First Northwest Bancorp 8-K, filed Oct 26, 2023

First Northwest Bancorp (FNWB)

8-K 2023-10-26 For: 2023-10-26

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Added on April 07, 2026

About this 8-K

First Northwest Bancorp filed this 8-K on October 26, 2023.

Items reported

Item 2.02: Financial results
Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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Washington	001-36741	46-1259100
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)



105 West 8th Street, Port Angeles, Washington	98362
(Address of principal executive offices)	(Zip Code)

Title of each class:		Trading Symbol(s):		Name of each exchange on which registered:
Common Stock, par value $0.01 per share		FNWB		The Nasdaq Stock Market LLC

Item 9.01 Financial Statements and Exhibits
(d) Exhibit.	The following exhibit is furnished with this Form 8-K.

Exhibit No.	Description
99.1	Press Release dated October 26, 2023
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)



		FIRST NORTHWEST BANCORP


Date:	October 26, 2023	/s/Matthew P. Deines
		Matthew P. Deines
		President and Chief Executive Officer

FINANCIAL HIGHLIGHTS	3Q 23			2Q 23			3Q 22			x	YTD Highlights
OPERATING RESULTS (in millions)											●	Deposit growth year-to-date of $93.5 million
Net income	$	2.5		$	1.8		$	4.3			▪	Retail growth $57.8 million, or 4.0%
Pre-provision net interest income		15.0			16.0			18.2			▪	Brokered growth $35.7 million, or 26.7%
Noninterest expense		14.4			15.2			15.4
Total revenue, net of interest expense*		17.9			17.7			20.5			●	Loan growth year-to-date of $87.4 million,
PER SHARE DATA												or 6%
Basic and diluted earnings	$	0.28		$	0.20		$	0.47
Book value		16.20			16.56			15.69			●	Deposit insurance coverage update:
Tangible book value *		16.03			16.39			15.50			▪	Estimated uninsured business and
BALANCE SHEET (in millions)												consumer deposits totaling $257.3 million,
Total assets	$	2,154		$	2,163		$	2,091				or approximately 16% of total deposits
Total loans		1,635			1,638			1,537				40% of uninsured in urban areas
Total deposits		1,658			1,653			1,605				60% of uninsured in rural areas
Total shareholders' equity		156			160			157			▪	Estimated uninsured public fund deposits
ASSET QUALITY												to total deposits of 7% (fully collateralized)
Net charge-off ratio		0.30	%		0.10	%		0.06	%		▪	Estimated insured deposits to total
Nonperforming assets to total assets		0.11			0.12			0.17				deposits of 77%
Allowance for credit losses on loans											▪	Available borrowing capacity to
to total loans		1.04			1.06			1.06				uninsured deposits of 115%
Nonperforming loan coverage ratio		714			677			463
SELECTED RATIOS											●	Liquidity is closely monitored with ample
Return on average assets		0.46	%		0.34	%		0.85	%			on and off balance sheet liquidity with
Return on average equity		6.17			4.41			10.12				coverage of uninsured deposits at 1.3x.
Return on average tangible equity *		6.23			4.47			10.23
Net interest margin		2.97			3.25			3.88			●	Asset quality:
Efficiency ratio		80.52			86.01			74.86				Credit metrics remain stable. Past due and
Bank common equity tier 1 (CETI) ratio		13.43			13.10			13.13				nonperforming balances remain low.
Bank total risk-based capital ratio		14.38			14.08			14.16

Selected Yields	3Q 23			2Q 23			1Q 23			4Q 22			3Q 22
Loan yield		5.31	%		5.38	%		5.16	%		5.22	%		4.75	%
Investment securities yield		4.18			4.09			3.93			3.71			3.21
Cost of interest-bearing deposits		2.22			1.87			1.37			0.78			0.41
Cost of total deposits		1.85			1.54			1.12			0.62			0.32
Cost of borrowed funds		4.45			4.36			3.92			3.30			2.50
Net interest spread		2.54			2.84			3.13			3.72			3.72
Net interest margin		2.97			3.25			3.46			3.96			3.88

Noninterest Income
$ in thousands	3Q 23		2Q 23			1Q 23		4Q 22		3Q 22
Loan and deposit service fees	$	1,068	$	1,064		$	1,141		1,163	$	1,302
Sold loan servicing fees and servicing rights mark-to-market		98		(191	)		493		202		206
Net gain on sale of loans		171		58			176		55		285
Increase in cash surrender value of bank-owned life insurance		252		190			226		230		221
Income from death benefit on bank-owned life insurance, net		—		—			—		1,489		—
Other income		1,315		590			298		229		320
Total noninterest income	$	2,904	$	1,711		$	2,334	$	3,368	$	2,334

Noninterest Expense
$ in thousands	3Q 23			2Q 23			1Q 23			4Q 22			3Q 22
Compensation and benefits	$	7,795		$	8,180		$	7,837		$	8,357		$	9,045
Data processing		1,945			2,080			2,038			2,119			1,778
Occupancy and equipment		1,173			1,214			1,209			1,300			1,499
Supplies, postage, and telephone		292			435			355			333			322
Regulatory assessments and state taxes		446			424			389			372			365
Advertising		501			929			1,041			486			645
Professional fees		929			884			806			762			695
FDIC insurance premium		369			313			257			235			219
Other expense		926			758			939			1,179			807
Total noninterest expense	$	14,376		$	15,217		$	14,871		$	15,143		$	15,375

Efficiency ratio		80.52	%		86.01	%		79.78	%		67.91	%		74.86	%

Investment Securities Available for Sale, at Fair Value
$ in thousands	3Q 23		2Q 23		1Q 23		4Q 22		3Q 22
Municipal bonds	$	93,995	$	100,503	$	101,910	$	98,050	$	96,130
U.S. Treasury notes		2,377		2,364		2,390		2,364		2,355
International agency issued bonds (Agency bonds)		1,703		1,717		1,745		1,702		1,683
Corporate issued debt securities (Corporate debt):
Senior positions		16,975		16,934		17,025		16,828		16,571
Subordinated bank notes		37,360		36,740		38,092		38,671		39,594
Mortgage-backed securities:
U.S. government agency issued mortgage-backed securities (MBS agency)		66,946		71,565		74,946		75,648		78,231
Non-agency issued mortgage-backed securities (MBS non-agency)		89,968		92,140		92,978		93,306		94,872
Total securities available for sale, at fair value	$	309,324	$	321,963	$	329,086	$	326,569	$	329,436

Loans by Collateral and Unfunded Commitments
$ in thousands	3Q 23		2Q 23		1Q 23		4Q 22		3Q 22
One-to-four family construction	$	72,991	$	74,787	$	65,770	$	63,021	$	58,038
All other construction and land		71,092		81,968		95,769		130,588		157,527
One-to-four family first mortgage		409,207		428,879		394,595		384,255		374,309
One-to-four family junior liens		12,859		11,956		9,140		8,219		7,244
One-to-four family revolving open-end		38,413		33,658		30,473		29,909		27,496
Commercial real estate, owner occupied:
Health care		22,677		23,157		23,311		23,463		23,909
Office		18,599		18,797		22,246		22,583		23,002
Warehouse		14,890		15,158		16,782		20,411		18,479
Other		57,414		60,054		52,212		47,778		38,282
Commercial real estate, non-owner occupied:
Office		53,879		54,926		58,711		59,216		60,655
Retail		51,466		51,824		52,175		54,800		53,186
Hospitality		61,339		53,416		45,978		46,349		44,359
Other		96,083		90,870		93,207		89,047		98,386
Multi-family residential		325,338		296,398		284,699		252,765		242,509
Commercial business loans		75,068		80,079		80,825		73,963		69,626
Commercial agriculture and fishing loans		4,437		7,844		1,829		1,847		938
State and political subdivision obligations		439		439		439		439		472
Consumer automobile loans		134,695		137,860		136,540		136,213		134,221
Consumer loans secured by other assets		113,685		115,646		114,343		102,333		104,272
Consumer loans unsecured		407		444		420		352		481
Total loans	$	1,634,978	$	1,638,160	$	1,579,464	$	1,547,551	$	1,537,391

Unfunded loan commitments	$	154,722	$	168,668	$	202,720	$	225,836	$	231,208

Deposits
$ in thousands	3Q 23			2Q 23			1Q 23			4Q 22			3Q 22
Noninterest-bearing demand deposits	$	269,800		$	280,475		$	292,119		$	315,083		$	342,808
Interest-bearing demand deposits		182,361			179,029			189,187			193,558			192,504
Money market accounts		372,706			374,269			402,760			473,009			519,018
Savings accounts		253,182			260,279			242,117			200,920			196,780
Certificates of deposit, retail		410,136			379,484			333,510			247,824			224,574
Certificates of deposit, brokered		169,577			179,586			134,515			133,861			129,551
Total deposits	$	1,657,762		$	1,653,122		$	1,594,208		$	1,564,255		$	1,605,235

Public fund and tribal deposits included in total deposits	$	128,627		$	130,974		$	119,969		$	103,662		$	113,690
Total loans to total deposits		99	%		99	%		99	%		99	%		96	%

Deposit Mix	3Q 23			2Q 23			1Q 23			4Q 22			3Q 22
Noninterest-bearing demand deposits		16.3	%		17.0	%		18.3	%		20.1	%		21.4	%
Interest-bearing demand deposits		11.0			10.8			11.9			12.4			12.0
Money market accounts		22.5			22.6			25.3			30.3			32.2
Savings accounts		15.3			15.7			15.2			12.8			12.3
Certificates of deposit, retail		24.7			23.0			20.9			15.8			14.0
Certificates of deposit, brokered		10.2			10.9			8.4			8.6			8.1

Cost of Deposits for the Quarter Ended	3Q 23			2Q 23			1Q 23			4Q 22			3Q 22
Interest-bearing demand deposits		0.46	%		0.45	%		0.42	%		0.17	%		0.03	%
Money market accounts		1.22			0.99			0.73			0.49			0.33
Savings accounts		1.42			1.22			0.70			0.17			0.05
Certificates of deposit, retail		3.52			3.25			2.59			1.65			1.05
Certificates of deposit, brokered		4.31			3.44			2.99			2.15			1.08
Cost of total deposits		1.85			1.54			1.12			0.62			0.32

	In October 2023, the First Fed team was honored to bring home the Gold for Best Bank in the Best of the Northwest survey hosted by Bellingham Alive for the second year in a row.
	In September 2023, the First Fed team was recognized in the 2023 Best of Olympic Peninsula surveys, winning Best Bank and Best Financial Advisor in Clallam County. First Fed was also a finalist for Best Bank in Jefferson County, Best Employer in Kitsap County, and Best Bank and Best Financial Institution in Bainbridge.
	In June 2023, First Fed was named on the Puget Sound Business Journal’s Best Workplaces list. First Fed has been recognized as one the top 100 workplaces in Washington, as voted for two years in row by each company’s own employees.
	In May 2023, First Fed was recognized as a Top Corporate Citizen by the Puget Sound Business Journal. The Corporate Citizenship Awards honors local corporate philanthropists and companies making significant contributions in the region. The top 25 small, medium and large-sized companies were recognized in addition to nine other honorees last year. First Fed was ranked #1 in the medium-sized company category in 2023 and was ranked #3 in the same category in 2022.

	In March 2023, First Fed won “Best Bank” in Cascadia Daily News 2023 Readers' Choice. It was the first year that First Fed had participated in this Whatcom County poll.
	First Fed has been rated a 5-star bank by Bauer Financial, a leading independent bank and credit union rating and research firm. This top rating indicates that First Fed is one of the strongest banks in the nation based on capital, loan quality and other detailed performance criteria.

	September 30, 2023			June 30, 2023			September 30, 2022			Three Month Change			One Year Change
ASSETS
Cash and due from banks	$	20,609		$	19,294		$	22,784			6.8	%		-9.5	%
Interest-earning deposits in banks		63,277			59,008			80,879			7.2			-21.8
Investment securities available for sale, at fair value		309,324			321,963			329,436			-3.9			-6.1
Loans held for sale		689			2,049			263			-66.4			162.0
Loans receivable (net of allowance for credit losses on loans $16,945, $17,297, and $16,273)		1,618,033			1,620,863			1,521,118			-0.2			6.4
Federal Home Loan Bank (FHLB) stock, at cost		12,621			12,621			11,961			0.0			5.5
Accrued interest receivable		8,093			7,480			6,655			8.2			21.6
Premises and equipment, net		17,954			18,140			20,841			-1.0			-13.9
Servicing rights on sold loans, at fair value		3,729			3,825			3,872			-2.5			-3.7
Bank-owned life insurance, net		40,318			40,066			40,003			0.6			0.8
Equity and partnership investments		14,623			14,569			13,990			0.4			4.5
Goodwill and other intangible assets, net		1,087			1,087			1,173			0.0			-7.3
Deferred tax asset, net		16,611			15,031			12,689			10.5			30.9
Prepaid expenses and other assets		26,577			26,882			25,777			-1.1			3.1
Total assets	$	2,153,545		$	2,162,878		$	2,091,441			-0.4	%		3.0	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits	$	1,657,762		$	1,653,122		$	1,605,235			0.3	%		3.3	%
Borrowings		300,416			303,397			292,338			-1.0			2.8
Accrued interest payable		2,276			1,367			105			66.5			2,067.6
Accrued expenses and other liabilities		34,651			44,286			34,940			-21.8			-0.8
Advances from borrowers for taxes and insurance		2,375			1,149			2,224			106.7			6.8
Total liabilities		1,997,480			2,003,321			1,934,842			-0.3			3.2

Shareholders' Equity
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding		—			—			—			n/a			n/a
Common stock, $0.01 par value, authorized 75,000,000 shares; issued and outstanding 9,630,735 at September 30, 2023; issued and outstanding 9,633,496 at June 30, 2023; and issued and outstanding 9,978,041 at September 30, 2022		96			96			100			0.0			-4.0
Additional paid-in capital		95,658			95,360			97,924			0.3			-2.3
Retained earnings		113,579			111,750			110,107			1.6			3.2
Accumulated other comprehensive loss, net of tax		(45,850	)		(40,066	)		(41,023	)		-14.4			-11.8
Unearned employee stock ownership plan (ESOP) shares		(7,418	)		(7,583	)		(8,077	)		2.2			8.2
Total parent's shareholders' equity		156,065			159,557			159,031			-2.2			-1.9
Noncontrolling interest in Quin Ventures, Inc.		—			—			(2,432	)		n/a			100.0
Total shareholders' equity		156,065			159,557			156,599			-2.2			-0.3
Total liabilities and shareholders' equity	$	2,153,545		$	2,162,878		$	2,091,441			-0.4	%		3.0	%

	Nine Months Ended September 30,				Percent
	2023		2022		Change
INTEREST INCOME
Interest and fees on loans receivable	$	62,531	$	48,395		29.2	%
Interest on investment securities		9,886		7,807		26.6
Interest on deposits in banks		1,545		202		664.9
FHLB dividends		628		313		100.6
Total interest income		74,590		56,717		31.5
INTEREST EXPENSE
Deposits		18,261		2,764		560.7
Borrowings		9,092		3,020		201.1
Total interest expense		27,353		5,784		372.9
Net interest income		47,237		50,933		-7.3
Provision for credit losses		171		1,250		-86.3
Net interest income after provision for credit losses		47,066		49,683		-5.3
NONINTEREST INCOME
Loan and deposit service fees		3,273		3,566		-8.2
Sold loan servicing fees and servicing rights mark-to-market		400		665		-39.8
Net gain on sale of loans		405		769		-47.3
Net gain on sale of investment securities		—		118		-100.0
Increase in cash surrender value of bank-owned life insurance		668		686		-2.6
Other income		2,203		1,155		90.7
Total noninterest income		6,949		6,959		-0.1
NONINTEREST EXPENSE
Compensation and benefits		23,812		27,583		-13.7
Data processing		6,063		5,420		11.9
Occupancy and equipment		3,596		4,098		-12.2
Supplies, postage, and telephone		1,082		1,043		3.7
Regulatory assessments and state taxes		1,259		1,167		7.9
Advertising		2,471		2,802		-11.8
Professional fees		2,619		1,883		39.1
FDIC insurance premium		939		653		43.8
Other		2,623		2,520		4.1
Total noninterest expense		44,464		47,169		-5.7
Income before provision for income taxes		9,551		9,473		0.8
Provision for income taxes		1,903		1,839		3.5
Net income		7,648		7,634		0.2
Net loss attributable to noncontrolling interest in Quin Ventures, Inc.		160		1,951		-91.8
Net income attributable to parent	$	7,808	$	9,585		-18.5	%

	As of or For the Quarter Ended
	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Performance ratios: (1)
Return on average assets		0.46	%		0.34	%		0.70	%		1.18	%		0.85	%
Return on average equity		6.17			4.41			8.98			15.26			10.12
Average interest rate spread		2.54			2.84			3.14			3.72			3.72
Net interest margin (2)		2.97			3.25			3.46			3.96			3.88
Efficiency ratio (3)		80.5			86.0			79.8			67.9			74.9
Equity to total assets		7.25			7.38			7.38			7.75			7.49
Average interest-earning assets to average interest-bearing liabilities		120.0			120.7			122.4			124.8			128.6
Book value per common share	$	16.20		$	16.56		$	16.57		$	16.31		$	15.69

Tangible performance ratios:
Tangible assets (4)	$	2,151,849		$	2,161,235		$	2,170,202		$	2,040,267		$	2,089,454
Tangible common equity (4)		154,369			157,914			158,444			156,479			154,612
Tangible common equity ratio (4)		7.17	%		7.31	%		7.30	%		7.67	%		7.40	%
Return on tangible common equity (4)		6.23			4.47			9.08			15.45			10.23
Tangible book value per common share (4)	$	16.03		$	16.39		$	16.38		$	16.13		$	15.50

Asset quality ratios:
Nonperforming assets to total assets at end of period (5)		0.11	%		0.12	%		0.12	%		0.09	%		0.17	%
Nonperforming loans to total loans (6)		0.15			0.16			0.17			0.12			0.22
Allowance for credit losses on loans to nonperforming loans (6)		713.77			677.25			660.69			900.34			462.70
Allowance for credit losses on loans to total loans		1.04			1.06			1.10			1.04			1.06
Annualized net charge-offs to average outstanding loans		0.30			0.10			0.25			0.11			0.06

Capital ratios (First Fed Bank):
Tier 1 leverage		10.1	%		10.2	%		10.4	%		10.4	%		10.5	%
Common equity Tier 1 capital		13.4			13.1			13.3			13.4			13.1
Tier 1 risk-based		13.4			13.1			13.3			13.4			13.1
Total risk-based		14.4			14.1			14.4			14.4			14.2

Other Information:
Average total assets	$	2,139,734		$	2,118,014		$	2,050,210		$	2,039,016		$	1,996,765
Average total loans		1,641,206			1,605,133			1,552,299			1,554,276			1,500,508
Average interest-earning assets		1,994,251			1,975,384			1,909,271			1,895,799			1,859,396
Average noninterest-bearing deposits		276,294			282,514			294,235			326,450			342,944
Average interest-bearing deposits		1,377,734			1,333,943			1,288,429			1,243,185			1,224,548
Average interest-bearing liabilities		1,661,996			1,636,188			1,559,983			1,519,106			1,446,428
Average equity		160,994			161,387			159,319			157,590			168,264

	Quarter Ended
	September 30, 2023		June 30, 2023			September 30, 2022		Three Month Change			One Year Change
INTEREST INCOME
Interest and fees on loans receivable	$	21,728	$	21,299		$	17,778		2.0	%		22.2	%
Interest on investment securities		3,368		3,336			2,817		1.0			19.6
Interest on deposits in banks		524		617			118		-15.1			344.1
FHLB dividends		214		222			142		-3.6			50.7
Total interest income		25,834		25,474			20,855		1.4			23.9
INTEREST EXPENSE
Deposits		7,699		6,209			1,251		24.0			515.4
Borrowings		3,185		3,283			1,400		-3.0			127.5
Total interest expense		10,884		9,492			2,651		14.7			310.6
Net interest income		14,950		15,982			18,204		-6.5			-17.9
Provision for credit losses		371		300			750		23.7			-50.5
Net interest income after provision for credit losses		14,579		15,682			17,454		-7.0			-16.5
NONINTEREST INCOME
Loan and deposit service fees		1,068		1,064			1,302		0.4			-18.0
Sold loan servicing fees and servicing rights mark-to-market		98		(191	)		206		151.3			-52.4
Net gain on sale of loans		171		58			285		194.8			-40.0
Increase in cash surrender value of bank-owned life insurance		252		190			221		32.6			14.0
Other income		1,315		590			320		122.9			310.9
Total noninterest income		2,904		1,711			2,334		69.7			24.4
NONINTEREST EXPENSE
Compensation and benefits		7,795		8,180			9,045		-4.7			-13.8
Data processing		1,945		2,080			1,778		-6.5			9.4
Occupancy and equipment		1,173		1,214			1,499		-3.4			-21.7
Supplies, postage, and telephone		292		435			322		-32.9			-9.3
Regulatory assessments and state taxes		446		424			365		5.2			22.2
Advertising		501		929			645		-46.1			-22.3
Professional fees		929		884			695		5.1			33.7
FDIC insurance premium		369		313			219		17.9			68.5
Other expense		926		758			807		22.2			14.7
Total noninterest expense		14,376		15,217			15,375		-5.5			-6.5
Income before provision for income taxes		3,107		2,176			4,413		42.8			-29.6
Provision for income taxes		603		475			818		26.9			-26.3
Net income		2,504		1,701			3,595		47.2			-30.3
Net loss attributable to noncontrolling interest in Quin Ventures, Inc.		—		75			696		-100.0			-100.0
Net income attributable to parent	$	2,504	$	1,776		$	4,291		41.0	%		-41.6	%

Basic and diluted earnings per common share	$	0.28	$	0.20		$	0.47		40.0	%		-40.4	%

(1)	Performance ratios are annualized, where appropriate.
(2)	Net interest income divided by average interest-earning assets.
(3)	Total noninterest expense as a percentage of net interest income and total other noninterest income.
(4)	See reconciliation of Non-GAAP Financial Measures later in this release.
(5)	Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.
(6)	Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.

	As of or For the Nine Months Ended September 30,
	2023			2022
Performance ratios: (1)
Return on average assets		0.50	%		0.66	%
Return on average equity		6.50			7.24
Average interest rate spread		2.83			3.61
Net interest margin (2)		3.22			3.73
Efficiency ratio (3)		82.1			81.5
Equity to total assets		7.25			7.49
Average interest-earning assets to average interest-bearing liabilities		121.0			130.2
Book value per common share	$	16.20		$	15.69

Tangible performance ratios:
Tangible assets (4)	$	2,151,849		$	2,089,454
Tangible common equity (4)		154,369			154,612
Tangible common equity ratio (4)		7.17	%		7.40	%
Return on tangible common equity (4)		6.57			7.33
Tangible book value per common share (4)	$	16.03		$	15.50

Asset quality ratios:
Nonperforming assets to total assets at end of period (5)		0.11	%		0.17	%
Nonperforming loans to total loans (6)		0.15			0.22
Allowance for credit losses on loans to nonperforming loans (6)		713.77			462.70
Allowance for credit losses on loans to total loans		1.04			1.06
Annualized net charge-offs to average outstanding loans		0.22			0.02

Capital ratios (First Fed Bank):
Tier 1 leverage		10.1	%		10.5	%
Common equity Tier 1 capital		13.4			13.1
Tier 1 risk-based		13.4			13.1
Total risk-based		14.4			14.2

Other Information:
Average total assets	$	2,102,980		$	1,953,738
Average total loans		1,599,872			1,434,178
Average interest-earning assets		1,959,946			1,824,734
Average noninterest-bearing deposits		284,282			338,745
Average interest-bearing deposits		1,333,696			1,223,265
Average interest-bearing liabilities		1,619,763			1,401,036
Average equity		160,573			177,023
Average common shares -- basic		8,910,391			9,086,229
Average common shares -- diluted		8,930,404			9,155,813

	September 30, 2023			September 30, 2022
	(Dollars in thousands, except per share data)
Total shareholders' equity	$	156,065		$	156,599
Less: Goodwill and other intangible assets		1,087			1,173
Disallowed non-mortgage loan servicing rights		609			814
Total tangible common equity	$	154,369		$	154,612

Total assets	$	2,153,545		$	2,091,441
Less: Goodwill and other intangible assets		1,087			1,173
Disallowed non-mortgage loan servicing rights		609			814
Total tangible assets	$	2,151,849		$	2,089,454

Average shareholders' equity	$	160,573		$	177,023
Less: Average goodwill and other intangible assets		1,088			1,179
Average disallowed non-mortgage loan servicing rights		690			1,026
Total average tangible common equity	$	158,795		$	174,818

Tangible common equity ratio ⁽¹⁾		7.17	%		7.40	%
Net income	$	7,808		$	9,585
Return on tangible common equity ⁽¹⁾		6.57	%		7.33	%
Common shares outstanding		9,630,735			9,978,041
Tangible book value per common share ⁽¹⁾	$	16.03		$	15.50
GAAP Ratios:
Equity to total assets		7.25	%		7.49	%
Return on average equity		6.50	%		7.24	%
Book value per common share	$	16.20		$	15.69