FRESNO, Calif., April 11, 2019 (GLOBE NEWSWIRE) -- Communities First Financial Corporation (the “Company”) (OTCQX:
CFST), the parent company of Fresno First Bank (the “Bank”), today announced record profits for the first quarter ended
March 31, 2019. Net income increased 45% to $2.13 million, or $0.71 per diluted share, for the first quarter of 2019,
compared to $1.46 million, or 0.50 per diluted share, for the first quarter of 2018. For the fourth quarter of 2018, net
income was $1.62 million, or $0.55 per diluted share. All results are unaudited.
“First quarter 2019 results were stellar, and we are very pleased the team got off to a great start in the new year,” said Steve
Miller, President and Chief Executive Officer. “We again achieved top-line revenue growth with a substantially higher than
average net interest margin and net interest income. Total deposits were up 14% from a year ago. Our focus on expanding
our franchise into new markets is proving out. Loans generated in our newly established loan production office (“LPO”) in
Southern California have already contributed to our loan portfolio, which grew 15% in the first quarter from a year ago. In
addition, we substantially improved our efficiency ratio to 49.71%, reflecting lower operating costs. We also delivered
industry-leading return on average assets (“ROAA”) of 1.87% and return on average equity (“ROAE”) of 20.41%.
“We will continue to focus on high quality earnings growth, while managing our operating efficiencies and expanding our brand
throughout California,” added Miller. “Everything we do is focused on strengthening relationships with our customers and
communities and supporting our loyal employees. That should translate into long-term value for our shareholders.”
First Quarter 2019 Highlights (as of, or for the quarter ended March 31, 2019, except where noted):
- Diluted earnings per share (“EPS”) were $0.71, compared to $0.50 per share for the first quarter of 2018.
- Return on average assets (“ROAA”) was 1.87%, compared to 1.46% for the first quarter a year ago. Return on average
equity (“ROAE”) was 20.41%, compared to 16.80% for the first quarter of 2018.
- Net interest income increased 27% to $5.21 million, from the first quarter a year ago. No provision for loan losses was
booked in the first quarter of 2019 or the first quarter of 2018.
- Net interest margin (“NIM”) expanded 56 basis points to 4.82% for the first quarter of 2019, compared to 4.26% from the first
quarter a year ago. The NIM improved by 37 basis points from 4.45% from the fourth quarter of 2018.
- Total deposits grew 14% in the first quarter of 2019 to $424.42 million from $372.63 million a year earlier.
Noninterest bearing deposits grew 19% over that period and represent 60% of the entire deposit base.
- Total portfolio loans increased 15% to $310.33 million compared to $269.80 million a year ago.
- The efficiency ratio improved to 49.71% for the first quarter of 2019, from 56.17% for the first quarter a year earlier.
- Asset quality remained solid with nonperforming assets unchanged from the preceding quarter at 0.69% of total assets.
- The allowance for loan and lease losses (“ALLL”) was 1.31% as a percentage of total loans, at March 31, 2019, compared to
1.25% a year earlier. The ALLL as a percentage of total assets was 0.86%.
- Capital ratios remain strong with a ratio of tangible shareholders’ equity to total assets of 9.37% at March 31, 2019,
compared to 8.71% at March 31, 2018.
- Successfully completed a core data processing conversion, including enhancement to customer services and resources.
- Communities First Financial Corporation was named to the 2019 OTCQCX Best 50. Ranked one of the top performing OTCQX
companies in the country, based on total return and growth in average daily dollar volume for 2018.
“The conversion of our entire data processing system is now fully integrated,” Miller continued. “Our new core bank
processing platform will allow us to continue cultivating new and existing customer relationships and strengthen our platform for
future partnership opportunities. At the same time, with the adoption of new digital banking solutions, we are able to
deliver a best-in-class banking experience to our customers, giving them robust online and mobile access to their accounts from
anywhere in the U.S.”
Results of Operations
Net interest income increased 27% to $5.21 million for the first quarter of 2019 from $4.10 million in the first
quarter a year ago, primarily as a result of higher yields on all asset classes and strong year-over-year loan growth.
Reflecting solid asset quality, no provision for loan losses was recorded for the first quarter of 2019 or the first quarter of
2018. After a provision for loan losses of $650,000, net interest income was $4.38 million for the fourth quarter of
2018.
Non-interest income was $669,000 for the first quarter of 2019, compared to $406,000 for the first quarter of 2018,
and $1.12 million for the fourth quarter of 2018. The year-over-year increase in non-interest income was primarily due to an
increase in gain on sale of loans. The fourth quarter 2018 non-interest income included a non-recurring $680,000 gain from a
bank owned life insurance policy.
“Our strategy with the Southern California LPO is to originate CRE loans for sale. In the first quarter of
2019, we completed the sale of our first package of loans which resulted in a gain on sale of loans of approximately $200,000,
improving gains by 1000% year-over-year,” said Steve Canfield, Executive Vice President and Chief Financial Officer.
The net interest margin expanded by 56 basis points to 4.82% for the first quarter of 2019, compared to 4.26% for
the first quarter of 2018, and improved by 37 basis points from 4.45% for the preceding quarter. “The yield on earning assets
increased both year-over-year and on a linked quarter basis to 5.02%, while our cost of funds remained low at 0.19%, at quarter
end,” said Canfield. “The recent rate environment has been positive for our margin, with non-interest-bearing deposits
accounting for 60% of our total deposits.”
Operating expenses totaled $2.92 million for the first quarter of 2019, compared to $2.53 million for the first
quarter of 2018 and $3.45 million for the fourth quarter of 2018. “Salaries/employee benefits and occupancy expense were up
during the quarter, primarily related to costs forming our new Southern California loan production office,” added Canfield.
“Operating expenses were substantially down on a linked-quarter basis, however, as costs related to the DP core systems conversion
were booked in the fourth quarter of 2018.”
The efficiency ratio improved to 49.71% for the first quarter of 2019, compared to 56.17% for the first quarter a
year ago, and 56.02% for the fourth quarter of 2018.
Balance Sheet Review
Total assets grew 15% to $471.54 million at March 31, 2019, compared to $409.84 million at March 31, 2018, and
increased 1% from $467.20 million at December 31, 2018.
Total loans increased 15% to $310.33 million at March 31, 2019, from $269.80 million a year ago, and grew by 2%
from $303.41 million three months earlier. “In addition to the total loan balance at quarter end, we are also currently
holding $6.6 million in loans for sale on our balance sheet that should be packaged and sold in the second quarter of 2019,” said
Canfield.
The commercial and industrial (C&I) portfolio grew to $153.80 million and represented 50% of total loans at
March 31, 2019. Commercial real estate (CRE) loans totaled $98.84 million, or 32% of total loans. Agriculture loans
grew 33% from a year ago to $28.98 million and represented 9% of total loans; real estate construction and land development totaled
$18.61 million, or 6% of loans, while residential home loans were $10.02 million, or 3% of loans. At March 31, 2019, $97.17
million or 31% of the loan portfolio was guaranteed by the SBA, USDA or other government agencies.
Total deposits increased 14% to $424.42 million at March 31, 2019, compared to $372.63 million from a year earlier
and were relatively unchanged from $424.35 at December 31, 2018. Noninterest-bearing demand deposits grew by 19% to $256.70
million at March 31, 2019, representing 60% of total deposits, compared to $216.33 million, or 58% of total deposits a year
ago. “We continue to focus on acquiring our business customers primary operating deposit accounts which has led to the
expansion of our noninterest bearing demand deposits over the last year,” stated Miller. The loan to deposit ratio increased to
73.12% at March 31, 2019, from 72.41% a year earlier, and 71.50% at December 31, 2018.
Net shareholder’s equity increased 24% to $44.19 million at March 31, 2019, compared to $35.71 million a year ago.
Book value per common share grew 21% to $15.14 at March 31, 2019, compared to $12.50 at March 31, 2018.
Asset Quality
Nonperforming assets (“NPAs”) totaled $3.25 million, or 0.69% of total assets at March 31, 2019, compared to $2.93 million, or
0.71% of total assets at March 31, 2018, and $3.22 million, or 0.69% of assets at December 31, 2018.
“We continue to keep a close eye on the $2.9 million NPA, which is a series of loans isolated to one borrower with well-secured
underlying collateral,” said Miller. “We are making progress and recent negotiations with the borrower have been
productive. The increase in NPAs during the first quarter was minimal and mainly due to a small number of government
guaranteed loans placed on non-accrual status.”
With existing reserves consistent with our ALLL methodology, there was no provision for loan losses recorded for the current
quarter or the year ago quarter, compared to a provision for loan losses of $650,000 for the preceding quarter. Recoveries
were $2,000 in the first quarter of 2019 compared to $1,000 for the first quarter of 2018 and $2,500 in the fourth quarter of
2018. In the fourth quarter of 2018, net charge-offs totaled $269,000. The allowance for loan losses to total loans
ratio was 1.31% at March 31, 2019, compared to 1.25% a year earlier and 1.33% at December 31, 2018.
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 Lender in California’s Central Valley and has
expanded into Southern California. The Bank is also a direct acquiring bank with VISA and MasterCard and processes payments
for merchants across the country directly and through partners. Named to the 2019 OTCQCX Best 50, and ranked one of the top
performing OTCQX companies in the country, based on total return and growth in average daily dollar volume for 2018. The Bank was
named to the Inc. 5000 Fastest Growing Companies list in 2017 and to Forbes Best 25 Small Businesses in America for 2016.
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 managements’ 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, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
|
Dec. 31, 2018 |
Mar. 31, 2018 |
|
| BALANCE SHEET DATA - PERIOD END BALANCES: |
|
|
|
|
|
| |
Total assets |
$ |
471,535 |
|
$ |
467,208 |
|
$ |
409,837 |
|
|
1 |
% |
15 |
% |
|
| |
Total Loans |
|
310,333 |
|
|
303,410 |
|
|
269,802 |
|
|
2 |
% |
15 |
% |
|
| |
Investment securities |
|
95,695 |
|
|
95,949 |
|
|
76,403 |
|
|
0 |
% |
25 |
% |
|
| |
Total deposits |
|
424,415 |
|
|
424,346 |
|
|
372,628 |
|
|
0 |
% |
14 |
% |
|
| |
Shareholders equity, net |
|
44,188 |
|
|
40,714 |
|
|
35,706 |
|
|
9 |
% |
24 |
% |
|
| |
|
|
|
|
|
|
|
| SELECT INCOME STATEMENT DATA: |
|
|
|
|
|
|
|
| |
Gross revenue |
$ |
5,878 |
|
$ |
6,155 |
|
$ |
4,505 |
|
|
-5 |
% |
30 |
% |
|
| |
Operating expense |
|
2,922 |
|
|
3,451 |
|
|
2,532 |
|
|
-15 |
% |
15 |
% |
|
| |
Pre-tax, pre-provision income |
|
2,956 |
|
|
2,704 |
|
|
1,973 |
|
|
9 |
% |
50 |
% |
|
| |
Net income after tax |
$ |
2,130 |
|
$ |
1,619 |
|
$ |
1,464 |
|
|
32 |
% |
45 |
% |
|
| |
|
|
|
|
|
|
|
|
| SHARE DATA: |
|
|
|
|
|
|
| |
Basic earnings per share |
$ |
0.73 |
|
$ |
0.57 |
|
$ |
0.51 |
|
|
29 |
% |
42 |
% |
|
| |
Fully diluted earnings per share |
$ |
0.71 |
|
$ |
0.56 |
|
$ |
0.50 |
|
|
29 |
% |
42 |
% |
|
| |
Book value per common share |
$ |
15.14 |
|
$ |
14.24 |
|
$ |
12.50 |
|
|
6 |
% |
21 |
% |
|
| |
Common shares outstanding |
|
2,917,950 |
|
|
2,858,172 |
|
|
2,857,139 |
|
|
2 |
% |
2 |
% |
|
| |
Fully diluted shares |
|
2,981,143 |
|
|
2,917,075 |
|
|
2,918,037 |
|
|
2 |
% |
2 |
% |
|
| |
CFST - Stock price |
$ |
23.30 |
|
$ |
19.80 |
|
$ |
20.95 |
|
|
18 |
% |
11 |
% |
|
| |
|
|
|
|
|
|
|
|
| RATIOS: |
|
|
|
|
|
|
|
| |
Return on average assets |
|
1.87 |
% |
|
1.38 |
% |
|
1.46 |
% |
|
36 |
% |
28 |
% |
|
| |
Return on average equity |
|
20.41 |
% |
|
16.09 |
% |
|
16.88 |
% |
|
27 |
% |
21 |
% |
|
| |
Efficiency ratio |
|
49.71 |
% |
|
55.98 |
% |
|
56.17 |
% |
|
-11 |
% |
-11 |
% |
|
| |
Yield on earning assets |
|
5.02 |
% |
|
4.64 |
% |
|
4.42 |
% |
|
8 |
% |
13 |
% |
|
| |
Cost to fund earning assets |
|
0.19 |
% |
|
0.18 |
% |
|
0.14 |
% |
|
8 |
% |
34 |
% |
|
| |
Net Interest Margin |
|
4.82 |
% |
|
4.46 |
% |
|
4.28 |
% |
|
8 |
% |
13 |
% |
|
| |
Equity to assets |
|
9.37 |
% |
|
8.71 |
% |
|
8.71 |
% |
|
8 |
% |
8 |
% |
|
| |
Loan to deposits ratio |
|
73.12 |
% |
|
71.50 |
% |
|
72.41 |
% |
|
2 |
% |
1 |
% |
|
| |
Full time equivalent employees |
|
45 |
|
|
44 |
|
|
41 |
|
|
2 |
% |
10 |
% |
|
| |
|
|
|
|
|
|
|
|
| BALANCE SHEET DATA - AVERAGES: |
|
|
|
|
|
| |
Total assets |
$ |
461,370 |
|
$ |
467,238 |
|
$ |
407,713 |
|
|
-1 |
% |
13 |
% |
|
| |
Total loans |
|
297,651 |
|
|
282,480 |
|
|
264,687 |
|
|
5 |
% |
12 |
% |
|
| |
Investment securities |
|
94,087 |
|
|
90,250 |
|
|
74,104 |
|
|
4 |
% |
27 |
% |
|
| |
Deposits |
|
417,785 |
|
|
424,861 |
|
|
371,050 |
|
|
-2 |
% |
13 |
% |
|
| |
Shareholders equity, net |
$ |
42,331 |
|
$ |
39,981 |
|
$ |
35,218 |
|
|
6 |
% |
20 |
% |
|
| |
|
|
|
|
|
|
|
|
| ASSET QUALITY: |
|
|
|
|
|
|
|
| |
Total delinquent accruing loans |
$ |
419 |
|
$ |
397 |
|
$ |
1,277 |
|
|
6 |
% |
-67 |
% |
|
| |
Nonperforming assets |
$ |
3,253 |
|
$ |
3,220 |
|
$ |
2,930 |
|
|
1 |
% |
11 |
% |
|
| |
Non Accrual / Total Loans |
|
1.05 |
% |
|
1.06 |
% |
|
1.09 |
% |
|
-1 |
% |
-3 |
% |
|
| |
Nonperforming assets to total assets |
|
.69 |
% |
|
.69 |
% |
|
.71 |
% |
|
0 |
% |
-3 |
% |
|
| |
LLR / Total loans |
|
1.31 |
% |
|
1.33 |
% |
|
1.25 |
% |
|
-2 |
% |
5 |
% |
|
| |
|
|
|
|
|
|
|
|
| STATEMENT OF INCOME ($ in thousands) |
For the Quarter Ended: |
|
Percentage Change From: |
| (unaudited) |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
|
Dec. 31, 2018 |
Mar. 31, 2018 |
| Interest Income |
|
|
|
|
|
| |
Loan interest income |
$ |
4,475 |
$ |
4,109 |
$ |
3,587 |
|
9 |
% |
25 |
% |
| |
Investment income |
|
651 |
|
636 |
|
424 |
|
2 |
% |
54 |
% |
| |
Int. on fed funds & CDs in other banks |
|
260 |
|
421 |
|
200 |
|
-38 |
% |
30 |
% |
| |
Dividends from non-marketable equity |
|
32 |
|
70 |
|
27 |
|
-54 |
% |
19 |
% |
| |
Interest income |
|
5,418 |
|
5,236 |
|
4,238 |
|
3 |
% |
28 |
% |
| |
Total interest expense |
|
209 |
|
202 |
|
139 |
|
3 |
% |
50 |
% |
| |
Net interest income |
|
5,209 |
|
5,034 |
|
4,099 |
|
3 |
% |
27 |
% |
| |
Provision for loan losses |
|
- |
|
650 |
|
- |
|
-100 |
% |
0 |
% |
| |
Net interest income after provision |
|
5,209 |
|
4,384 |
|
4,099 |
|
19 |
% |
27 |
% |
| |
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
| |
Total deposit fee income |
|
91 |
|
100 |
|
80 |
|
-9 |
% |
14 |
% |
| |
Debit / credit card interchange income |
|
50 |
|
50 |
|
36 |
|
0 |
% |
39 |
% |
| |
Merchant services income |
|
155 |
|
159 |
|
132 |
|
-3 |
% |
17 |
% |
| |
Gain on sale of loans |
|
242 |
|
18 |
|
22 |
|
1244 |
% |
1000 |
% |
| |
Other operating income |
|
131 |
|
794 |
|
136 |
|
-84 |
% |
-4 |
% |
| |
Non-interest income |
|
669 |
|
1,121 |
|
406 |
|
-40 |
% |
65 |
% |
| |
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
| |
Salaries & employee benefits |
|
1,864 |
|
1,656 |
|
1,599 |
|
13 |
% |
17 |
% |
| |
Occupancy expense |
|
195 |
|
190 |
|
161 |
|
3 |
% |
21 |
% |
| |
Other operating expense |
|
863 |
|
1,605 |
|
772 |
|
-46 |
% |
12 |
% |
| |
Non-interest expense |
|
2,922 |
|
3,451 |
|
2,532 |
|
-15 |
% |
15 |
% |
| |
|
|
|
|
|
|
| |
Net income before tax |
|
2,956 |
|
2,054 |
|
1,973 |
|
44 |
% |
50 |
% |
| |
Tax provision |
|
826 |
|
435 |
|
509 |
|
90 |
% |
62 |
% |
| |
Net income after tax |
$ |
2,130 |
$ |
1,619 |
$ |
1,464 |
|
32 |
% |
45 |
% |
| |
|
|
|
|
|
|
|
| BALANCE SHEET ($ in thousands
) |
End of Period: |
|
Percentage Change From: |
|
| (unaudited) |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
|
Dec. 31, 2018 |
Mar. 31, 2018 |
|
| ASSETS |
|
|
|
|
|
|
|
| |
Cash and due from banks |
$ |
11,982 |
|
$ |
7,507 |
|
$ |
9,730 |
|
|
60 |
% |
23 |
% |
|
| |
Fed funds sold and deposits in banks |
|
24,774 |
|
|
34,874 |
|
|
36,497 |
|
|
-29 |
% |
-32 |
% |
|
| |
CDs in other banks |
|
11,151 |
|
|
10,906 |
|
|
5,942 |
|
|
2 |
% |
88 |
% |
|
| |
Investment securities |
|
95,695 |
|
|
95,949 |
|
|
76,403 |
|
|
0 |
% |
25 |
% |
|
| |
Loans held for sale |
|
6,599 |
|
|
4,081 |
|
|
- |
|
|
62 |
% |
0 |
% |
|
| |
Portfolio loans outstanding: |
|
|
|
|
|
|
| |
RE constr & land development |
|
18,606 |
|
|
17,794 |
|
|
18,481 |
|
|
5 |
% |
1 |
% |
|
| |
Residential RE 1-4 Family |
|
10,023 |
|
|
10,350 |
|
|
11,115 |
|
|
-3 |
% |
-10 |
% |
|
| |
Commercial Real Estate |
|
98,841 |
|
|
101,667 |
|
|
78,091 |
|
|
-3 |
% |
27 |
% |
|
| |
Agriculture |
|
28,975 |
|
|
28,080 |
|
|
21,714 |
|
|
3 |
% |
33 |
% |
|
| |
Commercial and Industrial |
|
153,802 |
|
|
145,390 |
|
|
140,373 |
|
|
6 |
% |
10 |
% |
|
| |
Consumer and Other |
|
86 |
|
|
129 |
|
|
28 |
|
|
-33 |
% |
207 |
% |
|
| |
Total Portfolio Loans |
|
310,333 |
|
|
303,410 |
|
|
269,802 |
|
|
2 |
% |
15 |
% |
|
| |
Deferred fees & discounts |
|
121 |
|
|
141 |
|
|
348 |
|
|
-14 |
% |
-65 |
% |
|
| |
Allowance for loan losses |
|
(4,051 |
) |
|
(4,049 |
) |
|
(3,364 |
) |
|
0 |
% |
20 |
% |
|
| |
Loans, net |
|
306,403 |
|
|
299,502 |
|
|
266,786 |
|
|
2 |
% |
15 |
% |
|
| |
Non-marketable equity investments |
|
2,441 |
|
|
2,440 |
|
|
2,244 |
|
|
0 |
% |
9 |
% |
|
| |
Cash value of life insurance |
|
7,832 |
|
|
7,780 |
|
|
8,128 |
|
|
1 |
% |
-4 |
% |
|
| |
Accrued interest and other assets |
|
4,658 |
|
|
4,169 |
|
|
4,107 |
|
|
12 |
% |
13 |
% |
|
| |
Total assets |
$ |
471,535 |
|
$ |
467,208 |
|
$ |
409,837 |
|
|
1 |
% |
15 |
% |
|
| |
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
| |
Non-interest bearing deposits |
$ |
256,700 |
|
$ |
263,818 |
|
$ |
216,329 |
|
|
-3 |
% |
19 |
% |
|
| |
Interest checking |
|
13,483 |
|
|
11,210 |
|
|
12,583 |
|
|
20 |
% |
7 |
% |
|
| |
Savings |
|
36,052 |
|
|
30,805 |
|
|
35,390 |
|
|
17 |
% |
2 |
% |
|
| |
Money market |
|
84,787 |
|
|
82,420 |
|
|
70,812 |
|
|
3 |
% |
20 |
% |
|
| |
Certificates of deposits |
|
33,393 |
|
|
36,093 |
|
|
37,514 |
|
|
-7 |
% |
-11 |
% |
|
| |
Total deposits |
|
424,415 |
|
|
424,346 |
|
|
372,628 |
|
|
0 |
% |
14 |
% |
|
| |
Borrowings |
|
- |
|
|
- |
|
|
- |
|
|
0 |
% |
0 |
% |
|
| |
Other liabilities |
|
2,932 |
|
|
2,148 |
|
|
1,503 |
|
|
36 |
% |
95 |
% |
|
| |
Total liabilities |
|
427,347 |
|
|
426,494 |
|
|
374,131 |
|
|
0 |
% |
14 |
% |
|
| |
|
|
|
|
|
|
|
| |
Common stock & paid in capital |
|
29,318 |
|
|
28,453 |
|
|
28,136 |
|
|
3 |
% |
4 |
% |
|
| |
Retained earnings |
|
14,838 |
|
|
12,708 |
|
|
7,924 |
|
|
17 |
% |
87 |
% |
|
| |
Total equity |
|
44,156 |
|
|
41,161 |
|
|
36,060 |
|
|
7 |
% |
22 |
% |
|
| |
Accumulated other comprehensive income |
|
32 |
|
|
(447 |
) |
|
(354 |
) |
|
-107 |
% |
-109 |
% |
|
| |
Shareholders equity, net |
|
44,188 |
|
|
40,714 |
|
|
35,706 |
|
|
9 |
% |
24 |
% |
|
| |
Total Liabilities and shareholders' equity |
$ |
471,535 |
|
$ |
467,208 |
|
$ |
409,837 |
|
|
1 |
% |
15 |
% |
|
| |
|
|
|
|
|
|
|
|
| ASSET QUALITY ($ in thousands) |
Period Ended: |
|
| (unaudited) |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
|
| Delinquent accruing loans 30-60 days |
$ |
419 |
|
$ |
397 |
|
$ |
1,277 |
|
|
| Delinquent accruing loans 60-90 days |
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
| Delinquent accruing loans 90+ days |
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
| Total delinquent accruing loans |
$ |
419 |
|
$ |
397 |
|
$ |
1,277 |
|
|
| |
|
|
|
|
| Loans on non accrual |
$ |
3,253 |
|
$ |
3,220 |
|
$ |
2,930 |
|
|
| Other real estate owned |
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
| Nonperforming assets |
$ |
3,253 |
|
$ |
3,220 |
|
$ |
2,930 |
|
|
| |
|
|
|
|
| Performing restructured loans |
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
| |
|
|
|
|
| |
|
|
|
|
| Delq 30-60 / Total Loans |
|
.14 |
% |
|
.13 |
% |
|
.47 |
%
|
|
| Delq 60-90 / Total Loans |
|
.00 |
% |
|
.00 |
% |
|
.00 |
% |
|
| Delq 90+ / Total Loans |
|
.00 |
% |
|
.00 |
% |
|
.00 |
% |
|
| Delinquent Loans / Total Loans |
|
.14 |
% |
|
.13 |
% |
|
.47 |
% |
|
| Non Accrual / Total Loans |
|
1.05 |
% |
|
1.06 |
% |
|
1.09 |
% |
|
| Nonperforming assets to total assets |
|
.69 |
% |
|
.69 |
% |
|
.71 |
% |
|
| |
|
|
|
|
| |
|
|
|
|
| Year-to-date charge-off activity |
|
|
|
|
| Charge-offs |
$ |
0 |
|
$ |
272 |
|
$ |
0 |
|
|
| Recoveries |
$ |
2 |
|
$ |
7 |
|
$ |
1 |
|
|
| Net charge-offs |
$ |
(2 |
) |
$ |
265 |
|
$ |
(1 |
) |
|
| Annualized net loan losses (recoveries) to average loans |
|
-.00 |
% |
|
.10 |
% |
|
-.00 |
% |
|
| |
|
|
|
|
| LOAN LOSS RESERVE RATIOS: |
|
|
|
| Reserve for loan losses |
$ |
4,051 |
|
$ |
4,049 |
|
$ |
3,364 |
|
|
| |
|
|
|
|
| Total loans |
$ |
310,334 |
|
$ |
303,410 |
|
$ |
269,801 |
|
|
| Purchased govt. guaranteed loans |
$ |
66,048 |
|
$ |
63,442 |
|
$ |
61,415 |
|
|
| Originated govt. guaranteed loans |
$ |
31,118 |
|
$ |
30,363 |
|
$ |
26,554 |
|
|
| |
|
|
|
|
| LLR / Total loans |
|
1.31 |
% |
|
1.33 |
% |
|
1.25 |
% |
|
| LLR / Loans less purchased govt. guaranteed loans |
|
1.66 |
% |
|
1.69 |
% |
|
1.61 |
% |
|
| LLR / Loans less all govt. guaranteed loans |
|
1.90 |
% |
|
1.93 |
% |
|
1.85 |
% |
|
| LLR / Total assets |
|
.86 |
% |
|
.87 |
% |
|
.82 |
% |
|
| |
|
|
|
|
Contact:
Steve Miller – President & CEO
Steve Canfield – Executive Vice President & CFO
(559) 439-0200
