SUFFOLK BANCORP
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|||
Date: April 23, 2014
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By:
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/s/ Brian K. Finneran | |
Brian K. Finneran | |||
Executive Vice President & Chief Financial Officer | |||
Exhibit
Number
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Description
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Exhibit 99.1
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Press release issued by the Company on April 23, 2014
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FOR IMMEDIATE RELEASE
Contact: Press: Frank D. Filipo
Executive Vice President &
Operating Officer
(631) 208-2400
Investor: Brian K. Finneran
Executive Vice President &
Chief Financial Officer
(631) 208-2400
|
![]() 4 West Second Street
Riverhead, NY 11901
(631) 208-2400 (Voice) - (631) 727-3214 (FAX)
invest@suffolkbancorp.com
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1Q 2014 Highlights
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PRESS RELEASE
April 23, 2014
Page 2 of 13
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·
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Asset Quality – Total non-accrual loans, excluding loans categorized as held for sale, were $14 million or 1.24% of loans outstanding at March 31, 2014 versus $15 million or 1.42% of loans outstanding at December 31, 2013 and $14 million or 1.75% of loans outstanding at March 31, 2013. Total accruing loans delinquent 30 days or more were 0.33% of loans outstanding at March 31, 2014 and December 31, 2013 versus 0.80% of loans outstanding at March 31, 2013. Net loan recoveries of $224 thousand were recorded in the first quarter of 2014 versus net loan charge-offs of $1.6 million in the fourth quarter of 2013 and net loan recoveries of $53 thousand in the first quarter of 2013. The allowance for loan losses totaled $18 million at March 31, 2014, $17 million at December 31, 2013 and $18 million at March 31, 2013, representing 1.57%, 1.62% and 2.16% of total loans, respectively, at such dates. The allowance for loan losses as a percentage of non-accrual loans, excluding non-accrual loans categorized as held for sale, was 126%, 114% and 124% at March 31, 2014, December 31, 2013 and March 31, 2013, respectively. The Company held no other real estate owned (“OREO”) at March 31, 2014 and December 31, 2013. OREO totaling $372 thousand was held at March 31, 2013.
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·
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Capital Strength – The Company’s capital ratios exceed all regulatory requirements. The Company’s Tier 1 leverage ratio was 10.27% at March 31, 2014 versus 9.81% at December 31, 2013 and 9.83% at March 31, 2013. The Company’s total risk-based capital ratio was 14.82% at March 31, 2014 versus 15.02% at December 31, 2013 and 17.63% at March 31, 2013. The Company’s tangible common equity ratio (non-GAAP financial measure) was 9.99% at March 31, 2014 versus 9.68% at December 31, 2013 and 10.23% at March 31, 2013.
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·
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Core Deposits – Core deposits, consisting of demand, N.O.W., saving and money market accounts, totaled $1.3 billion at March 31, 2014, $1.3 billion at December 31, 2013 and $1.2 billion at March 31, 2013. Core deposits represented 85%, 85% and 82% of total deposits at March 31, 2014, December 31, 2013 and March 31, 2013, respectively. Demand deposits increased by 0.8% to $633 million at March 31, 2014 versus $629 million at December 31, 2013 and increased by 13.6% versus $558 million at March 31, 2013. Demand deposits represented 42%, 42% and 40% of total deposits at March 31, 2014, December 31, 2013 and March 31, 2013, respectively.
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PRESS RELEASE
April 23, 2014
Page 3 of 13 |
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·
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Loans – Loans outstanding at March 31, 2014 increased by 5.7% to $1.13 billion when compared to December 31, 2013 and by 37.0% from $824 million outstanding at March 31, 2013.
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·
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Net Interest Margin – Net interest margin was 4.21% in the first quarter of 2014 versus 4.06% in the fourth quarter of 2013 and 3.95% in the first quarter of 2013. Excluding the receipt of interest income on loans returning to accrual status, the Company’s core net interest margin was 4.12% in the first quarter of 2014. The average cost of funds improved to 0.17% in the first quarter of 2014 versus 0.18% in the fourth quarter of 2013 and 0.22% in the first quarter of 2013.
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·
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Performance Ratios – Return on average assets and return on average common stockholders’ equity were 0.89% and 8.81%, respectively, in the first quarter of 2014 versus 0.77% and 8.03%, respectively, in the fourth quarter of 2013, and 0.69% and 6.69%, respectively, in the first quarter of 2013.
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PRESS RELEASE
April 23, 2014
Page 4 of 13 |
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PRESS RELEASE
April 23, 2014
Page 5 of 13 |
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PRESS RELEASE
April 23, 2014
Page 6 of 13 |
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PRESS RELEASE
April 23, 2014
Page 7 of 13 |
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CONSOLIDATED STATEMENTS OF CONDITION
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||||||||||||
(unaudited, dollars in thousands, except per share data)
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||||||||||||
March 31, 2014
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December 31, 2013
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March 31, 2013
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||||||||||
ASSETS
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||||||||||||
Cash and cash equivalents
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||||||||||||
Cash and non-interest-bearing deposits due from banks
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$ | 52,422 | $ | 69,065 | $ | 35,292 | ||||||
Interest-bearing deposits due from banks
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33,743 | 62,287 | 267,237 | |||||||||
Federal funds sold
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1,038 | 1,000 | 1,150 | |||||||||
Total cash and cash equivalents
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87,203 | 132,352 | 303,679 | |||||||||
Interest-bearing time deposits in other banks
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10,000 | 10,000 | - | |||||||||
Federal Reserve Bank, Federal Home Loan Bank and other stock
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2,863 | 2,863 | 3,043 | |||||||||
Investment securities:
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||||||||||||
Available for sale, at fair value
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364,148 | 400,780 | 413,277 | |||||||||
Held to maturity (fair value of $46,008, $12,234 and $8,662, respectively)
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45,479 | 11,666 | 7,871 | |||||||||
Total investment securities
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409,627 | 412,446 | 421,148 | |||||||||
Loans
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1,129,818 | 1,068,848 | 824,399 | |||||||||
Allowance for loan losses
|
17,737 | 17,263 | 17,834 | |||||||||
Net loans
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1,112,081 | 1,051,585 | 806,565 | |||||||||
Loans held for sale
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190 | 175 | 2,494 | |||||||||
Premises and equipment, net
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24,523 | 25,261 | 27,299 | |||||||||
Bank owned life insurance
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44,109 | 38,755 | - | |||||||||
Deferred taxes
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12,269 | 13,953 | 11,656 | |||||||||
Income tax receivable
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- | - | 5,349 | |||||||||
Other real estate owned ("OREO")
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- | - | 372 | |||||||||
Accrued interest and loan fees receivable
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6,322 | 5,441 | 5,746 | |||||||||
Goodwill and other intangibles
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2,994 | 2,978 | 2,853 | |||||||||
Other assets
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3,635 | 4,007 | 3,722 | |||||||||
TOTAL ASSETS
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$ | 1,715,816 | $ | 1,699,816 | $ | 1,593,926 | ||||||
LIABILITIES & STOCKHOLDERS' EQUITY
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||||||||||||
Demand deposits
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$ | 633,496 | $ | 628,616 | $ | 557,712 | ||||||
Saving, N.O.W. and money market deposits
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661,599 | 656,366 | 596,230 | |||||||||
Time certificates of $100,000 or more
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164,373 | 158,337 | 173,918 | |||||||||
Other time deposits
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63,966 | 66,742 | 75,898 | |||||||||
Total deposits
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1,523,434 | 1,510,061 | 1,403,758 | |||||||||
Unfunded pension liability
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167 | 258 | 7,765 | |||||||||
Capital leases
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4,588 | 4,612 | 4,675 | |||||||||
Other liabilities
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13,456 | 17,687 | 12,172 | |||||||||
TOTAL LIABILITIES
|
1,541,645 | 1,532,618 | 1,428,370 | |||||||||
COMMITMENTS AND CONTINGENT LIABILITIES
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||||||||||||
STOCKHOLDERS' EQUITY
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||||||||||||
Common stock (par value $2.50; 15,000,000 shares authorized; 13,738,752
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||||||||||||
shares issued at March 31, 2014 and December 31, 2013, 13,732,085 shares
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||||||||||||
issued at March 31, 2013; 11,573,014 shares outstanding at March 31, 2014
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||||||||||||
and December 31, 2013, 11,566,347 shares outstanding at March 31, 2013)
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34,348 | 34,348 | 34,330 | |||||||||
Surplus
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43,445 | 43,280 | 42,710 | |||||||||
Retained earnings
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105,993 | 102,273 | 92,264 | |||||||||
Treasury stock at par (2,165,738 shares)
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(5,414 | ) | (5,414 | ) | (5,414 | ) | ||||||
Accumulated other comprehensive (loss) income, net of tax
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(4,201 | ) | (7,289 | ) | 1,666 | |||||||
TOTAL STOCKHOLDERS' EQUITY
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174,171 | 167,198 | 165,556 | |||||||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
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$ | 1,715,816 | $ | 1,699,816 | $ | 1,593,926 | ||||||
PRESS RELEASE
April 23, 2014
Page 8 of 13 |
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CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||
(unaudited, dollars in thousands, except per share data)
|
||||||||
Three Months Ended March 31,
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||||||||
2014
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2013
|
|||||||
INTEREST INCOME
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||||||||
Loans and loan fees
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$ | 12,877 | $ | 11,082 | ||||
U.S. Government agency obligations
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628 | 333 | ||||||
Obligations of states and political subdivisions
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1,505 | 1,500 | ||||||
Collateralized mortgage obligations
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250 | 835 | ||||||
Mortgage-backed securities
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501 | 365 | ||||||
Corporate bonds
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90 | 117 | ||||||
Federal funds sold and interest-bearing deposits due from banks
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46 | 173 | ||||||
Dividends
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38 | 39 | ||||||
Total interest income
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15,935 | 14,444 | ||||||
INTEREST EXPENSE
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||||||||
Saving, N.O.W. and money market deposits
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292 | 286 | ||||||
Time certificates of $100,000 or more
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234 | 300 | ||||||
Other time deposits
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111 | 182 | ||||||
Total interest expense
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637 | 768 | ||||||
Net interest income
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15,298 | 13,676 | ||||||
Provision for loan losses
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250 | - | ||||||
Net interest income after provision for loan losses
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15,048 | 13,676 | ||||||
NON-INTEREST INCOME
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||||||||
Service charges on deposit accounts
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1,003 | 924 | ||||||
Other service charges, commissions and fees
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679 | 710 | ||||||
Fiduciary fees
|
279 | 273 | ||||||
Net gain on sale of securities available for sale
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- | 359 | ||||||
Net gain on sale of portfolio loans
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- | 442 | ||||||
Net gain on sale of mortgage loans originated for sale
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93 | 526 | ||||||
Net gain on sale of branch building
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642 | - | ||||||
Income from bank owned life insurance
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354 | - | ||||||
Other operating income
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42 | 83 | ||||||
Total non-interest income
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3,092 | 3,317 | ||||||
OPERATING EXPENSES
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||||||||
Employee compensation and benefits
|
8,861 | 8,582 | ||||||
Occupancy expense
|
1,435 | 1,544 | ||||||
Equipment expense
|
449 | 572 | ||||||
Consulting and professional services
|
551 | 573 | ||||||
FDIC assessment
|
267 | 517 | ||||||
Data processing
|
573 | 467 | ||||||
Accounting and audit fees
|
108 | 21 | ||||||
Branch consolidation costs
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(170 | ) | - | |||||
Reserve and carrying costs related to Visa shares sold
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59 | - | ||||||
Other operating expenses
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1,176 | 1,525 | ||||||
Total operating expenses
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13,309 | 13,801 | ||||||
Income before income tax expense
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4,831 | 3,192 | ||||||
Income tax expense
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1,111 | 483 | ||||||
NET INCOME
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$ | 3,720 | $ | 2,709 | ||||
EARNINGS PER COMMON SHARE - BASIC
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$ | 0.32 | $ | 0.23 | ||||
EARNINGS PER COMMON SHARE - DILUTED
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$ | 0.32 | $ | 0.23 |
PRESS RELEASE
April 23, 2014
Page 9 of 13 |
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CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||||||
QUARTERLY TREND
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(unaudited, dollars in thousands, except per share data)
|
||||||||||||||||||||
Three Months Ended
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||||||||||||||||||||
March 31,
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December 31,
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September 30,
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June 30,
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March 31,
|
||||||||||||||||
2014
|
2013
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2013
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2013
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2013
|
||||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||
Loans and loan fees
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$ | 12,877 | $ | 12,829 | $ | 11,464 | $ | 11,250 | $ | 11,082 | ||||||||||
U.S. Government agency obligations
|
628 | 607 | 592 | 480 | 333 | |||||||||||||||
Obligations of states and political subdivisions
|
1,505 | 1,509 | 1,477 | 1,489 | 1,500 | |||||||||||||||
Collateralized mortgage obligations
|
250 | 295 | 386 | 546 | 835 | |||||||||||||||
Mortgage-backed securities
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501 | 514 | 518 | 474 | 365 | |||||||||||||||
Corporate bonds
|
90 | 91 | 92 | 96 | 117 | |||||||||||||||
Federal funds sold and interest-bearing deposits due from banks
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46 | 89 | 140 | 189 | 173 | |||||||||||||||
Dividends
|
38 | 35 | 36 | 36 | 39 | |||||||||||||||
Total interest income
|
15,935 | 15,969 | 14,705 | 14,560 | 14,444 | |||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||
Saving, N.O.W. and money market deposits
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292 | 302 | 308 | 294 | 286 | |||||||||||||||
Time certificates of $100,000 or more
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234 | 254 | 280 | 294 | 300 | |||||||||||||||
Other time deposits
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111 | 126 | 145 | 159 | 182 | |||||||||||||||
Total interest expense
|
637 | 682 | 733 | 747 | 768 | |||||||||||||||
Net interest income
|
15,298 | 15,287 | 13,972 | 13,813 | 13,676 | |||||||||||||||
Provision for loan losses
|
250 | 1,250 | - | - | - | |||||||||||||||
Net interest income after provision for loan losses
|
15,048 | 14,037 | 13,972 | 13,813 | 13,676 | |||||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||||||
Service charges on deposit accounts
|
1,003 | 961 | 964 | 951 | 924 | |||||||||||||||
Other service charges, commissions and fees
|
679 | 839 | 928 | 813 | 710 | |||||||||||||||
Fiduciary fees
|
279 | 269 | 279 | 263 | 273 | |||||||||||||||
Net gain on sale of securities available for sale
|
- | 8 | 3 | 33 | 359 | |||||||||||||||
Net gain on sale of portfolio loans
|
- | - | - | 3 | 442 | |||||||||||||||
Net gain on sale of mortgage loans originated for sale
|
93 | 89 | 142 | 305 | 526 | |||||||||||||||
Net gain on sale of branch building
|
642 | 404 | - | - | - | |||||||||||||||
Gain on Visa shares sold
|
- | 3,930 | 3,836 | - | - | |||||||||||||||
Income from bank owned life insurance
|
354 | 356 | 357 | 42 | - | |||||||||||||||
Other operating income
|
42 | 283 | 78 | 54 | 83 | |||||||||||||||
Total non-interest income
|
3,092 | 7,139 | 6,587 | 2,464 | 3,317 | |||||||||||||||
OPERATING EXPENSES
|
||||||||||||||||||||
Employee compensation and benefits
|
8,861 | 9,053 | 8,709 | 6,746 | 8,582 | |||||||||||||||
Occupancy expense
|
1,435 | 1,709 | 1,585 | 1,658 | 1,544 | |||||||||||||||
Equipment expense
|
449 | 665 | 616 | 557 | 572 | |||||||||||||||
Consulting and professional services
|
551 | 782 | 735 | 573 | 573 | |||||||||||||||
FDIC assessment
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267 | 231 | 373 | 524 | 517 | |||||||||||||||
Data processing
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573 | 567 | 607 | 749 | 467 | |||||||||||||||
Accounting and audit fees
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108 | 153 | 152 | 178 | 21 | |||||||||||||||
Branch consolidation costs
|
(170 | ) | 1,614 | 460 | - | - | ||||||||||||||
Reserve and carrying costs related to Visa shares sold
|
59 | 515 | 474 | - | - | |||||||||||||||
Other operating expenses
|
1,176 | 1,693 | 1,379 | 1,707 | 1,525 | |||||||||||||||
Total operating expenses
|
13,309 | 16,982 | 15,090 | 12,692 | 13,801 | |||||||||||||||
Income before income tax expense
|
4,831 | 4,194 | 5,469 | 3,585 | 3,192 | |||||||||||||||
Income tax expense
|
1,111 | 866 | 1,557 | 816 | 483 | |||||||||||||||
NET INCOME
|
$ | 3,720 | $ | 3,328 | $ | 3,912 | $ | 2,769 | $ | 2,709 | ||||||||||
EARNINGS PER COMMON SHARE - BASIC
|
$ | 0.32 | $ | 0.29 | $ | 0.34 | $ | 0.24 | $ | 0.23 | ||||||||||
EARNINGS PER COMMON SHARE - DILUTED
|
$ | 0.32 | $ | 0.29 | $ | 0.34 | $ | 0.24 | $ | 0.23 |
PRESS RELEASE
April 23, 2014
Page 10 of 13 |
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STATISTICAL SUMMARY
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(unaudited, dollars in thousands, except per share data)
|
||||||||
Three Months Ended March 31,
|
||||||||
2014
|
2013
|
|||||||
EARNINGS:
|
||||||||
Earnings per common share - diluted
|
$ | 0.32 | $ | 0.23 | ||||
Net income
|
3,720 | 2,709 | ||||||
Net interest income
|
15,298 | 13,676 | ||||||
Cash dividends per common share
|
- | - | ||||||
AVERAGE BALANCES:
|
||||||||
Total assets
|
$ | 1,695,486 | $ | 1,600,154 | ||||
Loans
|
1,088,253 | 788,788 | ||||||
Investment securities
|
415,385 | 413,591 | ||||||
Interest-earning assets
|
1,567,052 | 1,497,465 | ||||||
Demand deposits
|
610,739 | 562,281 | ||||||
Core deposits (1)
|
1,279,680 | 1,162,993 | ||||||
Total deposits
|
1,505,871 | 1,409,139 | ||||||
Borrowings
|
- | 23 | ||||||
Stockholders' equity
|
171,192 | 164,310 | ||||||
Common shares outstanding
|
11,573,014 | 11,566,347 | ||||||
FINANCIAL PERFORMANCE RATIOS:
|
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Return on average assets
|
0.89 | % | 0.69 | % | ||||
Return on average stockholders' equity
|
8.81 | % | 6.69 | % | ||||
Average stockholders' equity/average assets
|
10.10 | % | 10.27 | % | ||||
Average loans/average deposits
|
72.27 | % | 55.98 | % | ||||
Average core deposits/average deposits
|
84.98 | % | 82.53 | % | ||||
Average demand deposits/average deposits
|
40.56 | % | 39.90 | % | ||||
Net interest margin (FTE)
|
4.21 | % | 3.95 | % | ||||
Operating efficiency ratio (2)
|
67.98 | % | 80.75 | % | ||||
(1) Total deposits less interest-bearing certificates of deposit.
|
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(2) The operating efficiency ratio is calculated by dividing operating expenses, excluding net gains and losses on sales and writedowns of OREO, by the sum of fully taxable equivalent ("FTE") net interest income and non-interest income, excluding net gains and losses on sales of portfolio loans and available for sale securities.
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PRESS RELEASE
April 23, 2014
Page 11 of 13 |
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STATISTICAL SUMMARY (continued)
|
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(unaudited, dollars in thousands, except per share data)
|
||||||||||||
Periods Ended
|
||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2014
|
2013
|
2013
|
||||||||||
CAPITAL RATIOS:
|
||||||||||||
Tier 1 leverage ratio
|
10.27 | % | 9.81 | % | 9.83 | % | ||||||
Tier 1 risk-based capital ratio
|
13.57 | % | 13.77 | % | 16.37 | % | ||||||
Total risk-based capital ratio
|
14.82 | % | 15.02 | % | 17.63 | % | ||||||
Tangible common equity ratio (1)
|
9.99 | % | 9.68 | % | 10.23 | % | ||||||
EQUITY:
|
||||||||||||
Common shares outstanding
|
11,573,014 | 11,573,014 | 11,566,347 | |||||||||
Stockholders' equity
|
$ | 174,171 | $ | 167,198 | $ | 165,556 | ||||||
Book value per common share
|
15.05 | 14.45 | 14.31 | |||||||||
Tangible common equity
|
171,177 | 164,220 | 162,703 | |||||||||
Tangible book value per common share
|
14.79 | 14.19 | 14.07 | |||||||||
LOAN DISTRIBUTION (2):
|
||||||||||||
Commercial and industrial
|
$ | 165,019 | $ | 171,199 | $ | 187,775 | ||||||
Commercial real estate
|
489,958 | 469,357 | 364,023 | |||||||||
Multifamily
|
221,841 | 184,624 | 35,247 | |||||||||
Real estate construction
|
14,940 | 6,565 | 14,075 | |||||||||
Residential mortgages
|
173,347 | 169,552 | 146,967 | |||||||||
Home equity
|
55,250 | 57,112 | 63,463 | |||||||||
Consumer
|
9,463 | 10,439 | 12,849 | |||||||||
Total loans
|
$ | 1,129,818 | $ | 1,068,848 | $ | 824,399 | ||||||
(1) The ratio of tangible common equity to tangible assets, or TCE ratio, is calculated by dividing total common stockholders’ equity by total assets, after reducing both amounts by intangible assets. The TCE ratio is not required by GAAP or by applicable bank regulatory requirements, but is a metric used by management to evaluate the adequacy of our capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity and tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. With respect to the calculation of the actual unaudited TCE ratio as of March 31, 2014, reconciliations of tangible common equity to GAAP total common stockholders’ equity and tangible assets to GAAP total assets are set forth below:
|
||||||||||||
Total stockholders' equity
|
$ | 174,171 | ||||||||||
Less: intangible assets
|
(2,994 | ) | ||||||||||
Tangible common equity
|
$ | 171,177 | ||||||||||
Total assets
|
$ | 1,715,816 | ||||||||||
Less: intangible assets
|
(2,994 | ) | ||||||||||
Tangible assets
|
$ | 1,712,822 | ||||||||||
(2) Excluding loans held for sale.
|
PRESS RELEASE
April 23, 2014
Page 12 of 13 |
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ASSET QUALITY ANALYSIS
|
||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||||||||||
2014
|
2013
|
2013
|
2013
|
2013
|
||||||||||||||||
Non-performing assets (1):
|
||||||||||||||||||||
Non-accrual loans:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 4,843 | $ | 5,014 | $ | 9,947 | $ | 9,597 | $ | 6,746 | ||||||||||
Commercial real estate
|
6,936 | 7,492 | 9,505 | 4,227 | 3,972 | |||||||||||||||
Real estate construction
|
- | - | - | - | 840 | |||||||||||||||
Residential mortgages
|
1,840 | 1,897 | 1,929 | 2,617 | 2,336 | |||||||||||||||
Home equity
|
431 | 647 | 1,063 | 664 | 514 | |||||||||||||||
Consumer
|
9 | 133 | 133 | 78 | 12 | |||||||||||||||
Total non-accrual loans
|
14,059 | 15,183 | 22,577 | 17,183 | 14,420 | |||||||||||||||
Loans 90 days or more past due and still accruing
|
- | - | - | - | - | |||||||||||||||
Total non-performing loans
|
14,059 | 15,183 | 22,577 | 17,183 | 14,420 | |||||||||||||||
Non-accrual loans held for sale
|
- | - | - | - | - | |||||||||||||||
OREO
|
- | - | - | - | 372 | |||||||||||||||
Total non-performing assets
|
$ | 14,059 | $ | 15,183 | $ | 22,577 | $ | 17,183 | $ | 14,792 | ||||||||||
Total non-accrual loans/total loans (2)
|
1.24 | % | 1.42 | % | 2.26 | % | 1.92 | % | 1.75 | % | ||||||||||
Total non-performing loans/total loans (2)
|
1.24 | % | 1.42 | % | 2.26 | % | 1.92 | % | 1.75 | % | ||||||||||
Total non-performing assets/total assets
|
0.82 | % | 0.89 | % | 1.31 | % | 1.04 | % | 0.93 | % | ||||||||||
Troubled debt restructurings (2) (3)
|
$ | 16,076 | $ | 16,085 | $ | 14,950 | $ | 15,861 | $ | 16,237 | ||||||||||
Activity in the allowance for loan losses:
|
||||||||||||||||||||
Balance at beginning of period
|
$ | 17,263 | $ | 17,619 | $ | 17,293 | $ | 17,834 | $ | 17,781 | ||||||||||
Charge-offs
|
(117 | ) | (2,136 | ) | (141 | ) | (1,464 | ) | (359 | ) | ||||||||||
Recoveries
|
341 | 530 | 467 | 923 | 412 | |||||||||||||||
Net recoveries (charge-offs)
|
224 | (1,606 | ) | 326 | (541 | ) | 53 | |||||||||||||
Provision for loan losses
|
250 | 1,250 | - | - | - | |||||||||||||||
Balance at end of period
|
$ | 17,737 | $ | 17,263 | $ | 17,619 | $ | 17,293 | $ | 17,834 | ||||||||||
Allowance for loan losses/non-accrual loans (1) (2)
|
126 | % | 114 | % | 78 | % | 101 | % | 124 | % | ||||||||||
Allowance for loan losses/non-performing loans (1) (2)
|
126 | % | 114 | % | 78 | % | 101 | % | 124 | % | ||||||||||
Allowance for loan losses/total loans (1) (2)
|
1.57 | % | 1.62 | % | 1.76 | % | 1.93 | % | 2.16 | % | ||||||||||
Net (recoveries) charge-offs:
|
||||||||||||||||||||
Commercial and industrial
|
$ | (177 | ) | $ | 703 | $ | (330 | ) | $ | 368 | $ | 49 | ||||||||
Commercial real estate
|
(12 | ) | 301 | 58 | (1 | ) | (72 | ) | ||||||||||||
Residential mortgages
|
(4 | ) | 52 | (4 | ) | 74 | (1 | ) | ||||||||||||
Home equity
|
(27 | ) | 533 | (5 | ) | (1 | ) | (1 | ) | |||||||||||
Consumer
|
(4 | ) | 17 | (45 | ) | 101 | (28 | ) | ||||||||||||
Total net (recoveries) charge-offs
|
$ | (224 | ) | $ | 1,606 | $ | (326 | ) | $ | 541 | $ | (53 | ) | |||||||
Net (recoveries) charge-offs (annualized)/average loans
|
(0.08 | %) | 0.61 | % | (0.14 | %) | 0.26 | % | (0.03 | %) | ||||||||||
Delinquencies and non-accrual loans as a % of total loans (1): | ||||||||||||||||||||
Loans 30 - 59 days past due
|
0.32 | % | 0.29 | % | 0.31 | % | 0.31 | % | 0.69 | % | ||||||||||
Loans 60 - 89 days past due
|
0.01 | % | 0.04 | % | 0.15 | % | 0.13 | % | 0.11 | % | ||||||||||
Loans 90 days or more past due and still accruing
|
- | - | - | - | - | |||||||||||||||
Total accruing past due loans
|
0.33 | % | 0.33 | % | 0.46 | % | 0.44 | % | 0.80 | % | ||||||||||
Non-accrual loans
|
1.24 | % | 1.42 | % | 2.26 | % | 1.92 | % | 1.75 | % | ||||||||||
Total delinquent and non-accrual loans
|
1.57 | % | 1.75 | % | 2.72 | % | 2.36 | % | 2.55 | % | ||||||||||
(1) At period end.
|
||||||||||||||||||||
(2) Excluding loans held for sale.
|
||||||||||||||||||||
(3) Troubled debt restructurings on non-accrual status included here and also included in total non-accrual loans are $5,445, $5,438, $4,926, $6,018 and $5,990 at March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013 and March 31, 2013, respectively.
|
PRESS RELEASE
April 23, 2014
Page 13 of 13 |
![]() |
NET INTEREST INCOME ANALYSIS
|
||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 and 2013
|
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(unaudited, dollars in thousands)
|
||||||||||||||||||||||||
2014
|
2013
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Investment securities (1)
|
$ | 415,385 | $ | 3,850 | 3.76 | % | $ | 413,591 | $ | 4,048 | 3.97 | % | ||||||||||||
Federal Reserve Bank, Federal Home Loan Bank and other stock
|
2,863 | 38 | 5.38 | 3,044 | 39 | 5.20 | ||||||||||||||||||
Federal funds sold and interest-bearing deposits
|
60,551 | 46 | 0.31 | 292,042 | 173 | 0.24 | ||||||||||||||||||
Loans (2)
|
1,088,253 | 12,976 | 4.84 | 788,788 | 11,082 | 5.70 | ||||||||||||||||||
Total interest-earning assets
|
1,567,052 | $ | 16,910 | 4.38 | % | 1,497,465 | $ | 15,342 | 4.16 | % | ||||||||||||||
Non-interest-earning assets
|
128,434 | 102,689 | ||||||||||||||||||||||
Total assets
|
$ | 1,695,486 | $ | 1,600,154 | ||||||||||||||||||||
Liabilities and stockholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Saving, N.O.W. and money market deposits
|
$ | 668,941 | $ | 292 | 0.18 | % | $ | 600,712 | $ | 286 | 0.19 | % | ||||||||||||
Time deposits
|
226,191 | 345 | 0.62 | 246,146 | 482 | 0.79 | ||||||||||||||||||
Total saving and time deposits
|
895,132 | 637 | 0.29 | 846,858 | 768 | 0.37 | ||||||||||||||||||
Borrowings
|
- | - | - | 23 | - | 0.36 | ||||||||||||||||||
Total interest-bearing liabilities
|
895,132 | 637 | 0.29 | 846,881 | 768 | 0.37 | ||||||||||||||||||
Demand deposits
|
610,739 | 562,281 | ||||||||||||||||||||||
Other liabilities
|
18,423 | 26,682 | ||||||||||||||||||||||
Total liabilities
|
1,524,294 | 1,435,844 | ||||||||||||||||||||||
Stockholders' equity
|
171,192 | 164,310 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 1,695,486 | $ | 1,600,154 | ||||||||||||||||||||
Total cost of funds
|
0.17 | % | 0.22 | % | ||||||||||||||||||||
Net interest rate spread
|
4.09 | % | 3.79 | % | ||||||||||||||||||||
Net interest income/margin
|
16,273 | 4.21 | % | 14,574 | 3.95 | % | ||||||||||||||||||
Less tax-equivalent basis adjustment
|
(975 | ) | (898 | ) | ||||||||||||||||||||
Net interest income
|
$ | 15,298 | $ | 13,676 | ||||||||||||||||||||
(1) Interest on securities includes the effects of tax-equivalent basis adjustments of $876 and $898 in 2014 and 2013, respectively.
|
||||||||||||||||||||||||
(2) Interest on loans includes the effect of a tax-equivalent basis adjustment of $99 in 2014.
|