MIDDLEFIELD, Ohio--(BUSINESS WIRE)--Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and nine months ended September 30, 2018.
2018 Nine Month Financial Highlights (on a year-over-year basis unless noted):
- Net income increased 27.4% to $9.0 million
- Earnings per diluted share increased 17.3% to $2.78 per share, despite an 8.8% increase in the average number of diluted shares outstanding
- For the 2018 third quarter, return on average equity was 10.33%, compared to 8.12% for the quarter ended September 30, 2017
- For the 2018 third quarter, return on average tangible common equity(1) was 12.00%, compared to 9.57% for the quarter ended September 30, 2017
- Book value per share was up 4.1% to $38.38 per share
- Tangible book value(1) per share was up 5.6% to $32.96 per share
- Total net loans increased 10.8% to $965.5 million
- Total interest income improved 13.8% to $36.9 million
- Noninterest expense was up only 1.1%
- Equity to assets remains strong at 10.30%
“Earnings per diluted share were a quarterly record during the third quarter. Middlefield also ended the third quarter with record loans and deposits, and we experienced a significant expansion in returns on average assets, equity, and tangible common equity,” stated Thomas G. Caldwell, President and Chief Executive Officer. “Our efficiency ratio continues to improve despite additional operating expenses associated with our new Powell, Ohio office that opened in September. Our recently opened Sunbury and Powell offices are well positioned to capitalize on favorable trends in the Central Ohio market and we are encouraged with the performance of these new locations. The economic landscape in both of our Ohio markets remains stable, supporting strong loan growth and performance.
“Three years ago, we implemented a strategic plan that focused on creating continued value for our shareholders by profitably growing our business. Middlefield’s third quarter results reflect the favorable execution of this strategic plan and the trends are encouraging. As we start the process to update our strategic plan, we are excited by the direction we are headed and the opportunities we have to grow our franchise. Middlefield’s financial results have strengthened throughout the year and we believe we are well positioned to end 2018 with record full-year results,” concluded Mr. Caldwell.
Income Statement
For the 2018 nine months, net interest income increased 8.9% to $30.0 million, compared to $27.5 million for the same period last year. Year-to-date, the net interest margin was 3.77%, compared to 3.82% for the same period last year. Net interest income for the 2018 third quarter was $10.3 million, compared to $9.5 million for the 2017 third quarter. The 7.8% increase in net interest income for the 2018 third quarter was largely a result of a 13.2% increase in interest and fees on loans. The net interest margin for the 2018 third quarter was 3.72%, compared to 3.81% for the same period of 2017.
For the 2018 nine months, noninterest income was $2.8 million, compared to $3.9 million for the same period last year. Noninterest income for the 2018 third quarter was $0.9 million, compared to $1.4 million for the same period last year.
For the 2018 nine months, noninterest expense increased 1.1% to $21.5 million, compared to $21.3 million for the same period last year. Operating costs in the 2018 third quarter decreased 2.8% to $7.1 million from $7.3 million for the 2017 third quarter. Noninterest expense for the 2017 nine months included $1.0 million of additional one-time operating expenses as a result of the Liberty acquisition.
“Asset quality continues to improve and during the first three quarters Middlefield’s nonperforming assets have declined 27.9%, compared to the 10.7% increase in loans,” said Donald L. Stacy, Chief Financial Officer. “As a result, our nonperforming loans to total loans was 1.08%, which is the lowest level in six quarters. While competition for new deposits remains elevated, our strategies to drive deposit growth were successful and we ended the quarter with over $1.0 billion in deposits for the first time in our history. Over the past three months Middlefield’s total deposits increased by $81.5 million or 8.7%. Our loan-to-deposit ratio was 96.0% at September 30, 2018, compared to 97.9% at September 30, 2017, and 101.2% at June 30, 2018. We continue to believe we will improve operating leverage throughout the remainder of the year, which should translate to continued earnings growth and improved profitability.”
Balance Sheet
Total assets at September 30, 2018, increased 11.6% to over $1.2 billion from approximately $1.1 billion at September 30, 2017. Net loans at September 30, 2018, were $965.5 million, compared to $871.7 million at September 30, 2017, and $916.0 million at December 31, 2017. The 10.8% year-over-year improvement in net loans was across almost all loan categories and was primarily a result of a 20.0% increase in commercial mortgage loans, a 4.2% increase in residential mortgage loans, and a 20.0% increase in real estate construction loans, partially offset by a 6.2% decrease in commercial and industrial loans, 7.8% decline in consumer installment loans.
Total deposits at September 30, 2018, were $1.0 billion, compared to $897.7 million at September 30, 2017. The 12.9% year-over-year increase in deposits was primarily a result of higher noninterest-bearing demand, money market, savings, and time deposits. The investment portfolio, which is entirely classified as available for sale, was $99.7 million September 30, 2018, compared with $98.3 million at September 30, 2017.
Stockholders’ Equity and Dividends
At the end of the 2018 third quarter, shareholders’ equity increased 4.8% to $124.2 million compared to $118.5 million at September 30, 2017. On a per share basis, shareholders’ equity at September 30, 2018, was $38.38 compared to $36.86 at the same period last year. Tangible stockholders’ equity(1) increased 6.3% to $106.7 million for the 2018 third quarter, compared to $100.3 million at September 30, 2017. On a per-share basis, tangible stockholders’ equity(1) was $32.96 at September 30, 2018, compared to $31.21 at September 30, 2017.
Through the first nine months of 2018, the company declared cash dividends of $0.89 per share, compared to $0.81 per share for the same period last year. The dividend payout ratio for the 2018 nine-month period was 31.9% compared to 35.2% for the same period last year.
At September 30, 2018, the company had an equity to assets leverage ratio of 10.30%, compared to 10.96% at September 30, 2017.
Asset Quality
The provision for loan losses for the 2018 third quarter was $210,000 versus $280,000 for the same period last year. Nonperforming assets at September 30, 2018, were $10.8 million, compared to $15.0 million at September 30, 2017. Net charge-offs for the 2018 third quarter were $218,000, or 0.09% of average loans, annualized, compared to $33,000, or 0.02% of average loans, annualized at September 30, 2017.
Year-to-date net charge-offs were $326,000, or 0.05% of average loans, annualized compared to $361,000, or 0.06% of average loans, annualized for the same period last year. The allowance for loan losses at September 30, 2018, stood at $7.5 million, or 0.77% of total loans, compared to $6.9 million or 0.78% of total loans at September 30, 2017.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company with total assets of $1.2 billion at September 30, 2018. The bank operates 15 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio. Additional information is available at www.middlefieldbank.bank.
(1)This press release includes disclosure of Middlefield Banc Corp.’s tangible book value per share and return on average tangible equity, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Middlefield Banc Corp. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Middlefield Banc Corp.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures are included in the tables following Consolidated Financial Highlights below.
This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.
| MIDDLEFIELD BANC CORP. | ||||||||||||||
| Consolidated Selected Financial Highlights | ||||||||||||||
| (Dollar amounts in thousands) | ||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||
| Balance Sheets (period end) | 2018 | 2018 | 2018 | 2017 | 2017 | |||||||||
| ASSETS | ||||||||||||||
| Cash and due from banks | $ | 81,951 | $ | 42,451 | $ | 33,258 | $ | 39,886 | $ | 47,731 | ||||
| Federal funds sold | - | 28,795 | - | - | 1,200 | |||||||||
| Cash and cash equivalents | 81,951 | 71,246 | 33,258 | 39,886 | 48,931 | |||||||||
| Equity securities, at fair value | 671 | 656 | 643 | - | - | |||||||||
| Investment securities available for sale, at fair value | 99,717 | 100,028 | 91,262 | 95,283 | 98,334 | |||||||||
| Loans held for sale | 925 | 1,132 | 937 | 463 | 5,930 | |||||||||
| Loans | 972,968 | 943,674 | 932,374 | 923,213 | 878,541 | |||||||||
| Less allowance for loan and lease losses | 7,494 | 7,502 | 7,551 | 7,190 | 6,852 | |||||||||
| Net loans | 965,474 | 936,172 | 924,823 | 916,023 | 871,689 | |||||||||
| Premises and equipment, net | 13,002 | 12,978 | 12,225 | 11,853 | 11,768 | |||||||||
| Goodwill | 15,071 | 15,071 | 15,071 | 15,071 | 15,299 | |||||||||
| Core deposit intangibles | 2,484 | 2,571 | 2,658 | 2,749 | 2,848 | |||||||||
| Bank-owned life insurance | 15,970 | 15,862 | 15,764 | 15,652 | 15,542 | |||||||||
| Other real estate owned | 257 | 181 | 212 | 212 | 557 | |||||||||
| Accrued interest receivable and other assets | 10,806 | 10,182 | 9,911 | 9,144 | 9,928 | |||||||||
| TOTAL ASSETS | $ | 1,206,328 | $ | 1,166,079 | $ | 1,106,764 | $ | 1,106,336 | $ | 1,080,826 | ||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||
| 2018 | 2018 | 2018 | 2017 | 2017 | ||||||||||
| LIABILITIES | ||||||||||||||
| Deposits: | ||||||||||||||
| Noninterest-bearing demand | $ | 205,357 | $ | 207,791 | $ | 194,203 | $ | 192,438 | $ | 181,550 | ||||
| Interest-bearing demand | 96,565 | 92,116 | 96,659 | 83,990 | 91,184 | |||||||||
| Money market | 191,261 | 137,572 | 149,359 | 150,277 | 161,101 | |||||||||
| Savings | 224,704 | 204,408 | 221,851 | 208,502 | 212,371 | |||||||||
| Time | 295,874 | 290,359 | 282,501 | 242,987 | 251,449 | |||||||||
| Total deposits | 1,013,761 | 932,246 | 944,573 | 878,194 | 897,655 | |||||||||
| Short-term borrowings | 55,304 | 87,833 | 18,671 | 74,707 | 20,274 | |||||||||
| Other borrowings | 8,956 | 18,996 | 19,028 | 29,065 | 39,273 | |||||||||
| Accrued interest payable and other liabilities | 4,074 | 4,288 | 4,340 | 4,507 | 5,130 | |||||||||
| TOTAL LIABILITIES | 1,082,095 | 1,043,363 | 986,612 | 986,473 | 962,332 | |||||||||
| STOCKHOLDERS' EQUITY | ||||||||||||||
| Common equity | 85,687 | 85,544 | 85,116 | 84,859 | 84,722 | |||||||||
| Retained earnings | 53,520 | 51,121 | 48,927 | 47,431 | 45,913 | |||||||||
| Accumulated other comprehensive (loss) income | (1,456) | (431) | (373) | 1,091 | 1,377 | |||||||||
| Treasury stock | (13,518) | (13,518) | (13,518) | (13,518) | (13,518) | |||||||||
| TOTAL STOCKHOLDERS' EQUITY | 124,233 | 122,716 | 120,152 | 119,863 | 118,494 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,206,328 | $ | 1,166,079 | $ | 1,106,764 | $ | 1,106,336 | $ | 1,080,826 | ||||
| MIDDLEFIELD BANC CORP. | ||||||||||||||||||||
| Consolidated Selected Financial Highlights | ||||||||||||||||||||
| (Dollar amounts in thousands) | ||||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||
| Statements of Income | 2018 | 2018 | 2018 | 2017 | 2017 | 2018 | 2017 | |||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||
| Interest and fees on loans | $ | 11,821 | $ | 11,234 | $ | 11,054 | $ | 10,696 | $ | 10,443 | $ | 34,109 | $ | 29,539 | ||||||
| Interest-earning deposits in other institutions | 178 | 115 | 119 | 80 | 107 | 412 | 248 | |||||||||||||
| Federal funds sold | 8 | 7 | 14 | 6 | 5 | 29 | 9 | |||||||||||||
| Investment securities: | ||||||||||||||||||||
| Taxable interest | 167 | 170 | 169 | 162 | 159 | 506 | 600 | |||||||||||||
| Tax-exempt interest | 598 | 550 | 525 | 560 | 579 | 1,673 | 1,846 | |||||||||||||
| Dividends on stock | 57 | 53 | 59 | 60 | 37 | 169 | 189 | |||||||||||||
| Total interest and dividend income | 12,829 | 12,129 | 11,940 | 11,564 | 11,330 | 36,898 | 32,431 | |||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits | 2,178 | 1,973 | 1,640 | 1,530 | 1,468 | 5,803 | 3,820 | |||||||||||||
| Short-term borrowings | 296 | 192 | 276 | 101 | 202 | 764 | 652 | |||||||||||||
| Other borrowings | 104 | 118 | 122 | 131 | 148 | 344 | 413 | |||||||||||||
| Total interest expense | 2,578 | 2,283 | 2,038 | 1,762 | 1,818 | 6,911 | 4,885 | |||||||||||||
| NET INTEREST INCOME | 10,251 | 9,846 | 9,902 | 9,802 | 9,512 | 29,987 | 27,546 | |||||||||||||
|
Provision for loan losses |
210 | 210 | 210 | 430 | 280 | 630 | 615 | |||||||||||||
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
10,041 | 9,636 | 9,692 | 9,372 | 9,232 | 29,357 | 26,931 | |||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||
| Service charges on deposit accounts | 491 | 472 | 453 | 478 | 479 | 1,416 | 1,397 | |||||||||||||
| Investment securities gains on sale, net | - | - | - | - | 398 | - | 886 | |||||||||||||
| Gain on equity securities | 15 | 13 | 18 | - | - | 46 | - | |||||||||||||
| Earnings on bank-owned life insurance | 108 | 98 | 112 | 115 | 109 | 318 | 316 | |||||||||||||
| Gains on sale of loans | 43 | 117 | 4 | 106 | 255 | 164 | 720 | |||||||||||||
| Other income | 291 | 305 | 199 | 219 | 200 | 807 | 622 | |||||||||||||
| Total noninterest income | 948 | 1,005 | 786 | 918 | 1,441 | 2,751 | 3,941 | |||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||||||
| Salaries and employee benefits | 3,839 | 3,866 | 3,979 | 3,134 | 3,725 | 11,684 | 10,624 | |||||||||||||
| Occupancy expense | 460 | 472 | 536 | 449 | 476 | 1,468 | 1,397 | |||||||||||||
| Equipment expense | 262 | 201 | 233 | 261 | 242 | 696 | 789 | |||||||||||||
| Data processing costs | 481 | 402 | 477 | 416 | 468 | 1,360 | 1,376 | |||||||||||||
| Ohio state franchise tax | 244 | 244 | 115 | 186 | 186 | 603 | 558 | |||||||||||||
| Federal deposit insurance expense | 150 | 150 | 150 | 165 | 165 | 450 | 368 | |||||||||||||
| Professional fees | 346 | 327 | 445 | 522 | 434 | 1,118 | 1,230 | |||||||||||||
| Advertising expense | 236 | 230 | 228 | 161 | 248 | 694 | 660 | |||||||||||||
| Software amortization expense | 155 | 155 | 150 | 134 | 118 | 460 | 280 | |||||||||||||
| Core deposit intangible amortization | 87 | 87 | 91 | 98 | 101 | 265 | 276 | |||||||||||||
| Merger expense | - | - | - | 28 | 338 | - | 1,032 | |||||||||||||
| Other expense | 832 | 929 | 941 | 663 | 796 | 2,702 | 2,678 | |||||||||||||
| Total noninterest expense | 7,092 | 7,063 | 7,345 | 6,217 | 7,297 | 21,500 | 21,268 | |||||||||||||
| Income before income taxes | 3,897 | 3,578 | 3,133 | 4,073 | 3,376 | 10,608 | 9,604 | |||||||||||||
| Income taxes | 593 | 481 | 528 | 1,687 | 914 | 1,602 | 2,535 | |||||||||||||
| NET INCOME | $ | 3,304 | $ | 3,097 | $ | 2,605 | $ | 2,386 | $ | 2,462 | $ | 9,006 | $ | 7,069 | ||||||
| MIDDLEFIELD BANC CORP. | ||||||||||||||||||||
| Consolidated Selected Financial Highlights | ||||||||||||||||||||
| (Dollar amounts in thousands, except per share and share amounts) | ||||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||
| 2018 | 2018 | 2018 | 2017 | 2017 | 2018 | 2017 | ||||||||||||||
| Per common share data | ||||||||||||||||||||
| Net income per common share - basic | $ | 1.02 | $ | 0.96 | $ | 0.81 | $ | 0.73 | $ | 0.77 | $ | 2.79 | $ | 2.38 | ||||||
| Net income per common share - diluted | $ | 1.02 | $ | 0.96 | $ | 0.80 | $ | 0.73 | $ | 0.76 | $ | 2.78 | $ | 2.37 | ||||||
| Dividends declared per share | $ | 0.28 | $ | 0.28 | $ | 0.33 | $ | 0.27 | $ | 0.27 | $ | 0.89 | $ | 0.81 | ||||||
| Book value per share (period end) | $ | 38.38 | $ | 37.95 | $ | 37.28 | $ | 37.25 | $ | 36.86 | $ | 38.38 | $ | 36.86 | ||||||
| Tangible book value per share (period end) (2) (3) | $ | 32.96 | $ | 32.49 | $ | 31.78 | $ | 31.71 | $ | 31.21 | $ | 32.96 | $ | 31.21 | ||||||
| Dividends declared | $ | 905 | $ | 903 | $ | 1,063 | $ | 868 | $ | 867 | $ | 2,871 | $ | 2,490 | ||||||
| Dividend yield | 2.36% | 2.21% | 2.69% | 2.24% | 2.34% | 2.53% | 2.35% | |||||||||||||
| Dividend payout ratio | 27.39% | 29.16% | 40.81% | 36.38% | 35.22% | 31.88% | 35.22% | |||||||||||||
| Average shares outstanding - basic | 3,234,393 | 3,225,726 | 3,220,262 | 3,215,300 | 3,212,335 | 3,226,845 | 2,966,151 | |||||||||||||
| Average shares outstanding - diluted | 3,248,326 | 3,240,329 | 3,238,069 | 3,231,791 | 3,223,753 | 3,242,299 | 2,978,743 | |||||||||||||
| Period ending shares outstanding | 3,236,689 | 3,233,678 | 3,222,984 | 3,217,716 | 3,214,737 | 3,236,689 | 3,214,737 | |||||||||||||
| Selected ratios | ||||||||||||||||||||
| Return on average assets | 1.13% | 1.11% | 0.94% | 0.86% | 0.90% | 1.06% | 0.89% | |||||||||||||
| Return on average equity | 10.33% | 10.08% | 8.73% | 7.72% | 8.12% | 9.73% | 8.82% | |||||||||||||
| Return on average tangible common equity (2) (4) | 12.00% | 11.77% | 10.23% | 9.05% | 9.57% | 11.36% | 10.58% | |||||||||||||
| Yield on earning assets | 4.65% | 4.61% | 4.57% | 4.51% | 4.52% | 4.62% | 4.47% | |||||||||||||
| Cost of interest bearing liabilities | 1.25% | 1.16% | 1.03% | 0.89% | 0.92% | 1.15% | 0.84% | |||||||||||||
| Net interest spread | 3.40% | 3.45% | 3.54% | 3.62% | 3.60% | 3.47% | 3.63% | |||||||||||||
| Net interest margin | 3.72% | 3.76% | 3.82% | 3.84% | 3.81% | 3.77% | 3.82% | |||||||||||||
| Efficiency (1) | 61.65% | 63.43% | 67.00% | 55.58% | 63.96% | 63.96% | 64.71% | |||||||||||||
| Equity to assets at period end | 10.30% | 10.52% | 10.86% | 10.83% | 10.96% | 10.30% | 10.96% | |||||||||||||
|
(1) |
The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus non-interest income |
|
|
(2) |
See reconciliation of non-GAAP measures below |
|
|
(3) |
Calculated by dividing tangible common equity by shares outstanding |
|
|
(4) |
Calculated by dividing annualized net income for each period by average tangible common equity |
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|
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For the Three Months Ended |
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| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||
| End of Period Loan Balances | 2018 | 2018 | 2018 | 2017 | 2017 | |||||||||
| Commercial and industrial | $ | 93,144 | $ | 101,975 | $ | 99,809 | $ | 101,346 | $ | 99,314 | ||||
| Real estate - construction | 48,901 | 45,647 | 48,687 | 47,017 | 40,760 | |||||||||
| Real estate - mortgage: | ||||||||||||||
| Residential | 329,609 | 320,858 | 316,856 | 318,157 | 316,191 | |||||||||
| Commercial | 483,675 | 457,050 | 448,766 | 437,947 | 403,135 | |||||||||
| Consumer installment | 17,639 | 18,144 | 18,256 | 18,746 | 19,141 | |||||||||
| Total | $ | 972,968 | $ | 943,674 | $ | 932,374 | $ | 923,213 | $ | 878,541 | ||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||
| Asset quality data | 2018 | 2018 | 2018 | 2017 | 2017 | |||||||||
| (Dollar amounts in thousands) | ||||||||||||||
| Non-accrual loans | $ | 7,288 | $ | 8,357 | $ | 8,747 | $ | 8,433 | $ | 8,525 | ||||
| Troubled debt restructuring | 3,241 | 3,051 | 9,071 | 4,982 | 5,608 | |||||||||
| 90 day past due and accruing | - | 15 | - | - | 268 | |||||||||
| Nonperforming loans | 10,529 | 11,423 | 17,818 | 13,415 | 14,401 | |||||||||
| Other real estate owned | 257 | 181 | 212 | 212 | 557 | |||||||||
| Nonperforming assets | $ | 10,786 | $ | 11,604 | $ | 18,030 | $ | 13,627 | $ | 14,958 | ||||
| Allowance for loan losses | $ | 7,494 | $ | 7,502 | $ | 7,551 | $ | 7,190 | $ | 6,852 | ||||
| Allowance for loan losses/total loans | 0.77% | 0.79% | 0.81% | 0.78% | 0.78% | |||||||||
| Net charge-offs (recoveries): | ||||||||||||||
| Quarter-to-date | $ | 218 | $ | 259 | $ | (151) | $ | 92 | $ | 33 | ||||
| Year-to-date | 326 | 108 | (151) | 453 | 361 | |||||||||
| Net charge-offs to average loans, annualized: | ||||||||||||||
| Quarter-to-date | 0.09% | 0.11% | -0.06% | 0.04% | 0.02% | |||||||||
| Year-to-date | 0.05% | 0.02% | -0.06% | 0.05% | 0.06% | |||||||||
| Nonperforming loans/total loans | 1.08% | 1.21% | 1.91% | 1.45% | 1.64% | |||||||||
| Allowance for loan losses/nonperforming loans | 71.17% | 65.67% | 42.38% | 53.60% | 47.58% | |||||||||
| Nonperforming assets/total assets | 0.89% | 1.00% | 1.63% | 1.23% | 1.38% | |||||||||
| Reconciliation of Common Stockholders' Equity to Tangible Common Equity | For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||
| (Dollar amounts in thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | |||||||||||||
| 2018 | 2018 | 2018 | 2017 | 2017 | 2018 | 2017 | ||||||||||||||
| Stockholders' Equity | $ | 124,233 | $ | 122,716 | $ | 120,152 | $ | 119,863 | $ | 118,494 | $ | 124,233 | $ | 118,494 | ||||||
| Less Goodwill and other intangibles | 17,555 | 17,642 | 17,729 | 17,820 | 18,147 | 17,555 | 18,147 | |||||||||||||
| Tangible Common Equity | $ | 106,678 | $ | 105,074 | $ | 102,423 | $ | 102,043 | $ | 100,347 | $ | 106,678 | $ | 100,347 | ||||||
| Average Stockholders' Equity | $ | 126,865 | $ | 123,228 | $ | 121,001 | $ | 122,586 | $ | 120,310 | $ | 123,698 | $ | 107,112 | ||||||
| Less Average Goodwill and other intangibles | 17,597 | 17,683 | 17,773 | 17,987 | 18,251 | 17,685 | 17,762 | |||||||||||||
| Average Tangible Common Equity | $ | 109,268 | $ | 105,545 | $ | 103,228 | $ | 104,599 | $ | 102,059 | $ | 106,013 | $ | 89,350 | ||||||