“Fourth quarter 2022 results capped a stellar year for our Company which delivered record earnings for both the fourth quarter and for the full year of 2022. Our performance was driven by solid revenue growth supported by strong loan and deposit growth,” said
“Our merchant services fee income grew by 118% propelling our total fee income by 30% in the fourth quarter 2022, compared to the fourth quarter a year ago,” said Miller. “During the quarter, we prudently added
“Our credits metrics remained strong, and net charge-offs were minimal during the fourth quarter. We believe our consistently strong underwriting and credit risk management practices prepare us well for any change in the business cycle,” said Miller. “The majority of the delinquencies are purchased
“In the first quarter 2023, we will be adopting CECL (Current Expected Credit Losses) standards,” said Miller. “Based on our initial modeling, current reserve levels, and strong credit quality, we do not anticipate any adverse effect from a conversion to the CECL methodology.”
Return on average equity (“ROAE”) was 34.86%, return on average assets (“ROAA”) was 2.41% and the efficiency ratio was 38.99% for the fourth quarter. Net interest margin improved to 4.98% for the fourth quarter and 4.54% for the full year 2022, while interest income was higher by 37% from a year earlier. Total assets increased 20% year-over-year to
Fourth Quarter 2022 Highlights: As of, or for the quarter ended
- Pre-tax, pre-provision income increased 39% to
$10.38 million . - Net income grew 41% to
$7.62 million , or$2.42 per diluted share. - Return on average equity (“ROAE”) increased 39% to 34.86%.
- Return on average assets (“ROAA”) increased 21% to 2.41%.
- Gross revenue (net interest income, before the provision for loan losses, plus non-interest income) increased 36% to
$17.21 million . - Total assets grew 20% to
$1.29 billion . - Total portfolio loans grew 16% to
$845.46 million . - Total deposits increased 15% to
$1.08 billion . - Shareholder equity was
$92.36 million . - Book value per common share was
$29.41 . - The Company’s tangible common equity ratio was 7.13%, while the Bank’s regulatory leverage capital ratio was 11.93% and total risk-based capital ratio was 16.38%, at
December 31, 2022 .
Results of Operations
Operating revenue, consisting of net interest income and non-interest income, increased 36% to
Net interest income, before the provision for loan losses, increased 37% to
The Company’s net interest margin (“NIM”), which excludes interest expense on the holding company’s sub-debt, improved by 82 basis points to 4.98% for the fourth quarter of 2022, compared to 4.16% for the fourth quarter of 2021, and expanded 39 basis points from 4.59% for the preceding quarter. For the year ended
The yield on earning assets was 5.18% for the fourth quarter of 2022, compared to 4.25% for the fourth quarter a year ago, and 4.67% on a linked quarter basis. The cost to fund earning assets remained low at 0.20% for the fourth quarter of 2022, although increased from 0.08% for the fourth quarter a year ago and 0.07% for the third quarter of 2022. For the full year 2022, the yield on earnings assets was 4.66%, up from 4.34% for 2021, while the cost to fund earnings assets was 0.12% for 2022, compared to 0.10% for 2021. “While we have raised rates on our interest bearing deposit products, our overall cost of funding has remained low with 68% of our deposits in non-interest bearing accounts,” commented Gill.
Total non-interest income was
“We continue to see significant progress across our ISO partners and from our own organic ISO business, as our merchant service revenue grew by 111% from a year ago. For the fourth quarter, Organic ISO revenue grew 3.5% to
Merchant ISO Processing Volume Growth ($ in thousands) | |||||||||||||||||
2021 | 2022 | 2022 | 2022 | 2022 | |||||||||||||
ISOs | 1Q Volume | 2Q Volume | 3Q Volume | 4Q Volume | 1Q Volume | 2Q Volume | 3Q Volume | 4Q Volume | |||||||||
1 | $ | 282,258 | $ | 324,996 | $ | 293,220 | $ | 232,303 | $ | 259,139 | $ | 243,719 | $ | 203,685 | $ | 191,980 | |
2 | 290,376 | 414,164 | 390,147 | 469,503 | 538,136 | 664,086 | 1,032,284 | 1,338,756 | |||||||||
3 | 8,303 | 10,824 | 20,362 | 25,891 | 26,390 | 30,570 | 27,266 | 25,130 | |||||||||
4 | 0 | 62 | 4,949 | 29,091 | 53,731 | 85,468 | 84,797 | 97,601 | |||||||||
5 | 0 | 130 | 5,379 | 44,378 | 89,180 | 145,434 | 132,096 | 75,341 | |||||||||
6 | 0 | 0 | 0 | 126,224 | 268,747 | 579,779 | 908,968 | 1,129,924 | |||||||||
7 | 0 | 0 | 0 | 32,196 | 70,793 | 44,601 | 47,994 | 45,424 | |||||||||
8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 942 | |||||||||
9 | 0 | 0 | 0 | 0 | 0 | 1,031 | 2,520 | 4,262 | |||||||||
10 | 0 | 0 | 0 | 0 | 346 | 24,657 | 40,327 | 46,714 | |||||||||
Total Volume | $ | 580,938 | $ | 750,176 | $ | 714,057 | $ | 959,586 | $ | 1,306,462 | $ | 1,819,345 | $ | 2,479,937 | $ | 2,956,074 | |
Source of Merchant Services Revenue ($ in thousands) | ||||||||
2022 | 2022 | 2022 | 2022 | |||||
Type of Revenue | 1Q | 2Q | 3Q | 4Q | ||||
FFB Payments - (our merchant clients) | $ | 409 | $ | 477 | $ | 538 | $ | 557 |
Sponsored ISO Revenue | 1,270 | 1,692 | 1,628 | 1,864 | ||||
Total Merchange Services Revenue | $ | 1,679 | $ | 2,169 | $ | 2,166 | $ | 2,421 |
Total deposit fee income increased 30%, or
“During the fourth quarter 2022, we recorded a loss of
“While our operating expenses were higher in the fourth quarter compared to a year ago, expenses were flat on a linked quarter basis,” said Miller. “The sharp increase in operating costs year-over-year was primarily due to the hiring of excellent people and our strategic investments in modern technology during the year. We expect these efficiency investments to continue into 2023, and we will also need to hire key talent. Inflationary elements are pushing all non-people cost lines, but the main driver of our costs is labor, and the labor market is very competitive. Consequently, we expect to see similar people cost increases going forward.” Non-interest expense for the fourth quarter of 2022 increased 31% to
Full-time employees increased to 103.0 at
Occupancy and equipment expense increased 51% from a year ago, representing 4% of non-interest expense, and increased 6% from the preceding quarter. Other operating expense represented 36% of non-interest expense increasing 40% from a year earlier and unchanged from the linked quarter. Increases in data processing expense, software licenses and subscriptions, and loan origination expenses were the primary drivers of the year-over-year increase.
The efficiency ratio improved to 38.99% for the fourth quarter of 2022, compared to 41.09% for the fourth quarter a year ago, and 41.99% for the third quarter of 2022.
Balance Sheet Review
Total assets increased 20% to
The total portfolio of loans increased 16%, or
The commercial and industrial (C&I) portfolio increased 14% to
The investment portfolio increased 18%, or
Total deposits increased
Shareholders’ equity increased 3% to
“The tangible common equity ratio was 7.13% at
At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was
Asset Quality
Nonperforming assets were
Total delinquent loans were
Past due loans 30-60 days were
The Bank continues to hold approximately
“As detailed in the chart below, most of the delinquencies are purchased government guaranteed loans, which are guaranteed by the SBA for the full payment of the principal plus interest,” commented Miller. “The SBA continues to deal with backlogs and consequently we continue to incur delays in payments. We are assured that full payment can be expected in the coming quarters.” The chart below breaks out the government guaranteed portion compared to organic delinquencies.
Delinquent Loan Summary | Organic | Purchased Govt. Guaranteed | Total | |||
($ in thousands) | ||||||
Delinquent accruing loans 30-60 days | $ | 162 | $ | 202 | $ | 364 |
Delinquent accruing loans 60-90 days | 397 | 0 | 397 | |||
Delinquent accruing loans 90+ days | 0 | 11,989 | 11,989 | |||
Total delinquent accruing loans | $ | 560 | $ | 12,191 | $ | 12,751 |
Non Accrual Loan Summary | Organic | Purchased Govt. Guaranteed | Total | |||
($ in thousands) | ||||||
Loans on non accrual | $ | 6,373 | 0.0 | $ | 6,373 | |
Non accrual loans with SBA guarantees | 4,229 | 0 | 4,229 | |||
$ | 2,143 | 0.0 | $ | 2,143 | ||
There was a
“We incurred a small net charge off during the current quarter of
The ratio of allowance for loan losses to total loans was 1.17% at
About
Forward Looking Statements
This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the
SELECT FINANCIAL INFORMATION AND RATIOS (unaudited) | For the Quarter Ended: | Percentage Change From: | Year to Date as of: | |||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | Percent Change | |||||||||||||||||
BALANCE SHEET DATA - PERIOD END BALANCES: | ||||||||||||||||||||||||
Total assets | $ | 1,294,464 | $ | 1,188,441 | $ | 1,080,103 | 9% | 20% | ||||||||||||||||
Total portfolio loans | 845,463 | 776,190 | 726,253 | 9% | 16% | |||||||||||||||||||
Investment securities | 343,843 | 339,523 | 291,969 | 1% | 18% | |||||||||||||||||||
Total deposits | 1,081,228 | 1,044,733 | 936,549 | 3% | 15% | |||||||||||||||||||
Shareholders equity, net | $ | 92,358 | $ | 81,420 | $ | 89,292 | 13% | 3% | ||||||||||||||||
SELECT INCOME STATEMENT DATA: | ||||||||||||||||||||||||
Gross revenue | $ | 17,206 | $ | 16,225 | $ | 12,697 | 6% | 36% | $ | 61,424 | $ | 48,808 | 26% | |||||||||||
Operating expense | 6,828 | 6,814 | 5,216 | 0% | 31% | 25,057 | 18,591 | 35% | ||||||||||||||||
Pre-tax, pre-provision income | 10,378 | 9,411 | 7,481 | 10% | 39% | 36,367 | 30,217 | 20% | ||||||||||||||||
Net income after tax | $ | 7,618 | $ | 6,905 | $ | 5,405 | 10% | 41% | $ | 26,520 | $ | 20,526 | 29% | |||||||||||
SHARE DATA: | ||||||||||||||||||||||||
Basic earnings per share | $ | 2.43 | $ | 2.21 | $ | 1.76 | 10% | 38% | $ | 8.50 | $ | 6.69 | 27% | |||||||||||
Fully diluted earnings per share | $ | 2.42 | $ | 2.20 | $ | 1.74 | 10% | 39% | $ | 8.44 | $ | 6.62 | 27% | |||||||||||
Book value per common share | $ | 29.41 | $ | 26.02 | $ | 29.08 | 13% | 1% | ||||||||||||||||
Common shares outstanding | 3,139,880 | 3,128,903 | 3,070,307 | 0% | 2% | |||||||||||||||||||
Fully diluted shares | 3,146,117 | 3,142,410 | 3,102,524 | 0% | 1% | |||||||||||||||||||
CFST - Stock price | $ | 60.50 | $ | 59.05 | $ | 57.00 | 2% | 6% | ||||||||||||||||
RATIOS: | ||||||||||||||||||||||||
Return on average assets | 2.41% | 2.30% | 2.00% | 5% | 21% | 2.28% | 2.06% | 11% | ||||||||||||||||
Return on average equity | 34.86% | 33.71% | 25.15% | 3% | 39% | 31.31% | 26.46% | 18% | ||||||||||||||||
Efficiency ratio | 38.99% | 41.99% | 41.09% | -7% | -5% | 40.59% | 38.32% | 6% | ||||||||||||||||
Yield on earning assets | 5.18% | 4.67% | 4.25% | 11% | 22% | 4.66% | 4.34% | 7% | ||||||||||||||||
Cost to fund earning assets | 0.20% | 0.07% | 0.08% | 163% | 143% | 0.12% | 0.10% | 20% | ||||||||||||||||
Net Interest Margin | 4.98% | 4.59% | 4.16% | 9% | 20% | 4.54% | 4.24% | 7% | ||||||||||||||||
Equity to assets | 7.13% | 6.85% | 8.27% | 4% | -14% | |||||||||||||||||||
Loan to deposits ratio | 78.19% | 74.30% | 77.55% | 5% | 1% | |||||||||||||||||||
Full time equivalent employees | 103.0 | 99.0 | 77.5 | 4% | 33% | |||||||||||||||||||
BALANCE SHEET DATA - AVERAGES: | ||||||||||||||||||||||||
Total assets | $ | 1,255,212 | $ | 1,190,568 | $ | 1,074,440 | 5% | 17% | $ | 1,162,688 | $ | 996,298 | 17% | |||||||||||
Total loans | 810,811 | 732,753 | 707,695 | 11% | 15% | 740,884 | 690,463 | 7% | ||||||||||||||||
Investment securities | 342,132 | 338,641 | 284,958 | 1% | 20% | 320,736 | 251,296 | 28% | ||||||||||||||||
Deposits | 1,091,317 | 1,049,388 | 941,227 | 4% | 16% | 1,015,213 | 869,267 | 17% | ||||||||||||||||
Shareholders equity, net | $ | 86,687 | $ | 81,283 | $ | 85,248 | 7% | 2% | $ | 84,711 | $ | 77,581 | 9% | |||||||||||
ASSET QUALITY: | ||||||||||||||||||||||||
Total delinquent accruing loans | $ | 12,750 | $ | 12,012 | $ | 4,096 | 6% | 211% | ||||||||||||||||
Nonperforming assets | $ | 6,373 | $ | 4,325 | $ | 2,930 | 47% | 118% | ||||||||||||||||
Non Accrual / Total Loans | .75% | .56% | .40% | 35% | 87% | |||||||||||||||||||
Nonperforming assets to total assets | .49% | .36% | .27% | 35% | 81% | |||||||||||||||||||
LLR / Total loans | 1.17% | 1.25% | 1.35% | -7% | -13% | |||||||||||||||||||
STATEMENT OF INCOME ($ in thousands) | For the Quarter Ended: | Percentage Change From: | For the Year Ended | |||||||||||||||||||||
(unaudited) | 2022 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | Percent Change | ||||||||||||||||
Interest Income | ||||||||||||||||||||||||
Loan interest income | $ | 11,545 | $ | 9,945 | $ | 9,103 | 16% | 27% | $ | 39,666 | $ | 34,527 | 15% | |||||||||||
Investment income | 3,401 | 2,880 | 1,853 | 18% | 84% | 10,450 | 6,688 | 56% | ||||||||||||||||
Int. on fed funds & CDs in other banks | 309 | 328 | 30 | -6% | 930% | 765 | 125 | 512% | ||||||||||||||||
Dividends from non-marketable equity | 105 | 57 | 110 | 84% | -5% | 262 | 218 | 20% | ||||||||||||||||
Interest income | 15,360 | 13,210 | 11,096 | 16% | 38% | 51,143 | 41,558 | 23% | ||||||||||||||||
Int. on deposits | 458 | 213 | 213 | 115% | 115% | 1,068 | 858 | 24% | ||||||||||||||||
Int. on short-term borrowings | 129 | 0 | 0 | 0% | 0% | 132 | 4 | 3200% | ||||||||||||||||
Int. on long-term debt | 464 | 464 | 464 | 0% | 0% | 1,858 | 1,858 | 0% | ||||||||||||||||
Interest expense | 1,051 | 677 | 677 | 55% | 55% | 3,058 | 2,720 | 12% | ||||||||||||||||
Net interest income | 14,309 | 12,533 | 10,419 | 14% | 37% | 48,085 | 38,838 | 24% | ||||||||||||||||
Provision for loan losses | 300 | 0 | 0 | 0% | 0% | 300 | 2,000 | -85% | ||||||||||||||||
Net interest income after provision | 14,009 | 12,533 | 10,419 | 12% | 34% | 47,785 | 36,838 | 30% | ||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Total deposit fee income | 600 | 601 | 462 | -0% | 30% | 2,217 | 1,573 | 41% | ||||||||||||||||
Debit / credit card interchange income | 137 | 134 | 136 | 2% | 1% | 539 | 506 | 7% | ||||||||||||||||
Merchant services income | 2,421 | 2,166 | 1,111 | 12% | 118% | 8,435 | 4,000 | 111% | ||||||||||||||||
Gain on sale of loans | (309 | ) | 621 | 413 | -150% | -175% | 1,613 | 2,984 | -46% | |||||||||||||||
Other operating income | 48 | 170 | 156 | -72% | -69% | 535 | 907 | -41% | ||||||||||||||||
Non-interest income | 2,897 | 3,692 | 2,278 | -22% | 27% | 13,339 | 9,970 | 34% | ||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Salaries & employee benefits | 4,067 | 4,065 | 3,265 | 0% | 25% | 15,341 | 11,516 | 33% | ||||||||||||||||
Occupancy expense | 305 | 287 | 202 | 6% | 51% | 1,124 | 827 | 36% | ||||||||||||||||
Other operating expense | 2,456 | 2,462 | 1,749 | -0% | 40% | 8,592 | 6,248 | 38% | ||||||||||||||||
Non-interest expense | 6,828 | 6,814 | 5,216 | 0% | 31% | 25,057 | 18,591 | 35% | ||||||||||||||||
Net income before tax | 10,078 | 9,411 | 7,481 | 7% | 35% | 36,067 | 28,217 | 28% | ||||||||||||||||
Tax provision | 2,460 | 2,506 | 2,076 | -2% | 18% | 9,547 | 7,691 | 24% | ||||||||||||||||
Net income after tax | $ | 7,618 | $ | 6,905 | $ | 5,405 | 10% | 41% | $ | 26,520 | $ | 20,526 | 29% | |||||||||||
BALANCE SHEET ($ in thousands ) | End of Period: | Percentage Change From: | |||||||||||||
(unaudited) | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||
ASSETS | |||||||||||||||
Cash and due from banks | $ | 19,558 | $ | 21,212 | $ | 13,418 | -8% | 46% | |||||||
Fed funds sold and deposits in banks | 37,415 | 7,995 | 23,362 | 368% | 60% | ||||||||||
CDs in other banks | 2,983 | 2,983 | 1,490 | 0% | 100% | ||||||||||
Investment securities | 343,843 | 339,523 | 291,969 | 1% | 18% | ||||||||||
Loans held for sale | 11,063 | 0 | 3,811 | 0% | 190% | ||||||||||
Portfolio loans outstanding: | |||||||||||||||
RE constr & land development | 63,265 | 54,477 | 31,916 | 16% | 98% | ||||||||||
Residential RE 1-4 Family | 17,802 | 15,815 | 17,150 | 13% | 4% | ||||||||||
493,358 | 452,727 | 382,023 | 9% | 29% | |||||||||||
Agriculture | 58,494 | 58,531 | 57,348 | -0% | 2% | ||||||||||
Commercial and Industrial | 211,915 | 192,683 | 185,155 | 10% | 14% | ||||||||||
SBA PPP Loans | 242 | 1,389 | 52,594 | -83% | -100% | ||||||||||
Consumer and Other | 387 | 568 | 67 | -32% | 478% | ||||||||||
Total Portfolio Loans | 845,463 | 776,190 | 726,253 | 9% | 16% | ||||||||||
Deferred fees & discounts | (2,910 | ) | (2,618 | ) | (2,981 | ) | 11% | -2% | |||||||
Allowance for loan losses | (9,914 | ) | (9,738 | ) | (9,785 | ) | 2% | 1% | |||||||
Loans, net | 832,639 | 763,834 | 713,487 | 9% | 17% | ||||||||||
Non-marketable equity investments | 5,554 | 5,553 | 4,132 | 0% | 34% | ||||||||||
Cash value of life insurance | 8,592 | 8,544 | 8,397 | 1% | 2% | ||||||||||
Accrued interest and other assets | 32,817 | 38,797 | 20,037 | -15% | 64% | ||||||||||
Total assets | $ | 1,294,464 | $ | 1,188,441 | $ | 1,080,103 | 9% | 20% | |||||||
LIABILITIES AND EQUITY | |||||||||||||||
Non-interest bearing deposits | $ | 737,078 | $ | 724,425 | $ | 594,044 | 2% | 24% | |||||||
Interest checking | 41,816 | 30,345 | 26,277 | 38% | 59% | ||||||||||
Savings | 77,311 | 76,987 | 81,324 | 0% | -5% | ||||||||||
Money market | 169,901 | 172,206 | 168,423 | -1% | 1% | ||||||||||
Certificates of deposits | 55,122 | 40,770 | 66,481 | 35% | -17% | ||||||||||
Total deposits | 1,081,228 | 1,044,733 | 936,549 | 3% | 15% | ||||||||||
Short-term borrowings | 65,000 | 0 | 0 | 0% | 0% | ||||||||||
Long-term debt | 39,441 | 39,402 | 39,283 | 0% | 0% | ||||||||||
Other liabilities | 16,437 | 22,886 | 14,979 | -28% | 10% | ||||||||||
Total liabilities | 1,202,106 | 1,107,021 | 990,811 | 9% | 21% | ||||||||||
Common stock & paid in capital | 34,369 | 33,937 | 32,486 | 1% | 6% | ||||||||||
Retained earnings | 80,469 | 72,851 | 53,948 | 10% | 49% | ||||||||||
Total equity | 114,838 | 106,788 | 86,434 | 8% | 33% | ||||||||||
Accumulated other comprehensive income | (22,480 | ) | (25,368 | ) | 2,858 | -11% | -887% | ||||||||
Shareholders equity, net | 92,358 | 81,420 | 89,292 | 13% | 3% | ||||||||||
Total Liabilities and shareholders' equity | $ | 1,294,464 | $ | 1,188,441 | $ | 1,080,103 | 9% | 20% | |||||||
ASSET QUALITY ($ in thousands) | Period Ended: | ||||||||
(unaudited) | 2022 | 2022 | 2021 | ||||||
Delinquent accruing loans 30-60 days | $ | 364 | $ | 350 | $ | 3,832 | |||
Delinquent accruing loans 60-90 days | $ | 397 | 0.0 | $ | 254 | ||||
Delinquent accruing loans 90+ days | $ | 11,989 | $ | 11,662 | $ | 10 | |||
Total delinquent accruing loans | $ | 12,750 | $ | 12,012 | $ | 4,096 | |||
Loans on non accrual | $ | 6,373 | $ | 4,325 | $ | 2,930 | |||
Other real estate owned | 0.0 | 0.0 | 0.0 | ||||||
Nonperforming assets | $ | 6,373 | $ | 4,325 | $ | 2,930 | |||
Performing restructured loans | $ | 766 | $ | 767 | $ | 828 | |||
Delq 30-60 / Total Loans | .04% | .05% | .53% | ||||||
Delq 60-90 / Total Loans | .05% | .00% | .04% | ||||||
Delq 90+ / Total Loans | 1.42% | 1.50% | .00% | ||||||
Delinquent Loans / Total Loans | 1.51% | 1.55% | .56% | ||||||
Non Accrual / Total Loans | .75% | .56% | .40% | ||||||
Nonperforming assets to total assets | .49% | .36% | .27% | ||||||
Year-to-date charge-off activity | |||||||||
Charge-offs | $ | 187 | $ | 56 | $ | 64 | |||
Recoveries | $ | 16 | $ | 9 | 0.0 | ||||
Net charge-offs | $ | 171 | $ | 47 | $ | 64 | |||
Annualized net loan losses (recoveries) to average loans | .02% | .01% | .01% | ||||||
LOAN LOSS RESERVE RATIOS: | |||||||||
Reserve for loan losses | $ | 9,914 | $ | 9,738 | $ | 9,785 | |||
Total loans | $ | 845,463 | $ | 776,190 | $ | 726,253 | |||
Purchased govt. guaranteed loans | $ | 29,906 | $ | 31,386 | $ | 41,497 | |||
Originated govt. guaranteed loans | $ | 45,519 | $ | 42,939 | $ | 90,493 | |||
LLR / Total loans | 1.17% | 1.25% | 1.35% | ||||||
LLR / Loans less 100% govt. gte. loans (PPP and purchased) | 1.22% | 1.31% | 1.55% | ||||||
LLR / Loans less all govt. guaranteed loans | 1.29% | 1.39% | 1.65% | ||||||
LLR / Total assets | .77% | .82% | .91% | ||||||
SELECT FINANCIAL TREND INFORMATION (unaudited) | For the Quarter Ended: | |||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||||
BALANCE SHEET DATA - PERIOD END BALANCES: | ||||||||||||||||
Total assets | $ | 1,294,464 | $ | 1,188,441 | $ | 1,144,334 | $ | 1,102,540 | $ | 1,080,103 | ||||||
Loans held for sale | 11,063 | 0 | 6,062 | 5,430 | 3,811 | |||||||||||
Loans held for investment ex. PPP | 845,221 | 774,801 | 718,698 | 670,934 | 673,659 | |||||||||||
PPP Loans | 242 | 1,389 | 3,934 | 22,378 | 52,594 | |||||||||||
Investment securities | 343,843 | 339,523 | 320,279 | 291,975 | 291,969 | |||||||||||
Non-interest bearing deposits | 737,078 | 724,425 | 695,977 | 611,890 | 594,044 | |||||||||||
Interest bearing deposits | 344,150 | 320,308 | 308,175 | 349,620 | 342,505 | |||||||||||
Total deposits | 1,081,228 | 1,044,733 | 1,004,152 | 961,510 | 936,549 | |||||||||||
Short-term borrowings | 65,000 | 0 | 0 | 0 | 0 | |||||||||||
Long-term debt | 39,441 | 39,402 | 39,362 | 39,323 | 39,283 | |||||||||||
Total equity | 114,838 | 106,788 | 99,424 | 92,873 | 86,434 | |||||||||||
Accumulated other comprehensive income | (22,480 | ) | (25,368 | ) | (17,672 | ) | (7,296 | ) | 2,858 | |||||||
Shareholders equity, net | $ | 92,358 | $ | 81,420 | $ | 81,752 | $ | 85,577 | $ | 89,292 | ||||||
INCOME STATEMENT - QUARTERLY VALUES: | ||||||||||||||||
Interest income | $ | 15,360 | $ | 13,210 | $ | 11,358 | $ | 11,216 | $ | 11,096 | ||||||
Int. on dep. & short-term borrowings | 587 | 213 | 191 | 209 | 213 | |||||||||||
Int. on long-term debt | 464 | 464 | 465 | 464 | 464 | |||||||||||
Interest expense | 1,051 | 677 | 656 | 673 | 677 | |||||||||||
Net interest income | 14,309 | 12,533 | 10,702 | 10,543 | 10,419 | |||||||||||
Non-interest income | 2,897 | 3,692 | 3,490 | 3,258 | 2,278 | |||||||||||
Gross revenue | 17,206 | 16,225 | 14,192 | 13,801 | 12,697 | |||||||||||
Provision for loan losses | 300 | 0 | 0 | 0 | 0 | |||||||||||
Non-interest expense | 6,828 | 6,814 | 5,536 | 5,880 | 5,216 | |||||||||||
Net income before tax | 10,078 | 9,411 | 8,656 | 7,921 | 7,481 | |||||||||||
Tax provision | 2,460 | 2,506 | 2,448 | 2,132 | 2,076 | |||||||||||
Net income after tax | $ | 7,618 | $ | 6,905 | $ | 6,208 | $ | 5,789 | $ | 5,405 | ||||||
BALANCE SHEET DATA - QUARTERLY AVERAGES: | ||||||||||||||||
Total assets | $ | 1,255,212 | $ | 1,190,568 | $ | 1,105,754 | $ | 1,097,173 | $ | 1,074,440 | ||||||
Loans held for sale | 1,971 | 3,112 | 12,728 | 3,806 | 4,492 | |||||||||||
Loans held for investment ex. PPP | 810,417 | 730,410 | 680,584 | 686,639 | 640,412 | |||||||||||
PPP Loans | 394 | 2,342 | 13,401 | 38,497 | 67,283 | |||||||||||
Investment securities | 342,132 | 338,641 | 304,428 | 297,048 | 284,958 | |||||||||||
Non-interest bearing deposits | 754,832 | 732,946 | 654,968 | 603,185 | 593,190 | |||||||||||
Interest bearing deposits | 336,486 | 316,443 | 309,742 | 350,362 | 348,036 | |||||||||||
Total deposits | 1,091,317 | 1,049,388 | 964,710 | 953,547 | 941,227 | |||||||||||
Short-term borrowings | 14,060 | 0 | 2,330 | 1,432 | 3 | |||||||||||
Long-term debt | 39,423 | 39,383 | 39,344 | 39,305 | 39,265 | |||||||||||
Total equity | 113,080 | 98,372 | 95,137 | 88,468 | 82,751 | |||||||||||
Accumulated other comprehensive income | (26,393 | ) | (17,089 | ) | (12,834 | ) | 159 | 2,497 | ||||||||
Shareholders equity, net | $ | 86,687 | $ | 81,283 | $ | 82,304 | $ | 88,627 | $ | 85,248 | ||||||
Contact:
(559) 439-0200
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