Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Atlantic Coast Financial CORP | v385080_8k.htm |
For additional information contact:
John C. (Jay) Lent
Executive Vice President and
Chief Financial Officer
(904) 998-5501
Atlantic coast Financial CORPORATION rePORTS
SECOND QUARTER 2014 RESULTS
JACKSONVILLE, Fla. (July 30, 2014) – Atlantic Coast Financial Corporation (the "Company," NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today reported earnings per share of $0.02 for the second quarter ended June 30, 2014, continuing a profitable trend that resumed in the first quarter of 2014.
Commenting on the second quarter, John K. Stephens, Jr., President and Chief Executive Officer, said, "Our second quarter results demonstrate that Atlantic Coast is making steady headway toward its long-term goals, and our dedication to improving our product base and expanding our reach within the local community is helping to lead the way. This progress would not be possible without the outstanding work of Atlantic Coast's people, including our many new hires who accounted for a nearly 20% increase in our employee base and who are providing a catalyst for new growth initiatives. Every day our employees help create a better bank, while continuing to focus their efforts on the needs of our clients. While we still face challenges, our plan is working and our core business continues to grow stronger. I believe the prospects for Atlantic Coast are clear and bright."
Stephens continued, "In addition to our improving financial performance, our efforts to strengthen our senior management team reached a major milestone recently with the naming of Jay Lent as our new Chief Financial Officer. Jay brings to our company the skills and experience gained from a banking career that has spanned more than 30 years."
Significant highlights of the second quarter and first half of 2014 included:
| · | Net income improved to $0.2 million or $0.02 per diluted share during the quarter ended June 30, 2014, from a net loss of $1.5 million or $0.62 per diluted share for the year-earlier quarter. Excluding costs associated with a proposed merger that stockholders rejected in June 2013, the adjusted net loss for the second quarter of 2013 was $0.4 million or $0.17 per diluted share during the year-earlier quarter (adjusted net loss is a non-GAAP measurement; see reconciliation of GAAP and non-GAAP measures at page 5 in this release). |
| · | Net income improved to $0.4 million or $0.03 per diluted share for the six months ended June 30, 2014, versus a net loss of $3.6 million or $1.43 per diluted share and an adjusted net loss of $2.3 million or $0.91 per diluted share for the same period in 2013. |
| · | Nonperforming assets decreased 63% to $9.4 million or 1.33% of total assets at June 30, 2014, from $25.2 million or 3.40% of total assets at June 30, 2013, but increased 6% from $8.9 million or 1.26% of total assets at March 31, 2014. |
| · | Total assets declined to $710.1 million at June 30, 2014, compared with $733.6 million at December 31, 2013, primarily due to the maturity of $26.5 million of the Company's repurchase agreements during the first quarter of 2014. |
| · | The Company's ratios of both Tier 1 capital to adjusted total assets and total risk-based capital improved to 10.17% and 18.75%, respectively, and they continued to exceed the levels – 9% and 13%, respectively – required by the Bank's Consent Order (the "Order") entered into with the Office of the Comptroller of the Currency effective August 10, 2012. |
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ACFC Reports Second Quarter Results
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July 30, 2014
Jay Lent, Executive Vice President and Chief Financial Officer, added, "Upon joining Atlantic Coast, I was very impressed with the level of effort I observed from our employees and their determination to help this bank succeed. Through those efforts, Atlantic Coast delivered another positive quarter, with strong contributions from all of our business units. Our stronger balance sheet, loan growth, and a profitable second quarter are evidence that we are meeting the goals set by senior management after our successful capital raise."
| Bank Regulatory Capital | At | |||||||||||||||||||
Key Capital Measures | June 30, 2014 | March 31, 2014 | Dec. 31, 2013 | Sept. 30, 2013 | June 30, 2013 | |||||||||||||||
| Tier 1 (core) capital ratio (to adjusted total assets) | 10.17 | % | 10.13 | % | 9.73 | % | 4.88 | % | 4.83 | % | ||||||||||
| Total risk-based capital ratio (to risk-weighted assets) | 18.75 | % | 19.74 | % | 20.47 | % | 10.30 | % | 9.55 | % | ||||||||||
| Tier 1 (core) risk-based capital ratio | 17.49 | % | 18.49 | % | 19.22 | % | 9.04 | % | 8.29 | % | ||||||||||
The decrease in total risk-based capital to risk-weighted assets and Tier 1 capital to risk-weighted assets as of June 30, 2014, compared to the linked-quarter, was primarily due to an increase in risk-weighted assets as the Bank continues to shift its asset base to higher interest-earning assets, partially offset by an increase in the fair value of investment securities, which had a positive impact on equity and, therefore, capital ratios through accumulated other comprehensive income.
Effective August 10, 2012, the Bank's Board of Directors agreed to the issuance of the Order. Among other things, the Order called for the Bank to achieve and maintain a Tier 1 capital ratio of 9% of adjusted total assets and a total risk-based capital ratio of 13% of risk-weighted assets by December 31, 2012. The Bank was in compliance with the capital levels required by the Order as of June 30, 2014.
| Credit Quality | At | |||||||||||||||||||
| June 30, 2014 | March 31, 2014 | Dec. 31, 2013 | Sept. 30, 2013 | June 30, 2013 | ||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||
| Nonperforming loans | $ | 4.0 | $ | 3.4 | $ | 3.4 | $ | 13.6 | $ | 12.4 | ||||||||||
| Nonperforming loans to total portfolio loans | 0.98 | % | 0.85 | % | 0.89 | % | 3.49 | % | 3.12 | % | ||||||||||
| Other real estate owned | $ | 5.4 | $ | 5.5 | $ | 5.2 | $ | 11.5 | $ | 12.8 | ||||||||||
| Nonperforming assets | $ | 9.4 | $ | 8.9 | $ | 8.6 | $ | 25.1 | $ | 25.2 | ||||||||||
| Nonperforming assets to total assets | 1.33 | % | 1.26 | % | 1.17 | % | 3.51 | % | 3.40 | % | ||||||||||
| Troubled debt restructurings performing for less than 12 months under terms of modification | $ | 25.3 | $ | 22.3 | $ | 21.8 | $ | 22.3 | $ | 21.4 | ||||||||||
| Total nonperforming assets and troubled debt restructurings performing for less than 12 months under terms of modification | $ | 34.7 | $ | 31.2 | $ | 30.4 | $ | 47.4 | $ | 46.6 | ||||||||||
| Troubled debt restructurings performing for more than 12 months under terms of modification | $ | 11.3 | $ | 12.3 | $ | 12.3 | $ | 12.3 | $ | 14.6 | ||||||||||
Overall, the Company has continued to see improving credit quality during the past year as the pace of loans being reclassified to nonperforming has slowed, particularly in categories such as one- to four-family residential and home equity loans. The increase in nonperforming assets during the second quarter of 2014 reflected an increase in nonperforming loans primarily related to one commercial real estate loan. The number of troubled debt restructurings also increased in the second quarter of 2014, primarily due to an increase in one- to four-family residential loans being modified.
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ACFC Reports Second Quarter Results
Page 3
July 30, 2014
| Provision / Allowance for Loan Losses | At and for the Three Months Ended | At and for the Six Months Ended | ||||||||||||||||||
| June 30, 2014 | March 31, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||
| Provision for portfolio loan losses | $ | 0.3 | $ | 0.5 | $ | 1.2 | $ | 0.8 | $ | 2.4 | ||||||||||
| Allowance for portfolio loan losses | $ | 7.0 | $ | 7.0 | $ | 10.0 | $ | 7.0 | $ | 10.0 | ||||||||||
| Allowance for portfolio loan losses to total portfolio loans | 1.69 | % | 1.74 | % | 2.53 | % | 1.69 | % | 2.53 | % | ||||||||||
| Allowance for portfolio loan losses to nonperforming loans | 173.20 | % | 205.80 | % | 81.09 | % | 173.20 | % | 81.09 | % | ||||||||||
| Net charge-offs | $ | 0.3 | $ | 0.4 | $ | 1.8 | $ | 0.8 | $ | 3.5 | ||||||||||
| Net charge-offs to average outstanding portfolio loans | 0.31 | % | 0.47 | % | 1.79 | % | 0.39 | % | 1.69 | % | ||||||||||
The decline in the provision for portfolio loan losses in the second quarter and first six months of 2014 compared with the second quarter and first six months of 2013 reflected reduced nonperforming loans and a decline in early-stage delinquencies of one- to four-family residential and home equity loans. Management believes the allowance for portfolio loan losses as of June 30, 2014, is sufficient to absorb losses in portfolio loans at June 30, 2014. The decline in net charge-offs for the second quarter and first six months of 2014 compared with the second quarter and first six months of 2013 reflected a decrease in charge-offs in all of the Company's loan categories, with the most significant decrease in the second quarter of 2014 attributable to commercial real estate loans and the most significant decreases in the first six months of 2014 attributable to one-to-four family residential loans, home equity loans, and commercial real estate loans.
| Net Interest Income | Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2014 | March 31, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||
| Net interest income | $ | 4.3 | $ | 4.2 | $ | 4.2 | $ | 8.5 | $ | 8.5 | ||||||||||
| Net interest margin | 2.59 | % | 2.43 | % | 2.35 | % | 2.51 | % | 2.39 | % | ||||||||||
| Yield on investment securities | 1.98 | % | 2.09 | % | 1.46 | % | 2.03 | % | 1.37 | % | ||||||||||
| Yield on loans | 5.53 | % | 5.83 | % | 5.85 | % | 5.67 | % | 5.81 | % | ||||||||||
| Total cost of funds | 1.64 | % | 1.72 | % | 1.80 | % | 1.68 | % | 1.82 | % | ||||||||||
| Average cost of deposits | 0.55 | % | 0.58 | % | 0.69 | % | 0.57 | % | 0.69 | % | ||||||||||
| Rates paid on borrowed funds | 4.43 | % | 4.49 | % | 4.62 | % | 4.46 | % | 4.59 | % | ||||||||||
The increase in net interest margin during the second quarter and first six months of 2014 compared with the second quarter and first six months of 2013 was primarily due to the Company redeploying excess liquidity maintained over the past year to grow its portfolio loans, coupled with the maturity of repurchase agreements. The increase in net interest margin during 2014 primarily reflects an increase in interest-earning assets outstanding. Throughout 2013, prior to completing a capital raise in December 2013, the Company attempted to preserve capital, a plan that included limiting its investments in portfolio loans.
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ACFC Reports Second Quarter Results
Page 4
July 30, 2014
| Noninterest Income / Noninterest Expense | Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2014 | March 31, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||
| Noninterest income | $ | 1.6 | $ | 1.5 | $ | 1.7 | $ | 3.1 | $ | 3.4 | ||||||||||
| Noninterest expense | $ | 5.3 | $ | 4.9 | $ | 6.2 | $ | 10.2 | $ | 13.1 | ||||||||||
| Adjusted noninterest expense* | $ | 5.3 | $ | 4.9 | $ | 5.1 | $ | 10.1 | $ | 11.8 | ||||||||||
| Efficiency ratio | 89.51 | % | 87.47 | % | 105.67 | % | 88.51 | % | 109.53 | % | ||||||||||
| Adjusted efficiency ratio* | 89.51 | % | 87.47 | % | 86.43 | % | 88.51 | % | 98.71 | % | ||||||||||
_________________________
* This is a non-GAAP measure, see reconciliation of GAAP and non-GAAP measures at page 5 in this release.
The decrease in noninterest income during the first six months of 2014 compared with the first six months of 2013 primarily reflected lower gains on loans held-for-sale and a decrease in service charges and fees. The decrease in adjusted noninterest expense for the first six months of 2014 compared with the first six months of 2013 primarily reflected a decrease in collection expenses, insurance costs, and taxes, partially offset by an increase in compensation and benefits. Because of the Company's strengthened capital position, the Company expects to further reduce its risk-related operating expenses, like FDIC insurance costs, accounting costs, foreclosed asset and collection expenses, and D&O insurance costs, in the second half of 2014.
About the Company
Atlantic Coast Financial Corporation is the holding company for Atlantic Coast Bank, a federally chartered and insured stock savings bank. It is a community-oriented financial institution serving northeastern Florida and southeastern Georgia markets. Investors may obtain additional information about Atlantic Coast Financial Corporation on the Internet at www.AtlanticCoastBank.net, under Investor Information.
Forward-looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These statements relate to future events or future predictions, including events or predictions relating to our future financial performance, and are generally identifiable by the use of forward-looking terminology such as "believe," "expects," "may," "will," "should," "plan," "intend," "on condition," "target," "estimates," "preliminary," or "anticipates" or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances or effects, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in demand for financial services, state of the banking industry generally, uncertainties associated with newly developed or acquired operations, and market disruptions. The Company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.
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ACFC Reports Second Quarter Results
Page 5
July 30, 2014
ATLANTIC COAST FINANCIAL CORPORATION
Reconciliation of GAAP and Non-GAAP Measures
(In thousands, except per share amounts)
The following table provides a reconciliation of net income (loss) and income (loss) per diluted share in accordance with GAAP to adjusted net income (loss) and adjusted income (loss) per diluted share, both non-GAAP measures, in accordance with applicable regulatory requirements. The Company provides non-GAAP earnings information to improve the comparability of its results, provide additional insight into the Company's results, and to allow readers to more clearly assess the fundamental operations of the Company.
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2014 | March 31, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
| Noninterest expense as reported | $ | 5,288 | $ | 4,913 | $ | 6,247 | $ | 10,201 | $ | 13,104 | ||||||||||
| Less merger-related costs | -- | -- | 1,137 | -- | 1,294 | |||||||||||||||
| Adjusted noninterest expense | $ | 5,288 | $ | 4,913 | $ | 5,110 | $ | 10,201 | $ | 11,810 | ||||||||||
| Net income (loss) as reported | $ | 225 | $ | 206 | $ | (1,554 | ) | $ | 431 | $ | (3,593 | ) | ||||||||
| Less merger-related costs | -- | -- | 1,137 | -- | 1,294 | |||||||||||||||
| Adjusted net income (loss) | $ | 225 | $ | 206 | $ | (417 | ) | $ | 431 | $ | (2,299 | ) | ||||||||
| Income (loss) per diluted share as reported | $ | 0.02 | $ | 0.01 | $ | (0.62 | ) | $ | 0.03 | $ | (1.43 | ) | ||||||||
| Less merger-related costs | -- | -- | 0.45 | -- | 0.52 | |||||||||||||||
| Adjusted income (loss) per diluted share | $ | 0.02 | $ | 0.01 | $ | (0.17 | ) | $ | 0.03 | $ | (0.91 | ) | ||||||||
| Efficiency ratio as reported | 89.51 | % | 87.47 | % | 105.67 | % | 88.51 | % | 109.53 | % | ||||||||||
| Less merger-related costs | -- | -- | 19.23 | % | -- | 10.82 | % | |||||||||||||
| Adjusted efficiency ratio | 89.51 | % | 87.47 | % | 86.43 | % | 88.51 | % | 98.71 | % | ||||||||||
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ACFC Reports Second Quarter Results
Page 6
July 30, 2014
ATLANTIC COAST FINANCIAL CORPORATION
Statements of Operations (Unaudited)
(Dollars in thousands, except per share amounts)
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
| June 30, 2014 | March 31, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
| Interest and dividend income: | ||||||||||||||||||||
| Loans, including fees | $ | 5,901 | $ | 5,879 | $ | 6,712 | $ | 11,780 | $ | 13,673 | ||||||||||
| Securities and interest-earning deposits in other financial institutions | 1,030 | 1,046 | 674 | 2,076 | 1,248 | |||||||||||||||
| Total interest and dividend income | 6,931 | 6,925 | 7,386 | 13,856 | 14,921 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits | 629 | 662 | 867 | 1,291 | 1,749 | |||||||||||||||
| Securities sold under agreements to repurchase | 827 | 975 | 1,196 | 1,802 | 2,378 | |||||||||||||||
| Federal Home Loan Bank advances | 1,148 | 1,131 | 1,144 | 2,279 | 2,278 | |||||||||||||||
| Total interest expense | 2,604 | 2,768 | 3,207 | 5,372 | 6,405 | |||||||||||||||
| Net interest income | 4,327 | 4,157 | 4,179 | 8,484 | 8,516 | |||||||||||||||
| Provision for portfolio loan losses | 350 | 450 | 1,219 | 800 | 2,453 | |||||||||||||||
| Net interest income after provision for portfolio loan losses | 3,977 | 3,707 | 2,960 | 7,684 | 6,063 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||
| Service charges and fees | 680 | 637 | 750 | 1,317 | 1,497 | |||||||||||||||
| Gain on sale of loans held-for-sale | 269 | 224 | 299 | 493 | 633 | |||||||||||||||
| Gain on sale of securities available-for-sale | 7 | -- | -- | 7 | -- | |||||||||||||||
| Bank owned life insurance earnings | 119 | 90 | 98 | 209 | 197 | |||||||||||||||
| Interchange fees | 388 | 373 | 404 | 761 | 799 | |||||||||||||||
| Other | 118 | 136 | 182 | 254 | 322 | |||||||||||||||
| Noninterest income | 1,581 | 1,460 | 1,733 | 3,041 | 3,448 | |||||||||||||||
| Noninterest expense: | ||||||||||||||||||||
| Compensation and benefits | 2,633 | 2,287 | 2,127 | 4,920 | 4,403 | |||||||||||||||
| Occupancy and equipment | 492 | 491 | 482 | 983 | 965 | |||||||||||||||
| FDIC insurance premiums | 358 | 384 | 442 | 742 | 882 | |||||||||||||||
| Foreclosed assets, net | 13 | 6 | (171 | ) | 19 | (189 | ) | |||||||||||||
| Data processing | 365 | 293 | 446 | 658 | 776 | |||||||||||||||
| Outside professional services | 405 | 383 | 1,070 | 788 | 1,958 | |||||||||||||||
| Collection expense and repossessed asset losses | 130 | 164 | 676 | 294 | 1,588 | |||||||||||||||
| Other | 892 | 905 | 1,175 | 1,797 | 2,721 | |||||||||||||||
| Noninterest expense | 5,288 | 4,913 | 6,247 | 10,201 | 13,104 | |||||||||||||||
| Income (loss) before income tax expense | 270 | 254 | (1,554 | ) | 524 | (3,593 | ) | |||||||||||||
| Income tax expense | 45 | 48 | -- | 93 | -- | |||||||||||||||
| Net income (loss) | $ | 225 | $ | 206 | $ | (1,554 | ) | $ | 431 | $ | (3,593 | ) | ||||||||
| Net income (loss) per basic and diluted share | $ | 0.02 | $ | 0.01 | $ | (0.62 | ) | $ | 0.03 | $ | (1.43 | ) | ||||||||
| Basic and diluted weighted average shares outstanding | 15,392 | 15,391 | 2,504 | 15,391 | 2,504 | |||||||||||||||
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ACFC Reports Second Quarter Results
Page 7
July 30, 2014
ATLANTIC COAST FINANCIAL CORPORATION
Balance Sheets (Unaudited)
(Dollars in thousands)
| June 30, 2014 | Dec. 31, 2013 | June 30, 2013 | ||||||||||
| ASSETS | ||||||||||||
| Cash and due from financial institutions | $ | 4,419 | $ | 2,889 | $ | 3,758 | ||||||
| Short-term interest-earning deposits | 28,292 | 111,305 | 74,201 | |||||||||
| Total cash and cash equivalents | 32,711 | 114,194 | 77,959 | |||||||||
| Investment securities: | ||||||||||||
| Securities available-for-sale | 179,552 | 159,732 | 160,856 | |||||||||
| Securities held-to-maturity | 18,733 | 19,266 | -- | |||||||||
| Total investment securities | 198,285 | 178,998 | 160,856 | |||||||||
| Portfolio loans, net of allowance of $6,985, $6,946 and $10,029, respectively | 405,334 | 371,956 | 386,285 | |||||||||
| Other loans: | ||||||||||||
| Held-for-sale | 4,989 | 1,656 | 2,217 | |||||||||
| Warehouse | 22,306 | 20,523 | 60,653 | |||||||||
| Total other loans | 27,295 | 22,179 | 62,870 | |||||||||
| Federal Home Loan Bank stock, at cost | 6,287 | 5,879 | 5,879 | |||||||||
| Land, premises and equipment, net | 14,292 | 14,253 | 14,279 | |||||||||
| Bank owned life insurance | 16,353 | 16,143 | 15,960 | |||||||||
| Other real estate owned | 5,418 | 5,225 | 12,861 | |||||||||
| Accrued interest receivable | 1,951 | 1,826 | 1,971 | |||||||||
| Other assets | 2,162 | 2,980 | 3,274 | |||||||||
| Total assets | $ | 710,088 | $ | 733,633 | $ | 742,194 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing demand | $ | 42,055 | $ | 34,782 | $ | 43,889 | ||||||
| Interest-bearing demand | 67,606 | 68,954 | 73,240 | |||||||||
| Savings and money markets | 168,774 | 172,552 | 174,777 | |||||||||
| Time | 165,511 | 183,810 | 210,238 | |||||||||
| Total deposits | 443,946 | 460,098 | 502,144 | |||||||||
| Securities sold under agreements to purchase | 66,300 | 92,800 | 92,800 | |||||||||
| Federal Home Loan Bank advances | 125,000 | 110,000 | 110,000 | |||||||||
| Accrued expenses and other liabilities | 4,475 | 5,210 | 6,085 | |||||||||
| Total liabilities | 639,721 | 668,108 | 711,029 | |||||||||
| Common stock, additional paid-in capital, retained deficit, and other equity | 73,426 | 73,084 | 36,006 | |||||||||
| Accumulated other comprehensive income (loss) | (3,059 | ) | (7,559 | ) | (4,841 | ) | ||||||
| Total stockholders' equity | 70,367 | 65,525 | 31,165 | |||||||||
| Total liabilities and stockholders' equity | $ | 710,088 | $ | 733,633 | $ | 742,194 | ||||||
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ACFC Reports Second Quarter Results
Page 8
July 30, 2014
ATLANTIC COAST FINANCIAL CORPORATION
Selected Consolidated Financial Ratios and Other Data (Unaudited)
(Dollars in thousands)
| At and for the Three Months Ended June 30, | At and for the Six Months Ended June 30, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Interest rate | ||||||||||||||||
| Net interest spread | 2.40 | % | 2.20 | % | 2.30 | % | 2.24 | % | ||||||||
| Net interest margin | 2.59 | % | 2.35 | % | 2.51 | % | 2.39 | % | ||||||||
| Average balances | ||||||||||||||||
| Portfolio loans receivable, net | $ | 400,542 | $ | 403,263 | $ | 390,479 | $ | 411,583 | ||||||||
| Total interest-earning assets | 668,099 | 710,255 | 684,993 | 713,086 | ||||||||||||
| Total assets | 706,426 | 747,856 | 713,335 | 750,315 | ||||||||||||
| Deposits | 453,796 | 503,467 | 456,341 | 504,828 | ||||||||||||
| Total interest-bearing liabilities | 590,312 | 661,095 | 599,285 | 663,015 | ||||||||||||
| Total liabilities | 636,480 | 710,982 | 644,494 | 712,419 | ||||||||||||
| Stockholders' equity | 69,946 | 36,874 | 68,841 | 37,896 | ||||||||||||
| Performance ratios (annualized) | ||||||||||||||||
| Return on average total assets | 0.13 | % | -0.83 | % | 0.12 | % | -0.96 | % | ||||||||
| Return on average stockholders' equity | 1.29 | % | -16.86 | % | 1.25 | % | -18.96 | % | ||||||||
| Ratio of operating expenses to average total assets | 2.99 | % | 3.34 | % | 2.86 | % | 3.49 | % | ||||||||
| Efficiency ratio* | 89.51 | % | 105.67 | % | 88.51 | % | 109.53 | % | ||||||||
| Credit and liquidity ratios | ||||||||||||||||
| Nonperforming loans | $ | 4,033 | $ | 12,368 | $ | 4,033 | $ | 12,368 | ||||||||
| Foreclosed assets | 5,418 | 12,861 | 5,418 | 12,861 | ||||||||||||
| Impaired loans | 26,232 | 26,230 | 26,232 | 26,230 | ||||||||||||
| Nonperforming assets to total assets | 1.33 | % | 3.40 | % | 1.33 | % | 3.40 | % | ||||||||
| Nonperforming loans to total portfolio loans | 0.98 | % | 3.12 | % | 0.98 | % | 3.12 | % | ||||||||
| Allowance for loan losses to nonperforming loans | 173.20 | % | 81.09 | % | 173.20 | % | 81.09 | % | ||||||||
| Allowance for loan losses to total portfolio loans | 1.69 | % | 2.53 | % | 1.69 | % | 2.53 | % | ||||||||
| Net charge-offs to average outstanding portfolio loans (annualized) | 0.31 | % | 1.79 | % | 0.39 | % | 1.69 | % | ||||||||
| Ratio of gross portfolio loans to total deposits | 92.88 | % | 78.92 | % | 92.88 | % | 78.92 | % | ||||||||
| Capital ratios | ||||||||||||||||
| Tangible stockholders' equity to tangible assets** | 9.91 | % | 4.20 | % | 9.91 | % | 4.20 | % | ||||||||
| Average stockholders' equity to average total assets | 9.90 | % | 4.93 | % | 9.65 | % | 5.05 | % | ||||||||
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* The efficiency ratio is a measure of the Bank’s overhead as a percentage of revenue.
** Non-GAAP measure.
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