Bridgewater Bancshares, Inc. Announces Fourth Quarter 2022 Net Income of $13.7 Million, $0.45 Diluted Earnings Per Common Share
Bridgewater Bancshares, Inc. (Nasdaq: BWB) reported a fourth-quarter net income of $13.7 million, down 5.4% from Q3 2022 but up 9.8% from Q4 2021. Earnings per diluted share were $0.45, a 5.6% decrease from the previous quarter. The company noted strong balance sheet growth, with gross loans increasing by $189.4 million (22.2% annualized) and deposits up $111.5 million (13.4% annualized). However, net interest margin compressed to 3.16% from 3.53% in Q3 due to rising interest rates. The company expects ongoing challenges in 2023 but intends to focus on profitable growth. Annual earnings per share for 2022 increased 12.0% to $1.72 compared to 2021.
- Net income increased 9.8% year-over-year in Q4 2022.
- Diluted earnings per share rose 14.2% year-over-year.
- Gross loans grew by $750.0 million or 26.6% year-over-year.
- Deposits increased $470.3 million or 16.0% year-over-year.
- Return on average shareholders' equity (ROE) was 14.06%.
- Net income decreased 5.4% from Q3 2022.
- Earnings per share fell 5.6% from the previous quarter.
- Net interest margin dropped to 3.16% from 3.53% in Q3 2022.
- Provision for loan losses increased $1.5 million to support loan growth.
“Bridgewater delivered another strong year of financial results in 2022 highlighted again by our robust balance sheet growth, highly efficient business model and superb asset quality, with all of these trends continuing in the fourth quarter,” said Chairman, Chief Executive Officer and President,
Fourth Quarter 2022 Financial Results |
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Diluted |
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Adjusted |
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Nonperforming |
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ROA |
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PPNR ROA (1) |
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ROE |
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earnings per share |
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efficiency ratio (1) |
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assets to total assets |
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1.28 |
% |
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1.82 |
% |
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14.06 |
% |
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$ |
0.45 |
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43.5 |
% |
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0.01 |
% |
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(1) | Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details. |
Fourth Quarter 2022 Highlights
-
Diluted earnings per common share were
, compared to$0.45 per common share for the third quarter of 2022.$0.47 -
Pre-provision net revenue (PPNR), a non-GAAP financial measure, of
, compared to$19.5 million for the third quarter of 2022, a decrease of$21.4 million , or$1.9 million 9.0% . PPNR ROA, a non-GAAP financial measure, was1.82% , compared to2.15% for the third quarter of 2022. -
Annualized return on average assets (ROA) and annualized return on average shareholders’ equity (ROE) for the fourth quarter of 2022 were
1.28% and14.06% , compared to ROA and ROE of1.46% and14.99% , respectively, for the third quarter of 2022. Annualized return on average tangible common equity, a non-GAAP financial measure, was15.86% for the fourth quarter of 2022, compared to17.03% for the third quarter of 2022. -
Gross loans increased
, or$189.4 million 22.2% annualized, from the third quarter of 2022. -
Deposits increased
, or$111.5 million 13.4% annualized, from the third quarter of 2022. -
Net interest margin (on a fully tax-equivalent basis) was
3.16% , compared to3.53% in the third quarter of 2022. Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure which excludes the impact of loan fees and PPP balances, interest, and fees, was3.05% , compared to3.38% in the third quarter of 2022. -
Adjusted efficiency ratio, a non-GAAP financial measure which excludes the impact of certain non-routine income and expenses from noninterest expense, was
43.5% , compared to39.4% for the third quarter of 2022. -
A loan loss provision of
was recorded to support strong organic loan growth in the fourth quarter of 2022. The allowance for loan losses to total loans was$1.5 million 1.34% atDecember 31, 2022 , compared to1.38% atSeptember 30, 2022 . -
Annualized net loan charge-offs (recoveries) as a percentage of average loans were
0.00% for the fourth quarter of 2022, compared to (0.03)% for the third quarter of 2022. -
Tangible book value per share, a non-GAAP financial measure, increased
, or$0.36 12.7% annualized, to at$11.69 December 31, 2022 , compared to at$11.33 September 30, 2022 .
Annual 2022 Highlights
-
Diluted earnings per common share for the year ended
December 31, 2022 were , a$1.72 12.0% increase, compared to for the year ended$1.54 December 31, 2021 . -
PPNR, a non-GAAP financial measure, was
for the year ended$79.7 million December 31, 2022 , an increase of18.8% , compared to for the year ended$67.1 million December 31, 2021 . PPNR ROA, a non-GAAP financial measure, was2.06% for the year endedDecember 31, 2022 , compared to2.10% for the year endedDecember 31, 2021 . -
Gross loans increased
at$750.0 million December 31, 2022 , or26.6% , compared toDecember 31, 2021 . -
Deposits increased
at$470.3 million December 31, 2022 , or16.0% , compared toDecember 31, 2021 . -
Net interest margin (on a fully tax-equivalent basis) was
3.45% for the year endedDecember 31, 2022 , compared to3.54% for the year endedDecember 31, 2021 . Core net interest margin (on a fully tax-equivalent basis), a non-GAAP financial measure, for the year endedDecember 31, 2022 was3.27% , compared to3.28% for the year endedDecember 31, 2021 . -
Adjusted efficiency ratio, a non-GAAP financial measure, was
41.2% for the year endedDecember 31, 2022 , compared to41.0% for the year endedDecember 31, 2021 . -
Net loan charge-offs (recoveries) as a percentage of average loans were (0.01)% for the year ended
December 31, 2022 , compared to0.00% for the year endedDecember 31, 2021 . -
The ratio of nonperforming assets to total assets was
0.01% atDecember 31, 2022 , compared to0.02% atDecember 31, 2021 . -
Tangible book value per share, a non-GAAP financial measure, increased
, or$0.71 6.5% , to at$11.69 December 31, 2022 , compared to at$10.98 December 31, 2021 , despite the market value depreciation of the securities portfolio due to rapidly rising interest rates, which continue to negatively impact accumulated other comprehensive income.
Key Financial Measures |
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As of and for the Three Months Ended |
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As of and for the Year Ended |
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2022 |
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2022 |
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2021 |
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2022 |
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2021 |
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Per Common Share Data |
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Basic Earnings Per Share |
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$ |
0.46 |
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$ |
0.49 |
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$ |
0.41 |
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$ |
1.78 |
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$ |
1.59 |
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Diluted Earnings Per Share |
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0.45 |
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0.47 |
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0.39 |
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1.72 |
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1.54 |
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Book Value Per Share |
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11.80 |
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11.44 |
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11.09 |
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Tangible Book Value Per Share (1) |
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11.69 |
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11.33 |
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10.98 |
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Basic Weighted Average Shares Outstanding |
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27,558,983 |
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27,520,117 |
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28,004,334 |
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27,758,336 |
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28,027,454 |
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Diluted Weighted Average Shares Outstanding |
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28,527,306 |
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28,592,854 |
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29,038,785 |
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28,668,177 |
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28,968,286 |
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Shares Outstanding at Period End |
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27,751,950 |
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27,587,978 |
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28,206,566 |
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Selected Performance Ratios |
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Return on Average Assets (Annualized) |
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1.28 |
% |
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1.46 |
% |
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1.46 |
% |
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1.38 |
% |
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1.43 |
% |
Pre-Provision Net Revenue Return on Average Assets (Annualized) (1) |
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1.82 |
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2.15 |
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2.11 |
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2.06 |
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2.10 |
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Return on Average Shareholders' Equity (Annualized) |
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14.06 |
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14.99 |
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13.27 |
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13.90 |
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14.45 |
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Return on Average Tangible Common Equity (Annualized) (1) |
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15.86 |
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17.03 |
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14.78 |
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15.69 |
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15.45 |
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Yield on Interest Earning Assets(2) |
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4.67 |
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4.37 |
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4.06 |
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4.35 |
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4.16 |
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Yield on Total Loans, Gross(2) |
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4.87 |
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4.59 |
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4.49 |
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4.60 |
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4.60 |
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Cost of Total Deposits |
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1.31 |
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0.73 |
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0.45 |
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0.75 |
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0.51 |
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Cost of Funds |
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1.67 |
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0.93 |
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0.61 |
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0.99 |
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0.68 |
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Net Interest Margin (2) |
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3.16 |
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3.53 |
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3.51 |
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3.45 |
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3.54 |
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Core Net Interest Margin (1)(2) |
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3.05 |
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3.38 |
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3.25 |
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3.27 |
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3.28 |
|
Efficiency Ratio (1) |
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43.8 |
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39.8 |
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40.8 |
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41.5 |
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42.0 |
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Adjusted Efficiency Ratio (1) |
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43.5 |
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39.4 |
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40.3 |
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41.2 |
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41.0 |
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Noninterest Expense to Average Assets (Annualized) |
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1.42 |
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1.42 |
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1.45 |
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1.46 |
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1.51 |
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Adjusted Noninterest Expense to Average Assets (Annualized) (1) |
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1.41 |
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1.41 |
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1.43 |
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1.45 |
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1.47 |
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Loan to Deposit Ratio |
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104.5 |
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102.3 |
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95.7 |
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Core Deposits to Total Deposits (3) |
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74.6 |
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83.0 |
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85.4 |
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Tangible Common Equity to Tangible Assets (1) |
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7.48 |
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7.57 |
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8.91 |
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Capital Ratios (Bank Only) (4) |
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Tier 1 Leverage Ratio |
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10.76 |
% |
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11.24 |
% |
|
11.09 |
% |
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Common Equity Tier 1 Risk-based Capital Ratio |
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11.29 |
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11.46 |
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11.69 |
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Tier 1 Risk-based Capital Ratio |
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11.29 |
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11.46 |
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11.69 |
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Total Risk-based Capital Ratio |
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12.47 |
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12.67 |
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12.94 |
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Capital Ratios (Consolidated) (4) |
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Tier 1 Leverage Ratio |
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9.55 |
% |
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9.98 |
% |
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10.82 |
% |
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Common Equity Tier 1 Risk-based Capital Ratio |
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8.40 |
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8.47 |
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9.36 |
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Tier 1 Risk-based Capital Ratio |
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10.03 |
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10.19 |
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11.43 |
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Total Risk-based Capital Ratio |
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13.15 |
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13.78 |
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15.55 |
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_________________________
(1) |
Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details. |
(2) |
Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of |
(3) |
Core deposits are defined as total deposits less brokered deposits and certificates of deposit greater than |
(4) |
Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies. |
Selected Financial Data |
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(dollars in thousands) |
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2022 |
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2022 |
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2022 |
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2022 |
|
2021 |
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Selected Balance Sheet Data |
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Total Assets |
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$ |
4,345,662 |
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$ |
4,128,987 |
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$ |
3,883,264 |
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$ |
3,607,920 |
|
$ |
3,477,659 |
Total Loans, Gross |
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3,569,446 |
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3,380,082 |
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3,225,885 |
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2,987,967 |
|
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2,819,472 |
Allowance for Loan Losses |
|
|
47,996 |
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46,491 |
|
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44,711 |
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41,692 |
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40,020 |
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2,914 |
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2,962 |
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|
3,009 |
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|
3,057 |
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3,105 |
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Deposits |
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3,416,543 |
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3,305,074 |
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3,201,953 |
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3,035,611 |
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2,946,237 |
Tangible Common Equity (1) |
|
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324,636 |
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312,531 |
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305,360 |
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|
309,870 |
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309,653 |
Total Shareholders' Equity |
|
|
394,064 |
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|
382,007 |
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|
374,883 |
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|
379,441 |
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|
379,272 |
Average Total Assets - Quarter-to-Date |
|
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4,251,345 |
|
|
3,948,201 |
|
|
3,743,575 |
|
|
3,513,798 |
|
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3,403,270 |
Average Shareholders' Equity - Quarter-to-Date |
|
|
387,589 |
|
|
384,020 |
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|
381,448 |
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|
383,024 |
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|
374,035 |
_________________________
(1) | Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for further details. |
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For the Three Months Ended |
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For the Year Ended |
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(dollars in thousands) |
|
2022 |
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2022 |
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2021 |
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2022 |
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2021 |
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Selected Income Statement Data |
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Interest Income |
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$ |
48,860 |
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$ |
42,359 |
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$ |
33,775 |
|
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$ |
163,695 |
|
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$ |
128,879 |
|
Interest Expense |
|
|
15,967 |
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|
8,264 |
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|
4,622 |
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|
33,997 |
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|
19,370 |
|
Net Interest Income |
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|
32,893 |
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|
34,095 |
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29,153 |
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|
129,698 |
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|
109,509 |
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Provision for Loan Losses |
|
|
1,500 |
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|
1,500 |
|
|
|
1,150 |
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|
7,700 |
|
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|
5,150 |
|
Net Interest Income after Provision for Loan Losses |
|
|
31,393 |
|
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|
32,595 |
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|
28,003 |
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|
121,998 |
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|
104,359 |
|
Noninterest Income |
|
|
1,738 |
|
|
|
1,387 |
|
|
|
1,288 |
|
|
|
6,332 |
|
|
|
5,309 |
|
Noninterest Expense |
|
|
15,203 |
|
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|
14,157 |
|
|
|
12,459 |
|
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|
56,620 |
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|
48,095 |
|
Income Before Income Taxes |
|
|
17,928 |
|
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|
19,825 |
|
|
|
16,832 |
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|
71,710 |
|
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|
61,573 |
|
Provision for Income Taxes |
|
|
4,193 |
|
|
|
5,312 |
|
|
|
4,318 |
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|
18,318 |
|
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|
15,886 |
|
Net Income |
|
|
13,735 |
|
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|
14,513 |
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|
|
12,514 |
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|
53,392 |
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|
45,687 |
|
Preferred Stock Dividends |
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|
(1,014 |
) |
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|
(1,013 |
) |
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|
(1,171 |
) |
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(4,054 |
) |
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|
(1,171 |
) |
Net Income Available to Common Shareholders |
|
$ |
12,721 |
|
|
$ |
13,500 |
|
|
$ |
11,343 |
|
|
$ |
49,338 |
|
|
$ |
44,516 |
|
Income Statement
Net Interest Income
Net interest income was
Net interest margin (on a fully tax-equivalent basis) for the fourth quarter of 2022 was
As the PPP loan portfolio has almost fully paid off, the recognition of fees associated with the originations has decreased significantly, which impacts comparability between periods. The Company recognized
Interest income was
Loan interest income and loan fees remain the primary contributing factors to the changes in the yield on interest earning assets. The aggregate loan yield, excluding PPP loans, increased to
A summary of interest and fees recognized on loans, excluding PPP loans, for the periods indicated is as follows:
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Three Months Ended |
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Interest |
|
4.74 |
% |
|
4.42 |
% |
|
4.17 |
% |
|
4.15 |
% |
|
4.20 |
% |
Fees |
|
0.12 |
|
|
0.17 |
|
|
0.26 |
|
|
0.25 |
|
|
0.21 |
|
Yield on Loans,
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|
4.86 |
% |
|
4.59 |
% |
|
4.43 |
% |
|
4.40 |
% |
|
4.41 |
% |
Interest expense was
Interest expense on deposits was
A summary of the Company’s average balances, interest yields and rates, and net interest margin for the three months ended
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For the Three Months Ended |
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Average |
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Interest |
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Yield/ |
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Average |
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Interest |
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Yield/ |
|
Average |
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Interest |
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Yield/ |
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Balance |
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& Fees |
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Rate |
|
Balance |
|
& Fees |
|
Rate |
|
Balance |
|
& Fees |
|
Rate |
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(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cash Investments |
|
$ |
65,393 |
|
$ |
366 |
|
|
2.22 |
% |
$ |
57,613 |
|
$ |
165 |
|
|
1.13 |
% |
$ |
146,744 |
|
$ |
65 |
|
|
0.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
540,601 |
|
|
5,268 |
|
|
3.87 |
|
|
461,255 |
|
|
3,741 |
|
|
3.22 |
|
|
341,325 |
|
|
1,893 |
|
|
2.20 |
|
|
|
|
67,867 |
|
|
728 |
|
|
4.26 |
|
|
75,801 |
|
|
799 |
|
|
4.18 |
|
|
71,602 |
|
|
782 |
|
|
4.33 |
|
|
|
|
608,468 |
|
|
5,996 |
|
|
3.91 |
|
|
537,056 |
|
|
4,540 |
|
|
3.35 |
|
|
412,927 |
|
|
2,675 |
|
|
2.57 |
|
Paycheck Protection Program Loans (2) |
|
|
1,109 |
|
|
48 |
|
|
17.06 |
|
|
2,424 |
|
|
96 |
|
|
15.75 |
|
|
39,900 |
|
|
1,057 |
|
|
10.51 |
|
Loans (1)(2) |
|
|
3,481,041 |
|
|
42,654 |
|
|
4.86 |
|
|
3,263,390 |
|
|
37,724 |
|
|
4.59 |
|
|
2,715,722 |
|
|
30,154 |
|
|
4.41 |
|
Total Loans |
|
|
3,482,150 |
|
|
42,702 |
|
|
4.87 |
|
|
3,265,814 |
|
|
37,820 |
|
|
4.59 |
|
|
2,755,622 |
|
|
31,211 |
|
|
4.49 |
|
Federal Home Loan |
|
|
21,633 |
|
|
163 |
|
|
2.99 |
|
|
11,413 |
|
|
156 |
|
|
5.42 |
|
|
5,310 |
|
|
59 |
|
|
4.39 |
|
Total Interest Earning Assets |
|
|
4,177,644 |
|
|
49,227 |
|
|
4.67 |
% |
|
3,871,896 |
|
|
42,681 |
|
|
4.37 |
% |
|
3,320,603 |
|
|
34,010 |
|
|
4.06 |
% |
Noninterest Earning Assets |
|
|
73,701 |
|
|
|
|
|
|
|
76,305 |
|
|
|
|
|
|
|
82,667 |
|
|
|
|
|
|
|||
Total Assets |
|
$ |
4,251,345 |
|
|
|
|
|
|
$ |
3,948,201 |
|
|
|
|
|
|
$ |
3,403,270 |
|
|
|
|
|
|
|||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest Bearing Transaction Deposits |
|
$ |
464,631 |
|
$ |
2,013 |
|
|
1.72 |
% |
$ |
517,658 |
|
$ |
1,032 |
|
|
0.79 |
% |
$ |
499,475 |
|
$ |
548 |
|
|
0.43 |
% |
Savings and Money Market Deposits |
|
|
1,048,227 |
|
|
4,533 |
|
|
1.72 |
|
|
999,932 |
|
|
2,494 |
|
|
0.99 |
|
|
803,848 |
|
|
876 |
|
|
0.43 |
|
Time Deposits |
|
|
281,334 |
|
|
1,007 |
|
|
1.42 |
|
|
288,621 |
|
|
847 |
|
|
1.16 |
|
|
299,823 |
|
|
830 |
|
|
1.10 |
|
Brokered Deposits |
|
|
537,351 |
|
|
3,228 |
|
|
2.38 |
|
|
447,034 |
|
|
1,612 |
|
|
1.43 |
|
|
404,438 |
|
|
987 |
|
|
0.97 |
|
Total Interest Bearing Deposits |
|
|
2,331,543 |
|
|
10,781 |
|
|
1.83 |
|
|
2,253,245 |
|
|
5,985 |
|
|
1.05 |
|
|
2,007,584 |
|
|
3,241 |
|
|
0.64 |
|
Federal Funds Purchased |
|
|
340,471 |
|
|
3,379 |
|
|
3.94 |
|
|
106,826 |
|
|
709 |
|
|
2.63 |
|
|
10 |
|
|
— |
|
|
0.67 |
|
Notes Payable |
|
|
11,359 |
|
|
202 |
|
|
7.04 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
FHLB Advances |
|
|
94,103 |
|
|
575 |
|
|
2.42 |
|
|
72,343 |
|
|
328 |
|
|
1.80 |
|
|
44,185 |
|
|
162 |
|
|
1.46 |
|
Subordinated Debentures |
|
|
81,242 |
|
|
1,030 |
|
|
5.03 |
|
|
92,503 |
|
|
1,242 |
|
|
5.33 |
|
|
92,189 |
|
|
1,219 |
|
|
5.25 |
|
Total Interest Bearing Liabilities |
|
|
2,858,718 |
|
|
15,967 |
|
|
2.22 |
% |
|
2,524,917 |
|
|
8,264 |
|
|
1.30 |
% |
|
2,143,968 |
|
|
4,622 |
|
|
0.86 |
% |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Noninterest Bearing Transaction Deposits |
|
|
943,232 |
|
|
|
|
|
|
|
991,545 |
|
|
|
|
|
|
|
861,473 |
|
|
|
|
|
|
|||
Other Noninterest Bearing Liabilities |
|
|
61,806 |
|
|
|
|
|
|
|
47,719 |
|
|
|
|
|
|
|
23,794 |
|
|
|
|
|
|
|||
Total Noninterest Bearing Liabilities |
|
|
1,005,038 |
|
|
|
|
|
|
|
1,039,264 |
|
|
|
|
|
|
|
885,267 |
|
|
|
|
|
|
|||
Shareholders' Equity |
|
|
387,589 |
|
|
|
|
|
|
|
384,020 |
|
|
|
|
|
|
|
374,035 |
|
|
|
|
|
|
|||
Total Liabilities and Shareholders' Equity |
|
$ |
4,251,345 |
|
|
|
|
|
|
$ |
3,948,201 |
|
|
|
|
|
|
$ |
3,403,270 |
|
|
|
|
|
|
|||
Net Interest Income / Interest Rate Spread |
|
|
|
|
|
33,260 |
|
|
2.45 |
% |
|
|
|
|
34,417 |
|
|
3.07 |
% |
|
|
|
|
29,388 |
|
|
3.20 |
% |
Net Interest Margin (3) |
|
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
3.53 |
% |
|
|
|
|
|
|
3.51 |
% |
|||
Taxable Equivalent Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
(367 |
) |
|
|
|
|
|
|
|
(322 |
) |
|
|
|
|
|
|
|
(235 |
) |
|
|
|
Net Interest Income |
|
|
|
|
$ |
32,893 |
|
|
|
|
|
|
|
$ |
34,095 |
|
|
|
|
|
|
|
$ |
29,153 |
|
|
|
|
_________________________
(1) |
Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of |
(2) |
Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs. |
(3) |
Net interest margin includes the tax equivalent adjustment and represents the annualized results of: (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. |
Provision for Loan Losses
The provision for loan losses was
As an emerging growth company, the Company anticipates adopting Accounting Standards Update No. 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments,” as of
The following table presents the activity in the Company’s allowance for loan losses for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Balance at Beginning of Period |
|
$ |
46,491 |
|
|
$ |
44,711 |
|
|
$ |
38,901 |
|
|
$ |
40,020 |
|
|
$ |
34,841 |
|
Provision for Loan Losses |
|
|
1,500 |
|
|
|
1,500 |
|
|
|
1,150 |
|
|
|
7,700 |
|
|
|
5,150 |
|
Charge-offs |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(37 |
) |
|
|
(37 |
) |
|
|
(74 |
) |
Recoveries |
|
|
8 |
|
|
|
285 |
|
|
|
6 |
|
|
|
313 |
|
|
|
103 |
|
Balance at End of Period |
|
$ |
47,996 |
|
|
$ |
46,491 |
|
|
$ |
40,020 |
|
|
$ |
47,996 |
|
|
$ |
40,020 |
|
Noninterest Income
Noninterest income was
The following table presents the major components of noninterest income for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||
Noninterest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer Service Fees |
|
$ |
344 |
|
$ |
313 |
|
$ |
274 |
|
$ |
1,236 |
|
$ |
1,007 |
|
|
|
30 |
|
|
— |
|
|
— |
|
|
82 |
|
|
750 |
Letter of Credit Fees |
|
|
358 |
|
|
428 |
|
|
541 |
|
|
1,592 |
|
|
1,676 |
Debit Card Interchange Fees |
|
|
148 |
|
|
153 |
|
|
149 |
|
|
586 |
|
|
563 |
Swap Fees |
|
|
— |
|
|
— |
|
|
— |
|
|
557 |
|
|
— |
Bank-Owned Life Insurance |
|
|
238 |
|
|
227 |
|
|
150 |
|
|
762 |
|
|
316 |
Other Income |
|
|
620 |
|
|
266 |
|
|
174 |
|
|
1,517 |
|
|
997 |
Totals |
|
$ |
1,738 |
|
$ |
1,387 |
|
$ |
1,288 |
|
$ |
6,332 |
|
$ |
5,309 |
Noninterest Expense
Noninterest expense was
The following table presents the major components of noninterest expense for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||
Noninterest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and Employee Benefits |
|
$ |
9,821 |
|
$ |
9,449 |
|
$ |
7,966 |
|
$ |
36,941 |
|
$ |
30,889 |
Occupancy and Equipment |
|
|
1,177 |
|
|
1,086 |
|
|
939 |
|
|
4,390 |
|
|
3,916 |
FDIC Insurance Assessment |
|
|
360 |
|
|
315 |
|
|
345 |
|
|
1,365 |
|
|
1,305 |
Data Processing |
|
|
371 |
|
|
372 |
|
|
306 |
|
|
1,396 |
|
|
1,222 |
Professional and Consulting Fees |
|
|
635 |
|
|
594 |
|
|
718 |
|
|
2,664 |
|
|
2,520 |
Derivative Collateral Fees |
|
|
535 |
|
|
122 |
|
|
1 |
|
|
687 |
|
|
3 |
Information Technology and Telecommunications |
|
|
673 |
|
|
650 |
|
|
554 |
|
|
2,495 |
|
|
2,163 |
Marketing and Advertising |
|
|
403 |
|
|
479 |
|
|
469 |
|
|
2,032 |
|
|
1,487 |
Intangible Asset Amortization |
|
|
48 |
|
|
48 |
|
|
48 |
|
|
191 |
|
|
191 |
Amortization of Tax Credit Investments |
|
|
114 |
|
|
114 |
|
|
152 |
|
|
408 |
|
|
562 |
Debt Prepayment Fees |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
582 |
Other Expense |
|
|
1,066 |
|
|
928 |
|
|
961 |
|
|
4,051 |
|
|
3,255 |
Totals |
|
$ |
15,203 |
|
$ |
14,157 |
|
$ |
12,459 |
|
$ |
56,620 |
|
$ |
48,095 |
The Company continues to invest in its people across the organization, with 246 full-time equivalent employees at
The efficiency ratio, a non-GAAP financial measure, was
Income Taxes
The effective combined federal and state income tax rate for the fourth quarter of 2022 was
Balance Sheet
Total assets at
Total gross loans at
The following table presents the dollar composition of the Company’s loan portfolio, by category, at the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial |
|
$ |
435,344 |
|
|
$ |
412,448 |
|
|
$ |
403,569 |
|
|
$ |
363,290 |
|
|
$ |
360,169 |
|
Paycheck Protection Program |
|
|
1,049 |
|
|
|
1,192 |
|
|
|
4,860 |
|
|
|
12,309 |
|
|
|
26,162 |
|
Construction and |
|
|
365,796 |
|
|
|
335,557 |
|
|
|
359,191 |
|
|
|
321,131 |
|
|
|
281,474 |
|
Real Estate Mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
1 - 4 Family Mortgage |
|
|
355,474 |
|
|
|
341,102 |
|
|
|
334,815 |
|
|
|
312,201 |
|
|
|
305,317 |
|
Multifamily |
|
|
1,306,738 |
|
|
|
1,230,509 |
|
|
|
1,087,865 |
|
|
|
1,012,623 |
|
|
|
910,243 |
|
CRE Owner Occupied |
|
|
149,905 |
|
|
|
151,088 |
|
|
|
142,214 |
|
|
|
117,969 |
|
|
|
111,096 |
|
CRE Nonowner Occupied |
|
|
947,008 |
|
|
|
900,691 |
|
|
|
886,432 |
|
|
|
840,463 |
|
|
|
818,569 |
|
Total Real Estate Mortgage Loans |
|
|
2,759,125 |
|
|
|
2,623,390 |
|
|
|
2,451,326 |
|
|
|
2,283,256 |
|
|
|
2,145,225 |
|
Consumer and Other |
|
|
8,132 |
|
|
|
7,495 |
|
|
|
6,939 |
|
|
|
7,981 |
|
|
|
6,442 |
|
Total Loans, Gross |
|
|
3,569,446 |
|
|
|
3,380,082 |
|
|
|
3,225,885 |
|
|
|
2,987,967 |
|
|
|
2,819,472 |
|
Allowance for Loan Losses |
|
|
(47,996 |
) |
|
|
(46,491 |
) |
|
|
(44,711 |
) |
|
|
(41,692 |
) |
|
|
(40,020 |
) |
Net Deferred Loan Fees |
|
|
(9,293 |
) |
|
|
(9,088 |
) |
|
|
(9,536 |
) |
|
|
(9,065 |
) |
|
|
(9,535 |
) |
Total Loans, Net |
|
$ |
3,512,157 |
|
|
$ |
3,324,503 |
|
|
$ |
3,171,638 |
|
|
$ |
2,937,210 |
|
|
$ |
2,769,917 |
|
Total deposits at
The following table presents the dollar composition of the Company’s deposit portfolio, by category, at the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing Transaction Deposits |
|
$ |
884,272 |
|
$ |
961,084 |
|
$ |
961,998 |
|
$ |
835,482 |
|
$ |
875,084 |
Interest Bearing Transaction Deposits |
|
|
451,992 |
|
|
510,396 |
|
|
522,151 |
|
|
598,402 |
|
|
544,789 |
Savings and Money Market Deposits |
|
|
1,031,873 |
|
|
1,077,333 |
|
|
952,138 |
|
|
890,926 |
|
|
863,567 |
Time Deposits |
|
|
272,253 |
|
|
293,052 |
|
|
272,424 |
|
|
286,674 |
|
|
293,474 |
Brokered Deposits |
|
|
776,153 |
|
|
463,209 |
|
|
493,242 |
|
|
424,127 |
|
|
369,323 |
Total Deposits |
|
$ |
3,416,543 |
|
$ |
3,305,074 |
|
$ |
3,201,953 |
|
$ |
3,035,611 |
|
$ |
2,946,237 |
Capital
Total shareholders’ equity at
Tangible book value per share, a non-GAAP financial measure, was
Today, the Company also announced that its Board of Directors declared a quarterly cash dividend on its
Asset Quality
Annualized net charge-offs (recoveries) as a percent of average loans were
Loans that have potential weaknesses that warrant a watchlist risk rating at
The following table presents a summary of asset quality measurements at the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three Months Ended |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(dollars in thousands) |
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
|||||
Selected Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 Days Past Due |
|
$ |
186 |
|
$ |
38 |
|
$ |
225 |
|
$ |
13 |
|
$ |
49 |
|
Loans 30-89 Days Past Due to Total Loans |
|
|
0.01 |
% |
|
0.00 |
% |
|
0.01 |
% |
|
0.00 |
% |
|
0.00 |
% |
Nonperforming Loans |
|
$ |
639 |
|
$ |
663 |
|
$ |
688 |
|
$ |
706 |
|
$ |
722 |
|
Nonperforming Loans to Total Loans |
|
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.03 |
% |
Foreclosed Assets |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Nonaccrual Loans to Total Loans |
|
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.03 |
% |
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans |
|
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
0.03 |
|
Nonperforming Assets (1) |
|
$ |
639 |
|
$ |
663 |
|
$ |
688 |
|
$ |
706 |
|
$ |
722 |
|
Nonperforming Assets to Total Assets (1) |
|
|
0.01 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
Allowance for Loan Losses to Total Loans |
|
|
1.34 |
|
|
1.38 |
|
|
1.39 |
|
|
1.40 |
|
|
1.42 |
|
Allowance for Loan Losses to Total Loans, Excluding PPP Loans |
|
|
1.35 |
|
|
1.38 |
|
|
1.39 |
|
|
1.40 |
|
|
1.43 |
|
Allowance for Loans Losses to Nonaccrual Loans |
|
|
7,511.11 |
|
|
7,012.22 |
|
|
6,498.69 |
|
|
5,905.38 |
|
|
5,542.94 |
|
Net Loan Charge-Offs (Recoveries) (Annualized) to Average Loans |
|
|
0.00 |
|
|
(0.03) |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
_________________________
(1) |
Nonperforming assets are defined as nonaccrual loans plus loans 90 days past due and still accruing plus foreclosed assets. |
The Company will host a conference call to discuss its fourth quarter 2022 financial results on
About the Company
Use of Non-GAAP financial measures
In addition to the results presented in accordance with
Forward-Looking Statements
This earnings release contains “forward-looking statements” within the meaning of the safe harbor provisions of the
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: interest rate risk, including the effects of recent and anticipated rate increases by the
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Consolidated Balance Sheets (dollars in thousands, except share data) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
||||||
|
|
2022 |
|
2022 |
|
2021 |
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|||
Cash and Cash Equivalents |
|
$ |
87,043 |
|
|
$ |
75,496 |
|
|
$ |
143,473 |
|
Bank-Owned Certificates of Deposit |
|
|
1,181 |
|
|
|
1,182 |
|
|
|
1,876 |
|
Securities Available for Sale, at Fair Value |
|
|
548,613 |
|
|
|
542,007 |
|
|
|
439,362 |
|
Loans, Net of Allowance for Loan Losses of |
|
|
3,512,157 |
|
|
|
3,324,503 |
|
|
|
2,769,917 |
|
|
|
|
19,606 |
|
|
|
15,603 |
|
|
|
5,242 |
|
Premises and Equipment, Net |
|
|
48,445 |
|
|
|
48,941 |
|
|
|
49,395 |
|
Accrued Interest |
|
|
13,479 |
|
|
|
11,198 |
|
|
|
9,186 |
|
|
|
|
2,626 |
|
|
|
2,626 |
|
|
|
2,626 |
|
Other Intangible Assets, Net |
|
|
288 |
|
|
|
336 |
|
|
|
479 |
|
Other Assets |
|
|
112,224 |
|
|
|
107,095 |
|
|
|
56,103 |
|
Total Assets |
|
$ |
4,345,662 |
|
|
$ |
4,128,987 |
|
|
$ |
3,477,659 |
|
|
|
|
|
|
|
|
|
|
|
|||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|||
Deposits: |
|
|
|
|
|
|
|
|
|
|||
Noninterest Bearing |
|
$ |
884,272 |
|
|
$ |
961,084 |
|
|
$ |
875,084 |
|
Interest Bearing |
|
|
2,532,271 |
|
|
|
2,343,990 |
|
|
|
2,071,153 |
|
Total Deposits |
|
|
3,416,543 |
|
|
|
3,305,074 |
|
|
|
2,946,237 |
|
Federal Funds Purchased |
|
|
287,000 |
|
|
|
212,000 |
|
|
|
— |
|
Notes Payable |
|
|
13,750 |
|
|
|
— |
|
|
|
— |
|
FHLB Advances |
|
|
97,000 |
|
|
|
71,500 |
|
|
|
42,500 |
|
Subordinated Debentures, Net of Issuance Costs |
|
|
78,905 |
|
|
|
92,559 |
|
|
|
92,239 |
|
Accrued Interest Payable |
|
|
2,831 |
|
|
|
2,214 |
|
|
|
1,409 |
|
Other Liabilities |
|
|
55,569 |
|
|
|
63,633 |
|
|
|
16,002 |
|
Total Liabilities |
|
|
3,951,598 |
|
|
|
3,746,980 |
|
|
|
3,098,387 |
|
|
|
|
|
|
|
|
|
|
|
|||
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|||
Preferred Stock- |
|
|
|
|
|
|
|
|
|
|||
Preferred Stock - Issued and Outstanding 27,600 Series A shares ( |
|
|
66,514 |
|
|
|
66,514 |
|
|
|
66,514 |
|
Common Stock- |
|
|
|
|
|
|
|
|
|
|||
Common Stock - Issued and Outstanding 27,751,950 at |
|
|
278 |
|
|
|
276 |
|
|
|
282 |
|
|
|
|
96,529 |
|
|
|
95,973 |
|
|
|
104,123 |
|
Retained Earnings |
|
|
248,685 |
|
|
|
235,964 |
|
|
|
199,347 |
|
Accumulated Other Comprehensive Income (Loss) |
|
|
(17,942 |
) |
|
|
(16,720 |
) |
|
|
9,006 |
|
Total Shareholders' Equity |
|
|
394,064 |
|
|
|
382,007 |
|
|
|
379,272 |
|
Total Liabilities and Equity |
|
$ |
4,345,662 |
|
|
$ |
4,128,987 |
|
|
$ |
3,477,659 |
Consolidated Statements of Income (dollars in thousands, except per share data) (Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans, Including Fees |
|
$ |
42,488 |
|
|
$ |
37,666 |
|
|
$ |
31,140 |
|
|
$ |
146,256 |
|
|
$ |
118,845 |
|
|
|
|
5,843 |
|
|
|
4,372 |
|
|
|
2,511 |
|
|
|
16,410 |
|
|
|
9,576 |
|
Other |
|
|
529 |
|
|
|
321 |
|
|
|
124 |
|
|
|
1,029 |
|
|
|
458 |
|
Total Interest Income |
|
|
48,860 |
|
|
|
42,359 |
|
|
|
33,775 |
|
|
|
163,695 |
|
|
|
128,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits |
|
|
10,781 |
|
|
|
5,984 |
|
|
|
3,241 |
|
|
|
23,379 |
|
|
|
13,842 |
|
Notes Payable |
|
|
202 |
|
|
|
— |
|
|
|
— |
|
|
|
202 |
|
|
|
61 |
|
FHLB Advances |
|
|
575 |
|
|
|
329 |
|
|
|
162 |
|
|
|
1,221 |
|
|
|
831 |
|
Subordinated Debentures |
|
|
1,030 |
|
|
|
1,242 |
|
|
|
1,219 |
|
|
|
4,688 |
|
|
|
4,630 |
|
Federal Funds Purchased |
|
|
3,379 |
|
|
|
709 |
|
|
|
— |
|
|
|
4,507 |
|
|
|
6 |
|
Total Interest Expense |
|
|
15,967 |
|
|
|
8,264 |
|
|
|
4,622 |
|
|
|
33,997 |
|
|
|
19,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NET INTEREST INCOME |
|
|
32,893 |
|
|
|
34,095 |
|
|
|
29,153 |
|
|
|
129,698 |
|
|
|
109,509 |
|
Provision for Loan Losses |
|
|
1,500 |
|
|
|
1,500 |
|
|
|
1,150 |
|
|
|
7,700 |
|
|
|
5,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PROVISION FOR LOAN LOSSES |
|
|
31,393 |
|
|
|
32,595 |
|
|
|
28,003 |
|
|
|
121,998 |
|
|
|
104,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Customer Service Fees |
|
|
344 |
|
|
|
313 |
|
|
|
274 |
|
|
|
1,236 |
|
|
|
1,007 |
|
|
|
|
30 |
|
|
|
— |
|
|
|
— |
|
|
|
82 |
|
|
|
750 |
|
Other Income |
|
|
1,364 |
|
|
|
1,074 |
|
|
|
1,014 |
|
|
|
5,014 |
|
|
|
3,552 |
|
Total Noninterest Income |
|
|
1,738 |
|
|
|
1,387 |
|
|
|
1,288 |
|
|
|
6,332 |
|
|
|
5,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and Employee Benefits |
|
|
9,821 |
|
|
|
9,449 |
|
|
|
7,966 |
|
|
|
36,941 |
|
|
|
30,889 |
|
Occupancy and Equipment |
|
|
1,177 |
|
|
|
1,086 |
|
|
|
939 |
|
|
|
4,390 |
|
|
|
3,916 |
|
Other Expense |
|
|
4,205 |
|
|
|
3,622 |
|
|
|
3,554 |
|
|
|
15,289 |
|
|
|
13,290 |
|
Total Noninterest Expense |
|
|
15,203 |
|
|
|
14,157 |
|
|
|
12,459 |
|
|
|
56,620 |
|
|
|
48,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
INCOME BEFORE INCOME TAXES |
|
|
17,928 |
|
|
|
19,825 |
|
|
|
16,832 |
|
|
|
71,710 |
|
|
|
61,573 |
|
Provision for Income Taxes |
|
|
4,193 |
|
|
|
5,312 |
|
|
|
4,318 |
|
|
|
18,318 |
|
|
|
15,886 |
|
NET INCOME |
|
|
13,735 |
|
|
|
14,513 |
|
|
|
12,514 |
|
|
|
53,392 |
|
|
|
45,687 |
|
Preferred Stock Dividends |
|
|
(1,014 |
) |
|
|
(1,013 |
) |
|
|
(1,171 |
) |
|
|
(4,054 |
) |
|
|
(1,171 |
) |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
12,721 |
|
|
$ |
13,500 |
|
|
$ |
11,343 |
|
|
$ |
49,338 |
|
|
$ |
44,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
0.46 |
|
|
$ |
0.49 |
|
|
$ |
0.41 |
|
|
$ |
1.78 |
|
|
$ |
1.59 |
|
Diluted |
|
|
0.45 |
|
|
|
0.47 |
|
|
|
0.39 |
|
|
|
1.72 |
|
|
|
1.54 |
|
Dividends Paid Per Common Share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Analysis of Average Balances, Yields and Rates (dollars in thousands, except per share data) (Unaudited) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
For the Year Ended |
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||||
|
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
||||||
|
|
Balance |
|
& Fees |
|
Rate |
|
Balance |
|
& Fees |
|
Rate |
|
||||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Cash Investments |
|
$ |
66,072 |
|
$ |
597 |
|
|
0.90 |
% |
$ |
132,188 |
|
$ |
199 |
|
|
0.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
448,500 |
|
|
13,960 |
|
|
3.11 |
|
|
317,954 |
|
|
7,015 |
|
|
2.21 |
|
|
|
|
72,379 |
|
|
3,101 |
|
|
4.29 |
|
|
75,313 |
|
|
3,242 |
|
|
4.30 |
|
|
|
|
520,879 |
|
|
17,061 |
|
|
3.28 |
|
|
393,267 |
|
|
10,257 |
|
|
2.61 |
|
Paycheck Protection Program Loans (2) |
|
|
7,441 |
|
|
970 |
|
|
13.03 |
|
|
103,151 |
|
|
6,441 |
|
|
6.24 |
|
Loans (1)(2) |
|
|
3,183,271 |
|
|
145,857 |
|
|
4.58 |
|
|
2,481,706 |
|
|
112,587 |
|
|
4.54 |
|
Total Loans |
|
|
3,190,712 |
|
|
146,827 |
|
|
4.60 |
|
|
2,584,857 |
|
|
119,028 |
|
|
4.60 |
|
Federal Home Loan |
|
|
12,628 |
|
|
432 |
|
|
3.42 |
|
|
5,571 |
|
|
259 |
|
|
4.65 |
|
Total Interest Earning Assets |
|
|
3,790,291 |
|
|
164,917 |
|
|
4.35 |
% |
|
3,115,883 |
|
|
129,743 |
|
|
4.16 |
% |
Noninterest Earning Assets |
|
|
76,189 |
|
|
|
|
|
|
|
73,917 |
|
|
|
|
|
|
||
Total Assets |
|
$ |
3,866,480 |
|
|
|
|
|
|
$ |
3,189,800 |
|
|
|
|
|
|
||
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest Bearing Transaction Deposits |
|
$ |
524,968 |
|
$ |
4,336 |
|
|
0.83 |
% |
$ |
441,528 |
|
$ |
2,052 |
|
|
0.46 |
% |
Savings and Money Market Deposits |
|
|
963,096 |
|
|
9,129 |
|
|
0.95 |
|
|
773,779 |
|
|
3,729 |
|
|
0.48 |
|
Time Deposits |
|
|
284,868 |
|
|
3,264 |
|
|
1.15 |
|
|
323,638 |
|
|
4,099 |
|
|
1.27 |
|
Brokered Deposits |
|
|
449,095 |
|
|
6,650 |
|
|
1.48 |
|
|
406,863 |
|
|
3,962 |
|
|
0.97 |
|
Total Interest Bearing Deposits |
|
|
2,222,027 |
|
|
23,379 |
|
|
1.05 |
|
|
1,945,808 |
|
|
13,842 |
|
|
0.71 |
|
Federal Funds Purchased |
|
|
149,608 |
|
|
4,507 |
|
|
3.01 |
|
|
2,479 |
|
|
6 |
|
|
0.24 |
|
Notes Payable |
|
|
2,863 |
|
|
202 |
|
|
7.04 |
|
|
1,658 |
|
|
61 |
|
|
3.66 |
|
FHLB Advances |
|
|
64,278 |
|
|
1,221 |
|
|
1.90 |
|
|
53,294 |
|
|
831 |
|
|
1.56 |
|
Subordinated Debentures |
|
|
89,584 |
|
|
4,688 |
|
|
5.23 |
|
|
82,865 |
|
|
4,630 |
|
|
5.59 |
|
Total Interest Bearing Liabilities |
|
|
2,528,360 |
|
|
33,997 |
|
|
1.34 |
% |
|
2,086,104 |
|
|
19,370 |
|
|
0.93 |
% |
Noninterest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Noninterest Bearing Transaction Deposits |
|
|
910,490 |
|
|
|
|
|
|
|
764,087 |
|
|
|
|
|
|
||
Other Noninterest Bearing Liabilities |
|
|
43,597 |
|
|
|
|
|
|
|
23,372 |
|
|
|
|
|
|
||
Total Noninterest Bearing Liabilities |
|
|
954,087 |
|
|
|
|
|
|
|
787,459 |
|
|
|
|
|
|
||
Shareholders' Equity |
|
|
384,033 |
|
|
|
|
|
|
|
316,237 |
|
|
|
|
|
|
||
Total Liabilities and Shareholders' Equity |
|
$ |
3,866,480 |
|
|
|
|
|
|
$ |
3,189,800 |
|
|
|
|
|
|
||
Net Interest Income / Interest Rate Spread |
|
|
|
|
|
130,920 |
|
|
3.01 |
% |
|
|
|
|
110,373 |
|
|
3.23 |
% |
Net Interest Margin (3) |
|
|
|
|
|
|
|
3.45 |
% |
|
|
|
|
|
|
3.54 |
% |
||
Taxable Equivalent Adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
(1,222 |
) |
|
|
|
|
|
|
|
(864 |
) |
|
|
|
Net Interest Income |
|
|
|
|
$ |
129,698 |
|
|
|
|
|
|
|
$ |
109,509 |
|
|
|
|
_________________________
(1) |
Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of |
(2) |
Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs. |
(3) |
Net interest margin includes the tax equivalent adjustment and represents the annualized results of: (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. |
Non-GAAP Financial Measures (dollars in thousands) (unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
For the Three Months Ended |
For the Year Ended |
|||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
2022 |
2022 |
2021 |
2022 |
2021 |
||||||||||||||
Pre-Provision Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest Income |
|
$ |
1,738 |
|
$ |
1,387 |
|
$ |
1,288 |
|
$ |
6,332 |
|
$ |
5,309 |
|
||||
Less: Gain on Sales of Securities |
|
|
(30 |
) |
|
— |
|
|
— |
|
|
(82 |
) |
|
(750 |
) |
||||
Total Operating Noninterest Income |
|
|
1,708 |
|
|
1,387 |
|
|
1,288 |
|
|
6,250 |
|
|
4,559 |
|
||||
Plus: Net Interest Income |
|
|
32,893 |
|
|
34,095 |
|
|
29,153 |
|
|
129,698 |
|
|
109,509 |
|
||||
Net Operating Revenue |
|
$ |
34,601 |
|
$ |
35,482 |
|
$ |
30,441 |
|
$ |
135,948 |
|
$ |
114,068 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest Expense |
|
$ |
15,203 |
|
$ |
14,157 |
|
$ |
12,459 |
|
$ |
56,620 |
|
$ |
48,095 |
|
||||
Less: Amortization of Tax Credit Investments |
|
|
(114 |
) |
|
(114 |
) |
|
(152 |
) |
|
(408 |
) |
|
(562 |
) |
||||
Less: Debt Prepayment Fees |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(582 |
) |
||||
Total Operating Noninterest Expense |
|
$ |
15,089 |
|
$ |
14,043 |
|
$ |
12,307 |
|
$ |
56,212 |
|
$ |
46,951 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pre-Provision Net Revenue |
|
$ |
19,512 |
|
$ |
21,439 |
|
$ |
18,134 |
|
$ |
79,736 |
|
$ |
67,117 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-Operating Revenue Adjustments |
|
|
30 |
|
|
— |
|
|
— |
|
|
82 |
|
|
750 |
|
||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Provision for Loan Losses |
|
|
1,500 |
|
|
1,500 |
|
|
1,150 |
|
|
7,700 |
|
|
5,150 |
|
||||
Non-Operating Expense Adjustments |
|
|
114 |
|
|
114 |
|
|
152 |
|
|
408 |
|
|
1,144 |
|
||||
Provision for Income Taxes |
|
|
4,193 |
|
|
5,312 |
|
|
4,318 |
|
|
18,318 |
|
|
15,886 |
|
||||
Net Income |
|
$ |
13,735 |
|
$ |
14,513 |
|
$ |
12,514 |
|
$ |
53,392 |
|
$ |
45,687 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Average Assets |
|
$ |
4,251,345 |
|
$ |
3,948,201 |
|
$ |
3,403,270 |
|
$ |
3,866,480 |
|
$ |
3,189,800 |
|
||||
Pre-Provision Net Revenue Return on Average Assets |
|
|
1.82 |
% |
|
2.15 |
% |
|
2.11 |
% |
|
2.06 |
% |
|
2.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
As of and for the Three Months Ended |
|
As of and for the Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
|
|
2022 |
2022 |
2021 |
|
2022 |
2021 |
|||||||||||||
Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Interest Income (Tax-Equivalent Basis) |
|
$ |
33,260 |
|
$ |
34,417 |
|
$ |
29,388 |
|
|
$ |
130,920 |
|
$ |
110,373 |
|
|||
Less: Loan Fees |
|
|
(1,100 |
) |
|
(1,400 |
) |
|
(1,462 |
) |
|
|
(6,273 |
) |
|
(5,173 |
) |
|||
Less: PPP Interest and Fees |
|
|
(48 |
) |
|
(96 |
) |
|
(1,057 |
) |
|
|
(970 |
) |
|
(6,441 |
) |
|||
Core Net Interest Income |
|
$ |
32,112 |
|
$ |
32,921 |
|
$ |
26,869 |
|
|
$ |
123,677 |
|
$ |
98,759 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average Interest Earning Assets |
|
$ |
4,177,644 |
|
$ |
3,871,896 |
|
$ |
3,320,603 |
|
|
$ |
3,790,291 |
|
$ |
3,115,883 |
|
|||
Less: Average PPP Loans |
|
|
(1,109 |
) |
|
(2,424 |
) |
|
(39,900 |
) |
|
|
(7,441 |
) |
|
(103,151 |
) |
|||
Core Average Interest Earning Assets |
|
$ |
4,176,535 |
|
$ |
3,869,472 |
|
$ |
3,280,703 |
|
|
$ |
3,782,850 |
|
$ |
3,012,732 |
|
|||
Core Net Interest Margin |
|
|
3.05 |
% |
|
3.38 |
% |
|
3.25 |
% |
|
|
3.27 |
% |
|
3.28 |
% |
Non-GAAP Financial Measures (dollars in thousands) (unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
|
|
2022 |
2022 |
2021 |
|
2022 |
2021 |
|||||||||||||
Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest Expense |
|
$ |
15,203 |
|
$ |
14,157 |
|
$ |
12,459 |
|
|
$ |
56,620 |
|
$ |
48,095 |
|
|||
Less: Amortization of Intangible Assets |
|
|
(48 |
) |
|
(48 |
) |
|
(48 |
) |
|
|
(191 |
) |
|
(191 |
) |
|||
Adjusted Noninterest Expense |
|
$ |
15,155 |
|
$ |
14,109 |
|
$ |
12,411 |
|
|
$ |
56,429 |
|
$ |
47,904 |
|
|||
Net Interest Income |
|
|
32,893 |
|
|
34,095 |
|
|
29,153 |
|
|
|
129,698 |
|
|
109,509 |
|
|||
Noninterest Income |
|
|
1,738 |
|
|
1,387 |
|
|
1,288 |
|
|
|
6,332 |
|
|
5,309 |
|
|||
Less: Gain on Sales of Securities |
|
|
(30 |
) |
|
— |
|
|
— |
|
|
|
(82 |
) |
|
(750 |
) |
|||
Adjusted Operating Revenue |
|
$ |
34,601 |
|
$ |
35,482 |
|
$ |
30,441 |
|
|
$ |
135,948 |
|
$ |
114,068 |
|
|||
Efficiency Ratio |
|
|
43.8 |
% |
|
39.8 |
% |
|
40.8 |
% |
|
|
41.5 |
% |
|
42.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest Expense |
|
$ |
15,203 |
|
$ |
14,157 |
|
$ |
12,459 |
|
|
$ |
56,620 |
|
$ |
48,095 |
|
|||
Less: Amortization of Tax Credit Investments |
|
|
(114 |
) |
|
(114 |
) |
|
(152 |
) |
|
|
(408 |
) |
|
(562 |
) |
|||
Less: Debt Prepayment Fees |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(582 |
) |
|||
Less: Amortization of Intangible Assets |
|
|
(48 |
) |
|
(48 |
) |
|
(48 |
) |
|
|
(191 |
) |
|
(191 |
) |
|||
Adjusted Noninterest Expense |
|
$ |
15,041 |
|
$ |
13,995 |
|
$ |
12,259 |
|
|
$ |
56,021 |
|
$ |
46,760 |
|
|||
Net Interest Income |
|
|
32,893 |
|
|
34,095 |
|
|
29,153 |
|
|
|
129,698 |
|
|
109,509 |
|
|||
Noninterest Income |
|
|
1,738 |
|
|
1,387 |
|
|
1,288 |
|
|
|
6,332 |
|
|
5,309 |
|
|||
Less: Gain on Sales of Securities |
|
|
(30 |
) |
|
— |
|
|
— |
|
|
|
(82 |
) |
|
(750 |
) |
|||
Adjusted Operating Revenue |
|
$ |
34,601 |
|
$ |
35,482 |
|
$ |
30,441 |
|
|
$ |
135,948 |
|
$ |
114,068 |
|
|||
Adjusted Efficiency Ratio |
|
|
43.5 |
% |
|
39.4 |
% |
|
40.3 |
% |
|
|
41.2 |
% |
|
41.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
|
|
2022 |
2022 |
2021 |
|
2022 |
2021 |
|||||||||||||
Adjusted Noninterest Expense to Average Assets (Annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest Expense |
|
$ |
15,203 |
|
$ |
14,157 |
|
$ |
12,459 |
|
|
$ |
56,620 |
|
$ |
48,095 |
|
|||
Less: Amortization of Tax Credit Investments |
|
|
(114 |
) |
|
(114 |
) |
|
(152 |
) |
|
|
(408 |
) |
|
(562 |
) |
|||
Less: Debt Prepayment Fees |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(582 |
) |
|||
Adjusted Noninterest Expense |
|
$ |
15,089 |
|
$ |
14,043 |
|
$ |
12,307 |
|
|
$ |
56,212 |
|
$ |
46,951 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average Assets |
|
$ |
4,251,345 |
|
$ |
3,948,201 |
|
$ |
3,403,270 |
|
|
$ |
3,866,480 |
|
$ |
3,189,800 |
|
|||
Adjusted Noninterest Expense to Average Assets (Annualized) |
|
|
1.41 |
% |
|
1.41 |
% |
|
1.43 |
% |
|
|
1.45 |
% |
|
1.47 |
% |
Non-GAAP Financial Measures (dollars in thousands) (unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
As of and for the Three Months Ended |
|
As of and for the Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
|
|
2022 |
2022 |
2021 |
|
2022 |
2021 |
|||||||||||||
Tangible Common Equity and Tangible Common Equity/Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Shareholders' Equity |
|
$ |
394,064 |
|
$ |
382,007 |
|
$ |
379,272 |
|
|
|
|
|
|
|||||
Less: Preferred Stock |
|
|
(66,514 |
) |
|
(66,514 |
) |
|
(66,514 |
) |
|
|
|
|
|
|||||
Total Common Shareholders' Equity |
|
|
327,550 |
|
|
315,493 |
|
|
312,758 |
|
|
|
|
|
|
|||||
Less: Intangible Assets |
|
|
(2,914 |
) |
|
(2,962 |
) |
|
(3,105 |
) |
|
|
|
|
|
|||||
Tangible Common Equity |
|
$ |
324,636 |
|
$ |
312,531 |
|
$ |
309,653 |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Assets |
|
$ |
4,345,662 |
|
$ |
4,128,987 |
|
$ |
3,477,659 |
|
|
|
|
|
|
|||||
Less: Intangible Assets |
|
|
(2,914 |
) |
|
(2,962 |
) |
|
(3,105 |
) |
|
|
|
|
|
|||||
Tangible Assets |
|
$ |
4,342,748 |
|
$ |
4,126,025 |
|
$ |
3,474,554 |
|
|
|
|
|
|
|||||
Tangible Common Equity/Tangible Assets |
|
|
7.48 |
% |
|
7.57 |
% |
|
8.91 |
% |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tangible Book Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Book Value Per Common Share |
|
$ |
11.80 |
|
$ |
11.44 |
|
$ |
11.09 |
|
|
|
|
|
|
|||||
Less: Effects of Intangible Assets |
|
|
(0.11 |
) |
|
(0.11 |
) |
|
(0.11 |
) |
|
|
|
|
|
|||||
Tangible Book Value Per Common Share |
|
$ |
11.69 |
|
$ |
11.33 |
|
$ |
10.98 |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Return on Average Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income Available to Common Shareholders |
|
$ |
12,721 |
|
$ |
13,500 |
|
$ |
11,343 |
|
|
$ |
49,338 |
|
$ |
44,516 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average Shareholders' Equity |
|
$ |
387,589 |
|
$ |
384,020 |
|
$ |
374,035 |
|
|
$ |
384,033 |
|
$ |
316,237 |
|
|||
Less: Average Preferred Stock |
|
|
(66,514 |
) |
|
(66,514 |
) |
|
(66,515 |
) |
|
|
(66,514 |
) |
|
(24,915 |
) |
|||
Average Common Equity |
|
|
321,075 |
|
|
317,506 |
|
|
307,520 |
|
|
|
317,519 |
|
|
291,322 |
|
|||
Less: Effects of Average Intangible Assets |
|
|
(2,941 |
) |
|
(2,989 |
) |
|
(3,132 |
) |
|
|
(3,012 |
) |
|
(3,204 |
) |
|||
Average Tangible Common Equity |
|
$ |
318,134 |
|
$ |
314,517 |
|
$ |
304,388 |
|
|
$ |
314,507 |
|
$ |
288,118 |
|
|||
Return on Average Tangible Common Equity |
|
|
15.86 |
% |
|
17.03 |
% |
|
14.78 |
% |
|
|
15.69 |
% |
|
15.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
2021 |
||||||||||
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Shareholders' Equity |
|
$ |
394,064 |
|
|
$ |
382,007 |
|
|
$ |
374,883 |
|
|
$ |
379,441 |
|
|
$ |
379,272 |
|
Less: Preferred Stock |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
|
|
(66,514 |
) |
Common Shareholders' Equity |
|
|
327,550 |
|
|
|
315,493 |
|
|
|
308,369 |
|
|
|
312,927 |
|
|
|
312,758 |
|
Less: Intangible Assets |
|
|
(2,914 |
) |
|
|
(2,962 |
) |
|
|
(3,009 |
) |
|
|
(3,057 |
) |
|
|
(3,105 |
) |
Tangible Common Equity |
|
$ |
324,636 |
|
|
$ |
312,531 |
|
|
$ |
305,360 |
|
|
$ |
309,870 |
|
|
$ |
309,653 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230124006142/en/
Media Contact:
Jessica.stejskal@bwbmn.com | 952.893.6860
Investor Contact:
Justin.Horstman@bwbmn.com | 952.542.5169
Source:
FAQ
What were Bridgewater Bancshares' Q4 2022 earnings results?
How did Bridgewater Bancshares perform compared to Q4 2021?
What is the expected outlook for Bridgewater Bancshares in 2023?
What were the gross loans and deposits figures for Bridgewater Bancshares in Q4 2022?