First Community Financial Partners, Inc. Announces Second Quarter 2016 Financial Results


JOLIET, Ill., July 21, 2016 (GLOBE NEWSWIRE) -- First Community Financial Partners, Inc. (NASDAQ:FCFP) (“First Community,” “FCFP” or the “Company”), the parent company of First Community Financial Bank (the “Bank”), today reported financial results as of and for the three and six months ended June 30, 2016.

Second Quarter 2016 Highlights

  • Asset growth of $64.5 million, or 6.08%, from the first quarter, and $84.7 million, or 8.14% from December 31, 2015
  • Loan growth of $98.4 million, or 12.71%, from the first quarter, and  $100.3 million, or 12.99% from December 31, 2015
  • Deposit growth of $17.9 million, or 2.03%, from the first quarter and $30.8 million, or 3.56%, from December 31, 2015
  • Noninterest bearing deposits decrease of $1.2 million, or 0.57%, from the first quarter, growth of $7.2 million, or 3.67%, from December 31, 2015
  • Diluted earnings per share (“EPS”) of $0.25 for the six months ended June 30, 2016; a $0.02 or 8.70% per diluted share increase over the same period in 2015
  • Pre-tax, pre-provision core income growth of $875,000, or 30.47%, to $3.7 million, compared to $2.9 million in the second quarter  of 2015
  • Net interest income growth of $1.3 million, or 16.81%, compared to the second quarter of 2015 and $2.4 million, or 16.15%, compared to the six months ended June 30, 2015
  • Loan loss provision of $500,000 in the second quarter of 2016 compared to a reversal of $749,000 in loan loss provision in the second quarter of 2015, as a result of loan growth in the second quarter of 2016
  • Noninterest expense increase of $1,711,000, or 16.52%, as compared to the six months ended June 30, 2015, due to the addition of six commercial bankers and one leasing officer in addition to merger related costs incurred during 2016
  • Shareholders’ equity increase of $8.1 million, or 7.83%, to $111.1 million from year-end; resulting in a tangible equity ratio of 9.87% as of June 30, 2016
  • Nonperforming assets decrease of $2.5 million, or 34.49%, from March 31, 2016 to $4.8 million, or 0.43%, of total assets

Net income applicable to shareholders for the quarter ended June 30, 2016 was $2.3 million, or $0.13 per diluted share, compared with $2.3 million, or $0.14 per diluted share, for the quarter ended June 30, 2015. Net income applicable to shareholders for the six months ended June 30, 2016 was $4.3 million, or $0.25 per diluted share, compared with $4.0 million, or $0.23 per diluted share for the six months ended June 30, 2015.  Earnings in the second quarter of 2016 reflected year-over-year growth in net interest income offset by growth in expenses related to the addition of six commercial bankers and one leasing officer in addition to merger related costs incurred during 2016.  The second quarter of 2016 included a provision for loan losses due to our loan growth in the second quarter as compared to a reversal of loan loss provision in the second quarter of 2015.  During the second quarter of 2016, the Company incurred $26,000 of professional fees and $410,000 in data processing fees related to the acquisition of Mazon State Bank.

Roy Thygesen, Chief Executive Officer, said, “Core revenues and commercial loan growth in the second quarter are starting to reflect the impact of investments we made early in the year. One such investment, the previously announced acquisition of Mazon State Bank, closed on July 1st.  We also prepared ourselves for future investment activity by filing a shelf registration statement with the Securities and Exchange Commission in June, which will allow us to expeditiously tap the capital markets should other attractive opportunities arise.”

Mazon State Bank had approximately $81.7 million in assets, $32.6 million in loans, and $73.1 million in deposits as of the closing of the transaction on July 1, 2016.  Mazon State Bank also had approximately $47.1 million in residential real estate loans sold and serviced.

“We are also very excited that FCFP has now been included in the Russell 2000® Index,” Thygesen added, “Inclusion in the Russell 2000® increases the visibility of our Company to the investor community and overall trading liquidity, both of which should benefit our shareholders.”

The Russell 2000® Index is a stock index measuring the performance of approximately 2,000 small-cap companies represented in the Russell 3000® Index.  The Russell 3000® is comprised of the 3,000 largest U.S. stocks, based on market capitalization, and represents over 98% of the investible U.S. equity market. The Russell 2000® serves as a benchmark for small-cap stocks in the United States.  The Russell 2000® is reconstituted annually in late June based on updated market capitalizations.  On June 24, 2016, the Russell 2000® was reconstituted and FCFP was included in the Russell 2000®.  1.3 million shares of FCFP common stock traded on that day.  For the first quarter 2016, the average daily trading volume in FCFP was 4,296 shares.  For the second quarter of 2016, excluding the reconstitution day on June 24, 2016, FCFP’s average daily trading volume was 13,729 shares.

Second Quarter 2016 Financial Results

Loans

Total loans increased $98.4 million, or 12.71%, since the end of the first quarter and $144.4 million, or 19.84%, year-over-year.   Commercial loans grew $57.9 million, or 31.96%, since the end of the first quarter and $51.3 million, or 27.30%, year-over-year.  Commercial real estate loans increased $32.2 million, or 8.50%, since the end of the first quarter, and $46.9 million, or 12.90%, year-over-year.  Residential real estate loans grew $4.7 million, or 3.38%, since the end of the first quarter and $34.1 million, or 31.04%, year-over-year.  Construction loans were up $3.0 million, or 10.92%, since the first quarter and $11.2 million, or 57.22%, year-over-year.  Loan growth was the result of a strong loan pipeline along with results produced by the addition of the new six person lending team and one new leasing officer hired during the first quarter of 2016.

Deposits and Other Borrowings

Total deposits increased $17.9 million, or 2.03%, since the first quarter and $62.4 million, or 7.48%, year-over-year. Noninterest bearing demand deposits decreased $1.2 million, or 0.57%, since the end of the first quarter and increased $28.7 million or, 16.46%, year-over-year. Our focus on relationship banking and growth in transactional accounts has resulted in a decline in time deposits of $13.9 million, or 4.67%, to $311.4 million at June 30, 2016, from $297.5 million at December 31, 2015.   The ratio of time deposits to total deposits has steadily improved from 35.92% at June 30, 2015 to 34.36% at December 31, 2015 despite a slight increase to 34.72% at June 30, 2016.  Other borrowings increased $42.5 million, or 74.58%, since the first quarter and $46.4 million, or 87.50%, from year-end.  We funded our loan growth with short term Federal Home Loan Bank advances, sales of investment securities, and deposits gathered during the second quarter of 2016 in preparation of the closing for the purchase of Mazon State Bank and use of its deposits for funding during the third quarter 2016.

Net Interest Income and Margin

Second quarter 2016 net interest income was up $416,000, or 5.01%, from the first quarter of 2016. The Company’s net interest margin was 3.39% for the second quarter of 2016, compared to 3.27% in the second quarter of 2015.  The increase in net interest income was due to continued growth in the loan portfolio and increase in noninterest bearing balances as a source of funding.

The Company’s net interest margin was 3.38% for the six months ended June 30, 2016, compared to 3.23% for the same period in 2015.  The increase in net interest income was due to growth in the loan portfolio and lower average balance of subordinated debentures as a result of refinancing of these debentures with lower-cost secured borrowings at the end of the second quarter 2015.  

Noninterest Income and Expense

Noninterest income increased $686,000, or 123.60%, from the first quarter of 2016 and increased $720,000, or 138.20%, from the second quarter of 2015.  The increase from the first quarter of 2016 and the second quarter of 2015  was due to securities gains in the second quarter 2016 of $603,000 as opposed to no securities gains in the first quarter of 2016 or second quarter 2015. Securities gains were the result of $25.6 million in securities sold during the second quarter in order to fund loan growth.  In addition, service charges on deposits increased $3,000, or 1.47%, from the first quarter of 2016.  Mortgage income was also up $38,000, or 48.72%, for the second quarter of 2016, as compared to the first quarter, as a result of higher mortgage sale volumes.  Other noninterest income increased by $42,000, or 15.38%, from the first quarter of 2016, related primarily to ATM fee income and lease referral income.

Noninterest expense increased $196,000, or 3.30%, from the first quarter of 2016 and $933,000, or 17.95%, from the second quarter of 2015.  The increase was partially in relation to the addition of six commercial banking officers and one leasing officer during the first quarter of 2016.  In addition, $26,000 of professional fees and $410,000 in data processing fees were incurred during the second quarter of 2016 related to the acquisition of Mazon State Bank.

Asset Quality

Total nonperforming assets decreased from March 31, 2016 by $2.5 million, or 34.49%, to $4.8 million at June 30, 2016.  The ratio of nonperforming assets to total assets was 0.43% at June 30, 2016 compared to 0.70% at March 31, 2016.  These decreases in the ratios were primarily the result of the sales of other real estate owned of $3.0 million during the quarter ended June 30, 2016.  The sales of these properties, in addition to the write down of one other property, resulted in losses on the sales of $31,000.

The Company had net recoveries on loans of $209,000 in the second quarter of 2016, compared to net charge-offs of $609,000 in the second quarter of 2015 and net recoveries of $503,000 in the fourth quarter of 2015.

The ratio of the Company’s allowance for loan losses to nonperforming loans and allowance to total loans were 459.34% and 1.38% at June 30, 2016, respectively.

The Company recorded a provision for loan losses in the second quarter of 2016 of $500,000 compared to a reversal of $749,000 for the same period in 2015.  The current year provision is the result of the loan growth experienced during the second quarter of 2016.

About First Community Financial Partners, Inc.: First Community Financial Partners, Inc., headquartered in Joliet, Illinois, is a bank holding company whose common stock trades on the NASDAQ Capital Market (NASDAQ:FCFP). First Community Financial Partners has one bank subsidiary, First Community Financial Bank. First Community Financial Bank, based in Plainfield, Illinois, has locations in Joliet, Plainfield, Homer Glen, Channahon, Naperville, Burr Ridge, Mazon, Braidwood, and Coal City, Illinois. The Bank is dedicated to its founding principles by being actively involved in the communities it serves and providing exceptional personal service delivered by experienced local professionals.

Special Note Concerning Forward-Looking Statements

---------------------------------------------------------------

Any statements in this release other than statements of historical facts, including statements about management’s beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. Words such as “estimate,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “target,” “project,” “should,” “may,” “will” and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. These risks and uncertainties involve a number of factors related to the businesses of First Community and its wholly owned bank subsidiary, including: risks associated with First Community’s possible pursuit of acquisitions; unexpected results of acquisitions, including the acquisition of Mazon State Bank; economic conditions in First Community’s, and its wholly owned bank subsidiary’s service areas; system failures; losses of large customers; disruptions in relationships with third party vendors; losses of key management personnel and the inability to attract and retain highly qualified management personnel in the future; the impact of legislation and regulatory changes on the banking industry, including the implementation of the Basel III capital reforms; losses related to cyber-attacks; and liability and compliance costs regarding banking regulations; and changes in local, national and international economic conditions. These and other risks and uncertainties are discussed in more detail in First Community’s filings with the Securities and Exchange Commission, including First Community’s Annual Report on Form 10-K filed on March 14, 2016.

Many of these risks are beyond management’s ability to control or predict. All forward-looking statements attributable to First Community, and its wholly owned bank subsidiary, or persons acting on behalf of each of them are expressly qualified in their entirety by the cautionary statements and risk factors contained in this communication. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, First Community does not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

     
FINANCIAL SUMMARY    
      
 June 30,March 31,December 31,September 30,June 30,
 20162016201520152015
Period-End Balance Sheet     
(In thousands)(Unaudited)    
Assets     
Cash and due from banks$13,777 $9,132 $10,699 $10,110 $9,669 
Interest-bearing deposits in banks19,335 30,558 7,406 21,324 38,390 
Securities available for sale179,517 203,874 205,604 215,827 182,982 
Mortgage loans held for sale711 133 400  1,449 
Leases, net448     
Commercial real estate410,461 378,304 381,098 368,896 363,575 
Commercial239,038 181,142 179,623 180,674 187,780 
Residential 1-4 family143,908 139,208 135,864 126,316 109,819 
Multifamily30,809 31,511 34,272 30,771 29,829 
Construction and land development30,834 27,798 22,082 19,451 19,612 
Farmland and agricultural production9,235 9,060 9,989 8,984 8,604 
Consumer and other7,924 7,250 9,391 7,963 8,578 
Total loans872,209 774,273 772,319 743,055 727,797 
Allowance for loan losses12,044 11,335 11,741 11,753 12,420 
Net loans860,165 762,938 760,578 731,302 715,377 
Other assets51,409 54,227 55,965 44,869 46,602 
Total Assets$1,125,362 $1,060,862 $1,040,652 $1,023,432 $994,469 
      
Liabilities and Shareholders' Equity    
Noninterest bearing deposits$203,258 $204,414 $196,063 $174,849 $174,527 
Savings deposits40,603 38,481 36,206 34,933 33,567 
NOW accounts103,324 104,136 102,882 101,828 95,406 
Money market accounts238,229 237,873 233,315 232,195 231,185 
Time deposits311,416 294,076 297,525 302,892 299,703 
Total deposits896,830 878,980 865,991 846,697 834,388 
Total borrowings114,701 72,237 68,315 72,551 59,398 
Other liabilities2,722 2,855 3,305 4,065 4,513 
Total Liabilities1,014,253 954,072 937,611 923,313 898,299 
Shareholders’ equity111,109 106,790 103,041 100,119 96,170 
Total Shareholders’ Equity111,109 106,790 103,041 100,119 96,170 
Total Liabilities and Shareholders’ Equity$1,125,362 $1,060,862 $1,040,652 $1,023,432 $994,469 


FINANCIAL SUMMARY     
 Three months ended,
 June 30,March 31,December 31,September 30,June 30,
 20162016201520152015
Interest income:(In thousands, except per share data) (Unaudited)
Loans, including fees$9,024 $8,508 $8,401 $8,218 $8,090 
Securities1,042 1,101 1,117 1,103 962 
Federal funds sold and other21 19 19 19 15 
Total interest  income10,087 9,628 9,537 9,340 9,067 
Interest expense:     
Deposits957 940 986 973 987 
Federal funds purchased and other borrowed funds119 93 87 98 17 
Subordinated debentures297 297 297 297 603 
Total interest expense1,373 1,330 1,370 1,368 1,607 
Net interest income8,714 8,298 8,167 7,972 7,460 
Provision for loan losses500  (515)(813)(749)
Net interest income after provision for loan losses8,214 8,298 8,682 8,785 8,209 
Noninterest income:     
Service charges on deposit accounts207 204 190 188 194 
Gain on sale of securities603  212 251  
Mortgage fee income116 78 96 178 153 
Other315 273 261 152 174 
Total noninterest income1,241 555 759 769 521 
Noninterest expenses:     
Salaries and employee benefits3,311 3,256 3,004 2,841 2,810 
Occupancy and equipment expense429 437 494 486 505 
Data processing690 257 203 248 237 
Professional fees375 392 68 342 411 
Advertising and business development262 215 219 217 227 
Losses on sale and writedowns of foreclosed assets, net31 16 109 58 20 
Foreclosed assets expenses, net of rental income60 53 50 (61)70 
Other expense974 1,310 898 1,005 919 
Total noninterest expense6,132 5,936 5,045 5,136 5,199 
Income before income taxes3,323 2,917 4,396 4,418 3,531 
Income taxes1,058 889 1,474 1,471 1,189 
Net income applicable to common shareholders$2,265 $2,028 $2,922 $2,947 $2,342 
      
Basic earnings per share$0.13 $0.12 $0.17 $0.17 $0.14 
      
Diluted earnings per share$0.13 $0.12 $0.17 $0.17 $0.14 


 Six months ended June 30,
 20162015
Interest income:(in thousands, except share data) (unaudited)
Loans, including fees$17,532 $15,906 
Securities2,143 1,913 
Federal funds sold and other40 28 
Total interest  income19,715 17,847 
Interest expense:  
Deposits1,897 1,964 
Federal funds purchased and other borrowed funds212 31 
Subordinated debentures594 1,206 
Total interest expense2,703 3,201 
Net interest income17,012 14,646 
Provision for loan losses500 (749)
Net interest income after provision for loan losses16,512 15,395 
Noninterest income:  
Service charges on deposit accounts411 377 
Gain on sale of securities603 21 
Mortgage fee income194 257 
Other588 313 
 1,796 968 
Noninterest expenses:  
Salaries and employee benefits6,567 5,694 
Occupancy and equipment expense866 997 
Data processing947 462 
Professional fees767 792 
Advertising and business development477 417 
Losses on sale and writedowns of foreclosed assets, net47 20 
Foreclosed assets expenses, net of rental income113 141 
Other expense2,284 1,834 
 12,068 10,357 
Income before income taxes6,240 6,006 
Income taxes1,947 2,056 
Net income applicable to common shareholders$4,293 $3,950 
   
Basic earnings per share$0.25 $0.23 
   
Diluted earnings per share$0.25 $0.23 


 Three months ended,
 June 30, 2016March 31, 2016June 30, 2015
 AverageIncome/Yields/AverageIncome/Yields/AverageIncome/Yields/
 BalancesExpenseRatesBalancesExpenseRatesBalancesExpenseRates
Assets(Dollars in thousands)(Unaudited)
Loans (1)$826,416 $9,024 4.37%$768,983 $8,508 4.43%$711,889 $8,090 4.55%
Investment securities (2)190,924 1,042 2.18%206,535 1,101 2.13%189,011 962 2.04%
Interest-bearing deposits with other banks11,465 21 0.73%13,690 19 0.56%11,973 15 0.50%
Total earning assets$1,028,805 $10,087 3.92%$989,208 $9,628 3.89%$912,873 $9,067 3.97%
Other assets50,707    55,124    58,679    
Total assets$1,079,512    $1,044,332    $971,552    
             
Liabilities            
NOW accounts$109,354 $81 0.30%$104,467 $71 0.27%$71,739 $24 0.13%
Money market accounts232,004 162 0.28%234,455 162 0.28%222,089 177 0.32%
Savings accounts39,525 12 0.12%37,194 11 0.12%32,961 14 0.17%
Time deposits292,811 702 0.96%292,491 696 0.95%301,399 772 1.02%
Total interest bearing deposits673,694 957 0.57%668,607 940 0.56%628,188 987 0.63%
Securities sold under agreements to repurchase21,650 9 0.17%23,902 9 0.15%29,087 7 0.10%
Secured borrowings9,261 66 2.85%10,528 74 2.81%155 2 5.16%
Mortgage payable  %  %278 7 10.07%
FHLB borrowings44,615 44 0.39%12,067 10 0.33%1,385 1 0.29%
Subordinated debentures15,300 297 7.76%15,300 297 7.76%28,988 603 8.32%
Total interest bearing liabilities$764,520 $1,373 0.72%$730,404 $1,330 0.73%$688,081 $1,607 0.93%
Noninterest bearing deposits204,016   205,215   184,246   
Other liabilities2,544   3,051   3,333   
Total liabilities$971,080   $938,670   $875,660   
          
Total shareholders' equity$108,432   $105,662   $95,892   
          
Total liabilities and shareholders’ equity$1,079,512   $1,044,332   $971,552   
          
Net interest income $8,714   $8,298   $7,460  
          
Interest rate spread  3.20%  3.16%  3.04%
                     
Net interest margin  3.39%  3.36%  3.27%


Footnotes:
(1) Average loans include nonperforming loans.
(2) No tax-equivalent adjustments were made, as the effect thereof was not material.


 Six months ended June 30,
 June 30, 2016June 30, 2015
 AverageIncome/Yields/AverageIncome/Yields/
 BalancesExpenseRatesBalancesExpenseRates
Assets(Dollars in thousands)(Unaudited)
Loans (1)$797,699 $17,532 4.40%$710,154 $15,906 4.48%
Investment securities (2)198,729 2,143 2.16%185,775 1,913 2.06%
Federal funds sold  %  %
Interest-bearing deposits with other banks11,383 40 0.70%11,876 28 0.47%
Total earning assets$1,007,811 $19,715 3.91%$907,805 $17,847 3.93%
Other assets52,917    44,992    
Total assets$1,060,728    $952,797    
         
Liabilities        
NOW accounts$106,910 $152 0.28%$81,816 $74 0.18%
Money market accounts232,035 323 0.28%215,802 290 0.27%
Savings accounts38,360 23 0.12%32,377 27 0.17%
Time deposits292,651 1,399 0.96%300,436 1,573 1.05%
Total interest bearing deposits669,956 1,897 0.57%630,431 1,964 0.62%
Securities sold under agreements to repurchase22,776 18 0.16%28,955 15 0.10%
Secured borrowings9,895 141 2.85%78 2  
Mortgage payable  %363 14 7.71%
FHLB borrowings28,341 53 0.37%1,022  %
Subordinated debentures15,300 594 7.76%29,062 1,206 8.30%
Total interest bearing liabilities$746,268 $2,703 0.72%$689,911 $3,201 0.93%
Noninterest bearing deposits204,615    164,389    
Other liabilities2,798    3,762    
Total liabilities$953,681    $858,062    
         
Total shareholders' equity$107,047    $94,735    
         
Total liabilities and shareholders’ equity$1,060,728    $952,797    
         
Net interest income $17,012    $14,646   
         
Interest rate spread  3.19%  3.00%
         
Net interest margin  3.38%  3.23%


Footnotes:
(1) Average loans include nonperforming loans.
(2) No tax-equivalent adjustments were made, as the effect thereof was not material.


     
COMMON STOCK DATA    
      
 20162015
 SecondFirstFourthThirdSecond
 QuarterQuarterQuarterQuarterQuarter
 (Unaudited)
Market value (1):     
End of period$8.80 $8.70 $7.24 $6.51 $6.45 
High9.10 8.84 7.31 7.00 6.55 
Low8.18 7.00 6.26 6.25 5.47 
Book value (end of period)6.47 6.22 6.05 5.88 5.66 
Tangible book value (end of period)6.47 6.22 6.05 5.88 5.66 
Shares outstanding (end of period)17,183,780 17,175,864 17,026,941 17,017,441 16,984,221 
Average shares outstanding17,182,197 17,125,928 16,939,010 16,993,822 16,970,721 
Average diluted shares outstanding17,550,547 17.451354 17,085,752 17,161,783 17,088,102 


(1)  The prices shown are as reported on the NASDAQ Capital Market other than for the second quarter of 2015, for which the prices are as reported on the OTC Pink Marketplace.


      
ASSET QUALITY DATA     
 June 30, March 31, December 31, September 30, June 30, 
 20162016201520152015
(Dollars in thousands)(Unaudited)     
Loans identified as nonperforming$2,622 $2,146 $1,411 $3,117 $4,185 
Other nonperforming loans  67 55 55 
Total nonperforming loans2,622 2,146 1,478 3,172 4,240 
Foreclosed assets2,211 5,231 5,487 4,109 4,248 
Total nonperforming assets$4,833 $7,377 $6,965 $7,281 $8,488 
      
Allowance for loan losses12,044 11,335 11,741 11,753 12,420 
Nonperforming assets to total assets0.43%0.70%0.67%0.71%0.85%
Nonperforming loans to total assets0.23%0.20%0.14%0.31%0.43%
Allowance for loan losses to nonperforming loans459.34%528.19%794.38%370.52%292.92%


ALLOWANCE FOR LOAN LOSSES ROLLFORWARD  
(Dollars in thousands)(Unaudited)Three months ended,
 June 30,March 31,December 31,September 30,June 30,
 20162016201520152015
Beginning balance$11,335 $11,741 $11,753 $12,420 $13,778 
Charge-offs193 506 133 654 736 
Recoveries402 100 636 800 127 
Net charge-offs(209)406 (503)(146)609 
Provision for loan losses500  (515)(813)(749)
Ending balance$12,044 $11,335 $11,741 $11,753 $12,420 
                
Net charge-offs(209)406 (503)(146)609 
Net chargeoff percentage (annualized)(0.10)%0.21%(0.26)%(0.08)%0.34%


OTHER DATA     
(Unaudited)     
 Three months ended,
 June 30, March 31, December September June 30,
 2016201631, 201530, 20152015
Return on average assets0.84%0.78%1.11%1.17%0.96%
Return on average equity8.36%7.68%11.48%12.01%9.77%
Net interest margin3.39%3.36%3.29%3.31%3.23%
Average loans to assets76.55%73.63%72.12%72.37%73.27%
Average loans to deposits94.16%88.00%85.95%86.63%87.62%
Average noninterest bearing deposits to total deposits22.75%23.35%23.45%20.79%22.08%
      
COMPANY CAPITAL RATIOS     
 June 30,March 31, DecemberSeptember June 30,
(Unaudited)2016201631, 201530, 20152015
Tier 1 leverage ratio9.77%9.72%9.36%9.39%9.24%
Common equity tier 1 capital ratio11.26%11.94%11.62%11.57%11.20%
Tier 1 capital ratio11.26%11.94%11.62%11.57%11.20%
Total capital ratio14.14%14.99%14.69%14.71%14.39%
Tangible common equity to tangible assets9.87%10.07%9.90%9.78%9.67%


NON-GAAP MEASURES       
      
Pre-tax pre-provision core income (1)       
(In thousands)(Unaudited)     
 For the three months ended,
 June 30,March 31,December 31,September 30,June 30,
 20162016201520152015
Pre-tax net income$3,323 $2,917 $4,396 $4,418 $3,531 
Provision for loan losses500  (515)(813)(749)
Gain on sale of securities(603) (212)(251) 
Merger related expenses included in professional and data processing fees436 100    
Losses on sale and writedowns of foreclosed assets, net31 16 109 58 20 
Foreclosed assets expense, net of rental income60 53 50 (61)70 
Pre-tax pre-provision core income$3,747 $3,086 $3,828 $3,351 $2,872 


(1)  This is a non-GAAP financial measure.  The Company’s management believes the presentation of pre-tax pre-provision core income provides investors with a greater understanding of the Company’s operating results, in addition to the results measured in accordance with GAAP.

 


            

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