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Section 1: 8-K (8-K UBFO 12312016 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

January 25, 2017
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 January 25, 2017, United Security Bancshares issued a press release reporting its financial results for the quarter ended December 31, 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 January 25, 2017


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:
January 25, 2017
 
By: /s/ Bhavneet Gill
 
 
 
Bhavneet Gill
 
 
 
Senior Vice President & Chief Financial Officer






(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.12312016 EARNINGS)

Exhibit


United Security Bancshares reports 2016 net income of $7.4 million

FRESNO, CA - January 25, 2017. United Security Bancshares (Nasdaq: UBFO), today announced its unaudited financial results for the quarter ended December 31, 2016. The Company reported consolidated net income of $1,555,000, or $0.09 per basic and diluted common share, for the quarter ended December 31, 2016, as compared to $1,634,000, or $0.10 per basic and diluted common share, for the quarter ended December 31, 2015. The Company recognized net income of $7,385,000 for the year ended December 31, 2016, an improvement of $575,000, or 8.44%, relative to the net income of $6,810,000 recognized for the year ended December 31, 2015. Basic and diluted earnings per share increased to $0.44 for the year ended December 31, 2016, as compared to $0.41 for the year ended December 31, 2015.

“We have consistently exceeded our goals of loan growth and core earnings growth for the last three years, while maintaining strong liquidity and capital levels. Core earnings grew 10% in 2016 and our credit quality metrics continue to improve while our reserve levels remain strong. We plan to continue this momentum into 2017," said Dennis R. Woods, President and Chief Executive Officer of the Company. The Company defines core earnings as pretax income less gain or loss on sales, OREO expenses, provision or recovery of provision for loan loss, bonus expense, and gain or loss on fair value of financial liability.

Fourth Quarter 2016 Highlights (at or for the quarter ended December 31, 2016)

Net interest income increased to $7,384,000, compared to $6,745,000 for the quarter ended December 31, 2015, and decreased from $7,404,000 in the preceding quarter.
Annualized net interest margin increased to 4.15% from 4.14% for the quarter ended December 31, 2015.
Net charge-offs totaled $2,000, compared to net recoveries of $6,000 in the preceding quarter and net charge-offs of $1,385,000 for the quarter ended December 31, 2015.
Total loans increased to $570,834,000, compared to $515,376,000 at December 31, 2015.
Nonperforming assets as a percentage of total assets decreased to 2.40%, compared to 4.42% at December 31, 2015.
Nonperforming assets decreased approximately $13,213,000 between December 31, 2015 and December 31, 2016.
Other real estate owned declined to $6,471,000, compared to $12,873,000 at December 31, 2015.
The allowance for credit losses as a percentage of gross loans declined to 1.56%, compared to 1.88% at December 31, 2015.
Total deposits increased to $676,629,000, compared to $621,805,000 at December 31, 2015.
Tangible book value per share increased to $5.50, compared to $5.30 at December 31, 2015.

Return on average equity (ROAE) for the year ended December 31, 2016 was 7.86%, compared to 7.88% for the year ended December 31, 2015. Return on average assets (ROAA) was 0.98% for both the year ended December 31, 2016, and the year ended December 31, 2015. Annualized ROAE for the quarter ended December 31, 2016 was 6.38% compared to 7.27% for the same period in 2015. Annualized ROAA was 0.79% for the quarter ended December 31, 2016, compared to 0.90% for the same period in 2015. The annualized average cost of deposits was 0.20% for the quarter ended December 31, 2016, and 0.18% for the quarter ended December 31, 2015. Shareholders’ equity at December 31, 2016 was $96,359,000, up $6,724,000 from shareholders’ equity of $89,635,000 at December 31, 2015.

Total assets were up $62,033,000, or 8.55% for the year ended December 31, 2016, due to net growth of $26,598,000 in the investment portfolio and $55,458,000 in gross loan balances. Loan volume was favorably impacted by the purchase of residential mortgage loans during 2016 in addition to growth in the commercial real estate and student loan portfolios.

Total deposits increased $54,824,000, or 8.82%, to $676,629,000 during the year ended December 31, 2016. Interest bearing transaction and savings accounts increased 7.04% to $310,941,000 at December 31, 2016, compared to $290,478,000 at December 31, 2015. Time deposits increased 48.92% to $102,991,000 at December 31, 2016, compared to $69,159,000 at December 31, 2015. The growth in time deposits is due to the increase in brokered and non-relationship deposits in 2016.

The Board of Directors of United Security Bancshares declared a fourth quarter 2016 stock dividend of one percent (1%) on December 20, 2016. The stock dividend was payable to shareholders of record on January 3, 2017, and the shares will be issued on January 13, 2017. This marks the 33rd 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 after the recovery of provision for credit losses for the year ended December 31, 2016 totaled $28,085,000, an increase of $1,915,000 or 7.32% from the net interest income of $26,170,000 for the same period ended December 31, 2015. Although net interest income increased, the Company's net interest margin declined from 4.22% for the year ended December 31, 2015 to 4.11% for the year ended December 31, 2016. The 11 basis point decrease in net interest margin in the period-to-period comparison resulted primarily from declining yields on the loan and investment portfolios. The yield on loans declined from 5.36% for the year ended December 31, 2015 to 5.21% for the year ended December 31, 2016. The 15 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 after the recovery of provision for credit losses for the quarter ended December 31, 2016 totaled $7,398,000, an increase of $178,000 from the net interest income of $7,220,000 for the same period ended December 31, 2015. The increase in net interest income on a quarterly and year-over-year comparison is the result of strong loan growth during 2016, partially offset by increases in interest expense.

Non-interest income for the year ended December 31, 2016 totaled $4,514,000, reflecting a decrease of $221,000 from $4,735,000 in non-interest income reported for the year ended December 31, 2015. Customer service fees, which represent the largest portion of the Company's non-interest income, totaled $3,792,000 and $3,620,000 for the year ended December 31, 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 $518,000 loss on the fair value option of financial liability for the year ended December 31, 2016, compared to a $73,000 loss for the same period ended December 31, 2015.

Non-interest income for the quarter ended December 31, 2016 totaled $741,000, reflecting a decrease of $81,000 from $822,000 in non-interest income reported for the quarter ended December 31, 2015. This decrease was primarily due to a $566,000 loss recorded on the fair value option of financial liability for the quarter ended December 31, 2016, compared to a $417,000 loss 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 $925,000 for the quarter ended December 31, 2016, as compared to $960,000 for the quarter ended December 31, 2015.

For the year ended December 31, 2016, non-interest expense totaled $20,345,000, an increase of $747,000 compared to $19,598,000 for the year ended December 31, 2015. On a year-over-year comparative basis, non-interest expense increased due primarily to increases of $707,000 in salaries and employee benefit expenses, $356,000 in professional fees, and $180,000 in occupancy expenses, partially offset by a $356,000 decrease in OREO expense. Professional fees for the year ended December 31, 2016 include a $125,000 legal settlement. Salaries and employee benefit expenses for the year ended December 31, 2016 reflect increases in salaries, higher group insurance expenses, and increases in incentives and bonuses.

Non-interest expense totaled $5,358,000 for the quarter ended December 31, 2016, an increase of $163,000 as compared to $5,195,000 reported for the quarter ended December 31, 2015. On a quarter-over-quarter comparative basis, non-interest expense increased primarily due to increases in salaries and benefits expenses and professional fees. The increase in professional fees in primarily attributed to higher audit expenses.

The Company recorded a recovery of provision for credit losses of $21,000 for the year ended December 31, 2016, compared to a recovery provision of $41,000 for the year ended December 31, 2015. Net loan charge-offs totaled $790,000 for the year ended December 31, 2016, as compared to net charge-offs of $1,017,000 for the year ended December 31, 2015. Included in net loan charge-offs during 2016 are $641,000 in charge-offs that the Company had fully reserved for in prior periods. The Company had a recovery of provision for credit loss of $14,000 for the quarter ended December 31, 2016, compared to a recovery of provision for credit losses of $475,000 for the quarter ended December 31, 2015. Net loan charge-offs totaled $2,000 for the quarter ended December 31, 2016, as compared to net loan charge-offs of $1,385,000 for the quarter ended December 31, 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 1.56% of total loans at December 31, 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 December 31, 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 $13,213,000 between December 31, 2015 and December 31, 2016 to $18,881,000. Nonperforming assets as a percentage of total assets decreased from 4.42% at December 31, 2015 to 2.40% at December 31, 2016. The reduction in nonperforming assets is mostly





attributed to partial sales on two OREO properties and paydowns on TDR balances. Nonaccrual loans decreased $929,000 between December 31, 2015 and December 31, 2016 to $7,264,000. Impaired loans totaled $16,179,000 at December 31, 2016, a decrease of $7,500,000 from the balance of $23,679,000 at December 31, 2015. OREO totaled $6,471,000 at December 31, 2016, a decrease of $6,402,000 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)
 
 
 
 
December 31, 2016
 
December 31, 2015
Assets
 
 
 
Cash and non-interest-bearing deposits in other banks
$
25,781

 
$
29,733

Cash and due from Federal Reserve Bank
87,251

 
96,018

Cash and cash equivalents
113,032

 
125,751

Interest-bearing deposits in other banks
650

 
1,528

Investment securities available for sale (at fair value)
57,491

 
30,893

Loans and leases, net of unearned fees
570,834

 
515,376

Less: Allowance for credit losses
(8,902
)
 
(9,713
)
Net loans
561,932

 
505,663

Premises and equipment - net
10,445

 
10,800

Other real estate owned
6,471

 
12,873

Goodwill and intangible assets
4,488

 
4,488

Cash surrender value of life insurance
19,047

 
18,337

Deferred income tax asset - net
3,003

 
5,228

Other assets
11,118

 
10,083

Total assets
$
787,677

 
$
725,644

 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
Deposits
 
 
 
Non-interest bearing demand deposits
$
262,697

 
$
262,168

Money market, NOW, and savings
310,941

 
290,478

Time
102,991

 
69,159

Total deposits
676,629

 
621,805

Accrued interest payable
76

 
29

Other liabilities
5,781

 
5,875

Junior subordinated debentures (at fair value)
8,832

 
8,300

Total liabilities
691,318

 
636,009

Shareholders' equity
 
 
 
 
 
 
 
Common stock, no par value 20,000,000 shares authorized, 16,705,294 issued and outstanding at December 31, 2016, and 16,051,406 at December 31, 2015
56,557

 
52,572

Retained earnings
40,701

 
37,265

Accumulated other comprehensive loss
(899)

 
(202)

Total shareholders' equity
96,359

 
89,635

Total liabilities and shareholders' equity
$
787,677

 
$
725,644














United Security Bancshares
 
 
 
 
 
 
 
Consolidated Statements of Income (unaudited)
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Year ended December 31,
 
2016
 
2015
 
2016
 
2015
Interest income:
 
 
 
 
 
 
 
Interest and fees on loans
$
7,460

 
$
6,828

 
$
28,182

 
$
26,469

Interest on investment securities
207

 
167

 
825

 
722

Interest on deposits in FRB
110

 
75

 
458

 
213

Interest on deposits in other banks
2

 
1

 
8

 
6

Total interest income
7,779

 
7,071

 
29,473

 
27,410

Interest expense:
 
 
 
 
 
 
 
Interest on deposits
329

 
277

 
1,167

 
1,056

Interest on other borrowed funds
66

 
49

 
242

 
225

Total interest expense
395

 
326

 
1,409

 
1,281

Net interest income
7,384

 
6,745

 
28,064

 
26,129

Recovery of Provision for Credit Losses
(14)

 
(475)

 
(21)

 
(41)

Net interest income after recovery of provision for credit losses
7,398

 
7,220

 
28,085

 
26,170

Non-interest income:
 
 
 
 
 
 
 
Customer service fees
925

 
960

 
3,792

 
3,620

Increase in cash surrender value of bank-owned life insurance
136

 
130

 
530

 
519

Loss on Fair Value of Financial Liability
(566)

 
(417)

 
(518)

 
(73)

Gain on redemption of JR subordinated debentures

 

 

 
78

Loss on sale of other investment

 

 

 
(23)

Gain on sale of fixed assets

 
10

 

 
10

Other non-interest income
246

 
139

 
710

 
604

Total non-interest income
741

 
822

 
4,514

 
4,735

Non-interest expense:
 
 
 
 
 
 
 
Salaries and employee benefits
3,036

 
2,877

 
10,628

 
9,921

Occupancy expense
1,010

 
1,021

 
4,222

 
4,042

Data processing
40

 
36

 
148

 
126

Professional fees
377

 
260

 
1,493

 
1,137

Regulatory assessments
134

 
254

 
767

 
959

Director fees
66

 
75

 
284

 
277

Correspondent bank service charges
19

 
19

 
77

 
75

Loss on California tax credit partnership
36

 
13

 
158

 
73

Net cost on operation and sale of OREO
47

 
25

 
263

 
619

Other non-interest expense
593

 
615

 
2,305

 
2,369

Total non-interest expense
5,358

 
5,195

 
20,345

 
19,598

 
 
 
 
 
 
 
 
Income before income tax provision
2,781

 
2,847

 
12,254

 
11,307

Provision for income taxes
1,226

 
1,213

 
4,869

 
4,497

Net income
$
1,555

 
$
1,634

 
$
7,385

 
$
6,810

 
 
 
 
 
 
 
 
Basic earnings per common share
$
0.09

 
$
0.10

 
$
0.44

 
$
0.41

Diluted earnings per common share
$
0.09

 
$
0.10

 
$
0.44

 
$
0.41

Weighted average basic shares for EPS
16,705,294

 
16,702,781

 
16,703,672
 
16,702,781
Weighted average diluted shares for EPS
16,716,837

 
16,705,695

 
16,710,808
 
16,704,937
 
 
 
 
 
 
 
 







United Security Bancshares
 
 
 
 
 
 
 
Average Balances and Rates (unaudited)
 
 
 
 
 
 
 
(in thousands)
Three Months Ended December 31,
 
Year ended December 31,
 
2016
 
2015
 
2016
 
2015
Average Balances:
 
 
 
 
 
 
 
Loans (1)
$
566,521

 
$
506,699

 
$
540,777

 
$
493,375

Investment securities – taxable
59,226

 
32,429

 
49,612

 
40,616

Interest-bearing deposits in other banks
1,475

 
1,528

 
1,517

 
1,525

Interest-bearing deposits in FRB
81,720

 
105,033

 
90,393

 
83,709

Total interest-earning assets
708,942


645,689


682,299


619,225

Allowance for credit losses
(8,930
)
 
(11,603
)
 
(9,311
)
 
(11,357
)
Cash and due from banks
21,171

 
23,733

 
21,886

 
22,279

Other real estate owned
7,024

 
12,697

 
9,100

 
13,466

Other non-earning assets
50,532

 
52,650

 
49,723

 
52,861

Total average assets
778,739


723,166


753,697


696,474

 
 
 
 
 
 
 
 
Interest bearing deposits
396,606

 
366,321

 
375,538

 
355,553

Junior subordinated debentures
8,246

 
7,858

 
8,058

 
9,410

Total interest-bearing liabilities
404,852

 
374,179

 
383,596


364,963

Non-interest-bearing deposits
268,390

 
251,610

 
268,712

 
237,034

Other liabilities
8,808

 
8,242

 
7,673

 
8,078

Total liabilities
682,050


634,031


659,981


610,075

Total equity
96,689

 
89,135

 
93,716

 
86,399

Total liabilities and equity
$
778,739

 
$
723,166

 
$
753,697

 
$
696,474

 
 
 
 
 
 
 
 
Average Rates (annualized):
 
 
 
 
 
 
 
Loans (1)
5.24
%
 
5.35
%
 
5.21
%
 
5.36
%
Investment securities- taxable
1.39
%
 
2.04
%
 
1.66
%
 
1.78
%
Interest-bearing deposits in other banks
0.54
%
 
0.26
%
 
0.53
%
 
0.39
%
Interest-bearing deposits in FRB
0.54
%
 
0.28
%
 
0.51
%
 
0.25
%
Earning assets
4.37
%
 
4.34
%
 
4.32
%
 
4.43
%
Interest bearing deposits
0.33
%
 
0.30
%
 
0.31
%
 
0.30
%
Junior subordinated debentures
3.18
%
 
2.47
%
 
3.00
%
 
2.39
%
Total interest-bearing liabilities
0.39
%
 
0.35
%
 
0.37
%
 
0.35
%
Net interest margin
4.15
%
 
4.14
%
 
4.11
%
 
4.22
%
 
 
 
 
 
 
 
 
(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)
 
 
 
 
December 31, 2016
 
December 31, 2015
Commercial and industrial
$
565

 
$
328

Real estate - mortgage
1,126

 
1,635

RE construction & development
4,608

 
5,580

Installment/other
965

 
650

Total Nonaccrual Loans
$
7,264


$
8,193

 
 
 
 
Loans past due 90 days and still accruing

 

Restructured Loans
5,146

 
11,028

Total nonperforming loans
$
12,410

 
$
19,221

Other real estate owned
6,471

 
12,873

Total nonperforming assets
$
18,881

 
$
32,094

 
 
 
 
Nonperforming assets to total gross loans
3.31
%
 
6.23
%
Nonperforming assets to total assets
2.40
%
 
4.42
%
Allowance for loan losses to nonperforming loans
71.73
%
 
50.53
%






United Security Bancshares
 
 
 
 
 
 
 
Selected Financial Data (unaudited)
 
 
 
 
 
 
 
(dollars in thousands, except per share amounts)
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Year ended December 31,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Annualized return on average assets
0.79
%
 
0.90
%
 
0.98%
 
0.98%
Annualized return on average equity
6.38
%
 
7.27
%
 
7.86%
 
7.88%
Annualized net charge-offs to average loans
0.00
%
 
1.08
%
 
0.15%
 
0.21%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
December 31, 2015
 
 
 
 
Shares outstanding - period end
16,705,294

 
16,051,406

 
 
 
 
Book value per share

$5.77

 

$5.58

 
 
 
 
Tangible book value per share

$5.50

 

$5.30

 
 
 
 
Efficiency ratio
60.68
%
 
61.49
%
 
 
 
 
Total impaired loans

$16,179

 

$23,679

 
 
 
 
Loan to deposit ratio
84.21
%
 
82.87
%
 
 
 
 
Allowance for credit losses to total loans
1.56
%
 
1.88
%
 
 
 
 
Total capital to risk weighted assets
 
 
 
 
 
 
 
Company
17.26
%
 
16.65
%
 
 
 
 
Bank
17.19
%
 
16.69
%
 
 
 
 
Tier 1 capital to risk-weighted assets
 
 
 
 
 
 
 
Company
16.01
%
 
15.40
%
 
 
 
 
Bank
15.94
%
 
15.43
%
 
 
 
 
Common equity tier 1 capital to risk-weighted assets
 
 
 
 
 
 
 
Company
14.68
%
 
14.10
%
 
 
 
 
Bank
15.94
%
 
15.43
%
 
 
 
 
Tier 1 capital to adjusted average assets (leverage)
 
 
 
 
 
 
 
Company
12.97
%
 
12.95
%
 
 
 
 
Bank
12.99
%
 
12.94
%
 
 
 
 




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