Financial highlights for the quarter and six-month period include:
$23 million in retail deposits from the Bank’sDanville, Illinois , branch were sold for a gain of$1.5 million , net of conversion-related data processing costs. In addition, approximately$0.2 million additional costs were incurred related to the deposit sale and the recently announced closure of theDanville branch during the first half of 2023 so that the combined effect was$1.3 million in total income and$1.0 million on a tax adjusted basis.- Loan portfolio balances increased
$70 million year to date, comprised primarily of$38 million in residential mortgage loans and$31 million in commercial segment loans; and fromMarch 31, 2023 , toJune 30, 2023 , loan portfolio balances increased$39 million with$30 million in residential mortgage loans and$9 million in commercial segment loans. Loan growth is likely to slow significantly in the third quarter as more of the future residential mortgage loan originations will be sold in the foreseeable future. During the first half of the year, the Mortgage Division originated$126 million in residential mortgage loans with roughly two-thirds of the originated loans sold or held for sale. The remainder are held in the Bank’s loan portfolio with the majority of those loans having the following terms: 5/1 ARM, 7/1 ARM, or 15-year fixed. Over the prior eight years, the Mortgage Division’s loans originated for sale ranged from 79% to 93% of its total originations.- As of
June 30, 2023 , non-performing assets, restructured loans, and loans 90 days or more past due and still accruing to total assets and nonaccrual loans to total loans were 0.13% and 0.02%, respectively, compared to 0.20% and 0.16%, respectively, onDecember 31, 2022 , and 0.25% and 0.22%, respectively, onJune 30, 2022 . Also, as ofJune 30, 2023 , the allowance for credit losses on loans (“ACLL”) to loans was 1.39% compared to an allowance for loan and lease losses of 1.37% atDecember 31, 2022 , and 1.46% atJune 30, 2022 . The ACLL is down 12 basis points fromMarch 31, 2023 , due to improved economic forecasts and other qualitative factors, as well as a higher portion of the loan portfolio being in residential loans that generally have a lower expected loss rate than commercial segment loans.
- As of
- Net interest income and margin were
$11.4 million and 3.06%, respectively, for the six months endedJune 30, 2023 , compared to$11.4 million and 3.15%, respectively, in the same period of 2022. The six-month period in 2023 had$0.3 million less Paycheck Protection Program loan fee accretion income and$0.1 million more subordinated debt interest expense compared to the same period in 2022, both of which were partially offset by a$22 million rise in average balances in earning assets. The net interest margin declined 9 basis points compared to same six month period in 2022 due to a number of factors, including a$24 million decline in average non-interest bearing deposit balances as higher short-term interest rates attracted money into interest bearing products, and a 44 basis point increase in the cost of interest bearing liabilities over the increase in yields on interest earning assets in part due to growth in generally tighter spread residential mortgage loans and the effects of an inverted yield curve.- Cost of funds is up significantly this year due to a shift in deposit mix as customers seek higher returns in a rising rate environment and to maximize their
FDIC insurance coverage. Total deposits are down$15 million sinceDecember 31, 2022 , with noninterest-bearing deposits down$22 million , and interest-bearing deposits up$7 million , largely in reciprocal and time deposit products. After adjusting for the sale of theDanville branch’s retail deposits, total deposits are up$8 million with noninterest-bearing deposits down$20 million , and interest-bearing deposits up$28 million .
- Cost of funds is up significantly this year due to a shift in deposit mix as customers seek higher returns in a rising rate environment and to maximize their
- For the six months ended
June 30, 2023 , Banking Division net income was$2.3 million and Mortgage Division net loss was$0.5 million . The remaining$0.4 million on net loss was from parent company sub-debt and administration expenses. Residential mortgage loan originations are up$15 million compared to the same six-month period from 2022. The Mortgage Division added 40 commission-based loan originators since the end of the third quarter of 2022 and approximately seven operations/administration employees, improving the Division’s operating efficiencies. Although total loan originations are up for the Mortgage Division, the average number of loans per lender are down as markets remain adversely affected by higher mortgage interest rates compared to recent years and tight housing supply. In addition, tighter mortgage loan margins have persisted. Recently hired mortgage lenders are expected to become more fully established and up-front growth costs should diminish in the second half of 2023.
Reflecting on the past six months, Mr.
He added, “Our Retail Banking, Corporate Banking, and Government Guaranteed Lending Divisions have continued their relationship development success this year. To date, the combined Corporate Banking and Government Guaranteed Lending Divisions are well ahead of their annual budget goals for loan and deposit growth and, excluding the effects of the sale of the
“Continued strong credit quality coupled with a resilient economy with a better forecast, and other qualitative factors, has eased our allowance for credit losses on loans.”
Looking ahead, he concluded, “The key challenges and areas of focus for the Company during the second half of the year will include continuing the improvement in Mortgage Division operating results; growth and retention of core loan and deposit relationships; and mitigating the rising cost of funds, partly through expense controls on certain programs, services, and capital.”
FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.
There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.
Stockholders should note that many factors, some of which are discussed elsewhere in this Earnings Release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:
- operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
- economic, political, and competitive forces affecting CIB Marine’s banking business;
- the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
- the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.
FOR INFORMATION CONTACT:
(217) 355-0900
brian.chaffin@cibmbank.com
Selected Unaudited Consolidated Financial Data | |||||||||||||||||||||||
At or for the | |||||||||||||||||||||||
Quarters Ended | 6 Months Ended | ||||||||||||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2022 | |||||||||||||||||
(Dollars in thousands, except share and per share data) | |||||||||||||||||||||||
Selected Statement of Operations Data: | |||||||||||||||||||||||
Interest and dividend income | $ | 9,152 | $ | 8,472 | $ | 7,808 | $ | 7,234 | $ | 6,411 | $ | 17,624 | $ | 12,290 | |||||||||
Interest expense | 3,643 | 2,601 | 1,664 | 823 | 517 | 6,244 | 930 | ||||||||||||||||
Net interest income | 5,509 | 5,871 | 6,144 | 6,411 | 5,894 | 11,380 | 11,360 | ||||||||||||||||
Provision for (reversal of) credit losses | (246 | ) | 159 | (642 | ) | 34 | 40 | (87 | ) | (285 | ) | ||||||||||||
Net interest income after provision for (reversal of) loan losses | 5,755 | 5,712 | 6,786 | 6,377 | 5,854 | 11,467 | 11,645 | ||||||||||||||||
Noninterest income (1) | 3,298 | 1,410 | 791 | 1,313 | 1,660 | 4,708 | 3,365 | ||||||||||||||||
Noninterest expense | 7,457 | 6,805 | 6,316 | 6,311 | 6,374 | 14,262 | 12,636 | ||||||||||||||||
Income before income taxes | 1,596 | 317 | 1,261 | 1,379 | 1,140 | 1,913 | 2,374 | ||||||||||||||||
Income tax expense | 431 | 89 | 351 | 352 | 251 | 520 | 585 | ||||||||||||||||
Net income | $ | 1,165 | $ | 228 | $ | 910 | $ | 1,027 | $ | 889 | $ | - | $ | 1,393 | $ | 1,789 | |||||||
Common Share Data: | |||||||||||||||||||||||
Basic net income per share (2) | $ | 0.88 | $ | 0.17 | $ | 0.81 | $ | 0.78 | $ | 0.68 | $ | 1.06 | $ | 1.38 | |||||||||
Diluted net income per share (2) | 0.64 | 0.13 | 0.59 | 0.57 | 0.49 | 0.77 | 1.00 | ||||||||||||||||
Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||
Tangible book value per share (3) | 52.47 | 53.28 | 53.19 | 52.24 | 53.68 | 52.47 | 53.68 | ||||||||||||||||
Book value per share (3) | 50.70 | 51.48 | 51.39 | 49.78 | 51.22 | 50.70 | 51.22 | ||||||||||||||||
Weighted average shares outstanding - basic | 1,318,460 | 1,308,603 | 1,308,279 | 1,308,752 | 1,307,341 | 1,313,553 | 1,300,239 | ||||||||||||||||
Weighted average shares outstanding - diluted | 1,815,593 | 1,803,218 | 1,796,947 | 1,797,721 | 1,798,008 | 1,809,435 | 1,793,815 | ||||||||||||||||
Financial Condition Data: | |||||||||||||||||||||||
Total assets | $ | 819,521 | $ | 787,244 | $ | 752,997 | $ | 762,965 | $ | 774,356 | $ | 819,521 | $ | 774,356 | |||||||||
Loans | 647,823 | 608,492 | 577,303 | 564,841 | 549,175 | 647,823 | 549,175 | ||||||||||||||||
Allowance for credit losses on loans (4) | (8,999 | ) | (9,193 | ) | (7,894 | ) | (8,061 | ) | (8,010 | ) | (8,999 | ) | (8,010 | ) | |||||||||
Investment securities | 114,661 | 126,001 | 124,421 | 127,954 | 122,483 | 114,661 | 122,483 | ||||||||||||||||
Deposits | 613,808 | 632,339 | 628,869 | 633,234 | 642,500 | 613,808 | 642,500 | ||||||||||||||||
Borrowings | 113,950 | 65,173 | 34,485 | 37,168 | 37,693 | 113,950 | 37,693 | ||||||||||||||||
Stockholders' equity | 83,876 | 83,615 | 83,503 | 87,228 | 89,111 | 83,876 | 89,111 | ||||||||||||||||
Financial Ratios and Other Data: | |||||||||||||||||||||||
Performance Ratios: | |||||||||||||||||||||||
Net interest margin (5) | 2.90 | % | 3.22 | % | 3.32 | % | 3.45 | % | 3.23 | % | 3.06 | % | 3.15 | % | |||||||||
Net interest spread (6) | 2.42 | % | 2.82 | % | 3.02 | % | 3.29 | % | 3.14 | % | 2.62 | % | 3.06 | % | |||||||||
Noninterest income to average assets (7) | 1.68 | % | 0.72 | % | 0.41 | % | 0.72 | % | 0.91 | % | 1.21 | % | 0.94 | % | |||||||||
Noninterest expense to average assets | 3.77 | % | 3.58 | % | 3.27 | % | 3.24 | % | 3.34 | % | 3.68 | % | 3.35 | % | |||||||||
Efficiency ratio (8) | 84.35 | % | 93.90 | % | 91.13 | % | 80.73 | % | 83.52 | % | 88.65 | % | 84.72 | % | |||||||||
Earnings on average assets (9) | 0.59 | % | 0.12 | % | 0.47 | % | 0.53 | % | 0.47 | % | 0.36 | % | 0.47 | % | |||||||||
Earnings on average equity (10) | 5.53 | % | 1.11 | % | 4.15 | % | 4.52 | % | 3.96 | % | 3.35 | % | 3.97 | % | |||||||||
Asset Quality Ratios: | |||||||||||||||||||||||
Nonaccrual loans to loans (11) | 0.02 | % | 0.08 | % | 0.16 | % | 0.13 | % | 0.22 | % | 0.02 | % | 0.22 | % | |||||||||
Nonaccrual loans, restructured loans and loans 90 days or more past due and still accruing to total loans (4) | 0.11 | % | 0.12 | % | 0.20 | % | 0.17 | % | 0.28 | % | 0.11 | % | 0.28 | % | |||||||||
Nonperforming assets, restructured loans and loans 90 days or more past due and still accruing to total assets (4) | 0.13 | % | 0.14 | % | 0.20 | % | 0.18 | % | 0.25 | % | 0.13 | % | 0.25 | % | |||||||||
Allowance for credit losses on loans to total loans (4)(11) | 1.39 | % | 1.51 | % | 1.37 | % | 1.43 | % | 1.46 | % | 1.39 | % | 1.46 | % | |||||||||
Allowance for credit losses on loans to nonaccrual loans, restructured loans and loans 90 days or more past due and still accruing (4)(11) | 1283.74 | % | 1262.77 | % | 684.06 | % | 852.11 | % | 512.48 | % | 1283.74 | % | 512.48 | % | |||||||||
Net charge-offs (recoveries) annualized to average loans (11) | -0.02 | % | -0.02 | % | -0.33 | % | -0.01 | % | 0.03 | % | -0.02 | % | 0.02 | % | |||||||||
Capital Ratios: | |||||||||||||||||||||||
Total equity to total assets | 10.23 | % | 10.62 | % | 11.09 | % | 11.43 | % | 11.51 | % | 10.23 | % | 11.51 | % | |||||||||
Total risk-based capital ratio | 14.31 | % | 14.84 | % | 15.71 | % | 16.42 | % | 16.85 | % | 14.31 | % | 16.85 | % | |||||||||
Tier 1 risk-based capital ratio | 11.54 | % | 11.99 | % | 12.78 | % | 13.48 | % | 13.85 | % | 11.54 | % | 13.85 | % | |||||||||
Leverage capital ratio | 9.43 | % | 9.56 | % | 9.73 | % | 10.16 | % | 10.20 | % | 9.43 | % | 10.20 | % | |||||||||
Other Data: | |||||||||||||||||||||||
Number of employees (full-time equivalent) | 206 | 202 | 189 | 166 | 159 | 206 | 159 | ||||||||||||||||
Number of banking facilities | 10 | 10 | 10 | 10 | 10 | 10 | 10 | ||||||||||||||||
(1) Noninterest income includes gains and losses on securities. | |||||||||||||||||||||||
(2) Net income available to common stockholders in the calculation of earnings per share includes the difference between the carrying amount less the consideration paid for redeemed preferred stock of | |||||||||||||||||||||||
(3) Tangible book value per share is the stockholder equity less the carry value of the preferred stock and less the goodwill and intangible assets, divided by the total shares of common outstanding. Book value per share is the stockholder equity less the liquidation preference of the preferred stock, divided by the total shares of common outstanding. Book value measures are reported inclusive of the net deferred tax assets. As presented here, shares of common outstanding excludes unvested restricted stock awards. | |||||||||||||||||||||||
(4) Allowance for credit losses on loans is allowance for loan losses in ending dates and periods prior to | |||||||||||||||||||||||
(5) Net interest margin is the ratio of net interest income to average interest-earning assets. | |||||||||||||||||||||||
(6) Net interest spread is the yield on average interest-earning assets less the rate on average interest-bearing liabilities. | |||||||||||||||||||||||
(7) Noninterest income to average assets excludes gains and losses on securities. | |||||||||||||||||||||||
(8) The efficiency ratio is noninterest expense divided by the sum of net interest income plus noninterest income, excluding gains and losses on securities. | |||||||||||||||||||||||
(9) Earnings on average assets are net income divided by average total assets. | |||||||||||||||||||||||
(10) Earnings on average equity are net income divided by average stockholders' equity. | |||||||||||||||||||||||
(11) Excludes loans held for sale. | |||||||||||||||||||||||
Consolidated Balance Sheets (unaudited) | |||||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | |||||||||||
(Dollars in Thousands, Except Shares) | |||||||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 14,444 | $ | 16,490 | $ | 19,667 | $ | 36,454 | $ | 68,097 | |||||
Reverse repurchase agreements | - | - | - | - | - | ||||||||||
Securities available for sale | 112,532 | 123,838 | 122,292 | 125,830 | 120,265 | ||||||||||
Equity securities at fair value | 2,129 | 2,163 | 2,129 | 2,124 | 2,218 | ||||||||||
Loans held for sale | 14,726 | 10,848 | 5,057 | 6,471 | 7,519 | ||||||||||
Loans | 647,823 | 608,492 | 577,303 | 564,841 | 549,175 | ||||||||||
Allowance for credit losses on loans (1) | (8,999 | ) | (9,193 | ) | (7,894 | ) | (8,061 | ) | (8,010 | ) | |||||
Net loans | 638,824 | 599,299 | 569,409 | 556,780 | 541,165 | ||||||||||
Federal Home Loan | 2,818 | 1,897 | 1,897 | 1,897 | 2,897 | ||||||||||
Premises and equipment, net | 3,879 | 3,969 | 4,081 | 4,159 | 4,138 | ||||||||||
Accrued interest receivable | 2,036 | 2,118 | 1,915 | 1,807 | 1,644 | ||||||||||
Deferred tax assets, net | 16,790 | 16,464 | 16,273 | 16,977 | 16,142 | ||||||||||
Other real estate owned, net | 375 | 375 | 375 | 403 | 403 | ||||||||||
Bank owned life insurance | 6,160 | 6,119 | 6,076 | 6,040 | 6,002 | ||||||||||
76 | 81 | 87 | 92 | 98 | |||||||||||
Other assets | 4,732 | 3,583 | 3,739 | 3,931 | 3,768 | ||||||||||
Total Assets | $ | 819,521 | $ | 787,244 | $ | 752,997 | $ | 762,965 | $ | 774,356 | |||||
Liabilities and Stockholders' Equity | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest-bearing demand | $ | 93,487 | $ | 94,700 | $ | 115,186 | $ | 134,765 | $ | 129,457 | |||||
Interest-bearing demand | 82,484 | 93,388 | 76,918 | 79,306 | 66,495 | ||||||||||
Savings | 247,339 | 259,907 | 260,159 | 254,146 | 287,159 | ||||||||||
Time | 190,498 | 184,344 | 176,606 | 165,017 | 159,389 | ||||||||||
Total deposits | 613,808 | 632,339 | 628,869 | 633,234 | 642,500 | ||||||||||
Short-term borrowings | 104,238 | 55,469 | 24,789 | 27,480 | 28,013 | ||||||||||
Long-term borrowings | 9,712 | 9,704 | 9,696 | 9,688 | 9,680 | ||||||||||
Accrued interest payable | 963 | 557 | 554 | 227 | 287 | ||||||||||
Other liabilities | 6,924 | 5,560 | 5,586 | 5,108 | 4,765 | ||||||||||
Total liabilities | 735,645 | 703,629 | 669,494 | 675,737 | 685,245 | ||||||||||
Stockholders' Equity | |||||||||||||||
Preferred stock, | 13,806 | 13,806 | 13,806 | 18,762 | 18,762 | ||||||||||
Common stock, | 1,349 | 1,324 | 1,324 | 1,324 | 1,324 | ||||||||||
Capital surplus | 181,050 | 180,903 | 180,777 | 180,664 | 180,544 | ||||||||||
Accumulated deficit | (104,822 | ) | (105,987 | ) | (105,025 | ) | (106,081 | ) | (107,108 | ) | |||||
Accumulated other comprehensive income, net | (6,973 | ) | (5,897 | ) | (6,845 | ) | (6,907 | ) | (3,877 | ) | |||||
(534 | ) | (534 | ) | (534 | ) | (534 | ) | (534 | ) | ||||||
Total stockholders' equity | 83,876 | 83,615 | 83,503 | 87,228 | 89,111 | ||||||||||
Total liabilities and stockholders' equity | $ | 819,521 | $ | 787,244 | $ | 752,997 | $ | 762,965 | $ | 774,356 | |||||
(1) Allowance for credit losses on loans is allowance for loan losses in ending dates and periods prior to | |||||||||||||||
(2) Both issued and outstanding shares as stated here exclude 52,373 shares of unvested restricted stock awards at | |||||||||||||||
(3) | |||||||||||||||
Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||
At or for the | |||||||||||||||||||||
Quarters Ended | 6 Months Ended | ||||||||||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2022 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest Income | |||||||||||||||||||||
Loans | $ | 7,942 | $ | 7,121 | $ | 6,426 | $ | 6,029 | $ | 5,542 | $ | 15,063 | $ | 10,796 | |||||||
Loans held for sale | 155 | 84 | 63 | 96 | 90 | 239 | 148 | ||||||||||||||
Securities | 985 | 1,031 | 948 | 826 | 683 | 2,016 | 1,220 | ||||||||||||||
Other investments | 70 | 236 | 371 | 283 | 96 | 306 | 126 | ||||||||||||||
Total interest income | 9,152 | 8,472 | 7,808 | 7,234 | 6,411 | 17,624 | 12,290 | ||||||||||||||
Interest Expense | |||||||||||||||||||||
Deposits | 3,076 | 2,364 | 1,452 | 662 | 384 | 5,440 | 734 | ||||||||||||||
Short-term borrowings | 445 | 118 | 91 | 40 | 12 | 563 | 19 | ||||||||||||||
Long-term borrowings | 122 | 119 | 121 | 121 | 121 | 241 | 177 | ||||||||||||||
Total interest expense | 3,643 | 2,601 | 1,664 | 823 | 517 | 6,244 | 930 | ||||||||||||||
Net interest income | 5,509 | 5,871 | 6,144 | 6,411 | 5,894 | 11,380 | 11,360 | ||||||||||||||
Provision for (reversal of) credit losses | (246 | ) | 159 | (642 | ) | 34 | 40 | (87 | ) | (285 | ) | ||||||||||
Net interest income after provision for | |||||||||||||||||||||
(reversal of) loan losses | 5,755 | 5,712 | 6,786 | 6,377 | 5,854 | 11,467 | 11,645 | ||||||||||||||
Noninterest Income | |||||||||||||||||||||
Deposit service charges | 76 | 79 | 82 | 86 | 92 | 155 | 180 | ||||||||||||||
Other service fees | 11 | 16 | 15 | 18 | 71 | 27 | 96 | ||||||||||||||
Mortgage banking revenue, net | 1,636 | 1,008 | 597 | 1,126 | 1,268 | 2,644 | 2,698 | ||||||||||||||
Other income | 171 | 110 | 117 | 147 | 141 | 281 | 353 | ||||||||||||||
Net gains on sale of securities available for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Unrealized gains (losses) recognized on equity securities | (34 | ) | 34 | 4 | (93 | ) | (78 | ) | 0 | (190 | ) | ||||||||||
Net gains (loss) on sale of SBA loans | 0 | 151 | 0 | 0 | 126 | 151 | 157 | ||||||||||||||
Net gains (losses) on sale of assets and (writedowns) | 1,438 | 12 | (24 | ) | 29 | 40 | 1,450 | 71 | |||||||||||||
Total noninterest income | 3,298 | 1,410 | 791 | 1,313 | 1,660 | 4,708 | 3,365 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||||
Compensation and employee benefits | 5,101 | 4,550 | 4,061 | 4,240 | 4,175 | 9,651 | 8,404 | ||||||||||||||
Equipment | 504 | 475 | 466 | 396 | 439 | 979 | 881 | ||||||||||||||
Occupancy and premises | 404 | 438 | 399 | 390 | 408 | 842 | 830 | ||||||||||||||
Data Processing | 221 | 199 | 202 | 205 | 171 | 420 | 337 | ||||||||||||||
Federal deposit insurance | 150 | 87 | 70 | 58 | 51 | 237 | 103 | ||||||||||||||
Professional services | 317 | 278 | 415 | 244 | 284 | 595 | 508 | ||||||||||||||
Telephone and data communication | 56 | 61 | 66 | 61 | 60 | 117 | 121 | ||||||||||||||
Insurance | 68 | 88 | 85 | 74 | 74 | 156 | 159 | ||||||||||||||
Other expense | 636 | 629 | 552 | 643 | 712 | 1,265 | 1,293 | ||||||||||||||
Total noninterest expense | 7,457 | 6,805 | 6,316 | 6,311 | 6,374 | 14,262 | 12,636 | ||||||||||||||
Income from operations | |||||||||||||||||||||
before income taxes | 1,596 | 317 | 1,261 | 1,379 | 1,140 | 1,913 | 2,374 | ||||||||||||||
Income tax expense | 431 | 89 | 351 | 352 | 251 | 520 | 585 | ||||||||||||||
Net income | 1,165 | 228 | 910 | 1,027 | 889 | 1,393 | 1,789 | ||||||||||||||
Preferred stock dividend | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Discount from repurchase of preferred stock | 0 | 0 | 146 | 0 | 0 | 0 | 0 | ||||||||||||||
Net income allocated to common stockholders | $ | 1,165 | $ | 228 | $ | 1,056 | $ | 1,027 | $ | 889 | $ | 1,393 | $ | 1,789 | |||||||
Source:
2023 GlobeNewswire, Inc., source