First Commerce Bancorp, Inc. Reports First Quarter 2025 Results

/EIN News/ -- LAKEWOOD, N.J., April 25, 2025 (GLOBE NEWSWIRE) -- First Commerce Bancorp, Inc. (the “Company”), (OTC: CMRB), the holding company for First Commerce Bank (the “Bank”), today reported net income of $1.7 million and basic earnings per common share of $0.08 for the three months ended March 31, 2025, as compared to net income of $1.2 million and basic earnings per common share of $0.05 for the three months ended March 31, 2024.

President & CEO Donald Mindiak commented, “Measured balance sheet growth during the first quarter was highlighted by calculated increases in both loans and investment securities, redeploying excess liquidity into higher yielding assets, with a risk profile consistent with our underwriting standards. While our average yield on interest earning assets and average cost on interest bearing liabilities remained relatively stable as compared to the first quarter of 2024, on a linked quarter basis the average yield on interest earning assets increased by nine basis points and the average cost of interest bearing liabilities decreased by nine basis points resulting in a thirteen basis point increase in our net interest margin and a thirteen basis point increase in our return on average assets in the comparative quarters ended March 31, 2025 and December 31, 2024, respectively. The continued success of our stock repurchase plan, coupled with improving profitability, is reflected in the increase in book value by $0.08/share since year end 2024 and $0.34/share since March 31, 2024.”

Continuing, Mr. Mindiak remarked that, “From an asset quality perspective, one large loan of $21.0 million migrated into non-accrual status during the first quarter, however, a contract is in place to remediate this facility which is anticipated to close during the second quarter of 2025. While a degree of uncertainty has permeated the marketplace as a result of certain prospective economic, regulatory and geopolitical headwinds which remain an on-going challenge to navigate, we will endeavor to continue to execute our strategies with prudence and forethought in an effort to increase franchise and shareholder value.”

Financial Highlights

• Total interest income increased by $1.4 million or 7.4% for the first quarter of 2025 compared to the first quarter of 2024 as a result of the growth in average interest-earning assets year over year.
• Total interest expense increased by $1.0 million or 9.5% for the first quarter of 2025 compared to the first quarter of 2024 as a result of the growth in interest-bearing liabilities.
• Total deposits increased by $96.9 million or 8.8% to $1.20 billion at March 31, 2025, compared to $1.11 billion at March 31, 2024.
• The annualized return on average total assets increased by twelve basis points to 0.44% at March 31, 2025, compared to 0.32% at March 31, 2024.
• The annualized return on average shareholders’ equity was 3.93% at March 31, 2025, compared to 2.54% at March 31, 2024.
• The book value per common share was $8.47 at March 31, 2025, compared to $8.13 at March 31, 2024.
• Net interest margin increased thirteen basis points on a linked quarter basis to 2.33% as of March 31, 2025, from 2.20% as of December 31, 2024.

Balance Sheet Review

Total assets increased by $30.9 million or 2.0% to $1.58 billion at March 31, 2025, from $1.55 billion at December 31, 2024. The increase in total assets was primarily related to increases in total investment securities and total loans receivable, partially offset by a decrease in cash and cash equivalents during the three months ended March 31, 2025.

Total cash and cash equivalents decreased by $48.1 million or 36.3% to $84.3 million at March 31, 2025, from $132.5 million at December 31, 2024. This decrease was primarily due to funding of loan closings and the purchases of investment securities during the first quarter of 2025.

Total investment securities increased by $65.6 million or 58.5% to $177.8 million at March 31, 2025, from $112.2 million at December 31, 2024. The increase in investment securities resulted primarily from $69.3 million in purchases of investment securities, partially offset by $1.3 million in redemptions and $2.4 million in mortgage-backed security amortization.

Total loans receivable, net of allowance for credit losses increased by $17.1 million or 1.4% to $1.24 billion at March 31, 2025, from $1.22 billion at December 31, 2024. Commercial mortgage loans, and construction loans increased $8.2 million and $13.5 million, respectively, partially offset by decreases in commercial loans, residential loans and home equity loans of $1.8 million, $1.6 million and $1.4 million, respectively. The allowance for credit losses increased by $78,000 to $14.8 million or 1.18% of gross loans at March 31, 2025, as compared to $14.7 million or 1.19% of gross loans at December 31, 2024.

Total deposits increased $27.1 million or 2.3% to $1.20 billion at March 31, 2025, from $1.17 billion at December 31, 2024. Within the components of total deposits, time deposits increased $33.6 million, savings deposits increased $9.9 million, and non-interest-bearing demand deposits increased $7.0 million, partially offset by decreases of $10.8 million in NOW deposits, $7.9 million in money market account deposits and $4.6 million in brokered deposits.

Stockholders’ equity decreased by $1.8 million or 1.1% to $170.4 million at March 31, 2025, from $172.3 million at December 31, 2024. The decrease in stockholders’ equity was primarily due to $4.1 million in repurchases of common stock, offset by increases of $1.7 million in retained earnings and $713,000 in additional paid-in-capital. During the three months ended March 31, 2025, the Company repurchased 653,000 shares for approximately $4.1 million, or a weighted average price of approximately $6.23 per share.

Three Months of Operations

Net interest income increased by $382,000 or 4.6% to $8.6 million for the three months ended March 31, 2025, from $8.2 million for the three months ended March 31, 2024. The increase in net interest income was primarily due to an increase in total interest income of $1.4 million as a result of an increase in average interest earning assets, partially offset by an increase in total interest expense of $1.0 million as a result of an increase in average interest-bearing liabilities.

Total interest income increased by $1.4 million or 7.4% to $20.5 million for the three months ended March 31, 2025, from $19.1 million for the three months ended March 31, 2024. Interest income on loans, including fees, decreased $289,000 or 1.6% to $17.4 million for the three months ended March 31, 2025, as compared to $17.7 million for the three months ended March 31, 2024. The decrease in interest income on loans, including fees, resulted primarily from a decline in the average balance of loans receivable of $9.9 million or 0.8% to $1.24 billion for the three months ended March 31, 2025, as compared to $1.25 billion for the three months ended March 31, 2024. Average yield on loans receivable was 5.67% for the three months ended March 31, 2025, unchanged year over year. Interest income on interest-bearing deposits with other banks increased by $338,000 or 51.6% to $993,000 for the three months ended March 31, 2025, as compared to $655,000 for the same period in the prior year. This increase resulted from a higher average balance of interest-bearing deposits with banks of $43.7 million or 80.7% to $97.8 million for the three months ended March 31, 2025, as compared to $54.1 million for the same period in the prior year. Interest income on investment securities increased by $1.3 million or 231.0% to $1.9 million for the three months ended March 31, 2025, as compared to $561,000 for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of investment securities portfolio increased by $81.8 million or 117.2% to $151.6 million for the three months ended March 31, 2025, as compared to $69.8 million for the same period in the prior year. The average yield on investment securities increased by 168 basis points to 4.90% for the three months ended March 31, 2025, as compared to 3.22% for the same period in the prior year. Dividend income on FHLB stock increased by $63,000 or 40.1% to $220,000 for the three months ended March 31, 2025, as compared to $157,000 for the same period in the prior year, primarily as a result of an increase in average yield of 128 basis points to 9.34% for the three months ended March 31, 2025, as compared to 8.06% for the same period in the prior year.

Total interest expense increased by $1.0 million or 9.5% to $11.8 million for the three months ended March 31, 2025, from $10.8 million for the three months ended March 31, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $118.6 million or 11.0%, to $1.20 billion for the three months ended March 31, 2025, from $1.08 billion for the three months ended March 31, 2024. Despite the increase in the average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased to 3.99% for the three months ended March 31, 2025, as compared to 4.01% for the three months ended March 31, 2024. The increase in average balance of interest-bearing liabilities included a $85.3 million increase in average interest-bearing deposit liabilities and a $33.3 million increase in average wholesale borrowings for the three months ended March 31, 2025. The increase in interest-bearing liabilities was primarily used to maintain an increased level of liquidity consistent with regulatory guidance.

During the first quarter of 2025, the Company recorded an $83,000 provision for credit losses as compared to a $7,000 provision for credit losses for the same period in the prior year. Based on the results of the CECL model and management’s evaluation of both quantitative and qualitative factors for the first quarter of 2025, the Company recorded a provision for credit losses of $51,000 on corporate securities held-to-maturity, a $19,000 provision for credit losses for unfunded commitments and a $13,000 provision for credit losses on loans. Based upon the aforementioned analyses, management believes that the allowance for credit losses on loans and investment securities at March 31, 2025, and 2024 were appropriate.

Net interest margin decreased by six basis points to 2.33% for the three months ended March 31, 2025, compared to 2.39% for the three months ended March 31, 2024. The decrease in the net interest margin is primarily due to an increase in the average balance of interest bearing liabilities of $118.6 million to $1.20 billion for the three months ended March 31, 2025 from $1.08 billion three months ended March 31, 2024, despite a decrease in the cost of interest-bearing liabilities to 3.99% for the three months ended March 31, 2025 from 4.01% for the three months ended March 31, 2024. This increase was partially offset by an increase in average balance of interest earning assets of $117.3 million to $1.50 billion for the three months ended March 31, 2025, compared to $1.39 billion for the three months ended March 31, 2024.

Non-interest income increased by $872,000 or 167.0% to $1.4 million for the three months ended March 31, 2025, from $522,000 for the three months ended March 31, 2024. The increase in total non-interest income resulted primarily from an increase in other income of $764,000 as a result of a non-recurring gain of $778,000 on the sale of a Company owned property recorded in the first quarter of 2025. Excluding this non-recurring gain, other income would have decreased $14,000 when compared to the same period in the prior year. Service charges and fees increased by $102,000 or 53.4% to $293,000 for the three months ended March 31, 2025, from $191,000 for the same period in the prior year, primarily due to an increase in loan fees of $47,000 and an increase in deposit accounts fees of $51,000.

Non-interest expense increased by $638,000 or 8.8% to $7.8 million for the three months ended March 31, 2025, compared to $7.2 million for the three months ended March 31, 2024. Salaries and employee benefits increased by $238,000 or 5.3% to $4.7 million for the three months ended March 31, 2025, as compared to $4.5 million for the three months ended March 31, 2024. The increase in salaries and employee benefits resulted primarily due to new positions appointed to assist in the growth of the Bank and annual merit increases partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $245,000 or 26.9% to $1.2 million for the three months ended March 31, 2025, as compared to $912,000 for the three months ended March 31, 2024, primarily due to additional lease expense related to the Company leasing additional office space to relocate its corporate offices. Advertising and marketing expense decreased by $23,000 or 29.5% to $55,000 for the three months ended March 31, 2025, as compared to $78,000 for the three months ended March 31, 2024, as a result of reduction in marketing consultant services. Data processing expense increased by $57,000 or 20.0% to $342,000 for the three months ended March 31, 2025, compared to $285,000 for the three months ended March 31, 2024, primarily as a result of adding new services and annual cost increases. FDIC insurance assessment increased $26,000 or 13.3% to $221,000 for the three months ended March 31, 2025, from $195,000 for the three months ended March 31, 2024, as a result of an increase in the assessment rate. Other operating expenses increased by $79,000 or 10.5% to $828,000 for the three months ended March 31, 2025, from $749,000 for the three months ended March 31, 2024, primarily due to minor increases in various components of other operating expenses. Other operating expenses are primarily comprised of loan related expenses, dues and subscriptions, digital banking expenses, sponsorships, training and education, software maintenance and depreciation, and miscellaneous expenses. Management's focus continues to remain on prudently managing its operating expenses.

The income tax provision increased by $22,000 or 5.8% to $403,000 for the three months ended March 31, 2025, from $381,000 for the three months ended March 31, 2024. This increase in the income tax provision resulted primarily from an increase in the pre-tax income year over year. In addition, the effective tax yield declined year over year as a result of a reduction in New York state tax apportionment. The effective tax rate for the quarter ended March 31, 2025, was 19.4% compared to 24.8% for the quarter ended March 31, 2024.

Asset Quality

The allowance for credit losses increased by $78,000 to $14.8 million or 1.18% of gross loans at March 31, 2025, as compared to $14.7 million or 1.19% of gross loans at December 31, 2024, and $14.6 million or 1.18% at March 31, 2024. During the first quarter of 2025, the Company added a $13,000 provision to the allowance for credit losses and had net recoveries of $65,000. Based on the results of the CECL model and management’s evaluation of both quantitative and qualitative factors during the quarter, changes in the allowance for credit losses are adjusted accordingly.

The Bank had non-accrual loans totaling $37.9 million or 3.02% of gross loans at March 31, 2025, as compared to $16.6 million or 1.34% of gross loans at December 31, 2024. Non-accrual loans increased by $21.3 million or 128.0% from December 31, 2024, as a result of one commercial real estate loan in the amount of approximately $21.0 million which was placed on non-accrual status during the first quarter of 2025. A contract is in place to remediate this facility which is anticipated to close during the second quarter of 2025. The allowance for credit losses was 39.1% of non-accrual loans at March 31, 2025, compared to 88.7%, at December 31, 2024.

About First Commerce Bancorp, Inc.

First Commerce Bancorp, Inc, is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company’s wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Robbinsville and Teaneck, New Jersey. For more information, please visit our website https://www.firstcommercebk.com/ or contact our offices at 732-364-0032.

Forward-Looking Statements

This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies 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. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to the factors previously disclosed in prior Bank communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank’s investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; inflation; customer acceptance of the Bank’s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

First Commerce Bancorp, Inc.
Consolidated Statements of Financial Condition
(Unaudited)
											March 31, 2025 vs.
											December 31, 2024
(dollars in thousands, except percentages and share data)		March 31, 2025				December 31, 2024					Amount				%
Assets
Cash and cash equivalents:
Cash on hand		$	2,052			$	1,790				$	262				14.6	%
Interest-bearing deposits in other banks			82,285				130,690					(48,405	)			-37.0	%
Total cash and cash equivalents			84,337				132,480					(48,143	)			-36.3	%
Investment securities:
Available-for-sale, at fair value			26,789				300					26,489				8829.7	%
Held-to-maturity ("HTM"), at amortized cost			151,258				112,107					39,151				34.9	%
Less: Allowance for credit losses - HTM securities			(249	)			(198	)				(51	)			25.8	%
Held-to-maturity, net of allowance for credit losses			151,009				111,909					39,100				34.9	%
Total investment securities			177,798				112,209					65,589				58.5	%
Restricted stock			9,483				9,348					135				1.4	%
Loans receivable			1,256,247				1,239,031					17,216				1.4	%
Less: Allowance for credit losses			(14,834	)			(14,756	)				(78	)			0.5	%
Net loans receivable			1,241,413				1,224,275					17,138				1.4	%
Premises and equipment, net			10,338				17,059					(6,721	)			-39.4	%
Right-of-use asset			18,201				16,085					2,116				13.2	%
Accrued interest receivable			6,541				5,829					712				12.2	%
Bank owned life insurance			26,951				26,711					240				0.9	%
Deferred tax asset, net			3,031				3,076					(45	)			-1.5	%
Other assets			3,890				4,053					(163	)			-4.0	%
Total assets		$	1,581,983			$	1,551,125				$	30,858				2.0	%
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing		$	164,686			$	157,684				$	7,002				4.4	%
Interest-bearing			1,037,393				1,017,254					20,139				2.0	%
Total Deposits			1,202,079				1,174,938					27,141				2.3	%
Borrowings			178,000				175,000					3,000				1.7	%
Accrued interest payable			1,970				1,913					57				3.0	%
Lease liability			18,968				16,773					2,195				13.1	%
Other liabilities			10,544				10,232					312				3.1	%
Total liabilities			1,411,561				1,378,856					32,705				2.4	%
Commitments and contingencies			-				-					-				-
Stockholders' equity
Preferred stock; authorized 5,000,000 shares; none issued			-				-					-				N/A
Common stock, par value of $0; 30,000,000 authorized			-				-					-				N/A
Additional paid-in capital			90,270				89,557					713				0.8	%
Retained earnings			106,641				104,965					1,676				1.6	%
Treasury stock			(26,360	)			(22,253	)				(4,107	)			18.5	%
Accumulated other comprehensive loss			(129	)			-					(129	)			-100.0	%
Total stockholders' equity			170,422				172,269					(1,847	)			-1.1	%
Total liabilities and stockholders' equity		$	1,581,983			$	1,551,125				$	30,858				2.0	%
Shares issued			24,243,030				23,995,390
Shares outstanding			20,130,474				20,536,214
Treasury shares			4,112,556				3,459,176

First Commerce Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
			Three Months Ended									Variance
(dollars in thousands, except percentages and share data)		March 31, 2025				March 31, 2024					Amount				%
Interest and Dividend Income
Loans, including fees		$	17,388			$	17,677				$	(289	)			-1.6	%
Investment securities:
Available-for-sale			182				68					114				167.6	%
Held-to-maturity			1,675				493					1,182				239.8	%
Interest-bearing deposits with other banks			993				655					338				51.6	%
Restricted stock dividends			220				157					63				40.1	%
Total interest and dividend income			20,458				19,050					1,408				7.4	%
Interest expense:
Deposits			9,731				9,052					679				7.5	%
Borrowings			2,106				1,759					347				19.7	%
Total interest expense			11,837				10,811					1,026				9.5	%
Net interest income			8,621				8,239					382				4.6	%
Provision for credit losses			13				124					(111	)			-89.5	%
Provision for (reversal of) unfunded commitments for credit losses			19				(119	)				138				-116.0	%
Provision for credit losses - HTM securities			51				2					49				2450.0	%
Total provision for credit losses			83				7					76				1085.7	%
Net interest income after provision for (reversal of) credit losses			8,538				8,232					306				3.7	%
Non-interest Income:
Service charges and fees			293				191					102				53.4	%
Bank owned life insurance income			240				234					6				2.6	%
Other income			861				97					764				787.6	%
Total non-interest income			1,394				522					872				167.0	%
Non-Interest Expenses:
Salaries and employee benefits			4,740				4,502					238				5.3	%
Occupancy and equipment expense			1,157				912					245				26.9	%
Advertising and marketing			55				78					(23	)			-29.5	%
Professional fees			512				496					16				3.2	%
Data processing expense			342				285					57				20.0	%
FDIC insurance assessment			221				195					26				13.3	%
Other operating expenses			828				749					79				10.5	%
Total non-interest expenses			7,855				7,217					638				8.8	%
Income before income taxes			2,077				1,537					540				35.1	%
Income tax provision			403				381					22				5.8	%
Net income		$	1,674			$	1,156				$	518				44.8	%
Earnings per common share - Basic		$	0.08			$	0.05				$	0.03				60.0	%
Earnings per common share - Diluted			0.08				0.05					0.03				60.0	%
Weighted average shares outstanding - Basic			20,392				22,600					(2,208	)			-9.8	%
Weighted average shares outstanding - Diluted			20,435				22,930					(2,495	)			-10.9	%

First Commerce Bancorp, Inc.
Net Interest Margin Analysis
(Unaudited)
		Three months ended March 31, 2025												Three months ended March 31, 2024
		Average								Average				Average								Average
(dollars in thousands)		Balance				Interest				Yield/Cost				Balance				Interest				Yield/Cost
Assets:
Interest-earning assets:
Interest-bearing deposits in other banks		$	97,808			$	993				4.12	%		$	54,138			$	655				4.86	%
Investment securities:
Available-for-sale			11,672				182				6.25	%			9,054				68				2.99	%
Held-to-maturity			139,935				1,675				4.79	%			60,731				493				3.25	%
Total investment securities			151,607				1,857				4.90	%			69,785				561				3.22	%
Restricted stock			9,433				220				9.34	%			7,779				157				8.06	%
Loans receivable:
Consumer loans			881				7				3.16	%			372				2				2.42	%
Home equity loans			2,384				50				8.52	%			2,948				59				8.11	%
Construction loans			104,991				2,057				7.84	%			115,401				2,529				8.67	%
Commercial loans			42,935				845				7.87	%			36,192				736				8.04	%
Commercial mortgage loans			1,060,105				13,936				5.26	%			1,056,058				13,664				5.12	%
Residential mortgage loans			11,598				136				4.76	%			14,873				174				4.71	%
SBA loans			21,131				357				6.75	%			28,037				513				7.24	%
Total loans receivable			1,244,025				17,388				5.67	%			1,253,881				17,677				5.67	%
Total interest-earning assets			1,502,873				20,458				5.52	%			1,385,583				19,050				5.53	%
Non-interest-earning assets:
Allowance for credit losses			(14,800	)											(14,485	)
Cash on hand			1,927												1,906
Other assets			67,951												59,935
Total non-interest-earning assets			55,078												47,356
Total assets		$	1,557,951											$	1,432,939
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Interest-bearing checking accounts		$	77,377			$	404				2.12	%		$	53,428			$	225				1.69	%
NOW accounts			8,629				62				2.91	%			38,092				322				3.40	%
Money market accounts			258,121				2,107				3.31	%			210,400				1,748				3.34	%
Savings accounts			39,467				195				2.00	%			29,145				29				0.40	%
Certificates of deposit			486,298				5,125				4.27	%			506,261				5,465				4.34	%
Brokered CDs			154,957				1,838				4.81	%			102,213				1,263				4.97	%
Borrowings			176,878				2,106				4.83	%			143,553				1,759				4.93	%
Total interest-bearing liabilities			1,201,727			$	11,837				3.99	%			1,083,092			$	10,811				4.01	%
Non-interest-bearing liabilities:
Demand deposits			154,448												143,325
Other liabilities			29,196												23,291
Total non-interest-bearing liabilities			183,644												166,616
Stockholders' equity			172,580												183,231
Total liabilities and stockholders' equity		$	1,557,951											$	1,432,939
Net interest spread											1.53	%											1.52	%
Net interest margin						$	8,621				2.33	%						$	8,239				2.39	%

First Commerce Bancorp, Inc.
Selected Financial Data
(Unaudited)
		As of and for the quarters ended
(In thousands, except per share data)		3/31/2025				12/31/2024				9/30/2024				6/30/2024				3/31/2024
Summary earnings:
Interest income		$	20,458			$	19,672			$	20,149			$	19,793			$	19,050
Interest expense			11,837				11,706				11,785				11,451				10,811
Net interest income			8,621				7,966				8,364				8,342				8,239
Provision for (reversal of) credit losses			83				(55	)			54				300				7
Net interest income after provision for (reversal of) credit losses			8,538				8,021				8,310				8,042				8,232
Non-interest income			1,394				412				582				562				522
Non-interest expense			7,855				7,117				7,524				7,230				7,217
Income before income tax expense			2,077				1,316				1,368				1,374				1,537
Income tax expense			403				167				240				287				381
Net income		$	1,674			$	1,149			$	1,128			$	1,087			$	1,156
Per share data:
Earnings per share - basic		$	0.08			$	0.06			$	0.05			$	0.05			$	0.05
Earnings per share - diluted			0.08				0.06				0.05				0.05				0.05
Cash dividends declared			-				-				-				-				0.04
Book value at period end			8.47				8.39				8.31				8.19				8.13
Shares outstanding at period end			20,130				20,536				20,780				21,489				22,146
Basic weighted average shares outstanding			20,392				20,552				21,164				21,641				22,600
Fully diluted weighted average shares outstanding			20,435				20,612				21,387				21,898				22,930
Balance sheet data (at period end):
Total assets		$	1,581,983			$	1,551,125			$	1,476,252			$	1,467,517			$	1,452,419
Investment securities, available-for-sale			26,789				300				7,748				8,337				8,758
Investment securities, held-to-maturity			151,009				111,909				73,977				74,109				61,483
Total loans			1,256,247				1,239,031				1,262,481				1,260,236				1,244,357
Allowance for credit losses			(14,834	)			(14,756	)			(14,869	)			(14,922	)			(14,628	)
Total deposits			1,202,079				1,174,938				1,097,165				1,107,159				1,105,161
Stockholders' equity			170,422				172,269				172,642				175,933				179,963
Common cash dividends			-				-				-				-				904
Selected performance ratios:
Return on average total assets			0.44	%			0.31	%			0.31	%			0.30	%			0.32	%
Return on average stockholders' equity			3.93	%			2.65	%			2.56	%			2.47	%			2.54	%
Dividend payout ratio			N/A				N/A				N/A				N/A				78.21	%
Average yield on earning assets			5.52	%			5.43	%			5.66	%			5.64	%			5.53	%
Average cost of funding liabilities			3.99	%			4.08	%			4.18	%			4.12	%			4.01	%
Net interest margin			2.33	%			2.20	%			2.35	%			2.38	%			2.39	%
Efficiency ratio			78.43	%			84.95	%			84.10	%			81.19	%			82.37	%
Non-interest income to average assets			0.36	%			0.11	%			0.16	%			0.16	%			0.15	%
Non-interest expenses to average assets			2.04	%			1.90	%			2.04	%			1.99	%			2.03	%
Asset quality ratios:
Non-performing loans to total loans			3.02	%			1.34	%			1.15	%			1.21	%			1.53	%
Non-performing assets to total assets			2.40	%			1.07	%			0.98	%			1.04	%			1.31	%
Allowance for credit losses to non-performing loans			39.12	%			88.71	%			102.67	%			97.76	%			76.77	%
Allowance for credit losses to total loans			1.18	%			1.19	%			1.18	%			1.18	%			1.18	%
Net recoveries (charge-offs) to average loans			0.02	%			-0.01	%			-0.03	%			0.01	%			0.01	%
Liquidity and capital ratios:
Net loans to deposits			103.27	%			104.20	%			113.71	%			112.48	%			111.27	%
Average loans to average deposits			105.49	%			111.83	%			114.54	%			113.30	%			115.79	%
Total stockholders' equity to total assets			10.77	%			11.11	%			11.69	%			11.99	%			12.39	%
Total capital to risk-weighted assets			13.29	%			14.45	%			14.30	%			14.67	%			15.33	%
Tier 1 capital to risk-weighted assets			12.16	%			13.26	%			13.13	%			13.48	%			15.15	%
Common equity tier 1 capital ratio to risk-weighted assets			12.16	%			13.26	%			13.13	%			13.48	%			15.15	%
Tier 1 leverage ratio			10.74	%			11.56	%			11.80	%			12.08	%			12.58	%