Exhibit 99.1
Friday, April 26, 2013
Company Press Release
Source: Salisbury Bancorp, Inc.
Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer
860-435-9801 orrcantele@salisburybank.com
FOR IMMEDIATE RELEASE
SALISBURY BANCORP, INC. REPORTS RESULTS FOR FIRST QUARTER 2013; DECLARES 28 CENT DIVIDEND
Lakeville, Connecticut, April 26, 2013 /GlobeNewswire…..Salisbury Bancorp, Inc. (“Salisbury”), NASDAQ Capital Market: “SAL”, the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its first quarter ended March 31, 2013.
Selected first quarter 2013 highlights
Net income available to common shareholders was $900,000, or $0.53 per common share, for the first quarter ended March 31, 2013 (first quarter 2013), compared with $531,000, or $0.31 per common share, for the fourth quarter ended December 31, 2012 (fourth quarter 2012), and $1,167,000, or $0.69 per common share, for the first quarter ended March 31, 2012 (first quarter 2012).
- Earnings per common share of $0.53 increased $0.22 versus fourth quarter 2012, and decreased $0.16, versus first quarter 2012.
- The net interest margin increased 22 basis points versus fourth quarter 2012 and remained the same as first quarter 2012 at 3.54%.
- Tax equivalent net interest income increased $194,000, or 4%, versus fourth quarter 2012, and decreased $59,000, or 1%, versus first quarter 2012.
- Provision for loan losses was $396,000, versus $380,000 for fourth quarter 2012 and $180,000 for first quarter 2012. Net loan charge-offs were $70,000, versus $199,000 for fourth quarter 2012 and $90,000 for first quarter 2012.
- Non-interest income decreased $252,000, or 13%, versus fourth quarter 2012 and decreased $34,000, or 2%, versus first quarter 2012.
- Non-interest expense decreased $629,000, or 12%, versus fourth quarter 2012 and increased $205,000, or 5%, versus first quarter 2012.
- Net loans receivable increased $17.5 million or 4.5% during the first calendar quarter of 2013 to $406 million, which reflected an increase of $34.5 million or 9% from the end of the first quarter of 2012.
- Non-performing assets decreased $807,000, or 8%, to $9.3 million, or 1.6% of total assets, versus fourth quarter 2012 and increased $1.7 million versus first quarter 2012. Accruing loans receivable 30-to-89 days past due decreased $911,000 to $4.7 million, or 1.15% of gross loans receivable, versus fourth quarter 2012 and increased $538,000 versus first quarter 2012.
Richard J. Cantele, Jr., President and Chief Executive Officer, stated, “Salisbury Bank achieved solid growth in both our loan portfolio and assets under management in our Trust and Wealth Advisory area. We continue to remain focused on growing our core businesses, reducing non-performing assets, and enhancing the value of our Company. Despite the challenges of the economy and the continued low interest rate environment, the results from the first quarter reflect progress in multiple areas. Efforts to continue to grow the loan portfolio increased net loans receivable by $17.5 million during the first quarter, as we were able to successfully redeploy earning assets from investments into higher yielding loans. This contributed to the 22 basis point improvement in the net interest margin during the first calendar quarter of 2013 versus the preceding quarter. During the first quarter of 2013, we continued to grow shareholder equity and continued to grow the assets under management by our Trust and Wealth Management division, which contribute to the institutions profitability and provide additional income beyond net interest income.”
Net-Interest Income
Tax equivalent net interest income for first quarter 2013 increased $194,000, or 4%, versus fourth quarter 2012, and decreased $59,000, or 1%, versus first quarter 2012. Average total interest bearing deposits increased $0.7 million versus fourth quarter 2012 and increased $5.3 million versus first quarter 2012. Average earning assets decreased $12.4 million versus fourth quarter 2012 due to the early prepayment of a $10 million FHLBB advance in fourth quarter 2012, and decreased $5.9 million versus first quarter 2012. The net interest margin increased 22 basis points versus fourth quarter 2012 and remained the same as first quarter 2012 at 3.54%.
Non-Interest Income
Non-interest income for first quarter 2013 decreased $252,000 versus fourth quarter 2012 and decreased $34,000 versus first quarter 2012. Trust and Wealth Advisory revenues decreased $47,000 versus fourth quarter 2012 and decreased $30,000 versus first quarter 2012. The year-over-year revenue decrease is the result of higher estate fees collected in first quarter 2012, offset by growth in managed assets. Service charges and fees decreased $45,000 versus fourth quarter 2012 and decreased $5,000 versus first quarter 2012. Income from sales and servicing of mortgage loans decreased $165,000 versus fourth quarter 2012 and increased $17,000 versus first quarter 2012 due to residential mortgage loan sales and mortgage servicing valuations. Mortgage loans sales totaled $8.7 million for first quarter 2013, $13.4 million for fourth quarter 2012 and $16.3 million for first quarter 2012. First quarter 2013, fourth quarter 2012, and first quarter 2012 included mortgage servicing valuation impairment (benefits)/charges of $(33,000), $(73,000), and $92,000, respectively. Other income includes bank owned life insurance income and rental income.
Non-Interest Expense
Non-interest expense for first quarter 2013 decreased $629,000 versus fourth quarter 2012 and increased $205,000 versus first quarter 2012. Salaries decreased $130,000 versus fourth quarter 2012 due to changes in staffing levels and mix. Employee benefits increased $17,000 versus fourth quarter 2012 due to new deferred compensation plans and an increase in the 401K Safe Harbor Plan in response to the freeze placed on the defined benefit pension plan as of December 31, 2012. Premises and equipment decreased $26,000 versus fourth quarter 2012 and decreased $22,000 versus first quarter 2012. The current quarter’s decrease in expense was a result of seasonal maintenance, and repairs to the Lakeville branch during the fourth quarter of 2012. The year-over-year decrease was due primarily to the prior year’s one-time expense related to ADA compliance for ATMs. This favorable first quarter 2013 non-interest expense decrease was offset slightly by higher building maintenance and repairs, and weather related expenses this quarter as compared to the mild winter experienced in the Northeast during the prior quarter and year ago quarter.
Data processing increased $40,000 versus fourth quarter 2012 and $17,000 versus first quarter 2012. Professional fees increased $83,000 versus fourth quarter 2012, and $67,000 versus first quarter 2012. The increases in the current quarter were due to legal expenses and an executive search. Loan related expenses decreased $171,000 versus fourth quarter 2012 and increased $68,000 versus first quarter 2012. The decrease versus fourth quarter was mainly due to lower current quarter real estate taxes and legal collections, while the fourth quarter 2012 included a one-time loss associated with the sale of an OREO property. Other operating expenses decreased $466,000 versus fourth quarter 2012 and increased $30,000 versus first quarter 2012. The expense in the prior quarter includes a one-time prepayment expense of $450,000 as the result of the early prepayment of a $10 million FHLBB advance maturing 12/16/2013 with a 4.88% coupon. Year-over-year increases were due to rises in other administrative and operational expenses.
The effective income tax rates for first quarter 2013, fourth quarter 2012 and first quarter 2012 were 16.59%, 4.33% and 24.82%, respectively.
Loans
Net loans receivable increased $17.5 million during first quarter 2013 to $406.3 million at March 31, 2013, compared with $388.8 million at December 31, 2012, and increased $34.6 million compared with $371.7 million at March 31, 2012.
Asset Quality
Non-performing assets decreased $807,000 during first quarter 2013 to $9.3 million, or 1.6% of assets at March 31, 2013, from $10.1 million, or 1.7% of assets at December 31, 2012, and increased $1.7 million from $7.6 million, or 1.3% of assets at March 31, 2012.
The 8% decrease in non-performing assets in first quarter 2013 resulted primarily from OREO sales of $1.1 million, in addition to $0.6 million of loans returning to accrual status, and $1.2 million from loan repayments. These declines were offset in part by a $0.4 million change in 90+ past due status and additions of $1.0 million in new non-accrual loans and $0.7 million of OREO additions.
The amount of total impaired and potential problem loans remained unchanged at $27.4 million (6.7% of gross loans receivable) during first quarter 2013, compared to $27.4 million, or 7.0% of gross loans receivable at December 31, 2012, and decreased $0.3 million from $27.7 million, or 7.4% of gross loans receivable at March 31, 2012.
Accruing loans receivable 30-to-89 days past due decreased $0.9 million during first quarter 2013 to $4.7 million, or 1.15% of gross loans receivable, from $5.6 million, or 1.44% of gross loans receivable at December 31, 2012, and increased $0.5 million versus March 31, 2012.
The provision for loan losses for first quarter 2013 was $396,000 versus $380,000 for fourth quarter 2012 and $180,000 for first quarter 2012. Net loan charge-offs were $70,000, $199,000, and $90,000 for the respective periods. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, improved to 1.14%, versus 1.11% for fourth quarter 2012 and 1.11% for first quarter 2012.
Salisbury endeavors to work constructively to resolve its non-performing loan issues with customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral.
Capital
Both Salisbury and the Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At March 31, 2013 Salisbury’s Tier 1 leverage and total risk-based capital ratios were 10.17% and 16.47%, respectively. The Bank’s Tier 1 leverage and total risk-based capital ratios were 8.43% and 13.71%, respectively, compared with regulatory “well capitalized” minimums of 5.00% and 10.00%, respectively.
At March 31, 2013, Salisbury’s assets totaled $597 million. Book value and tangible book value per common share were $32.88 and $26.70, respectively. Tangible book value excludes goodwill and core deposit intangibles.
In August 2011, Salisbury received $16 million of capital from the U.S. Treasury’s Small Business Lending Fund (the “SBLF”) program and repaid the $8.8 million of capital received in 2009 from the U.S. Treasury’s Capital Purchase Program. The SBLF program was established to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. To date Salisbury has used this capital to increase its portfolio of qualified small business loans by $31.8 million and to augment its regulatory capital ratios. SBLF preferred stock dividends were $40,000 for the quarter, versus $40,000 for fourth quarter 2012 and $83,000 for first quarter 2012.
First quarter 2013 dividend on Common Shares
The Board of Directors of Salisbury Bancorp, Inc. (NASDAQ Capital Market: SAL), the holding company for Salisbury Bank and Trust Company, declared a $0.28 per common share quarterly cash dividend at their April 26, 2013 meeting. The dividend will be paid on May 31, 2013 to shareholders of record as of May 10, 2013.
Background
Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company; a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut, South Egremont and Sheffield, Massachusetts and Dover Plains and Millerton, New York. The Bank offers a full complement of consumer and business banking products and services as well as trust and wealth advisory services.
Forward-Looking Statements
Statements contained in this news release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in government regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, each filed with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission’s internet website (www.sec.gov) and to which reference is hereby made. Therefore, actual future results may differ significantly from results discussed in the forward-looking statements.
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS (unaudited)
| (in thousands, except share data) | March 31, 2013 | December 31, 2012 |
| ASSETS | | |
| Cash and due from banks | $ 4,982 | $ 9,545 |
| Interest bearing demand deposits with other banks | 26,459 | 34,029 |
| Total cash and cash equivalents | 31,441 | 43,574 |
| Securities | | |
| Available-for-sale at fair value | 118,664 | 126,287 |
| Federal Home Loan Bank of Boston stock at cost | 5,340 | 5,747 |
| Loans held-for-sale | 710 | 1,879 |
| Loans receivable, net (allowance for loan losses: $4,687 and $4,360) | 406,258 | 388,758 |
| Other real estate owned | 712 | 244 |
| Bank premises and equipment, net | 11,340 | 11,520 |
| Goodwill | 9,829 | 9,829 |
| Intangible assets (net of accumulated amortization: $1,801 and $1,745) | 742 | 798 |
| Accrued interest receivable | 2,021 | 1,818 |
| Cash surrender value of life insurance policies | 7,356 | 7,295 |
| Other assets | 2,930 | 3,064 |
| Total Assets | $ 597,343 | $ 600,813 |
| LIABILITIES and SHAREHOLDERS' EQUITY | | |
| Deposits | | |
| Demand (non-interest bearing) | $ 88,464 | $ 98,850 |
| Demand (interest bearing) | 67,714 | 65,991 |
| Money market | 129,832 | 128,501 |
| Savings and other | 109,657 | 103,985 |
| Certificates of deposit | 92,106 | 93,888 |
| Total deposits | 487,773 | 491,215 |
| Repurchase agreements | 2,329 | 1,784 |
| Federal Home Loan Bank of Boston advances | 31,574 | 31,980 |
| Deferred taxes | 456 | 590 |
| Accrued interest and other liabilities | 3,005 | 3,247 |
| Total Liabilities | 525,137 | 528,816 |
| Commitments and contingencies | - | - |
| Shareholders' Equity | | |
| Preferred stock - $.01 per share par value | | |
| Authorized: 25,000; Issued: 16,000 (Series B); | | |
| Liquidation preference: $1,000 per share | 16,000 | 16,000 |
| Common stock - $.10 per share par value | | |
| Authorized: 3,000,000; | | |
| Issued: 1,709,291 and 1,689,731 | 171 | 169 |
| Paid-in capital | 13,646 | 13,158 |
| Retained earnings | 40,187 | 40,233 |
| Accumulated other comprehensive loss, net | 2,202 | 2,437 |
| Total Shareholders' Equity | 72,206 | 71,997 |
| Total Liabilities and Shareholders' Equity | $ 597,343 | $ 600,813 |
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
| Periods ended March 31, | | Three months ended |
| (in thousands, except per share amounts) | | | 2013 | 2012 |
| Interest and dividend income | | | | |
| Interest and fees on loans | | | $ 4,429 | $ 4,595 |
| Interest on debt securities | | | | |
| Taxable | | | 467 | 716 |
| Tax exempt | | | 488 | 534 |
| Other interest and dividends | | | 22 | 13 |
| Total interest and dividend income | | | 5,406 | 5,858 |
| Interest expense | | | | |
| Deposits | | | 490 | 667 |
| Repurchase agreements | | | 1 | 13 |
| Federal Home Loan Bank of Boston advances | | | 312 | 495 |
| Total interest expense | | | 803 | 1,175 |
| Net interest income | | | 4,603 | 4,683 |
| Provision for loan losses | | | 396 | 180 |
| Net interest and dividend income after provision for loan losses | | | 4,207 | 4,503 |
| Non-interest income | | | | |
| Trust and wealth advisory | | | 725 | 755 |
| Service charges and fees | | | 516 | 521 |
| Gains on sales of mortgage loans, net | | | 279 | 372 |
| Mortgage servicing, net | | | 26 | (84) |
| Gains on securities, net | | | - | 12 |
| Other | | | 79 | 83 |
| Total non-interest income | | | 1,625 | 1,659 |
| Non-interest expense | | | | |
| Salaries | | | 1,750 | 1,710 |
| Employee benefits | | | 685 | 690 |
| Premises and equipment | | | 583 | 605 |
| Data processing | | | 419 | 402 |
| Professional fees | | | 380 | 313 |
| Collections and OREO | | | 157 | 111 |
| FDIC insurance | | | 125 | 128 |
| Marketing and community support | | | 122 | 87 |
| Amortization of intangibles | | | 56 | 56 |
| Other | | | 428 | 398 |
| Total non-interest expense | | | 4,705 | 4,500 |
| Income before income taxes | | | 1,127 | 1,662 |
| Income tax provision | | | 187 | 412 |
| Net income | | | $ 940 | $ 1,250 |
| Net income available to common shareholders | | | $ 900 | $ 1,167 |
| | | | | |
| Basic and diluted earnings per share | | | $ 0.53 | $ 0.69 |
| Common dividends per share | | | 0.28 | 0.28 |
Salisbury Bancorp, Inc. and Subsidiary
SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)
| At or for the three month periods ended | | | | | |
| (in thousands, except per share amounts and ratios) | Q1 2013 | Q4 2012 | Q3 2012 | Q2 2012 | Q1 2012 |
| Total assets | $ 597,343 | $ 600,813 | $ 611,037 | $ 600,857 | $ 598,950 |
| Loans receivable, net | 406,258 | 388,758 | 377,377 | 377,212 | 371,709 |
| Total securities | 124,004 | 132,034 | 131,412 | 141,409 | 151,666 |
| Deposits | 487,773 | 491,215 | 490,206 | 477,910 | 472,686 |
| FHLBB advances | 31,574 | 31,980 | 42,392 | 42,801 | 43,207 |
| Shareholders’ equity | 72,206 | 71,997 | 70,374 | 69,126 | 68,067 |
| Wealth assets under management | 404,211 | 388,113 | 388,807 | 372,506 | 377,259 |
| Non-performing loans | 8,585 | 9,860 | 9,229 | 8,409 | 7,606 |
| Non-performing assets | 9,297 | 10,104 | 9,870 | 8,409 | 7,606 |
| Accruing loans past due 30-89 days | 4,718 | 5,629 | 3,152 | 2,459 | 4,180 |
| Net interestand dividendincome | 4,603 | 4,434 | 4,572 | 4,687 | 4,683 |
| Net interest and dividend income, tax equivalent | 4,903 | 4,709 | 4,847 | 4,983 | 4,962 |
| Provision for loan losses | 396 | 380 | 330 | 180 | 180 |
| Non-interest income | 1,625 | 1,877 | 1,887 | 1,890 | 1,659 |
| Non-interest expense | 4,705 | 5,334 | 4,693 | 5,026 | 4,500 |
| Income before income taxes | 1,127 | 597 | 1,436 | 1,370 | 1,662 |
| Income tax provision | 187 | 26 | 296 | 254 | 412 |
| Net income | 940 | 571 | 1,140 | 1,116 | 1,250 |
| Net income available to common shareholders | 900 | 531 | 1,094 | 1,069 | 1,167 |
| | | | | | |
| Per share data | | | | | |
| Basic and diluted earnings per common share | $ 0.53 | $ 0.31 | $ 0.65 | $ 0.63 | $ 0.69 |
| Dividends per common share | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 |
| Book value per common share | 32.88 | 33.14 | 32.18 | 31.44 | 30.83 |
| Tangible book value per common share - Non-GAAP⁽¹⁾ | 26.70 | 26.85 | 25.86 | 25.09 | 24.44 |
| | | | | | |
| Weighted average equivalent common shares outstanding, diluted | 1,701 | 1,690 | 1,690 | 1,689 | 1,689 |
| Common shares outstanding at end of period | 1,709 | 1,690 | 1,690 | 1,690 | 1,689 |
| | | | | | |
| Profitability ratios | | | | | |
| Net interest margin (tax equivalent) | 3.54% | 3.32% | 3.39% | 3.58% | 3.54% |
| Efficiency ratio (tax equivalent) | 70.91 | 71.41 | 66.05 | 66.39 | 66.86 |
| Non-interest income to operating revenue | 26.08 | 29.74 | 29.21 | 25.73 | 26.02 |
| Effective income tax rate | 16.59 | 4.32 | 20.63 | 18.54 | 24.82 |
| Return on average assets | 0.61 | 0.35 | 0.71 | 0.72 | 0.78 |
| Return on average common shareholders’ equity | 6.46 | 3.85 | 8.05 | 8.10 | 9.05 |
| | | | | | |
| Credit quality ratios | | | | | |
| Net charge-offs to average loans receivable, gross | 0.07% | 0.21% | 0.38% | 0.15% | 0.10% |
| Non-performing loans to loans receivable, gross | 2.09 | 2.51 | 2.43 | 2.21 | 2.03 |
| Accruing loans past due 30-89 days toloans receivable, gross | 1.15 | 1.44 | 0.83 | 0.65 | 1.12 |
| Allowance for loan losses to loans receivable, gross | 1.14 | 1.11 | 1.10 | 1.11 | 1.11 |
| Allowance for loan losses to non-performing loans | 54.59 | 44.22 | 45.28 | 50.04 | 54.77 |
| Non-performing assets to total assets | 1.56 | 1.68 | 1.62 | 1.40 | 1.27 |
| | | | | | |
| Capital ratios | | | | | |
| Common shareholders' equity to assets | 9.41% | 9.32% | 8.90% | 8.84% | 8.69% |
| Tangible common shareholders' equity to assets - Non-GAAP(1) | 7.78 | 7.69 | 7.28 | 7.18 | 7.02 |
| Tier 1 leverage capital | 10.17 | 9.87 | 9.78 | 9.92 | 9.69 |
| Total risk-based capital | 16.47 | 16.63 | 17.00 | 16.65 | 16.34 |
⁽¹⁾Refer to schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.
Salisbury Bancorp, Inc. and Subsidiary
SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)
| At or for the quarters ended | | | | | |
| (in thousands, except per share amounts and ratios) | Q1 2013 | Q4 2012 | Q3 2012 | Q2 2012 | Q1 2012 |
| Shareholders' Equity | $ 72,206 | $ 71,997 | $ 70,374 | $ 69,126 | $ 68,067 |
| Less: Preferred Stock | (16,000) | (16,000) | (16,000) | (16,000) | (16,000) |
| Common Shareholders' Equity | 56,206 | 55,997 | 54,374 | 53,126 | 52,067 |
| Less: Goodwill | (9,829) | (9,829) | (9,829) | (9,829) | (9,829) |
| Less: Intangible assets | (742) | (798) | (853) | (909) | (964) |
| Tangible Common Shareholders' Equity | $ 45,635 | $ 45,370 | $ 43,692 | $ 42,388 | $ 41,274 |
| Total Assets | $ 597,343 | $ 600,813 | $ 611,037 | $ 600,857 | $ 598,950 |
| Less: Goodwill | (9,829) | (9,829) | (9,829) | (9,829) | (9,829) |
| Less: Intangible assets | (742) | (798) | (853) | (909) | (964) |
| Tangible Total Assets | $ 586,772 | $ 590,186 | $ 600,355 | $ 590,119 | $ 588,157 |
| Common Shares outstanding | 1,709 | 1,690 | 1,690 | 1,690 | 1,689 |
| | | | | | |
| Book value per Common Share – GAAP | $ 32.88 | $ 33.14 | $ 32.18 | $ 31.44 | $ 30.83 |
| Tangible book value per Common Share - Non-GAAP | 26.70 | 26.85 | 25.86 | 25.09 | 24.44 |
| | | | | | |
| Common Equity to Assets – GAAP | 9.41% | 9.32% | 8.90% | 8.84% | 8.69% |
| Tangible Common Equity to Assets – Non-GAAP | 7.78 | 7.69 | 7.28 | 7.18 | 7.02 |
| | | | | | |
| Non-interest expense | $ 4,705 | $ 5,334 | $ 4,693 | $ 5,026 | $ 4,500 |
| Less: Amortization of core deposit intangibles | (56) | (56) | (56) | (56) | (56) |
| Less: Foreclosed property expense | (20) | (125) | (39) | 7 | (24) |
| Less: Nonrecurring expenses | | | | | |
| Pension plan curtailment | - | - | - | (341) | - |
| FHLBB prepayment fee | - | (450) | - | - | - |
| Litigation settlement | - | - | (150) | (250) | - |
| Operating Expenses | $ 4,629 | $ 4,703 | $ 4,448 | $ 4,386 | $ 4,420 |
| Net interest and dividend income, tax equivalent | $ 4,903 | $ 4,709 | $ 4,847 | $ 4,983 | $ 4,962 |
| Non-interest income | 1,625 | 1,877 | 1,887 | 1,890 | 1,659 |
| Less: Gains on securities, net | - | - | - | (267) | (12) |
| Operating Revenue | $ 6,528 | $ 6,582 | $ 6,734 | $ 6,606 | $ 6,609 |
| Efficiency Ratio | 70.91% | 71.41% | 66.05% | 66.39% | 66.86% |
