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Business First Bancshares, Inc., Announces Financial Results for Fiscal Year 2019 and Q4 2019

BATON ROUGE, La., Jan. 22, 2020 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (BFST) (Business First), parent company of b1BANK, Baton Rouge, Louisiana, today announced its unaudited results for the year ended December 31, 2019, including net income of $23.8 million, or $1.74 per diluted share, increases of $9.7 million and $0.52, respectively, from the prior year. Core net income for the year ended December 31, 2019, which excludes noncore income and expenses, was $24.6 million, or $1.80 per diluted share, which reflects increases of $7.8 million and $0.35, respectively, from the prior year. 

 “2019 was a year of successful transition for our company,” said Jude Melville, president and CEO. “We rebranded, we opened new locations in growth markets, we solidified relationships from our two most recent acquisitions and we increased core earnings per share year-over-year by almost 25%, while growing organically at a healthy, well capitalized rate and maintaining sound asset quality. I really couldn’t have asked for more from our team over the past year and we take the field just as excited about our opportunities in 2020 as we are celebratory of the year we had in 2019.”

On January 22, 2020, Business First’s board of directors declared a quarterly dividend based upon financial performance for the fourth quarter in the amount of $0.10 per share, same as the prior quarter, to the common shareholders of record as of February 15, 2020. The dividend will be paid on February 28, 2020, or as soon thereafter as practicable.

Quarterly Highlights

  • Improved Credit Quality.  Ratios of nonperforming loans compared to loans held for investment and nonperforming assets compared to total assets decreased from 0.70% and 0.64%, respectively, at September 30, 2019, to 0.53% and 0.58% at December 31, 2019. Nonperforming assets for the quarter ended December 31, 2019 were impacted by $566,000 in write-downs on other real estate owned properties; however, excluding this impact, credit quality still improved compared to prior quarter.
  • Loan Growth. Total loans held for investment at December 31, 2019, were $1.7 billion, an increase of $15.5 million compared to September 30, 2019. Loan growth was 3.7% (annualized) for the quarter ended December 31, 2019, and 11.9% for year ended December 31, 2019. Loan growth for the quarter was tempered due to higher than anticipated paydowns and delayed closings due to the holiday calendar.
  • Net Interest Margin and Spread. Net interest margin and spread were negatively impacted due to the federal funds rate cut of an additional 25 basis points during the quarter ended December 31, 2019.  Net interest margin and net interest spread were 4.08% and 3.65%, respectively, for the quarter ended December 31, 2019, compared to 4.10% and 3.66% for the quarter ended September 30, 2019. Excluding loan discount accretion, net interest margin and spread were 3.92% and 3.49%, respectively, for the quarter ended December 31, 2019, compared to 3.99% and 3.55% for the quarter ended September 30, 2019. 
  • Dallas Branch Network Expansion.  Business First opened its second full-service banking center in the Dallas, Texas metropolitan area in December 2019.

Financial Condition

December 31, 2019, Compared to September 30, 2019

Balance Sheet

As of December 31, 2019, Business First had total assets of $2.3 billion, total loans of $1.7 billion, total deposits of $1.8 billion and total shareholders’ equity of $285.1 million, compared to $2.2 billion, $1.7 billion, $1.7 billion and $280.3 million, respectively, as of September 30, 2019.

Total loans held for investment increased by $15.5 million compared to September 30, 2019, or 3.7% annualized, for the quarter ended December 31, 2019. Loan growth was tempered during the quarter due to higher than anticipated payoffs and delayed closings due to the holiday calendar.

Book value per common share was $21.47 at December 31, 2019, compared to $21.12 at September 30, 2019. Tangible book value per common share was $17.31 at December 31, 2019, compared to $16.96 at September 30, 2019.

Credit Quality

Nonperforming loans as a percentage of total loans held for investment decreased from 0.70% as of September 30, 2019, to 0.53% as of December 31, 2019. Nonperforming assets as a percentage of total assets decreased from 0.64% as of September 30, 2019, to 0.58% as of December 31, 2019. A portion of the decrease in nonperforming assets was associated with $566,000 in write-downs on other real estate owned properties during the quarter ended December 31, 2019.

December 31, 2019, Compared to December 31, 2018

Balance Sheet

As of December 31, 2019, Business First had total assets of $2.3 billion, total loans of $1.7 billion, total deposits of $1.8 billion and total shareholders’ equity of $285.1 million, compared to $2.1 billion, $1.5 billion, $1.7 billion and $260.1 million, respectively, as of December 31, 2018. The balance sheet increases were largely attributable to organic growth in loans and funding sources.

Book value per common share was $21.47 at December 31, 2019, compared to $19.68 at December 31, 2018. Tangible book value per common share was $17.31 at December 31, 2019, compared to $15.34 at December 31, 2018.

Credit Quality

Nonperforming loans as a percentage of total loans held for investment decreased from 0.89% as of December 31, 2018, to 0.53% as of December 31, 2019. Nonperforming assets as a percentage of total assets decreased from 0.74% as of December 31, 2018, to 0.58% as of December 31, 2019. The decreases were mainly attributable to improved credit quality in relation to the size of the loan portfolio and total assets of Business First.

Results of Operations

Fourth Quarter 2019 Compared to Third Quarter 2019

Net Income and Diluted Earnings Per Share

For the quarter ended December 31, 2019, net income was $5.8 million, or $0.42 per diluted share, compared to net income of $5.5 million, or $0.40 per diluted share, for the quarter ended September 30, 2019. The increase was largely attributable to additional interest and fee income on loans and a reduction in provision expense, offset by an adjustment to estimated income tax expense associated with the sale of the Mangham banking center and write-downs on other real estate owned properties.

Core net income, which excludes noncore income and expenses, for the quarter ended December 31, 2019, was $6.1 million, or $0.45 per diluted share, compared to core net income of $6.3 million, or $0.46 per diluted share, for the quarter ended September 30, 2019. Notable noncore events impacting earnings for the quarter ended December 31, 2019, included the incurrence of $125,000 in losses associated with the disposal of former bank premises and equipment in noninterest income related to the rebranding of b1BANK and a $216,000 adjustment to estimated income tax expense associated with the sale of the Mangham banking center, compared to $594,000 in losses associated with the disposal of former bank premises and equipment in noninterest income and $288,000 of acquisition-related expenses in noninterest expense for the quarter ended September 30, 2019.

Return on Assets and Equity

Return on average assets and equity, each on an annualized basis, increased to 1.04% and 8.18%, respectively, for the quarter ended December 31, 2019, compared to 1.02% and 7.93%, respectively, for the quarter ended September 30, 2019.  

As adjusted, core return on average assets and core return on average equity, each on an annualized basis, were 1.11% and 8.69%, respectively, for the quarter ended December 31, 2019, compared to 1.16% and 9.01%, respectively, for the quarter ended September 30, 2019.  

Interest Income

For the quarter ended December 31, 2019, net interest income totaled $20.6 million and net interest margin and net interest spread were 4.08% and 3.65%, respectively, compared to $20.3 million, 4.10% and 3.66% for the quarter ended September 30, 2019. 

Net interest margin and net interest spread (excluding loan discount accretion of $800,000) were 3.92% and 3.49%, respectively, for the quarter ended December 31, 2019, compared to 3.99% and 3.55% (excluding loan discount accretion of $544,000) for the quarter ended September 30, 2019. The ratios were negatively impacted by lower yielding loans due to the federal funds rate cut of 25 basis points at the end of October, offset by a reduction in cost of funds.

The average yield on the loan portfolio was 5.82% for the quarter ended December 31, 2019, compared to 5.87% for the quarter ended September 30, 2019. The average yield on total interest-earning assets was 5.28% for the quarter ended December 31, 2019, compared to 5.32% for the quarter ended September 30, 2019.

Interest Expense

For the quarter ended December 31, 2019, overall cost of funds (which includes noninterest-bearing deposits) decreased by four basis points, from 1.31% to 1.27%, compared to the quarter ended September 30, 2019. The decrease in cost of funds was largely attributable to an overall reduction in interest rates on Business First’s deposit offerings and increase in noninterest-bearing deposits, offset partially by an increase in interest rates on other borrowings.

Provision for Loan Losses

During the quarter ended December 31, 2019, Business First recorded a provision for loan losses of $192,000, compared to $479,000 for the quarter ended September 30, 2019. The reserve for the quarter ended December 31, 2019, was impacted by lower net loan growth.

Fourth Quarter 2019 Compared to Fourth Quarter 2018

Net Income and Diluted Earnings Per Share

For the quarter ended December 31, 2019, net income was $5.8 million, or $0.42 per diluted share, compared to net income of $3.4 million, or $0.28 per diluted share, for the quarter ended December 31, 2018. The increase in net income and diluted earnings per share resulted from the overall growth and improved efficiency of Business First over the past 12 months, mainly attributable to growth in net interest income and partially offset by increases in noninterest expenses and income taxes. Both the growth in net interest income and increase in noninterest expenses and income taxes were impacted by the acquisition of Richland State Bank which occurred in December 2018.

Core net income, which excludes noncore income and expenses, for the quarter ended December 31, 2019, was $6.1 million, or $0.45 per diluted share, compared to core net income of $4.7 million, or $0.38 per diluted share, for the quarter ended December 31, 2018. Notable noncore events impacting earnings for the quarter ended December 31, 2019, included the incurrence of $125,000 in losses associated with the disposal of former bank premises and equipment in noninterest income related to the rebranding of b1BANK and a $216,000 adjustment to estimated income tax expense associated with the sale of the Mangham banking center, compared to $2.1 million in noninterest expenses related to acquisition-related activities and $588,000 related to gains associated with former premises and equipment, investment and impaired loan sales for the quarter ended December 31, 2018.

Return on Assets and Equity

Return on average assets and return on average equity, each on an annualized basis, increased to 1.04% and 8.18%, respectively, for the quarter ended December 31, 2019, from 0.75% and 6.03%, respectively, for the quarter ended December 31, 2018.  

As adjusted, core return on average assets and core return on average equity, each on an annualized basis, were 1.11% and 8.69%, respectively, for the quarter ended December 31, 2019, compared to 1.03% and 8.23%, respectively, for the quarter ended December 31, 2018.  

Interest Income

For the quarter ended December 31, 2019, net interest income totaled $20.6 million and net interest margin and net interest spread were 4.08% and 3.65%, respectively, compared to $17.1 million, 4.07% and 3.70% for the quarter ended December 31, 2018.

Net interest margin and net interest spread (excluding loan discount accretion of $800,000) were 3.92% and 3.49%, respectively, for the quarter ended December 31, 2019, compared to 4.01% and 3.63% (excluding loan discount accretion of $283,000) for the quarter ended December 31, 2018. The reductions were largely attributable to the three federal funds rate cuts of 25 basis points which occurred throughout the second half of 2019.

The average yield on the loan portfolio was 5.82% for the quarter ended December 31, 2019, compared to 5.72% for the quarter ended December 31, 2018. The average yield on total interest-earning assets was 5.28% for the quarter ended December 31, 2019, compared to 5.13% for the quarter ended December 31, 2018.

Interest Expense

For the quarter ended December 31, 2019, overall cost of funds (which includes noninterest-bearing deposits) increased by 15 basis points, from 1.12% to 1.27%, compared to the quarter ended December 31, 2018. The increase was largely attributable to an overall increase in interest rates on interest-bearing deposits over the past 12 months and the issuance of subordinated debt in December 2018.

Provision for Loan Losses

During the quarter ended December 31, 2019, Business First recorded a provision for loan losses of $192,000, compared to $939,000 for the quarter ended December 31, 2018. The large provision for the quarter ended December 31, 2018 was attributable to a single loan.

About Business First Bancshares, Inc.

Business First Bancshares, Inc., through its banking subsidiary b1BANK, formerly known as Business First Bank, operates 26 banking centers in markets across Louisiana and in the Dallas, Texas area. b1BANK provides commercial and personal banking, treasury management and wealth solutions services to small to midsize businesses and their owners and employees. Visit www.b1BANK.com for more information. Business First’s common stock is traded on the NASDAQ Global Select Market under the symbol “BFST.”

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures (e.g., referenced as “core” or “tangible”) intended to supplement, not substitute for, comparable GAAP measures. These measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management’s opinion, can distort period-to-period comparisons of Business First’s performance. Transactions that are typically excluded from non-GAAP measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, impaired loan sales, acquisition-related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core business. These non-GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.

Special Note Regarding Forward-Looking Statements

Certain statements contained in this release may not be based on historical facts and are “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 may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.

Additional Information

For additional information on Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission, or SEC, free of charge by using the SEC’s EDGAR service on the SEC’s website at www.sec.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.

No Offer or Solicitation

This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

   
Business First Bancshares, Inc.  
Selected Financial Information  
(Unaudited)  
             
  December 31, September 30, June 30, March 31, December 31,  
(Dollars in thousands)   2019     2019     2019     2019     2018    
             
Balance Sheet Ratios            
             
Loans (HFI) to Deposits   95.97 %   97.77 %   96.46 %   90.93 %   88.15 %  
Shareholders' Equity to Assets Ratio   12.54 %   12.62 %   12.88 %   12.81 %   12.41 %  
             
             
Loans Receivable Held for Investment            
             
Commercial $ 390,398   $ 415,163   $ 411,256   $ 389,855   $ 363,640    
Real Estate:            
Construction and Land   244,181     220,524     227,102     211,888     211,054    
Farmland   48,681     45,809     47,245     44,066     45,989    
1-4 Family Residential   293,142     281,413     278,610     275,610     270,583    
Multi-Family Residential   36,454     31,448     38,698     39,548     39,273    
Nonfarm Nonresidential   612,608     620,427     561,149     550,103     518,660    
Total Real Estate   1,235,066     1,199,621     1,152,804     1,121,215     1,085,559    
Consumer   84,801     79,943     78,513     75,112     79,270    
Total Loans $ 1,710,265   $ 1,694,727   $ 1,642,573   $ 1,586,182   $ 1,528,469    
             
             
Allowance for Loan Losses            
             
Balance, Beginning of Period $ 12,090   $ 11,603   $ 11,818   $ 11,220   $ 10,273    
Charge-offs – Quarterly   (190 )   (13 )   (1,565 )   (57 )   (19 )  
Recoveries – Quarterly   32     21     48     22     27    
Provision for Loan Losses – Quarterly   192     479     1,302     633     939    
Balance, End of Period $ 12,124   $ 12,090   $ 11,603   $ 11,818   $ 11,220    
             
Allowance for Loan Losses to Total Loans (HFI)   0.71 %   0.71 %   0.71 %   0.75 %   0.73 %  
Net Charge-offs (Recoveries) to Average Total Loans   0.01 %   0.00 %   0.09 %   0.00 %   0.00 %  
             
             
Nonperforming Assets            
             
Nonperforming Loans:            
Nonaccrual Loans $ 8,977   $ 11,577   $ 9,363   $ 13,183   $ 11,691    
Loans Past Due 90 Days or More   72     277     727     77     1,876    
Total Nonperforming Loans   9,049     11,854     10,090     13,260     13,567    
Other Nonperforming Assets:            
Other Real Estate Owned   4,036     2,326     2,324     1,683     1,909    
Other Nonperforming Assets   160     5     6     11     11    
Total Other Nonperforming Assets   4,196     2,331     2,330     1,694     1,920    
Total Nonperforming Assets $ 13,245   $ 14,185   $ 12,420   $ 14,954   $ 15,487    
             
Nonperforming Loans to Total Loans (HFI)   0.53 %   0.70 %   0.61 %   0.84 %   0.89 %  
Nonperforming Assets to Total Assets   0.58 %   0.64 %   0.58 %   0.71 %   0.74 %  
             


   
Business First Bancshares, Inc.  
Selected Financial Information  
(Unaudited)  
                   
  Quarter Ended   Year Ended  
  December 31, September 30, June 30, March 31, December 31,   December 31, December 31,  
(Dollars in thousands, except per share data)   2019     2019     2019     2019     2018       2019     2018    
                   
Per Share Data                  
                   
Basic Earnings per Common Share $ 0.43   $ 0.41   $ 0.51   $ 0.43   $ 0.28     $ 1.79   $ 1.27    
Diluted Earnings per Common Share $ 0.42     0.40     0.50     0.41     0.28       1.74     1.22    
Dividends per Common Share   0.10     0.10     0.10     0.08     0.08       0.38     0.30    
Book Value per Common Share   21.47     21.12     20.77     20.14     19.68       21.47     19.68    
Tangible Book Value per Common Share (Non-GAAP)   17.31     16.96     16.60     15.86     15.34       17.31     15.34    
                   
                   
Average Common Shares Outstanding   13,277,968     13,315,351     13,361,482     13,287,560     12,099,659       13,310,577     11,124,585    
Average Diluted Shares Outstanding   13,638,168     13,669,370     13,740,937     13,653,125     12,521,017       13,670,777     11,545,943    
End of Period Common Shares Outstanding   13,279,363     13,274,823     13,361,482     13,361,482     13,213,280       13,279,363     13,213,280    
                   
                   
Annualized Performance Ratios                  
                   
Return on Average Assets   1.04 %   1.02 %   1.30 %   1.09 %   0.75 %     1.11 %   0.84 %  
Return on Average Equity   8.18 %   7.93 %   10.13 %   8.62 %   6.03 %     8.70 %   7.04 %  
Net Interest Margin   4.08 %   4.10 %   4.19 %   4.01 %   4.07 %     4.10 %   4.02 %  
Net Interest Spread   3.65 %   3.66 %   3.75 %   3.61 %   3.70 %     3.67 %   3.71 %  
Efficiency Ratio (1)   66.50 %   67.16 %   59.85 %   64.35 %   73.51 %     64.37 %   71.78 %  
                   
                   
Other Operating Expenses                  
                   
Salaries and Employee Benefits $ 9,025   $ 8,793   $ 8,756   $ 8,552   $ 7,444     $ 35,126   $ 27,862    
Occupancy and Bank Premises   920     1,230     1,079     1,103     877       4,332     3,509    
Depreciation and Amortization   588     645     633     628     484       2,494     1,730    
Data Processing   477     380     576     616     397       2,049     1,557    
FDIC Assessment Fees   (15 )   (105 )   248     150     276       278     1,221    
Legal and Other Professional Fees   302     346     353     318     456       1,319     1,695    
Advertising and Promotions   385     544     279     327     422       1,535     1,239    
Utilities and Communications   316     397     323     298     238       1,334     1,073    
Ad Valorem Shares Tax   388     345     345     345     170       1,423     1,135    
Directors' Fees   119     121     125     205     92       570     436    
Other Real Estate Owned Expenses and Write-Downs   632     19     72     27     -       750     9    
Merger and Conversion-Related Expenses   (1 )   350     235     (254 )   1,959       330     3,024    
Other   2,067     1,813     1,553     1,475     1,594       6,908     5,758    
Total Other Expenses $ 15,203   $ 14,878   $ 14,577   $ 13,790   $ 14,409     $ 58,448   $ 50,248    
                   
(1) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities.    
                   



   
Business First Bancshares, Inc.  
Consolidated Balance Sheets  
(Unaudited)  
             
  December 31, September 30, June 30, March 31, December 31,  
(Dollars in thousands)   2019     2019     2019     2019     2018    
             
Assets            
             
Cash and Due From Banks $ 89,371   $ 63,356   $ 64,043   $ 52,606   $ 96,072    
Federal Funds Sold   61,372     43,705     20,809     30,093     41,836    
Securities Available for Sale, at Fair Values   278,193     288,231     294,981     304,122     309,516    
Mortgage Loans Held for Sale   251     256     443     753     58    
Loans and Lease Receivable   1,710,265     1,694,727     1,642,573     1,586,182     1,528,469    
Allowance for Loan Losses   (12,124 )   (12,090 )   (11,603 )   (11,818 )   (11,220 )  
Net Loans and Lease Receivable   1,698,141     1,682,637     1,630,970     1,574,364     1,517,249    
Premises and Equipment, Net   29,280     27,092     27,577     27,014     15,114    
Accrued Interest Receivable   8,025     7,513     7,957     7,054     8,223    
Other Equity Securities   12,565     12,697     11,717     8,508     9,282    
Other Real Estate Owned   4,036     2,326     2,324     1,683     1,909    
Cash Value of Life Insurance   32,568     32,398     32,223     32,050     31,882    
Deferred Taxes, Net   2,145     2,674     2,527     3,077     3,848    
Goodwill   48,495     48,333     48,503     49,534     49,488    
Core Deposit Intangible   6,694     6,916     7,139     7,655     7,885    
Other Assets   2,699     2,706     2,395     2,887     2,534    
             
Total Assets $ 2,273,835   $ 2,220,840   $ 2,153,608   $ 2,101,400   $ 2,094,896    
             
             
Liabilities            
             
Deposits:            
Noninterest-Bearing $ 398,847   $ 406,146   $ 394,848   $ 396,775   $ 382,354    
Interest-Bearing   1,383,163     1,327,244     1,308,054     1,347,608     1,351,580    
Total Deposits   1,782,010     1,733,390     1,702,902     1,744,383     1,733,934    
             
Securities Sold Under Agreements to Repurchase   67,989     31,037     16,096     11,070     12,229    
Subordinated Debt   25,000     25,000     25,000     25,000     25,000    
Federal Home Loan Bank Borrowings   93,000     128,000     108,000     30,000     55,000    
Accrued Interest Payable   1,533     1,837     1,924     2,039     1,374    
Other Liabilities   19,206     21,236     22,217     19,764     7,301    
             
Total Liabilities   1,988,738     1,940,500     1,876,139     1,832,256     1,834,838    
             
Shareholders' Equity            
             
Common Stock   13,279     13,275     13,361     13,361     13,213    
Additional Paid-In Capital   212,505     212,104     213,823     213,537     212,332    
Retained Earnings   56,700     52,265     48,087     42,576     37,982    
Accumulated Other Comprehensive Loss   2,613     2,696     2,198     (330 )   (3,469 )  
             
Total Shareholders' Equity   285,097     280,340     277,469     269,144     260,058    
             
Total Liabilities and Shareholders' Equity $ 2,273,835   $ 2,220,840   $ 2,153,608   $ 2,101,400   $ 2,094,896    
             



...
   
Business First Bancshares, Inc.  
Consolidated Statements of Income  
(Unaudited)  
                   
      Quarter Ended       Year Ended  
  December 31, September 30, June 30, March 31, December 31,   December 31, December 31,  
(Dollars in thousands)  2019  2019  2019  2019  2018    2019  2018  
                   
Interest Income:                  
Interest and Fees on Loans $ 24,732 $ 24,408 $ 23,870 $ 22,423 $ 19,778   $ 95,433 $ 69,780  
Interest and Dividends on Securities   1,739   1,783   1,829   1,874   1,611     7,225   5,834  
Interest on Federal Funds Sold and Due From Banks   193   129   197   290   164     809   581  
Total Interest Income   26,664   26,320   25,896   24,587   21,553     103,467   76,195  
                   
Interest Expense:                  
Interest on Deposits   4,908   5,050   5,038   4,757   3,853     19,753   11,833  
Interest on Borrowings   1,129   1,012   665   710   583     3,516   2,133  
Total Interest Expense   6,037   6,062   5,703   5,467   4,436     23,269   13,966  
                   
Net Interest Income   20,627   20,258   20,193   19,120   17,117     80,198   62,229  
                   
Provision for Loan Losses   192   479   1,302   633   939     2,606   2,390  
                   
Net Interest Income After Provision for Loan Losses   20,435   19,779   18,891   18,487   16,178     77,592   59,839  
                   
Other Income:                  
Service Charges on Deposit Accounts   1,028   1,035   1,034   938   869     4,035   2,810  
Gain (Loss) on Sales of Securities   22   26   58   -   7     106   7  
Other Income   1,206   861   3,127   1,373   1,615     6,567   4,962  
Total Other Income   2,256   1,922   4,219   2,311   2,491     10,708   7,779  
                   
Other Expenses:                  
Salaries and Employee Benefits   9,025   8,793   8,756   8,552   7,444     35,126   27,862  
Occupancy and Equipment Expense   1,715   2,135   1,884   1,894   1,523     7,628   5,865  
Other Expenses   4,463   3,950   3,937   3,344   5,442     15,694   16,521  
Total Other Expenses   15,203   14,878   14,577   13,790   14,409     58,448   50,248  
                   
Income Before Income Taxes   7,488   6,823   8,533   7,008   4,260 -   29,852   17,370