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Republic First Bancorp, Inc. Reports First Quarter Financial Results

Deposits Increase by 17% and Loans Grow 18%

PHILADELPHIA, April 25, 2019 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (FRBK), the holding company for Republic Bank, today announced its financial results for the period ended March 31, 2019.

Q1-2019 Highlights

  • Total deposits increased by $356 million, or 17%, to $2.5 billion as of March 31, 2019 compared to $2.1 billion as of March 31, 2018.
     
  • New stores opened since the beginning of the “Power of Red is Back” expansion campaign are currently growing deposits at an average rate of $27 million per year, while the average deposit growth for all stores over the last twelve months was approximately $14 million per store.
     
  • Total loans grew $226 million, or 18%, to $1.5 billion as of March 31, 2019 compared to $1.3 billion at March 31, 2018.
     
  • Expansion into New York City is moving forward. Construction began on our first store located on the corner of 14th & 5th in Manhattan and is expected to open early this summer.
     
  • Net income declined to $0.4 million, or $0.01 per share, for the quarter ended March 31, 2019 compared to $1.8 million, or $0.03 per share for the quarter ended March 31, 2018.                                                                     

“The Power of Red is Back” expansion strategy continues to build momentum throughout our footprint. Our newest store in Lumberton, NJ, which opened during the first quarter, has welcomed hundreds of new FANS since its grand opening weekend. As recently announced, Republic Bank is also moving forward with plans to expand into New York City. Sites for several new stores have been identified in Manhattan with two or more stores projected to open during 2019.

Net income before tax has consistently improved over the past five years despite the significant investments required to execute our growth and expansion strategy. However, net income in the first quarter of 2019 was impacted by a combination of factors including compression in the net interest margin as a result of a flattening yield curve and the opening of three new stores within a three month period. In addition, we’ve begun to incur costs related to the expansion into New York City for new store locations, along with the hiring of a management and lending team for this new market. Regardless of the challenges effecting profitability, deposits and loans continue to grow at levels significantly above industry standards.

Vernon W. Hill, II, Chairman of Republic First Bancorp said:

“The Power of Red is Back growth campaign continues to deliver strong growth in assets, loans and deposits as we move into 2019. Our highly anticipated expansion into New York City is set to begin by mid-year with the opening of our first store location at 14th & 5th. Net income declined during the first quarter as we struggle with the impact of a challenging interest rate environment and a flattening yield curve. In addition, we’re now absorbing the up-front costs necessary to initiate our expansion into New York City.  However, this will not affect our commitment to deliver best in class service across all delivery channels…..in-store, by phone, online and mobile options....as we strive to create new FANS each and every day.”

Harry D. Madonna, President and Chief Executive Officer of Republic First Bancorp added:

“We continue to add top talent to successfully execute our growth and expansion strategy. Building a strong team is a vital factor in delivering on our commitment to outstanding customer service. We’ve had tremendous success attracting strong leaders in our Metro Philadelphia footprint. We are extremely pleased with the team we’ve been able to recruit as we embark on our expansion effort in New York City.”

A summary of the financial results for the period ended March 31, 2019 can be found in the following table:

     
    Three Months Ended
($ in millions, except per share data)   03/31/19 03/31/18 % Change
         
Assets   $ 2,805.1 $   2,471.5           13 %
Loans        1,477.1      1,250.9           18 %
Deposits      2,479.0      2,123.5   17 %
Total Revenue   $    24.2 $    22.7    7 %
Income Before Tax        0.5     2.1   (76 %)
Net Income        0.4      1.8    (76 %)
Net Income per Share   $  0.01 $    0.03    (67 %)
               

Financial Highlights for the Period Ended March 31, 2019

  • Total assets increased by $334 million, or 13%, to $2.8 billion as of March 31, 2019 compared to $2.5 billion as of March 31, 2018.
     
  • Demand deposits represent the fastest growing segment of the Company’s deposit base. These deposits grew by $336 million to $1.6 billion over the last 12 months, including growth of 13% in non-interest bearing demand deposit balances.

  • We have twenty-six convenient store locations open today. During the first quarter of 2019 we opened a new store in Lumberton, NJ. Construction is ongoing on a site in Feasterville, PA. There are also multiple sites in various stages of development for future store locations.
     
  • Expansion into New York City is set to begin in 2019. Construction has begun on the first store location at 14th & 5th in Manhattan. We plan to open two or more new stores in Manhattan during 2019.
     
  • Net income declined to $0.4 million, or $0.01 per share, for the three months ended March 31, 2019 compared to $2.2 million, or $0.04 per share for the three months ended December 31, 2018 and $1.8 million, or $0.03 per share, for the three months ended March 31, 2018.
     
  • The net interest margin decreased by 23 basis points to 3.00% for the three months ended March 31, 2019 compared to 3.23% for the three months ended March 31, 2018.
     
  • Asset quality continues to improve. The ratio of non-performing assets to total assets declined to 0.60% as of March 31, 2019 compared to 0.85% as of March 31, 2018.
     
  • The Company’s residential mortgage division, Oak Mortgage, is serving the home financing needs of customers throughout its footprint. The Oak Mortgage team has originated more than $350 million in mortgage loans over the last twelve months.
     
  • Meeting the needs of small business customers continued to be an important part of the Company’s lending strategy.  More than $7 million in new SBA loans were originated during the three month period ended March 31, 2019. Republic Bank continues to be a top SBA lender in our market area based on the dollar volume of loan originations.
     
  • The Company’s Total Risk-Based Capital ratio was 14.40% and Tier I Leverage Ratio was 9.18% at March 31, 2019.
     
  • Book value per common share increased to $4.22 as of March 31, 2019 compared to $3.99 as of March 31, 2018.

Income Statement

The major components of the income statement are as follows (dollars in thousands, except per share data):

     
    Three Months Ended
    03/31/19 03/31/18 % Change
Total Revenue   $   24,166 $   22,651    7 %
Provision for Loan Losses       300     400   (25 %)
Non-interest Expense       23,348     20,102   16 %
Income Before Taxes       518     2,149   (76 %)
Provision for Taxes       92     372   (75 %)
Net Income       426     1,777   (76 %)
Net Income per Share   $   0.01 $    0.03   (67 %)
               

The Company reported net income of $426 thousand, or $0.01 per share, for the three month period ended March 31, 2019, compared to $1.8 million, or $0.03 per share, for the three month period ended March 31, 2018. 

Interest income increased by $4.6 million, or 22%, to $25.5 million for the quarter ended March 31, 2019 compared to $20.9 million for the quarter ended March 31, 2018. The increase in interest income is attributable to the growth in interest-earning assets over the last twelve months driven by the Company’s “Power of Red is Back” expansion strategy. However, interest expense increased by $3.6 million, or 129%, to $6.4 million for the quarter ended March 31, 2019 compared to $2.8 million for the quarter ended March 31, 2018. The increase in interest expense was driven by increases in the fed funds rate during 2018 which resulted in a higher cost of funds on deposit balances and led to compression in the net interest margin. The net interest margin for the three month period ended March 31, 2019 decreased by 23 basis points to 3.00% compared to 3.23% for the three month period ended March 31, 2018.

Non-interest income increased by $0.5 million, or 11%, to $5.0 million for the three month period ended March 31, 2019, compared to $4.5 million for the three month period ended March 31, 2018. The increase is primarily attributable to higher service fees on deposit accounts which is driven by growth in deposit balances and an increase in the number of deposit accounts.

Non-interest expenses increased by 16%, to $23.3 million during the quarter ended March 31, 2019 compared to $20.1 million during the quarter ended March 31, 2018. The growth in expenses were mainly caused by an increase in salaries and employee benefits driven by annual merit increases along with increased staffing levels related to our growth and expansion strategy. Occupancy and equipment expenses associated with the growth strategy also contributed to the increase in non-interest expenses. The Company has started to incur costs related to the expansion into the New York market as we begin to hire a management and lending team and commence rent payments for the build out of our store locations.

The provision for income taxes was $92 thousand for the three month period ended March 31, 2019 compared to a provision for income taxes in the amount of $372 thousand for the three month period ended March 31, 2018.

Balance Sheet

The major components of the balance sheet are as follows (dollars in thousands):

           
 Description  03/31/19  03/31/18 %
Change
12/31/18 %
Change
           
Total assets $ 2,805,060 $ 2,471,464   13 % $ 2,753,279 2 %
Total loans (net)   1,469,186   1,244,262 18 %   1,427,983 3 %
Total deposits   2,478,953   2,123,451 17 %   2,392,867 4 %
                     

Total assets increased by $333.6 million, or 13%, as of March 31, 2019 when compared to March 31, 2018.  Deposits grew by $355.5 million to $2.5 billion as of March 31, 2019 compared to $2.1 billion as of March 31, 2018. The number of deposit accounts has grown by 27% during the past twelve months. The strong growth in assets, loans and deposits has been driven by the addition of new stores and the successful execution of the Company’s aggressive growth strategy referred to as “The Power of Red is Back.”

Deposits

Deposits by type of account are as follows (dollars in thousands):

             
 

Description
 

 03/31/19
 

 03/31/18
 %
Change
 

 12/31/18
 %
Change
1st Qtr
2019
Cost of
Funds
             
Demand noninterest-bearing $ 525,645  $ 464,383   13 % $ 519,056    1 % 0.00 %
Demand interest-bearing   1,101,129   826,726  33 %   1,042,561    6 % 1.43 %
Money market and savings   691,351   703,263   (2 %)   676,993    2 % 0.87 %
Certificates of deposit   160,828   129,079  25 %   154,257    4 % 1.65 %
Total deposits $ 2,478,953 $ 2,123,451  17 % $ 2,392,867    4 % 0.99 %
             
             

Deposits increased to $2.5 billion at March 31, 2019 compared to $2.1 billion at March 31, 2018 as the Company moves forward with its growth strategy to increase the number of stores and expand the reach of its banking model which focuses on high levels of customer service and convenience and drives the gathering of low-cost, core deposits. The Company recognized strong growth in demand deposit balances, including an increase in non-interest bearing demand deposits of 13%, year over year as a result of the successful execution of its strategy.

Lending

Loans by type are as follows (dollars in thousands):

             
 Description 03/31/19 % of
Total
03/31/18 % of
Total
 12/31/18 % of
Total
             
Commercial real estate $ 527,004 36 % $ 467,585 37 % $ 515,738  36 %
Construction and land development   124,124 8 %   118,607 10 %   121,042 8 %
Commercial and industrial   204,637 14 %   189,420 15 %   200,423 14 %
Owner occupied real estate   376,845 26 %   315,418 25 %   367,895 26 %
Consumer and other   92,728 6 %   78,834 6 %   91,136 6 %
Residential mortgage   151,748 10 %   81,048 7 %   140,364 10 %
Gross loans $ 1,477,086 100 % $ 1,250,912 100 % $ 1,436,958 100 %
             
             

Gross loans increased by $226 million, or 18%, to $1.5 billion at March 31, 2019 compared to $1.3 billion at March 31, 2018 as a result of the steady flow in quality loan demand over the last twelve months and continued success with the relationship banking model. The Company experienced strong growth across all loan categories.

Asset Quality

The Company’s asset quality ratios are highlighted below:

   
  Three Months Ended
  03/31/19 12/31/18 03/31/18
       
Non-performing assets / capital and reserves 7 % 7 % 9 %
Non-performing assets / total assets 0.60 % 0.60 % 0.85 %
Quarterly net loan charge-offs / average loans 0.28 % 0.02 % 0.77 %
Allowance for loan losses / gross loans 0.53 % 0.60 % 0.53 %
Allowance for loan losses / non-performing loans 74 % 83 % 47 %
             

The percentage of non-performing assets to total assets decreased to 0.60% at March 31, 2019, compared to 0.85% at March 31, 2018.  The ratio of non-performing assets to capital and reserves decreased to 7% at March 31, 2019 compared to 9% at March 31, 2018 primarily as a result of decreases in non-performing assets over the last 12 months.

Capital

The Company’s capital ratios at March 31, 2019 were as follows:

       
  Actual
03/31/19
Bancorp
Actual
03/31/19
Bank
Regulatory
Guidelines

“Well Capitalized”
       
Leverage Ratio   9.18 %   8.05 % 5.00 %
Common Equity Ratio   13.37 %   12.25 % 6.50 %
Tier 1 Risk Based Capital   13.97 %   12.25 % 8.00 %
Total Risk Based Capital   14.40 %   12.69 % 10.00 %
Tangible Common Equity   8.69 %   7.84 % n/a  
             

Total shareholders’ equity increased to $248 million at March 31, 2019 compared to $234 million at March 31, 2018. Book value per common share increased to $4.22 at March 31, 2019 compared to $3.99 per share at March 31, 2018.

Analyst and Investor Call

An analyst and investor call will be held on the following date and time:

     
Date:    April 25, 2019
Time:    10:00am (EDT)
From the U.S. dial:   (888) 771-4371 [Toll Free] or (847) 585-4405
Participant Pin:    48571782#
     
An operator will assist you in joining the call.
     

About Republic Bank

Republic Bank, a subsidiary of Republic First Bancorp, Inc., is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its twenty-six stores located in the Greater Philadelphia and Southern New Jersey market place.  Republic Bank stores are open 7 days a week, 361 days a year, with extended lobby and drive-thru hours providing customers with the most convenient hours compared to any bank in its market.  The Bank offers free checking, free coin counting, ATM/Debit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint Network. The Bank also offers a wide range of residential mortgage products through its mortgage division which does business under the name of Oak Mortgage Company. For more information about Republic Bank, visit www.myrepublicbank.com.

Forward Looking Statements

The Company may from time to time make written or oral “forward-looking statements”, including statements contained in this release and in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained herein, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.  For example, risks and uncertainties can arise with changes in: general economic conditions, including turmoil in the financial markets and related efforts of government agencies to stabilize the financial system; the adequacy of our allowance for loan losses and our methodology for determining such allowance; adverse changes in our loan portfolio and credit risk-related losses and expenses; concentrations within our loan portfolio, including our exposure to commercial real estate loans, and to our primary service area; changes in interest rates; business conditions in the financial services industry, including competitive pressure among financial services companies, new service and product offerings by competitors, price pressures and similar items; deposit flows; loan demand; the regulatory environment, including evolving banking industry standards, changes in legislation or regulation; impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act; our securities portfolio and the valuation of our securities; accounting principles, policies and guidelines as well as estimates and assumptions used in the preparation of our financial statements; rapidly changing technology; litigation liabilities, including costs, expenses, settlements and judgments; and other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services.  You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2018 and other documents the Company files from time to time with the Securities and Exchange Commission. The words “would be,” “could be,” “should be,” “probability,” “risk,” “target,” “objective,” “may,” “will,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and similar expressions or variations on such expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.

Source:                
Republic First Bancorp, Inc.

Contact:              
Frank A. Cavallaro, CFO
(215) 735-4422


Republic First Bancorp, Inc.              
Consolidated Balance Sheets              
(Unaudited)                  
                       
            March 31,   December 31,   March 31,  
(dollars in thousands, except per share amounts)   2019       2018       2018    
                       
ASSETS                  
  Cash and due from banks   $   31,511     $   35,685     $   21,927    
  Interest-bearing deposits and federal funds sold     54,394         36,788         9,142    
    Total cash and cash equivalents       85,905         72,473         31,069    
                       
  Securities - Available for sale       287,694         321,014         519,692    
  Securities - Held to maturity       742,435         761,563         519,295    
  Restricted stock         2,097         5,754         5,435    
    Total investment securities       1,032,226         1,088,331         1,044,422    
                       
  Loans held for sale         15,742         26,291         25,653    
                       
  Loans receivable         1,477,086         1,436,598         1,250,912    
  Allowance for loan losses       (7,900 )       (8,615 )       (6,650 )  
    Net loans           1,469,186         1,427,983         1,244,262    
                       
  Premises and equipment       94,390         87,661         77,153    
  Other real estate owned         6,088         6,223         6,966    
  Other assets           101,523         44,335         41,939    
                       
  Total Assets       $   2,805,060     $   2,753,297     $   2,471,464    
                       
                       
                       
LIABILITIES                  
  Non-interest bearing deposits   $   525,645     $   519,056     $   464,383    
  Interest bearing deposits         1,953,308         1,873,811         1,659,068    
    Total deposits         2,478,953         2,392,867         2,123,451    
                       
  Short-term borrowings         -          91,422         93,915    
  Subordinated debt         11,260         11,259         11,254    
  Other liabilities         66,462         12,560         8,770    
                       
  Total Liabilities         2,556,675         2,508,108         2,237,390    
                       
SHAREHOLDERS' EQUITY                
  Common stock - $0.01 par value       593         593         592    
  Additional paid-in capital         270,155         269,147         267,313    
  Accumulated deficit         (8,290 )       (8,716 )       (15,566 )  
  Treasury stock at cost         (3,725 )       (3,725 )       (3,725 )  
  Stock held by deferred compensation plan     (183 )       (183 )       (183 )  
  Accumulated other comprehensive loss     (10,165 )       (11,927 )       (14,357 )  
                       
  Total Shareholders' Equity       248,385         245,189         234,074    
                       
                       
  Total Liabilities and Shareholders' Equity $   2,805,060     $   2,753,297     $   2,471,464    
                       

 

Republic First Bancorp, Inc.                
Consolidated Statements of Income                
(Unaudited)                    
                         
            Three Months Ended    
            March 31,   December 31,   March 31,    
(in thousands, except per share amounts)   2019     2018       2018    
                         
INTEREST INCOME                  
  Interest and fees on loans   $   17,800   $   17,555     $   14,269    
  Interest and dividends on investment securities     7,383       7,279         6,458    
  Interest on other interest earning assets     336       459         172    
    Total interest income         25,519       25,293         20,899    
                         
INTEREST EXPENSE                  
  Interest on deposits         6,014       5,103         2,598    
  Interest on borrowed funds       365       210         185    
    Total interest expense       6,379       5,313         2,783    
                         
  Net interest income         19,140       19,980         18,116    
  Provision for loan losses         300       600         400    
                         
  Net interest income after provision for loan losses     18,840       19,380         17,716    
                         
NON-INTEREST INCOME                  
  Service fees on deposit accounts       1,612       1,589         1,175    
  Mortgage banking income       2,220       2,285         2,186    
  Gain on sale of SBA loans       502       451         992    
  Gain (loss) on sale of investment securities     322       (66 )       -     
  Other non-interest income       370       629         182    
    Total non-interest income       5,026       4,888         4,535    
                         
NON-INTEREST EXPENSE                  
  Salaries and employee benefits       12,359       11,351         10,645    
  Occupancy and equipment       4,096       3,410         3,470    
  Legal and professional fees       707       642         759    
  Foreclosed real estate         337       707         311    
  Regulatory assessments and related fees     421       417         467    
  Other operating expenses       5,428       5,530         4,450    
    Total non-interest expense       23,348       22,057         20,102    
                         
Income before benefit for income taxes       518       2,211         2,149    
                         
Provision for income taxes         92       54         372    
                         
Net income       $   426   $   2,157     $   1,777    
                         
                         
Net Income per Common Share                
  Basic       $   0.01   $   0.04     $   0.03    
  Diluted       $   0.01   $   0.04     $   0.03    
                         
Average Common Shares Outstanding                
  Basic           58,805       58,789         57,100    
  Diluted           59,587       59,672         58,370    
                         

 

Republic First Bancorp, Inc.                                    
Average Balances and Net Interest Income                              
(unaudited)                                    
                                     
                                     
                                     
    For the three months ended   For the three months ended   For the three months ended
(dollars in thousands)   March 31, 2019   December 31, 2018   March 31, 2018
                                     
        Interest           Interest           Interest    
    Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/
    Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate
Interest-earning assets:                                    
                                     
Federal funds sold and other                                    
interest-earning assets   $   55,369   $   336   2.46 %   $   80,416   $   459   2.26 %   $   40,425   $   172   1.73 %
Securities       1,085,910       7,420   2.73 %       1,068,065       7,315   2.74 %       1,015,605       6,487   2.55 %
Loans receivable       1,468,640       17,911   4.95 %       1,427,260       17,660   4.91 %       1,235,124       14,365   4.72 %
Total interest-earning assets       2,609,919       25,667   3.99 %       2,575,741       25,434   3.92 %       2,291,154       21,024   3.72 %
                                     
Other assets       190,855               134,411               127,001        
                                     
Total assets   $  2,800,774           $  2,710,152           $  2,418,155        
                                     
Interest-bearing liabilities:                                    
                                     
Demand non interest-bearing   $   512,172           $   528,568           $   431,234        
Demand interest-bearing       1,113,758       3,938   1.43 %       1,073,140       3,192   1.18 %       893,530       1,257   0.57 %
Money market & savings       675,506       1,452   0.87 %       702,322       1,444   0.82 %       687,818       972   0.57 %
Time deposits       153,832       624   1.65 %       133,675       467   1.39 %       129,897       369   1.15 %
Total deposits       2,455,268       6,014   0.99 %       2,437,705       5,103   0.83 %       2,142,479       2,598   0.49 %
                                     
Total interest-bearing deposits       1,943,096       6,014   1.26 %       1,909,137       5,103   1.06 %       1,711,245       2,598   0.62 %
                                     
Other borrowings       46,969       365   3.15 %       24,354       210   3.42 %       40,552       185   1.85 %
            .                        
                                     
Total interest-bearing liabilities       1,990,065       6,379   1.30 %       1,933,491       5,313   1.09 %       1,751,797       2,783   0.64 %
Total deposits and                                     
other borrowings       2,502,237       6,379   1.03 %       2,462,059       5,313   0.86 %       2,183,031       2,783   0.52 %
                                     
                                     
Non interest-bearing liabilities       52,037               9,690               9,540        
Shareholders' equity       246,500               238,403               225,584        
Total liabilities and                                    
shareholders' equity   $  2,800,774           $  2,710,152           $  2,418,155        
                                     
Net interest income       $  19,288           $  20,121           $  18,241    
Net interest spread           2.69 %           2.83 %           3.08 %
                                     
Net interest margin           3.00 %           3.10 %           3.23 %
                                     
                                     
                                     
Note: The above tables are presented on a tax equivalent basis.                          

 

Republic First Bancorp, Inc.            
Summary of Allowance for Loan Losses and Other Related Data      
(unaudited)            
             
             
      Three months ended      
  March 31,   December 31,   March 31,  
(dollars in thousands)   2019       2018       2018    
             
             
Balance at beginning of period $   8,615     $   8,084     $   8,599    
             
Provision charged to operating expense     300         600         400    
      8,915         8,684         8,999    
             
Recoveries on loans charged-off:            
Commercial     1         5         -     
Consumer     1         -          -     
Total recoveries     2         5         -     
             
Loans charged-off:            
Commercial     (929 )       (68 )       (2,151 )  
Consumer     (88 )       (6 )       (198 )  
             
Total charged-off     (1,017 )       (74 )       (2,349 )  
             
Net charge-offs     (1,015 )       (69 )       (2,349 )  
             
Balance at end of period $   7,900     $   8,615     $   6,650    
             
             
Net charge-offs as a percentage            
of average loans outstanding   0.28 %     0.02 %     0.77 %  
             
Allowance for loan losses as a percentage            
of period-end loans   0.53 %     0.60 %     0.53 %  

 

Republic First Bancorp, Inc.                   
Summary of Non-Performing Loans and Assets                
(unaudited)                  
                   
  March 31,   December 31,   September 30,   June 30,   March 31,
(dollars in thousands)   2019       2018       2018       2018       2018  
                   
Non-accrual loans:                  
Commercial real estate $   8,096     $   9,463     $   12,661     $   13,297     $   13,322  
Consumer and other     836         878         818         809         810  
Total non-accrual loans     8,932         10,341         13,479         14,106         14,132  
                   
Loans past due 90 days or more                  
  and still accruing     1,744         -          -          -          -   
                   
Total non-performing loans     10,676         10,341         13,479         14,106         14,132  
                   
Other real estate owned     6,088         6,223         6,768         6,559         6,966  
                   
Total non-performing assets $   16,764     $   16,564     $   20,247     $   20,665     $   21,098  
                   
                   
Non-performing loans to total loans   0.72 %     0.72 %     0.98 %     1.07 %     1.13 %
                   
Non-performing assets to total assets   0.60 %     0.60 %     0.76 %     0.81 %     0.85 %
                   
Non-performing loan coverage   74.00 %     83.31 %     59.97 %     53.64 %     47.06 %
                   
Allowance for loan losses as a percentage                  
of total period-end loans   0.53 %     0.60 %     0.59 %     0.57 %     0.53 %
                   
Non-performing assets / capital plus                  
allowance for loan losses   6.54 %     6.53 %     8.30 %     8.51 %     8.76 %