FOR IMMEDIATE RELEASE
NORWOOD FINANCIAL CORP
ANNOUNCES EARNINGS FOR THE SECOND QUARTER
July 21, 2009-Honesdale, PA
William W. Davis, Jr. President and Chief Executive Officer of Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank announced earnings for the three months ended June 30, 2009 of $1,749,000. This represents an increase of $28,000, or 1.6%, over the $1,721,000 earned in the similar period of 2008. Earnings per share (fully diluted) were $.63 in the 2009 period, increasing from the $.62 earned in the similar period in 2008. Annualized return on average assets for the three months ended June 30, 2009 was 1.39% with an annualized return on average equity of 11.49%. Net income for the six months ended June 30, 2009 totaled $3,486,000, a slight decline compared to the $3,500,000 earned in the similar period of 2008. Earnings per share (fully diluted) for the six months ended June 30, 2009 and 2008 totaled $1.26 per share each.
Total assets as of June 30, 2009 were $508.5 million with loans receivable of $360.6 million, deposits of $374.2 million and stockholders’ equity of $61.1 million. Total assets have increased $16.6 million, as compared to June 30, 2008.
Loans receivable increased $27.8 million or 8.4% from June 30, 2008. The increase was centered in the commercial loan portfolio, principally real estate related, which increased $21.9 million. The Company experienced a significant volume of residential mortgage activity in 2009, principally refinancing. The Company sold $15.7 million of fixed-rate residential mortgages, principally with 30 year terms, for purposes of interest rate risk management.
Non-performing assets, which includes non-performing loans and foreclosed assets, totaled $2,597,000 and represented .51% of total assets as of June 30, 2009 compared to $2,747,000 as of December 31, 2008 and $1,515,000 as of June 30, 2008. Net charge-offs were $59,000 for the quarter and totaled $104,000 for the six months ended June 30, 2009 compared to $10,000 and $29,000, respectively, for the similar periods in 2008. Even with a low level of charge-offs, .06% of average loans (annualized) for the six months ended June 30, 2009, the Company determined that it was appropriate to increase the provision for loan losses to $220,000 and $445,000 for the three and six month periods ended June 30, 2009, respectively, compared to $110,000 and $185,000, respectively, for the similar periods in 2008. The allowance for loan losses totaled $4,574,000 as of June 30, 2009, increasing from $4,237,000 as of June 30, 2008 and represented 1.27% of total loans.
For the three months ended June 30, 2009, net interest income, on a fully taxable equivalent basis (fte), totaled $5,005,000, an increase of $268,000 or 5.7% over the similar period in 2008. Net interest margin (fte) for the 2009 period was 4.13% increasing from 4.06% for the similar period in 2008. The increase in net interest margin was principally due to a decrease of 59 basis points in the cost of funds as a result of lower short-term interest rates. This was partially offset by a decline in loan yields as a result of the prime rate decrease to 3.25% as of June 30, 2009 compared to 5.00% as of June 30, 2008. Net interest income (fte) for the six months ended June 30, 2009 totaled $9,847,000, an increase of $630,000, or 6.8%, over the similar period in 2008. Net interest margin (fte) for the 2009 period was 4.05% compared to 3.98% in 2008.
Other income for the three months ended June 30, 2009 totaled $1,168,000 compared to $962,000 for the similar period in 2008. The increase was principally due to
$172,000 in gain on the sales of investment securities and $121,000 in gains on the sales of mortgage loans, compared to $9,000 and $8,000 respectively, in similar gains in 2008. For the six months ended June 30, 2009, other income totaled $2,449,000 compared to $2,224,000 in the 2008 period. The 2009 period includes $254,000 in gains on the sales of $15.7 million of mortgage loans compared to $396,000 in similar gains on sales of $14.4 million of mortgage loans in the 2008 period. Gains on the sales of investment securities totaled $333,000 on sales of $11.1 million for the 2009 period compared to $9,000 in similar gains in the 2008 period. The proceeds from investment securities sales were used to fund loan growth. The Company also had a $150,000 gain on the sale of deposits related to a branch closure, in the 2009 period.
Other expenses totaled $3,320,000 for the three months ended June 30, 2009, an increase of $348,000 from $2,972,000 in the similar period of 2008. The increase was principally related to an increase in FDIC insurance assessments of $346,000 which includes a special assessment of $225,000. For the six months ended June 30, 2009, other expenses total $6,595,000 compared to $5,933,000 for the similar period in 2008, an increase of $662,000. Higher FDIC insurance assessments (including the special assessment) accounted for $471,000 of the increase.
Mr. Davis commented, “Even though we are operating in a very challenging environment, we believe the Company had a very solid start to 2009. Our core earnings are strong, net interest margin is over 4.00% and our capital levels are at the top of our peer group. Loan activity, both commercial and residential, was brisk in the first half of the year. We are certainly aware that the slow down in the economy, increased unemployment and the soft real estate market will continue to impact our customers, but
are optimistic that all the government stimulus programs will eventually turn this economy around.
We are also pleased to announce that Norwood has been added to the Russell 2000 Index, which reflects our continued positive momentum. Russell is an industry leader for stock indexes, and we expect our participation will generate greater interest in our stock.”
Norwood Financial Corp., through its subsidiary Wayne Bank, operates eleven offices in Wayne, Pike and Monroe Counties, Pennsylvania. The Company’s stock is traded on the Nasdaq Global Market, under the symbol, “NWFL”.
Forward-Looking Statements. The foregoing material may contain forward-looking statements. We caution that such statements may be subject to a number of uncertainties and actual results could differ materially and therefore readers should not place undue reliance on any forward looking statements. Those risks and uncertainties include changes in the absolute and relative levels of interest rates, the ability to control costs and expenses, demand for real estate, general economic conditions and the effectiveness of governmental response thereto. Norwood Financial Corp. does not undertake and specifically disclaims any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Non-GAAP Financial Measures
This release references tax-equivalent interest income and net interest income, which are non-GAAP financial measures. Tax-equivalent interest income and net interest income are derived from GAAP interest income and net interest income using an assumed tax rate of 34%. We believe the presentation of interest income and net interest income on a tax–
equivalent basis ensures comparability of interest income and net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.
Contact: | Lewis J. Critelli |
| Executive Vice President, Secretary & |
| Chief Financial Officer |
| NORWOOD FINANCIAL CORP |
| 570-253-8512 |
| www.waynebank.com |
NORWOOD FINANCIAL CORP.
Consolidated Balance Sheets
(dollars in thousands, except share data)
(unaudited)
|
| June 30 |
| ||||
|
| 2009 |
| 2008 |
| ||
ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
| $ | 7,548 |
| $ | 9,664 |
|
Interest bearing deposits with banks |
|
| 6 |
|
| 51 |
|
Cash and cash equivalents |
|
| 7,554 |
|
| 9,715 |
|
|
|
|
|
|
|
|
|
Securities available for sale |
|
| 122,601 |
|
| 130,811 |
|
Securities held to maturity, fair value 2009: $721 2008: $721 |
|
| 708 |
|
| 706 |
|
Loans receivable (net of unearned Income) |
|
| 360,593 |
|
| 332,754 |
|
Less: Allowance for loan losses |
|
| 4,574 |
|
| 4,237 |
|
Net loans receivable |
|
| 356,019 |
|
| 328,517 |
|
Investment in FHLB Stock, at cost |
|
| 3,538 |
|
| 2,657 |
|
Bank premises and equipment,net |
|
| 5,297 |
|
| 5,702 |
|
Bank owned life insurance |
|
| 8,234 |
|
| 7,916 |
|
Foreclosed real estate owned |
|
| 798 |
|
| 1,200 |
|
Accrued interest receivable |
|
| 2,117 |
|
| 2,221 |
|
Other assets |
|
| 1,629 |
|
| 2,464 |
|
TOTAL ASSETS |
| $ | 508,495 |
| $ | 491,909 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Non-interest bearing demand |
| $ | 60,444 |
| $ | 59,496 |
|
Interest-bearing |
|
| 313,709 |
|
| 305,775 |
|
Total deposits |
|
| 374,153 |
|
| 365,271 |
|
Short-term borrowings |
|
| 24,596 |
|
| 42,060 |
|
Other borrowings |
|
| 43,000 |
|
| 23,000 |
|
Accrued interest payable |
|
| 2,210 |
|
| 2,686 |
|
Other liabilities |
|
| 3,435 |
|
| 2,961 |
|
TOTAL LIABILITIES |
|
| 447,394 |
|
| 435,978 |
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Common Stock, $.10 par value, authorized 10,000,000 shares issued: 2,840,872 |
|
| 284 |
|
| 284 |
|
Surplus |
|
| 9,879 |
|
| 10,043 |
|
Retained earnings |
|
| 52,402 |
|
| 48,642 |
|
Treasury stock, at cost: 2009: 92,666 shares, 2008: 104,641 shares |
|
| (2,871 | ) |
| (3,250 | ) |
Accumulated other comprehensive income |
|
| 1,407 |
|
| 212 |
|
TOTAL STOCKHOLDERS' EQUITY |
|
| 61,101 |
|
| 55,931 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
| $ | 508,495 |
| $ | 491,909 |
|
NORWOOD FINANCIAL CORP.
Consolidated Statements of Income
(dollars in thousands, except per share data)
(unaudited)
|
| Three Months Ended June 30 |
| Six Months Ended June 30 |
| ||||||||
|
| 2009 |
| 2008 |
| 2009 |
| 2008 |
| ||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, including fees |
| $ | 5,426 |
| $ | 5,410 |
| $ | 10,713 |
| $ | 11,051 |
|
Securities |
|
| 1,316 |
|
| 1,537 |
|
| 2,713 |
|
| 3,026 |
|
Other |
|
| 1 |
|
| 6 |
|
| 7 |
|
| 25 |
|
Total Interest income |
|
| 6,743 |
|
| 6,953 |
|
| 13,433 |
|
| 14,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 1,420 |
|
| 1,963 |
|
| 2,921 |
|
| 4,334 |
|
Short-term borrowings |
|
| 73 |
|
| 178 |
|
| 169 |
|
| 365 |
|
Other borrowings |
|
| 415 |
|
| 238 |
|
| 827 |
|
| 505 |
|
Total Interest expense |
|
| 1,908 |
|
| 2,379 |
|
| 3,917 |
|
| 5,204 |
|
NET INTEREST INCOME |
|
| 4,835 |
|
| 4,574 |
|
| 9,516 |
|
| 8,898 |
|
PROVISION FOR LOAN LOSSES |
|
| 220 |
|
| 110 |
|
| 445 |
|
| 185 |
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
|
| 4,615 |
|
| 4,464 |
|
| 9,071 |
|
| 8,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
| 642 |
|
| 670 |
|
| 1,240 |
|
| 1,308 |
|
Income from fiduciary activities |
|
| 82 |
|
| 110 |
|
| 164 |
|
| 202 |
|
Net realized gains on sales of securities |
|
| 172 |
|
| 9 |
|
| 333 |
|
| 9 |
|
Gains on sale of loans and servicing rights |
|
| 121 |
|
| 8 |
|
| 254 |
|
| 396 |
|
Gain on sale of deposits |
|
| — |
|
| — |
|
| 150 |
|
| — |
|
Other |
|
| 151 |
|
| 165 |
|
| 308 |
|
| 309 |
|
Total other income |
|
| 1,168 |
|
| 962 |
|
| 2,449 |
|
| 2,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 1,595 |
|
| 1,498 |
|
| 3,209 |
|
| 3,044 |
|
Occupancy, furniture and equipment |
|
| 379 |
|
| 414 |
|
| 864 |
|
| 844 |
|
Data processing related |
|
| 203 |
|
| 180 |
|
| 399 |
|
| 368 |
|
Taxes, other than income |
|
| 139 |
|
| 131 |
|
| 275 |
|
| 257 |
|
Professional Fees |
|
| 104 |
|
| 88 |
|
| 202 |
|
| 178 |
|
FDIC Insurance assessment |
|
| 358 |
|
| 12 |
|
| 484 |
|
| 13 |
|
Foreclosed real estate owned |
|
| 6 |
|
| 52 |
|
| 18 |
|
| 52 |
|
Other |
|
| 536 |
|
| 597 |
|
| 1,144 |
|
| 1,177 |
|
Total other expenses |
|
| 3,320 |
|
| 2,972 |
|
| 6,595 |
|
| 5,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE TAX |
|
| 2,463 |
|
| 2,454 |
|
| 4,925 |
|
| 5,004 |
|
INCOME TAX EXPENSE |
|
| 714 |
|
| 733 |
|
| 1,439 |
|
| 1,504 |
|
NET INCOME |
| $ | 1,749 |
| $ | 1,721 |
| $ | 3,486 |
| $ | 3,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
| $ | 0.64 |
| $ | 0.63 |
| $ | 1.27 |
| $ | 1.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
| $ | 0.63 |
| $ | 0.62 |
| $ | 1.26 |
| $ | 1.26 |
|
NORWOOD FINANCIAL CORP.
Financial Highlights (Unaudited)
(dollars in thousands, except per share data)
For the Three Months June 30 |
| 2009 |
|
| 2008 |
| ||
|
|
|
|
|
|
|
|
|
Net interest income |
| $ | 4,835 |
|
| $ | 4,574 |
|
Net income |
|
| 1,749 |
|
|
| 1,721 |
|
|
|
|
|
|
|
|
|
|
Net interest spread (fully taxable equivalent) |
|
| 3.70 | % |
|
| 3.50 | % |
Net interest margin (fully taxable equivalent) |
|
| 4.13 | % |
|
| 4.06 | % |
Return on average assets |
|
| 1.39 | % |
|
| 1.42 | % |
Return on average equity |
|
| 11.49 | % |
|
| 12.19 | % |
Basic earnings per share |
| $ | 0.64 |
|
| $ | 0.63 |
|
Diluted earnings per share |
|
| 0.63 |
|
|
| 0.62 |
|
|
|
|
|
|
|
|
|
|
For the Six Months June 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
| $ | 9,516 |
|
| $ | 8,898 |
|
Net income |
|
| 3,486 |
|
|
| 3,500 |
|
|
|
|
|
|
|
|
|
|
Net interest spread (fully taxable equivalent) |
|
| 3.62 | % |
|
| 3.37 | % |
Net interest margin (fully taxable equivalent) |
|
| 4.05 | % |
|
| 3.98 | % |
Return on average assets |
|
| 1.39 | % |
|
| 1.45 | % |
Return on average equity |
|
| 11.64 | % |
|
| 12.44 | % |
Basic earnings per share |
| $ | 1.27 |
|
| $ | 1.28 |
|
Diluted earnings per share |
|
| 1.26 |
|
|
| 1.26 |
|
|
|
|
|
|
|
|
|
|
As of June 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
| $ | 508,495 |
|
| $ | 491,909 |
|
Total Loans receivable |
|
| 360,593 |
|
|
| 332,754 |
|
Allowance for loan losses |
|
| 4,574 |
|
|
| 4,237 |
|
Total deposits |
|
| 374,153 |
|
|
| 365,271 |
|
Stockholders’ equity |
|
| 61,101 |
|
|
| 55,931 |
|
Trust Assets under management |
|
| 93,162 |
|
|
| 98,157 |
|
|
|
|
|
|
|
|
|
|
Book value per share |
| $ | 22.23 |
|
| $ | 20.44 |
|
Equity to total assets |
|
| 12.02 | % |
|
| 11.37 | % |
Allowance to total loans receivable |
|
| 1.27 | % |
|
| 1.27 | % |
Nonperforming loans to total loans |
|
| 0.50 | % |
|
| 0.09 | % |
Nonperforming assets to total assets |
|
| 0.51 | % |
|
| 0.31 | % |
NORWOOD FINANCIAL CORP.
Consolidated Balance Sheets (unaudited)
(dollars in thousands)
|
| 30-Jun |
| 31-Mar |
| 31-Dec |
| 30-Sep |
| 30-Jun |
| |||||
|
| 2009 |
| 2009 |
| 2008 |
| 2008 |
| 2008 |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
| $ | 7,548 |
| $ | 5,682 |
| $ | 6,463 |
| $ | 9,277 |
| $ | 9,664 |
|
Interest bearing deposits with banks |
|
| 6 |
|
| 9,329 |
|
| 17 |
|
| 74 |
|
| 51 |
|
Federal funds sold |
|
| — |
|
| 3,000 |
|
| — |
|
| 450 |
|
| — |
|
Cash and cash equivalents |
|
| 7,554 |
|
| 18,011 |
|
| 6,480 |
|
| 9,801 |
|
| 9,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale |
|
| 122,601 |
|
| 124,222 |
|
| 130,120 |
|
| 128,287 |
|
| 130,811 |
|
Securities held to maturity |
|
| 708 |
|
| 707 |
|
| 707 |
|
| 706 |
|
| 706 |
|
Loans receivable (net of unearned Income) |
|
| 360,593 |
|
| 351,433 |
|
| 349,404 |
|
| 341,217 |
|
| 332,754 |
|
Less: Allowance for loan losses |
|
| 4,574 |
|
| 4,413 |
|
| 4,233 |
|
| 4,331 |
|
| 4,237 |
|
Net loans receivable |
|
| 356,019 |
|
| 347,020 |
|
| 345,171 |
|
| 336,886 |
|
| 328,517 |
|
Investment in FHLB stock |
|
| 3,538 |
|
| 3,538 |
|
| 3,538 |
|
| 3,545 |
|
| 2,657 |
|
Bank premises and equipment, net |
|
| 5,297 |
|
| 5,413 |
|
| 5,490 |
|
| 5,601 |
|
| 5,702 |
|
Foreclosed real estate owned |
|
| 798 |
|
| 768 |
|
| 660 |
|
| 660 |
|
| 1,200 |
|
Other assets |
|
| 11,980 |
|
| 11,745 |
|
| 12,130 |
|
| 13,149 |
|
| 12,601 |
|
TOTAL ASSETS |
| $ | 508,495 |
| $ | 511,424 |
| $ | 504,296 |
| $ | 498,635 |
| $ | 491,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand |
| $ | 60,444 |
| $ | 57,270 |
| $ | 56,839 |
| $ | 63,474 |
| $ | 59,496 |
|
Interest- bearing deposits |
|
| 313,709 |
|
| 313,146 |
|
| 302,796 |
|
| 297,083 |
|
| 305,775 |
|
Total deposits |
|
| 374,153 |
|
| 370,416 |
|
| 359,635 |
|
| 360,557 |
|
| 365,271 |
|
Other borrowings |
|
| 67,596 |
|
| 72,412 |
|
| 81,126 |
|
| 76,575 |
|
| 65,060 |
|
Other liabilities |
|
| 5,645 |
|
| 8,446 |
|
| 4,845 |
|
| 5,389 |
|
| 5,647 |
|
TOTAL LIABILITIES |
|
| 447,394 |
|
| 451,274 |
|
| 445,606 |
|
| 442,521 |
|
| 435,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
| 61,101 |
|
| 60,150 |
|
| 58,690 |
|
| 56,114 |
|
| 55,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
| $ | 508,495 |
| $ | 511,424 |
| $ | 504,296 |
| $ | 498,635 |
| $ | 491,909 |
|
NORWOOD FINANCIAL CORP.
Consolidated Statements of Income (unaudited)
(dollars in thousands, except per share data)
|
| 30-Jun |
| 31-Mar |
| 31-Dec |
| 30-Sep |
| 30-Jun |
| |||||
Three months ended |
| 2009 |
| 2009 |
| 2008 |
| 2008 |
| 2008 |
| |||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, including fees |
| $ | 5,426 |
| $ | 5,287 |
| $ | 5,423 |
| $ | 5,509 |
| $ | 5,410 |
|
Securities |
|
| 1,316 |
|
| 1,397 |
|
| 1,508 |
|
| 1,549 |
|
| 1,537 |
|
Other |
|
| 1 |
|
| 6 |
|
| 3 |
|
| 1 |
|
| 6 |
|
Total Interest income |
|
| 6,743 |
|
| 6,690 |
|
| 6,934 |
|
| 7,059 |
|
| 6,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 1,420 |
|
| 1,501 |
|
| 1,659 |
|
| 1,780 |
|
| 1,963 |
|
Borrowings |
|
| 488 |
|
| 508 |
|
| 548 |
|
| 503 |
|
| 416 |
|
Total Interest expense |
|
| 1,908 |
|
| 2,009 |
|
| 2,207 |
|
| 2,283 |
|
| 2,379 |
|
NET INTEREST INCOME |
|
| 4,835 |
|
| 4,681 |
|
| 4,727 |
|
| 4,776 |
|
| 4,574 |
|
PROVISION FOR LOAN LOSSES |
|
| 220 |
|
| 225 |
|
| 420 |
|
| 130 |
|
| 110 |
|
NET INTEREST INCOME AFTER PROVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR LOAN LOSSES |
|
| 4,615 |
|
| 4,456 |
|
| 4,307 |
|
| 4,646 |
|
| 4,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
| 642 |
|
| 598 |
|
| 636 |
|
| 656 |
|
| 670 |
|
Income from fiduciary activities |
|
| 82 |
|
| 82 |
|
| 111 |
|
| 91 |
|
| 110 |
|
Net realized gains (losses) on sales of securities |
|
| 172 |
|
| 161 |
|
| — |
|
| (27 | ) |
| 9 |
|
Gains on sale of loans and servicing rights |
|
| 121 |
|
| 133 |
|
| 13 |
|
| 90 |
|
| 8 |
|
Gain on sale of deposits |
|
| — |
|
| 150 |
|
| — |
|
| — |
|
| — |
|
Other |
|
| 151 |
|
| 157 |
|
| 130 |
|
| 163 |
|
| 165 |
|
Total other income |
|
| 1,168 |
|
| 1,281 |
|
| 890 |
|
| 973 |
|
| 962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 1,595 |
|
| 1,614 |
|
| 1,525 |
|
| 1,477 |
|
| 1,498 |
|
Occupancy, furniture and equipment , net |
|
| 379 |
|
| 485 |
|
| 378 |
|
| 403 |
|
| 414 |
|
Foreclosed real estate owned |
|
| 6 |
|
| 12 |
|
| 11 |
|
| 519 |
|
| 52 |
|
FDIC insurance assessment |
|
| 358 |
|
| 126 |
|
| 54 |
|
| 12 |
|
| 12 |
|
Other |
|
| 982 |
|
| 1,038 |
|
| 978 |
|
| 950 |
|
| 996 |
|
Total other expenses |
|
| 3,320 |
|
| 3,275 |
|
| 2,946 |
|
| 3,361 |
|
| 2,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE TAX |
|
| 2,463 |
|
| 2,462 |
|
| 2,251 |
|
| 2,258 |
|
| 2,454 |
|
INCOME TAX EXPENSE |
|
| 714 |
|
| 725 |
|
| 666 |
|
| 666 |
|
| 733 |
|
NET INCOME |
| $ | 1,749 |
| $ | 1,737 |
| $ | 1,585 |
| $ | 1,592 |
| $ | 1,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
| $ | 0.64 |
| $ | 0.63 |
| $ | 0.58 |
| $ | 0.58 |
| $ | 0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
| $ | 0.63 |
| $ | 0.63 |
| $ | 0.58 |
| $ | 0.58 |
| $ | 0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per share |
| $ | 22.23 |
| $ | 21.99 |
| $ | 21.45 |
| $ | 20.51 |
| $ | 20.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity |
|
| 11.49 | % |
| 11.80 | % |
| 11.05 | % |
| 11.15 | % |
| 12.19 | % |
Return on average assets |
|
| 1.39 | % |
| 1.39 | % |
| 1.26 | % |
| 1.28 | % |
| 1.42 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
| 3.70 | % |
| 3.54 | % |
| 3.61 | % |
| 3.67 | % |
| 3.50 | % |
Net interest margin |
|
| 4.13 | % |
| 3.96 | % |
| 4.09 | % |
| 4.21 | % |
| 4.06 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans |
|
| 1.27 | % |
| 1.26 | % |
| 1.21 | % |
| 1.27 | % |
| 1.27 | % |
Net charge-offs to average loans (annualized) |
|
| 0.07 | % |
| 0.05 | % |
| 0.60 | % |
| 0.04 | % |
| 0.01 | % |
Nonperforming loans to total loans |
|
| 0.50 | % |
| 0.48 | % |
| 0.60 | % |
| 0.66 | % |
| 0.09 | % |
Nonperforming assets to total assets |
|
| 0.51 | % |
| 0.48 | % |
| 0.54 | % |
| 0.59 | % |
| 0.31 | % |