PASADENA, Calif.--(BUSINESS WIRE)--Community Bank (CYHT-OTC), founded in 1945, is an independent Southern California regional community bank, with assets of $3.7 billion, and headquartered in Pasadena with 16 business centers.
Financial highlights:
- Net income for the 2nd quarter and the first six months of 2017 was $8.4 million and $16.1 million, a 3.0% and 1.8% increase, respectively, over the same periods last year.
- In a strategic move to add high quality floating rate loans to its balance sheet, the Bank started to hold all of its SBA loans in the 4th quarter of 2016, instead of selling them in the secondary market for a fee. The incremental interest income and deferred loan costs on the SBA loans held during the six month period ending June 30, 2017, more than offset the decrease in fees from loan sales in the same period last year.
- The SBA hold strategy, along with strong commercial real estate production drove loans up $155.2 million or 6.2% to $2.6 billion at June 30, 2017 as compared to December 31, 2016, with $133.2 million of that growth coming during the 2nd quarter of 2017.
- Loan credit quality continues to improve as criticized and classified loan totals decreased year over year from $68.6 million at June 30, 2016 to $22.4 million at June 30, 2017. These positive factors translated to a lower reserve for loan losses at June 30, 2017 than at December 31, 2016.
- The Bank’s reserve for loan losses as of June 30, 2017 was $34.8 million or 1.31% of total loans compared to $35.1 million or 1.41% of total loans as of December 31, 2016. In the first six months of 2017, a net recovery of $600 thousand was recognized in the provision for loan losses compared to a provision of $2.25 million during the same period in 2016.
- Non-interest bearing deposits increased 8.4%, or $87.9 million to $1.135 billion at June 30, 2017 compared to $1.047 billion as of December 31, 2016, due to specialty deposit group efforts and other seasonal fluctuations. Partially offsetting this growth was a $23.0 million or 1.4% decrease in interest bearing deposits, resulting in a deposit growth of $64.9 million or 2.4% for the six month period ended June 30, 2017.
- Strong loan growth, combined with increases in non-interest bearing demand deposits, contributed to the positive growth in net interest income in the 2nd quarter of 2017 which was $29.9 million compared with $27.8 million in 1st quarter of 2017. The improved net interest margin for the quarter ended June 30, 2017 of 3.39%, compared to 1st quarter 2017 of 3.24%, was driven by higher asset yields.
- Net interest income decreased in the first six months of 2017 to $57.7 million from $58.1 million in the same period last year and the net interest margin decreased slightly to 3.32% from 3.33% in the same period. The decrease in net interest income and the net interest margin are primarily due to the June 2016 extension of $300 million of funding from overnight to 5 years. The extension of the funding was a strategic decision to reduce the interest rate risk profile of the Bank.
- Non-interest income decreased $3.5 million in the first six month of 2017 compared to the same period of 2016. This decline relates to lower gain on sales of SBA loans and the timing of certain OREO and fixed asset sales.
- Non-interest expense decreased $1.5 million in the first six month of 2017 compared to the same period of 2016, related to a decrease in salaries and employee benefits, increased deferrals of loan costs, and other smaller items.
- Community Bank’s capital ratios continue to exceed “well capitalized” regulatory requirements
Dividend:
- The Board of Directors declared a $0.50 per share cash dividend (aggregating $1.6 million) on its outstanding common stock for common shareholders of record as of August 15, 2017 and payable on or about September 1, 2017. This represents the eleventh consecutive quarter that the Bank has declared a dividend since introducing a formal dividend practice. The dividend was approved at the regularly scheduled Board of Directors meeting held on July 28, 2017.
CBank is pleased to include the following as market makers in Community Bank stock. Community Bank stock trades on OTC pink sheets under the ticket of CYHT. Contact information for our market makers is as follows:
Raymond James & Associates
John T. Cavender, SVP
Financial Institutions
415-616-8935
John.cavender@raymondjames.com
http://www.raymondjames.com
D.A. Davidson & Co.
Michael R. Natzic, Senior Vice
President
1-800-288-2811
mnatzic@dadco.com
https://dadavidson.com
Keefe Bruyette & Woods, a Stifel Company
Cathy Bellina,
Equity Trader
212-887-8996
cbellina@kbw.com
www.kbw.com
Sandler O’Neill + Partners, L.P.
Tom Thurston, Principal
1-212-466-8027
tthurston@sandleroneill.com
http://www.sandleroneill.com/
Wedbush Securities
Joey Warmenhoven, Managing Director
Community Banking Group
1-866-662-0351
Joey.warmenhoven@wedbush.com
https://www.wedbush.com/
Community Bank, partnering to be YOUR community bank, has offices in Anaheim, Burbank, Century City, Commerce, Corona, Glendale, Huntington Beach, Irvine, Laguna Niguel, Ontario, Pasadena, Redlands, Santa Clarita, Santa Fe Springs, South Bay, and Woodland Hills. For more information, visit the Community Bank Website at www.cbank.com.
This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
(Amounts in Thousands, except shares and per share data) | ||||||||||||||||||||||||||||
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||
Dollar | Percent | Dollar | Percent | |||||||||||||||||||||||||
INCOME STATEMENT | 2016 | 2017 | Change | Change | 2016 | 2017 | Change | Change | ||||||||||||||||||||
Interest income | $ | 32,241 | $ | 34,114 | $ | 1,873 | 5.8 | % | $ | 64,268 | $ | 65,696 | $ | 1,428 | 2.2 | % | ||||||||||||
Interest expense | 3,117 | 4,192 | 1,075 | 34.5 | % | 6,182 | 8,001 | 1,819 | 29.4 | % | ||||||||||||||||||
Net interest income | 29,124 | 29,922 | 798 | 2.7 | % | 58,086 | 57,695 | (391 | ) | (0.7 | %) | |||||||||||||||||
Provision for loan losses | 1,250 | 1,000 | (250 | ) | (20.0 | %) | 2,250 | (600 | ) | (2,850 | ) | (126.7 | %) | |||||||||||||||
Net interest income after provision | 27,874 | 28,922 | 1,048 | 3.8 | % | 55,836 | 58,295 | 2,459 | 4.4 | % | ||||||||||||||||||
Non-interest income | 4,673 | 3,141 | (1,532 | ) | (32.8 | %) | 8,670 | 5,122 | (3,548 | ) | (40.9 | %) | ||||||||||||||||
Non-interest expense | 19,332 | 18,436 | (896 | ) | (4.6 | %) | 38,705 | 37,166 | (1,539 | ) | (4.0 | %) | ||||||||||||||||
Income before income tax | 13,215 | 13,627 | 412 | 3.1 | % | 25,801 | 26,251 | 450 | 1.7 | % | ||||||||||||||||||
Income tax | 5,106 | 5,273 | 167 | 3.3 | % | 9,944 | 10,110 | 166 | 1.7 | % | ||||||||||||||||||
Net income | $ | 8,109 | $ | 8,354 | $ | 245 | 3.0 | % | $ | 15,857 | $ | 16,141 | $ | 284 | 1.8 | % | ||||||||||||
As of | |||||||||||||||||||||||||||||||||||
As of June 30, | Dollar | Percent | December 31, | June 30, | Dollar | Percent | |||||||||||||||||||||||||||||
BALANCE SHEET | 2016 | 2017 | Change | Change | 2016 | 2017 | Change | Change | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 59,347 | $ | 59,386 | $ | 39 | 0.1 | % | $ | 47,552 | $ | 59,386 | $ | 11,834 | 24.9 | % | |||||||||||||||||||
Investments | 930,398 | 924,821 | (5,577 | ) | (0.6 | %) | 913,781 | 924,821 | 11,040 | 1.2 | % | ||||||||||||||||||||||||
FHLB Stock | 19,845 | 17,512 | (2,333 | ) | (11.8 | %) | 17,250 | 17,512 | 262 | 1.5 | % | ||||||||||||||||||||||||
Non-owner occupied real estate loans | 798,090 | 883,811 | 85,721 | 10.7 | % | 823,621 | 883,811 | 60,190 | 7.3 | % | |||||||||||||||||||||||||
Owner occupied real estate loans | 1,058,368 | 1,145,592 | 87,224 | 8.2 | % | 1,078,652 | 1,145,592 | 66,940 | 6.2 | % | |||||||||||||||||||||||||
Total real estate loans | 1,856,458 | 2,029,403 | 172,945 | 9.3 | % | 1,902,273 | 2,029,403 | 127,130 | 6.7 | % | |||||||||||||||||||||||||
Commercial & industrial loans | 626,262 | 576,854 | (49,408 | ) | (7.9 | %) | 545,332 | 576,854 | 31,522 | 5.8 | % | ||||||||||||||||||||||||
Other loans | 56,984 | 43,433 | (13,551 | ) | (23.8 | %) | 46,902 | 43,433 | (3,469 | ) | (7.4 | %) | |||||||||||||||||||||||
Total loans | 2,539,704 | 2,649,690 | 109,986 | 4.3 | % | 2,494,507 | 2,649,690 | 155,183 | 6.2 | % | |||||||||||||||||||||||||
Loan loss reserve | (34,489 | ) | (34,824 | ) | (335 | ) | 1.0 | % | (35,166 | ) | (34,824 | ) | 342 | (1.0 | %) | ||||||||||||||||||||
Net loans | 2,505,215 | 2,614,866 | 109,651 | 4.4 | % | 2,459,341 | 2,614,866 | 155,525 | 6.3 | % | |||||||||||||||||||||||||
Other assets | 119,994 | 132,863 | 12,869 | 10.7 | % | 147,035 | 132,863 | (14,172 | ) | (9.6 | %) | ||||||||||||||||||||||||
Total assets | $ | 3,634,799 | $ | 3,749,448 | $ | 114,649 | 3.2 | % | $ | 3,584,959 | $ | 3,749,448 | $ | 164,489 | 4.6 | % | |||||||||||||||||||
Earning assets | $ | 3,510,884 | $ | 3,614,466 | $ | 103,582 | 3.0 | % | $ | 3,440,426 | $ | 3,611,466 | $ | 171,040 | 5.0 | % | |||||||||||||||||||
Non-interest bearing deposits | $ | 968,887 | $ | 1,135,140 | $ | 166,253 | 17.2 | % | $ | 1,047,221 | $ | 1,135,140 | $ | 87,919 | 8.4 | % | |||||||||||||||||||
Interest bearing deposits | 1,746,113 | 1,611,711 | (134,402 | ) | (7.7 | %) | 1,634,773 | 1,611,711 | (23,062 | ) | (1.4 | %) | |||||||||||||||||||||||
Total deposits | 2,715,000 | 2,746,851 | 31,851 | 1.2 | % | 2,681,994 | 2,746,851 | 64,857 | 2.4 | % | |||||||||||||||||||||||||
Borrowings - short term | 210,000 | 313,000 | 103,000 | 49.0 | % | 228,000 | 313,000 | 85,000 | 37.3 | % | |||||||||||||||||||||||||
Borrowings - long term | 352,500 | 315,000 | (37,500 | ) | (10.6 | %) | 315,000 | 315,000 | - | - | |||||||||||||||||||||||||
Other liabilities | 20,129 | 27,782 | 7,653 | 38.0 | % | 32,256 | 27,782 | (4,474 | ) | (13.9 | %) | ||||||||||||||||||||||||
Total liabilities | 3,297,629 | 3,402,633 | 105,004 | 3.2 | % | 3,257,250 | 3,402,633 | 145,383 | 4.5 | % | |||||||||||||||||||||||||
Stockholders' equity | 337,170 | 346,815 | 9,645 | 2.9 | % | 327,709 | 346,815 | 19,106 | 5.8 | % | |||||||||||||||||||||||||
Total liabilities & stockholders'equity | $ | 3,634,799 | $ | 3,749,448 | $ | 114,649 | 3.2 | % | $ | 3,584,959 | $ | 3,749,448 | $ | 164,489 | 4.6 | % | |||||||||||||||||||
Shares outstanding | 3,128,266 | 3,134,095 | 3,128,266 | 3,134,095 | |||||||||||||||||||||||||||||||
Selected Financial Data and Highlights | |||||||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||||||||
Return on average equity | 9.85 | % | 9.74 | % | 9.77 | % | 9.63 | % | |||||||||||||
Return on average assets | 0.89 | % | 0.91 | % | 0.88 | % | 0.89 | % | |||||||||||||
Earning Asset Yields | 3.68 | % | 3.87 | % | 3.68 | % | 3.78 | % | |||||||||||||
Cost of Funds | 0.36 | % | 0.48 | % | 0.35 | % | 0.46 | % | |||||||||||||
Net interest margin | 3.32 | % | 3.39 | % | 3.33 | % | 3.32 | % | |||||||||||||
Efficiency ratio | 57.20 | % | 55.76 | % | 57.98 | % | 59.15 | % | |||||||||||||
Book value per common share | $ | 107.78 | $ | 110.66 | |||||||||||||||||
Basic earnings per common share | $ | 2.59 | $ | 2.67 | $ | 5.07 | $ | 5.15 | |||||||||||||
Diluted earnings per common share | $ | 2.59 | $ | 2.66 | $ | 5.07 | $ | 5.15 | |||||||||||||
Weighted average shares outstanding - basic | 3,128,266 | 3,134,095 | 3,128,266 | 3,132,839 | |||||||||||||||||
Weighted average shares outstanding - dilutive | 3,128,266 | 3,136,435 | 3,128,266 | 3,134,689 | |||||||||||||||||
Dividend declared | $ | 0.50 | $ | 0.50 | $ | 1.00 | $ | 1.00 | |||||||||||||
June 30, | Minimum Ratios for a | |||||||||
CAPITAL RATIOS | 2016 | 2017 | Well-Capitalized Bank | |||||||
Tier 1 leverage capital | 8.90 | % | 9.39 | % | 5.00 | % | ||||
Tier 1 risk-based capital | 10.57 | % | 10.97 | % | 8.00 | % | ||||
Total risk-based capital | 11.75 | % | 12.11 | % | 10.00 | % | ||||
Common equity tier 1 capital | 10.57 | % | 10.97 | % | 6.50 | % | ||||
COMMUNITY BANK - FINANCIAL HIGHLIGHTS |
|||||||||||||||||||||||||||
ALLL Trend and Statistics (Unaudited) | |||||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||||
For the Quarters Ended | |||||||||||||||||||||||||||
ALLL ROLLFORWARD | June 30, 2016 | September 30, 2016 | December 31, 2016 | March 31, 2017 | June 30, 2017 | ||||||||||||||||||||||
Beginning Balance | $ | 37,364 | $ | 34,489 | $ | 35,826 | $ | 35,166 | $ | 33,449 | |||||||||||||||||
Provision for / (Release of) Loan Losses | 1,250 | 1,200 | 3,498 | (1,600 | ) | 1,000 | |||||||||||||||||||||
Charge Offs | (4,182 | ) | (5 | ) | (4,941 | ) | (295 | ) | (24 | ) | |||||||||||||||||
Recoveries | 57 | 142 | 783 | 178 | 399 | ||||||||||||||||||||||
Net Charge Offs | (4,125 | ) | 137 | (4,158 | ) | (117 | ) | 375 | |||||||||||||||||||
Ending Balance | $ | 34,489 | $ | 35,826 | $ | 35,166 | $ | 33,449 | $ | 34,824 | |||||||||||||||||
Period End Loan Balance | $ | 2,539,704 | $ | 2,501,970 | $ | 2,494,507 | $ | 2,516,523 | $ | 2,649,690 | |||||||||||||||||
Average Loan Balance for the period | $ | 2,541,240 | $ | 2,522,881 | $ | 2,481,496 | $ | 2,510,592 | $ | 2,563,327 | |||||||||||||||||
ASSET QUALITY INDICATORS | |||||||||||||||||||||||||||
Non-Performing Loans | 6,720 | 6,132 | 16,188 | 14,979 | 12,157 | ||||||||||||||||||||||
OREO | 3,848 | 3,093 | 3,000 | - | - | ||||||||||||||||||||||
Total Non-Performing Assets (NPA) | $ | 10,568 | $ | 9,225 | $ | 19,188 | $ | 14,979 | $ | 12,157 | |||||||||||||||||
Criticized and Classified Loan Totals | $ | 68,816 | $ | 78,351 | $ | 66,196 | $ | 25,893 | $ | 22,366 | |||||||||||||||||
Loans and Leases 30 - 89 days past due | 466 | 2,129 | 2,708 | 494 | 701 | ||||||||||||||||||||||
Loans and Leases >89 days past due | 3 | 51 | 2 | - | - | ||||||||||||||||||||||
Total Delinquent Loans and Leases | $ | 469 | $ | 2,180 | $ | 2,710 | $ | 494 | $ | 701 | |||||||||||||||||
Delinquent Loans and Leases to Total Loans | 0.02 | % | 0.09 | % | 0.11 | % | 0.02 | % | 0.03 | % | |||||||||||||||||
Net Charge Offs to Avg Loans (Annualized) | -0.65 | % | 0.02 | % | -0.67 | % | -0.02 | % | 0.06 | % | |||||||||||||||||
NPL as a % of Total Loans | 0.26 | % | 0.25 | % | 0.65 | % | 0.60 | % | 0.46 | % | |||||||||||||||||
NPA as a % of Total Loans + OREO | 0.42 | % | 0.37 | % | 0.77 | % | 0.60 | % | 0.46 | % | |||||||||||||||||
ALLL/Non Performing loans | 513.2 | % | 584.2 | % | 217.2 | % | 223.3 | % | 286.5 | % | |||||||||||||||||
ALLL as a % of Total Loans | 1.36 | % | 1.43 | % | 1.41 | % | 1.33 | % | 1.31 | % | |||||||||||||||||
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE BALANCE SHEET AND YIELDS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | June 30, 2016 | September 30, 2016 | December 31, 2016 | March 31, 2017 | June 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||||||||||||||||||
INTEREST EARNING ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases | $ | 2,541,240 | $ | 26,806 | 4.24 | % | $ | 2,522,881 | $ | 27,008 | 4.26 | % | $ | 2,481,496 | $ | 26,229 | 4.20 | % | $ | 2,510,592 | $ | 26,124 | 4.22 | % | $ | 2,563,327 | $ | 28,702 | 4.49 | % | ||||||||||||||||||||||
Investment securities | 944,005 | 4,986 | 2.11 | % | 911,566 | 4,654 | 2.04 | % | 889,076 | 4,672 | 2.10 | % | 924,218 | 5,031 | 2.18 | % | 937,691 | 5,045 | 2.15 | % | ||||||||||||||||||||||||||||||||
FHLB Stock/Dividends | 19,845 | 427 | 8.65 | % | 18,576 | 453 | 9.70 | % | 17,250 | 1,049 | 24.19 | % | 18,170 | 394 | 8.79 | % | 18,388 | 314 | 6.85 | % | ||||||||||||||||||||||||||||||||
FFSold/Fed balances/Due from Time | 18,392 | 22 | 0.47 | % | 20,076 | 25 | 0.49 | % | 19,861 | 26 | 0.51 | % | 18,194 | 33 | 0.73 | % | 20,743 | 53 | 1.01 | % | ||||||||||||||||||||||||||||||||
Total Earning Assets | 3,523,482 | 32,241 | 3.68 | % | 3,473,099 | 32,140 | 3.68 | % | 3,407,683 | 31,976 | 3.73 | % | 3,471,174 | 31,582 | 3.69 | % | 3,540,149 | 34,114 | 3.87 | % | ||||||||||||||||||||||||||||||||
Nonearning assets | 122,020 | 123,289 | 136,952 | 145,407 | 139,026 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 3,645,502 | $ | 3,596,388 | $ | 3,544,635 | $ | 3,616,581 | $ | 3,679,175 | ||||||||||||||||||||||||||||||||||||||||||
INTEREST BEARING LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 610,849 | 997 | 0.66 | % | 672,316 | 1,281 | 0.76 | % | 602,108 | 1,213 | 0.80 | % | 568,364 | 1,216 | 0.87 | % | 588,910 | 1,438 | 0.98 | % | ||||||||||||||||||||||||||||||||
NOW and money market accounts | 1,022,272 | 800 | 0.31 | % | 1,042,277 | 904 | 0.35 | % | 1,012,883 | 879 | 0.35 | % | 971,906 | 834 | 0.35 | % | 956,174 | 866 | 0.36 | % | ||||||||||||||||||||||||||||||||
Savings and other | 36,629 | 5 | 0.05 | % | 40,208 | 5 | 0.05 | % | 43,456 | 5 | 0.05 | % | 43,992 | 6 | 0.06 | % | 44,248 | 6 | 0.05 | % | ||||||||||||||||||||||||||||||||
Total Interest Bearing Deposits | 1,669,750 | 1,802 | 0.43 | % | 1,754,801 | 2,190 | 0.50 | % | 1,658,447 | 2,097 | 0.50 | % | 1,584,262 | 2,056 | 0.53 | % | 1,589,332 | 2,310 | 0.58 | % | ||||||||||||||||||||||||||||||||
Borrowings - short term | 432,395 | 470 | 0.44 | % | 138,272 | 149 | 0.43 | % | 128,587 | 155 | 0.48 | % | 327,984 | 560 | 0.69 | % | 288,088 | 641 | 0.89 | % | ||||||||||||||||||||||||||||||||
Borrowings - long term | 176,127 | 845 | 1.93 | % | 336,169 | 1,348 | 1.60 | % | 318,261 | 1,236 | 1.54 | % | 315,000 | 1,193 | 1.54 | % | 313,494 | 1,241 | 1.59 | % | ||||||||||||||||||||||||||||||||
Total Interest Bearing Liabilities | 2,278,272 | 3,117 | 0.55 | % | 2,229,242 | 3,687 | 0.66 | % | 2,105,295 | 3,488 | 0.66 | % | 2,227,246 | 3,809 | 0.69 | % | 2,190,914 | 4,192 | 0.77 | % | ||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 1,012,964 | 1,000,650 | 1,070,434 | 1,023,236 | 1,113,374 | |||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
other liabilities | 23,142 | 26,253 | 33,160 | 34,141 | 31,019 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 3,314,378 | 3,256,145 | 3,208,889 | 3,284,623 | 3,335,307 | |||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 331,124 | 340,243 | 335,746 | 331,958 | 343,868 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | $ | 3,645,502 | $ | 3,596,388 | $ | 3,544,635 | $ | 3,616,581 | $ | 3,679,175 | ||||||||||||||||||||||||||||||||||||||||||
Net Interest Spread | 3.13 | % | 3.02 | % | 3.07 | % | 3.00 | % | 3.10 | % | ||||||||||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources | 0.19 | % | 0.24 | % | 0.25 | % | 0.24 | % | 0.29 | % | ||||||||||||||||||||||||||||||||||||||||||
Net Interest Income and Margin | $ | 29,124 | 3.32 | % | $ | 28,453 | 3.26 | % | $ | 28,488 | 3.33 | % | $ | 27,773 | 3.24 | % | $ | 29,922 | 3.39 | % |
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(Amounts in Thousands, except per share data) | |||||||||||||||||||||||||
For the Quarters Ended | |||||||||||||||||||||||||
INCOME STATEMENT | June 30, 2016 | September 30, 2016 | December 31, 2016 | March 31, 2017 | June 30, 2017 | ||||||||||||||||||||
Interest income | $ | 32,241 | $ | 32,140 | $ | 31,976 | $ | 31,582 | $ | 34,114 | |||||||||||||||
Interest expense | 3,117 | 3,687 | 3,488 | 3,809 | 4,192 | ||||||||||||||||||||
Net interest income | 29,124 | 28,453 | 28,488 | 27,773 | 29,922 | ||||||||||||||||||||
Provision for loan losses | 1,250 | 1,200 | 3,498 | (1,600 | ) | 1,000 | |||||||||||||||||||
Net interest income after provision | 27,874 | 27,253 | 24,990 | 29,373 | 28,922 | ||||||||||||||||||||
Non-interest income | 4,673 | 2,665 | 1,972 | 1,981 | 3,141 | ||||||||||||||||||||
Non-interest expense | 19,332 | 19,086 | 20,537 | 18,730 | 18,436 | ||||||||||||||||||||
Income before income tax | 13,215 | 10,832 | 6,425 | 12,624 | 13,627 | ||||||||||||||||||||
Income tax | 5,106 | 4,094 | 2,197 | 4,837 | 5,273 | ||||||||||||||||||||
Net income | $ | 8,109 | $ | 6,738 | $ | 4,228 | $ | 7,787 | $ | 8,354 | |||||||||||||||
As of | |||||||||||||||||||||||||
BALANCE SHEET | June 30, 2016 | September 30, 2016 | December 31, 2016 | March 31, 2017 | June 30, 2017 | ||||||||||||||||||||
Cash and cash equivalents | $ | 59,347 | $ | 38,304 | $ | 47,552 | $ | 57,612 | $ | 59,386 | |||||||||||||||
Investments | 930,398 | 886,522 | 913,781 | 924,826 | 924,821 | ||||||||||||||||||||
FHLB Stock | 19,845 | 17,250 | 17,250 | 18,765 | 17,512 | ||||||||||||||||||||
Non-owner occupied real estate loans | 870,538 | 826,728 | 823,621 | 824,506 | 883,811 | ||||||||||||||||||||
Owner occupied real estate loans | 1,072,893 | 1,063,247 | 1,078,652 | 1,095,176 | 1,145,592 | ||||||||||||||||||||
Total real estate loans | 1,943,431 | 1,889,975 | 1,902,273 | 1,919,682 | 2,029,403 | ||||||||||||||||||||
Commercial & industrial loans | 571,045 | 567,365 | 545,332 | 555,708 | 576,854 | ||||||||||||||||||||
Other loans | 25,228 | 44,630 | 46,902 | 41,133 | 43,433 | ||||||||||||||||||||
Total loans | 2,539,704 | 2,501,970 | 2,494,507 | 2,516,523 | 2,649,690 | ||||||||||||||||||||
Loan loss reserve | (34,489 | ) | (35,826 | ) | (35,166 | ) | (33,449 | ) | (34,824 | ) | |||||||||||||||
Net loans | 2,505,215 | 2,466,144 | 2,459,341 | 2,483,074 | 2,614,866 | ||||||||||||||||||||
Other assets | 119,994 | 129,206 | 147,035 | 140,766 | 132,863 | ||||||||||||||||||||
Total assets | $ | 3,634,799 | $ | 3,537,426 | $ | 3,584,959 | $ | 3,625,043 | $ | 3,749,448 | |||||||||||||||
Earning assets | $ | 3,510,884 | $ | 3,409,264 | $ | 3,440,426 | $ | 3,479,318 | $ | 3,614,466 | |||||||||||||||
Non-interest bearing deposits | $ | 968,887 | $ | 1,032,914 | $ | 1,047,221 | $ | 1,055,942 | $ | 1,135,140 | |||||||||||||||
Interest bearing deposits | 1,746,113 | 1,650,809 | 1,634,773 | 1,589,917 | 1,611,711 | ||||||||||||||||||||
Total deposits | 2,715,000 | 2,683,723 | 2,681,994 | 2,645,859 | 2,746,851 | ||||||||||||||||||||
Borrowings - short term | 210,000 | 162,000 | 228,000 | 300,000 | 313,000 | ||||||||||||||||||||
Borrowings - long term | 352,500 | 320,000 | 315,000 | 315,000 | 315,000 | ||||||||||||||||||||
Other liabilities | 20,129 | 29,933 | 32,256 | 28,452 | 27,782 | ||||||||||||||||||||
Total liabilities | 3,297,629 | 3,195,656 | 3,257,250 | 3,289,311 | 3,402,633 | ||||||||||||||||||||
Stockholders' equity | 337,170 | 341,770 | 327,709 | 335,732 | 346,815 | ||||||||||||||||||||
Total liabilities & stockholders'equity | $ | 3,634,799 | $ | 3,537,426 | $ | 3,584,959 | $ | 3,625,043 | $ | 3,749,448 | |||||||||||||||
DEPOSIT COMPONENTS | |||||||||||||||||||||||||
Treasury deposits | $ | 460,332 | $ | 410,496 | $ | 385,662 | $ | 399,970 | $ | 407,647 | |||||||||||||||
Core Bank deposits | 2,254,668 | 2,273,227 | 2,296,332 | 2,245,889 | 2,339,204 | ||||||||||||||||||||
Total Deposits | $ | 2,715,000 | $ | 2,683,723 | $ | 2,681,994 | $ | 2,645,859 | $ | 2,746,851 | |||||||||||||||
Core deposits / total deposits | 83.04 | % | 84.70 | % | 85.62 | % | 84.88 | % | 85.16 | % | |||||||||||||||
Non-interest bearing deposits/core deposits | 42.97 | % | 45.44 | % | 45.60 | % | 47.02 | % | 48.53 | % | |||||||||||||||
For the Quarters Ended | |||||||||||||||||||||||||
PERFORMANCE AND PER SHARE DATA | June 30, 2016 | September 30, 2016 | December 31, 2016 | March 31, 2017 | June 30, 2017 | ||||||||||||||||||||
Return on average equity | 9.85 | % | 7.88 | % | 5.01 | % | 9.51 | % | 9.74 | % | |||||||||||||||
Return on average assets | 0.89 | % | 0.75 | % | 0.47 | % | 0.87 | % | 0.91 | % | |||||||||||||||
Earning Asset Yields | 3.68 | % | 3.68 | % | 3.73 | % | 3.69 | % | 3.87 | % | |||||||||||||||
Cost of Funds | 0.36 | % | 0.42 | % | 0.40 | % | 0.45 | % | 0.48 | % | |||||||||||||||
Net interest margin | 3.32 | % | 3.26 | % | 3.33 | % | 3.24 | % | 3.39 | % | |||||||||||||||
Efficiency ratio | 57.20 | % | 61.50 | % | 67.42 | % | 62.92 | % | 55.76 | % | |||||||||||||||
Book value per common share | $ | 107.78 | $ | 109.25 | $ | 104.76 | $ | 107.12 | $ | 110.66 | |||||||||||||||
Basic earnings per common share | $ | 2.59 | $ | 2.15 | $ | 1.35 | $ | 2.49 | $ | 2.67 | |||||||||||||||
Diluted earnings per common share | $ | 2.59 | $ | 2.15 | $ | 1.35 | $ | 2.49 | $ | 2.66 | |||||||||||||||
As of | |||||||||||||||||||||||||
CAPITAL RATIOS | June 30, 2016 | September 30, 2016 | December 31, 2016 | March 31, 2017 | June 30, 2017 | ||||||||||||||||||||
Tier 1 leverage capital | 8.90 | % | 9.17 | % | 9.36 | % | 9.35 | % | 9.39 | % | |||||||||||||||
Tier 1 risk-based capital | 10.57 | % | 10.88 | % | 10.88 | % | 11.08 | % | 10.97 | % | |||||||||||||||
Total risk-based capital | 11.75 | % | 12.11 | % | 12.08 | % | 12.21 | % | 12.11 | % | |||||||||||||||
Common equity tier 1 capital | 10.57 | % | 10.88 | % | 10.88 | % | 11.08 | % | 10.97 | % | |||||||||||||||
For the Quarters Ended | |||||||||||||||||||||||||
June 30, 2016 | September 30, 2016 | December 31, 2016 | March 31, 2017 | June 30, 2017 | |||||||||||||||||||||
Non-interest income | |||||||||||||||||||||||||
Service charges on deposits | $ | 981 | $ | 964 | $ | 955 | $ | 1,021 | $ | 1,022 | |||||||||||||||
Fees and commissions | 558 | 611 | 576 | 502 | 503 | ||||||||||||||||||||
Bank owned life insurance | 387 | 391 | 393 | 353 | 384 | ||||||||||||||||||||
Gain on sale of OREO / fixed assets | 1,351 | (18 | ) | (12 | ) | 8 | 521 | ||||||||||||||||||
Gain (loss) on sale of securities | - | 83 | - | (15 | ) | - | |||||||||||||||||||
Gain on sale of loans | 1,258 | 585 | 6 | 63 | 19 | ||||||||||||||||||||
Other non-interest income | 138 | 49 | 54 | 49 | 692 | ||||||||||||||||||||
Total non-interest income | $ | 4,673 | $ | 2,665 | $ | 1,972 | $ | 1,981 | $ | 3,141 | |||||||||||||||
Non-interest expense | |||||||||||||||||||||||||
Salary and employee benefits | 12,954 | 12,954 | 14,692 | 13,339 | 12,406 | ||||||||||||||||||||
Other expense | 6,378 | 6,132 | 5,845 | 5,391 | 6,030 | ||||||||||||||||||||
Total non-interest expense | $ | 19,332 | $ | 19,086 | $ | 20,537 | $ | 18,730 | $ | 18,436 | |||||||||||||||