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Press Release

Bankwell Financial Group Reports Operating Results for the Third Quarter and Declares Fourth Quarter Dividend

Company Release - 10/30/2019 4:37 PM ET

NEW CANAAN, Conn.--(BUSINESS WIRE)-- Bankwell Financial Group, Inc. (NASDAQ: BWFG) reported GAAP net income of $4.1 million or $0.52 per share for the third quarter of 2019, versus $4.9 million or $0.62 per share for the same period in 2018.

The Company's Board of Directors declared a $0.13 per share cash dividend, payable November 25, 2019 to shareholders of record on November 15, 2019.

Notes Bankwell Financial Group President and CEO, Christopher R. Gruseke:

“We have succeeded in achieving many significant performance objectives this quarter. We continue to maintain a disciplined approach to loan pricing, thereby protecting the earnings quality of our balance sheet. As a result, we have experienced a modest decrease in loan balances. Importantly, our reliance on wholesale funding has been reduced significantly, and we have also initiated meaningful deposit rate cuts. Our liability sensitive balance sheet has us well positioned to take further advantage of the reduction in rates just announced by the Federal Reserve today.”

Third Quarter 2019 Highlights:

  • Third quarter diluted earnings per share were $0.52, a decrease of 16% compared to the third quarter of 2018.
  • Total noninterest income was $1.6 million for the third quarter of 2019, or 11% of total revenue.
  • Return on average assets for the nine months ended September 30, 2019 totaled 1.05% compared to 1.03% for the same period in 2018.
  • Return on average tangible common equity for the third quarter of 2019 totaled 9.26% and totaled 11.24% for the nine months ended September 30, 2019.
  • Total gross loans were $1.6 billion for the third quarter of 2019.
  • The allowance for loan losses was $13.2 million and represents 0.84% of total loans.
  • Investment securities totaled $105.5 million and represent 6% of total assets.
  • Total deposits were $1.5 billion for the third quarter of 2019.
  • Noninterest bearing deposits totaled $178.7 million for the third quarter of 2019, up 11% when compared to the second quarter of 2019, primarily due to successful treasury management efforts.
  • The tangible common equity ratio and tangible book value per share were 9.33% and $22.34, respectively.
  • The efficiency ratio was 58.3% for the nine months ended September 30, 2019 compared to 59.6% for the same period in 2018.
  • Tax equivalent net interest margin was 2.96% for the third quarter of 2019 and 3.07% for the nine months ended September 30, 2019.

Earnings and Performance

Revenues (net interest income plus noninterest income) for the quarter ended September 30, 2019 were $14.6 million, a decrease of 4% compared to the quarter ended September 30, 2018. Revenues for the nine months ended September 30, 2019 were $45.1 million, versus $45.2 for the nine months ended September 30, 2018. The decrease in revenues for the quarter and nine months ended September 30, 2019 was primarily due to an increase in the cost of interest bearing deposits and lower loan balances, when compared to the same periods in 2018. The decrease in revenues were partially offset by fees recognized from elevated loan prepayments, increases in gains and fees from the sales of loans and fees associated with loan related interest rate swaps. Prepayment fees totaled $0.5 million for the quarter ended September 30, 2019 compared to $40 thousand for the same period in 2018. Prepayment fees totaled $2.6 million for the nine months ended September 30, 2019 compared to $0.3 million for the same period in 2018.

Net income for the quarter ended September 30, 2019 was $4.1 million, versus $4.9 million for the quarter ended September 30, 2018, a decrease of 16%. Net income for the nine months ended September 30, 2019 was $14.7 million, versus $14.2 million for the nine months ended September 30, 2018, an increase of 4%. Net income for the quarter ended September 30, 2019 was negatively impacted by the aforementioned increase in the cost of interest bearing deposits and decreased revenue from lower loan balances. For the nine months ending September 30, 2019, fees recognized from elevated loan prepayments as well as the gains and fees from loans sales and loan related interest rate swaps more than offset the impact of the increase in the cost of interest bearing deposits.

Basic and diluted earnings per share were each $0.52 for the quarter ended September 30, 2019 compared to $0.62 for the quarter ended September 30, 2018. Basic and diluted earnings per share were $1.88 and $1.87, respectively, for the nine months ended September 30, 2019 compared to basic and diluted earnings per share of $1.81 and $1.80, respectively, for the nine months ended September 30, 2018.

The Company’s efficiency ratios for the quarters ended September 30, 2019 and September 30, 2018 were 58.9% and 58.6%, respectively. The Company's efficiency ratios for the nine months ended September 30, 2019 and September 30, 2018 were 58.3% and 59.6%, respectively. In addition to the previously described changes in revenue, the efficiency ratio was also impacted by a reduction in noninterest expense from continued disciplined expense management.

The net interest margin (fully taxable equivalent basis) for the quarter ended September 30, 2019 and 2018 was 2.96% and 3.21%, respectively. The net interest margin for the nine months ended September 30, 2019 and 2018 was 3.07% and 3.17%, respectively. The decrease in the net interest margin for the three and nine months ended September 30, 2019 compared to the same periods in 2018 was due to higher rates on interest bearing deposits, partially offset by incremental fees from loan prepayments.

Financial Condition

Assets totaled $1.86 billion at September 30, 2019, compared to assets of $1.87 billion at December 31, 2018. The decrease in assets is driven by a reduction in gross loans to $1.56 billion at September 30, 2019 versus $1.60 billion at December 31, 2018. Deposits totaled $1.47 billion, compared to $1.50 billion at December 31, 2018. The decrease in deposits was primarily driven by a reduction in wholesale funding.

Capital

Shareholders’ equity totaled $176.0 million as of September 30, 2019, an increase of $1.8 million compared to December 31, 2018, primarily a result of net income for the nine months ended September 30, 2019 of $14.7 million. The increase was partially offset by a $10.2 million unfavorable impact to accumulated other comprehensive income driven by fair value marks related to hedge positions involving interest rate swaps, as well as dividends paid of $3.1 million and common stock repurchases of $1.0 million. The marks on the interest rate swaps are driven by declining market interest rates. The Company's interest rate swaps are primarily used to hedge interest rate risk in relation to its funding sources. The Company's current derivative positions will cause a decrease to other comprehensive income in a falling interest rate environment and an increase in a rising interest rate environment. As of September 30, 2019, the tangible common equity ratio and tangible book value per share were 9.33% and $22.34, respectively.

About Bankwell Financial Group

Bankwell is a commercial bank that serves the banking needs of residents and businesses throughout Fairfield and New Haven Counties, Connecticut. For more information about this press release, interested parties may contact Christopher R. Gruseke, President and Chief Executive Officer or Penko Ivanov, Executive Vice President and Chief Financial Officer of Bankwell Financial Group at (203) 652-0166.

For more information, visit www.mybankwell.com.

This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.

Non-GAAP Financial Measures

In addition to evaluating the Company's financial performance in accordance with U.S. generally accepted accounting principles ("GAAP"), management may evaluate certain non-GAAP financial measures, such as the efficiency ratio. A computation and reconciliation of certain non-GAAP financial measures used for these purposes is contained in the accompanying Reconciliation of GAAP to Non-GAAP Measures tables. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. For example, the Company believes that the efficiency ratio is useful in the assessment of financial performance, including noninterest expense control. The Company believes that tangible common equity and tangible book value per share are useful to evaluate the relative strength of the Company's capital position. We utilize these measures for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure.

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS (unaudited)

(Dollars in thousands)

 

 

September
30, 2019

 

June
30, 2019

 

March
31, 2019

 

December
31, 2018

 

September
30, 2018

ASSETS

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

83,109

 

 

$

75,647

 

 

$

88,827

 

 

$

75,411

 

 

$

84,437

 

Federal funds sold

 

 

3,237

 

 

4,764

 

 

2,701

 

 

2,664

 

Cash and cash equivalents

83,109

 

 

78,884

 

 

93,591

 

 

78,112

 

 

87,101

 

 

 

 

 

 

 

 

 

 

 

Investment securities

 

 

 

 

 

 

 

 

 

Marketable equity securities, at fair value

2,120

 

 

2,090

 

 

2,049

 

 

2,009

 

 

 

Available for sale investment securities, at fair value

86,017

 

 

93,017

 

 

96,423

 

 

93,154

 

 

94,438

 

Held to maturity investment securities, at amortized cost

17,365

 

 

21,318

 

 

21,364

 

 

21,421

 

 

21,464

 

Total investment securities

105,502

 

 

116,425

 

 

119,836

 

 

116,584

 

 

115,902

 

Loans receivable (net of allowance for loan losses of $13,212, $13,890, $15,430, $15,462 and $19,311 at September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively)

1,548,988

 

 

1,551,620

 

 

1,578,609

 

 

1,586,775

 

 

1,585,465

 

Other real estate owned

 

 

1,217

 

 

 

 

 

 

 

Accrued interest receivable

5,916

 

 

6,165

 

 

6,534

 

 

6,375

 

 

6,055

 

Federal Home Loan Bank stock, at cost

7,475

 

 

7,475

 

 

7,475

 

 

8,110

 

 

9,210

 

Premises and equipment, net

28,892

 

 

29,060

 

 

29,629

 

 

19,771

 

 

20,245

 

Bank-owned life insurance

41,433

 

 

41,178

 

 

40,925

 

 

40,675

 

 

40,413

 

Goodwill

2,589

 

 

2,589

 

 

2,589

 

 

2,589

 

 

2,589

 

Other intangible assets

232

 

 

251

 

 

270

 

 

290

 

 

309

 

Deferred income taxes, net

6,591

 

 

5,596

 

 

4,835

 

 

4,347

 

 

4,583

 

Other assets

27,815

 

 

19,205

 

 

13,465

 

 

10,037

 

 

13,164

 

Total assets

$

1,858,542

 

 

$

1,859,665

 

 

$

1,897,758

 

 

$

1,873,665

 

 

$

1,885,036

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

Noninterest bearing deposits

$

178,733

 

 

$

161,704

 

 

$

161,844

 

 

$

173,198

 

 

$

162,473

 

Interest bearing deposits

1,291,551

 

 

1,316,027

 

 

1,359,521

 

 

1,329,046

 

 

1,330,696

 

Total deposits

1,470,284

 

 

1,477,731

 

 

1,521,365

 

 

1,502,244

 

 

1,493,169

 

 

 

 

 

 

 

 

 

 

 

Advances from the Federal Home Loan Bank

150,000

 

 

150,000

 

 

150,000

 

 

160,000

 

 

180,000

 

Subordinated debentures

25,194

 

 

25,181

 

 

25,168

 

 

25,155

 

 

25,142

 

Accrued expenses and other liabilities

37,052

 

 

29,813

 

 

24,384

 

 

12,070

 

 

11,971

 

Total liabilities

1,682,530

 

 

1,682,725

 

 

1,720,917

 

 

1,699,469

 

 

1,710,282

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

Common stock, no par value

120,343

 

 

120,064

 

 

120,750

 

 

120,527

 

 

120,188

 

Retained earnings

66,870

 

 

63,801

 

 

59,247

 

 

54,706

 

 

52,386

 

Accumulated other comprehensive (loss) income

(11,201

)

 

(6,925

)

 

(3,156

)

 

(1,037

)

 

2,180

 

Total shareholders’ equity

176,012

 

 

176,940

 

 

176,841

 

 

174,196

 

 

174,754

 

Total liabilities and shareholders’ equity

$

1,858,542

$

1,859,665

$

1,897,758

$

1,873,665

$

1,885,036

 

 

BANKWELL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(Dollars in thousands, except share data)

 

 

For the Quarter Ended

 

For the Nine Months Ended

 

September 30,
2019

 

June 30,
2019

 

March 31,
2019

 

December 31,
2018

 

September 30,
2018

 

September 30,
2019

 

September 30,
2018

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

$

19,055

 

 

$

19,540

 

 

$

20,096

 

 

$

20,030

 

 

$

19,153

 

 

$

58,691

 

 

$

54,685

 

Interest and dividends on securities

903

 

 

992

 

 

997

 

 

1,009

 

 

1,002

 

 

2,892

 

 

2,912

 

Interest on cash and cash equivalents

535

 

 

514

 

 

383

 

 

504

 

 

345

 

 

1,432

 

 

924

 

Total interest and dividend income

20,493

 

 

21,046

 

 

21,476

 

 

21,543

 

 

20,500

 

 

63,015

 

 

58,521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense on deposits

6,331

 

 

6,319

 

 

6,100

 

 

5,942

 

 

5,044

 

 

18,750

 

 

13,009

 

Interest expense on borrowings

1,151

 

 

1,132

 

 

1,103

 

 

1,134

 

 

1,210

 

 

3,386

 

 

3,653

 

Total interest expense

7,482

 

 

7,451

 

 

7,203

 

 

7,076

 

 

6,254

 

 

22,136

 

 

16,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

13,011

 

 

13,595

 

 

14,273

 

 

14,467

 

 

14,246

 

 

40,879

 

 

41,859

 

Provision (Credit) for loan losses

773

 

 

(841

)

 

195

 

 

2,795

 

 

322

 

 

127

 

 

645

 

Net interest income after provision (credit) for loan losses

12,238

 

 

14,436

 

 

14,078

 

 

11,672

 

 

13,924

 

 

40,752

 

 

41,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains and fees from sales of loans

703

 

 

617

 

 

89

 

 

149

 

 

150

 

 

1,409

 

 

835

 

Service charges and fees

264

 

 

263

 

 

249

 

 

284

 

 

285

 

 

776

 

 

806

 

Bank owned life insurance

255

 

 

254

 

 

249

 

 

262

 

 

267

 

 

758

 

 

795

 

Net gain on sale of available for sale securities

 

 

76

 

 

 

 

 

 

 

 

76

 

 

222

 

Loss on sale of other real estate owned, net

(102

)

 

 

 

 

 

 

 

 

 

(102

)

 

 

Other

432

 

 

126

 

 

721

 

 

(94

)

 

157

 

 

1,279

 

 

641

 

Total noninterest income

1,552

 

 

1,336

 

 

1,308

 

 

601

 

 

859

 

 

4,196

 

 

3,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

4,881

 

 

4,555

 

 

4,836

 

 

4,503

 

 

4,903

 

 

14,272

 

 

14,470

 

Occupancy and equipment

1,946

 

 

1,833

 

 

1,887

 

 

1,671

 

 

1,771

 

 

5,666

 

 

5,119

 

Data processing

505

 

 

551

 

 

512

 

 

487

 

 

512

 

 

1,568

 

 

1,546

 

Professional services

346

 

 

519

 

 

590

 

 

583

 

 

321

 

 

1,455

 

 

1,520

 

Director fees

235

 

 

215

 

 

189

 

 

295

 

 

260

 

 

639

 

 

749

 

Marketing

210

 

 

348

 

 

193

 

 

416

 

 

395

 

 

751

 

 

1,171

 

Amortization of intangibles

19

 

 

19

 

 

19

 

 

20

 

 

24

 

 

57

 

 

72

 

FDIC insurance

(125

)

 

76

 

 

123

 

 

159

 

 

203

 

 

74

 

 

620

 

Other

655

 

 

639

 

 

626

 

 

662

 

 

481

 

 

1,920

 

 

1,570

 

Total noninterest expense

8,672

 

 

8,755

 

 

8,975

 

 

8,796

 

 

8,870

 

 

26,402

 

 

26,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

5,118

 

 

7,017

 

 

6,411

 

 

3,477

 

 

5,913

 

 

18,546

 

 

17,676

 

Income tax expense

1,030

 

 

1,441

 

 

1,331

 

 

216

 

 

1,056

 

 

3,802

 

 

3,504

 

Net income

$

4,088

 

 

$

5,576

 

 

$

5,080

 

 

$

3,261

 

 

$

4,857

 

 

$

14,744

 

 

$

14,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.52

 

 

$

0.71

 

 

$

0.65

 

 

$

0.42

 

 

$

0.62

 

 

$

1.88

 

 

$

1.81

 

Diluted

$

0.52

 

 

$

0.71

 

 

$

0.65

 

 

$

0.41

 

 

$

0.62

 

 

$

1.87

 

 

$

1.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

7,750,490

 

 

7,773,466

 

 

7,760,460

 

 

7,749,616

 

 

7,738,343

 

 

7,761,441

 

 

7,712,924

 

Diluted

7,766,485

 

 

7,790,760

 

 

7,776,378

 

 

7,781,153

 

 

7,763,935

 

 

7,788,839

 

 

7,758,762

 

Dividends per common share

$

0.13

 

 

$

0.13

 

 

$

0.13

 

 

$

0.12

 

 

$

0.12

 

 

$

0.39

 

 

$

0.36

 

 

BANKWELL FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

 

For the Quarter Ended

 

For the Nine Months Ended

 

September 30,

2019

 

June 30,

2019

 

March 31,

2019

 

December 31,
2018

 

September 30,

2018

 

September 30,

2019

 

September 30,

2018

Performance ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

0.87

%

 

1.20

%

 

1.10

%

 

0.69

%

 

1.04

%

 

1.05

%

 

1.03

%

Return on average stockholders' equity

9.12

%

 

12.48

%

 

11.60

%

 

7.28

%

 

11.13

%

 

11.06

%

 

11.23

%

Return on average tangible common equity

9.26

%

 

12.68

%

 

11.80

%

 

7.40

%

 

11.32

%

 

11.24

%

 

11.43

%

Net interest margin

2.96

%

 

3.07

%

 

3.19

%

 

3.20

%

 

3.21

%

 

3.07

%

 

3.17

%

Efficiency ratio(1)

58.9

%

 

58.6

%

 

57.5

%

 

58.2

%

 

58.6

%

 

58.3

%

 

59.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs as a % of average loans

0.09

%

 

0.04

%

 

0.01

%

 

0.41

%

 

%

 

0.15

%

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend payout ratio

25.00

%

 

18.31

%

 

20.00

%

 

29.27

%

 

19.35

%

 

20.86

%

 

20.00

%

 

As of

 

September 30,
2019

 

June 30,

2019

 

March 31,

2019

 

December 31,
2018

 

September 30,
2018

Capital ratios:

 

 

 

 

 

 

 

 

 

Total Common Equity Tier 1 Capital to Risk-Weighted Assets(2)

12.65

%

 

12.40

%

 

12.00

%

 

11.56

%

 

11.43

%

Total Capital to Risk-Weighted Assets(2)

13.47

%

 

13.26

%

 

12.94

%

 

12.50

%

 

12.61

%

Tier I Capital to Risk-Weighted Assets(2)

12.65

%

 

12.40

%

 

12.00

%

 

11.56

%

 

11.43

%

Tier I Capital to Average Assets(2)

10.88

%

 

10.75

%

 

10.53

%

 

10.14

%

 

10.14

%

Tangible common equity to tangible assets

9.33

%

 

9.38

%

 

9.18

%

 

9.16

%

 

9.13

%

Tangible book value per common share(3)

$

22.34

 

 

$

22.47

 

 

$

22.38

 

 

$

22.06

 

 

$

22.20

 

 
  1. Efficiency ratio is defined as noninterest expense, less other real estate owned expenses and amortization of intangible assets, divided by our operating revenue, which is equal to net interest income plus noninterest income excluding gains and losses on sales of securities and gains and losses on other real estate owned. In our judgment, the adjustments made to operating revenue allow investors and analysts to better assess our operating expenses in relation to our core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items that are unrelated to our core business.
  2. Represents Bank ratios. Current period capital ratios are preliminary subject to finalization of the FDIC Call Report.
  3. Excludes unvested restricted shares of 88,473, 94,598, 99,061, 77,624, and 101,759 as of September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively.

 

BANKWELL FINANCIAL GROUP, INC.
ASSET QUALITY (unaudited)
(Dollars in thousands)

 

For the Quarter Ended

 

September 30,
2019

 

June 30,
2019

 

March 31,
2019

 

December 31,
2018

 

September 30,
2018

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

Balance at beginning of period

$

13,890

 

 

$

15,430

 

 

$

15,462

 

 

$

19,311

 

 

$

19,006

 

Charge-offs:

 

 

 

 

 

 

 

 

 

Residential real estate

(78

)

 

(565

)

 

(233

)

 

(348

)

 

(16

)

Commercial real estate

(594

)

 

 

 

 

 

(5,596

)

 

 

Commercial business

(748

)

 

(130

)

 

(3

)

 

(719

)

 

 

Consumer

(57

)

 

(13

)

 

(2

)

 

(15

)

 

(2

)

Total charge-offs

(1,477

)

 

(708

)

 

(238

)

 

(6,678

)

 

(18

)

Recoveries:

 

 

 

 

 

 

 

 

 

Commercial real estate

 

 

 

 

 

 

18

 

 

 

Commercial business

2

 

 

6

 

 

10

 

 

15

 

 

 

Consumer

24

 

 

3

 

 

1

 

 

1

 

 

1

 

Total recoveries

26

 

 

9

 

 

11

 

 

34

 

 

1

 

Net loan charge-offs

(1,451

)

 

(699

)

 

(227

)

 

(6,644

)

 

(17

)

Provision (Credit) for loan losses

773

 

 

(841

)

 

195

 

 

2,795

 

 

322

 

Balance at end of period

$

13,212

 

 

$

13,890

 

 

$

15,430

 

 

$

15,462

 

 

$

19,311

 

 

As of

 

September 30,
2019

 

June 30,

2019

 

March 31,

2019

 

December 31,
2018

 

September 30,
2018

Asset quality:

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

 

 

 

 

 

 

 

 

Residential real estate

$

1,583

 

 

$

1,716

 

 

$

3,516

 

 

$

3,812

 

 

$

4,725

 

Commercial real estate

5,332

 

 

4,535

 

 

5,880

 

 

5,950

 

 

12,182

 

Commercial business

2,963

 

 

5,437

 

 

3,837

 

 

4,320

 

 

5,057

 

Total nonaccrual loans

9,878

 

 

11,688