Mission Bancorp Reports Second Quarter Earnings of $7.3 Million. Annualized Deposit Growth of 19%.
Mission Bancorp (OTC Pink: MSBC) reported Q2 2024 net income of $7.3 million, or $2.73 per diluted share, unchanged from Q1 2024 but down 5.2% from Q2 2023. Key highlights include:
- Gross loans increased 5.9% YoY to $1.23 billion
- Total deposits grew 7.5% YoY to $1.48 billion
- Net interest margin was 4.47%, down from 4.68% in Q2 2023
- Efficiency ratio increased to 47.3% from 42.9% in Q2 2023
- Community Bank Leverage Ratio improved to 11.81%
The bank faced industry challenges but reported strong deposit growth. Credit quality remained strong with nonaccrual loans at 0.04% of total gross loans. Mission Bancorp was included in American Banker's list of top 20 performing publicly traded banks under $2 billion in assets.
Mission Bancorp (OTC Pink: MSBC) ha riportato un utile netto per il secondo trimestre 2024 di 7,3 milioni di dollari, ovvero 2,73 dollari per azione diluita, invariato rispetto al primo trimestre 2024 ma in calo del 5,2% rispetto al secondo trimestre 2023. I principali punti salienti includono:
- I prestiti lordi sono aumentati del 5,9% su base annua raggiungendo 1,23 miliardi di dollari
- Il totale dei depositi è cresciuto del 7,5% su base annua arrivando a 1,48 miliardi di dollari
- Il margine d'interesse netto è stato del 4,47%, in calo rispetto al 4,68% nel secondo trimestre 2023
- Il rapporto di efficienza è aumentato al 47,3% rispetto al 42,9% nel secondo trimestre 2023
- Il rapporto di leva della Community Bank è migliorato al 11,81%
La banca ha affrontato sfide del settore ma ha riportato una forte crescita dei depositi. La qualità del credito è rimasta robusta con prestiti non in sofferenza allo 0,04% del totale dei prestiti lordi. Mission Bancorp è stata inclusa nella lista di American Banker dei 20 migliori istituti bancari pubblici con attivi inferiori a 2 miliardi di dollari.
Mission Bancorp (OTC Pink: MSBC) reportó un ingreso neto de $7.3 millones para el segundo trimestre de 2024, o $2.73 por acción diluida, sin cambios respecto al primer trimestre de 2024, pero un 5.2% menos que en el segundo trimestre de 2023. Los puntos clave incluyen:
- Los préstamos brutos aumentaron un 5.9% interanual hasta $1.23 mil millones
- Los depósitos totales crecieron un 7.5% interanual hasta $1.48 mil millones
- El margen de interés neto fue del 4.47%, por debajo del 4.68% en el segundo trimestre de 2023
- El índice de eficiencia aumentó al 47.3% desde el 42.9% en el segundo trimestre de 2023
- El ratio de apalancamiento del Community Bank mejoró al 11.81%
El banco enfrentó desafíos en la industria, pero reportó un fuerte crecimiento en los depósitos. La calidad crediticia se mantuvo sólida, con préstamos no devengados en el 0.04% del total de préstamos brutos. Mission Bancorp se incluyó en la lista de American Banker de los 20 mejores bancos públicos con activos inferiores a $2 mil millones.
Mission Bancorp (OTC Pink: MSBC)는 2024년 2분기 순이익이 730만 달러, 즉 희석주당 2.73달러로 보고했으며, 이는 2024년 1분기와 동일하지만 2023년 2분기 대비 5.2% 감소한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 총 대출금이 전년 대비 5.9% 증가하여 12억 3천만 달러에 달했습니다.
- 총 예금이 전년 대비 7.5% 증가하여 14억 8천만 달러에 달했습니다.
- 순이자 마진은 4.47%, 2023년 2분기 4.68%에서 감소했습니다.
- 효율성 비율이 42.9%에서 47.3%으로 증가했습니다.
- 커뮤니티 뱅크 레버리지 비율이 11.81%로 개선되었습니다.
은행은 산업의 도전에 직면했지만 강력한 예금 성장을 보고했습니다. 신용 품질은 여전히 강력했으며, 연체 대출은 총 대출의 0.04%에 달했습니다. Mission Bancorp는 자산이 20억 달러 미만인 상장 은행 중 상위 20개 은행 목록에 포함되었습니다.
Mission Bancorp (OTC Pink: MSBC) a signalé un bénéfice net de 7,3 millions de dollars pour le deuxième trimestre 2024, soit 2,73 dollars par action diluée, inchangé par rapport au premier trimestre 2024 mais en baisse de 5,2% par rapport au deuxième trimestre 2023. Les points clés incluent :
- Les prêts bruts ont augmenté de 5,9% par rapport à l'année précédente pour atteindre 1,23 milliard de dollars
- Les dépôts totaux ont augmenté de 7,5% par rapport à l'année précédente pour atteindre 1,48 milliard de dollars
- La marge d'intérêt nette était de 4,47%, en baisse par rapport à 4,68% au deuxième trimestre 2023
- Le ratio d'efficacité a augmenté à 47,3% contre 42,9% au deuxième trimestre 2023
- Le ratio d'effet de levier de la Communauté Bancaire s'est amélioré à 11,81%
La banque a dû faire face à des défis sectoriels mais a signalé une forte croissance des dépôts. La qualité du crédit est restée solide avec des prêts non productifs représentant 0,04% des prêts bruts totaux. Mission Bancorp a été incluse dans la liste des 20 meilleures banques publiques de moins de 2 milliards de dollars d'actifs par American Banker.
Mission Bancorp (OTC Pink: MSBC) meldete einen Nettogewinn von 7,3 Millionen Dollar für das zweite Quartal 2024, was 2,73 Dollar pro verwässerter Aktie entspricht, unverändert im Vergleich zum ersten Quartal 2024, jedoch um 5,2% niedriger als im zweiten Quartal 2023. Zu den wichtigsten Highlights gehören:
- Die Bruttokredite stiegen um 5,9% im Jahresvergleich auf 1,23 Milliarden Dollar
- Die Gesamteinlagen wuchsen um 7,5% im Jahresvergleich auf 1,48 Milliarden Dollar
- Die Nettozinsmarge lag bei 4,47%, ein Rückgang gegenüber 4,68% im zweiten Quartal 2023
- Das Effizienzverhältnis stieg auf 47,3% von 42,9% im zweiten Quartal 2023
- Das Community Bank Leverage Ratio verbesserte sich auf 11,81%
Die Bank sah sich branchenspezifischen Herausforderungen gegenüber, berichtete jedoch von einem starken Einlagenwachstum. Die Kreditqualität blieb stabil, da die notleidenden Kredite 0,04% der gesamten Bruttokredite ausmachten. Mission Bancorp wurde in die Liste der American Banker der 20 besten börsennotierten Banken mit einem Vermögen von weniger als 2 Milliarden Dollar aufgenommen.
- Gross loans increased 5.9% year-over-year to $1.23 billion
- Total deposits grew 7.5% year-over-year to $1.48 billion
- Community Bank Leverage Ratio improved to 11.81%, well above the 9.00% requirement
- Credit quality remained strong with nonaccrual loans at only 0.04% of total gross loans
- Included in American Banker's list of top 20 performing publicly traded banks under $2 billion in assets
- Net income decreased 5.2% compared to Q2 2023
- Net interest margin declined to 4.47% from 4.68% in Q2 2023
- Efficiency ratio increased to 47.3% from 42.9% in Q2 2023
- Non-interest expense increased by 13.7% compared to Q2 2023
"We face the same industry challenges as our peers, yet we have been able to report tremendous deposit growth this quarter. We are proud of our team's focus on providing exceptional customer service; the hard work is evident in our results," said A.J. Antongiovanni, President, and Chief Executive Officer of Mission Bancorp. Mr. Antongiovanni continued, "Although we see economic challenges and uncertainty around interest rates in the future, our fortress balance sheet will allow us to weather the storm if the road gets rocky."
Second Quarter 2024 Financial Highlights
- Gross loans increased by
$68.5 million 5.9% , to$1.23 billion $1.16 billion 0.2% or$2.1 million - Total deposits increased by
$103.4 million 7.5% , to$1.48 billion $1.38 billion $67.8 million 4.8% , from$1.42 billion $619.3 million 41.7% of total deposits at June 30, 2024. - The allowance for credit losses ("ACL") as a percentage of gross loans increased from
1.48% at June 30, 2023, to1.52% at June 30, 2024. - Credit quality remains strong with nonaccrual loans representing
0.04% of total gross loans at June 30, 2024, up from0.00% as of June 30, 2023. - The Community Bank Leverage Ratio for the Bank as of June 30, 2024, was
11.81% , compared to10.97% at June 30, 2023. - We are happy to report our inclusion in American Banker's list of the 20 top-performing publicly traded banks under
$2 billion
Net Income Available to Common Shareholders
Net income available to common shareholders for the second quarter of 2024 was
Notable variances comparing to the linked quarter include a decrease in net interest income, and increased non-interest expense, which were partially offset by a decrease in the provision for credit losses. Compared to the second quarter of 2023, non-interest expense and the provision for income taxes increased, which were partially offset by a decrease in the provision for credit losses and increases in net interest income and non-interest income.
Net Interest Income
Net interest income was
Net interest income increased by
Net interest income decreased for the quarter ended June 30, 2024, compared to the linked quarter by
The net interest margin was
The yield on loans, investment securities, and interest earning deposits in other banks have increased by 40 basis points to
The 8 basis point decrease in the net interest margin for the second quarter of 2024, compared to the linked quarter, is primarily attributable to higher costs on interest-bearing liabilities and higher average balances of interest-bearing deposits. The Company's costs of interest-bearing liabilities increased 21 basis points outpacing the 4 basis point rise on earning asset yields, which led to net interest margin compression during the quarter. The average balances of interest-bearing deposits increased
The cost of interest-bearing deposits increased 26 basis points to
For the six months ended June 30, 2024, the Company's net interest margin decreased 21 basis points to
In the third quarter of 2023 the Company entered into two pay-fixed, receive floating, interest rate swap contracts with notional balances totaling
Provision for Credit Losses
There was no provision for credit loss recorded for the quarter ending June 30, 2024, compared to
Non-Interest Income
Non-interest income for the second quarter of 2024 was
Non-Interest Expense
Non-interest expense increased by
The increase in non-interest expense for the first quarter of 2024 compared to the linked quarter was primarily due to a
The increase in non-interest expense for the second quarter of 2024 compared to the second quarter of 2023 was primarily due to a
Operating Efficiency
The Company's operating efficiency ratio increased to
Income Taxes
Income tax expense was
Asset and Equity Returns
The return on average equity for the second quarter of 2024 was
The decline in the quarterly returns on both average equity and average assets for the quarter ended June 30, 2024, compared to the second quarter of 2023, is primarily attributable to the
The decrease in the current quarterly return on average equity, as compared to the linked quarter is primarily attributable to the
Balance Sheet
Total assets increased by
Investment securities decreased by
Loans increased by
Total deposits increased by
Total shareholders' equity was
Nonperforming assets were
Allowance for Credit Losses
The allowance for credit losses ("ACL") as a percentage of gross loans decreased to
Regulatory Capital
The Bank's reported regulatory capital ratio exceeded the ratio generally required to be considered a "well capitalized" financial institution for regulatory purposes. The Community Bank Leverage Ratio for the Bank was
Stock Repurchase Program
The Company announced on April 29, 2024, the extension of its plan Rule 10b5-1 (the "2022 10b5-1 Plan") to facilitate the repurchase of its common stock. Pursuant to the 2022 10b5-1 Plan, a maximum of
The Company did not purchase any shares under the 2022 10b5-1 Plan during the second quarter of 2024. Since Plan inception the Company has repurchased 4,066 shares at an average price of
About Mission Bancorp and Mission Bank
With
Forward Looking Statements
This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, rapid and/or unanticipated deposit withdrawals, the unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks in general, general and industry-specific changes in market conditions, investor reaction to industry developments, government regulations and general economic conditions, and competition within the business areas in which the bank is conducting its operations, including the real estate market in
MISSION BANCORP | |||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Variance | |||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | June 30, 2023 | 06/24 - 03/24 | 06/24 - 06/23 | ||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ 47,615 | $ 37,978 | $ 39,516 | $ 56,165 | $ 9,637 | $ (8,550) | |||||||||||
Interest earning deposits in other banks | 130,188 | 81,010 | 110,267 | 62,557 | 49,178 | 67,631 | |||||||||||
Total cash and cash equivalents | 177,803 | 118,988 | 149,783 | 118,722 | 58,815 | 59,081 | |||||||||||
Interest earning deposits maturing over ninety days | 490 | 490 | 490 | 980 | - | (490) | |||||||||||
Investment securities available-for-sale, at fair value | 234,130 | 240,382 | 242,681 | 252,205 | (6,252) | (18,075) | |||||||||||
Loans | 1,231,905 | 1,229,803 | 1,210,416 | 1,163,416 | 2,102 | 68,489 | |||||||||||
Allowance for credit losses | (18,669) | (18,931) | (18,206) | (17,203) | 262 | (1,466) | |||||||||||
Loans, net | 1,213,236 | 1,210,872 | 1,192,210 | 1,146,213 | 2,364 | 67,023 | |||||||||||
Premises and equipment, net | 2,997 | 3,133 | 3,175 | 3,282 | (136) | (285) | |||||||||||
Bank owned life insurance | 21,588 | 21,435 | 21,285 | 21,006 | 153 | 582 | |||||||||||
Deferred tax asset, net | 15,230 | 15,501 | 15,594 | 15,280 | (271) | (50) | |||||||||||
Interest receivable and other assets | 28,284 | 29,320 | 26,751 | 21,732 | (1,036) | 6,552 | |||||||||||
Total Assets | $ 1,693,758 | $ 1,640,121 | $ 1,651,969 | $ 1,579,420 | $ 53,637 | $ 114,338 | |||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing demand | $ 619,278 | $ 612,876 | $ 645,256 | $ 663,396 | $ 6,402 | $ (44,118) | |||||||||||
Interest bearing | 865,448 | 804,088 | 791,511 | 717,952 | 61,360 | 147,496 | |||||||||||
Total deposits | 1,484,726 | 1,416,964 | 1,436,767 | 1,381,348 | 67,762 | 103,378 | |||||||||||
Other borrowings | - | 20,000 | 20,000 | 20,000 | (20,000) | (20,000) | |||||||||||
Subordinated debentures, net of issuance costs | 21,898 | 21,881 | 21,863 | 21,828 | 17 | 70 | |||||||||||
Interest payable and other liabilities | 13,502 | 16,215 | 16,625 | 17,070 | (2,713) | (3,568) | |||||||||||
Total Liabilities | 1,520,126 | 1,475,060 | 1,495,255 | 1,440,246 | 45,066 | 79,880 | |||||||||||
Shareholders' Equity | |||||||||||||||||
Common stock | 88,880 | 77,743 | 76,965 | 76,464 | 11,137 | 12,416 | |||||||||||
Retained earnings | 102,738 | 105,953 | 98,605 | 82,847 | (3,215) | 19,891 | |||||||||||
Accumulated other comprehensive loss | (17,986) | (18,635) | (18,856) | (20,137) | 649 | 2,151 | |||||||||||
Total shareholders' equity | 173,632 | 165,061 | 156,714 | 139,174 | 8,571 | 34,458 | |||||||||||
Total Liabilities and Shareholders' Equity | $ 1,693,758 | $ 1,640,121 | $ 1,651,969 | $ 1,579,420 | $ 53,637 | $ 114,338 | |||||||||||
SBA Paycheck Protection Program Loans | 559 | 597 | 645 | 741 | (38) | (182) | |||||||||||
MISSION BANCORP | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
Variance | Variance | |||||||||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | 06/24 - 03/24 | 06/24 - 06/23 | June 30, 2024 | June 30, 2023 | 06/24 - 06/23 | |||||||||||||
Interest and Dividend Income | ||||||||||||||||||||
Loans | $ 19,790 | $ 19,319 | $ 17,428 | $ 471 | $ 2,362 | $ 39,108 | $ 33,156 | $ 5,952 | ||||||||||||
Investment securities | 2,458 | 2,584 | 2,332 | (126) | 126 | 5,043 | 4,519 | 524 | ||||||||||||
Other | 1,568 | 1,597 | 783 | (29) | 785 | 3,165 | 1,770 | 1,395 | ||||||||||||
Total interest and dividend income | 23,816 | 23,500 | 20,543 | 316 | 3,273 | 47,316 | 39,445 | 7,871 | ||||||||||||
Interest Expense | ||||||||||||||||||||
Other deposits | 5,244 | 4,622 | 2,956 | 622 | 2,288 | 9,866 | 4,618 | 5,248 | ||||||||||||
Time deposits | 729 | 675 | 55 | 54 | 674 | 1,404 | 90 | 1,314 | ||||||||||||
Total interest expense on deposits | 5,973 | 5,297 | 3,011 | 676 | 2,962 | 11,270 | 4,708 | 6,562 | ||||||||||||
Other borrowings | 80 | 234 | 186 | (154) | (106) | 315 | 337 | (22) | ||||||||||||
Subordinated debentures | 268 | 268 | 268 | - | - | 535 | 535 | - | ||||||||||||
Total interest expense | 6,321 | 5,799 | 3,465 | 522 | 2,856 | 12,120 | 5,580 | 6,540 | ||||||||||||
Net Interest Income | 17,495 | 17,701 | 17,078 | (206) | 417 | 35,196 | 33,865 | 1,331 | ||||||||||||
Provision for Credit Losses | - | (675) | (450) | 675 | 450 | (675) | (1,000) | 325 | ||||||||||||
Net Interest Income After Provision | ||||||||||||||||||||
for Credit Losses | 17,495 | 17,026 | 16,628 | 469 | 867 | 34,521 | 32,865 | 1,656 | ||||||||||||
Non-Interest Income | ||||||||||||||||||||
Gain on sale of premises and equipment | - | - | 26 | - | (26) | - | 254 | (254) | ||||||||||||
Service charges, fees and other income | 980 | 942 | 967 | 38 | 13 | 1,922 | 1,940 | (18) | ||||||||||||
Farmer Mac referral and servicing fees | 334 | 293 | 237 | 41 | 97 | 626 | 494 | 132 | ||||||||||||
SBA servicing fees and gain on sale of loans | 266 | 375 | 191 | (109) | 75 | 641 | 267 | 374 | ||||||||||||
Loss on sale of securities | (20) | (11) | - | (9) | (20) | (31) | (320) | 289 | ||||||||||||
Total non-interest income | 1,560 | 1,599 | 1,421 | (39) | 139 | 3,158 | 2,635 | 523 | ||||||||||||
Non-Interest Expense | ||||||||||||||||||||
Salaries and benefits | 5,385 | 5,402 | 4,781 | (17) | 604 | 10,787 | 9,613 | 1,174 | ||||||||||||
Professional services | 1,336 | 975 | 1,214 | 361 | 122 | 2,311 | 2,273 | 38 | ||||||||||||
Occupancy and equipment | 588 | 572 | 545 | 16 | 43 | 1,160 | 1,158 | 2 | ||||||||||||
Data processing and communication | 404 | 397 | 354 | 7 | 50 | 801 | 713 | 88 | ||||||||||||
Other | 1,300 | 1,148 | 1,035 | 152 | 265 | 2,448 | 1,967 | 481 | ||||||||||||
Total non-interest expense | 9,013 | 8,494 | 7,929 | 519 | 1,084 | 17,507 | 15,724 | 1,783 | ||||||||||||
Net Income Before Provision for Income Taxes | 10,042 | 10,131 | 10,120 | (89) | (78) | 20,172 | 19,776 | 396 | ||||||||||||
Provision for Income Taxes | 2,757 | 2,783 | 2,438 | (26) | 319 | 5,540 | 5,065 | 475 | ||||||||||||
Net Income | $ 7,285 | $ 7,348 | $ 7,682 | $ (63) | $ (397) | $ 14,632 | $ 14,711 | $ (79) | ||||||||||||
MISSION BANCORP | ||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||
(Unaudited) | ||||||||||
(Dollars in thousands, except per share data) | ||||||||||
As of or for the Three Months Ended | ||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | June 30, 2023 | |||||||
Ratio of total loans to total deposits | 82.97 % | 86.79 % | 84.25 % | 84.22 % | ||||||
Return on average assets | 1.77 % | 1.80 % | 1.89 % | 1.99 % | ||||||
Return on average equity | 17.35 % | 18.36 % | 20.87 % | 22.69 % | ||||||
Net interest margin | 4.47 % | 4.55 % | 4.58 % | 4.68 % | ||||||
Efficiency ratio | 47.30 % | 44.01 % | 41.68 % | 42.86 % | ||||||
Non-interest expense as a percent of average assets | 2.19 % | 2.08 % | 1.94 % | 2.06 % | ||||||
Non-interest income as a percent of average assets | 0.38 % | 0.39 % | 0.33 % | 0.37 % | ||||||
Community Bank Leverage Ratio | 11.81 % | 11.59 % | 11.33 % | 10.97 % | ||||||
Weighted average shares outstanding - basic* | 2,629,647 | 2,611,832 | 2,599,743 | 2,629,647 | ||||||
Weighted average shares outstanding - diluted* | 2,671,703 | 2,656,774 | 2,669,704 | 2,639,744 | ||||||
Shares outstanding at period end - basic* | 2,633,312 | 2,622,649 | 2,599,531 | 2,600,110 | ||||||
Earnings per share - basic | $ 2.77 | $ 2.81 | $ 2.99 | $ 2.92 | ||||||
Earnings per share - diluted | $ 2.73 | $ 2.77 | $ 2.91 | $ 2.91 | ||||||
Total assets | $ 1,693,758 | $ 1,640,121 | $ 1,651,969 | $ 1,579,420 | ||||||
Loans and leases net of deferred fees | $ 1,231,905 | $ 1,229,803 | $ 1,210,416 | $ 1,163,416 | ||||||
Noninterest-bearing demand deposits | $ 619,278 | $ 612,876 | $ 645,256 | $ 663,396 | ||||||
Total deposits | $ 1,484,726 | $ 1,416,964 | $ 1,436,767 | $ 1,381,348 | ||||||
Noninterest-bearing deposits as a percentage total deposits | 41.71 % | 43.25 % | 44.91 % | 48.03 % | ||||||
Average total assets | $ 1,655,220 | $ 1,645,777 | $ 1,633,606 | $ 1,545,957 | ||||||
Average total equity | $ 168,845 | $ 160,998 | $ 147,914 | $ 135,776 | ||||||
Shareholders' equity / total assets | 10.25 % | 10.06 % | 9.49 % | 8.81 % | ||||||
Book value per share | $ 65.94 | $ 62.94 | $ 60.29 | $ 53.53 | ||||||
*Outstanding shares adjusted for | ||||||||||
MISSION BANCORP | |||||||||||||||
AVERAGE BALANCES AND RATES | |||||||||||||||
(Unaudited) | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
For the Quarter Ended | For the Quarter Ended | For the Quarter Ended | |||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | Average | Income / | Yield / | |||||||
Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||
Assets | |||||||||||||||
Interest earning deposits in other banks | $ 103,840 | $ 1,386 | 5.37 % | $ 109,357 | $ 1,442 | 5.31 % | $ 52,199 | $ 655 | 5.04 % | ||||||
Investment securities | 236,055 | 2,458 | 4.19 % | 238,677 | 2,584 | 4.36 % | 256,025 | 2,332 | 3.65 % | ||||||
Loans | 1,223,791 | 19,790 | 6.50 % | 1,206,486 | 19,319 | 6.44 % | 1,146,727 | 17,428 | 6.10 % | ||||||
Other earning assets | 9,000 | 182 | 8.17 % | 8,971 | 155 | 6.92 % | 8,533 | 128 | 6.01 % | ||||||
Total Earning Assets | 1,572,686 | 23,816 | 6.09 % | 1,563,491 | 23,500 | 6.05 % | 1,463,484 | 20,543 | 5.63 % | ||||||
Non-interest earning assets | 82,534 | 82,286 | 82,473 | ||||||||||||
Total Assets | $ 1,655,220 | $ 1,645,777 | $ 1,545,957 | ||||||||||||
Liabilities and Capital | |||||||||||||||
Interest-bearing deposits | |||||||||||||||
Interest-bearing transaction accounts | $ 701,837 | $ 5,169 | 2.96 % | $ 684,759 | $ 4,498 | 2.64 % | $ 638,970 | $ 2,932 | 1.84 % | ||||||
Time deposits | 76,666 | 729 | 3.83 % | 73,280 | 675 | 3.71 % | 26,197 | 55 | 0.84 % | ||||||
1031 Exchange deposits | 47,730 | 74 | 0.62 % | 44,932 | 124 | 1.11 % | 30,315 | 24 | 0.32 % | ||||||
Total interest-bearing deposits | 826,233 | 5,972 | 2.91 % | 802,971 | 5,297 | 2.65 % | 695,482 | 3,011 | 1.74 % | ||||||
Borrowed funds | |||||||||||||||
Other borrowings | 6,651 | 81 | 4.87 % | 20,000 | 234 | 4.71 % | 15,824 | 186 | 4.72 % | ||||||
Subordinated debt | 21,888 | 268 | 4.92 % | 21,870 | 268 | 4.92 % | 21,817 | 268 | 4.92 % | ||||||
Total interest-bearing liabilities | 854,772 | 6,321 | 2.97 % | 844,841 | 5,799 | 2.76 % | 733,123 | 3,465 | 1.90 % | ||||||
Noninterest-bearing deposits | 616,242 | 622,225 | 661,669 | ||||||||||||
Total Funding | 1,471,014 | 6,321 | 1.73 % | 1,467,066 | 5,799 | 1.59 % | 1,394,792 | 3,465 | 1.00 % | ||||||
Other noninterest-bearing liabilities | 15,361 | 17,713 | 15,388 | ||||||||||||
Total Liabilities | 1,486,375 | 1,484,779 | 1,410,180 | ||||||||||||
Total Capital | 168,845 | 160,998 | 135,777 | ||||||||||||
Total Liabilities and Capital | $ 1,655,220 | $ 1,645,777 | $ 1,545,957 | ||||||||||||
Net Interest Margin | 4.47 % | 4.55 % | 4.68 % | ||||||||||||
Net Interest Spread | 4.36 % | 4.46 % | 4.63 % | ||||||||||||
MISSION BANCORP | |||||||||||
AVERAGE BALANCES AND RATES | |||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
For the Six Months Ended | For the Six Months Ended | ||||||||||
June 30, 2024 | June 30, 2023 | ||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | ||||||
Balance | Expense | Rate | Balance | Expense | Rate | ||||||
Assets | |||||||||||
Interest earning deposits in other banks | $ 106,599 | $ 2,828 | 5.34 % | $ 66,804 | $ 1,543 | 4.66 % | |||||
Investment securities | 237,366 | 5,043 | 4.27 % | 254,772 | 4,518 | 3.58 % | |||||
Loans | 1,215,138 | 39,108 | 6.47 % | 1,115,790 | 33,156 | 5.99 % | |||||
Other earning assets | 8,986 | 337 | 7.54 % | 7,992 | 228 | 5.74 % | |||||
Total Earning Assets | 1,568,089 | 47,316 | 6.07 % | 1,445,358 | 39,445 | 5.50 % | |||||
Non-interest earning assets | 82,409 | 83,173 | |||||||||
Total Assets | $ 1,650,498 | $ 1,528,531 | |||||||||
Liabilities and Capital | |||||||||||
Interest-bearing deposits | |||||||||||
Interest-bearing transaction accounts | $ 693,298 | $ 9,668 | 2.80 % | $ 605,313 | $ 4,589 | 1.53 % | |||||
Time deposits | 74,973 | 1,404 | 3.77 % | 25,149 | 90 | 0.72 % | |||||
1031 Exchange deposits | 46,331 | 198 | 0.86 % | 31,604 | 29 | 0.19 % | |||||
Total interest-bearing deposits | 814,602 | 11,270 | 2.78 % | 662,066 | 4,708 | 1.43 % | |||||
Borrowed funds | |||||||||||
Other borrowings | 13,325 | 315 | 4.75 % | 13,657 | 337 | 4.97 % | |||||
Subordinated debt | 21,879 | 535 | 4.92 % | 21,808 | 535 | 4.95 % | |||||
Total interest-bearing liabilities | 849,806 | 12,120 | 2.87 % | 697,531 | 5,580 | 1.61 % | |||||
Noninterest-bearing deposits | 619,233 | 684,269 | |||||||||
Total Funding | 1,469,039 | 12,120 | 1.66 % | 1,381,800 | 5,580 | 0.81 % | |||||
Other noninterest-bearing liabilities | 16,538 | 14,836 | |||||||||
Total Liabilities | 1,485,577 | 1,396,636 | |||||||||
Total Capital | 164,921 | 131,895 | |||||||||
Total Liabilities and Capital | $ 1,650,498 | $ 1,528,531 | |||||||||
Net Interest Margin | 4.51 % | 4.72 % | |||||||||
Net Interest Spread | 4.41 % | 4.69 % | |||||||||
MISSION BANCORP | |||||||||||||||||
LOAN DETAIL | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Variance | |||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | June 30, 2023 | 06/24 - 03/24 | 06/24 - 06/23 | ||||||||||||
Loans | |||||||||||||||||
Construction and land development | $ 50,664 | $ 50,727 | $ 49,682 | $ 53,393 | $ (63) | $ (2,729) | |||||||||||
Secured by farmland | 132,898 | 141,391 | 142,778 | 138,581 | (8,493) | (5,683) | |||||||||||
Residential 1 to 4 units | 52,022 | 49,902 | 49,299 | 45,210 | 2,120 | 6,812 | |||||||||||
Multi-family | 34,016 | 35,857 | 35,808 | 34,370 | (1,841) | (354) | |||||||||||
Owner occupied commercial real estate | 516,043 | 503,491 | 493,706 | 475,269 | 12,552 | 40,774 | |||||||||||
Non-owner occupied commercial real estate | 193,357 | 188,085 | 183,047 | 182,892 | 5,272 | 10,465 | |||||||||||
Commercial and industrial | 159,636 | 173,185 | 165,455 | 155,507 | (13,549) | 4,129 | |||||||||||
Agricultural production | 95,702 | 89,406 | 92,679 | 79,470 | 6,296 | 16,232 | |||||||||||
Other loans | 120 | 165 | 233 | 1,176 | (45) | (1,056) | |||||||||||
Net Deferred Fees-Costs | (2,553) | (2,406) | (2,271) | (2,451) | (147) | (102) | |||||||||||
Total Loans | $ 1,231,905 | # | $ 1,229,803 | $ 1,210,416 | $ 1,163,417 | $ 2,102 | $ 68,488 | ||||||||||
MISSION BANCORP | ||||||||||||
Credit Quality | ||||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands) | ||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | June 30, 2023 | |||||||||
Asset quality | ||||||||||||
Loans past due 90 days or more and accruing interest | $ - | $ - | $ - | $ 104 | ||||||||
Nonaccrual loans | $ 489 | $ 714 | $ 350 | $ - | ||||||||
Restructured loans | ||||||||||||
Nonperforming restructured loans | $ - | $ - | $ - | $ - | ||||||||
Performing restructured loans | $ - | $ - | $ - | $ - | ||||||||
Other real estate owned | $ - | $ - | $ - | $ - | ||||||||
Total nonperforming assets | $ 489 | $ 714 | $ 350 | $ - | ||||||||
Allowance for credit losses to total loans | 1.52 % | 1.54 % | 1.50 % | 1.48 % | ||||||||
Allowance for credit losses to nonperforming loans | 3817.79 % | 2651.40 % | 5201.71 % | N/A | ||||||||
Nonaccrual loans to total loans | 0.04 % | 0.06 % | 0.03 % | 0.00 % | ||||||||
Nonperforming assets to total assets | 0.03 % | 0.04 % | 0.02 % | 0.00 % | ||||||||
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SOURCE Mission Bank
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