LOS ANGELES--(BUSINESS WIRE)--OP Bancorp (the “Company”) (OTCQB: OPBK), the holding company of Open Bank (the “Bank”), today reported that net income for the first quarter of 2017 was $2.15 million, or $0.15 per diluted common share. This compares with net income of $2.25 million, or $0.16 per diluted share, for the fourth quarter of 2016, and net income of $1.32 million, or $0.10 per diluted share, for the first quarter of 2016. Pre-tax pre-provision income was $4.1 million for the first quarter 2017, compared to $4.0 million for the fourth quarter 2016, and $2.4 million for the first quarter 2016.
“It is with great pride that I announce yet another very strong and positive quarter. The confidence that our community places in our bank is reflected in the continuing growth of our total assets, which for the first time ever reached $800 million. Even more importantly, we have achieved this growth while maintaining a strong foundation of core deposits, specifically non-interest bearing deposits, which accounted for 36% of our total deposits. Our overall credit quality and performance ratios have also seen sustained improvement,” stated Min Kim, President and Chief Executive Officer. “Our SBA productions have been strong in past years and we intend to keep this momentum through our expanded SBA marketing campaign launched in April of 2017.”
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Quarter Financial Highlights (in thousands, except per share data) |
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As of or for the Three Months Ended |
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March 31, |
December 31, | March 31, | |||||||||||||
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2017 |
2016 | 2016 | |||||||||||||
| Income Statement Data: | |||||||||||||||
| Net interest income | $ | 8,207 | $ | 7,879 | $ | 6,220 | |||||||||
| Provision for loan losses | 541 | 323 |
230 |
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| Non-interest income | 2,244 | 2,533 | 1,808 | ||||||||||||
| Non-interest expense | 6,389 | 6,428 | 5,595 | ||||||||||||
| Income before taxes | 3,521 | 3,661 | 2,203 | ||||||||||||
| Provision for income taxes | 1,375 | 1,407 | 884 | ||||||||||||
| Net Income | $ | 2,146 | $ | 2,254 | $ | 1,319 | |||||||||
| Balance Sheet Data: | |||||||||||||||
| Loans held for sale | $ | 925 | $ | 1,646 | $ | 7,588 | |||||||||
| Gross loans, net of unearned income | 681,937 | 674,277 | 526,937 | ||||||||||||
| Allowance for loan losses | 8,380 | 7,910 | 6,621 | ||||||||||||
| Total assets | 800,188 | 761,250 | 654,340 | ||||||||||||
| Deposits | 711,047 | 661,784 | 555,260 | ||||||||||||
| Shareholders’ equity | 83,781 | 81,284 | 74,179 | ||||||||||||
| Credit Quality: | |||||||||||||||
| Nonperforming loans | $ | 364 | $ | 576 | $ | 1,003 | |||||||||
| Nonperforming assets | 364 | 576 | 1,003 | ||||||||||||
| Performance Ratios: | |||||||||||||||
| Net interest margin | 4.47 | % | 4.41 | % | 4.15 | % | |||||||||
| Efficiency ratio | 61.13 | % | 61.73 | % | 69.69 | % | |||||||||
| Pre-tax pre-provision income to average assets (annualized) | 2.08 | % | 2.13 | % | 1.54 | % | |||||||||
| Net charge-offs to average gross loans (annualized) | 0.04 | % | 0.02 | % | 0.00 | % | |||||||||
| Nonperforming assets to gross loans plus OREO | 0.05 | % | 0.09 | % | 0.19 | % | |||||||||
| ALLL to nonperforming loans | 2,302 | % | 1,373 | % | 660 | % | |||||||||
| ALLL to gross loans | 1.23 | % | 1.17 | % | 1.26 | % | |||||||||
| Capital Ratios: | |||||||||||||||
| Tangible common equity to tangible assets | 10.47 | % | 10.68 | % | 11.34 | % | |||||||||
| Leverage ratio | 10.74 | % | 10.89 | % | 11.71 | % | |||||||||
| Common Equity Tier 1 ratio | 12.41 | % | 12.17 | % | 13.93 | % | |||||||||
| Tier 1 risk-based capital ratio | 12.41 | % | 12.17 | % | 13.93 | % | |||||||||
| Total risk-based capital ratio | 13.66 | % | 13.37 | % | 15.18 | % | |||||||||
Results of Operations
Net interest income before loan loss provision was $8.2 million for the three months ended March 31, 2017, an increase of 4.2% from $7.9 million for the fourth quarter of 2016, and an increase of 31.9% from $6.2 million for the first quarter of 2016. The increases from the fourth quarter of 2016 and the first quarter of 2016 were primarily the result of continued growth in interest earning assets, mostly loans. Average gross loans, including held-for-sale loans, were $685 million for the first quarter of 2017, an increase of $28 million, or 4.3%, from $657 million for the fourth quarter of 2016 and an increase of $161 million, or 30.8%, from $524 million for the first quarter of 2016.
The net interest margin for the first quarter of 2017 was 4.47%, a 6 basis point increase from 4.41% for the fourth quarter of 2016, and a 32 basis point increase from 4.15% for the first quarter of 2016. Excluding impacts from non-recurring items, such as loan payoffs and FHLB special dividend, the net interest margin for the first quarter of 2017 was 4.37%, up 7 basis points compared to 4.30% for the fourth quarter of 2016, and up 28 basis points from 4.09% for the first quarter of 2016.
The net interest margin expansion from the fourth quarter of 2016 was due to higher increases in loan yields compared to increases in deposit costs. Average yield on net loans, excluding non-recurring items, increased 12 basis points while average cost of deposits increased 3 basis points during the first quarter of 2017.
The net interest margin expansion from the first quarter of 2016 was attributable to improved yields on earning assets due to higher average gross loans and 5 basis points increase in loan rates, and lower average Fed funds in the first quarter of 2017. Average gross loans, net of unearned income, increased to 92% of earning assets for the first quarter 2017, compared to 87% for the first quarter 2016. Average Fed funds was 2.5% of earning assets in the first quarter of 2017, compared to 5.2% in the first quarter of 2016.
The following table shows the asset yields, liability costs, spreads and margins.
| Three Months Ended | |||||||||||
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March 31, |
December 31, |
March 31, |
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2017 |
2016 |
2016 |
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| Yield on net loans | 5.34 | % | 5.16 | % | 5.25 | % | |||||
| Yield on interest-earning assets | 5.01 | % | 4.91 | % | 4.70 | % | |||||
| Cost of interest-bearing liabilities | 0.87 | % | 0.83 | % | 0.83 | % | |||||
| Cost of deposits | 0.57 | % | 0.54 | % | 0.59 | % | |||||
| Cost of funds | 0.57 | % | 0.53 | % | 0.59 | % | |||||
| Net interest spread | 4.14 | % | 4.07 | % | 3.87 | % | |||||
| Net interest margin | 4.47 | % | 4.41 | % | 4.15 | % | |||||
Loan loss provision for the first quarter of 2017 was $541 thousand, compared to $323 thousand for the fourth quarter of 2016 and $230 thousand for the first quarter of 2016.
Non-interest income was $2.2 million for the first quarter of 2017, down 11.4% compared to $2.5 million for the fourth quarter of 2016, and up 24.1% from $1.8 million for the first quarter of 2016. The changes were primarily due to changes in net gains on sale of SBA loans for the first quarter of 2017, from the fourth quarter of 2016 and the first quarter of 2016.
Net gain on sale of SBA loans totaled $1.2 million for the first quarter of 2017, compared to $1.5 million for the fourth quarter of 2016 and $0.9 million for the first quarter of 2016. Sale of SBA loans for the first quarter of 2017 was $16.4 million, compared to $21.4 million for the fourth quarter of 2016 and $12.7 million for the first quarter of 2016. The average premium on the sale of SBA loans for the first quarter of 2017 was 9.4%, compared to 8.2% for the fourth quarter of 2016 and 10.2% for the first quarter of 2016.
Non-interest expense was $6.4 million for the first quarter of 2017 and the fourth quarter of 2016. Non-interest expense for the first quarter of 2017 increased $794 thousand compared to $5.6 million for the first quarter of 2016, primarily due to increased operating expenses to support continued growth of the company. Salary & employee benefits expenses increased $516 thousand as the number of full time equivalent employees increased to 128.5 at March 31, 2017 from 120.5 at March 31, 2016. The increases in data processing, occupancy, and other business development related expenses totaled $247 thousand.
The effective tax rate for the first quarter of 2017 was 39.1%, compared to 38.4% for the fourth quarter of 2016 and 40.1% for the first quarter of 2016. The tax rate for the fourth quarter of 2016 was lower due to certain year-end true-up adjustments. The decrease from the first quarter of 2016 was mostly due to tax benefits from the vesting of restricted stock units in the first quarter of 2017.
Balance Sheet
Total assets were $800.2 million at March 31, 2017, an increase of $38.9 million, or 5.1% from $761.3 million at December 31, 2016, and an increase of $145.8 million, or 22.3%, from $654.3 million at March 31, 2016. Gross loans, net of unearned income, were $681.9 million at March 31, 2017, an increase of $7.7 million, or 1.1%, from $674.2 million at December 31, 2016, and an increase of $155.0 million, or 29.4%, from $526.9 million at March 31, 2016.
New loan originations for the first quarter of 2017 totaled $66.7 million, including SBA loan originations of $23.0 million, compared to $82.3 million, including SBA loan originations of $29.5 million for the fourth quarter of 2016. New loan originations for the first quarter of 2016 were $56.9 million, including SBA loan originations of $20.6 million. Loan payoffs for the first quarter of 2017 was $28.4 million, compared to $20.5 million for the fourth quarter of 2016, and $9.1 million for the first quarter of 2016.
Total deposits were $711.0 million at March 31, 2017, an increase of $49.3 million, or 7.4% from $661.8 million at December 31, 2016, and an increase of $155.8 million, or 28.1%, from $555.3 million at March 31, 2016. Non-interest bearing deposits were $256.9 million at March 31, 2017, an increase of $9.5 million, or 3.8%, from $247.4 million at December 31, 2016, and an increase of $82.4 million, or 47.2% from $174.5 million at March 31, 2016.
Non-interest bearing deposits accounted for 36.1% of total deposits at March 31, 2017, compared to 37.4% at December 31, 2016 and 31.4% at March 31, 2016.
| March 31, |
December 31, |
March 31, |
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| 2017 |
2016 |
2016 |
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| Non-interest bearing deposits | 36.1 | % | 37.4 | % |
31.4 |
% |
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| Interest bearing demand deposits | 36.9 | % | 34.7 | % | 34.2 | % | |||||
| Savings | 0.6 | % | 0.5 | % | 0.3 | % | |||||
| Time deposits over $250,000 | 11.6 | % | 11.9 | % | 13.1 | % | |||||
| Other time deposits | 14.8 | % | 15.5 | % | 21.0 | % | |||||
| Total deposits | 100.0 | % | 100.0 | % | 100.0 | % | |||||
There was no borrowings from the Federal Home Loan Bank (“FHLB”) at March 31, 2017, compared to $10 million at December 31, 2016 and $20 million at March 31, 2016.
At March 31, 2017, the Company continued to exceed all regulatory capital requirements to be classified as “well-capitalized,” as summarized in the following table.
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March 31, |
December 31, |
March 31, |
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2017 |
2016 |
2016 |
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| Tier 1 leverage capital ratio | 10.74 | % | 10.89 | % | 11.71 | % | |||||
| CET 1 capital ratio | 12.41 | % | 12.17 | % | 13.93 | % | |||||
| Tier 1 risk-based capital ratio | 12.41 | % | 12.17 | % | 13.93 | % | |||||
| Total risk-based capital ratio | 13.66 | % | 13.37 | % | 15.18 | % | |||||
At March 31, 2017, the tangible common equity represented 10.47% of tangible assets, compared to 10.68% at December 31, 2016 and 11.34% at March 31, 2016. The tangible common equity to tangible assets ratio is a non-GAAP financial measure that represents common equity less goodwill and other net intangible assets divided by total assets less goodwill and other net intangible assets. Management reviews the tangible common equity to tangible assets ratio to evaluate the Company’s capital levels.
Asset Quality
Loan loss provision for the first quarter of 2017 was $541 thousand, compared to $323 thousand for the fourth quarter of 2016 and $230 thousand for the first quarter of 2016. Non-performing assets were $364 thousand, or 0.05% of total assets, at March 31, 2017, $576 thousand, or 0.08% of total assets, at December 31, 2016 and $1.0 million, or 0.15% of total assets, at March 31, 2016. There was no other real estate owned (“OREO”) at March 31, 2017, December 31, 2016, or March 31, 2016.
Non-performing loans to gross loans were 0.05% at March 31, 2017, compared to 0.09% at December 31, 2016 and 0.19% at March 31, 2016. Total classified loans were $2.1 million, or 0.30% of gross loans, at March 31, 2017, compared to $2.3 million, or 0.34% of gross loans, at December 31, 2016 and $1.2 million, or 0.23% of gross loans, at March 31, 2016.
The allowance for loan losses was $8.4 million at March 31, 2017, compared to $7.9 million at December 31, 2016 and $6.6 million at March 31, 2016. The allowance for loan losses was 1.23% of gross loans at March 31, 2017 and 1.17% at December 31, 2016 and 1.26% at March 31, 2016.
Use of Non-GAAP Financial Measures. This document may contain GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this earnings release, which can be found on Open Bank’s website at www.myopenbank.com.
About OP Bancorp
OP Bancorp, the holding company for Open Bank, is a California corporation whose common stock is traded on the OTCQB under the ticker symbol, “OPBK.” Open Bank (the "Bank") is engaged in the general commercial banking business in Los Angeles and Orange Counties and is focused on serving the banking needs of small- and medium-sized businesses, professionals, and residents with a particular emphasis on Korean and other ethnic minority communities. The Bank currently operates with seven full branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Gardena and Buena Park. The Bank also has two loan production offices in Seattle, Washington and Dallas, Texas. The Bank commenced its operations on June 10, 2005 as First Standard Bank and changed its name to Open Bank in October 2010. Its headquarters is located at 1000 Wilshire Blvd., Suite 500, Los Angeles, California 90017. Phone 213.892.9999; www.myopenbank.com Member FDIC, Equal Housing Lender
Safe Harbor Statement
This press release contains certain forward-looking information about OP Bancorp that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including statements about the Company’s successful implementation of its strategies resulting in significant increase in non-interest bearing deposits. These forward-looking statements may include, but are not limited to, such words as "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "will," "should," "could," "predicts," "potential," "continue," or the negative of such terms and other comparable terminology or similar expressions and may include statements about the Company’s focus on exploring new opportunities, building customer relationship through core deposits, growing core deposits, and improving asset quality. Forward-looking statements are not guarantees. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OP Bancorp such as the ability of the new branch to attract sufficient number of customers, deposits and new business to become profitable. OP Bancorp cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, OP Bancorp’s results could differ materially from those expressed in, or implied or projected by such forward-looking statements. OP Bancorp assumes no obligation to update such forward-looking statements, except as required by law.
| Balance Sheet | |||||||||||||||||||||||||||||||||
| (Dollars in thousand, except per share data) | March 31, 2017 | December 31, 2016 |
$ change |
% change | March 31, 2016 |
$ change |
% change | ||||||||||||||||||||||||||
| (Unaudited) | (Audited) | (Audited) | |||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||
| Cash and due from banks | $ | 55,575 | $ | 20,126 | $ | 35,449 | 176.1 | % | $ | 54,353 | $ | 1,222 | 2.2 | % | |||||||||||||||||||
| Investment securities | 33,750 | 35,463 | (1,713 | ) | -4.8 | % | 42,495 | (8,745 | ) | -20.6 | % | ||||||||||||||||||||||
| Loans held for sale | 925 | 1,646 | (721 | ) | -43.8 | % | 7,588 | (6,663 | ) | -87.8 | % | ||||||||||||||||||||||
| Real Estate Loans | 363,392 | 363,210 | 182 | 0.1 | % | 283,854 | 79,538 | 28.0 | % | ||||||||||||||||||||||||
| SBA Loans | 106,412 | 102,926 | 3,486 | 3.4 | % | 85,239 | 21,173 | 24.8 | % | ||||||||||||||||||||||||
| C & I Loans | 99,431 | 97,541 | 1,890 | 1.9 | % | 74,794 | 24,637 | 32.9 | % | ||||||||||||||||||||||||
| Home Mortgage Loans | 106,890 | 104,654 | 2,236 | 2.1 | % | 76,130 | 30,760 | 40.4 | % | ||||||||||||||||||||||||
| Consumer & Other Loans | 5,811 | 5,896 | (85 | ) | -1.4 | % | 6,920 | (1,109 | ) | -16.0 | % | ||||||||||||||||||||||
| Gross loans, net of unearned income | 681,937 | 674,227 | 7,710 | 1.1 | % | 526,937 | 155,000 | 29.4 | % | ||||||||||||||||||||||||
| Allowance for loan losses | (8,380 | ) | (7,910 | ) | (470 | ) | -5.9 | % | (6,621 | ) | (1,759 | ) | -26.6 | % | |||||||||||||||||||
| Net loans receivable | 673,557 | 666,317 | 7,240 | 1.1 | % | 520,316 | 153,241 | 29.5 | % | ||||||||||||||||||||||||
| Bank premises and equipment, net | 4,823 | 5,067 | (244 | ) | -4.8 | % | 5,721 | (898 | ) | -15.7 | % | ||||||||||||||||||||||
| Accrued interest receivable | 2,043 | 2,001 | 42 | 2.1 | % | 1,650 | 393 | 23.8 | % | ||||||||||||||||||||||||
| FHLB and Pacific Coast Bankers Bank Stock, at cost | 3,438 | 3,438 | 0 | 0.0 | % | 2,655 | 783 | 29.5 | % | ||||||||||||||||||||||||
| Servicing assets | 6,883 | 6,783 | 100 | 1.5 | % | 5,672 | 1,211 | 21.4 | % | ||||||||||||||||||||||||
| Net deferred taxes | 3,627 | 3,276 | 351 | 10.7 | % | 1,506 | 2,121 | 140.8 | % | ||||||||||||||||||||||||
| Other assets | 15,568 | 17,133 | (1,565 | ) | -9.1 | % | 12,384 | 3,184 | 25.7 | % | |||||||||||||||||||||||
| Total assets | $ | 800,188 | $ | 761,250 | $ | 38,938 | 5.1 | % | $ | 654,340 | $ | 145,848 | 22.3 | % | |||||||||||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||
| Noninterest bearing deposits | $ | 256,851 | $ | 247,376 | $ | 9,475 | 3.8 | % | $ | 174,498 | $ | 82,353 | 47.2 | % | |||||||||||||||||||
| Savings | 4,011 | 3,207 | 804 | 25.1 | % | 1,692 | 2,319 | 137.1 | % | ||||||||||||||||||||||||
| Money market and others | 262,071 | 229,566 | 32,505 | 14.2 | % | 190,077 | 71,994 | 37.9 | % | ||||||||||||||||||||||||
| Time deposits over $250,000 | 82,741 | 79,024 | 3,717 | 4.7 | % | 72,419 | 10,322 | 14.3 | % | ||||||||||||||||||||||||
| Other time deposits | 105,373 | 102,611 | 2,762 | 2.7 | % | 116,574 | (11,201 | ) | -9.6 | % | |||||||||||||||||||||||
| Total deposits | 711,047 | 661,784 | 49,263 | 7.4 | % | 555,260 | 155,787 | 28.1 | % | ||||||||||||||||||||||||
| Other borrowings | 0 | 10,000 | (10,000 | ) | -100.0 | % | 20,000 | (20,000 | ) | -100.0 | % | ||||||||||||||||||||||
| Other liabilities | 5,360 | 8,182 | (2,822 | ) | -34.5 | % | 4,901 | 459 | 9.4 | % | |||||||||||||||||||||||
| Total liabilities | 716,407 | 679,966 | 36,441 | 5.4 | % | 580,161 | 136,246 | 23.5 | % | ||||||||||||||||||||||||
| Total shareholders' equity | 83,781 | 81,284 | 2,497 | 3.1 | % | 74,179 | 9,602 | 12.9 | % | ||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 800,188 | $ | 761,250 | $ | 38,938 | 5.1 | % | $ | 654,340 | $ | 145,848 | 22.3 | % | |||||||||||||||||||
| Statement of Operations | |||||||||||||||||||||||||||||||||
| (Dollars in thousand, except per share data) | |||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||
| March 31, 2017 | December 31, 2016 | % change | March 31, 2016 | % change | |||||||||||||||||||||||||||||
| Interest income | $ | 9,185 | $ | 8,766 | 4.8 | % | $ | 7,032 | 30.6 | % | |||||||||||||||||||||||
| Interest expense | 978 | 887 | 10.3 | % | 812 | 20.4 | % | ||||||||||||||||||||||||||
| Net interest income | 8,207 | 7,879 | 4.2 | % | 6,220 | 31.9 | % | ||||||||||||||||||||||||||
| Provision for loan losses | 541 | 323 | 67.5 | % | 230 | 135.2 | % | ||||||||||||||||||||||||||
| Non interest income | 2,244 | 2,533 | -11.4 | % | 1,808 | 24.1 | % | ||||||||||||||||||||||||||
| Non interest expense | 6,389 | 6,428 | -0.6 | % | 5,595 | 14.2 | % | ||||||||||||||||||||||||||
| Income before income taxes | 3,521 | 3,661 | -3.8 | % | 2,203 | 59.8 | % | ||||||||||||||||||||||||||
| Provision for income taxes | 1,375 | 1,407 | -2.3 | % | 884 | 55.5 | % | ||||||||||||||||||||||||||
| Net income (loss) | $ | 2,146 | $ | 2,254 | -4.8 | % | $ | 1,319 | 62.7 | % | |||||||||||||||||||||||
| Pre-tax Pre-provision Income | $ | 4,062 | $ | 3,984 | 2.0 | % | $ | 2,433 | 67.0 | % | |||||||||||||||||||||||
| Book Value | $ | 6.45 | $ | 6.30 | 2.3 | % | $ | 5.83 | 10.6 | % | |||||||||||||||||||||||
| Basic EPS | $ | 0.16 | $ | 0.17 | -4.9 | % | $ | 0.10 | 62.2 | % | |||||||||||||||||||||||
| Diluted EPS | $ | 0.15 | $ | 0.16 | -5.1 | % | $ | 0.10 | 61.7 | % | |||||||||||||||||||||||
| Shares of common stock outstanding | 12,989,228 | 12,896,548 | 0.7 | % | 12,715,495 | 2.2 | % | ||||||||||||||||||||||||||
| Weighted Average Shares: | |||||||||||||||||||||||||||||||||
| - Basic | 12,925,946 | 12,879,956 | 0.4 | % | 12,698,882 | 1.8 | % | ||||||||||||||||||||||||||
| - Diluted | 13,341,295 | 13,275,943 | 0.5 | % | 13,069,102 | 2.1 | % | ||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||
| March 31, 2017 | December 31, 2016 | % change | March 31, 2016 | % change | |||||||||||||||||||||||||||||
| Key Ratios | |||||||||||||||||||||||||||||||||
| Return on average assets (ROA)* | 1.10 | % | 1.21 | % | -0.11 | % | 0.83 | % | 0.27 | % | |||||||||||||||||||||||
| Return on average equity (ROE) * | 10.39 | % | 11.27 | % | -0.88 | % | 7.20 | % | 3.19 | % | |||||||||||||||||||||||
| Net interest margin * | 4.47 | % | 4.41 | % | 0.06 | % | 4.15 | % | 0.32 | % | |||||||||||||||||||||||
| Efficiency ratio | 61.13 | % | 61.73 | % | -0.60 | % | 69.69 | % | -8.56 | % | |||||||||||||||||||||||
| Pre-tax pre-provision income to average assets* | 2.08 | % | 2.13 | % | -0.05 | % | 1.54 | % | 0.54 | % | |||||||||||||||||||||||
| Tangible common equity to tangible assets | 10.47 | % | 10.68 | % | -0.21 | % | 11.34 | % | -0.87 | % | |||||||||||||||||||||||
| Tier 1 Leverage Ratio | 10.74 | % | 10.89 | % | -0.15 | % | 11.71 | % | -0.97 | % | |||||||||||||||||||||||
| Common Equity Tier 1 Ratio | 12.41 | % | 12.17 | % | 0.24 | % | 13.93 | % | -1.52 | % | |||||||||||||||||||||||
| Tier 1 Capital Ratio | 12.41 | % | 12.17 | % | 0.24 | % | 13.93 | % | -1.52 | % | |||||||||||||||||||||||
| Total Risk Based Capital Ratio | 13.66 | % | 13.37 | % | 0.29 | % | 15.18 | % | -1.52 | % | |||||||||||||||||||||||
| Average Balances | |||||||||||||||||||||||||||||||||
| Investments | $ | 56,918 | $ | 54,369 | 4.7 | % | $ | 77,374 | -26.4 | % | |||||||||||||||||||||||
| Gross loans, including loans held for sale | 685,094 | 657,078 | 4.3 | % | 523,912 | 30.8 | % | ||||||||||||||||||||||||||
| Interest earning assets | 742,012 | 711,448 | 4.3 | % | 601,286 | 23.4 | % | ||||||||||||||||||||||||||
| Total assets | $ | 779,899 | $ | 746,673 | 4.4 | % | $ | 632,270 | 23.3 | % | |||||||||||||||||||||||
| Noninterest bearing deposits | $ | 236,194 | $ | 236,249 | 0.0 | % | $ | 159,827 | 47.8 | % | |||||||||||||||||||||||
| Interest bearing deposits | 451,505 | 413,078 | 9.3 | % | 374,015 | 20.7 | % | ||||||||||||||||||||||||||
| Total deposits | 687,698 | 649,328 | 5.9 | % | 533,842 | 28.8 | % | ||||||||||||||||||||||||||
| Interest bearing liabilities | 455,738 | 423,405 | 7.6 | % | 394,017 | 15.7 | % | ||||||||||||||||||||||||||
| Shareholders' equity | 82,582 | 79,991 | 3.2 | % | 73,304 | 12.7 | % | ||||||||||||||||||||||||||
| Net interest earning assets | $ | 286,274 | $ | 288,043 | -0.6 | % | $ | 207,269 | 38.1 | % | |||||||||||||||||||||||
| Asset Quality | 3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | ||||||||||||||||||||||||||||
| Nonaccrual Loans | - | 209 | 597 | 650 | 624 | ||||||||||||||||||||||||||||
| Loans 90 days or more past due, accruing | - | - | - | - | - | ||||||||||||||||||||||||||||
| Accruing Restructured Loans | 364 | 367 | 371 | 375 | 379 | ||||||||||||||||||||||||||||
| Total Non-Performing Loans | 364 | 576 | 968 | 1,025 | 1,003 | ||||||||||||||||||||||||||||
| Other Real Estate Loans (OREO) | - | - | - | - | - | ||||||||||||||||||||||||||||
| Total Non-Performing Assets | 364 | 576 | 968 | 1,025 | 1,003 | ||||||||||||||||||||||||||||
| Classified Loans | 2,065 | 2,304 | 1,297 | 1,225 | 1,203 | ||||||||||||||||||||||||||||
| Non-Performing Assets/Total Assets | 0.05 | % | 0.08 | % | 0.13 | % | 0.15 | % | 0.15 | % | |||||||||||||||||||||||
| Non-Performing Assets/(Gross Loans +OREO) | 0.05 | % | 0.09 | % | 0.15 | % | 0.18 | % | 0.19 | % | |||||||||||||||||||||||
| Non-Performing Loans/Gross Loans | 0.05 | % | 0.09 | % | 0.15 | % | 0.18 | % | 0.19 | % | |||||||||||||||||||||||
| Allowance for Loan Losses/Non-Performing Loans | 2302 | % | 1373 | % | 787 | % | 691 | % | 660 | % | |||||||||||||||||||||||
| Allowance for Loan Losses/Non-Performing Assets | 2302 | % | 1373 | % | 787 | % | 691 | % | 660 | % | |||||||||||||||||||||||
| Allowance for Loan Losses/Gross Loans | 1.23 | % | 1.17 | % | 1.21 | % | 1.21 | % | 1.26 | % | |||||||||||||||||||||||
| Classified Loans/Gross Loans | 0.30 | % | 0.34 | % | 0.21 | % | 0.21 | % | 0.23 | % | |||||||||||||||||||||||
| Net Charge-offs | $ | 71 | $ | 28 | $ | 141 | $ | (6 | ) | $ | (1 | ) | |||||||||||||||||||||
| Net Charge-offs to Average Gross Loans * | 0.04 | % | 0.02 | % | 0.09 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||
| * Annualized | |||||||||||||||||||||||||||||||||