Establishing Valuable Strategies For Commercial Funding

As previously announced, in December 2016 the Companys Board of Directors approved a stock repurchase program authorizing the repurchase of up to 2.2 million shares of the Companys common stock during a twelve-month period starting January 1, 2017. Such repurchases may be made at the discretion of the Companys senior management based on market conditions and other relevant factors and will be acquired through open market or privately negotiated transactions as permitted under Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable legal requirements. Asset Quality The Companys asset quality metrics continue to be favorable relative to comparative peer and industry averages and illustrate the long-term effectiveness of the Companys disciplined risk management and underwriting standards. Net charge-offs were $2.2 million for the fourth quarter, compared to $3.5 million for the fourth quarter of 2015 and $1.5 million for the third quarter of 2016. Net charge-offs as an annualized percentage of average loans measured 0.18% in the fourth quarter of 2016, compared to 0.31% in the prior year fourth quarter and 0.12% in the third quarter of 2016. Full year 2016 net charge-offs of $5.6 million, or 0.13% of average loans, were down $0.6 million, or two basis points of average loans from full year 2015s levels. Nonperforming loans as a percentage of total loans at December 31, 2016 were 0.48%, improved from 0.50% at December 31, 2015.

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