Toggle SGML Header (+)


Section 1: 8-K (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):  January 24, 2019

MACATAWA BANK CORPORATION
 (Exact name of registrant as specified in its charter)
Michigan
000-25927
38-3391345
(State or other jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)

10753 Macatawa Drive, Holland, Michigan
 
49424
(Address of principal executive offices)
 
(Zip Code)

(616) 820-1444
 (Registrant's Telephone Number, Including Area Code)

Not Applicable
 (Former name or former address, if changed since last year)

          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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 January 24, 2019, Macatawa Bank Corporation issued the press release furnished with this report as Exhibit 99.1, which is here incorporated by reference. This report and the exhibit are furnished to, and not filed with, the Commission.

Item 9.01
Financial Statements and Exhibits.

 
(d)
Exhibits

 
Press Release dated January 24, 2019. This exhibit is furnished to, and not filed with, the Commission.


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.

Dated:  January 24, 2019
MACATAWA BANK CORPORATION
   
 
By
/s/ Jon W. Swets
   
Jon W. Swets
   
Chief Financial Officer



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)


Exhibit 99.1

 
   
For Immediate Release
 
NASDAQ Stock Market:
MCBC

Macatawa Bank Corporation Reports
Fourth Quarter and Full Year 2018 Results

HOLLAND, Mich. (January 24, 2019) – Macatawa Bank Corporation (NASDAQ: MCBC) today announced its results for the fourth quarter and full year of 2018, reflecting continued strong financial performance.

·
Net income of $7.0 million in fourth quarter 2018 versus $2.2 million in the fourth quarter 2017
·
Full year 2018 net income of $26.4 million versus $16.3 million in 2017 – up 62%
·
2018 earnings positively impacted by tax reform enacted at end of 2017
·
Pretax earnings increased by 32% and 20% for the fourth quarter and full year 2018 compared to the same periods in the prior year, reflecting healthy core earnings improvement
·
Continued trend of increased total revenue while holding expenses flat

o
Full year net interest income up $7.7 million, or 15%, over 2017

o
Full year non-interest expense up $641,000, or 1%, over 2017
·
Loan portfolio balances up by $85.3 million (6%), from a year ago
·
Core deposit balances up by $97.7 million (6%), from a year ago
·
Asset quality metrics remained strong

Macatawa reported net income of $7.0 million, or $0.21 per diluted share, in the fourth quarter 2018 compared to $2.2 million, or $0.06 per diluted share, in the fourth quarter 2017.  For the full year 2018, the Company reported net income of $26.4 million, or $0.78 per diluted share compared to $16.3 million, or $0.48 per diluted share, for the same period in 2017.  The fourth quarter and full year 2017 earnings were reduced by $2.5 million resulting from an increase in federal income tax expense necessary to revalue the Company’s net deferred tax assets at the end of the year as a result of tax reform enacted at the end of 2017.  Tax expense for 2018 was positively impacted by the reduction in the corporate tax rate from 35% to 21%.

“We are pleased to report strong operating performance for the fourth quarter and full year of 2018”, said Ronald L. Haan, President and CEO of the Company.  “Earnings improvement has been driven primarily by growth in net interest income.  This was the result of growth in balances of loans and improvement in net interest margin, supported by growth in core deposit funding.  Portfolio loans and core deposits each grew by 6% in 2018.  Net interest margin was up 21 basis points in the fourth quarter of 2018 compared to the fourth quarter of 2017.  At the same time, asset quality remained strong with low levels of past due loans and non-performing assets.  While we did have net loan charge-offs in 2018 after five consecutive years of net loan recoveries, net charge-offs remained at low levels.”

Mr. Haan concluded, “Our focus on profitable growth continues to deliver strong and consistent financial performance for our shareholders.  We remain committed to operating a well-disciplined company in order to produce these kinds of results again in the upcoming year and beyond.”


Macatawa Bank Corporation 4Q Results / page 2 of 5

Operating Results
Net interest income for the fourth quarter 2018 totaled $15.6 million, an increase of $466,000 from the third quarter 2018 and an increase of $2.1 million from the fourth quarter 2017.  Net interest margin was 3.46 percent, up 9 basis points from the third quarter 2018, and up 21 basis points from the fourth quarter 2017.

Average interest earning assets for the fourth quarter 2018 increased $6.6 million from the third quarter 2018 and were up $124.9 million from the fourth quarter 2017 primarily due to growth in portfolio loans.

Non-interest income decreased $94,000 in the fourth quarter 2018 compared to the third quarter 2018 and decreased $5,000 from the fourth quarter 2017.  In the fourth quarter 2018, the Bank determined it would sell a property it had held for several years as a potential branch location.  The Bank recorded a valuation writedown on this property in the fourth quarter 2018, accounting for most of the decrease in non-interest income from the third quarter 2018 and the fourth quarter 2017.  Gains on sales of mortgage loans continued its downward trend as overall mortgage volume has been down in recent quarters, due primarily to increased market rates as well as a shortage in housing inventory.  The Bank has also continued to experience a shift in more origination volume being held in portfolio as customers choose adjustable rate mortgage loans versus longer term fixed rate products.  The Bank holds adjustable rate mortgages in its porffolio and sells long-term fixed rate mortgages into the secondary market in order to appropriately manage the Bank’s interest rate risk. Gains on sales of mortgage loans in the fourth quarter 2018 were up $21,000 compared to the third quarter 2018 and down $10,000 from the fourth quarter 2017.  Other categories of non-interest income in the fourth quarter 2018 were relatively flat compared to the third quarter 2018 and the fourth quarter 2017.

Non-interest expense was $10.4 million for the fourth quarter 2018, compared to $11.2 million for the third quarter 2018 and $11.3 million for the fourth quarter 2017.  The largest component of non-interest expense was salaries and benefit expenses.  Salaries and benefit expenses were down $95,000 compared to the third quarter 2018 and were down $175,000 compared to the fourth quarter 2017.  For the full year 2018, salaries and benefits were up $404,000 compared to 2017. Total salaries and benefits expense has remained at a consistent level over the past several quarters and full years due to efforts to prudently manage overall cost levels.

The largest fluctuation between periods in non-interest expense was in nonperforming asset expenses.  Net nonperforming asset expenses decreased $690,000 compared to the third quarter 2018 and decreased $787,000 compared to the fourth quarter 2017.  During the fourth quarter 2018, the Bank sold a property it had obtained upon default of a loan for a gain of $675,000.  This accounts for most of the variance between quarterly periods. For the full year, net nonperforming asset expenses were just $69,000 in 2018, compared to $65,000 in 2017.  Other categories of non-interest expense in the fourth quarter 2018 were relatively flat compared to the third quarter 2018 and the fourth quarter 2017.

For the full year, total revenue, including both net interest income and non-interest income, grew by $7.8 million compared to 2017 while non-interest expenses increased by $641,000.

Federal income tax expense was $1.7 million for the fourth quarter 2018 compared to $1.6 million for the third quarter 2018 and $4.5 million for the fourth quarter 2017.  Federal income tax expense for the fourth quarter 2017 included a $2.5 million expense to revalue the Company’s net deferred tax assets in response to the tax reform law enacted in December 2017.


Macatawa Bank Corporation 4Q Results / page 3 of 5

Asset Quality
Overall loan portfolio quality remained strong through 2018.  A provision for loan losses of $850,000 was recorded in the fourth quarter 2018, primarily as a result of net charge-offs of $776,000 for the quarter as well as loan portfolio growth.  The Bank had net loan recoveries in the third quarter 2018 of $108,000 and net loan recoveries of $166,000 in the fourth quarter 2017.  The Company has experienced net loan recoveries in fifteen of the past sixteen quarters and in the five consecutive full years through December 31, 2017.  While net recoveries changed to net charge-offs in 2018, the total for the whole year was $174,000, only 0.01 percent of total loans.  Total loans past due on payments by 30 days or more were negligible and amounted to $877,000 at December 31, 2018, down 12 percent from $995,000 at December 31, 2017.  Delinquency as a percentage of total loans was 0.06 percent at December 31, 2018, down from 0.08 percent at December 31, 2017.

The allowance for loan losses of $16.9 million was 1.20 percent of total loans at December 31, 2018, compared to 1.25 percent of total loans at September 30, 2018, and 1.26 percent at December 31, 2017.  The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 13-to-1 as of December 31, 2018.

At December 31, 2018, the Company's nonperforming loans were $1.3 million, representing 0.09 percent of total loans.  This compares to $123,000 (0.01 percent of total loans) at September 30, 2018 and $395,000 (0.03 percent of total loans) at December 31, 2017.  Other real estate owned and repossessed assets were $3.4 million at December 31, 2018, compared to $3.5 million at September 30, 2018 and $5.8 million at December 31, 2017. Total nonperforming assets, including other real estate owned and nonperforming loans, decreased by $1.5 million, or 24 percent, from December 31, 2017 to December 31, 2018.

A break-down of non-performing loans is shown in the table below.

 
Dollars in 000s
 
Dec 31,
2018
   
Sept 30,
2018
   
Jun 30,
2018
   
Mar 31,
2018
   
Dec 31,
2017
 
                               
Commercial Real Estate
 
$
318
   
$
121
   
$
121
   
$
121
   
$
385
 
Commercial and Industrial
   
873
     
---
     
2
     
201
     
4
 
Total Commercial Loans
   
1,191
     
121
     
123
     
322
     
389
 
Residential Mortgage Loans
   
112
     
2
     
2
     
2
     
2
 
Consumer Loans
   
1
     
---
     
---
     
---
     
4
 
Total Non-Performing Loans
 
$
1,304
   
$
123
   
$
125
   
$
324
   
$
395
 


Total non-performing assets were $4.7 million, or 0.24 percent of total assets, at December 31, 2018.  A break-down of non-performing assets is shown in the table below.

 
Dollars in 000s
 
Dec 31,
2018
   
Sept 30,
2018
   
Jun 30,
2018
   
Mar 31,
2018
   
Dec 31,
2017
 
                               
Non-Performing Loans
 
$
1,304
   
$
123
   
$
125
   
$
324
   
$
395
 
Other Repossessed Assets
   
---
     
---
     
---
     
---
     
11
 
Other Real Estate Owned
   
3,380
     
3,465
     
3,872
     
5,223
     
5,767
 
Total Non-Performing Assets
 
$
4,684
   
$
3,588
   
$
3,997
   
$
5,547
   
$
6,173
 


Macatawa Bank Corporation 4Q Results / page 4 of 5

Balance Sheet, Liquidity and Capital
Total assets were $1.98 billion at December 31, 2018, an increase of $55.9 million from $1.92 billion at September 30, 2018 and an increase of $84.9 million from $1.89 billion at December 31, 2017.  Total loans were $1.41 billion at December 31, 2018, an increase of $61.0 million from $1.34 billion at September 30, 2018 and an increase of $85.3 million from $1.32 billion at December 31, 2017.

Commercial loans increased by $74.9 million from December 31, 2017 to December 31, 2018, while residential mortgage loans increased by $13.7 million and consumer loans decreased by $3.3 million.  Commercial real estate loans increased by $26.8 million while commercial and industrial loans increased by $48.1 million during the same period.

The composition of the commercial loan portfolio is shown in the table below:

 
Dollars in 000s
 
Dec 31,
2018
   
Sept 30,
2018
   
Jun 30,
2018
   
Mar 31,
2018
   
Dec 31,
2017
 
                               
Construction and Development
 
$
99,867
   
$
93,794
   
$
85,193
   
$
81,948
   
$
92,241
 
Other Commercial Real Estate
   
468,840
     
459,146
     
461,808
     
447,922
     
449,694
 
Commercial Loans Secured by Real Estate
   
568,707
     
552,940
     
547,001
     
529,870
      541,935  
Commercial and Industrial
   
513,347
     
467,703
     
458,468
     
477,088
     
465,208
 
Total Commercial Loans
 
$
1,082,054
   
$
1,020,643
   
$
1,005,469
   
$
1,006,958
   
$
1,007,143
 

Total deposits were $1.68 billion at December 31, 2018, up $59.0 million from $1.62 billion at September 30, 2018 and were up $97.7 million, or 6 percent, from $1.58 billion at December 31, 2017.  The increase in total deposits from December 31, 2017 was across most deposit types.  The increase in interest-bearing checking of $47.4 million was partially offset by a decrease of $5.1 million in non-interest checking.  The other categories of deposits each increased including money market deposits (up $19.6 million), savings (up $1.1 million) and certificates of deposit (up $34.7 million). The Bank continues to be successful at attracting and retaining core deposit customers.

The Bank's risk-based regulatory capital ratios at December 31, 2018 decreased slightly compared to September 30, 2018 and were up compared to December 31, 2017 due to asset growth and earnings growth.  All categories continue to be at levels comfortably above those required to be categorized as “well capitalized” under applicable regulatory capital guidelines.  As such, the Bank was categorized as "well capitalized" at December 31, 2018.


Macatawa Bank Corporation 4Q Results / page 5 of 5

About Macatawa Bank
Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities from a network of 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties.  The bank is recognized for its local management team and decision making, along with providing customers excellent service, a rewarding experience and superior financial products. Macatawa Bank has been recognized for the past seven consecutive years as “West Michigan’s 101 Best and Brightest Companies to Work For”. For more information, visit www.macatawabank.com.

CAUTIONARY STATEMENT:  This press release contains forward-looking statements that are based on management's current beliefs, expectations, assumptions, estimates, plans and intentions.  Forward-looking statements are identifiable by words or phrases such as “anticipates,” "believe," "expect," "may," "should," "will," ”intend,” "continue," "improving," "additional," "focus," "forward," "future," "efforts," "strategy," "momentum," "positioned," and other similar words or phrases.  Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  These statements include, among others, statements related to future levels of earnings and profitability.  All statements with references to future time periods are forward-looking.  Management's determination of the provision and allowance for loan losses, the appropriate carrying value of intangible assets (including deferred tax assets) and other real estate owned and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment) involves judgments that are inherently forward-looking. Our ability to sell other real estate owned at its carrying value or at all, reduce non-performing asset expenses, utilize our deferred tax asset, reduce future tax liabilities, successfully implement new programs and initiatives, increase efficiencies, maintain our current level of deposits and other sources of funding, maintain liquidity, respond to declines in collateral values and credit quality, improve profitability, and produce consistent core earnings is not entirely within our control and is not assured.  The future effect of changes in the real estate, financial and credit markets and the national and regional economy on the banking industry, generally, and Macatawa Bank Corporation, specifically, are also inherently uncertain.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence.  Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Macatawa Bank Corporation does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Risk factors include, but are not limited to, the risk factors described in "Item 1A - Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2017.  These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.


MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
(Dollars in thousands except per share information)

   
Quarterly

 
Twelve Months Ended
December 31

   
4th Qtr
2018

  
3rd Qtr
2018

  
4th Qtr
2017
 
EARNINGS SUMMARY
2018
   
2017
 
Total interest income
 
$
18,496
   
$
17,687
   
$
15,159
   
$
69,037
   
$
57,676
 
Total interest expense
   
2,868
     
2,525
     
1,642
     
9,411
     
5,732
 
Net interest income
   
15,628
     
15,162
     
13,517
     
59,626
     
51,944
 
Provision for loan losses
   
850
     
-
     
-
     
450
     
(1,350
)
Net interest income after provision for loan losses
   
14,778
     
15,162
     
13,517
     
59,176
     
53,294
 
                                         
NON-INTEREST INCOME
                                       
Deposit service charges
   
1,135
     
1,132
     
1,125
     
4,377
     
4,466
 
Net gains on mortgage loans
   
291
     
270
     
301
     
924
     
1,574
 
Trust fees
   
884
     
889
     
866
     
3,643
     
3,277
 
Other
   
2,095
     
2,208
     
2,118
     
8,559
     
8,102
 
Total non-interest income
   
4,405
     
4,499
     
4,410
     
17,503
     
17,419
 
                                         
NON-INTEREST EXPENSE
                                       
Salaries and benefits
   
6,265
     
6,360
     
6,440
     
25,207
     
24,803
 
Occupancy
   
948
     
939
     
926
     
3,931
     
3,864
 
Furniture and equipment
   
787
     
760
     
772
     
3,125
     
3,050
 
FDIC assessment
   
127
     
127
     
135
     
518
     
539
 
Problem asset costs, including losses and (gains)
   
(582
)
   
108
     
205
     
69
     
65
 
Other
   
2,852
     
2,945
     
2,775
     
11,479
     
11,367
 
Total non-interest expense
   
10,397
     
11,239
     
11,253
     
44,329
     
43,688
 
Income before income tax
   
8,786
     
8,422
     
6,674
     
32,350
     
27,025
 
Income tax expense
   
1,743
     
1,570
     
4,480
     
5,971
     
10,733
 
Net income
 
$
7,043
   
$
6,852
   
$
2,194
   
$
26,379
   
$
16,292
 
                                         
Basic earnings per common share
 
$
0.21
   
$
0.20
   
$
0.06
   
$
0.78
   
$
0.48
 
Diluted earnings per common share
 
$
0.21
   
$
0.20
   
$
0.06
   
$
0.78
   
$
0.48
 
Return on average assets
   
1.47
%
   
1.43
%
   
0.49
%
   
1.40
%
   
0.93
%
Return on average equity
   
15.12
%
   
15.12
%
   
5.03
%
   
14.69
%
   
9.60
%
Net interest margin (fully taxable equivalent)
   
3.46
%
   
3.37
%
   
3.25
%
   
3.38
%
   
3.24
%
Efficiency ratio
   
51.90
%
   
57.16
%
   
62.77
%
   
57.47
%
   
62.98
%

BALANCE SHEET DATA
Assets
 
December 31
2018
   
September 30
2018
   
December 31
2017
 
Cash and due from banks
 
$
40,526
   
$
30,837
   
$
34,945
 
Federal funds sold and other short-term investments
   
130,758
     
152,339
     
126,522
 
Debt securities available for sale
   
226,986
     
218,615
     
219,250
 
Debt securities held to maturity
   
70,334
     
71,688
     
85,827
 
Federal Home Loan Bank Stock
   
11,558
     
11,558
     
11,558
 
Loans held for sale
   
415
     
-
     
1,208
 
Total loans
   
1,405,658
     
1,344,683
     
1,320,309
 
Less allowance for loan loss
   
16,876
     
16,803
     
16,600
 
Net loans
   
1,388,782
     
1,327,880
     
1,303,709
 
Premises and equipment, net
   
44,862
     
45,631
     
46,629
 
Bank-owned life insurance
   
41,185
     
40,996
     
40,243
 
Other real estate owned
   
3,380
     
3,465
     
5,767
 
Other assets
   
16,338
     
16,264
     
14,574
 
                         
Total Assets
 
$
1,975,124
   
$
1,919,273
   
$
1,890,232
 
                         
Liabilities and Shareholders' Equity
                       
Noninterest-bearing deposits
 
$
485,530
   
$
500,680
   
$
490,583
 
Interest-bearing deposits
   
1,191,209
     
1,117,063
     
1,088,427
 
Total deposits
   
1,676,739
     
1,617,743
     
1,579,010
 
Other borrowed funds
   
60,000
     
70,000
     
92,118
 
Long-term debt
   
41,238
     
41,238
     
41,238
 
Other liabilities
   
6,294
     
6,316
     
4,880
 
Total Liabilities
   
1,784,271
     
1,735,297
     
1,717,246
 
                         
Shareholders' equity
   
190,853
     
183,976
     
172,986
 
                         
Total Liabilities and Shareholders' Equity
 
$
1,975,124
   
$
1,919,273
   
$
1,890,232
 


MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands except per share information)

   
Quarterly
   
Year to Date
 
                                           
    
4th Qtr
2018
   
3rd Qtr
2018
   
2nd Qtr
2018
   
1st Qtr
2018

 
4th Qtr
2017

 
2018
     
2017
 
EARNINGS SUMMARY
                                         
Net interest income
 
$
15,628
   
$
15,162
   
$
14,653
   
$
14,182
   
$
13,517
   
$
59,626
   
$
51,944
 
Provision for loan losses
   
850
     
-
     
(300
)
   
(100
)
   
-
     
450
     
(1,350
)
Total non-interest income
   
4,405
     
4,499
     
4,468
     
4,132
     
4,410
     
17,503
     
17,419
 
Total non-interest expense
   
10,397
     
11,239
     
11,259
     
11,434
     
11,253
     
44,329
     
43,688
 
Federal income tax expense
   
1,743
     
1,570
     
1,434
     
1,225
     
4,480
     
5,971
     
10,733
 
Net income
 
$
7,043
   
$
6,852
   
$
6,728
   
$
5,755
   
$
2,194
   
$
26,379
   
$
16,292
 
                                                         
Basic earnings per common share
 
$
0.21
   
$
0.20
   
$
0.20
   
$
0.17
   
$
0.06
   
$
0.78
   
$
0.48
 
Diluted earnings per common share
 
$
0.21
   
$
0.20
   
$
0.20
   
$
0.17
   
$
0.06
   
$
0.78
   
$
0.48
 
                                                         
MARKET DATA
                                                       
Book value per common share
 
$
5.61
   
$
5.41
   
$
5.28
   
$
5.16
   
$
5.10
   
$
5.61
   
$
5.10
 
Tangible book value per common share
 
$
5.61
   
$
5.41
   
$
5.28
   
$
5.16
   
$
5.10
   
$
5.61
   
$
5.10
 
Market value per common share
 
$
9.62
   
$
11.71
   
$
12.14
   
$
10.27
   
$
10.00
   
$
9.62
   
$
10.00
 
Average basic common shares
   
34,031,454
     
34,014,319
     
34,016,679
     
34,010,396
     
33,958,992
     
34,018,259
     
33,946,520
 
Average diluted common shares
   
34,031,454
     
34,014,319
     
34,016,679
     
34,011,592
     
33,965,344
     
34,018,554
     
33,952,872
 
Period end common shares
   
34,045,411
     
34,014,319
     
34,014,319
     
34,017,525
     
33,972,977
     
34,045,411
     
33,972,977
 
                                                         
PERFORMANCE RATIOS
                                                       
Return on average assets
   
1.47
%
   
1.43
%
   
1.44
%
   
1.25
%
   
0.49
%
   
1.40
%
   
0.93
%
Return on average equity
   
15.12
%
   
15.12
%
   
15.23
%
   
13.24
%
   
5.03
%
   
14.69
%
   
9.60
%
Net interest margin (fully taxable equivalent)
   
3.46
%
   
3.37
%
   
3.37
%
   
3.34
%
   
3.25
%
   
3.38
%
   
3.24
%
Efficiency ratio
   
51.90
%
   
57.16
%
   
58.88
%
   
62.43
%
   
62.77
%
   
57.47
%
   
62.98
%
Full-time equivalent employees (period end)
   
334
     
332
     
339
     
332
     
340
     
334
     
340
 
                                                         
ASSET QUALITY
                                                       
Gross charge-offs
 
$
1,179
   
$
30
   
$
30
   
$
97
   
$
45
   
$
1,335
   
$
266
 
Net charge-offs/(recoveries)
 
$
776
   
$
(108
)
 
$
(320
)
 
$
(175
)
 
$
(166
)
 
$
174
   
$
(988
)
Net charge-offs to average loans (annualized)
   
0.23
%
   
-0.03
%
   
-0.10
%
   
-0.05
%
   
-0.05
%
   
0.01
%
   
-0.08
%
Nonperforming loans
 
$
1,304
   
$
123
   
$
125
   
$
324
   
$
395
   
$
1,304
   
$
395
 
Other real estate and repossessed assets
 
$
3,380
   
$
3,465
   
$
3,872
   
$
5,223
   
$
5,778
   
$
3,380
   
$
5,778
 
Nonperforming loans to total loans
   
0.09
%
   
0.01
%
   
0.01
%
   
0.02
%
   
0.03
%
   
0.09
%
   
0.03
%
Nonperforming assets to total assets
   
0.24
%
   
0.19
%
   
0.21
%
   
0.30
%
   
0.33
%
   
0.24
%
   
0.33
%
Allowance for loan losses
 
$
16,876
   
$
16,803
   
$
16,695
   
$
16,675
   
$
16,600
   
$
16,876
   
$
16,600
 
Allowance for loan losses to total loans
   
1.20
%
   
1.25
%
   
1.26
%
   
1.26
%
   
1.26
%
   
1.20
%
   
1.26
%
Allowance for loan losses to nonperforming loans
   
1293.18
%
   
13660.98
%
   
13356.00
%
   
5146.60
%
   
4202.53
%
   
1293.18
%
   
4202.53
%
                                                         
CAPITAL
                                                       
Average equity to average assets
   
9.71
%
   
9.47
%
   
9.44
%
   
9.42
%
   
9.68
%
   
9.51
%
   
9.68
%
Common equity tier 1 to risk weighted assets (Consolidated)
   
12.01
%
   
12.13
%
   
11.83
%
   
11.67
%
   
11.31
%
   
12.01
%
   
11.31
%
Tier 1 capital to average assets (Consolidated)
   
12.12
%
   
11.90
%
   
11.91
%
   
11.83
%
   
11.88
%
   
12.12
%
   
11.88
%
Total capital to risk-weighted assets (Consolidated)
   
15.54
%
   
15.79
%
   
15.49
%
   
15.36
%
   
14.99
%
   
15.54
%
   
14.99
%
Common equity tier 1 to risk weighted assets (Bank)
   
14.09
%
   
14.28
%
   
14.01
%
   
13.87
%
   
13.54
%
   
14.09
%
   
13.54
%
Tier 1 capital to average assets (Bank)
   
11.78
%
   
11.56
%
   
11.58
%
   
11.50
%
   
11.56
%
   
11.78
%
   
11.56
%
Total capital to risk-weighted assets (Bank)
   
15.13
%
   
15.36
%
   
15.09
%
   
14.96
%
   
14.62
%
   
15.13
%
   
14.62
%
Tangible common equity to assets
   
9.67
%
   
9.59
%
   
9.60
%
   
9.42
%
   
9.15
%
   
9.67
%
   
9.15
%
                                                         
END OF PERIOD BALANCES
                                                       
Total portfolio loans
 
$
1,405,658
   
$
1,344,683
   
$
1,327,686
   
$
1,325,545
   
$
1,320,309
   
$
1,405,658
   
$
1,320,309
 
Earning assets
   
1,849,630
     
1,804,672
     
1,751,167
     
1,751,315
     
1,767,752
     
1,849,630
     
1,767,752
 
Total assets
   
1,975,124
     
1,919,273
     
1,872,541
     
1,863,780
     
1,890,232
     
1,975,124
     
1,890,232
 
Deposits
   
1,676,739
     
1,617,743
     
1,580,461
     
1,560,872
     
1,579,010
     
1,676,739
     
1,579,010
 
Total shareholders' equity
   
190,853
     
183,976
     
179,714
     
175,376
     
172,986
     
190,853
     
172,986
 
                                                         
AVERAGE BALANCES
                                                       
Total portfolio loans
 
$
1,363,548
   
$
1,325,268
   
$
1,327,408
   
$
1,314,838
   
$
1,285,688
   
$
1,332,878
   
$
1,265,682
 
Earning assets
   
1,806,229
     
1,799,600
     
1,756,909
     
1,730,576
     
1,681,297
     
1,773,608
     
1,627,330
 
Total assets
   
1,918,543
     
1,915,655
     
1,872,559
     
1,845,911
     
1,802,386
     
1,888,441
     
1,752,303
 
Deposits
   
1,618,861
     
1,614,151
     
1,575,408
     
1,537,376
     
1,497,213
     
1,586,748
     
1,449,393
 
Total shareholders' equity
   
186,361
     
181,329
     
176,749
     
173,913
     
174,427
     
179,627
     
169,776
 



(Back To Top)