ACBB's FINANCIAL RESULTS for the Six Months Ending June 30, 2017 and 2016

FINANCIAL HIGHLIGHTS (consolidated)

 

 

BALANCE SHEET (in thousands) Unaudited Unaudited
ASSETS 6/30/2017 6/30/2016
Cash and Due from Banks $166,007 $188,874
Investment Securities 104,119 85,816
Federal Funds Sold 70,601 54,981
Loans, net 263,662 208,130
Other Assets 31,730 35,176
Total Assets $636,119 $572,977
     
LIABILITIES AND CAPITAL    
Deposits $401,836 $357,782

Federal Funds Purchased

77,023 84,997
Other Borrowed Money 64,875 46,817
Other Liabilities 12,875 6,720
Total Liabilities 556,609 496,316
     

Equity Capital

79,510 76,661
Total Liabilities and Capital $636,119 $572,977
     

INCOME STATEMENT (in thousands)

   

Interest Income

$7,685 $6,682
Interest Expense 1,941 1,244
Net Interest Income 5,744 5,438
     
Provision for Loan Losses 0 (395)
Realized Gains (Losses) on Securities 0 0
Non-interest Income 7,324 6,983
Operating Expenses 9,740 9,223
Taxes 1,009 1,124
Net Income $2,319 $2,469

 

SUMMARY OF FINANCIAL HIGHLIGHTS 

YTD Net income of $2,319,000 for 2017 was $150,000 below June 2016 YTD net income. June 2016 YTD income included a $395 thousand credit to the loan loss provison, while 2017 has had no provision activity. Net interest income increased by $306 thousand year over year due to strong loan growth in 2017 and late 2016.

Strong Capital Levels (March 31, 2017) : 

Total Risk-Based Capital Ratio = 23.35%
Tier 1 Risk-Based Capital Ratio = 22.05%
Leverage Capital Ratio = 12.59%

Funding Diversification and Balance Sheet Composition: 

Net loans increased 26.7% over June 2016. Deposit growth was primarily in CDs which grew by $32 million year over year. Other borrowed money increased by 38.6% over June 2016 as long term loan
growth was funded with FHLB advances and long-term CDs.

Credit Quality: 

Past due loans that are still accruing were 0.76% of gross loans as of June 30, 2017. Robust loan loss allowance, as illustrated below:

  • ALL to Total Non-Current Loans of 280.21%
  • ALL to Total Loans of 3.15%
  • Texas ratio of only 4.48%

Other Ratios:

Return on Average Assets 0.75%
Return on Average Equity 5.98%
ALL to Non-performing Loans* 214.1%

Non-performing Assets to Total Assets

0.62%

*Includes performing TDRS