Attached files
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| 8-K - FORM 8-K - SALISBURY BANCORP, INC. | sal0426form8k.htm |
Exhibit 99.1
Friday, April 29, 2016
Company Press Release
Source: Salisbury Bancorp, Inc.
Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer
860-435-9801 or rcantele@salisburybank.com
FOR IMMEDIATE RELEASE
SALISBURY BANCORP, INC. REPORTS RESULTS FOR FIRST QUARTER 2016; DECLARES 28 CENT DIVIDEND
Lakeville, Connecticut, April 29, 2016 /GlobeNewswire…..Salisbury Bancorp, Inc. (“Salisbury”), NASDAQ Capital Market: “SAL”, the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its first quarter ended March 31, 2016.
Net income available to common shareholders was $1.5 million, or $0.55 per common share, for the first quarter ended March 31, 2016 (first quarter 2016), compared with $2.1 million, or $0.78 per common share, for the fourth quarter ended December 31, 2015 (fourth quarter 2015), and $2.2 million, or $0.81 per common share, for the first quarter ended March 31, 2015 (first quarter 2015).
Selected First Quarter 2016 Financial Highlights
| · | Net Loans increased $29.8 million, or 4.3%, in the first quarter 2016 to $728.8 million versus the fourth quarter 2015 and increased $52.1 million, or 7.7% versus the first quarter 2015. |
| · | Wealth assets under management increased $51.9 million to $422.9 million, or 14.0%, from fourth quarter 2015 and have increased $38.3 million, or 10% versus first quarter 2015. |
| · | Book value per common share increased to $33.20 at March 31, 2016 from $33.13 at December 31, 2015, and $31.96 at March 31, 2015. |
| · | Tangible book value per common share increased to $27.84 at March 31, 2016 from $27.69 at December 31, 2015 and $26.33 at March 31, 2015. |
Richard J. Cantele, Jr., President and Chief Executive Officer, stated, “The highlights of our first quarter performance are reflected in the noteworthy growth of our two primary revenue generating asset classes: our loan and wealth management portfolios. Net loan growth for the quarter was close to $30 million or 4%, and assets under management in our Trust and Wealth Advisory business grew by $52 million, or 14%. Our teams delivered excellent results despite an extremely competitive landscape.
The earnings for the quarter were down as compared to the fourth and first quarter 2015 primarily as the result of a lesser interest income benefit from the purchased loan portfolio, increased interest expenses related to our issuance of the subordinated debt offering last December, an increase in expenses related to adjustments from sold loans, and an increase in provision for loan losses as a result of the exceptional loan growth. Despite the lower earnings, our net interest margin, efficiency ratio, and return on assets continue to reflect solid core fundamentals, as we continue to profitably grow our bank and solidify our franchise.”
Net Interest Income
Tax equivalent net interest income for first quarter 2016 decreased $250,000, or 3.0%, versus fourth quarter 2015, and decreased $253,000 or 3.1%, versus first quarter 2015. Average earning assets decreased $3.2 million versus fourth quarter 2015, and increased $37.3 million versus first quarter 2015. Average total interest bearing deposits increased $3.7 million versus fourth quarter 2015 and increased $2.3 million versus first quarter 2015. The net interest margin of 3.79% decreased 9 basis points versus 3.88% for the fourth quarter 2015 and decreased 32 basis points versus 4.11% for the first quarter 2015.
Interest income for the first quarter reflects net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $443,000. The fourth quarter and first quarter of 2015 included similar adjustments of $691,000 and $650,000 respectively.
Non-Interest Income
Non-interest income for first quarter 2016 decreased $64,000 versus fourth quarter 2015 and decreased $212,000 versus first quarter 2015. Trust and wealth advisory revenues increased $29,000 versus fourth quarter 2015 and decreased $38,000 versus first quarter 2015. The first quarter increase is the result of an increase in assets under management and the year-over-year decrease is the result of fewer estate fees collected in first quarter 2016. Service charges and fees decreased $33,000 versus fourth quarter 2015 and decreased $1,000 versus first quarter 2015. The decreases were a result of lower fees due to decreased transactional volume, mainly attributable to interchange and loan documentation fees. Income from sales and servicing of mortgage loans decreased $12,000 versus fourth quarter 2015 and decreased $3,000 versus first quarter 2015 due to a decrease in servicing values as a result of a decline in the discount rate. First quarter 2016 mortgage loans sales totaled $1.8 million versus $2.0 million for fourth quarter 2015 and $2.1 million for first quarter 2015. First quarter 2016, fourth quarter 2015, and first quarter 2015 included mortgage servicing amortization and periodic impairment charges (net) of $71,000, $77,000, and $128,000, respectively. Gain on sale of securities for the first quarter 2016 totaled $2,000. No gains were recognized in the fourth quarter of 2015, and gains in first quarter 2015 totaled $175,000. Other income includes bank owned life insurance income and rental income.
Non-Interest Expense
Non-interest expense for first quarter 2016 increased $497,000 versus fourth quarter 2015 and increased $5,000 versus first quarter 2015. Total compensation expense increased $33,000 versus fourth quarter 2015 mainly due to 401K and payroll taxes on the annual performance related compensation paid in March. The total compensation expenses year-over-year increase of $117,000 is mainly attributable to increased staffing levels and timing differences related to the 401K match and payroll taxes associated with the prior year’s performance related compensation.
Premises and equipment expense increased $37,000 versus fourth quarter 2015 and decreased $13,000 versus first quarter 2015. Fourth quarter 2015 benefited from year-end accrual adjustments, and the year-over-year decrease was related to lower fuel and utility costs.
Data processing increased $46,000 versus fourth quarter 2015 and decreased $27,000 versus first quarter 2015. The increase in expense was related to year-end processing and tax reporting. Tax preparation expenses totaling $18,000 were reclassified to consulting in 2016.
Professional fees decreased $128,000 versus fourth quarter 2015, and $270,000 versus first quarter 2015. Fourth quarter 2015 included third party imaging, special project audit fees, and year-end accrual adjustments. First quarter 2015 expenses included consulting and audit fees related to the Riverside merger.
Loan related expenses increased $184,000 versus fourth quarter 2015 and decreased $87,000 versus first quarter 2015. The increase was mainly due to a gain on sale of OREO in fourth quarter 2015 and the year-over-year decrease was mainly due to the write-downs associated with OREO properties in first quarter 2015.
Other expense increased $286,000 versus fourth quarter 2015 and increased $273,000 versus first quarter 2015 primarily as a result of expenses related to sold loans.
The effective income tax rates for first quarter 2016, fourth quarter 2015 and first quarter 2015 were 25.86%, 29.35% and 29.90%, respectively.
Loans
Net loans receivable increased $29.8 million during first quarter 2016 to $728.8 million at March 31, 2016, compared with $699.0 million at December 31, 2015, and increased $52.1 million compared with $676.7 million at March 31, 2015.
Asset Quality
Non-performing assets increased $0.5 million during first quarter 2016 to $16.8 million, or 1.9% of assets at March 31, 2016, from $16.3 million, or 1.8% of assets at December 31, 2015, and increased $1.9 million from $14.9 million, or 1.7% of assets, at March 31, 2015.
The amount of total impaired and potential problem loans increased to $30.6 million (4.17% of gross loans receivable) during first quarter 2016, compared to $27.1 million, or 3.85% of gross loans receivable at December 31, 2015, and decreased $0.3 million from $30.9 million, or 4.54% of gross loans receivable at March 31, 2015.
Accruing loans receivable 30-to-89 days past due increased $3.5 million during first quarter 2016 to $8.0 million, or 1.1% of gross loans receivable, from $4.5 million, or 0.6% of gross loans receivable at December 31, 2015, and increased $2.4 million versus March 31, 2015.
Provision for loan loss expense (benefit) for the quarter was $463,000 for first quarter 2016 versus $266,000 for fourth quarter 2015, and ($200,000) for first quarter 2015. Net loan charge-offs (recoveries) were $302,000 for the first quarter 2016, $209,000 for fourth quarter 2015 and ($24,000) for the first quarter 2015. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, was 0.80% for the first quarter 2016, versus 0.81% for fourth quarter 2015 and 0.76% for first quarter 2015.
Salisbury endeavors to work constructively to resolve its non-performing loan issues with customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral.
Capital
Book value and tangible book value per common share increased $0.07 and $0.15, respectively, during first quarter 2016, to $33.20 and $27.84, respectively. Tangible book value excludes goodwill and core deposit intangibles.
Shareholders’ equity increased $0.8 million in first quarter 2016 to $91.4 million at March 31, 2016. Contributing to the increase in shareholders’ equity for first quarter 2016 was net income of $1.5 million, and a $0.1 million increase in common stock offset by common stock dividends paid of $0.8 million.
The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At March 31, 2016, Salisbury’s tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 8.57%, 12.92%, and 10.69%, respectively. The Bank’s tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 9.51%, 12.53%, and 11.68%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively. Risk based capital information for 2016 incorporates the implementation of Basel III.
First Quarter 2016 Dividends on Common Shares
The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at their April 29, 2016 meeting. The dividend will be paid on May 27, 2016 to shareholders of record as of May 13, 2016.
Background
Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and Dover Plains, Fishkill, Millerton, Newburgh, Poughkeepsie, and Red Oaks Mill, New York. The Bank offers a broad spectrum of consumer and business banking products and services as well as trust and wealth advisory services.
Forward-Looking Statements
This news release may contain statements relating to future results of Salisbury’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by management using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, which are available at the Securities and Exchange Commission’s website (www.sec.gov) and to which reference is hereby made. Forward-looking statements made by Salisbury in this news release speak only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
| (in thousands, except share data) | March 31, 2016 (unaudited) | December 31, 2015 | ||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 9,309 | $ | 14,891 | ||||
| Interest bearing demand deposits with other banks | 22,194 | 47,227 | ||||||
| Total cash and cash equivalents | 31,503 | 62,118 | ||||||
| Securities | ||||||||
| Available-for-sale at fair value | 79,034 | 76,694 | ||||||
| Federal Home Loan Bank of Boston stock at cost | 3,117 | 3,176 | ||||||
| Loans held-for-sale | 183 | 763 | ||||||
| Loans receivable, net (allowance for loan losses: $5,877 and $5,716) | 728,845 | 699,018 | ||||||
| Bank premises and equipment, net | 14,632 | 14,307 | ||||||
| Goodwill | 12,552 | 12,552 | ||||||
| Intangible assets (net of accumulated amortization: $3,064 and $2,909) | 2,183 | 2,338 | ||||||
| Accrued interest receivable | 2,451 | 2,307 | ||||||
| Cash surrender value of life insurance policies | 13,775 | 13,685 | ||||||
| Deferred taxes | 2,013 | 1,989 | ||||||
| Other assets | 1,516 | 2,245 | ||||||
| Total Assets | $ | 891,804 | $ | 891,192 | ||||
| LIABILITIES and SHAREHOLDERS' EQUITY | ||||||||
| Deposits | ||||||||
| Demand (non-interest bearing) | $ | 192,184 | $ | 201,340 | ||||
| Demand (interest bearing) | 122,814 | 125,465 | ||||||
| Money market | 192,357 | 183,783 | ||||||
| Savings and other | 126,214 | 119,651 | ||||||
| Certificates of deposit | 122,089 | 124,294 | ||||||
| Total deposits | 755,658 | 754,533 | ||||||
| Repurchase agreements | 2,620 | 3,914 | ||||||
| Federal Home Loan Bank of Boston advances | 27,031 | 26,979 | ||||||
| Subordinated debt(1) | 9,770 | 9,764 | ||||||
| Note payable | 365 | 376 | ||||||
| Capital lease liability | 420 | 422 | ||||||
| Accrued interest and other liabilities | 4,538 | 4,630 | ||||||
| Total Liabilities | 800,402 | 800,618 | ||||||
| Shareholders' Equity | ||||||||
| Common stock - $.10 per share par value | ||||||||
| Authorized: 5,000,000; | ||||||||
| Issued: 2,753,426 and 2,733,576 | 275 | 273 | ||||||
| Unearned compensation - restricted stock awards | (529 | ) | (110 | ) | ||||
| Paid-in capital | 41,915 | 41,364 | ||||||
| Retained earnings | 48,662 | 47,922 | ||||||
| Accumulated other comprehensive income, net | 1,079 | 1,125 | ||||||
| Total Shareholders' Equity | $ | 91,402 | 90,574 | |||||
| Total Liabilities and Shareholders' Equity | $ | 891,804 | $ | 891,192 | ||||
(1) Net of issuance costs, which are capitalized and amortized as a component of interest expense over a period of 10 years.
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
| Periods ended March 31, | Three months ended | |||||||
| (in thousands, except per share amounts) | 2016 | 2015 | ||||||
| Interest and dividend income | ||||||||
| Interest and fees on loans | $ | 7,925 | $ | 7,922 | ||||
| Interest on debt securities | ||||||||
| Taxable | 293 | 326 | ||||||
| Tax exempt | 286 | 390 | ||||||
| Other interest and dividends | 74 | 33 | ||||||
| Total interest and dividend income | 8,578 | 8,671 | ||||||
| Interest expense | ||||||||
| Deposits | 508 | 444 | ||||||
| Repurchase agreements | 1 | 1 | ||||||
| Capital lease | 18 | 18 | ||||||
| Note payable | 5 | — | ||||||
| Subordinated debt | 156 | — | ||||||
| Federal Home Loan Bank of Boston advances | 231 | 282 | ||||||
| Total interest expense | 919 | 745 | ||||||
| Net interest and dividend income | 7,659 | 7,926 | ||||||
| Provision (benefit) for loan losses | 463 | (200 | ) | |||||
| Net interest and dividend income after provision (benefit) for loan losses | 7,196 | 8,126 | ||||||
| Non-interest income | ||||||||
| Trust and wealth advisory | 784 | 822 | ||||||
| Service charges and fees | 730 | 731 | ||||||
| Gains on sales of mortgage loans, net | 39 | 94 | ||||||
| Mortgage servicing, net | 12 | (40 | ) | |||||
| Gains on sales of available-for-sale securities, net | 2 | 175 | ||||||
| Other | 117 | 114 | ||||||
| Total non-interest income | 1,684 | 1,896 | ||||||
| Non-interest expense | ||||||||
| Salaries | 2,574 | 2,540 | ||||||
| Employee benefits | 1,088 | 1,005 | ||||||
| Premises and equipment | 895 | 908 | ||||||
| Data processing | 447 | 474 | ||||||
| Professional fees | 380 | 650 | ||||||
| Collections, OREO and loan related | 157 | 244 | ||||||
| FDIC insurance | 134 | 198 | ||||||
| Marketing and community support | 200 | 110 | ||||||
| Amortization of core deposit intangibles | 155 | 169 | ||||||
| Other | 810 | 537 | ||||||
| Total non-interest expense | 6,840 | 6,835 | ||||||
| Income before income taxes | 2,040 | 3,187 | ||||||
| Income tax provision | 528 | 953 | ||||||
| Net income | $ | 1,512 | $ | 2,234 | ||||
| Net income available to common shareholders | $ | 1,512 | $ | 2,194 | ||||
| Basic earnings per common share | $ | 0.55 | $ | 0.81 | ||||
| Diluted earnings per common share | 0.55 | 0.80 | ||||||
| Common dividends per share | 0.28 | 0.28 | ||||||
Salisbury Bancorp, Inc. and Subsidiary
SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)
| At or for the three month periods ended | ||||||||||||||||||||
| (in thousands, except per share amounts and ratios) | Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 | Q1 2015 | |||||||||||||||
| Total assets | $ | 891,804 | $ | 891,192 | $ | 904,233 | $ | 860,794 | $ | 865,037 | ||||||||||
| Loans receivable, net | 728,845 | 699,018 | 687,719 | 677,726 | 676,734 | |||||||||||||||
| Total securities | 82,151 | 79,870 | 83,886 | 82,932 | 84,694 | |||||||||||||||
| Deposits | 755,658 | 754,533 | 761,479 | 720,734 | 724,910 | |||||||||||||||
| FHLBB advances | 27,031 | 26,979 | 26,928 | 28,033 | 28,403 | |||||||||||||||
| Shareholders’ equity | 91,402 | 90,574 | 105,450 | 104,104 | 103,211 | |||||||||||||||
| Wealth assets under management | 422,918 | 371,012 | 350,102 | 374,141 | 384,574 | |||||||||||||||
| Non-performing loans | 16,829 | 16,264 | 16,435 | 14,728 | 14,000 | |||||||||||||||
| Non-performing assets | 16,829 | 16,264 | 16,602 | 14,995 | 14,875 | |||||||||||||||
| Accruing loans past due 30-89 days | 7,995 | 4,499 | 2,486 | 2,796 | 5,564 | |||||||||||||||
| Net interest and dividend income | 7,659 | 7,928 | 7,897 | 7,793 | 7,926 | |||||||||||||||
| Net interest and dividend income, tax equivalent | 7,985 | 8,235 | 8,195 | 8,084 | 8,238 | |||||||||||||||
| Provision (benefit) for loan losses | 463 | 266 | 655 | 196 | (200 | ) | ||||||||||||||
| Non-interest income | 1,684 | 1,748 | 1,769 | 1,900 | 1,896 | |||||||||||||||
| Non-interest expense | 6,840 | 6,343 | 6,202 | 6,540 | 6,835 | |||||||||||||||
| Income before income taxes | 2,040 | 3,068 | 2,809 | 2,957 | 3,187 | |||||||||||||||
| Income tax provision | 528 | 900 | 824 | 885 | 953 | |||||||||||||||
| Net income | 1,512 | 2,167 | 1,985 | 2,072 | 2,234 | |||||||||||||||
| Net income available to common shareholders | 1,512 | 2,129 | 1,945 | 2,032 | 2,194 | |||||||||||||||
| Per share data | ||||||||||||||||||||
| Basic earnings per common share | $ | 0.55 | $ | 0.78 | $ | 0.71 | $ | 0.74 | $ | 0.81 | ||||||||||
| Diluted earnings per common share | 0.55 | 0.77 | 0.71 | 0.74 | 0.80 | |||||||||||||||
| Dividends per common share | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | |||||||||||||||
| Book value per common share | 33.20 | 33.13 | 32.72 | 32.26 | 31.96 | |||||||||||||||
| Tangible book value per common share - Non-GAAP(1) | 27.84 | 27.69 | 27.21 | 26.69 | 26.33 | |||||||||||||||
| Common shares outstanding at end of period | 2,753 | 2,734 | 2,734 | 2,731 | 2,729 | |||||||||||||||
| Weighted average common shares outstanding, to calculate basic earnings per share | 2,723 | 2,710 | 2,708 | 2,706 | 2,699 | |||||||||||||||
| Weighted average common shares outstanding, to calculate diluted earnings per share | 2,741 | 2,727 | 2,724 | 2,724 | 2,716 | |||||||||||||||
| Profitability ratios | ||||||||||||||||||||
| Net interest margin (tax equivalent) | 3.79 | % | 3.88 | % | 3.91 | % | 4.01 | % | 4.11 | % | ||||||||||
| Efficiency ratio(2) | 69.28 | 63.64 | 60.40 | 62.91 | 65.45 | |||||||||||||||
| Non-interest income to operating revenue | 18.01 | 18.06 | 18.25 | 19.51 | 17.84 | |||||||||||||||
| Effective income tax rate | 25.86 | 29.35 | 29.31 | 29.96 | 29.90 | |||||||||||||||
| Return on average assets | 0.68 | 0.94 | 0.87 | 0.94 | 1.03 | |||||||||||||||
| Return on average common shareholders’ equity | 6.68 | 9.34 | 8.64 | 9.26 | 10.22 | |||||||||||||||
| Credit quality ratios | ||||||||||||||||||||
| Net charge-offs to average loans receivable, gross | 0.17 | % | 0.12 | % | 0.03 | % | 0.19 | % | -0.01 | % | ||||||||||
| Non-performing loans to loans receivable, gross | 2.29 | 2.31 | 2.37 | 2.16 | 2.05 | |||||||||||||||
| Accruing loans past due 30-89 days to loans receivable, gross | 1.09 | 0.64 | 0.36 | 0.41 | 0.82 | |||||||||||||||
| Allowance for loan losses to loans receivable, gross | 0.80 | 0.81 | 0.82 | 0.74 | 0.76 | |||||||||||||||
| Allowance for loan losses to non-performing loans | 34.92 | 35.15 | 34.43 | 34.35 | 37.02 | |||||||||||||||
| Non-performing assets to total assets | 1.89 | 1.82 | 1.84 | 1.74 | 1.72 | |||||||||||||||
| Capital ratios | ||||||||||||||||||||
| Common shareholders' equity to assets | 10.25 | % | 10.16 | % | 9.89 | % | 10.24 | % | 10.08 | % | ||||||||||
| Tangible common shareholders' equity to tangible assets - Non-GAAP(1) | 8.74 | 8.64 | 8.37 | 8.62 | 8.45 | |||||||||||||||
| Tier 1 leverage capital | 8.57 | 8.56 | 10.31 | 10.42 | 10.29 | |||||||||||||||
| Total risk-based capital | 12.92 | 13.51 | 13.90 | 14.22 | 13.65 | |||||||||||||||
| Common equity tier 1 capital | 10.69 | 11.17 | 10.74 | 11.01 | 10.50 | |||||||||||||||
(1) Refer to schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.
(2) Calculated using SNL’s (publicly recognized resource of bank data) methodology, as follows: Noninterest expense before OREO expense, amortization of intangibles, and goodwill impairments as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains from securities transactions, litigation expenses, and one-time pension termination expenses.
Salisbury Bancorp, Inc. and Subsidiary
SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)
| At or for the quarters ended | ||||||||||||||||||||
| (in thousands, except per share amounts and ratios) | Q1 2016 | Q4 2015 | Q3 2015 | Q2 2015 | Q1 2015 | |||||||||||||||
| Shareholders' Equity | $ | 91,402 | $ | 90,574 | $ | 105,450 | $ | 104,104 | $ | 103,211 | ||||||||||
| Less: Preferred Stock | — | — | (16,000 | ) | (16,000 | ) | (16,000 | ) | ||||||||||||
| Common Shareholders' Equity | 91,402 | 90,574 | 89,450 | 88,104 | 87,211 | |||||||||||||||
| Less: Goodwill | (12,552 | ) | (12,552 | ) | (12,552 | ) | (12,552 | ) | (12,552 | ) | ||||||||||
| Less: Intangible assets | (2,183 | ) | (2,338 | ) | (2,496 | ) | (2,657 | ) | (2,821 | ) | ||||||||||
| Tangible Common Shareholders' Equity | $ | 76,667 | $ | 75,684 | $ | 74,402 | $ | 72,895 | $ | 71,838 | ||||||||||
| Total Assets | $ | 891,804 | $ | 891,192 | $ | 904,234 | $ | 860,794 | $ | 865,037 | ||||||||||
| Less: Goodwill | (12,552 | ) | (12,552 | ) | (12,552 | ) | (12,552 | ) | (12,552 | ) | ||||||||||
| Less: Intangible assets | (2,183 | ) | (2,338 | ) | (2,496 | ) | (2,657 | ) | (2,821 | ) | ||||||||||
| Tangible Total Assets | $ | 877,069 | $ | 876,302 | $ | 889,186 | $ | 845,585 | $ | 849,664 | ||||||||||
| Common Shares outstanding | 2,753 | 2,734 | 2,734 | 2,731 | 2,729 | |||||||||||||||
| Book value per Common Share – GAAP | $ | 33.20 | $ | 33.13 | $ | 32.72 | $ | 32.26 | $ | 31.96 | ||||||||||
| Tangible book value per Common Share - Non-GAAP | 27.84 | 27.69 | 27.21 | 26.69 | 26.33 | |||||||||||||||
| Common Shareholders’ Equity to Assets – GAAP | 10.25 | % | 10.16 | % | 9.89 | % | 10.24 | % | 10.08 | % | ||||||||||
| Tangible Common Shareholders’ Equity to Tangible Assets – Non-GAAP | 8.74 | 8.64 | 8.37 | 8.62 | 8.45 | |||||||||||||||
| Non-interest expense | $ | 6,840 | $ | 6,343 | $ | 6,202 | $ | 6,571 | $ | 6,835 | ||||||||||
| Less: Amortization of core deposit intangibles | (155 | ) | (158 | ) | (161 | ) | (164 | ) | (169 | ) | ||||||||||
| Less: Foreclosed property expense | 12 | 168 | (27 | ) | (131 | ) | (148 | ) | ||||||||||||
| Less: Strategic initiatives | — | — | — | — | — | |||||||||||||||
| Operating expenses | $ | 6,697 | $ | 6,353 | $ | 6,014 | $ | 6,276 | $ | 6,518 | ||||||||||
| Net interest and dividend income, tax equivalent | $ | 7,985 | $ | 8,235 | $ | 8,194 | $ | 8,084 | $ | 8,238 | ||||||||||
| Non-interest income | 1,684 | 1,748 | 1,769 | 1,900 | 1,896 | |||||||||||||||
| Gains on securities, net | (2 | ) | — | (6 | ) | (11 | ) | (175 | ) | |||||||||||
| Operating revenue | $ | 9,667 | $ | 9,983 | $ | 9,957 | $ | 9,973 | $ | 9,959 | ||||||||||
| Efficiency Ratio less strategic initiatives | 69.28 | % | 63.64 | % | 60.40 | % | 62.91 | % | 65.45 | % | ||||||||||