Liberty Northwest Bancorp, Inc. Reports Second Quarter 2024 Earnings, Completes $1.2 Million Preferred Stock Issuance
Liberty Northwest Bancorp (OTCQX: LBNW) reported Q2 2024 earnings of $7,000, down from $18,000 in Q2 2023. The company completed a $1.2 million Preferred Stock issuance to strengthen its capital position and support growth. Key highlights include:
- Total assets: $190.8 million
- Net loans: $143.2 million (3% YoY increase)
- Net interest income: $1.05 million
- Net interest margin: 2.45%
- Total deposits: $145.8 million (4% increase)
- Tangible book value per share: $7.79
The company's asset quality remains strong, with a $90,000 reversal to credit loss provisions. Despite challenges from high interest rates, LBNW's deposit mix is improving, helping stabilize the net interest margin.
Liberty Northwest Bancorp (OTCQX: LBNW) ha riportato un utile per il secondo trimestre del 2024 di $7.000, in calo rispetto ai $18.000 del secondo trimestre del 2023. L'azienda ha completato un'emissione di azioni privilegiate per $1,2 milioni per rafforzare la propria posizione patrimoniale e supportare la crescita. I principali punti salienti includono:
- Attività totali: $190,8 milioni
- Prestiti netti: $143,2 milioni (aumento del 3% rispetto all'anno precedente)
- Reddito netto da interessi: $1,05 milioni
- Margine netto d'interesse: 2,45%
- Depositi totali: $145,8 milioni (aumento del 4%)
- Valore contabile tangibile per azione: $7,79
La qualità degli attivi dell'azienda rimane forte, con una reversibilità di $90.000 sulle riserve per perdite creditizie. Nonostante le sfide dovute ai tassi di interesse elevati, la composizione dei depositi di LBNW sta migliorando, contribuendo a stabilizzare il margine netto di interesse.
Liberty Northwest Bancorp (OTCQX: LBNW) reportó ganancias de $7,000 para el segundo trimestre de 2024, una disminución respecto a los $18,000 en el segundo trimestre de 2023. La compañía completó una emisión de acciones preferentes por $1.2 millones para fortalecer su posición de capital y apoyar el crecimiento. Los puntos destacados incluyen:
- Activos totales: $190.8 millones
- Préstamos netos: $143.2 millones (aumento del 3% interanual)
- Ingreso neto por intereses: $1.05 millones
- Margen neto de intereses: 2.45%
- Depósitos totales: $145.8 millones (aumento del 4%)
- Valor contable tangible por acción: $7.79
La calidad de los activos de la compañía se mantiene sólida, con una reversión de $90,000 a las provisiones de pérdidas crediticias. A pesar de los desafíos de los altos tipos de interés, la mezcla de depósitos de LBNW está mejorando, ayudando a estabilizar el margen neto de intereses.
리버티 노스웨스트 뱅코프(OTCQX: LBNW)는 2024년 2분기 수익이 $7,000로, 2023년 2분기의 $18,000에서 감소했다고 보고했습니다. 이 회사는 자본 위치를 강화하고 성장을 지원하기 위해 $120만 달러의 우선주 발행을 완료했습니다. 주요 하이라이트는 다음과 같습니다:
- 총 자산: $190.8백만
- 순 대출: $143.2백만 (전년 대비 3% 증가)
- 순 이자 수익: $1.05백만
- 순 이자 마진: 2.45%
- 총 예금: $145.8백만 (4% 증가)
- 주당 tangible book value: $7.79
회사의 자산 품질은 강력하며, 신용 손실 충당금에서 $90,000의 환수가 발생했습니다. 높은 이자율로 인한 어려움에도 불구하고, LBNW의 예금 믹스가 개선되고 있어 순 이자 마진의 안정화에 기여하고 있습니다.
Liberty Northwest Bancorp (OTCQX: LBNW) a rapporté des bénéfices pour le deuxième trimestre 2024 de 7 000 $, en baisse par rapport à 18 000 $ pour le deuxième trimestre 2023. L'entreprise a complété une émission d'actions préférentielles de 1,2 million $ pour renforcer sa position en capital et soutenir la croissance. Les points forts incluent :
- Actifs totaux : 190,8 millions $
- Prêts nets : 143,2 millions $ (augmentation de 3 % sur un an)
- Revenu net d'intérêts : 1,05 million $
- Marge nette d'intérêts : 2,45 %
- Dépôts totaux : 145,8 millions $ (augmentation de 4 %)
- Valeur comptable tangible par action : 7,79 $
La qualité des actifs de l'entreprise reste solide, avec une reprise de 90 000 $ sur les provisions pour pertes de crédit. Malgré les défis liés aux taux d'intérêt élevés, le mix de dépôts de LBNW s'améliore, ce qui contribue à stabiliser la marge nette d'intérêts.
Liberty Northwest Bancorp (OTCQX: LBNW) meldete für das zweite Quartal 2024 einen Gewinn von 7.000 $, was einem Rückgang von 18.000 $ im zweiten Quartal 2023 entspricht. Das Unternehmen hat eine Emission von Vorzugsaktien im Wert von 1,2 Millionen $ abgeschlossen, um seine Kapitalposition zu stärken und Wachstum zu unterstützen. Zu den wichtigsten Highlights gehören:
- Gesamtvermögen: 190,8 Millionen $
- Netto-Kredite: 143,2 Millionen $ (3% Anstieg im Jahresvergleich)
- Nettozinsergebnis: 1,05 Millionen $
- Nettozinsspanne: 2,45%
- Einlagen insgesamt: 145,8 Millionen $ (4% Anstieg)
- Tangible Buchwert pro Aktie: 7,79 $
Die Vermögensqualität des Unternehmens bleibt stark, mit einer Rückbuchung von 90.000 $ auf die Rückstellungen für Kreditausfälle. Trotz der Herausforderungen durch hohe Zinssätze verbessert sich die Einlagenstruktur von LBNW, was zur Stabilisierung der Nettozinsspanne beiträgt.
- Completed $1.2 million Preferred Stock issuance to strengthen capital position
- Net loans increased 3% YoY to $143.2 million
- Total deposits increased 4% to $145.8 million
- Net interest margin expanded 3 basis points QoQ to 2.45%
- Recorded $90,000 reversal to credit loss provisions due to improved credit quality
- Non-interest bearing demand deposits represent 30% of total deposits
- Total risk-based capital ratio of 15.26%, well above regulatory requirements
- Earnings decreased to $7,000 in Q2 2024 from $18,000 in Q2 2023
- Net interest income decreased to $1.05 million from $1.11 million YoY
- Net interest margin declined to 2.45% from 2.51% YoY
- Non-interest income decreased to $79,000 from $130,000 YoY
2024 Second Quarter Financial Highlights:
- Total assets were
$190.8 million at quarter end. - Net interest income of
$1.05 million for the second quarter. - Net interest margin of
2.45% for the second quarter. - Net loans increased
3% to$143.2 million at June 30, 2024, compared to$138.6 million a year ago. - Asset quality remains pristine.
- Non-interest bearing demand deposits represent
30% of total deposits. - Tangible book value per share was
$7.79 at quarter end.
POULSBO, Wash., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Liberty Northwest Bancorp, Inc. (OTCQX: LBNW) (the “Company”) and its wholly-owned subsidiary Liberty Bank today announced earnings of
Near the end of the second quarter of 2024, the Company completed the issuance of
“The proceeds from this offering will be used to further strengthen our capital position and to support continued growth in our vibrant Pacific Northwest markets,” said Rick Darrow, Liberty Northwest Bancorp, Inc. President and Chief Executive Officer.
Total assets were
Asset quality remained pristine during the quarter. The allowance for credit losses totaled
Due to improved credit quality metrics and net loan recoveries, the Company recorded a
Total deposits increased
Net interest income, before the provision for loan losses, was
“As anticipated, our net interest margin showed signs of stabilizing during the second quarter, expanding three basis points compared to the preceding quarter. The growth in our yield on earning assets more than offset the increase in cost of funds,” said Darrow. “Our deposit mix is also improving, which is helping to stabilize our net interest margin.” The Company’s net interest margin was
Total non-interest income was
Total noninterest expense was
Capital ratios continue to exceed regulatory requirements, with a total risk-based capital ratio at
“Our strong deposit franchise, abundant capital levels, and pristine credit quality put us in an excellent position to continue to expand our client base,” said Darrow. “Our community banking model is being well received in the markets that we serve, and we will continue to work to create value for our clients, shareholders and communities.”
About Liberty Northwest Bancorp, Inc.
Liberty Northwest Bancorp, Inc. is the bank holding company for Liberty Bank, a commercial bank chartered in the State of Washington. The Bank began operations June 11, 2009, and operates a full-service branch in Poulsbo, WA.. The Bank provides loan and deposit services to predominantly small and middle-sized businesses and individuals in and around Kitsap and King counties. The Bank is subject to regulation by the State of Washington Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC). For more information, please visit www.libertybanknw.com. Liberty Northwest Bancorp, Inc. (OTCQX: LBNW), qualified to trade on the OTCQX® Best Market in June 2022. For information related to the trading of LBNW, please visit www.otcmarkets.com.
For further discussion, please contact:
Rick Darrow, Chief Executive Officer | 360-394-4750
Forward-Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe Liberty Northwest Bancorp, Inc.’s projections, estimates, plans and expectations of future results and can be identified by words such as “believe,” “intend,” “estimate,” “likely,” “anticipate,” “expect,” “looking forward,” and other similar expressions. They are not guarantees of future performance. Actual results may differ materially from the results expressed in these forward-looking statements, which because of their forward-looking nature, are difficult to predict. Investors should not place undue reliance on any forward-looking statement, and should consider factors that might cause differences including but not limited to the degree of competition by traditional and nontraditional competitors, declines in real estate markets, an increase in unemployment or sustained high levels of unemployment; changes in interest rates; greater than expected costs to integrate acquisitions, adverse changes in local, national and international economies; changes in the Federal Reserve’s actions that affect monetary and fiscal policies; changes in legislative or regulatory actions or reform, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act; demand for products and services; changes to the quality of the loan portfolio and our ability to succeed in our problem-asset resolution efforts; the impact of technological advances; changes in tax laws; and other risk factors. Liberty Northwest Bancorp, Inc. undertakes no obligation to publicly update or clarify any forward-looking statement to reflect the impact of events or circumstances that may arise after the date of this release.
| STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||
| Quarter Ended June 30, 2024 | Quarter Ended March 31, 2024 | Three Month Change | Quarter Ended June 30, 2023 | One Year Change | Year to Date June 30, 2024 | Year to Date June 30, 2023 | One Year Change | |||||||||||||||||||||||
| Interest Income | ||||||||||||||||||||||||||||||
| Loans | $ | 1,920 | $ | 1,960 | -2 | % | $ | 1,783 | 8 | % | $ | 3,881 | $ | 3,469 | 12 | % | ||||||||||||||
| Interest bearing deposits in banks | 61 | 79 | -24 | % | 82 | -26 | % | 140 | 123 | 14 | % | |||||||||||||||||||
| Securities | 119 | 120 | -1 | % | 114 | 4 | % | 239 | 224 | 7 | % | |||||||||||||||||||
| Total interest income | 2,100 | 2,159 | -3 | % | 1,979 | 6 | % | 4,259 | 3,816 | 12 | % | |||||||||||||||||||
| Interest Expense | ||||||||||||||||||||||||||||||
| Deposits | 785 | 682 | 15 | % | 515 | 52 | % | 1,467 | 940 | 56 | % | |||||||||||||||||||
| Other Borrowings | 261 | 430 | -39 | % | 352 | -26 | % | 691 | 660 | 5 | % | |||||||||||||||||||
| Total interest expense | 1,046 | 1,112 | -6 | % | 867 | 21 | % | 2,158 | 1,600 | 35 | % | |||||||||||||||||||
| Net Interest Income | 1,053 | 1,048 | 1 | % | 1,112 | -5 | % | 2,101 | 2,216 | -5 | % | |||||||||||||||||||
| Provision for Loan Losses | (90 | ) | (40 | ) | 125 | % | (50 | ) | 80 | % | (130 | ) | (20 | ) | 550 | % | ||||||||||||||
| Net interest income after provision for loan losses | 1,143 | 1,088 | 5 | % | 1,162 | -2 | % | 2,231 | 2,236 | -0 | % | |||||||||||||||||||
| Non-Interest Income | ||||||||||||||||||||||||||||||
| Service charges on deposit accounts | 28 | 21 | 36 | % | 18 | 60 | % | 49 | 33 | 50 | % | |||||||||||||||||||
| Other non-interest income | 51 | 52 | -2 | % | 112 | -55 | % | 103 | 227 | -55 | % | |||||||||||||||||||
| Total non-interest income | 79 | 73 | 9 | % | 130 | -39 | % | 152 | 260 | -41 | % | |||||||||||||||||||
| Non-Interest Expense | ||||||||||||||||||||||||||||||
| Salaries and employee benefits | 673 | 605 | 11 | % | 720 | -6 | % | 1,278 | 1,412 | -9 | % | |||||||||||||||||||
| Occupancy and equipment expenses | 96 | 129 | -25 | % | 158 | -39 | % | 241 | 299 | -19 | % | |||||||||||||||||||
| Other operating expenses | 445 | 407 | 9 | % | 391 | 14 | % | 836 | 751 | 11 | % | |||||||||||||||||||
| Total non-interest expenses | 1,214 | 1,141 | 6 | % | 1,269 | -4 | % | 2,355 | 2,461 | -4 | % | |||||||||||||||||||
| Net Income Before Income Tax | 9 | 19 | -56 | % | 23 | -63 | % | 28 | 35 | -19 | % | |||||||||||||||||||
| Provision for Income Tax | 2 | 4 | -56 | % | 5 | -63 | % | 6 | 7 | -19 | % | |||||||||||||||||||
| Net Income | $ | 7 | $ | 15 | -56 | % | $ | 18 | -63 | % | $ | 22 | $ | 27 | -19 | % | ||||||||||||||
| BALANCE SHEETS (Unaudited) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| June 30, 2024 | March 31, 2023 | Three Month Change | June 30, 2023 | One Year Change | |||||||||||||||
| Assets | |||||||||||||||||||
| Cash and due from Banks | $ | 2,124 | $ | 3,583 | -41 | % | $ | 2,352 | -10 | % | |||||||||
| Interest bearing deposits in banks | 14,625 | 10,151 | 44 | % | 12,674 | 15 | % | ||||||||||||
| Securities | 21,664 | 22,348 | -3 | % | 23,069 | -6 | % | ||||||||||||
| Loans | 144,477 | 142,469 | 1 | % | 139,844 | 3 | % | ||||||||||||
| Allowance for loan losses | (1,266 | ) | (1,128 | ) | 12 | % | (1,252 | ) | 1 | % | |||||||||
| Net Loans | 143,210 | 141,341 | 1 | % | 138,592 | 3 | % | ||||||||||||
| Premises and fixed assets | 6,219 | 6,274 | -1 | % | 6,615 | -6 | % | ||||||||||||
| Accrued Interest receivable | 678 | 697 | -3 | % | 642 | 6 | % | ||||||||||||
| Intangible assets | 26 | 33 | -20 | % | 52 | -50 | % | ||||||||||||
| Other assets | 2,262 | 2,413 | -6 | % | 3,107 | -27 | % | ||||||||||||
| Total Assets | $ | 190,808 | $ | 186,840 | 2 | % | $ | 187,104 | 2 | % | |||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||
| Deposits | |||||||||||||||||||
| Demand, non-interest bearing | $ | 44,092 | $ | 40,900 | 8 | % | $ | 43,382 | 2 | % | |||||||||
| Interest Bearing Demand | 40,171 | 22,773 | 76 | % | 25,288 | 59 | % | ||||||||||||
| Money Market and Savings | 24,534 | 30,107 | -19 | % | 37,339 | -34 | % | ||||||||||||
| Certificates of Deposit | 36,989 | 46,698 | -21 | % | 34,476 | 7 | % | ||||||||||||
| Total Deposits | 145,786 | 140,479 | 4 | % | 140,486 | 4 | % | ||||||||||||
| Total Borrowing | 30,446 | 33,088 | -8 | % | 33,415 | -9 | % | ||||||||||||
| Accrued interest payable | 244 | 296 | -18 | % | 238 | 2 | % | ||||||||||||
| Other liabilities | 212 | 174 | 22 | % | 365 | -42 | % | ||||||||||||
| Total Liabilities | 176,687 | 174,036 | 2 | % | 174,504 | 1 | % | ||||||||||||
| Shareholders' Equity | |||||||||||||||||||
| Preferred Stock | 1,242 | - | *** | - | *** | ||||||||||||||
| Common Stock | 1,650 | 1,650 | 0 | % | 1,638 | 1 | % | ||||||||||||
| Additional paid in capital | 13,147 | 13,128 | 0 | % | 13,081 | 1 | % | ||||||||||||
| Retained Earnings | (1,471 | ) | (1,478 | ) | -0 | % | (1,501 | ) | -2 | % | |||||||||
| Other Comprehensive Income | (447 | ) | (496 | ) | -10 | % | (619 | ) | -28 | % | |||||||||
| Total Shareholders' Equity | 14,121 | 12,804 | 10 | % | 12,600 | 12 | % | ||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 190,808 | $ | 186,840 | 2 | % | $ | 187,104 | 2 | % | |||||||||
| Quarter Ended June 30, 2024 | Quarter Ended March 31, 2024 | Quarter Ended June 30, 2023 | YTD 2024 | YTD 2023 | |||||||||||||||
| Financial Ratios | |||||||||||||||||||
| Return on Average Assets | 0.01 | % | 0.03 | % | 0.04 | % | 0.02 | % | 0.03 | % | |||||||||
| Return on Average Equity | 0.21 | % | 0.48 | % | 0.58 | % | 0.34 | % | 0.44 | % | |||||||||
| Efficiency Ratio | 107.2 | % | 101.8 | % | 105.9 | % | 104.5 | % | 99.5 | % | |||||||||
| Net Interest Margin | 2.45 | % | 2.42 | % | 2.51 | % | 2.42 | % | 2.56 | % | |||||||||
| Loan to Deposits | 99.1 | % | 101.4 | % | 98.7 | % | |||||||||||||
| Tangible Book Value per Share | $ | 7.79 | $ | 7.74 | $ | 7.68 | |||||||||||||
| Book Value per Share | $ | 7.80 | $ | 7.76 | $ | 7.72 | |||||||||||||
| Earnings per Share | $ | 0.00 | $ | 0.01 | $ | 0.01 | 0.01 | 0.02 | |||||||||||
| Asset Quality | |||||||||||||||||||
| Net Loan Charge-offs (recoveries) | $ | (228 | ) | $ | (19 | ) | $ | (18 | ) | ||||||||||
| Nonperforming Loans | $ | 235 | - | - | |||||||||||||||
| Nonperforming Assets to Total Assets | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||
| Allowance for Loan Losses to Total Loans | 0.88 | % | 0.79 | % | 0.90 | % | |||||||||||||
| Other Real Estate Owned | - | - | - | ||||||||||||||||
| CAPITAL (Bank only) | |||||||||||||||||||
| Tier 1 leverage ratio | 9.86 | % | 9.61 | % | 9.54 | % | |||||||||||||
| Tier 1 risk-based capital ratio | 14.24 | % | 14.36 | % | 14.43 | % | |||||||||||||
| Total risk based capital ratio | 15.26 | % | 15.29 | % | 15.48 | % | |||||||||||||
FAQ
What was Liberty Northwest Bancorp's (LBNW) earnings for Q2 2024?
How much was the Preferred Stock issuance completed by LBNW in Q2 2024?
What was LBNW's net interest margin for Q2 2024?
How much did LBNW's total deposits increase in Q2 2024?
What was LBNW's tangible book value per share at the end of Q2 2024?
