035fee46cc04494

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C.  20549

 

______________

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

______________

 

Date of Report (Date of earliest event reported):  October 30, 2013

 

 

FIDELITY D & D BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

Pennsylvania

 

333-90273

 

23-3017653

(State or other

jurisdiction of

incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

 

 

 

 

 

Blakely and Drinker Streets, Dunmore, PA       18512

(Address of principal executive offices)              (Zip Code)

Registrant’s telephone number, including area code: (570) 342-8281

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR

240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act  (17 CFR

240.13e-4(c))


 

 

FIDELITY D & D BANCORP, INC.

CURRENT REPORT ON FORM 8-K

 

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 30, 2013, Fidelity D & D Bancorp, Inc. issued a press release describing its results of operations for the quarter and year-to-date ended September 30,  2013.  A copy of the related press release is being furnished as Exhibit 99.1 to this Form 8-K.

The information in this Item 2.02 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

 

 

ITEM 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit NumberDescription

 

99.1Copy of the Press Release, dated October 30, 2013.  

 

 


 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

FIDELITY D & D BANCORP, INC.

 

 

 

 

Date:  October 30, 2013By/s/ Salvatore R. DeFrancesco, Jr.

            Salvatore R. DeFrancesco, Jr.

            Treasurer and Chief Financial Officer

 

 


 

 

EXHIBIT INDEX

 

 

 

EXHIBIT NO.   

 

 

99.1

Copy of the Press Release, dated October 30, 2013.

 


 

 

Exhibit 99.1

FIDELITY D & D BANCORP, INC.

FOR IMMEDIATE RELEASE

Date: October 30, 2013

Contacts:

        Daniel J. Santaniello                                                 Salvatore R. DeFrancesco, Jr.

President and Chief Executive Officer                     Treasurer and Chief Financial Officer

570-504-8035                                                             570-504-8000

 

FIDELITY D & D BANCORP, INC.

REPORTS THIRD QUARTER 2013 FINANCIAL RESULTS

Dunmore, PA – Fidelity D & D Bancorp, Inc. (OTC Bulletin Board: FDBC), parent company of The Fidelity Deposit and Discount Bank, announced net income for the quarter ended September 30, 2013 of $1.5 million, an increase of $106 thousand, or 8%, compared to the 2012 third quarter.  Progress in improving earnings occurred from the further generation of other income sources.  This happened while maintaining the level of net interest income along with the less required provision for loan losses, which more than offset additional other operating expenses.  Earnings per share on a diluted basis for the quarters were $0.64 and $0.61 for the three months ended September 30, 2013 and 2012, respectively.  The return on average assets was 0.96% and 0.92% with the return on average equity of 9.85% and 9.67% for the three months ended September 30, 2013 and 2012, each respectively.

“The improved financial results are reflective of the significant progress on our strategic objective of focusing on deepening and broadening existing customer relationships while continuing to add new households and business clients. Asset quality across all loan segments has continued to improve while loan originations continued to be strong,” stated Daniel J. Santaniello, President and Chief Executive Officer.  “During the current challenging banking and economic climate we have continued to enhance our capital position while continuing to control expenses and diversify our sources of revenue, creating greater shareholder value.”

Net income for the nine months ended September 30, 2013 was $4.4 million, an increase of $439 thousand, or 11%, compared to net income of $4.0 million for the same 2012 period. The current year-to-date earnings improvement occurred from producing additional other income and net interest income, with less provision for loan losses required.  This revenue growth more than offset the increase of other expenses compared to the prior year-to-date period.  Earnings per share on a diluted basis were $1.88 and $1.74 for the nine months ended September 30, 2013 and 2012, respectively.

The Company’s assets grew $38.8 million, or 6%, to total $640.3 million at September 30, 2013 from $601.5 million at December 31, 2012.  The asset growth resulted primarily in $20.5 million increase in the loans and leases, net of allowance for loan losses, and a $14.0 million increase in cash and cash equivalent balances.  The asset growth was funded from a $22.1 million increase in interest-bearing deposit balances, $8.1 million increase in non-interest-bearing deposits, along with $6.1 million short-term borrowing growth in repurchase agreements, during the first nine months of 2013.

Net interest income increased $36 thousand to $5.2 million for the quarter ended September 30, 2013 compared to the same quarter of 2012.  The 5 basis points in interest cost reductions, from lowering rates primarily on certificate of deposit accounts, were not adequate to maintain the spread with repricing assets or new loan growth added at lower yields, both of which had reduced yield on average earning assets by 10 basis points.  However, the $12.4 million increase on average earning assets was what increased net interest income by $36 thousand in the third quarter of 2013 compared to the year


 

 

ago period.  This asset growth at lower earning yields contributed towards the net interest margin reduction to 3.74% for the third quarter of 2013 compared to 3.79% for same 2012 period.

Net interest income increased $182 thousand, or 1%, to $15.6 million for the nine months ended September 30, 2013 from $15.4 million recorded during the same period of 2012.  Net interest margin was 3.81% during the first nine months of 2013 compared to 3.78% during the first nine months of 2012, up 3 basis points primarily from interest cost savings on certificate of deposit rates repricing lower, with merely a $2.4 million increase in average earning assets.

The provision for loan losses was $450 thousand and $700 thousand for the third quarters ending September 30, 2013 and 2012, respectively.  Provision for loan losses was $1.6 million for the nine months ending September 30, 2013, as compared to $2.0 million for the same 2012 period.  Although provision for loan losses was required on the 2013 loan growth, overall the provision was down from improved loan portfolio credit quality and fewer non-performing assets.  The allowance for loan losses was 1.81% of total loans at September 30, 2013, down from 1.89% at September 30, 2012.

Total other income recorded for each of the quarters ended September 30, 2013 and 2012 was $1.9 million. Other income fee based items that produced $60 thousand more revenue were from $43 thousand added interchange fees and $22 thousand additional service charges on deposit accounts, plus $34 thousand more fees and other revenue from loan servicing and rent income.  This more than offset the $33 thousand less service charges on loans and $52 thousand lower net gains from sales of loans and securities for the quarter ended September 30, 2013, compared to the same 2012 period.

Total other income for the nine months ended September 30, 2013 was $6.0 million compared to $5.9 million for the same period in 2012.  The revenue increase resulted primarily from $101 thousand more interchange fees, $90 thousand added service charges on deposit accounts, $86 thousand additional fees and other revenue from loan servicing and rent income, along with $33 thousand more fees from trust fiduciary services.  This was partially offset by $122 thousand fewer gains from the sale of loans and $102 thousand less loan service charges for the nine months ended September 30, 2013 compared to the same 2012 period.

Total other operating expenses were $4.6 million, a $165 thousand, or 4%, increase for the quarter ending September 30, 2013 when compared to the same quarter in 2012.  The increase in other expenses resulted from $132 thousand increase in salary and benefits, $81 thousand more automated transaction processing costs, $50 thousand additional advertising and $33 thousand more appraisal expenses partially reduced from $113 thousand less collection expenses incurred and $25 thousand lower FDIC premiums, when comparing the third quarter of 2013 to 2012.

Total other operating expenses increased $192 thousand, or 1%, to $14.1 million for the nine months ending September 30, 2013 from $13.9 million in the same 2012 period. The other expense increase resulted primarily from $378 thousand growth in salary and benefits expense, $140 thousand more automated transaction processing costs and $122 thousand added advertising expenses incurred, partially offset by $97 thousand lower premises and equipment expenses, $72 thousand less professional fees, and $51 thousand lower collection expenses.  These incurred variances are in addition to a $236 thousand early payoff of long-term debt cost included within the 2012 year-to-date other expenses.

Fidelity D & D Bancorp, Inc. serves Lackawanna and Luzerne Counties through The Fidelity Deposit and Discount Bank’s 11 community banking office locations, including wealth management assistance through providing fiduciary activities with the Bank’s full trust powers; as well as offering a full array of asset management services.  The Bank's deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.


 

 

Forward-looking statements

Certain of the matters discussed in this Quarterly Report on Form 10-Q may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.  The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

·

the effects of economic deterioration and the prolonged economic malaise on current customers, specifically the effect of the economy on loan customers’ ability to repay loans;

·

the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;

·

the impact of new laws and regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the regulations promulgated there under;

·

possible impacts of the capital and liquidity requirements proposed by the Basel III standards and other regulatory pronouncements, regulations and rules;

·

governmental monetary and fiscal policies, as well as legislative and regulatory changes;

·

the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;

·

the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;

·

the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;

·

technological changes;

·

acquisitions and integration of acquired businesses;

·

the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;

·

volatilities in the securities markets;

·

slow economic conditions;

·

acts of war or terrorism; and

·

disruption of credit and equity markets.

For more information please visit our investor relations web site located through www.bankatfidelity.com.

 


 

 

FIDELITY D & D BANCORP, INC.

Unaudited Condensed Consolidated Balance Sheets

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

At Period End:

September 30, 2013

December 31, 2012

Assets

 

 

 

 

  Total cash and cash equivalents

$

35,885 

$

21,846 

  Investment securities

 

103,111 

 

100,730 

  Federal Home Loan Bank Stock

 

2,160 

 

2,624 

  Loans and leases

 

464,008 

 

444,101 

  Allowance for loan losses

 

(8,405)

 

(8,972)

  Premises and equipment, net

 

13,709 

 

14,127 

  Life insurance cash surrender value

 

10,316 

 

10,065 

  Other assets

 

19,510 

 

17,004 

 

 

 

 

 

     Total assets

$

640,294 

$

601,525 

 

 

 

 

 

Liabilities

 

 

 

 

  Non-interest-bearing deposits

$

134,114 

$

126,035 

  Interest-bearing deposits

 

410,716 

 

388,625 

      Total deposits

 

544,830 

 

514,660 

  Short-term borrowings

 

14,197 

 

8,056 

  Long-term debt

 

16,000 

 

16,000 

  Other liabilities

 

3,471 

 

3,863 

     Total liabilities

 

578,498 

 

542,579 

 

 

 

 

 

  Shareholders' equity

 

61,796 

 

58,946 

 

 

 

 

 

     Total liabilities and shareholders' equity

$

640,294 

$

601,525 

 

 

 

 

 

 

 

 

 

 

Average Year-To-Date Balances:

September 30, 2013

December 31, 2012

Assets

 

 

 

 

  Total cash and cash equivalents

$

20,554 

$

37,022 

  Investment securities

 

103,171 

 

112,712 

  Loans and leases, net

 

449,652 

 

418,287 

  Premises and equipment, net

 

13,906 

 

13,943 

  Other assets

 

28,615 

 

26,522 

 

 

 

 

 

     Total assets

$

615,898 

$

608,486 

 

 

 

 

 

Liabilities

 

 

 

 

  Non-interest-bearing deposits

$

126,132 

$

111,458 

  Interest-bearing deposits

 

393,640 

 

406,948 

      Total deposits

 

519,772 

 

518,406 

  Short-term borrowings and long-term debt

 

32,018 

 

29,794 

  Other liabilities

 

3,787 

 

3,390 

     Total liabilities

 

555,577 

 

551,590 

 

 

 

 

 

  Shareholders' equity

 

60,321 

 

56,896 

 

 

 

 

 

     Total liabilities and shareholders' equity

$

615,898 

$

608,486 

 


 

 

FIDELITY D & D BANCORP, INC.

Unaudited Condensed Consolidated Statements of Income

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

 

 

Interest income

 

 

 

 

 

 

 

 

 

 

  Loans and leases

$

5,455 

$

5,420 

$

16,380 

$

16,244 

 

 

  Securities and other

 

499 

 

554 

 

1,454 

 

1,773 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total interest income

 

5,954 

 

5,974 

 

17,834 

 

18,017 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

  Deposits

 

525 

 

585 

 

1,551 

 

1,886 

 

 

  Borrowings and debt

 

223 

 

219 

 

664 

 

694 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total interest expense

 

748 

 

804 

 

2,215 

 

2,580 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net interest income

 

5,206 

 

5,170 

 

15,619 

 

15,437 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Provision for loan losses

 

450 

 

700 

 

1,600 

 

2,000 

 

 

  OTTI - credit losses

 

 -

 

 -

 

 -

 

136 

 

 

  Other income

 

1,908 

 

1,894 

 

6,027 

 

5,922 

 

 

  Other expenses

 

4,644 

 

4,479 

 

14,131 

 

13,939 

 

 

  Provision for income taxes

 

515 

 

486 

 

1,503 

 

1,311 

 

 

     Net income

$

1,505 

$

1,399 

$

4,412 

$

3,973 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Sep. 30, 2013

 

Jun. 30, 2013

 

Mar. 31, 2013

 

Dec. 31, 2012

 

Sep. 30, 2012

Interest income

 

 

 

 

 

 

 

 

 

 

  Loans and leases

$

5,455 

$

5,456 

$

5,469 

$

5,455 

$

5,420 

  Securities and other

 

499 

 

456 

 

499 

 

522 

 

554 

 

 

 

 

 

 

 

 

 

 

 

     Total interest income

 

5,954 

 

5,912 

 

5,968 

 

5,977 

 

5,974 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

  Deposits

 

525 

 

511 

 

515 

 

553 

 

585 

  Borrowings and debt

 

223 

 

221 

 

220 

 

221 

 

219 

 

 

 

 

 

 

 

 

 

 

 

     Total interest expense

 

748 

 

732 

 

735 

 

774 

 

804 

 

 

 

 

 

 

 

 

 

 

 

     Net interest income

 

5,206 

 

5,180 

 

5,233 

 

5,203 

 

5,170 

 

 

 

 

 

 

 

 

 

 

 

  Provision for loan losses

 

450 

 

600 

 

550 

 

1,250 

 

700 

  Other income

 

1,908 

 

2,051 

 

2,068 

 

1,866 

 

1,894 

  Other expenses

 

4,644 

 

4,606 

 

4,880 

 

4,642 

 

4,479 

  Provision for income taxes

 

515 

 

512 

 

477 

 

248 

 

486 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net income

$

1,505 

$

1,513 

$

1,394 

$

929 

$

1,399 

 


 

 

FIDELITY D & D BANCORP, INC.

Unaudited Condensed Consolidated Balance Sheets

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At Period End:

 

Sep. 30, 2013

 

Jun. 30, 2013

 

Mar. 31, 2013

 

Dec. 31, 2012

 

Sep. 30, 2012

Assets

 

 

 

 

 

 

 

 

 

 

  Total cash and cash equivalents

$

35,885 

$

15,266 

$

20,730 

$

21,846 

$

45,622 

  Investment securities

 

103,111 

 

96,466 

 

99,496 

 

100,730 

 

103,135 

  Federal Home Loan Bank Stock

 

2,160 

 

3,214 

 

2,238 

 

2,624 

 

3,019 

  Loans and leases

 

464,008 

 

465,351 

 

450,677 

 

444,101 

 

430,914 

  Allowance for loan losses

 

(8,405)

 

(8,296)

 

(8,236)

 

(8,972)

 

(8,142)

  Premises and equipment, net

 

13,709 

 

13,802 

 

13,876 

 

14,127 

 

14,270 

  Life insurance cash surrender value

 

10,316 

 

10,231 

 

10,146 

 

10,065 

 

9,984 

  Other assets

 

19,510 

 

19,141 

 

19,244 

 

17,004 

 

16,645 

 

 

 

 

 

 

 

 

 

 

 

     Total assets

$

640,294 

$

615,175 

$

608,171 

$

601,525 

$

615,447 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

  Non-interest-bearing deposits

$

134,114 

$

127,268 

$

122,855 

$

126,035 

$

114,653 

  Interest-bearing deposits

 

410,716 

 

392,255 

 

391,611 

 

388,625 

 

409,467 

      Total deposits

 

544,830 

 

519,523 

 

514,466 

 

514,660 

 

524,120 

  Short-term borrowings

 

14,197 

 

16,199 

 

13,593 

 

8,056 

 

14,069 

  Long-term debt

 

16,000 

 

16,000 

 

16,000 

 

16,000 

 

16,000 

  Other liabilities

 

3,471 

 

3,550 

 

4,333 

 

3,863 

 

2,705 

     Total liabilities

 

578,498 

 

555,272 

 

548,392 

 

542,579 

 

556,894 

 

 

 

 

 

 

 

 

 

 

 

  Shareholders' equity

 

61,796 

 

59,903 

 

59,779 

 

58,946 

 

58,553 

 

 

 

 

 

 

 

 

 

 

 

     Total liabilities and shareholders' equity

$

640,294 

$

615,175 

$

608,171 

$

601,525 

$

615,447 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Quarterly Balances:

 

Sep. 30, 2013

 

Jun. 30, 2013

 

Mar. 31, 2013

 

Dec. 31, 2012

 

Sep. 30, 2012

Assets

 

 

 

 

 

 

 

 

 

 

  Total cash and cash equivalents

$

18,296 

$

13,554 

$

29,939 

$

27,674 

$

32,254 

  Investment securities

 

102,617 

 

102,335 

 

104,582 

 

107,021 

 

111,112 

  Loans and leases, net

 

456,479 

 

450,684 

 

441,632 

 

426,040 

 

423,250 

  Premises and equipment, net

 

13,841 

 

13,838 

 

14,042 

 

14,266 

 

14,132 

  Other assets

 

29,622 

 

28,441 

 

27,761 

 

26,662 

 

26,938 

 

 

 

 

 

 

 

 

 

 

 

     Total assets

$

620,855 

$

608,852 

$

617,956 

$

601,663 

$

607,686 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

  Non-interest-bearing deposits

$

124,794 

$

122,805 

$

130,864 

$

117,025 

$

111,781 

  Interest-bearing deposits

 

400,305 

 

390,392 

 

390,113 

 

393,319 

 

407,335 

      Total deposits

 

525,099 

 

513,197 

 

520,977 

 

510,344 

 

519,116 

  Short-term borrowings and long-term debt

 

31,263 

 

31,199 

 

33,616 

 

28,527 

 

27,616 

  Other liabilities

 

3,892 

 

3,657 

 

3,811 

 

3,549 

 

3,390 

     Total liabilities

 

560,254 

 

548,053 

 

558,404 

 

542,420 

 

550,122 

 

 

 

 

 

 

 

 

 

 

 

  Shareholders' equity

 

60,601 

 

60,799 

 

59,552 

 

59,243 

 

57,564 

 

 

 

 

 

 

 

 

 

 

 

     Total liabilities and shareholders' equity

$

620,855 

$

608,852 

$

617,956 

$

601,663 

$

607,686 

 

 


 

 

 

FIDELITY D & D BANCORP, INC.

Selected Financial Ratios and Other Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Sep. 30, 2013

 

Jun. 30, 2013

 

Mar. 31, 2013

 

Dec. 31, 2012

 

Sep. 30, 2012

Selected returns and financial ratios

 

 

 

 

 

 

 

 

 

 

  Diluted earnings per share

$

0.64 

$

0.64 

$

0.60 

$

0.40 

$

0.61 

  Dividends per share

$

0.25 

$

0.25 

$

0.25 

$

0.25 

$

0.25 

  Yield on interest-earning assets (FTE)

 

4.26% 

 

4.37% 

 

4.36% 

 

4.41% 

 

4.36% 

  Cost of interest-bearing liabilities

 

0.69% 

 

0.70% 

 

0.70% 

 

0.73% 

 

0.74% 

  Net interest spread

 

3.57% 

 

3.67% 

 

3.66% 

 

3.68% 

 

3.62% 

  Net interest margin

 

3.74% 

 

3.84% 

 

3.84% 

 

3.86% 

 

3.79% 

  Return on average assets

 

0.96% 

 

1.00% 

 

0.91% 

 

0.61% 

 

0.92% 

  Return on average equity

 

9.85% 

 

9.98% 

 

9.49% 

 

6.24% 

 

9.67% 

  Efficiency ratio

 

64.51% 

 

61.90% 

 

66.17% 

 

64.44% 

 

61.74% 

  Expense ratio

 

1.83% 

 

1.69% 

 

1.92% 

 

1.88% 

 

1.69% 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

Sep. 30, 2013

 

Sep. 30, 2012

 

 

 

 

 

 

  Diluted earnings per share

$

1.88 

$

1.74 

 

 

 

 

 

 

  Dividends per share

$

0.75 

$

0.75 

 

 

 

 

 

 

  Yield on interest-earning assets (FTE)

 

4.33% 

 

4.39% 

 

 

 

 

 

 

  Cost of interest-bearing liabilities

 

0.70% 

 

0.78% 

 

 

 

 

 

 

  Net interest spread

 

3.63% 

 

3.61% 

 

 

 

 

 

 

  Net interest margin

 

3.81% 

 

3.78% 

 

 

 

 

 

 

  Return on average assets

 

0.96% 

 

0.87% 

 

 

 

 

 

 

  Return on average equity

 

9.78% 

 

9.46% 

 

 

 

 

 

 

  Efficiency ratio

 

64.18% 

 

63.06% 

 

 

 

 

 

 

  Expense ratio

 

1.81% 

 

1.76% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other financial data

 

Three Months Ended

 

 

Sep. 30, 2013

 

Jun. 30, 2013

 

Mar. 31, 2013

 

Dec. 31, 2012

 

Sep. 30, 2012

  Book value per share

$

26.06 

$

25.42 

$

25.52 

$

25.37 

$

25.37 

  Equity to assets

 

9.65% 

 

9.74% 

 

9.83% 

 

9.80% 

 

9.51% 

  Allowance for loan losses to:

 

 

 

 

 

 

 

 

 

 

     Total loans

 

1.81% 

 

1.78% 

 

1.83% 

 

2.02% 

 

1.89% 

     Non-accrual loans

 

1.37x

 

1.24x

 

0.85x

 

0.74x

 

0.65x

  Non-accrual loans to total loans

 

1.32% 

 

1.44% 

 

2.16% 

 

2.73% 

 

2.89% 

  Non-performing assets to total assets

 

1.82% 

 

2.03% 

 

2.47% 

 

2.94% 

 

2.72%