Attached files
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| 8-K - FORM 8-K - SALISBURY BANCORP, INC. | sal0426form8k.htm |
Exhibit 99.1
Friday, April 27, 2018
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 2018; DECLARES 28 CENT DIVIDEND
| · | First Quarter Net Income of $0.72 per Share |
| · | Total Assets Top $1.0 Billion on Strong Loan Growth |
| · | Non-performing Assets Improved to 0.57% of Total Assets from 0.74% at December 31, 2017 |
| · | Wealth Assets Under Administration of $600 Million |
Lakeville, Connecticut, April 27, 2018 /GlobeNewswire…..Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its first quarter ended March 31, 2018.
Net income available to common shareholders was $2.0 million, or $0.72 per common share, for Salisbury’s first quarter ended March 31, 2018 (first quarter 2018), compared with $1.1 million, or $0.39 per common share, for the fourth quarter ended December 31, 2017 (fourth quarter 2017), and $1.6 million, or $0.58 per common share, for the first quarter ended March 31, 2017 (first quarter 2017).
Salisbury’s President and Chief Executive Officer, Richard J. Cantele, Jr., stated, “We posted strong results for the quarter, which included solid loan growth and continued improvements in credit quality. During the quarter we also relocated our Newburgh branch to an improved location that will allow us to better serve our existing and new clients. Additionally, in April 2018, we completed the acquisition of the Fishkill, New York branch of Orange Bank & Trust Company and we consolidated our existing Fishkill branch into this new location. We continue to remain focused on enhancing shareholder value and providing outstanding service to our customers.”
Net Interest Income
Tax equivalent net interest income for the first quarter 2018 decreased $119 thousand, or 1.4%, versus fourth quarter 2017, and increased $19 thousand, or 0.2%, versus first quarter 2017. Average earning assets increased $20.6 million versus fourth quarter 2017, and increased $59.6 million versus first quarter 2017. Average total interest bearing deposits increased $1.7 million versus fourth quarter 2017 and increased $37.0 million versus first quarter 2017. The increase in average interest bearing deposits from the prior year first quarter reflected the acquisition of the New Paltz branch in June 2017, which increased deposits by approximately $31 million. The tax equivalent net interest margin for the first quarter 2018 was 3.51% compared with 3.58% for the fourth quarter 2017 and 3.69% for the first quarter 2017.
Non-Interest Income
Non-interest income for first quarter 2018 decreased $207 thousand versus fourth quarter 2017 and decreased $49 thousand versus first quarter 2017. The fourth quarter 2017 included gains of $193 thousand on the sale of available-for-sale securities compared with losses of $15 thousand in the first quarter 2018.
Trust and Wealth Advisory revenues increased $37 thousand versus fourth quarter 2017 and increased $40 thousand versus first quarter 2017. The increases primarily reflected higher asset management fees.
Service charges and fees decreased $51 thousand versus fourth quarter 2017, and decreased $94 thousand versus first quarter 2017. The declines from both comparative periods primarily reflected lower ATM, deposit and loan related fees.
Income from mortgage sales and servicing increased $5 thousand versus fourth quarter 2017 and increased $7 thousand versus first quarter 2017. The increase from the fourth quarter 2017 primarily reflected lower amortization expense on mortgage servicing rights. The increase from the first quarter 2017 reflected lower amortization expense on mortgage servicing rights which was mostly offset by lower gains on the sale of mortgages, due to a reduction in volume, and lower mortgage servicing income.
Non-Interest Expense
Non-interest expense for the first quarter 2018 included OREO charges of $52 thousand compared with $1.4 million in the fourth quarter 2017 and $144 thousand in the first quarter 2017. Excluding OREO charges, non-interest expense for first quarter 2018 increased $433 thousand versus fourth quarter 2017 and decreased $32 thousand versus first quarter 2017. Compensation expense increased $292 thousand versus fourth quarter 2017, and increased $148 thousand versus first quarter 2017. The increase from the fourth quarter 2017 primarily reflected higher benefits expense and payroll taxes partly offset by lower salary expense. The increase from the first quarter 2017 reflected higher salary, benefits and payroll tax expenses.
Premises and equipment costs decreased $10 thousand versus fourth quarter 2017 and increased $129 thousand versus first quarter 2017. The decrease from the fourth quarter 2017 reflected lower software and depreciation expense, partly offset by higher real estate taxes. The increase from the first quarter 2017 reflected higher lease expense, resulting from the acquisition of the New Paltz branch, higher software maintenance expense, and higher real estate taxes. Data processing expenses, which also include data communications related expenses, decreased $50 thousand versus fourth quarter 2017 and increased $14 thousand versus first quarter 2017. The decrease from the fourth quarter 2017 reflected lower Trust department data processing expenses and lower ATM and debit card network expenses.
Professional fees increased $82 thousand versus fourth quarter 2017 and decreased $98 thousand versus first quarter 2017. The increase from the fourth quarter 2017 was attributed to higher consultation, investment management and legal fees, which were partly offset by a reduction in internal audit expense. The decrease from the prior year first quarter primarily reflected lower internal audit and legal expenses partly offset by higher external audit and exam expenses.
Loan related expenses increased $133 thousand versus the fourth quarter 2017 and decreased $75 thousand compared with the first quarter 2017. The fourth quarter 2017 included a reversal of accruals for OREO carrying costs and the delinquent real estate taxes on OREO properties. The decrease from the first quarter 2017 reflected lower OREO carrying costs.
The effective income tax rates for first quarter 2018, fourth quarter 2017 and first quarter 2017 were 18.1%, 48.4% and 27.0%, respectively. The lower tax rate for first quarter 2018 reflected the reduction in the federal statutory rate from 34% to 21% as a result of the Federal Tax Cuts and Jobs Act enacted in December 2017. Excluding the discrete charge in the fourth quarter 2017 related to the remeasurement of net deferred tax assets as a result of this tax law change, the effective tax rate for the fourth quarter was 27.12%.
Loans
Net loans receivable increased $66 million, or 9% from $765 million as of the first quarter 2017 to $830 million at March 31, 2018, and increased $29 million, or 4% from $802 million at December 31, 2017.
Asset Quality
Non-performing assets decreased $1.6 million during the first quarter 2018 to $5.8 million, or 0.57% of assets at March 31, 2018, from $7.4 million, or 0.74% of assets at December 31, 2017, and decreased $5.1 million from $10.9 million, or 1.16% of assets, at March 31, 2017. The decrease in non-performing assets from the fourth quarter of 2017 reflected the payoff of certain non-performing loans.
The amount of total impaired and potential problem loans were $23.0 million or 2.75% of gross loans receivable at March 31, 2018 compared to $23.9 million, or 2.97% of gross loans receivable at December 31, 2017 and $21.5 million, or 2.79% of gross loans receivable at March 31, 2017.
Accruing loans receivable 30-to-89 days past due were $3.4 million or 0.40% of gross loans receivable at March 31, 2018 compared to $3.5 million, or 0.44% of gross loans receivable at December 31 2017, and $11.9 million, or 1.55% of gross loans receivable at March 31, 2017.
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.
The provision for loan loss expense was $326 thousand for first quarter 2018 compared with $67 thousand for fourth quarter 2017 and $352 thousand for the first quarter 2017. The increase from the prior year fourth quarter primarily reflected higher recoveries received in the fourth quarter of 2017, which reduced the need for additional provision expense in that quarter. Net loan charge-offs (recoveries) were $43 thousand for the first quarter 2018, $(214) thousand for fourth quarter 2017 and $194 thousand for the first quarter 2017. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, was 0.84% for the first quarter 2018, versus 0.84% for the fourth quarter 2017 and 0.82% for the first quarter 2017. Similarly, reserve coverage, as measured by the ratio of the allowance for loan losses to non-performing loans was 139% for the first quarter of 2018, versus 102% for the fourth quarter of 2017 and 89% for the first quarter of 2017.
Capital
Shareholders’ equity was $98.1 million at March 31, 2018 and book value and tangible book value were $35.20 and $29.63, respectively. Tangible book value excludes goodwill and core deposit intangibles.
The regulatory capital ratios of the Company and the Bank remain in compliance with regulatory “well capitalized” requirements. At March 31, 2018, Salisbury’s tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 8.56%, 12.70%, and 10.54%, respectively. The Bank’s tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 9.27%, 12.32%, and 11.42%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively.
Dividends on Common Shares
The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at their April 27, 2018 meeting. Such dividend will be paid on May 25, 2018 to shareholders of record as of May 11, 2018.
Background
Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company (the “Bank”), 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, New Paltz, 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 (unaudited)
| (in thousands, except share data) | March 31, 2018 | December 31, 2017 | ||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 5,781 | $ | 9,357 | ||||
| Interest bearing demand deposits with other banks | 39,198 | 39,129 | ||||||
| Total cash and cash equivalents | 44,979 | 48,486 | ||||||
| Securities | ||||||||
| Available-for-sale at fair value | 80,732 | 79,047 | ||||||
| Federal Home Loan Bank of Boston stock at cost | 4,146 | 3,813 | ||||||
| Loans held-for-sale | — | 669 | ||||||
| Loans receivable, net (allowance for loan losses: $7,058 and $6,776) | 830,370 | 801,703 | ||||||
| Other real estate owned | 667 | 719 | ||||||
| Bank premises and equipment, net | 18,197 | 16,401 | ||||||
| Goodwill | 13,815 | 13,815 | ||||||
| Intangible assets (net of accumulated amortization: $4,164 and $4,043) | 1,716 | 1,837 | ||||||
| Accrued interest receivable | 2,704 | 2,665 | ||||||
| Cash surrender value of life insurance policies | 14,462 | 14,381 | ||||||
| Deferred taxes | 905 | 677 | ||||||
| Other assets | 2,241 | 2,771 | ||||||
| Total Assets | $ | 1,014,934 | $ | 986,984 | ||||
| LIABILITIES and SHAREHOLDERS' EQUITY | ||||||||
| Deposits | ||||||||
| Demand (non-interest bearing) | $ | 220,796 | $ | 220,536 | ||||
| Demand (interest bearing) | 146,312 | 142,575 | ||||||
| Money market | 185,955 | 190,953 | ||||||
| Savings and other | 155,630 | 144,600 | ||||||
| Certificates of deposit | 123,144 | 116,831 | ||||||
| Total deposits | 831,837 | 815,495 | ||||||
| Repurchase agreements | 3,962 | 1,668 | ||||||
| Federal Home Loan Bank of Boston advances | 62,480 | 54,422 | ||||||
| Subordinated Debt | 9,817 | 9,811 | ||||||
| Note payable | 305 | 313 | ||||||
| Capital lease liability | 3,179 | 1,835 | ||||||
| Accrued interest and other liabilities | 5,257 | 5,926 | ||||||
| Total Liabilities | 916,837 | 889,470 | ||||||
| Shareholders' Equity | ||||||||
| Common stock - $.10 per share par value | ||||||||
| Authorized: 5,000,000; | ||||||||
| Issued: 2,872,578 and 2,872,578 | ||||||||
| Outstanding: 2,786,566 and 2,785,216 | 279 | 279 | ||||||
| Unearned compensation - restricted stock awards | (493 | ) | (606 | ) | ||||
| Paid-in capital | 43,040 | 42,998 | ||||||
| Retained earnings | 55,883 | 54,664 | ||||||
| Accumulated other comprehensive (loss) income, net | (612 | ) | 179 | |||||
| Total Shareholders' Equity | 98,097 | 97,514 | ||||||
| Total Liabilities and Shareholders' Equity | $ | 1,014,934 | $ | 986,984 |
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
| Periods ended March 31, | Three months ended | |||||||
| (in thousands, except per share amounts) | 2018 | 2017 | ||||||
| Interest and dividend income | ||||||||
| Interest and fees on loans | $ | 8,649 | $ | 8,221 | ||||
| Interest on debt securities | ||||||||
| Taxable | 460 | 317 | ||||||
| Tax exempt | 32 | 164 | ||||||
| Other interest and dividends | 159 | 83 | ||||||
| Total interest and dividend income | 9,300 | 8,785 | ||||||
| Interest expense | ||||||||
| Deposits | 777 | 515 | ||||||
| Repurchase agreements | 1 | 1 | ||||||
| Capital lease | 35 | 17 | ||||||
| Note payable | 5 | 2 | ||||||
| Subordinated Debt | 156 | 156 | ||||||
| Federal Home Loan Bank of Boston advances | 332 | 262 | ||||||
| Total interest expense | 1,306 | 953 | ||||||
| Net interest and dividend income | 7,994 | 7,832 | ||||||
| Provision for loan losses | 326 | 352 | ||||||
| Net interest and dividend income after provision for loan losses | 7,668 | 7,480 | ||||||
| Non-interest income | ||||||||
| Trust and wealth advisory | 894 | 854 | ||||||
| Service charges and fees | 868 | 962 | ||||||
| Gains on sales of mortgage loans, net | 18 | 49 | ||||||
| Mortgage servicing, net | 83 | 45 | ||||||
| Loss on sales of available -for-sale- securities, net | (15 | ) | — | |||||
| Other | 126 | 113 | ||||||
| Total non-interest income | 1,974 | 2,023 | ||||||
| Non-interest expense | ||||||||
| Salaries | 2,846 | 2,769 | ||||||
| Employee benefits | 1,159 | 1,088 | ||||||
| Premises and equipment | 1,024 | 895 | ||||||
| Data processing | 486 | 472 | ||||||
| Professional fees | 619 | 717 | ||||||
| OREO gains, losses and write-downs | 52 | 144 | ||||||
| Collections, OREO carrying costs, and loan related | 82 | 157 | ||||||
| FDIC insurance | 130 | 149 | ||||||
| Marketing and community support | 242 | 251 | ||||||
| Amortization of intangibles | 120 | 126 | ||||||
| Other | 422 | 538 | ||||||
| Total non-interest expense | 7,182 | 7,306 | ||||||
| Income before income taxes | 2,460 | 2,197 | ||||||
| Income tax provision | 445 | 593 | ||||||
| Net income | $ | 2,015 | $ | 1,604 | ||||
| Net income applicable to common shareholders | $ | 1,995 | $ | 1,594 | ||||
| Basic earnings per common share | $ | 0.72 | $ | 0.58 | ||||
| Diluted earnings per common share | 0.72 | 0.58 | ||||||
| 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 2018 | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 | |||||||||||||||
| Total assets | $ | 1,014,934 | $ | 986,984 | $ | 979,469 | $ | 974,806 | $ | 939,549 | ||||||||||
| Loans receivable, net | 830,370 | 801,703 | 784,136 | 771,850 | 764,665 | |||||||||||||||
| Total securities | 84,878 | 82,860 | 88,546 | 84,468 | 80,359 | |||||||||||||||
| Deposits | 831,837 | 815,495 | 831,989 | 811,341 | 772,416 | |||||||||||||||
| FHLBB advances | 62,480 | 54,422 | 27,364 | 47,302 | 52,745 | |||||||||||||||
| Shareholders’ equity | 98,097 | 97,514 | 97,526 | 96,545 | 95,221 | |||||||||||||||
| Wealth assets under administration | 600,256 | 610,218 | 594,510 | 585,759 | 524,459 | |||||||||||||||
| Discretionary wealth assets under administration | 390,248 | 394,673 | 374,357 | 374,271 | 365,086 | |||||||||||||||
| Non-Discretionary wealth assets under administration | 210,008 | 215,545 | 220,153 | 211,488 | 159,373 | |||||||||||||||
| Non-performing loans | 5,094 | 6,635 | 8,313 | 7,835 | 7,057 | |||||||||||||||
| Non-performing assets | 5,761 | 7,354 | 12,257 | 11,690 | 10,890 | |||||||||||||||
| Accruing loans past due 30-89 days | 3,362 | 3,536 | 3,449 | 2,961 | 11,689 | |||||||||||||||
| Net interest and dividend income | 7,994 | 8,025 | 7,766 | 7,661 | 7,832 | |||||||||||||||
| Net interest and dividend income, tax equivalent | 8,112 | 8,231 | 7,983 | 7,894 | 8,093 | |||||||||||||||
| Provision (benefit) for loan losses | 326 | 67 | 237 | 364 | 352 | |||||||||||||||
| Non-interest income | 1,974 | 2,182 | 2,080 | 1,951 | 2,023 | |||||||||||||||
| Non-interest expense | 7,182 | 8,052 | 7,220 | 6,751 | 7,306 | |||||||||||||||
| Income before income taxes | 2,460 | 2,088 | 2,389 | 2,497 | 2,197 | |||||||||||||||
| Income tax provision | 445 | 1,011 | 695 | 615 | 593 | |||||||||||||||
| Net income | 2,015 | 1,077 | 1,694 | 1,882 | 1,604 | |||||||||||||||
| Net income applicable to common shareholders | 1,995 | 1,065 | 1,678 | 1,867 | 1,594 | |||||||||||||||
| Per share data | ||||||||||||||||||||
| Basic earnings per common share | $ | 0.72 | $ | 0.39 | $ | 0.61 | $ 0. 68 | $ | 0.58 | |||||||||||
| Diluted earnings per common share | 0.72 | 0.38 | 0.60 | 0.67 | 0.58 | |||||||||||||||
| Dividends per common share | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | |||||||||||||||
| Book value per common share | 35.20 | 35.01 | 35.01 | 34.66 | 34.38 | |||||||||||||||
| Tangible book value per common share - Non-GAAP(1) | 29.63 | 29.39 | 29.34 | 28.94 | 29.26 | |||||||||||||||
| Common shares outstanding at end of period (in thousands) | 2,787 | 2,785 | 2,786 | 2,785 | 2,770 | |||||||||||||||
| Weighted average common shares outstanding, to calculate basic earnings per share (in thousands) | 2,759 | 2,757 | 2,757 | 2,757 | 2,749 | |||||||||||||||
| Weighted average common shares outstanding, to calculate diluted earnings per share (in thousands) | 2,780 | 2,778 | 2,777 | 2,775 | 2,768 | |||||||||||||||
| Profitability ratios | ||||||||||||||||||||
| Net interest margin (tax equivalent) | 3.51 | % | 3.58 | % | 3.50 | % | 3.58 | % | 3.69 | % | ||||||||||
| Efficiency ratio(2) | 69.35 | 64.90 | 67.18 | 66.56 | 68.68 | |||||||||||||||
| Effective income tax rate(3) | 18.09 | 48.42 | 29.09 | 24.62 | 27.00 | |||||||||||||||
| Return on average assets | 0.81 | 0.43 | 0.69 | 0.77 | 0.70 | |||||||||||||||
| Return on average common shareholders’ equity | 8.33 | 4.38 | 6.89 | 7.82 | 6.83 | |||||||||||||||
| Credit quality ratios | ||||||||||||||||||||
| Non-performing loans to loans receivable, gross | 0.61 | 0.82 | 1.05 | 1.01 | 0.92 | |||||||||||||||
| Accruing loans past due 30-89 days to loans receivable, gross | 0.40 | 0.44 | 0.44 | 0.38 | 1.53 | |||||||||||||||
| Allowance for loan losses to loans receivable, gross | 0.84 | 0.84 | 0.82 | 0.83 | 0.82 | |||||||||||||||
| Allowance for loan losses to non-performing loans | 138.56 | 102.12 | 79.30 | 82.87 | 89.05 | |||||||||||||||
| Non-performing assets to total assets | 0.57 | 0.74 | 1.25 | 1.20 | 1.16 | |||||||||||||||
| Capital ratios | ||||||||||||||||||||
| Common shareholders' equity to assets | 9.67 | % | 9.88 | % | 9.96 | % | 9.90 | % | 10.13 | % | ||||||||||
| Tangible common shareholders' equity to tangible assets - Non-GAAP(1) | 8.26 | 8.43 | 8.48 | 8.41 | 8.76 | |||||||||||||||
| Tier 1 leverage capital | 8.56 | 8.53 | 8.49 | 8.77 | 8.83 | |||||||||||||||
| Total risk-based capital | 12.70 | 12.94 | 13.20 | 13.12 | 13.34 | |||||||||||||||
| Common equity tier 1 capital | 10.54 | 10.73 | 10.96 | 10.88 | 11.10 | |||||||||||||||
(1) Refer to
schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.
(2) Calculated using S&P Global’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 and litigation expenses.
(3) The effective tax rate for 4Q 2017 included the discrete charge related to the remeasurement of net deferred tax assets. Excluding this charge, the effective tax rate for the quarter was 27.12%.
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 2018 | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 | |||||||||||||||
| Common Shareholders' Equity | $ | 98,097 | $ | 97,514 | $ | 97,526 | $ | 96,545 | $ | 95,221 | ||||||||||
| Less: Goodwill | (13,815 | ) | (13,815 | ) | (13,815 | ) | (13,827 | ) | (12,552 | ) | ||||||||||
| Less: Intangible assets | (1,716 | ) | (1,837 | ) | (1,974 | ) | (2,116 | ) | (1,611 | ) | ||||||||||
| Tangible Common Shareholders' Equity | $ | 82,566 | $ | 81,862 | $ | 81,737 | $ | 80,602 | $ | 81,058 | ||||||||||
| Total Assets | $ | 1,014,934 | $ | 986,984 | $ | 979,469 | $ | 974,806 | $ | 939,549 | ||||||||||
| Less: Goodwill | (13,815 | ) | (13,815 | ) | (13,815 | ) | (13,827 | ) | (12,552 | ) | ||||||||||
| Less: Intangible assets | (1,716 | ) | (1,837 | ) | (1,974 | ) | (2,116 | ) | (1,611 | ) | ||||||||||
| Tangible Total Assets | $ | 999,403 | $ | 971,332 | $ | 963,680 | $ | 958,863 | $ | 925,386 | ||||||||||
| Common Shares outstanding | 2,787 | 2,785 | 2,786 | 2,785 | 2,770 | |||||||||||||||
| Book value per Common Share – GAAP | $ | 35.20 | $ | 35.01 | $ | 35.01 | $ | 34.66 | $ | 34.38 | ||||||||||
| Tangible book value per Common Share - Non-GAAP | 29.63 | 29.39 | 29.34 | 28.94 | 29.26 | |||||||||||||||
| Non-interest expense | $ | 7,182 | $ | 8,052 | $ | 7,220 | $ | 6,751 | $ | 7,306 | ||||||||||
| Less: Amortization of core deposit intangibles | (120 | ) | (138 | ) | (142 | ) | (126 | ) | (126 | ) | ||||||||||
| Less: Foreclosed property expense including OREO gains, losses and write downs | (56 | ) | (1,281 | ) | (318 | ) | (63 | ) | (232 | ) | ||||||||||
| Operating Expenses | $ | 7,006 | $ | 6,633 | $ | 6,760 | $ | 6,562 | $ | 6,948 | ||||||||||
| Net interest and dividend income, tax equivalent | $ | 8,112 | $ | 8,231 | $ | 7,983 | $ | 7,894 | $ | 8,093 | ||||||||||
| Non-interest income | 1,974 | 2,182 | 2,080 | 1,951 | 2,023 | |||||||||||||||
| Losses (gains) on securities | 15 | (193 | ) | — | 14 | — | ||||||||||||||
| Operating Revenue | $ | 10,101 | $ | 10,220 | $ | 10,063 | $ | 9,859 | $ | 10,116 | ||||||||||
| Efficiency Ratio - Non-GAAP | 69.35 | % | 64.90 | % | 67.18 | % | 66.56 | % | 68.68 | % | ||||||||||