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Section 1: 8-K (8-K UBFO 06302016 EARNINGS)

Document


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

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

July 14, 2016
Date of Report (Date of earliest event reported)

UNITED SECURITY BANCSHARES
(Exact Name of Registrant as Specified in its Charter)

California
(State or Other Jurisdiction of Incorporation)
000-32987
 
91-2112732
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
 
 
2126 Inyo Street, Fresno, California
 
93721
(Address of principal executive offices)
 
(Zip Code)

559-248-4943
(Registrant's Telephone Number, Including Area Code)

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 14a12 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))








ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 14, 2016, United Security Bancshares issued a press release reporting its financial results for the quarter ended June 30, 2016. A copy of such press release is attached, and incorporated herein by reference as Exhibit 99.1


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits.

EXHIBIT #
99.1 Press release of United Security Bancshares dated July 14, 2016


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.

 
 
 
United Security Bancshares
 
 
 
 
Date:
July 14, 2016
 
By: /s/ Bhavneet Gill
 
 
 
Bhavneet Gill
 
 
 
Senior Vice President & Chief Financial Officer






(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1 UBFO EARNINGS 06302016)

Exhibit


United Security Bancshares earns 2nd Quarter 2016 profits of $2.0 million

FRESNO, CA - July 14, 2016. United Security Bancshares (Nasdaq: UBFO), today announced its unaudited financial results for the quarter ended June 30, 2016. The Company reported consolidated net income of $2,021,000 or $0.12 per basic and diluted common share for the quarter ended June 30, 2016, as compared to $2,063,000 or $0.13 per basic and diluted common share for the quarter ended June 30, 2015. The Company recognized net income of $3,790,000 for the six months ended June 30, 2016, an improvement of $499,000, or 15.16%, relative to the net income of $3,291,000 recognized for the six months ended June 30, 2015. Basic and diluted earnings per share increased to $0.23 for the six months ended June 30, 2016, as compared to $0.20 for the six months ended June 30, 2015.

“We have experienced exceptional growth in our loan portfolio during the first half of the year while maintaining strong liquidity and capital levels. Our credit quality continues to improve with a 19% reduction in nonperforming assets, relative to year end 2015, as a result of sales of OREO assets. We look forward to continuing this momentum in the second half of the year." said Dennis R. Woods, President and Chief Executive Officer of the Company.

Second Quarter 2016 Highlights (at or for the period ended June 30, 2016)

Net interest income increased to $6,666,000, compared to $6,526,000 for the quarter ended June 30, 2015, and increased from $6,611,000 in the preceding quarter.
Net interest margin decreased to 3.92%, when compared to 4.12% in the preceding quarter, and 4.30% for the quarter ended June 30, 2015.
Net charge-offs totaled $821,000, compared to net recoveries of $27,000 in the preceding quarter and net recoveries of $264,000 for the quarter ended June 30, 2015.
Total loans increased to $558,668,000, compared to $515,376,000 at December 31, 2015.
Nonperforming assets declined $5,972,000 to $26,122,000, compared to $32,094,000 at December 31, 2015.
Other real estate owned declined $5,419,000 to $7,454,000, compared to $12,873,000 at December 31, 2015.
The allowance for credit losses as a percentage of gross loans declined to 1.60%, compared to 1.88% at December 31, 2015.
Total deposits increased to $636,949,000, compared to $621,805,000 at December 31, 2015.
Tangible book value per share increased to $5.44, compared to $5.30 at December 31, 2015.

Annualized return on average equity (ROAE) for the six months ended June 30, 2016 was 8.30%, compared to 7.85% for the six months ended June 30, 2015. Annualized return on average assets (ROAA) was 1.03% for the six months ended June 30, 2016, compared to 0.98% for the six months ended June 30, 2015. The increases in ROAE and ROAA for the six months ended June 30, 2016 were primarily due to the growth in the loan portfolio during the later half of 2015 and the first half of 2016 and the resulting favorable impact on interest income. ROAE for the quarter ended June 30, 2016 was 8.76% compared to 9.70% for the same period in 2015. ROAA was 1.07% for the quarter ended June 30, 2016, compared to 1.21% for the same period in 2015. The decline in ROAA for the quarter ended June 30, 2016 is attributed to increases in low-yielding overnight fed funds average balances. The cost of average deposits was 0.17% for both the quarter ended June 30, 2015 and the quarter ended June 30, 2016. Shareholders’ equity at June 30, 2016 was $93,638,000, up $4,003,000 from shareholders’ equity of $89,635,000 at December 31, 2015.

Net interest income increased for the six months ended June 30, 2016 compared to the same period ended June 30, 2015, but the Company's net interest margin declined from 4.28% for the six months ended June 30, 2015 to 4.01% for the six months ended June 30, 2016. The 27 basis point decrease in net interest margin in the period-to-period comparison resulted primarily from growth in average balances on overnight investments which are a low-yielding asset. The 16 basis point decrease in loan yields is the result of strong loan growth in lower-yielding mortgage loans and competitive pressures on loan yields. Net interest income for the quarter ended June 30, 2016 totaled $6,666,000, an increase of $140,000 from the $6,526,000 reported for the quarter ended June 30, 2015. The net interest margin decreased to 3.92% for the quarter ended June 30, 2016, as compared to 4.30% for the quarter ended June 30, 2015. The decline in the net interest margin on a quarterly comparison basis was primarily due to the increase in average balances on overnight fed funds investments at a lower yield.

The Board of Directors of United Security Bancshares declared a second quarter 2016 stock dividend of one percent (1%) on June 28, 2016. The stock dividend was payable to shareholders of record on July 8, 2016, and the shares will be issued on July





18, 2016. This marks the 31st consecutive quarterly stock dividend since 2008. The Company's Board of Directors has elected to issue stock dividends in order to preserve capital for future growth opportunities. No assurances can be provided that future dividends, whether payable in stock or cash, will be declared and/or as to the timing of such future dividends, if any.

Total assets were up $18,426,000, or 2.54% for the six months ended June 30, 2016, due to net growth of $11,742,000 in the investment portfolio and $43,292,000 in gross loan balances. Loan volume was favorably impacted by the purchase of $40,609,000 in residential mortgage loans during the first half of 2016 in addition to organic growth in real estate construction and development loans and commercial and industrial loans. Total deposits increased $15,144,000, or 2.44%, to $636,949,000 during the six months ended June 30, 2016.

Net interest income for the six months ended June 30, 2016 totaled $13,277,000, an increase of $527,000 from the net interest income of $12,750,000 for the same period ended June 30, 2015. Net interest income for the quarter ended June 30, 2016 totaled $6,654,000, an increase of $126,000 from the net interest income of $6,528,000 for the same period ended June 30, 2015. The increase in net interest income on a quarterly and year-over-year comparison is the result of growth in the loan portfolio and increase in the rate on overnight investments in fed funds.

Non-interest income for the six months ended June 30, 2016 totaled $2,988,000, reflecting an increase of $521,000 from $2,467,000 in non-interest income reported for the six months ended June 30, 2015. Customer service fees which represent the largest portion of the Company's non-interest income, totaled $1,943,000 and $1,699,000 for the six months ended June 30, 2016 and 2015, respectively. On a year-over-year comparative basis, non-interest income increased primarily due to the change in fair value option of financial liability. The Company recorded a $471,000 gain on the fair value option of financial liability for the six months ended June 30, 2016, compared to a $199,000 gain for the same period ended June 30, 2015.

Non-interest income for the quarter ended June 30, 2016 totaled $1,427,000, reflecting a decrease of $119,000 from $1,546,000 in non-interest income reported for the quarter ended June 30, 2015. This decrease was primarily due to a decrease of $211,000 in the gain recorded on the fair value option of financial liability when comparing the two quarters and was partially offset by a $151,000 increase in customer service fees. Customer service fees totaled $1,017,000 for the quarter ended June 30, 2016, as compared to $866,000 for the quarter ended June 30, 2015.

For the six months ended June 30, 2016, non-interest expense totaled $10,124,000, an increase of $734,000 compared to $9,390,000 for the six months ended June 30, 2015. On a year-over-year comparative basis, non-interest expense increased due primarily to increases of $354,000 in salaries and employee benefit expenses, $190,000 in professional fees, and $141,000 in occupancy expenses, compared to the same period ended June 30, 2015. Professional fees for the six months ended June 30, 2016 include a $125,000 legal settlement that management does not believe will recur in future quarters.

Non-interest expense totaled $4,824,000 for the quarter ended June 30, 2016, an increase of $142,000 as compared to $4,682,000 reported for the quarter ended June 30, 2015. On a quarter-over-quarter comparative basis, non-interest expense increased primarily due to increases in salaries and employee benefit expenses.

The Company recorded a recovery of provision for credit losses of $10,000 for the six months ended June 30, 2016, compared to a provision of $457,000 for the six months ended June 30, 2015. Net loan charge-offs totaled $794,000 for the six months ended June 30, 2016, as compared to net recoveries of $324,000 for the six months ended June 30, 2015. The Company had a provision for loan loss of $12,000 for the quarter ended June 30, 2016, compared to a recovery of provision for credit losses of $2,000 for the quarter ended June 30, 2015. Net loan charge-offs totaled $821,000 for the quarter ended June 30, 2016, as compared to net loan recoveries of $264,000 for the quarter ended June 30, 2015.

With a modest recovery in the economy and real estate markets within the Company's service area, the Company has maintained an adequate allowance for loan losses which totaled 1.60% of total loans at June 30, 2016, compared to 1.88% of total loans at December 31, 2015. The allowance for loan loss as a percentage of loans has declined over the last few years due to growth in our loan portfolio and improved credit quality as evidenced by lower levels of loan charge-offs and improved economic conditions. Although the allowance for loan loss as a percentage of loans has declined, the Company's percentage still remains higher than the peer group average of 1.35% as of March 31, 2016. In determining the adequacy of the allowance for loan losses, the judgment of the Company's management is a significant factor and management considers the allowance for credit losses at June 30, 2016 to be adequate.

Non-performing assets, comprised of nonaccrual loans, troubled debt restructures (TDR), other real estate owned through foreclosure (OREO), and loans more than 90 days past due and still accruing interest, decreased approximately $5,972,000 between December 31, 2015 and June 30, 2016 to $26,122,000. Nonperforming assets as a percentage of total assets decreased from 4.42% at December 31, 2015 to 3.51% at June 30, 2016. The reduction in nonperforming assets is primarily the result of partial sales on two OREO properties. Nonaccrual loans decreased $631,000 between December 31, 2015 and June 30, 2016 to





$7,562,000. Impaired loans totaled $23,040,000 at June 30, 2016, a decrease of $572,000 from the balance of $23,612,000 at December 31, 2015. OREO totaled $7,454,000 at June 30, 2016, a decrease of $5,419,000 from the balance of $12,873,000 at December 31, 2015.

About United Security Bancshares
United Security Bancshares (NASDAQ: UBFO) is the holding company for United Security Bank, which was founded in 1987. United Security Bank is headquartered in Fresno and operates 11 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Oakhurst, San Joaquin, and Taft. Additionally, United Security Bank operates Commercial Real Estate Construction, Commercial Lending, Consumer Lending, and Financial Services departments. For more information, please visit www.unitedsecuritybank.com.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and the Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Company’s possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Company’s ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the company’s market, (4) other-than-expected credit losses, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) the effect of acquisitions and integration of acquired businesses, (7) the impact of proposed and/or recently adopted changes in laws, and regulations on the Company and its business; (8) changing bank regulatory conditions, policies, whether arising as new legislation or regulatory initiatives or changes in our regulatory classifications, that could lead to restrictions on activities of banks generally or as to the Bank, including specifically the formal order between the Federal Reserve Bank of San Francisco and the Company and the Bank, (9) failure to comply with the written regulatory agreement under which the Company is subject and (10) unknown economic impacts caused by the State of California’s budget issues, including the effect on Federal spending do to sequestration required by the Budget Control Act of 2011. Management cannot predict at this time the severity or duration of the effects of the recent business slowdown on the Company's specific business activities and profitability. Weaker or a further decline in capital and consumer spending, and related recessionary trends could adversely affect the Company's performance in a number of ways including decreased demand for our products and services and increased credit losses. Likewise, changes in interest rates, among other things, could slow the rate of growth or put pressure on current deposit levels and affect the ability of borrowers to repay loans. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance including the factors that influence earnings. For a more complete discussion of these risks and uncertainties, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, and particularly the section of Management’s Discussion and Analysis. Readers should carefully review all disclosures the Company files from time to time with the Securities and Exchange Commission ("SEC").






United Security Bancshares
 
 
 
Consolidated Balance Sheets (unaudited)
 
 
 
(in thousands)
 
 
 
 
June 30, 2016
 
December 31, 2015
Assets
 
 
 
Cash and non-interest-bearing deposits in other banks
$
21,107

 
$
29,733

Cash and due from Federal Reserve Bank
73,457

 
96,018

Cash and cash equivalents
94,564

 
125,751

Interest-bearing deposits in other banks
1,532

 
1,528

Investment securities available for sale (at fair value)
42,635

 
30,893

Loans and leases, net of unearned fees
558,668

 
515,376

Less: Allowance for credit losses
(8,909
)
 
(9,713
)
Net loans
549,759

 
505,663

Premises and equipment - net
10,414

 
10,800

Other real estate owned
7,454

 
12,873

Goodwill and intangible assets
4,488

 
4,488

Cash surrender value of life insurance
18,607

 
18,337

Deferred income tax asset - net
4,901

 
5,228

Other assets
9,716

 
10,083

Total assets
$
744,070

 
$
725,644

 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
Deposits
 
 
 
Non-interest bearing demand deposits
$
272,058

 
$
262,168

Money market, NOW, and savings
297,552

 
290,478

Time
67,339

 
69,159

Total deposits
636,949

 
621,805

Accrued interest payable
28

 
29

Other liabilities
5,618

 
5,875

Junior subordinated debentures (at fair value)
7,837

 
8,300

Total liabilities
650,432

 
636,009

Shareholders' equity
 
 
 
 
 
 
 
Common stock, no par value 20,000,000 shares authorized, 16,373,996 issued and outstanding at June 30, 2016, and 16,051,406 at December 31, 2015
54,259

 
52,572

Retained earnings
39,382

 
37,265

Accumulated other comprehensive loss
(3)

 
(202)

Total shareholders' equity
93,638

 
89,635

Total liabilities and shareholders' equity
$
744,070

 
$
725,644














United Security Bancshares
 
 
 
 
 
 
 
Consolidated Statements of Income (unaudited)
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Interest income:
 
 
 
 
 
 
 
Interest and fees on loans
$
6,658

 
$
6,634

 
$
13,288

 
$
12,913

Interest on investment securities
185

 
166

 
374

 
380

Interest on deposits in FRB
151

 
37

 
276

 
83

Interest on deposits in other banks
2

 
1

 
4

 
3

Total interest income
6,996

 
6,838

 
13,942

 
13,379

Interest expense:
 
 
 
 
 
 
 
Interest on deposits
272

 
253

 
549

 
512

Interest on other borrowed funds
58

 
59

 
116

 
117

Total interest expense
330

 
312

 
665

 
629

Net interest income
6,666

 
6,526

 
13,277

 
12,750

Provision (Recovery of Provision) for Credit Losses
12

 
(2)

 
(10)

 
457

Net interest income after (recovery of provision) provision for credit losses
6,654

 
6,528

 
13,287

 
12,293

Non-interest income:
 
 
 
 
 
 
 
Customer service fees
1,017

 
866

 
1,943

 
1,699

Increase in cash surrender value of bank-owned life insurance
132

 
130

 
264

 
258

Gain on Fair Value of Financial Liability
113

 
324

 
471

 
199

Other non-interest income
165

 
226

 
310

 
311

Total non-interest income
1,427

 
1,546

 
2,988

 
2,467

Non-interest expense:
 
 
 
 
 
 
 
Salaries and employee benefits
2,469

 
2,273

 
5,058

 
4,704

Occupancy expense
1,018

 
1,034

 
2,115

 
1,974

Data processing
26

 
28

 
85

 
59

Professional fees
301

 
252

 
790

 
600

Regulatory assessments
246

 
225

 
501

 
471

Director fees
73

 
68

 
143

 
124

Correspondent bank service charges
19

 
19

 
39

 
38

Loss on California tax credit partnership
37

 
30

 
73

 
60

Net cost on operation and sale of OREO
60

 
126

 
177

 
194

Other non-interest expense
575

 
627

 
1,143

 
1,166

Total non-interest expense
4,824

 
4,682

 
10,124

 
9,390

 
 
 
 
 
 
 
 
Income before income tax provision
3,257

 
3,392

 
6,151

 
5,370

Provision for income taxes
1,236

 
1,329

 
2,361

 
2,079

Net income
$
2,021

 
$
2,063

 
$
3,790

 
$
3,291

 
 
 
 
 
 
 
 
Basic earnings per common share
$
0.12

 
$
0.13

 
$
0.23

 
$
0.20

Diluted earnings per common share
$
0.12

 
$
0.13

 
$
0.23

 
$
0.20

Weighted average basic shares for EPS
16,373,996

 
16,373,996

 
16,373,996
 
16,373,996
Weighted average diluted shares for EPS
16,378,505

 
16,376,015

 
16,377,436
 
16,375,999
 
 
 
 
 
 
 
 







United Security Bancshares
 
 
 
 
 
 
 
Average Balances and Rates (unaudited)
 
 
 
 
 
 
 
(in thousands)
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Average Balances:
 
 
 
 
 
 
 
Loans (1)
$
518,468

 
$
498,981

 
$
510,522

 
$
482,970

Investment securities – taxable
43,486

 
45,980

 
41,075

 
46,863

Interest-bearing deposits in other banks
1,531

 
1,524

 
1,530

 
1,523

Interest-bearing deposits in FRB
121,738

 
61,424

 
112,029

 
69,297

Total interest-earning assets
685,223


607,909


665,156


600,653

Allowance for credit losses
(9,716
)
 
(11,410
)
 
(9,705
)
 
(11,117
)
Cash and due from banks
21,682

 
21,806

 
22,262

 
21,509

Other real estate owned
9,090

 
14,018

 
11,005

 
14,014

Other non-earning assets
48,307

 
51,359

 
49,253

 
53,255

Total average assets
754,586


683,682


737,971


678,314

 
 
 
 
 
 
 
 
Interest bearing deposits
366,541

 
349,148

 
366,217

 
350,512

Junior subordinated debentures
7,914

 
10,198

 
8,091

 
10,139

Total interest-bearing liabilities
374,455

 
359,346

 
374,308


360,651

Non-interest-bearing deposits
280,649

 
231,072

 
265,252

 
225,421

Other liabilities
6,945

 
7,983

 
6,798

 
7,659

Total liabilities
662,049


598,401


646,358


593,731

Total equity
92,537

 
85,281

 
91,613

 
84,583

Total liabilities and equity
$
754,586

 
$
683,682

 
$
737,971

 
$
678,314

 
 
 
 
 
 
 
 
Average Rates:
 
 
 
 
 
 
 
Loans (1)
5.16
%
 
5.33
%
 
5.23
%
 
5.39
%
Investment securities- taxable
1.71
%
 
1.45
%
 
1.83
%
 
1.64
%
Interest-bearing deposits in other banks
0.53
%
 
0.26
%
 
0.53
%
 
0.40
%
Interest-bearing deposits in FRB
0.50
%
 
0.24
%
 
0.50
%
 
0.24
%
Earning assets
4.11
%
 
4.51
%
 
4.22
%
 
4.49
%
Interest bearing deposits
0.30
%
 
0.29
%
 
0.30
%
 
0.29
%
Junior subordinated debentures
2.95
%
 
2.32
%
 
2.88
%
 
2.33
%
Total interest-bearing liabilities
0.35
%
 
0.35
%
 
0.36
%
 
0.35
%
Net interest margin
3.92
%
 
4.30
%
 
4.01
%
 
4.28
%
 
 
 
 
 
 
 
 
(1) Loan amounts include nonaccrual loans, but the related interest income has been included only if collected for the period prior to the loan being placed on a nonaccrual basis.
















United Security Bancshares
 
 
 
 
 
Credit Quality (unaudited)
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
June 30, 2016
 
December 31, 2015
 
June 30, 2015
Commercial and industrial
$
227

 
$
328

 
$
1,330

Real estate - mortgage
1,629

 
1,635

 
1,570

RE construction & development
4,741

 
5,580

 
5,008

Agricultural

 

 

Installment/other
965

 
650

 
450

Total Nonaccrual Loans
$
7,562


$
8,193


$
8,358

 
 
 
 
 
 
Loans past due 90 days and still accruing

 

 

Restructured Loans
11,106

 
11,028

 
5,781

Total nonperforming loans
$
18,668

 
$
19,221

 
$
14,139

Other real estate owned
7,454

 
12,873

 
14,010

Total nonperforming assets
$
26,122

 
$
32,094

 
$
28,149

 
 
 
 
 
 
Nonperforming assets to total gross loans
4.68
%
 
6.23
%
 
5.58
%
Nonperforming assets to total assets
3.51
%
 
4.42
%
 
4.13
%
Allowance for loan losses to nonperforming loans
47.72
%
 
50.53
%
 
81.70
%






United Security Bancshares
 
 
 
 
 
 
 
Selected Financial Data (unaudited)
 
 
 
 
 
 
 
(dollars in thousands, except per share amounts)
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Annualized return on average assets
1.07
%
 
1.21
 %
 
1.03%
 
0.98%
Annualized return on average equity
8.76
%
 
9.70
 %
 
8.30%
 
7.85%
Annualized net charge-offs (recoveries) to average loans
0.64
%
 
(0.21
)%
 
0.31%
 
(0.14)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2016
 
December 31, 2015
 
 
 
 
Shares outstanding - period end
16,373,996

 
16,051,406

 
 
 
 
Book value per share

$5.72

 

$5.58

 
 
 
 
Tangible book value per share

$5.44

 

$5.30

 
 
 
 
Efficiency ratio
61.16
%
 
61.49
 %
 
 
 
 
Total impaired loans

$23,040

 

$23,612

 
 
 
 
Loan to deposit ratio
87.71
%
 
82.88
 %
 
 
 
 
Allowance for credit losses to total loans
1.60
%
 
1.88
 %
 
 
 
 
Total capital to risk weighted assets
 
 
 
 
 
 
 
Company
16.94
%
 
16.65
 %
 
 
 
 
Bank
16.89
%
 
16.69
 %
 
 
 
 
Tier 1 capital to risk-weighted assets
 
 
 
 
 
 
 
Company
15.69
%
 
15.40
 %
 
 
 
 
Bank
15.64
%
 
15.43
 %
 
 
 
 
Common equity tier 1 capital to risk-weighted assets
 
 
 
 
 
 
 
Company
14.44
%
 
14.10
 %
 
 
 
 
Bank
15.64
%
 
15.43
 %
 
 
 
 
Tier 1 capital to adjusted average assets (leverage)
 
 
 
 
 
 
 
Company
12.83
%
 
12.95
 %
 
 
 
 
Bank
12.87
%
 
12.94
 %
 
 
 
 




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