PASADENA, Calif.--(BUSINESS WIRE)--Community Bank (the “Bank”) (CYHT- OTC-Pink (“Bank”)), founded in 1945, is an independent Southern California regional community bank, with assets of $3.7 billion, and headquartered in Pasadena with 16 business centers.
Acquisition by Citizens Business Bank:
As previously announced, on February 26, 2018, the Bank entered into an Agreement and Plan of Reorganization and Merger with CVB Financial Corp. (“CVB”) and Citizens Business Bank (“Citizens”) (the “Merger Agreement”) pursuant to which the Bank will merge with and into Citizens and each outstanding share of the Bank’s common stock will be exchanged for (i) 9.4595 shares of CVB Financial common stock and (ii) $56.00 in cash, subject to the adjustments set forth in the Merger Agreement. The merger is expected to close in the third quarter of 2018 subject to satisfaction of all the closing conditions set forth in the Merger Agreement, including but not limited to, receipt of all requisite regulatory approvals.
- Financial Highlights: Net income for the second quarter and the first six months of 2018 was $7.8 million and $15.8 million, respectively, as compared to $8.4 million and $16.1 million in the same periods of 2017. Net income for the second quarter and first six months of 2018 included merger related costs of $1.0 million and $2.1 million, respectively. During the first six months of 2018, a $3.1 million provision for loan loss was recorded while in the first six months of 2017 a release of $600 thousand in provision for loan losses was recorded.
- Net interest income was $31.0 million for the second quarter of 2018 compared to $29.9 during the second quarter of 2017. The increase in net interest income of $1.1 million for the second quarter 2018 over the same period in 2017 was primarily the result of $212 million of average loan growth and higher yields on loans driven by Fed rate increases. These improvements were partially offset by increased funding costs. Net interest margin increased to 3.47% from 3.39% in the same period in the prior year due to the forgoing factors, plus growth in non-interest bearing deposits.
- Net interest income was $62.6 million for the first six months of 2018 compared to $57.7 during the same period of 2017. The increase in net interest income of $4.9 million for the six month period of 2018 over the same period in 2017 was primarily the result of $226 million in average loan growth, higher yields on loans driven by Fed rate increases and recoveries of non-accrual interest. These improvements were partially offset by increased funding costs. Net interest margin increased to 3.52% from 3.32% in the same period in the prior year due to the above factors, plus growth in non-interest bearing deposits.
- Total loan balances at June 30, 2018 were a record $2.785 billion, representing a $45.6 million or 1.7% increase from the $2.740 billion at December 31, 2017. The Bank believes this growth reflects continued focus on origination of high quality loans in the greater Los Angeles area, primarily real estate loans.
- Non-performing assets at June 30, 2018 were $10.6 million compared to $9.9 million at December 31, 2017 and criticized loan totals increased to $47.0 million at June 30, 2018 from $17.1 million at December 31, 2017. The allowance for loan losses increased to 1.34% at June 30, 2018 compared to 1.29% at December 31, 2017 reflecting the overall increase in non-performing assets and criticized loans. The coverage ratio related to non-performing loans at June 30, 2018 was 352% compared to 391% at the end of December 2017. During the first six months of 2018, a $3.1 million provision for loan loss was recorded, while in the first six months of 2017 a release of $600 thousand in provision for loan losses was recorded. The increased provision during 2018 was due to second quarter charge-offs of $1.2 million and the increase in the non-performing assets and criticized loans as of June 30, 2018.
- Deposits grew to a total of $2.865 billion as of June 30, 2018, an increase of $4.8 million from December 31, 2017 even though certain higher rate public fund CDs totaling $140.4 million and money desk CDs totaling $53.4 million were not renewed during the period. Deposit increases during the six months were primarily in money market and non-interest bearing demand deposits.
- Non-interest bearing deposits increased 6.5% or $77.0 million to $1.177 billion at December 31, 2017, a result of a Bank wide focus on increasing deposits that was initiated a few years ago. Average non-interest bearing deposits grew $118.7 million or 10.7% during second quarter 2018 over the same period in 2017.
- Non-interest bearing deposits as a percentage of core deposits were 47.4% and at June 30, 2018, a decrease from 47.9% at December 31, 2017. Non-interest bearing deposits as a percentage of total deposits at June 30, 2018 were 43.8% compared to 41.1% at December 31, 2017.
- Non-interest expense includes a decrease in salary related expenses of $618 thousand, a decrease in deferral of loan origination costs of $1.0 million and an increase in professional services of $305 thousand during the second quarter of 2018 as compared to the same period of 2017. Net income for the second quarter of 2018 included merger related costs of $1.0 million primarily in professional services.
- Non-interest expense includes an increase in salary related expenses of $329 thousand, a decrease in deferral of loan origination costs of $2.6 million and an increase in professional services of $1.6 million during the first six months as compared to the same period of 2017. Net income for the first six months of 2018 included merger related costs of $2.1 million primarily in professional services. Details of changes in non-interest income and non-interest expenses are provided in the financial reports attached to this document.
- Community Bank’s capital ratios continue to exceed “well capitalized” regulatory requirements
Dividend:
- The Board of Directors declared a $0.50 per share cash dividend (aggregating $1.6 million) on its outstanding common stock for common shareholders of record as of August 15, 2018 and payable on or about September 1, 2018. This represents the fifteenth consecutive quarter that the Bank has declared a dividend since introducing a formal dividend practice. The dividend was approved at the regularly scheduled Board of Directors meeting held on July 25, 2018. If the merger transaction with CVB and Citizens closes before the dividend record date of August 15, 2018, the dividend will not be paid.
Non-GAAP Financial Measures:
- The Bank believes the presentation of net income before the effect of the tax rate change passed in the fourth quarter of 2017, and the effect of the tax rate change which are both non-GAAP financial measures provides useful supplemental information that is essential to an investor's proper understanding of the results of the operations and financial condition of the Bank. See the Statement on Non-GAAP measures and related table later in this document for additional disclosures and reconciliations.
Market Makers
CBank is pleased to include the following as market makers in Community Bank stock. Community Bank stock trades on OTC pink sheets under the ticket of CYHT. Contact information for our market makers is as follows:
Raymond James & Associates |
D.A. Davidson & Co. |
Keefe Bruyette & Woods, a Stifel Company |
Sandler O’Neill + Partners, L.P. |
|
|
Wedbush Securities
Joey Warmenhoven, Managing Director Community Banking Group |
Community Bank, partnering to be YOUR community bank, has offices in Anaheim, Burbank, Century City, Commerce, Corona, Glendale, Huntington Beach, Irvine, Laguna Niguel, Ontario, Pasadena, Redlands, Santa Clarita, Santa Fe Springs, South Bay, and Woodland Hills. For more information, visit the Community Bank Website at www.cbank.com.
This document may contain forward-looking statements concerning projections of revenues, income/loss, earnings/loss per share, capital expenditures, dividends, capital structure, or other financial items, plans and objectives of management for future operations, future economic performance, or any of the assumptions underlying or relating to any of the foregoing. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and may include the words "believes," "plans," "expects," "anticipates," "forecasts," "intends," "hopes," "should," "estimates," or words of similar meaning. While the Bank believes that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could materially differ from projections for a variety of reasons, to include, but not limited to: failure of conditions to closing our transaction with CVB and Citizens,including as a result of failure to obtain regulatory approvals, the effect of, and our failure to comply with any regulatory orders we are or may become subject to; adverse economic conditions in California; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; the impact of local, national, and international economies and events (including political events, acts of war or terrorism, natural disasters such as wildfires and earthquakes) on the Bank's business; deterioration or malaise in economic conditions, including destabilizing factors in the financial industry and deterioration of the real estate market, as well as the impact from any declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; the impact of regulatory action on the Bank and legislation affecting the financial services industry; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the Dodd-Frank Wall Street Reform and Consumer Protection Act, other regulatory reform, and any related rules and regulations on our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings or regulatory or other governmental inquiries and proceedings and the resolution thereof, and the results of regulatory examinations or reviews; changes in our business plan; the effect of the Tax Cuts and Jobs Act; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate,securities market and monetary fluctuations; changes in consumer spending, borrowings and savings habits; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers, including fintech businesses; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; changes in our capital position; our ability to attract and retain skilled executives and employees; changes in our organization, compensation and benefit plans; and our success at managing the risks involved in any of the foregoing items.
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
(Amounts in Thousands, except shares and per share data) | |||||||||||||||||||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
Dollar | Percent | Dollar | Percent | ||||||||||||||||||||||||||||||
INCOME STATEMENT | 2017 | 2018 | Change | Change | 2017 | 2018 | Change | Change | |||||||||||||||||||||||||
Interest income | $ | 34,114 | $ | 36,043 | $ | 1,929 | 5.7 | % | $ | 65,696 | $ | 72,368 | $ | 6,672 | 10.2 | % | |||||||||||||||||
Interest expense | 4,192 | 5,013 | 821 | 19.6 | % | 8,001 | 9,724 | 1,723 | 21.5 | % | |||||||||||||||||||||||
Net interest income | 29,922 | 31,030 | 1,108 | 3.7 | % | 57,695 | 62,644 | 4,949 | 8.6 | % | |||||||||||||||||||||||
Provision for loan losses | 1,000 | 2,410 | 1,410 | 141.0 | % | (600 | ) | 3,060 | 3,660 | (610.0 | %) | ||||||||||||||||||||||
Net interest income after provision | 28,922 | 28,620 | (302 | ) | (1.0 | %) | 58,295 | 59,584 | 1,289 | 2.2 | % | ||||||||||||||||||||||
Non-interest income | 3,141 | 2,066 | (1,075 | ) | (34.2 | %) | 5,122 | 4,061 | (1,061 | ) | (20.7 | %) | |||||||||||||||||||||
Non-interest expense | 18,436 | 19,566 | 1,130 | 6.1 | % | 37,166 | 41,216 | 4,050 | 10.9 | % | |||||||||||||||||||||||
Income before income tax | 13,627 | 11,120 | (2,507 | ) | (18.4 | %) | 26,251 | 22,429 | (3,822 | ) | (14.6 | %) | |||||||||||||||||||||
Income tax | 5,273 | 3,307 | (1,966 | ) | (37.3 | %) | 10,110 | 6,612 | (3,498 | ) | (34.6 | %) | |||||||||||||||||||||
Net income | $ | 8,354 | $ | 7,813 | $ | (541 | ) | (6.5 | %) | $ | 16,141 | $ | 15,817 | $ | (324 | ) | (2.0 | %) | |||||||||||||||
As of | |||||||||||||||||||||||||||||||||
As of June 30, | Dollar | Percent | December 31, | June 30, | Dollar | Percent | |||||||||||||||||||||||||||
BALANCE SHEET | 2017 | 2018 | Change | Change | 2017 | 2018 | Change | Change | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 59,386 | $ | 65,247 | $ | 5,861 | 9.9 | % | $ | 44,298 | $ | 65,247 | $ | 20,949 | 47.3 | % | |||||||||||||||||
Investment securities | 924,821 | 735,749 | (189,072 | ) | (20.4 | %) | 837,415 | 735,749 | (101,666 | ) | (12.1 | %) | |||||||||||||||||||||
FHLB Stock | 17,512 | 17,250 | (262 | ) | (1.5 | %) | 17,250 | 17,250 | - | - | |||||||||||||||||||||||
CRA bond investment | - | 9,644 | 9,644 | 100 | % | 9,589 | 9,644 | 55 | 0.6 | % | |||||||||||||||||||||||
Non-owner occupied real estate loans | 883,811 | 940,989 | 57,178 | 6.5 | % | 919,714 | 940,989 | 21,275 | 2.3 | % | |||||||||||||||||||||||
Owner occupied real estate loans | 1,145,592 | 1,220,106 | 74,514 | 6.5 | % | 1,191,757 | 1,220,106 | 28,349 | 2.4 | % | |||||||||||||||||||||||
Total real estate loans | 2,029,403 | 2,161,095 | 131,692 | 6.5 | % | 2,111,471 | 2,161,095 | 49,624 | 2.4 | % | |||||||||||||||||||||||
Commercial & industrial loans | 576,854 | 588,213 | 11,359 | 2.0 | % | 590,462 | 588,213 | (2,249 | ) | (0.4 | %) | ||||||||||||||||||||||
Other loans | 43,433 | 36,107 | (7,326 | ) | (16.9 | %) | 37,926 | 36,107 | (1,819 | ) | (4.8 | %) | |||||||||||||||||||||
Total loans | 2,649,690 | 2,785,415 | 135,725 | 5.1 | % | 2,739,859 | 2,785,415 | 45,556 | 1.7 | % | |||||||||||||||||||||||
Loan loss reserve | (34,824 | ) | (37,285 | ) | (2,461 | ) | 7.1 | % | (35,346 | ) | (37,285 | ) | (1,939 | ) | 5.5 | % | |||||||||||||||||
Net loans | 2,614,866 | 2,748,130 | 133,264 | 5.1 | % | 2,704,513 | 2,748,130 | 43,617 | 1.6 | % | |||||||||||||||||||||||
Other assets | 132,863 | 138,042 | 5,179 | 3.9 | % | 134,333 | 138,042 | 3,709 | 2.8 | % | |||||||||||||||||||||||
Total assets | $ | 3,749,448 | $ | 3,714,062 | $ | (35,386 | ) | (0.9 | %) | $ | 3,737,809 | $ | 3,714,062 | $ | (23,747 | ) | (0.6 | %) | |||||||||||||||
Earning assets | $ | 3,614,466 | $ | 3,571,189 | $ | (43,277 | ) | (1.2 | %) | $ | 3,616,405 | $ | 3,571,189 | $ | (45,216 | ) | (1.3 | %) | |||||||||||||||
Non-interest bearing deposits | $ | 1,135,140 | $ | 1,254,480 | $ | 119,340 | 10.5 | % | $ | 1,177,453 | $ | 1,254,480 | $ | 77,027 | 6.5 | % | |||||||||||||||||
Interest bearing deposits | 1,611,711 | 1,610,493 | (1,218 | ) | (0.1 | %) | 1,682,761 | 1,610,493 | (72,268 | ) | (4.3 | %) | |||||||||||||||||||||
Total deposits | 2,746,851 | 2,864,973 | 118,122 | 4.3 | % | 2,860,214 | 2,864,973 | 4,759 | 0.2 | % | |||||||||||||||||||||||
Borrowings - short term | 313,000 | 160,000 | (153,000 | ) | (48.9 | %) | 197,500 | 160,000 | (37,500 | ) | (19.0 | %) | |||||||||||||||||||||
Borrowings - long term | 315,000 | 305,000 | (10,000 | ) | (3.2 | %) | 305,000 | 305,000 | - | - | |||||||||||||||||||||||
Other liabilities | 27,782 | 30,201 | 2,419 | 8.7 | % | 32,274 | 30,201 | (2,073 | ) | (6.4 | %) | ||||||||||||||||||||||
Total liabilities | 3,402,633 | 3,360,174 | (42,459 | ) | (1.2 | %) | 3,394,988 | 3,360,174 | (34,814 | ) | (1.0 | %) | |||||||||||||||||||||
Stockholders' equity | 346,815 | 353,888 | 7,073 | 2.0 | % | 352,410 | 353,888 | 1,478 | 0.4 | % | |||||||||||||||||||||||
Total liabilities & stockholders'equity | $ | 3,749,448 | $ | 3,714,062 | $ | (35,386 | ) | (0.9 | %) | $ | 3,747,398 | $ | 3,714,062 | $ | (33,336 | ) | (0.9 | %) | |||||||||||||||
Shares outstanding | 3,034,095 | 3,134,095 | 3,134,095 | 3,134,095 | |||||||||||||||||||||||||||||
Selected Financial Data and Highlights | |||||||||||||||||||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2017 | 2018 | 2017 | 2018 | ||||||||||||||||||||||||||||||
Return on average equity | 9.74 | % | 8.89 | % | 9.63 | % | 9.09 | % | |||||||||||||||||||||||||
Return on average assets | 0.91 | % | 0.84 | % | 0.89 | % | 0.85 | % | |||||||||||||||||||||||||
Earning Asset Yields | 3.87 | % | 4.04 | % | 3.78 | % | 4.06 | % | |||||||||||||||||||||||||
Cost of Funds | 0.48 | % | 0.57 | % | 0.46 | % | 0.54 | % | |||||||||||||||||||||||||
Net interest margin | 3.39 | % | 3.47 | % | 3.32 | % | 3.52 | % | |||||||||||||||||||||||||
Efficiency ratio | 55.76 | % | 59.22 | % | 59.15 | % | 61.67 | % | |||||||||||||||||||||||||
Book value per common share | $ | 110.66 | $ | 112.92 | |||||||||||||||||||||||||||||
Basic earnings per common share | $ | 2.67 | $ | 2.49 | $ | 5.15 | $ | 5.05 | |||||||||||||||||||||||||
Diluted earnings per common share | $ | 2.66 | $ | 2.48 | $ | 5.15 | $ | 5.01 | |||||||||||||||||||||||||
Weighted average shares outstanding - basic | 3,134,095 | 3,134,095 | 3,132,839 | 3,134,095 | |||||||||||||||||||||||||||||
Weighted average shares outstanding - dilutive | 3,136,435 | 3,153,978 | 3,134,689 | 3,154,096 | |||||||||||||||||||||||||||||
Dividend declared | $ | 0.50 | $ | 0.50 | $ | 1.00 | $ | 1.00 | |||||||||||||||||||||||||
June 30, | Minimum Ratios for a | ||||||||||||||||||||||||||||||||
CAPITAL RATIOS | 2017 | 2018 | Well-Capitalized Bank | ||||||||||||||||||||||||||||||
Tier 1 leverage capital | 9.39 | % | 9.88 | % | 5.00 | % | |||||||||||||||||||||||||||
Tier 1 risk-based capital | 10.97 | % | 11.32 | % | 8.00 | % | |||||||||||||||||||||||||||
Total risk-based capital | 12.11 | % | 12.50 | % | 10.00 | % | |||||||||||||||||||||||||||
Common equity tier 1 capital | 10.97 | % | 11.32 | % | 6.50 | % | |||||||||||||||||||||||||||
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
(Amounts in Thousands, except per share data) | ||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||
BALANCE SHEET | June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | |||||||||||||||||||||
Cash and cash equivalents | $ | 59,386 | $ | 48,546 | $ | 44,298 | $ | 46,420 | $ | 65,247 | ||||||||||||||||
Investments | 924,821 | 887,257 | 837,415 | 780,183 | 735,749 | |||||||||||||||||||||
FHLB Stock | 17,512 | 17,250 | 17,250 | 17,250 | 17,250 | |||||||||||||||||||||
CRA bond investments | - | 1,360 | 9,589 | 9,603 | 9,644 | |||||||||||||||||||||
Non-owner occupied real estate loans | 883,811 | 883,199 | 919,714 | 910,227 | 940,989 | |||||||||||||||||||||
Owner occupied real estate loans | 1,145,592 | 1,175,410 | 1,191,757 | 1,219,430 | 1,220,106 | |||||||||||||||||||||
Total real estate loans | 2,029,403 | 2,058,609 | 2,111,471 | 2,129,657 | 2,161,095 | |||||||||||||||||||||
Commercial & industrial loans | 576,854 | 585,369 | 590,462 | 596,754 | 588,213 | |||||||||||||||||||||
Other loans | 43,433 | 43,303 | 37,926 | 38,212 | 36,107 | |||||||||||||||||||||
Total loans | 2,649,690 | 2,687,281 | 2,739,859 | 2,764,623 | 2,785,415 | |||||||||||||||||||||
Loan loss reserve | (34,824 | ) | (35,345 | ) | (35,346 | ) | (36,026 | ) | (37,285 | ) | ||||||||||||||||
Net loans | 2,614,866 | 2,651,936 | 2,704,513 | 2,728,597 | 2,748,130 | |||||||||||||||||||||
Other assets | 132,863 | 134,363 | 134,333 | 138,320 | 138,042 | |||||||||||||||||||||
Total assets | $ | 3,749,448 | $ | 3,740,712 | $ | 3,747,398 | $ | 3,720,373 | $ | 3,714,062 | ||||||||||||||||
Earning assets | $ | 3,614,466 | $ | 3,603,279 | $ | 3,616,405 | $ | 3,584,759 | $ | 3,571,189 | ||||||||||||||||
Non-interest bearing deposits | $ | 1,135,140 | $ | 1,188,818 | $ | 1,177,453 | $ | 1,206,049 | $ | 1,254,480 | ||||||||||||||||
Interest bearing deposits | 1,611,711 | 1,682,461 | 1,682,761 | 1,617,713 | 1,610,493 | |||||||||||||||||||||
Total deposits | 2,746,851 | 2,871,279 | 2,860,214 | 2,823,762 | 2,864,973 | |||||||||||||||||||||
Borrowings - short term | 313,000 | 166,000 | 197,500 | 212,000 | 160,000 | |||||||||||||||||||||
Borrowings - long term | 315,000 | 315,000 | 305,000 | 305,000 | 305,000 | |||||||||||||||||||||
Other liabilities | 27,782 | 31,888 | 32,274 | 29,709 | 30,201 | |||||||||||||||||||||
Total liabilities | 3,402,633 | 3,384,167 | 3,394,988 | 3,370,471 | 3,360,174 | |||||||||||||||||||||
Stockholders' equity | 346,815 | 356,545 | 352,410 | 349,902 | 353,888 | |||||||||||||||||||||
Total liabilities & stockholders 'equity | $ | 3,749,448 | $ | 3,740,712 | $ | 3,747,398 | $ | 3,720,373 | $ | 3,714,062 | ||||||||||||||||
DEPOSIT COMPONENTS | ||||||||||||||||||||||||||
Treasury deposits | $ | 407,647 | $ | 416,431 | $ | 400,752 | $ | 301,212 | $ | 219,611 | ||||||||||||||||
Core Bank deposits | 2,339,204 | 2,454,848 | 2,459,462 | 2,522,550 | 2,645,362 | |||||||||||||||||||||
Total Deposits | $ | 2,746,851 | $ | 2,871,279 | $ | 2,860,214 | $ | 2,823,762 | $ | 2,864,973 | ||||||||||||||||
Core deposits / total deposits | 85.2 | % | 85.5 | % | 86.0 | % | 89.3 | % | 92.3 | % | ||||||||||||||||
Non-interest bearing deposits/core deposits | 48.5 | % | 48.4 | % | 47.9 | % | 47.8 | % | 47.4 | % | ||||||||||||||||
As of | ||||||||||||||||||||||||||
CAPITAL RATIOS | June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | |||||||||||||||||||||
Tier 1 leverage capital | 9.39 | % | 9.50 | % | 9.43 | % | 9.66 | % | 9.88 | % | ||||||||||||||||
Tier 1 risk-based capital | 10.97 | % | 11.14 | % | 10.91 | % | 11.12 | % | 11.32 | % | ||||||||||||||||
Total risk-based capital | 12.11 | % | 12.29 | % | 12.04 | % | 12.26 | % | 12.50 | % | ||||||||||||||||
Common equity tier 1 capital | 10.97 | % | 11.14 | % | 10.91 | % | 11.12 | % | 11.32 | % | ||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||
INCOME STATEMENT | June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | |||||||||||||||||||||
Interest income | $ | 34,114 | $ | 35,256 | $ | 35,126 | $ | 36,325 | $ | 36,043 | ||||||||||||||||
Interest expense | 4,192 | 4,439 | 4,400 | 4,711 | 5,013 | |||||||||||||||||||||
Net interest income | 29,922 | 30,817 | 30,726 | 31,614 | 31,030 | |||||||||||||||||||||
Provision for loan losses | 1,000 | (4,000 | ) | 104 | 650 | 2,410 | ||||||||||||||||||||
Net interest income after provision | 28,922 | 34,817 | 30,622 | 30,964 | 28,620 | |||||||||||||||||||||
Non-interest income | 3,141 | 2,353 | 1,903 | 1,995 | 2,066 | |||||||||||||||||||||
Non-interest expense | 18,436 | 20,598 | 21,123 | 21,650 | 19,566 | |||||||||||||||||||||
Income before income tax | 13,627 | 16,572 | 11,402 | 11,309 | 11,120 | |||||||||||||||||||||
Income tax | 5,273 | 6,431 | 10,960 | 3,305 | 3,307 | |||||||||||||||||||||
Net income | $ | 8,354 | $ | 10,141 | $ | 442 | $ | 8,004 | $ | 7,813 | ||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||
PERFORMANCE AND PER SHARE DATA | June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | |||||||||||||||||||||
Return on average equity | 9.74 | % | 11.40 | % | 0.49 | % | 9.29 | % | 8.89 | % | ||||||||||||||||
Return on average equity before effect of tax rate change 1) | 9.74 | % | 11.40 | % | 8.00 | % | 9.29 | % | 8.89 | % | ||||||||||||||||
Return on average assets | 0.91 | % | 1.08 | % | 0.05 | % | 0.87 | % | 0.84 | % | ||||||||||||||||
Return on average assets before effect of tax rate change 1) | 0.91 | % | 1.08 | % | 0.76 | % | 0.87 | % | 0.84 | % | ||||||||||||||||
Earning Asset Yields | 3.87 | % | 3.88 | % | 3.84 | % | 4.09 | % | 4.04 | % | ||||||||||||||||
Cost of Funds | 0.48 | % | 0.49 | % | 0.48 | % | 0.53 | % | 0.57 | % | ||||||||||||||||
Net interest margin | 3.39 | % | 3.39 | % | 3.36 | % | 3.56 | % | 3.47 | % | ||||||||||||||||
Efficiency ratio | 55.76 | % | 62.29 | % | 64.85 | % | 64.05 | % | 59.22 | % | ||||||||||||||||
Book value per common share | $ | 110.66 | $ | 113.76 | $ | 112.44 | $ | 111.64 | $ | 112.92 | ||||||||||||||||
Earnings per share - basic | $ | 2.67 | $ | 3.24 | $ | 0.14 | $ | 2.55 | $ | 2.49 | ||||||||||||||||
Earnings per share - basic before effect of tax rate change 1) | $ | 2.67 | $ | 3.24 | $ | 2.30 | $ | 2.55 | $ | 2.49 | ||||||||||||||||
Diluted earnings per common share | $ | 2.66 | $ | 3.23 | $ | 0.14 | $ | 2.54 | $ | 2.48 | ||||||||||||||||
Diluted earnings per common share before effect of tax rate change 1) | $ | 2.66 | $ | 3.23 | $ | 2.29 | $ | 2.54 | $ | 2.48 | ||||||||||||||||
1 | ) | See Statement of non-GAAP measures at the end of this document | ||||||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||
June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | ||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Loans | $ | 28,702 | $ | 30,064 | $ | 30,048 | $ | 31,498 | $ | 31,393 | ||||||||||||||||
Securities | 5,045 | 4,790 | 4,619 | 4,399 | 4,164 | |||||||||||||||||||||
FHLB dividends | 314 | 320 | 307 | 304 | 298 | |||||||||||||||||||||
CRA investments | - | - | 22 | 55 | 110 | |||||||||||||||||||||
Interest bearing bank balances | 53 | 82 | 130 | 69 | 78 | |||||||||||||||||||||
Total interest income | $ | 34,114 | $ | 35,256 | $ | 35,126 | $ | 36,325 | $ | 36,043 | ||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Money market | 837 | 1,034 | 1,344 | 1,505 | 1,719 | |||||||||||||||||||||
CD's | 1,438 | 1,522 | 1,485 | 1,221 | 940 | |||||||||||||||||||||
Other interest bearing deposits | 35 | 36 | 37 | 41 | 45 | |||||||||||||||||||||
Borrowings - Short term (<92 days) | 641 | 633 | 342 | 778 | 1,131 | |||||||||||||||||||||
Borrowings - long term | 1,241 | 1,214 | 1,192 | 1,166 | 1,178 | |||||||||||||||||||||
Total interest expense | $ | 4,192 | $ | 4,439 | $ | 4,400 | $ | 4,711 | $ | 5,013 | ||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||
June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | ||||||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||||
Service charges on deposits | $ | 1,022 | $ | 1,013 | $ | 1,025 | $ | 977 | $ | 970 | ||||||||||||||||
International income | 264 | 256 | 243 | 269 | 294 | |||||||||||||||||||||
Fees and commissions | 239 | 232 | 160 | 154 | 180 | |||||||||||||||||||||
Bank owned life insurance | 384 | 417 | 365 | 603 | 377 | |||||||||||||||||||||
Gain on sale of OREO / fixed/ other assets | 521 | 1 | (50 | ) | (13 | ) | 32 | |||||||||||||||||||
Gain (loss) on sale of securities | - | 104 | 56 | (191 | ) | 58 | ||||||||||||||||||||
Gain on sale of loans | 19 | 56 | 30 | 118 | 6 | |||||||||||||||||||||
Swap fee income | 494 | - | - | - | 60 | |||||||||||||||||||||
Other non-interest income | 198 | 274 | 74 | 78 | 89 | |||||||||||||||||||||
Total non-interest income | $ | 3,141 | $ | 2,353 | $ | 1,903 | $ | 1,995 | $ | 2,066 | ||||||||||||||||
Non-interest expense | ||||||||||||||||||||||||||
Salary and employee benefits | 14,302 | 15,181 | 15,538 | 15,542 | 13,684 | |||||||||||||||||||||
Deferral of loan origination costs | (1,896 | ) | (1,492 | ) | (1,229 | ) | (986 | ) | (889 | ) | ||||||||||||||||
Occupancy | 1,640 | 1,776 | 1,682 | 1,733 | 1,824 | |||||||||||||||||||||
Professional Services | 1,000 | 1,126 | 2,274 | 1,905 | 1,305 | |||||||||||||||||||||
FDIC Insurance | 355 | 339 | 239 | 329 | 322 | |||||||||||||||||||||
Net OREO expense | 21 | 3 | 43 | 3 | 5 | |||||||||||||||||||||
Data processing | 908 | 1,059 | 627 | 931 | 858 | |||||||||||||||||||||
Other expense | 2,106 | 2,606 | 1,949 | 2,193 | 2,457 | |||||||||||||||||||||
Total non-interest expense | $ | 18,436 | $ | 20,598 | $ | 21,123 | $ | 21,650 | $ | 19,566 | ||||||||||||||||
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | ||||||||||
(Unaudited) | ||||||||||
(Amounts in Thousands) | ||||||||||
For the Six Months Ended | ||||||||||
June 30, 2017 | June 30, 2018 | |||||||||
Interest income | ||||||||||
Loans | $ | 54,826 | $ | 62,891 | ||||||
Securities | 10,076 | 8,563 | ||||||||
FHLB dividends | 708 | 602 | ||||||||
CRA investments | - | 165 | ||||||||
Interest bearing bank balances | 86 | 147 | ||||||||
Total interest income | $ | 65,696 | $ | 72,368 | ||||||
Interest expense | ||||||||||
Money market | 1,637 | 3,224 | ||||||||
CD's | 2,654 | 2,161 | ||||||||
Other interest bearing deposits | 75 | 86 | ||||||||
Borrowings - Short term (<92 days) | 1,201 | 1,909 | ||||||||
Borrowings - long term | 2,434 | 2,344 | ||||||||
Total interest expense | $ | 8,001 | $ | 9,724 | ||||||
For the Six Months Ended | ||||||||||
June 30, 2017 | June 30, 2018 | |||||||||
Non-interest income | ||||||||||
Service charges on deposits | $ | 2,043 | $ | 1,947 | ||||||
International income | 470 | 563 | ||||||||
Fees and commissions | 535 | 334 | ||||||||
Bank owned life insurance | 737 | 980 | ||||||||
Gain on sale of OREO / fixed/ other assets | 529 | 19 | ||||||||
Gain (loss) on sale of securities | (15 | ) | (133 | ) | ||||||
Gain on sale of loans | 82 | 124 | ||||||||
Swap fee income | 494 | 60 | ||||||||
Other non-interest income | 247 | 167 | ||||||||
Total non-interest income | $ | 5,122 | $ | 4,061 | ||||||
Non-interest expense | ||||||||||
Salary and employee benefits | 28,897 | 29,226 | ||||||||
Deferral of loan origination costs | (4,467 | ) | (1,875 | ) | ||||||
Occupancy | 3,350 | 3,557 | ||||||||
Professional Services | 1,575 | 3,210 | ||||||||
FDIC Insurance | 663 | 651 | ||||||||
Net OREO expense | 60 | 8 | ||||||||
Data processing | 1,715 | 1,789 | ||||||||
Other expense | 5,373 | 4,650 | ||||||||
Total non-interest expense | $ | 37,166 | $ | 41,216 | ||||||
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE BALANCE SHEET AND YIELDS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||||||||||||||||||||
INTEREST EARNING ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases | $ | 2,563,327 | $ | 28,702 | 4.49 | % | $ | 2,652,270 | $ | 30,064 | 4.50 | % | $ | 2,702,750 | $ | 30,048 | 4.41 | % | $ | 2,750,908 | $ | 31,498 | 4.64 | % | $ | 2,775,502 | $ | 31,393 | 4.54 | % | |||||||||||||||||||||||
Investment securities | 937,691 | 5,045 | 2.15 | % | 911,808 | 4,790 | 2.10 | % | 867,418 | 4,619 | 2.13 | % | 807,118 | 4,399 | 2.18 | % | 759,938 | 4,164 | 2.19 | % | |||||||||||||||||||||||||||||||||
FHLB Stock/Dividends | 18,388 | 314 | 6.85 | % | 17,378 | 320 | 7.31 | % | 17,250 | 307 | 7.06 | % | 17,250 | 304 | 7.15 | % | 17,250 | 298 | 6.93 | % | |||||||||||||||||||||||||||||||||
CRA Bond Investments | 0 | 0 | 0.00 | % | 489 | 0 | 0.00 | % | 3,870 | 22 | 2.26 | % | 9,599 | 55 | 2.32 | % | 9,608 | 110 | 4.59 | % | |||||||||||||||||||||||||||||||||
FFSold/Fed balances/Due from Time | 20,743 | 53 | 1.01 | % | 27,274 | 82 | 1.18 | % | 39,739 | 130 | 1.28 | % | 20,670 | 69 | 1.34 | % | 20,052 | 78 | 1.54 | % | |||||||||||||||||||||||||||||||||
Total Earning Assets | 3,540,149 | 34,114 | 3.87 | % | 3,609,219 | 35,256 | 3.88 | % | 3,631,027 | 35,126 | 3.84 | % | 3,605,545 | 36,325 | 4.09 | % | 3,582,350 | 36,043 | 4.04 | % | |||||||||||||||||||||||||||||||||
Nonearning assets | 139,026 | 129,711 | 135,599 | 137,083 | 136,808 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 3,679,175 | $ | 3,738,930 | $ | 3,766,626 | $ | 3,742,628 | $ | 3,719,158 | |||||||||||||||||||||||||||||||||||||||||||
INTEREST BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 588,910 | 1,438 | 0.98 | % | 570,096 | 1,522 | 1.06 | % | 530,375 | 1,485 | 1.11 | % | 437,634 | 1,221 | 1.13 | % | 320,160 | 940 | 1.18 | % | |||||||||||||||||||||||||||||||||
Interest bearing demand | 75,851 | 29 | 0.15 | % | 75,528 | 29 | 0.15 | % | 73,327 | 30 | 0.16 | % | 79,161 | 35 | 0.18 | % | 75,123 | 39 | 0.21 | % | |||||||||||||||||||||||||||||||||
Money market | 880,323 | 837 | 0.38 | % | 979,452 | 1,034 | 0.42 | % | 1,071,997 | 1,344 | 0.50 | % | 1,100,063 | 1,505 | 0.55 | % | 1,117,237 | 1,719 | 0.62 | % | |||||||||||||||||||||||||||||||||
Savings and other | 44,248 | 6 | 0.05 | % | 47,567 | 7 | 0.06 | % | 48,725 | 7 | 0.06 | % | 47,892 | 6 | 0.05 | % | 48,904 | 6 | 0.05 | % | |||||||||||||||||||||||||||||||||
Total Interest Bearing Deposits | 1,589,332 | 2,310 | 0.58 | % | 1,672,643 | 2,592 | 0.61 | % | 1,724,424 | 2,866 | 0.66 | % | 1,664,750 | 2,767 | 0.67 | % | 1,561,424 | 2,704 | 0.69 | % | |||||||||||||||||||||||||||||||||
Borrowings - short term | 288,088 | 641 | 0.89 | % | 212,728 | 633 | 1.18 | % | 109,635 | 342 | 1.24 | % | 204,394 | 778 | 1.54 | % | 239,165 | 1,131 | 1.90 | % | |||||||||||||||||||||||||||||||||
Borrowings - long term | 313,494 | 1,241 | 1.59 | % | 315,000 | 1,214 | 1.53 | % | 305,109 | 1,192 | 1.55 | % | 305,000 | 1,166 | 1.55 | % | 305,000 | 1,178 | 1.55 | % | |||||||||||||||||||||||||||||||||
Total Interest Bearing Liabilities | 2,190,914 | 4,192 | 0.77 | % | 2,200,371 | 4,439 | 0.80 | % | 2,139,168 | 4,400 | 0.82 | % | 2,174,144 | 4,711 | 0.88 | % | 2,105,589 | 5,013 | 0.95 | % | |||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 1,113,374 | 1,154,496 | 1,236,292 | 1,186,605 | 1,232,045 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable and other liabilities |
31,019 | 31,037 | 33,387 | 32,469 | 29,044 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 3,335,307 | 3,385,904 | 3,408,847 | 3,393,218 | 3,366,678 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 343,868 | 353,026 | 357,779 | 349,410 | 352,480 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity |
$ | 3,679,175 | $ | 3,738,930 | $ | 3,766,626 | $ | 3,742,628 | $ | 3,719,158 | |||||||||||||||||||||||||||||||||||||||||||
Net Interest Spread | 3.10 | % | 3.08 | % | 3.02 | % | 3.21 | % | 3.09 | % | |||||||||||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources | 0.29 | % | 0.31 | % | 0.34 | % | 0.35 | % | 0.38 | % | |||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 29,922 | $ | 30,817 | $ | 30,726 | $ | 31,614 | $ | 31,030 | |||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin | 3.39 | % | 3.39 | % | 3.36 | % | 3.56 | % | 3.47 | % | |||||||||||||||||||||||||||||||||||||||||||
Total Cost of Deposits | 0.34 | % | 0.36 | % | 0.38 | % | 0.39 | % | 0.39 | % | |||||||||||||||||||||||||||||||||||||||||||
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
ALLL Trend and Statistics (Unaudited) | |||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||
For the Quarters Ended | |||||||||||||||||||||
ALLL ROLLFORWARD | June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | ||||||||||||||||
Beginning Balance | $ | 33,449 | $ | 34,824 | $ | 35,345 | $ | 35,346 | $ | 36,026 | |||||||||||
Provision for / (Release of) Loan Losses | 1,000 | (4,000 | ) | 104 | 650 | 2,410 | |||||||||||||||
Charge Offs | (24 | ) | (156 | ) | (215 | ) | (35 | ) | (1,178 | ) | |||||||||||
Recoveries | 399 | 4,677 | 112 | 65 | 27 | ||||||||||||||||
Net Charge Offs | 375 | 4,521 | (103 | ) | 30 | (1,151 | ) | ||||||||||||||
Ending Balance | $ | 34,824 | $ | 35,345 | $ | 35,346 | $ | 36,026 | $ | 37,285 | |||||||||||
Period End Loan Balance | $ | 2,649,690 | $ | 2,687,281 | $ | 2,739,859 | $ | 2,764,623 | $ | 2,785,415 | |||||||||||
Average Loan Balance for the period | $ | 2,563,327 | $ | 2,652,270 | $ | 2,702,750 | $ | 2,750,908 | $ | 2,775,502 | |||||||||||
ASSET QUALITY INDICATORS | |||||||||||||||||||||
Non-Performing Loans | 12,157 | 3,951 | 9,041 | 9,920 | 10,592 | ||||||||||||||||
OREO | - | 825 | 825 | 825 | - | ||||||||||||||||
Total Non-Performing Assets (NPA) | $ | 12,157 | $ | 4,776 | $ | 9,866 | $ | 10,745 | $ | 10,592 | |||||||||||
Criticized Loan Totals | $ | 22,366 | $ | 26,954 | $ | 17,097 | $ | 34,774 | $ | 47,039 | |||||||||||
Loans and Leases 30 - 89 days past due | 701 | 1,624 | 4,175 | 3,653 | 1,995 | ||||||||||||||||
Loans and Leases >89 days past due | - | - | - | - | 1 | ||||||||||||||||
Total Delinquent Loans and Leases | $ | 701 | $ | 1,624 | $ | 4,175 | $ | 3,653 | $ | 1,996 | |||||||||||
Delinquent Loans and Leases to Total Loans | 0.03 | % | 0.06 | % | 0.15 | % | 0.13 | % | 0.07 | % | |||||||||||
Net Charge Offs to Avg Loans (Annualized) | 0.06 | % | 0.68 | % | (0.02 | %) | 0.00 | % | -0.17 | % | |||||||||||
NPL as a % of Total Loans | 0.46 | % | 0.15 | % | 0.33 | % | 0.36 | % | 0.38 | % | |||||||||||
NPA as a % of Total Loans + OREO | 0.46 | % | 0.18 | % | 0.36 | % | 0.39 | % | 0.38 | % | |||||||||||
ALLL/Non Performing loans | 286.5 | % | 894.6 | % | 391.0 | % | 363.2 | % | 352.0 | % | |||||||||||
ALLL as a % of Total Loans | 1.31 | % | 1.32 | % | 1.29 | % | 1.30 | % | 1.34 | % | |||||||||||
COMMUNITY BANK
Statement on Non-GAAP Measures
GAAP
to Non-GAAP Reconciliation and Calculation of Non-GAAP Performance
Measures (unaudited)
(Amounts in Thousands, except shares
and per share data)
Community Bank believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor's proper understanding of the results of operations and financial condition of the Bank. Management uses non-GAAP financial measures in its analysis of the Bank's performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
For the Quarters Ended | ||||||||||||||||||||||
June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | ||||||||||||||||||
Selected Financial Data and Highlights | ||||||||||||||||||||||
Net income | 8,354 | 10,141 | 442 | 8,004 | 7,813 | |||||||||||||||||
Effect of tax rate change | - | - | 6,771 | - | - | |||||||||||||||||
Net income before effect of tax rate change | $ | 8,354 | $ | 10,141 | $ | 7,213 | $ | 8,004 | $ | 7,813 | ||||||||||||
Statutory income tax rate | 41.1 | % | 41.1 | % | 41.1 | % | 29.6 | % | 29.6 | % | ||||||||||||
Effective income tax rate | 38.7 | % | 38.8 | % | 96.1 | % | 29.2 | % | 29.7 | % | ||||||||||||
Return on average equity | 9.74 | % | 11.40 | % | 0.49 | % | 9.29 | % | 8.89 | % | ||||||||||||
Effect of tax rate change | 0.00 | 0.00 | 7.51 | 0.00 | 0.00 | |||||||||||||||||
Return on average equity before effect of tax rate change | 9.74 | % | 11.40 | % | 8.00 | % | 9.29 | % | 8.89 | % | ||||||||||||
Return on average assets | 0.91 | % | 1.08 | % | 0.05 | % | 0.87 | % | 0.84 | % | ||||||||||||
Effect of tax rate change | 0.00 | 0.00 | 0.71 | 0.00 | 0.00 | |||||||||||||||||
Return on average assets before the effect of tax rate change | 0.91 | % | 1.08 | % | 0.76 | % | 0.87 | % | 0.84 | % | ||||||||||||
Earnings per share - basic | $ | 2.67 | $ | 3.24 | $ | 0.14 | $ | 2.55 | $ | 2.49 | ||||||||||||
Effect of tax rate change | 0.00 | 0.00 | 2.16 | 0.00 | 0.00 | |||||||||||||||||
Earnings per share - basic before effect of tax rate change | $ | 2.67 | $ | 3.24 | $ | 2.30 | $ | 2.55 | $ | 2.49 | ||||||||||||
Earnings per share - diluted | $ | 2.66 | $ | 3.23 | $ | 0.14 | $ | 2.54 | $ | 2.48 | ||||||||||||
Effect of tax rate change | 0.00 | 0.00 | 2.15 | 0.00 | 0.00 | |||||||||||||||||
Earnings per share - diluted before effect of tax rate change | $ | 2.66 | $ | 3.23 | $ | 2.29 | $ | 2.54 | $ | 2.48 | ||||||||||||
Weighted average shares outstanding - basic | 3,134,095 | 3,134,095 | 3,134,095 | 3,134,095 | 3,134,095 | |||||||||||||||||
Weighted average shares outstanding - dilutive | 3,136,435 | 3,138,277 | 3,143,534 | 3,154,255 | 3,153,978 |