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Section 1: 8-K (FORM 8-K)

 

UNITED STATES
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

Date of Report (Date of earliest event Reported): April 19, 2018

Two River Bancorp
(Exact Name of Registrant as Specified in Charter)

New Jersey000-5188920-3700861
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

 

766 Shrewsbury Avenue, Tinton Falls, New Jersey 07724
(Address of Principal Executive Offices) (Zip Code)

(732) 389-8722
(Registrant's telephone number, including area code)

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

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

 [   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 [   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 [   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 [   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

 
 

Item 2.02. Results of Operations and Financial Condition.

On April 19, 2018, Two River Bancorp issued a press release containing financial information regarding its results of operations and financial condition for the first quarter ended March 31, 2018. A copy of the press release is furnished as part of this Form 8-K and is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1. Press release dated April 19, 2018


SIGNATURE

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.

 Two River Bancorp
   
   
Date: April 19, 2018By: /s/ A. Richard Abrahamian        
  A. Richard Abrahamian
  Executive Vice President and Chief Financial Officer
  

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Section 2: EX-99.1 (PRESS RELEASE)

EdgarFiling

EXHIBIT 99.1

Two River Bancorp Reports Record 2018 First Quarter Financial Results Highlighted by a 48.5% Increase in Net Income and EPS of $0.31

Company Declares Quarterly Cash Dividend of $0.045 per share

TINTON FALLS, N.J., April 19, 2018 (GLOBE NEWSWIRE) -- Two River Bancorp (Nasdaq:TRCB) (the "Company"), the parent company of Two River Community Bank (the "Bank"), today reported financial results for the first quarter ended March 31, 2018, highlighted by record first quarter net income and earnings per diluted share driven by 10.1% annualized loan growth and continued solid asset quality.

2018 First Quarter Financial Highlights
(comparisons to respective prior year’s period)

(Totals at March 31, 2018; comparisons to December 31, 2017)

Management Commentary
William D. Moss, President and CEO, stated, “We achieved record bottom line results and solid improvement in all key performance metrics during the first quarter. Total loan growth increased by over 10% annualized, despite the sale of a $5.0 million pool of portfolio residential adjustable rate mortgages. The growth in our commercial loan sector originated from a wide range of office, industrial, and residential lending sources without any significant product concentration. On an annualized basis, C&I and construction lending grew over 20% in the first quarter, driven by local relationships and subsequent referrals in our markets. The first quarter volume of loan closings and sizable pipeline will continue to support our performance for the balance of the year.” 

Dividend Information
On April 18, 2018, the Company's Board of Directors declared a regular quarterly cash dividend of $0.045 per share, payable May 30, 2018 to shareholders of record as of May 11, 2018, which marks the 21st consecutive quarterly cash dividend paid by the Company to its shareholders. 

(1)    Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.


Key Quarterly Performance Metrics

 1st Qtr.
4th Qtr.
3rd Qtr.2nd Qtr.1st Qtr.
2018
2017
2017
2017
2017
Net Income (in thousands)$2,676 $335 $2,237 $2,128 $1,802 
Earnings per Common Share – Diluted$0.31 $0.04 $0.26 $0.25 $0.21 
Return on Average Assets 1.04% 0.13% 0.89% 0.87% 0.76%
Return on Average Tangible Assets(1) 1.06% 0.13% 0.91% 0.88% 0.77%
Return on Average Equity 10.08% 1.24% 8.39% 8.26% 7.18%
Return on Average Tangible Equity(1) 12.12% 1.49% 10.13% 10.01% 8.74%
Net Interest Margin 3.63% 3.56% 3.62% 3.49% 3.45%
Non-Performing Assets to Total Assets 0.19% 0.20% 0.23% 0.32% 0.18%
Allowance as a % of Loans 1.26% 1.25% 1.25% 1.25% 1.25%

(1)    Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.


Loan Composition
The components of the Company’s loan portfolio at March 31, 2018 and December 31, 2017 are as follows:  

   
  (In Thousands)
  March 31, 
2018
 December 31,
2017

Commercial and industrial $  106,758  $101,371 
Real estate – construction  124,828   118,094 
Real estate – commercial  545,728   537,733 
Real estate – residential  65,035   64,238 
Consumer  30,748   30,203 
Unearned fees  (770)  (765)
   872,327   850,874 
Allowance for loan losses  (10,962)  (10,668)
Net Loans $  861,365  $840,206 


Deposit Composition
The components of the Company’s deposits at March 31, 2018 and December 31, 2017 are as follows:  


 
  
  (In Thousands)
  March 31,
2018
  December 31,
 2017
 
Non-interest bearing $  158,775  $167,297 
NOW accounts  217,083   232,673 
Savings deposits  257,711   242,448 
Money market deposits  56,367   59,818 
Listed service CD’s  45,688   44,436 
Time deposits / IRA  82,230   74,183 
Wholesale deposits  53,050   40,702 
Total Deposits $  870,904  $861,557 


2018 First Quarter Financial Review

Net Income
Net income for the three months ended March 31, 2018 was $2.68 million, or $0.31 per diluted common share, compared to $1.80 million, or $0.21 per diluted common share, for the same period last year, an increase of 48.5%. The increase was due primarily to higher net interest income and non-interest income, coupled with a $90,000 tax benefit related to the accounting treatment of equity-based compensation, along with a lower corporate tax rate.

Net Interest Income
Net interest income for the quarter ended March 31, 2018 was $8.80 million, an increase of 15.3% compared to $7.63 million in the corresponding prior year period. This was largely due to an increase of $87.9 million, or 9.8%, in average interest earning assets, primarily driven from growth in the Company’s loan portfolio. 

Net Interest Margin
The Company reported a net interest margin of 3.63% for the first quarter of 2018, compared to the 3.56% reported in the fourth quarter of 2017 and 3.45% reported in the first quarter of 2017. The net interest margin improvement of 7 basis points from the fourth quarter of 2017 was primarily the result of higher yielding interest-earning assets. 

Non-Interest Income
Non-interest income for the quarter ended March 31, 2018 totaled $1.31 million, an increase of $185,000, or 16.4%, compared to the same period in 2017. This was largely the result of a $214,000, or 182.9%, increase in gains on the sale of SBA loans. For the first quarter of 2018, mortgage banking revenue was $338,000, which included a $100,000 gain from the sale of a pool of residential adjustable rate mortgages, compared to $426,000 in the corresponding period in 2017, which included a $91,000 gain from the sale of a pool of residential adjustable rate mortgages. The Company experienced a slowdown in residential lending activity partially due to a prolonged winter that led to a late start to the spring housing market, coupled with tighter competition for purchase transactions.

Non-Interest Expense
Non-interest expense for the quarter ended March 31, 2018 totaled $6.23 million, an increase of $450,000, or 7.8%, compared to the same period in 2017, mainly due to higher salaries and benefits resulting from annual merit increases, along with new hires within the lending and deposit teams. 

Provision / Allowance for Loan Losses
During the quarter, the Company reported a $400,000 provision for loan losses, compared to $225,000 in the prior year period. The increase was largely due to the strong loan growth during the period. The Company had $106,000 in net loan charge-offs during the quarter, compared to $223,000 of net loan charge offs in the same period last year. 

As of March 31, 2018, the Company's allowance for loan losses was $10.96 million, compared to $10.67 million at December 31, 2017. The loss allowance as a percentage of total loans was 1.26% at March 31, 2018, compared to 1.25% at December 31, 2017.

Financial Condition / Balance Sheet
At March 31, 2018, the Company maintained capital ratios that were in excess of regulatory standards for well-capitalized institutions. The Company's Tier 1 capital to average assets ratio was 8.88%, common equity Tier 1 to risk weighted assets ratio was 9.73%, Tier 1 capital to risk weighted assets ratio was 9.73%, and total capital to risk weighted assets ratio was 11.96%.

Total assets as of March 31, 2018 were $1.042 billion, compared to $1.040 billion at December 31, 2017 and $967.1 million at March 31, 2017.

Total loans as of March 31, 2018 grew to $872.3 million, compared to $850.9 million reported at December 31, 2017 and $762.7 million at March 31, 2017. This loan growth was funded primarily by a combination of deposit growth and excess cash on hand. 

Total deposits as of March 31, 2018 grew to $870.9 million, compared to $861.6 million as of December 31, 2017 and $799.7 million at March 31, 2017. Core checking deposits at March 31, 2018 were $375.9 million, compared to $400.0 million at December 31, 2017 and $344.5 million at March 31, 2017. The Company continues to focus on building core checking account deposit relationships, which can vary from quarter to quarter due to seasonality in municipal relationships.

Asset Quality
The Company's non-performing assets at March 31, 2018 were $1.97 million, compared to $2.07 million at December 31, 2017 and $1.77 million at March 31, 2017. Non-performing assets to total assets at March 31, 2018 were 0.19%, compared to 0.20% at December 31, 2017 and 0.18% at March 31, 2017.

Non-accrual loans were $1.97 million at March 31, 2018, compared to $2.07 million at December 31, 2017 and $1.77 million at March 31, 2017. There was no OREO at both March 31, 2018 and December 31, 2017, compared to $259,000 at March 31, 2017.

Troubled debt restructured loan balances amounted to $6.84 million at March 31, 2018, with all but $878,000 performing. This compared to $7.05 million at December 31, 2017 and $8.16 million at March 31, 2017.

About the Company
Two River Bancorp is the holding company for Two River Community Bank, which is headquartered in Tinton Falls, New Jersey. Two River Community Bank operates 14 branches along with two loan production offices throughout Monmouth, Middlesex, Union, and Ocean Counties, New Jersey. More information about Two River Community Bank and Two River Bancorp is available at www.tworiverbank.com.

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. These statements may be identified by such forward-looking terminology as "continue," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy," or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; loan and investment prepayments differing from our assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; operational risks, including the risk of fraud by employees, customers or outsiders; and the inability to successfully implement or expand new lines of business or new products and services. For a list of other factors which would affect our results, see the Company's filings with the Securities and Exchange Commission, including those risk factors identified in the "Risk Factor" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2017. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company assumes no obligation for updating any such forward-looking statements at any time, except as required by law.

Investor Contact:
Adam Prior, Senior Vice President 
The Equity Group Inc.
Phone: (212) 836-9606
Email: aprior@equityny.com 

Media Contact:
Adam Cadmus, Marketing Director
Two River Community Bank
Phone: (732) 982-2167
Email: acadmus@tworiverbank.com


TWO RIVER BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
For the Three Months Ended March 31, 2018 and 2017
     (in thousands, except per share data)

  Three Months Ended
March 31,
 
  2018  2017 
Interest Income:      
Loans, including fees $  9,821  $8,403 
Securities:      
Taxable  297   233 
Tax-exempt  282   285 
Interest-bearing deposits  67   72 
Total Interest Income  10,467   8,993 
Interest Expense:      
Deposits  1,358   1,038 
Securities sold under agreements to repurchase  14   15 
Federal Home Loan Bank (“FHLB”) and other borrowings  130   145 
Subordinated debt  165   165 
Total Interest Expense  1,667   1,363 
Net Interest Income  8,800   7,630 
Provision for Loan Losses    400    225 
Net Interest Income after Provision for Loan Losses  8,400   7,405 
Non-Interest Income:      
Service fees on deposit accounts  238   150 
Mortgage banking  338   426 
Other loan fees  111   92 
Earnings from investment in bank owned life insurance  130   136 
Gain on sale of SBA loans    331    117 
Other income    162    204 
Total Non-Interest Income  1,310     1,125 
Non-Interest Expenses:      
Salaries and employee benefits    3,885    3,453 
Occupancy and equipment    1,090    1,054 
Professional    340    341 
Insurance    57      48 
FDIC insurance and assessments    123    123 
Advertising    60     110 
Data processing    152     130 
Outside service fees    81     103 
OREO expenses, impairment and sales, net    (1)  (3)
Loan workout expenses  51    27 
Other operating    389     391 
Total Non-Interest Expenses  6,227    5,777 
Income before Income Taxes  3,483    2,753 
Income Tax Expense  807    951 
Net Income $  2,676   $1,802 
Earnings Per Common Share:      
Basic $  0.32  $0.22 
Diluted $  0.31  $0.21 
Weighted average common shares outstanding:      
Basic  8,447   8,341 
Diluted  8,675   8,618 


TWO RIVER BANCORP
CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except share data)

 March 31, December 31, 
 2018 2017 
ASSETS       
Cash and due from banks$13,452  $29,575 
Interest-bearing deposits in bank  15,143   18,644 
Cash and cash equivalents  28,595   48,219 
         
Securities available for sale    32,835   31,132 
Securities held to maturity  57,819   58,002 
Restricted investments, at cost    5,597   5,430 
Loans held for sale   1,834   2,581 
Loans  872,327   850,874 
Allowance for loan losses  (10,962) (10,668)
Net loans  861,365   840,206 
        
Bank owned life insurance  21,703   21,573 
Premises and equipment, net    6,157   6,239 
Accrued interest receivable    2,492   2,554 
Goodwill    18,109   18,109 
Other assets    5,721   5,753 
         
Total Assets$  1,042,227  $1,039,798 
       
LIABILITIES AND SHAREHOLDERS’ EQUITY        
Liabilities:      
Deposits:        
Non-interest-bearing$158,775  $167,297 
Interest-bearing    712,129   694,260 
Total Deposits    870,904   861,557 
         
Securities sold under agreements to repurchase    18,472   27,120 
FHLB and other borrowings    24,500   25,800 
Subordinated debt  9,896   9,888 
Accrued interest payable    69   70 
Other liabilities    9,406   8,792 
         
Total Liabilities  933,247   933,227 
         
Shareholders’ Equity        
Preferred stock, no par value; 6,500,000 shares authorized, no shares issued and outstanding    -    - 
Common stock, no par value; 25,000,000 shares authorized;       
Issued –  8,836,726 and 8,782,124 at March 31, 2018 and December 31, 2017, respectively      
Outstanding –  8,524,632 and 8,470,030 at March 31, 2018 and December 31, 2017, respectively 79,932   79,678 
Retained earnings    31,907   29,593 
Treasury stock, at cost; 312,094 shares at March 31, 2018 and December 31, 2017, respectively  (2,396) (2,396)
Accumulated other comprehensive loss    (463) (304)
Total Shareholders' Equity    108,980   106,571 
         
Total Liabilities and Shareholders’ Equity$1,042,227  $1,039,798 


TWO RIVER BANCORP
Selected Consolidated Financial Data (Unaudited)

Selected Consolidated Earnings Data
(in thousands, except per share data)

  Three Months Ended
 March 31, December 31, March 31,
Selected Consolidated Earnings Data: 2018  2017  2017
Total Interest Income$  10,467  $10,074 $8,993
Total Interest Expense 1,667   1,545  1,363
Net Interest Income 8,800   8,529  7,630
Provision for Loan Losses 400   675  225
Net Interest Income after Provision for Loan Losses 8,400   7,854  7,405
Other Non-Interest Income 1,310   1,343  1,125
Other Non-Interest Expenses 6,227   5,919  5,777
Income before Income Taxes 3,483   3,278  2,753
Income Tax Expense 807   2,943  951
Net Income$   2,676  $335 $1,802
      
Per Common Share Data:     
Basic Earnings$  0.32  $0.04 $0.22
Diluted Earnings$  0.31  $0.04 $0.21
Book Value$  12.78  $12.58 $12.21
Tangible Book Value(1)$  10.66  $10.44 $10.05
Average Common Shares Outstanding (in thousands):      
Basic 8,447   8,420  8,341
Diluted 8,675   8,673  8,618

(1)  Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.

             

Selected Period End Balances
(in thousands)

 March 31, Dec. 31, Sept. 30, June 30, March 31, 
 2018 2017 2017 2017 2017 
Total Assets$  1,042,227 $1,039,798 $1,000,245 $983,099 $967,073 
Investment Securities and Restricted Stock 96,251  94,564  92,641  92,634  94,850 
Total Loans 872,327  850,874  816,078  794,908  762,687 
Allowance for Loan Losses (10,962) (10,668) (10,223) (9,953) (9,567)
Goodwill and Other Intangible Assets 18,109  18,109  18,109  18,109  18,109 
Total Deposits 870,904  861,557  821,872  810,725  799,705 
Repurchase Agreements 18,472  27,120  22,576  25,823  21,437 
FHLB and Other Borrowings 24,500  25,800  30,300  24,300  24,300 
Subordinated Debt 9,896  9,888  9,879  9,871  9,863 
Shareholders' Equity 108,980  106,571  106,567  104,524  102,406 
           
Asset Quality Data (by Quarter)          
(dollars in thousands)March 31, Dec. 31, Sept. 30, June 30, March 31, 
 2018 2017 2017 2017 2017 
Nonaccrual Loans$  1,972 $2,070 $2,345 $2,946 $1,511 
OREO -  -  -  233  259 
Total Non-Performing Assets 1,972  2,070  2,345  3,179  1,770 
           
Troubled Debt Restructured Loans:          
Performing 5,965  6,053  6,925  6,990  7,754 
Non-Performing 878  994  1,129  960  405 
           
Non-Performing Loans to Total Loans 0.23% 0.24% 0.29% 0.37% 0.20%
Non-Performing Assets to Total Assets 0.19% 0.20% 0.23% 0.32% 0.18%
Allowance as a % of Loans 1.26% 1.25% 1.25% 1.25% 1.25%
           


Capital Ratios     
  March 31, 2018 December 31, 2017 
 CET 1 Capital
to Risk Weighted
Assets Ratio
 
 
 
Tier 1
Capital
to
Average
Assets
Ratio
 
 
 
Tier 1
Capital
to Risk
Weighted
Assets Ratio
 
 
 
Total
Capital
to Risk Weighted
Assets
Ratio
 CET 1 Capital
to Risk Weighted
Assets Ratio
 
 
 
Tier 1
Capital
to
Average Assets
Ratio
 
 
 
Tier 1
Capital
to Risk Weighted
Assets Ratio
   Total
Capital to
Risk Weighted
Assets
Ratio
 
  
  
Two River Bancorp9.73 %8.88%9.73%11.96%9.68%8.85%9.68%11.93%
Two River Community Bank10.66%9.74%10.66%11.83%10.66%9.76%10.66%11.82%
"Well capitalized" institution (under prompt corrective action regulations)*6.50%5.00%8.00%10.00%6.50%5.00%8.00%10.00%
 
*Applies to Bank only.  For the Company to be “well capitalized,” the Tier 1 Capital to Risk Weighted Assets has to be at least 6.00%.


Consolidated Average Balance Sheets & Yields
With Resultant Interest and Average Rates

 Three Months Ended Three Months Ended
(dollars in thousands)March 31, 2018 March 31, 2017
  Interest /
Income
Expense
   Interest /
Income
Expense
 
ASSETS Average
Balance
  Average
Yield /
Rate
 Average
Balance
  Average
Yield /
Rate
Interest-Earning Assets:     
Interest-bearing deposits in banks$18,135 $67 1.50% $38,263 $72 0.76%
Investment securities97,625 579 2.37% 96,030 518 2.16%
Loans, net of unearned fees(1) (2)868,544 9,821 4.59% 762,150 8,403 4.47%
              
Total Interest-Earning Assets984,304 10,467 4.31% 896,443 8,993 4.07%
              
Non-Interest-Earning Assets:             
Allowance for loan losses(10,840)     (9,645)    
All other assets72,889      75,551     
              
Total Assets$1,046,353       $962,349      
              
LIABILITIES & SHAREHOLDERS' EQUITY             
Interest-Bearing Liabilities:             
NOW deposits$236,674 310 0.53% $191,903 212 0.45%
Savings deposits248,488 354 0.58% 256,499 327 0.52%
Money market deposits58,348 25 0.17% 61,668 26 0.17%
Time deposits168,327 669 1.61% 136,474 473 1.41%
Securities sold under agreements to repurchase19,636 14 0.29% 19,376 15 0.31%
FHLB and other borrowings28,217 130 1.87% 24,447 145 2.41%
Subordinated debt9,893 165 6.67% 9,860 165 6.69%
               
Total Interest-Bearing Liabilities769,583 1,667 0.88% 700,227 1,363 0.79%
               
Non-Interest-Bearing Liabilities:              
Demand deposits160,060      153,185     
Other liabilities9,033      7,185     
               
Total Non-Interest-Bearing Liabilities169,093      160,370     
               
Shareholders’ Equity107,677      101,752     
               
Total Liabilities and Shareholders’ Equity$1,046,353       $962,349      
              
NET INTEREST INCOME  $8,800      $7,630   
              
NET INTEREST SPREAD(3)    3.43%     3.28%
              
NET INTEREST MARGIN(4)    3.63%     3.45%

(1)  Included in interest income on loans are loan fees.
(2)  Includes non-performing loans.
(3)  The interest rate spread is the difference between the weighted average yield on average interest-earning and the weighted average cost of average interest-bearing liabilities.
(4)  The interest rate margin is calculated by dividing annualized net interest income by average interest-earning assets.


Reconciliation of Non-GAAP Financial Measures

The press release contains certain financial information determined by methods other than in accordance with generally accepted accounting policies in the United States (GAAP). These non-GAAP financial measures are "tangible book value per common share," "return on average tangible assets," and "return on average tangible equity." This non-GAAP disclosure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Our management uses these non-GAAP measures in its analysis of our performance because it believes these measures are material and will be used as a measure of our performance by investors.

(in thousands, except per share data)
  
 As of and for the Three Months Ended 
 March 31, Dec. 31, Sept. 30, June 30, March 31,  
 2018 2017 2017 2017 2017  
Total shareholders' equity$108,980 $106,571 $106,567 $104,524 $102,406  
Less: goodwill and other tangibles (18,109) (18,109) (18,109) (18,109) (18,109) 
Tangible common shareholders’ equity$90,871 $88,462 $88,458 $86,415 $84,297  
                 
Common shares outstanding 8,525  8,470  8,454  8,429  8,389  
Book value per common share$12.78 $12.58 $12.60 $12.40 $12.21  
                 
Book value per common share$12.78 $12.58 $12.60 $12.40 $12.21  
Effect of intangible assets (2.12) (2.14) (2.14) (2.15) (2.16) 
Tangible book value per common share$10.66 $10.44 $10.46 $10.25 $10.05  
            
Return on average assets1.04%0.13%0.89%0.87%0.76% 
Effect of average intangible assets0.02%- 0.02%0.01%0.01% 
Return on average tangible assets1.06%0.13%0.91%0.88%0.77% 
            
Return on average equity10.08%1.24%8.39%8.26%7.18% 
Effect of average intangible assets2.04%0.25%1.74%1.75%1.56% 
Return on average tangible equity12.12%1.49%10.13%10.01%8.74% 

 

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