Touchstone Bankshares, Inc. Reports Financial Results for the Second Quarter 2024
Touchstone Bankshares (OTC Pink: TSBA) reported Q2 2024 net income of $451,000 or $0.14 per share, up 58.2% from $285,000 or $0.09 per share in Q2 2023. Key highlights:
- Net interest income increased 0.9% to $5.2 million
- Net interest margin improved 3 basis points to 3.47%
- Noninterest income decreased 8.9% to $871,000
- Noninterest expense decreased 7.4% to $5.2 million
- Total assets grew 0.6% to $662.7 million
- Total loans decreased 1.6% to $500.6 million
- Total deposits increased 0.8% to $546.7 million
Results were impacted by $186,000 provision for credit losses and $202,000 in merger-related expenses for pending merger with First National Excluding merger costs, adjusted Q2 EPS would have been $0.19.
Touchstone Bankshares (OTC Pink: TSBA) ha riportato un utile netto di $451,000 nel secondo trimestre 2024, ovvero $0.14 per azione, in aumento del 58.2% rispetto ai $285,000 o $0.09 per azione nel secondo trimestre 2023. Punti chiave:
- Il reddito netto da interessi è aumentato dello 0.9% a $5.2 milioni
- Il margine di interesse netto è migliorato di 3 punti base al 3.47%
- Il reddito non da interessi è diminuito dell'8.9% a $871,000
- La spesa non da interessi è diminuita del 7.4% a $5.2 milioni
- Il totale degli attivi è cresciuto dello 0.6% a $662.7 milioni
- Il totale dei prestiti è diminuito dell'1.6% a $500.6 milioni
- Il totale dei depositi è aumentato dello 0.8% a $546.7 milioni
I risultati sono stati influenzati da una provvidenza per perdite su crediti di $186,000 e da $202,000 di spese legate alla fusione per la fusione in sospeso con First National. Escludendo i costi di fusione, l'utile per azione rettificato del secondo trimestre sarebbe stato $0.19.
Touchstone Bankshares (OTC Pink: TSBA) reportó un ingreso neto de $451,000 en el segundo trimestre de 2024, o $0.14 por acción, un aumento del 58.2% en comparación con $285,000 o $0.09 por acción en el segundo trimestre de 2023. Puntos clave:
- Los ingresos netos por intereses aumentaron un 0.9% a $5.2 millones
- El margen de interés neto mejoró 3 puntos básicos al 3.47%
- Los ingresos no relacionados con intereses disminuyeron un 8.9% a $871,000
- Los gastos no relacionados con intereses disminuyeron un 7.4% a $5.2 millones
- Los activos totales crecieron un 0.6% a $662.7 millones
- Los préstamos totales disminuyeron un 1.6% a $500.6 millones
- Los depósitos totales aumentaron un 0.8% a $546.7 millones
Los resultados se vieron afectados por una provisión para pérdidas crediticias de $186,000 y $202,000 en gastos relacionados con la fusión pendiente con First National. Excluyendo los costos de fusión, el EPS ajustado del segundo trimestre habría sido $0.19.
Touchstone Bankshares (OTC Pink: TSBA)는 2024년 2분기 순이익이 $451,000, 즉 주당 $0.14로, 2023년 2분기 $285,000 또는 주당 $0.09에 비해 58.2% 증가했다고 보고했습니다. 주요 사항:
- 순 이자 수익이 0.9% 증가하여 $5.2백만에 달함
- 순 이자 마진이 3bp 개선되어 3.47%에 도달함
- 비이자 수익이 8.9% 감소하여 $871,000
- 비이자 비용이 7.4% 감소하여 $5.2백만
- 총 자산이 0.6% 증가하여 $662.7백만
- 총 대출이 1.6% 감소하여 $500.6백만
- 총 예금이 0.8% 증가하여 $546.7백만
결과는 $186,000의 신용 손실 충당금과 First National과의 합병을 위한 $202,000의 합병 관련 비용의 영향을 받았습니다. 합병 비용을 제외하면 조정된 2분기 주당순이익(EPS)은 $0.19가 되었을 것입니다.
Touchstone Bankshares (OTC Pink: TSBA) a annoncé un revenu net de $451,000 pour le deuxième trimestre 2024, soit $0.14 par action, en hausse de 58.2% par rapport à $285,000 ou $0.09 par action au deuxième trimestre 2023. Points clés :
- Le revenu net d'intérêts a augmenté de 0.9% pour atteindre $5.2 millions
- La marge d'intérêt net s'est améliorée de 3 points de base à 3.47%
- Les revenus non liés aux intérêts ont diminué de 8.9% pour atteindre $871,000
- Les dépenses non liées aux intérêts ont diminué de 7.4% pour s'établir à $5.2 millions
- Les actifs totaux ont augmenté de 0.6% pour atteindre $662.7 millions
- Les prêts totaux ont diminué de 1.6% pour s'établir à $500.6 millions
- Les dépôts totaux ont augmenté de 0.8% pour atteindre $546.7 millions
Les résultats ont été affectés par une provision pour pertes de crédit de $186,000 et $202,000 de dépenses liées à la fusion pour la fusion en attente avec First National. En excluant les coûts de fusion, le bénéfice par action ajusté pour le deuxième trimestre aurait été de $0.19.
Touchstone Bankshares (OTC Pink: TSBA) hat für das 2. Quartal 2024 einen Nettogewinn von $451,000 oder $0.14 pro Aktie gemeldet, was einem Anstieg von 58.2% gegenüber $285,000 oder $0.09 pro Aktie im 2. Quartal 2023 entspricht. Wichtige Eckdaten:
- Der Nettozinsüberschuss stieg um 0.9% auf $5.2 Millionen
- Die Nettozinsmarge verbesserte sich um 3 Basispunkte auf 3.47%
- Die nichtzinslichen Einnahmen fielen um 8.9% auf $871,000
- Die nichtzinslichen Aufwendungen verringerten sich um 7.4% auf $5.2 Millionen
- Die Gesamtaktiva wuchsen um 0.6% auf $662.7 Millionen
- Die gesamten Kredite sanken um 1.6% auf $500.6 Millionen
- Die gesamten Einlagen stiegen um 0.8% auf $546.7 Millionen
Die Ergebnisse wurden durch eine Rückstellung für Kreditverluste von $186,000 und $202,000 an fusionsbedingten Kosten für die bevorstehende Fusion mit First National beeinträchtigt. Ohne die Fusionskosten hätte der bereinigte EPS für das 2. Quartal bei $0.19 gelegen.
- Net income increased 58.2% year-over-year to $451,000 in Q2 2024
- Net interest income grew 0.9% to $5.2 million
- Net interest margin improved 3 basis points to 3.47%
- Noninterest expense decreased 7.4% to $5.2 million
- Total assets grew 0.6% to $662.7 million
- Total deposits increased 0.8% to $546.7 million
- Noninterest income decreased 8.9% to $871,000
- Total loans decreased 1.6% to $500.6 million
- Incurred $186,000 provision for credit losses
- Incurred $202,000 in merger-related expenses
Insights
Touchstone Bankshares' Q2 2024 results show modest improvement but are impacted by merger-related expenses. Key takeaways:
- Net income available to common shareholders increased to
$451,000 ($0.14 per share) from$285,000 ($0.09 per share) in Q2 2023. - Excluding merger expenses, adjusted net income would be
$611,000 ($0.19 per share). - Net interest margin improved slightly to
3.47% from3.44% in Q2 2023. - Efficiency ratio improved to
87% from93% in Q2 2023. - Total loans decreased by
1.6% to$500.6 million since year-end 2023. - Deposits grew by
0.8% to$546.7 million .
The pending merger with First National is expected to close in Q4 2024, subject to regulatory and shareholder approvals. This merger could provide scale benefits but also brings integration risks. The bank's focus on efficiency and relationship banking is yielding results, but loan growth remains challenging. Asset quality appears stable with a
Touchstone's results reflect broader industry trends and challenges:
- The slight improvement in net interest margin (
3.47% vs3.44% ) indicates the bank is managing the rate environment better than some peers, but pressure remains. - Deposit growth of
0.8% is positive given industry-wide competition, though the shift to higher-yielding products will impact costs. - The
1.6% decline in loans highlights the economic uncertainties affecting lending demand. - Efficiency improvements (ratio down to
87% from93% ) are important in this environment. - The stable noninterest-bearing deposit ratio (
24.7% vs25.3% ) is a strength in the current high-rate context.
The merger with First National is part of a broader consolidation trend in community banking, driven by regulatory costs and technology demands. This could enhance Touchstone's competitive position but execution will be key. The focus on relationship banking and efficiency is prudent, but generating loan growth without compromising credit quality will be a key challenge in the coming quarters.
The pending merger with First National is a significant development for Touchstone:
- Merger-related expenses (
$202,000 in Q2,$745,000 YTD) are impacting short-term results but are typical in such transactions. - The projected Q4 2024 closing suggests a relatively quick integration timeline, which could be positive if executed well.
- The merger aligns with industry trends of consolidation to achieve scale and efficiency.
- Cultural fit, highlighted by management, is important for successful post-merger integration.
- The combined entity should offer enhanced products and services, potentially improving competitive positioning.
However, merger execution risks exist, including potential customer attrition, systems integration challenges and unforeseen regulatory hurdles. The
The Company reported net income available to common shareholders of
The Company's results of operations for the three months ended June 30, 2024 were negatively impacted by incurring
For the six months ended June 30, 2024, the Company reported net income available to common shareholders of
The Company's results of operations for the six months ended June 30, 2024 were negatively impacted by incurring
As previously disclosed, on March 25, 2024, the Company and First National, the parent holding company for First Bank, entered into an Agreement and Plan of Merger (the "Agreement"), which provides that, subject to the terms and conditions set forth in the Agreement, the Company will merge with and into First National (the "Merger") with First National being the surviving corporation in the Merger. In addition, simultaneously with or immediately following the Merger of the Company with and into First National, the Bank will be merged with and into First Bank.
The Agreement and the transactions contemplated thereby are subject to the approval of the respective shareholders of the Company and First National, approval by the Bureau of Financial Institutions division of the State Corporation Commission of the Commonwealth of
James R. Black, the Company's President and CEO commented, "I am pleased with the team's ability to show continual improvement for the Company on a standalone basis while simultaneously working with First National on merger integration and transition processes. The team's resiliency and efforts continue to demonstrate the cultural strength that fits well with our future partner's culture and mission. Together the combined entity should create and offer many valuable aspects for all stakeholders. Again, I am thankful and proud of the hard work and dedication from the Company's team, they are doing an amazing job."
Earnings Analysis
Three Months Ended June 30, 2024, and 2023
As noted above, net income available to common shareholders for the three months ended June 30, 2024, was
Net interest income for the three months ended June 30, 2024, and 2023, was
The Company recorded
Noninterest income totaled
The following table is a comparison of the components of noninterest income for the three months ended June 30, 2024, and 2023:
For the Three Months Ended | ||||||||
June 30, | ||||||||
2024 | 2023 | Change $ | Change % | |||||
(dollars in thousands) | ||||||||
Service charges on deposit accounts | $ 511 | $ 506 | $ 5 | 1.0 % | ||||
Secondary market origination fees | 41 | 170 | (129) | -75.9 % | ||||
Bank-owned life insurance | 40 | 75 | (35) | -46.7 % | ||||
Bank-owned life insurance death benefits | - | 19 | (19) | -100.0 % | ||||
Gain on the sale of other real estate owned | 13 | - | 13 | 100.0 % | ||||
Other operating income | 266 | 186 | 80 | 43.0 % | ||||
Total | $ 871 | $ 956 | $ (85) | -8.9 % |
Notable variances for the noninterest income table above are as follows:
- The decrease in secondary market origination fees was primarily due to the continued slowing of home refinancing and purchases, partially offset by prior year investments in personnel and related products and services.
- The decrease in bank-owned life insurance was primarily due to adjustments recorded during the second quarter of 2024 to adjust the recorded amount that can be realized under the life insurance contracts to their cash surrender values as reported by the insurance carriers.
- The increase in other operating income was primarily due to increases in income from other investments, partially offset by a decrease in merchant services fees.
Noninterest expense totaled
The following table is a comparison of the components of noninterest expense for the three months ended June 30, 2024, and 2023:
For the Three Months Ended | ||||||||
June 30, | ||||||||
2024 | 2023 | Change $ | Change % | |||||
(dollars in thousands) | ||||||||
Salaries and employee benefits | $ 2,642 | $ 3,103 | $ (461) | -14.9 % | ||||
Occupancy expense | 300 | 319 | (19) | -6.0 % | ||||
Furniture and equipment expense | 270 | 282 | (12) | -4.3 % | ||||
Data processing | 393 | 346 | 47 | 13.6 % | ||||
Telecommunications | 147 | 138 | 9 | 6.5 % | ||||
Legal and professional fees | 143 | 187 | (44) | -23.5 % | ||||
FDIC insurance assessments | 85 | 113 | (28) | -24.8 % | ||||
Merger related expenses | 202 | - | 202 | 100.0 % | ||||
Other noninterest expenses | 1,035 | 1,146 | (111) | -9.7 % | ||||
Total | $ 5,217 | $ 5,634 | $ (417) | -7.4 % |
Notable variances for the noninterest expense table above are as follows:
- The decrease in salaries and employee benefits was primarily due to managements focused efforts to streamline operations and improve efficiencies after the core conversion was completed during the first quarter of 2023. These efforts lead to a reduction in the work force that was implemented during the third quarter of 2023, with full cost savings becoming accretive in the fourth quarter of 2023. In addition, this decrease was driven by employee attrition during the second quarter of 2024, and lower expenses related to bonus accruals, payroll taxes, benefit costs including 401(k) contributions, and deferred incentive compensation, which were partially offset by merit increases, wage inflation, and a lower impact from deferred loan origination costs.
- The increase in data processing was primarily due to additional services, as well as volume based and other one-time charges.
- The decrease in legal and professional fees was primarily due to lower expenses related to professional fees, which was partially offset by higher expenses related to legal, audit and compliance.
- The decrease in FDIC insurance assessments was primarily due to a decrease in the Bank's assessment base, which was partially offset by an increase to the initial base deposit insurance assessment rate schedules that began with the first quarterly assessment period of 2023.
- The increase in merger related expenses was primarily due to legal fees, as well as other costs associated with the pending merger with First National that were incurred during the second quarter of 2024, as compared to no merger related expenses being incurred during the same period of 2023.
- The decrease in other noninterest expenses was primarily due to lower expenses related to insurance, deposits, meals and entertainment, marketing and advertising, miscellaneous other operating, and core deposit intangible amortization, which were partially offset by higher expenses related to state franchise taxes.
Six Months Ended June 30, 2024, and 2023
As noted above, net income available to common shareholders for the six months ended June 30, 2024, was
Net interest income for the six months ended June 30, 2024, and 2023, was
The Company recorded
Noninterest income totaled
The following table is a comparison of the components of noninterest income for the six months ended June 30, 2024, and 2023:
For the Six Months Ended | ||||||||
June 30, | ||||||||
2024 | 2023 | Change $ | Change % | |||||
(dollars in thousands) | ||||||||
Service charges on deposit accounts | $ 1,003 | $ 979 | $ 24 | 2.5 % | ||||
Secondary market origination fees | 100 | 170 | (70) | -41.2 % | ||||
Bank-owned life insurance | 100 | 150 | (50) | -33.3 % | ||||
Bank-owned life insurance death benefits | - | 19 | (19) | -100.0 % | ||||
Gain on the sale of other real estate owned | 13 | - | 13 | 100.0 % | ||||
Other operating income | 469 | 406 | 63 | 15.5 % | ||||
Total | $ 1,685 | $ 1,724 | $ (39) | -2.3 % |
Notable variances for the noninterest income table above are as follows:
- The increase in service charges on deposit accounts was primarily due to an increase in ATM and debit card interchange fees, partially offset by small business and commercial accounts receiving higher earnings credit rates which offset previous fee opportunities.
- The decrease in secondary market origination fees was primarily due to the continued slowing of home refinancing and purchases, partially offset by prior year investments in personnel and related products and services.
- The decrease in bank-owned life insurance was primarily due to adjustments recorded during the first six months of 2024 to adjust the recorded amount that can be realized under the life insurance contracts to their cash surrender values as reported by the insurance carriers.
- The increase in other operating income was primarily due to increases in income from other investments, partially offset by a decrease in merchant services fees.
Noninterest expense totaled
The following table is a comparison of the components of noninterest expense for the six months ended June 30, 2024, and 2023:
For the Six Months Ended | ||||||||
June 30, | ||||||||
2024 | 2023 | Change $ | Change % | |||||
(dollars in thousands) | ||||||||
Salaries and employee benefits | $ 5,276 | $ 6,185 | $ (909) | -14.7 % | ||||
Occupancy expense | 636 | 632 | 4 | 0.6 % | ||||
Furniture and equipment expense | 550 | 559 | (9) | -1.6 % | ||||
Data processing | 758 | 653 | 105 | 16.1 % | ||||
Telecommunications | 293 | 287 | 6 | 2.1 % | ||||
Legal and professional fees | 278 | 362 | (84) | -23.2 % | ||||
FDIC insurance assessments | 183 | 166 | 17 | 10.2 % | ||||
Merger related expenses | 745 | - | 745 | 100.0 % | ||||
Other noninterest expenses | 1,982 | 2,315 | (333) | -14.4 % | ||||
Total | $ 10,701 | $ 11,159 | $ (458) | -4.1 % |
Notable variances for the noninterest expense table above are as follows:
- The decrease in salaries and employee benefits was primarily due to managements focused efforts to streamline operations and improve efficiencies after the core conversion was completed during the first quarter of 2023. These efforts lead to a reduction in the work force that was implemented during the third quarter of 2023, with full cost savings becoming accretive in the fourth quarter of 2023. In addition, this decrease was driven by employee attrition during the second quarter of 2024, and lower expenses related to bonus accruals, payroll taxes, benefit costs including 401(k) contributions, and deferred incentive compensation, which were partially offset by merit increases, wage inflation, and a lower impact from deferred loan origination costs.
- The increase in data processing was primarily due to additional services, as well as volume based and other one-time charges.
- The decrease in legal and professional fees was primarily due to lower expenses related to professional fees, which was partially offset by higher expenses related to legal, audit and compliance.
- The increase in merger related expenses was primarily due to legal and investment banker fees, as well as other costs associated with the pending merger with First National that were incurred during the first six months of 2024, as compared to no merger related expenses being incurred during the same period of 2023.
- The decrease in other noninterest expenses was primarily due to lower expenses related to printing and supplies, network management services, marketing and advertising, loans, meals and entertainment, other losses, miscellaneous other operating, and core deposit intangible amortization, which were partially offset by higher expenses related to internet banking, shareholder relations, customer service, and state franchise taxes.
Balance Sheet
At June 30, 2024, total assets were
Cash and cash equivalents as of June 30, 2024, were
Investment securities available for sale, at fair value as of June 30, 2024, were
Total loans as of June 30, 2024, were
Total deposits as of June 30, 2024, were
Total Federal Home Loan Bank borrowings as of June 30, 2024, were
Total subordinated debt, net of issuance costs as of June 30, 2024, were
Total shareholders' equity as of June 30, 2024, was
Asset Quality
The allowance for credit losses as of June 30, 2024, was
Source: Touchstone Bankshares, Inc.
About Touchstone Bankshares, Inc.
Touchstone Bankshares, Inc. (the "Company") is the bank holding company for Touchstone Bank (the "Bank"). Most of the Company's business activities are conducted through the Bank. The Bank is a full-service community bank headquartered in
Forward-Looking Statements
In addition to historical information, this press release may contain certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. For this purpose, any statement that is not a statement of historical fact may be deemed to be a forward-looking statement. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, and actual results could differ materially from historical results or those anticipated by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to, the completion and benefits of the Merger with First National; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the Agreement between the Company and First National; the outcome of any legal proceedings that may be instituted against the Company or First National; the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated (and the risk that required regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the ability of the Company and First National to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; the possibility that the anticipated benefits of the proposed transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where the Company and First National do business; certain restrictions during the pendency of the proposed transaction that may impact the parties' ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the Merger within the expected timeframes or at all and to successfully integrate the Company's operations and those of First National, which may be more difficult, time-consuming or costly than expected; revenues following the proposed transaction may be lower than expected; the Company's and First National's success in executing their respective business plans and strategies and managing the risks involved in the foregoing; effects of the announcement, pendency or completion of the proposed transaction on the ability of the Company and First National to retain customers and retain and hire key personnel and maintain relationships with their suppliers, and on their operating results and businesses generally; changes in interest rates and general economic conditions; the legislative/regulatory climate; monetary and fiscal policies of the
Touchstone Bankshares, Inc. | ||||||||||
Consolidated Financial Highlights | ||||||||||
(unaudited) | ||||||||||
For the Three Months Ended | ||||||||||
(in thousands, except per share data) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||
Selected Operating Data: | 2024 | 2024 | 2023 | 2023 | 2023 | |||||
Net interest income | $ 5,152 | $ 5,094 | $ 5,229 | $ 5,078 | $ 5,108 | |||||
Provision for (recovery of) credit losses | 186 | - | (206) | 75 | 100 | |||||
Noninterest income | 871 | 814 | 876 | 930 | 956 | |||||
Noninterest expense | 5,217 | 5,483 | 5,075 | 5,321 | 5,634 | |||||
Income before income tax | 620 | 425 | 1,236 | 612 | 330 | |||||
Income tax expense | 169 | 98 | 170 | 159 | 45 | |||||
Net income | 451 | 327 | 1,066 | 453 | 285 | |||||
Less: Preferred dividends | - | - | 9 | - | - | |||||
Net income available to common shareholders | $ 451 | $ 327 | $ 1,057 | $ 453 | $ 285 | |||||
Income per share available to common shareholders: | ||||||||||
Basic | $ 0.14 | $ 0.10 | $ 0.32 | $ 0.14 | $ 0.09 | |||||
Diluted | $ 0.14 | $ 0.10 | $ 0.32 | $ 0.14 | $ 0.09 | |||||
Average common shares outstanding, basic | 3,271,219 | 3,270,982 | 3,273,588 | 3,260,093 | 3,258,230 | |||||
Average common shares outstanding, diluted | 3,300,103 | 3,300,130 | 3,302,736 | 3,289,241 | 3,287,378 | |||||
For the Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||
2024 | 2023 | |||||||||
Net interest income | $ 10,247 | $ 10,542 | ||||||||
Provision for credit losses | 186 | 1,109 | ||||||||
Noninterest income | 1,685 | 1,724 | ||||||||
Noninterest expense | 10,701 | 11,159 | ||||||||
Income (loss) before income tax | 1,045 | (2) | ||||||||
Income tax expense (benefit) | 267 | (91) | ||||||||
Net income | 778 | 89 | ||||||||
Less: Preferred dividends | - | - | ||||||||
Net income available to common shareholders | $ 778 | $ 89 | ||||||||
Income per share available to common shareholders: | ||||||||||
Basic | $ 0.24 | $ 0.03 | ||||||||
Diluted | $ 0.24 | $ 0.03 | ||||||||
Average common shares outstanding, basic | 3,271,103 | 3,253,077 | ||||||||
Average common shares outstanding, diluted | 3,300,119 | 3,282,225 |
Touchstone Bankshares, Inc. | ||||||||||
Consolidated Financial Highlights (continued) | ||||||||||
(unaudited) | ||||||||||
(in thousands, except per share data) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||
Balance Sheet Data: | 2024 | 2024 | 2023 | 2023 | 2023 | |||||
Total assets | $ 662,717 | $ 673,182 | $ 658,695 | $ 660,883 | $ 644,415 | |||||
Total loans | 500,571 | 506,028 | 508,810 | 512,478 | 505,661 | |||||
Allowance for credit losses | (5,089) | (4,981) | (4,979) | (4,999) | (4,973) | |||||
Core deposit intangible | 285 | 326 | 369 | 416 | 464 | |||||
Deposits | 546,732 | 557,598 | 542,239 | 549,876 | 529,752 | |||||
Borrowings | 49,000 | 49,000 | 49,000 | 49,000 | 51,000 | |||||
Subordinated debt, net of issuance costs | 17,787 | 17,759 | 17,731 | 17,704 | 17,676 | |||||
Preferred stock | 58 | 58 | 58 | 58 | 58 | |||||
Other comprehensive (loss) | (10,115) | (9,982) | (9,568) | (13,111) | (11,605) | |||||
Shareholders' equity | 45,091 | 44,750 | 44,809 | 41,209 | 42,208 | |||||
Book value per common share | $ 13.77 | $ 13.67 | $ 13.68 | $ 12.61 | $ 12.94 | |||||
Tangible book value per common share | $ 13.68 | $ 13.57 | $ 13.57 | $ 12.48 | $ 12.79 | |||||
Total common shares outstanding | 3,271,442 | 3,270,141 | 3,270,676 | 3,263,794 | 3,258,230 | |||||
Total preferred shares outstanding | 28,848 | 29,148 | 29,148 | 29,148 | 29,148 | |||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||
Performance Ratios: | (QTD annualized) | (QTD annualized) | (QTD annualized) | (QTD annualized) | (QTD annualized) | |||||
Return on average assets | 0.27 % | 0.20 % | 0.63 % | 0.28 % | 0.18 % | |||||
Return on average common equity | 4.08 % | 2.93 % | 9.85 % | 4.34 % | 2.61 % | |||||
Net interest margin | 3.47 % | 3.46 % | 3.47 % | 3.45 % | 3.44 % | |||||
Overhead efficiency (non-GAAP) | 87 % | 93 % | 83 % | 89 % | 93 % | |||||
June 30, | June 30, | |||||||||
2024 | 2023 | |||||||||
Performance Ratios: | (YTD Annualized) | (YTD Annualized) | ||||||||
Return on average assets | 0.24 % | 0.03 % | ||||||||
Return on average common equity | 3.50 % | 0.42 % | ||||||||
Net interest margin | 3.46 % | 3.61 % | ||||||||
Overhead efficiency (non-GAAP) | 90 % | 91 % | ||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||
Asset Quality Data: | 2024 | 2024 | 2023 | 2023 | 2023 | |||||
Allowance for credit losses | $ 5,089 | $ 4,981 | $ 4,979 | $ 4,999 | $ 4,973 | |||||
Nonperforming loans (excluding PCD loans) | 491 | 141 | 326 | 314 | 332 | |||||
Other real estate owned, net of allowance | - | 32 | - | - | - | |||||
Nonperforming assets | 491 | 173 | 326 | 314 | 332 | |||||
Net (recoveries) charge-offs, QTD | (3) | (2) | 20 | 50 | 36 | |||||
Asset Quality Ratios: | ||||||||||
Allowance for credit losses to total loans | 1.02 % | 0.98 % | 0.98 % | 0.98 % | 0.98 % | |||||
Nonperforming loans to total loans | 0.10 % | 0.03 % | 0.06 % | 0.06 % | 0.07 % | |||||
Nonperforming assets to total assets | 0.07 % | 0.03 % | 0.05 % | 0.05 % | 0.05 % | |||||
YTD net charge-offs to average loans, annualized | 0.00 % | 0.00 % | 0.02 % | 0.02 % | < | |||||
Community Bank Leverage Ratio | 9.92 % | 9.89 % | 9.68 % | 9.71 % | 9.99 % | |||||
Tangible common equity/tangible assets ratio | 6.76 % | 6.59 % | 6.74 % | 6.17 % | 6.47 % |
Quarter to Date | Year to Date | |||
(in thousands, except per share data) | June 30, | June 30, | ||
Reconciliation of non-GAAP Financial Measures (1): | 2024 | 2024 | ||
Net income before one-time adjustments | $ 451 | $ 778 | ||
Merger related expenses, net of tax effect | 160 | 589 | ||
Core earnings (1) | $ 611 | $ 1,367 | ||
Core earnings per share available to common shareholders: | ||||
Basic | $ 0.19 | $ 0.42 | ||
Diluted | $ 0.19 | $ 0.41 | ||
Average common shares outstanding, basic | 3,271,219 | 3,271,103 | ||
Average common shares outstanding, diluted | 3,300,103 | 3,300,119 | ||
Performance Ratios: | ||||
Return on average assets (annualized) | 0.37 % | 0.42 % | ||
Return on average common equity (annualized) | 5.52 % | 6.14 % | ||
Overhead efficiency (non-GAAP) | 83 % | 84 % | ||
(1) Core earnings is determined by methods other than in accordance with | ||||
accepted accounting principles ("GAAP"). Non-GAAP measures should not be viewed as | ||||
a substitute for operating results determined in accordance with GAAP, nor are they | ||||
necessarily comparable to non-GAAP performance measures that may be presented by other | ||||
companies. |
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SOURCE Touchstone Bankshares, Inc.
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