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CST: 12/11/2019 20:47:02   

First Savings Financial Group, Inc. Reports Financial Results For The Second Fiscal Quarter Ended March 31, 2019

197 Days ago

CLARKSVILLE, Ind., April 29, 2019 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the "Company"), the holding company for First Savings Bank (the "Bank"), today reported net income of $3.5 million, or $1.50 per diluted share, for the quarter ended March 31, 2019 compared to net income of $1.6 million, or $0.69 per diluted share, for the quarter ended March 31, 2018.  Net income for the quarter ended March 31, 2018 was negatively impacted by merger costs associated with our acquisition of The First National Bank of Odon, which totaled approximately $921,000, net of tax, or $0.39 per diluted share.     

Commenting on the Company’s quarterly performance, Larry W. Myers, President and CEO, stated: “We are very pleased with the Company’s performance, which included increasingly strong contribution from core operations, profitability from the mortgage banking segment and a challenging quarter for the SBA lending segment.  Core banking continues to grow robustly, as does the mortgage banking segment, which achieved quarterly profitability for the first time during this quarter.  The SBA lending segment continues to perform well but realized a lower level of loans originated and sold during this quarter, due primarily to seasonality, and a slight deterioration in credit quality, which resulted in increased provision for loan losses during this quarter.  We anticipate the SBA lending segment will return to profitable performance in the quarter ending June 30, 2019.”         

Net interest income increased $1.1 million, or 13.0%, to $9.9 million for the quarter ended March 31, 2019 as compared to the same quarter in 2018.  The increase in net interest income is due to a $2.2 million increase in interest income, which was partially offset by a $1.0 million increase in interest expense. Interest income increased due to an increase in the average balance of interest-earning assets of $124.2 million, from $910.8 million for 2018 to $1.0 billion for 2019, and an increase in the weighted average tax-equivalent yield, from 4.59% for 2018 to 4.87% for 2019.  Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $95.3 million, from $732.9 million for 2018 to $828.2 million for 2019, and an increase in the average cost of interest-bearing liabilities, from 0.78% for 2018 to 1.18% for 2019.  Increases for the 2019 quarter related to subordinated debt included interest expense of $318,000, including amortization of debt issuance costs, and $19.7 million in the average balance of interest-bearing liabilities, including debt issuance costs.  The increase in the average cost of interest-bearing liabilities for the 2019 quarter was due primarily to increasing market rates on deposits and short-term funding alternatives including FHLB advances and brokered deposits and the subordinated debt’s average cost of 6.46%, including amortization of debt issuance costs.  Additional details are included in the “Summarized Consolidated Average Balance Sheets” table at the end of this release. 

The Company recognized $340,000 in provision for loan losses for the quarter ended March 31, 2019, compared to $371,000 in provision for loan losses recognized in the same quarter in 2018.  Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, increased $1.1 million, from $4.3 million at September 30, 2018 to $5.4 million at March 31, 2019.  The Company recognized net charge-offs of $25,000 for the quarter ended March 31, 2019 compared to $18,000 for the same quarter in 2018.

Noninterest income increased $4.5 million for the quarter ended March 31, 2019 as compared to the same quarter in 2018.  The increase was due primarily to an increase in mortgage banking income of $5.0 million, which was partially offset by a decrease in the net gain on sale of loans guaranteed by the U.S. Small Business Administration (“SBA”) of $967,000.  The increase in mortgage banking income is due to production from the secondary-market residential mortgage lending segment that commenced operations in April 2018.  The Bank’s SBA lending activities are performed under Q2 Business Capital, LLC (“Q2”), which specializes in the origination and servicing of SBA loans.  The Bank owns 51% of Q2 with the option to purchase the minority interest in September 2020.  Gross revenues and expenses related to Q2 are reported in the consolidated statements of income and the net income or net loss attributable to noncontrolling interests is then added (in the case of a net loss) or subtracted (in the case of net income) to arrive at net income attributable to the Company.  Additional details regarding the financial performance of the mortgage banking and SBA lending segments are included in the “Segmented Income Statement Information” table at the end of this release. 

Noninterest expense increased $4.5 million for the quarter ended March 31, 2019 as compared to the same quarter in 2018.  The increase was due primarily to increases in compensation and benefits, other operating expenses, and occupancy and equipment of $3.8 million, $524,000 and $497,000, respectively.  The increase in compensation and benefits expense is attributable to the addition of new employees to support the growth of the Company, including its mortgage banking and SBA lending activities, and normal salary and benefits adjustments.  The increase in other operating expenses is primarily due to increases in loan expense related to the mortgage banking activities and insurance reserves and claims related to the Company’s captive insurance subsidiary.  The increase in occupancy and equipment expense is primarily attributable to increases in lease and rental, depreciation and equipment, and software licensing expenses that are primarily related to the new mortgage banking segment.    

The Company recognized income tax expense of $466,000 for the quarter ended March 31, 2019, for an effective tax rate of 12.5%, as compared to income tax expense of $338,000, for an effective tax rate of 13.2%, for the same quarter in 2018. 

Results of Operations for the Six Months Ended March 31, 2019 and 2018

The Company reported net income of $6.5 million, or $2.73 per diluted share, for the six months ended March 31, 2019 compared to net income of $5.1 million, or $2.14 per diluted share, for the six months ended March 31, 2018.  Net income for the six months ended March 31, 2018 was negatively impacted by merger costs associated with our acquisition of First National Bank of Odon, which totaled approximately $945,000, net of tax, or $0.40 per diluted share.  

Net interest income increased $2.7 million, or 15.9%, to $19.4 million for the six months ended March 31, 2019 as compared to the same period in 2018.  The increase in net interest income is due to a $4.5 million increase in interest income, which was partially offset by a $1.9 million increase in interest expense. Interest income increased due to an increase in the average balance of interest-earning assets of $127.4 million, from $884.8 million for 2018 to $1.0 billion for 2019, and an increase in the weighted-average tax-equivalent yield, from 4.56% for 2018 to 4.87% for 2019.  Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $81.4 million, from $721.0 million for 2018 to $802.4 million for 2019, and an increase in the average cost of interest-bearing liabilities, from 0.78% for 2018 to 1.16% for 2019.  Increases for the six months ended March 31, 2019, related to subordinated debt included interest expense of $640,000, including amortization of debt issuance costs, and $19.7 million in the average balance of interest-bearing liabilities, including debt issuance costs.  The increase in the average cost of interest-bearing liabilities for the six months ended March 31, 2019 was due primarily to increasing market rates on deposits and short-term funding alternatives including FHLB advances and brokered deposits and the subordinated debt’s average cost of 6.51%, including amortization of debt issuance costs.  Additional details are included in the “Summarized Consolidated Average Balance Sheets” table at the end of this release.    

The Company recognized $655,000 in provision for loan losses for the six months ended March 31, 2019, compared to $833,000 in provision for loan losses recognized in the same period in 2018.  The Company recognized net charge-offs of $43,000 for the six months ended March 31, 2019 compared to $61,000 for the same period in 2018.

Noninterest income increased $7.4 million for the six months ended March 31, 2019 as compared to the same period in 2018.  The increase was due primarily to an increase in mortgage banking income of $8.2 million, which was partially offset by a decrease in the net gain on sale of loans guaranteed by the SBA of $1.5 million.  The increase in mortgage banking income is due to production from the secondary-market residential mortgage lending segment that commenced operations in April 2018.  Additional details regarding the financial performance of the mortgage banking and SBA lending segments are included in the “Segmented Income Statement Information” table at the end of this release. 

Noninterest expense increased $9.6 million for the six months ended March 31, 2019 as compared to the same period in 2018.  The increase was due primarily to increases in compensation and benefits, other operating expenses, and occupancy and equipment of $7.1 million, $1.2 million and $1.1 million, respectively.  The increase in compensation and benefits expense is attributable to the addition of new employees to support the growth of the Company, including its mortgage banking and SBA lending activities, and normal salary and benefits adjustments.  The increase in other operating expenses is primarily due to increases in loan expense related to the mortgage banking activities and insurance reserves and claims related to the Company’s captive insurance subsidiary.    The increase in occupancy and equipment expense is primarily attributable to increases in lease and rental, depreciation and equipment, and software licensing expenses that are primarily related to the new mortgage banking segment. 

The Company recognized income tax expense of $988,000 for the six months ended March 31, 2019, for an effective tax rate of 13.4%, as compared to income tax expense of $960,000, for an effective tax rate of 14.4%, for the same period in 2018. 

Comparison of Financial Condition at March 31, 2019 and September 30, 2018

Total assets increased $95.3 million, from $1.0 billion at September 30, 2018 to $1.1 billion at March 31, 2019.  Net loans increased $58.4 million during the six months ended March 31, 2019, due primarily to continued growth in the commercial real estate and SBA loan portfolios.  Total liabilities increased $85.6 million primarily due to a $70.9 million increase in Federal Home Loan Bank borrowings and a $13.7 million increase in total deposits.     
                       
Common stockholders’ equity increased $9.9 million, from $98.8 million at September 30, 2018 to $108.7 million at March 31, 2019, due primarily to retained net income of $5.7 million and net unrealized gains of $3.7 million on the available-for-sale securities portfolio.  At March 31, 2019 and September 30, 2018, the Company and Bank were considered “well-capitalized” under applicable regulatory capital guidelines.

First Savings Bank has sixteen offices in the Indiana communities of Clarksville, Jeffersonville, Charlestown, Sellersburg, New Albany, Georgetown, Corydon, Lanesville, Elizabeth, English, Leavenworth, Marengo, Salem, Odon and Montgomery.  Access to First Savings Bank accounts, including online banking and electronic bill payments, is available anywhere with Internet access through the Bank's website at www.fsbbank.net.

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf.  Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Contact
Tony A. Schoen, CPA
Chief Financial Officer
812-283-0724

 
FIRST SAVINGS FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
                   
  Three Months Ended   Six Months Ended    
  March 31,   March 31,    
OPERATING DATA:   2019       2018       2019       2018      
(In thousands, except share and per share data)                  
                   
Total interest income $   12,307     $   10,146     $   24,108     $   19,572      
Total interest expense     2,446         1,423         4,671         2,796      
                   
Net interest income     9,861         8,723         19,437         16,776      
Provision for loan losses     340         371         655         833      
                   
Net interest income after provision for loan losses     9,521         8,352         18,782         15,943      
                   
Total noninterest income     7,089         2,567         12,870         5,473      
Total noninterest expense     12,880         8,359         24,296         14,741      
                   
Income before income taxes     3,730         2,560         7,356         6,675      
Income tax expense     466         338         988         960      
                   
Net income     3,264         2,222         6,368         5,715      
                   
Less:  Net income (loss) attributable to noncontrolling interests     (269 )       576         (96 )       663      
                   
Net income attributable to the Company $   3,533     $   1,646     $   6,464     $   5,052      
                   
Net income per share, basic $   1.53     $   0.73     $   2.82     $   2.26      
Weighted average shares outstanding, basic     2,307,155         2,251,425         2,295,788         2,239,823      
                   
Net income per share, diluted $   1.50     $   0.69     $   2.73     $   2.14      
Weighted average shares outstanding, diluted     2,360,004         2,370,260         2,366,524         2,363,606      
                   
                   
  March 31,   September 30,     Increase        
FINANCIAL CONDITION DATA:   2019       2018     (Decrease)        
(In thousands, except per share data)                  
                   
Total assets $   1,129,722     $   1,034,406     $   95,316          
Cash and cash equivalents     40,442         42,274         (1,832 )        
Investment securities     193,547         186,980         6,567          
Loans held for sale     48,803         32,125         16,678          
Gross loans     772,595         713,594         59,001          
Allowance for loan losses     9,934         9,323         611          
Interest earning assets     1,046,995         963,581         83,414          
Goodwill     9,848         9,848         -           
Core deposit intangibles     1,523         1,727         (204 )        
Noninterest-bearing deposits     162,901         167,705         (4,804 )        
Interest-bearing deposits     661,869         643,407         18,462          
FHLB borrowings     160,938         90,000         70,938          
Total liabilities     1,019,793         934,161         85,632          
Stockholders' equity, net of noncontrolling interests     108,688         98,813         9,875          
                   
Book value per share $   46.35     $   43.11     $   3.24          
Tangible book value per share (1)     41.50         38.06         3.44          
                   
Non-performing assets:                  
  Nonaccrual loans $   5,215     $   4,182     $   1,033          
  Accruing loans past due 90 days     156         91         65          
    Total non-performing loans     5,371         4,273         1,098          
  Foreclosed real estate     79         103         (24 )        
  Troubled debt restructurings classified as performing loans     8,501         9,145         (644 )        
    Total non-performing assets $   13,951     $   13,521     $   430          
                   
Asset quality ratios:                  
  Allowance for loan losses as a percent of total gross loans   1.29 %     1.31 %     -0.02 %        
  Allowance for loan losses as a percent of nonperforming loans   184.96 %     218.18 %     -33.23 %        
  Nonperforming loans as a percent of total gross loans   0.70 %     0.60 %     0.10 %        
  Nonperforming assets as a percent of total assets   1.23 %     1.31 %     -0.07 %        
                   
                   
(1) See reconciliation of GAAP and Non-GAAP financial measures for additional information relating to calculation of this item.          
                   
                   
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES:                  
                   
The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company's         
performance.  The Company believes the financial measures presented below are important because of their widespread use by investors as a means to     
evaluate capital adequacy and earnings.  The following table summarizes the non-GAAP financial measures derived from amounts reported in the         
Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.        
               
  Three Months Ended   Six Months Ended    
  March 31,   March 31,    
Net Income     2019       2018       2019       2018      
(In thousands)                  
  Net income attributable to the Company (non-GAAP) $   3,533     $   2,567     $   6,464     $   5,875      
  Less:  Merger-related expenses, net of tax effect     -          (921 )       -        (945 )    
  Less:  Effect of adjustment to deferred taxes due to tax law change     -          -          -          122      
  Net income attributable to the Company (GAAP) $   3,533     $   1,646     $   6,464     $   5,052      
                   
                   
  Three Months Ended   Six Months Ended    
  March 31,   March 31,    
Net Income per Share, Diluted   2019       2018       2019       2018      
                   
  Net income per share, diluted (non-GAAP) $   1.50     $   1.08     $   2.73     $   2.49      
  Less:  Merger-related expenses, net of tax effect     -          (0.39 )       -          (0.40 )    
  Less:  Effect of adjustment to deferred taxes due to tax law change     -          -          -          0.05      
  Net income per share, diluted (GAAP) $   1.50     $   0.69     $   2.73     $   2.14      
                   
                   
  Three Months Ended   Six Months Ended    
  March 31,   March 31,    
Efficiency Ratio   2019       2018       2019       2018      
(In thousands)                  
  Noninterest expense (GAAP) $   12,880     $   8,359     $   24,296     $   14,741      
                   
  Net interest income (GAAP)     9,861         8,723         19,437         16,776      
                   
  Noninterest income (GAAP)     7,089         2,567         12,870         5,473      
                   
  Efficiency ratio (GAAP)   75.99 %     74.04 %     75.20 %     66.25 %    
                   
                   
  Noninterest expense (GAAP) $   12,880     $   8,359     $   24,296     $   14,741      
  Less:  Merger-related expenses     -          (1,251 )       -          (1,281 )    
  Noninterest expense (non-GAAP)     12,880         7,108         24,296         13,460      
                   
  Net interest income (GAAP)     9,861         8,723         19,437         16,776      
                   
  Noninterest income (GAAP)     7,089       2,567         12,870         5,473      
                   
  Efficiency ratio (excluding nonrecurring items) (non-GAAP)   75.99 %     62.96 %     75.20 %     60.50 %    
                   
                   
  March 31,   September 30,              
Tangible Book Value Per Share   2019       2018              
(In thousands, except share and per share data)                  
                   
  Stockholders' equity, net of noncontrolling interests (GAAP) $   108,688     $   98,813              
  Less:  goodwill and core deposit intangibles   (11,371 )     (11,575 )            
  Tangible equity (non-GAAP)     97,317         87,238              
                   
  Outstanding common shares     2,344,836         2,292,021              
                   
Tangible book value per share (non-GAAP) $   41.50     $   38.06              
                   
Book value per share (GAAP) $   46.35     $   43.11              
                   
                   
SUMMARIZED FINANCIAL INFORMATION:                  
                   
    As of  
Summarized Consolidated Balance Sheets March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands, except per share data)   2019       2018       2018       2018       2018  
Total cash and cash equivalents $   40,442     $   36,344     $   42,274     $   38,002     $   39,030  
Total investment securities     193,547         188,830         186,980         210,758         198,206  
Total loans, net of allowance for loan losses     762,661         734,061         704,271         693,858         682,441  
Total assets     1,129,722         1,073,989         1,034,406         1,035,346         1,008,554  
                   
Total deposits     824,770         832,073         811,112         834,754         758,787  
Total borrowings from the Federal Home Loan Bank     160,938         107,019         90,000         90,000         144,223  
                   
Stockholders' equity, net of noncontrolling interests     108,688         102,968         98,813         97,640         95,164  
Noncontrolling interests in subsidiary     1,241         1,593         1,432         1,229         663  
Total equity     109,929         104,561         100,245         98,869         95,827  
                   
Outstanding common shares     2,344,836         2,304,310         2,292,021         2,292,021         2,279,021  
                   
                   
    Three Months Ended  
Summarized Consolidated Statements of Income March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands, except per share data)   2019       2018       2018       2018       2018  
Total interest income $   12,307     $   11,801     $   11,381     $   11,206     $   10,146  
Total interest expense     2,446         2,225         1,842         1,699         1,423  
Net interest income     9,861         9,576         9,539         9,507         8,723  
Provision for loan losses     340         315         254         266         371  
Net interest income after provision for loan losses     9,521         9,261         9,285         9,241         8,352  
                   
Total noninterest income     7,089         5,781         4,568         3,254         2,567  
Total noninterest expense     12,880         11,416         10,143         8,122         8,359  
Income before income taxes      3,730         3,626         3,710         4,373         2,560  
Income tax expense     466         522         766         696         338  
Net income     3,264         3,104         2,944         3,677         2,222  
Less: net income (loss) attributable to noncontrolling interests     (269 )       173         200         571         576  
Net income attributable to the Company $   3,533     $   2,931     $   2,744     $   3,106     $   1,646  
                   
                   
Net income per share, basic $   1.53     $   1.28     $   1.20     $   1.37     $   0.73  
Weighted average shares outstanding, basic     2,307,155         2,284,665         2,277,709         2,274,951         2,251,425  
                   
Net income per share, diluted $   1.50     $   1.24     $   1.15     $   1.31     $   0.69  
Weighted average shares outstanding, diluted     2,360,004         2,371,480         2,379,520         2,378,839         2,370,260  
                   
                   
    Three Months Ended  
  March 31,   December 31,   September 30,   June 30,   March 31,
Consolidated Performance Ratios (Annualized)   2019       2018       2018       2018       2018  
  Return on average assets   1.28 %     1.11 %     1.06 %     1.21 %     0.68 %
  Return on average equity   12.34 %     12.35 %     11.83 %     15.31 %     9.22 %
  Return on average common stockholders' equity    13.55 %     11.82 %     11.16 %     13.02 %     6.83 %
  Net interest margin (tax equivalent basis)   3.92 %     3.98 %     4.04 %     4.05 %     3.97 %
  Efficiency ratio (excluding nonrecurring items) (non-GAAP)   75.99 %     74.34 %     73.01 %     60.43 %     62.96 %
                   
                   
    As of or for the Three Months Ended  
  March 31,   December 31,   September 30,   June 30,   March 31,
Consolidated Asset Quality Ratios   2019       2018       2018       2018       2018  
  Nonperforming loans as a percentage of total loans   0.70 %     0.62 %     0.60 %     0.50 %     0.41 %
  Nonperforming assets as a percentage of total assets   1.23 %     1.28 %     1.31 %     1.25 %     1.24 %
  Allowance for loan losses as a percentage of total loans   1.29 %     1.29 %     1.31 %     1.28 %     1.28 %
  Allowance for loan losses as a percentage of nonperforming loans   184.96 %     208.77 %     218.18 %     255.12 %     309.39 %
  Net charge-offs (recoveries) to average outstanding loans   0.00 %     0.00 %     -0.01 %     0.01 %     0.00 %
                   
                   
    Three Months Ended  
Segmented Statements of Income Information March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands, except per share data)   2019       2018       2018       2018       2018  
Interest income - Core Banking $   10,479     $   10,123     $   9,811     $   9,919     $   8,945  
Interest income - SBA Lending (Q2)     1,640         1,524         1,470         1,287         1,201  
Interest income - Mortgage Banking     188         154         100         -          -   
  Total interest income $   12,307     $   11,801     $   11,381     $   11,206     $   10,146  
                   
Provision for loan losses - Core Banking $   (492 )   $   (16 )   $   17     $   52     $   256  
Provision for loan losses - SBA Lending (Q2)     832         331         237         214         115  
Provision for loan losses - Mortgage Banking     -          -          -          -          -   
  Total provision for loan losses $   340     $   315     $   254     $   266     $   371  
                   
Noninterest income - Core Banking $   1,337     $   1,380     $   1,735     $   1,508     $   947  
Noninterest income - SBA Lending (Q2)     673         1,137         875         1,697         1,620  
Noninterest income - Mortgage Banking     5,079         3,264         1,958         49         -   
  Total noninterest income $   7,089     $   5,781     $   4,568     $   3,254     $   2,567  
                   
Noninterest expense - Core Banking $   6,995     $   6,586     $   6,771     $   6,333     $   7,288  
Noninterest expense - SBA Lending (Q2)     1,322         1,362         1,162         1,127         1,071  
Noninterest expense - Mortgage Banking     4,563         3,468         2,210         662         -   
  Total noninterest expense $   12,880     $   11,416     $   10,143     $   8,122     $   8,359  
                   
Income before income taxes - Core Banking $   3,573     $   3,324     $   3,453     $   3,820     $   1,385  
Income (loss) before income taxes - SBA Lending (Q2)   (547 )     352         409         1,166         1,175  
Income (loss) before income taxes - Mortgage Banking   704       (50 )     (152 )     (613 )       -   
  Total income before income taxes $   3,730     $   3,626     $   3,710     $   4,373     $   2,560  
                   
Income tax expense - Core Banking $   360     $   490     $   750     $   702     $   167  
Income tax expense (benefit) - SBA Lending (Q2)     (70 )       45         59         169         171  
Income tax expense (benefit) - Mortgage Banking   176       (13 )     (43 )     (175 )       -   
  Total income tax expense $   466     $   522     $   766     $   696     $   338  
                   
Net income - Core Banking $   3,213     $   2,834     $   2,703     $   3,118     $   1,218  
Net income (loss) - SBA Lending (Q2)     (477 )       307         350         997         1,004  
Net income (loss) - Mortgage Banking   528       (37 )     (109 )     (438 )       -   
  Total net income $   3,264     $   3,104     $   2,944     $   3,677     $   2,222  
                   
Net income attributable to the Company - Core Banking $   3,213     $   2,834     $   2,703     $   3,118     $   1,218  
Net income (loss) attributable to the Company - SBA Lending (Q2)     (208 )       134         150         426         428  
Net income (loss) attributable to the Company - Mortgage Banking   528       (37 )     (109 )     (438 )       -   
  Total net income attributable to the Company $   3,533     $   2,931     $   2,744     $   3,106     $   1,646  
                   
Net income per share, basic - Core Banking $   1.39     $   1.24     $   1.18     $   1.37     $   0.54  
Net income per share, basic - SBA Lending (Q2)     (0.09 )       0.06         0.07         0.19         0.19  
Net income per share, basic - Mortgage Banking   0.23       (0.02 )     (0.05 )     (0.19 )     0.00  
  Total net income per share, basic $   1.53     $   1.28     $   1.20     $   1.37     $   0.73  
                   
Net income per share, diluted - Core Banking $   1.37     $   1.20     $   1.14     $   1.31     $   0.51  
Net income per share, diluted - SBA Lending (Q2)     (0.09 )       0.06         0.06         0.18         0.18  
Net income per share, diluted - Mortgage Banking   0.22       (0.02 )     (0.05 )     (0.18 )       -   
  Total net income per share, diluted $   1.50     $   1.24     $   1.15     $   1.31     $   0.69  
                   
                   
    Three Months Ended  
SBA Lending (Q2) Data March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands, except percentage data)   2019       2018       2018       2018       2018  
Final funded loans guaranteed portion sold, SBA $   9,133     $   12,943     $   12,109     $   17,631     $   19,741  
                   
Gross gain on sales of loans, SBA $   977     $   1,203     $   1,246     $   2,025     $   2,148  
Weighted average gross gain on sales of loans, SBA   10.70 %     9.29 %     10.29 %     11.49 %     10.88 %
                   
Net gain on sales of loans, SBA (1) $   521     $   964     $   907     $   1,557     $   1,489  
Weighted average net gain on sales of loans, SBA   5.70 %     7.45 %     7.49 %     8.83 %     7.54 %
                   
(1) Net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment, and inclusive of gains on servicing assets    
                   
                   
    Three Months Ended  
  March 31,   December 31,   September 30,   June 30,   March 31,
Summarized Consolidated Average Balance Sheets   2019       2018       2018       2018       2018  
(In thousands)                  
                   
Interest-earning assets                  
Average balances:                  
  Interest-bearing deposits with banks $   36,317     $   30,271     $   26,716     $   30,967     $   28,318  
  Loans     802,652         763,637         745,078         723,427         683,865  
  Investment securities     161,170         156,570         157,834         163,610         153,636  
  Agency mortgage-backed securities     24,682         29,133         37,393         42,624         35,421  
  FRB and FHLB stock     10,196         10,171         9,621         9,621         9,569  
    Total interest-earning assets $   1,035,017     $   989,782     $   976,642     $   970,249     $   910,809  
                   
Interest income (taxable equivalent basis):                  
  Interest-bearing deposits with banks $   221     $   153     $   138     $   112     $   116  
  Loans     10,227         9,828         9,349         8,885         8,192  
  Investment securities     1,819         1,783         1,822         2,123         1,765  
  Agency mortgage-backed securities     179         193         274         297         235  
  FRB and FHLB stock     142         121         119         107         149  
    Total interest-earning assets $   12,588     $   12,078     $   11,702     $   11,524     $   10,457  
                   
Weighted average yield (tax equivalent basis, annualized):                  
  Interest-bearing deposits with banks   2.43 %     2.02 %     2.07 %     1.45 %     1.64 %
  Loans   5.10 %     5.15 %     5.02 %     4.91 %     4.79 %
  Investment securities   4.51 %     4.56 %     4.62 %     5.19 %     4.60 %
  Agency mortgage-backed securities   2.90 %     2.65 %     2.93 %     2.79 %     2.65 %
  FRB and FHLB stock   5.57 %     4.76 %     4.95 %     4.45 %     6.23 %
    Total interest-earning assets   4.86 %     4.88 %     4.79 %     4.75 %     4.59 %
                   
Interest-bearing liabilities                  
Average balances:                  
  Interest-bearing deposits $   693,127     $   651,060     $   664,526     $   653,119     $   581,861  
  Repurchase agreements     1,353         1,352         1,351         1,350         1,349  
  Borrowings from Federal Home Loan Bank     114,044         104,999         99,614         111,036         149,680  
  Other borrowings     19,684         19,667         2,352         -          -   
    Total interest-bearing liabilities $   828,208     $   777,078     $   767,843     $   765,505     $   732,890  
                   
Interest expense:                  
  Interest-bearing deposits $   1,607     $   1,424     $   1,389     $   1,222     $   807  
  Repurchase agreements     1         1         1         1         1  
  Borrowings from Federal Home Loan Bank     520         478         420         476         615  
  Other borrowings     318         322         33         -          -   
    Total interest-bearing liabilities $   2,446     $   2,225     $   1,843     $   1,699     $   1,423  
                   
Weighted average cost (annualized):                  
  Interest-bearing deposits   0.93 %     0.87 %     0.84 %     0.75 %     0.55 %
  Repurchase agreements   0.30 %     0.30 %     0.30 %     0.30 %     0.30 %
  Borrowings from Federal Home Loan Bank   1.82 %     1.82 %     1.69 %     1.71 %     1.64 %
  Other borrowings   6.46 %     6.55 %     5.61 %     0.00 %     0.00 %
    Total interest-bearing liabilities   1.18 %     1.15 %     0.96 %     0.89 %     0.78 %
                   
Interest rate spread (tax equivalent basis, annualized)   3.68 %     3.73 %     3.83 %     3.86 %     3.81 %
                   
Net interest margin (tax equivalent basis, annualized)   3.92 %     3.98 %     4.04 %     4.05 %     3.97 %
                                       

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