FAIRMONT, W.Va.--(BUSINESS WIRE)--
MVB Financial Corp. (the “Company”) (NASDAQ: MVBF) reported net income
of $3.6 million, or $0.30 basic and $0.29 diluted earnings per share for
the three months ended September 30, 2018, an increase of 54.4% compared
to $2.3 million, or $0.21 basic and diluted earnings per share, for the
same period in 2017.
Noninterest-bearing deposits increased $76.9 million, or 46.9%, from
June 30, 2018, and increased $119.3 million, or 98.2%, from
September 30, 2017, to a balance of $240.8 million as of September 30,
2018. The growth in noninterest-bearing deposits was primarily driven by
MVB's strategy to focus on Fintech and specialty deposits. As of
September 30, 2018, noninterest-bearing deposits were 17.46% of total
deposits, compared to 13.71% as of June 30, 2018, and 10.43% as of
September 30, 2017.
For the three months ended September 30, 2018, loans increased $81.4
million, or 6.7%, to $1.3 billion, from June 30, 2018, which represents
an annualized increase of 26.8%. The increase in loans has been driven
by strong growth in MVB's West Virginia markets, expansion in Northern
Virginia, as well as the strategic addition of commercial lenders
throughout its markets. In addition to the increase in loan volume
during the quarter, loan yields increased 9 basis points. The Company
continues to take advantage of industry consolidation while capitalizing
on disruptions in the market to expand both the lending and deposit
teams. These teams have extensive experience and relationships in MVB’s
selected markets.
MANAGEMENT OVERVIEW
“Building on MVB’s strong Second Quarter performance, our Third Quarter
2018 earnings from continuing operations are up 26 percent from last
quarter, our new record high. MVB’s significant expansion in noninterest
bearing deposits, as well as the strong economies in West Virginia and
Northern Virginia are driving our growth,” said Larry F. Mazza, CEO and
President, MVB Financial.
“After a three and a half year journey, MVB’s Fintech strategy hit a
tipping point this year; the results are starting to show up on our
balance sheet and income statement. The robust Fintech industry is just
heating up, and we expect to continue to expand that vertical.”
THIRD QUARTER 2018 HIGHLIGHTS
-
Loans of $1.3 billion as of September 30, 2018, increased $81.4
million, or 6.7%, from June 30, 2018, and increased $202.0 million, or
18.5%, from September 30, 2017.
-
Assets of $1.7 billion as of September 30, 2018, increased $37.7
million, or 2.2%, from June 30, 2018, and increased $251.5 million, or
17.1%, from September 30, 2017.
-
Deposits of $1.4 billion as of September 30, 2018, increased $183.3
million, or 15.3%, from June 30, 2018, and increased $214.0 million,
or 18.4% from September 30, 2017. Noninterest-bearing deposits of
$240.8 million increased $76.9 million, or 46.9%, from June 30, 2018,
and increased $119.3 million, or 98.2%, from September 30, 2017.
-
Net interest income of $13.5 million for the quarter ended
September 30, 2018, increased $869 thousand, or 6.9%, from the quarter
ended June 30, 2018, and increased $2.1 million, or 18.5% from the
quarter ended September 30, 2017. Net interest margin of 3.43% for the
quarter ended September 30, 2018, increased 5 basis points versus the
quarter ended June 30, 2018, and increased 6 basis points versus the
quarter ended September 30, 2017.
-
Noninterest income of $10.5 million for the quarter ended
September 30, 2018, decreased $284 thousand, or 2.6%, from the quarter
ended June 30, 2018, and increased $353 thousand, or 3.5%, from the
quarter ended September 30, 2017.
- $2.3 million of subordinated debt converted to common stock, which
caused the issuance of 142,000 new shares and will provide an annual
interest expense savings of $170 thousand.
LOANS
Loans totaled $1.3 billion as of September 30, 2018, an increase of
$81.4 million, or 6.7%, from June 30, 2018, and an increase of $202.0
million, or 18.5%, from September 30, 2017. The growth in loans is
attributable to organic growth and the addition of commercial lenders
within the Company’s primary lending areas. The yield on loans was 4.97%
as of the quarter ended September 30, 2018, an increase of 9 basis
points from the quarter ended June 30, 2018, and an increase of 31 basis
points from the quarter ended September 30, 2017. The increase in yields
is driven both by Fed rate increases and a commercial focus on
increasing loan yields.
DEPOSITS
Deposits totaled $1.4 billion as of September 30, 2018, and increased
$183.3 million, or 15.3%, from June 30, 2018, while increasing $214.0
million, or 18.4%, from September 30, 2017. Noninterest-bearing deposits
totaled $240.8 million as of September 30, 2018, or 17.5%, of the total
deposit base, an increase of $76.9 million, or 46.9%, from June 30,
2018, and an increase of $119.3 million, or 98.2%, from September 30,
2017. Noninterest-bearing deposits remain a core funding source for the
Company. Of the $240.8 million, noninterest-bearing balances of $100.6
million are related to Fintech and Title business opportunities.
NET INTEREST INCOME
Net interest income for the quarter ended September 30, 2018, was $13.5
million, an increase of $869 thousand, or 6.9%, from the quarter ended
June 30, 2018, and an increase of $2.1 million, or 18.5% from the
quarter ended September 30, 2017. Net interest margin for the quarter
ended September 30, 2018 was 3.43%, an increase of 5 basis points versus
the quarter ended June 30, 2018, and an increase of 6 basis points
versus the quarter ended September 30, 2017.
Interest expense increased 8.5% during the quarter ended September 30,
2018, compared to the quarter ended June 30, 2018, due to an increase of
9 basis points in the cost of interest-bearing liabilities, and
increased 44.7% compared to the quarter ended September 30, 2017, due to
an increase of 35 basis points in the cost of interest-bearing
liabilities. The increase in the cost of interest-bearing liabilities
compared to the quarter ended September 30, 2017, was the result of an
$53.4 million increase in the average balance and an increase in
short-term borrowing rates.
In August 2018, subordinated debt in the amount of $2.3 million was
converted into 142,000 shares of common stock. In addition to this
conversion, in June 2018, subordinated debt in the amount of $12.7
million was converted into 795,500 shares of common stock. As a result
of these conversions, the Company will save $1.1 million annually in
interest expense.
ASSET QUALITY
Provision for loan loss was $1.1 million for the quarter ended
September 30, 2018, a $973 thousand increase from the quarter ended
September 30, 2017, due to an 18.5% increase in loans. The increase in
loan loss provision is attributable to increased loan volume for the
quarter ended September 30, 2018, compared to the quarter ended
September 30, 2017. Nonperforming loans increased $6.3 million, to
0.99%, of total loans as of September 30, 2018, compared to 0.78% of
total loans as of June 30, 2018, and compared to 0.60% of total loans as
of September 30, 2017. In addition, net charge-offs for the quarter
ended September 30, 2018, decreased $167 thousand compared to the
quarter ended September 30, 2017, resulting in an annualized net loan
charge-offs to total loans ratio of 0.09% as of September 30, 2018.
NONINTEREST INCOME
Noninterest income totaled $10.5 million for the quarter ended
September 30, 2018, a decrease of $284 thousand, or 2.6%, from the
quarter ended June 30, 2018, and an increase of $353 thousand, or 3.5%,
from the quarter ended September 30, 2017.
The $284 thousand decrease in noninterest income from the quarter ended
June 30, 2018, was due to a decrease of $1.4 million in gain on
derivatives related to the mortgage locked pipeline. The decrease was
partially offset by an increase of $634 thousand in the holding gain on
equity securities, primarily related to a $672 thousand holding gain on
Fintech related investment, an increase of $165 thousand in other
operating income, and an increase of $300 thousand in income on bank
owned life insurance. The decrease in gain on derivatives was largely
the result of a 19.6% decrease in the locked mortgage pipeline for the
three months ended September 30, 2018, compared to an 8.0% increase in
the locked mortgage pipeline for the three months ended June 30, 2018.
The $353 thousand increase in noninterest income from the quarter ended
September 30, 2017, was primarily due to a $578 thousand increase in
gain on derivative and a $623 thousand increase in the holding gain on
equity securities. These increases were partially offset by a $1.0
million decrease in mortgage fee income. The increase in gain on
derivatives was largely the result of an increase of $1.3 million in the
valuation of the open trades used to hedge the derivative asset. The
decrease in mortgage fee income was driven by the decrease of mortgage
production volume, which decreased by $26.3 million or 6.6% for the
three months ended September 30, 2018 compared to the three months ended
September 30, 2017.
NONINTEREST EXPENSE
Noninterest expense totaled $18.4 million for the quarter ended
September 30, 2018, a decrease of $832 thousand, or 4.3%, from the
quarter ended June 30, 2018, and an increase of $451 thousand, or 2.5%,
from the quarter ended September 30, 2017.
The $832 thousand decrease in noninterest expense from the quarter ended
June 30, 2018, was primarily due to a decrease of $974 thousand in
salaries and employee benefits expense and a $125 thousand decrease in
mortgage processing expense. These decreases were partially offset by an
increase of $227 thousand in professional fees as a result of the
Company's Fintech initiatives. The decrease in salaries and employee
benefits expense was largely driven by a reduction in commission related
costs due to reduced mortgage loan volume. The $451 thousand increase in
noninterest expense from the quarter ended September 30, 2017, was
primarily due to an increase of $271 thousand in salaries and employee
benefits expense and an increase of $164 thousand in professional fees.
DIVIDEND
As previously announced on August 22, 2018, the Company declared a
quarterly cash dividend of $0.03 per share to shareholders of record at
the close of business on September 1, 2018, payable September 15, 2018.
This was the third quarterly dividend for 2018 and includes a one-half
cent, or 20% increase per share, compared to the March and June 2018
payouts of $0.025 per share.
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 subsidiaries, MVB
Mortgage and MVB Community Development Corporation, 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, 2017, 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 |
| | | 2018 |
|
| 2018 |
|
| 2018 |
|
| 2017 |
|
| 2017 |
|
| Nine Months Ended September 30, 2018 |
|
| Nine Months Ended September 30, 2017 |
|
| | | Third
Quarter | | | Second Quarter | | | First
Quarter | | | Fourth Quarter | | | Third
Quarter | | | | |
|
Interest income
| | |
$
|
18,176
| | | |
$
|
16,944
| | | |
$
|
15,054
| | | |
$
|
15,086
| | | |
$
|
14,630
| | | |
$
|
50,174
| | | |
$
|
41,512
|
|
Interest expense
| | |
4,652
|
| | |
4,289
|
| | |
3,589
|
| | |
3,403
|
| | |
3,216
|
| | |
12,530
|
| | |
8,898
|
|
Net interest income
| | |
13,524
| | | |
12,655
| | | |
11,465
| | | |
11,683
| | | |
11,414
| | | |
37,644
| | | |
32,614
|
|
Provision for loan losses
| | |
1,069
| | | |
605
| | | |
474
| | | |
1,036
| | | |
96
| | | |
2,148
| | | |
1,137
|
|
Noninterest income
| | |
10,511
| | | |
10,795
| | | |
9,039
| | | |
10,157
| | | |
10,158
| | | |
30,345
| | | |
30,549
|
|
Noninterest expense
| | |
18,417
|
| | |
19,249
|
| | |
16,739
|
| | |
17,714
|
| | |
17,966
|
| | |
54,405
|
| | |
52,786
|
|
Income before income taxes
| | |
4,549
| | | |
3,596
| | | |
3,291
| | | |
3,090
| | | |
3,510
| | | |
11,436
| | | |
9,240
|
|
Income tax expense
| | |
970
|
| | |
765
|
| | |
697
|
| | |
1,667
|
| | |
1,192
|
| | |
2,432
|
| | |
3,088
|
|
Net income
| | |
$
|
3,579
|
| | |
$
|
2,831
|
| | |
$
|
2,594
|
| | |
$
|
1,423
|
| | |
$
|
2,318
|
| | |
$
|
9,004
|
| | |
$
|
6,152
|
|
Preferred dividends
| | |
123
| | | |
122
| | | |
121
| | | |
124
| | | |
123
| | | |
366
| | | |
374
|
|
Net income available to common shareholders
| | |
$
|
3,456
|
| | |
$
|
2,709
|
| | |
$
|
2,473
|
| | |
$
|
1,299
|
| | |
$
|
2,195
|
| | |
$
|
8,638
|
| | |
$
|
5,778
|
| | | | | | | | | | | | | | | | | | | | |
|
|
Earnings per share - basic
| | |
$
|
0.30
| | | |
$
|
0.25
| | | |
$
|
0.24
| | | |
$
|
0.12
| | | |
$
|
0.21
| | | |
$
|
0.80
| | | |
$
|
0.56
|
|
Earnings per share - diluted
| | |
$
|
0.29
| | | |
$
|
0.25
| | | |
$
|
0.23
| | | |
$
|
0.12
| | | |
$
|
0.21
| | | |
$
|
0.77
| | | |
$
|
0.56
|
|
|
| Condensed Consolidated Balance Sheets
(Unaudited) (Dollars in thousands)
|
|
|
|
| September 30, 2018 |
|
| June 30, 2018 |
|
| December 31, 2017 |
|
| September 30, 2017 |
|
Cash and cash equivalents
|
|
|
$
|
22,045
| | | |
$
|
23,950
| | | |
$
|
20,305
| | | |
$
|
20,272
| |
|
Certificates of deposit with other banks
| | |
14,778
| | | |
14,778
| | | |
14,778
| | | |
14,778
| |
|
Investment securities
| | |
226,306
| | | |
229,054
| | | |
231,507
| | | |
187,348
| |
|
Loans held for sale
| | |
63,706
| | | |
98,799
| | | |
66,794
| | | |
69,057
| |
|
Loans
| | |
1,296,460
| | | |
1,215,072
| | | |
1,105,941
| | | |
1,094,467
| |
|
Allowance for loan losses
| | |
(11,439
|
)
| | |
(10,651
|
)
| | |
(9,878
|
)
| | |
(9,396
|
)
|
|
Net loans
| | |
1,285,021
| | | |
1,204,421
| | | |
1,096,063
| | | |
1,085,071
| |
|
Premises and equipment
| | |
26,706
| | | |
26,418
| | | |
26,686
| | | |
27,189
| |
| Goodwill | | |
18,480
| | | |
18,480
| | | |
18,480
| | | |
18,480
| |
|
Other assets
| | |
66,062
|
| | |
69,519
|
| | |
59,689
|
| | |
49,395
|
|
|
Total assets
| | |
$
|
1,723,104
|
| | |
$
|
1,685,419
|
| | |
$
|
1,534,302
|
| | |
$
|
1,471,590
|
|
| | | | | | | | | | | |
|
|
Deposits
| | |
$
|
1,379,186
| | | |
$
|
1,195,868
| | | |
$
|
1,159,580
| | | |
$
|
1,165,199
| |
|
Borrowed funds
| | |
122,000
| | | |
266,830
| | | |
152,169
| | | |
84,403
| |
|
Other liabilities
| | |
51,042
| | | |
56,926
| | | |
72,361
| | | |
73,011
| |
|
Shareholders' equity
| | |
170,876
|
| | |
165,795
|
| | |
150,192
|
| | |
148,977
|
|
|
Total liabilities and shareholders' equity
| | |
$
|
1,723,104
|
| | |
$
|
1,685,419
|
| | |
$
|
1,534,302
|
| | |
$
|
1,471,590
|
|
|
|
| Reportable Segments
(Unaudited)
|
| Three Months Ended September 30, 2018 |
|
| Commercial & Retail Banking |
|
| Mortgage Banking |
|
| Financial Holding Company |
|
| Intercompany Eliminations |
|
| Consolidated |
| (Dollars in thousands) | | | | | | | | | | |
|
Revenues:
| | | | | | | | | | | | | | | |
|
Interest income
| | |
$
|
16,506
| | | |
$
|
1,763
| | | |
$
|
1
| | | |
$
|
(94
|
)
| | |
$
|
18,176
|
|
Mortgage fee income
| | |
152
| | | |
9,246
| | | |
—
| | | |
(390
|
)
| | |
9,008
|
|
Other income
| | |
2,203
|
| | |
(738
|
)
| | |
1,706
|
| | |
(1,668
|
)
| | |
1,503
|
|
Total operating income
| | |
18,861
|
| | |
10,271
|
| | |
1,707
|
| | |
(2,152
|
)
| | |
28,687
|
|
Expenses:
| | | | | | | | | | | | | | | |
|
Interest expense
| | |
3,664
| | | |
1,138
| | | |
333
| | | |
(483
|
)
| | |
4,652
|
|
Salaries and employee benefits
| | |
3,493
| | | |
6,047
| | | |
1,980
| | | |
—
| | | |
11,520
|
|
Provision for loan losses
| | |
1,025
| | | |
44
| | | |
—
| | | |
—
| | | |
1,069
|
|
Other expense
| | |
5,274
|
| | |
2,147
|
| | |
1,145
|
| | |
(1,669
|
)
| | |
6,897
|
|
Total operating expenses
| | |
13,456
|
| | |
9,376
|
| | |
3,458
|
| | |
(2,152
|
)
| | |
24,138
|
|
Income (loss) before income taxes
| | |
5,405
| | | |
895
| | | |
(1,751
|
)
| | |
—
| | | |
4,549
|
|
Income tax expense (benefit)
| | |
1,121
|
| | |
229
|
| | |
(380
|
)
| | |
—
|
| | |
970
|
|
Net income (loss)
| | |
$
|
4,284
|
| | |
$
|
666
|
| | |
$
|
(1,371
|
)
| | |
$
|
—
|
| | |
$
|
3,579
|
|
Preferred stock dividends
| | |
—
| | | |
—
| | | |
123
| | | |
—
| | | |
123
|
|
Net income (loss) available to common shareholders
| | |
$
|
4,284
|
| | |
$
|
666
|
| | |
$
|
(1,494
|
)
| | |
$
|
—
|
| | |
$
|
3,456
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
| Three Months Ended June 30, 2018 | | | Commercial & Retail Banking | | | Mortgage Banking | | | Financial Holding Company | | | Intercompany Eliminations | | | Consolidated |
| (Dollars in thousands) | | | | | | | | | | |
|
Revenues:
| | | | | | | | | | | | | | | |
|
Interest income
| | |
$
|
15,426
| | | |
$
|
1,772
| | | |
$
|
1
| | | |
$
|
(255
|
)
| | |
$
|
16,944
|
|
Mortgage fee income
| | |
154
| | | |
9,152
| | | |
—
| | | |
(243
|
)
| | |
9,063
|
|
Other income
| | |
1,068
|
| | |
706
|
| | |
1,489
|
| | |
(1,531
|
)
| | |
1,732
|
|
Total operating income
| | |
16,648
|
| | |
11,630
|
| | |
1,490
|
| | |
(2,029
|
)
| | |
27,739
|
|
Expenses:
| | | | | | | | | | | | | | | |
|
Interest expense
| | |
3,164
| | | |
1,081
| | | |
542
| | | |
(498
|
)
| | |
4,289
|
|
Salaries and employee benefits
| | |
3,884
| | | |
6,826
| | | |
1,784
| | | |
—
| | | |
12,494
|
|
Provision for loan losses
| | |
625
| | | |
(20
|
)
| | |
—
| | | |
—
| | | |
605
|
|
Other expense
| | |
4,968
|
| | |
2,296
|
| | |
1,022
|
| | |
(1,531
|
)
| | |
6,755
|
|
Total operating expenses
| | |
12,641
|
| | |
10,183
|
| | |
3,348
|
| | |
(2,029
|
)
| | |
24,143
|
|
Income (loss) before income taxes
| | |
4,007
| | | |
1,447
| | | |
(1,858
|
)
| | |
—
| | | |
3,596
|
|
Income tax expense (benefit)
| | |
832
|
| | |
373
|
| | |
(440
|
)
| | |
—
|
| | |
765
|
|
Net income (loss)
| | |
$
|
3,175
|
| | |
$
|
1,074
|
| | |
$
|
(1,418
|
)
| | |
$
|
—
|
| | |
$
|
2,831
|
|
Preferred stock dividends
| | |
—
| | | |
—
| | | |
122
| | | |
—
| | | |
122
|
|
Net income (loss) available to common shareholders
| | |
$
|
3,175
|
| | |
$
|
1,074
|
| | |
$
|
(1,540
|
)
| | |
$
|
—
|
| | |
$
|
2,709
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
| Three Months Ended September 30, 2017 | | | Commercial & Retail Banking | | | Mortgage Banking | | | Financial Holding Company | | | Intercompany Eliminations | | | Consolidated |
| (Dollars in thousands) | | | | | | | | | | |
|
Revenues:
| | | | | | | | | | | | | | | |
|
Interest income
| | |
$
|
13,432
| | | |
$
|
1,352
| | | |
$
|
1
| | | |
$
|
(155
|
)
| | |
$
|
14,630
|
|
Mortgage fee income
| | |
200
| | | |
10,042
| | | |
—
| | | |
(224
|
)
| | |
10,018
|
|
Other income
| | |
1,466
|
| | |
(1,279
|
)
| | |
1,250
|
| | |
(1,297
|
)
| | |
140
|
|
Total operating income
| | |
15,098
|
| | |
10,115
|
| | |
1,251
|
| | |
(1,676
|
)
| | |
24,788
|
|
Expenses:
| | | | | | | | | | | | | | | |
|
Interest expense
| | |
2,347
| | | |
684
| | | |
565
| | | |
(380
|
)
| | |
3,216
|
|
Salaries and employee benefits
| | |
3,107
| | | |
6,768
| | | |
1,374
| | | |
—
| | | |
11,249
|
|
Provision for loan losses
| | |
—
| | | |
96
| | | |
—
| | | |
—
| | | |
96
|
|
Other expense
| | |
4,822
|
| | |
2,100
|
| | |
1,091
|
| | |
(1,296
|
)
| | |
6,717
|
|
Total operating expenses
| | |
10,276
|
| | |
9,648
|
| | |
3,030
|
| | |
(1,676
|
)
| | |
21,278
|
|
Income (loss) before income taxes
| | |
4,822
| | | |
467
| | | |
(1,779
|
)
| | |
—
| | | |
3,510
|
|
Income tax expense (benefit)
| | |
1,605
|
| | |
191
|
| | |
(604
|
)
| | |
—
|
| | |
1,192
|
|
Net income (loss)
| | |
$
|
3,217
|
| | |
$
|
276
|
| | |
$
|
(1,175
|
)
| | |
$
|
—
|
| | |
$
|
2,318
|
|
Preferred stock dividends
| | |
—
| | | |
—
| | | |
123
| | | |
—
| | | |
123
|
|
Net income (loss) available to common shareholders
| | |
$
|
3,217
|
| | |
$
|
276
|
| | |
$
|
(1,298
|
)
| | |
$
|
—
|
| | |
$
|
2,195
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
| Nine Months Ended September 30, 2018 | | | Commercial & Retail Banking | | | Mortgage Banking | | | Financial Holding Company | | | Intercompany Eliminations | | | Consolidated |
| (Dollars in thousands) | | | | | | | | | | |
|
Revenues:
| | | | | | | | | | | | | | | |
|
Interest income
| | |
$
|
45,772
| | | |
$
|
4,870
| | | |
$
|
3
| | | |
$
|
(471
|
)
| | |
$
|
50,174
|
|
Mortgage fee income
| | |
444
| | | |
25,071
| | | |
—
| | | |
(881
|
)
| | |
24,634
|
|
Other income
| | |
5,052
|
| | |
485
|
| | |
4,748
|
| | |
(4,574
|
)
| | |
5,711
|
|
Total operating income
| | |
51,268
|
| | |
30,426
|
| | |
4,751
|
| | |
(5,926
|
)
| | |
80,519
|
|
Expenses:
| | | | | | | | | | | | | | | |
|
Interest expense
| | |
9,503
| | | |
2,945
| | | |
1,433
| | | |
(1,351
|
)
| | |
12,530
|
|
Salaries and employee benefits
| | |
10,946
| | | |
18,289
| | | |
5,252
| | | |
—
| | | |
34,487
|
|
Provision for loan losses
| | |
2,067
| | | |
81
| | | |
—
| | | |
—
| | | |
2,148
|
|
Other expense
| | |
14,803
|
| | |
6,566
|
| | |
3,124
|
| | |
(4,575
|
)
| | |
19,918
|
|
Total operating expenses
| | |
37,319
|
| | |
27,881
|
| | |
9,809
|
| | |
(5,926
|
)
| | |
69,083
|
|
Income (loss) before income taxes
| | |
13,949
| | | |
2,545
| | | |
(5,058
|
)
| | |
—
| | | |
11,436
|
|
Income tax expense (benefit)
| | |
2,932
|
| | |
654
|
| | |
(1,154
|
)
| | |
—
|
| | |
2,432
|
|
Net income (loss)
| | |
$
|
11,017
|
| | |
$
|
1,891
|
| | |
$
|
(3,904
|
)
| | |
$
|
—
|
| | |
$
|
9,004
|
|
Preferred stock dividends
| | |
—
| | | |
—
| | | |
366
| | | |
—
| | | |
366
|
|
Net income (loss) available to common shareholders
| | |
$
|
11,017
|
| | |
$
|
1,891
|
| | |
$
|
(4,270
|
)
| | |
$
|
—
|
| | |
$
|
8,638
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
| Nine Months Ended September 30, 2017 | | | Commercial & Retail Banking | | | Mortgage Banking | | | Financial Holding Company | | | Intercompany Eliminations | | | Consolidated |
| (Dollars in thousands) | | | | | | | | | | |
|
Revenues:
| | | | | | | | | | | | | | | |
|
Interest income
| | |
$
|
38,651
| | | |
$
|
3,206
| | | |
$
|
3
| | | |
$
|
(348
|
)
| | |
$
|
41,512
|
|
Mortgage fee income
| | |
573
| | | |
28,616
| | | |
—
| | | |
(585
|
)
| | |
28,604
|
|
Other income
| | |
4,074
|
| | |
(1,973
|
)
| | |
3,768
|
| | |
(3,924
|
)
| | |
1,945
|
|
Total operating income
| | |
43,298
|
| | |
29,849
|
| | |
3,771
|
| | |
(4,857
|
)
| | |
72,061
|
|
Expenses:
| | | | | | | | | | | | | | | |
|
Interest expense
| | |
6,635
| | | |
1,521
| | | |
1,674
| | | |
(932
|
)
| | |
8,898
|
|
Salaries and employee benefits
| | |
9,030
| | | |
19,870
| | | |
4,109
| | | |
—
| | | |
33,009
|
|
Provision for loan losses
| | |
966
| | | |
171
| | | |
—
| | | |
—
| | | |
1,137
|
|
Other expense
| | |
14,539
|
| | |
6,244
|
| | |
2,919
|
| | |
(3,925
|
)
| | |
19,777
|
|
Total operating expenses
| | |
31,170
|
| | |
27,806
|
| | |
8,702
|
| | |
(4,857
|
)
| | |
62,821
|
|
Income (loss) before income taxes
| | |
12,128
| | | |
2,043
| | | |
(4,931
|
)
| | |
—
| | | |
9,240
|
|
Income tax expense (benefit)
| | |
3,931
|
| | |
827
|
| | |
(1,670
|
)
| | |
—
|
| | |
3,088
|
|
Net income (loss)
| | |
$
|
8,197
|
| | |
$
|
1,216
|
| | |
$
|
(3,261
|
)
| | |
$
|
—
|
| | |
$
|
6,152
|
|
Preferred stock dividends
| | |
—
| | | |
—
| | | |
374
| | | |
—
| | | |
374
|
|
Net income (loss) available to common shareholders
| | |
$
|
8,197
|
| | |
$
|
1,216
|
| | |
$
|
(3,635
|
)
| | |
$
|
—
|
| | |
$
|
5,778
|
|
|
| Average Balances and Interest Rates
(Unaudited) (Dollars in thousands)
|
|
|
|
|
| Three Months Ended September 30, 2018 |
|
| Three Months Ended June 30, 2018 |
|
| Three Months Ended September 30, 2017 |
|
| | | 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
| | |
$
|
5,178
| | | |
$
|
30
| | | |
2.30
|
%
| | |
$
|
3,473
| | | |
$
|
17
| | | |
1.96
|
%
| | |
$
|
4,484
| | | |
$
|
15
| | | |
1.33
|
%
|
|
CDs with other banks
| | |
14,778
| | | |
73
| | | |
1.96
| | | |
14,778
| | | |
74
| | | |
2.02
| | | |
14,711
| | | |
74
| | | |
2.00
| |
|
Investment securities:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Taxable
| | |
148,499
| | | |
869
| | | |
2.32
| | | |
151,224
| | | |
891
| | | |
2.36
| | | |
126,880
| | | |
693
| | | |
2.17
| |
|
Tax-exempt
| | |
79,961
| | | |
715
| | | |
3.55
| | | |
81,164
| | | |
717
| | | |
3.54
| | | |
56,264
| | | |
443
| | | |
3.12
| |
|
Loans and loans held for sale: 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial
| | |
883,051
| | | |
11,323
| | | |
5.09
| | | |
831,118
| | | |
10,318
| | | |
4.98
| | | |
762,650
| | | |
8,742
| | | |
4.55
| |
|
Tax exempt
| | |
14,231
| | | |
125
| | | |
3.48
| | | |
14,260
| | | |
123
| | | |
3.46
| | | |
14,991
| | | |
130
| | | |
3.44
| |
|
Real estate
| | |
408,719
| | | |
4,909
| | | |
4.77
| | | |
394,814
| | | |
4,656
| | | |
4.73
| | | |
349,459
| | | |
4,346
| | | |
4.93
| |
|
Consumer
| | |
10,844
|
| | |
132
|
| | |
4.83
|
| | |
11,850
|
| | |
148
|
| | |
5.00
|
| | |
13,462
|
| | |
187
|
| | |
5.51
|
|
|
Total loans
| | |
1,316,845
|
| | |
16,489
|
| | |
4.97
|
| | |
1,252,042
|
| | |
15,245
|
| | |
4.88
|
| | |
1,140,562
|
| | |
13,405
|
| | |
4.66
|
|
|
Total earning assets
| | |
1,565,261
|
| | |
18,176
|
| | |
4.61
|
| | |
1,502,681
|
| | |
16,944
|
| | |
4.52
|
| | |
1,342,901
|
| | |
14,630
|
| | |
4.32
|
|
|
Less: Allowance for loan losses
| | |
(10,717
|
)
| | | | | | | | |
(10,132
|
)
| | | | | | | | |
(9,760
|
)
| | | | | | |
|
Cash and due from banks
| | |
18,020
| | | | | | | | | |
16,792
| | | | | | | | | |
17,501
| | | | | | | |
|
Other assets
| | |
108,618
|
| | | | | | | | |
107,421
|
| | | | | | | | |
123,898
|
| | | | | | |
|
Total assets
| | |
$
|
1,681,182
|
| | | | | | | | |
$
|
1,616,762
|
| | | | | | | | |
$
|
1,474,540
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deposits:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
NOW
| | |
$
|
413,121
| | | |
$
|
773
| | | |
0.74
| | | |
$
|
459,784
| | | |
$
|
846
| | | |
0.74
| | | |
$
|
436,493
| | | |
$
|
675
| | | |
0.61
| |
|
Money market checking
| | |
246,624
| | | |
676
| | | |
1.09
| | | |
229,763
| | | |
484
| | | |
0.85
| | | |
246,160
| | | |
458
| | | |
0.74
| |
|
Savings
| | |
42,760
| | | |
1
| | | |
0.01
| | | |
46,478
| | | |
7
| | | |
0.06
| | | |
46,807
| | | |
20
| | | |
0.17
| |
|
IRAs
| | |
17,950
| | | |
75
| | | |
1.66
| | | |
17,997
| | | |
69
| | | |
1.54
| | | |
16,649
| | | |
56
| | | |
1.33
| |
|
CDs
| | |
348,467
| | | |
1,585
| | | |
1.80
| | | |
275,004
| | | |
1,124
| | | |
1.64
| | | |
249,698
| | | |
874
| | | |
1.39
| |
|
Repurchase agreements and federal funds sold
| | |
17,911
| | | |
10
| | | |
0.22
| | | |
20,118
| | | |
20
| | | |
0.39
| | | |
25,093
| | | |
20
| | | |
0.32
| |
|
FHLB and other borrowings
| | |
202,670
| | | |
1,199
| | | |
2.35
| | | |
226,487
| | | |
1,197
| | | |
2.12
| | | |
149,313
| | | |
548
| | | |
1.46
| |
|
Subordinated debt
| | |
19,932
|
| | |
333
|
| | |
6.63
|
| | |
32,015
|
| | |
542
|
| | |
6.79
|
| | |
33,524
|
| | |
565
|
| | |
6.69
|
|
|
Total interest-bearing liabilities
| | |
1,309,435
|
| | |
4,652
|
| | |
1.41
|
| | |
1,307,646
|
| | |
4,289
|
| | |
1.32
|
| | |
1,203,737
|
| | |
3,216
|
| | |
1.06
|
|
|
Noninterest bearing demand deposits
| | |
193,116
| | | | | | | | | |
146,135
| | | | | | | | | |
115,343
| | | | | | | |
|
Other liabilities
| | |
10,710
|
| | | | | | | | |
9,890
|
| | | | | | | | |
7,703
|
| | | | | | |
|
Total liabilities
| | |
1,513,261
|
| | | | | | | | |
1,463,671
|
| | | | | | | | |
1,326,783
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Stockholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Preferred stock
| | |
7,834
| | | | | | | | | |
7,834
| | | | | | | | | |
7,834
| | | | | | | |
|
Common stock
| | |
11,467
| | | | | | | | | |
10,686
| | | | | | | | | |
10,495
| | | | | | | |
|
Paid-in capital
| | |
113,482
| | | | | | | | | |
101,577
| | | | | | | | | |
98,289
| | | | | | | |
| Treasury stock
| | |
(1,084
|
)
| | | | | | | | |
(1,084
|
)
| | | | | | | | |
(1,084
|
)
| | | | | | |
|
Retained earnings
| | |
43,793
| | | | | | | | | |
41,277
| | | | | | | | | |
35,152
| | | | | | | |
|
Accumulated other comprehensive income
| | |
(7,571
|
)
| | | | | | | | |
(7,199
|
)
| | | | | | | | |
(2,929
|
)
| | | | | | |
|
Total stockholders’ equity
| | |
167,921
|
| | | | | | | | |
153,091
|
| | | | | | | | |
147,757
|
| | | | | | |
|
Total liabilities and stockholders’ equity
| | |
$
|
1,681,182
|
| | | | | | | | |
$
|
1,616,762
|
| | | | | | | | |
$
|
1,474,540
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
Net interest spread
| | | | | | | | |
3.20
| | | | | | | | | |
3.20
| | | | | | | | | |
3.26
| |
|
Net interest income-margin
| | | | | |
$
|
13,524
|
| | |
3.43
|
%
| | | | | |
$
|
12,655
|
| | |
3.38
|
%
| | | | | |
$
|
11,414
|
| | |
3.37
|
%
|
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)
|
|
|
|
|
| Nine Months Ended September 30, 2018 |
|
| Nine Months Ended September 30, 2017 |
|
| | | Average
Balance |
|
| Interest
Income/
Expense |
|
| Yield/
Cost | | | Average
Balance |
|
| Interest
Income/
Expense |
|
| Yield/
Cost |
| Assets | | | | | | | | | | | | | | | | | | |
|
Interest-bearing deposits in banks
| | |
$
|
4,183
| | | |
$
|
64
| | | |
2.05
|
%
| | |
$
|
3,504
| | | |
$
|
37
| | | |
1.41
|
%
|
|
CDs with other banks
| | |
14,778
| | | |
220
| | | |
1.99
| | | |
14,566
| | | |
213
| | | |
1.96
| |
|
Investment securities:
| | | | | | | | | | | | | | | | | | |
|
Taxable
| | |
151,362
| | | |
2,655
| | | |
2.35
| | | |
118,497
| | | |
1,884
| | | |
2.13
| |
|
Tax-exempt
| | |
78,910
| | | |
2,087
| | | |
3.54
| | | |
55,426
| | | |
1,291
| | | |
3.11
| |
|
Loans and loans held for sale: 1 | | | | | | | | | | | | | | | | | | |
|
Commercial
| | |
830,371
| | | |
30,582
| | | |
4.92
| | | |
744,967
| | | |
24,854
| | | |
4.46
| |
|
Tax exempt
| | |
14,318
| | | |
371
| | | |
3.46
| | | |
15,193
| | | |
392
| | | |
3.45
| |
|
Real estate
| | |
388,494
| | | |
13,755
| | | |
4.73
| | | |
358,309
| | | |
12,312
| | | |
4.59
| |
|
Consumer
| | |
11,731
|
| | |
440
|
| | |
5.01
|
| | |
13,880
|
| | |
529
|
| | |
5.10
|
|
|
Total loans
| | |
1,244,914
|
| | |
45,148
|
| | |
4.85
|
| | |
1,132,349
|
| | |
38,087
|
| | |
4.50
|
|
|
Total earning assets
| | |
1,494,147
|
| | |
50,174
|
| | |
4.49
|
| | |
1,324,342
|
| | |
41,512
|
| | |
4.19
|
|
|
Less: Allowance for loan losses
| | |
(10,281
|
)
| | | | | | | | |
(9,641
|
)
| | | | | | |
|
Cash and due from banks
| | |
16,933
| | | | | | | | | |
16,060
| | | | | | | |
|
Other assets
| | |
105,743
|
| | | | | | | | |
103,576
|
| | | | | | |
|
Total assets
| | |
$
|
1,606,542
|
| | | | | | | | |
$
|
1,434,337
|
| | | | | | |
| | | | | | | | | | | | | | | | | |
|
| Liabilities | | | | | | | | | | | | | | | | | | |
|
Deposits:
| | | | | | | | | | | | | | | | | | |
|
NOW
| | |
$
|
438,784
| | | |
$
|
2,382
| | | |
0.73
| | | |
$
|
428,359
| | | |
$
|
1,802
| | | |
0.56
| |
|
Money market checking
| | |
239,305
| | | |
1,604
| | | |
0.90
| | | |
240,094
| | | |
1,349
| | | |
0.75
| |
|
Savings
| | |
45,247
| | | |
27
| | | |
0.08
| | | |
47,825
| | | |
59
| | | |
0.16
| |
|
IRAs
| | |
17,880
| | | |
207
| | | |
1.55
| | | |
16,501
| | | |
159
| | | |
1.29
| |
|
CDs
| | |
297,876
| | | |
3,718
| | | |
1.67
| | | |
257,015
| | | |
2,583
| | | |
1.34
| |
|
Repurchase agreements and federal funds sold
| | |
19,535
| | | |
49
| | | |
0.34
| | | |
23,165
| | | |
56
| | | |
0.32
| |
|
FHLB and other borrowings
| | |
196,610
| | | |
3,110
| | | |
2.11
| | | |
122,062
| | | |
1,216
| | | |
1.33
| |
|
Subordinated debt
| | |
28,441
|
| | |
1,433
|
| | |
6.74
|
| | |
33,524
|
| | |
1,674
|
| | |
6.68
|
|
|
Total interest-bearing liabilities
| | |
1,283,678
|
| | |
12,530
|
| | |
1.31
|
| | |
1,168,545
|
| | |
8,898
|
| | |
1.02
|
|
|
Noninterest bearing demand deposits
| | |
156,165
| | | | | | | | | |
114,455
| | | | | | | |
|
Other liabilities
| | |
9,764
|
| | | | | | | | |
8,204
|
| | | | | | |
|
Total liabilities
| | |
1,449,607
|
| | | | | | | | |
1,291,204
|
| | | | | | |
| | | | | | | | | | | | | | | | | |
|
| Stockholders’ equity | | | | | | | | | | | | | | | | | | |
|
Preferred stock
| | |
7,834
| | | | | | | | | |
7,959
| | | | | | | |
|
Common stock
| | |
10,896
| | | | | | | | | |
10,307
| | | | | | | |
|
Paid-in capital
| | |
104,776
| | | | | | | | | |
96,268
| | | | | | | |
| Treasury stock
| | |
(1,084
|
)
| | | | | | | | |
(1,084
|
)
| | | | | | |
|
Retained earnings
| | |
41,046
| | | | | | | | | |
33,202
| | | | | | | |
|
Accumulated other comprehensive income
| | |
(6,533
|
)
| | | | | | | | |
(3,519
|
)
| | | | | | |
|
Total stockholders’ equity
| | |
156,935
|
| | | | | | | | |
143,133
|
| | | | | | |
|
Total liabilities and stockholders’ equity
| | |
$
|
1,606,542
|
| | | | | | | | |
$
|
1,434,337
|
| | | | | | |
| | | | | | | | | | | | | | | | | |
|
|
Net interest spread
| | | | | | | | |
3.18
| | | | | | | | | |
3.17
| |
|
Net interest income-margin
| | | | | |
$
|
37,644
|
| | |
3.37
|
%
| | | | | |
$
|
32,614
|
| | |
3.29
|
%
|
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 |
| | | 2018 |
|
| 2018 |
|
| 2018 |
|
| 2017 |
|
| 2017 | | | 2018 |
|
| 2017 |
|
| | | Third Quarter | | | Second Quarter | | | First Quarter | | | Fourth Quarter | | | Third
Quarter | | | | |
| Earnings and Per Share Data: | | | | | | | | | | | | | | | | | | | | | |
|
Net income
| | |
$
|
3,579
| | | |
$
|
2,831
| | | |
$
|
2,594
| | | |
$
|
1,423
| | | |
$
|
2,318
| | | |
$
|
9,004
| | | |
$
|
6,152
| |
|
Net income available to common shareholders
| | |
3,456
| | | |
2,709
| | | |
2,473
| | | |
1,299
| | | |
2,195
| | | |
8,638
| | | |
5,778
| |
|
Earnings per share - basic
| | |
0.30
| | | |
0.25
| | | |
0.24
| | | |
0.12
| | | |
0.21
| | | |
0.80
| | | |
0.56
| |
|
Earnings per share - diluted
| | |
0.29
| | | |
0.25
| | | |
0.23
| | | |
0.12
| | | |
0.21
| | | |
0.77
| | | |
0.56
| |
|
Cash dividends paid per common share
| | |
0.030
| | | |
0.025
| | | |
0.025
| | | |
0.025
| | | |
0.025
| | | |
0.08
| | | |
0.075
| |
|
Book value per common share
| | |
14.13
| | | |
13.93
| | | |
13.53
| | | |
13.63
| | | |
13.51
| | | |
14.13
| | | |
13.51
| |
|
Weighted average shares outstanding - basic
| | |
11,416,202
| | | |
10,634,805
| | | |
10,474,138
| | | |
10,444,627
| | | |
10,443,443
| | | |
10,845,166
| | | |
10,262,944
| |
|
Weighted average shares outstanding - diluted
| | |
13,113,259
| | | |
11,502,148
| | | |
12,714,353
| | | |
10,823,994
| | | |
12,410,070
| | | |
11,690,314
| | | |
10,288,534
| |
| | | | | | | | | | | | | | | | | | | | |
|
| Performance Ratios: | | | | | | | | | | | | | | | | | | | | | |
|
Return on average assets 1 | | |
0.85
|
%
| | |
0.70
|
%
| | |
0.68
|
%
| | |
0.38
|
%
| | |
0.63
|
%
| | |
0.75
|
%
| | |
0.57
|
%
|
|
Return on average equity 1 | | |
8.53
|
%
| | |
7.40
|
%
| | |
6.94
|
%
| | |
3.79
|
%
| | |
6.28
|
%
| | |
7.65
|
%
| | |
5.73
|
%
|
|
Net interest margin 2 | | |
3.43
|
%
| | |
3.38
|
%
| | |
3.29
|
%
| | |
3.29
|
%
| | |
3.37
|
%
| | |
3.37
|
%
| | |
3.29
|
%
|
|
Efficiency ratio 3 | | |
76.63
|
%
| | |
82.09
|
%
| | |
81.64
|
%
| | |
81.11
|
%
| | |
83.28
|
%
| | |
80.02
|
%
| | |
83.57
|
%
|
|
Overhead ratio 1 4 | | |
4.38
|
%
| | |
4.76
|
%
| | |
4.40
|
%
| | |
4.69
|
%
| | |
4.87
|
%
| | |
4.52
|
%
| | |
4.91
|
%
|
| | | | | | | | | | | | | | | | | | | | |
|
| Asset Quality Data and Ratios: | | | | | | | | | | | | | | | | | | | | | |
|
Charge-offs
| | |
$
|
294
| | | |
$
|
29
| | | |
$
|
356
| | | |
$
|
572
| | | |
$
|
472
| | | |
$
|
679
| | | |
$
|
925
| |
|
Recoveries
| | |
13
| | | |
8
| | | |
71
| | | |
18
| | | |
24
| | | |
92
| | | |
83
| |
|
Net loan charge-offs to total loans 15 | | |
0.09
|
%
| | |
0.01
|
%
| | |
0.10
|
%
| | |
0.20
|
%
| | |
0.16
|
%
| | |
0.06
|
%
| | |
0.10
|
%
|
|
Allowance for loan losses
| | |
11,439
| | | |
10,651
| | | |
10,067
| | | |
9,878
| | | |
9,396
| | | |
11,439
| | | |
9,396
| |
|
Allowance for loan losses to total loans 6 | | |
0.88
|
%
| | |
0.88
|
%
| | |
0.87
|
%
| | |
0.89
|
%
| | |
0.86
|
%
| | |
0.88
|
%
| | |
0.86
|
%
|
|
Nonperforming loans
| | |
12,846
| | | |
9,419
| | | |
9,102
| | | |
9,699
| | | |
6,559
| | | |
12,846
| | | |
6,559
| |
|
Nonperforming loans to total loans
| | |
0.99
|
%
| | |
0.78
|
%
| | |
0.79
|
%
| | |
0.88
|
%
| | |
0.60
|
%
| | |
0.99
|
%
| | |
0.60
|
%
|
| | | | | | | | | | | | | | | | | | | | |
|
| Capital Ratios: | | | | | | | | | | | | | | | | | | | | | |
|
Equity to assets
| | |
9.92
|
%
| | |
9.84
|
%
| | |
9.51
|
%
| | |
9.79
|
%
| | |
10.12
|
%
| | |
9.92
|
%
| | |
10.12
|
%
|
|
Leverage ratio
| | |
9.91
|
%
| | |
9.90
|
%
| | |
9.50
|
%
| | |
9.27
|
%
| | |
9.41
|
%
| | |
9.91
|
%
| | |
9.41
|
%
|
|
Common equity Tier 1 capital ratio
| | |
11.27
|
%
| | |
11.28
|
%
| | |
10.60
|
%
| | |
10.55
|
%
| | |
10.76
|
%
| | |
11.27
|
%
| | |
10.76
|
%
|
|
Tier 1 risk-based capital ratio
| | |
12.15
|
%
| | |
12.20
|
%
| | |
11.57
|
%
| | |
11.54
|
%
| | |
11.79
|
%
| | |
12.15
|
%
| | |
11.79
|
%
|
|
Total risk-based capital ratio
| | |
14.10
|
%
| | |
14.34
|
%
| | |
14.80
|
%
| | |
14.87
|
%
| | |
15.18
|
%
| | |
14.10
|
%
| | |
15.18
|
%
|
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: https://www.businesswire.com/news/home/20181029005669/en/
MVB Financial Corp.
Amy Baker, 844-682-2265
VP, Corporate
Communications
abaker@mvbbanking.com
Source: MVB Financial Corp.