MVB Financial Corp. Reports Strong Third Quarter 2019 with a 21% Increase in Net Income and a 14% Increase in Noninterest-Bearing Deposits from Previous Year

FAIRMONT, W.Va.–(BUSINESS WIRE)–MVB Financial Corp. (the “Company”) (NASDAQ: MVBF) today reported net income of $4.3 million, or $0.36 basic and $0.35 diluted earnings per share, excluding discontinued operations, for the three months ended September 30, 2019.

 

 

Quarterly

 

Year-to-Date

 

 

2019

 

2019

 

2018

 

2019

 

2018

 

 

Third

Quarter

 

Second

Quarter

 

Third

Quarter

 

 

Net income from continuing operations

 

$

4,346

 

$

14,931

 

$

3,579

 

$

22,469

 

$

9,004

Net income (loss) from discontinued operations

 

(19)

 

446

 

 

427

 

Net income

 

$

4,327

 

$

15,377

 

$

3,579

 

$

22,896

 

$

9,004

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations – basic

 

$

0.36

 

$

1.27

 

$

0.30

 

$

1.89

 

$

0.80

Earnings per share from discontinued operations – basic

 

 

0.04

 

 

0.04

 

Earnings per share – basic

 

$

0.36

 

$

1.31

 

$

0.30

 

$

1.93

 

$

0.80

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations – diluted

 

$

0.35

 

$

1.15

 

$

0.29

 

$

1.84

 

$

0.77

Earnings per share from discontinued operations – diluted

 

 

0.03

 

 

0.04

 

Earnings per share – diluted

 

$

0.35

 

$

1.18

 

$

0.29

 

$

1.88

 

$

0.77

 

MANAGEMENT OVERVIEW

“In the third quarter of 2019, MVB continued on a record year with very strong earnings and highly sought-after noninterest-bearing deposit growth. We believe in our MVB 3.0 strategy of seeking blue ocean opportunities and are investing in talent and resources to continue growth in our expanding Fintech vertical,” said Larry F. Mazza, President and CEO, MVB Financial Corp. “Through our acquisition of Chartwell Compliance this quarter, we demonstrated our commitment to compliance excellence, which we believe is not only the right thing to do, but a competitive advantage that helps to reduce the risk for our Fintech vertical. Chartwell consistently provides regulatory compliance consulting and has formed a specialty niche in the Fintech industry, which aligns with MVB as the preferred bank for Fintech companies. To better serve our clients on the west coast, MVB also opened an operations center in Salt Lake City in the third quarter.”

MVB Mortgage played a pivotal role in overall earnings growth with net income of $2.0 million for the quarter ended September 30, 2019. Mortgage closed loan production volume increased $100.1 million, or 13.5%, from the quarter ended June 30, 2019, and increased $192.4 million, or 51.7%, from the quarter ended September 30, 2018. The volume of mortgage loans sold increased $68.0 million, or 17.1%, from the quarter ended June 30, 2019, and increased $122.9 million, or 35.9%, from the quarter ended September 30, 2018. As a result of the increases in production and sold loan volume, mortgage fee income increased $1.6 million, or 16.5%, from the quarter ended June 30, 2019, and increased $2.5 million, or 27.6%, from the quarter ended September 30, 2018. Even with the increase in volume, mortgage processing expense remained flat from the quarter ended June 30, 2019, and decreased $139 thousand, or 16.0%, from the quarter ended September 30, 2018.

Noninterest-bearing deposits increased $4.4 million, or 1.6%, from June 30, 2019, and increased $34.1 million, or 14.2%, from September 30, 2018, to a balance of $275.0 million as of September 30, 2019. The growth in noninterest-bearing deposits was primarily driven by MVB’s strategy to focus on Fintech and specialty deposits.

Interest income increased $568 thousand, or 2.8%, from the quarter ended June 30, 2019, and increased $2.9 million, or 15.7%, from the quarter ended September 30, 2018. The increase from the quarter ended September 30, 2018, was primarily due to a $2.9 million increase in interest and fees on loans driven by an increase in the average balances of loans of $170.4 million, coupled with a 29-basis point increase in the yield on commercial loans.

THIRD QUARTER 2019 HIGHLIGHTS

  • Loans of $1.4 billion as of September 30, 2019, increased $55.0 million, or 4.2%, from June 30, 2019, and increased $85.5 million, or 6.7%, from September 30, 2018. Nonperforming loans decreased $1.1 million, to 0.41%, of total loans as of September 30, 2019, compared to 0.51% of total loans as of June 30, 2019, and compared to 0.99% of total loans as of September 30, 2018.
  • Deposits of $1.5 billion as of September 30, 2019, increased $78.7 million, or 5.7%, from June 30, 2019, and increased $77.2 million, or 5.6% from September 30, 2018. Noninterest-bearing deposits of $275.0 million as of September 30, 2019, increased $4.4 million, or 1.6%, from June 30, 2019, and increased $34.1 million, or 14.2%, from September 30, 2018.
  • Net interest income of $15.0 million for the quarter ended September 30, 2019, increased $505 thousand, or 3.5%, from the quarter ended June 30, 2019, and increased $1.5 million, or 11.2% from the quarter ended September 30, 2018. Net interest margin of 3.42% for the quarter ended September 30, 2019, decreased 4 basis points versus the quarter ended June 30, 2019, and decreased 1 basis point versus the quarter ended September 30, 2018.
  • Noninterest income of $14.7 million for the quarter ended September 30, 2019, decreased $11.7 million, or 44.3%, from the quarter ended June 30, 2019, and increased $4.2 million, or 39.8%, from the quarter ended September 30, 2018. During the quarter ended June 30, 2019, the Company recognized a $10.1 million after-tax gain following a valuation on its Fintech investment portfolio.
  • Noninterest expense of $23.4 million for the quarter ended September 30, 2019, increased $3.0 million, or 14.7%, from the quarter ended June 30, 2019, and increased $5.0 million, or 26.9%, from the quarter ended September 30, 2018.
  • On September 13, 2019, the Company acquired Chartwell Compliance, a compliance consulting firm specializing in state and federal regulatory compliance in the Fintech industry.
  • During the third quarter, the Company redeemed all of the remaining outstanding subordinated debt.

LOANS

Loans totaled $1.4 billion as of September 30, 2019, an increase of $55.0 million, or 4.2%, from June 30, 2019, and an increase of $85.5 million, or 6.7%, from September 30, 2018. Commercial loans have increased $39.0 million, or 4.0%, from the quarter ended June 30, 2019, and increased $94.6 million, or 10.2%, from September 30, 2018. The year-over-year growth in loans is attributable to continued strong loan production of the commercial lending team. We continue to diversify the portfolio and have added additional lenders to the Northern Virginia market. The yield on loans was 5.16% as of the quarter ended September 30, 2019, a decrease of 6 basis points from the quarter ended June 30, 2019, and an increase of 19 basis points from the quarter ended September 30, 2018.

DEPOSITS

Deposits totaled $1.5 billion as of September 30, 2019, an increase of $78.7 million, or 5.7%, from June 30, 2019, and an increase of $77.2 million, or 5.6%, from September 30, 2018. Noninterest-bearing deposits totaled $275.0 million as of September 30, 2019, or 18.9%, of the total deposit base, an increase of $4.4 million, or 1.6%, from June 30, 2019, and an increase of $34.1 million, or 14.2%, from September 30, 2018.

NET INTEREST INCOME

Net interest income for the quarter ended September 30, 2019, was $15.0 million, an increase of $505 thousand, or 3.5%, from the quarter ended June 30, 2019, and an increase of $1.5 million, or 11.2%, from the quarter ended September 30, 2018. Net interest margin for the quarter ended September 30, 2019 was 3.42%, a decrease of 4 basis points versus the quarter ended June 30, 2019, and a decrease of 1 basis point versus the quarter ended September 30, 2018. Of the 4-basis point decrease in net interest margin, 3 basis points were related to an increase in loans held for sale due to strong mortgage loan production during the quarter ended September 30, 2019.

Interest income increased 2.8% during the quarter ended September 30, 2019, compared to the quarter ended June 30, 2019, even with a decrease of 9 basis points in the yield on earning assets, and increased 15.7% compared to the quarter ended September 30, 2018, due to an increase of 18 basis points in the yield on earning assets. The decrease in the yield on earning assets compared to the quarter ended June 30, 2019, was the result of a 5-basis point decrease in commercial loans and a 12-basis point decrease in real estate loans. The increase in the yield on earning assets compared to the quarter ended September 30, 2018, was the result of a 29-basis point increase in commercial loans.

Interest expense increased 1.1% during the quarter ended September 30, 2019, compared to the quarter ended June 30, 2019, even with a decrease of 3 basis points in the cost of interest-bearing liabilities and a $24.0 million increase in the average balance of interest-bearing liabilities. Interest expense increased 29.1% compared to the quarter ended September 30, 2018, due to an increase of 33 basis points in the cost of interest-bearing liabilities. The decrease in the cost of interest-bearing liabilities compared to the quarter ended June 30, 2019, was the result of a 26-basis point decrease in FHLB and other borrowings.

An increase in the Company’s average noninterest-bearing balances of $20.6 million from the quarter ended June 30, 2019, helped to grow a 37-basis point favorable spread on net interest margin for the quarter ended September 30, 2019, compared to a 35-basis point favorable spread for the quarter ended June 30, 2019.

An increase in the Company’s average noninterest-bearing balances of $78.2 million from the quarter ended September 30, 2018, helped to grow a 37-basis point favorable spread on net interest margin in 2019 compared to a 23-basis point favorable spread in 2018.

ASSET QUALITY

Provision for loan losses totaled $657 thousand for the quarter ended September 30, 2019, an increase of $57 thousand, or 9.5%, from the quarter ended June 30, 2019, and a decrease of $412 thousand, or 38.5%, from the quarter ended September 30, 2018.

Nonperforming loans decreased $1.1 million, to 0.41%, of total loans as of September 30, 2019, compared to 0.51% of total loans as of June 30, 2019, and compared to 0.99% of total loans as of September 30, 2018. In addition, net charge-offs for the quarter ended September 30, 2019, decreased $723 thousand compared to the quarter ended June 30, 2019, and decreased $330 thousand compared to the quarter ended September 30, 2018.

NONINTEREST INCOME

Noninterest income totaled $14.7 million for the quarter ended September 30, 2019, a decrease of $11.7 million, or 44.3%, from the quarter ended June 30, 2019, and an increase of $4.2 million, or 39.8%, from the quarter ended September 30, 2018.

The $11.7 million decrease in noninterest income from the quarter ended June 30, 2019, was due to a decrease of $13.6 million in the holding gain on equity securities from a Fintech investment. As previously reported, the Company recognized a $13.6 million holding gain on an equity investment in its Fintech portfolio. There was no change in the valuation of the portfolio in the third quarter. Mortgage fee income increased $1.6 million, largely the result of an increase of $68.0 million, or 17.1%, in the volume of mortgage loans sold which was driven by an increase of $100.1 million, or 13.5%, in mortgage closed loan production volume.

The $4.2 million increase in noninterest income from the quarter ended September 30, 2018, was primarily due to an increase of $2.5 million in mortgage fee income and an increase of $1.8 million in the gain on derivatives. The increase in mortgage fee income was largely the result of an increase of $122.9 million, or 35.9%, in the volume of mortgage loans sold which was driven by an increase of $192.4 million, or 51.7%, in mortgage closed loan production volume. The increase in gain on derivatives of $1.8 million was largely the result of a decrease of 1.1% in the locked mortgage pipeline related to the derivative during the three months ended September 30, 2019, compared to a decrease of 19.6% in the locked mortgage pipeline related to the derivative during the three months ended September 30, 2018.

NONINTEREST EXPENSE

Noninterest expense totaled $23.4 million for the quarter ended September 30, 2019, an increase of $3.0 million, or 14.7%, from the quarter ended June 30, 2019, and an increase of $5.0 million, or 26.9%, from the quarter ended September 30, 2018.

The $3.0 million increase in noninterest expense from the quarter ended June 30, 2019, was primarily due to an increase of $2.2 million in salaries and employee benefits, an increase of $435 thousand in professional fees, and an increase of $221 thousand in travel expense. Of the $2.2 million increase in salaries and employee benefits, $1.3 million was related to increased mortgage production and $219 thousand was related to the build-out of the Fintech team. Of the $435 thousand increase in professional fees, $200 thousand was related to the Chartwell acquisition.

The $5.0 million increase in noninterest expense from the quarter ended September 30, 2018, was primarily due to an increase of $3.9 million in salaries and employee benefits, an increase of $413 thousand in travel expense, and an increase of $301 thousand in professional fees. Of the $3.9 million increase in salaries and employee benefits, $2.3 million was related to increased mortgage production and $434 thousand was related to the build-out of the Fintech team.

BUSINESS COMBINATION

On September 13, 2019, the Company acquired Chartwell Compliance (“Chartwell”). Chartwell is a leading specialist firm in regulatory compliance and market entry facilitation for firms entering into or expanding in North America, serving many of the most high-profile providers of the Fintech industry, such as commercial bill pay solution providers, cryptocurrency and blockchain innovators, publicly-traded online marketplaces, money services businesses, venture capital firms, Fintech banks, third party payments processors and financial accounting software providers.

“With our shared vision of the future of financial services, respect for compliance, regulation, safety and soundness and belief in doing the right things, MVB Bank and Chartwell Compliance are a perfect fit as trusted partners,” Mazza said. “Additionally, with Chartwell we will turn a traditional banking cost center into a profit center that will benefit MVB, our clients, and our shareholders.”

SUBORDINATED DEBT

On June 30, 2014, the Company issued its Convertible Subordinated Promissory Notes Due 2024 to various investors, of which, as of September 30, 2019, all remaining subordinated debt was redeemed.

DIVIDEND

As previously announced on August 21, 2019, MVB issued its third quarterly dividend for 2019 including a 25% increase compared to the previous quarter dividend payout. The Company declared a quarterly cash dividend of $0.05 per share payable on September 15, 2019, to shareholders of record at the close of business on September 1, 2019.

“We are pleased to be able to retire subordinated debt without issuing any new capital and are very happy with our increases in the dividend over the past couple years. These are positive signs of returning value for shareholders, which we take very seriously,” Mazza said.

About MVB Financial Corp.

MVB Financial Corp. (“MVB Financial” or “MVB”), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services.

MVB is a financial holding company headquartered in Fairmont, W.Va. Through its subsidiary, MVB Bank, Inc., and the bank’s subsidiaries, MVB Mortgage, the MVB Community Development Corporation and Chartwell Compliance, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. Chartwell Compliance is a specialty compliance firm providing regulatory compliance and market entry facilitation for firms entering into or expanding in North America within the Fintech industry.

For more information about MVB, please visit ir.mvbbanking.com.

Forward-looking Statements

MVB Financial Corp. has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this Earnings Release. These forward-looking statements are based on current expectations about the future and subject to risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and its subsidiaries. When words such as “believes,” “expects,” “anticipates,” “may,” or similar expressions occur in this Earnings Release, the Company is making forward-looking statements. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in the forward-looking statements contained in this Earnings Release. Those factors include, but are not limited to: credit risk, changes in market interest rates, inability to achieve merger-related synergies, competition, economic downturn or recession and government regulation and supervision. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as well as its other filings with the SEC, which are available on the SEC website at www.sec.gov. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements.

Accounting standards require the consideration of subsequent events occurring after the balance sheet date for matters that require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s financial statements when filed with the Securities and Exchange Commission. Accordingly, the consolidated financial information in this announcement is subject to change.

Questions or comments concerning this Earnings Release should be directed to:

MVB Financial Corp.

Donald T. Robinson, Executive Vice President and CFO

(304) 598-3500

[email protected]

 
 
 

MVB Financial Corp.

Financial Highlights

Consolidated Statements of Income

(Unaudited) (Dollars in thousands, except per share data)

 

 

 

Quarterly

Year-to-Date

 

 

2019

 

2019

 

2018

 

2019

 

2018

 

 

Third

Quarter

 

Second

Quarter

 

Third

Quarter

 

 

Interest income

 

$

21,038

 

$

20,470

 

$

18,176

 

$

61,131

 

$

50,174

Interest expense

 

6,004

 

5,941

 

4,652

 

17,596

 

12,530

Net interest income

 

15,034

 

14,529

 

13,524

 

43,535

 

37,644

Provision for loan losses

 

657

 

600

 

1,069

 

1,557

 

2,148

Net interest income after provision for loan losses

 

14,377

 

13,929

 

12,455

 

41,978

 

35,496

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

Mortgage fee income

 

11,496

 

9,864

 

9,008

 

28,030

 

24,634

Other income

 

3,200

 

16,523

 

1,503

 

21,818

 

5,711

Total noninterest income

 

14,696

 

26,387

 

10,511

 

49,848

 

30,345

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

15,438

 

13,280

 

11,520

 

40,452

 

34,487

Other expense

 

7,942

 

7,110

 

6,897

 

21,766

 

19,918

Total noninterest expenses

 

23,380

 

20,390

 

18,417

 

62,218

 

54,405

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations, before income taxes

 

5,693

 

19,926

 

4,549

 

29,608

 

11,436

Income tax expense – continuing operations

 

1,347

 

4,995

 

970

 

7,139

 

2,432

Net income from continuing operations

 

4,346

 

14,931

 

3,579

 

22,469

 

9,004

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations, before income taxes

 

(25)

 

600

 

 

575

 

Income tax expense (benefit) – discontinued operations

 

(6)

 

154

 

 

148

 

Net income (loss) from discontinued operations

 

(19)

 

446

 

 

427

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

4,327

 

$

15,377

 

$

3,579

 

$

22,896

 

$

9,004

Preferred dividends

 

121

 

122

 

123

 

364

 

366

Net income available to common shareholders

 

$

4,206

 

$

15,255

 

$

3,456

 

$

22,532

 

$

8,638

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations – basic

 

$

0.36

 

$

1.27

 

$

0.30

 

$

1.89

 

$

0.80

Earnings per share from discontinued operations – basic

 

 

0.04

 

 

0.04

 

Earnings per share – basic

 

$

0.36

 

$

1.31

 

$

0.30

 

$

1.93

 

$

0.80

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations – diluted

 

$

0.35

 

$

1.15

 

$

0.29

 

$

1.84

 

$

0.77

Earnings per share from discontinued operations – diluted

 

 

0.03

 

 

0.04

 

Earnings per share – diluted

 

$

0.35

 

$

1.18

 

$

0.29

 

$

1.88

 

$

0.77

 
 
 
 

Condensed Consolidated Balance Sheets

(Unaudited) (Dollars in thousands)

 

 

 

September 30, 2019

 

June 30, 2019

 

December 31, 2018

 

September 30, 2018

Cash and cash equivalents

 

$

36,568

 

$

21,209

 

$

22,221

 

$

22,045

Certificates of deposit with other banks

 

13,541

 

14,530

 

14,778

 

14,778

Securities available-for-sale, at fair value

 

226,064

 

215,587

 

221,614

 

216,714

Equity securities

 

18,414

 

18,364

 

9,599

 

9,592

Loans held for sale

 

159,961

 

119,906

 

75,807

 

63,706

Loans

 

1,382,375

 

1,326,682

 

1,304,366

 

1,296,460

Less: Allowance for loan losses

 

(11,874)

 

(11,168)

 

(10,939)

 

(11,439)

Net Loans

 

1,370,501

 

1,315,514

 

1,293,427

 

1,285,021

Premises and equipment

 

25,446

 

25,691

 

26,545

 

26,706

Goodwill

 

19,630

 

18,480

 

18,480

 

18,480

Other assets

 

91,827

 

83,737

 

68,498

 

66,062

Total assets

 

$

1,961,952

 

$

1,833,018

 

$

1,750,969

 

$

1,723,104

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

274,970

 

$

270,592

 

$

213,597

 

$

240,847

Interest-bearing deposits

 

1,181,434

 

1,107,145

 

1,095,557

 

1,138,339

Borrowed funds

 

241,641

 

186,900

 

214,887

 

122,000

Other liabilities

 

57,667

 

67,705

 

50,155

 

51,042

Stockholders’ equity

 

206,240

 

200,676

 

176,773

 

170,876

Total liabilities and stockholders’ equity

 

$

1,961,952

 

$

1,833,018

 

$

1,750,969

 

$

1,723,104

 
 
 
 

Reportable Segments

(Unaudited)

Three Months Ended September 30, 2019

 

Commercial &

Retail Banking

 

Mortgage

Banking

 

Financial

Holding

Company

 

Intercompany

Eliminations

 

Consolidated

(Dollars in thousands)

 

 

 

 

 

Interest income

 

$

19,299

 

$

2,288

 

$

9

 

$

(558)

 

$

21,038

Interest expense

 

4,806

 

1,811

 

156

 

(769)

 

6,004

Net interest income (loss)

 

14,493

 

477

 

(147)

 

211

 

15,034

Provision for loan losses

 

625

 

32

 

 

 

657

Net interest income (loss) after provision for loan losses

 

13,868

 

445

 

(147)

 

211

 

14,377

 

 

 

 

 

 

 

 

 

 

 

Noninterest Income:

 

 

 

 

 

 

 

 

 

 

Mortgage fee income

 

121

 

11,587

 

 

(212)

 

11,496

Other income

 

2,138

 

1,112

 

1,516

 

(1,566)

 

3,200

Total noninterest income

 

2,259

 

12,699

 

1,516

 

(1,778)

 

14,696

 

 

 

 

 

 

 

 

 

 

 

Noninterest Expenses:

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

4,820

 

8,318

 

2,300

 

 

15,438

Other expense

 

6,113

 

2,142

 

1,254

 

(1,567)

 

7,942

Total noninterest expenses

 

10,933

 

10,460

 

3,554

 

(1,567)

 

23,380

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations, before income taxes

 

5,194

 

2,684

 

(2,185)

 

 

5,693

Income tax expense (benefit) – continuing operations

 

1,130

 

725

 

(508)

 

 

1,347

Net income (loss) from continuing operations

 

$

4,064

 

$

1,959

 

$

(1,677)

 

$

 

$

4,346

Loss from discontinued operations, before income taxes

 

$

 

$

 

$

(25)

 

$

 

$

(25)

Income tax benefit – discontinued operations

 

$

 

$

 

$

(6)

 

$

 

$

(6)

Net loss from discontinued operations

 

$

 

$

 

$

(19)

 

$

 

$

(19)

Net income (loss)

 

$

4,064

 

$

1,959

 

$

(1,696)

 

$

 

$

4,327

Preferred stock dividends

 

 

 

121

 

 

121

Net income (loss) available to common shareholders

 

$

4,064

 

$

1,959

 

$

(1,817)

 

$

 

$

4,206

 
 

Three Months Ended June 30, 2019

 

Commercial &

Retail Banking

 

Mortgage

Banking

 

Financial

Holding

Company

 

Intercompany

Eliminations

 

Consolidated

(Dollars in thousands)

 

 

 

 

 

Interest income

 

$

18,820

 

$

2,032

 

$

1

 

$

(383)

 

$

20,470

Interest expense

 

4,743

 

1,499

 

287

 

(588)

 

5,941

Net interest income (loss)

 

14,077

 

533

 

(286)

 

205

 

14,529

Provision for loan losses

 

625

 

(25)

 

 

 

600

Net interest income (loss) after provision for loan losses

 

13,452

 

558

 

(286)

 

205

 

13,929

 

 

 

 

 

 

 

 

 

 

 

Noninterest Income:

 

 

 

 

 

 

 

 

 

 

Mortgage fee income

 

277

 

9,792

 

 

(205)

 

9,864

Other income

 

15,464

 

1,135

 

1,495

 

(1,571)

 

16,523

Total noninterest income

 

15,741

 

10,927

 

1,495

 

(1,776)

 

26,387

 

 

 

 

 

 

 

 

 

 

 

Noninterest Expenses:

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

4,220

 

7,038

 

2,022

 

 

13,280

Other expense

 

5,493

 

1,842

 

1,346

 

(1,571)

 

7,110

Total noninterest expenses

 

9,713

 

8,880

 

3,368

 

(1,571)

 

20,390

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations, before income taxes

 

19,480

 

2,605

 

(2,159)

 

 

19,926

Income tax expense (benefit) – continuing operations

 

4,785

 

703

 

(493)

 

 

4,995

Net income (loss) from continuing operations

 

$

14,695

 

$

1,902

 

$

(1,666)

 

$

 

$

14,931

Income from discontinued operations, before income taxes

 

$

 

$

 

$

600

 

$

 

600

Income tax expense – discontinued operations

 

$

 

$

 

$

154

 

$

 

154

Net income from discontinued operations

 

$

 

$

 

$

446

 

$

 

$

446

Net income (loss)

 

$

14,695

 

$

1,902

 

$

(1,220)

 

$

 

$

15,377

Preferred stock dividends

 

 

 

122

 

 

122

Net income (loss) available to common shareholders

 

$

14,695

 

$

1,902

 

$

(1,342)

 

$

 

$

15,255

Contacts

MEDIA CONTACT

Amy Baker

VP, Corporate Communications & Marketing

[email protected]
844-682-2265

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