MCBC

MACATAWA BANK CORP

Financial Services | Small Cap

$0.30

EPS Forecast

$25.77

Revenue Forecast

The company already released most recent quarter's earnings. We will publish our AI's next quarter's forecast around 2024-10-05
EX-99.1 2 ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

 
   
For Immediate Release
 
NASDAQ Stock Market:
MCBC

Macatawa Bank Corporation Reports
Fourth Quarter and Full Year 2019 Results

HOLLAND, Mich. (January 23, 2020) – Macatawa Bank Corporation (NASDAQ: MCBC) today announced its results for the fourth quarter and full year of 2019, reflecting continued strong financial performance.

Net income of $8.2 million in fourth quarter 2019 versus $7.0 million in fourth quarter 2018 – up 16%
Full year 2019 net income of $32.0 million versus $26.4 million in 2018 – up 21%
Strong profitability for the full year 2019 with return on average assets and average equity of 1.59% and 15.66%, respectively
Continued trend of increased total revenue while holding expenses flat

o
Full year 2019 total revenue up $6.1 million, or 7.9%, over 2018

o
Full year 2019 non-interest expense down $105,000 from 2018
Commercial loans grew by $16.0 million, or 1.5%, from year end 2018
Core deposit balances up by $76.6 million, or 4.6%, from year end 2018
Asset quality metrics remained strong
Redemption of $20.0 million in trust preferred securities at year end 2019

Macatawa reported net income of $8.2 million, or $0.24 per diluted share, in the fourth quarter 2019 compared to $7.0 million, or $0.21 per diluted share, in the fourth quarter 2018.  For the full year 2019, Macatawa reported net income of $32.0 million, or $0.94 per diluted share, compared to $26.4 million, or $0.78 per diluted share, for the same period in 2018.

“Despite a stubbornly flat yield curve, we continue to deliver strong growth and increased profitability,” said Ronald L. Haan, President & CEO of the Company.  “Growth in earning assets, core deposits, and higher than anticipated mortgage revenues combined to deliver a sixteen percent increase in net income in the fourth quarter 2019 compared to the fourth quarter 2018, and a twenty one percent increase in net income for the full year 2019 compared to 2018.  Operating expenses remain well managed.  We are grateful for the continued support we receive from our expanding list of customers.”

Mr. Haan concluded, “Building a well-disciplined company that will deliver superior financial services to the communities of Western Michigan, and also provide strong and consistent financial performance remains our goal.  We achieved significant and measurable financial success during 2019, and remain well positioned for 2020 and beyond.”


Macatawa Bank Corporation 4Q Results / page 2 of 5

Operating Results
Net interest income for the fourth quarter 2019 totaled $15.7 million, a decrease of $161,000 from the third quarter 2019 and an increase of $47,000 from the fourth quarter 2018.  Net interest margin for the fourth quarter 2019 was 3.24 percent, down 5 basis points from the third quarter 2019, and down 22 basis points from the fourth quarter 2018.  Net interest margin in the third and fourth quarters 2019 was negatively impacted by higher balances of short-term investments resulting from significant inflows of municipal and other deposit balances.  Short-term investment balances were up 59 percent in the third quarter 2019 from the second quarter 2019 and up 84% at year end 2019 compared to year end 2018.  While positive interest margin was achieved on the deposit inflows, it was lower than the Company’s overall net interest margin, thereby causing a margin decline.  The Company’s redemption of $20.0 million in trust preferred securities at December 31, 2019 will have a positive impact on net interest income and net interest margin in 2020.

Average interest earning assets for the fourth quarter 2019 increased $10.0 million from the third quarter 2019 and were up $125.1 million from the fourth quarter 2018.  Decreases in market interest rates in 2019 and the resulting impact on net interest income and net interest margin offset the effect of this growth in average interest earning assets.

Non-interest income decreased $124,000 in the fourth quarter 2019 compared to the third quarter 2019 and increased $684,000 from the fourth quarter 2018.  These changes were largely due to changes in gains on sales of mortgage loans.  Gains on sales of mortgage loans in the fourth quarter 2019 were down $127,000 compared to the third quarter 2019 and were up $406,000 from the fourth quarter 2018.  The Company originated $28.6 million in mortgage loans for sale in the fourth quarter 2019 compared to $24.6 million in the third quarter 2019 and $10.3 million in the fourth quarter 2018.  This increase in production is due to a declining mortgage rate environment as well as customer preference for loan types that are typically sold (long-term fixed rate loans).  Also positively impacting non-interest income in the fourth quarter 2019 were increases in trust and brokerage fee income.

Non-interest expense was $10.6 million for the fourth quarter 2019, compared to $11.0 million for the third quarter 2019 and $10.4 million for the fourth quarter 2018.  The largest component of non-interest expense was salaries and benefit expenses.  Salaries and benefit expenses were down $488,000 compared to the third quarter 2019 and were down $481,000 compared to the fourth quarter 2018.  The decrease compared to the third quarter 2019 and the fourth quarter 2018 was primarily due to a lower level of medical insurance costs in the fourth quarter 2019 more than offsetting the impact of higher variable based compensation from higher mortgage production volume.

Nonperforming asset expenses remained low at just $139,000 in the fourth quarter 2019.  This was an increase of $93,000 compared to the third quarter 2019 and an increase of $721,000 compared to the fourth quarter 2018 when net gains on sales of properties were realized.  There were net losses on sales of foreclosed properties totaling $45,000 in the fourth quarter 2019 while there were no net gains or losses realized in the third quarter 2019, and net gains of $657,000 realized on such sales in the fourth quarter 2018.  Furniture and equipment expenses were down $64,000 in the fourth quarter 2019 compared to the third quarter 2019 and were up $36,000 compared to the fourth quarter 2018.  The changes were due primarily to technology service contracts.  The Company incurred no FDIC assessment expense in the third and fourth quarters 2019 due to assessment credits applied by the FDIC.  Other categories of non-interest expense were relatively stable compared to the third quarter 2019 and the fourth quarter 2018.


Macatawa Bank Corporation 4Q Results / page 3 of 5

Federal income tax expense was $1.9 million for the fourth quarter 2019 compared to $1.9 million for the third quarter 2019 and $1.7 million for the fourth quarter 2018.  The effective tax rate was 19.2 percent for the fourth quarter 2019, compared to 18.7 percent for the third quarter 2019 and 19.8 percent for the fourth quarter 2018.

Asset Quality
The Company’s asset quality remained strong in the fourth quarter 2019 and the Company again experienced net loan recoveries for the quarter.  No provision for loan losses was recorded in the fourth quarter 2019 or in the third quarter 2019.  The Company recorded a provision for loan losses of $850,000 in the fourth quarter 2018.  Net loan recoveries for the fourth quarter 2019 were $55,000, compared to net loan recoveries of $259,000 in the third quarter 2019 and net loan charge-offs of $776,000 in the fourth quarter 2018.  The Company has experienced net loan recoveries in nineteen of the past twenty quarters. Total loans past due on payments by 30 days or more were $405,000 at December 31, 2019, compared to $207,000 at September 30, 2019 and $877,000 at December 31, 2018.  Delinquency as a percentage of total loans was a nominal 0.03 percent at December 31, 2019.

The allowance for loan losses of $17.2 million was 1.24 percent of total loans at December 31, 2019, compared to 1.24 percent of total loans at September 30, 2019, and 1.20 percent at December 31, 2018.  The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 85-to-1 as of December 31, 2019.

At December 31, 2019, the Company's nonperforming loans were $203,000, representing 0.02 percent of total loans.  This compares to $211,000 (0.02 percent of total loans) at September 30, 2019 and $1.3 million (0.09 percent of total loans) at December 31, 2018.  Other real estate owned and repossessed assets were $2.7 million at December 31, 2019, compared to $3.1 million at September 30, 2019 and $3.4 million at December 31, 2018. Total nonperforming assets, including other real estate owned and nonperforming loans, decreased by $1.7 million, or 37 percent, from December 31, 2018 to December 31, 2019.

A break-down of non-performing loans is shown in the table below.

Dollars in 000s
 
Dec 31,
2019
   
Sept 30,
2019
   
Jun 30,
2019
   
Mar 31,
2019
   
Dec 31,
2018
 
                               
Commercial Real Estate
 
$
98
   
$
102
   
$
102
   
$
213
   
$
318
 
Commercial and Industrial
   
---
     
---
     
---
     
---
     
873
 
Total Commercial Loans
   
98
     
102
     
102
     
213
     
1,191
 
Residential Mortgage Loans
   
105
     
109
     
191
     
195
     
112
 
Consumer Loans
   
---
     
---
     
---
     
1
     
1
 
Total Non-Performing Loans
 
$
203
   
$
211
   
$
293
   
$
409
   
$
1,304
 


Macatawa Bank Corporation 4Q Results / page 4 of 5

Total non-performing assets were $3.0 million, or 0.1 percent of total assets, at December 31, 2019.  A break-down of non-performing assets is shown in the table below.

 
Dollars in 000s
 
Dec 31,
2019
   
Sept 30,
2019
   
Jun 30,
2019
   
Mar 31,
2019
   
Dec 31,
2018
 
                               
Non-Performing Loans
 
$
203
   
$
211
   
$
293
   
$
409
   
$
1,304
 
Other Repossessed Assets
   
---
     
---
     
---
     
---
     
---
 
Other Real Estate Owned
   
2,748
     
3,109
     
3,067
     
3,261
     
3,380
 
Total Non-Performing Assets
 
$
2,951
   
$
3,320
   
$
3,360
   
$
3,670
   
$
4,684
 

Balance Sheet, Liquidity and Capital
Total assets were $2.07 billion at December 31, 2019, a decrease of $74.4 million from $2.14 billion at September 30, 2019 and an increase of $95.0 million from $1.98 billion at December 31, 2018.  Total loans were $1.39 billion at December 31, 2019, an increase of $8.4 million from $1.38 billion at September 30, 2019 and a decrease of $20.0 million from $1.41 billion at December 31, 2018.

Commercial loans increased by $16.0 million from December 31, 2018 to December 31, 2019, offset by decreases of $27.1 million in the residential mortgage portfolio and $8.9 million in the consumer loan portfolio.  Commercial real estate loans increased by $29.8 million while commercial and industrial loans decreased by $13.8 million during the same period.

The composition of the commercial loan portfolio is shown in the table below:

Dollars in 000s
 
Dec 31,
2019
   
Sept 30,
2019
   
Jun 30,
2019
   
Mar 31,
2019
   
Dec 31,
2018
 
                               
Construction and Development
 
$
134,710
   
$
117,782
   
$
102,516
   
$
102,133
   
$
99,867
 
Other Commercial Real Estate
   
463,748
     
462,686
     
461,427
     
470,667
     
468,840
 
Commercial Loans Secured by Real Estate
   
598,458
     
580,468
     
563,943
     
572,800
     
568,707
 
Commercial and Industrial
   
499,572
     
492,085
     
467,222
     
493,891
     
513,347
 
Total Commercial Loans
 
$
1,098,030
   
$
1,072,553
   
$
1,031,165
   
$
1,066,691
   
$
1,082,054
 

Total deposits were $1.75 billion at December 31, 2019, down $66.8 million from $1.82 billion at September 30, 2019 and up $76.6 million, or 4.6 percent, from $1.68 billion at December 31, 2018.  Demand deposits were down $60.7 million in the fourth quarter 2019 compared to the third quarter 2019 and were up $20.0 million compared to the fourth quarter 2018.  Money market deposits and savings deposits were down $8.6 million from the third quarter 2019 and were up $30.9 million from the fourth quarter 2018.  Certificates of deposit were up $2.4 million in the fourth quarter 2019 compared to September 30, 2019 and were up $25.6 million compared to December 31, 2018.  The Company continues to be successful at attracting and retaining core deposit customers.  Customer deposit accounts remain insured to the highest levels available under FDIC deposit insurance.


Macatawa Bank Corporation 4Q Results / page 5 of 5

Macatawa Bank's regulatory capital ratios at December 31, 2019 continued to be at levels comfortably above those required to be categorized as “well capitalized” under applicable regulatory capital guidelines.  As such, Macatawa Bank was categorized as "well capitalized" at December 31, 2019.

About Macatawa Bank Corporation
Macatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank.  Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities from a network of 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties.  The bank is recognized for its local management team and decision making, along with providing customers excellent service, a rewarding experience and superior financial products. Macatawa Bank has been recognized for the past nine consecutive years as one of “West Michigan’s 101 Best and Brightest Companies to Work For”. For more information, visit www.macatawabank.com.

 
CAUTIONARY STATEMENT:  This press release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Macatawa Bank Corporation. Forward-looking statements are identifiable by words or phrases such as “outlook”, “plan” or “strategy”; that an event or trend “could”, “may”, “should”, “will”, “is likely”, or is “possible” or “probable” to occur or “continue”, has “begun” or “is scheduled” or “on track” or that the Company or its management “anticipates”, “believes”, “estimates”, “plans”, “forecasts”, “intends”, “predicts”, “projects”, or “expects” a particular result, or is “committed”, “confident”, “optimistic” or has an “opinion” that an event will occur, or other words or phrases such as “ongoing”, “future”, “signs”, “efforts”, “tend”, “exploring”, “appearing”, “until”, “near term”, “concern”, “going forward”, “focus”, “starting”, “initiative,” “trend” and variations of such words and similar expressions. Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These statements include, among others, those related to future levels of earning assets, future composition of our loan portfolio, trends in credit quality metrics, future capital levels and capital needs, real estate valuation, future levels of repossessed and foreclosed properties and nonperforming assets, future levels of losses and costs associated with the administration and disposition of repossessed and foreclosed properties and nonperforming assets, future levels of loan charge-offs, future levels of other real estate owned, future levels of provisions for loan losses and reserve recoveries, the rate of asset dispositions, future dividends, future growth and funding sources, future cost of funds, future liquidity levels, future profitability levels, future interest rate levels, future net interest margin levels, the effects on earnings of changes in interest rates, future economic conditions, future effects of new or changed accounting standards, future loss recoveries, loan demand and loan growth and the future level of other revenue sources. Management's determination of the provision and allowance for loan losses, the appropriate carrying value of intangible assets (including deferred tax assets) and other real estate owned, and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment) involves judgments that are inherently forward-looking. All statements with references to future time periods are forward-looking. All of the information concerning interest rate sensitivity is forward-looking. The future effect of changes in the real estate, financial and credit markets and the national and regional economy on the banking industry, generally, and Macatawa Bank Corporation, specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Macatawa Bank Corporation does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
 
Risk factors include, but are not limited to, the risk factors described in "Item 1A - Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2018.  These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.
 


MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
(Dollars in thousands except per share information)

   
Quarterly
 
Twelve Months Ended
 
   
4th Qtr
   
3rd Qtr
 
4th Qtr
 

December 31
 
EARNINGS SUMMARY
 
2019
   
2019
 

2018
 

2019  

2018
 
Total interest income
 
$
18,435
   
$
19,079
   
$
18,496
   
$
75,942
   
$
69,037
 
Total interest expense
   
2,760
     
3,243
     
2,868
     
12,455
     
9,411
 
Net interest income
   
15,675
     
15,836
     
15,628
     
63,487
     
59,626
 
Provision for loan losses
   
-
     
-
     
850
     
(450
)
   
450
 
Net interest income after provision for loan losses
   
15,675
     
15,836
     
14,778
     
63,937
     
59,176
 
                                         
NON-INTEREST INCOME
                                       
Deposit service charges
   
1,147
     
1,139
     
1,135
     
4,415
     
4,377
 
Net gains on mortgage loans
   
697
     
824
     
291
     
2,347
     
924
 
Trust fees
   
999
     
920
     
884
     
3,812
     
3,643
 
Other
   
2,246
     
2,330
     
2,095
     
9,154
     
8,559
 
Total non-interest income
   
5,089
     
5,213
     
4,405
     
19,728
     
17,503
 
                                         
NON-INTEREST EXPENSE
                                       
Salaries and benefits
   
5,784
     
6,272
     
6,265
     
24,679
     
25,207
 
Occupancy
   
940
     
966
     
948
     
3,994
     
3,931
 
Furniture and equipment
   
823
     
887
     
787
     
3,420
     
3,125
 
FDIC assessment
   
-
     
-
     
127
     
239
     
518
 
Problem asset costs, including losses and (gains)
   
139
     
46
     
(582
)
   
253
     
69
 
Other
   
2,957
     
2,838
     
2,852
     
11,639
     
11,479
 
Total non-interest expense
   
10,643
     
11,009
     
10,397
     
44,224
     
44,329
 
Income before income tax
   
10,121
     
10,040
     
8,786
     
39,441
     
32,350
 
Income tax expense
   
1,949
     
1,882
     
1,743
     
7,462
     
5,971
 
Net income
 
$
8,172
   
$
8,158
   
$
7,043
   
$
31,979
   
$
26,379
 
                                         
Basic earnings per common share
 
$
0.24
   
$
0.24
   
$
0.21
   
$
0.94
   
$
0.78
 
Diluted earnings per common share
 
$
0.24
   
$
0.24
   
$
0.21
   
$
0.94
   
$
0.78
 
Return on average assets
   
1.59
%
   
1.59
%
   
1.47
%
   
1.59
%
   
1.40
%
Return on average equity
   
15.27
%
   
15.69
%
   
15.12
%
   
15.66
%
   
14.69
%
Net interest margin (fully taxable equivalent)
   
3.24
%
   
3.29
%
   
3.46
%
   
3.38
%
   
3.38
%
Efficiency ratio
   
51.26
%
   
52.30
%
   
51.90
%
   
53.14
%
   
57.47
%
                                         
BALANCE SHEET DATA
 
 


 

December 31
   
September 30


December 31
 
Assets
                 
2019
   
2019
   
2018
 
Cash and due from banks
                 
$
31,942
   
$
50,870
   
$
40,526
 
Federal funds sold and other short-term investments
                   
240,508
     
319,566
     
130,758
 
Debt securities available for sale
                   
225,249
     
209,895
     
226,986
 
Debt securities held to maturity
                   
82,720
     
81,995
     
70,334
 
Federal Home Loan Bank Stock
                   
11,558
     
11,558
     
11,558
 
Loans held for sale
                   
3,294
     
1,317
     
415
 
Total loans
                   
1,385,627
     
1,377,227
     
1,405,658
 
Less allowance for loan loss
                   
17,200
     
17,145
     
16,876
 
Net loans
                   
1,368,427
     
1,360,082
     
1,388,782
 
Premises and equipment, net
                   
43,417
     
43,956
     
44,862
 
Bank-owned life insurance
                   
42,156
     
41,960
     
41,185
 
Other real estate owned
                   
2,748
     
3,109
     
3,380
 
Other assets
                   
18,058
     
20,190
     
16,338
 
                                         
Total Assets
                 
$
2,070,077
   
$
2,144,498
   
$
1,975,124
 
                                         
Liabilities and Shareholders' Equity
                                       
Noninterest-bearing deposits
                 
$
482,499
   
$
501,731
   
$
485,530
 
Interest-bearing deposits
                   
1,270,795
     
1,318,409
     
1,191,209
 
Total deposits
                   
1,753,294
     
1,820,140
     
1,676,739
 
Other borrowed funds
                   
60,000
     
60,000
     
60,000
 
Long-term debt
                   
20,619
     
41,238
     
41,238
 
Other liabilities
                   
18,695
     
11,335
     
6,294
 
Total Liabilities
                   
1,852,608
     
1,932,713
     
1,784,271
 
                                         
Shareholders' equity
                   
217,469
     
211,785
     
190,853
 
                                         
Total Liabilities and Shareholders' Equity
                 
$
2,070,077
   
$
2,144,498
   
$
1,975,124
 


MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands except per share information)

   
Quarterly
   
Year to Date
 
                                           
   
4th Qtr
2019
   
3rd Qtr
2019
   
2nd Qtr
2019
   
1st Qtr
2019
   
4th Qtr
2018
   
2019
   
2018
 
EARNINGS SUMMARY
                                         
Net interest income
 
$
15,675
   
$
15,836
   
$
15,955
   
$
16,020
   
$
15,628
   
$
63,487
   
$
59,626
 
Provision for loan losses
   
-
     
-
     
(200
)
   
(250
)
   
850
     
(450
)
   
450
 
Total non-interest income
   
5,089
     
5,213
     
5,098
     
4,328
     
4,405
     
19,728
     
17,503
 
Total non-interest expense
   
10,643
     
11,009
     
11,334
     
11,238
     
10,397
     
44,224
     
44,329
 
Federal income tax expense
   
1,949
     
1,882
     
1,916
     
1,714
     
1,743
     
7,462
     
5,971
 
Net income
 
$
8,172
   
$
8,158
   
$
8,003
   
$
7,646
   
$
7,043
   
$
31,979
   
$
26,379
 
                                                         
Basic earnings per common share
 
$
0.24
   
$
0.24
   
$
0.24
   
$
0.22
   
$
0.21
   
$
0.94
   
$
0.78
 
Diluted earnings per common share
 
$
0.24
   
$
0.24
   
$
0.24
   
$
0.22
   
$
0.21
   
$
0.94
   
$
0.78
 
                                                         
MARKET DATA
                                                       
Book value per common share
 
$
6.38
   
$
6.22
   
$
6.04
   
$
5.81
   
$
5.61
   
$
6.38
   
$
5.61
 
Tangible book value per common share
 
$
6.38
   
$
6.22
   
$
6.04
   
$
5.81
   
$
5.61
   
$
6.38
   
$
5.61
 
Market value per common share
 
$
11.13
   
$
10.39
   
$
10.26
   
$
9.94
   
$
9.62
   
$
11.13
   
$
9.62
 
Average basic common shares
   
34,080,275
     
34,060,796
     
34,042,886
     
34,040,380
     
34,031,454
     
34,056,200
     
34,018,259
 
Average diluted common shares
   
34,080,275
     
34,060,796
     
34,042,886
     
34,040,380
     
34,031,454
     
34,056,200
     
34,018,554
 
Period end common shares
   
34,103,542
     
34,061,080
     
34,042,331
     
34,044,149
     
34,045,411
     
34,103,542
     
34,045,411
 
                                                         
PERFORMANCE RATIOS
                                                       
Return on average assets
   
1.59
%
   
1.59
%
   
1.62
%
   
1.57
%
   
1.47
%
   
1.59
%
   
1.40
%
Return on average equity
   
15.27
%
   
15.69
%
   
15.94
%
   
15.81
%
   
15.12
%
   
15.66
%
   
14.69
%
Net interest margin (fully taxable equivalent)
   
3.24
%
   
3.29
%
   
3.45
%
   
3.54
%
   
3.46
%
   
3.38
%
   
3.38
%
Efficiency ratio
   
51.26
%
   
52.30
%
   
53.84
%
   
55.23
%
   
51.90
%
   
53.14
%
   
57.47
%
Full-time equivalent employees (period end)
   
325
     
327
     
338
     
332
     
334
     
325
     
334
 
                                                         
ASSET QUALITY
                                                       
Gross charge-offs
 
$
33
   
$
48
   
$
41
   
$
157
   
$
1,179
   
$
279
   
$
1,335
 
Net charge-offs/(recoveries)
 
$
(55
)
 
$
(259
)
 
$
(194
)
 
$
(266
)
 
$
776
   
$
(774
)
 
$
174
 
Net charge-offs to average loans (annualized)
   
-0.02
%
   
-0.08
%
   
-0.06
%
   
-0.08
%
   
0.23
%
   
-0.06
%
   
0.01
%
Nonperforming loans
 
$
203
   
$
211
   
$
293
   
$
409
   
$
1,304
   
$
203
   
$
1,304
 
Other real estate and repossessed assets
 
$
2,748
   
$
3,109
   
$
3,067
   
$
3,261
   
$
3,380
   
$
2,748
   
$
3,380
 
Nonperforming loans to total loans
   
0.01
%
   
0.02
%
   
0.02
%
   
0.03
%
   
0.09
%
   
0.01
%
   
0.09
%
Nonperforming assets to total assets
   
0.14
%
   
0.15
%
   
0.17
%
   
0.19
%
   
0.24
%
   
0.14
%
   
0.24
%
Allowance for loan losses
 
$
17,200
   
$
17,145
   
$
16,886
   
$
16,892
   
$
16,876
   
$
17,200
   
$
16,876
 
Allowance for loan losses to total loans
   
1.24
%
   
1.24
%
   
1.26
%
   
1.22
%
   
1.20
%
   
1.24
%
   
1.20
%
Allowance for loan losses to nonperforming loans
   
8472.91
%
   
8125.59
%
   
5763.14
%
   
4130.07
%
   
1293.18
%
   
8472.91
%
   
1293.18
%
                                                         
CAPITAL
                                                       
Average equity to average assets
   
10.42
%
   
10.15
%
   
10.15
%
   
9.93
%
   
9.71
%
   
10.17
%
   
9.51
%
Common equity tier 1 to risk weighted assets (Consolidated)
   
13.45
%
   
13.23
%
   
13.13
%
   
12.55
%
   
12.01
%
   
13.45
%
   
12.01
%
Tier 1 capital to average assets (Consolidated)
   
11.49
%
   
12.22
%
   
12.34
%
   
12.22
%
   
12.12
%
   
11.49
%
   
12.12
%
Total capital to risk-weighted assets (Consolidated)
   
15.77
%
   
16.83
%
   
16.78
%
   
16.14
%
   
15.54
%
   
15.77
%
   
15.54
%
Common equity tier 1 to risk weighted assets (Bank)
   
14.25
%
   
15.31
%
   
15.27
%
   
14.66
%
   
14.09
%
   
14.25
%
   
14.09
%
Tier 1 capital to average assets (Bank)
   
11.15
%
   
11.88
%
   
12.01
%
   
11.90
%
   
11.78
%
   
11.15
%
   
11.78
%
Total capital to risk-weighted assets (Bank)
   
15.32
%
   
16.39
%
   
16.36
%
   
15.73
%
   
15.13
%
   
15.32
%
   
15.13
%
Common equity to assets
   
10.51
%
   
9.88
%
   
10.40
%
   
10.29
%
   
9.67
%
   
10.51
%
   
9.67
%
Tangible common equity to assets
   
10.51
%
   
9.88
%
   
10.40
%
   
10.29
%
   
9.67
%
   
10.51
%
   
9.67
%
                                                         
END OF PERIOD BALANCES
                                                       
Total portfolio loans
 
$
1,385,627
   
$
1,377,227
   
$
1,343,512
   
$
1,384,567
   
$
1,405,658
   
$
1,385,627
   
$
1,405,658
 
Earning assets
   
1,943,356
     
1,999,817
     
1,856,962
     
1,809,469
     
1,849,630
     
1,943,356
     
1,849,630
 
Total assets
   
2,070,077
     
2,144,498
     
1,978,405
     
1,925,880
     
1,975,124
     
2,070,077
     
1,975,124
 
Deposits
   
1,753,294
     
1,820,140
     
1,661,106
     
1,617,864
     
1,676,739
     
1,753,294
     
1,676,739
 
Total shareholders' equity
   
217,469
     
211,785
     
205,519
     
197,966
     
190,853
     
217,469
     
190,853
 
                                                         
AVERAGE BALANCES
                                                       
Total portfolio loans
 
$
1,377,051
   
$
1,348,417
   
$
1,367,202
   
$
1,399,464
   
$
1,363,548
   
$
1,372,905
   
$
1,332,878
 
Earning assets
   
1,931,333
     
1,921,346
     
1,860,353
     
1,833,924
     
1,806,229
     
1,887,101
     
1,773,608
 
Total assets
   
2,055,398
     
2,049,006
     
1,978,880
     
1,948,301
     
1,918,543
     
2,008,302
     
1,888,441
 
Deposits
   
1,727,946
     
1,728,657
     
1,667,580
     
1,646,268
     
1,618,861
     
1,692,935
     
1,586,748
 
Total shareholders' equity
   
214,112
     
208,031
     
200,888
     
193,463
     
186,361
     
204,191
     
179,627