COLUMBIA, Tenn.--(BUSINESS WIRE)--First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced unaudited financial results for the fourth quarter and year ended December 31, 2024.
"First Farmers net income rose 36.4% to $1.20 per share in the fourth quarter, our highest level of quarterly earnings since the second quarter of 2021," stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. "Our strong earnings performance benefited from a 22.6% decrease in interest expense compared with the fourth quarter of last year. Our effective balance sheet management and growth in core deposits contributed to reduced funding costs when compared to last year.
"We were impacted by a slowdown in loan demand in the second half of 2024; however, we see an uptick in lending activity as we enter the first quarter of 2025. We remain positive regarding our continued growth in earnings in 2025 based on our current loan pipeline, the strong position of our balance sheet, and improved net interest margin.
"We remain focused on improving our operations to support continued growth. Our balance sheet is positioned to enhance our earnings performance as rates decline in the future. Credit quality remains very strong, and we continue to streamline our operations to enhance efficiency. Our trust services business line reported record earnings again in 2025, and we are building our mortgage banking capabilities in anticipation of future growth opportunities across our footprint. We believe these fundamentals are key to driving earnings growth and building long-term value for First Farmers' shareholders."
Key highlights of First Farmers' results for 2024 include:
- Net income was $16.0 million in 2024, consistent with net income of $16.0 million in 2023;
- Net income per share grew 2.6% to $3.90 for 2024, up from $3.80 in 2023;
- Adjusted net income, which excludes special items, decreased 2.0% to $15.9 million, or $3.87 per common share in 2024, compared with $16.2 million, or $3.84 per common share (see "Non-GAAP Financial Measures" section);
- Loans declined 2.0% to $999 million from 2023;
- Average core deposit balances grew by $43.6 million, or 3.5% from 2023;
- Wealth management and trust services revenue grew to a record $4.7 million in 2024 with $6.2 billion of administered trust assets;
- Net interest margin improved for the fourth consecutive quarter to 2.82%; and
- Book value per share increased 14.5% to $34.06 from $29.74 from the fourth quarter of 2023.
"The Board of Directors authorized the extension of our stock repurchase program with the addition of 200,000 shares for 2025," continued Williams. "In addition, we raised the cash dividend by 5.3% in 2024 and paid our 100th consecutive quarterly cash dividend during the year. We believe the increase in our cash dividend and renewal of our stock repurchase program highlights our Board's confidence in the future of First Farmers."
Commenting on the results, Robert E. Krimmel, Chief Financial Officer of First Farmers, said, "Our strong earnings performance for the fourth quarter was driven by the improvement in net interest income and our net interest margin. Net interest income rose 20.9% to $12.1 million in the fourth quarter and our net interest margin was up 27 basis points from the third quarter and 61 basis points since the fourth quarter of last year. We also benefited from our strong liquidity position, reduced dependence on non-core funding and the payoff of the Federal Reserve Bank's Bank Term Funding Program (BTFP) borrowings.
"We believe our balance sheet is positioned well to grow future earnings in this interest rate environment. Our improved efficiency ratio benefited from the growth in earnings and focus on expense controls.
"We enter 2025 with a strong capital position to continue our strategic growth initiatives. We expect to benefit from our continued investments in our digital platforms and operating software to improve our future operating efficiencies. We are also building out our mortgage operations and recently received approval to sell mortgage loans directly to Freddie Mac. We expect this will enhance our opportunities to grow non-interest income through mortgage loan sales and servicing in the future," concluded Krimmel.
Fourth Quarter 2024 Results of Operations
Net income increased to $4.9 million, up $1.2 million, or 33.2%, from the fourth quarter of 2023. Net income per share increased 36.4% to $1.20 for the fourth quarter of 2024 compared with $0.88 for the fourth quarter of 2023. The increase in earnings for the fourth quarter of 2024 resulted from growth in net interest income of $2.1 million driven by higher interest and fees on loans of $546,000, up 4.1%, and a decrease in total interest expense of $1.4 million.
Net interest income after provision increased for the fifth consecutive quarter to $12.4 million, up 20.9%, compared to the fourth quarter of 2023. Non-interest income declined by $291,000 due to a non-recurring gain on redemption of bank-owned life insurance recognized in the fourth quarter of 2023 coupled with a decline in other non-interest income of $80,000, offset in part by an increase in wealth management and trust services fee income of $139,000. Wealth management and trust services reported record revenue for the fourth quarter of the year, highlighting 55 years as a strong source of non-interest income for First Farmers. Non-interest expense grew 3.2% to $305,000 for the fourth quarter of 2024 driven by increases in software support and other computer expense of $100,000, data processing expense of $50,000, legal and professional fees of $43,000 and advertising and promotions of $72,000 compared to the fourth quarter of 2023.
Net income for the fourth quarter of 2024 was up from the sequential third quarter by $924,000, or 23.4%. The increase in earnings was primarily due to growth in net interest income of $788,000 driven by lower interest expense on borrowings, offset in part by lower interest and fees on loans. During the quarter, the net interest margin increased by 27 basis points supported mostly by lower total cost of interest-bearing liabilities due to a decline in average borrowings of $132 million, offset in part by a reduction in average loan balances of $27 million. The decline in average borrowings was mostly driven by the payoff of the Federal Reserve Bank's BTFP borrowing during the fourth quarter of 2024. Provision for credit losses declined $285,000 for the fourth quarter of 2024 compared to the sequential third quarter driven by a $110,000 principal recovery from a previously charged-off loan coupled with lower loan and unfunded commitment balances. Non-interest income decreased $34,000 driven by a loss on equity securities of $36,000 coupled with a decline in gain on disposal of premises and equipment of $51,000, offset in part by increases in revenue for wealth management and trust services and investment services fee income. Non-interest expense remained flat with decreases in health insurance of $162,000 and recruitment and placement services of $71,000, offset by increases of $112,000 in advertising and promotions and $130,000 in other non-interest expense.
For the fourth quarter of 2024, total cash and cash equivalents decreased $24 million from the sequential third quarter and increased $21 million from the fourth quarter of 2023. The fair market value of available-for-sale securities decreased by $45 million from the sequential third quarter to $589 million, or 33.3% of total assets, and decreased $104 million from $693 million, or 37.0% of total assets, in the fourth quarter of 2023.
Outstanding loan balances decreased $32 million, or 3.1%, from the sequential third quarter to $999 million and decreased $20 million, or 2.0%, from the fourth quarter of 2023. The decrease in loan balances in the fourth quarter was due to commercial real estate loan payoffs and line of credit reductions coupled with the bank's continued focus on a disciplined lending strategy to manage credit risks by limiting total loans in certain market segments while maintaining overall loan quality criteria. Total deposits were flat when compared to the sequential third quarter at $1.604 billion, and decreased $15 million, or 0.9%, from the fourth quarter of 2023. While total deposits remained flat compared to the sequential third quarter, core deposits grew $52 million, which was offset by reductions in brokered deposits of $46 million and non-core deposits of $11 million. The shift in balances from more expensive borrowings and brokered deposits to less expensive transaction account balances supported the decrease in interest expense of 22.6% in the fourth quarter of 2024. The reduction in total deposits compared to the fourth quarter of 2023 was primarily driven by decreases in brokered deposits of $70 million and a decline in municipal deposits of $18 million, offset in part by an increase in core deposits of $75 million.
For the fourth quarter of 2024, total shareholders' equity decreased by $7.3 million from the sequential third quarter to $137.7 million and increased $13.4 million from the fourth quarter of 2023. The decline in total shareholders' equity from the sequential third quarter was primarily the result of an increase in the unrealized loss adjustment to the available-for-sale securities portfolio that totaled $9.9 million, net of tax, offset in part by growth in retained earnings of $2.9 million, net of stock repurchases and cash dividends. The increase in total shareholders' equity from the fourth quarter of 2023 primarily resulted from a decrease in the unrealized loss adjustment to the available-for-sale securities portfolio that totaled $5.7 million, net of tax, and growth in retained earnings of $9.0 million, net of stock repurchases and cash dividends. The reduction in the fair value loss adjustment of the available-for-sale securities portfolio's impact to shareholders' equity was driven by a smaller securities portfolio and a decrease in market interest rates. The book value per share declined 4.2% from the sequential third quarter to $34.06 but increased 14.5% compared to the fourth quarter of 2023.
Twelve Months Results
Net income available to common shareholders was $16.0 million for 2024, which remained flat compared to $16.0 million in 2023. Net income per share increased 2.8% to $3.90 for 2024 compared with $3.80 for 2023. As compared to 2023, earnings for 2024 were driven by an increase in net interest income of $706,000 coupled with an increase in non-interest income of $629,000, offset by a decrease in provision credit for credit losses of $330,000 and higher non-interest expense of $1.0 million.
The increase in net interest income was driven by higher interest and fees on loans which were up 14.7% to $56.4 million and interest from federal funds sold which were up 239.4% to $1.6 million, offset in part by a 18.6% increase in interest on deposits of $17.0 million and 196.5% increase in interest expense on borrowings of $6.0 million. Provision for credit losses increased by $330,000 driven by a reduced provision credit of $160,000 recorded in 2024 compared to a provision credit of $490,000 recorded in 2023. The increase in non-interest income was driven by growth in wealth management and trust services revenue of $376,000, an increase in gain on equity securities of $438,000, a reduction to loss on sale of available-for-sale securities of $291,000, and an increase to gain on disposal of premises and equipment of $141,000, offset in part by declines in service fees on deposit accounts of $289,000 and gain on redemption of bank-owned life insurance of $329,000 compared to 2023. The increase in non-interest expense was due to increases in salaries expense of $313,00, employee health insurance expense of $399,000, data processing services expense of $242,000, and software support of $323,000 compared to 2023.
Asset Quality
Nonperforming assets increased to $1.3 million, or 0.08% of total assets, up from $852,000, or 0.05% of total assets, from the sequential third quarter but down from $1.4 million, or 0.08% of total assets, from the fourth quarter of 2023. Net recoveries to average loans were 0.01% for the fourth quarter of 2024 compared with charge-offs of 0.01% for the sequential quarter and net charge-offs of 0.00% for the fourth quarter of 2023. A provision credit of $285,000 was recorded to the allowance for credit losses during the fourth quarter of 2024 compared to provision for credit losses expense of less than $1,000 for the sequential third quarter and a provision credit for credit losses of $230,000 for the fourth quarter of 2023. The allowance for credit losses represented 0.80% of total loans outstanding for the fourth quarter of 2024 compared with 0.78% for the sequential third quarter and 0.75% for the fourth quarter of 2023. The provision credit of $285,000 was the result of a $110,000 principal recovery from a previously charged-off loan coupled with declines in loan and unfunded commitment balances in the fourth quarter of 2024. The allowance for credit losses for unfunded commitments declined to $520,000, or 0.20% of total unfunded commitments, for the fourth quarter of 2024 compared with 0.20% for the sequential third quarter and 0.28% for the fourth quarter of 2023. The allowance for credit losses for held-to-maturity ("HTM") securities represented 0.04% of total HTM securities for the fourth quarter of 2024 compared with 0.06% for the sequential third quarter and 0.06% for the fourth quarter of 2023.
Capital Management Initiatives
During the fourth quarter of 2024, First Farmers repurchased 32,500 shares of the Company's common stock in the open market and through privately negotiated transactions at an average price of $34.68 per share, with prices ranging from $32.50 to $35.03 per share in accordance with the Company's stock repurchase program. The fourth quarter of 2024 stock repurchases represented a 44.4% increase compared to the sequential third quarter. The Company repurchased 32,149 more shares in the fourth quarter of 2024 compared to the same period in 2023. First Farmers' Board of Directors reauthorized the stock repurchase program of up to 200,000 shares through December 2025.
About First Farmers and Merchants Corporation and First Farmers and Merchants Bank
First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in seven Middle Tennessee counties. As of December 31, 2024, First Farmers reported total assets of approximately $1.8 billion, total shareholders' equity of approximately $138 million, and administered trust assets of $6.2 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under "Investor Relations."
Cautionary Note Regarding Forward Looking Statements
This news release may contain certain "forward-looking statements" that represent First Farmers' expectations or beliefs concerning future events and often use words or phrases such as "opportunities," "prospects," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "intends" or similar expressions. Such forward-looking statements contained herein represent the current expectations, plans or forecast of First Farmers and are about matters that are inherently subject to risks and uncertainties. These statements are not guarantees of future results or performance and readers are cautioned not to place undue reliance on them, whether included in this news release or made elsewhere from time to time by First Farmers or on its behalf. First Farmers disclaims any obligation to update such forward-looking statements.
Non-GAAP Financial Measures
Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. First Farmers management uses non-GAAP financial measures, including: (i) adjusted net income and (ii) adjusted basic earnings per share, in its analysis of the Company's performance. These non-GAAP financial measures exclude the following from net income: securities gains and losses, gain on redemption of bank-owned life insurance, gain on disposal of premises and equipment, and the income tax effect of adjustments. Management believes that non-GAAP financial measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company.
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NON-GAAP MEASURES PRESENTED IN EARNINGS RELEASE (Dollars in thousands, except per share data) | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||
December 31, | September 30, | December 31, | ||||||||||||||||
2024 | 2023 | 2024 | 2024 | 2023 | ||||||||||||||
Total non-interest income | $ | 3,394 | $ | 3,685 | $ | 3,428 | $ | 13,829 | $ | 13,200 | ||||||||
Loss on sale of securities | - | - | 26 | 26 | 317 | |||||||||||||
Loss (gain) on equity securities | 36 | 31 | - | (55 | ) | 383 | ||||||||||||
Gain on redemption of bank-owned life insurance | - | (331 | ) | - | (149 | ) | (331 | ) | ||||||||||
Gain on disposal of premises and equipment | - | (1 | ) | (51 | ) | (2 | ) | (8 | ) | |||||||||
Adjusted non-interest income | $ | 3,430 | $ | 3,384 | $ | 3,403 | $ | 13,649 | $ | 13,561 | ||||||||
Total non-interest expense | $ | 9,982 | $ | 9,677 | $ | 9,974 | $ | 39,598 | $ | 38,594 | ||||||||
Net income as reported | $ | 4,875 | $ | 3,659 | $ | 3,951 | $ | 16,035 | $ | 16,049 | ||||||||
Total adjustments, net of tax1 | 27 | (309 | ) | (18 | ) | (134 | ) | 180 | ||||||||||
Adjusted net income | $ | 4,902 | $ | 3,350 | $ | 3,933 | $ | 15,901 | $ | 16,229 | ||||||||
Basic earnings per share | $ | 1.20 | $ | 0.88 | $ | 0.97 | $ | 3.90 | $ | 3.80 | ||||||||
Total adjustments, net of tax1 | 0.01 | (0.07 | ) | - | (0.03 | ) | 0.04 | |||||||||||
Adjusted basic earnings per share | $ | 1.21 | $ | 0.81 | $ | 0.97 | $ | 3.87 | $ | 3.84 | ||||||||
Diluted earnings per share | $ | 1.20 | $ | 0.88 | $ | 0.96 | $ | 3.89 | $ | 3.79 | ||||||||
Total adjustments, net of tax1 | 0.01 | (0.07 | ) | - | (0.03 | ) | 0.04 | |||||||||||
Adjusted diluted earnings per share | $ | 1.21 | $ | 0.81 | $ | 0.96 | $ | 3.86 | $ | 3.83 | ||||||||
(1) The effective tax rate of 26.1% is used to determine net of tax amounts. | ||||||||||||||||||
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||||
(unaudited) | |||||||||
December 31, | December 31, | ||||||||
(dollars in thousands, except per share data) | 2024 | 2023(1) | |||||||
ASSETS | Cash and due from banks | $ | 26,034 | $ | 22,654 | ||||
Interest-bearing deposits | 20,493 | 2,689 | |||||||
Federal funds sold | 86 | 117 | |||||||
Total cash and cash equivalents | 46,613 | 25,460 | |||||||
Securities: | |||||||||
Available-for-sale | 588,523 | 692,763 | |||||||
Held-to-maturity (fair market value $23,382 and $14,394) | 24,532 | 15,038 | |||||||
Equity securities | 2,178 | 2,123 | |||||||
Loans held-for-sale | - | 470 | |||||||
Loans, net of deferred fees | 998,818 | 1,018,866 | |||||||
Allowance for credit losses | (7,952 | ) | (7,666 | ) | |||||
Net loans | 990,866 | 1,011,200 | |||||||
Bank premises and equipment, net | 29,094 | 30,208 | |||||||
Bank-owned life insurance | 36,672 | 34,602 | |||||||
Goodwill | 9,018 | 9,018 | |||||||
Deferred tax asset | 22,795 | 24,862 | |||||||
Other assets | 15,020 | 25,859 | |||||||
TOTAL ASSETS | $ | 1,765,311 | $ | 1,871,603 | |||||
LIABILITIES | Deposits: | ||||||||
Non-interest-bearing | $ | 482,398 | $ | 463,858 | |||||
Interest-bearing | 1,121,223 | 1,154,706 | |||||||
Total deposits | 1,603,621 | 1,618,564 | |||||||
Accounts payable and accrued liabilities | 24,017 | 24,798 | |||||||
Federal Reserve Bank BTFP borrowings | - | 104,000 | |||||||
TOTAL LIABILITIES | 1,627,638 | 1,747,362 | |||||||
SHAREHOLDERS'
| Common stock - $10 par value per share, 8,000,000 shares authorized; 4,039,445 and 4,174,142 shares issued and outstanding as of the periods presented | 40,394 | 41,741 | ||||||
Additional paid-in capital | 85 | - | |||||||
Retained earnings | 152,268 | 143,249 | |||||||
Accumulated other comprehensive loss | (55,169 | ) | (60,844 | ) | |||||
Total shareholders' equity attributable to First Farmers and Merchants Corporation | 137,578 | 124,146 | |||||||
Noncontrolling interest - preferred stock of subsidiary | 95 | 95 | |||||||
TOTAL SHAREHOLDERS' EQUITY | 137,673 | 124,241 | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,765,311 | $ | 1,871,603 | |||||
(1) Derived from audited financial statements as of December 31, 2023. | |||||||||
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||||||||||
Three Months Ended
| Twelve Months Ended
| |||||||||||||||
(dollars in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
INTEREST AND | Interest and fees on loans | $ | 13,900 | $ | 13,354 | $ | 56,417 | $ | 49,180 | |||||||
DIVIDEND | Income on investment securities | |||||||||||||||
INCOME | Taxable interest | 2,027 | 2,222 | 8,401 | 9,329 | |||||||||||
Exempt from federal income tax | 431 | 433 | 1,762 | 1,786 | ||||||||||||
Interest from federal funds sold and other | 467 | 82 | 1,551 | 457 | ||||||||||||
Total interest income | 16,825 | 16,091 | 68,131 | 60,752 | ||||||||||||
INTEREST | Interest on deposits | 4,411 | 5,054 | 17,037 | 14,362 | |||||||||||
EXPENSE | Interest on borrowings | 271 | 994 | 6,033 | 2,035 | |||||||||||
Total interest expense | 4,682 | 6,048 | 23,070 | 16,397 | ||||||||||||
Net interest income | 12,143 | 10,043 | 45,061 | 44,355 | ||||||||||||
Provision credit for credit losses | (285 | ) | (230 | ) | (160 | ) | (490 | ) | ||||||||
Net interest income after provision | 12,428 | 10,273 | 45,221 | 44,845 | ||||||||||||
NON-INTEREST | Mortgage banking activities | 45 | 26 | 167 | 127 | |||||||||||
INCOME | Wealth management and trust services fees | 1,203 | 1,064 | 4,707 | 4,331 | |||||||||||
Service fees on deposit accounts | 1,711 | 1,781 | 6,881 | 7,170 | ||||||||||||
Investment services fee income | 100 | 87 | 393 | 366 | ||||||||||||
Earnings on bank-owned life insurance (BOLI) | 181 | 156 | 670 | 558 | ||||||||||||
Loss on sale of available-for-sale securities | - | - | (26 | ) | (317 | ) | ||||||||||
Gain on disposal of premises and equipment | - | 1 | 149 | 8 | ||||||||||||
(Loss) gain on equity securities | (36 | ) | (31 | ) | 55 | (383 | ) | |||||||||
Gain on redemption of BOLI | - | 331 | 2 | 331 | ||||||||||||
Other non-interest income | 190 | 270 | 831 | 1,009 | ||||||||||||
Total non-interest income | 3,394 | 3,685 | 13,829 | 13,200 | ||||||||||||
NON-INTEREST | Salaries and employee benefits | 5,400 | 5,336 | 22,312 | 21,581 | |||||||||||
EXPENSE | Net occupancy expense | 559 | 627 | 2,318 | 2,570 | |||||||||||
Depreciation expense | 409 | 441 | 1,630 | 1,670 | ||||||||||||
Data processing expense | 581 | 531 | 2,308 | 2,066 | ||||||||||||
Software support and other computer expense | 1,219 | 1,119 | 4,598 | 4,275 | ||||||||||||
Legal and professional fees | 274 | 231 | 862 | 874 | ||||||||||||
Audits and exams expense | 174 | 181 | 706 | 706 | ||||||||||||
Advertising and promotions | 324 | 252 | 946 | 1,001 | ||||||||||||
FDIC insurance premium expense | 204 | 239 | 899 | 920 | ||||||||||||
Other non-interest expense | 830 | 712 | 3,003 | 2,915 | ||||||||||||
Total non-interest expense | 9,974 | 9,669 | 39,582 | 38,578 | ||||||||||||
Income before provision for income taxes | 5,848 | 4,289 | 19,468 | 19,467 | ||||||||||||
Provision for income taxes | 965 | 622 | 3,417 | 3,402 | ||||||||||||
Net income | 4,883 | 3,667 | 16,051 | 16,065 | ||||||||||||
Noncontrolling interest - dividends on preferred stock subsidiary | 8 | 8 | 16 | 16 | ||||||||||||
Net income available to common shareholders | $ | 4,875 | $ | 3,659 | $ | 16,035 | $ | 16,049 | ||||||||
Weighted average shares outstanding - basic | 4,055,843 | 4,174,283 | 4,109,510 | 4,228,232 | ||||||||||||
Weighted average shares outstanding - diluted | 4,068,164 | 4,175,998 | 4,121,831 | 4,229,947 | ||||||||||||
Earnings per share | $ | 1.20 | $ | 0.88 | $ | 3.90 | $ | 3.80 | ||||||||
Diluted earnings per share | $ | 1.20 | $ | 0.88 | $ | 3.89 | $ | 3.79 | ||||||||
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
(dollars in thousands, except per share data) | December 31,
| September 30,
| June 30,
| March 31,
| December 31,
| ||||||||||||||
Results of Operations: | |||||||||||||||||||
Interest income | $ | 16,825 | $ | 17,550 | $ | 16,975 | $ | 16,781 | $ | 16,091 | |||||||||
Interest expense | 4,682 | 6,195 | 6,024 | 6,169 | 6,048 | ||||||||||||||
Net interest income | 12,143 | 11,355 | 10,951 | 10,612 | 10,043 | ||||||||||||||
Provision (credit) for credit losses | (285 | ) | - | 60 | 65 | (230 | ) | ||||||||||||
Non-interest income | 3,394 | 3,428 | 3,523 | 3,483 | 3,685 | ||||||||||||||
Non-interest expense and non-controlling interest - preferred stock of subsidiary | 9,982 | 9,974 | 9,788 | 9,853 | 9,677 | ||||||||||||||
Income before income taxes | 5,840 | 4,809 | 4,626 | 4,177 | 4,281 | ||||||||||||||
Income taxes | 965 | 858 | 836 | 758 | 622 | ||||||||||||||
Net income for common shareholders | $ | 4,875 | $ | 3,951 | $ | 3,790 | $ | 3,419 | $ | 3,659 | |||||||||
Per Share Data: | |||||||||||||||||||
Basic earnings per share | $ | 1.20 | $ | 0.97 | $ | 0.92 | $ | 0.82 | $ | 0.88 | |||||||||
Diluted earnings per share | $ | 1.20 | $ | 0.96 | $ | 0.92 | $ | 0.82 | $ | 0.88 | |||||||||
Book value per share | $ | 34.06 | $ | 35.56 | $ | 30.68 | $ | 29.92 | $ | 29.74 | |||||||||
Weighted average shares outstanding per quarter - basic | 4,055,843 | 4,087,043 | 4,127,442 | 4,166,834 | 4,174,283 | ||||||||||||||
Weighted average shares outstanding per quarter - diluted | 4,068,164 | 4,099,707 | 4,140,106 | 4,177,909 | 4,175,998 | ||||||||||||||
Financial Condition Data and Ratios: | |||||||||||||||||||
Total securities | $ | 615,233 | $ | 651,808 | $ | 662,834 | $ | 686,795 | $ | 709,924 | |||||||||
Available-for-sale securities, fair market value | $ | 588,523 | $ | 633,734 | $ | 644,451 | $ | 669,552 | $ | 692,763 | |||||||||
Available-for-sale securities, amortized cost | $ | 663,980 | $ | 695,808 | $ | 729,602 | $ | 755,162 | $ | 776,078 | |||||||||
Loans, net of deferred fees | $ | 998,818 | $ | 1,031,098 | $ | 1,053,814 | $ | 1,017,677 | $ | 1,018,866 | |||||||||
Allowance for credit losses | $ | (7,952 | ) | $ | (8,049 | ) | $ | (8,064 | ) | $ | (7,803 | ) | $ | (7,666 | ) | ||||
Total assets | $ | 1,765,311 | $ | 1,854,791 | $ | 1,854,337 | $ | 1,884,126 | $ | 1,871,603 | |||||||||
Total deposits | $ | 1,603,621 | $ | 1,603,672 | $ | 1,524,077 | $ | 1,567,083 | $ | 1,618,564 | |||||||||
Net interest income, on a fully taxable-equivalent basis | $ | 12,370 | $ | 11,612 | $ | 11,188 | $ | 10,834 | $ | 10,268 | |||||||||
Net interest margin | 2.82 | % | 2.55 | % | 2.48 | % | 2.39 | % | 2.21 | % | |||||||||
Efficiency | 61.20 | % | 66.36 | % | 67.37 | % | 69.72 | % | 67.56 | % | |||||||||
Asset Quality Data and Ratios: | |||||||||||||||||||
Total nonperforming assets | $ | 1,344 | $ | 852 | $ | 863 | $ | 945 | $ | 1,407 | |||||||||
Nonperforming assets to total assets | 0.08 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.08 | % | |||||||||
Allowance for credit losses to total loans | 0.80 | % | 0.78 | % | 0.77 | % | 0.77 | % | 0.75 | % | |||||||||
Net (recoveries) charge-offs to average loans (annualized) | (0.01 | )% | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||
Contacts
For additional information contact
Robert E. Krimmel
Chief Financial Officer
(931) 380-8257
