Annual Review 2018

Financial summary

consolidated Balance SheetS (unaudited) Assets Cash and Cash Equivalents Bank-Owned Certificates of Deposits

consolidated shareholders’ equity (unaudited)

$23,725 12/31/17

$28,444 12/31/18

3,305

3,072

Securities Available for Sale, at Fair Value Loans, Net of Allowance for Loan Losses of $20,031 at December 31, 2018 and $16,502 at December 31, 2017 Federal Home Loan Bank Stock, at Cost Premises and Equipment, Net Foreclosed Assets Accrued Interest Goodwill

253,378

229,491

Voting

Nonvoting

Voting

Nonvoting

Shares

Common Stock

1,640,385

1,326,507

Additional Paid-In Capital

Accumulated Other

Comprehensive Income (Loss) Total

Retained

Earnings

Balance, December 31, 2016

7,614

5,147 10,115 581 5,342 2,626 1,243

115,366

20,744,001

3,845,860

207

38

65,777

52,619 (3,275)

13,074

Comprehensive Income Stock-Based Compensation Stock Options Exercised Balance, December 31, 2017 Comprehensive Income (Loss) Stock-Based Compensation Stock Options Exercised Issuance of Common Stock, Net of Issuance of Costs Conversion of Non-voting Stock to Voting Stock Reclassification of the Income Tax Effects of the Tax Cuts and Job Acts to Retained Earnings Balance, December 31, 2018

368 21,248 180

368

6,589 2,626 1,052

16,889

4,359

90,000

1

179

Other Assets Other Intangible Assets, Net Total Assets

$17,274

$8,763

137,162 799 24,074 106

20,834,001

38

3,845,860

208

69,508

66,324 799

1,084

1,973,741

1,616,612

$

$

Liabilities Deposits:

26,920

(2,846)

37,900

1

105

Noninterest Bearing Interest Bearing

$

369,203 1,191,731

292,539 1,046,811 1,339,350

$

58,857

5,379,513

54

58,803

Total Deposits

1,560,934

3,845,860

(3,845,860)

38

(38)

Notes Payable Federal Funds Purchased Federal Home Loan Bank Advances Subordinated Debentures, Net of Issuance Costs Accrued Interest Payable Other Liabilities

18,000 15,000 124,000 24,630

23,000 17,000 68,000 24,527

(194)

194

1,806 8,373

1,408 6,165

30,097,274

301

126,031

96,234

(1,568)

220,998

Total Liabilities

1,752,743

1,479,450

shareholders’ equity

Preferred Stock, $0.01 Par Value Authorized 10,000,000; Issued and Outstanding at December 31, 2018 and December 31, 2017

Common Stock, $0.01 Par Value Voting Common Stock - Authorized 75,000,000; Issued and Outstanding 30,097,274 at December 31, 2018 and 20,834,001 at December 31, 2017 Non-voting Common Stock - Authorized 10,000,000; Issued and Outstanding -0- at December 31, 2018 and 3,845,860 at December 31, 2017 Retained Earnings Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss)

301

208

38

126,031 96,234 (1,568)

66,324 69,508

*Dollars in thousands, except share amounts

After tax return on equity - 13.87% Earnings Per share - $0.93 diluted earnings per share - $0.91 tangible book value per share - $7.22

1,084

Total Shareholders’ Equity Total liabilities and equity

220,998 1,973,741

137,162

1,616,612

$

$

*Dollars in thousands, except share amounts

20

21