Financial Results - Quarterly Comparison June 2019
ACBB FINANCIAL RESULTS for the Six Months Ending June 30, 2019 and 2018
BALANCE SHEET (in thousands) | Unaudited | Unaudited |
ASSETS | 6/30/2019 | 6/30/2018 |
Cash and Due from Banks | $255,308 | $202,984 |
Investment Securities |
127,247 |
123,552 |
Federal Funds Sold |
32,131 |
31,338 |
Loans, Net |
352,169 |
302,091 |
Other Assets |
46,638 |
42,120 |
Total Assets | $813,493 | $702,085 |
LIABILITIES AND CAPITAL | ||
Deposits | $406,246 | $417,876 |
Federal Funds Purchased |
193,942 |
87,426 |
Other Borrowed Funds |
97,937 |
89,608 |
Other Liabilities | 9,546 | 7,990 |
Total Liabilities | 707,671 | 602,900 |
Equity Capital |
105,822 | 99,185 |
Total Liabilities and Capital | $813,493 | $702,085 |
YTD | YTD | |
INCOME STATEMENT (in thousands) |
6/30/2019 | 6/30/2018 |
Interest Income |
$12,820 | $10,789 |
Interest Expense |
4,603 |
2,681 |
Net Interest Income | 8,217 | 8,108 |
Provision for Loan Losses | 0 | (350) |
Realized Gains (Losses) on Securities | 0 | 0 |
Non-interest Income | 10,254 | 9,989 |
Operating Expenses | 14,701 | 14,086 |
Income Tax Expense | 802 | 855 |
Net Income | $2,968 |
$3,506
|
YTD net income of $2,968,000 was $538,000 below that of June 2018. Prior year results included a $350 credit to the provision for loan losses, recognition of income from a BOLI death benefit ($204 K), a gain from an OREO recovery, and a purchase accounting gain ($171 K) resulting from the January 2018 acquisition of Bankers Bank Northeast. Net interest income was $109,000 higher than June 2018 YTD but included $440,000 in interest recoveries. The decrease in net income year over year was mainly due to a $615,000 increase in operating expenses, including the full year effect of 2018 staff additions, new positions added in 2019 and an increase in professional services expenses.
Strong Capital Levels:
Total Risk-Based Capital Ratio = 22.50%
Tier 1 Risk-Based Capital Ratio = 21.29%
Leverage Capital Ratio = 13.33%
Funding Diversification and Balance Sheet Composition:
Loan growth was strong: a net increase of $50.1 million from June 2018. Non-interest bearing deposits declined by $23 million year over year, replaced with interest bearing CDs and borrowings, including FHLB advances. Fed Funds Purchased were $106.5 million higher than June 30, 2018.
Credit Quality:
There were no delinquent loans still accruing on June 30th.
Robust loan loss allowance, as illustrated below:
● ALL to Total Non-Current Loans of 2,190.5%
● ALL to Total Loans of 2.24%
● Texas ratio of only 1.13%
Other Ratios:
Return on Average Assets | 0.78% |
Return on Average Equity | 5.73% |
ALL to Non-performing Loans* | 625.14% |
Non-performing Assets to Total Assets |
0.16% |
*Includes performing TDRs