LAKEVILLE, Conn., April 28, 2017 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. (“Salisbury”) (NASDAQ:SAL), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its first quarter ended March 31, 2017.
Net income allocated to common shareholders was $1.6 million, or $0.58 per common share, for the first quarter ended March 31, 2017 (first quarter 2017), compared with $1.5 million, or $0.55 per common share, for the fourth quarter ended December 31, 2016 (fourth quarter 2016), and $1.5 million, or $0.55 per common share, for the first quarter ended March 31, 2016 (first quarter 2016).
Selected First Quarter 2017 Financial Highlights
- Net Income per share increased to $0.58 per share from $0.55 last quarter and $0.55 for the first quarter 2016.
- Non Performing loans decreased to 0.92% of gross loans receivable from 2.29% at March 31, 2016.
- Wealth assets under administration increased to $524.5 million at March 31, 2017 an increase of $101.5 million, or 24%, from first quarter 2016.
- Book value per common share increased to $34.38 at March 31, 2017 from $34.07 at December 31, 2016, and $33.20 at March 31, 2016.
- Tangible book value per common share increased to $29.26 at March 31, 2017 from $28.90 at December 31, 2016 and $27.84 at March 31, 2016.
Richard J. Cantele, Jr., President and Chief Executive Officer, stated, “Salisbury Bank posted improved metrics during the first quarter as earnings per share, asset quality and assets under administration in our Wealth Management area each saw positive movement. Both book value and tangible book value grew, further enhancing shareholder value.”
Net-Interest Income
Tax equivalent net interest income for first quarter 2017 increased $248 thousand, or 3.1%, versus fourth quarter 2016, and increased $240 thousand or 3.0%, versus first quarter 2016. Average earning assets increased $9.6 million versus fourth quarter 2016, and increased $42.1 million versus first quarter 2016. Average total interest bearing deposits decreased $9.6 million versus fourth quarter 2016 and increased $8.5 million versus first quarter 2016. The net interest margin of 3.74% increased 11 basis points versus 3.63% for the fourth quarter 2016 and decreased 5 basis points versus 3.79% for the first quarter 2016.
Interest income for the first quarter 2017 reflects net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $495,000. The fourth quarter and first quarter of 2016 included similar adjustments of $435,000 and $586,000, respectively.
Non-Interest Income
Non-interest income for first quarter 2017 decreased $304 thousand versus fourth quarter 2016 and increased $348 thousand versus first quarter 2016. Trust and Wealth Advisory revenues increased $33 thousand versus fourth quarter 2016 and increased $70 thousand versus first quarter 2016. The quarter-over-quarter net revenue increase resulted from higher asset based fees collected as compared to the prior quarter due to improving market conditions and fees collected on net new business. The same revenue came in higher year over year representing a net growth in asset based fees for the year. Service charges and fees increased $106 thousand versus fourth quarter 2016 and increased $260 thousand versus first quarter 2016. The increases were a result of higher fees related to ATM and interchange activity, which contributed $65 thousand and $72 thousand to the increase from fourth quarter and first quarter 2016, respectively. The first quarter 2017 results also include fees related to loan prepayments of $48 thousand. Income from sales and servicing of mortgage loans decreased $20 thousand versus fourth quarter 2016 and increased $21 thousand versus first quarter 2016. The decrease from the fourth quarter 2016 is mainly attributable to lower gains on sale during the first quarter 2017. The first quarter 2017 increase as compared to first quarter 2016 is mainly attributable to lower impairments on servicing values in the current period. First quarter 2017 mortgage loans sales totaled $1.8 million versus $3.0 million for fourth quarter 2016 and $1.8 million for first quarter 2016. First quarter 2017, fourth quarter 2016, and first quarter 2016 included mortgage servicing amortization and periodic impairment charges (net) of $70 thousand, $65 thousand, and $71 thousand, respectively. There were no gains on sales of securities during the first quarter 2017 while fourth quarter and first quarter 2016 totaled $427 thousand and $2 thousand, respectively. Other income includes bank owned life insurance income and rental income.
Non-Interest Expense
Non-interest expense for first quarter 2017 increased $16 thousand versus fourth quarter 2016 and increased $590 thousand versus first quarter 2016. This first quarter 2017 results include OREO related expenses, which are discussed below, of $232 thousand. Total compensation expense increased $101 thousand versus fourth quarter 2016 as reductions from fourth quarter’s overtime and production related expenses were substantially offset by first quarter increases in payroll taxes related to the annual performance related compensation paid in March as well as changes in deferred expense related to loan origination for the current period. The total compensation expenses year-over-year increase of $316 thousand is mainly attributable to the mix and levels of staff as well as lower current period deferred expense related to loan origination.
Premises and equipment expense increased $66 thousand versus fourth quarter 2016 and increased $3 thousand versus first quarter 2016. Premises related expenses in the first quarter 2017 include those related to the proposed future branch facility in Newburgh, New York, as well as additional depreciation expense related to new technology infrastructure which was placed into service in the fourth quarter of 2016. The year-over-year increase was substantially offset with comparable current period reductions in software maintenance expenses.
Data processing decreased $265 thousand versus fourth quarter 2016 and increased $25 thousand versus first quarter 2016. The fourth quarter data processing expense included core conversion related expenses.
Professional fees increased $187 thousand versus fourth quarter 2016, and $337 thousand versus first quarter 2016. Increases over both the fourth quarter 2016 and first quarter 2016 were primarily attributable to legal and consulting fees. Increases, as compared to first quarter 2016, also included higher Investment Management fees.
Loan related expenses decreased $278 thousand versus fourth quarter 2016 and increased $144 thousand versus first quarter 2016. The decrease, as compared to the fourth quarter 2016, was mainly due to a difference of $291 thousand between quarters in net write-downs associated with OREO properties. Write-downs in the first quarter of 2017 totaled $144 thousand while net write-downs for the fourth quarter 2016 totaled $435 thousand. The first quarter of 2016 had no such write-downs.
Other expense increased $205 thousand versus fourth quarter 2016 and decreased $235 thousand versus first quarter 2016. First quarter increases, as compared to the fourth quarter are primarily related to increases in marketing and employee related expenses. Decreases in the first quarter 2017 as compared to the first quarter of 2016 are mainly attributable to expenses which occurred in 2016 related to sold loans.
The effective income tax rates for first quarter 2017, fourth quarter 2016 and first quarter 2016 were 27.00%, 27.62% and 25.86%, respectively.
Loans
Net loans receivable increased $1.5 million during first quarter 2017 to $764.7 million at March 31, 2017, compared with $763.2 million at December 31, 2016, and increased $35.9 million compared with $728.8 million at March 31, 2016.
Asset Quality
Non-performing assets decreased $1.7 million during first quarter 2017 to $10.9 million, or 1.2% of assets at March 31, 2017, from $12.6 million, or 1.3% of assets at December 31, 2016, and decreased $5.9 million from $16.8 million, or 1.9% of assets, at March 31, 2016.
The amount of total impaired and potential problem loans decreased to $21.5 million (2.8% of gross loans receivable) during first quarter 2017, compared to $23.6 million, or 3.1% of gross loans receivable at December 31, 2016, and decreased $9.1 million from $30.6 million, or 4.2% of gross loans receivable at March 31, 2016.
Accruing loans receivable 30-to-89 days past due increased $7.2 million during first quarter 2017 to $11.7 million, or 1.5% of gross loans receivable, from $4.5 million, or 0.6% of gross loans receivable at December 31, 2016, and increased $3.7 million as compared to $8.0 million versus March 31, 2016.
Provision for loan loss expense was $352 thousand for first quarter 2017 versus $503 thousand for fourth quarter 2016, and $463 thousand for first quarter 2016. Net loan charge-offs were $194 thousand for the first quarter 2017, $263 thousand for fourth quarter 2016 and $302 thousand for the first quarter 2016. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, was 0.82% for the first quarter 2017, versus 0.79% for fourth quarter 2016 and 0.80% for first quarter 2016.
Salisbury endeavors to work constructively to resolve its non-performing loan issues with customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral.
Capital
Book value and tangible book value per common share increased $0.31 and $0.36, respectively, during first quarter 2017, to $34.38 and $29.26, respectively. Tangible book value excludes goodwill and core deposit intangibles.
Shareholders’ equity increased $1.2 million in first quarter 2017 to $95.2 million at March 31, 2017. Contributing to the increase in shareholders’ equity for first quarter 2017 was net income of $1.6 million, and a $0.4 million increase in common stock offset by common stock dividends paid of $0.8 million.
The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At March 31, 2017, Salisbury’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 8.81%, 13.23%, and 11.01%, respectively. The Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 9.57%, 12.80%, and 11.93%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively.
First Quarter 2017 Dividends on Common Shares
The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at their April 28, 2017 meeting. The dividend will be paid on May 26, 2017 to shareholders of record as of May 12, 2017.
Background
Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and Dover Plains, Fishkill, Millerton, Newburgh, Poughkeepsie, and Red Oaks Mill, New York. The Bank offers a broad spectrum of consumer and business banking products and services as well as trust and wealth advisory services.
Forward-Looking Statements
This news release may contain statements relating to future results of Salisbury’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by management using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, which are available at the Securities and Exchange Commission’s website (www.sec.gov) and to which reference is hereby made. Forward-looking statements made by Salisbury in this news release speak only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
| (in thousands, except share data) | March 31, 2017 (unaudited) | December 31, 2016 | |||||
| ASSETS | |||||||
| Cash and due from banks | $ | 6,376 | $ | 5,434 | |||
| Interest bearing demand deposits with other banks | 34,916 | 30,051 | |||||
| Total cash and cash equivalents | 41,292 | 35,485 | |||||
| Securities | |||||||
| Available-for-sale at fair value | 76,849 | 79,623 | |||||
| Federal Home Loan Bank of Boston stock at cost | 3,510 | 3,211 | |||||
| Loans held-for-sale | 53 | - | |||||
| Loans receivable, net (allowance for loan losses: $6,285 and $6,127) | 764,665 | 763,184 | |||||
| Other real estate owned | 3,833 | 3,773 | |||||
| Bank premises and equipment, net | 14,574 | 14,398 | |||||
| Goodwill | 12,552 | 12,552 | |||||
| Intangible assets (net of accumulated amortization: $3,637 and $3,511) | 1,611 | 1,737 | |||||
| Accrued interest receivable | 2,431 | 2,424 | |||||
| Cash surrender value of life insurance policies | 14,126 | 14,038 | |||||
| Deferred taxes | 1,361 | 1,367 | |||||
| Other assets | 2,692 | 3,574 | |||||
| Total Assets | $ | 939,549 | $ | 935,366 | |||
| LIABILITIES and SHAREHOLDERS' EQUITY | |||||||
| Deposits | |||||||
| Demand (non-interest bearing) | $ | 201,215 | $ | 218,420 | |||
| Demand (interest bearing) | 132,527 | 127,854 | |||||
| Money market | 182,438 | 182,476 | |||||
| Savings and other | 141,085 | 135,435 | |||||
| Certificates of deposit | 115,151 | 117,585 | |||||
| Total deposits | 772,416 | 781,770 | |||||
| Repurchase agreements | 2,350 | 5,535 | |||||
| Federal Home Loan Bank of Boston advances | 52,745 | 37,188 | |||||
| Subordinated debt⁽¹⁾ | 9,794 | 9,788 | |||||
| Note payable | 335 | 344 | |||||
| Capital lease liability | 417 | 418 | |||||
| Accrued interest and other liabilities | 6,272 | 6,316 | |||||
| Total Liabilities | 844,329 | 841,359 | |||||
| Shareholders' Equity | |||||||
| Common stock - $.10 per share par value | |||||||
| Authorized: 5,000,000; | |||||||
| Issued: 2,770,036 and 2,758,086 | 277 | 276 | |||||
| Unearned compensation - restricted stock awards | (288 | ) | (352 | ) | |||
| Paid-in capital | 42,394 | 42,085 | |||||
| Retained earnings | 52,351 | 51,521 | |||||
| Accumulated other comprehensive income, net | 487 | 477 | |||||
| Total Shareholders' Equity | $ | 95,221 | $ | 94,007 | |||
| Total Liabilities and Shareholders' Equity | $ | 939,549 | $ | 935,366 | |||
⁽¹⁾ Net of issuance costs, which are capitalized and amortized as a component of interest expense over a period of 10 years.
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
| Periods ended March 31, | Three months ended | ||||||
| (in thousands, except per share amounts) | 2017 | 2016 | |||||
| Interest and dividend income | |||||||
| Interest and fees on loans | $ | 8,342 | $ | 7,932 | |||
| Interest on debt securities | |||||||
| Taxable | 317 | 293 | |||||
| Tax exempt | 164 | 286 | |||||
| Other interest and dividends | 83 | 72 | |||||
| Total interest and dividend income | 8,906 | 8,583 | |||||
| Interest expense | |||||||
| Deposits | 515 | 509 | |||||
| Repurchase agreements | 1 | 1 | |||||
| Capital lease | 17 | 17 | |||||
| Note payable | 2 | 4 | |||||
| Subordinated debt | 156 | 156 | |||||
| Federal Home Loan Bank of Boston advances | 262 | 232 | |||||
| Total interest expense | 953 | 919 | |||||
| Net interest and dividend income | 7,953 | 7,664 | |||||
| Provision for loan losses | 352 | 463 | |||||
| Net interest and dividend income after provision for loan losses | 7,601 | 7,201 | |||||
| Non-interest income | |||||||
| Trust and wealth advisory | 854 | 784 | |||||
| Service charges and fees | 962 | 702 | |||||
| Gains on sales of mortgage loans, net | 49 | 39 | |||||
| Mortgage servicing, net | 45 | 34 | |||||
| Gains on sales of available-for-sale securities, net | - | 2 | |||||
| Other | 113 | 114 | |||||
| Total non-interest income | 2,023 | 1,675 | |||||
| Non-interest expense | |||||||
| Salaries | 2,890 | 2,574 | |||||
| Employee benefits | 1,088 | 1,088 | |||||
| Premises and equipment | 895 | 892 | |||||
| Data processing | 472 | 447 | |||||
| Professional fees | 717 | 380 | |||||
| Collections, OREO and loan related | 301 | 157 | |||||
| FDIC insurance | 149 | 134 | |||||
| Marketing and community support | 251 | 200 | |||||
| Amortization of core deposit intangibles | 126 | 155 | |||||
| Other | 538 | 810 | |||||
| Total non-interest expense | 7,427 | 6,837 | |||||
| Income before income taxes | 2,197 | 2,039 | |||||
| Income tax provision | 593 | 527 | |||||
| Net income | $ | 1,604 | $ | 1,512 | |||
| Net income allocated to common shareholders | $ | 1,594 | $ | 1,499 | |||
| Basic earnings per common share | $ | 0.58 | $ | 0.55 | |||
| Diluted earnings per common share | 0.58 | 0.55 | |||||
| Common dividends per share | 0.28 | 0.28 | |||||
Salisbury Bancorp, Inc. and Subsidiary
SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)
| At or for the three month periods ended | ||||||||||||||||||||
| (in thousands, except per share amounts and ratios) | Q1 2017 | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | |||||||||||||||
| Total assets | $ | 939,549 | $ | 935,366 | $ | 928,445 | $ | 913,494 | $ | 891,804 | ||||||||||
| Loans receivable, net | 764,665 | 763,184 | 753,623 | 749,523 | 728,845 | |||||||||||||||
| Total securities | 80,359 | 82,834 | 79,738 | 83,874 | 82,151 | |||||||||||||||
| Deposits | 772,416 | 781,770 | 786,730 | 754,471 | 755,658 | |||||||||||||||
| FHLBB advances | 52,745 | 37,188 | 27,134 | 47,083 | 27,031 | |||||||||||||||
| Shareholders’ equity | 95,221 | 94,007 | 93,554 | 92,584 | 91,402 | |||||||||||||||
| Wealth assets under administration | 524,459 | 516,350 | 509,557 | 424,702 | 422,918 | |||||||||||||||
| Discretionary wealth assets under administration | 365,086 | 366,167 | 361,326 | 355,560 | 354,202 | |||||||||||||||
| Non-discretionary wealth assets under administration | 159,373 | 150,183 | 148,230 | 69,142 | 68,715 | |||||||||||||||
| Non-performing loans | 7,057 | 8,792 | 11,673 | 14,579 | 16,829 | |||||||||||||||
| Non-performing assets | 10,890 | 12,565 | 14,496 | 14,579 | 16,829 | |||||||||||||||
| Accruing loans past due 30-89 days | 11,689 | 4,537 | 5,889 | 3,569 | 7,995 | |||||||||||||||
| Net interest and dividend income | 7,953 | 7,687 | 7,687 | 7,567 | 7,664 | |||||||||||||||
| Net interest and dividend income, tax equivalent | 8,214 | 7,966 | 7,981 | 7,882 | 7,991 | |||||||||||||||
| Provision for loan losses | 352 | 503 | 344 | 525 | 463 | |||||||||||||||
| Non-interest income | 2,023 | 2,327 | 1,888 | 2,001 | 1,675 | |||||||||||||||
| Non-interest expense | 7,427 | 7,411 | 6,500 | 6,640 | 6,837 | |||||||||||||||
| Income before income taxes | 2,197 | 2,100 | 2,731 | 2,403 | 2,039 | |||||||||||||||
| Income tax provision | 593 | 580 | 812 | 669 | 528 | |||||||||||||||
| Net income | 1,604 | 1,520 | 1,919 | 1,734 | 1,512 | |||||||||||||||
| Net income allocated to common shareholders | 1,594 | 1,509 | 1,904 | 1,721 | 1,499 | |||||||||||||||
| Per share data | ||||||||||||||||||||
| Basic earnings per common share | $ | 0.58 | $ | 0.55 | $ | 0.70 | $ | 0.63 | $ | 0.55 | ||||||||||
| Diluted earnings per common share | 0.58 | 0.55 | 0.69 | 0.63 | 0.55 | |||||||||||||||
| Dividends per common share | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | |||||||||||||||
| Book value per common share | 34.38 | 34.07 | 33.92 | 33.57 | 33.20 | |||||||||||||||
| Tangible book value per common share - Non-GAAP⁽¹⁾ | 29.26 | 28.90 | 28.63 | 28.28 | 27.84 | |||||||||||||||
| Common shares outstanding at end of period | 2,770 | 2,758 | 2,758 | 2,758 | 2,753 | |||||||||||||||
| Weighted average common shares outstanding, to calculate basic earnings per share | 2,749 | 2,737 | 2,737 | 2,735 | 2,723 | |||||||||||||||
| Weighted average common shares outstanding, to calculate diluted earnings per share | 2,768 | 2,755 | 2,751 | 2,749 | 2,741 | |||||||||||||||
| Profitability ratios | ||||||||||||||||||||
| Net interest margin (tax equivalent) | 3.74 | % | 3.63 | % | 3.57 | % | 3.71 | % | 3.79 | % | ||||||||||
| Efficiency ratio(2) | 69.06 | 67.08 | 64.13 | 66.51 | 69.28 | |||||||||||||||
| Non-interest income to operating revenue | 20.28 | 19.81 | 19.22 | 20.63 | 18.01 | |||||||||||||||
| Effective income tax rate | 27.00 | 27.62 | 29.71 | 27.79 | 25.86 | |||||||||||||||
| Return on average assets | 0.70 | 0.65 | 0.81 | 0.77 | 0.68 | |||||||||||||||
| Return on average common shareholders’ equity | 6.83 | 6.43 | 8.20 | 7.58 | 6.68 | |||||||||||||||
| Credit quality ratios | ||||||||||||||||||||
| Net charge-offs to average loans receivable, gross | 0.03 | % | 0.04 | % | 0.02 | % | 0.37 | % | 0.17 | % | ||||||||||
| Non-performing loans to loans receivable, gross | 0.92 | 1.16 | 1.54 | 1.93 | 2.29 | |||||||||||||||
| Accruing loans past due 30-89 days to loans receivable, gross | 1.53 | 0.60 | 0.78 | 0.47 | 1.09 | |||||||||||||||
| Allowance for loan losses to loans receivable, gross | 0.82 | 0.79 | 0.78 | 0.76 | 0.80 | |||||||||||||||
| Allowance for loan losses to non-performing loans | 89.05 | 69.43 | 50.47 | 39.22 | 34.92 | |||||||||||||||
| Non-performing assets to total assets | 1.16 | 1.34 | 1.56 | 1.60 | 1.89 | |||||||||||||||
| Capital ratios | ||||||||||||||||||||
| Common shareholders' equity to assets | 10.13 | % | 10.05 | % | 10.08 | % | 10.14 | % | 10.25 | % | ||||||||||
| Tangible common shareholders' equity to tangible assets - Non-GAAP⁽¹⁾ | 8.76 | 8.64 | 8.66 | 8.68 | 8.74 | |||||||||||||||
| Tier 1 leverage capital | 8.81 | 8.73 | 8.47 | 8.64 | 8.57 | |||||||||||||||
| Total risk-based capital | 13.23 | 13.10 | 13.25 | 13.08 | 12.92 | |||||||||||||||
| Common equity tier 1 capital | 11.01 | 10.89 | 11.01 | 10.86 | 10.69 | |||||||||||||||
(1) Refer to schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.
(2) Calculated using SNL’s (publicly recognized resource of bank data) methodology, as follows: Noninterest expense before OREO expense, amortization of intangibles, and goodwill impairments as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains from securities transactions and litigation expenses.
Salisbury Bancorp, Inc. and Subsidiary
SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)
| At or for the quarters ended | ||||||||||||||||||||
| (in thousands, except per share amounts and ratios) | Q1 2017 | Q4 2016 | Q3 2016 | Q2 2016 | Q1 2016 | |||||||||||||||
| Shareholders' Equity | $ | 95,221 | $ | 94,007 | $ | 93,554 | $ | 92,584 | $ | 91,402 | ||||||||||
| Less: Goodwill | (12,552 | ) | (12,552 | ) | (12,552 | ) | (12,552 | ) | (12,552 | ) | ||||||||||
| Less: Intangible assets | (1,611 | ) | (1,737 | ) | (1,883 | ) | (2,031 | ) | (2,183 | ) | ||||||||||
| Tangible Common Shareholders' Equity | $ | 81,058 | $ | 79,718 | $ | 79,119 | $ | 78,001 | $ | 76,667 | ||||||||||
| Total Assets | $ | 939,549 | $ | 935,366 | $ | 928,445 | $ | 913,494 | $ | 891,804 | ||||||||||
| Less: Goodwill | (12,552 | ) | (12,552 | ) | (12,552 | ) | (12,552 | ) | (12,552 | ) | ||||||||||
| Less: Intangible assets | (1,611 | ) | (1,737 | ) | (1,883 | ) | (2,031 | ) | (2,183 | ) | ||||||||||
| Tangible Total Assets | $ | 925,386 | $ | 921,077 | $ | 914,010 | $ | 898,911 | $ | 877,069 | ||||||||||
| Common Shares outstanding | 2,770 | 2,758 | 2,758 | 2,758 | 2,753 | |||||||||||||||
| Book value per Common Share – GAAP | $ | 34.38 | $ | 34.09 | $ | 33.92 | $ | 33.57 | $ | 33.20 | ||||||||||
| Tangible book value per Common Share – Non-GAAP | 29.26 | 28.90 | 28.69 | 28.28 | 27.84 | |||||||||||||||
| Common Shareholders’ Equity to Assets – GAAP | 10.13 | % | 10.05 | % | 10.08 | % | 10.14 | % | 10.25 | % | ||||||||||
| Tangible Common Shareholders’ Equity to Tangible Assets – Non-GAAP | 8.76 | 8.65 | 8.66 | 8.68 | 8.74 | |||||||||||||||
| Non-interest expense | $ | 7,427 | $ | 7,411 | $ | 6,499 | $ | 6,639 | $ | 6,840 | ||||||||||
| Less: Amortization of core deposit intangibles | (126 | ) | (146 | ) | (148 | ) | (152 | ) | (155 | ) | ||||||||||
| Less: Foreclosed property expense | (232 | ) | (493 | ) | (27 | ) | (12 | ) | 12 | |||||||||||
| Less: Strategic initiatives | - | (155 | ) | - | - | - | ||||||||||||||
| Operating expenses | $ | 7,069 | $ | 6,617 | $ | 6,324 | $ | 6,475 | $ | 6,697 | ||||||||||
| Net interest and dividend income, tax equivalent | $ | 8,214 | $ | 7,966 | $ | 7,981 | $ | 7,882 | $ | 7,991 | ||||||||||
| Non-interest income | 2,023 | 2,326 | 1,889 | 2,000 | 1,674 | |||||||||||||||
| Gains on securities, net | - | (427 | ) | (10 | ) | (146 | ) | (2 | ) | |||||||||||
| Operating revenue | $ | 10,237 | $ | 9,865 | $ | 9,860 | $ | 9,736 | $ | 9,663 | ||||||||||
| Efficiency Ratio | 69.06 | % | 67.08 | % | 64.13 | % | 66.50 | % | 69.30 | % | ||||||||||