Loading, Please Wait...

CST: 22/09/2019 00:36:41   

California BanCorp Reports Record Annual Earnings of $8.7 Million with Total Assets over $1 Billion at Year-End 2018

234 Days ago

OAKLAND, Calif., Jan. 30, 2019 (GLOBE NEWSWIRE) -- California BanCorp (the “Company”) (OTCQX-CALB), the parent company of California Bank of Commerce (the “Bank”), today announced record earnings and strong asset growth year-over-year for 2018. Net income increased 55% to $8.7 million, or $1.22 per share in 2018 from $5.6 million, or $0.89 per share in 2017.

Excluding non-recurring expenses in both 2018 and 2017, net income for the year ended December 31, 2018 was $9.6 million, or $1.36 per share, compared to $7.6 million, or $1.20 per share in 2017. Net income in 2017 was negatively impacted by a tax adjustment of $1.7 million, or $0.27 per share, resulting from the write-off of a portion of the deferred tax asset due to the change in corporate tax rates when the 2017 Tax Cuts and Jobs Act was signed into law in December 2017.

Net income in 2018 was primarily the result of strong growth in average earning assets of $116 million, or 15% to $876 million in 2018 compared to 2017. Average total loans increased by $64 million, or 9% to $756 million in 2018 compared to 2017, with 52% or $33 million of the increase in commercial and industrial loans.

At December 31, 2018, total loans were $847 million, a $114 million, or 16% increase over total loans at December 31, 2017, with $62 million of the increase occurring during the fourth quarter of 2018, primarily in late December 2018.

Total assets reached a record $1.0 billion as of December 31, 2018, up 16% or $139 million compared to a year ago. This growth was propelled by strong commercial deposit generation as shown by a $38 million, or 12%, increase in non-interest bearing deposits and an additional $76 million, or 17% increase, in interest-bearing deposits. “Achieving $1 billion in total assets is a directional milestone for our team and demonstrates the Bank’s impact on the San Francisco Bay Area business community,” stated Steve Shelton, President and Chief Executive Officer.

Also during 2018, the Company completed a successful private placement of common stock for a net increase in equity of $23.6 million. These funds allowed the Company to pay-off its outstanding senior debt and support organic growth targets over the next several years.

Financial Highlights

December 31, 2018 compared to December 31, 2017

  • Total assets increased by $139 million, or 16% to $1.0 billion.
  • Total loans increased by $114 million, or 16% to $847 million.
  • Total deposits increased by $114 million, or 15% to $874 million.
  • Total core deposits increased by $131 million, or 20% to $780 million.
  • Total equity increased by $36 million, or 43% to $121 million.

Income Statement

Three months ended December 31, 2018 compared to December 31, 2017

  • Fourth quarter net income of $2.1 million.
  • Net interest income increased by $1.3 million, or 16% to $9.6 million.
  • Non-interest income increased by $96 thousand, or 13% to $862 thousand.
  • Return on average tangible common equity was 7.43% in the 2018 period.
  • Return on average assets was 0.85% in the 2018 period.

Income Statement

Twelve months ended December 31, 2018 compared to December 31, 2017

  • Net income increased by $3.1 million, or 55% to $8.7 million.
  • Net interest income increased by $4.3 million, or 14% to $35.8 million.
  • Non-interest income increased by $625 thousand, or 20% to $3.7 million.
  • Return on average tangible common equity increased to 9.4% from 7.4%.
  • Return on average assets increased to 0.94% from 0.69%.
  • Core earnings increased by $4.0 million or 71% to $9.6 million.
  • Core return on average tangible common equity increased to 10.4% from 7.4%.
  • Core return on average total assets increased to 1.04% from 0.69%.

Balance Sheet

Total loans increased by $114 million or 16% from $733 million at December 31, 2017, to $847 million at December 31, 2018. The largest categories of growth within the loan portfolio were in relationship-based commercial real estate loans at $106 million and commercial & industrial loans at $12 million.

As a result of a strong cash position and with higher market interest rates during the latter part of 2018, the Bank increased its investment portfolio by $30 million to $43 million at December 31, 2018 compared to $13 million at the end of 2017.

Total deposits increased by $114 million, or 15% to $874 million at December 31, 2018, from $760 million at December 31, 2017, with growth primarily concentrated in core commercial deposits, which increased by $131 million, or 20% to $780 million. Non-interest bearing deposits remained strong at 40.3% of total deposits at December 31, 2018, compared to 41.4% at December 31, 2017. Strong organic core deposit growth during 2018 provided the funding to return approximately $45 million in higher cost deposits during the second half of the year.

Shareholder’s Equity

Total shareholder’s equity increased by $36.3 million, or 43% from $84.7 million at December 31, 2017, to $121.1 million at December 31, 2018. The $36.3 million increase includes earnings during the twelve month period totaling $8.7 million, proceeds from the exercise of stock options totaling $3.1 million and $23.6 million in net proceeds from the Company’s successful private placement of common stock during the third quarter of 2018. Tangible book value per common share increased by 18% between the periods, from $12.01 at December 31, 2017, to $14.20 at December 31, 2018.

Net Interest Income and Net Interest Margin – three months ended December 31, 2018 and December 31, 2017

Net interest income was $9.6 million for the three months ended December 31, 2018, an increase of $1.3 million or 16% from $8.3 million for the same period in 2017. The increase in net interest income includes an increase of $1.8 million in interest income; the largest component of which was an increase in interest and fees on loans of $1.3 million. This increase in interest and fees on loans was primarily attributable to an increase in the average balance of loans outstanding of $70 million and the change in the Prime interest rate between the periods, with the yield on loans increasing by 20 basis points from 4.91% during the 2017 quarter to 5.12% during the current quarter.

The Bank additionally added to its investment securities portfolio during the 2018 quarter with a $39 million average increase to $53 million, compared to $13 million average balance during the fourth quarter of 2017. Interest earnings in investment securities during the 2018 quarter were $410 thousand compared to $66 thousand during the 2017 quarter and the average yield increased by 1.13% to 3.08% in the 2018 period from 1.95% in the 2017 quarter.

With the substantial increase in loan and investment earning assets during the fourth quarter of 2018, average cash and cash equivalent balances declined by $16 million compared to the 2017 quarter, although, as a result of the increase in market interest rates between the periods, interest income increased by $160 thousand to $503 thousand with a yield increase of 0.94% to 2.25% in the 2018 quarter compared to 1.31% in the 2017 quarter.

With the reduced level of lower yielding cash balances during the fourth quarter of 2018, in addition to the increased balances of both loans and investments, the yield on total interest-earning assets increased by 31 basis points to 4.73% in the 2018 quarter, compared to 4.42% during the same period in 2017.

Both non-interest-bearing and interest-bearing deposits grew at a strong rate between the periods, with average non-interest-bearing deposits up by $39 million, or 12% to $358 million and average interest-bearing deposits up by $33 million, or 7% to $496 million during the fourth quarter of 2018, compared to the same 2017 period. The increase in the average balance of interest-bearing deposits, as well as higher interest rates between the periods led to an increase in interest paid on total deposits of $615 thousand to $1.4 million during the fourth quarter of 2018 and an increase in the average rate paid on total deposits of 25 basis points to 0.65% in the fourth quarter of 2018 compared to 0.40% in the 2017 quarter.

As a result of the additional capital funding acquired during the third quarter of 2018, the Company paid-off $11.5 million of senior debt during the period, reducing funds to $5.0 million during the fourth quarter of 2018 compared to $16 million during the 2017 quarter. While the average balance declined, the average rate paid on these borrowed funds rose to 6.17% during the fourth quarter of 2018, up by 1.00% from 5.2% paid during the 2017 period, as the borrowing mix between the periods changed. At December 31, 2018, the Company’s total borrowings were $5.0 million in subordinated debt.

With higher rates and strong average earning asset growth during the fourth quarter of 2018, when compared to 2017, the net interest margin increased by 14 basis points to 4.09% during the 2018 period compared to 3.95% in the 2017 quarter.

Net Interest Income and Net Interest Margin – twelve months ended December 31, 2018 and December 31, 2017

Net interest income for the twelve months ended December 31, 2018, was $35.8 million, an increase of $4.3 million, or 14.0% from the $31.5 million for the same period in 2017. During the twelve month period the Bank benefited from a significant increase in average total deposit balances of $110 million or 16% to $815 million, which was deployed primarily into a $64 million increase in average total loans, a $43 million increase in average interest-earning cash and cash equivalent balances and a $9 million increase in average investment securities.

While average total interest-earning assets increased by $116 million, or 15% to $876 million during the 2018 period, the average yield increased by only 11 basis points to 4.67%, primarily as a result of the strong increase in the average balance of lower-yielding cash and cash equivalent balances of $43 million. The average yield on total average loans including fees for 2018 was 5.09%, up by 20 basis points compared to the 4.88% yield during 2017.

Of the $110 million increase in average total deposit balances between the years ended December 31, 2018 and December 31, 2017, $51 million were non-interest-bearing deposits while $59 million were interest-bearing. The overall cost of average total deposit balances was up by 20 basis points to 0.55% during 2018 compared to 0.35% during 2017. Average borrowed funds declined by $12.1 million from $24.1 million in 2017 to $12.1 million during 2018, while their cost increased by 2.37% to 5.35% in 2018 compared to 2.98% in 2017.

As a result of the increase in higher cost interest-bearing balances on the funding side and the impact of the higher volume but lower return cash and cash equivalent balances to interest-earning assets, the net interest margin declined by 6 basis points to 4.09% during 2018, compared to 4.15% in 2017.

Non-Interest Income and Expense – three months ended December 31, 2018 and December 31, 2017

During the three months ended December 31, 2018, non-interest income totaled $862 thousand, an increase of $95 thousand, or 12% from the three month period ended December 31, 2017. The increase was primarily the result of higher commercial deposit account analysis fees, in addition to gains on loan and investment securities sales during the 2018 period, compared to 2017.

During the three months ended December 31, 2018, total non-interest expenses increased by $1.2 million, or 21% to $7.1 million compared to the same 2017 quarter. Of the increase, $551 thousand was in net salaries and benefits expenses, the result of hiring key lending and operational staff positions to support the Company’s continued growth. Occupancy and FF&E expense increased by $106 thousand or 16% to $773 thousand in the 2018 quarter as the Bank expanded into its new Walnut Creek, California location in the second half of 2017 and also expanded its Oakland, California space early in 2018. Other non-interest expenses increased by $584 thousand, or 35% to $2.3 million during the 2018 fourth quarter, primarily as a result of increased professional fees incurred during the period. Of the other fourth quarter non-interest expenses, $348 thousand were non-recurring and related to a strategic initiative.

Non-Interest Income and Expense – twelve months ended December 31, 2018 and December 31, 2017

During the twelve months ended December 31, 2018, non-interest income totaled $3.7 million, a $625 thousand, or 20% increase over the same period in 2017. This increase for the 2018 period was primarily the result of higher commercial deposit account analysis fees, gains on the sale of SBA loans and investment securities, and other loan fee income.

During the twelve months ended December 31, 2018, non-interest expenses increased by $5.4 million or 26% to $26.4 million compared to the same period in 2017. Of this increase, $3.2 million was in net salaries and benefits expenses, the result of hiring key executive, lending and operational staff positions to support the Company’s continued growth, a non-recurring expense for the CEO transition, and a decrease in deferred loan origination costs compared to the twelve-month period in 2017. Occupancy and FF&E expense increased by $460 thousand or 19% to $2.9 million in the 2018 period as the Bank expanded into its new Walnut Creek, California location in the second half of 2017 and also expanded its Oakland, California space early in 2018. Other non-interest expenses increased by $1.7 million, or 28% to $7.9 million during 2018 period, primarily as a result of increased operating expenses of $641 thousand at the Bank holding company (the holding company was formed at June 30, 2017), in addition to higher professional fees. Other non-interest expenses incurred during 2018 included non-recurring costs of $942 thousand related to various strategic initiatives.

Credit Quality

Credit quality remains strong, with non-performing assets (“NPAs”) to total assets at 0.54% at December 31, 2018, compared to 0.25% at December 31, 2017, with non-performing loans at $5.4 million and $2.2 million, respectively, on those dates.

The loan loss reserve was $10.8 million, or 1.28% of total loans at December 31, 2018, compared to $9.3 million, or 1.27% at December 31, 2017.

Closing Remarks

“We are pleased to have achieved record growth in 2018 supported by the additional capital raised mid-year 2018,” stated Chairman Stephen Cortese. “We continue to execute our strategy of quality organic growth and investment in commercial business bankers and infrastructure to create extraordinary value for our shareholders in the years ahead.”

Please see our detailed Fourth Quarter 2018 Unaudited Summary Financial Statements or visit our Investor Relations website for more information.

About California BanCorp

California BanCorp, the parent company for California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals located throughout the San Francisco Bay Area. The stock trades on the OTCQX marketplace under the symbol CALB (formerly CABC). For more information on California BanCorp, call us at (510) 457-3751, or visit us at www.californiabankofcommerce.com.

California BanCorp
Steven E. Shelton, (510) 457-3751
President and Chief Executive Officer
seshelton@bankcbc.com

Randall D. Greenfield, (510) 457-3769
Senior EVP and Chief Financial Officer
rgreenfield@bankcbc.com


Source: California BanCorp


  California BanCorp Financial Data as of December 31, 2018 (Unaudited)                      
                                     
  ($ Thousands)   For the three months ended   Change %   Year ended   Change %  
  Income Statement   12/31/2018   9/30/2018   12/31/2017   QoQ   YoY   12/31/2018   12/31/2017   YTDoYTD  
  Interest and fees on loans   $   10,120     $   9,839     $   8,857     3 %   14 %   $   38,443     $   33,771          14 %  
  Other interest income       913         756         409     21 %   123 %       2,496         922     171 %  
  Total interest income       11,033         10,595         9,266     4 %   19 %       40,939         34,693     18 %  
                                     
  Interest on deposits       1,396         1,205         782     16 %   79 %       4,461         2,442     83 %  
  Interest on borrowings and subordinated debentures       78         151         208     (48 %)   (63 %)       645         717     (10 %)  
  Total interest expense       1,474         1,356         990     9 %   49 %       5,106         3,159     62 %  
  Net interest income       9,559         9,239         8,276     3 %   16 %       35,833         31,534     14 %  
  Provision for loan loss       591         394         284     50 %   108 %       1,436         2,394     (40 %)  
  Net interest income after provision       8,968         8,845         7,992     1 %   12 %       34,397         29,140     18 %  
                                     
  Service charges and other account fees       292         350         244     (17 %)   20 %       1,059         900     18 %  
  Loan related fees       291         404         303     (28 %)   (4 %)       1,441         1,277     13 %  
  Net gains on securities sales       97         -         -     0 %   0 %       97         -     0 %  
  Net gains on loan sales       135         -         58     0 %   133 %       418         258     62 %  
  Other       47         173         161     (73 %)   (71 %)       701         656     7 %  
  Total non-interest income       862         927         766     (7 %)   13 %       3,716         3,091     20 %  
                                     
  Salaries and employee benefits       4,052         3,692         3,500     10 %   16 %       15,573         12,342     26 %  
  Occupancy and equipment expenses       773         736         666     5 %   16 %       2,918         2,458     19 %  
  Data processing, internet and software       424         373         334     14 %   27 %       1,539         1,457     6 %  
  Professional and legal       437         340         138     29 %   217 %       1,123         718     56 %  
  M&A and strategic initiatives       -         -         -     0 %   0 %       514         -     0 %  
  Other operating expenses       1,405         1,080         1,210     30 %   16 %       4,704         3,970     18 %  
  Total operating expenses       7,091         6,221         5,848     14 %   21 %       26,371         20,945     26 %  
                                     
  Net income before taxes       2,739         3,551         2,910     (23 %)   (6 %)       11,742         11,286     4 %  
  Income taxes       632         1,037         2,905     (39 %)   (78 %)       3,029         5,659     (46 %)  
  Net income   $     2,107     $     2,514     $     5     (16 %)   N/A       $     8,713     $     5,627     55 %  
                                     
  Earnings Per Share                                  
  Basic earnings per share   $     0.26     $     0.34     $     0.00     (23 %)   N/A       $     1.22     $     0.89     37 %  
  Diluted earnings per share   $     0.26     $     0.34     $     0.00     (22 %)   N/A       $     1.19     $     0.85     41 %  
  Average shares outstanding       7,990,089         7,361,383         6,412,054                 7,120,986         6,298,971        
  Average diluted shares       8,103,041         7,502,759         6,723,598                 7,317,611         6,642,508        
                                     
  CORE EARNINGS SUMMARY                                  
      For the three months Ended   Change %   Year ended   Change %  
  Nonrecurring expense   12/31/2018   9/30/2018   12/31/2017   QoQ   YoY   12/31/2018   12/31/2017   YTDoYTD  
  Strategic initiatives and CEO transition   $   348     $   80     $   -             $   1,328     $   270        
  Total Nonrecurring expense       348         80         -                 1,328         270        
                                     
  Income taxes       103         24         -                 392         80        
  2017 Tax Cuts and Jobs Acts       -         -         (1,748 )               -         (1,748 )      
                                     
  Nonrecurring expense (net of tax)       245         56         1,748                 936         1,938        
                                     
  Core Net income   $     2,352     $     2,570     $     1,753     (8 %)   34 %   $     9,649     $     7,565     28 %  
                                     
  Core Earnings Per Share                                  
  Basic core earnings per share       0.29         0.35         0.27     (16 %)   8 %       1.36         1.20     13 %  
  Diluted core earnings per share       0.29         0.34         0.26     (15 %)   11 %       1.32         1.14     16 %  
                                     
  Core return on average assets     0.95 %     1.06 %     0.78 %             1.04 %     0.93 %      
  Core return on average tangible common equity     8.30 %     10.43 %     8.86 %             10.38 %     9.99 %      
                                     
      For the three months Ended   Change $   Change %      
  Average Balance Sheet Items   12/31/2018   9/30/2018   12/31/2017   QoQ   YoY   QoQ   YoY      
  Total Assets       982,992         962,254         888,403       20,738       94,589       2 %     11 %      
  Total Loans       784,765         758,399         714,695       26,366       70,070       3 %     10 %      
  Investments       52,836         15,417         13,377       37,419       39,459       243 %     295 %      
  Earning Assets       926,331         906,259         832,326       20,072       94,005       2 %     11 %      
  Non-Interest Bearing Deposits       358,016         349,449         318,955       8,567       39,061       2 %     12 %      
  Core Deposits       760,220         739,629         672,317       20,591       87,903       3 %     13 %      
  Total Deposits       854,165         843,147         781,715       11,018       72,450       1 %     9 %      
  Borrowings       5,000         10,954         16,009       (5,954 )     (11,009 )     -54 %     -69 %      
  Tangible Common Equity       112,450         97,779         78,527       14,671       33,923       15 %     43 %      
                                     
      For the twelve months ended   Change                  
  Average Balance Sheet Items   12/31/2018   12/31/2017   $   %                  
  Total Assets       929,028         814,533         114,495     14 %                  
  Total Loans       755,659         691,520         64,139     9 %                  
  Investments       23,378         14,333         9,045     63 %                  
  Earning Assets       876,288         760,142         116,146     15 %                  
  Non-Interest Bearing Deposits       333,075         282,385         50,690     18 %                  
  Core Deposits       711,928         601,062         110,866     18 %                  
  Total Deposits       814,930         704,990         109,940     16 %                  
  Borrowings       12,051         24,134         (12,083 )   (50 %)                  
  Tangible Common Equity       92,963         75,743         17,220     23 %                  
                                     
      At the periods ended   Change $   Change %      
  Balance Sheet   12/31/2018   9/30/2018   12/31/2017   QoQ   YoY   QoQ   YoY      
  Cash and equivalents       78,705         92,224         85,953       (13,519 )     (7,248 )     (15 %)     (8 %)      
  Investment securities       43,415         42,532         13,002       883       30,413       2 %     234 %      
  Other investments       3,536         3,536         3,199       -       337       0 %     11 %      
                                     
  Commercial loans       341,184         329,539         328,685       11,645       12,499       4 %     4 %      
  CRE loans       451,851         399,096         345,810       52,755       106,041       13 %     31 %      
  Construction and land loans       37,344         40,207         41,265       (2,863 )     (3,921 )     (7 %)     (10 %)      
  Other loans       16,552         16,270         17,005       282       (453 )     2 %     (3 %)      
  Loans       846,931         785,112         732,765       61,819       114,166       8 %     16 %      
  Allowance for loan losses       10,800         10,200         9,300       600       1,500       6 %     16 %      
  Net loans       836,131         774,912         723,465       61,219       112,666       8 %     16 %      
                                     
  Premises and equipment, net       2,076         2,253         2,886       (177 )     (810 )     (8 %)     (28 %)      
  Bank owned life insurance       17,806         16,756         16,433       1,050       1,373       6 %     8 %      
  Deferred income taxes, net       5,803         5,205         4,437       598       1,366       11 %     31 %      
  Core Deposit Intangible       286         405         447       (119 )     (161 )     (29 %)     (36 %)      
  Goodwill       7,350         7,350         7,350       -       -       0 %     0 %      
  Other assets and interest receivable       10,564         9,435         9,298       1,129       1,266       12 %     14 %      
  Total assets       1,005,672         954,608         866,470       51,064       139,202       5 %     16 %      
                                     
  Demand deposits       352,402         340,941         314,516       11,461       37,886       3 %     12 %      
  Interest bearing demand deposits       32,650         24,054         23,903       8,596       8,747       36 %     37 %      
  Money market & savings deposits       392,290         367,539         325,601       24,751       66,689       7 %     20 %      
  Time deposits       96,912         93,855         96,353       3,057       559       3 %     1 %      
  Total deposits       874,254         826,389         760,373       47,865       113,881       6 %     15 %      
                                     
  Borrowings       -         -         11,000       -       (11,000 )   N/A      (100 %)      
  Subordinated debentures, net       4,960         4,956         4,943       4       17       0 %     0 %      
  Other liabilities       5,379         5,036         5,411       343       (32 )     7 %     (1 %)      
  Total liabilities       884,593         836,381         781,727       48,212       102,866       6 %     13 %      
                                     
  Common stock       104,563         104,062         76,938       501       27,625       0 %     36 %      
  Retained earnings       16,515         14,407         7,802       2,108       8,713       15 %     112 %      
  Other comprehensive income       1         (242 )       3       243       (2 )     (100 %)            
  Total shareholder’s equity       121,079         118,227         84,743       2,852       36,336       2 %     43 %      
  Total liabilities and equity       1,005,672         954,608         866,470       51,064       139,202       5 %     16 %      
                                     
  Tangible book value per common share       14.20         13.87         12.01               2 %     18 %      
  Total shares outstanding       7,993,908         7,974,856         6,416,295                        
                                     
  Core relationship deposits       779,783         734,837         649,148       44,946       130,635       6 %     20 %      
                                     
                                     
      For the three months ended   For the twelve months ended              
  Performance Ratios   12/31/2018   9/30/2018   12/31/2017   12/31/2018   12/31/2017              
  Return on average assets     0.85 %     1.04 %     0.00 %   0.94 %   0.69 %              
  Return on average tangible common equity     7.43 %     10.20 %     0.03 %   9.37 %   7.43 %              
  Efficiency ratio     68.05 %     61.19 %     64.68 %   66.68 %   60.49 %              
                                     
  Net Interest Margin                                  
  Net interest margin     4.09 %     4.05 %     3.95 %   4.09 %   4.15 %              
  Average investment yield     3.08 %     2.41 %     1.95 %   2.72 %   1.92 %              
  Average loan yield     5.12 %     5.15 %     4.91 %   5.09 %   4.88 %              
  Average total deposit rate     0.65 %     0.57 %     0.40 %   0.55 %   0.35 %              
  Average borrowing rate     6.17 %     5.13 %     5.17 %   5.35 %   2.98 %              
                                     
  Other Ratios                                  
  Average total loans to total deposits     91.9 %     89.9 %     91.4 %   92.7 %   98.1 %              
  Average C&I loans to total loans     40.9 %     42.6 %     43.5 %   43.0 %   41.9 %              
  Average non-interest bearing deposits to total deposits   41.9 %     41.4 %     40.8 %   40.9 %   40.1 %              
  Average core deposits to total deposits     89.0 %     87.7 %     86.0 %   87.4 %   85.3 %              
                                     
      At the periods ended                      
  Capital Ratios - Bank   12/31/2018   9/30/2018   12/31/2017                      
  Tier 1 leverage ratio     11.31 %     11.26 %     9.92 %                      
  Common equity tier 1 capital ratio     10.94 %     11.61 %     10.09 %                      
  Tier 1 risk-based capital ratio     10.94 %     11.61 %     10.09 %                      
  Total risk-based capital ratio     12.52 %     13.27 %     11.75 %                      
                                     
      At the periods ended                      
  Non-Performing Assets   12/31/2018   9/30/2018   12/31/2017                      
  Non-Accrual Loans   $   4,463     $   1,754     $   484                        
  Restructured Loans       930         969         1,713                        
  Total non-performing loans (NPL)       5,393         2,723         2,197                        
  Other Real Estate Owned       -         -         -                        
  Total non-performing assets (NPA)   $   5,393     $   2,723     $   2,197                        
  Quarterly Net (Charge-offs)/Recoveries   $   9     $   6     $   16                        
                                     
  NPAs / Assets %     0.54 %     0.29 %     0.25 %                      
  NPAs / Loans and OREO %     0.64 %     0.35 %     0.30 %                      
  Loan Loss Reserves / Loans (%)     1.28 %     1.30 %     1.27 %                      
  Loan Loss Reserves / NPLs (%)     200 %     375 %     423 %                      
                                     

Is your business listed correctly on America’s largest city directory network of 1,000 portals?