CBB Bancorp, Inc. Reports Third Quarter 2021 Financial Results

Rhea-AI Summary

CBB Bancorp, Inc. (OTCQX: CBBI) reported a strong third quarter 2021 with net income reaching $7.9 million or $0.75 per diluted share, up 25% from the previous quarter and 171.5% year-over-year. Following the July 1 acquisition of Ohana Pacific Bank, total assets increased to $1.9 billion, an 18.4% rise. The return on average assets was 1.73% and the efficiency ratio improved to 49.0%. Net interest income climbed 18.7% quarter-over-quarter, driven by lower costs of deposits and SBA loan activity. Deposits surged 20.8% from the last quarter, bolstering the bank's capital position.

Positive

• Net income increased to $7.9 million, a 25% increase from the previous quarter and 171.5% year-over-year.
• Total assets rose to $1.9 billion, marking an 18.4% growth due to the acquisition of Ohana Pacific Bank.
• Net interest income grew by $2.5 million, or 18.7%, from the previous quarter.
• Return on average assets improved to 1.73% compared to 1.70% in Q2 2021.
• Deposits increased by $287.4 million or 20.8% from the prior quarter.

Negative

• Net interest margin declined to 3.62% from 3.75% in Q2 2021.
• Noninterest expense rose to $10.6 million, an increase from $9.7 million the previous quarter.

LOS ANGELES--(BUSINESS WIRE)-- October 28, 2021 - CBB Bancorp, Inc. ("CBB" or the "Company') (OTCQX: CBBI), the holding company of Commonwealth Business Bank (the "Bank"), announced today net income for third quarter 2021 of $7.9 million, or $0.75 per diluted share, an increase of 25.0%, compared to $6.3 million, or $0.61 per diluted share, in the prior quarter and 171.5% compared to $2.9 million, or $0.28 per diluted share, in the same period last year.

Overall Results

The acquisition of Ohana Pacific Bank was completed as of July 1, 2021, contributing to the Company’s growth in total assets to $1.9 billion, a $296.2 million or 18.4% increase from the June 30, 2021 level.

Net income for third quarter 2021 was positively affected by continuing strong performance in SBA loan originations and sales, as well as declining costs of deposits. The Company’s return on average assets for third quarter 2021 was 1.73% compared to 1.70% for second quarter 2021 and 0.85% for third quarter 2020. The Company’s return on average equity for third quarter 2021 was 17.87%, compared to 14.91% for second quarter 2021 and 7.43% for third quarter 2020. The Company’s net interest margin for third quarter 2021 was 3.62%, compared to 3.75% for second quarter 2021 and 3.20% for third quarter 2020. The efficiency ratio for third quarter 2021 was 49.0%, compared to 52.2% for second quarter 2021 and 58.8% for third quarter 2020.

Joanne Kim, President and CEO, commented, “We are pleased to announce record quarterly earnings for the third consecutive quarter. With the successful completion of the merger with Ohana Pacific Bank, we look forward to further growth in the remainder of the year in all of our markets, including our operations in Hawaii.”

Net Interest Income and Margin

Net Interest Income

Net interest income for third quarter 2021 was $16.1 million, an increase of $2.5 million, or 18.7%, from second quarter 2021, and an increase of $5.4 million, or 51.1%, from third quarter 2020. The increase in net interest income was due to the acquisition of Ohana Pacific Bank, in addition to the benefit of the decline in cost of funds as the Bank continues to aggressively reprice certificates of deposit as they mature.

Net Interest Margin

Our net interest margin for third quarter 2021 was 3.62% compared to 3.75% for second quarter 2021 and 3.20% for third quarter 2020. Our cost of funds for third quarter 2021 decreased to 0.33% from 0.42% for second quarter 2021 and 0.85% for third quarter 2020.

Provision for Loan Losses:

The Company made no provision for loan losses for third quarter 2021 or the second quarter of 2021, compared to $1.6 million for third quarter 2020. No provision was required during the current quarter due to the absence of charge-offs, and continuing signs of an improving economy. See Table 10 for additional information and trends.

Noninterest Income:

Noninterest income for third quarter 2021 was $5.5 million, compared to $5.0 million for second quarter 2021 and $3.0 million for third quarter 2020. The largest contributor to noninterest income continues to be gains on sales of loans. Sales of SBA loans were $42.0 million with an average premium percentage received of 11.5% during the third quarter of 2021, compared with SBA loan sales of $42.2 million with an average premium percentage received of 11.9% during the second quarter of 2021 and SBA loan sales of $24.9 million with an average premium percentage received of 9.8% during the third quarter of 2020.

Noninterest Expense:

Noninterest expense for third quarter 2021 was $10.6 million, compared to $9.7 million for second quarter 2021 and $8.0 million for third quarter 2020. Included in the third quarter 2021 noninterest expense is approximately $913 thousand in general and administrative expense directly related to the operation of the newly acquired Ohana Pacific Division in Hawaii.

Income Taxes:

The Company’ s effective tax rate for third quarter 2021 was 28.6% compared to 28.9% for second quarter 2021 and 27.9% for third quarter 2020.

Balance Sheet:

Investment Securities:

Investment securities were $86.4 million at September 30, 2021, an increase of $4.1 million from June 30, 2021 and a decrease of $2.3 million from September 30, 2020. The increase in the third quarter of 2021 is due to $5.7 million of securities acquired in the Ohana Pacific Bank merger. The remaining changes were due to principal paydowns. There were no portfolio purchases in third quarter 2021, or in second quarter 2021 or third quarter 2020.

Loans Receivable:

Loans receivable (including loans held for sale) at September 30, 2021 was $1.4 billion, an increase of $162.3 million, or 13.2%, from loans receivable at June 30, 2021, and an increase of $326.6 million, or 30.6%, from loans receivable at September 30, 2020. Included in the total loans at September 30, 2021 are $149.2 million in loans that were acquired from Ohana Pacific Bank at July 1, 2021.

Loan payment deferments to our commercial borrowers under the CARES Act have declined since the first round of deferments that began during the second quarter of 2020. As of September 30, 2021, 5 loans totaling $29.7 million remain on modified payment terms, unchanged from the level of such loans at June 30, 2021 and down from $298.7 million of such loans at their peak at June 30, 2020.

Our weighted average loan-to-value ratio of commercial real estate loans was 72.6% at September 30, 2021. Excluding SBA loans, our weighted average loan-to-value ratio of CRE loans was 55.6%. For additional information, please go to www.cbb-bank.com under tab “About Us” and select “Investors Relations” to see 3Q 2021 Overview and COVID-19 update presentation.

Paycheck Protection Program (PPP):

PPP loans totaled $63.0 million at September 30, 2021. Net unearned fees on PPP loans as of September 30, 2021 was $2.1 million, which fees are being accreted to income based on a two-year contractual maturity. The SBA approved $31.5 million in PPP loan forgiveness applications processed for our PPP loans in third quarter 2021.

Allowance for Loan Losses and Asset Quality:

Our allowance for loan losses at September 30, 2021 was $15.0 million, or 1.19% of portfolio loans, compared to $14.9 million, or 1.32% of portfolio loans, at June 30 2021 and compared to $13.6 million, or 1.35% of portfolio loans, at September 30, 2020. Excluding PPP loans of $63.0 million, which are government guaranteed, the allowance for loan losses at September 30, 2021 was 1.26% of total loans, compared to 1.42% and 1.48%, respectively, at June 30 2021 and September 30, 2020. The allowance for loan losses as a percentage of total loans declined during the third quarter of 2021 because the loans which were acquired from Ohana Pacific Bank have been recorded at market value and have no allowance associated with them. Non-performing loans declined to $768 thousand at September 30, 2021, down from $1.3 million at June 30, 2021 and $4.1 million at September 30 2020. Loans with payment deferments are considered to be performing loans in accordance with regulatory guidance. Our coverage ratio of allowance for loan losses to nonperforming assets exceeded 1900%. For additional information, please go to www.cbb-bank.com under tab “About Us” and select “Investors Relations” to see 3Q 2021 Overview and COVID-19 update presentation.

SBA Loans Held for Sale:

SBA loans held for sale at September 30, 2021 were $136.4 million, compared to $96.6 million at June 30 2021 and $53.8 million at September 30, 2020. 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 $1.7 billion at September 30, 2021, up $287.4 million, or 20.8%, from June 30 2021 and up $564.7 million, or 51.3%, from September 30, 2020. Noninterest-bearing demand deposits (“DDAs”) increased $98.2 million, or 17.2%, to $670.5 million at September 30, 2021 from June 30 2021 and increased $307.1 million, or 84.5%, from September 30, 2020. Total DDAs including interest-bearing demand deposits were 40.9% of total deposits at September 30, 2021, compared to 41.5% at June 30 2021 and 33.0% at September 30, 2020. NOW and MMDA accounts increased $85.1 million, or 29.2%, to $376.5 million at September 30, 2021 from June 30 2021 and increased $146.8 million, or 63.9%, from September 30, 2020. Time deposits increased $58.9 million, or 12.4%, at September 30, 2021 from June 30 2021 and increased $85.9 million, or 19.2%, from September 30, 2020. Time deposits at September 30, 2021 were $532.6 million, or 32.0% of total deposits, compared to $473.7 million, or 34.4% of total deposits, at June 30, 2021, and $446.7 million, or 40.6% of total deposits, at September 30, 2020. The primary cause of the increase in deposit balances during the third quarter of 2021 was the completion of the merger with Ohana Pacific Bank during the quarter. Included in the total deposits at September 30, 2021 are $202.2 million in deposits that were acquired from Ohana Pacific Bank at July 1, 2021.

Borrowings:

Borrowings at September 30, 2021 consisted of $50.0 million of Federal Home Loan Bank of San Francisco (“FHLB-SF”) advances, unchanged from the balance at June 30, 2021. Borrowings at September 30, 2020 were $128.7 million and consisted of $70.0 million of FHLB-SF advances and $58.7 million of FRB PPP Liquidity Facility.

Capital:

Stockholders’ equity was $178.3 million at September 30, 2021, representing an increase of $7.1 million, or 4.1%, over stockholders’ equity of $171.2 million at June 30, 2021. Tangible book value per share at September 30, 2021 was $17.08, compared with $16.66 at June 30, 2021, an increase of $0.42 per share or 2.5%.

All of our regulatory capital ratios continue to exceed the minimum levels required to be considered “Well Capitalized” as defined for bank regulatory purposes and in compliance with the fully phased-in Basel III requirements, as shown on Table 11 in this press release. Our Common Equity Tier 1 risked-based capital at September 30, 2021 was 13.61% at the Company level and 13.59% 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 September 30, 2021, the Bank has ten full-service branches in Los Angeles and Orange Counties in California, and Dallas County in Texas and Honolulu, Hawaii; two 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 3Q 2021 Overview.

FORWARD-LOOKING STATEMENTS:

This news release contains forward-looking statements. These statements typically include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions. You should not place undue reliance on such statements. Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; increases in competitive pressure among financial institutions or from non-financial institutions may occur; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Company and the Bank; significant increases in loan losses may occur; the possibility that changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, the effects of the COVID-19 pandemic, and of other widespread outbreaks of disease or pandemics, together with related impacts on general economic conditions, including adverse impacts on our customers’ ability to make timely payments on their loans from us, reduced fee income due to reduced loan origination activity, reductions in or absence of gains on loan sales due to uncertainty in the loan sale market, and increased operating expense due to required changes in how we conduct our business may adversely affect us; conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive to implement or accommodate than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; or litigation or matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates; we may encounter greater difficulty, delay and expense than we anticipate in integrating the personnel and operations of Ohana Pacific Bank or any other companies we acquire. The Company undertakes no obligation to revise any forward-looking statement contained herein to reflect any future 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
	(Dollars in thousands, except per share amounts)
		Three Months Ended																								Nine Months Ended
		September 30,				June 30,				$			%			September 30,				$			%			September 30,				September 30,				$			%
			2021				2021			Change			Change				2020			Change			Change				2021				2020			Change			Change
Interest income		$	17,437			$	14,923			$	2,514		16.8	%		$	13,212			$	4,225		32.0	%		$	46,732			$	40,891			$	5,841		14.3	%
Interest expense			1,337				1,358				(21	)	(1.5	%)			2,558				(1,221	)	(47.7	%)			4,228				9,881				(5,653	)	(57.2	%)
Net interest income			16,100				13,565				2,535		18.7	%			10,654				5,446		51.1	%			42,504				31,010				11,494		37.1	%
Provision for loan losses			-				-				-		-				1,600				(1,600	)	(100.0	%)			500				3,900				(3,400	)	(87.2	%)
Net interest income after provision for loan losses			16,100				13,565				2,535		18.7	%			9,054				7,046		77.8	%			42,004				27,110				14,894		54.9	%
Gain on sale of loans			4,305				3,988				317		7.9	%			1,662				2,643		159.0	%			10,749				3,110				7,639		245.6	%
Gain (loss) on sale of OREO			-				-				-		-				-				-		-				-				3				(3	)	(100.0	%)
SBA servicing fee income, net			698				622				76		12.2	%			948				(250	)	(26.4	%)			2,167				2,058				109		5.3	%
Reversal of valuation allowance on servicing assets			-				-				-		-				-				-		-				-				-				-		-
Service charges and other income			540				395				145		36.7	%			385				155		40.3	%			1,314				1,032				282		27.3	%
Noninterest income			5,543				5,005				538		10.7	%			2,995				2,548		85.1	%			14,230				6,203				8,027		129.4	%
Salaries and employee benefits			6,500				6,000				500		8.3	%			4,948				1,552		31.4	%			17,353				15,267				2,086		13.7	%
Occupancy and equipment			1,067				945				122		12.9	%			938				129		13.8	%			2,991				2,827				164		5.8	%
Marketing expense			287				309				(22	)	(7.1	%)			265				22		8.3	%			883				1,002				(119	)	(11.9	%)
Professional expense			495				491				4		0.8	%			503				(8	)	(1.6	%)			1,441				1,438				3		0.2	%
Merger related expense			450				600				(150	)	(25.0	%)			-				450		100.0	%			1,731				-				1,731		100.0	%
Other expenses			1,807				1,356				451		33.3	%			1,367				440		32.2	%			4,463				3,929				534		13.6	%
Noninterest expense			10,606				9,701				905		9.3	%			8,021				2,585		32.2	%			28,862				24,463				4,399		18.0	%
Income before income tax expense			11,037				8,869				2,168		24.4	%			4,028				7,009		174.0	%			27,372				8,850				18,522		209.3	%
Income tax expense			3,156				2,566				590		23.0	%			1,125				2,031		180.5	%			7,854				2,683				5,171		192.7	%
Net income		$	7,881			$	6,303			$	1,578		25.0	%		$	2,903			$	4,978		171.5	%		$	19,518			$	6,167			$	13,351		216.5	%
Effective tax rate			28.6	%			28.9	%			(0.3	%)	(1.2	%)			27.9	%			0.7	%	2.4	%			28.7	%			30.3	%			(1.6	%)	(5.4	%)
Outstanding number of shares			10,284,962				10,279,962				5,000		0.0	%			10,247,292				37,670		0.4	%			10,284,962				10,247,292				37,670		0.4	%
Weighted average shares for basic EPS			10,279,962				10,262,956				17,006		0.2	%			10,244,037				35,925		0.4	%			10,263,523				10,235,197				28,326		0.3	%
Weighted average shares for diluted EPS			10,427,632				10,392,427				35,205		0.3	%			10,273,148				154,484		1.5	%			10,373,645				10,287,659				85,986		0.8	%
Basic EPS		$	0.77			$	0.61			$	0.16		26.2	%		$	0.28			$	0.49		175.0	%		$	1.90			$	0.60			$	1.30		216.7	%
Diluted EPS		$	0.75			$	0.61			$	0.14		23.0	%		$	0.28			$	0.47		167.9	%		$	1.88			$	0.60			$	1.28		213.3	%
Return on average assets			1.73	%			1.70	%			0.03	%	1.8	%			0.85	%			0.88	%	103.5	%			1.68	%			0.65	%			1.03	%	158.5	%
Return on average equity			17.87	%			14.91	%			2.96	%	19.9	%			7.43	%			10.44	%	140.5	%			15.42	%			5.39	%			10.03	%	186.1	%
Efficiency ratio¹			49.00	%			52.24	%			(3.24	%)	(6.2	%)			58.77	%			(9.8	%)	(16.6	%)			50.87	%			65.74	%			(14.87	%)	(22.6	%)
Yield on interest-earning assets²			3.92	%			4.12	%			(0.20	%)	(4.9	%)			3.96	%			(0.04	%)	(1.0	%)			4.11	%			4.46	%			(0.35	%)	(7.8	%)
Cost of funds			0.33	%			0.42	%			(0.09	%)	(21.4	%)			0.85	%			(0.52	%)	(61.2	%)			0.41	%			1.21	%			(0.80	%)	(66.1	%)
Net interest margin²			3.62	%			3.75	%			(0.13	%)	(3.5	%)			3.20	%			0.42	%	13.1	%			3.74	%			3.38	%			0.36	%	10.7	%
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)
		September 30,				June 30,				$			%			September 30,				$			%
			2021				2021			Change			Change				2020			Change			Change
ASSETS
	Cash and due from banks	$	11,621			$	10,509			$	1,112		10.6	%		$	8,030			$	3,591		44.7	%
	Interest-earning deposits at the FRB and other banks		386,087				240,932				145,155		60.2	%			212,279				173,808		81.9	%
	Investment securities¹		86,440				82,354				4,086		5.0	%			88,784				(2,344	)	(2.6	%)
	Loans held-for-sale, at the lower of cost or fair value		136,394				96,554				39,840		41.3	%			53,755				82,639		153.7	%
	Loans receivable		1,255,814				1,133,371				122,443		10.8	%			1,011,867				243,947		24.1	%
	Allowance for loan losses		(15,000	)			(14,908	)			(92	)	(0.6	%)			(13,614	)			(1,386	)	(10.2	%)
	Loans receivable, net		1,240,814				1,118,463				122,351		10.9	%			998,253				242,561		24.3	%
	OREO		-				-				-		-				-				-		-
	Restricted stock investments		8,850				8,850				-		-				8,196				654		8.0	%
	Servicing assets		10,392				10,189				203		2.0	%			9,043				1,349		14.9	%
	Goodwill		2,269				-				2,269		100.0	%			-				2,269		100.0	%
	Intangible assets		375				-				375		100.0	%			-				375		100.0	%
	Other assets		25,859				45,071				(19,212	)	(42.6	%)			21,064				4,795		22.8	%
	Total assets	$	1,909,101			$	1,612,922			$	296,179		18.4	%		$	1,399,404			$	509,697		36.4	%
LIABILITIES AND STOCKHOLDERS' EQUITY
	Noninterest-bearing	$	670,489			$	572,284			$	98,205		17.2	%		$	363,350			$	307,139		84.5	%
	Interest-bearing		995,574				806,397				189,177		23.5	%			738,040				257,534		34.9	%
	Total deposits		1,666,063				1,378,681				287,382		20.8	%			1,101,390				564,673		51.3	%
	FHLB advances and other borrowing		50,000				50,000				-		-				128,671				(78,671	)	(61.1	%)
	Other liabilities		14,719				13,026				1,693		13.0	%			13,295				1,424		10.7	%
	Total liabilities		1,730,782				1,441,707				289,075		20.1	%			1,243,356				487,426		39.2	%
	Stockholders' Equity		178,319				171,215				7,104		4.1	%			156,048				22,271		14.3	%
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY		$	1,909,101			$	1,612,922			$	296,179		18.4	%		$	1,399,404			$	509,697		36.4	%
CAPITAL RATIOS
	Leverage ratio
	Company		9.61	%			11.35	%			(1.74	%)	(15.3	%)			11.76	%			(2.15	%)	(18.3	%)
	Bank		9.60	%			11.33	%			(1.73	%)	(15.3	%)			11.72	%			(2.12	%)	(18.1	%)
	Common equity tier 1 risk-based capital ratio
	Company		13.61	%			14.39	%			(0.78	%)	(5.4	%)			15.24	%			(1.63	%)	(10.7	%)
	Bank		13.59	%			14.37	%			(0.78	%)	(5.4	%)			15.20	%			(1.61	%)	(10.6	%)
	Tier 1 risk-based capital ratio
	Company		13.61	%			14.39	%			(0.78	%)	(5.4	%)			15.24	%			(1.63	%)	(10.7	%)
	Bank		13.59	%			14.37	%			(0.78	%)	(5.4	%)			15.20	%			(1.61	%)	(10.6	%)
	Total risk-based capital ratio
	Company		14.86	%			15.64	%			(0.78	%)	(5.0	%)			16.50	%			(1.64	%)	(10.0	%)
	Bank		14.84	%			15.62	%			(0.78	%)	(5.0	%)			16.45	%			(1.61	%)	(9.8	%)
	Tangibel common equity per share	$	17.30			$	16.66			$	0.64		3.8	%		$	15.23			$	2.07		13.6	%
	Loan-to-Deposit (LTD) ratio		75.38	%			82.21	%			(6.83	%)	(8.3	%)			91.87	%			(16.49	%)	(17.9	%)
	Nonperforming assets	$	768			$	1,339			$	(571	)	(42.6	%)		$	4,111			$	(3,343	)	(81.3	%)
	Nonperforming assets as a % of loans receivable		0.06	%			0.12	%			(0.06	%)	-50.0	%			0.41	%			(0.35	%)	(85.4	%)
	ALLL as a % of loans receivable		1.19	%			1.32	%			(0.13	%)	(9.8	%)			1.35	%			(0.16	%)	(11.9	%)
	ALLL as a % of loans receivable exc. SBA PPP loans		1.26	%			1.42	%			(0.16	%)	(11.3	%)			1.48	%			(0.22	%)	(14.9	%)
¹ Includes AFS and HTM

FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3
(Dollars in thousands, except per share amounts)
		Three Months Ended
		September 30,				June 30,				March, 31				December, 31				September 30,
			2021				2021				2021				2020				2020
Interest income		$	17,437			$	14,923			$	14,372			$	13,613			$	13,212
Interest expense			1,337				1,358				1,533				1,830				2,558
Net interest income			16,100				13,565				12,839				11,783				10,654
Provision for loan losses			-				-				500				1,600				1,600
Net interest income after provision for loan losses			16,100				13,565				12,339				10,183				9,054
Gain on sale of loans			4,305				3,988				2,456				1,484				1,662
Gain (loss) on sale of OREO			-				-				-				-				-
SBA servicing fee income, net			698				622				847				701				948
Reversal of valuation allowance on servicing assets			-				-				-				894				-
Service charges and other income			540				395				379				364				385
Noninterest income			5,543				5,005				3,682				3,443				2,995
Salaries and employee benefits			6,500				6,000				4,853				5,477				4,948
Occupancy and equipment			1,067				945				979				936				938
Marketing expense			287				309				287				133				265
Professional expense			495				491				455				478				503
Merger related expense			450				600				681				40				58
Other expenses			1,807				1,356				1,300				1,329				1,309
Noninterest expense			10,606				9,701				8,555				8,393				8,021
Income before income tax expense			11,037				8,869				7,466				5,233				4,028
Income tax expense			3,156				2,566				2,132				1,519				1,125
Net income		$	7,881			$	6,303			$	5,334			$	3,714			$	2,903
Effective tax rate			28.6	%			28.9	%			28.6	%			29.0	%			27.9	%
Outstanding number of shares			10,284,962				10,279,962				10,247,292				10,247,292				10,247,292
Weighted average shares for basic EPS			10,279,962				10,262,956				10,247,292				10,247,292				10,244,037
Weighted average shares for diluted EPS			10,427,632				10,392,427				10,300,518				10,285,410				10,273,148
Basic EPS		$	0.77			$	0.61			$	0.52			$	0.36			$	0.28
Diluted EPS		$	0.75			$	0.61			$	0.52			$	0.36			$	0.28

FIVE-QUARTER SALARIES BENEFIT METRICS (Unaudited) - Table 4
(Dollars in thousands)
		At or for the Three Months Ended
		September 30,				June 30,				March, 31				December, 31				September 30,
			2021				2021				2021				2020				2020
Salaries and benefits		$	6,500			$	6,000			$	4,853			$	5,477			$	4,948
FTE at the end of period			200				183				186				183				179
Average FTE during the period			202				182				187				184				181
Salaries and benefits/average FTE¹		$	127			$	132			$	105			$	118			$	109
Salaries and benefits/average assets¹			1.43	%			1.62	%			1.44	%			1.58	%			1.45	%
Noninterest expense/average assets¹			2.33	%			2.62	%			2.34	%			2.42	%			2.34	%
1 Annualized

FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5
(Dollars in thousands)
		September 30,				June 30,				March, 31				December, 31				September 30,
			2021				2021				2021				2020				2020
ASSETS
	Cash and due from banks	$	11,621			$	10,509			$	9,215			$	8,750			$	8,030
	Interest-earning deposits at the FRB and other banks		386,087				240,932				129,713				153,908				212,279
	Investment securities¹		86,440				82,354				83,409				85,914				88,784
	Loans held-for-sale, at the lower of cost or fair value		136,394				96,554				76,066				59,077				53,755
	Loans receivable		1,255,814				1,133,371				1,113,629				1,043,662				1,011,867
	Allowance for loan losses		(15,000	)			(14,908	)			(14,888	)			(14,366	)			(13,614	)
	Loans receivable, net		1,240,814				1,118,463				1,098,741				1,029,296				998,253
	OREO		-				-				-				-				-
	Restricted stock investments		8,850				8,850				8,196				8,196				8,196
	Servicing assets		10,392				10,189				10,000				9,873				9,043
	Goodwill		2,269				-				-				-				-
	Intangible assets		375				-				-				-				-
	Other assets		25,859				45,071				21,431				20,233				21,064
	Total assets	$	1,909,101			$	1,612,922			$	1,436,771			$	1,375,247			$	1,399,404
LIABILITIES AND STOCKHOLDERS' EQUITY
	Noninterest-bearing	$	670,489			$	572,284			$	408,738			$	335,219			$	363,350
	Interest-bearing		995,574				806,397				782,778				763,906				738,040
	Total deposits		1,666,063				1,378,681								1,099,125				1,101,390
	FHLB advances		50,000				50,000				65,000				105,000				128,671
	Other liabilities		14,719				13,026				15,170				11,145				13,295
	Total liabilities		1,730,782				1,441,707				1,271,686				1,215,270				1,243,356
	Stockholders' Equity		178,319				171,215				165,085				159,977				156,048
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY		$	1,909,101			$	1,612,922			$	1,436,771			$	1,375,247			$	1,399,404
¹ Includes AFS and HTM

FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6
(Dollars in thousands)
	September 30, 2021						June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020
	Balance			%			Balance			%			Balance			%			Balance			%			Balance			%
Construction	$	21,725		1.7	%		$	18,753		1.7	%		$	15,858		1.4	%		$	13,685		1.3	%		$	18,236		1.8	%
Commercial real estate		971,387		77.4	%			893,700		78.9	%			855,861		76.9	%			820,355		78.6	%			779,062		77.0	%
Commercial and industrial		198,217		15.8	%			217,350		19.2	%			237,865		21.4	%			205,883		19.7	%			211,298		20.9	%
Home mortgage		60,075		4.8	%			-		-				-		-				-		-				-		-
Consumer		2,185		0.2	%			2,236		0.2	%			3,504		0.3	%			2,439		0.2	%			2,751		0.3	%
Gross loans		1,253,589		99.8	%			1,132,039		99.9	%			1,113,088		100.0	%			1,042,362		99.9	%			1,011,347		99.9	%
Net deferred loan fees/costs		2,225		0.2	%			1,332		0.1	%			541		0.0	%			1,300		0.1	%			520		0.1	%
Loans receivable	$	1,255,814		100.0	%		$	1,133,371		100.0	%		$	1,113,629		100.0	%		$	1,043,662		100.0	%		$	1,011,867		100.0	%
Loans held-for-sale	$	136,394					$	96,554					$	76,066					$	59,077					$	53,755
Loans receivable, including loans held-for-sale	$	1,392,208					$	1,229,925					$	1,189,695					$	1,102,739					$	1,065,622

FIVE-QUARTER SBA LOAN PRODUCTIONS/SALES DATA (Unaudited) - Table 7
(Dollars in thousands)
	Three Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
SBA loans held-for-sale at beginning of the quarter/year	$	96,554			$	76,066			$	59,077			$	53,755			$	32,264
SBA loans originated/transferred from/to held-for-
investment during the quarter/year		82,303				62,864				48,152				26,837				46,731
SBA loans sold during the quarter/year		(42,019	)			(42,163	)			(30,238	)			(20,382	)			(24,866	)
SBA loans principal payment, net of advance		(444	)			(213	)			(925	)			(1,133	)			(374	)
SBA loans held-for-sale at end of the quarter/year	$	136,394			$	96,554			$	76,066			$	59,077			$	53,755
Gain on sale of SBA loans	$	4,305			$	3,988			$	2,456			$	1,484			$	1,662
Premium on sale (weighted average)		11.5	%			11.9	%			10.9	%			10.7	%			9.8	%
SBA loan production	$	93,986			$	78,058			$	123,762			$	37,116			$	59,957
Non-PPP loans		93,986				75,065				71,204				37,116				59,009
PPP loans		-				2,994				52,558				-				948

FIVE QUARTER SBA SERVICING ASSETS AND SERVICING FEES (Unaudited) - Table 8
(Dollars in thousands)
	Three Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2020				2020				2020
SBA servicing assets @ beginning of the quarter/year	$	10,189			$	10,000			$	9,873			$	9,043			$	8,944
Newly added SBA servicing assets from SBA loans sold		920				897				635				441				523
Regular quarterly/annual servicing assets amortization		(421	)			(422	)			(358	)			(392	)			(384	)
SBA servicing assets amortized from SBA loans paid off/charged off		(296	)			(286	)			(150	)			(113	)			(40	)
Subtotal before impairment		10,392				10,189				10,000				8,979				9,043
Reversal of valuation allowance on servicing assets		-				-								894				-
SBA servicing assets @ the end of the quarter/year	$	10,392			$	10,189			$	10,000			$	9,873			$	9,043

FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9
(Dollars in thousands)
	September 30, 2021						June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020
	Balance			%			Balance			%			Balance			%			Balance			%			Balance			%
Noninterest-bearing demand	$	670,489		40.2	%		$	572,284		41.5	%		$	408,738		34.3	%		$	335,219		30.5	%		$	363,350		33.0	%
Interest-bearing demand		10,904		0.7	%			-		-				-		-				-		-				-		-
NOW & MMDA		376,549		22.6	%			291,437		21.1	%			270,531		22.7	%			260,374		23.7	%			229,730		20.9	%
Savings		75,497		4.5	%			41,284		3.0	%			46,280		3.9	%			51,659		4.7	%			61,631		5.6	%
TCDs of $250K and under		264,130		15.9	%			219,174		15.9	%			226,611		19.0	%			232,192		21.1	%			230,230		20.9	%
TCDs of $250K over		177,477		10.7	%			158,485		11.5	%			151,094		12.7	%			150,143		13.7	%			146,911		13.3	%
Wholesale TCDs		91,017		5.5	%			96,017		7.0	%			88,262		7.4	%			69,538		6.3	%			69,538		6.3	%
Total Deposits	$	1,666,063		100.0	%		$	1,378,681		100.0	%		$	1,191,516		100.0	%		$	1,099,125		100.0	%		$	1,101,390		100.0	%
Recap:
Noninterest-bearing demand	$	670,489		40.2	%		$	572,284		41.5	%		$	408,738		34.3	%		$	335,219		30.5	%		$	363,350		33.0	%
Interest-bearing demand		10,904		0.7	%			-		-				-		-				-		-				-		-
NOW & MMDA		376,549		22.6	%			291,437		21.1	%			270,531		22.7	%			260,374		23.7	%			229,730		20.9	%
Savings		75,497		4.5	%			41,284		3.0	%			46,280		3.9	%			51,659		4.7	%			61,631		5.6	%
TCDs of $250K and under		264,130		15.9	%			219,174		15.9	%			226,611		19.0	%			232,192		21.1	%			230,230		20.9	%
Core Deposits		1,397,569		83.9	%			1,124,179		81.5	%			952,160		79.9	%			879,444		80.0	%			884,941		80.3	%
TCDs of $250K over		177,477		10.7	%			158,485		11.5	%			151,094		12.7	%			150,143		13.7	%			146,911		13.3	%
Wholesale TCDs		91,017		5.5	%			96,017		7.0	%			88,262		7.4	%			69,538		6.3	%			69,538		6.3	%
Noncore Deposits		268,494		16.1	%			254,502		18.5	%			239,356		20.1	%			219,681		20.0	%			216,449		19.7	%
Total Deposits	$	1,666,063		100.0	%		$	1,378,681		100.0	%		$	1,191,516		100.0	%		$	1,099,125		100.0	%		$	1,101,390		100.0	%

FIVE-QUARTER SELECTED LOAN AND ASSET QUALITY HIGHLIGHTS (Unaudited) - Table 10
(Dollars in thousands)
		3rd Qtr.				2nd Qtr.				1st Qtr.				4th Qtr.				3rd Qtr.
			2021				2021				2021				2020				2020
Allowance for Loan Losses
Balance at beginning of period		$	14,908			$	14,888			$	14,366			$	13,614			$	12,283
Provision for loan losses			-				-				500				1,600				1,600
Charge-offs			-				-				(2	)			(907	)			(292	)
Recoveries			92				20				24				59				23
Balance at the end of period		$	15,000			$	14,908			$	14,888			$	14,366			$	13,614
Nonperforming Assets:¹
Over 90 days still accruing		$	-			$	-			$	-			$	2			$	200
Nonaccrual loans			768				1,339				1,347				2,359				3,911
Total nonperforming loans			768				1,339				1,347				2,361				4,111
Other real estate owned			-				-				-				-				-
Total nonperforming assets		$	768			$	1,339			$	1,347			$	2,361			$	4,111
Classified Assets:¹
Substandard		$	10,672			$	10,052			$	9,843			$	18,920			$	20,579
Doubtful			-				-				-				68				-
Loss			-				-				-				-				-
Total classified loans		$	10,672			$	10,052			$	9,843			$	18,988			$	20,579
Other real estate owned			-				-				-				-				-
Total classified assets		$	10,672			$	10,052			$	9,843			$	18,988			$	20,579
Performing TDR loans:		$	3,658			$	3,776			$	2,516			$	2,847			$	1,072
Delinquent Loans:¹
Loans 30-89 days past due		$	1,688			$	2,524			$	1,681			$	3,095			$	714
90 days or more past due and still accruing			-				-				-				2				200
Nonaccrual			768				1,339				1,347				2,359				3,911
Total delinquent loans		$	2,456			$	3,863			$	3,028			$	5,456			$	4,825
Asset Quality Ratios:
Net (recoveries) charge-offs to average loans²			(0.03	%)			(0.01	%)			(0.01	%)			0.32	%			0.10	%
Nonaccrual loans to loans receivable			0.06	%			0.12	%			0.12	%			0.23	%			0.39	%
Nonperforming loans to loans receivable			0.06	%			0.12	%			0.12	%			0.23	%			0.41	%
Nonperforming assets to total assets			0.04	%			0.08	%			0.09	%			0.17	%			0.29	%
Classified loans to loans receivable			0.85	%			0.89	%			0.88	%			1.82	%			2.03	%
Classified loans to Tier 1 and ALLL			5.53	%			5.40	%			5.47	%			10.89	%			12.13	%
Classified assets to total assets			0.56	%			0.62	%			0.69	%			1.38	%			1.47	%
Classified assets to Tier 1 and ALLL			5.53	%			5.40	%			5.47	%			10.89	%			12.13	%
ALLL to loans receivable			1.19	%			1.32	%			1.34	%			1.38	%			1.35	%
ALLL to loans receivable exc. SBA PPP loans			1.26	%			1.42	%			1.48	%			1.51	%			1.48	%
ALLL to nonaccrual loans			1953.13	%			1113.37	%			1105.27	%			608.99	%			348.10	%
ALLL to nonperforming loans			1953.13	%			1113.37	%			1105.27	%			608.47	%			331.16	%
ALLL to nonperforming assets			1953.13	%			1113.37	%			1105.27	%			608.47	%			331.16	%
Texas ratio ³			0.40	%			0.72	%			0.75	%			1.35	%			2.42	%
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			September 30,				June 30,				March 31,				December 31,				September 30,
		Regulatory			BASEL III
		Requirement			Fully Phased In				2021				2021				2021				2020				2020
Leverage ratio
Company		N/A			N/A				9.61	%			11.35	%			11.89	%			11.56	%			11.76	%
Bank		5.00	%		4.00	%			9.60	%			11.33	%			11.87	%			11.54	%			11.72	%
Common equity tier 1 risk-based capital ratio
Company		N/A			N/A				13.61	%			14.39	%			15.00	%			15.01	%			15.24	%
Bank		6.50	%		7.00	%			13.59	%			14.37	%			14.98	%			14.97	%			15.20	%
Tier 1 risk-based capital ratio
Company		N/A			N/A				13.61	%			14.39	%			15.00	%			15.01	%			15.24	%
Bank		8.00	%		8.50	%			13.59	%			14.37	%			14.98	%			14.97	%			15.20	%
Total risk-based capital ratio
Company		N/A			N/A				14.86	%			15.64	%			16.25	%			16.26	%			16.50	%
Bank		10.00	%		10.50	%			14.84	%			15.62	%			16.23	%			16.22	%			16.45	%
Tangible common equity/total assets									9.32	%			10.62	%			11.49	%			11.63	%			11.15	%
Tangibel common equity per share								$	17.30			$	16.66			$	16.11			$	15.61			$	15.23

FIVE-QUARTER MARGIN ANALYSIS (Unaudited) -Table 12
(Dollars in thousands)
	Three Months Ended
	September 30, 2021											June 30, 2021											March 31, 2021											December 31, 2020											September 30, 2020
	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	$	1,390,851			$	16,800			4.79	%		$	1,195,908			$	14,338			4.81	%		$	1,138,134			$	13,837			4.93	%		$	1,066,368			$	13,045			4.87	%		$	1,046,678			$	12,650			4.81	%
Investment securities²		87,585				460			2.08	%			83,152				442			2.13	%			84,679				448			2.15	%			87,818				474			2.15	%			90,450				471			2.07	%
Interest-earning deposits at the FRB and other banks		282,512				112			0.16	%			168,677				54			0.13	%			108,127				36			0.14	%			191,703				59			0.12	%			186,678				58			0.12	%
Other earning assets		8,925				116			5.16	%			8,737				135			6.20	%			8,196				97			4.80	%			8,196				81			3.93	%			8,196				80			3.88	%
Total interest-earning assets ²		1,769,873				17,488			3.92	%			1,456,474				14,969			4.12	%			1,339,136				14,418			4.37	%			1,354,085				13,659			4.01	%			1,332,002				13,259			3.96	%
NONINTEREST-EARNING ASSETS
Cash and due from banks		13,079											10,752											10,025											10,234											10,685
Other noninterest-earning assets		36,548											32,002											31,156											28,903											31,216
Total noninterest-earning assets		49,627											42,754											41,181											39,137											41,901
Less: Allowance for loan losses		(14,958	)										(14,899	)										(14,381	)										(13,505	)										(12,293	)
TOTAL ASSETS	$	1,804,542										$	1,484,329										$	1,365,936										$	1,379,717										$	1,361,610
INTEREST-BEARING DEPOSITS
Interest-bearing demand	$	36,670			$	4			0.04	%		$	13,373			$	2			0.06	%		$	15,813			$	2			0.05	%		$	11,444			$	4			0.14	%		$	11,248			$	4			0.14	%
Money market		312,606				388			0.49	%			263,845				352			0.54	%			265,856				366			0.56	%			240,913				360			0.59	%			200,878				404			0.80	%
Savings		74,266				71			0.38	%			43,433				55			0.51	%			48,284				60			0.50	%			55,756				77			0.55	%			67,880				154			0.90	%
Time deposits		542,901				756			0.55	%			469,000				831			0.71	%			451,347				975			0.88	%			447,839				1,236			1.10	%			452,950				1,790			1.57	%
Total interest-bearing deposits		966,443				1,219			0.50	%			789,651				1,240			0.63	%			781,300				1,403			0.73	%			755,952				1,677			0.88	%			732,956				2,352			1.28	%
Borrowings		50,000				118			0.94	%			51,539				118			0.92	%			65,667				130			0.80	%			88,645				153			0.69	%			147,149				206			0.56	%
Total interest-bearing liabilities		1,016,443				1,337			0.52	%			841,190				1,358			0.65	%			846,967				1,533			0.73	%			844,597				1,830			0.86	%			880,105				2,558			1.16	%
Noninterest-bearing deposits		597,056											459,695											343,904											363,937											313,370
Other liabilities		16,046											13,906											11,942											12,623											12,750
Stockholders' equity		174,997											169,538											163,123											158,560											155,385
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	1,804,542										$	1,484,329										$	1,365,936										$	1,379,717										$	1,361,610
Net interest income²					$	16,151										$	13,611										$	12,885										$	11,829										$	10,701
Net interest spread									3.40	%										3.47	%										3.64	%										3.15	%										2.80	%
Effect of noninterest-bearing sources									0.22	%										0.28	%										0.26	%										0.33	%										0.40	%
Net interest margin²									3.62	%										3.75	%										3.90	%										3.48	%										3.20	%
Cost of deposits	$	1,563,499			$	1,219			0.31	%		$	1,249,346			$	1,240			0.40	%		$	1,125,204			$	1,403			0.51	%		$	1,119,889			$	1,677			0.60	%		$	1,046,326			$	2,352			0.89	%
Cost of funds	$	1,613,499			$	1,337			0.33	%		$	1,300,885			$	1,358			0.42	%		$	1,190,871			$	1,533			0.52	%		$	1,208,534			$	1,830			0.60	%		$	1,193,475			$	2,558			0.85	%
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
		September 30, 2021						June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020
		Amount			Yield			Amount			Yield			Amount			Yield			Amount			Yield			Amount			Yield
Contractual yield		$	15,032		4.29	%		$	12,670		4.25	%		$	12,148		4.33	%		$	11,727		4.38	%		$	11,522		4.38	%
SBA discount accretion			1,038		0.29	%			1,027		0.34	%			738		0.26	%			730		0.27	%			615		0.23	%
Prepayment penalties & late fees			41		0.01	%			89		0.03	%			121		0.04	%			177		0.07	%			221		0.09	%
Amortization of net deferred costs			689		0.20	%			552		0.19	%			830		0.30	%			411		0.15	%			292		0.11	%
As reported yield on loans		$	16,800		4.79	%		$	14,338		4.81	%		$	13,837		4.93	%		$	13,045		4.87	%		$	12,650		4.81	%

MARGIN ANALYSIS (Unaudited) - Table 14
(Dollars in thousands)
	Nine Months Ended
	September 30,2021											September 30, 2020
	Avg Balance				Interest				Yield			Avg Balance				Interest			Yield
Number of Days in the Period
INTEREST-EARNING ASSETS
Loans ¹	$	1,242,557			$	44,975			4.84	%		$	1,002,303			$	38,847		5.18	%
Investment securities²		85,149				1,350			2.12	%			92,070				1,598		2.32	%
Interest-earning deposits at the FRB and other banks		187,078				202			0.14	%			126,835				291		0.31	%
Other earning assets		8,622				348			5.40	%			8,195				295		4.81	%
Total interest-earning assets ²		1,523,406				46,875			4.11	%			1,229,403				41,031		4.46	%
NONINTEREST-EARNING ASSETS
Cash and due from banks		11,296											9,327
Other noninterest-earning assets		33,218											31,124
Total noninterest-earning assets		44,514											40,451
Less: Allowance for loan losses		(14,748	)										(11,277	)
TOTAL ASSETS	$	1,553,172										$	1,258,577
INTEREST-BEARING DEPOSITS
Interest-bearing demand	$	22,028			$	8			0.05	%		$	12,303			$	14		0.15	%
Money market		280,940				1,106			0.53	%			160,402				1,179		0.98	%
Savings		55,423				186			0.45	%			67,078				581		1.16	%
Time deposits		488,085				2,562			0.70	%			505,867				7,700		2.03	%
Total interest-bearing deposits		846,476				3,862			0.61	%			745,650				9,474		1.70	%
Borrowings		55,678				366			0.88	%			91,084				407		0.60	%
Total interest-bearing liabilities		902,154				4,228			0.63	%			836,734				9,881		1.58	%
Noninterest-bearing deposits		467,812											254,549
Other Liabilities		13,943											14,571
Stockholders' equity		169,263											152,723
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	1,553,172										$	1,258,577
Net interest income²					$	42,647										$	31,150
Net interest spread									3.48	%									2.88	%
Effect of noninterest-bearing sources									0.26	%									0.50	%
Net interest margin²									3.74	%									3.38	%
Cost of deposits	$	1,314,288			$	3,862			0.39	%		$	1,000,199			$	9,474		1.27	%
Cost of funds	$	1,369,966			$	4,228			0.41	%		$	1,091,283			$	9,881		1.21	%
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)
		Nine Months Ended
		September 30, 2021						September 30, 2020
		Amount			Yield			Amount			Yield
Contractual yield		$	39,850		4.29	%		$	35,545		4.74	%
SBA discount accretion			2,803		0.30	%			2,467		0.33	%
Prepayment penalties & late fees			251		0.03	%			351		0.05	%
Amortization of net deferred costs			2,071		0.22	%			484		0.06	%
As reported yield on loans		$	44,975		4.84	%		$	38,847		5.18

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211029005088/en/

Douglas J Goddard, EVP & CFO

(323) 988-3010

DouglasG@cbb-bank.com

Source: CBB Bancorp, Inc.

FAQ

What is the net income of CBB Bancorp for Q3 2021?

CBB Bancorp reported a net income of $7.9 million for Q3 2021.

How much did CBB Bancorp's total assets increase after acquiring Ohana Pacific Bank?

Total assets increased by $296.2 million or 18.4% to $1.9 billion.

What is the return on average assets for CBB Bancorp in Q3 2021?

The return on average assets was 1.73% for Q3 2021.

How did net interest income change from Q2 to Q3 2021 for CBB Bancorp?

Net interest income increased by $2.5 million, or 18.7%, from Q2 2021.

What was the growth in deposits for CBB Bancorp in Q3 2021?

Deposits grew by $287.4 million, or 20.8%, from the previous quarter.