ACBB's FINANCIAL RESULTS for the Years Ended December 31, 2016 and 2015

FINANCIAL HIGHLIGHTS (consolidated)


BALANCE SHEET (in thousands)

Unaudited Audited
ASSETS
12/31/2016 12/31/2015
Cash and Due from Banks $167,173 $205,769
Investment Securities 88,471 79,402
Federal Funds Sold 76,080 42,319
Loans, net 243,040 219,108
Other Assets 36,171 30,807
Total Assets $610,935 $577,405
     
LIABILITIES AND CAPITAL    
Deposits $369,551 $372,906
Federal Funds Purchased 103,939 87,739
Other Borrowed Money 53,319 34,602
Other Liabilities 7,990 7,781
Total Liabilities 534,799 503,028
     
Equity Capital 76,136 74,377
Total Liabilities and Capital $610,935 $577,405
     
INCOME STATEMENT (in thousands)    
Interest Income $13,404 $12,105
Interest Expense 2,653 2,021
Net Interest Income 10,751 10,084
     
Provision for Loan Losses (90) (410)
Realized Gains (Losses) on Securities 0 0
Non-interest Income 12,929 12,705
Operating Expenses 18,143 18,292
Taxes 1,676 1,432
Net Income $3,951 $3,475

 

SUMMARY OF FINANCIAL HIGHLIGHTS
YTD Net income of $3,951,000 for 2016 was $476,000 above 2015 year to date income. Several one-time income events helped drive non-recurring profits, including additional interest income from the resolution of problem loans, gains on the sale of OREO properties, and one-time fee income from ACBB-BITS. Excluding all non-recurring items, core income was ahead of December 2015 by 12.8%, and exceeded the 2016 YTD budget by an average of $35,000 per month.

Strong Capital Levels:
Total Risk-Based Capital ratio = 23.62%
Tier 1 Risk-Based Capital Ratio = 22.45%
Leverage Capital Ratio = 12.62%

Funding Diversification and Balance Sheet Notes:
Net loans increased $23.9 million year over year, and grew 10.9% over December 31, 2015. Other borrowed money increased by 54% over December 2015 as long term loan growth was financed by FHLB advances which replaced maturing CDs.

Credit Quality:
2016 YTD net charge offs were $159 thousand, or 0.07% of total loans.Past due loans that are still accruing were 0.5% of gross loans as of December 31, 2016.
Robust loan loss allowance despite YTD credit to provision, as illustrated below: 

  • ALL to Total Non-Current Loans of 394.41%
  • ALL to Total Loans of 3.34%
  • Texas ratio of only 4.20%

Other Ratios:

Return on Average Assets 0.67%
Return on Average Equity 5.17%
ALL to Non-performing Loans* 273.2%

Non-performing Assets to Total Assets

* Includes performing TDRs

0.58%