For the quarter ended
The Company recorded no provision to the allowance for loan losses during the quarter ended
At
About
This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, can generally be identified by use of the words “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or the negative of these terms or other comparable terminology. The Company is unable to predict the actual results of its future plans or strategies with certainty. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, fluctuations in market rates of interest and loan and deposit pricing; inability to maintain or increase deposit base and secure adequate funding; a continued deterioration of general economic conditions or the demand for housing in the Company’s market areas; legislative or regulatory changes; regulatory action; continued adverse developments in the Company’s loan or investment portfolio; any inability to obtain funding on favorable terms; the Company’s non-payment on Trust Preferred Securities or other debt; the loss of key personnel; significant increases in competition; potential unfavorable actions from rating agencies; potential unfavorable results of litigation to which the Company may become a party, and the possible dilutive effect of potential acquisitions or expansions. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time, and it is not possible for us to predict all risk factors. Nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
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Condensed Consolidated Balance Sheets | |||||
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(In thousands, except share data) |
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ASSETS | |||||
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(Unaudited) | |||||
Cash and due from banks | $ | 20,902 | $ | 17,766 | |
Interest-bearing deposits in other financial institutions | 10,039 | 8,272 | |||
Cash and cash equivalents | 30,941 | 26,038 | |||
Available-for-sale securities | 103,885 | 107,760 | |||
Loans, net of allowance for loan losses of in 2017 and 2016, respectively |
497,815 | 487,518 | |||
Premises and equipment, net | 12,779 | 12,046 | |||
Bank-owned real estate held for sale, net | 5,915 | 5,915 | |||
Foreclosed assets held for sale, net | 5,412 | 5,883 | |||
Interest receivable | 1,621 | 1,785 | |||
Deferred income taxes | 13,243 | 14,304 | |||
Prepaid expenses and other assets | 7,547 | 7,939 | |||
FHLBank stock, and other securities |
3,747 | 5,244 | |||
Total assets | $ | 682,905 | $ | 674,432 | |
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Condensed Consolidated Balance Sheets |
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(In thousands, except share data) |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
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(Unaudited) | |||||||
LIABILITIES | |||||||
Deposits | |||||||
Demand | $ | 151,025 | $ | 150,274 | |||
Savings, NOW and money market | 282,646 | 280,628 | |||||
Time | 121,351 | 81,575 | |||||
Total deposits | 555,022 | 512,477 | |||||
Other interest-bearing liabilities | 32,471 | 63,142 | |||||
Long-term debt | 48,176 | 53,333 | |||||
Interest payable and other liabilities | 1,853 | 2,045 | |||||
Total liabilities | 637,522 | 630,997 | |||||
STOCKHOLDERS’ EQUITY | |||||||
Capital stock | |||||||
Preferred stock, 2017 – 471,979 shares; 2016 – 471,979 shares |
472 | 472 | |||||
Common stock, par value authorized 15,000,000 shares; issued and outstanding 2017 – 5,651,256 shares; 2016 – 5,644,553 shares |
5,651 | 5,644 | |||||
Additional paid-in capital | 31,099 | 30,858 | |||||
Retained earnings (accumulated deficit) | 10,744 | 9,842 | |||||
Accumulated other comprehensive income loss, net of income tax credit of |
(2,583 | ) | (3,381 | ) | |||
Total stockholders’ equity | 45,383 | 43,435 | |||||
Total liabilities and stockholders’ equity | $ | 682,905 | $ | 674,432 | |||
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Condensed Consolidated Statements of Operations | ||||||
Three Months Ended |
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(In thousands, except share data) |
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Three Months Ended |
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2017 | 2016 | |||||
(Unaudited) | (Unaudited) | |||||
INTEREST INCOME | ||||||
Interest and fees on loans | $ | 5,577 | $ | 5,157 | ||
Federal funds sold and other short-term investments | 15 | 45 | ||||
Available-for-sale securities | 540 | 481 | ||||
Dividends on FHLBank and Federal Reserve |
14 | 21 | ||||
Total interest income | 6,146 | 5,704 | ||||
INTEREST EXPENSE | ||||||
Interest-bearing demand deposits | 59 | 59 | ||||
Savings and money market deposit accounts | 116 | 95 | ||||
Other time deposits | 203 | 187 | ||||
Federal funds purchased and other interest-bearing liabilities | 17 | 6 | ||||
Long-term debt, net | 438 | 581 | ||||
Total interest expense | 833 | 928 | ||||
NET INTEREST INCOME | 5,313 | 4,776 | ||||
PROVISION FOR LOAN LOSSES | – | 475 | ||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 5,313 | 4,301 | ||||
NON-INTEREST INCOME | ||||||
Service fees | 867 | 869 | ||||
Other income | 284 | 443 | ||||
Total non-interest income | 1,151 | 1,312 | ||||
NON-INTEREST EXPENSE | ||||||
Salaries and employee benefits | 2,729 | 2,679 | ||||
Net occupancy expense | 648 | 645 | ||||
Foreclosed assets expense | 208 | 431 | ||||
Other operating expense | 1,448 | 1,419 | ||||
Total non-interest expense | 5,033 | 5,174 | ||||
INCOME BEFORE INCOME TAXES | 1,431 | 439 | ||||
PROVISION FOR INCOME TAXES | 529 | 149 | ||||
NET INCOME | $ | 902 | $ | 290 | ||
BASIC EARNINGS PER SHARE | $ | 0.17 | $ | 0.05 | ||
DILUTED EARNINGS PER SHARE | $ | 0.17 | $ | 0.05 | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170417005479/en/
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