CHESAPEAKE, Va., July 23, 2015 (GLOBE NEWSWIRE) -- Monarch Financial Holdings, Inc. (Nasdaq:MNRK), the bank holding company for Monarch Bank, reported record second quarter profit and continued strong financial performance. The Board of Directors announced a quarterly common stock cash dividend of $0.09 per common share, payable on August 31, 2015, to shareholders of record on August 7, 2015.
Second quarter 2015 highlights are:
- 2nd quarter net income of $3,423,829, up 7.5%
- Return on Equity of 12.28%
- Net Interest Margin remained strong at 4.28%
- Diluted earnings per share of $0.32
- Non-performing assets at 0.23% of total assets
- $605 million in mortgage loans closed, 76% purchase money
Year to date 2015 highlights are:
- Net income of $6,885,036, up 20.4%
- Return on Equity of 12.62%
- Diluted earnings per share of $0.64
“We are pleased to report a record second quarter, as well as record results for the first six months of the year. Driving these gains is our mortgage operation, which closed over $1.09 billion in loans during the first half of the year, another first half of the year record. These higher mortgage loan closings, minimal credit costs, and a strong net interest margin continued to drive our bottom line results,” stated Brad E. Schwartz, Chief Executive Officer. “From a shareholder perspective our earnings per share are up over 18% for the year, we recently increased our cash dividend payout by 12.5%, and we were ranked as the 18th top performing community bank in the country. We are extremely pleased with our past performance, our national ranking, and our future opportunities for growing the Monarch franchise.”
Net income was $3,423,829 for the second quarter of 2015, a record second quarter for the company, up 7.5% from the same period one year ago. The quarterly annualized return on average equity (ROE) was 12.28%, and the quarterly return on average assets (ROA) was 1.22%. Quarterly diluted earnings per share increased to $0.32, compared to $0.30 for the same quarter in 2014.
Net income was $6,885,036 for the first six months of 2015, up 20.4% from the previous year. The annualized return on average equity (ROE) was 12.62%, and the quarterly return on average assets (ROA) was 1.26%. Diluted earnings per share were $0.64, compared to $0.54 for the same period in 2014.
Total assets at June 30, 2015 were $1.17 billion, with both loans and deposits showing strong year over year growth. Year over year total loans held for investment grew $93 million or 13.3% and mortgage loans held for sale grew $37 million or 23.9%. For the second quarter total loans held for investment grew $6 million or 0.8% and mortgage loans held for sale grew $34 million or 21.3%. Together these two loan categories continue to drive earning asset growth. Funding continues to shift to a higher level of demand deposits, with 36% of our total deposit mix now in demand deposits. Demand deposit balances remain at record high levels. A shift to funding a portion of our seasonal mortgage pipeline with short-term fixed rate borrowings has allowed us to maintain our deposit pricing discipline to better manage our net interest margin.
“While I am thrilled with our year over year loan performance, the second quarter was a little more challenging as we had very strong loan production that was largely offset by principal payments and payoffs,” stated Neal Crawford, President of Monarch Bank. “Our cash management and retail deposit teams continue to drive deposit growth, with well over a third of our deposits now in demand deposits.”
Non-performing assets to total assets were 0.23%, which continues to remain significantly below that of our local, state, and national peer group. This is the lowest level of non-performing assets reported since 2008. Non-performing assets were $2.6 million which were down from the previous quarter and the same period in 2014. Non-performing assets were comprised of $2.3 million in non-accrual loans, $0 in loans more than 90 days past due, and $375 thousand in other assets. Net charge-offs for the year were $773 thousand, provision expense was $500 thousand, and the allowance for loan losses represents 1.09% of loans held for investment and 383% of non-performing loans.
The Board of Directors announced a quarterly common stock cash dividend of $0.09 per common share, payable on August 31, 2015, to shareholders of record on August 7, 2015. Average equity to average assets was 9.92%, and total risk-based capital to risk weighted assets at Monarch Bank equaled 13.52%, significantly higher than the level required to be rated “Well Capitalized” by federal banking regulators. Monarch was again awarded the highest 5-Star “Superior” rating by Bauer Financial, an independent third-party bank rating agency that rates banks on safety and soundness.
Net interest income, our number one driver of profitability, increased 17.1% or $1.6 million during the second quarter of 2015 compared to the same quarter in 2014 driven by higher average balances of loans held for investment and mortgage loans held for sale. The net interest margin was 4.28% for the second quarter, which was up from 4.18% in the same quarter in 2014.
Non-interest income increased 27.7% or $5.1 million from the previous year driven by increased revenues from mortgage loans sold and related title insurance fees. Investment and insurance revenue increased 19.5% compared to the previous year due to the continued growth of Monarch Bank Private Wealth. Mortgage revenue continues to be the number one driver of non-interest income. We closed $605 million in mortgage loans (76% purchase) during the second quarter of 2015 compared to $487 million (53% purchase) in the first quarter of 2015, a significant increase. We closed $1,092 million in mortgage loans (66% purchase) during the first half of 2015 compared to $718 million (83% purchase) in the first half of 2014. Total non-interest expense increased 26.7% or $6.1 million during the second quarter due to higher mortgage commissions, salaries and benefits expenses.
“We had a great quarter for mortgage originations and closings, and our operations are running more effectively than ever. Our realtor and builder focus, combined with helping many of our existing clients refinance into lower rates earlier in the year, was the key to driving our higher annual loan volume,” stated William T. Morrison, CEO of Monarch Mortgage.
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with ten banking offices in Chesapeake, Virginia Beach, Norfolk, and Williamsburg, Virginia. Monarch Bank also has loan production offices in Newport News and Richmond, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have over thirty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), OBX Bank Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Fitzgerald Financial, LLC (secondary mortgage origination), Advance Mortgage, LLC (secondary mortgage origination), Monarch Bank Private Wealth (investment, trust, planning and private banking), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the Nasdaq Capital Market under the symbol “MNRK”.
This press release may contain “forward-looking statements,” within the meaning of federal securities laws that involve significant risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company’s most recent Form 10-K and 10-Q reports and other documents filed with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
| Consolidated Balance Sheets | ||||||||||||||||||||
| Monarch Financial Holdings, Inc. and Subsidiaries | ||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Unaudited | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2015 | 2015 | 2014 | 2014 | 2014 | ||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Cash and due from banks | $ | 15,319 | $ | 13,870 | $ | 14,503 | $ | 21,083 | $ | 19,661 | ||||||||||
| Interest bearing bank balances | 84,225 | 73,237 | 49,761 | 58,207 | 37,166 | |||||||||||||||
| Federal funds sold | 2,377 | 63,311 | 1,135 | 3,938 | 29,761 | |||||||||||||||
| Investment securities, at fair value | 17,338 | 20,283 | 23,725 | 25,137 | 23,773 | |||||||||||||||
| Mortgage loans held for sale | 193,948 | 159,899 | 147,690 | 138,590 | 156,584 | |||||||||||||||
| Loans held for investment, net of unearned income | 792,962 | 787,003 | 772,590 | 713,667 | 700,159 | |||||||||||||||
| Less: allowance for loan losses | (8,676 | ) | (8,644 | ) | (8,949 | ) | (8,977 | ) | (9,070 | ) | ||||||||||
| Net loans | 784,286 | 778,359 | 763,641 | 704,690 | 691,089 | |||||||||||||||
| Bank premises and equipment, net | 30,117 | 30,050 | 30,247 | 30,368 | 31,407 | |||||||||||||||
| Restricted equity securities, at cost | 4,706 | 3,243 | 3,633 | 3,179 | 3,169 | |||||||||||||||
| Bank owned life insurance | 10,465 | 9,950 | 9,687 | 9,587 | 7,526 | |||||||||||||||
| Goodwill | 775 | 775 | 775 | 775 | 775 | |||||||||||||||
| Intangible assets, net | - | - | - | - | 15 | |||||||||||||||
| Accrued interest receivable and other assets | 27,119 | 25,403 | 21,940 | 23,688 | 22,973 | |||||||||||||||
| Total assets | $ | 1,170,675 | $ | 1,178,380 | $ | 1,066,737 | $ | 1,019,242 | $ | 1,023,899 | ||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Demand deposits--non-interest bearing | $ | 293,442 | $ | 270,446 | $ | 235,301 | $ | 252,286 | $ | 240,348 | ||||||||||
| Demand deposits--interest bearing | 54,580 | 58,725 | 66,682 | 53,093 | 51,563 | |||||||||||||||
| Money market deposits | 379,716 | 417,329 | 369,221 | 365,041 | 377,096 | |||||||||||||||
| Savings deposits | 19,431 | 19,519 | 20,003 | 25,211 | 24,539 | |||||||||||||||
| Time deposits | 231,854 | 271,121 | 228,207 | 189,142 | 197,747 | |||||||||||||||
| Total deposits | 979,023 | 1,037,140 | 919,414 | 884,773 | 891,293 | |||||||||||||||
| FHLB borrowings | 46,025 | 1,050 | 11,075 | 1,100 | 1,125 | |||||||||||||||
| Trust preferred subordinated debt | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||
| Accrued interest payable and other liabilities | 22,167 | 19,653 | 18,710 | 18,145 | 18,650 | |||||||||||||||
| Total liabilities | 1,057,215 | 1,067,843 | 959,199 | 914,018 | 921,068 | |||||||||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||||||||||||
| Common stock | 52,182 | 51,950 | 51,864 | 51,735 | 51,624 | |||||||||||||||
| Capital in excess of par value | 8,846 | 8,555 | 8,336 | 7,966 | 7,675 | |||||||||||||||
| Retained earnings | 52,412 | 49,957 | 47,354 | 45,523 | 43,566 | |||||||||||||||
| Accumulated other comprehensive loss | (65 | ) | (14 | ) | (102 | ) | (135 | ) | (159 | ) | ||||||||||
| Total Monarch Financial Holdings, Inc. stockholders' equity | 113,375 | 110,448 | 107,452 | 105,089 | 102,706 | |||||||||||||||
| Noncontrolling interest | 85 | 89 | 86 | 135 | 125 | |||||||||||||||
| Total equity | 113,460 | 110,537 | 107,538 | 105,224 | 102,831 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,170,675 | $ | 1,178,380 | $ | 1,066,737 | $ | 1,019,242 | $ | 1,023,899 | ||||||||||
| Common shares outstanding at period end | 10,777,965 | 10,736,947 | 10,652,475 | 10,646,873 | 10,624,668 | |||||||||||||||
| Nonvested shares of common stock included in commons shares outstanding | 341,450 | 346,950 | 279,750 | 299,910 | 299,910 | |||||||||||||||
| Book value per common share at period end (1) | $ | 10.52 | $ | 10.29 | $ | 10.09 | $ | 9.87 | $ | 9.67 | ||||||||||
| Tangible book value per common share at period end (2) | $ | 10.45 | $ | 10.21 | $ | 10.01 | $ | 9.80 | $ | 9.59 | ||||||||||
| Closing market price | $ | 12.55 | $ | 12.51 | $ | 13.75 | $ | 12.56 | $ | 11.72 | ||||||||||
| Total risk based capital - Consolidated company | 13.62 | % | 13.57 | % | 13.79 | % | 14.16 | % | 14.29 | % | ||||||||||
| Total risk based capital - Bank | 13.52 | % | 13.38 | % | 13.81 | % | 14.18 | % | 14.31 | % | ||||||||||
| (1) Book value per common share is defined as stockholders' equity divided by common shares outstanding. | ||||||||||||||||||||
| (2) Tangible book value per common share is defined as stockholders' equity less goodwill and other intangibles divided by commons shares outstanding | ||||||||||||||||||||
| Consolidated Statements of Income | |||||||||||||||||
| Monarch Financial Holdings, Inc. and Subsidiaries | |||||||||||||||||
| Unaudited | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||||
| INTEREST INCOME: | |||||||||||||||||
| Interest and fees on loans held for investment | $ | 10,032,923 | $ | 9,089,071 | $ | 19,873,259 | $ | 18,567,963 | |||||||||
| Interest on mortgage loans held for sale | 1,746,435 | 1,274,498 | 3,053,472 | 2,047,230 | |||||||||||||
| Interest on investment securities | 78,784 | 91,929 | 167,699 | 167,978 | |||||||||||||
| Interest on federal funds sold | 7,207 | 24,179 | 15,460 | 64,557 | |||||||||||||
| Dividends on equity securities | 41,713 | 22,410 | 80,713 | 52,410 | |||||||||||||
| Interest on other bank accounts | 116,754 | 54,905 | 218,783 | 90,937 | |||||||||||||
| Total interest income | 12,023,816 | 10,556,992 | 23,409,386 | 20,991,075 | |||||||||||||
| INTEREST EXPENSE: | |||||||||||||||||
| Interest on deposits | 738,767 | 839,303 | 1,406,827 | 1,673,716 | |||||||||||||
| Interest on trust preferred subordinated debt | 47,867 | 123,359 | 94,282 | 245,696 | |||||||||||||
| Interest on other borrowings | 23,467 | 14,224 | 46,073 | 28,586 | |||||||||||||
| Total interest expense | 810,101 | 976,886 | 1,547,182 | 1,947,998 | |||||||||||||
| NET INTEREST INCOME | 11,213,715 | 9,580,106 | 21,862,204 | 19,043,077 | |||||||||||||
| PROVISION FOR LOAN LOSSES | 250,000 | - | 500,000 | - | |||||||||||||
| NET INTEREST INCOME AFTER PROVISION | |||||||||||||||||
| FOR LOAN LOSSES | 10,963,715 | 9,580,106 | 21,362,204 | 19,043,077 | |||||||||||||
| NON-INTEREST INCOME: | |||||||||||||||||
| Mortgage banking income | 22,240,973 | 17,369,228 | 43,304,652 | 29,571,390 | |||||||||||||
| Service charges and fees | 558,790 | 538,579 | 1,075,344 | 1,008,791 | |||||||||||||
| Title income | 241,919 | 167,454 | 474,690 | 272,488 | |||||||||||||
| Investment and insurance income | 400,542 | 335,887 | 744,668 | 781,359 | |||||||||||||
| Other income | 184,040 | 87,725 | 293,073 | 173,496 | |||||||||||||
| Total non-interest income | 23,626,264 | 18,498,873 | 45,892,427 | 31,807,524 | |||||||||||||
| NON-INTEREST EXPENSE: | |||||||||||||||||
| Salaries and employee benefits | 10,097,518 | 8,492,446 | 19,691,794 | 16,764,007 | |||||||||||||
| Commissions and incentives | 10,805,166 | 6,770,022 | 20,250,304 | 10,780,986 | |||||||||||||
| Occupancy and equipment | 2,389,884 | 2,395,088 | 4,678,392 | 4,671,791 | |||||||||||||
| Loan origination expense | 1,930,961 | 2,060,570 | 4,389,624 | 3,423,711 | |||||||||||||
| Marketing expense | 902,932 | 797,908 | 1,649,159 | 1,319,749 | |||||||||||||
| Data processing | 599,568 | 476,806 | 1,229,318 | 956,084 | |||||||||||||
| Telephone | 353,163 | 293,451 | 678,909 | 604,588 | |||||||||||||
| Other expenses | 2,074,321 | 1,720,693 | 3,763,845 | 3,232,701 | |||||||||||||
| Total non-interest expense | 29,153,513 | 23,006,984 | 56,331,345 | 41,753,617 | |||||||||||||
| INCOME BEFORE TAXES | 5,436,466 | 5,071,995 | 10,923,286 | 9,096,984 | |||||||||||||
| Income tax provision | (1,961,763 | ) | (1,767,500 | ) | (3,955,103 | ) | (3,238,740 | ) | |||||||||
| NET INCOME | 3,474,703 | 3,304,495 | 6,968,183 | 5,858,244 | |||||||||||||
| Less: Net income attributable to noncontrolling interest | (50,874 | ) | (120,921 | ) | (83,147 | ) | (137,405 | ) | |||||||||
| NET INCOME ATTRIBUTABLE TO MONARCH | |||||||||||||||||
| FINANCIAL HOLDINGS, INC | $ | 3,423,829 | $ | 3,183,574 | $ | 6,885,036 | $ | 5,720,839 | |||||||||
| NET INCOME PER COMMON SHARE: | |||||||||||||||||
| Basic | $ | 0.32 | $ | 0.30 | $ | 0.64 | $ | 0.54 | |||||||||
| Diluted | $ | 0.32 | $ | 0.30 | $ | 0.64 | $ | 0.54 | |||||||||
| Weighted average basic shares outstanding | 10,760,159 | 10,620,869 | 10,744,430 | 10,596,786 | |||||||||||||
| Weighted average diluted shares outstanding | 10,771,660 | 10,660,217 | 10,766,776 | 10,636,968 | |||||||||||||
| Return on average assets | 1.22 | % | 1.29 | % | 1.26 | % | 1.18 | % | |||||||||
| Return on average stockholders' equity | 12.28 | % | 12.63 | % | 12.62 | % | 11.57 | % | |||||||||
| Financial Highlights | ||||||||||||||||||||
| Monarch Financial Holdings, Inc. and Subsidiaries | ||||||||||||||||||||
| (Dollars in thousands, | For the Quarter Ended | |||||||||||||||||||
| except per share data) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2015 | 2015 | 2014 | 2014 | 2014 | ||||||||||||||||
| EARNINGS | ||||||||||||||||||||
| Interest income | $ | 12,024 | $ | 11,385 | $ | 11,361 | $ | 10,639 | $ | 10,557 | ||||||||||
| Interest expense | (810 | ) | (737 | ) | (786 | ) | (928 | ) | (977 | ) | ||||||||||
| Net interest income | 11,214 | 10,648 | 10,575 | 9,711 | 9,580 | |||||||||||||||
| Provision for loan losses | (250 | ) | (250 | ) | - | - | - | |||||||||||||
| Noninterest income - mortgage banking income | 22,241 | 21,064 | 16,211 | 16,658 | 17,369 | |||||||||||||||
| Noninterest income - other | 1,385 | 1,202 | 1,162 | 1,241 | 1,130 | |||||||||||||||
| Noninterest expense | (29,154 | ) | (27,178 | ) | (23,605 | ) | (23,121 | ) | (23,007 | ) | ||||||||||
| Pre-tax net income | 5,436 | 5,486 | 4,343 | 4,489 | 5,072 | |||||||||||||||
| Minority interest in net income | (51 | ) | (32 | ) | (44 | ) | (46 | ) | (121 | ) | ||||||||||
| Income taxes | (1,961 | ) | (1,993 | ) | (1,616 | ) | (1,635 | ) | (1,767 | ) | ||||||||||
| Net income | $ | 3,424 | $ | 3,461 | $ | 2,683 | $ | 2,808 | $ | 3,184 | ||||||||||
| PER COMMON SHARE | ||||||||||||||||||||
| Earnings per share - basic | $ | 0.32 | $ | 0.32 | $ | 0.25 | $ | 0.26 | $ | 0.30 | ||||||||||
| Earnings per share - diluted | 0.32 | 0.32 | 0.25 | 0.26 | 0.30 | |||||||||||||||
| Common stock - per share dividends | 0.09 | 0.08 | 0.08 | 0.08 | 0.08 | |||||||||||||||
| Average Basic Shares Outstanding | 10,760,159 | 10,728,206 | 10,648,184 | 10,635,275 | 10,620,869 | |||||||||||||||
| Average Diluted Shares Outstanding | 10,771,660 | 10,761,396 | 10,689,219 | 10,670,507 | 10,660,217 | |||||||||||||||
| YIELDS | ||||||||||||||||||||
| Loans held for investment | 5.21 | % | 5.21 | % | 5.34 | % | 5.16 | % | 5.22 | % | ||||||||||
| Mortgage loans held for sale, net at fair value | 3.88 | 3.90 | 4.16 | 4.14 | 4.37 | |||||||||||||||
| Other earning assets | 1.38 | 1.31 | 1.33 | 1.16 | 1.04 | |||||||||||||||
| Total earning assets | 4.59 | 4.62 | 4.75 | 4.58 | 4.61 | |||||||||||||||
| Interest bearing checking | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | |||||||||||||||
| Money market and regular savings | 0.36 | 0.30 | 0.31 | 0.36 | 0.39 | |||||||||||||||
| Time deposits | 0.61 | 0.61 | 0.81 | 0.88 | 0.88 | |||||||||||||||
| Borrowings | 1.04 | 1.33 | 1.71 | 4.92 | 4.95 | |||||||||||||||
| Total interest-bearing liabilities | 0.44 | 0.43 | 0.48 | 0.57 | 0.60 | |||||||||||||||
| Interest rate spread | 4.15 | 4.19 | 4.27 | 4.01 | 4.01 | |||||||||||||||
| Net interest margin | 4.28 | 4.32 | 4.42 | 4.18 | 4.18 | |||||||||||||||
| FINANCIAL RATIOS | ||||||||||||||||||||
| Return on average assets | 1.22 | % | 1.31 | % | 1.04 | % | 1.11 | % | 1.29 | % | ||||||||||
| Return on average stockholders' equity | 12.28 | 12.98 | 10.03 | 10.72 | 12.63 | |||||||||||||||
| Non-interest revenue/Total revenue | 66.3 | 66.2 | 60.5 | 62.7 | 63.7 | |||||||||||||||
| Efficiency - Consolidated | 83.7 | 82.6 | 84.5 | 83.7 | 81.8 | |||||||||||||||
| Efficiency - Bank only | 64.6 | 66.2 | 61.2 | 61.7 | 63.9 | |||||||||||||||
| Average equity to average assets | 9.92 | 10.10 | 10.39 | 10.40 | 10.18 | |||||||||||||||
| ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||
| Beginning balance | $ | 8,644 | $ | 8,949 | $ | 8,977 | $ | 9,070 | $ | 9,213 | ||||||||||
| Provision for loan losses | 250 | 250 | - | - | - | |||||||||||||||
| Charge-offs | (287 | ) | (598 | ) | (174 | ) | (181 | ) | (184 | ) | ||||||||||
| Recoveries | 69 | 43 | 146 | 88 | 41 | |||||||||||||||
| Net charge-offs | (218 | ) | (555 | ) | (28 | ) | (93 | ) | (143 | ) | ||||||||||
| Ending balance | $ | 8,676 | $ | 8,644 | $ | 8,949 | $ | 8,977 | $ | 9,070 | ||||||||||
| COMPOSITION OF RISK ASSETS | ||||||||||||||||||||
| Nonperforming loans: | ||||||||||||||||||||
| 90 days past due | $ | - | $ | 175 | $ | 175 | $ | 243 | $ | 499 | ||||||||||
| Nonaccrual loans | 2,266 | 4,325 | 2,705 | 2,180 | 3,028 | |||||||||||||||
| OREO and reposessed property | 375 | 100 | 144 | 767 | 144 | |||||||||||||||
| Nonperforming assets | $ | 2,641 | $ | 4,600 | $ | 3,024 | $ | 3,190 | $ | 3,671 | ||||||||||
| ASSET QUALITY RATIOS | ||||||||||||||||||||
| Nonperforming assets to total assets | 0.23 | % | 0.39 | % | 0.28 | % | 0.31 | % | 0.36 | % | ||||||||||
| Nonperforming loans to total loans | 0.29 | 0.57 | 0.37 | 0.34 | 0.50 | |||||||||||||||
| Allowance for loan losses to total loans held for investment | 1.09 | 1.10 | 1.16 | 1.26 | 1.30 | |||||||||||||||
| Allowance for loan losses to nonperforming loans | 382.88 | 192.09 | 310.73 | 370.49 | 257.16 | |||||||||||||||
| Annualized net charge-offs to average loans held for investment | 0.11 | 0.29 | 0.02 | 0.05 | 0.08 | |||||||||||||||
| AVERAGE BALANCES (Amounts in thousands) | ||||||||||||||||||||
| Total mortgage loans held for sale | $ | 180,485 | $ | 136,084 | $ | 131,471 | $ | 138,382 | $ | 116,851 | ||||||||||
| Total loans held for investment | 778,757 | 771,587 | 725,093 | 701,137 | 698,851 | |||||||||||||||
| Interest-earning assets | 1,062,119 | 1,009,389 | 958,904 | 930,420 | 927,552 | |||||||||||||||
| Assets | 1,126,749 | 1,070,581 | 1,021,591 | 999,358 | 993,003 | |||||||||||||||
| Total deposits | 969,144 | 925,984 | 883,478 | 867,980 | 867,217 | |||||||||||||||
| Other borrowings | 27,437 | 21,049 | 14,575 | 11,124 | 11,150 | |||||||||||||||
| Stockholders' equity | 111,824 | 108,174 | 106,088 | 103,908 | 101,092 | |||||||||||||||
| MORTGAGE PRODUCTION (Amounts in thousands) | ||||||||||||||||||||
| Dollar volume of mortgage loans closed | $ | 605,401 | $ | 487,423 | $ | 445,846 | $ | 440,784 | $ | 446,863 | ||||||||||
| Percentage of refinance based on dollar volume | 23.9 | % | 47.0 | % | 30.9 | % | 16.0 | % | 15.0 | % | ||||||||||