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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Reliant Bancorp Inc | NASDAQ:RBNC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.50 | 34.37 | 35.49 | 0 | 01:00:00 |
Loans Increase 12.0% to a Record $697.6 Million
Deposits Increase 25.6% to a Record of $826.2 Million
Commerce Union Bancshares, Inc. (NASDAQ: CUBN), parent of Reliant Bank, today announced its results for the first quarter of 2017, including growth in loans to $697.6 million – an increase of 12.0% since March 31, 2016, and 4.6% since December 31, 2016, – and deposits of $826.2 million – an increase of 25.6% over the prior year and 8.2% since December 31, 2016. First quarter net income attributable to common shareholders was $2.1 million, or $0.26 per fully diluted share, compared to $2.2 million, or $0.30 per fully diluted share, recorded in the first quarter of 2016.
“Our first quarter results highlight our increased momentum in loan and deposit growth since last year,” said William R. DeBerry, Chairman and CEO of Commerce Union Bancshares. “We expect continued growth in 2017 due to the strong economy across our markets, our expansion into the fast growing Chattanooga market, and the recent addition of a new branch in the deposit-rich Green Hills area in Nashville.”
Commenting on the results, DeVan Ard, CEO of Reliant Bank and President of the Company, said, “Our loan production hit $85.3 million in the first quarter, a new quarterly record for Reliant Bank, and a 31.8% increase over last year’s first quarter loan production. Nashville’s economy is expanding with job growth and business expansion that is driving our loan growth. We are also benefiting from robust residential and commercial real estate development, and record highs relevant to median home prices in our key markets of Williamson, Davidson and Sumner counties in Middle Tennessee. In fact, our three primary markets have shown the highest job growth in the Nashville region over the past five years, with Williamson County leading the way at 29%.”
Ard further stated, “Our focus remains on quality loan production and we continue to be cautious about lending to certain market sectors due to potential over-building combined with the sharp rise in real estate prices over the past three years. We remain positive that the strong economic dynamics of the greater Nashville market combined with our expansion into Chattanooga will continue to support our growth and profitability goals in 2017.”
First Quarter Activities Set Stage for Future Growth
Reliant’s key activities during the first quarter that impacted earnings and set the stage for future growth included:
“The overarching goal of the Reliant Bank team is to create an organization that readily adapts to change and is positioned for long-lasting success and prosperity. We recognize the importance of a careful strategy to build market share,” said Ard. “Our first-quarter results reflect the commitment to that goal.”
Balance Sheet Growth
Our recent balance sheet growth is summarized below:
Q1 2017
Q4 2016
% Change
Q1 2016
% Change
Total assets $ 962,465 $ 911,984 5.5 % $ 868,545 10.8 % Earning assets 909,171 851,136 6.8 817,129 11.3 Loans held for investment 697,632 666,783 4.6 622,733 12.0 Loans held for sale 9,798 11,831 (17.2 ) 24,682 (60.3 ) Total deposits 826,183 763,834 8.2 657,777 25.6 Demand deposits 135,939 134,792 0.9 116,362 16.8Related financial highlights of the quarter consisted of the following:
Revenue Growth and Profitability
Our Revenue Growth and Profitability is summarized below:
Q1 2017
Q4 2016
% Change
Q1 2016
% Change
Net income attributable to common shareholders $ 2,058 $ 1,971 4.4 % $ 2,237 (8.0 )% Fully diluted EPS 0.26 0.25 4.0 0.30 (13.3 ) Net interest income 7,971 8,043(0.9
) 8,082 (1.4 ) Net interest margin 4.01 % 4.03 %(2BP
)
4.08 %(7BP
)
Provision for loan losses $ 410 $ 208 97.1 $ 165 148.5 Non-interest income 1,139 869 31.1 3,846 (70.4 ) Non-interest expense 6,869 6,827 0.6 8,637 (20.5 )Related financial highlights of the quarter consisted of the following:
Income tax expense totaled $272,000 in the first quarter of 2017, compared to $568,000 in the first quarter of 2016, and $438,000 in the fourth quarter of 2016. The tax rate was favorably impacted by an increase in income from tax-exempt securities, excess tax benefits recognized relating to the exercise of stock options and the addition of certain state tax credits on interest-free loans.
Strong Capital Position
Reliant Bank’s capital position remained strong at March 31, 2017. During the first quarter, the Company raised $411,000 of capital through the exercise of Company stock options. The additional capital was pushed-down to the Bank. Despite the $50.5 million increase in assets, the Bank maintained a March 31, 2017, Tier 1 leverage ratio of 10.69%, compared to 10.75% at December 31, 2016. Stockholders’ equity rose to $109.6 million and tangible book value per share grew to $12.36 at March 31, 2017. The Bank’s capital ratios are expected to be maintained significantly above the ratios of a “well-capitalized” institution.
“Our outlook for 2017 remains very positive based on our strong pipeline for loans, a solid economy that supports our markets and the opening of new offices in fast growing markets. We expect continued improvements in our operating efficiency and remain focused on maintaining our asset quality as a key part of building long-term shareholder value,” concluded Ard.
Accounting Treatment for the Mortgage Venture
The consolidated balance sheets and statements of operations include the operation of the Bank’s majority-controlled subsidiary, Reliant Mortgage Ventures, LLC. For financial accounting purposes the subsidiary is treated as a variable interest entity for which the Bank is deemed to be the primary beneficiary. The venture is operated under a joint venture arrangement. The Bank receives 30% of the net income from the subsidiary once the noncontrolling member has recovered any previous losses incurred by the venture. The Bank does not absorb any losses incurred by the venture. Revenue and expenses related to the subsidiary are included in noninterest income and expenses of the Bank and the noncontrolling portion of the net income or loss of the subsidiary is reflected in the “noncontrolling interest in net (income) loss of the subsidiary” on the Consolidated Statements of Operations. For the first quarter of 2017, the mortgage subsidiary generated a net loss of $(499,000) compared with net loss of $(532,000) for the fourth quarter of 2016 and a net income of $321,000 for the first quarter of 2016.
Non-GAAP Financial Measures
This document contains non-GAAP financial measures. The non-GAAP measures in this release below include “adjusted net interest margin” and “efficiency ratio.” We believe these non-GAAP measures provide useful information to investors because these are among the measures used by our management team to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe certain purchase accounting adjustments and non-recurring income relating to the payoff of a purchased credit impaired loan in the second quarter of 2016 do not reflect the operational performance of the business in this period; accordingly, it is useful to consider these line items with and without such adjustments. We believe this presentation also increases comparability of period-to-period results.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measure. Non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for our results as reported under generally accepted accounting principles.
About Commerce Union Bancshares, Inc. and Reliant Bank
Commerce Union Bancshares, Inc. (NASDAQ: CUBN) is a Brentwood, Tennessee-based bank holding company which operates banking centers in Davidson, Robertson, Sumner and Williamson counties, Tennessee along with loan and deposit production offices in Rutherford County and the recently opened loan production and deposit production office in Chattanooga, Tennessee through its wholly-owned subsidiary Reliant Bank. Reliant Bank is a full-service commercial bank that offers a variety of deposit, lending and mortgage products and services to business and consumer customers. For additional information, locations and hours of operation, please visit our website found at www.reliantbank.com.
Forward-Looking Statements
Statements in this press release relating to Commerce Union Bancshares Inc.’s plans, objectives, expectations or future performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “possible,” “seek,” “plan,” “strive” or similar words, or negatives of these words, identify forward-looking statements. These forward-looking statements are based on management’s current expectations. The Company’s actual results in future periods may differ materially from those indicated by forward-looking statements due to various risks and uncertainties, including those related to the combination of Commerce Union Bank and Reliant Bank following the merger. These and other risks and uncertainties are described in greater detail under “Risk Factors” in the Company’s 10-K and subsequent periodic reports filed with the Securities and Exchange Commission. The forward-looking statements and other statements in this press release are made as of the date of the release and the Company does not assume any responsibility to update these statements. The information included in this release is preliminary and based on Company data available at the time of this release.
COMMERCE UNION BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2017, DECEMBER 31, 2016 AND MARCH 31, 2016
(Dollar Amounts In Thousands)
ASSETS
March 31,2017
December 31,2016
March 31,2016
Unaudited Audited Unaudited Cash and due from banks $ 18,290 $ 23,413 $ 26,107 Federal funds sold 50 830 434 Total cash and cash equivalents 18,340 24,243 26,541 Securities available for sale 179,266 146,813 139,899 Loans, net of unearned income 697,632 666,783 622,733 Allowance for loan losses (9,090 ) (9,082 ) (8,090 ) Loans, net 688,542 657,701 614,643 Mortgage loans held for sale, net 9,798 11,831 24,682 Accrued interest receivable 3,921 3,786 3,035 Premises and equipment, net 9,688 9,093 9,213 Restricted equity securities, at cost 7,140 7,133 6,244 Other real estate, net - - 1,139 Cash surrender value of life insurance contracts 25,013 24,827 24,247 Deferred tax assets, net 3,336 3,437 2,274 Goodwill 11,404 11,404 11,404 Core deposit intangibles 1,493 1,582 1,849 Other assets 4,524 10,134 3,375 TOTAL ASSETS $ 962,465 $ 911,984 $ 868,545LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES Deposits Demand $ 135,939 $ 134,792 $ 116,362 Interest-bearing demand 84,061 85,478 90,622 Savings and money market deposit accounts 210,952 183,788 199,988 Time 395,231 359,776 250,805 Total deposits 826,183 763,834 657,777 Accrued interest payable 158 107 139 Short term borrowings - 3,671 - Federal Home Loan Bank advances 24,099 32,287 104,798 Dividends payable - 1,711 - Other liabilities 2,430 3,455 3,809 TOTAL LIABILITIES 852,870 805,065 766,523 STOCKHOLDERS’ EQUITY Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued to date - - -Common stock, $1 par value; 30,000,000 shares authorized; 7,826,450, 7,778,309 and 7,560,594 shares issued and outstanding at March 31, 2017, December 31, 2016 and March 31, 2016, respectively
7,826 7,778 7,561 Additional paid-in capital 89,497 89,045 87,098 Retained earnings 14,270 12,212 7,224 Accumulated other comprehensive income (loss) (1,998 ) (2,116 ) 139 TOTAL STOCKHOLDERS’ EQUITY 109,595 106,919 102,022 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 962,465 $ 911,984 $ 868,545
COMMERCE UNION BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE PERIODS INDICATED
(Dollar Amounts In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended March 31, December 31, March 31, 2017 2016 2016 INTEREST INCOME Interest and fees on loans $ 7,782 $ 7,894 $ 7,770 Interest and fees on loans held for sale 94 110 368 Interest on investment securities, taxable 149 135 236 Interest on investment securities, nontaxable 828 705 438 Federal funds sold and other 120 104 102 TOTAL INTEREST INCOME 8,973 8,948 8,914 INTEREST EXPENSE Deposits Demand 43 45 44 Savings and money market deposit accounts 150 152 166 Time 693 575 423 Federal Home Loan Bank advances and other 116 133 199 TOTAL INTEREST EXPENSE 1,002 905 832 NET INTEREST INCOME 7,971 8,043 8,082 PROVISION FOR LOAN LOSSES 410 208 165 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 7,561 7,835 7,917 NONINTEREST INCOME Service charges on deposit accounts 310 313 285 Gains on mortgage loans sold, net 542 642 3,342 Gain (loss) on securities transactions, net 36 (320 ) - Gain on sale of other real estate 24 - - Other 227 234 219 TOTAL NONINTEREST INCOME 1,139 869 3,846 NONINTEREST EXPENSE Salaries and employee benefits 4,269 3,962 5,394 Occupancy 762 768 829 Information technology 513 637 627 Advertising and public relations 75 160 265 Audit, legal and consulting 293 294 281 Federal deposit insurance 99 89 114 Provision for losses on other real estate - - 26 Other operating 858 917 1,101 TOTAL NONINTEREST EXPENSE 6,869 6,827 8,637 INCOME BEFORE PROVISION FOR INCOME TAXES 1,831 1,877 3,126 INCOME TAX EXPENSE 272 438 568 CONSOLIDATED NET INCOME 1,559 1,439 2,558 NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY 499 532 (321 ) NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 2,058 $ 1,971 $ 2,237 Basic net income attributable to common shareholders, per share $ 0.27 $ 0.26 $ 0.30 Diluted net income attributable to common shareholders, per share $ 0.26 $ 0.25 $ 0.30
COMMERCE UNION BANCSHARES, INC.
SEGMENT FINANCIAL INFORMATION
FOR THE PERIODS INDICATED
(Dollar Amounts In Thousands)
(Unaudited)
Retail Banking
Three Months Ended March 31,December 31,
March 31, 2017 2016 2016 Net interest income $ 7,896 $ 7,953 $ 7,788 Provision for loan losses 410 208 165 Noninterest income 594 228 502 Noninterest expense 5,719 5,527 5,342 Income tax expense 303 475 546 Net income attributable to common shareholders $ 2,058 $ 1,971 $ 2,237Residential Mortgage Banking
Three Months Ended March 31, December 31, March 31, 2017 2016 2016 Net interest income $ 75 $ 90 $ 294 Provision for loan losses - - - Noninterest income 545 641 3,344 Noninterest expense 1,150 1,300 3,295 Income tax expense (31 ) (37 ) 22 Net income (loss) (499 ) (532 ) 321 Noncontrolling interest in net (income) loss of subsidiary 499 532 (321 ) Net income attributable to common shareholders $ - $ - $ -The above financial information is presented, net of intercompany eliminations.
COMMERCE UNION BANCSHARES, INC.
SELECTED QUARTERLY FINANCIAL DATA
AT OR FOR THE THREE MONTHS ENDED
(Dollar Amounts In Thousands, Except Per Share Amounts)
(Unaudited)
March 31, December 31, September 30, June 30, March 31, 2017 2016 2016 2016 2016 Selected Income Statement Data Total interest income $ 8,973 $ 8,948 $ 8,656 $ 9,497 $ 8,914 Total interest expense 1,002 905 821 805 832 Net interest income 7,971 8,043 7,835 8,692 8,082 Provision for loan losses 410 208 145 450 165
Net interest income after provision for loan losses
7,561 7,835 7,690 8,242 7,917 Noninterest income 1,139 869 1,575 2,510 3,846 Noninterest expense 6,869 6,827 6,883 8,027 8,637 Income tax expense 272 438 619 588 568 Consolidated net income 1,559 1,439 1,763 2,137 2,558Noncontrolling interest in net (income) loss of subsidiary
499 532 605 223 (321 ) Net income attributable to common shareholders 2,058 1,971 2,368 2,360 2,237 Per Common Share DataNet income attributable to common shareholders, per share
Basic $ 0.27 $ 0.26 $ 0.31 $ 0.31 $ 0.30 Diluted $ 0.26 $ 0.25 $ 0.30 $ 0.31 $ 0.30 Book value per common share $ 14.00 $ 13.75 $ 14.07 $ 13.90 $ 13.49 Tangible book value per common share $ 12.36 $ 12.08 $ 12.39 $ 12.17 $ 11.74 Basic weighted average common shares 7,741,305 7,719,126 7,673,347 7,560,503 7,450,400 Diluted weighted average common shares 7,876,978 7,853,581 7,768,792 7,678,508 7,563,666 Common shares outstanding at period end 7,826,450 7,778,309 7,763,351 7,627,777 7,560,594 Selected Balance Sheet Data Total assets $ 962,465 $ 911,984 $ 920,020 $ 883,204 $ 868,545 Securities available for sale 179,266 146,813 154,816 147,675 139,899 Loans, net of unearned income 697,632 666,783 661,246 649,277 622,733 Allowance for loan losses 9,090 9,082 8,801 8,688 8,090 Mortgage loans held for sale 9,798 11,831 14,649 14,961 24,682 Other real estate - - - 475 1,139 Goodwill 11,404 11,404 11,404 11,404 11,404 Core deposit intangibles 1,493 1,582 1,671 1,760 1,849 Non-interest bearing deposits 135,939 134,792 139,720 134,515 116,362 Total deposits 826,183 763,834 659,856 647,851 657,777 Federal Home Loan Bank advances 24,099 32,287 144,680 124,871 104,798 Total stockholders' equity 109,595 106,919 109,232 106,024 102,022 Average loans 673,036 657,203 649,778 637,787 617,600 Average earnings assets (1) 870,386 851,652 836,487 830,501 821,181 Average total assets 926,282 902,547 885,127 880,657 871,961 Average stockholders' equity 106,726 107,529 106,778 103,297 99,237(1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, investment securities and restricted equity securities
COMMERCE UNION BANCSHARES, INC.
SELECTED QUARTERLY FINANCIAL DATA
AT OR FOR THE THREE MONTHS ENDED
(Dollar Amounts In Thousands, Except Per Share Amounts)
(Unaudited)
March 31, December 31, September 30, June 30, March 31, 2017 2016 2016 2016 2016 Selected Asset Quality Measures Nonaccrual loans $ 5,497 $ 5,634 $ 6,122 $ 4,126 $ 4,342 Total nonperforming assets (1) 5,497 5,634 6,122 4,601 5,481 Net charge offs (recoveries) 401 (74 ) 33 (149 ) (102 ) Nonaccrual loans to total loans 0.79 % 0.84 % 0.93 % 0.64 % 0.70 % Nonperforming assets to total assets 0.57 % 0.62 % 0.67 % 0.52 % 0.63 % Nonperforming assets to total loans and other real estate 0.79 % 0.84 % 0.93 % 0.71 % 0.88 % Allowance for loan losses to total loans 1.30 % 1.36 % 1.33 % 1.34 % 1.30 % Allowance for loan losses to nonaccrual loans 165.36 % 161.20 % 143.76 % 210.57 % 186.32 % Net charge offs (recoveries) to average loans (2) 0.24 % (0.05 %) 0.02 % (0.09 %) (0.07 %) Capital Ratios (Bank Subsidiary Only) Tier 1 leverage 10.69 % 10.75 % 10.94 % 10.59 % 10.34 % Common equity tier 1 12.50 % 12.89 % 12.96 % 12.49 % 12.75 % Tier 1 risk-based capital 12.50 % 12.89 % 12.96 % 12.49 % 12.75 % Total risk-based capital 13.67 % 14.11 % 14.16 % 13.67 % 13.91 % Selected Performance Ratios (2) (3) Return on average assets 0.89 % 0.87 % 1.07 % 1.07 % 1.03 % Return on average stockholders' equity 7.71 % 7.33 % 8.87 % 9.14 % 9.02 % Net interest margin 4.01 % 4.03 % 3.98 % 4.42 % 4.08 % NON-GAAP FINANCIAL MEASURES Adjusted net interest margin (4) Net interest income $ 7,971 $ 8,043 $ 7,835 $ 8,692 $ 8,082 Purchase accounting adjustments (118 ) (162 ) (368 ) (442 ) (442 )Interest income recognized on payoff of purchased credit impaired loan
- - - (619 ) - Adjusted net interest income $ 7,853 $ 7,881 $ 7,467 $ 7,631 $ 7,640 Adjusted net interest margin 3.96 % 3.95 % 3.80 % 3.91 % 3.86 %Efficiency ratio (subsidiary bank only excluding mortgage segment) (4)
Non-interest expense $ 5,387 $ 5,169 $ 5,294 $ 5,499 $ 5,039 Net interest income 7,896 7,953 7,750 8,545 7,788 Tax equivalent adjustment for tax exempt interest income 474 414 354 308 286 Non-interest income 594 228 1,024 728 502 Less gain on sale of other real estate and other assets (24 ) - (145 ) (130 ) (20 ) Less (gain) loss on sale of securities (36 ) 320 (296 ) (60 ) - Adjusted operating income $ 8,904 $ 8,915 $ 8,687 $ 9,391 $ 8,556 Efficiency Ratio 60.50 % 57.98 % 60.94 % 58.56 % 58.89 %(1) Nonperforming assets consist of nonaccrual loans and other real estate
(2) Data has been annualized
(3) Return on average assets is defined as net income attributable to common shareholders divided by average total assets; return on average stockholders’ equity is defined as net income attributable to common shareholders divided by average stockholders’ equity; net interest margin is defined as net interest income calculated on a tax-equivalent basis divided by average earning assets
(4) Not a recognized measure under generally accepted accounting principles (GAAP)
COMMERCE UNION BANCSHARES, INC.
YIELD TABLES
FOR THE THREE MONTHS ENDED MARCH 31, 2017 AND 2016
(Dollar Amounts In Thousands)
(Unaudited)
The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest-earning assets and interest-bearing liabilities and the average interest rate for interest-earning assets and interest-bearing liabilities, net interest spread and net interest margin for the three months ended March 31, 2017, and 2016:
Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 ChangeAverageBalances
Rates /Yields(%)
InterestIncome /Expense
AverageBalances
Rates /Yields(%)
InterestIncome /Expense
Due toVolume
Due toRate
Total Interest Earning Assets Loans $ 673,036 4.48 $ 7,263 $ 617,600 4.76 $ 7,307 $ 2,063 $ (2,107 ) $ (44 ) Loan fees - 0.31 519 - 0.30 463 56 - 56 Loans with fees 673,036 4.79 7,782 617,600 5.06 7,770 2,119 (2,107 ) 12 Mortgage loans held for sale 10,478 3.64 94 39,514 3.75 368 (264 ) (10 ) (274 ) Deposits with banks 15,092 0.64 24 21,143 0.36 19 (31 ) 36 5 Investment securities - taxable 31,093 1.94 149 49,255 1.93 236 (96 ) 9 (87 ) Investment securities - tax-exempt 133,550 5.99 828 87,116 3.06 438 139 251 390 Fed funds sold and other 7,770 5.01 96 6,553 5.09 83 21 (8 ) 13 Total earning assets 871,019 4.18 8,973 821,181 4.48 8,914 1,888 (1,829 ) 59 Nonearning Assets 55,263 50,780 Total assets $ 926,282 $ 871,961 Interest Bearing Liabilities Interest bearing demand $ 82,780 0.21 43 $ 89,856 0.20 44 (12 ) 11 (1 ) Savings and money market 184,872 0.33 150 193,715 0.34 166 (10 ) (6 ) (16 ) Time deposits - retail 291,594 0.70 506 140,508 0.70 245 261 - 261 Time deposits - wholesale 81,975 0.93 187 115,766 0.62 178 (262 ) 271 9 Total interest bearing deposits 641,221 0.56 886 539,845 0.47 633 (23 ) 276 253 Federal Home Loan Bank advances 45,974 1.02 116 117,224 0.68 199 (483 ) 400 (83 ) Total interest-bearing liabilities 687,195 0.59 1,002 657,069 0.51 832 (506 ) 676 170 Net interest rate spread (%) / Net interest income ($) 3.59 $ 7,971 3.97 $ 8,082 $ 2,394 $ (2,505 ) $ (111 ) Non-interest bearing deposits 129,385 (0.09 ) 110,060 (0.08 ) Other non-interest bearing liabilities 2,976 5,595 Stockholders' equity 106,726 99,237 Total liabilities and stockholders' equity $ 926,282 $ 871,961 Cost of funds 0.50 0.43 Net Interest Margin 4.01 4.08Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes have been allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170426005489/en/
Commerce Union Bancshares, Inc.DeVan Ard, 615-221-2020President, Commerce Union Bancshares, Inc.President and Chief Executive Officer, Reliant BankorRon DeBerry, 615-433-7200Chairman and Chief Executive Officer, Commerce Union Bancshares, Inc.
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