Dogwood State Bank Reports Record Earnings in First Quarter of 2025
Dogwood State Bank (OTC: DSBX) reported record Q1 2025 earnings with net income of $7.4 million ($0.39 per diluted share), up from $6.2 million in Q4 2024 and $1.8 million in Q1 2024. The bank's performance showed significant improvements with:
- Net interest margin expansion to 4.20%
- Return on average assets increase to 1.34%
- Efficiency ratio improvement to 59.7%
- Tangible book value per share growth to $11.36
Key financial metrics included net interest income of $21.6 million, non-interest income of $4.8 million, and total assets of approximately $2.29 billion. The bank's asset quality remained strong with nonperforming loans at 0.41% of total loans and an allowance for credit losses at 1.10%.
Dogwood State Bank (OTC: DSBX) ha riportato risultati record nel primo trimestre del 2025 con un utile netto di 7,4 milioni di dollari (0,39 dollari per azione diluita), in crescita rispetto ai 6,2 milioni del quarto trimestre 2024 e agli 1,8 milioni del primo trimestre 2024. La performance della banca ha mostrato miglioramenti significativi con:
- Espansione del margine di interesse netto al 4,20%
- Aumento del rendimento medio degli attivi al 1,34%
- Miglioramento del rapporto di efficienza al 59,7%
- Crescita del valore contabile tangibile per azione a 11,36 dollari
Le principali metriche finanziarie includevano un reddito da interessi netto di 21,6 milioni di dollari, un reddito non da interessi di 4,8 milioni di dollari e un totale attivi di circa 2,29 miliardi di dollari. La qualità degli attivi della banca è rimasta solida con prestiti non performanti allo 0,41% del totale prestiti e un accantonamento per perdite su crediti all'1,10%.
Dogwood State Bank (OTC: DSBX) reportó ganancias récord en el primer trimestre de 2025 con un ingreso neto de 7,4 millones de dólares (0,39 dólares por acción diluida), aumentando desde 6,2 millones en el cuarto trimestre de 2024 y 1,8 millones en el primer trimestre de 2024. El desempeño del banco mostró mejoras significativas con:
- Expansión del margen de interés neto a 4,20%
- Incremento del retorno sobre activos promedio a 1,34%
- Mejora en la relación de eficiencia a 59,7%
- Crecimiento del valor contable tangible por acción a 11,36 dólares
Las métricas financieras clave incluyeron ingresos netos por intereses de 21,6 millones de dólares, ingresos no relacionados con intereses de 4,8 millones de dólares y activos totales de aproximadamente 2,29 mil millones de dólares. La calidad de los activos del banco se mantuvo sólida con préstamos en mora en 0,41% del total de préstamos y una provisión para pérdidas crediticias del 1,10%.
Dogwood State Bank (OTC: DSBX)는 2025년 1분기에 순이익 740만 달러 (희석 주당 0.39달러)로 사상 최고 실적을 보고했으며, 이는 2024년 4분기 620만 달러와 2024년 1분기 180만 달러에서 증가한 수치입니다. 은행의 실적은 다음과 같은 주요 개선을 보였습니다:
- 순이자마진 4.20%로 확대
- 평균자산수익률 1.34% 증가
- 효율성 비율 59.7%로 개선
- 주당 유형자산 장부가치 11.36달러 증가
주요 재무 지표로는 순이자수익 2,160만 달러, 비이자수익 480만 달러, 총자산 약 22억 9천만 달러가 포함되며, 부실채권 비율은 전체 대출의 0.41%, 대손충당금은 1.10%로 자산 건전성이 견고하게 유지되었습니다.
Dogwood State Bank (OTC : DSBX) a annoncé des résultats records pour le premier trimestre 2025 avec un bénéfice net de 7,4 millions de dollars (0,39 dollar par action diluée), en hausse par rapport à 6,2 millions au quatrième trimestre 2024 et 1,8 million au premier trimestre 2024. La performance de la banque a montré des améliorations significatives avec :
- Une expansion de la marge d’intérêt nette à 4,20%
- Une augmentation du rendement des actifs moyens à 1,34%
- Une amélioration du ratio d’efficacité à 59,7%
- Une croissance de la valeur comptable tangible par action à 11,36 dollars
Les principaux indicateurs financiers comprenaient un revenu net d’intérêts de 21,6 millions de dollars, un revenu hors intérêts de 4,8 millions de dollars et un total d’actifs d’environ 2,29 milliards de dollars. La qualité des actifs de la banque est restée solide avec des prêts non performants à 0,41 % du total des prêts et une provision pour pertes sur prêts à 1,10 %.
Dogwood State Bank (OTC: DSBX) meldete Rekordgewinne für das erste Quartal 2025 mit einem Nettogewinn von 7,4 Millionen US-Dollar (0,39 US-Dollar je verwässerter Aktie), gegenüber 6,2 Millionen im vierten Quartal 2024 und 1,8 Millionen im ersten Quartal 2024. Die Bank erzielte deutliche Verbesserungen bei:
- Nettomargen-Ausweitung auf 4,20%
- Steigerung der Rendite auf durchschnittliche Aktiva auf 1,34%
- Verbesserung der Effizienzquote auf 59,7%
- Wachstum des materiellen Buchwerts je Aktie auf 11,36 US-Dollar
Wichtige Finanzkennzahlen umfassten Nettozinserträge von 21,6 Millionen US-Dollar, außerordentliche Erträge von 4,8 Millionen US-Dollar und Gesamtvermögen von rund 2,29 Milliarden US-Dollar. Die Asset-Qualität der Bank blieb stark mit notleidenden Krediten von 0,41 % der Gesamtkredite und einer Wertberichtigung für Kreditverluste von 1,10 %.
- Record quarterly net income of $7.4 million, up 311% year-over-year
- Net interest margin expanded to 4.20%, up from 3.41% year-over-year
- Efficiency ratio improved to 59.7% from 76.4% year-over-year
- SBA lending income showed strong growth with higher loan sale premiums
- Tangible book value per share increased by $0.55 year-over-year
- Nonperforming loans increased to 0.41% from 0.18% year-over-year
- Higher provision for credit losses at $1.1 million vs $921,000 year-over-year
- Non-interest expenses increased by $4.9 million year-over-year
First Quarter 2025 Highlights
- Net income rose to
$7.4 million $0.39 $6.2 million $0.32 $1.8 million $0.12 - Adjusted net income (non-GAAP) rose to
$7.5 million $0.39 $6.6 million $0.35 $2.6 million $0.17 - Return on average assets increased to
1.34% in Q1 2025, compared to1.13% in Q4 2024 and0.53% in Q1 2024. - Adjusted return on average assets (non-GAAP) increased to
1.36% in Q1 2025, compared to1.22% in Q4 2024 and0.74% in Q1 2024. - Net interest margin expanded to
4.20% in Q1 2025, compared to4.13% in Q4 2024 and3.41% in Q1 2024. - Efficiency ratio improved to
59.7% in Q1 2025, compared to63.5% in Q4 2024 and76.4% in Q1 2024. - Tangible book value per share grew to
$11.36 $0.45 $0.55
"I am extremely proud of our operating metrics this quarter as we continue to achieve record results," commented Steve Jones, Chief Executive Officer. "Our strong earnings performance reflects solid business fundamentals and disciplined execution. This success is a testament to the dedication and expertise of our team whose continued efforts are driving sustainable value for our shareholders."
Q1 2025 Earnings Performance vs. Q1 2024
Dogwood reported net income in Q1 2025 of
Adjusted net income (non-GAAP) in Q1 2025, 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 due to a combination of higher balances of guaranteed loans sold in the secondary market, higher premiums on sales of guaranteed loans sold, and higher servicing fee income. The weighted average net premium on SBA loans sold in Q1 2025 was
Deposit service charges and debit card income increased by
Non-Interest Expense
Non-interest expense was
The increase in expenses was partially offset by a decrease of
Income Taxes
Dogwood incurred tax expense of
Q1 2025 Earnings Performance vs. Q4 2024
Dogwood reported net income in Q1 2025 of
Adjusted net income (non-GAAP) in Q1 2025, 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
Non-Interest Expense
Non-interest expense was
Income Taxes
Dogwood incurred tax expense 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 | ||||||||
(Dollars in thousands, except per share data) | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||
Net interest income | $ 21,613 | $ 21,129 | $ 18,157 | $ 12,521 | $ 11,312 | |||
Provision for credit losses | 1,118 | 1,116 | 5,857 | 2,017 | 921 | |||
Net interest income after provision | 20,495 | 20,013 | 12,300 | 10,504 | 10,391 | |||
Non-interest income | ||||||||
SBA lending | 3,191 | 2,219 | 2,801 | 2,717 | 2,197 | |||
Service charges and debit card income | 966 | 954 | 811 | 340 | 351 | |||
Bank-owned life insurance | 349 | 346 | 301 | 219 | 211 | |||
Securities gains (losses), net | 37 | 60 | (8) | (6) | 6 | |||
Other | 235 | 160 | 293 | 161 | 85 | |||
Total non-interest income | 4,778 | 3,739 | 4,198 | 3,431 | 2,850 | |||
Non-interest expense | ||||||||
Compensation and benefits | 9,329 | 9,389 | 8,598 | 6,683 | 6,506 | |||
Occupancy and equipment | 1,341 | 1,166 | 1,025 | 707 | 719 | |||
Software | 599 | 561 | 497 | 344 | 346 | |||
Loan related costs | 579 | 570 | 182 | 314 | 290 | |||
Data processing | 701 | 780 | 648 | 315 | 261 | |||
Professional fees | 223 | 157 | 208 | 235 | 225 | |||
FDIC insurance | 416 | 390 | 287 | 204 | 240 | |||
Merger and acquisition expenses | 128 | 595 | 9,139 | 562 | 958 | |||
Amortization of other intangible assets | 583 | 599 | 408 | 4 | 11 | |||
Other | 1,854 | 1,572 | 1,731 | 1,102 | 1,259 | |||
Total non-interest expense | 15,753 | 15,779 | 22,723 | 10,470 | 10,815 | |||
Net income (loss) before income taxes | 9,520 | 7,973 | (6,225) | 3,465 | 2,426 | |||
Income tax expense (benefit) | 2,161 | 1,812 | (1,445) | 811 | 588 | |||
Net income (loss) | $ 7,359 | $ 6,161 | $ (4,780) | $ 2,654 | $ 1,838 | |||
Pre-Tax, Pre-Provision Net Revenue (PPNR)(1) | $ 10,638 | $ 9,089 | $ (368) | $ 5,482 | $ 3,347 | |||
Adjusted PPNR(1) | 10,766 | 9,684 | 8,771 | 6,044 | 4,305 | |||
Per Share Data: | ||||||||
Earnings per share (EPS) - basic | $ 0.40 | $ 0.33 | $ (0.28) | $ 0.18 | $ 0.13 | |||
Adjusted EPS - basic(1) | 0.40 | 0.36 | 0.37 | 0.21 | 0.18 | |||
Earnings per share - diluted | 0.39 | 0.32 | (0.27) | 0.17 | 0.12 | |||
Adjusted EPS - diluted(1) | 0.39 | 0.35 | 0.36 | 0.20 | 0.17 | |||
Performance Ratios: | ||||||||
Return on average assets (ROA) | 1.34 % | 1.13 % | -0.97 % | 0.71 % | 0.53 % | |||
Adjusted ROA(1) | 1.36 % | 1.22 % | 1.30 % | 0.83 % | 0.74 % | |||
Return on average equity (ROE) | 12.67 % | 10.73 % | -9.07 % | 6.16 % | 4.44 % | |||
Adjusted ROE(1) | 12.84 % | 11.53 % | 12.09 % | 7.16 % | 6.22 % | |||
Return on tangible common equity (ROTCE)(1) | 14.03 % | 11.96 % | -9.93 % | 6.42 % | 4.63 % | |||
Adjusted ROTCE(1) | 14.22 % | 12.85 % | 13.24 % | 7.46 % | 6.50 % | |||
Net interest margin | 4.20 % | 4.13 % | 3.93 % | 3.53 % | 3.41 % | |||
Efficiency ratio | 59.69 % | 63.45 % | 101.65 % | 65.63 % | 76.37 % | |||
Adjusted efficiency ratio(1) | 59.21 % | 61.06 % | 60.76 % | 62.11 % | 69.60 % | |||
(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation subsequently included in these materials for a reconciliation to the | ||||||||
Dogwood State Bank | ||||||||
Balance Sheets | ||||||||
Ending Balance | ||||||||
(In thousands, except per share data) | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||
Assets | ||||||||
Cash and due from banks | $ 7,309 | $ 10,582 | $ 7,622 | $ 2,514 | $ 2,353 | |||
Interest-earning deposits with banks | 112,755 | 75,612 | 146,732 | 59,073 | 91,365 | |||
Total cash and cash equivalents | 120,064 | 86,194 | 154,354 | 61,587 | 93,718 | |||
Investment securities available for sale | 118,890 | 99,411 | 95,290 | 58,989 | 55,984 | |||
Investment securities held to maturity | 71,044 | 71,952 | 73,144 | 74,404 | 76,119 | |||
Marketable equity securities | 432 | 395 | 335 | 329 | 336 | |||
Total investment securities | 190,366 | 171,758 | 168,769 | 133,722 | 132,439 | |||
Loans held for sale | 2,438 | 6,733 | 7,924 | 11,030 | 8,146 | |||
Loans | 1,855,716 | 1,819,796 | 1,757,828 | 1,236,722 | 1,148,899 | |||
Less allowance for credit losses | (20,491) | (19,698) | (19,143) | (13,349) | (12,344) | |||
Loans, net | 1,835,225 | 1,800,098 | 1,738,685 | 1,223,373 | 1,136,555 | |||
Bank-owned life insurance | 45,438 | 45,089 | 44,743 | 27,888 | 27,669 | |||
Premises and equipment, net | 36,572 | 37,180 | 35,378 | 19,713 | 18,838 | |||
SBA servicing asset | 5,387 | 4,982 | 5,026 | 4,568 | 4,373 | |||
Goodwill | 11,688 | 11,771 | 11,771 | 7,016 | 7,016 | |||
Other intangible assets, net | 10,791 | 11,374 | 11,972 | - | 4 | |||
Other assets | 35,934 | 35,991 | 36,274 | 21,854 | 19,750 | |||
Total assets | $ 2,293,903 | $ 2,211,170 | $ 2,214,896 | $ 1,510,751 | $ 1,448,508 | |||
Liabilities and Shareholders' Equity | ||||||||
Deposits: | ||||||||
Noninterest-bearing | $ 463,088 | $ 474,458 | $ 483,908 | $ 379,465 | $ 302,705 | |||
Interest-bearing | 1,420,785 | 1,334,937 | 1,357,439 | 872,430 | 913,914 | |||
Total deposits | 1,883,873 | 1,809,395 | 1,841,347 | 1,251,895 | 1,216,619 | |||
FHLB advances | 130,141 | 130,164 | 101,686 | 60,000 | 40,000 | |||
Subordinated debt | 9,788 | 9,708 | 9,627 | - | - | |||
Lease obligations | 12,017 | 12,258 | 10,491 | 10,726 | 10,959 | |||
Other liabilities | 19,596 | 19,456 | 26,503 | 13,162 | 11,459 | |||
Total liabilities | 2,055,415 | 1,980,981 | 1,989,654 | 1,335,783 | 1,279,037 | |||
Shareholders' equity | ||||||||
Common stock ( | 19,013 | 18,976 | 18,980 | 15,541 | 15,020 | |||
Additional paid-in capital | 188,421 | 188,175 | 187,981 | 137,431 | 135,077 | |||
Retained earnings | 35,638 | 28,280 | 22,118 | 26,897 | 24,244 | |||
Accumulated other comprehensive loss | (4,584) | (5,242) | (3,837) | (4,901) | (4,870) | |||
Total shareholders' equity | 238,488 | 230,189 | 225,242 | 174,968 | 169,471 | |||
Total liabilities and shareholders' equity | $ 2,293,903 | $ 2,211,170 | $ 2,214,896 | $ 1,510,751 | $ 1,448,508 | |||
Per Share Information: | ||||||||
Shares outstanding | 19,013 | 18,976 | 18,980 | 15,541 | 15,020 | |||
Book value per share | $ 12.54 | $ 12.13 | $ 11.87 | $ 11.26 | $ 11.28 | |||
Tangible book value per share(1) | $ 11.36 | $ 10.91 | $ 10.62 | $ 10.81 | $ 10.82 | |||
Capital Ratios: | ||||||||
Tier 1 leverage | 9.95 % | 9.84 % | 10.58 % | 12.14 % | 11.75 % | |||
Common equity Tier 1 capital | 11.14 % | 10.97 % | 10.70 % | 12.64 % | 13.12 % | |||
Tier 1 risk-based capital | 11.14 % | 10.97 % | 10.70 % | 12.64 % | 13.12 % | |||
Total risk-based capital | 12.81 % | 12.63 % | 12.34 % | 13.81 % | 14.29 % | |||
Tangible common equity(1) | 9.51 % | 9.46 % | 9.20 % | 11.17 % | 11.27 % | |||
(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation subsequently included in these materials for a reconciliation to the most | ||||||||
Dogwood State Bank | ||||||||
Asset Quality Measures | ||||||||
Quarter Ended | ||||||||
(Dollars in thousands) | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||
Nonperforming Assets: | ||||||||
Non-accrual loans | $ 7,635 | $ 5,582 | $ 3,234 | $ 3,234 | $ 2,069 | |||
Loans 90 days or more past due and accruing | - | 338 | - | - | - | |||
Other real estate owned | 104 | 104 | 104 | 104 | - | |||
Total nonperforming assets | $ 7,739 | $ 6,024 | $ 3,338 | $ 3,338 | $ 2,069 | |||
Asset Quality Ratios: | ||||||||
Nonperforming loans/loans | 0.41 % | 0.33 % | 0.18 % | 0.26 % | 0.18 % | |||
Nonperforming assets/total assets | 0.34 % | 0.27 % | 0.15 % | 0.22 % | 0.14 % | |||
Nonperforming assets/loans and other real estate owned | 0.42 % | 0.33 % | 0.19 % | 0.27 % | 0.18 % | |||
Loans 30 days or more past due/loans (excludes non-accruals) | 0.77 % | 0.67 % | 0.29 % | 0.21 % | 0.41 % | |||
Allowance for Credit Losses (ACL): | ||||||||
ACL on Loans: | ||||||||
Balance, beginning of period | $ 19,698 | $ 19,143 | $ 13,349 | $ 12,344 | $ 11,943 | |||
Reclass of Day 1 ACL from fair value discount on acquired PCD loans | - | - | 658 | - | - | |||
Loans charged off | (632) | (614) | (738) | (987) | (288) | |||
Recoveries of loans previously charged off | 151 | 29 | 79 | 11 | 9 | |||
Net loans charged off | (481) | (585) | (659) | (976) | (279) | |||
Provision for credit losses | 1,274 | 1,140 | 5,795 | 1,981 | 680 | |||
Balance, end of period | $ 20,491 | $ 19,698 | $ 19,143 | $ 13,349 | $ 12,344 | |||
ACL on Off-Balance Sheet Credit Exposures: | ||||||||
Balance, beginning of period | $ 2,571 | $ 2,595 | $ 2,336 | $ 2,300 | $ 2,059 | |||
Reserve on acquired unfunded loan commitments | - | - | 197 | - | - | |||
Provision for credit losses | (156) | (24) | 62 | 36 | 241 | |||
Balance, end of period | $ 2,415 | $ 2,571 | $ 2,595 | $ 2,336 | $ 2,300 | |||
Allowance for Credit Losses Ratios: | ||||||||
Allowance for credit losses/loans | 1.10 % | 1.08 % | 1.09 % | 1.08 % | 1.07 % | |||
Allowance for credit losses/nonperforming loans | 268.38 % | 332.74 % | 591.93 % | 412.77 % | 596.62 % | |||
Net charge-offs/average loans (annualized) | 0.11 % | 0.13 % | 0.17 % | 0.33 % | 0.10 % | |||
Dogwood State Bank | ||||||||||||||||||||
Net Interest Margin Analysis | ||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||||
(Dollars in thousands) | Average | Income/ Expense | Yield/ | Average Balance | Income/ Expense | Yield/ Rate | Average | Income/ Expense | Yield/ | |||||||||||
Interest-Earning Assets: | ||||||||||||||||||||
Loans | $ 1,832,242 | $ 30,837 | 6.83 % | $ 1,772,350 | $ 30,524 | 6.85 % | $ 1,125,595 | $ 18,116 | 6.47 % | |||||||||||
Investment securities | 181,864 | 1,783 | 3.98 % | 170,307 | 1,635 | 3.82 % | 131,250 | 1,029 | 3.15 % | |||||||||||
Interest-earning deposits with banks | 74,364 | 706 | 3.85 % | 93,153 | 1,005 | 4.29 % | 78,807 | 975 | 4.98 % | |||||||||||
Total interest-earning assets | 2,088,470 | 33,326 | 6.47 % | 2,035,810 | 33,164 | 6.48 % | 1,335,652 | 20,120 | 6.06 % | |||||||||||
Non interest-earning assets | 131,933 | 129,999 | 66,568 | |||||||||||||||||
Total assets | $ 2,220,403 | $ 2,165,809 | $ 1,402,220 | |||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Interest-bearing demand | $ 148,704 | $ 332 | 0.91 % | $ 175,373 | $ 468 | 1.06 % | $ 124,309 | $ 293 | 0.95 % | |||||||||||
Savings and money market | 749,088 | 5,180 | 2.80 % | 759,932 | 6,006 | 3.14 % | 601,319 | 6,110 | 4.09 % | |||||||||||
Time | 486,447 | 4,905 | 4.09 % | 395,409 | 4,489 | 4.52 % | 170,964 | 1,967 | 4.63 % | |||||||||||
Total interest-bearing deposits | 1,384,239 | 10,417 | 3.05 % | 1,330,714 | 10,963 | 3.28 % | 896,592 | 8,370 | 3.75 % | |||||||||||
FHLB advances | 94,934 | 1,024 | 4.37 % | 68,177 | 797 | 4.65 % | 27,253 | 368 | 5.43 % | |||||||||||
Subordinated debt | 9,735 | 209 | 8.71 % | 9,659 | 209 | 0.00 % | - | - | 0.00 % | |||||||||||
Lease obligations | 12,157 | 63 | 2.10 % | 10,404 | 66 | 2.52 % | 11,086 | 70 | 2.54 % | |||||||||||
Total interest-bearing liabilities | 1,501,065 | 11,713 | 3.16 % | 1,418,954 | 12,035 | 3.37 % | 934,931 | 8,808 | 3.79 % | |||||||||||
Non-interest bearing deposits | 463,954 | 496,016 | 288,518 | |||||||||||||||||
Other liabilities | 19,807 | 22,497 | 12,237 | |||||||||||||||||
Shareholders' equity | 235,577 | 228,342 | 166,534 | |||||||||||||||||
Total liabilities and shareholders' equity | $ 2,220,403 | $ 2,165,809 | $ 1,402,220 | |||||||||||||||||
Net interest income and interest rate spread | $ 21,613 | 3.31 % | $ 21,129 | 3.11 % | $ 11,314 | 2.27 % | ||||||||||||||
Net interest margin | 4.20 % | 4.13 % | 3.41 % | |||||||||||||||||
Cost of funds | 2.42 % | 2.50 % | 2.90 % | |||||||||||||||||
Cost of deposits | 2.29 % | 2.39 % | 2.84 % | |||||||||||||||||
Dogwood State Bank | ||||||||
Non-GAAP Reconciliation | ||||||||
Quarter Ended | ||||||||
(In thousands, except per share data) | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||
Net income and EPS: | ||||||||
Net income (loss) (GAAP) | $ 7,359 | $ 6,161 | $ (4,780) | $ 2,654 | $ 1,838 | |||
Adjust for provision on acquired non-PCD loans, net of tax | - | 4,111 | - | - | ||||
Adjust for merger and acquisition expenses, net of tax | 99 | 458 | 7,039 | 433 | 738 | |||
Adjusted net income (non-GAAP) | $ 7,458 | $ 6,619 | $ 6,369 | $ 3,087 | $ 2,576 | |||
Weighted average common shares outstanding | ||||||||
Basic | 18,502 | 18,488 | 17,301 | 14,905 | 14,377 | |||
Diluted | 18,989 | 18,978 | 17,810 | 15,480 | 15,075 | |||
EPS (GAAP) | ||||||||
Basic | $ 0.40 | $ 0.33 | $ (0.28) | $ 0.18 | $ 0.13 | |||
Diluted | 0.39 | 0.32 | (0.27) | 0.17 | 0.12 | |||
Adjusted EPS (non-GAAP) | ||||||||
Basic | $ 0.40 | $ 0.36 | $ 0.37 | $ 0.21 | $ 0.18 | |||
Diluted | 0.39 | 0.35 | 0.36 | 0.20 | 0.17 | |||
PPNR: | ||||||||
Net income (loss) (GAAP) | $ 7,359 | $ 6,161 | $ (4,780) | $ 2,654 | $ 1,838 | |||
Add: | ||||||||
Provision for credit losses | 1,118 | 1,116 | 5,857 | 2,017 | 921 | |||
Income tax expense (benefit) | 2,161 | 1,812 | (1,445) | 811 | 588 | |||
PPNR (non-GAAP) | 10,638 | 9,089 | (368) | 5,482 | 3,347 | |||
Add: merger and acquisition expenses | 128 | 595 | 9,139 | 562 | 958 | |||
Adjusted PPNR (non-GAAP) | $ 10,766 | $ 9,684 | $ 8,771 | $ 6,044 | $ 4,305 | |||
ROA: | ||||||||
Net income (loss) (GAAP) | $ 7,359 | $ 6,161 | $ (4,780) | $ 2,654 | $ 1,838 | |||
Adjusted net income (non-GAAP) | 7,458 | 6,619 | 6,369 | 3,087 | 2,576 | |||
Average assets | $ 2,220,403 | $ 2,165,809 | $ 1,954,902 | $ 1,494,353 | $ 1,402,220 | |||
ROA | 1.34 % | 1.13 % | -0.97 % | 0.71 % | 0.53 % | |||
Adjusted ROA (non-GAAP) | 1.36 % | 1.22 % | 1.30 % | 0.83 % | 0.74 % | |||
ROE and ROTCE: | ||||||||
Net income (loss) (GAAP) | $ 7,359 | $ 6,161 | $ (4,780) | $ 2,654 | $ 1,838 | |||
Adjusted net income (non-GAAP) | 7,458 | 6,619 | 6,369 | 3,087 | 2,576 | |||
Average shareholders' equity (GAAP) | 235,577 | 228,342 | 209,674 | 173,356 | 166,534 | |||
Less: average goodwill and other intangible assets, net | 22,922 | 23,426 | 18,234 | 7,018 | 7,027 | |||
Average tangible common equity (non-GAAP) | 212,655 | 204,916 | 191,440 | 166,338 | 159,507 | |||
ROE | 12.67 % | 10.73 % | -9.07 % | 6.16 % | 4.44 % | |||
Adjusted ROE (non-GAAP) | 12.84 % | 11.53 % | 12.09 % | 7.16 % | 6.22 % | |||
ROTCE (non-GAAP) | 14.03 % | 11.96 % | -9.93 % | 6.42 % | 4.63 % | |||
Adjusted ROTCE (non-GAAP) | 14.22 % | 12.85 % | 13.24 % | 7.46 % | 6.50 % | |||
Efficiency Ratio: | ||||||||
Non-interest expense (GAAP) | $ 15,753 | $ 15,779 | $ 22,723 | $ 10,470 | $ 10,815 | |||
Less: merger and acquisition expenses | 128 | 595 | 9,139 | 562 | 958 | |||
Adjusted non-interest expense (non-GAAP) | 15,625 | 15,184 | 13,584 | 9,908 | 9,857 | |||
Net interest income | 21,613 | 21,129 | 18,157 | 12,521 | 11,312 | |||
Non-interest income | 4,778 | 3,739 | 4,198 | 3,431 | 2,850 | |||
Total revenue | 26,391 | 24,868 | 22,355 | 15,952 | 14,162 | |||
Efficiency ratio (non-interest expense / total revenue) | 59.69 % | 63.45 % | 101.65 % | 65.63 % | 76.37 % | |||
Adjusted efficiency ratio (non-GAAP) | 59.21 % | 61.06 % | 60.76 % | 62.11 % | 69.60 % | |||
Tangible Book Value per Share and Tangible Common Equity Ratio: | ||||||||
Shareholders' equity (GAAP) | $ 238,488 | $ 230,189 | $ 225,242 | $ 174,968 | $ 169,471 | |||
Less: goodwill and other intangible assets, net | 22,479 | 23,145 | 23,743 | 7,016 | 7,020 | |||
Tangible common equity (non-GAAP) | 216,009 | 207,044 | 201,499 | 167,952 | 162,451 | |||
Common shares outstanding | 19,013 | 18,976 | 18,980 | 15,541 | 15,020 | |||
Book value per share | $ 12.54 | $ 12.13 | $ 11.87 | $ 11.26 | $ 11.28 | |||
Tangible book value per share (non-GAAP) | 11.36 | 10.91 | 10.62 | 10.81 | 10.82 | |||
Total assets (GAAP) | $ 2,293,903 | $ 2,211,170 | $ 2,214,896 | $ 1,510,751 | $ 1,448,508 | |||
Less: goodwill and other intangible assets, net | 22,479 | 23,145 | 23,743 | 7,016 | 7,020 | |||
Tangible assets (non-GAAP) | 2,271,424 | 2,188,025 | 2,191,153 | 1,503,735 | 1,441,488 | |||
Tangible common equity to tangible assets (non-GAAP) | 9.51 % | 9.46 % | 9.20 % | 11.17 % | 11.27 % | |||
View original content:https://www.prnewswire.com/news-releases/dogwood-state-bank-reports-record-earnings-in-first-quarter-of-2025-302431930.html
SOURCE Dogwood State Bank
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