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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): April 25, 2019

MACATAWA BANK CORPORATION
 (Exact name of registrant as specified in its charter)

Michigan
 (State or other jurisdiction of Incorporation)
000-25927
 (Commission File Number)
38-3391345
 (I.R.S. Employer Identification No.)

10753 Macatawa Drive, Holland, Michigan
 (Address of principal executive offices)
49424
 (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 April 25, 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


99.1
Press Release dated April 25, 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: April 25, 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
First Quarter 2019 Results

HOLLAND, Mich. (April 25, 2019) – Macatawa Bank Corporation (NASDAQ: MCBC) today announced its results for the first quarter of 2019, reflecting continued strong financial performance.

Net income of $7.6 million in first quarter 2019 versus $5.8 million in first quarter 2018 – up 33%
Growth in net interest income – up $1.8 million (13%) from first quarter 2018
Net interest margin of 3.54% in first quarter 2019, up from 3.34% in first quarter 2018
Decrease in total non-interest expense – down $196,000 (-2%) from first quarter 2018
Loan portfolio balances up by $59 million (4%) from first quarter 2018
Core deposit balances up by $57 million (4%) from first quarter 2018
Asset quality metrics remained strong

Macatawa reported net income of $7.6 million, or $0.22 per diluted share, in the first quarter 2019 compared to $5.8 million, or $0.17 per diluted share, in the first quarter 2018.

"We are pleased to report a continuation of strong performance for the first quarter of 2019,” said Ronald L. Haan, President and CEO of the Company. “Revenue growth, primarily from higher net interest income, along with a reduction in total non-interest expense resulted in a 33 percent increase in net income compared to the first quarter of 2018. Continued growth in our balances of loans has positively affected our net interest income while expenses have remained well-controlled.”

Mr. Haan concluded: "Our commitment to operating a well-disciplined company that delivers superior financial services to the communities of Western Michigan has again resulted in strong and consistent financial performance for our shareholders. The banking environment in Western Michigan remains highly competitive, and our continued success is a result of the efforts of a strong and committed team of professional bankers.”


Macatawa Bank Corporation 1Q Results / page 2 of 5

Operating Results
Net interest income for the first quarter 2019 totaled $16.0 million, an increase of $392,000 from the fourth quarter 2018 and an increase of $1.8 million from the first quarter 2018. Net interest margin was 3.54 percent, up 8 basis points from the fourth quarter 2018, and up 20 basis points from the first quarter 2018. Net interest income for the first quarter 2019 benefitted from the collection of $251,000 in prepayment fees on commercial loans, primarily related to one commercial relationship. Prepayment fees were only $16,000 in the fourth quarter 2018 and $2,000 in the first quarter 2018.

Average interest earning assets for the first quarter 2019 increased $27.7 million from the fourth quarter 2018 and were up $103.3 million from the first quarter 2018. This growth along with the improvement in net interest margin from rising rates and the prepayment fees discussed above were the primary contributors to the improvement in net interest income.

Non-interest income decreased $77,000 in the first quarter 2019 compared to the fourth quarter 2018 and increased $196,000 from the first quarter 2018. These changes were largely due to fluctuations in gains on sales of mortgage loans. Gains on sales of mortgage loans in the first quarter 2019 were down $80,000 compared to the fourth quarter 2018 and were up $70,000 from the first quarter 2018. The Bank originated $6.8 million in mortgage loans for sale in the first quarter 2019 compared to $9.9 million in the fourth quarter 2018 and $5.1 million in the first quarter 2018. The Bank originated $6.2 million in portfolio mortgage loans in the first quarter 2019 compared to $16.4 million in the fourth quarter 2018 and $16.1 million in the first quarter 2018. Investment service fees were up $30,000 in the first quarter 2019 compared to the fourth quarter 2018 and were up $72,000 compared to the first quarter 2018.

Non-interest expense was $11.2 million for the first quarter 2019, compared to $10.4 million for the fourth quarter 2018 and $11.4 million for the first quarter 2018. The largest component of non-interest expense was salaries and benefit expenses. Salaries and benefit expenses were down $21,000 compared to the fourth quarter 2018 and were up $50,000 compared to the first quarter 2018. The increase compared to the first quarter 2018 was due to annual merit and inflationary increases in salaries. The decrease from the fourth quarter 2018 was due to a higher level of variable based compensation in the fourth quarter 2018.

Nonperforming asset expenses increased $635,000 in the first quarter 2019 compared to the fourth quarter 2018 and decreased $408,000 compared to the first quarter 2018. Net losses of $126,000 were incurred on sales of foreclosed properties in the first quarter 2018, while net gains of $45,000 and $689,000 were incurred on sales in the first quarter 2019 and in the fourth quarter 2018, respectively. Net gains in the fourth quarter of 2018 were unusually high due to the sale of a property obtained upon default of a loan for a gain of $675,000. Additionally, writedowns on other real estate totaled $10,000 in the first quarter 2019 compared to $32,000 in fourth quarter 2018 and $280,000 in first quarter 2018. Other categories of non-interest expense were relatively flat compared to the fourth quarter 2018 and the first quarter 2018 due to a continued focus on expense management.


Macatawa Bank Corporation 1Q Results / page 3 of 5

Federal income tax expense was $1.7 million for the first quarter 2019 compared to $1.7 million for the fourth quarter 2018 and $1.2 million for the first quarter 2018. The effective tax rate was 18.3 percent for the first quarter 2019, compared to 19.8 percent for the fourth quarter 2018 and 17.6 percent for the first quarter 2018.

Asset Quality
As a result of the consistent improvements in nonperforming loans and past due loans over the past several quarters, the continued low historical loan loss ratios, and net loan recoveries experienced in the first quarter 2019, a negative provision for loan losses of $250,000 was recorded in the first quarter 2019. Net loan recoveries for the first quarter 2019 were $266,000, compared to fourth quarter 2018 net loan charge-offs of $776,000 and first quarter 2018 net loan recoveries of $175,000. The Company has experienced net loan recoveries in sixteen of the past seventeen quarters. Total loans past due on payments by 30 days or more amounted to $674,000 at March 31, 2019, down 23 percent from $877,000 at December 31, 2018 and down 59 percent from $1.6 million at March 31, 2018. Delinquency as a percentage of total loans was 0.05 percent at March 31, 2019, well below the Company’s peer level.

The allowance for loan losses of $16.9 million was 1.22 percent of total loans at March 31, 2019, compared to 1.20 percent of total loans at December 31, 2018, and 1.26 percent at March 31, 2018. The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 41.3-to-1 as of March 31, 2019.

At March 31, 2019, the Company's nonperforming loans were $409,000, representing 0.03 percent of total loans. This compares to $1.3 million (0.09 percent of total loans) at December 31, 2018 and $324,000 (0.02 percent of total loans) at March 31, 2018. Other real estate owned and repossessed assets were $3.3 million at March 31, 2019, compared to $3.4 million at December 31, 2018 and $5.2 million at March 31, 2018. Total nonperforming assets, including other real estate owned and nonperforming loans, decreased by $1.9 million, or 34 percent, from March 31, 2018 to March 31, 2019.

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

Dollars in 000s
 
Mar 31,
2019
   
Dec 31,
2018
   
Sept 30,
2018
   
Jun 30,
2018
   
Mar 31,
2018
 
                               
Commercial Real Estate
 
$
213
   
$
318
   
$
121
   
$
121
   
$
121
 
Commercial and Industrial
   
---
     
873
     
---
     
2
     
201
 
Total Commercial Loans
   
213
     
1,191
     
121
     
123
     
322
 
Residential Mortgage Loans
   
195
     
112
     
2
     
2
     
2
 
Consumer Loans
   
1
     
1
     
---
     
---
     
---
 
Total Non-Performing Loans
 
$
409
   
$
1,304
   
$
123
   
$
125
   
$
324
 


Macatawa Bank Corporation 1Q Results / page 4 of 5

Total non-performing assets were $3.7 million, or 0.19 percent of total assets, at March 31, 2019. A break-down of non-performing assets is shown in the table below.

Dollars in 000s
 
Mar 31,
2019
   
Dec 31,
2018
   
Sept 30,
2018
   
Jun 30,
2018
   
Mar 31,
2018
 
                               
Non-Performing Loans
 
$
409
   
$
1,304
   
$
123
   
$
125
   
$
324
 
Other Repossessed Assets
   
---
     
---
     
---
     
---
     
---
 
Other Real Estate Owned
   
3,261
     
3,380
     
3,465
     
3,872
     
5,223
 
Total Non-Performing Assets
 
$
3,670
   
$
4,684
   
$
3,588
   
$
3,997
   
$
5,547
 

Balance Sheet, Liquidity and Capital
Total assets were $1.93 billion at March 31, 2019, a decrease of $49.2 million from $1.98 billion at December 31, 2018 and an increase of $62.1 million from $1.86 billion at March 31, 2018. Year-end assets typically increase due to seasonal inflow of business and municipal deposits. Total loans were $1.38 billion at March 31, 2019, a decrease of $21.1 million from $1.41 billion at December 31, 2018 and an increase of $59.0 million from $1.33 billion at March 31, 2018.

Commercial loans increased by $59.7 million from March 31, 2018 to March 31, 2019, along with an increase of $2.8 million in the residential mortgage portfolio, partially offset by a decrease of $3.5 million in the consumer loan portfolio. Commercial real estate loans increased by $42.9 million while commercial and industrial loans increased by $16.8 million during the same period.

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

Dollars in 000s
 
Mar 31,
2019
   
Dec 31,
2018
   
Sept 30,
2018
   
Jun 30,
2018
   
Mar 31,
2018
 
                               
Construction and Development
 
$
102,133
   
$
99,867
   
$
93,794
   
$
85,193
   
$
81,948
 
Other Commercial Real Estate
   
470,667
     
468,840
     
459,146
     
461,808
     
447,922
 
Commercial Loans Secured by Real Estate
   
572,800
     
568,707
     
552,940
     
547,001
     
529,870
 
Commercial and Industrial
   
493,891
     
513,347
     
467,703
     
458,468
     
477,088
 
Total Commercial Loans
 
$
1,066,691
   
$
1,082,054
   
$
1,020,643
   
$
1,005,469
   
$
1,006,958
 

Bond financing to commercial customers decreased by $9.9 million from March 31, 2018 to March 31, 2019. This decrease in bond financing combined with loan portfolio growth led to a total growth rate of 4% from March 31, 2018 to March 31, 2019.

Total deposits were $1.62 billion at March 31, 2019, down $58.9 million from $1.68 billion at December 31, 2018 and were up $57.0 million, or 4 percent, from $1.56 billion at March 31, 2018. The decrease in total deposits from December 31, 2018 was primarily in demand deposits (down $68.6 million) as municipal and business customers deployed their seasonal increase of year-end deposits in the first quarter 2019. Demand deposits were up $21.9 million in the first quarter 2019 compared to the first quarter 2018. Money market deposits and savings deposits were down $5.0 million from the fourth quarter 2018 and were down $10.2 million from the first quarter 2018. Certificates of deposit were up $14.7 million in the first quarter 2019 compared to December 31, 2018 and were up $45.4 million compared to March 31, 2018. As deposit rates have risen, the Bank has experienced some shifting between deposit types. The Bank continues to be successful at attracting and retaining core deposit customers. Customer deposit accounts remain insured to the highest levels available under FDIC deposit insurance.


Macatawa Bank Corporation 1Q Results / page 5 of 5

The Bank's risk-based regulatory capital ratios were higher at March 31, 2019 compared to March 31, 2018 and December 31, 2018 due to earnings growth, and 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 March 31, 2019.

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 five 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 trends in our key operating metrics and financial performance, future levels of earnings and profitability, future levels of earning assets, future asset quality, future growth, and future net interest margin. 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, 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, 2018. 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)

   
1st Qtr
   
4th Qtr
   
1st Qtr
 
EARNINGS SUMMARY
 
2019
   
2018
   
2018
 
Total interest income
 
$
19,189
   
$
18,496
   
$
16,019
 
Total interest expense
   
3,169
     
2,868
     
1,837
 
Net interest income
   
16,020
     
15,628
     
14,182
 
Provision for loan losses
   
(250
)
   
850
     
(100
)
Net interest income after provision for loan losses
   
16,270
     
14,778
     
14,282
 
                         
NON-INTEREST INCOME
                       
Deposit service charges
   
1,050
     
1,135
     
1,049
 
Net gains on mortgage loans
   
211
     
291
     
141
 
Trust fees
   
890
     
884
     
925
 
Other
   
2,177
     
2,095
     
2,017
 
Total non-interest income
   
4,328
     
4,405
     
4,132
 
                         
NON-INTEREST EXPENSE
                       
Salaries and benefits
   
6,244
     
6,265
     
6,194
 
Occupancy
   
1,093
     
948
     
1,072
 
Furniture and equipment
   
844
     
787
     
805
 
FDIC assessment
   
120
     
127
     
132
 
Problem asset costs, including losses and (gains)
   
53
     
(582
)
   
461
 
Other
   
2,884
     
2,852
     
2,770
 
Total non-interest expense
   
11,238
     
10,397
     
11,434
 
Income before income tax
   
9,360
     
8,786
     
6,980
 
Income tax expense
   
1,714
     
1,743
     
1,225
 
Net income
 
$
7,646
   
$
7,043
   
$
5,755
 
                         
Basic earnings per common share
 
$
0.22
   
$
0.21
   
$
0.17
 
Diluted earnings per common share
 
$
0.22
   
$
0.21
   
$
0.17
 
Return on average assets
   
1.57
%
   
1.47
%
   
1.25
%
Return on average equity
   
15.81
%
   
15.12
%
   
13.24
%
Net interest margin (fully taxable equivalent)
   
3.54
%
   
3.46
%
   
3.34
%
Efficiency ratio
   
55.23
%
   
51.90
%
   
62.43
%
                         
BALANCE SHEET DATA
 
March 31
   
December 31
   
March 31
 
Assets
 
2019
   
2018
   
2018
 
Cash and due from banks
 
$
28,143
   
$
40,526
   
$
26,954
 
Federal funds sold and other short-term investments
   
115,843
     
130,758
     
103,898
 
Debt securities available for sale
   
224,645
     
226,986
     
214,269
 
Debt securities held to maturity
   
70,336
     
70,334
     
90,513
 
Federal Home Loan Bank Stock
   
11,558
     
11,558
     
11,558
 
Loans held for sale
   
512
     
415
     
-
 
Total loans
   
1,384,567
     
1,405,658
     
1,325,545
 
Less allowance for loan loss
   
16,892
     
16,876
     
16,675
 
Net loans
   
1,367,675
     
1,388,782
     
1,308,870
 
Premises and equipment, net
   
44,805
     
44,862
     
46,110
 
Bank-owned life insurance
   
41,433
     
41,185
     
40,494
 
Other real estate owned
   
3,261
     
3,380
     
5,223
 
Other assets
   
17,669
     
16,338
     
15,891
 
                         
Total Assets
 
$
1,925,880
   
$
1,975,124
   
$
1,863,780
 
                         
Liabilities and Shareholders' Equity
                       
Noninterest-bearing deposits
 
$
466,631
   
$
485,530
   
$
453,993
 
Interest-bearing deposits
   
1,151,233
     
1,191,209
     
1,106,879
 
Total deposits
   
1,617,864
     
1,676,739
     
1,560,872
 
Other borrowed funds
   
60,000
     
60,000
     
80,667
 
Long-term debt
   
41,238
     
41,238
     
41,238
 
Other liabilities
   
8,812
     
6,294
     
5,627
 
Total Liabilities
   
1,727,914
     
1,784,271
     
1,688,404
 
                         
Shareholders' equity
   
197,966
     
190,853
     
175,376
 
                         
Total Liabilities and Shareholders' Equity
 
$
1,925,880
   
$
1,975,124
   
$
1,863,780
 


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

   
Quarterly
 
   
1st Qtr
   
4th Qtr
   
3rd Qtr
   
2nd Qtr
   
1st Qtr
 
   
2019
   
2018
   
2018
   
2018
   
2018
 
EARNINGS SUMMARY
                             
Net interest income
 
$
16,020
   
$
15,628
   
$
15,162
   
$
14,653
   
$
14,182
 
Provision for loan losses
   
(250
)
   
850
     
-
     
(300
)
   
(100
)
Total non-interest income
   
4,328
     
4,405
     
4,499
     
4,468
     
4,132
 
Total non-interest expense
   
11,238
     
10,397
     
11,239
     
11,259
     
11,434
 
Federal income tax expense
   
1,714
     
1,743
     
1,570
     
1,434
     
1,225
 
Net income
 
$
7,646
   
$
7,043
   
$
6,852
   
$
6,728
   
$
5,755
 
                                         
Basic earnings per common share
 
$
0.22
   
$
0.21
   
$
0.20
   
$
0.20
   
$
0.17
 
Diluted earnings per common share
 
$
0.22
   
$
0.21
   
$
0.20
   
$
0.20
   
$
0.17
 
                                         
MARKET DATA
                                       
Book value per common share
 
$
5.81
   
$
5.61
   
$
5.41
   
$
5.28
   
$
5.16
 
Tangible book value per common share
 
$
5.81
   
$
5.61
   
$
5.41
   
$
5.28
   
$
5.16
 
Market value per common share
 
$
9.94
   
$
9.62
   
$
11.71
   
$
12.14
   
$
10.27
 
Average basic common shares
   
34,040,380
     
34,031,454
     
34,014,319
     
34,016,679
     
34,010,396
 
Average diluted common shares
   
34,040,380
     
34,031,454
     
34,014,319
     
34,016,679
     
34,011,592
 
Period end common shares
   
34,044,149
     
34,045,411
     
34,014,319
     
34,014,319
     
34,017,525
 
                                         
PERFORMANCE RATIOS
                                       
Return on average assets
   
1.57
%
   
1.47
%
   
1.43
%
   
1.44
%
   
1.25
%
Return on average equity
   
15.81
%
   
15.12
%
   
15.12
%
   
15.23
%
   
13.24
%
Net interest margin (fully taxable equivalent)
   
3.54
%
   
3.46
%
   
3.37
%
   
3.37
%
   
3.34
%
Efficiency ratio
   
55.23
%
   
51.90
%
   
57.16
%
   
58.88
%
   
62.43
%
Full-time equivalent employees (period end)
   
332
     
334
     
332
     
339
     
332
 
                                         
ASSET QUALITY
                                       
Gross charge-offs
 
$
157
   
$
1,179
   
$
30
   
$
30
   
$
97
 
Net charge-offs/(recoveries)
 
$
(266
)
 
$
776
   
$
(108
)
 
$
(320
)
 
$
(175
)
Net charge-offs to average loans (annualized)
   
-0.08
%
   
0.23
%
   
-0.03
%
   
-0.10
%
   
-0.05
%
Nonperforming loans
 
$
409
   
$
1,304
   
$
123
   
$
125
   
$
324
 
Other real estate and repossessed assets
 
$
3,261
   
$
3,380
   
$
3,465
   
$
3,872
   
$
5,223
 
Nonperforming loans to total loans
   
0.03
%
   
0.09
%
   
0.01
%
   
0.01
%
   
0.02
%
Nonperforming assets to total assets
   
0.19
%
   
0.24
%
   
0.19
%
   
0.21
%
   
0.30
%
Allowance for loan losses
 
$
16,892
   
$
16,876
   
$
16,803
   
$
16,695
   
$
16,675
 
Allowance for loan losses to total loans
   
1.22
%
   
1.20
%
   
1.25
%
   
1.26
%
   
1.26
%
Allowance for loan losses to nonperforming loans
   
4130.07
%
   
1293.18
%
   
13660.98
%
   
13356.00
%
   
5146.60
%
                                         
CAPITAL
                                       
Average equity to average assets
   
9.93
%
   
9.71
%
   
9.47
%
   
9.44
%
   
9.42
%
Common equity tier 1 to risk weighted assets (Consolidated)
   
12.55
%
   
12.01
%
   
12.13
%
   
11.83
%
   
11.67
%
Tier 1 capital to average assets (Consolidated)
   
12.22
%
   
12.12
%
   
11.90
%
   
11.91
%
   
11.83
%
Total capital to risk-weighted assets (Consolidated)
   
16.14
%
   
15.54
%
   
15.79
%
   
15.49
%
   
15.36
%
Common equity tier 1 to risk weighted assets (Bank)
   
14.66
%
   
14.09
%
   
14.28
%
   
14.01
%
   
13.87
%
Tier 1 capital to average assets (Bank)
   
11.90
%
   
11.78
%
   
11.56
%
   
11.58
%
   
11.50
%
Total capital to risk-weighted assets (Bank)
   
15.73
%
   
15.13
%
   
15.36
%
   
15.09
%
   
14.96
%
Tangible common equity to assets
   
10.29
%
   
9.67
%
   
9.59
%
   
9.60
%
   
9.42
%
                                         
END OF PERIOD BALANCES
                                       
Total portfolio loans
 
$
1,384,567
   
$
1,405,658
   
$
1,344,683
   
$
1,327,686
   
$
1,325,545
 
Earning assets
   
1,809,469
     
1,849,630
     
1,804,672
     
1,751,167
     
1,751,315
 
Total assets
   
1,925,880
     
1,975,124
     
1,919,273
     
1,872,541
     
1,863,780
 
Deposits
   
1,617,864
     
1,676,739
     
1,617,743
     
1,580,461
     
1,560,872
 
Total shareholders' equity
   
197,966
     
190,853
     
183,976
     
179,714
     
175,376
 
                                         
AVERAGE BALANCES
                                       
Total portfolio loans
 
$
1,399,464
   
$
1,363,548
   
$
1,325,268
   
$
1,327,408
   
$
1,314,838
 
Earning assets
   
1,833,924
     
1,806,229
     
1,799,600
     
1,756,909
     
1,730,576
 
Total assets
   
1,948,301
     
1,918,543
     
1,915,655
     
1,872,559
     
1,845,911
 
Deposits
   
1,646,268
     
1,618,861
     
1,614,151
     
1,575,408
     
1,537,376
 
Total shareholders' equity
   
193,463
     
186,361
     
181,329
     
176,749
     
173,913
 



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