UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
July 18, 2014
First Citizens Banc Corp
(Exact name of Registrant as specified in its charter)
Ohio | 001-36192 | 34-1558688 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
( IRS Employer Identification No.) |
100 East Water Street, P.O. Box 5016, Sandusky, Ohio 44870
(Address of principle executive offices)
Registrants telephone number, including area code: (419) 625-4121
N/A
(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 communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On July 18, 2014, First Citizens Banc Corp announced preliminary unaudited earnings for the period ended June 30, 2014. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated here by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibit 99.1 Press release of First Citizens Banc Corp reporting financial results and earnings for the three- and six-month periods ended June 30, 2014.
SIGNATURE
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.
First Citizens Banc Corp | ||||||
(Registrant) |
Date: July 18, 2014 | /s/ Todd A. Michel | |||||
Todd A. Michel, | ||||||
Senior Vice President & Controller |
Exhibit 99.1
Sandusky, Ohio, July 18, 2014 First Citizens Banc Corp (NASDAQ:FCZA) (First Citizens) reported net income attributable to common shares of $1.8 million, or $0.24 per share, for the second quarter of 2014, an increase of 34.2% compared with $1.4 million, or $0.18 per share, for the prior year period. For the six-month period ended June 30, 2014, First Citizens reported net income available to common shareholders of $3.9 million or $0.50 per share, an increase of 30.1% compared to $3.0 million, or $0.39 per share, in the same period of 2013.
During the second quarter, we continued in our efforts to improve our efficiency ratio. To that end, we completed the closure of three branches, began the process of closing a fourth branch and froze our defined benefit pension plan. We were also successful in finding new owners for our former buildings. The one-time net effect of all branch closures will be a gain of $67 thousand. On an annualized basis, we expect cost savings of $450 thousand. The movement of customer transactions from teller based to electronic is changing the way many banks view their branch networks. We continually strive to find a good balance between cost structure and community commitment, said James O. Miller, President and CEO of First Citizens. The restructuring of our retirement expenses should initially save $195 thousand, pretax, for 2014.
Results of Operations:
Net interest income for the second quarter of 2014 increased $485 thousand, or 5.0%, from the prior years second quarter and for the six months ended June 30 increased $664 thousand, or 3.4%, when compared to the same period of 2013. The increase in net interest income for the quarter was due both to an increase in interest income of $340 thousand or 3.1% and to a decrease in interest expense of $145 thousand or 11.7%. The increase in net interest income for the year included an increase in interest income of $369 thousand, or 1.7%, as well as a decrease in interest expenses of $295 thousand, or 11.6%. The increase in interest income was due primarily to an increase in average loans outstanding of $46.0 million, or 5.7%, partially offset by decreased yield of 17 basis points on loans, when compared to the six months of 2013. This increase for the second quarter was also due to an increase in average loans outstanding of $48.5 million, or 6.0%, partially offset by decreased yield on loans of 12 basis points, when compared to the same period in 2013. Net interest margin for the six months of 2014 was 3.63%, 12 basis point lower than the same period in 2013. The average balance of interest-bearing deposits relating to tax refund processing was $92.6 million for 2014. Removing the impact of the First Citizens tax refund processing, the net interest margin would have been 29 basis points higher for the six months of 2014. For the three months ended June 30, net interest margin was 3.76, 1 basis point lower than the second quarter a year ago. Mr. Miller continued, Over the past several years we have seen that our Net Interest Income has been stable throughout changes in the interest rate environment. With an increase in average loans, a decrease in deposit rates and changes in our funding mix we have continued to manage through this challenging interest rate environment.
The provision for loan losses for the second quarter and six months ended 2014 increased $450 thousand, or 150.0%, and $700 thousand, or 87.5%, compared to the three and six-month periods ended 2013, respectively. Net Charge offs totaled $2.6 million for the first six months of 2014. The majority of the charge-offs related to resolution of specific problem credits for which a specific reserve had been allocated. The increase in provision for loan losses in the first half of 2014 is primarily related to the increased size of the loan portfolio compared to a year ago.
Noninterest income increased $549 thousand, or 19.4%, compared to the prior years second quarter and increased $2.0 million, or 32.4%, when compared to the six months of 2013. The increases in both the three- and six-month periods were primarily due to an increase fee income related to income tax refund processing. Tax refund processing fees were up $392 thousand, or 852.2% for the second quarter of 2014 compared to the second quarter of 2013 and up $1.9 million, or 443.4% when compared to the six months of 2013, due to increased volume of returns processed. Wealth management revenue increased $160 thousand, or 25.6%, for the three-month period ended June 30 compared to the same period in 2013 and increased $346 thousand, or 28.2%, for the six-month period ended June 30 compared to the same period in 2013. The increase in wealth management revenue is due to both an increase in asset valuations as well as an increase in accounts. These factors were offset by a $ 46.4 million decrease in assets related to out-of-area accounts inherited from a previous acquisition. First Citizens made the decision to better focus our efforts on local accounts and began the process of moving these accounts out of the Bank. Assets under management decreased by 1.2% from the end of 2013, to $462.7 million. The out-of-area accounts were lower yielding accounts and the lost revenue was more than offset by increased revenue related to other assets under management. Mortgage banking revenue for the six months of 2014 decreased $47 thousand or 16.9% compared to the same period in 2013. However, mortgage banking revenue for the second quarter increased $50 thousand, or 64.1% compared to the same period of 2013. Mr. Miller continued, Mortgage banking has been sluggish for the entire banking industry in 2014. We have continued to see our pipelines and closed business increase as the year progresses. Our Wealth Management business has benefited from an increased amount of cross-selling by our commercial lenders as well as a positive stock market. We are very pleased with the results of our tax refund processing program. We increased the volume of refunds processed and have been very successful in 2014.
Noninterest expense decreased $367 thousand, or 3.5%, when compared to the prior years second quarter and $146 thousand, or 0.7%, when compared to the six months of 2013. For the quarter and six month periods, the decrease in noninterest expense was primarily attributable to a $564 thousand decrease in pension expense for the second quarter and a decrease of $611 thousand for the six month period. The decreases in pension costs were offset by increases in salaries and commissions for the quarter and six month periods of $313 thousand and $430 thousand respectively. As of April 30, 2014, the Company has frozen its pension plan. While the plan still exists, no new participants will be added and no additional benefits will accrue going forward.
Balance Sheet
Total assets increased $19.0 million, or 1.6%, from December 31, 2013 to June 30, 2014 due primarily to an increase in loans of $7.9 million or 0.9% as well as an increase in cash and cash equivalents of $16.0 million.
Total deposits increased $36.6 million, or 3.9%, from December 31, 2013 to June 30, 2014, largely related to cash on deposit from the tax refund processing program. As of June 30, 2014 the balance related to the tax refund processing program was approximately $34.9 million. Total shareholders equity decreased $17.1 million, or 13.3%, from December 31, 2013 to June 30, 2014 as a result of the $23.2 million redemption of Series A Preferred Stock, partially offset by retained earnings of $3.5 million and changes to Accumulated Other Comprehensive Income.
Asset Quality
Nonperforming assets decreased $2.9 million, or 11.3%, from December 31, 2013 to June 30, 2014 due to the continuing workout of nonperforming loans with delinquent customers. Total non-accrual loans decreased $2.8 million, or 13.9%, from December 31, 2013 to June 30, 2014. Mr. Miller continued, We continue to be conservative on how we view asset quality. If we see potential weakness in a credit, we strive to identify it early and reserve appropriately. We continue to see improvements in non-performing assets. When we look back to June 2013, we have reduced non-performing loans by $11.3 million. Non-accrual loans continue to decrease and over 60% of our non-accrual loans are current with their payments.
First Citizens Banc Corp is a $1.2 billion financial holding company headquartered in Sandusky, Ohio. The Companys banking subsidiary, The Citizens Banking Company, operates 25 locations in Central and North Central Ohio.
First Citizens Banc Corp may be accessed at www.fcza.com. The Companys common shares are traded on the NASDAQ Capital Market under the symbol FCZA. The Companys depositary shares, each representing a 1/40th ownership interest in a Series B Preferred Share, are traded on the NASDAQ Capital Market under the symbol FCZAP.
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of First Citizens. For these statements, First Citizens claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about First Citizens, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on managements expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as anticipate, estimate, project, intend, plan, believe, will and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to
differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in First Citizens reports filed with the Securities and Exchange Commission, including those described in Item 1A Risk Factors of Part I of First Citizenss Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. First Citizens does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
For additional information, contact:
James O. Miller
Chairman, President and CEO
First Citizens Banc Corp
888-645-4121
Todd A. Michel
Senior Vice President and Controller
First Citizens Banc Corp
888-645-4121
First Citizens Banc Corp
Financial Highlights
(dollars in thousands, except share amounts)
Consolidated Condensed Statement of Income
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest income |
11,365 | 11,025 | 22,680 | 22,311 | ||||||||||||
Interest expense |
1,099 | 1,244 | 2,248 | 2,543 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest income |
10,266 | 9,781 | 20,432 | 19,768 | ||||||||||||
Provision for loan losses |
750 | 300 | 1,500 | 800 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest income after provision |
9,516 | 9,481 | 18,932 | 18,968 | ||||||||||||
Noninterest income |
3,380 | 2,831 | 8,004 | 6,047 | ||||||||||||
Noninterest expense |
9,979 | 10,346 | 20,408 | 20,554 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before taxes |
2,917 | 1,966 | 6,528 | 4,461 | ||||||||||||
Income tax expense |
677 | 309 | 1,577 | 891 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
2,240 | 1,657 | 4,951 | 3,570 | ||||||||||||
Preferred stock dividends |
406 | 290 | 1,061 | 580 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income available to common shareholders |
1,834 | 1,367 | 3,890 | 2,990 | ||||||||||||
Dividends per common share |
$ | 0.05 | $ | 0.04 | $ | 0.09 | $ | 0.07 | ||||||||
Earnings per common share, |
||||||||||||||||
basic |
$ | 0.24 | $ | 0.18 | $ | 0.50 | $ | 0.39 | ||||||||
diluted |
$ | 0.21 | $ | 0.18 | $ | 0.43 | $ | 0.39 | ||||||||
Average shares outstanding, |
||||||||||||||||
basic |
7,707,917 | 7,707,917 | 7,707,917 | 7,707,917 | ||||||||||||
diluted |
10,904,848 | 7,707,917 | 10,904,848 | 7,707,917 | ||||||||||||
Selected financial ratios: |
||||||||||||||||
Return on average assets |
0.74 | % | 0.58 | % | 0.78 | % | 0.61 | % | ||||||||
Return on average equity |
8.18 | % | 6.34 | % | 8.84 | % | 6.89 | % | ||||||||
Dividend payout ratio |
17.21 | % | 18.61 | % | 14.01 | % | 15.11 | % | ||||||||
Net interest margin (tax equivalent) |
3.76 | % | 3.77 | % | 3.63 | % | 3.75 | % |
Selected Balance Sheet Items
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(unaudited) | ||||||||
Cash and due from financial institutions |
$ | 49,893 | $ | 33,883 | ||||
Investment securities |
197,680 | 199,613 | ||||||
Loans held for sale |
2,168 | 438 | ||||||
Loans |
867,978 | 861,241 | ||||||
Less allowance for loan losses |
15,395 | 16,528 | ||||||
|
|
|
|
|||||
Net loans |
852,583 | 844,713 | ||||||
Other securities |
12,548 | 15,424 | ||||||
Fixed assets |
16,158 | 16,927 | ||||||
Goodwill and other intangibles |
23,610 | 24,013 | ||||||
Bank owned life insurance |
19,400 | 19,145 | ||||||
Other assets |
12,463 | 13,390 | ||||||
|
|
|
|
|||||
Total assets |
1,186,503 | 1,167,546 | ||||||
|
|
|
|
|||||
Total deposits |
979,136 | 942,475 | ||||||
Federal Home Loan Bank advances |
37,500 | 37,726 | ||||||
Securities sold under agreements to repurchase |
17,881 | 20,053 | ||||||
Subordinated debentures |
29,427 | 29,427 | ||||||
Accrued expenses and other liabilities |
11,320 | 9,489 | ||||||
Total shareholders equity |
111,239 | 128,376 | ||||||
|
|
|
|
|||||
Toal liabilities and shareholders equity |
1,186,503 | 1,167,546 | ||||||
|
|
|
|
|||||
Shares outstanding at period end |
7,707,917 | 7,707,917 | ||||||
Book value per share |
$ | 11.43 | $ | 10.65 | ||||
Tangible book value per share |
8.37 | 7.53 | ||||||
Equity to asset ratio |
9.38 | % | 11.00 | % | ||||
Selected asset quality ratios: |
||||||||
Allowance for loan losses to total loans |
1.77 | % | 1.92 | % | ||||
Non-performing assets to total assets |
1.93 | % | 2.22 | % | ||||
Allowance for loan losses to non-performing loans |
67.95 | % | 64.33 | % | ||||
Non-performing asset analysis |
||||||||
Nonaccrual loans |
$ | 17,612 | $ | 20,458 | ||||
Troubled debt restructurings |
5,044 | 5,234 | ||||||
Other real estate owned |
282 | 173 | ||||||
|
|
|
|
|||||
Total |
$ | 22,938 | $ | 25,865 | ||||
|
|
|
|
Supplemental Financial Information
(Unaudited - Dollars in thousands except share data)
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
End of Period Balances |
2014 | 2014 | 2013 | 2013 | 2013 | |||||||||||||||
Assets |
||||||||||||||||||||
Cash and due from banks |
$ | 49,893 | $ | 119,715 | $ | 33,883 | $ | 50,093 | $ | 62,104 | ||||||||||
Securities available for sale |
197,680 | 203,997 | 199,613 | 200,356 | 199,866 | |||||||||||||||
Loans held for sale |
2,168 | 545 | 438 | 4,891 | 756 | |||||||||||||||
Loans |
867,978 | 857,368 | 861,241 | 819,571 | 810,106 | |||||||||||||||
Allowance for loan losses |
(15,395 | ) | (16,767 | ) | (16,528 | ) | (17,297 | ) | (19,405 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Loans |
852,583 | 840,601 | 844,713 | 802,274 | 790,701 | |||||||||||||||
Other securities |
12,548 | 12,414 | 15,424 | 15,433 | 15,540 | |||||||||||||||
Fixed assets |
16,158 | 16,485 | 16,927 | 16,563 | 16,881 | |||||||||||||||
Goodwill and other intangibles |
23,610 | 23,811 | 24,013 | 24,223 | 24,435 | |||||||||||||||
Bank owned life insurance |
19,400 | 19,275 | 19,145 | 19,013 | 18,881 | |||||||||||||||
Other assets |
12,463 | 14,044 | 13,390 | 14,941 | 14,084 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Assets |
$ | 1,186,503 | $ | 1,250,887 | $ | 1,167,546 | $ | 1,147,787 | $ | 1,143,248 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Liabilities |
||||||||||||||||||||
Total Deposits |
$ | 979,136 | $ | 1,044,820 | $ | 942,475 | $ | 942,458 | $ | 938,205 | ||||||||||
Federal Home Loan Bank advances |
37,500 | 37,717 | 37,726 | 37,735 | 40,244 | |||||||||||||||
Securities sold under agreement to repurchase |
17,881 | 17,949 | 20,053 | 20,810 | 19,421 | |||||||||||||||
Subordinated debentures |
29,427 | 29,427 | 29,427 | 29,427 | 29,427 | |||||||||||||||
Accrued expenses and other liabilities |
11,320 | 12,363 | 9,489 | 14,441 | 13,792 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities |
1,075,264 | 1,142,276 | 1,039,170 | 1,044,871 | 1,041,089 | |||||||||||||||
Shareholders equity |
||||||||||||||||||||
Preferred shares, Series A |
| | 23,184 | 23,184 | 23,184 | |||||||||||||||
Preferred shares, Series B |
23,132 | 23,132 | 23,132 | | | |||||||||||||||
Common Stock |
114,365 | 114,365 | 114,365 | 114,365 | 114,365 | |||||||||||||||
Accumulated deficit |
(7,300 | ) | (8,747 | ) | (10,823 | ) | (11,268 | ) | (12,544 | ) | ||||||||||
Treasury stock |
(17,235 | ) | (17,235 | ) | (17,235 | ) | (17,235 | ) | (17,235 | ) | ||||||||||
Accumulated other comprehensive income |
(1,723 | ) | (2,904 | ) | (4,247 | ) | (6,130 | ) | (5,611 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total shareholders equity |
111,239 | 108,611 | 128,376 | 102,916 | 102,159 | |||||||||||||||
Total liabilities and shareholders equity |
$ | 1,186,503 | $ | 1,250,887 | $ | 1,167,546 | $ | 1,147,787 | $ | 1,143,248 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average Balances |
||||||||||||||||||||
Assets: |
||||||||||||||||||||
Earning assets |
$ | 1,171,483 | $ | 1,211,151 | $ | 1,091,609 | $ | 1,091,198 | $ | 1,102,456 | ||||||||||
Securities |
216,999 | 221,135 | 216,848 | 217,078 | 219,086 | |||||||||||||||
Loans |
857,765 | 853,642 | 819,152 | 813,888 | 811,761 | |||||||||||||||
Liabilities and shareholders equity |
||||||||||||||||||||
Total deposits |
$ | 1,065,859 | $ | 1,123,070 | $ | 965,370 | $ | 965,556 | $ | 974,948 | ||||||||||
Interest-bearing deposits |
730,367 | 729,717 | 731,778 | 734,013 | 736,661 | |||||||||||||||
Interest-bearing liabilities |
87,659 | 91,092 | 89,496 | 89,758 | 90,462 | |||||||||||||||
Total shareholders equity |
112,967 | 116,119 | 103,563 | 103,493 | 104,463 |
Supplemental Financial Information
(Unaudited - Dollars in thousands except share data)
Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
Income statement |
2014 | 2014 | 2013 | 2013 | 2013 | |||||||||||||||
Total interest income |
$ | 11,365 | $ | 11,315 | $ | 11,443 | $ | 11,127 | $ | 11,025 | ||||||||||
Total interest expense |
1,099 | 1,150 | 1,153 | 1,210 | 1,244 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net interest income |
10,266 | 10,165 | 10,290 | 9,917 | 9,781 | |||||||||||||||
Provision for loan losses |
750 | 750 | | 300 | 300 | |||||||||||||||
Noninterest income |
3,380 | 4,624 | 2,939 | 3,077 | 2,831 | |||||||||||||||
Noninterest expense |
9,979 | 10,428 | 12,087 | 10,745 | 10,346 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income before taxes |
2,917 | 3,611 | 1,142 | 1,949 | 1,966 | |||||||||||||||
Income tax expense |
677 | 899 | 99 | 383 | 309 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income |
$ | 2,240 | $ | 2,712 | $ | 1,043 | $ | 1,566 | $ | 1,657 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common stock dividend paid |
$ | 385 | $ | 308 | $ | 308 | $ | 308 | $ | 308 | ||||||||||
Preferred stock dividend paid |
$ | 406 | $ | 655 | $ | 290 | $ | 290 | $ | 290 | ||||||||||
Per share data |
||||||||||||||||||||
Basic net income per common share |
$ | 0.24 | $ | 0.27 | $ | 0.10 | $ | 0.17 | $ | 0.18 | ||||||||||
Diluted net income per common share |
0.21 | 0.22 | 0.09 | 0.17 | 0.18 | |||||||||||||||
Dividends per common share |
0.05 | 0.04 | 0.04 | 0.04 | 0.04 | |||||||||||||||
Average common shares outstanding - basic |
7,707,917 | 7,707,917 | 7,707,917 | 7,707,917 | 7,707,917 | |||||||||||||||
Average common shares outstanding - diluted |
10,904,848 | 10,904,848 | 7,821,780 | 7,707,917 | 7,707,917 | |||||||||||||||
Asset quality |
||||||||||||||||||||
Allowance for loan losses, beginning of period |
$ | 16,767 | $ | 16,528 | $ | 17,297 | $ | 19,405 | $ | 19,710 | ||||||||||
Charge-offs |
(2,332 | ) | (652 | ) | (1,084 | ) | (2,600 | ) | (985 | ) | ||||||||||
Recoveries |
210 | 141 | 315 | 192 | 380 | |||||||||||||||
Provision |
750 | 750 | | 300 | 300 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Allowance for loan losses, end of period |
$ | 15,395 | $ | 16,767 | $ | 16,528 | $ | 17,297 | $ | 19,405 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios |
||||||||||||||||||||
Allowance to total loans |
1.77 | % | 1.96 | % | 1.92 | % | 2.11 | % | 2.40 | % | ||||||||||
Allowance to nonperforming assets |
67.11 | % | 62.14 | % | 63.90 | % | 56.97 | % | 56.64 | % | ||||||||||
Allowance to nonperforming loans |
67.95 | % | 62.60 | % | 64.33 | % | 57.27 | % | 57.22 | % | ||||||||||
Nonperforming assets |
||||||||||||||||||||
Nonperforming loans |
$ | 22,656 | $ | 26,786 | $ | 25,692 | $ | 30,203 | $ | 33,912 | ||||||||||
Other real estate owned |
282 | 196 | 173 | 158 | 350 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total nonperforming assets |
$ | 22,938 | $ | 26,982 | $ | 25,865 | $ | 30,361 | $ | 34,262 | ||||||||||
Capital and liquidity |
||||||||||||||||||||
Tier 1 leverage ratio |
9.77 | % | 8.58 | % | 11.64 | % | 9.55 | % | 9.38 | % | ||||||||||
Tier 1 risk-based capital ratio |
13.67 | % | 13.39 | % | 15.82 | % | 13.26 | % | 13.44 | % | ||||||||||
Total risk-based capital ratio |
14.92 | % | 14.67 | % | 17.08 | % | 14.66 | % | 14.92 | % | ||||||||||
Tangible common equity ratio |
5.55 | % | 5.03 | % | 5.08 | % | 4.94 | % | 4.87 | % |
D!
M\@'Z`@,"#`(4`AT")@(O`C@"00)+`E0"70)G`G$">@*$`HX"F`*B`JP"M@+!
M`LL"U0+@`NL"]0,``PL#%@,A`RT#.`-#`T\#6@-F`W(#?@.*`Y8#H@.N`[H#
MQP/3`^`#[`/Y!`8$$P0@!"T$.P1(!%4$8P1Q!'X$C`2:!*@$M@3$!-,$X03P
M!/X%#044%]@8&!A8&)P8W!D@&
M609J!GL&C`:=!J\&P`;1!N,&]0<'!QD'*P<]!T\'80=T!X8'F0>L![\'T@?E
M!_@("P@?"#((1@A:"&X(@@B6"*H(O@C2".<(^PD0"24).@E/"60)>0F/":0)
MN@G/">4)^PH1"B<*/0I4"FH*@0J8"JX*Q0K<"O,+"PLB"SD+40MI"X`+F`NP
M"\@+X0OY#!(,*@Q##%P,=0R.#*<,P`S9#/,-#0TF#4`-6@UT#8X-J0W##=X-
M^`X3#BX.20YD#G\.FPZV#M(.[@\)#R4/00]>#WH/E@^S#\\/[!`)$"800Q!A
M$'X0FQ"Y$-<0]1$3$3$13Q%M$8P1JA')$>@2!Q(F$D429!*$$J,2PQ+C$P,3
M(Q-#$V,3@Q.D$\43Y10&%"<4211J%(L4K13.%/`5$A4T%585>!6;%;T5X!8#
M%B86219L%H\6LA;6%OH7'1=!%V47B1>N%](7]Q@;&$`891B*&*\8U1CZ&2`9
M11EK&9$9MQG=&@0:*AI1&G<:GAK%&NP;%!L[&V,;BANR&]H<`APJ'%(<>QRC
M',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB`5($$@
M;""8(,0@\"$<(4@A=2&A( &YXS'DJ>8EYYWI&
M>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E@$>`J($*@6N!S8(P@I*"
M](-7@[J$'82`A..%1X6KA@Z&