|
Connecticut
(State or other jurisdiction of Incorporation or organization) |
| | | | |
20-8251355
(I.R.S. Employer Identification No.) |
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| Large accelerated filer ☐ | | |
Accelerated filer ☑
|
|
| Non-accelerated filer ☐ (Do not check if a smaller reporting company) | | |
Smaller reporting company ☐
|
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| Emerging growth company ☑ | | | | |
| PART I | | | | | | | |
| | | | | 1 | | | |
| | | | | 21 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| PART II | | | | | | | |
| | | | | 33 | | | |
| | | | | 34 | | | |
| | | | | 38 | | | |
| | | | | 66 | | | |
| | | | | 69 | | | |
| | | | | 132 | | | |
| | | | | 132 | | | |
| | | | | 133 | | | |
| PART III | | | | | | | |
| | | | | 134 | | | |
| | | | | 134 | | | |
| | | | | 134 | | | |
| | | | | 134 | | | |
| | | | | 134 | | | |
| PART IV | | | | | | | |
| | | | | 135 | | | |
| | | | | 136 | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent of
Loan Portfolio |
| |
Amount
|
| |
Percent of
Loan Portfolio |
| |
Amount
|
| |
Percent of
Loan Portfolio |
| ||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | $ | 193,524 | | | | | | 12.54% | | | | | $ | 195,729 | | | | | | 14.33% | | | | | $ | 193,110 | | | | | | 16.83% | | |
Commercial
|
| | | | 987,242 | | | | | | 63.98 | | | | | | 845,322 | | | | | | 61.89 | | | | | | 697,542 | | | | | | 60.79 | | |
Construction
|
| | | | 101,636 | | | | | | 6.59 | | | | | | 107,441 | | | | | | 7.86 | | | | | | 82,273 | | | | | | 7.17 | | |
| | | | | 1,282,402 | | | | | | 83.11 | | | | | | 1,148,492 | | | | | | 84.08 | | | | | | 972,925 | | | | | | 84.79 | | |
Commercial business
|
| | | | 259,995 | | | | | | 16.85 | | | | | | 215,914 | | | | | | 15.81 | | | | | | 172,853 | | | | | | 15.06 | | |
Consumer
|
| | | | 619 | | | | | | 0.04 | | | | | | 1,533 | | | | | | 0.11 | | | | | | 1,735 | | | | | | 0.15 | | |
Total loans
|
| | | $ | 1,543,016 | | | | | | 100.00% | | | | | $ | 1,365,939 | | | | | | 100.00% | | | | | $ | 1,147,513 | | | | | | 100.00% | | |
|
| | |
At December 31,
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| |||||||||||||||||||||
| | |
2014
|
| |
2013
|
| ||||||||||||||||||
| | |
Amount
|
| |
Percent of
Loan Portfolio |
| |
Amount
|
| |
Percent of
Loan Portfolio |
| ||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential
|
| | | $ | 193,197 | | | | | | 20.78% | | | | | $ | 169,766 | | | | | | 26.86% | | |
Commercial
|
| | | | 521,181 | | | | | | 56.06 | | | | | | 316,533 | | | | | | 50.08 | | |
Construction
|
| | | | 63,229 | | | | | | 6.80 | | | | | | 51,545 | | | | | | 8.16 | | |
| | | | | 777,607 | | | | | | 83.64 | | | | | | 537,844 | | | | | | 85.10 | | |
Commercial business
|
| | | | 149,259 | | | | | | 16.05 | | | | | | 93,566 | | | | | | 14.80 | | |
Consumer
|
| | | | 2,896 | | | | | | 0.31 | | | | | | 602 | | | | | | 0.10 | | |
Total loans
|
| | | $ | 929,762 | | | | | | 100.00% | | | | | $ | 632,012 | | | | | | 100.00% | | |
|
Branch
|
| |
Address
|
| |
Owned or Leased
|
|
Elm Street | | | 208 Elm Street New Canaan, CT 06840 | | | Lease (expires 2021) | |
Cherry Street | | | 156 Cherry Street New Canaan, CT 06840 | | | Lease (expires 2021) | |
Stamford | | | 612 Bedford Street Stamford, CT 06901 | | | Lease (expires 2020) | |
Sasco Hill | | | One Sasco Hill Road Fairfield, CT 06824 | | | Lease (expires 2023) | |
Black Rock | | | 2220 Black Rock Turnpike Fairfield, CT 06825 | | | Lease (expires 2024) | |
Wilton | | | 47 Old Ridgefield Road Wilton, CT 06897 | | | Own | |
Norwalk | | | 370 Westport Avenue Norwalk, CT 06851 | | | Lease (expires 2029) | |
Hamden | | | 2704 Dixwell Avenue Hamden, CT 06518 | | | Own | |
North Haven | | | 24 Washington Avenue North Haven, CT 06473 Lease | | | (expires 2018) | |
| | |
2017
|
| |
2016
|
| ||||||||||||||||||||||||||||||
| | |
Sales Price
|
| |
Cash
Dividends Declared |
| |
Sales Price
|
| |
Cash
Dividends Declared |
| ||||||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| ||||||||||||||||||||||||
Quarter Ended | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
March 31
|
| | | $ | 35.00 | | | | | $ | 28.79 | | | | | $ | 0.07 | | | | | $ | 20.00 | | | | | $ | 18.48 | | | | | $ | 0.05 | | |
June 30
|
| | | | 38.50 | | | | | | 29.90 | | | | | | 0.07 | | | | | | 24.85 | | | | | | 19.60 | | | | | | 0.05 | | |
September 30
|
| | | | 37.00 | | | | | | 30.92 | | | | | | 0.07 | | | | | | 23.74 | | | | | | 21.61 | | | | | | 0.05 | | |
December 31
|
| | | | 37.95 | | | | | | 32.15 | | | | | | 0.07 | | | | | | 34.80 | | | | | | 23.00 | | | | | | 0.07 | | |
Index
|
| |
05/15/14
|
| |
12/31/14
|
| |
12/31/15
|
| |
12/31/16
|
| |
12/31/17
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Bankwell Financial Group, Inc.
|
| | | | 100.00 | | | | | | 116.67 | | | | | | 110.28 | | | | | | 180.56 | | | | | | 190.78 | | |
Nasdaq Composite Index
|
| | | | 100.00 | | | | | | 116.39 | | | | | | 123.05 | | | | | | 132.29 | | | | | | 169.65 | | |
Nasdaq Bank Index
|
| | | | 100.00 | | | | | | 109.89 | | | | | | 117.17 | | | | | | 158.21 | | | | | | 163.76 | | |
| | |
At or For the Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
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| | |
(Dollars in thousands, except per share data)
|
| |||||||||||||||||||||||||||
Statements of Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 71,201 | | | | | $ | 60,990 | | | | | $ | 50,754 | | | | | $ | 35,589 | | | | | $ | 28,092 | | |
Interest expense
|
| | | | 16,837 | | | | | | 11,898 | | | | | | 7,966 | | | | | | 3,929 | | | | | | 2,765 | | |
Net interest income
|
| | | | 54,364 | | | | | | 49,092 | | | | | | 42,788 | | | | | | 31,660 | | | | | | 25,327 | | |
Provision for loan losses
|
| | | | 1,341 | | | | | | 3,914 | | | | | | 3,230 | | | | | | 2,152 | | | | | | 585 | | |
Net interest income after provision for loan losses
|
| | | | 53,023 | | | | | | 45,178 | | | | | | 39,558 | | | | | | 29,508 | | | | | | 24,742 | | |
Noninterest income
|
| | | | 4,629 | | | | | | 2,676 | | | | | | 3,484 | | | | | | 3,041 | | | | | | 4,723 | | |
Noninterest expense
|
| | | | 32,523 | | | | | | 29,544 | | | | | | 29,171 | | | | | | 25,812 | | | | | | 22,120 | | |
Income before income tax
|
| | | | 25,129 | | | | | | 18,310 | | | | | | 13,871 | | | | | | 6,737 | | | | | | 7,345 | | |
Income tax expense
|
| | | | 11,299 | | | | | | 5,960 | | | | | | 4,841 | | | | | | 2,169 | | | | | | 2,184 | | |
Net income
|
| | | | 13,830 | | | | | | 12,350 | | | | | | 9,030 | | | | | | 4,568 | | | | | | 5,161 | | |
Net income attributable to common shareholders
|
| | | $ | 13,830 | | | | | $ | 12,350 | | | | | $ | 8,905 | | | | | $ | 4,458 | | | | | $ | 5,050 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share
|
| | | $ | 1.80 | | | | | $ | 1.64 | | | | | $ | 1.23 | | | | | $ | 0.78 | | | | | $ | 1.46 | | |
Diluted earnings per share
|
| | | | 1.78 | | | | | | 1.62 | | | | | | 1.21 | | | | | | 0.78 | | | | | | 1.44 | | |
Book value per share (end of period)(a)
|
| | | | 20.98 | | | | | | 19.39 | | | | | | 17.87 | | | | | | 16.84 | | | | | | 15.58 | | |
Tangible book value per share (end of period)(a)(b)
|
| | | | 20.59 | | | | | | 18.98 | | | | | | 17.43 | | | | | | 16.35 | | | | | | 15.46 | | |
Shares outstanding (end of period)(a)
|
| | | | 7,676,238 | | | | | | 7,524,069 | | | | | | 7,372,968 | | | | | | 7,019,620 | | | | | | 3,754,253 | | |
Weighted average shares outstanding – basic
|
| | | | 7,572,409 | | | | | | 7,396,019 | | | | | | 7,071,550 | | | | | | 5,577,942 | | | | | | 3,395,779 | | |
Weighted average shares outstanding – diluted
|
| | | | 7,670,413 | | | | | | 7,491,052 | | | | | | 7,140,558 | | | | | | 5,605,512 | | | | | | 3,451,393 | | |
Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets(c)
|
| | | | 0.80% | | | | | | 0.85% | | | | | | 0.75% | | | | | | 0.52% | | | | | | 0.77% | | |
Return on average common shareholders’ equity
|
| | | | 8.93% | | | | | | 8.94% | | | | | | 6.67% | | | | | | 5.13% | | | | | | 9.68% | | |
Return on average shareholders’ equity(c)
|
| | | | 8.93% | | | | | | 8.94% | | | | | | 6.76% | | | | | | 4.66% | | | | | | 8.17% | | |
Average shareholders’ equity to average assets
|
| | | | 8.97% | | | | | | 9.47% | | | | | | 11.08% | | | | | | 11.14% | | | | | | 9.32% | | |
Net interest margin
|
| | | | 3.30% | | | | | | 3.54% | | | | | | 3.77% | | | | | | 3.84% | | | | | | 3.94% | | |
Efficiency ratio(b)
|
| | | | 54.9% | | | | | | 56.5% | | | | | | 62.3% | | | | | | 68.7% | | | | | | 75.7% | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total past due loans to total loans(d)
|
| | | | 1.67% | | | | | | 0.47% | | | | | | 0.51% | | | | | | 0.86% | | | | | | 0.73% | | |
Nonperforming loans to total loans(d)
|
| | | | 0.36% | | | | | | 0.22% | | | | | | 0.33% | | | | | | 0.36% | | | | | | 0.16% | | |
Nonperforming assets to total assets(e)
|
| | | | 0.31% | | | | | | 0.20% | | | | | | 0.38% | | | | | | 0.39% | | | | | | 0.23% | | |
Allowance for loan losses to nonperforming loans
|
| | | | 344.90% | | | | | | 612.26% | | | | | | 373.76% | | | | | | 323.02% | | | | | | 835.69% | | |
Allowance for loan losses to total loans(d)
|
| | | | 1.23% | | | | | | 1.32% | | | | | | 1.23% | | | | | | 1.17% | | | | | | 1.33% | | |
Net charge-offs (recoveries) to average loans(d)
|
| | | | 0.03% | | | | | | 0.01% | | | | | | (0.01)% | | | | | | (0.05)% | | | | | | 0.03% | | |
Statements of Financial Condition: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 1,796,607 | | | | | $ | 1,628,919 | | | | | $ | 1,330,372 | | | | | $ | 1,099,531 | | | | | $ | 779,618 | | |
Gross portfolio loans(d)
|
| | | | 1,543,016 | | | | | | 1,365,939 | | | | | | 1,147,513 | | | | | | 929,762 | | | | | | 632,012 | | |
Investment securities
|
| | | | 113,767 | | | | | | 104,610 | | | | | | 50,807 | | | | | | 76,463 | | | | | | 42,413 | | |
Deposits
|
| | | | 1,398,405 | | | | | | 1,289,037 | | | | | | 1,046,942 | | | | | | 835,439 | | | | | | 661,545 | | |
FHLB borrowings
|
| | | | 199,000 | | | | | | 160,000 | | | | | | 120,000 | | | | | | 129,000 | | | | | | 44,000 | | |
Subordinated debt
|
| | | | 25,103 | | | | | | 25,051 | | | | | | 25,000 | | | | | | — | | | | | | — | | |
Total equity
|
| | | | 161,027 | | | | | | 145,895 | | | | | | 131,769 | | | | | | 129,210 | | | | | | 69,485 | | |
Capital Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 capital to average assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bankwell Bank
|
| | | | 9.61% | | | | | | 10.10% | | | | | | 10.84% | | | | | | 11.12% | | | | | | 7.91% | | |
Tier 1 capital to risk-weighted assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bankwell Bank
|
| | | | 10.99% | | | | | | 11.59% | | | | | | 12.18% | | | | | | 12.47% | | | | | | 9.49% | | |
Total capital to risk-weighted assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bankwell Bank
|
| | | | 12.19% | | | | | | 12.85% | | | | | | 13.39% | | | | | | 13.55% | | | | | | 10.74% | | |
Total shareholders’ equity to total assets
|
| | | | 8.96% | | | | | | 8.96% | | | | | | 9.90% | | | | | | 11.75% | | | | | | 8.91% | | |
Tangible common equity ratio(b)
|
| | | | 8.81% | | | | | | 8.78% | | | | | | 9.68% | | | | | | 10.47% | | | | | | 7.45% | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Efficiency Ratio | | | | | | | | | | | | | | | | | | | |
Noninterest expense
|
| | | $ | 32,523 | | | | | $ | 29,544 | | | | | $ | 29,171 | | |
Less: foreclosed real estate expenses
|
| | | | 70 | | | | | | 157 | | | | | | 168 | | |
Less: Amortization of Intangibles
|
| | | | 118 | | | | | | 151 | | | | | | 196 | | |
Less: merger and acquisition expenses
|
| | | | — | | | | | | — | | | | | | 2 | | |
Adjusted noninterest expense (numerator)
|
| | | $ | 32,335 | | | | | $ | 29,236 | | | | | $ | 28,805 | | |
Net interest income
|
| | | $ | 54,364 | | | | | $ | 49,092 | | | | | $ | 42,788 | | |
Noninterest income
|
| | | | 4,629 | | | | | | 2,676 | | | | | | 3,484 | | |
Adjustments for: gains/(losses) on sales of securities
|
| | | | 165 | | | | | | (115) | | | | | | — | | |
Adjustments for: (losses) gains on sale of foreclosed real estate
|
| | | | (78) | | | | | | 128 | | | | | | — | | |
Adjusted operating revenue (denominator)
|
| | | $ | 58,906 | | | | | $ | 51,755 | | | | | $ | 46,272 | | |
Efficiency ratio
|
| | | | 54.9% | | | | | | 56.5% | | | | | | 62.3% | | |
Tangible Common Equity and
Tangible Common Equity/Tangible Assets |
| | | | | | | | | | | | | | | | | | |
Total shareholders’ equity
|
| | | $ | 161,027 | | | | | $ | 145,895 | | | | | $ | 131,769 | | |
Less: preferred stock
|
| | | | — | | | | | | — | | | | | | — | | |
Common shareholders’ equity
|
| | | | 161,027 | | | | | | 145,895 | | | | | | 131,769 | | |
Less: Intangible assets
|
| | | | 2,971 | | | | | | 3,090 | | | | | | 3,241 | | |
Tangible Common shareholders’ equity
|
| | | $ | 158,056 | | | | | $ | 142,805 | | | | | $ | 128,528 | | |
Total assets
|
| | | $ | 1,796,607 | | | | | $ | 1,628,919 | | | | | $ | 1,330,372 | | |
Less: Intangible assets
|
| | | | 2,971 | | | | | | 3,090 | | | | | | 3,241 | | |
Tangible assets
|
| | | $ | 1,793,636 | | | | | $ | 1,625,829 | | | | | $ | 1,327,131 | | |
Tangible common shareholders’ equity to tangible assets
|
| | | | 8.81% | | | | | | 8.78% | | | | | | 9.68% | | |
Tangible Book Value per Share | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity
|
| | | $ | 161,027 | | | | | $ | 145,895 | | | | | $ | 131,769 | | |
Less: preferred stock
|
| | | | — | | | | | | — | | | | | | — | | |
Common shareholders’ equity
|
| | | | 161,027 | | | | | | 145,895 | | | | | | 131,769 | | |
Less: Intangible assets
|
| | | | 2,971 | | | | | | 3,090 | | | | | | 3,241 | | |
Tangible common shareholders’ equity
|
| | | $ | 158,056 | | | | | $ | 142,805 | | | | | $ | 128,528 | | |
Common shares issued
|
| | | | 7,751,424 | | | | | | 7,620,663 | | | | | | 7,516,291 | | |
Less: shares of unvested restricted stock
|
| | | | 75,186 | | | | | | 96,594 | | | | | | 143,323 | | |
Common shares outstanding
|
| | | | 7,676,238 | | | | | | 7,524,069 | | | | | | 7,372,968 | | |
Book value per share
|
| | | $ | 20.98 | | | | | $ | 19.39 | | | | | $ | 17.87 | | |
Less: effects of intangible assets
|
| | | | 0.39 | | | | | | 0.41 | | | | | | 0.44 | | |
Tangible Book Value per Common Share
|
| | | $ | 20.59 | | | | | $ | 18.98 | | | | | $ | 17.43 | | |
Total Revenue | | | | | | | | | | | | | | | | | | | |
Net Interest income
|
| | | $ | 54,364 | | | | | $ | 49,092 | | | | | $ | 42,788 | | |
Add: noninterest income
|
| | | | 4,629 | | | | | | 2,676 | | | | | | 3,484 | | |
Total Revenue
|
| | | $ | 58,993 | | | | | $ | 51,768 | | | | | $ | 46,272 | | |
Noninterest income as a percentage of total revenue
|
| | | | 7.85% | | | | | | 5.17% | | | | | | 7.53% | | |
Return on Average Common Shareholders’ Equity | | | | | | | | | | | | | | | | | | | |
Net Income Attributable to Common Shareholders
|
| | | $ | 13,830 | | | | | $ | 12,350 | | | | | $ | 8,905 | | |
Total average shareholders’ equity
|
| | | $ | 154,929 | | | | | $ | 138,131 | | | | | $ | 133,553 | | |
Less: average preferred stock
|
| | | | — | | | | | | — | | | | | | — | | |
Average common shareholders’ equity
|
| | | $ | 154,929 | | | | | $ | 138,131 | | | | | $ | 133,553 | | |
Return on Average Common Shareholders’ Equity
|
| | | | 8.93% | | | | | | 8.94% | | | | | | 6.67% | | |
|
| | |
Key Financial Measures(a)
|
| |||||||||||||||
| | |
At or For the Years Ended December 31,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
| | |
(Dollars in thousands, except per share data)
|
| |||||||||||||||
Selected balance sheet measures: | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 1,796,607 | | | | | $ | 1,628,919 | | | | | $ | 1,330,372 | | |
Gross portfolio loans
|
| | | | 1,543,016 | | | | | | 1,365,939 | | | | | | 1,147,513 | | |
Deposits
|
| | | | 1,398,405 | | | | | | 1,289,037 | | | | | | 1,046,942 | | |
FHLB borrowings
|
| | | | 199,000 | | | | | | 160,000 | | | | | | 120,000 | | |
Subordinated debt
|
| | | | 25,103 | | | | | | 25,051 | | | | | | 25,000 | | |
Total equity
|
| | | | 161,027 | | | | | | 145,895 | | | | | | 131,769 | | |
Selected statement of income measures: | | | | | | | | | | | | | | | | | | | |
Total revenue(c)
|
| | | | 58,993 | | | | | | 51,768 | | | | | | 46,272 | | |
Net interest income before provision for loan losses
|
| | | | 54,364 | | | | | | 49,092 | | | | | | 42,788 | | |
Income before income tax expense
|
| | | | 25,129 | | | | | | 18,310 | | | | | | 13,871 | | |
Net income
|
| | | | 13,830 | | | | | | 12,350 | | | | | | 9,030 | | |
Basic earnings per share
|
| | | | 1.80 | | | | | | 1.64 | | | | | | 1.23 | | |
Diluted earnings per share
|
| | | | 1.78 | | | | | | 1.62 | | | | | | 1.21 | | |
| | |
Key Financial Measures(a)
|
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| | |
At or For the Years Ended December 31,
|
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| | |
2017
|
| |
2016
|
| |
2015
|
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| | |
(Dollars in thousands, except per share data)
|
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Other financial measures and ratios: | | | | | | | | | | | | | | | | | | | |
Return on average assets(d)
|
| | | | 0.80% | | | | | | 0.85% | | | | | | 0.75% | | |
Return on average common shareholders’ equity(c)(d)
|
| | | | 8.93% | | | | | | 8.94% | | | | | | 6.67% | | |
Net interest margin
|
| | | | 3.30% | | | | | | 3.54% | | | | | | 3.77% | | |
Efficiency ratio(c)
|
| | | | 54.9% | | | | | | 56.5% | | | | | | 62.3% | | |
Tangible book value per share (end of period)(c)(e)
|
| | | $ | 20.59 | | | | | $ | 18.98 | | | | | $ | 17.43 | | |
Net charge-offs (recoveries) to average loans(b)
|
| | | | 0.03% | | | | | | 0.01% | | | | | | (0.01)% | | |
Nonperforming assets to total assets(f)
|
| | | | 0.31% | | | | | | 0.20% | | | | | | 0.38% | | |
Allowance for loan losses to nonperforming loans
|
| | | | 344.90% | | | | | | 612.26% | | | | | | 373.76% | | |
Allowance for loan losses to total loans(b)
|
| | | | 1.23% | | | | | | 1.32% | | | | | | 1.23% | | |
| | |
Years Ended December 31,
|
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| | |
2017
|
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2016
|
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2015
|
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| | |
Average
Balance |
| |
Interest
|
| |
Yield/
Rate(5) |
| |
Average
Balance |
| |
Interest
|
| |
Yield/
Rate(5) |
| |
Average
Balance |
| |
Interest
|
| |
Yield/
Rate(5) |
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| | |
(Dollars in thousands)
|
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Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and fed funds sold
|
| | | $ | 85,308 | | | | | $ | 790 | | | | | | 0.93% | | | | | $ | 41,838 | | | | | $ | 173 | | | | | | 0.41% | | | | | $ | 39,632 | | | | | $ | 98 | | | | | | 0.25% | | |
Securities(1) | | | | | 108,775 | | | | | | 3,830 | | | | | | 3.52 | | | | | | 99,905 | | | | | | 3,046 | | | | | | 3.05 | | | | | | 59,009 | | | | | | 2,243 | | | | | | 3.80 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate
|
| | | | 907,223 | | | | | | 41,638 | | | | | | 4.53 | | | | | | 772,890 | | | | | | 36,572 | | | | | | 4.65 | | | | | | 613,961 | | | | | | 30,058 | | | | | | 4.81 | | |
Residential real estate
|
| | | | 180,287 | | | | | | 6,323 | | | | | | 3.51 | | | | | | 179,096 | | | | | | 6,410 | | | | | | 3.58 | | | | | | 174,527 | | | | | | 6,280 | | | | | | 3.60 | | |
Construction(2)
|
| | | | 107,752 | | | | | | 5,195 | | | | | | 4.75 | | | | | | 100,611 | | | | | | 4,602 | | | | | | 4.50 | | | | | | 76,292 | | | | | | 3,504 | | | | | | 4.53 | | |
Commercial business
|
| | | | 253,868 | | | | | | 12,981 | | | | | | 5.04 | | | | | | 185,523 | | | | | | 9,791 | | | | | | 5.19 | | | | | | 156,039 | | | | | | 8,088 | | | | | | 5.11 | | |
Home equity
|
| | | | 14,057 | | | | | | 660 | | | | | | 4.70 | | | | | | 14,951 | | | | | | 621 | | | | | | 4.16 | | | | | | 17,163 | | | | | | 648 | | | | | | 3.78 | | |
Consumer
|
| | | | 1,227 | | | | | | 44 | | | | | | 3.62 | | | | | | 1,560 | | | | | | 81 | | | | | | 5.17 | | | | | | 2,350 | | | | | | 114 | | | | | | 4.85 | | |
Total loans
|
| | | | 1,464,414 | | | | | | 66,841 | | | | | | 4.50 | | | | | | 1,254,631 | | | | | | 58,077 | | | | | | 4.55 | | | | | | 1,040,332 | | | | | | 48,692 | | | | | | 4.62 | | |
Federal Home Loan Bank stock
|
| | | | 8,486 | | | | | | 337 | | | | | | 3.97 | | | | | | 7,366 | | | | | | 255 | | | | | | 3.46 | | | | | | 6,715 | | | | | | 168 | | | | | | 2.50 | | |
Total earning assets
|
| | | | 1,666,983 | | | | | $ | 71,798 | | | | | | 4.25% | | | | | | 1,403,740 | | | | | $ | 61,551 | | | | | | 4.31% | | | | | | 1,145,688 | | | | | $ | 51,201 | | | | | | 4.41% | | |
Other assets
|
| | | | 60,904 | | | | | | | | | | | | | | | | | | 54,580 | | | | | | | | | | | | | | | | | | 60,191 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 1,727,887 | | | | | | | | | | | | | | | | | $ | 1,458,320 | | | | | | | | | | | | | | | | | $ | 1,205,879 | | | | | | | | | | | | | | |
Liabilities and shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest -bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOW
|
| | | $ | 57,712 | | | | | $ | 93 | | | | | | 0.16% | | | | | $ | 56,123 | | | | | $ | 109 | | | | | | 0.19% | | | | | $ | 55,696 | | | | | $ | 62 | | | | | | 0.11% | | |
Money market
|
| | | | 404,848 | | | | | | 3,427 | | | | | | 0.85 | | | | | | 317,210 | | | | | | 1,836 | | | | | | 0.58 | | | | | | 263,900 | | | | | | 1,411 | | | | | | 0.53 | | |
Savings
|
| | | | 102,915 | | | | | | 763 | | | | | | 0.74 | | | | | | 72,800 | | | | | | 315 | | | | | | 0.43 | | | | | | 96,841 | | | | | | 693 | | | | | | 0.72 | | |
Time
|
| | | | 633,260 | | | | | | 8,411 | | | | | | 1.33 | | | | | | 524,237 | | | | | | 6,040 | | | | | | 1.15 | | | | | | 365,179 | | | | | | 3,515 | | | | | | 0.96 | | |
Total interest-bearing deposits
|
| | | | 1,198,735 | | | | | | 12,694 | | | | | | 1.06 | | | | | | 970,370 | | | | | | 8,300 | | | | | | 0.86 | | | | | | 781,616 | | | | | | 5,681 | | | | | | 0.73 | | |
Borrowed money
|
| | | | 194,875 | | | | | | 4,143 | | | | | | 2.10 | | | | | | 164,450 | | | | | | 3,598 | | | | | | 2.19 | | | | | | 129,390 | | | | | | 2,285 | | | | | | 1.77 | | |
Total interest-bearing liabilities
|
| | | | 1,393,610 | | | | | $ | 16,837 | | | | | | 1.21% | | | | | | 1,134,820 | | | | | $ | 11,898 | | | | | | 1.05% | | | | | | 911,006 | | | | | $ | 7,966 | | | | | | 0.87% | | |
Noninterest-bearing deposits
|
| | | | 169,250 | | | | | | | | | | | | | | | | | | 172,098 | | | | | | | | | | | | | | | | | | 154,950 | | | | | | | | | | | | | | |
Other liabilities
|
| | | | 10,098 | | | | | | | | | | | | | | | | | | 13,271 | | | | | | | | | | | | | | | | | | 6,370 | | | | | | | | | | | | | | |
Total liabilities
|
| | | | 1,572,958 | | | | | | | | | | | | | | | | | | 1,320,189 | | | | | | | | | | | | | | | | | | 1,072,326 | | | | | | | | | | | | | | |
Shareholders’ equity
|
| | | | 154,929 | | | | | | | | | | | | | | | | | | 138,131 | | | | | | | | | | | | | | | | | | 133,553 | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity
|
| | | $ | 1,727,887 | | | | | | | | | | | | | | | | | $ | 1,458,320 | | | | | | | | | | | | | | | | | $ | 1,205,879 | | | | | | | | | | | | | | |
Net interest income(3)
|
| | | | | | | | | $ | 54,961 | | | | | | | | | | | | | | | | | $ | 49,653 | | | | | | | | | | | | | | | | | $ | 43,235 | | | | | | | | |
Interest rate spread
|
| | | | | | | | | | | | | | | | 3.04% | | | | | | | | | | | | | | | | | | 3.26% | | | | | | | | | | | | | | | | | | 3.54% | | |
Net interest margin(4)
|
| | | | | | | | | | | | | | | | 3.30% | | | | | | | | | | | | | | | | | | 3.54% | | | | | | | | | | | | | | | | | | 3.77% | | |
| | |
Year Ended
December 31, 2017 vs 2016 Increase (Decrease) |
| |
Year Ended
December 31, 2016 vs 2015 Increase (Decrease) |
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| | |
Volume
|
| |
Rate
|
| |
Total
|
| |
Volume
|
| |
Rate
|
| |
Total
|
| ||||||||||||||||||
| | |
(In thousands)
|
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Interest and dividend income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and fed funds sold
|
| | | $ | 281 | | | | | $ | 336 | | | | | $ | 617 | | | | | $ | 5 | | | | | $ | 70 | | | | | | 75 | | |
Securities
|
| | | | 286 | | | | | | 498 | | | | | | 784 | | | | | | 1,315 | | | | | | (512) | | | | | | 803 | | |
Loans:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate
|
| | | | 6,206 | | | | | | (1,140) | | | | | | 5,066 | | | | | | 7,523 | | | | | | (1,009) | | | | | | 6,514 | | |
Residential real estate
|
| | | | 42 | | | | | | (129) | | | | | | (87) | | | | | | 164 | | | | | | (34) | | | | | | 130 | | |
Construction
|
| | | | 337 | | | | | | 256 | | | | | | 593 | | | | | | 1,110 | | | | | | (12) | | | | | | 1,098 | | |
Commercial business
|
| | | | 3,513 | | | | | | (323) | | | | | | 3,190 | | | | | | 1,550 | | | | | | 153 | | | | | | 1,703 | | |
Home equity
|
| | | | (38) | | | | | | 77 | | | | | | 39 | | | | | | (88) | | | | | | 61 | | | | | | (27) | | |
Consumer
|
| | | | (15) | | | | | | (22) | | | | | | (37) | | | | | | (40) | | | | | | 7 | | | | | | (33) | | |
Total loans
|
| | | | 10,045 | | | | | | (1,281) | | | | | | 8,764 | | | | | | 10,219 | | | | | | (834) | | | | | | 9,385 | | |
Federal Home Loan Bank stock
|
| | | | 42 | | | | | | 40 | | | | | | 82 | | | | | | 17 | | | | | | 70 | | | | | | 87 | | |
Total change in interest and dividend income
|
| | | | 10,654 | | | | | | (407) | | | | | | 10,247 | | | | | | 11,556 | | | | | | (1,206) | | | | | | 10,350 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOW
|
| | | | 3 | | | | | | (19) | | | | | | (16) | | | | | | 1 | | | | | | 46 | | | | | | 47 | | |
Money market
|
| | | | 594 | | | | | | 997 | | | | | | 1,591 | | | | | | 302 | | | | | | 123 | | | | | | 425 | | |
Savings
|
| | | | 164 | | | | | | 284 | | | | | | 448 | | | | | | (146) | | | | | | (232) | | | | | | (378) | | |
Time
|
| | |