Communities First Financial Corporation Surpasses $1 Billion in Total Assets; Profits Rise 73% to $5.22 Million for 3Q-2021 from $3.02 Million for 3Q-2020; Embarks on New API Technology in 3Q-2021
Communities First Financial Corporation (OTCQX: CFST) reported a strong performance in Q3 2021, with net income rising 73% to $5.22 million or $1.68 per diluted share, compared to $3.02 million in Q3 2020. For nine months, net income was up 83% to $15.12 million. Total assets crossed $1 billion, driven by a 19% increase in loans and deposits. The company reported a return on average equity of 25.52% and a low efficiency ratio of 36.87%. Despite a minor rise in nonperforming assets, strong credit metrics and solid capital position contribute to a positive outlook.
- Net income increased 73% YoY to $5.22 million in Q3 2021.
- Total assets exceeded $1 billion, reflecting a 23% growth YoY.
- Return on average common equity was 25.52%.
- Nonperforming assets increased to $3.07 million, up from $1.07 million YoY.
- Non-interest income declined 64% compared to the previous quarter.
FRESNO, Calif., Oct. 19, 2021 (GLOBE NEWSWIRE) -- Communities First Financial Corporation (the “Company”) (OTCQX: CFST), the parent company of Fresno First Bank (the “Bank”), today reported net income increased
“Our third quarter results reflect the continued successful implementation of our strategic growth plan,” said Steve Miller, President and Chief Executive Officer. “Net income increased
“Credit metrics remained solid with no loans on deferral at quarter end, as all our clients returned to their regular payment schedule,” said Miller. “Although nonperforming assets increased in the third quarter, we proactively placed the delinquent loans on nonaccrual and established a good workout plan with the largest borrower. With the exception of one
“We embarked on a technology project during the third quarter, which focuses on building our own Application Programming Interface (‘API’) bridge to make it quick, convenient and cost-effective for our Bank and third parties to connect,” said Miller. “This API bridge will enable us to gain some independence from our core system and provide us more flexibility when partnering with best in class tech solutions. In addition, the Bank will go live with a new loan origination system in the fourth quarter with an aim to enhance work flows and board loans more quickly. We believe this system will enable us to scale our lending business without saddling the critical loan operations area with excess headcount. The market reality is that we must always be looking for ways to enhance our customer experience and also seek more efficient ways to operate internally by leveraging technology solutions. These incremental gains will help maximize our headcount and keep our efficiency ratio low.”
Third quarter 2021 Highlights: As of, or for the quarter ended September 30, 2021, compared to the quarter ended September 30, 2020:
- Pre-tax, pre-provision income increased
56% to$7.21 million . - Net income climbed
73% to$5.22 million or$1.68 per diluted share. - Return on average equity of
25.52% . - Return on average assets of
2.04% . - Operating revenue (net interest income, before the provision for loan losses, plus non-interest income) increased by
37% to$12.06 million . - Total assets grew
23% to$1.02 billion . - Total loans (ex. HFS) increased
19% to$700.32 million . - Total deposits increased
19% to$893.25 million . - Shareholder equity increased
30% to$84.24 million . - Book value increased
28% to$27.42 per share.
Covid-19 Update:
- Communities First participated in the SBA PPP loan programs since the onset of the pandemic, originating a total of
$261 million in PPP loans and generating PPP loan fees receivable of approximately$8.50 million . - At September 30, 2021, the Bank had received forgiveness from the SBA for
$176.72 million in PPP loans, with$84.28 million left on the books at quarter end. - Approximately
$1.23 million , or10.23% , of the gross revenue recognized during the third quarter of 2021 was related to recognizing origination fees from PPP loans, compared to$1.33 million , or10.19% , of revenue recognized during the second quarter of 2021. - PPP loans generated total interest and fee income of
$1.77 million during the third quarter of 2021, compared to$1.92 million during the second quarter of 2021. - At September 30, 2021, there was
$1.86 million in deferred PPP fees capitalized on the balance sheet. - The majority of the remaining PPP loan balances is expected to be forgiven or paid off and the related fees accreted into income within the next few quarters.
- A small percentage of clients requested and were granted deferrals but as of June 30, and September 30, 2021, we had no loans on deferral.
Fresno Economic Update:
According to GV Wire, “Fresno scored high on a list of cities in the United States making a strong economic recovery from the COVID-19 pandemic. According to a report by SmartAsset, published on August 2, 2021, Fresno ranked No. 2 among 49 of the largest U.S. cities with the strongest recoveries from the COVID-19 recession by providing gainful opportunities for employment. That catapulted Fresno to the top of the list, with an overall score of 93.33 out of 100 based on components like, changes in consumer spending, small business openings, job postings and unemployment rates.”
“One of the main reasons for Fresno’s rank can be attributed to the rise in the city’s job openings which went up
https://gvwire.com/2021/08/02/fresno-economic-rebound-among-best-in-us/
Results of Operations
Operating revenue, consisting of net interest income and non-interest income, increased
Net interest income, before the provision for loan losses, increased
The Bank’s net interest margin (“NIM”), which excludes interest expense on holding company sub-debt, expanded 40 basis points to
“With fees earned on PPP loans, and its temporary impact on NIM, it is important to understand what a normalized NIM run rate looks like,” said Canfield. “When we exclude the impact of PPP loans on our books, and the one-time recovery of non-accrued interest we had in Q1-2021, our normalized NIM was
The yield on earning assets was
Total non-interest income was
“The resources and investments we have made in our merchant services platform have proven successful and have propelled our payments business forward in recent years,” said Miller. “However, the decrease in merchant services revenue year-over-year and on a linked quarter basis was driven by several competitive deals that we decided to renegotiate to secure an extension in our contract with the merchants. This required a retroactive adjustment in the revenue. The core ISO sponsorship revenue is growing as planned as our newest ISO partners ramp up their volume. Most of our new partners were generating revenue below their monthly minimum charges in the third quarter, and we expect to see higher sponsorship income in the fourth quarter based on current volume run rates (revenue trails volume by 1 month).”
| Merchant ISO Processing Volume 2021 ($ in thousands) | |||||||||
| ISOs | 1Q Volume | 2Q Volume | 3Q Volume | Start Date | |||||
| 1 | $ | 282,258 | $ | 324,996 | $ | 293,220 | |||
| 2 | 290,376 | 404,895 | 349,143 | ||||||
| 3 | 8,303 | 10,824 | 20,362 | ||||||
| 4 | 0 | 9,270 | 41,004 | ||||||
| 5 | 0 | 62 | 4,949 | ||||||
| 6 | 0 | 130 | 5,379 | ||||||
| 7 | 0 | 0 | 0 | 7/19/2021 | |||||
| 8 | 0 | 0 | 0 | 12/15/2021 | |||||
| 9 | 0 | 0 | 0 | 1/22/2022 | |||||
| 10 | 0 | 0 | 0 | 1/22/2022 | |||||
| Total Volume | $ | 580,938 | $ | 750,176 | $ | 714,057 | |||
“We sold
Total deposit fee income increased
Non-interest expense for the third quarter of 2021 was
The efficiency ratio was
Balance Sheet Review
Total assets increased
Total loans increased
The commercial and industrial (C&I) portfolio increased
The investment portfolio increased
Total deposits increased
Net shareholders’ equity increased
“With the holding company sub-debt raise last year, we have a strong capital base to support our growth and allow us to further expand or pursue further opportunities as they might arise,” added Canfield. Tier-1 capital at the Bank was
Asset Quality
Nonperforming assets increased by
Past due loans 30-60 days totaled
The provision for loan losses was
The ratio of allowance for loan losses to total loans was
About Communities First Financial Corporation
Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of Fresno First Bank, founded in 2005 in Fresno, California. Fresno First Bank is a leading SBA Lender in California’s Central Valley and has expanded into Southern California. The Bank is also a direct acquiring bank with VISA and MasterCard and processes payments for merchants across the country directly and through partners. In March 2021, S&P Global ranked the Bank the #20 best performing community bank under
Forward Looking Statements
This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, our borrowers’ actual payment performance as loan deferrals related to the COVID-19 pandemic expire, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance, the Company’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; 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 release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
| SELECT FINANCIAL INFORMATION AND RATIOS (unaudited) | For the Quarter Ended: | Percentage Change From: | Year to Date as of: | |||||||||||||||||||||
| Sept. 30, 2021 | June 30, 2021 | Sept. 30, 2020 | June 30, 2021 | Sept. 30, 2020 | Sept. 30, 2021 | Sept. 30, 2020 | Percent Change | |||||||||||||||||
| BALANCE SHEET DATA - PERIOD END BALANCES: | ||||||||||||||||||||||||
| Total assets | $ | 1,023,299 | $ | 988,481 | $ | 831,003 | 4 | % | 23 | % | ||||||||||||||
| Total Loans | 700,318 | 703,477 | 589,090 | 0 | % | 19 | % | |||||||||||||||||
| Investment securities | 269,236 | 251,618 | 182,168 | 7 | % | 48 | % | |||||||||||||||||
| Total deposits | 893,249 | 864,547 | 753,145 | 3 | % | 19 | % | |||||||||||||||||
| Shareholders equity, net | $ | 84,243 | $ | 78,759 | $ | 64,576 | 7 | % | 30 | % | ||||||||||||||
| SELECT INCOME STATEMENT DATA: | ||||||||||||||||||||||||
| Gross revenue | $ | 12,056 | $ | 13,042 | $ | 8,826 | -8 | % | 37 | % | $ | 36,114 | $ | 24,448 | 48 | % | ||||||||
| Operating expense | 4,446 | 4,484 | 3,963 | -1 | % | 12 | % | 13,375 | 11,208 | 19 | % | |||||||||||||
| Pre-tax, pre-provision income | 7,610 | 8,558 | 4,863 | -11 | % | 56 | % | 22,739 | 13,240 | 72 | % | |||||||||||||
| Net income after tax | $ | 5,220 | $ | 5,708 | $ | 3,022 | -9 | % | 73 | % | $ | 15,123 | $ | 8,261 | 83 | % | ||||||||
| SHARE DATA: | ||||||||||||||||||||||||
| Basic earnings per share | $ | 1.70 | $ | 1.86 | $ | 1.01 | -9 | % | 69 | % | $ | 4.93 | $ | 2.76 | 79 | % | ||||||||
| Fully diluted earnings per share | $ | 1.68 | $ | 1.84 | $ | 1.00 | -9 | % | 69 | % | $ | 4.88 | $ | 2.72 | 79 | % | ||||||||
| Book value per common share | $ | 27.42 | $ | 25.63 | $ | 21.49 | 7 | % | 28 | % | ||||||||||||||
| Common shares outstanding | 3,071,957 | 3,072,858 | 3,004,331 | 0 | % | 2 | % | |||||||||||||||||
| Fully diluted shares | 3,102,925 | 3,103,164 | 3,034,214 | 0 | % | 2 | % | |||||||||||||||||
| CFST - Stock price | $ | 47.00 | $ | 43.00 | $ | 23.50 | 9 | % | 100 | % | ||||||||||||||
| RATIOS: | ||||||||||||||||||||||||
| Return on average assets | 2.04 | % | 2.33 | % | 1.54 | % | -13 | % | 32 | % | 2.08 | % | 1.65 | % | 27 | % | ||||||||
| Return on average equity | 25.52 | % | 30.99 | % | 19.25 | % | -18 | % | 33 | % | 26.96 | % | 19.12 | % | 41 | % | ||||||||
| Efficiency ratio | 36.87 | % | 34.34 | % | 44.90 | % | 7 | % | -18 | % | 37.34 | % | 45.96 | % | -19 | % | ||||||||
| Yield on earning assets | 4.23 | % | 4.29 | % | 3.86 | % | -1 | % | 10 | % | 4.37 | % | 4.19 | % | 4 | % | ||||||||
| Cost to fund earning assets | 0.08 | % | 0.09 | % | 0.12 | % | -6 | % | -31 | % | 0.10 | % | 0.16 | % | -38 | % | ||||||||
| Net Interest Margin | 4.14 | % | 4.20 | % | 3.74 | % | -2 | % | 11 | % | 4.27 | % | 4.03 | % | 6 | % | ||||||||
| Equity to assets | 8.23 | % | 7.97 | % | 7.77 | % | 3 | % | 6 | % | ||||||||||||||
| Loan to deposits ratio | 78.40 | % | 81.37 | % | 78.22 | % | -4 | % | 0 | % | ||||||||||||||
| Full time equivalent employees | 76.5 | 69.0 | 61.0 | 11 | % | 25 | % | |||||||||||||||||
| BALANCE SHEET DATA - AVERAGES: | ||||||||||||||||||||||||
| Total assets | $ | 1,017,060 | $ | 980,937 | $ | 781,339 | 4 | % | 30 | % | $ | 969,965 | $ | 669,755 | 45 | % | ||||||||
| Total loans | 700,818 | 698,740 | 570,970 | 0 | % | 23 | % | 684,656 | 486,520 | 41 | % | |||||||||||||
| Investment securities | 255,152 | 239,475 | 156,249 | 7 | % | 63 | % | 239,953 | 131,613 | 82 | % | |||||||||||||
| Deposits | 889,973 | 854,198 | 705,333 | 4 | % | 26 | % | 845,016 | 597,733 | 41 | % | |||||||||||||
| Shareholders equity, net | $ | 81,155 | $ | 73,870 | $ | 62,441 | 10 | % | 30 | % | $ | 74,998 | $ | 57,699 | 30 | % | ||||||||
| ASSET QUALITY: | ||||||||||||||||||||||||
| Total delinquent accruing loans | $ | 2,492 | $ | 6,610 | $ | 829 | -62 | % | 201 | % | ||||||||||||||
| Nonperforming assets | $ | 3,072 | $ | 1,018 | $ | 1,070 | 202 | % | 187 | % | ||||||||||||||
| Non Accrual / Total Loans | .44 | % | .14 | % | .18 | % | 203 | % | 142 | % | ||||||||||||||
| Nonperforming assets to total assets | .30 | % | .10 | % | .13 | % | 191 | % | 133 | % | ||||||||||||||
| LLR / Total loans | 1.40 | % | 1.33 | % | 1.11 | % | 5 | % | 26 | % | ||||||||||||||
| STATEMENT OF INCOME ($ in thousands) | For the Quarter Ended: | Percentage Change From: | For the Year Ended | ||||||||||||||||
| (unaudited) | Sept. 30, 2021 | June 30, 2021 | Sept. 30, 2020 | June 30, 2021 | Sept. 30, 2020 | Sept. 30, 2021 | Sept. 30, 2020 | Percent Change | |||||||||||
| Interest Income | |||||||||||||||||||
| Loan interest income | $ | 8,666 | $ | 8,409 | $ | 6,297 | 3 | % | 38 | % | $ | 25,424 | $ | 17,564 | 45 | % | |||
| Investment income | 1,702 | 1,625 | 927 | 5 | % | 84 | % | 4,835 | 2,348 | 106 | % | ||||||||
| Int. on fed funds & CDs in other banks | 26 | 18 | 77 | 44 | % | -66 | % | 95 | 249 | -62 | % | ||||||||
| Dividends from non-marketable equity | 41 | 43 | 24 | -5 | % | 71 | % | 108 | 85 | 27 | % | ||||||||
| Interest income | 10,435 | 10,095 | 7,325 | 3 | % | 42 | % | 30,462 | 20,246 | 50 | % | ||||||||
| Int. on deposits | 208 | 208 | 232 | 0 | % | -10 | % | 644 | 734 | -12 | % | ||||||||
| Int. on short-term borrowings | 0 | 2 | 0 | -100 | % | 0 | % | 4 | 33 | -88 | % | ||||||||
| Int. on long-term debt | 464 | 464 | 0 | 0 | % | 0 | % | 1,393 | - | 0 | % | ||||||||
| Interest expense | 672 | 674 | 232 | 0 | % | 190 | % | 2,041 | 767 | 166 | % | ||||||||
| Net interest income | 9,763 | 9,421 | 7,093 | 4 | % | 38 | % | 28,421 | 19,479 | 46 | % | ||||||||
| Provision for loan losses | 400 | 750 | 750 | -47 | % | -47 | % | 2,000 | 1,950 | 3 | % | ||||||||
| Net interest income after provision | 9,363 | 8,671 | 6,343 | 8 | % | 48 | % | 26,421 | 17,529 | 51 | % | ||||||||
| Non-Interest Income: | |||||||||||||||||||
| Total deposit fee income | 427 | 414 | 176 | 3 | % | 143 | % | 1,111 | 418 | 166 | % | ||||||||
| Debit / credit card interchange income | 138 | 131 | 79 | 5 | % | 75 | % | 371 | 212 | 75 | % | ||||||||
| Merchant services income | 839 | 1,089 | 1,096 | -23 | % | -23 | % | 2,889 | 2,950 | -2 | % | ||||||||
| Gain on sale of loans | 672 | 1,882 | 259 | -64 | % | 159 | % | 2,570 | 903 | 185 | % | ||||||||
| Other operating income | 217 | 105 | 123 | 107 | % | 76 | % | 752 | 486 | 55 | % | ||||||||
| Non-interest income | 2,293 | 3,621 | 1,733 | -37 | % | 32 | % | 7,693 | 4,969 | 55 | % | ||||||||
| Non-Interest Expense: | |||||||||||||||||||
| Salaries & employee benefits | 2,847 | 2,798 | 2,605 | 2 | % | 9 | % | 8,251 | 6,767 | 22 | % | ||||||||
| Occupancy expense | 212 | 203 | 211 | 4 | % | 0 | % | 625 | 630 | -1 | % | ||||||||
| Other operating expense | 1,387 | 1,483 | 1,147 | -6 | % | 21 | % | 4,499 | 3,811 | 18 | % | ||||||||
| Non-interest expense | 4,446 | 4,484 | 3,963 | -1 | % | 12 | % | 13,375 | 11,208 | 19 | % | ||||||||
| Net income before tax | 7,210 | 7,808 | 4,113 | -8 | % | 75 | % | 20,739 | 11,290 | 84 | % | ||||||||
| Tax provision | 1,990 | 2,100 | 1,091 | -5 | % | 82 | % | 5,616 | 3,029 | 85 | % | ||||||||
| Net income after tax | $ | 5,220 | $ | 5,708 | $ | 3,022 | -9 | % | 73 | % | $ | 15,123 | $ | 8,261 | 83 | % | |||
| BALANCE SHEET ($ in thousands ) | End of Period: | Percentage Change From: | |||||||||||||
| (unaudited) | Sept. 30, 2021 | June 30, 2021 | Sept. 30, 2020 | June 30, 2021 | Sept. 30, 2020 | ||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 9,775 | $ | 18,159 | $ | 15,615 | -46 | % | -37 | % | |||||
| Fed funds sold and deposits in banks | 29,499 | 1,098 | 698 | 2587 | % | 4126 | % | ||||||||
| CDs in other banks | 1,739 | 2,237 | 9,669 | -22 | % | -82 | % | ||||||||
| Investment securities | 269,236 | 251,618 | 182,168 | 7 | % | 48 | % | ||||||||
| Loans held for sale | 3,835 | 3,852 | 28,294 | 0 | % | -86 | % | ||||||||
| Portfolio loans outstanding: | |||||||||||||||
| RE constr & land development | 28,217 | 25,373 | 12,414 | 11 | % | 127 | % | ||||||||
| Residential RE 1-4 Family | 17,826 | 18,341 | 13,135 | -3 | % | 36 | % | ||||||||
| Commercial Real Estate | 333,595 | 291,042 | 183,869 | 15 | % | 81 | % | ||||||||
| Agriculture | 46,488 | 50,032 | 32,103 | -7 | % | 45 | % | ||||||||
| Commercial and Industrial | 189,856 | 178,361 | 163,444 | 6 | % | 16 | % | ||||||||
| SBA PPP Loans | 84,282 | 140,317 | 184,110 | -40 | % | -54 | % | ||||||||
| Consumer and Other | 54 | 11 | 15 | 391 | % | 260 | % | ||||||||
| Total Portfolio Loans | 700,318 | 703,477 | 589,090 | 0 | % | 19 | % | ||||||||
| Deferred fees & discounts | (3,868 | ) | (4,761 | ) | (4,570 | ) | -19 | % | -15 | % | |||||
| Allowance for loan losses | (9,785 | ) | (9,385 | ) | (6,538 | ) | 4 | % | 50 | % | |||||
| Loans, net | 686,665 | 689,331 | 577,982 | 0 | % | 19 | % | ||||||||
| Non-marketable equity investments | 4,071 | 4,070 | 3,019 | 0 | % | 35 | % | ||||||||
| Cash value of life insurance | 8,349 | 8,299 | 8,147 | 1 | % | 2 | % | ||||||||
| Accrued interest and other assets | 10,130 | 9,817 | 5,411 | 3 | % | 87 | % | ||||||||
| Total assets | $ | 1,023,299 | $ | 988,481 | $ | 831,003 | 4 | % | 23 | % | |||||
| LIABILITIES AND EQUITY | |||||||||||||||
| Non-interest bearing deposits | $ | 554,579 | $ | 527,259 | $ | 445,952 | 5 | % | 24 | % | |||||
| Interest checking | 31,915 | 45,533 | 76,476 | -30 | % | -58 | % | ||||||||
| Savings | 85,811 | 67,765 | 54,261 | 27 | % | 58 | % | ||||||||
| Money market | 152,542 | 136,113 | 129,025 | 12 | % | 18 | % | ||||||||
| Certificates of deposits | 68,402 | 87,877 | 47,431 | -22 | % | 44 | % | ||||||||
| Total deposits | 893,249 | 864,547 | 753,145 | 3 | % | 19 | % | ||||||||
| Short-term borrowings | 0 | 0 | 10,000 | 0 | % | -100 | % | ||||||||
| Long-term debt | 39,244 | 39,204 | 0 | 0 | % | 0 | % | ||||||||
| Other liabilities | 6,563 | 5,971 | 3,282 | 10 | % | 100 | % | ||||||||
| Total liabilities | 939,056 | 909,722 | 766,427 | 3 | % | 23 | % | ||||||||
| Common stock & paid in capital | 32,245 | 32,019 | 30,858 | 1 | % | 4 | % | ||||||||
| Retained earnings | 48,545 | 43,325 | 30,170 | 12 | % | 61 | % | ||||||||
| Total equity | 80,790 | 75,344 | 61,028 | 7 | % | 32 | % | ||||||||
| Accumulated other comprehensive income | 3,453 | 3,415 | 3,548 | 1 | % | -3 | % | ||||||||
| Shareholders equity, net | 84,243 | 78,759 | 64,576 | 7 | % | 30 | % | ||||||||
| Total Liabilities and shareholders' equity | $ | 1,023,299 | $ | 988,481 | $ | 831,003 | 4 | % | 23 | % | |||||
| ASSET QUALITY ($ in thousands) | Period Ended: | ||||||||
| (unaudited) | Sept. 30, 2021 | June 30, 2021 | Sept. 30, 2020 | ||||||
| Delinquent accruing loans 30-60 days | $ | 934 | $ | 4,666 | $ | 829 | |||
| Delinquent accruing loans 60-90 days | $ | 0 | $ | 1,944 | $ | 0 | |||
| Delinquent accruing loans 90+ days | $ | 1,558 | $ | 0 | $ | 0 | |||
| Total delinquent accruing loans | $ | 2,492 | $ | 6,610 | $ | 829 | |||
| Loans on non accrual | $ | 3,072 | $ | 1,018 | $ | 1,070 | |||
| Other real estate owned | $ | 0 | $ | 0 | $ | 0 | |||
| Nonperforming assets | $ | 3,072 | $ | 1,018 | $ | 1,070 | |||
| Performing restructured loans | $ | 0 | $ | 0 | $ | 469 | |||
| Delq 30-60 / Total Loans | .13 | % | .66 | % | .14 | % | |||
| Delq 60-90 / Total Loans | .00 | % | .28 | % | .00 | % | |||
| Delq 90+ / Total Loans | .22 | % | .00 | % | .00 | % | |||
| Delinquent Loans / Total Loans | .36 | % | .94 | % | .14 | % | |||
| Non Accrual / Total Loans | .44 | % | .14 | % | .18 | % | |||
| Nonperforming assets to total assets | .30 | % | .10 | % | .13 | % | |||
| Year-to-date charge-off activity | |||||||||
| Charge-offs | $ | 64 | $ | 64 | $ | 0 | |||
| Recoveries | $ | 0 | $ | 0 | $ | 47 | |||
| Net charge-offs | $ | 64 | $ | 64 | $ | (47 | ) | ||
| Annualized net loan losses (recoveries) to average loans | .01 | % | .02 | % | -.01 | % | |||
| LOAN LOSS RESERVE RATIOS: | |||||||||
| Reserve for loan losses | $ | 9,785 | $ | 9,385 | $ | 6,538 | |||
| Total loans | $ | 700,317 | $ | 703,477 | $ | 589,089 | |||
| Purchased govt. guaranteed loans | $ | 43,806 | $ | 43,040 | $ | 52,072 | |||
| Originated govt. guaranteed loans | $ | 121,715 | $ | 177,777 | $ | 225,780 | |||
| LLR / Total loans | 1.40 | % | 1.33 | % | 1.11 | % | |||
| LLR / Loans less | 1.71 | % | 1.80 | % | 1.85 | % | |||
| LLR / Loans less all govt. guaranteed loans | 1.83 | % | 1.94 | % | 2.10 | % | |||
| LLR / Total assets | .96 | % | .95 | % | .79 | % | |||
| SELECT FINANCIAL TREND INFORMATION (unaudited) | For the Quarter Ended: | ||||||||||
| Sept. 30, 2021 | June 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sept. 30, 2020 | |||||||
| BALANCE SHEET DATA - PERIOD END BALANCES: | |||||||||||
| Total assets | $ | 1,023,299 | $ | 988,481 | $ | 957,479 | $ | 871,347 | $ | 831,003 | |
| Loans held for sale | 3,835 | 3,852 | 0 | 0 | 28,294 | ||||||
| Loans held for investment ex. PPP | 616,036 | 563,160 | 502,481 | 461,275 | 404,980 | ||||||
| PPP Loans | 84,282 | 140,317 | 189,485 | 159,491 | 184,110 | ||||||
| Investment securities | 269,236 | 251,618 | 233,433 | 222,808 | 182,168 | ||||||
| Non-interest bearing deposits | 554,579 | 527,259 | 511,497 | 446,920 | 445,952 | ||||||
| Interest bearing deposits | 338,670 | 337,288 | 324,812 | 279,334 | 307,193 | ||||||
| Total deposits | 893,249 | 864,547 | 836,309 | 726,254 | 753,145 | ||||||
| Short-term borrowings | 0 | 0 | 5,000 | 31,000 | 10,000 | ||||||
| Long-term debt | 39,244 | 39,204 | 39,165 | 39,126 | 0 | ||||||
| Total equity | 80,790 | 75,344 | 69,371 | 64,418 | 61,028 | ||||||
| Accumulated other comprehensive income | 3,453 | 3,415 | 1,544 | 4,128 | 3,548 | ||||||
| Shareholders equity, net | $ | 84,243 | $ | 78,759 | $ | 70,915 | $ | 68,546 | $ | 64,576 | |
| INCOME STATEMENT - QUARTERLY VALUES: | |||||||||||
| Interest income | $ | 10,435 | $ | 10,095 | $ | 9,932 | $ | 8,489 | $ | 7,325 | |
| Int. on dep. & short-term borrowings | 208 | 210 | 229 | 229 | 232 | ||||||
| Int. on long-term debt | 464 | 464 | 464 | 295 | 0 | ||||||
| Interest expense | 672 | 674 | 693 | 524 | 232 | ||||||
| Net interest income | 9,763 | 9,421 | 9,239 | 7,965 | 7,093 | ||||||
| Non-interest income | 2,293 | 3,621 | 1,778 | 2,104 | 1,733 | ||||||
| Gross revenue | 12,056 | 13,042 | 11,017 | 10,069 | 8,826 | ||||||
| Provision for loan losses | 400 | 750 | 850 | 1,350 | 750 | ||||||
| Non-interest expense | 4,446 | 4,484 | 4,445 | 4,299 | 3,963 | ||||||
| Net income before tax | 7,210 | 7,808 | 5,722 | 4,420 | 4,113 | ||||||
| Tax provision | 1,990 | 2,100 | 1,526 | 1,167 | 1,091 | ||||||
| Net income after tax | $ | 5,220 | $ | 5,708 | $ | 4,196 | $ | 3,253 | $ | 3,022 | |
| BALANCE SHEET DATA - QUARTERLY AVERAGES: | |||||||||||
| Total assets | $ | 1,017,060 | $ | 980,937 | $ | 910,728 | $ | 862,478 | $ | 781,339 | |
| Loans held for sale | 4,652 | 12,485 | 0 | 9,934 | 23,677 | ||||||
| Loans held for investment ex. PPP | 583,254 | 521,676 | 473,185 | 422,505 | 386,819 | ||||||
| PPP Loans | 117,564 | 177,065 | 180,709 | 173,039 | 184,151 | ||||||
| Investment securities | 255,152 | 239,475 | 224,899 | 198,824 | 156,249 | ||||||
| Non-interest bearing deposits | 555,860 | 502,819 | 467,690 | 463,311 | 430,149 | ||||||
| Interest bearing deposits | 334,113 | 351,378 | 322,087 | 294,991 | 275,184 | ||||||
| Total deposits | 889,973 | 854,198 | 789,777 | 758,302 | 705,333 | ||||||
| Short-term borrowings | 411 | 7,516 | 6,182 | 8,223 | 10,277 | ||||||
| Long-term debt | 39,225 | 39,186 | 39,147 | 25,121 | 0 | ||||||
| Total equity | 77,136 | 71,477 | 66,429 | 62,258 | 58,927 | ||||||
| Accumulated other comprehensive income | 4,019 | 2,394 | 3,414 | 3,311 | 3,515 | ||||||
| Shareholders equity, net | $ | 81,155 | $ | 73,870 | $ | 69,843 | $ | 65,570 | $ | 62,441 | |
| Contact: | Steve Miller – President & CEO |
| Steve Canfield – Executive Vice President & CFO | |
| (559) 439-0200 |
FAQ
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