SPOKANE, Wash., Feb. 02, 2016 (GLOBE NEWSWIRE) -- Northwest Bancorporation, Inc. (OTC Pink:NBCT) (the “Company”), the holding company of Inland Northwest Bank (the “Bank” or “INB”), today reported financial results for the quarter and year ended December 31, 2015. In the fourth quarter, the Company completed its acquisition of Fairfield Financial Holdings Corp. (“Fairfield”) and its wholly-owned subsidiary, Bank of Fairfield. This acquisition, combined with the Bank’s own organic growth, resulted in year-end assets of $610.9 million, up 45% over the previous year-end assets of $421.8 million.
Net income for the fourth quarter of 2015 was $726 thousand, compared to $735 thousand for the previous quarter and $938 thousand for the fourth quarter of 2014. Excluding nonrecurring fourth quarter acquisition expenses and costs related to the Company’s CEO succession plan of $556 thousand, net of tax, earnings for the fourth quarter of 2015 would have been $1.28 million. The decrease in quarterly earnings (including nonrecurring items), combined with a 52% increase in the number of shares outstanding resulting from the $20 million capital raise that closed in August 2015, resulted in earnings per diluted share of $0.11 for the fourth quarter of 2015, down from $0.22 for the fourth quarter of 2014.
For the year ended December 31, 2015, net income was $3.06 million, compared to $3.26 million for the corresponding period in 2014, representing a decrease of $200 thousand, or 6.1%. Excluding nonrecurring merger and succession related expenses of $851 thousand, net of tax, earnings for 2015 would have been $3.91 million, representing an increase of $651 thousand, or 20.0% over the previous year. Earnings per diluted share decreased 21.8%, from $0.78 in 2014, to $0.61 in 2015; without the nonrecurring expenses noted above, earnings per diluted share would have been $0.78 in 2015.
Company President and CEO, Russell Lee, commented, “We were very excited to welcome the customers and employees of the Bank of Fairfield to INB in the fourth quarter. With the acquisition closing on October 16, 2015, our financial results were colored with merger-related expenses, but we are already seeing the positive effects of the business combination at INB where fourth quarter earnings exceeded the same period in 2014 by 48%, excluding nonrecurring merger-related costs. As we complete a very momentous 2015, we would also like to thank Randall Fewel who completed his career as CEO of the Company on December 31st after 21 years of service to the customers, employees and shareholders of the Company. Randy’s great work at INB will be foundational for many years to come.”
Financial highlights
- Successful completion of $20 million capital raise during the third quarter.
- Completed the acquisition of Fairfield on October 16, 2015
- Achieved sixteenth consecutive quarter of profitability, with net income of $726 thousand.
- Total revenue for the year was $22.8 million, up 20% year over year.
- Organic loan growth (excluding Fairfield loans) was $32 million, or 9.4%, during 2015.
- Noninterest bearing deposits grew organically by $20 million, or 21%, year over year and now represent 30% of total deposits.
- The market price of the Company’s stock increased $1.10 per share, or 12.7%, during 2015, to $9.75 per share.
- Market capitalization of Company’s stock ended the year at $62.1 million, an increase of $26.1 million, or 72.7%, year over year.
Balance sheet
As of December 31, 2015, the Company had total assets of $610.9 million, compared to $468.7 million on September 30, 2015 and $421.8 million on December 31, 2014. The increase in assets of $142.3 million, or 30.4%, during the fourth quarter is related to the acquisition of Fairfield. Year over year, assets are up $189.1 million, or 44.8%.
The investment portfolio was $49.2 million as of December 31, 2015, up $7.0 million, or 16.5%, from $42.2 million at December 31, 2014. The increase is due to the addition of Fairfield’s investment portfolio. The net unrealized gain in the portfolio was $871 thousand, 28.7% lower than the $1.2 million net unrealized gain at year-end 2014.
The net loan portfolio was $477.3 million on December 31, 2015. This represents an increase of $114.9 million, or 31.7%, over last quarter due to the acquisition of Fairfield’s loans. Year over year, the net loan portfolio was up $140.9 million, or 41.9%. Organic loan growth (excluding Fairfield loans) totaled $32.0 million during 2015, representing growth of 9.4%. This loan growth primarily reflects increased commercial lending activity spread over all major sectors including commercial and industrial loans and owner-occupied and non-owner occupied commercial real estate loans.
Deposits at December 31, 2015 were $525.9 million, an increase of $141.4 million, or 36.8%, compared to September 30, 2015 and an increase of $167.2 million, or 46.6%, compared to December 31, 2014. The increase over last quarter is due to the acquisition of Fairfield’s deposits. Year over year organic deposit growth totaled $40.8 million, or 11.4%.
Noninterest bearing deposits, a subset of core deposits, were $158.6 million at year end, representing 30.2% of total deposits. This compares to noninterest bearing deposits of $100.6 million, or 26.2% of total deposits, at September 30, 2015, and to $96.4 million, or 26.9% of total deposits, at year-end 2014. The level of noninterest bearing deposits grew $58.0 million during the fourth quarter with about $42.0 million of the deposits coming from the Fairfield acquisition. Noninterest bearing deposits grew $62.2 million, or 64.5%, year over year; of that amount, $20.3 million, or 21.0%, came from organic growth.
Asset quality, provision and allowance for loan losses
The Bank’s nonperforming assets (“NPAs”) were $1.9 million at year end, representing 0.31% of total assets. NPAs are defined as loans on which the Bank has stopped accruing interest and includes foreclosed real estate. NPAs at the end of 2014 were $1.4 million, representing 0.33% of total assets, and at September 30, 2015, NPAs were $1.3 million, representing 0.27% of total assets.
The Bank achieved net loan recoveries of $4 thousand and $76 thousand for the three and twelve-month periods ending on December 31, 2015, compared to net loan recoveries of $41 thousand and net loan charge offs of $341 thousand for the comparable periods in 2014. The provision for loan losses was $40 thousand and $220 thousand for the three and twelve-month periods ending on December 31, 2015, compared to a recovery of $200 thousand and a provision of $267 thousand for the comparable periods in 2014. As of December 31, 2015, the allowance for loan losses was $6.0 million, or 1.25% of gross loans. Gross loans includes those loans acquired in the Fairfield acquisition (“purchased loans”), which are recorded at fair value, net of credit-related discounts. The allowance for loan losses was 1.62% of gross loans, excluding purchased loans, as of December 31, 2015. This compares to $6.0 million, or 1.62%, of the loan portfolio as of September 30, 2015, and $5.7 million, or 1.67%, of the loan portfolio as of December 31, 2014.
Capital
Shareholders’ equity increased $22.2 million, or 57.2%, during 2015. The increase primarily reflects the issuance of 2,162,162 shares of the Company's common stock at a purchase price of $9.25 per share, resulting in net proceeds of $19.0 million and earnings retention of $3.1 million. The book value of the Company’s common stock was $8.39 per share on December 31, 2015, down $0.92, or 9.9%, over the $9.31 per share on December 31, 2014. The decrease in book value per share reflects the combined result of the increase in shareholders’ equity, net of intangible assets resulting from the Fairfield acquisition, and the increase in number of shares outstanding from the common equity capital raise.
The Bank continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” under newly implemented Basel III and Dodd Frank regulatory standards. As of December 31, 2015, the Bank’s Tier 1 leverage capital to average assets ratio was 11.1%, its common equity Tier 1 (“CET1”) capital ratio was 11.3%, and its total capital to risk-weighted assets ratio was 12.5%. The regulatory requirements to be considered “well-capitalized” for these three ratios are 5.0%, 6.5%, and 10.0%, respectively.
Total revenue
Total revenue was $6.9 million for the fourth quarter of 2015, compared to $5.5 million for the previous quarter and $5.0 million for the fourth quarter of 2014. Total revenue was $22.8 million and $19.0 million for the years ended December 31, 2015 and 2014, respectively, which represents an increase of $3.8 million, or 20.0%. Total revenue is defined as net interest income plus noninterest income.
Net interest income
Net interest income was $5.9 million for the quarter ended December 31, 2015, an increase of $1.5 million, or 33.0%, from the previous quarter and an increase of $1.9 million, or 45.5%, from the fourth quarter of 2014. Net interest income was $18.8 million for the year ended December 31, 2015, compared to $15.5 million for the comparable period in 2014, representing an increase of $3.3 million, or 21.4%, year over year.
The net interest margin (interest income minus interest expense, divided by average earning assets) increased from 4.14% in the fourth quarter of 2014 to 5.19% in the fourth quarter of 2015. This compares to the net interest margin of 4.22% for the year ended December 31, 2015 and 4.10% for the year ended December 31, 2014.
Noninterest income
Noninterest income increased by $59 thousand, or 6.2%, from $953 thousand in the fourth quarter last year, to $1.0 million in the fourth quarter this year. Noninterest income ended 2015 at $4.0 million, compared to $3.5 million for the previous year, an improvement of $476 thousand, or 13.5%, year over year. The increase in noninterest income was primarily related to higher gains from sales of residential mortgage loans, which increased by $420 thousand, or 50%, and higher debit and credit card income, which increased $177 thousand, or 15%. These increases are partially offset by lower service charges on deposits, which decreased $48 thousand, or 5%. Net gains on sales of investment securities were $0 and $65 thousand for the years ended December 31, 2015 and 2014, respectively.
Noninterest expense
Noninterest expense for the fourth quarter increased by $2.0 million, or 50.6%, from $3.9 million last year to $5.9 million this year. Noninterest expense ended 2015 at $18.1 million, compared to $14.1 million for the previous year, an increase of $4.0 million, or 28.7%, year over year. Included in noninterest expense are nonrecurring acquisition costs totaling $618 thousand for the fourth quarter of 2015 and $1.0 million for the full year; there were no acquisition-related costs in the previous year. In addition to these costs, the primary contributors to the rise in noninterest expenses during the year were higher salaries and employee benefits expenses (up $2.3 million), advertising and promotion expenses (up $186 thousand), costs related to technology improvements (up $236 thousand), debit and credit card processing costs (up $98 thousand), deposit and loan account costs (up $146 thousand), and sundry losses (up $120 thousand). Also included in noninterest expense is core deposit intangible amortization of $50 thousand in 2015, compared to $0 the previous year. Full-time equivalent employees increased by 30 year over year, with 18 of these employees coming from Fairfield and another 5 temporary employees hired to assist with the conversion of Fairfield’s computer systems in February 2016.
Key ratios
Return on average assets (“ROA”) for the fourth quarter in 2015 was 0.57%, compared to 0.63% in the previous quarter and 0.88% in the fourth quarter last year. For the year ended December 31, 2015, ROA was 0.63%, compared to 0.80% for the comparable period in 2014.
Return on average equity (“ROE”) was 4.80% for the fourth quarter in 2015, compared to 5.86% in the previous quarter and 9.92% for the fourth quarter last year. ROE was 6.39% for the year ended December 31, 2015, compared to 8.91% for the same period last year.
Yield on earning assets was 4.71% and 4.67% for the years ended December 31, 2015 and 2014, respectively, and the cost of funds was 0.67% and 0.78%, respectively.
About Northwest Bancorporation, Inc.
Northwest Bancorporation, Inc. is the parent company of Inland Northwest Bank, a state-chartered community bank which currently operates twelve branches in Eastern Washington, and four branches in Northern Idaho. INB specializes in meeting the financial needs of individuals and small to medium-sized businesses, including professional corporations and agriculture-related operations, by providing a full line of commercial, retail, agricultural, and mortgage and private banking products and services. More information about INB can be found on its website at www.inb.com. The Company’s stock is quoted on the OTC Market’s Pink Marketplace, www.otcmarkets.com, under the symbol NBCT.
Forward-Looking Statements
This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results. When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Northwest Bancorporation, Inc. | |||||||||||||
Consolidated Statements of Financial Condition | |||||||||||||
(Unaudited) | |||||||||||||
Dec. 31, | Sep. 30, | Dec. 31, | |||||||||||
(dollars in thousands) | 2015 | 2015 | 2014 | ||||||||||
Assets: | |||||||||||||
Cash and due from banks | $ | 21,253 | $ | 15,803 | $ | 14,398 | |||||||
Interest bearing deposits | 24,781 | 29,361 | 3,384 | ||||||||||
Time deposits held for investment | 14,946 | 2,185 | 1,935 | ||||||||||
Securities available for sale | 34,242 | 34,033 | 40,287 | ||||||||||
Federal Home Loan Bank stock, at cost | 1,041 | 876 | 1,148 | ||||||||||
Loans receivable, net | 477,336 | 362,461 | 336,421 | ||||||||||
Loans held for sale | 1,971 | 1,883 | 740 | ||||||||||
Premises and equipment, net | 15,208 | 14,317 | 14,888 | ||||||||||
Bank-owned life insurance | 6,924 | 4,289 | 4,201 | ||||||||||
Accrued interest receivable | 2,706 | 1,451 | 1,322 | ||||||||||
Goodwill | 5,931 | - | - | ||||||||||
Core deposit intangible | 1,494 | - | - | ||||||||||
Foreclosed real estate | 308 | 200 | 1,050 | ||||||||||
Other assets | 2,809 | 1,824 | 2,033 | ||||||||||
Total assets | $ | 610,950 | $ | 468,683 | $ | 421,807 | |||||||
Liabilities: | |||||||||||||
Deposits: | |||||||||||||
Noninterest bearing deposits | $ | 158,576 | $ | 100,625 | $ | 96,386 | |||||||
Interest bearing transaction and savings deposits | 248,442 | 197,394 | 179,016 | ||||||||||
Time deposits | 118,867 | 86,477 | 83,278 | ||||||||||
525,885 | 384,496 | 358,680 | |||||||||||
Accrued interest payable | 131 | 102 | 124 | ||||||||||
Borrowed funds | 19,947 | 20,292 | 21,327 | ||||||||||
Other liabilities | 4,111 | 3,690 | 2,963 | ||||||||||
Total liabilities | 550,074 | 408,580 | 383,094 | ||||||||||
Shareholders' equity: | |||||||||||||
Common stock | 52,294 | 52,093 | 32,960 | ||||||||||
Retained earnings | 8,007 | 7,281 | 4,947 | ||||||||||
Accumulated other comprehensive income | 575 | 729 | 806 | ||||||||||
Total shareholders' equity | 60,876 | 60,103 | 38,713 | ||||||||||
Total liabilities and shareholders' equity | $ | 610,950 | $ | 468,683 | $ | 421,807 | |||||||
Northwest Bancorporation, Inc. | ||||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||
Dec. 31, | Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||||
(dollars in thousands, except per share data) | 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||||
Loans receivable | $ | 6,177 | $ | 4,708 | $ | 4,274 | $ | 19,793 | $ | 16,212 | ||||||||||||
Investment securities | 274 | 259 | 321 | 1,105 | 1,406 | |||||||||||||||||
Other | 41 | 24 | 16 | 93 | 48 | |||||||||||||||||
Total interest and dividend income | 6,492 | 4,991 | 4,611 | 20,991 | 17,666 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||||
Deposits | 369 | 339 | 340 | 1,421 | 1,393 | |||||||||||||||||
Borrowed funds | 185 | 186 | 189 | 741 | 769 | |||||||||||||||||
Total interest expense | 554 | 525 | 529 | 2,162 | 2,162 | |||||||||||||||||
Net interest income | 5,938 | 4,466 | 4,082 | 18,829 | 15,504 | |||||||||||||||||
Provision for loan losses | 40 | 60 | (200 | ) | 220 | 267 | ||||||||||||||||
Noninterest income: | ||||||||||||||||||||||
Service charges on deposits | 234 | 217 | 235 | 897 | 945 | |||||||||||||||||
Gains from sale of loans, net | 259 | 381 | 255 | 1,259 | 839 | |||||||||||||||||
Gain on investment securities, net | - | - | - | - | 65 | |||||||||||||||||
Other noninterest income | 519 | 483 | 463 | 1,836 | 1,667 | |||||||||||||||||
Total noninterest income | 1,012 | 1,081 | 953 | 3,992 | 3,516 | |||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||
Salaries and employee benefits | 2,912 | 2,223 | 1,874 | 9,380 | 7,116 | |||||||||||||||||
Occupancy and equipment | 387 | 361 | 333 | 1,411 | 1,331 | |||||||||||||||||
Depreciation and amortization | 299 | 275 | 277 | 1,130 | 1,144 | |||||||||||||||||
Advertising and promotion | 177 | 185 | 131 | 649 | 463 | |||||||||||||||||
FDIC assessments | 79 | 62 | 64 | 266 | 271 | |||||||||||||||||
Gain on foreclosed real estate, net | 100 | - | 200 | (42 | ) | 50 | ||||||||||||||||
Acquisition-related costs | 618 | 151 | - | 1,014 | - | |||||||||||||||||
Other noninterest expense | 1,281 | 1,132 | 1,008 | 4,293 | 3,692 | |||||||||||||||||
Total noninterest expense | 5,853 | 4,389 | 3,887 | 18,101 | 14,067 | |||||||||||||||||
Income before income taxes | 1,057 | 1,098 | 1,348 | 4,500 | 4,686 | |||||||||||||||||
Income tax expense | 331 | 363 | 410 | 1,440 | 1,426 | |||||||||||||||||
NET INCOME | $ | 726 | $ | 735 | $ | 938 | $ | 3,060 | $ | 3,260 | ||||||||||||
Earnings per common share - basic | $ | 0.11 | $ | 0.15 | $ | 0.23 | $ | 0.62 | $ | 0.79 | ||||||||||||
Earnings per common share - diluted | $ | 0.11 | $ | 0.15 | $ | 0.22 | $ | 0.61 | $ | 0.78 | ||||||||||||
Weighted average common shares outstanding - basic | 6,341,958 | 4,956,692 | 4,134,865 | 4,910,233 | 4,122,863 | |||||||||||||||||
Weighted average common shares outstanding - diluted | 6,432,079 | 5,046,590 | 4,224,144 | 5,001,928 | 4,199,018 | |||||||||||||||||
Northwest Bancorporation, Inc. | ||||||||||||||||||||||||||||||||||
Key Financial Ratios and Data | ||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||
Dec. 31, | Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||
PERFORMANCE RATIOS (annualized) | ||||||||||||||||||||||||||||||||||
Return on average assets | 0.57 | % | 0.63 | % | 0.88 | % | 0.63 | % | 0.80 | % | ||||||||||||||||||||||||
Return on average equity | 4.80 | % | 5.86 | % | 9.92 | % | 6.39 | % | 8.91 | % | ||||||||||||||||||||||||
Yield on earning assets | 5.67 | % | 4.60 | % | 4.67 | % | 4.71 | % | 4.67 | % | ||||||||||||||||||||||||
Cost of funds | 0.69 | % | 0.68 | % | 0.74 | % | 0.67 | % | 0.78 | % | ||||||||||||||||||||||||
Net interest margin | 5.19 | % | 4.12 | % | 4.14 | % | 4.22 | % | 4.10 | % | ||||||||||||||||||||||||
Noninterest income to average assets | 0.80 | % | 0.93 | % | 0.89 | % | 0.82 | % | 0.86 | % | ||||||||||||||||||||||||
Noninterest expense to average assets | 4.60 | % | 3.78 | % | 3.64 | % | 3.74 | % | 3.44 | % | ||||||||||||||||||||||||
Provision expense to average assets | 0.03 | % | 0.05 | % | -0.19 | % | 0.05 | % | 0.07 | % | ||||||||||||||||||||||||
Efficiency ratio (1) | 84.2 | % | 79.1 | % | 77.2 | % | 79.3 | % | 74.0 | % | ||||||||||||||||||||||||
Dec. 31, | Sep. 30, | Dec. 31, | ||||||||||||||||||||||||||||||||
2015 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
ASSET QUALITY RATIOS AND DATA | ||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 1,574 | $ | 1,052 | $ | 354 | ||||||||||||||||||||||||||||
Foreclosed real estate | $ | 308 | $ | 200 | $ | 1,050 | ||||||||||||||||||||||||||||
Nonperforming assets | $ | 1,882 | $ | 1,252 | $ | 1,404 | ||||||||||||||||||||||||||||
Loans 30-89 days past due and on accrual | $ | 630 | $ | 733 | $ | 3,421 | ||||||||||||||||||||||||||||
Restructured loans | $ | 5,942 | $ | 5,748 | $ | 5,023 | ||||||||||||||||||||||||||||
Allowance for loan losses | $ | 6,024 | $ | 5,980 | $ | 5,728 | ||||||||||||||||||||||||||||
Nonperforming assets to total assets | 0.31 | % | 0.27 | % | 0.33 | % | ||||||||||||||||||||||||||||
Allowance for loan losses to total loans | 1.25 | % | 1.62 | % | 1.67 | % | ||||||||||||||||||||||||||||
Allowance for loan losses to nonaccrual loans | 382.7 | % | 568.4 | % | 1618.1 | % | ||||||||||||||||||||||||||||
Net charge-offs | $ | (4 | ) | (2 | ) | $ | (10 | ) | (2 | ) | $ | (41 | ) | (2 | ) | $ | (76 | ) | (3 | ) | $ | 341 | (3 | ) | ||||||||||
Net charge-offs to average loans (annualized) | -0.01 | % | (2 | ) | -0.01 | % | (2 | ) | -0.05 | % | (2 | ) | -0.02 | % | (3 | ) | 0.11 | % | (3 | ) | ||||||||||||||
CAPITAL RATIOS AND DATA | ||||||||||||||||||||||||||||||||||
Common shares outstanding at period end | 6,368,798 | 6,319,794 | 4,157,632 | |||||||||||||||||||||||||||||||
Book value per common share | $ | 8.39 | $ | 9.51 | $ | 9.31 | ||||||||||||||||||||||||||||
Tangible common equity | $ | 53,451 | $ | 60,103 | $ | 38,713 | ||||||||||||||||||||||||||||
Shareholders' equity to total assets | 10.0 | % | 12.8 | % | 9.2 | % | ||||||||||||||||||||||||||||
Total capital to risk-weighted assets (3) | 12.5 | % | 12.8 | % | 13.4 | % | ||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets (3) | 11.3 | % | 11.5 | % | 12.2 | % | ||||||||||||||||||||||||||||
Tier 1 common equity ratio (3) | 11.3 | % | 11.5 | % | 12.2 | % | ||||||||||||||||||||||||||||
Tier 1 leverage capital ratio (3) | 11.1 | % | 10.7 | % | 11.1 | % | ||||||||||||||||||||||||||||
DEPOSIT RATIOS AND DATA | ||||||||||||||||||||||||||||||||||
Core deposits (4) | $ | 407,018 | $ | 298,019 | $ | 275,402 | ||||||||||||||||||||||||||||
Core deposits to total deposits | 77.4 | % | 77.5 | % | 76.8 | % | ||||||||||||||||||||||||||||
Noninterest bearing deposits to total deposits | 30.2 | % | 26.2 | % | 26.9 | % | ||||||||||||||||||||||||||||
Net loan to deposit ratio | 90.8 | % | 94.3 | % | 93.8 | % | ||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||
(1 | ) | Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income). | ||||||||||||||||||||||||||||||||
(2 | ) | Net charge-offs for the three-month period. | ||||||||||||||||||||||||||||||||
(3 | ) | Regulatory capital ratios are reported for Inland Northwest Bank. | ||||||||||||||||||||||||||||||||
(4 | ) | Core deposits include all deposits except time deposits. | ||||||||||||||||||||||||||||||||