Two River Bancorp Reports 19.4% Increase in Second Quarter 2016 Net Income to Common Shareholders

Company Release - 7/26/2016 8:00 AM ET

TINTON FALLS, N.J., July 26, 2016 (GLOBE NEWSWIRE) -- Two River Bancorp (Nasdaq:TRCB) (the "Company"), the parent company of Two River Community Bank ("the Bank"), today reported financial results for the second quarter and six months ended June 30, 2016.

Second Quarter 2016 Operating and Financial Highlights

  • Net income available to common shareholders increased 19.4% to $1.73 million, or $0.21 per diluted share, up from $1.45 million, or $0.18 per diluted share, in the corresponding prior year’s quarter.
  • Non-interest income increased 23.9% to $1.2 million compared to the same period in 2015 as a result of higher mortgage banking revenue and gains on the sale of SBA loans.
  • Non-performing assets to total assets decreased to 0.22% at June 30, 2016, from 0.42% at December 31, 2015 and 0.75% at June 30, 2015.  During the second quarter of 2016, non-performing assets were reduced by $1.6 million, or 45.5%, from December 31, 2015.
  • Return on average assets (ROAA) was 0.78% for the second quarter of 2016, unchanged from the 0.78% for the previous quarter, but up from 0.71% for the same prior year’s quarter. 
  • Return on average equity (ROAE) was 7.28% for the three months ended June 30, 2016, compared to 7.25% for the previous quarter and 6.15% for the same prior year’s quarter.
  • Tangible book value per share was $9.81 at June 30, 2016, compared to $9.44 at December 31, 2015, and $9.09 at June 30, 2015.
  • Total assets at June 30, 2016 were $884.7 million, compared with $863.7 million at December 31, 2015.
  • Total loans as of June 30, 2016 increased $22.0 million, or 3.1% (12.5% annualized), from March 31, 2016 to $726.4 million, predominantly due to growth in both the commercial real estate and residential mortgage sectors.
  • Total deposits as of June 30, 2016 were $726.3 million, an increase of $17.8 million, or 2.5%, compared with $708.4 million as of December 31, 2015.  Core checking deposits at June 30, 2016 increased $3.7 million, or 1.3%, to $296.7 million from year-end 2015.

Management Commentary – Continued Loan Growth Driving Earnings
William D. Moss, President and CEO, stated, “The Company achieved higher net income in both the quarter and first half of 2016 as a result of solid loan growth, improvements in asset quality, and significantly higher non-interest income.  We have grown our loan portfolio by $33.3 million since year-end 2015, and are continuing to convert a strong pipeline developed by cultivating relationships at the local level within our core markets of Monmouth, Middlesex, Union and Ocean Counties.  Our strong commercial loan pipeline should drive future top line revenue growth as the year progresses.  Given our strategy and regional focus, we expect this growth to continue as we look for new loan production offices (LPOs) and evaluate our existing branch network while seeking out new locations in contiguous markets."

Mr. Moss continued, “The Company’s mortgage banking business and gain on sales of SBA loans led non-interest income to the highest quarterly total in our history during the period.  We are benefitting from our team’s exceptional relationships within a broad network of referral sources throughout our market.  We continue to focus on achieving solid growth in book value while continuing to provide enhanced returns to shareholders, as evidenced by the recent increase in our quarterly dividend."

Dividend Increased to $0.04 Per Share
On July 20, 2016, the Company's Board of Directors declared a quarterly cash dividend of $0.04 per share, payable August 30, 2016 to shareholders of record as of August 12, 2016.  This marks the 14th consecutive quarterly cash dividend paid by the Company to its shareholders and represents a 14.3% increase from the prior quarter. 

Key Quarterly Performance Metrics

  2nd Qtr.1st Qtr.4th Qtr.3rd Qtr.
2
nd Qtr.
6 Mo.
Ended
6 Mo.
Ended
 20162016201520152015 6/30/2016   6/30/2015  
Net Income (in thousands) $1,727  $1,693 $1,751 $1,692 $1,461 $3,420  $2,904 
                
Net Income Available to Common Shareholders (in thousands) $1,727  $1,693 $1,739 $1,677 $1,446 $3,420  $2,874 
Earnings per Common Share – Diluted $0.21  $0.21 $0.21 $0.21 $0.18 $0.42  $0.35 
Return on Average Assets  0.78% 0.78% 0.81% 0.79% 0.71% 0.78% 0.72%
Return on Average Tangible Assets (1)  0.80% 0.80% 0.83% 0.80% 0.73% 0.80% 0.74%
Return on Average Equity  7.28% 7.25% 7.14% 6.95% 6.15% 7.26% 6.17%
Return on Average Tangible Equity (1)  8.98% 8.98% 8.78% 8.55% 7.59% 8.98% 7.63%
Net Interest Margin  3.57% 3.57% 3.65% 3.65% 3.65% 3.57% 3.71%
Non-Performing Assets to Total Assets  0.22% 0.22% 0.42% 0.50% 0.75% 0.22% 0.75%
Allowance as a % of Loans  1.30% 1.27% 1.26% 1.25% 1.23% 1.30% 1.23%
 
(1) Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.
 

Loan Composition
The components of the Company’s loan portfolio at June 30, 2016 and December 31, 2015 are as follows:  

    
   (In Thousands)
   June 30,
2016
  December 31,
2015
 
Commercial and industrial  $  99,642  $100,154 
Real estate – construction   95,119   104,231 
Real estate – commercial   452,777   422,665 
Real estate – residential   50,166   39,524 
Consumer   29,265   27,136 
Unearned fees   (555)  (560)
    726,414   693,150 
Allowance for loan losses   (9,418)  (8,713)
Net Loans  $  716,996  $684,437 
 

Deposit Composition
The components of the Company’s deposits at June 30, 2016 and December 31, 2015 are as follows:  

   
  (In Thousands)
  June 30,
2016
  December 31,
 2015
 
Non-interest bearing $  149,933   $144,627  
NOW accounts  146,776    148,373  
Savings deposits  222,950    222,091  
Money market deposits  73,298    75,323  
Listed service CD’s  41,195    33,261  
Time deposits / IRA  54,759    46,902  
Wholesale deposits  37,353    37,859  
Total Deposits $  726,264   $708,436  
 

2016 Second Quarter and First Half Financial Review

Net Income
Net income available to common shareholders for the three months ended June 30, 2016 was $1.73 million, or $0.21 per diluted common share, compared to $1.45 million, or $0.18 per diluted common share, for the same period last year, an increase of 19.4%.  The increase was due to both higher net interest income and non-interest income while expenses were unchanged.  On a linked quarter basis, second quarter 2016 net income available to common shareholders increased 2.0% from the 2016 first quarter.

Net income available to common shareholders for the six months ended June 30, 2016 increased 19.0% to $3.42 million, or $0.42 per diluted share, compared to $2.87 million, or $0.35 per diluted share, in the same prior year period.

Net Interest Income
Net interest income for the quarter ended June 30, 2016 was $7.27 million, an increase of 4.8% compared to $6.94 million in the corresponding prior year period.  This increase was largely due to an increase of $56.8 million, or 7.4%, in average interest earning assets, primarily attributable to growth in the Company’s loan portfolio.  On a linked quarter basis, net interest income increased $141,000, or 2.0%, from $7.13 million.

For the first half of 2016, net interest income increased 5.0% to $14.4 million from $13.7 million in the same prior year period.

Net Interest Margin
The Company reported a net interest margin of 3.57% for the second quarter of 2016, which was unchanged when compared to the 3.57% reported in the first quarter of 2016, and slightly less when compared to the 3.65% reported for the second quarter of 2015. 

The net interest margin for the first half of 2016 was 3.57%, compared to 3.71% in the prior year period.

The 8 and 14 basis point declines in net interest margin from the second quarter and first half of 2015, respectively, were mainly due to the interest expense associated with the Company’s $10 million subordinated debenture placement, which funded in December 2015.  The subordinated debentures have a maturity date of December 31, 2025 and currently bear an annual interest rate of 6.25%.

Non-Interest Income
The Company reported the highest quarterly non-interest income in its history during the second quarter of 2016.  Non-interest income for the quarter ended June 30, 2016 totaled $1.2 million, an increase of $225,000, or 23.9%, compared to the same period in 2015.  This was largely a result of a 96.5% increase in residential mortgage banking revenue of $138,000, coupled with higher gains on the sale of SBA loans of $264,000.  These increases were partially offset by lower other income resulting from a $208,000 gain on the sale of a branch property during the second quarter of 2015.  On a linked quarter basis, non-interest income increased $273,000, or 30.6%, from $893,000 in the first quarter of 2016.

For the six months ended June 30, 2016, non-interest income increased $342,000, or 19.9%, to $2.1 million from the same period in 2015.

Non-Interest Expense
Non-interest expense for the quarter ended June 30, 2016 totaled $5.4 million, remaining largely flat from the same period in 2015, as higher salaries and benefits were offset by lower loan workout expenses.  On a linked quarter basis, non-interest expense decreased $18,000, largely as a result of the lower loan workout expenses noted above, coupled with lower professional fees.

For the six months ended June 30, 2016, non-interest expense increased $238,000, or 2.3%, to $10.8 million compared to the same prior year period.

Provision for Loan Losses
During the quarter, a provision for loan losses of $390,000 was required, compared to $190,000 in the same prior year period.  The majority of the second quarter 2016 provision was to record a specific reserve against one commercial loan whereby the underlying collateral value has been impaired by an environmental issue.  For the first half of 2016, a provision of $390,000 was expensed, compared to $280,000 for the same prior-year period.  The Company had $315,000 of net loan recoveries during the first half of 2016, which also attributed to the $705,000 increase in the allowance for loan losses during 2016.  This compared to $54,000 in net loan recoveries in the same prior-year period.

The Bank continues to be proactive in identifying troubled credits early, to record charge-offs promptly based on current collateral values, and to maintain an adequate allowance for loan losses.  The Company closely monitors local and regional real estate markets in its core Monmouth, Middlesex, Union and Ocean County, New Jersey market areas and other risk factors related in its loan portfolio.

As of June 30, 2016, the Company's allowance for loan losses was $9.4 million, as compared to $8.7 million as of December 31, 2015.  The loss allowance as a percentage of total loans was 1.30% at June 30, 2016 compared to 1.26% at December 31, 2015.  This increase was due to the aforementioned specific reserve.

Financial Condition / Balance Sheet
At June 30, 2016, the Company maintained capital ratios that were in excess of regulatory standards for well-capitalized institutions.  The Company's Tier 1 capital to average assets ratio was 8.99%, common equity Tier 1 to risk-weighted assets ratio was 10.10%, Tier 1 capital to risk-weighted assets ratio was 10.10%, and total capital to risk-weighted assets ratio was 12.60%.

Total assets as of June 30, 2016 were $884.7 million, compared to $863.7 million as of December 31, 2015.

Total loans as of June 30, 2016 were $726.4 million, compared to $693.2 million reported at December 31, 2015.

Total deposits as of June 30, 2016 were $726.3 million, compared to $708.4 million as of December 31, 2015.  Core checking deposits at June 30, 2016 increased to $296.7 million, up $3.7 million, or 1.3%, from year-end 2015.  This modest growth is due primarily to seasonality in municipal relationships.  The Company continues to focus on building core funded non-interest bearing deposit relationships.

Asset Quality
The Company's non-performing assets at June 30, 2016 decreased to $2.0 million as compared to $3.6 million at December 31, 2015 and $6.3 million at June 30, 2015.  Non-performing assets to total assets at June 30, 2016 declined to 0.22%, compared to 0.42% at December 31, 2015, and 0.75% at June 30, 2015.

Non-accrual loans decreased to $1.7 million at June 30, 2016, compared to $3.2 million at December 31, 2015 and $4.9 million at June 30, 2015.  OREO was $259,000 at June 30, 2016, compared to $411,000 at December 31, 2015 and $1.4 million at June 30, 2015. 

Troubled debt restructured loan balances amounted to $8.7 million at June 30, 2016, with all but $158,000 performing.  This compared to $10.8 million at December 31, 2015 and $19.5 million at June 30, 2015.

About the Company
Two River Bancorp is the holding company for Two River Community Bank, which is headquartered in Tinton Falls, New Jersey. Two River Community Bank operates 15 branches and two Loan Production Offices throughout Monmouth, Middlesex, Union and Ocean Counties, New Jersey.  More information about Two River Community Bank and Two River Bancorp is available at www.tworiverbank.com.  

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. These statements may be identified by such forward-looking terminology as "continue," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; loan and investment prepayments differing from our assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; operational risks, including the risk of fraud by employees, customers or outsiders; and the inability to successfully implement or expand new lines of business or new products and services. For a list of other factors which would affect our results, see the Company's filings with the Securities and Exchange Commission, including those risk factors identified in the "Risk Factor" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2015. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company assumes no obligation for updating any such forward-looking statements at any time, except as required by law.

  
TWO RIVER BANCORP 
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 
For the Three Months and Six Months Ended June 30, 2016 and 2015 
(in thousands, except per share data) 
  
  Three Months Ended
June 30,
 Six Months Ended
June 30,

 
   2016   2015  2016   2015 
INTEREST INCOME:           
Loans, including fees $  8,085  $7,540 $  15,998  $14,886 
Securities:           
Taxable  192   212  384   429 
Tax-exempt  230   126  430   224 
Interest bearing deposits  32   25  65   40 
Total Interest Income  8,539   7,903  16,877   15,579 
INTEREST EXPENSE:           
Deposits  945   791  1,828   1,526 
Securities sold under agreements to repurchase  15   16  29   32 
Long-term debt  147   160  295   313 
Subordinated debt  163   -  328   - 
Total Interest Expense  1,270   967  2,480   1,871 
Net Interest Income  7,269   6,936  14,397   13,708 
PROVISION FOR LOAN LOSSES  390   190  390   280 
Net Interest Income after Provision for Loan Losses  6,879   6,746  14,007   13,428 
NON-INTEREST INCOME:           
Service fees on deposit accounts  137   143  273   291 
Mortgage banking  281   143  515   286 
Other loan fees  62   39  123   80 
Earnings from investment in bank-owned life insurance  109   112  218   223 
Gain on sale of SBA loans  365   101  459   277 
Net realized gain on sale of securities  -   13  72   28 
Gain on sale of premises and equipment  -   208  -   208 
Other income  212   182  399   324 
Total Non-Interest Income  1,166     941  2,059   1,717 
NON-INTEREST EXPENSES:           
Salaries and employee benefits  3,195   3,102  6,300   6,120 
Occupancy and equipment  1,033   999  2,028   1,976 
Professional  280   232  615   446 
Insurance  57     81  104   175 
FDIC insurance and assessments  105   114  210   205 
Advertising  120    145  230   245 
Data processing  135    124  270   242 
Outside services fees  115    122  238   245 
Amortization of identifiable intangibles  -    9  10   28 
OREO expenses, impairment and sales, net  (45)  (22) (26)  (24)
Loan workout expenses  18   127  98   213 
Other operating  366    344  699   667 
Total Non-Interest Expenses  5,379    5,377  10,776   10,538 
Income before Income Taxes  2,666    2,310  5,290   4,607 
INCOME TAX EXPENSE  939    849  1,870   1,703 
Net Income  1,727    1,461  3,420   2,904 
Preferred stock dividend  -   (15) -   (30)
Net Income Available to Common Shareholders $  1,727  $1,446 $  3,420  $2,874 
EARNINGS PER COMMON SHARE:           
Basic $  0.22  $0.18 $  0.43  $0.36 
Diluted $  0.21  $0.18 $  0.42  $0.35 
Weighted average common shares outstanding:           
Basic  7,927   7,930  7,923   7,937 
Diluted  8,110   8,142  8,101   8,143 

 

  
TWO RIVER BANCORP 
CONSOLIDATED BALANCE SHEETS (Unaudited) 
(in thousands, except share data) 
  
  June 30, December 31, 
  2016 2015 
ASSETS        
Cash and due from banks $25,112 $21,566 
Interest bearing deposits in bank   6,216  25,161 
Cash and cash equivalents   31,328  46,727 
         
Securities available for sale   33,089  33,530 
Securities held to maturity   47,245  43,167 
Restricted investments, at cost   3,912  3,596 
Loans held for sale  2,849  3,050 
Loans   726,414  693,150 
Allowance for loan losses   (9,418) (8,713)
Net loans   716,996  684,437 
         
OREO and repossessed assets   259  411 
Bank-owned life insurance   17,513  17,294 
Premises and equipment, net   4,881  5,083 
Accrued interest receivable   2,036  1,912 
Goodwill   18,109  18,109 
Other intangible assets   -  9 
Other assets   6,483  6,371 
         
TOTAL ASSETS $884,700 $863,696 
        
LIABILITIES        
Deposits:        
Non-interest bearing $149,933 $144,627 
Interest bearing   576,331  563,809 
Total Deposits   726,264  708,436 
         
Securities sold under agreements to repurchase   21,683  19,545 
Accrued interest payable   84  118 
Long-term debt   23,800  26,500 
Subordinated debt  9,839  9,824 
Other liabilities   6,737  6,271 
         
Total Liabilities   788,407  770,694 
         
SHAREHOLDERS' EQUITY        
Preferred stock, no par value; 6,500,000 shares authorized, no shares issued and outstanding   -  - 
Common stock, no par value; 25,000,000 shares authorized;        
Issued – 8,252,079 and 8,213,196 at June 30, 2016 and December 31, 2015, respectively       
Outstanding – 7,967,347 and 7,929,196 at June 30, 2016 and December 31, 2015, respectively  73,070  72,890 
Retained earnings   25,623  22,759 
Treasury stock, at cost; 284,732 shares and 284,000 shares at June 30, 2016 and
   December 31, 2015, respectively
  (2,254) (2,248)
Accumulated other comprehensive loss   (146) (399)
Total Shareholders' Equity   96,293  93,002 
         
TOTAL LIABILITIES and SHAREHOLDERS’ EQUITY $884,700 $863,696 


  
TWO RIVER BANCORP 
Selected Consolidated Financial Data (Unaudited) 
  
Selected Consolidated Earnings Data 
(In thousands, except per share data) 
  
   Three Months Ended Six Months Ended 
  June 30, March 31, June 30, June 30, June 30, 
Selected Consolidated Earnings Data:  2016   2016   2015  2016   2015 
Total Interest Income $  8,539  $8,338  $7,903 $  16,877  $15,579 
Total Interest Expense  1,270   1,210   967  2,480   1,871 
Net Interest Income  7,269   7,128   6,936  14,397   13,708 
Provision for Loan Losses  390   -   190  390   280 
Net Interest Income after Provision for Loan Losses  6,879   7,128   6,746  14,007   13,428 
Other Non-Interest Income  1,166   893   941  2,059   1,717 
Other Non-Interest Expenses  5,379   5,397   5,377  10,776   10,538 
Income before Income Taxes  2,666   2,624   2,310  5,290   4,607 
Income Tax Expense  939   931   849  1,870   1,703 
Net Income  1,727   1,693   1,461  3,420   2,904 
Preferred Stock Dividend  -   -   (15) -   (30)
Net Income Available to Common Shareholders $  1,727  $1,693  $1,446 $  3,420  $2,874 
            
Per Common Share Data:           
Basic Earnings $  0.22  $0.21  $0.18 $  0.43  $0.36 
Diluted Earnings $  0.21  $0.21  $0.18 $  0.42  $0.35 
Book Value $  12.09  $11.91  $11.37 $  12.09  $11.37 
Tangible Book Value (1) $  9.81  $9.63  $9.09 $  9.81  $9.09 
Average Common Shares Outstanding (in thousands):           
Basic  7,927   7,918   7,930  7,923   7,937 
Diluted  8,110   8,089   8,142  8,101   8,143 
                    

(1) Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.

   
Selected Period End Balances  
(In thousands)  
  June 30, Dec. 31, June 30, 
   2016  2015  2015 
Total Assets $  884,700 $863,696 $844,364 
Investment Securities and Restricted Stock    84,246   80,293  77,957 
Total Loans    726,414   693,150  674,050 
Allowance for Loan Losses    (9,418) (8,713) (8,295)
Goodwill and Other Intangible Assets    18,109   18,118  18,138 
Total Deposits    726,264   708,436  686,395 
Repurchase Agreements    21,683   19,545  27,916 
Long-Term Debt    23,800   26,500  28,000 
Subordinated Debt  9,839  9,824  - 
Shareholders' Equity    96,293   93,002  96,255 
           

 

Asset Quality Data (by Quarter)
(Dollars in thousands)
 
  June 30, March 31, Dec. 31, Sept. 30, June 30,  
   2016  2016  2015  2015  2015  
Nonaccrual loans $  1,697 $1,723 $3,178 $3,680 $4,930  
OREO  259  259  411  495  1,411  
Total Non-Performing Assets  1,956  1,982  3,589  4,175  6,341  
             
Troubled Debt Restructured Loans:            
Performing  8,492  8,920  9,289  11,290  17,239  
Non-Performing  158  161  1,552  1,578  2,287  
             
Non-Performing Loans to Total Loans  0.23% 0.24% 0.46% 0.54% 0.73% 
Non-Performing Assets to Total Assets  0.22% 0.22% 0.42% 0.50% 0.75% 
Allowance as a % of Loans  1.30% 1.27% 1.26% 1.25% 1.23% 


  
Capital Ratios 
  
  June 30, 2016
 December 31, 2015 
 CET 1
Capital

to Risk Weighted
Assets
Ratio
 Tier 1
Capital
to
Average
Assets
Ratio
 Tier 1
Capital
to Risk
Weighted
Assets Ratio
 Total
Capital
to Risk Weighted
Assets
Ratio
 CET 1
Capital

to Risk Weighted
Assets
Ratio
 Tier 1
Capital
to
Average Assets
Ratio
 Tier 1
Capital
to Risk Weighted
Assets
Ratio
 Total
Capital to
Risk Weighted
Assets
Ratio
 
         
         
Two River Bancorp10.10%8.99%10.10%12.60%10.13%10.13%8.97%12.65%
Two River Community Bank11.30%10.07%11.30%12.51%11.39%11.39%10.09%12.56%
"Well capitalized" institution (under prompt correction action regulations)*6.50%5.00%8.00%10.00%6.50%5.00%8.00%10.00%
 
*Applies to Bank only.  For the Company to be “well-capitalized,” the Tier 1 Capital to Risk Weighted Assets has to be at least 6.00%.


 
 
Reconciliation of Non-GAAP Financial Measures
 
The press release contains certain financial information determined by methods other than in accordance with generally accepted accounting policies in the United States (GAAP). These non-GAAP financial measures are "book value per common share," "tangible book value per common share," "return on average tangible assets," and "return on average tangible equity." This non-GAAP disclosure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Our management uses these non-GAAP measures in its analysis of our performance because it believes these measures are material and will be used as a measure of our performance by investors.


      
(In thousands, except per share data)
 
      
  As of and for the Three Months Ended As of and for the
Six Months Ended
 
  June 30, March 31, Dec. 31, Sept. 30, June 30, June 30, June 30, 
  2016 2016 2015 2015 2015 2016 2015 
Total shareholders' equity $96,293 $94,613 $93,002 $97,640 $96,255 $96,293 $96,255 
Less: preferred stock  -  -  -  (6,000) (6,000) -  (6,000)
                       
Common shareholders' equity $96,293 $94,613 $93,002 $91,640 $90,255 $96,293 $90,255 
Less: goodwill and other tangibles  (18,109) (18,109) (18,118) (18,128) (18,138) (18,109) (18,138)
                       
Tangible common shareholders’ equity $78,184 $76,504 $74,884 $73,512 $72,117 $78,184 $72,117 
                       
Common shares outstanding  7,967  7,943  7,929  7,918  7,935  7,967  7,935 
Book value per common share $12.09 $11.91 $11.73 $11.57 $11.37 $12.09 $11.37 
                       
Book value per common share $12.09 $11.91 $11.73 $11.57 $11.37 $12.09 $11.37 
Effect of intangible assets    (2.28) (2.28) (2.29) (2.29) (2.28) (2.28) (2.28)
Tangible book value per common share $9.81 $9.63 $9.44 $9.28 $9.09 $9.81 $9.09 
                
Return on average assets 0.78%0.78%0.81%0.79%0.71%0.78%0.72%
Effect of intangible assets 0.02%0.02%0.02%0.01%0.02%0.02%0.02%
Return on average tangible assets 0.80%0.80%0.83%0.80%0.73%0.80%0.74%
                
Return on average equity 7.28%7.25%7.14%6.95%6.15%7.26%6.17%
Effect of average intangible assets 1.70%1.73%1.64%1.60%1.44%1.72%1.46%
Return on average tangible equity 8.98%8.98%8.78%8.55%7.59%8.98%7.63%
                
Investor Contact:
Adam Prior, Senior Vice President
The Equity Group Inc.
Phone: (212) 836-9606
E-mail: aprior@equityny.com

Media Contact:
Adam Cadmus, Marketing Director
Phone: (732) 982-2167
Email: acadmus@tworiverbank.com

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Source: Two River Bancorp

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