Toggle SGML Header (+)


Section 1: 8-K (8-K)

bsrr-8k_20190331.htm

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 22, 2019

SIERRA BANCORP

(Exact name of registrant as specified in its charter)

_____________

 

California

000-33063

33-0937517

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

 

86 North Main Street, Porterville, CA  93257
(Address of principal executive offices)                  (Zip code)

(559) 782-4900
(Registrant’s telephone number including area code)

Not applicable

(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 (see General Instruction A.2. below):

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 2.02Results of Operations and Financial Condition

 

On April 22, 2019, Sierra Bancorp issued a press release announcing its unaudited consolidated financial results for the quarter ended March 31, 2019.  A copy of the press release is attached as Exhibit 99.1 to this Current Report.

 

The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

 

ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS

 

(d)Exhibits.  The information required to be furnished pursuant to this item is set forth in the Exhibit Index which appears below, immediately before the signatures.

 

 

EXHIBIT INDEX

 

Exhibit No.

Description

 

 

99.1

Press release issued by Sierra Bancorp dated April 22, 2019

 

 

 



SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

Dated:  April 22, 2019

SIERRA BANCORP



By:  /s/ Kenneth R. Taylor

Kenneth R. Taylor
Executive Vice President &
Chief Financial Officer

 

 

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

bsrr-ex991_6.htm

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Date:

April 22, 2019

Contact:

Kevin McPhaill, President/CEO

Phone:

(559) 782-4900 or (888) 454-BANK

Website Address:

www.sierrabancorp.com

 

SIERRA BANCORP REPORTS EARNINGS

 

Porterville, CA – April 22, 2019 – Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced its unaudited financial results for the quarter ended March 31, 2019.  Sierra Bancorp reported consolidated net income of $8.895 million for the first quarter of 2019, for an increase of $2.185 million, or 33%, relative to the first quarter of 2018.  The favorable variance in net income was primarily the result of growth in the average balance of interest-earning assets, net interest margin improvement, and a higher level of income generated by bank-owned life insurance (BOLI).  The Company’s return on average assets was 1.44% in the first quarter of 2019, return on average equity was 12.99%, and diluted earnings per share were $0.58.

 

Assets totaled $2.539 billion at March 31, 2019, representing an increase of $17 million, or 1%, for the quarter.  The increase in assets resulted primarily from organic growth in real estate loans and agricultural loans.  Gross loans grew to $1.751 billion at March 31, 2019, for an increase of $19 million, or 1%, for the first three months of the year.  Total nonperforming assets dropped by $864,000, or 14%, during the first quarter of 2019.  Deposits totaled $2.161 billion at quarter-end, representing a year-to-date organic increase of $44 million, or 2%, while non-deposit borrowings were reduced by $53 million.

 

“If you look closely, most overnight successes took a long time.”

– Steve Jobs

“With strong growth in deposits, quality growth in loans, and a solid level of net income, the Company’s first quarter results demonstrate our ability to succeed in an increasingly competitive environment,” noted Kevin McPhaill, President and CEO.  “From Bank of the Sierra’s founding nearly forty-two years ago, the team has been committed to providing the highest level of community banking,” he added.  “Over the years directors, officers and staff have worked hard to build and maintain a culture of community bank service and disciplined growth, and our results from this past quarter are evidence that the same focus continues today,” concluded McPhaill.

 

Financial Highlights

As noted above, net income increased by $2.185 million, or 33%, for the first quarter of 2019 relative to the first quarter of 2018.  Significant variances in the components of pre-tax income and in our provision for income taxes, including some items of a nonrecurring nature, are noted below.

 

Net interest income increased by $2.213 million, or 10%, for the first quarter of 2019 over the first quarter of 2018, due in large part to growth in average interest-earning assets totaling $159 million, or 7%, for the comparative periods.  The favorable impact of higher interest-earning assets was augmented by a 10 basis point increase in our net interest margin for the comparative quarters.  Net interest income was also impacted by nonrecurring interest items, which typically include interest income recovered upon the resolution of nonperforming loans, the reversal of interest income when a loan is placed on non-accrual status, and accelerated fees or prepayment penalties recognized for


Sierra Bancorp Financial Results

April 22, 2019

Page 2

 

early payoffs.  Nonrecurring items added $206,000 to interest income in the first quarter of 2019, and contributed $102,000 in the first quarter of 2018.  Moreover, discount accretion on loans from whole-bank acquisitions enhanced our net interest margin by approximately four basis points in the first quarter of 2019 as compared to six basis points in the first quarter 2018.

 

The Company recorded a loan loss provision of $300,000 in the first quarter of 2019 relative to a provision of $200,000 in the first quarter of 2018.  The 2019 provision was deemed necessary subsequent to our determination of the appropriate level for our allowance for loan and lease losses, taking into consideration overall credit quality, growth in outstanding loan balances, and reserves required for specifically identified impaired loan balances.

 

Total noninterest income reflects an increase of $773,000, or 15%, for the quarterly comparison, due primarily to a higher level of BOLI income. BOLI income was up by $696,000 in the first quarter of 2019 compared to the first quarter of 2018, largely because of fluctuations in income on BOLI associated with deferred compensation plans.  Service charges on deposits, gains on investments, and other noninterest income were not materially different for the quarterly comparison.

 

Total noninterest expense was essentially unchanged for the quarterly comparison, as well.  Personnel costs and occupancy expense were well controlled, increasing by only 1%.  Other noninterest expense fell by $108,000, or 2%, for the quarterly comparison, but would have been higher from increases in the normal course of business if not for the impact of nonrecurring items on 2018 expenses.  Specifically, acquisition costs declined by $263,000 in the first quarter of 2019 compared to the first quarter of 2018, and net costs associated with foreclosed assets were $208,000 lower.  The Company’s provision for income taxes was 24.1% of pre-tax income in the first quarter of 2019 relative to 23.8% in the first quarter of 2018.

 

Balance sheet changes during the first quarter of 2019 include an increase in total assets of $17 million, or 1%, due to organic growth in real estate loans and agricultural production loans and a slight increase in investment balances, partially offset by a lower level of cash and due from banks.  Gross loans were up by $19 million, or 1%, including increases in non-agricultural real estate loans totaling $16 million, agricultural real estate loans totaling almost $4 million, and agricultural production loans totaling $3 million.  Commercial loans, on the other hand, were down by close to $3 million, or 2%, and consumer loans and mortgage warehouse loans declined slightly.  While we have experienced a relatively high level of real-estate secured lending activity in recent periods, no assurance can be provided with regard to future loan growth as payoffs remain at relatively high levels, mortgage warehouse loan volumes are difficult to predict, and the number of lending opportunities which meet our credit criteria appears to be declining.  Other assets did not change materially, since a $9.4 million increase resulting from operating lease assets booked at the beginning of 2019, pursuant to our adoption of FASB’s ASU 2016-02, was largely offset by our first quarter 2019 collection of a receivable established at the end of 2018 for expected proceeds from the sale of a large foreclosed property.

 

Total nonperforming assets, comprised of non-accrual loans and foreclosed assets, fell by $864,000, or 14%, during the first quarter of 2019 due to the impact of net loan charge-offs, as well as our continued efforts to resolve OREO and nonperforming loan balances.  The Company’s ratio of nonperforming assets to loans plus foreclosed assets dropped to 0.31% at March 31, 2019 from 0.36% at December 31, 2018.  All of the Company’s impaired assets are periodically reviewed, and are either well-reserved based on current loss expectations or are carried at the fair value of the underlying collateral, net of expected disposition costs.

 

The Company’s allowance for loan and lease losses was $9.438 million at March 31, 2019, as compared to a balance of $9.750 million at December 31, 2018.  The slight decline resulted from


Sierra Bancorp Financial Results

April 22, 2019

Page 3

 

$612,000 in net loan balances charged off in the first quarter, net of the addition of a $300,000 loan loss provision.  Charge-offs were primarily recorded against previously-established reserves, which limited the amount needed to replenish the allowance for loan and lease losses via a loan loss provision.  Because of the slight drop in the allowance and growth in our loan portfolio, the allowance fell to 0.54% of total loans at March 31, 2019 from 0.56% at December 31, 2018.  It should be noted that our need for reserves in recent periods has been favorably impacted by acquired loans, which were booked at their fair values on the acquisition dates and thus did not initially require a loan loss allowance.  Furthermore, loss reserves allocated to mortgage warehouse loans are relatively low because we have not experienced any losses in that portfolio segment.  Management’s detailed analysis indicates that the Company’s allowance for loan and lease losses should be sufficient to cover credit losses inherent in loan and lease balances outstanding as of March 31, 2019, but no assurance can be given that the Company will not experience substantial future losses relative to the size of the allowance.

 

Deposit balances reflect growth of $44 million, or 2%, during the first quarter of 2019.  Core non-maturity deposits increased by close to $22 million, or 1%, while customer time deposits increased by almost $23 million, or 5%.  Junior subordinated debentures increased slightly from accretion of the discount on trust-preferred securities, and other non-deposit borrowings were reduced by $53 million, or 73%, since deposit growth outpaced loan growth.  Other liabilities increased by over $14 million, due in part to a liability for future operating lease payments that was set up in conjunction with the operating lease asset noted above.

 

Total capital of $284 million at March 31, 2019 reflects an increase of $11 million, or 4%, relative to year-end 2018 due to capital from the addition of net income, a $4.3 million reduction in our accumulated other comprehensive loss, and stock options exercised, net of $2.8 million in dividends paid.  There were no share repurchases executed by the Company during the first quarter of 2019.

 

About Sierra Bancorp

Sierra Bancorp is the holding company for Bank of the Sierra (www.bankofthesierra.com), which is in its 42nd year of operations and is the largest independent bank headquartered in the South San Joaquin Valley. Bank of the Sierra is a community-centric regional bank, which offers a broad range of retail and commercial banking services through full-service branches located within the counties of Tulare, Kern, Kings, Fresno, Los Angeles, Ventura, San Luis Obispo and Santa Barbara. The Bank also maintains an online branch, and provides specialized lending services through an agricultural credit center and an SBA center. In 2018, Bank of the Sierra was recognized as one of the strongest and top-performing community banks in the country, with a 5-star rating from Bauer Financial and a Sm-All Star award from Sandler O’Neill.

 

Forward-Looking Statements

The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company.  Readers are cautioned not to unduly rely on forward looking statements.  Actual results may differ from those projected.  These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and local economies, the Company’s ability to attract and retain skilled employees, customers' service expectations, the Company's ability to successfully deploy new technology, the success of acquisitions and branch expansion, changes in interest rates, loan portfolio performance, and other factors detailed in the Company’s SEC filings, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recent Form 10-K and Form 10-Q.


Sierra Bancorp Financial Results

April 22, 2019

Page 4

 

STATEMENT OF CONDITION

 

 

 

 

 

 

(balances in $000's, unaudited)

 

 

 

 

 

 

 

 

 

 

Mar '19 vs

 

Mar '19 vs

ASSETS

 

3/31/2019

12/31/2018

Dec '18

3/31/2018

Mar '18

Cash and Due from Banks

 

$68,063

$74,132

-8%

$63,509

+7%

Investment Securities

 

563,628

560,479

+1%

563,582

0%

 

 

 

 

 

 

 

Real Estate Loans (non-Agricultural)

 

1,318,740

1,302,389

+1%

1,147,234

+15%

Agricultural Real Estate Loans

 

155,110

151,541

+2%

142,929

+9%

Agricultural Production Loans

 

52,086

49,103

+6%

54,270

-4%

Comm'l & Industrial Loans & Leases

 

125,679

128,220

-2%

129,771

-3%

Mortgage Warehouse Lines

 

91,118

91,813

-1%

108,573

-16%

Consumer Loans

 

8,256

8,862

-7%

9,439

-13%

Gross Loans & Leases

 

1,750,989

1,731,928

+1%

1,592,216

+10%

Deferred Loan & Lease Fees

 

2,787

2,602

+7%

2,953

-6%

Loans & Leases Net of Deferred Fees

 

1,753,776

1,734,530

+1%

1,595,169

+10%

Allowance for Loan & Lease Losses

 

(9,438)

(9,750)

-3%

(8,991)

+5%

Net Loans & Leases

 

1,744,338

1,724,780

+1%

1,586,178

+10%

 

 

 

 

 

 

 

Bank Premises & Equipment

 

28,855

29,500

-2%

29,060

-1%

Other Assets

 

134,203

133,611

0%

131,195

+2%

Total Assets

 

$2,539,087

$2,522,502

+1%

$2,373,524

+7%

 

 

 

 

 

 

 

LIABILITIES & CAPITAL

 

 

 

 

 

 

Noninterest Demand Deposits

 

$658,524

$662,527

-1%

$642,363

+3%

Int-Bearing Transaction Accounts

 

556,628

535,726

+4%

559,084

0%

Savings Deposits

 

291,875

283,953

+3%

301,888

-3%

Money Market Deposits

 

120,697

123,807

-3%

157,006

-23%

Customer Time Deposits

 

483,024

460,327

+5%

376,289

+28%

Wholesale Brokered Deposits

 

50,000

50,000

0%

-

NM

Total Deposits

 

2,160,748

2,116,340

+2%

2,036,630

+6%

 

 

 

 

 

 

 

Junior Subordinated Debentures

 

34,811

34,767

0%

34,633

+1%

Other Interest-Bearing Liabilities

 

19,360

72,459

-73%

18,629

+4%

Total Deposits & Int.-Bearing Liab.

 

2,214,919

2,223,566

0%

2,089,892

+6%

 

 

 

 

 

 

 

Other Liabilities

 

40,100

25,912

+55%

28,312

+42%

Total Capital

 

284,068

273,024

+4%

255,320

+11%

Total Liabilities & Capital

 

$2,539,087

$2,522,502

+1%

$2,373,524

+7%

Note:  An "NM" designation indicates that the percentage change is "Not Meaningful", likely due to the fact that numbers for the comparative periods are of opposite signs or because the denominator is zero

 


Sierra Bancorp Financial Results

April 22, 2019

Page 5

 

GOODWILL & INTANGIBLE ASSETS

 

 

 

 

 

 

(balances in $000's, unaudited)

 

 

 

Mar '19 vs

 

Mar '19 vs

 

 

3/31/2019

12/31/2018

Dec '18

3/31/2018

Mar '18

Goodwill

 

$27,357

$27,357

0%

$27,357

0%

Core Deposit Intangible

 

6,187

6,455

-4%

6,004

+3%

Total Intangible Assets

 

$33,544

$33,812

-1%

$33,361

+1%

 

 

 

 

 

 

 

CREDIT QUALITY

 

 

 

 

 

 

(balances in $000's, unaudited)

 

 

 

Mar '19 vs

 

Mar '19 vs

 

 

3/31/2019

12/31/2018

Dec '18

3/31/2018

Mar '18

Non-Accruing Loans

 

$4,568

$5,156

-11%

$3,089

+48%

Foreclosed Assets

 

806

1,082

-26%

5,371

-85%

Total Nonperforming Assets

 

$5,374

$6,238

-14%

$8,460

-36%

 

 

 

 

 

 

 

Performing TDR's (not incl. in NPA's)

 

$10,750

$11,005

-2%

$11,185

-4%

 

 

 

 

 

 

 

Non-Perf Loans to Gross Loans

 

0.26%

0.30%

 

0.19%

 

NPA's to Loans plus Foreclosed Assets

 

0.31%

0.36%

 

0.53%

 

Allowance for Ln Losses to Loans

 

0.54%

0.56%

 

0.56%

 

 

 

 

 

 

 

 

SELECT PERIOD-END STATISTICS

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

3/31/2019

12/31/2018

 

3/31/2018

 

Shareholders Equity / Total Assets

 

11.2%

10.8%

 

10.8%

 

Gross Loans / Deposits

 

81.0%

81.8%

 

78.2%

 

Non-Int. Bearing Dep. / Total Dep.

 

30.5%

31.3%

 

31.5%

 

 


Sierra Bancorp Financial Results

April 22, 2019

Page 6

 

CONSOLIDATED INCOME STATEMENT

 

 

 

 

 

 

(in $000's, unaudited)

 

Qtr Ended:

1Q19 vs

Qtr Ended:

1Q19 vs

 

 

3/31/2019

12/31/2018

4Q18

3/31/2018

1Q18

Interest Income

 

$27,483

$27,042

+2%

$23,476

+17%

Interest Expense

 

3,510

2,984

+18%

1,716

+105%

Net Interest Income

 

23,973

24,058

0%

21,760

+10%

 

 

 

 

 

 

 

Provision for Loan & Lease Losses

 

300

1,400

-79%

200

+50%

Net Int after Provision

 

23,673

22,658

+4%

21,560

+10%

 

 

 

 

 

 

 

Service Charges

 

2,943

3,258

-10%

2,946

0%

BOLI Income

 

900

(475)

NM

204

+341%

Gain (Loss) on Investments

 

6

-

NM

-

NM

Other Noninterest Income

 

2,057

2,496

-18%

1,983

+4%

Total Noninterest Income

 

5,906

5,279

+12%

5,133

+15%

 

 

 

 

 

 

 

Salaries & Benefits

 

9,243

9,139

+1%

9,183

+1%

Occupancy Expense

 

2,361

2,811

-16%

2,348

+1%

Other Noninterest Expenses

 

6,248

5,087

+23%

6,356

-2%

Total Noninterest Expense

 

17,852

17,037

+5%

17,887

0%

 

 

 

 

 

 

 

Income Before Taxes

 

11,727

10,900

+8%

8,806

+33%

Provision for Income Taxes

 

2,832

2,996

-5%

2,096

+35%

Net Income

 

$8,895

$7,904

+13%

$6,710

+33%

 

 

 

 

 

 

 

TAX DATA

 

 

 

 

 

 

Tax-Exempt Muni Income

 

$1,045

$1,019

+3%

$1,016

+3%

Interest Income - Fully Tax Equivalent

 

$27,761

$27,313

+2%

$23,746

+17%

 

 

 

 

 

 

 

NET CHARGE-OFFS

 

$612

$1,113

-45%

$252

+143%

Note:  An "NM" designation indicates that the percentage change is "Not Meaningful", likely due to the fact that numbers for the comparative periods are of opposite signs or because the denominator is zero

 


Sierra Bancorp Financial Results

April 22, 2019

Page 7

 

PER SHARE DATA

 

 

 

 

 

 

(unaudited)

 

Qtr Ended:

1Q19 vs

Qtr Ended:

1Q19 vs

 

 

3/31/2019

12/31/2018

4Q18

3/31/2018

1Q18

Basic Earnings per Share

 

$0.58

$0.52

+12%

$0.44

+32%

Diluted Earnings per Share

 

$0.58

$0.51

+14%

$0.44

+32%

Common Dividends

 

$0.18

$0.16

+13%

$0.16

+13%

 

 

 

 

 

 

 

Wtd. Avg. Shares Outstanding

 

15,311,154

15,290,740

0%

15,232,696

+1%

Wtd. Avg. Diluted Shares

 

15,447,747

15,441,145

0%

15,412,168

0%

 

 

 

 

 

 

 

Book Value per Basic Share (EOP)

 

$18.53

$17.84

+4%

$16.75

+11%

Tangible Book Value per Share (EOP)

 

$16.34

$15.63

+5%

$14.56

+12%

 

 

 

 

 

 

 

Common Shares Outstanding (EOP)

 

15,328,030

15,300,460

0%

15,246,780

+1%

 

 

 

 

 

 

 

KEY FINANCIAL RATIOS

 

 

 

 

 

 

(unaudited)

 

Qtr Ended:

 

Qtr Ended:

 

 

 

3/31/2019

12/31/2018

 

3/31/2018

 

Return on Average Equity

 

12.99%

11.78%

 

10.61%

 

Return on Average Assets

 

1.44%

1.26%

 

1.16%

 

Net Interest Margin (Tax-Equiv.)

 

4.30%

4.27%

 

4.20%

 

Efficiency Ratio (Tax-Equiv.)

 

58.74%

57.79%

 

65.72%

 

Net C/O's to Avg Loans (not annualized)

 

0.04%

0.07%

 

0.02%

 

 


AVERAGE BALANCE SHEET, INTEREST INCOME/EXPENSE, & YIELD/RATE

 

 

 

 

 

 

 

 

(balances in $000's, unaudited)

 

For the quarter ended

 

For the quarter ended

 

For the quarter ended

 

 

March 31, 2019

 

December 31, 2018

 

March 31, 2018

 

 

Average Balance

Income/ Expense

Yield/ Rate

 

Average Balance

Income/ Expense

Yield/ Rate

 

Average Balance

Income/ Expense

Yield/ Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds sold/due from time

 

$11,469

$73

2.58%

 

$5,757

$34

2.34%

 

$30,476

$118

1.57%

Taxable

 

418,901

2,617

2.53%

 

420,207

2,529

2.39%

 

425,075

2,338

2.23%

Non-taxable

 

142,329

1,045

3.77%

 

138,134

1,019

3.70%

 

141,579

1,016

3.68%

Total investments

 

572,699

3,735

2.84%

 

564,098

3,582

2.71%

 

597,130

3,472

2.54%

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and Leases:

 

 

 

 

 

 

 

 

 

 

 

 

Real estate

 

1,464,275

20,100

5.57%

 

1,432,447

19,658

5.44%

 

1,254,596

16,644

5.38%

Agricultural Production

 

50,550

780

6.26%

 

51,344

787

6.08%

 

50,131

658

5.32%

Commercial

 

122,597

1,577

5.22%

 

124,181

1,556

4.97%

 

127,316

1,379

4.39%

Consumer

 

8,718

315

14.65%

 

9,206

334

14.39%

 

10,493

293

11.32%

Mortgage warehouse lines

 

63,120

927

5.96%

 

77,749

1,084

5.53%

 

83,348

978

4.76%

Other

 

3,107

49

6.40%

 

2,583

41

6.30%

 

3,013

52

7.00%

Total loans and leases

 

1,712,367

23,748

5.62%

 

1,697,510

23,460

5.48%

 

1,528,897

20,004

5.31%

Total interest earning assets

 

2,285,066

$27,483

4.93%

 

2,261,608

$27,042

4.79%

 

2,126,027

$23,476

4.53%

Other earning assets

 

21,176

 

 

 

10,920

 

 

 

10,195

 

 

Non-earning assets

 

200,115

 

 

 

207,838

 

 

 

201,397

 

 

Total assets

 

$2,506,357

 

 

 

$2,480,366

 

 

 

$2,337,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$99,252

$72

0.29%

 

$98,973

$73

0.29%

 

$116,829

$88

0.31%

NOW

 

437,209

126

0.12%

 

437,982

124

0.11%

 

409,198

117

0.12%

Savings accounts

 

287,773

75

0.11%

 

293,314

78

0.11%

 

293,716

76

0.10%

Money market

 

128,686

41

0.13%

 

133,541

38

0.11%

 

164,824

42

0.10%

Time Deposits

 

472,296

2,316

1.99%

 

423,886

1,906

1.78%

 

375,718

995

1.07%

Wholesale Brokered Deposits

 

50,000

325

2.64%

 

46,522

206

1.76%

 

0

0

0.00%

Total interest bearing deposits

 

1,475,216

2,955

0.81%

 

1,434,218

2,425

0.67%

 

1,360,285

1,318

0.39%

Borrowed funds:

 

 

 

 

 

 

 

 

 

 

 

 

Junior Subordinated Debentures

 

34,784

483

5.63%

 

34,739

458

5.23%

 

34,606

385

4.51%

Other Interest-Bearing Liabilities

 

26,521

72

1.10%

 

29,222

101

1.37%

 

10,759

13

0.49%

Total borrowed funds

 

61,305

555

3.67%

 

63,961

559

3.47%

 

45,365

398

3.56%

Total interest bearing liabilities

 

1,536,521

$3,510

0.93%

 

1,498,179

$2,984

0.79%

 

1,405,650

$1,716

0.50%

Demand deposits - Noninterest bearing

 

652,910

 

 

 

685,011

 

 

 

643,524

 

 

Other liabilities

 

39,150

 

 

 

30,983

 

 

 

31,936

 

 

Shareholders' equity

 

277,776

 

 

 

266,193

 

 

 

256,509

 

 

Total liabilities and shareholders' equity

 

$2,506,357

 

 

 

$2,480,366

 

 

 

$2,337,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income/interest earning assets

 

 

 

4.93%

 

 

 

4.79%

 

 

 

4.53%

Interest expense/interest earning assets

 

 

 

0.63%

 

 

 

0.52%

 

 

 

0.33%

Net interest income and margin

 

 

$23,973

4.30%

 

 

$24,058

4.27%

 

 

$21,760

4.20%

NOTE:  Where impacted by non-taxable income, yields and net interest margins have been computed on a tax equivalent basis utilizing a 21% tax rate

#####################################

(Back To Top)