LAKEVILLE, Conn., Oct. 27, 2017 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ:SAL), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its third quarter ended September 30, 2017.
Net income allocated to common shareholders was $1.7 million, or $0.61 per common share, for the third quarter ended September 30, 2017 (third quarter 2017), compared with $1.9 million, or $0.68 per common share, for the second quarter ended June 30, 2017 (second quarter 2017), and $1.9 million, or $0.70 per common share, for the third quarter ended September 30, 2016 (third quarter 2016).
Selected Third Quarter 2017 Financial Highlights
- Net Income per share for the quarter was $0.61 per share compared with $0.68 last quarter and $0.70 for the third quarter 2016.
- Results for the current quarter included a pre-tax charge of $217 thousand, or $0.05 per share, related to the pending sale of an OREO property.
- Wealth assets under administration increased to $595 million at September 30, 2017, an increase of $9 million, or 1.5%, from second quarter 2017.
- Book value per common share increased to $35.01 at September 30, 2017 from $34.66 at June 30, 2017, and $33.92 at September 30, 2016.
Richard J. Cantele, Jr., President and Chief Executive Officer, stated,
“We are pleased to report solid results for the third quarter despite the write-down on the OREO property. This quarter we focused on deploying the deposits from our recent acquisition of the New Paltz branch into new loans. Our wealth assets under management also increased, which helps to diversify our sources of income. We continue to focus on improving asset quality and managing non-interest expense while maintaining our commitment to outstanding customer service and enhancing long-term value for our shareholders.”
Net-Interest Income
Tax equivalent net interest income for third quarter 2017 increased $89 thousand, or 1.1%, versus second quarter 2017, and increased $4 thousand or 0.05%, versus third quarter 2016. Average earning assets increased $33.6 million versus second quarter 2017, and increased $30.6 million versus third quarter 2016. Average total interest bearing deposits increased $28.4 million versus second quarter 2017 and increased $5.0 million versus third quarter 2016. The net interest margin of 3.50% decreased 8 basis points from 3.58% in the second quarter 2017 and decreased 7 basis points from 3.57% for the third quarter 2016.
Interest income for the third quarter 2017 reflects net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $193 thousand. The second quarter of 2017 and third quarter of 2016 included similar adjustments of $250 thousand and $441 thousand, respectively.
Non-Interest Income
Non-interest income for third quarter 2017 increased $129 thousand versus second quarter 2017 and increased $192 thousand versus third quarter 2016.
Trust and Wealth Advisory revenues decreased $18 thousand versus second quarter 2017 and increased $25 thousand versus third quarter 2016. The quarter-over-quarter net revenue decrease for the Trust and Wealth Advisory division reflects lower revenue from tax preparation fees, partly offset by higher asset based and other fees. The increase from the prior year third quarter primarily reflects an increase in estate and retirement planning fees and asset based fees.
Service charges and fees increased $33 thousand versus second quarter 2017 and increased $113 thousand versus third quarter 2016. The increases primarily reflected higher deposit related fees.
Income from sales and servicing of mortgage loans increased $68 thousand versus second quarter 2017 and increased $34 thousand versus third quarter 2016. Third quarter 2017 mortgage loans sales totaled $0.4 million versus $1.6 million for second quarter 2017, and $3.3 million for third quarter 2016. Third quarter 2017, second quarter 2017, and third quarter 2016 included net mortgage servicing amortization and periodic impairment (benefit) charges of $(12) thousand, $68 thousand, and $60 thousand, respectively. The benefit in the current quarter primarily reflected management’s review of the portfolio and the update of key assumptions to more closely reflect the portfolio’s historical performance. As a result of this review, the current quarter includes the reversal of a previously recorded impairment charge of $25 thousand.
Non-Interest Expense
Non-interest expense for third quarter 2017 increased $469 thousand versus second quarter 2017 and increased $720 thousand versus third quarter 2016.
Total compensation expense increased $334 thousand versus second quarter 2017 and increased $152 thousand versus the third quarter of 2016. The increase versus both periods primarily reflected higher salary and benefits expense, partly offset by higher deferred expenses related to loan origination.
Premises and equipment expense increased $88 thousand versus second quarter 2017 and increased $186 thousand versus third quarter 2016. The increase in both periods was substantially attributable to higher lease related expenses and building maintenance and repair costs.
Data processing expense increased $41 thousand versus second quarter 2017 and increased $72 thousand versus third quarter 2016. The increases primarily reflected higher data communications and data processing charges.
Professional fees decreased $283 thousand versus second quarter 2017, and increased $22 thousand versus third quarter 2016. The decrease from the second quarter 2017 was primarily attributable to lower consulting and audit fees and a reversal of accruals to reflect current service levels.
Loan related expenses increased $263 thousand compared to second quarter 2017 and increased $310 thousand versus third quarter 2016. The increase in both periods reflected the write-down on the OREO property noted above as well as higher OREO carrying costs and higher payments for delinquent real estate taxes.
The effective income tax rates for third quarter 2017, second quarter 2017 and third quarter 2016 were 29.09%, 24.62% and 29.71%, respectively.
Loans
Net loans receivable increased $12 million during third quarter 2017 to $784 million at September 30, 2017, compared with $772 million at June 30, 2017, and increased $30 million compared with $754 million at September 30, 2016.
Asset Quality
Non-performing assets increased $0.6 million during third quarter 2017 to $12.3 million, or 1.3% of assets at September 30, 2017, from $11.7 million, 1.2% of assets at June 30, 2017, and decreased $2.3 million from $14.5 million, or 1.6% of assets, at September 30, 2016.
The amount of total impaired and potential problem loans increased $1.0 million during the quarter to $23.3 million (3.0% of gross loans receivable) during third quarter 2017, compared to $22.3 million, or 2.9% of gross loans receivable at June 30, 2017, and decreased $2.8 million from $26.1 million, or 3.4% of gross loans receivable at September 30, 2016.
Accruing loans receivable 30-to-89 days past due increased $0.5 million during third quarter 2017 to $3.4 million, or 0.44% of gross loans receivable, from $3.0 million, or 0.38% of gross loans receivable at June 30, 2017, and decreased $2.5 million from $5.9 million, or 0.78% of gross loans receivable at September 30, 2016.
Provision for loan loss expense was $237 thousand for third quarter 2017 versus $364 thousand for second quarter 2017, and $344 thousand for third quarter 2016. Net loan charge-offs were $236 thousand for the third quarter 2017, $157 thousand for second quarter 2017 and $171 thousand for the third quarter 2016. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, was 0.82% for the third quarter 2017, versus 0.83% for second quarter 2017 and 0.78% for third quarter 2016.
Salisbury endeavors to work constructively to resolve its non-performing loan issues with customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral.
Capital
Book value per common share increased $0.35 to $35.01 from the second quarter 2017 and increased $1.09 as compared to the third quarter 2016. Tangible book value per common share increased $0.40 during third quarter 2017 to $29.34 and increased $0.71 as compared to the third quarter 2016.
The increase in shareholders’ equity of $981 thousand in the current quarter to $97.5 primarily reflected net income of $1.7 million, partly offset by common stock dividends paid of $0.8 million.
The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At September 30, 2017, Salisbury’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 8.49%, 13.20%, and 10.96%, respectively. The Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 9.20%, 12.77%, and 11.87%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively.
Third Quarter 2017 Dividends on Common Shares
The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at its October 27, 2017 meeting. The dividend will be paid on November 24, 2017 to shareholders of record as of November 10, 2017.
Background
Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and Dover Plains, Fishkill, Millerton, Newburgh, New Paltz, Poughkeepsie, and Red Oaks Mill, New York. The Bank offers a broad spectrum of consumer and business banking products and services as well as trust and wealth advisory services.
Forward-Looking Statements
This news release may contain statements relating to future results of Salisbury’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by management using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, which are available at the Securities and Exchange Commission’s website (www.sec.gov) and to which reference is hereby made. Forward-looking statements made by Salisbury in this news release speak only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS (unaudited)
| (dollars in thousands, except par value) | September 30, 2017 | December 31, 2016 | ||||
| ASSETS | ||||||
| Cash and due from banks | $ | 6,833 | $ | 5,434 | ||
| Interest bearing demand deposits with other banks | 42,570 | 30,051 | ||||
| Total cash and cash equivalents | 49,403 | 35,485 | ||||
| Securities | ||||||
| Available-for-sale at fair value | 85,508 | 79,623 | ||||
| Federal Home Loan Bank of Boston stock at cost | 3,038 | 3,211 | ||||
| Loans held-for-sale | 561 | - | ||||
| Loans receivable, net (allowance for loan losses: $6,494 and $6,127) | 784,136 | 763,184 | ||||
| Other real estate owned | 3,944 | 3,773 | ||||
| Bank premises and equipment, net | 16,329 | 14,398 | ||||
| Goodwill | 13,815 | 12,552 | ||||
| Intangible assets (net of accumulated amortization: $3,906 and $3,511) | 1,974 | 1,737 | ||||
| Accrued interest receivable | 2,520 | 2,424 | ||||
| Cash surrender value of life insurance policies | 14,297 | 14,038 | ||||
| Deferred taxes | 1,326 | 1,367 | ||||
| Other assets | 2,618 | 3,574 | ||||
| Total Assets | $ | 979,469 | $ | 935,366 | ||
| LIABILITIES and SHAREHOLDERS' EQUITY | ||||||
| Deposits | ||||||
| Demand (non-interest bearing) | $ | 225,496 | $ | 218,420 | ||
| Demand (interest bearing) | 139,521 | 127,854 | ||||
| Money market | 196,745 | 182,476 | ||||
| Savings and other | 152,570 | 135,435 | ||||
| Certificates of deposit | 117,657 | 117,585 | ||||
| Total deposits | 831,989 | 781,770 | ||||
| Repurchase agreements | 4,529 | 5,535 | ||||
| Federal Home Loan Bank of Boston advances | 27,364 | 37,188 | ||||
| Subordinated debt | 9,805 | 9,788 | ||||
| Note payable | 321 | 344 | ||||
| Capital lease liability | 1,859 | 418 | ||||
| Accrued interest and other liabilities | 6,076 | 6,316 | ||||
| Total Liabilities | 881,943 | 841,359 | ||||
| Shareholders' Equity | ||||||
| Common stock - $.10 per share par value | ||||||
| Authorized: 5,000,000; | ||||||
| Issued: 2,785,916 and 2,758,086 | 279 | 276 | ||||
| Paid-in capital | 42,983 | 42,085 | ||||
| Retained earnings | 54,368 | 51,521 | ||||
| Unearned compensation - restricted stock awards | (660 | ) | (352 | ) | ||
| Accumulated other comprehensive income, net | 556 | 477 | ||||
| Total Shareholders' Equity | 97,526 | 94,007 | ||||
| Total Liabilities and Shareholders' Equity | $ | 979,469 | $ | 935,366 | ||
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
| Periods ended September 30, (in thousands except per share amounts) | Three months ended | Nine months ended | |||||||
| 2017 | 2016 | 2017 | 2016 | ||||||
| Interest and dividend income | |||||||||
| Interest and fees on loans | $ | 8,196 | $ | 8,067 | $ | 24,544 | $ | 23,935 | |
| Interest on debt securities | |||||||||
| Taxable | 443 | 310 | 1,115 | 889 | |||||
| Tax exempt | 68 | 202 | 345 | 725 | |||||
| Other interest and dividends | 175 | 91 | 351 | 226 | |||||
| Total interest and dividend income | 8,882 | 8,670 | 26,355 | 25,775 | |||||
| Interest expense | |||||||||
| Deposits | 682 | 565 | 1,776 | 1,603 | |||||
| Repurchase agreements | 2 | 2 | 4 | 4 | |||||
| Capital lease | 29 | 17 | 66 | 53 | |||||
| Note payable | 6 | 6 | 13 | 15 | |||||
| Subordinated debt | 156 | 156 | 468 | 468 | |||||
| Federal Home Loan Bank of Boston advances | 241 | 237 | 769 | 714 | |||||
| Total interest expense | 1,116 | 983 | 3,096 | 2,857 | |||||
| Net interest and dividend income | 7,766 | 7,687 | 23,259 | 22,918 | |||||
| Provision for loan losses | 237 | 344 | 953 | 1,332 | |||||
| Net interest and dividend income after provision for loan losses | 7,529 | 7,343 | 22,306 | 21,586 | |||||
| Non-interest income | |||||||||
| Trust and wealth advisory | 874 | 849 | 2,620 | 2,517 | |||||
| Service charges and fees | 935 | 822 | 2,799 | 2,277 | |||||
| Gains on sales of mortgage loans, net | 25 | 55 | 104 | 151 | |||||
| Mortgage servicing, net | 104 | 40 | 180 | 119 | |||||
| Gains (losses) on sales and calls of available-for-sale securities, net | - | 9 | (14 | ) | 157 | ||||
| Other | 142 | 113 | 365 | 343 | |||||
| Total non-interest income | 2,080 | 1,888 | 6,054 | 5,564 | |||||
| Non-interest expense | |||||||||
| Salaries | 2,829 | 2,757 | 8,266 | 8,018 | |||||
| Employee benefits | 1,004 | 924 | 2,923 | 2,922 | |||||
| Premises and equipment | 995 | 809 | 2,797 | 2,546 | |||||
| Data processing | 545 | 473 | 1,521 | 1,369 | |||||
| Professional fees | 481 | 459 | 1,962 | 1,403 | |||||
| Collections, OREO, and loan related | 419 | 109 | 875 | 420 | |||||
| FDIC insurance | 106 | 164 | 354 | 474 | |||||
| Marketing and community support | 220 | 144 | 623 | 524 | |||||
| Amortization of intangibles | 142 | 148 | 395 | 455 | |||||
| Other | 479 | 513 | 1,561 | 1,846 | |||||
| Total non-interest expense | 7,220 | 6,500 | 21,277 | 19,977 | |||||
| Income before income taxes | 2,389 | 2,731 | 7,083 | 7,173 | |||||
| Income tax provision | 695 | 812 | 1,903 | 2,008 | |||||
| Net income | $ | 1,694 | $ | 1,919 | $ | 5,180 | $ | 5,165 | |
| Net income available to common stock | $ | 1,678 | $ | 1,904 | $ | 5,139 | $ | 5,124 | |
| Basic earnings per common share | $ | 0.61 | $ | 0.70 | $ | 1.87 | $ | 1.88 | |
| Weighted average common shares outstanding, to calculate basic earnings per share | 2,759 | 2,737 | 2,755 | 2,732 | |||||
| Diluted earnings per common share | 0.60 | 0.69 | 1.85 | 1.87 | |||||
| Weighted average common shares outstanding, to calculate diluted earnings per share | 2,779 | 2,751 | 2,774 | 2,747 | |||||
| Common dividends per share | 0.28 | 0.28 | 0.84 | 0.84 | |||||
Salisbury Bancorp, Inc. and Subsidiary
SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)
| At or for the three month periods ended | ||||||||||||||||
| (in thousands, except per share amounts and ratios) | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 | Q3 2016 | |||||||||||
| Total assets | $ | 979,469 | $ | 974,806 | $ | 939,549 | $ | 935,366 | $ | 928,445 | ||||||
| Loans receivable, net | 784,136 | 771,850 | 764,665 | 763,184 | 753,623 | |||||||||||
| Total securities | 88,546 | 84,468 | 80,359 | 82,834 | 79,738 | |||||||||||
| Deposits | 831,989 | 811,341 | 772,416 | 781,770 | 786,730 | |||||||||||
| FHLBB advances | 27,364 | 47,302 | 52,745 | 37,188 | 27,134 | |||||||||||
| Shareholders’ equity | 97,526 | 96,545 | 95,221 | 94,007 | 93,554 | |||||||||||
| Wealth assets under administration | 594,510 | 585,759 | 524,459 | 516,350 | 509,556 | |||||||||||
| Discretionary wealth assets under administration | 374,357 | 374,271 | 365,086 | 366,167 | 361,326 | |||||||||||
| Non-discretionary wealth assets under administration | 220,153 | 211,488 | 159,373 | 150,183 | 148,230 | |||||||||||
| Non-performing loans | 8,311 | 7,835 | 7,057 | 8,792 | 11,673 | |||||||||||
| Non-performing assets | 12,256 | 11,690 | 10,890 | 12,565 | 14,496 | |||||||||||
| Accruing loans past due 30-89 days | 3,449 | 2,961 | 11,689 | 4,537 | 5,889 | |||||||||||
| Net interest and dividend income (1) | 7,766 | 7,661 | 7,832 | 7,687 | 7,687 | |||||||||||
| Net interest and dividend income, tax equivalent (1) | 7,983 | 7,894 | 8,093 | 7,966 | 7,979 | |||||||||||
| Provision for loan losses | 237 | 364 | 352 | 503 | 344 | |||||||||||
| Non-interest income | 2,080 | 1,951 | 2,023 | 2,327 | 1,888 | |||||||||||
| Non-interest expense (1) | 7,220 | 6,751 | 7,306 | 7,411 | 6,500 | |||||||||||
| Income before income taxes | 2,389 | 2,497 | 2,197 | 2,100 | 2,731 | |||||||||||
| Income tax provision | 695 | 615 | 593 | 580 | 812 | |||||||||||
| Net income | 1,694 | 1,882 | 1,604 | 1,520 | 1,919 | |||||||||||
| Net income allocated to common shareholders | 1,678 | 1,867 | 1,594 | 1,509 | 1,904 | |||||||||||
| Per share data | ||||||||||||||||
| Basic earnings per common share | $ | 0.61 | $ | 0. 68 | $ | 0.58 | $ | 0.55 | $ | 0.70 | ||||||
| Diluted earnings per common share | 0.60 | 0.67 | 0.58 | 0.55 | 0.69 | |||||||||||
| Dividends per common share | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | |||||||||||
| Book value per common share | 35.01 | 34.66 | 34.38 | 34.07 | 33.92 | |||||||||||
| Tangible book value per common share - Non-GAAP ⁽2⁾ | 29.34 | 28.94 | 29.26 | 28.9 | 28.63 | |||||||||||
| Common shares outstanding at end of period | 2,786 | 2,785 | 2,770 | 2,758 | 2,758 | |||||||||||
| Weighted average common shares outstanding, to calculate basic earnings per share | 2,759 | 2,757 | 2,749 | 2,737 | 2,737 | |||||||||||
| Weighted average common shares outstanding, to calculate diluted earnings per share | 2,779 | 2,775 | 2,768 | 2,755 | 2,751 | |||||||||||
| Profitability ratios | ||||||||||||||||
| Net interest margin (tax equivalent) (1) | 3.50 | % | 3.58 | % | 3.69 | % | 3.45 | % | 3.57 | % | ||||||
| Efficiency ratio (3) | 67.18 | 66.56 | 68.68 | 67.08 | 64.13 | |||||||||||
| Effective income tax rate | 29.09 | 24.62 | 27.00 | 27.62 | 29.71 | |||||||||||
| Return on average assets | 0.69 | 0.77 | 0.70 | 0.65 | 0.81 | |||||||||||
| Return on average common shareholders’ equity | 6.89 | 7.82 | 6.83 | 6.43 | 8.20 | |||||||||||
| Credit quality ratios | ||||||||||||||||
| Net charge-offs to average loans receivable, gross | 0.03 | % | 0.02 | % | 0.03 | % | 0.04 | % | 0.02 | % | ||||||
| Non-performing loans to loans receivable, gross | 1.05 | 1.01 | 0.92 | 1.16 | 1.54 | |||||||||||
| Accruing loans past due 30-89 days to loans receivable, gross | 0.44 | 0.38 | 1.53 | 0.60 | 0.78 | |||||||||||
| Allowance for loan losses to loans receivable, gross | 0.82 | 0.83 | 0.82 | 0.79 | 0.78 | |||||||||||
| Allowance for loan losses to non-performing loans | 79.30 | 82.87 | 89.05 | 69.43 | 50.47 | |||||||||||
| Non-performing assets to total assets | 1.25 | 1.20 | 1.16 | 1.34 | 1.56 | |||||||||||
| Capital ratios | ||||||||||||||||
| Common shareholders' equity to assets | 9.96 | % | 9.90 | % | 10.13 | % | 10.05 | % | 10.08 | % | ||||||
| Tangible common shareholders' equity to tangible assets - Non-GAAP⁽2⁾ | 8.48 | 8.41 | 8.76 | 8.64 | 8.66 | |||||||||||
| Tier 1 leverage capital | 8.49 | 8.77 | 8.83 | 8.69 | 8.47 | |||||||||||
| Total risk-based capital | 13.20 | 13.12 | 13.34 | 13.26 | 13.25 | |||||||||||
| Common equity tier 1 capital | 10.96 | 10.88 | 11.10 | 11.02 | 11.01 | |||||||||||
(1) The net interest margin for 2Q 2017 and 1Q 2017 has been adjusted by $109,000 or (0.05%) and $121,000 or (0.06%), respectively to reflect an adjustment for deferred loan origination costs which were previously reported in compensation expense and have been reclassified as a reduction to loan income.
(2) Refer to schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.
(3) Calculated using SNL’s (publicly recognized resource of bank data) methodology, as follows: Noninterest expense before OREO expense, amortization of intangibles, and goodwill impairments as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains from securities transactions and litigation expenses.
Salisbury Bancorp, Inc. and Subsidiary
SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)
| At or for the quarters ended | |||||||||||||||
| (in thousands, except per share amounts and ratios) | Q3 2017 | Q2 2017 | Q1 2017 | Q4 2016 | Q3 2016 | ||||||||||
| Shareholders' Equity | $ | 97,526 | $ | 96,545 | $ | 95,221 | $ | 94,007 | $ | 93,554 | |||||
| Less: Goodwill | (13,815 | ) | (13,827 | ) | (12,552 | ) | (12,552 | ) | (12,552 | ) | |||||
| Less: Intangible assets | (1,974 | ) | (2,116 | ) | (1,611 | ) | (1,737 | ) | (1,883 | ) | |||||
| Tangible Common Shareholders' Equity | $ | 81,737 | $ | 80,602 | $ | 81,058 | $ | 79,718 | $ | 79,119 | |||||
| Total Assets | $ | 979,469 | $ | 974,806 | $ | 939,549 | $ | 935,366 | $ | 928,445 | |||||
| Less: Goodwill | (13,815 | ) | (13,827 | ) | (12,552 | ) | (12,552 | ) | (12,552 | ) | |||||
| Less: Intangible assets | (1,974 | ) | (2,116 | ) | (1,611 | ) | (1,737 | ) | (1,883 | ) | |||||
| Tangible Total Assets | $ | 963,680 | $ | 958,863 | $ | 925,386 | $ | 921,077 | $ | 914,010 | |||||
| Common Shares outstanding | 2,786 | 2,785 | 2,770 | 2,758 | 2,758 | ||||||||||
| Book value per Common Share – GAAP | $ | 35.01 | $ | 34.66 | $ | 34.38 | $ | 34.07 | $ | 33.92 | |||||
| Tangible book value per Common Share - Non-GAAP | 29.34 | 28.94 | 29.26 | 28.90 | 28.63 | ||||||||||
| Common Shareholders’ Equity to Assets – GAAP | 9.96% | 9.90% | 10.13% | 10.05% | 10.08% | ||||||||||
| Tangible Common Shareholders’ Equity to Tangible Assets – Non-GAAP | 8.48 | 8.41 | 8.76 | 8.64 | 8.66 | ||||||||||
| Non-interest expense | $ | 7,220 | $ | 6,751 | $ | 7,306 | $ | 7,411 | $ | 6,500 | |||||
| Less: Amortization of core deposit intangibles | (142 | ) | (126 | ) | (126 | ) | (146 | ) | (148 | ) | |||||
| Less: Foreclosed property expense | (318 | ) | (63 | ) | (232 | ) | (493 | ) | (27 | ) | |||||
| Less: Strategic initiatives | - | - | - | (155 | ) | - | |||||||||
| Operating expenses | $ | 6,760 | $ | 6,562 | $ | 6,948 | $ | 6,617 | $ | 6,325 | |||||
| Net interest and dividend income, tax equivalent | $ | 7,983 | $ | 7,894 | $ | 8,093 | $ | 7,966 | $ | 7,981 | |||||
| Non-interest income | 2,080 | 1,951 | 2,023 | 2,327 | 1,888 | ||||||||||
| Losses/ (gains) on securities, net | - | 14 | - | (427 | ) | (9 | ) | ||||||||
| Operating revenue | $ | 10,063 | $ | 9,859 | $ | 10,116 | $ | 9,866 | $ | 9,860 | |||||
| Efficiency Ratio | 67.18% | 66.56% | 68.68% | 67.08% | 64.13% | ||||||||||