The Company reported net income of
Diluted earnings per share of
“We executed well in the second quarter and continued to generate strong financial performance with our return on average assets remaining above 1% while maintaining a prudent approach to risk management with a high level of capital, liquidity and reserves,” said
“Given our conservative approach in the current environment, we expect our balance sheet to be relatively flat over the remainder of the year. However, given the strength of the franchise we have built and the reputation we have developed for providing a superior level of service and expertise, we continue to believe that we have good opportunities to continue adding deposit relationships with high quality commercial clients. While we will continue to maintain disciplined expense control, our strong financial performance enables us to continue to make investments in our technology platform, including our treasury management solutions, that will further enhance our level of client service and improve our ability to add new client relationships. We believe these investments will help us to continue growing our client base, add more scale and improve our efficiencies, and further increase the value of our franchise,” said
Financial Highlights:
Profitability - three months ended
- Net income of
$5.4 million and$0.65 per diluted share, compared to$5.5 million and$0.64 per diluted share, respectively. - Revenue of
$19.8 million decreased$83,000 , or 0%, compared to$19.9 million for the first quarter of 2023. - Net interest income of
$18.6 million decreased$111,000 , or 1%, compared to$18.8 million for the first quarter of 2023. - Provision for credit losses of
$444,000 increased$86,000 , or 24%, from$358,000 for the first quarter of 2023. - Non-interest income of
$1.1 million remained consistent with the first quarter of 2023. - Non-interest expense, excluding capitalized loan origination costs, of
$12.3 million decreased$197,000 , or 2%, compared to$12.5 million for the first quarter of 2023.
Profitability - six months ended
- Net income of
$10.9 million and$1.29 per diluted share, compared to$7.9 million and$0.94 per diluted share, respectively. - Revenue of
$39.6 million increased$4.9 million , or 14%, compared to$34.7 million in the prior year. - Net interest income of
$37.4 million increased$6.7 million , or 22%, compared to$30.7 million for the same period in the prior year. - Provision for credit losses of
$802,000 decreased$1.1 million , or 57%, from$1.9 million for the six months endedJune 30, 2022 . - Non-interest income of
$2.2 million decreased$1.7 million , or 43%, from$3.9 million for the same period in the prior year. - Non-interest expense, excluding capitalized loan origination costs, of
$24.8 million increased$1.0 million , or 4%, compared to$23.8 million for the six months endedJune 30, 2022 .
Financial Position –
- Total assets decreased by
$45.1 million , or 2%, to$2.01 billion ; average total assets increased by$9.6 million to$1.98 billion . - Total gross loans decreased by
$33.6 million , or 2%, to$1.58 billion . - Total deposits increased by
$20.7 million , or 1%, to$1.74 billion . - Excluding junior subordinated debt securities, the Company had no other borrowings outstanding compared to
$75.0 million atMarch 31, 2023 . - Capital ratios remain healthy with a tier I leverage ratio of 9.01%, tier I capital ratio of 9.07% and total risk-based capital ratio of 12.73%.
- Tangible book value per share of
$21.09 increased by$0.61 , or 3%.
Net Interest Income and Margin:
Net interest income for the quarter ended
Net interest income for the six months ended
The Company’s net interest margin for the second quarter of 2023 was 3.93%, compared to 4.02% for the first quarter of 2023 and 3.65% for the same period in 2022. The decrease in margin compared to the prior quarter was primarily due to an increase in the cost of deposits and other borrowings. The increase in margin from the same period last year was primarily the result of a more favorable mix of earning assets combined with higher yields, partially offset by an increase in cost of deposits.
The Company’s net interest margin for the six months ended
Non-Interest Income:
The Company’s non-interest income for the quarters ended
For the six months 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
Non-interest expense of
The Company’s efficiency ratio, the ratio of non-interest expense to revenues, was 58.66%, 59.62%, and 61.41% for the quarters ended
Balance Sheet:
Total assets of
Total gross loans decreased by
Total deposits increased by
As of
Asset Quality:
The provision for credit losses on loans decreased to $340,000 for the second quarter of 2023 compared to $464,000 for the first quarter of 2023, and
Non-performing assets (“NPAs”) to total assets of 0.01% at
The allowance for credit losses on loans increased by
The allowance for credit losses on unfunded loan commitments increased by
Capital Adequacy:
At
“Our strong financial performance and prudent balance sheet management resulted in an increase in all of our capital ratios and a 3% increase in our tangible book value per share during the second 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.
Forward-Looking Information:
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 financial results in the future 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.
SELECTED FINANCIAL INFORMATION (UNAUDITED) - PROFITABILITY | |||||||||||||||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||
QUARTERLY HIGHLIGHTS: | Q2 2023 | Q1 2023 | $ | % | Q2 2022 | $ | % | ||||||||||||||||||||
Interest income | $ | 27,172 | $ | 25,539 | $ | 1,633 | 6 | % | $ | 17,706 | $ | 9,466 | 53 | % | |||||||||||||
Interest expense | 8,526 | 6,782 | 1,744 | 26 | % | 1,483 | 7,043 | 475 | % | ||||||||||||||||||
Net interest income | 18,646 | 18,757 | (111 | ) | -1 | % | 16,223 | 2,423 | 15 | % | |||||||||||||||||
Provision for credit losses | 444 | 358 | 86 | 24 | % | 925 | (481 | ) | -52 | % | |||||||||||||||||
Net interest income after | |||||||||||||||||||||||||||
provision for credit losses | 18,202 | 18,399 | (197 | ) | -1 | % | 15,298 | 2,904 | 19 | % | |||||||||||||||||
Non-interest income | 1,135 | 1,107 | 28 | 3 | % | 1,394 | (259 | ) | -19 | % | |||||||||||||||||
Non-interest expense | 11,603 | 11,843 | (240 | ) | -2 | % | 10,819 | 784 | 7 | % | |||||||||||||||||
Income before income taxes | 7,734 | 7,663 | 71 | 1 | % | 5,873 | 1,861 | 32 | % | ||||||||||||||||||
Income tax expense | 2,294 | 2,212 | 82 | 4 | % | 1,629 | 665 | 41 | % | ||||||||||||||||||
Net income | $ | 5,440 | $ | 5,451 | $ | (11 | ) | -0 | % | $ | 4,244 | $ | 1,196 | 28 | % | ||||||||||||
Diluted earnings per share | $ | 0.65 | $ | 0.64 | $ | 0.01 | 2 | % | $ | 0.51 | $ | 0.14 | 27 | % | |||||||||||||
Net interest margin | 3.93 | % | 4.02 | % | - | 3.65 | % | +28 Basis Points | |||||||||||||||||||
Efficiency ratio | 58.66 | % | 59.62 | % | - | 61.41 | % | - | |||||||||||||||||||
Change | |||||||||||||||||||||||||||
YEAR-TO-DATE HIGHLIGHTS: | Q2 2023 | Q2 2022 | $ | % | |||||||||||||||||||||||
Interest income | $ | 52,711 | $ | 33,630 | $ | 19,081 | 57 | % | |||||||||||||||||||
Interest expense | 15,308 | 2,881 | 12,427 | 431 | % | ||||||||||||||||||||||
Net interest income | 37,403 | 30,749 | 6,654 | 22 | % | ||||||||||||||||||||||
Provision for loan losses | 802 | 1,875 | (1,073 | ) | -57 | % | |||||||||||||||||||||
Net interest income after | |||||||||||||||||||||||||||
provision for loan losses | 36,601 | 28,874 | 7,727 | 27 | % | ||||||||||||||||||||||
Non-interest income | 2,242 | 3,928 | (1,686 | ) | -43 | % | |||||||||||||||||||||
Non-interest expense | 23,446 | 21,735 | 1,711 | 8 | % | ||||||||||||||||||||||
Income before income taxes | 15,397 | 11,067 | 4,330 | 39 | % | ||||||||||||||||||||||
Income tax expense | 4,506 | 3,150 | 1,356 | 43 | % | ||||||||||||||||||||||
Net income | $ | 10,891 | $ | 7,917 | $ | 2,974 | 38 | % | |||||||||||||||||||
Diluted earnings per share | $ | 1.29 | $ | 0.94 | $ | 0.35 | 37 | % | |||||||||||||||||||
Net interest margin | 3.98 | % | 3.42 | % | +56 Basis Points | ||||||||||||||||||||||
Efficiency ratio | 59.14 | % | 62.68 | % | - |
SELECTED FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL POSITION | ||||||||||||||||||||||||||
(Dollars in Thousands, Except Per Share Data) | ||||||||||||||||||||||||||
Change | Change | |||||||||||||||||||||||||
PERIOD-END HIGHLIGHTS: | Q2 2023 | Q1 2023 | $ | % | Q2 2022 | $ | % | |||||||||||||||||||
Total assets | $ | 2,005,646 | $ | 2,050,774 | $ | (45,128 | ) | -2 | % | $ | 1,885,352 | $ | 120,294 | 6 | % | |||||||||||
Gross loans | 1,583,631 | 1,617,263 | (33,632 | ) | -2 | % | 1,500,379 | 83,252 | 6 | % | ||||||||||||||||
Deposits | 1,738,296 | 1,717,610 | 20,686 | 1 | % | 1,552,139 | 186,157 | 12 | % | |||||||||||||||||
Tangible equity | 176,783 | 171,099 | 5,684 | 3 | % | 151,251 | 25,532 | 17 | % | |||||||||||||||||
Tangible book value per share | $ | 21.09 | $ | 20.48 | $ | 0.61 | 3 | % | $ | 18.19 | $ | 2.90 | 16 | % | ||||||||||||
Tangible equity / total assets | 8.81 | % | 8.34 | % | +47 Basis Points | 8.02 | % | +79 Basis Points | ||||||||||||||||||
Gross loans / total deposits | 91.10 | % | 94.16 | % | - | 96.67 | % | - | ||||||||||||||||||
Noninterest-bearing deposits / | ||||||||||||||||||||||||||
total deposits | 42.69 | % | 43.12 | % | - | 46.09 | % | - | ||||||||||||||||||
QUARTERLY AVERAGE | Change | Change | ||||||||||||||||||||||||
HIGHLIGHTS: | Q2 2023 | Q1 2023 | $ | % | Q2 2022 | $ | % | |||||||||||||||||||
Total assets | $ | 1,983,877 | $ | 1,974,285 | $ | 9,592 | 0 | % | $ | 1,864,196 | $ | 119,681 | 6 | % | ||||||||||||
Total earning assets | 1,900,918 | 1,893,940 | 6,978 | 0 | % | 1,783,017 | 117,901 | 7 | % | |||||||||||||||||
Gross loans | 1,577,529 | 1,582,332 | (4,803 | ) | -0 | % | 1,464,922 | 112,607 | 8 | % | ||||||||||||||||
Deposits | 1,684,008 | 1,699,930 | (15,922 | ) | -1 | % | 1,567,412 | 116,596 | 7 | % | ||||||||||||||||
Tangible equity | 175,783 | 169,454 | 6,329 | 4 | % | 150,176 | 25,607 | 17 | % | |||||||||||||||||
Tangible equity / total assets | 8.86 | % | 8.58 | % | +28 Basis Points | 8.06 | % | +80 Basis Points | ||||||||||||||||||
Gross loans / total deposits | 93.68 | % | 93.08 | % | +60 Basis Points | 93.46 | % | +50 Basis Points | ||||||||||||||||||
Noninterest-bearing deposits / | ||||||||||||||||||||||||||
total deposits | 42.65 | % | 42.88 | % | - | 46.86 | % | - | ||||||||||||||||||
YEAR-TO-DATE AVERAGE | Change | |||||||||||||||||||||||||
HIGHLIGHTS: | Q2 2023 | Q2 2022 | $ | % | ||||||||||||||||||||||
Total assets | $ | 1,979,107 | $ | 1,896,191 | $ | 82,916 | 4 | % | ||||||||||||||||||
Total earning assets | 1,897,448 | 1,814,448 | 83,000 | 5 | % | |||||||||||||||||||||
Gross loans | 1,579,917 | 1,418,315 | 161,602 | 11 | % | |||||||||||||||||||||
Deposits | 1,691,925 | 1,609,478 | 82,447 | 5 | % | |||||||||||||||||||||
Tangible equity | 172,636 | 148,115 | 24,521 | 17 | % | |||||||||||||||||||||
Tangible equity / total assets | 8.72 | % | 7.81 | % | +91 Basis Points | |||||||||||||||||||||
Gross loans / total deposits | 93.38 | % | 88.12 | % | +526 Basis Points | |||||||||||||||||||||
Noninterest-bearing deposits / | ||||||||||||||||||||||||||
total deposits | 42.76 | % | 45.85 | % | - | |||||||||||||||||||||
SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET QUALITY | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES (LOANS): | ||||||||||||||||||||
Balance, beginning of period | $ | 15,382 | $ | 17,005 | $ | 16,555 | $ | 15,957 | $ | 15,032 | ||||||||||
CECL adjustment | - | (1,840 | ) | - | - | - | ||||||||||||||
Provision for credit losses, quarterly | 340 | 464 | 1,100 | 800 | 925 | |||||||||||||||
Charge-offs, quarterly | - | (247 | ) | (650 | ) | (202 | ) | - | ||||||||||||
Recoveries, quarterly | - | - | - | - | - | |||||||||||||||
Balance, end of period | $ | 15,722 | $ | 15,382 | $ | 17,005 | $ | 16,555 | $ | 15,957 | ||||||||||
NONPERFORMING ASSETS: | ||||||||||||||||||||
Loans accounted for on a non-accrual basis | $ | 181 | $ | 222 | $ | 1,250 | $ | 182 | $ | 549 | ||||||||||
Loans with principal or interest contractually | ||||||||||||||||||||
past due 90 days or more and still accruing | ||||||||||||||||||||
interest | - | - | - | 161 | - | |||||||||||||||
Nonperforming loans | $ | 181 | $ | 222 | $ | 1,250 | $ | 343 | $ | 549 | ||||||||||
Other real estate owned | - | - | - | - | - | |||||||||||||||
Nonperforming assets | $ | 181 | $ | 222 | $ | 1,250 | $ | 343 | $ | 549 | ||||||||||
Loans restructured and in compliance with | ||||||||||||||||||||
modified terms | - | - | - | - | - | |||||||||||||||
Nonperforming assets and restructured loans | $ | 181 | $ | 222 | $ | 1,250 | $ | 343 | $ | 549 | ||||||||||
Nonperforming loans by asset type: | ||||||||||||||||||||
Commercial | $ | - | $ | - | $ | 1,028 | $ | 161 | $ | - | ||||||||||
Real estate other | - | - | - | - | - | |||||||||||||||
Real estate construction and land | - | - | - | - | - | |||||||||||||||
SBA | 181 | 222 | 222 | 182 | 549 | |||||||||||||||
Other | - | - | - | - | - | |||||||||||||||
Nonperforming loans | $ | 181 | $ | 222 | $ | 1,250 | $ | 343 | $ | 549 | ||||||||||
ASSET QUALITY: | ||||||||||||||||||||
Allowance for credit losses (loans) / gross loans | 0.99 | % | 0.95 | % | 1.07 | % | 1.04 | % | 1.06 | % | ||||||||||
Allowance for credit losses (loans) / nonperforming loans | 8686.19 | % | 6928.83 | % | 1360.40 | % | 4826.53 | % | 2906.56 | % | ||||||||||
Nonperforming assets / total assets | 0.01 | % | 0.01 | % | 0.06 | % | 0.02 | % | 0.03 | % | ||||||||||
Nonperforming loans / gross loans | 0.01 | % | 0.01 | % | 0.08 | % | 0.02 | % | 0.04 | % | ||||||||||
Net quarterly charge-offs / gross loans | 0.00 | % | 0.02 | % | 0.04 | % | 0.01 | % | 0.00 | % | ||||||||||
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||
(Dollars in Thousands, Except Per Share Data) | ||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||
Loans | $ | 23,476 | $ | 22,472 | $ | 16,298 | $ | 45,948 | $ | 31,184 | ||||||||||
Federal funds sold | 2,238 | 1,760 | 280 | 3,998 | 416 | |||||||||||||||
Investment securities | 1,458 | 1,307 | 1,128 | 2,765 | 2,030 | |||||||||||||||
Total interest income | 27,172 | 25,539 | 17,706 | 52,711 | 33,630 | |||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Deposits | 7,493 | 6,022 | 796 | 13,515 | 1,602 | |||||||||||||||
Other | 1,033 | 760 | 687 | 1,793 | 1,279 | |||||||||||||||
Total interest expense | 8,526 | 6,782 | 1,483 | 15,308 | 2,881 | |||||||||||||||
Net interest income | 18,646 | 18,757 | 16,223 | 37,403 | 30,749 | |||||||||||||||
Provision for credit losses | 444 | 358 | 925 | 802 | 1,875 | |||||||||||||||
Net interest income after provision | ||||||||||||||||||||
for credit losses | 18,202 | 18,399 | 15,298 | 36,601 | 28,874 | |||||||||||||||
NON-INTEREST INCOME | ||||||||||||||||||||
Service charges and other fees | 867 | 863 | 1,134 | 1,730 | 2,023 | |||||||||||||||
Gain on sale of loans | - | - | - | - | 1,393 | |||||||||||||||
Other non-interest income | 268 | 244 | 260 | 512 | 512 | |||||||||||||||
Total non-interest income | 1,135 | 1,107 | 1,394 | 2,242 | 3,928 | |||||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||||||
Salaries and benefits | 7,831 | 7,876 | 7,146 | 15,707 | 14,239 | |||||||||||||||
Premises and equipment | 1,168 | 1,180 | 1,267 | 2,348 | 2,569 | |||||||||||||||
Other | 2,604 | 2,787 | 2,406 | 5,391 | 4,927 | |||||||||||||||
Total non-interest expense | 11,603 | 11,843 | 10,819 | 23,446 | 21,735 | |||||||||||||||
Income before income taxes | 7,734 | 7,663 | 5,873 | 15,397 | 11,067 | |||||||||||||||
Income taxes | 2,294 | 2,212 | 1,629 | 4,506 | 3,150 | |||||||||||||||
NET INCOME | $ | 5,440 | $ | 5,451 | $ | 4,244 | $ | 10,891 | $ | 7,917 | ||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||
Basic earnings per share | $ | 0.65 | $ | 0.65 | $ | 0.51 | $ | 1.30 | $ | 0.96 | ||||||||||
Diluted earnings per share | $ | 0.65 | $ | 0.64 | $ | 0.51 | $ | 1.29 | $ | 0.94 | ||||||||||
Average common shares outstanding | 8,369,907 | 8,339,080 | 8,295,014 | 8,354,564 | 8,285,950 | |||||||||||||||
Average common and equivalent | ||||||||||||||||||||
shares outstanding | 8,414,213 | 8,492,067 | 8,395,701 | 8,442,607 | 8,393,776 | |||||||||||||||
PERFORMANCE MEASURES | ||||||||||||||||||||
Return on average assets | 1.10 | % | 1.12 | % | 0.91 | % | 1.11 | % | 0.84 | % | ||||||||||
Return on average equity | 11.91 | % | 12.50 | % | 10.80 | % | 12.19 | % | 10.26 | % | ||||||||||
Return on average tangible equity | 12.41 | % | 13.05 | % | 11.34 | % | 12.72 | % | 10.78 | % | ||||||||||
Efficiency ratio | 58.66 | % | 59.62 | % | 61.41 | % | 59.14 | % | 62.68 | % | ||||||||||
INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and due from banks | $ | 19,763 | $ | 15,121 | $ | 16,686 | $ | 24,709 | $ | 20,378 | ||||||||||
Federal funds sold | 187,904 | 198,804 | 215,696 | 216,345 | 138,057 | |||||||||||||||
Investment securities | 151,129 | 153,769 | 155,878 | 157,531 | 165,309 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial | 622,270 | 656,519 | 634,535 | 643,131 | 589,562 | |||||||||||||||
Real estate other | 856,344 | 853,431 | 848,241 | 824,867 | 794,504 | |||||||||||||||
Real estate construction and land | 60,595 | 63,928 | 63,730 | 71,523 | 63,189 | |||||||||||||||
SBA | 4,936 | 5,610 | 7,220 | 8,565 | 13,310 | |||||||||||||||
Other | 39,486 | 37,775 | 39,695 | 39,815 | 39,814 | |||||||||||||||
Loans, gross | 1,583,631 | 1,617,263 | 1,593,421 | 1,587,901 | 1,500,379 | |||||||||||||||
Unamortized net deferred loan costs (fees) | 1,637 | 1,765 | 2,040 | 1,902 | 2,570 | |||||||||||||||
Allowance for credit losses | (15,722 | ) | (15,382 | ) | (17,005 | ) | (16,555 | ) | (15,957 | ) | ||||||||||
Loans, net | 1,569,546 | 1,603,646 | 1,578,456 | 1,573,248 | 1,486,992 | |||||||||||||||
Premises and equipment, net | 2,625 | 2,848 | 3,072 | 3,382 | 3,736 | |||||||||||||||
Bank owned life insurance | 25,519 | 25,334 | 25,127 | 24,955 | 24,788 | |||||||||||||||
7,452 | 7,462 | 7,472 | 7,483 | 7,493 | ||||||||||||||||
Accrued interest receivable and other assets | 41,708 | 43,790 | 39,828 | 40,848 | 38,599 | |||||||||||||||
Total assets | $ | 2,005,646 | $ | 2,050,774 | $ | 2,042,215 | $ | 2,048,501 | $ | 1,885,352 | ||||||||||
LIABILITIES | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Demand noninterest-bearing | $ | 742,160 | $ | 740,650 | $ | 811,671 | $ | 758,716 | $ | 715,432 | ||||||||||
Demand interest-bearing | 29,324 | 30,798 | 37,815 | 35,183 | 45,511 | |||||||||||||||
Money market and savings | 633,620 | 616,864 | 671,016 | 597,244 | 626,156 | |||||||||||||||
Time | 333,192 | 329,298 | 271,238 | 317,935 | 165,040 | |||||||||||||||
Total deposits | 1,738,296 | 1,717,610 | 1,791,740 | 1,709,078 | 1,552,139 | |||||||||||||||
Junior subordinated debt securities | 54,221 | 54,186 | 54,152 | 54,117 | 54,097 | |||||||||||||||
Other borrowings | - | 75,000 | - | 100,000 | 100,000 | |||||||||||||||
Accrued interest payable and other liabilities | 28,894 | 25,417 | 24,069 | 21,248 | 20,372 | |||||||||||||||
Total liabilities | 1,821,411 | 1,872,213 | 1,869,961 | 1,884,443 | 1,726,608 | |||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Common stock | 112,167 | 111,609 | 111,257 | 110,786 | 110,289 | |||||||||||||||
Retained earnings | 73,423 | 68,082 | 62,297 | 54,628 | 49,106 | |||||||||||||||
Accumulated other comprehensive loss | (1,355 | ) | (1,130 | ) | (1,300 | ) | (1,356 | ) | (651 | ) | ||||||||||
Total shareholders' equity | 184,235 | 178,561 | 172,254 | 164,058 | 158,744 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 2,005,646 | $ | 2,050,774 | $ | 2,042,215 | $ | 2,048,501 | $ | 1,885,352 | ||||||||||
- | - | - | ||||||||||||||||||
CAPITAL ADEQUACY | ||||||||||||||||||||
Tier I leverage ratio | 9.01 | % | 8.76 | % | 7.98 | % | 8.21 | % | 8.27 | % | ||||||||||
Tier I risk-based capital ratio | 9.07 | % | 8.54 | % | 8.23 | % | 7.98 | % | 8.09 | % | ||||||||||
Total risk-based capital ratio | 12.73 | % | 12.08 | % | 11.77 | % | 11.57 | % | 11.84 | % | ||||||||||
Total equity/ total assets | 9.19 | % | 8.71 | % | 8.43 | % | 8.01 | % | 8.42 | % | ||||||||||
Book value per share | $ | 21.98 | $ | 21.37 | $ | 20.67 | $ | 19.70 | $ | 19.09 | ||||||||||
Common shares outstanding | 8,383,772 | 8,355,378 | 8,332,479 | 8,327,781 | 8,317,161 |
INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED) | ||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||
Three months ended | Three months ended | |||||||||||||||||
2023 | 2023 | |||||||||||||||||
Yields | Interest | Yields | Interest | |||||||||||||||
Average | or | Income/ | Average | or | Income/ | |||||||||||||
Balance | Rates | Expense | Balance | Rates | Expense | |||||||||||||
ASSETS | ||||||||||||||||||
Interest earning assets: | ||||||||||||||||||
Loans (1) | $ | 1,577,529 | 5.97 | % | $ | 23,476 | $ | 1,582,332 | 5.76 | % | $ | 22,472 | ||||||
Federal funds sold | 170,608 | 5.26 | % | 2,238 | 156,941 | 4.55 | % | 1,760 | ||||||||||
Investment securities | 152,781 | 3.83 | % | 1,458 | 154,667 | 3.43 | % | 1,307 | ||||||||||
Total interest earning assets | 1,900,918 | 5.73 | % | 27,172 | 1,893,940 | 5.47 | % | 25,539 | ||||||||||
Noninterest-earning assets: | ||||||||||||||||||
Cash and due from banks | 19,207 | 18,098 | ||||||||||||||||
All other assets (2) | 63,752 | 62,247 | ||||||||||||||||
TOTAL | $ | 1,983,877 | $ | 1,974,285 | ||||||||||||||
LIABILITIES AND | ||||||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Demand | $ | 30,346 | 0.16 | % | 12 | $ | 34,032 | 0.08 | % | $ | 7 | |||||||
Money market and savings | 609,200 | 2.50 | % | 3,793 | 626,666 | 2.01 | % | 3,104 | ||||||||||
Time | 326,291 | 4.53 | % | 3,688 | 310,246 | 3.81 | % | 2,911 | ||||||||||
Other | 90,188 | 4.59 | % | 1,033 | 71,108 | 4.33 | % | 760 | ||||||||||
Total interest-bearing liabilities | 1,056,025 | 3.24 | % | 8,526 | 1,042,052 | 2.64 | % | 6,782 | ||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||
Demand deposits | 718,171 | 728,986 | ||||||||||||||||
Accrued expenses and | ||||||||||||||||||
other liabilities | 26,441 | 26,326 | ||||||||||||||||
Shareholders' equity | 183,240 | 176,921 | ||||||||||||||||
TOTAL | $ | 1,983,877 | $ | 1,974,285 | ||||||||||||||
Net interest income and margin (3) | 3.93 | % | $ | 18,646 | 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 AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED) | ||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||
Three months ended | ||||||||||||||||||
2023 | 2022 | |||||||||||||||||
Yields | Interest | Yields | Interest | |||||||||||||||
Average | or | Income/ | Average | or | Income/ | |||||||||||||
Balance | Rates | Expense | Balance | Rates | Expense | |||||||||||||
ASSETS | ||||||||||||||||||
Interest earning assets: | ||||||||||||||||||
Loans (1) | $ | 1,577,529 | 5.97 | % | $ | 23,476 | $ | 1,464,922 | 4.46 | % | $ | 16,298 | ||||||
Federal funds sold | 170,608 | 5.26 | % | 2,238 | 145,329 | 0.77 | % | 280 | ||||||||||
Investment securities | 152,781 | 3.83 | % | 1,458 | 172,766 | 2.62 | % | 1,128 | ||||||||||
Total interest earning assets | 1,900,918 | 5.73 | % | 27,172 | 1,783,017 | 3.98 | % | 17,706 | ||||||||||
Noninterest-earning assets: | ||||||||||||||||||
Cash and due from banks | 19,207 | 19,735 | ||||||||||||||||
All other assets (2) | 63,752 | 61,444 | ||||||||||||||||
TOTAL | $ | 1,983,877 | $ | 1,864,196 | ||||||||||||||
LIABILITIES AND | ||||||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Demand | $ | 30,346 | 0.16 | % | 12 | $ | 42,380 | 0.08 | % | $ | 8 | |||||||
Money market and savings | 609,200 | 2.50 | % | 3,793 | 636,692 | 0.37 | % | 582 | ||||||||||
Time | 326,291 | 4.53 | % | 3,688 | 153,859 | 0.54 | % | 206 | ||||||||||
Other | 90,188 | 4.59 | % | 1,033 | 119,970 | 2.30 | % | 687 | ||||||||||
Total interest-bearing liabilities | 1,056,025 | 3.24 | % | 8,526 | 952,901 | 0.62 | % | 1,483 | ||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||
Demand deposits | 718,171 | 734,481 | ||||||||||||||||
Accrued expenses and | ||||||||||||||||||
other liabilities | 26,441 | 19,139 | ||||||||||||||||
Shareholders' equity | 183,240 | 157,675 | ||||||||||||||||
TOTAL | $ | 1,983,877 | $ | 1,864,196 | ||||||||||||||
Net interest income and margin (3) | 3.93 | % | $ | 18,646 | 3.65 | % | $ | 16,223 | ||||||||||
(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) fees 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) | |||||||||||||||||||
Six months ended | |||||||||||||||||||
2023 | 2022 | ||||||||||||||||||
Yields | Interest | Yields | Interest | ||||||||||||||||
Average | or | Income/ | Average | or | Income/ | ||||||||||||||
Balance | Rates | Expense | Balance | Rates | Expense | ||||||||||||||
ASSETS | |||||||||||||||||||
Interest earning assets: | |||||||||||||||||||
Loans (1) | $ | 1,579,917 | 5.86 | % | $ | 45,948 | $ | 1,418,314 | 4.43 | % | $ | 31,184 | |||||||
Federal funds sold | 163,812 | 4.92 | % | 3,998 | 244,809 | 0.34 | % | 416 | |||||||||||
Investment securities | 153,719 | 3.63 | % | 2,765 | 151,324 | 2.71 | % | 2,030 | |||||||||||
Total interest earning assets | 1,897,448 | 5.60 | % | 52,711 | 1,814,447 | 3.74 | % | 33,630 | |||||||||||
Noninterest-earning assets: | |||||||||||||||||||
Cash and due from banks | 18,656 | 19,244 | |||||||||||||||||
All other assets (2) | 63,003 | 62,500 | |||||||||||||||||
TOTAL | $ | 1,979,107 | $ | 1,896,191 | |||||||||||||||
LIABILITIES AND | |||||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand | $ | 32,179 | 0.12 | % | 19 | $ | 40,300 | 0.09 | % | 17 | |||||||||
Money market and savings | 617,885 | 2.25 | % | 6,897 | 679,662 | 0.37 | % | 1,247 | |||||||||||
Time | 318,313 | 4.18 | % | 6,599 | 151,588 | 0.45 | % | 338 | |||||||||||
Other | 80,701 | 4.48 | % | 1,793 | 110,370 | 2.34 | % | 1,279 | |||||||||||
Total interest-bearing liabilities | 1,049,078 | 2.94 | % | 15,308 | 981,920 | 0.59 | % | 2,881 | |||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||
Demand deposits | 723,548 | 737,928 | |||||||||||||||||
Accrued expenses and | |||||||||||||||||||
other liabilities | 26,383 | 20,724 | |||||||||||||||||
Shareholders' equity | 180,098 | 155,619 | |||||||||||||||||
TOTAL | $ | 1,979,107 | $ | 1,896,191 | |||||||||||||||
Net interest income and margin (3) | 3.98 | % | $ | 37,403 | 3.42 | % | $ | 30,749 | |||||||||||
(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) fees of | |||||||||||||||||||
(2) Other noninterest-earning assets includes the allowance for loan 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) | |||||||||||||||
REVENUE: | Three months ended | Six months ended | |||||||||||||
Net interest income | $ | 18,646 | $ | 18,757 | $ | 16,223 | $ | 37,403 | $ | 30,749 | |||||
Non-interest income | 1,135 | 1,107 | 1,394 | 2,242 | 3,928 | ||||||||||
Total revenue | $ | 19,781 | $ | 19,864 | $ | 17,617 | $ | 39,645 | $ | 34,677 | |||||
NON-INTEREST EXPENSE: | Three months ended | Six months ended | |||||||||||||
Total non-interest expense | $ | 11,603 | $ | 11,843 | $ | 10,819 | $ | 23,446 | $ | 21,735 | |||||
Total capitalized loan origination costs | 694 | 651 | 1,073 | 1,345 | 2,057 | ||||||||||
Total operating expenses, before capitalization | |||||||||||||||
of loan origination costs | $ | 12,297 | $ | 12,494 | $ | 11,892 | $ | 24,791 | $ | 23,792 | |||||
Source:
2023 GlobeNewswire, Inc., source