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Orange County Bancorp, Inc. Announces Record Second Quarter Results

- Net Income increased 27% over previous quarter to $2.80 mil

- Average Loans up 24.8% year over year to $798.1 mil

- Average Demand Deposits up 24.7% year over year to $277.5 mil

- Total Assets grew 15.3% versus the same period last year to $1.21 bil

- Tangible Book Value Per Share of $24.12 up 17% from the same period last year

MIDDLETOWN, N.Y., July 25, 2019 /PRNewswire/ -- Orange County Bancorp, Inc. (the "Company")(OCBI), parent of Orange Bank & Trust Co. (the "Bank") and Hudson Valley Investment Advisors, Inc. (HVIA), today announced record net income of $2.8 million, or $0.63 per share, for the three months ended June 30, 2019, compared to $2.2 million, or $0.50 per share, for the three months ended March 31, 2019 and $1.5 million, or $0.39 per share, for the same period the prior year.

Net income for the three months ended June 30, 2019 reflects nonrecurring items including a charge related to securities sales and reserve recovery on unfunded loan commitments with a net impact of $109,000 or $0.02 per share.

"I am extremely pleased with the record results Orange County Bancorp has achieved for the second quarter," said Michael Gilfeather, President and Chief Executive Officer.  "These earnings are not the result of any single factor, but rather represent contributions from all segments of the organization across our business lines and geographic footprint. Loans and deposits, the bank's core operations, continue to show significant, but measured growth, without pursuing higher risk loans or higher cost deposits. Our ongoing investments into Rockland and Westchester counties continue to significantly contribute to our profitable growth, and we are pleased to report the exploration of new markets for expansion will remain a key initiative within the Company's strategy.  Our Trust and Asset Management businesses also performed well, leading to a meaningful increase in fee and non-interest related income.  And our newest initiative, Private Banking, continues to grow, helping both clients and the Company better leverage the capabilities of our organization.

These results reflect the impact of the strategic plan we put in place several years ago, but would not have been possible had we not identified and built upon Orange's core competencies.  None of those is more important than knowing our clients and delivering the highest quality solutions and services.  I thank our clients for their trust, our employees for their hard work, and our shareholders for their continued patience and support."

Income Statement Summary
Net interest income for the three months ended June 30, 2019 increased $1.9 million, or 21.7%, to $10.6 million, compared with the same period in 2018. The increase is primarily the result of a $128.2 million, or 13.4%, increase in average interest earning assets, and 27 basis point increase in net interest margin. The increase in average interest earning assets is, in turn, due primarily to a $158.6 million, or 24.8%, increase in average loans. Net interest margin of 3.91% for the period represents a 27 basis point, or 7.4%, increase versus 3.64% for the same period last year. Continued robust asset growth and a higher yielding asset mix more than offset an increase in funding costs due to higher short-term interest rates. The cost of interest-bearing deposits for the three months ended June 30, 2019 was 0.64%, compared to 0.37% for the three months ended June 30, 2018, an increase of 27 basis points, or 73%. The Company continued to see strong growth in non-interest bearing deposit accounts, with an increase of $55 million, or 24.7%, to $277.5 million in average Demand Deposit Accounts (DDA) versus the year ago quarter.  

The bank's provision for loan losses was $420 thousand for the three months ended June 30, 2019, compared to $600 thousand the prior quarter, and $745 thousand for the same period in 2018. Loans classified as substandard or doubtful decreased $234 thousand, or 1.6%, to $14.6 million as of June 30, 2019, from $14.9 million at the end of Q1, and $1.3 million, or 7.7%, from $15.9 million the same period last year. Non-accrual loans, as a percent of total loans, was 0.20% as of June 30, 2019, a slight decrease from the prior quarter, but down significantly from 0.32% the same quarter last year.

Non-interest income increased $114 thousand, to $2.3 million, for the three months ended June 30, 2019 versus the prior quarter, and $51 thousand on a year-over-year basis.  These increases are primarily due to an increase in investment advisory fees from the Company's HVIA subsidiary, as well as an increase in trust income. These increases were partially offset by realized losses on securities sales during the three months ended June 30, 2019 and March 31, 2019. The Company recorded no such losses in the same quarter last year.

Non-interest expense fell $47 thousand to $9.0 million for the three months ended June 30, 2019 versus the prior quarter, and rose $612 thousand compared to the same period in 2018. The year-over-year increase was due primarily to a $599 thousand increase in salaries and employee benefits resulting from additional staffing and anticipated cost increases. Non-interest expense for the three months ended June 30, 2019 was also favorably impacted by a $200 thousand reserve recovery on unfunded commitments mentioned above.

The Company's effective income tax rate for the three months ended June 30, 2019 was 20.4%. This compares with 19.6% for the three months ended March 31, 2019, and 18.1% for the three months ended June 30, 2018.

Balance Sheet Summary
Total balance sheet assets increased $161 million, or 15.3%, to $1.21 billion at June 30, 2019, from $1.05 billion at June 30, 2018.  This was primarily due to increases of $167.5 million in loans and $30.0 million in cash and cash equivalents, partially offset by a $36.3 million decrease in the value of investment securities. The increase in cash and cash equivalents is primarily due to increases in deposits, while the $167.5 million increase in loans was the result of $241.1 million of new loan originations and purchases, partially offset by $73.6 million of net amortization and repayments on the remaining portfolio.  Net loan purchases during the same period totaled $34.4 million.

Total liabilities increased $134.2 million to $1.09 billion during the quarter, from $959 million at June 30, 2018.  This was primarily due to a $143.7 million increase in total deposits partially offset by a $10 million reduction in FHLB advances.

Total shareholders' equity increased $26.9 million, or 30.3%, to $115.8 million at June 30, 2019 from $88.9 million at June 30, 2018.  This increase is primarily due to net proceeds from a $16.1 million private securities offering completed October 31, 2018, with the remainder from a $6.4 million increase in retained earnings and $4.5 million improvement in the market value of securities available for sale. 

At June 30, 2019, the Company's book value per share and tangible book value per share were $25.85 and $24.12, respectively, compared to $22.67 and $20.62, respectively, at June 30, 2018. This represents increases of 14% and 17%, respectively. At June 30, 2019, the Bank also exceeded the "well capitalized" thresholds under applicable regulatory guidelines.

Asset Quality Summary
The Company's non-performing loans decreased modestly to $1.63 million or 0.20% of total loans as of June 30, 2019, from $1.67 million or 0.22% of total loans as of March 31, 2019.  Given the growth in the loan portfolio during the quarter, the relative decline in non-performing loans was more meaningful on a year-over-year basis, declining from $2.1 million or 0.32% of total loans as of June 30, 2018.

Loans classified as substandard or doubtful decreased $234 thousand, or 1.6%, to $14.6 million at June 30, 2019, from $14.9 million at March 31, 2019, and decreased $1.2 million, or 7.7%, from $15.9 million at June 30, 2018.  Watch rated loans declined $5.8 million, or 55.0%, to $4.7 million at June 30, 2019 from $10.5 million at June 30, 2018.  The decline in watch rated loans was primarily attributable to risk rating upgrades of borrowers demonstrating improved operating trends and credit metrics, and to a lesser extent, refinance activity of loans in this rating category.  Delinquencies continued to improve, declining to $2.2 million or 0.27% of total loans at June 30, 2019, from $3.6 million or 0.47% of total loans at March 31, 2019, and $4.6 million or 0.70% of total loans at June 30, 2018.

At June 30, 2019, the Company's allowance for loan losses was 1.43% of total loans outstanding, a decrease from 1.48% at March 31, 2018.  Notwithstanding net loan growth during the quarter, the continued improvement in historical loss rate assumptions and the underlying performance of the loan portfolio contributed to the reduction in this allowance ratio.        

About Orange County Bancorp, Inc. 
Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago and has grown through conservative banking practices, innovation and commitment to its community and business cliental to more than $1 billion in Total Assets. In recent years, Orange Bank & Trust Company has added branches in Rockland and Westchester Counties. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and was acquired by the Company in 2012. For more information, visit orangebanktrust.com or hviaonline.com.

For further information:
Robert L. Peacock
EVP Chief Financial Officer
rpeacock@orangebanktrust.com
Phone: 845-341-5005

Orange County Bancorp, Inc.

Consolidated Statements of Condition (unaudited)

(dollar amounts in thousands except per share data)






















June 30,


December 31,


June 30,









2019


2018


2018



ASSETS
























Cash and due from banks





$          80,884


$            18,374


$            50,877

Investment securities - available-for-sale




252,843


258,058


289,219














Loans






823,740


737,076


656,227

Allowance for loan losses





(11,847)


(10,663)


(9,582)


Loans, net






811,892


726,413


646,646














Premises and equipment





14,583


13,934


14,049

Other real estate owned





-


-


51

Accrued interest receivable





4,116


3,008


2,732

Cash surrender value of bank-owned life insurance



27,468


27,128


26,779

Goodwill






5,359


5,359


5,359

Intangible assets






2,392


2,535


2,678

Other assets






9,594


10,064


9,536
















TOTAL ASSETS





$    1,209,132


$       1,064,873


$       1,047,925
















LIABILITIES AND STOCKHOLDERS' EQUITY




















Deposits:












Noninterest bearing





$       306,471


$          240,432


$          241,587


Interest bearing





766,043


664,576


687,220



Total deposits





1,072,514


905,008


928,806














FHLB advances






5,000


35,500


15,000

Note payable






3,028


3,057


3,085

Accrued expenses and other liabilities




12,772


12,768


12,154
















TOTAL LIABILITIES





1,093,315


956,333


959,045
















STOCKHOLDERS' EQUITY









Common stock, $0.50 par value; 15,000,000 shares authorized;








4,533,304 and 4,533,304 issued; 4,481,122 and 4,501,125 outstanding







June 30, 2019 and December 31, 2018, respectively



2,255


2,266


1,973

Surplus






84,779


85,496


69,260

Undivided profits






34,464


30,956


28,005

Accumulated other comprehensive loss, net of taxes



(4,768)


(8,986)


(9,307)

Treasury stock, at cost





(912)


(1,192)


(1,051)



TOTAL STOCKHOLDERS' EQUITY



115,818


108,540


88,880
















TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$    1,209,132


$       1,064,873


$       1,047,925














Book value per share





$              25.85


$              24.11


$              22.67

Tangible book value per share





$              24.12


$              22.36


$              20.62














 

Orange County Bancorp, Inc.

Consolidated Statements of Income (unaudited)

(dollar amounts in thousands except per share data)









Three Months Ended
June 30, 


Six Months Ended
June 30, 









2019


2018


2019


2018


INTEREST INCOME













Interest and fees on loans




$         10,032


$           7,629


$         19,436


$         14,507



Interest on investment securities:













Taxable





1,386


1,194


2,650


2,553




Tax exempt





153


401


385


811



Interest on Federal funds sold and other


203


112


354


293



















TOTAL INTEREST INCOME



11,775


9,336


22,825


18,164

















INTEREST EXPENSE













Interest on savings and NOW accounts


801


341


1,291


638



Interest on time deposits




321


198


610


374



Interest on FHLB advances




37


67


115


134



Interest on note payable




46


46


91


93




TOTAL INTEREST EXPENSE


1,205


653


2,107


1,238



















NET INTEREST INCOME



10,569


8,682


20,718


16,926

















Provision for loan losses




420


745


1,020


1,285



















NET INTEREST INCOME AFTER PROVISION


10,149


7,937


19,698


15,641

















OTHER OPERATING INCOME












Service charges on deposit accounts


226


239


441


479



Trust income





854


756


1,687


1,552



Investment advisory income




1,134


1,081


2,256


2,159



Investment securities gains




(82)


-


(219)


-



Earnings on bank-owned life insurance


180


178


340


341



Gain on the sale of other real estate owned


-


-


-


-



Other





31


38


65


52




TOTAL OTHER OPERATING INCOME


2,342


2,292


4,571


4,583

















OTHER OPERATING EXPENSES












Salaries





3,470


3,165


7,003


6,253



Employee benefits




1,666


1,371


3,348


2,834



Occupancy expense




864


822


1,775


1,673



Professional fees




703


827


1,303


1,559



Directors' fees and expenses




285


243


541


485



Computer software expense




714


687


1,397


1,381



FDIC assessment




138


116


245


227



Advertising expenses




319


303


641


573



Advisor expenses related to trust income


207


192


418


381



Telephone expenses




112


114


224


242



Intangible amortization




71


71


143


143



Other





411


437


928


802




TOTAL OTHER OPERATING EXPENSES


8,960


8,348


17,967


16,554


















Income before income taxes




3,532


1,881


6,301


3,670

















Provision for income taxes




719


341


1,263


761




NET INCOME




$           2,812


$           1,540


$           5,038


$           2,910

















Earnings per share





$             0.63


$             0.39


$             1.12


$             0.74

















Cash dividends declared per share




$             0.20


$             0.20


$             0.40


$             0.40

















Weighted average shares outstanding



4,485,584


3,920,034


4,484,853


3,918,971
















 

Orange County Bancorp, Inc. and Subsidiaries

Net Interest Margin Analysis (unaudited)

(dollar amounts in thousands)














Three Months Ended June 30,


2019


2018


Average
Balance


Interest


Average
Rate


Average
Balance


Interest


Average
Rate

Assets:












Loans Receivable

$             798,098


$      10,032


5.04%


$           639,478


$        7,629


4.78%

Investment securities

248,511


1,540


2.48%


290,136


1,595


2.20%

Other interest-earning assets

38,917


203


2.09%


27,671


112


1.63%

Total interest earning assets

1,085,526


11,775


4.35%


957,285


9,336


3.91%

Non-interest earning assets

68,090






68,287





  Total assets

$          1,153,616






$        1,025,572

















Liabilities and equity:












NOW accounts

$             182,465


$             46


0.10%


$           151,903


$             35


0.09%

Savings and money market accounts

463,023


755


0.65%


422,936


306


0.29%

Time deposits

92,997


321


1.39%


104,242


198


0.76%

Total interest-bearing deposits

738,484


1,123


0.61%


679,082


540


0.32%

FHLB Advances and other borrowings

13,109


82


2.52%


23,033


114


1.98%

Total interest bearing liabilities

751,593


1,205


0.64%


702,115


653


0.37%

Non-interest bearing deposits

277,475






222,488





Other non-interest bearing liabilities

12,472






12,136





  Total liabilities

1,041,540






936,739





  Total shareholders' equity

112,076






88,835





  Total liabilities and shareholders' equity

$          1,153,616






$        1,025,574

















Net interest income



$      10,569






$        8,682



Interest rate spread1





3.71%






3.54%

Net interest margin2





3.91%






3.64%

Average interest earning assets to interest-bearing liabilities

144.4%






136.3%

















Notes:












1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liablities  

2Net interest margin is the annualized net interest income divided by average interest-earning assets.

















Orange County Bancorp, Inc. and Subsidiaries

Net Interest Margin Analysis (unaudited)

(dollar amounts in thousands)














Six Months Ended June 30,


2019


2018


Average
Balance


Interest


Average
Rate


Average
Balance


Interest


Average
Rate

Assets:












Loans Receivable

$             778,912


$      19,436


5.03%


$           614,912


$      14,507


4.76%

Investment securities

251,180


3,035


2.44%


293,582


3,364


2.31%

Other interest-earning assets

32,303


354


2.21%


37,609


293


1.57%

Total interest earning assets

1,062,395


22,825


4.33%


946,103


18,164


3.87%

Non-interest earning assets

68,546






68,199





  Total assets

$          1,130,941






$        1,014,302

















Liabilities and equity:












NOW accounts

$             182,081


$             89


0.10%


$           152,468


$             69


0.09%

Savings and money market accounts

442,206


1,202


0.55%


420,528


569


0.27%

Time deposits

95,014


610


1.29%


105,071


374


0.72%

Total interest-bearing deposits

719,301


1,901


0.53%


678,066


1,012


0.30%

FHLB Advances and other borrowings

16,300


206


2.55%


23,069


227


1.98%

Total interest bearing liabilities

735,601


2,107


0.58%


701,135


1,238


0.36%

Non-interest bearing deposits

271,667






210,705





Other non-interest bearing liabilities

13,088






12,663





  Total liabilities

1,020,357






924,504





  Total shareholders' equity

110,585






89,800





  Total liabilities and shareholders' equity

$          1,130,942






$        1,014,303

















Net interest income



$      20,718






$      16,926



Interest rate spread1





3.75%






3.52%

Net interest margin2





3.93%






3.61%

Average interest earning assets to interest-bearing liabilities

144.4%






134.9%

















Notes:












1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities  

2Net interest margin is the annualized net interest income divided by average interest-earning assets.











































Orange County Bancorp, Inc.


Condensed Financial Information (unaudited)


(Dollar Amounts in thousands except per share data)














As of


Condensed Balance Sheets

June 30,
2019


March 31,
2019


December 31,
2018


September 30,
2018


June 30,
2018













Cash and Cash Equivalents

$         80,884


$        48,994


$         18,374


$          48,980


$        50,877


Total Investment Securities

252,843


252,879


258,058


284,277


289,219


Loans, net

811,892


765,885


726,413


673,898


646,646


Other Assets

63,513


63,684


62,028


62,728


61,183


Total Assets

$     1,209,132


$    1,131,443


$     1,064,873


$      1,069,883


$    1,047,925
























Total Deposits 

$     1,072,514


$       995,417


$       905,008


$        949,777


$      928,806


FHLB Advances & note payable

8,028


13,043


38,557


18,071


18,085


Other Liabilities

12,772


11,868


12,768


13,269


12,154


Total Liabilities

1,093,315


1,020,328


956,333


981,117


959,045


Total Shareholder Equity

115,818


111,115


108,540


88,766


88,880


Total Liabilities and Shareholders Equity

$     1,209,132


$    1,131,443


$     1,064,873


$      1,069,883


$    1,047,925












 


Quarter Ended


Six Months Ended

Condensed Income Statements

June 30,
2019


March 31,
2019


December 31,
2018


September 30,
2018


June 30,
2018


June 30,
2019


June 30,
2018















Interest Income

$        11,775


$      11,050


$     10,708


$         9,827


$         9,336


$     22,825


$     18,164

Interest Expense

1,205


902


818


731


653


2,107


1,238

Net Interest Income

10,569


10,149


9,890


9,097


8,682


20,718


16,926

Provision for Loan Loss

420


600


640


540


745


1,020


1,285

Noninterest Income

2,342


2,228


2,224


2,369


2,292


4,571


4,583

Noninterest Expense

8,960


9,007


8,455


8,435


8,348


17,967


16,554

Income before income tax expense

3,532


2,770


3,019


2,491


1,881


6,301


3,670

Income Tax Expense

719


543


404


463


341


1,263


761

Net income

$          2,812


$       2,226


$       2,614


$         2,028


$         1,540


$       5,038


$       2,910











































Earnings per Share

0.63


0.50


0.60


0.52


0.39


1.12


0.74
















 


Orange County Bancorp, Inc.


Selected Financial Data (unaudited)


(Dollar Amounts in thousands except per share data)



For the Quarter Ended


Six Months Ended



June 30,
2019


March 31,
2019


December 31,
2018


September 30,
2018


June 30,
2018


June 30,
2019


June 30,
2018


Performance Ratios1















Return on average assets

0.98%


0.81%


0.98%


0.76%


0.60%


0.90%


0.58%


Return on average equity

10.06%


8.28%


10.31%


9.03%


6.95%


9.19%


6.53%


Interest rate spread

3.71%


3.81%


3.83%


3.54%


3.57%


3.76%


3.55%


Net interest margin

3.91%


3.97%


3.97%


3.66%


3.67%


3.94%


3.64%


Efficiency Ratio

68.68%


71.54%


69.23%


72.92%


75.16%


70.09%


76.01%

















Noninterest income to average assets

0.81%


0.80%


0.84%


0.89%


0.89%


0.81%


0.90%


Noninterest expense to average assets

3.11%


3.25%


3.19%


3.18%


3.26%


3.18%


3.26%


Average interest-earning assets to average interest-bearing liabilities

142.87%


142.89%


140.40%


138.38%


135.02%


142.88%


133.66%


Average equity to average assets

9.72%


9.84%


9.50%


8.41%


8.66%


9.78%


8.85%


Dividend payout ratio

31.87%


40.31%


34.46%


38.87%


51.18%


35.60%


54.11%


















As of the Quarter Ended







June 30,
2019


March 31,
2019


December 31,
2018


September 30,
2018


June 30,
2018





















Loans to Deposits

76.80%


78.09%


81.44%


72.02%


70.65%






Share Data:















Shares outstanding

4,481,122


4,490,047


4,481,726


3,921,243


3,920,384






Book value per common share

$           25.85


$     24.75


$        24.22


$        22.64


$    22.67






Tangible book value per common share2

$           24.12


$     23.00


$        22.46


$        20.61


$    20.62





















Capital Ratios3















Tier 1 capital (to adjusted total assets)

9.23%


9.41%


9.67%


8.77%


8.95%






Common equity Tier 1 capital (to risk weighted assets)

12.54%


13.01%


13.67%


12.93%


13.38%






Tier 1 capital (to risk-weighted assets)

12.54%


13.01%


13.67%


12.93%


13.38%






Total capital (to risk-weighted assets)

13.80%


14.27%


14.93%


14.19%


14.63%





















Notes:















1   Performance ratios are annualized.















2   Tangible book value per share is a non-GAAP measure and equals total shareholders' equity, less goodwill and other
intangible assets, divided by shares outstanding.



3   Represents Bank ratios.






























 

Orange County Bancorp, Inc.

Loan and Deposit Portfolios (unaudited)

(dollar amounts in thousands)

















LOANS




June 30,


March 31,


December 31,


September 30,


June 30,








2019


2019


2018


2018


2018

Commercial:






























       Commercial & industrial


$    212,866


$   190,323


$     179,533


$      171,240


$    166,241

       CRE* owner occupied



123,708


123,446


122,592


116,504


105,637

       CRE non-owner occupied


220,681


207,234


193,529


174,428


171,497

       CRE multifamily




144,387


140,510


142,160


127,974


124,180

       CRE construction




46,726


38,100


28,946


23,571


19,322

          Total commercial




748,368


699,614


666,760


613,717


586,877

















Consumer:














       Residential real estate



48,340


45,982


47,064


46,700


46,550

       Home equity loans and lines


12,432


10,939


10,728


10,528


9,715

       Residential construction


14,960


16,344


12,381


9,818


9,784

       Other





1,586


2,006


2,040


776


1,364

          Total consumer




77,319


75,271


72,212


67,821


67,412

          TOTAL LOANS




825,687


774,885


738,972


681,538


654,290

















       Deferrals and in-process


1,947


(2,457)


1,897


(2,482)


(1,938)

       Allowance for loan losses


(11,847)


(11,457)


(10,663)


(10,122)


(9,582)

          Loans, net




$    811,892


$   765,885


$     726,412


$      673,898


$    646,646

































































DEPOSITS




June 30,
2019


March 31,
2019


December 31,
2018


September 30,
2018


June 30,
2018



Demand Deposits




$    306,471


$   276,580


$     240,432


$      247,270


$    241,587



Money market accounts


356,072


312,885


294,497


328,630


319,514



Now





186,938


188,112


159,465


166,180


160,389



Savings





129,852


122,119


111,936


108,567


105,252



Time





93,181


95,721


98,678


99,130


102,064



















    Total deposits




$ 1,072,514


$   995,417


$     905,008


$      949,777


$    928,806

































* CRE = Commercial Real Estate loans










 

 

Orange County Bancorp, Inc.

Asset Quality Trends (unaudited)

(dollar amounts in thousands)

















ASSET QUALITY




June 30,


March 31,


December 31,


September 30,


June 30,








2019


2019


2018


2018


2018

Non-performing loans:




























       Commercial & industrial



$             72


$           159


$           104


$           104


$           106

       Commercial real estate



1,419


1,419


1,419


1,751


1,703

       Construction--commercial



-


-


-


-


-

       Construction--residential



-


-


-


-


-

       Consumer--residential real estate


94


95


204


274


175

       Consumer--home equity loans and lines


47


-


98


122


122

       Consumer--other




-


-


-


-


1

          TOTAL NON-PERFORMING LOANS ("NPLs")

$         1,631


$         1,673


$         1,825


$         2,251


$         2,106

















Delinquencies:






























       30-59 days past due




$           423


$         1,898


$         4,144


$         1,292


$         2,025

       60-89 days past due




85


47


681


523


98

       90+ days past due




185


125


104


42


346

       On non-accrual




1,537


1,578


1,727


2,150


2,106

          TOTAL PAST DUE LOANS


$         2,230


$         3,646


$         6,656


$         4,007


$         4,575

















Troubled debt restructurings:












       On non-accrual (included in total NPLs above)

$         1,419


$         1,458


$         1,458


$         1,458


$         1,743

       On accrual




12,698


12,802


12,879


12,597


12,935

          TOTAL TROUBLED DEBT RESTRUCTURINGS

$       14,117


$       14,260


$       14,337


$       14,055


$       14,678

















ALLOWANCE FOR LOAN LOSSES


$       11,847


$       11,457


$       10,663


$       10,122


$         9,582

















Allowance for loan losses as a % of total loans


1.43%


1.48%


1.44%


1.49%


1.46%

Allowance for loan losses as a % of total NPLs


726.54%


684.87%


584.34%


449.67%


455.07%

Allowance for loan losses as a % of delinquent loans

531.28%


314.19%


160.20%


252.61%


209.43%

NPLs as a % of total loans



0.20%


0.22%


0.25%


0.33%


0.32%

















Net charge-offs (recoveries)



$             29


$          (193)


$             99


$             (1)


$           194

Net charge-offs (recoveries) to average outstanding loans during the period 1


0.00%


-0.03%


0.01%


0.00%


0.02%

































1


Performance ratios are annualized







 

 

 

 

Cision

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