Authorization

Fentura Financial, Inc. Announces Record Earnings

FENTON, Mich., Feb. 27, 2019 (GLOBE NEWSWIRE) -- Fentura Financial, Inc. (OTCQX: FETM) announces another year of record earnings with net income of $2,009 and $10,114 for the three and twelve month periods ended DecemberA31, 2018, respectively.

YTD net income increased by 16.57%



YTD adjusted net income from operations increased by 22.00%



10.88% increase in earnings per share over 2017



12.50% total return to shareholders in 2018



YTD return on average assets of 1.20%



Total loans increased by 14.82%



Total deposits increased 13.31%

Ronald L. Justice, President and CEO said, a??I am extremely proud of our team and their ability to consistently execute our community focused growth strategies. This was another record year for Fentura and I am excited to continue this momentum into 2019.a??Total Shareholder Return

A



A



12/31/18



A



9/30/18



A



6/30/18



A



3/31/18



A



12/31/17



Closing Stock Price



A



$



21.00



A



A



$



21.15



A



A



$



21.10



A



A



$



19.75



A



A



$



18.88



A



QTD Cash Dividends Per Share



A



$



0.06



A



A



$



0.06



A



A



$



0.06



A



A



$



0.06



A



A



$



0.05



A



A



A



A



A



A



A



A



A



A



A



A



A



A



FETM QTD Total Return to Shareholders (Annualized)



A



A



12/31/18



A



9/30/18



A



6/30/18



A



3/31/18



A



12/31/17



Increase (Decrease) in Price



A



(2.84



)%



A



0.95



%



A



27.34



%



A



18.43



%



A



9.32



%



Cash Dividends



A



1.13



%



A



1.14



%



A



1.22



%



A



1.27



%



A



1.08



%



Total Return



A



(1.70



)%



A



2.09



%



A



28.56



%



A



19.70



%



A



10.41



%



A



A



A



A



A



A



A



A



A



A



A



A



A



12/31/18



A



12/31/17



A



12/31/16



A



12/31/15



A



12/31/14



Closing Stock Price



A



$



21.00



A



A



$



18.88



A



A



$



16.00



A



A



$



13.86



A



A



$



9.90



A



YTD Cash Dividends Per Share



A



$



0.24



A



A



$



0.20



A



A



$



0.40



A



A



$



0.12



A



A



$



0.09



A



A



A



A



A



A



A



A



A



A



A



A



A



A



FETM Annual Total Return to Shareholders



A



A



12/31/18



A



12/31/17



A



12/31/16



A



12/31/15



A



12/31/14



Increase (Decrease) in Price



A



11.23



%



A



18.00



%



A



15.44



%



A



40.00



%



A



42.04



%



Cash Dividends



A



1.27



%



A



1.25



%



A



2.89



%



A



1.21



%



A



1.29



%



Total Return



A



12.50



%



A



19.25



%



A



18.33



%



A



41.21



%



A



43.33



%



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A

Income Statement Breakdown and AnalysisA

A



A



Quarter to Date



A



A



12/31/18



A



9/30/18



A



6/30/18



A



3/31/18



A



12/31/17



Interest and dividend income



A



A



A



A



A



A



A



A



A



A



Loans, including fees



A



$



9,132



A



A



$



8,768



A



A



$



8,433



A



A



$



8,038



A



A



$



8,524



A



Investments



A



799



A



A



543



A



A



296



A



A



341



A



A



341



A



Total interest and dividend income



A



9,931



A



A



9,311



A



A



8,729



A



A



8,379



A



A



8,865



A



Total interest expense



A



1,926



A



A



1,638



A



A



1,232



A



A



1,031



A



A



939



A



Net interest income



A



8,005



A



A



7,673



A



A



7,497



A



A



7,348



A



A



7,926



A



Provision for loan losses



A



290



A



A



191



A



A



301



A



A



275



A



A



348



A



Net interest income, after provision for loan losses



A



7,715



A



A



7,482



A



A



7,196



A



A



7,073



A



A



7,578



A



Total noninterest income



A



1,703



A



A



2,760



A



A



2,013



A



A



1,801



A



A



2,220



A



Total noninterest expenses



A



6,907



A



A



6,075



A



A



6,049



A



A



6,279



A



A



7,400



A



Income before federal income taxes



A



2,511



A



A



4,167



A



A



3,160



A



A



2,595



A



A



2,398



A



Federal income taxes



A



502



A



A



654



A



A



642



A



A



521



A



A



236



A



Net income



A



$



2,009



A



A



$



3,513



A



A



$



2,518



A



A



$



2,074



A



A



$



2,162



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Quarter to Date



A



A



12/31/18



A



9/30/18



A



6/30/18



A



3/31/18



A



12/31/17



Based on GAAP net income



A



A



A



A



A



A



A



A



A



A



Average Total Assets



A



$



917,242



A



A



$



866,253



A



A



$



805,794



A



A



$



789,391



A



A



$



779,000



A



Average Earning Assets



A



$



864,581



A



A



$



813,867



A



A



$



757,481



A



A



$



737,712



A



A



$



693,951



A



Average Int. Bearing Liabilities



A



$



592,878



A



A



$



565,908



A



A



$



514,012



A



A



$



505,174



A



A



$



457,937



A



Average Total Equity



A



$



80,781



A



A



$



65,541



A



A



$



62,333



A



A



$



60,107



A



A



$



60,034



A



Average Tangible Equity



A



$



72,742



A



A



$



57,419



A



A



$



54,254



A



A



$



51,962



A



A



$



52,001



A



Return on Average Assets



A



0.88



%



A



1.62



%



A



1.25



%



A



1.05



%



A



1.11



%



Return on Average Equity



A



9.95



%



A



21.44



%



A



16.16



%



A



13.80



%



A



14.41



%



Return on Average Tangible Equity



A



11.05



%



A



24.47



%



A



18.56



%



A



15.97



%



A



16.63



%



Efficiency Ratio



A



71.15



%



A



58.23



%



A



63.61



%



A



68.63



%



A



72.94



%



Earnings Per Share



A



$



0.43



A



A



$



0.96



A



A



$



0.69



A



A



$



0.57



A



A



$



0.60



A



Yield on Earning Assets



A



4.60



%



A



4.58



%



A



4.62



%



A



4.55



%



A



5.13



%



Rate on Int. Bearing Liabilities



A



1.30



%



A



1.16



%



A



0.96



%



A



0.82



%



A



0.82



%



Net Interest Margin to Earning Assets



A



3.71



%



A



3.78



%



A



3.97



%



A



3.99



%



A



4.59



%



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A

A

A



A



Quarter to Date



A



A



12/31/18



A



9/30/18



A



6/30/18



A



3/31/18



A



12/31/17



GAAP net income



A



$



2,009



A



A



$



3,513



A



A



$



2,518



A



A



$



2,074



A



A



$



2,162



A



Provision for loan losses (net of tax)



A



229



A



A



151



A



A



238



A



A



217



A



A



229



A



Acquisition related items (net of tax)



A



A



A



A



A



A



A



A



A



A



Accretion on purchased loans



A



(168



)



A



(116



)



A



(255



)



A



(250



)



A



(676



)



Amortization of core deposit intangible



A



107



A



A



107



A



A



107



A



A



107



A



A



105



A



Acquisition related expenses



A



a??



A



A



a??



A



A



a??



A



A



a??



A



A



296



A



Accretion on acquired OREO



A



a??



A



A



a??



A



A



a??



A



A



a??



A



A



a??



A



Amortization on acquired time deposits



A



9



A



A



9



A



A



9



A



A



9



A



A



10



A



Amortization on purchased MSRs



A



6



A



A



6



A



A



6



A



A



6



A



A



8



A



Total acquisition related items (net of tax)



A



(46



)



A



6



A



A



(133



)



A



(128



)



A



(257



)



One-time and other items (net of tax)



A



A



A



A



A



A



A



A



A



A



Net gain from BOLI death benefit



A



a??



A



A



(933



)



A



a??



A



A



a??



A



A



a??



A



Re-valuation of net deferred tax liabilities



A



a??



A



A



a??



A



A



a??



A



A



a??



A



A



(489



)



Net gain from note receivable



A



a??



A



A



a??



A



A



a??



A



A



a??



A



A



a??



A



Impact of The Tax Cuts and Jobs Act



A



(394



)



A



(405



)



A



(397



)



A



(323



)



A



a??



A



Total one-time and other items (net of tax)



A



(394



)



A



(1,338



)



A



(397



)



A



(323



)



A



(489



)



Adjusted net income from operations



A



$



1,798



A



A



$



2,332



A



A



$



2,226



A



A



$



1,840



A



A



$



1,645



A



A



A



A



A



A



A



A



A



A



A



A



GAAP net interest income



A



$



8,005



A



A



$



7,673



A



A



$



7,497



A



A



$



7,348



A



A



$



7,926



A



Accretion on purchased loans



A



(211



)



A



(147



)



A



(323



)



A



(317



)



A



(1,021



)



Amortization on acquired time deposits



A



11



A



A



12



A



A



11



A



A



12



A



A



15



A



Adjusted net interest income



A



$



7,805



A



A



$



7,538



A



A



$



7,185



A



A



$



7,043



A



A



$



6,920



A



A



A



A



A



A



A



A



A



A



A



A



Based on adjusted net income from operations



A



A



A



A



A



A



A



A



A



A



Return on Average Assets



A



0.78



%



A



1.08



%



A



1.10



%



A



0.93



%



A



0.84



%



Return on Average Equity



A



8.90



%



A



14.23



%



A



14.28



%



A



12.24



%



A



10.96



%



Return on Average Tangible Equity



A



9.89



%



A



16.25



%



A



16.41



%



A



14.16



%



A



12.65



%



Efficiency Ratio



A



71.15



%



A



63.37



%



A



64.24



%



A



69.41



%



A



74.22



%



Earnings Per Share



A



A



0.41



A



A



A



0.64



A



A



A



0.61



A



A



A



0.51



A



A



A



0.45



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Based on adjusted net interest income



A



A



A



A



A



A



A



A



A



A



Yield on Earning Assets



A



4.50



%



A



4.51



%



A



4.45



%



A



4.38



%



A



4.54



%



Rate on Int. Bearing Liabilities



A



1.31



%



A



1.17



%



A



0.97



%



A



0.83



%



A



0.83



%



Net Interest Margin to Earning Assets



A



3.62



%



A



3.71



%



A



3.80



%



A



3.83



%



A



4.01



%



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A

A

A



A



Year to Date December 31



A



Variance



A



A



2018



A



2017



A



$



A



%



Interest and dividend income



A



A



A



A



A



A



A



A



Loans, including fees



A



$



34,371



A



A



$



28,765



A



A



$



5,606



A



A



19.49



%



Investments



A



1,979



A



A



1,346



A



A



633



A



A



47.03



%



Total interest and dividend income



A



36,350



A



A



30,111



A



A



6,239



A



A



20.72



%



Total interest expense



A



5,827



A



A



3,120



A



A



2,707



A



A



86.76



%



Net interest income



A



30,523



A



A



26,991



A



A



3,532



A



A



13.09



%



Provision for loan losses



A



1,057



A



A



609



A



A



448



A



A



73.56



%



Net interest income, after provision for loan losses



A



29,466



A



A



26,382



A



A



3,084



A



A



11.69



%



Total noninterest income



A



8,277



A



A



8,988



A



A



(711



)



A



(7.91



)%



Total noninterest expenses



A



25,310



A



A



23,818



A



A



1,492



A



A



6.26



%



Income before federal income taxes



A



12,433



A



A



11,552



A



A



881



A



A



7.63



%



Federal income taxes



A



2,319



A



A



2,876



A



A



(557



)



A



(19.37



)%



Net income



A



$



10,114



A



A



$



8,676



A



A



$



1,438



A



A



16.57



%



A



A



A



A



A



A



A



A



A



A



A



Year to Date December 31



A



Variance



A



A



2018



A



2017



A



$



A



%



Based on GAAP net income



A



A



A



A



A



A



A



A



Average Total Assets



A



$



844,551



A



A



$



730,974



A



A



$



113,577



A



A



15.54



%



Average Earning Assets



A



$



793,411



A



A



$



698,753



A



A



$



94,658



A



A



13.55



%



Average Int. Bearing Liabilities



A



$



544,344



A



A



$



485,522



A



A



$



58,822



A



A



12.12



%



Average Total Equity



A



$



67,192



A



A



$



56,429



A



A



$



10,763



A



A



19.07



%



Average Tangible Equity



A



$



59,096



A



A



$



48,282



A



A



$



10,814



A



A



22.40



%



Return on Average Assets



A



1.20



%



A



1.19



%



A



A



A



0.01



%



Return on Average Equity



A



15.05



%



A



15.38



%



A



A



A



(0.32



)%



Return on Tangible Equity



A



17.11



%



A



17.97



%



A



A



A



(0.85



)%



Efficiency Ratio



A



65.23



%



A



66.20



%



A



A



A



(0.97



)%



Earnings Per Share



A



$



2.65



A



A



$



2.39



A



A



$



0.26



A



A



10.88



%



Yield on Earning Assets



A



4.59



%



A



4.33



%



A



A



A



0.26



%



Rate on Int. Bearing Liabilities



A



1.07



%



A



0.64



%



A



A



A



0.43



%



Net Interest Margin to Earning Assets



A



3.86



%



A



3.88



%



A



A



A



(0.02



)%



A



A



A



A



A



A



A



A



A



A



A



A

A

A



A



Year to Date December 31



A



Variance



A



A



2018



A



2017



A



$



A



%



GAAP net income



A



$



10,114



A



A



$



8,676



A



A



$



1,438



A



A



16.57



%



Provision for loan losses (net of tax)



A



835



A



A



402



A



A



433



A



A



107.71



%



Acquisition related items (net of tax)



A



A



A



A



A



A



A



A



Accretion on purchased loans



A



(788



)



A



(1,203



)



A



415



A



A



(34.50



)%



Amortization of core deposit intangible



A



428



A



A



417



A



A



11



A



A



2.64



%



Acquisition related expenses



A



a??



A



A



296



A



A



(296



)



A



(100.00



)%



Accretion on acquired OREO



A



a??



A



A



(53



)



A



53



A



A



(100.00



)%



Amortization on acquired time deposits



A



36



A



A



38



A



A



(2



)



A



(5.26



)%



Amortization on purchased MSRs



A



24



A



A



30



A



A



(6



)



A



(20.00



)%



Total acquisition related items (net of tax)



A



(300



)



A



(475



)



A



175



A



A



(36.84



)%



One-time and other items (net of tax)



A



A



A



A



A



A



A



A



Net gain from BOLI death benefit



A



(933



)



A



(1,155



)



A



222



A



A



(19.22



)%



Re-valuation of net deferred tax liabilities



A



a??



A



A



(489



)



A



489



A



A



(100.00



)%



Net gain from note receivable



A



a??



A



A



(172



)



A



172



A



A



(100.00



)%



Impact of The Tax Cuts and Jobs Act



A



(1,436



)



A



a??



A



A



(1,436



)



A



N/M



A



Total one-time and other items (net of tax)



A



(2,369



)



A



(1,816



)



A



(553



)



A



30.45



%



Adjusted net income from operations



A



$



8,280



A



A



$



6,787



A



A



$



1,493



A



A



22.00



%



A



A



A



A



A



A



A



A



A



GAAP net interest income



A



$



30,523



A



A



$



26,991



A



A



$



3,532



A



A



13.09



%



Accretion on purchased loans



A



(998



)



A



(1,822



)



A



824



A



A



(45.23



)%



Amortization on acquired time deposits



A



46



A



A



58



A



A



(12



)



A



(20.69



)%



Adjusted net interest income



A



$



29,571



A



A



$



25,227



A



A



$



4,344



A



A



17.22



%



A



A



A



A



A



A



A



A



A



Based on adjusted net income from operations



A



A



A



A



A



A



A



A



Return on Average Assets



A



0.98



%



A



0.93



%



A



A



A



0.05



%



Return on Average Equity



A



12.32



%



A



12.03



%



A



A



A



0.30



%



Return on Tangible Equity



A



14.01



%



A



14.06



%



A



A



A



(0.05



)%



Efficiency Ratio



A



67.04



%



A



66.20



%



A



A



A



0.84



%



Earnings Per Share



A



$



2.17



A



A



$



1.87



A



A



$



0.30



A



A



16.04



%



A



A



A



A



A



A



A



A



A



Based on adjusted net interest income



A



A



A



A



A



A



A



A



Yield on Earning Assets



A



4.46



%



A



4.07



%



A



A



A



0.40



%



Rate on Int. Bearing Liabilities



A



1.08



%



A



0.65



%



A



A



A



0.42



%



Net Interest Margin to Earning Assets



A



3.74



%



A



3.63



%



A



A



A



0.11



%



A



A



A



A



A



A



A



A



A



A



A



A

To effectively compare core operating results from period to period, the impact of the provision for loan losses, acquisition related items, and one-time and other items have been isolated.As outlined in the preceding tables, the Corporation has been able to generate strong net income and adjusted net income from operations. While a portion of the increase in net income was driven by the Tax Cuts and Jobs Act of 2017, which reduced the Corporationa??s Federal income tax rate from 34% to 21%, adjusted net income from operations, which excludes the impact of the reduction in tax rates, increased by 22.00% while adjusted earnings per share increased by 16.04%.The Corporation has also been successful at consistently increasing adjusted net interest income. This increase continues to be primarily driven through increases in loans while maintaining relatively strong intere
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