Summit Financial Group Reports First Quarter 2017 Results

Q1 2017 Diluted Loss Per Share of $0.15 compared to Diluted Earnings Per Share of $0.38 for Q1 2016 and to $0.44 for Q4 2016


MOOREFIELD, W. Va., April 27, 2017 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (“Company” or “Summit”) (NASDAQ:SMMF) today reported a first quarter 2017 net loss of $1.62 million, or ($0.15) per diluted share, compared to earnings of $4.06 million, or $0.38 per diluted share, reported for the first quarter of 2016 and earnings of $4.71 million, or $0.44 per diluted share, reported for the fourth quarter of 2016. Summit’s first quarter 2017 net loss resulted principally from a legal settlement which reduced its earnings by $0.58 per diluted share.

First Quarter 2017 Significant Highlights:

  • As previously announced, a charge of $9.9 million, or $6.2 million after-tax, was recorded to resolve fully all litigation with the Residential Funding Company, LLC and ResCap Liquidating Trust (collectively, “ResCap”);

  • Total revenues increased 1.5 percent compared to the linked quarter and 11.1 percent compared to the year ago quarter, principally as result of the acquisition of HCB;

  • Net loans, excluding mortgage warehouse lines of credit, grew $40.8 million, or 12.5 percent (on an annualized basis), compared to December 31, 2016;

  • Net interest margin increased 20 basis points compared to the linked quarter and 4 basis points compared to the year-ago quarter, reflecting our improving yields on interest earning assets and relatively stable funding costs;

  • Gains realized on sales of securities declined from $393,000 in Q1 2016 to a loss of $58,000 in Q1 2017;

  • Write-downs of foreclosed properties were $418,000 in Q1 2017 compared to $109,000 during Q1 2016;

  • Merger-related expenses of $109,000 were incurred during Q1 2017, compared to $588,000 in Q4 2016 and $112,000 in Q1 2016.

  • Nonperforming assets as a percentage of total assets declined for the eighteenth consecutive quarter to 2.16 percent compared to 2.22 percent at December 31, 2016, reaching its lowest level since Q2 2008;

  • On April 1, 2017, Summit completed its acquisition of First Century Bankshares, Inc. (“FCB”) and its subsidiary, First Century Bank, headquartered in Bluefield, West Virginia. At March 31, 2017, FCB had approximately $404.8 million in total assets.

H. Charles Maddy III, President and Chief Executive Officer of Summit, commented, “While I was very disappointed recently to report the substantial charge to our first quarter earnings to resolve the ResCap litigation, we believe this settlement was in the best interests of the Company and our shareholders; it eliminates the possibility of any additional exposure relative to this issue and puts it behind us, thus allowing us to direct more resources towards enhancing long-term shareholder value. On a more positive note, Summit achieved another quarter of solid core operating performance highlighted by our improving net interest margin and core loan growth. The former Highland County Bankshares’ banking operations are now fully integrated into Summit, and its impact on our performance is exceeding our expectations. Going forward, our recently closed acquisition of FCB represents another exceptional opportunity. This transaction combines two financially strong banks with similar cultures, core values and exceptional opportunities for operational synergies, as well as a shared commitment to build long-term client relationships by providing service beyond expectations. We converted FCB’s data processing systems and re-identified its branches to that of Summit’s effective April 24, 2017.”

HCB Acquisition

On October 1, 2016, Summit completed its acquisition of Highland County Bankshares, Inc. (“HCB”) and its subsidiary, First & Citizens Bank, headquartered in Monterey, Virginia. Accordingly, HCB’s results of operations are included in Summit’s consolidated results of operation from the date of acquisition, and therefore Summit’s first quarter 2017 results reflect increased levels of average balances, income and expense as compared to its first quarter 2016 results.

At consummation, HCB had total assets of $122.8 million, loans of $60.8 million, and deposits of $106.9 million. Had the HCB acquisition taken place on January 1, 2016, Summit’s pro forma combined total revenues, net income and diluted earnings per share would have approximated $16.0 million, $4.5 million and $0.42, respectively, for the quarter ended March 31, 2016. Summit recognized net accretion income totaling $144,000 in Q1 2017 related to HCB’s loan fair value acquisition accounting adjustments.

Results from Operations

Total revenue for first quarter 2017, consisting of net interest income and noninterest income, increased 11.1 percent to $16.2 million, principally as result of the HCB acquisition, compared to $14.6 million for the first quarter 2016, and was relatively unchanged compared to the linked quarter.

For the first quarter of 2017, net interest income was $13.6 million, an increase of 15.7 percent from the $11.8 million reported in the prior-year first quarter and an increase of $173,000 compared to the linked quarter. The net interest margin for first quarter 2017 was 3.54 percent compared to 3.34 percent for the year-ago quarter, and 3.50 percent for the linked quarter.

Noninterest income, consisting primarily of insurance commissions from Summit's insurance agency subsidiary and service fee income from community banking activities, for first quarter 2017 was $2.58 million compared to $2.81 million for the comparable period of 2016 and $3.00 million for Q4 2016. Excluding realized securities gains and losses, noninterest income was $2.64 million for first quarter 2017 compared to $2.41 million reported for first quarter 2016 and $2.71 million for the linked quarter.

We recorded a $250,000 provision for loan losses during first quarters 2017 and 2016.

Excluding the impact of the $9.9 million charge to settle the ResCap litigation, noninterest expense for Q1 2017 increased 6.6 percent to $9.12 million compared to $8.55 million for the prior-year first quarter, principally due to the acquisition of HCB; but it declined 2.9 percent compared to the linked quarter’s noninterest expense of $9.39 million due to operational efficiencies achieved relative to the former HCB’s banking operations.

Balance Sheet

At March 31, 2017, total assets were $1.78 billion, an increase of $17.8 million, or 1.0 percent since December 31, 2016. Total loans, net of unearned fees and allowance for loan losses, were $1.29 billion at March 31, 2017, down $14.9 million, or 1.1 percent, from the $1.31 billion reported at year-end 2016. Excluding mortgage warehouse lines of credit, net loans increased $40.8 million or 12.5 percent (annualized) since year-end 2016.

At March 31, 2017, deposits were $1.30 billion, an increase of $5.7 million, or 0.4 percent, since year end 2016. During Q1 2017, checking deposits and savings deposits increased by $15.4 million or 3.7 percent and $5.2 million, or 1.5 percent while time deposits declined $14.9 million or 2.7 percent.

Shareholders’ equity was $153.6 million as of March 31, 2017 compared to $155.4 million December 31, 2016. Tangible book value per common share decreased to $13.03 at March 31, 2017 compared to $13.20 at December 31, 2016. Summit had 10,750,477 outstanding common shares at Q1 2017 quarter end compared to 10,736,970 at year end 2016.

Asset Quality

As of March 31, 2017, nonperforming assets (“NPAs”), consisting of nonperforming loans, foreclosed properties, and repossessed assets, were $38.4 million, or 2.16 percent of assets. This compares to $39.1 million, or 2.22 percent of assets at the linked quarter, and $40.1 million, or 2.66 percent of assets, at first quarter 2016.

First quarter 2017 net loan charge-offs were $207,000, or 0.06 percent of average loans on an annualized basis, compared to net loan charge-offs of $407,000 for the first quarter of 2016. The allowance for loan losses stood at $11.7 million, or 0.90 percent of total loans at March 31, 2017, compared to 0.88 percent at year-end 2016.

About Summit

Summit Financial Group, Inc. is a $2.1 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and Southern regions of West Virginia and the Northern, Shenandoah Valley and Southwestern regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates thirty banking locations. Summit also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia.

FORWARD-LOOKING STATEMENTS

This press release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Words such as “expects”, “anticipates”, “believes”, “estimates” and other similar expressions or future or conditional verbs such as “will”, “should”, “would” and “could” are intended to identify such forward-looking statements.

Although we believe the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially.  Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economies.  We undertake no obligation to revise these statements following the date of this press release.


SUMMIT FINANCIAL GROUP, INC. (NASDAQ:  SMMF)  
Quarterly Performance Summary -- Q1 2017 vs Q1 2016  
     
    
   For the Quarter Ended  Percent 
 Dollars in thousands 3/31/20173/31/2016 Change 
 Condensed Statements of Income (unaudited)    
  Interest income    
   Loans, including fees $  15,671  $  13,436 16.6%
   Securities    1,851     1,726 7.2%
   Other    152     3 n/a
  Total interest income    17,674     15,165 16.5%
  Interest expense    
   Deposits    2,390     2,170 10.1%
   Borrowings    1,654     1,216 36.0%
  Total interest expense    4,044     3,386 19.4%
  Net interest income    13,630     11,779 15.7%
  Provision for loan losses    250     250 0.0%
  Net interest income after provision    
   for loan losses    13,380     11,529 16.1%
  Noninterest income    
   Insurance commissions    968     924 4.8%
   Service fees related to deposit accounts    1,168     978 19.4%
   Realized securities (losses) gains    (58)    393 n/a
   Other income    501     511 -2.0%
 Total noninterest income   2,579     2,806 -8.1%
  Noninterest expense    
   Salaries and employee benefits   5,187     4,682 10.8%
   Net occupancy expense   567     540 5.0%
   Equipment expense   735     656 12.0%
   Professional fees   285     472 -39.6%
   Amortization of intangibles   97     50 94.0%
   FDIC premiums   210     300 -30.0%
   Merger-related  expense   109     112 -2.7%
   Foreclosed properties expense   104     124 -16.1%
   (Gain) on sales of foreclosed properties   (156)    (6)n/a
   Write-downs of foreclosed properties   418     109 283.5%
   Litigation settlement   9,900     - n/a
   Other expenses   1,560     1,515 3.0%
 Total noninterest expense   19,016     8,554 122.3%
  (Loss) income before income taxes    (3,057)    5,781 n/a
  Income tax (benefit) expense    (1,441)    1,719 n/a
  Net (loss) income $  (1,616) $  4,062 n/a

 


SUMMIT FINANCIAL GROUP, INC. (NASDAQ:  SMMF)  
Quarterly Performance Summary -- Q1 2017 vs Q1 2016  
    
   For the Quarter Ended  Percent 
  3/31/20173/31/2016 Change 
 Per Share Data    
 Earnings per common share   
 Basic$(0.15)$0.38 n/a
 Diluted$(0.15)$0.38 n/a
     
 Cash dividends$0.11 $0.10 10.0%
     
 Average common shares outstanding   
 Basic 10,738,365  10,671,856 0.6%
 Diluted 10,738,365  10,679,301 0.6%
     
 Common shares outstanding at period end 10,750,477  10,681,880 0.6%
     
 Performance Ratios    
 Return on average equity -4.11% 11.10%n/a
 Return on average tangible equity -4.51% 11.70%n/a
 Return on average assets -0.37% 1.08%n/a
 Net interest margin 3.54% 3.50%1.1%
 Efficiency ratio (A) 51.16% 55.93%-8.5%

NOTE (A) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.



SUMMIT FINANCIAL GROUP, INC. (NASDAQ:  SMMF)    
Five Quarter Performance Summary     
      
   For the Quarter Ended 
 Dollars in thousands 3/31/201712/31/20169/30/20166/30/20163/31/2016
 Condensed Statements of Income (unaudited)      
  Interest income      
   Loans, including fees $  15,671  $  15,780  $  14,142  $  13,622  $  13,436 
   Securities    1,851     1,796     1,759     1,656     1,726 
   Other    152     161     5     5     3 
  Total interest income    17,674     17,737     15,906     15,283     15,165 
  Interest expense                  
   Deposits    2,390     2,430     2,209     2,154     2,170 
   Borrowings    1,654     1,850     1,659     1,395     1,216 
  Total interest expense    4,044     4,280     3,868     3,549     3,386 
  Net interest income    13,630     13,457     12,038     11,734     11,779 
  Provision for loan losses    250     -     -     250     250 
  Net interest income after provision                  
   for loan losses    13,380     13,457     12,038     11,484     11,529 
  Noninterest income                    
   Insurance commissions    968     992     1,016     1,090     924 
   Service fees related to deposit accounts    1,168     1,194     1,138     1,059     978 
   Realized securities gains (losses)    (58)    291     61     383     393 
   Other income    501     521     534     513     511 
 Total noninterest income   2,579     2,998     2,749     3,045     2,806 
  Noninterest expense                    
   Salaries and employee benefits   5,187     5,308     4,819     4,764     4,682 
   Net occupancy expense   567     522     525     512     540 
   Equipment expense   735     700     716     686     656 
   Professional fees   285     344     270     429     472 
   Amortization of intangibles   97     97     50     50     50 
   FDIC premiums   210     75     200     300     300 
   Merger-related expenses   109     588     80     153     112 
   Foreclosed properties expense   104     97     100     93     124 
   (Gain) on sales of foreclosed properties    (156)    (465)    (168)    (276)    (6)
   Write-downs of foreclosed properties    418     165     134     259     109 
   Litigation settlement    9,900     -     -     -     - 
   Other expenses   1,560     1,961     1,693     1,467     1,515 
 Total noninterest expense   19,016     9,392     8,419     8,437     8,554 
  (Loss) income before income taxes    (3,057)    7,063     6,368     6,092     5,781 
  Income tax (benefit) expense    (1,441)    2,353     2,087     1,849     1,719 
  Net (loss) income $  (1,616) $  4,710  $  4,281  $  4,243  $  4,062 

  

SUMMIT FINANCIAL GROUP, INC. (NASDAQ:  SMMF)     
Five Quarter Performance Summary     
      
   For the Quarter Ended 
  3/31/201712/31/20169/30/20166/30/20163/31/2016
 Per Share Data      
  Earnings per common share      
   Basic $  (0.15)$  0.44 $  0.40 $  0.40 $  0.38 
   Diluted $  (0.15)$  0.44 $  0.40 $  0.40 $  0.38 
       
  Cash dividends $  0.11 $  0.10 $  0.10 $  0.10 $  0.10 
       
  Average common shares outstanding      
   Basic    10,738,365    10,710,164    10,692,423    10,681,995    10,671,856 
   Diluted    10,738,365    10,762,445    10,727,140    10,701,017    10,679,301 
       
  Common shares outstanding at period end    10,750,477    10,736,970    10,701,841    10,692,320    10,681,880 
       
 Performance Ratios      
  Return on average equity  -4.11% 12.22% 11.29% 11.49% 11.10%
  Return on average tangible equity  -4.51% 13.42% 11.86% 12.10% 11.70%
  Return on average assets  -0.37% 1.07% 1.08% 1.10% 1.08%
  Net interest margin  3.54% 3.34% 3.32% 3.40% 3.50%
  Efficiency ratio (A)  51.16% 56.67% 53.30% 55.35% 55.93%

 NOTE (A) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles


SUMMIT FINANCIAL GROUP, INC. (NASDAQ:  SMMF)    
Selected Balance Sheet Data (unaudited)     
       
 Dollars in thousands, except per share amounts 3/31/201712/31/20169/30/20166/30/20163/31/2016
       
 Assets      
 Cash and due from banks$  19,326 $  4,262 $  25,067 $  4,161 $  4,005 
 Interest bearing deposits other banks   38,895    42,354    9,432    8,897    12,655 
 Securities   282,028    266,542    262,102    261,633    271,515 
 Loans, net   1,292,915    1,307,862    1,234,605    1,166,723    1,096,790 
 Property held for sale   23,491    24,504    24,767    23,425    24,684 
 Premises and equipment, net   26,377    23,737    21,802    21,405    21,589 
 Goodwill and other intangible assets   13,587    13,652    7,348    7,398    7,448 
 Cash surrender value of life insurance policies   39,412    39,143    38,504    38,246    37,989 
 Other assets   40,411    36,591    34,009    33,293    31,893 
   Total assets$  1,776,442 $  1,758,647 $  1,657,636 $  1,565,181 $  1,508,568 
                 
 Liabilities and Shareholders' Equity      
 Deposits$  1,301,241 $  1,295,519 $  1,156,785 $  1,096,545 $  1,094,544 
 Short-term borrowings   228,868    224,461    234,657    205,552    153,448 
 Long-term borrowings and     
   subordinated debentures   65,804    66,259    93,735    94,214    94,692 
 Other liabilities   26,910    17,048    18,640    18,201    19,755 
 Shareholders' equity   153,619    155,360    153,819    150,669    146,129 
   Total liabilities and shareholders' equity$  1,776,442 $  1,758,647 $  1,657,636 $  1,565,181 $  1,508,568 
                 
 Book value per common share$  14.29 $  14.47 $  14.37 $  14.09 $  13.68 
 Tangible book value per common share$  13.03 $  13.20 $  13.69 $  13.40 $  12.98 
 Tangible common equity to tangible assets 7.9% 8.1% 8.9% 9.2% 9.2%
       

 

SUMMIT FINANCIAL GROUP INC. (NASDAQ:  SMMF)     
Regulatory Capital Ratios      
        
  3/31/201712/31/2016 9/30/2016  6/30/2016  3/31/2016  
Summit Financial Group, Inc.                  
 CET1 Risk-based Capital10.3%   10.5%  11.1%11.5%  11.9% 
 Tier 1 Risk-based Capital11.5%   11.8%  12.4%12.9%  13.5% 
 Total Risk-based Capital12.3%   12.6%  13.3%13.8%  14.5% 
 Tier 1 Leverage Ratio9.4%   9.4%  10.4%10.5%  10.7% 
        
Summit Community Bank, Inc.      
 CET1 Risk-based Capital11.6%   11.9%  12.5%13.0%  13.6% 
 Tier 1 Risk-based Capital11.6%   11.9%  12.5%13.0%  13.6% 
 Total Risk-based Capital12.4%   12.7%  13.4%13.9%  14.5% 
 Tier 1 Leverage Ratio9.4%   9.5%  10.5%10.6%  10.7% 
        

 

SUMMIT FINANCIAL GROUP INC. (NASDAQ:  SMMF)    
Loan Composition      
        
Dollars in thousands3/31/201712/31/20169/30/20166/30/20163/31/2016 
        
Commercial $  134,808 $  119,088 $  110,466 $  101,521 $  101,743 
Mortgage warehouse lines   30,217    85,966    108,983    80,282    - 
Commercial real estate      
  Owner occupied   217,733    203,047    192,254    190,534    202,680 
  Non-owner occupied   401,795    381,921    367,196    348,099    353,350 
Construction and development      
  Land and development   68,079    72,042    65,430    65,702    66,483 
  Construction    16,511    16,584    11,276    8,506    7,997 
Residential real estate      
  Non-jumbo    266,140    265,641    228,777    225,919    221,368 
  Jumbo    60,780    65,628    57,276    52,105    50,057 
  Home equity    75,299    74,596    75,161    75,904    74,097 
Consumer    24,440    25,534    19,756    19,520    19,095 
Other    8,831    9,489    9,649    10,008    11,235 
Total loans, net of unearned fees   1,304,633    1,319,536    1,246,224    1,178,100    1,108,105 
Less allowance for loan losses   11,718    11,674    11,619    11,377    11,315 
Loans, net$  1,292,915 $  1,307,862 $  1,234,605 $  1,166,723 $  1,096,790 
        

 

SUMMIT FINANCIAL GROUP INC. (NASDAQ:  SMMF)    
Deposit Composition      
        
Dollars in thousands 3/31/201712/31/20169/30/20166/30/20163/31/2016 
Non interest bearing checking$  152,086 $  149,737 $  122,652 $  120,845 $  122,378 
Interest bearing checking   275,678    262,591    212,172    205,095    210,878 
Savings    342,548    337,348    321,563    306,785    286,695 
Time deposits    530,929    545,843    500,398    463,820    474,593 
Total deposits$  1,301,241 $  1,295,519 $  1,156,785 $  1,096,545 $  1,094,544 
        

 

SUMMIT FINANCIAL GROUP, INC. (NASDAQ:  SMMF)    
Asset Quality Information     
       
   For the Quarter Ended 
 Dollars in thousands 3/31/201712/31/20169/30/20166/30/20163/31/2016
       
 Gross loan charge-offs$  315 $  400 $  331 $  263 $  561 
 Gross loan recoveries   (108)   (456)   (573)   (75)   (154)
   Net loan charge-offs (recoveries)$  207 $  (56)$  (242)$  188 $  407 
                 
 Net loan charge-offs to average loans (annualized) 0.06% -0.02% -0.09% 0.07% 0.15%
 Allowance for loan losses$  11,718 $  11,674 $  11,619 $  11,377 $  11,315 
 Allowance for loan losses as a percentage     
   of period end loans 0.90% 0.88% 0.93% 0.97% 1.02%
 Nonperforming assets:     
   Nonperforming loans     
   Commercial$  226 $  298 $  846 $  399 $  430 
   Commercial real estate   4,734    4,844    4,867    5,773    6,140 
   Residential construction and development   3,936    4,465    4,360    5,400    5,467 
   Residential real estate   5,886    4,815    4,174    3,531    3,248 
   Consumer   162    152    169    91    121 
 Total nonperforming loans   14,944    14,574    14,416    15,194    15,406 
   Foreclosed properties     
   Commercial real estate   1,749    1,749    1,749    976    976 
   Commercial construction and development   8,276    8,610    8,664    8,708    8,717 
   Residential construction and development   12,635    13,265    13,741    12,989    13,808 
   Residential real estate   831    880    613    752    1,183 
 Total foreclosed properties   23,491    24,504    24,767    23,425    24,684 
   Other repossessed assets   12    12    12    38    - 
 Total nonperforming assets$  38,447 $  39,090 $  39,195 $  38,657 $  40,090 
                 
 Nonperforming loans to period end loans 1.15% 1.10% 1.16% 1.29% 1.39%
 Nonperforming assets to period end assets 2.16% 2.22% 2.36% 2.47% 2.66%
       
 Troubled debt restructurings     
   Performing$  28,183 $  28,066 $  28,287 $  27,750 $  29,452 
   Nonperforming   719    564    863    2,133    897 
 Total troubled debt restructurings$  28,902 $  28,630 $  29,150 $  29,883 $  30,349 

 

Loans Past Due 30-89 Days     
   For the Quarter Ended 
 In thousands 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016
          
 Commercial$  162  $  175 $  405 $  422 $  465
 Commercial real estate   2,758     434    626    214    920
 Construction and development   291     552    235    520    218
 Residential real estate   2,924     5,517    2,941    4,763    3,055
 Consumer   155     375    144    177    73
 Other   17     14    13    12    14
   Total$  6,307  $  7,067 $  4,364 $  6,108 $  4,745
       



SUMMIT FINANCIAL GROUP, INC. (NASDAQ:  SMMF)      
Average Balance Sheet, Interest Earnings & Expenses and Average Rates     
Q1 2017 vs Q1 2016        
 Q1 2017 Q1 2016 
 AverageEarnings /Yield / AverageEarnings /Yield / 
Dollars in thousandsBalancesExpenseRate BalancesExpenseRate 
         
ASSETS        
Interest earning assets        
  Loans, net of unearned  interest        
  Taxable$  1,278,386 $  15,549 4.93% $  1,089,083 $   13,291  4.91% 
  Tax-exempt   13,292    186 5.68%    15,824     220  5.59% 
  Securities        
  Taxable   186,332    1,128 2.46%    209,365     1,083  2.08% 
  Tax-exempt   95,300    1,112 4.73%    79,314     974  4.94% 
  Interest bearing deposits other banks        
  and Federal funds sold   40,698    152 1.51%    8,092     3  0.15% 
Total interest earning assets   1,614,008    18,127 4.55%    1,401,678     15,571  4.47% 
         
Noninterest earning assets        
  Cash & due from banks   4,631       3,762    
  Premises & equipment   24,504       21,594    
  Other assets   98,253       89,642    
  Allowance for loan losses   (11,761)      (11,562)   
  Total assets$  1,729,635    $  1,505,114    
             
 LIABILITIES AND SHAREHOLDERS' EQUITY       
         
Liabilities        
Interest bearing liabilities        
  Interest bearing         
  demand deposits$  262,849 $  148 0.23% $  209,733 $   83  0.16% 
  Savings deposits   339,930    625 0.75%    277,396     506  0.73% 
  Time deposits   540,692    1,616 1.21%    471,597     1,581  1.35% 
  Short-term borrowings   196,946    995 2.05%    168,548     240  0.57% 
  Long-term borrowings and        
  subordinated debentures   66,146    660 4.05%    95,052     976  4.13% 
Total interest bearing liabilities   1,406,563    4,044 1.17%    1,222,326     3,386  1.11% 
         
Noninterest bearing liabilities        
  Demand deposits   148,286       120,464    
  Other liabilities   17,700       15,928    
  Total liabilities   1,572,549       1,358,718    
         
Shareholders' equity   157,086       146,396    
  Total liabilities and        
  shareholders' equity$  1,729,635    $  1,505,114    
         
NET INTEREST EARNINGS $  14,083   $   12,185    
         
NET INTEREST MARGIN   3.54%   3.50% 
          

            

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