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Financial Highlights

Balance Sheet (Unaudited)

as of December 31, 2017 (in thousands)

Assets: 12/31/17 12/31/16 Change
       
Cash and securities $120,946 $130,234 ($9,288)
Loan receivable, net 1,454,980 1,456,879 (1,899)
Premises and equipment, net 4,070 3,636 434
FHLB Stock, at cost 18,464 21,178 (2,714)
Other Assets 8,912 9,334 (422)
       
Total Assets $1,607,372 $1,621,261 ($13,889)
       

 

Liabilities and Stockholders' Equity: 12/31/17 12/31/16 Change
       
Deposits $1,050,699 $1,005,506 $45,193
FHLB Advances & other borrowed money 400,112 465,134 (65,022)
Other Liabilities  9,683 9,068 615
Total Liabilities 1,460,494 1,479,708 (19,214)
Stockholders' Equity 146,878 141,553 5,325
       
Total Liabilities & Stockholders' Equity $1,607,372 $1,621,261 ($13,889)

 

Capital Ratios: 12/31/17 12/31/16 Change
       
Tier 1 Leverage Ratio 9.02% 8.77% 0.25%
Tier 1 Capital Ratio 12.38% 11.77% 0.61%
Total Capital Ratio 13.64% 13.03% 0.61%

 

Statement of Income (Unaudited)

(in thousands)

For the Year Ended 12/31/17 12/31/16 Change
       
Interest Income $61,397 $62,617 ($1,220)
Interest Expense 11,193 9,497 1,696
Net Interest Income 50,204 53,120 (2,916)
Noninterest Income 6,404 7,927 (1,523)
       
Total Revenues $56,608 $61,047 ($4,439)
       
Operating expense 50,846 59,246 (8,400)
Merger related expense 593 - 593
Profit before provision for loan losses 5,169 1,801 3,368
Provision for loan losses - - -
Income before income tax expense $5,169 $1,801 $3,368
Income taxes (*) 775 - 775
       
Net Income $4,394 $1,801 $2,593

 

(*) 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.