Consolidated Condensed Statements of Financial Condition (dollars in thousands, except share and per share data) March 31, December 31, ASSETS 2016 2016 Cash and cash equivalents $ 168,896 $ 137,689 $ 137,095 $ 92,203 Investment securities - available for sale 10,234 13,726 23,117 28,467 Loans held for sale 2,410 2,701 6,227 2,720 Loans held for investment 1,054,324 1,021,387 1,021,203 956,229 Allowance for loan losses (12,937) (12,562) (12,966) (12,411) Net loans held for investment 1,041,387 1,008,825 1,008,237 943,818 Accrued interest receivable 3,828 3,872 3,815 3,472 Other real estate owned 206 206 206 206 Premises and equipment 7,599 7,669 7,787 7,705 Deferred income tax 8,068 7,877 7,957 12,804 Goodwill and other intangibles 8,655 8,794 8,963 9,298 Mortgage servicing rights 2,993 3,093 2,963 2,968 Indemnification asset 111 233 326 519 Accrued interest and other assets 11,538 10,753 10,580 9,833 TOTAL ASSETS $ 1,265,925 $ 1,205,438 $ 1,217,273 $ 1,114,013 LIABILITIES AND EQUITY Deposits Noninterest-bearing demand $ 286,876 $ 281,839 $ 311,026 $ 270,000 Savings, now and money market accounts 539,295 456,069 453,009 396,277 Time deposits 247,850 252,426 240,515 236,617 Total Deposits 1,074,021 990,334 1,004,550 902,894 Federal Home Loan Bank advances 31,000 58,000 60,000 65,000 Subordinated debentures 24,744 24,736 24,728 24,712 Accrued interest and other liabilities 9,905 9,747 9,302 8,622 Total Liabilities 1,139,670 1,082,817 1,098,580 1,001,228 Total stockholder's equity 126,255 122,621 118,693 112,785 TOTAL LIABILITIES AND EQUITY $ 1,265,925 $ 1,205,438 $ 1,217,273 $ 1,114,013 BASIC BOOK VALUE PER SHARE $ 4.19 $ 4.07 $ 3.95 $ 3.75 BASIC BOOK VALUE PER DILUTED SHARE $ 4.13 $ 4.00 $ 3.92 $ 3.73 TANGIBLE BOOK VALUE PER SHARE $ 3.91 $ 3.78 $ 3.65 $ 3.45 TANGIBLE BOOK VALUE PER DILUTED SHARE $ 3.85 $ 3.72 $ 3.62 $ 3.42 BASIC SHARES OUTSTANDING 30,101,101 30,101,101 30,039,244 30,039,244 DILUTED SHARES OUTSTANDING 30,533,833 30,639,512 30,280,152 30,248,140
Consolidated Condensed Statements of Operations (dollars in thousands, except share and per share data) Quarter-to-Date Quarter-to-Date Quarter-to-Date Year-to-Date Year-to-Date March 31, 2016 2016 Interest income $ 15,745 $ 15,225 $ 13,685 $ 30,969 $ 26,868 Interest expense 1,976 1,844 1,598 3,819 3,088 Net Interest Income 13,769 13,381 12,087 27,150 23,780 Provision for loan losses 383 (302) 310 81 897 Net interest income after provision for loan losses 13,386 13,683 11,777 27,069 22,883 Non-interest income Loan servicing and other fees 300 393 334 694 706 Bank and other fee income 238 266 298 503 603 Net gain from loan sales 584 816 1,174 1,400 1,906 Other income 509 320 719 828 1,596 Total non-interest income 1,631 1,795 2,525 3,425 4,811 Noninterest expense Compensation and benefits 5,875 6,223 6,134 12,098 12,412 Premises and occupancy 926 913 1,131 1,839 2,193 Data processing 531 586 613 1,117 1,227 Other real estate owned expenses 15 - - 15 - FDIC insurance premiums 93 101 136 195 285 Professional fees 529 520 557 1,049 1,184 Marketing expense 237 244 191 481 362 Other expenses 741 582 542 1,321 1,354 Total non-interest expense 8,947 9,169 9,304 18,115 19,017 Income before income taxes 6,070 6,309 4,998 12,379 8,677 Provision for income taxes 2,536 2,622 2,043 5,157 3,399 Net income (loss) $ 3,534 $ 3,687 $ 2,955 $ 7,222 $ 5,278 EARNINGS PER SHARE - BASIC $ 0.12 $ 0.12 $ 0.10 $ 0.24 $ 0.18 EARNINGS PER SHARE - DILUTED $ 0.12 $ 0.12 $ 0.10 $ 0.24 $ 0.17 BASIC WEIGHTED AVERAGE SHARES 30,101,101 30,055,956 30,038,145 30,078,653 30,036,195 DILUTED WEIGHTED AVERAGE SHARES 30,557,316 30,653,562 30,237,144 30,511,385 30,243,181 RETURN ON AVERAGE ASSETS 1.19% 1.25% 1.09% 1.22% 0.99% RETURN ON AVERAGE EQUITY 11.32% 12.17% 10.58% 11.74% 9.57%
Loans Held for Investment Portfolio Composition March 31, December 31, 2016 2016 Construction and land development $ 10,321 $ 12,130 $ 10,574 $ 15,259 Commercial real estate and other 673,362 651,455 637,932 569,246 Commercial 180,013 169,161 181,115 174,547 Residential real estate 121,308 122,025 125,248 138,647 Consumer 73,091 70,429 70,148 62,482 Total 1,058,095 1,025,200 1,025,017 960,181 Allowance for loan losses (12,937) (12,562) (12,966) (12,411) Deferred loan fees and discounts, net of costs (3,771) (3,813) (3,814) (3,952) Total net loans $ 1,041,387 $ 1,008,825 $ 1,008,237 $ 943,818 Non-Performing Assets March 31, December 31, 2016 2016 Non-Accrual Assets Loans $ 4,723 $ 5,839 $ 2,579 $ 866 OREO 206 206 206 206 Delinquency Loans 30-89 days past due $ 454 $ 537 $ 2,978 $ 492 90 days and greater 645 4,778 1,819 435 Loan Origination Quarter ended Year to date March 31, 2016 2016 Consumer Loans $ 8,234 $ 7,347 $ 9,980 $ 15,581 $ 17,565 Commercial loans 39,489 28,964 14,303 68,452 28,756 Real Estate Loans 60,362 49,862 59,621 110,224 124,173 Total Loans $ 108,085 $ 86,173 $ 83,904 $ 194,257 $ 170,494
Consolidated Plaza Bancorp Net Interest Margin Quarter-to-date March 31, 2016 Average Average Average Average Average Average Earning assets: Balance Interest Yield/Cost Balance Interest Yield/Cost Balance Interest Yield/Cost Interest-earning cash balances $ 96,713 $ 225 0.93% $ 93,172 $ 201 0.87% $ 66,394 $ 90 0.54% Federal funds sold - - 0.00% - - 0.00% - - 0.00% Investment securities 11,599 41 1.42% 17,851 57 1.29% 29,038 84 1.16% Interest only strip 324 10 12.38% 338 11 13.20% 669 20 11.99% Loans receivable 1,035,339 15,469 5.99% 1,024,251 14,956 5.92% 939,113 13,491 5.76% Total earning assets 1,143,975 15,745 5.52% 1,135,612 15,225 5.44% 1,035,214 13,685 5.30% Non-interest-earning assets 40,771 41,903 46,521 Total assets $ 1,184,746 $ 1,177,515 $ 1,081,735 Liabilities and Equity: Non-interest transaction accounts 283,883-0.00% 281,438-0.00% 270,115-0.00% Interest-bearing liabilities: Interest bearing transaction accounts 469,985 754 0.64% 470,432 669 0.58% 410,870 489 0.48% Retail certificate accounts 169,498 509 1.20% 172,874 473 1.11% 152,480 393 1.03% Wholesale certificates of deposit 80,602 212 1.05% 73,967 191 1.05% 68,395 176 1.03% Total Deposits 1,003,968 1,475 0.59% 998,711 1,333 0.54% 901,860 1,058 0.47% Federal Home Loan Bank advances 20,286 48 0.95% 22,900 58 1.03% 34,593 88 1.02% Subordinated debentures 24,740 453 7.34% 24,732 453 7.43% 24,709 454 7.37% Total funding liabilities 1,048,994 1,976 0.76% 1,046,343 1,844 0.71% 961,162 1,598 0.67% Non-interest-bearing liabilities 10,838 9,986 8,815 Total liabilities 1,059,832 1,056,329 969,977 Equity 124,914 121,186 111,758 Total liabilities and equity $ 1,184,746 $ 1,177,515 $ 1,081,735 Net interest income $ 13,769 $ 13,381 $ 12,087 Net interest rate spread 4.76% 4.72% 4.64% Net interest margin 4.83% 4.78% 4.68%
Consolidated Plaza Bancorp Net Interest Margin Year-to-date Year-to-date 2016 Average Average Average Average Earning assets: Balance Interest Yield/Cost Balance Interest Yield/Cost Interest-earning cash balances $ 94,952 $ 426 0.90% $ 67,565 $ 178 0.53% Federal funds sold - - 0.00% - - 0.00% Investment securities 14,708 98 1.34% 29,344 177 1.21% Interest only strip 331 20 12.18% 703 42 11.98% Loans receivable 1,029,826 30,425 5.96% 917,968 26,471 5.78% Total earning assets 1,139,817 30,969 5.48% 1,015,580 26,868 5.31% Non-interest-earning assets 41,334 47,429 Total assets $ 1,181,151 $ 1,063,009 Liabilities and Equity: Non-interest transaction accounts 282,667-0.00% 276,045-0.00% Interest-bearing liabilities: Interest bearing transaction accounts 470,207 1,423 0.61% 395,574 919 0.47% Retail certificate accounts 171,177 982 1.16% 153,101 782 1.02% Wholesale certificates of deposit 77,303 403 1.05% 61,657 318 1.03% Total Deposits 1,001,354 2,808 0.57% 886,377 2,019 0.46% Federal Home Loan Bank advances 21,586 106 0.99% 31,654 163 1.03% Subordinated debentures 24,736 905 7.38% 24,704 906 7.35% Total funding liabilities 1,047,676 3,819 0.74% 942,735 3,088 0.66% Non-interest-bearing liabilities 10,415 9,916 Total liabilities 1,058,091 952,651 Equity 123,060 110,358 Total liabilities and equity $ 1,181,151 $ 1,063,009 Net interest income $ 27,150 $ 23,780 Net interest rate spread 4.74% 4.65% Net interest margin 4.80% 4.70% Ratio of interest-earning assets to interest-bearing liabilities 149% 152%