Attached files
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| 8-K - FORM 8-K - Bank of Marin Bancorp | form8k-q1x2012.htm |
EXHIBIT 99.1
 | ||
FOR IMMEDIATE RELEASE | CONTACT: | Sandy Pfaff |
415-819-7447 | ||
sandy@pfaffpr.com | ||
BANK OF MARIN BANCORP REPORTS FIRST QUARTER EARNINGS OF $4.9 MILLION
AND DECLARES 28TH CONSECUTIVE QUARTERLY DIVIDEND
SOLID CREDIT QUALITY DRIVES RECORD RESULTS
NOVATO, CA, April 23, 2012 - Bank of Marin Bancorp, "Bancorp" (NASDAQ: BMRC), parent company of Bank of Marin, announced first quarter 2012 earnings of $4.9 million, up 46.0%, from $3.4 million in the fourth quarter of 2011, and up 9.6% from $4.5 million in the first quarter of 2011. Diluted earnings per share were $0.91, up $0.28 from the fourth quarter of 2011 and up $0.07 from the same quarter a year ago.
“We are pleased to report another strong quarter with record earnings,” said Russell A. Colombo, President and CEO of Bank of Marin. “Our success is driven by maintaining excellent credit standards, establishing and strengthening relationships with our customers, as well as driving operational consistency throughout the organization. We are off to a very good start in 2012 and look forward to building on our positive results."
Bancorp also provided the following highlights on its operating and financial performance for the first quarter of 2012:
• | No additional loan loss provision was recorded in the quarter. The majority of loans deemed uncollectible and charged-off in the first quarter of 2012 had been adequately reserved at December 31, 2011. In addition, non-performing loans are well-collateralized and/or adequately reserved. |
• | Total deposits grew $42.7 million, or 3.5%, over last quarter, with non-interest bearing deposits up $49.8 million or 13.9%. Non-interest bearing deposits totaled 32.9% of deposits at March 31, 2012, compared to 29.9% in the prior quarter and 28.8% a year ago. |
• | Total risk-based capital ratio for Bancorp grew to 13.6%, up from 13.1% at December 31, 2011 and 13.0% at March 31, 2011, and continues to be well above industry requirements for a well-capitalized institution. |
• | On April 19, 2012, the Board of Directors declared a quarterly cash dividend of $0.17 per share. The cash dividend is payable to shareholders of record at the close of business on May 3, 2012 and will be payable on May 11, 2012. Bancorp has paid a dividend for the past twenty-eight quarters. |
Loans and Credit Quality
Gross loans totaled $1.0 billion at March 31, 2012 and December 31, 2011 and $979.0 million at March 31, 2011. Non-performing loans totaled $14.4 million or 1.40% of Bancorp's loan portfolio at March 31, 2012, compared to $12.0 million, or 1.16%, at December 31, 2011 and $9.0 million, or 0.92%, a year ago. While non-performing loans increased by $2.4 million from the prior quarter, the current estimated value of the collateral of newly identified problem loans suggests no credit loss exposure. Accruing loans past due 30 to 89 days decreased significantly and totaled $1.8 million at March 31, 2012, compared to $7.4 million at December 31, 2011 and $21.9 million a year ago.
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“Our solid credit quality is a result of disciplined lending practices and proactive portfolio management. We identify and reserve for problem loans early and adequately," said Kevin Coonan, Chief Credit Officer. "The successful management of loans acquired in the Charter Oak Bank acquisition contributed to our positive results."
Net charge-offs in the first quarter of 2012 remained consistent with the prior quarter at $1.1 million and totaled $372 thousand in the first quarter of 2011. The majority of loans deemed uncollectible and charged-off in the first quarter of 2012 had been adequately reserved at December 31, 2011. In addition, the absence of newly identified problem loans that have credit loss exposure and limited loan growth warrant no provision during the first quarter. The provision for loan losses totaled $2.5 million in the prior quarter and $1.1 million in the same quarter a year ago. The allowance for loan losses of $13.5 million totaled 1.31% of loans at March 31, 2012, compared to 1.42% and 1.34% at December 31, 2011 and March 31, 2011, respectively.
Deposits
Total deposits grew $42.7 million, or 3.5%, over December 31, 2011 and grew $157.3 million, or 14.5%, over a year ago to $1.2 billion. The higher level of deposits reflects increases in most deposit categories and growth across most of our markets. Non-interest bearing deposits comprised 32.9% of total deposits at March 31, 2012, compared to 29.9% at December 31, 2011 and 28.8% a year ago.
“Our deposit growth continues to be very strong and reflects our commitment to customer service,” said Christina Cook, Chief Financial Officer. “We are seeing positive growth in core deposits with solid increases in both consumer and business accounts.”
Earnings
Net interest income in the first quarter of 2012 totaled $16.2 million, an increase of $483 thousand, or 3.1%, from the prior quarter. The tax-equivalent net interest margin was 4.97% in the first quarter of 2012 compared to 4.79% in the prior quarter. The increase primarily reflects a higher level of gains recognized in interest income on pay-offs of purchased credit-impaired ("PCI") loans and a reduction in the cost of deposits due to the low interest rate environment.
Net interest income increased $323 thousand, or 2.0%, from the quarter ended March 31, 2011. The tax-equivalent net interest margin decreased 47 basis points from the same quarter last year, primarily relating to a lower level of accretion on purchased non-credit impaired loans, partially offset by gains on pay-offs of PCI loans in the current quarter and a reduction in the cost of deposits due to the low interest rate environment.
Accretion on purchased non-credit impaired loans recorded to interest income totaled $203 thousand, $241 thousand and $1.3 million for the quarters ended March 31, 2012, December 31, 2011, and March 31, 2011, respectively. Gains recognized in interest income on pay-offs of PCI loans totaled $522 thousand, $208 thousand, and zero for the quarters ended March 31, 2012, December 31, 2011, and March 31, 2011, respectively.
Non-interest income in the first quarter of 2012 totaled $1.7 million, compared to $1.5 million in the prior quarter and $1.6 million from the same quarter a year ago. The increase from the prior quarter primarily reflects higher merchant interchange fees.
Non-interest expense totaled $9.8 million in the first quarter of 2012, an increase of $101 thousand, or 1.0%, from last quarter and increased $705 thousand, or 7.7% from the same quarter a year ago. The increase from the same quarter a year ago primarily reflects higher personnel and occupancy costs associated with branch expansion, partially offset by lower Federal Deposit Insurance Corporation ("FDIC") insurance expense and lower acquisition-related expenses.
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About Bank of Marin Bancorp
Bank of Marin, as the sole subsidiary of Bank of Marin Bancorp (NASDAQ: BMRC), is the premier community and business bank in Marin County with 17 offices in Marin, San Francisco, Napa and Sonoma counties. Bank of Marin offers business and personal banking, private banking and wealth management services, with a strong focus on supporting local businesses in the community. Incorporated in 1989, Bank of Marin has received the highest five star rating from Bauer Financial for more than twelve years (www.bauerfinancial.com) and has been recognized for several years as one of the "Best Places to Work in the Bay Area" and one of the "Top Corporate Philanthropists" by the San Francisco Business Times. With assets exceeding $1.4 billion, Bank of Marin Bancorp is included in the Russell 2000 Small-Cap Index and has been recognized as a Top 200 Community Bank for the past five years by US Banker Magazine. For more information, visit www.bankofmarin.com.
Forward Looking Statements
This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact Bancorp's earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, the economic downturn in the United States and abroad, changes in interest rates, deposit flows, real estate values, expected future cash flows on acquired loans, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting Bancorp's operations, pricing, products and services. These and other important factors are detailed in various securities law filings made periodically by Bancorp, copies of which are available from Bancorp without charge. Bancorp undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
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BANK OF MARIN BANCORP | |||||||||||||||||||
FINANCIAL HIGHLIGHTS | |||||||||||||||||||
Year To Year Comparison | |||||||||||||||||||
March 31, 2012 | |||||||||||||||||||
(dollars in thousands, except per share data; unaudited) | |||||||||||||||||||
FIRST QUARTER | QTD 2012 | QTD 2011 | CHANGE | % CHANGE | |||||||||||||||
NET INCOME | $ | 4,940 | $ | 4,509 | $ | 431 | 9.6 | % | |||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ | 0.91 | $ | 0.84 | $ | 0.07 | 8.3 | % | |||||||||||
RETURN ON AVERAGE ASSETS (ROA) | 1.41 | % | 1.44 | % | (0.03 | ) | % | (2.1 | ) | % | |||||||||
RETURN ON AVERAGE EQUITY (ROE) | 14.39 | % | 14.74 | % | (0.35 | ) | % | (2.4 | ) | % | |||||||||
EFFICIENCY RATIO | 54.96 | % | 52.24 | % | 2.72 | % | 5.2 | % | |||||||||||
TAX-EQUIVALENT NET INTEREST MARGIN1 | 4.97 | % | 5.44 | % | (0.47 | ) | % | (8.6 | ) | % | |||||||||
NET CHARGE-OFFS | $ | 1,117 | $ | 372 | $ | 745 | 200.3 | % | |||||||||||
NET CHARGE-OFFS TO AVERAGE LOANS | 0.11 | % | 0.04 | % | 0.07 | % | 175.0 | % | |||||||||||
AT PERIOD END | March 31, 2012 | March 31, 2011 | CHANGE | % CHANGE | |||||||||||||||
TOTAL ASSETS | $ | 1,421,284 | $ | 1,290,699 | $ | 130,585 | 10.1 | % | |||||||||||
LOANS: | |||||||||||||||||||
COMMERCIAL AND INDUSTRIAL | $ | 176,655 | $ | 165,322 | $ | 11,333 | 6.9 | % | |||||||||||
REAL ESTATE | |||||||||||||||||||
COMMERCIAL OWNER-OCCUPIED | $ | 172,354 | $ | 165,908 | $ | 6,446 | 3.9 | % | |||||||||||
COMMERCIAL INVESTOR-OWNED | $ | 451,909 | $ | 380,100 | $ | 71,809 | 18.9 | % | |||||||||||
CONSTRUCTION | $ | 54,640 | $ | 76,044 | $ | (21,404 | ) | (28.1 | ) | % | |||||||||
HOME EQUITY | $ | 97,830 | $ | 95,448 | $ | 2,382 | 2.5 | % | |||||||||||
OTHER RESIDENTIAL | $ | 57,249 | $ | 67,807 | $ | (10,558 | ) | (15.6 | ) | % | |||||||||
INSTALLMENT AND OTHER CONSUMER LOANS | $ | 21,570 | $ | 28,321 | $ | (6,751 | ) | (23.8 | ) | % | |||||||||
TOTAL LOANS | $ | 1,032,207 | $ | 978,950 | $ | 53,257 | 5.4 | % | |||||||||||
NON-PERFORMING LOANS2: | |||||||||||||||||||
COMMERCIAL AND INDUSTRIAL | $ | 2,282 | $ | 3,337 | $ | (1,055 | ) | (31.6 | ) | % | |||||||||
REAL ESTATE | |||||||||||||||||||
COMMERCIAL OWNER-OCCUPIED | $ | 1,403 | $ | 632 | $ | 771 | 122.0 | % | |||||||||||
COMMERCIAL INVESTOR-OWNED | $ | 6,529 | $ | — | $ | 6,529 | NM | ||||||||||||
CONSTRUCTION | $ | 2,831 | $ | 4,145 | $ | (1,314 | ) | (31.7 | ) | % | |||||||||
HOME EQUITY | $ | 795 | $ | 323 | $ | 472 | 146.1 | % | |||||||||||
OTHER RESIDENTIAL | $ | — | $ | 141 | $ | (141 | ) | (100.0 | ) | % | |||||||||
INSTALLMENT AND OTHER CONSUMER LOANS | $ | 566 | $ | 426 | $ | 140 | 32.9 | % | |||||||||||
TOTAL NON-PERFORMING LOANS | $ | 14,406 | $ | 9,004 | $ | 5,402 | 60.0 | % | |||||||||||
TOTAL ACCRUING LOANS 30-89 DAYS PAST DUE | $ | 1,801 | $ | 21,867 | $ | (20,066 | ) | (91.8 | ) | % | |||||||||
LOAN LOSS RESERVE TO LOANS | 1.31 | % | 1.34 | % | (0.03 | ) | % | (2.2 | ) | % | |||||||||
LOAN LOSS RESERVE TO NON-PERFORMING LOANS | 0.94 | x | 1.45 | x | (0.51 | ) | x | (35.2 | ) | % | |||||||||
NON-PERFORMING LOANS TO TOTAL LOANS | 1.40 | % | 0.92 | % | 0.48 | % | 52.2 | % | |||||||||||
TEXAS RATIO3 | 9.38 | % | 6.70 | % | 2.68 | % | 40.0 | % | |||||||||||
TOTAL DEPOSITS | $ | 1,245,641 | $ | 1,088,360 | $ | 157,281 | 14.5 | % | |||||||||||
LOAN TO DEPOSIT RATIO | 82.9 | % | 89.9 | % | (7.0 | ) | % | (7.8 | ) | % | |||||||||
STOCKHOLDERS' EQUITY | $ | 140,021 | $ | 125,484 | $ | 14,537 | 11.6 | % | |||||||||||
BOOK VALUE PER SHARE | $ | 26.18 | $ | 23.64 | $ | 2.54 | 10.7 | % | |||||||||||
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS4 | 9.85 | % | 9.67 | % | 0.18 | % | 1.9 | % | |||||||||||
TOTAL RISK BASED CAPITAL RATIO-BANK5 | 13.4 | % | 12.4 | % | 1.0 | % | 8.1 | % | |||||||||||
TOTAL RISK BASED CAPITAL RATIO-BANCORP5 | 13.6 | % | 13.0 | % | 0.6 | % | 4.6 | % | |||||||||||
1 Net interest income is annualized by dividing actual number of days in the period times 360 days. | |||||||||||||||||||
2 Excludes accruing troubled-debt restructured loans of $25.6 million and $1.6 million at March 31, 2012 and 2011, respectively. Excludes purchased credit-impaired (PCI) loans with carrying values of $4.4 million and $9.2 million that were accreting interest at March 31, 2012 and 2011, respectively. These amounts are excluded as PCI loan accretable yield interest recognition is independent from the underlying contractual loan delinquency status. Total PCI loans were $6.0 million and $9.2 million at March 31, 2012 and 2011, respectively. | |||||||||||||||||||
3 (Non-performing assets + 90 day delinquent loans)/(tangible common equity + allowance for loan losses). | |||||||||||||||||||
4 Tangible common equity includes common stock, retained earnings and unrealized gain on available for sale securities, net of tax, less intangible assets. Tangible assets exclude core deposit intangibles totaling zero at March 31, 2012 and $719 thousand at March 31, 2011. | |||||||||||||||||||
5 Current period estimated. | |||||||||||||||||||
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BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF CONDITION |
at March 31, 2012, December 31, 2011 and March 31, 2011 |
(in thousands, except share data; March 2012 and March 2011 unaudited) | March 31, 2012 | December 31, 2011 | March 31, 2011 | ||||||||
Assets | |||||||||||
Cash and due from banks | $ | 139,827 | $ | 127,732 | $ | 109,850 | |||||
Short-term investments | 2,012 | 2,011 | 19,110 | ||||||||
Cash and cash equivalents | 141,839 | 129,743 | 128,960 | ||||||||
Investment securities | |||||||||||
Held to maturity, at amortized cost | 73,912 | 59,738 | 34,866 | ||||||||
Available for sale (at fair market value; amortized cost $131,621, $132,348 and $107,118 at March 31, 2012, December 31, 2011 and March 31, 2011, respectively) | 134,443 | 135,104 | 108,726 | ||||||||
Total investment securities | 208,355 | 194,842 | 143,592 | ||||||||
Loans, net of allowance for loan losses of $13,522, $14,639 and $13,069 at March 31, 2012, December 31, 2011 and March 31, 2011, respectively | 1,018,685 | 1,016,515 | 965,881 | ||||||||
Bank premises and equipment, net | 9,183 | 9,498 | 8,750 | ||||||||
Interest receivable and other assets | 43,222 | 42,665 | 43,516 | ||||||||
Total assets | $ | 1,421,284 | $ | 1,393,263 | $ | 1,290,699 | |||||
Liabilities and Stockholders' Equity | |||||||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Non-interest bearing | $ | 409,409 | $ | 359,591 | $ | 313,599 | |||||
Interest bearing | |||||||||||
Transaction accounts | 153,244 | 134,673 | 119,331 | ||||||||
Savings accounts | 82,151 | 75,617 | 67,711 | ||||||||
Money market accounts | 426,175 | 434,461 | 393,867 | ||||||||
CDARS® time accounts | 31,562 | 46,630 | 31,670 | ||||||||
Other time accounts | 143,100 | 152,000 | 162,182 | ||||||||
Total deposits | 1,245,641 | 1,202,972 | 1,088,360 | ||||||||
Federal Home Loan Bank borrowings | 15,000 | 35,000 | 55,000 | ||||||||
Subordinated debenture | 5,000 | 5,000 | 5,000 | ||||||||
Interest payable and other liabilities | 15,622 | 14,740 | 16,855 | ||||||||
Total liabilities | 1,281,263 | 1,257,712 | 1,165,215 | ||||||||
Stockholders' Equity | |||||||||||
Preferred stock, no par value, Authorized - 5,000,000 shares, none issued | --- | --- | --- | ||||||||
Common stock, no par value, Authorized - 15,000,000 shares issued and outstanding - 5,348,659, 5,336,927 and 5,307,247 at March 31, 2012, December 31, 2011 and March 31, 2011, respectively | 57,254 | 56,854 | 55,898 | ||||||||
Retained earnings | 81,130 | 77,098 | 68,653 | ||||||||
Accumulated other comprehensive income, net | 1,637 | 1,599 | 933 | ||||||||
Total stockholders' equity | 140,021 | 135,551 | 125,484 | ||||||||
Total liabilities and stockholders' equity | $ | 1,421,284 | $ | 1,393,263 | $ | 1,290,699 | |||||
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BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
Three months ended | |||||||||||
(in thousands, except per share amounts; unaudited) | March 31, 2012 | December 31, 2011 | March 31, 2011 | ||||||||
Interest income | |||||||||||
Interest and fees on loans | $ | 15,328 | $ | 15,150 | $ | 15,900 | |||||
Interest on investment securities | |||||||||||
Securities of U.S. Government agencies | 967 | 847 | 733 | ||||||||
Obligations of state and political subdivisions | 387 | 396 | 302 | ||||||||
Corporate debt securities and other | 201 | 203 | 111 | ||||||||
Interest on Federal funds sold and short-term investments | 50 | 70 | 40 | ||||||||
Total interest income | 16,933 | 16,666 | 17,086 | ||||||||
Interest expense | |||||||||||
Interest on interest bearing transaction accounts | 44 | 30 | 38 | ||||||||
Interest on savings accounts | 22 | 23 | 29 | ||||||||
Interest on money market accounts | 183 | 282 | 337 | ||||||||
Interest on CDARS® time accounts | 32 | 45 | 94 | ||||||||
Interest on other time accounts | 304 | 336 | 358 | ||||||||
Interest on borrowed funds | 147 | 232 | 352 | ||||||||
Total interest expense | 732 | 948 | 1,208 | ||||||||
Net interest income | 16,201 | 15,718 | 15,878 | ||||||||
Provision for loan losses | — | 2,500 | 1,050 | ||||||||
Net interest income after provision for loan losses | 16,201 | 13,218 | 14,828 | ||||||||
Non-interest income | |||||||||||
Service charges on deposit accounts | 524 | 447 | 443 | ||||||||
Wealth Management and Trust Services | 456 | 445 | 434 | ||||||||
Debit card interchange fees | 234 | 233 | 188 | ||||||||
Earnings on Bank-owned life insurance | 188 | 197 | 169 | ||||||||
Other income | 293 | 202 | 365 | ||||||||
Total non-interest income | 1,695 | 1,524 | 1,599 | ||||||||
Non-interest expense | |||||||||||
Salaries and related benefits | 5,604 | 4,742 | 4,929 | ||||||||
Occupancy and equipment | 987 | 981 | 907 | ||||||||
Depreciation and amortization | 341 | 342 | 308 | ||||||||
Federal Deposit Insurance Corporation insurance | 233 | 210 | 387 | ||||||||
Data processing | 606 | 557 | 582 | ||||||||
Professional services | 585 | 561 | 733 | ||||||||
Other expense | 1,479 | 2,341 | 1,284 | ||||||||
Total non-interest expense | 9,835 | 9,734 | 9,130 | ||||||||
Income before provision for income taxes | 8,061 | 5,008 | 7,297 | ||||||||
Provision for income taxes | 3,121 | 1,625 | 2,788 | ||||||||
Net income | $ | 4,940 | $ | 3,383 | $ | 4,509 | |||||
Net income per common share: | |||||||||||
Basic | $ | 0.93 | $ | 0.64 | $ | 0.85 | |||||
Diluted | $ | 0.91 | $ | 0.63 | $ | 0.84 | |||||
Weighted average shares used to compute net income per common share: | |||||||||||
Basic | 5,326 | 5,313 | 5,283 | ||||||||
Diluted | 5,425 | 5,394 | 5,366 | ||||||||
Dividends declared per common share | $ | 0.17 | $ | 0.17 | $ | 0.16 | |||||
Comprehensive income | |||||||||||
Net income | $ | 4,940 | $ | 3,383 | $ | 4,509 | |||||
Other comprehensive income | |||||||||||
Net change in unrealized gain on available for sale securities (net of tax effect of $28, $(81), $445 at March 31, 2012, December 31, 2011 and March 31, 2011, respectively) | 38 | (110 | ) | (613 | ) | ||||||
Comprehensive income | $ | 4,978 | $ | 3,273 | $ | 3,896 | |||||
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BANK OF MARIN BANCORP |
AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME |
Three months ended | Three months ended | Three months ended | |||||||||||||||||||||||
March 31, 2012 | December 31, 2011 | March 31, 2011 | |||||||||||||||||||||||
Interest | Interest | Interest | |||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||
(Dollars in thousands; unaudited) | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||
Assets | |||||||||||||||||||||||||
Interest-bearing due from banks (1) | $ | 87,101 | $ | 50 | 0.23 | % | $ | 104,190 | $ | 70 | 0.26 | % | $ | 62,374 | $ | 40 | 0.26 | % | |||||||
Investment securities | |||||||||||||||||||||||||
U.S. Government agencies (2) | 111,695 | 967 | 3.46 | % | 128,143 | 847 | 2.64 | % | 92,172 | 733 | 3.18 | % | |||||||||||||
Corporate CMOs and other (2) | 26,968 | 201 | 2.98 | % | 18,632 | 203 | 4.36 | % | 15,872 | 111 | 2.80 | % | |||||||||||||
Obligations of state and political subdivisions (3) | 59,580 | 542 | 3.64 | % | 47,758 | 566 | 4.74 | % | 34,900 | 460 | 5.27 | % | |||||||||||||
Loans and banker's acceptances (1) (3) (4) | 1,028,573 | 15,473 | 5.95 | % | 1,009,916 | 15,289 | 5.92 | % | 979,674 | 15,988 | 6.53 | % | |||||||||||||
Total interest-earning assets (1) | 1,313,917 | 17,233 | 5.19 | % | 1,308,639 | 16,975 | 5.08 | % | 1,184,992 | 17,332 | 5.85 | % | |||||||||||||
Cash and non-interest-bearing due from banks | 52,011 | 52,574 | 42,378 | ||||||||||||||||||||||
Bank premises and equipment, net | 9,383 | 9,610 | 8,468 | ||||||||||||||||||||||
Interest receivable and other assets, net | 34,808 | 34,324 | 31,400 | ||||||||||||||||||||||
Total assets | $ | 1,410,119 | $ | 1,405,147 | $ | 1,267,238 | |||||||||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||
Interest-bearing transaction accounts | $ | 143,159 | $ | 44 | 0.12 | % | $ | 130,894 | $ | 30 | 0.09 | % | $ | 115,067 | $ | 38 | 0.13 | % | |||||||
Savings accounts | 78,831 | 22 | 0.11 | % | 75,217 | 23 | 0.12 | % | 62,574 | 29 | 0.19 | % | |||||||||||||
Money market accounts | 436,333 | 183 | 0.17 | % | 432,728 | 282 | 0.26 | % | 382,794 | 337 | 0.36 | % | |||||||||||||
CDARS® time accounts | 40,091 | 32 | 0.32 | % | 39,850 | 45 | 0.45 | % | 54,432 | 94 | 0.70 | % | |||||||||||||
Other time accounts | 149,228 | 304 | 0.82 | % | 152,619 | 336 | 0.87 | % | 157,631 | 358 | 0.92 | % | |||||||||||||
FHLB fixed-rate advances | 19,835 | 107 | 2.13 | % | 35,000 | 195 | 2.21 | % | 58,934 | 316 | 2.17 | % | |||||||||||||
Subordinated debenture (1) | 5,000 | 40 | 3.16 | % | 5,000 | 37 | 2.90 | % | 5,000 | 36 | 2.88 | % | |||||||||||||
Total interest-bearing liabilities | 872,477 | 732 | 0.34 | % | 871,308 | 948 | 0.43 | % | 836,432 | 1,208 | 0.59 | % | |||||||||||||
Demand accounts | 384,774 | 386,066 | 298,075 | ||||||||||||||||||||||
Interest payable and other liabilities | 14,814 | 13,214 | 8,635 | ||||||||||||||||||||||
Stockholders' equity | 138,054 | 134,559 | 124,096 | ||||||||||||||||||||||
Total liabilities & stockholders' equity | $ | 1,410,119 | $ | 1,405,147 | $ | 1,267,238 | |||||||||||||||||||
Tax-equivalent net interest income/margin (1) | $ | 16,501 | 4.97 | % | $ | 16,027 | 4.79 | % | $ | 16,124 | 5.44 | % | |||||||||||||
Reported net interest income/margin (1) | $ | 16,201 | 4.88 | % | $ | 15,718 | 4.70 | % | $ | 15,878 | 5.36 | % | |||||||||||||
Tax-equivalent net interest rate spread | 4.85 | % | 4.65 | % | 5.26 | % | |||||||||||||||||||
(1) Interest income/expense is divided by actual number of days in the period times 360 days to correspond to stated interest rate terms, where applicable. | |||||||||||||||||||||||||
(2) Yields on available-for-sale securities are calculated based on amortized cost balances rather than fair value, as changes in fair value are reflected as a component of stockholders' equity. Investment security interest is earned on 30/360 day basis monthly. | |||||||||||||||||||||||||
(3) Yields and interest income on tax-exempt securities and loans are presented on a taxable-equivalent basis using the Federal statutory rate of 35 percent. | |||||||||||||||||||||||||
(4) Average balances on loans outstanding include non-performing loans. The amortized portion of net loan origination fees is included in interest income on loans, representing an adjustment to the yield. | |||||||||||||||||||||||||
7