Select Bancorp, Inc. (the “Company”
NASDAQ: SLCT),
the holding company for Select Bank & Trust Company, today
reported net income for the quarter ended June 30, 2019 of $3.4
million with basic and diluted earnings per share of $0.18,
compared to net income of $3.1 million and basic and diluted
earnings per share of $0.22 for the comparative quarter ended June
30, 2018.
Total assets, deposits, and gross loans for the
Company as of June 30, 2019 were $1.3 billion, $1.0 billion, and
$997.1 million, respectively, compared to total assets of $1.2
billion, total deposits of $993.5 million, and gross loans of
$992.9 million as of the same date in
2018.
William L. Hedgepeth II, President and Chief
Executive Officer, stated, “The Company has seen steady growth and
achievements over the first half of 2019. With the opening of our
full-service branch in Virginia Beach, Virginia, we continue to
expand our footprint into major markets. We also are actively
searching for a second branch location in the Charlotte area.
The growth of our non-interest earning divisions continues to be a
focus. In fact, our SBA group has been transitioning to an in-house
servicing model which enables a more streamlined process. We
believe this will result in a better customer experience and expect
it to positively impact SBA-related income in future periods.
Volume production from our mortgage department has increased this
year, and we are expecting this trend to carry on in future
quarters.” Mr. Hedgepeth added, “Realizing efficiencies is
always at the forefront of our mission, and, as such, it was
announced in June that we entered into an agreement to sell our Six
Mile, South Carolina office to Pickens Savings and Loan. Then in
July, we announced a consolidating closure of our Washington, North
Carolina branch into our nearby Greenville branch, continuing our
pursuit for efficiencies at the branch level and company-wide. We
have seen an increase in non-performing loans but expect the
associated losses to be minimal related to this increase in the
coming months.”
The results for the three months ended June 30,
2019, included $83,000 in after-tax integration-related expenses
incurred in connection with the addition of the Virginia Beach
branch. For the three months ended June 30, 2019, return on
average assets was 1.10% and return on average equity was 6.41%,
compared to 1.08% and 6.32%, respectively, for the three months
ended March 31, 2019. Non-performing loans were $16.6 million
at June 30, 2019 and $11.6 million at December 31, 2018,
respectively. Non-performing loans equaled 1.66% of total loans at
June 30, 2019, increasing from 1.18% of total loans at December 31,
2018. Other real estate owned equaled $1.5 million at June 30,
2019, compared to $1.1 million at December 31, 2018. For the
second quarter of 2019, net charge-offs were $0, or 0.00% of
average loans, compared to net charge offs of $271,000, or 0.11% of
average loans for the quarter ended March 31, 2019. At June 30,
2019, the allowance for loan losses was $8.3 million, or 0.83% of
total loans, as compared to $8.7 million, or 0.88% of total loans,
at December 31, 2018.
Net interest margin was 4.06% for the quarter
ended June 30, 2019, as compared to 4.09% for the quarter ended
March 31, 2019.
Mr. Hedgepeth further commented, “In the second
quarter we repurchased $725,000 of our stock and expect this to
continue in the future, when and as conditions allow under our
stock repurchase plan. We are pleased that the Company’s
historical financial performance and well-capitalized status enable
us to return value to our shareholders through the repurchase plan.
We are focused on creating shareholder value over the long term,
and our Board of Directors and management team believe that the
Company's share repurchases are an effective part of the Company’s
overall capital management strategies.”
“We are eager to continue our growth in the
communities we serve,” Hedgepeth noted. “With our geographic
footprint expanded and a strong desire to grow, the team is very
enthusiastic to continue to realize that growth through a
relentless focus on process improvement and serving our customers
the best way we know, with common sense.”
Select Bank & Trust has 20 branch offices in
these North Carolina communities: Dunn, Burlington, Charlotte,
Clinton, Elizabeth City, Fayetteville, Goldsboro, Greenville, Holly
Springs (Raleigh area), Leland, Lillington, Lumberton, Morehead
City, Raleigh, Washington and Wilmington, North Carolina; in the
following South Carolina communities: Blacksburg, Rock Hill and Six
Mile; and in Virginia Beach, Virginia.
About Select Bancorp, Inc.
Select Bancorp, Inc. is a bank holding company
headquartered in Dunn, North Carolina. The Company primarily
conducts operations through its wholly owned subsidiary, Select
Bank & Trust Company, a North Carolina-chartered commercial
bank that provides a full suite of banking services through its
offices in North Carolina, South Carolina, and Virginia. The
Company’s common stock is listed on the Nasdaq Global Market under
the symbol “SLCT”.
Non-GAAP Financial Measures
Certain financial measures we use to evaluate
our performance and discuss in this release and the accompanying
tables are identified as being “non-GAAP financial measures.” In
accordance with the rules of the Securities and Exchange
Commission, or the SEC, we classify a financial measure as being a
non-GAAP (generally accepted accounting principles) financial
measure if that financial measure excludes or includes amounts, or
is subject to adjustments that have the effect of excluding or
including amounts, that are included or excluded, as the case may
be, in the most directly comparable measure calculated and
presented in accordance with GAAP as in effect from time to time in
the United States in our statements of operations, balance sheet or
statements of cash flows. Non-GAAP financial measures do not
include operating and other statistical measures or ratios or
statistical measures calculated using exclusively either financial
measures calculated in accordance with GAAP, operating measures or
other measures that are not non-GAAP financial measures or
both.
The non-GAAP financial measures that we discuss
in this release should not be considered in isolation or as a
substitute for the most directly comparable or other financial
measures calculated in accordance with GAAP. Moreover, the manner
in which we calculate the non-GAAP financial measures that we
discuss in this release may differ from that of other companies
reporting measures with similar names. You should understand how
such other banking organizations calculate their financial measures
similar, or with names similar, to the non-GAAP financial measures
we have discussed in this release when comparing such non-GAAP
financial measures.
Tangible book value per share is a non-GAAP
measure generally used by financial analysts and investment bankers
to evaluate financial institutions. We calculate: (a) tangible
common equity as shareholders’ equity less goodwill and core
deposit intangibles; and (b) tangible book value per share as
tangible common equity (as described in clause (a)) divided by
shares of common stock outstanding. For tangible book value per
share, the most directly comparable financial measure calculated in
accordance with GAAP is our book value per share. A reconciliation
of tangible book value per share to book value per share is
included following the “Selected Financial Information and Other
Data” table below.
We believe that this measure is important to
many investors in the marketplace who are interested in changes
from period to period in book value per share exclusive of changes
in intangible assets. Goodwill and other intangible assets have the
effect of increasing total book value while not increasing our
tangible book value.
Important Note Regarding Forward-Looking
Statements
This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, (i) statements
regarding certain of our goals and expectations with respect to
earnings, revenue, and expenses and the growth rate in such items,
as well as other measures of economic performance, including
statements relating to anticipated market share growth, and (ii)
statements preceded by, followed by or that include the words
“may,” “could,” “should,” “would,” “believe,” “anticipate,”
“estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or
similar expressions. The actual results might differ materially
from those projected in the forward-looking statements for various
reasons, including, but not limited to: our ability to manage
growth; substantial changes in financial markets; our ability to
obtain the synergies and expense efficiencies anticipated from our
acquisition activity and branch divestures and consolidations;
regulatory changes; changes in interest rates; loss of deposits and
loan demand to other savings and financial institutions; adverse
economic conditions that impact our borrowers’ ability to pay their
debts when due; and changes in real estate values and the real
estate market. Additional information concerning factors that could
cause actual results to materially differ from those in the
forward-looking statements is contained in the Company’s SEC
filings, including its periodic reports under the Securities
Exchange Act of 1934, as amended, copies of which are available
upon request from the Company. Except as required by law, the
Company assumes no obligation to update the forward-looking
statements publicly or to update the reasons actual results could
differ materially from those anticipated in the forward-looking
statements, even if new information becomes available in the
future.
Select Bancorp,
Inc. |
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Selected Financial
Information and Other Data |
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($ in thousands,
except share and per share data) |
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At or for the three months ended (unaudited) |
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At or for the twelve months ended |
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December |
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September |
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December |
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December |
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December |
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June 30,2019 |
March 31,2019 |
31,2018 |
30,2018 |
June 30,2018 |
31,2018 |
31,2017 |
31,2016 |
Summary of
Operations: |
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Total interest income |
$ |
14,572 |
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$ |
14,050 |
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$ |
14,544 |
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$ |
14,382 |
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$ |
14,187 |
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$ |
56,835 |
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$ |
39,617 |
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$ |
34,709 |
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Total interest expense |
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2,875 |
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2,593 |
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2,644 |
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2,530 |
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2,258 |
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9,450 |
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|
5,106 |
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3,733 |
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Net interest income |
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11,697 |
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11,457 |
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11,900 |
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11,852 |
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11,929 |
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47,385 |
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34,511 |
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30,976 |
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Provision for loan losses |
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(207) |
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112 |
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(395) |
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(459) |
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557 |
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(156) |
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1,367 |
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1,516 |
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Net interest income after provision |
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11,904 |
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11,345 |
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12,295 |
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12,311 |
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11,372 |
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47,541 |
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33,144 |
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29,460 |
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Noninterest income |
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1,328 |
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1,197 |
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1,244 |
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1,066 |
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1,226 |
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4,701 |
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3,072 |
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3,222 |
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Merger/acquisition related expenses |
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107 |
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- |
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- |
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- |
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- |
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1,826 |
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2,166 |
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- |
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Noninterest expense |
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8,704 |
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8,304 |
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7,864 |
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7,800 |
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8,602 |
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32,724 |
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25,153 |
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22,281 |
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Income before income taxes |
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4,421 |
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4,238 |
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5,675 |
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5,577 |
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3,996 |
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17,692 |
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8,897 |
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10,401 |
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Provision for income taxes |
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973 |
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931 |
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1,221 |
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1,256 |
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886 |
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3,910 |
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5,712 |
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3,647 |
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Net Income |
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3,448 |
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3,307 |
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4,454 |
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4,321 |
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3,110 |
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13,782 |
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3,185 |
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6,654 |
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Dividends on Preferred Stock |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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4 |
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Net income available to common shareholders |
$ |
3,448 |
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$ |
3,307 |
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$ |
4,454 |
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$ |
4,321 |
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$ |
3,110 |
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$ |
13,782 |
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$ |
3,185 |
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$ |
6,750 |
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Share and Per Share
Data: |
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Earnings per share - basic |
$ |
0.18 |
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$ |
0.17 |
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$ |
0.23 |
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$ |
0.27 |
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$ |
0.22 |
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$ |
0.87 |
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$ |
0.27 |
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$ |
0.58 |
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Earnings per share - diluted |
$ |
0.18 |
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$ |
0.17 |
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$ |
0.23 |
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$ |
0.27 |
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$ |
0.22 |
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$ |
0.87 |
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$ |
0.27 |
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$ |
0.58 |
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Book value per share |
$ |
11.26 |
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$ |
11.04 |
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$ |
10.85 |
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$ |
10.61 |
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$ |
10.03 |
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$ |
10.85 |
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$ |
9.72 |
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$ |
8.95 |
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Tangible book value per share(1) |
$ |
9.88 |
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$ |
9.68 |
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$ |
9.47 |
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$ |
9.21 |
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$ |
8.10 |
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$ |
9.47 |
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$ |
7.72 |
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$ |
8.29 |
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Ending shares outstanding |
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19,261,989 |
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19,326,485 |
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19,311,505 |
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19,296,121 |
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14,024,887 |
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19,311,505 |
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14,009,137 |
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11,645,413 |
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Weighted average shares outstanding: |
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Basic |
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19,318,358 |
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19,315,686 |
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19,302,263 |
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15,858,455 |
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14,019,273 |
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15,812,585 |
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11,763,050 |
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11,610,705 |
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Diluted |
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19,359,492 |
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19,365,354 |
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19,360,050 |
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15,916,734 |
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14,086,671 |
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15,877,633 |
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11,826,977 |
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11,655,111 |
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Selected Performance
Ratios: |
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Return on average assets(2) |
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1.10 |
% |
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1.08 |
% |
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1.39 |
% |
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1.40 |
% |
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1.02 |
% |
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1.12 |
% |
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0.35 |
% |
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0.81 |
% |
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Return on average equity(2) |
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6.41 |
% |
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6.32 |
% |
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8.52 |
% |
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10.53 |
% |
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8.92 |
% |
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8.51 |
% |
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2.93 |
% |
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6.61 |
% |
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Net interest margin |
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4.06 |
% |
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4.09 |
% |
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4.03 |
% |
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4.20 |
% |
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4.41 |
% |
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4.19 |
% |
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4.09 |
% |
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4.06 |
% |
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Efficiency ratio (3) |
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66.83 |
% |
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65.62 |
% |
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59.83 |
% |
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60.38 |
% |
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65.39 |
% |
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62.83 |
% |
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66.93 |
% |
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65.15 |
% |
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Period End Balance
Sheet Data: |
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Gross loans |
$ |
997,062 |
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$ |
991,801 |
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$ |
986,040 |
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$ |
992,805 |
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$ |
992,885 |
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$ |
986,040 |
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$ |
982,626 |
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$ |
677,195 |
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Total interest-earning assets |
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1,148,417 |
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1,103,691 |
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|
1,119,344 |
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1,078,871 |
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1,107,695 |
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1,119,344 |
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1,063,322 |
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|
770,288 |
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Goodwill |
|
24,579 |
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|
24,579 |
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|
24,579 |
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|
24,579 |
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|
24,579 |
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|
24,579 |
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|
24,904 |
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|
6,931 |
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Core deposit intangible |
|
2,011 |
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|
1,866 |
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|
2,085 |
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|
2,318 |
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|
2,564 |
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|
2,085 |
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|
3,101 |
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|
810 |
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Total assets |
|
1,316,797 |
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|
1,242,077 |
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|
1,258,525 |
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1,252,156 |
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|
1,216,731 |
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1,258,525 |
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|
1,194,135 |
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|
846,640 |
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Deposits |
|
1,030,250 |
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|
|
950,966 |
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|
|
980,427 |
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|
|
974,161 |
|
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|
993,484 |
|
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|
980,427 |
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|
|
995,044 |
|
|
|
679,661 |
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Short-term debt |
|
- |
|
|
|
7,000 |
|
|
|
7,000 |
|
|
|
11,002 |
|
|
|
21,071 |
|
|
|
7,000 |
|
|
|
28,279 |
|
|
|
37,090 |
|
|
Long-term debt |
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
19,372 |
|
|
|
23,039 |
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Shareholders' equity |
|
216,845 |
|
|
|
213,451 |
|
|
|
209,611 |
|
|
|
204,705 |
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|
140,702 |
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|
209,611 |
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|
136,115 |
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|
104,273 |
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Selected Average
Balances: |
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Gross Loans |
$ |
982,876 |
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|
$ |
985,059 |
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|
$ |
990,504 |
|
|
$ |
988,479 |
|
|
$ |
990,036 |
|
|
$ |
987,634 |
|
|
$ |
732,089 |
|
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$ |
639,412 |
|
|
Total interest-earning assets |
|
1,160,387 |
|
|
|
1,086,958 |
|
|
|
1,141,604 |
|
|
|
1,073,285 |
|
|
|
1,087,683 |
|
|
|
1,119,344 |
|
|
|
813,773 |
|
|
|
744,024 |
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|
Core Deposit Intangible |
|
1,741 |
|
|
|
1,951 |
|
|
|
2,171 |
|
|
|
2,411 |
|
|
|
2,661 |
|
|
|
2,547 |
|
|
|
640 |
|
|
|
1,020 |
|
|
Total Assets |
|
1,261,972 |
|
|
|
1,238,847 |
|
|
|
1,267,479 |
|
|
|
1,228,259 |
|
|
|
1,219,225 |
|
|
|
1,228,576 |
|
|
|
898,943 |
|
|
|
829,315 |
|
|
Deposits |
|
970,011 |
|
|
|
949,771 |
|
|
|
987,180 |
|
|
|
986,174 |
|
|
|
1,004,571 |
|
|
|
989,838 |
|
|
|
738,310 |
|
|
|
665,764 |
|
|
Short-term debt |
|
6,824 |
|
|
|
7,000 |
|
|
|
10,348 |
|
|
|
17,542 |
|
|
|
21,289 |
|
|
|
21,393 |
|
|
|
34,523 |
|
|
|
32,111 |
|
|
Long-term debt |
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
57,372 |
|
|
|
37,520 |
|
|
|
49,357 |
|
|
|
14,239 |
|
|
|
25,739 |
|
|
Shareholders' equity |
|
215,722 |
|
|
|
212,130 |
|
|
|
207,331 |
|
|
|
162,799 |
|
|
|
139,810 |
|
|
|
161,953 |
|
|
|
108,709 |
|
|
|
102,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans (4) |
$ |
16,582 |
|
|
$ |
11,583 |
|
|
$ |
11,635 |
|
|
$ |
11,162 |
|
|
$ |
10,118 |
|
|
$ |
11,635 |
|
|
$ |
6,978 |
|
|
$ |
9,430 |
|
|
Other real estate owned |
|
1,468 |
|
|
|
1,046 |
|
|
|
1,088 |
|
|
|
1,020 |
|
|
|
1,497 |
|
|
|
1,088 |
|
|
|
1,258 |
|
|
|
599 |
|
|
Allowance for loan losses |
|
8,303 |
|
|
|
8,510 |
|
|
|
8,669 |
|
|
|
9,089 |
|
|
|
9,528 |
|
|
|
8,669 |
|
|
|
8,835 |
|
|
|
8,411 |
|
|
Nonperforming loans (4) to period-end loans |
|
1.66 |
% |
|
|
1.17 |
% |
|
|
1.18 |
% |
|
|
1.12 |
% |
|
|
1.02 |
% |
|
|
1.18 |
% |
|
|
0.71 |
% |
|
|
1.02 |
% |
|
Allowance for loan losses to period-end loans |
|
0.83 |
% |
|
|
0.86 |
% |
|
|
0.88 |
% |
|
|
0.92 |
% |
|
|
0.96 |
% |
|
|
0.88 |
% |
|
|
0.90 |
% |
|
|
1.24 |
% |
|
Delinquency ratio (5) |
|
0.37 |
% |
|
|
0.73 |
% |
|
|
0.51 |
% |
|
|
0.53 |
% |
|
|
0.51 |
% |
|
|
0.51 |
% |
|
|
0.63 |
% |
|
|
0.44 |
% |
|
Net loan charge-offs (recoveries) to average loans (2) |
|
0.00 |
% |
|
|
0.11 |
% |
|
|
0.01 |
% |
|
|
(0.01) |
% |
|
|
(0.01) |
% |
|
|
0.00 |
% |
|
|
0.13 |
% |
|
|
0.02 |
% |
|
(1) |
Tangible book value
per share (a non-GAAP measure) is equal to total shareholders’
equity less goodwill and core deposit intangibles, divided by the
number of outstanding shares of our common stock at the end of the
relevant period. Please refer to the table below for a
reconciliation of this non-GAAP measure. |
(2) |
Annualized. |
(3) |
Efficiency ratio is calculated as
non-interest expenses divided by the sum of net interest income and
non-interest income. |
(4) |
Nonperforming loans consist of
non-accrual loans and restructured loans. |
(5) |
Delinquency Ratio includes loans
30–89 days past due and excludes non-accrual loans. |
|
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September30, 2018 |
|
June 30, 2018 |
|
December 31, 2018 |
|
December 31, 2017 |
|
December 31, 2016 |
Tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
$ |
216,845 |
|
$ |
213,451 |
|
$ |
209,611 |
|
$ |
204,705 |
|
$ |
140,702 |
|
$ |
209,611 |
|
$ |
136,115 |
|
$ |
104,273 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
24,579 |
|
|
24,579 |
|
|
24,579 |
|
|
24,579 |
|
|
24,579 |
|
|
24,579 |
|
|
24,904 |
|
|
6,931 |
Core deposit intangibles |
|
|
2,011 |
|
|
1,866 |
|
|
2,085 |
|
|
2,318 |
|
|
2,564 |
|
|
2,085 |
|
|
3,101 |
|
|
810 |
Tangible common equity |
|
$ |
190,255 |
|
$ |
187,006 |
|
$ |
182,947 |
|
$ |
177,808 |
|
$ |
113,559 |
|
$ |
182,947 |
|
$ |
108,110 |
|
$ |
96,532 |
Common shares outstanding(1) |
|
|
19,261,989 |
|
|
19,326,485 |
|
|
19,311,505 |
|
|
19,296,121 |
|
|
14,024,887 |
|
|
19,311,505 |
|
|
14,009,137 |
|
|
11,645,413 |
Book value per common share(2) |
|
$ |
11.26 |
|
$ |
11.04 |
|
$ |
10.85 |
|
$ |
10.61 |
|
$ |
10.03 |
|
$ |
10.85 |
|
$ |
9.72 |
|
$ |
8.95 |
Tangible book value per common share(3) |
|
$ |
9.88 |
|
$ |
9.68 |
|
$ |
9.47 |
|
$ |
9.21 |
|
$ |
8.10 |
|
$ |
9.47 |
|
$ |
7.72 |
|
$ |
8.29 |
_________________________
- Excludes the dilutive effect of common stock issuable upon
exercise of outstanding stock options. The number of exercisable
options outstanding was 41,134 as of June 30, 2019; 49,668 as of
March 31, 2019; 57,787 as of December 31, 2018; 58,279 as of
September 30, 2018; 67,398 as of June 30, 2018 and 63,927 as of
December 31, 2017.
- We calculate book value per common share as shareholders’
equity less preferred stock at the end of the relevant period
divided by the outstanding number of shares of our common stock at
the end of the relevant period.
- We calculate tangible book value per common share as total
shareholders’ equity less goodwill, preferred stock and core
deposit intangibles, divided by the number of outstanding shares of
our common stock at the end of the relevant period.
Mark A. JeffriesExecutive Vice PresidentChief Financial Officer
Office: 910-892-7080 and Direct:
910-897-3603markj@SelectBank.comSelectBank.com
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