SB Financial Group, Inc. Announces First-Quarter 2014 Results

Continued improvements in asset quality and expense reduction

PR Newswire

DEFIANCE, Ohio, April 21, 2014 /PRNewswire/ -- SB Financial Group, Inc. (SBFG), a diversified financial services company providing full-service community banking, mortgage banking, wealth management and item processing services, today reported earnings for the first quarter ended March 31, 2014.

  • First quarter earnings per share of 20 cents, a reflection of slowdown in mortgage originations industry-wide
  • Loan growth of 5.8 percent, up $26.5 million from the prior year
  • Nonperforming assets at 1.05 percent of total assets
  • Operating expenses declined 8.9 percent from the prior year

 

Highlights*

Three Months Ended

(in $000's except ratios and per share data)

Mar. 2014

Mar. 2013

Net interest income (FTE)

$ 4,923

$ 5,392

Noninterest income

2,559

3,567

Noninterest expense

6,079

6,670

Net income

980

1,318

Earnings per share

0.20

0.27

Net interest margin (FTE)

3.46%

3.86%

Return on assets

0.61

0.83

Return on equity

6.88

9.82

*Consolidated earnings for SB Financial include the results of the Company's Banking Group, consisting primarily of The State Bank and Trust Company ("State Bank" or the "Bank"), and the Company's data services subsidiary, Rurbanc Data Services, Inc. (dba "RDSI Banking Systems" or "RDSI").

"Despite the hurdles facing the entire banking industry that constrained our performance in the first quarter, we were pleased to continue to make progress against our strategic plan to expand our loan portfolio, reduce our expenses and to improve our asset quality," said Mark Klein, President and Chief Executive Officer of SB Financial Group. 

Mr. Klein added, "We remain committed to becoming a top-quartile performing financial services company through the ongoing execution of our key strategies: to strengthen our revenue diversity by developing additional sources of non-interest income; to grow our market share by committing more resources to newer, lower-share, higher-growth-potential markets; to increase our product service utilization through expanded relationships with new and existing customers; to deliver gains in operational excellence through organic growth within the current infrastructure; and, to sustain asset quality by maintaining a high-quality loan portfolio."

RESULTS OF OPERATIONS

Consolidated Revenue

Total revenue, consisting of net interest income on a fully tax equivalent (FTE) basis and noninterest income, was down 16.5 percent from the first quarter of 2013 and down 7.0 percent from the linked quarter.

  • Net interest income (FTE) was down 8.7 percent for the first quarter and down 3.4 percent compared to the linked quarter
  • Net interest margin (FTE) was down 40 basis points for the first quarter and down 11 basis points to the linked quarter
  • Noninterest income was down $1.0 million, or 28.3 percent, for the first quarter, and $0.4 million, or 13.2 percent, for the linked quarter

Mr. Klein commented, "Our first quarter results were impacted by the headwinds affecting the overall banking industry: interest rate pressure, sluggish mortgage loan originations and the inclement weather here in the Midwest, as we will discuss in the following sections."

Mortgage Loan Business

For the first quarter of 2014, mortgage loan originations were $33.6 million, down $38.4 million, or 53.3 percent, from the year-ago first quarter, and down $6.1 million, or 15.3 percent, from the linked quarter.

Net mortgage banking income, consisting of gains on the sale of mortgage loans and net loan servicing fees, was $0.8 million for the first quarter of 2014, compared to $1.7 million for the year-ago quarter. The mortgage servicing valuation adjustment for first-quarter 2014 was a negative $0.02 million, in line with the linked quarter. The mortgage servicing portfolio at March 31, 2014, was $609.4 million, up $60.9 million, or 11.1 percent, from March 31, 2013.

Mr. Klein noted, "We remained focused on pursuing more opportunities in newer, lower-market-share regions, with more originators on the ground across our footprint, and new facilities in markets like Columbus. We have just signed an agreement to sell fixed rate construction loans to a correspondent bank that will allow us to compete in this expanding market while eliminating our interest rate risk."

 

Mortgage Banking ($000's)

Three Months Ended


Mar. 2014

Dec. 2013

Sep. 2013

Jun. 2013

Mar. 2013

Mortgage originations

$  33,602

$  39,679

$  55,192

$  81,945

$  71,967

Mortgage sales

27,961

33,921

58,101

67,050

68,431







Mortgage servicing portfolio

609,419

605,993

597,030

575,091

548,493

Mortgage servicing rights

5,228

5,180

5,076

4,613

4,068







Mortgage servicing revenue:






Loan servicing fees

380

388

367

350

338

OMSR amortization

(117)

(126)

(164)

(205)

(330)

Net administrative fees

263

262

203

145

8

OMSR valuation adjustment

(18)

(21)

205

273

171

Net loan servicing fees

245

241

408

418

179

Gain on sale of mortgages

572

776

1,356

1,450

1,484

Mortgage banking revenue, net

$817

$1,017

$1,764

$1,868

$1,663

 

Fee Income and Noninterest Expense

SB Financial's fee income includes revenue from a diverse group of services, such as wealth management, deposit fees and income from bank-owned life insurance. Wealth management assets under management stood at $335.9 million as of the first quarter of 2014.  For the quarter, fee income as a percent of total revenue was 34.7 percent, down slightly from the prior year.

For the first quarter of 2014, noninterest expense (NIE) was down $0.6 million, or 8.9 percent, compared to the first quarter of 2013, and was down 1.9 percent from the linked quarter.  Costs related to credit and collection have declined from the prior year and our FDIC assessment was down 16.5 percent.

"Our fee income continues to be a competitive strength, particularly in the current interest-rate environment," Mr. Klein noted.  "In addition, strategic decisions made during the past year to reduce our expense levels are helping us make progress towards our goal of operational excellence.  For example, we will be closing our one and only 'in-store' office here in Defiance in the third quarter."

 

Fee Income / Noninterest Expense

(000's)


Mar. 2014

Dec. 2013

Sep. 2013

Jun. 2013

Mar. 2013

Fee Income

$ 2,559

$ 2,949

$ 3,710

$ 3,820

$ 3,567

Fee Income / Total Revenue

34.7%

37.1%

41.8%

41.7%

40.3%

Fee Income / Average Assets

1.6%

1.8%

2.3%

2.4%

2.2%







Noninterest Expense

$ 6,079

$ 6,199

$ 6,562

$ 7,080

$ 6,670

Efficiency Ratio

80.6%

76.4%

72.4%

75.5%

73.6%

NIE / Average Assets

3.8%

3.8%

4.1%

4.4%

4.2%

 

Balance Sheet

Total assets as of March 31, 2014, were $646.3 million, up 1.0 percent from the year-ago quarter.  Total deposits as of March 31, 2014, were $532.7 million, flat from the prior-year quarter.

Total loans held for investment (HFI) were $481.9 million at March 31, 2014, up $26.5 million, or 5.8 percent, from the year-ago quarter. Commercial real estate loans accounted for the majority of growth, up $12.9 million, or 6.5 percent. Commercial and residential real estate loans rose $5.3 million and $8.2 million, respectively. Consumer loans included the growth in our branded credit card portfolio, with $0.9 million in balances and $5.6 million in available credit lines.

The investment portfolio of $97.1 million represented 15.0 percent of assets at March 31, 2014, which was down slightly from the prior year. Deposit balances of $532.7 million at March 31, 2014, have increased by $14.5 million since December 31, 2013. Growth for the quarter included $9.7 million in checking and $4.8 million in time deposit balances.

Mr. Klein stated, "Our growth in total loans of nearly 6 percent was certainly a bright spot. Additionally, we are focused on the sales of other government guaranteed credits, like the SBA and USDA. We were just granted preferred lending status from the Small Business Administration allowing us to increase our production from that lending product."

 

 

Loan Portfolio ($000's)

Mar. 2014

Dec. 2013

Sep. 2013

Jun. 2013

Mar. 2013

Variance

YOY

Commercial

$  85,701

$  85,368

$  81,571

$  84,766

$  80,431

$   5,270

% of Total

17.8%

17.9%

17.2%

18.3%

17.7%

6.6%

Commercial RE

212,502

205,301

209,739

199,795

199,615

12,887

% of Total

44.1%

43.0%

44.1%

43.1%

43.8%

6.5%

Agriculture

39,028

39,210

39,636

38,552

37,950

1,078

% of Total

8.1%

8.2%

8.3%

8.3%

8.3%

2.8%

Residential RE

97,857

99,620

96,477

93,292

89,669

8,188

% of Total

20.3%

20.9%

20.3%

20.1%

19.7%

9.1%

Consumer & Other

46,836

47,804

47,810

47,630

47,778

(942)

% of Total

9.7%

10.0%

10.1%

10.3%

10.5%

(2.0%)








Total Loans

$481,924

$477,303

$475,233

$464,035

$455,443

$ 26,481

Total Growth Percentage






5.8%











Asset Quality

SB Financial continues to improve its asset quality, reporting nonperforming assets of $6.8 million as of March 31, 2014, declining by $1.5 million, or 18.4 percent, from the year-ago quarter.  Our 1.05 percent level of nonperforming to total assets was the lowest since the fourth quarter of 2008.  Delinquency levels have declined, with the 30-89 day category totaling $0.1 million at the end of the first quarter of 2014, compared to $0.7 million at prior-year first quarter.  Coverage of problem loans by the loan loss allowance was 109 percent at March 31, 2014.

Summary of Nonperforming Assets ($000's)







Nonperforming Loan Category

Mar. 2014

Dec. 2013

Sep. 2013

Jun. 2013

Mar. 2013

Commercial

$    1,818

$    2,316

$    2,738

$    982

$  1,135

% of Total Commercial loans

2.1%

2.7%

3.4%

1.2%

1.4%

Commercial RE loans

753

532

642

519

457

% of Total CRE loans

0.4%

0.3%

0.3%

0.3%

0.2%

Residential RE

1,555

1,651

1,837

2,285

2,614

% of Total Res. RE loans

1.6%

1.7%

1.9%

2.5%

2.9%

Consumer & Other

280

345

363

600

605

% of Consumer & Other loans

0.6%

0.7%

0.8%

1.3%

1.3%

Total Nonaccruing Loans

4,406

4,844

5,580

4,386

4,811

% of Total Loans

0.9%

1.0%

1.2%

1.0%

1.0%

Accruing Restructured Loans

1,793

1,739

1,756

1,262

1,273

Total Nonaccruing & Restructured

$  6,199

$  6,583

$  7,336

$  5,648

$  6,084

% of Total Loans

1.3%

1.4%

1.5%

1.2%

1.3%

OREO & Repossessed Vehicles

615

651

1,430

1,955

2,270

Total Nonperforming Assets

$  6,814

$  7,233

$  8,766

$  7,603

$  8,354

% of Total Assets

1.1%

1.1%

1.4%

1.2%

1.3%

 

Capitalization

Improving capital ratios remains an important focus of management. The tangible equity ratio improved by 52 basis points over the past year and stood at 6.4 percent as of March 31, 2014. All bank regulatory ratios remain in excess of "well-capitalized" levels. At March 31, 2014, State Bank's Total Risk-Based Capital was estimated to be $61.1 million, $22.3 million above the "well-capitalized" level. The Total Risk-Based Capital Ratio is estimated at 12.6 percent.

About SB Financial Group

Headquartered in Defiance, Ohio, SB Financial Group, Inc. is a diversified financial services holding company with two wholly-owned operating subsidiaries: State Bank and RDSI Banking Systems (RDSI). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, mortgage banking and commercial and agricultural lending, operating through 17 banking centers in seven northwestern Ohio counties and one center in Fort Wayne, Indiana, as well as three loan production offices located in Columbus, Ohio, and Angola, Indiana. RDSI provides item processing services to community banks located primarily in the Midwest. SB Financial Group, Inc.'s common stock is listed on the NASDAQ Global Market under the symbol SBFG.

Forward-Looking Statements

Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking, insurance and mortgage industries, competitive factors specific to markets in which SB Financial Group and its subsidiaries operate, future interest rate levels, legislative and regulatory actions, capital market conditions, general economic conditions, geopolitical events, the loss of key personnel and other factors. Additional factors that could cause results to differ from those described above can be found in the Company's Annual Report on Form 10-K and documents subsequently filed by SB Financial Group with the Securities and Exchange Commission.  Forward-looking statements speak only as of the date on which they are made, and SB Financial Group undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial Group or any person acting on its behalf are qualified by these cautionary statements.

Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this release contains certain non-GAAP financial measures. Management believes that providing certain non-GAAP financial measures provides investors with information useful in understanding the Company's financial performance, its performance trends and financial position. Specifically, SB Financial Group provides measures based on "core operating earnings," which excludes merger, integration and restructuring expenses that are not reflective of on-going operations or not expected to recur. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results.

 

SB FINANCIAL GROUP, INC.  & SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - (Unaudited)




















March


December


September


June


March



($ in Thousands)


2014


2013


2013


2013


2013















ASSETS












Cash and due from banks

$

14,860

$

13,137

$

19,016

$

10,750

$

28,031
















Securities available for sale, at fair value


93,305


89,793


86,620


95,379


98,390


Other securities - FRB and FHLB Stock


3,748


3,748


3,748


3,748


3,748

















Total investment securities


97,053


93,541


90,368


99,127


102,138
















Loans held for sale


7,165


3,366


2,407


10,715


8,560
















Loans, net of unearned income


481,924


477,303


475,233


464,035


455,443


Allowance for loan losses


(6,726)


(6,964)


(7,120)


(7,013)


(6,992)

















Net loans


475,198


470,339


468,113


457,022


448,451
















Premises and equipment, net


13,027


12,186


12,399


12,483


12,738


Purchased software


387


421


320


289


300


Cash surrender value of life insurance


12,982


12,906


12,826


12,742


12,659


Goodwill


16,353


16,353


16,353


16,353


16,353


Core deposits and other intangibles


524


655


784


913


1,066


Foreclosed assets held for sale, net


615


651


1,430


1,955


2,270


Mortgage servicing rights


5,228


5,180


5,076


4,613


4,068


Accrued interest receivable


1,423


1,281


1,694


1,575


1,618


Other assets


1,487


1,738


2,626


2,955


3,048


















Total assets

$

646,302

$

631,754

$

633,412

$

631,492

$

641,300











































LIABILITIES AND EQUITY












Deposits













Non interest bearing demand

$

84,265

$

81,570

$

78,217

$

76,355

$

79,579



Interest bearing demand


126,520


119,551


124,860


118,957


123,748



Savings


64,306


61,652


61,899


61,513


62,404



Money market


85,731


79,902


78,406


78,487


81,130



Time deposits


171,897


175,559


178,161


176,066


185,398


















Total deposits


532,719


518,234


521,543


511,378


532,259
















Notes payable


-


589


680


1,148


1,424


Advances from Federal Home Loan Bank


14,000


16,000


16,000


30,000


17,500


Repurchase agreements


16,905


14,696


14,836


9,314


10,983


Trust preferred securities


20,620


20,620


20,620


20,620


20,620


Accrued interest payable


425


639


448


715


515


Other liabilities


4,198


4,707


3,748


3,930


3,704


















Total liabilities


588,867


575,485


577,875


577,105


587,005
















Equity













Preferred stock


-


-


-


-


-



Common stock 


12,569


12,569


12,569


12,569


12,569



Additional paid-in capital


15,391


15,412


15,399


15,392


15,381



Retained earnings


30,708


29,899


28,846


27,648


26,476



Accumulated other comprehensive income


407


74


415


496


1,623



Treasury stock


(1,640)


(1,685)


(1,692)


(1,718)


(1,754)


















Total equity


57,435


56,269


55,537


54,387


54,295


















Total liabilities and equity

$

646,302

$

631,754

$

633,412

$

631,492

$

641,300















 

SB FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)














($ in thousands, except share data)


Three Months Ended


















March


December


September


June


March

Interest income


2014


2013


2013


2013


2013


Loans












  Taxable 

$

5,241

$

5,428

$

5,649

$

5,874

$

5,883


  Nontaxable


16


13


14


16


24


Securities












  Taxable 


309


313


305


296


330


  Nontaxable


175


181


178


174


170
















Total interest income


5,741


5,935


6,146


6,360


6,407














Interest expense












Deposits


498


513


539


573


606


Other borrowings


5


10


11


12


14


Repurchase Agreements


6


4


2


3


2


Federal Home Loan Bank advances


74


82


83


84


90


Trust preferred securities


333


330


336


338


403
















Total interest expense


916


939


971


1,010


1,115














Net interest income


4,825


4,996


5,175


5,350


5,292















Provision for loan losses 


-


-


401


200


299














Net interest income after provision











  for loan losses


4,825


4,996


4,774


5,150


4,993














Noninterest income












Wealth Management Fees


632


689


669


652


643


Customer service fees


610


673


659


639


616


Gain on sale of mtg. loans & OMSR's


572


776


1,356


1,450


1,484


Mortgage loan servicing fees, net


245


241


408


418


179


Gain on sale of non-mortgage loans


23


303


44


82


156


Data service fees


306


295


333


458


414


Net gain on sales of securities


-


-


28


-


20


Gain/(loss) on sale/disposal of assets


(34)


(265)


15


(129)


(105)


Other income


205


237


198


250


160
















Total non-interest income


2,559


2,949


3,710


3,820


3,567



























Noninterest expense












Salaries and employee benefits


3,120


3,027


3,343


3,688


3,439


Net occupancy expense


573


494


507


513


541


Equipment expense


639


651


701


703


755


FDIC insurance expense


91


108


98


94


109


Data processing fees


211


254


189


194


77


Professional fees


338


443


456


499


429


Marketing expense


123


136


135


92


108


Printing and office supplies


58


55


49


151


46


Telephone and communication


112


110


156


158


158


Postage and delivery expense


204


173


199


209


215


State, local and other taxes


92


138


140


138


134


Employee expense


115


154


125


126


152


Intangible amortization expense


131


129


129


153


153


OREO Impairment


-


-


-


-


33


Other expenses


272


327


335


362


321
















Total non-interest expense


6,079


6,199


6,562


7,080


6,670














Income before income tax expense


1,306


1,746


1,922


1,890


1,890















Income tax expense 


326


522


578


571


572














Net income 

$

980

$

1,224

$

1,344

$

1,319

$

1,318














Common share data:












Basic earnings per common share

$

0.20

$

0.25

$

0.28

$

0.27

$

0.27















Diluted earnings per common share

$

0.20

$

0.25

$

0.28

$

0.27

$

0.27














Average shares outstanding ($ in thousands):










Basic:


4,871


4,870


4,867


4,866


4,863


Diluted: 


4,894


4,882


4,881


4,870


4,870














 

SB FINANCIAL GROUP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS - (Unaudited)

($ in thousands, except per share data)


Three Months Ended














March


December


September


June


March

SUMMARY OF OPERATIONS


2014


2013


2013


2013


2013












   Net interest income 

$

4,825


4,996


5,175


5,350


5,292

         Tax-equivalent adjustment

$

98


100


99


98


100

   Tax-equivalent net interest income 

$

4,923


5,096


5,274


5,448


5,392

   Provision for loan loss 

$

-


-


401


200


299

   Noninterest income

$

2,559


2,949


3,710


3,820


3,567

   Total revenue, tax-equivalent

$

7,482


8,045


8,984


9,268


8,959

   Noninterest expense

$

6,079


6,199


6,562


7,080


6,670

   Pre provision pretax income

$

1,306


1,746


2,323


2,090


2,189

   Pretax income

$

1,306


1,746


1,922


1,890


1,890

   Net income 

$

980


1,224


1,344


1,319


1,318























PER SHARE INFORMATION:











   Basic & diluted earnings per share

$

0.20


0.25


0.28


0.27


0.27

   Common dividends

$

0.035


0.035


0.03


0.055


-

   Book value per common share

$

11.78


11.55


11.42


11.17


11.16

   Tangible book value per common share

$

8.24


7.98


7.83


7.57


7.52























PERFORMANCE RATIOS:











   Return on average assets 


0.61%


0.76%


0.84%


0.82%


0.83%

   Return on average common equity


6.88%


8.75%


9.82%


9.70%


9.82%

   Return on avg. tangible common equity


9.89%


12.71%


14.43%


14.35%


14.68%

   Efficiency ratio 


80.55%


76.40%


72.40%


75.54%


73.56%

   Earning asset yield


4.10%


4.31%


4.40%


4.58%


4.65%

   Cost of interest bearing liabilities


0.74%


0.76%


0.79%


0.81%


0.90%

   Net interest margin


3.39%


3.50%


3.65%


3.79%


3.78%

   Tax equivalent effect


0.07%


0.07%


0.07%


0.07%


0.08%

   Net interest margin - fully tax equivalent basis 


3.46%


3.57%


3.72%


3.86%


3.86%























ASSET QUALITY RATIOS:











   Gross charge-offs

$

323


163


307


213


136

   Recoveries

$

85


7


13


34


18

   Net charge-offs

$

238


156


294


179


118

   Nonaccruing loans/ Total loans


0.91%


1.01%


1.14%


0.95%


1.06%

   Nonperforming loans/ Total loans


1.29%


1.38%


1.51%


1.22%


1.34%

   Nonperforming assets/ Loans & OREO


1.41%


1.51%


1.80%


1.63%


1.83%

   Nonperforming assets/ Total assets


1.05%


1.14%


1.36%


1.20%


1.30%

   Allowance for loan loss/ Nonperforming loans


108.5%


105.8%


99.4%


124.2%


114.9%

   Allowance for loan loss/ Total loans


1.40%


1.46%


1.50%


1.51%


1.54%

   Net loan charge-offs/ Average loans (ann.)


0.20%


0.13%


0.25%


0.15%


0.10%

   Loan loss provision/ Net charge-offs


0.00%


0.00%


136.39%


111.73%


253.39%























CAPITAL & LIQUIDITY RATIOS:











   Loans/ Deposits


90.46%


92.10%


91.12%


90.74%


85.57%

   Equity/ Assets


8.89%


8.91%


8.77%


8.61%


8.47%

   Tangible equity/ Tangible assets


6.39%


6.32%


6.18%


6.00%


5.87%























END OF PERIOD BALANCES











   Total loans 

$

481,924


477,303


475,233


464,035


455,443

   Total assets

$

646,302


631,754


633,412


631,492


641,300

   Deposits

$

532,719


518,234


521,543


511,378


532,259

   Stockholders equity

$

57,435


56,269


55,537


54,387


54,295

   Intangibles

$

17,264


17,429


17,457


17,555


17,719

   Tangible equity

$

40,171


38,840


38,080


36,832


36,576

   Full-time equivalent employees


197


200


196


198


204

   Period end basic shares outstanding


4,874


4,870


4,864


4,867


4,863























AVERAGE BALANCES











   Total loans 

$

476,553


479,701


474,349


464,105


459,988

   Total earning assets 

$

569,524


571,332


567,787


564,050


559,383

   Total assets

$

646,864


645,148


636,437


640,382


638,801

   Deposits

$

524,145


525,334


516,669


520,259


524,901

   Stockholders equity

$

56,977


55,925


54,758


54,398


53,711

   Intangibles

$

17,347


17,404


17,504


17,633


17,810

   Tangible equity

$

39,630


38,521


37,254


36,765


35,901

   Average basic shares outstanding


4,871


4,870


4,867


4,866


4,863












 


SB FINANCIAL GROUP, INC.


Rate Volume Analysis - (Unaudited)


For the Three Months Ended March 31, 2014 and 2013









($ in Thousands)


Three Months Ended March 31, 2014



Three Months Ended March 31, 2013




Average


Average



Average


Average

Assets


Balance

Interest

Rate



Balance

Interest

Rate













Taxable securities

$

75,686

309

1.63%


$

83,512

330

1.59%


Non-taxable securities


17,285

265

6.14%



15,883

258

6.49%


Federal funds sold


-

-

     N/A



-

-

     N/A


Loans, net


476,553

5,265

4.42%



459,988

5,919

5.15%













       Total earning assets


569,524

5,839

4.10%



559,383

6,507

4.65%













Cash and due from banks


26,880





24,167




Allowance for loan losses


(6,984)





(6,862)




Premises and equipment


13,547





15,120




Other assets


43,897





46,993















      Total assets

$

646,864




$

638,801














Liabilities











Savings and interest-bearing demand

$

266,158

19

0.03%


$

259,809

21

0.03%


Time deposits


173,753

479

1.10%



188,195

585

1.24%


Repurchase agreements


18,439

6

0.13%



9,970

2

0.08%


Advances from FHLB


15,289

74

1.94%



17,606

90

2.04%


Junior subordinated debentures


20,620

333

6.46%



20,620

403

7.82%


Notes payable & other borrowed funds


286

5

6.99%



1,516

14

3.69%


      Total interest-bearing liabilities


494,545

916

0.74%



497,716

1,115

0.90%













Non interest-bearing demand


84,234





76,897




Other liabilities


11,108





10,477















      Total liabilities


589,887





585,090















Equity


56,977





53,711















      Total liabilities and equity

$

646,864




$

638,801















Net interest income (tax equivalent basis)



$              4,923





$              5,392














Net interest income as a percent of average interest-earning assets


3.46%





3.86%












 

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