| New York | | | | |
| (State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification Number) | |
| 99 Park Avenue, New York, New York | | | 10016 | |
| (Address of principal executive offices) | | | (Zip Code) | |
| Title of each class | | | Name of each exchange on which registered | |
| Common Stock, $0.01 par value | | | New York Stock Exchange | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ | | | Smaller reporting company ☐ | |
| (Do not check if a smaller reporting company) | | | Emerging growth company ☒ | |
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| | | Price Per Share | | |||||||||
| | | 2017 | | |||||||||
| | | High | | | Low | | ||||||
Fourth quarter (from November 8th, 2017) | | | | $ | 50.03 | | | | | $ | 36.99 | | |
Plan | | | Number of securities to be issued upon exercise of outstanding options and rights | | | Weighted average exercise price | | | Number of securities remaining available for issuance under plan | | |||||||||
Equity compensation plans approved by stockholders | | | | | 271,500 | | | | | $ | 19.97 | | | | | | 823,629 | | |
Equity compensation plans not approved by stockholders | | | | | — | | | | | | — | | | | | | — | | |
| | | At December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Selected Financial Condition Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 261,231 | | | | | $ | 82,931 | | | | | $ | 65,647 | | |
Investment securities available for sale | | | | | 32,157 | | | | | | 37,329 | | | | | | 47,467 | | |
Investment securities held to maturity | | | | | 5,428 | | | | | | 6,500 | | | | | | 4,974 | | |
Loans, net | | | | | 1,405,009 | | | | | | 1,042,731 | | | | | | 810,356 | | |
Premises and equipment, net | | | | | 6,268 | | | | | | 5,035 | | | | | | 4,640 | | |
FRB stock, at cost | | | | | 3,911 | | | | | | 3,239 | | | | | | 2,384 | | |
FHLB stock, at cost | | | | | 2,766 | | | | | | 4,349 | | | | | | 5,022 | | |
Accrued interest receivable | | | | | 4,421 | | | | | | 2,735 | | | | | | 2,301 | | |
Goodwill | | | | | 9,733 | | | | | | 9,733 | | | | | | 9,733 | | |
Other assets | | | | | 28,931 | | | | | | 25,719 | | | | | | 12,264 | | |
Total Assets | | | | $ | 1,759,855 | | | | | $ | 1,220,301 | | | | | $ | 964,788 | | |
Deposits | | | | $ | 1,404,355 | | | | | $ | 993,780 | | | | | $ | 766,039 | | |
FHLB Advances | | | | | 42,198 | | | | | | 78,418 | | | | | | 96,147 | | |
Trust preferred securities payable | | | | | 20,620 | | | | | | 20,620 | | | | | | 20,620 | | |
Subordinated notes payable, net of issuance costs | | | | | 24,489 | | | | | | — | | | | | | — | | |
Other liabilities | | | | | 31,309 | | | | | | 17,992 | | | | | | 6,030 | | |
Total Liabilities | | | | $ | 1,522,971 | | | | | $ | 1,110,810 | | | | | $ | 888,836 | | |
Total Equity | | | | $ | 236,884 | | | | | $ | 109,491 | | | | | $ | 75,952 | | |
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| | | For the Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | |
Interest and dividend income | | | | $ | 60,753 | | | | | $ | 44,155 | | | | | $ | 32,682 | | |
Interest expense | | | | | 8,671 | | | | | | 6,089 | | | | | | 5,260 | | |
Net interest income | | | | | 52,082 | | | | | | 38,066 | | | | | | 27,422 | | |
Provision for loan losses | | | | | 7,059 | | | | | | 8,060 | | | | | | 2,015 | | |
Net interest income after provision for loan losses | | | | | 45,023 | | | | | | 30,006 | | | | | | 25,407 | | |
Noninterest income | | | | | 11,300 | | | | | | 5,423 | | | | | | 4,498 | | |
Noninterest expense | | | | | 32,745 | | | | | | 27,371 | | | | | | 23,077 | | |
Income before income tax expense | | | | | 23,578 | | | | | | 8,058 | | | | | | 6,828 | | |
Income tax expense | | | | | 11,209 | | | | | | 3,045 | | | | | | 2,559 | | |
Net income | | | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
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| | | At December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Selected Ratios: | | | | | | | | | | | | | | | | | | | |
Performance Ratios | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | | | 0.81% | | | | | | 0.46% | | | | | | 0.50% | | |
Return on average equity | | | | | 9.27 | | | | | | 5.56 | | | | | | 6.21 | | |
Net interest spread | | | | | 2.94 | | | | | | 3.53 | | | | | | 3.33 | | |
Net interest margin | | | | | 3.54 | | | | | | 3.26 | | | | | | 3.07 | | |
Average interest-earning assets to average interest-bearing liabilities | | | | | 198.12 | | | | | | 158.74 | | | | | | 139.52 | | |
Dividend payout ratio | | | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | |
Non-interest expense/average assets | | | | | 2.15 | | | | | | 2.49 | | | | | | 2.71 | | |
Efficiency ratio | | | | | 51.66 | | | | | | 62.94 | | | | | | 72.29 | | |
Average equity to average total asset ratio | | | | | 8.76 | | | | | | 8.22 | | | | | | 8.06 | | |
Basic: Earnings/share | | | | | 2.40 | | | | | | 0.43 | | | | | | 1.54 | | |
Diluted: Earnings/share | | | | | 2.34 | | | | | | 0.43 | | | | | | 1.54 | | |
Asset Quality Ratios | | | | | | | | | | | | | | | | | | | |
Non-Performing loans to total loans | | | | | 0.24 | | | | | | 0.35 | | | | | | 0.25 | | |
Allowance for loan losses to total loans | | | | | 1.05 | | | | | | 1.12 | | | | | | 1.21 | | |
Non-performing loans to total assets | | | | | 0.19 | | | | | | 0.30 | | | | | | 0.22 | | |
Allowance for loan losses to non-performing loans | | | | | 439.21 | | | | | | 322.82 | | | | | | 478.38 | | |
Capital Ratios | | | | | | | | | | | | | | | | | | | |
The Company: | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage ratio | | | | | 13.71 | | | | | | 10.49 | | | | | | 9.34 | | |
Common equity tier 1 | | | | | 15.33 | | | | | | 10.80 | | | | | | 10.44 | | |
Total risk-based capital ratio | | | | | 19.90 | | | | | | 12.45 | | | | | | 11.98 | | |
Tier 1 risk-based capital ratio | | | | | 17.09 | | | | | | 11.32 | | | | | | 10.93 | | |
Metropolitan Commercial Bank: | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage ratio | | | | | 14.71 | | | | | | 10.41 | | | | | | 9.26 | | |
Common equity tier 1 | | | | | 18.40 | | | | | | 11.25 | | | | | | 10.83 | | |
Total risk-based capital ratio | | | | | 19.40 | | | | | | 12.38 | | | | | | 12.08 | | |
Tier 1 risk-based capital ratio | | | | | 18.40 | | | | | | 11.25 | | | | | | 10.83 | | |
| | | For the Year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Average Outstanding Balance | | | Interest | | | Yield/ Rate | | | Average Outstanding Balance | | | Interest | | | Yield/ Rate | | | Average Outstanding Balance | | | Interest | | | Yield/ Rate | | |||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans | | | | $ | 1,244,194 | | | | | $ | 57,075 | | | | | | 4.59% | | | | | $ | 931,207 | | | | | $ | 42,360 | | | | | | 4.56% | | | | | $ | 704,080 | | | | | $ | 31,110 | | | | | | 4.42% | | |
Available-for-sale securities | | | | | 35,085 | | | | | | 720 | | | | | | 2.05 | | | | | | 41,836 | | | | | | 795 | | | | | | 1.90 | | | | | | 52,402 | | | | | | 999 | | | | | | 1.91 | | |
Held-to-maturity securities | | | | | 5,963 | | | | | | 123 | | | | | | 2.06 | | | | | | 6,215 | | | | | | 121 | | | | | | 1.95 | | | | | | 2,551 | | | | | | 56 | | | | | | 2.20 | | |
Other interest-earning assets | | | | | 195,805 | | | | | | 2,835 | | | | | | 1.45 | | | | | | 85,186 | | | | | | 879 | | | | | | 1.03 | | | | | | 65,230 | | | | | | 517 | | | | | | 0.79 | | |
Total interest-earning assets | | | | | 1,481,047 | | | | | | 60,753 | | | | | | 4.10 | | | | | | 1,064,444 | | | | | | 44,155 | | | | | | 4.16 | | | | | | 824,263 | | | | | | 32,682 | | | | | | 3.97 | | |
Noninterest-earning assets | | | | | 58,477 | | | | | | | | | | | | | | | | | | 43,918 | | | | | | | | | | | | | | | | | | 37,217 | | | | | | | | | | | | | | |
Allowance for loan losses | | | | | (15,322) | | | | | | | | | | | | | | | | | | (11,131) | | | | | | | | | | | | | | | | | | (8,706) | | | | | | | | | | | | | | |
Total assets | | | | $ | 1,524,202 | | | | | | | | | | | | | | | | | $ | 1,097,231 | | | | | | | | | | | | | | | | | $ | 852,774 | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market and savings accounts | | | | $ | 561,733 | | | | | $ | 4,840 | | | | | | 0.86% | | | | | $ | 501,619 | | | | | $ | 3,674 | | | | | | 0.73% | | | | | $ | 395,878 | | | | | $ | 2,679 | | | | | | 0.68% | | |
Certificates of deposit | | | | | 80,130 | | | | | | 1,033 | | | | | | 1.29 | | | | | | 101,950 | | | | | | 1,203 | | | | | | 1.18 | | | | | | 109,921 | | | | | | 1,126 | | | | | | 1.02 | | |
Total interest-bearing deposits | | | | | 641,863 | | | | | | 5,873 | | | | | | 0.91 | | | | | | 603,569 | | | | | | 4,877 | | | | | | 0.80 | | | | | | 505,799 | | | | | | 3,805 | | | | | | 0.75 | | |
Borrowed funds | | | | | 105,684 | | | | | | 2,798 | | | | | | 2.61 | | | | | | 69,840 | | | | | | 1,212 | | | | | | 1.74 | | | | | | 79,006 | | | | | | 1,455 | | | | | | 1.84 | | |
Total interest-bearing liabilities | | | | | 747,547 | | | | | | 8,671 | | | | | | 1.16 | | | | | | 673,409 | | | | | | 6,089 | | | | | | 0.90 | | | | | | 584,805 | | | | | | 5,260 | | | | | | 0.90 | | |
Noninterest-bearing deposits | | | | | 607,743 | | | | | | | | | | | | | | | | | | 313,594 | | | | | | | | | | | | | | | | | | 183,901 | | | | | | | | | | | | | | |
Other non-interest bearing liabilities | | | | | 35,450 | | | | | | | | | | | | | | | | | | 20,022 | | | | | | | | | | | | | | | | | | 15,319 | | | | | | | | | | | | | | |
Total liabilities | | | | | 1,390,740 | | | | | | | | | | | | | | | | | | 1,007,025 | | | | | | | | | | | | | | | | | | 784,025 | | | | | | | | | | | | | | |
Equity | | | | | 133,462 | | | | | | | | | | | | | | | | | | 90,206 | | | | | | | | | | | | | | | | | | 68,749 | | | | | | | | | | | | | | |
Total liabilities and equity | | | | $ | 1,524,202 | | | | | | | | | | | | | | | | | $ | 1,097,231 | | | | | | | | | | | | | | | | | $ | 852,774 | | | | | | | | | | | | | | |
Net interest income | | | | | | | | | | $ | 52,082 | | | | | | | | | | | | | | | | | $ | 38,066 | | | | | | | | | | | | | | | | | $ | 27,422 | | | | | | | | |
Net interest rate spread(1) | | | | | | | | | | | | | | | | | 2.94% | | | | | | | | | | | | | | | | | | 3.26% | | | | | | | | | | | | | | | | | | 3.07% | | |
Net interest-earning assets(2) | | | | $ | 733,500 | | | | | | | | | | | | | | | | | $ | 391,035 | | | | | | | | | | | | | | | | | $ | 239,458 | | | | | | | | | | | | | | |
Net interest margin(3) | | | | | | | | | | | | | | | | | 3.54% | | | | | | | | | | | | | | | | | | 3.57% | | | | | | | | | | | | | | | | | | 3.36% | | |
Average interest-earning assets to interest-bearing liabilities | | | | | 198.12% | | | | | | | | | | | | | | | | | | 158.74% | | | | | | | | | | | | | | | | | | 139.52% | | | | | | | | | | | | | | |
| | | At December 31, | | |||||||||||||||||||||||||||||||||
| | | 2017 over 2016 | | | 2016 over 2015 | | ||||||||||||||||||||||||||||||
| | | Increase (Decrease) Due to | | | Total Increase (Decrease) | | | Increase (Decrease) Due to | | | Total Increase (Decrease) | | ||||||||||||||||||||||||
| | | Volume | | | Rate | | | Volume | | | Rate | | ||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans | | | | $ | 14,457 | | | | | $ | 258 | | | | | $ | 14,715 | | | | | $ | 10,235 | | | | | $ | 1,017 | | | | | $ | 11,252 | | |
Available-for-sale securities | | | | | (82) | | | | | | (40) | | | | | | (122) | | | | | | (213) | | | | | | 9 | | | | | | (204) | | |
Held-to-maturity securities | | | | | (2) | | | | | | 4 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | — | | |
Other interest-earning assets | | | | | 1,502 | | | | | | 501 | | | | | | 2,003 | | | | | | 216 | | | | | | 209 | | | | | | 425 | | |
Total interest-earning assets | | | | $ | 15,875 | | | | | $ | 723 | | | | | $ | 16,598 | | | | | $ | 10,238 | | | | | $ | 1,235 | | | | | $ | 11,473 | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market and savings accounts | | | | $ | 469 | | | | | $ | 697 | | | | | $ | 1,166 | | | | | $ | 760 | | | | | $ | 235 | | | | | $ | 995 | | |
Certificates of deposit | | | | | (299) | | | | | | 129 | | | | | | (170) | | | | | | (71) | | | | | | 148 | | | | | | 77 | | |
Total deposits | | | | | 170 | | | | | | 826 | | | | | | 996 | | | | | | 689 | | | | | | 383 | | | | | | 1,072 | | |
FHLB Advances | | | | | 803 | | | | | | 783 | | | | | | 1,586 | | | | | | (164) | | | | | | (79) | | | | | | (243) | | |
Total interest-bearing liabilities | | | | | 973 | | | | | | 1,609 | | | | | | 2,582 | | | | | | 525 | | | | | | 304 | | | | | | 829 | | |
Change in net interest income | | | | $ | 14,902 | | | | | $ | (886) | | | | | $ | 14,016 | | | | | $ | 9,713 | | | | | $ | 931 | | | | | $ | 10,644 | | |
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| | | At December 31, | | |||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||||||||
Available-for-sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities | | | | $ | 24,856 | | | | | $ | 24,684 | | | | | $ | 29,152 | | | | | $ | 29,027 | | | | | $ | 39,679 | | | | | $ | 39,794 | | |
Residential collateralized mortgage obligations | | | | | 2,809 | | | | | | 2,706 | | | | | | 5,233 | | | | | | 5,103 | | | | | | 4,560 | | | | | | 4,449 | | |
Commercial mortgage backed by government sponsored agencies | | | | | 1,581 | | | | | | 1,550 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Municipal bond | | | | | 1,098 | | | | | | 1,109 | | | | | | 1,122 | | | | | | 1,136 | | | | | | 1,145 | | | | | | 1,174 | | |
CRA mutual fund | | | | | 2,160 | | | | | | 2,108 | | | | | | 2,115 | | | | | | 2,063 | | | | | | 2,068 | | | | | | 2,050 | | |
Total securities available-for-sale | | | | $ | 32,504 | | | | | $ | 32,157 | | | | | $ | 37,622 | | | | | $ | 37,329 | | | | | $ | 47,452 | | | | | $ | 47,467 | | |
Held-to-maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities | | | | $ | 5,403 | | | | | $ | 5,305 | | | | | $ | 6,475 | | | | | $ | 6,394 | | | | | $ | 4,877 | | | | | $ | 4,873 | | |
Foreign government securities | | | | | 25 | | | | | | 25 | | | | | | 25 | | | | | | 25 | | | | | | 97 | | | | | | 97 | | |
Total securities held-to-maturity | | | | $ | 5,428 | | | | | $ | 5,330 | | | | | $ | 6,500 | | | | | $ | 6,419 | | | | | $ | 4,974 | | | | | $ | 4,970 | | |
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| | | One Year or Less | | | More than One Year to Five Years | | | More than Five to Ten Years | | | More than Ten Years | | | Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Weighted Average Yield | | | Amortized Cost | | | Fair Value | | | Weighted Average Yield | | |||||||||||||||||||||||||||||||||
Available-for-sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 14,227 | | | | | | 2.31% | | | | | $ | 10,629 | | | | | | 2.05% | | | | | $ | 24,856 | | | | | $ | 24,684 | | | | | | 2.20% | | |
Residential collateralized mortgage obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,809 | | | | | | 1.47 | | | | | | — | | | | | | — | | | | | | 2,809 | | | | | | 2,706 | | | | | | 1.47 | | |
Commercial mortgage backed securities guaranteed by U.S. government sponsored agencies | | | | | — | | | | | | — | | | | | | 1,581 | | | | | | 1.47 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 1,581 | | | | | | 1,550 | | | | | | 1.47 | | |
Municipal bond | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,098 | | | | | | 3.94 | | | | | | 1,098 | | | | | | 1,109 | | | | | | 3.94 | | |
CRA mutual fund(1) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,160 | | | | | | 2,108 | | | | | | 2.27 | | |
Total securities available-for-sale | | | | $ | — | | | | | | — | | | | | $ | 1,581 | | | | | | 1.47% | | | | | $ | 17,036 | | | | | | 2.17% | | | | | $ | 11,727 | | | | | | 2.23% | | | | | $ | 32,504 | | | | | $ | 32,157 | | | | | | 2.10% | | |
Held-to-maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 5,403 | | | | | | 2.06% | | | | | $ | 5,403 | | | | | $ | 5,305 | | | | | | 2.06% | | |
Foreign government securities | | | | | — | | | | | | — | | | | | | 25 | | | | | | 1.83 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25 | | | | | | 25 | | | | | | 1.83 | | |
Total securities held-to-maturity | | | | $ | — | | | | | | —% | | | | | $ | 25 | | | | | | 1.83% | | | | | $ | — | | | | | | —% | | | | | $ | 5,403 | | | | | | 2.06% | | | | | $ | 5,428 | | | | | $ | 5,330 | | | | | | 2.06% | | |
|
| | | At December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Loan Balance | | | % of Total loans | | | Loan Balance | | | % of Total loans | | | Loan Balance | | | % of Total loans | | | Loan Balance | | | % of Total loans | | | Loan Balance | | | % of Total loans | | ||||||||||||||||||||||||||||||
Real Estate: | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | | | | $ | 783,745 | | | | | | 55.15% | | | | | $ | 547,711 | | | | | | 51.88% | | | | | $ | 364,802 | | | | | | 44.40% | | | | | $ | 295,347 | | | | | | 46.52% | | | | | $ | 284,187 | | | | | | 56.58% | | |
Construction | | | | | 36,960 | | | | | | 2.60 | | | | | | 29,447 | | | | | | 2.79 | | | | | | 38,447 | | | | | | 4.68 | | | | | | 18,923 | | | | | | 2.98 | | | | | | 9,563 | | | | | | 1.90 | | |
Multifamily | | | | | 190,097 | | | | | | 13.38 | | | | | | 117,373 | | | | | | 11.12 | | | | | | 118,367 | | | | | | 14.41 | | | | | | 93,054 | | | | | | 14.66 | | | | | | 58,921 | | | | | | 11.73 | | |
One-to-four family | | | | | 25,568 | | | | | | 1.80 | | | | | | 26,480 | | | | | | 2.51 | | | | | | 37,371 | | | | | | 4.55 | | | | | | 39,992 | | | | | | 6.30 | | | | | | 35,030 | | | | | | 6.97 | | |
Commercial and industrial | | | | | 340,001 | | | | | | 23.93 | | | | | | 315,870 | | | | | | 29.92 | | | | | | 258,661 | | | | | | 31.49 | | | | | | 187,536 | | | | | | 29.54 | | | | | | 114,545 | | | | | | 22.82 | | |
Consumer | | | | | 44,595 | | | | | | 3.14 | | | | | | 18,825 | | | | | | 1.78 | | | | | | 3,825 | | | | | | 0.47 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total loans receivable | | | | $ | 1,420,966 | | | | | | 100.00% | | | | | $ | 1,055,706 | | | | | | 100.00% | | | | | $ | 821,473 | | | | | | 100.00% | | | | | $ | 634,852 | | | | | | 100.00% | | | | | $ | 502,246 | | | | | | 100.00% | | |
|
| | | Commercial | | | Construction | | | Multifamily | | | One-to-four family | | | Commercial and industrial | | | Consumer loans | | ||||||||||||||||||
Amount due to Mature During the Year Ending: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2018 | | | | $ | 177,187 | | | | | $ | 25,121 | | | | | $ | 31,397 | | | | | $ | — | | | | | $ | 74,597 | | | | | $ | 16 | | |
December 31, 2019 | | | | | 107,854 | | | | | | — | | | | | | 21,925 | | | | | | — | | | | | | 10,716 | | | | | | 274 | | |
December 31, 2020 | | | | | 124,799 | | | | | | 11,839 | | | | | | 4,715 | | | | | | — | | | | | | 20,773 | | | | | | 677 | | |
December 31, 2021 | | | | | 66,508 | | | | | | — | | | | | | 974 | | | | | | — | | | | | | 34,939 | | | | | | 3,936 | | |
December 31, 2022 | | | | | 163,983 | | | | | | — | | | | | | 15,963 | | | | | | — | | | | | | 62,222 | | | | | | 4,049 | | |
Sub-total (within 5 years) | | | | | 640,331 | | | | | | 36,960 | | | | | | 74,974 | | | | | | — | | | | | | 203,247 | | | | | | 8,952 | | |
December 31, 2023 and beyond | | | | | 143,414 | | | | | | — | | | | | | 115,123 | | | | | | 25,568 | | | | | | 136,754 | | | | | | 35,643 | | |
Total | | | | $ | 783,745 | | | | | $ | 36,960 | | | | | $ | 190,097 | | | | | $ | 25,568 | | | | | $ | 340,001 | | | | | $ | 44,595 | | |
|
| | | At December 31, 2017 | | |||||||||||||||||||||||||||
| | | Fixed Rate | | | % of Total | | | Floating Rate | | | % of Total | | | Total Loans | | |||||||||||||||
Real Estate: | | ||||||||||||||||||||||||||||||
Commercial | | | | $ | 487,559 | | | | | | 80.40% | | | | | $ | 119,001 | | | | | | 19.60% | | | | | $ | 606,560 | | |
Construction | | | | | 3,342 | | | | | | 28.23 | | | | | | 8,497 | | | | | | 71.77 | | | | | | 11,839 | | |
Multifamily | | | | | 124,499 | | | | | | 78.45 | | | | | | 34,201 | | | | | | 21.55 | | | | | | 158,700 | | |
One-to-four family | | | | | 556 | | | | | | 2.17 | | | | | | 25,012 | | | | | | 97.83 | | | | | | 25,568 | | |
Commercial and industrial | | | | | 115,541 | | | | | | 43.50 | | | | | | 149,863 | | | | | | 56.50 | | | | | | 265,404 | | |
Consumer | | | | | 30,246 | | | | | | 67.85 | | | | | | 14,333 | | | | | | 32.15 | | | | | | 44,579 | | |
Total | | | | $ | 761,743 | | | | | | | | | | | $ | 350,907 | | | | | | | | | | | $ | 1,112,650 | | |
|
| | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||
Total loans at the beginning of the year | | | | $ | 1,055,706 | | | | | $ | 821,473 | | | | | $ | 634,852 | | | | | $ | 502,246 | | | | | $ | 421,842 | | |
Loans originated: | | ||||||||||||||||||||||||||||||
Real Estate: | | ||||||||||||||||||||||||||||||
Commercial | | | | | 195,488 | | | | | | 230,790 | | | | | | 239,005 | | | | | | 85,860 | | | | | | 70,766 | | |
Construction | | | | | 52,116 | | | | | | 10,685 | | | | | | 30,333 | | | | | | 5,729 | | | | | | 12,925 | | |
Multifamily | | | | | 88,347 | | | | | | 89,643 | | | | | | 17,300 | | | | | | 24,175 | | | | | | 17,055 | | |
One- to four-family | | | | | 48,620 | | | | | | 12,685 | | | | | | 37,663 | | | | | | 22,895 | | | | | | 30,747 | | |
Commercial and industrial | | | | | 313,935 | | | | | | 64,461 | | | | | | 60,373 | | | | | | 81,058 | | | | | | 73,793 | | |
Consumer | | | | | 16,930 | | | | | | 16,605 | | | | | | 3,966 | | | | | | — | | | | | | — | | |
Total loans originated | | | | | 715,436 | | | | | | 424,869 | | | | | | 388,640 | | | | | | 219,717 | | | | | | 205,287 | | |
Loans purchased: | | | | | | | |||||||||||||||||||||||||
Commercial and industrial | | | | | 46,756 | | | | | | 108,726 | | | | | | 68,283 | | | | | | 38,875 | | | | | | 41,965 | | |
Total loans purchased | | | | | 46,756 | | | | | | 108,726 | | | | | | 68,283 | | | | | | 38,875 | | | | | | 41,965 | | |
Loans sold: | | | | | | | |||||||||||||||||||||||||
Real Estate: | | ||||||||||||||||||||||||||||||
Commercial and industrial | | | | | 7,871 | | | | | | 26,095 | | | | | | — | | | | | | — | | | | | | — | | |
Total loans sold | | | | | 7,871 | | | | | | 26,095 | | | | | | — | | | | | | — | | | | | | — | | |
Other: | | | | | | | |||||||||||||||||||||||||
Principal repayments | | | | | (389,061) | | | | | | (273,267) | | | | | | (270,302) | | | | | | (125,986) | | | | | | (166,848) | | |
Net loan activity | | | | | 365,260 | | | | | | 234,233 | | | | | | 186,621 | | | | | | 132,606 | | | | | | 80,404 | | |
Total loans, including loans held for sale, at end of period | | | | $ | 1,420,966 | | | | | $ | 1,055,706 | | | | | $ | 821,473 | | | | | $ | 634,852 | | | | | $ | 502,246 | | |
|
| | | At December 31, 2017 | | |||||||||||||||||||||
| | | 30 – 89 Days | | | 90 Days or More | | ||||||||||||||||||
| | | Number of Loans | | | Principal Balance | | | Number of Loans | | | Principal Balance | | ||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | | 1 | | | | | $ | 836 | | | | | | 2 | | | | | $ | 787 | | |
Commercial and industrial | | | | | 3 | | | | | | 227 | | | | | | — | | | | | | — | | |
Consumer | | | | | 5 | | | | | | 170 | | | | | | 3 | | | | | | 155 | | |
Total | | | | | 9 | | | | | $ | 1,233 | | | | | | 5 | | | | | $ | 942 | | |
|
| | | At December 31, 2016 | | |||||||||||||||||||||
| | | 30 – 89 Days | | | 90 Days or More | | ||||||||||||||||||
| | | Number of Loans | | | Principal Balance | | | Number of Loans | | | Principal Balance | | ||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | | 2 | | | | | $ | 958 | | | | | | — | | | | | $ | — | | |
Commercial and industrial | | | | | 2 | | | | | | 3,936 | | | | | | — | | | | | | — | | |
Consumer | | | | | 1 | | | | | | 34 | | | | | | — | | | | | | — | | |
Total | | | | | 5 | | | | | $ | 4,928 | | | | | | — | | | | | $ | — | | |
|
| | | At December 31, 2015 | | |||||||||||||||||||||
| | | 30 – 89 Days | | | 90 Days or More | | ||||||||||||||||||
| | | Number of Loans | | | Principal Balance | | | Number of Loans | | | Principal Balance | | ||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family | | | | | — | | | | | $ | — | | | | | | 1 | | | | | $ | 659 | | |
Commercial and industrial | | | | | — | | | | | | — | | | | | | 1 | | | | | | 46 | | |
Total | | | | | — | | | | | $ | — | | | | | | 2 | | | | | $ | 705 | | |
|
| | | At December 31, 2014 | | |||||||||||||||||||||
| | | 30 – 89 Days | | | 90 Days or More | | ||||||||||||||||||
| | | Number of Loans | | | Principal Balance | | | Number of Loans | | | Principal Balance | | ||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family | | | | | — | | | | | $ | — | | | | | | 1 | | | | | $ | 659 | | |
Total | | | | | — | | | | | $ | — | | | | | | 1 | | | | | $ | 659 | | |
|
| | | At December 31, 2013 | | |||||||||||||||||||||
| | | 30 – 89 Days | | | 90 Days or More | | ||||||||||||||||||
| | | Number of Loans | | | Principal Balance | | | Number of Loans | | | Principal Balance | | ||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | | 1 | | | | | $ | 3,975 | | | | | | 1 | | | | | $ | 1,430 | | |
One-to-four family | | | | | — | | | | | | — | | | | | | 1 | | | | | | 659 | | |
Total | | | | | 1 | | | | | $ | 3,975 | | | | | | 2 | | | | | $ | 2,089 | | |
|
| | | At December 31, | | |||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||
Non-accrual loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | $ | 787 | | | | | $ | — | | | | | $ | 1,373 | | | | | $ | 1,414 | | | | | $ | 5,405 | | |
One-to-four family | | | | | 2,447 | | | | | | — | | | | | | 659 | | | | | | 659 | | | | | | 1,223 | | |
Commercial and industrial | | | | | — | | | | | | 3,660 | | | | | | 46 | | | | | | — | | | | | | 1,915 | | |
Consumer | | | | | 155 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 3,389 | | | | | $ | 3,660 | | | | | $ | 2,078 | | | | | $ | 2,073 | | | | | $ | 8,543 | | |
Troubled debt restructurings: | | | | | | | | | | | | | ��� | | | | | | | | | | | | | | | | | | |
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | $ | 1,580 | | | | | $ | 5,504 | | | | | $ | 1,806 | | | | | $ | 447 | | | | | $ | 6,379 | | |
Multifamily | | | | | — | | | | | | — | | | | | | 5,971 | | | | | | 6,048 | | | | | | 6,132 | | |
One-to-four family | | | | | 1,119 | | | | | | 1,130 | | | | | | 1,130 | | | | | | 1,130 | | | | | | 565 | | |
Commercial and industrial | | | | | — | | | | | | 1,255 | | | | | | 3,358 | | | | | | 1,595 | | | | | | — | | |
Total | | | | $ | 2,699 | | | | | $ | 7,889 | | | | | $ | 12,265 | | | | | $ | 9,220 | | | | | $ | 13,076 | | |
Total non-performing assets | | | | $ | 6,088 | | | | | $ | 11,549 | | | | | $ | 14,343 | | | | | $ | 11,293 | | | | | $ | 21,619 | | |
Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-performing loans to total loans | | | | | 0.24% | | | | | | 0.35% | | | | | | 0.26% | | | | | | 0.33% | | | | | | 1.73% | | |
Total non-performing loans to total assets | | | | | 0.19% | | | | | | 0.30% | | | | | | 0.22% | | | | | | 0.27% | | | | | | 1.34% | | |
Total non-performing assets to total assets | | | | | 0.19% | | | | | | 0.30% | | | | | | 0.22% | | | | | | 0.27% | | | | | | 1.34% | | |
| | | At December, 31 | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Special mention | | | | $ | 12,595 | | | | | $ | 7,208 | | | | | $ | 19,345 | | |
Substandard | | | | | 1,966 | | | | | | 4,872 | | | | | | 3,352 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | |
Pass | | | | | 1,336,242 | | | | | | 998,321 | | | | | | 757,580 | | |
Total | | | | $ | 1,350,803 | | | | | $ | 1,010,401 | | | | | $ | 780,277 | | |
|
| | | At December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Allowance Amount | | | % of Allowance to total Allowance | | | % of Loans in Category to Total Loans | | | Allowance Amount | | | % of Allowance to total Allowance | | | % of Loans in Category to Total Loans | | | Allowance Amount | | | % of Allowance to total Allowance | | | % of Loans in Category to Total Loans | | |||||||||||||||||||||||||||
Real Estate: | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | | | | $ | 7,136 | | | | | | 47.92% | | | | | | 55.15% | | | | | $ | 5,206 | | | | | | 44.06% | | | | | | 51.88% | | | | | $ | 3,650 | | | | | | 36.71% | | | | | | 44.40% | | |
Construction | | | | | 519 | | | | | | 3.49 | | | | | | 2.60 | | | | | | 409 | | | | | | 3.46 | | | | | | 2.79 | | | | | | 589 | | | | | | 5.92 | | | | | | 4.68 | | |
Multifamily | | | | | 1,156 | | | | | | 7.77 | | | | | | 13.38 | | | | | | 620 | | | | | | 5.25 | | | | | | 11.12 | | | | | | 986 | | | | | | 9.92 | | | | | | 14.41 | | |
One-to-four family | | | | | 138 | | | | | | 0.93 | | | | | | 1.80 | | | | | | 109 | | | | | | 0.92 | | | | | | 2.51 | | | | | | 444 | | | | | | 4.47 | | | | | | 4.55 | | |
Commercial and industrial | | | | | 5,578 | | | | | | 37.47 | | | | | | 23.93 | | | | | | 5,364 | | | | | | 45.40 | | | | | | 29.92 | | | | | | 4,254 | | | | | | 42.79 | | | | | | 31.49 | | |
Consumer | | | | | 360 | | | | | | 2.42 | | | | | | 3.14 | | | | | | 107 | | | | | | 0.91 | | | | | | 1.78 | | | | | | 19 | | | | | | 0.19 | | | | | | 0.47 | | |
Total | | | | $ | 14,887 | | | | | | 100.00% | | | | | | 100.00% | | | | | $ | 11,815 | | | | | | 100.00% | | | | | | 100.00% | | | | | $ | 9,942 | | | | | | 100.00% | | | | | | 100.00% | | |
|
| | | At December 31, | | |||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||
| | | Allowance Amount | | | % of Allowance to total Allowance | | | % of Loans in Category to Total Loans | | | Allowance Amount | | | % of Allowance to total Allowance | | | % of Loans in Category to Total Loans | | ||||||||||||||||||
Real Estate: | | ||||||||||||||||||||||||||||||||||||
Commercial | | | | $ | 3,283 | | | | | | 41.47% | | | | | | 46.50% | | | | | $ | 3,965 | | | | | | 52.77% | | | | | | 56.60% | | |
Construction | | | | | 269 | | | | | | 3.40 | | | | | | 3.00 | | | | | | 181 | | | | | | 2.41 | | | | | | 1.90 | | |
Multifamily | | | | | 778 | | | | | | 9.83 | | | | | | 14.70 | | | | | | 545 | | | | | | 7.26 | | | | | | 11.70 | | |
One-to-four family | | | | | 480 | | | | | | 6.06 | | | | | | 6.30 | | | | | | 630 | | | | | | 8.39 | | | | | | 7.00 | | |
Commercial and industrial | | | | | 3,106 | | | | | | 39.24 | | | | | | 29.50 | | | | | | 2,191 | | | | | | 29.17 | | | | | | 22.80 | | |
Total | | | | $ | 7,916 | | | | | | 100.00% | | | | | | 100.00% | | | | | $ | 7,512 | | | | | | 100.00% | | | | | | 100.00% | | |
|
| | | Year Ended December 31, | | |||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||
Balance at beginning of the year | | | | $ | 11,815 | | | | | $ | 9,942 | | | | | $ | 7,916 | | | | | $ | 7,512 | | | | | $ | 8,558 | | |
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (275) | | |
One-to-four family | | | | | — | | | | | | (659) | | | | | | — | | | | | | — | | | | | | (471) | | |
Commercial and industrial | | | | | (3,879) | | | | | | (5,530) | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | (108) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total charge-offs | | | | | (3,987) | | | | | | (6,189) | | | | | | — | | | | | | — | | | | | | (746) | | |
Recoveries: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | |
One-to-four family | | | | | — | | | | | | 2 | | | | | | 11 | | | | | | 11 | | | | | | 14 | | |
Total recoveries | | | | | — | | | | | | 2 | | | | | | 11 | | | | | | 11 | | | | | | 17 | | |
Net (charge-offs) recoveries | | | | | (3,987) | | | | | | (6,187) | | | | | | 11 | | | | | | 11 | | | | | | (729) | | |
Provision (credit) for loan losses | | | | | 7,059 | | | | | | 8,060 | | | | | | 2,015 | | | | | | 393 | | | | | | (317) | | |
Balance at end of the year | | | | $ | 14,887 | | | | | $ | 11,815 | | | | | $ | 9,942 | | | | | $ | 7,916 | | | | | $ | 7,512 | | |
Ratio of net charge-offs to average loans outstanding | | | | | 0.32% | | | | | | 0.66% | | | | | | — | | | | | | — | | | | | | 0.16% | | |
Ratio of allowance for loan losses to total loans outstanding | | | | | 1.05% | | | | | | 1.12% | | | | | | 1.21% | | | | | | 1.25% | | | | | | 1.50% | | |
Allowance for loan losses to total nonperforming loans | | | | | 439.21% | | | | | | 322.82% | | | | | | 478.40% | | | | | | 381.86% | | | | | | 87.93% | | |
| | | At December 31, | | |||||||||||||||||||||||||||||||||
| | | 2017 | | | Percentage of total balance | | | 2016 | | | Percentage of total balance | | | 2015 | | | Percentage of total balance | | ||||||||||||||||||
Non-interest-bearing demand deposits | | | | $ | 812,497 | | | | | | 57.86% | | | | | $ | 403,402 | | | | | | 40.59% | | | | | $ | 250,373 | | | | | | 32.68% | | |
Money market | | | | | 484,589 | | | | | | 34.51 | | | | | | 482,393 | | | | | | 48.54 | | | | | | 392,525 | | | | | | 51.24 | | |
Savings accounts | | | | | 27,024 | | | | | | 1.92 | | | | | | 17,472 | | | | | | 1.76 | | | | | | 18,869 | | | | | | 2.46 | | |
Time deposits | | | | | 80,245 | | | | | | 5.71 | | | | | | 90,513 | | | | | | 9.11 | | | | | | 104,273 | | | | | | 13.62 | | |
Total | | | | $ | 1,404,355 | | | | | | 100.00% | | | | | $ | 993,780 | | | | | | 100.00% | | | | | $ | 766,040 | | | | | | 100.00% | | |
|
| | | 2017 vs. 2016 dollar Change | | | 2017 vs. 2016 percentage Change | | | 2016 vs. 2015 dollar Change | | | 2016 vs. 2015 percentage Change | | ||||||||||||
Non-interest-bearing demand deposits | | | | $ | 409,095 | | | | | | 101.41% | | | | | $ | 153,029 | | | | | | 61.12% | | |
Money market | | | | | 2,196 | | | | | | 0.46 | | | | | | 89,868 | | | | | | 22.89 | | |
Savings accounts | | | | | 9,552 | | | | | | 54.67 | | | | | | (1,397) | | | | | | -7.40 | | |
Time deposits | | | | | (10,268) | | | | | | (11.34) | | | | | | (13,760) | | | | | | -13.20 | | |
Total | | | | $ | 410,575 | | | | | | 41.31% | | | | | $ | 227,740 | | | | | | 29.73% | | |
|
| | | At December 31, 2017 | | |||
Three months or less | | | | $ | 19,441 | | |
Over three months through six months | | | | | 18,179 | | |
Over six months through one year | | | | | 25,625 | | |
Over one year | | | | | 17,000 | | |
Total | | | | $ | 80,245 | | |
|
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Maximum balance outstanding at any month-end during reporting period | | | | $ | 119,474 | | | | | $ | 106,750 | | | | | $ | 116,767 | | |
Average balance outstanding during period | | | | $ | 105,684 | | | | | $ | 69,840 | | | | | $ | 79,006 | | |
Weighted average interest rate during period | | | | | 2.61% | | | | | | 1.74% | | | | | | 1.84% | | |
Balance outstanding at end of period | | | | $ | 87,307 | | | | | $ | 99,038 | | | | | $ | 116,767 | | |
Weighted average interest rate at end of period | | | | | 3.27% | | | | | | 1.80% | | | | | | 1.30% | | |
| | | At December 31, 2017 | | |||||||||||||||||||||||||||
| | | Less Than One Year | | | More than One year Through Three Years | | | More Than Three Years Through Five Years | | | Over Five Years | | | Total | | |||||||||||||||
Operating lease obligations | | | | $ | 2,753 | | | | | $ | 5,491 | | | | | $ | 4,330 | | | | | $ | 6,754 | | | | | $ | 19,328 | | |
Subordinated debentures | | | | | — | | | | | | — | | | | | | — | | | | | | 20,620 | | | | | | 20,620 | | |
Subordinated notes | | | | | — | | | | | | — | | | | | | — | | | | | | 24,489 | | | | | | 24,489 | | |
FHLB Advances | | | | | 42,198 | | | | | | — | | | | | | — | | | | | | — | | | | | | 42,198 | | |
Time deposits | | | | | 63,245 | | | | | | 16,287 | | | | | | 713 | | | | | | — | | | | | | 80,245 | | |
Total | | | | $ | 108,196 | | | | | $ | 21,778 | | | | | $ | 5,043 | | | | | $ | 51,863 | | | | | $ | 186,880 | | |
|
| | | At December 31, | | |||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||||||||
| | | Fixed Rate | | | Variable Rate | | | Fixed Rate | | | Variable Rate | | | Fixed Rate | | | Variable Rate | | ||||||||||||||||||
Undrawn lines of credit | | | | $ | 39,651 | | | | | $ | 76,008 | | | | | $ | 60,984 | | | | | $ | 9,890 | | | | | $ | 74,841 | | | | | $ | 898 | | |
Letters of credit | | | | | 23,741 | | | | | | — | | | | | | 9,808 | | | | | | — | | | | | | 6,460 | | | | | | — | | |
| | | | $ | 63,392 | | | | | $ | 76,008 | | | | | $ | 70,792 | | | | | $ | 9,890 | | | | | $ | 81,301 | | | | | $ | 898 | | |
|
| | | Total | | | 2018 | | | 2019 – 2020 | | | 2021 – 2022 | | | 2023 and thereafter | | |||||||||||||||
Undrawn lines of credit | | | | $ | 115,659 | | | | | $ | 72,873 | | | | | $ | 25,505 | | | | | $ | 14,281 | | | | | $ | 3,000 | | |
Standby letters of credit | | | | | 23,741 | | | | | | 21,045 | | | | | | 2,700 | | | | | | — | | | | | | — | | |
| | | | $ | 139,400 | | | | | $ | 93,918 | | | | | $ | 28,205 | | | | | $ | 14,281 | | | | | $ | 3,000 | | |
|
| | | At December 31, 2017 | | | Minimum Ratio to be “Well Capitalized” | | | Minimum Ratio Required for Capital Adequacy Purposes | | |||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
The Company: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage ratio | | | | | 13.7% | | | | | | 10.5% | | | | | | 9.3% | | | | | | N/A | | | | | | 4.0% | | |
Common equity tier 1 | | | | | 15.3 | | | | | | 10.8 | | | | | | 10.4 | | | | | | N/A | | | | | | 4.5% | | |
Total risk-based capital ratio | | | | | 19.9 | | | | | | 12.5 | | | | | | 12.0 | | | | | | N/A | | | | | | 6.0% | | |
Tier 1 risk-based capital ratio | | | | | 17.1 | | | | | | 11.3 | | | | | | 10.9 | | | | | | N/A | | | | | | 8.0% | | |
The Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage ratio | | | | | 14.7% | | | | | | 10.4% | | | | | | 9.3% | | | | | | 5.0% | | | | | | 4.0% | | |
Common equity tier 1 | | | | | 18.4 | | | | | | 11.3 | | | | | | 10.8 | | | | | | 6.5% | | | | | | 4.5% | | |
Total risk-based capital ratio | | | | | 19.4 | | | | | | 12.4 | | | | | | 12.1 | | | | | | 8.0% | | | | | | 6.0% | | |
Tier 1 risk-based capital ratio | | | | | 18.4 | | | | | | 11.3 | | | | | | 10.8 | | | | | | 10.0% | | | | | | 8.0% | | |
| At December 31, 2017 | | ||||||
| Change in Interest Rates (basis points) | | | Net Interest Income Year 1 Forecast | | | Year 1 Change from Level | |
| +400 | | | $78,893 | | | 28.3% | |
| +300 | | | $74,538 | | | 21.2% | |
| +200 | | | $70,180 | | | 14.1% | |
| +100 | | | $65,918 | | | 7.2% | |
| — | | | $61,509 | | | —% | |
| -100 | | | $57,534 | | | -6.46% | |
| | | | | | Estimated Increase (Decrease) in EVE | | | EVE as a Percentage of Fair Value of Assets(3) | | ||||||
Change in Interest Rates (basis points)(1) | | | Estimated EVE(2) | | | Dollars | | | Percent | | | EVE Ratio(4) | | | Increase (Decrease) (basis points) | |
+400 | | | $277,889 | | | ($6,643) | | | -2.3% | | | 17.08% | | | 0.65 | |
+300 | | | $279,015 | | | (5,517) | | | -1.9% | | | 16.91% | | | 0.48 | |
+200 | | | $279,644 | | | (4,888) | | | -1.7% | | | 16.70% | | | 0.28 | |
+100 | | | $284,235 | | | (297) | | | -0.1% | | | 16.68% | | | 0.25 | |
- | | | $284,532 | | | — | | | — | | | 16.43% | | | — | |
-100 | | | $278,512 | | | (6,020) | | | -2.1% | | | 15.83% | | | (0.59) | |
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| | | | | |
| | | 2017 | | | 2016 | | ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents: | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 261,231 | | | | | $ | 82,931 | | |
U.S. Government securities money market funds | | | | | — | | | | | | — | | |
Total cash and cash equivalents | | | | | 261,231 | | | | | | 82,931 | | |
Investment securities available for sale, at estimated fair value | | | | | 32,157 | | | | | | 37,329 | | |
Investment securities held to maturity (estimated fair value of $5,330 and $6,419 at December 31, 2017 and 2016, respectively) | | | | | 5,428 | | | | | | 6,500 | | |
Other investments | | | | | 13,677 | | | | | | 12,588 | | |
Loans | | | | | 1,420,966 | | | | | | 1,055,706 | | |
Deferred loan fees and unamortized costs, net | | | | | (1,070) | | | | | | (1,160) | | |
Allowance for loan losses | | | | | (14,887) | | | | | | (11,815) | | |
Net loans | | | | | 1,405,009 | | | | | | 1,042,731 | | |
Accounts receivable, net | | | | | 6,601 | | | | | | 5,420 | | |
Receivable from prepaid card programs, net | | | | | 9,579 | | | | | | 7,566 | | |
Accrued interest receivable | | | | | 4,421 | | | | | | 2,735 | | |
Premises and equipment, net | | | | | 6,268 | | | | | | 5,035 | | |
Prepaid expenses and other assets | | | | | 5,751 | | | | | | 7,733 | | |
Goodwill | | | | | 9,733 | | | | | | 9,733 | | |
Total assets | | | | $ | 1,759,855 | | | | | $ | 1,220,301 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | |
Noninterest-bearing demand deposits | | | | $ | 812,497 | | | | | $ | 403,402 | | |
Interest-bearing deposits | | | | | 591,858 | | | | | | 590,378 | | |
Total deposits | | | | | 1,404,355 | | | | | | 993,780 | | |
FHLB Advances | | | | | 42,198 | | | | | | 78,418 | | |
Trust preferred securities payable | | | | | 20,620 | | | | | | 20,620 | | |
Subordinated debt, net of issuance costs | | | | | 24,489 | | | | | | — | | |
Accounts payable, accrued expenses and other liabilities | | | | | 21,678 | | | | | | 10,901 | | |
Accrued interest payable | | | | | 749 | | | | | | 227 | | |
Debit cardholder balances | | | | | 8,882 | | | | | | 6,864 | | |
Total liabilities | | | | | 1,522,971 | | | | | | 1,110,810 | | |
COMMITMENTS AND CONTINGENCIES (See Note 9) | | | | | — | | | | | | — | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Class A preferred stock, $0.01 par value, authorized 5,000,000 shares Issued and outstanding 0 at December 31, 2017 and 2016 | | | | | — | | | | | | — | | |
Class B preferred stock, $0.01 par value, authorized 2,000,000 shares, issued and outstanding 272,636 at December 31, 2017 and 2016 | | | | | 3 | | | | | | 3 | | |
Common stock, $0.01 par value, authorized 10,000,000 shares, issued and outstanding 8,196,310 and 4,604,563 at December 31, 2017 and 2016, respectively | | | | | 81 | | | | | | 45 | | |
Additional paid in capital | | | | | 211,145 | | | | | | 96,116 | | |
Retained earnings | | | | | 25,861 | | | | | | 13,492 | | |
Accumulated other comprehensive loss, net of tax effect | | | | | (206) | | | | �� | | (165) | | |
Total stockholders’ equity | | | | | 236,884 | | | | | | 109,491 | | |
Total liabilities and stockholders’ equity | | | | $ | 1,759,855 | | | | | $ | 1,220,301 | | |
|
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Interest and dividend income: | | | | | | | | | | | | | | | | | | | |
Loans, including fees | | | | $ | 57,075 | | | | | $ | 42,360 | | | | | $ | 31,110 | | |
Securities: | | | | | | | | | | | | | | | | | | | |
Taxable | | | | | 813 | | | | | | 886 | | | | | | 1,024 | | |
Tax-exempt | | | | | 30 | | | | | | 30 | | | | | | 31 | | |
Money market funds and commercial paper | | | | | 315 | | | | | | 142 | | | | | | 110 | | |
Other interest and dividends | | | | | 2,520 | | | | | | 737 | | | | | | 407 | | |
Total interest income | | | | | 60,753 | | | | | | 44,155 | | | | | | 32,682 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 5,873 | | | | | | 4,877 | | | | | | 3,805 | | |
FHLB Advances | | | | | 840 | | | | | | 673 | | | | | | 999 | | |
Trust preferred securities payable interest expense | | | | | 636 | | | | | | 539 | | | | | | 456 | | |
Subordinated debt interest expense | | | | | 1,322 | | | | | | — | | | | | | — | | |
Total interest expense | | | | | 8,671 | | | | | | 6,089 | | | | | | 5,260 | | |
Net interest income | | | | | 52,082 | | | | | | 38,066 | | | | | | 27,422 | | |
Provision for loan losses | | | | | 7,059 | | | | | | 8,060 | | | | | | 2,015 | | |
Net interest income after provision for loan losses | | | | | 45,023 | | | | | | 30,006 | | | | | | 25,407 | | |
Non-interest income: | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | | 3,452 | | | | | | 876 | | | | | | 754 | | |
Other service charges and fees | | | | | 4,368 | | | | | | 1,179 | | | | | | 476 | | |
Loan prepayment penalties | | | | | 111 | | | | | | 402 | | | | | | 700 | | |
Debit card income | | | | | 3,369 | | | | | | 2,926 | | | | | | 2,568 | | |
Net gains on securities transactions | | | | | — | | | | | | 40 | | | | | | — | | |
Total non-interest income | | | | | 11,300 | | | | | | 5,423 | | | | | | 4,498 | | |
Non-interest expense: | | | | | | | | | | | | | | | | | | | |
Compensation and benefits | | | | | 19,166 | | | | | | 17,010 | | | | | | 13,221 | | |
Bank premises and equipment | | | | | 4,385 | | | | | | 3,985 | | | | | | 3,620 | | |
Directors Fees | | | | | 894 | | | | | | 611 | | | | | | 540 | | |
Insurance Expense | | | | | 281 | | | | | | 333 | | | | | | 363 | | |
Professional fees | | | | | 2,636 | | | | | | 1,595 | | | | | | 1,360 | | |
FDIC assessment | | | | | 1,067 | | | | | | 675 | | | | | | 554 | | |
Core processing fees | | | | | 1,495 | | | | | | 862 | | | | | | 788 | | |
Other expenses | | | | | 2,821 | | | | | | 2,300 | | | | | | 2,631 | | |
Total non-interest expense | | | | | 32,745 | | | | | | 27,371 | | | | | | 23,077 | | |
Net income before income tax expense | | | | | 23,578 | | | | | | 8,058 | | | | | | 6,828 | | |
Income tax expense | | | | | 11,209 | | | | | | 3,045 | | | | | | 2,559 | | |
Net income | | | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
Earnings per common share | | | | | | | | | | | | | | | | | | | |
Earnings per share – basic | | | | | 2.40 | | | | | | 0.43 | | | | | | 1.54 | | |
Earnings per share – diluted | | | | | 2.34 | | | | | | 0.43 | | | | | | 1.54 | | |
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Net Income | | | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Unrealized gains/losses of securities available for sale: | | | | | | | | | | | | | | | | | | | |
Unrealized holding loss arising during the year | | | | | (54) | | | | | | (268) | | | | | | (220) | | |
Reclassification adjustment for net gains included in net income | | | | | — | | | | | | (40) | | | | | | — | | |
Total unrealized gains/loss on securities available for sale | | | | | (54) | | | | | | (308) | | | | | | (220) | | |
Tax effect | | | | | (13) | | | | | | (127) | | | | | | (107) | | |
Total unrealized gains/loss on securities available for sale, net of tax | | | | | (41) | | | | | | (181) | | | | | | (113) | | |
Comprehensive income | | | | $ | 12,328 | | | | | $ | 4,832 | | | | | $ | 4,156 | | |
|
| | | Preferred Stock, Class A | | | Preferred Stock, Class B | | | Common Stock | | | Additional Paid-in Capital | | | Retained Earnings | | | AOCI (Loss), Net | | | Total | | |||||||||||||||||||||||||||||||||||||||
| | | Number of Shares | | | Amount | | | Number of Shares | | | Amount | | | Number of Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2015 | | | | | 415,248 | | | | | $ | 4 | | | | | | 60,000 | | | | | $ | 1 | | | | | | 2,321,615 | | | | | $ | 23 | | | | | $ | 50,750 | | | | | $ | 7,836 | | | | | $ | 129 | | | | | $ | 58,743 | | |
Conversion of preferred to common stock | | | | | (24,204) | | | | | | | | | | | | | | | | | | | | | | | | 13,447 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Issuance of common stock, net | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 722,222 | | | | | | 7 | | | | | | 12,599 | | | | | | — | | | | | | — | | | | | | 12,606 | | |
Restricted stock | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 38,500 | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | |
Employee stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 447 | | | | | | — | | | | | | — | | | | | | 447 | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,269 | | | | | | — | | | | | | 4,269 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (113) | | | | | | (113) | | |
Balance at December 31, 2015 | | | | | 391,044 | | | | | $ | 4 | | | | | | 60,000 | | | | | $ | 1 | | | | | | 3,095,784 | | | | | $ | 30 | | | | | $ | 63,796 | | | | | $ | 12,105 | | | | | $ | 16 | | | | | $ | 75,952 | | |
Balance at January 1, 2016 | | | | | 391,044 | | | | | $ | 4 | | | | | | 60,000 | | | | | $ | 1 | | | | | | 3,095,784 | | | | | $ | 30 | | | | | $ | 63,796 | | | | | $ | 12,105 | | | | | $ | 16 | | | | | $ | 75,952 | | |
Purchase & retirement of treasury preferred stock | | | | | (123,924) | | | | | | (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,238) | | | | | | (161) | | | | | | — | | | | | | (1,400) | | |
Preferred stock – redemption | | | | | (267,120) | | | | | | (3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,624) | | | | | | (45) | | | | | | — | | | | | | (2,672) | | |
Conversion of preferred to common stock | | | | | | | | | | | | | | | | | (60,000) | | | | | | (1) | | | | | | 60,000 | | | | | | 1 | | | | | | | | | | | | — | | | | | | — | | | | | | (0) | | |
Issuance of preferred stock, net | | | | | | | | | | | | | | | | | 272,636 | | | | | | 3 | | | | | | | | | | | | | | | | | | 5,500 | | | | | | — | | | | | | — | | | | | | 5,503 | | |
Issuance of common stock, net | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,374,112 | | | | | | 14 | | | | | | 28,354 | | | | | | | | | | | | | | | | | | 28,368 | | |
Restricted stock, net | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 74,667 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class A preferred – dividend payment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (3,420) | | | | | | | | | | | | (3,420) | | |
Employee stock-based compensation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,328 | | | | | | — | | | | | | — | | | | | | 2,328 | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,013 | | | | | | — | | | | | | 5,013 | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | (181) | | | | | | (181) | | |
Balance at December 31, 2016 | | | | | — | | | | | $ | — | | | | | | 272,636 | | | | | $ | 3 | | | | | | 4,604,563 | | | | | $ | 45 | | | | | $ | 96,116 | | | | | $ | 13,492 | | | | | $ | (165) | | | | | $ | 109,491 | | |
Balance at January 1, 2017 | | | | | — | | | | | $ | — | | | | | | 272,636 | | | | | $ | 3 | | | | | | 4,604,563 | | | | | $ | 45 | | | | | $ | 96,116 | | | | | $ | 13,492 | | | | | $ | (165) | | | | | $ | 109,491 | | |
Employee stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 412 | | | | | | — | | | | | | — | | | | | | 412 | | |
Common stock issued in initial public offering, net of stock issuance costs of $10,002 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,565,000 | | | | | | 36 | | | | | | 114,737 | | | | | | — | | | | | | — | | | | | | 114,773 | | |
Restricted stock grants, net of forfeiture | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,383 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of stock options | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,503 | | | | | | — | | | | | | 135 | | | | | | — | | | | | | — | | | | | | 135 | | |
Repurchase of shares for exercise of stock options and tax withholding for restricted stock vesting | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (6,139) | | | | | | | | | | | | (255) | | | | | | | | | | | | | | | | | | (255) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,369 | | | | | | — | | | | | | 12,369 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (41) | | | | | | (41) | | |
Balance at December 31, 2017 | | | | | — | | | | | $ | — | | | | | | 272,636 | | | | | $ | 3 | | | | | | 8,196,310 | | | | | $ | 81 | | | | | $ | 211,145 | | | | | $ | 25,861 | | | | | $ | (206) | | | | | $ | 236,884 | | |
|
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net income | | | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
Adjustments to reconcile net income to net cash: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 978 | | | | | | 785 | | | | | | 696 | | |
Net amortization on securities | | | | | 321 | | | | | | 355 | | | | | | 492 | | |
Amortization of subordinated debt issuance costs | | | | | 46 | | | | | | — | | | | | | — | | |
Gain on sale of securities | | | | | — | | | | | | (40) | | | | | | — | | |
Provision for loan losses | | | | | 7,059 | | | | | | 8,060 | | | | | | 2,015 | | |
Net change in deferred loan fees | | | | | (90) | | | | | | (15) | | | | | | (1,006) | | |
Deferred income tax benefit | | | | | 790 | | | | | | (913) | | | | | | (455) | | |
Stock-based compensation expense | | | | | 412 | | | | | | 2,328 | | | | | | 447 | | |
Net change in: | | | | | | | | | | | | | | | | | | | |
Accrued interest receivable | | | | | (1,686) | | | | | | (434) | | | | | | (628) | | |
Accounts payable, accrued expenses and other liabilities | | | | | 10,777 | | | | | | (1,215) | | | | | | 1,542 | | |
Change in debit card holder balances | | | | | 2,018 | | | | | | 6,635 | | | | | | (2,919) | | |
Change in Accrued interest payable | | | | | 522 | | | | | | (93) | | | | | | (6) | | |
Accounts receivable, net | | | | | (1,181) | | | | | | (4,550) | | | | | | 245 | | |
Receivable from prepaid card programs, net | | | | | (2,013) | | | | | | (187) | | | | | | 3,703 | | |
Prepaid expenses and other assets | | | | | 1,151 | | | | | | (1,171) | | | | | | (2,952) | | |
Net cash provided by operating activities | | | | | 31,473 | | | | | | 14,558 | | | | | | 5,443 | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Loan originations and payments, net | | | | | (377,118) | | | | | | (240,420) | | | | | | (184,597) | | |
Proceeds from sales of loans | | | | | 7,871 | | | | | | — | | | | | | — | | |
Redemptions of other investments | | | | | 7,203 | | | | | | — | | | | | | — | | |
Purchases of other investments | | | | | (8,292) | | | | | | (182) | | | | | | (5,368) | | |
Purchase of securities available for sale | | | | | (1,470) | | | | | | (1,546) | | | | | | — | | |
Proceeds from sales and calls of securities available for sale | | | | | — | | | | | | 2,771 | | | | | | — | | |
Proceeds from paydowns and maturities of securities available for sale | | | | | 6,359 | | | | | | 8,378 | | | | | | 9,491 | | |
Purchase of securities held to maturity | | | | | — | | | | | | (2,684) | | | | | | (5,151) | | |
Proceeds from paydowns of securities held to maturity | | | | | 1,034 | | | | | | 1,198 | | | | | | 283 | | |
Purchase of premises and equipment, net | | | | | (2,211) | | | | | | (1,180) | | | | | | (1,732) | | |
Net cash used in investing activities | | | | | (366,624) | | | | | | (233,665) | | | | | | (187,074) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of common stock, net | | | | | 114,773 | | | | | | 28,368 | | | | | | 12,606 | | |
Proceeds from issuance of preferred stock, net | | | | | — | | | | | | 5,503 | | | | | | — | | |
Purchase and retirement of treasury preferred stock | | | | | — | | | | | | (1,400) | | | | | | — | | |
Proceeds from exercise of stock options | | | | | 135 | | | | | | — | | | | | | — | | |
Redemption of common stock for exercise of stock options and tax withholdings for resticted stock vesting | | | | | (255) | | | | | | | | | | | | | | |
Redemption of preferred stock, net | | | | | — | | | | | | (2,672) | | | | | | — | | |
Payment of preferred stock dividend | | | | | — | | | | | | (3,420) | | | | | | — | | |
Proceeds from issuance of subordinated debt, net of issuance cost | | | | | 24,443 | | | | | | — | | | | | | — | | |
Proceeds from FHLB advances | | | | | 326,864 | | | | | | 120,000 | | | | | | 97,426 | | |
Repayments of FHLB advances | | | | | (363,084) | | | | | | (137,729) | | | | | | (65,202) | | |
Net increase in deposits | | | | | 410,575 | | | | | | 227,741 | | | | | | 156,793 | | |
Net cash provided by financing activities | | | | | 513,451 | | | | | | 236,391 | | | | | | 201,623 | | |
Increase in cash and cash equivalents | | | | | 178,300 | | | | | | 17,284 | | | | | | 19,992 | | |
Cash and cash equivalents at the beginning of the year | | | | | 82,931 | | | | | | 65,647 | | | | | | 45,655 | | |
Cash and cash equivalents at the end of the year | | | | $ | 261,231 | | | | | $ | 82,931 | | | | | $ | 65,647 | | |
Supplemental information: | | | | | | | | | | | | | | | | | | | |
Cash paid during the year for: | | | | | | | | | | | | | | | | | | | |
Interest | | | | $ | 8,149 | | | | | $ | 6,182 | | | | | $ | 5,025 | | |
Taxes | | | | $ | 8,787 | | | | | $ | 5,270 | | | | | $ | 3,265 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Transfer of loans held for investment to held for sale | | | | $ | 7,871 | | | | | $ | 26,095 | | | | | $ | — | | |
At December 31, 2017 | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available-for-sale | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities | | | | $ | 24,856 | | | | | $ | 70 | | | | | $ | (242) | | | | | $ | 24,684 | | |
Residential collateralized mortgage obligations | | | | | 2,809 | | | | | | — | | | | | | (103) | | | | | | 2,706 | | |
Commercial collateralized mortgage obligations | | | | | 1,581 | | | | | | — | | | | | | (31) | | | | | | 1,550 | | |
Municipal bond | | | | | 1,098 | | | | | | 11 | | | | | | — | | | | | | 1,109 | | |
CRA mutual fund | | | | | 2,160 | | | | | | — | | | | | | (52) | | | | | | 2,108 | | |
Total securities available-for-sale | | | | $ | 32,504 | | | | | $ | 81 | | | | | $ | (428) | | | | | $ | 32,157 | | |
Held-to-maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities | | | | $ | 5,403 | | | | | $ | — | | | | | $ | (98) | | | | | $ | 5,305 | | |
Foreign government securities | | | | | 25 | | | | | | — | | | | | | — | | | | | | 25 | | |
Total securities held-to-maturity | | | | $ | 5,428 | | | | | $ | — | | | | | $ | (98) | | | | | $ | 5,330 | | |
|
At December 31, 2016 | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available-for-sale | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities | | | | $ | 29,152 | | | | | $ | 165 | | | | | $ | (290) | | | | | $ | 29,027 | | |
Residential collateralized mortgage obligations | | | | | 5,233 | | | | | | — | | | | | | (130) | | | | | | 5,103 | | |
Municipal bond | | | | | 1,122 | | | | | | 14 | | | | | | — | | | | | | 1,136 | | |
CRA mutual fund | | | | | 2,115 | | | | | | — | | | | | | (52) | | | | | | 2,063 | | |
Total securities available-for-sale | | | | $ | 37,622 | | | | | $ | 179 | | | | | $ | (472) | | | | | $ | 37,329 | | |
Held-to-maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities | | | | $ | 6,475 | | | | | $ | — | | | | | $ | (81) | | | | | $ | 6,394 | | |
Foreign government securities | | | | | 25 | | | | | | — | | | | | | — | | | | | | 25 | | |
Total securities held-to-maturity | | | | $ | 6,500 | | | | | $ | — | | | | | $ | (81) | | | | | $ | 6,419 | | |
|
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Proceeds | | | | $ | — | | | | | $ | 2,771 | | | | | $ | — | | |
Gross gains | | | | $ | — | | | | | $ | 40 | | | | | $ | — | | |
Gross losses | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | Held to Maturity | | | Available for Sale | | ||||||||||||||||||
At December 31, 2017 | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Within one year | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
One to five years | | | | | 25 | | | | | | 25 | | | | | | — | | | | | | — | | |
Five to ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Beyond ten years | | | | | — | | | | | | — | | | | | | 1,098 | | | | | | 1,109 | | |
Total | | | | | 25 | | | | | | 25 | | | | | | 1,098 | | | | | | 1,109 | | |
Residential mortgage-backed securities | | | | $ | 5,403 | | | | | $ | 5,305 | | | | | $ | 24,856 | | | | | $ | 24,684 | | |
Residential collateralized mortgage obligations | | | | | — | | | | | | — | | | | | | 2,809 | | | | | | 2,706 | | |
Commercial collateralized mortgage obligations | | | | | | | | | | | | | | | | | 1,581 | | | | | | 1,550 | | |
CRA mutual fund | | | | | — | | | | | | — | | | | | | 2,160 | | | | | | 2,108 | | |
Total Securities | | | | $ | 5,428 | | | | | $ | 5,330 | | | | | $ | 32,504 | | | | | $ | 32,157 | | |
|
| | | Held to Maturity | | | Available for Sale | | ||||||||||||||||||
At December 31, 2016 | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Within one year | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
One to five years | | | | | 25 | | | | | | 25 | | | | | | — | | | | | | — | | |
Five to ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Beyond ten years | | | | | — | | | | | | — | | | | | | 1,122 | | | | | | 1,136 | | |
Total | | | | | 25 | | | | | | 25 | | | | | | 1,122 | | | | | | 1,136 | | |
Residential mortgage-backed securities | | | | $ | 6,475 | | | | | $ | 6,394 | | | | | $ | 29,152 | | | | | $ | 29,027 | | |
Residential collateralized mortgage obligations | | | | | — | | | | | | — | | | | | | 5,233 | | | | | | 5,103 | | |
CRA mutual fund | | | | | — | | | | | | — | | | | | | 2,115 | | | | | | 2,063 | | |
Total Securities | | | | $ | 6,500 | | | | | $ | 6,419 | | | | | $ | 37,622 | | | | | $ | 37,329 | | |
|
| | Less than 12 Months | | 12 months or more | | Total | | | Less than 12 Months | ��� | | 12 months or more | | Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2017 | | Estimated Fair Value | | Unrealized Losses | | Estimated Fair Value | | Unrealized Losses | | Estimated Fair Value | | Unrealized Losses | | | Estimated Fair Value | | Unrealized Losses | | Estimated Fair Value | | Unrealized Losses | | Estimated Fair Value | | Unrealized Losses | | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | | | $ | 9,194 | | | | $ | (85) | | | | $ | 7,738 | | | | $ | (157) | | | | $ | 16,932 | | | | $ | (242) | | | | | $ | 9,194 | | | | $ | (85) | | | | $ | 7,738 | | | | $ | (157) | | | | $ | 16,932 | | | | $ | (242) | | | ||||||||||||
Residential collateralized mortgage obligations | | | | — | | | | | — | | | | | 2,706 | | | | | (103) | | | | | 2,706 | | | | | (103) | | | | | | — | | | | | — | | | | | 2,706 | | | | | (103) | | | | | 2,706 | | | | | (103) | | | ||||||||||||
Commercial collateralized mortgage obligations | | | | | | | | | | | | | | 1,550 | | | | | (31) | | | | | 1,550 | | | | | (31) | | | | | | | | | | | | | | | | 1,550 | | | | | (31) | | | | | 1,550 | | | | | (31) | | | ||||||||||||
CRA mutual fund | | | | — | | | | | — | | | | | 2,108 | | | | | (52) | | | | | 2,108 | | | | | (52) | | | | | | — | | | | | — | | | | | 2,108 | | | | | (52) | | | | | 2,108 | | | | | (52) | | | ||||||||||||
Total securities available-for-sale | | | $ | 9,194 | | | | $ | (85) | | | | $ | 14,102 | | | | $ | (343) | | | | $ | 23,296 | | | | $ | (428) | | | | | $ | 9,194 | | | | $ | (85) | | | | $ | 14,102 | | | | $ | (343) | | | | $ | 23,296 | | | | $ | (428) | | | ||||||||||||
Residential mortgage-backed securities | | | $ | 3,260 | | | | $ | (33) | | | | $ | 2,045 | | | | $ | (65) | | | | $ | 5,305 | | | | $ | (98) | | | | | $ | 3,260 | | | | $ | (33) | | | | $ | 2,045 | | | | $ | (65) | | | | $ | 5,305 | | | | $ | (98) | | | ||||||||||||
Total held-to-maturity | | | $ | 3,260 | | | | $ | (33) | | | | $ | 2,045 | | | | $ | (65) | | | | $ | 5,305 | | | | $ | (98) | | | | | $ | 3,260 | | | | $ | (33) | | | | $ | 2,045 | | | | $ | (65) | | | | $ | 5,305 | | | | $ | (98) | | | |
| | | Less than 12 Months | | | 12 months or more | | | Total | | |||||||||||||||||||||||||||
At December 31, 2016 | | | Estimated Fair Value | | | Unrealized Losses | | | Estimated Fair Value | | | Unrealized Losses | | | Estimated Fair Value | | | Unrealized Losses | | ||||||||||||||||||
Residential mortgage-backed securities | | | | $ | 16,733 | | | | | $ | (290) | | | | | $ | — | | | | | $ | — | | | | | $ | 16,733 | | | | | $ | (290) | | |
Residential collateralized mortgage obligations | | | | | 2,887 | | | | | | (60) | | | | | | 2,216 | | | | | | (70) | | | | | | 5,103 | | | | | | (130) | | |
CRA mutual fund | | | | | — | | | | | | — | | | | | | 2,063 | | | | | | (52) | | | | | | 2,063 | | | | | | (52) | | |
Total securities available-for-sale | | | | $ | 19,620 | | | | | $ | (350) | | | | | $ | 4,279 | | | | | $ | (122) | | | | | $ | 23,899 | | | | | $ | (472) | | |
Residential mortgage-backed securities | | | | $ | 6,394 | | | | | $ | (81) | | | | | $ | — | | | | | $ | — | | | | | $ | 6,394 | | | | | $ | (81) | | |
Total held-to-maturity | | | | $ | 6,394 | | | | | $ | (81) | | | | | $ | — | | | | | $ | — | | | | | $ | 6,394 | | | | | $ | (81) | | |
|
| | | At December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
Real estate | | | | | | | | | | | | | |
Commercial | | | | $ | 783,745 | | | | | $ | 547,711 | | |
Construction | | | | | 36,960 | | | | | | 29,447 | | |
Multifamily | | | | | 190,097 | | | | | | 117,373 | | |
One-to-four family | | | | | 25,568 | | | | | | 26,480 | | |
Total Real Estate | | | | | 1,036,370 | | | | | | 721,011 | | |
Commercial and industrial | | | | | 340,001 | | | | | | 315,870 | | |
Consumer | | | | | 44,595 | | | | | | 18,825 | | |
Total loans | | | | | 1,420,966 | | | | | | 1,055,706 | | |
Deferred fees | | | | | (1,070) | | | | | | (1,160) | | |
Allowance for loan losses | | | | | (14,887) | | | | | | (11,815) | | |
Net loans at the end of the year | | | | $ | 1,405,009 | | | | | $ | 1,042,731 | | |
|
December 31, 2017 | | | Commercial Real Estate | | | Commercial & Industrial | | | Construction | | | Multi Family | | | One-to-four Family | | | Consumer | | | Total | | |||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 5,206 | | | | | $ | 5,364 | | | | | $ | 409 | | | | | $ | 620 | | | | | $ | 109 | | | | | $ | 107 | | | | | $ | 11,815 | | |
Provision for loan losses | | | | | 1,930 | | | | | | 4,093 | | | | | | 110 | | | | | | 536 | | | | | | 29 | | | | | | 361 | | | | | | 7,059 | | |
Loans charged-off | | | | | — | | | | | | (3,879) | | | | | | — | | | | | | — | | | | | | — | | | | | | (108) | | | | | | (3,987) | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total ending allowance balance | | | | $ | 7,136 | | | | | $ | 5,578 | | | | | $ | 519 | | | | | $ | 1,156 | | | | | $ | 138 | | | | | $ | 360 | | | | | $ | 14,887 | | |
|
December 31, 2016 | | | Commercial Real Estate | | | Commercial & Industrial | | | Construction | | | Multi Family | | | One-to-four Family | | | Consumer | | | Total | | |||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 3,650 | | | | | $ | 4,254 | | | | | $ | 589 | | | | | $ | 986 | | | | | $ | 444 | | | | | $ | 19 | | | | | $ | 9,942 | | |
Provision (credit) for loan losses | | | | | 1,556 | | | | | | 6,640 | | | | | | (180) | | | | | | (366) | | | | | | 322 | | | | | | 88 | | | | | | 8,060 | | |
Loans charged-off | | | | | — | | | | | | (5,530) | | | | | | — | | | | | | — | | | | | | (659) | | | | | | — | | | | | | (6,189) | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 2 | | |
Total ending allowance balance | | | | $ | 5,206 | | | | | $ | 5,364 | | | | | $ | 409 | | | | | $ | 620 | | | | | $ | 109 | | | | | $ | 107 | | | | | $ | 11,815 | | |
|
December 31, 2015 | | | Commercial Real Estate | | | Commercial & Industrial | | | Construction | | | Multi Family | | | One-to-four Family | | | Consumer | | | Total | | |||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 3,283 | | | | | $ | 3,106 | | | | | $ | 269 | | | | | $ | 778 | | | | | $ | 480 | | | | | $ | — | | | | | $ | 7,916 | | |
Provision (credit) for loan losses | | | | | 367 | | | | | | 1,148 | | | | | | 320 | | | | | | 208 | | | | | | (47) | | | | | | 19 | | | | | | 2,015 | | |
Loans charged-off | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11 | | | | | | — | | | | | | 11 | | |
Total ending allowance balance | | | | $ | 3,650 | | | | | $ | 4,254 | | | | | $ | 589 | | | | | $ | 986 | | | | | $ | 444 | | | | | $ | 19 | | | | | $ | 9,942 | | |
|
At December 31, 2017 | | | Commercial Real Estate | | | Commercial & Industrial | | | Construction | | | Multi Family | | | One-to-four Family | | | Consumer | | | Total | | |||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 9 | | | | | $ | 77 | | | | | $ | 86 | | |
Collectively evaluated for impairment | | | | | 7,136 | | | | | | 5,578 | | | | | | 519 | | | | | | 1,156 | | | | | | 129 | | | | | | 283 | | | | | $ | 14,801 | | |
Total ending allowance balance | | | | $ | 7,136 | | | | | $ | 5,578 | | | | | $ | 519 | | | | | $ | 1,156 | | | | | $ | 138 | | | | | $ | 360 | | | | | $ | 14,887 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 2,368 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 3,566 | | | | | $ | 155 | | | | | $ | 6,089 | | |
Collectively evaluated for impairment | | | | | 781,377 | | | | | | 340,001 | | | | | | 36,960 | | | | | | 190,097 | | | | | | 22,002 | | | | | | 44,440 | | | | | | 1,414,877 | | |
Total ending loan balance | | | | $ | 783,745 | | | | | $ | 340,001 | | | | | $ | 36,960 | | | | | $ | 190,097 | | | | | $ | 25,568 | | | | | $ | 44,595 | | | | | $ | 1,420,966 | | |
|
At December 31, 2016 | | | Commercial Real Estate | | | Commercial & Industrial | | | Construction | | | Multi Family | | | One-to-four Family | | | Consumer | | | Total | | |||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | 366 | | | | | $ | — | | | | | $ | — | | | | | $ | 10 | | | | | $ | — | | | | | $ | 376 | | |
Collectively evaluated for impairment | | | | | 5,206 | | | | | | 4,998 | | | | | | 409 | | | | | | 620 | | | | | | 99 | | | | | | 107 | | | | | $ | 11,439 | | |
Total ending allowance balance | | | | $ | 5,206 | | | | | $ | 5,364 | | | | | $ | 409 | | | | | $ | 620 | | | | | $ | 109 | | | | | $ | 107 | | | | | $ | 11,815 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 5,504 | | | | | $ | 4,915 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,130 | | | | | $ | — | | | | | $ | 11,549 | | |
Collectively evaluated for impairment | | | | | 542,207 | | | | | | 310,955 | | | | | | 29,447 | | | | | | 117,373 | | | | | | 25,350 | | | | | | 18,825 | | | | | | 1,044,157 | | |
Total ending loan balance | | | | $ | 547,711 | | | | | $ | 315,870 | | | | | $ | 29,447 | | | | | $ | 117,373 | | | | | $ | 26,480 | | | | | $ | 18,825 | | | | | $ | 1,055,706 | | |
|
At December 31, 2017 | | | Unpaid Principal Balance | | | Recorded Investment | | | Allowance for Loan Losses Allocated | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With an allowance recorded: | | | | | | | |||||||||||||||||||||||||
Commercial & industrial | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,928 | | | | | $ | — | | |
One-to-four family | | | | | 686 | | | | | | 556 | | | | | | 9 | | | | | | 563 | | | | | | 21 | | |
Consumer | | | | | 155 | | | | | | 155 | | | | | | 77 | | | | | | 75 | | | | | | 8 | | |
Total | | | | $ | 841 | | | | | $ | 711 | | | | | $ | 86 | | | | | $ | 3,566 | | | | | $ | 29 | | |
Without an allowance recorded: | | | | | | | |||||||||||||||||||||||||
Commercial & industrial | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,367 | | | | | $ | 229 | | |
Commercial real estate | | | | | 2,890 | | | | | | 2,368 | | | | | | 0 | | | | | | 938 | | | | | | 43 | | |
One-to-four family | | | | | 3,157 | | | | | | 3,010 | | | | | | 0 | | | | | | 1,547 | | | | | | 87 | | |
Total | | | | $ | 6,047 | | | | | $ | 5,378 | | | | | $ | — | | | | | $ | 7,852 | | | | | $ | 359 | | |
|
At December 31, 2016 | | | Unpaid Principal Balance | | | Recorded Investment | | | Allowance for Loan Losses Allocated | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With an allowance recorded: | | | | | | | |||||||||||||||||||||||||
Commercial & industrial | | | | $ | 8,783 | | | | | $ | 3,660 | | | | | $ | 366 | | | | | $ | 6,330 | | | | | $ | 207 | | |
One-to-four family | | | | | 694 | | | | | | 565 | | | | | | 10 | | | | | | 565 | | | | | | 21 | | |
Total | | | | $ | 9,477 | | | | | $ | 4,225 | | | | | $ | 376 | | | | | $ | 6,895 | | | | | $ | 228 | | |
Without an allowance recorded: | | | | | | | |||||||||||||||||||||||||
Commercial real estate | | | | $ | 5,974 | | | | | $ | 5,504 | | | | | $ | — | | | | | $ | 5,814 | | | | | $ | 267 | | |
Commercial & industrial | | | | | 1,255 | | | | | | 1,255 | | | | | | — | | | | | | 1,340 | | | | | | 54 | | |
One-to-four family | | | | | 713 | | | | | | 565 | | | | | | — | | | | | | 565 | | | | | | 23 | | |
Total | | | | $ | 7,942 | | | | | $ | 7,324 | | | | | $ | — | | | | | $ | 7,719 | | | | | $ | 344 | | |
|
At December 31, 2015 | | | Unpaid Principal Balance | | | Recorded Investment | | | Allowance for Loan Losses Allocated | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial & industrial | | | | $ | 1,933 | | | | | $ | 1,933 | | | | | $ | 134 | | | | | $ | 1,983 | | | | | $ | 136 | | |
One-to-four family | | | | | 1,694 | | | | | | 1,223 | | | | | | 293 | | | | | | 1,223 | | | | | | 21 | | |
Total | | | | $ | 3,627 | | | | | $ | 3,156 | | | | | $ | 427 | | | | | $ | 3,206 | | | | | $ | 157 | | |
Without an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | | $ | 2,155 | | | | | $ | 1,806 | | | | | $ | — | | | | | $ | 1,833 | | | | | $ | 93 | | |
Commercial & industrial | | | | | 1,425 | | | | | | 1,425 | | | | | | — | | | | | | 1,510 | | | | | | 61 | | |
Multi-family | | | | | 5,971 | | | | | | 5,971 | | | | | | — | | | | | | 6,010 | | | | | | 235 | | |
One-to-four family | | | | | 713 | | | | | | 565 | | | | | | — | | | | | | 565 | | | | | | 21 | | |
Total | | | | $ | 10,264 | | | | | $ | 9,767 | | | | | $ | — | | | | | $ | 9,918 | | | | | $ | 410 | | |
|
At December 31, 2017 | | | Nonaccrual | | | Loans Past Due Over 90 Days Still Accruing | | ||||||
Commercial real estate | | | | $ | 787 | | | | | $ | — | | |
Commercial & industrial | | | | | — | | | | | | — | | |
One-to-four family | | | | | 2,447 | | | | | | — | | |
Consumer | | | | | 155 | | | | | | — | | |
Total | | | | $ | 3,389 | | | | | $ | — | | |
|
At December 31, 2016 | | | Nonaccrual | | | Loans Past Due Over 90 Days Still Accruing | | ||||||
Commercial & industrial | | | | $ | 3,660 | | | | | $ | — | | |
|
At December 31, 2017 | | | 30 – 59 Days | | | 60 – 89 Days | | | Greater than 90 days | | | Total Past Due | | | Loans not Past Due | | | Total | |||||||||||||||||
Commercial real estate | | | | $ | 836 | | | | | $ | — | | | | | $ | 787 | | | | | $ | 1,623 | | | | | $ | 782,122 | | | | | $ | 783,745 |
Commercial & industrial | | | | | 85 | | | | | | 142 | | | | | | — | | | | | | 227 | | | | | | 339,774 | | | | | | 340,001 |
Construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,960 | | | | | | 36,960 |
Multifamily | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 190,097 | | | | | | 190,097 |
One-to-four family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,568 | | | | | | 25,568 |
Consumer | | | | | 149 | | | | | | 21 | | | | | | 155 | | | | | | 325 | | | | | | 44,270 | | | | | | 44,595 |
Total | | | | $ | 1,070 | | | | | $ | 163 | | | | | $ | 942 | | | | | $ | 2,175 | | | | | $ | 1,418,791 | | | | | $ | 1,420,966 |
|
At December 31, 2016 | | | 30 – 59 Days | | | 60 – 89 Days | | | Greater than 90 days | | | Total Past Due | | | Loans not Past Due | | | Total | |||||||||||||||||
Commercial real estate | | | | $ | — | | | | | $ | 958 | | | | | $ | — | | | | | $ | 958 | | | | | $ | 546,753 | | | | | $ | 547,711 |
Commercial & industrial | | | | | 14 | | | | | | 3,922 | | | | | | — | | | | | | 3,936 | | | | | | 311,934 | | | | | | 315,870 |
Construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,447 | | | | | | 29,447 |
Multifamily | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 117,373 | | | | | | 117,373 |
One-to-four family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,480 | | | | | | 26,480 |
Consumer | | | | | — | | | | | | 34 | | | | | | — | | | | | | 34 | | | | | | 18,791 | | | | | | 18,825 |
Total | | | | $ | 14 | | | | | $ | 4,914 | | | | | $ | — | | | | | $ | 4,928 | | | | | $ | 1,050,778 | | | | | $ | 1,055,706 |
|
At December 31, 2016 | | | Number of Loans | | | Pre-Modification Outstanding Recorded Investment | | | Post-Modification Outstanding Recorded Investment | | |||||||||
Troubled debt restructurings: | | | | | | | | | | | | | | | | | | | |
Commercial Real Estate | | | | | 1 | | | | | $ | 3,875 | | | | | $ | 3,875 | | |
Total | | | | | 1 | | | | | $ | 3,875 | | | | | $ | 3,875 | | |
|
At December 31, 2015 | | | Number of Loans | | | Pre-Modification Outstanding Recorded Investment | | | Post-Modification Outstanding Recorded Investment | | |||||||||
Troubled debt restructurings: | | | | | | | | | | | | | | | | | | | |
Commercial & Industrial | | | | | 1 | | | | | $ | 1,933 | | | | | $ | 1,933 | | |
Total | | | | | 1 | | | | | $ | 1,933 | | | | | $ | 1,933 | | |
|
At December 31, 2017 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | ||||||||||||||
Commercial real estate | | | | $ | 777,410 | | | | | $ | 4,369 | | | | | $ | 1,966 | | | | | $ | — | | | | | $ | 783,745 |
Commercial & industrial | | | | | 331,775 | | | | | | 8,226 | | | | | | — | | | | | | — | | | | | | 340,001 |
Construction | | | | | 36,960 | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,960 |
Multifamily | | | | | 190,097 | | | | | | — | | | | | | — | | | | | | — | | | | | | 190,097 |
Total | | | | $ | 1,336,242 | | | | | $ | 12,595 | | | | | $ | 1,966 | | | | | $ | — | | | | | $ | 1,350,803 |
|
At December 31, 2016 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | ||||||||||||||
Commercial real estate | | | | $ | 542,206 | | | | | $ | 4,293 | | | | | $ | 1,212 | | | | | $ | — | | | | | $ | 547,711 |
Commercial & industrial | | | | | 309,295 | | | | | | 2,915 | | | | | | 3,660 | | | | | | — | | | | | | 315,870 |
Construction | | | | | 29,447 | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,447 |
Multifamily | | | | | 117,373 | | | | | | — | | | | | | — | | | | | | — | | | | | | 117,373 |
Total | | | | $ | 998,321 | | | | | $ | 7,208 | | | | | $ | 4,872 | | | | | $ | — | | | | | $ | 1,010,401 |
|
At December 31, 2017 | | | Performing | | | Non-Performing | | | Total | | |||||||||
One-to-four family | | | | $ | 23,121 | | | | | $ | 2,447 | | | | | $ | 25,568 | | |
Consumer | | | | | 44,440 | | | | | | 155 | | | | | | 44,595 | | |
Total | | | | $ | 67,561 | | | | | $ | 2,602 | | | | | $ | 70,163 | | |
|
At December 31, 2016 | | | Performing | | | Non-Performing | | | Total | | |||||||||
One-to-four family | | | | $ | 26,480 | | | | | $ | — | | | | | $ | 26,480 | | |
Consumer | | | | | 18,825 | | | | | | — | | | | | | 18,825 | | |
Total | | | | $ | 45,305 | | | | | $ | — | | | | | $ | 45,305 | | |
|
| | | Year Ended December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
Furniture and Equipment (useful life of 3 to 7 years) | | | | $ | 7,376 | | | | | $ | 5,973 | | |
Leasehold Improvements (useful life of 3 to 10 years) | | | | | 10,820 | | | | | | 10,012 | | |
Total Premises and Equipment | | | | | 18,196 | | | | | | 15,985 | | |
Less accumulated depreciation and amortization | | | | | (11,928) | | | | | | (10,950) | | |
Total Premises and Equipment, net | | | | $ | 6,268 | | | | | $ | 5,035 | | |
|
| | | At December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
Core Deposits | | | | | | | | | | | | | |
Noninterest bearing demand accounts | | | | $ | 812,497 | | | | | $ | 403,402 | | |
Money market | | | | | 484,589 | | | | | | 482,393 | | |
Savings accounts | | | | | 27,024 | | | | | | 17,472 | | |
Total core deposits | | | | | 1,324,110 | | | | | | 903,267 | | |
Time Deposits | | | | | | | | | | | | | |
Time deposits under $100,000 | | | | | 73,437 | | | | | | 69,188 | | |
Time deposits $100,000 and over | | | | | 6,808 | | | | | | 21,325 | | |
Total deposits | | | | $ | 1,404,355 | | | | | $ | 993,780 | | |
|
| | |||||||||||||
| | | ||||||||||||
2018 | | | $ | 63,245 | | | | | $ | 63,245 | | | ||
2019 | | | | 16,219 | | | | | | 16,219 | | | ||
2020 | | | | 68 | | | | | | 68 | | | ||
2021 | | | | 283 | | | | | | 283 | | | ||
2022 | | | | 430 | | | | | | 430 | | | ||
Total time deposits | | | $ | 80,245 | | | | | $ | 80,245 | | | |
| | Year Ending December 31, | | | Year Ending December 31, | | ||||||||||||||||||||
| | 2017 | | 2016 | | | 2017 | | 2016 | | ||||||||||||||||
Maturing in 2018, fixed rate at rates from 1.21% to 3.23%, weighted averaging 1.53% | | | $ | 42,198 | | | | $ | — | | | | | $ | 42,198 | | | | $ | — | | | ||||
Maturing 2017 through 2018, fixed rate at rates from 0.77% to 3.23%, weighted averaging 0.95% | | | | | | | | | 78,418 | | | | | | | | | | | 78,418 | | | ||||
Total | �� | | | $ | 42,198 | | | | $ | 78,418 | | | | | $ | 42,198 | | | | $ | 78,418 | | | |
| | | Principal | | |||
2018 | | | | $ | 42,198 | | |
2019 | | | | | — | | |
2020 | | | | | — | | |
2021 | | | | | — | | |
2022 | | | | | — | | |
Total | | | | $ | 42,198 | | |
|
| | | Year Ended December 31, | | |||||||||||||||
(in thousands) | | | 2017 | | | 2016 | | | 2015 | | |||||||||
Current | | | | | | | | | | | | | | | | | | | |
Federal | | | | $ | 7,920 | | | | | $ | 3,466 | | | | | $ | 2,873 | | |
State and local | | | | | 2,499 | | | | | | 492 | | | | | | 141 | | |
Total current | | | | | 10,419 | | | | | | 3,958 | | | | | | 3,014 | | |
Deferred | | | | | | | | | | | | | | | | | | | |
Federal | | | | | 1,045 | | | | | | (795) | | | | | | (622) | | |
State and local | | | | | (255) | | | | | | (118) | | | | | | 167 | | |
Total deferred | | | | | 790 | | | | | | (913) | | | | | | (455) | | |
Total income tax expense | | | | $ | 11,209 | | | | | $ | 3,045 | | | | | $ | 2,559 | | |
|
| | | At December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Allowance for loan losses | | | | $ | 4,583 | | | | | $ | 4,990 | | |
Nonaccrual interest income | | | | | 28 | | | | | | 159 | | |
Off balance sheet reserves | | | | | 110 | | | | | | 68 | | |
Restricted stock | | | | | 153 | | | | | | 165 | | |
Tangible asset | | | | | 23 | | | | | | 36 | | |
Non-Qualified stock options | | | | | 183 | | | | | | 251 | | |
Unrealized loss on securities available for sale | | | | | 86 | | | | | | 118 | | |
Total gross deferred tax assets | | | | | 5,166 | | | | | | 5,787 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 574 | | | | | | 427 | | |
Prepaid asset | | | | | 159 | | | | | | 150 | | |
Total gross deferred tax liabilities | | | | | 733 | | | | | | 577 | | |
Net deferred tax asset, included in other assets | | | | $ | 4,433 | | | | | $ | 5,210 | | |
|
| | | For the year ended December 31, | | |||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||||||||
| | | Tax expense/ (benefit) | | | Rate | | | Tax expense/ (benefit) | | | Rate | | | Tax expense/ (benefit) | | | Rate | | ||||||||||||||||||
Pretax income at statutory rates | | | | $ | 8,252 | | | | | | 35.00% | | | | | $ | 2,740 | | | | | | 34.00% | | | | | $ | 2,322 | | | | | | 34.00% | | |
State and local taxes, net of federal income tax benefit | | | | | 1,459 | | | | | | 6.19 | | | | | | 247 | | | | | | 3.10 | | | | | | 204 | | | | | | 3.00 | | |
Nondeductible expenses | | | | | 21 | | | | | | 0.09 | | | | | | 19 | | | | | | 0.20 | | | | | | 13 | | | | | | 0.20 | | |
Stock options | | | | | (113) | | | | | | (0.48) | | | | | | 49 | | | | | | 0.60 | | | | | | 16 | | | | | | 0.20 | | |
Tax-exempt income, net | | | | | (10) | | | | | | (0.04) | | | | | | (10) | | | | | | (0.10) | | | | | | — | | | | | | — | | |
Impact of U.S. tax reform (the Tax Act) | | | | | 1,581 | | | | | | 6.71 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other | | | | | 19 | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 0.10 | | |
Effective income tax expense/rate | | | | $ | 11,209 | | | | | | 47.55% | | | | | $ | 3,045 | | | | | | 37.80% | | | | | $ | 2,559 | | | | | | 37.50% | | |
|
Year Ending December 31, | | | |||||
2018 | | | | $ | 2,753 | | |
2019 | | | | | 2,754 | | |
2020 | | | | | 2,737 | | |
2021 | | | | | 2,201 | | |
2022 | | | | | 2,129 | | |
Thereafter (and through 2035) | | | | | 6,754 | | |
| | | | $ | 19,328 | | |
|
| | | Fair Value Measurement At December 31, Using | | |||||||||||||||
2017 | | | Quoted Prices in Active Markets For Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities | | | | $ | — | | | | | $ | 24,684 | | | | | $ | — | | |
Residential collateralized mortgage obligation | | | | | — | | | | | | 2,706 | | | | | | — | | |
Commercial collateralized mortgage obligations | | | | | | | | | | | 1,550 | | | | | | | | |
Municipal bond | | | | | — | | | | | | 1,109 | | | | | | — | | |
CRA Mutual Fund | | | | | 2,108 | | | | | | — | | | | | | — | | |
| | | Fair Value Measurement At December 31, Using | | |||||||||||||||
2016 | | | Quoted Prices in Active Markets For Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities | | | | $ | — | | | | | $ | 29,027 | | | | | $ | — | | |
Residential collateralized mortgage obligation | | | | | — | | | | | | 5,103 | | | | | | — | | |
Municipal bond | | | | | — | | | | | | 1,136 | | | | | | — | | |
CRA Mutual Fund | | | | | 2,063 | | | | | | — | | | | | | — | | |
| | | Fair Value Measurements Using: | | |||||||||||||||||||||
| | | Total at December 31, 2016 | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans: | | | | | | ||||||||||||||||||||
Commercial and industrial loan | | | | $ | 3,294 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,294 | | |
| | | Fair Value | | | Valuation Technique | | | Unobservable Input | | | Range (Weighted Average) | | ||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | |
Impaired loans – Commercial and industrial loan | | | | $ | 3,294 | | | | Market approach | | | Adjustments for the difference in comparable sales | | | | | 10.00% | | |
| | | At December 31, 2017 | | |||||||||||||||||||||||||||
| | | | | | | | | Fair Value Measurement Using: | | | | | | | | |||||||||||||||
| | | Carrying Amount | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total Fair Value | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 261,231 | | | | | $ | 261,231 | | | | | $ | — | | | | | $ | — | | | | | $ | 261,231 | | |
Securities available for sale | | | | | 32,157 | | | | | | 2,108 | | | | | | 30,049 | | | | | | — | | | | | | 32,157 | | |
Securities held to maturity | | | | | 5,428 | | | | | | — | | | | | | 5,330 | | | | | | — | | | | | | 5,330 | | |
Loans, net | | | | | 1,405,009 | | | | | | — | | | | | | — | | | | | | 1,410,860 | | | | | | 1,410,860 | | |
Other investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Reserve Bank stock | | | | | 3,911 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Federal Home Loan Bank stock | | | | | 2,766 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
SBA Loan Fund | | | | | 5,000 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Certificates of deposit | | | | | 2,000 | | | | | | 2,000 | | | | | | — | | | | | | — | | | | | | 2,000 | | |
Accrued interest receivable | | | | | 4,421 | | | | | | 11 | | | | | | 116 | | | | | | 4,294 | | | | | | 4,421 | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits without stated maturities | | | | $ | 1,324,110 | | | | | $ | 1,324,110 | | | | | $ | — | | | | | $ | — | | | | | | 1,324,110 | | |
Deposits with stated maturities | | | | | 80,245 | | | | | | — | | | | | | 80,079 | | | | | | — | | | | | | 80,079 | | |
FHLB Advances | | | | | 42,198 | | | | | | — | | | | | | 42,188 | | | | | | — | | | | | | 42,188 | | |
Trust preferred securities payable | | | | | 20,620 | | | | | | — | | | | | | | | | | | | 19,997 | | | | | | 19,997 | | |
Subordinated debt, net of issurance cost | | | | | 24,489 | | | | | | — | | | | | | 25,500 | | | | | | — | | | | | | 25,500 | | |
Accrued interest payable | | | | | 749 | | | | | | 27 | | | | | | 258 | | | | | | 464 | | | | | | 749 | | |
| | | At December 31, 2016 | | |||||||||||||||||||||||||||
| | | | | | | | | Fair Value Measurement Using: | | | | | | | | |||||||||||||||
| | | Carrying Amount | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total Fair Value | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 82,931 | | | | | $ | 82,931 | | | | | $ | — | | | | | $ | — | | | | | $ | 82,931 | | |
Securities available for sale | | | | | 37,329 | | | | | | 2,063 | | | | | | 35,266 | | | | | | . | | | | | | 37,329 | | |
Securities held to maturity | | | | | 6,500 | | | | | | — | | | | | | 6,419 | | | | | | — | | | | | | 6,419 | | |
Loans, net | | | | | 1,042,731 | | | | | | — | | | | | | — | | | | | | 1,059,333 | | | | | | 1,059,333 | | |
Other investments | | | | | 12,588 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accrued interest receivable | | | | | 2,735 | | | | | | — | | | | | | 157 | | | | | | 2,578 | | | | | | 2,735 | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits without stated maturities | | | | $ | 903,267 | | | | | $ | 903,267 | | | | | $ | — | | | | | $ | — | | | | | $ | 903,267 | | |
Deposits with stated maturities | | | | | 90,513 | | | | | | — | | | | | | 90,559 | | | | | | — | | | | | | 90,559 | | |
FHLB Advances | | | | | 78,418 | | | | | | — | | | | | | 78,872 | | | | | | — | | | | | | 78,872 | | |
Trust preferred securities payable | | | | | 20,620 | | | | | | — | | | | | | — | | | | | | 19,998 | | | | | | 19,998 | | |
Accrued interest payable | | | | | 227 | | | | | | 19 | | | | | | 62 | | | | | | 146 | | | | | | 227 | | |
| | | 2015 | |
Risk-free interest rate | | | 12.19% | |
Expected term | | | 10 years | |
Dividend yield | | | 0% | |
| | | 2017 | | | 2016 | | ||||||||||||||||||
| | | Number of Options | | | Weighted Average Exercise Price | | | Number of Options | | | Weighted Average Exercise Price | | ||||||||||||
Outstanding, beginning of year | | | | | 276,500 | | | | | $ | 19.97 | | | | | | 289,000 | | | | | $ | 20.41 | | |
Granted | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercised | | | | | (4,503) | | | | | | 30.00 | | | | | | — | | | | | | — | | |
Cancelled/forfeited | | | | | (497) | | | | | | 30.00 | | | | | | (12,500) | | | | | | 30.00 | | |
Outstanding, end of year | | | | | 271,500 | | | | | $ | 19.79 | | | | | | 276,500 | | | | | $ | 19.97 | | |
Options vested and exercisable at year-end | | | | | 271,500 | | | | | $ | 19.79 | | | | | | 276,500 | | | | | $ | 19.97 | | |
Weighted average fair value of options granted during the year | | | | | | | | | | $ | — | | | | | | | | | | | $ | — | | |
Weighted average remaining contractual life (years) | | | | | | | | | | | 5.57 | | | | | | | | | | | | 6.25 | | |
| | | Options Outstanding | | |||||||||||||||
Range of Average Exercise Prices | | | Number Outstanding at December 31, 2017 | | | Weighted Average Remaining Contractual Life | | | Weighted Average Exercise Price | | |||||||||
$10 – 20 | | | | | 231,000 | | | | | | 6.38 | | | | | | 18.00 | | |
$21 – 30 | | | | | 40,500 | | | | | | 0.95 | | | | | | 30.00 | | |
$10 – 30 | | | | | 271,500 | | | | | | 5.57 | | | | | | 19.79 | | |
|
| | | Year Ended December 31, 2017 | | |||||||||
| | | Number of Shares | | | Weighted Average Grant Date Fair Value | | ||||||
Outstanding, beginning of year | | | | | 64,638 | | | | | $ | 20.42 | | |
Granted | | | | | 31,606 | | | | | $ | 21.00 | | |
Forfeited | | | | | (3,167) | | | | | $ | 18.00 | | |
Vested | | | | | (16,973) | | | | | $ | 18.00 | | |
Outstanding at December 31, 2017 | | | | | 76,104 | | | | | $ | 20.61 | | |
|
| | | At December 31, | | |||||||||||||||||||||
| | | 2017 | | | 2016 | | ||||||||||||||||||
| | | Fixed Rate | | | Variable Rate | | | Fixed Rate | | | Variable Rate | | ||||||||||||
Undrawn lines of credit | | | | $ | 39,651 | | | | | $ | 76,008 | | | | | $ | 60,984 | | | | | $ | 9,890 | | |
Letters of credit | | | | | 23,741 | | | | | | — | | | | | | 9,808 | | | | | | — | | |
| | | | $ | 63,392 | | | | | $ | 76,008 | | | | | $ | 70,792 | | | | | $ | 9,890 | | |
|
| | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized under Prompt Corrective Action Regulations | | |||||||||||||||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | | | | | | | Ratio | | | Amount | | | | | | | | | Ratio | | ||||||||||||||||||
At December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 287,039 | | | | | | 19.9% | | | | | $ | 115,636 | | | | | | ≥ | | | | | | 8.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 280,317 | | | | | | 19.4% | | | | | $ | 115,523 | | | | | | ≥ | | | | | | 8.0% | | | | | $ | 144,403 | | | | | | ≥ | | | | | | 10.0% | | |
Tier 1 common equity (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 221,803 | | | | | | 15.3% | | | | | $ | 65,045 | | | | | | ≥ | | | | | | 4.5% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 265,076 | | | | | | 18.4% | | | | | $ | 64,981 | | | | | | ≥ | | | | | | 4.5% | | | | | $ | 93,862 | | | | | | ≥ | | | | | | 6.5% | | |
Tier 1 capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 247,305 | | | | | | 17.1% | | | | | $ | 86,726 | | | | | | ≥ | | | | | | 6.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 265,076 | | | | | | 18.4% | | | | | $ | 86,642 | | | | | | ≥ | | | | | | 6.0% | | | | | $ | 115,523 | | | | | | ≥ | | | | | | 8.0% | | |
Tier 1 capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 247,305 | | | | | | 13.7% | | | | | $ | 72,206 | | | | | | ≥ | | | | | | 4.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 265,076 | | | | | | 14.7% | | | | | $ | 72,099 | | | | | | ≥ | | | | | | 4.0% | | | | | $ | 90,124 | | | | | | ≥ | | | | | | 5.0% | | |
At December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 131,895 | | | | | | 12.5% | | | | | $ | 84,733 | | | | | | ≥ | | | | | | 8.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 130,949 | | | | | | 12.4% | | | | | $ | 84,619 | | | | | | ≥ | | | | | | 8.0% | | | | | $ | 105,774 | | | | | | ≥ | | | | | | 10.0% | | |
Tier 1 common equity (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 114,421 | | | | | | 10.8% | | | | | $ | 47,662 | | | | | | ≥ | | | | | | 4.5% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 118,977 | | | | | | 11.3% | | | | | $ | 47,598 | | | | | | ≥ | | | | | | 4.5% | | | | | $ | 68,753 | | | | | | ≥ | | | | | | 6.5% | | |
Tier 1 capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 119,923 | | | | | | 11.3% | | | | | $ | 63,549 | | | | | | ≥ | | | | | | 6.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 118,977 | | | | | | 11.3% | | | | | $ | 63,465 | | | | | | ≥ | | | | | | 6.0% | | | | | $ | 84,619 | | | | | | ≥ | | | | | | 8.0% | | |
Tier 1 capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 119,923 | | | | | | 10.5% | | | | | $ | 45,742 | | | | | | ≥ | | | | | | 4.0% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 118,977 | | | | | | 10.4% | | | | | $ | 45,703 | | | | | | ≥ | | | | | | 4.0% | | | | | $ | 57,128 | | | | | | ≥ | | | | | | 5.0% | | |
| | | Actual | | | Minimum for Capital Adequacy plus Capital Conservation Buffer | | ||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | | | | | | | Ratio | | ||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 287,039 | | | | | | 19.9% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 280,317 | | | | | | 19.4% | | | | | $ | 133,573 | | | | | | ≥ | | | | | | 9.3% | | |
Tier 1 common equity (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 221,803 | | | | | | 15.3% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 265,076 | | | | | | 18.4% | | | | | $ | 83,032 | | | | | | ≥ | | | | | | 5.8% | | |
Tier 1 capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 247,305 | | | | | | 17.1% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 265,076 | | | | | | 18.4% | | | | | $ | 104,692 | | | | | | ≥ | | | | | | 7.3% | | |
Tier 1 capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 247,305 | | | | | | 13.7% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 265,076 | | | | | | 14.7% | | | | | $ | 72,099 | | | | | | ≥ | | | | | | 4.0% | | |
| | | Actual | | | Minimum for Capital Adequacy plus Capital Conservation Buffer | | ||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | | | | | | | Ratio | | ||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 131,895 | | | | | | 12.5% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 130,949 | | | | | | 12.4% | | | | | $ | 91,230 | | | | | | ≥ | | | | | | 8.6% | | |
Tier 1 common equity (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 114,421 | | | | | | 10.8% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 118,977 | | | | | | 11.3% | | | | | $ | 54,209 | | | | | | ≥ | | | | | | 5.1% | | |
Tier 1 capital (to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 119,923 | | | | | | 11.3% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 118,977 | | | | | | 11.3% | | | | | $ | 70,075 | | | | | | ≥ | | | | | | 6.6% | | |
Tier 1 capital (to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Metropolitan Bank Holding Corp. | | | | $ | 119,923 | | | | | | 10.5% | | | | | | N/A | | | | | | | | | | | | N/A | | |
Metropolitan Commercial Bank | | | | $ | 118,977 | | | | | | 10.4% | | | | | $ | 45,703 | | | | | | ≥ | | | | | | 4.0% | | |
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Basic | | | | | | | | | | | | | | | | | | | |
Net income per consolidated statements of income | | | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
Less: Dividends paid to preferred shareholders | | | | | — | | | | | | (3,420) | | | | | | — | | |
Less: Earnings allocated to participating securities | | | | | (183) | | | | | | (30) | | | | | | (85) | | |
Net income available to common stockholder | | | | $ | 12,186 | | | | | $ | 1,563 | | | | | $ | 4,184 | | |
Weighted average common shares outstanding including participating securities | | | | | 5,147,149 | | | | | | 3,708,734 | | | | | | 2,775,152 | | |
Less: Weighted average participating securities | | | | | (76,104) | | | | | | (68,708) | | | | | | (55,347) | | |
Weighted average common shares outstanding | | | | | 5,071,045 | | | | | | 3,640,026 | | | | | | 2,719,805 | | |
Basic earnings per common share | | | | $ | 2.40 | | | | | $ | 0.43 | | | | | $ | 1.54 | | |
Diluted | | | | | | | | | | | | | | | | | | | |
Net income allocated to common shareholders | | | | $ | 12,186 | | | | | $ | 1,563 | | | | | $ | 4,184 | | |
Weighted average common shares outstanding for basic earnings per common share | | | | | 5,071,045 | | | | | | 3,640,026 | | | | | | 2,719,805 | | |
Add: Dilutive effects of assumed exercise of stock options | | | | | 131,189 | | | | | | 33,000 | | | | | | — | | |
Average shares and dilutive potential common shares | | | | | 5,202,234 | | | | | | 3,673,026 | | | | | | 2,719,805 | | |
Dilutive earnings per commons share | | | | $ | 2.34 | | | | | $ | 0.43 | | | | | $ | 1.54 | | |
|
| | | At December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 6,761 | | | | | $ | 818 | | |
Loans, net of allowance for loan losses | | | | | 776 | | | | | | 776 | | |
Investments | | | | | 620 | | | | | | 620 | | |
Investment in subsidiary bank, at equity | | | | | 274,190 | | | | | | 128,671 | | |
Other assets | | | | | 596 | | | | | | 11 | | |
Total assets | | | | $ | 282,943 | | | | | $ | 130,896 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Trust preferred securities payable | | | | | 20,620 | | | | | | 20,620 | | |
Subordinated debt payable, net of issuance costs | | | | | 24,489 | | | | | | — | | |
Other liabilities | | | | | 950 | | | | | | 785 | | |
Total liabilities | | | | | 46,059 | | | | | | 21,405 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Preferred stock | | | | | 3 | | | | | | 3 | | |
Common stock | | | | | 81 | | | | | | 45 | | |
Surplus | | | | | 211,145 | | | | | | 96,116 | | |
Retained earnings | | | | | 25,861 | | | | | | 13,492 | | |
Accumulated other comprehensive loss, net of tax | | | | | (206) | | | | | | (165) | | |
Total equity | | | | | 236,884 | | | | | | 109,491 | | |
Total liabilities and stockholders’ equity | | | | $ | 282,943 | | | | | $ | 130,896 | | |
|
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Income: | | | | | | | | | | | | | | | | | | | |
Loan | | | | $ | 17 | | | | | $ | 6 | | | | | $ | — | | |
Securities and money market funds | | | | | — | | | | | | 19 | | | | | | 25 | | |
Total interest income | | | | | 17 | | | | | | 25 | | | | | | 25 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Trust preferred securities payable | | | | | 636 | | | | | | 539 | | | | | | 455 | | |
Subordinated debt interest expense | | | | | 1,322 | | | | | | — | | | | | | — | | |
Total interest expense | | | | | 1,958 | | | | | | 539 | | | | | | 455 | | |
Net interest expense | | | | | (1,941) | | | | | | (514) | | | | | | (430) | | |
Provision for loan losses | | | | | — | | | | | | 4 | | | | | | — | | |
Net interest income after provision for loan losses | | | | | (1,941) | | | | | | (518) | | | | | | (430) | | |
Other expense | | | | | 33 | | | | | | — | | | | | | — | | |
Loss before undistributed earnings of subsidiary bank | | | | | (1,974) | | | | | | (518) | | | | | | (430) | | |
Equity in undistributed earnings of subsidiary bank | | | | | 13,560 | | | | | | 5,319 | | | | | | 4,526 | | |
Income before income tax expense | | | | | 11,586 | | | | | | 4,801 | | | | | | 4,096 | | |
Income tax benefit | | | | | (783) | | | | | | (212) | | | | | | (173) | | |
Net income | | | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
|
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Cash Flows From Operating Activities: | | | | | |||||||||||||||
Net income | | | | $ | 12,369 | | | | | $ | 5,013 | | | | | $ | 4,269 | | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | |||||||||||||||
Undistributed earnings of subsidiary bank | | | | | (13,560) | | | | | | (5,319) | | | | | | (4,526) | | |
Amortization of subordinated debt issuance costs | | | | | 46 | | | | | | — | | | | | | — | | |
Provision for loan losses | | | | | — | | | | | | 4 | | | | | | — | | |
Stock based compensation expense | | | | | 412 | | | | | | — | | | | | | — | | |
Decrease (increase) in other assets | | | | | (585) | | | | | | 25 | | | | | | (29) | | |
Increase (decrease) in other liabilities | | | | | 165 | | | | | | 415 | | | | | | 26 | | |
Net cash provided by (used in) operating activities | | | | | (1,153) | | | | | | 138 | | | | | | (260) | | |
Cash Flows From Investing Activities: | | | | | |||||||||||||||
Investments in subsidiary bank | | | | | (132,000) | | | | | | (26,000) | | | | | | (11,400) | | |
Loan to related party | | | | | — | | | | | | (780) | | | | | | — | | |
Net cash used in Investing activities | | | | | (132,000) | | | | | | (26,780) | | | | | | (11,400) | | |
Cash Flows From Financing Activities: | | | | | |||||||||||||||
Proceeds from issuance of common stock, net | | | | | 114,773 | | | | | | 28,368 | | | | | | 12,606 | | |
Repurchase of common stock for exercise of stock options and tax withholdings for restricted stock vestings | | | | | (255) | | | | | | — | | | | | | — | | |
Proceeds from issuance of preferred stock, net | | | | | — | | | | | | 5,503 | | | | | | — | | |
Purchase and retirement of preferred stock | | | | | — | | | | | | (1,400) | | | | | | — | | |
Redemption of preferred stock, net | | | | | — | | | | | | (2,672) | | | | | | — | | |
Proceeds from exercise of stock options | | | | | 135 | | | | | | — | | | | | | — | | |
Proceeds from issuance of subordinated debt, net of issuance cost | | | | | 24,443 | | | | | | — | | | | | | — | | |
Payment of preferred stock dividend | | | | | — | | | | | | (3,420) | | | | | | — | | |
Net cash provided by financing activities | | | | | 139,096 | | | | | | 26,379 | | | | | | 12,606 | | |
Net (decrease) increase in cash and cash equivalents | | | | | 5,943 | | | | | | (263) | | | | | | 946 | | |
Cash and cash equivalents, beginning of year | | | | | 818 | | | | | | 1,081 | | | | | | 135 | | |
Cash and cash equivalents, end of year | | | | $ | 6,761 | | | | | $ | 818 | | | | | $ | 1,081 | | |
|
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Beginning balance | | | | $ | (165) | | | | | $ | 16 | | | | | $ | 129 | | |
Net change in other comprehensive income (loss) before reclassification, net of tax | | | | | (41) | | | | | | (158) | | | | | | (113) | | |
Amounts reclassified from accumulated other comprehensive income, net of tax | | | | | — | | | | | | (23) | | | | | | — | | |
Net current period other comprehensive loss | | | | | (41) | | | | | | (181) | | | | | | (113) | | |
Ending balance | | | | $ | (206) | | | | | $ | (165) | | | | | $ | 16 | | |
|
| | | Year Ended December 31, | | | Affected line item in the Consolidated Statements of Operations | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | ||||||||||||
Realized gain on sale of available for sale securities | | | | $ | — | | | | | $ | 40 | | | | | $ | — | | | | Net gains on securities transactions | |
Income tax expense | | | | | — | | | | | $ | (17) | | | | | | — | | | | Income tax expense | |
Total reclassifications, net of income tax | | | | $ | — | | | | | $ | 23 | | | | | $ | — | | | | | |
|
| | | 2017 Quarter Ended | | |||||||||||||||||||||
| | | December 31 | | | September 30 | | | June 30 | | | March 31 | | ||||||||||||
Interest income | | | | $ | 17,864 | | | | | $ | 16,401 | | | | | $ | 14,047 | | | | | $ | 12,441 | | |
Interest expense | | | | | 2,293 | | | | | | 2,437 | | | | | | 2,281 | | | | | | 1,660 | | |
Net interest income | | | | | 15,571 | | | | | | 13,964 | | | | | | 11,766 | | | | | | 10,781 | | |
Provision for loan losses | | | | | 3,499 | | | | | | 1,200 | | | | | | 1,790 | | | | | | 570 | | |
Net interest income after provision for loan losses | | | | | 12,072 | | | | | | 12,764 | | | | | | 9,976 | | | | | | 10,211 | | |
Non-interest income | | | | | 6,249 | | | | | | 2,233 | | | | | | 1,573 | | | | | | 1,245 | | |
Non-interest expense | | | | | 9,780 | | | | | | 8,590 | | | | | | 7,141 | | | | | | 7,234 | | |
Income before income taxes | | | | | 8,541 | | | | | | 6,407 | | | | | | 4,408 | | | | | | 4,222 | | |
Income tax expense | | | | | 5,216 | | | | | | 2,562 | | | | | | 1,757 | | | | | | 1,674 | | |
Net income | | | | $ | 3,325 | | | | | $ | 3,845 | | | | | $ | 2,651 | | | | | $ | 2,548 | | |
Basic earnings per share | | | | $ | 0.50 | | | | | $ | 0.83 | | | | | $ | 0.57 | | | | | $ | 0.55 | | |
Diluted earnings per share | | | | $ | 0.49 | | | | | $ | 0.82 | | | | | $ | 0.57 | | | | | $ | 0.55 | | |
|
| | | 2016 Quarter Ended | | |||||||||||||||||||||
| | | December 31 | | | September 30 | | | June 30 | | | March 31 | | ||||||||||||
Interest income | | | | $ | 11,919 | | | | | $ | 11,337 | | | | | $ | 10,970 | | | | | $ | 9,929 | | |
Interest expense | | | | | 1,492 | | | | | | 1,519 | | | | | | 1,598 | | | | | | 1,480 | | |
Net interest income | | | | | 10,427 | | | | | | 9,818 | | | | | | 9,372 | | | | | | 8,449 | | |
Provision for loan losses | | | | | 5,900 | | | | | | 350 | | | | | | 1,250 | | | | | | 560 | | |
Net interest income after provision for loan losses | | | | | 4,527 | | | | | | 9,468 | | | | | | 8,122 | | | | | | 7,889 | | |
Non-interest income | | | | | 1,288 | | | | | | 1,321 | | | | | | 1,658 | | | | | | 1,156 | | |
Non-interest expense | | | | | 6,199 | | | | | | 8,267 | | | | | | 6,662 | | | | | | 6,243 | | |
Income before income taxes | | | | | (384) | | | | | | 2,522 | | | | | | 3,118 | | | | | | 2,802 | | |
Income tax expense | | | | | (433) | | | | | | 1,072 | | | | | | 1,268 | | | | | | 1,138 | | |
Net income | | | | $ | 49 | | | | | $ | 1,450 | | | | | $ | 1,850 | | | | | $ | 1,664 | | |
Basic earnings per share | | | | $ | 0.01 | | | | | $ | (0.50) | | | | | $ | 0.59 | | | | | $ | 0.53 | | |
Diluted earnings per share(1) | | | | $ | 0.01 | | | | | $ | (0.50) | | | | | $ | 0.58 | | | | | $ | 0.53 | | |
|
| | | | Metropolitan Bank Holding Corp. | |
| Date: April 5, 2018 | | | By: /s/ Mark R. DeFazio Mark R. DeFazio President and Chief Executive Officer (Duly Authorized Representative) | |