EAGLE FINANCIAL SERVICES, INC. ANNOUNCES 2024 THIRD QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND
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Three Months Ended |
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2024 |
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2024 |
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2023 |
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(in thousands) |
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Consolidated net income |
$ |
3,424 |
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$ |
3,185 |
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$ |
2,319 |
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Earnings per share - basic and diluted |
$ |
0.97 |
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$ |
0.89 |
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$ |
0.66 |
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Annualized return on average equity |
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11.99 |
% |
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11.76 |
% |
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8.87 |
% |
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Annualized return on average assets |
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0.75 |
% |
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0.72 |
% |
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0.51 |
% |
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Net interest margin |
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2.88 |
% |
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2.80 |
% |
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2.93 |
% |
Key highlights for the third quarter of 2024 are as follows:
- Noninterest income increased
$946 thousand or 22.0% during the quarter. - Net interest margin increased eight basis points during the quarter.
- Deposit growth of
$57.4 million or 3.9% during the quarter. - Sales of
$14.9 million and$4.3 million in mortgage and SBA loans, respectively, with a gain on sales of$626 thousand recognized during the quarter. - Earnings per share increased by
$0.08 for the quarter to$0.97 .
Income Statement Review
Net income for the quarter ended
Total loan interest income was
Interest and dividend income from the investment portfolio was
Total interest expense was
Net interest income for the quarter ended
The net interest margin was 2.88% for the quarter ended
Noninterest income was
Noninterest expense increased
Asset Quality and Provision for Credit Losses
Nonperforming assets consist of nonaccrual loans, loans 90 days or more past due and still accruing, other real estate owned (foreclosed properties), and repossessed assets. Nonperforming assets decreased from
The Company realized
The amount of provision for credit losses reflects the results of the Bank's analysis used to determine the adequacy of the allowance for credit losses. The Company recorded
The ratio of allowance for credit losses to total loans was 1.03% and 1.04% at
Balance Sheet
Total consolidated assets of the Company at
Total net loans increased
On
Total deposits increased to
Liquidity
The objective of the Company's liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the
The Company's liquid assets, which include cash and due from banks, interest-bearing deposits at other banks, loans with a maturity less than one year and nonpledged securities available for sale, were
Additional sources of liquidity available to the Company include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities and the issuance of brokered certificates of deposit.
Capital and Dividends
On
Total consolidated equity increased
As of
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this discussion may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company's future operations and are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.
Factors that could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to: changes in interest rates and general economic conditions; the legislative and regulatory climate; monetary and fiscal policies of the
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For the Three Months Ended |
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3Q24 |
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2Q24 |
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1Q24 |
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4Q23 |
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3Q23 |
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Net Income (dollars in thousands) |
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$ |
3,424 |
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$ |
3,185 |
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$ |
2,548 |
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$ |
2,395 |
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$ |
2,319 |
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Earnings per share, basic |
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$ |
0.97 |
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$ |
0.89 |
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$ |
0.72 |
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$ |
0.69 |
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$ |
0.66 |
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Earnings per share, diluted |
|
$ |
0.97 |
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$ |
0.89 |
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$ |
0.72 |
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$ |
0.69 |
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$ |
0.66 |
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Return on average total assets |
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0.75 |
% |
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0.72 |
% |
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0.58 |
% |
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0.53 |
% |
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0.51 |
% |
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Return on average total equity |
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11.99 |
% |
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11.76 |
% |
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9.43 |
% |
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9.33 |
% |
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8.87 |
% |
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Dividend payout ratio |
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30.93 |
% |
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33.71 |
% |
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41.67 |
% |
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43.48 |
% |
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45.45 |
% |
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Fee revenue as a percent of total revenue |
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17.11 |
% |
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17.57 |
% |
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18.11 |
% |
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17.32 |
% |
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16.95 |
% |
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Net interest margin(1) |
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2.88 |
% |
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2.81 |
% |
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2.91 |
% |
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2.85 |
% |
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2.93 |
% |
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Yield on average earning assets |
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5.17 |
% |
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5.01 |
% |
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5.13 |
% |
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5.10 |
% |
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5.03 |
% |
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Rate on average interest-bearing liabilities |
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3.27 |
% |
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3.14 |
% |
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3.10 |
% |
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3.09 |
% |
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2.98 |
% |
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Net interest spread |
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1.91 |
% |
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1.87 |
% |
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2.03 |
% |
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2.01 |
% |
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2.05 |
% |
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Tax equivalent adjustment to net interest income (dollars in thousands) |
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$ |
28 |
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$ |
29 |
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$ |
29 |
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$ |
29 |
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$ |
28 |
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Non-interest income to average assets |
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1.15 |
% |
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0.97 |
% |
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0.78 |
% |
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0.80 |
% |
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0.93 |
% |
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Non-interest expense to average assets |
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2.81 |
% |
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2.82 |
% |
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2.80 |
% |
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2.92 |
% |
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3.13 |
% |
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Efficiency ratio(2) |
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71.34 |
% |
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77.00 |
% |
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77.73 |
% |
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83.01 |
% |
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84.71 |
% |
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(1) |
The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The rate utilized is 21%. See the table below for the quarterly tax equivalent net interest income and the reconciliation of net interest income to tax equivalent net interest income. The Company's net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns a fair amount of nontaxable interest income due to the mix of securities in its investment security portfolio, net interest income for the ratio is calculated on a tax equivalent basis as described above. |
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(2) |
The efficiency ratio is not a measurement under accounting principles generally accepted in |
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3Q24 |
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2Q24 |
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1Q24 |
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4Q23 |
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3Q23 |
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BALANCE SHEET RATIOS |
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Loans to deposits |
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95.95 |
% |
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97.34 |
% |
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97.63 |
% |
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97.10 |
% |
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96.17 |
% |
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Average interest-earning assets to average-interest |
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142.24 |
% |
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142.64 |
% |
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139.97 |
% |
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137.35 |
% |
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142.07 |
% |
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PER SHARE DATA |
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Dividends |
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$ |
0.30 |
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$ |
0.30 |
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$ |
0.30 |
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$ |
0.30 |
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$ |
0.30 |
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Book value |
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33.20 |
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31.24 |
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30.28 |
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30.78 |
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28.74 |
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Tangible book value |
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33.20 |
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31.24 |
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30.28 |
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30.78 |
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28.74 |
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SHARE PRICE DATA |
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Closing price |
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$ |
32.40 |
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$ |
32.99 |
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$ |
29.85 |
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$ |
30.00 |
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$ |
31.90 |
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Diluted earnings multiple(1) |
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8.35 |
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9.27 |
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10.36 |
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11.03 |
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12.08 |
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Book value multiple(2) |
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0.98 |
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1.06 |
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0.99 |
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0.97 |
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1.11 |
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COMMON STOCK DATA |
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Outstanding shares at end of period |
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3,549,581 |
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3,556,844 |
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3,557,229 |
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3,520,894 |
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3,520,894 |
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Weighted average shares outstanding |
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3,552,026 |
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3,556,935 |
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|
3,557,203 |
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3,520,894 |
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|
3,523,943 |
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Weighted average shares outstanding, diluted |
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3,552,026 |
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|
3,556,935 |
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|
3,557,203 |
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3,520,894 |
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3,523,943 |
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CREDIT QUALITY |
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Net charge-offs to average loans |
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0.08 |
% |
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(0.02) |
% |
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|
0.04 |
% |
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|
0.03 |
% |
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|
0.01 |
% |
|
Total non-performing loans to total loans |
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0.16 |
% |
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|
0.20 |
% |
|
|
0.32 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
|
Total non-performing assets to total assets |
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|
0.13 |
% |
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|
0.18 |
% |
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|
0.28 |
% |
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|
0.34 |
% |
|
|
0.33 |
% |
|
Non-accrual loans to: |
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total loans |
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|
0.16 |
% |
|
|
0.19 |
% |
|
|
0.29 |
% |
|
|
0.39 |
% |
|
|
0.40 |
% |
|
total assets |
|
|
0.12 |
% |
|
|
0.15 |
% |
|
|
0.23 |
% |
|
|
0.31 |
% |
|
|
0.32 |
% |
|
Allowance for credit/loan losses to: |
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total loans |
|
|
1.03 |
% |
|
|
1.04 |
% |
|
|
1.00 |
% |
|
|
0.99 |
% |
|
|
1.01 |
% |
|
non-performing assets |
|
|
605.82 |
% |
|
|
458.72 |
% |
|
|
290.00 |
% |
|
|
236.43 |
% |
|
|
242.83 |
% |
|
non-accrual loans |
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|
652.86 |
% |
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|
555.46 |
% |
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|
347.64 |
% |
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|
256.74 |
% |
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|
255.80 |
% |
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NON-PERFORMING ASSETS: |
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(dollars in thousands) |
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Loans delinquent over 90 days |
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$ |
83 |
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$ |
167 |
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$ |
411 |
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$ |
181 |
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$ |
0 |
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Non-accrual loans |
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|
2,344 |
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|
|
2,703 |
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|
4,156 |
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|
|
5,645 |
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|
|
5,697 |
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Other real estate owned and repossessed assets |
|
|
99 |
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|
|
403 |
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|
|
415 |
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|
304 |
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|
304 |
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NET LOAN CHARGE-OFFS (RECOVERIES): |
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(dollars in thousands) |
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Loans charged off |
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$ |
1,382 |
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$ |
172 |
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|
$ |
705 |
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|
$ |
427 |
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|
$ |
187 |
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(Recoveries) |
|
|
(145) |
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|
|
(424) |
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|
|
(185) |
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(44) |
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(31) |
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Net charge-offs (recoveries) |
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1,237 |
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(252) |
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|
520 |
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|
383 |
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|
156 |
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PROVISION FOR CREDIT LOSSES (dollars in |
|
$ |
1,525 |
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|
$ |
315 |
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|
$ |
475 |
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|
$ |
366 |
|
|
$ |
218 |
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ALLOWANCE FOR CREDIT LOSSES (dollars in |
|
$ |
15,303 |
|
|
$ |
15,014 |
|
|
$ |
14,448 |
|
|
$ |
14,493 |
|
|
$ |
14,573 |
|
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(1) |
The diluted earnings multiple (or price earnings ratio) is calculated by dividing the period's closing market price per share by total equity per weighted average shares outstanding, diluted for the period. The diluted earnings multiple is a measure of how much an investor may be willing to pay for |
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(2) |
The book value multiple (or price to book ratio) is calculated by dividing the period's closing market price per share by the period's book value per share. The book value multiple is a measure used to compare the Company's market value per share to its book value per share. |
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Unaudited |
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Unaudited |
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Unaudited |
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Audited |
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Unaudited |
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Assets |
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Cash and due from banks |
|
$ |
177,605 |
|
|
$ |
61,179 |
|
|
$ |
68,280 |
|
|
$ |
112,066 |
|
|
$ |
63,239 |
|
|
Federal funds sold |
|
|
3,586 |
|
|
|
62,476 |
|
|
|
59,353 |
|
|
|
26,287 |
|
|
|
78,799 |
|
|
Securities available for sale, at fair value |
|
|
140,018 |
|
|
|
138,269 |
|
|
|
141,106 |
|
|
|
147,011 |
|
|
|
142,559 |
|
|
Loans held for sale |
|
|
3,657 |
|
|
|
3,058 |
|
|
|
1,593 |
|
|
|
1,661 |
|
|
|
3,564 |
|
|
Loans, net of allowance for credit losses |
|
|
1,468,025 |
|
|
|
1,433,920 |
|
|
|
1,424,604 |
|
|
|
1,448,193 |
|
|
|
1,426,412 |
|
|
Bank premises and equipment, net |
|
|
18,101 |
|
|
|
18,114 |
|
|
|
17,954 |
|
|
|
18,108 |
|
|
|
18,421 |
|
|
Bank owned life insurance |
|
|
30,361 |
|
|
|
30,103 |
|
|
|
29,843 |
|
|
|
29,575 |
|
|
|
24,404 |
|
|
Other assets |
|
|
40,348 |
|
|
|
43,286 |
|
|
|
40,168 |
|
|
|
42,696 |
|
|
|
44,072 |
|
|
Total assets |
|
$ |
1,881,701 |
|
|
$ |
1,790,405 |
|
|
$ |
1,782,901 |
|
|
$ |
1,825,597 |
|
|
$ |
1,801,470 |
|
|
Liabilities and Shareholders' Equity |
|
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Liabilities |
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|
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Deposits: |
|
|
|
|
|
|
|
|
|
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|
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|
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|
|||||
|
Noninterest bearing demand deposits |
|
$ |
413,615 |
|
|
$ |
415,017 |
|
|
$ |
424,869 |
|
|
$ |
436,619 |
|
|
$ |
430,910 |
|
|
Savings and interest bearing demand deposits |
|
|
655,601 |
|
|
|
647,358 |
|
|
|
666,730 |
|
|
|
656,439 |
|
|
|
656,111 |
|
|
Time deposits |
|
|
476,720 |
|
|
|
426,209 |
|
|
|
382,343 |
|
|
|
413,264 |
|
|
|
411,359 |
|
|
Total deposits |
|
$ |
1,545,936 |
|
|
$ |
1,488,584 |
|
|
$ |
1,473,942 |
|
|
$ |
1,506,322 |
|
|
$ |
1,498,380 |
|
|
Federal funds purchased |
|
|
244 |
|
|
|
302 |
|
|
|
347 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
10,000 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
170,000 |
|
|
|
145,000 |
|
|
|
145,000 |
|
|
|
165,000 |
|
|
|
145,000 |
|
|
Subordinated debt |
|
|
29,495 |
|
|
|
29,478 |
|
|
|
29,461 |
|
|
|
29,444 |
|
|
|
29,428 |
|
|
Other liabilities |
|
|
18,182 |
|
|
|
15,926 |
|
|
|
16,446 |
|
|
|
16,452 |
|
|
|
27,479 |
|
|
Commitments and contingent liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total liabilities |
|
$ |
1,763,857 |
|
|
$ |
1,679,290 |
|
|
$ |
1,675,196 |
|
|
$ |
1,717,218 |
|
|
$ |
1,700,287 |
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common stock, |
|
|
8,714 |
|
|
|
8,707 |
|
|
|
8,705 |
|
|
|
8,660 |
|
|
|
8,660 |
|
|
Surplus |
|
|
14,633 |
|
|
|
14,604 |
|
|
|
14,368 |
|
|
|
14,280 |
|
|
|
13,970 |
|
|
Retained earnings |
|
|
108,927 |
|
|
|
106,567 |
|
|
|
104,449 |
|
|
|
103,445 |
|
|
|
102,106 |
|
|
Accumulated other comprehensive (loss) |
|
|
(14,430) |
|
|
|
(18,763) |
|
|
|
(19,817) |
|
|
|
(18,006) |
|
|
|
(23,553) |
|
|
Total shareholders' equity |
|
$ |
117,844 |
|
|
$ |
111,115 |
|
|
$ |
107,705 |
|
|
$ |
108,379 |
|
|
$ |
101,183 |
|
|
Total liabilities and shareholders' equity |
|
$ |
1,881,701 |
|
|
$ |
1,790,405 |
|
|
$ |
1,782,901 |
|
|
$ |
1,825,597 |
|
|
$ |
1,801,470 |
|
|
|
||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Mortgage real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Construction & Secured by Farmland |
|
$ |
97,170 |
|
|
$ |
81,609 |
|
|
$ |
82,692 |
|
|
$ |
84,145 |
|
|
$ |
80,012 |
|
|
HELOCs |
|
|
50,452 |
|
|
|
46,697 |
|
|
|
46,329 |
|
|
|
47,674 |
|
|
|
44,719 |
|
|
Residential First Lien – Investment |
|
|
106,323 |
|
|
|
112,790 |
|
|
|
113,813 |
|
|
|
117,431 |
|
|
|
120,547 |
|
|
Residential First Lien - Owner Occupied |
|
|
198,570 |
|
|
|
187,807 |
|
|
|
181,323 |
|
|
|
178,180 |
|
|
|
162,919 |
|
|
Residential Junior Liens |
|
|
11,956 |
|
|
|
12,387 |
|
|
|
12,690 |
|
|
|
12,831 |
|
|
|
12,284 |
|
|
Commercial - Owner Occupied |
|
|
273,249 |
|
|
|
257,675 |
|
|
|
254,744 |
|
|
|
251,456 |
|
|
|
244,088 |
|
|
Commercial - Non-Owner Occupied & Multifamily |
|
|
357,351 |
|
|
|
352,892 |
|
|
|
344,192 |
|
|
|
348,879 |
|
|
|
355,122 |
|
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
BHG loans |
|
|
3,810 |
|
|
|
4,284 |
|
|
|
4,740 |
|
|
|
5,105 |
|
|
|
5,419 |
|
|
SBA PPP loans |
|
|
34 |
|
|
|
39 |
|
|
|
45 |
|
|
|
51 |
|
|
|
57 |
|
|
Other commercial and industrial loans |
|
|
107,320 |
|
|
|
102,345 |
|
|
|
95,327 |
|
|
|
102,672 |
|
|
|
91,411 |
|
|
Marine loans |
|
|
225,902 |
|
|
|
236,890 |
|
|
|
247,042 |
|
|
|
251,168 |
|
|
|
260,518 |
|
|
Triad Loans |
|
|
23,616 |
|
|
|
24,579 |
|
|
|
25,335 |
|
|
|
25,877 |
|
|
|
26,519 |
|
|
Consumer loans |
|
|
8,447 |
|
|
|
9,497 |
|
|
|
9,194 |
|
|
|
16,542 |
|
|
|
16,019 |
|
|
Overdrafts |
|
|
215 |
|
|
|
257 |
|
|
|
1,559 |
|
|
|
253 |
|
|
|
207 |
|
|
Other loans |
|
|
11,932 |
|
|
|
11,951 |
|
|
|
12,466 |
|
|
|
12,895 |
|
|
|
13,089 |
|
|
Total loans |
|
$ |
1,476,347 |
|
|
$ |
1,441,699 |
|
|
$ |
1,431,491 |
|
|
$ |
1,455,159 |
|
|
$ |
1,432,930 |
|
|
Net deferred loan costs and premiums |
|
|
6,981 |
|
|
|
7,235 |
|
|
|
7,561 |
|
|
|
7,527 |
|
|
|
8,055 |
|
|
Allowance for credit/loan losses |
|
|
(15,303) |
|
|
|
(15,014) |
|
|
|
(14,448) |
|
|
|
(14,493) |
|
|
|
(14,573) |
|
|
Net loans |
|
$ |
1,468,025 |
|
|
$ |
1,433,920 |
|
|
$ |
1,424,604 |
|
|
$ |
1,448,193 |
|
|
$ |
1,426,412 |
|
|
|
||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest and fees on loans |
|
$ |
21,143 |
|
|
$ |
19,525 |
|
|
$ |
19,963 |
|
|
$ |
19,420 |
|
|
$ |
20,179 |
|
|
Interest on federal funds sold |
|
|
11 |
|
|
|
68 |
|
|
|
39 |
|
|
|
71 |
|
|
|
51 |
|
|
Interest and dividends on securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Taxable interest income |
|
|
712 |
|
|
|
739 |
|
|
|
758 |
|
|
|
771 |
|
|
|
781 |
|
|
Interest income exempt from federal income taxes |
|
|
4 |
|
|
|
3 |
|
|
|
5 |
|
|
|
4 |
|
|
|
3 |
|
|
Dividends |
|
|
157 |
|
|
|
155 |
|
|
|
156 |
|
|
|
157 |
|
|
|
147 |
|
|
Interest on deposits in banks |
|
|
1,659 |
|
|
|
1,248 |
|
|
|
982 |
|
|
|
1,583 |
|
|
|
1,021 |
|
|
Total interest and dividend income |
|
$ |
23,686 |
|
|
$ |
21,738 |
|
|
$ |
21,903 |
|
|
$ |
22,006 |
|
|
$ |
22,182 |
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest on deposits |
|
$ |
8,419 |
|
|
$ |
7,515 |
|
|
$ |
7,424 |
|
|
$ |
7,658 |
|
|
$ |
6,978 |
|
|
Interest on federal funds purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Interest on |
|
|
1,756 |
|
|
|
1,712 |
|
|
|
1,710 |
|
|
|
1,714 |
|
|
|
1,943 |
|
|
Interest on subordinated debt |
|
|
354 |
|
|
|
355 |
|
|
|
354 |
|
|
|
354 |
|
|
|
354 |
|
|
Total interest expense |
|
$ |
10,529 |
|
|
$ |
9,582 |
|
|
$ |
9,488 |
|
|
$ |
9,726 |
|
|
$ |
9,275 |
|
|
Net interest income |
|
$ |
13,157 |
|
|
$ |
12,156 |
|
|
$ |
12,415 |
|
|
$ |
12,280 |
|
|
$ |
12,907 |
|
|
Provision For Credit Losses |
|
|
1,544 |
|
|
|
181 |
|
|
|
475 |
|
|
|
366 |
|
|
|
216 |
|
|
Net interest income after provision for credit losses |
|
$ |
11,613 |
|
|
$ |
11,975 |
|
|
$ |
11,940 |
|
|
$ |
11,914 |
|
|
$ |
12,691 |
|
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Wealth management fees |
|
$ |
1,515 |
|
|
$ |
1,273 |
|
|
$ |
1,456 |
|
|
$ |
1,315 |
|
|
$ |
1,190 |
|
|
Service charges on deposit accounts |
|
|
518 |
|
|
|
456 |
|
|
|
454 |
|
|
|
467 |
|
|
|
460 |
|
|
Other service charges and fees |
|
|
1,117 |
|
|
|
1,164 |
|
|
|
969 |
|
|
|
979 |
|
|
|
1,252 |
|
|
(Loss) gain on the sale of marine finance business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28) |
|
|
|
463 |
|
|
(Gain) loss on the sale of bank premises and equipment |
|
|
— |
|
|
|
(11) |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
(Loss) on the sale of AFS securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Gain on sale of loans HFS |
|
|
627 |
|
|
|
492 |
|
|
|
161 |
|
|
|
515 |
|
|
|
265 |
|
|
Small business investment company income |
|
|
496 |
|
|
|
259 |
|
|
|
127 |
|
|
|
35 |
|
|
|
151 |
|
|
Officer insurance income |
|
|
930 |
|
|
|
269 |
|
|
|
268 |
|
|
|
171 |
|
|
|
184 |
|
|
Other operating income |
|
|
48 |
|
|
|
403 |
|
|
|
45 |
|
|
|
208 |
|
|
|
246 |
|
|
Total noninterest income |
|
$ |
5,251 |
|
|
$ |
4,305 |
|
|
$ |
3,480 |
|
|
$ |
3,662 |
|
|
$ |
4,218 |
|
|
Noninterest Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Salaries and employee benefits |
|
$ |
7,548 |
|
|
$ |
7,353 |
|
|
$ |
7,185 |
|
|
$ |
7,849 |
|
|
$ |
7,598 |
|
|
Occupancy expenses |
|
|
530 |
|
|
|
470 |
|
|
|
569 |
|
|
|
581 |
|
|
|
570 |
|
|
Equipment expenses |
|
|
427 |
|
|
|
401 |
|
|
|
373 |
|
|
|
320 |
|
|
|
341 |
|
|
Advertising and marketing expenses |
|
|
247 |
|
|
|
245 |
|
|
|
237 |
|
|
|
291 |
|
|
|
228 |
|
|
Stationery and supplies |
|
|
35 |
|
|
|
32 |
|
|
|
24 |
|
|
|
44 |
|
|
|
69 |
|
|
ATM network fees |
|
|
406 |
|
|
|
373 |
|
|
|
380 |
|
|
|
421 |
|
|
|
426 |
|
|
Loss of sale of reposessed assets |
|
|
204 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
343 |
|
|
|
351 |
|
|
|
409 |
|
|
|
478 |
|
|
|
495 |
|
|
Computer software expense |
|
|
226 |
|
|
|
221 |
|
|
|
233 |
|
|
|
373 |
|
|
|
396 |
|
|
Bank franchise tax |
|
|
342 |
|
|
|
338 |
|
|
|
331 |
|
|
|
339 |
|
|
|
340 |
|
|
Professional fees |
|
|
408 |
|
|
|
511 |
|
|
|
506 |
|
|
|
577 |
|
|
|
497 |
|
|
Data processing fees |
|
|
679 |
|
|
|
558 |
|
|
|
565 |
|
|
|
513 |
|
|
|
542 |
|
|
Other operating expenses |
|
|
1,495 |
|
|
|
1,657 |
|
|
|
1,565 |
|
|
|
1,494 |
|
|
|
2,631 |
|
|
Total noninterest expenses |
|
$ |
12,890 |
|
|
$ |
12,510 |
|
|
$ |
12,377 |
|
|
$ |
13,280 |
|
|
$ |
14,133 |
|
|
Income before income taxes |
|
$ |
3,974 |
|
|
$ |
3,770 |
|
|
$ |
3,043 |
|
|
$ |
2,296 |
|
|
$ |
2,776 |
|
|
Income Tax Expense (Benefit) |
|
|
550 |
|
|
|
585 |
|
|
|
495 |
|
|
|
(99) |
|
|
|
457 |
|
|
Net income |
|
$ |
3,424 |
|
|
$ |
3,185 |
|
|
$ |
2,548 |
|
|
$ |
2,395 |
|
|
$ |
2,319 |
|
|
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income per common share, basic |
|
$ |
0.97 |
|
|
$ |
0.89 |
|
|
$ |
0.72 |
|
|
$ |
0.68 |
|
|
$ |
0.66 |
|
|
Net income per common share, diluted |
|
$ |
0.97 |
|
|
$ |
0.89 |
|
|
$ |
0.72 |
|
|
$ |
0.68 |
|
|
$ |
0.66 |
|
|
|
||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
|
|
Three Months Ended |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|||||||||
|
|
|
Average |
|
|
Income/ |
|
|
Average |
|
|
Average |
|
|
Income/ |
|
|
Average |
|
|
Average |
|
|
Income/ |
|
|
Average |
|
|||||||||
|
Assets: |
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
Balance |
|
|
Expense |
|
|
Rate |
|
|||||||||
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Taxable |
|
$ |
137,183 |
|
|
$ |
869 |
|
|
|
2.52 |
% |
|
$ |
137,588 |
|
|
$ |
893 |
|
|
|
2.61 |
% |
|
$ |
148,549 |
|
|
$ |
928 |
|
|
|
2.48 |
% |
|
Tax-Exempt (1) |
|
|
493 |
|
|
|
5 |
|
|
|
4.03 |
% |
|
|
492 |
|
|
|
5 |
|
|
|
4.13 |
% |
|
|
490 |
|
|
|
4 |
|
|
|
4.10 |
% |
|
|
|
$ |
137,676 |
|
|
$ |
874 |
|
|
|
2.53 |
% |
|
$ |
138,080 |
|
|
$ |
898 |
|
|
|
2.62 |
% |
|
$ |
149,039 |
|
|
$ |
932 |
|
|
|
2.48 |
% |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Taxable |
|
$ |
1,461,660 |
|
|
$ |
21,041 |
|
|
|
5.73 |
% |
|
$ |
1,424,304 |
|
|
$ |
19,421 |
|
|
|
5.48 |
% |
|
$ |
1,458,347 |
|
|
$ |
20,077 |
|
|
|
5.46 |
% |
|
Non-accrual |
|
|
2,553 |
|
|
|
— |
|
|
|
— |
% |
|
|
4,600 |
|
|
|
— |
|
|
|
— |
% |
|
|
3,639 |
|
|
|
— |
|
|
|
— |
% |
|
Tax-Exempt (1) |
|
|
10,162 |
|
|
|
129 |
|
|
|
5.04 |
% |
|
|
10,603 |
|
|
|
132 |
|
|
|
5.01 |
% |
|
|
10,403 |
|
|
|
129 |
|
|
|
4.94 |
% |
|
Total Loans |
|
$ |
1,474,375 |
|
|
$ |
21,170 |
|
|
|
5.71 |
% |
|
$ |
1,439,507 |
|
|
$ |
19,553 |
|
|
|
5.46 |
% |
|
$ |
1,472,389 |
|
|
$ |
20,206 |
|
|
|
5.44 |
% |
|
Federal funds sold and interest-bearing deposits in other banks |
|
|
211,888 |
|
|
|
1,670 |
|
|
|
3.14 |
% |
|
|
170,858 |
|
|
|
1,316 |
|
|
|
3.10 |
% |
|
|
132,432 |
|
|
|
1,072 |
|
|
|
3.21 |
% |
|
Total earning assets |
|
$ |
1,823,939 |
|
|
$ |
23,714 |
|
|
|
5.17 |
% |
|
$ |
1,748,445 |
|
|
$ |
21,767 |
|
|
|
5.01 |
% |
|
$ |
1,753,860 |
|
|
$ |
22,210 |
|
|
|
5.02 |
% |
|
Allowance for loan losses |
|
|
(14,729) |
|
|
|
|
|
|
|
|
|
(14,604) |
|
|
|
|
|
|
|
|
|
(14,642) |
|
|
|
|
|
|
|
||||||
|
Total non-earning assets |
|
|
14,268 |
|
|
|
|
|
|
|
|
|
33,281 |
|
|
|
|
|
|
|
|
|
52,307 |
|
|
|
|
|
|
|
||||||
|
Total assets |
|
$ |
1,823,478 |
|
|
|
|
|
|
|
|
$ |
1,767,122 |
|
|
|
|
|
|
|
|
$ |
1,791,525 |
|
|
|
|
|
|
|
||||||
|
Liabilities and Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
NOW accounts |
|
$ |
254,996 |
|
|
$ |
1,535 |
|
|
|
2.39 |
% |
|
$ |
258,965 |
|
|
$ |
1,538 |
|
|
|
2.39 |
% |
|
$ |
241,033 |
|
|
$ |
1,354 |
|
|
|
2.23 |
% |
|
Money market accounts |
|
|
261,653 |
|
|
|
1,555 |
|
|
|
2.36 |
% |
|
|
261,557 |
|
|
|
1,463 |
|
|
|
2.25 |
% |
|
|
260,692 |
|
|
|
1,260 |
|
|
|
1.92 |
% |
|
Savings accounts |
|
|
132,983 |
|
|
|
38 |
|
|
|
0.11 |
% |
|
|
136,370 |
|
|
|
39 |
|
|
|
0.12 |
% |
|
|
145,673 |
|
|
|
44 |
|
|
|
0.12 |
% |
|
Time deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
159,761 |
|
|
|
1,932 |
|
|
|
4.81 |
% |
|
|
138,531 |
|
|
|
1,652 |
|
|
|
4.80 |
% |
|
|
137,487 |
|
|
|
1,543 |
|
|
|
4.45 |
% |
|
Less than |
|
|
294,579 |
|
|
|
3,359 |
|
|
|
4.54 |
% |
|
|
255,776 |
|
|
|
2,823 |
|
|
|
4.44 |
% |
|
|
257,257 |
|
|
|
2,777 |
|
|
|
4.28 |
% |
|
Total interest-bearing |
|
$ |
1,103,972 |
|
|
$ |
8,419 |
|
|
|
3.03 |
% |
|
$ |
1,051,199 |
|
|
$ |
7,515 |
|
|
|
2.88 |
% |
|
$ |
1,042,142 |
|
|
$ |
6,978 |
|
|
|
2.66 |
% |
|
Federal funds purchased |
|
|
12 |
|
|
|
— |
|
|
|
— |
% |
|
|
15 |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
|
|
148,804 |
|
|
|
1,756 |
|
|
|
4.69 |
% |
|
|
145,110 |
|
|
|
1,712 |
|
|
|
4.74 |
% |
|
|
162,935 |
|
|
|
1,943 |
|
|
|
4.73 |
% |
|
Subordinated debt |
|
|
29,484 |
|
|
|
354 |
|
|
|
4.78 |
% |
|
|
29,467 |
|
|
|
355 |
|
|
|
4.84 |
% |
|
|
29,416 |
|
|
|
354 |
|
|
|
4.78 |
% |
|
Total interest-bearing liabilities |
|
$ |
1,282,272 |
|
|
$ |
10,529 |
|
|
|
3.27 |
% |
|
$ |
1,225,791 |
|
|
$ |
9,582 |
|
|
|
3.14 |
% |
|
$ |
1,234,493 |
|
|
$ |
9,275 |
|
|
|
2.98 |
% |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Demand deposits |
|
|
409,753 |
|
|
|
|
|
|
|
|
|
417,128 |
|
|
|
|
|
|
|
|
|
434,807 |
|
|
|
|
|
|
|
||||||
|
Other Liabilities |
|
|
17,838 |
|
|
|
|
|
|
|
|
|
16,489 |
|
|
|
|
|
|
|
|
|
18,505 |
|
|
|
|
|
|
|
||||||
|
Total liabilities |
|
$ |
1,709,863 |
|
|
|
|
|
|
|
|
$ |
1,659,408 |
|
|
|
|
|
|
|
|
$ |
1,687,805 |
|
|
|
|
|
|
|
||||||
|
Shareholders' equity |
|
|
113,615 |
|
|
|
|
|
|
|
|
|
107,714 |
|
|
|
|
|
|
|
|
|
103,720 |
|
|
|
|
|
|
|
||||||
|
Total liabilities and |
|
$ |
1,823,478 |
|
|
|
|
|
|
|
|
$ |
1,767,122 |
|
|
|
|
|
|
|
|
$ |
1,791,525 |
|
|
|
|
|
|
|
||||||
|
Net interest income |
|
|
|
|
$ |
13,185 |
|
|
|
|
|
|
|
|
$ |
12,185 |
|
|
|
|
|
|
|
|
$ |
12,935 |
|
|
|
|
||||||
|
Net interest spread |
|
|
|
|
|
|
|
|
1.91 |
% |
|
|
|
|
|
|
|
|
1.87 |
% |
|
|
|
|
|
|
|
|
2.04 |
% |
||||||
|
Interest expense as a percent of average earning assets |
|
|
|
|
|
|
|
|
2.30 |
% |
|
|
|
|
|
|
|
|
2.20 |
% |
|
|
|
|
|
|
|
|
2.10 |
% |
||||||
|
Net interest margin |
|
|
|
|
|
|
|
|
2.88 |
% |
|
|
|
|
|
|
|
|
2.80 |
% |
|
|
|
|
|
|
|
|
2.93 |
% |
||||||
|
|
|
|
(1) |
Income and yields are reported on tax-equivalent basis using a federal tax rate of 21%. |
|
|
||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GAAP Financial Measurements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest Income - Loans |
|
$ |
21,143 |
|
|
$ |
19,525 |
|
|
$ |
19,963 |
|
|
$ |
19,420 |
|
|
$ |
20,179 |
|
|
Interest Income - Securities and Other Interest-Earnings Assets |
|
|
2,543 |
|
|
|
2,213 |
|
|
|
1,940 |
|
|
|
2,586 |
|
|
|
2,003 |
|
|
Interest Expense - Deposits |
|
|
8,419 |
|
|
|
7,515 |
|
|
|
7,424 |
|
|
|
7,658 |
|
|
|
6,978 |
|
|
Interest Expense - Other Borrowings |
|
|
2,110 |
|
|
|
2,067 |
|
|
|
2,064 |
|
|
|
2,068 |
|
|
|
2,297 |
|
|
Total Net Interest Income |
|
$ |
13,157 |
|
|
$ |
12,156 |
|
|
$ |
12,415 |
|
|
$ |
12,280 |
|
|
$ |
12,907 |
|
|
Non-GAAP Financial Measurements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Add: Tax Benefit on Tax-Exempt Interest Income - Loans |
|
$ |
27 |
|
|
$ |
28 |
|
|
$ |
28 |
|
|
$ |
28 |
|
|
$ |
27 |
|
|
Add: Tax Benefit on Tax-Exempt Interest Income - Securities |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
Total Tax Benefit on Tax-Exempt Interest Income |
|
$ |
28 |
|
|
$ |
29 |
|
|
$ |
29 |
|
|
$ |
29 |
|
|
$ |
28 |
|
|
Tax-Equivalent Net Interest Income |
|
$ |
13,185 |
|
|
$ |
12,185 |
|
|
$ |
12,444 |
|
|
$ |
12,309 |
|
|
$ |
12,935 |
|
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