2015 Highlights:
First Community Financial Partners, Inc. (NASDAQ:FCFP) (“First
Community” or the “Company”), the parent company of First Community
Financial Bank (the “Bank”), today reported financial results as of
and for the year ended December 31, 2015.
Net income applicable to common shareholders for the quarter
ended December 31, 2015 was $2.9 million, or $0.17 per diluted
share, compared with $1.8 million, or $0.11 per diluted share, for
the quarter ended December 31, 2014. Earnings in the fourth
quarter of 2015 reflected year-over-year growth in net interest
income and a negative loan loss provision of $515,000, compared
with a loan loss provision of $333,000 in the fourth quarter of
2014. The negative loan loss provision was primarily the
result of continued improvement in asset quality.
Net income applicable to common shareholders for the year ended
December 31, 2015 was $9.8 million, or $0.57 per diluted
share, compared with $5.4 million, or $0.32 per diluted share, for
the year ended December 31, 2014. Earnings for the year
ended December 31, 2015 reflected year-over-year growth in net
interest income and a negative loan loss provision of $2.1 million
compared with a $3.0 million loan loss provision for the year ended
December 31, 2014. Income for the year was offset by the
related income taxes of $5.0 million for the year December 31,
2015, up from $2.7 million for the year ended December 31,
2014.
Roy Thygesen, CEO said, “Our core businesses appear to be firing
on all cylinders, and the Company is positioned for continued
growth in 2016 and beyond. The key theme at First Community
continues to be high quality commercial customer expansion, with a
focus on promoting business lines which we believe add to our
franchise and shareholder value. Loan and profitability
growth was substantial in 2015, yet we are most proud of the 24%
growth in noninterest bearing deposits achieved by our Bank
year-over-year.”
“Consistent with prior periods, the Bank remains focused on
growing core deposits, including noninterest bearing deposits
predominately procured through small business customer
relationships. We build lasting relationships with businesses
in the Greater Chicagoland market, and this begins and ends with
high-touch service. The Bank provides a full-suite of
treasury management services to its business customers, and is
utilizing sophisticated technology along with old-fashioned service
to regularly win new customers.”
“We recently expanded into equipment leasing, led by an
experienced team which joined the Bank recently. Management
and the Board will continue to be opportunistic, yet prudent, as we
continue executing our efficient and growth-oriented business
model.”
Fourth Quarter 2015 Highlights
- Return on average assets (“ROAA”) improved to 1.11% in the
fourth quarter of 2015 from 0.78% in the fourth quarter of 2014,
while return on average equity (“ROAE”) rose sharply to 11.48% in
the fourth quarter of 2015 compared with 7.57% in the fourth
quarter of 2014.
- Tangible book value per share rose to $6.05 at
December 31, 2015, from $5.88 at September 30, 2015, and $5.52
at December 31, 2014.
- Pre-tax pre-provision core income, a non-GAAP measure, rose
$1.2 million, or 48.26%, to $3.8 million in the fourth quarter of
2015 compared with $2.6 million in the fourth quarter of 2014.
- Net interest income before provision for loan losses increased
to $8.2 million in the fourth quarter of 2015, up 7.64% compared
with $7.6 million in the fourth quarter of 2014, reflecting higher
interest income and lower year-over-year interest expense.
- Noninterest expense decreased 6.87% or $372,000, from $5.0
million in the fourth quarter of 2015 compared to $5.4 million in
the fourth quarter of 2014.
- Total assets increased 1.68% or $17.2 million to $1.0 billion
at December 31, 2015 from September 30, 2015.
- Total loans increased 3.79%, or $29.3 million, to $772.3
million at December 31, 2015 from September 30, 2015.
- Loan growth in the fourth quarter was over all loan categories
led by commercial real estate, commercial, and residential 1-4
family real estate.
- Total deposits increased 2.28%, or $19.3 million, to $866.0
million at December 31, 2015 from September 30, 2015.
- Noninterest bearing demand deposits grew 12.13%, or $21.2
million, during the fourth quarter of 2015.
Full Year 2015 Highlights
- ROAA improved to 0.99% for the year ended December 31,
2015, from 0.60% for the year ended December 31, 2014, while
ROAE rose sharply to 10.08% for the year ended December 31,
2015 compared with 5.68% for the year ended December 31,
2014.
- Pre-tax pre-provision core income, a non-GAAP measure, rose
11.5%, or $1.3 million, to $12.6 million for the year ended
December 31, 2015 compared with $10.9 million for the same
period in 2014.
- Net interest income before provision for loan losses increased
6.53% or $1.9 million to $30.8 million for the year ended
December 31, 2015 compared with $28.9 million for the year
ended December 31, 2014. This was the result of higher
interest income from current year loan growth, and lower
year-over-year interest expense. Interest expense was lower
in 2015 due to a decrease in debt related expenses, in addition to
improved deposit funding including noninterest bearing deposit
growth.
- Noninterest expense was stable with a decrease of $31,000, or
0.15%, from the year ended December 31, 2014 to the year ended
December 31, 2015.
- Total assets increased $116.6 million, or 12.62%, and reached a
Company-record $1.0 billion at December 31, 2015 from $924.1
million at December 31, 2014.
- Total loans increased 12.06%, or $83.1 million, to $772.3
million at December 31, 2015 from $689.1 million at
December 31, 2014, with year-over-year growth in almost all
loan categories led by commercial, commercial real estate, and
residential 1-4 family.
- Total deposits increased 12.55%, or $96.6 million, to $866.0
million at December 31, 2015 from $769.4 million at
December 31, 2014. Core demand deposits comprised 65.6% of
total deposits at the end of 2015 compared with 59.59% of total
deposits at the end of 2014. Noninterest bearing deposit accounts,
an important source of lower-cost funding to support loan activity,
increased $37.7 million, or 23.83%, to $196.1 million at the end of
2015 from $158.3 million at the end of 2014.
- Asset quality measures improved dramatically, including a
decline in the ratio of nonperforming assets to total assets to
0.67% at December 31, 2015 from 1.03% a year earlier.
Nonperforming assets decreased $2.5 million, or 26.89%, from $9.5
million to $7.0 million at December 31, 2015.
Results of Operations
Net interest income was $8.2 million for the fourth quarter of
2015, compared to $7.6 million for the fourth quarter of 2014, an
increase of $580,000 or 7.64%. The Company’s net interest
margin was 3.29% in the fourth quarter of 2015, compared to 3.46%
in the fourth quarter of 2014, while the net interest spread was
3.10% compared to 3.23% in the prior year’s fourth quarter.
Interest income on loans was $8.4 million for the quarter ended
December 31, 2015, compared to $8.3 million for the quarter
ended December 31, 2014, reflecting contributions from $83.1
million in loan growth, partially offset by newer loans booked at
lower average yields due to the ongoing low interest rate
environment and competitive market conditions. There were
approximately $204.0 million in new loans and renewals during 2015,
at a weighted average yield of 4.14%.
Interest income on securities was $1.1 million for the quarter
ended December 31, 2015, compared to $844,000 for the quarter
ended December 31, 2014. The increase in interest income on
securities was the result of growth in the portfolio, along with
improvement in the overall yield of the government sponsored
enterprises and state and political subdivision portfolios.
Interest expense on deposits was $986,000 in the fourth quarter
of 2015, compared to $1.0 million in the fourth quarter of 2014,
which primarily reflected a decline in time deposits that were
replaced by growth in noninterest bearing deposits, along with an
increase in lower cost NOW, money market and savings accounts. In
addition, after the refinancing of outstanding subordinated debt
with a lower interest senior credit facility the reduced borrowing
costs at the parent company helped to lower interest expense,
subordinated debt interest expense was 47.24% or $266,000 lower in
the fourth quarter of 2015 versus 2014.
Noninterest income was $759,000 in the fourth quarter of 2015, a
decrease of $102,000, or 11.85% from the same quarter in
2014. The decrease was partially due to lower gains on sales
of securities offset by small increases in service charges on
deposit accounts and slightly higher mortgage fee income of
$96,000, compared to $66,000 in the fourth quarter of 2014, which
was offset by lower gains on sales of securities. Noninterest
income in the fourth quarter of 2014 was $861,000, which included
$466,000 in gains on the sale of securities, compared to $212,000
in gains on sales of securities in 2015.
Noninterest expense was $5.0 million for the quarter ended
December 31, 2015 compared to $5.4 million for the quarter
ended December 31, 2014. Salaries and benefits were slightly
higher and occupancy expenses were stable for the quarter.
The fourth quarter of 2015 included a net loss on foreclosed assets
of $109,000 compared to a gain of $13,000 in the same period in
2014. Losses were related to changes in property values, as
appraisals are updated annually or based on offers on properties
held by the Bank.
Financial Condition
Total assets were $1.0 billion at December 31, 2015, an
increase of 12.62% or $116.6 million, from $924.1 million at
December 31, 2014. Total assets increased 1.68% or $17.2
million during the fourth quarter of 2015.
Total loans were $772.3 million at December 31, 2015, a
12.06%, or $83.1 million, increase from $689.2 million at
December 31, 2014, and a 3.94% or $29.3 million, increase
during the fourth quarter of 2015, reflecting balanced growth in
all lending categories.
Investment securities grew to $207.0 million at
December 31, 2015, compared with $217.2 million at September
30, 2015 and $170.1 million at December 31, 2014. Strong
gains in low-cost deposits facilitated this growth.
Total deposits increased $96.6 million from December 31, 2014,
or 12.6%, to $866.0 million at December 31, 2015, compared
with $846.7 million at September 30, 2015. The growth in
deposits has been focused on growth in lower cost transactional
accounts. Noninterest bearing demand deposits increased
23.8%, or $37.0 million, year-over-year, 12.13%, or $21.2 million,
took place in the fourth quarter of 2015. Our focus on relationship
banking and growth in transactional accounts has resulted in a
decline in time deposits of $13.4 million or 4.30%, to $297.5
million at December 31, 2015 from $310.9 million at December
31, 2014. $5.4 million, or 1.77%, of run off occurred during the
fourth quarter of 2015.
Asset Quality
Total nonperforming assets declined by 26.9%, or $2.5 million,
to $7.0 million at December 31, 2015 from $9.5 million at
December 31, 2014, and declined by $261,000, or 3.61%, from
$7.2 million at September 30, 2015. The improvement reflected a
decline in total nonperforming loans to $1.5 million from $9.1
million a year earlier, and from $3.2 million at September 30,
2015. Foreclosed assets were $5.5 million at
December 31, 2015, which were up from $2.5 million at
December 31, 2014 and $4.1 million at September 30, 2015. Two
properties totaling $1.8 million and one property totaling $1.5
million were transferred from nonperforming loans to foreclosed
assets during the second and fourth quarters, respectively.
The Company had net recoveries of $503,000 in the fourth quarter
of 2015, compared to net charge-offs of $299,000 in the fourth
quarter of 2014. Net charge-offs for the year ended
December 31, 2015 were $87,000 as compared to $4.9 million for
the same period in 2014.
The Company’s allowance for loan losses to nonperforming loans
remained strong at 794.38% at December 31, 2015, compared to
198.73% at December 31, 2014 and 370.52% at September 30, 2015.
Because of the continued improvements in asset quality during
2015, the Company had a negative provision for loan losses of
$515,000 in the fourth quarter of 2015 and $2.1 million for the
year to date December 31, 2015 compared to a provision for loan
losses of $333,000 in the fourth quarter of 2014 and $3.0 million
for the year to date December 31, 2014.
About First Community Financial Partners, Inc.:
First Community Financial Partners, Inc., headquartered in Joliet,
Illinois, is a bank holding company whose common stock trades on
the NASDAQ Capital Market (NASDAQ:FCFP). First Community Financial
Partners has one bank subsidiary, First Community Financial Bank.
First Community Financial Bank, based in Plainfield, Illinois, is a
wholly owned banking subsidiary of First Community Financial
Partners, with locations in Joliet, Plainfield, Homer Glen,
Channahon, Naperville and Burr Ridge, Illinois. The Bank is
dedicated to its founding principles by being actively involved in
the communities it serves and providing exceptional personal
service delivered by experienced local professionals.
Special Note Concerning Forward-Looking Statements
---------------------------------------------------------------------
Any statements in this release other than statements of
historical facts, including statements about management’s beliefs
and expectations, are forward-looking statements and should be
evaluated as such. These statements are made on the basis of
management’s views and assumptions regarding future events and
business performance. Words such as “estimate,” “believe,”
“anticipate,” “expect,” “intend,” “plan,” “target,” “project,”
“should,” “may,” “will” and similar expressions are intended to
identify forward-looking statements. Forward-looking statements
(including oral representations) involve risks and uncertainties
that may cause actual results to differ materially from any future
results, performance or achievements expressed or implied by such
statements. These risks and uncertainties involve a number of
factors related to the businesses of First Community and its wholly
owned bank subsidiary, including: risks associated with First
Community’s possible pursuit of acquisitions; economic conditions
in First Community’s, and its wholly owned bank subsidiary’s;
service areas; system failures; losses of large customers;
disruptions in relationships with third party vendors; losses of
key management personnel and the inability to attract and retain
highly qualified management personnel in the future; the impact of
legislation and regulatory changes on the banking industry,
including the implementation of the Basel III capital reforms;
losses related to cyber-attacks; and liability and compliance costs
regarding banking regulations. These and other risks and
uncertainties are discussed in more detail in First Community’s
filings with the Securities and Exchange Commission, including
First Community’s Annual Report on Form 10-K filed on March 13,
2015.
Many of these risks are beyond management’s ability to control
or predict. All forward-looking statements attributable to First
Community, and its wholly owned bank subsidiary, or persons acting
on behalf of each of them are expressly qualified in their entirety
by the cautionary statements and risk factors contained in this
communication. Because of these risks, uncertainties and
assumptions, you should not place undue reliance on these
forward-looking statements. Furthermore, forward-looking statements
speak only as of the date they are made. Except as required under
the federal securities laws or the rules and regulations of the
Securities and Exchange Commission, First Community does not
undertake any obligation to update or review any forward-looking
information, whether as a result of new information, future events
or otherwise.
|
|
|
|
FINANCIAL SUMMARY |
|
|
|
|
Three months ended December 31, |
Year ended December 31, |
|
2015 |
2014 |
2015 |
2014 |
Interest income: |
(In thousands, except per share data)(Unaudited) |
Loans, including fees |
$ |
8,401 |
|
$ |
8,328 |
|
$ |
32,525 |
|
$ |
32,066 |
|
Securities |
1,117 |
|
844 |
|
4,134 |
|
3,104 |
|
Federal funds sold and other |
19 |
|
19 |
|
66 |
|
78 |
|
Total interest income |
9,537 |
|
9,191 |
|
36,725 |
|
35,248 |
|
Interest expense: |
|
|
|
|
Deposits |
986 |
|
1,041 |
|
3,923 |
|
4,439 |
|
Federal funds purchased and other
borrowed funds |
87 |
|
— |
|
215 |
|
68 |
|
Subordinated debt |
297 |
|
563 |
|
1,800 |
|
1,841 |
|
Total interest expense |
1,370 |
|
1,604 |
|
5,938 |
|
6,348 |
|
Net interest income |
8,167 |
|
7,587 |
|
30,787 |
|
28,900 |
|
Provision for loan losses |
(515 |
) |
333 |
|
(2,077 |
) |
3,000 |
|
Net interest income after provision
for loan losses |
8,682 |
|
7,254 |
|
32,864 |
|
25,900 |
|
Noninterest
income: |
|
|
|
|
Service charges on deposit
accounts |
190 |
|
184 |
|
756 |
|
677 |
|
Gain on sale of loans |
— |
|
6 |
|
— |
|
39 |
|
Gain on foreclosed assets, net |
— |
|
— |
|
— |
|
19 |
|
Gain on sale of securities |
212 |
|
466 |
|
484 |
|
912 |
|
Mortgage fee income |
96 |
|
66 |
|
531 |
|
402 |
|
Other |
261 |
|
139 |
|
726 |
|
1,244 |
|
Total noninterest income |
759 |
|
861 |
|
2,497 |
|
3,293 |
|
Noninterest
expenses: |
|
|
|
|
Salaries and employee benefits |
3,004 |
|
2,739 |
|
11,538 |
|
11,191 |
|
Occupancy and equipment
expense |
494 |
|
542 |
|
1,977 |
|
2,111 |
|
Data processing |
203 |
|
243 |
|
912 |
|
959 |
|
Professional fees |
68 |
|
228 |
|
1,201 |
|
1,283 |
|
Advertising and business
development |
219 |
|
282 |
|
853 |
|
845 |
|
Losses (gains) on sale and
writedowns of foreclosed assets, net |
109 |
|
(13 |
) |
187 |
|
434 |
|
Foreclosed assets, net of rental
income |
50 |
|
30 |
|
130 |
|
219 |
|
Other expense |
898 |
|
1,366 |
|
3,744 |
|
3,531 |
|
Total noninterest expense |
5,045 |
|
5,417 |
|
20,542 |
|
20,573 |
|
Income before income taxes |
4,396 |
|
2,698 |
|
14,819 |
|
8,620 |
|
Income taxes |
1,474 |
|
800 |
|
5,000 |
|
2,737 |
|
Net income |
2,922 |
|
1,898 |
|
9,819 |
|
5,883 |
|
Dividends and accretion
on preferred shares |
— |
|
(93 |
) |
— |
|
(526 |
) |
Gain on redemption of
preferred shares |
— |
|
5 |
|
— |
|
5 |
|
Net income applicable to common
shareholders |
$ |
2,922 |
|
$ |
1,810 |
|
$ |
9,819 |
|
$ |
5,362 |
|
|
|
|
|
|
Basic earnings per
share |
$ |
0.17 |
|
$ |
0.11 |
|
$ |
0.58 |
|
$ |
0.32 |
|
|
|
|
|
|
Diluted earnings per
share |
$ |
0.17 |
|
$ |
0.11 |
|
$ |
0.57 |
|
$ |
0.32 |
|
|
|
|
FINANCIAL SUMMARY |
|
|
|
|
|
|
|
December 31, 2015 |
|
December 31, 2014 |
Period-End
Balance Sheet |
|
|
|
(Dollars in
thousands)(Unaudited) |
|
|
|
Assets |
|
|
|
Mortgage loans held for
sale |
$ |
400 |
|
|
$ |
738 |
|
Construction and land
development |
22,082 |
|
|
18,700 |
|
Farmland and
agricultural production |
9,989 |
|
|
9,350 |
|
Residential 1-4
family |
135,864 |
|
|
100,773 |
|
Multifamily |
34,272 |
|
|
24,426 |
|
Commercial real
estate |
381,098 |
|
|
353,973 |
|
Commercial |
179,623 |
|
|
171,452 |
|
Consumer and other |
9,391 |
|
|
10,519 |
|
Total loans |
772,319 |
|
|
689,193 |
|
Allowance for credit
losses |
11,741 |
|
|
13,905 |
|
Net loans |
760,578 |
|
|
675,288 |
|
Investment
securities |
206,971 |
|
|
170,054 |
|
Other earning
assets |
23,967 |
|
|
23,990 |
|
Other non-earning
assets |
48,736 |
|
|
54,005 |
|
Total Assets |
$ |
1,040,652 |
|
|
$ |
924,075 |
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
Noninterest bearing
deposits |
$ |
196,063 |
|
|
$ |
158,329 |
|
Savings deposits |
36,206 |
|
|
30,211 |
|
NOW accounts |
102,882 |
|
|
73,755 |
|
Money market
accounts |
233,315 |
|
|
196,222 |
|
Time deposits |
297,525 |
|
|
310,893 |
|
Total deposits |
865,991 |
|
|
769,410 |
|
Total borrowings |
68,315 |
|
|
58,662 |
|
Other liabilities |
3,305 |
|
|
3,950 |
|
Total
Liabilities |
937,611 |
|
|
832,022 |
|
Shareholders’ equity -
common |
103,041 |
|
|
92,053 |
|
Total Shareholders’
Equity |
103,041 |
|
|
92,053 |
|
Total Liabilities and
Shareholders’ Equity |
$ |
1,040,652 |
|
|
$ |
924,075 |
|
|
|
|
COMMON STOCK DATA |
|
|
|
|
|
|
|
2015 |
2014 |
|
Fourth Quarter |
|
Fourth Quarter |
|
|
|
|
Market value (1): |
|
|
|
End of period |
$ |
7.24 |
|
|
$ |
5.20 |
|
High |
7.31 |
|
|
5.43 |
|
Low |
6.26 |
|
|
4.60 |
|
Book value (end of
period) |
6.05 |
|
|
5.52 |
|
Tangible book value
(end of period) |
6.05 |
|
|
5.52 |
|
Shares outstanding (end
of period) |
17,026,941 |
|
|
16,668,002 |
|
Average shares
outstanding |
16,939,010 |
|
|
16,563,405 |
|
Average diluted shares
outstanding |
17,085,752 |
|
|
16,800,247 |
|
(1) The prices
shown are as reported on the NASDAQ Capital Market. |
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015 |
|
Cost |
|
Unrealized Gains |
|
Unrealized Loss |
|
Fair Value |
|
Yield (%) |
|
Duration (Years) |
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Securities |
|
|
|
|
|
|
|
|
|
|
|
Government sponsored
enterprises |
$ |
16,284 |
|
|
$ |
125 |
|
|
$ |
— |
|
|
$ |
16,409 |
|
|
1.82 |
% |
|
3.48 |
|
Residential
collateralized mortgage obligations |
62,701 |
|
|
138 |
|
|
475 |
|
|
62,364 |
|
|
2.13 |
% |
|
3.37 |
|
Residential mortgage
backed securities |
28,494 |
|
|
65 |
|
|
268 |
|
|
28,291 |
|
|
1.54 |
% |
|
2.88 |
|
State and political
subdivisions |
96,480 |
|
|
2,178 |
|
|
118 |
|
|
98,540 |
|
|
2.58 |
% |
|
4.82 |
|
Total debt securities |
203,959 |
|
|
2,506 |
|
|
861 |
|
|
205,604 |
|
|
2.23 |
% |
|
4.42 |
|
Federal Home Loan Bank
stock |
1,367 |
|
|
— |
|
|
— |
|
|
1,367 |
|
|
— |
% |
|
— |
|
Total Investment
Securities |
$ |
205,326 |
|
|
$ |
2,506 |
|
|
$ |
861 |
|
|
$ |
206,971 |
|
|
2.23 |
% |
|
4.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014 |
|
Cost |
|
Unrealized Gains |
|
Unrealized Loss |
|
Fair Value |
|
Yield (%) |
|
Duration (Years) |
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Securities |
|
|
|
|
|
|
|
|
|
|
|
Government sponsored
enterprises |
$ |
30,904 |
|
|
$ |
83 |
|
|
$ |
36 |
|
|
$ |
30,951 |
|
|
1.69 |
% |
|
2.80 |
|
Residential
collateralized mortgage obligations |
44,095 |
|
|
241 |
|
|
62 |
|
|
44,274 |
|
|
2.35 |
% |
|
2.71 |
|
Residential mortgage
backed securities |
27,208 |
|
|
137 |
|
|
128 |
|
|
27,217 |
|
|
2.26 |
% |
|
4.10 |
|
State and political
subdivisions |
65,240 |
|
|
1,096 |
|
|
91 |
|
|
66,245 |
|
|
2.48 |
% |
|
4.16 |
|
Total debt securities |
167,447 |
|
|
1,557 |
|
|
317 |
|
|
168,687 |
|
|
2.27 |
% |
|
3.85 |
|
Federal Home Loan Bank
stock |
1,367 |
|
|
— |
|
|
— |
|
|
1,367 |
|
|
— |
% |
|
— |
|
Total Investment
Securities |
$ |
168,814 |
|
|
$ |
1,557 |
|
|
$ |
317 |
|
|
$ |
170,054 |
|
|
2.27 |
% |
|
3.85 |
|
|
|
|
|
ASSET QUALITY
DATA |
|
|
|
|
|
|
|
December 31, 2015 |
|
December 31, 2014 |
(Dollars in
thousands)(Unaudited) |
|
|
|
Loans identified as
nonperforming |
$ |
1,411 |
|
|
$ |
6,947 |
|
Other nonperforming
loans |
67 |
|
|
50 |
|
Total nonperforming loans |
1,478 |
|
|
6,997 |
|
Foreclosed assets |
5,487 |
|
|
2,530 |
|
Total nonperforming assets |
$ |
6,965 |
|
|
$ |
9,527 |
|
|
|
|
|
Allowance for loan
losses |
11,741 |
|
|
13,905 |
|
Nonperforming assets to
total assets |
0.67 |
% |
|
1.03 |
% |
Nonperforming loans to
total assets |
0.14 |
% |
|
0.76 |
% |
Allowance for loan
losses to nonperforming loans |
794.38 |
% |
|
198.73 |
% |
|
|
|
Allowance
for loan losses rollforward: |
|
|
|
Three months ended December 31, |
|
Years ended December 31, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Beginning balance |
$ |
11,753 |
|
|
$ |
13,871 |
|
|
$ |
13,905 |
|
|
$ |
15,820 |
|
Charge-offs |
133 |
|
|
875 |
|
|
1,859 |
|
|
6,633 |
|
Recoveries |
636 |
|
|
576 |
|
|
1,772 |
|
|
1,718 |
|
Net charge-offs |
(503 |
) |
|
299 |
|
|
87 |
|
|
4,915 |
|
Provision for loan
losses |
(515 |
) |
|
333 |
|
|
(2,077 |
) |
|
3,000 |
|
Ending Balance |
$ |
11,741 |
|
|
$ |
13,905 |
|
|
$ |
11,741 |
|
|
$ |
13,905 |
|
|
|
|
|
|
|
|
|
Net charge-offs |
(503 |
) |
|
299 |
|
|
87 |
|
|
4,915 |
|
Net chargeoff
percentage (annualized) |
(0.26 |
)% |
|
0.17 |
% |
|
0.01 |
% |
|
0.73 |
% |
|
|
|
|
|
OTHER
DATA (1) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
For the three months ended December 31, |
For the year ended December 31, |
|
2015 |
2014 |
2015 |
2014 |
Return on average
assets |
1.11 |
% |
0.78 |
% |
0.99 |
% |
0.60 |
% |
Return on average
equity |
11.48 |
% |
7.57 |
% |
10.08 |
% |
5.68 |
% |
Net yield on earning
assets |
3.29 |
% |
3.46 |
% |
3.41 |
% |
3.39 |
% |
Average loans to
assets |
72.12 |
% |
75.80 |
% |
87.68 |
% |
75.04 |
% |
Average loans to
deposits |
85.95 |
% |
91.74 |
% |
87.62 |
% |
90.13 |
% |
Average noninterest
bearing deposits to total deposits |
23.45 |
% |
20.00 |
% |
20.45 |
% |
16.96 |
% |
Average equity to
assets |
9.79 |
% |
10.35 |
% |
9.36 |
% |
10.21 |
% |
|
|
|
|
|
COMPANY CAPITAL
RATIOS |
|
|
|
|
(Dollars in
thousands)(Unaudited) |
December 31, 2015 |
December 31, 2014 |
|
|
Tier 1 leverage
ratio |
9.36 |
% |
8.55 |
% |
|
|
Common equity tier 1
capital ratio |
11.62 |
% |
|
n/a |
|
|
|
Tier 1 capital
ratio |
11.62 |
% |
10.27 |
% |
|
|
Total capital
ratio |
14.69 |
% |
15.28 |
% |
|
|
Tangible common
equity |
$ |
89,748 |
|
$ |
92,053 |
|
|
|
|
|
|
|
|
(1)
The December 31, 2015 capital ratios are calculated under the
Basel III capital rules that became effective on January 1, 2015.
Prior period capital ratios were calculated under the prompt
corrective action capital rules that were in effect for those
periods. |
|
|
|
|
|
|
|
OTHER NON-GAAP MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision core income (1) |
|
|
|
|
|
|
(Dollars in
thousands)(Unaudited) |
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the years ended December 31, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
Pre-tax net income |
$ |
4,396 |
|
|
$ |
2,698 |
|
|
$ |
14,819 |
|
|
$ |
8,620 |
|
Provision for loan
losses |
(515 |
) |
|
333 |
|
|
(2,077 |
) |
|
3,000 |
|
Gain on sale of
securities |
(212 |
) |
|
(466 |
) |
|
(484 |
) |
|
(912 |
) |
Gain on sale of
foreclosed assets |
— |
|
|
— |
|
|
— |
|
|
(19 |
) |
Bank owned life
insurance gain |
— |
|
|
— |
|
|
— |
|
|
(483 |
) |
Losses on sale and
writedowns of foreclosed assets, net |
109 |
|
|
(13 |
) |
|
187 |
|
|
434 |
|
Foreclosed assets, net
of rental income |
50 |
|
|
30 |
|
|
130 |
|
|
219 |
|
Adjusted pre-tax
pre-provision core income |
$ |
3,828 |
|
|
$ |
2,582 |
|
|
$ |
12,575 |
|
|
$ |
10,859 |
|
(1) This is a
non-GAAP financial measure. The Company’s management believes
the presentation of pre-tax pre-provision core net operating income
provides investors with a greater understanding of the Company’s
operating results, in addition to the results measured in
accordance with GAAP. |
|
Contact: Glen L. Stiteley, Chief Financial Officer - (815) 725-1885
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