Financial Results - Quarterly Comparison December 2018

FINANCIAL HIGHLIGHTS (consolidated)

BALANCE SHEET (in thousands) Unaudited Unaudited
ASSETS 12/31/2018** 12/31/2017
Cash and Due from Banks $148,971 $219,211
Investment Securities

124,726

89,864

Federal Funds Sold

94,006

20,534

Loans, net

339,283

272,079

Other Assets

45,401

33,981

Total Assets $752,387 $636,669
     
LIABILITIES AND CAPITAL    
Deposits $415,147 $389,878

Federal Funds Purchased

129,622

87,247

Other Borrowed Money

96,321

72,065

Other Liabilities 9,445 8,429
Total Liabilities $650,535 $557,619
     

Equity Capital

101,852 79,050
Total Liabilities and Capital $752,387 $636,669
     
  YTD  YTD

INCOME STATEMENT (in thousands)

6/30/2018**  6/30/17

Interest Income

$21,879  $16,115
Interest Expense

6,113

4,316

Net Interest Income 15,766 11,799
     
Provision for Loan Losses -350  0
Realized Gains (Losses) on Securities 0  0
Non-interest Income 20,315  12,739
Operating Expenses 28,917  18,300
Taxes 1,513 3,506
Net Income $6,001 $2,732

 Financial results for 2018 include the assets, liabilities, capital and additional earnings that resulted from the January 2018 acquisition of Bankers Bank Northeast, Glastonbury, CT. The December 31, 2017 balances reflect the historical premerger data for Atlantic Community Bankers Bank only.  Year to Date net income included several non-recurring items such as OREO and BOLI gains and a $350 thousand credit to the loan loss provision in June.

Strong Capital Levels:

Total Risk-Based Capital Ratio = 22.74%
Tier 1 Risk-Based Capital Ratio = 21.53%
Leverage Capital Ratio = 13.90%

Credit Quality:

Past due loans that are still accruing were 0.11% of gross loans as of December 31, 2018. Robust loan loss allowance despite the provision credit, as illustrated below:

  • ALLL to Total Non-Current Loans of 652.48%
  • ALLL to Total Loans of 2.20%
  • Texas ratio of only 1.90%

Other Ratios

Return on Average Assets - YTD 0.80%
Return on Average Equity - YTD 6.10%
ALLL to Non-performing Loans* 363.8%

Non-performing Assets to Total Assets

0.28%

* Includes performing TDRs 

** 2018 includes balances acquired in BBN merger.