Financial Results - Quarterly Comparison June 2018

FINANCIAL HIGHLIGHTS (consolidated)

BALANCE SHEET (in thousands) Unaudited Unaudited
ASSETS 6/30/2018** 6/30/2017
Cash and Due from Banks $202,984 $166,007
Investment Securities

123,552

104,119

Federal Funds Sold

31,338

70,601

Loans, net

302,091

263,662

Other Assets

42,120

31,731

Total Assets $702,085 $636,120
     
LIABILITIES AND CAPITAL    
Deposits $417,876 $401,836

Federal Funds Purchased

87,426

77,023

Other Borrowed Money

89,608

64,876

Other Liabilities 7,990 12,875
Total Liabilities $602,900 $556,610
     

Equity Capital

99,185 79,510
Total Liabilities and Capital $702,085 $636,120
     
  YTD  YTD

INCOME STATEMENT (in thousands)

6/30/2018**  6/30/17

Interest Income

$10,789  $7,685
Interest Expense

2,681

1,941

Net Interest Income 8,108 5,744
     
Provision for Loan Losses -350  0
Realized Gains (Losses) on Securities 0  0
Non-interest Income 9,989  7,324
Operating Expenses 14,086  9,740
Taxes 855 1,009
Net Income $3,506 $2,319

 

Financial results for 2018 include the assets, liabilities, capital and additional earningsthat resulted from the January 2018 acquisition of Bankers Bank Northeast, Glastonbury, CT.  The June 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 = 25.26%
Tier 1 Risk-Based Capital Ratio = 24.06%
Leverage Capital Ratio = 13.20%

Credit Quality:

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

  • ALLL to Total Non-Current Loans of 627.76%
  • ALLL to Total Loans of 2.46%
  • Texas ratio of only 2.11%

Other Ratios

Return on Average Assets - YTD 0.91%
Return on Average Equity - YTD 7.22%
ALLL to Non-performing Loans* 334.4%

Non-performing Assets to Total Assets

0.32%

* Includes performing TDRs 

** 2018 includes balances acquired in BBN merger.

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