FREDERICK, Md.–(BUSINESS WIRE)–Frederick County Bancorp, Inc. (the “Company”) (OTCPink Marketplace: FCBI), the parent company for Frederick County Bank (“FCB”), announced today that, for the quarter ended September 30, 2019, the Company recorded net income of $511 thousand and diluted earnings per share of $0.32, as compared to net income of $536 thousand and diluted earnings per share of $0.34 recorded for the third quarter of 2018. The Company earned $1.5 million and diluted earnings per share of $0.97 for the nine months ended September 30, 2019, as compared to $2.2 million in earnings and diluted earnings per share of $1.43 for the same period in 2018.
The decrease in quarterly earnings was due primarily to total interest expense increasing by $390 thousand from $718 thousand in 2018 to $1.1 million in the third quarter of 2019, along with $354 thousand in nondeductible merger-related expenses incurred during the third quarter of 2019. These additional expenses were off set by an increase in noninterest income of $341 thousand in the third quarter compared to the same period in 2018. This increase was due to a $187 thousand increase in gains on the sale of loans held for sale and an $88 thousand increase in the change in the fair value of equity securities. Adjusted net income was $865 thousand for the third quarter of 2019. This excludes $354 thousand of merger-related expenses incurred related to the proposed merger with ACNB Corporation.
The decrease in year-to-date earnings was due primarily to a negative provision for loan losses of $512 thousand which was recognized in 2018 compared to no provision in 2019. In addition, total interest expense increased from $2.0 million in 2018 to $3.1 million in the first nine months of 2019. This exceeded the $763 thousand increase in interest income recognized in the first nine months of 2019, which was $13.4 million compared to $12.6 million in 2018. Noninterest income increased $367 to $1.5 million as of September 30, 2019 compared to $1.1 million as of September 30, 2018. Adjusted net income was $1.9 million for the nine months ended September 30, 2019. This excludes $354 thousand of merger-related expenses incurred related to the proposed merger with ACNB Corporation.
The ratio of the allowance for loan losses to total loans stood at 0.98% and 1.01% as of September 30, 2019 and 2018, respectively, and at 1.01% as of December 31, 2018. Total nonperforming assets stood at $3.4 million and $3.7 million at September 30, 2019 and 2018, respectively, and at $2.1 million at December 31, 2018. The increase in the nonperforming assets as of September 30, 2019 from year end 2018 primarily relates to one commercial loan relationship. The corresponding nonperforming assets to total assets ratios were 0.75% and 0.87% as of September 30, 2019 and 2018, respectively, and 0.50% at December 31, 2018.
The Company also reported that, as of September 30, 2019, assets stood at $452.7 million, with total deposits of $381.2 million and gross loans of $345.0 million, representing increases of 6.9%, 6.6%, and 4.7%, respectively, compared to September 30, 2018. Total shareholders’ equity at September 30, 2019 was $37.8 million, an increase of $2.3 million from December 31, 2018. The increase primarily resulted from earnings of $1.5 million, offset by dividends of $380 thousand, an increase in additional paid-in capital of $727 thousand, which was from the exercise of stock options, and an increase in the fair value of available-for-sale securities of $394 thousand from December 31, 2018. On a per share basis, book value increased by $0.51 for 2019 to $23.57 per share at September 30, 2019 from $23.06 per share at December 31, 2018. The dividends declared per share decreased to $0.24 per share for the nine month period ended September 30, 2019 as compared to $0.26 for the same period in 2018, due to a special $0.02 dividend paid in addition to the regular $0.08 dividend on August 15, 2018.
Frederick County Bank is headquartered in Frederick, Maryland, and conducts full service commercial banking services through five bank centers located in Frederick County, Maryland.
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Sept. 30, |
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Sept. 30, |
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December 31, |
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2019 |
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2018 |
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2018 |
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(dollars in thousands) |
(unaudited) |
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(unaudited) |
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(audited) |
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Total assets |
$452,693 |
$423,264 |
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$418,588 |
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Loans |
345,045 |
329,622 |
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339,461 |
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Deposits |
381,214 |
357,711 |
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352,373 |
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Shareholders’ equity |
37,837 |
34,640 |
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35,555 |
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Nonperforming assets: |
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Nonaccrual loans |
$2,225 |
$2,119 |
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$ 492 |
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Accruing troubled debt restructurings |
1,156 |
1,195 |
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1,254 |
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Loans 90 days or more past due and still accruing |
– |
– |
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– |
||||
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Foreclosed properties |
– |
360 |
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360 |
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Total nonperforming assets |
$3,381 |
$3,674 |
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$2,106 |
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For the Three Months Ended |
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For the Nine Months Ended |
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Sept. 30, |
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Sept. 30, |
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Sept. 30, |
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Sept. 30, |
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2019 |
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2018 |
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2019 |
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2018 |
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(dollars in thousands, except for per share data) |
(unaudited) |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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SUMMARY OF OPERATING RESULTS: |
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Net income |
$511 |
$536 |
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$1,541 |
$2,249 |
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Total comprehensive income |
$542 |
$438 |
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$1,935 |
$1,871 |
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Charge-offs |
$ 157 |
$ 3 |
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$ 176 |
$ 29 |
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(Recoveries) |
(78) |
(10) |
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(145) |
(616) |
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Net charge-offs (recoveries) |
$ 79 |
$ (7) |
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$ 31 |
$(587) |
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PER COMMON SHARE DATA: |
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Basic earnings per share |
$0.32 |
$0.35 |
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$0.97 |
$1.48 |
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Diluted earnings per share |
$0.32 |
$0.34 |
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$0.97 |
$1.43 |
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Basic weighted average number of shares outstanding |
1,590,557 |
1,531,376 |
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1,561,850 |
1,515,266 |
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Diluted weighted average number of shares outstanding |
1,605,840 |
1,582,177 |
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1,591,339 |
1,571,977 |
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Common shares outstanding |
1,605,364 |
1,533,387 |
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1,605,364 |
1,533,387 |
1,541,737 |
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Dividends declared |
$0.08 |
$0.08 |
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$0.24 |
$0.26 |
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Book value per share |
$23.57 |
$22.59 |
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$23.57 |
$22.59 |
$23.06 |
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SELECTED UNAUDITED FINANCIAL RATIOS: |
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Return on average assets |
0.46% |
0.50% |
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0.47% |
0.71% |
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Return on average equity |
5.41% |
6.16% |
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5.57% |
8.83% |
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Allowance for loan losses to total loans |
0.98% |
1.01% |
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0.98% |
1.01% |
1.01% |
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Nonperforming assets to total assets |
0.75% |
0.87% |
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0.75% |
0.87% |
0.50% |
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Ratio of net charge-offs (recoveries) to average loans |
0.02% |
0.00% |
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0.01% |
(0.18)% |
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Common Equity Tier 1 to risk-weighted assets |
9.64% |
9.50% |
|
9.64% |
9.50% |
9.44% |
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Tier 1 capital to risk-weighted assets |
11.18% |
11.12% |
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11.18% |
11.12% |
11.02% |
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Total capital to risk-weighted assets |
12.04% |
12.02% |
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12.04% |
12.02% |
11.93% |
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Tier 1 capital to average assets |
9.74% |
9.64% |
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9.74% |
9.64% |
9.83% |
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Average equity to average assets |
8.42% |
8.15% |
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8.38% |
8.07% |
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Net interest margin |
3.32% |
3.50% |
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3.34% |
3.58% |
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Frederick County Bancorp, Inc. and Subsidiaries |
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Consolidated Balance Sheets |
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September 30, |
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September 30, |
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December 31, |
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2019 |
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2018 |
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2018 |
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(unaudited) |
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(unaudited) |
|
(audited) |
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(dollars in thousands) |
|
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ASSETS |
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Cash and due from banks |
|
$ 2,614 |
$ 2,811 |
$ 2,778 |
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Federal funds sold |
|
5 |
5 |
5 |
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Interest-bearing deposits in other banks |
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56,901 |
47,495 |
33,342 |
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Cash and cash equivalents |
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59,520 |
50,311 |
36,125 |
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Investment securities available-for-sale at fair value |
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23,518 |
22,019 |
21,558 |
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Restricted stock |
|
1,992 |
1,979 |
1,979 |
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Loans held for sale |
|
1,493 |
– |
268 |
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Loans |
|
345,045 |
329,622 |
339,461 |
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Less: Allowance for loan losses |
|
(3,395) |
(3,339) |
(3,426) |
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Net loans |
|
341,650 |
326,283 |
336,035 |
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Bank premises and equipment |
|
11,687 |
9,251 |
9,280 |
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Bank owned life insurance |
|
10,830 |
10,560 |
10,628 |
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Foreclosed properties |
|
– |
360 |
360 |
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Other assets |
|
2,003 |
2,501 |
2,355 |
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Total assets |
|
$452,693 |
$423,264 |
$418,588 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Liabilities |
|
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Deposits |
|
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Noninterest-bearing deposits |
|
$106,549 |
$ 97,513 |
$100,200 |
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Interest-bearing deposits |
|
274,665 |
260,198 |
252,173 |
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Total deposits |
|
381,214 |
357,711 |
352,373 |
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Short-term borrowings |
|
3,450 |
3,450 |
3,450 |
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FHLB advances |
|
20,000 |
20,000 |
20,000 |
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Junior subordinated debentures |
|
6,186 |
6,186 |
6,186 |
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Accrued interest and other liabilities |
|
4,006 |
1,277 |
1,024 |
||
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Total liabilities |
|
414,856 |
388,624 |
383,033 |
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Shareholders’ Equity |
|
|
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Common stock, per share par value $0.01; 10,000,000 shares authorized; 1,605,364; 1,533,387 and 1,541,737 shares issued and outstanding, respectively |
|
16 |
15 |
15 |
||
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Additional paid-in capital |
|
16,757 |
15,939 |
16,031 |
||
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Retained earnings |
|
20,955 |
19,204 |
19,794 |
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Accumulated other comprehensive income (loss) |
|
109 |
(518) |
(285) |
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Total shareholders’ equity |
|
37,837 |
34,640 |
35,555 |
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Total liabilities and shareholders’ equity |
|
$452,693 |
$423,264 |
$418,588 |
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Frederick County Bancorp, Inc. and Subsidiaries |
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Consolidated Statements of Income (Unaudited) |
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For the Three Months Ended |
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For the Nine Months Ended |
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(dollars in thousands, except per share amounts) |
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
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Interest income |
|
|
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|
||||
|
Interest and fees on loans |
$4,208 |
$3,841 |
$12,130 |
$11,469 |
||||
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Interest and dividends on investment securities: |
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|
|
|
||||
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Interest – taxable |
126 |
126 |
383 |
370 |
||||
|
Interest – tax exempt |
29 |
23 |
83 |
70 |
||||
|
Dividends |
33 |
34 |
93 |
113 |
||||
|
Other interest income |
247 |
250 |
714 |
618 |
||||
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Total interest income |
4,643 |
4,274 |
13,403 |
12,640 |
||||
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Interest expense |
|
|
|
|
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Interest on deposits |
881 |
482 |
2,416 |
1,307 |
||||
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Interest on short-term borrowings |
46 |
42 |
138 |
138 |
||||
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Interest on FHLB advances |
118 |
129 |
345 |
384 |
||||
|
Interest on junior subordinated debentures |
63 |
65 |
197 |
175 |
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Total interest expense |
1,108 |
718 |
3,096 |
2,004 |
||||
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Net interest income |
3,535 |
3,556 |
10,307 |
10,636 |
||||
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Provision for loan (recoveries) losses |
– |
– |
– |
(512) |
||||
|
Net interest income after provision for loan (recoveries) losses |
3,535 |
3,556 |
10,307 |
11,148 |
||||
|
Noninterest income |
|
|
|
|
||||
|
Securities gains |
– |
– |
– |
1 |
||||
|
Change in fair value of equity securities |
89 |
1 |
78 |
35 |
||||
|
Gain on sale of loans |
197 |
10 |
379 |
176 |
||||
|
Gain on foreclosed properties |
(2) |
– |
(2) |
12 |
||||
|
Bank owned life insurance income |
68 |
56 |
202 |
157 |
||||
|
Service fees |
90 |
115 |
251 |
306 |
||||
|
Other operating income |
212 |
131 |
549 |
403 |
||||
|
Total noninterest income |
654 |
313 |
1,457 |
1,090 |
||||
|
Noninterest expense |
|
|
|
|
||||
|
Salaries and employee benefits |
1,910 |
1,940 |
5,491 |
5,344 |
||||
|
Occupancy and equipment expenses |
447 |
459 |
1,396 |
1,369 |
||||
|
Merger-related expense |
354 |
– |
354 |
– |
||||
|
Other operating expenses |
676 |
753 |
2,360 |
2,479 |
||||
|
Total noninterest expense |
3,387 |
3,152 |
9,601 |
9,192 |
||||
|
Income before provision for income taxes |
802 |
717 |
2,163 |
3,046 |
||||
|
Provision for income taxes |
291 |
181 |
622 |
797 |
||||
|
Net income |
$ 511 |
$ 536 |
$ 1,541 |
$ 2,249 |
||||
|
Basic earnings per share |
$0.32 |
$0.35 |
$0.97 |
$1.48 |
||||
|
Diluted earnings per share |
$0.32 |
$0.34 |
$0.97 |
$1.43 |
||||
|
Basic weighted average number of shares outstanding |
1,590,557 |
1,531,376 |
1,561,850 |
1,515,266 |
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|
Diluted weighted average number of shares outstanding |
1,605,840 |
1,582,177 |
1,591,339 |
1,571,977 |
||||
|
Dividends declared per share |
$0.08 |
$0.08 |
$0.24 |
$0.26 |
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Frederick County Bancorp, Inc. and Subsidiaries |
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Consolidated Statements of Comprehensive Income (Unaudited) |
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For the Three Months Ended |
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|
(dollars in thousands) |
September 30, 2019 |
|
September 30, 2018 |
|
|
Net income |
$511 |
$536 |
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|
Changes in net unrealized gains (losses) on securities available for sale, net of income taxes of $12 in 2019 and income tax benefits of $32 in 2018 |
31 |
(98) |
||
|
Total other comprehensive income (loss) |
31 |
(98) |
||
|
Total comprehensive income |
$542 |
$438 |
||
|
|
For the Nine Months Ended |
|||
|
(dollars in thousands) |
September 30, 2019 |
|
September 30, 2018 |
|
|
Net income |
$1,541 |
$2,249 |
||
|
Changes in net unrealized gains (losses) on securities available for sale, net of income taxes of $150 in 2019 and income tax benefits of $143 in 2018 |
394 |
(377) |
||
|
Reclassification adjustment for (gains) realized, net of income taxes of $0 in 2019 and $0 in 2018 |
– |
(1) |
||
|
Total other comprehensive income (loss) |
394 |
(378) |
||
|
Total comprehensive income |
$1,935 |
$1,871 |
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Frederick County Bancorp, Inc. and Subsidiaries Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) |
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(dollars in thousands) |
Shares Outstanding |
|
Common Stock |
|
Additional Paid-in Capital |
|
Retained Earnings |
|
Accumulated Other Comprehensive Income (Loss) |
|
Total Shareholders’ Equity |
|
|
|
|
|
|
|
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Balance, January 1, 2018 |
1,493,044 |
$15 |
$15,397 |
$16,829 |
$ 380 |
$32,621 |
||||||
|
Comprehensive income |
|
|
|
2,249 |
(378) |
1,871 |
||||||
|
Cumulative change in accounting principle |
|
|
|
520 |
(520) |
– |
||||||
|
Dividends declared on common stock, $0.26 per share |
|
|
|
(394) |
|
(394) |
||||||
|
Shares issued under stock option transactions |
40,843 |
|
542 |
|
|
542 |
||||||
|
Balance, September 30, 2018 |
1,533,387 |
$15 |
$15,939 |
$19,204 |
$(518) |
$34,640 |
||||||
|
Balance January 1, 2019 |
1,541,737 |
$15 |
$16,031 |
$19,794 |
$(285) |
$35,555 |
||||||
|
Comprehensive income |
|
|
|
1,541 |
394 |
1,935 |
||||||
|
Dividends declared on common stock, $0.24 per share |
|
|
|
(380) |
|
(380) |
||||||
|
Shares issued under stock option transactions |
63,627 |
1 |
726 |
|
|
727 |
||||||
|
Balance, September 30, 2019 |
1,605,364 |
$16 |
$16,757 |
$20,955 |
$109 |
$37,837 |
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|
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Frederick County Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) |
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For The Nine Months Ended |
|||
|
|
September 30, |
|
September 30, |
|
|
(dollars in thousands) |
2019 |
|
2018 |
|
|
Cash flows from operating activities: |
|
|
||
|
Net income |
$ 1,541 |
$ 2,249 |
||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
||
|
Depreciation and amortization |
369 |
370 |
||
|
Deferred income (benefits) taxes |
(54) |
177 |
||
|
Recoveries for loan losses |
– |
(512) |
||
|
Securities gains |
– |
(1) |
||
|
Change in fair value of equity securities |
(78) |
(35) |
||
|
Gain on sale of loans |
(379) |
(176) |
||
|
Loans originated for sale |
(18,147) |
(4,428) |
||
|
Proceeds from loans sold |
18,527 |
4,604 |
||
|
Net (discount accretion) premium amortization on investment securities |
102 |
93 |
||
|
Bank owned life insurance income |
(202) |
(157) |
||
|
Loss on surrender of bank owned life insurance |
– |
19 |
||
|
Loss (gain) on sale of foreclosed property |
2 |
(12) |
||
|
Provision for foreclosed properties |
160 |
346 |
||
|
Decrease in accrued interest and other assets |
295 |
1 |
||
|
Increase in accrued interest and other liabilities |
240 |
337 |
||
|
Net cash provided by operating activities |
2,376 |
2,875 |
||
|
Cash flows from investing activities: |
|
|
||
|
Purchases of investment securities available for sale |
(4,925) |
(1,231) |
||
|
Proceeds from sales of investment securities available for sale |
– |
858 |
||
|
Proceeds from maturities, prepayments and calls investment securities available for sale |
3,483 |
2,521 |
||
|
(Purchase) redemption of restricted stock |
(13) |
388 |
||
|
Net increase in loans |
(6,841) |
(6,879) |
||
|
Purchase of bank owned life insurance |
– |
(1,475) |
||
|
Purchases of bank premises and equipment |
(69) |
(79) |
||
|
Proceeds from sale of foreclosed property |
198 |
570 |
||
|
Net cash used in investing activities |
(8,167) |
(5,327) |
||
|
Cash flows from financing activities: |
|
|
||
|
Net increase in NOW, money market accounts, savings accounts and noninterest-bearing deposits |
15,226 |
13,845 |
||
|
Net increase in time deposits |
13,615 |
11,861 |
||
|
Net decrease in short-term borrowings |
– |
(750) |
||
|
Decrease in FHLB advances |
– |
(9,700) |
||
|
Proceeds from issuance of common stock |
725 |
542 |
||
|
Dividends paid on common stock |
(380) |
(394) |
||
|
Net cash provided by financing activities |
29,186 |
15,404 |
||
|
Net increase in cash and cash equivalents |
23,395 |
12,952 |
||
|
Cash and cash equivalents – beginning of period |
36,125 |
37,359 |
||
|
Cash and cash equivalents – end of period |
$59,520 |
$50,311 |
||
|
Supplemental cash flow disclosures: |
|
|
||
|
Interest paid |
$3,112 |
$1,985 |
||
|
Income taxes paid |
$592 |
$360 |
||
|
Distribution of Assets, Liabilities and Shareholders’ Equity; Interest Rates and Interest Differential |
||||||||||||
|
|
||||||||||||
|
The following tables show average balances of asset and liability categories, interest income and interest expense, and average yields and rates for the periods indicated. |
||||||||||||
|
For the Three Months Ended September 30, |
2019 |
2018 |
||||||||||
|
(dollars in thousands) |
Average daily balance |
Interest Income/ Expense |
Average Yield/ Rate(%) |
Average daily balance |
Interest Income/ Expense |
Average Yield/ Rate(%) |
||||||
|
Assets |
|
|
|
|
|
|
||||||
|
Interest-earning assets: |
|
|
|
|
|
|
||||||
|
Federal funds sold |
$ 5 |
$ – |
– |
$ 5 |
$ – |
– |
||||||
|
Interest bearing deposits in other banks |
47,349 |
247 |
2.07 |
52,722 |
250 |
1.88 |
||||||
|
Investment securities (1): |
|
|
|
|
|
|
||||||
|
Taxable |
21,990 |
159 |
2.87 |
21,414 |
160 |
2.96 |
||||||
|
Tax-exempt (2) |
4,267 |
37 |
3.44 |
3,332 |
29 |
3.45 |
||||||
|
Loans (3) |
351,239 |
4,218 |
4.76 |
328,081 |
3,853 |
4.66 |
||||||
|
Total interest-earning assets |
424,850 |
4,661 |
4.35 |
405,554 |
4,292 |
4.20 |
||||||
|
Noninterest-earning assets |
23,960 |
|
|
21,286 |
|
|
||||||
|
Total assets |
$448,810 |
|
|
$426,840 |
|
|
||||||
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
||||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
||||||
|
NOW accounts |
$ 56,126 |
107 |
0.76 |
$ 49,563 |
43 |
0.34 |
||||||
|
Savings accounts |
14,053 |
1 |
0.03 |
13,799 |
1 |
0.03 |
||||||
|
Money market accounts |
92,101 |
215 |
0.93 |
96,555 |
78 |
0.32 |
||||||
|
Certificates of deposit |
107,721 |
558 |
2.06 |
97,989 |
360 |
1.46 |
||||||
|
Short-term borrowings |
3,450 |
46 |
5.29 |
3,450 |
42 |
4.94 |
||||||
|
FHLB advances |
20,000 |
118 |
2.34 |
24,580 |
129 |
2.08 |
||||||
|
Junior subordinated debentures |
6,186 |
63 |
4.04 |
6,186 |
65 |
4.17 |
||||||
|
Total interest-bearing liabilities |
299,637 |
1,108 |
1.47 |
292,122 |
718 |
0.98 |
||||||
|
Noninterest-bearing deposits |
107,734 |
|
|
99,006 |
|
|
||||||
|
Noninterest-bearing liabilities |
3,657 |
|
|
905 |
|
|
||||||
|
Total liabilities |
411,028 |
|
|
392,033 |
|
|
||||||
|
Total shareholders’ equity |
37,782 |
|
|
34,807 |
|
|
||||||
|
Total liabilities and shareholders’ equity |
$448,810 |
|
|
$426,840 |
|
|
||||||
|
Net interest income |
|
$3,553 |
|
|
$3,574 |
|
||||||
|
Net interest spread |
|
|
2.88% |
|
|
3.22% |
||||||
|
Net interest margin |
|
|
3.32% |
|
|
3.50% |
||||||
|
(1) |
|
Yields on securities available-for-sale have been calculated on the basis of historical cost and do not give effect to changes in the fair value of those securities, which is reflected as a component of shareholders’ equity. |
|
(2) |
|
Presented on a taxable-equivalent basis using the statutory federal income tax rate of 21%. Taxable-equivalent adjustments of $8 thousand in 2019 and $6 thousand in 2018 are included in the calculation of the tax-exempt investment interest income. |
|
(3) |
|
Presented on a taxable-equivalent basis using the statutory federal income tax rate of 21%. Taxable-equivalent adjustments of $10 thousand in 2019 and $12 thousand in 2018 are included in the calculation of the loan interest income. Net loan origination income (expense) in interest income totaled $(17) thousand in 2019 and $(2) thousand in 2018. |
|
For the Nine Months Ended September 30, |
2019 |
2018 |
||||||||||||||
|
(dollars in thousands) |
Average daily balance |
Interest Income/ Expense |
Average Yield/ Rate(%) |
Average daily balance |
Interest Income/ Expense |
Average Yield/ Rate(%) |
||||||||||
|
Assets |
|
|
|
|
|
|
||||||||||
|
Interest-earning assets: |
|
|
|
|
|
|
||||||||||
|
Federal funds sold |
$ |
5 |
$ |
– |
– |
$ |
5 |
$ |
– |
– |
||||||
|
Interest bearing deposits in other banks |
|
43,283 |
|
714 |
2.21 |
|
48,601 |
|
618 |
1.70 |
||||||
|
Investment securities (1): |
|
|
|
|
|
|
||||||||||
|
Taxable |
|
21,871 |
|
476 |
2.91 |
|
22,116 |
|
483 |
2.92 |
||||||
|
Tax-exempt (2) |
|
4,001 |
|
105 |
3.51 |
|
3,336 |
|
89 |
3.57 |
||||||
|
Loans (3) |
|
346,655 |
|
12,177 |
4.70 |
|
325,427 |
|
11,504 |
4.73 |
||||||
|
Total interest-earning assets |
|
415,815 |
|
13,472 |
4.33 |
|
399,485 |
|
12,694 |
4.25 |
||||||
|
Noninterest-earning assets |
|
24,031 |
|
|
|
21,241 |
|
|
||||||||
|
Total assets |
$ |
439,846 |
|
|
$ |
420,726 |
|
|
||||||||
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
||||||||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
||||||||||
|
NOW accounts |
$ |
51,145 |
|
282 |
0.74 |
$ |
45,721 |
|
98 |
0.29 |
||||||
|
Savings accounts |
|
14,562 |
|
3 |
0.03 |
|
13,814 |
|
3 |
0.03 |
||||||
|
Money market accounts |
|
92,470 |
|
606 |
0.88 |
|
97,515 |
|
212 |
0.29 |
||||||
|
Certificates of deposit |
|
104,777 |
|
1,525 |
1.95 |
|
97,156 |
|
994 |
1.37 |
||||||
|
Short-term borrowings |
|
3,450 |
|
138 |
5.35 |
|
3,917 |
|
138 |
4.74 |
||||||
|
FHLB advances |
|
19,982 |
|
345 |
2.31 |
|
26,905 |
|
384 |
1.91 |
||||||
|
Junior subordinated debentures |
|
6,186 |
|
197 |
4.26 |
|
6,186 |
|
175 |
3.78 |
||||||
|
Total interest-bearing liabilities |
|
292,572 |
|
3,096 |
1.41 |
|
291,214 |
|
2,004 |
0.92 |
||||||
|
Noninterest-bearing deposits |
|
106,966 |
|
|
|
94,680 |
|
|
||||||||
|
Noninterest-bearing liabilities |
|
3,440 |
|
|
|
862 |
|
|
||||||||
|
Total liabilities |
|
402,978 |
|
|
|
386,756 |
|
|
||||||||
|
Total shareholders’ equity |
|
36,868 |
|
|
|
33,970 |
|
|
||||||||
|
Total liabilities and shareholders’ equity |
$ |
439,846 |
|
|
$ |
420,726 |
|
|
||||||||
|
Net interest income |
|
$ |
10,376 |
|
|
$ |
10,690 |
|
||||||||
|
Net interest spread |
|
|
2.92% |
|
|
3.33% |
||||||||||
|
Net interest margin |
|
|
3.34% |
|
|
3.58% |
||||||||||
|
(1)
|
Yields on securities available-for-sale have been calculated on the basis of historical cost and do not give effect to changes in the fair value of those securities, which is reflected as a component of shareholders’ equity. |
|
|
(2) |
Presented on a taxable-equivalent basis using the statutory federal income tax rate of 21%. Taxable-equivalent adjustments of $22 thousand in 2019 and $19 thousand in 2018 are included in the calculation of the tax-exempt investment interest income. |
|
|
(3) |
Presented on a taxable-equivalent basis using the statutory federal income tax rate of 21%. Taxable-equivalent adjustments of $47 thousand in 2019 and $35 thousand in 2018 are included in the calculation of the loan interest income. Net loan origination income (expense) in interest income totaled $(26) thousand in 2019 and $(11) thousand in 2018. |
|
The statements in this press release that are not historical facts constitute “forward-looking statements” as defined by Federal securities laws. Forward-looking statements can generally be identified by the use of forward- looking terminology such as “believes,” “expects,” “intends,” “may,” “will,” “should,” “anticipates” or similar terminology. Such statements, specifically regarding the Company’s intentions regarding growth and market expansion, are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, changes in interest rates, deposit flows, loan demand and real estate values, as well as changes in economic, competitive, governmental, regulatory, technological and other factors which may affect the Company specifically, its existing and target market areas or the banking industry generally. Forward-looking statements speak only as of the date they are made. The Company will not update forward-looking statements to reflect factual assumptions, circumstances or events that have changed after a forward-looking statement was made.
Contacts
Crystal L. Wiles, Senior Vice President and Chief Financial Officer, (240) 529-1506
