OAKLAND, Calif., April 30, 2019 (GLOBE NEWSWIRE) -- California BanCorp (the “Company”) (OTCQX-CALB), the parent company of California Bank of Commerce (the “Bank”), today announced very strong year-over-year loan growth resulting from the investments in both bankers and infrastructure made after its successful 2018 capital raise.
With the Bank’s focus on relationship banking and the continued economic strength in the Northern California commercial and industrial sector, total loans increased by $146 million, or 20% at March 31, 2019 compared to March 31, 2018. “Achieving this increase in loan volume is directly attributable to the quality of our bankers and our attention to building quality long-term relationships in the Northern California business community,” stated Steve Shelton, President and Chief Executive Officer.
Net income was $1.87 million, or $0.23 per share for the first quarter of 2019 compared to $1.93 million or $0.30 per share for the first quarter of 2018. Overall first quarter 2019 earnings were impacted by strategic investments and costs associated with hiring to support continued growth and expansion into new geographies, and public company readiness initiatives including preparing for FDICIA compliance.
Excluding non-recurring expenses in both 2019 and 2018, net income for the first quarter of 2019 was $2.3 million, or $0.29 per share, compared to $2.1 million, or $0.33 per share for the same quarter in 2018. The lower earnings per share primarily resulted from additional shares issued in 2018 from its private placement of common stock.
During the first quarter of 2019, average earning assets were $937 million, an increase of $106 million, or 13% from the same period in 2018 and include growth in average loan and investment securities balances of $130 million and $30 million respectively, with a coinciding decline in cash balances of $53 million.
Total assets reached a record $1.04 billion as of March 31, 2019, up 14%, or $129 million compared to $909 million at March 31, 2018. This growth was propelled by an $84 million, or 12% increase in core commercial deposits, including $15 million in non-interest-bearing commercial deposits. Core deposit growth exceeded the change in total deposits between the periods as a result of a shift in funding strategy during 2018, as the Bank reduced its reliance on a few higher cost and non-core deposits, which declined by $60 million at March 31, 2019, compared to March 31, 2018.
Financial Highlights
March 31, 2019 compared to March 31, 2018
- Total assets increased by $129 million, or 14% to $1.04 billion.
- Total loans increased by $146 million, or 20% to $889 million.
- Total deposits increased by $72 million, or 9% to $871 million.
- Total core deposits increased by $84 million, or 12% to $779 million.
- Total equity increased by $36 million, or 41% to $124 million.
Income Statement
Three months ended March 31, 2019 compared to March 31, 2018
- First quarter net income of $1.87 million.
- Net interest income increased by $1.4 million, or 17% to $9.8 million.
- Non-interest income decreased by $177 thousand, or 17% to $863 thousand.
- Core earnings increased by $179 thousand, or 8% to $2.3 million.
Balance Sheet
Total loans increased by $146 million, or 20% to $889 million at March 31, 2019, with the largest categories of growth within the loan portfolio in relationship-based commercial real estate loans at $117 million and commercial & industrial loans at $42 million. While CRE loan originations were especially strong during 2018, C&I loan growth was robust during the first quarter of 2019, as a result of both new relationships and additional borrowing on existing lines of credit during the quarter, reflecting the continued strength in the regional economy.
The Bank’s investment portfolio was $42 million at March 31, 2019 compared to $12.3 million at the prior year quarter end, reflecting the deployment of excess cash during the third and fourth quarters of 2018 as market interest rates peaked.
Total deposits increased by $72 million, or 9% to $871 million at March 31, 2019, from $799 million at March 31, 2018, with growth primarily concentrated in core commercial deposits, which increased by $84 million, or 12% to $779 million. Non-interest bearing deposits, primarily commercial business operating accounts, represented 38.5% of total deposits at March 31, 2019, compared to 40.2% at March 31, 2018, indicative of lower levels of operating cash from some commercial clients, as they deployed funds into commercial activity.
Shareholder’s Equity
Total shareholder’s equity increased by $35.8 million, or 41% from $87.9 million at March 31, 2018, to $123.7 million at March 31, 2019. The $35.8 million increase includes earnings during the twelve-month period totaling $8.7 million, proceeds from the exercise of stock options totaling $3.5 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 18% between the periods, from $12.23 at March 31, 2018, to $14.43 at March 31, 2019.
Net Interest Income and Net Interest Margin – three months ended March 31, 2019 and March 31, 2018
Net interest income was $9.8 million for the three months ended March 31, 2019, an increase of $1.4 million or 17% from $8.4 million for the same period in 2018. The increase in net interest income was primarily attributable to an increase in interest and fees on loans of $1.9 million, the result of a $130 million increase in the average balance of loans outstanding between the periods and the change in the Prime Rate, with the average yield on loans increasing by 11 basis points, from 5.06% during the 2018 quarter to 5.17% in the current quarter.
Interest income from investment securities increased by $265 thousand to $331 thousand, compared to the 2018 quarter, as a result of the $30 million, or 235% increase in the average balance of investment securities outstanding in 2019 compared to the 2018 period, and the increase in the average yield to 3.14% in the current quarter compared to 2.09% in 2018.
With the substantial increase in the average balances of loans and investment securities during the 2019 quarter, the average balance of interest-earning cash and equivalents declined by $53 million compared to the 2018 period, while the average yield on cash and equivalents increased to 2.43% from 1.56% in 2018.
The yield on total interest-earning assets increased by 34 basis points to 4.98% in the 2019 quarter, compared to 4.64% during the same period in 2018, as a result of the stronger balances of both loans and investments and reduced cash and cash equivalents balances in the period.
Both non-interest-bearing and interest-bearing deposits grew at a strong rate between the periods, with average non-interest-bearing deposits up by $30 million, or 10% to $334 million and average interest-bearing deposits up by $51 million, or 10% to $523 million during the first quarter of 2019, compared to the same 2018 period. The increase in the average balance of interest-bearing deposits, as well as higher market interest rates between the periods, led to an increase in interest paid on deposits of $680 thousand to $1.5 million and an increase in the average rate paid on total deposits of 28 basis points to 0.73%, compared to 0.45% in the 2018 period.
As a result of the significant growth in higher rate loan and investment securities during the 2019 quarter compared to the 2018 period, the net interest margin increased by 14 basis points to 4.26% in 2019, compared to 4.12% in 2018.
Non-Interest Income and Expense – three months ended March 31, 2019 and March 31, 2018
During the quarter ended March 31, 2019, non-interest income totaled $863 thousand, a decrease of $177 thousand, or 17% from the quarter ended March 31, 2018. The decrease was primarily the result of a $152 thousand decrease in gains on loan sales during the 2019 quarter, in addition to a $53 thousand decrease in loan fees, primarily pre-payment fees, all partially offset by a $36 thousand increase in client service charge and other account fee income.
For the quarter ended March 31, 2019, total non-interest expenses increased by $1.1 million, or 17% to $7.6 million compared to the same 2018 period. Of the increase, $636 thousand was in net salaries and benefits expenses, the result of hiring key lending and operational staff positions during 2018 to support the Company’s continued growth. Occupancy and FF&E expense increased by $81 thousand, or 12% to $745 thousand in the 2019 period, as the Bank expanded its Oakland, California premises. Other non-interest expenses increased by $411 thousand, or 21% to $2.4 million during the 2019 quarter, primarily as a result of increased professional fees incurred during the period. Of the 2019 first quarter non-interest expenses, $648 thousand were non-recurring and primarily related to costs associated with public company readiness and FDICIA implementation. These 2019 non-recurring expenses compare to $302 thousand in non-recurring expenses during the 2018 quarter related to a strategic initiative.
Credit Quality
Credit quality remains strong, with non-performing assets (“NPAs”) to total assets of 0.56% at March 31, 2019, compared to 0.44% at March 31, 2018, with non-performing loans of $5.8 million and $4.0 million, respectively, on those dates.
The allowance for loan losses increased by $1.7 million, or 17% to $11.3 million, or 1.27% of total loans at March 31, 2019, compared to $9.6 million, or 1.29% of total loans at March 31, 2018.
Closing Remarks
“It is a credit to our strong commercial loan culture and credit administration team to have achieved this level of loan growth over the previous year while maintaining our loan quality,” stated Chairman Stephen Cortese. “We are also especially pleased to have reported earlier this month, the addition of Senior Executive Vice President/Chief Lending Officer Scott Myers and the formation of a Sacramento, California based commercial banking team, which will allow the Bank to expand and diversify our client base in Northern California in the years ahead.”
Please see our detailed First Quarter 2019 Unaudited Summary Financial Statements or visit our Investor Relations website for more information.
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 the San Francisco Bay Area. 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.
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.
California BanCorp
Steven E. Shelton, (510) 457-3751
President and Chief Executive Officer
seshelton@bankcbc.com
Randall D. Greenfield, (510) 457-3769
Senior Executive Vice President and Chief Financial Officer
rgreenfield@bankcbc.com
Source: California BanCorp
| California BanCorp Financial Data as of March 31, 2019 (Unaudited) | ||||||||||||||||||||||||||
| ($ Thousands) | For the three months ended | Change % | ||||||||||||||||||||||||
| Income Statement | 3/31/2019 | 12/31/2018 | 3/31/2018 | QoQ | YoY | |||||||||||||||||||||
| Interest and fees on loans | $ | 10,954 | $ | 10,120 | $ | 9,099 | 8 | % | 20 | % | ||||||||||||||||
| Other interest income | 540 | 913 | 403 | (41 | %) | 34 | % | |||||||||||||||||||
| Total interest income | 11,494 | 11,033 | 9,502 | 4 | % | 21 | % | |||||||||||||||||||
| Interest on deposits | 1,543 | 1,396 | 863 | 11 | % | 79 | % | |||||||||||||||||||
| Interest on borrowings and subordinated debentures | 114 | 78 | 206 | 47 | % | (44 | %) | |||||||||||||||||||
| Total interest expense | 1,657 | 1,474 | 1,069 | 12 | % | 55 | % | |||||||||||||||||||
| Net interest income | 9,837 | 9,559 | 8,433 | 3 | % | 17 | % | |||||||||||||||||||
| Provision for loan loss | 581 | 591 | 260 | (2 | %) | 123 | % | |||||||||||||||||||
| Net interest income after provision | 9,256 | 8,968 | 8,173 | 3 | % | 13 | % | |||||||||||||||||||
| Service charges and other account fees | 300 | 292 | 264 | 3 | % | 14 | % | |||||||||||||||||||
| Loan related fees | 370 | 291 | 423 | 27 | % | (13 | %) | |||||||||||||||||||
| Net gains on securities sales | - | 97 | - | (100 | %) | 0 | % | |||||||||||||||||||
| Net gains on loan sales | 23 | 135 | 175 | (83 | %) | (87 | %) | |||||||||||||||||||
| Other | 170 | 47 | 178 | 262 | % | (4 | %) | |||||||||||||||||||
| Total non-interest income | 863 | 862 | 1,040 | 0 | % | (17 | %) | |||||||||||||||||||
| Salaries and employee benefits | 4,515 | 4,052 | 3,879 | 11 | % | 16 | % | |||||||||||||||||||
| Occupancy and equipment expenses | 745 | 773 | 664 | (4 | %) | 12 | % | |||||||||||||||||||
| Data processing, internet and software | 419 | 424 | 385 | (1 | %) | 9 | % | |||||||||||||||||||
| Professional and legal | 358 | 190 | 177 | 88 | % | 102 | % | |||||||||||||||||||
| Strategic initiatives | 648 | 348 | 302 | 86 | % | 115 | % | |||||||||||||||||||
| Other operating expenses | 930 | 1,304 | 1,080 | (29 | %) | (14 | %) | |||||||||||||||||||
| Total operating expenses | 7,615 | 7,091 | 6,487 | 7 | % | 17 | % | |||||||||||||||||||
| Net income before taxes | 2,504 | 2,739 | 2,726 | (9 | %) | (8 | %) | |||||||||||||||||||
| Income taxes | 636 | 632 | 793 | 1 | % | (20 | %) | |||||||||||||||||||
| Net income | $ | 1,868 | $ | 2,107 | $ | 1,933 | (11 | %) | (3 | %) | ||||||||||||||||
| Earnings Per Share | ||||||||||||||||||||||||||
| Basic earnings per share | $ | 0.23 | $ | 0.26 | $ | 0.30 | (12 | %) | (22 | %) | ||||||||||||||||
| Diluted earnings per share | $ | 0.23 | $ | 0.26 | $ | 0.28 | (11 | %) | (19 | %) | ||||||||||||||||
| Average shares outstanding | 8,020,456 | 7,990,089 | 6,508,999 | |||||||||||||||||||||||
| Average diluted shares | 8,102,543 | 8,103,041 | 6,819,965 | |||||||||||||||||||||||
| CORE EARNINGS SUMMARY | ||||||||||||||||||||||||||
| For the three months Ended | Change % | |||||||||||||||||||||||||
| Nonrecurring expense | 3/31/2019 | 12/31/2018 | 3/31/2018 | QoQ | YoY | |||||||||||||||||||||
| Strategic initiatives | $ | 648 | $ | 348 | $ | 302 | ||||||||||||||||||||
| Total Nonrecurring expense | 648 | 348 | 302 | |||||||||||||||||||||||
| Income taxes | 191 | 103 | 89 | |||||||||||||||||||||||
| Nonrecurring expense (net of tax) | 457 | 245 | 213 | |||||||||||||||||||||||
| Core Net income | $ | 2,325 | $ | 2,352 | $ | 2,146 | (1 | %) | 8 | % | ||||||||||||||||
| Core Earnings Per Share | ||||||||||||||||||||||||||
| Basic core earnings per share | 0.29 | 0.29 | 0.33 | (2 | %) | (12 | %) | |||||||||||||||||||
| Diluted core earnings per share | 0.29 | 0.29 | 0.31 | (1 | %) | (9 | %) | |||||||||||||||||||
| Core return on average assets | 0.95 | % | 0.95 | % | 0.99 | % | ||||||||||||||||||||
| Core return on average tangible common equity | 8.19 | % | 8.30 | % | 11.00 | % | ||||||||||||||||||||
| For the three months Ended | Change $ | Change % | ||||||||||||||||||||||||
| Average Balance Sheet Items | 3/31/2019 | 12/31/2018 | 3/31/2018 | QoQ | YoY | QoQ | YoY | |||||||||||||||||||
| Total Assets | 995,362 | 982,992 | 882,386 | 12,370 | 112,976 | 1% | 13 | % | ||||||||||||||||||
| Total Loans | 859,326 | 784,765 | 729,781 | 74,561 | 129,545 | 10% | 18 | % | ||||||||||||||||||
| Investments | 42,719 | 52,836 | 12,736 | (10,117 | ) | 29,983 | -19% | 235 | % | |||||||||||||||||
| Earning Assets | 936,929 | 926,331 | 830,522 | 10,598 | 106,407 | 1% | 13 | % | ||||||||||||||||||
| Non-Interest Bearing Deposits | 334,493 | 358,016 | 304,551 | (23,523 | ) | 29,942 | -7% | 10 | % | |||||||||||||||||
| Core Deposits | 760,652 | 760,220 | 665,711 | 432 | 94,941 | 0% | 14 | % | ||||||||||||||||||
| Total Deposits | 857,034 | 854,165 | 775,625 | 2,869 | 81,409 | 0% | 10 | % | ||||||||||||||||||
| Borrowings | 10,781 | 5,000 | 16,078 | 5,781 | (5,297 | ) | 116% | -33 | % | |||||||||||||||||
| Tangible Common Equity | 115,117 | 112,450 | 79,137 | 2,667 | 35,980 | 2% | 45 | % | ||||||||||||||||||
| At the periods ended | Change $ | Change % | ||||||||||||||||||||||||
| Balance Sheet | 3/31/2019 | 12/31/2018 | 3/31/2018 | QoQ | YoY | QoQ | YoY | |||||||||||||||||||
| Cash and equivalents | 61,320 | 78,705 | 121,342 | (17,385 | ) | (60,022 | ) | (22%) | (49 | %) | ||||||||||||||||
| Investment securities | 42,008 | 43,415 | 12,268 | (1,407 | ) | 29,740 | (3%) | 242 | % | |||||||||||||||||
| Other investments | 3,536 | 3,536 | 3,199 | 0 | 337 | 0% | 11 | % | ||||||||||||||||||
| Commercial loans | 371,359 | 341,184 | 329,269 | 30,175 | 42,090 | 9% | 13 | % | ||||||||||||||||||
| CRE loans | 462,779 | 451,851 | 345,580 | 10,928 | 117,199 | 2% | 34 | % | ||||||||||||||||||
| Construction and land loans | 38,764 | 37,344 | 41,182 | 1,420 | (2,418 | ) | 4% | (6 | %) | |||||||||||||||||
| Other loans | 15,800 | 16,552 | 26,342 | (752 | ) | (10,542 | ) | (5%) | (40 | %) | ||||||||||||||||
| Loans | 888,702 | 846,931 | 742,373 | 41,771 | 146,329 | 5% | 20 | % | ||||||||||||||||||
| Allowance for loan losses | 11,250 | 10,800 | 9,600 | 450 | 1,650 | 4% | 17 | % | ||||||||||||||||||
| Net loans | 877,452 | 836,131 | 732,773 | 41,321 | 144,679 | 5% | 20 | % | ||||||||||||||||||
| Premises and equipment, net | 1,942 | 2,076 | 2,600 | (134 | ) | (658 | ) | (6%) | (25 | %) | ||||||||||||||||
| Bank owned life insurance | 17,933 | 17,806 | 16,547 | 127 | 1,386 | 1% | 8 | % | ||||||||||||||||||
| Deferred income taxes, net | 4,804 | 5,803 | 3,894 | (999 | ) | 910 | (17%) | 23 | % | |||||||||||||||||
| Core Deposit Intangible | 276 | 286 | 433 | (10 | ) | (157 | ) | (4%) | (36 | %) | ||||||||||||||||
| Goodwill | 7,350 | 7,350 | 7,350 | - | - | 0% | 0 | % | ||||||||||||||||||
| Other assets and interest receivable | 21,885 | 10,564 | 8,942 | 11,321 | 12,943 | 107% | 145 | % | ||||||||||||||||||
| Total assets | 1,038,506 | 1,005,672 | 909,348 | 32,834 | 129,158 | 3% | 14 | % | ||||||||||||||||||
| Demand deposits | 335,719 | 352,402 | 321,214 | (16,683 | ) | 14,505 | (5%) | 5 | % | |||||||||||||||||
| Interest bearing demand deposits | 25,878 | 32,650 | 26,744 | (6,772 | ) | (866 | ) | (21%) | (3 | %) | ||||||||||||||||
| Money market & savings deposits | 414,734 | 392,290 | 361,023 | 22,444 | 53,711 | 6% | 15 | % | ||||||||||||||||||
| Time deposits | 94,844 | 96,912 | 89,927 | (2,068 | ) | 4,917 | (2%) | 5 | % | |||||||||||||||||
| Total deposits | 871,175 | 874,254 | 798,908 | (3,079 | ) | 72,267 | (0%) | 9 | % | |||||||||||||||||
| Borrowings | 25,000 | - | 14,500 | 25,000 | 10,500 | N/A | 72 | % | ||||||||||||||||||
| Subordinated debentures, net | 4,964 | 4,960 | 4,947 | 4 | 17 | 0% | 0 | % | ||||||||||||||||||
| Other liabilities | 13,710 | 5,379 | 3,130 | 8,331 | 10,580 | 155% | 338 | % | ||||||||||||||||||
| Total liabilities | 914,849 | 884,593 | 821,485 | 30,256 | 93,364 | 3% | 11 | % | ||||||||||||||||||
| Common stock | 105,107 | 104,563 | 78,229 | 544 | 26,878 | 1% | 34 | % | ||||||||||||||||||
| Retained earnings | 18,383 | 16,515 | 9,735 | 1,868 | 8,648 | 11% | 89 | % | ||||||||||||||||||
| Other comprehensive income | 167 | 1 | (101 | ) | 166 | 268 | N/A | - | ||||||||||||||||||
| Total shareholder’s equity | 123,657 | 121,079 | 87,863 | 2,578 | 35,794 | 2% | 41 | % | ||||||||||||||||||
| Total liabilities and equity | 1,038,506 | 1,005,672 | 909,348 | 32,834 | 129,158 | 3% | 14 | % | ||||||||||||||||||
| Tangible book value per common share | 14.43 | 14.20 | 12.23 | 2% | 18 | % | ||||||||||||||||||||
| Total shares outstanding | 8,045,399 | 7,993,908 | 6,560,445 | |||||||||||||||||||||||
| Core relationship deposits | 778,627 | 779,783 | 694,165 | (1,156 | ) | 84,462 | (0%) | 12 | % | |||||||||||||||||
| For the three months ended | ||||||||||||||||||||||||||
| Performance Ratios | 3/31/2019 | 12/31/2018 | 3/31/2018 | |||||||||||||||||||||||
| Return on average assets | 0.76 | % | 0.85 | % | 0.89 | % | ||||||||||||||||||||
| Return on average tangible common equity | 6.58 | % | 7.43 | % | 9.91 | % | ||||||||||||||||||||
| Efficiency ratio | 71.17 | % | 68.05 | % | 68.48 | % | ||||||||||||||||||||
| Net Interest Margin | ||||||||||||||||||||||||||
| Net interest margin | 4.26 | % | 4.09 | % | 4.12 | % | ||||||||||||||||||||
| Average investment yield | 3.14 | % | 3.08 | % | 2.09 | % | ||||||||||||||||||||
| Average loan yield | 5.17 | % | 5.12 | % | 5.06 | % | ||||||||||||||||||||
| Average total deposit rate | 0.73 | % | 0.65 | % | 0.45 | % | ||||||||||||||||||||
| Average borrowing rate | 4.31 | % | 6.17 | % | 5.20 | % | ||||||||||||||||||||
| Other Ratios | ||||||||||||||||||||||||||
| Average total loans to total deposits | 100.3 | % | 91.9 | % | 94.1 | % | ||||||||||||||||||||
| Average C&I loans to total loans | 40.2 | % | 41.1 | % | 43.9 | % | ||||||||||||||||||||
| Average non-interest bearing deposits to total deposits | 39.0 | % | 41.9 | % | 39.3 | % | ||||||||||||||||||||
| Average core deposits to total deposits | 88.8 | % | 89.0 | % | 85.8 | % | ||||||||||||||||||||
| At the periods ended | ||||||||||||||||||||||||||
| Capital Ratios - Bank | 3/31/2019 | 12/31/2018 | 3/31/2018 | |||||||||||||||||||||||
| Tier 1 leverage ratio | 11.41 | % | 11.31 | % | 10.27 | % | ||||||||||||||||||||
| Common equity tier 1 capital ratio | 10.81 | % | 10.94 | % | 10.34 | % | ||||||||||||||||||||
| Tier 1 risk-based capital ratio | 10.81 | % | 10.94 | % | 10.34 | % | ||||||||||||||||||||
| Total risk-based capital ratio | 12.38 | % | 12.52 | % | 12.04 | % | ||||||||||||||||||||
| At the periods ended | ||||||||||||||||||||||||||
| Non-Performing Assets | 3/31/2019 | 12/31/2018 | 3/31/2018 | |||||||||||||||||||||||
| Non-Accrual Loans | $ | 4,185 | $ | 4,463 | $ | 2,632 | ||||||||||||||||||||
| Restructured Loans | 1,586 | 930 | 1,399 | |||||||||||||||||||||||
| Total non-performing loans (NPL) | 5,771 | 5,393 | 4,031 | |||||||||||||||||||||||
| Other Real Estate Owned | - | - | - | |||||||||||||||||||||||
| Total non-performing assets (NPA) | $ | 5,771 | $ | 5,393 | $ | 4,031 | ||||||||||||||||||||
| Quarterly Net (Charge-offs)/Recoveries | $ | (135 | ) | $ | 9 | $ | 40 | |||||||||||||||||||
| NPAs / Assets % | 0.56 | % | 0.54 | % | 0.44 | % | ||||||||||||||||||||
| NPAs / Loans and OREO % | 0.65 | % | 0.64 | % | 0.54 | % | ||||||||||||||||||||
| Loan Loss Reserves / Loans (%) | 1.27 | % | 1.28 | % | 1.29 | % | ||||||||||||||||||||
| Loan Loss Reserves / NPLs (%) | 195 | % | 200 | % | 238 | % | ||||||||||||||||||||