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Financial Highlights

Balance Sheet (Unaudited)

as of June 30, 2017 (in thousands)

Assets: 6/30/17 6/30/16 Change
       
Cash and securities $137,663 $156,481 ($18,818)
Loan receivable, net 1,413,184 1,445,026 (31,842)
Premises and equipment, net 4,515 4,163 352
FHLB Stock, at cost 15,702 18,969 (3,267)
Other Intangible Assets - - -
Other Assets 7,497 9,434 (1,937)
       
Total Assets $1,578,561 $1,634,073 ($55,512)
       

 

Liabilities and Stockholders' Equity: 6/30/17 6/30/16 Change
       
Deposits $1,091,287 $1,074,789 $16,498
FHLB Advances & other borrowed money 335,123 413,142 (78,019)
Other Liabilities  8,566 8,059 507
Total Liabilities 1,434,976 1,495,990 (61,014)
Stockholders' Equity 143,585 138,083 5,502
       
Total Liabilities & Stockholders' Equity $1,578,561 $1,634,073 ($55,512)

 

Capital Ratios: 6/30/17 6/30/16 Change
       
Tier 1 Leverage Ratio 9.02% 8.47% 0.55%
Tier 1 Capital Ratio 12.08% 11.89% 0.19%
Total Capital Ratio 13.34% 13.16% 0.18%

 

Statement of Income (Unaudited)

(in thousands)

For the Six Months Ended 6/30/17 6/30/16 Change
       
Interest Income $30,191 $31,574 ($1,383)
Interest Expense 5,340 4,835 505
Net Interest Income 24,851 26,739 (1,888)
Noninterest Income 3,737 2,806 931
       
Total Revenues $28,588 $29,545 ($957)
       
Noninterest expense 26,136 31,423 (5,287)
Profit before provision for loan losses 2,452 (1,878) 4,330
Provision for loan losses - - -
Income before income tax and merger expenses $2,452 ($1,878) $4,330
Income taxes (*) 738 - 738
       
Net Income $1,714 ($1,878) $3,592

 

(*) A full Valuation Allowance for Deferred Tax Receivables was established in September 2013. Prior to the first quarter of 2017, income taxes were treated as adjustments to the Valuation Allowance for Deferred Tax Receivables. After full utilization of the Valuation Allowance for Deferred Tax Receivables, income tax expense was recorded starting the first quarter of 2017.