Record Annual Net Income Drives 88% Increase in EPS

WASHINGTON, Pa., Jan. 31, 2020 (GLOBE NEWSWIRE) -- CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”) and Exchange Underwriters, Inc., (“EU”) a wholly-owned insurance subsidiary of the Bank, today announced its fourth quarter and 2019 annual financial results.    

Quarterly Highlights

• Net income for the three months ended December 31, 2019 was $4.7 million, compared to $2.4 million for the three months ended December 31, 2018, an increase of $2.2 million, or 92.5%. Diluted earnings per share for the three months ended December 31, 2019 was $0.85 compared to $0.45 for the three months ended December 31, 2018, an increase of $0.40 per share or 90.0%. Return on average assets (annualized) reached 1.39% and 1.13%, respectively, in the last two quarters of 2019 in comparison to 0.75% for the three months ended December 31, 2018. Return on average equity (annualized) was 12.40% for the three months ended December 31, 2019 compared to 7.15% for the three months ended December 31, 2018.
  
  
• Quarterly results for the three months ended December 31, 2019 were significantly impacted from the recognition of a one-time income tax benefit of $1.3 million related to the reversal of a valuation allowance (“VA”) for an alternative minimum tax (“AMT”) credit carryforward. This VA was established in 2018 associated with the uncertainty of the utilization of the Company’s deferred tax assets (“DTA”) from the AMT credit carryforward of a merged entity in connection with enactment of the Tax Cuts and Jobs Act. The Company has performed a continuing evaluation of its DTA VA on a quarterly basis and has concluded that, as of December 31, 2019, it is more likely than not that the Company will generate sufficient taxable income within the applicable carryforward periods to realize its net operating losses (“NOL”) and AMT credit carryforward DTA. This conclusion, and the resulting full reversal of the DTA VA, is based upon consideration of a number of factors, including the Company's current profitability, its forecast of future profitability, and evaluation of existing tax regulations related to NOLs and utilization of AMT credit carryforward.
  
  
• Excluding the impact of this one-time income tax item, net income and diluted earnings per share would have been $3.4 million and $0.62, respectively, for the quarter ended December 31, 2019. In addition, return on average assets (annualized) and return on average equity (annualized) would have been 1.00% and 8.93%, respectively, for the quarter ended December 31, 2019.
  
  
• Loan growth accelerated in the fourth quarter with total loans increasing $20.3 million for an annualized growth rate of 8.7%. Improved credit quality resulted in the nonperforming loans to total loans ratio decreasing 27 basis points to 0.57% compared to 0.84% at September 30, 2019. The full payoff of a $2.9 million nonperforming commercial real estate loan contributed to the improved quarter-over-quarter metric.
  
  
• Net interest margin decreased 11 basis points to 3.57% for the quarter ended December 31, 2019 compared to 3.68% for the quarter ended December 31, 2018. Interest expense on deposits increased $300,000 due to an increase in average interest-bearing deposits of $40.0 million combined with a 11 basis point increase in average cost, driven primarily by the impact of special rates offered on time deposits with balances greater than $100,000, which increased average cost by 41 basis points. Interest income on loans for the quarter ended December 31, 2019 increased $416,000 due to a $31.9 million increase in average loans combined with the ability to maintain a consistent loan yield in a competitive environment.
  
  
• Noninterest income increased $482,000, or 23.6%, to $2.5 million for the three months ended December 31, 2019, compared to $2.0 million for the three months ended December 31, 2018. This was mainly attributed to organic growth in insurance commissions combined with a $96,000 increase in contingency fee income. Contingency fees also contributed to the $320,000 increase in insurance commissions for the three months ended December 31, 2019 compared to the three months ended September 30, 2019. Contingency fees are commissions that are contingent upon several factors including, but not limited to, eligible written premiums, earned premiums, incurred losses, policy cancellations and stop loss charges.
  
  
• From a noninterest expense perspective, salaries and employee benefits increased $247,000 to $5.0 million for the three months ended December 31, 2019 compared to $4.8 million for the three months ended December 31, 2018. There was also an increase of $412,000 compared to the three months ended September 30, 2019. The increase compared to both prior periods was primarily due to run-off claims from the self-funded health care plan and an increase in incentive-related compensation related to loan production. The Federal Deposit Insurance Corporation (“FDIC”) assessment expense decreased $180,000 compared to the three months ended December 31, 2018. The FDIC notified banks that its deposit insurance fund (“DIF”) reached the required minimum reserve ratio of 1.38% that permitted the FDIC to offset current bank assessments with prior credits from 2016 through 2018 earned by banks with less than $10 billion in assets. A total of $308,000 of credits were recognized in the third and fourth quarters of 2019. All DIF credits available to the Bank have been utilized.

Annual Highlights

• Net income for the year ended December 31, 2019 was $14.3 million compared to $7.1 million for the year ended December 31, 2018, an increase of $7.3 million, or 103.2%. Diluted earnings per share (“EPS”) for the year ended December 31, 2019 was $2.63 compared to $1.40 for the year ended December 31, 2018, an increase of $1.23 per share, or 87.8%. Return on average assets was 1.09% and return on average equity was 9.89% for the year ended December 31, 2019 compared to 0.61% and 5.91%, respectively, for the year ended December 31, 2018.
  
  
• As noted in the Quarterly Highlights section, the annual results were impacted by the one-time income tax benefit of $1.3 million. Due to this one-time item, the effective tax rate decreased to 10.8% in the current period compared to 17.9% for the year ended December 31, 2018. Excluding the impact of the one-time income tax item, net income and diluted earnings per share would have been $13.0 million and $2.38, respectively, for the year ended December 31, 2019. In addition, return on average assets and return on average equity would have been 0.99% and 8.98% respectively, for the year ended December 31, 2019.
  
  
• The year-to-date results were also impacted by the First West Virginia Bancorp and its subsidiary, Progressive Bank, National Association merger (“FWVB merger”) on April 30, 2018. The FWVB merger provided approximately $281.6 million in low-cost deposits, $95.5 million in loans and eight branch locations in the Upper Ohio Valley and Buckhannon, West Virginia regions. In response, the Bank added branch and back office personnel to accommodate the increased customer traffic and transaction volumes.
  
  
• From a capital management perspective, the Company announced its first stock repurchase program, to repurchase up to $5.0 million of the Company’s outstanding common stock, in the fourth quarter of 2019 and annualized dividends increased $0.07 per share, or 7.9%. As of December 31, 2019, the Company had repurchased 2,150 shares of common stock at an average price of $29.28 per share.
  
  
• Total loans increased $39.6 million, or 4.3%, in 2019 driven by commercial and residential real estate production. Credit quality remains strong with the nonperforming loans to total loans ratio decreasing 12 basis points year-over-year to 0.57% as of December 31, 2019. An $851,000 payoff of a residential troubled debt restructuring contributed to the improved annual metric.
  
  
• As a result of strong credit quality and a large decline in net charge-offs, the provision for loan losses was $725,000 for the year ended December 31, 2019, compared to $2.5 million for the year ended December 31, 2018. Net charge-offs for the year ended December 31, 2019 were $416,000, which included $398,000 of net charge-offs on automobile loans, compared to net charge-offs of $1.8 million for the year ended December 31, 2018, which were primarily due to charge-offs of $1.2 million for three commercial and industrial relationships in the first quarter of 2018. Net charge-offs to average loans decreased from 0.21% to 0.05% year-over-year with the allowance for loan losses to total loans ratio declining slightly to 1.04% at December 31, 2019 compared to 1.05% at December 31, 2018.
  
  
• Total deposits increased $31.7 million, or 2.9%, to $1.12 billion at December 31, 2019, compared to $1.09 billion at December 31, 2018. Average noninterest-bearing demand deposits increased $34.4 million, or 14.8%, year-over-year and represent 24% of the total deposit portfolio. The Bank has been selective on offering promotional interest rates and continues to evaluate its rate structure in light of rate decreases by the Federal Reserve.
  
  
• Net interest margin increased 5 basis points year over year to 3.64% for the year ended December 31, 2019. Interest income on loans increased $5.2 million due to an increase in average loans outstanding of $69.7 million combined with a 23 basis points increase in average loan yield. In addition, interest income on securities increased $1.4 million year over year. A portion of the investment portfolio was restructured in the current year to mitigate deteriorating investment-credit risk and to reinvest in higher yielding, longer-term investments as well as to mitigate call risk in a declining interest rate environment. The Bank realized additional income from accelerated accretion of discounts on security calls. This was partially offset by a $2.3 million increase in interest expense on deposits due to an increase in average interest-bearing deposits of $118.7 million. The average cost of interest-bearing deposits increased 18 basis points in the current period driven by higher cost municipal and time deposits. Although recent interest rate cuts have occurred, higher cost certificates of deposit will continue to impact interest expense until maturity.
  
  
• Noninterest income increased $1.1 million, or 13.1%, to $9.4 million for the year ended December 31, 2019 compared to $8.3 million for the year ended December 31, 2018. Insurance commissions increased $761,000 due to the full year impact from the EU acquisition of the customer list of Beynon Insurance (“Beynon”) in August 2018 combined with organic growth and a $237,000 increase in contingency fees.
  
  
• The FWVB merger was the primary reason for the increase in volume-based service fee income and changes to various noninterest expenses year over year. In addition, although deposits increased $31.7 million in the current period, the FDIC assessment expense decreased $173,000 due to $308,000 of DIF credits.
  
  
• 2018 financial results were impacted by pre-tax merger-related expenses of $854,000, lease termination costs of $287,000 related to the former FWVB corporate headquarters and former Washington Business Center (“WBC”), and leasehold improvements write-off of $74,000 for the WBC. The Bank moved into the Barron P. “Pat” McCune Jr. Corporate Center in the third quarter of 2018. In addition, 2018 financial results were positively impacted by proceeds of $421,000 from a bank-owned life insurance policy. Net income excluding these one-time items would have been approximately $7.6 million for the year ended December 31, 2018. Diluted earnings per share would have been $1.51 per share for the year ended December 31, 2018 without the impact of these items, an increase $0.11 per share.

“We are pleased to report on the wonderful year experienced by CB in 2019,” said Barron P. McCune, Jr., President and Chief Executive Officer. “The first full year of operations after the FWVB merger and the acquisition of Beynon has boosted our overall financial performance. The 8% increase in annual dividend and stock repurchase program provided further opportunity to increase shareholder value. There will always be competition, but while other organizations may be leveraged, we have the advantage of a strong base of low-cost deposits and available liquidity to lend across our expanded market area. A solid fourth quarter of loan growth combined with the resolution of a large problem credit that improved our already strong credit quality numbers creates momentum into the new year.”

About CB Financial Services, Inc

CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank headquartered in Washington, Pennsylvania. Community Bank operates twenty offices in Greene, Allegheny, Washington, Fayette, and Westmoreland Counties in southwestern Pennsylvania, seven offices in Brooke, Marshall, Ohio, Upshur and Wetzel Counties in West Virginia, and one office in Belmont County in Ohio. Community Bank offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary. Consolidated financial highlights of the Company are attached.

For more information about CB and Community Bank, visit our website at www.communitybank.tv.

Statements contained in this press release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain.  Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, changes in market interest rates, general economic conditions, changes in federal and state regulation, actions by our competitors, loan delinquency rates, our ability to control costs and expenses, and other factors that may be described in the Company’s periodic reports as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

Contact:
Barron P. McCune, Jr.
President and Chief Executive Officer
Phone: (724) 225-2400
Fax: (724) 225-4903

SELECTED CONSOLIDATED FINANCIAL INFORMATION
		(Unaudited)
(Dollars in thousands, except share and per share data)		December 31,				September 30,				December 31,
Selected Financial Condition Data:			2019				2019				2018
Total Assets		$	1,321,537			$	1,327,856			$	1,281,701
Cash and Cash Equivalents			80,217				88,413				53,353
Securities Available-for-Sale			197,385				217,545				225,409
Loans
Real Estate:
Residential			347,766				339,122				326,769
Commercial			351,360				314,177				307,064
Construction			35,605				58,324				48,824
Commercial and Industrial			85,586				92,134				91,463
Consumer			113,637				112,188				122,241
Other			18,542				16,253				16,511
Total Loans			952,496				932,198				912,872
Allowance for Loan Losses			9,867				9,750				9,558
Loans, Net			942,629				922,448				903,314
Premises and Equipment, Net			22,282				22,566				23,448
Goodwill and Core Deposit Intangible			37,420				37,905				39,359
Deposits			1,118,359				1,125,908				1,086,658
Borrowings			44,571				46,118				50,979
Stockholders' Equity			151,097				148,098				137,625
		(Unaudited)												(Unaudited)
		Three Months Ended												Year Ended Ended
		December 31,				September 30,				December 31,				December 31,
Selected Operations Data:			2019				2019				2018				2019				2018
Interest and Dividend Income		$	12,968			$	13,098			$	12,465			$	51,031			$	43,626
Interest Expense			2,029				2,002				1,739				7,857				5,949
Net Interest Income			10,939				11,096				10,726				43,174				37,677
Provision for Loan Losses			175				175				400				725				2,525
Net Interest Income After Provision for Loan Losses			10,764				10,921				10,326				42,449				35,152
Noninterest Income:
Service Fees on Deposits			794				811				794				3,156				2,970
Insurance Commissions			1,305				985				1,032				4,524				3,763
Other Commissions			128				159				124				576				947
Net Gain on Sales of Loans			76				48				65				266				171
Net Gain (Loss) on Sales of Investment Securities			-				3				-				(50	)			-
Fair Value of Marketable Equity Securities			86				(25	)			(117	)			190				(63	)
Net Gain on Purchased Tax Credits			8				9				11				35				44
Net Gain (Loss) on Disposal of Fixed Assets			-				-				(63	)			2				(137	)
Income from Bank-Owned Life Insurance			142				142				139				550				509
Other Income (Loss)			(17	)			67				55				186				135
Total noninterest income			2,522				2,199				2,040				9,435				8,339
Noninterest Expense:
Salaries and Employee Benefits			5,040				4,628				4,793				19,313				18,093
Occupancy			666				597				734				2,685				2,947
Equipment			680				636				782				2,685				2,698
FDIC Assessment			43				5				223				411				584
PA Shares Tax			256				226				197				999				790
Contracted Services			316				312				249				1,261				832
Legal and Professional Fees			230				117				196				688				652
Advertising			226				244				200				875				755
Bankcard Processing			201				225				182				853				630
Other Real Estate Owned (Income)			(22	)			13				11				(103	)			48
Amortization of Core Deposit Intangible			485				484				491				1,939				1,477
Merger-Related			-				-				-				-				854
Other			1,105				1,003				1,317				4,222				4,541
Total noninterest expense			9,226				8,490				9,375				35,828				34,901
Income Before Income Tax Expense (Benefit)			4,060				4,630				2,991				16,056				8,590
Income Tax Expense (Benefit)			(617	)			884				561				1,729				1,538
Net Income		$	4,677			$	3,746			$	2,430			$	14,327			$	7,052
Dividends Per Share		$	0.24			$	0.24			$	0.23			$	0.96			$	0.89
Earnings Per Share - Basic			0.86				0.69				0.45				2.64				1.42
Earnings Per Share - Diluted			0.85				0.69				0.45				2.63				1.40
Weighted Average Shares Outstanding - Basic			5,438,664				5,433,289				5,417,623				5,434,649				4,981,814
Weighted Average Shares Outstanding - Diluted			5,471,454				5,458,723				5,453,145				5,448,761				5,031,130
		(Unaudited)												(Unaudited)
		Three Months Ended												Year Ended Ended
		December 31,				September 30,				December 31,				December 31,
Selected Financial Ratios(1):			2019				2019				2018				2019				2018
Return on Average Assets			1.39	%			1.13	%			0.75	%			1.09	%			0.61	%
Return on Average Equity			12.40				10.10				7.15				9.89				5.91
Average Interest-Earning Assets to Average Interest-Bearing Liabilities			134.93				132.73				133.48				134.08				133.39
Average Equity to Average Assets			11.19				11.16				10.56				11.05				10.35
Net Interest Rate Spread			3.34				3.52				3.48				3.42				3.40
Net Interest Margin			3.57				3.74				3.68				3.64				3.59
Net Charge-Offs to Average Loans			0.02				0.05				0.06				0.05				0.21
Efficiency Ratio			68.54				63.86				73.44				68.10				75.85
		(Unaudited)
		December 31,				September 30,				December 31,
			2019				2019				2018
Allowance For Loan Losses to Total Loans (2)			1.04	%			1.05	%			1.05	%
Allowance For Loan Losses to Nonperforming Loans (2) (4)			183.33				124.92				151.40
Allowance For Loan Losses to Noncurrent Loans (2) (5)			315.95				164.86				264.91
Nonperforming Loans to Total Loans (4)			0.57				0.84				0.69
Noncurrent Loans to Total Loans (5)			0.33				0.63				0.40
Nonperforming Assets to Total Assets			0.43				0.60				0.56
Common Equity Tier 1 Capital (to Risk Weighted Assets) (3)			11.43				11.97				11.44
Tier 1 Capital (to Risk Weighted Assets) (3)			11.43				11.97				11.44
Total Capital (to Risk Weighted Assets) (3)			12.54				13.09				12.57
Tier 1 Leverage (to Adjusted Total Assets) (3)			7.85				8.09				7.82
Book Value Per Share		$	27.65			$	27.26			$	25.33
Outstanding Shares			5,463,828				5,433,489				5,432,289
(1) Interim period ratios are calculated on an annualized basis.
(2) Loans acquired in connection with the mergers with FedFirst Financial Corporation and First West Virginia Bancorp were recorded at their estimated fair value at the acquisition date and did not include a carryover of the pre-merger allowance for loan losses.
(3) Capital ratios are for Community Bank only.
(4) Nonperforming loans consist of nonaccrual loans, accruing loans that are 90 days or more past due, and troubled debt restructured loans.
(5) Noncurrent loans consist of nonaccrual loans and accruing loans that are 90 days or more past due.
Note:
Certain items previously reported may have been reclassified to conform with the current reporting period’s format.

AVERAGE BALANCES AND YIELDS
The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting average yields and costs. Average balances are derived from daily balances over the periods indicated. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense. Tax-equivalent yield adjustments have been made for tax exempt loan and securities income utilizing a marginal federal income tax rate of 21%. As such, amounts do not agree to income as reported in the consolidated financial statements. Average balances for loans are net of the allowance for loan losses, and include nonaccrual loans with a zero yield. The yields and costs for the periods indicated are derived by dividing annualized income or expense by the average balances of assets or liabilities, respectively, for the periods presented.
				(Dollars in thousands) (Unaudited)
				Three Months Ended December 31,									Three Months Ended September 30,									Three Months Ended December 31,
					2019									2019									2018
				Average Balance			Interest and Dividends			Yield / Cost (4)			Average Balance			Interest and Dividends			Yield / Cost (4)			Average Balance			Interest and Dividends			Yield / Cost (4)
Assets:
Interest-Earning Assets:
	Loans, Net			$	930,371		$	11,116		4.74	%		$	920,029		$	11,013		4.75	%		$	898,484		$	10,704		4.73	%
	Investment Securities
		Taxable			187,798			1,358		2.89				201,926			1,578		3.13				183,707			1,260		2.74
		Exempt From Federal Tax			17,405			130		2.99				19,906			156		3.13				37,529			291		3.10
	Other Interest-Earning Assets				85,336			415		1.93				41,863			405		3.84				45,783			299		2.59
		Total Interest-Earning Assets			1,220,910			13,019		4.23				1,183,724			13,152		4.41				1,165,503			12,554		4.27
Noninterest-Earning Assets					115,382									135,172									111,907
		Total Assets		$	1,336,292								$	1,318,896								$	1,277,410
Liabilities and
	Stockholders' equity:
Interest-Bearing Liabilities:
	Interest-Bearing Demand Deposits			$	232,044			310		0.53	%		$	226,887			303		0.53	%		$	207,666			224		0.43	%
	Savings				215,686			94		0.17				216,923			118		0.22				205,908			142		0.27
	Money Market				186,411			262		0.56				178,485			241		0.54				191,051			281		0.58
	Time Deposits				224,602			1,230		2.17				224,483			1,202		2.12				214,118			949		1.76
		Total Interest-Bearing Deposits			858,743			1,896		0.88				846,778			1,864		0.87				818,743			1,596		0.77
	Borrowings				46,099			133		1.14				45,066			138		1.21				54,395			143		1.04
		Total Interest-Bearing Liabilities			904,842			2,029		0.89				891,844			2,002		0.89				873,138			1,739		0.79
Noninterest-Bearing Demand Deposits					270,889									269,931									260,486
Other Liabilities					10,968									9,949									8,907
		Total Liabilities			1,186,699									1,171,724									1,142,531
Stockholders' Equity					149,593									147,172									134,879
		Total Liabilities and
			Stockholders' Equity	$	1,336,292								$	1,318,896								$	1,277,410
Net Interest Income							$	10,990								$	11,150								$	10,815
Net Interest Rate Spread (1)										3.34	%								3.52	%								3.48	%
Net Interest-Earning Assets (2)				$	316,068								$	291,880								$	292,365
Net Interest Margin (3)										3.57									3.74									3.68
Return on Average Assets										1.39									1.13									0.75
Return on Average Equity										12.40									10.10									7.15
Average Equity to Average Assets										11.19									11.16									10.56
Average Interest-Earning Assets to
	Average Interest-Bearing Liabilities									134.93									132.73									133.48
(1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income divided by average total interest-earning assets.
(4) Annualized.
				(Dollars in thousands) (Unaudited)
				Year Ended Ended December 31,
					2019									2018
				Average Balance			Interest and Dividends			Yield / Cost			Average Balance			Interest and Dividends			Yield / Cost
Assets:
Interest-Earning Assets:
	Loans, Net			$	913,785		$	43,302		4.74	%		$	844,106		$	38,078		4.51	%
	Investment Securities
		Taxable			198,579			5,735		2.89				153,912			4,007		2.60
		Exempt From Federal Tax			23,342			733		3.14				39,140			1,189		3.04
	Other Interest-Earning Assets				56,665			1,512		2.67				22,744			707		3.11
		Total Interest-Earning Assets			1,192,371			51,282		4.30				1,059,902			43,981		4.15
Noninterest-Earning Assets					119,054									92,656
		Total Assets		$	1,311,425								$	1,152,558
Liabilities and
	Stockholders' equity:
Interest-Bearing Liabilities:
	Interest-Bearing Demand Deposits			$	222,148			1,182		0.53	%		$	174,653			635		0.36	%
	Savings				215,798			507		0.23				184,093			471		0.26
	Money Market				181,985			1,040		0.57				167,247			822		0.49
	Time Deposits				221,904			4,574		2.06				197,104			3,040		1.54
		Total Interest-Bearing Deposits			841,835			7,303		0.87				723,097			4,968		0.69
	Borrowings				47,437			554		1.17				71,479			981		1.37
		Total Interest-Bearing Liabilities			889,272			7,857		0.88				794,576			5,949		0.75
Noninterest-Bearing Demand Deposits					267,311									232,872
Other Liabilities					9,939									5,810
		Total Liabilities			1,166,522									1,033,258
Stockholders' Equity					144,903									119,300
		Total Liabilities and
			Stockholders' Equity	$	1,311,425								$	1,152,558
Net Interest Income							$	43,425								$	38,032
Net Interest Rate Spread (1)										3.42	%								3.40	%
Net Interest-Earning Assets (2)				$	303,099								$	265,326
Net Interest Margin (3)										3.64									3.59
Return on Average Assets										1.09									0.61
Return on Average Equity										9.89									5.91
Average Equity to Average Assets										11.05									10.35
Average Interest-Earning Assets to
	Average Interest-Bearing Liabilities									134.08									133.39
(1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average total interest-earning assets.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.