- On August 19 th the Office of the Comptroller of the Currency lifted the Formal Agreement the Bank entered into on May 31, 2013.
- Total Assets have grown $4.2 million since December 31, 2015, which represents an annualized growth rate of 6.6%.
- Total deposits have grown $3.4 million (despite a tactical reduction of $7.2 million in non-customer deposits) since December 31, 2015, which represents an annualized growth rate of 6.4%.
- Nonperforming assets as a percentage of total assets decreased 34.9% from the level at December 31, 2015 to 2.15%, supporting a negative provision expense being recorded during the quarter.
- Equity capital has grown 6.6% or $858,000 since December 31, 2015.
- Non-interest expense for the third quarter improved 6.9% from the same period in 2015.
The Bank remains "well capitalized" as follows:
|September 30,2016 (%)||Ratio to be WellCapitalized (%)|
|Tier 1 Capital to Risk Weighted Assets||22.81||6.00|
|Total Capital to Risk Weighted Assets||24.08||10.00|
|Unaudited Summary Financial Information|
|For the three months ended September 30,||For the nine months ended September 30,||Year-End|
|(dollars in thousands, except per share data)|
|Summary Income Data|
|Net interest income||981||1,055||2,939||3,097||4,176|
|Provision for loan losses||(400||)||24||(400||)||24||24|
|Realized gains on sales of securities||-||-||22||-||-|
|Income before income taxes||628||246||952||595||990|
|Provision for income tax||247||106||365||247||364|
|Per Share Data:|
|Shares outstanding end-of-period||1,702||1,702||1,702||1,702||1,702|
|Earnings per common share||0.22||0.08||0.34||0.20||0.37|
|Cash dividend declared||-||-||-||-||-|
|Total shareholders' equity||$||13,777||$||12,725||$||13,777||$||12,725||$||12,919|
|Book value per share||8.09||7.48||8.09||7.48||7.59|
|Selected Balance Sheet Data:|
|Allowance for loan losses||1,747||2,257||1,747||2,257||2,268|
|Return on average shareholders' equity (annualized) (%)||11.21||4.65||5.88||4.02||5.28|
|Net interest margin (%)||4.39||4.89||4.44||4.86||4.91|
|Return on average assets (annualized) (%)||1.69||0.64||0.87||0.54||0.72|
|Shareholders' equity to assets (%)||15.31||14.23||15.31||14.23||15.07|
|Efficiency ratio (%)||77.54||75.78||82.67||81.39||77.61|
|Asset Quality Data:|
|Other real estate and repos||303||433||303||433||303|
|Nonperforming assets to total assets (%)||2.15||2.41||2.15||2.41||3.30|
|Nonperforming loans to total loans (%)||2.72||2.39||2.72||2.39||3.80|
|Reserve for loan losses to total loans (%)||2.90||3.14||2.90||3.14||3.41|
|Reserve for loan losses to nonperforming loans (%)||106.78||131.30||106.78||131.30||89.79|
|Reserve for loan losses to nonperforming assets (%)||90.10||104.88||90.10||104.88||80.17|
|Net charge-offs for period||-||78||162||78||78|
|Ratio of charge-offs to average loans (%)||-||0.11||0.26||0.11||0.11|
|Regulatory Capital Ratios:|
|Tier 1 leverage capital ratio (%)||15.02||14.53||15.02||14.53||14.53|
|Tier 1 risk-based capital ratio (%)||22.81||18.88||22.81||18.88||20.83|
|Total risk-based capital ratio (%)||24.08||20.16||24.08||20.16||22.11|
Contact: Ralph Tapscott, President and Chief Executive OfficerPhone: 602.280.9403Email: firstname.lastname@example.org