0001193125-18-221941.txt : 20180720 0001193125-18-221941.hdr.sgml : 20180720 20180720075405 ACCESSION NUMBER: 0001193125-18-221941 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180719 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180720 DATE AS OF CHANGE: 20180720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIDDLEFIELD BANC CORP CENTRAL INDEX KEY: 0000836147 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 341585111 STATE OF INCORPORATION: OH FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36613 FILM NUMBER: 18961472 BUSINESS ADDRESS: STREET 1: 15985 E HIGH ST STREET 2: P O BOX 35 CITY: MIDDLEFILED STATE: OH ZIP: 44062-9263 BUSINESS PHONE: 4406321666 MAIL ADDRESS: STREET 1: 15985 EAST HIGH STREET STREET 2: P O BOX 35 CITY: MIDDLEFIELD STATE: OH ZIP: 44062-9263 8-K 1 d557604d8k.htm 8-K 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8 – K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

July 19, 2018

(Date of Report: Date of earliest event reported)

 

 

Middlefield Banc Corp.

(Exact name of registrant as specified in its charter)

Ohio

(State or other jurisdiction of incorporation)

001-36613

(Commission File Number)

34-1585111

(I.R.S. Employer Identification Number)

15985 East High Street

Middlefield, Ohio 44062

(Address of principal executive offices, including zip code)

(440) 632-1666

(Registrant’s telephone number, including area code)

(not applicable)

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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.    ☐

 

 

 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The following information is furnished under Item 2.02. On July 19, 2018, Middlefield Banc Corp. issued a press release announcing financial results for the three month and six month periods ended June 30, 2018. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by this reference.

The information contained or incorporated by reference in this current report on Form 8-K may contain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors, including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature, extent, and timing of governmental actions and reforms; and extended disruption of vital infrastructure. All forward-looking statements included in this current report on Form 8-K are based on information available at the time of the report. Middlefield Banc Corp. assumes no obligation to update any forward-looking statement.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

  (c) Exhibits.

The following exhibits are furnished herewith:

EXHIBITS

 

99    July 19, 2018 press release of Middlefield Banc Corp.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  MIDDLEFIELD BANC CORP.
Date: July 20, 2018  

/s/ James R. Heslop, II,

  Executive Vice President and COO
 EX-99 2 d557604dex99.htm EX-99 EX-99

Exhibit 99

 

LOGO

 

Company Contact:   Investor and Media Contact:    

Thomas G. Caldwell

President/Chief Executive Officer

Middlefield Banc Corp.

(440) 632-1666 Ext. 3200

tcaldwell@middlefieldbank.com

  

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

andrew@smberger.com

    

Middlefield Banc Corp. Reports 2018 First Half Financial Results

MIDDLEFIELD, OHIO, July 19, 2018 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the 2018 first half and second quarter ended June 30, 2018.

2018 First Half Financial Highlights versus 2017 First Half (unless noted):

 

  •   Net income was up 23.8% to $5.7 million

 

  •   Earnings per diluted share increased 9.3% to $1.76 per share, despite a 13.5% increase in the average number of diluted shares outstanding

 

  •   For the 2018 second quarter, return on average equity was 10.08%, compared to 9.34% for the quarter ended June 30, 2017

 

  •   For the 2018 second quarter, return on average tangible common equity(1) was 11.77%, compared to 11.30% for the quarter ended June 30, 2017

 

  •   Book value per share was up 4.0% to $37.95 per share

 

  •   Tangible book value(1) per share was up 5.6% to $32.49 per share

 

  •   Total net loans increased 8.7% to $936.2 million

 

  •   Total interest income improved 14.1% to $24.1 million

 

  •   Noninterest expense was up only 3.1%

 

  •   Equity to assets remains strong at 10.52%

“Record profitability helped increase our return on average equity (“ROAE”) to over 10% during the second quarter, after several capital raises and the Liberty acquisition temporarily reduced our ROAE to the high single digits,” stated Thomas G. Caldwell, President and Chief Executive Officer. “During the quarter, we had approximately $38 million of loans payoff, which included a $6 million loan that was previously classified as a troubled debt restructuring (“TDR”). In spite of this impact, our loan portfolio has increased nearly 9% compared to the same period a year ago. Our pipeline of potential new loans remains robust, but we have started to see other lenders within our markets become more aggressive on pricing and less restrictive on covenants and standards. It is important to note that Middlefield will remain focused on our lending standards by appropriately managing credit risk and controlling growth.”

“As we enter the second half of the year, we are excited by our opportunities to grow our franchise and create further value for our shareholders. I am encouraged by positive economic trends throughout both of our regions and recent announcements of significant new development projects close to our Central Ohio offices. During the third quarter we anticipate the grand opening of our Powell location. Our Central Ohio branch strategy is well positioned to capitalize on this fast growing and compelling region,” Mr. Caldwell concluded.

Income Statement

For the 2018 first half, net interest income increased 9.5% to $19.7 million, compared to $18.0 million for the same period last year. Year-to-date, the net interest margin was 3.79%, compared to 3.82% for the same period last year. Net interest income for the 2018 second quarter was $9.8 million, compared to $9.3 million for the 2017 second quarter. The 6.1% increase in net interest income for the 2018 second quarter was largely a result of a 13.3% increase in interest and fees on loans. The net interest margin for the 2018 second quarter was 3.76%, compared to 3.80% for the same period of 2017.

For the 2018 first half, noninterest income was $1.8 million, compared to $2.5 million for the same period last year. Noninterest income for the 2018 second quarter was $1.0 million, compared to just under $1.0 million for the same period last year.

For the 2018 first half, noninterest expense increased 3.1% to $14.4 million, compared to $14.0 million for the same period last year. Operating costs in the 2018 second quarter increased 5.4% to $7.1 million from $6.7 million for the 2017 second quarter. Noninterest expense for the 2017 first half included $694,000 of additional one-time operating expenses as a result of the Liberty acquisition.

“Asset quality improved during the second quarter due to a significant decrease in nonperforming loans as a result of a payoff of a TDR classified loan and a reduction in nonaccrual loans,” said Donald L. Stacy, Chief Financial Officer. “As a result, our nonperforming loans to total loans was 1.21%, which is the lowest level in five quarters. Competition for deposits remains elevated and we are working on strategies to bring in low-cost deposits while reducing short-term borrowings. I am pleased with the 20.7% increase in noninterest-bearing deposits over the past 12 months. Our loan-to-deposit ratio was 101.2% at June 30, 2018, compared to 102.5% at June 30, 2017, and 98.7% at March 31, 2018, while our net-loan-to-asset ratio was 80.3% at June 30, 2018, compared to 80.4% at June 30, 2017, and 83.6% at March 31, 2018. We continue to believe we will improve operating leverage and funding costs throughout the remainder of the year, which should translate in continued earnings growth and improved profitability.”

Balance Sheet

Total assets at June 30, 2018, increased 8.9% to approximately $1.2 billion from $1.1 billion at June 30, 2017. Net loans at June 30, 2018, were $936.2 million, compared to $861.3 million at June 30, 2017, and $916.0 million at December 31, 2017. The 8.7% year-over-year improvement in net loans was across almost all loan categories and was primarily a result of a 12.4% increase in commercial mortgage loans, a 4.0% increase in residential mortgage loans, a 5.0% increase in commercial and industrial loans, a 28.3% increase in real estate construction loans, partially offset by a 9.0% decline in consumer installment loans.

Total deposits at June 30, 2018, was $932.2 million, compared to $846.8 million at June 30, 2017. The 10.1% increase in deposits was a result of higher noninterest-bearing demand, savings, and time deposits, offset by lower money market deposits. The investment portfolio, which is entirely classified as available for sale, was $100.0 million June 30, 2018, compared with $105.0 million at June 30, 2017.

Stockholders’ Equity and Dividends

At the end of the 2018 second quarter, shareholders’ equity increased 4.7% to $122.7 million compared to $117.2 million at June 30, 2017. On a per share basis, shareholders’ equity at June 30, 2018, was $37.95 compared to $36.49 at the same period last year. Tangible stockholders’ equity(1) increased 6.3% to $105.1 million for the 2018 second quarter, compared to $98.8 million at June 30, 2017. On a per-share basis, tangible stockholders’ equity(1) was $32.49 at June 30, 2018, compared to $30.77 at June 30, 2017.

Through the first six months of 2018, the company declared cash dividends of $0.61 per share, compared to $0.54 per share for the same period last year. The dividend payout ratio for the 2018 six-month period was 34.5% compared to 35.2% for the same period last year.

At June 30, 2018, the company had an equity to assets leverage ratio of 10.52%, compared to 10.94% at June 30, 2017.

Asset Quality

The provision for loan losses for the 2018 second quarter was $210,000 versus $170,000 for the same period last year. Nonperforming assets at June 30, 2018, were $11.6 million, compared to $17.1 million at June 30, 2017. Net charge-offs for the 2018 second quarter were $259,000, or 0.11% of average loans, annualized, compared to $285,000, or 0.13% of average loans, annualized at June 30, 2017.

Year-to-date net charge-offs were $108,000, or 0.02% of average loans, annualized compared to $328,000, or 0.08% of average loans, annualized for the same period last year. The allowance for loan losses at June 30, 2018, stood at $7.5 million, or 0.79% of total loans, compared to $6.6 million or 0.76% of total loans at June 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 June 30, 2018. The bank operates 14 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, 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)

 

Balance Sheets (period end)

    June 30,
2018		     March 31,
2018		     December 31,
2017		     September 30,
2017		     June 30,
2017		  

ASSETS

           

Cash and due from banks

    $ 42,451     $ 33,258     $ 39,886     $ 47,731     $ 37,971  

Federal funds sold

      28,795       —         —         1,200       1,600  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents

      71,246       33,258       39,886       48,931       39,571  

Equity securities, at fair value

      656       643       —         —         —    

Investment securities available for sale, at fair value

      100,028       91,262       95,283       98,334       104,951  

Loans held for sale

      1,132       937       463       5,930       9,791  

Loans

      943,674       932,374       923,213       878,541       867,864  

Less allowance for loan and lease losses

      7,502       7,551       7,190       6,852       6,605  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net loans

      936,172       924,823       916,023       871,689       861,259  

Premises and equipment, net

      12,978       12,225       11,853       11,768       11,511  

Goodwill

      15,071       15,071       15,071       15,299       15,435  

Core deposit intangibles

      2,571       2,658       2,749       2,848       2,948  

Bank-owned life insurance

      15,862       15,764       15,652       15,542       15,432  

Other real estate owned

      181       212       212       557       650  

Accrued interest receivable and other assets

      10,182       9,911       9,144       9,928       9,528  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL ASSETS

    $ 1,166,079     $ 1,106,764     $ 1,106,336     $ 1,080,826     $ 1,071,076  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     June 30,
2018		     March 31,
2018		     December 31,
2017		     September 30,
2017		     June 30,
2017		  

LIABILITIES

           

Deposits:

           

Noninterest-bearing demand

    $ 207,791     $ 194,203     $ 192,438     $ 181,550     $ 172,199  

Interest-bearing demand

      92,116       96,659       83,990       91,184       87,084  

Money market

      137,572       149,359       150,277       161,101       160,858  

Savings

      204,408       221,851       208,502       212,371       181,259  

Time

      290,359       282,501       242,987       251,449       245,383  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total deposits

      932,246       944,573       878,194       897,655       846,783  

Short-term borrowings

      87,833       18,671       74,707       20,274       63,388  

Other borrowings

      18,996       19,028       29,065       39,273       39,346  

Accrued interest payable and other liabilities

      4,288       4,340       4,507       5,130       4,357  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES

      1,043,363       986,612       986,473       962,332       953,874  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

STOCKHOLDERS’ EQUITY

           

Common equity

      85,544       85,116       84,859       84,722       84,587  

Retained earnings

      51,121       48,927       47,431       45,913       44,318  

Accumulated other comprehensive (loss) income

      (431 )      (373 )      1,091       1,377       1,815  

Treasury stock

      (13,518 )      (13,518 )      (13,518 )      (13,518 )      (13,518 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL STOCKHOLDERS’ EQUITY

      122,716       120,152       119,863       118,494       117,202  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

    $ 1,166,079     $ 1,106,764     $ 1,106,336     $ 1,080,826     $ 1,071,076  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands)

 

     For the Three Months Ended      For the Six Months
Ended		  

Statements of Income

    June 30,
2018		      March 31,
2018		      December 31,
2017		      September 30,
2017		      June 30,
2017		      June 30,
2018		      June 30,
2017		  

INTEREST AND DIVIDEND INCOME

                     

Interest and fees on loans

    $ 11,234      $ 11,054      $ 10,696      $ 10,443      $ 9,916      $ 22,288      $ 19,096  

Interest-bearing deposits in other institutions

      115        119        80        107        92        234        141  

Federal funds sold

      7        14        6        5        1        21        4  

Investment securities:

                     

Taxable interest

      170        169        162        159        223        339        441  

Tax-exempt interest

      550        525        560        579        630        1,075        1,267  

Dividends on stock

      53        59        60        37        40        112        152  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total interest and dividend income

      12,129        11,940        11,564        11,330        10,902        24,069        21,101  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

INTEREST EXPENSE

                     

Deposits

      1,973        1,640        1,530        1,468        1,227        3,613        2,352  

Short-term borrowings

      192        276        101        202        273        468        450  

Other borrowings

      118        122        131        148        125        240        265  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total interest expense

      2,283        2,038        1,762        1,818        1,625        4,321        3,067  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

NET INTEREST INCOME

      9,846        9,902        9,802        9,512        9,277        19,748        18,034  

Provision for loan losses

      210        210        430        280        170        420        335  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

      9,636        9,692        9,372        9,232        9,107        19,328        17,699  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

NONINTEREST INCOME

                     

Service charges on deposit accounts

      472        453        478        479        449        925        918  

Investment securities gains on sale, net

      —          —          —          398        —          —          488  

Gain on equity securities

      13        18        —          —          —          31        —    

Earnings on bank-owned life insurance

      98        112        115        109        98        210        207  

Gains on sale of loans

      117        4        106        255        231        121        465  

Other income

      305        199        219        200        211        504        422  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total noninterest income

      1,005        786        918        1,441        989        1,791        2,500  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

NONINTEREST EXPENSE

                     

Salaries and employee benefits

      3,866        3,979        3,134        3,725        3,203        7,845        6,899  

Occupancy expense

      472        536        449        476        433        1,008        921  

Equipment expense

      201        233        261        242        266        434        547  

Data processing costs

      402        477        416        468        588        879        908  

Ohio state franchise tax

      244        115        186        186        186        359        372  

Federal deposit insurance expense

      150        150        165        165        135        300        203  

Professional fees

      327        445        522        434        423        772        796  

Advertising expense

      230        228        161        248        164        458        412  

Software amortization expense

      155        150        134        118        80        305        162  

Core deposit intangible amortization

      87        91        98        101        103        178        175  

Merger expense

      —          —          28        338        307        —          694  

Other expense

      929        941        663        796        816        1,870        1,882  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total noninterest expense

      7,063        7,345        6,217        7,297        6,704        14,408        13,971  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Income before income taxes

      3,578        3,133        4,073        3,376        3,392        6,711        6,228  

Income taxes

      481        528        1,687        914        885        1,009        1,621  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

NET INCOME

    $ 3,097      $ 2,605      $ 2,386      $ 2,462      $ 2,507      $ 5,702      $ 4,607  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands, except per share and share amounts)

 

    For the Three Months Ended     For the Six Months
Ended		  
    June 30,
2018		     March 31,
2018		     December 31,
2017		     September 30,
2017		     June 30,
2017		     June 30,
2018		     June 30,
2017		  

Per common share data

              

Net income per common share – basic

   $ 0.96     $ 0.81     $ 0.73     $ 0.77     $ 0.84     $ 1.77     $ 1.62  

Net income per common share – diluted

   $ 0.96     $ 0.80     $ 0.73     $ 0.76     $ 0.83     $ 1.76     $ 1.61  

Dividends declared per share

   $ 0.28     $ 0.33     $ 0.27     $ 0.27     $ 0.27     $ 0.61     $ 0.54  

Book value per share (period end)

   $ 37.95     $ 37.28     $ 37.25     $ 36.86     $ 36.49     $ 37.95     $ 36.49  

Tangible book value per share (period end) (2) (3)

   $ 32.49     $ 31.78     $ 31.71     $ 31.21     $ 30.77     $ 32.49     $ 30.77  

Dividends declared

   $ 903     $ 1,063     $ 868     $ 867     $ 867     $ 1,966     $ 1,623  

Dividend yield

     2.21 %      2.69 %      2.24 %      2.34 %      2.14 %      2.43 %      2.16 % 

Dividend payout ratio

     29.16 %      40.81 %      36.38 %      35.22 %      34.58 %      34.48 %      35.23 % 

Average shares outstanding – basic

     3,225,726       3,220,262       3,215,300       3,212,335       3,000,451       3,223,009       2,841,019  

Average shares outstanding – diluted

     3,240,329       3,238,069       3,231,791       3,223,753       3,014,140       3,238,236       2,854,158  

Period ending shares outstanding

     3,233,678       3,222,984       3,217,716       3,214,737       3,211,748       3,233,678       3,211,748  

Selected ratios

              

Return on average assets

     1.11 %      0.94 %      0.86 %      0.90 %      0.94 %      1.03 %      0.89 % 

Return on average equity

     10.08 %      8.73 %      7.72 %      8.12 %      9.34 %      9.42 %      9.05 % 

Return on average tangible common equity (2) (4)

     11.77 %      10.23 %      9.05 %      9.57 %      11.30 %      11.02 %      10.91 % 

Yield on earning assets

     4.61 %      4.57 %      4.51 %      4.52 %      4.45 %      4.60 %      4.45 % 

Cost of interest bearing liabilities

     1.16 %      1.03 %      0.89 %      0.92 %      0.83 %      1.10 %      0.80 % 

Net interest spread

     3.45 %      3.54 %      3.62 %      3.60 %      3.62 %      3.50 %      3.65 % 

Net interest margin

     3.76 %      3.82 %      3.84 %      3.81 %      3.80 %      3.79 %      3.82 % 

Efficiency (1)

     63.43 %      67.00 %      55.58 %      63.96 %      63.30 %      65.20 %      65.94 % 

Equity to assets at period end

     10.52 %      10.86 %      10.83 %      10.96 %      10.94 %      10.52 %      10.94 % 

 

(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

     For the Three Months Ended  

End of Period Loan Balances

    June 30,
2018		     March 31,
2018		     December 31,
2017		     September 30,
2017		     June 30,
2017		  

Commercial and industrial

    $ 101,975     $ 99,809     $ 101,346     $ 99,314     $ 97,160  

Real estate – construction

      45,647       48,687       47,017       40,760       35,571  

Real estate – mortgage:

           

Residential

      320,858       316,856       318,157       316,191       308,519  

Commercial

      457,050       448,766       437,947       403,135       406,670  

Consumer installment

      18,144       18,256       18,746       19,141       19,944  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 943,674     $ 932,374     $ 923,213     $ 878,541     $ 867,864  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset quality data

    June 30,
2018		     March 31,
2018		     December 31,
2017		     September 30,
2017		     June 30,
2017		  

(Dollar amounts in thousands)

           

Non-accrual loans

    $ 8,357     $ 8,747     $ 8,433     $ 8,525     $ 10,213  

Troubled debt restructuring

      3,051       9,071       4,982       5,608       5,990  

90 day past due and accruing

      15       —         —         268       199  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Nonperforming loans

      11,423       17,818       13,415       14,401       16,402  

Other real estate owned

      181       212       212       557       650  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Nonperforming assets

    $ 11,604     $ 18,030     $ 13,627     $ 14,958     $ 17,052  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Allowance for loan losses

    $ 7,502     $ 7,551     $ 7,190     $ 6,852     $ 6,605  

Allowance for loan losses/total loans

      0.79 %      0.81 %      0.78 %      0.78 %      0.76 % 

Net charge-offs (recoveries):

           

Quarter-to-date

    $ 259     $ (151 )    $ 92     $ 33     $ 285  

Year-to-date

      108       (151 )      453       361       328  

Net charge-offs (recoveries) to average loans, annualized:

           

Quarter-to-date

      0.11 %      (-0.06 )%      0.04 %      0.02 %      0.13 % 

Year-to-date

      0.02 %      (-0.06 )%      0.05 %      0.06 %      0.08 % 

Nonperforming loans/total loans

      1.21 %      1.91 %      1.45 %      1.64 %      1.89 % 

Allowance for loan losses/nonperforming loans

      65.67 %      42.38 %      53.60 %      47.58 %      40.27 % 

Nonperforming assets/total assets

      1.00 %      1.63 %      1.23 %      1.38 %      1.59 % 

 

Reconciliation of Common Stockholders’ Equity to
Tangible Common Equity

    For the Three Months Ended      For the Six Months
Ended		  
(Dollar amounts in thousands)    June 30,
2018		      March 31,
2018		      December 31,
2017		      September 30,
2017		      June 30,
2017		      June 30,
2018		      June 30,
2017		  

Stockholders’ Equity

    $ 122,716      $ 120,152      $ 119,863      $ 118,494      $ 117,202      $ 122,716      $ 117,202  

Less Goodwill and other intangibles

      17,642        17,729        17,820        18,147        18,383        17,642        18,383  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Tangible Common Equity

    $ 105,074      $ 102,423      $ 102,043      $ 100,347      $ 98,819      $ 105,074      $ 98,819  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Stockholders’ Equity

    $ 123,228      $ 121,001      $ 122,586      $ 120,310      $ 107,615      $ 122,115      $ 102,675  

Less Average Goodwill and other intangibles

      17,683        17,773        17,987        18,251        18,633        17,728        17,518  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Tangible Common Equity

    $ 105,545      $ 103,228      $ 104,599      $ 102,059      $ 88,982      $ 104,387      $ 85,157  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
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