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| 8-K - 8-K - ARROW FINANCIAL CORP | form8kq32014earningsrelease.htm |
 | 250 Glen Street Glens Falls, NY 12801 |
NASDAQ® Symbol: "AROW" Website: arrowfinancial.com Media Contact: Timothy C. Badger Tel: (518) 415-4307 Fax: (518) 745-1976 | |
Arrow Reports Third-Quarter Earnings Per Share Up 8.9%, Strong Asset Quality Ratios
• | Third-quarter net interest income rose $1.2 million, or 8.7%, year over year. |
• | Income from fiduciary activities up 12.4% for first nine months of 2014 as compared to the prior year. |
• | Record period-end loan portfolio balances, with loan growth of 9.1% since our prior year-end. |
• | Distributed a 2% stock dividend in the third quarter of 2014. |
GLENS FALLS, N.Y. (October 20, 2014) -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three- and nine-month periods ended September 30, 2014. Net income for the third quarter of 2014 was $6.15 million, an increase of $524 thousand, or 9.3%, from net income of $5.62 million for the third quarter of 2013. Diluted earnings per share (EPS) for the quarter was $0.49, an 8.9% increase from the comparable 2013 quarter, when diluted EPS was $0.45. Return on average assets for the 2014 third quarter was 1.13%, and return on average equity for the 2014 third quarter was 12.22%. Net income for the first nine months of 2014 was $17.0 million, an increase of $980 thousand, or 6.1%, from net income of $16.0 million for the first nine months of 2013. Diluted EPS for the nine-month period was $1.35, a 5.5% increase from the comparable 2013 period, when diluted EPS was $1.28.
Arrow President and CEO Thomas J. Murphy stated, "Arrow delivered another quarter of solid performance, with increased net income, earnings per share and net interest margin. We posted record highs for total loans outstanding and total stockholders' equity. In addition, our income from our trust division and commission income from insurance agency operations continues to grow, and we maintained excellent asset quality and strong capital ratios."
Also in the third quarter, the Company was named to the Sandler O’Neill "Sm-All Stars Class of 2014" based on financial performance, and our lead subsidiary, Glens Falls National Bank and Trust Company, launched a fully redesigned website that enhances its online delivery of information and services.
The following list expands on our third-quarter results:
Net Interest Income and Margin: In the third quarter of 2014, on a tax-equivalent basis, our net interest income increased $1.2 million, or 8.7%, compared to the third quarter of 2013, while our tax-equivalent net interest margin increased by 15 basis points from 3.06% in the third quarter of 2013 to 3.21% for the third quarter of 2014. The increase in net interest margin reflected an increase in the yield on investments and a decrease in our cost of deposits offset, in part, by a decrease in the yield on our loan portfolio.
Trust Assets and Related Noninterest Income: Assets under trust administration and investment management at September 30, 2014, were $1.2 billion, an increase of $88.8 million, or 8.0%, from the September 30, 2013, balance of $1.111 billion. The growth in asset balances was generally attributable to a significant rise in the equity markets between the periods and the addition of new accounts. Income from fiduciary activities increased by $620 thousand, or 12.4%, from $5.0 million for the first nine months of 2013, to $5.6 million for the first nine months of 2014.
Loan Growth: For the first nine months of 2014, our loan balances increased by $115.0 million, or 9.1%, with increases in all three of our major segments: residential real estate, commercial and commercial real estate, and consumer automobile.
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Our residential real estate loan portfolio grew by $56.2 million, or 12.2%, during the first nine months of 2014. We originated approximately $98 million of residential real estate loans, an increase of 1.3% from approximately $97 million of residential real estate loans originated in the comparable period for 2013. Included in these amounts is an increase of $13.6 million, or 13.4%, in our home equity loan balances, a program we have been promoting in 2014. Our gain on the sale of residential real estate loans for the first nine months of 2014 was significantly less than our gain for the first nine months of 2013, primarily because, in the first two quarters of 2013, we were still selling a high percentage of our originations into the secondary market.
Our commercial and commercial real estate loan portfolio grew by $33.6 million, or 8.3%, during the first nine months of 2014. Even with a very competitive environment for commercial loans, we experienced steady growth over the past nine months.
We also experienced growth from our indirect automobile lending program. We have advanced $166.0 million in new and used automobile loans in the first nine months of 2014, increasing our outstanding balances by $25.3 million, or 6.4%, for the first nine months of 2014.
Asset Quality and Loan Loss Provision: Asset quality remained strong at September 30, 2014, as measured by our low level of nonperforming assets and the low level of net charge-offs. Nonperforming assets of $8.4 million at September 30, 2014, represented only 0.38% of period-end assets, an increase of one basis point from our 0.37% ratio as of December 31, 2013. Net loan losses for the third quarter of 2014, expressed as an annualized percentage of average loans outstanding, were just .05% and only .06% for the nine-month period ended September 30, 2014. All of our asset quality ratios continue to be significantly better than recently reported industry-wide averages.
Our allowance for loan losses was $15.3 million at September 30, 2014, which represented 1.11% of loans outstanding, six basis points below our ratio one year earlier and three basis points below our ratio at December 31, 2013. Our provision for loan losses for the third quarter of 2014 was $444 thousand, primarily reflecting the strong growth in our outstanding loan balances.
Cash and Stock Dividends: We distributed a cash dividend of $.245 per share to stockholders in the third quarter of 2014. The cash dividend was 2% higher than the cash dividend paid in the third quarter of 2013, adjusting both for our 2% stock dividend in September 2014.
Insurance Agency Operations: Insurance commission income rose slightly from $2.4 million for the third quarter of 2013 to $2.5 million for the third quarter of 2014, an increase of $47 thousand, or 2.0%. This improvement was primarily attributable to an increase in new business.
Capital: Total stockholders’ equity was a record $200.1 million at period-end, an increase of $17.4 million, or 9.5%, above the September 30, 2013, amount. Arrow's capital ratios remain strong, as reflected by a Tier 1 leverage ratio of 9.68% at third quarter-end, up from 9.37% a year ago. Arrow's total risk-based capital ratio was 15.48%, down from 15.69% a year ago. The capital ratios of the Company and its subsidiary banks continue to significantly exceed the “well capitalized” regulatory standard, which is the highest current regulatory category.
Peer Group: Many of our key operating ratios have consistently compared very favorably to our peer group, which we define as all U.S. bank holding companies having $1.0 billion to $3.0 billion in total assets, as identified in the Federal Reserve Bank’s "Bank Holding Company Performance Report" (FRB Report). The most current peer data available in the FRB Report is for the six-month period ended June 30, 2014, in which our return on average equity (ROE) was 11.10%, as compared to 8.11% for our peer group. Our ratio of loans 90 days past due and accruing plus nonaccrual loans to total loans was 0.56% as of June 30, 2014, as compared to 1.26% for our peer group. Our annualized ratio of net loan losses for the quarter ending June 30, 2014, was 0.06%, well below the peer result of 0.16%.
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Industry Recognition: Arrow was recently included in the Sandler O’Neill "Sm-All Stars Class of 2014," a list of 35 top-performing small-cap banks and thrifts in the country. To create the list, Sandler O’Neill + Partners, L.P. evaluated all 443 publicly traded banks and thrifts with a market cap between $25 million and $2.5 billion based on metrics such as growth, profitability, credit quality and capital strength. Arrow was one of a dozen newcomers named to the Class of 2014, and the only bank based in Upstate New York.
In addition, Arrow's banking subsidiaries were each recognized as a 5-Star Superior bank by BauerFinancial, Inc., a national bank rating and research firm, based on June 30, 2014, financial data. Glens Falls National Bank and Trust Company has earned this designation for the past 30 consecutive quarters; Saratoga National Bank and Trust Company has earned it the past 22 quarters.
Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc.; three property and casualty insurance agencies: Loomis & LaPann, Inc., Upstate Agency, LLC, and McPhillips Insurance Agency, a division of Glens Falls National Insurance Agencies, LLC; and Capital Financial Group, Inc., an insurance agency specializing in the sale and servicing of group health plans.
The information contained in this News Release may contain statements that are not historical in nature but rather are based on management’s beliefs, assumptions, expectations, estimates and projections about the future. These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, and our other filings with the Securities and Exchange Commission.
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ARROW FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Per Share Amounts - Unaudited) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
INTEREST AND DIVIDEND INCOME | ||||||||||||||||
Interest and Fees on Loans | $ | 13,460 | $ | 12,846 | $ | 39,436 | $ | 38,279 | ||||||||
Interest on Deposits at Banks | 12 | 11 | 41 | 57 | ||||||||||||
Interest and Dividends on Investment Securities: | ||||||||||||||||
Fully Taxable | 1,919 | 1,556 | 5,968 | 4,991 | ||||||||||||
Exempt from Federal Taxes | 1,369 | 1,461 | 4,276 | 4,352 | ||||||||||||
Total Interest and Dividend Income | 16,760 | 15,874 | 49,721 | 47,679 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
NOW Accounts | 386 | 423 | 1,345 | 1,987 | ||||||||||||
Savings Deposits | 218 | 240 | 663 | 785 | ||||||||||||
Time Deposits of $100,000 or More | 195 | 297 | 626 | 921 | ||||||||||||
Other Time Deposits | 335 | 470 | 1,085 | 1,529 | ||||||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 6 | 5 | 15 | 14 | ||||||||||||
Federal Home Loan Bank Advances | 115 | 167 | 387 | 539 | ||||||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 144 | 145 | 427 | 434 | ||||||||||||
Total Interest Expense | 1,399 | 1,747 | 4,548 | 6,209 | ||||||||||||
NET INTEREST INCOME | 15,361 | 14,127 | 45,173 | 41,470 | ||||||||||||
Provision for Loan Losses | 444 | — | 1,407 | 200 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 14,917 | 14,127 | 43,766 | 41,270 | ||||||||||||
NONINTEREST INCOME | ||||||||||||||||
Income From Fiduciary Activities | 1,861 | 1,688 | 5,640 | 5,020 | ||||||||||||
Fees for Other Services to Customers | 2,353 | 2,403 | 6,924 | 7,056 | ||||||||||||
Insurance Commissions | 2,451 | 2,404 | 7,188 | 6,608 | ||||||||||||
Net Gain on Securities Transactions | 137 | — | 110 | 540 | ||||||||||||
Net Gain on Sales of Loans | 213 | 166 | 502 | 1,271 | ||||||||||||
Other Operating Income | 336 | 278 | 892 | 689 | ||||||||||||
Total Noninterest Income | 7,351 | 6,939 | 21,256 | 21,184 | ||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||
Salaries and Employee Benefits | 7,781 | 7,856 | 23,303 | 23,114 | ||||||||||||
Occupancy Expenses, Net | 2,266 | 1,882 | 6,923 | 6,277 | ||||||||||||
FDIC Assessments | 273 | 269 | 828 | 800 | ||||||||||||
Other Operating Expense | 3,206 | 3,126 | 9,675 | 9,627 | ||||||||||||
Total Noninterest Expense | 13,526 | 13,133 | 40,729 | 39,818 | ||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 8,742 | 7,933 | 24,293 | 22,636 | ||||||||||||
Provision for Income Taxes | 2,595 | 2,310 | 7,302 | 6,625 | ||||||||||||
NET INCOME | $ | 6,147 | $ | 5,623 | $ | 16,991 | $ | 16,011 | ||||||||
Average Shares Outstanding 1: | ||||||||||||||||
Basic | 12,606 | 12,555 | 12,601 | 12,527 | ||||||||||||
Diluted | 12,621 | 12,591 | 12,613 | 12,548 | ||||||||||||
Per Common Share: | ||||||||||||||||
Basic Earnings | $ | 0.49 | $ | 0.45 | $ | 1.35 | $ | 1.28 | ||||||||
Diluted Earnings | 0.49 | 0.45 | 1.35 | 1.28 | ||||||||||||
1 Share and per share data have been restated for the September 29, 2014, 2% stock dividend. | ||||||||||||||||
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ARROW FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share and Per Share Amounts - Unaudited) | |||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2013 | |||||||||
ASSETS | |||||||||||
Cash and Due From Banks | $ | 46,771 | $ | 37,275 | $ | 47,513 | |||||
Interest-Bearing Deposits at Banks | 17,893 | 12,705 | 24,539 | ||||||||
Investment Securities: | |||||||||||
Available-for-Sale | 374,335 | 457,606 | 486,888 | ||||||||
Held-to-Maturity (Approximate Fair Value of $302,567 at September 30, 2014; $302,305 at December 31, 2013; and $278,390 at September 30, 2013) | 296,522 | 299,261 | 273,626 | ||||||||
Other Investments | 3,001 | 6,281 | 3,896 | ||||||||
Loans | 1,381,440 | 1,266,472 | 1,243,370 | ||||||||
Allowance for Loan Losses | (15,293 | ) | (14,434 | ) | (14,584 | ) | |||||
Net Loans | 1,366,147 | 1,252,038 | 1,228,786 | ||||||||
Premises and Equipment, Net | 28,206 | 29,154 | 29,386 | ||||||||
Goodwill | 22,003 | 22,003 | 22,003 | ||||||||
Other Intangible Assets, Net | 3,744 | 4,140 | 4,270 | ||||||||
Other Assets | 50,123 | 43,235 | 35,951 | ||||||||
Total Assets | $ | 2,208,745 | $ | 2,163,698 | $ | 2,156,858 | |||||
LIABILITIES | |||||||||||
Noninterest-Bearing Deposits | $ | 296,384 | $ | 278,958 | $ | 280,326 | |||||
NOW Accounts | 887,865 | 817,366 | 839,213 | ||||||||
Savings Deposits | 524,906 | 498,779 | 516,010 | ||||||||
Time Deposits of $100,000 or More | 69,797 | 78,928 | 83,702 | ||||||||
Other Time Deposits | 156,404 | 168,299 | 176,124 | ||||||||
Total Deposits | 1,935,356 | 1,842,330 | 1,895,375 | ||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 19,654 | 11,777 | 15,977 | ||||||||
Federal Home Loan Bank Overnight Advances | — | 53,000 | — | ||||||||
Federal Home Loan Bank Term Advances | 10,000 | 20,000 | 20,000 | ||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | 20,000 | ||||||||
Other Liabilities | 23,646 | 24,437 | 22,823 | ||||||||
Total Liabilities | 2,008,656 | 1,971,544 | 1,974,175 | ||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Preferred Stock, $5 Par Value; 1,000,000 Shares Authorized | — | — | — | ||||||||
Common Stock, $1 Par Value; 20,000,000 Shares Authorized (17,079,376 Shares Issued at September 30, 2014, and 16,744,486 Shares Issued at December 31, 2013 and September 30, 2013) | 17,079 | 16,744 | 16,744 | ||||||||
Additional Paid-in Capital | 239,247 | 229,290 | 228,622 | ||||||||
Retained Earnings | 26,240 | 27,457 | 24,755 | ||||||||
Unallocated ESOP Shares (71,740 Shares at September 30, 2014; 87,641 Shares at December 31, 2013; and 87,641 Shares at September 30, 2013) | (1,450 | ) | (1,800 | ) | (1,800 | ) | |||||
Accumulated Other Comprehensive Loss | (4,284 | ) | (4,373 | ) | (10,293 | ) | |||||
Treasury Stock, at Cost (4,402,932 Shares at September 30, 2014; 4,296,723 Shares at December 31, 2013; and 4,327,741 Shares at September 30, 2013) | (76,743 | ) | (75,164 | ) | (75,345 | ) | |||||
Total Stockholders’ Equity | 200,089 | 192,154 | 182,683 | ||||||||
Total Liabilities and Stockholders’ Equity | $ | 2,208,745 | $ | 2,163,698 | $ | 2,156,858 | |||||
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Arrow Financial Corporation Selected Quarterly Information (Dollars In Thousands, Except Per Share Amounts - Unaudited) | |||||||||||||||||||
Quarter Ended | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | ||||||||||||||
Net Income | $ | 6,147 | $ | 5,524 | $ | 5,320 | $ | 5,784 | $ | 5,623 | |||||||||
Transactions Recorded in Net Income (Net of Tax): | |||||||||||||||||||
Net Gain (Loss) on Securities Transactions | 83 | (16 | ) | — | — | — | |||||||||||||
Net Gain on Sales of Loans | 129 | 100 | 74 | 114 | 100 | ||||||||||||||
Share and Per Share Data:1 | |||||||||||||||||||
Period End Shares Outstanding | 12,605 | 12,597 | 12,597 | 12,607 | 12,576 | ||||||||||||||
Basic Average Shares Outstanding | 12,606 | 12,595 | 12,602 | 12,586 | 12,555 | ||||||||||||||
Diluted Average Shares Outstanding | 12,621 | 12,616 | 12,613 | 12,634 | 12,591 | ||||||||||||||
Basic Earnings Per Share | $ | 0.49 | $ | 0.44 | $ | 0.42 | $ | 0.46 | $ | 0.45 | |||||||||
Diluted Earnings Per Share | 0.49 | 0.44 | 0.42 | 0.46 | 0.45 | ||||||||||||||
Cash Dividend Per Share | 0.25 | 0.25 | 0.25 | 0.25 | 0.24 | ||||||||||||||
Selected Quarterly Average Balances: | |||||||||||||||||||
Interest-Bearing Deposits at Banks | 15,041 | 22,486 | 17,184 | 46,853 | 14,096 | ||||||||||||||
Investment Securities | 653,702 | 712,088 | 755,008 | 762,768 | 744,928 | ||||||||||||||
Loans | 1,361,347 | 1,328,639 | 1,284,649 | 1,254,957 | 1,224,840 | ||||||||||||||
Deposits | 1,861,115 | 1,900,399 | 1,887,589 | 1,904,922 | 1,800,181 | ||||||||||||||
Other Borrowed Funds | 67,291 | 60,900 | 68,375 | 62,038 | 92,073 | ||||||||||||||
Shareholders’ Equity | 199,518 | 196,478 | 194,127 | 184,506 | 179,634 | ||||||||||||||
Total Assets | 2,154,307 | 2,183,611 | 2,176,038 | 2,176,264 | 2,095,017 | ||||||||||||||
Return on Average Assets, annualized | 1.13 | % | 1.01 | % | 0.99 | % | 1.05 | % | 1.06 | % | |||||||||
Return on Average Equity, annualized | 12.22 | % | 11.28 | % | 11.11 | % | 12.44 | % | 12.42 | % | |||||||||
Return on Tangible Equity, annualized 2 | 14.04 | % | 12.99 | % | 12.84 | % | 14.50 | % | 14.55 | % | |||||||||
Average Earning Assets | $ | 2,030,090 | $ | 2,063,213 | $ | 2,056,841 | $ | 2,064,578 | $ | 1,983,864 | |||||||||
Average Paying Liabilities | 1,626,327 | 1,680,149 | 1,678,080 | 1,686,993 | 1,614,873 | ||||||||||||||
Interest Income, Tax-Equivalent | 17,834 | 17,837 | 17,439 | 17,633 | 17,032 | ||||||||||||||
Interest Expense | 1,399 | 1,555 | 1,594 | 1,713 | 1,747 | ||||||||||||||
Net Interest Income, Tax-Equivalent | 16,435 | 16,282 | 15,845 | 15,920 | 15,285 | ||||||||||||||
Tax-Equivalent Adjustment | 1,074 | 1,142 | 1,173 | 1,174 | 1,158 | ||||||||||||||
Net Interest Margin, annualized 3 | 3.21 | % | 3.17 | % | 3.12 | % | 3.06 | % | 3.06 | % | |||||||||
Efficiency Ratio Calculation: | |||||||||||||||||||
Noninterest Expense | $ | 13,526 | $ | 13,737 | $ | 13,466 | $ | 13,385 | $ | 13,133 | |||||||||
Less: Intangible Asset Amortization | (94 | ) | (94 | ) | (106 | ) | (108 | ) | (108 | ) | |||||||||
Net Noninterest Expense | $ | 13,432 | $ | 13,643 | $ | 13,360 | $ | 13,277 | $ | 13,025 | |||||||||
Net Interest Income, Tax-Equivalent | $ | 16,435 | $ | 16,282 | $ | 15,845 | $ | 15,920 | $ | 15,285 | |||||||||
Noninterest Income | 7,351 | 7,019 | 6,886 | 6,877 | 6,939 | ||||||||||||||
Less: Net Securities (Gain) Loss | (137 | ) | 27 | — | — | — | |||||||||||||
Net Gross Income | $ | 23,649 | $ | 23,328 | $ | 22,731 | $ | 22,797 | $ | 22,224 | |||||||||
Efficiency Ratio | 56.80 | % | 58.48 | % | 58.77 | % | 58.24 | % | 58.61 | % | |||||||||
Period-End Capital Information: | |||||||||||||||||||
Total Stockholders’ Equity (i.e. Book Value) | $ | 200,089 | $ | 197,616 | $ | 194,491 | $ | 192,154 | $ | 182,683 | |||||||||
Book Value per Share | 15.87 | 15.69 | 15.44 | 15.24 | 14.53 | ||||||||||||||
Intangible Assets | 25,747 | 25,868 | 25,999 | 26,143 | 26,273 | ||||||||||||||
Tangible Book Value per Share 2 | 13.83 | 13.63 | 13.38 | 13.17 | 12.44 | ||||||||||||||
Capital Ratios: | |||||||||||||||||||
Tier 1 Leverage Ratio | 9.68 | % | 9.39 | % | 9.30 | % | 9.19 | % | 9.37 | % | |||||||||
Tier 1 Risk-Based Capital Ratio | 14.41 | % | 14.49 | % | 14.55 | % | 14.70 | % | 14.59 | % | |||||||||
Total Risk-Based Capital Ratio | 15.48 | % | 15.57 | % | 15.62 | % | 15.77 | % | 15.69 | % | |||||||||
Assets Under Trust Administration and Investment Management | $ | 1,199,930 | $ | 1,214,841 | $ | 1,182,661 | $ | 1,174,891 | $ | 1,111,085 | |||||||||
1Share and Per Share Data have been restated for the September 29, 2014, 2% stock dividend.
2Tangible Book Value and Tangible Equity exclude intangible assets from total equity. These are non-GAAP financial measures which we believe provide investors with information that is useful in understanding our financial performance.
3Net Interest Margin is the ratio of our annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure which we believe provides investors with information that is useful in understanding our financial performance.
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Arrow Financial Corporation Consolidated Financial Information (Dollars in Thousands - Unaudited) | |||||||||||
Quarter Ended: | 9/30/2014 | 12/31/2013 | 9/30/2013 | ||||||||
Loan Portfolio | |||||||||||
Commercial Loans | $ | 96,846 | $ | 87,893 | $ | 87,117 | |||||
Commercial Construction Loans | 26,709 | 27,815 | 33,960 | ||||||||
Commercial Real Estate Loans | 313,899 | 288,119 | 263,104 | ||||||||
Other Consumer Loans | 7,413 | 7,649 | 7,570 | ||||||||
Consumer Automobile Loans | 419,553 | 394,204 | 392,352 | ||||||||
Residential Real Estate Loans | 517,020 | 460,792 | 459,267 | ||||||||
Total Loans | $ | 1,381,440 | $ | 1,266,472 | $ | 1,243,370 | |||||
Allowance for Loan Losses | |||||||||||
Allowance for Loan Losses, Beginning of Quarter | $ | 15,036 | $ | 14,584 | $ | 14,678 | |||||
Loans Charged-off | 265 | 246 | 183 | ||||||||
Less Recoveries of Loans Previously Charged-off | 78 | 96 | 89 | ||||||||
Net Loans Charged-off | 187 | 150 | 94 | ||||||||
Provision for Loan Losses | 444 | — | — | ||||||||
Allowance for Loan Losses, End of Quarter | $ | 15,293 | $ | 14,434 | $ | 14,584 | |||||
Nonperforming Assets | |||||||||||
Nonaccrual Loans | $ | 7,048 | $ | 6,479 | $ | 6,171 | |||||
Loans Past Due 90 or More Days and Accruing | 571 | 652 | 927 | ||||||||
Loans Restructured and in Compliance with Modified Terms | 346 | 641 | 446 | ||||||||
Total Nonperforming Loans | 7,965 | 7,772 | 7,544 | ||||||||
Repossessed Assets | 66 | 63 | 18 | ||||||||
Other Real Estate Owned | 326 | 81 | 481 | ||||||||
Total Nonperforming Assets | $ | 8,357 | $ | 7,916 | $ | 8,043 | |||||
Key Asset Quality Ratios | |||||||||||
Net Loans Charged-off to Average Loans, Quarter-to-date Annualized | 0.05 | % | 0.05 | % | 0.03 | % | |||||
Provision for Loan Losses to Average Loans, Quarter-to-date Annualized | 0.13 | % | — | % | — | % | |||||
Allowance for Loan Losses to Period-End Loans | 1.11 | % | 1.14 | % | 1.17 | % | |||||
Allowance for Loan Losses to Period-End Nonperforming Loans | 192.00 | % | 185.71 | % | 193.32 | % | |||||
Nonperforming Loans to Period-End Loans | 0.58 | % | 0.61 | % | 0.61 | % | |||||
Nonperforming Assets to Period-End Assets | 0.38 | % | 0.37 | % | 0.37 | % | |||||
Nine Month Period Ended | |||||||||||
Allowance for Loan Losses | |||||||||||
Allowance for Loan Losses, Beginning of Year | $ | 14,434 | $ | 15,298 | |||||||
Loans Charged-off | 769 | 1,165 | |||||||||
Less Recoveries of Loans Previously Charged-off | 221 | 251 | |||||||||
Net Loans Charged-off | 548 | 914 | |||||||||
Provision for Loan Losses | 1,407 | 200 | |||||||||
Allowance for Loan Losses, End of Period | $ | 15,293 | $ | 14,584 | |||||||
Key Asset Quality Ratios | |||||||||||
Net Loans Charged-off to Average Loans, Annualized | 0.06 | % | 0.10 | % | |||||||
Provision for Loan Losses to Average Loans, Annualized | 0.14 | % | 0.02 | % | |||||||
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