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CST: 21/10/2019 19:47:05   

Farmers & Merchants Bancorp, Inc. Reports 2019 Second-Quarter and Year-to-Date Financial Results

94 Days ago

Positive Operating Momentum Drives Strong Second Quarter Financial Results

ARCHBOLD, Ohio, July 19, 2019 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2019 second quarter and year-to-date June 30, 2019.

2019 Second Quarter Financial Highlights Include (on a year-over-year basis unless noted):

  • 65 consecutive quarters of profitability
  • Total loans increased 31.3% to $1.091 billion as a result of the contribution from the Limberlost acquisition and strong organic consumer lending and residential mortgage growth
  • Total assets increased 38.5% and crossed $1.5 billion for the first time in F&M’s history
  • Strong organic deposit growth, which has increased year-to-date by 16.6% or $154.2 million
  • Net interest income after provision for loan losses increased 45.2% to $14.5 million
  • Net income increased 50.2% to $6.2 million
  • Adjusted net income was $6.2 million, which accounts for one-time acquisition related expenses of $31,000 and a $1.6 million benefit from recoveries that occurred in the 2019 second quarter
  • Earnings per basic and diluted share increased 27.3% to $0.56 per basic and diluted share
  • Adjusted earnings per basic and diluted share was $0.42, which accounts for one-time adjusted acquisition related expenses of $0.00 per basic and diluted share and a $0.14 per basic and diluted share benefit from recoveries that occurred in the 2019 second quarter
  • Tangible book value per share increased 7.9% to $15.49 per share

“Strong operating momentum continued in the 2019 second quarter and earnings per diluted share increased 27.3% to $0.56,” stated Lars B. Eller, President and Chief Executive Officer. “While earnings benefited from a nice recovery in the second quarter, core profitability remains strong as a result of year-over-year loan growth, improved margins, and favorable asset quality.  In addition, the Limberlost acquisition, which was completed on January 1, 2019, is now fully integrated and has started contributing to our financial performance and earnings.  I am extremely pleased with the quick combination of Limberlost and F&M and the opportunities our larger scale will create for F&M in the future.” 

“Total loans declined slightly over the past three months, primarily due to the impacts a wet planting season had on agricultural customers across our markets and the payoff of several classified loans that occurred in the second quarter, which was higher than normal.  Our loan portfolio would have increased sequentially, if second quarter payoffs and paydowns were in line with historical trends.  We have a strong pipeline of new loans that will be originated during the third quarter, including several large loans to customers in Southern Michigan.  This market supports a compelling opportunity for F&M and we already have $62.8 million in loans and $16.3 million in deposits in Southern Michigan, even though we have no physical presence in the market.  As large regional financial institutions focus on bigger markets and opportunities, we believe F&M is well positioned to grow our brand throughout our Ohio, Indiana and Michigan markets.” 

Income Statement
Net income for the 2019 second quarter ended June 30, 2019, was $6.2 million, compared to $4.1 million for the same period last year.  Net income for the 2019 second quarter included $31,000 of one-time acquisition related expenses and a $1.6 million benefit from recoveries.  Net income per basic and diluted share for the 2019 second quarter was $0.56, compared to $0.44 for the same period last year.  2019 second quarter earnings included $0.00 per basic and diluted share of one-time acquisition related expenses and a $0.14 per basic and diluted share benefit from recoveries. 

Cost of funds outpaced asset yield improvements for the 2019 second quarter and first half as a result of higher dollar volume of deposits and increased rates on deposits.  Overall, the company believes profitability from core operations is on track to match the expectations for 2019 with the acquisition factored in.

Net income for the 2019 first half ended June 30, 2019, was $9.4 million, compared to $7.9 million for the same period last year.  Net income for the 2019 first half included $1.2 million of one-time acquisition related expenses and a $1.6 million benefit from recoveries.  Net income per basic and diluted share for the 2019 first half was $0.85, compared to $0.85 for the same period last year.  2019 first half earnings included $0.09 per basic and diluted share of one-time acquisition related expenses and a $0.14 per basic and diluted share benefit from recoveries. 

Loan Portfolio and Asset Quality
Total loans, net at June 30, 2019, increased 31.3% or by $260.1 million to $1.091 billion, compared to $831.0 million at June 30, 2018. The year-over-year improvement resulted primarily from the contribution of the Limberlost acquisition and organic loan growth. 

F&M’s asset quality remains strong.  Despite the 38.5% year-over-year increase in total assets at June 30, 2019, nonperforming assets were up only $105,000 or 6.7%.  In addition, nonperforming loans to total loans remains low and at June 30, 2019 were 0.12%, compared to 0.11% for the same period last year.  The allowance for loan losses to nonperforming loans was 375.5% at June 30, 2019, compared to 751.5% at June 30, 2018.  Net charge-offs for the quarter ended June 30, 2019, were $86,000, or 0.01% of average loans, compared to $143,000 or 0.02% of average loans, at June 30, 2018.  Year-to-date, net charge-offs at June 30, 2019, were $255,000, or 0.02% of average loans, compared to $251,000 or 0.03% of average loans at June 30, 2018. 

Mr. Eller continued, “Economic trends within our markets remain stable, supporting F&M’s growth and excellent asset quality.  Total agricultural loans were $307.5 million at June 30, 2019, compared to $307.8 million at March 31, 2019, and $174.5 million at June 30, 2018.  Most of our agricultural customers utilize crop insurance, which will protect them from the wettest planting season in approximately 40 years and the impacts weather has on farm revenues.  Agricultural lending is one of F&M’s core competencies.  All of F&M’s agricultural lenders are farmers themselves and many of our communities are dependent on the farm economy.  F&M is dedicated to helping our agricultural customers during this difficult season, especially as other larger lenders have pulled back from this market.” 

Deposits
Over the past three months, deposits have increased organically 4.6% or by $54.9 million to $1.242 billion at June 30, 2019.  The significant organic deposit growth we have been experiencing continues to be due primarily to new product development that has allowed the company to attract new customers and expand existing customer holdings. 

Stockholders’ Equity and Dividends
Tangible stockholders’ equity increased to $172.0 million at June 30, 2019, compared to $165.5 million at March 31, 2019, and $137.5 million at June 30, 2018.  On a per share basis, tangible stockholders’ equity at June 30, 2019, was $15.49 per share, compared to $14.90 per share at March 31, 2019, and $14.36 at June 30, 2018. 

Total stockholders’ equity increased 62.9% to $224.0 million at June 30, 2019, from $137.6 million at June 30, 2018, and increased 3.3% from $216.9 million at March 31, 2019.  At June 30, 2019, the company had a Tier 1 leverage ratio of 11.77%, compared to 12.38% at June 30, 2018.  The decline in the Tier 1 leverage ratio was primarily due to the added goodwill associated with the Limberlost acquisition. 

For the 2019 second quarter, the company declared cash dividends of $0.15 per share, which is a 7.1% increase over the 2018 second quarter declared dividend payment.  F&M is committed to returning capital to shareholders and has increased the annual cash dividend for over nine consecutive years. 

“Over the past year we have made significant investments across our organization to strengthen F&M’s platform and expand our leadership team, while remodeling our offices and providing our customers with new, market-leading financial products and services.  In addition, attracting, developing, and retaining our employees is an important component of our strategy and during the second quarter, we announced the addition of Benét Rupp as F&M’s Chief People Officer.  The investments we are making are focused on supporting the current and future needs of both F&M and our customers, and I am encouraged by our progress.  We are currently working on a three-year strategic plan, which will be the basis of our success in the future.  I remain excited by our near- and long-term potential and based on our strong year-to-date financial results, expect 2019 to be another record year for F&M,” concluded Mr. Eller. 

About Farmers & Merchants State Bank:
Farmers & Merchants Bancorp, Inc. (“F&M”) (Nasdaq: FMAO), is the holding company for the Farmers & Merchants State Bank, a local independent community bank with $1.5 billion in assets that has been serving Northwest Ohio and Northeast Indiana since 1897. The Farmers & Merchants State Bank provides commercial banking, retail banking and other financial services through its 30 offices. Our locations are in Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Northwest Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay and Steuben counties.

Safe harbor statement
Farmers & Merchants Bancorp, Inc. (“F&M“) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions or capital market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Company Contact: Investor and Media Contact
Marty Filogamo
Senior Vice President – Marketing Manager
Farmers & Merchants Bancorp, Inc.
(419) 445-3501 ext. 15435
mfilogamo@fm.bank 
Andrew M. Berger
Managing Director
SM Berger & Company, Inc.
(216) 464-6400
andrew@smberger.com 
   
   


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
(Unaudited) (in thousands of dollars, except per share data)
 
    Three   Months Ended     Six Months Ended
    June 30, 2019
  March 31, 2019   December 31, 2018   September 30, 2018   June 30, 2018   June 30, 2019   June 30, 2018
Interest Income                                                        
Loans, including fees   $ 16,723     $ 14,680     $ 10,955     $ 10,725     $ 10,521     $ 31,403     $ 20,623  
Debt securities:                                                        
U.S. Treasury and government agencies     816       713       630       613       612       1,529       1,235  
Municipalities     211       211       250       275       289       422       570  
Dividends     76       88       56       56       53       164       108  
Federal funds sold and other     457       170       112       84       62       627       137  
Total interest income     18,283       15,862       12,003       11,753       11,537       34,145       22,673  
Interest Expense                                                        
Deposits     3,339       2,613       1,670       1,611       1,389       5,952       2,708  
Federal funds purchased and securities sold                                                        
under agreements to repurchase     141       185       127       134       118       326       242  
Borrowed funds     269       287       20       20       20       556       40  
Total interest expense     3,749       3,085       1,817       1,765       1,527       6,834       2,990  
Net Interest Income - Before Provision for Loan Losses     14,534       12,777       10,186       9,988       10,010       27,311       19,683  
Provision for Loan Losses       133       30       105       47       132       163       172  
Net Interest Income After Provision For Loan Losses     14,401       12,747       10,081       9,941       9,878       27,148       19,511  
Noninterest Income                                                        
Customer service fees     1,694       1,578       1,612       1,392       1,465       3,272       2,931  
Other service charges and fees     1,091       1,041       1,032       1,097       1,040       2,132       2,052  
Net gain on sale of loans     196       102       140       184       301       298       433  
Net gain (loss) on sale of available-for-sale securities     -       (26 )     (19 )     10       -       (26 )     -  
Total noninterest income     2,981       2,695       2,765       2,683       2,806       5,676       5,416  
Noninterest Expense                                                        
Salaries and wages     3,830       4,312       3,834       3,391       3,225       8,142       6,535  
Employee benefits     1,223       1,594       1,102       1,029       848       2,817       1,984  
Net occupancy expense     614       667       451       478       441       1,281       828  
Furniture and equipment     763       696       450       588       565       1,459       1,072  
Data processing     376       1,299       318       364       305       1,675       636  
Franchise taxes     229       258       244       243       228       487       467  
ATM expense     418       447       368       327       333       865       645  
Advertising     382       260       218       236       247       642       433  
Net (gain) loss on sale of other assets owned     28       15       27       1       (1 )     43       16  
FDIC assessment     98       96       77       81       81       194       168  
Mortgage servicing rights amortization     105       75       100       84       95       180       180  
Consulting fees     95       113       461       179       178       208       288  
Other general and administrative     1,551       1,679       1,167       1,125       1,093       3,230       2,026  
Total noninterest expense     9,712       11,511       8,817       8,126       7,638       21,223       15,278  
Income Before Income Taxes     7,670       3,931       4,029       4,498       5,046       11,601       9,649  
Income Taxes     1,490       707       836       623       932       2,197       1,768  
Net Income     6,180       3,224       3,193       3,875       4,114       9,404       7,881  
Other Comprehensive Income (Loss) (Net of Tax):                                                        
Net unrealized gain (loss) on available-for-sale securities     3,061       1,749       2,374       (617 )     (344 )     4,810       (2,815 )
Reclassification adjustment for (gain) loss on sale of available-for-sale securities     -       26       19       (10 )     -       26       -  
Net unrealized gain (loss) on available-for-sale securities     3,061       1,775       2,393       (627 )     (344 )     4,836       (2,815 )
Tax expense (benefit)     643       373       503       (132 )     (72 )     1,016       (591 )
Other comprehensive income (loss)     2,418       1,402       1,890       (495 )     (272 )     3,820       (2,224 )
Comprehensive Income   $ 8,598     $ 4,626     $ 5,083     $ 3,380     $ 3,842     $ 13,224     $ 5,657  
Basic and Diluted Earnings Per Share   $ 0.56     $ 0.29     $ 0.34     $ 0.42     $ 0.44     $ 0.85     $ 0.85  
Dividends Declared   $ 0.15     $ 0.15     $ 0.15     $ 0.14     $ 0.14     $ 0.30     $ 0.27  
                                                         
                                                         

 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (in thousands of dollars, except share data)
 
  June 30, 2019   March 31, 2019   December 31, 2018   September 30, 2018   June 30, 2018
  (Unaudited)                
Assets                                          
Cash and due from banks   $ 108,085     $ 48,740     $ 37,492     $ 28,782     $ 31,838  
Federal funds sold       15,193         33,109         873         939         726  
  Total cash and cash equivalents     123,278       81,849       38,365       29,721       32,564  
                                           
Interest-bearing time deposits     4,509       4,509       4,019       4,019       4,019  
Securities - available-for-sale     204,415       174,682       168,447       183,075       187,036  
Other securities, at cost     5,789       5,789       3,679       3,717       3,717  
Loans held for sale     1,909       859       495       1,679       913  
Loans, net     1,084,448       1,091,829       839,599       831,943       824,226  
Premises and equipment     26,013       25,205       22,615       22,117       21,957  
Goodwill     47,340       47,340       4,074       4,074       4,074  
Mortgage servicing rights     2,465       2,397       2,385       2,373       2,356  
Other real estate owned     329       510       600       717       649  
Bank owned life insurance     15,050       14,963       14,884       14,799       14,692  
Other assets       15,002         15,729         17,001         9,778         9,129  
                                           
Total Assets   $   1,530,547     $   1,465,661     $   1,116,163     $   1,108,012     $   1,105,332  
  Liabilities and Stockholders' Equity                                        
Liabilities                                        
Deposits                                        
 Noninterest-bearing   $ 242,510     $ 236,847     $ 215,422     $ 197,088     $ 200,067  
 Interest-bearing                                        
  NOW accounts     430,505       418,773       298,254       314,873       311,185  
  Savings     293,179       272,875       227,701       230,306       238,167  
  Time       276,153         258,929         187,413         186,592         181,347  
  Total deposits     1,242,347       1,187,424       928,790       928,859       930,766  
                                           
 Federal Funds Purchased and                                        
 securities sold under agreements to repurchase     27,102       25,521       32,181       27,026       23,898  
 Federal Home Loan Bank (FHLB) advances     24,532       24,682       -       5,000       5,000  
 Dividend payable     1,654       1,654       1,379       1,287       1,284  
 Accrued expenses and other liabilities       10,865         9,446         10,526         6,493         6,808  
  Total liabilities       1,306,500         1,248,727         972,876         968,665         967,756  
                                           
Commitments and Contingencies                                        
                                           
Stockholders' Equity                                        
 Common stock - No par value 20,000,000 shares authorized; issued                                        
 and outstanding 12,230,000 shares 6/30/19, 10,400,000 shares 12/31/18     81,955       81,760       10,823       10,589       11,842  
 Treasury stock - 1,123,817 shares 6/30/19, 1,114,739 shares 12/31/18     (12,707 )     (12,680 )     (12,409 )     (12,409 )     (12,186 )
 Retained earnings     153,993       149,466       147,887       146,072       142,330  
 Accumulated other comprehensive income (loss)       806         (1,612 )       (3,014 )       (4,905 )       (4,410 )
  Total stockholders' equity       224,047         216,934         143,287         139,347         137,576  
                                           
Total Liabilities and Stockholders' Equity   $   1,530,547     $   1,465,661     $   1,116,163     $   1,108,012     $   1,105,332  
                                           

 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
SELECT FINANCIAL DATA
                                         
    For the Three Months Ended   For the Six Months Ended
Selected financial data   June 30, 2019   March 31, 2019   December 31, 2018   September 30, 2018   June 30, 2018   June 30, 2019     June 30, 2018
Return on average assets     1.63 %     1.00 %     1.15 %     1.40 %     1.48 %   1.32 %     1.41 %
Return on average equity     11.21 %     7.16 %     9.04 %     11.19 %     12.08 %   8.63 %     11.64 %
Yield on earning assets     5.25 %     4.80 %     4.52 %     4.52 %     4.41 %   5.03 %     4.35 %
Cost of interest bearing liabilities     1.45 %     1.26 %     0.92 %     0.92 %     0.79 %   1.36 %     0.78 %
Net interest spread     3.80 %     3.54 %     3.60 %     3.60 %     3.62 %   3.57 %     3.57 %
Net interest margin     4.18 %     3.87 %     3.85 %     3.85 %     3.83 %   3.78 %     3.78 %
Efficiency     56.00 %     73.11 %     67.59 %     63.86 %     60.89 %   64.09 %     60.55 %
Dividend payout ratio     26.78 %     42.77 %     43.16 %     33.21 %     31.21 %   32.26 %     31.43 %
Tangible book value per share (1)   $ 15.49     $ 14.90     $ 14.96     $ 14.53     $ 14.36            
Tier 1 capital to average assets     11.77 %     13.35 %     12.81 %     12.63 %     12.38 %          
                                         
                 
Loans   June 30, 2019   March 31, 2019   December 31, 2018   September 30, 2018   June 30, 2018          
(Dollar amounts in thousands)                                        
Commercial real estate   $ 443,257     $ 440,993     $ 419,784     $ 417,217     $ 411,509            
Agricultural real estate     193,768       191,752       68,609       68,548       69,701            
Consumer real estate     159,540       160,967       80,766       83,134       82,853            
Commercial and industrial     125,609       137,949       121,793       119,536       116,351            
Agricultural     113,755       112,898       108,495       103,624       104,830            
Consumer     48,952       47,647       41,953       41,444       40,513            
Industrial development bonds     7,341       7,392       5,889       6,005       6,071            
Less: Net deferred loan fees and costs     (1,091 )     (1,133 )     (915 )     (810 )     (813 )          
Total loans,net   $ 1,091,131     $ 1,098,465     $ 846,374     $ 838,698     $ 831,015            
                                         
                 
Asset quality data   June 30, 2019   March 31, 2019   December 31, 2018   September 30, 2018   June 30, 2018          
(Dollar amounts in thousands)                                        
Nonaccrual loans   $ 1,328     $ 1,188     $ 542     $ 483     $ 903            
Troubled debt restructuring   $ 981     $ 102     $ 178     $ 205     $ 218            
90 day past due and accruing   $ -     $ -     $ -     $ -     $ -            
Nonperforming loans   $ 1,328     $ 1,188     $ 542     $ 483     $ 903            
Other real estate owned   $ 329     $ 510     $ 600     $ 717     $ 649            
Nonperforming assets   $ 1,657     $ 1,698     $ 1,142     $ 1,200     $ 1,552            
                                         
(Dollar amounts in thousands)                                        
Allowance for loan and lease losses   $ 6,964     $ 6,636     $ 6,755     $ 6,755     $ 7,104            
Allowance for loan and lease losses/total loans     0.64 %     0.60 %     0.80 %     0.81 %     0.85 %          
Net charge-offs:                                        
Quarter-to-date   $ 86     $ 169     $ 84     $ 81     $ 143            
Year-to-date   $ 255     $ 169     $ 417     $ 332     $ 251            
Net charge-offs to average loans                                        
Quarter-to-date     0.01 %     0.02 %     0.01 %     0.01 %     0.02 %          
Year-to-date     0.02 %     0.02 %     0.05 %     0.04 %     0.03 %          
Nonperforming loans/total loans     0.12 %     0.11 %     0.06 %     0.06 %     0.11 %          
Allowance for loan and lease losses/nonperforming loans     375.51 %     558.92 %     1249.57 %     1399.58 %     751.49 %          
                                         
(1)  Tangible Equity = Stockholder Equity less goodwill and other intangibles (core deposit intangible, mortgage servicing rights and unrealized gain/loss on securities)            
                                         

 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
(in thousands of dollars, except per share data)
PRO-FORMA EARNINGS PER SHARE
                 
    Pro-forma Three Months Ended   Pro-forma Six Months Ended
    June 30,   June 30,   June 30,   June 30,
      2019       2018       2019       2018  
Earnings per share                                
Net income   $ 6,149     $ 6,787     $ 10,402     $ 11,589  
Less: distributed earnings allocated to participating securities     (11 )     (13 )     (23 )     (25 )
Less: undistributed earnings allocated to participating securities     (33 )     (43 )     (52 )     (72 )
Net earnings available to common shareholders   $ 6,105     $ 6,731     $ 10,327     $ 11,492  
                                 
                                 
Weighted average common shares outstanding including participating securities     11,106,367       11,095,898       11,098,149       11,095,928  
Less: average unvested restricted shares     (77,304 )     (92,368 )     (80,343 )     (92,398 )
Weighted average common shares outstanding     11,029,063       11,003,530       11,017,806       11,003,530  
Basic earnings and diluted per share   $ 0.56     $ 0.61     $ 0.94     $ 1.04  

The results of operations of Bank of Geneva have been included in the Company’s consolidated financial statements since the acquisition date of January 1, 2019.  The following schedule includes pro-forma results for the three and six months ended June 30, 2019 and 2018 as if the Bank of Geneva acquisitions had occurred as of the beginning of the comparable prior reporting period.

 
 
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
(in thousands of dollars, except percentages)
                     
                         
    For the Three Months Ended   For the Three Months Ended
    June 30, 2019   June 30, 2018
Interest Earning Assets:   Average Balance   Interest/Dividends   Yield/Rate   Average Balance   Interest/Dividends   Yield/Rate
Loans   $ 1,107,271   $ 16,723   6.04 %   $ 833,932   $ 10,521   5.05 %
Taxable Investment Securities     169,776     933   2.20 %     149,284     707   1.89 %
Tax-exempt Investment Securities     33,622     170   2.56 %     50,663     247   2.47 %
Fed Funds Sold & Other     85,145     457   2.15 %     19,315     62   1.28 %
Total Interest Earning Assets     1,395,814     18,283   5.25 %     1,053,194     11,537   4.41 %
                                     
Nonearning Assets     117,185                 61,343            
                                     
Total Assets   $ 1,512,999               $ 1,114,537            
                                     
Interest Bearing Liabilities:                                    
Savings Deposits   $ 718,731   $ 2,006   1.12 %   $ 558,826   $ 835   0.60 %
Other Time Deposits     265,113     1,333   2.01 %     181,590     554   1.22 %
Other Borrowed Money     24,668     269   4.36 %     5,000     20   1.60 %
Fed Funds Purchased & Securities                                    
Sold under Agreement to Repurch.     26,231     141   2.15 %     26,292     118   1.80 %
Total Interest Bearing Liabilities     1,034,743     3,749   1.45 %     771,708     1,527   0.79 %
                                     
Noninterest bearing Liabilities       257,765                   206,602            
                                     
Stockholders Equity   $ 220,491               $ 136,227            
                                     
Net Interest Income and interest rate spread           14,534   3.80 %           10,010   3.62 %
                                     
Net Interest Margin               4.18 %               3.83 %
                                     
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
                 
                         
                         
    For the Six Months Ended   For the Six Months Ended
    June 30, 2019   June 30, 2018
Interest Earning Assets:   Average Balance   Interest/Dividends   Yield/Rate   Average Balance   Interest/Dividends   Yield/Rate
Loans   $ 1,107,649   $ 31,403   5.67 %   $ 829,545   $ 20,623   4.97 %
Taxable Investment Securities     160,830     1,775   2.21 %     150,464     1,426   1.90 %
Tax-exempt Investment Securities     34,067     340   2.53 %     50,245     487   2.45 %
Fed Funds Sold & Other     59,526     627   2.11 %     19,435     137   1.41 %
Total Interest Earning Assets     1,362,072     34,145   5.03 %     1,049,689     22,673   4.35 %
                                   
Nonearning Assets     59,609                 65,358            
                                   
Total Assets   $ 1,421,681               $ 1,115,047            
                                     
Interest Bearing Liabilities:                                    
Savings Deposits   $ 695,302   $ 3,533   1.02 %   $ 555,181   $ 1,576   0.57 %
Other Time Deposits     253,991     2,419   1.90 %     183,729     1,132   1.23 %
Other Borrowed Money     26,424     556   4.21 %     5,000     40   1.60 %
Fed Funds Purchased & Securities                                    
Sold under Agreement to Repurch.     30,012     326   2.17 %     26,689     242   1.81 %
Total Interest Bearing Liabilities     1,005,729     6,834   1.36 %     770,599     2,990   0.78 %
                                     
Noninterest bearing Liabilities       198,042                   208,991            
                                     
Stockholders Equity   $ 217,910               $ 135,457            
                                     
Net Interest Income and interest rate spread           27,311   3.67 %           19,683   3.57 %
                                     
Net Interest Margin               4.03 %               3.78 %
 
  Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
   

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