0001564590-17-023833.txt : 20171114 0001564590-17-023833.hdr.sgml : 20171114 20171114172329 ACCESSION NUMBER: 0001564590-17-023833 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 128 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171114 DATE AS OF CHANGE: 20171114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BYLINE BANCORP, INC. CENTRAL INDEX KEY: 0001702750 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 363012593 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38139 FILM NUMBER: 171203084 BUSINESS ADDRESS: BUSINESS PHONE: 773-244-7000 MAIL ADDRESS: STREET 1: 180 NORTH LASALLE STREET, SUITE 300 CITY: CHICAGO STATE: IL ZIP: 60601 10-Q 1 by-10q_20170930.htm 10-Q by-10q_20170930.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2017

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______to ______

Commission File Number 001-38139

 

 

Byline Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

36-3012593

(State or Other Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification Number)

 

180 North LaSalle Street, Suite 300

Chicago, Illinois 60601

(Address of Principal Executive Offices)

(773) 244-7000

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

(Do not check if a smaller reporting company)

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, $0.01 par value, 29,312,600 shares outstanding as of November 14, 2017

 

 

 

 


BYLINE BANCORP, INC.

FORM 10-Q

September 30, 2017

INDEX

 

 

 

 

 

Page

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

3

Item 1.

 

Financial Statements. The Interim Condensed Consolidated Financial Statements of Byline Bancorp, Inc. filed as part of the report are as follows:

 

3

 

 

Consolidated Statements of Financial Condition at September 30, 2017 (unaudited) and
December 31, 2016

 

3

 

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2017 and 2016 (unaudited)

 

4

 

 

Consolidated Statements of Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) for the Nine Months Ended September 30, 2017 and 2016 (unaudited)

 

5

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended
September 30, 2017 and 2016 (unaudited)

 

6

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016
(unaudited)

 

7

 

 

Notes to Unaudited Interim Condensed Consolidated Financial Statements

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

46

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

85

Item 4.

 

Controls and Procedures

 

87

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

87

Item 1A.

 

Risk Factors

 

87

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

87

Item 3.

 

Defaults Upon Senior Securities

 

88

Item 4.

 

Mine Safety Disclosures

 

88

Item 5.

 

Other Information

 

88

Item 6.

 

Exhibits

 

88

 

 

 

2


 

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

 

 

(Unaudited)

 

 

 

 

 

(dollars in thousands, except share and per share data)

 

September 30, 2017

 

 

December 31, 2016

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

16,193

 

 

$

17,735

 

Interest bearing deposits with other banks

 

 

46,043

 

 

 

28,798

 

Cash and cash equivalents

 

 

62,236

 

 

 

46,533

 

Securities available-for-sale, at fair value

 

 

584,684

 

 

 

608,560

 

Securities held-to-maturity, at amortized cost (fair value

   September 30, 2017—$122,266, December 31, 2016—$138,082)

 

 

121,453

 

 

 

138,846

 

Restricted stock, at cost

 

 

10,628

 

 

 

14,993

 

Loans held for sale

 

 

2,087

 

 

 

23,976

 

Loans and leases:

 

 

 

 

 

 

 

 

Loans and leases

 

 

2,216,499

 

 

 

2,148,011

 

Allowance for loan and lease losses

 

 

(15,980

)

 

 

(10,923

)

Net loans and leases

 

 

2,200,519

 

 

 

2,137,088

 

Servicing assets, at fair value

 

 

21,669

 

 

 

21,091

 

Accrued interest receivable

 

 

7,183

 

 

 

6,866

 

Premises and equipment, net

 

 

96,334

 

 

 

102,074

 

Assets held for sale

 

 

12,938

 

 

 

14,748

 

Other real estate owned, net

 

 

13,859

 

 

 

16,570

 

Goodwill

 

 

51,975

 

 

 

51,975

 

Other intangible assets, net

 

 

17,522

 

 

 

19,826

 

Bank-owned life insurance

 

 

5,680

 

 

 

6,557

 

Deferred tax assets, net

 

 

60,350

 

 

 

67,760

 

Due from counterparty

 

 

21,084

 

 

 

 

Other assets

 

 

15,241

 

 

 

18,367

 

Total assets

 

$

3,305,442

 

 

$

3,295,830

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

 

$

753,662

 

 

$

724,457

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

NOW, savings accounts, and money market accounts

 

 

1,040,774

 

 

 

989,421

 

Time deposits

 

 

726,493

 

 

 

776,516

 

Total deposits

 

 

2,520,929

 

 

 

2,490,394

 

Accrued interest payable

 

 

1,184

 

 

 

2,427

 

Line of credit

 

 

 

 

 

20,650

 

Federal Home Loan Bank advances

 

 

234,559

 

 

 

313,715

 

Securities sold under agreements to repurchase

 

 

30,807

 

 

 

17,249

 

Junior subordinated debentures issued to capital trusts, net

 

 

27,482

 

 

 

26,926

 

Accrued expenses and other liabilities

 

 

30,948

 

 

 

41,811

 

Total liabilities

 

 

2,845,909

 

 

 

2,913,172

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Preferred stock

 

 

10,438

 

 

 

25,441

 

Common stock, voting $0.01 par value at September 30, 2017 and no par value at December 31, 2016; 150,000,000 shares authorized at September 30, 2017 and December 31, 2016; 29,305,400 shares issued and outstanding at September 30, 2017 and 24,616,706 issued and outstanding at December 31, 2016

 

 

292

 

 

 

 

Additional paid-in capital

 

 

391,040

 

 

 

313,552

 

Retained earnings

 

 

62,311

 

 

 

50,933

 

Accumulated other comprehensive loss, net of tax

 

 

(4,548

)

 

 

(7,268

)

Total stockholders’ equity

 

 

459,533

 

 

 

382,658

 

Total liabilities and stockholders’ equity

 

$

3,305,442

 

 

$

3,295,830

 

 

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

3


 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(dollars in thousands, except share and per share data)

 

2017

 

 

2016

 

 

2017

 

 

2016

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

30,933

 

 

$

19,081

 

 

$

88,510

 

 

$

56,334

 

Interest on taxable securities

 

 

3,720

 

 

 

3,312

 

 

 

11,213

 

 

 

10,492

 

Interest on tax-exempt securities

 

 

174

 

 

 

152

 

 

 

458

 

 

 

509

 

Other interest and dividend income

 

 

217

 

 

 

112

 

 

 

666

 

 

 

254

 

Total interest and dividend income

 

 

35,044

 

 

 

22,657

 

 

 

100,847

 

 

 

67,589

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,112

 

 

 

1,063

 

 

 

5,518

 

 

 

3,281

 

Federal Home Loan Bank advances

 

 

850

 

 

 

200

 

 

 

2,282

 

 

 

371

 

Subordinated debentures and other borrowings

 

 

670

 

 

 

529

 

 

 

2,286

 

 

 

1,571

 

Total interest expense

 

 

3,632

 

 

 

1,792

 

 

 

10,086

 

 

 

5,223

 

Net interest income

 

 

31,412

 

 

 

20,865

 

 

 

90,761

 

 

 

62,366

 

PROVISION FOR LOAN AND LEASE LOSSES

 

 

3,900

 

 

 

1,683

 

 

 

9,306

 

 

 

5,348

 

Net interest income after provision for loan and lease losses

 

 

27,512

 

 

 

19,182

 

 

 

81,455

 

 

 

57,018

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

 

1,418

 

 

 

1,465

 

 

 

3,985

 

 

 

4,227

 

Servicing fees

 

 

959

 

 

 

 

 

 

2,954

 

 

 

 

ATM and interchange fees

 

 

1,495

 

 

 

1,470

 

 

 

4,342

 

 

 

4,392

 

Net gains on sales of securities available-for-sale

 

 

 

 

 

802

 

 

 

8

 

 

 

3,231

 

Net gains (losses) on sales of loans

 

 

7,499

 

 

 

(60

)

 

 

24,026

 

 

 

(39

)

Fees on mortgage loan sales, net

 

 

 

 

 

46

 

 

 

2

 

 

 

101

 

Other non-interest income

 

 

547

 

 

 

1,053

 

 

 

2,102

 

 

 

3,350

 

Total non-interest income

 

 

11,918

 

 

 

4,776

 

 

 

37,419

 

 

 

15,262

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

16,323

 

 

 

11,266

 

 

 

50,151

 

 

 

34,206

 

Occupancy expense, net

 

 

3,301

 

 

 

3,358

 

 

 

10,525

 

 

 

10,511

 

Equipment expense

 

 

630

 

 

 

516

 

 

 

1,809

 

 

 

1,519

 

Loan and lease related expenses

 

 

891

 

 

 

443

 

 

 

2,569

 

 

 

1,090

 

Legal, audit and other professional fees

 

 

1,608

 

 

 

1,065

 

 

 

4,369

 

 

 

3,785

 

Data processing

 

 

2,399

 

 

 

1,990

 

 

 

7,255

 

 

 

5,760

 

Net loss recognized on other real estate owned and other related expenses

 

 

565

 

 

 

292

 

 

 

136

 

 

 

1,386

 

Regulatory assessments

 

 

326

 

 

 

502

 

 

 

894

 

 

 

1,930

 

Other intangible assets amortization expense

 

 

769

 

 

 

747

 

 

 

2,307

 

 

 

2,242

 

Advertising and promotions

 

 

196

 

 

 

156

 

 

 

803

 

 

 

454

 

Telecommunications

 

 

351

 

 

 

370

 

 

 

1,165

 

 

 

1,284

 

Other non-interest expense

 

 

3,706

 

 

 

1,679

 

 

 

7,182

 

 

 

5,521

 

Total non-interest expense

 

 

31,065

 

 

 

22,384

 

 

 

89,165

 

 

 

69,688

 

INCOME BEFORE PROVISION FOR INCOME TAXES

 

 

8,365

 

 

 

1,574

 

 

 

29,709

 

 

 

2,592

 

PROVISION (BENEFIT) FOR INCOME TAXES

 

 

(1,390

)

 

 

9

 

 

 

7,248

 

 

 

(222

)

NET INCOME

 

 

9,755

 

 

 

1,565

 

 

 

22,461

 

 

 

2,814

 

Dividends on preferred shares

 

 

195

 

 

 

 

 

 

11,081

 

 

 

 

INCOME AVAILABLE TO COMMON STOCKHOLDERS

 

$

9,560

 

 

$

1,565

 

 

$

11,380

 

 

$

2,814

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.33

 

 

$

0.08

 

 

$

0.43

 

 

$

0.15

 

Diluted

 

$

0.32

 

 

$

0.08

 

 

$

0.43

 

 

$

0.15

 

Weighted average common shares outstanding for basic earnings per common share

 

 

29,246,900

 

 

 

19,497,811

 

 

 

26,194,025

 

 

 

18,838,354

 

Diluted weighted average common shares outstanding for diluted earnings per common share

 

 

29,752,331

 

 

 

19,763,434

 

 

 

26,697,841

 

 

 

19,103,977

 

 

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

4


 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(dollars in thousands)

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income

 

$

9,755

 

 

$

1,565

 

 

$

22,461

 

 

$

2,814

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

1,473

 

 

 

(953

)

 

 

4,920

 

 

 

12,465

 

Reclassification adjustments for net gains included in net income

 

 

 

 

 

(802

)

 

 

(8

)

 

 

(3,231

)

Tax effect

 

 

303

 

 

 

 

 

 

(1,587

)

 

 

 

Net of tax

 

 

1,776

 

 

 

(1,755

)

 

 

3,325

 

 

 

9,234

 

Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

17

 

 

 

398

 

 

 

(1,408

)

 

 

207

 

Reclassification adjustments for losses included in net income

 

 

159

 

 

 

4

 

 

 

426

 

 

 

4

 

Tax effect

 

 

(88

)

 

 

 

 

 

377

 

 

 

 

Net of tax

 

 

88

 

 

 

402

 

 

 

(605

)

 

 

211

 

Total other comprehensive income (loss)

 

 

1,864

 

 

 

(1,353

)

 

 

2,720

 

 

 

9,445

 

Comprehensive income

 

$

11,619

 

 

$

212

 

 

$

25,181

 

 

$

12,259

 

 

 

 

Gains (Losses) on Cash Flow

Hedges

 

 

Unrealized Gains

(Losses) on

Available-for

-Sale

Securities

 

 

Total

Accumulated Other

Comprehensive

Income (Loss)

 

Balance, January 1, 2016

 

$

 

 

$

(5,707

)

 

$

(5,707

)

Other comprehensive gain, net of tax

 

 

211

 

 

 

9,234

 

 

 

9,445

 

Balance, September 30, 2016

 

$

211

 

 

$

3,527

 

 

$

3,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2017

 

$

2,233

 

 

$

(9,501

)

 

$

(7,268

)

Other comprehensive gain (loss), net of tax

 

 

(605

)

 

 

3,325

 

 

 

2,720

 

Balance, September 30, 2017

 

$

1,628

 

 

$

(6,176

)

 

$

(4,548

)

 

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

5


 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Nine Months Ended September 30, 2017 and 2016

(Dollars in thousands, except share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Retained Earnings

 

 

Accumulated Other

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-In

 

 

(Accumulated

 

 

Comprehensive

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit)

 

 

Income (Loss)

 

 

Equity

 

Balance, January 1, 2016

 

 

15,003

 

 

$

15,003

 

 

 

17,332,775

 

 

$

 

 

$

194,774

 

 

$

(15,796

)

 

$

(5,707

)

 

$

188,274

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,814

 

 

 

 

 

 

2,814

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,445

 

 

 

9,445

 

Issuance of common stock, net of issuance cost

 

 

 

 

 

 

 

 

3,078,075

 

 

 

 

 

 

50,018

 

 

 

 

 

 

 

 

 

50,018

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

553

 

 

 

 

 

 

 

 

 

553

 

Balance, September 30, 2016

 

 

15,003

 

 

$

15,003

 

 

 

20,410,850

 

 

$

 

 

$

245,345

 

 

$

(12,982

)

 

$

3,738

 

 

$

251,104

 

Balance, January 1, 2017

 

 

25,441

 

 

$

25,441

 

 

 

24,616,706

 

 

$

 

 

$

313,552

 

 

$

50,933

 

 

$

(7,268

)

 

$

382,658

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,461

 

 

 

 

 

 

22,461

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,720

 

 

 

2,720

 

Issuance of common stock in connection with merger

 

 

 

 

 

 

 

 

 

 

 

246

 

 

 

(246

)

 

 

 

 

 

 

 

 

 

Repurchase of preferred stock

 

 

(15,003

)

 

 

(15,003

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,003

)

Issuance of common stock,

   net of issuance cost

 

 

 

 

 

 

 

 

4,630,194

 

 

 

46

 

 

 

76,783

 

 

 

 

 

 

 

 

 

76,829

 

Issuance of common stock in connection with restricted stock awards

 

 

 

 

 

 

 

 

58,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted stock awards

 

 

 

 

 

 

 

 

(400

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,081

)

 

 

 

 

 

(11,081

)

Cash paid in lieu of fractional shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

951

 

 

 

 

 

 

 

 

 

951

 

Balance, September 30, 2017

 

 

10,438

 

 

$

10,438

 

 

 

29,305,400

 

 

$

292

 

 

$

391,040

 

 

$

62,311

 

 

$

(4,548

)

 

$

459,533

 

 

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

6


 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30, 2017 and 2016

(Dollars in thousands) (Unaudited)

 

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

 

2017

 

 

2016

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

Net income

 

 

$

22,461

 

 

$

2,814

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

 

 

 

Provision for loan and lease losses

 

 

 

9,306

 

 

 

5,348

 

Impairment loss on assets held for sale

 

 

 

951

 

 

 

408

 

Depreciation and amortization of premises and equipment

 

 

 

3,919

 

 

 

3,814

 

Net amortization of securities

 

 

 

3,544

 

 

 

5,673

 

Net gains on sales of securities available-for-sale

 

 

 

(8

)

 

 

(3,231

)

Net gains on sales of assets held for sale

 

 

 

(167

)

 

 

(967

)

Net (gains) losses on sales of loans

 

 

 

(24,026

)

 

 

39

 

Originations of mortgage loans held for sale

 

 

 

 

 

 

(4,045

)

Proceeds from mortgage loans sold

 

 

 

151

 

 

 

4,512

 

Originations of government guaranteed loans

 

 

 

(202,176

)

 

 

 

Proceeds from government guaranteed loans sold

 

 

 

228,852

 

 

 

 

Accretion of premiums and discounts on acquired loans, net

 

 

 

(24,746

)

 

 

(24,479

)

Net change in servicing assets

 

 

 

(578

)

 

 

 

Net valuation adjustments on other real estate owned

 

 

 

367

 

 

 

904

 

Net gains on sales of other real estate owned

 

 

 

(1,538

)

 

 

(1,134

)

Amortization of intangible assets

 

 

 

2,307

 

 

 

2,242

 

Amortization of time deposit premium

 

 

 

(759

)

 

 

(66

)

Amortization of Federal Home Loan Bank advances premium

 

 

 

(156

)

 

 

 

Accretion of junior subordinated debentures discount

 

 

 

556