Community Bancorp第二季純利增14.4%至490萬美元 淨息差擴闊至4.00%

EX-99.1
2
cmtv_ex991.htm
PRESS RELEASE

cmtv_ex991.htmEXHIBIT 99.1
  
 Community Bancorp. Reports Second Quarter 2026 Earnings
  
 For immediate release

  
 Derby, VT: July 21, 2026 --- Community Bancorp. (NASDAQ:CMTV), the parent company of Community National Bank (the “Bank”), reported consolidated earnings for the second quarter ended June 30, 2026, of $4.9 million or $0.84 per share, an increase of $621,097 or 14.41% compared to $4.3 million or $0.72 per share reported for the second quarter of 2025. Earnings for the six months ended June 30, 2026 were $9.1 million, or $1.62 per share, also a significant increase of $1.5 million or 19.40% compared to $7.6 million or $1.34 per share in the same period in 2025.
  
 Second Quarter 2026 Financial Highlights and Key Performance Indicators (KPIs):
  
 (Unaudited)
  
  
  
 Year Ended
  
  
 Quarter Ended
  
  
 Year Ended
  
  
 Quarter Ended
  

  
  
 June 30, 2026
  
  
 June 30, 2026
  
  
 June 30, 2025
  
  
 June 30, 2025
  

 Return on average assets
  
  
 1.47 %  
  
 1.53 %  
  
 1.29 %  
  
 1.38 %
 Pre-tax, pre-provision net revenue return on average assets
  
  
 1.96 %  
  
 2.11 %  
  
 1.67 %  
  
 1.81 %
 Return on average shareholders' equity
  
  
 15.63 %  
  
 15.83 %  
  
 15.05 %  
  
 15.67 %
 Net Interest Margin
  
  
 3.88 %  
  
 4.00 %  
  
 3.36 %  
  
 3.47 %
 Efficiency Ratio
  
  
 54.2 %  
  
 52.8 %  
  
 57.3 %  
  
 55.8 %
 Noninterest expense to average assets
  
  
 2.31 %  
  
 2.37 %  
  
 2.24 %  
  
 2.29 %
 Dividend payout
  
  
 30.86 %  
  
 29.76 %  
  
 35.82 %  
  
 33.33 %
 Fully diluted tangible book value per common share (1)
  
 $ 19.51  
  
 $ 19.51  
  
 $ 16.63  
  
 $ 16.63  

 Total capital to risk-weighted assets (2)
  
  
 16.05 %  
  
 16.05 %  
  
 14.85 %  
  
 14.85 %
 Total common equity tier 1 capital to risk-weighted assets (2)
  
  
 14.79 %  
  
 14.79 %  
  
 13.60 %  
  
 13.60 %
 Tier I Capital to Average Assets (2)
  
  
 10.63 %  
  
 10.63 %  
  
 10.06 %  
  
 10.06 %
 Tangible common equity to tangible assets (1)
  
  
 9.41 %  
  
 9.41 %  
  
 8.21 %  
  
 8.21 %
 Earnings per common share
  
 $ 1.62  
  
 $ 0.84  
  
 $ 0.72  
  
 $ 1.34  

 Weighted average number of common shares
 used in computing earnings per share
  
  
 5,590,465  
  
  
 5,594,749  
  
  
 5,608,997  
  
  
 5,612,675  

  
  
 (1) 
 Refer to the "Reconciliation of GAAP to Non-GAAP Measures" section of this document for additional detail.
  
  
  

  
 (2) 
 Represents Bank-only ratios. Current period capital ratios are preliminary subject to finalization of the Bank’s June 30, 2026 FDIC Call Report.
  Total assets for the Company at June 30, 2026, were $1.17 billion, a decrease of $114.8 million from year end 2025, but $6.2 million or 0.53% higher compared to $1.17 billion as of June 30, 2025. The year-to-date change primarily reflects annual maturities of municipal non arbitrage relationships and lower cash balances used to pay off two maturing advances totaling $25.0 million, as well as a cyclical decrease in deposit balances. Contributing to the Company’s year-over-year growth in assets was growth in the Company's gross loan portfolio of $28.8 million, or 3.06%, compared to the 2025 period. Deposit balances increased $48.7 million, or 5.22%, compared to the same period in 2025 but decreased $89.0 million or 8.31% since year end 2025 reflecting cyclical changes. The year-over-year loan growth was primarily funded by a combination of cash, maturities of securities, as well as an increase in core and deposits.
  
  
 1
 

  
  
 The Company’s securities portfolio totaled $128 million as of June 30, 2026, an 11.45% decrease compared to $144.6 million as of December 31, 2025. The portfolio is classified as available-for-sale and is required to be reported at fair market value with the unrealized loss, net of a deferred tax adjustment, as an adjustment to total equity. Such unrealized losses reflect the interest rate environment, as current rates remain below the coupon rates on the securities, resulting in a fair market value lower than current book values. As of June 30, 2026, the adjustment to equity was $9.4 million, representing an improvement of $3.1 million from the adjustment to equity of $12.5 million on June 30, 2026 and $9.6 million as of December 31, 2025. 
  
 Total net interest income for the second quarter ended June 30, 2026, increased $1.4 million, or 13.68%, to $11.2 million, compared to $9.9 million for the same quarter in 2025. The quarter-over-quarter improvement reflects an increase of $1.1 million, or 7.72%, in interest and fees on loans due to strong loan growth and higher yields, partially offset by higher interest on deposits expense of $37,533, or 0.94%. Net interest income for the six months ended June 30, 2026, increased $2.9 million or 14.81%, to $22.2 million, compared to $19.3 million for the same period in 2025, reflecting the same trends.
  
 The provision for credit losses for the second quarter ended June 30, 2026, was $720,967 compared to $407,046 for the same period in 2025. The year-to-date provision for credit losses was $1.1 million, compared to $732,100 for the same period in 2025. The $380,373 year-over-year increase was driven primarily by strong loan growth. The provision for credit losses for June 30, 2026, was determined under Accounting Standard No. 2016-13, Measurement of Credit Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses, or CECL.
  
 Total non-interest income for the second quarter ended June 30, 2026, of $2.6 million increased $247,125, or 10.71%, compared to $2.3 million for the same period in 2025. Total non-interest income for the six months ended June 30, 2026, grew to $4.1 million, compared to $3.6 million for the six months ended June 30, 2025, an increase of $420,767, or 11.57% year-over-year. Total non-interest expenses increased $497,838, or 7.47%, for the second quarter comparison period, and $1.1 million, or 7.98%, for the six months period year-over-year.
  
 Equity capital increased to $120.9 million, with a book value per share of $21.58, as of June 30, 2026, compared to equity capital of $113.7 million and a book value per share of $20.36 as of December 31, 2025, and $106.3 million and book value per share of $18.69 as of June 30, 2025. This change includes a decrease of $237,432 in unrealized losses in the investment portfolio year to date and a decrease of $3.1 million year over year, due to changing bond rates, which increased the fair market value of the investment portfolio, as well as an increase of $6.3 million year to date and an increase of $12.8 million year over year in retained earnings. The unrealized loss position is considered temporary and does not impact the Company’s regulatory capital ratios. In the fourth quarter of 2025, the Company completed the optional redemption of all fifteen of the Company’s outstanding shares of its Series A Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. The preferred stock value of $1,500,000 was included in the Company’s equity capital as of June 30, 2025.
  
 President and CEO Christopher Caldwell commented on the Company’s results: “Through the first half of 2026, the company continued its strong performance. Community banking thrives through relationship-based banking and this long-term approach to clients and our communities continues to serve us well. Our inclusion in both the ABA Nasdaq Community Bank Index and the Russell 2000 Index has increased the Company’s visibility among investors and may support broader market awareness of our stock over time. Tangible book value per share increased by 17% for the year-to-date period compared to the same period of 2025. Year-to-date earnings per share increased 20% compared to the same period last year, and 16% for the second quarter compared to the same quarter 2025. These results demonstrate the Company’s commitment to serving our customers as Vermont’s Community Bank. We are grateful for the trust that our communities, clients, and shareholders have placed in us.”
  
 As previously announced, the Company declared a quarterly cash dividend of $0.25 per share payable August 1, 2026, to shareholders of record as of July 15, 2026.
  
  
 2
 

  
  
 About Community Bancorp.
 Community Bancorp. is the parent holding company for Community National Bank, headquartered in Derby, Vermont. Community National Bank is an independent bank that has been serving its communities since 1851, with retail banking offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls as well as loan offices located in Burlington, Vermont and Lebanon, New Hampshire
  
 Forward Looking Statements
 This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements about the Company’s financial condition, capital status, dividend payment practices, business outlook and affairs. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Although these statements are based on management’s current expectations and estimates, actual conditions, results, and events may differ materially from those contemplated by such forward-looking statements, as they could be influenced by numerous factors which are unpredictable and outside the Company’s control. Factors that may cause actual results to differ materially from such statements include, among others, the following: (1) general national or regional economic conditions, national fiscal or monetary policies, or national or international tariff or trade conditions result in a deterioration of the credit quality of our loan portfolio or diminished demand for the Company’s products and services; (2) changes in laws or government rules, or the way in which courts interpret those laws or rules, adversely affect the financial industry generally or the Company’s business in particular, or may impose additional costs and regulatory requirements; (3) interest rates change in such a way as to reduce the Company’s interest margins and its funding sources; and (4) competitive pressures increase among financial services providers in the Company’s northern New England market area or in the financial services industry generally, including pressures from nonbank financial service providers, from increasing consolidation and integration of financial service providers and from changes in technology and delivery systems, and other factors that are listed from time to time in our financial filings with the SEC, including our Forms 10Q and 10K. The Company cautions you not to rely unduly on forward-looking statements because the assumptions, beliefs, expectations, and projections about future events may, and often do, differ materially from actual results or events. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made, except as otherwise required by law.
  
 Use of Non-GAAP Financial Measures
 In addition to evaluating the Company's results of operations in accordance with generally accepted accounting principles in the United States ("GAAP"), management supplements this evaluation with certain non-GAAP financial measures such as pre-tax, pre-provision income; fully diluted tangible book value per common share and tangible common equity to tangible assets. Management believe these non-GAAP financial measures help investors better understand the Company's operating performance and trends and allow for better performance comparisons to other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliations to the comparable GAAP financial measures can be found at the end of this document.
  
  
 3
 

  
  
 Community Bancorp. And Subsidiary
 Consolidated Balance Sheets (unaudited)
  
  
  
 June 30,
  
  
 December 31,
  

  
  
 2026
  
  
 2025
  

 Assets
  
  
  
  
  
  

 Cash and due from banks
  
 $ 19,772,554  
  
 $ 11,802,391  

 Federal funds sold and overnight deposits
  
  
 5,840,996  
  
  
 116,259,370  

 Total cash and cash equivalents
  
  
 25,613,550  
  
  
 128,061,761  

 Securities available-for-sale (amortized cost $139,848,277 and $156,694,754 at 06/30/26 and 12/31/25, respectively
  
  
 127,982,828  
  
  
 144,528,758  

 Restricted equity securities, at cost
  
  
 1,918,950  
  
  
 2,933,050  

 Loans held-for-sale
  
  
 813,332  
  
  
 138,000  

 Loans
  
  
 970,535,252  
  
  
 965,285,662  

 Allowance for credit losses
  
  
 (11,881,321 )  
  
 (10,864,983 )
 Deferred net loan costs
  
  
 940,423  
  
  
 786,604  

 Net loans
  
  
 959,594,354  
  
  
 955,207,283  

 Bank premises and equipment, net
  
  
 12,220,494  
  
  
 12,090,886  

 Accrued interest receivable
  
  
 4,505,039  
  
  
 4,607,975  

 Bank owned life insurance
  
  
 5,435,603  
  
  
 5,398,085  

 Goodwill
  
  
 11,574,269  
  
  
 11,574,269  

 Other real estate owned
  
  
 -  
  
  
 319,019  

 Other assets
  
  
 23,090,295  
  
  
 22,699,860  

 Total assets
  
 $ 1,172,748,714  
  
 $ 1,287,558,946  

 Liabilities and Shareholders' Equity
  
  
  
  
  
  
  
  

 Liabilities
  
  
  
  
  
  
  
  

 Deposits:
  
  
  
  
  
  
  
  

 Demand, non-interest bearing
  
 $ 204,738,374  
  
 $ 218,842,543  

 Interest-bearing transaction accounts
  
  
 278,551,211  
  
  
 299,636,739  

 Money market funds
  
  
 125,665,889  
  
  
 187,132,921  

 Savings
  
  
 146,071,626  
  
  
 142,543,291  

 Time deposits, $250,000 and over
  
  
 48,195,437  
  
  
 46,913,997  

 Other time deposits
  
  
 178431659  
  
  
 175,598,510  

 Total deposits
  
  
 981,654,196  
  
  
 1,070,668,001  

 Repurchase agreements
  
  
 35,019,257  
  
  
 41,498,171  

 Borrowed funds
  
  
 10,975,022  
  
  
 35,975,022  

 Junior subordinated debentures
  
  
 12,887,000  
  
  
 12,887,000  

 Accrued interest and other liabilities
  
  
 11,319,225  
  
  
 12,843,774  

 Total liabilities
  
  
 1,051,854,700  
  
  
 1,173,871,968  

 Shareholders' Equity
  
  
  
  
  
  
  
  

 Common stock - $2.50 par value; 15,000,000 shares authorized, 5,902,267 shares issued at 06/30/26, 5,882,266 shares issued at 12/31/25 
  
  
 14,755,668  
  
  
 14,705,665  

 Additional paid-in capital
  
  
 40,757,013  
  
  
 40,076,561  

 Retained earnings
  
  
 79,287,690  
  
  
 73,021,908  

 Accumulated other comprehensive loss
  
  
 (9,373,705 )  
  
 (9,611,137 )
 Less: treasury stock, at cost; 300,409 shares at 06/30/26 and 299,399 shares at 12/31/25 
  
  
 (4,532,652 )  
  
 (4,506,019 )
 Total shareholders' equity
  
  
 120,894,014  
  
  
 113,686,978  

 Total liabilities and shareholders' equity
  
 $ 1,172,748,714  
  
 $ 1,287,558,946  

  
  
  
  
  
  
  
  
  

 Book value per common share outstanding
  
 $ 21.58  
  
 $ 20.36  

  
  
 4
 

  
  
 Community Bancorp. and Subsidiary
 Consolidated Statements of Income (unaudited)
  
  
  
 Quarter Ended
  
  
 Quarter Ended
  

  
  
 June 30, 2026
  
  
 June 30, 2025
  

 Interest income
  
  
  
  
  
  

 Interest and fees on loans
  
 $ 14,748,598  
  
 $ 13,691,705  

 Interest on taxable debt securities
  
  
 741,821  
  
  
 948,048  

 Interest on tax-exempt debt securities
  
  
 80,411  
  
  
 80,411  

 Dividends
  
  
 47,363  
  
  
 58,595  

 Interest on federal funds sold and overnight deposits
  
  
 424,413  
  
  
 71,857  

 Total interest income
  
  
 16,042,606  
  
  
 14,850,616  

 Interest expense
  
  
  
  
  
  
  
  

 Interest on deposits
  
  
 4,009,541  
  
  
 3,972,008  

 Interest on borrowed funds
  
  
 301,838  
  
  
 444,596  

 Interest on repurchase agreements
  
  
 262,376  
  
  
 298,057  

 Interest on junior subordinated debentures
  
  
 221,045  
  
  
 241,413  

 Total interest expense
  
  
 4,794,800  
  
  
 4,956,074  

 Net interest income
  
  
 11,247,806  
  
  
 9,894,542  

 Credit loss expense
  
  
 720,967  
  
  
 407,046  

 Net interest income after credit loss expense
  
  
 10,526,839  
  
  
 9,487,496  

 Non-interest income
  
  
  
  
  
  
  
  

 Service fees
  
  
 988,219  
  
  
 969,775  

 Income from sold loans
  
  
 89,692  
  
  
 96,705  

 Other income from loans
  
  
 537,043  
  
  
 331,759  

 Income from investment in CFS Partners 
  
  
 579,795  
  
  
 548,307  

 Other income
  
  
 117,998  
  
  
 112,165  

 Total non-interest income
  
  
 2,312,747  
  
  
 2,058,711  

 Non-interest expense
  
  
  
  
  
  
  
  

 Salaries and wages
  
  
 2,632,767  
  
  
 2,392,661  

 Employee benefits
  
  
 1,102,841  
  
  
 1,056,273  

 Occupancy expenses, net
  
  
 779,462  
  
  
 794,451  

 Other expenses
  
  
 2,650,168  
  
  
 2,424,015  

 Total non-interest expense
  
  
 7,165,238  
  
  
 6,667,400  

 Income before income taxes
  
  
 5,674,348  
  
  
 4,878,807  

 Income tax expense
  
  
 986,564  
  
  
 819,031  

 Net income
  
 $ 4,687,784  
  
 $ 4,059,776  

 Earnings per common share
  
 $ 0.84  
  
 $ 0.72  

 Weighted average number of common shares used in computing earnings per share
  
  
 5,594,749  
  
  
 5,612,675  

 Dividends declared per common share
  
 $ 0.25  
  
 $ 0.24  

  
  
 5
 

  
  
  
  
 Year Ended
  
  
 Year Ended
  

  
  
 June 30, 2026
  
  
 June 30, 2025
  

 Interest income
  
  
  
  
  
  

 Interest and fees on loans
  
 $ 29,181,219  
  
 $ 26,906,737  

 Interest on taxable debt securities
  
  
 1,546,571  
  
  
 1,807,276  

 Interest on tax-exempt debt securities
  
  
 160,823  
  
  
 160,823  

 Dividends
  
  
 99,321  
  
  
 106,485  

 Interest on federal funds sold and overnight deposits
  
  
 1,081,511  
  
  
 393,806  

 Total interest income
  
  
 32,069,445  
  
  
 29,375,127  

 Interest expense
  
  
  
  
  
  
  
  

 Interest on deposits
  
  
 8,186,172  
  
  
 8,157,915  

 Interest on borrowed funds
  
  
 687,788  
  
  
 815,574  

 Interest on repurchase agreements
  
  
 556,106  
  
  
 584,016  

 Interest on junior subordinated debentures
  
  
 443,692  
  
  
 484,758  

 Total interest expense
  
  
 9,873,758  
  
  
 10,042,263  

 Net interest income
  
  
 22,195,687  
  
  
 19,332,864  

 Credit loss expense
  
  
 1,112,473  
  
  
 732,100  

 Net interest income after credit loss expense
  
  
 21,083,214  
  
  
 18,600,764  

 Non-interest income
  
  
  
  
  
  
  
  

 Service fees
  
  
 1,924,696  
  
  
 1,856,557  

 Income from sold loans
  
  
 159,237  
  
  
 166,082  

 Other income from loans
  
  
 887,238  
  
  
 601,927  

 Income from investment in CFS Partners 
  
  
 822,234  
  
  
 797,658  

 Other income
  
  
 264,682  
  
  
 215,096  

 Total non-interest income
  
  
 4,058,087  
  
  
 3,637,320  

 Non-interest expense
  
  
  
  
  
  
  
  

 Salaries and wages
  
  
 5,211,603  
  
  
 4,712,727  

 Employee benefits
  
  
 2,214,118  
  
  
 2,074,245  

 Occupancy expenses, net
  
  
 1,554,443  
  
  
 1,576,307  

 Other expenses
  
  
 5,242,433  
  
  
 4,807,731  

 Total non-interest expense
  
  
 14,222,597  
  
  
 13,171,010  

 Income before income taxes
  
  
 10,918,704  
  
  
 9,067,074  

 Income tax expense
  
  
 1,861,817  
  
  
 1,481,843  

 Net income
  
 $ 9,056,887  
  
 $ 7,585,231  

 Earnings per common share
  
 $ 1.62  
  
 $ 1.34  

 Weighted average number of common shares used in computing earnings per share
  
  
 5,590,465  
  
  
 5,608,997  

 Dividends declared per common share
  
 $ 0.50  
  
 $ 0.48  

  
  
 6
 

  
  
 Community Bancorp. and Subsidiary
 Earnings Per Share (“EPS”) (unaudited)
 (Dollars in thousands, except share data)
  
  
  
 For the Quarter Ended June 30,
  
  
 For the Year Ended June 30,
  

  
  
 2026
  
  
 2025
  
  
 2026
  
  
 2025
  

  
  
 (In thousands, except per share data)
  

 Net income
  
 $ 4,688  
  
 $ 4,060  
  
 $ 9,057  
  
 $ 7,585  

 Less: dividends to preferred shareholders
  
  
 –  
  
 $ 28  
  
  
 –  
  
 $ 56  

 Net income available to common shareholders
  
 $ 4,688  
  
 $ 4,032  
  
 $ 9,057  
  
 $ 7,529  

 Weighted average number of common shares used in computing earnings per share
  
  
 5,594,749  
  
  
 5,612,675  
  
  
 5,590,465  
  
  
 5,608,997  

 Earnings per common share
  
 $ 0.84  
  
 $ 0.72  
  
 $ 1.62  
  
 $ 1.34  

  
 Reconciliation of GAAP to Non-GAAP Measures 
 (unaudited)
  
 Community Bancorp. and Subsidiary
 (Dollars in thousands, except share data)
  
  
  
 Quarter Ended
  

  
  
 June 30, 2026
  

 Computation of Pre-tax, pre-provision net revenue
  
  
  

 Net interest income
  
 $ 11,247,806  

 Non-interest income
  
 $ 2,312,747  

 Less: Non-interest expense
  
 $ 7,165,238  

 Pre-tax, pre-provision net revenue 
  
 $ 6,395,315  

  
  
  
  
  

 Computation of Pre-tax, pre-provision net revenue return on average assets
  
  
  
  

 Pre-tax, pre-provision net revenue 
  
 $ 6,395,315  

 Average Assets
  
 $ 1,228,309,434  

 Pre-tax, pre-provision net revenue return on average assets
  
  
 2.11 %
  
  
 7
 

  
  
  
  
 As of
  

  
  
 June 30, 2026
  
  
 December 31, 2025
  
  
 June 30, 2025
  

 Computation of Fully Diluted Tangible Book Value per Common Share
  
  
  
  
  
  
  
  
  

 Total shareholders' equity
  
 $ 120,894  
  
 $ 113,687  
  
 $ 106,343  

 Less:
  
  
  
  
  
  
  
  
  
  
  
  

 Preferred Stock
  
  
 –  
  
  
 –  
  
 $ 1,500  

 Common shareholders' equity
  
 $ 120,894  
  
 $ 113,687  
  
 $ 104,843  

 Less:
  
  
  
  
  
  
  
  
  
  
  
  

 Goodwill
  
 $ 11,574  
  
 $ 11,574  
  
 $ 11,574  

 Other Intangibles
  
  
 –  
  
  
 –  
  
  
 –  

 Tangible common shareholders' equity
  
 $ 109,320  
  
 $ 102,113  
  
 $ 93,269  

  
  
  
  
  
  
  
  
  
  
  
  
  

 Common shares issued and outstanding
  
  
 5,601,858  
  
  
 5,582,927  
  
  
 5,608,914  

  
  
  
  
  
  
  
  
  
  
  
  
  

 Fully Diluted Tangible Book Value per Common Share
  
 $ 19.51  
  
 $ 18.29  
  
 $ 16.63  

  
  
  
 As of
  

  
  
 June 30, 2026
  
  
 December 31, 2025
  
  
 June 30, 2025
  

 Computation of Tangible Common Equity to Tangible Assets
  
  
  
  
  
  
  
  
  

 Common Equity
  
 $ 120,894  
  
 $ 113,687  
  
 $ 106,343  

 Less:
  
  
  
  
  
  
  
  
  
  
  
  

 Goodwill
  
 $ 11,574  
  
 $ 11,574  
  
 $ 11,574  

 Other Intangibles
  
  
 –  
  
  
 –  
  
  
 –  

 Tangible Common Equity
  
 $ 109,320  
  
 $ 102,113  
  
 $ 94,769  

  
  
  
  
  
  
  
  
  
  
  
  
  

 Total Assets
  
 $ 1,172,749  
  
 $ 1,287,559  
  
 $ 1,166,586  

 Less:
  
  
  
  
  
  
  
  
  
  
  
  

 Goodwill
  
 $ 11,574  
  
 $ 11,574  
  
 $ 11,574  

 Other Intangibles
  
  
 –  
  
  
 –  
  
  
 –  

 Tangible Assets
  
 $ 1,161,175  
  
 $ 1,275,985  
  
 $ 1,155,012  

  
  
  
  
  
  
  
  
  
  
  
  
  

 Tangible Common Equity to Tangible Assets
  
  
 9.41 %  
  
 8.00 %  
  
 8.21 %
  
 For more information, contact: 
 Investor Relations
 [email protected]
  
  
 8