Exhibit 99.1
 
 
For Immediate Release
 
NASDAQ Stock Market:
MCBC
 
Macatawa Bank Corporation Reports
Third Quarter 2017 Results

HOLLAND, Mich. (October 26, 2017) – Macatawa Bank Corporation (NASDAQ: MCBC) today announced its results for the third quarter of 2017, reflecting continued strong financial performance.

Net income of $4.9 million in third quarter 2017, up 6% from $4.6 million in the third quarter 2016 which included a one-time adjustment to federal income tax expense that increased the prior period earnings by $512,000
Year-to-date earnings through third quarter of 2017 were up 19% over the prior year
Continued trend of increased overall revenue with reduction in expenses
Core deposit balances up by $147 million, nearly 11%, from a year ago
Asset quality metrics remained strong:
 
Past due loans remained at low levels - only 0.07% of total loans at end of third quarter 2017
Favorable loan collection results – eleven consecutive quarters of net recoveries

Macatawa reported net income of $4.9 million, or $0.14 per diluted share, in the third quarter 2017 compared to $4.6 million, or $0.14 per diluted share, in the third quarter 2016.  For the first nine months of 2017, Macatawa reported net income of $14.1 million, or $0.42 per diluted share, compared to $11.8 million, or $0.35 per diluted share, for the same period in 2016.

“We are pleased to report strong operating performance for the third quarter of 2017”, said Ronald L. Haan, President and CEO of the Company.  “Our long term strategy of driving profitable growth remains the same, and we remain committed to building a well-disciplined company that will deliver superior financial services to the communities of Western Michigan, while also providing strong and consistent financial performance for our shareholders.”

Mr. Haan concluded, “Earnings improvement continues to be driven primarily by improvement in net interest income resulting from growth in average balances of business loans and investment securities, and continued strong growth in core deposit funding. Overall, our financial condition is strong, and we are well positioned to support future growth and benefit from future interest rate increases.”
 

Macatawa Bank Corporation 3Q Results / page 2 of 5

Operating Results
Net interest income for the third quarter 2017 totaled $13.1 million, an increase of $433,000 from the second quarter 2017 and an increase of $1.2 million from the third quarter 2016.  Net interest margin was 3.21 percent, down 3 basis points from the second quarter 2017, and up 13 basis points from the third quarter 2016. Increased levels of short-term low-yielding investments in the third quarter caused 7 basis points of downward pressure on net interest margin compared to the second quarter of 2017.

Average interest earning assets for the third quarter 2017 increased $57.2 million from the second quarter 2017 and were up $96.5 million from the third quarter 2016 primarily due to growth on the funding side of the balance sheet in core deposits.

Non-interest income decreased $178,000 in the third quarter 2017 compared to the second quarter 2017 and decreased $775,000 from the third quarter 2016.  These fluctuations were primarily driven by gains on sales of mortgage loans.  Gains on sales of mortgage loans in the third quarter 2017 were down $107,000 compared to the second quarter 2017 and down $806,000 from the third quarter 2016.  The Bank originated $11.3 million in loans for sale in the third quarter 2017 compared to $16.7 million in loans for sale in the second quarter 2017 and $38.2 million in loans for sale in the third quarter 2016.

Non-interest expense was $10.8 million for the third quarter 2017, compared to $10.8 million for the second quarter 2017 and $11.3 million for the third quarter 2016.  The largest component of non-interest expense was salaries and benefit expenses.  Salaries and benefit expenses were up $58,000 compared to the second quarter 2017 and were down $158,000 for the nine months ended September 30, 2017 compared to the same period in the prior year. Total salaries and benefits expense has remained at a consistent level over the past several quarters due to efforts to prudently manage overall cost levels.   The largest fluctuation between periods in non-interest expense was in nonperforming asset expenses.  Nonperforming asset expenses increased $81,000 compared to the second quarter 2017 and decreased $402,000 compared to the third quarter 2016 due to continued reductions in the level of foreclosed properties and net gains realized on sales of such properties in 2017.  Total net realized gains were $190,000 for the third quarter 2017 compared to $321,000 for the second quarter 2017 and $105,000 for the third quarter 2016.  Other categories of non-interest expense were relatively flat compared to the second quarter 2017 and the third quarter 2016.

Federal income tax expense was $2.2 million for the third quarter 2017 compared to $2.1 million for the second quarter 2017 and $1.4 million for the third quarter 2016.  The effective tax rate was 30.7% for the third quarter 2017, compared to 30.9% for the second quarter 2017 and 22.7% for the third quarter 2016.  The effective tax rate for the third quarter 2016 was lower due to tax credits and other adjustments recognized during that quarter amounting to $512,000.
 

Macatawa Bank Corporation 3Q 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, and net loan recoveries experienced in the third quarter 2017, a negative provision for loan losses of $350,000 was recorded in the third quarter 2017.  Net loan recoveries for the third quarter 2017 were $214,000, compared to second quarter 2017 net loan recoveries of $374,000 and third quarter 2016 net loan recoveries of $138,000.  The Company has experienced net loan recoveries in each of the past eleven quarters. Total loans past due on payments by 30 days or more were negligible and amounted to $872,000 at September 30, 2017, down 40 percent from $1.4 million at December 31, 2016 and up $527,000 from $345,000 at September 30, 2016.  Delinquency as a percentage of total loans was 0.07 percent at September 30, 2017.

The allowance for loan losses of $16.4 million was 1.30 percent of total loans at September 30, 2017, compared to 1.32 percent of total loans at December 31, 2016, and 1.36 percent at September 30, 2016.  The coverage ratio of allowance for loan losses to nonperforming loans continued to be strong and significantly exceeded 1-to-1 coverage at 31.5-to-1 as of September 30, 2017.

At September 30, 2017, the Company's nonperforming loans were $521,000, representing 0.04 percent of total loans.  This compares to $300,000 (0.02 percent of total loans) at December 31, 2016 and $233,000 (0.02 percent of total loans) at September 30, 2016.  Other real estate owned and repossessed assets were $6.7 million at September 30, 2017, compared to $12.3 million at December 31, 2016 and $13.1 million at September 30, 2016. Total nonperforming assets, including other real estate owned and nonperforming loans, have decreased by $6.2 million, or 46 percent, from September 30, 2016 to September 30, 2017.

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

 
Dollars in 000s
 
Sept 30,
2017
   
Jun 30,
2017
   
Mar 31,
2017
   
Dec 31,
2016
   
Sept 30,
2016
 
                               
Commercial Real Estate
 
$
440
   
$
436
   
$
252
   
$
183
   
$
192
 
Commercial and Industrial
   
4
     
6
     
127
     
36
     
9
 
Total Commercial Loans
   
444
     
442
     
379
     
219
     
201
 
Residential Mortgage Loans
   
58
     
206
     
2
     
58
     
2
 
Consumer Loans
   
19
     
22
     
20
     
23
     
30
 
Total Non-Performing Loans
 
$
521
   
$
670
   
$
401
   
$
300
   
$
233
 

Total non-performing assets were $7.2 million, or 0.40 percent of total assets, at September 30, 2017.  A break-down of non-performing assets is shown in the table below.

 
Dollars in 000s
 
Sept 30,
2017
   
Jun 30,
2017
   
Mar 31,
2017
   
Dec 31,
2016
   
Sept 30,
2016
 
                               
Non-Performing Loans
 
$
521
   
$
670
   
$
401
   
$
300
   
$
233
 
Other Repossessed Assets
   
---
     
---
     
---
     
---
     
---
 
Other Real Estate Owned
   
6,661
     
7,097
     
12,074
     
12,253
     
13,110
 
Total Non-Performing Assets
 
$
7,182
   
$
7,767
   
$
12,475
   
$
12,553
   
$
13,343
 
 

Macatawa Bank Corporation 3Q Results / page 4 of 5

Balance Sheet, Liquidity and Capital
Total assets were $1.80 billion at September 30, 2017, an increase of $44.0 million from $1.76 billion at June 30, 2017 and an increase of $149.4 million from $1.65 billion at September 30, 2016.  Total loans were $1.26 billion at September 30, 2017, an increase of $8.7 million from $1.25 billion at June 30, 2017 and an increase of $23.6 million from $1.24 billion at September 30, 2016.

Commercial loans increased by $26.0 million from September 30, 2016 to September 30, 2017, partially offset by a decrease of $2.4 million in our residential mortgage and consumer loan portfolios.  Commercial real estate loans increased by $30.3 million while commercial and industrial loans decreased by $4.3 million during the same period.

Commercial loan production volume was up compared to the second quarter of 2017, as well as compared to the third quarter of 2016.  The following table shows a breakout of the Bank’s commercial loan activity:

 
Dollars in 000s
 
3rd Qtr
2017
   
2nd Qtr
2017
   
1st Qtr
2017
   
4th Qtr
2016
   
3rd Qtr
2016
 
                               
Commerical loans originated
 
$
68,282
   
$
33,435
   
$
60,356
   
$
78,398
   
$
61,112
 
Repayments of commercial loans
   
(37,138
)
   
(30,090
)
   
(58,600
)
   
(40,768
)
   
(35,869
)
Change in undist.–available credit
   
(31,702
)
   
(15,706
)
   
(6,960
)
   
6,523
     
3,494
 
Net change in commercial loans
 
$
(558
)
 
$
(12,361
)
 
$
(5,204
)
 
$
44,153
   
$
28,737
 
 
The composition of the commercial loan portfolio is shown in the table below:

 
Dollars in 000s
 
Sept 30,
2017
   
Jun 30,
2017
   
Mar 31,
2017
   
Dec 31,
2016
   
Sept 30,
2016
 
                               
Construction and Development
 
$
84,659
   
$
82,317
   
$
78,910
   
$
79,596
   
$
76,077
 
Other Commercial Real Estate
   
445,703
     
432,223
     
429,898
     
438,385
     
423,991
 
Commercial Loans Secured by Real Estate
   
530,362
     
514,540
     
508,808
     
517,981
     
500,068
 
Commercial and Industrial
   
418,838
     
435,218
     
453,311
     
449,342
     
423,102
 
Total Commercial Loans
 
$
949,200
   
$
949,758
   
$
962,119
   
$
967,323
   
$
923,170
 
                                         
Residential Developer Loans (a)
 
$
24,507
   
$
21,244
   
$
24,662
   
$
26,003
   
$
26,890
 

(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.

Total deposits were $1.51 billion at September 30, 2017, up $46.2 million from $1.46 billion at June 30, 2017 and were up $147.6 million, or 11 percent, from $1.36 billion at September 30, 2016.  The increase in total deposits from September 30, 2016 was primarily in interest-bearing checking (up $58.4 million) and noninterest checking account balances (up $42.1 million).  The other categories of deposits also increased including money market deposits (up $20.2 million), savings (up $11.7 million) and certificates of deposit (up $15.2 million). 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 3Q Results / page 5 of 5

The Bank's risk-based regulatory capital ratios were higher at September 30, 2017 compared to June 30, 2017 and September 30, 2016 due to earnings growth, and 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 September 30, 2017.
 
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 seven 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," ”intend,” "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, 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, extent, 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, 2016.  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)
 
   
Quarterly
    
Nine Months Ended
September 30,
  
   
3rd Qtr
2017
   
2nd Qtr
2017
   
3rd Qtr
2016
 
EARNINGS SUMMARY
   
2017
     
2016
 
Total interest income
 
$
14,626
   
$
14,042
   
$
13,122
   
$
42,516
   
$
39,003
 
Total interest expense
   
1,488
     
1,337
     
1,220
     
4,090
     
3,755
 
Net interest income
   
13,138
     
12,705
     
11,902
     
38,426
     
35,248
 
Provision for loan losses
   
(350
)
   
(500
)
   
(250
)
   
(1,350
)
   
(1,100
)
Net interest income after provision for loan losses
   
13,488
     
13,205
     
12,152
     
39,776
     
36,348
 
                                         
NON-INTEREST INCOME
                                       
Deposit service charges
   
1,172
     
1,110
     
1,152
     
3,342
     
3,312
 
Net gains on mortgage loans
   
369
     
476
     
1,175
     
1,273
     
2,235
 
Trust fees
   
801
     
833
     
790
     
2,412
     
2,286
 
Other
   
1,958
     
2,059
     
1,958
     
5,982
     
6,386
 
Total non-interest income
   
4,300
     
4,478
     
5,075
     
13,009
     
14,219
 
                                         
NON-INTEREST EXPENSE
                                       
Salaries and benefits
   
6,211
     
6,153
     
6,166
     
18,363
     
18,521
 
Occupancy
   
922
     
991
     
901
     
2,939
     
2,784
 
Furniture and equipment
   
797
     
750
     
772
     
2,278
     
2,476
 
FDIC assessment
   
134
     
134
     
166
     
404
     
638
 
Problem asset costs, including losses
   
(77
)
   
(158
)
   
325
     
(140
)
   
1,196
 
Other
   
2,769
     
2,922
     
2,943
     
8,590
     
8,679
 
Total non-interest expense
   
10,756
     
10,792
     
11,273
     
32,434
     
34,294
 
Income before income tax
   
7,032
     
6,891
     
5,954
     
20,351
     
16,273
 
Income tax expense
   
2,157
     
2,129
     
1,350
     
6,253
     
4,429
 
Net income
 
$
4,875
   
$
4,762
   
$
4,604
   
$
14,098
   
$
11,844
 
                                         
Basic earnings per common share
 
$
0.14
   
$
0.14
   
$
0.14
   
$
0.42
   
$
0.35
 
Diluted earnings per common share
 
$
0.14
   
$
0.14
   
$
0.14
   
$
0.42
   
$
0.35
 
Return on average assets
   
1.10
%
   
1.11
%
   
1.10
%
   
1.08
%
   
0.95
%
Return on average equity
   
11.34
%
   
11.32
%
   
11.50
%
   
11.17
%
   
10.06
%
Net interest margin (fully taxable equivalent)
   
3.21
%
   
3.24
%
   
3.08
%
   
3.24
%
   
3.09
%
Efficiency ratio
   
61.68
%
   
62.81
%
   
66.40
%
   
63.06
%
   
69.33
%
 

BALANCE SHEET DATA
Assets
 
September 30
2017
   
June 30
2017
   
September 30
2016
 
Cash and due from banks
 
$
28,318
   
$
31,165
   
$
31,879
 
Federal funds sold and other short-term investments
   
131,571
     
114,104
     
25,872
 
Securities available for sale
   
214,182
     
184,761
     
184,403
 
Securities held to maturity
   
61,927
     
68,818
     
58,893
 
Federal Home Loan Bank Stock
   
11,558
     
11,558
     
11,558
 
Loans held for sale
   
2,199
     
3,184
     
2,013
 
Total loans
   
1,260,037
     
1,251,355
     
1,236,395
 
Less allowance for loan loss
   
16,434
     
16,570
     
16,847
 
Net loans
   
1,243,603
     
1,234,785
     
1,219,548
 
Premises and equipment, net
   
46,822
     
48,626
     
50,174
 
Bank-owned life insurance
   
40,042
     
39,781
     
39,088
 
Other real estate owned
   
6,661
     
7,097
     
13,110
 
Other assets
   
16,163
     
15,184
     
17,148
 
                         
Total Assets
 
$
1,803,046
   
$
1,759,063
   
$
1,653,686
 
                         
Liabilities and Shareholders' Equity
                       
Noninterest-bearing deposits
 
$
497,310
   
$
481,769
   
$
455,164
 
Interest-bearing deposits
   
1,008,868
     
978,221
     
903,463
 
Total deposits
   
1,506,178
     
1,459,990
     
1,358,627
 
Other borrowed funds
   
72,118
     
82,785
     
84,173
 
Long-term debt
   
41,238
     
41,238
     
41,238
 
Other liabilities
   
10,048
     
4,875
     
7,403
 
Total Liabilities
   
1,629,582
     
1,588,888
     
1,491,441
 
                         
Shareholders' equity
   
173,464
     
170,175
     
162,245
 
                         
Total Liabilities and Shareholders' Equity
 
$
1,803,046
   
$
1,759,063
   
$
1,653,686
 
 

MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands except per share information)
 
   
Quarterly
   
Year to Date
 
                                           
   
3rd Qtr
2017
   
2nd Qtr
2017
   
1st Qtr
2017
   
4th Qtr
2016
   
3rd Qtr
2016
   
2017
   
2016
 
EARNINGS SUMMARY
                                         
Net interest income
 
$
13,138
   
$
12,705
   
$
12,583
   
$
12,292
   
$
11,902
   
$
38,426
   
$
35,248
 
Provision for loan losses
   
(350
)
   
(500
)
   
(500
)
   
(250
)
   
(250
)
   
(1,350
)
   
(1,100
)
Total non-interest income
   
4,300
     
4,478
     
4,231
     
4,856
     
5,075
     
13,009
     
14,219
 
Total non-interest expense
   
10,756
     
10,792
     
10,888
     
11,488
     
11,273
     
32,434
     
34,294
 
Federal income tax expense
   
2,157
     
2,129
     
1,966
     
1,802
     
1,350
     
6,253
     
4,429
 
Net income
 
$
4,875
   
$
4,762
   
$
4,460
   
$
4,108
   
$
4,604
   
$
14,098
   
$
11,844
 
                                                         
Basic earnings per common share
 
$
0.14
   
$
0.14
   
$
0.13
   
$
0.12
   
$
0.14
   
$
0.42
   
$
0.35
 
Diluted earnings per common share
 
$
0.14
   
$
0.14
   
$
0.13
   
$
0.12
   
$
0.14
   
$
0.42
   
$
0.35
 
                                                         
MARKET DATA
                                                       
Book value per common share
 
$
5.11
   
$
5.01
   
$
4.89
   
$
4.78
   
$
4.78
   
$
5.11
   
$
4.78
 
Tangible book value per common share
 
$
5.11
   
$
5.01
   
$
4.89
   
$
4.78
   
$
4.78
   
$
5.11
   
$
4.78
 
Market value per common share
 
$
10.26
   
$
9.54
   
$
9.88
   
$
10.41
   
$
7.99
   
$
10.26
   
$
7.99
 
Average basic common shares
   
33,942,248
     
33,942,318
     
33,941,010
     
33,920,535
     
33,921,599
     
33,942,318
     
33,923,067
 
Average diluted common shares
   
33,947,269
     
33,948,127
     
33,948,584
     
33,923,371
     
33,921,599
     
33,948,419
     
33,923,067
 
Period end common shares
   
33,941,953
     
33,938,486
     
33,944,788
     
33,940,788
     
33,920,740
     
33,941,953
     
33,920,740
 
                                                         
PERFORMANCE RATIOS
                                                       
Return on average assets
   
1.10
%
   
1.11
%
   
1.05
%
   
0.97
%
   
1.10
%
   
1.08
%
   
0.95
%
Return on average equity
   
11.34
%
   
11.32
%
   
10.86
%
   
10.08
%
   
11.50
%
   
11.17
%
   
10.06
%
Net interest margin (fully taxable equivalent)
   
3.21
%
   
3.24
%
   
3.26
%
   
3.17
%
   
3.08
%
   
3.24
%
   
3.09
%
Efficiency ratio
   
61.68
%
   
62.81
%
   
64.76
%
   
66.99
%
   
66.40
%
   
63.06
%
   
69.33
%
Full-time equivalent employees (period end)
   
343
     
344
     
338
     
342
     
337
     
343
     
337
 
                                                         
ASSET QUALITY
                                                       
Gross charge-offs
 
$
55
   
$
139
   
$
26
   
$
47
   
$
46
   
$
221
   
$
158
 
Net charge-offs
 
$
(214
)
 
$
(374
)
 
$
(234
)
 
$
(364
)
 
$
(138
)
 
$
(822
)
 
$
(866
)
Net charge-offs to average loans (annualized)
   
-0.07
%
   
-0.12
%
   
-0.07
%
   
-0.12
%
   
-0.05
%
   
-0.09
%
   
-0.10
%
Nonperforming loans
 
$
521
   
$
670
   
$
401
   
$
300
   
$
233
   
$
521
   
$
233
 
Other real estate and repossessed assets
 
$
6,661
   
$
7,097
   
$
12,074
   
$
12,253
   
$
13,110
   
$
6,661
   
$
13,110
 
Nonperforming loans to total loans
   
0.04
%
   
0.05
%
   
0.03
%
   
0.02
%
   
0.02
%
   
0.04
%
   
0.02
%
Nonperforming assets to total assets
   
0.40
%
   
0.44
%
   
0.71
%
   
0.72
%
   
0.81
%
   
0.40
%
   
0.81
%
Allowance for loan losses
 
$
16,434
   
$
16,570
   
$
16,696
   
$
16,962
   
$
16,847
   
$
16,434
   
$
16,847
 
Allowance for loan losses to total loans
   
1.30
%
   
1.32
%
   
1.32
%
   
1.32
%
   
1.36
%
   
1.30
%
   
1.36
%
Allowance for loan losses to nonperforming loans
   
3154.32
%
   
2473.13
%
   
4163.34
%
   
5654.00
%
   
7230.47
%
   
3154.32
%
   
7230.47
%
                                                         
CAPITAL
                                                       
Average equity to average assets
   
9.69
%
   
9.76
%
   
9.63
%
   
9.62
%
   
9.53
%
   
9.69
%
   
9.43
%
Common equity tier 1 to risk weighted assets (Consolidated)
   
11.70
%
   
11.60
%
   
11.28
%
   
11.03
%
   
11.30
%
   
11.70
%
   
11.30
%
Tier 1 capital to average assets (Consolidated)
   
12.04
%
   
12.21
%
   
12.11
%
   
12.01
%
   
11.97
%
   
12.04
%
   
11.97
%
Total capital to risk-weighted assets (Consolidated)
   
15.50
%
   
15.45
%
   
15.12
%
   
14.88
%
   
15.30
%
   
15.50
%
   
15.30
%
Common equity tier 1 to risk weighted assets (Bank)
   
13.99
%
   
13.89
%
   
13.60
%
   
13.35
%
   
13.71
%
   
13.99
%
   
13.71
%
Tier 1 capital to average assets (Bank)
   
11.72
%
   
11.87
%
   
11.79
%
   
11.69
%
   
11.64
%
   
11.72
%
   
11.64
%
Total capital to risk-weighted assets (Bank)
   
15.10
%
   
15.02
%
   
14.73
%
   
14.49
%
   
14.90
%
   
15.10
%
   
14.90
%
Tangible common equity to assets
   
9.63
%
   
9.70
%
   
9.51
%
   
9.33
%
   
9.82
%
   
9.63
%
   
9.82
%
                                                         
END OF PERIOD BALANCES
                                                       
Total portfolio loans
 
$
1,260,037
   
$
1,251,355
   
$
1,266,128
   
$
1,280,812
   
$
1,236,395
   
$
1,260,037
   
$
1,236,395
 
Earning assets
   
1,680,458
     
1,633,383
     
1,617,331
     
1,612,533
     
1,514,797
     
1,680,458
     
1,514,797
 
Total assets
   
1,803,046
     
1,759,063
     
1,748,853
     
1,741,013
     
1,653,686
     
1,803,046
     
1,653,686
 
Deposits
   
1,506,178
     
1,459,990
     
1,433,146
     
1,448,724
     
1,358,627
     
1,506,178
     
1,358,627
 
Total shareholders' equity
   
173,464
     
170,175
     
166,145
     
162,239
     
162,245
     
173,464
     
162,245
 
                                                         
AVERAGE BALANCES
                                                       
Total portfolio loans
 
$
1,252,075
   
$
1,260,051
   
$
1,264,835
   
$
1,245,093
   
$
1,215,953
   
$
1,258,940
   
$
1,210,511
 
Earning assets
   
1,652,028
     
1,594,849
     
1,579,758
     
1,566,238
     
1,555,550
     
1,609,143
     
1,542,133
 
Total assets
   
1,775,302
     
1,723,575
     
1,706,643
     
1,696,007
     
1,680,097
     
1,735,425
     
1,666,055
 
Deposits
   
1,481,539
     
1,419,775
     
1,397,596
     
1,401,186
     
1,377,462
     
1,433,277
     
1,363,400
 
Total shareholders' equity
   
171,987
     
168,240
     
164,317
     
163,092
     
160,196
     
168,209
     
157,046