09/11/2018 19:01:08

Revere Bank Announces Third Quarter 2018 Record Earnings – Net Income of $7 Million Increased 37% Over the Third Quarter 2017

ROCKVILLE, Md., Nov. 09, 2018 (GLOBE NEWSWIRE) -- Revere Bank (the “Bank”) (OTCQX: REVB) today reported record quarterly net income of $7.01 million for the quarter ended September 30, 2018, a 36.8% increase compared to $5.12 million for the quarter ended September 30, 2017.  Net income per basic common share for the third quarter of 2018 was $0.68 compared to $0.53 for the same period in 2017, an increase of 28.3%.  Net income per diluted common share increased 30.0% to $0.65 for the third quarter of 2018 compared to $0.50 for the same period in 2017. 

For the nine months ended September 30, 2018, net income was $20.42 million, a 51.1% increase compared to $13.51 million for the nine months ended September 30, 2017.  Net income per basic common share for the nine months ended September 30, 2018, was $2.02 compared to $1.39 for the same period in 2017, an increase of 45.3%.  Net income per diluted common share increased 47.0% to $1.94 for the nine months ended September 30, 2018, compared to $1.32 for the same period in 2017. 

Quarterly Highlights

  • Closed a common stock offering of 1.61 million shares with net proceeds of $44.1 million.
  • Began trading on the OTCQX Best Market under the symbol “REVB”.
  • Grew pretax net income by 5.4% compared to the second quarter of 2018.
  • Period end loans grew 13.9%, or $243.9 million, compared to the third quarter of 2017, and grew 1.8%, or $36.2 million, compared to the second quarter of 2018.
  • Period end deposits grew 10.9%, or $191.7 million, compared to the third quarter of 2017 and grew 2.2%, or $41.9 million, compared to the second quarter of 2018.  Core deposits grew 3.5%, or $63.9 million, compared to the second quarter of 2018 as we allowed $22.0 million in brokered deposits to run off during the quarter.

Ken Cook, Co-President and CEO, said, “We are pleased to report continued strong pretax and net income trends on both a year-over-year and linked-quarter basis.  Furthermore, we continue to grow loans and deposits and maintain very strong credit quality as we, and the industry, manage through rising short-term interest rates and a flattening yield curve. Our future is bright and our loan and deposit pipelines are strong.”

Drew Flott, Co-President and CEO, added, “The success of our $44.1 million capital raise has strengthened our capital position. This, combined with our continually increasing earnings power, positions us to maintain strong capital ratios as we continue to achieve solid growth into the future.  We are also excited with our listing on the OTCQX Best Market under the symbol REVB.  The OTCQX provides our shareholders and the investment community with increased liquidity and access to our stock.”

Earnings and Growth Highlights

 

In thousands, except per share data

3Q 2018 2Q 2018 3Q 2017    
Loans$  1,997,511 $  1,961,343 $  1,753,601    
Deposits$  1,950,385 $  1,908,494 $  1,758,726    
       YTD 2018 YTD 2017
Pre-tax income$  9,451 $  8,964 $  8,083 $  27,135 $  21,350
Net Income$  7,006 $  6,850 $  5,122 $  20,415 $  13,509
EPS$  0.68 $  0.68 $  0.53 $  2.02 $  1.39
Diluted EPS$  0.65 $  0.65 $  0.50 $  1.94 $  1.32
 
          

Third quarter net income increased $1.88 million or 36.8% compared to the third quarter of 2017, and $156 thousand, or 2.3%, compared to the second quarter of 2018. Our third quarter diluted EPS remained unchanged compared to the second quarter of 2018, despite our increased net income, due to the increased shares outstanding from our recent successful capital raise and the exercise of stock options.  When compared to the third quarter of 2017, diluted EPS increased $0.15 per share, or 30.0%, as a result of increased pre-tax income of 16.9% and a decrease in tax expense related to the Tax Cuts and Jobs Act (“Tax Act”) effective January 1, 2018.

For the nine months ended September 30, 2018, net income increased $6.91 million, or 51.1%, compared to the same period of 2017.  During the period diluted EPS increased $0.62 per share, or 47.0%, as a result of increased pre-tax net income of 27.1% and a decrease in tax expense due to the Tax Act.

Income Statement Review

Net interest income

           

In thousands

 3Q 2018 2Q 2018 3Q 2017 YTD 2018 YTD 2017
Interest income $  27,403  $  25,766  $  22,940  $  77,451  $  64,922 
Interest expense    6,559     5,364     4,340     16,767     11,990 
Net interest income $  20,844  $  20,402  $  18,600  $  60,684  $  52,932 
           
Yield on interest-earning assets  4.85%  4.88%  4.66%  4.82%  4.61%
Cost of interest-bearing liabilities  1.51%  1.32%  1.13%  1.35%  1.08%
Net Interest margin  3.69%  3.87%  3.78%  3.77%  3.76%
           
 

Our net interest income continues to grow and drive increased earnings. Our third quarter net interest income increased 12.1% compared to the same period last year and 2.2% compared to the prior quarter. Year to date net interest income is up 14.6% compared to the same period last year.

On a year-to-date basis our net interest margin increased by one basis point from last year to 3.77%. Our current quarter’s net interest margin decreased by 18 basis points from the prior quarter and nine basis points from the same period last year.  This decrease was primarily the result of an increase in the cost of funds due to an increase in short term market rates, the success of a third quarter CD campaign, and a change in our interest-earning asset mix.  Going forward we expect these factors to be mitigated as the excess liquid funds from the CD campaign and our equity raise are deployed into higher earning assets such as loans.  We continue to focus on improving the net interest margin and note that about one third of our loan portfolio will reprice over the next twelve months.

Non-interest income and Non-interest expense

 

Dollars in thousands

3Q 2018 2Q 2018 3Q 2017 YTD 2018 YTD 2017
Non-interest income$  433  $  604  $  495  $  1,621  $  1,610 
Non-interest expense$  11,181  $  10,889  $  10,229  $  32,419  $  30,684 
          
Efficiency ratio 52.55%  51.84%  53.57%  52.03%  56.26%
 
          

Non-interest income was $433 thousand for the third quarter, a decrease of $62 thousand, or 12.5%, compared to the third quarter of 2017, and $171 thousand, or 28.3%, compared to the second quarter of 2018.  This decrease was primarily caused by a decrease in mortgage referral fees.  For the nine-month period ended September 30, 2018, total non-interest income increased slightly by 0.7% to $1.62 million, compared to $1.61 million for the nine-month period ended September 30, 2017.

Non-interest expense increased by $952 thousand, or 9.3%, in the third quarter compared to the same period last year and $292 thousand, or 2.7%, compared to the second quarter.  On a year-to-date basis non-interest expense increased $1.74 million, or 5.7%, to $32.4 million, compared to $30.7 million during the first nine months of 2017. These increases were driven primarily by an increase in the number of employees to manage our continued growth and a significant investment in a brand identity marketing campaign.  While we maintain strict control of our operating expenses, we also know the importance of investing in increased future earnings and growth.

For the third quarter our efficiency ratio improved to 52.55% compared to the same period last year and improved on a year- to-date basis to 52.03% from 56.26% for the first nine months of 2017.  The improvement primarily reflects continued economies of scale as we grow and to a lesser extent a reduction in merger and acquisition expense during the period.  Compared to the prior quarter our efficiency ratio increased to 52.55% from 51.84% primarily due to increased marketing costs.

 
 3Q 2018 2Q 2018 3Q 2017
Return on average assets (annualized)1.21% 1.26% 0.99%
Return on average equity (annualized)13.00% 13.71% 11.08%
 
      

Return on assets and equity increased 22 basis points and 192 basis points, respectively, during the quarter compared to the same period last year.  These increases for the third quarter over the prior year period were primarily driven by increased earnings and the impact of the Tax Act.  Return on assets and return on equity declined slightly by five basis points and 71 basis points, respectively, when compared to the prior quarter. These decreases were caused in part by an increase in short term liquidity from a successful CD campaign and from the capital raise and by investing in the above referenced brand identity campaign.

Balance Sheet Review

 

Dollars in thousands

Sep. 2018 Jun. 2018 Dec. 2017 Sep. 2017
Assets$  2,317,700 $  2,250,319 $  2,098,845 $  2,070,939
Loans   1,997,511    1,961,343    1,814,692    1,753,601
Deposits   1,950,385    1,908,494    1,795,092    1,758,726
FHLB borrowings   74,594    102,279    77,827    90,087
Stockholders' equity   255,905    203,772    188,277    185,506
 
        

Asset growth from September 30, 2017, to September 30, 2018, was $247 million, or 11.9%, and was driven primarily by loan growth.  When compared to December 31, 2017, assets increased $219 million, or 10.4%, which was primarily the result of loan growth.  Assets increased $67 million compared to the prior quarter, or 3.0%, due to loan growth and an increase in cash equivalents from the recent capital raise.

Loans increased $244 million, or 13.9%, compared to September 30, 2017, and were driven primarily by an increase in commercial real estate loans and commercial loans.  During the nine month period ended September 30, 2018, loans increased $183 million, or 10.1%, primarily driven by an increase in commercial real estate loans as well as an increase in commercial loans. Compared to June 30, 2018, loans increased $36 million, or 1.8%, primarily due to commercial real estate loan growth.

Deposits increased $192 million, or 10.9%, compared to September 30, 2017, primarily due to increases in money market deposits.  During the nine-month period ended September 30, 2018, deposits increased $155 million, or 8.7%, primarily due to increases in money market deposits.  Compared to June 30, 2018, deposits increased $42 million, or 2.2%, primarily due to increases in CD and money market deposits.

Stockholders’ equity increased $70.4 million, or 37.9% compared to September 30, 2017, and $52.1 million, or 25.6%, compared to June 30, 2018.  The very strong equity growth in the third quarter was achieved through record quarterly earnings and a successful capital raise that yielded $44.1 million in net capital through the issuance of 1.61 million common shares.

The Bank’s capital ratios remain well above regulatory guidelines for well-capitalized banks. As of September 30, 2018, the Bank’s total risk-based capital ratio and tier 1 leverage ratio were 13.85% and 10.11%, respectively, compared to 11.40% and 7.78%, respectively, as of September 30, 2017. As of September 30, 2018, the Bank’s tangible equity to total tangible assets ratio was 9.85% compared to 7.56% as of September 30, 2017.

As of September 30, 2018, the Bank’s tangible book value per share was $19.09, up 21.3% compared to $15.74 as of September 30, 2017.  The increase in tangible book value per share was primarily due to an increase from strong earnings per share and approximately $1.41 accretion from the capital raise.

Asset Quality Review

 
 At or for the three months ended

Dollars in thousands

Sep. 2018 Jun. 2018 Sep. 2017
Non-performing assets$  1,809  $  1,812  $  2,522 
Non-performing assets to total assets 0.08%  0.08%  0.12%
      
Loans 30-89 days past due and still accruing interest$  1,177  $  3,124  $  1,239 
Loans 30-89 days past due and still accruing interest to total assets 0.05%  0.14%  0.06%
Quarterly net charge-offs$  -   $  58  $  91 
 
      

Asset quality remains very strong.  As of September 30, 2018, non-performing assets as a percentage of total assets decreased to 0.08% from 0.12% at September 30, 2017. The decrease was driven by both a decline in non-performing assets as well as an increase in total assets.

Loans 30-89 days past due and still accruing interest decreased $1.9 million compared to the prior period and $62 thousand compared to the same period last year. The Bank had no net charge-offs in the third quarter of 2018, compared to $91 thousand of net charge-offs in the third quarter of 2017. For the nine months ended September 30, 2018, the Bank reported $57 thousand in net charge-offs compared to net charge-offs of $284 thousand during the same period in 2017.

The Bank is proactive in monitoring its loan portfolio for any indication of weakness and takes appropriate action to mitigate future risks across all lines of business.

Revere Bank is a Maryland, state-chartered bank that commenced operations in November 2007.  The Bank is headquartered in Rockville and has 11 branches located in the suburban Maryland counties of Anne Arundel, Baltimore, Frederick, Howard, Montgomery, and Prince George’s. The Bank is a community-based, full-service commercial bank that emphasizes the banking needs of community-based businesses, professional entities, and individuals.  Further information on Revere Bank can be obtained by visiting our website at www.reverebank.com.

Contact:  
Kenneth Cook, Co-President & CEOAndrew Flott, Co-President & CEO 
(240) 264-5372(240) 264-5340 

kenneth.cook@reverebank.com

andrew.flott@reverebank.com 

 
   

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Bank operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Bank’s market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast, and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Bank’s past results are not necessarily indicative of future performance.

Non-GAAP Financial Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the Financial Highlights table, which provides a reconciliation of non-GAAP financial measures to GAAP financial measures. This press release and the accompanying tables discuss financial measures, such as tangible common equity, tangible assets and tangible book value per share, which are non-GAAP measures. We believe that such non-GAAP measures are useful because they enhance the ability of investors and management to evaluate and compare the Bank’s operating results from period to period in a meaningful manner. Non-GAAP measures should not be considered as an alternative to any measure of performance as promulgated under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks. Investors should consider the Bank’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Bank. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Bank’s results or financial condition as reported under GAAP.

Revere Bank

Consolidated Balance Sheets

(dollars in thousands)

 
  

Sep. 30, 2018

 

Jun. 30, 2018

 

Dec. 31, 2017

 

Sep. 30, 2017

  

(Unaudited)

 

(Unaudited)

 

(Audited)

 

(Unaudited)

Assets

       
         
Cash and due from banks$  104,740  $  71,547  $  70,730  $  100,092 
Federal funds sold   12     12     12     12 
 Total cash and cash equivalents   104,752     71,559     70,742     100,104 
Interest-bearing deposits with banks   -      1,000     1,470     1,468 
Securities available-for-sale, at fair value   167,911     167,831     163,226     164,883 
Equity securities, at cost   5,230     6,373     5,150     5,765 
Loans   1,997,511     1,961,343     1,814,692     1,753,601 
Less allowance for loan losses   17,521     16,876     14,827     14,442 
 Loans, net   1,979,990     1,944,467     1,799,865     1,739,159 
Premises and equipment, net   4,169     4,192     4,227     4,187 
Accrued interest receivable   6,556     6,206     5,868     5,428 
Deferred tax assets   6,528     6,112     5,233     6,836 
Bank owned life insurance   10,842     10,782     10,664     10,604 
Goodwill   26,815     26,815     26,815     26,815 
Core deposit intangibles   3,804     3,982     4,337     4,515 
Other assets   1,103     1,000     1,248     1,175 
         
 

Total Assets

$  2,317,700  $  2,250,319  $  2,098,845  $  2,070,939 
         

Liabilities and Stockholders' Equity

       
         

Liabilities

       
Deposits:       
 Non-interest-bearing demand$  352,560  $  346,496  $  323,149  $  329,452 
 Interest-bearing   1,597,825     1,561,998     1,471,943     1,429,274 
 Total Deposits   1,950,385     1,908,494     1,795,092     1,758,726 
Federal Home Loan Bank advances   74,594     102,279     77,827     90,087 
Subordinated debt, net   30,690     30,664     30,607     30,586 
Accrued interest payable   791     1,033     929     520 
Other liabilities   5,335     4,077     6,113     5,514 
         
 

Total Liabilities

   2,061,795     2,046,547     1,910,568     1,885,433 
         

Stockholders' Equity

       
Common stock, par value $5 per share; 30,000,000 shares authorized; shares issued and outstanding of 11,803,007 for September 2018, 10,116,042 for June 2018, 9,854,488 for December 2017 and 9,794,078 for September 2017   59,015     50,580     49,272     48,961 
Surplus   144,538     107,276     104,921     104,372 
Retained earnings   55,473     48,468     35,060     32,297 
Accumulated other comprehensive loss   (3,121)    (2,552)    (976)    (124)
         
 

Total Stockholders' Equity

   255,905     203,772     188,277     185,506 
         
 

Total Liabilities and Stockholders' Equity

$  2,317,700  $  2,250,319  $  2,098,845  $  2,070,939 
         

 

Revere Bank

Consolidated Income Statements

(dollars in thousands, except per share data)

(Unaudited)

 
    

Three Months Ended

 

Nine Months Ended

    

Sep. 30, 2018

 

Jun. 30, 2018

 

Sep. 30, 2017

 

Sep. 30, 2018

 

Sep. 30, 2017

             

Interest Income

          
 Loans, including fees $  25,933  $  24,641 $  21,889 $  73,663  $  62,123 
 Securities    929     867    770    2,646     2,157 
 Federal funds sold and other    541     258    281    1,142     642 
             
  

Total Interest Income

    27,403     25,766    22,940    77,451     64,922 
             

Interest Expense

          
 Deposits    5,625     4,615    3,585    14,378     9,889 
 Borrowed funds    471     285    292    1,000     722 
 Subordinated debt    463     464    463    1,389     1,379 
             
  

Total Interest Expense

    6,559     5,364    4,340    16,767     11,990 
             

Net Interest Income

    20,844     20,402    18,600    60,684     52,932 

Provision for Loan Losses

    645     1,153    783    2,751     2,508 

Net interest income after provision for loan losses

    20,199     19,249    17,817    57,933     50,424 

Non-interest income

          
 Service charges on deposits    254     238    218    743     702 
 Other non-interest income    144     307    216    726     728 
 Disposal of premises and equipment    (26)    -     -     (26)    (2)
 Earnings on bank owned life insurance    61     59    61    178     182 
             
  

Total Non-interest income

    433     604    495    1,621     1,610 

Non-Interest Expense

          
 Salaries and employee benefits    7,415     7,285    6,618    21,496     20,002 
 Occupancy and equipment    1,033     1,026    1,000    3,057     3,065 
 Legal and professional fees    388     326    454    1,081     710 
 Advertising    430     282    158    878     458 
 Data processing    657     622    565    1,888     1,812 
 FDIC premiums    330     343    383    1,029     1,176 
 Merger and acquisitions costs    -      -     107    -      559 
 Core deposit intangible amortization    178     177    178    533     533 
 Other    750     828    766    2,457     2,369 
             
  

Total Non-interest expense

    11,181     10,889    10,229    32,419     30,684 

Income before income taxes

    9,451     8,964    8,083    27,135     21,350 

Income Tax Expense

    2,445     2,114    2,961    6,720     7,841 

Net Income

 $  7,006  $  6,850 $  5,122 $  20,415  $  13,509 
             

Basic earnings per common share

 $  0.68  $  0.68 $  0.53 $  2.02  $  1.39 

Diluted earnings per common share

 $  0.65  $  0.65 $  0.50 $  1.94  $  1.32 
             

 

Revere Bank

Average Balance Sheets, Interest and Rate

(dollars in thousands)

(Unaudited)

 
  

Three Months Ended September 30, 2018

 

Three Months Ended September 30, 2017

  

Average

Balance

(1)

 

Interest

Income-

Expense

 

Average

Yields/

Rates

 

Average

Balance

(1)

 

Interest

Income-

Expense

 

Average

Yields/

Rates

Assets

            
Loans, net (2) $  1,969,777 $  25,933 5.22% $  1,721,697 $  21,889 5.04%
Securities (3)    166,094    929 2.22%    161,038    770 1.90%
Federal funds sold and other (4)    106,801    541 2.01%    69,864    281 1.60%

Total interest-earnings assets

    2,242,672    27,403 4.85%    1,952,599    22,940 4.66%
Less: Allowance for loan losses    17,180        14,061    
Other assets    70,342        109,217    

Total Assets

 $  2,295,834     $  2,047,755    
             

Liabilities & Stockholders' Equity

            
Interest-bearing deposits $  1,589,091    5,625 1.40% $  1,402,110    3,585 1.01%
Federal Home Loan Bank advances    100,253    471 1.86%    94,223    292 1.23%
Subordinated debt    30,673    463 5.99%    30,570    463 6.01%
Other borrowed funds    -     -  0.00%    -     -  0.00%

Total interest-bearing liabilities

    1,720,017    6,559 1.51%    1,526,903    4,340 1.13%
Non-interest-bearing demand deposits    355,627        330,038    
Other liabilities    6,359        7,354    

Total Liabilities

    2,082,003        1,864,295    
Stockholders' Equity    213,831        183,460    

Total Liabilities & Stockholders' Equity

 $  2,295,834     $  2,047,755    
             

Net interest income and margin

(5) (6)

   $  20,844 3.69%   $  18,600 3.78%
             
  

Three Months Ended June 30, 2018

  
  

Average

Balance

(1)

 

Interest

Income-

Expense

 

Average

Yields/

Rates

      

Assets

            
Loans, net (2) $  1,905,068 $  24,641 5.19%      
Securities (3)    162,538    867 2.14%      
Federal funds sold and other (4)    48,555    258 2.13%      

Total interest-earnings assets

    2,116,161    25,766 4.88%      
Less: Allowance for loan losses    16,170          
Other assets    82,548          

Total Assets

 $  2,182,539          
             

Liabilities & Stockholders' Equity

            
Interest-bearing deposits $  1,517,157    4,615 1.22%      
Federal Home Loan Bank Advances    77,836    285 1.47%      
Subordinated debt    30,647    464 6.07%      
Other borrowed funds    2    -  2.25%      

Total interest-bearing liabilities

    1,625,642    5,364 1.32%      
Non-interest-bearing demand deposits    348,468          
Other liabilities    7,995          

Total Liabilities

    1,982,105          
Stockholders' Equity    200,434          

Total Liabilities & Stockholders' Equity

 $  2,182,539          
             

Net interest income and margin

(5) (6)

   $  20,402 3.87%      
             
(1) Average balances are computed on a daily basis. 
(2) Loans are presented net of average non-accrual loans for the period and unearned revenue. 
(3) Includes available-for-sale securities. 
(4) Includes federal funds sold, FHLB stock and interest-bearing deposits at other banks 
(5) Total interest income less total interest expense. 
(6) Net interest margin is net interest income, expressed as a percentage of average interest-earning assets. 
             
             
  

Nine Months Ended Sept. 30, 2018

 

Nine Months Ended Sept. 30, 2017

  

Average

Balance

(1)

 

Interest

Income-

Expense

 

Average

Yields/

Rates

 

Average

Balance

(1)

 

Interest

Income-

Expense

 

Average

Yields/

Rates

Assets

            
Loans, net (2) $  1,909,302 $  73,663 5.16% $  1,668,147 $  62,123 4.98%
Securities (3)    164,275    2,646 2.15%    153,036    2,157 1.88%
Federal funds sold and other (4)    76,804    1,142 1.99%    63,165    642 1.36%

Total interest-earning assets

    2,150,381    77,451 4.82%    1,884,348    64,922 4.61%
Less: Allowance for loan losses    16,177        13,274    
Other assets    77,246        106,292    

Total Assets

 $  2,211,450     $  1,977,366    
             

Liabilities & Stockholders' Equity

            
Interest bearing deposits  $1,541,122  14,378  1.25%  $1,371,431  9,889  0.96%
Federal Home Loan Bank advances    84,380    1,000 1.58%    87,003    722 1.11%
Subordinated debt    30,647    1,389 6.06%    30,546    1,379 6.04%
Other borrowed funds    1    -  2.25%    1    -  1.30%

Total interest-bearing liabilities

    1,656,150    16,767 1.35%    1,488,981    11,990 1.08%
Non-interest-bearing demand deposits    345,798        304,261    
Other liabilities    7,335        6,591    

Total Liabilities

    2,009,283        1,799,833    
Stockholders' Equity    202,167        177,533    

Total Liabilities & Stockholders' Equity

 $  2,211,450     $  1,977,366    
             

Net interest income and margin

(5) (6)

   $  60,684 3.77%   $  52,932 3.76%
             
(1) Average balances are computed on a daily basis. 
(2) Loans are presented net of average non-accrual loans for the period and unearned revenue. 
(3) Includes available-for-sale securities. 
(4) Includes federal funds sold, FHLB stock and interest-bearing deposits at other banks 
(5) Total interest income less total interest expense. 
(6) Net interest margin is net interest income, expressed as a percentage of average interest-earning assets. 
             

 

Revere Bank

Financial Highlights

(dollars in thousands, except share data)

(Unaudited)

 
 

At or For the

Three Months Ended

 

At or For the

Nine Months Ended

 

Sept. 30, 2018

 

June 30, 2018

 

Sept. 30, 2017

 

Sept. 30, 2018

 

Sept. 30, 2017

Per share Data and Shares Outstanding

         
Earnings per share - basic$  0.68  $  0.68  $  0.53  $  2.02  $  1.39 
Earnings per share - diluted$  0.65  $  0.65  $  0.50  $  1.94  $  1.32 
Tangible book value per share (1)$  19.09  $  17.10  $  15.74  $  19.09  $  15.74 
Weighted-average common shares - basic   10,329,900     10,051,607     9,747,757     10,098,968     9,705,378 
Weighted-average common shares - diluted   10,705,221     10,469,849     10,302,665     10,530,008     10,198,793 
Common shares outstanding at end of period   11,803,007     10,116,042     9,794,078     11,803,007     9,794,078 
          

Performance Ratios

         
Return on average assets (annualized) 1.21%  1.26%  0.99%  1.23%  0.91%
Return on average equity (annualized) 13.00%  13.71%  11.08%  13.50%  10.17%
Yield on interest-earning assets (annualized) 4.85%  4.88%  4.66%  4.82%  4.61%
Cost of interest-bearing liabilities (annualized) 1.51%  1.32%  1.13%  1.35%  1.08%
Net interest margin (annualized) 3.69%  3.87%  3.78%  3.77%  3.76%
Efficiency ratio (2) 52.55%  51.84%  53.57%  52.03%  56.26%
          

Asset Quality

         
Loans 30-89 days past due and accruing interest$  1,177  $  3,124  $  1,239  $  1,177  $  1,239 
Loans 30-89 days past due and accruing interest to total assets 0.05%  0.14%  0.06%  0.05%  0.06%
Non-accrual loans$  1,809  $  1,812  $  2,522  $  1,809  $  2,522 
Other real estate owned$  -   $  -   $  -   $  -   $  -  
Non-performing assets (3)$  1,809  $  1,812  $  2,522  $  1,809  $  2,522 
Non-performing assets to total assets (3) 0.08%  0.08%  0.12%  0.08%  0.12%
Allowance for loan losses to total loans 0.88%  0.86%  0.82%  0.87%  0.82%
Allowance for loan losses to non-performing loans   9.7     9.3     5.7     9.7     5.7 
Net loan charge-offs (recoveries)$  -   $  58  $  91  $  57  $  284 
          

Regulatory Capital Ratios

         
Total risk-based capital ratio 13.85%  11.34%  11.40%  13.85%  11.40%
Tier 1 risk-based capital ratio 11.45%  8.93%  8.86%  11.45%  8.86%
Tier 1 leverage ratio 10.11%  8.20%  7.78%  10.11%  7.78%
Common equity tier 1 ratio 11.45%  8.93%  8.86%  11.45%  8.86%
Tangible stockholders' equity to tangible assets (1) 9.85%  7.79%  7.56%  9.85%  7.56%
          

Other Information

         
Number of full time employees   229     221     206     229     206 
# Full service branch offices   11     11     11     11     11 
          
(1)  Tangible common equity, tangible assets, tangible common equity to tangible assets and tangible book value per common share are non-GAAP financial measures. Tangible common equity is computed as total stockholders’ equity excluding intangible assets and goodwill. Tangible assets is computed as total assets excluding intangible assets and goodwill. Tangible common equity to tangible assets is the ratio of tangible common equity to tangible assets.  Tangible book value per common share is computed by dividing the total tangible common equity by the common shares issued and outstanding. The following tables provide a reconciliation of total stockholders’ to tangible common equity and a reconciliation of total assets to tangible assets.
          
 

Sept. 30, 2018

 

June 30, 2018

 

Sept. 30, 2017

    
          
Total stockholders' equity - GAAP$  255,905  $  203,772  $  185,506     
Less:         
Goodwill   26,815     26,815     26,815     
Core deposits intangible   3,804     3,982     4,515     
          
Tangible stockholders' equity (non-GAAP)$  225,286  $  172,975  $  154,176     
          
Total assets - GAAP   2,317,700     2,250,319     2,070,939     
Less:         
Goodwill   26,815     26,815     26,815     
Core deposits intangible   3,804     3,982     4,515     
          
Total tangible assets (non-GAAP)$  2,287,081  $  2,219,522  $  2,039,609     
          
Tangible common equity to total tangible assets ratio (non-GAAP) 9.85%  7.79%  7.56%    
          
Common shares outstanding   11,803,007     10,116,042     9,794,078     
          
Tangible book value per share (non-GAAP)$  19.09  $  17.10  $  15.74     
          
(2) Efficiency ratio is non-interest expense divided by the sum of net interest income and non-interest income
(3) Non-performing assets consist of non-accrual loans, loans 90 days or more past due and still accruing interest, and other real estate owned.
 

 

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