Touchstone Bankshares Reports Financial Results for the Fourth Quarter and Full Year 2023

Rhea-AI Summary

Touchstone Bankshares, Inc. reported preliminary, unaudited results for the three and twelve months ended December 31, 2023. The Company's net income available to common shareholders for the three months ended December 31, 2023, was $1.1 million, with basic and diluted earnings per common share at $0.32. For the twelve months ended December 31, 2023, the net income available to common shareholders was $1.6 million, with basic and diluted earnings per common share at $0.49. The Company's President and CEO, James R. Black, commented on the challenges faced by the financial industry and the success of cost-saving initiatives. The Company also reported a decrease in net interest income and noninterest income for the three months ended December 31, 2023, compared to the same period in 2022. Additionally, the noninterest expense decreased for the same period. For the twelve months ended December 31, 2023, there was an increase in net interest income, provision for credit losses, and noninterest expense compared to the same period in 2022.

Positive

• The Company reported a net income available to common shareholders of $1.1 million for the three months ended December 31, 2023.
• The Company's President and CEO, James R. Black, commented on the challenges faced by the financial industry and the success of cost-saving initiatives.
• The Company reported an increase in total assets, cash and cash equivalents, total loans, and total deposits as of December 31, 2023, compared to December 31, 2022.

Negative

• The net income available to common shareholders for the three months ended December 31, 2023, decreased by 14.3% compared to the same period in 2022.
• The net interest income and noninterest income decreased for the three months ended December 31, 2023, compared to the same period in 2022.
• There was an increase in provision for credit losses and noninterest expense for the twelve months ended December 31, 2023, compared to the same period in 2022.

PRINCE GEORGE, Va., Jan. 30, 2024 /PRNewswire/ -- Touchstone Bankshares, Inc. (the "Company") (OTC Pink: TSBA), and its wholly owned subsidiary, Touchstone Bank (the "Bank"), reported preliminary, unaudited results for the three and twelve months ended December 31, 2023.

The Company reported net income available to common shareholders of $1.1 million for the three months ended December 31, 2023.  Basic and diluted earnings per common share for the three months ended December 31, 2023, was $0.32, while return on average assets (annualized), return on average common equity (annualized) and the efficiency ratio was 0.63%, 9.85%, and 83%, respectively.  By comparison, the Company's net income available to common shareholders for the three months ended December 31, 2022, was $1.2 million and basic and diluted earnings per common share was $0.38. Return on average assets (annualized), return on average common equity (annualized), and the efficiency ratio was 0.81%, 11.72%, and 79%, respectively, for the three months ended December 31, 2022.

For the twelve months ended December 31, 2023, the Company reported net income available to common shareholders of $1.6 million.  Basic and diluted earnings per common share for the twelve months ended December 31, 2023, was $0.49, while return on average assets, return on average common equity and the efficiency ratio was 0.25%, 3.73%, and 88%, respectively.  By comparison, the Company's net income available to common shareholders for the twelve months ended December 31, 2022, was $4.0 million and basic and diluted earnings per common share was $1.24. Return on average assets, return on average common equity, and the efficiency ratio was 0.67%, 8.90%, and 78%, respectively, for the twelve months ended December 31, 2022.

James R. Black, the Company's President and CEO commented, "Despite the challenges faced by the financial industry, which impacted the Company and the Bank, the team stayed focused on providing high quality service in our communities while creating a more efficient and effective business model. The success of previously announced cost saving initiatives was clearly reflected in reduced operating costs for the fourth quarter of 2023. Although pleased with this progress, we remain committed to streamlining operations and improving core earnings. During the fourth quarter of 2023, the Company benefited from a partial recovery related to the previously charged-off Signature Bank subordinated debt investment that was recognized earlier in the year. As with all quarters for 2023, the year ended with favorable asset quality and liquidity metrics. For the full year, loans and deposits grew 4.4% and 3.0%, respectively. The Bank's capital ratios remained above regulatory guidelines for well-capitalized institutions and a $0.32 per share annual cash dividend to the Company's shareholders was declared. While 2023 certainly presented its challenges for us and others, I am optimistic on the outlook for 2024 as we remain steadfast in our strategies and mission."

Earnings Analysis

Three Months Ended December 31, 2023, and 2022

As noted above, net income available to common shareholders for the three months ended December 31, 2023, was $1.1 million, or $0.32 per basic and diluted common share. This represents a decrease of $177 thousand, or 14.3%, when compared with net income available to common shareholders of $1.2 million, or $0.38 per basic and diluted common share for the same period in 2022.

Net interest income for the three months ended December 31, 2023, and 2022, was $5.2 million and $5.6 million, respectively, representing a decrease of $326 thousand, or 5.9%. The net interest margin decreased 40 basis points from 3.87% in the fourth quarter of 2022 to 3.47% for the same quarter in 2023 due primarily to material repricing on interest-bearing liabilities driven by competitive pressures in the higher interest rate environment and the negative banking industry developments associated with multiple high-profile bank failures that occurred during the first six months of 2023 and the time needed for interest-earning assets to reprice higher.  While the Company's overall cost of funds for the fourth quarter of 2023 continued to increase compared to prior periods, the yields on interest-earning assets repriced at a faster pace.  As a result, net interest income increased by $151 thousand, or 3.0%, and the net interest margin increased by 2 basis points when compared to the third quarter of 2023.

The Company recorded $206 thousand in (recovery of) credit losses for the three months ended December 31, 2023, as compared to no (recovery of) or provision for credit losses for the three months ended December 31, 2022.  The (recovery of) credit losses for the three months ended December 31, 2023, was related to the sale of the Company's previous investment in Signature Bank subordinated debt that was fully charged-off in the first quarter of 2023.  As of December 31, 2023, the Company's credit quality metrics remained strong with minimal nonperforming assets and past due loans. 

Noninterest income totaled $876 thousand for the three months ended December 31, 2023, a decrease of $191 thousand, or 17.9%, when compared to the same period in 2022. 

The following table is a comparison of the components of noninterest income for the three months ended December 31, 2023, and 2022:

		For the Three Months Ended
		December 31,
		2023		2022		Change $		Change %
(dollars in thousands)
Service charges on deposit accounts		$            486		$                 514		$            (28)		-5.4 %
Secondary market origination fees		52		35		17		48.6 %
Bank-owned life insurance		65		75		(10)		-13.3 %
Bank-owned life insurance death benefits		-		343		(343)		-100.0 %
(Loss) on sale of fixed assets		-		(28)		28		-100.0 %
Other operating income		273		128		145		113.3 %
Total		$            876		$              1,067		$          (191)		-17.9 %

 

Notable variances for the noninterest income table above are as follows:

• The decrease in service charges on deposit accounts was primarily due to small business and commercial accounts receiving higher earnings credit rates which offset previous fee opportunities, partially offset by an increase in ATM and debit card interchange fees.
• The increase in secondary market origination fees was primarily due to prior year investments in personnel and related products and services, partially offset by the continued slowing of home refinancing and purchases.
• The increase in other operating income was primarily due to increases in income from other investments.

Noninterest expense totaled $5.1 million for the three months ended December 31, 2023, a decrease of $101 thousand, or 2.0%, when compared to the same period in 2022. 

The following table is a comparison of the components of noninterest expense for the three months ended December 31, 2023, and 2022:

		For the Three Months Ended
		December 31,
		2023		2022		Change $		Change %
(dollars in thousands)
Salaries and employee benefits		$         2,589		$              2,990		$          (401)		-13.4 %
Occupancy expense		301		309		(8)		-2.6 %
Furniture and equipment expense		299		285		14		4.9 %
Data processing		363		282		81		28.7 %
Telecommunications		161		158		3		1.9 %
Legal and professional fees		192		142		50		35.2 %
FDIC insurance assessments		101		54		47		87.0 %
Other noninterest expenses		1,069		956		113		11.8 %
Total		$         5,075		$              5,176		$          (101)		-2.0 %

 

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. The aforementioned items were partially offset by merit increases and wage inflation.
• The increase in data processing was primarily due to the use of additional credits provided by the Company's core provider in 2022 associated with contract renegotiations along with additional services and one-time charges.
• The increase in legal and professional fees was primarily due to higher expenses related to audit and compliance.
• The increase in FDIC insurance assessments was primarily due to growth in the Bank's assessment base and an increase to the initial base deposit insurance assessment rate schedules that began with the first quarterly assessment period of 2023.
• The increase in other noninterest expenses was primarily due to higher expenses related to marketing and advertising, state franchise taxes, and other operating expenses, which were partially offset by lower expenses related to core deposit intangible amortization.

Twelve Months Ended December 31, 2023, and 2022

As noted above, net income available to common shareholders for the twelve months ended December 31, 2023, was $1.6 million, or $0.49 per basic and diluted common share. This represents a decrease of $2.4 million, or 60.4%, when compared with net income available to common shareholders of $4.0 million, or $1.24 per basic and diluted common share for the same period in 2022.

Net interest income for the twelve months ended December 31, 2023, and 2022, was $20.8 million and $20.6 million, respectively, representing an increase of $250 thousand, or 1.2%. The net interest margin decreased 11 basis points from 3.67% for the twelve months ended December 31, 2022 to 3.56% for the same period in 2023 due primarily to repricing on interest-bearing liabilities, driven by competitive pressures in the higher interest rate environment and the negative banking industry developments associated with multiple high-profile bank failures that occurred during the first six months of 2023, occurring at a faster pace than the time needed for interest-earning assets to reprice higher. 

The Company recorded $978 thousand in provision for credit losses for the twelve months ended December 31, 2023, as compared to $605 thousand in provision for credit losses for the twelve months ended December 31, 2022, representing an increase of $373 thousand, or 61.7%.  The increase in the provision for credit losses for the twelve months ended December 31, 2023, as compared to the same period of 2022, was primarily due to $794 thousand in provision for credit losses, net of $206 thousand in recoveries, related to the Company's previous investment in Signature Bank subordinated debt that was fully charged-off in the first quarter of 2023 and subsequently sold in the fourth quarter of 2023, which was partially offset by lower loan growth and net charge-offs.  

Noninterest income totaled $3.5 million for the twelve months ended December 31, 2023, a decrease of $37 thousand, or 1.0%, when compared to the same period in 2022. 

The following table is a comparison of the components of noninterest income for the twelve months ended December 31, 2023, and 2022:

		For the Twelve Months Ended
		December 31,
		2023		2022		Change $		Change %
(dollars in thousands)
Service charges on deposit accounts		$         1,937		$              2,046		$          (109)		-5.3 %
Secondary market origination fees		258		184		74		40.2 %
Bank-owned life insurance		290		300		(10)		-3.3 %
Bank-owned life insurance death benefits		19		343		(324)		-94.5 %
(Loss) on security sales		-		(135)		135		-100.0 %
(Loss) on sale of fixed assets		-		(90)		90		-100.0 %
Other operating income		1,026		919		107		11.6 %
Total		$         3,530		$              3,567		$            (37)		-1.0 %

 

Notable variances for the noninterest income table above are as follows:

• The decrease in service charges on deposit accounts was primarily due to small business and commercial accounts receiving higher earnings credit rates which offset previous fee opportunities, and a decrease in ATM and debit card interchange fees.
• The increase in secondary market origination fees was primarily due to prior year investments in personnel and related products and services, partially offset by the continued slowing of home refinancing and purchases.
• The decrease in (loss) on security sales was primarily due to the Company selling approximately $6 million of its investment securities portfolio in the third quarter of 2022 at a pre-tax loss of $135 thousand to boost its on-balance sheet cash position for future loan fundings. There were no losses on sales of investment securities for the same period of 2023.
• The decrease in (loss) on sale of fixed assets was primarily due to the Company selling various fixed assets at a loss throughout the 2022 operating period. There were no losses on the sale of fixed assets for the same period of 2023.
• The increase in other operating income was primarily due to increases in income from other investments.

Noninterest expense totaled $21.6 million for the twelve months ended December 31, 2023, an increase of $2.6 million, or 13.4%, when compared to the same period in 2022. 

The following table is a comparison of the components of noninterest expense for the twelve months ended December 31, 2023, and 2022:

		For the Twelve Months Ended
		December 31,
		2023		2022		Change $		Change %
(dollars in thousands)
Salaries and employee benefits		$       11,699		$            10,564		$         1,135		10.7 %
Occupancy expense		1,249		1,263		(14)		-1.1 %
Furniture and equipment expense		1,118		1,165		(47)		-4.0 %
Data processing		1,389		624		765		122.6 %
Telecommunications		604		777		(173)		-22.3 %
Legal and professional fees		777		812		(35)		-4.3 %
FDIC insurance assessments		366		220		146		66.4 %
Other noninterest expenses		4,353		3,576		777		21.7 %
Total		$       21,555		$            19,001		$         2,554		13.4 %

 

Notable variances for the noninterest expense table above are as follows:

• The increase in salaries and employee benefits was primarily due to additional staffing during a growth and core conversion period along with merit increases and wage inflation. Upon completion of the core conversion during the first quarter of 2023, management focused its efforts to streamline operations and improve efficiencies. These efforts lead to a reduction in the work force that was implemented during the third quarter of 2023. The Company incurred approximately $200 thousand in one-time expenses related to this initiative, with the full cost savings becoming accretive in the fourth quarter of 2023.
• The increase in data processing was primarily due to the use of additional credits provided by the Company's core provider in 2022 associated with contract renegotiations along with additional services and one-time charges.
• The decrease in telecommunications was primarily due to the Company renegotiating contracts with its providers.
• The decrease in legal and professional fees was primarily due to lower expenses related to legal and professional, which was partially offset by higher expenses related to audit and compliance.
• The increase in FDIC insurance assessments was primarily due to growth in the Bank's assessment base and an increase to the initial base deposit insurance assessment rate schedules that began with the first quarterly assessment period of 2023.
• The increase in other noninterest expenses was primarily due to higher expenses related to marketing and advertising, state franchise taxes, and other operating expenses, which were partially offset by lower expenses related to core deposit intangible amortization.

Balance Sheet

At December 31, 2023, total assets were $658.7 million, compared to $622.6 million at December 31, 2022, an  increase of $36.1 million, or 5.8%.

Cash and cash equivalents as of December 31, 2023, were $42.3 million, an increase of $16.9 million, or 66.7%, from December 31, 2022.  Key drivers of this change were an increase in Federal Home Loan Bank borrowings and a decrease in investment securities available for sale, at fair value, which were partially offset by loan growth outpacing deposit growth.  Cash and cash equivalents represented 6.4% and 4.1% of total assets as of December 31, 2023, and 2022, respectively. 

Investment securities available for sale, at fair value as of December 31, 2023, were $73.2 million, a decrease of $3.2 million, or 4.2%, from December 31, 2022.  Key drivers of this change were scheduled payments of principal and the charge-off of the Signature Bank subordinated debt investment, which were partially offset by a decrease in unrealized losses on the investment securities available for sale portfolio because of decreases in market interest rates. 

Total loans as of December 31, 2023, were $508.8 million, an increase of $21.6 million, or 4.4%, from December 31, 2022. The key driver of this change was an increase in organic growth.  The Company's loan to deposit ratio was 93.8% as of December 31, 2023, as compared to 92.5% as of December 31, 2022. 

Total deposits as of December 31, 2023, were $542.2 million, an increase of $15.7 million, or 3.0%, from December 31, 2022.  Key drivers of this change were organic growth due to our continued focus on total relationship banking, which was partially offset by scheduled maturities of brokered deposits that were not replaced and deposit outflows due to competitive pressures in the higher interest rate environment and the negative banking industry developments associated with multiple high-profile bank failures that occurred during the first six months of 2023. While the Company has continued to see the deposit mix shift into higher yielding products, particularly certificates of deposit, the balance and level of noninterest-bearing deposits to total deposits has remained relatively stable.  As of December 31, 2023, total noninterest-bearing deposits were $137.3 million, an increase of $474 thousand, or 0.3%, from December 31, 2022.  These deposits represented 25.3% and 26.0% of total deposits as of December 31, 2023, and 2022, respectively.  As of December 31, 2023, there were no brokered deposits outstanding, as compared to $20.4 million as of December 31, 2022. 

Total Federal Home Loan Bank borrowings as of December 31, 2023, were $49.0 million, an increase of $18.0 million, or 58.1%, from December 31, 2022.  Key drivers of this change were additional borrowings to support loan growth and boost on balance sheet liquidity. 

Total subordinated debt, net of issuance costs as of December 31, 2023, were $17.7 million, an increase of $111 thousand, or 0.6%, from December 31, 2022.  The key driver of this change was the amortization of the issuance costs.  In August 2020, the Company issued $8 million of subordinated debt with a 10-year maturity and an initial 6.00% coupon.  In February 2021, the Company redeemed the $3.5 million of legacy subordinated debt issued in February 2016, which notes carried a 7% coupon.  In January 2022, the Company issued an additional $10.0 million of subordinated debt. These notes have a maturity date of January 30, 2032, and carry an initial coupon of 4%. 

Total shareholders' equity as of December 31, 2023, was $44.8 million, an increase of $2.2 million, or 5.1%, from December 31, 2022.  Key drivers of this change were the net income attributable to the Company for the twelve months ended December 31, 2023, stock-based compensation expense related to restricted stock awards, and a decrease in accumulated other comprehensive (loss), net of tax, which were partially offset by cash dividends paid to shareholders.  Total accumulated other comprehensive (loss), net of tax as of December 31, 2023, was $9.6 million, a decrease of $1.4 million, or 12.8%, from December 31, 2022.  The key driver of this change was decreases in market interest rates over the comparable periods.  The Bank's Community Bank Leverage Ratio   was 9.68% as of December 31, 2023, as compared to 10.13% as of December 31, 2022.  The Bank continues to remain well capitalized as defined by regulatory guidelines.

Asset Quality

The allowance for credit losses as of December 31, 2023, was $5.0 million, or 0.98%, of total loans, as compared to $4.9 million as of December 31, 2022, or 1.00%, of total loans. Loans past due 30 days or more and still accruing interest were $195 thousand as of December 31, 2023, while nonaccrual loans, excluding purchased credit impaired loans, totaled $326 thousand. The Company believes the current level of the allowance for credit losses is adequate to cover expected losses as credit metrics remain stable.

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 Prince George, Virginia. The Bank has ten branches serving Southern and Central Virginia and two branches and two loan centers serving Northern North Carolina. Visit www.touchstone.bank for more information.

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 impacts of the ongoing COVID-19 pandemic; changes in interest rates and general economic conditions; the legislative/regulatory climate; monetary and fiscal policies of the U.S. Government; the quality or composition of the loan or investment securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company's market area; mergers, acquisitions and dispositions; implementation of new technologies and the ability to develop and maintain secure and reliable electronic systems; and tax and accounting rules, principles, policies and guidelines.

Touchstone Bankshares, Inc.
Consolidated Financial Highlights
(unaudited)
		For the Three Months Ended
(in thousands, except per share data)		December 31,		September 30,		June 30,		March 31,		December 31,
Selected Operating Data:		2023		2023		2023		2023		2022
Net interest income		$                  5,229		$              5,078		$              5,108		$              5,434		$              5,555
(Recovery of) provision for credit losses		(206)		75		100		1,009		-
Noninterest income		876		930		956		768		1,067
Noninterest expense		5,075		5,321		5,634		5,525		5,176
Income (loss) before income tax		1,236		612		330		(332)		1,446
Income tax expense (benefit)		170		159		45		(136)		203
Net income (loss)		1,066		453		285		(196)		1,243
Less: Preferred dividends		9		-		-		-		9
Net income (loss) available to common shareholders		$                  1,057		$                 453		$                 285		$               (196)		$              1,234
Income (loss) per share available to common shareholders:
Basic		$                    0.32		$                0.14		$                0.09		$              (0.06)		$                0.38
Diluted		$                    0.32		$                0.14		$                0.09		$              (0.06)		$                0.38
Average common shares outstanding, basic		3,273,588		3,260,093		3,258,230		3,247,867		3,238,317
Average common shares outstanding, diluted		3,302,736		3,289,241		3,287,378		3,277,015		3,267,465
		For the Twelve Months Ended
		December 31,		December 31,
		2023		2022
Net interest income		$                20,849		$            20,599
Provision for credit losses		978		605
Noninterest income		3,530		3,567
Noninterest expense		21,555		19,001
Income before income tax		1,846		4,560
Income tax expense		238		509
Net income		1,608		4,051
Less: Preferred dividends		9		9
Net income available to common shareholders		$                  1,599		$              4,042
Income per share available to common shareholders:
Basic		$                    0.49		$                1.24
Diluted		$                    0.49		$                1.24
Average common shares outstanding, basic		3,240,529		3,249,248
Average common shares outstanding, diluted		3,269,677		3,278,396

 

Touchstone Bankshares, Inc.
Consolidated Financial Highlights (continued)
(unaudited)
(in thousands, except per share data)		December 31,		September 30,		June 30,		March 31,		December 31,
Balance Sheet Data:		2023		2023		2023		2023		2022
Total assets		$                 658,695		$                 660,883		$            644,415		$            644,672		$              622,608
Total loans		508,810		512,478		505,661		496,820		487,216
Allowance for credit losses		(4,979)		(4,999)		(4,973)		(4,910)		(4,881)
Core deposit intangible		369		416		464		516		570
Deposits		542,239		549,876		529,752		549,527		526,553
Borrowings		49,000		49,000		51,000		31,000		31,000
Subordinated debt, net of issuance costs		17,731		17,704		17,676		17,648		17,621
Preferred stock		58		58		58		58		58
Other comprehensive (loss)		(9,568)		(13,111)		(11,605)		(9,714)		(10,975)
Shareholders' equity		44,809		41,209		42,208		43,747		42,647
Book value per common share		$                     13.68		$                     12.61		$                12.94		$                13.41		$                  13.12
Tangible book value per common share		$                     13.57		$                     12.48		$                12.79		$                13.25		$                  12.94
Total common shares outstanding		3,270,676		3,263,794		3,258,230		3,258,230		3,246,236
Total preferred shares outstanding		29,148		29,148		29,148		29,148		29,148
		December 31,		September 30,		June 30,		March 31,		December 31,
		2023		2023		2023		2023		2022
Performance Ratios:		(QTD annualized)		(QTD annualized)		(QTD annualized)		(QTD annualized)		(QTD annualized)
Return on average assets		0.63 %		0.28 %		0.18 %		-0.13 %		0.81 %
Return on average common equity		9.85 %		4.34 %		2.61 %		-1.89 %		11.72 %
Net interest margin		3.47 %		3.45 %		3.44 %		3.78 %		3.87 %
Overhead efficiency (non-GAAP)		83 %		89 %		93 %		88 %		79 %
		December 31,		December 31,
		2023		2022
Performance Ratios:		YTD		YTD
Return on average assets		0.25 %		0.67 %
Return on average common equity		3.73 %		8.90 %
Net interest margin		3.56 %		3.67 %
Overhead efficiency (non-GAAP)		88 %		78 %
		December 31,		September 30,		June 30,		March 31,		December 31,
Asset Quality Data:		2023		2023		2023		2023		2022
Allowance for credit losses		$                     4,979		$                     4,999		$                4,973		$                4,910		$                  4,881
Nonperforming loans (excluding PCI loans)		326		314		332		356		362
Other real estate owned, net of allowance		-		-		-		-		-
Nonperforming assets		326		314		332		356		362
Net charge-offs (recoveries), QTD		20		50		36		(29)		15
Asset Quality Ratios:
Allowance for credit losses to total loans		0.98 %		0.98 %		0.98 %		0.99 %		1.00 %
Nonperforming loans to total loans		0.06 %		0.06 %		0.07 %		0.07 %		0.07 %
Nonperforming assets to total assets		0.05 %		0.05 %		0.05 %		0.06 %		0.06 %
YTD net charge-offs (recoveries) to average loans, annualized		0.02 %		0.02 %		<0.01%		-0.03 %		0.02 %
Community Bank Leverage Ratio		9.68 %		9.71 %		9.99 %		9.59 %		10.13 %
Tangible common equity/tangible assets ratio		6.74 %		6.17 %		6.47 %		6.70 %		6.76 %

 

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SOURCE Touchstone Bankshares, Inc.

FAQ

What was Touchstone Bankshares, Inc.'s net income available to common shareholders for the three months ended December 31, 2023?

The net income available to common shareholders for the three months ended December 31, 2023, was $1.1 million.

What was the basic and diluted earnings per common share for the twelve months ended December 31, 2023?

The basic and diluted earnings per common share for the twelve months ended December 31, 2023, was $0.49.

What was the change in net interest income for the three months ended December 31, 2023, compared to the same period in 2022?

The net interest income decreased by $326 thousand, or 5.9%, for the three months ended December 31, 2023, compared to the same period in 2022.

What was the change in noninterest income for the three months ended December 31, 2023, compared to the same period in 2022?

The noninterest income decreased by $191 thousand, or 17.9%, for the three months ended December 31, 2023, compared to the same period in 2022.

What was the change in provision for credit losses for the twelve months ended December 31, 2023, compared to the same period in 2022?

The provision for credit losses increased by $373 thousand, or 61.7%, for the twelve months ended December 31, 2023, compared to the same period in 2022.