|PR Newswire Association LLC|
In addition to evaluating its results of operations in accordance with accounting principles generally accepted in
SECOND QUARTER NOTABLES
- Successful completion of the merger with the conversion of the core processing system and rebranding of all products and services in the second quarter of 2014.
- Earnings per share decreased
$0.20comparing the second quarter of 2014 to the corresponding period of 2013. The results include pre-tax merger related expenses of approximately $1.0 million. The comparable results in 2013 included nonrecurring noninterest income of $0.5 millionfrom bank owned life insurance proceeds.
- Annualized return on average assets and average stockholders' equity were 0.78% and 5.61% for the second quarter of 2014 and 1.22% and 8.51% for the same period last year.
- Loans, net totaled
$1.2 billionat June 30, 2014, unchanged from year end 2013.
- Deposits increased
$43.3 millionduring the first half of 2014 to $1.4 billionat June 30, 2014.
- Tangible book value per share improved
$0.82or 3.67% to $23.14at the end of the second quarter of 2014 compared to $22.32at year end 2013.
INCOME STATEMENT REVIEW
The tax-equivalent net interest margin for the quarter and six months ended
Tax-equivalent net interest income for the six months ended