Market Overview

California BanCorp Reports Record Earnings of $2.2 million, Up 17% from 2Q17, and a Strong 16% Core Deposit Growth

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OAKLAND, Calif., July 25, 2018 (GLOBE NEWSWIRE) -- California BanCorp (the "Company") (OTCQX:CALB), the parent company of California Bank of Commerce (the "Bank"), today announced record earnings and strong asset growth year-over-year for the second quarter of 2018. 

Net income increased 17% to $2.2 million, or $0.33 per share for the second quarter of 2018 from $1.9 million, or $0.30 per share, for the second quarter of 2017.  Net income for the three months ended June 30, 2018 excluding non-recurring expenses was $2.6 million, a 39% increase over 2017 and $0.39 per share, a 31% increase over per share income in the prior year quarter.

For the first six months ended June 30, 2018, net income increased 16% to $4.1 million, or $0.63 per share, compared to $3.5 million, or $0.57 per share, for the first six months of 2017.  Net income for the six months ended June 30, 2018 excluding non-recurring expenses was $4.7 million, a 34% increase over 2017 and $0.72 per share, a 27% increase over per share income in the prior year period.

Earnings growth between the periods was the result of strong loan growth of $50 million to $753 million at June 30, 2018 compared to a year ago, primarily in C&I loans, which increased by $32 million or 11% to $330 million.

Total assets reached a record $911 million as of June 30, 2018, up 13% or $105 million compared to a year ago. This growth was propelled by strong commercial deposit generation as shown by a $50 million, or 18%, increase in non-interest bearing deposits and an additional $48 million, or 14% increase, in core commercial interest-bearing deposits.

"The strong C&I loan and non-interest bearing core deposit growth over the past year is the result of the Bank's focus on its core middle-market relationship banking model supported by key hires of seasoned commercial bankers throughout the San Francisco Bay Area," stated Steven Shelton, President and Chief Executive Officer.

To support the Bank's continued Bay Area expansion, "we also recently announced the formation of a Professional Banking Division to provide custom liquidity and credit solutions to clients in the legal, accounting, insurance and not-for-profit industries," added Shelton.

Financial Highlights

June 30, 2018 compared to June 30, 2017

  • Total assets increased by $105 million, or 13% to a record level of $911 million.
  • Gross loans increased by $50 million, or 7% to a record level of $753 million.
  • Total deposits increased by $94 million, or 13% to a record level of $800 million.
  • Total equity increased by $9.4 million, or 11% to $91 million.

Income Statement

Three months ended June 30, 2018 compared to June 30, 2017

  • Net income increased by $308 thousand or 17% to $2.2 million.
  • Net interest income increased by $708 thousand, or 9% to $8.6 million.
  • Non-interest income increased by $106 thousand, or 14% to $888 thousand.
  • Return on average tangible common equity increased to 10.5% from 10.2%.
  • Return on average assets increased to 0.97% from 0.94%.
  • Core earnings increased by $730 thousand or 39% to $2.6 million.
  • Core return on average tangible common equity increased to 12.6% from 10.2%.
  • Core return on average assets increased to 1.16% from 0.94%.

Income Statement

Six months ended June 30, 2018 compared to June 30, 2017

  • Net income increased by $566 thousand or 16% to $4.1 million.
  • Net interest income increased by $1,849 thousand, or 12% to $17.0 million.
  • Non-interest income increased by $389 thousand, or 25% to $1.9 million.
  • Return on average tangible common equity increased to 10.2% from 9.9%.
  • Return on average assets increased to 0.93% from 0.92%.
  • Core earnings increased by $1,201 thousand or 34% to $4.7 million.
  • Core return on average tangible common equity increased to 11.8% from 10.0%.
  • Core return on average assets increased to 1.07% from 0.92%.

 Balance Sheet

Total loans increased by $50 million or 7% from $703 million at June 30, 2017 to $753 million at June 30, 2018.  The largest categories of growth within the loan portfolio were in commercial & industrial loans at $32 million and construction loans at $22 million.  As a result of extraordinary pay-offs over the period, commercial real estate loans were up by only $1 million.

Total deposits increased by $94 million, or 13% from $706 million at June 30, 2018 to $800 million at June 30, 2017, with growth primarily concentrated in commercial non-interest bearing deposits of $50 million, which increased by 18% to $327 million and in commercial interest-bearing transaction accounts of $48 million, which increased by 14% to $383 million.  Time deposits decreased by $4 million, or 4% to $90 million at June 30, 2018.  Non-interest bearing deposits were 41% of total deposits at June 30, 2018, which has contributed to a relatively lower deposit beta compared to other banks.

Shareholder's Equity

Total shareholder's equity increased by $9.4 million, or 11% from $81.8 million at June 30, 2017 to $91.2 million at June 30, 2018.  The $9.4 million increase includes earnings during the twelve-month period totaling $6.5 million and stock option activity totaling $2.6 million related to the exercise of stock options originally issued at the inception of the Bank in 2007.  The tangible book value per common share increased from $11.70 at June 30, 2017 to $12.49 at June 30, 2018.

Net Interest Income and Net Interest Margin – three months ended June 30, 2018 and June 30, 2017

Net interest income was $8.6 million for the three months ended June 30, 2018, an increase of $708 thousand or 9% from $7.9 million for the same period in 2017.  The increase in net interest income includes an increase of $1.2 million in interest income; the largest component of which was an increase in interest and fees on loans of $904 thousand.  This increase in interest and fees on loans was primarily attributable to an increase in the average balance of loans outstanding of $44 million and the change in the Prime interest rate between the periods, with the yield on loans increasing by 20 basis points from 4.83% during the 2017 quarter to 5.03% during the current quarter.

As a result of strong growth of $116 million, or 17% in average total deposits to $786 million during the second quarter of 2018, coupled with higher than normal loan pay-offs, the Bank's average cash and due from balances were substantially higher during the period, increasing by $58 million to $79 million which, in addition to an increase in average yield of 74 basis points to 1.81%, as the rates paid on balances with the Federal Reserve Bank, which increased in tandem with the Federal Funds rates between the periods, led to a $301 thousand increase in interest income to $357 thousand in the current quarter compared to the 2017 quarter.

With the higher level of lower yielding cash balances during the second quarter of 2018 when compared to loans, the yield on total interest-earning assets increased by a modest 2 basis points to 4.68% compared to 4.66% during the second quarter of 2017.  Also, during the second quarter of 2017, the Bank experienced extraordinary loan growth with an average loan to deposit ratio of 105% during the quarter compared to 95% during the 2018 second quarter, which muted the yield expansion on average total earning assets between the periods.

Both average non-interest-bearing and average interest-bearing deposits grew at a strong rate between the quarters, with non-interest-bearing deposits up by $54 million, or 20% to $318 million and interest-bearing deposits up by $62 million, or 15% to $468 million during the second quarter of 2018. The increase in the average balance of interest-bearing deposits, as well as higher interest rates between the periods led to an increase in interest paid on deposits of $450 thousand to $997 thousand during the second quarter of 2018 and an increase in the average rate paid of 18 basis points to 0.51% in the second quarter of 2018 compared to 0.33% in the 2017 quarter.

With strong deposit growth between the periods, average borrowed funds were down significantly by $25 million to $16 million during the second quarter of 2018 compared to the 2017 quarter.  While the average balance declined, the average rate paid on these borrowed funds rose to 5.2% during the second quarter of 2018, up by 3.6% from 1.6% paid during the 2017 period, as the borrowings shifted from primarily short-term overnight borrowing in 2017 to term borrowing during the 2018 second quarter.  At June 30, 2017, the Company entered into a $10 million term loan to provide capital funds to the Bank.  This loan, in addition to $5 million in outstanding subordinated debt, comprised the majority of the borrowed funds outstanding during the 2018 second quarter.

The combination of the strong average deposit balances and commensurate heavy cash position during the second quarter of 2018, when compared to 2017, led the net interest margin to decline by 18 basis points to 4.10% during the period compared to 4.28% in the 2017 quarter.

Net Interest Income and Net Interest Margin – six months ended June 30, 2018 and June 30, 2017

Net interest income for the six months ended June 30, 2018 was $17.0 million, an increase of $1.8 million, or 12.2% from the $15.2 million for the same period in 2017.  During the six month period the Bank benefited from a significant increase in average deposit balances of $125 million or 19% to $781 million, which was deployed primarily into a $65 million increase in average total loans and a $56 million increase in average interest-earning cash and due from bank balances. 

While average total interest–earning assets increased by $118 million, or 16% to $836 million during the 2018 period, the average yield increased by only 4 basis points to 4.66%, primarily as a result of the strong increase in the lower-yielding cash and due from bank balances.  The average yield on total average loans including fees for the six month period in 2018 was 5.04%, up by 21 basis points compared to the 4.84% yield during the same 2017 period.

Of the $125 million increase in average total deposit balances between the six month periods, $48 million were non-interest-bearing deposits while $77 million were interest-bearing.  The overall cost of average total deposit balances was up by 19 basis points to 0.48% during the 2018 period compared to 0.29% during 2017.  Average borrowed funds declined by $16 million to $16 million during the 2018 period while their cost increased by 3.3% to 5.2% in 2018 compared to 2017.

As a result of the strong increase in higher cost interest-bearing balances on the funding side and the impact of the higher volume but lower return cash and due from bank balances to interest-earning assets, the net interest margin declined by 16 basis points to 4.11% during the six month period ended June 30, 2018, compared to the same period in 2017.

Non-Interest Income and Expense – three months ended June 30, 2018 and June 30, 2017

During the three months ended June 30, 2018, non-interest income totaled $888 thousand, an increase of $106 thousand, or 14% from the three month period ended June 30, 2017.  The increase was primarily the result of higher commercial deposit account analysis fees and a $74 thousand increase in gains on loan sales to $108 thousand during the current quarter compared to the 2017 quarter.

During the three months ended June 30, 2018, non-interest expenses increased by $1.6 million, or 32% to $6.6 million compared to the same 2017 quarter.  Of the increase, $1.1 million was in net salaries and benefits expenses, the result of hiring key executive and support staff positions to support the Company's continued growth, a non-recurring severance expense for the recent CEO transition, and a decrease in deferred loan origination costs compared to the 2017 period, when loan origination activity was at an above trend pace.  Occupancy and FF&E expense increased by $170 thousand, or 30% to $746 thousand in the 2018 second quarter as the Bank expanded into its new Walnut Creek location in the second half of 2017 and also expanded its Oakland space early in 2018.  Other non-interest expenses increased by $328 thousand, or 21% to $1.9 million during the 2018 second quarter, primarily as a result of expenses of $255 thousand during the quarter at the bank holding company.  The bank holding company expenses during the quarter included non-recurring costs of $212 thousand.

Non-Interest Income and Expense – six months ended June 30, 2018 and June 30, 2017

During the six months ended June 30, 2018, non-interest income totaled $1.9 million, a $389 thousand, or 25% increase over the same period in 2017.  This increase for the six-month period was primarily the result of higher commercial deposit account analysis fees, loan fee income and a $162 thousand increase in gains on loan sales to $283 thousand in 2018 compared to the 2017 period.

During the six months ended June 30, 2018, non-interest expenses increased by $3.3 million or 34% to $13.1 million compared to the same period in 2017.  Of this increase, $2.2 million was in net salaries and benefits expenses, the result of hiring key executive and support staff positions to support the Company's continued growth, a non-recurring severance expense for the recent CEO transition, and a decrease in deferred loan origination costs compared to the six month period in 2017, when loan origination activity was at an above trend pace.  Occupancy and FF&E expense increased by $260 thousand, or 23% to $1.4 million in the 2018 quarter as the Bank expanded into its new Walnut Creek location in the second half of 2017 and also expanded its Oakland space early in 2018.  Other non-interest expenses increased by $889 thousand, or 30% to $3.8 million during the 2018 period, primarily as a result of expenses of $600 thousand during the quarter at the bank holding company.  The bank holding company expenses included non-recurring costs of $514 thousand in the 2018 period.

Credit Quality

Credit quality remains strong, with non-performing assets ("NPAs") to total assets at 0.39% at June 30, 2018, compared to 0.37% at June 30, 2017, with non-performing loans at $3.5 million and $3.0 million, respectively, on those dates. 

"The loan loss reserve was $9.8 million, or 1.30% of total loans at June 30, 2018 compared to $8.7 million, or 1.24% at June 30, 2017" said Doug Stoveland, Chief Credit Officer.

Closing Remarks

"We are pleased to post another record breaking quarter for both earnings and total loans and deposits," said Chairman Stephen Cortese. "We continue to execute on our strategic initiative to safely grow our company while adding to our shareholders' investment value."

Please see our detailed Second Quarter 2018 Unaudited Summary Financial Statements for more information.

About California BanCorp

California BanCorp, the parent company for California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals located throughout the San Francisco Bay Area. The stock trades on the OTCQX marketplace under the symbol CALB (formerly CABC). For more information on California BanCorp, call us at (510) 457-3751, or visit us at www.californiabankofcommerce.com.

California BanCorp
Steven E. Shelton, (510) 457-3751
President and CEO
seshelton@bankcbc.com

Randall D. Greenfield, (510) 457-3769
Senior EVP and Chief Financial Officer
rgreenfield@bankcbc.com

Source: California BanCorp

CALIFORNIA BANCORP
UNAUDITED SUMMARY FINANCIAL STATEMENTS
INCOME STATEMENT
($ Thousands)

                             
($ Thousands)   For the three months ended   $ Change   % Change
Income Statement   6/30/2018   3/31/2018   6/30/2017   QoQ   YoY   QoQ   YoY
Interest and fees on loans   $   9,384   $   9,099   $   8,480   $   285     $   904     3 %   11 %
Other interest income       424       403       126       21         298     5 %   237 %
Total interest income       9,808       9,502       8,606       306         1,202     3 %   14 %
                             
Interest on deposits       997       863       547       134         450     16 %   82 %
Interest on borrowings and subordinated debentures       209       206       165       3         44     1 %   27 %
Total interest expense       1,206       1,069       712       137         494     13 %   69 %
Net interest income       8,602       8,433       7,894       169         708     2 %   9 %
Provision for loan loss       191       260       1,263       (69 )       (1,072 )   (27 %)   (85 %)
Net interest income after provision       8,411       8,173       6,631       238         1,780     3 %   27 %
                             
Service charges and other account fees       306       264       222       42         84     16 %   38 %
Loan related fees       320       423       365       (103 )       (45 )   (24 %)   (12 %)
Net gains on loan sales       108       175       34       (67 )       74     (38 %)   218 %
Other       154       178       161       (24 )       (7 )   (13 %)   (4 %)
Total non-interest income       888       1,040       782       (152 )       106     (15 %)   14 %
                             
Salaries and employee benefits       3,950       3,879       2,843       71         1,107     2 %   39 %
Occupancy and equipment expenses       746       664       576       82         170     12 %   30 %
Data processing, internet and software       357       385       395       (28 )       (38 )   (7 %)   (10 %)
Professional and legal       168       177       225       (9 )       (57 )   (5 %)   (25 %)
M&A and strategic initiatives       212       302       -       (90 )       212     (30 %)   0 %
Other operating expenses       1,140       1,080       928       60         212     6 %   23 %
Total operating expenses       6,573       6,487       4,967       86         1,606     1 %   32 %
                             
Net income before taxes       2,726       2,726       2,446       -         280     0 %   11 %
Income taxes       567       793       595       (226 )       (28 )   (28 %)   (5 %)
Net income   $   2,159   $   1,933   $   1,851   $   226     $   308     12 %   17 %
                             
Earnings Per Share                            
Basic earnings per share   $   0.33   $   0.30   $   0.30   $   0.03     $   0.03     10 %   10 %
Diluted earnings per share   $   0.32   $   0.28   $   0.28   $   0.03     $   0.04     11 %   13 %
Average shares outstanding       6,604,562       6,508,999       6,227,470                
Average diluted shares       6,843,821       6,819,965       6,610,356                


CALIFORNIA BANCORP

UNAUDITED SUMMARY FINANCIAL STATEMENTS
INCOME STATEMENT
($ Thousands)

($ Thousands)   For the six months ended   $ Change   % Change
Income Statement   6/30/2018   6/30/2017   YTDoYTD   YTDoYTD
Interest and fees on loans   $   18,483   $   16,165   $   2,318     14 %
Other interest income       827       267       560     210 %
Total interest income       19,310       16,432       2,878     18 %
                 
Interest on deposits       1,860       945       915     97 %
Interest on borrowings and subordinated debentures       416       301       115     38 %
Total interest expense       2,276       1,246       1,030     83 %
Net interest income       17,034       15,186       1,848     12 %
Provision for loan loss       450       1,813       (1,363 )   (75 %)
Net interest income after provision       16,584       13,373       3,211     24 %
                 
Service charges and other account fees       570       441       129     29 %
Loan related fees       743       636       107     17 %
Net gains on loan sales       283       121       162     134 %
Other       332       341       (9 )   (3 %)
Total non-interest income       1,928       1,539       389     25 %
                 
Salaries and employee benefits       7,829       5,670       2,159     38 %
Occupancy and equipment expenses       1,410       1,150       260     23 %
Data processing, internet and software       742       781       (39 )   (5 %)
Professional and legal       345       424       (79 )   (19 %)
M&A and strategic initiatives       514       -       514     0 %
Other operating expenses       2,220       1,728       492     28 %
Total operating expenses       13,060       9,753       3,307     34 %
                 
Net income before taxes       5,452       5,159       293     6 %
Income taxes       1,360       1,633       (273 )   (17 %)
Net income   $   4,092   $   3,526   $   566     16 %
                 
Earnings Per Share                
Basic earnings per share   $   0.63   $   0.57   $   0.07     11 %
Diluted earnings per share   $   0.60   $   0.54   $   0.06     12 %
Average shares outstanding       6,557,046       6,197,476       359,570      
Average diluted shares       6,831,442       6,575,481       255,961      


CALIFORNIA BANCORP

UNAUDITED SUMMARY FINANCIAL STATEMENTS
BALANCE SHEET
($ Thousands)

    At period end   $ Change   % Change  
Balance Sheet   6/30/2018   3/31/2018   6/30/2017   QoQ   YoY   QoQ   YoY  
Cash and equivalents   $   111,202     $   121,342     $   52,513   $   (10,140 )   $   58,689     (8 %)   112 %  
Investment securities       11,652         12,268         14,376       (616 )       (2,724 )   (5 %)   (19 %)  
Other investments       3,536         3,199         3,199       337         337     11 %   11 %  
                               
Commercial loans       329,914         329,269         297,877       645         32,037     0 %   11 %  
CRE loans       357,969         345,580         356,611       12,389         1,358     4 %   0 %  
Construction loans       40,671         41,182         18,192       (511 )       22,479     (1 %)   124 %  
Other loans       24,778         26,342         30,155       (1,564 )       (5,377 )   (6 %)   (18 %)  
Loans       753,332         742,373         702,835       10,959         50,497     1 %   7 %  
Allowance for loan losses       9,800         9,600         8,700       200         1,100     2 %   13 %  
Net loans       743,532         732,773         694,135       10,759         49,397     1 %   7 %  
                               
Premises and equipment, net       2,428         2,600         2,381       (172 )       47     (7 %)   2 %  
Bank owned life insurance       16,651         16,547         16,215       104         436     1 %   3 %  
Deferred income taxes, net       5,583         3,894         7,175       1,689         (1,592 )   43 %   (22 %)  
Core Deposit Intangible       419         433         475       (14 )       (56 )   (3 %)   (12 %)  
Goodwill       7,350         7,350         7,350       -         -     0 %   0 %  
Other assets and interest receivable       9,003         8,942         8,953       61         50     1 %   1 %  
Total assets   $   911,356     $   909,348     $   806,772   $   2,008     $   104,584     0 %   13 %  
                               
Demand deposits   $   326,556     $   321,214     $   276,654   $   5,342     $   49,902     2 %   18 %  
Interest bearing demand deposits       28,278         26,744         16,614       1,534         11,664     6 %   70 %  
Money market & savings deposits       354,783         361,022         318,854       (6,239 )       35,929     (2 %)   11 %  
Time deposits       90,176         89,928         93,748       248         (3,572 )   0 %   (4 %)  
Total deposits       799,793         798,908         705,870       885         93,923     0 %   13 %  
                               
Borrowings       11,500         14,500         11,000       (3,000 )       500     (21 %)   5 %  
Subordinated debentures       4,951         4,947         4,935       4         16     0 %   0 %  
Other liabilities       3,960         3,130         3,178       830         782     27 %   25 %  
Total liabilities       820,204         821,485         724,983       (1,281 )       95,221     (0 %)   13 %  
                               
Common stock       79,395         78,229         70,396       1,166         8,999     1 %   13 %  
Retained earnings       11,894         9,735         11,348       2,159         546     22 %   5 %  
Other comprehensive income       (137 )       (101 )       45       (36 )       (182 )   36 %      
Total shareholder's equity       91,152         87,863         81,789       3,289         9,363     4 %   11 %  
Total liabilities and equity   $   911,356     $   909,348     $   806,772   $   2,008     $   104,584     0 %   13 %  
                               
Book value per common share   $   13.62     $   13.39     $   12.90   $   0.23     $   0.72     2 %   6 %  
Tangible book value per common share   $   12.49     $   12.23     $   11.70   $   0.26     $   0.79     2 %   7 %  
Total shares outstanding       6,691,664         6,560,445         6,341,048                  


    For the three months ended   $ Change   % Change
Average Balance Sheet Items        6/30/2018   3/31/2018   6/30/2017   QoQ   YoY   QoQ   YoY
Assets   $   894,024   $   882,386   $   792,739   $   11,638     $   101,285     1 %   13 %
Loans       749,057       729,781       704,724       19,276         44,333     3 %   6 %
Investments       12,165       12,736       14,674       (571 )       (2,509 )   (4 %)   (17 %)
Earning Assets       840,653       830,522       740,647       10,131         100,006     1 %   14 %
Non-Interest Bearing Deposits       317,759       304,551       264,101       13,208         53,658     4 %   20 %
Deposits       785,613       775,625       670,080       9,988         115,533     1 %   17 %
Borrowings       16,259       16,078       41,125       181         (24,866 )   1 %   (60 %)
Tangible Common Equity       82,247       79,188       72,687       3,059         9,560     4 %   13 %


    For the three months ended
Performance Ratios   6/30/2018   3/31/2018   6/30/2017
Return on average assets   0.97 %   0.89 %   0.94 %
Return on average common equity   9.20 %   8.97 %   9.17 %
Return on average tangible common equity   10.53 %   9.90 %   10.22 %
Efficiency ratio   69.26 %   68.49 %   57.24 %
Net interest margin   4.10 %   4.12 %   4.28 %
Average loan yield   5.03 %   5.06 %   4.83 %
Average deposit rate   0.51 %   0.45 %   0.33 %
Average borrowing rate   5.18 %   5.20 %   1.61 %
Average total loans to total deposits   95.4 %   94.1 %   105.2 %
Average C&I loans to total loans   43.9 %   43.9 %   41.4 %
Average non-interest bearing deposits to total deposits   40.5 %   39.3 %   39.4 %


CALIFORNIA BANCORP

UNAUDITED SUMMARY FINANCIAL STATEMENTS
BALANCE SHEET
($ Thousands)

                 
    For the six months ended   $ Change   % Change
Average Balance Sheet Items   6/30/2018   6/30/2017   YTDoYTD   YTDoYTD
Assets   $   886,999   $   769,561   $   117,438     15 %
Loans       739,472       674,247       65,225     10 %
Investments       12,312       15,058       (2,746 )       (18 %)
Earning Assets       835,615       717,416       118,199     16 %
Non-Interest Bearing Deposits       311,192       262,888       48,304     18 %
Deposits       780,646       655,749       124,897     19 %
Borrowings       16,114       32,269       (16,155 )   (50 %)
Tangible Common Equity       80,718       71,371       9,347     13 %
                           
                           
    For the six months ended  
Performance Ratios   6/30/2018   6/30/2017                                                                   
Return on average assets   0.93 %         0.92 %  
Return on average common equity   9.10 %   9.29 %  
Return on average tangible common equity   10.22 %   9.94 %  
Efficiency ratio   68.87 %   58.31 %  
Net interest margin   4.11 %   4.27 %  
Average loan yield   5.04 %   4.84 %  
Average deposit rate   0.48 %   0.29 %  
Average borrowing rate   5.19 %   1.88 %  
Average total loans to total deposits   94.7 %   102.8 %  
Average C&I loans to total loans   43.9 %   40.5 %  
Average non-interest bearing deposits to total deposits 39.9 %   40.1 %  


CALIFORNIA BANCORP

UNAUDITED SUMMARY FINANCIAL STATEMENTS
BALANCE SHEET
($ Thousands)

    At period end  
Capital Ratios - Bank   6/30/2018   3/31/2018   6/30/2017  
Tier 1 leverage ratio     10.56%       10.27%       10.69%    
Common equity tier 1 capital ratio     10.65%       10.34%       10.00%    
Tier 1 risk-based capital ratio     10.65%       10.34%       10.00%    
Total risk-based capital ratio     12.35%       12.04%       11.64%    
               
    At period end  
Non-Performing Assets   6/30/2018   3/31/2018   6/30/2017  
Non-Accrual Loans   $   2,525     $   2,632     $   1,610    
Restructured Loans       1,009         1,399         1,361    
Total non-performing loans (NPL)       3,534         4,031         2,971    
Other Real Estate Owned       -         -         -    
Total non-performing assets (NPA)   $   3,534     $   4,031     $   2,971    
Quarterly Net (Charge-offs)/Recoveries   $   10     $   40     $   (825 )  
               
NPAs / Assets %     0.39%       0.44%       0.37%    
NPAs / Loans and OREO %     0.47%       0.54%       0.42%    
Loan Loss Reserves / Loans (%)     1.30%       1.29%       1.24%    
Loan Loss Reserves / NPLs (%)     277%       238%       293%    


 

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