Exhibit 99.1
 
 
For Immediate Release
NASDAQ Stock Market:   MCBC

Macatawa Bank Corporation Reports
Fourth Quarter and Full Year 2015 Results

HOLLAND, Mich. (January 28, 2016) – Macatawa Bank Corporation (NASDAQ: MCBC) today announced its results for the fourth quarter and full year of 2015, reflecting continued improvement in financial performance.

Net income of $3.5 million in the fourth  quarter 2015, up 53% from $2.3 million in the fourth quarter 2014.  Full year net income of $12.8 million, up 22% from $10.5 million in 2014
Strong growth in performing loans - up $87.1 million, or 7.8%, for the full year 2015
Net interest income increase aided by growth in loans
Fourth quarter revenue growth of $1.2 million, or 8%, compared to fourth quarter 2014
Sales of $7.9 million of other real estate owned in the fourth quarter 2015
Past due loans only 0.11% of total loans at end of 2015, down from 0.25% at the end of 2014
Nonperforming assets down 50% from fourth quarter 2014
Strong loan collection results – 2015 was the third consecutive full year of net recoveries

Macatawa reported net income of $3.5 million, or $0.10 per diluted share, in the fourth quarter 2015 compared to $2.3 million, or $0.07 per diluted share, in the fourth quarter 2014.  For the full year of 2015, the Company reported net income of $12.8 million, or $0.38 per diluted share, compared to $10.5 million, or $0.31 per diluted share, for the same period in 2014.

“We made excellent progress in 2015 with improved earnings performance and significant reductions in non-performing and substandard assets.  Fourth quarter net income grew by 53% over the prior year fourth quarter, and full year net income increased by 22% to $12.8 million over prior year earnings,” said Ronald L. Haan, President and CEO of the Company.  “Our earnings improvement was driven primarily by growth in net interest income, which increased by $2.7 million for the full year 2015.  While expenses associated with the administration and disposition of problem assets remained elevated during 2015, we saw a 50% reduction of non-performing assets during 2015, the majority of which took place in the fourth quarter when we sold our largest other real estate owned property.  With a 50% reduction of non-performing assets during 2015, we expect to see significant reductions in non-performing asset expenses in 2016.”

Mr. Haan continued:  “Non-interest income categories also improved during the fourth quarter and for the full year of 2015.  Deposit service charges, mortgage banking, and trust service revenues all increased compared to prior periods.  We are pleased with the increase in our revenue sources as this diverse growth fosters further stability in our earnings performance.”
 

Macatawa Bank Corporation 4Q Results / page 2 of 5

Mr. Haan concluded:  “We continue to make excellent progress with strong momentum for continued growth and improved operating performance, and this is being reflected in our operating results.  The continued growth in our loan and deposit portfolios and significant reduction in problem assets puts us in a strong position to deliver even better operating performance going forward.”
 
Operating Results
Net interest income for the fourth quarter 2015 totaled $11.5 million, an increase of $340,000 from the third quarter 2015 and an increase of $1.0 million from the fourth quarter 2014.  Net interest margin was 3.03 percent, up 11 basis points from the third quarter 2015, and down 2 basis points from the fourth quarter 2014.

Average interest earning assets for the fourth quarter 2015 decreased $5.4 million from the third quarter 2015 and were up $154.0 million from the fourth quarter 2014.

Non-interest income increased $19,000 in the fourth quarter 2015 compared to the third quarter 2015 and increased $170,000 from the fourth quarter 2014.  The increase from the fourth quarter 2014 was primarily due to increases in gains on sales of mortgage loans as the market for this activity rebounded in late 2014 with a drop in long term interest rates, which continued into 2015.  The Bank originated $23.4 million in loans for sale in the fourth quarter 2015 compared to $25.2 million in loans for sale in the third quarter 2015 and $22.0 million in loans for sale in the fourth quarter 2014.

Non-interest expense was $12.6 million for the fourth quarter 2015, compared to $11.3 million for the third quarter 2015 and $12.1 million for the fourth quarter 2014.  The largest fluctuations in non-interest expense related to costs associated with the administration and disposition of problem loans and non-performing assets, which increased $1.5 million compared to the third quarter 2015 and increased $866,000 compared to the fourth quarter 2014.  These increases were due to a $1.1 million loss taken on the sale of the Bank’s largest individual other real estate owned property at the end of the fourth quarter 2015.  Salaries and benefits were up $36,000 compared to the third quarter 2015 and were up $235,000 compared to the fourth quarter 2014 due to an increase in medical insurance expense resulting from a higher level of claims experienced in 2015.  Marketing and promotion expenses were down $142,000 from the third quarter 2015 and were down $120,000 from the fourth quarter 2014.  The fourth quarter 2014 marketing and promotion expenses were higher due to a branding campaign that occurred in late 2014.

Federal income tax expense was $1.6 million for the fourth quarter 2015 compared to $1.4 million for the third quarter 2015 and $1.0 million for the fourth quarter 2014.  The effective tax rate was 30.6% for the fourth quarter 2015, compared to 30.4% for the third quarter 2015 and 29.3% for the fourth quarter 2014.
 

Macatawa Bank Corporation 4Q Results / page 3 of 5

Asset Quality
As a result of the consistent improvements in nonperforming loans and past due loans over the past several quarters, the reduction in historical loan loss ratios, net loan recoveries experienced in the fourth quarter 2015, and a reduction of $1.5 million in specific reserves on impaired loans, a negative provision for loan losses of $1.75 million was recorded in the fourth quarter 2015.  Net loan recoveries for the fourth quarter 2015 were $614,000, compared to third quarter 2015 net loan recoveries of $285,000 and fourth quarter 2014 net loan chargeoffs of $67,000.  The Bank has experienced net loan recoveries in four of the past five quarters, and in eight of the past ten quarters. Total loans past due on payments by 30 days or more amounted to $1.4 million at December 31, 2015, down 53 percent from $2.9 million at September 30, 2015 and down 42 percent from $2.8 million at December 31, 2014.  Delinquency as a percentage of total loans was 0.11 percent at December 31, 2015, a new quarterly low for the Bank.

The allowance for loan losses of $17.1 million was 1.43 percent of total loans at December 31, 2015, compared to 1.53 percent of total loans at September 30, 2015, and 1.70 percent at December 31, 2014.    The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 2,259.39 percent as of December 31, 2015, compared to 432.61 percent at September 30, 2015, and 232.99 percent at September 30, 2014.

At December 31, 2015, the Company’s nonperforming loans had declined to $756,000, representing 0.06 percent of total loans.  This compares to $4.2 million (0.35 percent of total loans) at September 30, 2015 and $8.4 million (0.75 percent of total loans) at December 31, 2015.  Other real estate owned and repossessed assets were $17.5 million at December 31, 2015, compared to $25.7 million at September 30, 2015 and $28.3 million at December 31, 2014. Total nonperforming assets, including other real estate owned and nonperforming loans, have decreased by $18.4 million, or 50 percent, from December 31, 2014 to December 31, 2015.

A break-down of non-performing loans is shown in the table below.

 
Dollars in 000s
 
December 31,
2015
   
September 30,
2015
   
June 30,
2015
   
March 31,
2015
   
December 31,
2014
 
                     
Commercial Real Estate
 
$
525
   
$
922
   
$
1,188
   
$
2,610
   
$
2,023
 
Commercial and Industrial
   
174
     
3,119
     
2,392
     
6,732
     
5,605
 
Total Commercial Loans
   
699
     
4,041
     
3,580
     
9,342
     
7,628
 
Residential Mortgage Loans
   
2
     
42
     
2
     
64
     
305
 
Consumer Loans
   
55
     
128
     
134
     
405
     
493
 
Total Non-Performing Loans
 
$
756
   
$
4,211
   
$
3,716
   
$
9,811
   
$
8,426
 
                                         
Residential Developer Loans (a)
 
$
195
   
$
369
   
$
174
   
$
213
   
$
245
 

(a) Represents the amount of loans to residential developers secured by single family residential property which is included in non-performing commercial loans secured by real estate.
 

Macatawa Bank Corporation 4Q Results / page 4 of 5

Total non-performing assets were $18.3 million, or 1.06 percent of total assets, at December 31, 2015.  A break-down of non-performing assets is shown in the table below.

 
Dollars in 000s
 
December 31,
2015
   
September 30,
2015
   
June 30,
2015
   
March 31,
2015
   
December 31,
2014
 
                     
Non-Performing Loans
 
$
756
   
$
4,211
   
$
3,716
   
$
9,811
   
$
8,426
 
Other Repossessed Assets
   
---
     
---
     
---
     
38
     
38
 
Other Real Estate Owned
   
17,572
     
25,671
     
26,303
     
27,038
     
28,242
 
Total Non-Performing Assets
 
$
18,328
   
$
29,882
   
$
30,019
   
$
36,887
   
$
36,706
 

Balance Sheet, Liquidity and Capital
Total assets were $1.73 billion at December 31, 2015, an increase of $70.7 million from $1.66 billion at September 30, 2015 and an increase of $146.2 million from $1.58 billion at December 31, 2014.  Total loans were $1.20 billion at December 31, 2015, an increase of $5.1 million from $1.19 billion at September 30, 2015 and an increase of $79.4 million from $1.12 billion at December 31, 2014.

Commercial loans increased by $67.8 million from December 31, 2014 to December 31, 2015, along with an increase of $11.7 million in our residential mortgage and consumer loan portfolios.  Commercial real estate loans increased by $18.1 million and commercial and industrial loans increased by $49.6 million during the same period.

The composition of the commercial loan portfolio is shown in the table below:

 
Dollars in 000s
 
December 31,
2015
   
September 30,
2015
   
June 30,
2015
   
March 31,
2015
   
December 31,
2014
 
                     
Construction and Development
 
$
74,210
   
$
77,320
   
$
77,363
   
$
77,494
   
$
81,296
 
Other Commercial Real Estate
   
434,462
     
427,797
     
397,042
     
410,578
     
409,235
 
Commercial Loans Secured by Real Estate
   
508,672
     
505,117
     
474,405
     
488,072
     
490,531
 
Commercial and Industrial
   
377,298
     
376,966
     
350,202
     
341,530
     
327,674
 
Total Commercial Loans
 
$
885,970
   
$
882,083
   
$
824,607
   
$
829,602
   
$
818,205
 
                                         
Residential Developer Loans (a)
 
$
30,112
   
$
32,147
   
$
29,741
   
$
29,415
   
$
29,804
 

(a) Represents the amount of loans to residential developers secured by single family residential property which is included in commercial loans secured by real estate.

At December 31, 2015, total performing loans amounted to $1.20 billion, an increase of $8.5 million from September 30, 2015 and an increase of $87.1 million from December 31, 2014.

Total deposits were $1.44 billion at December 31, 2015, up $68.7 million from $1.37 billion at September 30, 2015 and were up $129.2 million, or 9.9 percent, from $1.31 billion at December 31, 2014.  The increase from 2014 was primarily related to increases in checking, savings and money market accounts, which grew by $161.6 million compared to December 31, 2014, while higher costing time deposits were down $32.4 million in the same period.  The Bank continues to be successful at attracting and retaining core deposit customers.  Customer deposit accounts remain insured to the highest levels available under FDIC deposit insurance.
 

Macatawa Bank Corporation 4Q Results / page 5 of 5

The Bank’s risk-based regulatory capital ratios decreased slightly in the first quarter 2015 due to asset growth and the impact of applying the new Basel III capital requirements, but increased again in the second quarter 2015.  These levels decreased slightly again in the third and fourth quarters of 2015 as a result of loan growth, but continue to be at levels comfortably above those required to be categorized as “well capitalized” under applicable regulatory capital guidelines.  As such, the Bank was categorized as “well capitalized” at December 31, 2015.

About Macatawa Bank
Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities from a network of 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties.  The bank is recognized for its local management team and decision making, along with providing customers excellent service, a rewarding experience and superior financial products. Macatawa Bank has been recognized for the past five consecutive years as “West Michigan’s 101 Best and Brightest Companies to Work For”. For more information, visit www.macatawabank.com.
 
CAUTIONARY STATEMENT: This press release contains forward-looking statements that are based on management’s current beliefs, expectations, assumptions, estimates, plans and intentions. Forward-looking statements are identifiable by words or phrases such as “believe,” “expect,” “may,” “should,” “will,” “continue,” “improving,” “additional,” “focus,” “forward,” “future,” “efforts,” “strategy,” “momentum,” “positioned,” and other similar words or phrases. Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These statements include, among others, statements related to trends in our key operating metrics and financial performance, future levels of earnings and profitability, future levels of earning assets, future asset quality, future growth, future yield compression and future net interest margin. All statements with references to future time periods are forward-looking. Management’s determination of the provision and allowance for loan losses, the appropriate carrying value of intangible assets (including deferred tax assets) and other real estate owned and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment) involves judgments that are inherently forward-looking. Our ability to sell other real estate owned at its carrying value or at all, reduce non-performing asset expenses, utilize our deferred tax asset, successfully implement new programs and initiatives, increase efficiencies, maintain our current level of deposits and other sources of funding, maintain liquidity, respond to declines in collateral values and credit quality, improve profitability, and produce consistent core earnings is not entirely within our control and is not assured. The future effect of changes in the real estate, financial and credit markets and the national and regional economy on the banking industry, generally, and Macatawa Bank Corporation, specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Macatawa Bank Corporation does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
 
Risk factors include, but are not limited to, the risk factors described in “Item 1A - Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2014. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.
 

MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)

(Dollars in thousands except per share information)

     
Three Months Ended
December 31
     
Twelve Months Ended
December 31
  
EARNINGS SUMMARY
 
2015
   
2014
   
2015
   
2014
 
Total interest income
 
$
12,709
   
$
11,816
   
$
49,386
   
$
46,988
 
Total interest expense
   
1,248
     
1,359
     
5,306
     
5,596
 
Net interest income
   
11,461
     
10,457
     
44,080
     
41,392
 
Provision for loan losses
   
(1,750
)
   
(600
)
   
(3,500
)
   
(3,350
)
Net interest income after provision for loan losses
   
13,211
     
11,057
     
47,580
     
44,742
 
                                 
NON-INTEREST INCOME
                               
Deposit service charges
   
1,129
     
1,115
     
4,377
     
4,334
 
Net gains on mortgage loans
   
675
     
534
     
2,925
     
1,939
 
Trust fees
   
759
     
699
     
2,927
     
2,701
 
Other
   
1,940
     
1,985
     
7,564
     
7,240
 
Total non-interest income
   
4,503
     
4,333
     
17,793
     
16,214
 
                                 
NON-INTEREST EXPENSE
                               
Salaries and benefits
   
6,194
     
5,959
     
24,668
     
23,137
 
Occupancy
   
891
     
1,003
     
3,714
     
3,840
 
Furniture and equipment
   
806
     
796
     
3,237
     
3,190
 
FDIC assessment
   
283
     
284
     
1,137
     
1,218
 
Administration and disposition of problem assets
   
1,720
     
853
     
3,032
     
3,071
 
Other
   
2,721
     
3,218
     
11,165
     
11,454
 
Total non-interest expense
   
12,615
     
12,113
     
46,953
     
45,910
 
Income before income tax
   
5,099
     
3,277
     
18,420
     
15,046
 
Income tax expense
   
1,561
     
960
     
5,626
     
4,573
 
Net income
 
$
3,538
   
$
2,317
   
$
12,794
   
$
10,473
 
                                 
Basic earnings per common share
 
$
0.10
   
$
0.07
   
$
0.38
   
$
0.31
 
Diluted earnings per common share
 
$
0.10
   
$
0.07
   
$
0.38
   
$
0.31
 
Return on average assets
   
0.85
%
   
0.61
%
   
0.79
%
   
0.70
%
Return on average equity
   
9.40
%
   
6.54
%
   
8.68
%
   
7.58
%
Net interest margin
   
3.03
%
   
3.05
%
   
3.01
%
   
3.07
%
Efficiency ratio
   
79.02
%
   
81.90
%
   
75.89
%
   
79.70
%
 
BALANCE SHEET DATA
 
December 31
   
December 31
 
Assets
 
2015
   
2014
 
Cash and due from banks
 
$
29,104
   
$
31,503
 
Federal funds sold and other short-term investments
   
152,372
     
97,952
 
Interest-bearing time deposits in other financial institutions
   
20,000
     
20,000
 
Securities available for sale
   
166,815
     
161,874
 
Securities held to maturity
   
51,856
     
31,585
 
Federal Home Loan Bank Stock
   
11,558
     
11,238
 
Loans held for sale
   
2,776
     
2,347
 
Total loans
   
1,197,932
     
1,118,483
 
Less allowance for loan loss
   
17,081
     
18,962
 
Net loans
   
1,180,851
     
1,099,521
 
Premises and equipment, net
   
51,456
     
52,894
 
Bank-owned life insurance
   
28,858
     
28,195
 
Other real estate owned
   
17,572
     
28,242
 
Other assets
   
16,425
     
18,495
 
                 
Total Assets
 
$
1,729,643
   
$
1,583,846
 
                 
Liabilities and Shareholders’ Equity
               
Noninterest-bearing deposits
 
$
477,032
   
$
404,143
 
Interest-bearing deposits
   
958,480
     
902,182
 
Total deposits
   
1,435,512
     
1,306,325
 
Other borrowed funds
   
96,169
     
88,107
 
Long-term debt
   
41,238
     
41,238
 
Other liabilities
   
4,747
     
5,657
 
Total Liabilities
   
1,577,666
     
1,441,327
 
                 
Shareholders’ equity
   
151,977
     
142,519
 
                 
Total Liabilities and Shareholders’ Equity
 
$
1,729,643
   
$
1,583,846
 
 

MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)

(Dollars in thousands except per share information)

   
Quarterly
   
Year to Date
 
     
4th Qtr
2015
   
3rd Qtr
2015
   
2nd Qtr
2015
   
1st Qtr
2015
   
4th Qtr
2014
   
2015
   
2014
 
EARNINGS SUMMARY
                           
Net interest income
 
$
11,461
   
$
11,121
   
$
10,845
   
$
10,652
   
$
10,457
   
$
44,080
   
$
41,392
 
Provision for loan losses
   
(1,750
)
   
(250
)
   
(500
)
   
(1,000
)
   
(600
)
   
(3,500
)
   
(3,350
)
Total non-interest income
   
4,503
     
4,484
     
4,512
     
4,295
     
4,333
     
17,793
     
16,214
 
Total non-interest expense
   
12,615
     
11,254
     
11,222
     
11,862
     
12,113
     
46,953
     
45,910
 
Federal income tax expense
   
1,561
     
1,400
     
1,420
     
1,245
     
960
     
5,626
     
4,573
 
Net income
 
$
3,538
   
$
3,201
   
$
3,215
   
$
2,840
   
$
2,317
   
$
12,794
   
$
10,473
 
                                                         
Basic earnings per common share
 
$
0.10
   
$
0.09
   
$
0.09
   
$
0.08
   
$
0.07
   
$
0.38
   
$
0.31
 
Diluted earnings per common share
 
$
0.10
   
$
0.09
   
$
0.09
   
$
0.08
   
$
0.07
   
$
0.38
   
$
0.31
 
                                                         
MARKET DATA
                                                       
Book value per common share
 
$
4.48
   
$
4.42
   
$
4.34
   
$
4.30
   
$
4.21
   
$
4.48
   
$
4.21
 
Tangible book value per common share
 
$
4.48
   
$
4.42
   
$
4.34
   
$
4.30
   
$
4.21
   
$
4.48
   
$
4.21
 
Market value per common share
 
$
6.05
   
$
5.18
   
$
5.30
   
$
5.35
   
$
5.44
   
$
6.05
   
$
5.44
 
Average basic common shares
   
33,891,429
     
33,866,789
     
33,866,789
     
33,866,789
     
33,837,334
     
33,872,814
     
33,803,030
 
Average diluted common shares
   
33,891,429
     
33,866,789
     
33,866,789
     
33,866,789
     
33,837,334
     
33,872,814
     
33,803,030
 
Period end common shares
   
33,925,113
     
33,866,789
     
33,866,789
     
33,866,789
     
33,866,789
     
33,925,113
     
33,866,789
 
                                                         
PERFORMANCE RATIOS
                                                       
Return on average assets
   
0.85
%
   
0.77
%
   
0.81
%
   
0.73
%
   
0.61
%
   
0.79
%
   
0.70
%
Return on average equity
   
9.40
%
   
8.64
%
   
8.78
%
   
7.89
%
   
6.54
%
   
8.68
%
   
7.58
%
Net interest margin (fully taxable equivalent)
   
3.03
%
   
2.92
%
   
3.01
%
   
3.07
%
   
3.05
%
   
3.01
%
   
3.07
%
Efficiency ratio
   
79.02
%
   
72.12
%
   
73.07
%
   
79.36
%
   
81.90
%
   
75.89
%
   
79.70
%
Full-time equivalent employees (period end)
   
342
     
347
     
347
     
351
     
355
     
342
     
355
 
                                                         
ASSET QUALITY
                                                       
Gross charge-offs
 
$
252
   
$
170
   
$
202
   
$
78
   
$
382
   
$
702
   
$
676
 
Net charge-offs
 
$
(614
)
 
$
(285
)
 
$
(1
)
 
$
(718
)
 
$
67
   
$
(1,619
)
 
$
(1,514
)
Net charge-offs to average loans (annualized)
   
-0.21
%
   
-0.10
%
   
0.00
%
   
-0.26
%
   
0.02
%
   
-0.14
%
   
-0.14
%
Nonperforming loans
 
$
756
   
$
4,211
   
$
3,716
   
$
9,811
   
$
8,426
   
$
756
   
$
8,426
 
Other real estate and repossessed assets
 
$
17,572
   
$
25,671
   
$
26,303
   
$
27,076
   
$
28,280
   
$
17,572
   
$
28,280
 
Nonperforming loans to total loans
   
0.06
%
   
0.35
%
   
0.33
%
   
0.86
%
   
0.75
%
   
0.06
%
   
0.75
%
Nonperforming assets to total assets
   
1.06
%
   
1.80
%
   
1.86
%
   
2.29
%
   
2.32
%
   
1.06
%
   
2.32
%
Allowance for loan losses
 
$
17,081
   
$
18,217
   
$
18,181
   
$
18,680
   
$
18,962
   
$
17,081
   
$
18,962
 
Allowance for loan losses to total loans
   
1.43
%
   
1.53
%
   
1.61
%
   
1.65
%
   
1.70
%
   
1.43
%
   
1.70
%
Allowance for loan losses to nonperforming loans
   
2259.39
%
   
432.61
%
   
489.26
%
   
190.40
%
   
225.04
%
   
2259.39
%
   
225.04
%
                                                         
CAPITAL
                                                       
Average equity to average assets
   
9.07
%
   
8.89
%
   
9.18
%
   
9.29
%
   
9.40
%
   
9.10
%
   
9.25
%
Common equity tier 1 to risk weighted assets (Consolidated)
   
10.75
%
   
10.54
%
   
10.87
%
   
10.74
%
   
N/
A
   
10.75
%
   
N/
A
Tier 1 capital to average assets (Consolidated)
   
11.54
%
   
11.34
%
   
11.70
%
   
11.90
%
   
11.61
%
   
11.54
%
   
11.61
%
Total capital to risk-weighted assets (Consolidated)
   
14.80
%
   
14.61
%
   
15.09
%
   
14.97
%
   
15.55
%
   
14.80
%
   
15.55
%
Common equity tier 1 to risk weighted assets (Bank)
   
13.22
%
   
12.98
%
   
13.44
%
   
13.31
%
   
N/
A
   
13.22
%
   
N/
A
Tier 1 capital to average assets (Bank)
   
11.24
%
   
11.03
%
   
11.38
%
   
11.57
%
   
11.41
%
   
11.24
%
   
11.41
%
Total capital to risk-weighted assets (Bank)
   
14.43
%
   
14.23
%
   
14.69
%
   
14.57
%
   
15.27
%
   
14.43
%
   
15.27
%
Tangible common equity to assets
   
8.79
%
   
9.03
%
   
9.09
%
   
9.05
%
   
9.05
%
   
8.79
%
   
9.05
%
                                                         
END OF PERIOD BALANCES
                                                       
Total portfolio loans
 
$
1,197,932
   
$
1,192,878
   
$
1,130,024
   
$
1,135,311
   
$
1,118,483
   
$
1,197,932
   
$
1,118,483
 
Earning assets
   
1,602,599
     
1,527,714
     
1,480,839
     
1,471,945
     
1,442,651
     
1,602,599
     
1,442,651
 
Total assets
   
1,729,643
     
1,659,339
     
1,618,014
     
1,610,209
     
1,583,845
     
1,729,643
     
1,583,845
 
Deposits
   
1,435,512
     
1,366,849
     
1,327,813
     
1,320,516
     
1,306,325
     
1,435,512
     
1,306,325
 
Total shareholders’ equity
   
151,977
     
149,733
     
146,843
     
145,581
     
142,519
     
151,977
     
142,519
 
                                                         
AVERAGE BALANCES
                                                       
Total portfolio loans
 
$
1,190,328
   
$
1,155,339
   
$
1,138,880
   
$
1,120,395
   
$
1,072,585
   
$
1,151,438
   
$
1,048,496
 
Earning assets
   
1,527,116
     
1,532,562
     
1,460,025
     
1,415,643
     
1,373,157
     
1,484,275
     
1,354,865
 
Total assets
   
1,660,869
     
1,667,736
     
1,594,365
     
1,550,377
     
1,508,441
     
1,618,776
     
1,494,086
 
Deposits
   
1,365,990
     
1,376,257
     
1,302,349
     
1,271,228
     
1,232,343
     
1,329,345
     
1,221,407
 
Total shareholders’ equity
   
150,583
     
148,214
     
146,404
     
144,062
     
141,720
     
147,336
     
138,142