Financial Results - Quarterly Comparison March 2018

FINANCIAL HIGHLIGHTS (consolidated)

BALANCE SHEET (in thousands) Unaudited Unaudited
ASSETS 3/31/2018** 12/31/2017
Cash and Due from Banks $302,417 $219,211
Investment Securities 130,447 89,864
Federal Funds Sold 49,380 20,534
Loans, net 312,673 272,079
Other Assets 41,901 34,981
Total Assets $836,818 $636,669
     
LIABILITIES AND CAPITAL    
Deposits $551,739 $389,878

Federal Funds Purchased

97,970 87,247
Other Borrowed Money 81,457 72,065
Other Liabilities 7,746 8,429
Total Liabilities 738,912 557,619
     

Equity Capital

97,906 79,050
Total Liabilities and Capital $836,818 $636,669
     
  YTD  

INCOME STATEMENT (in thousands)

3/31/2018**  

Interest Income

$5,457  
Interest Expense 1,266
Net Interest Income 4,191
     
Provision for Loan Losses 0  
Realized Gains (Losses) on Securities 0  
Non-interest Income 5,168  
Operating Expenses 6,678  
Taxes 502
Net Income $2,179  

 

Financial results for 2018 include the assets, liabilities, capital and additional earnings that resulted from the January 2018 acquisition of Bankers' Bank Northeast (BBN), Glastonbury, CT. The 2017 balance sheet data reflects the historical results of Atlantic Community Bankers Bank only, as of December 31, 2017.

Strong Capital Levels:

Total Risk-Based Capital Ratio = 24.29%
Tier 1 Risk-Based Capital Ratio = 23.11%
Leverage Capital Ratio = 12.13%

Funding Diversification and Balance Sheet Composition:

Deposit growth in 2018 was primarily in demand deposits, attributable to the acquisition of BBN, which contributed $160 million in DDA deposits as of March 31, 2018. Other borrowed money increased by 13% over December 2017 as long term loan growth was funded with two additional FHLB advances totaling $11 million.

Credit Quality:

Past due loans that are still accruing were 0.06% of gross loans as of March 31, 2018. Robust loan loss allowance, as illustrated below:

  • ALLL to Total Non-Current Loans of 640.76%
  • ALLL to Total Loans of 2.49%
  • Texas ratio of only 2.18%

Other Ratios

Return on Average Assets 1.09%
Return on Average Equity 9.10%
ALLL to Non-performing Loans* 344.9%

Non-performing Assets to Total Assets

0.28%

* Includes performing TDRs 

** 2018 includes balances acquired in BBN merger.