CBB Bancorp, Inc. Reports Second Quarter 2024 Financial Results
CBB Bancorp (OTCQX: CBBI) reported net income of $5.5 million for Q2 2024, or $0.51 per diluted share, compared to $5.7 million in Q1 2024. The decrease was primarily due to lower net interest income and gain on sale of loans, offset by a lower provision for credit losses and noninterest expenses. Key metrics include:
- Return on average assets: 1.31%
- Return on average equity: 9.06%
- Efficiency ratio: 55.69%
- Net interest margin: 3.77%
- Loans receivable: $1.44 billion (up 3.2% from Q1)
- Deposits: $1.34 billion (down 1.5% from Q1)
- Stockholders' equity: $245.3 million (up 1.9% from Q1)
The bank is adapting to the changing economic environment by focusing on technology adoption and exploring new growth opportunities.
CBB Bancorp (OTCQX: CBBI) ha riportato un reddito netto di 5,5 milioni di dollari per il secondo trimestre del 2024, pari a 0,51 dollari per azione diluita, rispetto ai 5,7 milioni di dollari del primo trimestre del 2024. La diminuzione è stata principalmente attribuita a un minore reddito da interessi netti e ai guadagni dalla vendita di prestiti, parzialmente compensata da una riduzione della provvigione per perdite su crediti e delle spese non interessate. I principali indicatori includono:
- Rendimento medio degli attivi: 1,31%
- Rendimento medio del capitale: 9,06%
- Rapporto di efficienza: 55,69%
- Margine di interesse netto: 3,77%
- Prestiti da riscuotere: 1,44 miliardi di dollari (in aumento del 3,2% rispetto al primo trimestre)
- Depositi: 1,34 miliardi di dollari (in diminuzione dell'1,5% rispetto al primo trimestre)
- Patrimonio netto degli azionisti: 245,3 milioni di dollari (in aumento dell'1,9% rispetto al primo trimestre)
La banca si sta adattando al cambiamento dell'ambiente economico ponendo l'accento sull'adozione della tecnologia e esplorando nuove opportunità di crescita.
CBB Bancorp (OTCQX: CBBI) reportó un ingreso neto de 5.5 millones de dólares para el segundo trimestre de 2024, o 0.51 dólares por acción diluida, en comparación con 5.7 millones de dólares en el primer trimestre de 2024. La disminución se debió principalmente a menores ingresos netos por intereses y ganancias por la venta de préstamos, compensada por una menor provisión para pérdidas crediticias y gastos no relacionados con intereses. Los indicadores clave incluyen:
- Rendimiento sobre activos promedio: 1.31%
- Rendimiento sobre capital promedio: 9.06%
- Ratio de eficiencia: 55.69%
- Margen de interés neto: 3.77%
- Préstamos por cobrar: 1.44 mil millones de dólares (aumento del 3.2% desde el primer trimestre)
- Depósitos: 1.34 mil millones de dólares (disminución del 1.5% desde el primer trimestre)
- Patrimonio neto de los accionistas: 245.3 millones de dólares (aumento del 1.9% desde el primer trimestre)
El banco se está adaptando al cambio en el entorno económico enfocándose en la adopción de tecnología y explorando nuevas oportunidades de crecimiento.
CBB Bancorp (OTCQX: CBBI)는 2024년 2분기에 550만 달러의 순이익을 보고했으며, 이는 희석주당 0.51달러에 해당하며, 2024년 1분기에는 570만 달러였습니다. 감소는 주로 순이자 수익 및 대출 판매 이익 감소로 인해 발생했으며, 이는 신용 손실에 대한 충당금과 비이자 비용 감소로 상쇄되었습니다. 주요 지표는 다음과 같습니다:
- 평균 자산 수익률: 1.31%
- 평균 자본 수익률: 9.06%
- 효율 비율: 55.69%
- 순이자 마진: 3.77%
- 대출 채권: 14.4억 달러 (1분기 대비 3.2% 증가)
- 예금: 13.4억 달러 (1분기 대비 1.5% 감소)
- 주주 지분: 2.453억 달러 (1분기 대비 1.9% 증가)
은행은 기술 수용에 집중하고 새로운 성장 기회를 모색하며 변화하는 경제 환경에 적응하고 있습니다.
CBB Bancorp (OTCQX: CBBI) a annoncé un revenu net de 5,5 millions de dollars pour le deuxième trimestre 2024, soit 0,51 dollars par action diluée, par rapport à 5,7 millions de dollars au premier trimestre 2024. La baisse est principalement due à une diminution des revenus d'intérêts nets et des gains sur la vente de prêts, compensée par une provision pour pertes de crédit et des charges non d'intérêts plus faibles. Les indicateurs clés comprennent :
- Rendement sur les actifs moyens : 1,31%
- Rendement sur les capitaux propres moyens : 9,06%
- Taux d'efficacité : 55,69%
- Marge d'intérêt nette : 3,77%
- Créances : 1,44 milliard de dollars (augmentation de 3,2% par rapport au T1)
- Dépôts : 1,34 milliard de dollars (diminution de 1,5% par rapport au T1)
- Capitaux propres des actionnaires : 245,3 millions de dollars (augmentation de 1,9% par rapport au T1)
La banque s'adapte à l'évolution de l'environnement économique en mettant l'accent sur l'adoption de la technologie et en explorant de nouvelles opportunités de croissance.
CBB Bancorp (OTCQX: CBBI) meldete ein Nettoeinkommen von 5,5 Millionen US-Dollar für das 2. Quartal 2024, oder 0,51 US-Dollar pro verwässerter Aktie, im Vergleich zu 5,7 Millionen US-Dollar im 1. Quartal 2024. Der Rückgang war hauptsächlich auf geringere Nettozinseinnahmen und Gewinne aus dem Verkauf von Krediten zurückzuführen, was durch einen geringeren Rückstellung für Kreditverluste und nichtzinsbezogene Ausgaben ausgeglichen wurde. Wichtige Kennzahlen umfassen:
- Rendite auf das durchschnittliche Vermögen: 1,31%
- Rendite auf das durchschnittliche Eigenkapital: 9,06%
- Effizienzzahl: 55,69%
- Nettozinsspanne: 3,77%
- Forderungen aus Krediten: 1,44 Milliarden US-Dollar (3,2% mehr als im 1. Quartal)
- Einlagen: 1,34 Milliarden US-Dollar (1,5% weniger als im 1. Quartal)
- Eigenkapital der Aktionäre: 245,3 Millionen US-Dollar (1,9% mehr als im 1. Quartal)
Die Bank passt sich an das sich ändernde wirtschaftliche Umfeld an, indem sie sich auf die Einführung von Technologie konzentriert und neue Wachstumsmöglichkeiten erkundet.
- Net income of $5.5 million for Q2 2024
- Loans receivable increased by 3.2% quarter-over-quarter to $1.44 billion
- Stockholders' equity increased by 1.9% to $245.3 million
- Tangible book value per share increased by 2.0% to $22.94
- Capital ratios exceed minimum levels to be considered 'Well Capitalized'
- Net income decreased from $5.7 million in Q1 2024 to $5.5 million in Q2 2024
- Net interest income decreased by 2.8% quarter-over-quarter and 18.0% year-over-year
- Net interest margin decreased to 3.77% from 4.23% in Q2 2023
- Deposits decreased by 1.5% quarter-over-quarter and 12.0% year-over-year
- Nonperforming assets increased to $5.8 million from $4.4 million in Q1 2024
OVERALL RESULTS
Net income for the second quarter 2024 decreased from the first quarter primarily due to lower net interest income and gain on sale of loans, offset by a lower provision for credit losses and noninterest expenses. The return on average assets for the second quarter 2024 was
James Hong, President and CEO, commented, "Amidst the dynamic economic environment, we are charting a course through a landscape of changes exploring new opportunities. While the rise in interest rates presents its own set of challenges, it also opens up avenues for growth. Our loan portfolios, funding costs, net interest margins, and overall revenue are being reshaped in this process. Embracing these changes, we have turned to technology as our ally. We have seen a robust increase in the adoption of online account openings, internet banking, and mobile banking among our existing and new customers. This is a testament to our resilience and adaptability in the face of adversity."
INCOME STATEMENT
Net Interest Income
Net interest income for the second quarter 2024 was
Net interest income for the six months ended June 30, 2024 was
Net Interest Margin
The net interest margin for both the second and first quarters 2024 was
Provision for Credit Losses
Provision for credit losses was
Noninterest Income
Noninterest income for the second quarter 2024 was
Noninterest income for the six months ended June 30, 2024 was
Noninterest Expenses
Noninterest expenses for the second quarter 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 second quarter 2024 was
BALANCE SHEET
Investment Securities
Investment securities were
Loans Receivable
Loans receivable (including loans held-for-sale) at June 30, 2024, was
Allowance for Credit Losses and Asset Quality
The Allowance for Credit Losses (“ACL”) at June 30, 2024, was
SBA Loans Held-for-Sale
Total SBA loans held-for-sale at June 30, 2024, was
The Bank sold approximately
Deposits
Total deposits were
Borrowings
The Bank has maintained
Capital
Stockholders’ equity was
Each of the Company’s and the Bank’s regulatory capital ratios decreased, except for the leverage ratio at June 30, 2024, compared to March 31, 2024, and increased compared to June 30, 2023. Capital ratios continue to exceed the minimum levels required to be considered “Well Capitalized” under the applicable regulatory capital rules.
The Common Equity Tier 1 Risk-Based Capital Ratios at June 30, 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 June 30, 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.
Schedules and Financial Data: All tables and data to follow
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 |
|
Six Months Ended |
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|
|
June 30, |
|
March 31, |
|
$ |
% |
|
June 30, |
|
$ |
% |
|
June 30, |
|
June 30, |
|
$ |
% |
|||||||||||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
Change |
Change |
|
|
2023 |
|
|
Change |
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
Change |
|||||||||
| Interest income | $ |
27,755 |
|
$ |
28,463 |
|
$ |
(708 |
) |
(2.5 |
%) |
$ |
28,664 |
|
$ |
(909 |
) |
(3.2 |
%) |
$ |
56,218 |
|
$ |
55,912 |
|
$ |
306 |
|
0.5 |
% |
||||||||
| Interest expense |
|
12,391 |
|
|
12,655 |
|
|
(264 |
) |
(2.1 |
%) |
|
9,930 |
|
|
2,461 |
|
24.8 |
% |
|
25,046 |
|
|
18,098 |
|
|
6,948 |
|
38.4 |
% |
||||||||
| Net interest income |
|
15,364 |
|
|
15,808 |
|
|
(444 |
) |
(2.8 |
%) |
|
18,734 |
|
|
(3,370 |
) |
(18.0 |
%) |
|
31,172 |
|
|
37,814 |
|
|
(6,642 |
) |
(17.6 |
%) |
||||||||
| Provision for credit losses |
|
200 |
|
|
400 |
|
|
(200 |
) |
(50.0 |
%) |
|
- |
|
|
200 |
|
100.0 |
% |
|
600 |
|
|
- |
|
|
600 |
|
100.0 |
% |
||||||||
| Net interest income after provision for credit losses |
|
15,164 |
|
|
15,408 |
|
|
(244 |
) |
(1.6 |
%) |
|
18,734 |
|
|
(3,570 |
) |
(19.1 |
%) |
|
30,572 |
|
|
37,814 |
|
|
(7,242 |
) |
(19.2 |
%) |
||||||||
| Gain on sale of loans |
|
1,064 |
|
|
1,489 |
|
|
(425 |
) |
-28.5 |
% |
|
1,952 |
|
|
(888 |
) |
319.8 |
% |
|
2,553 |
|
|
1,952 |
|
|
601 |
|
30.8 |
% |
||||||||
| Gain (loss) on sale of OREO |
|
- |
|
|
(1 |
) |
|
1 |
|
(100.0 |
%) |
|
- |
|
|
- |
|
- |
|
|
(1 |
) |
|
- |
|
|
(1 |
) |
(100.0 |
%) |
||||||||
| SBA servicing fee income, net |
|
768 |
|
|
633 |
|
|
135 |
|
21.3 |
% |
|
440 |
|
|
328 |
|
74.5 |
% |
|
1,401 |
|
|
1,094 |
|
|
307 |
|
28.1 |
% |
||||||||
| Recovery on impaired servicing liability |
|
- |
|
|
10 |
|
|
(10 |
) |
(100.0 |
%) |
|
- |
|
|
- |
|
- |
|
|
10 |
|
|
- |
|
|
10 |
|
100.0 |
% |
||||||||
| Service charges and other income |
|
503 |
|
|
430 |
|
|
73 |
|
17.0 |
% |
|
407 |
|
|
96 |
|
23.6 |
% |
|
933 |
|
|
805 |
|
|
128 |
|
15.9 |
% |
||||||||
| Noninterest income |
|
2,335 |
|
|
2,561 |
|
|
(226 |
) |
(8.8 |
%) |
|
2,799 |
|
|
(464 |
) |
(16.6 |
%) |
|
4,896 |
|
|
3,851 |
|
|
1,045 |
|
27.1 |
% |
||||||||
| Salaries and employee benefits |
|
5,927 |
|
|
6,024 |
|
|
(97 |
) |
(1.6 |
%) |
|
5,581 |
|
|
346 |
|
6.2 |
% |
|
11,951 |
|
|
11,660 |
|
|
291 |
|
2.5 |
% |
||||||||
| Occupancy and equipment |
|
1,114 |
|
|
1,122 |
|
|
(8 |
) |
(0.7 |
%) |
|
1,122 |
|
|
(8 |
) |
(0.7 |
%) |
|
2,236 |
|
|
2,246 |
|
|
(10 |
) |
(0.4 |
%) |
||||||||
| Marketing expense |
|
403 |
|
|
402 |
|
|
1 |
|
0.2 |
% |
|
409 |
|
|
(6 |
) |
(1.5 |
%) |
|
805 |
|
|
783 |
|
|
22 |
|
2.8 |
% |
||||||||
| Professional expense |
|
440 |
|
|
412 |
|
|
28 |
|
6.8 |
% |
|
436 |
|
|
4 |
|
0.9 |
% |
|
852 |
|
|
890 |
|
|
(38 |
) |
(4.3 |
%) |
||||||||
| Other expenses |
|
1,972 |
|
|
2,084 |
|
|
(112 |
) |
(5.4 |
%) |
|
2,635 |
|
|
(663 |
) |
(25.2 |
%) |
|
4,056 |
|
|
4,879 |
|
|
(823 |
) |
(16.9 |
%) |
||||||||
| Noninterest expense |
|
9,856 |
|
|
10,044 |
|
|
(188 |
) |
(1.9 |
%) |
|
10,183 |
|
|
(327 |
) |
(3.2 |
%) |
|
19,900 |
|
|
20,458 |
|
|
(558 |
) |
(2.7 |
%) |
||||||||
| Income before income tax provision |
|
7,643 |
|
|
7,925 |
|
|
(282 |
) |
(3.6 |
%) |
|
11,350 |
|
|
(3,707 |
) |
(32.7 |
%) |
|
15,568 |
|
|
21,207 |
|
|
(5,639 |
) |
(26.6 |
%) |
||||||||
| Income tax provision |
|
2,163 |
|
|
2,253 |
|
|
(90 |
) |
(4.0 |
%) |
|
3,248 |
|
|
(1,085 |
) |
(33.4 |
%) |
|
4,416 |
|
|
6,015 |
|
|
(1,599 |
) |
(26.6 |
%) |
||||||||
| Net income | $ |
5,480 |
|
$ |
5,672 |
|
$ |
(192 |
) |
(3.4 |
%) |
$ |
8,102 |
|
$ |
(2,622 |
) |
(32.4 |
%) |
$ |
11,152 |
|
$ |
15,192 |
|
$ |
(4,040 |
) |
(26.6 |
%) |
||||||||
| Effective tax rate |
|
28.3 |
% |
|
28.4 |
% |
|
(0.1 |
%) |
(0.5 |
%) |
|
28.6 |
% |
|
(0.3 |
%) |
(1.1 |
%) |
|
28.4 |
% |
|
28.4 |
% |
|
0.00 |
% |
0.0 |
% |
||||||||
| 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 |
|
|
10,582,197 |
|
|
5,939 |
|
0.1 |
% |
||||||||
| Weighted average shares for diluted EPS |
|
10,588,136 |
|
|
10,588,688 |
|
|
(552 |
) |
(0.0 |
%) |
|
10,591,350 |
|
|
(3,214 |
) |
(0.0 |
%) |
|
10,558,688 |
|
|
10,595,803 |
|
|
(37,115 |
) |
(0.4 |
%) |
||||||||
| Basic EPS | $ |
0.51 |
|
$ |
0.54 |
|
$ |
(0.03 |
) |
(5.6 |
%) |
$ |
0.77 |
|
$ |
(0.26 |
) |
(33.8 |
%) |
$ |
1.05 |
|
$ |
1.44 |
|
$ |
(0.39 |
) |
-27.1 |
% |
||||||||
| Diluted EPS | $ |
0.51 |
|
$ |
0.54 |
|
$ |
(0.03 |
) |
(5.6 |
%) |
$ |
0.76 |
|
$ |
(0.25 |
) |
(32.9 |
%) |
$ |
1.05 |
|
$ |
1.43 |
|
$ |
(0.38 |
) |
(26.6 |
%) |
||||||||
| Return on average assets |
|
1.31 |
% |
|
1.32 |
% |
|
(0.01 |
%) |
(0.8 |
%) |
|
1.79 |
% |
|
(0.48 |
%) |
(26.8 |
%) |
|
1.32 |
% |
|
1.69 |
% |
|
(0.37 |
%) |
(21.9 |
%) |
||||||||
| Return on average equity |
|
9.06 |
% |
|
9.57 |
% |
|
(0.51 |
%) |
(5.3 |
%) |
|
14.76 |
% |
|
(5.70 |
%) |
(38.6 |
%) |
|
9.31 |
% |
|
14.12 |
% |
|
(4.81 |
%) |
(34.1 |
%) |
||||||||
| Efficiency ratio¹ |
|
55.69 |
% |
|
54.68 |
% |
|
1.01 |
% |
1.9 |
% |
|
47.29 |
% |
|
8.40 |
% |
17.8 |
% |
|
55.17 |
% |
|
49.10 |
% |
|
6.07 |
% |
12.4 |
% |
||||||||
| Yield on interest-earning assets² |
|
6.79 |
% |
|
6.77 |
% |
|
0.02 |
% |
0.3 |
% |
|
6.46 |
% |
|
0.33 |
% |
5.1 |
% |
|
6.78 |
% |
|
6.36 |
% |
|
0.42 |
% |
6.6 |
% |
||||||||
| Cost of funds |
|
3.52 |
% |
|
3.48 |
% |
|
0.04 |
% |
1.2 |
% |
|
2.53 |
% |
|
0.99 |
% |
39.1 |
% |
|
3.50 |
% |
|
2.32 |
% |
|
1.18 |
% |
50.9 |
% |
||||||||
| Net interest margin² |
|
3.77 |
% |
|
3.77 |
% |
|
0.00 |
% |
0.0 |
% |
|
4.23 |
% |
|
(0.46 |
%) |
(10.9 |
%) |
|
3.77 |
% |
|
4.30 |
% |
|
(0.53 |
%) |
(12.3 |
%) |
||||||||
| 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) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
June 30, |
|
March 31, |
|
$ |
% |
|
June 30, |
|
$ |
% |
|||||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
Change |
Change |
|
|
2023 |
|
|
Change |
Change |
|||||||||
| ASSETS | ||||||||||||||||||||||||||
Cash and due from banks |
$ |
11,667 |
|
$ |
11,612 |
|
$ |
55 |
|
0.5 |
% |
$ |
12,704 |
|
$ |
(1,037 |
) |
(8.2 |
%) |
|||||||
| Interest-earning deposits at the FRB and other banks |
|
101,415 |
|
|
181,366 |
|
|
(79,951 |
) |
(44.1 |
%) |
|
293,394 |
|
|
(191,979 |
) |
(65.4 |
%) |
|||||||
| Investment securities¹ |
|
73,051 |
|
|
59,143 |
|
|
13,908 |
|
23.5 |
% |
|
66,400 |
|
|
6,651 |
|
10.0 |
% |
|||||||
| Loans held-for-sale |
|
209,144 |
|
|
198,167 |
|
|
10,977 |
|
5.5 |
% |
|
215,083 |
|
|
(5,939 |
) |
(2.8 |
%) |
|||||||
| Loans held-for-investment |
|
1,228,496 |
|
|
1,194,439 |
|
|
34,057 |
|
2.9 |
% |
|
1,201,237 |
|
|
27,259 |
|
2.3 |
% |
|||||||
| Less: Allowance for credit losses ("ACL") |
|
(16,042 |
) |
|
(16,048 |
) |
|
6 |
|
0.0 |
% |
|
(15,626 |
) |
|
(416 |
) |
(2.7 |
%) |
|||||||
Loans held-for-investment, net |
|
1,212,454 |
|
|
1,178,391 |
|
|
34,063 |
|
2.9 |
% |
|
1,185,611 |
|
|
26,843 |
|
2.3 |
% |
|||||||
Other real estate owned ("OREO") |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
|||||||
| Restricted stock investments |
|
11,011 |
|
|
11,011 |
|
|
- |
|
- |
|
|
11,011 |
|
|
- |
|
- |
|
|||||||
| Servicing assets |
|
7,404 |
|
|
7,560 |
|
|
(156 |
) |
(2.1 |
%) |
|
8,426 |
|
|
(1,022 |
) |
(12.1 |
%) |
|||||||
| Goodwill |
|
2,185 |
|
|
2,185 |
|
|
- |
|
- |
|
|
2,185 |
|
|
- |
|
- |
|
|||||||
| Intangible assets |
|
235 |
|
|
245 |
|
|
(10 |
) |
(4.1 |
%) |
|
279 |
|
|
(44 |
) |
(15.8 |
%) |
|||||||
| Other assets |
|
26,343 |
|
|
23,581 |
|
|
2,762 |
|
11.7 |
% |
|
24,537 |
|
|
1,806 |
|
7.4 |
% |
|||||||
| Total assets | $ |
1,654,909 |
|
$ |
1,673,261 |
|
$ |
(18,352 |
) |
(1.1 |
%) |
$ |
1,819,630 |
|
$ |
(164,721 |
) |
(9.1 |
%) |
|||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||
| Noninterest-bearing | $ |
281,243 |
|
$ |
286,766 |
|
$ |
(5,523 |
) |
(1.9 |
%) |
$ |
426,333 |
|
$ |
(145,090 |
) |
(34.0 |
%) |
|||||||
| Interest-bearing |
|
1,059,146 |
|
|
1,074,198 |
|
|
(15,052 |
) |
(1.4 |
%) |
|
1,096,078 |
|
|
(36,932 |
) |
(3.4 |
%) |
|||||||
| Total deposits |
|
1,340,389 |
|
|
1,360,964 |
|
|
(20,575 |
) |
(1.5 |
%) |
|
1,522,411 |
|
|
(182,022 |
) |
(12.0 |
%) |
|||||||
| FHLB advances and other borrowing |
|
50,000 |
|
|
50,000 |
|
|
- |
|
- |
|
|
50,000 |
|
|
- |
|
- |
|
|||||||
| Other liabilities |
|
19,260 |
|
|
21,727 |
|
|
(2,467 |
) |
(11.4 |
%) |
|
23,956 |
|
|
(4,696 |
) |
(19.6 |
%) |
|||||||
| Total liabilities |
|
1,409,649 |
|
|
1,432,691 |
|
|
(23,042 |
) |
(1.6 |
%) |
|
1,596,367 |
|
|
(186,718 |
) |
(11.7 |
%) |
|||||||
| Stockholders' Equity |
|
245,260 |
|
|
240,570 |
|
|
4,690 |
|
1.9 |
% |
|
223,263 |
|
|
21,997 |
|
9.9 |
% |
|||||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ |
1,654,909 |
|
$ |
1,673,261 |
|
$ |
(18,352 |
) |
(1.1 |
%) |
$ |
1,819,630 |
|
$ |
(164,721 |
) |
(9.1 |
%) |
|||||||
| CAPITAL RATIOS | ||||||||||||||||||||||||||
| Leverage ratio | ||||||||||||||||||||||||||
| Company |
|
14.51 |
% |
|
13.85 |
% |
|
0.66 |
% |
4.8 |
% |
|
12.23 |
% |
|
2.28 |
% |
18.7 |
% |
|||||||
| Bank |
|
14.45 |
% |
|
13.84 |
% |
|
0.61 |
% |
4.4 |
% |
|
12.20 |
% |
|
2.25 |
% |
18.5 |
% |
|||||||
| Common equity tier 1 risk-based capital ratio | ||||||||||||||||||||||||||
| Company |
|
18.36 |
% |
|
18.67 |
% |
|
(0.31 |
%) |
(1.7 |
%) |
|
17.08 |
% |
|
1.28 |
% |
7.5 |
% |
|||||||
| Bank |
|
18.28 |
% |
|
18.65 |
% |
|
(0.38 |
%) |
(2.0 |
%) |
|
17.03 |
% |
|
1.25 |
% |
7.3 |
% |
|||||||
| Tier 1 risk-based capital ratio | ||||||||||||||||||||||||||
| Company |
|
18.36 |
% |
|
18.67 |
% |
|
(0.31 |
%) |
(1.7 |
%) |
|
17.08 |
% |
|
1.28 |
% |
7.5 |
% |
|||||||
| Bank |
|
18.28 |
% |
|
18.65 |
% |
|
(0.38 |
%) |
(2.0 |
%) |
|
17.03 |
% |
|
1.25 |
% |
7.3 |
% |
|||||||
| Total risk-based capital ratio | ||||||||||||||||||||||||||
| Company |
|
19.59 |
% |
|
19.92 |
% |
|
(0.34 |
%) |
(1.7 |
%) |
|
18.32 |
% |
|
1.27 |
% |
6.9 |
% |
|||||||
| Bank |
|
19.50 |
% |
|
19.91 |
% |
|
(0.40 |
%) |
(2.0 |
%) |
|
18.27 |
% |
|
1.23 |
% |
6.7 |
% |
|||||||
| Tangible book value per share | $ |
22.94 |
|
$ |
22.49 |
|
$ |
0.45 |
|
2.0 |
% |
$ |
20.85 |
|
$ |
2.09 |
|
10.0 |
% |
|||||||
| Loans Held for Investments-to-Deposit ("LHFITD") ratio |
|
91.65 |
% |
|
87.76 |
% |
|
3.89 |
% |
4.4 |
% |
|
78.90 |
% |
|
12.75 |
% |
16.2 |
% |
|||||||
| Net Loan-to-Deposit ("LTD") ratio |
|
106.06 |
% |
|
101.15 |
% |
|
4.91 |
% |
4.9 |
% |
|
92.00 |
% |
|
14.06 |
% |
15.3 |
% |
|||||||
| Nonperforming assets | $ |
5,797 |
|
$ |
4,447 |
|
$ |
1,350 |
|
30.4 |
% |
$ |
684 |
|
$ |
5,113 |
|
747.5 |
% |
|||||||
| Nonperforming assets as a % of loans held-for-investment |
|
0.47 |
% |
|
0.37 |
% |
|
0.10 |
% |
27.0 |
% |
|
0.06 |
% |
|
0.41 |
% |
683.3 |
% |
|||||||
| ACL as a % of loans held-for-investment |
|
1.31 |
% |
|
1.34 |
% |
|
(0.03 |
%) |
(2.24 |
%) |
|
1.30 |
% |
|
0.01 |
% |
0.8 |
% |
|||||||
| ¹ Includes AFS and HTM | |
FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3 |
||||||||||||||||||||
(Dollars in thousands, except per share amounts) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
| Interest income | $ |
27,755 |
|
$ |
28,463 |
|
$ |
29,624 |
|
$ |
29,450 |
|
$ |
28,664 |
|
|||||
| Interest expense |
|
12,391 |
|
|
12,655 |
|
|
12,462 |
|
|
11,442 |
|
|
9,930 |
|
|||||
| Net interest income |
|
15,364 |
|
|
15,808 |
|
|
17,162 |
|
|
18,008 |
|
|
18,734 |
|
|||||
| Provision for credit losses |
|
200 |
|
|
400 |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Net interest income after provision for credit losses |
|
15,164 |
|
|
15,408 |
|
|
17,162 |
|
|
18,008 |
|
|
18,734 |
|
|||||
| Gain on sale of loans |
|
1,064 |
|
|
1,489 |
|
|
838 |
|
|
419 |
|
|
1,952 |
|
|||||
| Gain (loss) on sale of OREO |
|
- |
|
|
(1 |
) |
|
- |
|
|
- |
|
|
- |
|
|||||
| SBA servicing fee income, net |
|
768 |
|
|
643 |
|
|
690 |
|
|
639 |
|
|
440 |
|
|||||
| Service charges and other income |
|
503 |
|
|
430 |
|
|
436 |
|
|
402 |
|
|
407 |
|
|||||
| Noninterest income |
|
2,335 |
|
|
2,561 |
|
|
1,964 |
|
|
1,460 |
|
|
2,799 |
|
|||||
| Salaries and employee benefits |
|
5,927 |
|
|
6,024 |
|
|
5,356 |
|
|
5,569 |
|
|
5,581 |
|
|||||
| Occupancy and equipment |
|
1,114 |
|
|
1,122 |
|
|
1,128 |
|
|
1,103 |
|
|
1,122 |
|
|||||
| Marketing expense |
|
403 |
|
|
402 |
|
|
250 |
|
|
475 |
|
|
409 |
|
|||||
| Professional expense |
|
440 |
|
|
412 |
|
|
360 |
|
|
443 |
|
|
436 |
|
|||||
| Other expenses |
|
1,972 |
|
|
2,084 |
|
|
2,363 |
|
|
2,579 |
|
|
2,635 |
|
|||||
| Noninterest expense |
|
9,856 |
|
|
10,044 |
|
|
9,457 |
|
|
10,169 |
|
|
10,183 |
|
|||||
| Income before income tax expense |
|
7,643 |
|
|
7,925 |
|
|
9,669 |
|
|
9,299 |
|
|
11,350 |
|
|||||
| Income tax expense |
|
2,163 |
|
|
2,253 |
|
|
2,670 |
|
|
2,630 |
|
|
3,248 |
|
|||||
| Net income | $ |
5,480 |
|
$ |
5,672 |
|
$ |
6,999 |
|
$ |
6,669 |
|
$ |
8,102 |
|
|||||
| Effective tax rate |
|
28.3 |
% |
|
28.4 |
% |
|
27.6 |
% |
|
28.3 |
% |
|
28.6 |
% |
|||||
| 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 |
|
10,588,136 |
|
|
10,588,688 |
|
|
10,588,937 |
|
|
10,594,155 |
|
|
10,591,351 |
|
|||||
| Basic EPS | $ |
0.51 |
|
$ |
0.54 |
|
$ |
0.66 |
|
$ |
0.63 |
|
$ |
0.77 |
|
|||||
| Diluted EPS | $ |
0.51 |
|
$ |
0.54 |
|
$ |
0.66 |
|
$ |
0.63 |
|
$ |
0.76 |
|
|||||
FIVE-QUARTER SALARIES BENEFIT METRICS (Unaudited) - Table 4 |
||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
At or for the Three Months Ended |
||||||||||||||||||
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
| Salaries and benefits | $ |
5,927 |
|
$ |
6,024 |
|
$ |
5,356 |
|
$ |
5,569 |
|
$ |
5,581 |
|
|||||
| FTE at the end of period |
|
172 |
|
|
168 |
|
|
169 |
|
|
172 |
|
|
165 |
|
|||||
| Average FTE during the period |
|
171 |
|
|
169 |
|
|
169 |
|
|
168 |
|
|
164 |
|
|||||
| Salaries and benefits/average FTE¹ | $ |
139 |
|
$ |
143 |
|
$ |
126 |
|
$ |
131 |
|
$ |
137 |
|
|||||
| Salaries and benefits/average assets¹ |
|
1.42 |
% |
|
1.41 |
% |
|
1.18 |
% |
|
1.22 |
% |
|
1.23 |
% | |||||
| Noninterest expense/average assets¹ |
|
2.36 |
% |
|
2.35 |
% |
|
2.08 |
% |
|
2.22 |
% |
|
2.25 |
% | |||||
1 |
Annualized | |
FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5 |
||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ |
11,667 |
|
$ |
11,612 |
|
$ |
14,282 |
|
$ |
11,188 |
|
$ |
12,704 |
|
|||||
| Interest-earning deposits at the FRB and other banks |
|
101,415 |
|
|
181,366 |
|
|
233,255 |
|
|
335,016 |
|
|
293,394 |
|
|||||
| Investment securities |
|
73,051 |
|
|
59,143 |
|
|
59,883 |
|
|
61,617 |
|
|
66,400 |
|
|||||
| Loans held-for-sale |
|
209,144 |
|
|
198,167 |
|
|
218,258 |
|
|
219,355 |
|
|
215,083 |
|
|||||
| Loans held-for-investment |
|
1,228,496 |
|
|
1,194,439 |
|
|
1,204,009 |
|
|
1,201,230 |
|
|
1,201,237 |
|
|||||
| Less: Allowance for credit losses |
|
(16,042 |
) |
|
(16,048 |
) |
|
(15,291 |
) |
|
(15,284 |
) |
|
(15,626 |
) |
|||||
Loans held-for-investment, net |
|
1,212,454 |
|
|
1,178,391 |
|
|
1,188,718 |
|
|
1,185,946 |
|
|
1,185,611 |
|
|||||
Other real estate owned |
|
- |
|
|
- |
|
|
55 |
|
|
55 |
|
|
- |
|
|||||
| Restricted stock investments |
|
11,011 |
|
|
11,011 |
|
|
11,011 |
|
|
11,011 |
|
|
11,011 |
|
|||||
| Servicing assets |
|
7,404 |
|
|
7,560 |
|
|
7,673 |
|
|
7,873 |
|
|
8,426 |
|
|||||
| Goodwill |
|
2,185 |
|
|
2,185 |
|
|
2,185 |
|
|
2,185 |
|
|
2,185 |
|
|||||
| Intangible assets |
|
235 |
|
|
245 |
|
|
255 |
|
|
267 |
|
|
279 |
|
|||||
| Other assets |
|
26,343 |
|
|
23,581 |
|
|
24,838 |
|
|
24,799 |
|
|
24,537 |
|
|||||
| Total assets | $ |
1,654,909 |
|
$ |
1,673,261 |
|
$ |
1,760,413 |
|
$ |
1,859,312 |
|
$ |
1,819,630 |
|
|||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| Noninterest-bearing | $ |
281,243 |
|
$ |
286,766 |
|
$ |
305,923 |
|
$ |
406,033 |
|
$ |
426,333 |
|
|||||
| Interest-bearing |
|
1,059,146 |
|
|
1,074,198 |
|
|
1,147,662 |
|
|
1,143,257 |
|
|
1,096,078 |
|
|||||
| Total deposits |
|
1,340,389 |
|
|
1,360,964 |
|
|
1,453,585 |
|
|
1,549,290 |
|
|
1,522,411 |
|
|||||
| FHLB advances |
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|||||
| Other liabilities |
|
19,260 |
|
|
21,727 |
|
|
21,114 |
|
|
31,141 |
|
|
23,956 |
|
|||||
| Total liabilities |
|
1,409,649 |
|
|
1,432,691 |
|
|
1,524,699 |
|
|
1,630,431 |
|
|
1,596,367 |
|
|||||
| Stockholders' Equity |
|
245,260 |
|
|
240,570 |
|
|
235,714 |
|
|
228,881 |
|
|
223,263 |
|
|||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ |
1,654,909 |
|
$ |
1,673,261 |
|
$ |
1,760,413 |
|
$ |
1,859,312 |
|
$ |
1,819,630 |
|
|||||
| FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6 | ||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | ||||||||||||||||||||||||||
| Balance | % | Balance | % | Balance | % | Balance | % | Balance | % | |||||||||||||||||||||
| Construction | $ |
33,918 |
2.8 |
% |
$ |
37,216 |
3.1 |
% |
$ |
34,886 |
2.9 |
% |
$ |
30,924 |
2.6 |
% |
$ |
20,106 |
1.7 |
% |
||||||||||
| Commercial real estate |
|
1,035,425 |
84.3 |
% |
|
1,005,765 |
84.2 |
% |
|
1,010,495 |
83.9 |
% |
|
1,005,735 |
83.7 |
% |
|
1,014,785 |
84.5 |
% |
||||||||||
| Commercial and industrial |
|
108,742 |
8.9 |
% |
|
101,784 |
8.5 |
% |
|
108,123 |
9.0 |
% |
|
113,374 |
9.4 |
% |
|
114,106 |
9.4 |
% |
||||||||||
| Home mortgage |
|
44,987 |
3.7 |
% |
|
44,389 |
3.7 |
% |
|
44,920 |
3.7 |
% |
|
45,452 |
3.8 |
% |
|
45,987 |
3.8 |
% |
||||||||||
| Consumer |
|
782 |
0.1 |
% |
|
668 |
0.1 |
% |
|
630 |
0.1 |
% |
|
616 |
0.1 |
% |
|
1,074 |
0.1 |
% |
||||||||||
| Gross loans held-for-investment |
|
1,223,854 |
99.6 |
% |
|
1,189,822 |
99.6 |
% |
|
1,199,054 |
99.6 |
% |
|
1,196,101 |
99.6 |
% |
|
1,196,058 |
99.6 |
% |
||||||||||
| Deferred loan fees/costs, net |
|
4,642 |
0.4 |
% |
|
4,617 |
0.4 |
% |
|
4,955 |
0.4 |
% |
|
5,129 |
0.4 |
% |
|
5,179 |
0.4 |
% |
||||||||||
| Loans held-for-investment | $ |
1,228,496 |
100.0 |
% |
$ |
1,194,439 |
100.0 |
% |
$ |
1,204,009 |
100.0 |
% |
$ |
1,201,230 |
100.0 |
% |
$ |
1,201,237 |
100.0 |
% |
||||||||||
| Loans held-for-sale | $ |
209,144 |
$ |
198,167 |
$ |
218,258 |
$ |
219,355 |
$ |
215,083 |
||||||||||||||||||||
| Total loans receivable | $ |
1,437,640 |
$ |
1,392,606 |
$ |
1,422,267 |
$ |
1,420,585 |
$ |
1,416,320 |
||||||||||||||||||||
FIVE-QUARTER SBA LOAN PRODUCTIONS/SALES DATA (Unaudited) - Table 7 |
|||||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
||||||||||||||||||||||||
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
June 30, |
|
June 30, |
||||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
| SBA loans held-for-sale at beginning of the quarter/year | $ |
198,167 |
|
$ |
218,258 |
|
$ |
219,355 |
|
$ |
215,083 |
|
$ |
243,753 |
|
$ |
218,258 |
|
$ |
230,431 |
|
||||||||
| SBA loans originated/transferred from/to held-for-investment during the quarter/year |
|
34,366 |
|
|
14,589 |
|
|
27,022 |
|
|
16,260 |
|
|
18,273 |
|
|
48,955 |
|
|
35,163 |
|
||||||||
| SBA loans sold during the quarter/year |
|
(19,508 |
) |
|
(28,164 |
) |
|
(21,749 |
) |
|
(9,245 |
) |
|
(42,437 |
) |
|
(47,672 |
) |
|
(42,437 |
) |
||||||||
| SBA loans principal paydown/payoff, net of advance |
|
(3,881 |
) |
|
(6,516 |
) |
|
(6,370 |
) |
|
(2,743 |
) |
|
(4,506 |
) |
|
(10,397 |
) |
|
(8,074 |
) |
||||||||
| SBA loans held-for-sale at end of the quarter/year | $ |
209,144 |
|
$ |
198,167 |
|
$ |
218,258 |
|
$ |
219,355 |
|
$ |
215,083 |
|
$ |
209,144 |
|
$ |
215,083 |
|
||||||||
| Gain on sale of SBA loans | $ |
1,064 |
|
$ |
1,489 |
|
$ |
838 |
|
$ |
419 |
|
$ |
1,952 |
|
$ |
2,553 |
|
$ |
1,952 |
|
||||||||
| Premium on sale (weighted average) |
|
8.3 |
% |
|
8.4 |
% |
|
6.8 |
% |
|
8.3 |
% |
|
6.8 |
% |
|
8.4 |
% |
|
6.8 |
% |
||||||||
| SBA loan production | $ |
45,126 |
|
$ |
18,089 |
|
$ |
37,821 |
|
$ |
24,270 |
|
$ |
24,013 |
|
$ |
63,215 |
|
$ |
45,732 |
|
||||||||
FIVE QUARTER SBA SERVICING ASSETS AND SERVICING FEES (Unaudited) - Table 8 |
||||||||||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Three Months Ended |
|
|
|
Six Months Ended |
||||||||||||||||||||||||
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
|
June 30, |
|
June 30, |
||||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
| SBA servicing assets @ beginning of the quarter/year | $ |
7,560 |
|
$ |
7,673 |
|
$ |
7,873 |
|
$ |
8,426 |
|
$ |
8,528 |
|
$ |
7,673 |
|
$ |
9,232 |
|
|||||||||
| Newly added SBA servicing assets from SBA loans sold |
|
395 |
|
|
555 |
|
|
430 |
|
|
182 |
|
|
806 |
|
|
950 |
|
|
806 |
|
|||||||||
| Regular quarterly/annual servicing assets amortization |
|
(335 |
) |
|
(332 |
) |
|
(356 |
) |
|
(371 |
) |
|
(379 |
) |
|
(667 |
) |
|
(782 |
) |
|||||||||
| SBA servicing assets amortized from SBA loans paid off/charged off |
|
(216 |
) |
|
(336 |
) |
|
(274 |
) |
|
(364 |
) |
|
(529 |
) |
|
(552 |
) |
|
(830 |
) |
|||||||||
| Subtotal before impairment |
|
7,404 |
|
|
7,560 |
|
|
7,673 |
|
|
7,873 |
|
|
8,426 |
|
|
7,404 |
|
|
8,426 |
|
|||||||||
| Reversal of valuation allowance on servicing assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||||
| SBA servicing assets @ the end of the quarter/year | $ |
7,404 |
|
$ |
7,560 |
|
$ |
7,673 |
|
$ |
7,873 |
|
$ |
8,426 |
|
$ |
7,404 |
|
$ |
8,426 |
|
|||||||||
FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9 |
||||||||||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
||||||||||||||||||||
|
|
Balance |
|
% |
|
Balance |
|
% |
|
Balance |
|
% |
|
Balance |
|
% |
|
Balance |
|
% |
||||||||||
| Noninterest-bearing demand | $ |
281,243 |
21.0 |
% |
$ |
286,766 |
21.1 |
% |
$ |
305,923 |
21.1 |
% |
$ |
406,033 |
26.2 |
% |
$ |
426,333 |
28.0 |
% |
||||||||||
| Interest-bearing demand |
|
7,901 |
0.6 |
% |
|
6,709 |
0.5 |
% |
|
7,504 |
0.5 |
% |
|
6,395 |
0.4 |
% |
|
9,056 |
0.6 |
% |
||||||||||
| NOW & MMDA |
|
240,951 |
18.0 |
% |
|
229,642 |
16.9 |
% |
|
237,548 |
16.3 |
% |
|
227,283 |
14.7 |
% |
|
210,429 |
13.8 |
% |
||||||||||
| Savings |
|
80,360 |
6.0 |
% |
|
84,999 |
6.2 |
% |
|
88,689 |
6.1 |
% |
|
78,969 |
5.1 |
% |
|
62,324 |
4.1 |
% |
||||||||||
| TCDs of |
|
295,109 |
22.0 |
% |
|
299,944 |
22.0 |
% |
|
315,920 |
21.7 |
% |
|
312,704 |
20.2 |
% |
|
298,520 |
19.6 |
% |
||||||||||
| TCDs of |
|
314,119 |
23.4 |
% |
|
339,482 |
25.0 |
% |
|
353,866 |
24.4 |
% |
|
373,345 |
24.1 |
% |
|
368,262 |
24.2 |
% |
||||||||||
| Wholesale deposits |
|
120,706 |
9.0 |
% |
|
113,422 |
8.3 |
% |
|
144,135 |
9.9 |
% |
|
144,561 |
9.3 |
% |
|
147,487 |
9.7 |
% |
||||||||||
| Total Deposits | $ |
1,340,389 |
100.0 |
% |
$ |
1,360,964 |
100.0 |
% |
$ |
1,453,585 |
100.0 |
% |
$ |
1,549,290 |
100.0 |
% |
$ |
1,522,411 |
100.0 |
% |
||||||||||
| Recap: | ||||||||||||||||||||||||||||||
| Noninterest-bearing demand | $ |
281,243 |
21.0 |
% |
$ |
286,766 |
21.1 |
% |
$ |
305,923 |
21.0 |
% |
$ |
406,033 |
26.2 |
% |
$ |
426,333 |
28.0 |
% |
||||||||||
| Interest-bearing demand |
|
7,901 |
0.6 |
% |
|
6,709 |
0.5 |
% |
|
7,504 |
0.5 |
% |
|
6,395 |
0.4 |
% |
|
9,056 |
0.6 |
% |
||||||||||
| NOW & MMDA |
|
217,339 |
16.2 |
% |
|
229,642 |
16.9 |
% |
|
237,548 |
16.3 |
% |
|
227,283 |
14.7 |
% |
|
210,429 |
13.8 |
% |
||||||||||
| Savings |
|
80,360 |
6.0 |
% |
|
84,999 |
6.2 |
% |
|
88,689 |
6.1 |
% |
|
78,969 |
5.1 |
% |
|
62,324 |
4.1 |
% |
||||||||||
| TCDs of |
|
295,109 |
22.0 |
% |
|
299,944 |
22.0 |
% |
|
315,920 |
21.7 |
% |
|
312,704 |
20.2 |
% |
|
298,520 |
19.6 |
% |
||||||||||
| Core Deposits |
|
881,952 |
65.8 |
% |
|
908,060 |
66.7 |
% |
|
955,584 |
65.7 |
% |
|
1,031,384 |
66.6 |
% |
|
1,006,662 |
66.1 |
% |
||||||||||
| TCDs of |
|
314,119 |
23.4 |
% |
|
339,482 |
24.9 |
% |
|
353,866 |
24.3 |
% |
|
373,345 |
24.1 |
% |
|
368,262 |
24.2 |
% |
||||||||||
| ICS MMDA |
|
23,612 |
1.8 |
% |
||||||||||||||||||||||||||
| Wholesale deposits |
|
120,706 |
9.0 |
% |
|
113,422 |
8.3 |
% |
|
144,135 |
9.9 |
% |
|
144,561 |
9.3 |
% |
|
147,487 |
9.7 |
% |
||||||||||
| Noncore Deposits |
|
458,437 |
34.2 |
% |
|
452,904 |
33.3 |
% |
|
498,001 |
34.3 |
% |
|
517,906 |
33.4 |
% |
|
515,749 |
33.9 |
% |
||||||||||
| Total Deposits | $ |
1,340,389 |
100.0 |
% |
$ |
1,360,964 |
100.0 |
% |
$ |
1,453,585 |
100.0 |
% |
$ |
1,549,290 |
100.0 |
% |
$ |
1,522,411 |
100.0 |
% |
||||||||||
FIVE-QUARTER SELECTED LOAN AND ASSET QUALITY HIGHLIGHTS (Unaudited) - Table 10 |
||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2nd Qtr. |
|
1st Qtr. |
|
4th Qtr. |
|
3rd Qtr. |
|
2nd Qtr. |
||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
| Allowance for Credit Losses | ||||||||||||||||||||
| Balance at beginning of period | $ |
16,048 |
|
$ |
15,291 |
|
$ |
15,284 |
|
$ |
15,626 |
|
$ |
15,627 |
|
|||||
| CECL transition provision | - |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
| Provision for credit losses |
|
200 |
|
|
743 |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Charge-offs |
|
(257 |
) |
|
(2 |
) |
|
(350 |
) |
|
(11 |
) |
||||||||
| Recoveries |
|
51 |
|
|
14 |
|
|
9 |
|
|
8 |
|
|
10 |
|
|||||
| Balance at the end of period | $ |
16,042 |
|
$ |
16,048 |
|
$ |
15,291 |
|
$ |
15,284 |
|
$ |
15,626 |
|
|||||
| Nonperforming Assets:¹ | ||||||||||||||||||||
| Over 90 days still accruing | $ |
- |
|
$ |
1,605 |
|
$ |
399 |
|
$ |
2 |
|
$ |
39 |
|
|||||
| Nonaccrual loans |
|
5,797 |
|
|
2,842 |
|
|
2,030 |
|
|
616 |
|
|
645 |
|
|||||
| Total nonperforming loans |
|
5,797 |
|
|
4,447 |
|
|
2,429 |
|
|
618 |
|
|
684 |
|
|||||
| Other real estate owned | $ |
- |
|
|
- |
|
|
55 |
|
|
55 |
|
|
- |
|
|||||
| Total nonperforming assets | $ |
5,797 |
|
$ |
4,447 |
|
$ |
2,484 |
|
$ |
673 |
|
$ |
684 |
|
|||||
| Classified Assets:¹ | ||||||||||||||||||||
| Substandard | $ |
12,762 |
|
$ |
11,912 |
|
$ |
11,063 |
|
$ |
10,105 |
|
$ |
10,491 |
|
|||||
| Doubtful |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Loss | ||||||||||||||||||||
| Total classified loans | $ |
12,762 |
|
$ |
11,912 |
|
$ |
11,063 |
|
$ |
10,105 |
|
$ |
10,491 |
|
|||||
| Other real estate owned | $ |
- |
|
|
- |
|
|
55 |
|
|
55 |
|
|
- |
|
|||||
| Total classified assets | $ |
12,762 |
|
$ |
11,912 |
|
$ |
11,118 |
|
$ |
10,160 |
|
$ |
10,491 |
|
|||||
| Performing modified loans:¹ | $ |
464 |
|
$ |
3,811 |
|
$ |
3,336 |
|
$ |
3,336 |
|
$ |
3,336 |
|
|||||
| Delinquent Loans:¹ | ||||||||||||||||||||
| Loans 30-89 days past due | $ |
8,613 |
|
$ |
16,907 |
|
$ |
5,981 |
|
$ |
10,620 |
|
$ |
4,420 |
|
|||||
| 90 days or more past due and still accruing |
|
- |
|
|
1,605 |
|
|
399 |
|
|
2 |
|
|
39 |
|
|||||
| Nonaccrual |
|
5,797 |
|
|
2,842 |
|
|
2,030 |
|
|
616 |
|
|
645 |
|
|||||
| Total delinquent loans | $ |
14,410 |
|
$ |
21,354 |
|
$ |
8,410 |
|
$ |
11,238 |
|
$ |
5,104 |
|
|||||
| Asset Quality Ratios: | ||||||||||||||||||||
| Net (recoveries) charge-offs to average loans² |
|
0.06 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.10 |
% |
|
0.00 |
% |
|||||
| Nonaccrual loans to loans held-for-investment |
|
0.47 |
% |
|
0.24 |
% |
|
0.17 |
% |
|
0.05 |
% |
|
0.05 |
% |
|||||
| Nonperforming loans to loans held-for-investment |
|
0.47 |
% |
|
0.37 |
% |
|
0.20 |
% |
|
0.05 |
% |
|
0.06 |
% |
|||||
| Nonperforming assets to total assets |
|
0.35 |
% |
|
0.27 |
% |
|
0.14 |
% |
|
0.04 |
% |
|
0.04 |
% |
|||||
| Classified loans to loans held-for-investment |
|
1.04 |
% |
|
1.00 |
% |
|
0.92 |
% |
|
0.84 |
% |
|
0.87 |
% |
|||||
| Classified loans to Tier 1 and ACL |
|
4.93 |
% |
|
4.69 |
% |
|
4.45 |
% |
|
4.18 |
% |
|
4.44 |
% |
|||||
| Classified assets to total assets |
|
0.77 |
% |
|
0.71 |
% |
|
0.63 |
% |
|
0.55 |
% |
|
0.58 |
% |
|||||
| Classified assets to Tier 1 and ACL |
|
4.93 |
% |
|
4.69 |
% |
|
4.47 |
% |
|
4.20 |
% |
|
4.44 |
% |
|||||
| ACL to loans held-for-investment |
|
1.31 |
% |
|
1.34 |
% |
|
1.27 |
% |
|
1.27 |
% |
|
1.30 |
% |
|||||
| ACL to nonaccrual loans |
|
276.73 |
% |
|
564.67 |
% |
|
753.25 |
% |
|
2481.17 |
% |
|
2422.64 |
% |
|||||
| ACL to nonperforming loans |
|
276.73 |
% |
|
360.87 |
% |
|
629.52 |
% |
|
2473.14 |
% |
|
2284.50 |
% |
|||||
| ACL to nonperforming assets |
|
276.73 |
% |
|
360.87 |
% |
|
615.58 |
% |
|
2271.03 |
% |
|
2284.50 |
% |
|||||
|
2.24 |
% |
|
1.75 |
% |
|
1.00 |
% |
|
0.28 |
% |
|
0.29 |
% |
||||||
¹ |
|
Net of SBA guaranteed balance |
|
² |
|
Includes loans held-for-sale |
|
³ |
Nonperforming assets divided by tangible common equity and ACL | ||
| Allowance for Credit Losses on Off-Balance Sheet Items: | ||||||||||||||||||||
| Balance at beginning of period | $ |
324 |
|
$ |
667 |
|
$ |
667 |
|
$ |
667 |
|
$ |
667 |
|
|||||
| Provision for credit losses on off-balance sheet items |
|
(343 |
) |
|
- |
|
|
- |
|
|
- |
|
||||||||
| Balance at the end of period | $ |
324 |
|
$ |
324 |
|
$ |
667 |
|
$ |
667 |
|
$ |
667 |
|
|||||
| Loans held-for-sale |
|
209,144 |
|
|
198,167 |
|
|
218,258 |
|
|
219,355 |
|
|
215,083 |
|
|||||
| Loans held-for-investment |
|
1,228,496 |
|
|
1,194,439 |
|
|
1,204,009 |
|
|
1,201,230 |
|
|
1,201,237 |
|
|||||
| Loans receivable |
|
1,437,640 |
|
|
1,392,606 |
|
|
1,422,267 |
|
|
1,420,585 |
|
|
1,416,320 |
|
|||||
| Total assets |
|
1,654,909 |
|
|
1,673,261 |
|
|
1,760,413 |
|
|
1,859,312 |
|
|
1,819,630 |
|
|||||
| Tier 1 and ACL |
|
258,882 |
|
|
254,188 |
|
|
248,565 |
|
|
241,713 |
|
|
236,425 |
|
|||||
| Tangible Common Equity |
|
242,840 |
|
|
238,140 |
|
|
233,274 |
|
|
226,429 |
|
|
220,799 |
|
|||||
| ACL | $ |
16,042 |
|
$ |
16,048 |
|
$ |
15,291 |
|
$ |
15,284 |
|
$ |
15,626 |
|
|||||
| Nonperforming assets to loans held-for-investment |
|
0.47 |
% |
|
0.37 |
% |
|
0.21 |
% |
|
0.1 |
% |
|
0.06 |
% |
|||||
FIVE-QUARTER CAPITAL RATIOS (Unaudited) - Table 11 |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Well Capitalized |
|
Adequately Capitalized |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
||||||||||||
|
|
Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Requirement |
|
Fully Phased In |
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
||
| Leverage ratio | ||||||||||||||||||||||||||
| Company | N/A |
|
N/A |
|
|
14.51 |
% |
|
13.85 |
% |
|
12.98 |
% |
|
12.53 |
% |
|
12.23 |
% |
|||||||
| Bank | 5.00 |
% |
4.00 |
% |
|
14.45 |
% |
|
13.84 |
% |
|
12.96 |
% |
|
12.50 |
% |
|
12.20 |
% |
|||||||
| Common equity tier 1 risk-based capital ratio | ||||||||||||||||||||||||||
| Company | N/A |
|
N/A |
|
|
18.36 |
% |
|
18.67 |
% |
|
18.08 |
% |
|
17.61 |
% |
|
17.08 |
% |
|||||||
| Bank | 6.50 |
% |
7.00 |
% |
|
18.28 |
% |
|
18.65 |
% |
|
18.05 |
% |
|
17.57 |
% |
|
17.03 |
% |
|||||||
| Tier 1 risk-based capital ratio | ||||||||||||||||||||||||||
| Company | N/A |
|
N/A |
|
|
18.36 |
% |
|
18.67 |
% |
|
18.08 |
% |
|
17.61 |
% |
|
17.08 |
% |
|||||||
| Bank | 8.00 |
% |
8.50 |
% |
|
18.28 |
% |
|
18.65 |
% |
|
18.05 |
% |
|
17.57 |
% |
|
17.03 |
% |
|||||||
| Total risk-based capital ratio | ||||||||||||||||||||||||||
| Company | N/A |
|
N/A |
|
|
19.59 |
% |
|
19.92 |
% |
|
19.30 |
% |
|
18.83 |
% |
|
18.32 |
% |
|||||||
| Bank | 10.00 |
% |
10.50 |
% |
|
19.50 |
% |
|
19.91 |
% |
|
19.27 |
% |
|
18.79 |
% |
|
18.27 |
% |
|||||||
| Tangible common equity/total assets |
|
14.70 |
% |
|
14.25 |
% |
|
13.27 |
% |
|
12.19 |
% |
|
12.15 |
% |
|||||||||||
| Tangible common equity per share | $ |
22.94 |
|
$ |
22.49 |
|
$ |
22.03 |
|
$ |
21.39 |
|
$ |
20.85 |
|
|||||||||||
FIVE-QUARTER MARGIN ANALYSIS (Unaudited) - Table 12 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTEREST-EARNING ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Receivable¹ | $ |
1,418,458 |
|
$ |
24,887 |
7.06 |
% |
$ |
1,415,924 |
|
$ |
24,906 |
7.07 |
% |
$ |
1,410,971 |
|
$ |
24,926 |
7.01 |
% |
$ |
1,417,148 |
|
$ |
24,734 |
6.92 |
% |
$ |
1,444,608 |
|
$ |
24,661 |
6.85 |
% |
|||||||||||||||||||
| Investment securities ² |
|
70,052 |
|
|
723 |
4.15 |
% |
|
59,554 |
|
|
575 |
3.88 |
% |
|
60,094 |
|
|
563 |
3.72 |
% |
|
64,587 |
|
|
577 |
3.54 |
% |
|
67,958 |
|
|
595 |
3.51 |
% |
|||||||||||||||||||
| Interest-earning deposits at the FRB and other banks |
|
146,956 |
|
|
1,995 |
5.46 |
% |
|
207,155 |
|
|
2,817 |
5.47 |
% |
|
288,769 |
|
|
3,973 |
5.46 |
% |
|
293,081 |
|
|
3,994 |
5.41 |
% |
|
258,236 |
|
|
3,296 |
5.12 |
% |
|||||||||||||||||||
| Other earning assets |
|
11,011 |
|
|
200 |
7.31 |
% |
|
11,011 |
|
|
214 |
7.82 |
% |
|
11,011 |
|
|
212 |
7.64 |
% |
|
11,011 |
|
|
196 |
7.06 |
% |
|
10,825 |
|
|
163 |
6.04 |
% |
|||||||||||||||||||
| Total interest-earning assets ² |
|
1,646,477 |
|
|
27,805 |
6.79 |
% |
|
1,693,644 |
|
|
28,512 |
6.77 |
% |
|
1,770,845 |
|
|
29,674 |
6.65 |
% |
|
1,785,827 |
|
|
29,501 |
6.55 |
% |
|
1,781,627 |
|
|
28,715 |
6.46 |
% |
|||||||||||||||||||
| NONINTEREST-EARNING ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks |
|
12,907 |
|
|
12,172 |
|
|
12,567 |
|
|
13,045 |
|
|
12,792 |
|
|||||||||||||||||||||||||||||||||||||||
| Other noninterest-earning assets |
|
33,263 |
|
|
31,967 |
|
|
32,985 |
|
|
33,331 |
|
|
34,060 |
|
|||||||||||||||||||||||||||||||||||||||
| Total noninterest-earning assets |
|
46,170 |
|
|
44,139 |
|
|
45,552 |
|
|
46,376 |
|
|
46,852 |
|
|||||||||||||||||||||||||||||||||||||||
| Less: Allowance for credit losses |
|
(16,058 |
) |
|
(15,322 |
) |
|
(15,291 |
) |
|
(15,622 |
) |
|
(15,627 |
) |
|||||||||||||||||||||||||||||||||||||||
| TOTAL ASSETS | $ |
1,676,589 |
|
$ |
1,722,461 |
|
$ |
1,801,106 |
|
$ |
1,816,581 |
|
$ |
1,812,852 |
|
|||||||||||||||||||||||||||||||||||||||
| INTEREST-BEARING DEPOSITS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing demand | $ |
11,864 |
|
$ |
6 |
0.20 |
% |
$ |
12,680 |
|
$ |
6 |
0.19 |
% |
$ |
12,657 |
|
$ |
7 |
0.22 |
% |
$ |
12,347 |
|
$ |
6 |
0.19 |
% |
$ |
14,522 |
|
$ |
7 |
0.19 |
% |
|||||||||||||||||||
| Money market |
|
230,261 |
|
|
2,272 |
3.97 |
% |
|
229,441 |
|
|
2,285 |
4.01 |
% |
|
222,289 |
|
|
2,158 |
3.85 |
% |
|
211,152 |
|
|
1,907 |
3.58 |
% |
|
192,872 |
|
|
1,414 |
2.94 |
% |
|||||||||||||||||||
| Savings |
|
82,215 |
|
|
700 |
3.42 |
% |
|
84,854 |
|
|
724 |
3.43 |
% |
|
82,403 |
|
|
664 |
3.20 |
% |
|
70,579 |
|
|
494 |
2.78 |
% |
|
63,786 |
|
|
324 |
2.04 |
% |
|||||||||||||||||||
| Time deposits |
|
759,954 |
|
|
9,296 |
4.92 |
% |
|
801,122 |
|
|
9,523 |
4.78 |
% |
|
824,900 |
|
|
9,515 |
4.58 |
% |
|
820,335 |
|
|
8,916 |
4.31 |
% |
|
839,198 |
|
|
8,068 |
3.86 |
% |
|||||||||||||||||||
| Total interest-bearing deposits |
|
1,084,294 |
|
|
12,274 |
4.55 |
% |
|
1,128,097 |
|
|
12,538 |
4.47 |
% |
|
1,142,249 |
|
|
12,344 |
4.29 |
% |
|
1,114,413 |
|
|
11,323 |
4.03 |
% |
|
1,110,378 |
|
|
9,813 |
3.54 |
% |
|||||||||||||||||||
| Borrowings |
|
50,013 |
|
|
117 |
0.94 |
% |
|
50,000 |
|
|
117 |
0.94 |
% |
|
50,001 |
|
|
118 |
0.94 |
% |
|
50,001 |
|
|
119 |
0.94 |
% |
|
50,000 |
|
|
117 |
0.94 |
% |
|||||||||||||||||||
| Total interest-bearing liabilities |
|
1,134,307 |
|
|
12,391 |
4.39 |
% |
|
1,178,097 |
|
|
12,655 |
4.32 |
% |
|
1,192,250 |
|
|
12,462 |
4.15 |
% |
|
1,164,414 |
|
|
11,442 |
3.90 |
% |
|
1,160,378 |
|
|
9,930 |
3.43 |
% |
|||||||||||||||||||
| Noninterest-bearing deposits |
|
279,765 |
|
|
284,867 |
|
|
350,656 |
|
|
397,791 |
|
|
411,432 |
|
|||||||||||||||||||||||||||||||||||||||
| Other liabilities |
|
19,287 |
|
|
21,112 |
|
|
25,602 |
|
|
27,519 |
|
|
20,934 |
|
|||||||||||||||||||||||||||||||||||||||
| Stockholders' equity |
|
243,230 |
|
|
238,385 |
|
|
232,598 |
|
|
226,857 |
|
|
220,108 |
|
|||||||||||||||||||||||||||||||||||||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ |
1,676,589 |
|
$ |
1,722,461 |
|
$ |
1,801,106 |
|
$ |
1,816,581 |
|
$ |
1,812,852 |
|
|||||||||||||||||||||||||||||||||||||||
| Net interest income² | $ |
15,414 |
$ |
15,857 |
$ |
17,212 |
$ |
18,059 |
$ |
18,785 |
||||||||||||||||||||||||||||||||||||||||||||
| Net interest spread | 2.40 |
% |
2.45 |
% |
2.50 |
% |
2.65 |
% |
3.03 |
% |
||||||||||||||||||||||||||||||||||||||||||||
| Effect of noninterest-bearing sources | 1.37 |
% |
1.32 |
% |
1.36 |
% |
1.36 |
% |
1.20 |
% |
||||||||||||||||||||||||||||||||||||||||||||
| Net interest margin² | 3.77 |
% |
3.77 |
% |
3.86 |
% |
4.01 |
% |
4.23 |
% |
||||||||||||||||||||||||||||||||||||||||||||
| Cost of deposits | $ |
1,364,059 |
|
$ |
12,274 |
3.62 |
% |
$ |
1,412,964 |
|
$ |
12,538 |
3.57 |
% |
$ |
1,492,905 |
|
$ |
12,344 |
3.28 |
% |
$ |
1,512,204 |
|
$ |
11,323 |
2.97 |
% |
$ |
1,521,810 |
|
$ |
9,813 |
2.59 |
% |
|||||||||||||||||||
| Cost of funds | $ |
1,414,072 |
|
$ |
12,391 |
3.52 |
% |
$ |
1,462,964 |
|
$ |
12,655 |
3.48 |
% |
$ |
1,542,906 |
|
$ |
12,462 |
3.20 |
% |
$ |
1,562,205 |
|
$ |
11,442 |
2.91 |
% |
$ |
1,571,810 |
|
$ |
9,930 |
2.53 |
% |
|||||||||||||||||||
' |
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 |
|||||||||||||||||||||||||||||||||||||
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|||||||||||||||||||||||||
|
|
Amount |
|
Yield |
|
|
Amount |
|
Yield |
|
|
Amount |
|
Yield |
|
|
Amount |
|
Yield |
|
|
Amount |
|
Yield |
|||||||||||||||
| Contractual yield | $ |
24,271 |
|
6.88 |
% |
$ |
24,138 |
|
6.86 |
% |
$ |
24,235 |
|
6.81 |
% |
$ |
23,932 |
|
6.70 |
% |
$ |
23,767 |
|
6.60 |
% |
||||||||||||||
| SBA discount accretion |
|
736 |
|
0.21 |
% |
|
926 |
|
0.26 |
% |
|
845 |
|
0.24 |
% |
|
921 |
|
0.25 |
% |
|
1,124 |
|
0.31 |
% |
||||||||||||||
| Prepayment penalties and late fees |
|
36 |
|
0.01 |
% |
|
67 |
|
0.01 |
% |
|
40 |
|
0.01 |
% |
|
18 |
|
0.01 |
% |
|
60 |
|
0.02 |
% |
||||||||||||||
| Amortization of net deferred costs |
|
(156 |
) |
-0.04 |
% |
|
(225 |
) |
-0.06 |
% |
|
(194 |
) |
-0.05 |
% |
|
(137 |
) |
-0.04 |
% |
|
(290 |
) |
-0.08 |
% |
||||||||||||||
| As reported yield on loans | $ |
24,887 |
|
7.06 |
% |
$ |
24,906 |
|
7.07 |
% |
$ |
24,926 |
|
7.01 |
% |
$ |
24,734 |
|
6.92 |
% |
$ |
24,661 |
|
6.85 |
% |
||||||||||||||
MARGIN ANALYSIS (Unaudited) - Table 14 |
|||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Six Months Ended |
|||||||||||||||||||
|
|
June 30, 2024 |
|
|
June 30, 2023 |
||||||||||||||||
|
|
Avg Balance |
|
Interest |
|
Yield |
|
|
Avg Balance |
|
Interest |
|
Yield |
||||||||
| Number of Days in the Period | |||||||||||||||||||||
| INTEREST-EARNING ASSETS | |||||||||||||||||||||
| Loans Receivable ¹ | $ |
1,417,191 |
|
$ |
49,793 |
7.07 |
% |
$ |
1,473,184 |
|
$ |
49,040 |
6.71 |
% |
|||||||
| Investment securities ² |
|
64,803 |
|
|
1,298 |
4.03 |
% |
|
69,046 |
|
|
1,172 |
3.42 |
% |
|||||||
| Interest-earning deposits at the FRB and other banks |
|
177,056 |
|
|
4,812 |
5.47 |
% |
|
224,651 |
|
|
5,474 |
4.91 |
% |
|||||||
| Other earning assets |
|
11,011 |
|
|
414 |
7.56 |
% |
|
10,475 |
|
|
327 |
6.30 |
% |
|||||||
| Total interest-earning assets ² |
|
1,670,061 |
|
|
56,317 |
6.78 |
% |
|
1,777,356 |
|
|
56,013 |
6.36 |
% |
|||||||
| NONINTEREST-EARNING ASSETS | |||||||||||||||||||||
| Cash and due from banks |
|
12,540 |
|
|
13,523 |
|
|||||||||||||||
| Other noninterest-earning assets |
|
32,122 |
|
|
35,296 |
|
|||||||||||||||
| Total noninterest-earning assets |
|
44,662 |
|
|
48,819 |
|
|||||||||||||||
| Less: Allowance for credit losses |
|
(15,690 |
) |
|
(15,590 |
) |
|||||||||||||||
| TOTAL ASSETS | $ |
1,699,033 |
|
$ |
1,810,585 |
|
|||||||||||||||
| INTEREST-BEARING DEPOSITS | |||||||||||||||||||||
| Interest-bearing demand | $ |
12,271 |
|
$ |
12 |
0.20 |
% |
$ |
16,261 |
|
$ |
16 |
0.20 |
% |
|||||||
| Money market |
|
229,851 |
|
|
4,557 |
3.99 |
% |
|
212,261 |
|
|
2,883 |
2.74 |
% |
|||||||
| Savings |
|
83,534 |
|
|
1,424 |
3.43 |
% |
|
59,704 |
|
|
488 |
1.65 |
% |
|||||||
| Time deposits |
|
780,539 |
|
|
18,819 |
4.85 |
% |
|
818,251 |
|
|
14,478 |
3.57 |
% |
|||||||
| Total interest-bearing deposits |
|
1,106,195 |
|
|
24,812 |
4.51 |
% |
|
1,106,477 |
|
|
17,865 |
3.26 |
% |
|||||||
| Borrowings |
|
50,007 |
|
|
234 |
0.9 |
% |
|
50,000 |
|
|
233 |
0.94 |
% |
|||||||
| Total interest-bearing liabilities |
|
1,156,202 |
|
|
25,046 |
4.36 |
% |
|
1,156,477 |
|
|
18,098 |
3.16 |
% |
|||||||
| Noninterest-bearing deposits |
|
282,316 |
|
|
418,273 |
|
|||||||||||||||
| Other liabilities |
|
19,707 |
|
|
18,904 |
|
|||||||||||||||
| Stockholders' equity |
|
240,808 |
|
|
216,931 |
|
|||||||||||||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ |
1,699,033 |
|
$ |
1,810,585 |
|
|||||||||||||||
| Net interest income² | $ |
31,271 |
$ |
37,915 |
|||||||||||||||||
| Net interest spread | 2.42 |
% |
3.20 |
% |
|||||||||||||||||
| Effect of noninterest-bearing sources | 1.35 |
% |
1.10 |
% |
|||||||||||||||||
| Net interest margin² | 3.77 |
% |
4.30 |
% |
|||||||||||||||||
| Cost of deposits | $ |
1,388,511 |
|
$ |
24,812 |
3.59 |
% |
$ |
1,524,750 |
|
$ |
17,865 |
2.36 |
% |
|||||||
| Cost of funds | $ |
1,438,518 |
|
$ |
25,046 |
3.50 |
% |
$ |
1,574,750 |
|
$ |
18,098 |
2.32 |
% |
|||||||
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) |
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended |
||||||||||||
|
|
June 30, 2024 |
|
June 30, 2023 |
||||||||||
|
|
Amount |
|
Yield |
|
Amount |
|
Yield |
||||||
| Contractual yield | $ |
48,409 |
|
6.87 |
% |
$ |
47,410 |
|
6.49 |
% |
||||
| SBA discount accretion |
|
1,662 |
|
0.24 |
% |
|
2,061 |
|
0.28 |
% |
||||
| Prepayment penalties and late fees |
|
103 |
|
0.01 |
% |
|
90 |
|
0.01 |
% |
||||
| Amortization of net deferred costs |
|
(381 |
) |
-0.05 |
% |
|
(521 |
) |
-0.07 |
% |
||||
| As reported yield on loans | $ |
49,793 |
|
7.07 |
% |
$ |
49,040 |
|
6.71 |
% |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725152164/en/
Richard Koh, EVP & CFO
(323) 988-3037
RichardK@cbb-bank.com
Source: CBB Bancorp, Inc.
FAQ
What was CBB Bancorp's (CBBI) net income for Q2 2024?
How did CBB Bancorp's (CBBI) loan portfolio change in Q2 2024?
What was CBB Bancorp's (CBBI) net interest margin in Q2 2024?
How did CBB Bancorp's (CBBI) deposits change in Q2 2024?
What was CBB Bancorp's (CBBI) efficiency ratio in Q2 2024?
