FAIRMONT, W. Va.--(BUSINESS WIRE)--
For the 12 months ended December 31, 2017, MVB Financial Corp. (the
"Company") (NASDAQ: MVBF) reported net income of $7.6 million, or $0.69
and $0.68 basic and diluted earnings per share compared to $12.9
million, or $1.44 and $1.31 basic and diluted earnings per share
respectively, for the same period in 2016.
"Three significant factors contributed to MVB's 2017 performance results
compared to 2016. These were the $3.9 million after-tax gain on the
asset sale of a wholly-owned subsidiary, MVB Insurance, in 2016; the
$1.5 million decrease in net income within MVB Mortgage created by the
continued market pressure within the mortgage industry; and a $646
thousand charge associated with the new tax law changes passed in late
2017; however, the tax law will generate a positive net income effect
for us in 2018," said Larry F. Mazza, CEO and President, MVB Financial.
“To this end, we strategically added positions to reinforce our sales
Team efforts and to take advantage of disruptions in our markets due to
recent M&A activity, especially in Northern Virginia. We are
successfully recruiting some of the best talent in our markets because
people are attracted to our entrepreneurial spirit, team culture and
community focus. When the pain to stay the same is equal to the pain to
make a job change, people are willing to make a move. With our listing
on The Nasdaq, buzz is building around Team MVB.”
Approximately 1.9 million shares of the Company’s common stock were
issued from a capital raise completed in December 2016, and 434,783
shares of the Company’s common stock were issued from a rights offering
completed in April 2017. These additional issued shares resulted in a
$0.19 and $0.18 decrease in basic and diluted earnings per share,
respectively for the 12 months ended December 31, 2017, compared to the
same time period in 2016, while a $4.7 million decrease in 2017 net
income available to common shareholders versus 2016, resulted in the
remaining $0.56 and $0.45 decrease in basic and dilutive earnings per
share, respectively.
FOURTH QUARTER 2017 HIGHLIGHTS
-
MVB received approval in December 2017 to list its common stock for
trading on The Nasdaq Capital Market®. The listing marked a major
milestone in MVB’s growth journey.
-
Net interest income of $11.7 million increased $269 thousand, or 2.4%
from September 30, 2017, and $858 thousand, or 7.9% from the fourth
quarter ended December 31, 2016.
-
Total assets saw steady growth and reached $1.5 billion as of
December 31, 2017, an 8.1% increase from December 31, 2016.
-
Loans of $1.1 billion as of December 31, 2017, increased $53.1
million, or 5.0% from December 31, 2016, and $11.5 million, or 1.0%
from September 30, 2017.
-
Deposits of $1.2 billion as of December 31, 2017, increased $52.6
million, or 4.7% from December 31, 2016. Noninterest bearing deposit
balances have grown to $126.0 million as of December 31, 2017, an
increase of $10.3 million since December 31, 2016.
With the passage of tax reform in December 2017, MVB expects to see
benefits and to share tax savings with Team MVB and the communities in
its footprint. During fourth quarter 2017, MVB approved the hiring of 31
new Team members for 2018 and the opening of additional branches in
Northern Virginia.
Demonstrating its commitment to community development, MVB made a $2
million initial investment in the creation of a Community Development
Corporation ("CDC"), which started full operations in the fourth
quarter, including establishing its initial Board of Directors.
“Led by its President Herman DeProspero, the CDC will play an integral
role in our commitment to the economic welfare of our communities,”
Mazza said.
FINANCIAL DETAILS
Loans totaled $1.106 billion as of December 31, 2017, an increase of
$53.1 million, or 5.0% from December 31, 2016, and $11.5 million, or
1.0% from September 30, 2017. The total loan growth was less than
originally anticipated for the year caused primarily by management
taking direct action to diversify lending to reduce commercial real
estate concentration levels coupled with a 63% increase in commercial
loan payoffs.
In comparison to the December 31, 2016, deposit balance of $1.107
billion, deposits increased $52.6 million, or 4.7%. Noninterest bearing
deposit balances rose to $126.0 million, or 10.9% of the total deposit
base as of December 31, 2017, an increase of $10.3 million, or 8.9%
since December 31, 2016, and $4.4 million since September 30, 2017.
Net interest income for the fourth quarter of 2017 was $11.7 million, an
increase of $269 thousand, or 2.4% from September 30, 2017, and $858
thousand, or 7.9% from the fourth quarter ended December 31, 2016. Net
interest margin for the fourth quarter of 2017 was 3.29%, a decrease of
8 basis points from September 30, 2017, and an increase of 6 basis
points versus the quarter ended December 31, 2016. For the 12 months
ended December 31, 2017, net interest margin increased 5 basis points to
3.27%. The full year increase in net interest margin was the result of a
12 basis point increase in earning assets due to higher yields.
Interest expense increased 5.8% during the fourth quarter of 2017 and
10.5% for the 12 months ended December 31, 2017, compared to the same
time period in 2016, due to an 11 basis point increase in the cost of
interest-bearing liabilities. Increased interest rates and an emphasis
on loan yields helped to increase net interest income, despite increases
in interest expense. Additionally, the flattened yield curve placed
pressure on net interest margin earned from our mortgage operations as
the cost of short-term borrowings to fund the mortgage business
increased, while the yield from loans held for sale remained flat,
consistent with the 30-year Treasury bond rates.
Provision for loan loss was $2.2 million for the full year ended
December 31, 2017, a $1.5 million decrease from the same time period in
2016, despite a 5.0% increase in loans. The substantial decline of
average historical loss rates and a $1.1 million decline in charge-offs
contributed to the decrease in provision for 2017. Specific loan loss
allocations increased by $645 thousand in 2017 compared to a $470
thousand decrease in 2016. Nonperforming loans increased $3.5 million,
to 0.88% of total loans as of December 31, 2017. In addition,
charge-offs for 2017 decreased $1.1 million compared to 2016, resulting
in an annualized net loan charge-offs to total loans ratio of 0.13% as
of December 31, 2017.
Noninterest income for the fourth quarter of 2017 was $10.2 million,
flat from September 30, 2017, and an increase of $91 thousand from the
fourth quarter ended December 31, 2016. For the full year of 2017,
noninterest income was $40.7 million, a decrease of $2.5 million from
the same period in 2016. The year over year decrease was primarily the
result of a $4.2 million decrease in gain on derivatives, primarily the
result of a 39.0% decrease in the locked mortgage pipeline for the full
year 2017 compared to a 31.6% increase in the locked mortgage pipeline
for the full year 2016. In addition, mortgage production volume
decreased $102.2 million or 6.2% for the full year 2017 versus the same
time period in 2016. Excluding the decrease in gain on derivatives,
noninterest income for the full year of 2017 increased $1.7 million,
mostly due to increases in mortgage fee income, commercial swap fee
income and other operating income. Gain on sale of securities and gain
on sale of portfolio loans decreased $351 thousand and $504 thousand
respectively, for the full year of 2017 in comparison to 2016.
Noninterest expense for the fourth quarter of 2017 was $17.7 million, a
decrease of $252 thousand, or 1.4% from September 30, 2017, and an
increase of $900 thousand, or 5.4% from the fourth quarter ended
December 31, 2016. For the full year of 2017, noninterest expense was
$70.5 million, an increase of $1.3 million, or 1.9% from the same period
in 2016.
A $951 thousand increase in occupancy and equipment costs for the full
year of 2017 relates to the two new, high technology MVB branches opened
during the third quarter of 2017 and a continued focus and investment in
client-friendly technology. To control expenses, two branches in
Martinsburg, W.Va., were consolidated in December 2017 due to their
proximity.
The Company continues to tightly manage expenses and maximize resources
to expand revenues and invest in the future. Data processing and
communications for the full year of 2017 increased only $152 thousand
compared to the same period in 2016, despite $520 thousand in additional
expense related to a core system conversion in the second quarter of
2017. Additionally, salary and employee benefits decreased $1.1 million,
or 2.5% for the full year of 2017 in comparison to 2016, primarily due
to a decrease in mortgage production volume of 6.2% over the same period.
As previously announced, on November 22, 2017, the Company declared a
quarterly cash dividend of $0.025 per share to shareholders of record at
the close of business on December 2, 2017, payable December 15, 2017.
This was the fourth quarterly dividend for 2017 and was equal to the
March, June and September 2017 payouts of $0.025 per share. The cash
dividend of $0.10 for the full year 2017, increased $0.025, or 25%
compared to the same time period in 2016.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding company of
MVB Bank, is publicly traded on The Nasdaq Capital Market® under the
ticker “MVBF.”
MVB is a financial holding company headquartered in Fairmont, W.Va.
Through its subsidiary, MVB Bank, Inc., and the bank’s subsidiary, MVB
Mortgage, the company provides financial services to individuals and
corporate clients in the Mid-Atlantic region.
Nasdaq is a leading global provider of trading, clearing, exchange
technology, listing, information and public company services.
For more information about MVB, please visit ir.mvbbanking.com.
Forward-looking Statements
MVB Financial Corp. has made forward-looking statements, within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
in this Earnings Release. These forward-looking statements are based on
current expectations about the future and subject to risks and
uncertainties. Forward-looking statements include information concerning
possible or assumed future results of operations of the Company and its
subsidiaries. When words such as “believes,” “expects,” “anticipates,”
“may,” or similar expressions occur in this Earnings Release, the
Company is making forward-looking statements. Note that many factors
could affect the future financial results of the Company and its
subsidiaries, both individually and collectively, and could cause those
results to differ materially from those expressed in the forward-looking
statements contained in this Earnings Release. Those factors include,
but are not limited to: credit risk, changes in market interest rates,
inability to achieve merger-related synergies, competition, economic
downturn or recession, and government regulation and
supervision. Additional factors that may cause our actual results to
differ materially from those described in our forward-looking statements
can be found in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2016, as well as its other filings with the SEC,
which are available on the SEC website at www.sec.gov.
Except as required by law, the Company undertakes no obligation to
update or revise any forward-looking statements.
Accounting standards require the consideration of subsequent events
occurring after the balance sheet date for matters that require
adjustment to, or disclosure in, the consolidated financial statements.
The review period for subsequent events extends up to and including the
filing date of a public company’s financial statements when filed with
the Securities and Exchange Commission. Accordingly, the consolidated
financial information in this announcement is subject to change.
Questions or comments concerning this Earnings Release should be
directed to:
MVB Financial Corp.
Donald T. Robinson, Executive Vice President and CFO
(304) 598-3500
drobinson@mvbbanking.com
|
|
| |
MVB Financial Corp. Financial Highlights |
| | |
|
| Condensed Consolidated Statements of Income
(Unaudited) (Dollars in thousands, except per share data)
|
|
|
| Quarterly |
|
| Year-to-Date |
| | | 2017 | | | 2017 |
|
| 2017 |
|
| 2017 |
|
| 2016 |
|
| 2017 |
|
| 2016 |
|
| | | Fourth
Quarter | | | Third
Quarter | | | Second
Quarter | | | First
Quarter | | | Fourth
Quarter | | | | |
|
Interest income
| | |
$
|
15,086
| | | |
$
|
14,630
| | | |
$
|
13,814
| | | |
$
|
13,068
| | | |
$
|
13,638
| | | |
$
|
56,598
| | | |
$
|
54,123
|
|
Interest expense
| | |
3,403
|
| | |
3,216
|
| | |
2,920
|
| | |
2,762
|
| | |
2,813
|
| | |
12,301
|
| | |
11,132
|
|
Net interest income
| | |
11,683
| | | |
11,414
| | | |
10,894
| | | |
10,306
| | | |
10,825
| | | |
44,297
| | | |
42,991
|
|
Provision for loan losses
| | |
1,036
| | | |
96
| | | |
523
| | | |
518
| | | |
657
| | | |
2,173
| | | |
3,632
|
|
Noninterest income
| | |
10,157
| | | |
10,158
| | | |
11,567
| | | |
8,824
| | | |
10,066
| | | |
40,706
| | | |
43,205
|
|
Noninterest expense
| | |
17,714
|
| | |
17,966
|
| | |
18,503
|
| | |
16,317
|
| | |
16,814
|
| | |
70,500
|
| | |
69,209
|
|
Income from continuing operations, before income taxes
| | |
3,090
| | | |
3,510
| | | |
3,435
| | | |
2,295
| | | |
3,420
| | | |
12,330
| | | |
13,355
|
|
Income tax expense - continuing operations
| | |
1,667
|
| | |
1,192
|
| | |
1,175
|
| | |
721
|
| | |
1,113
|
| | |
4,755
|
| | |
4,378
|
|
Net income from continuing operations
| | |
1,423
| | | |
2,318
| | | |
2,260
| | | |
1,574
| | | |
2,307
| | | |
7,575
| | | |
8,977
|
|
Income from discontinued operations, before income taxes
| | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
6,346
|
|
Income tax benefit - discontinued operations
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
2,411
|
|
Net income from discontinued operations
| | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
3,935
|
|
Net income
| | |
$
|
1,423
|
| | |
$
|
2,318
|
| | |
$
|
2,260
|
| | |
$
|
1,574
|
| | |
$
|
2,307
|
| | |
$
|
7,575
|
| | |
$
|
12,912
|
|
Preferred dividends
| | |
124
| | | |
123
| | | |
122
| | | |
129
| | | |
314
| | | |
498
| | | |
1,128
|
|
Net income available to common shareholders
| | |
$
|
1,299
|
| | |
$
|
2,195
|
| | |
$
|
2,138
|
| | |
$
|
1,445
|
| | |
$
|
1,993
|
| | |
$
|
7,077
|
| | |
$
|
11,784
|
| | | | | | | | | | | | | | | | | | | | |
|
|
Earnings per share from continuing operations - basic
| | |
$
|
0.12
| | | |
$
|
0.21
| | | |
$
|
0.21
| | | |
$
|
0.14
| | | |
$
|
0.23
| | | |
$
|
0.69
| | | |
$
|
0.96
|
|
Earnings per share from discontinued operations - basic
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
0.48
|
|
Earnings per common shareholder - basic
| | |
$
|
0.12
| | | |
$
|
0.21
| | | |
$
|
0.21
| | | |
$
|
0.14
| | | |
$
|
0.23
| | | |
$
|
0.69
| | | |
$
|
1.44
|
| | | | | | | | | | | | | | | | | | | | |
|
|
Earnings per share from continuing operations - diluted
| | |
$
|
0.12
| | | |
$
|
0.21
| | | |
$
|
0.20
| | | |
$
|
0.14
| | | |
$
|
0.22
| | | |
$
|
0.68
| | | |
$
|
0.92
|
|
Earnings per share from discontinued operations - diluted
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
0.39
|
|
Earnings per common shareholder - diluted
| | |
$
|
0.12
| | | |
$
|
0.21
| | | |
$
|
0.20
| | | |
$
|
0.14
| | | |
$
|
0.22
| | | |
$
|
0.68
| | | |
$
|
1.31
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
| Condensed Consolidated Balance Sheets
(Unaudited) (Dollars in thousands)
|
|
|
|
| December 31, 2017 |
|
| September 30, 2017 |
|
| December 31, 2016 |
|
Cash and cash equivalents
| | |
$
|
20,305
| | | |
$
|
20,272
| | | |
$
|
17,340
| |
|
Certificates of deposit with other banks
| | |
14,778
| | | |
14,778
| | | |
14,527
| |
|
Investment securities
| | |
231,507
| | | |
187,348
| | | |
162,368
| |
|
Loans held for sale
| | |
66,794
| | | |
69,057
| | | |
90,174
| |
|
Loans
| | |
1,105,941
| | | |
1,094,467
| | | |
1,052,865
| |
|
Allowance for loan losses
| | |
(9,878
|
)
| | |
(9,396
|
)
| | |
(9,101
|
)
|
|
Net loans
| | |
1,096,063
| | | |
1,085,071
| | | |
1,043,764
| |
|
Premises and equipment
| | |
26,686
| | | |
27,189
| | | |
25,081
| |
| Goodwill | | |
18,480
| | | |
18,480
| | | |
18,480
| |
|
Other assets
| | |
59,689
|
| | |
49,395
|
| | |
47,070
|
|
|
Total assets
| | |
$
|
1,534,302
|
| | |
$
|
1,471,590
|
| | |
$
|
1,418,804
|
|
| | | | | | | | |
|
|
Deposits
| | |
$
|
1,159,580
| | | |
$
|
1,165,199
| | | |
$
|
1,107,017
| |
|
Borrowed funds
| | |
152,169
| | | |
84,403
| | | |
90,921
| |
|
Other liabilities
| | |
72,361
| | | |
73,011
| | | |
75,241
| |
|
Shareholders' equity
| | |
150,192
|
| | |
148,977
|
| | |
145,625
|
|
|
Total liabilities and shareholders' equity
| | |
$
|
1,534,302
|
| | |
$
|
1,471,590
|
| | |
$
|
1,418,804
|
|
| | | | | | | | | | | | | | |
|
|
|
| Reportable Segments
(Unaudited)
|
| Twelve Months Ended December 31, 2017 |
|
| Commercial & Retail Banking |
|
| Mortgage Banking |
|
| Financial Holding Company |
|
| Intercompany Eliminations |
|
| Consolidated |
| (Dollars in thousands) | | | | | | | | | | |
|
Revenues:
| | | | | | | | | | | | | | | |
|
Interest income
| | |
$
|
52,423
| | | |
$
|
4,698
| | | |
$
|
4
| | | |
$
|
(527
|
)
| | |
$
|
56,598
|
|
Mortgage fee income
| | |
736
| | | |
37,262
| | | |
—
| | | |
(849
|
)
| | |
37,149
|
|
Insurance and investment services income
| | |
563
| | | |
—
| | | |
—
| | | |
—
| | | |
563
|
|
Other income
| | |
5,303
|
| | |
(2,372
|
)
| | |
5,466
|
| | |
(5,403
|
)
| | |
2,994
|
|
Total operating income
| | |
59,025
|
| | |
39,588
|
| | |
5,470
|
| | |
(6,779
|
)
| | |
97,304
|
|
Expenses:
| | | | | | | | | | | | | | | |
|
Interest expense
| | |
9,118
| | | |
2,317
| | | |
2,241
| | | |
(1,375
|
)
| | |
12,301
|
|
Salaries and employee benefits
| | |
12,266
| | | |
26,196
| | | |
5,646
| | | |
—
| | | |
44,108
|
|
Provision for loan losses
| | |
1,967
| | | |
206
| | | |
—
| | | |
—
| | | |
2,173
|
|
Other expense
| | |
19,523
|
| | |
8,188
|
| | |
4,085
|
| | |
(5,404
|
)
| | |
26,392
|
|
Total operating expenses
| | |
42,874
|
| | |
36,907
|
| | |
11,972
|
| | |
(6,779
|
)
| | |
84,974
|
|
Income (loss) from continuing operations, before income taxes
| | |
16,151
| | | |
2,681
| | | |
(6,502
|
)
| | |
—
| | | |
12,330
|
|
Income tax expense (benefit) - continuing operations
| | |
5,820
|
| | |
1,082
|
| | |
(2,147
|
)
| | |
—
|
| | |
4,755
|
|
Net income (loss) from continuing operations
| | |
10,331
|
| | |
1,599
|
| | |
(4,355
|
)
| | |
—
|
| | |
7,575
|
|
Net income (loss)
| | |
$
|
10,331
|
| | |
$
|
1,599
|
| | |
$
|
(4,355
|
)
| | |
$
|
—
|
| | |
$
|
7,575
|
|
Preferred stock dividends
| | |
—
| | | |
—
| | | |
498
| | | |
—
| | | |
498
|
|
Net income (loss) available to common shareholders
| | |
$
|
10,331
|
| | |
$
|
1,599
|
| | |
$
|
(4,853
|
)
| | |
$
|
—
|
| | |
$
|
7,077
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
| Reportable Segments
(Unaudited)
|
| Twelve Months Ended December 31, 2016 |
|
| Commercial & Retail Banking |
|
| Mortgage Banking |
|
| Financial Holding Company |
|
| Insurance |
|
| Intercompany Eliminations |
|
| Consolidated |
| (Dollars in thousands) | | | | | | | | | | | | |
|
Revenues:
| | | | | | | | | | | | | | | | | | |
|
Interest income
| | |
$
|
50,413
| | | |
$
|
4,285
| | | |
$
|
3
| | | |
$
|
—
| | | |
$
|
(578
|
)
| | |
$
|
54,123
|
|
Mortgage fee income
| | |
(252
|
)
| | |
36,960
| | | |
—
| | | |
—
| | | |
(1,035
|
)
| | |
35,673
|
|
Insurance and investment services income
| | |
420
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
420
|
|
Other income
| | |
5,485
|
| | |
1,674
|
| | |
5,247
|
| | |
—
|
| | |
(5,294
|
)
| | |
7,112
|
|
Total operating income
| | |
56,066
|
| | |
42,919
|
| | |
5,250
|
| | |
—
|
| | |
(6,907
|
)
| | |
97,328
|
|
Expenses:
| | | | | | | | | | | | | | | | | | |
|
Interest expense
| | |
8,437
| | | |
2,082
| | | |
2,226
| | | |
—
| | | |
(1,613
|
)
| | |
11,132
|
|
Salaries and employee benefits
| | |
11,592
| | | |
27,696
| | | |
5,937
| | | |
—
| | | |
—
| | | |
45,225
|
|
Provision for loan losses
| | |
3,632
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
3,632
|
|
Other expense
| | |
18,009
|
| | |
8,125
|
| | |
3,144
|
| | |
—
|
| | |
(5,294
|
)
| | |
23,984
|
|
Total operating expenses
| | |
41,670
|
| | |
37,903
|
| | |
11,307
|
| | |
—
|
| | |
(6,907
|
)
| | |
83,973
|
|
Income (loss) from continuing operations, before income taxes
| | |
14,396
| | | |
5,016
| | | |
(6,057
|
)
| | |
—
| | | |
—
| | | |
13,355
|
|
Income tax expense (benefit) - continuing operations
| | |
4,496
|
| | |
1,954
|
| | |
(2,072
|
)
| | |
—
|
| | |
—
|
| | |
4,378
|
|
Net income (loss) from continuing operations
| | |
9,900
|
| | |
3,062
|
| | |
(3,985
|
)
| | |
—
|
| | |
—
|
| | |
8,977
|
|
Income (loss) from discontinued operations
| | |
—
| | | |
—
| | | |
6,926
| | | |
(580
|
)
| | |
—
| | | |
6,346
|
|
Income tax expense (benefit) - discontinued operations
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
2,629
|
| | |
$
|
(218
|
)
| | |
$
|
—
|
| | |
$
|
2,411
|
|
Net income (loss) from discontinued operations
| | |
$
|
—
|
| | |
$
|
—
|
| | |
$
|
4,297
|
| | |
$
|
(362
|
)
| | |
$
|
—
|
| | |
$
|
3,935
|
|
Net income (loss)
| | |
$
|
9,900
|
| | |
$
|
3,062
|
| | |
$
|
312
|
| | |
$
|
(362
|
)
| | |
$
|
—
|
| | |
$
|
12,912
|
|
Preferred stock dividends
| | |
—
| | | |
—
| | | |
1,128
| | | |
—
| | | |
—
| | | |
1,128
|
|
Net income (loss) available to common shareholders
| | |
$
|
9,900
|
| | |
$
|
3,062
|
| | |
$
|
(816
|
)
| | |
$
|
(362
|
)
| | |
$
|
—
|
| | |
$
|
11,784
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
| Average Balances and Interest Rates
(Unaudited) (Dollars in thousands)
|
|
|
|
|
| Three Months Ended December 31, 2017 |
|
| Three Months Ended
September 30, 2017 |
|
| Three Months Ended December 31, 2016 |
|
| | | Average
Balance |
|
| Interest
Income/
Expense |
|
| Yield/
Cost | | | Average
Balance |
|
| Interest
Income/
Expense |
|
| Yield/
Cost | | | Average
Balance |
|
| Interest
Income/
Expense |
|
| Yield/
Cost |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest-bearing deposits in banks
| | |
$
|
4,636
| | | |
$
|
15
| | | |
1.28
|
%
| | |
$
|
4,484
| | | |
$
|
15
| | | |
1.33
|
%
| | |
$
|
11,843
| | | |
$
|
21
| | | |
0.71
|
%
|
|
CDs with other banks
| | |
14,778
| | | |
75
| | | |
2.01
| | | |
14,711
| | | |
74
| | | |
2.00
| | | |
9,614
| | | |
50
| | | |
2.08
| |
|
Investment securities:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
| | |
147,459
| | | |
774
| | | |
2.08
| | | |
126,880
| | | |
693
| | | |
2.17
| | | |
84,082
| | | |
382
| | | |
1.82
| |
|
Tax-exempt
| | |
68,759
| | | |
572
| | | |
3.30
| | | |
56,264
| | | |
443
| | | |
3.12
| | | |
71,333
| | | |
532
| | | |
2.98
| |
|
Loans and loans held for sale: 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial
| | |
770,664
| | | |
9,042
| | | |
4.65
| | | |
762,650
| | | |
8,742
| | | |
4.55
| | | |
734,548
| | | |
8,225
| | | |
4.48
| |
|
Tax exempt
| | |
14,679
| | | |
128
| | | |
3.46
| | | |
14,991
| | | |
130
| | | |
3.44
| | | |
15,836
| | | |
137
| | | |
3.46
| |
|
Real estate
| | |
374,047
| | | |
4,300
| | | |
4.56
| | | |
349,459
| | | |
4,346
| | | |
4.93
| | | |
400,411
| | | |
4,106
| | | |
4.10
| |
|
Consumer
| | |
13,006
|
| | |
180
|
| | |
5.49
|
| | |
13,462
|
| | |
187
|
| | |
5.51
|
| | |
14,740
|
| | |
185
|
| | |
5.02
|
|
|
Total loans
| | |
1,172,396
|
| | |
13,650
|
| | |
4.62
|
| | |
1,140,562
|
| | |
13,405
|
| | |
4.66
|
| | |
1,165,535
|
| | |
12,653
|
| | |
4.34
|
|
|
Total earning assets
| | |
1,408,028
|
| | |
15,086
|
| | |
4.25
|
| | |
1,342,901
|
| | |
14,630
|
| | |
4.32
|
| | |
1,342,407
|
| | |
13,638
|
| | |
4.06
|
|
|
Less: Allowance for loan losses
| | |
(9,579
|
)
| | | | | | | | |
(9,760
|
)
| | | | | | | | |
(9,479
|
)
| | | | | | |
|
Cash and due from banks
| | |
16,969
| | | | | | | | | |
17,501
| | | | | | | | | |
15,428
| | | | | | | |
|
Other assets
| | |
96,103
|
| | | | | | | | |
123,898
|
| | | | | | | | |
86,949
|
| | | | | | |
|
Total assets
| | |
$
|
1,511,521
|
| | | | | | | | |
$
|
1,474,540
|
| | | | | | | | |
$
|
1,435,305
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deposits:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
NOW
| | |
$
|
467,095
| | | |
$
|
807
| | | |
0.69
| | | |
$
|
436,493
| | | |
$
|
675
| | | |
0.61
| | | |
$
|
443,524
| | | |
$
|
548
| | | |
0.49
| |
|
Money market checking
| | |
238,262
| | | |
432
| | | |
0.72
| | | |
246,160
| | | |
458
| | | |
0.74
| | | |
214,746
| | | |
449
| | | |
0.84
| |
|
Savings
| | |
44,685
| | | |
19
| | | |
0.17
| | | |
46,807
| | | |
20
| | | |
0.17
| | | |
43,870
| | | |
19
| | | |
0.17
| |
|
IRAs
| | |
17,200
| | | |
59
| | | |
1.36
| | | |
16,649
| | | |
56
| | | |
1.33
| | | |
16,516
| | | |
52
| | | |
1.26
| |
|
CDs
| | |
278,446
| | | |
1,025
| | | |
1.46
| | | |
249,698
| | | |
874
| | | |
1.39
| | | |
302,037
| | | |
941
| | | |
1.25
| |
|
Repurchase agreements and federal funds sold
| | |
24,727
| | | |
19
| | | |
0.30
| | | |
25,093
| | | |
20
| | | |
0.32
| | | |
26,758
| | | |
17
| | | |
0.25
| |
|
FHLB and other borrowings
| | |
122,388
| | | |
474
| | | |
1.54
| | | |
149,313
| | | |
548
| | | |
1.46
| | | |
98,187
| | | |
225
| | | |
0.92
| |
|
Subordinated debt
| | |
33,524
|
| | |
568
|
| | |
6.72
|
| | |
33,524
|
| | |
565
|
| | |
6.69
|
| | |
33,524
|
| | |
562
|
| | |
6.71
|
|
|
Total interest-bearing liabilities
| | |
1,226,327
|
| | |
3,403
|
| | |
1.10
|
| | |
1,203,737
|
| | |
3,216
|
| | |
1.06
|
| | |
1,179,162
|
| | |
2,813
|
| | |
0.95
|
|
|
Noninterest bearing demand deposits
| | |
127,417
| | | | | | | | | |
115,343
| | | | | | | | | |
109,769
| | | | | | | |
|
Other liabilities
| | |
7,419
|
| | | | | | | | |
7,703
|
| | | | | | | | |
14,836
|
| | | | | | |
|
Total liabilities
| | |
1,361,163
|
| | | | | | | | |
1,326,783
|
| | | | | | | | |
1,303,767
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Stockholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Preferred stock
| | |
7,834
| | | | | | | | | |
7,834
| | | | | | | | | |
16,334
| | | | | | | |
|
Common stock
| | |
10,496
| | | | | | | | | |
10,495
| | | | | | | | | |
8,675
| | | | | | | |
|
Paid-in capital
| | |
99,123
| | | | | | | | | |
98,289
| | | | | | | | | |
80,101
| | | | | | | |
| Treasury stock
| | |
(1,084
|
)
| | | | | | | | |
(1,084
|
)
| | | | | | | | |
(1,084
|
)
| | | | | | |
|
Retained earnings
| | |
36,982
| | | | | | | | | |
35,152
| | | | | | | | | |
30,551
| | | | | | | |
|
Accumulated other comprehensive income
| | |
(2,993
|
)
| | | | | | | | |
(2,929
|
)
| | | | | | | | |
(3,039
|
)
| | | | | | |
|
Total stockholders’ equity
| | |
150,358
|
| | | | | | | | |
147,757
|
| | | | | | | | |
131,538
|
| | | | | | |
|
Total liabilities and stockholders’ equity
| | |
$
|
1,511,521
|
| | | | | | | | |
$
|
1,474,540
|
| | | | | | | | |
$
|
1,435,305
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
Net interest spread
| | | | | | | | |
3.15
| | | | | | | | | |
3.26
| | | | | | | | | |
3.11
| |
|
Net interest income-margin
| | | | | |
$
|
11,683
|
| | |
3.29
|
%
| | | | | |
$
|
11,414
|
| | |
3.37
|
%
| | | | | |
$
|
10,825
|
| | |
3.23
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
1 Non-accrual loans are included in total loan
balances, lowering the effective yield for the portfolio in the
aggregate.
|
|
|
|
|
| Average Balances and Interest Rates
(Unaudited) (Dollars in thousands)
|
|
|
| |
|
| |
|
| |
| | | Twelve Months Ended December 31, 2017 | | | Twelve Months Ended December 31, 2016 | | | Twelve Months Ended December 31, 2015 |
| (Dollars in thousands) | | | Average
Balance |
|
| Interest
Income/
Expense |
|
| Yield/
Cost | | | Average
Balance |
|
| Interest
Income/
Expense |
|
| Yield/
Cost | | | Average
Balance |
|
| Interest
Income/
Expense |
|
| Yield/
Cost |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Interest-bearing deposits in banks
| | |
$
|
3,790
| | | |
$
|
52
| | |
1.37
|
%
| | |
$
|
16,347
| | | |
$
|
94
| | |
0.58
|
%
| | |
$
|
16,040
| | | |
$
|
43
| | |
0.27
|
%
|
|
CDs with other banks
| | |
14,619
| | | |
288
| | |
1.97
| | | |
11,694
| | | |
228
| | |
1.95
| | | |
12,267
| | | |
231
| | |
1.88
| |
|
Investment securities:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
| | |
125,797
| | | |
2,658
| | |
2.11
| | | |
76,525
| | | |
1,366
| | |
1.79
| | | |
66,110
| | | |
958
| | |
1.45
| |
|
Tax-exempt
| | |
58,786
| | | |
1,863
| | |
3.17
| | | |
64,108
| | | |
1,853
| | |
2.89
| | | |
53,376
| | | |
1,537
| | |
2.88
| |
|
Loans and loans held for sale: 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial
| | |
751,444
| | | |
33,896
| | |
4.51
| | | |
734,829
| | | |
32,620
| | |
4.44
| | | |
616,057
| | | |
26,264
| | |
4.26
| |
|
Tax exempt
| | |
15,064
| | | |
520
| | |
3.45
| | | |
16,326
| | | |
564
| | |
3.45
| | | |
19,678
| | | |
689
| | |
3.50
| |
|
Real estate
| | |
373,360
| | | |
16,612
| | |
4.45
| | | |
398,766
| | | |
16,594
| | |
4.16
| | | |
334,538
| | | |
13,586
| | |
4.06
| |
|
Consumer
| | |
13,660
|
| | |
709
| | |
5.19
|
| | |
16,762
|
| | |
804
| | |
4.80
|
| | |
17,383
|
| | |
792
| | |
4.56
|
|
|
Total loans
| | |
1,153,528
|
| | |
51,737
| | |
4.49
|
| | |
1,166,683
|
| | |
50,582
| | |
4.34
|
| | |
987,656
|
| | |
41,331
| | |
4.18
|
|
|
Total earning assets
| | |
1,356,520
|
| | |
56,598
| | |
4.17
|
| | |
1,335,357
|
| | |
54,123
| | |
4.05
|
| | |
1,135,449
|
| | |
44,100
| | |
3.88
|
|
|
Less: Allowance for loan losses
| | |
(9,626
|
)
| | | | | | | | |
(8,939
|
)
| | | | | | | | |
(7,016
|
)
| | | | | | |
|
Cash and due from banks
| | |
16,287
| | | | | | | | | |
13,765
| | | | | | | | | |
14,465
| | | | | | | |
|
Other assets
| | |
90,585
|
| | | | | | | | |
87,815
|
| | | | | | | | |
83,520
|
| | | | | | |
|
Total assets
| | |
$
|
1,453,766
|
| | | | | | | | |
$
|
1,427,998
|
| | | | | | | | |
$
|
1,226,418
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deposits:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
NOW
| | |
$
|
438,123
| | | |
$
|
2,608
| | |
0.60
| | | |
$
|
454,320
| | | |
$
|
2,413
| | |
0.53
|
%
| | |
$
|
446,704
| | | |
$
|
2,713
| | |
0.61
|
%
|
|
Money market checking
| | |
239,632
| | | |
1,781
| | |
0.74
| | | |
163,630
| | | |
1,282
| | |
0.78
| | | |
65,306
| | | |
396
| | |
0.61
| |
|
Savings
| | |
47,034
| | | |
78
| | |
0.17
| | | |
43,870
| | | |
88
| | |
0.20
| | | |
39,766
| | | |
111
| | |
0.28
| |
|
IRAs
| | |
16,678
| | | |
217
| | |
1.30
| | | |
16,319
| | | |
208
| | |
1.27
| | | |
12,038
| | | |
146
| | |
1.21
| |
|
CDs
| | |
262,417
| | | |
3,610
| | |
1.38
| | | |
314,542
| | | |
3,757
| | |
1.19
| | | |
278,499
| | | |
2,880
| | |
1.03
| |
|
Repurchase agreements and federal funds sold
| | |
23,559
| | | |
75
| | |
0.32
| | | |
27,066
| | | |
72
| | |
0.27
| | | |
26,884
| | | |
83
| | |
0.31
| |
|
FHLB and other borrowings
| | |
122,144
| | | |
1,690
| | |
1.38
| | | |
139,736
| | | |
1,086
| | |
0.78
| | | |
124,475
| | | |
692
| | |
0.56
| |
|
Subordinated debt
| | |
33,524
|
| | |
2,242
| | |
6.69
|
| | |
33,524
|
| | |
2,226
| | |
6.64
|
| | |
33,524
|
| | |
2,204
| | |
6.57
|
|
|
Total interest-bearing liabilities
| | |
1,183,111
|
| | |
12,301
| | |
1.04
|
| | |
1,193,007
|
| | |
11,132
| | |
0.93
|
| | |
1,027,196
|
| | |
9,225
| | |
0.90
|
|
|
Noninterest bearing demand deposits
| | |
117,696
| | | | | | | | | |
99,826
| | | | | | | | | |
79,611
| | | | | | | |
|
Other liabilities
| | |
8,006
|
| | | | | | | | |
12,220
|
| | | | | | | | |
7,486
|
| | | | | | |
|
Total liabilities
| | |
1,308,813
|
| | | | | | | | |
1,305,053
|
| | | | | | | | |
1,114,293
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Stockholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Preferred stock
| | |
7,927
| | | | | | | | | |
16,334
| | | | | | | | | |
16,334
| | | | | | | |
|
Common stock
| | |
10,355
| | | | | | | | | |
8,263
| | | | | | | | | |
8,065
| | | | | | | |
|
Paid-in capital
| | |
96,987
| | | | | | | | | |
75,799
| | | | | | | | | |
74,331
| | | | | | | |
| Treasury stock
| | |
(1,084
|
)
| | | | | | | | |
(1,084
|
)
| | | | | | | | |
(1,084
|
)
| | | | | | |
|
Retained earnings
| | |
34,155
| | | | | | | | | |
25,943
| | | | | | | | | |
16,941
| | | | | | | |
|
Accumulated other comprehensive income
| | |
(3,387
|
)
| | | | | | | | |
(2,310
|
)
| | | | | | | | |
(2,462
|
)
| | | | | | |
|
Total stockholders’ equity
| | |
144,953
|
| | | | | | | | |
122,945
|
| | | | | | | | |
112,125
|
| | | | | | |
|
Total liabilities and stockholders’ equity
| | |
$
|
1,453,766
|
| | | | | | | | |
$
|
1,427,998
|
| | | | | | | | |
$
|
1,226,418
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
Net interest spread
| | | | | | | | |
3.13
| | | | | | | | | |
3.12
| | | | | | | | | |
2.98
| |
|
Net interest income-margin
| | | | | |
$
|
44,297
| | |
3.27
|
%
| | | | | |
$
|
42,991
| | |
3.22
|
%
| | | | | |
$
|
34,875
| | |
3.07
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
1 Non-accrual loans are included in total loan
balances, lowering the effective yield for the portfolio in the
aggregate.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
| Selected Financial Data
(Unaudited) (Dollars in thousands, except per share data)
|
|
|
| |
|
| |
| | | Quarterly | |
| Year-to-Date |
| | | 2017 |
|
| 2017 |
|
| 2017 |
|
| 2017 |
|
| 2016 | | | 2017 |
|
| 2016 |
|
| | | Fourth
Quarter | | | Third
Quarter | | | Second
Quarter | | | First
Quarter | | | Fourth
Quarter | | | | |
| Earnings and Per Share Data: | | | | | | | | | | | | | | | | | | | | | |
|
Net income from continuing operations
| | |
$
|
1,423
| | | |
$
|
2,318
| | | |
$
|
2,260
| | | |
$
|
1,574
| | | |
$
|
2,307
| | | |
$
|
7,575
| | | |
$
|
8,977
| |
|
Net income from discontinued operations
| | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
3,935
| |
|
Net income
| | |
1,423
| | | |
2,318
| | | |
2,260
| | | |
1,574
| | | |
2,307
| | | |
7,575
| | | |
12,912
| |
|
Net income available to common shareholders
| | |
1,299
| | | |
2,195
| | | |
2,138
| | | |
1,445
| | | |
1,993
| | | |
7,077
| | | |
11,784
| |
|
Earnings per share from continuing operations - basic
| | |
0.12
| | | |
0.21
| | | |
0.21
| | | |
0.14
| | | |
0.23
| | | |
0.69
| | | |
0.96
| |
|
Earnings per share from discontinued operations - basic
| | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
0.48
| |
|
Earnings per common shareholder - basic
| | |
0.12
| | | |
0.21
| | | |
0.21
| | | |
0.14
| | | |
0.23
| | | |
0.69
| | | |
1.44
| |
|
Earnings per share from continuing operations - diluted
| | |
0.12
| | | |
0.21
| | | |
0.20
| | | |
0.14
| | | |
0.22
| | | |
0.68
| | | |
0.92
| |
|
Earnings per share from discontinued operations - diluted
| | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
0.39
| |
|
Earnings per common shareholder - diluted
| | |
0.12
| | | |
0.21
| | | |
0.20
| | | |
0.14
| | | |
0.22
| | | |
0.68
| | | |
1.31
| |
|
Cash dividends paid per common share
| | |
0.025
| | | |
0.025
| | | |
0.025
| | | |
0.025
| | | |
0.02
| | | |
0.10
| | | |
0.08
| |
|
Book value per common share
| | |
13.63
| | | |
13.51
| | | |
13.31
| | | |
13.09
| | | |
12.93
| | | |
13.63
| | | |
12.93
| |
|
Weighted average shares outstanding - basic
| | |
10,444,627
| | | |
10,443,443
| | | |
10,343,933
| | | |
9,996,544
| | | |
8,624,143
| | | |
10,308,738
| | | |
8,212,021
| |
|
Weighted average shares outstanding - diluted
| | |
10,823,994
| | | |
12,410,070
| | | |
12,181,433
| | | |
10,009,341
| | | |
10,514,727
| | | |
10,440,228
| | | |
10,068,733
| |
| | | | | | | | | | | | | | | | | | | | |
|
| Performance Ratios: | | | | | | | | | | | | | | | | | | | | | |
|
Return on average assets - continuing operations 1 | | |
0.38
|
%
| | |
0.63
|
%
| | |
0.63
|
%
| | |
0.45
|
%
| | |
0.64
|
%
| | |
0.52
|
%
| | |
0.63
|
%
|
|
Return on average assets - discontinued operations 1 | | |
—
|
%
| | |
—
|
%
| | |
—
|
%
| | |
—
|
%
| | |
—
|
%
| | |
—
|
%
| | |
0.28
|
%
|
|
Return on average equity - continuing operations 1 | | |
3.79
|
%
| | |
6.28
|
%
| | |
6.30
|
%
| | |
4.56
|
%
| | |
7.02
|
%
| | |
5.23
|
%
| | |
7.30
|
%
|
|
Return on average equity - discontinued operations 1 | | |
—
|
%
| | |
—
|
%
| | |
—
|
%
| | |
—
|
%
| | |
—
|
%
| | |
—
|
%
| | |
3.20
|
%
|
|
Net interest margin 2 | | |
3.29
|
%
| | |
3.37
|
%
| | |
3.31
|
%
| | |
3.19
|
%
| | |
3.23
|
%
| | |
3.27
|
%
| | |
3.22
|
%
|
|
Efficiency ratio 3 | | |
81.11
|
%
| | |
83.28
|
%
| | |
82.38
|
%
| | |
85.30
|
%
| | |
80.48
|
%
| | |
82.94
|
%
| | |
80.29
|
%
|
|
Overhead ratio 1 4 | | |
4.69
|
%
| | |
4.87
|
%
| | |
5.19
|
%
| | |
4.65
|
%
| | |
4.69
|
%
| | |
4.85
|
%
| | |
4.85
|
%
|
| | | | | | | | | | | | | | | | | | | | |
|
| Asset Quality Data and Ratios: | | | | | | | | | | | | | | | | | | | | | |
|
Charge-offs
| | |
$
|
572
| | | |
$
|
472
| | | |
$
|
163
| | | |
$
|
290
| | | |
$
|
713
| | | |
$
|
1,497
| | | |
$
|
2,557
| |
|
Recoveries
| | |
18
| | | |
24
| | | |
16
| | | |
43
| | | |
8
| | | |
101
| | | |
20
| |
|
Net loan charge-offs to total loans 15 | | |
0.20
|
%
| | |
0.16
|
%
| | |
0.05
|
%
| | |
0.09
|
%
| | |
0.27
|
%
| | |
0.13
|
%
| | |
0.24
|
%
|
|
Allowance for loan losses
| | |
9,878
| | | |
9,396
| | | |
9,748
| | | |
9,372
| | | |
9,101
| | | |
9,878
| | | |
9,101
| |
|
Allowance for loan losses to total loans 6 | | |
0.89
|
%
| | |
0.86
|
%
| | |
0.88
|
%
| | |
0.87
|
%
| | |
0.86
|
%
| | |
0.89
|
%
| | |
0.86
|
%
|
|
Nonperforming loans
| | |
9,699
| | | |
6,559
| | | |
5,103
| | | |
6,575
| | | |
6,229
| | | |
9,699
| | | |
6,229
| |
|
Nonperforming loans to total loans
| | |
0.88
|
%
| | |
0.60
|
%
| | |
0.46
|
%
| | |
0.61
|
%
| | |
0.59
|
%
| | |
0.88
|
%
| | |
0.59
|
%
|
| | | | | | | | | | | | | | | | | | | | |
|
| Capital Ratios: | | | | | | | | | | | | | | | | | | | | | |
|
Equity to assets
| | |
9.79
|
%
| | |
10.12
|
%
| | |
9.74
|
%
| | |
9.67
|
%
| | |
10.26
|
%
| | |
9.79
|
%
| | |
10.26
|
%
|
|
Leverage ratio
| | |
9.27
|
%
| | |
9.41
|
%
| | |
9.59
|
%
| | |
9.24
|
%
| | |
9.54
|
%
| | |
9.27
|
%
| | |
9.54
|
%
|
|
Common equity Tier 1 capital ratio
| | |
10.55
|
%
| | |
10.76
|
%
| | |
10.32
|
%
| | |
10.15
|
%
| | |
10.11
|
%
| | |
10.55
|
%
| | |
10.11
|
%
|
|
Tier 1 risk-based capital ratio
| | |
11.54
|
%
| | |
11.79
|
%
| | |
11.33
|
%
| | |
11.19
|
%
| | |
11.92
|
%
| | |
11.54
|
%
| | |
11.92
|
%
|
|
Total risk-based capital ratio
| | |
14.87
|
%
| | |
15.18
|
%
| | |
14.66
|
%
| | |
14.63
|
%
| | |
15.36
|
%
| | |
14.87
|
%
| | |
15.36
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| 1 |
|
annualized for the quarterly periods presented
|
| 2 | |
net interest income as a percentage of average interest earning
assets
|
| 3 | |
noninterest expense as a percentage of net interest income and
noninterest income
|
| 4 | |
noninterest expense as a percentage of average assets
|
| 5 | |
charge-offs less recoveries
|
| 6 | |
excludes loans held for sale
|
| |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180227006717/en/
MVB Financial Corp.
Amy Baker, 844-682-2265
VP, Corporate
Communications
abaker@mvbbanking.com
Source: MVB Financial Corp.