SPOKANE, Wash., July 18, 2018 (GLOBE NEWSWIRE) -- Northwest Bancorporation, Inc. (OTC:NBCT) (the “Company”), the holding company of Inland Northwest Bank (the “Bank” or “INB”), today reported financial results for the quarter ended June 30, 2018.
Net income for the second quarter of 2018 was $1.44 million, compared to $2.15 million for the previous quarter and $1.05 million for the second quarter of 2017. Earnings per diluted share were $0.19, down $0.10 or 34.5% from the previous quarter, but improved $0.03 or 18.7% from the second quarter of 2017. Quarterly earnings were negatively affected by $495 thousand in one-time costs related to abandonment of a planned initial public offering of the Company’s common stock and $259 thousand in one-time costs related to the Company’s merger with First Interstate BancSystem, Inc. (“First Interstate”) (NASDAQ:FIBK) which was announced on April 25, 2018. Quarterly core earnings (non-GAAP), which exclude significant nonrecurring costs, were $2.20 million for the second quarter of 2018, compared to $2.16 million for the previous quarter and $1.21 million for the second quarter of 2017. Core earnings per diluted share (non-GAAP) for the quarter were $0.29, which was equal to the previous quarter and an increase of $0.11 or 61.1% from the second quarter of 2017.
For the six months ended June 30, 2018, net income was $3.59 million, compared to $2.02 million for the corresponding period in 2017, representing an increase of $1.56 million or 77.3%. Earnings per diluted share improved 54.8% year over year, increasing from $0.31 for the first six months of 2017 to $0.48 for the first six months of 2018. Core earnings for the first half of 2018 totaled $4.36 million, which is a 100.1% improvement over the $2.18 million for the same period in 2017. Year over year core earnings per diluted share increased $0.25, or 75.8%.
Russell Lee, the Company’s President and CEO, commented, “Our second quarter results conclude a very successful first half of 2018 for the Company and its shareholders. Core earnings for the first six months are indicative of the solid earnings base of the Company, which we have been working building over the prior three years. As we rapidly approach the conclusion of our proposed merger with First Interstate, we look forward to blending in our well-performing Company into their excellent franchise.”
Balance sheet
As of June 30, 2018, the Company had total assets of $813.9 million, compared to $826.8 million on March 31, 2018 and $639.7 million on June 30, 2017. Assets declined 1.6% during the second quarter as a result of seasonal deposit fluctuations but are up $174.2 million, or 27.2%, year over year, which included $154.8 million from the acquisition of CenterPointe Community Bank (“CenterPointe”) in July 2017.
The investment portfolio was $40.2 million as of June 30, 2018, down $3.0 million or 7.0% from $43.2 million at March 31, 2018. The unrealized loss on securities available for sale was $472 thousand as of June 30, 2018, an increase of $82 thousand during the quarter.
The net loan portfolio was $708.4 million on June 30, 2018, representing an increase of $46.9 million, or 7.1%, during the second quarter of 2018. This increase stemmed primarily from expected seasonality in our agriculture portfolio as well as growth in construction loans. Year over year, the net loan portfolio increased $178.2 million, or 33.6%, which consisted of organic loan growth of $82.4 million, or 15.5%, combined with $95.8 million acquired from CenterPointe.
Deposits at June 30, 2018 were $703.9 million, a decrease of $17.2 million, or 2.4%, compared to March 31, 2018 and an increase of $154.3 million, or 28.1%, compared to June 30, 2017. The year over year increase in deposits includes $16.4 million, or 3.0%, in organic growth while the CenterPointe acquisition added $137.9 million to total deposits. Noninterest bearing deposits represented 32.7% of total deposits as of June 30, 2018, compared to 33.1% at March 31, 2018, and to 30.2% at June 30, 2017.
Asset quality, provision and allowance for loan losses
As of June 30, 2018, the Company’s nonperforming assets (“NPAs”) were $3.2 million, representing 0.39% of total assets. NPAs are defined as loans on which the Bank has stopped accruing interest and includes other real estate owned. NPAs at the end of last quarter were $3.1 million, representing 0.37% of total assets, and at June 30, 2017, NPAs were $1.7 million, representing 0.26% of total assets.
The Company had net loan recoveries of $30 thousand and $64 thousand for the three and six-month periods ending on June 30, 2018, compared to net loan charge-offs of $14 thousand and $109 thousand for the comparable periods in 2017. The provision for loan losses was $281 thousand and $492 thousand for the three and six-month periods ending on June 30, 2018, compared to $253 thousand and $456 thousand for the comparable periods in 2017. As of June 30, 2018, the allowance for loan losses was $7.8 million, or 1.09% of gross loans, compared to 1.12% for the previous quarter and 1.23% as of June 30, 2017. Gross loans include those loans acquired through acquisitions of other banks (“purchased loans”), which are recorded at fair value, net of credit-related discounts. The allowance for loan losses as a percent of gross loans, excluding purchased loans, was 1.27% as of June 30, 2018, compared to 1.34% for the previous quarter and 1.32% as of June 30, 2017.
Capital
Shareholders’ equity increased $1.6 million, or 2.0%, during the second quarter of 2018. The increase primarily reflects earnings retention and equity compensation. Book value of the Company’s common stock was $11.47 per share on June 30, 2018, up $0.22 per share, or 2.0% over the $11.25 per share on March 31, 2018 and up $0.84 per share, or 7.9%, over June 30, 2017. Tangible book value (non-GAAP) of the Company’s common stock was $9.83 per share on June 30, 2018, up $0.24 per share, or 2.5% over the $9.59 per share on March 31, 2018 and up $0.34 per share, or 3.6%, over June 30, 2017.
The Bank continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” under regulatory standards. As of June 30, 2018, the Bank’s Tier 1 leverage capital to average assets ratio was 10.2%, its common equity Tier 1 (“CET1”) capital ratio was 10.4%, and its total capital to risk-weighted assets ratio was 11.5%. The regulatory requirements to be considered “well-capitalized” for these three ratios are 5.0%, 6.5%, and 10.0%, respectively.
Total revenue
Total revenue was $10.0 million for the second quarter of 2018, representing an increase of $79 thousand, or 0.8%, from the previous quarter, and representing an increase of $2.4 million, or 32.4%, over the comparable quarter in 2017. Total revenue was $19.9 million for the first six months of 2018, compared to $14.5 million for the same period in 2017, representing an increase of $5.4 million, or 37.2%. Total revenue is defined as net interest income plus noninterest income.
Net interest income
Net interest income was $9.0 million for the quarter ended June 30, 2018, an increase of $170 thousand, or 1.9%, from the previous quarter and an increase of $2.6 million, or 41.4%, from the second quarter of 2017. Net interest income was $17.9 million for the six months ended June 30, 2018, an increase of $5.5 million, or 44.0%, from the comparable period in 2017. The net interest margin (interest income minus interest expense, divided by average earning assets) was 4.74% for the second quarter of 2018, compared to 4.60% for the previous quarter. Year to date, the net interest margin was 4.67% compared to 4.25% last year through June; excluding net purchased loan discount accretion, the net interest margin was 4.60% and 4.15%, respectively.
Noninterest income
Noninterest income was $981 thousand during the second quarter of 2018, down $91 thousand, or 8.5%, from the previous quarter. Noninterest income for the first six months of 2018 was $2.1 million, a decrease of $50 thousand, or 2.4%, from the same period in 2017. The decrease in noninterest income for the three and six-month periods in 2018 compared to the previous year was primarily related to lower revenues from sales of residential mortgage loans.
Noninterest expense
Noninterest expense totaled $7.9 million for the second quarter of 2018, up $833 thousand, or 11.9%, from the previous quarter. Included in noninterest expense during the quarter were $627 thousand in one-time costs related to abandonment of a planned initial public offering of the Company’s common stock and $259 thousand in one-time costs related to the Company’s merger with First Interstate. Noninterest expense for the first six months of 2018 was $14.9 million, an increase of $3.9 million, or 35.5%, over the same period in 2017. The year over year increase is primarily related to the acquisition of CenterPointe which added four additional locations to our branch network as well as additional personnel, in addition to the $886 thousand in one-time costs noted above.
Key ratios
Return on average assets (“ROA”) for second quarter 2018 was 0.71%, compared to 1.04% in the previous quarter and 0.66% in the second quarter last year. For the six-month periods ended June 30, 2018 and 2017, ROA was 0.88% and 0.64%, respectively. Core ROA (non-GAAP), which excludes certain nonrecurring expenses, was 1.08% and 1.07% for the three and six months ended June 30, 2018, and 0.76% and 0.69% for the same periods in 2017.
Return on average equity (“ROE”) for second quarter 2018 was 6.98%, compared to 10.64% in the previous quarter and 6.23% in the second quarter last year. For the six-month periods ended June 30, 2018 and 2017, ROE was 8.79% and 6.03%, respectively. Core ROE (non-GAAP) was 10.66% and 10.69% for the three and six months ended June 30, 2018, and 7.27% and 6.49% for the same periods in 2017.
Non-GAAP Financial Measures
This news release contains certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”). Management believes these non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Non-GAAP financial measures should not be viewed as substitutes for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures appear under the caption “Reconciliation of Non-GAAP Measures” in the accompanying financial tables.
The Company utilizes the non-GAAP measure of core earnings in evaluating operating trends. Core earnings excludes nonrecurring items from net income which the Company does not view as related to its normal operations. These items are presented net of tax and include such items as merger and acquisition-related costs, IPO abandonment costs, and tax expense associated with the enactment of the Tax Cuts and Jobs Act. Acquisition-related costs consist primarily of severance/benefit related expenses, contract termination costs, systems conversion costs and professional fees. The Company uses the non-GAAP measure of tangible book value, which excludes intangible assets from book value as it improves our comparability to other banking organizations that have not engaged in acquisitions that have resulted in the accumulation of goodwill and other intangible assets.
About Northwest Bancorporation, Inc.
Northwest Bancorporation, Inc. is the parent company of Inland Northwest Bank, a state-chartered community bank which currently operates 21 offices across Washington, Idaho and Oregon. INB specializes in meeting the financial needs of individuals and small to medium-sized businesses, including professional corporations and agriculture-related operations, by providing a full line of commercial, retail, agricultural, and mortgage and private banking products and services. More information about INB can be found on its website at www.inb.com. The Company’s stock is quoted on the OTC Market’s Pink Marketplace, www.otcmarkets.com, under the symbol NBCT.
Forward-Looking Statements
This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results. When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information contact:
| Russell A. Lee, President and CEO Holly Poquette, Chief Financial Officer 509.456.8888 nbct@inb.com |
| Northwest Bancorporation, Inc. | ||||||||||||
| Consolidated Statements of Financial Condition | ||||||||||||
| (Unaudited) | ||||||||||||
| Jun. 30, | Mar. 31, | Jun. 30, | ||||||||||
| (dollars in thousands) | 2018 | 2018 | 2017 | |||||||||
| Assets: | ||||||||||||
| Cash and due from banks | $ | 18,075 | $ | 16,632 | $ | 23,887 | ||||||
| Interest bearing deposits | 297 | 59,263 | 21,812 | |||||||||
| Time deposits held for investment | 2,946 | 3,929 | 3,920 | |||||||||
| Securities available for sale | 37,275 | 39,297 | 21,464 | |||||||||
| Federal Home Loan Bank stock, at cost | 1,456 | 1,310 | 1,036 | |||||||||
| Loans receivable, net | 708,389 | 661,474 | 530,169 | |||||||||
| Loans held for sale | 1,142 | 313 | 1,682 | |||||||||
| Premises and equipment, net | 14,694 | 14,887 | 14,690 | |||||||||
| Bank-owned life insurance | 9,505 | 9,458 | 7,113 | |||||||||
| Accrued interest receivable | 4,020 | 3,327 | 2,765 | |||||||||
| Goodwill | 9,477 | 9,477 | 6,206 | |||||||||
| Core deposit intangible | 2,469 | 2,581 | 1,167 | |||||||||
| Other real estate owned | 702 | 1,242 | 652 | |||||||||
| Other assets | 3,458 | 3,646 | 3,134 | |||||||||
| Total assets | $ | 813,905 | $ | 826,836 | $ | 639,697 | ||||||
| Liabilities: | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest bearing deposits | $ | 230,514 | $ | 238,343 | $ | 166,023 | ||||||
| Interest bearing transaction and savings deposits | 368,878 | 375,283 | 271,385 | |||||||||
| Time deposits | 104,481 | 107,412 | 112,204 | |||||||||
| 703,873 | 721,038 | 549,612 | ||||||||||
| Accrued interest payable | 153 | 132 | 149 | |||||||||
| Borrowed funds | 18,441 | 19,019 | 17,877 | |||||||||
| Other liabilities | 3,844 | 4,922 | 3,740 | |||||||||
| Total liabilities | 730,554 | 745,111 | 571,378 | |||||||||
| Shareholders' equity: | ||||||||||||
| Common stock | 62,943 | 62,693 | 52,959 | |||||||||
| Retained earnings | 20,776 | 19,336 | 15,102 | |||||||||
| Accumulated other comprehensive income (loss) | (368 | ) | (304 | ) | 258 | |||||||
| Total shareholders' equity | 83,351 | 81,725 | 68,319 | |||||||||
| Total liabilities and shareholders' equity | $ | 813,905 | $ | 826,836 | $ | 639,697 | ||||||
| Northwest Bancorporation, Inc. | |||||||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| Jun. 30, | Mar. 31, | Jun. 30, | Jun. 30, | Jun. 30, | |||||||||||||||
| (dollars in thousands, except per share data) | 2018 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||
| Interest and dividend income: | |||||||||||||||||||
| Loans receivable | $ | 9,281 | $ | 8,993 | $ | 6,654 | $ | 18,274 | $ | 12,991 | |||||||||
| Investment securities | 294 | 304 | 193 | 598 | 357 | ||||||||||||||
| Other | 132 | 216 | 119 | 348 | 244 | ||||||||||||||
| Total interest and dividend income | 9,707 | 9,513 | 6,966 | 19,220 | 13,592 | ||||||||||||||
| Interest expense: | |||||||||||||||||||
| Deposits | 465 | 450 | 394 | 915 | 795 | ||||||||||||||
| Borrowed funds | 211 | 202 | 187 | 413 | 368 | ||||||||||||||
| Total interest expense | 676 | 652 | 581 | 1,328 | 1,163 | ||||||||||||||
| Net interest income | 9,031 | 8,861 | 6,385 | 17,892 | 12,429 | ||||||||||||||
| Provision for loan losses | 281 | 211 | 253 | 492 | 456 | ||||||||||||||
| Noninterest income: | |||||||||||||||||||
| Service charges on deposits | 222 | 231 | 224 | 453 | 443 | ||||||||||||||
| Gains from sale of loans, net | 221 | 320 | 387 | 541 | 664 | ||||||||||||||
| Other noninterest income | 538 | 521 | 566 | 1,059 | 996 | ||||||||||||||
| Total noninterest income | 981 | 1,072 | 1,177 | 2,053 | 2,103 | ||||||||||||||
| Noninterest expense: | |||||||||||||||||||
| Salaries and employee benefits | 3,881 | 4,054 | 3,111 | 7,935 | 6,254 | ||||||||||||||
| Occupancy and equipment | 564 | 583 | 520 | 1,147 | 952 | ||||||||||||||
| Depreciation and amortization | 355 | 352 | 311 | 707 | 615 | ||||||||||||||
| Advertising and promotion | 315 | 325 | 261 | 640 | 533 | ||||||||||||||
| FDIC assessments | 97 | 108 | 59 | 205 | 104 | ||||||||||||||
| Gain on other real estate owned, net | 32 | - | (9) | 32 | (29) | ||||||||||||||
| Acquisition-related costs | 6 | 19 | 237 | 25 | 237 | ||||||||||||||
| Other noninterest expense | 2,609 | 1,585 | 1,182 | 4,194 | 2,316 | ||||||||||||||
| Total noninterest expense | 7,859 | 7,026 | 5,672 | 14,885 | 10,982 | ||||||||||||||
| Income before income taxes | 1,872 | 2,696 | 1,637 | 4,568 | 3,094 | ||||||||||||||
| Income tax expense | 432 | 548 | 583 | 980 | 1,070 | ||||||||||||||
| NET INCOME | $ | 1,440 | $ | 2,148 | $ | 1,054 | $ | 3,588 | $ | 2,024 | |||||||||
| Earnings per common share - basic | $ | 0.20 | $ | 0.30 | $ | 0.16 | $ | 0.49 | $ | 0.32 | |||||||||
| Earnings per common share - diluted | $ | 0.19 | $ | 0.29 | $ | 0.16 | $ | 0.48 | $ | 0.31 | |||||||||
| Weighted average common shares outstanding - basic | 7,262,641 | 7,254,079 | 6,423,845 | 7,258,384 | 6,422,013 | ||||||||||||||
| Weighted average common shares outstanding - diluted | 7,547,546 | 7,446,454 | 6,618,430 | 7,485,141 | 6,606,317 | ||||||||||||||
| Northwest Bancorporation, Inc. | ||||||||||||||||||||||||
| Key Financial Ratios and Data | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| Jun. 30, | Mar. 31, | Jun. 30, | Jun. 30, | Jun. 30, | ||||||||||||||||||||
| (dollars in thousands, except per share data) | 2018 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
| PERFORMANCE RATIOS (annualized) | ||||||||||||||||||||||||
| Return on average assets | 0.71% | 1.04% | 0.66% | 0.88% | 0.64% | |||||||||||||||||||
| Return on average equity | 6.98% | 10.64% | 6.23% | 8.79% | 6.03% | |||||||||||||||||||
| Yield on earning assets | 5.10% | 4.94% | 4.77% | 5.02% | 4.65% | |||||||||||||||||||
| Cost of funds | 0.55% | 0.53% | 0.58% | 0.54% | 0.58% | |||||||||||||||||||
| Net interest margin | 4.74% | 4.60% | 4.37% | 4.67% | 4.25% | |||||||||||||||||||
| Noninterest income to average assets | 0.48% | 0.52% | 0.74% | 0.50% | 0.66% | |||||||||||||||||||
| Noninterest expense to average assets | 3.87% | 3.41% | 3.57% | 3.64% | 3.46% | |||||||||||||||||||
| Provision expense to average assets | 0.14% | 0.10% | 0.16% | 0.12% | 0.14% | |||||||||||||||||||
| Efficiency ratio (1) | 78.5% | 70.7% | 75.0% | 74.6% | 75.6% | |||||||||||||||||||
| Jun. 30, | Mar. 31, | Jun. 30, | ||||||||||||||||||||||
| 2018 | 2018 | 2017 | ||||||||||||||||||||||
| ASSET QUALITY RATIOS AND DATA | ||||||||||||||||||||||||
| Nonaccrual loans | $2,511 | $1,838 | $1,002 | |||||||||||||||||||||
| Other real estate owned | $702 | $1,242 | $652 | |||||||||||||||||||||
| Nonperforming assets | $3,213 | $3,080 | $1,654 | |||||||||||||||||||||
| Loans 30-89 days past due and on accrual | $1,287 | $589 | $1,838 | |||||||||||||||||||||
| Accruing restructured loans | $2,207 | $2,242 | $2,343 | |||||||||||||||||||||
| Allowance for loan losses | $7,831 | $7,519 | $6,611 | |||||||||||||||||||||
| Nonperforming assets to total assets | 0.39% | 0.37% | 0.26% | |||||||||||||||||||||
| Allowance for loan losses to total loans | 1.09% | 1.12% | 1.23% | |||||||||||||||||||||
| Allowance for loan losses to nonaccrual loans | 311.9% | 409.1% | 659.8% | |||||||||||||||||||||
| Net charge-offs | ($30) | (2) | ($34) | (2) | $14 | (2) | ($64) | (3) | $109 | (3) | ||||||||||||||
| Net charge-offs to average loans (annualized) | -0.02% | (2) | -0.02% | (2) | 0.03% | (2) | -0.02% | (3) | 0.02% | (3) | ||||||||||||||
| CAPITAL RATIOS AND DATA | ||||||||||||||||||||||||
| Common shares outstanding at period end | 7,267,205 | 7,262,001 | 6,425,361 | |||||||||||||||||||||
| Book value per share | $11.47 | $11.25 | $10.63 | |||||||||||||||||||||
| Tangible book value per share | $9.83 | $9.59 | $9.49 | |||||||||||||||||||||
| Shareholders' equity to total assets | 10.2% | 9.9% | 10.7% | |||||||||||||||||||||
| Total capital to risk-weighted assets (4) | 11.5% | 11.7% | 12.5% | |||||||||||||||||||||
| Tier 1 capital to risk-weighted assets (4) | 10.4% | 10.6% | 11.4% | |||||||||||||||||||||
| Tier 1 common equity ratio (4) | 10.4% | 10.6% | 11.4% | |||||||||||||||||||||
| Tier 1 leverage capital ratio (4) | 10.2% | 9.8% | 11.3% | |||||||||||||||||||||
| DEPOSIT RATIOS AND DATA | ||||||||||||||||||||||||
| Core deposits (5) | $599,392 | $613,626 | $437,408 | |||||||||||||||||||||
| Core deposits to total deposits | 85.2% | 85.1% | 79.6% | |||||||||||||||||||||
| Noninterest bearing deposits to total deposits | 32.7% | 33.1% | 30.2% | |||||||||||||||||||||
| Net loan to deposit ratio | 100.6% | 91.7% | 96.5% | |||||||||||||||||||||
| Notes: | ||||||||||||||||||||||||
| (1 | ) | Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income). | ||||||||||||||||||||||
| (2 | ) | Net charge-offs for the three-month period. | ||||||||||||||||||||||
| (3 | ) | Net charge-offs year to date. | ||||||||||||||||||||||
| (4 | ) | Regulatory capital ratios are reported for Inland Northwest Bank. | ||||||||||||||||||||||
| (5 | ) | Core deposits include all deposits except time deposits. | ||||||||||||||||||||||
| Northwest Bancorporation, Inc. | ||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| Jun. 30, | Mar. 31, | Jun. 30, | Jun. 30, | Jun. 30, | ||||||||||||||||||
| (dollars in thousands, except per share data) | 2018 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
| Core Earnings: | ||||||||||||||||||||||
| Net income | $ | 1,440 | $ | 2,148 | $ | 1,054 | $ | 3,588 | $ | 2,024 | ||||||||||||
| Plus: | Acquisition-related costs, net of tax | 5 | 15 | 156 | 20 | 156 | ||||||||||||||||
| Abandoned IPO expenses, net of tax | 495 | - | - | 495 | - | |||||||||||||||||
| Merger related costs, net of tax | 259 | - | - | 259 | - | |||||||||||||||||
| Core earnings | $ | 2,199 | $ | 2,163 | $ | 1,210 | $ | 4,362 | $ | 2,180 | ||||||||||||
| Core earnings per diluted share | $ | 0.29 | $ | 0.29 | $ | 0.18 | $ | 0.58 | $ | 0.33 | ||||||||||||
| Core return on average assets | 1.08% | 1.05% | 0.76% | 1.07% | 0.69% | |||||||||||||||||
| Core return on average equity | 10.66% | 10.72% | 7.27% | 10.69% | 6.49% | |||||||||||||||||
| Tangible Book Value Per Share: | ||||||||||||||||||||||
| Total shareholders' equity | $ | 83,351 | $ | 81,725 | $ | 68,319 | $ | 83,351 | $ | 68,319 | ||||||||||||
| Less: | Goodwill | (9,477) | (9,477) | (6,206) | (9,477) | (6,206) | ||||||||||||||||
| Core deposit intangible | (2,469) | (2,581) | (1,167) | (2,469) | (1,167) | |||||||||||||||||
| Tangible common equity | $ | 71,405 | $ | 69,667 | $ | 60,946 | $ | 71,405 | $ | 60,946 | ||||||||||||
| Common shares outstanding | 7,267,205 | 7,262,001 | 6,425,361 | 7,267,205 | 6,425,361 | |||||||||||||||||
| Book value per share | $ | 11.47 | $ | 11.25 | $ | 10.63 | $ | 11.47 | $ | 10.63 | ||||||||||||
| Tangible book value per share | $ | 9.83 | $ | 9.59 | $ | 9.49 | $ | 9.83 | $ | 9.49 | ||||||||||||