The Company reported net income of
Diluted earnings per share were
“We delivered another quarter of strong financial performance while maintaining our conservative approach to new loan production and prudent balance sheet management, which resulted in our adjusted return on average assets remaining above 1% when our merger-related expenses are excluded,” said
“We are making good progress on the integration planning for our merger with
Financial Highlights:
Profitability - three months ended
- Excluding the impact of merger related expenses, net income of
$4.8 million and$0.57 per diluted share, compared to$5.3 million and$0.63 per share, respectively (See Interim Consolidated Non-GAAP Data). - Revenue of
$19.4 million decreased$500,000 , or 2%, from$19.9 million for the fourth quarter of 2023. - Net interest income of
$17.7 million decreased$859,000 , or 5%, compared to$18.6 million for the fourth quarter of 2023. - Provision for credit losses of
$126,000 decreased$55,000 , or 30%, from$181,000 for the fourth quarter of 2023. - Non-interest income of
$1.7 million increased$366,000 , or 27%, compared to$1.3 million for the fourth quarter of 2023. - Non-interest expense, excluding capitalized loan origination costs and merger related expenses, of
$13.1 million increased$52,000 , or less than 1%, compared to$13.0 million for the fourth quarter of 2023 (See Interim Consolidated Non-GAAP Data).
Financial Position –
- Total assets decreased by
$63.4 million to$1.92 billion ; average total assets decreased by$68.2 million to$1.92 billion . - Total gross loans decreased by
$38.6 million to$1.52 billion ; average total gross loans decreased by$53.3 million to$1.52 billion . - Total deposits increased by
$14.3 million to$1.64 billion ; average total deposits decreased by$71.0 million to$1.63 billion . - The Company had no other borrowings at
March 31, 2024 compared to$75.0 million atDecember 31, 2023 . - Capital ratios remain healthy with a tier I leverage ratio of 10.17%, tier I capital ratio of 10.15%, and total risk-based capital ratio of 13.93%.
- Book value per share of
$23.79 increased by$0.41 , or 2%. - Tangible book value per share of
$22.91 increased by$0.41 , or 2% (See Interim Consolidated Non-GAAP Data).
Net Interest Income and Margin:
Net interest income for the quarter ended
The Company’s net interest margin for the first quarter of 2024 was 3.89%, compared to 3.88% for the fourth quarter of 2023 and 4.02% for the same period in 2023.
Non-Interest Income:
The Company’s non-interest income for the quarters ended
Net interest income and non-interest income comprised total revenue of
Non-Interest Expense:
The Company’s non-interest expense for the quarters ended
The Company’s efficiency ratio, the ratio of non-interest expense to revenues, was 70.57%, 61.36%, and 59.62% for the quarters ended
Balance Sheet:
Total assets of
Total gross loans decreased by
Total deposits increased by
Excluding junior subordinated debt securities, the Company had no outstanding borrowings at
Asset Quality:
The provision for credit losses on loans was
Non-performing assets (“NPAs”) to total assets were 0.08% at
The allowance for credit losses on loans was
The allowance for credit losses on unfunded loan commitments was
Capital Adequacy:
At
“In the past year we achieved 11.9% growth in tangible book value as we accreted capital and strengthened liquidity in response to a very challenging environment for the industry. Our prudent balance sheet management resulted in increases in all of our capital ratios during the first quarter, while we used our strong liquidity to pay off all of our FHLB borrowings early in the quarter,” said
About
Contacts:
Chief Executive Officer
seshelton@bankcbc.com
President, Chief Financial Officer and Chief Operating Officer
tsa@bankcbc.com
Use of Non-GAAP Financial Information:
This press release contains both financial measures based on GAAP and non-GAAP. Non-GAAP financial measures are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. The non-GAAP financial measures included in this press release include: Adjusted Net Income; Adjusted Earnings Per Share; Total Revenue; Adjusted non-interest expense; Adjusted Return on Average Assets; Adjusted Return on Average Equity; Adjusted Return on Average Tangible Equity; Adjusted Efficiency Ratio; Tangible Equity to Tangible Assets Ratio; Quarterly Average Tangible Equity to Tangible Assets Ratio; and Tangible Book Value Per Share.
Forward-Looking Statements:
Statements in this news release regarding expectations and beliefs about future financial performance and financial condition, as well as trends in the Company’s business and markets are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this news release are based on current information and on assumptions that the Company makes about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Company’s control. As a result of those risks and uncertainties, the Company’s actual future performance or financial results could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause the Company to make changes to future plans. Those risks and uncertainties include, but are not limited to, the risk of incurring loan losses, which is an inherent risk of the banking business; the risk that the Company will not be able to continue its internal growth rate; the risk that
Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today's date, or to make predictions based solely on historical financial performance. The Company disclaims any obligation to update forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise, except as may be required by law.
FINANCIAL TABLES FOLLOW
SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - PROFITABILITY | |||||||||||||||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||
QUARTERLY HIGHLIGHTS: | Q1 2024 | Q4 2023 | $ | % | Q1 2023 | $ | % | ||||||||||||||||||||
Interest income | $ | 27,382 | $ | 28,405 | $ | (1,023 | ) | -4 | % | $ | 25,539 | $ | 1,843 | 7 | % | ||||||||||||
Interest expense | 9,667 | 9,831 | (164 | ) | -2 | % | 6,782 | 2,885 | 43 | % | |||||||||||||||||
Net interest income | 17,715 | 18,574 | (859 | ) | -5 | % | 18,757 | (1,042 | ) | -6 | % | ||||||||||||||||
Provision for credit losses | 126 | 181 | (55 | ) | -30 | % | 358 | (232 | ) | -65 | % | ||||||||||||||||
Net interest income after | |||||||||||||||||||||||||||
provision for credit losses | 17,589 | 18,393 | (804 | ) | -4 | % | 18,399 | (810 | ) | -4 | % | ||||||||||||||||
Non-interest income | 1,705 | 1,339 | 366 | 27 | % | 1,107 | 598 | 54 | % | ||||||||||||||||||
Non-interest expense (1) | 13,704 | 12,218 | 1,486 | 12 | % | 11,843 | 1,861 | 16 | % | ||||||||||||||||||
Income before income taxes | 5,590 | 7,514 | (1,924 | ) | -26 | % | 7,663 | (2,073 | ) | -27 | % | ||||||||||||||||
Income tax expense | 1,773 | 2,173 | (400 | ) | -18 | % | 2,212 | (439 | ) | -20 | % | ||||||||||||||||
Net income (1) | $ | 3,817 | $ | 5,341 | $ | (1,524 | ) | -29 | % | $ | 5,451 | $ | (1,634 | ) | -30 | % | |||||||||||
Diluted earnings per share (1) | $ | 0.45 | $ | 0.63 | $ | (0.18 | ) | -29 | % | $ | 0.64 | $ | (0.19 | ) | -30 | % | |||||||||||
Net interest margin | 3.89 | % | 3.88 | % | +1 Basis Points | 4.02 | % | - | |||||||||||||||||||
Efficiency ratio (1) | 70.57 | % | 61.36 | % | +921 Basis Points | 59.62 | % | +1095 Basis Points | |||||||||||||||||||
(1) See pro-forma balances and ratios, excluding the impact of merger related expenses - Interim Consolidated Non-GAAP Data | |||||||||||||||||||||||||||
SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL POSITION | |||||||||||||||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||
PERIOD-END HIGHLIGHTS: | Q1 2024 | Q4 2023 | $ | % | Q1 2023 | $ | % | ||||||||||||||||||||
Total assets | $ | 1,922,541 | $ | 1,985,905 | $ | (63,364 | ) | -3 | % | $ | 2,050,774 | $ | (128,233 | ) | -6 | % | |||||||||||
Gross loans | 1,520,891 | 1,559,533 | (38,642 | ) | -2 | % | 1,617,263 | (96,372 | ) | -6 | % | ||||||||||||||||
Deposits | 1,639,516 | 1,625,244 | 14,272 | 1 | % | 1,717,610 | (78,094 | ) | -5 | % | |||||||||||||||||
Tangible equity (1) | 193,263 | 189,029 | 4,234 | 2 | % | 171,099 | 22,164 | 13 | % | ||||||||||||||||||
Tangible book value per share (1) | $ | 22.91 | $ | 22.50 | $ | 0.41 | 2 | % | $ | 20.48 | $ | 2.43 | 12 | % | |||||||||||||
Tangible equity / tangible assets (1) | 10.09 | % | 9.55 | % | +54 Basis Points | 8.37 | % | +172 Basis Points | |||||||||||||||||||
Gross loans / total deposits | 92.76 | % | 95.96 | % | - | 94.16 | % | - | |||||||||||||||||||
Noninterest-bearing deposits / | |||||||||||||||||||||||||||
total deposits | 38.64 | % | 40.44 | % | - | 43.12 | % | - | |||||||||||||||||||
QUARTERLY AVERAGE | Change | Change | |||||||||||||||||||||||||
HIGHLIGHTS: | Q1 2024 | Q4 2023 | $ | % | Q1 2023 | $ | % | ||||||||||||||||||||
Total assets | $ | 1,916,142 | $ | 1,984,337 | $ | (68,195 | ) | -3 | % | $ | 1,974,285 | $ | (58,143 | ) | -3 | % | |||||||||||
Total earning assets | 1,831,333 | 1,896,954 | (65,621 | ) | -3 | % | 1,893,940 | (62,607 | ) | -3 | % | ||||||||||||||||
Gross loans | 1,518,722 | 1,571,994 | (53,272 | ) | -3 | % | 1,582,332 | (63,610 | ) | -4 | % | ||||||||||||||||
Deposits | 1,629,636 | 1,700,625 | (70,989 | ) | -4 | % | 1,699,930 | (70,294 | ) | -4 | % | ||||||||||||||||
Tangible equity (1) | 193,094 | 187,399 | 5,695 | 3 | % | 169,454 | 23,640 | 14 | % | ||||||||||||||||||
Tangible equity / tangible assets (1) | 10.12 | % | 9.48 | % | +64 Basis Points | 8.62 | % | +150 Basis Points | |||||||||||||||||||
Gross loans / total deposits | 93.19 | % | 92.44 | % | +75 Basis Points | 93.08 | % | +11 Basis Points | |||||||||||||||||||
Noninterest-bearing deposits / | |||||||||||||||||||||||||||
total deposits | 40.34 | % | 41.46 | % | - | 42.88 | % | - | |||||||||||||||||||
(1) See Interim Consolidated Non-GAAP Data | |||||||||||||||||||||||||||
SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET QUALITY | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES (LOANS): | ||||||||||||||||||||
Balance, beginning of period | $ | 16,028 | $ | 15,921 | $ | 15,722 | $ | 15,382 | $ | 17,005 | ||||||||||
CECL adjustment | - | - | - | - | (1,840 | ) | ||||||||||||||
Provision for credit losses, quarterly | 301 | 87 | 121 | 340 | 464 | |||||||||||||||
Charge-offs, quarterly | (439 | ) | - | (156 | ) | - | (247 | ) | ||||||||||||
Recoveries, quarterly | 91 | 20 | 234 | - | - | |||||||||||||||
Balance, end of period | $ | 15,981 | $ | 16,028 | $ | 15,921 | $ | 15,722 | $ | 15,382 | ||||||||||
NONPERFORMING ASSETS: | ||||||||||||||||||||
Loans accounted for on a non-accrual basis | $ | 1,212 | $ | 3,781 | $ | 1,236 | $ | 181 | $ | 222 | ||||||||||
Loans with principal or interest contractually | ||||||||||||||||||||
past due 90 days or more and still accruing | ||||||||||||||||||||
interest | 240 | - | - | - | - | |||||||||||||||
Nonperforming loans | $ | 1,452 | $ | 3,781 | $ | 1,236 | $ | 181 | $ | 222 | ||||||||||
Other real estate owned | - | - | - | - | - | |||||||||||||||
Nonperforming assets | $ | 1,452 | $ | 3,781 | $ | 1,236 | $ | 181 | $ | 222 | ||||||||||
Nonperforming loans by asset type: | ||||||||||||||||||||
Commercial | $ | 1,159 | $ | 3,728 | $ | 1,183 | $ | - | $ | - | ||||||||||
Real estate other | - | - | - | - | - | |||||||||||||||
Real estate construction and land | - | - | - | - | - | |||||||||||||||
SBA | 53 | 53 | 53 | 181 | 222 | |||||||||||||||
Other | 240 | - | - | - | - | |||||||||||||||
Nonperforming loans | $ | 1,452 | $ | 3,781 | $ | 1,236 | $ | 181 | $ | 222 | ||||||||||
ASSET QUALITY: | ||||||||||||||||||||
Allowance for credit losses (loans) / gross loans | 1.05 | % | 1.03 | % | 1.01 | % | 0.99 | % | 0.95 | % | ||||||||||
Allowance for credit losses (loans) / nonperforming loans | 1100.62 | % | 423.91 | % | 1288.11 | % | 8686.19 | % | 6928.83 | % | ||||||||||
Nonperforming assets / total assets | 0.08 | % | 0.19 | % | 0.06 | % | 0.01 | % | 0.01 | % | ||||||||||
Nonperforming loans / gross loans | 0.10 | % | 0.24 | % | 0.08 | % | 0.01 | % | 0.01 | % | ||||||||||
Net quarterly charge-offs / gross loans | 0.02 | % | -0.00 | % | -0.00 | % | 0.00 | % | 0.02 | % | ||||||||||
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||
Three months ended | |||||||||||
INTEREST INCOME | |||||||||||
Loans | $ | 23,574 | $ | 24,523 | $ | 22,472 | |||||
Federal funds sold | 2,334 | 2,386 | 1,760 | ||||||||
Investment securities | 1,474 | 1,496 | 1,307 | ||||||||
Total interest income | 27,382 | 28,405 | 25,539 | ||||||||
INTEREST EXPENSE | |||||||||||
Deposits | 9,096 | 9,234 | 6,022 | ||||||||
Other | 571 | 597 | 760 | ||||||||
Total interest expense | 9,667 | 9,831 | 6,782 | ||||||||
Net interest income | 17,715 | 18,574 | 18,757 | ||||||||
Provision for credit losses | 126 | 181 | 358 | ||||||||
Net interest income after provision | |||||||||||
for credit losses | 17,589 | 18,393 | 18,399 | ||||||||
NON-INTEREST INCOME | |||||||||||
Service charges and other fees | 1,379 | 1,055 | 863 | ||||||||
Other non-interest income | 326 | 284 | 244 | ||||||||
Total non-interest income | 1,705 | 1,339 | 1,107 | ||||||||
NON-INTEREST EXPENSE (1) | |||||||||||
Salaries and benefits | 8,852 | 8,449 | 7,876 | ||||||||
Premises and equipment | 1,452 | 1,554 | 1,180 | ||||||||
Merger related expenses | 1,024 | - | - | ||||||||
Other | 2,376 | 2,215 | 2,787 | ||||||||
Total non-interest expense | 13,704 | 12,218 | 11,843 | ||||||||
Income before income taxes | 5,590 | 7,514 | 7,663 | ||||||||
Income taxes | 1,773 | 2,173 | 2,212 | ||||||||
NET INCOME (1) | $ | 3,817 | $ | 5,341 | $ | 5,451 | |||||
EARNINGS PER SHARE (1) | |||||||||||
Basic earnings per share | $ | 0.45 | $ | 0.64 | $ | 0.65 | |||||
Diluted earnings per share | $ | 0.45 | $ | 0.63 | $ | 0.64 | |||||
Average common shares outstanding | 8,413,735 | 8,398,497 | 8,339,080 | ||||||||
Average common and equivalent | |||||||||||
shares outstanding | 8,566,712 | 8,525,420 | 8,492,067 | ||||||||
PERFORMANCE MEASURES (1) | |||||||||||
Return on average assets | 0.80 | % | 1.07 | % | 1.12 | % | |||||
Return on average equity | 7.66 | % | 10.88 | % | 12.50 | % | |||||
Return on average tangible equity | 7.95 | % | 11.31 | % | 13.05 | % | |||||
Efficiency ratio | 70.57 | % | 61.36 | % | 59.62 | % | |||||
(1) See pro-forma balances and ratios, excluding the impact of merger related expenses - Interim Consolidated Non-GAAP Data | |||||||||||
INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and due from banks | $ | 12,071 | $ | 27,520 | $ | 17,128 | $ | 19,763 | $ | 15,121 | ||||||||||
Federal funds sold | 191,027 | 184,834 | 181,854 | 187,904 | 198,804 | |||||||||||||||
Investment securities | 126,918 | 145,401 | 149,244 | 151,129 | 153,769 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial | 610,459 | 626,615 | 633,902 | 622,270 | 656,519 | |||||||||||||||
Real estate other | 834,143 | 849,306 | 858,611 | 856,344 | 853,431 | |||||||||||||||
Real estate construction and land | 35,886 | 44,186 | 40,003 | 60,595 | 63,928 | |||||||||||||||
SBA | 3,919 | 4,032 | 4,415 | 4,936 | 5,610 | |||||||||||||||
Other | 36,484 | 35,394 | 36,184 | 39,486 | 37,775 | |||||||||||||||
Loans, gross | 1,520,891 | 1,559,533 | 1,573,115 | 1,583,631 | 1,617,263 | |||||||||||||||
Unamortized net deferred loan costs (fees) | 1,223 | 1,107 | 1,312 | 1,637 | 1,765 | |||||||||||||||
Allowance for credit losses | (15,981 | ) | (16,028 | ) | (15,921 | ) | (15,722 | ) | (15,382 | ) | ||||||||||
Loans, net | 1,506,133 | 1,544,612 | 1,558,506 | 1,569,546 | 1,603,646 | |||||||||||||||
Premises and equipment, net | 1,987 | 2,207 | 2,432 | 2,625 | 2,848 | |||||||||||||||
Bank owned life insurance | 26,084 | 25,878 | 25,697 | 25,519 | 25,334 | |||||||||||||||
7,422 | 7,432 | 7,442 | 7,452 | 7,462 | ||||||||||||||||
Accrued interest receivable and other assets | 50,899 | 48,021 | 41,614 | 41,708 | 43,790 | |||||||||||||||
Total assets | $ | 1,922,541 | $ | 1,985,905 | $ | 1,983,917 | $ | 2,005,646 | $ | 2,050,774 | ||||||||||
LIABILITIES | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Demand noninterest-bearing | $ | 633,489 | $ | 657,302 | $ | 686,723 | $ | 742,160 | $ | 740,650 | ||||||||||
Demand interest-bearing | 21,911 | 26,715 | 28,533 | 29,324 | 30,798 | |||||||||||||||
Money market and savings | 656,236 | 631,015 | 672,119 | 633,620 | 616,864 | |||||||||||||||
Time | 327,880 | 310,212 | 319,706 | 333,192 | 329,298 | |||||||||||||||
Total deposits | 1,639,516 | 1,625,244 | 1,707,081 | 1,738,296 | 1,717,610 | |||||||||||||||
Junior subordinated debt securities | 54,326 | 54,291 | 54,256 | 54,221 | 54,186 | |||||||||||||||
Other borrowings | - | 75,000 | - | - | 75,000 | |||||||||||||||
Accrued interest payable and other liabilities | 28,014 | 34,909 | 32,465 | 28,894 | 25,417 | |||||||||||||||
Total liabilities | 1,721,856 | 1,789,444 | 1,793,802 | 1,821,411 | 1,872,213 | |||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Common stock | 113,566 | 113,227 | 112,656 | 112,167 | 111,609 | |||||||||||||||
Retained earnings | 87,982 | 84,165 | 78,824 | 73,423 | 68,082 | |||||||||||||||
Accumulated other comprehensive loss | (863 | ) | (931 | ) | (1,365 | ) | (1,355 | ) | (1,130 | ) | ||||||||||
Total shareholders' equity | 200,685 | 196,461 | 190,115 | 184,235 | 178,561 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 1,922,541 | $ | 1,985,905 | $ | 1,983,917 | $ | 2,005,646 | $ | 2,050,774 | ||||||||||
CAPITAL ADEQUACY | ||||||||||||||||||||
Tier I leverage ratio | 10.17 | % | 9.61 | % | 9.27 | % | 9.01 | % | 8.76 | % | ||||||||||
Tier I risk-based capital ratio | 10.15 | % | 9.53 | % | 9.34 | % | 9.07 | % | 8.54 | % | ||||||||||
Total risk-based capital ratio | 13.93 | % | 13.16 | % | 13.00 | % | 12.73 | % | 12.08 | % | ||||||||||
Total equity/ total assets | 10.44 | % | 9.89 | % | 9.58 | % | 9.19 | % | 8.71 | % | ||||||||||
Book value per share | $ | 23.79 | $ | 23.38 | $ | 22.64 | $ | 21.98 | $ | 21.37 | ||||||||||
Common shares outstanding | 8,436,732 | 8,402,482 | 8,395,483 | 8,383,772 | 8,355,378 | |||||||||||||||
INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED) | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Three months ended | Three months ended | |||||||||||||||||||
2024 | 2023 | |||||||||||||||||||
Yields | Interest | Yields | Interest | |||||||||||||||||
Average | or | Income/ | Average | or | Income/ | |||||||||||||||
Balance | Rates | Expense | Balance | Rates | Expense | |||||||||||||||
ASSETS | ||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||
Loans (1) | $ | 1,518,722 | 6.24 | % | $ | 23,574 | $ | 1,571,994 | 6.19 | % | $ | 24,523 | ||||||||
Federal funds sold | 174,551 | 5.38 | % | 2,334 | 177,331 | 5.34 | % | 2,386 | ||||||||||||
Investment securities | 138,060 | 4.29 | % | 1,474 | 147,629 | 4.02 | % | 1,496 | ||||||||||||
Total interest earning assets | 1,831,333 | 6.01 | % | 27,382 | 1,896,954 | 5.94 | % | 28,405 | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 18,858 | 20,310 | ||||||||||||||||||
All other assets (2) | 65,951 | 67,073 | ||||||||||||||||||
TOTAL | $ | 1,916,142 | $ | 1,984,337 | ||||||||||||||||
LIABILITIES AND | ||||||||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Demand | $ | 24,736 | 0.20 | % | 12 | $ | 28,678 | 0.29 | % | 21 | ||||||||||
Money market and savings | 635,696 | 3.12 | % | 4,928 | 638,623 | 3.02 | % | 4,857 | ||||||||||||
Time | 311,884 | 5.36 | % | 4,156 | 328,270 | 5.26 | % | 4,356 | ||||||||||||
Other | 55,130 | 4.17 | % | 571 | 56,715 | 4.18 | % | 597 | ||||||||||||
Total interest-bearing liabilities | 1,027,446 | 3.78 | % | 9,667 | 1,052,286 | 3.71 | % | 9,831 | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 657,320 | 705,054 | ||||||||||||||||||
Accrued expenses and | ||||||||||||||||||||
other liabilities | 30,856 | 32,161 | ||||||||||||||||||
Shareholders' equity | 200,520 | 194,836 | ||||||||||||||||||
TOTAL | $ | 1,916,142 | $ | 1,984,337 | ||||||||||||||||
Net interest income and margin (3) | 3.89 | % | $ | 17,715 | 3.88 | % | $ | 18,574 | ||||||||||||
(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes amortization of net deferred loan costs of | ||||||||||||||||||||
(2) Other noninterest-earning assets includes the allowance for credit losses of | ||||||||||||||||||||
(3) Net interest margin is net interest income divided by total interest-earning assets. | ||||||||||||||||||||
INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED) | ||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||
Three months ended | ||||||||||||||||||
2024 | 2023 | |||||||||||||||||
Yields | Interest | Yields | Interest | |||||||||||||||
Average | or | Income/ | Average | or | Income/ | |||||||||||||
Balance | Rates | Expense | Balance | Rates | Expense | |||||||||||||
ASSETS | ||||||||||||||||||
Interest earning assets: | ||||||||||||||||||
Loans (1) | $ | 1,518,722 | 6.24 | % | $ | 23,574 | $ | 1,582,332 | 5.76 | % | $ | 22,472 | ||||||
Federal funds sold | 174,551 | 5.38 | % | 2,334 | 156,941 | 4.55 | % | 1,760 | ||||||||||
Investment securities | 138,060 | 4.29 | % | 1,474 | 154,667 | 3.43 | % | 1,307 | ||||||||||
Total interest earning assets | 1,831,333 | 6.01 | % | 27,382 | 1,893,940 | 5.47 | % | 25,539 | ||||||||||
Noninterest-earning assets: | ||||||||||||||||||
Cash and due from banks | 18,858 | 18,098 | ||||||||||||||||
All other assets (2) | 65,951 | 62,247 | ||||||||||||||||
TOTAL | $ | 1,916,142 | $ | 1,974,285 | ||||||||||||||
LIABILITIES AND | ||||||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Demand | $ | 24,736 | 0.20 | % | 12 | $ | 34,032 | 0.08 | % | $ | 7 | |||||||
Money market and savings | 635,696 | 3.12 | % | 4,928 | 626,666 | 2.01 | % | 3,104 | ||||||||||
Time | 311,884 | 5.36 | % | 4,156 | 310,246 | 3.81 | % | 2,911 | ||||||||||
Other | 55,130 | 4.17 | % | 571 | 71,108 | 4.33 | % | 760 | ||||||||||
Total interest-bearing liabilities | 1,027,446 | 3.78 | % | 9,667 | 1,042,052 | 2.64 | % | 6,782 | ||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||
Demand deposits | 657,320 | 728,986 | ||||||||||||||||
Accrued expenses and | ||||||||||||||||||
other liabilities | 30,856 | 26,326 | ||||||||||||||||
Shareholders' equity | 200,520 | 176,921 | ||||||||||||||||
TOTAL | $ | 1,916,142 | $ | 1,974,285 | ||||||||||||||
Net interest income and margin (3) | 3.89 | % | $ | 17,715 | 4.02 | % | $ | 18,757 | ||||||||||
(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes amortization of net deferred loan costs of | ||||||||||||||||||
(2) Other noninterest-earning assets includes the allowance for credit losses of | ||||||||||||||||||
(3) Net interest margin is net interest income divided by total interest-earning assets. | ||||||||||||||||||
INTERIM CONSOLIDATED NON-GAAP DATA (UNAUDITED) | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
ADJUSTED NET INCOME: | Three months ended | |||||||||||||||
Net income | $ | 3,817 | $ | 5,341 | $ | 5,401 | $ | 5,440 | $ | 5,451 | ||||||
Add: After-tax merger related expenses | 1,024 | - | - | - | - | |||||||||||
Adjusted net income | $ | 4,841 | $ | 5,341 | $ | 5,401 | $ | 5,440 | $ | 5,451 | ||||||
ADJUSTED EARNINGS PER SHARE: | Three months ended | |||||||||||||||
Adjusted net income | $ | 4,841 | $ | 5,341 | $ | 5,401 | $ | 5,440 | $ | 5,451 | ||||||
Adjusted basic earnings per share | $ | 0.58 | $ | 0.64 | $ | 0.64 | $ | 0.65 | $ | 0.65 | ||||||
Adjusted diluted earnings per share | $ | 0.57 | $ | 0.63 | $ | 0.64 | $ | 0.65 | $ | 0.64 | ||||||
Average common shares outstanding | 8,413,735 | 8,398,497 | 8,390,138 | 8,369,907 | 8,339,080 | |||||||||||
Average common and equivalent | ||||||||||||||||
shares outstanding | 8,566,712 | 8,525,420 | 8,455,917 | 8,414,213 | 8,492,067 | |||||||||||
TOTAL REVENUE: | Three months ended | |||||||||||||||
Net interest income | $ | 17,715 | $ | 18,574 | $ | 18,578 | $ | 18,646 | $ | 18,757 | ||||||
Non-interest income | 1,705 | 1,339 | 1,294 | 1,135 | 1,107 | |||||||||||
Total revenue | $ | 19,420 | $ | 19,913 | $ | 19,872 | $ | 19,781 | $ | 19,864 | ||||||
NON-INTEREST EXPENSE: | Three months ended | |||||||||||||||
Non-interest expense | $ | 13,704 | $ | 12,218 | $ | 11,851 | $ | 11,603 | $ | 11,843 | ||||||
Add: Capitalized loan origination costs | 414 | 824 | 668 | 694 | 651 | |||||||||||
Less: Merger related expenses | (1,024 | ) | - | - | - | - | ||||||||||
Total non-interest expense, before | ||||||||||||||||
capitalization of loan origination costs | ||||||||||||||||
and merger related expenses | $ | 13,094 | $ | 13,042 | $ | 12,519 | $ | 12,297 | $ | 12,494 | ||||||
INTERIM CONSOLIDATED NON-GAAP DATA (UNAUDITED) | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
ADJUSTED RETURN ON AVERAGE | Three months ended | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Adjusted net income | $ | 4,841 | $ | 5,341 | $ | 5,401 | $ | 5,440 | $ | 5,451 | ||||||||||
Average assets | 1,916,142 | 1,984,337 | 1,993,147 | 1,983,877 | 1,974,285 | |||||||||||||||
Adjusted return on average assets | 1.02 | % | 1.07 | % | 1.08 | % | 1.10 | % | 1.12 | % | ||||||||||
ADJUSTED RETURN ON AVERAGE | Three months ended | |||||||||||||||||||
EQUITY: | ||||||||||||||||||||
Adjusted net income | $ | 4,841 | $ | 5,341 | $ | 5,401 | $ | 5,440 | $ | 5,451 | ||||||||||
Average equity | 200,520 | 194,836 | 188,831 | 183,240 | 176,921 | |||||||||||||||
Adjusted return on average equity | 9.71 | % | 10.88 | % | 11.35 | % | 11.91 | % | 12.50 | % | ||||||||||
ADJUSTED RETURN ON AVERAGE | Three months ended | |||||||||||||||||||
TANGIBLE EQUITY: | ||||||||||||||||||||
Adjusted net income | $ | 4,841 | $ | 5,341 | $ | 5,401 | $ | 5,440 | $ | 5,451 | ||||||||||
Average tangible equity | 193,094 | 187,399 | 181,384 | 175,752 | 169,454 | |||||||||||||||
Adjusted return on average tangible equity | 10.08 | % | 11.31 | % | 11.81 | % | 12.42 | % | 13.05 | % | ||||||||||
ADJUSTED EFFICIENCY RATIO: | Three months ended | |||||||||||||||||||
Non-interest expense | $ | 13,704 | $ | 12,218 | $ | 11,851 | $ | 11,603 | $ | 11,843 | ||||||||||
Less: Merger related expenses | (1,024 | ) | - | - | - | - | ||||||||||||||
Total non-interest expense, before | ||||||||||||||||||||
merger related expenses | $ | 12,680 | $ | 12,218 | $ | 11,851 | $ | 11,603 | $ | 11,843 | ||||||||||
Total revenue | $ | 19,420 | $ | 19,913 | $ | 19,872 | $ | 19,781 | $ | 19,864 | ||||||||||
Adjusted efficiency ratio | 65.29 | % | 61.36 | % | 59.64 | % | 58.66 | % | 59.62 | % | ||||||||||
INTERIM CONSOLIDATED NON-GAAP DATA (UNAUDITED) | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
TANGIBLE EQUITY / TANGIBLE ASSETS: | ||||||||||||||||||||
Total assets | $ | 1,922,541 | $ | 1,985,905 | $ | 1,983,917 | $ | 2,005,646 | $ | 2,050,774 | ||||||||||
7,422 | 7,432 | 7,442 | 7,452 | 7,462 | ||||||||||||||||
Tangible assets | $ | 1,915,119 | $ | 1,978,473 | $ | 1,976,475 | $ | 1,998,194 | $ | 2,043,312 | ||||||||||
Total shareholders' equity | $ | 200,685 | $ | 196,461 | $ | 190,115 | $ | 184,235 | $ | 178,561 | ||||||||||
7,422 | 7,432 | 7,442 | 7,452 | 7,462 | ||||||||||||||||
Tangible equity | $ | 193,263 | $ | 189,029 | $ | 182,673 | $ | 176,783 | $ | 171,099 | ||||||||||
Tangible equity / tangible assets | 10.09 | % | 9.55 | % | 9.24 | % | 8.85 | % | 8.37 | % | ||||||||||
QUARTERLY AVERAGE TANGIBLE | Three months ended | |||||||||||||||||||
EQUITY / TANGIBLE ASSETS: | ||||||||||||||||||||
Total assets | $ | 1,916,142 | $ | 1,984,337 | $ | 1,993,147 | $ | 1,983,877 | $ | 1,974,285 | ||||||||||
7,426 | 7,437 | 7,447 | 7,488 | 7,467 | ||||||||||||||||
Tangible assets | $ | 1,908,716 | $ | 1,976,900 | $ | 1,985,700 | $ | 1,976,389 | $ | 1,966,818 | ||||||||||
Total shareholders' equity | $ | 200,520 | $ | 194,836 | $ | 188,831 | $ | 183,240 | $ | 176,921 | ||||||||||
7,426 | 7,437 | 7,447 | 7,488 | 7,467 | ||||||||||||||||
Tangible equity | $ | 193,094 | $ | 187,399 | $ | 181,384 | $ | 175,752 | $ | 169,454 | ||||||||||
Tangible equity / tangible assets | 10.12 | % | 9.48 | % | 9.13 | % | 8.89 | % | 8.62 | % | ||||||||||
BOOK VALUE PER SHARE: | ||||||||||||||||||||
Total shareholders' equity | $ | 200,685 | $ | 196,461 | $ | 190,115 | $ | 184,235 | $ | 178,561 | ||||||||||
Common shares outstanding | 8,436,732 | 8,402,482 | 8,395,483 | 8,383,772 | 8,355,378 | |||||||||||||||
Total shareholders' equity / common | ||||||||||||||||||||
shares outstanding | $ | 23.79 | $ | 23.38 | $ | 22.64 | $ | 21.98 | $ | 21.37 | ||||||||||
TANGIBLE BOOK VALUE PER SHARE: | ||||||||||||||||||||
Tangible equity | $ | 193,263 | $ | 189,029 | $ | 182,673 | $ | 176,783 | $ | 171,099 | ||||||||||
Common shares outstanding | 8,436,732 | 8,402,482 | 8,395,483 | 8,383,772 | 8,355,378 | |||||||||||||||
Tangible equity / common | ||||||||||||||||||||
shares outstanding | $ | 22.91 | $ | 22.50 | $ | 21.76 | $ | 21.09 | $ | 20.48 | ||||||||||
Source:
2024 GlobeNewswire, Inc., source