Financial Results - Quarterly Comparison September 2018

FINANCIAL HIGHLIGHTS (consolidated)

BALANCE SHEET (in thousands) Unaudited Unaudited
ASSETS 9/30/2018** 9/30/2017
Cash and Due from Banks $188,036 $183,933
Investment Securities

124,850

94,711

Federal Funds Sold

66,857

28,772

Loans, net

307,741

271,532

Other Assets

42,047

35,156

Total Assets $729,531 $614,104
     
LIABILITIES AND CAPITAL    
Deposits $417,876 $377,070

Federal Funds Purchased

87,426

84,882

Other Borrowed Money

89,608

63,349

Other Liabilities 7,990 8,225
Total Liabilities $602,900 $533,526
     

Equity Capital

99,185 80,578
Total Liabilities and Capital $702,085 $614,104
     
  YTD  YTD

INCOME STATEMENT (in thousands)

6/30/2018**  6/30/17

Interest Income

$16,204  $11,806
Interest Expense

4,292

3,103

Net Interest Income 11,912 8,703
     
Provision for Loan Losses -350  0
Realized Gains (Losses) on Securities 0  0
Non-interest Income 15,257  10,317
Operating Expenses 21,263  14,061
Taxes 1,254 1,514
Net Income $5,002 $3,445

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 September 30, 2017 balance sheet data reflects the historical premerger data for Atlantic Community Bankers Bank only.  The June YTD 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 = 24.42%
Tier 1 Risk-Based Capital Ratio = 23.24%
Leverage Capital Ratio = 14.04%

Credit Quality:

Past due loans that are still accruing were 0.06% of gross loans as of September 30, 2018. Robust loan loss allowance despite the provision credit, as illustrated below:

  • ALLL to Total Non-Current Loans of 715.59%
  • ALLL to Total Loans of 2.42%
  • Texas ratio of only 1.96%

Other Ratios

Return on Average Assets - YTD 0.79%
Return on Average Equity - YTD 6.09%
ALLL to Non-performing Loans* 358.1%

Non-performing Assets to Total Assets

0.29%

* Includes performing TDRs 

** 2018 includes balances acquired in BBN merger.

Bank Insight Rating (formerly Thomson Reuters Peer Group Rating) - September 30, 2018:  79/A