Old Point Releases Second Quarter 2024 Results
We continued our cost saving initiatives to reduce noninterest expense in the second quarter. Year to date, we have incurred
Additionally, we will be closing our
We approach the second half of 2024 with continued optimism given the strength of our company, driven by an outstanding team of employees. I remain fully confident about the ability of our team to drive value for our customers, our communities, and our shareholders."
Key highlights of the second quarter are as follows:
- Total assets were
$1.4 billion atJune 30, 2024 , decreasing$23.0 million or 1.6% fromDecember 31, 2023 . Net loans held for investment were$1.0 billion atJune 30, 2024 , decreasing$25.3 million , or 2.4%, fromDecember 31, 2023 . - Total deposits increased
$6.2 million , or 0.5%, fromDecember 31, 2023 . - Return on average equity (ROE) was 9.43% for the second quarter of 2024, compared to 6.44% for the first quarter of 2024, and 7.01% for the second quarter of 2023. Return on average assets (ROA) was 0.71% for the second quarter of 2024, compared to 0.48% for the first quarter of 2024, and 0.51% for the second quarter of 2023.
- Book value per share and tangible book value per share (non-GAAP) at
June 30, 2024 increased 1.45% and 1.50%, fromMarch 31, 2024 and 6.39% and 6.60%, respectively fromJune 30, 2023 . - Net income improved
$812 thousand , or 47.3%, to$2.5 million for the second quarter of 2024 from$1.7 million for the first quarter of 2024 and improved$727 thousand , or 40.3% from$1.8 million for the second quarter of 2023. - Net interest margin (NIM) was 3.62% for the second quarter of 2024 compared to 3.45% for the first quarter of 2024 and 3.67% for the second quarter of 2023. NIM on a fully tax-equivalent basis (FTE) (non-GAAP) was 3.63% for the second quarter of 2024 compared to 3.46% for the first quarter of 2024 and 3.69% for the second quarter of 2023.
- Net interest income increased
$576 thousand , or 5.0%, to$12.1 million for the second quarter of 2024 from$11.5 million for the first quarter of 2024 and increased$17 thousand , or 0.1%, compared to the second quarter of 2023. - Provision for credit losses of
$261 thousand was recognized for the second quarter of 2024, compared to$80 thousand for the first quarter of 2024 and$361 thousand for the second quarter of 2023. - Non-performing assets decreased by
$193 thousand to$2.0 million or 0.14% of total assets atJune 30, 2024 from$2.2 million or 0.15% of total assets atMarch 31, 2024 and increased$516 thousand from$1.4 million or 0.10% of total assets atJune 30, 2023 . - Liquidity as of
June 30, 2024 , defined as cash and cash equivalents, unpledged securities, and available secured borrowing capacity, totaled$403.8 million , representing 28.4% of total assets compared to$342.5 million , representing 23.7% of total assets as ofDecember 31, 2023 .
For more information about financial measures that are not calculated in accordance with GAAP, please see "Non-GAAP Financial Measures" and "Reconciliation of Certain Non-GAAP Financial Measures" below.
Balance Sheet and Asset Quality
Total assets of
Total deposits of
The Company's total stockholders' equity at
Non-performing assets (NPAs) totaled
The Company recognized a provision for credit losses of
Net Interest Income
Net interest income for the second quarter of 2024 was
Net Interest Margin (NIM) for the second quarter of 2024 was 3.62%, an increase from 3.45% for the first quarter of 2024, and a decrease from 3.67% for the prior year quarter. On a fully tax-equivalent basis (FTE) (non-GAAP), NIM was 3.63%, for the second quarter of 2024, compared to 3.46% for the first quarter of 2024 and 3.69% for the second quarter of 2023. Average earning asset balances increased
Average loans decreased
Noninterest Income
Total noninterest income was
Noninterest Expense
Noninterest expense totaled
Capital Management and Dividends
For the second quarter of 2024, the Company declared a dividend of
Total consolidated equity increased
At
Non-GAAP Financial Measures
In reporting the results as of and for the three and six months ended
Safe Harbor Statement Regarding Forward-Looking Statements
Statements in this press release, including without limitation, statements made in Mr. Shuford's quotation , which use language such as "believes," "expects," "plans," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" and similar expressions, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs of Old Point's management, as well as estimates and assumptions made by, and information currently available to, management, as of the time such statements are made. These statements are also subject to assumptions with respect to future business strategies and decisions that are subject to change. These statements are inherently uncertain, and there can be no assurance that the underlying beliefs, estimates, or assumptions will prove to be accurate. Actual results, performance, achievements, or trends could differ materially from historical results or those expressed or implied by such statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its businesses or operations. Forward-looking statements in this release may include, without limitation, statements regarding: efficiency and expense reduction initiatives, including the estimated effects and estimated future cost savings thereof, and the estimated timing of recognizing the benefits of such initiatives; future financial performance; future financial and economic conditions, industry conditions, and loan demand; Old Point's strategic focuses; impacts of economic uncertainties; performance of the loan and securities portfolios; deposit growth and future levels of rates paid on deposits; levels and sources of liquidity and capital resources; future levels of the allowance for credit losses, charge-offs or net recoveries; levels of or changes in interest rates and potential impacts on Old Point's NIM; changes in NIM and items affecting NIM; expected impact of unrealized losses on earnings and regulatory capital of Old Point or the Bank; and statements that include other projections, predictions, expectations, or beliefs about future events or results, or otherwise are not statements of historical fact.
These forward-looking statements are subject to significant risks and uncertainties due to factors that could have a material adverse effect on the operations and future prospects of Old Point including, but not limited to, changes in or the effects of: interest rates and yields, such as increases or volatility in short-term interest rates or yields on
The Company does not intend or assume any obligation to update, revise or clarify any forward-looking statements that may be made from time to time or on behalf of the Company, whether as a result of new information, future events or otherwise, except as otherwise required by law. In addition, past results of operations are not necessarily indicative of future results.
Information about
For more information, contact
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Consolidated Balance Sheets |
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(dollars in thousands, except per share amounts) |
2024 |
2023 |
|
(unaudited) |
|
Assets |
|
|
|
|
|
Cash and due from banks |
$ 15,517 |
$ 16,778 |
Interest-bearing due from banks |
76,635 |
63,539 |
Federal funds sold |
593 |
489 |
Cash and cash equivalents |
92,745 |
80,806 |
Securities available-for-sale, at fair value |
192,127 |
202,231 |
Restricted securities, at cost |
3,825 |
5,176 |
Loans held for sale |
- |
470 |
Loans, net |
1,042,774 |
1,068,046 |
Premises and equipment, net |
30,783 |
29,913 |
Premises and equipment, held for sale |
344 |
344 |
Bank-owned life insurance |
35,623 |
35,088 |
|
1,650 |
1,650 |
Core deposit intangible, net |
165 |
187 |
Other assets |
23,318 |
22,471 |
Total assets |
$ 1,423,354 |
$ 1,446,382 |
|
|
|
Liabilities & Stockholders' Equity |
|
|
|
|
|
Deposits: |
|
|
Noninterest-bearing deposits |
$ 360,296 |
$ 331,992 |
Savings deposits |
624,777 |
655,694 |
Time deposits |
251,502 |
242,711 |
Total deposits |
1,236,575 |
1,230,397 |
Overnight repurchase agreements |
1,381 |
2,383 |
|
39,586 |
69,450 |
Subordinated notes |
29,733 |
29,668 |
Accrued expenses and other liabilities |
6,083 |
7,706 |
Total liabilities |
1,313,358 |
1,339,604 |
|
|
|
Stockholders' equity: |
|
|
Common stock, |
25,047 |
24,932 |
Additional paid-in capital |
17,248 |
17,099 |
Retained earnings |
84,999 |
82,277 |
Accumulated other comprehensive loss, net |
(17,298) |
(17,530) |
Total stockholders' equity |
109,996 |
106,778 |
Total liabilities and stockholders' equity |
$ 1,423,354 |
$ 1,446,382 |
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Consolidated Statements of Income (unaudited) |
Three Months Ended |
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Six Months Ended |
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(dollars in thousands, except per share amounts) |
|
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|
|
|
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Interest and Dividend Income: |
|
|
|
|
|
|
Loans, including fees |
$ 15,042 |
$ 14,544 |
$ 14,185 |
|
$ 29,586 |
$ 27,226 |
Due from banks |
1,087 |
799 |
93 |
|
1,886 |
157 |
Federal funds sold |
12 |
9 |
9 |
|
21 |
15 |
Securities: |
|
|
|
|
|
|
Taxable |
1,761 |
1,798 |
1,772 |
|
3,559 |
3,536 |
Tax-exempt |
139 |
139 |
209 |
|
278 |
421 |
Dividends and interest on all other securities |
77 |
94 |
79 |
|
171 |
145 |
Total interest and dividend income |
18,118 |
17,383 |
16,347 |
|
35,501 |
31,500 |
|
|
|
|
|
|
|
Interest Expense: |
|
|
|
|
|
|
Checking and savings deposits |
2,699 |
2,597 |
1,569 |
|
5,296 |
2,423 |
Time deposits |
2,337 |
2,172 |
1,419 |
|
4,509 |
1,956 |
Federal funds purchased, securities sold under |
|
|
|
|
|
|
agreements to repurchase and other borrowings |
1 |
1 |
2 |
|
2 |
39 |
|
670 |
778 |
963 |
|
1,448 |
1,580 |
Long term borrowings |
295 |
295 |
295 |
|
590 |
590 |
Total interest expense |
6,002 |
5,843 |
4,248 |
|
11,845 |
6,588 |
Net interest income |
12,116 |
11,540 |
12,099 |
|
23,656 |
24,912 |
Provision for credit losses |
261 |
80 |
361 |
|
341 |
737 |
Net interest income after provision for credit losses |
11,855 |
11,460 |
11,738 |
|
23,315 |
24,175 |
|
|
|
|
|
|
|
Noninterest Income: |
|
|
|
|
|
|
Fiduciary and asset management fees |
1,129 |
1,192 |
1,154 |
|
2,321 |
2,270 |
Service charges on deposit accounts |
837 |
758 |
793 |
|
1,595 |
1,546 |
Other service charges, commissions and fees |
1,150 |
883 |
1,027 |
|
2,033 |
2,136 |
Bank-owned life insurance income |
270 |
265 |
259 |
|
535 |
513 |
Mortgage banking income |
2 |
16 |
112 |
|
18 |
207 |
Loss on sale of available-for-sale securities, net |
- |
- |
(164) |
|
- |
(164) |
Gain (loss) on sale of repossessed assets |
(58) |
22 |
(69) |
|
(36) |
(69) |
Gain on sale of fixed assets |
- |
- |
200 |
|
- |
200 |
Other operating income |
141 |
86 |
165 |
|
227 |
259 |
Total noninterest income |
3,471 |
3,222 |
3,477 |
|
6,693 |
6,898 |
|
|
|
|
|
|
|
Noninterest Expense: |
|
|
|
|
|
|
Salaries and employee benefits |
7,195 |
7,831 |
8,043 |
|
15,026 |
15,406 |
Occupancy and equipment |
1,373 |
1,173 |
1,255 |
|
2,546 |
2,450 |
Data processing |
1,393 |
1,315 |
1,264 |
|
2,708 |
2,443 |
Customer development |
176 |
55 |
101 |
|
231 |
214 |
Professional services |
680 |
585 |
756 |
|
1,265 |
1,429 |
Employee professional development |
167 |
211 |
289 |
|
378 |
523 |
Other taxes |
276 |
261 |
234 |
|
537 |
447 |
ATM and other losses |
98 |
231 |
154 |
|
329 |
409 |
Other operating expenses |
966 |
1,041 |
1,051 |
|
2,007 |
1,994 |
Total noninterest expense |
12,324 |
12,703 |
13,147 |
|
25,027 |
25,315 |
Income before income taxes |
3,002 |
1,979 |
2,068 |
|
4,981 |
5,758 |
Income tax expense |
473 |
262 |
266 |
|
735 |
873 |
Net income |
$ 2,529 |
$ 1,717 |
$ 1,802 |
|
$ 4,246 |
$ 4,885 |
|
|
|
|
|
|
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Basic Earnings per Common Share: |
|
|
|
|
|
|
Weighted average shares outstanding |
5,064,363 |
5,039,819 |
5,023,305 |
|
5,052,091 |
5,011,481 |
Net income per share of common stock |
$ 0.50 |
$ 0.34 |
$ 0.36 |
|
$ 0.84 |
$ 0.97 |
|
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|
|
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Diluted Earnings per Common Share: |
|
|
|
|
|
|
Weighted average shares outstanding |
5,064,503 |
5,039,876 |
5,023,603 |
|
5,052,190 |
5,011,697 |
Net income per share of common stock |
$ 0.50 |
$ 0.34 |
$ 0.36 |
|
$ 0.84 |
$ 0.97 |
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|
|
|
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Cash Dividends Declared per Share: |
$ 0.14 |
$ 0.14 |
$ 0.14 |
|
$ 0.28 |
$ 0.28 |
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Average Balance Sheets, Net Interest Income And Rates |
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For the quarters ended |
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(unaudited) |
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Interest |
|
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Interest |
|
|
Interest |
|
|
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
(dollars in thousands) |
Balance |
Expense |
Rate** |
Balance |
Expense |
Rate** |
Balance |
Expense |
Rate** |
ASSETS |
|
|
|
|
|
|
|
|
|
Loans* |
$ 1,061,884 |
$ 15,042 |
5.68 % |
$ 1,076,894 |
$ 14,544 |
5.42 % |
$ 1,088,723 |
$ 14,185 |
5.23 % |
Investment securities: |
|
|
|
|
|
|
|
|
|
Taxable |
169,675 |
1,761 |
4.16 % |
175,241 |
1,798 |
4.12 % |
183,278 |
1,772 |
3.88 % |
Tax-exempt* |
26,036 |
176 |
2.71 % |
26,115 |
176 |
2.70 % |
37,851 |
265 |
2.81 % |
Total investment securities |
195,711 |
1,937 |
3.97 % |
201,356 |
1,974 |
3.93 % |
221,129 |
2,037 |
3.69 % |
Interest-bearing due from banks |
79,752 |
1,087 |
5.47 % |
57,921 |
799 |
5.53 % |
7,510 |
93 |
4.96 % |
Federal funds sold |
894 |
12 |
5.38 % |
709 |
9 |
5.09 % |
718 |
9 |
4.88 % |
Other investments |
4,506 |
77 |
6.85 % |
5,201 |
94 |
7.33 % |
4,806 |
79 |
6.68 % |
Total earning assets |
1,342,747 |
$ 18,155 |
5.42 % |
1,342,081 |
$ 17,420 |
5.21 % |
1,322,886 |
$ 16,403 |
4.97 % |
Allowance for credit losses |
(11,905) |
|
|
(12,393) |
|
|
(11,732) |
|
|
Other non-earning assets |
107,487 |
|
|
105,193 |
|
|
106,738 |
|
|
Total assets |
$ 1,438,329 |
|
|
$ 1,434,881 |
|
|
$ 1,417,892 |
|
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|
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|
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LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Time and savings deposits: |
|
|
|
|
|
|
|
|
|
Interest-bearing transaction accounts |
$ 94,868 |
$ 3 |
0.01 % |
$ 94,434 |
$ 3 |
0.01 % |
$ 80,393 |
$ 3 |
0.02 % |
Money market deposit accounts |
446,359 |
2,689 |
2.42 % |
452,198 |
2,587 |
2.29 % |
437,481 |
1,558 |
1.43 % |
Savings accounts |
85,098 |
7 |
0.03 % |
89,035 |
7 |
0.03 % |
105,161 |
8 |
0.03 % |
Time deposits |
247,472 |
2,337 |
3.79 % |
238,076 |
2,172 |
3.66 % |
200,951 |
1,419 |
2.83 % |
Total time and savings deposits |
873,797 |
5,036 |
2.31 % |
873,743 |
4,769 |
2.19 % |
823,986 |
2,988 |
1.45 % |
Federal funds purchased, repurchase |
|
|
|
|
|
|
|
|
|
agreements and other borrowings |
2,006 |
1 |
0.20 % |
2,484 |
1 |
0.32 % |
4,959 |
2 |
0.13 % |
|
54,006 |
670 |
4.98 % |
69,716 |
778 |
4.48 % |
77,255 |
963 |
4.93 % |
Long term borrowings |
29,712 |
295 |
3.98 % |
29,680 |
295 |
3.99 % |
29,585 |
295 |
3.95 % |
Total interest-bearing liabilities |
959,521 |
6,002 |
2.51 % |
975,623 |
5,843 |
2.40 % |
935,785 |
4,248 |
1.82 % |
Demand deposits |
362,884 |
|
|
344,098 |
|
|
370,907 |
|
|
Other liabilities |
8,380 |
|
|
8,209 |
|
|
8,125 |
|
|
Stockholders' equity |
107,544 |
|
|
106,951 |
|
|
103,075 |
|
|
Total liabilities and stockholders' equity |
$ 1,438,329 |
|
|
$ 1,434,881 |
|
|
$ 1,417,892 |
|
|
Net interest margin* |
|
$ 12,153 |
3.63 % |
|
$ 11,577 |
3.46 % |
|
$ 12,155 |
3.69 % |
|
|
|
|
|
|
|
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|
|
*Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income |
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by |
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**Annualized |
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Average Balance Sheets, Net Interest Income And Rates |
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For the six months ended |
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(unaudited) |
2024 |
2023 |
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|
|
Interest |
|
|
Interest |
|
|
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
(dollars in thousands) |
Balance |
Expense |
Rate** |
Balance |
Expense |
Rate** |
ASSETS |
|
|
|
|
|
|
Loans* |
$ 1,069,389 |
$ 29,586 |
5.55 % |
$ 1,072,391 |
$ 27,226 |
5.12 % |
Investment securities: |
|
|
|
|
|
|
Taxable |
172,458 |
3,559 |
4.14 % |
184,776 |
3,536 |
3.86 % |
Tax-exempt* |
26,075 |
352 |
2.71 % |
38,028 |
533 |
2.83 % |
Total investment securities |
198,533 |
3,911 |
3.95 % |
222,804 |
4,069 |
3.68 % |
Interest-bearing due from banks |
68,837 |
1,886 |
5.49 % |
7,056 |
157 |
4.48 % |
Federal funds sold |
801 |
21 |
5.26 % |
648 |
15 |
4.59 % |
Other investments |
4,853 |
171 |
7.07 % |
4,222 |
146 |
6.95 % |
Total earning assets |
1,342,413 |
$ 35,575 |
5.31 % |
1,307,121 |
$ 31,613 |
4.88 % |
Allowance for credit losses |
(12,149) |
|
|
(11,536) |
|
|
Other nonearning assets |
106,340 |
|
|
105,630 |
|
|
Total assets |
$ 1,436,604 |
|
|
$ 1,401,215 |
|
|
|
|
|
|
|
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LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
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Time and savings deposits: |
|
|
|
|
|
|
Interest-bearing transaction accounts |
$ 94,651 |
$ 6 |
0.01 % |
$ 75,351 |
$ 6 |
0.02 % |
Money market deposit accounts |
449,279 |
5,277 |
2.36 % |
433,235 |
2,400 |
1.12 % |
Savings accounts |
87,066 |
13 |
0.03 % |
110,491 |
17 |
0.03 % |
Time deposits |
242,774 |
4,509 |
3.72 % |
174,902 |
1,956 |
2.26 % |
Total time and savings deposits |
873,770 |
9,805 |
2.25 % |
793,979 |
4,379 |
1.11 % |
Federal funds purchased, repurchase |
|
|
|
|
|
|
agreements and other borrowings |
2,245 |
2 |
0.18 % |
6,450 |
39 |
1.23 % |
|
61,861 |
1,448 |
4.69 % |
65,009 |
1,580 |
4.90 % |
Long term borrowings |
29,696 |
590 |
3.98 % |
29,568 |
590 |
4.03 % |
Total interest-bearing liabilities |
967,572 |
11,845 |
2.46 % |
895,006 |
6,588 |
1.48 % |
Demand deposits |
353,491 |
|
|
396,202 |
|
|
Other liabilities |
8,294 |
|
|
8,235 |
|
|
Stockholders' equity |
107,247 |
|
|
101,772 |
|
|
Total liabilities and stockholders' equity |
$ 1,436,604 |
|
|
$ 1,401,215 |
|
|
Net interest margin* |
|
$ 23,730 |
3.55 % |
|
$ 25,025 |
3.86 % |
|
|
|
|
|
|
|
*Computed on a fully tax-equivalent basis (non-GAAP) using a 21% rate, adjusting interest income |
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by |
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**Annualized |
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As of or for the quarters ended, |
|
For the six months ended, |
|||
Selected Ratios (unaudited) |
|
|
|
|
|
|
(dollars in thousands, except per share data) |
2024 |
2024 |
2023 |
|
2024 |
2023 |
|
|
|
|
|
|
|
Earnings per common share, diluted |
$ 0.50 |
$ 0.34 |
$ 0.36 |
|
$ 0.84 |
$ 0.97 |
Return on average assets (ROA) |
0.71 % |
0.48 % |
0.51 % |
|
0.59 % |
0.70 % |
Return on average equity (ROE) |
9.43 % |
6.44 % |
7.01 % |
|
7.94 % |
9.68 % |
Net Interest Margin (FTE) (non-GAAP) |
3.63 % |
3.46 % |
3.69 % |
|
3.55 % |
3.86 % |
Efficiency ratio |
79.07 % |
86.05 % |
84.41 % |
|
82.46 % |
79.58 % |
Efficiency ratio (FTE) (non-GAAP) |
78.88 % |
85.83 % |
84.10 % |
|
82.26 % |
79.30 % |
Book value per share |
21.66 |
21.35 |
20.36 |
|
|
|
Tangible Book Value per share (non-GAAP) |
21.31 |
20.99 |
19.99 |
|
|
|
Non-performing assets (NPAs) / total assets |
0.14 % |
0.15 % |
0.10 % |
|
|
|
Annualized Net Charge-Offs / average total loans |
0.12 % |
0.12 % |
0.08 % |
|
|
|
Allowance for credit losses on loans / total loans |
1.12 % |
1.12 % |
1.06 % |
|
|
|
|
|
|
|
|
|
|
Non-Performing Assets (NPAs) |
|
|
|
|
|
|
Nonaccrual loans |
$ 44 |
$ 194 |
$ 235 |
|
|
|
Loans > 90 days past due, but still accruing interest |
444 |
878 |
1,208 |
|
|
|
Repossessed assets |
1,471 |
1,080 |
- |
|
|
|
Total non-performing assets |
$ 1,959 |
$ 2,152 |
$ 1,443 |
|
|
|
|
|
|
|
|
|
|
Other Selected Numbers |
|
|
|
|
|
|
Loans, net |
$ 1,042,774 |
$ 1,055,955 |
$ 1,082,965 |
|
|
|
Deposits |
1,236,575 |
1,228,269 |
1,228,715 |
|
|
|
Stockholders' equity |
109,996 |
107,630 |
102,542 |
|
|
|
Total assets |
1,423,354 |
1,445,489 |
1,443,059 |
|
|
|
Loans charged off during the quarter, net of recoveries |
311 |
336 |
210 |
|
|
|
Quarterly average loans |
1,061,884 |
1,076,894 |
1,088,723 |
|
|
|
Quarterly average assets |
1,438,329 |
1,434,881 |
1,417,892 |
|
|
|
Quarterly average earning assets |
1,342,747 |
1,342,081 |
1,322,886 |
|
|
|
Quarterly average deposits |
1,236,681 |
1,217,841 |
1,194,893 |
|
|
|
Quarterly average equity |
107,544 |
106,951 |
103,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Reconciliation of Certain Non-GAAP Financial Measures (unaudited) |
|
|
|
|
||
(dollars in thousands, except per share data) |
Three months ended |
|
For the six months ended, |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully Taxable Equivalent Net Interest Income |
|
|
|
|
|
|
Net interest income (GAAP) |
$ 12,116 |
$ 11,540 |
$ 12,099 |
|
$ 23,656 |
$ 24,912 |
FTE adjustment |
37 |
37 |
56 |
|
74 |
113 |
Net interest income (FTE) (non-GAAP) |
$ 12,153 |
$ 11,577 |
$ 12,155 |
|
$ 23,730 |
$ 25,025 |
Noninterest income (GAAP) |
3,471 |
3,222 |
3,477 |
|
6,693 |
6,898 |
Total revenue (FTE) (non-GAAP) |
$ 15,624 |
$ 14,799 |
$ 15,632 |
|
$ 30,423 |
$ 31,923 |
Noninterest expense (GAAP) |
12,324 |
12,703 |
13,147 |
|
25,027 |
25,315 |
|
|
|
|
|
|
|
Average earning assets |
$ 1,342,747 |
$ 1,342,081 |
$ 1,322,886 |
|
$ 1,342,413 |
$ 1,307,121 |
Net interest margin |
3.62 % |
3.45 % |
3.67 % |
|
3.53 % |
3.84 % |
Net interest margin (FTE) (non-GAAP) |
3.63 % |
3.46 % |
3.69 % |
|
3.55 % |
3.86 % |
|
|
|
|
|
|
|
Efficiency ratio |
79.07 % |
86.05 % |
84.41 % |
|
82.46 % |
79.58 % |
Efficiency ratio (FTE) (non-GAAP) |
78.88 % |
85.83 % |
84.10 % |
|
82.26 % |
79.30 % |
|
|
|
|
|
|
|
Tangible Book Value Per Share |
|
|
|
|
|
|
Total Stockholders Equity (GAAP) |
$ 109,996 |
$ 107,630 |
$ 102,542 |
|
|
|
Less goodwill |
1,650 |
1,650 |
1,650 |
|
|
|
Less core deposit intangible, net |
165 |
176 |
209 |
|
|
|
Tangible Stockholders Equity (non-GAAP) |
$ 108,181 |
$ 105,804 |
$ 100,683 |
|
|
|
|
|
|
|
|
|
|
Shares issued and outstanding |
5,077,525 |
5,040,391 |
5,037,275 |
|
|
|
|
|
|
|
|
|
|
Book value per share |
$ 21.66 |
$ 21.35 |
$ 20.36 |
|
|
|
Tangible book value per share (non-GAAP) |
$ 21.31 |
$ 20.99 |
$ 19.99 |
|
|
|
|
|
|
|
|
|
|
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