WashingtonFirst Bankshares, Inc. (NASDAQ: WFBI) (the "Company"), announced today its consolidated net income of $3.9 million (or $0.32 per diluted common share) for the three months ended March 31, 2016, a 42.1% increase over the $2.8 million in net income (or $0.28 per diluted common share) for the three months ended March 31, 2015, and a 10.8% increase over the $3.5 million in net income (or $0.32 per diluted common share) for the prior quarter ended December 31, 2015. Additionally, the Company paid its 10th consecutive quarterly dividend of $0.06 on April 1, 2016.
Shaza Andersen, President and CEO of the Company, said, “I am thrilled to report that we have begun 2016 every bit as strong as we finished 2015! We have now fully integrated the mortgage and wealth management operations from our acquisition of 1st Portfolio last summer, and both companies are contributing as expected. We also grew our branch network, opening new branches in two key markets: Old Town Alexandria in Virginia, and Potomac, Maryland. And, we’ve added a new Private Banking group to our team which will enhance our ability to connect with a broader range of customers in the marketplace. We believe these initiatives, together with our continued emphasis on core principles of relationship banking and customer service, will help us realize our goal of making WashingtonFirst the premier community bank in the region."
Pre-tax net income for the three months ended March 31, 2016, increased $1.9 million or 43.8% as compared to the same period in 2015. This increase is primarily attributable to the $2.3 million or 20.0% increase in net interest income. The increase in both non-interest income and non-interest expense is primarily attributable to 1st Portfolio which was acquired in July 2015. The annualized return on average assets increased to 0.94% for the three months ended March 31, 2016, as compared to 0.83% for the three months ended March 31, 2015.
The net interest margin was 3.51% for the three months ended March 31, 2016, as compared to 3.72% for the same period in 2015. This decrease is primarily attributable to the addition of $25.0 million in subordinated debt added in the fourth quarter of 2015. Competitive pressure for incremental loans and deposits has also contributed to margin compression. The Company remains focused on its pricing discipline on both sides of the balance sheet.
The efficiency ratio was 64.66% and 60.99% for the three months ended March 31, 2016, and March 31, 2015, respectively. The increase is primarily attributable to the acquisition of 1st Portfolio as well as the addition of two new branches - Old Town Alexandria, Virginia, and Potomac, Maryland.
For the three months ended | ||||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||
Performance Ratios: | ||||||||||||
Return on average assets | 0.94 | % | 0.86 | % | 0.83 | % | ||||||
Return on average shareholders' equity | 8.58 | % | 8.93 | % | 8.34 | % | ||||||
Yield on average interest-earning assets | 4.24 | % | 4.24 | % | 4.34 | % | ||||||
Rate on average interest-earning liabilities | 1.02 | % | 0.99 | % | 0.86 | % | ||||||
Net interest spread | 3.22 | % | 3.25 | % | 3.48 | % | ||||||
Net interest margin | 3.51 | % | 3.53 | % | 3.72 | % | ||||||
Efficiency ratio (1) | 64.66 | % | 65.69 | % | 60.99 | % | ||||||
Per Share Data: | ||||||||||||
Basic earnings per common share | $ | 0.32 | $ | 0.33 | $ | 0.29 | ||||||
Fully diluted earnings per common share | $ | 0.32 | $ | 0.32 | $ | 0.28 | ||||||
Weighted average basic shares outstanding | 12,210,689 | 10,956,381 | 9,570,047 | |||||||||
Weighted average diluted shares outstanding | 12,444,912 | 11,188,963 | 9,714,259 | |||||||||
Per Share Capital Data: | ||||||||||||
Book value per common share | $ | 15.06 | $ | 14.64 | $ | 0.01 | ||||||
Tangible book value per common share | $ | 13.98 | $ | 13.55 | $ | 12.27 | ||||||
Common shares outstanding | 12,225,897 | 12,195,823 | 9,586,466 |
(1) | Total non-interest expense divided by the sum of net interest income and total non-interest income | |
As of March 31, 2016, the Company reported total assets of $1.8 billion, compared to $1.7 billion as of December 31, 2015, and $1.4 billion as of March 31, 2015. Total loans held for investment, net of allowance, increased $37.9 million or 2.9% to $1.3 billion as of March 31, 2016. This increase is attributable to organic loan growth from our existing lending team. During the first quarter of 2016, total deposits increased $74.3 million or 5.6% to $1.4 billion. This increase is attributable to core deposit growth.
Composition of Loans Held for Investment by Loan Class | |||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | |||||||||
(in thousands) | |||||||||||
Construction and development | $ | 259,804 | $ | 249,433 | $ | 172,996 | |||||
Commercial real estate | 671,288 | 657,110 | 660,802 | ||||||||
Residential real estate | 246,538 | 241,395 | 122,967 | ||||||||
Real estate loans | 1,177,630 | 1,147,938 | 956,765 | ||||||||
Commercial and industrial | 162,311 | 153,860 | 121,798 | ||||||||
Consumer | 6,116 | 6,285 | 8,368 | ||||||||
Total loans | 1,346,057 | 1,308,083 | 1,086,931 | ||||||||
Less: allowance for loan losses | 12,329 | 12,289 | 9,855 | ||||||||
Net loans | $ | 1,333,728 | $ | 1,295,794 | $ | 1,077,076 |
Composition of Deposits | |||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | |||||||||
(in thousands) | |||||||||||
Demand deposit accounts | $ | 358,181 | $ | 304,425 | $ | 328,366 | |||||
NOW accounts | 121,099 | 115,459 | 106,067 | ||||||||
Money market accounts | 269,057 | 309,940 | 212,728 | ||||||||
Savings accounts | 188,003 | 163,289 | 127,556 | ||||||||
Time deposits up to $250,000 | 355,227 | 324,454 | 294,651 | ||||||||
Time deposits over $250,000 | 115,993 | 115,675 | 111,465 | ||||||||
Total deposits | $ | 1,407,560 | $ | 1,333,242 | $ | 1,180,833 | |||||
During the first quarter of 2016 total shareholders’ equity increased $5.5 million from $178.6 million to $184.1 million an increase driven primarily by retained earnings. Tangible book value per common share increased to $13.98 as of March 31, 2016, compared to $13.55 as of December 31, 2015, and $12.27 as of March 31, 2015. The capital ratios as of March 31, 2016 are listed below. The Company remains "well-capitalized" under the regulatory framework for prompt corrective action.
March 31, |
December 31, |
March 31, | |||||||
Capital Ratios: | |||||||||
Total risk-based capital ratio | 14.74 | % | 14.86 | % | 12.08 | % | |||
Tier 1 risk-based capital ratio | 12.16 | % | 12.22 | % | 11.04 | % | |||
Common equity tier 1 risk-based capital ratio | 11.62 | % | 11.66 | % | 9.62 | % | |||
Tier 1 leverage ratio | 10.55 | % | 10.67 | % | 9.61 | % | |||
Tangible common equity to tangible assets | 9.79 | % | 9.95 | % | 8.24 | % | |||
The Company reported a total of $14.1 million in non-performing assets as of March 31, 2016, compared to $14.5 million as of December 31, 2015. During the first quarter of 2016, the Company foreclosed on the collateral of two loan relationships and thus a transfer of non-performing assets from non-accrual loans to other real estate owned occurred. This was recorded at the lower of book balance or fair market value of $1.7 million. As a percentage of total assets, non-performing assets decreased from 0.87% as of December 31, 2015 to 0.80% as of March 31, 2016. The Company reported net charge-offs of $0.6 million for the three months ended March 31, 2016, compared to net charge-offs of $0.1 million for the three months ended March 31, 2015, respectively.
Non-Performing Assets | ||||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||
(in thousands) | ||||||||||||
Non-accrual loans | $ | 8,790 | $ | 10,201 | $ | 5,638 | ||||||
90+ days still accruing | — | 28 | — | |||||||||
Trouble debt restructurings still accruing | 3,594 | 4,269 | 3,090 | |||||||||
Other real estate owned | 1,675 | — | 451 | |||||||||
Total non-performing assets | $ | 14,059 | $ | 14,498 | $ | 9,179 | ||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||
Allowance and Asset Quality Ratios: | ||||||||||||
Allowance for loan losses to loans held for investment | 0.92 | % | 0.94 | % | 0.91 | % | ||||||
Non-GAAP adjusted allowance for loan losses to loans held for investment | 1.25 | % | 1.30 | % | 1.45 | % | ||||||
Allowance for loan losses to non-accrual loans | 140.26 | % | 120.47 | % | 174.80 | % | ||||||
Allowance for loan losses to non-performing assets | 87.69 | % | 84.76 | % | 107.36 | % | ||||||
Non-performing assets to total assets | 0.80 | % | 0.87 | % | 0.64 | % | ||||||
Net charge-offs to average loans held for investment (1) | 0.17 | % | 0.11 | % | 0.04 | % | ||||||
(1) Quarterly data annualized | ||||||||||||
In connection with the acquisition of Alliance Bankshares Corporation in December 2012 and certain assets from Millennium Bank, N.A. in March 2014, the Company recorded acquired loans at fair market value which consisted of pricing and credit marks. The credit marks are negative purchase marks which are comparable to an allowance for loan losses. Therefore, the non-GAAP adjusted allowance for loan losses to non-GAAP adjusted total loans held for investment, which considers these marks similar to allowance for loan losses, was 1.25% as of March 31, 2016, compared to 1.30% and 1.45% as of December 31, 2015 and March 31, 2015, respectively. Below is a reconciliation of the allowance for loan losses and related ratios to the non-GAAP adjusted allowance for loan losses and related ratios as of March 31, 2016, December 31, 2015, and March 31, 2015.
Reconciliation of GAAP Allowance Ratio to Non-GAAP Allowance Ratio | ||||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||
(dollars in thousands) | ||||||||||||
GAAP allowance for loan losses | $ | 12,329 | $ | 12,289 | $ | 9,855 | ||||||
GAAP loans held for investment, at amortized cost | 1,346,057 | 1,308,083 | 1,086,931 | |||||||||
GAAP allowance for loan losses to total loans | 0.92 | % | 0.94 | % | 0.91 | % | ||||||
GAAP allowance for loan losses | $ | 12,329 | $ | 12,289 | $ | 9,855 | ||||||
Plus: Credit purchase accounting marks | 4,555 | 4,721 | 5,958 | |||||||||
Non-GAAP adjusted allowance for loan losses | $ | 16,884 | $ | 17,010 | $ | 15,813 | ||||||
GAAP loans held for investment, at amortized cost | $ | 1,346,057 | $ | 1,308,083 | $ | 1,086,931 | ||||||
Plus: Credit purchase accounting marks | 4,555 | 4,721 | 5,958 | |||||||||
Non-GAAP loans held for investment, at amortized cost | $ | 1,350,612 | $ | 1,312,804 | $ | 1,092,889 | ||||||
Non-GAAP adjusted allowance for loan losses to total loans | 1.25 | % | 1.30 | % | 1.45 | % | ||||||
Reconciliation of Tangible Common Equity to Tangible Assets Ratio | ||||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||
(dollars in thousands) | ||||||||||||
Tangible Common Equity: | ||||||||||||
Common Stock Voting | $ | 103 | $ | 103 | $ | 77 | ||||||
Common Stock Non-Voting | 18 | 18 | 18 | |||||||||
Additional paid-in capital - common | 161,323 | 160,861 | 113,109 | |||||||||
Accumulated earnings | 20,931 | 17,740 | 10,058 | |||||||||
Accumulated other comprehensive income/(loss) | 1,753 | (127 | ) | 1,253 | ||||||||
Total Common Equity | $ | 184,128 | $ | 178,595 | $ | 124,515 | ||||||
Less Intangibles: | ||||||||||||
Goodwill | $ | 11,420 | $ | 11,431 | $ | 6,240 | ||||||
Identifiable intangibles | 1,820 | 1,888 | 611 | |||||||||
Total Intangibles | $ | 13,240 | $ | 13,319 | $ | 6,851 | ||||||
Tangible Common Equity | $ | 170,888 | $ | 165,276 | $ | 117,664 | ||||||
Tangible Assets: | ||||||||||||
Total Assets | $ | 1,759,383 | $ | 1,674,466 | $ | 1,434,390 | ||||||
| ||||||||||||
Less Intangibles: | ||||||||||||
Goodwill | $ | 11,420 | $ | 11,431 | $ | 6,240 | ||||||
Identifiable intangibles | 1,820 | 1,888 | 611 | |||||||||
Total Intangibles | $ | 13,240 | $ | 13,319 | $ | 6,851 | ||||||
Tangible Assets | $ | 1,746,143 | $ | 1,661,147 | $ | 1,427,539 | ||||||
Tangible Common Equity to Tangible Assets | 9.79 | % | 9.95 | % | 8.24 | % | ||||||
About The Company
WashingtonFirst Bankshares, Inc., headquartered in Reston, Virginia, is the holding company for WashingtonFirst Bank, which operates 19 full-service banking offices throughout the Washington, DC, metropolitan area. In addition, the Company provides wealth management services through its subsidiary, 1st Portfolio Wealth Advisors, and mortgage banking services through the Bank's subsidiary, WashingtonFirst Mortgage which has offices located in Fairfax, Virginia, and Rockville, Maryland. The Company's common stock is traded on the NASDAQ Stock Market under the quotation symbol "WFBI" and is included in the ABA NASDAQ Community Bank Index. For more information about the Company, please visit: www.wfbi.com.
Cautionary Statements About Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements of the goals, intentions, and expectations of the Company as to future trends, plans, events, results of operations and policies and regarding general economic conditions. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors which include, but are not limited to, factors discussed in our Annual Report on Form 10-K and in other documents we file with the Securities and Exchange Commission from time to time. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon the beliefs of the management of the Company as to the expected outcome of future events, current and anticipated economic conditions, nationally and in the Company’s market, and their impact on the operations, assets and earnings of the Company, interest rates and interest rate policy, competitive factors, judgments about the ability of the Company to successfully integrate its operations following significant transactions including, but not limited to, mergers and acquisitions, the ability to avoid customer dislocation during the period leading up to and following such transactions, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Readers are cautioned against placing undue reliance on such forward-looking statements. The Company assumes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.
Additional documents are available free of charge at the SEC’s website, www.sec.gov and on the Company’s website at www.wfbi.com under the tab “Investor Relations” or by contacting the Company’s Investor Relations Department at 11921 Freedom Drive, Suite 250, Reston, VA 20190. You may also read and copy any reports, statements and other information filed with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. Information about the operation of the SEC Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330.
Information about the directors and executive officers of the Company is set forth in the Company’s proxy statement dated March 15, 2016 available on the SEC’s website at www.sec.gov.
WashingtonFirst Bankshares, Inc. | ||||||||||||
Consolidated Balance Sheets | ||||||||||||
March 31, |
December 31, |
March 31, | ||||||||||
(in thousands, except per share data) | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash and due from bank balances | $ | 3,075 | $ | 3,739 | $ | 3,480 | ||||||
Federal funds sold | 65,942 | 59,014 | 119,184 | |||||||||
Interest bearing deposits | 100 | — | 9,299 | |||||||||
Cash and cash equivalents | 69,117 | 62,753 | 131,963 | |||||||||
Investment securities, available-for-sale, at fair value | 257,085 | 220,113 | 176,966 | |||||||||
Restricted stocks, at cost | 6,532 | 6,128 | 5,394 | |||||||||
Loans held for sale, at lower of cost or fair value | 37,439 | 36,494 | 2,540 | |||||||||
Loans held for investment: | ||||||||||||
Loans held for investment, at amortized cost | 1,346,057 | 1,308,083 | 1,086,931 | |||||||||
Allowance for loan losses | (12,329 | ) | (12,289 | ) | (9,855 | ) | ||||||
Total loans held for investment, net of allowance | 1,333,728 | 1,295,794 | 1,077,076 | |||||||||
Premises and equipment, net | 7,819 | 7,374 | 6,081 | |||||||||
Goodwill | 11,420 | 11,431 | 6,240 | |||||||||
Identifiable intangibles | 1,820 | 1,888 | 611 | |||||||||
Deferred tax asset | 6,989 | 8,116 | 7,210 | |||||||||
Accrued interest receivable | 4,624 | 4,502 | 3,756 | |||||||||
Other real estate owned | 1,675 | — | 451 | |||||||||
Bank-owned life insurance | 13,611 | 13,521 | 13,242 | |||||||||
Other assets | 7,524 | 6,352 | 2,860 | |||||||||
Total Assets | $ | 1,759,383 | $ | 1,674,466 | $ | 1,434,390 | ||||||
Liabilities and Shareholders' Equity: | ||||||||||||
Liabilities: | ||||||||||||
Non-interest bearing deposits | $ | 358,181 | $ | 304,425 | $ | 328,366 | ||||||
Interest bearing deposits | 1,049,379 | 1,028,817 | 852,467 | |||||||||
Total deposits | 1,407,560 | 1,333,242 | 1,180,833 | |||||||||
Other borrowings | 9,849 | 6,942 | 10,153 | |||||||||
FHLB advances | 112,220 | 110,087 | 93,183 | |||||||||
Long-term borrowings | 32,919 | 32,884 | 10,069 | |||||||||
Deferred tax liability | — | — | — | |||||||||
Accrued interest payable | 1,404 | 912 | 595 | |||||||||
Other liabilities | 11,303 | 11,804 | 6,144 | |||||||||
Total Liabilities | 1,575,255 | 1,495,871 | 1,300,977 | |||||||||
Commitments and contingent liabilities | — | — | — | |||||||||
Shareholders' Equity: | ||||||||||||
Preferred stock: | ||||||||||||
Series D, $5.00 par value, 0, 0, and 8,898 shares issued and outstanding, respectively, 1% dividend | — | — | 44 | |||||||||
Additional paid-in capital - preferred | — | — | 8,854 | |||||||||
Common stock: | ||||||||||||
Common Stock Voting, $0.01 par value, 50,000,000 shares authorized, 10,408,055, 10,377,981 and 7,768,624 shares issued and outstanding, respectively | 103 | 103 | 77 | |||||||||
Common Stock Non-Voting, $0.01 par value, 10,000,000 shares authorized, 1,817,842, 1,817,842 and 1,817,842 shares issued and outstanding, respectively | 18 | 18 | 18 | |||||||||
Additional paid-in capital - common | 161,323 | 160,861 | 113,109 | |||||||||
Accumulated earnings | 20,931 | 17,740 | 10,058 | |||||||||
Accumulated other comprehensive income/(loss) | 1,753 | (127 | ) | 1,253 | ||||||||
Total Shareholders' Equity | 184,128 | 178,595 | 133,413 | |||||||||
Total Liabilities and Shareholders' Equity | $ | 1,759,383 | $ | 1,674,466 | $ | 1,434,390 |
WashingtonFirst Bankshares, Inc. | ||||||||
Consolidated Statements of Income | ||||||||
(unaudited) | ||||||||
For the Three Months Ended | ||||||||
March 31, 2016 | March 31, 2015 | |||||||
(in thousands, except per share data) | ||||||||
Interest and dividend income: | ||||||||
Interest and fees on loans | $ | 16,391 | $ | 13,440 | ||||
Interest and dividends on investments: | ||||||||
Taxable | 992 | 716 | ||||||
Tax-exempt | 21 | 19 | ||||||
Dividends on other equity securities | 72 | 61 | ||||||
Interest on Federal funds sold and other short-term investments | 68 | 74 | ||||||
Total interest and dividend income | 17,544 | 14,310 | ||||||
Interest expense: | ||||||||
Interest on deposits | 1,995 | 1,451 | ||||||
Interest on borrowings | 996 | 553 | ||||||
Total interest expense | 2,991 | 2,004 | ||||||
Net interest income | 14,553 | 12,306 | ||||||
Provision for loan losses | 625 | 700 | ||||||
Net interest income after provision for loan losses | 13,928 | 11,606 | ||||||
Non-interest income: | ||||||||
Service charges on deposit accounts | 79 | 109 | ||||||
Earnings on bank-owned life insurance | 90 | 95 | ||||||
Gain on sale of loans, net | 2,742 | 69 | ||||||
Mortgage banking activities | 1,199 | — | ||||||
Wealth management income | 428 | — | ||||||
Gain on sale of available-for-sale investment securities, net | 75 | 15 | ||||||
Other operating income | 168 | 269 | ||||||
Total non-interest income | 4,781 | 557 | ||||||
Non-interest expense: | ||||||||
Compensation and employee benefits | 7,804 | 4,133 | ||||||
Premises and equipment | 1,817 | 1,483 | ||||||
Data processing | 1,005 | 823 | ||||||
Professional fees | 319 | 338 | ||||||
Mortgage loan processing expenses | 195 | — | ||||||
Other operating expenses | 1,361 | 1,068 | ||||||
Total non-interest expense | 12,501 | 7,845 | ||||||
Income before provision for income taxes | 6,208 | 4,318 | ||||||
Provision for income taxes | 2,284 | 1,528 | ||||||
Net income | 3,924 | 2,790 | ||||||
Preferred stock dividends | — | (28 | ) | |||||
Net income available to common shareholders | $ | 3,924 | $ | 2,762 | ||||
Earnings per common share: | ||||||||
Basic earnings per common share | $ | 0.32 | $ | 0.29 | ||||
Diluted earnings per common share | $ | 0.32 | $ | 0.28 |
Average Balances, Interest Income and Expense and Average Yield and Rates | ||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||
March 31, 2016 | March 31, 2015 | |||||||||||||||||||||
Average Balance |
Income/ Expense |
Yield/ Rate (6) |
Average Balance |
Income/ Expense |
Yield/ Rate (6) | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Loans (1) | $ | 1,361,553 | $ | 16,391 | 4.76 | % | $ | 1,071,286 | $ | 13,440 | 5.02 | % | ||||||||||
Investment securities - taxable | 222,333 | 992 | 1.77 | % | 167,203 | 716 | 1.71 | % | ||||||||||||||
Investment securities - tax-exempt (2) | 4,089 | 21 | 2.52 | % | 3,066 | 19 | 3.21 | % | ||||||||||||||
Other equity securities | 6,223 | 72 | 4.62 | % | 6,079 | 61 | 4.06 | % | ||||||||||||||
Interest-bearing balances | 43 | — | 0.94 | % | 10,470 | 16 | 0.64 | % | ||||||||||||||
Federal funds sold | 41,590 | 68 | 0.65 | % | 62,643 | 58 | 0.38 | % | ||||||||||||||
Total interest earning assets | 1,635,831 | 17,544 | 4.24 | % | 1,320,747 | 14,310 | 4.34 | % | ||||||||||||||
Non-interest earning assets: | ||||||||||||||||||||||
Cash and due from banks | 1,981 | 2,965 | ||||||||||||||||||||
Premises and equipment | 7,630 | 6,179 | ||||||||||||||||||||
Other real estate owned | 432 | 362 | ||||||||||||||||||||
Other assets (3) | 48,919 | 35,034 | ||||||||||||||||||||
Less: allowance for loan losses | (12,414 | ) | (9,357 | ) | ||||||||||||||||||
Total non-interest earning assets | 46,548 | 35,183 | ||||||||||||||||||||
Total Assets | $ | 1,682,379 | $ | 1,355,930 | ||||||||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Interest-bearing demand deposits | $ | 114,714 | $ | 86 | 0.30 | % | $ | 97,196 | $ | 57 | 0.24 | % | ||||||||||
Money market deposit accounts | 297,453 | 438 | 0.59 | % | 211,095 | 254 | 0.49 | % | ||||||||||||||
Savings accounts | 171,442 | 300 | 0.70 | % | 128,147 | 217 | 0.69 | % | ||||||||||||||
Time deposits | 438,791 | 1,171 | 1.07 | % | 377,929 | 923 | 0.99 | % | ||||||||||||||
Total interest-bearing deposits | 1,022,400 | 1,995 | 0.78 | % | 814,367 | 1,451 | 0.72 | % | ||||||||||||||
FHLB advances | 111,710 | 454 | 1.61 | % | 105,517 | 370 | 1.40 | % | ||||||||||||||
Other borrowings and long-term borrowings | 39,599 | 542 | 5.47 | % | 17,720 | 183 | 4.14 | % | ||||||||||||||
Total interest-bearing liabilities | 1,173,709 | 2,991 | 1.02 | % | 937,604 | 2,004 | 0.86 | % | ||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||
Demand deposits | 309,393 | 275,002 | ||||||||||||||||||||
Other liabilities | 15,786 | 7,650 | ||||||||||||||||||||
Total non-interest-bearing liabilities | 325,179 | 282,652 | ||||||||||||||||||||
Total Liabilities | 1,498,888 | 1,220,256 | ||||||||||||||||||||
Shareholders’ Equity | 183,491 | 135,674 | ||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,682,379 | $ | 1,355,930 | ||||||||||||||||||
Interest Spread (4) | 3.22 | % | 3.48 | % | ||||||||||||||||||
Net Interest Margin (2)(5) | $ | 14,553 | 3.51 | % | $ | 12,306 | 3.72 | % |
(1) | Includes loans held for sale and loans placed on non-accrual status. | |
(2) | Yield is presented on a fully taxable equivalent basis using a federal statutory rate of 35 percent. | |
(3) | Includes intangibles, deferred tax asset, accrued interest receivable, bank-owned life insurance and other assets. | |
(4) | Interest spread is the average yield earned on earning assets, less the average rate incurred on interest bearing liabilities. | |
(5) | Net interest margin is net interest income, expressed as a percentage of average earning assets. | |
(6) | Annualized income/expense is used for the yield/rate. |
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