|
|
|
|
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which
registered
|
|
|
|
|
| Item 2.02. |
Results of Operations and Financial Condition
|
| Item 7.01 |
Regulation FD Disclosure
|
| Item 9.01 |
Financial Statements and Exhibits
|
|
(d)
|
Exhibits.
|
|
Item
|
Description
|
||
|
Press Release dated October 21, 2021
|
|||
|
Third Quarter 2021 Investor Presentation
|
|||
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |
|
BANK7 CORP.
|
||
|
Date: October 21, 2021
|
By:
|
/s/ Kelly J. Harris
|
|
Kelly J. Harris
|
||
|
Executive Vice President and Chief Financial Officer
|
||
| - |
Pre-tax, pre-provision earnings of $9.1 million compared to $7.4 million, an increase of 23.5%
|
| - |
Net income of $6.3 million compared to $4.4 million, an increase of 41.1%
|
| - |
Total assets of $1.1 billion compared to $973.4 million, an increase of 17.8%
|
| - |
Total deposits of $1.0 billion compared to $863.7 million, an increase of 17.9%
|
| - |
Tangible book value per share of $13.34 compared to $11.21, an increase of 19.0%
|
| - |
Average cost of funds of 0.33% compared to 0.57%, a decrease of 42.1%
|
| - |
Earnings per share of $0.69 compared to $0.48, an increase of 43.8%
|
| - |
ROAA of 2.36% compared to 1.83%, an increase of 28.9%
|
| - |
ROATCE of 21.12% compared to 17.44%, an increase of 21.1%
|
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
|
(Dollars in thousands, except per share data)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
|
Loan interest income (excluding loan fees)
|
||||||||||||||||
|
Total loan interest income, including loan fee income
|
$
|
13,927
|
$
|
12,777
|
$
|
41,377
|
$
|
39,268
|
||||||||
|
Loan fee income
|
(1,636
|
)
|
(1,078
|
)
|
(6,154
|
)
|
(3,969
|
)
|
||||||||
|
Loan interest income excluding loan fee income
|
$
|
12,291
|
$
|
11,699
|
$
|
35,223
|
$
|
35,299
|
||||||||
|
Average total loans
|
$
|
924,391
|
$
|
847,076
|
$
|
887,353
|
$
|
807,134
|
||||||||
|
Yield on loans (including loan fee income)
|
5.98
|
6.00
|
6.23
|
6.50
|
||||||||||||
|
Yield on loans (excluding loan fee income)
|
5.28
|
5.49
|
5.31
|
5.84
|
||||||||||||
|
Pre-tax, pre-provision net earnings
|
||||||||||||||||
|
Net income before income taxes
|
$
|
8,327
|
$
|
6,101
|
$
|
23,226
|
$
|
19,567
|
||||||||
|
Plus: Provision for loan losses
|
750
|
1,250
|
3,325
|
3,300
|
||||||||||||
|
Pre-tax, pre-provision net earnings
|
$
|
9,077
|
$
|
7,351
|
$
|
26,551
|
$
|
22,867
|
||||||||
|
Adjusted provision for income tax
|
||||||||||||||||
|
Net income before income taxes
|
$
|
8,327
|
$
|
6,101
|
$
|
23,226
|
$
|
19,567
|
||||||||
|
Total effective adjusted tax rate
|
24.8
|
%
|
27.2
|
%
|
24.8
|
%
|
25.8
|
%
|
||||||||
|
Adjusted provision for income taxes
|
$
|
2,063
|
$
|
1,661
|
$
|
5,753
|
$
|
5,040
|
||||||||
|
Tax-adjusted net income
|
||||||||||||||||
|
Net income before income taxes
|
$
|
8,327
|
$
|
6,101
|
$
|
23,226
|
$
|
19,567
|
||||||||
|
Adjusted provision for income taxes
|
2,063
|
1,661
|
5,753
|
5,040
|
||||||||||||
|
Tax-adjusted net income
|
$
|
6,264
|
$
|
4,440
|
$
|
17,473
|
$
|
14,527
|
||||||||
|
Tax-adjusted ratios and per share data
|
||||||||||||||||
|
Tax-adjusted net income (numerator)
|
$
|
6,264
|
$
|
4,440
|
$
|
17,473
|
$
|
14,527
|
||||||||
|
Average assets (denominator)
|
$
|
1,051,873
|
$
|
967,044
|
$
|
1,019,764
|
$
|
937,849
|
||||||||
|
Tax-adjusted return on average assets
|
2.36
|
%
|
1.83
|
%
|
2.29
|
%
|
2.07
|
%
|
||||||||
|
Average shareholders' equity (denominator)
|
$
|
119,145
|
$
|
102,929
|
$
|
113,817
|
$
|
101,377
|
||||||||
|
Tax-adjusted return on average shareholders' equity
|
20.86
|
%
|
17.16
|
%
|
20.53
|
%
|
19.14
|
%
|
||||||||
|
Average tangible common equity (denominator)
|
$
|
117,679
|
$
|
101,269
|
$
|
112,305
|
$
|
99,667
|
||||||||
|
Tax-adjusted return on average tangible common equity
|
21.12
|
%
|
17.44
|
%
|
20.80
|
%
|
19.47
|
%
|
||||||||
|
Weighted average common shares outstanding basic (denominator)
|
9,052,718
|
9,228,128
|
9,051,112
|
9,483,540
|
||||||||||||
|
Tax-adjusted net income per common share--basic
|
$
|
0.69
|
$
|
0.48
|
$
|
1.93
|
$
|
1.53
|
||||||||
|
Weighted average common shares outstanding diluted (denominator)
|
9,105,255
|
9,228,128
|
9,078,671
|
9,483,540
|
||||||||||||
|
Tax-adjusted net income per common share--diluted
|
$
|
0.69
|
$
|
0.48
|
$
|
1.92
|
$
|
1.53
|
||||||||
|
Tangible assets
|
||||||||||||||||
|
Total assets
|
$
|
1,146,230
|
$
|
973,354
|
||||||||||||
|
Less: Goodwill and intangibles
|
(1,446
|
)
|
(1,634
|
)
|
||||||||||||
|
Tangible assets
|
$
|
1,144,784
|
$
|
971,720
|
||||||||||||
|
Tangible shareholders' equity
|
||||||||||||||||
|
Total shareholders' equity
|
$
|
122,409
|
$
|
105,230
|
||||||||||||
|
Less: Goodwill and intangibles
|
(1,446
|
)
|
(1,634
|
)
|
||||||||||||
|
Tangible shareholders' equity
|
$
|
120,963
|
$
|
103,596
|
||||||||||||
|
Tangible shareholders' equity
|
||||||||||||||||
|
Tangible shareholders' equity (numerator)
|
$
|
120,963
|
$
|
103,596
|
||||||||||||
|
Tangible assets (denominator)
|
1,144,784
|
971,720
|
||||||||||||||
|
Tangible common equity to tangible assets
|
10.57
|
%
|
10.66
|
%
|
||||||||||||
|
End of period common shares outstanding
|
9,070,038
|
9,241,689
|
||||||||||||||
|
Book value per share
|
$
|
13.50
|
$
|
11.39
|
||||||||||||
|
Tangible book value per share
|
$
|
13.34
|
$
|
11.21
|
||||||||||||
|
Total shareholders' equity to total assets
|
10.68
|
%
|
10.81
|
%
|
||||||||||||
|
Net Interest Margin Excluding Loan Fee Income
|
||||||||||||||||||||||||
|
For the Three Months Ended September 30,
|
||||||||||||||||||||||||
|
2021
|
2020
|
|||||||||||||||||||||||
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
|||||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
|
Interest-Earning Assets:
|
||||||||||||||||||||||||
|
Short-term investments(1)
|
$
|
120,078
|
$
|
79
|
0.26
|
%
|
$
|
111,019
|
$
|
147
|
0.53
|
%
|
||||||||||||
|
Investment securities(2)
|
1,187
|
2
|
0.67
|
1,138
|
2
|
0.70
|
||||||||||||||||||
|
Loans held for sale
|
610
|
-
|
-
|
425
|
-
|
-
|
||||||||||||||||||
|
Total loans(3)
|
924,391
|
12,291
|
5.28
|
847,076
|
11,699
|
5.49
|
||||||||||||||||||
|
Total interest-earning assets
|
1,046,266
|
12,372
|
4.69
|
959,658
|
11,848
|
4.91
|
||||||||||||||||||
|
Noninterest-earning assets
|
5,607
|
7,386
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,051,873
|
$
|
967,044
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
401,843
|
332
|
0.33
|
%
|
$
|
381,572
|
545
|
0.57
|
%
|
||||||||||||||
|
Time deposits
|
220,189
|
397
|
0.72
|
200,961
|
780
|
1.54
|
||||||||||||||||||
|
Total interest-bearing deposits
|
622,032
|
729
|
0.46
|
582,533
|
1,325
|
0.90
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
622,032
|
729
|
0.46
|
582,533
|
1,325
|
0.90
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
304,063
|
276,219
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
6,633
|
5,363
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
310,696
|
281,582
|
||||||||||||||||||||||
|
Shareholders' equity
|
119,145
|
102,929
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,051,873
|
$
|
967,044
|
||||||||||||||||||||
|
Net interest income excluding loan fee income
|
$
|
11,643
|
$
|
10,523
|
||||||||||||||||||||
|
Net interest spread excluding loan fee income(4)
|
4.23
|
%
|
4.01
|
%
|
||||||||||||||||||||
|
Net interest margin excluding loan fee income
|
4.41
|
%
|
4.36
|
%
|
||||||||||||||||||||
|
Net Interest Margin Including Loan Fee Income
|
||||||||||||||||||||||||
|
For the Three Months Ended September 30,
|
||||||||||||||||||||||||
|
2021
|
2020
|
|||||||||||||||||||||||
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
|||||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
|
Interest-Earning Assets:
|
||||||||||||||||||||||||
|
Short-term investments(1)
|
$
|
120,078
|
$
|
79
|
0.26
|
%
|
$
|
111,019
|
$
|
147
|
0.53
|
%
|
||||||||||||
|
Investment securities(2)
|
1,187
|
2
|
0.67
|
1,138
|
2
|
0.70
|
||||||||||||||||||
|
Loans held for sale
|
610
|
-
|
-
|
425
|
-
|
-
|
||||||||||||||||||
|
Total loans(3)
|
924,391
|
13,927
|
5.98
|
847,076
|
12,777
|
6.00
|
||||||||||||||||||
|
Total interest-earning assets
|
1,046,266
|
14,008
|
5.31
|
959,658
|
12,926
|
5.36
|
||||||||||||||||||
|
Noninterest-earning assets
|
5,607
|
7,386
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,051,873
|
$
|
967,044
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
401,843
|
332
|
0.33
|
%
|
$
|
381,572
|
545
|
0.57
|
%
|
||||||||||||||
|
Time deposits
|
220,189
|
397
|
0.72
|
200,961
|
780
|
1.54
|
||||||||||||||||||
|
Total interest-bearing deposits
|
622,032
|
729
|
0.46
|
582,533
|
1,325
|
0.90
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
622,032
|
729
|
0.46
|
582,533
|
1,325
|
0.90
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
$
|
304,063
|
276,219
|
|||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
6,633
|
5,363
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
310,696
|
281,582
|
||||||||||||||||||||||
|
Shareholders' equity
|
119,145
|
102,929
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,051,873
|
$
|
967,044
|
||||||||||||||||||||
|
Net interest income including loan fee income
|
$
|
13,279
|
$
|
11,601
|
||||||||||||||||||||
|
Net interest spread including loan fee income(4)
|
4.85
|
%
|
4.45
|
%
|
||||||||||||||||||||
|
Net interest margin including loan fee income
|
5.04
|
%
|
4.81
|
%
|
||||||||||||||||||||
| (1) |
Includes income and average balances for fed funds sold, interest-earning deposits in banks and other miscellaneous interest-earning assets.
|
| (2) |
Includes income and average balances for FHLB and FRB stock.
|
| (3) |
Non-accrual loans are included in loans.
|
| (4) |
Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
|
|
Net Interest Margin Excluding Loan Fee Income
|
||||||||||||||||||||||||
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
2021
|
2020
|
|||||||||||||||||||||||
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
|||||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
|
Interest-Earning Assets:
|
||||||||||||||||||||||||
|
Short-term investments(1)
|
$
|
124,801
|
$
|
236
|
0.25
|
%
|
$
|
120,909
|
$
|
701
|
0.77
|
%
|
||||||||||||
|
Investment securities(2)
|
1,182
|
19
|
2.15
|
1,109
|
21
|
2.53
|
||||||||||||||||||
|
Loans held for sale
|
501
|
-
|
-
|
258
|
-
|
-
|
||||||||||||||||||
|
Total loans(3)
|
887,353
|
35,223
|
5.31
|
807,134
|
35,299
|
5.84
|
||||||||||||||||||
|
Total interest-earning assets
|
1,013,837
|
35,478
|
4.68
|
929,410
|
36,021
|
5.18
|
||||||||||||||||||
|
Noninterest-earning assets
|
5,927
|
8,439
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,019,764
|
$
|
937,849
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
410,299
|
1,024
|
0.33
|
%
|
$
|
366,162
|
2,259
|
0.82
|
%
|
||||||||||||||
|
Time deposits
|
212,706
|
1,352
|
0.85
|
208,650
|
2,769
|
1.77
|
||||||||||||||||||
|
Total interest-bearing deposits
|
623,005
|
2,376
|
0.51
|
574,812
|
5,028
|
1.17
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
623,005
|
2,376
|
0.51
|
574,812
|
5,028
|
1.17
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
277,308
|
256,429
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,634
|
5,231
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
282,942
|
261,660
|
||||||||||||||||||||||
|
Shareholders' equity
|
113,817
|
101,377
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,019,764
|
$
|
937,849
|
||||||||||||||||||||
|
Net interest income excluding loan fee income
|
$
|
33,102
|
$
|
30,993
|
||||||||||||||||||||
|
Net interest spread excluding loan fee income(4)
|
4.17
|
%
|
4.01
|
%
|
||||||||||||||||||||
|
Net interest margin excluding loan fee income
|
4.37
|
%
|
4.45
|
%
|
||||||||||||||||||||
|
Net Interest Margin With Loan Fee Income
|
||||||||||||||||||||||||
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
2021
|
2020
|
|||||||||||||||||||||||
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
|||||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
|
Interest-Earning Assets:
|
||||||||||||||||||||||||
|
Short-term investments(1)
|
$
|
124,801
|
$
|
236
|
0.25
|
%
|
$
|
120,909
|
$
|
701
|
0.77
|
%
|
||||||||||||
|
Investment securities(2)
|
1,182
|
19
|
2.15
|
1,109
|
21
|
2.53
|
||||||||||||||||||
|
Loans held for sale
|
501
|
-
|
-
|
258
|
-
|
-
|
||||||||||||||||||
|
Total loans(3)
|
887,353
|
41,377
|
6.23
|
807,134
|
39,268
|
6.50
|
||||||||||||||||||
|
Total interest-earning assets
|
1,013,837
|
41,632
|
5.49
|
929,410
|
39,990
|
5.75
|
||||||||||||||||||
|
Noninterest-earning assets
|
5,927
|
8,439
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,019,764
|
$
|
937,849
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
410,299
|
1,024
|
0.33
|
%
|
$
|
366,162
|
2,259
|
0.82
|
%
|
||||||||||||||
|
Time deposits
|
212,706
|
1,352
|
0.85
|
208,650
|
2,769
|
1.77
|
||||||||||||||||||
|
Total interest-bearing deposits
|
623,005
|
2,376
|
0.51
|
574,812
|
5,028
|
1.17
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
623,005
|
2,376
|
0.51
|
574,812
|
5,028
|
1.17
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
277,308
|
256,429
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,634
|
5,231
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
282,942
|
261,660
|
||||||||||||||||||||||
|
Shareholders' equity
|
113,817
|
101,377
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,019,764
|
$
|
937,849
|
||||||||||||||||||||
|
Net interest income including loan fee income
|
$
|
39,256
|
$
|
34,962
|
||||||||||||||||||||
|
Net interest spread including loan fee income(4)
|
4.98
|
%
|
4.58
|
%
|
||||||||||||||||||||
|
Net interest margin including loan fee income
|
5.18
|
%
|
5.02
|
%
|
||||||||||||||||||||
| (1) |
Includes income and average balances for fed funds sold, interest-earning deposits in banks and other miscellaneous interest-earning assets.
|
| (2) |
Includes income and average balances for FHLB and FRB stock.
|
| (3) |
Non-accrual loans are included in loans.
|
| (4) |
Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
|
|
Dollars in thousands
|
Unaudited as of
|
|||||||
|
Assets
|
September 30,
|
December 31,
|
||||||
|
2021
|
2020
|
|||||||
|
Cash and due from banks
|
$
|
205,762
|
$
|
153,901
|
||||
|
Interest-bearing time deposits in other banks
|
5,229
|
16,412
|
||||||
|
Loans, net
|
915,393
|
826,974
|
||||||
|
Loans held for sale
|
1,002
|
324
|
||||||
|
Premises and equipment, net
|
8,775
|
9,151
|
||||||
|
Nonmarketable equity securities
|
1,193
|
1,172
|
||||||
|
Goodwill and intangibles
|
1,446
|
1,583
|
||||||
|
Interest receivable and other assets
|
7,430
|
7,152
|
||||||
|
Total assets
|
$
|
1,146,230
|
$
|
1,016,669
|
||||
|
Liabilities and Shareholders’ Equity
|
||||||||
|
Deposits
|
||||||||
|
Noninterest-bearing
|
$
|
335,316
|
$
|
246,569
|
||||
|
Interest-bearing
|
683,058
|
658,945
|
||||||
|
Total deposits
|
1,018,374
|
905,514
|
||||||
|
Interest payable and other liabilities
|
5,447
|
3,827
|
||||||
|
Total liabilities
|
1,023,821
|
909,350
|
||||||
|
Common stock
|
91
|
90
|
||||||
|
Additional paid-in capital
|
93,766
|
93,162
|
||||||
|
Retained earnings
|
28,552
|
14,067
|
||||||
|
Total shareholders’ equity
|
122,409
|
107,319
|
||||||
|
Total liabilities and shareholders’ equity
|
$
|
1,146,230
|
$
|
1,016,669
|
||||
|
Unaudited as of
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
Dollars in thousands, except per share data
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
|
Interest Income
|
||||||||||||||||
|
Loans, including fees
|
$
|
13,927
|
$
|
12,777
|
$
|
41,377
|
$
|
39,268
|
||||||||
|
Interest-bearing time deposits in other banks
|
35
|
123
|
141
|
419
|
||||||||||||
|
Interest-bearing deposits in other banks
|
46
|
26
|
114
|
303
|
||||||||||||
|
|
||||||||||||||||
|
Total interest income
|
14,008
|
12,926
|
41,632
|
39,990
|
||||||||||||
|
|
||||||||||||||||
|
Interest Expense
|
||||||||||||||||
|
Deposits
|
729
|
1,325
|
2,376
|
5,028
|
||||||||||||
|
|
||||||||||||||||
|
Total interest expense
|
729
|
1,325
|
2,376
|
5,028
|
||||||||||||
|
|
||||||||||||||||
|
Net Interest Income
|
13,279
|
11,601
|
39,256
|
34,962
|
||||||||||||
|
|
||||||||||||||||
|
Provision for Loan Losses
|
750
|
1,250
|
3,325
|
3,300
|
||||||||||||
|
|
||||||||||||||||
|
Net Interest Income After Provision for Loan Losses
|
12,529
|
10,351
|
35,931
|
31,662
|
||||||||||||
|
|
||||||||||||||||
|
Noninterest Income
|
||||||||||||||||
|
Secondary market income
|
161
|
57
|
253
|
134
|
||||||||||||
|
Service charges on deposit accounts
|
141
|
104
|
380
|
318
|
||||||||||||
|
Other
|
275
|
173
|
860
|
513
|
||||||||||||
|
|
||||||||||||||||
|
Total noninterest income
|
577
|
334
|
1,493
|
965
|
||||||||||||
|
|
||||||||||||||||
|
Noninterest Expense
|
||||||||||||||||
|
Salaries and employee benefits
|
2,946
|
2,505
|
8,685
|
7,576
|
||||||||||||
|
Furniture and equipment
|
218
|
224
|
651
|
658
|
||||||||||||
|
Occupancy
|
461
|
543
|
1,391
|
1,417
|
||||||||||||
|
Data and item processing
|
292
|
276
|
857
|
821
|
||||||||||||
|
Accounting, marketing and legal fees
|
150
|
135
|
447
|
338
|
||||||||||||
|
Regulatory assessments
|
162
|
164
|
464
|
281
|
||||||||||||
|
Advertising and public relations
|
76
|
62
|
181
|
360
|
||||||||||||
|
Travel, lodging and entertainment
|
102
|
50
|
309
|
146
|
||||||||||||
|
Other
|
372
|
625
|
1,213
|
1,463
|
||||||||||||
|
|
||||||||||||||||
|
Total noninterest expense
|
4,779
|
4,584
|
14,198
|
13,060
|
||||||||||||
|
|
||||||||||||||||
|
Income Before Taxes
|
8,327
|
6,101
|
23,226
|
19,567
|
||||||||||||
|
Income tax expense
|
2,063
|
1,661
|
5,753
|
5,040
|
||||||||||||
|
Net Income
|
$
|
6,264
|
$
|
4,440
|
$
|
17,473
|
$
|
14,527
|
||||||||
|
|
||||||||||||||||
|
Earnings per common share - basic
|
$
|
0.69
|
$
|
0.48
|
$
|
1.93
|
$
|
1.53
|
||||||||
|
Diluted earnings per common share
|
0.69
|
0.48
|
1.92
|
1.53
|
||||||||||||
|
Weighted average common shares outstanding - basic
|
9,052,718
|
9,228,128
|
9,051,112
|
9,483,540
|
||||||||||||
|
Weighted average common shares outstanding - diluted
|
9,105,255
|
9,228,128
|
9,078,671
|
9,483,540
|
||||||||||||






















