Tennessee
|
001-37391
|
37-1641316
|
||
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
1736 Carothers Parkway, Suite 100
Brentwood, Tennessee
|
37027
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
(615) 221-2020
|
||
(Registrant’s telephone number, including area code
)
|
||
Not Applicable
|
||
(Former Name or Former Address, if Changed Since Last Report)
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $1.00 par value per share
|
RBNC
|
The Nasdaq Capital Market
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
|
Item 7.01 |
Regulation FD Disclosure.
|
Item 9.01 |
Financial Statements and Exhibits.
|
Exhibit
Number
|
Description
|
Form of 2019 Restricted Stock Unit Agreement (for Employees).
|
|
Form of 2019
Incentive Stock Option Agreement
.
|
|
Press Release, dated July 23, 2019.
|
|
Presentation, dated July 24, 2019.
|
RELIANT BANCORP, INC.
|
|
Date: July 23, 2019
|
|
/s/ DeVan D. Ard, Jr.
|
|
DeVan D. Ard, Jr.
|
|
Chairman, President, and CEO
|
By:
|
|||
[●]
|
[●]
|
Vesting date
|
[●]
|
[●]
|
[●]
|
[●]
|
[●]
|
|
Shares as to which Option vests
|
[●]
|
[●]
|
[●]
|
[●]
|
[●]
|
By:
|
|||
[●]
|
[●]
|
ASSETS
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
|||||||||
Unaudited
|
Unaudited
|
Unaudited
|
||||||||||
Cash and due from banks
|
$
|
35,917
|
$
|
34,796
|
$
|
32,321
|
||||||
Federal funds sold
|
80
|
409
|
381
|
|||||||||
Total cash and cash equivalents
|
35,997
|
35,205
|
32,702
|
|||||||||
Securities available for sale
|
290,373
|
310,305
|
308,069
|
|||||||||
Loans, net of unearned income
|
1,312,685
|
1,262,160
|
1,142,459
|
|||||||||
Allowance for loan losses
|
(11,666
|
)
|
(11,354
|
)
|
(10,169
|
)
|
||||||
Loans, net
|
1,301,019
|
1,250,806
|
1,132,290
|
|||||||||
Mortgage loans held for sale, net
|
11,571
|
9,990
|
31,163
|
|||||||||
Accrued interest receivable
|
7,246
|
8,389
|
7,474
|
|||||||||
Premises and equipment, net
|
21,632
|
21,970
|
19,955
|
|||||||||
Restricted equity securities, at cost
|
11,488
|
11,499
|
11,677
|
|||||||||
Other real estate, net
|
1,848
|
1,000
|
2,060
|
|||||||||
Cash surrender value of life insurance contracts
|
46,068
|
45,791
|
44,927
|
|||||||||
Deferred tax assets, net
|
3,133
|
4,730
|
7,913
|
|||||||||
Goodwill
|
43,642
|
43,642
|
43,627
|
|||||||||
Core deposit intangibles
|
7,745
|
7,982
|
8,693
|
|||||||||
Other assets
|
12,486
|
10,617
|
9,108
|
|||||||||
TOTAL ASSETS
|
$
|
1,794,248
|
$
|
1,761,926
|
$
|
1,659,658
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||
LIABILITIES
|
||||||||||||
Deposits
|
||||||||||||
Demand
|
$
|
225,380
|
$
|
220,966
|
$
|
225,360
|
||||||
Interest-bearing demand
|
144,265
|
144,166
|
140,201
|
|||||||||
Savings and money market deposit accounts
|
368,764
|
398,366
|
352,724
|
|||||||||
Time
|
811,871
|
747,823
|
615,990
|
|||||||||
Total deposits
|
1,550,280
|
1,511,321
|
1,334,275
|
|||||||||
Accrued interest payable
|
967
|
990
|
801
|
|||||||||
Subordinated debentures
|
11,644
|
11,624
|
11,562
|
|||||||||
Federal Home Loan Bank advances
|
11,119
|
15,309
|
102,874
|
|||||||||
Dividends payable
|
1,008
|
1,035
|
919
|
|||||||||
Other liabilities
|
5,287
|
6,528
|
6,887
|
|||||||||
TOTAL LIABILITIES
|
1,580,305
|
1,546,807
|
1,457,318
|
|||||||||
STOCKHOLDERS’ EQUITY
|
||||||||||||
Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued to date
|
—
|
—
|
—
|
|||||||||
Common stock, $1 par value; 30,000,000 shares authorized; 11,196,563, 11,502,285, and 11,482,965 shares issued and outstanding at June 30, 2019, March 31, 2019, and June
30, 2018, respectively
|
11,197
|
11,502
|
11,483
|
|||||||||
Additional paid-in capital
|
166,252
|
172,886
|
172,686
|
|||||||||
Retained earnings
|
33,349
|
30,119
|
21,090
|
|||||||||
Accumulated other comprehensive income (loss)
|
3,145
|
612
|
(2,919
|
)
|
||||||||
TOTAL STOCKHOLDERS’ EQUITY
|
213,943
|
215,119
|
202,340
|
|||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
1,794,248
|
$
|
1,761,926
|
$
|
1,659,658
|
Three Months Ended
|
||||||||||||
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
||||||||||
INTEREST INCOME
|
||||||||||||
Interest and fees on loans
|
$
|
16,960
|
$
|
16,169
|
$
|
14,066
|
||||||
Interest and fees on loans held for sale
|
198
|
153
|
326
|
|||||||||
Interest on investment securities, taxable
|
587
|
503
|
453
|
|||||||||
Interest on investment securities, nontaxable
|
1,650
|
1,718
|
1,708
|
|||||||||
Federal funds sold and other
|
297
|
300
|
277
|
|||||||||
TOTAL INTEREST INCOME
|
19,692
|
18,843
|
16,830
|
|||||||||
INTEREST EXPENSE
|
||||||||||||
Deposits
|
||||||||||||
Demand
|
86
|
111
|
84
|
|||||||||
Savings and money market
|
1,051
|
1,130
|
574
|
|||||||||
Time
|
4,369
|
3,571
|
2,199
|
|||||||||
Federal Home Loan Bank advances and other
|
175
|
377
|
397
|
|||||||||
Subordinated debentures
|
198
|
193
|
172
|
|||||||||
TOTAL INTEREST EXPENSE
|
5,879
|
5,382
|
3,426
|
|||||||||
NET INTEREST INCOME
|
13,813
|
13,461
|
13,404
|
|||||||||
PROVISION FOR LOAN LOSSES
|
200
|
—
|
300
|
|||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
13,613
|
13,461
|
13,104
|
|||||||||
NONINTEREST INCOME
|
||||||||||||
Service charges on deposit accounts
|
936
|
884
|
900
|
|||||||||
Gains on mortgage loans sold, net
|
1,225
|
560
|
957
|
|||||||||
Gain on securities transactions, net
|
175
|
131
|
25
|
|||||||||
Gain on sale of other real estate
|
—
|
—
|
20
|
|||||||||
Other
|
362
|
363
|
352
|
|||||||||
TOTAL NONINTEREST INCOME
|
2,698
|
1,938
|
2,254
|
|||||||||
NONINTEREST EXPENSE
|
||||||||||||
Salaries and employee benefits
|
7,706
|
7,265
|
6,613
|
|||||||||
Occupancy
|
1,358
|
1,352
|
1,210
|
|||||||||
Information technology
|
1,575
|
1,410
|
1,249
|
|||||||||
Advertising and public relations
|
275
|
254
|
141
|
|||||||||
Audit, legal and consulting
|
690
|
796
|
816
|
|||||||||
Federal deposit insurance
|
249
|
195
|
224
|
|||||||||
Merger expenses
|
1
|
2
|
2,483
|
|||||||||
Other operating
|
1,272
|
1,472
|
1,305
|
|||||||||
TOTAL NONINTEREST EXPENSE
|
13,126
|
12,746
|
14,041
|
|||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES
|
3,185
|
2,653
|
1,317
|
|||||||||
INCOME TAX EXPENSE
|
501
|
372
|
115
|
|||||||||
CONSOLIDATED NET INCOME
|
2,684
|
2,281
|
1,202
|
|||||||||
NONCONTROLLING INTEREST IN NET LOSS OF SUBSIDIARY
|
1,555
|
1,543
|
937
|
|||||||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
|
4,239
|
$
|
3,824
|
$
|
2,139
|
||||||
Basic net income attributable to common shareholders, per share
|
$
|
0.38
|
$
|
0.34
|
$
|
0.19
|
||||||
Diluted net income attributable to common shareholders, per share
|
$
|
0.38
|
$
|
0.33
|
$
|
0.19
|
Core Bank
|
||||||||||||
Three Months Ended
|
||||||||||||
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
||||||||||
Net interest income
|
$
|
13,703
|
$
|
13,373
|
$
|
13,190
|
||||||
Provision for loan losses
|
200
|
—
|
300
|
|||||||||
Noninterest income
|
1,473
|
1,378
|
1,299
|
|||||||||
Noninterest expense (excluding merger expenses)
|
10,129
|
10,445
|
9,389
|
|||||||||
Merger expense
|
1
|
2
|
2,483
|
|||||||||
Income before provision for income taxes
|
4,846
|
4,304
|
2,317
|
|||||||||
Income tax expense
|
607
|
480
|
178
|
|||||||||
Net income attributable to common shareholders
|
$
|
4,239
|
$
|
3,824
|
$
|
2,139
|
Residential Mortgage Company
|
||||||||||||
Three Months Ended
|
||||||||||||
June 30,
2019 |
March 31,
2019 |
June 30,
2018 |
||||||||||
Net interest income
|
$
|
110
|
$
|
88
|
$
|
214
|
||||||
Provision for loan losses
|
—
|
—
|
—
|
|||||||||
Noninterest income
|
1,225
|
560
|
955
|
|||||||||
Noninterest expense
|
2,996
|
2,299
|
2,169
|
|||||||||
Loss before provision for income taxes
|
(1,661
|
)
|
(1,651
|
)
|
(1,000
|
)
|
||||||
Income tax benefit
|
(106
|
)
|
(108
|
)
|
(63
|
)
|
||||||
Net loss
|
(1,555
|
)
|
(1,543
|
)
|
(937
|
)
|
||||||
Noncontrolling interest in net loss of subsidiary
|
1,555
|
1,543
|
937
|
|||||||||
Net income attributable to common shareholders
|
$
|
—
|
$
|
—
|
$
|
—
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
||||||||||
Per Common Share Data
|
||||||||||||
Net income attributable to shareholders, per share
|
||||||||||||
Basic
|
$
|
0.38
|
$
|
0.34
|
$
|
0.19
|
||||||
Diluted
|
$
|
0.38
|
$
|
0.33
|
$
|
0.19
|
||||||
Book value per common share
|
$
|
19.11
|
$
|
18.70
|
$
|
17.62
|
||||||
Basic weighted average common shares
|
11,196,898
|
11,405,438
|
11,396,829
|
|||||||||
Diluted weighted average common shares
|
11,286,627
|
11,487,145
|
11,495,233
|
|||||||||
Common shares outstanding at period end
|
11,196,563
|
11,502,285
|
11,482,965
|
|||||||||
Selected Balance Sheet Data
|
||||||||||||
Loans held for investment
|
$
|
1,276,197
|
$
|
1,238,341
|
$
|
1,119,884
|
||||||
Average earning assets
(1)
|
1,633,903
|
1,590,342
|
1,492,007
|
|||||||||
Total assets
|
1,773,026
|
1,731,177
|
1,629,714
|
|||||||||
Average stockholders' equity
|
212,648
|
209,461
|
202,305
|
|||||||||
Selected Asset Quality Measures
|
||||||||||||
Nonaccrual loans
|
$
|
3,045
|
$
|
4,582
|
$
|
4,360
|
||||||
90+ days past due still accruing
|
22
|
566
|
51
|
|||||||||
Total nonperforming loans
|
3,067
|
5,148
|
4,411
|
|||||||||
Total nonperforming assets
(2)
|
4,915
|
6,148
|
6,471
|
|||||||||
Net charge offs (recoveries)
|
(112
|
)
|
(462
|
)
|
(139
|
)
|
||||||
Nonperforming loans to total loans
|
0.23
|
%
|
0.41
|
%
|
0.39
|
%
|
||||||
Nonperforming assets to total assets
|
0.27
|
%
|
0.35
|
%
|
0.39
|
%
|
||||||
Nonperforming assets to total loans and other real estate
|
0.37
|
%
|
0.49
|
%
|
0.57
|
%
|
||||||
Allowance for loan losses to total loans
|
0.89
|
%
|
0.90
|
%
|
0.89
|
%
|
||||||
Allowance for loan losses to nonperforming loans
|
380.37
|
%
|
220.55
|
%
|
230.54
|
%
|
||||||
Net charge offs (recoveries) to average loans
(3)
|
(0.04
|
)%
|
(0.15
|
)%
|
(0.05
|
)%
|
||||||
Capital Ratios (Bank Subsidiary Only)
(4)
|
||||||||||||
Tier 1 leverage
|
9.58
|
%
|
9.99
|
%
|
9.98
|
%
|
||||||
Common equity tier 1
|
11.48
|
%
|
12.07
|
%
|
12.14
|
%
|
||||||
Total risk-based capital
|
12.33
|
%
|
12.92
|
%
|
12.96
|
%
|
||||||
Selected Performance Ratios
(3)
|
||||||||||||
Return on average:
|
||||||||||||
Assets
|
0.96
|
%
|
0.88
|
%
|
0.53
|
%
|
||||||
Shareholders' equity
|
7.97
|
%
|
7.30
|
%
|
4.23
|
%
|
||||||
Net interest margin (tax-equivalent basis)
|
3.57
|
%
|
3.63
|
%
|
3.74
|
%
|
Three Months Ended June 30,
2019
|
Three Months Ended March
31, 2019
|
Three Months Ended June 30,
2018
|
||||||||||||||||||||||||||||||||||
Average
Balances
|
Rates /
Yields
(%)
|
Interest
Income /
Expense
|
Average
Balances
|
Rates /
Yields
(%)
|
Interest
Income /
Expense
|
Average
Balances
|
Rates /
Yields
(%)
|
Interest
Income /
Expense
|
||||||||||||||||||||||||||||
Interest earning assets
|
||||||||||||||||||||||||||||||||||||
Loans
|
$
|
1,276,197
|
5.18
|
$
|
16,178
|
$
|
1,238,341
|
5.16
|
$
|
15,463
|
$
|
1,119,884
|
4.81
|
$
|
13,393
|
|||||||||||||||||||||
Loan fees
|
—
|
0.25
|
782
|
—
|
0.23
|
706
|
—
|
0.24
|
673
|
|||||||||||||||||||||||||||
Loans with fees
|
1,276,197
|
5.43
|
16,960
|
1,238,341
|
5.39
|
16,169
|
1,119,884
|
5.05
|
14,066
|
|||||||||||||||||||||||||||
Mortgage loans held for sale
|
14,502
|
5.48
|
198
|
10,747
|
5.77
|
153
|
24,611
|
5.31
|
326
|
|||||||||||||||||||||||||||
Deposits with banks
|
30,342
|
1.53
|
116
|
27,643
|
1.73
|
118
|
36,550
|
1.21
|
110
|
|||||||||||||||||||||||||||
Investment securities - taxable
|
77,405
|
3.04
|
587
|
72,464
|
2.82
|
503
|
67,647
|
2.69
|
453
|
|||||||||||||||||||||||||||
Investment securities - tax-exempt
|
222,149
|
3.77
|
1,650
|
228,497
|
3.86
|
1,718
|
231,874
|
3.75
|
1,708
|
|||||||||||||||||||||||||||
Federal funds sold and other
|
13,308
|
5.46
|
181
|
12,650
|
5.83
|
182
|
11,441
|
5.85
|
167
|
|||||||||||||||||||||||||||
Total earning assets
|
1,633,903
|
5.02
|
19,692
|
1,590,342
|
5.00
|
18,843
|
1,492,007
|
4.66
|
16,830
|
|||||||||||||||||||||||||||
Nonearning assets
|
139,123
|
140,835
|
137,707
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
1,773,026
|
$
|
1,731,177
|
$
|
1,629,714
|
||||||||||||||||||||||||||||||
Interest bearing liabilities
|
||||||||||||||||||||||||||||||||||||
Interest bearing demand
|
$
|
141,997
|
0.24
|
$
|
86
|
$
|
148,649
|
0.30
|
$
|
111
|
$
|
143,811
|
0.23
|
$
|
84
|
|||||||||||||||||||||
Savings and money market
|
374,406
|
1.13
|
1,051
|
400,328
|
1.14
|
1,130
|
357,475
|
0.64
|
574
|
|||||||||||||||||||||||||||
Time deposits - retail
|
612,148
|
2.14
|
3,263
|
577,270
|
2.05
|
2,921
|
517,209
|
1.43
|
1,848
|
|||||||||||||||||||||||||||
Time deposits - wholesale
|
169,956
|
2.61
|
1,106
|
106,625
|
2.47
|
650
|
92,197
|
1.53
|
351
|
|||||||||||||||||||||||||||
Total interest bearing deposits
|
1,298,507
|
1.70
|
5,506
|
1,232,872
|
1.58
|
4,812
|
1,110,692
|
1.03
|
2,857
|
|||||||||||||||||||||||||||
Federal Home Loan Bank advances
|
23,668
|
2.97
|
175
|
56,718
|
2.70
|
377
|
79,520
|
2.00
|
397
|
|||||||||||||||||||||||||||
Subordinated debt
|
11,634
|
6.83
|
198
|
11,613
|
6.74
|
193
|
11,556
|
5.97
|
172
|
|||||||||||||||||||||||||||
Total borrowed funds
|
35,302
|
4.24
|
373
|
68,331
|
3.38
|
570
|
91,076
|
2.51
|
569
|
|||||||||||||||||||||||||||
Total interest-bearing liabilities
|
1,333,809
|
1.77
|
5,879
|
1,301,203
|
1.68
|
5,382
|
1,201,768
|
1.14
|
3,426
|
|||||||||||||||||||||||||||
Net interest rate spread (%) / Net interest income ($)
|
3.25
|
13,813
|
3.32
|
13,461
|
3.52
|
13,404
|
||||||||||||||||||||||||||||||
Non-interest bearing deposits
|
218,512
|
(0.25
|
)
|
211,122
|
(0.24
|
)
|
219,860
|
(0.17
|
)
|
|||||||||||||||||||||||||||
Other non-interest bearing liabilities
|
8,057
|
9,391
|
5,781
|
|||||||||||||||||||||||||||||||||
Stockholder's equity
|
212,648
|
209,461
|
202,305
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,773,026
|
$
|
1,731,177
|
$
|
1,629,714
|
||||||||||||||||||||||||||||||
Cost of funds
|
1.52
|
1.44
|
0.97
|
|||||||||||||||||||||||||||||||||
Net interest margin
|
3.57
|
3.63
|
3.74
|
Three Months Ended
|
||||||||||||
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
||||||||||
NON-GAAP FINANCIAL MEASURES
|
||||||||||||
Adjusted net interest margin
(1)
|
||||||||||||
Tax equivalent net interest income
(1)(2)
|
$
|
14,555
|
$
|
14,221
|
$
|
13,404
|
||||||
Purchase accounting adjustments
|
(448
|
)
|
(332
|
)
|
(326
|
)
|
||||||
Tax credits
|
(300
|
)
|
(300
|
)
|
(25
|
)
|
||||||
Adjusted net interest income
|
$
|
13,807
|
$
|
13,589
|
$
|
13,053
|
||||||
Adjusted net interest margin
|
3.39
|
%
|
3.47
|
%
|
3.65
|
%
|
||||||
Adjusted net income attributable to common shareholders and related impact
(1)
|
||||||||||||
Net income attributable to common shareholders
|
$
|
4,239
|
$
|
3,824
|
$
|
2,139
|
||||||
Purchase accounting adjustments
|
(195
|
)
|
(79
|
)
|
(73
|
)
|
||||||
Merger expenses
|
1
|
2
|
2,483
|
|||||||||
Pre-tax adjustments to net income
|
(194
|
)
|
(77
|
)
|
2,410
|
|||||||
Tax effect of adjustments to net income
|
(51
|
)
|
(21
|
)
|
632
|
|||||||
After tax adjustments to net income
|
$
|
(143
|
)
|
$
|
(56
|
)
|
$
|
1,778
|
||||
Adjusted net income attributable to common shareholders
|
$
|
4,096
|
$
|
3,768
|
$
|
3,917
|
||||||
Adjusted return on average assets
|
0.92
|
%
|
0.87
|
%
|
0.96
|
%
|
||||||
Adjusted return on average stockholders' equity
|
7.70
|
%
|
7.20
|
%
|
7.74
|
%
|
||||||
Adjusted net income attributable to common
|
||||||||||||
shareholders, per diluted share
|
$
|
0.36
|
$
|
0.33
|
$
|
0.34
|
||||||
Average tangible stockholders' equity:
(1)
|
||||||||||||
Average stockholders' equity
|
$
|
212,648
|
$
|
209,461
|
$
|
202,305
|
||||||
Less: average goodwill
|
43,642
|
43,642
|
43,467
|
|||||||||
Less: average core deposit intangibles
|
7,834
|
8,071
|
8,780
|
|||||||||
Net average tangible common equity
|
$
|
161,172
|
$
|
157,748
|
$
|
150,058
|
||||||
Return on average:
(1)(3)
|
||||||||||||
Tangible common equity (ROATCE)
|
10.52
|
%
|
9.70
|
%
|
5.70
|
%
|
||||||
Adjusted ROATCE
|
10.17
|
%
|
9.55
|
%
|
10.44
|
%
|
(1)
|
Not a recognized measure under generally accepted accounting principles (GAAP).
|
(2)
|
Amount includes tax equivalent adjustment to quantify the tax equivalent net interest income.
|
(3)
|
Data has been annualized.
|
Three Months Ended
|
||||||||||||
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
||||||||||
Tangible assets:
(1)
|
||||||||||||
Total assets
|
$
|
1,794,248
|
$
|
1,761,926
|
$
|
1,659,658
|
||||||
Less: goodwill
|
43,642
|
43,642
|
43,627
|
|||||||||
Less: core deposit intangibles
|
7,745
|
7,982
|
8,693
|
|||||||||
Net tangible assets
|
$
|
1,742,861
|
$
|
1,710,302
|
$
|
1,607,338
|
||||||
Tangible equity:
(1)
|
||||||||||||
Total stockholders' equity
|
$
|
213,943
|
$
|
215,119
|
$
|
202,340
|
||||||
Less: goodwill
|
43,642
|
43,642
|
43,627
|
|||||||||
Less: core deposit intangibles
|
7,745
|
7,982
|
8,693
|
|||||||||
Net tangible common equity
|
$
|
162,556
|
$
|
163,495
|
$
|
150,020
|
||||||
Ratio of tangible common equity to tangible assets
|
9.33
|
%
|
9.56
|
%
|
9.33
|
%
|
||||||
Tangible book value per common share (TBVPS):
(1)
|
||||||||||||
Net tangible equity
|
$
|
162,556
|
$
|
163,495
|
$
|
150,020
|
||||||
Common shares outstanding
|
11,196,563
|
11,502,285
|
11,482,965
|
|||||||||
TBVPS
|
$
|
14.52
|
$
|
14.21
|
$
|
13.06
|
||||||
Efficiency ratio (core bank segment only excluding mortgage segment)
(1)
|
||||||||||||
Non-interest expense
|
$
|
10,129
|
$
|
10,445
|
$
|
9,389
|
||||||
Net interest income
|
13,703
|
13,373
|
13,190
|
|||||||||
Tax equivalent adjustment for tax exempt
|
||||||||||||
interest income
|
742
|
760
|
490
|
|||||||||
Non-interest income
|
1,473
|
1,378
|
1,299
|
|||||||||
Less gain on sale of other real estate
|
—
|
—
|
(20
|
)
|
||||||||
Less gain on sale of securities
|
(175
|
)
|
(131
|
)
|
(25
|
)
|
||||||
Adjusted operating income
|
$
|
15,743
|
$
|
15,380
|
$
|
14,934
|
||||||
Efficiency Ratio
|
64.34
|
%
|
67.91
|
%
|
62.87
|
%
|
||||||
Adjusted loan loss reserve:
(1)
|
||||||||||||
Allowance for loan losses
|
$
|
11,666
|
$
|
11,354
|
$
|
10,169
|
||||||
Purchase loan discounts
|
3,688
|
4,117
|
6,127
|
|||||||||
Loan loss reserve and purchase loan discounts
|
$
|
15,354
|
$
|
15,471
|
$
|
16,296
|
||||||
Allowance for loan losses and purchase loan discounts to total loans
|
1.17
|
%
|
1.23
|
%
|
1.43
|
%
|
(1)
|
Not a recognized measure under generally accepted accounting principles (GAAP).
|
-END-
|