Croghan Colonial Bank
Banking Centers
Fremont Main 419.332.7301
Fremont Ballville 419.355.2361
Fremont East 419.355.2342
Fremont North 419.334.7188
Fremont West 419.355 2352
Bellevue 419.483.2541
Clyde 419.547.9525
Curtice 419.836.7722
Green Springs 419.639.2323
Maumee 419.794.9399
Milan 567.401.0260
Monroeville 419.465.2596
Norwalk 419.668.2507
Oak Harbor 419.898.5741
Oregon 419.691.6264
Port Clinton Catawba 419.732.6150
Port Clinton Downtown 419.734.5600
Tiffin Downtown 419.447.8777
Tiffin Westgate 419.447.2250
April 2022
Letter to our Shareholders:
2022 1st quarter update includes:
Net Income totaling $3,384,000 or $1.54 per share
Quarterly cash dividend of $0.55 per share, up 4% year-to-date
PPP Loan Update
Director Retirements
Annual Meeting to be held on May 10, 2022
Another quarter has come and gone and I continue to be pleased to share our earnings and update you on Croghan Bancshares. Our 2021 was a historical year for the Bank earnings, and we followed that up with a strong first quarter 2022. Net income was $3,384,000, and a net income per share of $1.54. These numbers resulted in a 1.21% ROAA and 9.93% ROAE. The net income is down $362,000, or 9.7% compared to last year's same period as the fee income provided by the SBA PPP loans decreased $567,000. The PPP program for the Bank was a very big success. The Bank was able to assist our clients as well as gain new clients by helping them through the loan process. As we continue into 2022 and this program winds down, please realize that the comparable interest income will trail last year due mostly to this one-time event. At this time, the loans and fees have almost fully been forgiven and income has been recognized. Another challenge for year-over-year comparables is reduced non-interest income from slower refinancing activity and home purchases due to an increase in interest rates. Positive comparables came from zero allocation to the provision for loan loss and from our wealth management area. The Federal Reserve increased the Fed Funds rate by 25 basis points in the 1st quarter, and forecasts are signaling that there will be more increases in 2022. Rising rates are historically good for most bank's earnings and margins; however, the increases will likely not result in a year-over-year increase to net income.
Our balance sheet continues to remain above $1.1 Billion. The growth we had over the last two years has been excellent. We continue to look for ways to generate new loan growth utilizing our expanded presence in Maumee and Brunswick Ohio as well as our new consumer lending activity in central Michigan. We were able to achieve core loan growth of $11.4MM after removing the effects of PPP loan forgiveness and year-end adjustments that occur for some clients.
For the first quarter, we declared a dividend of $0.55 per share, payable on April 29, 2022, to shareholders of record as of April 8, 2022. The $0.55 dividend is a $0.02 increase year-over-year or an increase of 4%. Our closing price per share on March 31, 2022, was $64.51 and the annualized dividend yield would equal 3.41%.
In the annual report, I reported Directors Jim Faist and Jim Dunn announced they would not be seeking re-election and chose to retire. I would like to recognize and thank them for the service they provided to Croghan. As a reminder, the Annual Shareholder Meeting will be held on May 10, 2022. Please refer to the proxy statement or shareholder notice statement for instructions on how to attend this meeting.
Financial Information (unaudited)
CONDENSED STATEMENT OF OPERATIONS
Interest income
Interest expense Net interest income
Provision for loan losses
Net interest income after provision for loan losses
Other non-interest income Non-interest expenses
Income before federal income taxesFederal income taxes Net income
PERIOD END BALANCES
Cash and cash equivalents Securities
Loans
Less allowance for loan loss Other assets
Total assets
Deposits Other liabilities Stockholders' equity
Total liabilities and capital
Common shares outstanding
Year to Date 3/31/22 3/31/21
$ 9,216,000 357,000 8,859,000
-
$ 9,879,000 495,000 9,384,000
325,000
8,859,000 9,059,000
1,895,000 2,046,000
6,660,000 6,551,000
4,094,000 4,554,000
710,000
$ 3,384,000
As of
3/31/22
$ 16,527,000
$ 389,311,000
$ 639,135,000
$ 8,757,000
$ 72,386,000 $1,108,602,000
$ 927,622,000
$ 56,600,000
$ 124,380,000 $1,108,602,000
808,000
$ 3,746,000
12/31/21
$ 45,801,000
$ 364,604,000
$ 642,889,000
$ 8,769,000
$ 67,877,000 $1,112,402,000
$ 908,687,000
$ 63,659,000
$ 140,056,000 $1,112,402,000
Year Ended 12/31/21 12/31/20
$
39,818,000 $ 38,583,000
1,784,000 2,692,000
38,034,000 35,891,000
825,000 2,475,000
37,209,000 33,416,000
8,309,000 8,290,000
26,988,000 25,122,000
18,530,000 16,584,000
3,298,000 2,865,000
$
15,232,000 $ 13,719,000
PER SHARE DATA (BASIC)
Net income
Cash dividends declared
Book value Tangible book value Closing price
FINANCIAL RATIOS
Return on
average assets
Return on
average equity
Year to Date
3/31/22 3/31/21
$ 1.54 $ 1.68
$
0.55
$
0.53
$
56.63
$
60.51
$
46.34
$
50.24
$
64.51
$
54.00
Year to Date 3/31/22 3/31/21
1.21% 1.41%
9.93% 11.00%
Net interest margin 3.37% 3.80%
Loans to deposits 68.90% 78.96%
BOARD OF DIRECTORS
Jim Bowlus Lead Director
Mike Allen Jim Dunn Jim Faist John Hoty Claire Johansen
Dan Lease Tom McLaughlin
Al Mehlow Kendall Rieman Rick Robertson Gary Zimmerman Sarah Zimmerm
MANAGEMENT TEAM
Kendall Rieman President/CEO
Brad Elfring
SVP, CFO
Average common shares outstanding
2,196,561
2,227,075
SHAREHOLDER INFORMATION
Croghan Colonial Bank
Corporate Office
323 Croghan Street
Fremont, OH 43420
419-332-7301
Stock Listing:
Ticker symbol: CHBH Find us on the OTCQB Market
Investor Relations:
Amy LeJeunealejeune@croghan.com 419-355-2231 or toll free 888-276-4426
Carla Waggoner
SVP, Technology & Operations Officer
Chip VanDette
SVP, CLO
Chris Kelly SVP, CCO
Tracy Baughman
SVP, CIO
Jodi Albright VP, Regional Mgr.
Theresa Elfring VP, Regional Mgr.
Shannon George
VP, Sr. Commercial Lender
Wayne Nault
VP, Sr. Business Development Officer
Missy Walker
VP, Retail Operations Mgr.
2,196,199
2,198,013
Laura Whipple
VP, HR Mgr.
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Disclaimer
Croghan Bancshares Inc. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 18:12:09 UTC.