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Chemung Financial Corporation Reports Third Quarter 2019 Net Income of $2.0 Million, or $0.40 per Share

ELMIRA, N.Y., Oct. 18, 2019 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $2.0 million, or $0.40 per share, for the third quarter of 2019, compared to $6.9 million, or $1.43 per share, for the third quarter of 2018.  The primary reason for the decrease in net income for the third quarter of 2019 as compared to the same period in the prior year was an increase in the provision for loan losses attributed to a specific impairment of $4.2 million related to the previously disclosed participation interest in a commercial credit.

Anders M. Tomson, Chemung Financial Corporation CEO, stated:

“The results for the 3rd quarter were materially impacted by the $4.2 million participation loan impairment highlighted in our 8-K dated September 12, 2019.  We continue to work with law enforcement and the lead bank in an attempt to seek recovery from the borrower.  The net results for the quarter overshadow our strong core earnings performance. Net interest income for the third quarter increased from the prior quarter and our interest margin remains strong at 3.63%, reflective of our low 60 basis point cost of interest bearing deposits. Our efficiency ratio improved from the second quarter, as did our  non-interest expense to average assets ratio. While we are all disappointed in our credit events this year, we believe that they are not a reflection of the overall quality of our loan portfolio. We remain laser focused on our longer term tactical and strategic plan and committed to our high touch community banking service model while continuing to grow tangible book value per share and capital.“

Third Quarter Highlights1:

  • Total shareholders’ equity increased $17.0 million, or 9.9%.
     

  • Tangible book value per share increased to $32.69.
     

  • Dividends declared during the second quarter remained at $0.26 per share.             

Balance sheet comparisons are calculated for June 30, 2019 versus December 31, 2018. 

3rd Quarter 2019 vs 3rd Quarter 2018

Net Interest Income:

Net interest income increased by less than $0.1 million, or 0.4%, to $15.1 million for the current quarter compared to the same period in the prior year, due primarily to an increase of $0.7 million in interest and dividend income and a decrease of $0.2 million in interest expense on borrowed funds, offset by a $0.6 million increase in total interest expense.  Interest and fees from loans increased $0.1 million, interest from taxable securities increased $0.1 million, and interest from interest-earning deposits increased $0.4 million in the third quarter of 2019 as compared to the same period in the prior year.  Interest expense on deposits increased $0.8 million, while interest expense on borrowed funds decreased $0.2 million in the third quarter of 2019 when compared to the same period in the prior year.  Fully taxable equivalent net interest margin was 3.63% in the third quarter of 2019, compared with 3.71% for the same period in the prior year.  The average yield on interest-earning assets increased 7 basis points, while the average cost of interest-bearing liabilities increased 22 basis points, compared to the same period in the prior year.  Average interest-earning assets increased $40.7 million, compared to the same period in the prior year.  The increase in interest and dividend income for the current quarter can be mostly attributed to average annualized yield increases of 12 basis points on commercial loans, 25 basis points on consumer loans, and 23 basis points on taxable securities, due to rising interest rates, along with a $74.1 million increase in the average balance of interest-earning deposits, compared to the same period in the prior year.  The increase in interest expense for the current quarter can be mostly attributed to an increase in interest rates on average interest-bearing deposits, including promotional rates on time deposits, offset by a $29.1 million decrease in the average balance of FHLB advances, other debt and repurchase agreements.

Non-Interest Income:

Non-interest income for the current quarter was $5.0 million compared with $7.4 million for the same period in the prior year, a decrease of $2.4 million, or 32.9%.  The decrease can be mostly attributed to a decrease of $2.2 million in the change in fair value of equity investments.  The decrease was due primarily to an increase in the fair value of Visa Class B shares in the third quarter of 2018, which were then subsequently sold during the third quarter of 2018.

Non-Interest Expense:

Non-interest expense for the current quarter was $13.5 million compared with $13.4 million for the same period in the prior year, an increase of $0.1 million, or 0.7%.  The increase can be mostly attributed to increases of $0.2 million in salaries and wages, $0.2 million in pension and other employee benefits, $0.1 million in furniture and equipment expenses, and a $0.3 million reduced credit in other components of net periodic pension and post-retirement benefits, offset by decreases of $0.2 million in net occupancy expense, and $0.3 million in FDIC insurance expense.  The increase in salaries and wages can be mostly attributed to annual merit increases. The increase in pension and other employee benefits was due to increased health care costs. The increase in furniture and equipment expenses was due to the timing of various projects. The decrease in net occupancy expense was due primarily to the closure of two branches in 2019.  The decrease in FDIC insurance expense was primarily due to the receipt of a $0.2 million credit related to the Deposit Insurance Fund’s (DIF) minimum reserve ratio assessment. 

Income Tax Expense:

Income tax expense for the current quarter was $0.2 million compared with $1.8 million for the same period in the prior year.  The decrease in income tax expense was due primarily to a decrease of $6.6 million in income before income tax expense for the third quarter of 2019 as compared to the same period in the prior year.  The effective income tax rate decreased from 20.6% for the third quarter of 2018 to 8.3% for the third quarter of 2019.

3rd Quarter 2019 vs 2nd Quarter 2019

Net Interest Income:

Net interest income increased by less than $0.1 million, or 0.3%, to $15.1 million compared to the prior quarter.  Interest and fees from loans increased $0.1 million and interest and dividend income from investment securities increased $0.1 million.  Interest expense on deposits increased $0.1 million due primarily to an increase of $14.5 million in the average balance of time deposits, along with a seven basis points increase in the average cost of time deposits due to promotional rates on time deposits.  Fully taxable equivalent net interest margin was 3.63% in the third quarter of 2019, a decrease of six basis points compared with 3.69% for the prior quarter.  Average interest-earning assets increased $11.6 million in the third quarter of 2019, while the average yield on interest-earning assets decreased four basis points compared to the prior quarter.   The average cost of interest-bearing liabilities increased three basis points in the third quarter of 2019, compared to the prior quarter.

Non-Interest Income:

Non-interest income for the current quarter was $5.0 million compared with $5.1 million for the prior quarter, a decrease of $0.1 million, or 2.6%.  The decrease in non-interest income was due primarily to a $0.2 million decrease in WMG fee income.  The decrease in WMG fee income can be mostly attributed to a decrease in fees from terminating trusts and a decrease in tax preparation fees.

Non-Interest Expense:

Non-interest expense for the current quarter was $13.5 million compared with $13.8 million for the prior quarter, a decrease of $0.3 million, or 2.2%.  The decrease can be mostly attributed to decreases of $0.2 million in FDIC insurance expense and $0.2 million in other non-interest expense, offset by an increase of $0.1 million in furniture and equipment expense.  The decrease in FDIC insurance expense was primarily due to the receipt of a $0.2 million credit related to the Deposit Insurance Fund’s (DIF) minimum reserve ratio assessment.  The decrease in other non-interest expense can be mostly attributed to a decrease in bank sponsorships of $0.1 million compared to the prior quarter. The increase in furniture and equipment expense was related to the timing of various projects.

Income Tax Expense:

Income tax expense for the current quarter was $0.2 million compared with $1.2 million for the prior quarter, a decrease of $1.1 million, or 85.7%.  The decrease in income tax expense can be attributed to a $4.1 million decrease in income before income tax expense for the third quarter of 2019, when compared to the prior quarter.  The effective income tax rate decreased from 19.8% for the second quarter of 2019 to 8.3% for the third quarter of 2019.

Asset Quality

Non-performing loans totaled $23.5 million at September 30, 2019, or 1.80% of total loans, compared with $12.3 million at December 31, 2018, or 0.93% of total loans.  Non-performing assets, which are comprised of non-performing loans and other real estate owned, were $23.7 million, or 1.32% of total assets, at September 30, 2019, compared with $12.8 million, or 0.73% of total assets, at December 31, 2018. The increase in non-performing loans can be mostly attributed to two commercial mortgage relationships and one participating interest in a commercial credit, offset by decreases in the non-performing residential mortgage and consumer loan portfolios.

Management performs an ongoing assessment of the adequacy of the allowance for loan losses based upon a number of factors including an analysis of historical loss factors, collateral evaluations, recent charge-off experience, credit quality of the loan portfolio, current economic conditions and loan growth.  Based on this analysis, the provision for loan losses for the third quarter of 2019 was $4.4 million, an increase of $4.1 million compared with the same period in the prior year.  The increase in the provision for loan losses can be mostly attributed to a specific impairment of $4.2 million related to the aforementioned participating interest in a commercial credit.  Net charge-offs for the third quarter of 2019 were $0.2 million, compared with $0.3 million for the third quarter of 2018. 

The allowance for loan losses was $23.9 million at September 30, 2019 compared with $18.9 million at December 31, 2018.  The allowance for loan losses was 101.94% of non-performing loans at September 30, 2019 compared with 154.59% at December 31, 2018.  The ratio of the allowance for loan losses to total loans was 1.83% at September 30, 2019 compared with 1.44% at December 31, 2018.

Balance Sheet Activity

Total assets were $1.794 billion at September 30, 2019 compared with $1.755 billion at December 31, 2018, an increase of $38.3 million, or 2.2%.  The increase can be mostly attributed to increases of $16.3 million in cash and cash equivalents, $25.3 million in securities available for sale, and $8.1 million in operating lease right-to-use assets related to the adoption of ASU No. 2016-02 Leases (“Topic 842”) as of January 1, 2019, offset by decreases of $10.2 million in total loans, net, and $2.0 million in premises and equipment, net.

The increase in cash and cash equivalents was due to changes in securities, loans, deposits, and borrowings.  The decrease in total loans, net, can be mostly attributed to decreases of $9.9 million in commercial mortgages, $12.9 million in indirect consumer loans, $8.4 million in other consumer loans, and a $5.0 million increase in the allowance for loan losses, offset by increases of $24.6 million in commercial and agriculture loans and $1.3 million in residential mortgages.  The increase in securities available for sale can be mostly attributed to purchases in the amount of $67.6 million, offset by $15.2 million in sales of mortgage-backed and municipal securities, along with maturities and paydowns.

Total liabilities were $1.612 billion at September 30, 2019 compared with $1.590 billion at December 31, 2018, an increase of $21.3 million or 1.3%.  The increase in total liabilities can be mostly attributed to increases of $7.3 million in total deposits, $8.1 million in operating lease liabilities related to the January 1, 2019 adoption of Topic 842, and $6.0 million in accrued interest payable and other liabilities.  The increase in deposits from $1.569 billion at December 31, 2018 to $1.577 billion at September 30, 2019 can be mostly attributed to an increase of $28.6 million in interest-bearing demand deposits and $19.6 million of time deposits, offset by decreases of $27.8 million in money market accounts and $11.8 million in non-interest bearing demand deposits.  The decreases in non-interest-bearing demand deposit and money market accounts can be mostly attributed to an outflow of commercial deposits.

Total shareholders’ equity was $182.0 million at September 30, 2019 compared with $165.0 million at December 31, 2018, an increase of $17.0 million, or 9.9%.  The increase in retained earnings of $7.6 million can be mostly attributed to earnings of $11.4 million, offset by $3.8 million in dividends declared.  The decrease in accumulated other comprehensive loss of $8.1 million can be mostly attributed to the increase in the fair market value of the securities portfolio.  Also, treasury stock decreased $0.6 million, due to the issuance of shares to the Corporation’s employee benefit stock plans and directors’ stock plans.

The total equity to total assets ratio was 10.15% at September 30, 2019 compared with 9.40% at December 31, 2018.  The tangible equity to tangible assets ratio was 9.00% at September 30, 2019 compared with 8.19% at December 31, 2018.  Book value per share increased to $37.35 at September 30, 2019 from $33.99 at December 31, 2018.  As of September 30, 2019, the Bank’s capital ratios were in excess of those required to be considered well-capitalized under the regulatory framework for prompt corrective action.

Other Items

The market value of total assets under management or administration in our Wealth Management Group was $1.863 billion at September 30, 2019, including $301.3 million of assets under management or administration for the Corporation, compared to $1.768 billion at December 31, 2018, including $283.0 million of assets under management or administration for the Corporation, an increase of $94.4 million, or 5.3%.  The increase in total assets under management or administration can be mostly attributed to increases in the market value of total assets.

About Chemung Financial Corporation

Chemung Financial Corporation is a $1.8 billion financial services holding company headquartered in Elmira, New York and operates 33 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full service community bank with trust powers.  Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State.  Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada.

This press release may be found at: www.chemungcanal.com under Investor Relations.

Forward-Looking Statements:

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995.  The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release.  All statements regarding the Corporation's expected financial position and operating results, the Corporation's business strategy, the Corporation's financial plans, forecasted demographic and economic trends relating to the Corporation's industry and similar matters are forward-looking statements.  These statements can sometimes be identified by the Corporation's use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend."  The Corporation cannot promise that its expectations in such forward-looking statements will turn out to be correct.  The Corporation's actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, including the Dodd-Frank Act, and changes in general business and economic trends.  Information concerning these and other factors can be found in the Corporation’s periodic filings with the Securities and Exchange Commission (“SEC”), including the 2018 Annual Report on Form 10-K.  These filings are available publicly on the SEC's website at http://www.sec.gov, on the Corporation's website at http://www.chemungcanal.com or upon request from the Corporate Secretary at (607) 737-3746.  Except as otherwise required by law, the Corporation undertakes no obligation to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.

For further information contact:
Karl F. Krebs, EVP and CFO
kkrebs@chemungcanal.com
Phone:  607-737-3714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemung Financial Corporation

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Sept. 30,

 

June 30,

 

March 31,

 

Dec. 31,

 

Sept. 30,

(in thousands)

 

 

2019

 

 

 

2019

 

 

 

2019

 

 

 

2018

 

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Cash and due from financial institutions

 

$

36,497

 

 

$

32,622

 

 

$

28,153

 

 

$

33,040

 

 

$

31,831

 

Interest-earning deposits in other financial institutions

 

 

109,801

 

 

 

83,838

 

 

 

97,657

 

 

 

96,932

 

 

 

82,081

 

Total cash and cash equivalents

 

 

146,298

 

 

 

116,460

 

 

 

125,810

 

 

 

129,972

 

 

 

113,912

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

 

2,065

 

 

 

2,079

 

 

 

2,032

 

 

 

1,909

 

 

 

1,987

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale

 

 

267,529

 

 

 

269,286

 

 

 

266,721

 

 

 

242,258

 

 

 

246,473

 

Securities held to maturity

 

 

3,420

 

 

 

4,090

 

 

 

3,861

 

 

 

4,875

 

 

 

4,203

 

FHLB and FRB stocks, at cost

 

 

3,091

 

 

 

3,091

 

 

 

3,143

 

 

 

3,138

 

 

 

3,138

 

Total investment securities

 

 

274,040

 

 

 

276,467

 

 

 

273,725

 

 

 

250,271

 

 

 

253,814

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

878,703

 

 

 

855,298

 

 

 

862,597

 

 

 

864,024

 

 

 

857,954

 

Mortgage

 

 

184,013

 

 

 

183,835

 

 

 

181,428

 

 

 

182,724

 

 

 

188,636

 

Consumer

 

 

243,922

 

 

 

249,238

 

 

 

255,012

 

 

 

265,158

 

 

 

274,048

 

Loans, net of deferred loan fees

 

 

1,306,638

 

 

 

1,288,371

 

 

 

1,299,037

 

 

 

1,311,906

 

 

 

1,320,638

 

Allowance for loan losses

 

 

(23,923

)

 

 

(19,656

)

 

 

(19,745

)

 

 

(18,944

)

 

 

(19,635

)

Loans, net

 

 

1,282,715

 

 

 

1,268,715

 

 

 

1,279,292

 

 

 

1,292,962

 

 

 

1,301,003

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

1,313

 

 

 

624

 

 

 

658

 

 

 

502

 

 

 

1,715

 

Premises and equipment, net

 

 

22,962

 

 

 

23,605

 

 

 

24,279

 

 

 

24,980

 

 

 

25,514

 

Operating lease right-of-use assets

 

 

8,051

 

 

 

8,220

 

 

 

8,391

 

 

 

-

 

 

 

-

 

Goodwill

 

 

21,824

 

 

 

21,824

 

 

 

21,824

 

 

 

21,824

 

 

 

21,824

 

Other intangible assets, net

 

 

886

 

 

 

1,037

 

 

 

1,188

 

 

 

1,351

 

 

 

1,527

 

Accrued interest receivable and other assets

 

 

33,489

 

 

 

33,966

 

 

 

32,373

 

 

 

31,572

 

 

 

32,568

 

Total assets

 

$

1,793,643

 

 

$

1,752,997

 

 

$

1,769,572

 

 

$

1,755,343

 

 

$

1,753,864

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

472,600

 

 

$

451,985

 

 

$

462,000

 

 

$

484,433

 

 

$

469,887

 

Interest-bearing demand deposits

 

 

208,222

 

 

 

188,843

 

 

 

187,834

 

 

 

179,603

 

 

 

211,099

 

Money market accounts

 

 

510,194

 

 

 

505,084

 

 

 

540,476

 

 

 

537,948

 

 

 

532,489

 

Savings deposits

 

 

215,665

 

 

 

217,434

 

 

 

219,199

 

 

 

217,027

 

 

 

217,621

 

Time deposits

 

 

169,825

 

 

 

177,792

 

 

 

156,993

 

 

 

150,226

 

 

 

144,901

 

Total deposits

 

 

1,576,506

 

 

 

1,541,138

 

 

 

1,566,502

 

 

 

1,569,237

 

 

 

1,575,997

 

 

 

 

 

 

 

 

 

 

 

 

FHLB advances and other debt

 

 

4,140

 

 

 

4,195

 

 

 

4,250

 

 

 

4,304

 

 

 

4,358

 

Operating lease liabilities

 

 

8,125

 

 

 

8,250

 

 

 

8,399

 

 

 

-

 

 

 

-

 

Accrued interest payable and other liabilities

 

 

22,828

 

 

 

21,027

 

 

 

18,887

 

 

 

16,773

 

 

 

17,010

 

Total liabilities

 

 

1,611,599

 

 

 

1,574,610

 

 

 

1,598,038

 

 

 

1,590,314

 

 

 

1,597,365

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

53

 

 

 

53

 

 

 

53

 

 

 

53

 

 

 

53

 

Additional-paid-in capital

 

 

46,464

 

 

 

46,284

 

 

 

46,174

 

 

 

45,820

 

 

 

46,006

 

Retained earnings

 

 

150,759

 

 

 

150,063

 

 

 

146,340

 

 

 

143,129

 

 

 

138,654

 

Treasury stock, at cost

 

 

(11,956

)

 

 

(12,062

)

 

 

(12,191

)

 

 

(12,562

)

 

 

(12,927

)

Accumulated other comprehensive loss

 

 

(3,276

)

 

 

(5,951

)

 

 

(8,842

)

 

 

(11,411

)

 

 

(15,287

)

Total shareholders' equity

 

 

182,044

 

 

 

178,387

 

 

 

171,534

 

 

 

165,029

 

 

 

156,499

 

Total liabilities and shareholders' equity

 

$

1,793,643

 

 

$

1,752,997

 

 

$

1,769,572

 

 

$

1,755,343

 

 

$

1,753,864

 

 

 

 

 

 

 

 

 

 

 

 

Period-end shares outstanding

 

 

4,874

 

 

 

4,868

 

 

 

4,863

 

 

 

4,855

 

 

 

4,837

 

 

 

 

 

 

 

 

 

 

 

 


Chemung Financial Corporation

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

Percent

 

September 30,

 

Percent

(in thousands, except per share data)

 

 

2019

 

 

 

2018

 

 

Change

 

 

2019

 

 

 

2018

 

 

Change

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

14,664

 

 

$

14,580

 

 

0.6

 

 

$

43,723

 

 

$

42,930

 

 

1.8

 

Taxable securities

 

 

1,349

 

 

 

1,200

 

 

12.4

 

 

 

3,825

 

 

 

3,753

 

 

1.9

 

Tax exempt securities

 

 

293

 

 

 

272

 

 

7.7

 

 

 

872

 

 

 

875

 

 

(0.3

)

Interest-earning deposits

 

 

502

 

 

 

84

 

 

497.6

 

 

 

1,735

 

 

 

116

 

 

1395.7

 

Total interest and dividend income

 

 

16,808

 

 

 

16,136

 

 

4.2

 

 

 

50,155

 

 

 

47,674

 

 

5.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

1,629

 

 

 

858

 

 

89.9

 

 

 

4,634

 

 

 

1,967

 

 

135.6

 

Securities sold under agreements to repurchase

 

 

-

 

 

 

-

 

 

N/M

 

 

 

-

 

 

 

137

 

 

(100.0

)

Borrowed funds

 

 

37

 

 

 

199

 

 

(81.4

)

 

 

111

 

 

 

574

 

 

(80.7

)

Total interest expense

 

 

1,666

 

 

 

1,057

 

 

57.6

 

 

 

4,745

 

 

 

2,678

 

 

77.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

15,142

 

 

 

15,079

 

 

0.4

 

 

 

45,410

 

 

 

44,996

 

 

0.9

 

Provision for loan losses

 

 

4,441

 

 

 

300

 

 

1380.3

 

 

 

5,684

 

 

 

3,371

 

 

68.6

 

Net interest income after provision for loan losses

 

 

10,701

 

 

 

14,779

 

 

(27.6

)

 

 

39,726

 

 

 

41,625

 

 

(4.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management group fee income

 

 

2,315

 

 

 

2,406

 

 

(3.8

)

 

 

7,115

 

 

 

7,095

 

 

0.3

 

Service charges on deposit accounts

 

 

1,141

 

 

 

1,231

 

 

(7.3

)

 

 

3,330

 

 

 

3,539

 

 

(5.9

)

Interchange revenue from debit card transactions

 

 

1,058

 

 

 

982

 

 

7.7

 

 

 

3,113

 

 

 

3,013

 

 

3.3

 

Net gains on securities transactions

 

 

-

 

 

 

-

 

 

N/M

 

 

 

19

 

 

 

-

 

 

N/M

 

Change in fair value of equity investments

 

 

(10

)

 

 

2,141

 

 

(100.5

)

 

 

106

 

 

 

2,165

 

 

(95.1

)

Net gains on sales of loans held for sale

 

 

69

 

 

 

79

 

 

(12.7

)

 

 

146

 

 

 

184

 

 

(20.7

)

Net gains (losses) on sales of other real estate owned

 

 

(1

)

 

 

123

 

 

N/M

 

 

 

(87

)

 

 

119

 

 

N/M

 

Income from bank owned life insurance

 

 

17

 

 

 

17

 

 

0.0

 

 

 

48

 

 

 

50

 

 

(4.0

)

Other

 

 

367

 

 

 

402

 

 

(8.7

)

 

 

1,177

 

 

 

2,016

 

 

(41.6

)

Total non-interest income

 

 

4,956

 

 

 

7,381

 

 

(32.9

)

 

 

14,967

 

 

 

18,181

 

 

(17.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

5,874

 

 

 

5,691

 

 

3.2

 

 

 

17,375

 

 

 

16,969

 

 

2.4

 

Pension and other employee benefits

 

 

1,470

 

 

 

1,262

 

 

16.5

 

 

 

4,488

 

 

 

4,438

 

 

1.1

 

Other components of net periodic pension and postretirement benefits

 

 

(141

)

 

 

(408

)

 

N/M

 

 

 

(423

)

 

 

(1,224

)

 

N/M

 

Net occupancy

 

 

1,424

 

 

 

1,671

 

 

(14.8

)

 

 

4,469

 

 

 

4,922

 

 

(9.2

)

Furniture and equipment

 

 

717

 

 

 

581

 

 

23.4

 

 

 

1,840

 

 

 

1,941

 

 

(5.2

)

Data processing

 

 

1,818

 

 

 

1,782

 

 

2.0

 

 

 

5,418

 

 

 

5,288

 

 

2.5

 

Professional services

 

 

395

 

 

 

479

 

 

(17.5

)

 

 

1,218

 

 

 

1,527

 

 

(20.2

)

Legal accruals and settlements

 

 

-

 

 

 

-

 

 

N/M

 ...