CBB Bancorp, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results

Rhea-AI Summary

CBB Bancorp, Inc. (OTCQX: CBBI) reported a net income of $7.3 million for Q4 2022, a 28.0% increase from the prior quarter but an 8.5% decrease year-over-year. For the full year, net income was $27.9 million, up 0.4% from 2021. Key metrics include a net interest margin of 4.59%, a return on average assets of 1.64%, and a return on average equity of 14.04% for Q4 2022. Significant factors include loan growth, improved asset quality, and a reduced loan loss provision. However, noninterest income declined due to no SBA loan sales during the quarter. Total loans increased 4.7% quarter-over-quarter, while deposits saw a slight overall decline.

Positive

• Q4 2022 net income increased 28.0% from Q3 2022 to $7.3 million.
• Yearly net interest income rose 20.1% to $71.2 million.
• Net interest margin improved to 4.59%, up from 4.28% in Q3 2022.
• Return on average assets was 1.64%, an increase from 1.27% in Q3 2022.
• Total loans increased 4.7% from Q3 2022, totaling $1.5 billion.

Negative

• Q4 2022 net income decreased 8.5% compared to Q4 2021.
• Noninterest income dropped to $0.9 million from $5.3 million in Q4 2021.
• Non-performing loans increased to $6.8 million from $0.69 million in Q3 2022.

LOS ANGELES--(BUSINESS WIRE)-- CBB Bancorp, Inc. ("CBB" or the "Company') (OTCQX: CBBI), the holding company of Commonwealth Business Bank, doing business as CBB Bank (the "Bank"), announced today net income for fourth quarter 2022 of $7.3 million, or $0.70 per diluted share, an increase of 28.0% compared to $5.7 million, or $0.54 per diluted share, in the prior quarter and a decrease of 8.5% compared to $8.0 million, or $0.77 per diluted share, in the same period last year.

Additionally, CBB reported net income for the year ended December 31, 2022 of $27.9 million, or $2.66 per diluted share, an increase of 0.4% from the $27.5 million, or $2.65 per diluted share, of net income for the year ended December 31, 2021.

Overall Results

Net income for fourth quarter 2022 was positively impacted by an improved net interest margin and a lower loan loss reserve requirement. The Company’s annualized return on average assets for fourth quarter 2022 was 1.64% compared to 1.27% for third quarter 2022 and 1.68% for fourth quarter 2021. The annualized return on average equity for fourth quarter 2022 was 14.04% compared to 11.24% for third quarter 2022 and 17.54% for fourth quarter 2021. The net interest margin for fourth quarter 2022 was 4.59% compared to 4.28% for third quarter 2022 and 3.49% for fourth quarter 2021. The efficiency ratio for fourth quarter 2022 was 51.41% compared to 55.64% for third quarter 2022 and 52.84% for fourth quarter 2021.

“We are pleased to announce our positive earnings performance for the fourth quarter, as our earnings continue to benefit from loan growth and higher net interest income, while maintaining excellent asset quality,” said James Hong, President and CEO.

Net Interest Income and Margin:

Net Interest Income

Net interest income for fourth quarter 2022 was $20.1 million, an increase of $1.2 million, or 6.6%, from third quarter 2022, and an increase of $3.8 million, or 23.2%, from fourth quarter 2021. For the year ended December 31, 2022, net interest income was $71.2 million, an increase of $12.4 million, or 20.1%, over 2021. The increase in net interest income over the prior year was primarily driven by the increase in total loans, as well as increased variable rate asset yields resulting from recent increases in interest rates by the Federal Reserve Bank.

Net Interest Margin

Our net interest margin for fourth quarter 2022 was 4.59% compared to 4.28% for third quarter 2022 and 3.49% for fourth quarter 2021. The increase in net interest margin was due to the impact of increases in the prime and federal funds rates, which were only partially offset by rising deposit costs. For the year ended December 31, 2022, net interest margin was 4.08% compared to 3.67% in 2021. Our cost of funds increased for fourth quarter 2022 to 1.19% from 0.63% for third quarter 2022 and 0.30% for fourth quarter 2021. For the year ended December 31, 2022, the cost of funds was 0.62% compared to 0.38% in 2021.

Provision for Loan Losses:

The Company recorded no provision for loan losses for fourth quarter 2022, compared to a provision of $0.9 million for third quarter 2022 and a negative provision of $0.8 million for fourth quarter 2021. A provision for loan losses of $1.3 million was recorded for the year ended December 31, 2022, compared to a $0.3 million negative provision for the corresponding period in 2021. The zero loan loss provision during the fourth quarter of 2022 was due to continued strong performance by our borrowers, which offset any provision that would otherwise have been recorded due to loan portfolio growth. See Table 10 for additional information.

Noninterest Income:

Noninterest income for fourth quarter 2022 was $0.9 million compared to $1.2 million for third quarter 2022 and $5.3 million for fourth quarter 2021. For the year ended December 31, 2022, noninterest income was $12.3 million compared to $19.6 million in 2021. There were no sales of SBA loans during the third and fourth quarter of 2022, compared with SBA loan sales of $42.2 million with an average premium percentage received of 11.1% during the fourth quarter of 2021. For the year ended December 31, 2022, the gain on sale of SBA loans was $8.0 million compared to $14.9 million for the year 2021.

Noninterest Expense:

Noninterest expense for fourth quarter 2022 was $10.8 million compared to $11.2 million for third quarter 2022 and $11.4 million for fourth quarter 2021. The decrease in noninterest expense in the fourth quarter of 2022 was largely due to a decrease in salaries and employee benefits. Salaries and employee benefits were at $6.2 million in fourth quarter 2022, down $0.6 million from $6.9 million in the prior quarter, and down $ 0.4 million from $6.6 million in the fourth quarter of 2021.

For the year ended December 31, 2022, noninterest expense was $43.2 million compared to $40.3 million for the corresponding period in 2021 year. The increase in noninterest expense in 2022 compared to 2021 was primarily driven by an increase in salaries and employee benefits which was offset by a decrease in merger-related expenses.

Income Taxes:

The Company’s effective tax rate for fourth quarter 2022 was 28.2% compared to 28.3% for third quarter 2022 and 27.1% for fourth quarter 2021. For the year ended December 31, 2022, the effective tax rate was 28.3% compared to 28.2% in 2021.

Balance Sheet:

Investment Securities:

Investment securities were $72.6 million at December 31, 2022, a decrease from $75.8 million at September 30, 2022 and from $84.2 million from December 31, 2021. The decreases were due to net principal paydowns. There were no portfolio additions in 2022.

Loans Receivable:

Loans receivable (including loans held for sale) at December 31, 2022 was $1.5 billion, an increase of $68.7 million, or 4.7%, from September 30, 2022, and an increase of $116.3 million, or 8.3%, from December 31, 2021. The increase in loan balances in 2022 compared with 2021 can be attributed, in part, to the decision not to sell SBA loans during the period due to their attractive variable rate yields and declining premiums on sale in the market.

The weighted average loan-to-value ratio of Commercial Real Estate loans was 69.4% at December 31, 2022. Excluding SBA loans, the weighted average loan-to-value ratio of CRE loans was 53%.

Allowance for Loan Losses and Asset Quality:

The allowance for loan losses at December 31, 2022 was $15.5 million, or 1.21% of portfolio loans, compared to $15.6 million, or 1.24% of portfolio loans, at September 30, 2022. Non-performing loans as of December 31, 2022 were $6.8 million, up from $690 thousand at September 30, 2022. The increase in non-performing loans was due to $6.1 million in real estate secured loans that were in the process of payoff or refinancing at year-end. The entire $6.1 million was paid off or refinanced and returned to performing status in January 2023. Loans payment deferments are considered performing loans in accordance with regulatory guidance. Our coverage ratio of allowance for loan losses to nonperforming assets continues to exceed 1900%.

SBA Loans Held for Sale:

SBA loans held for sale at December 31, 2022 were $230.4 million, compared to $186.4 million at September 30 2022 and $158.1 million at December 31, 2021. We continue to assess SBA loan sale premiums and plan to sell loans when we believe it is advantageous to do so. See comments under “Noninterest Income”, and Table 7 for additional SBA loan origination and sale data.

Deposits:

Deposits were $1.5 billion at December 31, 2022, up $4.9 million, or 0.3%, from September 30, 2022 and down $19.9 million, or 1.3%, from December 31, 2021. Noninterest-bearing demand deposits (DDAs) decreased $110.4 million, or 19.6%, from September 30, 2022 and decreased $168.1 million, or 27.1%, from December 31, 2021. DDAs were 30.0% of total deposits at December 31, 2022 compared to 37.3% at September 30, 2022 and 40.5% at December 31, 2021. The decrease in DDA deposits in the fourth quarter of 2022 was primarily due to a decrease in escrow related deposits, which have been adversely affected by the higher interest rate environment.

NOW and MMDA decreased $39.2 million, or 12.5%, from September 30, 2022 and $50.8 million, or 15.6% from December 31, 2021. Time deposits increased $169.8 million, or 29.2%, from September 30, 2022 and increased $224.6 million, or 42.7%, from December 31, 2021. Our time deposits at December 30, 2022 were $750.4 million, or 48.7% of total deposits, up from $580.6 million, or 37.9% of total deposits, at September 30, 2022 and up from $525.7 million, or 33.7% of total deposits, at December 31, 2021. The increases in time deposits during the fourth quarter of 2022 reflects a shift in depositors’ preferences for the higher rate term deposits over money market rates as rates have risen in the second half of 2022.

Borrowings:

Borrowings at December 31, 2022, September 30, 2022 and December 31, 2021 consisted of $50.0 million of Federal Home Loan Bank of San Francisco (FHLB-SF) advances at each date.

Capital:

Stockholders’ equity was $209.5 million at December 31, 2022, representing an increase of $6.8 million, or 3.3%, over stockholders’ equity of $202.7 million at September 30, 2022. Tangible book value per share at December 31, 2022 was $19.59 compared to $18.95 at September 30, 2022, an increase of $0.64 per share, or 3.4%.

Each of the Company’s and the Bank’s regulatory capital ratios increased at December 31, 2022 from September 30, 2022 and from December 31, 2021 and continue to exceed the minimum levels required to be considered “Well Capitalized” under the applicable regulatory capital rules and remain in compliance with the fully phased-in Basel III requirements, which went into effect on January 1, 2021, as shown on Table 11 in this press release. The Common Equity Tier 1 risked-based capital ratio at December 31, 2022 was 14.92% at the Company level and 14.87% at the Bank level.

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, 2022, the Bank has ten full-service banking offices in Los Angeles and Orange Counties in California, Dallas County in Texas and Honolulu, Hawaii; three SBA regional offices in Los Angeles and Dallas Counties; and five loan production offices in Texas, Georgia, Colorado and Washington.

For additional information, please go to www.cbb-bank.com under tab “About Us” and select “Investors Relations” to see 4Q 2022 Overview and COVID-19 update presentation.

FORWARD-LOOKING STATEMENTS:

This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and CBB Bancorp and Commonwealth Business Bank (together, the “Company”) intend for such forward-looking statements to 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 above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. 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. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences 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.

Schedules and Financial Data: All tables and data to follow

STATEMENT OF INCOME AND PERFORMANCE HIGHLIGHT (Unaudited) - Table 1
(Dollars in thousands, except per share amounts)
		Three Months Ended																										Twelve Months Ended
		December 31,				September 30,				$				%			December 31,				$				%			December 31,				December 31,				$				%
		2022				2022				Change				Change			2021				Change				Change			2022				2021				Change				Change
Interest income		$	24,744			$	21,334			$	3,410			16.0	%		$	17,553			$	7,191			41.0	%		$	80,917			$	64,285			$	16,632			25.9	%
Interest expense			4,677				2,507				2,170			86.6	%			1,265				3,412			269.7	%			9,762				5,493				4,269			77.7	%
Net interest income			20,067				18,827				1,240			6.6	%			16,288				3,779			23.2	%			71,155				58,792				12,363			21.0	%
Provision for loan losses			-				910				(910	)		(100.0	%)			(800	)			800			(100.0	%)			1,343				(300	)			1,643			(547.7	%)
Net interest income after provision for loan losses			20,067				17,917				2,150			12.0	%			17,088				2,979			17.4	%			69,812				59,092				10,720			18.1	%
Gain on sale of loans			-				-				-			-				4,151				(4,151	)		(100.0	%)			7,966				14,900				(6,934	)		(46.5	%)
Gain (loss) on sale of OREO			-				-				-			-				-				-			-				-				-				-			-
SBA servicing fee income, net			491				709				(218	)		(30.7	%)			683				(192	)		(28.1	%)			2,447				2,850				(403	)		(14.1	%)
Reversal of valuation allowance on servicing assets			-				-				-			-				-				-			-				-				-				-			-
Service charges and other income			457				518				(61	)		(11.8	%)			499				(42	)		(8.4	%)			1,935				1,813				122			6.7	%
Noninterest income			948				1,227				(279	)		(22.7	%)			5,333				(4,385	)		(82.2	%)			12,348				19,563				(7,215	)		(36.9	%)
Salaries and employee benefits			6,233				6,861				(628	)		(9.2	%)			6,614				(381	)		(5.8	%)			27,153				23,967				3,186			13.3	%
Occupancy and equipment			1,133				1,118				15			1.3	%			1,028				105			10.2	%			4,485				4,019				466			11.6	%
Marketing expense			434				489				(55	)		(11.2	%)			111				323			291.0	%			1,919				994				925			93.1	%
Professional expense			418				519				(101	)		(19.5	%)			368				50			13.6	%			1,869				1,809				60			3.3	%
Merger related expense			7				47				(40	)		(85.1	%)			454				(447	)		(98.5	%)			177				2,185				(2,008	)		(91.9	%)
Other expenses			2,579				2,125				454			21.4	%			2,850				(271	)		(9.5	%)			7,614				7,313				301			4.1	%
Noninterest expense			10,804				11,159				(355	)		(3.2	%)			11,425				(621	)		(5.4	%)			43,217				40,287				2,930			7.3	%
Income before income tax expense			10,211				7,985				2,226			27.9	%			10,996				(785	)		(7.1	%)			38,943				38,368				575			1.5	%
Income tax expense			2,882				2,258				624			27.6	%			2,984				(102	)		(3.4	%)			11,023				10,838				185			1.7	%
Net income		$	7,329			$	5,727			$	1,602			28.0	%		$	8,012			$	(683	)		(8.5	%)		$	27,920			$	27,530			$	390			1.4	%
Effective tax rate			28.2	%			28.3	%			(0.1	%)		(0.2	%)			27.1	%			1.1	%		4.0	%			28.3	%			28.2	%			0.1	%		0.2	%
Outstanding number of shares			10,569,601				10,569,601				-			-				10,284,962				284,639			2.8	%			10,569,601				10,284,962				284,639			2.8	%
Weighted average shares for basic EPS			10,569,601				10,516,394				53,207			0.5	%			10,284,962				284,639			2.8	%			10,421,546				10,268,940				152,606			1.5	%
Weighted average shares for diluted EPS			10,600,053				10,545,544				54,509			0.5	%			10,424,771				175,282			1.7	%			10,509,800				10,389,885				119,915			1.2	%
Basic EPS		$	0.70			$	0.54			$	0.16			29.6	%		$	0.78			$	(0.08	)		(10.3	%)		$	2.68			$	2.68			$	-			-
Diluted EPS		$	0.70			$	0.54			$	0.16			29.6	%		$	0.77			$	(0.07	)		(9.1	%)		$	2.66			$	2.65			$	0.01			0.4	%
Return on average assets			1.64	%			1.27	%			0.37	%		29.1	%			1.68	%			(0.04	%)		(2.4	%)			1.56	%			1.68	%			(0.12	%)		(7.1	%)
Return on average equity			14.04	%			11.24	%			2.80	%		24.9	%			17.54	%			(3.50	%)		(20.0	%)			14.09	%			15.98	%			(1.89	%)		(11.8	%)
Efficiency ratio¹			51.41	%			55.64	%			(4.23	%)		(7.6	%)			52.84	%			(1.43	%)		(2.7	%)			51.76	%			51.42	%			0.34	%		0.7	%
Yield on interest-earning assets²			5.66	%			4.85	%			0.81	%		16.7	%			3.76	%			1.90	%		50.5	%			4.64	%			4.01	%			0.63	%		15.7	%
Cost of funds			1.19	%			0.63	%			0.56	%		88.9	%			0.30	%			0.89	%		296.7	%			0.62	%			0.38	%			0.24	%		63.2	%
Net interest margin²			4.59	%			4.28	%			0.31	%		7.2	%			3.49	%			1.10	%		31.5	%			4.08	%			3.67	%			0.41	%		11.2	%

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, less gains/(loss) on sale of securities, other-than-temporary impairment recovery/(loss) on investment securities and gain/(loss) from other real estate owned.
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,				$				%
			2022				2022				Change				Change			2021				Change				Change
ASSETS
	Cash and due from banks		$	20,134			$	17,232			$	2,902			16.8	%		$	7,702			$	12,432			161.4	%
	Interest-earning deposits at the FRB and other banks			170,839				225,044				(54,205	)		(24.1	%)			284,583				(113,744	)		(40.0	%)
	Investment securities¹			72,550				75,839				(3,289	)		(4.3	%)			84,238				(11,688	)		(13.9	%)
	Loans held-for-sale, at the lower of cost or fair value			230,431				186,438				43,993			23.6	%			158,128				72,303			45.7	%
	Loans receivable			1,285,278				1,260,590				24,688			2.0	%			1,241,319				43,959			3.5	%
	Allowance for loan losses			(15,525	)			(15,602	)			77			0.5	%			(14,192	)			(1,333	)		(9.4	%)
	Loans receivable, net			1,269,753				1,244,988				24,765			2.0	%			1,227,127				42,626			3.5	%
	OREO			-				-				-			-				-				-			-
	Restricted stock investments			10,121				10,121				-			0.0	%			8,850				1,271			14.4	%
	Servicing assets			9,232				10,158				(926	)		(9.1	%)			10,632				(1,400	)		(13.2	%)
	Goodwill			2,185				2,185				-			-				2,185				-			0.0	%
	Intangible assets			303				317				(14	)		(4.4	%)			360				(57	)		(15.8	%)
	Other assets			26,939				27,845				(906	)		(3.3	%)			25,450				1,489			5.9	%
	Total assets		$	1,812,487			$	1,800,167			$	12,320			0.7	%		$	1,809,255			$	3,232			0.2	%
LIABILITIES AND STOCKHOLDERS' EQUITY
	Noninterest-bearing		$	451,651			$	562,051			$	(110,400	)		(19.6	%)		$	619,774			$	(168,123	)		(27.1	%)
	Interest-bearing			1,086,599				971,263				115,336			11.9	%			938,338				148,261			15.8	%
	Total deposits			1,538,250				1,533,314				4,936			0.3	%			1,558,112				(19,862	)		(1.3	%)
	FHLB advances and other borrowing			50,000				50,000				-			-				50,000				-			-
	Other liabilities			14,706				14,109				597			4.2	%			15,901				(1,195	)		(7.5	%)
	Total liabilities			1,602,956				1,597,423				5,533			0.3	%			1,624,013				(21,057	)		(1.3	%)
	Stockholders' Equity			209,531				202,744				6,787			3.3	%			185,242				24,289			13.1	%
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY			$	1,812,487			$	1,800,167			$	12,320			0.7	%		$	1,809,255			$	3,232			0.2	%
CAPITAL RATIOS
	Leverage ratio
	Company			11.71	%			11.25	%			0.46	%		4.1	%			9.55	%			2.16	%		22.6	%
	Bank			11.67	%			11.15	%			0.52	%		4.7	%			9.55	%			2.12	%		22.2	%
	Common equity tier 1 risk-based capital ratio
	Company			14.92	%			14.82	%			0.10	%		0.7	%			13.83	%			1.09	%		7.9	%
	Bank			14.87	%			14.70	%			0.17	%		1.2	%			13.82	%			1.04	%		7.6	%
	Tier 1 risk-based capital ratio
	Company			14.92	%			14.82	%			0.10	%		0.7	%			13.83	%			1.09	%		7.9	%
	Bank			14.87	%			14.70	%			0.17	%		1.2	%			13.82	%			1.04	%		7.6	%
	Total risk-based capital ratio
	Company			16.08	%			16.02	%			0.06	%		0.4	%			14.98	%			1.10	%		7.3	%
	Bank			16.03	%			15.89	%			0.14	%		0.9	%			14.97	%			1.06	%		7.1	%
	Tangible common equity per share		$	19.59			$	18.95			$	0.64			3.4	%		$	17.76			$	1.83			10.3	%
	Loan-to-Deposit (LTD) ratio			83.55	%			82.21	%			1.34	%		1.6	%			79.67	%			3.88	%		4.9	%
	Nonperforming assets		$	6,807			$	690			$	6,117			886.5	%		$	747			$	6,060			811.2	%
	Nonperforming assets as a % of loans receivable			0.53	%			0.05	%			0.48	%		960.0	%			0.06	%			0.47	%		783.3	%
	ALLL as a % of loans receivable			1.21	%			1.24	%			(0.03	%)		(2.4	%)			1.14	%			0.07	%		6.1	%
	ALLL as a % of loans receivable exc. SBA PPP loans			1.21	%			1.24	%			(0.03	%)		(2.4	%)			1.18	%			0.03	%		2.5	%

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,
		2022				2022				2022				2022				2021
Interest income		$	24,744			$	21,334			$	17,807			$	17,032			$	17,553
Interest expense			4,677				2,507				1,369				1,209				1,265
Net interest income			20,067				18,827				16,438				15,823				16,288
Provision for loan losses			-				910				1,600				(1,167	)			(800	)
Net interest income after provision for loan losses			20,067				17,917				14,838				16,990				17,088
Gain on sale of loans			-				-				3,298				4,668				4,151
Gain (loss) on sale of OREO			-				-				-				-				-
SBA servicing fee income, net			491				709				778				469				683
Reversal of valuation allowance on servicing assets			-				-				-				-				-
Service charges and other income			457				518				462				498				499
Noninterest income			948				1,227				4,538				5,635				5,333
Salaries and employee benefits			6,233				6,861				6,994				7,065				6,614
Occupancy and equipment			1,133				1,118				1,114				1,120				1,028
Marketing expense			434				489				511				485				111
Professional expense			418				519				517				415				368
Merger related expense			7				47				123				-				454
Other expenses			2,579				2,125				1,114				1,796				2,850
Noninterest expense			10,804				11,159				10,373				10,881				11,425
Income before income tax expense			10,211				7,985				9,003				11,744				10,996
Income tax expense			2,882				2,258				2,547				3,336				2,984
Net income		$	7,329			$	5,727			$	6,456			$	8,408			$	8,012
Effective tax rate			28.2	%			28.3	%			28.3	%			28.4	%			27.1	%
Outstanding number of shares			10,569,601				10,569,601				10,416,601				10,299,361				10,284,962
Weighted average shares for basic EPS			10,569,601				10,516,394				10,305,014				10,291,071				10,284,962
Weighted average shares for diluted EPS			10,600,053				10,545,544				10,409,663				10,479,488				10,424,771
Basic EPS		$	0.70			$	0.54			$	0.62			$	0.82			$	0.78
Diluted EPS		$	0.70			$	0.54			$	0.62			$	0.80			$	0.77

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,
		2022				2022				2022				2022				2021
Salaries and benefits		$	6,233			$	6,861			$	6,994			$	7,065			$	6,614
FTE at the end of period			179				190				199				208				205
Average FTE during the period			184				193				201				206				201
Salaries and benefits/average FTE¹		$	134			$	141			$	140			$	139			$	131
Salaries and benefits/average assets¹			1.39	%			1.52	%			1.55	%			1.60	%			1.39	%
Noninterest expense/average assets¹			2.41	%			2.47	%			2.30	%			2.47	%			2.40	%

1

Annualized

FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5
(Dollars in thousands)
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
ASSETS
Cash and due from banks		$	20,134			$	17,232			$	18,087			$	14,579			$	7,702
Interest-earning deposits at the FRB and other banks			170,839				225,044				243,072				288,603				284,583
Investment securities			72,550				75,839				77,469				80,104				84,238
Loans held-for-sale, at the lower of cost or fair value			230,431				186,438				141,104				149,733				158,128
Loans receivable			1,285,278				1,260,590				1,260,939				1,225,739				1,241,319
Allowance for loan losses			(15,525	)			(15,602	)			(14,739	)			(13,089	)			(14,192	)
Loans receivable, net			1,269,753				1,244,988				1,246,200				1,212,650				1,227,127
OREO			-				-				-				-				-
Restricted stock investments			10,121				10,121				10,111				8,850				8,850
Servicing assets			9,232				10,158				10,996				10,671				10,632
Goodwill			2,185				2,185				2,185				2,185				2,185
Intangible assets			303				317				331				346				360
Other assets			26,939				27,845				28,060				24,061				25,450
Total assets		$	1,812,487			$	1,800,167			$	1,777,615			$	1,791,782			$	1,809,255
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing		$	451,651			$	562,051			$	566,610			$	576,378			$	619,774
Interest-bearing			1,086,599				971,263				948,760				957,633				938,338
Total deposits			1,538,250				1,533,314				1,515,370				1,534,011				1,558,112
FHLB advances			50,000				50,000				50,000				50,000				50,000
Other liabilities			14,706				14,109				15,134				16,687				15,901
Total liabilities			1,602,956				1,597,423				1,580,504				1,600,698				1,624,013
Stockholders' Equity			209,531				202,744				197,111				191,084				185,242
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY		$	1,812,487			$	1,800,167			$	1,777,615			$	1,791,782			$	1,809,255

FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6
(Dollars in thousands)
	December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022						December 31, 2021
	Balance			%			Balance			%			Balance			%			Balance			%			Balance			%
Construction	$	17,537		1.4	%		$	14,919		1.2	%		$	23,431		1.9	%		$	18,541		1.5	%		$	23,939		1.9	%
Commercial real estate		1,078,588		83.9	%			1,050,154		83.3	%			1,023,298		81.1	%			976,924		79.7	%			978,995		78.9	%
Commercial and industrial		125,298		9.7	%			128,099		10.1	%			146,175		11.6	%			159,111		13.0	%			169,489		13.7	%
Home mortgage		52,031		4.1	%			57,773		4.6	%			57,612		4.6	%			59,836		4.9	%			61,030		4.9	%
Consumer		6,260		0.5	%			4,839		0.4	%			6,609		0.5	%			7,589		0.6	%			4,269		0.3	%
Gross loans		1,279,714		99.6	%			1,255,784		99.6	%			1,257,125		99.7	%			1,222,001		99.7	%			1,237,722		99.7	%
Net deferred loan fees/costs		5,564		0.4	%			4,806		0.4	%			3,814		0.3	%			3,738		0.3	%			3,597		0.3	%
Loans receivable	$	1,285,278		100.0	%		$	1,260,590		100.0	%		$	1,260,939		100.0	%		$	1,225,739		100.0	%		$	1,241,319		100.0	%
Loans held-for-sale	$	230,431					$	186,438					$	141,104					$	149,733					$	158,128
Loans receivable, including loans held-for-sale	$	1,515,709					$	1,447,028					$	1,402,043					$	1,375,472					$	1,399,447

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,
	2022				2022				2022				2022				2021						2022				2021
SBA loans held-for-sale at beginning of the quarter/year	$	186,438			$	141,104			$	149,733			$	158,128			$	136,394					$	158,128			$	59,077
SBA loans originated/transferred from/to held-for-
investment during the quarter/year		45,184				49,922				43,451				43,132				68,136						181,689				261,455
SBA loans sold during the quarter/year		-				-				(50,845	)			(50,531	)			(42,210	)					(101,376	)			(156,630	)
SBA loans principal payment, net of advance		(1,191	)			(4,588	)			(1,235	)			(996	)			(4,193	)					(8,010	)			(5,775	)
SBA loans held-for-sale at end of the quarter/year	$	230,431			$	186,438			$	141,104			$	149,733			$	158,128					$	230,431			$	158,128
Gain on sale of SBA loans	$	-			$	-			$	3,298			$	4,668			$	4,151					$	7,966			$	14,900
Premium on sale (weighted average)		-				-				8.0	%			11.0	%			11.1	%					9.5	%			11.4	%
SBA loan production	$	60,746			$	69,234			$	56,676			$	54,523			$	82,448					$	287,633			$	378,254

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,
		2022				2022				2022				2022				2021				2022				2021
SBA servicing assets @ beginning of the quarter/year		$	10,158			$	10,996			$	10,671			$	10,632			$	10,392			$	10,632			$	9,873
Newly added SBA servicing assets from SBA loans sold			-				-				1,081				1,052				1,006				2,133				3,458
Regular quarterly/annual servicing assets amortization			(434	)			(471	)			(478	)			(462	)			(453	)			(1,845	)			(1,654	)
SBA servicing assets amortized from SBA loans paid off/charged off			(492	)			(367	)			(278	)			(551	)			(313	)			(1,688	)			(1,045	)
Subtotal before impairment			9,232				10,158				10,996				10,671				10,632				9,232				10,632
Reversal of valuation allowance on servicing assets			-				-				-				-				-				-				-
SBA servicing assets @ the end of the quarter/year		$	9,232			$	10,158			$	10,996			$	10,671			$	10,632			$	9,232			$	10,632

FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9
(Dollars in thousands)
	December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022						December 31, 2021
	Balance			%			Balance			%			Balance			%			Balance			%			Balance			%
Noninterest-bearing demand	$	451,651		29.4	%		$	562,051		36.7	%		$	566,610		37.4	%		$	576,378		37.6	%		$	619,774		39.8	%
Interest-bearing demand		8,878		0.6	%			10,268		0.7	%			12,754		0.8	%			12,059		0.8	%			10,723		0.7	%
NOW & MMDA		274,521		17.9	%			313,719		20.5	%			327,477		21.6	%			344,501		22.5	%			325,313		20.9	%
Savings		52,845		3.4	%			66,673		4.3	%			73,791		4.9	%			79,685		5.2	%			76,588		4.9	%
TCDs of $250K and under		278,952		18.1	%			246,886		16.1	%			245,203		16.2	%			253,617		16.5	%			259,758		16.7	%
TCDs of $250K over		320,386		20.8	%			242,700		15.8	%			198,518		13.1	%			176,754		11.5	%			174,939		11.2	%
Wholesale TCDs		151,017		9.8	%			91,017		5.9	%			91,017		6.0	%			91,017		5.9	%			91,017		5.8	%
Total Deposits	$	1,538,250		100.0	%		$	1,533,314		100.0	%		$	1,515,370		100.0	%		$	1,534,011		100.0	%		$	1,558,112		100.0	%
Recap:
Noninterest-bearing demand	$	451,651		29.4	%		$	562,051		36.7	%		$	566,610		37.4	%		$	576,378		37.6	%		$	619,774		39.8	%
Interest-bearing demand		8,878		0.6	%			10,268		0.7	%			12,754		0.8	%			12,059		0.8	%			10,723		0.7	%
NOW & MMDA		274,521		17.8	%			313,719		20.5	%			327,477		21.6	%			344,501		22.5	%			325,313		20.9	%
Savings		52,845		3.5	%			66,673		4.3	%			73,791		4.9	%			79,685		5.2	%			76,588		4.9	%
TCDs of $250K and under		278,952		18.1	%			246,886		16.1	%			245,203		16.2	%			253,617		16.5	%			259,758		16.7	%
Core Deposits		1,066,847		69.4	%			1,199,597		78.3	%			1,225,835		80.9	%			1,266,240		82.6	%			1,292,156		83.0	%
TCDs of $250K over		320,386		20.8	%			242,700		15.8	%			198,518		13.1	%			176,754		11.5	%			174,939		11.2	%
Wholesale TCDs		151,017		9.8	%			91,017		5.9	%			91,017		6.0	%			91,017		5.9	%			91,017		5.8	%
Noncore Deposits		471,403		30.6	%			333,717		21.7	%			289,535		19.1	%			267,771		17.4	%			265,956		17.0	%
Total Deposits	$	1,538,250		100.0	%		$	1,533,314		100.0	%		$	1,515,370		100.0	%		$	1,534,011		100.0	%		$	1,558,112		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.
			2022				2022				2022				2022				2021
Allowance for Loan Losses
	Balance at beginning of period		$	15,602			$	14,739			$	13,089			$	14,192			$	15,000
	Provision for loan losses							910				1,600				(1,167	)			(800	)
	Charge-offs			(90	)			(89	)			-				-				(89	)
	Recoveries			13				42				50				64				81
	Balance at the end of period		$	15,525			$	15,602			$	14,739			$	13,089			$	14,192
Nonperforming Assets:¹
	Over 90 days still accruing		$	6,006			$	-			$	-			$	-			$	-
	Nonaccrual loans			801				690				2,532				723				747
	Total nonperforming loans			6,807				690				2,532				723				747
	Other real estate owned			-				-				-				-				-
	Total nonperforming assets		$	6,807			$	690			$	2,532			$	723			$	747
Classified Assets:¹
	Substandard		$	8,165			$	9,146			$	11,133			$	9,300			$	11,156
	Doubtful											-				-				-
	Loss											-				-				-
	Total classified loans		$	8,165			$	9,146			$	11,133			$	9,300			$	11,156
	Other real estate owned			-				-				-				-				-
	Total classified assets		$	8,165			$	9,146			$	11,133			$	9,300			$	11,156
Performing TDR loans:¹			$	4,471			$	4,797			$	4,744			$	3,253			$	3,521
Delinquent Loans:¹
	Loans 30-89 days past due		$	381			$	3,936			$	11,553			$	6,275			$	267
	90 days or more past due and still accruing			6,006				-				-				-				-
	Nonaccrual			801				690				2,532				723				747
	Total delinquent loans		$	7,188			$	4,626			$	14,085			$	6,998			$	1,014
Asset Quality Ratios:
	Net (recoveries) charge-offs to average loans²			0.02	%			0.01	%			(0.01	%)			(0.02	%)			0.00	%
	Nonaccrual loans to loans receivable			0.06	%			0.05	%			0.20	%			0.06	%			0.06	%
	Nonperforming loans to loans receivable			0.53	%			0.05	%			0.20	%			0.06	%			0.06	%
	Nonperforming assets to total assets			0.38	%			0.04	%			0.14	%			0.04	%			0.04	%
	Classified loans to loans receivable			0.64	%			0.73	%			0.88	%			0.76	%			0.90	%
	Classified loans to Tier 1 and ALLL			3.67	%			4.24	%			5.32	%			4.61	%			5.67	%
	Classified assets to total assets			0.45	%			0.51	%			0.63	%			0.52	%			0.62	%
	Classified assets to Tier 1 and ALLL			3.67	%			4.24	%			5.32	%			4.61	%			5.67	%
	ALLL to loans receivable			1.21	%			1.24	%			1.17	%			1.07	%			1.14	%
	ALLL to loans receivable exc. SBA PPP loans			1.21	%			1.24	%			1.18	%			1.09	%			1.18	%
	ALLL to nonaccrual loans			1938.20	%			2261.16	%			582.11	%			1810.37	%			1899.87	%
	ALLL to nonperforming loans			228.07	%			2261.16	%			582.11	%			1810.37	%			1899.87	%
	ALLL to nonperforming assets			228.07	%			2261.16	%			582.11	%			1810.37	%			1899.87	%
	Texas ratio ³			3.06	%			0.32	%			1.21	%			0.36	%			0.38	%

1		Net of SBA guaranteed balance
2		Includes loans held-for-sale
3		Nonperforming assets divided by tangible common equity and ALLL

	FIVE-QUARTER CAPITAL RATIOS (Unaudited) - Table 11
			Well Capitalized			Adequately Capitalized			December 31,				September 30,				June 30,				March 31,				December 31,
			Regulatory			BASEL III
			Requirement			Fully Phased In			2022				2022				2022				2022				2021
	Leverage ratio
	Company		N/A			N/A				11.71	%			11.25	%			10.80	%			10.56	%			9.55	%
	Bank		5.00	%		4.00	%			11.67	%			11.15	%			10.73	%			10.55	%			9.55	%
	Common equity tier 1 risk-based capital ratio
	Company		N/A			N/A				14.92	%			14.82	%			14.47	%			14.50	%			13.83	%
	Bank		6.50	%		7.00	%			14.87	%			14.70	%			14.38	%			14.50	%			13.82	%
	Tier 1 risk-based capital ratio
	Company		N/A			N/A				14.92	%			14.82	%			14.47	%			14.50	%			13.83	%
	Bank		8.00	%		8.50	%			14.87	%			14.70	%			14.38	%			14.50	%			13.82	%
	Total risk-based capital ratio
	Company		N/A			N/A				16.08	%			16.02	%			15.63	%			15.57	%			14.98	%
	Bank		10.00	%		10.50	%			16.03	%			15.89	%			15.53	%			15.57	%			14.97	%
	Tangible common equity/total assets									11.44	%			11.14	%			10.96	%			10.54	%			10.11	%
	Tangible common equity per share								$	19.59			$	18.95			$	18.68			$	18.31			$	17.76

FIVE-QUARTER MARGIN ANALYSIS (Unaudited) -Table 12
(Dollars in thousands)
		Three Months Ended
		December 31, 2022										September 30, 2022										June 30, 2022										March 31, 2022										December 31, 2021
		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
INTEREST-EARNING ASSETS
Loans ¹		$	1,473,100			$	22,407		6.03	%		$	1,413,632			$	19,299		5.42	%		$	1,389,968			$	16,643		4.80	%		$	1,368,996			$	16,352		4.84	%		$	1,396,201			$	16,893		4.80	%
Investment securities²			73,371				552		2.98	%			77,304				543		2.79	%			78,709				488		2.49	%			82,818				471		2.31	%			85,555				454		2.11	%
Interest-earning deposits at the FRB and other banks			180,358				1,666		3.66	%			246,955				1,398		2.25	%			286,974				599		0.84	%			288,966				141		0.20	%			365,501				144		0.16	%
Other earning assets			10,121				169		6.62	%			10,121				145		5.68	%			9,861				129		5.25	%			8,850				119		5.45	%			8,850				115		5.16	%
Total interest-earning assets ²			1,736,950				24,794		5.66	%			1,748,012				21,385		4.85	%			1,765,512				17,859		4.06	%			1,749,630				17,083		3.96	%			1,856,107				17,606		3.76	%
NONINTEREST-EARNING ASSETS
Cash and due from banks			15,632										17,429										14,866										13,338										13,318
Other noninterest-earning assets			38,529										40,251										38,621										36,714										37,779
Total noninterest-earning assets			54,161										57,680										53,487										50,052										51,097
Less: Allowance for loan losses			(15,581	)									(14,756	)									(13,126	)									(14,200	)									(14,849	)
TOTAL ASSETS		$	1,775,530									$	1,790,936									$	1,805,873									$	1,785,482									$	1,892,355
INTEREST-BEARING DEPOSITS
Interest-bearing demand		$	20,352			$	10		0.19	%		$	23,461			$	8		0.14	%		$	26,781			$	4		0.06	%		$	27,442			$	3		0.04	%		$	27,904			$	3		0.04	%
Money market			288,611				1,433		1.97	%			316,964				894		1.12	%			308,377				443		0.58	%			321,694				356		0.45	%			338,937				401		0.47	%
Savings			61,152				96		0.62	%			71,519				85		0.47	%			75,306				59		0.31	%			76,967				61		0.32	%			77,057				68		0.35	%
Time deposits			625,823				3,020		1.91	%			556,919				1,401		1.00	%			523,504				746		0.57	%			529,421				673		0.52	%			527,634				674		0.51	%
Total interest-bearing deposits			995,938				4,559		1.82	%			968,863				2,388		0.98	%			933,968				1,252		0.54	%			955,524				1,093		0.46	%			971,532				1,146		0.47	%
Borrowings			50,001				118		0.94	%			50,001				119		0.94	%			50,000				117		0.94	%			50,000				116		0.94	%			50,000				119		0.94	%
Total interest-bearing liabilities			1,045,939				4,677		1.77	%			1,018,864				2,507		0.98	%			983,968				1,369		0.56	%			1,005,524				1,209		0.49	%			1,021,532				1,265		0.49	%
Noninterest-bearing deposits			507,719										555,291										611,395										574,436										673,154
Other liabilities			14,732										14,596										15,818										16,966										16,425
Stockholders' equity			207,140										202,185										194,692										188,556										181,244
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY		$	1,775,530									$	1,790,936									$	1,805,873									$	1,785,482									$	1,892,355
Net interest income²						$	20,117									$	18,878									$	16,490									$	15,874									$	16,341
Net interest spread									3.89	%									3.87	%									3.50	%									3.47	%									3.27	%
Effect of noninterest-bearing sources									0.70	%									0.41	%									0.25	%									0.21	%									0.22	%
Net interest margin²									4.59	%									4.28	%									3.75	%									3.68	%									3.49	%
Cost of deposits		$	1,503,657			$	4,559		1.20	%		$	1,524,154			$	2,388		0.62	%		$	1,545,363			$	1,252		0.32	%		$	1,529,960			$	1,093		0.29	%		$	1,644,686			$	1,146		0.28	%
Cost of funds		$	1,553,658			$	4,677		1.19	%		$	1,574,155			$	2,507		0.63	%		$	1,595,363			$	1,369		0.34	%		$	1,579,960			$	1,209		0.31	%		$	1,694,686			$	1,265		0.30	%

1		Includes 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, 2022							September 30, 2022							June 30, 2022						March 31, 2022						December 31, 2021
			Amount				Yield			Amount				Yield			Amount			Yield			Amount			Yield			Amount			Yield
	Contractual yield		$	21,534			5.80	%		$	18,134			5.09	%		$	15,496		4.47	%		$	14,596		4.32	%		$	15,142		4.30	%
	SBA discount accretion			1,172			0.32	%			1,078			0.30	%			1,035		0.30	%			1,421		0.42	%			1,024		0.29	%
	Prepayment penalties & late fees			17			0.00	%			94			0.03	%			56		0.02	%			107		0.03	%			72		0.02	%
	Amortization of net deferred costs			(316	)		-0.09	%			(7	)		0.00	%			56		0.01	%			228		0.07	%			655		0.19	%
	As reported yield on loans		$	22,407			6.03	%		$	19,299			5.42	%		$	16,643		4.80	%		$	16,352		4.84	%		$	16,893		4.80	%

MARGIN ANALYSIS (Unaudited) - Table 14
(Dollars in thousands)
		Twelve Months Ended
		December 31,2022										December 31,2021
		Avg Balance				Interest			Yield			Avg Balance				Interest			Yield
Number of Days in the Period
INTEREST-EARNING ASSETS
Loans ¹		$	1,411,715			$	74,701		5.29	%		$	1,281,283			$	61,868		4.83	%
Investment securities²			78,022				2,054		2.63	%			85,251				1,804		2.12	%
Interest-earning deposits at the FRB and other banks			250,532				3,804		1.52	%			232,050				346		0.15	%
Other earning assets			9,743				562		5.77	%			8,679				463		5.33	%
Total interest-earning assets ²			1,750,012				81,121		4.64	%			1,607,263				64,481		4.01	%
NONINTEREST-EARNING ASSETS
Cash and due from banks			15,328										11,806
Other noninterest-earning assets			38,539										34,069
Total noninterest-earning assets			53,867										45,875
Less: Allowance for loan losses			(14,420	)									(14,773	)
TOTAL ASSETS		$	1,789,459									$	1,638,365
INTEREST-BEARING DEPOSITS
Interest-bearing demand		$	24,487			$	25		0.10	%		$	23,509			$	11		0.05	%
Money market			308,843				3,125		1.01	%			295,559				1,507		0.51	%
Savings			71,193				302		0.42	%			60,876				254		0.42	%
Time deposits			559,176				5,840		1.04	%			498,053				3,236		0.65	%
Total interest-bearing deposits			963,699				9,292		0.96	%			877,997				5,008		0.57	%
Borrowings			50,000				470		0.94	%			54,247				485		0.89	%
Total interest-bearing liabilities			1,013,699				9,762		0.96	%			932,244				5,493		0.59	%
Noninterest-bearing deposits			562,035										519,570
Other Liabilities			15,520										14,268
Stockholders' equity			198,205										172,283
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY		$	1,789,459									$	1,638,365
Net interest income²						$	71,359									$	58,988
Net interest spread									3.68	%									3.42	%
Effect of noninterest-bearing sources									0.40	%									0.25	%
Net interest margin²									4.08	%									3.67	%
Cost of deposits		$	1,525,734			$	9,292		0.61	%		$	1,397,567			$	5,008		0.36	%
Cost of funds		$	1,575,734			$	9,762		0.62	%		$	1,451,814			$	5,493		0.38	%

1		Includes 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, 2022							December 31, 2021
		Amount				Yield			Amount			Yield
Contractual yield		$	69,760			4.94	%		$	54,992		4.29	%
SBA discount accretion			4,706			0.33	%			3,827		0.30	%
Prepayment penalties & late fees			274			0.02	%			323		0.03	%
Amortization of net deferred costs			(39	)		0.00	%			2,726		0.21	%
As reported yield on loans		$	74,701			5.29	%		$	61,868		4.83	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230126005962/en/

Douglas J Goddard, EVP & CFO

(323) 988-3010

DouglasG@cbb-bank.com

Source: CBB Bancorp, Inc.

FAQ

What was CBBI's net income for Q4 2022?

CBBI reported a net income of $7.3 million for Q4 2022.

How much did CBBI's net interest income increase in 2022?

CBBI's net interest income increased by 20.1% to $71.2 million for the year ended 2022.

What is the significance of CBBI's net interest margin in Q4 2022?

CBBI's net interest margin improved to 4.59% in Q4 2022, compared to 4.28% in Q3 2022.

Did CBBI experience a decrease in noninterest income?

Yes, CBBI's noninterest income fell to $0.9 million in Q4 2022, down from $5.3 million in Q4 2021.

What was the trend in CBBI's total loans in 2022?

CBBI's total loans increased by 4.7% from Q3 2022, reaching $1.5 billion.