ASHEVILLE, N.C., July 28, 2017 /PRNewswire/ -- ASB Bancorp,
Inc. (the "Company") (NASDAQ GM: ASBB), the holding company for
Asheville Savings Bank, S.S.B. (the "Bank"), announced today its
unaudited preliminary operating results for the three- and
six-month periods ended June 30,
2017. The Company reported net income of $1.2 million, or $0.31 per diluted common share, for the quarter
ended June 30, 2017 compared to net
income of $1.7 million, or
$0.45 per diluted common share, for
the same quarter of 2016. The lower earnings for the second quarter
of 2017 were primarily attributable to additional expenses
incurred during the quarter that were related to the Company's
previously announced merger with First Bancorp. For the six months
ended June 30, 2017, the Company
reported net income of $3.0 million
compared to net income of $2.8
million for the same period of 2016 or an increase of 6.0%.
For the year-to-date periods, net income per common share increased
to $0.80 per diluted common share for
the six months ended June 30, 2017
from $0.75 per diluted common share
for the six months ended June 30,
2016.
As previously disclosed, the Company entered into an Agreement
and Plan of Merger and Reorganization on May
1, 2017 with First Bancorp, the holding company for First
Bank, Southern Pines, North
Carolina. The merger agreement has been unanimously approved
by the boards of directors of each of the Company and First
Bancorp. The closing of the merger is subject to the approval of
the Company's shareholders, requisite regulatory approvals,
the effectiveness of the registration statement filed by First
Bancorp with respect to the shares of First Bancorp common stock to
be issued in the merger, and other customary closing conditions.
The parties anticipate closing the merger during the fourth quarter
of 2017. For the three- and six-month periods ended June 30, 2017, the Company reported
merger-related expenses in the amount of $520,000 before income taxes and $446,000, net of income taxes, or $0.12 per diluted common share.
Suzanne S. DeFerie, President and
Chief Executive Officer, commented: "We sustained the solid
momentum we established in the first quarter through the first six
months of the year. Second quarter net interest income
increased and net interest margin expanded over each of the
previous four quarters. Asset quality continued to improve
during the quarter, in addition to modest growth in average loans
and average deposits since the first quarter of 2017.
"During the quarter, we persisted in improving our book value
per common share and in maintaining a strong capital position. We
remained focused on cost savings and improved efficiency as we
contribute to profitable growth and attractive returns for our
shareholders."
2017 Second Quarter Highlights
- Net income for the second quarter of 2017 decreased to
$1.2 million, or $0.31 per diluted common share, from $1.7 million, or $0.45 per diluted common share, for the second
quarter of 2016. The decrease in 2017 was primarily attributable to
merger-related expenses.
- For the three- and six-month periods ended June 30, 2017, the Company incurred
merger-related expenses in the amount of $520,000 before income taxes and $446,000, net of income taxes, or $0.12 per diluted common share.
- Net interest income increased 10.4% to $6.5 million for the three months ended
June 30, 2017 from $5.9 million for the three months ended
June 30, 2016. The net interest
margin improved to 3.51% for the second quarter of 2017 compared to
3.20% for the same quarter of 2016.
- Interest income from loans increased 5.7% in the second quarter
of 2017 compared to the second quarter of 2016, which primarily
reflected a 15 basis point increase in the average yield on loans
and a $9.8 million increase in
average loan balances when comparing the two quarters.
- Interest expense was $601,000 for
the second quarter of 2017 compared to $854,000 for the same quarter of 2016, a decrease
of 29.6%, primarily due to the repayment of $30.0 million in Federal Home Loan Bank advances
that matured in March 2017. The
advances had interest rates ranging from 3.99% to 4.20%.
- Loan balances increased $10.0
million, or 1.7%, to $613.6
million at June 30, 2017 from
$603.6 million at December 31, 2016 and increased $7.4 million, or 1.2%, since June 30, 2016 as new loan originations exceeded
loan repayments, prepayments and foreclosures.
- Noninterest income decreased 29.0% to $1.8 million for the second quarter of 2017 from
$2.5 million for the second quarter
of 2016, primarily due to decreases in gains realized from the sale
of investment securities.
- Noninterest expenses increased 11.1% to $6.3 million for the second quarter of 2017 from
$5.6 million for the second quarter
of 2016, primarily due to merger-related expenses of $520,000 and a $106,000 increase in compensation expenses in
2017.
- Delinquent and nonperforming loans were 0.13% and 0.09%,
respectively, of total loans at June 30,
2017 compared to 0.27% and 0.17%, respectively, of total
loans at December 31,
2016.
- Nonperforming assets, including foreclosed properties and
repossessed assets, were 0.71% of total assets at June 30, 2017 compared to 0.79% of total assets
at December 31, 2016 and 0.91% of
total assets at June 30, 2016.
- Core deposits, which exclude certificates of deposit, increased
$24.8 million, or 4.8%, since
December 31, 2016 and $35.5 million, or 7.0%, since June 30, 2016. Noninterest-bearing deposits
increased $12.7 million, or 10.3%,
and commercial non-maturity deposits increased $10.4 million, or 6.7%, since December 31, 2016.
- Book value per common share increased to $25.41 at June 30,
2017 from $24.06 at
December 31, 2016 and $23.80 at June 30,
2016.
- Capital remained strong with consolidated regulatory capital
ratios of 16.17% common equity tier 1 capital, 12.15% tier 1
leverage capital, 16.17% tier 1 risk-based capital and 17.28% total
risk-based capital.
Income Statement Analysis
Net Interest Income. Net interest income increased
by $612,000, or 10.4%, to
$6.5 million for the
three months ended June 30, 2017
compared to $5.9 million for the
three months ended June 30, 2016.
Total interest and dividend income increased $359,000, or 5.3%, to $7.1
million for the three months ended June 30, 2017 from
$6.8 million for the three months
ended June 30, 2016, primarily as a
result of a 15 basis point increase in the average yield on loans
and an increase of $9.8 million in
average loan balances. Interest on investment securities decreased
$33,000, attributable to a
$17.0 million decrease in the average
balance of investment securities primarily to fund loan growth,
which was partially offset by a 31 basis point increase in the
average yield earned on the investment portfolio. Interest expense
decreased $253,000, or 29.6%, to
$601,000 for the three months ended
June 30, 2017 from $854,000 for the three months ended June 30, 2016, primarily attributable to the
repayment of $30.0 million in Federal
Home Loan Bank advances that matured in March 2017, which was partially offset by a 2
basis point rate increase on total interest-bearing deposits and
higher average balances of interest-bearing deposits. For the same
comparable three-month periods, average noninterest-bearing
deposits grew $13.1 million, or
11.0%, which contributed to minimizing deposit interest expense
while deposit funding grew.
Net interest income increased by $886,000, or 7.6%, to $12.6 million for the six months ended
June 30, 2017 compared to
$11.7 million for the six months
ended June 30, 2016. Interest income
on loans increased $617,000,
primarily resulting from a 12 basis point increase in the average
yield on loans and a $14.0 million
increase in average loan balances. Interest on investment
securities decreased $101,000,
attributable to a $20.2 million
decrease in the average balance of investment securities to fund
loan growth, which was partially offset by a 31 basis point
increase in the average yield earned on the investment portfolio.
Interest expense decreased $281,000,
or 16.5%, for the six months ended June 30,
2017 compared to the six months ended June 30, 2016. The lower interest expense was
primarily due to the repayment of $30.0
million in Federal Home Loan Bank advances that matured in
March 2017, which was partially
offset by a 3 basis point rate increase on total interest-bearing
deposits and $27.2 million higher
average balances of interest-bearing deposits. For the same
comparable six-month periods, average noninterest-bearing deposits
grew $12.3 million, or 10.5%, which
provided deposit funding growth without adding deposit interest
expense.
Noninterest Income. Noninterest income decreased
$719,000, or 29.0%, to $1.8 million for the three months ended
June 30, 2017 from $2.5 million for the three months ended
June 30, 2016. Factors that
contributed to the decrease in noninterest income included a
decrease of $716,000 in gains
realized from the sale of investment securities, which was
partially offset by an increase of $73,000 in income from an investment in bank
owned life insurance.
Noninterest income decreased $822,000, or 18.2%, to $3.7 million for the six months ended
June 30, 2017 from $4.5 million for the six months ended
June 30, 2016. The decrease in
noninterest income during the 2017 period was primarily due to a
$1.1 million decrease in gains
realized from the sale of investment securities, which was
partially offset by increases of $160,000 in income from investments in bank owned
life insurance and $111,000 in
mortgage banking income. The increase in mortgage banking income
was attributable to higher volumes of residential mortgage loans
originated and sold during the 2017 period.
Noninterest Expenses. Noninterest expenses
increased $625,000, or 11.1%, to
$6.3 million for the three months
ended June 30, 2017 from $5.6 million for the three months ended
June 30, 2016. The increase for the
second quarter of 2017 was primarily due to $520,000 in merger-related expenses, increases of
$106,000 in compensation expenses and
$58,000 in foreclosed property
expenses, which were partially offset by a decrease of $64,000 in net occupancy expense. The increase in
compensation and employee benefits was primarily attributable to
higher ESOP expenses of $178,000 and
higher salary expenses of $65,000,
which were partially offset by a decrease of $158,000 in pension expenses.
Noninterest expenses increased $452,000, or 4.0%, to $11.9 million for the six months ended
June 30, 2017 from $11.4 million for the six months ended
June 30, 2016. The higher 2017
noninterest expenses were primarily attributable to merger-related
expenses of $520,000, increases of
$253,000 in ESOP expense and
$146,000 in debit card expenses,
which were partially offset by a $315,000 reduction in pension plan expenses
related to termination of the qualified pension plan during the
fourth quarter of 2016 and a decrease of $141,000 in professional and outside
services.
Balance Sheet Review
Assets. Total assets increased $5.6 million, or 0.7%, to $801.4 million at June 30,
2017 from $795.8 million at
December 31, 2016. Cash and cash
equivalents increased $6.6 million,
or 14.1%, to $53.3 million at
June 30, 2017 from $46.7 million at December
31, 2016, primarily attributable to deposit
growth. Investment securities decreased $4.0 million, or 3.9%, to $99.6 million at June 30,
2017 from $103.6 million at
December 31, 2016, primarily due to
the redeployment of investment securities to fund loan growth.
Loans receivable, net of deferred fees, increased $10.0 million, or 1.7%, to $613.6 million at June 30,
2017 from $603.6 million at
December 31, 2016 as new loan
originations, primarily residential mortgage and commercial and
industrial loan originations, exceeded loan repayments, prepayments
and foreclosures.
Liabilities. Total deposits increased $29.8 million, or 4.6%, to $677.4 million at June 30,
2017 from $647.6 million at
December 31, 2016. During the six
months ended June 30, 2017, we
continued our focus on core deposit growth, from which we exclude
certificates of deposit. Core deposits increased $24.9 million, or 4.8%, to $541.0 million at June 30,
2017 from $516.1 million at
December 31, 2016.
Commercial checking and money market accounts increased
$10.4 million, or 6.7%, to
$165.7 million at June 30, 2017 from $155.3
million at December 31, 2016,
reflecting expanded sources of lower cost funding. Our continued
efforts to obtain new commercial deposit relationships in
conjunction with making new commercial loans significantly
contributed to this increase and reflects our commitment to
establishing diversified relationships with business clients.
Certificates of deposit increased $5.0
million, or 3.8%, to $136.5
million at June 30, 2017 from
$131.5 million at December 31, 2016, which included an $8.1 million increase in brokered deposits since
December 31, 2016. Accounts payable
and other liabilities increased $692,000, or 10.4%, to $7.4 million at June
30, 2017 from $6.7 million at
December 31, 2016. The increase in
accounts payable and other liabilities at June 30, 2017 was primarily attributable to
escrow payments made by borrowers.
Asset Quality
Provision for Loan Losses. The provision for loan
losses was $75,000 for the three
months ended June 30, 2017 compared
to $104,000 for the three months
ended June 30, 2016. The decrease in
the provision for loan losses for the second quarter of 2017 was
primarily due to continued improvement in asset quality. The
allowance for loan losses totaled $6.7
million, or 1.09% of total loans, at June 30, 2017 compared to $6.6 million, or 1.09% of total loans, at
December 31, 2016. We charged off
$43,000 in loans during the three
months ended June 30, 2017 compared
to $260,000 during the three months
ended June 30, 2016.
The Company recorded a provision for loan losses in the amount
of $132,000 for the six months ended
June 30, 2017 compared to
$503,000 for the six months ended
June 30, 2016. The Company charged
off $96,000 in loans for the first
six months of 2017 compared to $268,000 for the first six months of 2016. The
decrease in the six-month provision for loan losses was primarily
due to continued improvement in asset quality and the payoff of a
residential nonperforming loan for $434,000 during the first six months of
2017.
Nonperforming Assets. Nonperforming assets totaled
$5.7 million, or 0.71% of total
assets, at June 30, 2017 compared to
$6.3 million, or 0.79% of total
assets, at December 31, 2016.
Nonperforming assets included $553,000 in nonperforming loans and $5.2 million in foreclosed real estate and
repossessed assets at June 30, 2017
compared to $1.0 million and
$5.3 million, respectively, at
December 31, 2016.
Nonperforming loans decreased $459,000 to $553,000, or 0.09% of total loans, at
June 30, 2017 compared to
$1.0 million, or 0.17% of total
loans, at December 31, 2016.
Residential mortgage nonperforming loans decreased $450,000, and revolving nonperforming loans
decreased $30,000 for the first six
months of 2017, which were partially offset by an increase of
$31,000 in consumer nonperforming
loans. Performing troubled debt restructurings ("TDRs") decreased
$3.0 million, or 65.3%, when
comparing the same periods. Total performing TDRs and nonperforming
assets decreased $3.5 million, or
32.5%, to $7.3 million, or 0.91% of
total assets, at June 30, 2017 from
$10.8 million, or 1.36% of total
assets, at December 31, 2016.
At June 30, 2017, nonperforming
loans included four revolving home equity loans that totaled
$293,000, one residential mortgage
loan in the amount of $176,000, three
commercial and industrial loans that totaled $53,000 and one consumer loan in the amount of
$31,000. As of June 30, 2017, the nonperforming loans had
specific reserves totaling $82,000.
TDRs were $1.6 million at
June 30, 2017 and $4.6 million at December
31, 2016. The decrease in TDRs was primarily attributable to
a $2.9 million payoff during the
second quarter of 2017. There were no additions to TDRs during the
three months ended June 30,
2017. At June 30, 2017, all of
the $1.6 million in TDRs were
performing in accordance with their restructured terms, with the
exception of $11,000, which TDR was
not performing according to its restructured terms and was included
as nonaccruing loans.
Foreclosed real estate at June 30,
2017 included seven properties with a total recorded amount
of $5.0 million compared to ten
properties with a total recorded amount of $5.1 million at December
31, 2016. During the six months ended June 30, 2017, no new properties were added to
foreclosed real estate, while three properties in the amount of
$30,000 were sold with an additional
gain of $16,000. The Bank recorded
$23,000 in additional loss provisions
on foreclosed real estate during the first six months of 2017 and
$2,000 in capital additions during
the period.
The Bank's largest foreclosed property resulted from a loan
relationship that had an original purpose of constructing a
mixed-use retail, commercial office, and residential condominium
project located in Western North
Carolina. As a result of this foreclosure, the Bank acquired
44 of the 48 condominium units in the building. Following an
additional write-down of approximately $630,000 on the loans secured by this collateral
in the fourth quarter of 2012, the Bank recorded this foreclosed
property in the amount of $9.8
million. During 2013, the Bank recorded additional
write-downs totaling $1.6 million,
which resulted in an adjusted recorded amount of $8.2 million at December
31, 2013. During 2014, the Bank recorded an additional
write-down of $133,000 on the
property and sold 28 residential condominium units and one office
unit. During 2015, the Bank sold one retail unit and two office
units. During 2016, the Bank sold one retail unit. During the
six months ended June 30, 2017, there
were no units sold. As of June 30,
2017, the adjusted recorded amount was $3.3 million for the remaining six retail units
and five office units.
Profile
The Company is the holding company for the Bank. The Bank is a
North Carolina chartered stock
savings bank offering traditional financial services through 13
full-service banking centers located in Buncombe, Madison, McDowell, Henderson and Transylvania counties in Western North Carolina. Originally chartered
in 1936 and headquartered in Asheville,
North Carolina, the Bank is locally managed with a focus on
fostering strong relationships with its customers, its employees
and the communities it serves. The Bank was recognized as the 2016
#1 Best Overall Bank, #1 Best Mortgage Company, #1 Best Bank
Services For Small Businesses and #1 Best Business That Gives Back
To The Community by the readers of the Mountain Xpress
newspaper in Western North
Carolina.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 giving the Company's and First Bancorp's ("FBNC")
expectations or predictions of future financial or business
performance or conditions. Forward-looking statements are typically
identified by words such as "believe," "expect," "anticipate,"
"intend," "target," "estimate," "continue," "positions,"
"prospects" or "potential," by future conditional verbs such as
"will," "would," "should," "could" or "may", or by variations of
such words or by similar expressions. Such forward-looking
statements include, but are not limited to, statements about the
benefits of the combination of the Company and FBNC, including
future financial and operating results, expected cost savings,
expected impact on future earnings, the combined company's plans,
objectives, expectations and intentions and other statements that
are not historical facts. These forward-looking statements are
subject to numerous assumptions, risks and uncertainties which
change over time. Forward-looking statements speak only as of
the date they are made and you are cautioned not to place undue
reliance on any forward-looking statements. We assume no duty to
update forward-looking statements.
In addition to factors previously disclosed in the Company's and
FBNC's reports filed with the SEC, the following factors among
others, could cause actual results to differ materially from
forward-looking statements: ability to obtain regulatory approvals
and meet other closing conditions to the merger, including approval
by the Company's shareholders, on the expected terms and schedule;
delay in closing the merger; difficulties and delays in integrating
the Company and FBNC businesses or fully realizing cost savings and
other benefits; business disruption following the proposed
transaction; changes in asset quality and credit risk; the
inability to sustain revenue and earnings growth; changes in
interest rates and capital markets; inflation; customer borrowing,
repayment, investment and deposit practices; the introduction,
withdrawal, success and timing of business initiatives; competitive
conditions; the inability to realize cost savings or revenues or to
implement integration plans and other consequences associated with
mergers, acquisitions and divestitures; economic conditions; the
reaction to the transaction of the companies' customers, employees
and counterparties; and the impact, extent and timing of
technological changes, capital management activities, and other
actions of the Board of Governors of the Federal Reserve and
legislative and regulatory actions and reforms.
ADDITIONAL INFORMATION ABOUT THE PROPOSED TRANSACTION AND
WHERE TO FIND IT
This communication is being made in respect of the proposed
transaction involving the Company and FBNC. This material is not a
solicitation of any vote or approval of the Company's shareholders
and is not a substitute for the proxy statement/prospectus or any
other documents which the Company and FBNC may send in connection
with the Merger. This communication does not constitute an offer to
sell or the solicitation of an offer to buy any securities.
In connection with the proposed transaction, FBNC has filed with
the SEC a Registration Statement on Form S-4 that includes a proxy
statement of the Company and a prospectus of FBNC, as well as other
relevant documents concerning the proposed transaction. Investors
and security holders are also urged to carefully review and
consider each of the Company's and FBNC's public filings with the
SEC, including, but not limited to, their Annual Reports on Form
10-K, their proxy statements, their Current Reports on Form 8-K and
their Quarterly Reports on Form 10-Q. The proxy
statement/prospectus will be mailed to the Company's shareholders.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS AND
SHAREHOLDERS OF THE COMPANY ARE URGED TO CAREFULLY READ THE ENTIRE
REGISTRATION STATEMENT AND PROXY STATEMENT/ PROSPECTUS REGARDING
THE PROPOSED MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security
holders may obtain a free copy of the proxy statement/ prospectus
(when available) and other filings containing information about the
Company and FBNC at the SEC's website at www.sec.gov. Investors and
security holders may also obtain free copies of the documents filed
with the SEC by the Company on its website at
www.ashevillesavingsbank.com and by FBNC on its website at
http://www.localfirstbank.com.
The Company, FBNC and certain of their respective directors and
executive officers, under the SEC's rules, may be deemed to be
participants in the solicitation of proxies of the Company's
shareholders in connection with the proposed transaction.
Information about the directors and executive officers of the
Company and their ownership of the Company's common stock is set
forth in the proxy statement for the Company's 2017 Annual Meeting
of Shareholders, as filed with the SEC on Schedule 14A on
April 5, 2017. Information about the
directors and executive officers of FBNC and their ownership of
FBNC common stock is set forth in the proxy statement for FBNC's
2017 Annual Meeting of Shareholders, as filed with the SEC on
Schedule 14A on March 27, 2017.
Additional information regarding the interests of those
participants and other persons who may be deemed participants in
the transaction may be obtained by reading the proxy
statement/prospectus regarding the proposed transaction when it
becomes available. Free copies of this document may be obtained as
described in the preceding paragraph.
Contact:
Suzanne S. DeFerie
Chief Executive Officer
(828) 254-7411
Selected Financial
Condition Data
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June
30,
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December
31,
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(Dollars in
thousands)
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2017
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2016 (1)
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% Change
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Total
assets
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$ 801,388
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|
$ 795,823
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0.7%
|
Cash and cash
equivalents
|
|
|
|
|
|
|
53,311
|
|
46,724
|
|
14.1%
|
Investment
securities
|
|
|
|
|
|
|
|
99,550
|
|
103,581
|
|
-3.9%
|
Loans receivable, net
of deferred fees
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|
|
|
|
|
613,603
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|
603,582
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1.7%
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Allowance for loan
losses
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|
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|
(6,659)
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|
(6,544)
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|
-1.8%
|
Deposits
|
|
|
|
|
|
|
|
|
|
677,447
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|
647,623
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4.6%
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Core deposits
(2)
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540,972
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|
516,125
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4.8%
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FHLB
advances
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|
20,000
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|
50,000
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|
-60.0%
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Accounts payable and
other liabilities
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|
|
|
|
|
7,363
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|
6,671
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|
10.4%
|
Total
equity
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|
|
|
|
|
|
|
|
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96,267
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91,137
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5.6%
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(1) Derived
from audited consolidated financial statements.
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(2) Core
deposits are defined as total deposits excluding certificates of
deposit.
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Selected Operating
Data
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(Dollars in
thousands,
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|
Three Months
Ended
|
Six Months
Ended
|
except per share
data)
|
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June
30,
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June
30,
|
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|
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2017
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2016
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% Change
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2017
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2016
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% Change
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Interest
and
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dividend
income
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|
$
7,114
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$
6,755
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5.3%
|
|
$
14,037
|
|
$
13,432
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|
4.5%
|
Interest
expense
|
|
601
|
|
854
|
|
-29.6%
|
|
1,417
|
|
1,698
|
|
-16.5%
|
Net interest
income
|
|
6,513
|
|
5,901
|
|
10.4%
|
|
12,620
|
|
11,734
|
|
7.6%
|
Provision
for
|
|
|
|
|
|
|
|
|
|
|
|
|
loan
losses
|
|
|
|
75
|
|
104
|
|
-27.9%
|
|
132
|
|
503
|
|
-73.8%
|
Net interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
after
provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
loan
losses
|
|
|
|
6,438
|
|
5,797
|
|
11.1%
|
|
12,488
|
|
11,231
|
|
11.2%
|
Noninterest
income
|
|
1,757
|
|
2,476
|
|
-29.0%
|
|
3,703
|
|
4,525
|
|
-18.2%
|
Noninterest
expenses
|
|
6,262
|
|
5,637
|
|
11.1%
|
|
11,850
|
|
11,398
|
|
4.0%
|
Income
before
|
|
|
|
|
|
|
|
|
|
|
|
|
income
tax
|
|
|
|
|
|
|
|
|
|
|
|
|
provision
|
|
|
|
1,933
|
|
2,636
|
|
-26.7%
|
|
4,341
|
|
4,358
|
|
-0.4%
|
Income tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision
|
|
|
|
781
|
|
940
|
|
-16.9%
|
|
1,355
|
|
1,541
|
|
-12.1%
|
Net income
|
|
|
|
$
1,152
|
|
$
1,696
|
|
-32.1%
|
|
$
2,986
|
|
$
2,817
|
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per
|
|
|
|
|
|
|
|
|
|
|
|
|
common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
0.33
|
|
$
0.47
|
|
-29.8%
|
|
$
0.86
|
|
$
0.78
|
|
10.3%
|
Diluted
|
|
|
|
$
0.31
|
|
$
0.45
|
|
-31.1%
|
|
$
0.80
|
|
$
0.75
|
|
6.7%
|
Average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
3,476,180
|
|
3,602,449
|
|
-3.5%
|
|
3,464,356
|
|
3,590,407
|
|
-3.5%
|
Diluted
|
|
|
|
3,760,014
|
|
3,742,458
|
|
0.5%
|
|
3,731,780
|
|
3,731,316
|
|
0.0%
|
Ending shares
outstanding
|
3,788,025
|
|
3,987,322
|
|
-5.0%
|
|
3,788,025
|
|
3,987,322
|
|
-5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average
Balances and Yields/Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months
Ended June 30,
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(Dollars in
thousands)
|
|
|
|
|
|
Balance
|
|
Cost
|
|
Balance
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
(1)
|
|
|
|
|
|
$ 613,900
|
|
4.22%
|
|
$ 604,138
|
|
4.07%
|
Investment
securities, including tax-exempt (1)
|
|
100,541
|
|
2.63%
|
|
117,544
|
|
2.32%
|
Other
interest-earning assets
|
|
|
|
44,045
|
|
1.10%
|
|
34,651
|
|
0.87%
|
Total
interest-earning assets (1)
|
|
|
|
758,486
|
|
3.83%
|
|
756,333
|
|
3.65%
|
Interest-bearing
deposits
|
|
|
|
|
|
542,692
|
|
0.31%
|
|
510,054
|
|
0.29%
|
Federal Home Loan
Bank advances
|
|
|
|
20,000
|
|
3.59%
|
|
50,000
|
|
3.94%
|
Total
interest-bearing liabilities
|
|
|
|
563,236
|
|
0.43%
|
|
561,685
|
|
0.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
(1)
|
|
|
|
|
|
|
|
3.40%
|
|
|
|
3.04%
|
Net interest margin
(1)
|
|
|
|
|
|
|
|
3.51%
|
|
|
|
3.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Six Months
Ended June 30,
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(Dollars in
thousands)
|
|
|
|
|
|
Balance
|
|
Cost
|
|
Balance
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
(1)
|
|
|
|
|
|
$ 612,764
|
|
4.20%
|
|
$ 598,739
|
|
4.08%
|
Investment
securities, including tax-exempt (1)
|
|
101,484
|
|
2.61%
|
|
121,648
|
|
2.30%
|
Other
interest-earning assets
|
|
|
|
44,568
|
|
1.04%
|
|
30,910
|
|
0.92%
|
Total
interest-earning assets (1)
|
|
|
|
758,816
|
|
3.80%
|
|
751,297
|
|
3.66%
|
Interest-bearing
deposits
|
|
|
|
|
|
536,755
|
|
0.31%
|
|
509,546
|
|
0.28%
|
Federal Home Loan
Bank advances
|
|
|
|
32,155
|
|
3.79%
|
|
50,000
|
|
3.94%
|
Total
interest-bearing liabilities
|
|
|
|
569,515
|
|
0.50%
|
|
560,721
|
|
0.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
(1)
|
|
|
|
|
|
|
|
3.30%
|
|
|
|
3.05%
|
Net interest margin
(1)
|
|
|
|
|
|
|
|
3.42%
|
|
|
|
3.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Yields on
tax-exempt loans and securities have been included on a
tax-equivalent basis using a 34% federal marginal tax
rate.
|
Selected Asset
Quality Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
Allowance for Loan
Losses
|
|
|
|
June
30,
|
|
June
30,
|
(Dollars in
thousands)
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses, beginning of period
|
|
$
6,573
|
|
$
6,722
|
|
$
6,544
|
|
$
6,289
|
Provision for
loan losses
|
|
|
|
|
|
75
|
|
104
|
|
132
|
|
503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
(43)
|
|
(260)
|
|
(96)
|
|
(268)
|
Recoveries
|
|
|
|
|
|
|
|
54
|
|
17
|
|
79
|
|
59
|
Net recoveries
(charge-offs)
|
|
|
|
11
|
|
(243)
|
|
(17)
|
|
(209)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses, end of period
|
|
|
$
6,659
|
|
$
6,583
|
|
$
6,659
|
|
$
6,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percent of:
|
|
|
|
|
|
|
|
|
Total
loans
|
|
|
|
|
|
|
1.09%
|
|
1.09%
|
|
1.09%
|
|
1.09%
|
Total
nonperforming loans
|
|
|
|
1,204.16%
|
|
265.34%
|
|
1,204.16%
|
|
265.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
Assets
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
2017
|
|
2016 (1)
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccruing loans
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
$
53
|
|
$
63
|
|
-15.9%
|
Total
commercial
|
|
|
|
|
|
|
|
53
|
|
63
|
|
-15.9%
|
Non-commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
|
|
|
|
|
|
176
|
|
626
|
|
-71.9%
|
Revolving
mortgage
|
|
|
|
|
|
|
|
293
|
|
323
|
|
-9.3%
|
Consumer
|
|
|
|
|
|
|
|
|
|
31
|
|
-
|
|
n/a
|
Total
non-commercial
|
|
|
|
|
|
|
|
500
|
|
949
|
|
-47.3%
|
Total nonaccruing
loans (2)
|
|
|
|
|
|
553
|
|
1,012
|
|
-45.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans past due
90 or more days
|
|
|
|
|
|
|
|
|
|
|
and still accruing
|
|
|
|
|
|
|
|
-
|
|
-
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
loans
|
|
|
|
|
|
|
553
|
|
1,012
|
|
-45.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed real
estate
|
|
|
|
|
|
|
|
5,034
|
|
5,069
|
|
-0.7%
|
Repossessed
assets
|
|
|
|
|
|
|
|
132
|
|
190
|
|
-30.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets
|
|
|
|
|
|
5,719
|
|
6,271
|
|
-8.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled
debt restructurings (3)
|
|
|
|
1,576
|
|
4,543
|
|
-65.3%
|
Performing troubled
debt restructurings and
|
|
|
|
|
|
|
|
|
total
nonperforming assets
|
|
|
|
|
|
$
7,295
|
|
$
10,814
|
|
-32.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
as a percent of total loans
|
|
|
|
0.09%
|
|
0.17%
|
|
|
Nonperforming assets
as a percent of total assets
|
|
|
|
0.71%
|
|
0.79%
|
|
|
Performing troubled
debt restructurings and
|
|
|
|
|
|
|
|
|
total
nonperforming assets to total assets
|
|
|
|
0.91%
|
|
1.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Derived from
audited consolidated financial statements.
|
|
|
|
|
|
(2) Nonaccruing loans
include nonaccruing troubled debt restructurings.
|
|
|
|
|
(3) Performing
troubled debt restructurings exclude nonaccruing troubled debt
restructurings.
|
|
|
Foreclosed Real
Estate by Loan Type
|
|
|
June 30,
2017
|
|
December 31,
2016
|
(Dollars in
thousands)
|
|
|
|
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
construction and land development
|
|
5
|
|
$
4,104
|
|
8
|
|
$
4,116
|
Residential
mortgage
|
|
|
|
|
|
2
|
|
930
|
|
2
|
|
953
|
Total
|
|
|
|
|
|
|
|
7
|
|
$
5,034
|
|
10
|
|
$
5,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed Real
Estate
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
June 30,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
|
|
|
|
|
|
$
5,069
|
|
|
|
|
Capitalized
cost
|
|
|
|
|
|
|
|
2
|
|
|
|
|
Loss
provisions
|
|
|
|
|
|
|
|
(23)
|
|
|
|
|
Gain on sale of
foreclosed properties
|
|
|
|
|
|
16
|
|
|
|
|
Net proceeds from
sales of foreclosed properties
|
|
|
|
(30)
|
|
|
|
|
Ending
balance
|
|
|
|
|
|
|
|
$
5,034
|
|
|
|
|
Selected Average
Balances and Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
(Dollars in
thousands)
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average
Balances
|
|
|
|
|
|
|
|
|
|
|
Average total
loans
|
|
|
|
|
|
$ 613,900
|
|
$ 604,138
|
|
$ 612,764
|
|
$ 598,739
|
Average total
interest-earning assets
|
|
|
|
758,486
|
|
756,333
|
|
758,816
|
|
751,297
|
Average total
assets
|
|
|
|
|
|
798,048
|
|
787,603
|
|
799,016
|
|
782,373
|
Average total
interest-bearing deposits
|
|
|
|
542,692
|
|
510,054
|
|
536,755
|
|
509,546
|
Average total
deposits
|
|
|
|
|
|
675,225
|
|
629,467
|
|
665,525
|
|
626,049
|
Average total
interest-bearing liabilities
|
|
|
|
563,236
|
|
561,685
|
|
569,515
|
|
560,721
|
Average total
shareholders' equity
|
|
|
|
95,698
|
|
93,648
|
|
94,268
|
|
92,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)
|
|
|
|
0.58%
|
|
0.87%
|
|
0.75%
|
|
0.72%
|
Return on average
equity (1)
|
|
|
|
4.83%
|
|
7.28%
|
|
6.39%
|
|
6.12%
|
Interest rate spread
(1)(2)
|
|
|
|
|
3.40%
|
|
3.04%
|
|
3.30%
|
|
3.05%
|
Net interest margin
(1)(3)
|
|
|
|
|
3.51%
|
|
3.20%
|
|
3.42%
|
|
3.21%
|
Noninterest expense
to average assets (1)
|
|
3.15%
|
|
2.88%
|
|
2.99%
|
|
2.93%
|
Efficiency ratio
(4)
|
|
|
|
|
|
74.53%
|
|
72.46%
|
|
71.56%
|
|
74.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Ratios are
annualized.
|
|
|
|
|
|
|
|
|
|
(2) Represents the
difference between the weighted average yield on average
interest-earning assets and the
|
weighted average cost on
average interest-bearing liabilities. Yields on tax-exempt
securities have been
|
included on a tax-equivalent
basis using a 34% federal marginal tax rate.
|
|
|
|
|
(3) Represents net
interest income as a percent of average interest-earning assets.
Yields on tax-exempt
|
securities have been
included on a tax-equivalent basis using a 34% federal marginal tax
rate.
|
|
|
(4) Represents
noninterest expenses divided by the sum of net interest income on a
tax-equivalent basis
|
using a 34% federal marginal
tax rate and noninterest income, excluding realized gains and
losses on
|
the sale of
securities.
|
Quarterly Earnings
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month
Periods Ended
|
(Dollars in
thousands,
|
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
except per share
data)
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
Data:
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend
income
|
|
$
7,114
|
|
$
6,923
|
|
$
6,934
|
|
$
6,982
|
|
$
6,755
|
Interest
expense
|
|
|
|
601
|
|
816
|
|
875
|
|
871
|
|
854
|
Net interest
income
|
|
|
|
6,513
|
|
6,107
|
|
6,059
|
|
6,111
|
|
5,901
|
Provision for
(recovery of) loan losses
|
|
75
|
|
57
|
|
137
|
|
(92)
|
|
104
|
Net interest income
after provision for
|
|
|
|
|
|
|
|
|
|
|
(recovery of)
loan losses
|
|
|
6,438
|
|
6,050
|
|
5,922
|
|
6,203
|
|
5,797
|
Noninterest
income
|
|
|
|
1,757
|
|
1,946
|
|
1,941
|
|
2,290
|
|
2,476
|
Noninterest
expenses
|
|
|
|
6,262
|
|
5,588
|
|
13,191
|
|
5,861
|
|
5,637
|
Income (loss) before
income
|
|
|
|
|
|
|
|
|
|
|
tax provision
(benefit)
|
|
|
|
1,933
|
|
2,408
|
|
(5,328)
|
|
2,632
|
|
2,636
|
Income tax provision
(benefit)
|
|
781
|
|
574
|
|
(2,004)
|
|
907
|
|
940
|
Net income
(loss)
|
|
|
|
$
1,152
|
|
$
1,834
|
|
$
(3,324)
|
|
$
1,725
|
|
$
1,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Per Common
Share:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share – Basic
|
|
$
0.33
|
|
$
0.53
|
|
$
(0.97)
|
|
$
0.51
|
|
$
0.47
|
Net income (loss) per
share – Diluted
|
|
$
0.31
|
|
$
0.50
|
|
$
(0.97)
|
|
$
0.48
|
|
$
0.45
|
Book value per
share
|
|
|
|
$
25.41
|
|
$
24.75
|
|
$
24.06
|
|
$
24.12
|
|
$
23.80
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
3,476,180
|
|
3,452,400
|
|
3,419,782
|
|
3,422,798
|
|
3,602,449
|
Diluted
|
|
|
|
|
|
3,760,014
|
|
3,697,194
|
|
3,419,782
|
|
3,573,937
|
|
3,742,458
|
Ending shares
outstanding
|
|
|
3,788,025
|
|
3,788,025
|
|
3,788,025
|
|
3,787,322
|
|
3,987,322
|
Quarterly
Financial Condition Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
As
Of
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
(Dollars in
thousands)
|
|
|
|
2017
|
|
2017
|
|
2016 (1)
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Balance
Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
$ 801,388
|
|
$ 803,499
|
|
$ 795,823
|
|
$ 797,240
|
|
$ 805,568
|
Cash and cash
equivalents
|
|
|
53,311
|
|
60,451
|
|
46,724
|
|
44,752
|
|
51,561
|
Investment
securities
|
|
|
|
99,550
|
|
101,106
|
|
103,581
|
|
110,035
|
|
110,869
|
Loans receivable, net
of deferred fees
|
|
613,603
|
|
605,826
|
|
603,582
|
|
597,935
|
|
606,212
|
Allowance for loan
losses
|
|
|
|
(6,659)
|
|
(6,573)
|
|
(6,544)
|
|
(6,464)
|
|
(6,583)
|
Deposits
|
|
|
|
|
|
677,447
|
|
682,069
|
|
647,623
|
|
642,603
|
|
640,685
|
Core deposits
(3)
|
|
|
|
540,972
|
|
541,379
|
|
516,125
|
|
510,842
|
|
505,438
|
FHLB
advances
|
|
|
|
20,000
|
|
20,000
|
|
50,000
|
|
50,000
|
|
50,000
|
Total
equity
|
|
|
|
|
|
96,267
|
|
93,740
|
|
91,137
|
|
91,343
|
|
94,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
capital
|
|
16.17%
|
|
15.97%
|
|
15.54%
|
|
15.92%
|
|
16.41%
|
Tier 1 leverage
capital
|
|
|
|
12.15%
|
|
11.89%
|
|
11.58%
|
|
11.97%
|
|
12.43%
|
Tier 1 risk-based
capital
|
|
|
|
16.17%
|
|
15.97%
|
|
15.54%
|
|
15.92%
|
|
16.41%
|
Total risk-based
capital
|
|
|
|
17.28%
|
|
17.07%
|
|
16.63%
|
|
16.99%
|
|
17.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality:
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans
|
|
|
|
$
553
|
|
$
568
|
|
$
1,012
|
|
$
1,237
|
|
$
2,481
|
Nonperforming assets
(2)
|
|
|
5,719
|
|
5,807
|
|
6,271
|
|
6,184
|
|
7,294
|
Nonperforming loans
to total loans
|
|
0.09%
|
|
0.09%
|
|
0.17%
|
|
0.21%
|
|
0.41%
|
Nonperforming assets
to total assets
|
|
0.71%
|
|
0.72%
|
|
0.79%
|
|
0.78%
|
|
0.91%
|
Allowance for loan
losses
|
|
|
|
$
6,659
|
|
$
6,573
|
|
$
6,544
|
|
$
6,464
|
|
$
6,583
|
Allowance for loan
losses to total loans
|
|
1.09%
|
|
1.08%
|
|
1.08%
|
|
1.08%
|
|
1.09%
|
Allowance for loan
losses to
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
|
|
1,204.16%
|
|
1,157.22%
|
|
646.64%
|
|
522.55%
|
|
265.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Derived
from audited consolidated financial statements.
|
|
|
|
|
|
|
(2) Certain
amounts for prior periods were reclassified to conform to the June
30, 2017 presentation.
|
|
|
The
reclassifications had no effect on net income or equity as
previously reported.
|
|
|
|
(3) Core
deposits are defined as total deposits excluding certificates of
deposit.
|
|
|
|
|
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SOURCE ASB Bancorp, Inc.