First Quarter Highlights
- Net income for the quarter was
$6.5 million , up 41.1% from Q1’21 - Diluted earnings per share of
$1.13 , up 40.0% from Q1’21 - Total loans held-for-investment (“HFI”), excluding PPP loans, increased
$87.4 million , up 7.4% over Q4’21 to$1.3 billion - Non-interest-bearing demand deposits grew
$41.9 million from the prior quarter to$724.5 million , representing 52.8% of total deposits - Net interest margin of 4.65% compared to 4.44% for Q4’21
- Cost of funding sources remained flat at 0.19%
- Allowance for Loan Losses remained strong at 1.33% of total loans HFI
- Tangible book value per share of
$22.80 , up$0.54 per share or 2.4% from Q4’21 including a mark-to-market adjustment related to the securities portfolio of -$5.6 million - Well capitalized Tier 1 risk-based capital ratio of 10.31% (preliminary)
Sowers continued, “While we are all facing challenging times and volatile markets caused by global events, our core mission is unwavering, which is to provide Relationships,
“PBAM continues to demonstrate its strength and success based on the first quarter results of 2022. The Company’s strategy to grow relationships and judiciously deploy capital continues to be evidenced by strong earnings and a solid risk profile resulting in first quarter diluted EPS of
Isakow added, “CalPrivate continues to grow organically in core markets with our Distinctly Different service model. We remain cautiously optimistic on the economy with an eye on significant geopolitical and economic challenges due to high inflation, supply chain issues, and the on-going war in Ukraine.”
STATEMENT OF INCOME
Net Interest Income
Net interest income for the first quarter totaled
Net Interest Margin
The net interest margin for the first quarter was 4.65% (4.51% excluding PPP loans) compared to 4.44% (4.23% excluding PPP loans) for the fourth quarter of 2021. The 0.21% increase in the net interest margin for the quarter was due to the continued investment strategy and the normalization of cash and due from balances. Average portfolio loan yields were 5.51%, compared to 5.50% for Q4’21, including loan fees. The yield on earning assets for the first quarter was 4.82% compared with 4.62% for the fourth quarter.
Provision for Loan Losses
The provision for loan losses for the first quarter was
Non-Interest Income
Non-interest income was
Non-Interest Expense
Non-interest expense was
Professional services and other expenses continue to remain at elevated levels given on-going legal and related expenses associated with the
STATEMENT OF FINANCIAL CONDITION
Balance Sheet
At
Asset Quality and Loan Deferrals
The Allowance for Loan Losses increased
As of
Capital Ratios (1)
The Company and the Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:
Tier I leverage ratio | 8.85% | 8.42% | 8.07% |
Tier I risk-based capital ratio | 10.31% | 10.63% | 11.35% |
Total risk-based capital ratio | 12.94% | 13.38% | 14.46% |
Tier I leverage ratio | 9.72% | 9.29% | 9.16% |
Tier I risk-based capital ratio | 11.33% | 11.73% | 12.88% |
Total risk-based capital ratio | 12.58% | 12.98% | 14.14% |
(1)
Stock Repurchase Program
Since announcing the stock repurchase program in
About
Investor Relations Contacts
President and Chief Executive Officer
(424) 303-4894
Mag Wangsuwana
Executive Vice President and Chief Financial Officer
(424) 348-2145
Safe Harbor Paragraph
This press release includes forward-looking statements that involve inherent risks and uncertainties.
CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Dollar change | Percentage change | Dollar change | Percentage change | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and due from banks | $ | 17,099 | $ | 12,336 | $ | 4,763 | 38.6 | % | $ | 8,922 | $ | 8,177 | 91.6 | % | ||||||||||
Interest-bearing deposits in other financial institutions | 40,878 | 39,663 | 1,215 | 3.1 | % | 4,187 | 36,691 | 876.3 | % | |||||||||||||||
Interest-bearing deposits at | 66,038 | 97,086 | (31,048 | ) | -32.0 | % | 151,641 | (85,603 | ) | -56.5 | % | |||||||||||||
Total cash and due from banks | 124,015 | 149,085 | (25,070 | ) | -16.8 | % | 164,750 | (40,735 | ) | -24.7 | % | |||||||||||||
Interest-bearing time deposits with other institutions | 5,817 | 5,760 | 57 | 1.0 | % | 5,760 | 57 | 1.0 | % | |||||||||||||||
Investment securities available for sale | 114,382 | 102,065 | 12,317 | 12.1 | % | 81,429 | 32,953 | 40.5 | % | |||||||||||||||
Loan held for sale | 1,999 | 24,658 | (22,659 | ) | -91.9 | % | 12,430 | (10,431 | ) | -83.9 | % | |||||||||||||
Total loans held-for-investment | 1,284,838 | 1,224,158 | 60,680 | 5.0 | % | 1,082,000 | 202,838 | 18.7 | % | |||||||||||||||
Allowance for loan losses | (17,117 | ) | (16,975 | ) | (142 | ) | 0.8 | % | (14,561 | ) | (2,556 | ) | 17.6 | % | ||||||||||
Net loans | 1,267,721 | 1,207,183 | 60,538 | 5.0 | % | 1,067,439 | 200,282 | 18.8 | % | |||||||||||||||
4,909 | 4,909 | - | 0.0 | % | 4,602 | 307 | 6.7 | % | ||||||||||||||||
Right of use asset | 3,400 | 3,760 | (360 | ) | -9.6 | % | 5,589 | (2,189 | ) | -39.2 | % | |||||||||||||
Premises and equipment, net | 2,813 | 2,294 | 519 | 22.6 | % | 2,582 | 231 | 8.9 | % | |||||||||||||||
Servicing assets, net | 3,525 | 3,079 | 446 | 14.5 | % | 1,789 | 1,736 | 97.0 | % | |||||||||||||||
Deferred tax asset | 7,032 | 7,355 | (323 | ) | -4.4 | % | 5,982 | 1,050 | 17.6 | % | ||||||||||||||
Accrued interest receivable | 3,453 | 3,355 | 98 | 2.9 | % | 3,659 | (206 | ) | -5.6 | % | ||||||||||||||
Other assets | 6,416 | 3,581 | 2,835 | 79.2 | % | 3,706 | 2,710 | 73.1 | % | |||||||||||||||
Total assets | $ | 1,545,482 | $ | 1,517,084 | $ | 28,398 | 1.9 | % | $ | 1,359,717 | $ | 185,765 | 13.7 | % | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Noninterest bearing | $ | 724,469 | $ | 682,589 | $ | 41,880 | 6.1 | % | $ | 579,318 | $ | 145,151 | 25.1 | % | ||||||||||
Interest Bearing | 646,545 | 663,074 | (16,529 | ) | -2.5 | % | 584,341 | 62,204 | 10.6 | % | ||||||||||||||
Total deposits | 1,371,014 | 1,345,663 | 25,351 | 1.9 | % | 1,163,659 | 207,355 | 17.8 | % | |||||||||||||||
FHLB borrowings | 10,000 | 10,000 | - | 0.0 | % | 50,000 | (40,000 | ) | -80.0 | % | ||||||||||||||
Other borrowings | 17,948 | 17,947 | 1 | 0.0 | % | 17,941 | 7 | 0.0 | % | |||||||||||||||
Accrued interest payable and other liabilities | 14,630 | 15,110 | (480 | ) | -3.2 | % | 16,507 | (1,877 | ) | -11.4 | % | |||||||||||||
Total liabilities | 1,413,592 | 1,388,720 | 24,872 | 1.8 | % | 1,248,107 | 165,485 | 13.3 | % | |||||||||||||||
Shareholders' equity | ||||||||||||||||||||||||
Common stock | 70,899 | 70,850 | 49 | 0.1 | % | 70,053 | 846 | 1.2 | % | |||||||||||||||
Additional paid-in capital | 3,602 | 3,343 | 259 | 7.7 | % | 3,317 | 285 | 8.6 | % | |||||||||||||||
Retained earnings | 61,424 | 54,922 | 6,502 | 11.8 | % | 38,510 | 22,914 | 59.5 | % | |||||||||||||||
Accumulated other comprehensive (loss) income | (4,035 | ) | (751 | ) | (3,284 | ) | 437.3 | % | (270 | ) | (3,765 | ) | 1394.4 | % | ||||||||||
Total stockholders' equity | 131,890 | 128,364 | 3,526 | 2.7 | % | 111,610 | 20,280 | 18.2 | % | |||||||||||||||
Total liabilities and stockholders' equity | $ | 1,545,482 | $ | 1,517,084 | $ | 28,398 | 1.9 | % | $ | 1,359,717 | $ | 185,765 | 13.7 | % |
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||
For the three months ended | |||||||||||||||||||||
Dollar change | Percentage change | Dollar change | Percentage change | ||||||||||||||||||
Interest Income | |||||||||||||||||||||
Loans | $ | 17,246 | $ | 16,941 | $ | 305 | 1.8 | % | $ | 14,159 | $ | 3,087 | 21.8 | % | |||||||
Investment securities | 401 | 352 | 49 | 13.9 | % | 306 | 95 | 31.0 | % | ||||||||||||
Deposits in other financial institutions | 134 | 63 | 71 | 112.7 | % | 58 | 76 | 131.0 | % | ||||||||||||
Total interest income | 17,781 | 17,356 | 425 | 2.4 | % | 14,523 | 3,258 | 22.4 | % | ||||||||||||
Interest Expense | |||||||||||||||||||||
Deposits | 327 | 353 | (26 | ) | -7.4 | % | 517 | (190 | ) | -36.8 | % | ||||||||||
Borrowings | 313 | 314 | (1 | ) | -0.3 | % | 1,220 | (907 | ) | -74.3 | % | ||||||||||
Total interest expense | 640 | 667 | (27 | ) | -4.0 | % | 1,737 | (1,097 | ) | -63.2 | % | ||||||||||
Net interest income | 17,141 | 16,689 | 452 | 2.7 | % | 12,786 | 4,355 | 34.1 | % | ||||||||||||
Provision for loan losses | 142 | 834 | (692 | ) | -83.0 | % | 300 | (158 | ) | -52.7 | % | ||||||||||
Net interest income after provision for loan losses | 16,999 | 15,855 | 1,144 | 7.2 | % | 12,486 | 4,513 | 36.1 | % | ||||||||||||
Noninterest income: | |||||||||||||||||||||
Service charges on deposit accounts | 281 | 254 | 27 | 10.6 | % | 224 | 57 | 25.4 | % | ||||||||||||
Net gain on sale of loans | 2,471 | 3,670 | (1,199 | ) | -32.7 | % | 1,476 | 995 | 67.4 | % | |||||||||||
Other noninterest income | 357 | 341 | 16 | 4.7 | % | 171 | 186 | 108.8 | % | ||||||||||||
Total noninterest income | 3,109 | 4,265 | (1,156 | ) | -27.1 | % | 1,871 | 1,238 | 66.2 | % | |||||||||||
Noninterest expense: | |||||||||||||||||||||
Salary and employee benefits | 7,313 | 6,492 | 821 | 12.6 | % | 4,915 | 2,398 | 48.8 | % | ||||||||||||
Occupancy and equipment | 723 | 741 | (18 | ) | -2.4 | % | 810 | (87 | ) | -10.7 | % | ||||||||||
Data processing | 653 | 703 | (50 | ) | -7.1 | % | 635 | 18 | 2.8 | % | |||||||||||
Professional services | 915 | 843 | 72 | 8.5 | % | 650 | 265 | 40.8 | % | ||||||||||||
Other expenses | 1,255 | 1,060 | 195 | 18.4 | % | 763 | 492 | 64.5 | % | ||||||||||||
Total noninterest expense | 10,859 | 9,839 | 1,020 | 10.4 | % | 7,773 | 3,086 | 39.7 | % | ||||||||||||
Income before provision for income taxes | 9,249 | 10,281 | (1,032 | ) | -10.0 | % | 6,584 | 2,665 | 40.5 | % | |||||||||||
Provision for income taxes | 2,747 | 2,986 | (239 | ) | -8.0 | % | 1,977 | 770 | 38.9 | % | |||||||||||
Net income | $ | 6,502 | $ | 7,295 | $ | (793 | ) | -10.9 | % | $ | 4,607 | $ | 1,895 | 41.1 | % | ||||||
Net income available to common shareholders | $ | 6,432 | $ | 7,204 | $ | (772 | ) | -10.7 | % | $ | 4,529 | $ | 1,903 | 42.0 | % | ||||||
Earnings per share | |||||||||||||||||||||
Basic earnings per share | $ | 1.16 | $ | 1.30 | $ | (0.14 | ) | -11.1 | % | $ | 0.82 | $ | 0.34 | 40.9 | % | ||||||
Diluted earnings per share | $ | 1.13 | $ | 1.28 | $ | (0.15 | ) | -11.4 | % | $ | 0.81 | $ | 0.32 | 40.0 | % | ||||||
Average shares outstanding | 5,568,400 | 5,547,422 | 20,978 | 0.4 | % | 5,514,887 | 53,513 | 1.0 | % | ||||||||||||
Diluted average shares outstanding | 5,672,701 | 5,638,186 | 34,515 | 0.6 | % | 5,579,477 | 93,224 | 1.7 | % |
Consolidated average balance sheet, interest, yield and rates | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
For the three months ended | |||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||||||||||||
Interest-Earnings Assets | |||||||||||||||||||||||||||
Deposits in other financial institutions | $ | 116,903 | $ | 134 | 0.46 | % | $ | 171,279 | $ | 63 | 0.15 | % | $ | 227,393 | $ | 58 | 0.10 | % | |||||||||
Investment securities | 109,252 | 401 | 1.47 | % | 96,722 | 351 | 1.45 | % | 59,227 | 306 | 2.07 | % | |||||||||||||||
Loans | 1,268,695 | 17,246 | 5.51 | % | 1,222,234 | 16,942 | 5.50 | % | 1,044,828 | 14,159 | 5.50 | % | |||||||||||||||
Total interest-earning assets | 1,494,850 | 17,781 | 4.82 | % | 1,490,235 | 17,356 | 4.62 | % | 1,331,448 | 14,523 | 4.42 | % | |||||||||||||||
Noninterest-earning assets | 21,502 | 24,348 | 31,439 | ||||||||||||||||||||||||
Total Assets | $ | 1,516,352 | $ | 1,514,583 | $ | 1,362,887 | |||||||||||||||||||||
Interest-Bearing Liabilities | |||||||||||||||||||||||||||
Interest-bearing transaction accounts | $ | 78,557 | $ | 16 | 0.08 | % | $ | 74,158 | $ | 14 | 0.07 | % | $ | 58,042 | $ | 12 | 0.08 | % | |||||||||
Money market | 498,146 | 192 | 0.16 | % | 504,171 | 202 | 0.16 | % | 431,423 | 235 | 0.22 | % | |||||||||||||||
Savings deposits | 13,523 | 3 | 0.09 | % | 10,602 | 3 | 0.11 | % | 8,766 | 2 | 0.09 | % | |||||||||||||||
Certificates of deposit | 68,525 | 116 | 0.69 | % | 68,408 | 134 | 0.78 | % | 100,521 | 268 | 1.08 | % | |||||||||||||||
Total Interest-Bearing Deposits | 658,751 | 327 | 0.20 | % | 657,339 | 353 | 0.21 | % | 598,752 | 517 | 0.35 | % | |||||||||||||||
FHLB advances | 10,000 | 41 | 1.66 | % | 10,000 | 42 | 1.67 | % | 73,056 | 948 | 5.26 | % | |||||||||||||||
Other borrowings | 17,948 | 272 | 6.06 | % | 17,945 | 272 | 6.06 | % | 17,940 | 272 | 6.06 | % | |||||||||||||||
Total Interest-Bearing Liabilities | 27,948 | 313 | 4.54 | % | 27,945 | 314 | 4.46 | % | 90,996 | 1,220 | 5.44 | % | |||||||||||||||
Noninterest-bearing deposits | 682,880 | 689,438 | 547,024 | ||||||||||||||||||||||||
Total Funding Sources | 1,369,579 | 640 | 0.19 | % | 1,374,722 | 667 | 0.19 | % | 1,236,772 | 1,737 | 0.57 | % | |||||||||||||||
Noninterest-bearing liabilities | 14,301 | 12,474 | 15,831 | ||||||||||||||||||||||||
Shareholders' equity | 132,472 | 127,387 | 110,284 | ||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,516,352 | $ | 1,514,583 | $ | 1,362,887 | |||||||||||||||||||||
Net interest income/spread | $ | 17,141 | 4.63 | % | $ | 16,689 | 4.43 | % | $ | 12,786 | 3.85 | % | |||||||||||||||
Net interest margin | 4.65 | % | 4.44 | % | 3.89 | % |
Condensed Balance Sheets | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 124,015 | $ | 149,085 | $ | 138,553 | $ | 92,108 | $ | 164,750 | ||||||||||
Interest-bearing time deposits with other institutions | 5,817 | 5,760 | 5,760 | 5,760 | 5,760 | |||||||||||||||
Investment securities | 114,382 | 102,065 | 93,099 | 88,755 | 81,429 | |||||||||||||||
Loans held for sale | 1,999 | 24,658 | 35,448 | 19,625 | 12,430 | |||||||||||||||
Total loans held-for-investment (excluding PPP loans) | 1,276,043 | 1,188,634 | 1,117,983 | 1,053,938 | 948,260 | |||||||||||||||
SBA PPP loans | 8,795 | 35,524 | 74,152 | 110,673 | 133,740 | |||||||||||||||
Allowance for loan losses | (17,117 | ) | (16,975 | ) | (16,141 | ) | (15,708 | ) | (14,561 | ) | ||||||||||
Net loans | 1,267,721 | 1,207,183 | 1,175,994 | 1,148,903 | 1,067,439 | |||||||||||||||
Right of use asset | 3,400 | 3,760 | 4,115 | 5,185 | 5,589 | |||||||||||||||
Premises and equipment, net | 2,813 | 2,294 | 2,459 | 2,578 | 2,582 | |||||||||||||||
Other assets and interest receivable | 25,335 | 22,279 | 19,254 | 19,856 | 19,738 | |||||||||||||||
Total assets | $ | 1,545,482 | $ | 1,517,084 | $ | 1,474,682 | $ | 1,382,770 | $ | 1,359,717 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Noninterest Bearing | $ | 724,469 | $ | 682,589 | $ | 646,233 | $ | 603,914 | $ | 579,318 | ||||||||||
Interest Bearing | 646,545 | 663,074 | 667,012 | 601,530 | 584,341 | |||||||||||||||
Total Deposits | 1,371,014 | 1,345,663 | 1,313,245 | 1,205,444 | 1,163,659 | |||||||||||||||
Borrowings | 27,948 | 27,947 | 27,945 | 47,943 | 67,941 | |||||||||||||||
Accrued interest payable and other liabilities | 14,630 | 15,110 | 11,613 | 13,059 | 16,507 | |||||||||||||||
Total liabilities | 1,413,592 | 1,388,720 | 1,352,803 | 1,266,446 | 1,248,107 | |||||||||||||||
Shareholders' equity | ||||||||||||||||||||
Common stock | 70,899 | 70,850 | 70,470 | 70,405 | 70,053 | |||||||||||||||
Additional paid-in capital | 3,602 | 3,343 | 3,465 | 3,179 | 3,317 | |||||||||||||||
Retained earnings | 61,424 | 54,922 | 47,845 | 42,810 | 38,510 | |||||||||||||||
Accumulated other comprehensive (loss) income | (4,035 | ) | (751 | ) | 99 | (70 | ) | (270 | ) | |||||||||||
Total shareholders' equity | 131,890 | 128,364 | 121,879 | 116,324 | 111,610 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 1,545,482 | $ | 1,517,084 | $ | 1,474,682 | $ | 1,382,770 | $ | 1,359,717 | ||||||||||
Book value per common share | $ | 23.42 | $ | 22.81 | $ | 21.70 | $ | 20.71 | $ | 19.87 | ||||||||||
Tangible book value per common share | $ | 22.80 | $ | 22.26 | $ | 21.27 | $ | 20.33 | $ | 19.55 | ||||||||||
Shares outstanding | 5,630,993 | 5,627,735 | 5,617,273 | 5,617,020 | 5,618,324 | |||||||||||||||
Regulatory Capital Ratios (PBAM) 1 | ||||||||||||||||||||
Tier 1 leverage ratio | 8.85 | % | 8.42 | % | 8.19 | % | 8.36 | % | 8.07 | % | ||||||||||
Tier 1 risk-based capital ratio | 10.31 | % | 10.63 | % | 10.64 | % | 10.74 | % | 11.35 | % | ||||||||||
Common equity Tier 1 ratio | 10.31 | % | 10.63 | % | 10.64 | % | 10.74 | % | 11.35 | % | ||||||||||
Total risk-based capital ratio | 12.94 | % | 13.38 | % | 13.48 | % | 13.68 | % | 14.46 | % | ||||||||||
Tangible equity / tangible assets | 8.66 | % | 8.35 | % | 8.12 | % | 8.28 | % | 8.09 | % | ||||||||||
1 Preliminary ratios for |
Condensed Statements of Income | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||
Interest income | $ | 17,781 | $ | 17,356 | $ | 16,458 | $ | 15,028 | $ | 14,523 | |||||||||
Interest expense | 640 | 667 | 741 | 1,429 | 1,737 | ||||||||||||||
Net interest income | 17,141 | 16,689 | 15,717 | 13,599 | 12,786 | ||||||||||||||
Provision for loan losses | 142 | 834 | 433 | 1,146 | 300 | ||||||||||||||
Net interest income after provision for loan losses | 16,999 | 15,855 | 15,284 | 12,453 | 12,486 | ||||||||||||||
Noninterest income | 3,109 | 4,265 | 2,389 | 2,805 | 1,871 | ||||||||||||||
Salary and employee benefits | 7,313 | 6,492 | 6,595 | 5,966 | 4,915 | ||||||||||||||
Occupancy and equipment | 723 | 741 | 1,484 | 820 | 810 | ||||||||||||||
Data processing | 653 | 703 | 799 | 690 | 635 | ||||||||||||||
Professional services | 915 | 843 | 552 | 791 | 650 | ||||||||||||||
Other expenses | 1,255 | 1,060 | 1,034 | 891 | 763 | ||||||||||||||
Total noninterest expense | 10,859 | 9,839 | 10,464 | 9,158 | 7,773 | ||||||||||||||
Income before provision for income taxes | 9,249 | 10,281 | 7,209 | 6,100 | 6,584 | ||||||||||||||
Income taxes | 2,747 | 2,986 | 2,158 | 1,806 | 1,977 | ||||||||||||||
Net income | $ | 6,502 | $ | 7,295 | $ | 5,051 | $ | 4,294 | $ | 4,607 | |||||||||
Net income available to common shareholders | $ | 6,432 | $ | 7,204 | $ | 4,984 | $ | 4,231 | $ | 4,529 | |||||||||
Earnings per share | |||||||||||||||||||
Basic earnings per share | $ | 1.16 | $ | 1.30 | $ | 0.90 | $ | 0.76 | $ | 0.82 | |||||||||
Diluted earnings per share | $ | 1.13 | $ | 1.28 | $ | 0.89 | $ | 0.75 | $ | 0.81 | |||||||||
Average shares outstanding | 5,568,400 | 5,547,422 | 5,543,403 | 5,536,111 | 5,514,887 | ||||||||||||||
Diluted average shares outstanding | 5,672,701 | 5,638,186 | 5,629,900 | 5,622,075 | 5,579,477 | ||||||||||||||
Performance Ratios | |||||||||||||||||||
ROAA | 1.74 | % | 1.91 | % | 1.39 | % | 1.26 | % | 1.37 | % | |||||||||
ROAE | 19.91 | % | 22.72 | % | 16.61 | % | 14.99 | % | 16.94 | % | |||||||||
ROTE | 20.20 | % | 23.07 | % | 16.88 | % | 15.25 | % | 17.19 | % | |||||||||
Net interest margin | 4.65 | % | 4.44 | % | 4.39 | % | 4.03 | % | 3.89 | % | |||||||||
Net interest spread | 4.63 | % | 4.43 | % | 4.38 | % | 4.00 | % | 3.85 | % | |||||||||
Efficiency ratio | 53.62 | % | 46.96 | % | 57.79 | % | 55.83 | % | 53.03 | % | |||||||||
Noninterest expense / average assets | 2.90 | % | 2.58 | % | 2.88 | % | 2.68 | % | 2.31 | % |
(Unaudited) | |||||||||||||||||||
Selected Quarterly Average Balances | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Total assets | $ | 1,516,352 | $ | 1,514,583 | $ | 1,442,278 | $ | 1,370,209 | $ | 1,362,887 | |||||||||
Earning assets | $ | 1,494,850 | $ | 1,490,235 | $ | 1,420,970 | $ | 1,351,992 | $ | 1,331,448 | |||||||||
Total loans, including loans held for sale | $ | 1,268,695 | $ | 1,222,234 | $ | 1,185,865 | $ | 1,125,958 | $ | 1,044,828 | |||||||||
Total deposits | $ | 1,341,631 | $ | 1,346,777 | $ | 1,276,349 | $ | 1,184,352 | $ | 1,145,776 | |||||||||
Total equity | $ | 132,472 | $ | 127,387 | $ | 120,618 | $ | 114,881 | $ | 110,284 | |||||||||
Loan Balances by Type | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Real estate - investor owned | $ | 350,152 | $ | 324,167 | $ | 307,469 | $ | 293,461 | $ | 247,928 | |||||||||
Real estate - owner occupied | 371,840 | 339,081 | 329,985 | 313,579 | 284,494 | ||||||||||||||
Real estate - multifamily | 105,964 | 97,285 | 82,460 | 72,790 | 75,361 | ||||||||||||||
Real estate - single family | 89,630 | 86,399 | 81,239 | 90,223 | 75,353 | ||||||||||||||
Commercial business | 307,421 | 294,944 | 274,708 | 244,493 | 227,635 | ||||||||||||||
SBA PPP loans | 8,795 | 35,524 | 74,152 | 110,673 | 133,740 | ||||||||||||||
Land and construction | 44,856 | 39,702 | 34,996 | 32,413 | 30,103 | ||||||||||||||
Consumer | 6,180 | 7,049 | 7,126 | 6,979 | 7,386 | ||||||||||||||
Total loans held for investment | $ | 1,284,838 | $ | 1,224,151 | $ | 1,192,135 | $ | 1,164,611 | $ | 1,082,000 | |||||||||
Deposits by Type | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Non interest bearing DDA | $ | 724,469 | $ | 682,589 | $ | 646,233 | $ | 603,914 | $ | 579,318 | |||||||||
Interest bearing DDA | 75,904 | 81,788 | 68,056 | 70,320 | 59,399 | ||||||||||||||
Savings & MMA | 503,552 | 513,070 | 530,782 | 463,165 | 423,957 | ||||||||||||||
Retail CD | 3,384 | 5,281 | 5,633 | 5,827 | 5,855 | ||||||||||||||
Jumbo CD | 63,705 | 62,935 | 62,541 | 62,218 | 95,130 | ||||||||||||||
Total deposits | $ | 1,371,014 | $ | 1,345,663 | $ | 1,313,245 | $ | 1,205,444 | $ | 1,163,659 | |||||||||
Asset Quality | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Total loans held-for-investment | $ | 1,284,838 | $ | 1,224,151 | $ | 1,192,135 | $ | 1,164,611 | $ | 1,082,000 | |||||||||
30-89 day past due loans | $ | - | $ | - | $ | 200 | $ | - | $ | - | |||||||||
90+ day past due loans | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Nonaccrual loans | $ | 1,453 | $ | 1,510 | $ | 1,494 | $ | 1,540 | $ | 1,609 | |||||||||
NPAs / Assets | 0.09 | % | 0.10 | % | 0.10 | % | 0.11 | % | 0.12 | % | |||||||||
NPLs / Total loans held-for-investment & OREO | 0.11 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.15 | % | |||||||||
Net quarterly charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Net charge-offs/avg loans (annualized) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||
Allowance for loan losses to loans HFI | 1.33 | % | 1.39 | % | 1.35 | % | 1.35 | % | 1.35 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 1178.05 | % | 1124.11 | % | 1080.39 | % | 1020.00 | % | 904.97 | % |
Source:
2022 GlobeNewswire, Inc., source