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Section 1: 8-K (8-K)

8-K Q2 2019

 

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):  July 25, 2019

 

Esquire Financial Holdings, Inc.

(Exact name of the registrant as specified in its charter)

 

 

 

 

Maryland

001-38131

27-5107901

(State or other jurisdiction of

(Commission File Number)

(IRS Employer

incorporation or organization)

 

Identification No.)

 

 

 

 

100 Jericho Quadrangle, Suite 100

 

Jericho, New York

11753

(Address of principal executive offices)

(Zip Code)

 

(516) 535-2002

(Registrant's telephone number)

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 (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-4c)

 

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. 

 

 

 

 

 

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value

 

ESQ

 

The Nasdaq Stock Market LLC

 

Item 2.02     Results of Operations and Financial Condition.

On July 25, 2019, Esquire Financial Holdings, Inc. (the "Company"), the holding company for Esquire Bank, National Association, issued a press release announcing its earnings for the quarter ended June 30, 2019.  A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.  The information contained in this Item 2.02, including the related information set forth in the press release, is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934.

Item 9.01     Financial Statements and Exhibits.

(d)     Exhibits.

 

 

 

Exhibit No.

    

Description

99.1

 

Press Release dated July 25, 2019.

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.

 

 

 

 

 

 

ESQUIRE FINANCIAL HOLDINGS, INC.

 

 

 

 

 

 

Dated:  July 25, 2019

    

By:

/s/ Andrew C. Sagliocca

 

 

 

Andrew C. Sagliocca

 

 

 

President and Chief Executive Officer

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

esq_Ex99_1

Exhibit 99.1

ESQUIRE FINANCIAL HOLDINGS, INC.

REPORTS SECOND QUARTER 2019 RESULTS

Record Net Income, Growth in Loans, Deposits and Merchant Processing Income 

Jericho, NY – July 25, 2019 – Esquire Financial Holdings, Inc. (NASDAQ: ESQ) (the “Company”), the holding company for Esquire Bank, National Association (“Esquire Bank”), today announced its operating results for the three and six months ended June 30, 2019. Significant achievements during the quarter include:

·

Net income increased 56% to $3.5 million, or $0.45 per diluted share, for the current quarter compared to net income of $2.2 million, or $0.29 per diluted share, for the comparable period in 2018.

 

·

Returns on average assets and common equity were 1.89% and 14.04%, respectively, as compared to 1.51% and 10.47% for the quarter ended June  30, 2018.

 

·

Supported by a strong net interest margin of 4.89%, net interest income for the second quarter increased $1.9 million, or 29%, to $8.6 million compared to 2018.

·

Total assets increased 21% annualized, or $68.6 million, to $732.5 million when compared to December 31, 2018.

·

Loans increased 20% annualized, or $24.5 million on a linked quarter basis, to $514.6 million, primarily driven by our higher yielding commercial and consumer loan portfolios.

·

Continued solid asset quality metrics with no non-performing assets and an allowance for loan losses to total loans of 1.25% at June  30, 2019.

·

Merchant services fees increased 139% to $2.9 million compared to the quarter ended June  30, 2018. Total fee income represented 26.5% of total revenue for the quarter.

·

Efficiency ratio declined to 55.7% for the second quarter of 2019 compared to 61.4% for the comparable period of 2018.

·

Deposits totaled $623.2 million, a $54.8 million, or 19% annualized increase from December 31, 2018 with a cost of funds of 0.43% (including demand deposits). Deposit growth was primarily driven by our litigation and merchant platforms.

·

Average demand deposits represent approximately 39% of our average total deposits for the three and six months ended June 30, 2019.

·

Esquire Bank remains well above the bank regulatory “Well Capitalized” standards.

“Our continued strong performance and industry leading financial metrics are a testament to our unique business model and talented management group,” stated Tony Coelho, Chairman of the Board.  

“We will continue to invest in talented people and technology to drive shareholder returns, leveraging our current and future business platforms,” stated Andrew C. Sagliocca, President and Chief Executive Officer.

Second Quarter Net Earnings and Returns

Net income for the quarter ended June 30, 2019 was $3.5 million, or $0.45 per diluted share, compared to $2.2 million, or $0.29 per diluted share for the same period in 2018.  Returns on average assets and common equity for the current quarter were 1.89% and 14.04% compared to 1.51% and 10.47% for the same period of 2018.

Net interest income for the second quarter of 2019 increased $1.9 million, or 29.3%, to $8.6 million, primarily due to growth in average interest earning assets totaling $128.6 million, or 22.4%, to $703.4 million when compared to 2018. Our net interest margin increased to 4.89% for the second quarter of 2019 compared to 4.63% in 2018 primarily due to volume increases in higher yielding loan categories and, to a lesser extent, increases in short-term interest rates. Average loans in the quarter increased $134.7 million, or 36.3%, to $505.7 million when compared to the second quarter of 2018. Loan growth was primarily driven by commercial loans. Increases in loans represent organic growth funded with core deposits (total deposits excluding certificates of deposit). Core deposits represent 96.8% of total deposits at June 30, 2019 while our loan-to-deposit ratio was 82.6%.

The provision for loan losses was $400 thousand for the second quarter of 2019, $100 thousand higher than the comparable period in 2018 which is reflective of growth in the loan portfolio. As of June 30, 2019, Esquire had no non-performing assets.

Noninterest income increased $1.1 million, or 56.1%, to $3.1 million for the second quarter of 2019. Our merchant services platform experienced strong growth, offset by decreased administrative service payment (“ASP”) fees on off-balance sheet funds. Merchant processing income increased $1.7 million or 139.1% compared to the second quarter of 2018. This increase was due to the expansion of our sales channels through independent sales organizations (“ISOs”), merchants and additional fee allocation arrangements with our ISO business partners. We continue to focus on prudently growing this source of stable fee income.  Other noninterest income, consisting primarily of ASP fee income, declined by $574 thousand or 74.6% compared to the quarter ended June 30, 2018. Our ASP fee income is impacted by the volume and duration of off-balance sheet funds as well as short-term interest rates.

Noninterest expense increased $1.2 million to  $6.5 million for the second quarter of 2019,  driven by increases in employee compensation and benefits,  data processing, professional and consulting services and marketing costs. The increase in employee compensation and benefits costs was due to an increase in the number of employees as well as the impact of year end salary increases. Data processing costs were higher due to increased processing volume primarily driven by our merchant services platform as well as additional costs related to certain system implementations. Professional and consulting costs increased due to our IT enterprise-wide architecture assessments and other pre-development IT costs. Advertising costs increased due to certain targeted events focused on our commercial attorney platform. The Company’s efficiency ratio continued to improve to 55.7% for the three months ended June 30, 2019 as compared to the period ended 2018.

The effective tax rate for the second quarter of 2019 was approximately 27%.

Year to Date Net Earnings and Returns

Net income for the six months ended June 30, 2019 was $6.5 million, or $0.83 per diluted share, compared to $4.2 million, or $0.54 per diluted share for the same period in 2018. Returns on average assets and common equity for the six months ended June 30, 2019 were 1.84% and 13.47% compared to 1.50% and 10.00% for the same period of 2018.

For the six months ended June 30, 2019, net interest income increased $3.8 million, or 29.6%, to $16.5 million, primarily due to growth in average interest earning assets totaling $125.3 million, or 22.7%, to $677.4 million when compared to the same period in 2018. Our net interest margin increased to 4.92% for the six months ended 2019 compared to 4.65%  for the same period in 2018 primarily due to volume increases in higher yielding loan categories coupled with increases in short-term interest rates. Average loans for the six months ended 2019 increased $121.0 million, or 33.3%, to $484.1 million and average securities increased $8.7 million, or 6.0%, to $154.2 million when compared to the six months ended 2018.  Loan growth was primarily driven by commercial loans. Increases in loans represent organic growth funded with core deposits.

The provision for loan losses was $825 thousand for the six months ended June 30, 2019, $300 thousand higher than the comparable period in 2018. The higher provision is reflective of growth as well as the composition of the loan portfolio.

Noninterest income increased $1.1 million, or 27.5%, to $5.2 million for the six months ended 2019. Our merchant services platform experienced strong growth, offset by decreased ASP fees. Merchant processing income increased $2.5 million or 111.0% compared to the six months ended 2018. This increase was due to the expansion of our sales channels through independent sales organizations (“ISOs”), merchants and additional fee allocation arrangements with our ISO business partners. Other noninterest income, consisting primarily of ASP fee income, declined by $1.4 million or 74.7% compared to the six months ended June 30, 2018.

2

 

Noninterest expense increased $1.4 million to $12.0 million for the six months ended 2019, driven by an increase in compensation and benefits and data processing costs. The increase in compensation and benefits costs was due to an increase in the number of employees as well as the impact of year end salary increases. Data processing costs were higher due to increased processing volume primarily driven by our merchant services platform as well as additional costs related to certain system implementations. The Company’s efficiency ratio continued to improve to 55.3% for the six months ended June 30, 2019 as compared to the period ended 2018.

The effective tax rate for the six months ended 2019 was approximately 27%.

Balance Sheet

At June 30, 2019, total assets were $732.5 million, reflecting a $145.3 million, or 24.7% increase from June 30, 2018. This increase is primarily attributable to increases in loans totaling $122.9 million, or 31.4%, to $514.6 million, primarily driven by commercial attorney related, commercial real estate and consumer loans. This growth was funded with core low-cost deposits. The allowance for loan losses was $6.4 million, or 1.25% of total loans, as compared to $4.8 million, or 1.22% of total loans at June 30, 2018.  

Total deposits were $623.2 million at June 30, 2019, a $126.1 million, or 25.4% increase from June 30, 2018. This was primarily due to a $63.8 million, or 37.4% increase in noninterest bearing demand deposits to $234.5 million and a  $58.8 million, or 19.0% increase in Savings, NOW and Money Market deposits to $368.8 million. Both increases are primarily due to increases in commercial and escrow low-cost deposits from our litigation and merchant customers.

Stockholders’ equity increased $15.9 million to $102.4 million at June 30, 2019 compared to June 30, 2018. Esquire Bank remains well above bank regulatory “Well Capitalized” standards.

The Company anticipates continued earnings growth in 2019 driven by its lending pipelines as well as its merchant services fee income opportunities.

3

 

About Esquire Financial Holdings, Inc.

Esquire Financial Holdings, Inc. is a bank holding company headquartered in Jericho, New York, with one branch office in Jericho, New York and an administrative office in Boca Raton, Florida. Its wholly-owned subsidiary, Esquire Bank, National Association, is a full service commercial bank dedicated to serving the financial needs of the legal industry and small businesses nationally, as well as commercial and retail customers in the New York metropolitan area. The bank offers tailored products and solutions to the legal community and their clients as well as dynamic and flexible merchant services solutions to small business owners. For more information, visit www.esquirebank.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes “forward-looking statements”  relating to future results of the Company. Forward-looking statements are subject to many risks and uncertainties, including, but not limited to: changes in business plans as circumstances warrant; changes in general economic, business and political conditions, including changes in the financial markets; and other risks detailed in the “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and other sections of the Company’s 10-K as filed with the Securities and Exchange Commission. The forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “attribute,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,” “annualized” and “outlook,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as may be required by law.

Contact Information:

Eric S. Bader

Executive Vice President and Chief Operating Officer

Esquire Financial Holdings, Inc.

(516) 535-2002

[email protected]

 

4

 

ESQUIRE FINANCIAL HOLDINGS, INC.

Condensed Consolidated Statement of Condition (unaudited)

(all dollars in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

June 30, 

 

 

    

2019

    

2018

    

2018

 

ASSETS

 

 

  

 

 

  

 

 

  

 

Cash and cash equivalents

 

$

40,152

 

$

30,562

 

$

27,504

 

Securities available for sale, at fair value

 

 

147,693

 

 

145,698

 

 

147,768

 

Securities, restricted at cost

 

 

2,665

 

 

2,583

 

 

2,343

 

Loans

 

 

514,558

 

 

468,101

 

 

391,673

 

Less: allowance for loan losses

 

 

(6,433)

 

 

(5,629)

 

 

(4,789)

 

Loans, net of allowance

 

 

508,125

 

 

462,472

 

 

386,884

 

Premises and equipment, net

 

 

2,902

 

 

2,694

 

 

2,493

 

Other assets

 

 

30,913

 

 

19,890

 

 

20,195

 

Total Assets

 

$

732,450

 

$

663,899

 

$

587,187

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

  

 

 

  

 

 

  

 

Demand deposits

 

$

234,507

 

$

212,721

 

$

170,712

 

Savings, NOW and money market deposits

 

 

368,793

 

 

335,283

 

 

309,954

 

Certificates of deposit

 

 

19,870

 

 

20,417

 

 

16,449

 

Total deposits

 

 

623,170

 

 

568,421

 

 

497,115

 

Other liabilities

 

 

6,929

 

 

2,704

 

 

3,576

 

Total liabilities

 

 

630,099

 

 

571,125

 

 

500,691

 

Total stockholders' equity

 

 

102,351

 

 

92,774

 

 

86,496

 

Total Liabilities and Stockholders' Equity

 

$

732,450

 

$

663,899

 

$

587,187

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Data

 

 

  

 

 

  

 

 

  

 

Common shares outstanding

 

 

7,536,723

 

 

7,532,723

 

 

7,445,723

 

Book value per share

 

$

13.58

 

$

12.32

 

$

11.62

 

Equity to assets

 

 

13.97

%  

 

13.97

%  

 

14.73

%

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios (1)

 

 

  

 

 

  

 

 

  

 

Tier 1 leverage ratio

 

 

12.85

%  

 

13.26

%  

 

12.87

%

Common equity tier 1 capital ratio

 

 

16.63

%  

 

17.54

%  

 

17.53

%

Tier 1 capital ratio

 

 

16.63

%  

 

17.54

%  

 

17.53

%

Total capital ratio

 

 

17.79

%  

 

18.70

%  

 

18.67

%

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Ratios

 

 

  

 

 

  

 

 

  

 

Allowance for loan losses to total loans

 

 

1.25

%  

 

1.20

%  

 

1.22

%

Non-performing loans to total loans

 

 

 —

%  

 

 —

%  

 

 —

%

Non-performing assets to total assets

 

 

 —

%  

 

 —

%  

 

 —

%


(1) Regulatory capital ratios presented on bank-only basis.

 

5

 

ESQUIRE FINANCIAL HOLDINGS, INC.

Condensed Consolidated Income Statement (unaudited)

(all dollars in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30, 

 

June 30, 

 

 

    

2019

    

2018

    

2019

    

2018

 

Interest income

 

$

9,322

 

$

6,864

 

$

17,806

 

$

13,133

 

Interest expense

 

 

738

 

 

223

 

 

1,294

 

 

397

 

Net interest income

 

 

8,584

 

 

6,641

 

 

16,512

 

 

12,736

 

Provision for loan losses

 

 

400

 

 

300

 

 

825

 

 

525

 

Net interest income after provision for loan losses

 

 

8,184

 

 

6,341

 

 

15,687

 

 

12,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

  

 

 

  

 

 

  

 

 

  

 

Merchant processing income

 

 

2,895

 

 

1,211

 

 

4,709

 

 

2,232

 

Other noninterest income

 

 

195

 

 

769

 

 

462

 

 

1,823

 

Total noninterest income

 

 

3,090

 

 

1,980

 

 

5,171

 

 

4,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

  

 

 

  

 

 

  

 

 

  

 

Employee compensation and benefits

 

 

3,587

 

 

3,008

 

 

7,023

 

 

6,069

 

Other expenses

 

 

2,920

 

 

2,281

 

 

4,965

 

 

4,492

 

Total noninterest expense

 

 

6,507

 

 

5,289

 

 

11,988

 

 

10,561

 

Income before income taxes

 

 

4,767

 

 

3,032

 

 

8,870

 

 

5,705

 

Income taxes

 

 

1,299

 

 

811

 

 

2,417

 

 

1,526

 

Net income

 

$

3,468

 

$

2,221

 

$

6,453

 

$

4,179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

  

 

 

  

 

 

  

 

 

  

 

Basic

 

$

0.47

 

$

0.30

 

$

0.87

 

$

0.57

 

Diluted

 

$

0.45

 

$

0.29

 

$

0.83

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Data

 

 

  

 

 

  

 

 

  

 

 

  

 

Return on average assets

 

 

1.89

%  

 

1.51

%  

 

1.84

%  

 

1.50

%

Return on average common equity

 

 

14.04

%  

 

10.47

%  

 

13.47

%  

 

10.00

%

Net interest margin

 

 

4.89

%  

 

4.63

%  

 

4.92

%  

 

4.65

%

Efficiency ratio(1)

 

 

55.7

%  

 

61.4

%  

 

55.3

%  

 

62.9

%


(1) Efficiency ratio represents noninterest expenses divided by the sum of net interest income plus noninterest income.

6

 

ESQUIRE FINANCIAL HOLDINGS, INC.

Condensed Consolidated Average Balance Sheets and Average Yields/Cost (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 

 

 

 

2019

 

2018

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

Average

 

    

 

 

Average

 

Average

 

    

 

 

Average

 

 

    

Balance

    

Interest

    

Yield/Rate

    

Balance

    

Interest

    

Yield/Rate

 

INTEREST EARNING ASSETS

 

 

  

 

 

  

 

  

 

 

  

 

 

  

 

  

 

Loans

 

$

505,688

 

$

8,020

 

6.36

%  

$

370,981

 

$

5,657

 

6.12

%

Securities, includes restricted stock

 

 

154,284

 

 

1,058

 

2.75

%  

 

154,224

 

 

1,006

 

2.62

%

Interest earning cash

 

 

43,471

 

 

244

 

2.25

%  

 

49,686

 

 

201

 

1.62

%

Total interest earning assets

 

 

703,443

 

 

9,322

 

5.32

%  

 

574,891

 

 

6,864

 

4.79

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EARNING ASSETS

 

 

32,867

 

 

  

 

  

 

 

13,534

 

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL AVERAGE ASSETS

 

$

736,310

 

 

 

 

 

 

$

588,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST BEARING LIABILITIES

 

 

  

 

 

  

 

  

 

 

  

 

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings, NOW, Money Markets

 

$

364,699

 

$

611

 

0.67

%  

$

272,929

 

$

167

 

0.25

%

Time deposits

 

 

19,932

 

 

126

 

2.54

%  

 

33,780

 

 

51

 

0.61

%

Total deposits

 

 

384,631

 

 

737

 

0.77

%  

 

306,709

 

 

218

 

0.29

%

Short-term borrowings

 

 

 1

 

 

 —

 

 —

%  

 

 1

 

 

 —

 

 —

%

Secured borrowings

 

 

88

 

 

 1

 

4.56

%  

 

275

 

 

 5

 

7.29

%

Total interest bearing liabilities

 

 

384,720

 

 

738

 

0.77

%  

 

306,985

 

 

223

 

0.29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST BEARING LIABILITIES

 

 

  

 

 

  

 

  

 

 

  

 

 

  

 

  

 

Demand deposits

 

 

244,072

 

 

  

 

  

 

 

193,555

 

 

  

 

  

 

Other liabilities

 

 

8,442

 

 

  

 

  

 

 

2,848

 

 

  

 

  

 

Total noninterest bearing liabilities

 

 

252,514

 

 

  

 

  

 

 

196,403

 

 

  

 

  

 

Stockholders' equity

 

 

99,076

 

 

  

 

  

 

 

85,037

 

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL AVG. LIABILITIES AND EQUITY

 

$

736,310

 

 

  

 

  

 

$

588,425

 

 

  

 

  

 

Net interest income

 

 

  

 

$

8,584

 

 

 

 

  

 

$

6,641

 

 

 

Net interest spread

 

 

 

 

 

 

 

4.55

%  

 

 

 

 

 

 

4.50

%

Net interest margin

 

 

  

 

 

  

 

4.89

%  

 

  

 

 

  

 

4.63

%

 

7

 

ESQUIRE FINANCIAL HOLDINGS, INC.

Condensed Consolidated Average Balance Sheets and Average Yields/Cost (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 

 

 

 

2019

 

2018

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

Average

 

    

 

 

Average

 

Average

 

    

 

 

Average

 

 

    

Balance

    

Interest

    

Yield/Rate

    

Balance

    

Interest

    

Yield/Rate

 

INTEREST EARNING ASSETS

 

 

  

 

 

  

 

  

 

 

  

 

 

  

 

  

 

Loans

 

$

484,076

 

$

15,212

 

6.34

%  

$

363,085

 

$

10,946

 

6.08

%

Securities, includes restricted stock

 

 

154,174

 

 

2,123

 

2.78

%  

 

145,450

 

 

1,870

 

2.59

%

Interest earning cash

 

 

39,109

 

 

471

 

2.43

%  

 

43,539

 

 

317

 

1.47

%

Total interest earning assets

 

 

677,359

 

 

17,806

 

5.30

%  

 

552,074

 

 

13,133

 

4.80

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EARNING ASSETS

 

 

28,259

 

 

  

 

  

 

 

9,906

 

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL AVERAGE ASSETS

 

$

705,618

 

 

 

 

 

 

$

561,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST BEARING LIABILITIES

 

 

  

 

 

  

 

  

 

 

  

 

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings, NOW, Money Markets

 

$

344,247

 

$

1,040

 

0.61

%  

$

258,499

 

$

289

 

0.23

%

Time deposits

 

 

20,101

 

 

251

 

2.52

%  

 

31,991

 

 

98

 

0.62

%

Total deposits

 

 

364,348

 

 

1,291

 

0.71

%  

 

290,490

 

 

387

 

0.27

%

Short-term borrowings

 

 

 1

 

 

 —

 

 —

%  

 

 2

 

 

 —

 

 —

%

Secured borrowings

 

 

89

 

 

 3

 

6.80

%  

 

276

 

 

10

 

7.31

%

Total interest bearing liabilities

 

 

364,438

 

 

1,294

 

0.72

%  

 

290,768

 

 

397

 

0.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST BEARING LIABILITIES

 

 

  

 

 

  

 

  

 

 

  

 

 

  

 

  

 

Demand deposits

 

 

237,460

 

 

  

 

  

 

 

184,645

 

 

  

 

  

 

Other liabilities

 

 

7,114

 

 

  

 

  

 

 

2,308

 

 

  

 

  

 

Total noninterest bearing liabilities

 

 

244,574

 

 

  

 

  

 

 

186,953

 

 

  

 

  

 

Stockholders' equity

 

 

96,606

 

 

  

 

  

 

 

84,259

 

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL AVG. LIABILITIES AND EQUITY

 

$

705,618

 

 

  

 

  

 

$

561,980

 

 

  

 

  

 

Net interest income

 

 

  

 

$

16,512

 

 

 

 

  

 

$

12,736

 

 

 

Net interest spread

 

 

 

 

 

 

 

4.58

%  

 

 

 

 

 

 

4.52

%

Net interest margin

 

 

  

 

 

  

 

4.92

%  

 

  

 

 

  

 

4.65

%

 

8

 

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