Dogwood State Bank Reports Fourth Quarter and Full Year 2024 Results
Dogwood State Bank (OTC: DSBX) reported strong financial results for Q4 and full year 2024. Q4 adjusted net income improved to $6.6 million ($0.35 per diluted share), while full-year adjusted net income reached $18.7 million ($1.12 per diluted share). The bank's net interest margin expanded to 4.13% in Q4 and 3.80% for FY2024.
A significant milestone was the completion of the Community First Bancorporation acquisition on August 1, 2024, adding $682.5 million in total assets and expanding the bank's presence. The transaction was valued at $54.3 million in an all-stock deal.
The bank's asset quality remained strong with nonperforming loans at 0.33% of total loans in Q4. Notable achievements include recognition as the 3rd largest North Carolina SBA lender and 29th largest nationally in FY2024. Total assets reached approximately $2.2 billion, with operations across North Carolina, South Carolina, and Eastern Tennessee.
Dogwood State Bank (OTC: DSBX) ha riportato risultati finanziari solidi per il Q4 e l'intero anno 2024. Il reddito netto rettificato per il Q4 è migliorato a 6,6 milioni di dollari (0,35 dollari per azione diluita), mentre il reddito netto rettificato dell'intero anno ha raggiunto 18,7 milioni di dollari (1,12 dollari per azione diluita). Il margine di interesse netto della banca è aumentato al 4,13% nel Q4 e al 3,80% per l'anno fiscale 2024.
Un traguardo significativo è stata la conclusione dell'acquisizione della Community First Bancorporation il 1° agosto 2024, aggiungendo 682,5 milioni di dollari in attivi totali e ampliando la presenza della banca. La transazione è stata valutata 54,3 milioni di dollari in un affare interamente azionario.
La qualità degli attivi della banca è rimasta solida con prestiti non performanti allo 0,33% dei prestiti totali nel Q4. Tra i risultati notevoli c'è il riconoscimento come il terzo prestatore SBA della Carolina del Nord e il 29° a livello nazionale nell'anno fiscale 2024. Gli attivi totali hanno raggiunto circa 2,2 miliardi di dollari, con operazioni in Carolina del Nord, Carolina del Sud e nel Tennessee orientale.
Dogwood State Bank (OTC: DSBX) informó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. El ingreso neto ajustado del Q4 mejoró a 6,6 millones de dólares (0,35 dólares por acción diluida), mientras que el ingreso neto ajustado para el año completo alcanzó los 18,7 millones de dólares (1,12 dólares por acción diluida). El margen de interés neto del banco se expandió al 4,13% en el cuarto trimestre y al 3,80% para el año fiscal 2024.
Un hito significativo fue la finalización de la adquisición de Community First Bancorporation el 1 de agosto de 2024, añadiendo 682,5 millones de dólares en activos totales y ampliando la presencia del banco. La transacción fue valorada en 54,3 millones de dólares en un acuerdo completamente en acciones.
La calidad de los activos del banco se mantuvo fuerte, con préstamos no productivos representando el 0,33% del total de préstamos en el cuarto trimestre. Logros notables incluyen el reconocimiento como el tercer prestamista SBA en Carolina del Norte y el vigésimo noveno a nivel nacional en el año fiscal 2024. Los activos totales alcanzaron aproximadamente 2,2 mil millones de dólares, con operaciones en Carolina del Norte, Carolina del Sur y el este de Tennessee.
Dogwood State Bank (OTC: DSBX)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 4분기 조정 순이익은 660만 달러(희석 주당 0.35달러)로 개선되었고, 전체 연도 조정 순이익은 1,870만 달러(희석 주당 1.12달러)에 달했습니다. 은행의 순이자 마진은 4분기에 4.13%, 2024 회계연도에는 3.80%로 확대되었습니다.
중요한 이정표는 2024년 8월 1일 Community First Bancorporation의 인수 완료로, 총 자산이 6억 8천2백50만 달러 증가하고 은행의 존재감이 확대되었습니다. 이 거래는 5천430만 달러의 가치로 전액 주식 거래로 이루어졌습니다.
은행의 자산 품질은 4분기 전체 대출의 0.33%인 부실 대출을 유지하며 강력했습니다. 주요 성과로는 2024 회계연도에 노스캐롤라이나주 SBA 대출자 중 3위를, 전국적으로 29위를 차지한 것이 포함됩니다. 총 자산은 약 22억 달러에 달하며 노스캐롤라이나, 사우스캐롤라이나 및 동부 테네시에서 운영되고 있습니다.
Dogwood State Bank (OTC: DSBX) a rapporté de bons résultats financiers pour le quatrième trimestre et l'année entière 2024. Le revenu net ajusté du quatrième trimestre a augmenté à 6,6 millions de dollars (0,35 dollar par action diluée), tandis que le revenu net ajusté pour l'année complète a atteint 18,7 millions de dollars (1,12 dollar par action diluée). La marge d'intérêt nette de la banque s'est élargie à 4,13% au quatrième trimestre et à 3,80% pour l'exercice 2024.
Un moment important a été l'achèvement de l'acquisition de Community First Bancorporation le 1er août 2024, ajoutant 682,5 millions de dollars en actifs totaux et élargissant la présence de la banque. La transaction a été évaluée à 54,3 millions de dollars dans le cadre d'un accord entièrement en actions.
La qualité des actifs de la banque est restée solide avec des prêts non performants représentant 0,33% du total des prêts au quatrième trimestre. Les réalisations notables comprennent la reconnaissance en tant que 3ème prêteur SBA en Caroline du Nord et 29ème à l'échelle nationale pour l'exercice 2024. Les actifs totaux ont atteint environ 2,2 milliards de dollars, avec des opérations à travers la Caroline du Nord, la Caroline du Sud et l'est du Tennessee.
Dogwood State Bank (OTC: DSBX) hat starke Finanzresultate für das vierte Quartal und das Gesamtjahr 2024 gemeldet. Der bereinigte Nettoertrag für das vierte Quartal verbesserte sich auf 6,6 Millionen Dollar (0,35 Dollar pro verwässerter Aktie), während der bereinigte Nettoertrag für das gesamte Jahr 18,7 Millionen Dollar (1,12 Dollar pro verwässerter Aktie) erreichte. Die Nettzinsmarge der Bank erweiterte sich im vierten Quartal auf 4,13% und für das Geschäftsjahr 2024 auf 3,80%.
Ein bedeutender Meilenstein war der Abschluss der Übernahme von Community First Bancorporation am 1. August 2024, die 682,5 Millionen Dollar an Gesamtausschüttungen hinzufügte und die Präsenz der Bank erweiterte. Die Transaktion hatte einen Wert von 54,3 Millionen Dollar und erfolgte in einer rein aktienbasierten Vereinbarung.
Die Asset-Qualität der Bank blieb stark, mit faulen Krediten, die im vierten Quartal 0,33% der Gesamtkredite ausmachten. Zu den bemerkenswerten Erfolgen gehört die Anerkennung als drittgrößter SBA-Darlehensgeber in North Carolina und 29. größter in den USA im Geschäftsjahr 2024. Die Gesamtsumme der Aktiva betrug etwa 2,2 Milliarden Dollar mit Aktivitäten in North Carolina, South Carolina und im östlichen Tennessee.
- Q4 adjusted net income increased to $6.6M from $2.9M YoY
- Net interest margin expanded to 4.13% in Q4 2024 from 3.43% in Q4 2023
- Successful acquisition of Community First added $682.5M in total assets
- Strong asset quality with low nonperforming loans ratio of 0.33%
- Ranked 3rd largest NC SBA lender and 29th nationally
- GAAP net income for FY2024 decreased to $5.9M from $10.6M in 2023
- Provision for credit losses increased to $9.9M in 2024 from $5.2M in 2023
- Non-interest expense rose significantly to $59.8M from $36.1M YoY
- Merger & acquisition expenses of $11.3M impacted 2024 earnings
Fourth Quarter and Full Year 2024 Highlights
- Adjusted net income (non-GAAP) improved to
$6.6 million $0.35 $18.7 million $1.12 - Adjusted pre-tax, pre-provision net revenue (non-GAAP) improved to
$9.7 million $28.8 million - Net interest margin expanded to
4.13% in Q4 2024 and expanded to3.80% in FY 2024 - Adjusted efficiency ratio (non-GAAP) improved to
61.06% in Q4 2024 and improved to62.76% in FY 2024 - Dogwood completed the acquisition of Community First Bancorporation ("Community First") on August 1, 2024
- Dogwood Small Business Lending was recognized as the 3rd largest North Carolina SBA lender and 29th largest in the nation in the SBA's 2024 fiscal year
"We are proud to close out the year with strong performance, reflecting the hard work, dedication, and innovation of our entire team," commented Steve Jones, Chief Executive Officer. "Our successful acquisition and integration of Community First was transformational for our organization. We delivered exceptional value to our stakeholders, advanced key initiatives, and positioned ourselves for sustained growth in the years ahead. As we move forward, we remain committed to executing our strategy, fostering innovation, and delivering meaningful results for our customers and shareholders, while continuing to focus on building and nurturing strong relationships within our communities.
Q4 2024 Earnings Performance
Dogwood reported GAAP net income in Q4 2024 of
Adjusted net income (non-GAAP) in Q4 2024, which excludes the impact of merger & acquisition expenses, increased to
Net Interest Income
Net interest income was
Total average interest-earning assets increased to
Net interest margin expanded to
Provision for Credit Losses and Asset Quality
Provision for credit losses was
Nonperforming loans were
Non-Interest Income
Non-interest income was
SBA lending income rose by
Service charges and debit card income increased by
Non-Interest Expense
Non-interest expense was
Also contributing to the increase in non-interest expense, compensation and benefits grew by
Increases in expense items such as occupancy and equipment, software, data processing, and FDIC insurance were primarily due to the Community First acquisition.
Income Taxes
Dogwood had tax expense of
Full Year 2024 Earnings Performance
Dogwood reported GAAP net income in 2024 of
Adjusted net income (non-GAAP) in 2024, which excludes the impact of merger & acquisition expenses as well as the provision charge on acquired non-PCD loans, increased to
Net Interest Income
Net interest income was
Total average interest-earning assets increased to
Net interest margin expanded to
Provision for Credit Losses and Asset Quality
Provision for credit losses was
Non-Interest Income
Non-interest income was
SBA lending income rose by
Service charges and debit card income increased by
Non-Interest Expense
Non-interest expense was
Also contributing to the increase in non-interest expense, compensation and benefits grew by
Increases in expense items such as occupancy and equipment, software, data processing, and FDIC insurance were primarily due to the Community First acquisition.
Income Taxes
Dogwood had tax expense of
Community First Acquisition
On August 1, 2024, Dogwood completed the acquisition of Community First in an all-stock transaction. A total of 3.4 million shares of Dogwood voting common stock were issued in the transaction, which equated to total consideration paid of
About Dogwood State Bank
Dogwood State Bank is a state-chartered community bank headquartered in
Forward-Looking Statements
Statements made in this press release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this press release and are based on current expectations and involve a number of assumptions. Forward-looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Our ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors that could have a material effect on the Bank's operations and future prospects include but are not limited to: the expected growth opportunities or cost savings from the proposed merger (the "merger") of Community First and Community First Bank, Inc. with and into the Bank may not be fully realized or may take longer to realize than expected; the businesses of the Bank and Community First may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; deposit attrition, operating costs, customer losses and business disruption prior to and following the merger, including adverse effects on relationships with employees and customers, may be greater than expected; the regulatory and shareholder approvals required for the merger may not be obtained; changes in interest rates, general economic and business conditions; legislative/regulatory changes; the monetary and fiscal policies of the
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with
Financial Tables
Dogwood State Bank | ||||||||||||
Income Statements | ||||||||||||
Quarter Ended | Twelve Months Ended | |||||||||||
(Dollars in thousands, except per share data) | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Dec 31 | Dec 31 | |||||
Net interest income | $ 21,129 | $ 18,157 | $ 12,521 | $ 11,312 | $ 11,900 | $ 63,119 | $ 42,784 | |||||
Provision for credit losses | 1,116 | 5,857 | 2,017 | 921 | 1,638 | 9,911 | 5,164 | |||||
Net interest income after provision | 20,013 | 12,300 | 10,504 | 10,391 | 10,262 | 53,208 | 37,620 | |||||
Non-interest income | ||||||||||||
SBA lending | 2,219 | 2,801 | 2,717 | 2,197 | 1,838 | 9,934 | 8,421 | |||||
Service charges and debit card income | 954 | 811 | 340 | 351 | 343 | 2,456 | 1,399 | |||||
Bank-owned life insurance | 346 | 301 | 219 | 211 | 201 | 1,079 | 751 | |||||
Securities gains (losses), net | 60 | (8) | (6) | 6 | 5 | 52 | 77 | |||||
Gain on payoff of FHLB advances | - | - | - | - | 1,230 | - | 1,230 | |||||
Other | 160 | 293 | 161 | 85 | 93 | 697 | 251 | |||||
Total non-interest income | 3,739 | 4,198 | 3,431 | 2,850 | 3,710 | 14,218 | 12,129 | |||||
Non-interest expense | ||||||||||||
Compensation and benefits | 9,389 | 8,598 | 6,683 | 6,506 | 6,910 | 31,176 | 24,139 | |||||
Occupancy and equipment | 1,166 | 1,025 | 707 | 719 | 634 | 3,617 | 2,403 | |||||
Software | 561 | 497 | 344 | 346 | 343 | 1,748 | 1,375 | |||||
Loan related costs | 570 | 182 | 314 | 290 | 254 | 1,359 | 1,010 | |||||
Data processing | 780 | 648 | 315 | 261 | 245 | 2,004 | 914 | |||||
Professional fees | 157 | 208 | 235 | 225 | 242 | 825 | 971 | |||||
FDIC insurance | 390 | 287 | 204 | 240 | 239 | 1,122 | 734 | |||||
Merger and acquisition expenses | 595 | 9,139 | 562 | 958 | 14 | 11,254 | 14 | |||||
Amortization of other intangible assets | 599 | 408 | 4 | 11 | 18 | 1,022 | 111 | |||||
Other | 1,572 | 1,731 | 1,102 | 1,259 | 1,274 | 5,660 | 4,406 | |||||
Total non-interest expense | 15,779 | 22,723 | 10,470 | 10,815 | 10,173 | 59,787 | 36,077 | |||||
Net income (loss) before income taxes | 7,973 | (6,225) | 3,465 | 2,426 | 3,799 | 7,639 | 13,672 | |||||
Income tax expense (benefit) | 1,812 | (1,445) | 811 | 588 | 865 | 1,766 | 3,024 | |||||
Net income (loss) | $ 6,161 | $ (4,780) | $ 2,654 | $ 1,838 | $ 2,934 | $ 5,873 | $ 10,648 | |||||
Pre-Tax, Pre-Provision Net Revenue (PPNR)(1) | $ 9,089 | $ (368) | $ 5,482 | $ 3,347 | $ 5,437 | $ 17,550 | $ 18,836 | |||||
Adjusted PPNR(1) | 9,684 | 8,771 | 6,044 | 4,305 | 5,451 | 28,804 | 18,850 | |||||
Per Share Data: | ||||||||||||
Earnings per share (EPS) - basic | $ 0.33 | $ (0.28) | $ 0.18 | $ 0.13 | $ 0.20 | $ 0.36 | $ 0.75 | |||||
Adjusted EPS - basic(1) | 0.36 | 0.37 | 0.21 | 0.18 | 0.21 | 1.15 | 0.75 | |||||
Earnings per share - diluted | 0.32 | (0.28) | 0.17 | 0.12 | 0.20 | 0.35 | 0.72 | |||||
Adjusted EPS - diluted(1) | 0.35 | 0.36 | 0.20 | 0.17 | 0.20 | 1.12 | 0.72 | |||||
Performance Ratios: | ||||||||||||
Return on average assets (ROA) | 1.13 % | -0.97 % | 0.71 % | 0.53 % | 0.80 % | 0.33 % | 0.83 % | |||||
Adjusted ROA(1) | 1.22 % | 1.30 % | 0.83 % | 0.74 % | 0.81 % | 1.06 % | 0.83 % | |||||
Return on average equity (ROE) | 10.73 % | -9.07 % | 6.16 % | 4.44 % | 7.15 % | 3.02 % | 6.87 % | |||||
Adjusted ROE(1) | 11.53 % | 12.09 % | 7.16 % | 6.22 % | 7.18 % | 9.58 % | 6.88 % | |||||
Return on tangible common equity (ROTCE)(1) | 11.96 % | -9.93 % | 6.42 % | 4.63 % | 7.48 % | 3.25 % | 7.20 % | |||||
Adjusted ROTCE(1) | 12.85 % | 13.24 % | 7.46 % | 6.50 % | 7.51 % | 10.32 % | 7.21 % | |||||
Net interest margin | 4.13 % | 3.93 % | 3.53 % | 3.41 % | 3.42 % | 3.80 % | 3.52 % | |||||
Efficiency ratio | 63.45 % | 101.65 % | 65.63 % | 76.37 % | 65.17 % | 77.31 % | 65.70 % | |||||
Adjusted efficiency ratio(1) | 61.06 % | 60.76 % | 62.11 % | 69.60 % | 65.08 % | 62.76 % | 65.67 % | |||||
(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation subsequently included in these materials for a reconciliation to the most directly | ||||||||||||
comparable GAAP measure. "Adjusted" items exclude the impact of merger and acquisition expenses. | ||||||||||||
Dogwood State Bank | ||||||||
Balance Sheets | ||||||||
Ending Balance | ||||||||
(In thousands, except per share data) | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | |||
Assets | ||||||||
Cash and due from banks | $ 10,582 | $ 7,622 | $ 2,514 | $ 2,353 | $ 5,191 | |||
Interest-earning deposits with banks | 75,612 | 146,732 | 59,073 | 91,365 | 123,474 | |||
Total cash and cash equivalents | 86,194 | 154,354 | 61,587 | 93,718 | 128,665 | |||
Investment securities available for sale | 99,411 | 95,290 | 58,989 | 55,984 | 49,244 | |||
Investment securities held to maturity | 71,952 | 73,144 | 74,404 | 76,119 | 77,557 | |||
Marketable equity securities | 395 | 335 | 329 | 336 | 329 | |||
Total investment securities | 171,758 | 168,769 | 133,722 | 132,439 | 127,130 | |||
Loans held for sale | 6,733 | 7,924 | 11,030 | 8,146 | 15,274 | |||
Loans | 1,819,796 | 1,757,828 | 1,236,722 | 1,148,899 | 1,095,339 | |||
Less allowance for credit losses | (19,698) | (19,143) | (13,349) | (12,344) | (11,943) | |||
Loans, net | 1,800,098 | 1,738,685 | 1,223,373 | 1,136,555 | 1,083,396 | |||
Bank-owned life insurance | 45,089 | 44,743 | 27,888 | 27,669 | 27,458 | |||
Premises and equipment, net | 37,180 | 35,378 | 19,713 | 18,838 | 18,707 | |||
SBA servicing asset | 4,982 | 5,026 | 4,568 | 4,373 | 3,967 | |||
Goodwill | 11,771 | 11,771 | 7,016 | 7,016 | 7,016 | |||
Other intangible assets, net | 11,374 | 11,972 | - | 4 | 15 | |||
Other assets | 35,991 | 36,274 | 21,854 | 19,750 | 20,060 | |||
Total assets | $ 2,211,170 | $ 2,214,896 | $ 1,510,751 | $ 1,448,508 | $ 1,431,688 | |||
Liabilities and Shareholders' Equity | ||||||||
Deposits: | ||||||||
Noninterest-bearing | $ 474,458 | $ 483,908 | $ 379,465 | $ 302,705 | $ 291,910 | |||
Interest-bearing | 1,334,937 | 1,357,439 | 872,430 | 913,914 | 902,369 | |||
Total deposits | 1,809,395 | 1,841,347 | 1,251,895 | 1,216,619 | 1,194,279 | |||
FHLB advances | 130,164 | 101,686 | 60,000 | 40,000 | 50,000 | |||
Subordinated debt | 9,708 | 9,627 | - | - | - | |||
Lease obligations | 12,258 | 10,491 | 10,726 | 10,959 | 11,187 | |||
Other liabilities | 19,456 | 26,503 | 13,162 | 11,459 | 11,719 | |||
Total liabilities | 1,980,981 | 1,989,654 | 1,335,783 | 1,279,037 | 1,267,185 | |||
Shareholders' equity | ||||||||
Common stock ( | 18,976 | 18,980 | 15,541 | 15,020 | 14,710 | |||
Additional paid-in capital | 188,175 | 187,981 | 137,431 | 135,077 | 132,373 | |||
Retained earnings | 28,280 | 22,118 | 26,897 | 24,244 | 22,406 | |||
Accumulated other comprehensive loss | (5,242) | (3,837) | (4,901) | (4,870) | (4,986) | |||
Total shareholders' equity | 230,189 | 225,242 | 174,968 | 169,471 | 164,503 | |||
Total liabilities and shareholders' equity | $ 2,211,170 | $ 2,214,896 | $ 1,510,751 | $ 1,448,508 | $ 1,431,688 | |||
Per Share Information: | ||||||||
Shares outstanding | 18,976 | 18,980 | 15,541 | 15,020 | 14,710 | |||
Book value per share | $ 12.13 | $ 11.87 | $ 11.26 | $ 11.28 | $ 11.18 | |||
Tangible book value per share(1) | $ 10.91 | $ 10.62 | $ 10.81 | $ 10.82 | $ 10.71 | |||
Capital Ratios: | ||||||||
Tier 1 leverage | 9.83 % | 10.58 % | 12.14 % | 11.75 % | 11.05 % | |||
Common equity Tier 1 capital | 10.70 % | 10.70 % | 12.64 % | 13.12 % | 13.47 % | |||
Tier 1 risk-based capital | 10.70 % | 10.70 % | 12.64 % | 13.12 % | 13.47 % | |||
Total risk-based capital | 12.32 % | 12.34 % | 13.81 % | 14.29 % | 14.65 % | |||
Tangible common equity(1) | 9.46 % | 9.20 % | 11.17 % | 11.27 % | 11.05 % | |||
(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation subsequently included in these materials for a reconciliation to the most directly comparable GAAP measure. | ||||||||
Dogwood State Bank | ||||||||
Asset Quality Measures | ||||||||
Quarter Ended | ||||||||
(Dollars in thousands) | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | |||
Nonperforming Assets: | ||||||||
Non-accrual loans | $ 5,582 | $ 3,234 | $ 2,069 | $ 1,938 | $ 1,670 | |||
Loans 90 days or more past due and accruing | 338 | - | - | - | - | |||
Other real estate owned | 104 | 104 | - | - | - | |||
Total nonperforming assets | $ 6,024 | $ 3,338 | $ 2,069 | $ 1,938 | $ 1,670 | |||
Asset Quality Ratios: | ||||||||
Nonperforming loans/loans | 0.33 % | 0.18 % | 0.17 % | 0.17 % | 0.15 % | |||
Nonperforming assets/total assets | 0.27 % | 0.15 % | 0.14 % | 0.13 % | 0.12 % | |||
Nonperforming assets/loans and other real estate owned | 0.33 % | 0.19 % | 0.17 % | 0.17 % | 0.15 % | |||
Loans 30 days or more past due/loans (excludes non-accruals) | 0.67 % | 0.29 % | 0.21 % | 0.41 % | 0.23 % | |||
Allowance for Credit Losses (ACL): | ||||||||
ACL on Loans: | ||||||||
Balance, beginning of period | $ 19,143 | $ 13,349 | $ 12,344 | $ 11,943 | $ 11,385 | |||
Reclass of Day 1 ACL from loan fair value discount on acquired PCD loans | - | 658 | - | - | - | |||
Loans charged off | (614) | (738) | (987) | (288) | (81) | |||
Recoveries of loans previously charged off | 29 | 79 | 11 | 9 | 40 | |||
Net loans charged off | (585) | (659) | (976) | (279) | (41) | |||
Provision for credit losses | 1,140 | 5,795 | 1,981 | 680 | 599 | |||
Balance, end of period | $ 19,698 | $ 19,143 | $ 13,349 | $ 12,344 | $ 11,943 | |||
ACL on Off-Balance Sheet Credit Exposures: | ||||||||
Balance, beginning of period | $ 2,595 | $ 2,336 | $ 2,300 | $ 2,059 | $ 1,020 | |||
Reserve on acquired unfunded loan commitments | - | 197 | - | - | - | |||
Provision for credit losses | (24) | 62 | 36 | 241 | 1,039 | |||
Balance, end of period | $ 2,571 | $ 2,595 | $ 2,336 | $ 2,300 | $ 2,059 | |||
Allowance for Credit Losses Ratios: | ||||||||
Allowance for credit losses/loans | 1.08 % | 1.09 % | 1.08 % | 1.07 % | 1.09 % | |||
Allowance for credit losses/nonperforming loans | 332.74 % | 591.93 % | 645.19 % | 636.95 % | 715.15 % | |||
Net charge-offs/average loans (annualized) | 0.13 % | 0.17 % | 0.33 % | 0.10 % | 0.02 % | |||
Dogwood State Bank | ||||||||||||||||||||
Net Interest Margin Analysis | ||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||||||
(Dollars in thousands) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||
Interest-Earning Assets: | ||||||||||||||||||||
Loans | $ 1,772,350 | $ 30,524 | 6.85 % | $ 1,585,101 | $ 27,589 | 6.92 % | $ 1,022,537 | $ 15,959 | 6.19 % | |||||||||||
Investment securities | 170,307 | 1,635 | 3.82 % | 152,851 | 1,361 | 3.54 % | 119,534 | 840 | 2.79 % | |||||||||||
Interest-earning deposits with banks | 93,153 | 1,005 | 4.29 % | 100,616 | 1,272 | 5.03 % | 131,977 | 1,710 | 5.14 % | |||||||||||
Total interest-earning assets | 2,035,810 | 33,164 | 6.48 % | 1,838,568 | 30,222 | 6.54 % | 1,274,048 | 18,509 | 5.76 % | |||||||||||
Non interest-earning assets | 129,999 | 116,334 | 65,619 | |||||||||||||||||
Total assets | $ 2,165,809 | $ 1,954,902 | $ 1,339,667 | |||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Interest-bearing demand | $ 175,373 | $ 468 | 1.06 % | $ 165,104 | $ 531 | 1.28 % | $ 109,731 | $ 254 | 0.92 % | |||||||||||
Savings and money market | 759,932 | 6,006 | 3.14 % | 696,594 | 6,502 | 3.71 % | 448,059 | 4,199 | 3.72 % | |||||||||||
Time | 395,409 | 4,489 | 4.52 % | 319,104 | 3,846 | 4.79 % | 225,987 | 2,489 | 4.37 % | |||||||||||
Total interest-bearing deposits | 1,330,714 | 10,963 | 3.28 % | 1,180,802 | 10,879 | 3.67 % | 783,777 | 6,942 | 3.51 % | |||||||||||
FHLB advances | 68,177 | 797 | 4.65 % | 76,176 | 979 | 5.11 % | 50,435 | 505 | 3.97 % | |||||||||||
Subordinated debt | 9,659 | 209 | 8.61 % | 6,630 | 139 | 0.00 % | - | - | 0.00 % | |||||||||||
Lease obligations | 10,404 | 66 | 2.52 % | 10,353 | 68 | 2.61 % | 10,606 | 59 | 2.21 % | |||||||||||
Total interest-bearing liabilities | 1,418,954 | 12,035 | 3.37 % | 1,273,961 | 12,065 | 3.77 % | 844,818 | 7,506 | 3.52 % | |||||||||||
Non-interest bearing deposits | 496,016 | 451,987 | 326,827 | |||||||||||||||||
Other liabilities | 22,497 | 19,280 | 8,813 | |||||||||||||||||
Shareholders' equity | 228,342 | 209,674 | 159,209 | |||||||||||||||||
Total liabilities and shareholders' equity | $ 2,165,809 | $ 1,954,902 | $ 1,339,667 | |||||||||||||||||
Net interest income and interest rate spread | $ 21,129 | 3.11 % | $ 18,157 | 2.77 % | $ 11,005 | 2.24 % | ||||||||||||||
Net interest margin | 4.13 % | 3.93 % | 3.43 % | |||||||||||||||||
Cost of funds | 2.50 % | 2.78 % | 2.54 % | |||||||||||||||||
Cost of deposits | 2.39 % | 2.65 % | 2.48 % | |||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||||||||
(Dollars in thousands) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||
Interest-Earning Assets: | ||||||||||||||||||||
Loans | $ 1,420,334 | $ 95,775 | 6.74 % | $ 984,510 | $ 59,618 | 6.06 % | ||||||||||||||
Investment securities | 146,973 | 5,091 | 3.46 % | 121,632 | 3,405 | 2.80 % | ||||||||||||||
Interest-earning deposits with banks | 93,097 | 4,512 | 4.85 % | 109,396 | 5,480 | 5.01 % | ||||||||||||||
Total interest-earning assets | 1,660,404 | 105,378 | 6.35 % | 1,215,538 | 68,503 | 5.64 % | ||||||||||||||
Non interest-earning assets | 95,589 | 64,638 | ||||||||||||||||||
Total assets | $ 1,755,993 | $ 1,280,176 | ||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Interest-bearing demand | 145,803 | $ 1,576 | 1.08 % | $ 114,956 | $ 1,037 | 0.90 % | ||||||||||||||
Savings and money market | 666,483 | 24,858 | 3.73 % | 436,020 | 14,831 | 3.40 % | ||||||||||||||
Time | 268,658 | 12,508 | 4.66 % | 197,264 | 7,781 | 3.94 % | ||||||||||||||
Total interest-bearing deposits | 1,080,944 | 38,942 | 3.60 % | 748,240 | 23,649 | 3.16 % | ||||||||||||||
FHLB advances | 53,280 | 2,696 | 5.06 % | 42,069 | 1,831 | 4.35 % | ||||||||||||||
Subordinated debt | 3,504 | 348 | 9.93 % | - | - | - | ||||||||||||||
Lease obligation | 11,262 | 273 | 2.42 % | 10,260 | 240 | 2.34 % | ||||||||||||||
Total interest-bearing liabilities | 1,148,990 | 42,259 | 3.68 % | 800,569 | 25,720 | 3.21 % | ||||||||||||||
Non-interest bearing deposits | 395,495 | 315,963 | ||||||||||||||||||
Other liabilities | 16,898 | 8,657 | ||||||||||||||||||
Shareholders' equity | 194,610 | 154,987 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ 1,755,993 | $ 1,280,176 | ||||||||||||||||||
Net interest income and interest rate spread | $ 63,119 | 2.67 % | $ 42,783 | 2.42 % | ||||||||||||||||
Net interest margin | 3.80 % | 3.52 % | ||||||||||||||||||
Cost of funds | 2.74 % | 2.30 % | ||||||||||||||||||
Cost of deposits | 2.64 % | 2.22 % | ||||||||||||||||||
Dogwood State Bank | |||||||||||
Non-GAAP Reconciliation | |||||||||||
Quarter Ended | Twelve Months Ended | ||||||||||
(In thousands, except per share data) | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Dec 31 | Dec 31 | ||||
Net income and EPS: | |||||||||||
Net income (loss) (GAAP) | $ 6,161 | $ (4,780) | $ 2,654 | $ 1,838 | $ 2,934 | $ 5,873 | $ 10,648 | ||||
Adjust for provision on acquired non-PCD loans, net of tax | - | 4,111 | - | - | - | 4,111 | - | ||||
Adjust for merger and acquisition expenses, net of tax | 458 | 7,039 | 433 | 738 | 11 | 8,668 | 11 | ||||
Adjusted net income (non-GAAP) | $ 6,619 | $ 6,369 | $ 3,087 | $ 2,576 | $ 2,945 | $ 18,651 | $ 10,659 | ||||
Weighted average common shares outstanding | |||||||||||
Basic | 18,488 | 17,301 | 14,905 | 14,377 | 14,329 | 16,275 | 14,152 | ||||
Diluted | 18,978 | 17,810 | 15,480 | 15,075 | 15,039 | 16,726 | 14,839 | ||||
EPS (GAAP) | |||||||||||
Basic | $ 0.33 | $ (0.28) | $ 0.18 | $ 0.13 | $ 0.20 | $ 0.36 | $ 0.75 | ||||
Diluted | 0.32 | (0.28) | 0.17 | 0.12 | 0.20 | 0.35 | 0.72 | ||||
Adjusted EPS (non-GAAP) | |||||||||||
Basic | $ 0.36 | $ 0.37 | $ 0.21 | $ 0.18 | $ 0.21 | $ 1.15 | $ 0.75 | ||||
Diluted | 0.35 | 0.36 | 0.20 | 0.17 | 0.20 | 1.12 | 0.72 | ||||
PPNR: | |||||||||||
Net income (loss) (GAAP) | $ 6,161 | $ (4,780) | $ 2,654 | $ 1,838 | $ 2,934 | $ 5,873 | $ 10,648 | ||||
Add: | |||||||||||
Provision for credit losses | 1,116 | 5,857 | 2,017 | 921 | 1,638 | 9,911 | 5,164 | ||||
Income tax expense (benefit) | 1,812 | (1,445) | 811 | 588 | 865 | 1,766 | 3,024 | ||||
PPNR (non-GAAP) | 9,089 | (368) | 5,482 | 3,347 | 5,437 | 17,550 | 18,836 | ||||
Add: merger and acquisition expenses | 595 | 9,139 | 562 | 958 | 14 | 11,254 | 14 | ||||
Adjusted PPNR (non-GAAP) | $ 9,684 | $ 8,771 | $ 6,044 | $ 4,305 | $ 5,451 | $ 28,804 | $ 18,850 | ||||
ROA: | |||||||||||
Net income (loss) (GAAP) | $ 6,161 | $ (4,780) | $ 2,654 | $ 1,838 | $ 2,934 | $ 5,873 | $ 10,648 | ||||
Adjusted net income (non-GAAP) | 6,619 | 6,369 | 3,087 | 2,576 | 2,945 | 18,651 | 10,659 | ||||
Average assets | 2,165,809 | 1,954,902 | 1,494,353 | 1,402,220 | 1,448,929 | 1,755,993 | 1,280,176 | ||||
ROA | 1.13 % | -0.97 % | 0.71 % | 0.53 % | 0.80 % | 0.33 % | 0.83 % | ||||
Adjusted ROA (non-GAAP) | 1.22 % | 1.30 % | 0.83 % | 0.74 % | 0.81 % | 1.06 % | 0.83 % | ||||
ROE and ROTCE: | |||||||||||
Net income (loss) (GAAP) | $ 6,161 | $ (4,780) | $ 2,654 | $ 1,838 | $ 2,934 | $ 5,873 | $ 10,648 | ||||
Adjusted net income (non-GAAP) | 6,619 | 6,369 | 3,087 | 2,576 | 2,945 | 18,651 | 10,659 | ||||
Average shareholders' equity (GAAP) | 228,342 | 209,674 | 173,356 | 166,534 | 162,703 | 194,610 | 154,987 | ||||
Less: average goodwill and other intangible assets, net | 23,426 | 18,234 | 7,018 | 7,027 | 7,041 | 13,964 | 7,080 | ||||
Average tangible common equity (non-GAAP) | 204,916 | 191,440 | 166,338 | 159,507 | 155,662 | 180,646 | 147,907 | ||||
ROE | 10.73 % | -9.07 % | 6.16 % | 4.44 % | 7.15 % | 3.02 % | 6.87 % | ||||
Adjusted ROE (non-GAAP) | 11.53 % | 12.09 % | 7.16 % | 6.22 % | 7.18 % | 9.58 % | 6.88 % | ||||
ROTCE (non-GAAP) | 11.96 % | -9.93 % | 6.42 % | 4.63 % | 7.48 % | 3.25 % | 7.20 % | ||||
Adjusted ROTCE (non-GAAP) | 12.85 % | 13.24 % | 7.46 % | 6.50 % | 7.51 % | 10.32 % | 7.21 % | ||||
Efficiency Ratio: | |||||||||||
Non-interest expense (GAAP) | $ 15,779 | $ 22,723 | $ 10,470 | $ 10,815 | $ 10,173 | $ 59,787 | $ 36,077 | ||||
Less: merger and acquisition expenses | 595 | 9,139 | 562 | 958 | 14 | 11,254 | 14 | ||||
Adjusted non-interest expense (non-GAAP) | 15,184 | 13,584 | 9,908 | 9,857 | 10,159 | 48,533 | 36,063 | ||||
Net interest income | 21,129 | 18,157 | 12,521 | 11,312 | 11,900 | 63,119 | 42,784 | ||||
Non-interest income | 3,739 | 4,198 | 3,431 | 2,850 | 3,710 | 14,218 | 12,129 | ||||
Total revenue | 24,868 | 22,355 | 15,952 | 14,162 | 15,610 | 77,337 | 54,913 | ||||
Efficiency ratio (non-interest expense / total revenue) | 63.45 % | 101.65 % | 65.63 % | 76.37 % | 65.17 % | 77.31 % | 65.70 % | ||||
Adjusted efficiency ratio (non-GAAP) | 61.06 % | 60.76 % | 62.11 % | 69.60 % | 65.08 % | 62.76 % | 65.67 % | ||||
Tangible Book Value per Share and Tangible Common Equity Ratio: | |||||||||||
Shareholders' equity (GAAP) | $ 230,189 | $ 225,242 | $ 174,968 | $ 169,471 | $ 164,503 | $ 230,189 | $ 164,503 | ||||
Less: goodwill and other intangible assets, net | 23,145 | 23,743 | 7,016 | 7,020 | 7,031 | 23,145 | 7,031 | ||||
Tangible common equity (non-GAAP) | 207,044 | 201,499 | 167,952 | 162,451 | 157,472 | 207,044 | 157,472 | ||||
Common shares outstanding | 18,976 | 18,980 | 15,541 | 15,020 | 14,710 | 18,976 | 14,710 | ||||
Book value per share | $ 12.13 | $ 11.87 | $ 11.26 | $ 11.28 | $ 11.18 | $ 12.13 | $ 11.18 | ||||
Tangible book value per share (non-GAAP) | 10.91 | 10.62 | 10.81 | 10.82 | 10.71 | 10.91 | 10.71 | ||||
Total assets (GAAP) | $ 2,211,170 | $ 2,214,896 | $ 1,510,751 | $ 1,448,508 | $ 1,431,688 | $ 2,211,170 | $ 1,431,688 | ||||
Less: goodwill and other intangible assets, net | 23,145 | 23,743 | 7,016 | 7,020 | 7,031 | 23,145 | 7,031 | ||||
Tangible assets (non-GAAP) | 2,188,025 | 2,191,153 | 1,503,735 | 1,441,488 | 1,424,657 | 2,188,025 | 1,424,657 | ||||
Tangible common equity to tangible assets (non-GAAP) | 9.46 % | 9.20 % | 11.17 % | 11.27 % | 11.05 % | 9.46 % | 11.05 % | ||||
View original content:https://www.prnewswire.com/news-releases/dogwood-state-bank-reports-fourth-quarter-and-full-year-2024-results-302359050.html
SOURCE Dogwood State Bank
FAQ
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