FRESNO, Calif., April 17, 2017 (GLOBE NEWSWIRE) -- Communities First Financial Corporation (the “Company”)
(OTCQX:CFST), Fresno, CA, the parent company of Fresno First Bank (the “Bank”), today announced solid financial results for the
first quarter ended March 31, 2017. Net income was $837,000, or $0.29 per diluted share, an increase of 19% over net income
of $701,000, or $0.26 per diluted share, for the first quarter of 2016. For the fourth quarter of 2016, net income was
$932,000, or $0.34 per diluted share.
“After delivering solid profitability in 2016, we continued the momentum with our first quarter earnings generating solid
year-over-year growth. Profits in the last two quarters were amongst the highest we have produced in our history,” said Steve
Miller, President and Chief Executive Officer. “With solid year-over-year loan and deposit growth, our net interest income
increased over 21% from a year ago, and our net interest margin continued to improve to 4.06%.
“We also invested in our franchise by expanding our business development activities and hired key talent to keep pace with our
continued growth and the changing banking landscape. As a result, our compensation costs were higher during the quarter,
impacting first quarter results. However, our new customer acquisition in Q1 was up 43% over the prior year and we believe our
long-term strategy of investing in new transaction based relationships will pay off by providing us a more robust base of customers
to farm in future years,” continued Miller.
“During the first quarter of 2017, we also augmented our capital through our employee stock ownership plan (ESOP), and raised
$521,000 in new capital. “By issuing new shares to our ESOP, we will be in a stronger position to continue to implement
our strategic growth initiatives and, at the same time, reward our employees for their efforts to provide excellent service and
generate solid growth,” said Miller.
“Total assets increased 18%, year-over-year, but declined on a linked quarter basis. The slight shrinking of assets from
the fourth quarter was primarily due to the fluctuation of our agricultural business which is typical for the time of year.
As we focus on the year ahead, we are looking to grow our assets by 15% to 20%,” said Miller. Full time equivalent employees
were 42 at March 31, 2016, compared to 34 a year ago, and 37 at the end of 2016. The company’s total assets grew 23% to
$363.5 million at December 31, 2016, compared to $295.7 million a year earlier.
First Quarter 2017 Highlights (as of, or for the quarter ended March 31, 2017, except where noted)
- Posted solid earnings fueled by strong year-over-year loan and deposit growth, with a strong net interest margin.
- Total deposits grew 18% to $319.6 million from $270.2 million a year earlier.
- Total loans increased 26% to $239.6 million compared to $190.5 million a year ago.
- Net interest income, after the provision for loan losses, increased 27% to $3.4 million for the first quarter of 2017,
compared to $2.7 million for the first quarter of 2016. Net interest income was $3.2 million for the fourth quarter of
2016.
- Noninterest income was $313,000 for the first quarter of 2017, compare to $389,000 for the first quarter of 2016.
- Net interest margin (“NIM”) improved to 4.06%, compared to 3.89% on a linked quarter basis, and 4.00% for the first quarter
of 2016.
- The efficiency ratio, measuring overhead to revenue, was 61.63% for the first quarter of 2017, compared to 58.54% for the
first quarter a year earlier, reflecting the investment in new talent over the past year.
- Return on average assets (“ROAA”) was 0.97% and return on average equity (“ROAE”) was 11.12% for the first quarter of
2017. ROAA and ROAE were well above the average of 0.80% and 8.19%, respectively, generated by the 556 banks in the SNL
MicroCap U.S. Bank Index, for the fourth quarter of 2016.
- The allowance for loan and lease losses (“ALLL”) was $3.0 million at March 31, 2017, down 27% compared to $3.8 million a year
earlier, reflecting the significant improvement in asset quality. The ALLL as a percentage of total loans was 1.21% at
March 31, 2017, net of all government guarantees, the ALLL as a percentage of total loans was 1.73%.
- Capital ratios remain strong with a ratio of tangible shareholders’ equity to total assets of 8.95 at March 31, 2017 up from
8.23% at December 31, 2016.
“The strategic investments we made in 2016, both BodeTree, a cloud-based business management program, and Breakaway Funding, a
next generation crowd-funding company, continue to place CFST on the forefront of financial service providers in California,”
Miller added.
Results of Operations
Net interest income increased 21% to $3.6 million for the first quarter of 2017, compared to $3.0 million for the
first quarter of 2016, primarily reflecting strong year-over-year loan growth.
The provision for loan losses was $80,000 for the first quarter of 2017, compared to $210,000 for the first quarter
of 2016 and $176,000 in the preceding quarter. “We add to reserves to provide for the continued robust loan growth we are
achieving. At the same time, our asset quality remains sound and $9.4 million of our Q1 loan growth came from 100% government
guaranteed loans requiring no reserve,” said Steve Canfield, Chief Financial Officer.
Non-interest income was $313,000 for the first quarter of 2017, compared to $389,000 for the first quarter of
2016. The decline in non-interest income, both year-over-year and on a linked quarter basis, was primarily due to lower gains
on the sale of SBA loans. “The Bank chose not to sell any loans in Q1-2017 and as a result gain on sale income was down $118,000
year-over-year and down $160,000 from Q4-2016,” stated Canfield.
“Choosing to hold loans vs. selling tends to create some volatility in our non-interest income, the decision was
made as part of our longer-term balance sheet management strategy. In a rising interest rate environment, the ability to source and
hold higher margin floating rate loans with a government guarantee is an advantage.” The decrease in non-interest income was
partially offset by increased income from merchant service activities and income generated from servicing loans.
The net interest margin expanded 6 basis points to 4.06% for the first quarter of 2017, compared to 4.00% a year
earlier, and improved by 17 basis points from 3.89% for the fourth quarter of 2016. The improvement in the net interest
margin was primarily due to higher volumes of loans and investments which replaced lower yielding overnight funds. “Our net
interest margin continues to remain above the average of 3.60% generated by the SNL MicroCap U.S. Bank Index at December 31, 2016,
and we are well positioned to take advantage of additional Federal Reserve rate hikes when and if they come,” commented
Canfield.
Operating expenses totaled $2.3 million for the first quarter of 2017, compared to $1.9 million for the like
quarter a year ago and $2.0 million for the fourth quarter of 2016. “The higher noninterest expense in the first quarter was
primarily due to the hiring of key additional business development officers and associated compensation, as we continue to
implement our strategic plan for growth,” said Canfield.
“The efficiency ratio was slightly impacted by our growth initiatives, but remained low at 61.53% for the first
quarter of 2017. We expect it to fall back to 2016 levels as revenues are generated from the new investments later in the
year,” Canfield added.
Balance Sheet Review
Total assets increased 18% to $352.0 million at March 31, 2017, compared to $297.2 million at March 31, 2016, and
declined 3% from $363.5 million at December 31, 2016. Total loans grew 28% to $245.1 million at March 31, 2017, from $192.2
million a year ago, and increased 8% from $227.7 million three months earlier.
The commercial and industrial (C&I) portfolio totaled $118.4 million, representing 48% of total loans at March
31, 2017. Commercial real estate (CRE) loans totaled $74.7 million, or 31% of total loans. Agriculture and land loans
totaled $23.0 million, denoting 10% of loans; residential home loans were $12.8 million, or 5% of loans, and real estate
construction and land development loans were $15.6 million, or 6% of loans.
“We have been the largest Community Bank SBA lender by volume in California’s Central Valley for the last four
consecutive years and we remain very active in the program,” added Miller. “Approximately $74.5 million or 30% of our loans
have a guarantee from the U.S. Government either through the SBA, USDA or FSA. These guarantees substantially reduce the
credit risk on a significant portion of our loan portfolio and are a factor when determining our overall reserve and capital
levels. See chart below:
LOAN LOSS RESERVE
Ratios |
Period Ended: |
$ in thousands
(unaudited) |
Mar. 31,
2017 |
Dec. 31,
2016 |
Mar. 31, 2016 |
|
Reserve for loan losses |
$ |
2,959 |
|
$ |
2,880 |
|
$ |
3,766 |
|
|
|
|
|
|
|
Total loans |
$ |
245,130 |
|
$ |
227,662 |
|
$ |
192,186 |
|
|
Purchased govt. guaranteed loans |
$ |
46,468 |
|
$ |
37,113 |
|
$ |
21,752 |
|
|
Originated govt. guaranteed loans |
$ |
28,076 |
|
$ |
27,209 |
|
$ |
22,918 |
|
|
|
|
|
|
|
LLR / Total loans |
|
1.21 |
% |
|
1.27 |
% |
|
1.96 |
% |
|
LLR / Loans less purchased govt. guaranteed loans |
|
1.49 |
% |
|
1.51 |
% |
|
2.21 |
% |
|
LLR / Loans less all govt. guaranteed loans |
|
1.73 |
% |
|
1.76 |
% |
|
2.55 |
% |
|
LLR / Total assets |
.84% |
.79% |
|
1.27 |
% |
Total deposits increased 19% reaching $319.2 million at March 31, 2017, compared to $268.9 million from a year
earlier and fell 4% from $332.3 million, at December 31, 2016. “Although deposits were down on a linked quarter basis, the
number of new accounts actually increased from the fourth quarter and non-interest bearing deposits were up 4%. We believe
the deposit stream will normalize and we will continue to field opportunities,” said Canfield.
Non-interest bearing demand deposits increased 59% to $177.1 million at March 31, 2017, representing 55% of total
deposits, compared to $111.7 million, or 42% of non-interest bearing deposits a year ago. The ratio of loans to deposits was
76.8% at March 31, 2017, compared to 71.5% one year earlier and 68.5% at December 31, 2016.
Total stockholder equity was $31.5 million at March 31, 2017, compared to $28.0 million a year ago. Book
value per common share increased 9% to $11.20 at March 31, 2017, compared to $10.26 a year ago.
Asset Quality
There were no nonperforming assets at the end of the first quarter of 2017, compared to 0.79% at March 31, 2016.
Loans delinquent for 30 to 90 days increased to $3.6 million. This represents a series of loans to one Borrower
totaling $3.3MM that are in the process of being renewed, and an overdraft of $300M that was a result of a fraudulent check
scheme. Management anticipates the loan renewals will be completed in the second quarter with no further credit
deterioration. Collection efforts are underway for the overdraft.
About Communities First Financial
Corporation
Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of
Fresno First Bank, founded in 2005 in Fresno, California. Fresno First Bank is a leading SBA Bank Lender in California’s
Central Valley. The Bank was named by Forbes as one of the Best 25 Small Businesses in America for 2016, and received the All-Star
Performance Award from the Great Game of Business in 2015. Additional information is available from the Company’s website at
www.fresnofirstbank.com or call 559-439-0200.
Forward Looking Statement Disclaimer
This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or
forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing
management’s views as of any subsequent date. The forward-looking statements are based on management’s expectations and are subject
to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking
statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and
uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to
effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates;
changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in
existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or
legislative requirements affecting the Company’s business; international developments; and changes in accounting policies or
procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no
obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or
circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the
safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SELECT FINANCIAL INFORMATION AND RATIOS (unaudited) |
For the Quarter Ended: |
|
Percentage Change From: |
Mar. 31,
2017 |
Dec. 31,
2016 |
Mar. 31,
2016 |
|
Dec. 31,
2016 |
Mar. 31, 2016 |
BALANCE SHEET DATA - PERIOD END BALANCES: |
|
|
|
|
|
Total assets |
$ |
352,027 |
|
$ |
363,533 |
|
$ |
297,239 |
|
|
-3 |
% |
18 |
% |
|
Total Loans |
|
245,131 |
|
|
227,662 |
|
|
192,185 |
|
|
8 |
% |
28 |
% |
|
Investment securities |
|
67,503 |
|
|
66,292 |
|
|
67,071 |
|
|
2 |
% |
1 |
% |
|
Total deposits |
|
319,225 |
|
|
332,331 |
|
|
268,882 |
|
|
-4 |
% |
19 |
% |
|
Shareholders equity, net |
$ |
31,508 |
|
$ |
29,930 |
|
$ |
27,971 |
|
|
5 |
% |
13 |
% |
|
|
|
|
|
|
|
|
SELECT INCOME STATEMENT DATA: |
|
|
|
|
|
|
|
Gross revenue |
$ |
3,767 |
|
$ |
3,803 |
|
$ |
3,251 |
|
|
-1 |
% |
16 |
% |
|
Operating expense |
|
2,312 |
|
|
1,996 |
|
|
1,900 |
|
|
16 |
% |
22 |
% |
|
Pre-tax, pre-provision income |
|
1,535 |
|
|
1,983 |
|
|
1,561 |
|
|
-23 |
% |
-2 |
% |
|
Net income after tax |
$ |
837 |
|
$ |
932 |
|
$ |
701 |
|
|
-10 |
% |
19 |
% |
|
|
|
|
|
|
|
|
SHARE DATA: |
|
|
|
|
|
|
Fully diluted earnings per share |
$ |
0.29 |
|
$ |
0.34 |
|
$ |
0.26 |
|
|
-13 |
% |
13 |
% |
|
Book value per common share |
$ |
11.20 |
|
$ |
10.97 |
|
$ |
10.26 |
|
|
2 |
% |
9 |
% |
|
Common shares outstanding |
|
2,814,187 |
|
|
2,728,164 |
|
|
2,725,917 |
|
|
3 |
% |
3 |
% |
|
Fully diluted shares |
|
2,861,680 |
|
|
2,768,739 |
|
|
2,746,555 |
|
|
3 |
% |
4 |
% |
|
CFST - Stock price |
$ |
13.75 |
|
$ |
11.50 |
|
$ |
9.95 |
|
|
20 |
% |
38 |
% |
|
|
|
|
|
|
|
|
RATIOS: |
|
|
|
|
|
|
|
Return on average assets |
.97% |
|
1.06 |
% |
.96% |
|
-9 |
% |
1 |
% |
|
Return on average equity |
|
11.12 |
% |
|
12.58 |
% |
|
10.58 |
% |
|
-12 |
% |
5 |
% |
|
Efficiency ratio |
|
61.53 |
% |
|
52.48 |
% |
|
58.54 |
% |
|
17 |
% |
5 |
% |
|
Yield on earning assets |
|
4.20 |
% |
|
4.03 |
% |
|
4.15 |
% |
|
4 |
% |
1 |
% |
|
Cost to fund earning assets |
|
0.13 |
% |
|
0.14 |
% |
|
0.15 |
% |
|
-5 |
% |
-11 |
% |
|
Net Interest Margin |
|
4.06 |
% |
|
3.89 |
% |
|
4.00 |
% |
|
4 |
% |
2 |
% |
|
Equity to assets |
|
8.95 |
% |
|
8.23 |
% |
|
9.41 |
% |
|
9 |
% |
-5 |
% |
|
Loan to deposits ratio |
|
76.79 |
% |
|
68.50 |
% |
|
71.48 |
% |
|
12 |
% |
7 |
% |
|
Full time equivalent employees |
|
42 |
|
|
37 |
|
|
34 |
|
|
14 |
% |
24 |
% |
|
|
|
|
|
|
|
|
BALANCE SHEET DATA - AVERAGES: |
|
|
|
|
|
Total assets |
$ |
351,640 |
|
$ |
350,342 |
|
$ |
297,991 |
|
|
0 |
% |
18 |
% |
|
Total loans |
|
239,583 |
|
|
222,958 |
|
|
190,531 |
|
|
7 |
% |
26 |
% |
|
Investment securities |
|
68,522 |
|
|
66,212 |
|
|
68,620 |
|
|
3 |
% |
0 |
% |
|
Deposits |
|
319,934 |
|
|
319,609 |
|
|
270,155 |
|
|
0 |
% |
18 |
% |
|
Shareholders equity, net |
$ |
30,725 |
|
$ |
30,018 |
|
$ |
27,405 |
|
|
2 |
% |
12 |
% |
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
|
|
|
|
|
|
Total delinquent accruing loans |
$ |
3,638 |
|
$ |
0 |
|
$ |
2 |
|
|
100 |
% |
100 |
% |
|
Nonperforming assets |
$ |
0 |
|
$ |
295 |
|
$ |
2,360 |
|
|
-100 |
% |
-100 |
% |
|
Non Accrual / Total Loans |
.00% |
.13% |
|
1.23 |
% |
|
-100 |
% |
-100 |
% |
|
Nonperforming assets to total assets |
.00% |
.08% |
.79% |
|
-100 |
% |
-100 |
% |
|
LLR / Total loans |
|
1.21 |
% |
|
1.27 |
% |
|
1.96 |
% |
|
-5 |
% |
-38 |
% |
STATEMENT OF INCOME
($ in thousands) |
For the Quarter Ended: |
|
Percentage Change From: |
(unaudited) |
Mar. 31,
2017 |
Dec. 31,
2016 |
Mar. 31,
2016 |
|
Dec. 31,
2016 |
Mar. 31, 2016 |
Interest Income |
|
|
|
|
|
|
Loan interest income |
$ |
3,093 |
$ |
2,981 |
$ |
2,565 |
|
4 |
% |
21 |
% |
|
Investment income |
|
342 |
|
319 |
|
298 |
|
7 |
% |
15 |
% |
|
Int. on fed funds & CDs in other banks |
|
96 |
|
100 |
|
79 |
|
-4 |
% |
22 |
% |
|
Dividends from non-marketable equity |
|
38 |
|
72 |
|
30 |
|
-47 |
% |
27 |
% |
|
Interest income |
|
3,569 |
|
3,472 |
|
2,972 |
|
3 |
% |
20 |
% |
|
Total interest expense |
|
115 |
|
123 |
|
110 |
|
-7 |
% |
5 |
% |
|
Net interest income |
|
3,454 |
|
3,349 |
|
2,862 |
|
3 |
% |
21 |
% |
|
Provision for loan losses |
|
80 |
|
176 |
|
210 |
|
-55 |
% |
-62 |
% |
|
Net interest income after provision |
|
3,374 |
|
3,173 |
|
2,652 |
|
6 |
% |
27 |
% |
|
|
|
|
|
|
|
|
Non-Interest Income: |
|
|
|
|
|
|
|
Total deposit fee income |
|
83 |
|
75 |
|
67 |
|
11 |
% |
24 |
% |
|
Debit / credit card interchange inc. |
|
29 |
|
29 |
|
33 |
|
0 |
% |
-12 |
% |
|
Merchant services income |
|
111 |
|
113 |
|
104 |
|
-2 |
% |
7 |
% |
|
Gain on sale of loans |
|
17 |
|
177 |
|
135 |
|
-90 |
% |
-87 |
% |
|
Other operating income |
|
73 |
|
60 |
|
50 |
|
22 |
% |
46 |
% |
|
Non-interest income |
|
313 |
|
454 |
|
389 |
|
-31 |
% |
-20 |
% |
|
|
|
|
|
|
|
Non-Interest Expense: |
|
|
|
|
|
|
Salaries & employee benefits |
|
1,387 |
|
1,195 |
|
1,080 |
|
16 |
% |
28 |
% |
|
Occupancy expense |
|
133 |
|
126 |
|
135 |
|
6 |
% |
-1 |
% |
|
Other operating expense |
|
792 |
|
675 |
|
685 |
|
17 |
% |
16 |
% |
|
Non-interest expense |
|
2,312 |
|
1,996 |
|
1,900 |
|
16 |
% |
22 |
% |
|
|
|
|
|
|
|
|
Net income before tax |
|
1,375 |
|
1,631 |
|
1,141 |
|
-16 |
% |
21 |
% |
|
Tax provision |
|
538 |
|
699 |
|
440 |
|
-23 |
% |
22 |
% |
|
Net income after tax |
$ |
837 |
$ |
932 |
$ |
701 |
|
-10 |
% |
19 |
% |
BALANCE SHEET ($ in thousands) |
End of Period: |
|
Percentage Change From: |
(unaudited) |
Mar. 31,
2017 |
Dec. 31,
2016 |
Mar. 31,
2016 |
|
Dec. 31,
2016 |
Mar. 31, 2016 |
ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
$ |
5,160 |
|
$ |
5,933 |
|
$ |
9,272 |
|
|
-13 |
% |
-44 |
% |
|
Fed funds sold and deposits in banks |
|
26,346 |
|
|
56,459 |
|
|
22,738 |
|
|
-53 |
% |
16 |
% |
|
CDs in other banks |
|
5,199 |
|
|
5,199 |
|
|
5,699 |
|
|
0 |
% |
-9 |
% |
|
Investment securities |
|
67,503 |
|
|
66,292 |
|
|
67,071 |
|
|
2 |
% |
1 |
% |
|
Total loans outstanding: |
|
|
|
|
|
|
RE constr & land development |
|
15,633 |
|
|
14,087 |
|
|
12,885 |
|
|
11 |
% |
21 |
% |
|
Residential RE 1-4 Family |
|
12,844 |
|
|
13,643 |
|
|
15,388 |
|
|
-6 |
% |
-17 |
% |
|
Commercial Real Estate |
|
74,737 |
|
|
76,561 |
|
|
64,553 |
|
|
-2 |
% |
16 |
% |
|
Agriculture |
|
23,035 |
|
|
22,870 |
|
|
19,790 |
|
|
1 |
% |
16 |
% |
|
Commercial and Industrial |
|
118,377 |
|
|
100,279 |
|
|
79,484 |
|
|
18 |
% |
49 |
% |
|
Consumer and Other |
|
505 |
|
|
222 |
|
|
85 |
|
|
127 |
% |
494 |
% |
|
Total Loans |
|
245,131 |
|
|
227,662 |
|
|
192,185 |
|
|
8 |
% |
28 |
% |
|
Deferred fees & discounts |
|
330 |
|
|
(427 |
) |
|
(341 |
) |
|
-177 |
% |
-197 |
% |
|
Allowance for loan losses |
|
(2,959 |
) |
|
(2,880 |
) |
|
(3,766 |
) |
|
3 |
% |
-21 |
% |
|
Loans, net |
|
242,502 |
|
|
224,355 |
|
|
188,078 |
|
|
8 |
% |
29 |
% |
|
Non-marketable equity investments |
|
1,918 |
|
|
1,918 |
|
|
1,653 |
|
|
0 |
% |
16 |
% |
|
Accrued interest and other assets |
|
3,399 |
|
|
3,377 |
|
|
2,728 |
|
|
1 |
% |
25 |
% |
|
Total assets |
|
352,027 |
|
|
363,533 |
|
|
297,239 |
|
|
-3 |
% |
18 |
% |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
177,052 |
|
|
169,539 |
|
|
111,694 |
|
|
4 |
% |
59 |
% |
|
Interest checking |
|
11,108 |
|
|
11,022 |
|
|
7,439 |
|
|
1 |
% |
49 |
% |
|
Savings |
|
38,114 |
|
|
36,780 |
|
|
46,196 |
|
|
4 |
% |
-17 |
% |
|
Money Market |
|
56,925 |
|
|
72,153 |
|
|
66,664 |
|
|
-21 |
% |
-15 |
% |
|
Certificates of Deposit |
|
36,026 |
|
|
42,837 |
|
|
36,889 |
|
|
-16 |
% |
-2 |
% |
|
Total deposits |
|
319,225 |
|
|
332,331 |
|
|
268,882 |
|
|
-4 |
% |
19 |
% |
|
Borrowings |
|
- |
|
|
- |
|
|
- |
|
|
0 |
% |
0 |
% |
|
Other liabilities |
|
1,294 |
|
|
1,272 |
|
|
386 |
|
|
2 |
% |
235 |
% |
|
Total liabilities |
|
320,519 |
|
|
333,603 |
|
|
269,268 |
|
|
-4 |
% |
19 |
% |
|
|
|
|
|
|
|
|
Common, preferred & paid in capital |
|
27,642 |
|
|
27,054 |
|
|
26,943 |
|
|
2 |
% |
3 |
% |
|
Retained earnings (deficit) |
|
3,612 |
|
|
2,775 |
|
|
400 |
|
|
30 |
% |
803 |
% |
|
Total equity |
|
31,254 |
|
|
29,829 |
|
|
27,343 |
|
|
5 |
% |
14 |
% |
|
Accumulated other comprehensive income |
|
254 |
|
|
101 |
|
|
628 |
|
|
151 |
% |
-60 |
% |
|
Shareholders equity, net |
|
31,508 |
|
|
29,930 |
|
|
27,971 |
|
|
5 |
% |
13 |
% |
|
Total Liabilities and shareholders'
equity |
|
352,027 |
|
|
363,533 |
|
|
297,239 |
|
|
-3 |
% |
18 |
% |
ASSET QUALITY ($ in
thousands) |
Period Ended: |
(unaudited) |
Mar. 31,
2017 |
Dec. 31,
2016 |
Mar. 31, 2016 |
|
Delinquent accruing loans 30-60 days |
$ |
3,323 |
|
$ |
0 |
|
$ |
2 |
|
|
Delinquent accruing loans 60-90 days |
$ |
315 |
|
$ |
0 |
|
$ |
0 |
|
|
Delinquent accruing loans 90+ days |
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
Total delinquent accruing loans |
$ |
3,638 |
|
$ |
0 |
|
$ |
2 |
|
|
|
|
|
|
|
Loans on non accrual |
$ |
0 |
|
$ |
295 |
|
$ |
2,360 |
|
|
Other real estate owned |
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
Nonperforming assets |
$ |
0 |
|
$ |
295 |
|
$ |
2,360 |
|
|
|
|
|
|
|
Performing restructured loans |
$ |
31 |
|
$ |
31 |
|
$ |
31 |
|
|
|
|
|
|
|
|
|
|
|
|
Delq 30-60 / Total Loans |
|
1.36 |
% |
.00% |
.00% |
|
Delq 60-90 / Total Loans |
.13% |
.00% |
.00% |
|
Delq 90+ / Total Loans |
.00% |
.00% |
.00% |
|
Delinquent Lns / Total Lns |
|
1.48 |
% |
.00% |
.00% |
|
Non Accrual / Total Loans |
.00% |
.13% |
|
1.23 |
% |
|
Nonperforming assets to total assets |
.00% |
.08% |
.79% |
|
|
|
|
|
|
|
|
|
|
|
Year-to-date charge-off activity |
|
|
|
|
Charge-offs |
$ |
1 |
|
$ |
1,963 |
|
$ |
0 |
|
|
Recoveries |
$ |
0 |
|
$ |
21 |
|
$ |
0 |
|
|
Net charge-offs |
$ |
1 |
|
$ |
1,942 |
|
$ |
0 |
|
|
|
|
|
|
|
Annualized net loan losses (recoveries) to average loans |
.00% |
.94% |
.00% |
|
|
|
|
|
|
LOAN LOSS RESERVE RATIOS: |
|
|
|
Reserve for loan losses |
$ |
2,959 |
|
$ |
2,880 |
|
$ |
3,766 |
|
|
|
|
|
|
|
Total loans |
$ |
245,130 |
|
$ |
227,662 |
|
$ |
192,186 |
|
|
Purchased govt. guaranteed loans |
$ |
46,468 |
|
$ |
37,113 |
|
$ |
21,752 |
|
|
Originated govt. guaranteed loans |
$ |
28,076 |
|
$ |
27,209 |
|
$ |
22,918 |
|
|
|
|
|
|
|
LLR / Total loans |
|
1.21 |
% |
|
1.27 |
% |
|
1.96 |
% |
|
LLR / Loans less purchased govt. guaranteed loans |
|
1.49 |
% |
|
1.51 |
% |
|
2.21 |
% |
|
LLR / Loans less all govt. guaranteed loans |
|
1.73 |
% |
|
1.76 |
% |
|
2.55 |
% |
|
LLR / Total assets |
.84% |
.79% |
|
1.27 |
% |
Contact: Steve Miller – President & CEO Steve Canfield – Executive Vice President & CFO (559) 439-0200
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