Selected Financial Data (Dollars in thousands, except share data and per share data)

Transcription

1 Selected Financial Data (Dollars in thousands, except share data and per share data) For the quarters ended, For the quarters ended September 30, For the nine-months ended September 30, June 30, December 31, Selected Balances Total assets $ 997,756 $ 837,014 $ 970,896 $ 909,305 Total investment securities 118,270 99, , ,988 Total loans, net of deferred fees 827, , , ,102 Allowance for loan losses (7,271) (5,891) (7,012) (6,452) Total deposits 846, , , ,991 Subordinated debt 24,307 24,227 24,287 24,247 Other borrowings 27,600 2,500 4,100 27,000 Total shareholders equity 97,545 79,658 85,048 79,811 Summary Results of Operations Interest income $ 10,312 $ 8,381 $ 29,501 $ 23,830 $ 9,801 $ 8,758 Interest expense 2,141 1,512 5,845 3,733 1,913 1,653 Net interest income 8,171 6,869 23,656 20,097 7,888 7,105 Provision for loan losses Net interest income after provision for loan losses 7,921 6,284 22,891 19,187 7,723 6,544 Noninterest income - gains on securities sold Noninterest income - service charges and other income , Noninterest expense 4,862 4,079 14,423 12,182 4,844 4,264 Income before taxes 3,412 2,503 9,972 7,930 3,237 2,575 Income tax expense 1, ,287 2,736 1, Net income 2,235 1,640 6,685 5,194 2,120 1,740 Per Share Data (1) Net income, basic $ 0.21 $ 0.16 $ 0.65 $ 0.51 $ 0.21 $ 0.17 Net income, diluted $ 0.19 $ 0.15 $ 0.59 $ 0.47 $ 0.19 $ 0.16 Book value $ 8.98 $ 7.83 $ 8.32 $ 7.84 Tangible Book value $ 8.98 $ 7.81 $ 8.30 $ 7.83 Shares outstanding 10,856,704 10,178,909 10,224,971 10,178,909 Selected Ratios Net interest margin (2) 3.48% 3.49% 3.46% 3.59% 3.46% 3.38% Return on average assets 0.93% 0.81% 0.95% # 0.90% 0.91% 0.81% Return on average equity 9.83% 8.28% 10.40% 9.00% 10.05% 8.66% Efficiency (3) 57.14% % % 58.15% 58.91% 57.62% Loans, net of deferred to total deposits 97.67% 94.31% 93.24% 98.98% Noninterest-bearing deposits to total deposits 21.14% 23.41% 20.15% 21.35% Capital Ratios Tangible common equity (to tangible assets) 9.77% 9.50% 8.75% 8.77% Total capital (to risk weighted assets) 13.69% 14.61% 13.10% 13.11% Common equity tier 1 capital (to risk weighted assets) 12.90% 13.80% 12.30% 12.34% Tier 1 capital (to risk weighted assets) 12.90% 13.80% 12.30% 12.34% Tier 1 leverage (to average assets) 12.25% 12.40% 11.51% 11.88% Asset Quality Nonperforming assets and loans 90+ past due $ 3,079 $ 73 $ 2,897 $ 249 Troubled debt restructurings (TDRs) $ 4,348 $ 11,564 $ 4,723 $ 11,509 Nonperforming assets and loans 90+ past due to total assets (excl. TDRs) 0.31% 0.01% 0.30% 0.03% Allowance for loan losses to loans 0.88% 0.86% 0.88% 0.84% Allowance for loan losses to nonperforming assets % % % 2,591.16% Net charge-offs (recovery) $ (9) $ 1,032 $ (54) $ 1,257 $ (71) $ - - Net charge-offs (recovery) to average loans 0.00% 0.15% -0.01% 0.19% -0.01% 0.00% Selected Average Balances Total assets $ 964,418 $ 807,960 $ 936,624 $ 766,753 $ 936,590 $ 860,948 Total earning assets $ 938,895 $ 788,300 $ 938,895 $ 727,179 $ 910,836 $ 840,881 Total loans, net of deferred $ 811,901 $ 666,978 $ 789,704 $ 636,608 $ 791,731 $ 708,432 Total deposits $ 838,328 $ 695,440 $ 838,328 $ 669,406 $ 793,503 $ 749,430 Other Data Noninterest-bearing $ 178,989 $ 170,721 $ 172,584 $ 165,662 Interest-bearing checking, savings and money market $ 349,804 $ 344,740 $ 380,261 $ 369,281 Time deposits $ 232,526 $ 168,007 $ 209,548 $ 178,884 Wholesale deposits $ 85,535 $ 45,780 $ 94,050 $ 62,164 (1) All per share data calculations have been retroactively adjusted for the five-for-four stock split declared September (2) The average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 34.5% for 2017 and (3) Efficiency ratio is calculated as total non-interest expense divided by the total of net interest income and non-interest income less net securities gains (losses).

2 Summary Consolidated Statements of Condition (Dollars in thousands) % Change % Change Current From 9/30/2017 6/30/2017 Quarter 12/31/2016 9/30/2016 Year Ago Cash and due from banks $ 7,144 $ 8, % $ 5,174 $ 4, % Interest-bearing deposits at other financial institutions 22, % 3,510 29, % Investment securities 118, , % 113,988 99, % Restricted stock, at cost 4,607 3, % 4,432 3, % Loans, net of fees: Commercial real estate 516, , % 475, , % Commercial and industrial 89,228 87, % 112,047 81, % Commercial construction 99,999 90, % 52,883 63, % Consumer residential 105, , % 107, , % Consumer nonresidential 16,146 16, % 19,512 21, % Consumer construction % 0 4, % Total loans, net of fees 827, , % 768, , % Allowance for loan losses (7,271) (7,012) 3.7 % (6,452) (5,891) 23.4 % Loans, net 819, , % 761, , % Premises and equipment, net 1,254 1, % 1,271 1, % Bank-owned life insurance 15,854 15, % 10,828 10, % Other assets 8,671 8, % 8,452 7, % TOTAL ASSETS $ 997,756 $ 970, % $ 909,305 $ 837, % Deposits: Noninterest-bearing $ 178,989 $ 172, % $ 165,662 $ 170, % Interest-bearing checking 182, , % 196, , % Savings and money market 167, , % 173, , % Time deposits 232, , % 178, , % Wholesale deposits 85,535 94, % 62,164 60, % Total deposits 846, , % 775, , % Other borrowed funds 27,600 4, % 27,000 2,500 1,004.0 % Subordinated notes, net of issuance costs 24,307 24, % 24,247 24, % Other liabilities 1,450 1, % 2,256 1, % Shareholders equity 97,545 85, % 79,811 79, % TOTAL LIABILITIES & SHAREHOLDERS EQUITY $ 997,756 $ 970, % $ 909,305 $ 837, %

3 Summary Consolidated Income Statements (In thousands, except per share data) For the Three Months Ended % Change % Change Current From 9/30/2017 6/30/2017 Quarter 9/30/2016 Year Ago Net interest income $ 8,170 $ 7, % $ 6, % Provision for loan losses % % Net interest income after provision for loan losses 7,920 7, % 6, % Noninterest income: Fees on Loans % % Service charges on deposit accounts % % Gains on sale of securities available-for-sale % % BOLI income % % Other fee income % % Total noninterest income % % Noninterest expense: Salaries and employee benefits 2,950 3, % 2, % Occupancy and equipment expense % % Data processing and network administration % % State franchise taxes % % Professional fees % % Other operating expense % % Total non-interest expense 4,861 4, % 4, % Income before income taxes 3,412 3, % 2, % Income tax expense 1,177 1, % % NET INCOME $ 2,235 $ 2, % $ 1, % Earnings per common share - basic $ 0.21 $ % $ % Earnings per common share - diluted $ 0.19 $ % $ %

4 Summary Consolidated Income Statements (In thousands, except per share data) For the Nine Months Ended % Change From 9/30/2017 9/30/2016 Year Ago Net interest income $ 23,656 $ 20, % Provision for loan losses % Net interest income after provision for loan losses 22,891 19, % Noninterest income: Fees on Loans % Service charges on deposit accounts % Gains on sale of securities available-for-sale % BOLI income % Other fee income % Total noninterest income 1, % Noninterest expense: Salaries and employee benefits 8,798 7, % Occupancy and equipment expense 1,672 1, % Data processing and network administration % State franchise taxes % Professional fees % Other operating expense 2,083 1, % Total non-interest expense 14,424 12, % Income before income taxes 9,971 7, % Income tax expense 3,287 2, % NET INCOME $ 6,684 $ 5, % Earnings per common share - basic $ 0.65 $ % Earnings per common share - diluted $ 0.59 $ %

5 Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities (Dollars in thousands) For the Three Months Ended 9/30/2017 6/30/2017 9/30/2016 Average Average Average Average Average Average Balance Yield Balance Yield Balance Yield Interest-earning assets: Loans receivable, net of fees Commercial real estate $ 514, % $ 487, % $ 394, % Commercial and industrial 85, % 88, % 83, % Commercial construction 91, % 92, % 63, % Consumer residential 103, % 105, % 99, % Consumer nonresidential 16, % 17, % 21, % Consumer construction % % 4, % Total loans 811, % 791, % 666, % Investment securities (1) 119, % 113, % 102, % Interest-bearing deposits at other financial institutions 7, % 5, % 18, % Total interest-earning assets 938, % 910, % 788, % Non-interest earning assets: Cash and due from banks 7,143 7,306 6,949 Premises and equipment, net 1,337 1,455 1,261 Accrued interest and other assets 24,167 23,854 17,583 Allowance for loan losses (7,125) (6,861) (6,133) TOTAL ASSETS $ 964,418 $ 936,590 $ 807,960 Interest-bearing liabilities: Interest checking $ 195, % $ 223, % $ 178, % Savings and money market 157, % 137, % 161, % Time deposits 228, % 190, % 154, % Wholesale deposits 81, % 73, % 41, % Total interest-bearing deposits 663, % 626, % 536, % Other borrowed funds 8, % 32, % 7, % Subordinated notes, net of issuance costs 24, % 24, % 24, % Total interest-bearing liabilities 695, % 683, % 568, % Noninterest-bearing liabilities: Noninterest-bearing deposits 175, , ,766 Other liabilities 2,773 1,968 1,384 Shareholders equity 90,948 84,398 79,273 TOTAL LIABILITIES & SHAREHOLDERS EQUITY $ 964,425 $ 936,590 $ 807,960 NET INTEREST MARGIN (1) 3.48 % 3.46 % 3.49 % (1) The average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 34.5% for 2017 and 2016.

6 Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities (Dollars in thousands) For the Nine Months Ended 9/30/2017 9/30/2016 Average Average Average Average Balance Yield Balance Yield Interest-earning assets: Loans receivable, net of fees Commercial real estate $ 493, % $ 386, % Commercial and industrial 92, % 84, % Commercial construction 81, % 57, % Consumer residential 105, % 93, % Consumer nonresidential 17, % 19, % Consumer construction % 4, % Total loans 789, % 646, % Investment securities (1) 116, % 83, % Interest-bearing deposits at other financial institutions 6, % 17, % Total interest-earning assets 912, % 747, % Non-interest earning assets: Cash and due from banks 7,010 6,450 Premises and equipment, net 1,414 1,362 Accrued interest and other assets 22,330 17,462 Allowance for loan losses (6,847) (6,223) TOTAL ASSETS $ 936,624 $ 766,753 Interest-bearing liabilities: Interest checking $ 207, % $ 164, % Savings and money market 156, % 153, % Time deposits 200, % 154, % Wholesale deposits 73, % 53, % Total interest-bearing deposits 638, % 525, % Other borrowed funds 19, % 9, % Subordinated notes, net of issuance costs 24, % 9, % Total interest-bearing liabilities 681, % 544, % Noninterest-bearing liabilities: Noninterest-bearing deposits 167, ,424 Other liabilities 2,249 1,583 Shareholders equity 85,677 76,977 TOTAL LIABILITIES & SHAREHOLDERS EQUITY $ 936,624 $ 766,753 NET INTEREST MARGIN (1) 3.46 % 3.59 % (1) The average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 34.5% for 2017 and 2016.