Fentura Financial, Inc. Announces Fourth Quarter 2017 Results
(Dollars in thousands except per share amounts. Certain items in the prior period financial statements have been reclassified to conform with 12/31/2017 presentation)
FENTON, Mich., March 02, 2018 (GLOBE NEWSWIRE) -- Fentura Financial, Inc. announces another strong quarter with net income of $2,162 and $8,676 for the three and 12 month periods ended December 31, 2017, respectively. The results for the year represent the highest level of earnings reported by Fentura Financial, Inc. with the quarterly results being the second-best quarter on record.
- 18.00% increase in stock trading price over December 31, 2016
- 95.36% increase in net income over 2016
- 40.59% increase in earnings per share over 2016
- 30.39% increase in gross loans since December 31, 2016
- 11.62% increase in total deposits since December 31, 2016
- Efficiency ratio improved to 66.20% as compared to 74.56% in 2016
- Net interest income increased by 65.86% over 2016
- 35.00% increase in noninterest income
- Net interest margin to earning assets improved to 4.01% for the 12 months ended December 31, 2017
The Corporation’s ability to generate consistent, high quality, loan growth continues to be one of its most significant strengths. This loan growth has been the result of actively pursuing opportunities in existing market areas without sacrificing underwriting standards as credit quality indicators remain at historically low levels. The ability to grow loans at this pace was a direct result of the acquisition of The Community State Bank of St. Charles on December 31, 2016 and its strong deposit base.
While capital ratios have declined during the year, the Corporation’s capital ratios remain in excess of levels considered adequately capitalized by regulatory agencies. The decline in the capital ratios during the year have been a direct result of the robust loan growth.
Ronald L. Justice, President and CEO said, “Our consistent strong operating results reflect our team’s commitment to organically expand our franchise by attracting new and expanding existing client relationships in all business lines. By expanding client relationships we have enhanced net interest income while improving our efficiency, thus strengthening our bottom line.”
All historical information prior to December 31, 2016 excludes any impact of the Community State Bank acquisition.
Balance Sheet Breakdown and Analysis
| 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | 12/31/16 | |||||||||||||||||
| ASSETS | |||||||||||||||||||||
| Cash and cash equivalents | $ | 15,928 | $ | 16,450 | $ | 29,487 | $ | 68,202 | $ | 78,313 | |||||||||||
| Total securities | 55,323 | 67,155 | 70,699 | 72,472 | 72,458 | ||||||||||||||||
| Loans held for sale | 2,067 | 4,835 | 4,664 | 514 | 3,869 | ||||||||||||||||
| Gross loans | 672,530 | 628,552 | 591,753 | 554,415 | 515,775 | ||||||||||||||||
| Less allowance for loan losses | 3,603 | 3,262 | 3,092 | 2,877 | 2,851 | ||||||||||||||||
| Net loans | 668,927 | 625,290 | 588,661 | 551,538 | 512,924 | ||||||||||||||||
| All other assets | 39,198 | 43,237 | 37,000 | 37,910 | 35,786 | ||||||||||||||||
| Total assets | $ | 781,443 | $ | 756,967 | $ | 730,511 | $ | 730,636 | $ | 703,350 | |||||||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||||||||||
| Total deposits | $ | 673,505 | $ | 625,588 | $ | 614,167 | $ | 630,055 | $ | 603,367 | |||||||||||
| Total borrowed funds | 46,000 | 68,000 | 59,000 | 45,000 | 45,000 | ||||||||||||||||
| Accrued interest and other liabilties | 2,491 | 6,218 | 3,089 | 3,765 | 4,323 | ||||||||||||||||
| Total liabilities | 721,996 | 699,806 | 676,256 | 678,820 | 652,690 | ||||||||||||||||
| Total shareholders' equity | 59,447 | 57,161 | 54,255 | 51,816 | 50,660 | ||||||||||||||||
| Total liabilities and shareholders' equity |
$ | 781,443 | $ | 756,967 | $ | 730,511 | $ | 730,636 | $ | 703,350 | |||||||||||
| Selected Ratios | |||||||||||||||||||||
| Net loans to total deposits | 99.32 | % | 99.95 | % | 95.85 | % | 87.54 | % | 85.01 | % | |||||||||||
| ALLL to gross loans | 0.54 | % | 0.52 | % | 0.52 | % | 0.52 | % | 0.55 | % | |||||||||||
| Book value per share | $ | 16.37 | $ | 15.75 | $ | 14.96 | $ | 14.31 | $ | 14.00 | |||||||||||
| Tangible book value per share | $ | 14.96 | $ | 14.25 | $ | 13.42 | $ | 12.72 | $ | 13.11 | |||||||||||
| Total capital to risk weighted assets* | 10.46 | % | 10.21 | % | 10.36 | % | 10.89 | % | 11.24 | % | |||||||||||
| Tier 1 capital to risk weighted assets* | 9.91 | % | 9.70 | % | 9.84 | % | 10.36 | % | 10.72 | % | |||||||||||
| CET1 captial ro risk weighted assets* | 9.91 | % | 9.70 | % | 9.84 | % | 10.36 | % | 10.72 | % | |||||||||||
| Tier 1 capital to average assets* | 8.57 | % | 8.62 | % | 8.30 | % | 7.96 | % | 11.69 | % | |||||||||||
| *The State Bank | |||||||||||||||||||||
| 12/31/2017 vs 9/30/2017 | 12/31/2017 vs 12/31/2016 | ||||||||||||||||||||
| $ Variance | % Variance | $ Variance | % Variance | ||||||||||||||||||
| ASSETS | |||||||||||||||||||||
| Cash and cash equivalents | $ | (522 | ) | -3.17 | % | $ | (62,385 | ) | -79.66 | % | |||||||||||
| Total securities | (11,832 | ) | -17.62 | % | (17,135 | ) | -23.65 | % | |||||||||||||
| Loans held for sale | (2,768 | ) | -57.25 | % | (1,802 | ) | -46.58 | % | |||||||||||||
| Gross loans | 43,978 | 7.00 | % | 156,755 | 30.39 | % | |||||||||||||||
| Less allowance for loan losses | 341 | 10.45 | % | 752 | 26.38 | % | |||||||||||||||
| Net loans | 43,637 | 6.98 | % | 156,003 | 30.41 | % | |||||||||||||||
| All other assets | (4,039 | ) | -9.34 | % | 3,412 | 9.53 | % | ||||||||||||||
| Total assets | $ | 24,476 | 3.23 | % | $ | 78,093 | 11.10 | % | |||||||||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||||||||||
| Total deposits | $ | 47,917 | 7.66 | % | $ | 70,138 | 11.62 | % | |||||||||||||
| Total borrowed funds | (22,000 | ) | -32.35 | % | 1,000 | 2.22 | % | ||||||||||||||
| Accrued interest and other liabilties | (3,727 | ) | -59.94 | % | (1,832 | ) | -42.38 | % | |||||||||||||
| Total liabilities | 22,190 | 3.17 | % | 69,306 | 10.62 | % | |||||||||||||||
| Total shareholders' equity | 2,286 | 4.00 | % | 8,787 | 17.35 | % | |||||||||||||||
| Total liabilities and shareholders' equity |
$ | 24,476 | 3.23 | % | $ | 78,093 | 11.10 | % | |||||||||||||
| Selected Ratios | |||||||||||||||||||||
| Net loans to total deposits | -0.63 | % | 14.31 | % | |||||||||||||||||
| ALLL to gross loans | 0.02 | % | -0.02 | % | |||||||||||||||||
| Book value per share | $ | 0.62 | 3.94 | % | $ | 2.37 | 4.43 | % | |||||||||||||
| Tangible book value per share | $ | 0.71 | 4.98 | % | $ | 1.85 | 5.42 | % | |||||||||||||
| Total capital to risk weighted assets* | 0.25 | % | -0.78 | % | |||||||||||||||||
| Tier 1 capital to risk weighted assets* | 0.21 | % | -0.81 | % | |||||||||||||||||
| CET1 captial ro risk weighted assets* | 0.21 | % | -0.81 | % | |||||||||||||||||
| Tier 1 capital to average assets* | -0.05 | % | -3.12 | % | |||||||||||||||||
The following tables outline the composition and changes in the loan portfolio as of:
| 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | 12/31/16 | ||||||||||||||||||
| Commercial real estate | $ | 298,920 | $ | 272,292 | $ | 240,627 | $ | 226,530 | $ | 232,543 | ||||||||||||
| Residential real estate | 234,032 | 230,994 | 220,000 | 204,461 | 178,706 | |||||||||||||||||
| Commercial | 82,667 | 73,553 | 79,063 | 75,916 | 66,912 | |||||||||||||||||
| Home equity | 44,602 | 39,951 | 38,434 | 31,135 | 30,629 | |||||||||||||||||
| Installment | 12,309 | 11,754 | 13,628 | 16,213 | 6,985 | |||||||||||||||||
| Total loans | $ | 672,530 | $ | 628,544 | $ | 591,752 | $ | 554,255 | $ | 515,775 | ||||||||||||
| 12/31/2017 vs 9/30/2017 | 12/31/2017 vs 12/31/2016 | |||||||||||||||||||||
| $ Variance | % Variance | $ Variance | % Variance | |||||||||||||||||||
| Commercial real estate | $ | 26,628 | 9.78 | % | $ | 66,377 | 28.54 | % | ||||||||||||||
| Residential real estate | 3,038 | 1.32 | % | 55,326 | 30.96 | % | ||||||||||||||||
| Commercial | 9,114 | 12.39 | % | 15,755 | 23.55 | % | ||||||||||||||||
| Home equity | 4,651 | 11.64 | % | 13,973 | 45.62 | % | ||||||||||||||||
| Installment | 555 | 4.72 | % | 5,324 | 76.22 | % | ||||||||||||||||
| Total loans | $ | 43,986 | 7.00 | % | $ | 156,755 | 30.39 | % | ||||||||||||||
We have been successful in growing our loan portfolio in all segments over the past 12 months. This growth has been the direct result of efforts to grow organically in our existing markets with the liquidity provided from the acquisition of The Community State Bank.
The following tables outline the composition and changes in the deposit portfolio as of:
| 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | 12/31/16 | ||||||||||||||||
| Demand | $ | 216,607 | $ | 208,494 | $ | 217,504 | $ | 213,538 | $ | 160,903 | ||||||||||
| Savings | 224,558 | 229,471 | 223,274 | 230,235 | 213,499 | |||||||||||||||
| Money market demand | 67,387 | 68,567 | 55,736 | 62,229 | 105,007 | |||||||||||||||
| NOW | 2,253 | 3,565 | 2,810 | 2,554 | 2,153 | |||||||||||||||
| Time deposits | 162,700 | 115,491 | 114,843 | 121,499 | 121,805 | |||||||||||||||
| Total deposits | $ | 673,505 | $ | 625,588 | $ | 614,167 | $ | 630,055 | $ | 603,367 | ||||||||||
| 12/31/2017 vs 9/30/2017 | 12/31/2017 vs 12/31/2016 | |||||||||||||||||||
| $ Variance | % Variance | $ Variance | % Variance | |||||||||||||||||
| Demand | $ | 8,113 | 3.89 | % | $ | 55,704 | 34.62 | % | ||||||||||||
| Savings | (4,913 | ) | -2.14 | % | 11,059 | 5.18 | % | |||||||||||||
| Money market demand | (1,180 | ) | -1.72 | % | (37,620 | ) | -35.83 | % | ||||||||||||
| NOW | (1,312 | ) | -36.80 | % | 100 | 4.64 | % | |||||||||||||
| Time deposits | 47,209 | 40.88 | % | 40,895 | 33.57 | % | ||||||||||||||
| Total deposits | $ | 47,917 | 7.66 | % | $ | 70,138 | 11.62 | % | ||||||||||||
Like loans, total deposits have grown both quarter over quarter and year over year. Most of the growth has come in the form of demand deposits and time deposits. The increase in demand deposits has been the direct result of our treasury management team working with municipalities and small business customers to ensure that we have the appropriate mix of products and services at a competitive price. The increase in time deposits has been the result of targeted CD specials and an increase in brokered and internet deposits to fund the remaining growth in the loan portfolio.
Income Statement Breakdown and Analysis
| Quarter to Date | |||||||||||||||||||||
| 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | 12/31/16 | |||||||||||||||||
| Interest and dividend income | |||||||||||||||||||||
| Loans, including fees | $ | 8,524 | $ | 7,226 | $ | 6,931 | $ | 6,084 | $ | 4,836 | |||||||||||
| Investments | 341 | 339 | 323 | 343 | 116 | ||||||||||||||||
| Total interest and dividend income | 8,865 | 7,565 | 7,254 | 6,427 | 4,952 | ||||||||||||||||
| Total interest expense | 939 | 792 | 702 | 687 | 614 | ||||||||||||||||
| Net interest income | 7,926 | 6,773 | 6,552 | 5,740 | 4,338 | ||||||||||||||||
| Provision for loan losses | 348 | 136 | 125 | - | (900 | ) | |||||||||||||||
| Net interest income, after provision for loan losses | 7,578 | 6,637 | 6,427 | 5,740 | 5,238 | ||||||||||||||||
| Total noninterest income | 2,220 | 3,396 | 2,138 | 1,234 | 1,792 | ||||||||||||||||
| Total noninterest expenses | 7,400 | 5,581 | 5,742 | 5,095 | 5,191 | ||||||||||||||||
| Income before federal income taxes | 2,398 | 4,452 | 2,823 | 1,879 | 1,839 | ||||||||||||||||
| Federal income taxes | 236 | 1,164 | 884 | 592 | 636 | ||||||||||||||||
| Net income | $ | 2,162 | $ | 3,288 | $ | 1,939 | $ | 1,287 | $ | 1,203 | |||||||||||
| Quarter to Date | |||||||||||||||||||||
| 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | 12/31/16 | |||||||||||||||||
| Based on GAAP net income | |||||||||||||||||||||
| Return on Average Assets | 1.11 | % | 1.76 | % | 1.09 | % | 0.75 | % | 0.92 | % | |||||||||||
| Efficiency Ratio | 72.94 | % | 54.88 | % | 66.08 | % | 73.06 | % | 84.68 | % | |||||||||||
| Earnings Per Share | $ | 0.60 | $ | 0.91 | $ | 0.53 | $ | 0.35 | $ | 0.41 | |||||||||||
| Yield on Earning Assets | 5.13 | % | 4.40 | % | 4.45 | % | 4.19 | % | 4.41 | % | |||||||||||
| Rate on Int. Bearing Liabilities | 0.82 | % | 0.67 | % | 0.57 | % | 0.55 | % | 0.73 | % | |||||||||||
| Net Interest Margin to Earning Assets | 4.59 | % | 3.94 | % | 4.02 | % | 3.74 | % | 3.86 | % | |||||||||||
| Based on adjusted net income from operations | |||||||||||||||||||||
| Return on Average Assets | 0.84 | % | 1.03 | % | 1.07 | % | 0.70 | % | 0.79 | % | |||||||||||
| Efficiency Ratio | 74.22 | % | 63.73 | % | 66.73 | % | 73.29 | % | 72.81 | % | |||||||||||
| Earnings Per Share | $ | 0.49 | $ | 0.53 | $ | 0.52 | $ | 0.33 | $ | 0.35 | |||||||||||
| Based on adjusted net interest income | |||||||||||||||||||||
| Yield on Earning Assets | 4.54 | % | 4.24 | % | 4.29 | % | 4.01 | % | 4.41 | % | |||||||||||
| Rate on Int. Bearing Liabilities | 0.83 | % | 0.68 | % | 0.58 | % | 0.56 | % | 0.73 | % | |||||||||||
| Net Interest Margin to Earning Assets | 4.01 | % | 3.79 | % | 3.87 | % | 3.58 | % | 3.86 | % | |||||||||||
| GAAP net income | $ | 2,162 | $ | 3,288 | $ | 1,939 | $ | 1,287 | $ | 1,203 | |||||||||||
| Provision for loan losses (net of tax) | 229 | 90 | 83 | - | (594 | ) | |||||||||||||||
| Acquisition related items (net of tax) | |||||||||||||||||||||
| Accretion on purchased loans | (676 | ) | (179 | ) | (175 | ) | (173 | ) | - | ||||||||||||
| Amortization of core deposit intangible | 105 | 104 | 104 | 104 | - | ||||||||||||||||
| Acquisition related expenses | 296 | - | - | - | 480 | ||||||||||||||||
| Accretion on acquired OREO | - | - | (53 | ) | - | - | |||||||||||||||
| Amortization on acquired time deposits | 10 | 10 | 9 | 9 | - | ||||||||||||||||
| Amortization on purchased MSRs | 8 | 8 | 7 | 7 | - | ||||||||||||||||
| Total acquisition related items (net of tax) | (257 | ) | (57 | ) | (108 | ) | (53 | ) | 480 | ||||||||||||
| One-time items (net of tax) | |||||||||||||||||||||
| Net gain from BOLI death benefit | - | (1,155 | ) | - | - | - | |||||||||||||||
| Re-valuation of net deferred tax liabilities | (489 | ) | - | - | - | - | |||||||||||||||
| Net gain from note receivable | - | (172 | ) | - | - | - | |||||||||||||||
| Total one-time items (net of tax) | (489 | ) | (1,327 | ) | - | - | - | ||||||||||||||
| Adjusted net income from operations | $ | 1,645 | $ | 1,994 | $ | 1,914 | $ | 1,234 | $ | 1,089 | |||||||||||
| GAAP net interest income | $ | 7,926 | $ | 6,773 | $ | 6,552 | $ | 5,740 | $ | 4,338 | |||||||||||
| Accretion on purchased loans | (1,021 | ) | (272 | ) | (266 | ) | (263 | ) | - | ||||||||||||
| Amortization on acquired time deposits | 15 | 15 | 14 | 14 | - | ||||||||||||||||
| Adjusted net interest income | $ | 6,920 | $ | 6,516 | $ | 6,300 | $ | 5,491 | $ | 4,338 | |||||||||||
| Year Ended December 31 | Variance | |||||||||||||||
| 2017 | 2016 | $ | % | |||||||||||||
| Interest and dividend income | ||||||||||||||||
| Loans, including fees | $ | 28,765 | $ | 18,119 | $ | 10,646 | 58.76 | % | ||||||||
| Investments | 1,346 | 526 | 820 | 155.89 | % | |||||||||||
| Total interest and dividend income | 30,111 | 18,645 | 11,466 | 61.50 | % | |||||||||||
| Total interest expense | 3,120 | 2,372 | 748 | 31.53 | % | |||||||||||
| Net interest income | 26,991 | 16,273 | 10,718 | 65.86 | % | |||||||||||
| Provision for loan losses | 609 | (900 | ) | 1,509 | -167.67 | % | ||||||||||
| Net interest income, after provision for loan losses | 26,382 | 17,173 | 9,209 | 53.62 | % | |||||||||||
| Total noninterest income | 8,988 | 6,658 | 2,330 | 35.00 | % | |||||||||||
| Total noninterest expenses | 23,818 | 17,097 | 6,721 | 39.31 | % | |||||||||||
| Income before federal income taxes | 11,552 | 6,734 | 4,818 | 71.55 | % | |||||||||||
| Federal income taxes | 2,876 | 2,293 | 583 | 25.43 | % | |||||||||||
| Net income | $ | 8,676 | $ | 4,441 | $ | 4,235 | 95.36 | % | ||||||||
| Year Ended December 31 | Variance | |||||||||||||||
| 2017 | 2016 | $ | % | |||||||||||||
| Based on GAAP net income | ||||||||||||||||
| Return on Average Assets | 1.19 | % | 0.93 | % | 0.25 | % | ||||||||||
| Efficiency Ratio | 66.20 | % | 74.56 | % | -8.36 | % | ||||||||||
| Earnings Per Share | $ | 2.39 | $ | 1.70 | $ | 0.69 | 40.59 | % | ||||||||
| Yield on Earning Assets | 4.55 | % | 4.38 | % | 0.17 | % | ||||||||||
| Rate on Int. Bearing Liabilities | 0.65 | % | 0.76 | % | -0.11 | % | ||||||||||
| Net Interest Margin to Earning Assets | 4.08 | % | 3.83 | % | 0.25 | % | ||||||||||
| Based on adjusted net income from operations | ||||||||||||||||
| Return on Average Assets | 0.93 | % | 0.91 | % | 0.02 | % | ||||||||||
| Efficiency Ratio | 69.39 | % | 74.56 | % | -5.16 | % | ||||||||||
| Earnings Per Share | $ | 1.87 | $ | 1.66 | $ | 0.21 | 12.65 | % | ||||||||
| Based on adjusted net interest income | ||||||||||||||||
| Yield on Earning Assets | 4.28 | % | 4.38 | % | -0.11 | % | ||||||||||
| Rate on Int. Bearing Liabilities | 0.66 | % | 0.76 | % | -0.09 | % | ||||||||||
| Net Interest Margin to Earning Assets | 3.82 | % | 3.83 | % | -0.01 | % | ||||||||||
| GAAP net income | $ | 8,676 | $ | 4,441 | $ | 4,235 | 95.36 | % | ||||||||
| Provision for loan losses (net of tax) | 402 | (594 | ) | 996 | -167.68 | % | ||||||||||
| Acquisition related items (net of tax) | ||||||||||||||||
| Accretion on purchased loans | (1,203 | ) | - | (1,203 | ) | N/M | ||||||||||
| Amortization of core deposit intangible | 417 | - | 417 | N/M | ||||||||||||
| Acquisition related expenses | 296 | 480 | (184 | ) | -38.33 | % | ||||||||||
| Accretion on acquired OREO | (53 | ) | - | (53 | ) | N/M | ||||||||||
| Amortization on acquired time deposits | 38 | - | 38 | N/M | ||||||||||||
| Amortization on purchased MSRs | 30 | - | 30 | N/M | ||||||||||||
| Total acquisition related items (net of tax) | (475 | ) | 480 | (955 | ) | -198.96 | % | |||||||||
| One-time items (net of tax) | ||||||||||||||||
| Net gain from BOLI death benefit | (1,155 | ) | - | (1,155 | ) | N/M | ||||||||||
| Re-valuation of net deferred tax liabilities | (489 | ) | - | (489 | ) | N/M | ||||||||||
| Net gain from note receivable | (172 | ) | - | (172 | ) | N/M | ||||||||||
| Total one-time items (net of tax) | (1,816 | ) | - | (1,816 | ) | N/M | ||||||||||
| Adjusted net income from operations | $ | 6,787 | $ | 4,327 | $ | 2,460 | 56.85 | % | ||||||||
| GAAP net interest income | $ | 26,991 | $ | 16,273 | $ | 10,718 | 65.86 | % | ||||||||
| Accretion on purchased loans | (1,822 | ) | - | (1,822 | ) | N/M | ||||||||||
| Amortization on acquired time deposits | 58 | - | 58 | N/M | ||||||||||||
| Adjusted net interest income | $ | 25,227 | $ | 16,273 | $ | 8,954 | 55.02 | % | ||||||||
To effectively compare core operating results from period to period, the impact of the provision for loan losses, acquisition related items, and one-time items have been isolated.
As outlined in the preceding tables, except for the fourth quarter of 2017, the Corporation has been able to consistently increase adjusted net income from operations. The decline in the fourth quarter of 2017 was primarily the result of increases in compensation expenses. Compensation expenses are expected to normalize in future periods. Included in the one-time items for the fourth quarter of 2017 was the impact of re-valuing the Corporation’s net deferred tax liabilities as a result of the Tax Cuts and Jobs Act of 2017. While the re-valuing of the net deferred tax liability is a one-time item, the Corporation anticipates an increase in net income in 2018 because of lower corporate tax rates resulting from the implementation of the Tax Cuts and Jobs Act of 2017.
The Corporation has also been successful at consistently increasing adjusted net interest income. This increase continues to be driven primarily through increases in loans. Despite the strong growth in the loan portfolio during 2017, the Corporation maintain relatively strong interest margins. As the Corporation expects to grow its loan portfolio in 2018 at modest levels, net interest income is expected to continue to increase.
About Fentura Financial, Inc. and The State Bank
Fentura Financial, Inc., which had total assets of $781,443 as of 12/31/2017, is the holding company for The State Bank. It was formed in 1987 and is traded on the OTCQX exchange under the symbol FETM, and was recognized as one of the Top 50 performing stocks in 2016 on that exchange.
The State Bank is a full-service, 4-Star Bauer Financial rated commercial, retail and trust bank headquartered in Fenton, Michigan. It currently operates 15 full-service branches in Genesee, Livingston, Oakland, Saginaw, and Shiawassee Counties and loan production offices in Washtenaw and Saginaw Counties. The State Bank’s commercial department provides a complete array of products including lines of credit, term loans, commercial mortgages, SBA loans and a full-suite of cash management products. The retail department offers personal checking, savings, time and IRA deposit accounts and a wide array of loan products including home equity, auto and personal loans. The residential loan department offers construction, purchase and refinance residential mortgage loans. The wealth management department offers a full-service suite of trust and portfolio management services. The aim of The State Bank is to become and remain “Your Financial Partner for Life.” More information can be found at www.thestatebank.com.
CAUTIONARY STATEMENT: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in earning assets and net income. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
| Contact: | Ronald L. Justice | |
| President & CEO | ||
| Fentura Financial, Inc. | ||
| 810.714.3902 |
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