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Section 1: 8-K (8-K 09302016 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

October 18, 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 October 18, 2016, United Security Bancshares issued a press release reporting its financial results for the quarter ended September 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 October 18, 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:
October 18, 2016
 
By: /s/ Bhavneet Gill
 
 
 
Bhavneet Gill
 
 
 
Senior Vice President & Chief Financial Officer






(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1 09302016 EARNINGS)

Exhibit


United Security Bancshares earns 3rd Quarter 2016 profits of $2.0 million

FRESNO, CA - October 18, 2016. United Security Bancshares (Nasdaq: UBFO), today announced its unaudited financial results for the quarter ended September 30, 2016. The Company reported consolidated net income of $2,040,000 or $0.12, per basic and diluted common share for the quarter ended September 30, 2016, as compared to $1,886,000 or $0.11 per basic and diluted common share for the quarter ended September 30, 2015. The Company recognized net income of $5,830,000 for the nine months ended September 30, 2016, an improvement of $653,000, or 12.61%, relative to the net income of $5,177,000 recognized for the nine months ended September 30, 2015. Basic and diluted earnings per share increased to $0.35 for the nine months ended September 30, 2016, as compared to $0.31 for the nine months ended September 30, 2015.

“We have experienced exceptional growth in our loan portfolio throughout the year while maintaining strong liquidity and capital levels. Our credit quality continues to improve with a 42% reduction in nonperforming assets, relative to year-end 2015, as a result of sales of OREO assets and principal reductions on nonperforming loans. We plan to work hard to continue this momentum through the end of the year." said Dennis R. Woods, President and Chief Executive Officer of the Company.

Third Quarter 2016 Highlights (at or for the quarter ended September 30, 2016)

Net interest income increased to $7,404,000, compared to $6,633,000 for the quarter ended September 30, 2015, and increased from $6,666,000 in the preceding quarter.
Net interest margin increased to 4.27%, from 3.91% in the preceding quarter, and 4.18% for the quarter ended September 30, 2015.
Net recoveries totaled $6,000, compared to net charge-offs of $821,000 in the preceding quarter and net recoveries of $44,000 for the quarter ended September 30, 2015.
Total loans increased to $560,651,000, compared to $515,376,000 at December 31, 2015.
Nonperforming assets as a percentage of total assets decreased to 2.38%, compared to 4.42% at December 31, 2015.
Nonperforming assets decreased approximately $13,456,000 between December 31, 2015 and September 30, 2016.
Other real estate owned declined $5,808,000 to $7,065,000, compared to $12,873,000 at December 31, 2015.
The allowance for credit losses as a percentage of gross loans declined to 1.59%, compared to 1.88% at December 31, 2015.
Total deposits increased to $671,286,000, compared to $621,805,000 at December 31, 2015.
Tangible book value per share increased to $5.51, compared to $5.30 at December 31, 2015.

Annualized return on average equity (ROAE) for the nine months ended September 30, 2016 was 8.38%, compared to 8.10% for the nine months ended September 30, 2015. Annualized return on average assets (ROAA) was 1.04% for the nine months ended September 30, 2016, compared to 1.01% for the nine months ended September 30, 2015. The increases in ROAE and ROAA for the nine months ended September 30, 2016 were primarily due to the growth in the loan portfolio during the year and the resulting favorable impact on interest income. ROAE for the quarter ended September 30, 2016 was 8.53% compared to 9.38% for the same period in 2015. ROAA was 1.07% for the quarter ended September 30, 2016, compared to 1.16% for the same period in 2015. The average cost of deposits was 0.18% for the quarters ended September 30, 2015 and September 30, 2016. Shareholders’ equity at September 30, 2016 was $95,585,000, up $5,950,000 from shareholders’ equity of $89,635,000 at December 31, 2015.

Total assets were up $55,948,000, or 7.71% for the nine months ended September 30, 2016, due to net growth of $29,495,000 in the investment portfolio and $45,275,000 in gross loan balances. Loan volume was favorably impacted by the purchase of residential mortgage loans during 2016 in addition to growth in real estate construction and development loans and student loan portfolios. Total deposits increased $49,481,000, or 7.96%, to $671,286,000 during the nine months ended September 30, 2016.

The Board of Directors of United Security Bancshares declared a third quarter 2016 stock dividend of one percent (1%) on September 27, 2016. The stock dividend was payable to shareholders of record on October 10, 2016, and the shares will be issued on October 21, 2016. This marks the 32nd 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.






Net interest income for the nine months ended September 30, 2016 totaled $20,681,000, an increase of $1,297,000 or 6.69% from the net interest income of $19,384,000 for the same period ended September 30, 2015. Although net interest income increased, the Company's net interest margin declined from 4.25% for the nine months ended September 30, 2015 to 4.10% for the nine months ended September 30, 2016. The 15 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 and declining yields on the loan portfolio. The 17 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 September 30, 2016 totaled $7,400,000, an increase of $744,000 from the net interest income of $6,656,000 for the same period ended September 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 nine months ended September 30, 2016 totaled $3,773,000, reflecting a decrease of $141,000 from $3,914,000 in non-interest income reported for the nine months ended September 30, 2015. Customer service fees, which represent the largest portion of the Company's non-interest income, totaled $2,867,000 and $2,661,000 for the nine months ended September 30, 2016 and 2015, respectively. On a year-over-year comparative basis, non-interest income decreased primarily due to the change in fair value option of financial liability. The Company recorded a $48,000 gain on the fair value option of financial liability for the nine months ended September 30, 2016, compared to a $346,000 gain for the same period ended September 30, 2015.

Non-interest income for the quarter ended September 30, 2016 totaled $786,000, reflecting a decrease of $663,000 from $1,449,000 in non-interest income reported for the quarter ended September 30, 2015. This decrease was primarily due to a $423,000 loss recorded on the fair value option of financial liability for the quarter ended September 30, 2016, compared to a $148,000 gain for the same period ended 2015. The change in the fair value of financial liability was primarily caused by fluctuations in the LIBOR yield curve. Customer service fees totaled $924,000 for the quarter ended September 30, 2016, as compared to $963,000 for the quarter ended September 30, 2015.

For the nine months ended September 30, 2016, non-interest expense totaled $14,988,000, an increase of $584,000 compared to $14,404,000 for the nine months ended September 30, 2015. On a year-over-year comparative basis, non-interest expense increased due primarily to increases of $548,000 in salaries and employee benefit expenses, $239,000 in professional fees, and $191,000 in occupancy expenses, partially offset by a decrease in OREO expense. Professional fees for the nine months ended September 30, 2016 include a $125,000 legal settlement. Salaries and employee benefit expenses for the nine months ended September 30, 2016 reflect higher group insurance expense and salary and incentive expense.

Non-interest expense totaled $4,864,000 for the quarter ended September 30, 2016, a decrease of $150,000 as compared to $5,014,000 reported for the quarter ended September 30, 2015. On a quarter-over-quarter comparative basis, non-interest expense decreased primarily due to decreases in OREO expense, partially offset by an increase in salaries and benefits expense.

The Company recorded a recovery of provision for credit losses of $7,000 for the nine months ended September 30, 2016, compared to a provision of $434,000 for the nine months ended September 30, 2015. Net loan charge-offs totaled $788,000 for the nine months ended September 30, 2016, as compared to net recoveries of $368,000 for the nine months ended September 30, 2015. Included in net loan charge-offs are $641,000 in charge-offs that the Company had fully reserved for in prior periods. The Company had a provision for credit loss of $4,000 for the quarter ended September 30, 2016, compared to a recovery of provision for credit losses of $23,000 for the quarter ended September 30, 2015. Net loan recoveries totaled $6,000 for the quarter ended September 30, 2016, as compared to net loan recoveries of $44,000 for the quarter ended September 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 1.59% of total loans at September 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, improved credit quality, and improved economic conditions. 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 September 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 $13,456,000 between December 31, 2015 and September 30, 2016 to $18,638,000. Nonperforming assets as a percentage of total assets decreased from 4.42% at December 31, 2015 to 2.38% at September 30, 2016. The reduction in nonperforming assets is mostly attributed to partial sales on two OREO properties and paydowns on TDR balances. Nonaccrual loans decreased





$446,000 between December 31, 2015 and September 30, 2016 to $7,747,000. Impaired loans totaled $15,753,000 at September 30, 2016, a decrease of $7,926,000 from the balance of $23,679,000 at December 31, 2015. OREO totaled $7,065,000 at September 30, 2016, a decrease of $5,808,000 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)
 
 
 
 
September 30, 2016
 
December 31, 2015
Assets
 
 
 
Cash and non-interest-bearing deposits in other banks
$
29,156

 
$
29,733

Cash and due from Federal Reserve Bank
82,591

 
96,018

Cash and cash equivalents
111,747

 
125,751

Interest-bearing deposits in other banks
1,534

 
1,528

Investment securities available for sale (at fair value)
60,388

 
30,893

Loans and leases, net of unearned fees
560,651

 
515,376

Less: Allowance for credit losses
(8,918
)
 
(9,713
)
Net loans
551,733

 
505,663

Premises and equipment - net
10,225

 
10,800

Other real estate owned
7,065

 
12,873

Goodwill and intangible assets
4,488

 
4,488

Cash surrender value of life insurance
18,738

 
18,337

Deferred income tax asset - net
5,146

 
5,228

Other assets
10,528

 
10,083

Total assets
$
781,592

 
$
725,644

 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
Deposits
 
 
 
Non-interest bearing demand deposits
$
283,462

 
$
262,168

Money market, NOW, and savings
307,252

 
290,478

Time
80,572

 
69,159

Total deposits
671,286

 
621,805

Accrued interest payable
39

 
29

Other liabilities
6,420

 
5,875

Junior subordinated debentures (at fair value)
8,262

 
8,300

Total liabilities
686,007

 
636,009

Shareholders' equity
 
 
 
 
 
 
 
Common stock, no par value 20,000,000 shares authorized, 16,540,185 issued and outstanding at September 30, 2016, and 16,051,406 at December 31, 2015
55,305

 
52,572

Retained earnings
40,390

 
37,265

Accumulated other comprehensive loss
(110)

 
(202)

Total shareholders' equity
95,585

 
89,635

Total liabilities and shareholders' equity
$
781,592

 
$
725,644














United Security Bancshares
 
 
 
 
 
 
 
Consolidated Statements of Income (unaudited)
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Interest income:
 
 
 
 
 
 
 
Interest and fees on loans
$
7,435

 
$
6,728

 
$
20,722

 
$
19,641

Interest on investment securities
244

 
175

 
618

 
555

Interest on deposits in FRB
72

 
55

 
348

 
138

Interest on deposits in other banks
2

 
1

 
6

 
5

Total interest income
7,753

 
6,959

 
21,694

 
20,339

Interest expense:
 
 
 
 
 
 
 
Interest on deposits
289

 
268

 
837

 
780

Interest on other borrowed funds
60

 
58

 
176

 
175

Total interest expense
349

 
326

 
1,013

 
955

Net interest income
7,404

 
6,633

 
20,681

 
19,384

Provision (Recovery of Provision) for Credit Losses
4

 
(23)

 
(7)

 
434

Net interest income after provision (recovery of provision) for credit losses
7,400

 
6,656

 
20,688

 
18,950

Non-interest income:
 
 
 
 
 
 
 
Customer service fees
924

 
963

 
2,867

 
2,661

Increase in cash surrender value of bank-owned life insurance
131

 
130

 
394

 
389

(Loss) gain on Fair Value of Financial Liability
(423)

 
148

 
48

 
346

Gain on redemption of JR subordinated debentures

 
78

 

 
78

Loss on sale of other investment

 
(23)

 

 
(23)

Other non-interest income
154

 
153

 
464

 
463

Total non-interest income
786

 
1,449

 
3,773

 
3,914

Non-interest expense:
 
 
 
 
 
 
 
Salaries and employee benefits
2,533

 
2,341

 
7,592

 
7,044

Occupancy expense
1,097

 
1,047

 
3,212

 
3,021

Data processing
23

 
29

 
108

 
90

Professional fees
327

 
277

 
1,116

 
877

Regulatory assessments
131

 
234

 
632

 
705

Director fees
75

 
78

 
218

 
202

Correspondent bank service charges
20

 
19

 
59

 
56

Loss (gain) on California tax credit partnership
49

 
(1)

 
122

 
60

Net cost on operation and sale of OREO
39

 
401

 
216

 
594

Other non-interest expense
570

 
589

 
1,713

 
1,755

Total non-interest expense
4,864

 
5,014

 
14,988

 
14,404

 
 
 
 
 
 
 
 
Income before income tax provision
3,322

 
3,091

 
9,473

 
8,460

Provision for income taxes
1,282

 
1,205

 
3,643

 
3,283

Net income
$
2,040

 
$
1,886

 
$
5,830

 
$
5,177

 
 
 
 
 
 
 
 
Basic earnings per common share
$
0.12

 
$
0.11

 
$
0.35

 
$
0.31

Diluted earnings per common share
$
0.12

 
$
0.11

 
$
0.35

 
$
0.31

Weighted average basic shares for EPS
16,538,605

 
16,537,697

 
16,538,019
 
16,537,697
Weighted average diluted shares for EPS
16,547,506

 
16,539,834

 
16,543,540
 
16,539,745
 
 
 
 
 
 
 
 







United Security Bancshares
 
 
 
 
 
 
 
Average Balances and Rates (unaudited)
 
 
 
 
 
 
 
(in thousands)
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Average Balances:
 
 
 
 
 
 
 
Loans (1)
$
574,885

 
$
500,522

 
$
532,133

 
$
488,885

Investment securities – taxable
56,887

 
36,513

 
46,384

 
43,375

Interest-bearing deposits in other banks
1,533

 
1,526

 
1,531

 
1,524

Interest-bearing deposits in FRB
56,264

 
90,739

 
93,305

 
76,523

Total interest-earning assets
689,569


629,300


673,353


610,307

Allowance for credit losses
(8,913
)
 
(11,583
)
 
(9,439
)
 
(11,274
)
Cash and due from banks
21,857

 
22,340

 
22,126

 
21,789

Other real estate owned
7,407

 
13,156

 
9,797

 
13,725

Other non-earning assets
49,846

 
52,297

 
49,452

 
52,932

Total average assets
759,766


705,510


745,289


687,479

 
 
 
 
 
 
 
 
Interest bearing deposits
372,909

 
354,702

 
368,464

 
351,924

Junior subordinated debentures
7,805

 
9,528

 
7,995

 
9,933

Total interest-bearing liabilities
380,714

 
364,230

 
376,459


361,857

Non-interest-bearing deposits
275,878

 
245,305

 
268,820

 
232,122

Other liabilities
8,267

 
8,739

 
7,291

 
8,023

Total liabilities
664,859


618,274


652,570


602,002

Total equity
94,907

 
87,236

 
92,719

 
85,477

Total liabilities and equity
$
759,766

 
$
705,510

 
$
745,289

 
$
687,479

 
 
 
 
 
 
 
 
Average Rates (annualized):
 
 
 
 
 
 
 
Loans (1)
5.15
%
 
5.33
%
 
5.20
%
 
5.37
%
Investment securities- taxable
1.71
%
 
1.90
%
 
1.78
%
 
1.71
%
Interest-bearing deposits in other banks
0.52
%
 
0.26
%
 
0.52
%
 
0.44
%
Interest-bearing deposits in FRB
0.51
%
 
0.24
%
 
0.50
%
 
0.24
%
Earning assets
4.46
%
 
4.39
%
 
4.30
%
 
4.46
%
Interest bearing deposits
0.31
%
 
0.30
%
 
0.30
%
 
0.30
%
Junior subordinated debentures
3.06
%
 
2.42
%
 
2.94
%
 
2.36
%
Total interest-bearing liabilities
0.36
%
 
0.36
%
 
0.36
%
 
0.35
%
Net interest margin
4.27
%
 
4.18
%
 
4.10
%
 
4.25
%
 
 
 
 
 
 
 
 
(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)
 
 
 
 
 
 
September 30, 2016
 
December 31, 2015
 
September 30, 2015
Commercial and industrial
$
569

 
$
328

 
$
1,310

Real estate - mortgage
1,539

 
1,635

 
1,547

RE construction & development
4,674

 
5,580

 
4,941

Installment/other
965

 
650

 
450

Total Nonaccrual Loans
$
7,747


$
8,193


$
8,248

 
 
 
 
 
 
Loans past due 90 days and still accruing

 

 

Restructured Loans
3,826

 
11,028

 
5,763

Total nonperforming loans
$
11,573

 
$
19,221

 
$
14,011

Other real estate owned
7,065

 
12,873

 
12,689

Total nonperforming assets
$
18,638

 
$
32,094

 
$
26,700

 
 
 
 
 
 
Nonperforming assets to total gross loans
3.32
%
 
6.23
%
 
5.18
%
Nonperforming assets to total assets
2.38
%
 
4.42
%
 
3.72
%
Allowance for loan losses to nonperforming loans
77.06
%
 
50.53
%
 
82.60
%






United Security Bancshares
 
 
 
 
 
 
 
Selected Financial Data (unaudited)
 
 
 
 
 
 
 
(dollars in thousands, except per share amounts)
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Annualized return on average assets
1.07
 %
 
1.16
 %
 
1.04%
 
1.01%
Annualized return on average equity
8.53
 %
 
9.38
 %
 
8.38%
 
8.10%
Annualized net charge-offs (recoveries) to average loans
0.00
 %
 
(0.03
)%
 
0.20%
 
(0.10)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2016
 
December 31, 2015
 
 
 
 
Shares outstanding - period end
16,540,185

 
16,051,406

 
 
 
 
Book value per share

$5.78

 

$5.58

 
 
 
 
Tangible book value per share

$5.51

 

$5.30

 
 
 
 
Efficiency ratio
60.53
 %
 
61.49
 %
 
 
 
 
Total impaired loans

$15,753

 

$23,679

 
 
 
 
Loan to deposit ratio
83.36
 %
 
82.87
 %
 
 
 
 
Allowance for credit losses to total loans
1.59
 %
 
1.88
 %
 
 
 
 
Total capital to risk weighted assets
 
 
 
 
 
 
 
Company
17.32
 %
 
16.65
 %
 
 
 
 
Bank
17.31
 %
 
16.69
 %
 
 
 
 
Tier 1 capital to risk-weighted assets
 
 
 
 
 
 
 
Company
16.07
 %
 
15.40
 %
 
 
 
 
Bank
16.05
 %
 
15.43
 %
 
 
 
 
Common equity tier 1 capital to risk-weighted assets
 
 
 
 
 
 
 
Company
14.82
 %
 
14.10
 %
 
 
 
 
Bank
16.05
 %
 
15.43
 %
 
 
 
 
Tier 1 capital to adjusted average assets (leverage)
 
 
 
 
 
 
 
Company
13.26
 %
 
12.95
 %
 
 
 
 
Bank
13.33
 %
 
12.94
 %
 
 
 
 




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