Net interest income totaled
The provision for loan losses decreased by
At
The Company’s leverage ratio stood at 6.12% at
The Company’s allowance for loan losses was
The Company’s Board of Directors voted a regular quarterly dividend of
The Company, through its subsidiary bank,
This press release contains certain “forward-looking statements” with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise.
|
||||||||||
Consolidated Comparative Statements of Condition (unaudited) | ||||||||||
(in thousands) | ||||||||||
|
|
|||||||||
Assets |
2017 | 2016 | ||||||||
Cash and Due From Banks | $ | 65,100 | $ | 62,400 | ||||||
Federal Funds Sold and Interest-bearing Deposits In Other Banks | 2,358 | 173,751 | ||||||||
Short-term Investments | 2,101 | 3,183 | ||||||||
Securities Available-for-Sale (AFS) | 509,900 | 499,297 | ||||||||
Securities Held-to-Maturity | 1,809,608 | 1,653,986 | ||||||||
|
20,328 | 21,042 | ||||||||
Loans: | ||||||||||
Commercial & Industrial | 649,326 | 612,503 | ||||||||
Municipal | 153,447 | 135,418 | ||||||||
Construction & |
10,773 | 14,928 | ||||||||
Commercial Real Estate | 732,151 | 696,173 | ||||||||
|
264,442 | 241,357 | ||||||||
Consumer and Other | 11,573 | 11,697 | ||||||||
Home Equity | 218,782 | 211,857 | ||||||||
Total Loans | 2,040,494 | 1,923,933 | ||||||||
Less: Allowance for Loan Losses | 24,827 | 24,406 | ||||||||
Net Loans | 2,015,667 | 1,899,527 | ||||||||
Bank Premises and Equipment, net | 23,471 | 23,417 | ||||||||
Accrued Interest Receivable | 10,187 | 9,645 | ||||||||
|
2,714 | 2,714 | ||||||||
Other Assets | 115,951 | 113,646 | ||||||||
Total Assets | $ | 4,577,385 | $ | 4,462,608 | ||||||
Liabilities |
||||||||||
Demand Deposits | $ | 680,751 | $ | 689,286 | ||||||
Interest Bearing Deposits: | ||||||||||
Savings and NOW Deposits | 1,410,229 | 1,304,394 | ||||||||
Money Market Accounts | 1,132,021 | 1,181,179 | ||||||||
Time Deposits | 520,461 | 478,359 | ||||||||
Total Interest Bearing Deposits | 3,062,711 | 2,963,932 | ||||||||
Total Deposits | 3,743,462 | 3,653,218 | ||||||||
Borrowed Funds: | ||||||||||
Securities Sold Under Agreements to Repurchase | 189,920 | 182,280 | ||||||||
Other Borrowed Funds | 301,500 | 293,000 | ||||||||
Total Borrowed Funds | 491,420 | 475,280 | ||||||||
Other Liabilities | 60,092 | 57,986 | ||||||||
Subordinated Debentures | 36,083 | 36,083 | ||||||||
Total Liabilities | 4,331,057 | 4,222,567 | ||||||||
Total Stockholders’ Equity | 246,328 | 240,041 | ||||||||
Total Liabilities & Stockholders’ Equity | $ | 4,577,385 | $ | 4,462,608 | ||||||
|
|||||||||
Consolidated Comparative Statements of Income (unaudited) | |||||||||
For the Quarter ended |
|||||||||
(in thousands) | |||||||||
Quarter ended |
|||||||||
2017 | 2016 | ||||||||
Interest Income: | |||||||||
Loans | $ | 15,100 | $ | 14,172 | |||||
Securities Held-to-Maturity | 9,535 | 7,812 | |||||||
Securities Available-for-Sale | 1,611 | 964 | |||||||
Federal Funds Sold and Interest-bearing Deposits In Other Banks | 393 | 315 | |||||||
Total Interest Income | 26,639 | 23,263 | |||||||
Interest Expense: | |||||||||
Savings and NOW Deposits | 1,227 | 838 | |||||||
Money Market Accounts | 1,274 | 795 | |||||||
Time Deposits | 1,651 | 1,358 | |||||||
Securities Sold Under Agreements to Repurchase | 103 | 115 | |||||||
Other Borrowed Funds and Subordinated Debentures | 1,928 | 2,307 | |||||||
Total Interest Expense | 6,183 | 5,413 | |||||||
Net Interest Income | 20,456 | 17,850 | |||||||
Provision For Loan Losses | 400 | 450 | |||||||
Net Interest Income After | |||||||||
Provision for Loan Losses | 20,056 | 17,400 | |||||||
Other Operating Income | |||||||||
Service Charges on Deposit Accounts | 2,016 | 1,937 | |||||||
Lockbox Fees | 771 | 789 | |||||||
|
101 | – | |||||||
Other Income | 1,021 | 928 | |||||||
Total Other Operating Income | 3,909 | 3,654 | |||||||
Operating Expenses | |||||||||
Salaries and Employee Benefits | 11,143 | 9,776 | |||||||
Occupancy | 1,741 | 1,579 | |||||||
Equipment | 706 | 636 | |||||||
FDIC Assessment | 438 | 568 | |||||||
Other | 3,697 | 3,124 | |||||||
Total Operating Expenses | 17,725 | 15,683 | |||||||
Income Before Income Taxes | 6,240 | 5,371 | |||||||
Income Tax (Benefit) Expense | 144 | 64 | |||||||
Net Income | $ | 6,096 | $ | 5,307 | |||||
|
|||||||||||
Consolidated Year-to-Date Average Comparative Statements of Condition (unaudited) | |||||||||||
(in thousands) | |||||||||||
|
|
||||||||||
Assets |
2017 | 2016 | |||||||||
Cash and Due From Banks | $ | 75,497 | $ | 69,928 | |||||||
Federal Funds Sold and Interest-Bearing Deposits in Other Banks | 204,527 | 245,933 | |||||||||
Securities Available-For-Sale (AFS) | 533,486 | 414,483 | |||||||||
Securities Held-to-Maturity (HTM) | 1,751,435 | 1,434,888 | |||||||||
Total Loans | 1,984,700 | 1,786,909 | |||||||||
Less: Allowance for Loan Losses | 24,580 | 23,283 | |||||||||
Net Loans | 1,960,120 | 1,763,626 | |||||||||
Unrealized (Loss)Gain on Securities AFS and HTM Transfers | (7,751 | ) | (11,047 | ) | |||||||
Bank Premises and Equipment | 23,569 | 24,013 | |||||||||
Accrued Interest Receivable | 10,015 | 8,133 | |||||||||
|
2,714 | 2,714 | |||||||||
Other Assets | 116,347 | 109,806 | |||||||||
Total Assets | $ | 4,669,959 | $ | 4,062,477 | |||||||
Liabilities |
|||||||||||
Demand Deposits | $ | 675,941 | $ | 557,116 | |||||||
Interest Bearing Deposits: | |||||||||||
Savings and NOW Deposits | 1,453,299 | 1,217,853 | |||||||||
Money Market Accounts | 1,216,690 | 976,910 | |||||||||
Time Deposits | 501,857 | 448,409 | |||||||||
Total Interest Bearing Deposits | 3,171,846 | 2,643,172 | |||||||||
Total Deposits | 3,847,787 | 3,200,288 | |||||||||
Borrowed Funds: | |||||||||||
Securities Sold Under Agreements to Repurchase | 200,457 | 222,579 | |||||||||
Other Borrowed Funds | 283,650 | 330,286 | |||||||||
Total Borrowed Funds | 484,107 | 552,865 | |||||||||
Other Liabilities | 58,663 | 55,639 | |||||||||
Subordinated Debentures | 36,083 | 36,083 | |||||||||
Total Liabilities | 4,426,640 | 3,844,875 | |||||||||
Total Stockholders’ Equity | 243,319 | 217,602 | |||||||||
Total Liabilities & Stockholders’ Equity | $ | 4,669,959 | $ | 4,062,477 | |||||||
Total Average Earning Assets – YTD | $ | 4,474,148 | $ | 3,882,213 | |||||||
|
|||||||||
Consolidated Selected Key Financial Information (unaudited) | |||||||||
(in thousands, except share data) |
|||||||||
|
|
|
|||||||
2017 | 2016 | ||||||||
Performance Measures: |
|||||||||
Earnings per average Class A share, diluted, quarter | $ | 1.09 | $ | 0.95 | |||||
Return on average assets, year-to-date | 0.53 | % | 0.53 | % | |||||
Return on average stockholders’ equity, year-to-date | 10.16 | % | 9.81 | % | |||||
Net interest margin (taxable equivalent), quarter | 2.16 | % | 2.18 | % | |||||
Efficiency ratio, year-to-date – Non-GAAP (1) | 64.0 | % | 63.5 | % | |||||
Book value per share | $ | 44.24 | $ | 39.66 | |||||
Tangible book value per share – Non-GAAP (1) | $ | 43.75 | $ | 39.18 | |||||
Capital / assets | 5.38 | % | 5.45 | % | |||||
Tangible capital / tangible assets – Non-GAAP (1) | 5.33 | % | 5.38 | % | |||||
Common Share Data: | |||||||||
Average Class A shares outstanding, diluted, quarter & year | 5,567,909 | 5,567,909 | |||||||
Shares outstanding Class A | 3,600,729 | 3,600,729 | |||||||
Shares outstanding Class B | 1,967,180 | 1,967,180 | |||||||
Total shares outstanding at period end | 5,567,909 | 5,567,909 | |||||||
Asset Quality and Other Data: |
|||||||||
Allowance for loan losses / loans | 1.22 | % | 1.34 | % | |||||
Nonaccrual loans | $ | 810 | $ | 1,491 | |||||
Nonperforming assets | $ | 810 | $ | 1,491 | |||||
Loans 90 days past due and still accruing | $ | – | $ | – | |||||
Accruing troubled debt restructures | $ | 3,492 | $ | 2,865 | |||||
Net (recoveries)charge-offs, year-to-date | $ | (21 | ) | $ | (19 | ) | |||
Leverage ratio | 6.12 | % | 6.72 | % | |||||
Common equity tier 1 risk weighted capital ratio | 10.06 | % | 9.83 | % | |||||
Tier 1 risk weighted capital ratio | 11.27 | % | 11.27 | % | |||||
Total risk weighted capital ratio | 12.25 | % | 12.24 | % | |||||
Total risk weighted assets | $ | 2,532,933 | $ | 2,424,842 | |||||
(1) Non-GAAP Financial Measures are reconciled in the following tables: | |||||||||
Calculation of Efficiency ratio: | |||||||||
Total operating expenses(numerator) | $ | 17,725 | $ | 15,683 | |||||
Net interest income | $ | 20,456 | $ | 17,850 | |||||
Total other operating income | 3,909 | 3,654 | |||||||
Tax equivalent adjustment | 3,336 | 3,175 | |||||||
Total income(denominator) | $ | 27,701 | $ | 24,679 | |||||
Efficiency ratio, year – Non-GAAP | 64.0 | % | 63.5 | % | |||||
Calculation of tangible book value per share: | |||||||||
Total stockholders’ equity | $ | 246,328 | $ | 220,841 | |||||
Less: goodwill | 2,714 | 2,714 | |||||||
Tangible stockholders’ equity(numerator) | $ | 243,614 | $ | 218,127 | |||||
Total shares outstanding at period end(denominator) | 5,567,909 | 5,567,909 | |||||||
Tangible book value per share – Non-GAAP | $ | 43.75 | $ | 39.18 | |||||
Book value per share – GAAP | $ | 44.24 | $ | 39.66 | |||||
Calculation of tangible capital / tangible assets: | |||||||||
Total stockholders’ equity | $ | 246,328 | $ | 220,841 | |||||
Less: goodwill | 2,714 | 2,714 | |||||||
Tangible stockholders’ equity(numerator) | $ | 243,614 | $ | 218,127 | |||||
Total assets | $ | 4,577,385 | $ | 4,054,797 | |||||
Less: goodwill | 2,714 | 2,714 | |||||||
Tangible assets(denominator) | $ | 4,574,671 | $ | 4,052,083 | |||||
Tangible capital / tangible assets – Non-GAAP | 5.33 | % | 5.38 | % | |||||
Capital / assets – GAAP | 5.38 | % | 5.45 | % | |||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170411006159/en/
whornby@centurybank.com
Fax: 781-393-4071
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