PASADENA, Calif.--(BUSINESS WIRE)--Community Bank (OTC:CYHT) (“Bank”), 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.
Impact of Tax Cuts and Jobs Act (TCJA):
- Community Bank recorded a $6.8 million or $1.95 per share one-time non-cash charge in the fourth quarter of 2017 as a result of the recently enacted TCJA. This charge results solely from the revaluation of our deferred tax assets.
- Based on information presently available, the Bank anticipates its Federal and state statutory income tax rate for 2018 and beyond to decline from approximately 42.1% to 29.6%.
Financial highlights:
- Net income was $26.7 million in 2017 compared with $26.8 million in 2016. The decrease in net income during 2017 of $99 thousand was primarily due to a $3.4 million decrease in gain on loan sales, a $1.8 million 2016 gain on the sale of OREO that did not recur in 2017, the $6.8 million non-cash charge discussed above offset by a $4.5 million release in the provision for loan losses. Diluted earnings per share in 2017 were $8.52 compared with $8.57 in 2016.
- Net income before effect of the tax rate change was $33.5 million in the year ended December 31, 2017, an increase of $6.7 million or 24.9% over the same period last year. The increase in net income before the effect of the tax rate change during 2017 of $6.7 million resulted primarily from an increase in net interest income of $4.2 million and a $4.5 million release in the provision for loan losses during the year. These increases were partially offset by a $3.9 million decrease in non-interest income. Diluted earnings per share before the effect of the tax rate change were $10.68 compared with $8.57 in 2016. (See Non-GAAP measures disclosure below.)
- The increase in net interest income of $4.2 million was primarily the result of $99 million of average loan growth and slightly higher yields on loans driven by Fed rate increases and collections of past due loan interest, partially offset by increased funding costs. The $3.9 million decrease in non-interest income was primarily the result of lower loan sale revenue in 2017 and a large OREO property gain on sale in 2016, partially offset by smaller other amounts. Net interest margin increased to 3.35% from 3.31% in the same period due to the above plus growth in non-interest bearing deposits.
- Total loan balances at December 31, 2017 were a record $2.740 billion, representing a $245.4 million or 9.8% increase from the $2.495 billion at December 31, 2016. The Bank believes this growth reflects continued strong focus on origination of high quality loans in the greater Los Angeles area, primarily real estate and SBA loans.
- During the 3rd quarter of 2017, an impaired loan of $5.4 million with a related charge off of $4.5 million was paid in full, resulting in a recovery of $4.5 million and past due interest of $711 thousand. This recovery, along with the pay-off of approximately $30 million of substandard loans in Q 1 2017, were the primary drivers behind the 2017 YTD reserve release of $4.5 million.
- Loan credit quality continues to improve as criticized loan totals decreased from $66.2 million at December 31, 2016 to $17.1 million at December 31, 2017. Non-performing assets at December 31, 2017 were $9.9 million compared to $19.2 million at the end of 2016.
- The allowance for loan losses decreased to 1.29% at December 31, 2017 compared to 1.41% at December 31, 2016, reflecting overall improvement in credit quality. The coverage ratio related to non-performing loans at December 31, 2017 was 391% compared to 217% at the end of 2016.
- Deposits grew to a total of $2.860 billion as of December 31, 2017, an increase of $178.2 million or 6.6% from December 31, 2016.
- Non-interest bearing deposits increased 12.4%, or $130.2 million to $1.177 billion at December 31, 2017 compared to $1.047 billion as of December 31, 2016, in part due to a Bank wide focus on increasing deposits throughout the branch system and the Bank’s specialty deposit group. Average non-interest bearing deposits grew $124.8 million or 12.4% during 2017 over the prior year.
- Non-interest bearing deposits as a percentage of core deposits were 47.9% and at December 31, 2017, up from 45.6% at December 31, 2016. Non-interest bearing deposits as a percentage of total deposits were 41.2% compared to 39.0% at the prior year end.
- Details of changes in non-interest income and non-interest expenses are provided in the financial reports attached to the document including a reduction in loan sales of $3.4 million, an increase in salary related expenses of $2.8 million, an increase in deferral of loan origination costs of $2.9 million and an increase in professional services of $1.9 million during 2017 as compared to 2016.
- Community Bank’s capital ratios continue to exceed “well capitalized” regulatory requirements
- The Kroll Bond Rating Agency (KBRA) affirmed Community Bank’s ratings as follows as of December 31, 2017:
Type |
Rating |
Outlook |
Action |
||||||||||||
Deposit | BBB+ | Stable | Affirmed | ||||||||||||
Senior Unsecured Debt | BBB+ | Stable | Affirmed | ||||||||||||
Subordinated Debt | BBB+ | Stable | Affirmed | ||||||||||||
Short-term Deposit | K2 | N/A | Affirmed | ||||||||||||
Short-term Debt | K2 | N/A | Affirmed | ||||||||||||
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 February 12, 2018 and payable on or about March 1, 2018. This represents the thirteenth 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 January 25, 2018.
Provisional Estimate:
- The $6.8 million charge for deferred tax assets is a provisional estimate that could change as the Bank anticipates subsequent regulations and interpretations to be released associated with TCJA that will provide additional guidance on the application of the law; it is anticipated that the provisional estimate will be finalized by March 31, 2018, but could take up to 12 months.
Non-GAAP Financial Measures:
- The Bank believes the presentation of net income before the effect of tax rate change, and the effect of the tax rate change which are both non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of the operations and financial condition of the Bank. See the Statement on Non-GAAP measures and related table later in this document for additional disclosures and reconciliations.
Market Makers
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 |
D.A. Davidson & Co. |
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John T. Cavender, SVP Financial Institutions | Michael R. Natzic, Senior Vice President | ||||||
415-616-8935 | 1-800-288-2811 | ||||||
Keefe Bruyette & Woods, a Stifel Company |
Sandler O’Neill + Partners, L.P. |
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Cathy Bellina, Equity Trader |
Tom Thurston, Principal | ||||||
212-887-8996 | 1-212-466-8027 | ||||||
Wedbush Securities | |||||||
Joey Warmenhoven, Managing Director Community Banking Group | |||||||
1-866-662-0351 | |||||||
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 document may contain forward-looking statements concerning projections of revenues, income/loss, earnings/loss per share, capital expenditures, dividends, capital structure, or other financial items, plans and objectives of management for future operations, future economic performance, or any of the assumptions underlying or relating to any of the foregoing. Forward-looking statements can be identified by the fact that they do not relate
strictly to historical or current facts, and may include the words "believes," "plans," "expects," "anticipates," "forecasts," "intends," "hopes," "should," "estimates," or words of similar meaning. While the Bank believes that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could materially differ from projections for a variety of reasons, to include, but not limited to: the effect of, and our failure to comply with any regulatory orders we are or may become subject to; adverse economic conditions in California; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; the impact of local, national, and international economies and events (including political events, acts of war or terrorism, natural disasters such as wildfires and earthquakes) on the Bank’s business; deterioration or malaise in economic conditions, including destabilizing factors in the financial industry and deterioration of the real estate market, as well as the impact from any declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; the impact of regulatory action on the Bank and legislation affecting the financial services industry; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the Dodd-Frank Wall Street Reform and Consumer Protection Act, other regulatory reform, and any related rules and regulations on our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings or regulatory or other governmental inquiries and proceedings and the resolution thereof, and the results of regulatory examinations or reviews; changes in our business plan; the effect of the Tax Cuts and Jobs Act; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate,securities market and monetary fluctuations; changes in consumer spending, borrowings and savings habits; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers, including fintech businesses; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; changes in our capital position; our ability to attract and retain skilled executives and employees; changes in our organization, compensation and benefit plans; and our success at managing the risks involved in any of the foregoing items.
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | |||||||||||||||
(Unaudited) | |||||||||||||||
(Amounts in Thousands, except shares and per share data) | |||||||||||||||
As of | |||||||||||||||
December 31, |
December 31, |
Dollar |
Percent |
||||||||||||
BALANCE SHEET | 2016 | 2017 | Change | Change | |||||||||||
Cash and cash equivalents | $ | 47,552 | $ | 44,298 | $ | (3,254 | ) | (6.8 | %) | ||||||
Investments | 913,781 | 837,415 | (76,366 | ) | (8.4 | %) | |||||||||
FHLB Stock | 17,250 | 17,250 | - | - | |||||||||||
Non-owner occupied real estate loans | 823,621 | 919,714 | 96,093 | 11.7 | % | ||||||||||
Owner occupied real estate loans | 1,078,652 | 1,191,757 | 113,105 | 10.5 | % | ||||||||||
Total real estate loans | 1,902,273 | 2,111,471 | 209,198 | 11.0 | % | ||||||||||
Commercial & industrial loans | 545,332 | 590,462 | 45,130 | 8.3 | % | ||||||||||
Other loans | 46,902 | 37,926 | (8,976 | ) | (19.1 | %) | |||||||||
Total loans | 2,494,507 | 2,739,859 | 245,352 | 9.8 | % | ||||||||||
Loan loss reserve | (35,166 | ) | (35,346 | ) | (180 | ) | (0.5 | %) | |||||||
Net loans | 2,459,341 | 2,704,513 | 245,172 | 10.0 | % | ||||||||||
Other assets | 147,035 | 143,922 | (3,113 | ) | (2.1 | %) | |||||||||
Total assets | $ | 3,584,959 | $ | 3,747,398 | $ | 162,439 | 4.5 | % | |||||||
Earning assets | $ | 3,440,426 | $ | 3,606,816 | $ | 166,390 | 4.8 | % | |||||||
Non-interest bearing deposits | $ | 1,047,221 | $ | 1,177,453 | $ | 130,232 | 12.4 | % | |||||||
Interest bearing deposits | 1,634,773 | 1,682,761 | 47,988 | 2.9 | % | ||||||||||
Total deposits | 2,681,994 | 2,860,214 | 178,220 | 6.6 | % | ||||||||||
Borrowings - short term | 228,000 | 197,500 | (30,500 | ) | (13.4 | %) | |||||||||
Borrowings - long term | 315,000 | 305,000 | (10,000 | ) | (3.2 | %) | |||||||||
Other liabilities | 32,256 | 32,274 | 18 | 0.1 | % | ||||||||||
Total liabilities | 3,257,250 | 3,394,988 | 137,738 | 4.2 | % | ||||||||||
Stockholders' equity | 327,709 | 352,410 | 24,701 | 7.5 | % | ||||||||||
Total liabilities & stockholders' equity |
$ | 3,584,959 | $ | 3,747,398 | $ | 162,439 | 4.5 | % | |||||||
Shares outstanding | 3,128,266 | 3,134,095 | |||||||||||||
December 31, |
Minimum Ratios for a |
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CAPITAL RATIOS | 2016 | 2017 | Well-Capitalized Bank | ||||||||||||
Tier 1 leverage capital | 9.36 | % | 9.43 | % | 5.00 | % | |||||||||
Tier 1 risk-based capital | 10.88 | % | 10.91 | % | 8.00 | % | |||||||||
Total risk-based capital | 12.08 | % | 12.04 | % | 10.00 | % | |||||||||
Common equity tier 1 capital | 10.88 | % | 10.91 | % | 6.50 | % | |||||||||
For the Quarters Ended | For the Year Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
Dollar | Percent | Dollar | Percent | ||||||||||||||||||||||||
INCOME STATEMENT | 2016 | 2017 | Change | Change | 2016 | 2017 | Change | Change | |||||||||||||||||||
Interest income | $ | 31,976 | $ | 35,126 | $ | 3,150 | 9.9 | % | $ | 128,384 | $ | 136,078 | $ | 7,694 | 6.0 | % | |||||||||||
Interest expense | 3,488 | 4,400 | 912 | 26.1 | % | 13,357 | 16,840 | 3,483 | 26.1 | % | |||||||||||||||||
Net interest income | 28,488 | 30,726 | 2,238 | 7.9 | % | 115,027 | 119,238 | 4,211 | 3.7 | % | |||||||||||||||||
Provision for loan losses | 3,498 | 104 | (3,394 | ) | (97.0 | %) | 6,948 | (4,496 | ) | (11,444 | ) | (164.7 | %) | ||||||||||||||
Net interest income after provision | 24,990 | 30,622 | 5,632 | 22.5 | % | 108,079 | 123,734 | 15,655 | 14.5 | % | |||||||||||||||||
Non-interest income | 1,972 | 1,903 | (69 | ) | (3.5 | %) | 13,307 | 9,378 | (3,929 | ) | (29.5 | %) | |||||||||||||||
Non-interest expense | 20,537 | 21,123 | 586 | 2.9 | % | 78,328 | 78,887 | 559 | 0.7 | % | |||||||||||||||||
Income before income tax | 6,425 | 11,402 | 4,977 | 77.5 | % | 43,058 | 54,225 | 11,167 | 25.9 | % | |||||||||||||||||
Income tax | 2,197 | 10,960 | 8,763 | 398.9 | % | 16,235 | 27,501 | 11,266 | 69.4 | % | |||||||||||||||||
Net income | $ | 4,228 | $ | 442 | $ | (3,786 | ) | (89.5 | %) | $ | 26,823 | $ | 26,724 | $ | (99 | ) | (0.4 | %) | |||||||||
For the Quarters Ended | For the Year Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
Selected Financial Data and Highlights | 2016 | 2017 | 2016 | 2017 | ||||||||||||||
Return on average equity | 5.01 | % | 0.49 | % | 8.07 | % | 7.71 | % | ||||||||||
Return on average equity before effect of tax rate change 1) | 5.01 | % | 8.00 | % | 8.07 | % | 9.66 | % | ||||||||||
Return on average assets | 0.47 | % | 0.05 | % | 0.74 | % | 0.72 | % | ||||||||||
Return on average assets before effect of tax rate change 1) | 0.47 | % | 0.76 | % | 0.74 | % | 0.91 | % | ||||||||||
Earning Asset Yields | 3.73 | % | 3.84 | % | 3.70 | % | 3.82 | % | ||||||||||
Cost of Funds | 0.40 | % | 0.48 | % | 0.39 | % | 0.47 | % | ||||||||||
Net interest margin | 3.33 | % | 3.36 | % | 3.31 | % | 3.35 | % | ||||||||||
Efficiency ratio | 67.42 | % | 64.85 | % | 61.07 | % | 61.40 | % | ||||||||||
Book value per common share | $ | 104.76 | $ | 112.44 | ||||||||||||||
Basic earnings per common share | $ | 1.35 | $ | 0.14 | $ | 8.57 | $ | 8.53 | ||||||||||
Earnings per share - basic before effect of tax rate change 1) | $ | 1.35 | $ | 2.30 | $ | 8.57 | $ | 10.69 | ||||||||||
Diluted earnings per common share | $ | 1.35 | $ | 0.14 | $ | 8.57 | $ | 8.52 | ||||||||||
Diluted earnings per common before effect of tax rate change 1) |
$ | 1.35 | $ | 2.29 | $ | 8.57 | $ | 10.68 | ||||||||||
Weighted average shares outstanding - basic | 3,128,266 | 3,134,095 | 3,128,266 | 3,133,472 | ||||||||||||||
Weighted average shares outstanding - dilutive | 3,128,609 | 3,143,534 | 3,128,350 | 3,136,431 | ||||||||||||||
Dividend declared | $ | 0.50 | $ | 0.50 | $ | 2.00 | $ | 2.00 | ||||||||||
1) See Statement of non-GAAP measures at the end of this document
For the Year Ended | ||||||||
December 31, | ||||||||
Interest income | 2016 | 2017 | ||||||
Loans | $ | 106,463 | $ | 114,938 | ||||
Securities | 19,550 | 19,507 | ||||||
FHLB dividends | 2,277 | 1,335 | ||||||
Interest bearing bank balances | 94 | 298 | ||||||
Total interest income | $ | 128,384 | $ | 136,078 | ||||
Interest expense | ||||||||
Money market | $ | 2,927 | $ | 4,015 | ||||
CD's | 4,380 | 5,661 | ||||||
Other interest bearing deposits | 416 | 148 | ||||||
Borrowings - Short term (<92 days) | 1,378 | 2,176 | ||||||
Borrowings - long term | 4,256 | 4,840 | ||||||
Total interest expense | $ | 13,357 | $ | 16,840 | ||||
For the Year Ended | ||||||||
December 31, | ||||||||
Non-interest income | 2016 | 2017 | ||||||
Service charges on deposits | $ | 3,838 | $ | 4,081 | ||||
Fees and commissions | 2,234 | 1,896 | ||||||
Bank owned life insurance | 1,576 | 1,519 | ||||||
Gain on sale of OREO / fixed / other assets | 1,702 | 480 | ||||||
Gain (loss) on sale of securities | 83 | 145 | ||||||
Gain on sale of loans | 3,599 | 168 | ||||||
Swap fee income | - | 494 | ||||||
Other non-interest income | 275 | 595 | ||||||
Total non-interest income | $ | 13,307 | $ | 9,378 | ||||
Non-interest expense | ||||||||
Salary and employee benefits | $ | 56,789 | $ | 59,616 | ||||
Deferral of loan origination costs | (2,955 | ) | (5,873 | ) | ||||
Occupancy | 6,919 | 6,808 | ||||||
Professional Services | 3,114 | 4,975 | ||||||
FDIC Insurance | 1,724 | 1,241 | ||||||
Net OREO income (expense) | 388 | 106 | ||||||
Data processing | 3,489 | 3,401 | ||||||
Other expense | 8,860 | 8,613 | ||||||
Total non-interest expense | $ | 78,328 | $ | 78,887 | ||||
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Amounts in Thousands, except per share data) | ||||||||||||||||||||
As of | ||||||||||||||||||||
BALANCE SHEET | December 31, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||
2016 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||
Cash and cash equivalents | $ | 47,552 | $ | 57,612 | $ | 59,386 | $ | 48,546 | $ | 44,298 | ||||||||||
Investments | 913,781 | 924,826 | 924,821 | 887,257 | 837,415 | |||||||||||||||
FHLB Stock | 17,250 | 18,765 | 17,512 | 17,250 | 17,250 | |||||||||||||||
Non-owner occupied real estate loans | 823,621 | 824,506 | 883,811 | 883,199 | 919,714 | |||||||||||||||
Owner occupied real estate loans | 1,078,652 | 1,095,176 | 1,145,592 | 1,175,410 | 1,191,757 | |||||||||||||||
Total real estate loans | 1,902,273 | 1,919,682 | 2,029,403 | 2,058,609 | 2,111,471 | |||||||||||||||
Commercial & industrial loans | 545,332 | 555,708 | 576,854 | 585,369 | 590,462 | |||||||||||||||
Other loans | 46,902 | 41,133 | 43,433 | 43,303 | 37,926 | |||||||||||||||
Total loans | 2,494,507 | 2,516,523 | 2,649,690 | 2,687,281 | 2,739,859 | |||||||||||||||
Loan loss reserve | (35,166 | ) | (33,449 | ) | (34,824 | ) | (35,345 | ) | (35,346 | ) | ||||||||||
Net loans | 2,459,341 | 2,483,074 | 2,614,866 | 2,651,936 | 2,704,513 | |||||||||||||||
Other assets | 147,035 | 140,766 | 132,863 | 135,723 | 143,922 | |||||||||||||||
Total assets | $ | 3,584,959 | $ | 3,625,043 | $ | 3,749,448 | $ | 3,740,712 | $ | 3,747,398 | ||||||||||
Earning assets | $ | 3,440,426 | $ | 3,479,318 | $ | 3,614,466 | $ | 3,601,919 | $ | 3,606,816 | ||||||||||
Non-interest bearing deposits | $ | 1,047,221 | $ | 1,055,942 | $ | 1,135,140 | $ | 1,188,818 | $ | 1,177,453 | ||||||||||
Interest bearing deposits | 1,634,773 | 1,589,917 | 1,611,711 | 1,682,461 | 1,682,761 | |||||||||||||||
Total deposits | 2,681,994 | 2,645,859 | 2,746,851 | 2,871,279 | 2,860,214 | |||||||||||||||
Borrowings - short term | 228,000 | 300,000 | 313,000 | 166,000 | 197,500 | |||||||||||||||
Borrowings - long term | 315,000 | 315,000 | 315,000 | 315,000 | 305,000 | |||||||||||||||
Other liabilities | 32,256 | 28,452 | 27,782 | 31,888 | 32,274 | |||||||||||||||
Total liabilities | 3,257,250 | 3,289,311 | 3,402,633 | 3,384,167 | 3,394,988 | |||||||||||||||
Stockholders' equity | 327,709 | 335,732 | 346,815 | 356,545 | 352,410 | |||||||||||||||
Total liabilities & stockholders'equity | $ | 3,584,959 | $ | 3,625,043 | $ | 3,749,448 | $ | 3,740,712 | $ | 3,747,398 | ||||||||||
DEPOSIT COMPONENTS | ||||||||||||||||||||
Treasury deposits | $ | 385,662 | $ | 399,970 | $ | 407,647 | $ | 416,431 | $ | 400,752 | ||||||||||
Core Bank deposits | 2,296,332 | 2,245,889 | 2,339,204 | 2,454,848 | 2,459,462 | |||||||||||||||
Total Deposits | $ | 2,681,994 | $ | 2,645,859 | $ | 2,746,851 | $ | 2,871,279 | $ | 2,860,214 | ||||||||||
Core deposits / total deposits | 85.62 | % | 84.88 | % | 85.16 | % | 85.50 | % | 85.99 | % | ||||||||||
Non-interest bearing deposits/core deposits | 45.60 | % | 47.02 | % | 48.53 | % | 48.43 | % | 47.87 | % | ||||||||||
As of | ||||||||||||||||||||
CAPITAL RATIOS | December 31, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||
2016 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||
Tier 1 leverage capital | 9.36 | % | 9.35 | % | 9.39 | % | 9.50 | % | 9.43 | % | ||||||||||
Tier 1 risk-based capital | 10.88 | % | 11.08 | % | 10.97 | % | 11.14 | % | 10.91 | % | ||||||||||
Total risk-based capital | 12.08 | % | 12.21 | % | 12.11 | % | 12.29 | % | 12.04 | % | ||||||||||
Common equity tier 1 capital | 10.88 | % | 11.08 | % | 10.97 | % | 11.14 | % | 10.91 | % | ||||||||||
For the Quarters Ended | ||||||||||||||||||||
INCOME STATEMENT | December 31, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||
2016 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||
Interest income | $ | 31,976 | $ | 31,582 | $ | 34,114 | $ | 35,256 | $ | 35,126 | ||||||||||
Interest expense | 3,488 | 3,809 | 4,192 | 4,439 | 4,400 | |||||||||||||||
Net interest income | 28,488 | 27,773 | 29,922 | 30,817 | 30,726 | |||||||||||||||
Provision for loan losses | 3,498 | (1,600 | ) | 1,000 | (4,000 | ) | 104 | |||||||||||||
Net interest income after provision | 24,990 | 29,373 | 28,922 | 34,817 | 30,622 | |||||||||||||||
Non-interest income | 1,972 | 1,981 | 3,141 | 2,353 | 1,903 | |||||||||||||||
Non-interest expense | 20,537 | 18,730 | 18,436 | 20,598 | 21,123 | |||||||||||||||
Income before income tax | 6,425 | 12,624 | 13,627 | 16,572 | 11,402 | |||||||||||||||
Income tax | 2,197 | 4,837 | 5,273 | 6,431 | 10,960 | |||||||||||||||
Net income | $ | 4,228 | $ | 7,787 | $ | 8,354 | $ | 10,141 | $ | 442 | ||||||||||
For the Quarters Ended | ||||||||||||||||||||
PERFORMANCE AND PER SHARE DATA | December 31, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||
2016 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||
Return on average equity | 5.01 | % | 9.51 | % | 9.74 | % | 11.40 | % | 0.49 | % | ||||||||||
Return on average equity before effect of tax rate change 1) | 5.01 | % | 9.51 | % | 9.74 | % | 11.40 | % | 8.00 | % | ||||||||||
Return on average assets | 0.47 | % | 0.87 | % | 0.91 | % | 1.08 | % | 0.05 | % | ||||||||||
Return on average assets before effect of tax rate change 1) | 0.47 | % | 0.87 | % | 0.91 | % | 1.08 | % | 0.76 | % | ||||||||||
Earning Asset Yields | 3.73 | % | 3.69 | % | 3.87 | % | 3.88 | % | 3.84 | % | ||||||||||
Cost of Funds | 0.40 | % | 0.45 | % | 0.48 | % | 0.49 | % | 0.48 | % | ||||||||||
Net interest margin | 3.33 | % | 3.24 | % | 3.39 | % | 3.39 | % | 3.36 | % | ||||||||||
Efficiency ratio | 67.42 | % | 62.92 | % | 55.76 | % | 62.29 | % | 64.85 | % | ||||||||||
Book value per common share | $ | 104.76 | $ | 107.12 | $ | 110.66 | $ | 113.76 | $ | 112.44 | ||||||||||
Earnings per share - basic | $ | 1.35 | $ | 2.49 | $ | 2.67 | $ | 3.24 | $ | 0.14 | ||||||||||
Earnings per share - basic before effect of tax rate change 1) | $ | 1.35 | $ | 2.49 | $ | 2.67 | $ | 3.24 | $ | 2.30 | ||||||||||
Diluted earnings per common share | $ | 1.35 | $ | 2.49 | $ | 2.66 | $ | 3.23 | $ | 0.14 | ||||||||||
Diluted earnings per common share before effect of tax rate change 1) | $ | 1.35 | $ | 2.49 | $ | 2.66 | $ | 3.23 | $ | 2.29 | ||||||||||
1) See Statement of non-GAAP measures at the end of this document
For the Quarters Ended | ||||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | December 31, | ||||||||||||||||
2016 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||
Interest income | ||||||||||||||||||||
Loans | $ | 26,229 | $ | 26,124 | $ | 28,702 | $ | 30,064 | $ | 30,048 | ||||||||||
Securities | 4,672 | 5,031 | 5,045 | 4,790 | 4,641 | |||||||||||||||
FHLB dividends | 1,049 | 394 | 314 | 320 | 307 | |||||||||||||||
Interest bearing bank balances |
26 | 33 | 53 | 82 | 130 | |||||||||||||||
Total interest income | $ | 31,976 | $ | 31,582 | $ | 34,114 | $ | 35,256 | $ | 35,126 | ||||||||||
Interest expense | ||||||||||||||||||||
Money market | 845 | 800 | 837 | 1,034 | 1,344 | |||||||||||||||
CD's | 1,213 | 1,216 | 1,438 | 1,522 | 1,485 | |||||||||||||||
Other interest bearing deposits | 39 | 40 | 35 | 36 | 37 | |||||||||||||||
Borrowings - Short term (<92 days) | 155 | 560 | 641 | 633 | 342 | |||||||||||||||
Borrowings - long term | 1,236 | 1,193 | 1,241 | 1,214 | 1,192 | |||||||||||||||
Total interest expense | $ | 3,488 | $ | 3,809 | $ | 4,192 | $ | 4,439 | $ | 4,400 | ||||||||||
For the Quarters Ended | ||||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | December 31, | ||||||||||||||||
2016 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||
Non-interest income | ||||||||||||||||||||
Service charges on deposits | $ | 955 | $ | 1,021 | $ | 1,022 | $ | 1,013 | $ | 1,025 | ||||||||||
Fees and commissions | 576 | 502 | 503 | 488 | 403 | |||||||||||||||
Bank owned life insurance | 393 | 353 | 384 | 417 | 365 | |||||||||||||||
Gain on sale of OREO / fixed / other assets | (12 | ) | 8 | 521 | 1 | (50 | ) | |||||||||||||
Gain (loss) on sale of securities | - | (15 | ) | - | 104 | 56 | ||||||||||||||
Gain on sale of loans | 6 | 63 | 19 | 56 | 30 | |||||||||||||||
Swap fee income | - | - | 494 | - | - | |||||||||||||||
Other non-interest income | 54 | 49 | 198 | 274 | 74 | |||||||||||||||
Total non-interest income | $ | 1,972 | $ | 1,981 | $ | 3,141 | $ | 2,353 | $ | 1,903 | ||||||||||
Non-interest expense | ||||||||||||||||||||
Salary and employee benefits | 15,923 | 14,595 | 14,302 | 15,181 | 15,538 | |||||||||||||||
Deferral of loan origination costs | (1,231 | ) | (1,256 | ) | (1,896 | ) | (1,492 | ) | (1,229 | ) | ||||||||||
Occupancy | 1,698 | 1,710 | 1,640 | 1,776 | 1,682 | |||||||||||||||
Professional Services | 498 | 575 | 1,000 | 1,126 | 2,274 | |||||||||||||||
FDIC Insurance | 282 | 308 | 355 | 339 | 239 | |||||||||||||||
Net OREO income (expense) | 140 | 39 | 21 | 3 | 43 | |||||||||||||||
Data processing | 1,057 | 807 | 908 | 1,059 | 627 | |||||||||||||||
Other expense | 2,170 | 1,952 | 2,106 | 2,606 | 1,949 | |||||||||||||||
Total non-interest expense | $ | 20,537 | $ | 18,730 | $ | 18,436 | $ | 20,598 | $ | 21,123 | ||||||||||
AVERAGE BALANCE SHEET AND YIELDS | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||
(In thousands) | December 31, 2016 | December 31, 2017 | ||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||
INTEREST EARNING ASSETS | ||||||||||||||||||
Loans and leases | $ | 2,508,726 | $ | 106,463 | 4.24 | % | $ | 2,607,885 | $ | 114,938 | 4.41 | % | ||||||
Investment securities | 927,427 | 19,550 | 2.11 | % | 910,132 | 19,507 | 2.14 | % | ||||||||||
FHLB Stock/Dividends | 18,744 | 2,277 | 12.15 | % | 17,793 | 1,335 | 7.50 | % | ||||||||||
FFSold/Fed balances/Due from Time | 19,261 | 94 | 0.48 | % | 26,549 | 298 | 1.11 | % | ||||||||||
Total Earning Assets | 3,474,158 | 128,384 | 3.70 | % | 3,562,359 | 136,078 | 3.82 | % | ||||||||||
Nonearning assets | 126,758 | 138,615 | ||||||||||||||||
Total Assets | $ | 3,600,916 | $ | 3,700,974 | ||||||||||||||
INTEREST BEARING LIABILITIES | ||||||||||||||||||
Time deposits | 617,508 | 4,380 | 0.71 | % | 564,348 | 5,661 | 1.00 | % | ||||||||||
Interest bearing demand | 164,244 | 397 | 0.24 | % | 77,362 | 122 | 0.16 | % | ||||||||||
Money market | 854,987 | 2,927 | 0.34 | % | 955,272 | 4,015 | 0.42 | % | ||||||||||
Savings and other | 39,347 | 19 | 0.05 | % | 46,150 | 26 | 0.06 | % | ||||||||||
Total Interest Bearing Deposits | 1,676,086 | 7,723 | 0.46 | % | 1,643,132 | 9,824 | 0.60 | % | ||||||||||
Borrowings - short term | 304,382 | 1,378 | 0.45 | % | 233,951 | 2,176 | 0.93 | % | ||||||||||
Borrowings - long term | 253,361 | 4,256 | 1.68 | % | 312,131 | 4,840 | 1.55 | % | ||||||||||
Total Interest Bearing Liabilities | 2,233,829 | 13,357 | 0.60 | % | 2,189,214 | 16,840 | 0.77 | % | ||||||||||
Non-interest bearing deposits | 1,007,703 | 1,132,495 | ||||||||||||||||
Accrued interest payable and other liabilities |
27,167 | 32,519 | ||||||||||||||||
Total Liabilities | 3,268,699 | 3,354,228 | ||||||||||||||||
Shareholders' equity | 332,217 | 346,746 | ||||||||||||||||
Total Liabilities and Shareholders' Equity |
$ | 3,600,916 | $ | 3,700,974 | ||||||||||||||
Net Interest Spread | 3.10 | % | 3.05 | % | ||||||||||||||
Effect of noninterest-bearing sources | 0.21 | % | 0.30 | % | ||||||||||||||
Net Interest Income and Margin | $ | 115,027 | 3.31 | % | $ | 119,238 | 3.35 | % | ||||||||||
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||||||||||||||||||||
AVERAGE BALANCE SHEET AND YIELDS | |||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | December 31, 2016 | March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 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 | $ | 2,481,496 | $ | 26,229 | 4.20 | % | $ | 2,510,592 | $ | 26,124 | 4.22 | % | $ | 2,563,327 | $ | 28,702 | 4.49 | % | $ | 2,652,270 | $ | 30,064 | 4.50 | % | $ | 2,702,750 | $ | 30,048 | 4.41 | % | |||||||||||||||
Investment securities | 889,076 | 4,672 | 2.10 | % | 924,218 | 5,031 | 2.18 | % | 937,691 | 5,045 | 2.15 | % | 911,808 | 4,790 | 2.10 | % | 867,418 | 4,641 | 2.14 | % | |||||||||||||||||||||||||
FHLB Stock/Dividends | 17,250 | 1,049 | 24.19 | % | 18,170 | 394 | 8.79 | % | 18,388 | 314 | 6.85 | % | 17,378 | 320 | 7.31 | % | 17,250 | 307 | 7.06 | % | |||||||||||||||||||||||||
FFSold/Fed balances/Due from Time | 19,861 | 26 | 0.51 | % | 18,194 | 33 | 0.73 | % | 20,743 | 53 | 1.01 | % | 27,274 | 82 | 1.18 | % | 39,739 | 130 | 1.28 | % | |||||||||||||||||||||||||
Total Earning Assets | 3,407,683 | 31,976 | 3.73 | % | 3,471,174 | 31,582 | 3.69 | % | 3,540,149 | 34,114 | 3.87 | % | 3,608,730 | 35,256 | 3.88 | % | 3,627,157 | 35,126 | 3.84 | % | |||||||||||||||||||||||||
Nonearning assets | 136,952 | 145,407 | 139,026 | 130,200 | 139,469 | ||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 3,544,635 | $ | 3,616,581 | $ | 3,679,175 | $ | 3,738,930 | $ | 3,766,626 | |||||||||||||||||||||||||||||||||||
INTEREST BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 602,108 | 1,213 | 0.80 | % | 568,364 | 1,216 | 0.87 | % | 588,910 | 1,438 | 0.98 | % | 570,096 | 1,522 | 1.06 | % | 530,375 | 1,485 | 1.11 | % | |||||||||||||||||||||||||
Interest bearing demand | 81,051 | 34 | 0.17 | % | 84,890 | 34 | 0.16 | % | 75,851 | 29 | 0.15 | % | 75,528 | 29 | 0.15 | % | 73,327 | 30 | 0.16 | % | |||||||||||||||||||||||||
Money market | 931,832 | 845 | 0.36 | % | 887,016 | 800 | 0.37 | % | 880,323 | 837 | 0.38 | % | 979,452 | 1,034 | 0.42 | % | 1,071,997 | 1,344 | 0.50 | % | |||||||||||||||||||||||||
Savings and other | 43,456 | 5 | 0.05 | % | 43,992 | 6 | 0.06 | % | 44,248 | 6 | 0.05 | % | 47,567 | 7 | 0.06 | % | 48,725 | 7 | 0.06 | % | |||||||||||||||||||||||||
Total Interest Bearing Deposits | 1,658,447 | 2,097 | 0.50 | % | 1,584,262 | 2,056 | 0.53 | % | 1,589,332 | 2,310 | 0.58 | % | 1,672,643 | 2,592 | 0.61 | % | 1,724,424 | 2,866 | 0.66 | % | |||||||||||||||||||||||||
Borrowings - short term | 128,587 | 155 | 0.48 | % | 327,984 | 560 | 0.69 | % | 288,088 | 641 | 0.89 | % | 212,728 | 633 | 1.18 | % | 109,635 | 342 | 1.24 | % | |||||||||||||||||||||||||
Borrowings - long term | 318,261 | 1,236 | 1.54 | % | 315,000 | 1,193 | 1.54 | % | 313,494 | 1,241 | 1.59 | % | 315,000 | 1,214 | 1.53 | % | 305,109 | 1,192 | 1.55 | % | |||||||||||||||||||||||||
Total Interest Bearing Liabilities | 2,105,295 | 3,488 | 0.66 | % | 2,227,246 | 3,809 | 0.69 | % | 2,190,914 | 4,192 | 0.77 | % | 2,200,371 | 4,439 | 0.80 | % | 2,139,168 | 4,400 | 0.82 | % | |||||||||||||||||||||||||
Non-interest bearing deposits | 1,070,434 | 1,023,236 | 1,113,374 | 1,154,496 | 1,236,292 | ||||||||||||||||||||||||||||||||||||||||
Accrued interest payable and other liabilities |
33,160 | 34,141 | 31,019 | 31,037 | 33,387 | ||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 3,208,889 | 3,284,623 | 3,335,307 | 3,385,904 | 3,408,847 | ||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 335,746 | 331,958 | 343,868 | 353,026 | 357,779 | ||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity |
$ | 3,544,635 | $ | 3,616,581 | $ | 3,679,175 | $ | 3,738,930 | $ | 3,766,626 | |||||||||||||||||||||||||||||||||||
Net Interest Spread | 3.07 | % | 3.00 | % | 3.10 | % | 3.08 | % | 3.02 | % | |||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources | 0.25 | % | 0.24 | % | 0.29 | % | 0.31 | % | 0.34 | % | |||||||||||||||||||||||||||||||||||
Net Interest Income and Margin | $ | 28,488 | 3.33 | % | $ | 27,773 | 3.24 | % | $ | 29,922 | 3.39 | % | $ | 30,817 | 3.39 | % | $ | 30,726 | 3.36 | % | |||||||||||||||||||||||||
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | ||||||||||
ALLL Trend and Statistics (Unaudited) | ||||||||||
(Amounts in Thousands) | ||||||||||
For the Year Ended | ||||||||||
ALLL ROLLFORWARD | December 31, 2016 | December 31, 2017 | ||||||||
Beginning Balance | $ | 36,327 | $ | 35,166 | ||||||
Provision for / (Release of) Loan Losses | 6,948 | (4,496 | ) | |||||||
Charge Offs | (9,161 | ) | (690 | ) | ||||||
Recoveries | 1,052 | 5,366 | ||||||||
Net (Charge Offs) Recoveries | (8,109 | ) | 4,676 | |||||||
Ending Balance | $ | 35,166 | $ | 35,346 | ||||||
Period End Loan Balance | $ | 2,494,507 | $ | 2,739,859 | ||||||
Average Loan Balance for the period | $ | 2,508,726 | $ | 2,607,885 | ||||||
ASSET QUALITY INDICATORS | ||||||||||
Non-Performing Loans | 16,188 | 9,041 | ||||||||
OREO | 3,000 | 825 | ||||||||
Total Non-Performing Assets (NPA) | $ | 19,188 | $ | 9,866 | ||||||
Criticized Loan Totals | $ | 66,196 | $ | 17,097 | ||||||
Loans and Leases 30 - 89 days past due | 2,708 | 4,175 | ||||||||
Loans and Leases >89 days past due | 2 | - | ||||||||
Total Delinquent Loans and Leases | $ | 2,710 | $ | 4,175 | ||||||
Delinquent Loans and Leases to Total Loans | 0.11 | % | 0.15 | % | ||||||
Net Charge Offs to Avg Loans (Annualized) | -0.32 | % | 0.18 | % | ||||||
NPL as a % of Total Loans | 0.65 | % | 0.33 | % | ||||||
NPA as a % of Total Loans + OREO | 0.77 | % | 0.36 | % | ||||||
ALLL/Non Performing loans | 217.2 | % | 391.0 | % | ||||||
ALLL as a % of Total Loans | 1.41 | % | 1.29 | % | ||||||
COMMUNITY BANK - FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
ALLL Trend and Statistics (Unaudited) | ||||||||||||||||||||
(Amounts in Thousands) | ||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||
ALLL ROLLFORWARD | December 31, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||
2016 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||
Beginning Balance | $ | 35,826 | $ | 35,166 | $ | 33,449 | $ | 34,824 | $ | 35,345 | ||||||||||
Provision for / (Release of) Loan Losses | 3,498 | (1,600 | ) | 1,000 | (4,000 | ) | 104 | |||||||||||||
Charge Offs | (4,941 | ) | (295 | ) | (24 | ) | (156 | ) | (215 | ) | ||||||||||
Recoveries | 783 | 178 | 399 | 4,677 | 112 | |||||||||||||||
Net Charge Offs | (4,158 | ) | (117 | ) | 375 | 4,521 | (103 | ) | ||||||||||||
Ending Balance | $ | 35,166 | $ | 33,449 | $ | 34,824 | $ | 35,345 | $ | 35,346 | ||||||||||
Period End Loan Balance | $ | 2,494,507 | $ | 2,516,523 | $ | 2,649,690 | $ | 2,687,281 | $ | 2,739,859 | ||||||||||
Average Loan Balance for the period | $ | 2,481,496 | $ | 2,510,592 | $ | 2,563,327 | $ | 2,652,270 | $ | 2,702,750 | ||||||||||
ASSET QUALITY INDICATORS | ||||||||||||||||||||
Non-Performing Loans | 16,188 | 14,979 | 12,157 | 3,951 | 9,041 | |||||||||||||||
OREO | 3,000 | - | - | 825 | 825 | |||||||||||||||
Total Non-Performing Assets (NPA) | $ | 19,188 | $ | 14,979 | $ | 12,157 | $ | 4,776 | $ | 9,866 | ||||||||||
Criticized Loan Totals | $ | 66,196 | $ | 25,893 | $ | 22,366 | $ | 26,954 | $ | 17,097 | ||||||||||
Loans and Leases 30 - 89 days past due | 2,708 | 494 | 701 | 1,624 | 4,175 | |||||||||||||||
Loans and Leases >89 days past due | 2 | - | - | - | - | |||||||||||||||
Total Delinquent Loans and Leases | $ | 2,710 | $ | 494 | $ | 701 | $ | 1,624 | $ | 4,175 | ||||||||||
Delinquent Loans and Leases to Total Loans | 0.11 | % | 0.02 | % | 0.03 | % | 0.06 | % | 0.15 | % | ||||||||||
Net Charge Offs to Avg Loans (Annualized) | -0.67 | % | -0.02 | % | 0.06 | % | 0.68 | % | -0.02 | % | ||||||||||
NPL as a % of Total Loans | 0.65 | % | 0.60 | % | 0.46 | % | 0.15 | % | 0.33 | % | ||||||||||
NPA as a % of Total Loans + OREO | 0.77 | % | 0.60 | % | 0.46 | % | 0.18 | % | 0.36 | % | ||||||||||
ALLL/Non Performing loans | 217.2 | % | 223.3 | % | 286.5 | % | 894.6 | % | 391.0 | % | ||||||||||
ALLL as a % of Total Loans | 1.41 | % | 1.33 | % | 1.31 | % | 1.32 | % | 1.29 | % | ||||||||||
COMMUNITY BANK
Statement on Non-GAAP Measures
GAAP
to Non-GAAP Reconciliation and Calculation of Non-GAAP Performance
Measures (unaudited)
(Amounts in Thousands, except shares
and per share data)
Community Bank believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Bank. Management uses non-GAAP financial measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
For the Quarters Ended | For the Year Ended | |||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
Dollar | Percent | Dollar | Percent | |||||||||||||||||||||||||||
2016 | 2017 | Change | Change | 2016 | 2017 | Change | Change | |||||||||||||||||||||||
Selected Financial Data and Highlights | ||||||||||||||||||||||||||||||
Net income | 4,228 | 442 | (3,786 | ) | (89.5 | %) | 26,823 | 26,724 | (99 | ) | (0.4 | %) | ||||||||||||||||||
Effect of tax rate change | - | 6,771 | 6,771 | - | - | 6,771 | 6,771 | - | ||||||||||||||||||||||
Net income before effect of tax rate change | $ | 4,228 | $ | 7,213 | $ | 2,985 | 70.6 | % | $ | 26,823 | $ | 33,495 | $ | 6,672 | 24.9 | % | ||||||||||||||
Return on average equity | 5.01 | % | 0.49 | % | 8.07 | % | 7.71 | % | ||||||||||||||||||||||
Effect of tax rate change | - | 7.51 | - | 1.95 | ||||||||||||||||||||||||||
Return on average equity before effect of tax rate change | 5.01 | % | 8.00 | % | 8.07 | % | 9.66 | % | ||||||||||||||||||||||
Return on average assets | 0.47 | % | 0.05 | % | 0.74 | % | 0.72 | % | ||||||||||||||||||||||
Effect of tax rate change | - | 0.71 | - | 0.19 | ||||||||||||||||||||||||||
Return on average assets before the effect of tax rate change | 0.47 | % | 0.76 | % | 0.74 | % | 0.91 | % | ||||||||||||||||||||||
Earnings per share - basic | $ | 1.35 | $ | 0.14 | $ | (1.21 | ) | (89.6 | %) | $ | 8.57 | $ | 8.53 | $ | (0.04 | ) | (0.5 | %) | ||||||||||||
Effect of tax rate change | - | 2.16 | 2.16 | - | - | 2.16 | 2.16 | - | ||||||||||||||||||||||
Earnings per share - basic before effect of tax rate change | $ | 1.35 | $ | 2.30 | $ | 0.95 | 70.4 | % | $ | 8.57 | $ | 10.69 | $ | 2.12 | 24.7 | % | ||||||||||||||
Earnings per share - diluted | $ | 1.35 | $ | 0.14 | $ | (1.21 | ) | (89.6 | %) | $ | 8.57 | $ | 8.52 | $ | (0.05 | ) | (0.6 | %) | ||||||||||||
Effect of tax rate change | - | 2.15 | 2.15 | - | - | 2.16 | 2.16 | - | ||||||||||||||||||||||
Earnings per share - diluted before effect of tax rate change | $ | 1.35 | $ | 2.29 | $ | 0.94 | 69.6 | % | $ | 8.57 | $ | 10.68 | $ | 2.11 | 24.6 | % | ||||||||||||||
Weighted average shares outstanding - basic | 3,128,266 | 3,134,095 | 3,128,266 | 3,133,472 | ||||||||||||||||||||||||||
Weighted average shares outstanding - dilutive | 3,128,609 | 3,143,534 | 3,128,350 | 3,136,431 | ||||||||||||||||||||||||||