 

147

 

Loans held-for-sale

 

530

 

 

903

 

 

789

 

 

456

 

 

184

 

Loans receivable

 

695,213

 

 

659,039

 

 

633,079

 

 

608,231

 

 

604,478

 

Allowance for loan losses

 

(8,035

)

 

(7,719

)

 

(7,394

)

 

(7,593

)

 

(7,550

)

Net loans

 

687,178

 

 

651,320

 

 

625,684

 

 

600,638

 

 

596,928

 

Deposits

 

951,314

 

 

942,891

 

 

913,355

 

 

926,712

 

 

893,285

 

Demand, non-interest bearing

 

120,369

 

 

121,778

 

 

119,010

 

 

105,029

 

 

117,650

 

Interest-bearing demand, money market and savings

 

609,096

 

 

594,646

 

 

568,763

 

 

593,307

 

 

547,262

 

Time

 

221,849

 

 

226,467

 

 

225,582

 

 

228,376

 

 

228,373

 

Short-term borrowings

 

66,907

 

 

45,265

 

 

52,660

 

 

41,179

 

 

36,693

 

Shareholders' equity

 

98,750

 

 

96,043

 

 

93,567

 

 

97,996

 

 

97,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Data (Period End)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

$

9,453

 

$

9,598

 

$

10,119

 

$

8,237

 

$

8,685

 

Loans past due 90 days or more and still accruing

 

-

 

 

-

 

 

-

 

 

150

 

 

65

 

Restructured loans

 

1,393

 

 

1,425

 

 

1,819

 

 

1,149

 

 

1,433

 

Non-performing loans

 

10,846

 

 

11,023

 

 

11,938

 

 

9,536

 

 

10,183

 

Non-accrual pooled trust preferred securities

 

-

 

 

2,423

 

 

2,281

 

 

2,275

 

 

2,400

 

Non-performing assets

$

10,846

 

$

13,446

 

$

14,219

 

$

11,811

 

$

12,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses

$

8,035

 

$

7,719

 

$

7,394

 

$

7,593

 

$

7,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans / Loans excluding held-for-sale

 

1.56

%

 

1.67

%

 

1.89

%

 

1.57

%

 

1.68

%

Non-performing assets / Assets

 

0.97

%

 

1.23

%

 

1.34

%

 

1.10

%

 

1.22

%

Allowance for loan losses / Loans excluding held-for-sale

 

1.16

%

 

1.17

%

 

1.17

%

 

1.25

%

 

1.25

%

 


 

QNB Corp.

 

Consolidated Selected Financial Data (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

 

Three months ended,

 

 

Six months ended,

 

For the period:

 

6/30/17

 

 

3/31/17

 

 

12/31/16

 

 

9/30/16

 

 

6/30/16

 

 

6/30/17

 

6/30/16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

9,192

 

 

$

9,136

 

 

$

8,486

 

 

$

8,287

 

 

$

8,184

 

 

$

18,328

 

$

16,464

 

Interest expense

 

 

1,334

 

 

 

1,256

 

 

 

1,207

 

 

 

1,202

 

 

 

1,165

 

 

 

2,590

 

 

2,324

 

Net interest income

 

 

7,858

 

 

 

7,880

 

 

 

7,279

 

 

 

7,085

 

 

 

7,019

 

 

 

15,738

 

 

14,140

 

Provision for (credit to) loan losses

 

 

300

 

 

 

300

 

 

 

(95

)

 

 

-

 

 

 

-

 

 

 

600

 

 

125

 

Net interest income after provision

    for loan losses

 

 

7,558

 

 

 

7,580

 

 

 

7,374

 

 

 

7,085

 

 

 

7,019

 

 

 

15,138

 

 

14,015

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees for services to customers

 

 

421

 

 

 

392

 

 

 

416

 

 

 

425

 

 

 

397

 

 

 

813

 

 

780

 

ATM and debit card

 

 

449

 

 

 

417

 

 

 

422

 

 

 

419

 

 

 

422

 

 

 

866

 

 

810

 

Retail brokerage and advisory income

 

 

104

 

 

 

103

 

 

 

178

 

 

 

129

 

 

 

126

 

 

 

207

 

 

296

 

Net gain on investment securities

    available-for-sale

 

 

115

 

 

 

749

 

 

 

24

 

 

 

316

 

 

 

15

 

 

 

864

 

 

334

 

Net gain (loss) from trading activity

 

 

10

 

 

 

17

 

 

 

(87

)

 

 

(39

)

 

 

52

 

 

 

27

 

 

86

 

Net gain (loss) on sale of loans

 

 

201

 

 

 

50

 

 

 

(166

)

 

 

143

 

 

 

71

 

 

 

251

 

 

120

 

Other

 

 

315

 

 

 

262

 

 

 

286

 

 

 

251

 

 

 

291

 

 

 

577

 

 

524

 

Total non-interest income

 

 

1,615

 

 

 

1,990

 

 

 

1,073

 

 

 

1,644

 

 

 

1,374

 

 

 

3,605

 

 

2,950

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,237

 

 

 

3,086

 

 

 

2,897

 

 

 

3,072

 

 

 

2,988

 

 

 

6,323

 

 

6,042

 

Net occupancy and furniture and equipment

 

 

881

 

 

 

880

 

 

 

896

 

 

 

875

 

 

 

866

 

 

 

1,761

 

 

1,732

 

Other

 

 

1,824

 

 

 

1,622

 

 

 

1,642

 

 

 

1,669

 

 

 

1,739

 

 

 

3,446

 

 

3,338

 

Total non-interest expense

 

 

5,942

 

 

 

5,588

 

 

 

5,435

 

 

 

5,616

 

 

 

5,593

 

 

 

11,530

 

 

11,112

 

Income before income taxes

 

 

3,231

 

 

 

3,982

 

 

 

3,012

 

 

 

3,113

 

 

 

2,800

 

 

 

7,213

 

 

5,853

 

Provision for income taxes

 

 

845

 

 

 

1,122

 

 

 

743

 

 

 

821

 

 

 

702

 

 

 

1,967

 

 

1,490

 

Net income

 

$

2,386

 

 

$

2,860

 

 

$

2,269

 

 

$

2,292

 

 

$

2,098

 

 

$

5,246

 

$

4,363

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share and Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income - basic

 

$

0.70

 

 

$

0.84

 

 

$

0.67

 

 

$

0.68

 

 

$

0.62

 

 

$

1.53

 

$

1.29

 

Net income - diluted

 

$

0.69

 

 

$

0.83

 

 

$

0.66

 

 

$

0.67

 

 

$

0.62

 

 

$

1.53

 

$

1.29

 

Book value

 

$

28.76

 

 

$

28.04

 

 

$

27.43

 

 

$

28.82

 

 

$

28.66

 

 

$

28.76

 

$

28.66

 

Cash dividends

 

$

0.31

 

 

$

0.31

 

 

$

0.30

 

 

$

0.30

 

 

$

0.30

 

 

$

0.62

 

$

0.60

 

Average common shares outstanding - basic

 

 

3,425,356

 

 

 

3,415,065

 

 

 

3,402,479

 

 

 

3,391,471

 

 

 

3,383,109

 

 

 

3,420,239

 

 

3,376,445

 

Average common shares outstanding - diluted

 

 

3,443,208

 

 

 

3,429,230

 

 

 

3,416,117

 

 

 

3,404,039

 

 

 

3,391,875

 

 

 

3,436,266

 

 

3,384,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.87

%

 

 

1.08

%

 

 

0.85

%

 

 

0.86

%

 

 

0.84

%

 

 

0.97

%

 

0.87

%

Return on average shareholders' equity

 

 

9.52

%

 

 

11.76

%

 

 

9.34

%

 

 

9.57

%

 

 

9.01

%

 

 

10.62

%

 

9.44

%

Net interest margin (tax equivalent)

 

 

3.10

%

 

 

3.22

%

 

 

2.97

%

 

 

2.93

%

 

 

3.08

%

 

 

3.16

%

 

3.11

%

Efficiency ratio (tax equivalent)

 

 

60.24

%

 

 

54.48

%

 

 

62.17

%

 

 

61.49

%

 

 

63.52

%

 

 

57.30

%

 

61.95

%

Average shareholders' equity to total average assets

 

 

9.12

%

 

 

9.17

%

 

 

9.10

%

 

 

9.04

%

 

 

9.30

%

 

 

9.15

%

 

9.26

%

Net loan charge-offs (recoveries)

 

$

(16

)

 

$

(25

)

 

$

104

 

 

$

(43

)

 

$

6

 

 

$

(41

)

$

129

 

Net loan charge-offs (recoveries) - annualized /

      Average loans excluding held-for-sale

 

 

-0.01

%

 

 

-0.02

%

 

 

0.07

%

 

 

-0.03

%

 

 

0.00

%

 

 

-0.01

%

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet (Average)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$

1,101,944

 

 

$

1,075,904

 

 

$

1,061,980

 

 

$

1,054,001

 

 

$

1,007,036

 

 

$

1,088,996

 

$

1,004,113

 

Investment securities (Trading, AFS & HTM)

 

 

389,490

 

 

 

392,681

 

 

 

386,374

 

 

 

351,102

 

 

 

342,132

 

 

 

391,077

 

 

349,780

 

Loans receivable

 

 

668,761

 

 

 

643,690

 

 

 

615,853

 

 

 

602,645

 

 

 

600,761

 

 

 

656,294

 

 

600,785

 

Deposits

 

 

952,192

 

 

 

912,354

 

 

 

919,623

 

 

 

916,366

 

 

 

871,379

 

 

 

932,383

 

 

866,809

 

Shareholders' equity

 

 

100,541

 

 

 

98,629

 

 

 

96,660

 

 

 

95,255

 

 

 

93,688

 

 

 

99,590

 

 

92,970

 

 

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