CBB Bancorp, Inc. Reports Fourth Quarter 2024 Financial Results
CBB Bancorp (OTCQX: CBBI) reported Q4 2024 net income of $5.7 million ($0.54 per diluted share), up from $5.6 million ($0.53 per diluted share) in Q3 2024. Full-year 2024 net income was $22.4 million ($2.12 per diluted share), down from $28.9 million ($2.72 per diluted share) in 2023.
The bank's Q4 2024 performance showed a net interest margin of 3.55%, down from 3.71% in Q3 2024, and an efficiency ratio of 55.66%. Net interest income was $15.6 million, up 1.1% quarter-over-quarter but down 8.8% year-over-year. Total deposits reached $1.48 billion, increasing by $33.0 million (2.3%) from Q3 2024.
The bank maintained strong capital ratios with a Common Equity Tier1 Risk-Based Capital Ratio of 19.02% and appointed Alex Ko as new Chief Operating Officer.
CBB Bancorp (OTCQX: CBBI) ha riportato un utile netto di $5.7 milioni ($0.54 per azione diluita) per il quarto trimestre del 2024, in aumento rispetto a $5.6 milioni ($0.53 per azione diluita) nel terzo trimestre del 2024. L'utile netto per l'intero anno 2024 è stato di $22.4 milioni ($2.12 per azione diluita), in calo rispetto a $28.9 milioni ($2.72 per azione diluita) nel 2023.
Le performance della banca nel quarto trimestre del 2024 hanno mostrato un margine di interesse netto del 3.55%, in diminuzione rispetto al 3.71% nel terzo trimestre del 2024, e un rapporto di efficienza del 55.66%. L'entrata da interessi netti è stata di $15.6 milioni, con un aumento dell'1.1% rispetto al trimestre precedente ma in calo dell'8.8% rispetto all'anno precedente. I depositi totali hanno raggiunto $1.48 miliardi, aumentando di $33.0 milioni (2.3%) rispetto al terzo trimestre del 2024.
La banca ha mantenuto solidi rapporti patrimoniali con un rapporto di capitale Tier1 basato sul rischio del 19.02% ed ha nominato Alex Ko come nuovo Chief Operating Officer.
CBB Bancorp (OTCQX: CBBI) informó que su ingreso neto del cuarto trimestre de 2024 fue de $5.7 millones ($0.54 por acción diluida), un aumento desde los $5.6 millones ($0.53 por acción diluida) en el tercer trimestre de 2024. El ingreso neto del año completo 2024 fue de $22.4 millones ($2.12 por acción diluida), una disminución desde los $28.9 millones ($2.72 por acción diluida) en 2023.
El rendimiento del cuarto trimestre de 2024 del banco mostró un margen de interés neto del 3.55%, en disminución desde el 3.71% en el tercer trimestre de 2024, y una relación de eficiencia del 55.66%. Los ingresos por intereses netos fueron de $15.6 millones, un aumento del 1.1% en comparación con el trimestre anterior pero una disminución del 8.8% en comparación con el año anterior. Los depósitos totales alcanzaron $1.48 mil millones, aumentando $33.0 millones (2.3%) desde el tercer trimestre de 2024.
El banco mantuvo sólidos ratios de capital con un ratio de capital basado en riesgos de Common Equity Tier1 del 19.02% y nombró a Alex Ko como nuevo Director de Operaciones.
CBB Bancorp (OTCQX: CBBI)는 2024년 4분기 순이익이 570만 달러($0.54의 희석주당순이익)로, 2024년 3분기 560만 달러($0.53의 희석주당순이익)에서 증가했다고 보고했습니다. 2024년 전체 순이익은 2240만 달러($2.12의 희석주당순이익)로, 2023년 2890만 달러($2.72의 희석주당순이익)에서 감소했습니다.
은행의 2024년 4분기 성과는 순이자마진 3.55%를 기록했으며, 이는 2024년 3분기 3.71%에서 감소한 수치입니다. 효율성 비율은 55.66%였으며, 순이자 수익은 1560만 달러로, 전분기 대비 1.1% 증가했으나 전년 대비 8.8% 감소했습니다. 총 예금액은 14억8000만 달러로, 2024년 3분기 대비 3300만 달러(2.3%) 증가했습니다.
은행은 19.02%의 위험기반 자본 비율을 가지며 강력한 자본 비율을 유지하고 있으며, 알렉스 코를 신임 운영 책임자로 임명했습니다.
CBB Bancorp (OTCQX: CBBI) a annoncé un bénéfice net de 5,7 millions de dollars (0,54 $ par action diluée) pour le quatrième trimestre de 2024, en hausse par rapport à 5,6 millions de dollars (0,53 $ par action diluée) au troisième trimestre de 2024. Le bénéfice net pour l'année 2024 s'élevait à 22,4 millions de dollars (2,12 $ par action diluée), en baisse par rapport à 28,9 millions de dollars (2,72 $ par action diluée) en 2023.
Les résultats de la banque au quatrième trimestre de 2024 ont montré un marge d'intérêt net de 3,55%, en baisse par rapport à 3,71% au troisième trimestre de 2024, et un ratio d'efficacité de 55,66%. Les produits d'intérêts nets ont atteint 15,6 millions de dollars, augmentant de 1,1% par rapport au trimestre précédent mais diminuant de 8,8% par rapport à l'année précédente. Les dépôts totaux ont atteint 1,48 milliard de dollars, augmentant de 33 millions de dollars (2,3%) par rapport au troisième trimestre de 2024.
La banque a maintenu de solides ratios de capital avec un ratio de capital de base Tier1 de 19,02% et a nommé Alex Ko comme nouveau directeur des opérations.
CBB Bancorp (OTCQX: CBBI) meldete für das vierte Quartal 2024 einen Nettogewinn von 5,7 Millionen US-Dollar (0,54 US-Dollar pro verwässerter Aktie), ein Anstieg von 5,6 Millionen US-Dollar (0,53 US-Dollar pro verwässerter Aktie) im dritten Quartal 2024. Der Nettogewinn für das gesamte Jahr 2024 betrug 22,4 Millionen US-Dollar (2,12 US-Dollar pro verwässerter Aktie), ein Rückgang von 28,9 Millionen US-Dollar (2,72 US-Dollar pro verwässerter Aktie) im Jahr 2023.
Die Leistung der Bank im vierten Quartal 2024 zeigte eine netto Zinsmarge von 3,55%, im Vergleich zu 3,71% im dritten Quartal 2024, und eine Effizienzquote von 55,66%. Die Nettozinseinnahmen beliefen sich auf 15,6 Millionen US-Dollar, was einen Anstieg von 1,1% im Vergleich zum Vorquartal, aber einen Rückgang von 8,8% im Vergleich zum Vorjahr bedeutet. Die Gesamtzahl der Einlagen belief sich auf 1,48 Milliarden US-Dollar, was einem Anstieg von 33 Millionen US-Dollar (2,3%) gegenüber dem dritten Quartal 2024 entspricht.
Die Bank wies starke Kapitalquoten mit einem risikogewichteten Kernkapitalquote von 19,02% auf und ernannte Alex Ko zum neuen Chief Operating Officer.
- Quarter-over-quarter net income increase to $5.7M from $5.6M
- Total deposits increased by $33.0M (2.3%) quarter-over-quarter
- Strong capital position with 19.02% Common Equity Tier1 Risk-Based Capital Ratio
- Loans receivable increased by $17.1M (1.2%) quarter-over-quarter
- SBA loan sales achieved 9.2% premium in Q4 2024, up from 7.5% in Q3
- Full-year net income declined 22.5% to $22.4M from $28.9M in 2023
- Net interest margin decreased to 3.55% from 3.71% in Q3 2024
- Net interest income decreased 14.6% year-over-year
- Nonperforming assets increased to $12.1M from $8.6M in Q3 2024
- Efficiency ratio deteriorated to 55.66% from 49.45% year-over-year
Additionally, CBB reported net income for the year ended December 31, 2024 of
OVERALL RESULTS
Net income for the fourth quarter 2024 increased from the previous quarter primarily on higher net interest income and lower noninterest expenses. The return on average assets for the fourth quarter 2024 was
James Hong, President and CEO, said, "We are pleased to announce a solid performance in 2024, despite facing challenges with net interest margin due to rising costs on interest-bearing accounts. Our fourth-quarter results highlight the bank’s resilience, with notable increases in both deposits and loan originations. Throughout the year, we saw a significant boost in noninterest income from loan sales, driven by improved market premiums.” He added, “We are excited to announce the appointment of Alex Ko as our new Chief Operating Officer. With his extensive experience and proven track record in the banking industry, Alex is poised to drive significant growth and innovation at our bank. We are confident that his leadership will enhance our operational efficiency and contribute to our long-term success.”
INCOME STATEMENT
Net Interest Income
Net interest income for the fourth quarter 2024 was
Net interest income for the twelve months ended on December 31, 2024 was
Net Interest Margin
The net interest margin for the fourth quarter 2024 was
Provision for Credit Losses
No provision for credit losses was recorded for the fourth quarter 2024 compared to a negative
Noninterest Income
Noninterest income for the fourth quarter 2024 was
Noninterest income for the twelve months ended December 31, 2024 was
Noninterest Expenses
Noninterest expenses for the fourth quarter 2024 were
Noninterest expenses for the twelve months ended on December 31, 2024 were
Please refer to financial tables in this press release for additional information and trends.
Income Taxes
The Company’s effective tax rate for the fourth quarter 2024 was
BALANCE SHEET
Investment Securities
Investment securities were
Loans Receivable
Loans receivable, including loans held-for-sale, at December 31, 2024 was
Allowance for Credit Losses and Asset Quality
The Allowance for Credit Losses (“ACL”) at December 31, 2024 was
Total nonperforming assets at December 31, 2024 were
SBA Loans Held-for-Sale
Total SBA loans held-for-sale at December 31, 2024 were
The Bank sold
Deposits
Total deposits were
Borrowings
The Bank maintains
Capital
Stockholders’ equity was
The following are the Company’s and the Bank’s regulatory capital ratios at December 31, 2024.
The Common Equity Tier1 Risk-Based Capital Ratios at December 31, 2024 were
About CBB Bancorp, Inc.:
CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in loans to small-to-medium-sized businesses and does business as “CBB Bank.” As of December 31, 2024, the Bank had eleven full-service banking offices in
FORWARD-LOOKING STATEMENTS:
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CBB Bancorp, Inc. (the “Company”) intends that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described herein are necessarily subject to risks and uncertainties that may cause actual results to differ materially and adversely from those described herein. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause actual results to differ materially from those presented, either expressed or implied, in this news release include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances, except to the extent required by law.
STATEMENT OF INCOME AND PERFORMANCE HIGHLIGHT (Unaudited) - Table 1 |
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(Dollars in thousands, except per share amounts) |
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|
Three Months Ended |
|
Twelve Months Ended |
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|
|
December 31, |
|
September 30, |
|
$ |
|
% |
|
December 31, |
|
$ |
|
% |
|
December 31, |
|
December 31, |
|
$ |
|
% |
|||||||||||||||||||
|
|
2024 |
|
2024 |
|
Change |
|
Change |
|
2023 |
|
Change |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
Change |
|||||||||||||||||||
| Interest income | $ |
28,769 |
|
$ |
28,380 |
|
$ |
389 |
|
1.4 |
% |
$ |
29,624 |
|
$ |
(855 |
) |
(2.9 |
%) |
$ |
113,367 |
|
$ |
114,986 |
|
$ |
(1,619 |
) |
(1.4 |
%) |
|||||||||||
| Interest expense |
|
13,121 |
|
|
12,904 |
|
|
217 |
|
1.7 |
% |
|
12,462 |
|
|
659 |
|
5.3 |
% |
|
51,071 |
|
|
42,002 |
|
|
9,069 |
|
21.6 |
% |
|||||||||||
| Net interest income |
|
15,648 |
|
|
15,476 |
|
|
172 |
|
1.1 |
% |
|
17,162 |
|
|
(1,514 |
) |
(8.8 |
%) |
|
62,296 |
|
|
72,984 |
|
|
(10,688 |
) |
(14.6 |
%) |
|||||||||||
| Provision for credit losses |
|
(100 |
) |
|
100 |
|
(100.0 |
%) |
|
- |
|
|
- |
|
100.0 |
% |
|
500 |
|
|
- |
|
|
500 |
|
100.0 |
% |
||||||||||||||
| Net interest income after provision for credit losses |
|
15,648 |
|
|
15,576 |
|
|
72 |
|
0.5 |
% |
|
17,162 |
|
|
(1,514 |
) |
(8.8 |
%) |
|
61,796 |
|
|
72,984 |
|
|
(11,188 |
) |
(15.3 |
%) |
|||||||||||
| Gain on sale of loans |
|
1,013 |
|
|
991 |
|
|
22 |
|
2.2 |
% |
|
838 |
|
|
175 |
|
(378.9 |
%) |
|
4,557 |
|
|
3,209 |
|
|
1,348 |
|
42.0 |
% |
|||||||||||
| Gain (loss) on sale of OREO |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
- |
|
|||||||||||
| SBA servicing fee income, net |
|
654 |
|
|
760 |
|
|
(106 |
) |
(13.9 |
%) |
|
690 |
|
|
(36 |
) |
(5.2 |
%) |
|
2,815 |
|
|
2,423 |
|
|
392 |
|
16.2 |
% |
|||||||||||
| Recovery on impaired servicing liability |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
10 |
|
|
- |
|
|
10 |
|
100.0 |
% |
|||||||||||
| Service charges and other income |
|
543 |
|
|
465 |
|
|
78 |
|
16.8 |
% |
|
436 |
|
|
107 |
|
24.5 |
% |
|
1,940 |
|
|
1,643 |
|
|
297 |
|
18.1 |
% |
|||||||||||
| Noninterest income |
|
2,210 |
|
|
2,216 |
|
|
(6 |
) |
(0.3 |
%) |
|
1,964 |
|
|
246 |
|
12.5 |
% |
|
9,322 |
|
|
7,275 |
|
|
2,047 |
|
28.1 |
% |
|||||||||||
| Salaries and employee benefits |
|
5,635 |
|
|
5,884 |
|
|
(249 |
) |
(4.2 |
%) |
|
5,356 |
|
|
279 |
|
5.2 |
% |
|
23,470 |
|
|
22,585 |
|
|
885 |
|
3.9 |
% |
|||||||||||
| Occupancy and equipment |
|
1,280 |
|
|
1,149 |
|
|
131 |
|
11.4 |
% |
|
1,128 |
|
|
152 |
|
13.5 |
% |
|
4,665 |
|
|
4,477 |
|
|
188 |
|
4.2 |
% |
|||||||||||
| Marketing expense |
|
285 |
|
|
423 |
|
|
(138 |
) |
(32.6 |
%) |
|
250 |
|
|
35 |
|
14.0 |
% |
|
1,513 |
|
|
1,508 |
|
|
5 |
|
0.3 |
% |
|||||||||||
| Professional expense |
|
329 |
|
|
456 |
|
|
(127 |
) |
(27.9 |
%) |
|
360 |
|
|
(31 |
) |
(8.6 |
%) |
|
1,637 |
|
|
1,693 |
|
|
(56 |
) |
(3.3 |
%) |
|||||||||||
| Other expenses |
|
2,411 |
|
|
2,104 |
|
|
307 |
|
14.6 |
% |
|
2,363 |
|
|
48 |
|
2.0 |
% |
|
8,571 |
|
|
9,821 |
|
|
(1,250 |
) |
(12.7 |
%) |
|||||||||||
| Noninterest expense |
|
9,940 |
|
|
10,016 |
|
|
(76 |
) |
(0.8 |
%) |
|
9,457 |
|
|
483 |
|
5.1 |
% |
|
39,856 |
|
|
40,084 |
|
|
(228 |
) |
(0.6 |
%) |
|||||||||||
| Income before income tax provision |
|
7,918 |
|
|
7,776 |
|
|
142 |
|
1.8 |
% |
|
9,669 |
|
|
(1,751 |
) |
(18.1 |
%) |
|
31,262 |
|
|
40,175 |
|
|
(8,913 |
) |
(22.2 |
%) |
|||||||||||
| Income tax provision |
|
2,211 |
|
|
2,207 |
|
|
4 |
|
0.2 |
% |
|
2,670 |
|
|
(459 |
) |
(17.2 |
%) |
|
8,834 |
|
|
11,315 |
|
|
(2,481 |
) |
(21.9 |
%) |
|||||||||||
| Net income | $ |
5,707 |
|
$ |
5,569 |
|
$ |
138 |
|
2.5 |
% |
$ |
6,999 |
|
$ |
(1,292 |
) |
(18.5 |
%) |
$ |
22,428 |
|
$ |
28,860 |
|
$ |
(6,432 |
) |
(22.3 |
%) |
|||||||||||
| Effective tax rate |
|
27.92 |
% |
|
28.38 |
% |
|
-0.46 |
% |
-1.62 |
% |
|
27.61 |
% |
|
0.31 |
% |
1.12 |
% |
|
28.26 |
% |
|
28.16 |
% |
|
0.09 |
% |
0.33 |
% |
|||||||||||
| Outstanding number of shares |
|
10,588,136 |
|
|
10,588,136 |
|
|
- |
|
- |
|
|
10,588,136 |
|
|
- |
|
- |
|
|
10,588,136 |
|
|
10,588,136 |
|
|
- |
|
- |
|
|||||||||||
| Weighted average shares for basic EPS |
|
10,588,136 |
|
|
10,588,136 |
|
|
- |
|
- |
|
|
10,588,136 |
|
|
- |
|
- |
|
|
10,588,136 |
|
|
10,585,191 |
|
|
2,945 |
|
0.0 |
% |
|||||||||||
| Weighted average shares for diluted EPS |
|
10,598,476 |
|
|
10,596,039 |
|
|
2,437 |
|
0.0 |
% |
|
10,588,937 |
|
|
9,539 |
|
0.1 |
% |
|
10,594,400 |
|
|
10,594,055 |
|
|
345 |
|
0.0 |
% |
|||||||||||
| Basic EPS | $ |
0.54 |
|
$ |
0.53 |
|
$ |
0.01 |
|
1.9 |
% |
$ |
0.66 |
|
$ |
(0.12 |
) |
(18.2 |
%) |
$ |
2.12 |
|
$ |
2.73 |
|
$ |
(0.61 |
) |
-22.3 |
% |
|||||||||||
| Diluted EPS | $ |
0.54 |
|
$ |
0.53 |
|
$ |
0.01 |
|
1.9 |
% |
$ |
0.66 |
|
$ |
(0.12 |
) |
(18.2 |
%) |
$ |
2.12 |
|
$ |
2.72 |
|
$ |
(0.60 |
) |
(22.1 |
%) |
|||||||||||
| Return on average assets |
|
1.27 |
% |
|
1.31 |
% |
|
(0.04 |
%) |
(3.1 |
%) |
|
1.54 |
% |
|
(0.27 |
%) |
(17.5 |
%) |
|
1.30 |
% |
|
1.59 |
% |
|
(0.29 |
%) |
(18.2 |
%) |
|||||||||||
| Return on average equity |
|
8.98 |
% |
|
8.91 |
% |
|
0.07 |
% |
0.8 |
% |
|
11.94 |
% |
|
(2.96 |
%) |
(24.8 |
%) |
|
9.12 |
% |
|
12.92 |
% |
|
(3.80 |
%) |
(29.4 |
%) |
|||||||||||
| Efficiency ratio¹ |
|
55.66 |
% |
|
56.61 |
% |
|
(0.95 |
%) |
(1.7 |
%) |
|
49.45 |
% |
|
6.21 |
% |
12.6 |
% |
|
55.65 |
% |
|
49.94 |
% |
|
5.71 |
% |
11.4 |
% |
|||||||||||
| Yield on interest-earning assets² |
|
6.52 |
% |
|
6.80 |
% |
|
(0.28 |
%) |
(4.1 |
%) |
|
6.65 |
% |
|
(0.13 |
%) |
(2.0 |
%) |
|
6.72 |
% |
|
6.48 |
% |
|
0.24 |
% |
3.7 |
% |
|||||||||||
| Cost of funds |
|
3.45 |
% |
|
3.60 |
% |
|
(0.15 |
%) |
(4.2 |
%) |
|
3.20 |
% |
|
0.25 |
% |
7.8 |
% |
|
3.51 |
% |
|
2.69 |
% |
|
0.82 |
% |
30.5 |
% |
|||||||||||
| Net interest margin² |
|
3.55 |
% |
|
3.71 |
% |
|
(0.16 |
%) |
(4.3 |
%) |
|
3.86 |
% |
|
(0.31 |
%) |
(8.0 |
%) |
|
3.70 |
% |
|
4.12 |
% |
|
(0.42 |
%) |
(10.2 |
%) |
|||||||||||
| ¹ Represents the ratio of noninterest expense less other real estate owned operations to the sum of net interest income before provision for credit losses and total noninterest income. | |||||||||||||||||||||||||||||||||||||||||
| ² Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate | |||||||||||||||||||||||||||||||||||||||||
| BALANCE SHEET, CAPITAL AND OTHER DATA (Unaudited) - Table 2 | ||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
December 31, |
|
September 30, |
|
$ |
% |
|
December 31, |
|
$ |
% |
||||||||||||||
2024 |
|
2024 |
|
Change |
Change |
|
2023 |
|
Change |
Change |
||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Cash and due from banks | $ |
10,336 |
|
$ |
14,892 |
|
$ |
(4,556 |
) |
(30.6 |
%) |
$ |
14,282 |
|
$ |
(3,946 |
) |
(27.6 |
%) |
|||||
| Interest-earning deposits at the FRB and other banks |
|
266,826 |
|
|
241,094 |
|
|
25,732 |
|
10.7 |
% |
|
233,255 |
|
|
33,571 |
|
14.4 |
% |
|||||
| Investment securities¹ |
|
62,196 |
|
|
63,208 |
|
|
(1,012 |
) |
(1.6 |
%) |
|
59,883 |
|
|
2,313 |
|
3.9 |
% |
|||||
| Loans held-for-sale |
|
198,448 |
|
|
198,021 |
|
|
427 |
|
0.2 |
% |
|
218,258 |
|
|
(19,810 |
) |
(9.1 |
%) |
|||||
| Loans held-for-investment |
|
1,239,564 |
|
|
1,222,865 |
|
|
16,699 |
|
1.4 |
% |
|
1,204,009 |
|
|
35,555 |
|
3.0 |
% |
|||||
| Less: Allowance for credit losses ("ACL") |
|
(15,959 |
) |
|
(15,948 |
) |
|
(11 |
) |
(0.1 |
%) |
|
(15,291 |
) |
|
(668 |
) |
(4.4 |
%) |
|||||
| Loans held-for-investment, net |
|
1,223,605 |
|
|
1,206,917 |
|
|
16,688 |
|
1.4 |
% |
|
1,188,718 |
|
|
34,887 |
|
2.9 |
% |
|||||
| Other real estate owned ("OREO") |
|
521 |
|
|
521 |
|
|
- |
|
- |
|
|
55 |
|
|
466 |
|
847.3 |
% |
|||||
| Restricted stock investments |
|
11,011 |
|
|
11,011 |
|
|
- |
|
- |
|
|
11,011 |
|
|
- |
|
- |
|
|||||
| Servicing assets |
|
6,909 |
|
|
7,192 |
|
|
(283 |
) |
(3.9 |
%) |
|
7,673 |
|
|
(764 |
) |
(10.0 |
%) |
|||||
| Goodwill |
|
2,185 |
|
|
2,185 |
|
|
- |
|
- |
|
|
2,185 |
|
|
- |
|
- |
|
|||||
| Intangible assets |
|
214 |
|
|
224 |
|
|
(10 |
) |
(4.5 |
%) |
|
255 |
|
|
(41 |
) |
(16.1 |
%) |
|||||
| Other assets |
|
33,384 |
|
|
25,284 |
|
|
8,100 |
|
32.0 |
% |
|
24,838 |
|
|
8,546 |
|
34.4 |
% |
|||||
| Total assets | $ |
1,815,635 |
|
$ |
1,770,549 |
|
$ |
45,086 |
|
2.5 |
% |
$ |
1,760,413 |
|
$ |
55,222 |
|
3.1 |
% |
|||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
| Noninterest-bearing | $ |
304,005 |
|
$ |
318,807 |
|
$ |
(14,802 |
) |
(4.6 |
%) |
$ |
305,923 |
|
$ |
(1,918 |
) |
(0.6 |
%) |
|||||
| Interest-bearing |
|
1,176,567 |
|
|
1,128,784 |
|
|
47,783 |
|
4.2 |
% |
|
1,147,662 |
|
|
28,905 |
|
2.5 |
% |
|||||
| Total deposits |
|
1,480,572 |
|
|
1,447,591 |
|
|
32,981 |
|
2.3 |
% |
|
1,453,585 |
|
|
26,987 |
|
1.9 |
% |
|||||
| FHLB advances and other borrowing |
|
50,000 |
|
|
50,000 |
|
|
- |
|
- |
|
|
50,000 |
|
|
- |
|
- |
|
|||||
| Other liabilities |
|
30,096 |
|
|
22,415 |
|
|
7,681 |
|
34.3 |
% |
|
21,114 |
|
|
8,982 |
|
42.5 |
% |
|||||
| Total liabilities |
|
1,560,668 |
|
|
1,520,006 |
|
|
40,662 |
|
2.7 |
% |
|
1,524,699 |
|
|
35,969 |
|
2.4 |
% |
|||||
| Stockholders' Equity |
|
254,967 |
|
|
250,543 |
|
|
4,424 |
|
1.8 |
% |
|
235,714 |
|
|
19,253 |
|
8.2 |
% |
|||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ |
1,815,635 |
|
$ |
1,770,549 |
|
$ |
45,086 |
|
2.5 |
% |
$ |
1,760,413 |
|
$ |
55,222 |
|
3.1 |
% |
|||||
| CAPITAL RATIOS | ||||||||||||||||||||||||
| Leverage ratio | ||||||||||||||||||||||||
| Company |
|
14.12 |
% |
|
14.64 |
% |
|
(0.52 |
%) |
(3.6 |
%) |
|
12.98 |
% |
|
1.14 |
% |
8.8 |
% |
|||||
| Bank |
|
14.07 |
% |
|
14.58 |
% |
|
(0.51 |
%) |
(3.5 |
%) |
|
12.96 |
% |
|
1.11 |
% |
8.6 |
% |
|||||
| Common equity tier 1 risk-based capital ratio | ||||||||||||||||||||||||
| Company |
|
19.02 |
% |
|
19.03 |
% |
|
(0.01 |
%) |
(0.0 |
%) |
|
18.08 |
% |
|
0.94 |
% |
5.2 |
% |
|||||
| Bank |
|
18.95 |
% |
|
18.95 |
% |
|
- |
|
- |
|
|
18.05 |
% |
|
0.90 |
% |
5.0 |
% |
|||||
| Tier 1 risk-based capital ratio | ||||||||||||||||||||||||
| Company |
|
19.02 |
% |
|
19.03 |
% |
|
(0.01 |
%) |
(0.0 |
%) |
|
18.08 |
% |
|
0.94 |
% |
5.2 |
% |
|||||
| Bank |
|
18.95 |
% |
|
18.95 |
% |
|
- |
|
- |
|
|
18.05 |
% |
|
0.90 |
% |
5.0 |
% |
|||||
| Total risk-based capital ratio | ||||||||||||||||||||||||
| Company |
|
20.23 |
% |
|
20.26 |
% |
|
(0.03 |
%) |
(0.2 |
%) |
|
19.30 |
% |
|
0.93 |
% |
4.8 |
% |
|||||
| Bank |
|
20.16 |
% |
|
20.18 |
% |
|
(0.02 |
%) |
(0.1 |
%) |
|
19.27 |
% |
|
0.89 |
% |
4.6 |
% |
|||||
| Tangible book value per share | $ |
23.85 |
|
$ |
23.44 |
|
$ |
0.41 |
|
1.8 |
% |
$ |
22.03 |
|
$ |
1.82 |
|
8.3 |
% |
|||||
| Loans Held for Investments-to-Deposit ("LHFITD") ratio |
|
83.72 |
% |
|
84.48 |
% |
|
(0.76 |
%) |
(0.9 |
%) |
|
82.83 |
% |
|
0.89 |
% |
1.1 |
% |
|||||
| Net Loan-to-Deposit ("LTD") ratio |
|
96.05 |
% |
|
97.05 |
% |
|
(1.00 |
%) |
(1.0 |
%) |
|
96.79 |
% |
|
(0.74 |
%) |
(0.8 |
%) |
|||||
| Nonperforming assets | $ |
12,051 |
|
$ |
8,558 |
|
$ |
3,493 |
|
40.8 |
% |
$ |
2,484 |
|
$ |
9,567 |
|
385.1 |
% |
|||||
| Nonperforming assets as a % of loans held-for-investment |
|
0.97 |
% |
|
0.70 |
% |
|
0.27 |
% |
38.6 |
% |
|
0.21 |
% |
|
0.76 |
% |
361.9 |
% |
|||||
| ACL as a % of loans held-for-investment |
|
1.29 |
% |
|
1.30 |
% |
|
(0.01 |
%) |
(0.77 |
%) |
|
1.27 |
% |
|
0.02 |
% |
1.6 |
% |
|||||
| ¹ Includes AFS and HTM | ||||||||||||||||||||||||
FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3 |
|||||||||||||||||||||
(Dollars in thousands, except per share amounts) |
|||||||||||||||||||||
|
|
Three Months Ended |
|||||||||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
||||||||||
|
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
||||||||||
| Interest income | $ |
28,769 |
|
$ |
28,380 |
|
$ |
27,755 |
|
$ |
28,463 |
|
$ |
29,624 |
|
||||||
| Interest expense |
|
13,121 |
|
|
12,904 |
|
|
12,391 |
|
|
12,655 |
|
|
12,462 |
|
||||||
| Net interest income |
|
15,648 |
|
|
15,476 |
|
|
15,364 |
|
|
15,808 |
|
|
17,162 |
|
||||||
| Provision for credit losses |
|
- |
|
|
(100 |
) |
|
200 |
|
|
400 |
|
|
- |
|
||||||
| Net interest income after provision for credit losses |
|
15,648 |
|
|
15,576 |
|
|
15,164 |
|
|
15,408 |
|
|
17,162 |
|
||||||
| Gain on sale of loans |
|
1,013 |
|
|
991 |
|
|
1,064 |
|
|
1,489 |
|
|
838 |
|
||||||
| Gain (loss) on sale of OREO |
|
- |
|
|
- |
|
|
- |
|
|
(1 |
) |
|
- |
|
||||||
| SBA servicing fee income, net |
|
654 |
|
|
760 |
|
|
768 |
|
|
633 |
|
|
690 |
|
||||||
| Recovery on impaired servicing liability |
|
- |
|
|
- |
|
|
- |
|
|
10 |
|
|
- |
|
||||||
| Service charges and other income |
|
543 |
|
|
465 |
|
|
503 |
|
|
430 |
|
|
436 |
|
||||||
| Noninterest income |
|
2,210 |
|
|
2,216 |
|
|
2,335 |
|
|
2,561 |
|
|
1,964 |
|
||||||
| Salaries and employee benefits |
|
5,635 |
|
|
5,884 |
|
|
5,927 |
|
|
6,024 |
|
|
5,356 |
|
||||||
| Occupancy and equipment |
|
1,280 |
|
|
1,149 |
|
|
1,114 |
|
|
1,122 |
|
|
1,128 |
|
||||||
| Marketing expense |
|
285 |
|
|
423 |
|
|
403 |
|
|
402 |
|
|
250 |
|
||||||
| Professional expense |
|
329 |
|
|
456 |
|
|
440 |
|
|
412 |
|
|
360 |
|
||||||
| Other expenses |
|
2,411 |
|
|
2,104 |
|
|
1,972 |
|
|
2,084 |
|
|
2,363 |
|
||||||
| Noninterest expense |
|
9,940 |
|
|
10,016 |
|
|
9,856 |
|
|
10,044 |
|
|
9,457 |
|
||||||
| Income before income tax expense |
|
7,918 |
|
|
7,776 |
|
|
7,643 |
|
|
7,925 |
|
|
9,669 |
|
||||||
| Income tax expense |
|
2,211 |
|
|
2,207 |
|
|
2,163 |
|
|
2,253 |
|
|
2,670 |
|
||||||
| Net income | $ |
5,707 |
|
$ |
5,569 |
|
$ |
5,480 |
|
$ |
5,672 |
|
$ |
6,999 |
|
||||||
| Effective tax rate |
|
27.9 |
% |
|
28.4 |
% |
|
28.3 |
% |
|
28.4 |
% |
|
27.6 |
% |
||||||
| Outstanding number of shares |
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
||||||
| Weighted average shares for basic EPS |
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
||||||
| Weighted average shares for diluted EPS |
|
10,598,476 |
|
|
10,596,039 |
|
|
10,588,136 |
|
|
10,588,688 |
|
|
10,588,937 |
|
||||||
| Basic EPS | $ |
0.54 |
|
$ |
0.53 |
|
$ |
0.51 |
|
$ |
0.54 |
|
$ |
0.66 |
|
||||||
| Diluted EPS | $ |
0.54 |
|
$ |
0.53 |
|
$ |
0.51 |
|
$ |
0.54 |
|
$ |
0.66 |
|
||||||
FIVE-QUARTER SALARIES BENEFIT METRICS (Unaudited) - Table 4 |
||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
At or for the Three Months Ended |
||||||||||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|||||||||||
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
|||||||||||
| Salaries and benefits | $ |
5,635 |
|
$ |
5,884 |
|
$ |
5,927 |
|
$ |
6,024 |
|
$ |
5,356 |
|
|||||||
| FTE at the end of period |
|
168 |
|
|
178 |
|
|
172 |
|
|
168 |
|
|
169 |
|
|||||||
| Average FTE during the period |
|
166 |
|
|
173 |
|
|
171 |
|
|
169 |
|
|
169 |
|
|||||||
| Salaries and benefits/average FTE¹ | $ |
135 |
|
$ |
135 |
|
$ |
139 |
|
$ |
143 |
|
$ |
126 |
|
|||||||
| Salaries and benefits/average assets¹ |
|
1.25 |
% |
|
1.38 |
% |
|
1.42 |
% |
|
1.41 |
% |
|
1.18 |
% |
|||||||
| Noninterest expense/average assets¹ |
|
2.21 |
% |
|
2.35 |
% |
|
2.36 |
% |
|
2.35 |
% |
|
2.08 |
% |
|||||||
| 1 Annualized | ||||||||||||||||||||||
| FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5 | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||||
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ |
10,336 |
|
$ |
14,892 |
|
$ |
11,667 |
|
$ |
11,612 |
|
$ |
14,282 |
|
|||||
| Interest-earning deposits at the FRB and other banks |
|
266,826 |
|
|
241,094 |
|
|
101,415 |
|
|
181,366 |
|
|
233,255 |
|
|||||
| Investment securities |
|
62,196 |
|
|
63,208 |
|
|
73,051 |
|
|
59,143 |
|
|
59,883 |
|
|||||
| Loans held-for-sale |
|
198,448 |
|
|
198,021 |
|
|
209,144 |
|
|
198,167 |
|
|
218,258 |
|
|||||
| Loans held-for-investment |
|
1,239,564 |
|
|
1,222,865 |
|
|
1,228,496 |
|
|
1,194,439 |
|
|
1,204,009 |
|
|||||
| Less: Allowance for credit losses |
|
(15,959 |
) |
|
(15,948 |
) |
|
(16,042 |
) |
|
(16,048 |
) |
|
(15,291 |
) |
|||||
| Loans held-for-investment, net |
|
1,223,605 |
|
|
1,206,917 |
|
|
1,212,454 |
|
|
1,178,391 |
|
|
1,188,718 |
|
|||||
| Other real estate owned |
|
521 |
|
|
521 |
|
|
- |
|
|
- |
|
|
55 |
|
|||||
| Restricted stock investments |
|
11,011 |
|
|
11,011 |
|
|
11,011 |
|
|
11,011 |
|
|
11,011 |
|
|||||
| Servicing assets |
|
6,909 |
|
|
7,192 |
|
|
7,404 |
|
|
7,560 |
|
|
7,673 |
|
|||||
| Goodwill |
|
2,185 |
|
|
2,185 |
|
|
2,185 |
|
|
2,185 |
|
|
2,185 |
|
|||||
| Intangible assets |
|
214 |
|
|
224 |
|
|
235 |
|
|
245 |
|
|
255 |
|
|||||
| Other assets |
|
33,384 |
|
|
25,284 |
|
|
26,343 |
|
|
23,581 |
|
|
24,838 |
|
|||||
| Total assets | $ |
1,815,635 |
|
$ |
1,770,549 |
|
$ |
1,654,909 |
|
$ |
1,673,261 |
|
$ |
1,760,413 |
|
|||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| Noninterest-bearing | $ |
304,005 |
|
$ |
318,807 |
|
$ |
281,243 |
|
$ |
286,766 |
|
$ |
305,923 |
|
|||||
| Interest-bearing |
|
1,176,567 |
|
|
1,128,784 |
|
|
1,059,146 |
|
|
1,074,198 |
|
|
1,147,662 |
|
|||||
| Total deposits |
|
1,480,572 |
|
|
1,447,591 |
|
|
1,340,389 |
|
|
1,360,964 |
|
|
1,453,585 |
|
|||||
| FHLB advances |
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|||||
| Other liabilities |
|
30,096 |
|
|
22,415 |
|
|
19,260 |
|
|
21,727 |
|
|
21,114 |
|
|||||
| Total liabilities |
|
1,560,668 |
|
|
1,520,006 |
|
|
1,409,649 |
|
|
1,432,691 |
|
|
1,524,699 |
|
|||||
| Stockholders' Equity |
|
254,967 |
|
|
250,543 |
|
|
245,260 |
|
|
240,570 |
|
|
235,714 |
|
|||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ |
1,815,635 |
|
$ |
1,770,549 |
|
$ |
1,654,909 |
|
$ |
1,673,261 |
|
$ |
1,760,413 |
|
|||||
| FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6 | ||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||
| Balance | % | Balance | % | Balance | % | Balance | % | Balance | % | |||||||||||||||||||||
| Construction | $ |
27,276 |
2.2 |
% |
$ |
29,789 |
2.4 |
% |
$ |
33,918 |
2.8 |
% |
$ |
37,216 |
3.1 |
% |
$ |
34,886 |
2.9 |
% |
||||||||||
| Commercial real estate |
|
1,048,945 |
84.6 |
% |
|
1,029,768 |
84.2 |
% |
|
1,035,425 |
84.3 |
% |
|
1,005,765 |
84.2 |
% |
|
1,010,495 |
83.9 |
% |
||||||||||
| Commercial and industrial |
|
114,435 |
9.2 |
% |
|
112,588 |
9.2 |
% |
|
108,742 |
8.9 |
% |
|
101,784 |
8.5 |
% |
|
108,123 |
9.0 |
% |
||||||||||
| Home mortgage |
|
43,676 |
3.5 |
% |
|
45,673 |
3.7 |
% |
|
44,987 |
3.7 |
% |
|
44,389 |
3.7 |
% |
|
44,920 |
3.7 |
% |
||||||||||
| Consumer |
|
552 |
0.0 |
% |
|
537 |
0.0 |
% |
|
782 |
0.1 |
% |
|
668 |
0.1 |
% |
|
630 |
0.1 |
% |
||||||||||
| Gross loans held-for-investment |
|
1,234,884 |
99.6 |
% |
|
1,218,355 |
99.6 |
% |
|
1,223,854 |
99.6 |
% |
|
1,189,822 |
99.6 |
% |
|
1,199,054 |
99.6 |
% |
||||||||||
| Deferred loan fees/costs, net |
|
4,680 |
0.4 |
% |
|
4,510 |
0.4 |
% |
|
4,642 |
0.4 |
% |
|
4,617 |
0.4 |
% |
|
4,955 |
0.4 |
% |
||||||||||
| Loans held-for-investment | $ |
1,239,564 |
100.0 |
% |
$ |
1,222,865 |
100.0 |
% |
$ |
1,228,496 |
100.0 |
% |
$ |
1,194,439 |
100.0 |
% |
$ |
1,204,009 |
100.0 |
% |
||||||||||
| Loans held-for-sale | $ |
198,448 |
$ |
198,021 |
$ |
209,144 |
$ |
198,167 |
$ |
218,258 |
||||||||||||||||||||
| Total loans receivable | $ |
1,438,012 |
$ |
1,420,886 |
$ |
1,437,640 |
$ |
1,392,606 |
$ |
1,422,267 |
||||||||||||||||||||
FIVE-QUARTER SBA LOAN PRODUCTIONS/SALES DATA (Unaudited) - Table 7 |
|||||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||||
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|||||||||||||||
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
||||||||||||||||
| SBA loans held-for-sale at beginning of the quarter/year | $ |
198,021 |
|
$ |
209,144 |
|
$ |
198,167 |
|
$ |
218,258 |
|
$ |
219,355 |
|
$ |
218,258 |
|
$ |
230,431 |
|
||||||||
| SBA loans originated/transferred from/to held-for-investment during the quarter/year |
|
27,557 |
|
|
13,169 |
|
|
34,366 |
|
|
14,589 |
|
|
27,022 |
|
|
89,681 |
|
|
78,445 |
|
||||||||
| SBA loans sold during the quarter/year |
|
(17,215 |
) |
|
(20,152 |
) |
|
(19,508 |
) |
|
(28,164 |
) |
|
(21,749 |
) |
|
(85,039 |
) |
|
(73,431 |
) |
||||||||
| SBA loans principal paydown/payoff, net of advance |
|
(9,915 |
) |
|
(4,140 |
) |
|
(3,881 |
) |
|
(6,516 |
) |
|
(6,370 |
) |
|
(24,452 |
) |
|
(17,187 |
) |
||||||||
| SBA loans held-for-sale at end of the quarter/year | $ |
198,448 |
|
$ |
198,021 |
|
$ |
209,144 |
|
$ |
198,167 |
|
$ |
218,258 |
|
$ |
198,448 |
|
$ |
218,258 |
|
||||||||
| Gain on sale of SBA loans | $ |
1,013 |
|
$ |
991 |
|
$ |
1,064 |
|
$ |
1,489 |
|
$ |
838 |
|
$ |
4,557 |
|
$ |
3,209 |
|
||||||||
| Premium on sale (weighted average) |
|
9.2 |
% |
|
7.5 |
% |
|
8.3 |
% |
|
6.8 |
% |
|
6.7 |
% |
|
8.3 |
% |
|
7.0 |
% |
||||||||
| SBA loan production | $ |
39,741 |
|
$ |
23,227 |
|
$ |
45,126 |
|
$ |
18,089 |
|
$ |
37,821 |
|
$ |
126,183 |
|
$ |
107,823 |
|
||||||||
| Net Premium Received |
|
1,585 |
|
|
1,508 |
|
|
1,609 |
|
|
2,378 |
|
|
1,449 |
|
|
7,080 |
|
|
5,109 |
|
||||||||
|
63.9 |
% |
|
65.7 |
% |
|
66.1 |
% |
|
62.6 |
% |
|
57.8 |
% |
|
64.4 |
% |
|
62.8 |
% |
|||||||||
| SBA Loan Production | |||||||||||||||||||||||||||||
| Oct-24 |
|
11,364,133 |
|
|
9,058,000 |
|
|
18,289,000 |
|
|
3,701,000 |
|
|
8,428,000 |
|
|
42,412,133 |
|
|
23,602,000 |
|
||||||||
| Nov-24 |
|
13,438,531 |
|
|
5,525,000 |
|
|
5,273,324 |
|
|
5,724,000 |
|
|
12,573,000 |
|
|
29,960,854 |
|
|
50,225,500 |
|
||||||||
| Dec-24 |
|
14,938,000 |
|
|
8,644,000 |
|
|
21,564,000 |
|
|
8,664,000 |
|
|
16,820,000 |
|
|
53,810,000 |
|
|
33,995,000 |
|
||||||||
|
|
39,740,664 |
|
|
23,227,000 |
|
|
45,126,324 |
|
|
18,089,000 |
|
|
37,821,000 |
|
|
126,182,987 |
|
|
107,822,500 |
|
||||||||
| Total Loan Production | |||||||||||||||||||||||||||||
| Oct-24 |
|
33,655,902 |
|
|
19,440,000 |
|
|
56,216,000 |
|
|
15,651,000 |
|
|
36,328,000 |
|
||||||||||||||
| Nov-24 |
|
52,773,531 |
|
|
27,102,209 |
|
|
26,623,324 |
|
|
12,559,000 |
|
|
22,588,000 |
|
||||||||||||||
| Dec-24 |
|
29,003,000 |
|
|
15,034,000 |
|
|
43,214,670 |
|
|
17,689,000 |
|
|
26,390,000 |
|
||||||||||||||
|
115,432,432 |
|
|
61,576,209 |
|
|
126,053,994 |
|
|
45,899,000 |
|
|
85,306,000 |
|
|||||||||||||||
| SBA Loan Paid-off | |||||||||||||||||||||||||||||
| Oct-24 |
|
1,197,726 |
|
|
1,482,467 |
|
|
2,709,182 |
|
|
9,292,801 |
|
|
3,384,549 |
|
||||||||||||||
| Nov-24 |
|
2,093,830 |
|
|
2,830,972 |
|
|
1,796,192 |
|
|
2,426,785 |
|
|
2,385,378 |
|
||||||||||||||
| Dec-24 |
|
5,863,430 |
|
|
5,121,340 |
|
|
3,438,700 |
|
|
2,016,293 |
|
|
4,344,318 |
|
||||||||||||||
|
9,154,987 |
|
|
9,434,780 |
|
|
7,944,073 |
|
|
13,735,879 |
|
|
10,114,246 |
|
|||||||||||||||
| SBA PPP Loan Production | |||||||||||||||||||||||||||||
| Oct-24 |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||||||||||
| Nov-24 |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||||||||||
| Dec-24 |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||||||||||
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||||||||||
| SBA PPP Loan Paid-off | |||||||||||||||||||||||||||||
| Oct-24 |
|
73,290 |
|
||||||||||||||||||||||||||
| Nov-24 |
|
34,671 |
|
|
- |
|
|||||||||||||||||||||||
| Dec-24 |
|
- |
|
||||||||||||||||||||||||||
|
- |
|
|
- |
|
|
- |
|
|
34,671 |
|
|
73,290 |
|
|||||||||||||||
FIVE QUARTER SBA SERVICING ASSETS AND SERVICING FEES (Unaudited) - Table 8 |
|||||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
|
|
|
Twelve Months Ended |
||||||||||||||||||||||||
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
|
December 31, |
|
December 31, |
||||||||||||||
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
|
|
2024 |
|
2023 |
|||||||||||||||
| SBA servicing assets @ beginning of the quarter/year | $ |
7,192 |
|
$ |
7,404 |
|
$ |
7,560 |
|
$ |
7,673 |
|
$ |
7,873 |
|
$ |
7,673 |
|
$ |
9,232 |
|
||||||||
| Newly added SBA servicing assets from SBA loans sold |
|
355 |
|
|
377 |
|
|
395 |
|
|
555 |
|
|
430 |
|
|
1,682 |
|
|
1,418 |
|
||||||||
| Regular quarterly/annual servicing assets amortization |
|
(315 |
) |
|
(332 |
) |
|
(335 |
) |
|
(332 |
) |
|
(356 |
) |
|
(1,314 |
) |
|
(1,509 |
) |
||||||||
| SBA servicing assets amortized from SBA loans paid off/charged off |
|
(323 |
) |
|
(257 |
) |
|
(216 |
) |
|
(336 |
) |
|
(274 |
) |
|
(1,132 |
) |
|
(1,468 |
) |
||||||||
| Subtotal before impairment |
|
6,909 |
|
|
7,192 |
|
|
7,404 |
|
|
7,560 |
|
|
7,673 |
|
|
6,909 |
|
|
7,673 |
|
||||||||
| Reversal of valuation allowance on servicing assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||||
| SBA servicing assets @ the end of the quarter/year | $ |
6,909 |
|
$ |
7,192 |
|
$ |
7,404 |
|
$ |
7,560 |
|
$ |
7,673 |
|
$ |
6,909 |
|
$ |
7,673 |
|
||||||||
| FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9 | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||
| Balance | % | Balance | % | Balance | % | Balance | % | Balance | % | ||||||||||||||||||||||
| Noninterest-bearing demand | $ |
304,005 |
20.5 |
% |
$ |
318,807 |
22.0 |
% |
$ |
281,243 |
21.0 |
% |
$ |
286,766 |
21.1 |
% |
$ |
305,923 |
21.1 |
% |
|||||||||||
| Interest-bearing demand |
|
7,541 |
0.5 |
% |
|
6,590 |
0.5 |
% |
|
7,901 |
0.6 |
% |
|
6,709 |
0.5 |
% |
|
7,504 |
0.5 |
% |
|||||||||||
| NOW & MMDA |
|
269,475 |
18.2 |
% |
|
246,157 |
17.0 |
% |
|
240,951 |
18.0 |
% |
|
229,642 |
16.9 |
% |
|
237,548 |
16.3 |
% |
|||||||||||
| Savings |
|
84,727 |
5.7 |
% |
|
78,356 |
5.4 |
% |
|
80,360 |
6.0 |
% |
|
84,999 |
6.2 |
% |
|
88,689 |
6.1 |
% |
|||||||||||
| TCDs of |
|
324,041 |
21.9 |
% |
|
310,134 |
21.4 |
% |
|
295,109 |
22.0 |
% |
|
299,944 |
22.0 |
% |
|
315,920 |
21.7 |
% |
|||||||||||
| TCDs of |
|
345,045 |
23.3 |
% |
|
342,301 |
23.7 |
% |
|
314,119 |
23.4 |
% |
|
339,482 |
25.0 |
% |
|
353,866 |
24.4 |
% |
|||||||||||
| Wholesale deposits |
|
145,738 |
9.9 |
% |
|
145,246 |
10.0 |
% |
|
120,706 |
9.0 |
% |
|
113,422 |
8.3 |
% |
|
144,135 |
9.9 |
% |
|||||||||||
| Total Deposits | $ |
1,480,572 |
100.0 |
% |
$ |
1,447,591 |
100.0 |
% |
$ |
1,340,389 |
100.0 |
% |
$ |
1,360,964 |
100.0 |
% |
$ |
1,453,585 |
100.0 |
% |
|||||||||||
| Recap: | |||||||||||||||||||||||||||||||
| Noninterest-bearing demand | $ |
304,005 |
20.5 |
% |
$ |
318,807 |
22.0 |
% |
$ |
281,243 |
21.0 |
% |
$ |
286,766 |
21.1 |
% |
$ |
305,923 |
21.0 |
% |
|||||||||||
| Interest-bearing demand |
|
7,541 |
0.5 |
% |
|
6,590 |
0.5 |
% |
|
7,901 |
0.6 |
% |
|
6,709 |
0.5 |
% |
|
7,504 |
0.5 |
% |
|||||||||||
| NOW & MMDA |
|
269,475 |
18.2 |
% |
|
246,157 |
17.0 |
% |
|
240,951 |
18.0 |
% |
|
229,642 |
16.9 |
% |
|
237,548 |
16.3 |
% |
|||||||||||
| Savings |
|
84,727 |
5.7 |
% |
|
78,356 |
5.4 |
% |
|
80,360 |
6.0 |
% |
|
84,999 |
6.2 |
% |
|
88,689 |
6.1 |
% |
|||||||||||
| TCDs of |
|
324,041 |
21.9 |
% |
|
310,134 |
21.4 |
% |
|
295,109 |
22.0 |
% |
|
299,944 |
22.0 |
% |
|
315,920 |
21.7 |
% |
|||||||||||
| Core Deposits |
|
989,789 |
66.9 |
% |
|
960,044 |
66.3 |
% |
|
881,952 |
67.6 |
% |
|
908,060 |
66.7 |
% |
|
955,584 |
65.7 |
% |
|||||||||||
| TCDs of |
|
345,045 |
23.3 |
% |
|
342,301 |
23.6 |
% |
|
314,119 |
23.4 |
% |
|
339,482 |
24.9 |
% |
|
353,866 |
24.3 |
% |
|||||||||||
| Nonreciprocal ICS MMDA |
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|||||||||||
| Wholesale deposits |
|
145,738 |
9.8 |
% |
|
145,246 |
10.0 |
% |
|
120,706 |
9.0 |
% |
|
113,422 |
8.3 |
% |
|
144,135 |
9.9 |
% |
|||||||||||
| Noncore Deposits |
|
490,783 |
33.1 |
% |
|
487,547 |
33.7 |
% |
|
434,825 |
32.4 |
% |
|
452,904 |
33.3 |
% |
|
498,001 |
34.3 |
% |
|||||||||||
| Total Deposits | $ |
1,480,572 |
100.0 |
% |
$ |
1,447,591 |
100.0 |
% |
$ |
1,340,389 |
100.0 |
% |
$ |
1,360,964 |
100.0 |
% |
$ |
1,453,585 |
100.0 |
% |
|||||||||||
| FIVE-QUARTER SELECTED LOAN AND ASSET QUALITY HIGHLIGHTS (Unaudited) - Table 10 | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
4th Qtr. |
|
3rd Qtr. |
|
2nd Qtr. |
|
1st Qtr. |
|
4th Qtr. |
||||||||||||||
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
||||||||||||||
| Allowance for Credit Losses | ||||||||||||||||||||||
| Balance at beginning of period | $ |
15,948 |
|
$ |
16,042 |
|
$ |
16,048 |
|
$ |
15,291 |
|
$ |
15,284 |
|
|||||||
| CECL transition provision |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
| Provision for credit losses |
|
- |
|
|
- |
|
|
200 |
|
|
743 |
|
|
- |
|
|||||||
| Charge-offs |
|
- |
|
|
(108 |
) |
|
(257 |
) |
|
- |
|
|
(2 |
) |
|||||||
| Recoveries |
|
11 |
|
|
14 |
|
|
51 |
|
|
14 |
|
|
9 |
|
|||||||
| Balance at the end of period | $ |
15,959 |
|
$ |
15,948 |
|
$ |
16,042 |
|
$ |
16,048 |
|
$ |
15,291 |
|
|||||||
| Nonperforming Assets:¹ | ||||||||||||||||||||||
| Over 90 days still accruing | $ |
1,819 |
|
$ |
994 |
|
$ |
- |
|
$ |
1,605 |
|
$ |
399 |
|
|||||||
| Nonaccrual loans |
|
9,711 |
|
|
7,043 |
|
|
5,797 |
|
|
2,842 |
|
|
2,030 |
|
|||||||
| Total nonperforming loans |
|
11,530 |
|
|
8,037 |
|
|
5,797 |
|
|
4,447 |
|
|
2,429 |
|
|||||||
| Other real estate owned | $ |
521 |
|
|
521 |
|
|
- |
|
|
- |
|
|
55 |
|
|||||||
| Total nonperforming assets | $ |
12,051 |
|
$ |
8,558 |
|
$ |
5,797 |
|
$ |
4,447 |
|
$ |
2,484 |
|
|||||||
| Classified Assets:¹ | ||||||||||||||||||||||
| Substandard | $ |
22,077 |
|
$ |
15,980 |
|
$ |
12,762 |
|
$ |
11,912 |
|
$ |
11,063 |
|
|||||||
| Doubtful |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
| Loss | ||||||||||||||||||||||
| Total classified loans | $ |
22,077 |
|
$ |
15,980 |
|
$ |
12,762 |
|
$ |
11,912 |
|
$ |
11,063 |
|
|||||||
| Other real estate owned | $ |
521 |
|
|
521 |
|
|
- |
|
|
- |
|
|
55 |
|
|||||||
| Total classified assets | $ |
22,598 |
|
$ |
16,501 |
|
$ |
12,762 |
|
$ |
11,912 |
|
$ |
11,118 |
|
|||||||
| Performing modified loans:¹ | $ |
649 |
|
$ |
452 |
|
$ |
464 |
|
$ |
3,811 |
|
$ |
3,336 |
|
|||||||
| Delinquent Loans:¹ | ||||||||||||||||||||||
| Loans 30-89 days past due | $ |
7,614 |
|
$ |
4,308 |
|
$ |
8,613 |
|
$ |
16,907 |
|
$ |
5,981 |
|
|||||||
| 90 days or more past due and still accruing |
|
1,819 |
|
|
994 |
|
|
- |
|
|
1,605 |
|
|
399 |
|
|||||||
| Nonaccrual |
|
9,711 |
|
|
7,043 |
|
|
5,797 |
|
|
2,842 |
|
|
2,030 |
|
|||||||
| Total delinquent loans | $ |
19,144 |
|
$ |
12,345 |
|
$ |
14,410 |
|
$ |
21,354 |
|
$ |
8,410 |
|
|||||||
| Asset Quality Ratios: | ||||||||||||||||||||||
| Net (recoveries) charge-offs to average loans² |
|
0.00 |
% |
|
0.03 |
% |
|
0.06 |
% |
|
0.00 |
% |
|
0.00 |
% |
|||||||
| Nonaccrual loans to loans held-for-investment |
|
0.78 |
% |
|
0.58 |
% |
|
0.47 |
% |
|
0.24 |
% |
|
0.17 |
% |
|||||||
| Nonperforming loans to loans held-for-investment |
|
0.93 |
% |
|
0.66 |
% |
|
0.47 |
% |
|
0.37 |
% |
|
0.20 |
% |
|||||||
| Nonperforming assets to total assets |
|
0.66 |
% |
|
0.48 |
% |
|
0.35 |
% |
|
0.27 |
% |
|
0.14 |
% |
|||||||
| Classified loans to loans held-for-investment |
|
1.78 |
% |
|
1.31 |
% |
|
1.04 |
% |
|
1.00 |
% |
|
0.92 |
% |
|||||||
| Classified loans to Tier 1 and ACL |
|
8.22 |
% |
|
6.05 |
% |
|
4.93 |
% |
|
4.69 |
% |
|
4.45 |
% |
|||||||
| Classified assets to total assets |
|
1.24 |
% |
|
0.93 |
% |
|
0.77 |
% |
|
0.71 |
% |
|
0.63 |
% |
|||||||
| Classified assets to Tier 1 and ACL |
|
8.42 |
% |
|
6.25 |
% |
|
4.93 |
% |
|
4.69 |
% |
|
4.47 |
% |
|||||||
| ACL to loans held-for-investment |
|
1.29 |
% |
|
1.30 |
% |
|
1.31 |
% |
|
1.34 |
% |
|
1.27 |
% |
|||||||
| ACL to nonaccrual loans |
|
164.34 |
% |
|
226.44 |
% |
|
276.73 |
% |
|
564.67 |
% |
|
753.25 |
% |
|||||||
| ACL to nonperforming loans |
|
138.41 |
% |
|
198.43 |
% |
|
276.73 |
% |
|
360.87 |
% |
|
629.52 |
% |
|||||||
| ACL to nonperforming assets |
|
132.43 |
% |
|
186.35 |
% |
|
276.73 |
% |
|
360.87 |
% |
|
615.58 |
% |
|||||||
|
4.49 |
% |
|
3.24 |
% |
|
2.24 |
% |
|
1.75 |
% |
|
1.00 |
% |
||||||||
| 1 Net of SBA guaranteed balance | ||||||||||||||||||||||
| 2 Includes loans held-for-sale | ||||||||||||||||||||||
| 3 Nonperforming assets divided by tangible common equity and ACL | ||||||||||||||||||||||
| FIVE-QUARTER CAPITAL RATIOS (Unaudited) - Table 11 | ||||||||||||||||||||||||||||
Well Capitalized |
|
Adequately Capitalized |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||||||||
Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Requirement |
|
Fully Phased In |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
||||||||||||||||
| Leverage ratio | ||||||||||||||||||||||||||||
| Company | N/A |
|
N/A |
|
|
14.12 |
% |
|
14.64 |
% |
|
14.51 |
% |
|
13.85 |
% |
|
12.98 |
% |
|||||||||
| Bank | 5.00 |
% |
4.00 |
% |
|
14.07 |
% |
|
14.58 |
% |
|
14.45 |
% |
|
13.84 |
% |
|
12.96 |
% |
|||||||||
| Common equity tier 1 risk-based capital ratio | ||||||||||||||||||||||||||||
| Company | N/A |
|
N/A |
|
|
19.02 |
% |
|
19.03 |
% |
|
18.36 |
% |
|
18.67 |
% |
|
18.08 |
% |
|||||||||
| Bank | 6.50 |
% |
7.00 |
% |
|
18.95 |
% |
|
18.95 |
% |
|
18.28 |
% |
|
18.65 |
% |
|
18.05 |
% |
|||||||||
| Tier 1 risk-based capital ratio | ||||||||||||||||||||||||||||
| Company | N/A |
|
N/A |
|
|
19.02 |
% |
|
19.03 |
% |
|
18.36 |
% |
|
18.67 |
% |
|
18.08 |
% |
|||||||||
| Bank | 8.00 |
% |
8.50 |
% |
|
18.95 |
% |
|
18.95 |
% |
|
18.28 |
% |
|
18.65 |
% |
|
18.05 |
% |
|||||||||
| Total risk-based capital ratio | ||||||||||||||||||||||||||||
| Company | N/A |
|
N/A |
|
|
20.23 |
% |
|
20.26 |
% |
|
19.59 |
% |
|
19.92 |
% |
|
19.30 |
% |
|||||||||
| Bank | 10.00 |
% |
10.50 |
% |
|
20.16 |
% |
|
20.18 |
% |
|
19.50 |
% |
|
19.91 |
% |
|
19.27 |
% |
|||||||||
| Tangible common equity/total assets |
|
13.93 |
% |
|
14.03 |
% |
|
14.70 |
% |
|
14.25 |
% |
|
13.27 |
% |
|||||||||||||
| Tangible common equity per share | $ |
23.85 |
|
$ |
23.44 |
|
$ |
22.94 |
|
$ |
22.49 |
|
$ |
22.03 |
|
|||||||||||||
| FIVE-QUARTER MARGIN ANALYSIS (Unaudited) - Table 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
| Avg Balance | Interest | Yield | Avg Balance | Interest | Yield | Avg Balance | Interest | Yield | Avg Balance | Interest | Yield | Avg Balance | Interest | Yield | ||||||||||||||||||||||||||||||||||||
| Number of Days in the Period | Checked | |||||||||||||||||||||||||||||||||||||||||||||||||
| INTEREST-EARNING ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Receivable¹ | $ |
1,432,216 |
|
$ |
24,863 |
6.91 |
% |
$ |
1,427,123 |
|
$ |
25,357 |
7.07 |
% |
$ |
1,418,458 |
|
$ |
24,887 |
7.06 |
% |
$ |
1,415,924 |
|
$ |
24,906 |
7.07 |
% |
$ |
1,410,971 |
|
$ |
24,926 |
7.01 |
% |
|||||||||||||||
| Investment securities ² |
|
62,714 |
|
|
696 |
4.42 |
% |
|
68,198 |
|
|
734 |
4.28 |
% |
|
70,052 |
|
|
723 |
4.15 |
% |
|
59,554 |
|
|
575 |
3.88 |
% |
|
60,094 |
|
|
563 |
3.72 |
% |
|||||||||||||||
| Interest-earning deposits at the FRB and other banks |
|
253,524 |
|
|
3,048 |
4.78 |
% |
|
158,127 |
|
|
2,139 |
5.38 |
% |
|
146,956 |
|
|
1,995 |
5.46 |
% |
|
207,155 |
|
|
2,817 |
5.47 |
% |
|
288,769 |
|
|
3,973 |
5.46 |
% |
|||||||||||||||
| Other earning assets |
|
11,011 |
|
|
211 |
7.62 |
% |
|
11,011 |
|
|
200 |
7.23 |
% |
|
11,011 |
|
|
200 |
7.31 |
% |
|
11,011 |
|
|
214 |
7.82 |
% |
|
11,011 |
|
|
212 |
7.64 |
% |
|||||||||||||||
| Total interest-earning assets ² |
|
1,759,465 |
|
|
28,818 |
6.52 |
% |
|
1,664,459 |
|
|
28,430 |
6.80 |
% |
|
1,646,477 |
|
|
27,805 |
6.79 |
% |
|
1,693,644 |
|
|
28,512 |
6.77 |
% |
|
1,770,845 |
|
|
29,674 |
6.65 |
% |
|||||||||||||||
| NONINTEREST-EARNING ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks |
|
12,349 |
|
|
12,527 |
|
|
12,907 |
|
|
12,172 |
|
|
12,567 |
|
|||||||||||||||||||||||||||||||||||
| Other noninterest-earning assets |
|
35,479 |
|
|
34,395 |
|
|
33,263 |
|
|
31,967 |
|
|
32,985 |
|
|||||||||||||||||||||||||||||||||||
| Total noninterest-earning assets |
|
47,828 |
|
|
46,922 |
|
|
46,170 |
|
|
44,139 |
|
|
45,552 |
|
|||||||||||||||||||||||||||||||||||
| Less: Allowance for credit losses |
|
(15,953 |
) |
|
(16,024 |
) |
|
(16,058 |
) |
|
(15,322 |
) |
|
(15,291 |
) |
|||||||||||||||||||||||||||||||||||
| TOTAL ASSETS | $ |
1,791,340 |
|
$ |
1,695,357 |
|
$ |
1,676,589 |
|
$ |
1,722,461 |
|
$ |
1,801,106 |
|
|||||||||||||||||||||||||||||||||||
| INTEREST-BEARING DEPOSITS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing demand | $ |
11,147 |
|
$ |
6 |
0.21 |
% |
$ |
11,007 |
|
$ |
6 |
0.22 |
% |
$ |
11,864 |
|
$ |
6 |
0.20 |
% |
$ |
12,680 |
|
$ |
6 |
0.19 |
% |
$ |
12,657 |
|
$ |
7 |
0.22 |
% |
|||||||||||||||
| Money market |
|
244,258 |
|
|
2,508 |
4.08 |
% |
|
236,834 |
|
|
2,555 |
4.29 |
% |
|
230,261 |
|
|
2,272 |
3.97 |
% |
|
229,441 |
|
|
2,285 |
4.01 |
% |
|
222,289 |
|
|
2,158 |
3.85 |
% |
|||||||||||||||
| Savings |
|
81,423 |
|
|
661 |
3.23 |
% |
|
79,289 |
|
|
689 |
3.46 |
% |
|
82,215 |
|
|
700 |
3.42 |
% |
|
84,854 |
|
|
724 |
3.43 |
% |
|
82,403 |
|
|
664 |
3.20 |
% |
|||||||||||||||
| Time deposits |
|
815,866 |
|
|
9,828 |
4.79 |
% |
|
767,607 |
|
|
9,536 |
4.94 |
% |
|
759,954 |
|
|
9,296 |
4.92 |
% |
|
801,122 |
|
|
9,523 |
4.78 |
% |
|
824,900 |
|
|
9,515 |
4.58 |
% |
|||||||||||||||
| Total interest-bearing deposits |
|
1,152,694 |
|
|
13,003 |
4.49 |
% |
|
1,094,737 |
|
|
12,786 |
4.65 |
% |
|
1,084,294 |
|
|
12,274 |
4.55 |
% |
|
1,128,097 |
|
|
12,538 |
4.47 |
% |
|
1,142,249 |
|
|
12,344 |
4.29 |
% |
|||||||||||||||
| Borrowings |
|
50,001 |
|
|
118 |
0.94 |
% |
|
50,000 |
|
|
118 |
0.94 |
% |
|
50,013 |
|
|
117 |
0.94 |
% |
|
50,000 |
|
|
117 |
0.94 |
% |
|
50,001 |
|
|
118 |
0.94 |
% |
|||||||||||||||
| Total interest-bearing liabilities |
|
1,202,695 |
|
|
13,121 |
4.34 |
% |
|
1,144,737 |
|
|
12,904 |
4.48 |
% |
|
1,134,307 |
|
|
12,391 |
4.39 |
% |
|
1,178,097 |
|
|
12,655 |
4.32 |
% |
|
1,192,250 |
|
|
12,462 |
4.15 |
% |
|||||||||||||||
| Noninterest-bearing deposits |
|
309,662 |
|
|
280,670 |
|
|
279,765 |
|
|
284,867 |
|
|
350,656 |
|
|||||||||||||||||||||||||||||||||||
| Other liabilities |
|
26,090 |
|
|
21,376 |
|
|
19,287 |
|
|
21,112 |
|
|
25,602 |
|
|||||||||||||||||||||||||||||||||||
| Stockholders' equity |
|
252,893 |
|
|
248,574 |
|
|
243,230 |
|
|
238,385 |
|
|
232,598 |
|
|||||||||||||||||||||||||||||||||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ |
1,791,340 |
|
$ |
1,695,357 |
|
$ |
1,676,589 |
|
$ |
1,722,461 |
|
$ |
1,801,106 |
|
|||||||||||||||||||||||||||||||||||
| Net interest income² | $ |
15,697 |
$ |
15,526 |
$ |
15,414 |
$ |
15,857 |
$ |
17,212 |
||||||||||||||||||||||||||||||||||||||||
| Net interest spread | 2.18 |
% |
2.32 |
% |
2.40 |
% |
2.45 |
% |
2.50 |
% |
||||||||||||||||||||||||||||||||||||||||
| Effect of noninterest-bearing sources | 1.37 |
% |
1.39 |
% |
1.37 |
% |
1.32 |
% |
1.36 |
% |
||||||||||||||||||||||||||||||||||||||||
| Net interest margin² | 3.55 |
% |
3.71 |
% |
3.77 |
% |
3.77 |
% |
3.86 |
% |
||||||||||||||||||||||||||||||||||||||||
| Cost of deposits | $ |
1,462,356 |
|
$ |
13,003 |
3.54 |
% |
$ |
1,375,407 |
|
$ |
12,786 |
3.70 |
% |
$ |
1,364,059 |
|
$ |
12,274 |
3.62 |
% |
$ |
1,412,964 |
|
$ |
12,538 |
3.57 |
% |
$ |
1,492,905 |
|
$ |
12,344 |
3.28 |
% |
|||||||||||||||
| Cost of funds | $ |
1,512,357 |
|
$ |
13,121 |
3.45 |
% |
$ |
1,425,407 |
|
$ |
12,904 |
3.60 |
% |
$ |
1,414,072 |
|
$ |
12,391 |
3.52 |
% |
$ |
1,462,964 |
|
$ |
12,655 |
3.48 |
% |
$ |
1,542,906 |
|
$ |
12,462 |
3.20 |
% |
|||||||||||||||
| 1 Loan held-for-investment, plus loans held-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2 Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate | ||||||||||||||||||||||||||||||||||||||||||||||||||
| FIVE-QUARTER COMPONENTS OF YIELD ON LOANS (Unaudited) - Table 13 | ||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30,2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
| Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||||||||||||||
| Contractual yield | $ |
24,036 |
|
6.68 |
% |
$ |
24,544 |
|
6.84 |
% |
$ |
24,271 |
|
6.88 |
% |
$ |
24,138 |
|
6.86 |
% |
$ |
24,235 |
|
6.81 |
% |
|||||||||||||
| SBA discount accretion |
|
818 |
|
0.23 |
% |
|
806 |
|
0.23 |
% |
|
736 |
|
0.21 |
% |
|
926 |
|
0.26 |
% |
|
845 |
|
0.24 |
% |
|||||||||||||
| Prepayment penalties and late fees |
|
64 |
|
0.02 |
% |
|
184 |
|
0.05 |
% |
|
36 |
|
0.01 |
% |
|
67 |
|
0.01 |
% |
|
40 |
|
0.01 |
% |
|||||||||||||
| Amortization of net deferred costs |
|
(55 |
) |
-0.02 |
% |
|
(177 |
) |
-0.05 |
% |
|
(156 |
) |
-0.04 |
% |
|
(225 |
) |
-0.06 |
% |
|
(194 |
) |
-0.05 |
% |
|||||||||||||
| As reported yield on loans | $ |
24,863 |
|
6.91 |
% |
$ |
25,357 |
|
7.07 |
% |
$ |
24,887 |
|
7.06 |
% |
$ |
24,906 |
|
7.07 |
% |
$ |
24,926 |
|
7.01 |
% |
|||||||||||||
| MARGIN ANALYSIS (Unaudited) - Table 14 | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Twelve Months Ended | |||||||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||||||
| Avg Balance | Interest | Yield | Avg Balance | Interest | Yield | ||||||||||||||
| Number of Days in the Period | |||||||||||||||||||
| INTEREST-EARNING ASSETS | |||||||||||||||||||
| Loans Receivable ¹ | $ |
1,423,464 |
|
$ |
100,013 |
7.03 |
% |
$ |
1,443,379 |
|
$ |
98,700 |
6.84 |
% |
|||||
| Investment securities ² |
|
65,131 |
|
|
2,728 |
4.19 |
% |
|
65,666 |
|
|
2,312 |
3.52 |
% |
|||||
| Interest-earning deposits at the FRB and other banks |
|
191,519 |
|
|
9,999 |
5.22 |
% |
|
258,060 |
|
|
13,441 |
5.21 |
% |
|||||
| Other earning assets |
|
11,011 |
|
|
825 |
7.49 |
% |
|
10,745 |
|
|
735 |
6.84 |
% |
|||||
| Total interest-earning assets ² |
|
1,691,125 |
|
|
113,565 |
6.72 |
% |
|
1,777,850 |
|
|
115,188 |
6.48 |
% |
|||||
| NONINTEREST-EARNING ASSETS | |||||||||||||||||||
| Cash and due from banks |
|
12,489 |
|
|
13,161 |
|
|||||||||||||
| Other noninterest-earning assets |
|
33,538 |
|
|
34,218 |
|
|||||||||||||
| Total noninterest-earning assets |
|
46,027 |
|
|
47,379 |
|
|||||||||||||
| Less: Allowance for credit losses |
|
(15,840 |
) |
|
(15,522 |
) |
|||||||||||||
| TOTAL ASSETS | $ |
1,721,312 |
|
$ |
1,809,707 |
|
|||||||||||||
| INTEREST-BEARING DEPOSITS | |||||||||||||||||||
| Interest-bearing demand | $ |
11,671 |
|
$ |
24 |
0.21 |
% |
$ |
14,367 |
|
$ |
29 |
0.20 |
% |
|||||
| Money market |
|
235,228 |
|
|
9,620 |
4.09 |
% |
|
214,509 |
|
|
6,948 |
3.24 |
% |
|||||
| Savings |
|
81,936 |
|
|
2,774 |
3.39 |
% |
|
68,166 |
|
|
1,646 |
2.41 |
% |
|||||
| Time deposits |
|
786,168 |
|
|
38,183 |
4.86 |
% |
|
820,452 |
|
|
32,909 |
4.01 |
% |
|||||
| Total interest-bearing deposits |
|
1,115,003 |
|
|
50,601 |
4.54 |
% |
|
1,117,494 |
|
|
41,532 |
3.72 |
% |
|||||
| Borrowings |
|
50,004 |
|
|
470 |
0.94 |
% |
|
50,001 |
|
|
470 |
0.94 |
% |
|||||
| Total interest-bearing liabilities |
|
1,165,007 |
|
|
51,071 |
4.38 |
% |
|
1,167,495 |
|
|
42,002 |
3.60 |
% |
|||||
| Noninterest-bearing deposits |
|
288,776 |
|
|
396,067 |
|
|||||||||||||
| Other liabilities |
|
21,731 |
|
|
22,763 |
|
|||||||||||||
| Stockholders' equity |
|
245,798 |
|
|
223,382 |
|
|||||||||||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ |
1,721,312 |
|
$ |
1,809,707 |
|
|||||||||||||
| Net interest income² | $ |
62,494 |
$ |
73,186 |
|||||||||||||||
| Net interest spread | 2.34 |
% |
2.88 |
% |
|||||||||||||||
| Effect of noninterest-bearing sources | 1.36 |
% |
1.24 |
% |
|||||||||||||||
| Net interest margin² | 3.70 |
% |
4.12 |
% |
|||||||||||||||
| Cost of deposits | $ |
1,403,779 |
|
$ |
50,601 |
3.60 |
% |
$ |
1,513,561 |
|
$ |
41,532 |
2.74 |
% |
|||||
| Cost of funds | $ |
1,453,783 |
|
$ |
51,071 |
3.51 |
% |
$ |
1,563,562 |
|
$ |
42,002 |
2.69 |
% |
|||||
| 1 Loan held-for-investment, plus loans held-for-sale | |||||||||||||||||||
| 2 Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate | |||||||||||||||||||
| COMPONENTS OF YIELD ON LOANS (Unaudited) - Table 15 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| Twelve Months Ended | ||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||
| Amount | Yield | Amount | Yield | |||||||||||||
| Contractual yield | $ |
96,989 |
|
6.81 |
% |
$ |
95,577 |
|
6.62 |
% |
||||||
| SBA discount accretion |
|
3,286 |
|
0.24 |
% |
|
3,827 |
|
0.27 |
% |
||||||
| Prepayment penalties and late fees |
|
351 |
|
0.02 |
% |
|
148 |
|
0.01 |
% |
||||||
| Amortization of net deferred costs |
|
(613 |
) |
-0.04 |
% |
|
(852 |
) |
-0.06 |
% |
||||||
| As reported yield on loans | $ |
100,013 |
|
7.03 |
% |
$ |
98,700 |
|
6.84 |
% |
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250130070963/en/
Richard Koh, EVP & CFO
(323) 988-3037
RichardK@cbb-bank.com
Source: CBB Bancorp, Inc.
FAQ
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