Highlights
County Bancorp, Inc. (Nasdaq: ICBK), the holding company of
Investors Community Bank (the “Bank”), an agricultural and
commercial community bank headquartered in Manitowoc, Wisconsin,
reported net income of $2.8 million, or $0.41 diluted earnings per
share, for the fourth quarter of 2018, compared to net income of
$3.5 million, or $0.50 diluted earnings per share, for the third
quarter of 2018 and $2.1 million, or $0.30 diluted earnings per
share, for the fourth quarter of 2017. Net income for the
year ended December 31, 2018 was $14.3 million, or $2.04 diluted
earnings per share, compared to $10.4 million for the year ended
December 31, 2017, or $1.49 diluted earnings per share, an increase
of 36.7%. This represents a return on average assets of 0.96%
for the year ended December 31, 2018, compared to 0.80% for the
year ended December 31, 2017.
“We are very pleased that we continue to produce
solid year-over-year earnings, even with the challenges in the
dairy sector,” stated Tim Schneider, President of County Bancorp,
Inc. and CEO of the Bank.
“With the dairy challenges and a flattening to
inverted yield curve, we are going to take 2019 to manage our
growth and work on the right side of our balance sheet. We
plan to reduce our overall credit exposure during the first half of
2019 and continue to focus on core deposit generation. This
will allow us to work aggressively to reduce our wholesale funding
during 2019. We anticipate another challenging year on the
credit side with our classified assets continuing to
increase. We still believe that our classified asset levels
are protected overall by the use of Farm Service Agency guarantees
on many of our agricultural credits.”
Loans and Total Assets
Total assets at December 31, 2018 were $1.5
billion, an increase of $5.9 million, or 0.4%, and $123.8 million,
or 8.9%, over total assets as of September 30, 2018 and December
31, 2017, respectively. Total loans were $1.2 billion at
December 31, 2018, which represents a $58.3 million, or 5.1%,
increase over total loans at December 31, 2017. Loan growth
in the fourth quarter of 2018 was $4.4 million, an increase of
0.4%, from September 30, 2018.
In addition to on-balance sheet loan growth,
participated loans that we continue to service totaled $661.3
million at December 31, 2018, which is an increase of $60.1
million, or 10.1%, over participated loans that we continued to
service at December 31, 2017. During the fourth quarter of
2018, participated loans that we continue to service increased
$16.4 million, or 2.5%, over loans sold and serviced as of
September 30, 2018.
Deposits
Total deposits at December 31, 2018 were $1.2
billion, an increase of $14.6 million, or 1.2%, and $113.3 million,
or 10.2%, over total deposits as of September 30, 2018 and December
31, 2017, respectively. Core deposit (demand deposits, money
market accounts, and certificates of deposit) increased $69.3
million, or 10.1%, since December 31, 2017, and increased $36.3, or
5.1%, in the fourth quarter of 2018. We continue to
supplement our deposit needs with wholesale deposits, which include
brokered deposits and national certificates of deposit.
Brokered deposits and national certificates of deposit at December
31, 2018 were $468.9 million, which was a decrease of $21.8
million, or 4.4%, from September 30, 2018, but was an increase of
$43.9 million, or 10.3%, from December 31, 2017.
Due to our deposit growth in 2018, we have been
able to decrease our FHLB borrowings by $13.0 million, or 12.7%,
since September 30, 2018, and by $32.1 million, or 26.4%, since
December 31, 2017.
Net Interest Income and
Margin
Net interest income improved to $10.7 million
for the three months ended December 31, 2018, which was a $0.1
million, or 1.3%, and $0.5 million, or 5.5%, increase from the
three months ended September 30, 2018 and the three months ended
December 31, 2017, respectively, primarily due to growth in loans
and securities available for sale.
For the year ended December 31, 2018, net
interest income improved 8.0% to $42.0 million from $38.9 million
for the year ended December 31, 2017. The increase was
primarily due to loan growth and purchases of securities available
for sale, which was partially offset by interest expense on
subordinated debt issued in 2018 and increased rates paid on
deposit accounts.
Net interest margin was 2.91% for the three
months ended December 31, 2018, which was an increase from 2.89%
for the three months ended September 30, 2018, and a decrease from
3.06% for the three months ended December 31, 2017. Despite
asset yields improving over the linked quarter, only a slight
improvement was realized in net interest margin due to continued
increased deposits costs. Year-over-year fourth quarter net
interest margin decreased by fifteen basis points primarily due to
interest expense related to the $30.0 million of junior
subordinated debentures that were issued during the second quarter
of 2018 and a forty-eight basis point increase in cost of funds,
which was partially offset by a forty basis point improvement in
loan yields.
For the year ended December 31, 2018, net
interest margin decreased to 2.91% from 3.11% for the year ended
December 31, 2017. Yields on interest earning assets
increased by 0.22% between the two years while the cost of interest
bearing liabilities increased by 0.47% between the same
periods.
Non-Interest Income and
Expense
Non-interest income for the three months ended
December 31, 2018 increased by $0.2 million, or 7.6%, to $2.3
million compared to the three months ended September 30, 2018,
primarily the result of increased loan servicing rights and fees
related to increased volume in loans being serviced.
Non-interest income for the three months ended
December 31, 2018 increased $0.3 million, or 16.3%, to $2.3 million
compared to $2.0 million for the three months ended December 31,
2017. For the year ended December 31, 2018, non-interest
income increased $1.2 million, or 15.4%, to $8.8 million from the
year ended December 31, 2017. Both the quarterly and annual
increases are directly related to increases in loan servicing fees
which was the result of higher volumes of loans being serviced.
Non-interest expense for the three months ended
December 31, 2018 increased by $0.5 million, or 7.3%, to $7.5
million compared to the three months ended September 30, 2018, and
increased $0.4 million, or 5.2% compared to the three months ended
December 31, 2017. The increase was primarily due $0.7
million write-downs on two OREO properties, which was partially
offset by a decrease in employee compensation in benefits related
to a one-time employment contract payment of $0.2 million that took
place in the third quarter.
For the year ended December 31, 2018,
non-interest expense increased $2.3 million, or 8.8%, to $28.3
million compared to the year ended December 31, 2017. The
increase is primarily made up of a $1.3 million related to
increases in employee compensation and benefits in connection with
eight new positions, a $0.4 million increase in occupancy expenses
related to relocating our corporate headquarters, and a $0.5
million increase in information processing related to technology
investments and implementations made throughout 2018.
The effective tax rate for the year ended
December 31, 2018 was 26.2% compared to 42.8% for the year ended
December 31, 2017. The decline in effective tax rate resulted
in a $2.7 million decrease in income tax expense year-over-year,
and was the result of the tax reform that was enacted on December
22, 2017.
Asset Quality
Non-performing assets as a percent of total
assets decreased to 1.94% at December 31, 2018, from 2.36% at
September 30, 2018, but increased from 1.15% at December 31,
2017. At December 31, 2018, non-performing assets were $29.6
million, down from $35.7 million at September 30, 2018, but up from
$16.1 million at December 31, 2017. During the fourth quarter
of 2018, non-performing loans decreased $4.9 million due $1.2
million in charge-offs and $3.7 million in loan payments and
collection of collateral. During the fourth quarter, two OREO
properties were written-down and one Farm Service Agency guarantee
payment was received, resulting in a decrease of $1.7 million in
OREO during the quarter ended December 31, 2018. This
decrease was partially offset by the inclusion of $0.4 million of
Bank-owned property adjacent to our Stevens Point branch that is
now considered classified as OREO due to the Bank’s five-year
holding period.
Adverse classified asset ratio (a non-GAAP
measure, as calculated on page 10) increased to 57.12% at December
31, 2018 from 51.89% and 51.57% at September 30, 2018 and December
31, 2017, respectively, as the result of the strained agricultural
economy and the four-year sustained low prices of class III
milk.
A provision for loan losses of $1.6 million was
recorded for the three months ended December 31, 2018 compared to a
provision of $0.9 million and $12 thousand for the three months
ended September 30, 2018 and December 31, 2017, respectively.
The increased provision is directly related to an increase in
historical loss history from the $1.2 million charge-offs that
occurred during the fourth quarter.
For the year ended December 31, 2018, the
provision for loan losses was $3.2 million compared to $2.3 million
for the year ended December 31, 2017. The increase in
provision expense year-over-year was primarily the result of an
increase of substandard loans totaling $37.7 million between
December 31, 2017 and December 31, 2018.
Conference Call
County Bancorp, Inc. will host an earnings call
on today, February 11, 2019, at 11:30 a.m., CST, conducted by Tim
Schneider, President, and Glen L. Stiteley, CFO.
Shareholders, analysts, and other interested parties are invited to
join the call via telephone by dialing (888) 317-6016 or visiting
County Bancorp’s website at
http://www.investorscommunitybank.com and then clicking on the
link “Investor Relations.” Investors should visit County
Bancorp’s website or call in to the dial-in number set forth above
at least 10 minutes prior to the scheduled start of the call.
A replay of the earnings call will be available
until February 11, 2020, by visiting the County Bancorp’s website
at http://www.investorscommunitybank.com and clicking on the
link “Investor Relations.”
About County Bancorp, Inc.
County Bancorp, Inc., a Wisconsin corporation
and registered bank holding company founded in May 1996, and our
wholly-owned subsidiary Investors Community Bank, a
Wisconsin-chartered bank, are headquartered in Manitowoc,
Wisconsin. The state of Wisconsin is often referred to as
“America’s Dairyland,” and one of the niches we have developed is
providing financial services to agricultural businesses statewide,
with a primary focus on dairy-related lending. We also serve
business and retail customers throughout Wisconsin, with a focus on
northeastern and central Wisconsin. Our customers are served
from our full-service locations in Manitowoc, Appleton, Green Bay,
and Stevens Point and our loan production offices in Darlington,
Eau Claire, Fond du Lac, and Sheboygan.
Forward-Looking Statements
This press release includes "forward-looking
statements” within the meaning of such term in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to known and unknown risks and
uncertainties, many of which may be beyond our control. We caution
you that the forward-looking statements presented in this press
release are not a guarantee of future events, and that actual
events may differ materially from those made in or suggested by the
forward-looking information contained in this press release.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may," "plan," "seek,"
"will," "expect," "intend," "estimate," "anticipate," "believe" or
"continue" or the negative thereof or variations thereon or similar
terminology. Factors that may cause actual results to differ
materially from those made or suggested by the forward-looking
statements contained in this press release include those identified
in County Bancorp, Inc.’s most recent annual report on Form 10-K
and subsequent filings with the Securities and Exchange
Commission. Any forward-looking statements presented herein
are made only as of the date of this press release, and we do not
undertake any obligation to update or revise any forward-looking
statements to reflect changes in assumptions, the occurrence of
unanticipated events, or otherwise.
Investor Relations ContactGlen L. StiteleyEVP -
CFO, Investors Community BankPhone: (920) 686-5658 Email:
gstiteley@icbk.com
County Bancorp,
Inc.Consolidated Financial
Summary(Unaudited) |
|
December31,2018 |
|
|
September 30,2018 |
|
|
June 30,2018 |
|
|
March 31,2018 |
|
|
December 31,2017 |
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
Period-End
Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
61,087 |
|
|
$ |
49,996 |
|
|
$ |
81,044 |
|
|
$ |
90,676 |
|
|
$ |
66,771 |
|
Securities
available for sale, at fair value |
|
|
195,945 |
|
|
|
190,185 |
|
|
|
187,505 |
|
|
|
141,360 |
|
|
|
126,030 |
|
Loans held for
sale |
|
|
2,949 |
|
|
|
13,770 |
|
|
|
11,468 |
|
|
|
6,407 |
|
|
|
6,575 |
|
Agricultural
loans |
|
|
724,508 |
|
|
|
714,310 |
|
|
|
702,426 |
|
|
|
698,106 |
|
|
|
686,430 |
|
Commercial
loans |
|
|
415,672 |
|
|
|
417,146 |
|
|
|
407,609 |
|
|
|
406,096 |
|
|
|
407,036 |
|
Multi-family
real estate loans |
|
|
62,321 |
|
|
|
66,403 |
|
|
|
65,713 |
|
|
|
54,514 |
|
|
|
49,133 |
|
Residential real
estate loans |
|
|
4,522 |
|
|
|
4,965 |
|
|
|
5,437 |
|
|
|
5,512 |
|
|
|
6,005 |
|
Installment and
consumer other |
|
|
272 |
|
|
|
113 |
|
|
|
339 |
|
|
|
297 |
|
|
|
347 |
|
Total loans |
|
|
1,207,295 |
|
|
|
1,202,937 |
|
|
|
1,181,524 |
|
|
|
1,164,525 |
|
|
|
1,148,951 |
|
Allowance for
loan losses |
|
|
(16,505 |
) |
|
|
(16,143 |
) |
|
|
(15,129 |
) |
|
|
(14,612 |
) |
|
|
(13,247 |
) |
Net loans |
|
|
1,190,790 |
|
|
|
1,186,794 |
|
|
|
1,166,395 |
|
|
|
1,149,913 |
|
|
|
1,135,704 |
|
Other
assets |
|
|
70,057 |
|
|
|
74,223 |
|
|
|
72,465 |
|
|
|
71,901 |
|
|
|
61,965 |
|
Total Assets |
|
$ |
1,520,828 |
|
|
$ |
1,514,968 |
|
|
$ |
1,518,877 |
|
|
$ |
1,460,257 |
|
|
$ |
1,397,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits |
|
$ |
121,436 |
|
|
$ |
103,862 |
|
|
$ |
95,459 |
|
|
$ |
101,167 |
|
|
$ |
125,584 |
|
NOW accounts and
interest checking |
|
|
51,779 |
|
|
|
46,811 |
|
|
|
51,674 |
|
|
|
48,212 |
|
|
|
51,613 |
|
Savings |
|
|
5,770 |
|
|
|
6,616 |
|
|
|
6,833 |
|
|
|
6,189 |
|
|
|
6,751 |
|
Money market
accounts |
|
|
218,929 |
|
|
|
208,233 |
|
|
|
204,332 |
|
|
|
199,834 |
|
|
|
199,118 |
|
Time
deposits |
|
|
356,484 |
|
|
|
352,531 |
|
|
|
344,619 |
|
|
|
314,766 |
|
|
|
302,004 |
|
Brokered
deposits |
|
|
308,504 |
|
|
|
317,291 |
|
|
|
323,561 |
|
|
|
319,692 |
|
|
|
282,616 |
|
National time
deposits |
|
|
160,445 |
|
|
|
173,440 |
|
|
|
183,953 |
|
|
|
182,530 |
|
|
|
142,391 |
|
Total deposits |
|
|
1,223,347 |
|
|
|
1,208,784 |
|
|
|
1,210,431 |
|
|
|
1,172,390 |
|
|
|
1,110,077 |
|
FHLB
advances |
|
|
89,400 |
|
|
|
102,400 |
|
|
|
108,200 |
|
|
|
120,500 |
|
|
|
121,500 |
|
Subordinated
debentures |
|
|
44,703 |
|
|
|
44,663 |
|
|
|
44,725 |
|
|
|
15,540 |
|
|
|
15,523 |
|
Other
liabilities |
|
|
11,293 |
|
|
|
11,134 |
|
|
|
9,439 |
|
|
|
9,013 |
|
|
|
8,959 |
|
Total Liabilities |
|
|
1,368,743 |
|
|
|
1,366,981 |
|
|
|
1,372,795 |
|
|
|
1,317,443 |
|
|
|
1,256,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
152,085 |
|
|
|
147,987 |
|
|
|
146,082 |
|
|
|
142,814 |
|
|
|
140,986 |
|
Total Liabilities and Shareholders'
Equity |
|
$ |
1,520,828 |
|
|
$ |
1,514,968 |
|
|
$ |
1,518,877 |
|
|
$ |
1,460,257 |
|
|
$ |
1,397,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Price
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High -
Quarter-to-date |
|
$ |
26.00 |
|
|
$ |
28.20 |
|
|
$ |
29.26 |
|
|
$ |
33.76 |
|
|
$ |
33.94 |
|
Low -
Quarter-to-date |
|
$ |
17.37 |
|
|
$ |
24.29 |
|
|
$ |
25.72 |
|
|
$ |
26.61 |
|
|
$ |
27.77 |
|
Market price -
Quarter-end |
|
$ |
17.37 |
|
|
$ |
25.10 |
|
|
$ |
27.50 |
|
|
$ |
29.21 |
|
|
$ |
29.76 |
|
Book value per
share |
|
$ |
21.48 |
|
|
$ |
20.91 |
|
|
$ |
20.63 |
|
|
$ |
20.17 |
|
|
$ |
19.93 |
|
Tangible book
value per share (1) |
|
$ |
20.65 |
|
|
$ |
20.07 |
|
|
$ |
19.77 |
|
|
$ |
19.29 |
|
|
$ |
19.04 |
|
Common shares
outstanding |
|
|
6,709,480 |
|
|
|
6,694,230 |
|
|
|
6,693,447 |
|
|
|
6,684,923 |
|
|
|
6,673,381 |
|
(1) This is a non-GAAP financial measure. A reconciliation
to GAAP is included below.
|
|
December 31,2018 |
|
|
September 30,2018 |
|
|
June 30,2018 |
|
|
March 31,2018 |
|
|
December 31,2017 |
|
|
|
|
|
|
|
(dollars in thousands) |
|
Loans by risk
category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sound/Acceptable/Satisfactory/ Low Satisfactory |
|
$ |
908,172 |
|
|
$ |
901,643 |
|
|
$ |
896,509 |
|
|
$ |
891,062 |
|
|
$ |
873,801 |
|
Watch |
|
|
171,670 |
|
|
|
171,890 |
|
|
|
186,399 |
|
|
|
185,179 |
|
|
|
183,022 |
|
Special Mention |
|
|
6,566 |
|
|
|
11,036 |
|
|
|
4,783 |
|
|
|
5,636 |
|
|
|
8,902 |
|
Substandard Performing |
|
|
65,501 |
|
|
|
61,851 |
|
|
|
46,751 |
|
|
|
45,261 |
|
|
|
50,224 |
|
Substandard Impaired |
|
|
55,386 |
|
|
|
56,517 |
|
|
|
47,082 |
|
|
|
37,387 |
|
|
|
33,002 |
|
Total loans |
|
|
1,207,295 |
|
|
|
1,202,937 |
|
|
|
1,181,524 |
|
|
|
1,164,525 |
|
|
|
1,148,951 |
|
Loan sold with servicing retained |
|
|
661,257 |
|
|
|
644,879 |
|
|
|
628,435 |
|
|
|
611,358 |
|
|
|
600,666 |
|
Total loans and loans sold with servicing retained |
|
$ |
1,868,552 |
|
|
$ |
1,847,816 |
|
|
$ |
1,809,959 |
|
|
$ |
1,775,883 |
|
|
$ |
1,749,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
22,983 |
|
|
$ |
27,881 |
|
|
$ |
26,305 |
|
|
$ |
17,746 |
|
|
$ |
11,559 |
|
Other real estate owned (2) |
|
|
6,568 |
|
|
|
7,851 |
|
|
|
8,607 |
|
|
|
8,982 |
|
|
|
4,565 |
|
Total non-performing assets |
|
$ |
29,551 |
|
|
$ |
35,732 |
|
|
$ |
34,912 |
|
|
$ |
26,728 |
|
|
$ |
16,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing TDRs not on
nonaccrual |
|
$ |
18,258 |
|
|
$ |
11,863 |
|
|
$ |
11,173 |
|
|
$ |
10,488 |
|
|
$ |
9,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a % of total loans |
|
|
2.45 |
% |
|
|
2.97 |
% |
|
|
2.95 |
% |
|
|
2.30 |
% |
|
|
1.40 |
% |
Non-performing assets
as a % of total assets |
|
|
1.94 |
% |
|
|
2.36 |
% |
|
|
2.30 |
% |
|
|
1.83 |
% |
|
|
1.15 |
% |
Adverse classified
asset ratio (1) |
|
|
57.12 |
% |
|
|
51.89 |
% |
|
|
47.34 |
% |
|
|
53.44 |
% |
|
|
51.57 |
% |
Allowance for loan
losses as a % of nonaccrual loans |
|
|
71.81 |
% |
|
|
57.90 |
% |
|
|
57.51 |
% |
|
|
82.34 |
% |
|
|
114.60 |
% |
Allowance for loan
losses as a % of total loans |
|
|
1.37 |
% |
|
|
1.34 |
% |
|
|
1.28 |
% |
|
|
1.25 |
% |
|
|
1.15 |
% |
Net charge-offs
(recoveries) quarter-to-date |
|
$ |
1,210 |
|
|
$ |
(21 |
) |
|
$ |
16 |
|
|
$ |
(1,268 |
) |
|
$ |
390 |
|
Provision for loan loss
quarter-to-date |
|
$ |
1,572 |
|
|
$ |
993 |
|
|
$ |
533 |
|
|
$ |
97 |
|
|
$ |
12 |
|
(1)This is a non-GAAP financial measure. A reconciliation
to GAAP is included below.
(2)For the quarters ending December 31, 2017 through September
30, 2018, does not include $0.4 million of bank property
transferred from premises and equipment, which is not considered a
non-performing asset. As of December 31, 2018, that bank
property is considered classified due to the length of the holding
period.
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
|
|
December 31,2018 |
|
|
September 30,2018 |
|
|
June 30,2018 |
|
|
March 31,2018 |
|
|
December 31,2017 |
|
|
December 31,2018 |
|
|
December 31,2017 |
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
Selected Income
Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
including fees |
|
$ |
15,536 |
|
|
$ |
15,113 |
|
|
$ |
14,366 |
|
|
$ |
13,691 |
|
|
$ |
13,443 |
|
|
$ |
58,706 |
|
|
$ |
50,395 |
|
Taxable
securities |
|
|
1,168 |
|
|
|
945 |
|
|
|
982 |
|
|
|
632 |
|
|
|
462 |
|
|
|
3,727 |
|
|
|
1,808 |
|
Tax-exempt securities |
|
|
183 |
|
|
|
344 |
|
|
|
14 |
|
|
|
157 |
|
|
|
88 |
|
|
|
698 |
|
|
|
350 |
|
Federal
funds sold and other |
|
|
223 |
|
|
|
249 |
|
|
|
401 |
|
|
|
213 |
|
|
|
256 |
|
|
|
1,086 |
|
|
|
499 |
|
Total interest and dividend
income |
|
|
17,110 |
|
|
|
16,651 |
|
|
|
15,763 |
|
|
|
14,693 |
|
|
|
14,249 |
|
|
|
64,217 |
|
|
|
53,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
5,273 |
|
|
|
4,980 |
|
|
|
4,600 |
|
|
|
3,796 |
|
|
|
3,464 |
|
|
|
18,649 |
|
|
|
11,815 |
|
FHLB
advances and other borrowed funds |
|
|
427 |
|
|
|
411 |
|
|
|
487 |
|
|
|
484 |
|
|
|
481 |
|
|
|
1,809 |
|
|
|
1,837 |
|
Subordinated debentures |
|
|
667 |
|
|
|
656 |
|
|
|
338 |
|
|
|
143 |
|
|
|
135 |
|
|
|
1,804 |
|
|
|
515 |
|
Total interest expense |
|
|
6,367 |
|
|
|
6,047 |
|
|
|
5,425 |
|
|
|
4,423 |
|
|
|
4,080 |
|
|
|
22,262 |
|
|
|
14,167 |
|
Net
interest income |
|
|
10,743 |
|
|
|
10,604 |
|
|
|
10,338 |
|
|
|
10,270 |
|
|
|
10,169 |
|
|
|
41,955 |
|
|
|
38,885 |
|
Provision
for loan losses |
|
|
1,572 |
|
|
|
993 |
|
|
|
533 |
|
|
|
97 |
|
|
|
12 |
|
|
|
3,195 |
|
|
|
2,330 |
|
Net
interest income after provision for loan losses |
|
|
9,171 |
|
|
|
9,611 |
|
|
|
9,805 |
|
|
|
10,173 |
|
|
|
10,157 |
|
|
|
38,760 |
|
|
|
36,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
charges |
|
|
470 |
|
|
|
394 |
|
|
|
445 |
|
|
|
365 |
|
|
|
332 |
|
|
|
1,674 |
|
|
|
1,406 |
|
Gain on
sale of loans, net |
|
|
54 |
|
|
|
41 |
|
|
|
45 |
|
|
|
32 |
|
|
|
22 |
|
|
|
172 |
|
|
|
118 |
|
Loan
servicing fees |
|
|
1,553 |
|
|
|
1,521 |
|
|
|
1,486 |
|
|
|
1,452 |
|
|
|
1,483 |
|
|
|
6,012 |
|
|
|
5,799 |
|
Loan
servicing rights |
|
|
7 |
|
|
|
(46 |
) |
|
|
127 |
|
|
|
10 |
|
|
|
(37 |
) |
|
|
98 |
|
|
|
(315 |
) |
Income on
OREO |
|
|
83 |
|
|
|
96 |
|
|
|
45 |
|
|
|
32 |
|
|
|
16 |
|
|
|
256 |
|
|
|
73 |
|
Other |
|
|
153 |
|
|
|
151 |
|
|
|
168 |
|
|
|
149 |
|
|
|
178 |
|
|
|
621 |
|
|
|
572 |
|
Total non-interest income |
|
|
2,320 |
|
|
|
2,157 |
|
|
|
2,316 |
|
|
|
2,040 |
|
|
|
1,994 |
|
|
|
8,833 |
|
|
|
7,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee
compensation and benefits |
|
|
4,059 |
|
|
|
4,394 |
|
|
|
4,114 |
|
|
|
4,218 |
|
|
|
3,702 |
|
|
|
16,785 |
|
|
|
15,437 |
|
Occupancy |
|
|
245 |
|
|
|
332 |
|
|
|
278 |
|
|
|
204 |
|
|
|
135 |
|
|
|
1,059 |
|
|
|
654 |
|
Information processing |
|
|
641 |
|
|
|
529 |
|
|
|
529 |
|
|
|
465 |
|
|
|
423 |
|
|
|
2,164 |
|
|
|
1,632 |
|
Professional fees |
|
|
497 |
|
|
|
351 |
|
|
|
359 |
|
|
|
315 |
|
|
|
406 |
|
|
|
1,522 |
|
|
|
1,657 |
|
Business
development |
|
|
259 |
|
|
|
258 |
|
|
|
260 |
|
|
|
299 |
|
|
|
210 |
|
|
|
1,076 |
|
|
|
941 |
|
OREO
expenses |
|
|
106 |
|
|
|
46 |
|
|
|
152 |
|
|
|
140 |
|
|
|
17 |
|
|
|
444 |
|
|
|
174 |
|
Writedown
of OREO |
|
|
688 |
|
|
|
81 |
|
|
|
104 |
|
|
|
- |
|
|
|
820 |
|
|
|
873 |
|
|
|
905 |
|
Net loss
(gain) on OREO |
|
|
(54 |
) |
|
|
(28 |
) |
|
|
(149 |
) |
|
|
- |
|
|
|
10 |
|
|
|
(231 |
) |
|
|
(353 |
) |
Depreciation and amortization |
|
|
408 |
|
|
|
302 |
|
|
|
324 |
|
|
|
314 |
|
|
|
319 |
|
|
|
1,348 |
|
|
|
1,307 |
|
Other |
|
|
689 |
|
|
|
758 |
|
|
|
966 |
|
|
|
830 |
|
|
|
1,123 |
|
|
|
3,243 |
|
|
|
3,638 |
|
Total non-interest expense |
|
|
7,538 |
|
|
|
7,023 |
|
|
|
6,937 |
|
|
|
6,785 |
|
|
|
7,165 |
|
|
|
28,283 |
|
|
|
25,992 |
|
Income before income taxes |
|
|
3,953 |
|
|
|
4,745 |
|
|
|
5,184 |
|
|
|
5,428 |
|
|
|
4,986 |
|
|
|
19,310 |
|
|
|
18,216 |
|
Income tax expense |
|
|
1,123 |
|
|
|
1,228 |
|
|
|
1,334 |
|
|
|
1,374 |
|
|
|
2,855 |
|
|
|
5,059 |
|
|
|
7,791 |
|
NET INCOME |
|
$ |
2,830 |
|
|
$ |
3,517 |
|
|
$ |
3,850 |
|
|
$ |
4,054 |
|
|
$ |
2,131 |
|
|
$ |
14,251 |
|
|
$ |
10,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.41 |
|
|
$ |
0.51 |
|
|
$ |
0.56 |
|
|
$ |
0.59 |
|
|
$ |
0.31 |
|
|
$ |
2.06 |
|
|
$ |
1.52 |
|
Diluted |
|
$ |
0.40 |
|
|
$ |
0.50 |
|
|
$ |
0.55 |
|
|
$ |
0.58 |
|
|
$ |
0.30 |
|
|
$ |
2.04 |
|
|
$ |
1.49 |
|
Dividends
declared |
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.06 |
|
|
$ |
0.28 |
|
|
$ |
0.24 |
|
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
|
|
December 31,2018 |
|
|
September 30,2018 |
|
|
June 30,2018 |
|
|
March 31,2018 |
|
|
December 31,2017 |
|
|
December 31,2018 |
|
|
December 31,2017 |
|
|
|
|
|
|
|
(dollars in thousands, except share data) |
|
Other
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
0.75 |
% |
|
|
0.94 |
% |
|
|
1.04 |
% |
|
|
1.15 |
% |
|
|
0.62 |
% |
|
|
0.96 |
% |
|
|
0.80 |
% |
Return on
average shareholders' equity |
|
|
7.58 |
% |
|
|
9.51 |
% |
|
|
10.63 |
% |
|
|
11.62 |
% |
|
|
6.05 |
% |
|
|
9.50 |
% |
|
|
7.58 |
% |
Return on
average common shareholders' equity (1) |
|
|
7.70 |
% |
|
|
9.75 |
% |
|
|
10.96 |
% |
|
|
12.04 |
% |
|
|
6.12 |
% |
|
|
9.74 |
% |
|
|
7.77 |
% |
Efficiency ratio
(1) |
|
|
52.85 |
% |
|
|
54.62 |
% |
|
|
55.18 |
% |
|
|
55.12 |
% |
|
|
52.11 |
% |
|
|
54.42 |
% |
|
|
54.63 |
% |
Tangible common
equity to tangible assets (1) |
|
|
9.14 |
% |
|
|
8.90 |
% |
|
|
8.75 |
% |
|
|
8.87 |
% |
|
|
9.13 |
% |
|
|
9.14 |
% |
|
|
9.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations |
|
$ |
2,830 |
|
|
$ |
3,517 |
|
|
$ |
3,850 |
|
|
$ |
4,054 |
|
|
$ |
2,131 |
|
|
$ |
14,251 |
|
|
$ |
10,425 |
|
Less:
Preferred stock dividends |
|
|
111 |
|
|
|
106 |
|
|
|
99 |
|
|
|
97 |
|
|
|
96 |
|
|
|
413 |
|
|
|
353 |
|
Income available to common shareholders |
|
$ |
2,719 |
|
|
$ |
3,411 |
|
|
$ |
3,751 |
|
|
$ |
3,957 |
|
|
$ |
2,035 |
|
|
$ |
13,838 |
|
|
$ |
10,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number
of common shares issued |
|
|
7,184,946 |
|
|
|
7,167,276 |
|
|
|
7,163,362 |
|
|
|
7,152,970 |
|
|
|
7,150,424 |
|
|
|
7,177,212 |
|
|
|
7,110,099 |
|
Less: Weighted
average treasury shares |
|
|
443,694 |
|
|
|
443,140 |
|
|
|
442,102 |
|
|
|
439,833 |
|
|
|
437,901 |
|
|
|
442,206 |
|
|
|
433,976 |
|
Less: Weighted
average non- vested restricted units awards |
|
|
28,701 |
|
|
|
29,537 |
|
|
|
30,692 |
|
|
|
34,976 |
|
|
|
41,217 |
|
|
|
30,955 |
|
|
|
40,740 |
|
Weighted average
number of common shares outstanding |
|
|
6,712,551 |
|
|
|
6,694,599 |
|
|
|
6,690,568 |
|
|
|
6,678,161 |
|
|
|
6,671,306 |
|
|
|
6,704,051 |
|
|
|
6,635,383 |
|
Effect of
dilutive options |
|
|
45,116 |
|
|
|
63,346 |
|
|
|
79,368 |
|
|
|
90,804 |
|
|
|
97,633 |
|
|
|
68,876 |
|
|
|
111,463 |
|
Weighted average number of common shares outstanding
used to calculate diluted earnings per common share |
|
|
6,757,667 |
|
|
|
6,757,945 |
|
|
|
6,769,936 |
|
|
|
6,768,965 |
|
|
|
6,768,939 |
|
|
|
6,772,927 |
|
|
|
6,746,846 |
|
(1) This is a non-GAAP financial measure. A reconciliation
to GAAP is included below.
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
Non-GAAP
Financial Measures: |
|
December31,2018 |
|
|
September 30,2018 |
|
|
June 30,2018 |
|
|
March 31,2018 |
|
|
December 31,2017 |
|
|
December 31,2018 |
|
|
December 31,2017 |
|
|
|
|
|
|
|
(dollars in thousands) |
|
Return on
average common shareholders'
equity reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity |
|
|
7.58 |
% |
|
|
9.51 |
% |
|
|
10.63 |
% |
|
|
11.62 |
% |
|
|
6.05 |
% |
|
|
9.50 |
% |
|
|
7.58 |
% |
Effect of excluding average preferred shareholders'
equity |
|
|
0.12 |
% |
|
|
0.24 |
% |
|
|
0.33 |
% |
|
|
0.42 |
% |
|
|
0.07 |
% |
|
|
0.24 |
% |
|
|
0.19 |
% |
Return on average common shareholders' equity |
|
|
7.70 |
% |
|
|
9.75 |
% |
|
|
10.96 |
% |
|
|
12.04 |
% |
|
|
6.12 |
% |
|
|
9.74 |
% |
|
|
7.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio GAAP to non-GAAP
reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
$ |
7,538 |
|
|
$ |
7,023 |
|
|
$ |
6,937 |
|
|
$ |
6,785 |
|
|
$ |
7,165 |
|
|
$ |
28,283 |
|
|
$ |
25,992 |
|
Less: net gain (loss) on sales and write-downs of OREO |
|
|
(634 |
) |
|
|
(53 |
) |
|
|
45 |
|
|
|
- |
|
|
|
(830 |
) |
|
|
(642 |
) |
|
|
(552 |
) |
Adjusted non-interest expense (non-GAAP) |
|
$ |
6,904 |
|
|
$ |
6,970 |
|
|
$ |
6,982 |
|
|
$ |
6,785 |
|
|
$ |
6,335 |
|
|
$ |
27,641 |
|
|
$ |
25,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
10,743 |
|
|
$ |
10,604 |
|
|
$ |
10,338 |
|
|
$ |
10,270 |
|
|
$ |
10,169 |
|
|
$ |
41,955 |
|
|
$ |
38,885 |
|
Non-interest
income |
|
|
2,320 |
|
|
|
2,157 |
|
|
|
2,316 |
|
|
|
2,040 |
|
|
|
1,994 |
|
|
|
8,833 |
|
|
|
7,653 |
|
Less: net loss
(gain) on sales of securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6 |
) |
|
|
- |
|
|
|
31 |
|
Operating
revenue |
|
$ |
13,063 |
|
|
$ |
12,761 |
|
|
$ |
12,654 |
|
|
$ |
12,310 |
|
|
$ |
12,157 |
|
|
$ |
50,788 |
|
|
$ |
46,569 |
|
Efficiency ratio |
|
|
52.85 |
% |
|
|
54.62 |
% |
|
|
55.18 |
% |
|
|
55.12 |
% |
|
|
52.11 |
% |
|
|
54.42 |
% |
|
|
54.63 |
% |
|
|
December 31,2018 |
|
|
September 30,2018 |
|
|
June 30,2018 |
|
|
March 31,2018 |
|
|
December 31,2017 |
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
Tangible book
value per share and tangible common equity
to tangible assets
reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
equity |
|
$ |
144,085 |
|
|
$ |
139,987 |
|
|
$ |
138,082 |
|
|
$ |
134,814 |
|
|
$ |
132,986 |
|
Less:
Goodwill |
|
|
5,038 |
|
|
|
5,038 |
|
|
|
5,038 |
|
|
|
5,038 |
|
|
|
5,038 |
|
Less: Core
deposit intangible, net of amortization |
|
|
513 |
|
|
|
603 |
|
|
|
701 |
|
|
|
806 |
|
|
|
919 |
|
Tangible common equity (non-GAAP) |
|
$ |
138,534 |
|
|
$ |
134,346 |
|
|
$ |
132,343 |
|
|
$ |
128,970 |
|
|
$ |
127,029 |
|
Common shares
outstanding |
|
|
6,709,480 |
|
|
|
6,694,230 |
|
|
|
6,693,447 |
|
|
|
6,684,923 |
|
|
|
6,673,381 |
|
Tangible book
value per share |
|
$ |
20.65 |
|
|
$ |
20.07 |
|
|
$ |
19.77 |
|
|
$ |
19.29 |
|
|
$ |
19.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,520,828 |
|
|
$ |
1,514,968 |
|
|
$ |
1,518,877 |
|
|
$ |
1,460,257 |
|
|
$ |
1,397,045 |
|
Less:
Goodwill |
|
|
5,038 |
|
|
|
5,038 |
|
|
|
5,038 |
|
|
|
5,038 |
|
|
|
5,038 |
|
Less: Core
deposit intangible, net of amortization |
|
|
513 |
|
|
|
603 |
|
|
|
701 |
|
|
|
806 |
|
|
|
919 |
|
Tangible assets
(non-GAAP) |
|
$ |
1,515,277 |
|
|
$ |
1,509,327 |
|
|
$ |
1,513,138 |
|
|
$ |
1,454,413 |
|
|
$ |
1,391,088 |
|
Tangible common equity to tangible assets |
|
|
9.14 |
% |
|
|
8.90 |
% |
|
|
8.75 |
% |
|
|
8.87 |
% |
|
|
9.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adverse
classified asset ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Substandard
loans |
|
$ |
120,887 |
|
|
$ |
118,368 |
|
|
$ |
93,833 |
|
|
$ |
82,648 |
|
|
$ |
83,226 |
|
Less:
Non-impaired restructured loans |
|
|
(5,078 |
) |
|
|
(13,657 |
) |
|
|
(2,081 |
) |
|
|
(1,164 |
) |
|
|
(1,072 |
) |
Net substandard loans |
|
$ |
115,809 |
|
|
$ |
104,711 |
|
|
$ |
91,752 |
|
|
$ |
81,484 |
|
|
$ |
82,154 |
|
Other real
estate owned |
|
|
6,568 |
|
|
|
7,851 |
|
|
|
8,607 |
|
|
|
8,982 |
|
|
|
4,565 |
|
Substandard
unused commitments |
|
|
1,625 |
|
|
|
1,191 |
|
|
|
959 |
|
|
|
2,309 |
|
|
|
799 |
|
Less:
Substandard government guarantees |
|
|
(7,111 |
) |
|
|
(9,374 |
) |
|
|
(8,356 |
) |
|
|
(3,605 |
) |
|
|
(4,289 |
) |
Total adverse classified assets (non-GAAP) |
|
$ |
116,891 |
|
|
$ |
104,379 |
|
|
$ |
92,962 |
|
|
$ |
89,170 |
|
|
$ |
83,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
(Bank) |
|
$ |
185,458 |
|
|
$ |
180,359 |
|
|
$ |
177,911 |
|
|
$ |
149,105 |
|
|
$ |
146,937 |
|
Unrealized loss
on available for sale securities |
|
|
2,221 |
|
|
|
4,152 |
|
|
|
2,795 |
|
|
|
2,603 |
|
|
|
627 |
|
Allowance for
loan losses |
|
|
16,505 |
|
|
|
16,143 |
|
|
|
15,129 |
|
|
|
14,612 |
|
|
|
13,247 |
|
Allowance for
unused commitments |
|
|
475 |
|
|
|
510 |
|
|
|
522 |
|
|
|
553 |
|
|
|
564 |
|
Adjusted total equity (non-GAAP) |
|
$ |
204,659 |
|
|
$ |
201,164 |
|
|
$ |
196,357 |
|
|
$ |
166,873 |
|
|
$ |
161,375 |
|
Adverse classified asset ratio |
|
|
57.12 |
% |
|
|
51.89 |
% |
|
|
47.34 |
% |
|
|
53.44 |
% |
|
|
51.57 |
% |
|
|
For the Three Months Ended |
|
|
|
December 31, 2018 |
|
|
December 31, 2017 |
|
|
|
AverageBalance (1) |
|
|
Income/Expense |
|
|
Yields/Rates |
|
|
AverageBalance (1) |
|
|
Income/Expense |
|
|
Yields/Rates |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
$ |
191,955 |
|
|
$ |
1,351 |
|
|
|
2.82 |
% |
|
$ |
106,173 |
|
|
$ |
550 |
|
|
|
2.07 |
% |
Loans
(2) |
|
|
1,207,883 |
|
|
|
15,536 |
|
|
|
5.14 |
% |
|
|
1,134,822 |
|
|
|
13,443 |
|
|
|
4.74 |
% |
Interest
bearing deposits due from other banks |
|
|
67,153 |
|
|
|
223 |
|
|
|
1.33 |
% |
|
|
88,742 |
|
|
|
256 |
|
|
|
1.15 |
% |
Total
interest-earning assets |
|
$ |
1,466,991 |
|
|
$ |
17,110 |
|
|
|
4.67 |
% |
|
$ |
1,329,737 |
|
|
$ |
14,249 |
|
|
|
4.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses |
|
|
(16,034 |
) |
|
|
|
|
|
|
|
|
|
|
(13,474 |
) |
|
|
|
|
|
|
|
|
Other
assets |
|
|
61,316 |
|
|
|
|
|
|
|
|
|
|
|
61,741 |
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,512,273 |
|
|
|
|
|
|
|
|
|
|
$ |
1,378,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings,
NOW, money market, interest checking |
|
$ |
287,420 |
|
|
|
1,043 |
|
|
|
1.45 |
% |
|
$ |
265,309 |
|
|
|
531 |
|
|
|
0.80 |
% |
Time
deposits |
|
|
820,515 |
|
|
|
4,230 |
|
|
|
2.06 |
% |
|
|
713,718 |
|
|
|
2,933 |
|
|
|
1.64 |
% |
Total
interest-bearing deposits |
|
$ |
1,107,935 |
|
|
$ |
5,273 |
|
|
|
1.90 |
% |
|
$ |
979,027 |
|
|
$ |
3,464 |
|
|
|
1.42 |
% |
Other
borrowings |
|
|
837 |
|
|
|
10 |
|
|
|
4.62 |
% |
|
|
1,328 |
|
|
|
18 |
|
|
|
5.53 |
% |
FHLB
advances |
|
|
90,509 |
|
|
|
417 |
|
|
|
1.84 |
% |
|
|
126,261 |
|
|
|
463 |
|
|
|
1.47 |
% |
Junior
subordinated debentures |
|
|
44,681 |
|
|
|
667 |
|
|
|
5.97 |
% |
|
|
15,523 |
|
|
|
135 |
|
|
|
3.48 |
% |
Total
interest-bearing liabilities |
|
$ |
1,243,962 |
|
|
$ |
6,367 |
|
|
|
2.05 |
% |
|
$ |
1,122,139 |
|
|
$ |
4,080 |
|
|
|
1.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
108,140 |
|
|
|
|
|
|
|
|
|
|
|
104,718 |
|
|
|
|
|
|
|
|
|
Other
liabilities |
|
|
10,913 |
|
|
|
|
|
|
|
|
|
|
|
10,242 |
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
$ |
1,363,015 |
|
|
|
|
|
|
|
|
|
|
$ |
1,237,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
149,258 |
|
|
|
|
|
|
|
|
|
|
|
140,905 |
|
|
|
|
|
|
|
|
|
Total liabilities and
equity |
|
$ |
1,512,273 |
|
|
|
|
|
|
|
|
|
|
$ |
1,378,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
|
|
$ |
10,743 |
|
|
|
|
|
|
|
|
|
|
$ |
10,169 |
|
|
|
|
|
Interest rate spread
(3) |
|
|
|
|
|
|
|
|
|
|
2.62 |
% |
|
|
|
|
|
|
|
|
|
|
2.84 |
% |
Net interest margin
(4) |
|
|
|
|
|
|
|
|
|
|
2.91 |
% |
|
|
|
|
|
|
|
|
|
|
3.06 |
% |
Ratio of
interest-earning assets to interest- bearing liabilities |
|
|
1.18 |
|
|
|
|
|
|
|
|
|
|
|
1.19 |
|
|
|
|
|
|
|
|
|
(1) Average balances are calculated on amortized cost.(2)
Includes loan fee income, nonaccruing loan balances, and interest
received on such loans.(3) Interest rate spread represents the
difference between the yield on average interest-earning assets and
the cost of average interest-bearing liabilities.(4) Net interest
margin represents net interest income divided by average total
interest-earning assets.
|
|
For the Year Ended |
|
|
|
December 31, 2018 |
|
|
December 31, 2017 |
|
|
|
AverageBalance (1) |
|
|
Income/Expense |
|
|
Yields/Rates |
|
|
AverageBalance (1) |
|
|
Income/Expense |
|
|
Yields/Rates |
|
|
|
|
|
|
|
(dollars in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
$ |
169,302 |
|
|
$ |
4,425 |
|
|
|
2.61 |
% |
|
$ |
112,439 |
|
|
$ |
2,158 |
|
|
|
1.92 |
% |
Loans
(2) |
|
|
1,193,254 |
|
|
|
58,706 |
|
|
|
4.92 |
% |
|
|
1,086,836 |
|
|
|
50,395 |
|
|
|
4.64 |
% |
Interest
bearing deposits due from other banks |
|
|
77,545 |
|
|
|
1,086 |
|
|
|
1.40 |
% |
|
|
52,786 |
|
|
|
499 |
|
|
|
0.95 |
% |
Total
interest-earning assets |
|
$ |
1,440,101 |
|
|
$ |
64,217 |
|
|
|
4.46 |
% |
|
$ |
1,252,061 |
|
|
$ |
53,052 |
|
|
|
4.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses |
|
|
(15,037 |
) |
|
|
|
|
|
|
|
|
|
|
(13,550 |
) |
|
|
|
|
|
|
|
|
Other
assets |
|
|
59,291 |
|
|
|
|
|
|
|
|
|
|
|
56,615 |
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,484,355 |
|
|
|
|
|
|
|
|
|
|
$ |
1,295,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings,
NOW, money market, interest checking |
|
$ |
282,746 |
|
|
|
3,398 |
|
|
|
1.20 |
% |
|
$ |
245,851 |
|
|
|
1,643 |
|
|
|
0.67 |
% |
Time
deposits |
|
|
801,892 |
|
|
|
15,251 |
|
|
|
1.90 |
% |
|
|
661,784 |
|
|
|
10,172 |
|
|
|
1.54 |
% |
Total
interest-bearing deposits |
|
$ |
1,084,638 |
|
|
$ |
18,649 |
|
|
|
1.72 |
% |
|
$ |
907,635 |
|
|
$ |
11,815 |
|
|
|
1.30 |
% |
Other
borrowings |
|
|
1,027 |
|
|
|
50 |
|
|
|
4.81 |
% |
|
|
1,545 |
|
|
|
89 |
|
|
|
5.77 |
% |
FHLB
advances |
|
|
105,218 |
|
|
|
1,759 |
|
|
|
1.67 |
% |
|
|
127,635 |
|
|
|
1,748 |
|
|
|
1.37 |
% |
Junior
subordinated debentures |
|
|
32,721 |
|
|
|
1,804 |
|
|
|
5.51 |
% |
|
|
15,492 |
|
|
|
515 |
|
|
|
3.32 |
% |
Total
interest-bearing liabilities |
|
$ |
1,223,604 |
|
|
$ |
22,262 |
|
|
|
1.82 |
% |
|
$ |
1,052,307 |
|
|
$ |
14,167 |
|
|
|
1.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
|
|
100,819 |
|
|
|
|
|
|
|
|
|
|
|
96,172 |
|
|
|
|
|
|
|
|
|
Other
liabilities |
|
|
9,883 |
|
|
|
|
|
|
|
|
|
|
|
9,059 |
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
$ |
1,334,306 |
|
|
|
|
|
|
|
|
|
|
$ |
1,157,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
150,049 |
|
|
|
|
|
|
|
|
|
|
|
137,588 |
|
|
|
|
|
|
|
|
|
Total liabilities and
equity |
|
$ |
1,484,355 |
|
|
|
|
|
|
|
|
|
|
$ |
1,295,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
|
|
$ |
41,955 |
|
|
|
|
|
|
|
|
|
|
$ |
38,885 |
|
|
|
|
|
Interest rate spread
(3) |
|
|
|
|
|
|
|
|
|
|
2.64 |
% |
|
|
|
|
|
|
|
|
|
|
2.89 |
% |
Net interest margin
(4) |
|
|
|
|
|
|
|
|
|
|
2.91 |
% |
|
|
|
|
|
|
|
|
|
|
3.11 |
% |
Ratio of
interest-earning assets to interest- bearing liabilities |
|
|
1.18 |
|
|
|
|
|
|
|
|
|
|
|
1.19 |
|
|
|
|
|
|
|
|
|
(1) Average balances are calculated on amortized cost.(2)
Includes loan fee income, nonaccruing loan balances, and interest
received on such loans.(3)Interest rate spread represents the
difference between the yield on average interest-earning assets and
the cost of average interest-bearing liabilities.(4) Net interest
margin represents net interest income divided by average total
interest-earning assets.
County Bancorp (NASDAQ:ICBK)
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From Jun 2023 to Jun 2024