Eagle’s board of directors declared a quarterly cash dividend of
“Our record third quarter results were highlighted by higher mortgage banking operations, as a result of the historically low interest rate environment, and substantial gains from loan sales. Despite a highly competitive market, our loan growth has been substantial, and our loan pipeline remains strong,” said
COVID-19 Preparations as of September 30, 2020:
- Industry Exposure: Eagle’s exposure, as a percentage of total loans, to some of the industries with business revenues dramatically impacted by the pandemic include health care and social assistance (28.89%), hotels and lodging (28.51%), bars and restaurants (18.59%), casinos (8.83%), and nursing homes (3.21%).
- Loan Accommodations: The bank has offered multiple accommodation options to its clients, including 90-day deferrals, interest only payments, and forbearances. As of
September 30, 2020 , remaining loan modifications for 66 borrowers represented$55.3 million in loans or 6.51% of total loans, compared to 315 borrowers, representing$125.7 million or 15.0% of total loans, three months earlier. Approximately 56.14% of loans originally modified, or 249 borrowers, are now performing according to the loan agreements, and an estimated additional 34 borrowers, representing$26.8 million in loans, are expected to return to normal status before year end. The bank qualified 26 borrowers for the MBOI program representing$23.7 million in loans, which are included in the third quarter modification totals. There remain approximately 76 forbearances approved for residential mortgage loans, of which 68 are sold and serviced. Utilization of credit lines were 83.4% at the end of the third quarter, compared to 83.4% at the end of the previous quarter, which aligns with historical usage rates. Small Business Administration (SBA) Paycheck Protection Program (PPP): Eagle began taking loan applications from its small business clients immediately after the program was implemented inApril 2020 , and as of the close of the program, Eagle had helped 758 of its customers receive$45.2 million in SBA PPP loans. Eagle is now starting to process applications for PPP loan forgiveness for customers, with 569 loans, representing$9.9 million , qualifying for the streamlined PPP loan forgiveness application.- Provision for Loan Losses: Due to the economic slowdown resulting from the COVID-19 pandemic, Eagle recorded total provision for loan losses of
$854,000 for the third quarter of 2020 with$404,000 related to economic slowdown and$450,000 related to loan growth. - Deposit Accommodations: The Bank halted deposit fees associated with early withdrawal requests to assist depositors with funding needs.
- Liquidity Changes: Through the quarter ended
September 30, 2020 , the liquidity level remained consistent with the prior quarters. Eagle used Federal Reserve’s Paycheck Protection Program Liquidity Facility (“PPPLF”) as a partial source of funding for its SBA PPP loans.
Third Quarter 2020 Highlights (at or for the three-month period ended
- Net income increased 55.4% to
$6.4 million , or$0.94 per diluted share, in the third quarter of 2020, compared to$4.1 million , or$0.63 per diluted share, in the third quarter of 2019, and increased 11.2% compared to$5.7 million , or$0.84 per diluted share in the preceding quarter. - Annualized return on average assets was 2.05%.
- Annualized return on average equity was 17.77%.
- Net interest margin (“NIM”) was 3.83% in the third quarter of 2020, compared to 3.85% in the preceding quarter, and 4.15% in the third quarter a year ago.
- Revenues (net interest income before the provision for loan losses, plus non-interest income) increased 6.7% to a record
$25.7 million in the third quarter of 2020, compared to$24.1 million in the previous quarter, and increased 42.1% compared to$18.1 million in the third quarter a year ago. - Purchase discount on loans from the
Western Holding Company ofWolf Point portfolio was$1.2 million atJanuary 1, 2020 , (the “acquisition date”) of which$654,000 remained as ofSeptember 30, 2020 . - Purchase discount on loans from acquisitions prior to 2020 totaled
$1.3 million as ofSeptember 30, 2020 . - The accretion of the loan purchase discount into loan interest income from the
Western Holding Company ofWolf Point , and previous acquisitions was$467,000 in the third quarter of 2020, compared to interest accretion on purchased loans from acquisitions of$357,000 in the preceding quarter. - The allowance for loan losses represented 151.0% of nonperforming loans at
September 30, 2020 , compared to 221.0% a year earlier. - Total loans increased 12.6% to
$848.5 million atSeptember 30, 2020 , compared to$753.6 million a year earlier. - Total deposits increased 26.5% to
$998.3 million atSeptember 30, 2020 , compared to$789.5 million a year ago. - Eagle remained well capitalized with a tangible common shareholders’ equity ratio of 10.07% at September 30, 2020.
- Declared a quarterly cash dividend of
$0.0975 per share.
Recent Events
On
Acquisitions
On
On
Balance Sheet Results
Total assets increased 22.8% to
“Our recent acquisitions and SBA PPP loans have supported strong balance sheet growth, with total loans increasing 12.6% year-over-year, resulting in solid overall expansion of the loan portfolio,” said Johnson. Total loans were
Eagle originated
Commercial real estate loans decreased 2.9% to
Total deposits increased 26.5% to
Shareholders’ equity increased 22.3% to
Operating Results
Eagle’s NIM was 3.83% in the third quarter of 2020, compared to 3.85% in the preceding quarter, and 4.15% in the third quarter a year ago. “The 175-basis point short-term interest rate reductions by the
Eagle’s third quarter revenues were
Net interest income, before the provision for loan losses, increased 3.4% to
Noninterest income increased 9.3% to
Eagle’s third quarter noninterest expenses were
For the third quarter of 2020, the income tax provision totaled
Credit Quality
“Even though we continue to operate with sound credit quality metrics and minimal charge-offs, we recorded a substantial provision for loan losses during the third quarter based on the impact of the pandemic on our
Nonperforming loans (“NPLs”) were
Eagle’s total other real estate owned (“OREO”) and other repossessed assets improved to
Net loan charge-offs totaled
Capital Management
About the Company
Forward Looking Statements
This release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as "believe," “will”’ "expect," "anticipate," "should," "planned," "estimated," and "potential." These forward-looking statements include, but are not limited to statements of our goals, intentions and expectations; statements regarding our business plans, prospects, mergers with
Use of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles utilized in
The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Reconciliation of the GAAP and non-GAAP financial measures are presented below.
Contacts: | |
(406) 457-4006 | |
(406) 457-4007 |
Balance Sheet | ||||||||||||
(Dollars in thousands, except per share data) | (Unaudited) | |||||||||||
2020 | 2020 | 2019 | ||||||||||
Assets: | ||||||||||||
Cash and due from banks | $ | 19,879 | $ | 12,555 | $ | 9,697 | ||||||
Interest bearing deposits in banks | 7,672 | 11,028 | 3,589 | |||||||||
Federal funds sold | 45,260 | 29,305 | - | |||||||||
Total cash and cash equivalents | 72,811 | 52,888 | 13,286 | |||||||||
Securities available-for-sale | 165,353 | 174,526 | 136,383 | |||||||||
FHLB stock | 2,817 | 4,057 | 4,167 | |||||||||
FRB stock | 2,974 | 2,601 | 2,526 | |||||||||
Mortgage loans held-for-sale, at fair value | 41,484 | 57,715 | 24,913 | |||||||||
Loans: | ||||||||||||
Real estate loans: | ||||||||||||
Residential 1-4 family | 110,021 | 111,954 | 110,291 | |||||||||
Residential 1-4 family construction | 42,814 | 38,864 | 32,776 | |||||||||
Commercial real estate | 308,485 | 320,634 | 317,829 | |||||||||
Commercial construction and development | 56,927 | 53,388 | 51,647 | |||||||||
Farmland | 67,061 | 58,609 | 46,681 | |||||||||
Other loans: | ||||||||||||
Home equity | 61,460 | 58,755 | 56,537 | |||||||||
Consumer | 20,694 | 20,231 | 19,012 | |||||||||
Commercial | 123,303 | 122,182 | 73,059 | |||||||||
Agricultural | 60,308 | 58,823 | 46,893 | |||||||||
Unearned loan fees | (2,595 | ) | (2,611 | ) | (1,156 | ) | ||||||
Total loans | 848,478 | 840,829 | 753,569 | |||||||||
Allowance for loan losses | (11,300 | ) | (10,500 | ) | (8,200 | ) | ||||||
Net loans | 837,178 | 830,329 | 745,369 | |||||||||
Accrued interest and dividends receivable | 6,615 | 6,075 | 5,318 | |||||||||
Mortgage servicing rights, net | 9,518 | 8,334 | 8,218 | |||||||||
Premises and equipment, net | 54,450 | 52,897 | 38,628 | |||||||||
Cash surrender value of life insurance, net | 27,064 | 26,058 | 23,460 | |||||||||
20,798 | 20,798 | 15,710 | ||||||||||
Core deposit intangible, net | 2,505 | 2,669 | 2,961 | |||||||||
Other assets | 11,461 | 9,487 | 1,282 | |||||||||
Total assets | $ | 1,255,028 | $ | 1,248,434 | $ | 1,022,221 | ||||||
Liabilities: | ||||||||||||
Deposit accounts: | ||||||||||||
Noninterest bearing | 295,058 | 271,259 | 199,086 | |||||||||
Interest bearing | 703,272 | 684,185 | 590,375 | |||||||||
Total deposits | 998,330 | 955,444 | 789,461 | |||||||||
Accrued expenses and other liabilities | 18,419 | 20,458 | 10,266 | |||||||||
Deferred tax liability, net | 1,367 | 541 | 420 | |||||||||
FHLB advances and other borrowings | 59,777 | 90,786 | 76,699 | |||||||||
Other long-term debt, net | 29,772 | 39,676 | 24,925 | |||||||||
Total liabilities | 1,107,665 | 1,106,905 | 901,771 | |||||||||
Shareholders' Equity: | ||||||||||||
Preferred stock (par value | ||||||||||||
authorized; no shares issued or outstanding) | - | - | - | |||||||||
Common stock (par value | ||||||||||||
7,110,833, 7,110,833 and 6,714,983 shares issued; | ||||||||||||
6,756,107, 6,817,602 and 6,403,693 shares outstanding at | ||||||||||||
71 | 71 | 67 | ||||||||||
Additional paid-in capital | 77,612 | 77,506 | 68,894 | |||||||||
Unallocated common stock held by Employee Stock Ownership Plan | (185 | ) | (227 | ) | (352 | ) | ||||||
(4,630 | ) | (3,664 | ) | (3,850 | ) | |||||||
Retained earnings | 69,478 | 63,757 | 53,664 | |||||||||
Accumulated other comprehensive income, net of tax | 5,017 | 4,086 | 2,027 | |||||||||
Total shareholders' equity | 147,363 | 141,529 | 120,450 | |||||||||
Total liabilities and shareholders' equity | $ | 1,255,028 | $ | 1,248,434 | $ | 1,022,221 |
Income Statement | (Unaudited) | (Unaudited) | |||||||||||
(Dollars in thousands, except per share data) | Three Months Ended | Nine Months Ended | |||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||
Interest and dividend income: | |||||||||||||
Interest and fees on loans | $ | 11,340 | $ | 11,060 | $ | 10,731 | $ | 33,832 | $ | 31,378 | |||
Securities available-for-sale | 874 | 952 | 916 | 2,853 | 2,802 | ||||||||
FRB and FHLB dividends | 95 | 95 | 107 | 284 | 297 | ||||||||
Other interest income | 30 | 26 | 19 | 134 | 55 | ||||||||
Total interest and dividend income | 12,339 | 12,133 | 11,773 | 37,103 | 34,532 | ||||||||
Interest expense: | |||||||||||||
Interest expense on deposits | 779 | 945 | 1,022 | 3,063 | 2,733 | ||||||||
FHLB advances and other borrowings | 261 | 342 | 692 | 1,066 | 1,942 | ||||||||
Other long-term debt | 521 | 423 | 360 | 1,296 | 1,089 | ||||||||
Total interest expense | 1,561 | 1,710 | 2,074 | 5,425 | 5,764 | ||||||||
Net interest income | 10,778 | 10,423 | 9,699 | 31,678 | 28,768 | ||||||||
Loan loss provision | 854 | 1,227 | 694 | 2,751 | 1,995 | ||||||||
Net interest income after loan loss provision | 9,924 | 9,196 | 9,005 | 28,927 | 26,773 | ||||||||
Noninterest income: | |||||||||||||
Service charges on deposit accounts | 282 | 216 | 329 | 814 | 882 | ||||||||
Net gain on sale of loans | 11,101 | 7,920 | 5,492 | 24,432 | 11,451 | ||||||||
Mortgage banking, net | 2,204 | 3,358 | 1,390 | 7,164 | 2,477 | ||||||||
Interchange and ATM fees | 407 | 379 | 364 | 1,123 | 977 | ||||||||
Appreciation in cash surrender value of life insurance | 160 | 160 | 254 | 480 | 571 | ||||||||
Net gain on sale of available-for-sale securities | - | 1,068 | - | 1,068 | 49 | ||||||||
Net gain on sale/disposal of premises and equipment | - | - | 438 | 4 | 438 | ||||||||
Other noninterest income | 817 | 597 | 153 | 1,888 | 772 | ||||||||
Total noninterest income | 14,971 | 13,698 | 8,420 | 36,973 | 17,617 | ||||||||
Noninterest expense: | |||||||||||||
Salaries and employee benefits | 11,325 | 9,267 | 7,555 | 28,274 | 20,057 | ||||||||
Occupancy and equipment expense | 1,280 | 1,188 | 1,152 | 3,677 | 3,229 | ||||||||
Data processing | 1,168 | 1,089 | 933 | 3,507 | 2,715 | ||||||||
Advertising | 208 | 167 | 320 | 624 | 800 | ||||||||
Amortization | 165 | 166 | 254 | 495 | 761 | ||||||||
Loan costs | 566 | 398 | 242 | 1,211 | 554 | ||||||||
75 | 3 | (36 | ) | 147 | 79 | ||||||||
76 | 86 | 90 | 260 | 237 | |||||||||
Professional and examination fees | 389 | 407 | 182 | 1,081 | 767 | ||||||||
Acquisition costs | - | 29 | 517 | 157 | 1,693 | ||||||||
Other noninterest expense | 1,093 | 2,333 | 1,015 | 4,893 | 2,826 | ||||||||
Total noninterest expense | 16,345 | 15,133 | 12,224 | 44,326 | 33,718 | ||||||||
Income before provision for income taxes | 8,550 | 7,761 | 5,201 | 21,574 | 10,672 | ||||||||
Provision for Income taxes | 2,170 | 2,026 | 1,096 | 5,532 | 2,137 | ||||||||
Net income | $ | 6,380 | $ | 5,735 | $ | 4,105 | $ | 16,042 | $ | 8,535 | |||
Basic earnings per share | $ | 0.94 | $ | 0.84 | $ | 0.64 | $ | 2.36 | $ | 1.33 | |||
Diluted earnings per share | $ | 0.94 | $ | 0.84 | $ | 0.63 | $ | 2.35 | $ | 1.32 | |||
Basic weighted average shares outstanding | 6,776,417 | 6,818,494 | 6,403,693 | 6,804,495 | 6,420,711 | ||||||||
Diluted weighted average shares outstanding | 6,813,739 | 6,855,856 | 6,425,380 | 6,833,929 | 6,442,934 |
ADDITIONAL FINANCIAL INFORMATION | (Unaudited) | ||||||||||
(Dollars in thousands, except per share data) | Three or Nine Months Ended | ||||||||||
2020 | 2020 | 2019 | |||||||||
Mortgage Banking Activity (For the quarter): | |||||||||||
Mortgage servicing (loss) income, net | $ | (39 | ) | $ | (345 | ) | $ | 193 | |||
Net gain on mortgage banking derivatives | 2,961 | 2,155 | 1,393 | ||||||||
Net (loss) gain on fair value of loans held-for-sale | (718 | ) | 1,548 | (196 | ) | ||||||
Mortgage banking, net | $ | 2,204 | $ | 3,358 | $ | 1,390 | |||||
Mortgage Banking Activity (Year-to-date): | |||||||||||
Mortgage servicing (loss) income, net | $ | (156 | ) | $ | (117 | ) | $ | 805 | |||
Net gain on mortgage banking derivatives | $ | 6,363 | 3,402 | 864 | |||||||
Net gain on fair value of loans held-for-sale | $ | 957 | 1,675 | 808 | |||||||
Mortgage banking, net | $ | 7,164 | $ | 4,960 | $ | 2,477 | |||||
Performance Ratios (For the quarter): | |||||||||||
Return on average assets | 2.05 | % | 1.89 | % | 1.60 | % | |||||
Return on average equity | 17.77 | % | 16.66 | % | 13.86 | % | |||||
Net interest margin | 3.83 | % | 3.85 | % | 4.15 | % | |||||
Core efficiency ratio* | 62.84 | % | 61.93 | % | 63.21 | % | |||||
Performance Ratios (Year-to-date): | |||||||||||
Return on average assets | 1.78 | % | 1.63 | % | 1.14 | % | |||||
Return on average equity | 15.51 | % | 14.31 | % | 10.02 | % | |||||
Net interest margin | 3.91 | % | 3.95 | % | 4.26 | % | |||||
Core efficiency ratio* | 63.62 | % | 64.09 | % | 67.40 | % | |||||
Asset Quality Ratios and Data: | As of or for the Three Months Ended | ||||||||||
2020 | 2020 | 2019 | |||||||||
Nonaccrual loans | $ | 5,600 | $ | 5,632 | $ | 3,691 | |||||
Loans 90 days past due and still accruing | 57 | 666 | - | ||||||||
Restructured loans, net | 1,825 | 2,132 | 20 | ||||||||
Total nonperforming loans | 7,482 | 8,430 | 3,711 | ||||||||
Other real estate owned and other repossessed assets | 25 | 57 | 91 | ||||||||
Total nonperforming assets | $ | 7,507 | $ | 8,487 | $ | 3,802 | |||||
Nonperforming loans / portfolio loans | 0.88 | % | 1.00 | % | 0.49 | % | |||||
Nonperforming assets / assets | 0.60 | % | 0.68 | % | 0.37 | % | |||||
Allowance for loan losses / portfolio loans | 1.33 | % | 1.25 | % | 1.09 | % | |||||
Allowance / nonperforming loans | 151.03 | % | 124.56 | % | 220.96 | % | |||||
Gross loan charge-offs for the quarter | $ | 82 | $ | 11 | $ | 252 | |||||
Gross loan recoveries for the quarter | $ | 27 | $ | 34 | $ | 8 | |||||
Net loan charge-offs (recoveries) for the quarter | $ | 55 | $ | (23 | ) | $ | 244 | ||||
ADDITIONAL FINANCIAL INFORMATION (Continued) | (Unaudited) | ||||||||||
(Dollars in thousands, except per share data) | |||||||||||
2020 | 2020 | 2019 | |||||||||
Capital Data (At quarter end): | |||||||||||
Tangible book value per share** | $ | 18.36 | $ | 17.32 | $ | 15.89 | |||||
Shares outstanding | 6,756,107 | 6,817,602 | 6,403,693 | ||||||||
Tangible common equity to tangible assets*** | 10.07 | % | 9.64 | % | 10.14 | % | |||||
Other Information: | |||||||||||
Average total assets for the quarter | $ | 1,244,918 | $ | 1,214,876 | $ | 1,027,898 | |||||
Average total assets year-to-date | $ | 1,203,719 | $ | 1,183,120 | $ | 998,475 | |||||
Average earning assets for the quarter | $ | 1,115,606 | $ | 1,086,301 | $ | 926,987 | |||||
Average earning assets year-to-date | $ | 1,079,527 | $ | 1,061,488 | $ | 902,640 | |||||
Average loans for the quarter **** | $ | 902,543 | $ | 867,374 | $ | 779,770 | |||||
Average loans year-to-date **** | $ | 870,114 | $ | 853,900 | $ | 753,541 | |||||
Average equity for the quarter | $ | 143,608 | $ | 137,693 | $ | 118,512 | |||||
Average equity year-to-date | $ | 137,880 | $ | 135,017 | $ | 113,614 | |||||
Average deposits for the quarter | $ | 971,043 | $ | 931,656 | $ | 757,327 | |||||
Average deposits year-to-date | $ | 931,043 | $ | 911,042 | $ | 741,363 | |||||
* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition | |||||||||||
costs and intangible asset amortization, by the sum of net interest income and non-interest income. | |||||||||||
** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders' equity, | |||||||||||
less goodwill and core deposit intangible, by common shares outstanding. | |||||||||||
*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders' | |||||||||||
equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible. | |||||||||||
**** Includes loans held for sale |
Core Efficiency Ratio | (Unaudited) | (Unaudited) | |||||||||||||||||
(Dollars in thousands) | Three Months Ended | Nine Months Ended | |||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Calculation of Core Efficiency Ratio: | |||||||||||||||||||
Noninterest expense | $ | 16,345 | $ | 15,133 | $ | 12,224 | $ | 44,326 | $ | 33,718 | |||||||||
Acquisition costs | - | (29 | ) | (517 | ) | (157 | ) | (1,693 | ) | ||||||||||
Intangible asset amortization | (165 | ) | (166 | ) | (254 | ) | (495 | ) | (761 | ) | |||||||||
Core efficiency ratio numerator | 16,180 | 14,938 | 11,453 | 43,674 | 31,264 | ||||||||||||||
Net interest income | 10,778 | 10,423 | 9,699 | 31,678 | 28,768 | ||||||||||||||
Noninterest income | 14,971 | 13,698 | 8,420 | 36,973 | 17,617 | ||||||||||||||
Core efficiency ratio denominator | 25,749 | 24,121 | 18,119 | 68,651 | 46,385 | ||||||||||||||
Core efficiency ratio | 62.84 | % | 61.93 | % | 63.21 | % | 63.62 | % | 67.40 | % |
Tangible Book Value and Tangible Assets | (Unaudited) | ||||||||||
(Dollars in thousands, except per share data) | |||||||||||
2020 | 2020 | 2019 | |||||||||
Tangible Book Value: | |||||||||||
Shareholders' equity | $ | 147,363 | $ | 141,529 | $ | 120,450 | |||||
(23,303 | ) | (23,467 | ) | (18,671 | ) | ||||||
Tangible common shareholders' equity | $ | 124,060 | $ | 118,062 | $ | 101,779 | |||||
Common shares outstanding at end of period | 6,756,107 | 6,817,602 | 6,403,693 | ||||||||
Common shareholders' equity (book value) per share (GAAP) | $ | 21.81 | $ | 20.76 | $ | 18.81 | |||||
Tangible common shareholders' equity (tangible book value) | |||||||||||
per share (non-GAAP) | $ | 18.36 | $ | 17.32 | $ | 15.89 | |||||
Tangible Assets: | |||||||||||
Total assets | $ | 1,255,028 | $ | 1,248,434 | $ | 1,022,221 | |||||
(23,303 | ) | (23,467 | ) | (18,671 | ) | ||||||
Tangible assets (non-GAAP) | $ | 1,231,725 | $ | 1,224,967 | $ | 1,003,550 | |||||
Tangible common shareholders' equity to tangible assets | |||||||||||
(non-GAAP) | 10.07 | % | 9.64 | % | 10.14 | % |
Earnings Per Diluted Share, Excluding Acquisition Costs | (Unaudited) | (Unaudited) | ||||||||||||||
(Dollars in thousands, except per share data) | Three Months Ended | Nine Months Ended | ||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Net interest income after loan loss provision | $ | 9,924 | $ | 9,196 | $ | 9,005 | $ | 28,927 | $ | 26,773 | ||||||
Noninterest income | 14,971 | 13,698 | 8,420 | 36,973 | 17,617 | |||||||||||
Noninterest expense | 16,345 | 15,133 | 12,224 | 44,326 | 33,718 | |||||||||||
Acquisition costs | - | (29 | ) | (517 | ) | (157 | ) | (1,693 | ) | |||||||
Noninterest expense, excluding acquisition costs | 16,345 | 15,104 | 11,707 | 44,169 | 32,025 | |||||||||||
Income before income taxes | 8,550 | 7,790 | 5,718 | 21,731 | 12,365 | |||||||||||
Income tax expense, excluding acquisition costs | ||||||||||||||||
related taxes | 2,170 | 2,034 | 1,205 | 5,572 | 2,476 | |||||||||||
Net Income, excluding acquisition costs | $ | 6,380 | $ | 5,756 | $ | 4,513 | $ | 16,159 | $ | 9,889 | ||||||
Diluted earnings per share (GAAP) | $ | 0.94 | $ | 0.84 | $ | 0.63 | $ | 2.35 | $ | 1.32 | ||||||
Diluted earnings per share, excluding acquisition | ||||||||||||||||
costs (non-GAAP) | $ | 0.94 | $ | 0.84 | $ | 0.70 | $ | 2.36 | $ | 1.53 |
Return on Average Assets, Excluding Acquisition Costs | (Unaudited) | |||||||||
(Dollars in thousands) | ||||||||||
2020 | 2020 | 2019 | ||||||||
For the quarter: | ||||||||||
Net income, excluding acquisition costs (non-GAAP)* | $ | 6,380 | $ | 5,756 | $ | 4,513 | ||||
Average total assets quarter to date | $ | 1,244,918 | $ | 1,214,876 | $ | 1,027,898 | ||||
Return on average assets, excluding acquisition costs (non-GAAP) | 2.05 | % | 1.90 | % | 1.76 | % | ||||
Year-to-date: | ||||||||||
Net income, excluding acquisition costs (non-GAAP)* | $ | 16,159 | $ | 9,778 | $ | 9,889 | ||||
Average total assets year to date | $ | 1,203,719 | $ | 1,183,120 | $ | 998,475 | ||||
Return on average assets, excluding acquisition costs (non-GAAP) | 1.79 | % | 1.65 | % | 1.32 | % | ||||
* See Earnings Per Diluted Share, Excluding Acquisition Costs table for GAAP to non-GAAP reconciliation. |
Source:
2020 GlobeNewswire, Inc., source