SUFFOLK BANCORP
|
|||
Date: October 23, 2014
|
By:
|
/s/ Brian K. Finneran | |
Brian K. Finneran | |||
Executive Vice President & Chief Financial Officer | |||
Exhibit
Number
|
Description
|
Exhibit 99.1
|
Press release issued by the Company on October 23, 2014
|
FOR IMMEDIATE RELEASE
Contact: Press: Frank D. Filipo
Executive Vice President &
Chief 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
|
Third Quarter 2014 Highlights
|
·Core net income increases 85.2% to $3.6 million versus third quarter 2013.
|
·Total loans outstanding increase 5.6% versus second quarter 2014 and 26.3% versus third quarter 2013.
|
·Demand deposits represented 43.1% of total deposits at September 30, 2014.
|
·Maintained exceptionally low cost of funds of 0.16% during third quarter 2014.
|
·Tangible book value per share increases 12.7% to $15.45 at September 30, 2014 versus comparable 2013 date.
|
PRESS RELEASE
October 23, 2014
Page 2 of 17
|
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·
|
Asset Quality – Total non-accrual loans were $15 million or 1.16% of loans outstanding at September 30, 2014 versus $15 million or 1.42% of loans outstanding at December 31, 2013 and $23 million or 2.26% of loans outstanding at September 30, 2013. Total accruing loans delinquent 30 days or more were 0.25% of loans outstanding at September 30, 2014 versus 0.33% of loans outstanding at December 31, 2013 and 0.46% of loans outstanding at September 30, 2013. Net loan recoveries of $72 thousand were recorded in the third quarter of 2014 versus net loan recoveries of $491 thousand and $326 thousand in the second quarter of 2014 and the third quarter of 2013, respectively. The allowance for loan losses totaled $18.8 million at September 30, 2014, $17.3 million at December 31, 2013 and $17.6 million at September 30, 2013, representing 1.49%, 1.62% and 1.76% of total loans, respectively, at such dates. The allowance for loan losses as a percentage of non-accrual loans was 128%, 114% and 78% at September 30, 2014, December 31, 2013 and September 30, 2013, respectively. The Company held no other real estate owned ("OREO") at any of the reported periods.
|
PRESS RELEASE
October 23, 2014
Page 3 of 17 |
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·
|
Capital Strength – The Company's capital ratios continue to exceed all regulatory requirements. The Company's Tier 1 leverage ratio was 10.21% at September 30, 2014 versus 9.81% at December 31, 2013 and 9.66% at September 30, 2013. The Company's total risk-based capital ratio was 14.09% at September 30, 2014 versus 15.02% at December 31, 2013 and 15.19% at September 30, 2013. The Company's tangible common equity ratio (non-GAAP financial measure) was 10.07% at September 30, 2014 versus 9.68% at December 31, 2013 and 9.21% at September 30, 2013.
|
·
|
Core Deposits – Core deposits, consisting of demand, N.O.W., saving and money market accounts, totaled $1.4 billion at September 30, 2014, $1.3 billion at December 31, 2013 and $1.3 billion at September 30, 2013. Core deposits represented 86%, 85% and 85% of total deposits at September 30, 2014, December 31, 2013 and September 30, 2013, respectively. Demand deposits increased by 8.4% to $681 million at September 30, 2014 versus $629 million at December 31, 2013 and increased by 4.9% versus $650 million at September 30, 2013. Demand deposits represented 43%, 42% and 42% of total deposits at September 30, 2014, December 31, 2013 and September 30, 2013, respectively.
|
·
|
Loans – Loans outstanding at September 30, 2014 increased by 18.1% to $1.26 billion when compared to December 31, 2013 and by 26.3% from $999 million outstanding at September 30, 2013.
|
·
|
Net Interest Margin – Net interest margin was 4.00% in the third quarter of 2014 versus 4.13% in the second quarter of 2014 and 3.82% in the third quarter of 2013. Excluding the receipt of interest income on loans returning to accrual status, the Company's core net interest margin was 3.97% in the third quarter of 2014 versus 4.05% in the second quarter of 2014. (See Non-GAAP Disclosure contained herein.) The average cost of funds was 0.16% in the third quarter of 2014 versus 0.16% in the second quarter of 2014 and 0.19% in the third quarter of 2013.
|
·
|
Performance Ratios – Return on average assets and return on average common stockholders' equity were 0.84% and 8.18%, respectively, in the third quarter of 2014 versus 0.87% and 8.55%, respectively, in the second quarter of 2014, and 0.92% and 9.72%, respectively, in the third quarter of 2013.
|
PRESS RELEASE
October 23, 2014
Page 4 of 17 |
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PRESS RELEASE
October 23, 2014
Page 5 of 17 |
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PRESS RELEASE
October 23, 2014
Page 6 of 17 |
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PRESS RELEASE
October 23, 2014
Page 7 of 17 |
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|
Three Months Ended September 30,
|
|||||||
|
2014
|
2013
|
||||||
|
||||||||
CORE NET INCOME:
|
||||||||
|
||||||||
Net income, as reported
|
$
|
3,738
|
$
|
3,912
|
||||
|
||||||||
Less:
|
||||||||
Net gain on sale of portfolio loans
|
(217
|
)
|
-
|
|||||
Gain on Visa shares sold
|
-
|
(3,836
|
)
|
|||||
Branch consolidation expenses (1)
|
-
|
596
|
||||||
Reserve related to Visa shares sold (2)
|
-
|
461
|
||||||
Total adjustments, before income taxes
|
(217
|
)
|
(2,779
|
)
|
||||
Adjustment for reported effective income tax rate
|
(41
|
)
|
(790
|
)
|
||||
Total adjustments, after income taxes
|
(176
|
)
|
(1,989
|
)
|
||||
|
||||||||
Core net income
|
$
|
3,562
|
$
|
1,923
|
||||
|
||||||||
(1) Of the 2013 expenses, the amounts recorded in branch consolidation costs (primarily lease termination costs and severance), occupancy expense and equipment expense were $460 thousand, $84 thousand and $52 thousand, respectively.
|
||||||||
|
||||||||
(2) Excludes carrying costs recorded in reserve and carrying costs related to Visa shares sold of $57 thousand and $13 thousand for the three months ended September 30, 2014 and 2013, respectively.
|
|
Three Months Ended
|
|||||||||||||||
|
September 30, 2014
|
June 30, 2014
|
||||||||||||||
|
||||||||||||||||
CORE NET INTEREST INCOME/MARGIN:
|
||||||||||||||||
|
||||||||||||||||
Net interest income/margin (FTE), as reported
|
$
|
16,515
|
4.00
|
%
|
$
|
16,522
|
4.13
|
%
|
||||||||
|
||||||||||||||||
Less:
|
||||||||||||||||
Interest on loans returning to accrual status
|
(117
|
)
|
(0.03
|
%)
|
(331
|
)
|
(0.08
|
%)
|
||||||||
|
||||||||||||||||
Core net interest income/margin (FTE)
|
$
|
16,398
|
3.97
|
%
|
$
|
16,191
|
4.05
|
%
|
||||||||
|
PRESS RELEASE
October 23, 2014
Page 8 of 17 |
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PRESS RELEASE
October 23, 2014
Page 9 of 17 |
![]() |
(unaudited, dollars in thousands, except per share data)
|
||||||||||||
|
||||||||||||
|
September 30, 2014
|
December 31, 2013
|
September 30, 2013
|
|||||||||
ASSETS
|
||||||||||||
Cash and cash equivalents
|
||||||||||||
Cash and non-interest-bearing deposits due from banks
|
$
|
49,618
|
$
|
69,065
|
$
|
62,139
|
||||||
Interest-bearing deposits due from banks
|
20,534
|
62,287
|
147,497
|
|||||||||
Federal funds sold
|
1,000
|
1,000
|
1,000
|
|||||||||
Total cash and cash equivalents
|
71,152
|
132,352
|
210,636
|
|||||||||
Interest-bearing time deposits in other banks
|
10,000
|
10,000
|
10,000
|
|||||||||
Federal Reserve Bank, Federal Home Loan Bank and other stock
|
3,200
|
2,863
|
2,916
|
|||||||||
Investment securities:
|
||||||||||||
Available for sale, at fair value
|
308,589
|
400,780
|
414,151
|
|||||||||
Held to maturity (fair value of $63,942, $12,234 and $7,793
|
||||||||||||
at September 30, 2014, December 31, 2013 and
|
||||||||||||
September 30, 2013, respectively)
|
62,323
|
11,666
|
7,150
|
|||||||||
Total investment securities
|
370,912
|
412,446
|
421,301
|
|||||||||
Loans
|
1,262,061
|
1,068,848
|
999,329
|
|||||||||
Allowance for loan losses
|
18,800
|
17,263
|
17,619
|
|||||||||
Net loans
|
1,243,261
|
1,051,585
|
981,710
|
|||||||||
Loans held for sale
|
-
|
175
|
613
|
|||||||||
Premises and equipment, net
|
23,901
|
25,261
|
26,352
|
|||||||||
Bank owned life insurance
|
44,791
|
38,755
|
38,399
|
|||||||||
Deferred taxes
|
13,217
|
13,953
|
15,731
|
|||||||||
Income tax receivable
|
252
|
-
|
5,043
|
|||||||||
Accrued interest and loan fees receivable
|
6,227
|
5,441
|
5,966
|
|||||||||
Goodwill and other intangibles
|
2,987
|
2,978
|
2,983
|
|||||||||
Other assets
|
3,142
|
4,007
|
3,412
|
|||||||||
TOTAL ASSETS
|
$
|
1,793,042
|
$
|
1,699,816
|
$
|
1,725,062
|
||||||
|
||||||||||||
LIABILITIES & STOCKHOLDERS' EQUITY
|
||||||||||||
Demand deposits
|
$
|
681,306
|
$
|
628,616
|
$
|
649,572
|
||||||
Saving, N.O.W. and money market deposits
|
675,037
|
656,366
|
650,785
|
|||||||||
Time certificates of $100,000 or more
|
165,337
|
158,337
|
168,001
|
|||||||||
Other time deposits
|
59,089
|
66,742
|
68,892
|
|||||||||
Total deposits
|
1,580,769
|
1,510,061
|
1,537,250
|
|||||||||
Borrowings
|
10,000
|
-
|
-
|
|||||||||
Capital leases
|
4,538
|
4,612
|
4,635
|
|||||||||
Other liabilities
|
14,538
|
17,945
|
21,507
|
|||||||||
TOTAL LIABILITIES
|
1,609,845
|
1,532,618
|
1,563,392
|
|||||||||
COMMITMENTS AND CONTINGENT LIABILITIES
|
||||||||||||
STOCKHOLDERS' EQUITY
|
||||||||||||
Common stock (par value $2.50; 15,000,000 shares authorized;
|
||||||||||||
issued 13,833,328 shares at September 30, 2014, 13,738,752 shares
|
||||||||||||
at December 31, 2013 and September 30, 2013; outstanding
|
||||||||||||
11,667,590 shares at September 30, 2014, 11,573,014 shares
|
||||||||||||
at December 31, 2013 and September 30, 2013)
|
34,583
|
34,348
|
34,348
|
|||||||||
Surplus
|
43,934
|
43,280
|
43,069
|
|||||||||
Retained earnings
|
112,803
|
102,273
|
98,945
|
|||||||||
Treasury stock at par (2,165,738 shares)
|
(5,414
|
)
|
(5,414
|
)
|
(5,414
|
)
|
||||||
Accumulated other comprehensive loss, net of tax
|
(2,709
|
)
|
(7,289
|
)
|
(9,278
|
)
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
183,197
|
167,198
|
161,670
|
|||||||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
|
$
|
1,793,042
|
$
|
1,699,816
|
$
|
1,725,062
|
||||||
|
PRESS RELEASE
October 23, 2014
Page 10 of 17 |
![]() |
(unaudited, dollars in thousands, except per share data)
|
||||||||||||||||
|
||||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
INTEREST INCOME
|
||||||||||||||||
Loans and loan fees
|
$
|
13,396
|
$
|
11,464
|
$
|
39,476
|
$
|
33,796
|
||||||||
U.S. Government agency obligations
|
553
|
592
|
1,772
|
1,405
|
||||||||||||
Obligations of states and political subdivisions
|
1,428
|
1,477
|
4,422
|
4,466
|
||||||||||||
Collateralized mortgage obligations
|
198
|
386
|
672
|
1,767
|
||||||||||||
Mortgage-backed securities
|
474
|
518
|
1,475
|
1,357
|
||||||||||||
Corporate bonds
|
38
|
92
|
215
|
305
|
||||||||||||
Federal funds sold and interest-bearing deposits due from banks
|
35
|
140
|
123
|
502
|
||||||||||||
Dividends
|
42
|
36
|
115
|
111
|
||||||||||||
Total interest income
|
16,164
|
14,705
|
48,270
|
43,709
|
||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Saving, N.O.W. and money market deposits
|
291
|
308
|
870
|
888
|
||||||||||||
Time certificates of $100,000 or more
|
227
|
280
|
695
|
874
|
||||||||||||
Other time deposits
|
95
|
145
|
309
|
486
|
||||||||||||
Borrowings
|
2
|
-
|
7
|
-
|
||||||||||||
Total interest expense
|
615
|
733
|
1,881
|
2,248
|
||||||||||||
Net interest income
|
15,549
|
13,972
|
46,389
|
41,461
|
||||||||||||
Provision for loan losses
|
250
|
-
|
750
|
-
|
||||||||||||
Net interest income after provision for loan losses
|
15,299
|
13,972
|
45,639
|
41,461
|
||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||
Service charges on deposit accounts
|
887
|
964
|
2,834
|
2,839
|
||||||||||||
Other service charges, commissions and fees
|
778
|
928
|
2,349
|
2,451
|
||||||||||||
Fiduciary fees
|
265
|
279
|
824
|
815
|
||||||||||||
Net gain (loss) on sale of securities available for sale
|
11
|
3
|
(12
|
)
|
395
|
|||||||||||
Net gain on sale of portfolio loans
|
217
|
-
|
217
|
445
|
||||||||||||
Net gain on sale of mortgage loans originated for sale
|
51
|
142
|
214
|
973
|
||||||||||||
Net gain on sale of premises and equipment
|
-
|
-
|
752
|
-
|
||||||||||||
Gain on Visa shares sold
|
-
|
3,836
|
-
|
3,836
|
||||||||||||
Income from bank owned life insurance
|
316
|
357
|
1,036
|
399
|
||||||||||||
Other operating income
|
25
|
78
|
106
|
215
|
||||||||||||
Total non-interest income
|
2,550
|
6,587
|
8,320
|
12,368
|
||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
Employee compensation and benefits
|
8,628
|
8,709
|
25,977
|
24,037
|
||||||||||||
Occupancy expense
|
1,295
|
1,585
|
4,141
|
4,787
|
||||||||||||
Equipment expense
|
418
|
616
|
1,301
|
1,745
|
||||||||||||
Consulting and professional services
|
693
|
735
|
1,883
|
1,881
|
||||||||||||
FDIC assessment
|
202
|
373
|
737
|
1,414
|
||||||||||||
Data processing
|
549
|
607
|
1,681
|
1,823
|
||||||||||||
Branch consolidation costs
|
-
|
460
|
(449
|
)
|
460
|
|||||||||||
Reserve and carrying costs related to Visa shares sold
|
57
|
474
|
172
|
474
|
||||||||||||
Other operating expenses
|
1,394
|
1,531
|
4,254
|
4,962
|
||||||||||||
Total operating expenses
|
13,236
|
15,090
|
39,697
|
41,583
|
||||||||||||
Income before income tax expense
|
4,613
|
5,469
|
14,262
|
12,246
|
||||||||||||
Income tax expense
|
875
|
1,557
|
3,033
|
2,856
|
||||||||||||
NET INCOME
|
$
|
3,738
|
$
|
3,912
|
$
|
11,229
|
$
|
9,390
|
||||||||
|
||||||||||||||||
EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.32
|
$
|
0.34
|
$
|
0.97
|
$
|
0.81
|
||||||||
EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.32
|
$
|
0.34
|
$
|
0.96
|
$
|
0.81
|
PRESS RELEASE
October 23, 2014
Page 11 of 17 |
![]() |
QUARTERLY TREND
|
||||||||||||||||||||
(unaudited, dollars in thousands, except per share data)
|
||||||||||||||||||||
|
||||||||||||||||||||
|
Three Months Ended
|
|||||||||||||||||||
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||||||||||
|
2014
|
2014
|
2014
|
2013
|
2013
|
|||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||
Loans and loan fees
|
$
|
13,396
|
$
|
13,203
|
$
|
12,877
|
$
|
12,829
|
$
|
11,464
|
||||||||||
U.S. Government agency obligations
|
553
|
591
|
628
|
607
|
592
|
|||||||||||||||
Obligations of states and political subdivisions
|
1,428
|
1,489
|
1,505
|
1,509
|
1,477
|
|||||||||||||||
Collateralized mortgage obligations
|
198
|
224
|
250
|
295
|
386
|
|||||||||||||||
Mortgage-backed securities
|
474
|
500
|
501
|
514
|
518
|
|||||||||||||||
Corporate bonds
|
38
|
87
|
90
|
91
|
92
|
|||||||||||||||
Federal funds sold and interest-bearing deposits due from banks
|
35
|
42
|
46
|
89
|
140
|
|||||||||||||||
Dividends
|
42
|
35
|
38
|
35
|
36
|
|||||||||||||||
Total interest income
|
16,164
|
16,171
|
15,935
|
15,969
|
14,705
|
|||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||
Saving, N.O.W. and money market deposits
|
291
|
287
|
292
|
302
|
308
|
|||||||||||||||
Time certificates of $100,000 or more
|
227
|
234
|
234
|
254
|
280
|
|||||||||||||||
Other time deposits
|
95
|
103
|
111
|
126
|
145
|
|||||||||||||||
Borrowings
|
2
|
5
|
-
|
-
|
-
|
|||||||||||||||
Total interest expense
|
615
|
629
|
637
|
682
|
733
|
|||||||||||||||
Net interest income
|
15,549
|
15,542
|
15,298
|
15,287
|
13,972
|
|||||||||||||||
Provision for loan losses
|
250
|
250
|
250
|
1,250
|
-
|
|||||||||||||||
Net interest income after provision for loan losses
|
15,299
|
15,292
|
15,048
|
14,037
|
13,972
|
|||||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||||||
Service charges on deposit accounts
|
887
|
944
|
1,003
|
961
|
964
|
|||||||||||||||
Other service charges, commissions and fees
|
778
|
892
|
679
|
839
|
928
|
|||||||||||||||
Fiduciary fees
|
265
|
280
|
279
|
269
|
279
|
|||||||||||||||
Net gain (loss) on sale of securities available for sale
|
11
|
(23
|
)
|
-
|
8
|
3
|
||||||||||||||
Net gain on sale of portfolio loans
|
217
|
-
|
-
|
-
|
-
|
|||||||||||||||
Net gain on sale of mortgage loans originated for sale
|
51
|
70
|
93
|
89
|
142
|
|||||||||||||||
Net gain on sale of premises and equipment
|
-
|
110
|
642
|
404
|
-
|
|||||||||||||||
Gain on Visa shares sold
|
-
|
-
|
-
|
3,930
|
3,836
|
|||||||||||||||
Income from bank owned life insurance
|
316
|
366
|
354
|
356
|
357
|
|||||||||||||||
Other operating income
|
25
|
39
|
42
|
283
|
78
|
|||||||||||||||
Total non-interest income
|
2,550
|
2,678
|
3,092
|
7,139
|
6,587
|
|||||||||||||||
OPERATING EXPENSES
|
||||||||||||||||||||
Employee compensation and benefits
|
8,628
|
8,488
|
8,861
|
9,053
|
8,709
|
|||||||||||||||
Occupancy expense
|
1,295
|
1,411
|
1,435
|
1,709
|
1,585
|
|||||||||||||||
Equipment expense
|
418
|
434
|
449
|
665
|
616
|
|||||||||||||||
Consulting and professional services
|
693
|
639
|
551
|
782
|
735
|
|||||||||||||||
FDIC assessment
|
202
|
268
|
267
|
231
|
373
|
|||||||||||||||
Data processing
|
549
|
559
|
573
|
567
|
607
|
|||||||||||||||
Branch consolidation costs
|
-
|
(279
|
)
|
(170
|
)
|
1,614
|
460
|
|||||||||||||
Reserve and carrying costs related to Visa shares sold
|
57
|
56
|
59
|
515
|
474
|
|||||||||||||||
Other operating expenses
|
1,394
|
1,576
|
1,284
|
1,846
|
1,531
|
|||||||||||||||
Total operating expenses
|
13,236
|
13,152
|
13,309
|
16,982
|
15,090
|
|||||||||||||||
Income before income tax expense
|
4,613
|
4,818
|
4,831
|
4,194
|
5,469
|
|||||||||||||||
Income tax expense
|
875
|
1,047
|
1,111
|
866
|
1,557
|
|||||||||||||||
NET INCOME
|
$
|
3,738
|
$
|
3,771
|
$
|
3,720
|
$
|
3,328
|
$
|
3,912
|
||||||||||
EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.32
|
$
|
0.33
|
$
|
0.32
|
$
|
0.29
|
$
|
0.34
|
||||||||||
EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.32
|
$
|
0.32
|
$
|
0.32
|
$
|
0.29
|
$
|
0.34
|
PRESS RELEASE
October 23, 2014
Page 12 of 17 |
![]() |
STATISTICAL SUMMARY
|
||||||||||||||||
(unaudited, dollars in thousands, except per share data)
|
||||||||||||||||
|
||||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
EARNINGS:
|
||||||||||||||||
Earnings per common share - diluted
|
$
|
0.32
|
$
|
0.34
|
$
|
0.96
|
$
|
0.81
|
||||||||
Net income
|
3,738
|
3,912
|
11,229
|
9,390
|
||||||||||||
Net interest income
|
15,549
|
13,972
|
46,389
|
41,461
|
||||||||||||
Cash dividends per common share
|
0.06
|
-
|
0.06
|
-
|
||||||||||||
|
||||||||||||||||
AVERAGE BALANCES:
|
||||||||||||||||
Total assets
|
$
|
1,770,514
|
$
|
1,691,862
|
$
|
1,733,988
|
$
|
1,645,322
|
||||||||
Loans
|
1,218,738
|
932,578
|
1,150,810
|
858,078
|
||||||||||||
Investment securities
|
376,097
|
427,867
|
399,261
|
424,832
|
||||||||||||
Interest-earning assets
|
1,639,803
|
1,548,685
|
1,603,799
|
1,529,240
|
||||||||||||
Demand deposits
|
673,441
|
622,342
|
644,042
|
592,907
|
||||||||||||
Core deposits (1)
|
1,342,291
|
1,265,324
|
1,308,428
|
1,210,897
|
||||||||||||
Total deposits
|
1,570,498
|
1,508,531
|
1,537,313
|
1,457,267
|
||||||||||||
Borrowings
|
1,957
|
-
|
2,619
|
8
|
||||||||||||
Stockholders' equity
|
181,241
|
159,681
|
176,464
|
163,148
|
||||||||||||
|
||||||||||||||||
FINANCIAL PERFORMANCE RATIOS:
|
||||||||||||||||
Return on average assets
|
0.84
|
%
|
0.92
|
%
|
0.87
|
%
|
0.76
|
%
|
||||||||
Return on average stockholders' equity
|
8.18
|
%
|
9.72
|
%
|
8.51
|
%
|
7.70
|
%
|
||||||||
Average stockholders' equity/average assets
|
10.24
|
%
|
9.44
|
%
|
10.18
|
%
|
9.92
|
%
|
||||||||
Average loans/average deposits
|
77.60
|
%
|
61.82
|
%
|
74.86
|
%
|
58.88
|
%
|
||||||||
Average core deposits/average deposits
|
85.47
|
%
|
83.88
|
%
|
85.11
|
%
|
83.09
|
%
|
||||||||
Average demand deposits/average deposits
|
42.88
|
%
|
41.25
|
%
|
41.89
|
%
|
40.69
|
%
|
||||||||
Net interest margin (FTE)
|
4.00
|
%
|
3.82
|
%
|
4.11
|
%
|
3.86
|
%
|
||||||||
Operating efficiency ratio (2)
|
69.57
|
%
|
69.56
|
%
|
68.39
|
%
|
74.25
|
%
|
||||||||
|
||||||||||||||||
|
||||||||||||||||
(1) Total deposits less interest-bearing certificates of deposit.
|
||||||||||||||||
(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.
|
PRESS RELEASE
October 23, 2014
Page 13 of 17 |
![]() |
(unaudited, dollars in thousands)
|
||||||||||||||||||||
|
||||||||||||||||||||
RECONCILIATION OF BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
||||||||||||||||||||
|
||||||||||||||||||||
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||
|
||||||||||||||||||||
Weighted average common shares outstanding
|
11,586,564
|
11,573,014
|
11,578,350
|
11,569,961
|
||||||||||||||||
Weighted average unvested restricted shares
|
74,980
|
-
|
33,440
|
-
|
||||||||||||||||
Weighted average shares for basic earnings per share
|
11,661,544
|
11,573,014
|
11,611,790
|
11,569,961
|
||||||||||||||||
|
||||||||||||||||||||
Additional diluted shares:
|
||||||||||||||||||||
Stock options
|
54,742
|
33,688
|
56,201
|
13,083
|
||||||||||||||||
Weighted average shares for diluted earnings per share
|
11,716,286
|
11,606,702
|
11,667,991
|
11,583,044
|
||||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
CAPITAL RATIOS:
|
||||||||||||||||||||
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||||||||||
|
2014
|
2014
|
2014
|
2013
|
2013
|
|||||||||||||||
Suffolk Bancorp:
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.21
|
%
|
10.27
|
%
|
10.27
|
%
|
9.81
|
%
|
9.66
|
%
|
||||||||||
Tier 1 risk-based capital ratio
|
12.84
|
%
|
13.28
|
%
|
13.57
|
%
|
13.77
|
%
|
13.94
|
%
|
||||||||||
Total risk-based capital ratio
|
14.09
|
%
|
14.53
|
%
|
14.82
|
%
|
15.02
|
%
|
15.19
|
%
|
||||||||||
Tangible common equity ratio (1)
|
10.07
|
%
|
10.06
|
%
|
9.99
|
%
|
9.68
|
%
|
9.21
|
%
|
||||||||||
Total stockholders's equity/total assets (2)
|
10.22
|
%
|
10.21 |
%
|
10.15 |
%
|
9.84 |
%
|
9.37 |
%
|
||||||||||
Suffolk County National Bank:
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.11
|
%
|
10.19
|
%
|
10.20
|
%
|
9.74
|
%
|
9.59
|
%
|
||||||||||
Tier 1 risk-based capital ratio
|
12.72
|
%
|
13.19
|
%
|
13.48
|
%
|
13.67
|
%
|
13.85
|
%
|
||||||||||
Total risk-based capital ratio
|
13.97
|
%
|
14.44
|
%
|
14.73
|
%
|
14.92
|
%
|
15.10
|
%
|
||||||||||
Tangible common equity ratio (1)
|
9.97
|
%
|
9.98
|
%
|
9.92
|
%
|
9.61
|
%
|
9.15
|
%
|
||||||||||
Total stockholders's equity/total assets (2)
|
10.12 |
%
|
10.14 |
%
|
10.08 |
%
|
9.77 |
%
|
9.31 |
%
|
||||||||||
(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 ratios as of September 30, 2014, reconciliations of tangible common equity to GAAP total common stockholders' equity and tangible assets to GAAP total assets are set forth below:
|
||||||||||||||||||||
Suffolk Bancorp:
|
||||||||||||||||||||
Total stockholders' equity
|
$
|
183,197
|
Total assets
|
$
|
1,793,042
|
10.22 | % | |||||||||||||
Less: intangible assets
|
(2,987
|
)
|
Less: intangible assets
|
(2,987
|
)
|
|||||||||||||||
Tangible common equity
|
$
|
180,210
|
Tangible assets
|
$
|
1,790,055
|
10.07 | % | |||||||||||||
|
||||||||||||||||||||
Suffolk County National Bank:
|
||||||||||||||||||||
Total stockholders' equity
|
$
|
181,366
|
Total assets
|
$
|
1,792,283
|
10.12 | % | |||||||||||||
Less: intangible assets
|
(2,987
|
)
|
Less: intangible assets
|
(2,987
|
)
|
|||||||||||||||
Tangible common equity
|
$
|
178,379
|
Tangible assets
|
$
|
1,789,296
|
9.97 | % | |||||||||||||
|
||||||||||||||||||||
(2) The ratio of total stockholders' equity to total assets is the most comparable GAAP measure to the non-GAAP tangible common equity ratio presented herein. |
PRESS RELEASE
October 23, 2014
Page 14 of 17 |
![]() |
STATISTICAL SUMMARY (continued)
|
||||||||||||||||||||
(unaudited, dollars in thousands, except per share data)
|
||||||||||||||||||||
|
||||||||||||||||||||
|
Periods Ended
|
|||||||||||||||||||
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||||||||||
|
2014
|
2014
|
2014
|
2013
|
2013
|
|||||||||||||||
|
||||||||||||||||||||
LOAN DISTRIBUTION (1):
|
||||||||||||||||||||
Commercial and industrial
|
$
|
180,399
|
$
|
181,318
|
$
|
165,019
|
$
|
171,199
|
$
|
172,386
|
||||||||||
Commercial real estate
|
512,341
|
487,901
|
477,199
|
464,560
|
443,895
|
|||||||||||||||
Multifamily
|
274,352
|
245,122
|
221,841
|
184,624
|
136,983
|
|||||||||||||||
Mixed use commercial
|
27,476
|
26,132
|
12,759
|
4,797
|
4,833
|
|||||||||||||||
Real estate construction
|
21,615
|
15,601
|
14,940
|
6,565
|
8,134
|
|||||||||||||||
Residential mortgages
|
185,856
|
176,370
|
173,347
|
169,552
|
162,658
|
|||||||||||||||
Home equity
|
52,001
|
54,197
|
55,250
|
57,112
|
59,100
|
|||||||||||||||
Consumer
|
8,021
|
8,855
|
9,463
|
10,439
|
11,340
|
|||||||||||||||
Total loans
|
$
|
1,262,061
|
$
|
1,195,496
|
$
|
1,129,818
|
$
|
1,068,848
|
$
|
999,329
|
||||||||||
Sequential quarter growth rate
|
5.57
|
%
|
5.81
|
%
|
5.70
|
%
|
6.96
|
%
|
11.60
|
%
|
||||||||||
Period-end loans/deposits ratio
|
79.84
|
%
|
76.23
|
%
|
74.16
|
%
|
70.78
|
%
|
65.01
|
%
|
||||||||||
|
||||||||||||||||||||
FUNDING DISTRIBUTION:
|
||||||||||||||||||||
Demand
|
$
|
681,306
|
$
|
676,415
|
$
|
633,496
|
$
|
628,616
|
$
|
649,572
|
||||||||||
N.O.W.
|
115,846
|
101,914
|
114,831
|
112,507
|
103,276
|
|||||||||||||||
Saving
|
302,470
|
298,811
|
303,355
|
300,497
|
294,313
|
|||||||||||||||
Money market
|
256,721
|
262,064
|
243,413
|
243,362
|
253,196
|
|||||||||||||||
Total core deposits
|
1,356,343
|
1,339,204
|
1,295,095
|
1,284,982
|
1,300,357
|
|||||||||||||||
Time
|
224,426
|
228,999
|
228,339
|
225,079
|
236,893
|
|||||||||||||||
Total deposits
|
1,580,769
|
1,568,203
|
1,523,434
|
1,510,061
|
1,537,250
|
|||||||||||||||
Borrowings
|
10,000
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total funding sources
|
$
|
1,590,769
|
$
|
1,568,203
|
$
|
1,523,434
|
$
|
1,510,061
|
$
|
1,537,250
|
||||||||||
Sequential quarter growth rate - total deposits
|
0.80
|
%
|
2.94
|
%
|
0.89
|
%
|
(1.77
|
%)
|
4.90
|
%
|
||||||||||
Period-end core deposits/total deposits ratio
|
85.80
|
%
|
85.40
|
%
|
85.01
|
%
|
85.09
|
%
|
84.59
|
%
|
||||||||||
Period-end demand deposits/total deposits ratio
|
43.10
|
%
|
43.13
|
%
|
41.58
|
%
|
41.63
|
%
|
42.26
|
%
|
||||||||||
Cost of funds for the quarter
|
0.16
|
%
|
0.16
|
%
|
0.17
|
%
|
0.18
|
%
|
0.19
|
%
|
||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
EQUITY:
|
||||||||||||||||||||
Common shares outstanding
|
11,667,590
|
11,653,098
|
11,573,014
|
11,573,014
|
11,573,014
|
|||||||||||||||
Stockholders' equity
|
$
|
183,197
|
$
|
180,305
|
$
|
174,171
|
$
|
167,198
|
$
|
161,670
|
||||||||||
Book value per common share
|
15.70
|
15.47
|
15.05
|
14.45
|
13.97
|
|||||||||||||||
Tangible common equity
|
180,210
|
177,319
|
171,177
|
164,220
|
158,687
|
|||||||||||||||
Tangible book value per common share
|
15.45
|
15.22
|
14.79
|
14.19
|
13.71
|
|||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
(1) Excluding loans held for sale.
|
PRESS RELEASE
October 23, 2014
Page 15 of 17 |
![]() |
(unaudited, dollars in thousands)
|
||||||||||||||||||||
|
||||||||||||||||||||
|
Three Months Ended
|
|||||||||||||||||||
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||||||||||
|
2014
|
2014
|
2014
|
2013
|
2013
|
|||||||||||||||
Non-performing assets (1):
|
||||||||||||||||||||
Non-accrual loans:
|
||||||||||||||||||||
Commercial and industrial
|
$
|
4,946
|
$
|
4,891
|
$
|
4,843
|
$
|
5,014
|
$
|
9,947
|
||||||||||
Commercial real estate
|
6,650
|
6,776
|
6,936
|
7,492
|
9,505
|
|||||||||||||||
Residential mortgages
|
2,457
|
1,734
|
1,840
|
1,897
|
1,929
|
|||||||||||||||
Home equity
|
557
|
501
|
431
|
647
|
1,063
|
|||||||||||||||
Consumer
|
44
|
9
|
9
|
133
|
133
|
|||||||||||||||
Total non-accrual loans
|
14,654
|
13,911
|
14,059
|
15,183
|
22,577
|
|||||||||||||||
Loans 90 days or more past due and still accruing
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total non-performing loans
|
14,654
|
13,911
|
14,059
|
15,183
|
22,577
|
|||||||||||||||
Non-accrual loans held for sale
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
OREO
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total non-performing assets
|
$
|
14,654
|
$
|
13,911
|
$
|
14,059
|
$
|
15,183
|
$
|
22,577
|
||||||||||
Total non-accrual loans/total loans (2)
|
1.16
|
%
|
1.16
|
%
|
1.24
|
%
|
1.42
|
%
|
2.26
|
%
|
||||||||||
Total non-performing loans/total loans (2)
|
1.16
|
%
|
1.16
|
%
|
1.24
|
%
|
1.42
|
%
|
2.26
|
%
|
||||||||||
Total non-performing assets/total assets
|
0.82
|
%
|
0.79
|
%
|
0.82
|
%
|
0.89
|
%
|
1.31
|
%
|
||||||||||
|
||||||||||||||||||||
Troubled debt restructurings (2) (3)
|
$
|
19,677
|
$
|
21,994
|
$
|
16,076
|
$
|
16,085
|
$
|
14,950
|
||||||||||
|
||||||||||||||||||||
Activity in the allowance for loan losses:
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
18,478
|
$
|
17,737
|
$
|
17,263
|
$
|
17,619
|
$
|
17,293
|
||||||||||
Charge-offs
|
(119
|
)
|
(234
|
)
|
(117
|
)
|
(2,136
|
)
|
(141
|
)
|
||||||||||
Recoveries
|
191
|
725
|
341
|
530
|
467
|
|||||||||||||||
Net recoveries (charge-offs)
|
72
|
491
|
224
|
(1,606
|
)
|
326
|
||||||||||||||
Provision for loan losses
|
250
|
250
|
250
|
1,250
|
-
|
|||||||||||||||
Balance at end of period
|
$
|
18,800
|
$
|
18,478
|
$
|
17,737
|
$
|
17,263
|
$
|
17,619
|
||||||||||
Allowance for loan losses/non-accrual loans (1) (2)
|
128
|
%
|
133
|
%
|
126
|
%
|
114
|
%
|
78
|
%
|
||||||||||
Allowance for loan losses/non-performing loans (1) (2)
|
128
|
%
|
133
|
%
|
126
|
%
|
114
|
%
|
78
|
%
|
||||||||||
Allowance for loan losses/total loans (1) (2)
|
1.49
|
%
|
1.55
|
%
|
1.57
|
%
|
1.62
|
%
|
1.76
|
%
|
||||||||||
|
||||||||||||||||||||
Net (recoveries) charge-offs:
|
||||||||||||||||||||
Commercial and industrial
|
$
|
(56
|
)
|
$
|
(11
|
)
|
$
|
(177
|
)
|
$
|
703
|
$
|
(330
|
)
|
||||||
Commercial real estate
|
(11
|
)
|
(485
|
)
|
(12
|
)
|
301
|
58
|
||||||||||||
Residential mortgages
|
(4
|
)
|
28
|
(4
|
)
|
52
|
(4
|
)
|
||||||||||||
Home equity
|
(3
|
)
|
(18
|
)
|
(27
|
)
|
533
|
(5
|
)
|
|||||||||||
Consumer
|
2
|
(5
|
)
|
(4
|
)
|
17
|
(45
|
)
|
||||||||||||
Total net (recoveries) charge-offs
|
$
|
(72
|
)
|
$
|
(491
|
)
|
$
|
(224
|
)
|
$
|
1,606
|
$
|
(326
|
)
|
||||||
Net (recoveries) charge-offs (annualized)/average loans
|
(0.02
|
%)
|
(0.17
|
%)
|
(0.08
|
%)
|
0.61
|
%
|
(0.14
|
%)
|
||||||||||
|
||||||||||||||||||||
Delinquencies and non-accrual loans as a % of total loans (1):
|
||||||||||||||||||||
Loans 30 - 59 days past due
|
0.22
|
%
|
0.24
|
%
|
0.32
|
%
|
0.29
|
%
|
0.31
|
%
|
||||||||||
Loans 60 - 89 days past due
|
0.03
|
%
|
0.12
|
%
|
0.01
|
%
|
0.04
|
%
|
0.15
|
%
|
||||||||||
Loans 90 days or more past due and still accruing
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total accruing past due loans
|
0.25
|
%
|
0.36
|
%
|
0.33
|
%
|
0.33
|
%
|
0.46
|
%
|
||||||||||
Non-accrual loans
|
1.16
|
%
|
1.16
|
%
|
1.24
|
%
|
1.42
|
%
|
2.26
|
%
|
||||||||||
Total delinquent and non-accrual loans
|
1.41
|
%
|
1.52
|
%
|
1.57
|
%
|
1.75
|
%
|
2.72
|
%
|
||||||||||
|
||||||||||||||||||||
(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 $11,483, $12,204, $5,445, $5,438 and $4,926 at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.
|
PRESS RELEASE
October 23, 2014
Page 16 of 17 |
![]() |
NET INTEREST INCOME ANALYSIS
|
||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 and 2013
|
||||||||||||||||||||||||
(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)
|
$
|
376,097
|
$
|
3,521
|
3.71
|
%
|
$
|
427,867
|
$
|
3,945
|
3.66
|
%
|
||||||||||||
Federal Reserve Bank, Federal Home Loan Bank and other stock
|
2,990
|
42
|
5.57
|
2,916
|
36
|
4.90
|
||||||||||||||||||
Federal funds sold and interest-bearing deposits
|
41,978
|
35
|
0.33
|
185,324
|
140
|
0.30
|
||||||||||||||||||
Loans (2)
|
1,218,738
|
13,532
|
4.41
|
932,578
|
11,506
|
4.89
|
||||||||||||||||||
Total interest-earning assets
|
1,639,803
|
$
|
17,130
|
4.14
|
%
|
1,548,685
|
$
|
15,627
|
4.00
|
%
|
||||||||||||||
Non-interest-earning assets
|
130,711
|
143,177
|
||||||||||||||||||||||
Total assets
|
$
|
1,770,514
|
$
|
1,691,862
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and stockholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Saving, N.O.W. and money market deposits
|
$
|
668,850
|
$
|
291
|
0.17
|
%
|
$
|
642,982
|
$
|
308
|
0.19
|
%
|
||||||||||||
Time deposits
|
228,207
|
322
|
0.56
|
243,207
|
425
|
0.69
|
||||||||||||||||||
Total saving and time deposits
|
897,057
|
613
|
0.27
|
886,189
|
733
|
0.33
|
||||||||||||||||||
Borrowings
|
1,957
|
2
|
0.37
|
-
|
-
|
-
|
||||||||||||||||||
Total interest-bearing liabilities
|
899,014
|
615
|
0.27
|
886,189
|
733
|
0.33
|
||||||||||||||||||
Demand deposits
|
673,441
|
622,342
|
||||||||||||||||||||||
Other liabilities
|
16,818
|
23,650
|
||||||||||||||||||||||
Total liabilities
|
1,589,273
|
1,532,181
|
||||||||||||||||||||||
Stockholders' equity
|
181,241
|
159,681
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,770,514
|
$
|
1,691,862
|
||||||||||||||||||||
Total cost of funds
|
0.16
|
%
|
0.19
|
%
|
||||||||||||||||||||
Net interest rate spread
|
3.87
|
%
|
3.67
|
%
|
||||||||||||||||||||
Net interest income/margin
|
16,515
|
4.00
|
%
|
14,894
|
3.82
|
%
|
||||||||||||||||||
Less tax-equivalent basis adjustment
|
(966
|
)
|
(922
|
)
|
||||||||||||||||||||
Net interest income
|
$
|
15,549
|
$
|
13,972
|
||||||||||||||||||||
|
||||||||||||||||||||||||
(1) Interest on securities includes the effects of tax-equivalent basis adjustments of $830 and $880 in 2014 and 2013, respectively.
|
||||||||||||||||||||||||
(2) Interest on loans includes the effects of tax-equivalent basis adjustments of $136 and $42 in 2014 and 2013, respectively.
|
PRESS RELEASE
October 23, 2014
Page 17 of 17 |
![]() |
NET INTEREST INCOME ANALYSIS
|
||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 and 2013
|
||||||||||||||||||||||||
(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)
|
$
|
399,261
|
$
|
11,129
|
3.73
|
%
|
$
|
424,832
|
$
|
11,965
|
3.77
|
%
|
||||||||||||
Federal Reserve Bank, Federal Home Loan Bank and other stock
|
3,099
|
115
|
4.96
|
2,961
|
111
|
5.01
|
||||||||||||||||||
Federal funds sold and interest-bearing deposits
|
50,629
|
123
|
0.32
|
243,369
|
502
|
0.28
|
||||||||||||||||||
Loans (2)
|
1,150,810
|
39,824
|
4.63
|
858,078
|
33,840
|
5.27
|
||||||||||||||||||
Total interest-earning assets
|
1,603,799
|
$
|
51,191
|
4.27
|
%
|
1,529,240
|
$
|
46,418
|
4.06
|
%
|
||||||||||||||
Non-interest-earning assets
|
130,189
|
116,082
|
||||||||||||||||||||||
Total assets
|
$
|
1,733,988
|
$
|
1,645,322
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and stockholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Saving, N.O.W. and money market deposits
|
$
|
664,386
|
$
|
870
|
0.18
|
%
|
$
|
617,990
|
$
|
888
|
0.19
|
%
|
||||||||||||
Time deposits
|
228,885
|
1,004
|
0.59
|
246,370
|
1,360
|
0.74
|
||||||||||||||||||
Total saving and time deposits
|
893,271
|
1,874
|
0.28
|
864,360
|
2,248
|
0.35
|
||||||||||||||||||
Borrowings
|
2,619
|
7
|
0.36
|
8
|
-
|
0.34
|
||||||||||||||||||
Total interest-bearing liabilities
|
895,890
|
1,881
|
0.28
|
864,368
|
2,248
|
0.35
|
||||||||||||||||||
Demand deposits
|
644,042
|
592,907
|
||||||||||||||||||||||
Other liabilities
|
17,592
|
24,899
|
||||||||||||||||||||||
Total liabilities
|
1,557,524
|
1,482,174
|
||||||||||||||||||||||
Stockholders' equity
|
176,464
|
163,148
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,733,988
|
$
|
1,645,322
|
||||||||||||||||||||
Total cost of funds
|
0.16
|
%
|
0.21
|
%
|
||||||||||||||||||||
Net interest rate spread
|
3.99
|
%
|
3.71
|
%
|
||||||||||||||||||||
Net interest income/margin
|
49,310
|
4.11
|
%
|
44,170
|
3.86
|
%
|
||||||||||||||||||
Less tax-equivalent basis adjustment
|
(2,921
|
)
|
(2,709
|
)
|
||||||||||||||||||||
Net interest income
|
$
|
46,389
|
$
|
41,461
|
||||||||||||||||||||
|
||||||||||||||||||||||||
(1) Interest on securities includes the effects of tax-equivalent basis adjustments of $2,573 and $2,665 in 2014 and 2013, respectively.
|
||||||||||||||||||||||||
(2) Interest on loans includes the effects of tax-equivalent basis adjustments of $348 and $44 in 2014 and 2013, respectively.
|