Form 8-K CNB FINANCIAL CORP/PA For: Jul 21
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 21, 2016
CNB FINANCIAL CORPORATION
(Exact name of Registrant as specified in its Charter)
Pennsylvania |
000-13396 |
25-1450605 | ||
(State or other jurisdiction of incorporation) |
(Commission File No.) |
(IRS Employer Identification Number) |
1 South Second Street
PO Box 42
Clearfield, Pennsylvania 16830
(Address of principal executive offices)
Registrants telephone number, including area code: (814) 765-9621
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On July 21, 2016, CNB Financial Corporation (NASDAQ: CCNE), the parent company of CNB Bank, issued a press release describing its results of operations for the fiscal quarter ended June 30, 2016. That press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(a) Not applicable.
(d) Not applicable.
(d) Not applicable.
(d) Exhibits.
Exhibit No. |
Description | |
99.1 | Press release of CNB Financial Corporation dated July 21, 2016 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
CNB Financial Corporation | ||||||
Date: July 22, 2016 | By: | /s/ Brian W. Wingard | ||||
Brian W. Wingard | ||||||
Treasurer |
Exhibit Index
Exhibit No. |
Description | |
99.1 | Press release of CNB Financial Corporation dated July 21, 2016 |
Exhibit 99.1
Contact: Brian W. Wingard Treasurer (814) 765-9621 FOR IMMEDIATE RELEASE |
CNB FINANCIAL CORPORATION REPORTS SECOND QUARTER EARNINGS FOR 2016
Clearfield, Pennsylvania July 21, 2016
CNB Financial Corporation (CNB) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the second quarter and first six months of 2016. Highlights include the following:
| Net income of $4.1 million, or $0.28 per share, in the second quarter of 2016, compared to net income of $5.6 million, or $0.39 per share, in the second quarter of 2015. |
| Net income of $9.1 million, or $0.63 per share, for the six months ended June 30, 2016, compared to net income of $11.2 million, or $0.77 per share, for the six months ended June 30, 2015. |
| Excluding the effects of realized gains on the sale of available-for-sale securities and certain one-time costs as described in the financial tables, pre-tax income of $7.4 million for the three months ended June 30, 2016, compared to pre-tax income of $7.2 million for the three months ended June 30, 2015. |
| Excluding the effects of realized gains on the sale of available-for-sale securities and certain one-time costs as described in the financial tables, pre-tax income of $14.2 million for the six months ended June 30, 2016, compared to pre-tax income of $14.8 million for the six months ended June 30, 2015. |
| Total deposits of $1.9 billion at June 30, 2016, an increase of $75.5 million, or 4.2%, as compared to December 31, 2015, and an increase of $27.8 million, or 1.5%, as compared to June, 2015. CNBs loan to deposit ratio increased from 77.9% at June 30, 2015 to 87.6% at June 30, 2016. |
| Total loans of $1.7 billion at June 30, 2016, an increase of $204.4 million, or 14.1%, as compared to June 30, 2015 and an increase of $78.0 million, or 4.9%, as compared to December 31, 2015. All of CNBs loan growth during the 12 months ended June 30, 2016 was organic. |
| Net interest margin of 3.70% for the six months ended June 30, 2016, compared to 3.72% for the six months ended June 30, 2015. Included in net interest income in 2016 was $348 thousand of net accretion related to acquired loans, which was down from $1.3 million included in 2015. Excluding the impact of the net accretion, net interest income increased by $2.7 million for 2016 as compared to 2015. |
| Tangible book value per share of $12.57 as of June 30, 2016, an increase of 11.3% over tangible book value per share of $11.29 at June 30, 2015. |
| Non-performing assets of $12.7 million, or 0.54% of total assets as of June 30, 2016, compared to $13.1 million, or 0.58% of total assets, at June 30, 2015. |
CNB also successfully closed its previously announced acquisition of Lake National Bank (LNB) on July 15, 2016. Under the terms of the merger agreement, LNB merged with and into CNB Bank, with CNB Bank being the surviving corporation of the merger.
Joseph B. Bower, Jr., President and CEO, commented CNB has a recent history of rapid growth and great earnings. In recognizing how fast we have grown over the past five years, we made a conscious decision to evaluate our entire infrastructure. We decided it was time to add additional resources and change our core processor. In doing this, we know that in the short term, earnings will be impacted, but the changes will positively enhance our market position and earnings capabilities. As we are organized today, we are ready to realize the potential of our newer markets in Columbus, Cleveland, and Buffalo.
Net Interest Margin
Net interest margin on a fully tax equivalent basis was 3.70% for the six months ended June 30, 2016, compared to 3.72% for the six months ended June 30, 2015. Net accretion included in loan interest income in the first six months of 2016 related to acquired loans was $348 thousand, resulting in an increase in the net interest margin of 4 basis points. Net accretion included in loan interest income in the first six months of 2015 related to acquired loans was $1.3 million, resulting in an increase in the net interest margin of 13 basis points.
During 2015 and the first six months of 2016, CNB experienced continued pressure on its net interest margin as a result of loans repricing downward and new loans with market yields significantly below historical averages, which is consistent with the trends across the financial services industry in this historically low interest rate environment. Throughout the current interest rate cycle, CNB has been able to gradually lower its cost of funds, primarily through disciplined deposit pricing. The cost of interest-bearing liabilities was 68 basis points during the first six months of 2016, compared to 71 basis points during the first six months of 2015.
Asset Quality
During the three and six months ended June 30, 2016, CNB recorded a provision for loan losses of $220 thousand and $1.4 million, as compared to a provision for loan losses of $486 thousand and $1.4 million for the three and six months ended June 30, 2015. Net chargeoffs during the three and six months ended June 30, 2016 were $970 thousand and $2.2 million, as compared to $664 thousand and $1.3 million for the three and six months ended June 30, 2015.
The increase in chargeoffs was primarily attributable to consumer loans held in CNBs consumer discount company, Holiday Financial Services Corporation. There were no new impaired commercial loan relationships that required a significant loss reserve in the first six months of 2016. The overall decrease in the provision for loan losses in the second quarter of 2016 compared to the second quarter of 2015 primarily reflects lower historical loss rates in the commercial & industrial, commercial real estate, and residential real estate portfolio segments.
Non-Interest Income
Non-interest income was $4.4 million and $7.5 million for the three and six months ended June 30, 2016, compared to $4.1 million and $7.2 million for the three and six months ended June 30, 2015. In the second quarter of 2016, CNB realized gains on the sale of available-for-sale securities in the amount of $1.0 million, including $922 thousand on the sale of two structured pooled trust preferred securities that had no carrying value due to other-than-temporary impairment charges recorded in previous periods.
Non-Interest Expenses
Total non-interest expenses were $18.3 million and $32.5 million during the three and six months ended June 30, 2016, compared to $14.1 million and $27.2 million during the three and six months ended June 30, 2015. Throughout 2015 and the first six months of 2016, CNB made numerous infrastructure, personnel, and other investments to facilitate its continued growth. In order to better serve our customers and to achieve operational efficiencies, CNB completed a core processing system upgrade in May 2016. Included in non-interest expenses in 2016 were $3.3 million of non-recurring items, with merger related expenses of $227, costs associated with our core processing system upgrade of $1.6 million, and a prepayment penalty associated with the early payoff of long-term borrowings of $1.5 million. The borrowings totaled $40 million and carried interest rates ranging from 3.97% to 4.60%, and the resulting interest expense savings are projected at $870 thousand for 2016 and $1.0 million for 2017.
Salaries and benefits expenses increased $1.3 million, or 8.9%, during the six months ended June 30, 2016 compared to the six months ended June 30, 2015. As of June 30, 2016, CNB had 453 full-time equivalent staff, compared to 430 full-time equivalent staff as of June 30, 2015. The staff added during this period included both customer-facing personnel such as business development and wealth management officers, as well as support department personnel.
About CNB Financial Corporation
CNB Financial Corporation is a financial holding company with consolidated assets of approximately $2.3 billion that conducts business primarily through CNB Bank, CNBs principal subsidiary. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, three loan production offices, 31 full-service offices in Pennsylvania and northeast Ohio, including ERIEBANK, a division of CNB Bank, and 9 full-service offices in central Ohio conducting business as FCBank, a division of CNB Bank. More information about CNB and CNB Bank may be found on the internet at www.cnbbank.bank.
Forward-Looking Statements
This press release includes 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, with respect to CNBs financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond CNBs control). Forward-looking statements often include the words believes, expects, anticipates, estimates, forecasts, intends, plans, targets, potentially, probably, projects, outlook or similar expressions or future conditional verbs such as may, will, should, would and could. CNBs actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of and the forward-looking statement disclaimers in CNBs annual and quarterly reports.
The forward-looking statements are based upon managements beliefs and assumptions and are made as of the date of this press release. CNB undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to
update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.
Financial Tables
The following tables supplement the financial highlights described previously for CNB Financial Corporation.
(unaudited) Three Months Ended June 30, |
(unaudited) Six Months Ended June 30, |
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(Dollars in thousands, except share and per share data) | ||||||||||||||||||||||||
2016 | 2015 | % change |
2016 | 2015 | % change |
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Income Statement |
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Interest income |
$ | 22,473 | $ | 21,306 | 5.5 | % | $ | 44,539 | $ | 42,947 | 3.7 | % | ||||||||||||
Interest expense |
3,070 | 3,155 | -2.7 | % | 6,194 | 6,206 | -0.2 | % | ||||||||||||||||
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Net interest income |
19,403 | 18,151 | 6.9 | % | 38,345 | 36,741 | 4.4 | % | ||||||||||||||||
Provision for loan losses |
220 | 486 | -54.7 | % | 1,416 | 1,429 | -0.9 | % | ||||||||||||||||
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Net interest income after provision for loan losses |
19,183 | 17,665 | 8.6 | % | 36,929 | 35,312 | 4.6 | % | ||||||||||||||||
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Non-interest income |
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Service charges on deposit accounts |
1,006 | 1,094 | -8.0 | % | 1,987 | 2,111 | -5.9 | % | ||||||||||||||||
Other service charges and fees |
624 | 761 | -18.0 | % | 1,184 | 1,385 | -14.5 | % | ||||||||||||||||
Wealth and asset management fees |
780 | 751 | 3.9 | % | 1,503 | 1,517 | -0.9 | % | ||||||||||||||||
Net realized gains on available-for-sale securities |
1,005 | 472 | 112.9 | % | 1,005 | 491 | 104.7 | % | ||||||||||||||||
Net realized and unrealized gains (losses) on trading securities |
64 | (29 | ) | NA | 30 | (61 | ) | NA | ||||||||||||||||
Mortgage banking |
147 | 207 | -29.0 | % | 318 | 320 | -0.6 | % | ||||||||||||||||
Bank owned life insurance |
263 | 289 | -9.0 | % | 526 | 565 | -6.9 | % | ||||||||||||||||
Other |
481 | 596 | -19.3 | % | 960 | 910 | 5.5 | % | ||||||||||||||||
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Total non-interest income |
4,370 | 4,141 | 5.5 | % | 7,513 | 7,238 | 3.8 | % | ||||||||||||||||
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Non-interest expenses |
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Salaries and benefits |
7,908 | 7,506 | 5.4 | % | 15,399 | 14,138 | 8.9 | % | ||||||||||||||||
Net occupancy expense of premises |
1,881 | 1,794 | 4.8 | % | 3,720 | 3,593 | 3.5 | % | ||||||||||||||||
FDIC insurance premiums |
340 | 323 | 5.3 | % | 662 | 619 | 6.9 | % | ||||||||||||||||
Core Deposit Intangible amortization |
217 | 259 | -16.2 | % | 432 | 518 | -16.6 | % | ||||||||||||||||
Prepayment penalties long-term borrowings |
1,506 | | NA | 1,506 | | NA | ||||||||||||||||||
Core processing conversion costs |
1,488 | | NA | 1,555 | | NA | ||||||||||||||||||
Merger costs |
185 | | NA | 227 | | NA | ||||||||||||||||||
Other |
4,779 | 4,239 | 12.7 | % | 8,983 | 8,346 | 7.6 | % | ||||||||||||||||
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Total non-interest expenses |
18,304 | 14,121 | 29.6 | % | 32,484 | 27,214 | 19.4 | % | ||||||||||||||||
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Income before income taxes |
5,249 | 7,685 | -31.7 | % | 11,958 | 15,336 | -22.0 | % | ||||||||||||||||
Income tax expense |
1,184 | 2,083 | -43.2 | % | 2,874 | 4,169 | -31.1 | % | ||||||||||||||||
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Net income |
$ | 4,065 | $ | 5,602 | -27.4 | % | $ | 9,084 | $ | 11,167 | -18.7 | % | ||||||||||||
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Average diluted shares outstanding |
14,367,812 | 14,323,826 | 14,362,273 | 14,366,170 | ||||||||||||||||||||
Diluted earnings per share |
$ | 0.28 | $ | 0.39 | -28.2 | % | $ | 0.63 | $ | 0.77 | -18.2 | % | ||||||||||||
Cash dividends per share |
$ | 0.165 | $ | 0.165 | 0.0 | % | $ | 0.330 | $ | 0.330 | 0.0 | % | ||||||||||||
Payout ratio |
59 | % | 42 | % | 52 | % | 43 | % |
(unaudited) Three Months Ended June 30, |
(unaudited) Six Months Ended June 30, |
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(Dollars in thousands, except share and per share data) | ||||||||||||||||||||||||
2016 | 2015 | % change |
2016 | 2015 | % change |
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Average Balances |
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Loans, net of unearned income |
$ | 1,635,204 | $ | 1,423,276 | $ | 1,615,493 | $ | 1,392,978 | ||||||||||||||||
Total earning assets |
2,186,049 | 2,093,536 | 2,174,251 | 2,064,594 | ||||||||||||||||||||
Total assets |
2,324,787 | 2,231,083 | 2,312,323 | 2,202,811 | ||||||||||||||||||||
Total deposits |
1,898,836 | 1,856,095 | 1,877,085 | 1,850,136 | ||||||||||||||||||||
Shareholders equity |
210,649 | 195,232 | 209,373 | 194,646 | ||||||||||||||||||||
Performance Ratios (quarterly information annualized) |
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Return on average assets |
0.70 | % | 1.00 | % | 0.79 | % | 1.01 | % | ||||||||||||||||
Return on average equity |
7.72 | % | 11.48 | % | 8.68 | % | 11.47 | % | ||||||||||||||||
Net interest margin (FTE) |
3.73 | % | 3.60 | % | 3.70 | % | 3.72 | % | ||||||||||||||||
Loan Charge-Offs |
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Net loan charge-offs |
$ | 970 | $ | 664 | $ | 2,165 | $ | 1,298 | ||||||||||||||||
Net loan charge-offs / average loans |
0.24 | % | 0.19 | % | 0.27 | % | 0.19 | % | ||||||||||||||||
The following is a non-GAAP disclosure of pre-tax net income excluding the effects of net realized gains on the sale of available for sale securities and one-time expenses including prepayment penalties on long-term borrowings, core processing conversion costs, and merger costs:
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(unaudited) Three Months Ended June 30, |
(unaudited) Six Months Ended June 30, |
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(Dollars in thousands) | ||||||||||||||||||||||||
2016 | 2015 | % change |
2016 | 2015 | % change |
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Pre-tax net income, GAAP basis |
$ | 5,249 | $ | 7,685 | -31.7 | % | $ | 11,958 | $ | 15,336 | -22.0 | % | ||||||||||||
Net realized (gains) losses on available-for-sale securities |
(1,005 | ) | (472 | ) | 112.9 | % | (1,005 | ) | (491 | ) | 104.7 | % | ||||||||||||
Prepayment penalties long-term borrowings |
1,506 | | NA | 1,506 | | NA | ||||||||||||||||||
Core processing conversion costs |
1,488 | | NA | 1,555 | | NA | ||||||||||||||||||
Merger costs |
185 | | NA | 227 | | NA | ||||||||||||||||||
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Pre-tax net income, non-GAAP |
$ | 7,423 | $ | 7,213 | 2.9 | % | $ | 14,241 | $ | 14,845 | -4.1 | % | ||||||||||||
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(unaudited) June 30, |
December 31, | (unaudited) June 30, |
% change versus | |||||||||||||||||
2016 | 2015 | 2015 | 12/31/15 | 6/30/15 | ||||||||||||||||
(Dollars in thousands, except share and per share data) | ||||||||||||||||||||
Ending Balance Sheet |
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Loans, net of unearned income |
$ | 1,655,844 | $ | 1,577,798 | $ | 1,451,464 | 4.9 | % | 14.1 | % | ||||||||||
Loans held for sale |
863 | 1,381 | 2,271 | -37.5 | % | -62.0 | % | |||||||||||||
Investment securities |
525,439 | 550,619 | 644,778 | -4.6 | % | -18.5 | % | |||||||||||||
FHLB and other equity interests |
16,023 | 15,921 | 13,042 | 0.6 | % | 22.9 | % | |||||||||||||
Other earning assets |
2,992 | 3,959 | 3,495 | -24.4 | % | -14.4 | % | |||||||||||||
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Total earning assets |
2,201,161 | 2,149,678 | 2,115,050 | 2.4 | % | 4.1 | % | |||||||||||||
Allowance for loan losses |
(15,988 | ) | (16,737 | ) | (17,504 | ) | -4.5 | % | -8.7 | % | ||||||||||
Goodwill |
27,194 | 27,194 | 27,194 | 0.0 | % | 0.0 | % | |||||||||||||
Core deposit intangible |
1,964 | 2,395 | 2,885 | -18.0 | % | -31.9 | % | |||||||||||||
Other assets |
122,061 | 122,606 | 126,164 | -0.4 | % | -3.3 | % | |||||||||||||
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Total assets |
$ | 2,336,392 | $ | 2,285,136 | $ | 2,253,789 | 2.2 | % | 3.7 | % | ||||||||||
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Non interest-bearing deposits |
$ | 253,352 | $ | 263,639 | $ | 257,873 | -3.9 | % | -1.8 | % | ||||||||||
Interest-bearing deposits |
1,637,243 | 1,551,414 | 1,604,875 | 5.5 | % | 2.0 | % | |||||||||||||
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Total deposits |
1,890,595 | 1,815,053 | 1,862,748 | 4.2 | % | 1.5 | % | |||||||||||||
Borrowings |
185,653 | 220,515 | 151,644 | -15.8 | % | 22.4 | % | |||||||||||||
Subordinated debt |
20,620 | 20,620 | 20,620 | 0.0 | % | 0.0 | % |
(unaudited) June 30, |
December 31, | (unaudited) June 30, |
% change versus | |||||||||||||||||
2016 | 2015 | 2015 | 12/31/15 | 6/30/15 | ||||||||||||||||
(Dollars in thousands, except share and per share data) | ||||||||||||||||||||
Other liabilities |
28,586 | 27,035 | 26,040 | 5.7 | % | 9.8 | % | |||||||||||||
Common stock |
| | | NA | NA | |||||||||||||||
Additional paid in capital |
77,337 | 77,827 | 77,488 | -0.6 | % | -0.2 | % | |||||||||||||
Retained earnings |
127,614 | 123,301 | 117,025 | 3.5 | % | 9.0 | % | |||||||||||||
Treasury stock |
(205 | ) | (1,114 | ) | (1,170 | ) | -81.6 | % | -82.5 | % | ||||||||||
Accumulated other comprehensive income (loss) |
6,192 | 1,899 | (606 | ) | 226.1 | % | NA | |||||||||||||
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Total shareholders equity |
210,938 | 201,913 | 192,737 | 4.5 | % | 9.4 | % | |||||||||||||
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Total liabilities and shareholders equity |
$ | 2,336,392 | $ | 2,285,136 | $ | 2,253,789 | 2.2 | % | 3.7 | % | ||||||||||
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Ending shares outstanding |
14,462,007 | 14,408,430 | 14,404,466 | |||||||||||||||||
Book value per share |
$ | 14.59 | $ | 14.01 | $ | 13.38 | ||||||||||||||
Tangible book value per share (*) |
$ | 12.57 | $ | 11.96 | $ | 11.29 | ||||||||||||||
Capital Ratios |
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Tangible common equity / tangible assets (*) |
7.88 | % | 7.64 | % | 7.31 | % | ||||||||||||||
Tier 1 leverage ratio |
8.62 | % | 8.73 | % | 8.61 | % | ||||||||||||||
Common equity tier 1 ratio |
10.56 | % | 10.90 | % | 11.47 | % | ||||||||||||||
Tier 1 risk based ratio |
11.75 | % | 12.14 | % | 12.82 | % | ||||||||||||||
Total risk based ratio |
12.70 | % | 13.18 | % | 14.00 | % | ||||||||||||||
Asset Quality |
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Non-accrual loans |
$ | 11,998 | $ | 12,159 | $ | 11,989 | ||||||||||||||
Loans 90+ days past due and accruing |
162 | 105 | 67 | |||||||||||||||||
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Total non-performing loans |
12,160 | 12,264 | 12,056 | |||||||||||||||||
Other real estate owned |
516 | 925 | 1,031 | |||||||||||||||||
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Total non-performing assets |
$ | 12,676 | $ | 13,189 | $ | 13,087 | ||||||||||||||
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Loans modified in a troubled debt restructuring (TDR): |
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Performing TDR loans |
$ | 8,903 | $ | 9,304 | $ | 11,142 | ||||||||||||||
Non-performing TDR loans ** |
5,183 | 5,637 | 6,061 | |||||||||||||||||
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Total TDR loans |
$ | 14,086 | $ | 14,941 | $ | 17,203 | ||||||||||||||
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|
|
|||||||||||||||
Non-performing assets / Loans + OREO |
0.77 | % | 0.84 | % | 0.90 | % | ||||||||||||||
Non-performing assets / Total assets |
0.54 | % | 0.58 | % | 0.58 | % | ||||||||||||||
Allowance for loan losses / Loans |
0.97 | % | 1.06 | % | 1.21 | % |
* - Tangible common equity, tangible assets and tangible book value per share are non-GAAP financial measures calculated using GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of stockholders equity. Tangible assets is calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets. Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding. CNB believes that these non-GAAP financial measures provide information to investors that is useful in understanding its financial condition. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
** - Nonperforming TDR loans are also included in the balance of non-accrual loans in the previous table.
(Dollars in thousands, except share and per share data) | ||||||||||||||||
(unaudited) June 30, 2016 |
December 31, 2015 |
(unaudited) June 30, 2015 |
||||||||||||||
Shareholders equity |
$ | 210,938 | $ | 201,913 | $ | 192,737 | ||||||||||
Less goodwill |
27,194 | 27,194 | 27,194 | |||||||||||||
Less core deposit intangible |
1,964 | 2,395 | 2,885 | |||||||||||||
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|
|
|
|
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Tangible common equity |
$ | 181,780 | $ | 172,324 | $ | 162,658 | ||||||||||
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|
|
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Total assets |
$ | 2,336,392 | $ | 2,285,136 | $ | 2,253,789 | ||||||||||
Less goodwill |
27,194 | 27,194 | 27,194 | |||||||||||||
Less core deposit intangible |
1,964 | 2,395 | 2,885 | |||||||||||||
|
|
|
|
|
|
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Tangible assets |
$ | 2,307,234 | $ | 2,255,547 | $ | 2,223,710 | ||||||||||
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|
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Ending shares outstanding |
14,462,007 | 14,408,430 | 14,404,466 | |||||||||||||
Tangible book value per share |
$ | 12.57 | $ | 11.96 | $ | 11.29 | ||||||||||
Tangible common equity/Tangible assets |
7.88 | % | 7.64 | % | 7.31 | % |
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