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8-K - FORM 8-K - Atlantic Coast Financial CORP | v416495_8k.htm |
Exhibit 99.1
For additional information contact:
Tracy L. Keegan
Executive Vice President and
Chief Financial Officer
(904) 998-5501
Atlantic coast Financial CORPORATION REPORts record earnings
Ø | second quarter 2015 earnings of $0.36 per diluted share |
Ø | Loan Growth Near 20% during first six months of 2015 |
Ø | Margin, return on assets, AND return on equity expected to increase significantly in future quarters |
JACKSONVILLE, Fla. (July 29, 2015) – Atlantic Coast Financial Corporation ("Atlantic Coast" or the "Company," NASDAQ: ACFC), the holding company for Atlantic Coast Bank (the "Bank"), today reported earnings per diluted share of $0.36 and $0.39 for the second quarter and first six months of 2015, respectively, up from $0.02 and $0.03 for second quarter and first six months of 2014, respectively. This marked the sixth consecutive profitable quarter for the Company following its successful capital raise in December 2013.
Commenting on the second quarter and first half of 2015, John K. Stephens, Jr., President and Chief Executive Officer, said, "We are pleased to report another solid quarterly performance for Atlantic Coast, marked by attractive loan growth and sound credit quality, notable interest income growth, and continued improvement in our interest margin. Together, these factors contributed to ongoing profitability for our company and its shareholders. Atlantic Coast is now stronger than ever as a result of the hard work and dedication of our team members as we have pursued our ambitious goals, and I am particularly proud of what our team has accomplished over the past six months."
Stephens added, "Additionally, we previously announced a transaction reversing an $8.5 million valuation allowance associated with our deferred tax asset during June. At the same time, we announced the prepayment or restructure of $166.3 million of our debt, and anticipated these transactions would result in a net gain of $3.4 million in the second quarter. However, one of our existing counterparties subsequently presented us with an alternative for short-term debt, which enabled us to restructure approximately $60.0 million of the debt that we had previously anticipated prepaying. Although the overall impact of the transaction remains the same, the initial gain is larger than anticipated at $5.3 million, with approximately $1.9 million in prepayment penalties, net of tax, deferred over the next 12 months."
Significant highlights of the second quarter and first half of 2015 include:
· | Net income totaled $5.6 million, or $0.36 per diluted share, for the quarter ended June 30, 2015, compared to $0.2 million, or $0.02 per diluted share, for the quarter ended June 30, 2014. Net income improved to $6.0 million or $0.39 per diluted share for the first six months of 2015, compared with $0.4 million or $0.03 per diluted share for the first six months of 2014. |
· | Net income for the second quarter and first half of 2015 included the positive impact of the reversal of a valuation allowance against the Company's deferred tax asset, which affected the income tax benefit by $8.5 million for the second quarter and first six months of 2015. This was offset partially by penalties totaling $5.2 million, pre-tax, associated with the prepayment of some of the Company's wholesale debt during the second quarter of 2015. Together, these transactions added approximately $5.3 million, or $0.34 per diluted share, to net income for the second quarter and first half of 2015. |
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ACFC Reports Second Quarter Results
Page 2
July 29, 2015
· | Interest spread and interest margin improved to 2.68% and 2.81%, respectively, for the three months ended June 30, 2015, from 2.40% and 2.59%, respectively, for the same period last year, and improved to 2.52% and 2.72%, respectively, for the six months ended June 30, 2015, from 2.30% and 2.51%, respectively, for the same period last year. The Company's successful efforts in June 2015 to lower the effective interest rate on its wholesale debt are expected to reduce interest expense going forward by approximately $2.2 million over the next 12 months and approximately $5.0 million annually thereafter (assuming interest rate stability), which will have a corresponding positive impact on net interest margin, reducing the weighted-average interest rate on the wholesale debt to approximately 1.95%, down from a weighted-average interest rate of approximately 4.05% prior to the debt restructuring. |
· | Total loans (including portfolio loans, loans held-for-sale, and warehouse loans held-for-investment) increased to $583.3 million at June 30, 2015, from $488.1 million at December 31, 2014, with contributions coming from all lines of business. |
· | Nonperforming assets, as a percentage of total assets, decreased to 0.97% at June 30, 2015 from 1.20% at December 31, 2014, and 1.33% at June 30, 2014. |
· | Total assets increased to $810.4 million at June 30, 2015, compared with $706.5 million at December 31, 2014, primarily due to an increase in loans during the first six months of 2015, which was primarily funded by deposits and Federal Home Loan Bank ("FHLB") advances. |
· | The Company's ratios of total risk-based capital to risk-weighted assets and Tier 1 (core) capital to adjusted total assets were 14.74% and 9.69%, respectively, at June 30, 2015, and each continued to exceed the levels – 10% and 5%, respectively – required for the Bank to be considered well-capitalized. |
Tracy L. Keegan, Executive Vice President and Chief Financial Officer, added, "Our results of operations for the second quarter and first six months of the year were ahead of year-earlier periods. Additionally, with our recent work to revise the terms of our outstanding wholesale debt to provide a significant reduction in future interest expense, as well as significant margin expansion, we are encouraged about the prospects of additional bottom-line growth going forward. With this work behind us, and with the recent restoration of our deferred tax asset, we enter the second half of 2015 with good momentum and are excited about the opportunities ahead. Balance sheet management, of course, will continue to be a critical step in achieving our strategic goals."
Bank Regulatory Capital | At | |||||||||||||||||||
Key Capital Measures | June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | Sept. 30, 2014 | June 30, 2014 | |||||||||||||||
Total risk-based capital ratio (to risk-weighted assets) | 14.74 | % | 15.86 | % | 17.64 | % | 17.83 | % | 18.75 | % | ||||||||||
Common equity tier 1 (core) risk-based capital ratio (to risk-weighted assets) | 13.48 | % | 14.61 | % | n/a | n/a | n/a | |||||||||||||
Tier 1 (core) risk-based capital ratio (to risk-weighted assets) | 13.48 | % | 14.61 | % | 16.38 | % | 16.58 | % | 17.49 | % | ||||||||||
Tier 1 (core) capital ratio (to adjusted total assets) * | 9.69 | % | 10.38 | % | 10.35 | % | 10.17 | % | 10.17 | % |
_________________________
* As a result of regulatory changes (Basel III), Tier 1 (core) capital to adjusted total assets was calculated using a period average based on balances as of June 30, 2015 and March 31, 2015. This ratio was calculated using a period end balance for all other periods presented.
The decrease in capital ratios as of June 30, 2015, compared with those as of June 30, 2014 and December 31, 2014, was primarily due to an increase in assets, which resulted in an increase in risk-weighted assets and adjusted total assets, partially offset by an increase in capital.
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ACFC Reports Second Quarter Results
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July 29, 2015
Credit Quality | At | |||||||||||||||||||
June 30, 2015 | March 31, 2015 | Dec. 31, 2014 | Sept. 30, 2014 | June 30, 2014 | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Nonperforming loans | $ | 3.9 | $ | 4.4 | $ | 4.5 | $ | 4.1 | $ | 4.0 | ||||||||||
Nonperforming loans to total portfolio loans | 0.82 | % | 0.94 | % | 1.00 | % | 0.95 | % | 0.98 | % | ||||||||||
Other real estate owned | $ | 3.9 | $ | 4.2 | $ | 3.9 | $ | 5.3 | $ | 5.4 | ||||||||||
Nonperforming assets | $ | 7.8 | $ | 8.6 | $ | 8.4 | $ | 9.4 | $ | 9.4 | ||||||||||
Nonperforming assets to total assets | 0.97 | % | 1.16 | % | 1.20 | % | 1.31 | % | 1.33 | % | ||||||||||
Troubled debt restructurings performing for less than 12 months under terms of modification | $ | 6.0 | $ | 14.1 | $ | 13.8 | $ | 13.3 | $ | 13.1 | ||||||||||
Total nonperforming assets and troubled debt restructurings performing for less than 12 months under terms of modification | $ | 13.8 | $ | 22.7 | $ | 22.2 | $ | 22.7 | $ | 22.5 | ||||||||||
Troubled debt restructurings performing for more than 12 months under terms of modification | $ | 28.9 | $ | 22.1 | $ | 21.0 | $ | 24.4 | $ | 23.4 |
Overall, the Company's credit quality remains strong, as the number and balance of loans reclassified to nonperforming and other real estate owned ("OREO") has stabilized. Nonperforming assets declined at June 30, 2015, compared with those at June 30, 2014, as the disposition of OREO and net reductions to nonperforming loans during the 12-month period exceeded net transfers to OREO during the same period. Nonperforming assets declined at June 30, 2015, compared with December 31, 2014, as the net reductions to nonperforming loans and disposition of OREO during the 12-month period exceeded net transfers to OREO during the same period.
Provision / Allowance for Loan Losses | At and for the Three Months Ended | At and for the Six Months Ended | ||||||||||||||||||
June 30, 2015 | March 31, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Provision for portfolio loan losses | $ | 0.2 | $ | 0.2 | $ | 0.3 | $ | 0.4 | $ | 0.8 | ||||||||||
Allowance for portfolio loan losses | $ | 7.4 | $ | 7.2 | $ | 7.0 | $ | 7.4 | $ | 7.0 | ||||||||||
Allowance for portfolio loan losses to total portfolio loans | 1.53 | % | 1.53 | % | 1.69 | % | 1.53 | % | 1.69 | % | ||||||||||
Allowance for portfolio loan losses to nonperforming loans | 187.82 | % | 162.98 | % | 173.20 | % | 187.82 | % | 173.20 | % | ||||||||||
Net charge-offs | $ | (0.1 | ) | $ | 0.2 | $ | 0.3 | $ | 0.1 | $ | 0.8 | |||||||||
Net charge-offs to average outstanding portfolio loans | (0.04 | )% | 0.14 | % | 0.31 | % | 0.05 | % | 0.39 | % |
The decline in the provision for portfolio loan losses in the second quarter of 2015 compared with the second quarter of 2014 reflected improving economic conditions in the Company's markets, which have led to a decline in net charge-offs over the past 12 months. The increase in the allowance for portfolio loan losses at June 30, 2015, from June 30, 2014, primarily reflected loan growth that was due to an approximately equal mix of organic growth and loan purchases, partially offset by principal amortization and increased prepayments of one- to four-family residential mortgages and home equity loans. Management believes the allowance for portfolio loan losses as of June 30, 2015, is sufficient to absorb losses in portfolio loans as of the end of the period. The decline in net charge-offs for the second quarter of 2015 compared with the second quarter of 2014 primarily reflected a decrease in charge-offs in one- to four-family residential loans, home equity loans and collateral-dependent commercial real estate property, which was partially offset by an increase in charge-offs related to manufactured home loans. The decline in net charge-offs for the first half of 2015 compared with the first half of 2014 primarily reflected a decrease in charge-offs in one- to four-family residential loans, home equity loans and collateral-dependent commercial real estate property.
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ACFC Reports Second Quarter Results
Page 4
July 29, 2015
Net Interest Income | Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, 2015 | March 31, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Net interest income | $ | 5.0 | $ | 4.4 | $ | 4.3 | $ | 9.4 | $ | 8.5 | ||||||||||
Net interest margin | 2.81 | % | 2.62 | % | 2.59 | % | 2.72 | % | 2.51 | % | ||||||||||
Yield on investment securities | 2.10 | % | 1.95 | % | 1.98 | % | 2.03 | % | 2.03 | % | ||||||||||
Yield on loans | 4.87 | % | 4.94 | % | 5.53 | % | 4.90 | % | 5.67 | % | ||||||||||
Total cost of funds | 1.40 | % | 1.56 | % | 1.64 | % | 1.48 | % | 1.68 | % | ||||||||||
Average cost of deposits | 0.49 | % | 0.49 | % | 0.55 | % | 0.49 | % | 0.57 | % | ||||||||||
Rates paid on borrowed funds | 3.42 | % | 4.04 | % | 4.43 | % | 3.70 | % | 4.46 | % |
The increase in net interest margin during the second quarter and first half of 2015 compared with the second quarter and first half of 2014 was primarily due to an increase in higher-margin interest-earning assets outstanding, as the Company has continued to redeploy excess liquidity to continue to grow its portfolio loans, loans held-for-sale, and warehouse loans held-for-investment. Additionally, the Company benefitted from an increase in noninterest-bearing deposits and the prepayment and restructuring of some of our high-cost FHLB advances during 2014, resulting in lower total cost of funds in the second quarter and first half of 2015 compared with the second quarter and first half of 2014. The Company believes net interest margin will continue to improve during the remainder of 2015 as a result of the prepayment and restructuring of some of its high-cost wholesale debt during the second quarter of 2015.
Noninterest Income / Noninterest Expense | Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, 2015 | March 31, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Noninterest income | $ | 1.7 | $ | 1.8 | $ | 1.6 | $ | 3.4 | $ | 3.1 | ||||||||||
Noninterest expense | $ | 11.3 | $ | 5.5 | $ | 5.3 | $ | 16.8 | $ | 10.2 |
The increase in noninterest income during the second quarter and first six months of 2015 compared with the same periods in 2014 primarily reflected higher gains on loans held-for-sale. The increase in noninterest expense during the second quarter and first six months of 2015 compared with comparable 2014 periods primarily reflected penalties associated with the prepayment of some of the Company's high-cost wholesale debt during the second quarter of 2015, as well as the full salary impact of employees that were added in various areas of the Company throughout 2014, including branch operations and lending, to enhance customer service and promote loan and deposit growth. The Company believes it is now appropriately staffed for its current business needs, however, the Bank may continue to add production employees to support its overall growth strategies.
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ACFC Reports Second Quarter Results
Page 5
July 29, 2015
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 Relations.
Forward-looking Statements
Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally are 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. Moreover, forward-looking statements in this release include, but are not limited to, those relating to: the ability to explore additional growth opportunities; expectations regarding reducing interest expense and increasing net income and net interest margin; the allowance for portfolio loan losses being sufficient to absorb losses in respect of portfolio loans; expectations regarding being adequately staffed for current business needs; and the ability to make further additions to current employee headcount as necessary. The Company's consolidated financial results and the forward-looking statements could be affected by many factors, including but not limited to: general economic trends and changes in interest rates; increased competition; changes in demand for financial services; the state of the banking industry generally; uncertainties associated with newly developed or acquired operations; and market disruptions. Further information relating to factors that may impact the Company's results and forward-looking statements are disclosed in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained in this release are made as of the date of this release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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ACFC Reports Second Quarter Results
Page 6
July 29, 2015
ATLANTIC COAST FINANCIAL CORPORATION
Statements of Operations (Unaudited)
(In thousands, except per share amounts)
Three Months Ended |
Six Months Ended |
|||||||||||||||||||
June 30, 2015 |
March 31, 2015 |
June 30, 2014 |
June 30, 2015 |
June 30, 2014 |
||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Loans, including fees | $ | 6,647 | $ | 6,115 | $ | 5,901 | $ | 12,762 | $ | 11,780 | ||||||||||
Securities and interest-earning deposits in other financial institutions | 775 | 756 | 1,030 | 1,531 | 2,076 | |||||||||||||||
Total interest and dividend income | 7,422 | 6,871 | 6,931 | 14,293 | 13,856 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 578 | 550 | 629 | 1,128 | 1,291 | |||||||||||||||
Securities sold under agreements to repurchase | 722 | 818 | 827 | 1,540 | 1,802 | |||||||||||||||
Federal Home Loan Bank advances | 1,137 | 1,083 | 1,148 | 2,220 | 2,279 | |||||||||||||||
Total interest expense | 2,437 | 2,451 | 2,604 | 4,888 | 5,372 | |||||||||||||||
Net interest income | 4,985 | 4,420 | 4,327 | 9,405 | 8,484 | |||||||||||||||
Provision for portfolio loan losses | 190 | 197 | 350 | 387 | 800 | |||||||||||||||
Net interest income after provision for portfolio loan losses | 4,795 | 4,223 | 3,977 | 9,018 | 7,684 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Service charges and fees | 660 | 636 | 680 | 1,296 | 1,317 | |||||||||||||||
Gain on sale of loans held-for-sale | 350 | 499 | 269 | 849 | 493 | |||||||||||||||
Gain on sale of securities available-for-sale | -- | (9 | ) | 7 | (9 | ) | 7 | |||||||||||||
Bank owned life insurance earnings | 120 | 118 | 119 | 238 | 209 | |||||||||||||||
Interchange fees | 408 | 395 | 388 | 803 | 761 | |||||||||||||||
Other | 138 | 123 | 118 | 261 | 254 | |||||||||||||||
Noninterest income | 1,676 | 1,762 | 1,581 | 3,438 | 3,041 | |||||||||||||||
Noninterest expense: | ||||||||||||||||||||
Compensation and benefits | 3,133 | 2,916 | 2,633 | 6,049 | 4,920 | |||||||||||||||
Occupancy and equipment | 538 | 514 | 492 | 1,052 | 983 | |||||||||||||||
FDIC insurance premiums | 154 | 195 | 358 | 349 | 742 | |||||||||||||||
Foreclosed assets, net | 102 | -- | 13 | 102 | 19 | |||||||||||||||
Data processing | 472 | 395 | 365 | 867 | 658 | |||||||||||||||
Outside professional services | 554 | 532 | 405 | 1,086 | 788 | |||||||||||||||
Collection expense and repossessed asset losses | 105 | 119 | 130 | 224 | 294 | |||||||||||||||
Securities sold under agreements to repurchase and Federal Home Loan Bank advances prepayment penalties | 5,188 | -- | -- | 5,188 | -- | |||||||||||||||
Other | 1,040 | 870 | 892 | 1,910 | 1,797 | |||||||||||||||
Noninterest expense | 11,286 | 5,541 | 5,288 | 16,827 | 10,201 | |||||||||||||||
Income (loss) before income tax expense | (4,815 | ) | 444 | 270 | (4,371 | ) | 524 | |||||||||||||
Income tax (benefit) expense | (10,440 | ) | 48 | 45 | (10,392 | ) | 93 | |||||||||||||
Net income (loss) | $ | 5,625 | $ | 396 | $ | 225 | $ | 6,021 | $ | 431 | ||||||||||
Net income (loss) per basic and diluted share | $ | 0.36 | $ | 0.03 | $ | 0.02 | $ | 0.39 | $ | 0.03 | ||||||||||
Basic and diluted weighted average shares outstanding | 15,398 | 15,398 | 15,392 | 15,398 | 15,391 |
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ACFC Reports Second Quarter Results
Page 7
July 29, 2015
ATLANTIC COAST FINANCIAL CORPORATION
Balance Sheets (Unaudited)
(Dollars in thousands)
June 30, 2015 | Dec. 31, 2014 | June 30, 2014 | ||||||||||
ASSETS | ||||||||||||
Cash and due from financial institutions | $ | 17,379 | $ | 2,974 | $ | 4,419 | ||||||
Short-term interest-earning deposits | 21,166 | 19,424 | 28,292 | |||||||||
Total cash and cash equivalents | 38,545 | 22,398 | 32,711 | |||||||||
Investment securities: | ||||||||||||
Securities available-for-sale | 110,285 | 118,699 | 179,552 | |||||||||
Securities held-to-maturity | 17,054 | 17,919 | 18,733 | |||||||||
Total investment securities | 127,339 | 136,618 | 198,285 | |||||||||
Portfolio loans, net of allowance of $7,400, $7,107 and $6,985, respectively | 475,455 | 446,870 | 405,334 | |||||||||
Other loans: | ||||||||||||
Loans held-for-sale | 12,685 | 7,219 | 4,989 | |||||||||
Warehouse loans held-for-investment | 95,205 | 33,972 | 22,306 | |||||||||
Total other loans | 107,890 | 41,191 | 27,295 | |||||||||
Federal Home Loan Bank stock, at cost | 9,999 | 6,257 | 6,287 | |||||||||
Land, premises and equipment, net | 14,746 | 14,505 | 14,292 | |||||||||
Bank owned life insurance | 16,827 | 16,590 | 16,353 | |||||||||
Other real estate owned | 3,886 | 3,908 | 5,418 | |||||||||
Accrued interest receivable | 1,959 | 1,924 | 1,951 | |||||||||
Deferred tax assets, net | 10,539 | -- | -- | |||||||||
Other assets | 3,242 | 16,237 | 2,162 | |||||||||
Total assets | $ | 810,427 | $ | 706,498 | $ | 710,088 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Non interest-bearing demand | $ | 47,907 | $ | 41,283 | $ | 42,055 | ||||||
Interest-bearing demand | 64,027 | 65,718 | 67,606 | |||||||||
Savings and money markets | 178,300 | 171,657 | 168,774 | |||||||||
Time | 210,861 | 162,122 | 165,511 | |||||||||
Total deposits | 501,095 | 440,780 | 443,946 | |||||||||
Securities sold under agreements to purchase | 10,000 | 66,300 | 66,300 | |||||||||
Federal Home Loan Bank advances | 217,371 | 123,667 | 125,000 | |||||||||
Accrued expenses and other liabilities | 3,881 | 3,415 | 4,475 | |||||||||
Total liabilities | 732,347 | 634,162 | 639,721 | |||||||||
Common stock, additional paid-in capital, retained deficit, and other equity | 80,379 | 74,345 | 73,426 | |||||||||
Accumulated other comprehensive income (loss) | (2,299 | ) | (2,009 | ) | (3,059 | ) | ||||||
Total stockholders' equity | 78,080 | 72,336 | 70,367 | |||||||||
Total liabilities and stockholders' equity | $ | 810,427 | $ | 706,498 | $ | 710,088 |
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ACFC Reports Second Quarter Results
Page 8
July 29, 2015
ATLANTIC COAST FINANCIAL CORPORATION
Selected Consolidated Financial Ratios and Other Data (Unaudited)
(Dollars in thousands)
At and for the Three Months Ended | At and for the Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest rate | ||||||||||||||||
Net interest spread | 2.68 | % | 2.40 | % | 2.52 | % | 2.30 | % | ||||||||
Net interest margin | 2.81 | % | 2.59 | % | 2.72 | % | 2.51 | % | ||||||||
Average balances | ||||||||||||||||
Portfolio loans receivable, net | $ | 473,693 | $ | 400,542 | $ | 461,247 | $ | 390,479 | ||||||||
Total interest-earning assets | 709,441 | 668,099 | 692,685 | 684,993 | ||||||||||||
Total assets | 766,316 | 706,426 | 738,368 | 713,335 | ||||||||||||
Deposits | 470,945 | 453,796 | 457,833 | 456,341 | ||||||||||||
Total interest-bearing liabilities | 639,961 | 590,312 | 613,902 | 599,285 | ||||||||||||
Total liabilities | 691,522 | 636,480 | 663,954 | 644,494 | ||||||||||||
Stockholders' equity | 74,794 | 69,946 | 74,414 | 68,841 | ||||||||||||
Performance ratios (annualized) | ||||||||||||||||
Return on average total assets | 2.94 | % | 0.13 | % | 1.63 | % | 0.12 | % | ||||||||
Return on average stockholders' equity | 30.08 | % | 1.29 | % | 16.18 | % | 1.25 | % | ||||||||
Ratio of operating expenses to average total assets | 5.89 | % | 2.99 | % | 4.56 | % | 2.86 | % | ||||||||
Credit and liquidity ratios | ||||||||||||||||
Nonperforming loans | $ | 3,940 | $ | 4,033 | $ | 3,940 | $ | 4,033 | ||||||||
Foreclosed assets | 3,886 | 5,418 | 3,886 | 5,418 | ||||||||||||
Impaired loans | 36,256 | 37,642 | 36,256 | 37,642 | ||||||||||||
Nonperforming assets to total assets | 0.97 | % | 1.33 | % | 0.97 | % | 1.33 | % | ||||||||
Nonperforming loans to total portfolio loans | 0.82 | % | 0.98 | % | 0.82 | % | 0.98 | % | ||||||||
Allowance for loan losses to nonperforming loans | 187.82 | % | 173.20 | % | 187.82 | % | 173.20 | % | ||||||||
Allowance for loan losses to total portfolio loans | 1.53 | % | 1.69 | % | 1.53 | % | 1.69 | % | ||||||||
Net charge-offs to average outstanding portfolio loans (annualized) | (0.04 | )% | 0.31 | % | 0.05 | % | 0.39 | % | ||||||||
Ratio of gross portfolio loans to total deposits | 96.36 | % | 92.88 | % | 96.36 | % | 92.88 | % | ||||||||
Capital ratios | ||||||||||||||||
Tangible stockholders' equity to tangible assets* | 9.63 | % | 9.91 | % | 9.63 | % | 9.91 | % | ||||||||
Average stockholders' equity to average total assets | 9.76 | % | 9.90 | % | 10.08 | % | 9.65 | % | ||||||||
Other Data | ||||||||||||||||
Tangible book value per share* | $ | 5.03 | $ | 4.54 | $ | 5.03 | $ | 4.54 | ||||||||
Stock price per share | 4.45 | 4.06 | 4.45 | 4.06 | ||||||||||||
Stock price per share to tangible book value per share* | 88.39 | % | 89.48 | % | 88.39 | % | 89.48 | % |
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* Non-GAAP financial measure. Because the Company does not currently have any intangible assets, tangible stockholders' equity is equal to stockholders' equity, tangible assets is equal to assets, and tangible book value is equal to book value. Accordingly, no reconciliations are required for these measures.
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