HATBORO, Pa., July 30, 2014 (GLOBE NEWSWIRE) -- Fox Chase Bancorp, Inc. (the "Company") (Nasdaq:FXCB), the holding company for Fox Chase Bank (the "Bank"), today announced net income of $2.3 million, or $0.20 per diluted share, and $4.3 million, or $0.37 per diluted share, for the three and six months ended June 30, 2014, respectively, compared to net income of $1.0 million, or $0.09 per diluted share, and $2.9 million, or $0.25 per diluted share, for the three and six months ended June 30, 2013, respectively.
Commenting on the performance for the quarter, Thomas M. Petro, President and Chief Executive Officer said, "We are pleased to report a 122% increase in earnings for the three months ended June 30, 2014, as compared to the same period in 2013. The improved earnings were driven by solid growth in our commercial lending portfolio, increased net interest margin and continued reductions in credit-related costs. The continued improvement in credit quality reflects the strength of our balance sheet as our ratio for the allowance for losses to total loans remained at 1.57% at June 30, 2014 and December 31, 2013. Our business strategy of building long-term commercial relationships continues to increase profitability. Finally, we are excited to once again increase our quarterly dividend to $0.12 per share and announce another stock repurchase program, as we continue to look for opportunities to enhance shareholder value."
Highlights for the three and six months ended June 30, 2014 included:
- Total assets were $1.11 billion at June 30, 2014 compared to $1.12 billion at December 31, 2013. Total loans were $724.5 million at June 30, 2014, an increase of $31.1 million, or 4.5%, from $693.4 million at March 31, 2014, and an increase of $4.0 million, or 0.6%, from $720.5 million at December 31, 2013. Total commercial loans increased $37.4 million, or 6.7%, from $559.6 million at March 31, 2014 to $597.0 million at June 30, 2014 primarily due to increases of $26.3 million in multi-family and commercial real estate loans and $10.1 million in commercial construction loans.
- Total average assets were $1.09 billion for the six months ended June 30, 2014 as compared to $1.08 billion for the six months ended June 30, 2013. Total average commercial loans increased by $57.7 million, or 11.3%, to $568.6 million for the six months ended June 30, 2014, compared to $510.9 million for the six months ended June 30, 2013.
- Nonperforming assets totaled $6.2 million, or 0.56% of total assets, at June 30, 2014 compared to $8.6 million, or 0.79% of total assets, at March 31, 2014 and $15.0 million, or 1.35% of total assets, at December 31, 2013.
- Return on assets was 0.85% and 0.78% for the three and six months ended June 30, 2014, respectively, compared to 0.38% and 0.53% for the three and six months ended June 30, 2013, respectively.
- Net interest income increased $962,000, or 6.1%, to $16.7 million for the six months ended June 30, 2014, compared to $15.8 million for the six months ended June 30, 2013 and increased $558,000, or 7.1%, to $8.4 million for the three months ended June 30, 2014, compared to $7.9 million for the three months ended June 30, 2013. The net interest margin was 3.20% for the three months ended June 30, 2014, compared to 3.17% for the three months ended March 31, 2014 and 3.01% for the three months ended June 30, 2013.
- Credit related costs, which include (i) provision or credit for loan losses, (ii) valuation adjustments on assets acquired through foreclosure, adjusted by (iii) net gain (loss) on sale of assets acquired through foreclosure, totaled $221,000 and $503,000 for the three and six months ended June 30, 2014, respectively, compared to $1.8 million and $2.7 million, respectively, for the three month and six months ended June 30, 2013. Net loan (recoveries)/charge-offs totaled $(37,000) and $56,000 for the three and six months ended June 30, 2014, respectively, compared to $322,000 and $529,000 for the three and six months ended June 30, 2013. There were no commercial loan charge-offs during the three months ended June 30, 2014.
- Delinquent loans totaled $536,000 at June 30, 2014, compared to $1.0 million at March 31, 2014 and $418,000 at December 31, 2013. There were no delinquent commercial loans at June 30, 2014.
- Noninterest income decreased $1.2 million to $973,000 for the six months ended June 30, 2014 compared to $2.2 million for the six months ended June 30, 2013 primarily due to a gain on sale of investment securities of $532,000 in 2013, a decrease of $301,000 in equity in earnings of affiliates due to lower mortgage volumes and a decrease of $302,000 in gain (loss) on sale of an asset acquired through foreclosure due to a gain of $181,000 recorded in 2013 and a loss of $121,000 recorded in 2014.
- Noninterest expense decreased $2.6 million, or 18.4%, to $11.4 million for the six months ended June 30, 2014, compared to $14.0 million for the six months ended June 30, 2013. This decrease was primarily due to a decrease of $2.7 million in assets acquired through foreclosure expense as the Company recorded $282,000 in valuation adjustments on assets acquired through foreclosure during the six months ended June 30, 2014 compared to $3.0 million for the six months ended June 30, 2013.
- Excluding the previously mentioned decrease of $2.7 million in valuation adjustments on assets acquired through foreclosure, noninterest expense increased $139,000, or 1.3%, to $11.1 million for the six months ended June 30, 2014 from $11.0 million for the six months ended June 30, 2013. The efficiency ratio was 59.8% and 62.4% for the three and six months ended June 30, 2014, respectively, compared to 64.2% and 63.7% for the three and six months ended June 30, 2013, respectively.
The Company also announced that its Board of Directors approved an increased cash dividend of $0.12 per outstanding share of common stock. The dividend will be paid on or about August 28, 2014 to stockholders of record as of the close of business on August 14, 2014. Finally, on July 30, 2014, the Board of Directors approved an additional 5% stock repurchase plan (the "July 2014 Plan"). Subject to market conditions and other factors, repurchases related to the July 2014 Plan will begin subsequent to completion of repurchases under the Company's existing repurchase plan, which was approved in April 2012. During the three months ended June 30, 2014, the Company repurchased 70,000 shares of common stock and, as of June 30, 2014, had 238,529 shares remaining under the April 2012 Plan.
Fox Chase Bancorp, Inc. will host a conference call to discuss second quarter 2014 results on Thursday, July 31, 2014 at 9:00 am EDT. The general public can access the call by dialing (877) 507-3275. A replay of the conference call will be available through September 15, 2014 by dialing (877) 344-7529; use Conference ID: 10049489.
Fox Chase Bancorp, Inc. is the stock holding company of Fox Chase Bank. The Bank is a Pennsylvania state-chartered savings bank originally established in 1867. The Bank offers traditional banking services and products from its main office in Hatboro, Pennsylvania and nine branch offices in Bucks, Montgomery, Chester and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey. For more information, please visit the Bank's website at www.foxchasebank.com.
This news release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends, changes in interest rates, loss of deposits and loan demand to other financial institutions, substantial changes in financial markets; changes in real estate value and the real estate market, regulatory changes, possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, the outcome of pending litigation, and market disruptions and other effects of terrorist activities. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required under the rules and regulations of the Securities and Exchange Commission.
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(Dollars in Thousands, Except Per Share Data) | ||||
Three Months Ended | Six Months Ended | |||
June 30, | June 30, | |||
2014 | 2013 | 2014 | 2013 | |
(Unaudited) | ||||
INTEREST INCOME | ||||
Interest and fees on loans | $8,130 | $8,016 | $16,240 | $16,078 |
Interest on mortgage related securities | 1,774 | 1,751 | 3,602 | 3,489 |
Interest on investment securities | 173 | 58 | 293 | 129 |
Other interest income | 1 | -- | 1 | 1 |
Total Interest Income | 10,078 | 9,825 | 20,136 | 19,697 |
INTEREST EXPENSE | ||||
Deposits | 797 | 1,141 | 1,695 | 2,318 |
Short-term borrowings | 30 | 17 | 55 | 49 |
Federal Home Loan Bank advances | 576 | 549 | 1,146 | 1,051 |
Other borrowed funds | 250 | 251 | 498 | 499 |
Total Interest Expense | 1,653 | 1,958 | 3,394 | 3,917 |
Net Interest Income | 8,425 | 7,867 | 16,742 | 15,780 |
Provision for loan losses | 100 | (783) | 100 | (143) |
Net Interest Income after Provision for Loan Losses | 8,325 | 8,650 | 16,642 | 15,923 |
NONINTEREST INCOME | ||||
Service charges and other fee income | 424 | 462 | 776 | 823 |
Net (loss) gain on sale of assets acquired through foreclosure | (121) | 185 | (121) | 181 |
Income on bank-owned life insurance | 120 | 117 | 237 | 233 |
Equity in earnings of affiliate | 67 | 165 | 34 | 335 |
Net gain on sale of investment securities | -- | 171 | -- | 532 |
Other | 24 | 39 | 47 | 89 |
Total Noninterest Income | 514 | 1,139 | 973 | 2,193 |
NONINTEREST EXPENSE | ||||
Salaries, benefits and other compensation | 3,519 | 3,480 | 7,160 | 6,985 |
Occupancy expense | 418 | 393 | 914 | 840 |
Furniture and equipment expense | 96 | 117 | 207 | 241 |
Data processing costs | 377 | 367 | 762 | 765 |
Professional fees | 337 | 488 | 815 | 776 |
Marketing expense | 61 | 78 | 102 | 108 |
FDIC premiums | 150 | 165 | 315 | 350 |
Assets acquired through foreclosure expense | 72 | 2,810 | 393 | 3,095 |
Other | 389 | 409 | 744 | 822 |
Total Noninterest Expense | 5,419 | 8,307 | 11,412 | 13,982 |
Income Before Income Taxes | 3,420 | 1,482 | 6,203 | 4,134 |
Income tax provision | 1,105 | 438 | 1,932 | 1,263 |
Net Income | $2,315 | $1,044 | $4,271 | $2,871 |
Earnings per share: | ||||
Basic | $0.21 | $0.09 | $0.38 | $0.25 |
Diluted | $0.20 | $0.09 | $0.37 | $0.25 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||
(Dollars in Thousands, Except Share Data) | ||
June 30, | December 31, | |
2014 | 2013 | |
(Unaudited) | (Audited) | |
ASSETS | ||
Cash and due from banks | $274 | $149 |
Interest-earning demand deposits in other banks | 9,409 | 11,798 |
Total cash and cash equivalents | 9,683 | 11,947 |
Investment securities available-for-sale | 8,477 | 10,489 |
Mortgage related securities available-for-sale | 236,143 | 246,068 |
Mortgage related securities held-to-maturity (fair value of $72,961 at June 30, 2014 and $67,491 at December 31, 2013) | 72,606 | 68,397 |
Loans, net of allowance for loan losses of $11,573 at June 30, 2014 and $11,529 at December 31, 2013 | 724,513 | 720,490 |
Federal Home Loan Bank stock, at cost | 11,152 | 9,813 |
Bank-owned life insurance | 14,784 | 14,547 |
Premises and equipment, net | 9,569 | 9,814 |
Assets acquired through foreclosure | 2,017 | 6,252 |
Real estate held for investment | 1,620 | 1,620 |
Accrued interest receivable | 3,275 | 3,308 |
Mortgage servicing rights, net | 127 | 152 |
Deferred tax asset, net | 4,743 | 8,906 |
Other assets | 6,363 | 4,819 |
Total Assets | $1,105,072 | $1,116,622 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
LIABILITIES | ||
Deposits | $691,979 | $673,715 |
Short-term borrowings | 47,300 | 80,500 |
Federal Home Loan Bank advances | 150,000 | 150,000 |
Other borrowed funds | 30,000 | 30,000 |
Advances from borrowers for taxes and insurance | 1,802 | 1,525 |
Accrued interest payable | 312 | 314 |
Accrued expenses and other liabilities | 5,474 | 7,101 |
Total Liabilities | 926,867 | 943,155 |
STOCKHOLDERS' EQUITY | ||
Preferred stock ($.01 par value; 1,000,000 shares authorized, none issued and outstanding at June 30, 2014 and December 31, 2013) | -- | -- |
Common stock ($.01 par value; 60,000,000 shares authorized, 12,112,491 shares outstanding at June 30, 2014 and 12,147,803 shares outstanding at December 31, 2013) | 146 | 146 |
Additional paid-in capital | 138,401 | 137,593 |
Treasury stock, at cost (2,538,172 shares at June 30, 2014 and 2,468,172 at December 31, 2013) | (34,581) | (33,436) |
Common stock acquired by benefit plans | (8,566) | (9,272) |
Retained earnings | 83,057 | 82,885 |
Accumulated other comprehensive loss, net | (252) | (4,449) |
Total Stockholders' Equity | 178,205 | 173,467 |
Total Liabilities and Stockholders' Equity | $1,105,072 | $1,116,622 |
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF THE COMPANY (UNAUDITED) | ||||||||
(Dollars in Thousands, Except Per Share Data) | ||||||||
June 30, | March 31, | December 31, | June 30, | |||||
2014 | 2014 | 2013 | 2013 | |||||
CAPITAL RATIOS: | ||||||||
Stockholders' equity (to total assets) (1) | 16.13 | % | 16.13 | % | 15.53 | % | 15.45 | % |
Tier 1 capital (to adjusted assets) (2) | 13.18 | 12.87 | 13.12 | 12.78 | ||||
Tier 1 risk –based capital (to risk-weighted assets) (2) | 18.59 | 18.74 | 18.44 | 18.94 | ||||
Total risk-based capital (to risk-weighted assets) (2) | 19.64 | 19.78 | 19.48 | 19.98 | ||||
ASSET QUALITY INDICATORS: | ||||||||
Nonperforming Assets: | ||||||||
Nonaccruing loans | $4,144 | $3,979 | $8,780 | $9,989 | ||||
Accruing loans past due 90 days or more | -- | -- | -- | -- | ||||
Total nonperforming loans | $4,144 | $3,979 | $8,780 | $9,989 | ||||
Assets acquired through foreclosure | 2,017 | 4,574 | 6,252 | 9,948 | ||||
Total nonperforming assets | $6,161 | $8,553 | $15,032 | $19,937 | ||||
Ratio of nonperforming loans to total loans | 0.56 | % | 0.56 | % | 1.20 | % | 1.40 | % |
Ratio of nonperforming assets to total assets | 0.56 | 0.79 | 1.35 | 1.78 | ||||
Ratio of allowance for loan losses to total loans | 1.57 | 1.62 | 1.57 | 1.48 | ||||
Ratio of allowance for loan losses to nonperforming loans | 279.3 | 287.4 | 131.3 | 105.1 | ||||
Troubled Debt Restructurings: | ||||||||
Nonaccruing troubled debt restructurings (3) | $282 | $157 | $3,488 | $9,989 | ||||
Accruing troubled debt restructurings | 5,324 | 5,107 | 6,786 | 7,265 | ||||
Total troubled debt restructurings | $5,606 | $5,264 | $10,274 | $17,254 | ||||
Past Due Loans: | ||||||||
30 - 59 days | $526 | $829 | $413 | $1,618 | ||||
60 - 89 days | 10 | 179 | 5 | 323 | ||||
Total | $536 | $1,008 | $418 | $1,941 | ||||
(1) Represents stockholders' equity ratio of Fox Chase Bancorp, Inc. | ||||||||
(2) Represents regulatory capital ratios of Fox Chase Bank. | ||||||||
(3) Nonaccruing troubled debt restructurings are included in total nonaccruing loans above | ||||||||
At or for the Three Months Ended | ||||||||
June 30, | March 31, | December 31, | June 30, | |||||
2014 | 2014 | 2013 | 2013 | |||||
PERFORMANCE RATIOS (4): | ||||||||
Return on average assets | 0.85 | % | 0.72 | % | 0.54 | % | 0.38 | % |
Return on average equity | 5.25 | 4.46 | 3.40 | 2.34 | ||||
Net interest margin | 3.20 | 3.17 | 3.17 | 3.01 | ||||
Efficiency ratio (5) | 59.8 | 65.1 | 64.0 | 64.2 | ||||
OTHER: | ||||||||
Tangible book value per share - Core (6) | $14.73 | $14.61 | $14.65 | $14.48 | ||||
Tangible book value per share (7) | $14.71 | $14.38 | $14.28 | $14.28 | ||||
Employees (full-time equivalents) | 140 | 141 | 142 | 143 | ||||
At or for the Six Months Ended | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
PERFORMANCE RATIOS (4): | ||||||||
Return on average assets | 0.78 | % | 0.53 | % | ||||
Return on average equity | 4.85 | 3.20 | ||||||
Net interest margin | 3.19 | 3.04 | ||||||
Efficiency ratio (5) | 62.4 | 63.7 | ||||||
(4) Annualized | ||||||||
(5) Represents noninterest expense, excluding valuation adjustments on assets acquired through foreclosure, divided by the sum of net interest income and noninterest income, excluding gains or losses on the sale of securities, premises and equipment and assets acquired through foreclosure. | ||||||||
(6) Total stockholders' equity, excluding the impact of accumulated other comprehensive loss, net ($252,000 at June 30, 2014, $2.7 million at March 31, 2014, $4.4 million at December 31, 2013 and $2.4 million at June 30, 2013) divided by total shares outstanding. | ||||||||
(7) Total stockholders' equity divided by total shares outstanding. Tangible book value per share and book value per share were the same for all periods indicated. |
AVERAGE BALANCE SHEET | ||||||
(Dollars in Thousands, Unaudited) | ||||||
Three Months Ended June 30, | ||||||
2014 | 2013 | |||||
Interest | Interest | |||||
Average | and | Yield/ | Average | and | Yield/ | |
Balance | Dividends | Cost (2) | Balance | Dividends | Cost (2) | |
Assets: | ||||||
Interest-earning assets: | ||||||
Interest-earning demand deposits | $6,241 | $1 | 0.05% | $5,822 | $ -- | 0.04% |
Mortgage related securities | 313,939 | 1,774 | 2.26% | 331,110 | 1,751 | 2.12% |
Investment securities | 19,001 | 173 | 3.65% | 20,713 | 58 | 1.14% |
Loans (1) | 714,243 | 8,130 | 4.56% | 690,584 | 8,016 | 4.65% |
Allowance for loan losses | (11,553) | (11,962) | ||||
Net loans | 702,690 | 8,130 | 678,622 | 8,016 | ||
Total interest-earning assets | 1,041,871 | 10,078 | 3.88% | 1,036,267 | 9,825 | 3.80% |
Noninterest-earning assets | 45,628 | 51,250 | ||||
Total assets | $1,087,499 | $1,087,517 | ||||
Liabilities and equity: | ||||||
Interest-bearing liabilities: | ||||||
Interest-bearing deposits | $560,578 | $797 | 0.57% | $ 581,391 | $1,141 | 0.79% |
Borrowings | 220,770 | 856 | 1.56% | 196,632 | 817 | 1.67% |
Total interest-bearing liabilities | 781,348 | 1,653 | 0.85% | 778,023 | 1,958 | 1.01% |
Noninterest-bearing deposits | 122,395 | 124,025 | ||||
Other noninterest-bearing liabilities | 7,284 | 6,727 | ||||
Total liabilities | 911,027 | 908,775 | ||||
Stockholders' equity | 177,895 | 176,645 | ||||
Accumulated comprehensive income | (1,423) | 2,097 | ||||
Total stockholder's equity | 176,472 | 178,742 | ||||
Total liabilities and stockholders' equity | $1,087,499 | $1,087,517 | ||||
Net interest income | $8,425 | $7,867 | ||||
Interest rate spread | 3.03% | 2.79% | ||||
Net interest margin | 3.20% | 3.01% | ||||
(1) Nonperforming loans are included in average balance computation. | ||||||
(2) Yields are not presented on a tax-equivalent basis. |
AVERAGE BALANCE SHEET | ||||||
(Dollars in Thousands, Unaudited) | ||||||
Three Months Ended | ||||||
June 30, 2014 | March 31, 2014 | |||||
Interest | Interest | |||||
Average | and | Yield/ | Average | and | Yield/ | |
Balance | Dividends | Cost (2) | Balance | Dividends | Cost (2) | |
Assets: | ||||||
Interest-earning assets: | ||||||
Interest-earning demand deposits | $6,241 | $1 | 0.05% | $7,325 | $ -- | 0.03% |
Mortgage related securities | 313,939 | 1,774 | 2.26% | 317,098 | 1,828 | 2.31% |
Investment securities | 19,001 | 173 | 3.65% | 18,416 | 120 | 2.61% |
Loans (1) | 714,243 | 8,130 | 4.56% | 714,983 | 8,110 | 4.59% |
Allowance for loan losses | (11,553) | (11,603) | ||||
Net loans | 702,690 | 8,130 | 703,380 | 8,110 | ||
Total interest-earning assets | 1,041,871 | 10,078 | 3.88% | 1,046,219 | 10,058 | 3.88% |
Noninterest-earning assets | 45,628 | 46,457 | ||||
Total assets | $1,087,499 | $1,092,676 | ||||
Liabilities and equity: | ||||||
Interest-bearing liabilities: | ||||||
Interest-bearing deposits | $560,578 | $797 | 0.57% | $573,346 | $898 | 0.64% |
Borrowings | 220,770 | 856 | 1.56% | 215,915 | 843 | 1.58% |
Total interest-bearing liabilities | 781,348 | 1,653 | 0.85% | 789,261 | 1,741 | 0.89% |
Noninterest-bearing deposits | 122,395 | 119,207 | ||||
Other noninterest-bearing liabilities | 7,284 | 8,619 | ||||
Total liabilities | 911,027 | 917,087 | ||||
Stockholders' equity | 177,895 | 178,266 | ||||
Accumulated comprehensive income | (1,423) | (2,677) | ||||
Total stockholder's equity | 176,472 | 175,589 | ||||
Total liabilities and stockholders' equity | $1,087,499 | $1,092,676 | ||||
Net interest income | $8,425 | $8,317 | ||||
Interest rate spread | 3.03% | 2.99% | ||||
Net interest margin | 3.20% | 3.17% | ||||
(1) Nonperforming loans are included in average balance computation. | ||||||
(2) Yields are not presented on a tax-equivalent basis. |
AVERAGE BALANCE SHEET | ||||||
(Dollars in Thousands, Unaudited) | ||||||
Six Months Ended June 30, | ||||||
2014 | 2013 | |||||
Interest | Interest | |||||
Average | and | Yield/ | Average | and | Yield/ | |
Balance | Dividends | Cost (2) | Balance | Dividends | Cost (2) | |
Assets: | ||||||
Interest-earning assets: | ||||||
Interest-earning demand deposits | $6,783 | $1 | 0.04% | $5,484 | $1 | 0.04% |
Mortgage related securities | 315,519 | 3,602 | 2.28% | 327,241 | 3,489 | 2.13% |
Investment securities | 18,709 | 293 | 3.14% | 20,841 | 129 | 1.24% |
Loans (1) | 714,613 | 16,240 | 4.57% | 689,434 | 16,078 | 4.69% |
Allowance for loan losses | (11,578) | (11,703) | ||||
Net loans | 703,035 | 16,240 | 677,731 | 16,078 | ||
Total interest-earning assets | 1,044,046 | 20,136 | 3.88% | 1,031,297 | 19,697 | 3.80% |
Noninterest-earning assets | 46,043 | 49,565 | ||||
Total assets | $1,090,089 | $1,080,862 | ||||
Liabilities and equity: | ||||||
Interest-bearing liabilities: | ||||||
Interest-bearing deposits | $566,963 | $1,695 | 0.60% | $ 580,709 | $ 2,318 | 0.80% |
Borrowings | 218,343 | 1,699 | 1.57% | 194,410 | 1,599 | 1.66% |
Total interest-bearing liabilities | 785,306 | 3,394 | 0.87% | 775,119 | 3,917 | 1.02% |
Noninterest-bearing deposits | 120,801 | 118,449 | ||||
Other noninterest-bearing liabilities | 7,952 | 7,632 | ||||
Total liabilities | 914,059 | 901,200 | ||||
Stockholders' equity | 178,081 | 176,882 | ||||
Accumulated comprehensive income | (2,051) | 2,780 | ||||
Total stockholder's equity | 176,030 | 179,662 | ||||
Total liabilities and stockholders' equity | $1,090,089 | $1,080,862 | ||||
Net interest income | $16,742 | $15,780 | ||||
Interest rate spread | 3.01% | 2.78% | ||||
Net interest margin | 3.19% | 3.04% | ||||
(1) Nonperforming loans are included in average balance computation. | ||||||
(2) Yields are not presented on a tax-equivalent basis. |