OAKLAND, Calif., July 29, 2019 (GLOBE NEWSWIRE) -- California BanCorp (the “Company”) (OTCQX-CALB), the parent company of California Bank of Commerce (the “Bank”), today announced its financial results for the second quarter and six months ended June 30, 2019.
Net income was $2.55 million for the second quarter of 2019, representing an increase of $682 thousand or 36% compared to $1.87 million for the first quarter of 2019 and an increase of $391 thousand or 18% compared to $2.16 million in the second quarter of 2018. For the six months ended June 30, 2019, net income was $4.42 million representing an increase of $326 thousand or 8% compared to $4.09 million for the same period in 2018.
Per share earnings of $0.31 for the second quarter of 2019 compared to $0.23 for the first quarter of 2019 and $0.32 in the second quarter of 2018. For the six months ended June 30, 2019, per share earnings of $0.54 compared to $0.60 for the same period in 2018. Per share earnings reflect the impact of the Company’s capital raise completed in August of 2018 which increased shares outstanding by 1.18 million or 18%.
Financial Highlights
Income Statement
Three months ended June 30, 2019 compared to March 31, 2019
- Net income increased $682 thousand to $2.6 million.
- Revenue increased $360 thousand, or 3% to $11.1 million.
- Non-interest expense decreased by $232 thousand, or 3% to $7.4 million.
Six months ended June 30, 2019 compared to June 30, 2018
- Net income increased $326 thousand to $4.4 million.
- Revenue increased $2.8 million, or 15% to $21.8 million.
- Non-interest expense increased by $1.9 million, or 15% to $15.0 million.
Financial Position
June 30, 2019 compared to June 30, 2018
- Total assets increased by $148 million, or 16% to $1.06 billion.
- Total loans increased by $159 million, or 21% to $912 million.
- Total deposits increased by $82 million, or 10% to $882 million.
- Capital ratios remain healthy with a tier-one leverage ratio of 11.22%, tangible common equity ratio of 10.71% and total risk-based capital ratio of 12.26%.
“In the second quarter we achieved record quarterly earnings and year-over-year loan growth of $159.0 million or 21%,” stated Steve Shelton, President and Chief Executive Officer. “The second quarter results reflect the continued successful efforts of our entire team to capitalize on building quality, long-term relationships in healthy and vibrant Northern California business communities. Our capital raise in 2018 enabled us to build upon a strong foundation and continue to position our franchise as Northern California’s premier business bank.”
Net Interest Income and Margin – three and six months ended June 30, 2019 and June 30, 2018.
Net interest income for the quarter ended June 30, 2019 was $10.1 million, an increase of $247 thousand or 3% over $9.8 million for the three months ended March 31, 2019, and an increase of $1.5 million or 17% over $8.6 million for the quarter ended June 30, 2018. The increase in net interest income compared to the prior quarter of 2019 and the same period in 2018 was primarily attributable to an increase in interest income driven by the strong increase in average earning assets, specifically growth in average loans, which increased 5% over the prior quarter of 2019 and 20% over the same period in 2018.
The yield on total interest-earning assets increased to 5.07% during the quarter ended June 30, 2019, compared to 4.98% during the prior quarter and compared to 4.68% during the same period in 2018, as the result of a shift in the mix toward loans and increases in the prime rate. Average loans represented 93% of average earning assets in the quarter ended June 30, 2019, up from 92% in the prior quarter and 89% in the same period in 2018.
The Company’s net interest margin for the quarter was 4.18% compared to 4.26% for the prior quarter in 2019 and 4.10% for the same period in 2018. The decrease in margin compared to the prior quarter was primarily the result of an increase in the cost of funds related to higher wholesale borrowing activity in the period. The increase in margin compared to the same period last year was the result of an increase in the yield of average earning assets offset, in part, by an increase in the average cost of funds.
Non-Interest Income – three and six months ended June 30, 2019 and June 30, 2018.
The Company’s non-interest income for the quarters ended June 30, 2019, March 31, 2019, and June 30, 2018 was $976 thousand, $863 thousand and $888 thousand, respectively.
The increases in non-interest income of $113 thousand during the second quarter of 2019 compared to the first quarter of 2019 and $88 thousand compared to the same period last year was primarily due to increases in client deposit service charges and a loan termination fee.
For the six months ended June 30, 2019, non-interest income of $1.8 million represented a slight decrease from $1.9 million for the first six months of 2018. The decrease was primarily due to a decrease in gains on sale of loans partially offset by increases in deposit service charges and loan related fees.
Non-Interest Expense – three and six months ended June 30, 2019 and June 30, 2018.
The Company’s non-interest expense for the quarters ended June 30, 2019, March 31, 2019, and June 30, 2018 was $7.4 million, $7.6 million and $6.6 million, respectively.
For the quarter ended June 30, 2019 the decrease in non-interest expense of $232 thousand compared to the quarter ended March 31, 2019, was primarily due to a decrease in nonrecurring expenses associated with public company readiness and FDICIA implementation, and lower recurring legal and professional fees, partially offset by an increase in salaries and benefits related to hiring in support of growth. Compared to the same period in 2018, non-interest expense increased $810 thousand, primarily due to an increase in salary and benefits related to hiring to support growth.
Non-interest expenses of $15.0 million for the six months ended June 30, 2019 compared to $13.1 million for the first six months of 2018. The increase of $1.9 million was due primarily to an increase in salaries and benefits related to hiring to support the continued growth of the Bank and nonrecurring costs related to preparing for public registration and FDICIA implementation.
Balance Sheet
Total assets reached a record $1.06 billion as of June 30, 2019, up 16%, or $148 million compared to $911 million at June 30, 2018. Net loan growth of $157 million outpaced net deposit growth of $82 million as the Bank undertook a strategy in 2018 to reduce higher-cost wholesale deposits in its funding mix.
Total loans increased by $159 million, or 21% to $912 million at June 30, 2019, from $753 million at June 30, 2018, with the largest categories of growth within the loan portfolio in relationship-based commercial real estate loans at $119 million and commercial and industrial loans at $58 million. In the second quarter of 2019, total loans increased by $23 million from $889 million at March 31, 2019, with an increase in commercial and industrial loans of $17 million and an increase in commercial real estate loans of $14 million offset by a reduction in construction and other lending of $8 million.
Total deposits increased by $82 million, or 10% to $882 million at June 30, 2019, from $800 million at June 30, 2018, with growth primarily concentrated in core commercial deposits, which increased by $55 million, or 8% to $749 million. Non-interest bearing deposits, primarily commercial business operating accounts, represented 37.3% of total deposits at June 30, 2019, compared to 40.8% at June 30, 2018, primarily indicative of lower levels of operating cash from some commercial clients, as they deployed funds into commercial activity.
Credit Quality
Non-performing assets (“NPAs”) to total assets of 0.63% at June 30, 2019, compared to 0.40% at March 31, 2019 and 0.28% at June 30, 2018, with non-performing loans of $6.6 million, $4.2 million and $2.5 million, respectively, on those dates. The increase in NPAs at June 30, 2019 compared to the prior quarter related to one commercial loan that was placed on nonaccrual in the second quarter of 2019.
The allowance for loan losses increased by $1.7 million, or 17% to $11.5 million, or 1.26% of total loans at June 30, 2019, compared to $11.3 million at March 31, 2019 and $9.8 million, or 1.30% of total loans at June 30, 2018.
Shareholder’s Equity
Total shareholder’s equity increased by $35.5 million, or 39% to $126.6 million at June 30, 2019, from $91.2 million at June 30, 2018. The $35.5 million increase includes earnings during the twelve-month period totaling $9.0 million, proceeds from the exercise of stock options totaling $2.9 million and $23.6 million in net proceeds from the Company’s successful private placement of common stock during the third quarter of 2018. Tangible book value per common share increased by 19% between the periods, to $14.80 at June 30, 2019, from $12.49 at June 30, 2018.
“We are excited with the momentum of the Bank represented in this quarter’s operating results as we look to capitalize on recent investments and on emerging opportunities in our existing markets,” stated Thomas A. Sa, Senior Executive Vice President, Chief Financial Officer and Chief Operating Officer. “The capital raise in 2018 created significant capacity for the Bank and we are pleased to be deploying that capital at the pace represented in our loan growth over the past year. The capital also enabled the formation of a Sacramento, California initiative, that we expect will allow the Bank to expand and diversify our business in Northern California in the years ahead.”
About California BanCorp
California BanCorp, the parent company for California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals located throughout Northern California. The stock trades on the OTCQX marketplace under the symbol CALB (formerly CABC). For more information on California BanCorp, call us at (510) 457-3751, or visit us at www.californiabankofcommerce.com.
Contacts
California BanCorp
Steven E. Shelton, (510) 457-3751
President and Chief Executive Officer
seshelton@bankcbc.com
Thomas A. Sa, (510) 457-3775
Senior Executive Vice President
Chief Financial Officer and
Chief Operating Officer
tsa@bankcbc.com
Forward-Looking Information
Statements in this news release regarding expectations and beliefs about future financial performance and financial condition, as well as trends in the Company’s business and markets are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this news release are based on current information and on assumptions that the Company makes about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Company’s control. As a result of those risks and uncertainties, the Company’s actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward looking statements contained in this news release and could cause the Company to make changes to future plans. Those risks and uncertainties include, but are not limited to, the risk of incurring loan losses, which is an inherent risk of the banking business; the risk that the Company will not be able to continue its internal growth rate; the risk that the United States economy will experience slowed growth or recession or will be adversely affected by domestic or international economic conditions and risks associated with the Federal Reserve Board taking actions with respect to interest rates, any of which could adversely affect, among other things, the values of real estate collateral supporting many of the Company’s loans, interest income and interest rate margins and, therefore, the Company’s future operating results; risks associated with changes in income tax laws and regulations; and risks associated with seeking new client relationships and maintaining existing client relationships. Also, the Company’s actual financial results in the future may differ from those currently expected or previously reported due to additional risks and uncertainties of which the Company is not currently aware or does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today's date, or to make predictions based solely on historical financial performance. The Company disclaims any obligation to update forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise, except as may be required by law.
Source: California BanCorp
| California BanCorp Financial Data as of June 30, 2019 (Unaudited) | |||||||||||||||||||||||||||||
| ($ Thousands) | For the three months ended | Change % | For the six months ended | Change % | |||||||||||||||||||||||||
| Income Statement | 6/30/2019 | 3/31/2019 | 6/30/2018 | QoQ | YoY | 6/30/2019 | 6/30/2018 | YTDoYTD | |||||||||||||||||||||
| Interest and fees on loans | $ | 11,743 | $ | 10,954 | $ | 9,384 | 7 | % | 25 | % | $ | 22,697 | $ | 18,483 | 23 | % | |||||||||||||
| Other interest income | 478 | 540 | 424 | (11 | %) | 13 | % | 1,019 | 827 | 23 | % | ||||||||||||||||||
| Total interest income | 12,221 | 11,494 | 9,808 | 6 | % | 25 | % | 23,715 | 19,310 | 23 | % | ||||||||||||||||||
| Interest on deposits | 1,641 | 1,543 | 997 | 6 | % | 65 | % | 3,184 | 1,860 | 71 | % | ||||||||||||||||||
| Interest on borrowings and subordinated debentures | 496 | 114 | 209 | 333 | % | 137 | % | 610 | 416 | 47 | % | ||||||||||||||||||
| Total interest expense | 2,137 | 1,657 | 1,206 | 29 | % | 77 | % | 3,794 | 2,276 | 67 | % | ||||||||||||||||||
| Net interest income* | 10,084 | 9,837 | 8,602 | 3 | % | 17 | % | 19,921 | 17,034 | 17 | % | ||||||||||||||||||
| Provision for loan loss | 246 | 581 | 191 | (58 | %) | 29 | % | 826 | 450 | 84 | % | ||||||||||||||||||
| Net interest income after provision | 9,839 | 9,256 | 8,411 | 6 | % | 17 | % | 19,095 | 16,584 | 15 | % | ||||||||||||||||||
| Service charges and other account fees | 312 | 300 | 306 | 4 | % | 2 | % | 612 | 570 | 7 | % | ||||||||||||||||||
| Loan related fees | 508 | 370 | 320 | 37 | % | 59 | % | 877 | 743 | 18 | % | ||||||||||||||||||
| Net gains on securities sales | - | - | - | 0 | % | 0 | % | - | - | 0 | % | ||||||||||||||||||
| Net gains on loan sales | - | 23 | 108 | (100 | %) | (100 | %) | 23 | 283 | (92 | %) | ||||||||||||||||||
| Other | 157 | 170 | 154 | (8 | %) | 2 | % | 327 | 332 | (2 | %) | ||||||||||||||||||
| Total non-interest income* | 976 | 863 | 888 | 13 | % | 10 | % | 1,839 | 1,928 | (5 | %) | ||||||||||||||||||
| Salaries and employee benefits | 4,823 | 4,515 | 3,950 | 7 | % | 22 | % | 9,338 | 7,829 | 19 | % | ||||||||||||||||||
| Occupancy and equipment expenses | 771 | 745 | 746 | 3 | % | 3 | % | 1,517 | 1,410 | 8 | % | ||||||||||||||||||
| Data processing, internet and software | 418 | 419 | 357 | (0 | %) | 17 | % | 837 | 742 | 13 | % | ||||||||||||||||||
| Professional and legal | 290 | 358 | 168 | (19 | %) | 73 | % | 648 | 345 | 88 | % | ||||||||||||||||||
| Strategic initiatives | 70 | 648 | 212 | (89 | %) | (67 | %) | 718 | 514 | 40 | % | ||||||||||||||||||
| Other operating expenses | 1,010 | 930 | 1,140 | 9 | % | (11 | %) | 1,940 | 2,220 | (13 | %) | ||||||||||||||||||
| Total operating expenses | 7,383 | 7,615 | 6,573 | (3 | %) | 12 | % | 14,998 | 13,060 | 15 | % | ||||||||||||||||||
| Net income before taxes | 3,432 | 2,504 | 2,726 | 37 | % | 26 | % | 5,936 | 5,452 | 9 | % | ||||||||||||||||||
| Income taxes | 882 | 636 | 567 | 39 | % | 56 | % | 1,518 | 1,360 | 12 | % | ||||||||||||||||||
| Net income | $ | 2,550 | $ | 1,868 | $ | 2,159 | 36 | % | 18 | % | $ | 4,418 | $ | 4,092 | 8 | % | |||||||||||||
| *Revenue (net interest income + non-interest income) | 11,060 | 10,700 | 9,490 | 3 | % | 17 | % | 21,761 | 18,962 | 15 | % | ||||||||||||||||||
| Earnings Per Share | |||||||||||||||||||||||||||||
| Basic earnings per share | $ | 0.32 | $ | 0.23 | $ | 0.33 | 36 | % | (3 | %) | $ | 0.55 | $ | 0.63 | (13 | %) | |||||||||||||
| Diluted earnings per share | $ | 0.31 | $ | 0.23 | $ | 0.32 | 36 | % | (1 | %) | $ | 0.54 | $ | 0.60 | (9 | %) | |||||||||||||
| Average shares outstanding | 8,046,635 | 8,020,456 | 6,604,562 | 8,033,613 | 6,557,046 | ||||||||||||||||||||||||
| Average diluted shares | 8,124,165 | 8,102,543 | 6,843,821 | 8,113,184 | 6,831,442 | ||||||||||||||||||||||||
| CORE EARNINGS SUMMARY | |||||||||||||||||||||||||||||
| For the three months ended | Change % | For the six months ended | Change % | ||||||||||||||||||||||||||
| Nonrecurring expense | 6/30/2019 | 3/31/2019 | 6/30/2018 | QoQ | YoY | 6/30/2019 | 6/30/2018 | YTDoYTD | |||||||||||||||||||||
| Strategic initiatives | $ | 70 | $ | 648 | $ | 598 | $ | 718 | $ | 900 | |||||||||||||||||||
| Total Nonrecurring expense | 70 | 648 | 598 | 718 | 900 | ||||||||||||||||||||||||
| Income taxes | 21 | 191 | 176 | 212 | 266 | ||||||||||||||||||||||||
| Nonrecurring expense (net of tax) | 49 | 457 | 422 | 506 | 635 | ||||||||||||||||||||||||
| Core Net income | $ | 2,599 | $ | 2,325 | $ | 2,581 | 12 | % | 1 | % | $ | 4,925 | $ | 4,727 | 4 | % | |||||||||||||
| Core Earnings Per Share | |||||||||||||||||||||||||||||
| Basic core earnings per share | 0.32 | 0.29 | 0.39 | 11 | % | (17 | %) | 0.61 | 0.72 | (15 | %) | ||||||||||||||||||
| Diluted core earnings per share | 0.32 | 0.29 | 0.38 | 11 | % | (15 | %) | 0.61 | 0.69 | (12 | %) | ||||||||||||||||||
| Core return on average assets | 1.00 | % | 0.95 | % | 1.16 | % | 0.98 | % | 1.07 | % | |||||||||||||||||||
| Core return on average tangible common equity | 8.84 | % | 8.19 | % | 12.58 | % | 8.52 | % | 11.81 | % | |||||||||||||||||||
| For the three months ended | Change $ | Change % | |||||||||||||||||||||||||||
| Average Balance Sheet Items | 6/30/2019 | 3/31/2019 | 6/30/2018 | QoQ | YoY | QoQ | YoY | ||||||||||||||||||||||
| Total Assets | 1,040,185 | 995,362 | 894,024 | 44,823 | 146,161 | 5 | % | 16 | % | ||||||||||||||||||||
| Total Loans | 900,183 | 859,326 | 749,057 | 40,857 | 151,126 | 5 | % | 20 | % | ||||||||||||||||||||
| Investments | 39,817 | 42,719 | 12,165 | (2,902 | ) | 27,652 | -7 | % | N/A | ||||||||||||||||||||
| Earning Assets | 967,796 | 936,929 | 840,653 | 30,867 | 127,143 | 3 | % | 15 | % | ||||||||||||||||||||
| Non-Interest Bearing Deposits | 323,337 | 334,493 | 317,759 | (11,156 | ) | 5,578 | -3 | % | 2 | % | |||||||||||||||||||
| Core Deposits | 741,289 | 760,652 | 665,711 | (19,363 | ) | 75,578 | -3 | % | 11 | % | |||||||||||||||||||
| Total Deposits | 838,103 | 857,034 | 775,625 | (18,931 | ) | 62,478 | -2 | % | 8 | % | |||||||||||||||||||
| Borrowings | 66,128 | 10,781 | 16,259 | 55,347 | 49,869 | N/A | N/A | ||||||||||||||||||||||
| Tangible Common Equity | 117,969 | 115,117 | 82,247 | 2,852 | 35,722 | 2 | % | 43 | % | ||||||||||||||||||||
| For the six months ended | Change | ||||||||||||||||||||||||||||
| Average Balance Sheet Items | 6/30/2019 | 6/30/2018 | $ | % | |||||||||||||||||||||||||
| Total Assets | 1,017,878 | 886,999 | 130,879 | 15 | % | ||||||||||||||||||||||||
| Total Loans | 879,910 | 739,472 | 140,438 | 19 | % | ||||||||||||||||||||||||
| Investments | 41,260 | 12,312 | 28,948 | 235 | % | ||||||||||||||||||||||||
| Earning Assets | 952,491 | 835,615 | 116,876 | 14 | % | ||||||||||||||||||||||||
| Non-Interest Bearing Deposits | 328,884 | 311,192 | 17,692 | 6 | % | ||||||||||||||||||||||||
| Core Deposits | 750,917 | 673,302 | 77,615 | 12 | % | ||||||||||||||||||||||||
| Total Deposits | 847,516 | 780,646 | 66,870 | 9 | % | ||||||||||||||||||||||||
| Borrowings | 38,608 | 16,114 | 22,494 | 140 | % | ||||||||||||||||||||||||
| Tangible Common Equity | 116,551 | 80,718 | 35,833 | 44 | % | ||||||||||||||||||||||||
| At the periods ended | Change $ | Change % | |||||||||||||||||||||||||||
| Balance Sheet | 6/30/2019 | 3/31/2019 | 6/30/2018 | QoQ | YoY | QoQ | YoY | ||||||||||||||||||||||
| Cash and equivalents | 55,396 | 61,320 | 111,202 | (5,924 | ) | (55,806 | ) | -10 | % | -50 | % | ||||||||||||||||||
| Investment securities | 38,103 | 42,008 | 11,652 | (3,905 | ) | 26,451 | -9 | % | N/A | ||||||||||||||||||||
| Other investments | 4,402 | 3,536 | 3,536 | 866 | 866 | 24 | % | 24 | % | ||||||||||||||||||||
| Commercial loans | 388,131 | 371,359 | 329,914 | 16,772 | 58,217 | 5 | % | 18 | % | ||||||||||||||||||||
| CRE loans | 477,094 | 462,779 | 357,969 | 14,315 | 119,125 | 3 | % | 33 | % | ||||||||||||||||||||
| Construction and land loans | 30,611 | 38,764 | 40,671 | (8,153 | ) | (10,060 | ) | -21 | % | -25 | % | ||||||||||||||||||
| Other loans | 16,520 | 15,800 | 24,778 | 720 | (8,258 | ) | 5 | % | -33 | % | |||||||||||||||||||
| Loans | 912,356 | 888,702 | 753,332 | 23,654 | 159,024 | 3 | % | 21 | % | ||||||||||||||||||||
| Allowance for loan losses | 11,501 | 11,250 | 9,800 | 251 | 1,701 | 2 | % | 17 | % | ||||||||||||||||||||
| Net loans | 900,856 | 877,452 | 743,532 | 23,403 | 157,324 | 3 | % | 21 | % | ||||||||||||||||||||
| Premises and equipment, net | 1,786 | 1,942 | 2,428 | (156 | ) | (642 | ) | -8 | % | -26 | % | ||||||||||||||||||
| Bank owned life insurance | 21,994 | 17,933 | 16,651 | 4,061 | 5,343 | 23 | % | 32 | % | ||||||||||||||||||||
| Deferred income taxes, net | 5,762 | 4,804 | 5,583 | 958 | 179 | 20 | % | 3 | % | ||||||||||||||||||||
| Core Deposit Intangible | 265 | 276 | 419 | (10 | ) | (154 | ) | -4 | % | -37 | % | ||||||||||||||||||
| Goodwill | 7,350 | 7,350 | 7,350 | - | - | 0 | % | 0 | % | ||||||||||||||||||||
| Other assets and interest receivable | 23,534 | 21,885 | 9,003 | 1,650 | 14,531 | 8 | % | 161 | % | ||||||||||||||||||||
| Total assets | 1,059,448 | 1,038,506 | 911,356 | 20,942 | 148,092 | 2 | % | 16 | % | ||||||||||||||||||||
| Demand deposits | 329,497 | 335,719 | 326,556 | (6,222 | ) | 2,941 | -2 | % | 1 | % | |||||||||||||||||||
| Interest bearing demand deposits | 24,279 | 25,878 | 28,278 | (1,599 | ) | (3,999 | ) | -6 | % | -14 | % | ||||||||||||||||||
| Money market & savings deposits | 395,379 | 414,734 | 354,785 | (19,355 | ) | 40,594 | -5 | % | 11 | % | |||||||||||||||||||
| Time deposits | 133,065 | 94,844 | 90,174 | 38,221 | 42,891 | 40 | % | 48 | % | ||||||||||||||||||||
| Total deposits | 882,221 | 871,175 | 799,793 | 11,046 | 82,428 | 1 | % | 10 | % | ||||||||||||||||||||
| Borrowings | 30,000 | 25,000 | 11,500 | 5,000 | 18,500 | 20 | % | 161 | % | ||||||||||||||||||||
| Subordinated debentures, net | 4,969 | 4,964 | 4,951 | 4 | 18 | 0 | % | 0 | % | ||||||||||||||||||||
| Other liabilities | 15,618 | 13,710 | 3,960 | 1,908 | 11,658 | 14 | % | N/A | |||||||||||||||||||||
| Total liabilities | 932,807 | 914,849 | 820,204 | 17,958 | 112,603 | 2 | % | 14 | % | ||||||||||||||||||||
| Common stock | 105,356 | 105,107 | 79,395 | 249 | 25,961 | 0 | % | 33 | % | ||||||||||||||||||||
| Retained earnings | 20,934 | 18,383 | 11,894 | 2,551 | 9,040 | 14 | % | 76 | % | ||||||||||||||||||||
| Other comprehensive income | 351 | 167 | (137 | ) | 184 | 488 | 110 | % | N/A | ||||||||||||||||||||
| Total shareholder’s equity | 126,641 | 123,657 | 91,152 | 2,984 | 35,489 | 2 | % | 39 | % | ||||||||||||||||||||
| Total liabilities and equity | 1,059,448 | 1,038,506 | 911,356 | 20,942 | 148,092 | 2 | % | 16 | % | ||||||||||||||||||||
| Tangible book value per common share | 14.80 | 14.43 | 12.49 | ||||||||||||||||||||||||||
| Total shares outstanding | 8,047,212 | 8,045,399 | 6,691,664 | ||||||||||||||||||||||||||
| Core relationship deposits | 749,156 | 778,627 | 694,165 | (29,471 | ) | 54,991 | |||||||||||||||||||||||
| For the three months ended | For the six months ended | ||||||||||||||||||||||||||||
| Performance Ratios | 6/30/2019 | 3/31/2019 | 6/30/2018 | 6/30/2019 | 6/30/2018 | ||||||||||||||||||||||||
| Return on average assets | 0.98 | % | 0.76 | % | 0.97 | % | 0.88 | % | 0.93 | % | |||||||||||||||||||
| Return on average tangible common equity | 8.67 | % | 6.58 | % | 10.53 | % | 7.64 | % | 10.22 | % | |||||||||||||||||||
| Efficiency ratio | 66.75 | % | 71.17 | % | 69.26 | % | 68.92 | % | 68.87 | % | |||||||||||||||||||
| Net Interest Margin | |||||||||||||||||||||||||||||
| Net interest margin | 4.18 | % | 4.26 | % | 4.10 | % | 4.22 | % | 4.17 | % | |||||||||||||||||||
| Average earning assets yield | 5.07 | % | 4.98 | % | 4.68 | % | 5.02 | % | 4.66 | % | |||||||||||||||||||
| Average investment yield | 3.14 | % | 3.14 | % | 2.09 | % | 3.14 | % | 2.14 | % | |||||||||||||||||||
| Average loan yield | 5.23 | % | 5.17 | % | 5.03 | % | 5.20 | % | 5.04 | % | |||||||||||||||||||
| Average total deposit rate | 0.79 | % | 0.73 | % | 0.51 | % | 0.76 | % | 0.48 | % | |||||||||||||||||||
| Average borrowing rate | 3.01 | % | 4.31 | % | 5.18 | % | 3.19 | % | 5.19 | % | |||||||||||||||||||
| Other Ratios | |||||||||||||||||||||||||||||
| Average total loans to total deposits | 107.4 | % | 100.3 | % | 95.4 | % | 103.8 | % | 94.7 | % | |||||||||||||||||||
| Average C&I loans to total loans | 41.0 | % | 41.2 | % | 43.9 | % | 40.3 | % | 43.9 | % | |||||||||||||||||||
| Average non-interest bearing deposits to total deposits | 38.6 | % | 38.6 | % | 40.5 | % | 38.8 | % | 39.9 | % | |||||||||||||||||||
| Average core deposits to total deposits | 88.4 | % | 88.4 | % | 87.7 | % | 88.6 | % | 86.2 | % | |||||||||||||||||||
| At the periods ended | |||||||||||||||||||||||||||||
| Capital Ratios - Bank | 6/30/2019 | 3/31/2019 | 6/30/2018 | ||||||||||||||||||||||||||
| Tier 1 leverage ratio | 11.22 | % | 11.41 | % | 10.56 | % | |||||||||||||||||||||||
| Common equity tier 1 capital ratio | 10.71 | % | 10.81 | % | 10.65 | % | |||||||||||||||||||||||
| Tier 1 risk-based capital ratio | 10.71 | % | 10.81 | % | 10.65 | % | |||||||||||||||||||||||
| Total risk-based capital ratio | 12.26 | % | 12.38 | % | 12.35 | % | |||||||||||||||||||||||
| At the periods ended | |||||||||||||||||||||||||||||
| Non-Performing Assets | 6/30/2019 | 3/31/2019 | 6/30/2018 | ||||||||||||||||||||||||||
| Non-Accrual Loans | $ | 6,647 | $ | 4,185 | $ | 2,525 | |||||||||||||||||||||||
| Restructured Loans | - | - | - | ||||||||||||||||||||||||||
| Total non-performing loans (NPL) | 6,647 | 4,185 | 2,525 | ||||||||||||||||||||||||||
| Other Real Estate Owned | - | - | - | ||||||||||||||||||||||||||
| Total non-performing assets (NPA) | $ | 6,647 | $ | 4,185 | $ | 2,525 | |||||||||||||||||||||||
| Restructured Loans Performing | 1,528 | 1,586 | 1,009 | ||||||||||||||||||||||||||
| Quarterly Net (Charge-offs)/Recoveries | $ | 5 | $ | (135 | ) | $ | 10 | ||||||||||||||||||||||
| NPAs / Assets % | 0.63 | % | 0.40 | % | 0.28 | % | |||||||||||||||||||||||
| NPAs / Loans and OREO % | 0.73 | % | 0.47 | % | 0.34 | % | |||||||||||||||||||||||
| Loan Loss Reserves / Loans (%) | 1.26 | % | 1.27 | % | 1.30 | % | |||||||||||||||||||||||
| Loan Loss Reserves / NPLs (%) | 173 | % | 269 | % | 388 | % | |||||||||||||||||||||||