FFB Bancorp Earns $8.56 million, or $2.69 per Diluted Share, for Third Quarter 2024
FFB Bancorp (OTCQX: FFBB), parent company of FFB Bank, reported a net income of $8.56 million, or $2.69 per diluted share, for Q3 2024, up 6% from Q2 2024 but down 3% from Q3 2023. For the nine months ended September 30, 2024, net income was $24.43 million, compared to $25.99 million for the same period in 2023.
Key highlights include a 14% increase in gross revenue to $25.40 million and a 16% rise in total assets to $1.51 billion compared to Q3 2023. The total loan portfolio grew 11% to $998.22 million, and total deposits increased 14% to $1.29 billion. Shareholder equity rose 45% to $163.64 million, with a book value per share of $51.51.
The net interest margin contracted by 9 basis points to 5.11%, while non-interest income increased 18% to $7.62 million. Non-interest expenses rose 28% to $12.74 million, primarily due to higher salaries and employee benefits. The efficiency ratio was 50.16%, and the adjusted efficiency ratio was 44.75%.
FFB Bancorp also launched the first phase of a new CFT/AML/Fraud monitoring system, aimed at enhancing transaction monitoring capabilities.
FFB Bancorp (OTCQX: FFBB), la società madre di FFB Bank, ha riportato un utile netto di 8,56 milioni di dollari, ovvero 2,69 dollari per azione diluita, per il terzo trimestre del 2024, con un aumento del 6% rispetto al secondo trimestre del 2024 ma in calo del 3% rispetto al terzo trimestre del 2023. Nei nove mesi terminati il 30 settembre 2024, l'utile netto è stato di 24,43 milioni di dollari, rispetto ai 25,99 milioni di dollari dello stesso periodo del 2023.
Tra i punti salienti, si segnala un incremento del 14% nel fatturato lordo, che ha raggiunto i 25,40 milioni di dollari, e un aumento del 16% nel totale degli attivi, saliti a 1,51 miliardi di dollari rispetto al terzo trimestre del 2023. Il portafoglio prestiti totale è cresciuto dell'11% a 998,22 milioni di dollari, e i depositi totali sono aumentati del 14% a 1,29 miliardi di dollari. Il patrimonio netto degli azionisti è aumentato del 45% a 163,64 milioni di dollari, con un valore contabile per azione di 51,51 dollari.
Il margine di interesse netto si è contratto di 9 punti base, attestandosi al 5,11%, mentre il reddito non derivante da interessi è aumentato del 18% a 7,62 milioni di dollari. Le spese non derivanti da interessi sono aumentate del 28% a 12,74 milioni di dollari, principalmente a causa dell'aumento degli stipendi e dei benefici per i dipendenti. Il rapporto di efficienza era del 50,16%, mentre il rapporto di efficienza rettificato era del 44,75%.
FFB Bancorp ha inoltre lanciato la prima fase di un nuovo sistema di monitoraggio CFT/AML/Fraude, progettato per migliorare le capacità di monitoraggio delle transazioni.
FFB Bancorp (OTCQX: FFBB), la empresa matriz de FFB Bank, reportó una utilidad neta de $8.56 millones, o $2.69 por acción diluida, para el tercer trimestre de 2024, un aumento del 6% respecto al segundo trimestre de 2024, pero una disminución del 3% en comparación con el tercer trimestre de 2023. Durante los nueve meses que terminaron el 30 de septiembre de 2024, la utilidad neta fue de $24.43 millones, en comparación con los $25.99 millones del mismo período en 2023.
Los aspectos más destacados incluyen un aumento del 14% en los ingresos brutos, alcanzando los $25.40 millones, y un crecimiento del 16% en los activos totales hasta $1.51 mil millones en comparación con el tercer trimestre de 2023. La cartera total de préstamos creció un 11% hasta alcanzar los $998.22 millones, y los depósitos totales aumentaron un 14% hasta $1.29 mil millones. El patrimonio neto de los accionistas creció un 45% hasta los $163.64 millones, con un valor en libros por acción de $51.51.
El margen de interés neto se contrajo en 9 puntos básicos hasta el 5.11%, mientras que los ingresos no derivados de intereses aumentaron un 18% hasta $7.62 millones. Los gastos no relacionados con intereses crecieron un 28% hasta $12.74 millones, principalmente debido a salarios más altos y beneficios para empleados. La ratio de eficiencia fue del 50.16%, y la ratio de eficiencia ajustada fue del 44.75%.
FFB Bancorp también lanzó la primera fase de un nuevo sistema de monitoreo CFT/AML/Fraude, con el objetivo de mejorar las capacidades de monitoreo de transacciones.
FFB Bancorp (OTCQX: FFBB), FFB Bank의 모회사,는 2024년 3분기에 856만 달러의 순이익, 즉 희석주당 2.69달러를 보고했습니다. 이는 2024년 2분기 대비 6% 증가했지만 2023년 3분기 대비 3% 감소한 수치입니다. 2024년 9개월 동안의 순이익은 2443만 달러로, 2023년 같은 기간의 2599만 달러와 비교됩니다.
주요 하이라이트로는 총 매출이 14% 증가하여 2540만 달러에 달하고, 총 자산이 16% 증가하여 15억 1000만 달러에 달했습니다. 총 대출 포트폴리오는 11% 증가하여 9억 9822만 달러에 이르고, 총 예금은 14% 증가하여 12억 9000만 달러에 이릅니다. 주주 자본은 45% 증가하여 1억 6364만 달러에 이르며, 주당 장부 가치는 51.51달러입니다.
순이자 마진은 9 베이시스 포인트 감소하여 5.11%로 떨어졌고, 비이자 소득은 18% 증가하여 762만 달러에 달했습니다. 비이자 비용은 28% 증가하여 1274만 달러에 이르며, 이는 주로 높은 급여와 직원 복리후생 때문입니다. 효율성 비율은 50.16%였고, 조정된 효율성 비율은 44.75%였습니다.
FFB Bancorp는 거래 모니터링 기능 향상을 목표로 하는 새로운 CFT/AML/사기 모니터링 시스템의 첫 번째 단계를 출시했습니다.
FFB Bancorp (OTCQX: FFBB), la société mère de FFB Bank, a rapporté un bénéfice net de 8,56 millions de dollars, soit 2,69 dollars par action diluée, pour le troisième trimestre 2024, en hausse de 6 % par rapport au deuxième trimestre 2024, mais en baisse de 3 % par rapport au troisième trimestre 2023. Pour les neuf mois se terminant le 30 septembre 2024, le bénéfice net était de 24,43 millions de dollars, contre 25,99 millions de dollars pour la même période en 2023.
Parmi les points clés, on note une augmentation de 14 % des revenus bruts, atteignant 25,40 millions de dollars et une hausse de 16 % des actifs totaux, qui s'élevés à 1,51 milliard de dollars par rapport au troisième trimestre 2023. Le portefeuille de prêts total a crû de 11 % pour atteindre 998,22 millions de dollars, et les dépôts totaux ont augmenté de 14 % pour atteindre 1,29 milliard de dollars. Les fonds propres des actionnaires ont augmenté de 45 % pour atteindre 163,64 millions de dollars, avec une valeur comptable par action de 51,51 dollars.
La marge d'intérêt nette s'est réduite de 9 points de base, atteignant 5,11%, tandis que les revenus non liés aux intérêts ont augmenté de 18 % pour atteindre 7,62 millions de dollars. Les dépenses non liées aux intérêts ont augmenté de 28 % pour atteindre 12,74 millions de dollars, principalement en raison de l'augmentation des salaires et des avantages pour les employés. Le ratio d'efficacité était de 50,16 %, et le ratio d'efficacité ajusté était de 44,75 %.
FFB Bancorp a également lancé la première phase d'un nouveau système de surveillance CFT/AML/Fraude, destiné à améliorer les capacités de surveillance des transactions.
FFB Bancorp (OTCQX: FFBB), die Muttergesellschaft der FFB Bank, berichtete für das dritte Quartal 2024 einen Nettoertrag von 8,56 Millionen Dollar, was 2,69 Dollar pro verwässerter Aktie entspricht. Dies stellt einen Anstieg von 6 % im Vergleich zum zweiten Quartal 2024 dar, aber einen Rückgang von 3 % im Vergleich zum dritten Quartal 2023. Für die neun Monate bis zum 30. September 2024 betrug der Nettoertrag 24,43 Millionen Dollar, verglichen mit 25,99 Millionen Dollar im gleichen Zeitraum 2023.
Zu den wichtigsten Punkten gehört ein Anstieg des Bruttoumsatzes um 14 % auf 25,40 Millionen Dollar und ein Anstieg der Gesamtlassets um 16 % auf 1,51 Milliarden Dollar im Vergleich zum dritten Quartal 2023. Das gesamte Kreditportfolio wuchs um 11 % auf 998,22 Millionen Dollar, und die Gesamteinlagen stiegen um 14 % auf 1,29 Milliarden Dollar. Das Eigenkapital der Aktionäre stieg um 45 % auf 163,64 Millionen Dollar, mit einem Buchwert pro Aktie von 51,51 Dollar.
Die Nettozinsspanne verringerte sich um 9 Basispunkte auf 5,11 %, während die Nettozinseinkünfte um 18 % auf 7,62 Millionen Dollar stiegen. Die Nichtzinsaufwendungen nahmen um 28 % auf 12,74 Millionen Dollar zu, hauptsächlich aufgrund höherer Gehälter und Mitarbeiterleistungen. Die Effizienzquote betrug 50,16 %, und die bereinigte Effizienzquote lag bei 44,75 %.
FFB Bancorp hat auch die erste Phase eines neuen CFT/AML/Betrugsüberwachungssystems gestartet, das darauf abzielt, die Transaktionsüberwachungsfunktionen zu verbessern.
- Net income for Q3 2024 increased by 6% from the previous quarter.
- Gross revenue rose 14% to $25.40 million compared to Q3 2023.
- Total assets increased by 16% to $1.51 billion year-over-year.
- Total loan portfolio grew 11% to $998.22 million.
- Total deposits increased by 14% to $1.29 billion.
- Shareholder equity rose 45% to $163.64 million.
- Non-interest income increased 18% to $7.62 million.
- Net income decreased by 3% compared to Q3 2023.
- Net interest margin contracted by 9 basis points to 5.11%.
- Non-interest expenses increased 28% to $12.74 million.
- The efficiency ratio worsened to 50.16% from 44.73% a year ago.
FRESNO, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) -- FFB Bancorp (the “Company”) (OTCQX: FFBB) the parent company of FFB Bank (the “Bank”) today reported net income of
Third Quarter 2024 Highlights: As of, or for the quarter ended September 30, 2024, compared to the quarter ended September 30, 2023:
- Pre-tax, pre-provision income increased
3% to$12.67 million . - Net income decreased
3% to$8.56 million . - Return on average equity (“ROAE”) was
21.11% . - Return on average assets (“ROAA”) was
2.31% . - Net interest margin contracted 9 basis points to
5.11% from5.20% a year earlier. - Gross revenue (net interest income, before the provision for credit losses, plus non-interest income) increased
14% to$25.40 million . - Total assets increased
16% to$1.51 billion . - Total portfolio of loans increased
11% to$998.22 million . - Total deposits increased
14% to$1.29 billion . - Shareholder equity increased
45% to$163.64 million . - Book value per common share increased
45% to$51.51 . - The Company’s tangible common equity ratio was
10.82% , while the Bank’s regulatory leverage capital ratio was14.35% , and the total risk-based capital ratio was21.09% at September 30, 2024.
"The third quarter of 2024 reflects growth in revenues of
“During the third quarter we went live with the first of several phases of a new CFT/AML/Fraud monitoring system. Phase 1 of the new system covers both the core bank and merchant processing related payment flows. Future phases will monitor front-end card transactions for all of our ISO partners and eventually will work in conjunction with our core banking system to give us a real-time look at transaction monitoring. This is a scalable solution that will grow with the bank.”
Results of Operations
Quarter ended September 30, 2024:
Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased
Net interest income, before the provision for credit losses, increased
The Company’s net interest margin (“NIM”) decreased by 9 basis points to
The yield on earning assets was
Total non-interest income was
Merchant services revenue increased
| Merchant ISO Processing Volumes (in thousands) | ||||||||||
| Source | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | |||||
| ISO Partner Sponsorship | $ | 3,491,321 | $ | 3,812,386 | $ | 3,763,289 | $ | 4,391,365 | $ | 4,556,868 |
| FFB Payments- Sub-ISO Merchants | 12,382 | 20,992 | 19,370 | 24,414 | 24,661 | |||||
| FFB Payments - Direct Merchants | 61,987 | 93,443 | 77,349 | 76,059 | 64,512 | |||||
| Total volume | $ | 3,565,690 | $ | 3,926,821 | $ | 3,860,008 | $ | 4,491,838 | $ | 4,646,041 |
| Merchant ISO Processing Revenues (in thousands) | ||||||||||
| Source of Revenue | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | |||||
| Net Revenue*: | ||||||||||
| ISO Partner Sponsorship | $ | 2,169 | $ | 1,916 | $ | 2,183 | $ | 2,156 | $ | 2,284 |
| Gross Revenue: | ||||||||||
| FFB Payments- Sub-ISO Merchants | 466 | 539 | 672 | 795 | 810 | |||||
| FFB Payments - Direct Merchants | 2,078 | 2,693 | 3,213 | 3,117 | 2,476 | |||||
| 2,544 | 3,232 | 3,885 | 3,912 | 3,286 | ||||||
| Gross Expense: | ||||||||||
| FFB Payments- Sub-ISO Merchants | 361 | 455 | 518 | 675 | 723 | |||||
| FFB Payments - Direct Merchants | 1,428 | 1,720 | 1,842 | 1,989 | 1,766 | |||||
| 1,789 | 2,175 | 2,360 | 2,664 | 2,489 | ||||||
| Net Revenue: | ||||||||||
| FFB Payments- Sub-ISO Merchants | 105 | 84 | 154 | 120 | 87 | |||||
| FFB Payments - Direct Merchants | 650 | 973 | 1,371 | 1,128 | 710 | |||||
| FFB Payments Net Revenue | 755 | 1,057 | 1,525 | 1,248 | 797 | |||||
| Net Merchant Services Income: | $ | 2,924 | $ | 2,973 | $ | 3,708 | $ | 3,404 | $ | 3,081 |
*ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.
Total deposit fee income increased
There was a
Non-interest expense increased
“During 2024 we have made intentional investments in people and technology to ensure that the bank can efficiently scale moving forward, and specifically to support our payment ecosystem, product development, and regional expansion initiatives. During the third quarter, we hired a General Counsel and Chief Compliance Officer with an extensive background in both bank operations and bank regulatory framework. This key role further strengthens our leadership team and reinforces our focus on maintaining a robust legal and regulatory framework. In addition, we recently initiated an in-depth review of our merchant services business to assess its alignment with our overall risk appetite, given the significant growth in this area, ” said Miller.
Full-time employees increased to 163 at September 30, 2024, compared to 127 full-time employees a year earlier, and 157 full-time employees from the previous quarter. As a result of the increased headcount, salaries and employee benefits increased
Occupancy and equipment expenses decreased
The efficiency ratio was
Nine months ended September 30, 2024:
For the nine months ended September 30, 2024, operating revenue increased
For the nine months ended September 30, 2024, non-interest income increased
For the nine months ended September 30, 2024, operating expenses increased by
For the nine months ended September 30, 2024, the efficiency ratio was
Balance Sheet Review
Total assets increased
The total portfolio of loans increased
Commercial real estate loans increased
The commercial and industrial (C&I) portfolio increased
Investment securities totaled
Total deposits increased
There were no short-term borrowings at September 30, 2024, compared to
| Liquidity Source (in thousands) | September 30, 2024 | June 30, 2024 | ||
| Cash and cash equivalents | $ | 116,875 | $ | 73,319 |
| Unpledged investment securities, fair value | 116,784 | 114,090 | ||
| FHLB advance capacity | 288,943 | 235,906 | ||
| Federal Reserve discount window capacity | 166,482 | 171,065 | ||
| Correspondent bank unsecured lines of credit | 91,500 | 91,500 | ||
| $ | 780,584 | $ | 685,880 | |
The total primary and secondary liquidity of
Shareholders’ equity increased
“The tangible common equity ratio was
At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was
Asset Quality
Nonperforming assets increased to
Past due loans 30-60 days were
| Delinquent Loan Summary | Organic | Purchased Govt. Guaranteed | Total | |||
| (in thousands) | ||||||
| Delinquent accruing loans 30-59 days | $ | 313 | $ | 1,341 | $ | 1,654 |
| Delinquent accruing loans 60-89 days | 1 | 1,389 | 1,390 | |||
| Delinquent accruing loans 90+ days | — | 322 | 322 | |||
| Total delinquent accruing loans | $ | 314 | $ | 3,052 | $ | 3,366 |
| Non-Accrual Loan Summary | Organic | Purchased Govt. Guaranteed | Total | |||
| (in thousands) | ||||||
| Loans on non-accrual | $ | 12,821 | $ | — | $ | 12,821 |
| Non-accrual loans with SBA guarantees | 9,818 | — | 9,818 | |||
| Net Bank exposure to non-accrual loans | $ | 3,003 | $ | — | $ | 3,003 |
There was a
"We watch the SBA portfolio very closely since rates have increased so rapidly over the last two years, putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans where borrowers will begin to see some payment relief as interest rates fall. The interest rates on these loans are tied to WSJ Prime and reset quarterly,” added Miller. “A portion of the portfolio consists of fully guaranteed loans the Company has purchased, as well as organic SBA and USDA loans the Bank has originated. When the effect of these guarantees is considered relative to the loan portfolio, the ratio of allowance for credit losses to the total, non-guaranteed, loan portfolio was
“We incurred net recoveries of
| (in thousands) | CRE Office Exposure of September 30, 2024 | |||||
| Region | Owner-Occupied | Non-Owner Occupied | Total | |||
| Central Valley | $ | 24,306 | $ | 14,447 | $ | 38,753 |
| Southern California | 2,290 | 355 | 2,645 | |||
| Other California | 3,314 | 4,041 | 7,355 | |||
| Total California | 29,910 | 18,843 | 48,753 | |||
| Out of California | — | 534 | 534 | |||
| Total CRE Office | $ | 29,910 | $ | 19,377 | $ | 49,287 |
The ratio of allowance for credit losses to total loans was
About FFB Bancorp
FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California’s Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank’s awards and accomplishments, it was ranked #1 on American Banker’s list of the Top 20 Publicly Traded Banks 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, the Company’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the Federal Reserve to try and control inflation; 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.
Member FDIC
| Select Financial Information and Ratios | For the Quarter Ended: | Year to Date as of: | |||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
| BALANCE SHEET- ENDING BALANCES: | |||||||||||||||||||
| Total assets | $ | 1,512,241 | $ | 1,443,723 | $ | 1,308,866 | |||||||||||||
| Total portfolio loans | 998,222 | 969,764 | 897,746 | ||||||||||||||||
| Investment securities | 345,428 | 345,491 | 290,011 | ||||||||||||||||
| Total deposits | 1,286,949 | 1,168,957 | 1,132,045 | ||||||||||||||||
| Shareholders equity, net | 163,635 | 148,640 | 112,892 | ||||||||||||||||
| INCOME STATEMENT DATA | |||||||||||||||||||
| Gross revenue | 25,403 | 24,729 | 22,290 | 73,743 | 66,273 | ||||||||||||||
| Operating expense | 12,735 | 13,285 | 9,971 | 38,721 | 29,560 | ||||||||||||||
| Pre-tax, pre-provision income | 12,668 | 11,444 | 12,319 | 35,022 | 36,713 | ||||||||||||||
| Net income after tax | 8,563 | 8,076 | 8,872 | 24,429 | 25,993 | ||||||||||||||
| SHARE DATA | |||||||||||||||||||
| Basic earnings per share | $ | 2.70 | $ | 2.54 | $ | 2.79 | $ | 7.70 | $ | 8.18 | |||||||||
| Fully diluted EPS | $ | 2.69 | $ | 2.54 | $ | 2.79 | $ | 7.69 | $ | 8.18 | |||||||||
| Book value per common share | $ | 51.51 | $ | 46.79 | $ | 35.50 | |||||||||||||
| Common shares outstanding | 3,176,974 | 3,176,611 | 3,179,633 | ||||||||||||||||
| Fully diluted shares | 3,177,745 | 3,177,935 | 3,175,272 | ||||||||||||||||
| FFBB - Stock price | $ | 90.50 | $ | 89.00 | $ | 68.98 | |||||||||||||
| RATIOS | |||||||||||||||||||
| Return on average assets | 2.31 | % | 2.31 | % | 2.72 | % | 2.25 | % | 2.66 | % | |||||||||
| Return on average equity | 21.11 | % | 22.89 | % | 30.99 | % | 20.96 | % | 32.80 | % | |||||||||
| Efficiency ratio | 50.16 | % | 52.74 | % | 44.73 | % | 51.93 | % | 43.28 | % | |||||||||
| Adjusted efficiency ratio | 44.75 | % | 47.15 | % | 39.91 | % | 46.55 | % | 37.67 | % | |||||||||
| Yield on earning assets | 6.15 | % | 6.40 | % | 5.99 | % | 6.06 | % | 5.78 | % | |||||||||
| Yield on investment securities | 4.48 | % | 4.60 | % | 4.53 | % | 4.35 | % | 4.36 | % | |||||||||
| Yield on portfolio loans | 6.87 | % | 6.89 | % | 6.51 | % | 6.65 | % | 6.32 | % | |||||||||
| Cost to fund earning assets | 1.04 | % | 1.10 | % | 0.80 | % | 1.02 | % | 0.67 | % | |||||||||
| Cost of interest-bearing deposits | 2.83 | % | 2.75 | % | 2.16 | % | 2.62 | % | 1.69 | % | |||||||||
| Net Interest Margin | 5.11 | % | 5.31 | % | 5.20 | % | 5.04 | % | 5.11 | % | |||||||||
| Equity to assets | 10.82 | % | 10.30 | % | 8.63 | % | |||||||||||||
| Net loan to deposit ratio | 77.57 | % | 82.96 | % | 79.30 | % | |||||||||||||
| Full time equivalent employees | 163 | 157 | 127 | ||||||||||||||||
| BALANCE SHEET- AVERAGES | |||||||||||||||||||
| Total assets | 1,477,259 | 1,407,255 | 1,296,055 | 1,451,644 | 1,308,612 | ||||||||||||||
| Total portfolio loans | 982,152 | 954,871 | 871,931 | 978,599 | 864,572 | ||||||||||||||
| Investment securities | 343,096 | 334,416 | 300,285 | 343,849 | 320,187 | ||||||||||||||
| Total deposits | 1,254,343 | 1,199,124 | 1,118,875 | 1,232,482 | 1,134,056 | ||||||||||||||
| Shareholders equity, net | 161,363 | 141,881 | 113,578 | 155,651 | 105,948 | ||||||||||||||
| Consolidated Balance Sheet (unaudited) | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||
| (in thousands) | |||||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ | 78,404 | $ | 46,477 | $ | 10,372 | |||||
| Interest bearing deposits in banks | 38,471 | 26,842 | 60,369 | ||||||||
| CDs in other banks | 1,730 | 1,683 | 2,136 | ||||||||
| Investment securities | 345,428 | 345,491 | 290,011 | ||||||||
| Loans held for sale | — | — | — | ||||||||
| Construction & land development | 34,090 | 79,132 | 78,414 | ||||||||
| Residential RE 1-4 family | 18,036 | 17,439 | 16,759 | ||||||||
| Commercial real estate | 613,735 | 562,548 | 534,817 | ||||||||
| Agriculture | 92,378 | 77,518 | 58,319 | ||||||||
| Commercial and industrial | 238,628 | 232,786 | 209,376 | ||||||||
| Consumer and other | 1,355 | 341 | 61 | ||||||||
| Portfolio loans | 998,222 | 969,764 | 897,746 | ||||||||
| Deferred fees & discounts | (4,564 | ) | (4,106 | ) | (3,542 | ) | |||||
| Allowance for credit losses | (11,491 | ) | (10,749 | ) | (9,896 | ) | |||||
| Loans, net | 982,167 | 954,909 | 884,308 | ||||||||
| Non-marketable equity investments | 8,890 | 8,440 | 7,131 | ||||||||
| Cash value of life insurance | 12,305 | 12,211 | 11,941 | ||||||||
| Accrued interest and other assets | 44,846 | 47,670 | 42,598 | ||||||||
| Total assets | $ | 1,512,241 | $ | 1,443,723 | $ | 1,308,866 | |||||
| LIABILITIES AND EQUITY | |||||||||||
| Non-interest bearing deposits | $ | 826,708 | $ | 731,030 | $ | 737,366 | |||||
| Interest checking | 84,931 | 75,907 | 73,375 | ||||||||
| Savings | 52,860 | 51,052 | 56,928 | ||||||||
| Money market | 195,366 | 184,495 | 156,668 | ||||||||
| Certificates of deposits | 127,084 | 126,473 | 107,708 | ||||||||
| Total deposits | 1,286,949 | 1,168,957 | 1,132,045 | ||||||||
| Short-term borrowings | — | 68,000 | — | ||||||||
| Long-term debt | 37,967 | 39,678 | 39,560 | ||||||||
| Other liabilities | 23,690 | 18,448 | 24,369 | ||||||||
| Total liabilities | 1,348,606 | 1,295,083 | 1,195,974 | ||||||||
| Common stock | 37,931 | 37,430 | 35,875 | ||||||||
| Retained earnings | 138,419 | 129,856 | 106,426 | ||||||||
| Accumulated other comprehensive loss | (12,715 | ) | (18,646 | ) | (29,409 | ) | |||||
| Shareholders' equity | 163,635 | 148,640 | 112,892 | ||||||||
| Total liabilities and shareholders' equity | $ | 1,512,241 | $ | 1,443,723 | $ | 1,308,866 | |||||
| Consolidated Income Statement (unaudited) | Quarter ended: | Year ended: | |||||||||||||||
| (in thousands) | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||
| INTEREST INCOME: | |||||||||||||||||
| Loan interest income | $ | 16,971 | $ | 16,354 | $ | 14,303 | $ | 48,697 | $ | 40,893 | |||||||
| Investment income | 3,862 | 3,823 | 3,431 | 11,197 | 10,441 | ||||||||||||
| Int. on fed funds & CDs in other banks | 384 | 316 | 534 | 956 | 1,744 | ||||||||||||
| Dividends from non-marketable equity | 187 | 394 | 166 | 710 | 249 | ||||||||||||
| Total interest income | 21,404 | 20,887 | 18,434 | 61,560 | 53,327 | ||||||||||||
| INTEREST EXPENSE: | |||||||||||||||||
| Int. on deposits | 3,077 | 3,008 | 1,966 | 8,603 | 4,391 | ||||||||||||
| Int. on short-term borrowings | 76 | 109 | 29 | 334 | 392 | ||||||||||||
| Int. on long-term debt | 464 | 464 | 464 | 1,393 | 1,393 | ||||||||||||
| Total interest expense | 3,617 | 3,581 | 2,459 | 10,330 | 6,176 | ||||||||||||
| Net interest income | 17,787 | 17,306 | 15,975 | 51,230 | 47,151 | ||||||||||||
| PROVISION FOR CREDIT LOSSES | 762 | 291 | 152 | 1,432 | 981 | ||||||||||||
| Net interest income after provision | 17,025 | 17,015 | 15,823 | 49,798 | 46,170 | ||||||||||||
| NON-INTEREST INCOME: | |||||||||||||||||
| Total deposit fee income | 837 | 847 | 757 | 2,480 | 2,150 | ||||||||||||
| Debit / credit card interchange income | 183 | 186 | 160 | 536 | 453 | ||||||||||||
| Merchant services income | 5,570 | 6,068 | 4,713 | 17,706 | 16,106 | ||||||||||||
| Gain on sale of loans | 636 | 509 | 406 | 1,597 | 1,443 | ||||||||||||
| Gain (loss) on sale of investments | 16 | (459 | ) | — | (817 | ) | (2,028 | ) | |||||||||
| Other operating income | 374 | 272 | 279 | 1,011 | 998 | ||||||||||||
| Total non-interest income | 7,616 | 7,423 | 6,315 | 22,513 | 19,122 | ||||||||||||
| NON-INTEREST EXPENSE: | |||||||||||||||||
| Salaries & employee benefits | 6,469 | 6,724 | 5,022 | 19,775 | 14,564 | ||||||||||||
| Occupancy expense | 376 | 437 | 468 | 1,195 | 1,241 | ||||||||||||
| Merchant services operating expense | 2,489 | 2,664 | 1,789 | 7,512 | 6,145 | ||||||||||||
| Other operating expense | 3,401 | 3,460 | 2,692 | 10,239 | 7,610 | ||||||||||||
| Total non-interest expense | 12,735 | 13,285 | 9,971 | 38,721 | 29,560 | ||||||||||||
| Income before provision for income tax | 11,906 | 11,153 | 12,167 | 33,590 | 35,732 | ||||||||||||
| PROVISION FOR INCOME TAXES | 3,343 | 3,077 | 3,295 | 9,161 | 9,739 | ||||||||||||
| Net income | $ | 8,563 | $ | 8,076 | $ | 8,872 | $ | 24,429 | $ | 25,993 | |||||||
| ASSET QUALITY | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||
| (in thousands) | |||||||||||
| Delinquent accruing loans 30-60 days | $ | 1,654 | $ | 1,046 | $ | 321 | |||||
| Delinquent accruing loans 60-90 days | 1,390 | 175 | — | ||||||||
| Delinquent accruing loans 90+ days | 322 | 1,052 | 1,379 | ||||||||
| Total delinquent accruing loans | $ | 3,366 | $ | 2,273 | $ | 1,700 | |||||
| Loans on non-accrual | $ | 12,821 | $ | 11,250 | $ | 6,027 | |||||
| Other real estate owned | — | — | — | ||||||||
| Nonperforming assets | $ | 12,821 | $ | 11,250 | $ | 6,027 | |||||
| Delinquent 30-60 / Total Loans | 0.17 | % | 0.11 | % | 0.04 | % | |||||
| Delinquent 60-90 / Total Loans | 0.14 | % | 0.02 | % | — | % | |||||
| Delinquent 90+ / Total Loans | 0.03 | % | 0.11 | % | 0.15 | % | |||||
| Delinquent Loans / Total Loans | 0.34 | % | 0.23 | % | 0.19 | % | |||||
| Non-accrual / Total Loans | 1.28 | % | 1.16 | % | 0.67 | % | |||||
| Nonperforming assets to total assets | 0.85 | % | 0.78 | % | 0.46 | % | |||||
| Year-to-date charge-off activity | |||||||||||
| Charge-offs | $ | — | $ | — | $ | 678 | |||||
| Recoveries | 35 | 31 | 72 | ||||||||
| Net (recoveries) charge-offs | $ | (35 | ) | $ | (31 | ) | $ | 606 | |||
| Annualized net loan losses to average loans | — | % | (0.01) % | 0.09 | % | ||||||
| CREDIT LOSS RESERVE RATIOS: | |||||||||||
| Allowance for credit losses | $ | 11,491 | $ | 10,749 | $ | 9,896 | |||||
| Total loans | $ | 998,222 | $ | 969,764 | $ | 897,746 | |||||
| Purchased govt. guaranteed loans | $ | 17,072 | $ | 18,141 | $ | 20,650 | |||||
| Originated govt. guaranteed loans | $ | 41,918 | $ | 41,201 | $ | 34,674 | |||||
| ACL / Total loans | 1.15 | % | 1.11 | % | 1.10 | % | |||||
| ACL / Loans less | 1.17 | % | 1.13 | % | 1.13 | % | |||||
| ACL / Loans less all govt. guaranteed loans | 1.22 | % | 1.18 | % | 1.17 | % | |||||
| ACL / Total assets | 0.76 | % | 0.74 | % | 0.76 | % | |||||
| SELECT FINANCIAL TREND INFORMATION | For the Quarter Ended: | ||||||||||||||
| September 30, 2024 | June 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sept. 30, 2023 | |||||||||||
| BALANCE SHEET- PERIOD END | |||||||||||||||
| Total assets | $ | 1,512,241 | $ | 1,443,723 | $ | 1,395,095 | $ | 1,364,326 | $ | 1,308,866 | |||||
| Loans held for sale | — | — | — | — | — | ||||||||||
| Loans held for investment | 998,222 | 969,764 | 926,781 | 928,344 | 897,746 | ||||||||||
| Investment securities | 345,428 | 345,491 | 328,906 | 326,006 | 290,011 | ||||||||||
| Non-interest bearing deposits | 826,708 | 731,030 | 751,636 | 775,507 | 737,366 | ||||||||||
| Interest bearing deposits | 460,241 | 437,927 | 448,893 | 369,663 | 394,679 | ||||||||||
| Total deposits | 1,286,949 | 1,168,957 | 1,200,529 | 1,145,170 | 1,132,045 | ||||||||||
| Short-term borrowings | — | 68,000 | — | 34,000 | — | ||||||||||
| Long-term debt | 37,967 | 39,678 | 39,638 | 39,599 | 39,560 | ||||||||||
| Total equity | 176,350 | 167,286 | 158,690 | 150,169 | 142,301 | ||||||||||
| Accumulated other comprehensive loss | (12,715 | ) | (18,646 | ) | (19,974 | ) | (19,469 | ) | (29,409 | ) | |||||
| Shareholders' equity | 163,635 | 148,640 | 138,716 | 130,700 | 112,892 | ||||||||||
| QUARTERLY INCOME STATEMENT | |||||||||||||||
| Interest income | $ | 21,404 | $ | 20,887 | $ | 19,268 | $ | 19,327 | $ | 18,434 | |||||
| Interest expense | 3,617 | 3,581 | 3,131 | 2,946 | 2,457 | ||||||||||
| Net interest income | 17,787 | 17,306 | 16,137 | 16,381 | 15,977 | ||||||||||
| Non-interest income | 7,616 | 7,423 | 7,373 | 5,924 | 6,313 | ||||||||||
| Gross revenue | 25,403 | 24,729 | 23,510 | 22,305 | 22,290 | ||||||||||
| Provision for credit losses | 762 | 291 | 378 | 769 | 152 | ||||||||||
| Non-interest expense | 12,735 | 13,285 | 12,701 | 11,047 | 9,971 | ||||||||||
| Net income before tax | 11,906 | 11,153 | 10,431 | 10,489 | 12,167 | ||||||||||
| Tax provision | 3,343 | 3,077 | 2,741 | 2,924 | 3,295 | ||||||||||
| Net income after tax | 8,563 | 8,076 | 7,690 | 7,565 | 8,872 | ||||||||||
| BALANCE SHEET- AVERAGE BALANCE | |||||||||||||||
| Total assets | $ | 1,477,259 | $ | 1,407,255 | $ | 1,347,604 | $ | 1,341,435 | $ | 1,296,055 | |||||
| Loans held for sale | — | — | — | — | — | ||||||||||
| Loans held for investment | 982,152 | 954,871 | 925,561 | 917,620 | 871,931 | ||||||||||
| Investment securities | 343,096 | 334,416 | 315,820 | 294,060 | 300,285 | ||||||||||
| Non-interest bearing deposits | 822,200 | 758,977 | 755,603 | 760,153 | 757,118 | ||||||||||
| Interest bearing deposits | 432,143 | 440,147 | 393,514 | 390,288 | 361,758 | ||||||||||
| Total deposits | 1,254,343 | 1,199,124 | 1,149,117 | 1,150,441 | 1,118,876 | ||||||||||
| Short-term borrowings | — | 10,053 | 9,562 | 9,805 | 1,571 | ||||||||||
| Long-term debt | 39,479 | 39,660 | 39,620 | 39,580 | 39,541 | ||||||||||
| Shareholders' equity | 161,363 | 141,881 | 134,621 | 116,545 | 113,578 | ||||||||||
| Contact: | Steve Miller - President & CEO Bhavneet Gill – EVP & CFO (559) 439-0200 |
FAQ
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