Market Overview

BCB Bancorp, Inc. Earnings Increase 59.0 Percent to $4.6 Million in the First Quarter of 2018; Declares Cash Dividend of $0.14 Per Share

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BAYONNE, N.J., April 23, 2018 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the "Company"), Bayonne, NJ (NASDAQ:BCBP), the holding company for BCB Community Bank (the "Bank"), today reported income increased 59.0 percent, to $4.6 million, or $0.29 per diluted share, for the first quarter of 2018, compared with $2.9 million, or $0.25 per diluted share, for the first quarter of 2017. In the preceding quarter, following the reevaluation of its net deferred tax asset by $2.2 million, net income was $1.3 million, or $0.08 per diluted share.

Additionally, the Company's board of directors declared a quarterly cash dividend of $0.14 per share. The dividend will be payable May 18, 2018 to shareholders of record May 4, 2018. The current annualized yield is 3.57 percent based on recent market prices.

"During the first quarter of 2018, we continued to improve our operating performance, with good loan origination and deposit growth as well as continued strong net interest income," stated Thomas Coughlin, President and Chief Executive Officer.  "Additionally, our recently completed acquisition of IA Bancorp, Inc. will provide tremendous opportunities to continue to generate strong revenue growth going forward.  We are focused on integrating the two banks and expect this acquisition will result in significant benefits to our expanding group of clients, communities and shareholders."

On April 17, 2018, the Company announced that it had completed its acquisition of IA Bancorp, Inc. and its wholly-owned subsidiary, Indus-American Bank, of Edison, New Jersey. Indus-American Bank has been merged with and into the Bank. As of the closing date, the combined company has approximately $2.306 billion in assets and 28 branches in New Jersey and New York.

First Quarter 2018 Financial Highlights

  • Net income increased 59.0 percent to $4.6 million, or $0.29 per diluted share, in 1Q18, compared to $2.9 million, or $0.25 per diluted share in 1Q17.
  • Net interest income, before the provision for loan losses, increased 12.6 percent to $16.4 million in the current quarter compared to $14.6 in the first quarter a year ago.
  • Net interest margin was 3.34 percent for the current quarter, compared to 3.43 percent in the first quarter a year ago.
  • Return on average assets was 0.92 percent in the current quarter, compared to 0.68 percent in the first quarter a year ago.
  • Return on average equity was 10.48 percent in the current quarter, compared to 9.48 percent in the first quarter a year ago.
  • Allowance for loan loss as a percentage of non-accrual loans improved to 172.7 percent, as compared to 103.2 percent at March 31, 2017.
  • Net loans receivable increased 7.4 percent to $1.765 billion at March 31, 2018, compared to $1.644 billion three months earlier.
  • Declared a quarterly cash dividend to shareholders of $0.14 per share.

Balance Sheet Review

Total assets increased by $139.5 million, or 7.2 percent, to $2.082 billion at March 31, 2018 from $1.943 billion at December 31, 2017. The increase in total assets occurred primarily as a result of an increase in loans receivable of $120.9 million, an increase in cash and cash equivalents of $13.1 million, and an increase in total securities available for sale of $4.7 million. Management is concentrating on maintaining adequate liquidity in anticipation of funding loans in the loan pipeline as well as seeking opportunities to purchase securities in the secondary market that provide competitive returns in a risk-mitigated environment. It is our intention to grow our assets at a measured pace consistent with our capital levels and as business opportunities permit.

Loans receivable increased by $120.9 million, or 7.4 percent, to $1.765 billion at March 31, 2018 from $1.644 billion at December 31, 2017, due to a robust loan pipeline in the first quarter. The increase resulted primarily from increases of $101.9 million in commercial real estate and multi-family loans, commercial business loans of $10.2 million, $6.5 million in residential one-to-four family loans, and $5.4 million in home equity loans, partly offset by decreases in construction loans of $2.0 million. The allowance for loan losses was $18.3 million, or 172.7 percent of non-performing loans and 1.03 percent of gross loans, at March 31, 2018 as compared to an allowance for loan losses of $17.4 million, or 133.3 percent of non-performing loans and 1.05 percent of gross loans, at December 31, 2017. This significant improvement in asset quality comes as a result of overall improvements in past due loans, foreclosures, and non-performing loans. As compared to December 31, 2017, past due loans decreased by 40.0 percent, while foreclosures and non-performing loans decreased by 12.0 percent and 18.5 percent, respectively.

Total cash and cash equivalents increased by $13.1 million, or 10.5 percent, to $137.3 million at March 31, 2018 from $124.2 million at December 31, 2017 primarily due to the Company's strategy to increase liquidity and our deposit base.

Total securities available for sale increased by $4.7 million, or 3.9 percent, to $127.3 million at March 31, 2018 from $122.6 million at December 31, 2017, as the Company deployed excess cash to improve returns on interest-earning assets and liquidity.

Deposit liabilities increased by $122.0 million, or 7.8 percent, to $1.691 billion at March 31, 2018 from $1.569 billion at December 31, 2017. The increase resulted primarily from increases of $77.3 million in certificates of deposit, $17.1 million in money market checking accounts, $14.0 million in NOW deposit accounts, $10.2 million in non-interest bearing deposit accounts, and $3.4 million in savings and club accounts. In addition to organic deposit growth being generated from the continued maturation of seven additional branches opened in 2016, the Company has also added listing service certificates of deposit and brokered certificates of deposit to fund loan growth, which totaled $34.5 million and $122.4 million, respectively, at March 31, 2018.

Long-term debt increased by $15.0 million, or 8.1 percent, to $200.0 million at March 31, 2018 from $185.0 million at December 31, 2017, the net result of Federal Home Loan Bank ("FHLB") advances and scheduled maturities. These borrowings augmented deposits as the Company's funding source for originating loans and investing in investment securities. The weighted average interest rate of borrowings was 2.03 percent at March 31, 2018.

Stockholders' equity increased by $932,000, or 0.5 percent, to $177.4 million at March 31, 2018 from $176.4 million at December 31, 2017. The increase in stockholders' equity was primarily attributable to an increase in retained earnings of $2.5 million, or 8.0 percent, to $33.7 million at March 31, 2018 from $31.2 million at December 31, 2017, resulting primarily from net income of $4.6 million less dividends paid of $2.2 million, partly offset by an increase in accumulated other comprehensive losses of $1.8 million, or 58.5 percent, related to an unrealized loss of $5.0 million at March 31, 2018 from an unrealized loss of $3.2 million at December 31, 2017. The Company accrued a dividend payable for the first quarter on our outstanding preferred stock of $166,000 which will be paid in the second quarter.

Income Statement Review

Net interest income increased by $1.8 million, or 12.6 percent, to $16.4 million for the first quarter of the 2018 from $14.6 million for the first quarter of 2017. The increase in net interest income resulted primarily from an increase in the average balance of interest-earning assets of $265.0 million, or 15.6 percent, to $1.967 billion in the first quarter of 2018 from $1.702 billion for the first quarter a year ago. Net interest margin was 3.34 percent for the first quarter of 2018 compared to 3.43 percent for the first quarter a year ago. "The slight margin compression resulted from rising costs of funds and increased liquidity levels, as well as some decline in average loan yields," added Coughlin.

Interest income on loans receivable increased by $2.0 million, or 11.3 percent, to $19.5 million for the three months ended March 31, 2018 from $17.5 million as compared to the three months ended March 31, 2017. The increase was primarily attributable to an increase in the average balance of loans receivable of $196.3 million, or 12.9 percent, to $1.721 billion for the three months ended March 31, 2018 from $1.525 billion for the three months ended March 31, 2017, partly offset by a decrease in the average yield on loans of six basis points to 4.54 percent for the three months ended March 31, 2018 from 4.60 percent for the three months ended March 31, 2017. The increase in the average balance of loans receivable was in accordance with the Company's growth strategy, which included growing the Bank's geographic footprint vis-à-vis our organic branching strategy and the hiring of seasoned loan and business development officers. The decrease in average yield on loans reflected the competitive price environment prevalent in the Company's primary market area.

Interest income on securities increased by $173,000, or 27.5 percent, to $803,000 for the three months ended March 31, 2018 from $630,000 for the three months ended March 31, 2017. This increase was primarily due to an increase in the average balance of securities of $27.4 million, or 28.6 percent, to $123.4 million for the three months ended March 31, 2018 from $96.0 million for the three months ended March 31, 2017, partly offset by a decrease in the average yield on securities of 17 basis points to 2.60 percent for the three months ended March 31, 2018 from 2.77 percent for the three months ended March 31, 2017. The decrease in the average yield on securities related to the mix of investments in the portfolio.

Interest income on other interest-earning assets increased by $335,000, or 118.4 percent to $618,000 for the three months ended March 31, 2018 from $283,000 for the three months ended March 31, 2017. This increase was primarily due to an increase in the yield on other interest-earning assets of 130 basis points to 2.01 percent for the three months ended March 31, 2018 from 0.71 percent for the three months ended March 31, 2017, as well as an increase in the average balance of other interest earning assets of $41.3 million, or 50.5 percent, to $123.2 million for the three months ended March 31, 2018 from $81.8 million for the three months ended March 31, 2017. The increase in the average balance of other interest-earning assets related to an increase in interest-earning deposits held with the Federal Reserve Bank and the FHLB and is consistent with the Company's strategy of maintaining appropriate levels of liquidity. The increase in the average yield on other interest-earning assets correlates to the increases in the fed funds rate that have occurred over the last 12 months.  

Total interest expense increased by $652,000, or 16.9 percent, to $4.5 million for the three months ended March 31, 2018 from $3.8 million for the three months ended March 31, 2017. This increase resulted primarily from an increase in the average balance of interest-bearing liabilities of $184.8 million, or 12.8 percent, to $1.633 billion for the three months ended March 31, 2018 from $1.448 billion for the three months ended March 31, 2017, as well as an increase in the average rate on interest-bearing liabilities of 4 basis points to 1.10 percent for the three months ended March 31, 2018 from 1.06 percent for the three months ended March 31, 2017. The increase in total interest expense was lessened by lower borrowing expense due to the scheduled repayment of high-cost long-term borrowings that were repaid in 2017.

Net interest margin was 3.34 percent for the three-month period ended March 31, 2018 and 3.43 percent for the three-month period ended March 31, 2017. The decrease in the net interest margin was the result of the competitive pressures in attracting new loans and deposits, as evidenced by a decline in the average yield on loans and an increase in the average cost of deposits.

Total non-interest income increased by $1.1 million, or 46.4 percent, to $3.4 million for the three months ended March 31, 2018 from $2.3 million for the three months ended March 31, 2017. The increase in total non-interest income mainly related to an increase in other non-interest income of $2.2 million for the three months ended March 31, 2018 from $28,000 for the three months ended March 31, 2017 as a result of $2.1 million in proceeds received from a legal settlement, as well as an increase in the gain on sale of loans of $245,000 to $583,000 for the three months ended March 31, 2018 from $338,000 for the three months ended March 31, 2017. These increases were partly offset by a gain on sale of other real estate owned properties that totaled $1.2 million for the three months ended March 31, 2017, with no comparable gains for the three months ended March 31, 2018, as well as a loss on equity securities of $127,000 for the three months ended March 31, 2018 with no comparable losses in the three months ended March 31, 2017. The addition of gains and losses on equity securities to the Company's consolidated financial statements comes as a result of the adoption of ASU 2016-01.

Total non-interest expense increased by $449,000, or 3.9 percent, to $12.0 million for the three months ended March 31, 2018 from $11.6 million for the three months ended March 31, 2017. Salaries and employee benefits expense increased by $177,000, or 2.9 percent, to $6.3 million for the three months ended March 31, 2018 from $6.1 million for the three months ended March 31, 2017. Professional fees increased by $142,000, or 39.1 percent, to $505,000 for the three months ended March 31, 2018 from $363,000 for the three months ended March 31, 2017. The increase in professional fees relates mainly to expenses incurred with in the process of the Company's acquisition of IA Bancorp. Data processing costs increased by $76,000, or 11.6 percent, to $729,000 for the three months ended March 31, 2018 from $653,000 for the three months ended March 31, 2017. Other non-interest expense increased by $175,000, or 11.1 percent, to $1.7 million for the three months ended March 31, 2018 from $1.6 million for the three months ended March 31, 2017. Other non-interest expense consisted of loan expense, business development, office supplies, correspondent bank fees, telephone and communication and other fees and expenses. The increase in total-non-interest expense was partly offset by decreases in regulatory assessments of $122,000, or 33.8 percent, to $239,000 for the three months ended March 31, 2018 from $361,000 for the three months ended March 31, 2017, as well as decreases in occupancy and equipment expense of $96,000, or 4.4 percent, to $2.1 million for the three months ended March 31, 2018 from $2.2 million for the three months ended March 31, 2017, and a reduction in advertising expense of $58,000, or 40.6 percent, to $85,000 for the three months ended March 31, 2018 from $143,000 for the three months ended March 31, 2017.

The income tax provision decreased by $104,000, or 5.3 percent, to $1.8 million for the three months ended March 31, 2018 from $1.9 million for the three months ended March 31, 2017. The decrease in the income tax provision comes as a result of the lower tax provision as mandated by enactment of the Tax Cuts and Jobs Act of 2017, partly offset by higher taxable income for the three months ended March 31, 2018 as compared to that same period for 2017. The consolidated effective tax rate for the three months ended March 31, 2018 was 28.4 percent compared to 40.0 percent for the three months ended March 31, 2017.

Asset Quality

"We saw a significant improvement in asset quality during the quarter, which comes as a result of overall improvements in past due loans, foreclosures, and non-performing loans," said Coughlin. "As a result, past due loans decreased by 40.0 percent, while foreclosures and non-performing loans decreased by 12.0 percent and 18.5 percent, respectively, compared to three months earlier."

Nonperforming loans totaled $10.6 million, or 0.60 percent of gross loans at March 31, 2018, compared to $13.4 million, or 0.80 percent of gross loans at December 31, 2017 and $17.0 million, or 1.10 percent of gross loans, a year earlier. There were no loans past due 90 days and still accruing at March 31, 2018, compared to $315,000 at December 31, 2017. There were no loans past due 90 days and still accruing at the end of the first quarter a year ago.

Performing restructured loans that were not included in nonaccrual loans at March 31, 2018, were $21.4 million, compared to $20.1 million at December 31, 2017 and $22.2 million at March 31, 2017. Borrowers who are in financial difficulty and who have been granted concessions that may include interest rate reductions, term extensions, or payment alterations are categorized as restructured loans. 

Other real estate owned (OREO) totaled $1.4 million at March 31, 2018, compared to $532,000 at December 31, 2017 and $2.6 million March 31, 2017. 

Nonperforming assets (NPAs), consisting of nonperforming loans, OREO, and loans delinquent 90 days or more, were $12.0 million, or 0.58 percent of assets, at March 31, 2018, compared to $13.9 million, or 0.71 percent of assets, three months earlier, and $19.6 million, or 1.08 percent of assets, a year ago. 

The first quarter provision for loan losses was $1.3 million compared to $325,000, in the preceding quarter and $498,000 in the first quarter a year ago.  The allowance for loan losses was $18.3 million, or 1.03 percent of gross loans at March 31, 2018, compared to $17.4 million, or 1.05 percent of gross loans at December 31, 2017, and $17.5 million, or 1.13 percent of gross loans a year ago.  As of March 31, 2018, the allowance for loan losses represented 172.7 percent of nonaccrual loans compared to 133.3 percent three months earlier, and 103.2 percent one year earlier.  Net charge-offs were $380,000 in the first quarter, compared to $1.4 million in the preceding quarter and $181,000 in the first quarter a year ago. 

About BCB Bancorp, Inc.

Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ:BCBP). The Bank has 28 branch offices in Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township, Parsippany, Plainsboro, Rutherford, South Orange, Union, and Woodbridge, New Jersey, three branches in Hicksville and Staten Island, New York, and a loan production office in Manhattan. The Bank provides business and individuals a wide range of loans, deposit products, and retail and commercial banking services.  For more information, please go to www.bcb.bank.

Forward-Looking Statements

This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to factors previously disclosed in the Company's reports filed with the U.S. Securities and Exchange Commission (the "SEC") and those identified elsewhere in this document, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: difficulties and delays in integrating the Indus-American Bank business or fully realizing cost savings and other benefits of the Merger; business disruption following the Merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of BCB products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Contact: Thomas Coughlin, 
  President & CEO
  Thomas Keating, CFO
  (201) 823-0700


BCB BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(In Thousands, Except Share and Per Share Data, Unaudited)

           
           
  March 31,   December 31,
  2018
  2017 
           
ASSETS          
Cash and amounts due from depository institutions $ 13,299     $ 16,460  
Interest-earning deposits   124,035       107,775  
  Total cash and cash equivalents   137,334       124,235  
           
Interest-earning time deposits    980        980  
Debt securities available for sale    119,158        114,295  
Equity investments    8,166        8,294  
Loans held for sale    208        1,295  
Loans receivable, net of allowance for loan losses          
  of $18,337 and $17,375 respectively    1,764,597        1,643,677  
Federal Home Loan Bank of New York stock, at cost    10,886        10,211  
Premises and equipment, net    18,295        18,768  
Accrued interest receivable    6,052        6,153  
Other real estate owned    1,412        532  
Deferred income taxes    6,144        5,144  
Other assets    9,081        9,253  
  Total Assets $  2,082,313     $  1,942,837  
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
LIABILITIES          
Non-interest bearing deposits $  211,251     $  201,043  
Interest bearing deposits    1,480,102        1,368,327  
  Total deposits    1,691,353        1,569,370  
Short-term debt    -        -  
Long-term debt    200,000        185,000  
Subordinated debentures    4,124        4,124  
Other liabilities and accrued interest payable    9,450        7,889  
  Total Liabilities    1,904,927        1,766,383  
           
STOCKHOLDERS' EQUITY          
Preferred stock: $0.01 par value, 10,000,000 shares authorized,          
  issued and outstanding 1,342 shares of series C 6% and series D 4.5% noncumulative          
  perpetual preferred stock (liquidation value $10,000 per share) at March 31, 2018 and 1,342 shares          
  of series C 6% and series D 4.5% noncumulative preferred stock at December 31, 2017    -       -  
Additional paid-in capital preferred stock    13,241        13,241  
Common stock; no par value; 20,000,000 shares authorized, issued 17,586,243 and 17,572,942          
  at March 31, 2018 and December 31, 2017, respectively, outstanding 15,055,400 shares and          
  15,042,179 shares, respectively    -        -  
Additional paid-in capital common stock   164,512        164,230  
Retained earnings    33,728       31,241  
Accumulated other comprehensive (loss)    (4,979 )      (3,142 )
Treasury stock, at cost, 2,530,763 shares at March 31, 2018 and December 31, 2017    (29,116 )      (29,116 )
  Total Stockholders' Equity    177,386       176,454  
           
  Total Liabilities and Stockholders' Equity $  2,082,313     $  1,942,837  
           


BCB BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In Thousands, except for per share amounts, Unaudited)

           
           
  Three Months Ended March 31,
    2018       2017
           
Interest income:          
  Loans, including fees $  19,521     $  17,542
  Mortgage-backed securities   699       527
  Municipal bonds and other debt   104        103
  FHLB stock and other interest earning assets   618       283
  Total interest income   20,942        18,455
           
Interest expense:          
  Deposits:          
  Demand    797        673
  Savings and club    97        99
  Certificates of deposit    2,730        2,011
     3,624        2,783
  Borrowed money    878        1,067
  Total interest expense    4,502        3,850
           
Net interest income    16,440        14,605
Provision for loan losses    1,342        498
           
Net interest income after provision for loan losses    15,098        14,107
           
Non-interest income:          
  Fees and service charges    710        796
  Gain on sales of loans    583        338
  Loss on bulk sale of impaired loans held in portfolio    (24 )      -
  Gain on sales of other real estate owned    -        1,151
  Loss on Equity investments    (127 )      -
  Other    2,244        28
  Total non-interest income    3,386        2,313
           
Non-interest expense:          
  Salaries and employee benefits    6,267        6,090
  Occupancy and equipment    2,062        2,158
  Data processing and service fees    729        653
  Professional fees    505        363
  Director fees    201        180
  Regulatory assessments    239        361
  Advertising and promotional    85        143
  Other real estate owned, net    31        42
  Merger related costs    145        -
  Other    1,747        1,572
  Total non-interest expense    12,011        11,562
           
Income before income tax provision    6,473        4,858
Income tax provision    1,841        1,945
           
Net Income $  4,632     $  2,913
Preferred stock dividends    166        118
Net Income available to common stockholders $  4,466     $  2,795
           
Net Income per common share-basic and diluted          
Basic $  0.30     $  0.25
Diluted $  0.29     $  0.25
           
Weighted average number of common shares outstanding          
Basic    15,048        11,278
Diluted    15,181        11,360


  Financial condition data by quarter
  Q1 2018
  Q4 2017
  Q3 2017
  Q2 2017
  Q1 2017
  Q4 2016
 
             
  (In thousands)
Total assets  $   2,082,313   $   1,942,837   $   1,871,740   $   1,815,843   $   1,805,332   $   1,708,208  
Cash and cash equivalents    137,334     124,235     97,618     75,047     114,422     65,038  
Securities available for sale   127,324     122,589     100,077     105,803     106,183     94,765  
Loans receivable, net    1,764,597     1,643,677     1,619,245     1,577,181     1,528,756     1,485,159  
Deposits    1,691,353     1,569,370     1,546,148     1,496,260     1,513,844     1,392,205  
Borrowings    200,000     185,000     138,000     174,000     155,000     175,000  
Stockholders' equity    177,386     176,454     177,568     132,781     127,011     131,081  
             
  Operating data by quarter
  Q1 2018
  Q4 2017
  Q3 2017
  Q2 2017
  Q1 2017
  Q4 2016
 
             
  (In thousands, except for per share amounts)
Net interest income  $   16,440   $   16,642   $   15,574   $   15,063   $   14,605   $   14,402  
Provision for loan losses      1,342       325       511       776       498       102  
Non-interest income    3,386     1,515     1,633     2,022     2,313     1,433  
Non-interest expense    12,011     12,035     11,299     12,148     11,562     11,649  
Income tax expense    1,841     4,458     2,180     1,648     1,945     1,611  
Net income  $   4,632   $   1,339   $   3,217   $   2,513   $   2,913   $   2,473  
Net income per share: $   0.30   $   0.08   $   0.25   $   0.21   $   0.25   $   0.20  
Common Dividends declared per share  $   0.14   $   0.14   $   0.14   $   0.14   $   0.14   $   0.14  
             
  Financial Ratios
  Q1 2018
Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016
Return on average assets    0.92 %   0.28 %   0.70 %   0.56 %   0.68 %   0.60 %
Return on average stockholder's equity   10.48 %   3.01 %   9.17 %   7.90 %   9.48 %   7.64 %
Net interest margin   3.34 %   3.56 %   3.50 %   3.45 %   3.43 %   3.48 %
Stockholder's equity to total assets   8.52 %   9.08 %   9.49 %   7.31 %   7.04 %   7.67 %
             
  Asset Quality Ratios
  (In thousands, except for per share amounts)
    Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016
Non-Accrual Loans $   10,619   $   13,036   $   16,958   $   15,456   $   16,987   $   15,652  
Non-Accrual Loans as a % of Total Loans   0.60 %   0.78 %   1.03 %   0.97 %   1.10 %   1.04 %
ALLL as % of Non-Accrual Loans   172.68 %   133.28 %   108.79 %   116.23 %   103.17 %   109.95 %
Impaired Loans     36,199       37,786       40,992       43,326       45,830       45,419  
Classified Loans     20,299       21,730       26,663       27,422       29,357       29,324  

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