Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results
for the three and nine months ended September 30, 2015.
2015 Third Quarter Financial Highlights Include (on a
year-over-year basis unless noted):
-
Net interest income increased 4.7% to $6.2 million.
-
Noninterest income grew 11.9% to $1.1 million.
-
Net income up 3.3% to $2.0 million, or $0.96 per diluted share.
-
Tangible stockholders’ equity improved 10.1%, and 4.0% from 2015
second quarter.
-
Total net loans increased 9.4%.
-
Nonperforming assets declined to $10.9 million from $13.2 million.
-
Tier 1 capital ratio strengthened to 9.66% from 9.50%.
“We are proud of the strong profitability we were able to achieve in the
2015 third quarter, driven by increases in both interest and noninterest
income, and controlled expenses,” stated Thomas G. Caldwell, President
and Chief Executive Officer. “Since the start of the year our loan
portfolio has increased 8.4% primarily due to higher real estate loans
reflecting the investments we have made in our advertising strategy,
product lines, and associates. This growth helped drive a 5.8%
year-over-year increase in interest and fees generated on loans in the
2015 third quarter, despite a lower yield on earnings assets. We did a
good job managing expenses during the quarter, as our funding costs
declined 4.0% year-over-year, while noninterest expenses declined 10.5%
sequentially. We remain committed to our growth oriented business plan,
while proactively managing expenses. We have strengthened our team of
seasoned lenders and look forward to their growing contributions in the
coming quarters.”
Net income for the 2015 third quarter was $2.0 million, or $0.96 per
diluted share, compared to net income for the 2014 third quarter of $1.9
million, or $0.93 per diluted share. Net income for the nine months
ended September 30, 2015 was $5.1 million, or $2.47 per diluted share,
compared to net income for the nine months ended September 30, 2014 of
$5.3 million, or $2.59 per diluted share.
Annualized returns on average equity (“ROE”) and average assets (“ROA”)
for the 2015 third quarter were 12.67% and 1.10%, respectively, compared
with 13.55% and 1.13% for the 2014 third quarter. ROE and ROA were
10.83% and 0.97%, respectively, for the 2015 nine month period, compared
with 12.74% and 1.06% for the same period last year.
Mr. Caldwell continued: “Over the past two years we have been
communicating an investment strategy focused on building Middlefield’s
brand within and around our communities. Highlights of this plan include
enhancements made in the way customers interact with the bank and an
expansion into secondary mortgage products, which has improved
noninterest income by 10.2% through the first nine-months of 2015. The
new loan production office in Mentor, Ohio increased our geographic
footprint to Lake County and we expect this office to quickly contribute
to higher loan growth, especially to commercial customers. Finally, we
have also made investments throughout the year to create value for our
shareholders, which includes increasing our quarterly dividend payment
and the recent repurchase of nearly 10% of Middlefield’s common stock
outstanding. As we enter the fourth quarter, our outlook is encouraging
and is resulting from the strength in our core geographic markets,
enhancements we have made to our product and service offerings, and
growth in our financial results.”
Income Statement
Net interest income for the 2015 third quarter increased 4.7% to $6.2
million, compared to $5.9 million for the 2014 third quarter. For the
2015 nine month period, net interest income increased 3.8% to $18.4
million, compared to nearly $17.8 million for the same period last year.
The net interest margin for the 2015 third quarter was 3.80%, compared
to 3.99% for the same period of 2014. Year-to-date, the net interest
margin was 3.88%, compared to 4.08% for the same period last year.
Noninterest income, compared to the same period last year, was up 11.9%
for both the 2015 third quarter and year-to-date. The improvement to
noninterest income in the 2015 third quarter, as well as the nine month
period was primarily a result of higher investment gains, earnings on
bank-owned life insurance, and gains on sale of loans.
Noninterest expense for the 2015 third quarter was $4.7 million, an
increase of 6.5% from $4.4 million for the 2014 third quarter.
Year-to-date, noninterest expense increased 11.2% to $14.7 million,
compared to $13.2 million for the same period last year.
“Our asset quality remains strong, as we have grown assets and increased
our loan portfolio,” said Donald L. Stacy, Chief Financial Officer.
“Nonperforming assets for the 2015 third quarter declined 17.0% to $10.9
million, from $13.2 million in the prior year period. We are balancing
loan growth with strict underwriting standards to manage risk. As a
result, our allowance for loan and lease losses continues to decline,
and represented 1.24% of total loans as September 30, 2015. From a
capital perspective, Middlefield remains well capitalized as our Tier 1
capital to average asset ratio improved 16 basis points to 9.66% at the
end of the 2015 third quarter. At September 30, 2015, the bank had $23.3
million in cash and cash equivalents on our balance sheet, and our net
loans to total deposits were 80.4%. As a result of our excellent
liquidity, capital position, and belief that our stock represents a
compelling value, on October 5, 2015, we repurchased 196,635 shares, or
9.5% of Middlefield Banc Corp. common stock outstanding at $34.50 per
share for a total cost of $6.8 million.”
Balance Sheet
Total assets at September 30, 2015 increased 4.9% to a record $710.6
million, from $677.5 million at December 31, 2014. Net loans at
September 30, 2015 were $503.9 million, compared to $463.7 million at
December 31, 2014. The 8.7% year-to-date improvement in net loans was a
result of loan growth in both residential and commercial mortgages,
which have increased 14.4% and 18.3%, respectively year-to-date. This
was offset by a 12.5% reduction in commercial and industrial loans, and
a 42.0% decline in construction loans.
Total deposits at September 30, 2015 increased 6.9% to $626.5 million
from $586.1 million at December 31, 2014. The investment portfolio,
which is entirely classified as available for sale, stood at $145.1
million at September 30, 2015, compared to $154.3 million at December
31, 2014.
Stockholders’ Equity and Dividends
Tangible stockholders’ equity increased 10.1% to $62.6 million for the
2015 third quarter, compared to $56.8 million at September 30, 2014. On
a per share basis, tangible stockholders’ equity increased 9.0% to
$30.23 at September 30, 2015 from $27.74 at September 30, 2014. The
increase is the result of a higher level of retained earnings and
accumulated other comprehensive income, which was offset by cash
dividends paid to shareholders.
At September 30, 2015, the company had a Tier 1 leverage ratio of 9.66%
up from 9.50%, at September 30, 2014, and 9.56% at June 30, 2015.
During the 2015 third quarter, the company paid a cash dividend of $0.27
per share, which is 3.8% higher than the amount paid in the 2014 third
quarter. Year-to-date, the company has paid cash dividends of $0.80 per
share, which is a 2.6% increase over the same period last year.
Asset Quality
The provision for loan losses for the 2015 third quarter was $105,000
compared to $70,000 for the 2014 third quarter. Year-to-date, the
provision for loan losses was $210,000, compared to $370,000 for the
same period last year. Nonperforming assets at September 30, 2015 were
$10.9 million, compared with $13.2 million for the same period last
year. Net charge-offs for the 2015 third quarter was $131,000, or 0.10%
of average loans, annualized, compared to a reversal of $89,000 for the
same period last year. Year-to-date net charge-offs were $736,000, or
0.20% of average loans, annualized, compared to $128,000, or 0.04% of
average loans, annualized for the same period last year. The allowance
for loan losses at September 30, 2015 was $6.3 million, or 1.24% of
total loans, compared with $7.3 million, or 1.56% of total loans at
September 30, 2014.
The following table provides a summary of asset quality and reserve
coverage ratios.
|
Asset Quality History
|
(dollars in thousands)
|
|
|
|
9/30/2015
|
|
|
9/30/2014
|
|
|
12/31/2014
|
|
|
12/31/2013
|
|
|
12/31/2012
|
|
Nonperforming loans
|
|
$
|
8,921
|
|
|
$
|
10,497
|
|
|
$
|
9,048
|
|
|
$
|
12,290
|
|
|
$
|
14,224
|
|
Real estate owned
|
|
$
|
2,006
|
|
|
$
|
2,674
|
|
|
$
|
2,590
|
|
|
$
|
2,698
|
|
|
$
|
1,846
|
|
Nonperforming assets
|
|
$
|
10,927
|
|
|
$
|
13,171
|
|
|
$
|
11,638
|
|
|
$
|
14,988
|
|
|
$
|
16,070
|
|
Allowance for loan losses
|
|
$
|
6,320
|
|
|
$
|
7,288
|
|
|
$
|
6,846
|
|
|
$
|
7,046
|
|
|
$
|
7,779
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans
|
|
|
1.75
|
%
|
|
|
2.24
|
%
|
|
|
1.92
|
%
|
|
|
2.82
|
%
|
|
|
3.48
|
%
|
Nonperforming assets to total assets
|
|
|
1.54
|
%
|
|
|
1.94
|
%
|
|
|
1.72
|
%
|
|
|
2.32
|
%
|
|
|
2.40
|
%
|
Allowance for loan losses to total loans
|
|
|
1.24
|
%
|
|
|
1.56
|
%
|
|
|
1.45
|
%
|
|
|
1.62
|
%
|
|
|
1.90
|
%
|
Allowance for loan losses to nonperforming loans
|
|
|
70.84
|
%
|
|
|
69.43
|
%
|
|
|
75.66
|
%
|
|
|
57.33
|
%
|
|
|
54.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is a bank
holding company with total assets of $710.6 million at September 30,
2015. The bank operates 10 full service banking centers and an LPL
Financial® brokerage office serving Chardon, Cortland,
Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, and
Westerville. The Bank also operates a Loan Production Office in Mentor,
Ohio. Additional information is available at www.middlefieldbank.com.
This press release of Middlefield Banc Corp. and the reports
Middlefield Banc Corp. files with the Securities and Exchange Commission
often contain “forward-looking statements” relating to present or future
trends or factors affecting the banking industry and, specifically, the
financial operations, markets and products of Middlefield Banc Corp. These
forward-looking statements involve certain risks and uncertainties. There
are a number of important factors that could cause Middlefield Banc
Corp.’s future results to differ materially from historical performance
or projected performance. These factors include, but are not
limited to: (1) a significant increase in competitive pressures among
financial institutions; (2) changes in the interest rate environment
that may reduce interest margins; (3) changes in prepayment speeds,
charge-offs and loan loss provisions; (4) less favorable than expected
general economic conditions; (5) legislative or regulatory changes that
may adversely affect businesses in which Middlefield Banc Corp. is
engaged; (6) technological issues which may adversely affect Middlefield
Banc Corp.’s financial operations or customers; (7) changes in the
securities markets; or (8) risk factors mentioned in the reports and
registration statements Middlefield Banc Corp. files with the Securities
and Exchange Commission. Middlefield Banc Corp. undertakes no
obligation to release revisions to these forward-looking statements or
to reflect events or circumstances after the date of this press release.
|
MIDDLEFIELD BANC CORP.
|
Consolidated Selected Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015 and 2014 and December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet (period end)
|
|
|
September 30,
|
|
|
December 31,
|
|
|
September 30,
|
(Dollar amounts in thousands)
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
|
(unaudited)
|
|
|
|
|
|
(unaudited)
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
19,189
|
|
|
$
|
20,846
|
|
|
$
|
21,486
|
|
Federal funds sold
|
|
|
4,106
|
|
|
|
4,793
|
|
|
|
7,816
|
|
Cash and cash equivalents
|
|
|
23,295
|
|
|
|
25,639
|
|
|
|
29,302
|
|
Investment securities available for sale
|
|
|
145,146
|
|
|
|
154,334
|
|
|
|
156,021
|
|
Loans held for sale
|
|
|
620
|
|
|
|
438
|
|
|
|
201
|
|
Loans:
|
|
|
510,232
|
|
|
|
470,584
|
|
|
|
468,007
|
|
Less: reserve for loan losses
|
|
|
6,320
|
|
|
|
6,846
|
|
|
|
7,288
|
|
Net loans
|
|
|
503,912
|
|
|
|
463,738
|
|
|
|
460,719
|
|
Premises and equipment
|
|
|
9,892
|
|
|
|
9,980
|
|
|
|
9,916
|
|
Goodwill
|
|
|
4,559
|
|
|
|
4,559
|
|
|
|
4,559
|
|
Core deposit intangible
|
|
|
86
|
|
|
|
116
|
|
|
|
126
|
|
Bank-owned life insurance
|
|
|
13,354
|
|
|
|
9,092
|
|
|
|
9,022
|
|
Other real estate owned
|
|
|
2,006
|
|
|
|
2,590
|
|
|
|
2,674
|
|
Accrued interest receivable and other assets
|
|
|
7,727
|
|
|
|
7,045
|
|
|
|
7,722
|
|
Total Assets
|
|
$
|
710,597
|
|
|
|
677,531
|
|
|
|
680,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposits
|
|
$
|
117,038
|
|
|
$
|
105,512
|
|
|
$
|
105,788
|
|
Interest bearing demand deposits
|
|
|
64,807
|
|
|
|
56,377
|
|
|
|
62,958
|
|
Money market accounts
|
|
|
77,811
|
|
|
|
75,895
|
|
|
|
76,157
|
|
Savings deposits
|
|
|
179,528
|
|
|
|
178,470
|
|
|
|
177,408
|
|
Time deposits
|
|
|
187,364
|
|
|
|
169,858
|
|
|
|
177,709
|
|
Total Deposits
|
|
|
626,548
|
|
|
|
586,112
|
|
|
|
600,020
|
|
Short-term borrowings
|
|
|
4,047
|
|
|
|
14,808
|
|
|
|
5,131
|
|
Other borrowings
|
|
|
10,300
|
|
|
|
10,624
|
|
|
|
11,105
|
|
Other liabilities
|
|
|
2,486
|
|
|
|
2,120
|
|
|
|
2,491
|
|
Total Liabilities
|
|
|
643,381
|
|
|
|
613,664
|
|
|
|
618,747
|
|
|
|
|
|
|
|
|
|
|
|
Common equity
|
|
|
36,039
|
|
|
|
35,529
|
|
|
|
35,455
|
|
Retained earnings
|
|
|
35,994
|
|
|
|
32,524
|
|
|
|
31,169
|
|
Accumulated other comprehensive income
|
|
|
1,917
|
|
|
|
2,548
|
|
|
|
1,625
|
|
Treasury stock
|
|
|
(6,734
|
)
|
|
|
(6,734
|
)
|
|
|
(6,734
|
)
|
Total Stockholders' Equity
|
|
|
67,216
|
|
|
|
63,867
|
|
|
|
61,515
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
710,597
|
|
|
$
|
677,531
|
|
|
$
|
680,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDDLEFIELD BANC CORP.
|
Consolidated Selected Financial Highlights
|
September 30, 2015 and 2014
|
(Dollar amounts in thousands)
|
(unaudited)
|
|
|
|
For the Three Months Ended
|
|
|
For the Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans
|
|
$
|
5,971
|
|
|
$
|
5,646
|
|
|
$
|
17,656
|
|
|
$
|
16,915
|
|
Interest-bearing deposits in other institutions
|
|
|
6
|
|
|
|
5
|
|
|
|
26
|
|
|
|
19
|
|
Federal funds sold
|
|
|
4
|
|
|
|
2
|
|
|
|
12
|
|
|
|
11
|
|
Investment securities
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable interest
|
|
|
341
|
|
|
|
441
|
|
|
|
1,115
|
|
|
|
1,476
|
|
Tax-exempt interest
|
|
|
809
|
|
|
|
798
|
|
|
|
2,373
|
|
|
|
2,336
|
|
Dividends on stock
|
|
|
20
|
|
|
|
19
|
|
|
|
70
|
|
|
|
62
|
|
Total interest income
|
|
|
7,151
|
|
|
|
6,911
|
|
|
|
21,252
|
|
|
|
20,819
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
876
|
|
|
|
898
|
|
|
|
2,581
|
|
|
|
2,767
|
|
Short term borrowings
|
|
|
30
|
|
|
|
38
|
|
|
|
100
|
|
|
|
111
|
|
Other borrowings
|
|
|
20
|
|
|
|
30
|
|
|
|
66
|
|
|
|
94
|
|
Trust preferred securities
|
|
|
33
|
|
|
|
33
|
|
|
|
85
|
|
|
|
93
|
|
Total interest expense
|
|
|
959
|
|
|
|
999
|
|
|
|
2,832
|
|
|
|
3,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
|
|
6,192
|
|
|
|
5,912
|
|
|
|
18,420
|
|
|
|
17,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
|
|
105
|
|
|
|
70
|
|
|
|
210
|
|
|
|
370
|
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
|
6,087
|
|
|
|
5,842
|
|
|
|
18,210
|
|
|
|
17,384
|
|
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits
|
|
|
471
|
|
|
|
489
|
|
|
|
1,382
|
|
|
|
1,399
|
|
Investment securities gains, net
|
|
|
211
|
|
|
|
190
|
|
|
|
257
|
|
|
|
248
|
|
Earnings on bank-owned life insurance
|
|
|
101
|
|
|
|
71
|
|
|
|
262
|
|
|
|
206
|
|
Gains on sale of loans
|
|
|
113
|
|
|
|
20
|
|
|
|
286
|
|
|
|
20
|
|
Other income
|
|
|
212
|
|
|
|
220
|
|
|
|
679
|
|
|
|
689
|
|
Total non-interest income
|
|
|
1,108
|
|
|
|
990
|
|
|
|
2,866
|
|
|
|
2,562
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
2,285
|
|
|
|
2,144
|
|
|
|
7,205
|
|
|
|
6,428
|
|
Occupancy expense
|
|
|
305
|
|
|
|
272
|
|
|
|
945
|
|
|
|
868
|
|
Equipment expense
|
|
|
249
|
|
|
|
296
|
|
|
|
706
|
|
|
|
710
|
|
Data processing costs
|
|
|
287
|
|
|
|
251
|
|
|
|
798
|
|
|
|
689
|
|
Ohio state franchise tax
|
|
|
75
|
|
|
|
93
|
|
|
|
225
|
|
|
|
269
|
|
Federal deposit insurance expense
|
|
|
120
|
|
|
|
132
|
|
|
|
352
|
|
|
|
361
|
|
Professional fees
|
|
|
229
|
|
|
|
189
|
|
|
|
825
|
|
|
|
814
|
|
Loss on sale of other real estate owned
|
|
|
24
|
|
|
|
49
|
|
|
|
72
|
|
|
|
119
|
|
Advertising expense
|
|
|
195
|
|
|
|
120
|
|
|
|
586
|
|
|
|
367
|
|
Other real estate expense
|
|
|
116
|
|
|
|
91
|
|
|
|
449
|
|
|
|
256
|
|
Directors Fees
|
|
|
98
|
|
|
|
99
|
|
|
|
343
|
|
|
|
303
|
|
Other operating expense
|
|
|
686
|
|
|
|
649
|
|
|
|
2,191
|
|
|
|
2,028
|
|
Total non-interest expense
|
|
|
4,669
|
|
|
|
4,385
|
|
|
|
14,697
|
|
|
|
13,212
|
|
Income before income taxes
|
|
|
2,526
|
|
|
|
2,447
|
|
|
|
6,379
|
|
|
|
6,734
|
|
Provision for income taxes
|
|
|
544
|
|
|
|
529
|
|
|
|
1,264
|
|
|
|
1,442
|
|
NET INCOME
|
|
$
|
1,982
|
|
|
$
|
1,918
|
|
|
$
|
5,115
|
|
|
$
|
5,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Per common share data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - basic
|
|
$
|
0.96
|
|
|
$
|
0.94
|
|
|
$
|
2.49
|
|
|
$
|
2.60
|
|
Net income per common share - diluted
|
|
$
|
0.96
|
|
|
$
|
0.93
|
|
|
$
|
2.47
|
|
|
$
|
2.59
|
|
Dividends declared
|
|
$
|
0.27
|
|
|
$
|
0.26
|
|
|
$
|
0.80
|
|
|
$
|
0.78
|
|
Book value per share (period end)
|
|
$
|
32.48
|
|
|
$
|
30.02
|
|
|
$
|
32.48
|
|
|
$
|
30.02
|
|
Tangible book value per share (period end)
|
|
$
|
30.23
|
|
|
$
|
27.74
|
|
|
$
|
30.23
|
|
|
$
|
27.74
|
|
Dividend payout ratio
|
|
|
28.15
|
%
|
|
|
27.58
|
%
|
|
|
32.16
|
%
|
|
|
30.01
|
%
|
Average shares outstanding - basic
|
|
|
2,064,054
|
|
|
|
2,044,124
|
|
|
|
2,058,938
|
|
|
|
2,038,972
|
|
Average shares outstanding - diluted
|
|
|
2,072,639
|
|
|
|
2,052,012
|
|
|
|
2,068,192
|
|
|
|
2,045,660
|
|
Period ending shares outstanding
|
|
|
2,069,510
|
|
|
|
2,048,807
|
|
|
|
2,069,510
|
|
|
|
2,048,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.10
|
%
|
|
|
1.13
|
%
|
|
|
0.97
|
%
|
|
|
1.06
|
%
|
Return on average equity
|
|
|
12.67
|
%
|
|
|
13.55
|
%
|
|
|
10.83
|
%
|
|
|
12.74
|
%
|
Yield on earning assets
|
|
|
4.35
|
%
|
|
|
4.62
|
%
|
|
|
4.44
|
%
|
|
|
4.73
|
%
|
Cost of interest bearing liabilities
|
|
|
0.71
|
%
|
|
|
0.78
|
%
|
|
|
0.72
|
%
|
|
|
0.80
|
%
|
Net interest spread
|
|
|
3.64
|
%
|
|
|
3.84
|
%
|
|
|
3.72
|
%
|
|
|
3.94
|
%
|
Net interest margin
|
|
|
3.80
|
%
|
|
|
3.99
|
%
|
|
|
3.88
|
%
|
|
|
4.08
|
%
|
Efficiency
|
|
|
60.51
|
%
|
|
|
59.96
|
%
|
|
|
65.30
|
%
|
|
|
61.40
|
%
|
Tier 1 capital to average assets
|
|
|
9.66
|
%
|
|
|
9.50
|
%
|
|
|
9.66
|
%
|
|
|
9.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
$
|
53,154
|
|
|
$
|
58,874
|
|
|
|
|
|
|
|
Real estate - construction
|
|
|
17,576
|
|
|
|
29,287
|
|
|
|
|
|
|
|
Real estate - mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
260,291
|
|
|
|
224,223
|
|
|
|
|
|
|
|
Commercial
|
|
|
174,336
|
|
|
|
149,488
|
|
|
|
|
|
|
|
Consumer installment
|
|
|
4,875
|
|
|
|
6,135
|
|
|
|
|
|
|
|
|
|
|
510,232
|
|
|
|
468,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
Asset quality data
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
(Dollar amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
|
|
$
|
6,416
|
|
|
$
|
8,885
|
|
|
|
|
|
|
|
Troubled debt restructuring
|
|
|
2,456
|
|
|
|
1,587
|
|
|
|
|
|
|
|
90 day past due and accruing
|
|
|
49
|
|
|
|
25
|
|
|
|
|
|
|
|
Nonperforming loans
|
|
|
8,921
|
|
|
|
10,497
|
|
|
|
|
|
|
|
Other real estate owned
|
|
|
2,006
|
|
|
|
2,674
|
|
|
|
|
|
|
|
Nonperforming assets
|
|
$
|
10,927
|
|
|
$
|
13,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
|
$
|
6,320
|
|
|
$
|
7,288
|
|
|
|
|
|
|
|
Allowance for loan and lease losses/total loans
|
1.24
|
%
|
|
|
1.56
|
%
|
|
|
|
|
|
|
Net charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
|
|
|
131
|
|
|
|
(89
|
)
|
|
|
|
|
|
|
Year-to-date
|
|
|
736
|
|
|
|
128
|
|
|
|
|
|
|
|
Net charge-offs to average loans, annualized
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
|
|
|
0.10
|
%
|
|
|
(0.08
|
%)
|
|
|
|
|
|
|
Year-to-date
|
|
|
0.20
|
%
|
|
|
0.04
|
%
|
|
|
|
|
|
|
Nonperforming loans/total loans
|
|
|
1.75
|
%
|
|
|
2.24
|
%
|
|
|
|
|
|
|
Allowance for loan and lease losses/nonperforming loans
|
70.84
|
%
|
|
|
69.43
|
%
|
|
|
|
|
|
|
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20151022006530r1&sid=ntxv4&distro=nx&lang=en)
View source version on businesswire.com: http://www.businesswire.com/news/home/20151022006530/en/
Copyright Business Wire 2015