EX-99 2 fmao-ex99_6.htm EX-99 fmao-ex99_6.htm

Exhibit 99

 

Post Office Box 216

307 North Defiance Street

Archbold, Ohio 43502

NEWS RELEASE

 

Company Contact:

Investor and Media Contact:

Marty Filogamo

Senior Vice President – Marketing Manager

Farmers & Merchants Bancorp, Inc.

(419) 445-3501 ext. 15435

mfilogamo@fm.bank

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

andrew@smberger.com

 

Farmers & Merchants Bancorp, Inc. Reports Record

2019 First Quarter Financial Results

Successful Integration of the Limberlost Acquisition and Organic Expansion of Deposits

Drives Strong Growth Opportunities

 

ARCHBOLD, OHIO, April 26, 2019, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2019 first quarter ended March 31, 2019.

 

2019 First Quarter Financial Highlights Include (on a year-over-year basis unless noted):

 

64 consecutive quarters of profitability

 

Limberlost acquisition closed and conversion successfully completed in the first quarter

 

Strong organic deposit growth, which has increased 5.4% or $52,416,000 year-to-date

 

Net interest income after provision for loan losses increased 32.3% to $12,747,000

 

Net income was $3,224,000; excluding one-time tax adjusted acquisition related expenses of $1,029,000, first quarter net income would have increased 31.9% to $4,253,000

 

Earnings per basic and diluted share were $0.29, which takes into account one-time tax adjusted acquisition related expenses of $0.09 per basic and diluted share, as well as an increase in additional outstanding shares of 16.5%

 

Net interest margin expands 15 basis points to 3.87%

 

“2019 is off to an excellent start as a result of the successful closing and integration of the Limberlost acquisition, as well as strong first quarter financial results and robust organic deposit growth,” stated Lars B. Eller, President and Chief Executive Officer. “The addition of Limberlost’s six highly productive offices, talented associates and management team, and approximately 5,400 customers accelerate our Indiana growth plans.  F&M’s larger scale and improved scope are expected to improve earnings, while offering Bank of Geneva’s customers a diverse offering of community-oriented financial products.  While F&M’s size has increased, we remain committed to providing our local communities with valuable financial services that improve our customers’ financial wellbeing.  This commitment is resonating in our markets and during the 2019 first quarter we achieved strong year-to-date organic deposit growth of 5.4% or $52,416,000.”  

 

On January 1, 2019, F&M completed the acquisition of Limberlost Bancshares, Inc. (“Limberlost”), the holding company for Bank of Geneva. Immediately following the acquisition, Bank of Geneva was merged into The Farmers and Merchants State Bank. This transaction resulted in the addition of $257,183,000 in loans, net, $206,134,000 in deposits and six full-service offices in the northeast Indiana communities of Geneva, Berne, Decatur, Monroe, Portland and Monroeville.

 

Income Statement

Net income for the 2019 first quarter ended March 31, 2019, was $3,224,000, compared to $3,767,000 for the same period last year.  Excluding the $1,029,000 of one-time tax adjusted acquisition related expenses recorded in the 2019 first quarter, net income for the 2019 first quarter would have increased 31.9% to $4,253,000.  

 


Net income per diluted share for the 2019 first quarter was $0.29 per basic and diluted share, compared to $0.41 per basic and diluted share for the same period last year.  One-time tax adjusted acquisition related expenses for the 2019 first quarter were $0.09 per basic and diluted share.  In addition, at March 31, 2019, F&M had 16.5% more shares outstanding as a result of the Limberlost acquisition.  

 

In addition to the $1,029,000, or $0.09 per share of one-time tax adjusted acquisition related expenses, the company incurred soft acquisition costs such as employee overtime and less time focused on production that also impacted growth and profitability during the first quarter. As the company completes the integration of the Limberlost acquisition, management expects accelerating year-over-year improvements in earnings will occur throughout the remainder of 2019.

 

F&M’s net interest margin for the 2019 first quarter increased 15 basis points to 3.87%, from 3.72% for the same period last year.  The net interest margin is benefitting as the yield on earnings assets outpaces growth in funding costs.  In addition, upon completion of the acquisition, F&M retired more than half of Limberlost’s higher cost funding sources which also benefitted net interest margin during the quarter.  

 

Loan Portfolio and Asset Quality

Total loans, net at March 31, 2019, increased 32.0% or by $267,226,000 to $1,101,963,000, compared to $834,737,000 at March 31, 2018. The year-over-year improvement resulted primarily from the contribution of the Limberlost acquisition and organic loan growth.  

 

F&M’s asset quality remains strong. Despite the 30.4% year-over-year increase in total assets at March 31, 2019, nonperforming assets were up only $147,000 or 9.5%.  In addition, nonperforming loans to total loans remains low and at March 31, 2019 were 0.11% and in line with the same period last year.  The allowance for loan losses to nonperforming loans was 558.9% at March 31, 2019, compared to 755.2% at March 31, 2018.  Net charge-offs for the year ended March 31, 2019 were $169,000, or 0.02% of average loans, compared to $108,000 or 0.01% of average loans, at March 31, 2018.  

 

Mr. Eller continued, “Economic trends within our markets remain stable, supporting F&M’s growth and excellent asset quality.  While our loan portfolio is up significantly year-to-date, loans 30 days past due, as a percent of the portfolio were up only eight basis points to 0.17% at March 31, 2019 compared to 0.09% at December 31, 2018.  In addition, one of the many benefits of the Limberlost acquisition, is the diversification it has created in our loan portfolio.  Total agricultural loans were $307,823,000 at March 31, 2019 and within the agricultural loan portfolio, our lending capabilities have expanded to new concentrations including separate credit types for poultry barns, hog barns and soybean farming.”  

 

Deposits

Over the past three months, deposits have increased organically 5.4% or by $52,416,000, while total deposits over this period have grown 27.8% to $1,187,424,000 at March 31, 2019.  The significant year-to-date organic deposit growth is primarily due to new product development that has allowed the company to attract new customers and expand existing customer holdings.  

 

Stockholders’ Equity and Dividends

Tangible stockholders’ equity increased to $165,528,000 at March 31, 2019, compared to $138,885,000 at December 31, 2018, and $134,446,000 at March 31, 2018.  On a per share basis, tangible stockholders’ equity at March 31, 2019, was $14.90, compared to $14.96 at December 31, 2018, and $14.06, at March 31, 2018.  Tangible stockholders’ equity per share at March 31, 2019 was impacted by a 16.5% increase in the number of shares outstanding as a result of the Limberlost acquisition.  At March 31, 2019, the company had a Tier 1 leverage ratio of 13.35%, compared to 12.11% at March 31, 2018. 

 

Showing the core value of the Limberlost acquisition, goodwill associated with the acquisition was $43,266,000 at March 31, 2019.  Stockholders’ equity increased 60.8% to $216,934,000 at March 31, 2019, from $134,877,000 at March 31, 2018 and increased 51.4% from $143,287,000 at December 31, 2018.

 

For the 2019 first quarter, the company declared cash dividends of $0.15 per share, which is a 15.4% increase over the 2018 first quarter declared dividend payment.  F&M is committed to returning capital to shareholders and has increased the annual cash dividend for over nine consecutive years.  

 


“With the Limberlost integration behind us, we will continue to focus on executing our growth-oriented business plan and we are planning to open a new office in Ft. Wayne as well as remodel several existing offices to our new, modern banking format.  F&M has a compelling platform of talented, experienced and motivated bankers to support our many growth opportunities.  The additional equity we acquired from the acquisition enhances our flexibility to deploy capital to grow our business and enhance shareholders’ return.  I am excited by our near- and long-term potential and expect 2019 to be another strong year for F&M,” concluded Mr. Eller.  

 

About Farmers & Merchants State Bank:

Farmers & Merchants Bancorp, Inc. (“F&M”) (NASDAQ: FMAO), is the holding company for the Farmers & Merchants State Bank, a local independent community bank that has been serving Northwest Ohio and Northeast Indiana since 1897. The Farmers & Merchants State Bank provides commercial banking, retail banking and other financial services through its 30 offices. Our locations are in Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Northwest Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay and Steuben counties.

 

Safe harbor statement

Farmers & Merchants Bancorp, Inc. (“F&M“) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions or capital market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

 

 


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (Unaudited)

(in thousands of dollars, except per share data)

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31, 2019

 

 

December 31, 2018

 

 

September 30, 2018

 

 

June 30, 2018

 

 

March 31, 2018

 

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

 

$

14,680

 

 

$

10,955

 

 

$

10,725

 

 

$

10,521

 

 

$

10,102

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and government agencies

 

 

 

713

 

 

 

630

 

 

 

613

 

 

 

612

 

 

 

623

 

 

Municipalities

 

 

 

211

 

 

 

250

 

 

 

275

 

 

 

289

 

 

 

281

 

 

Dividends

 

 

 

88

 

 

 

56

 

 

 

56

 

 

 

53

 

 

 

55

 

 

Federal funds sold and other

 

 

 

170

 

 

 

112

 

 

 

84

 

 

 

62

 

 

 

75

 

 

Total interest income

 

 

 

15,862

 

 

 

12,003

 

 

 

11,753

 

 

 

11,537

 

 

 

11,136

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

2,613

 

 

 

1,670

 

 

 

1,611

 

 

 

1,389

 

 

 

1,319

 

 

Federal funds purchased and securities sold under agreement to repurchase

 

 

 

185

 

 

 

127

 

 

 

134

 

 

 

118

 

 

 

124

 

 

Borrowed funds

 

 

 

287

 

 

 

20

 

 

 

20

 

 

 

20

 

 

 

20

 

 

Total interest expense

 

 

 

3,085

 

 

 

1,817

 

 

 

1,765

 

 

 

1,527

 

 

 

1,463

 

 

Net Interest Income - Before Provision for Loan Losses

 

 

 

12,777

 

 

 

10,186

 

 

 

9,988

 

 

 

10,010

 

 

 

9,673

 

 

Provision for Loan Losses

 

 

 

30

 

 

 

105

 

 

 

47

 

 

 

132

 

 

 

40

 

 

Net Interest Income After Provision For Loan Losses

 

 

 

12,747

 

 

 

10,081

 

 

 

9,941

 

 

 

9,878

 

 

 

9,633

 

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

 

1,578

 

 

 

1,612

 

 

 

1,392

 

 

 

1,465

 

 

 

1,466

 

 

Other service charges and fees

 

 

 

1,041

 

 

 

1,032

 

 

 

1,097

 

 

 

1,040

 

 

 

1,012

 

 

Net gain on sale of loans

 

 

 

102

 

 

 

140

 

 

 

184

 

 

 

301

 

 

 

132

 

 

Net gain (loss) on sale of available-for-sale securities

 

 

 

(26

)

 

 

(19

)

 

 

10

 

 

 

-

 

 

 

-

 

 

Total noninterest income

 

 

 

2,695

 

 

 

2,765

 

 

 

2,683

 

 

 

2,806

 

 

 

2,610

 

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

 

4,312

 

 

 

3,834

 

 

 

3,391

 

 

 

3,225

 

 

 

3,310

 

 

Employee benefits

 

 

 

1,594

 

 

 

1,102

 

 

 

1,029

 

 

 

848

 

 

 

1,136

 

 

Net occupancy expense

 

 

 

667

 

 

 

451

 

 

 

478

 

 

 

441

 

 

 

387

 

 

Furniture and equipment

 

 

 

696

 

 

 

450

 

 

 

588

 

 

 

565

 

 

 

507

 

 

Data processing

 

 

 

1,299

 

 

 

318

 

 

 

364

 

 

 

305

 

 

 

331

 

 

Franchise taxes

 

 

 

258

 

 

 

244

 

 

 

243

 

 

 

228

 

 

 

239

 

 

ATM expense

 

 

 

447

 

 

 

368

 

 

 

327

 

 

 

333

 

 

 

312

 

 

Advertising

 

 

 

260

 

 

 

218

 

 

 

236

 

 

 

247

 

 

 

186

 

 

Net (gain) loss on sale of other assets owned

 

 

 

15

 

 

 

27

 

 

 

1

 

 

 

(1

)

 

 

17

 

 

FDIC assessment

 

 

 

96

 

 

 

77

 

 

 

81

 

 

 

81

 

 

 

87

 

 

Mortgage servicing rights amortization

 

 

 

75

 

 

 

100

 

 

 

84

 

 

 

95

 

 

 

85

 

 

Consulting fees

 

 

 

113

 

 

 

461

 

 

 

179

 

 

 

178

 

 

 

110

 

 

Other general and administrative

 

 

 

1,679

 

 

 

1,167

 

 

 

1,125

 

 

 

1,093

 

 

 

933

 

 

Total noninterest expense

 

 

 

11,511

 

 

 

8,817

 

 

 

8,126

 

 

 

7,638

 

 

 

7,640

 

 

Income Before Income Taxes

 

 

 

3,931

 

 

 

4,029

 

 

 

4,498

 

 

 

5,046

 

 

 

4,603

 

 

Income Taxes

 

 

 

707

 

 

 

836

 

 

 

623

 

 

 

932

 

 

 

836

 

 

Net Income

 

 

 

3,224

 

 

 

3,193

 

 

 

3,875

 

 

 

4,114

 

 

 

3,767

 

 

Other Comprehensive Income (Loss) (Net of Tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on available-for-sale securities

 

 

 

1,749

 

 

 

2,374

 

 

 

(617

)

 

 

(344

)

 

 

(2,471

)

 


Reclassification adjustment for

(gain) loss on sale of available-

for-sale securities

 

26

 

 

 

19

 

 

 

(10

)

 

 

-

 

 

 

-

 

 

Net unrealized gain (loss) on available-for-sale securities

 

 

 

1,775

 

 

 

2,393

 

 

 

(627

)

 

 

(344

)

 

 

(2,471

)

 

Tax expense (benefit)

 

 

 

373

 

 

 

503

 

 

 

(132

)

 

 

(72

)

 

 

(519

)

 

Other comprehensive income (loss)

 

 

 

1,402

 

 

 

1,890

 

 

 

(495

)

 

 

(272

)

 

 

(1,952

)

 

Comprehensive Income

 

 

$

4,626

 

 

$

5,083

 

 

$

3,380

 

 

$

3,842

 

 

$

1,815

 

 

Basic and Diluted Earnings Per Share

 

 

$

0.29

 

 

$

0.34

 

 

$

0.42

 

 

$

0.44

 

 

$

0.41

 

 

Dividends Declared

 

 

$

0.15

 

 

$

0.15

 

 

$

0.14

 

 

$

0.14

 

 

$

0.13

 

 

 


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands of dollars, except share data)

 

 

 

(in thousands of dollars)

 

 

 

March 31, 2019

 

 

December 31, 2018

 

 

September 30, 2018

 

 

June 30, 2018

 

 

March 31, 2018

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

48,740

 

 

$

37,492

 

 

$

28,782

 

 

$

31,838

 

 

$

39,349

 

Federal funds sold

 

 

33,109

 

 

 

873

 

 

 

939

 

 

 

726

 

 

 

559

 

Total cash and cash equivalents

 

 

81,849

 

 

 

38,365

 

 

 

29,721

 

 

 

32,564

 

 

 

39,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing time deposits

 

 

4,509

 

 

 

4,019

 

 

 

4,019

 

 

 

4,019

 

 

 

4,019

 

Securities - available-for-sale

 

 

174,682

 

 

 

168,447

 

 

 

183,075

 

 

 

187,036

 

 

 

192,859

 

Other securities, at cost

 

 

5,789

 

 

 

3,679

 

 

 

3,717

 

 

 

3,717

 

 

 

3,717

 

Loans held for sale

 

 

859

 

 

 

495

 

 

 

1,679

 

 

 

913

 

 

 

2,769

 

Loans, net

 

 

1,091,829

 

 

 

839,599

 

 

 

831,943

 

 

 

824,226

 

 

 

827,937

 

Premises and equipment

 

 

25,205

 

 

 

22,615

 

 

 

22,117

 

 

 

21,957

 

 

 

21,980

 

Goodwill

 

 

47,340

 

 

 

4,074

 

 

 

4,074

 

 

 

4,074

 

 

 

4,074

 

Mortgage servicing rights

 

 

2,397

 

 

 

2,385

 

 

 

2,373

 

 

 

2,356

 

 

 

2,313

 

Other real estate owned

 

 

510

 

 

 

600

 

 

 

717

 

 

 

649

 

 

 

651

 

Bank owned life insurance

 

 

14,963

 

 

 

14,884

 

 

 

14,799

 

 

 

14,692

 

 

 

14,604

 

Other assets

 

 

15,729

 

 

 

17,001

 

 

 

9,778

 

 

 

9,129

 

 

 

8,911

 

Total Assets

 

$

1,465,661

 

 

$

1,116,163

 

 

$

1,108,012

 

 

$

1,105,332

 

 

$

1,123,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

236,847

 

 

$

215,422

 

 

$

197,088

 

 

$

200,067

 

 

$

193,665

 

Interest-bearing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

 

 

418,773

 

 

 

298,254

 

 

 

314,873

 

 

 

311,185

 

 

 

327,433

 

Savings

 

 

272,875

 

 

 

227,701

 

 

 

230,306

 

 

 

238,167

 

 

 

245,895

 

Time

 

 

258,929

 

 

 

187,413

 

 

 

186,592

 

 

 

181,347

 

 

 

186,345

 

Total deposits

 

 

1,187,424

 

 

 

928,790

 

 

 

928,859

 

 

 

930,766

 

 

 

953,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Funds Purchased and securities sold under agreements to repurchase

 

 

25,521

 

 

 

32,181

 

 

 

27,026

 

 

 

23,898

 

 

 

23,307

 

Federal Home Loan Bank (FHLB) advances

 

 

24,682

 

 

 

-

 

 

 

5,000

 

 

 

5,000

 

 

 

5,000

 

Dividend payable

 

 

1,654

 

 

 

1,379

 

 

 

1,287

 

 

 

1,284

 

 

 

1,193

 

Accrued expenses and other liabilities

 

 

9,446

 

 

 

10,526

 

 

 

6,493

 

 

 

6,808

 

 

 

6,027

 

Total liabilities

 

 

1,248,727

 

 

 

972,876

 

 

 

968,665

 

 

 

967,756

 

 

 

988,865

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock - No par value 20,000,000 shares authorized; issued and outstanding 12,230,000 shares 3/31/19, 10,400,000 shares 12/31/18

 

 

81,760

 

 

 

10,823

 

 

 

10,589

 

 

 

11,842

 

 

 

11,690

 

Treasury stock - 1,122,937 shares 3/31/19, 1,114,739 shares 12/31/18

 

 

(12,680

)

 

 

(12,409

)

 

 

(12,409

)

 

 

(12,186

)

 

 

(12,158

)

Retained earnings

 

 

149,466

 

 

 

147,887

 

 

 

146,072

 

 

 

142,330

 

 

 

139,483

 

Accumulated other comprehensive loss

 

 

(1,612

)

 

 

(3,014

)

 

 

(4,905

)

 

 

(4,410

)

 

 

(4,138

)

Total stockholders' equity

 

 

216,934

 

 

 

143,287

 

 

 

139,347

 

 

 

137,576

 

 

 

134,877

 

Total Liabilities and Stockholders' Equity

 

$

1,465,661

 

 

$

1,116,163

 

 

$

1,108,012

 

 

$

1,105,332

 

 

$

1,123,742

 

 

 

 

 


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA

 

 

 

For the Three Months Ended

 

 

Selected financial data

 

March 31, 2019

 

 

December 31, 2018

 

 

September 30, 2018

 

 

June 30, 2018

 

 

March 31, 2018

 

 

Return on average assets

 

 

 

1.00

%

 

 

 

1.15

%

 

 

 

1.40

%

 

 

 

1.48

%

 

 

 

1.35

%

 

Return on average equity

 

 

 

7.16

%

 

 

 

9.04

%

 

 

 

11.19

%

 

 

 

12.08

%

 

 

 

11.20

%

 

Yield on earning assets

 

 

 

4.80

%

 

 

 

4.52

%

 

 

 

4.52

%

 

 

 

4.41

%

 

 

 

4.28

%

 

Cost of interest bearing

  liabilities

 

 

 

1.26

%

 

 

 

0.92

%

 

 

 

0.92

%

 

 

 

0.79

%

 

 

 

0.75

%

 

Net interest spread

 

 

 

3.54

%

 

 

 

3.60

%

 

 

 

3.60

%

 

 

 

3.62

%

 

 

 

3.53

%

 

Net interest margin

 

 

 

3.87

%

 

 

 

3.85

%

 

 

 

3.85

%

 

 

 

3.83

%

 

 

 

3.72

%

 

Efficiency

 

 

 

73.11

%

 

 

 

67.59

%

 

 

 

63.86

%

 

 

 

60.89

%

 

 

 

61.88

%

 

Dividend payout ratio

 

 

 

42.77

%

 

 

 

43.16

%

 

 

 

33.21

%

 

 

 

31.21

%

 

 

 

31.67

%

 

Tangible book value per share (1)

 

$

 

14.90

 

 

$

 

14.96

 

 

$

 

14.53

 

 

$

 

14.36

 

 

$

 

14.06

 

 

Tier 1 capital to average assets

 

 

 

13.35

%

 

 

 

12.81

%

 

 

 

12.63

%

 

 

 

12.38

%

 

 

 

12.11

%

 

 

 

 

 

 

 

Loans

 

March 31, 2019

 

 

December 31, 2018

 

 

September 30, 2018

 

 

June 30, 2018

 

 

March 31, 2018

 

(Dollar amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

 

441,200

 

 

$

 

419,784

 

 

$

 

417,217

 

 

$

 

411,509

 

 

$

 

415,296

 

Agricultural real estate

 

 

 

192,903

 

 

 

 

68,609

 

 

 

 

68,548

 

 

 

 

69,701

 

 

 

 

67,596

 

Consumer real estate

 

 

 

161,180

 

 

 

 

80,766

 

 

 

 

83,134

 

 

 

 

82,853

 

 

 

 

84,501

 

Commercial and industrial

 

 

 

137,936

 

 

 

 

121,793

 

 

 

 

119,536

 

 

 

 

116,351

 

 

 

 

123,439

 

Agricultural

 

 

 

114,920

 

 

 

 

108,495

 

 

 

 

103,624

 

 

 

 

104,830

 

 

 

 

99,836

 

Consumer

 

 

 

47,573

 

 

 

 

41,953

 

 

 

 

41,444

 

 

 

 

40,513

 

 

 

 

38,569

 

Industrial development bonds

 

 

 

7,384

 

 

 

 

5,889

 

 

 

 

6,005

 

 

 

 

6,071

 

 

 

 

6,350

 

  Less: Net deferred loan fees and costs

 

 

 

(1,133

)

 

 

 

(915

)

 

 

 

(810

)

 

 

 

(813

)

 

 

 

(850

)

Total loans, net

 

$

 

1,101,963

 

 

$

 

846,374

 

 

$

 

838,698

 

 

$

 

831,015

 

 

$

 

834,737

 

 


 

 

 

 

 

Asset quality data

 

March 31, 2019

 

 

December 31, 2018

 

 

September 30, 2018

 

 

June 30, 2018

 

 

March 31, 2018

 

(Dollar amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

$

 

1,188

 

 

$

 

542

 

 

$

 

483

 

 

$

 

903

 

 

$

 

900

 

Troubled debt restructuring

 

$

 

102

 

 

$

 

178

 

 

$

 

205

 

 

$

 

218

 

 

$

 

527

 

90 day past due and accruing

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

Nonperforming loans

 

$

 

1,188

 

 

$

 

542

 

 

$

 

483

 

 

$

 

903

 

 

$

 

900

 

Other real estate owned

 

$

 

510

 

 

$

 

600

 

 

$

 

717

 

 

$

 

649

 

 

$

 

651

 

Non-performing assets

 

$

 

1,698

 

 

$

 

1,142

 

 

$

 

1,200

 

 

$

 

1,552

 

 

$

 

1,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollar amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan and lease losses

 

$

 

6,636

 

 

$

 

6,755

 

 

$

 

6,755

 

 

$

 

7,104

 

 

$

 

6,800

 

Allowance for loan and lease losses/total loans

 

 

 

0.60

%

 

 

 

0.80

%

 

 

 

0.81

%

 

 

 

0.85

%

 

 

 

0.81

%

Net charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Quarter-to-date

 

$

 

169

 

 

$

 

84

 

 

$

 

81

 

 

$

 

143

 

 

$

 

108

 

   Year-to-date

 

$

 

169

 

 

$

 

417

 

 

$

 

332

 

 

$

 

251

 

 

$

 

108

 

Net charge-offs to average loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Quarter-to-date

 

 

 

0.02

%

 

 

 

0.01

%

 

 

 

0.01

%

 

 

 

0.02

%

 

 

 

0.01

%

   Year-to-date

 

 

 

0.02

%

 

 

 

0.05

%

 

 

 

0.04

%

 

 

 

0.03

%

 

 

 

0.01

%

Non-performing loans/total loans

 

 

 

0.11

%

 

 

 

0.06

%

 

 

 

0.06

%

 

 

 

0.11

%

 

 

 

0.11

%

Allowance for loan and lease losses/nonperforming loans

 

 

 

558.92

%

 

 

 

1249.57

%

 

 

 

1399.58

%

 

 

 

751.49

%

 

 

 

755.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Tangible Equity = Stockholder Equity less goodwill and other intangibles (core deposit intangible)