Eagle’s board of directors declared a quarterly cash dividend to
“Our full year 2023 results reflect steady organic loan growth,” said
Fourth Quarter 2023 Highlights (at or for the three-month period ended
- Net income was
$2.2 million , or$0.28 per diluted share, in the fourth quarter of 2023, compared to$2.6 million , or$0.34 per diluted share, in the preceding quarter, and$3.6 million , or$0.47 per diluted share, in the fourth quarter a year ago. - Net interest margin (“NIM”) was 3.32% in the fourth quarter of 2023, compared to 3.41% in the preceding quarter, and a 78 basis point contraction compared to 4.10% in the fourth quarter a year ago.
- Revenues (net interest income before the provision for credit losses, plus noninterest income) were
$21.0 million in the fourth quarter of 2023, compared to$21.6 million in the preceding quarter and$22.9 million in the fourth quarter a year ago. - The accretion of the loan purchase discount into loan interest income from acquisitions was
$168,000 in the fourth quarter of 2023, compared to accretion on purchased loans from acquisitions of$175,000 in the preceding quarter. - Total loans increased 9.7% to
$1.48 billion , atDecember 31, 2023 , compared to$1.35 billion a year earlier, and changed minimally compared toSeptember 30, 2023 . - The allowance for credit losses represented 1.11% of portfolio loans and 196.0% of nonperforming loans at
December 31, 2023 . The allowance for loan losses represented 1.03% of portfolio loans and 180.0% of nonperforming loans atDecember 31, 2022 . - The Company’s available borrowing capacity was approximately
$398.5 million atDecember 31, 2023 .
(Dollars in thousands) | Borrowings Outstanding | Remaining Borrowing Capacity | ||||
$ | 175,737 | $ | 266,017 | |||
- | 32,472 | |||||
Correspondent bank lines of credit | - | 100,000 | ||||
Total | $ | 175,737 | $ | 398,489 | ||
- The Company paid a quarterly cash dividend in the fourth quarter of
$0.14 per share onDecember 1, 2023 to shareholders of recordNovember 10, 2023 .
Balance Sheet Results
Eagle’s total assets increased 6.5% to
Eagle originated
Total loans increased
Total deposits were
“Our deposit mix has leaned towards higher cost time deposits, while the increase in overall cost of deposits has slowed. We anticipate deposit rates will stabilize during the first half of 2024,” said
Shareholders’ equity was
Operating Results
“Our NIM contracted over the linked quarter as the increase in cost of funds continued to outpace the growth in yields on earning assets,” said Clark. “We anticipate funding costs to start to stabilize over the next several quarters.”
Eagle’s NIM was 3.32% in the fourth quarter of 2023, compared to 3.41% in the preceding quarter, and a 78 basis point contraction compared to 4.10% in the fourth quarter a year ago. The interest accretion on acquired loans totaled
Net interest income, before the provision for credit losses, decreased 2.5% to
Fourth quarter revenues decreased 2.8% to
Eagle’s total noninterest income decreased 3.7% to
Fourth quarter noninterest expense increased 5.7% to
For the fourth quarter of 2023, the Company recorded an income tax benefit of
Credit Quality
Beginning
The provision for credit losses was
Eagle had
Net loan charge-offs totaled
Capital Management
The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) increased to 6.32% at
About the Company
Forward Looking Statements
This release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as "believe," “will” "expect," "anticipate," "should," "planned," "estimated," and "potential." These forward-looking statements include, but are not limited to statements of our goals, intentions and expectations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics including the magnitude and duration of the COVID-19 pandemic, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment, the ultimate extent of the impacts on our business, financial position, results of operations, liquidity and prospects, continued deterioration in general business and economic conditions could adversely affect our revenues and the values of our assets and liabilities, lead to a tightening of credit and increase stock price volatility, and potential impairment charges; the impact of adverse developments affecting the
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.
Use of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles utilized in
The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Reconciliation of the GAAP and non-GAAP financial measures are presented below.
Balance Sheet | |||||||||||
(Dollars in thousands, except per share data) | (Unaudited) | ||||||||||
2023 | 2023 | 2022 | |||||||||
Assets: | |||||||||||
Cash and due from banks | $ | 23,243 | $ | 19,743 | $ | 19,321 | |||||
Interest bearing deposits in banks | 1,302 | 1,040 | 2,490 | ||||||||
Total cash and cash equivalents | 24,545 | 20,783 | 21,811 | ||||||||
Securities available-for-sale, at fair value | 318,279 | 308,786 | 349,495 | ||||||||
9,191 | 10,438 | 5,089 | |||||||||
4,131 | 4,131 | 4,131 | |||||||||
Mortgage loans held-for-sale, at fair value | 11,432 | 17,880 | 8,250 | ||||||||
Loans: | |||||||||||
Real estate loans: | |||||||||||
Residential 1-4 family | 156,578 | 146,938 | 135,947 | ||||||||
Residential 1-4 family construction | 43,434 | 48,135 | 59,756 | ||||||||
Commercial real estate | 608,691 | 611,963 | 539,070 | ||||||||
Commercial construction and development | 158,132 | 151,614 | 151,145 | ||||||||
Farmland | 142,590 | 143,789 | 136,334 | ||||||||
Other loans: | |||||||||||
Home equity | 86,932 | 83,221 | 74,271 | ||||||||
Consumer | 30,125 | 29,832 | 27,609 | ||||||||
Commercial | 132,709 | 129,952 | 127,255 | ||||||||
Agricultural | 125,298 | 130,329 | 104,036 | ||||||||
Unearned loan fees (1) | - | - | (1,745 | ) | |||||||
Total loans | 1,484,489 | 1,475,773 | 1,353,678 | ||||||||
Allowance for credit losses (2) | (16,440 | ) | (16,230 | ) | (14,000 | ) | |||||
Net loans | 1,468,049 | 1,459,543 | 1,339,678 | ||||||||
Accrued interest and dividends receivable | 12,485 | 13,657 | 11,284 | ||||||||
Mortgage servicing rights, net | 15,853 | 15,738 | 15,412 | ||||||||
Assets held-for-sale, at fair value | - | - | 1,305 | ||||||||
Premises and equipment, net | 94,282 | 92,979 | 84,323 | ||||||||
Cash surrender value of life insurance, net | 47,939 | 47,647 | 47,724 | ||||||||
Goodwill | 34,740 | 34,740 | 34,740 | ||||||||
Core deposit intangible, net | 5,880 | 6,264 | 7,459 | ||||||||
Other assets | 28,860 | 30,478 | 17,683 | ||||||||
Total assets | $ | 2,075,666 | $ | 2,063,064 | $ | 1,948,384 | |||||
Liabilities: | |||||||||||
Deposit accounts: | |||||||||||
Noninterest bearing | 418,727 | 435,655 | 468,955 | ||||||||
Interest bearing | 1,216,468 | 1,179,823 | 1,166,317 | ||||||||
Total deposits | 1,635,195 | 1,615,478 | 1,635,272 | ||||||||
Accrued expenses and other liabilities | 36,462 | 31,597 | 26,458 | ||||||||
FHLB advances and other borrowings | 175,737 | 199,757 | 69,394 | ||||||||
Other long-term debt, net | 58,999 | 58,962 | 58,844 | ||||||||
Total liabilities | 1,906,393 | 1,905,794 | 1,789,968 | ||||||||
Shareholders' Equity: | |||||||||||
Preferred stock (par value | |||||||||||
authorized; no shares issued or outstanding) | - | - | - | ||||||||
Common stock (par value | |||||||||||
8,507,429 shares issued; 8,016,784, 7,988,132 and 8,006,033 | |||||||||||
shares outstanding at | |||||||||||
85 | 85 | 85 | |||||||||
Additional paid-in capital | 108,819 | 109,422 | 109,164 | ||||||||
Unallocated common stock held by Employee Stock Ownership Plan | (4,583 | ) | (4,727 | ) | (5,156 | ) | |||||
(11,124 | ) | (11,574 | ) | (11,343 | ) | ||||||
Retained earnings | 96,021 | 94,979 | 92,023 | ||||||||
Accumulated other comprehensive loss, net of tax | (19,945 | ) | (30,915 | ) | (26,357 | ) | |||||
Total shareholders' equity | 169,273 | 157,270 | 158,416 | ||||||||
Total liabilities and shareholders' equity | $ | 2,075,666 | $ | 2,063,064 | $ | 1,948,384 | |||||
(1) Unearned loan fees are included in individual loan categories for | |||||||||||
(2) Allowance for credit losses on loans at |
Income Statement | (Unaudited) | (Unaudited) | ||||||||||||||
(Dollars in thousands, except per share data) | Three Months Ended | Years Ended | ||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Interest and dividend income: | ||||||||||||||||
Interest and fees on loans | $ | 21,481 | $ | 21,068 | $ | 17,420 | $ | 79,423 | $ | 60,353 | ||||||
Securities available-for-sale | 2,790 | 2,794 | 2,716 | 11,376 | 8,579 | |||||||||||
FRB and FHLB dividends | 247 | 212 | 142 | 727 | 302 | |||||||||||
Other interest income | 23 | 20 | 22 | 89 | 228 | |||||||||||
Total interest and dividend income | 24,541 | 24,094 | 20,300 | 91,615 | 69,462 | |||||||||||
Interest expense: | ||||||||||||||||
Interest expense on deposits | 6,090 | 5,152 | 1,673 | 17,857 | 3,124 | |||||||||||
FHLB advances and other borrowings | 2,569 | 2,672 | 357 | 8,562 | 514 | |||||||||||
Other long-term debt | 684 | 683 | 657 | 2,719 | 2,512 | |||||||||||
Total interest expense | 9,343 | 8,507 | 2,687 | 29,138 | 6,150 | |||||||||||
Net interest income | 15,198 | 15,587 | 17,613 | 62,477 | 63,312 | |||||||||||
Provision for credit losses (1) | 270 | 588 | 347 | 1,456 | 2,001 | |||||||||||
Net interest income after provision for credit losses | 14,928 | 14,999 | 17,266 | 61,021 | 61,311 | |||||||||||
Noninterest income: | ||||||||||||||||
Service charges on deposit accounts | 444 | 447 | 445 | 1,757 | 1,668 | |||||||||||
Mortgage banking, net | 3,718 | 4,338 | 3,306 | 14,970 | 19,489 | |||||||||||
Interchange and ATM fees | 663 | 643 | 707 | 2,524 | 2,375 | |||||||||||
Appreciation in cash surrender value of life insurance | 301 | 382 | 287 | 1,466 | 1,035 | |||||||||||
Net loss on sale of available-for-sale securities | - | - | - | (222 | ) | (6 | ) | |||||||||
Other noninterest income | 686 | 225 | 555 | 2,227 | 1,659 | |||||||||||
Total noninterest income | 5,812 | 6,035 | 5,300 | 22,722 | 26,220 | |||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 11,359 | 10,837 | 11,010 | 42,973 | 44,521 | |||||||||||
Occupancy and equipment expense | 1,972 | 1,956 | 2,160 | 8,072 | 7,601 | |||||||||||
Data processing | 1,673 | 1,486 | 1,367 | 5,943 | 5,995 | |||||||||||
Advertising | 445 | 340 | 367 | 1,375 | 1,419 | |||||||||||
Amortization | 386 | 386 | 439 | 1,587 | 1,334 | |||||||||||
Loan costs | 461 | 517 | 412 | 1,887 | 2,036 | |||||||||||
288 | 301 | 229 | 1,150 | 559 | ||||||||||||
Professional and examination fees | 438 | 408 | 371 | 1,922 | 1,469 | |||||||||||
Acquisition costs | - | - | - | - | 2,296 | |||||||||||
Other noninterest expense | 1,869 | 1,644 | 1,802 | 7,180 | 6,453 | |||||||||||
Total noninterest expense | 18,891 | 17,875 | 18,157 | 72,089 | 73,683 | |||||||||||
Income before (benefit) provision for income taxes | 1,849 | 3,159 | 4,409 | 11,654 | 13,848 | |||||||||||
(Benefit) provision for income taxes | (315 | ) | 524 | 787 | 1,598 | 3,147 | ||||||||||
Net income | $ | 2,164 | $ | 2,635 | $ | 3,622 | $ | 10,056 | $ | 10,701 | ||||||
Basic earnings per share | $ | 0.28 | $ | 0.34 | $ | 0.47 | $ | 1.29 | $ | 1.45 | ||||||
Diluted earnings per share | $ | 0.28 | $ | 0.34 | $ | 0.47 | $ | 1.29 | $ | 1.45 | ||||||
Basic weighted average shares outstanding | 7,809,274 | 7,784,279 | 7,776,145 | 7,793,352 | 7,376,275 | |||||||||||
Diluted weighted average shares outstanding | 7,815,022 | 7,791,966 | 7,777,552 | 7,798,244 | 7,386,253 | |||||||||||
(1) Provision for credit losses on loans for the quarter ended | ||||||||||||||||
ADDITIONAL FINANCIAL INFORMATION | (Unaudited) | ||||||||||
(Dollars in thousands, except per share data) | Three Months Ended or Years Ended | ||||||||||
2023 | 2023 | 2022 | |||||||||
Mortgage Banking Activity (For the quarter): | |||||||||||
Net gain on sale of mortgage loans | $ | 2,845 | $ | 3,591 | $ | 2,965 | |||||
Net change in fair value of loans held-for-sale and derivatives | (40 | ) | (71 | ) | (509 | ) | |||||
Mortgage servicing income, net | 913 | 818 | 850 | ||||||||
Mortgage banking, net | $ | 3,718 | $ | 4,338 | $ | 3,306 | |||||
Mortgage Banking Activity (Year-to-date): | |||||||||||
Net gain on sale of mortgage loans | $ | 11,396 | $ | 18,610 | |||||||
Net change in fair value of loans held-for-sale and derivatives | 194 | (1,842 | ) | ||||||||
Mortgage servicing income, net | 3,380 | 2,721 | |||||||||
Mortgage banking, net | $ | 14,970 | $ | 19,489 | |||||||
Performance Ratios (For the quarter): | |||||||||||
Return on average assets | 0.42 | % | 0.51 | % | 0.75 | % | |||||
Return on average equity | 5.68 | % | 6.63 | % | 9.38 | % | |||||
Yield on average interest earning assets | 5.36 | % | 5.27 | % | 4.72 | % | |||||
Cost of funds | 2.58 | % | 2.37 | % | 0.85 | % | |||||
Net interest margin | 3.32 | % | 3.41 | % | 4.10 | % | |||||
Core efficiency ratio* | 88.08 | % | 80.89 | % | 77.33 | % | |||||
Performance Ratios (Year-to-date): | |||||||||||
Return on average assets | 0.50 | % | 0.60 | % | |||||||
Return on average equity | 6.33 | % | 6.87 | % | |||||||
Yield on average interest earning assets | 5.14 | % | 4.42 | % | |||||||
Cost of funds | 2.11 | % | 0.54 | % | |||||||
Net interest margin | 3.51 | % | 4.03 | % | |||||||
Core efficiency ratio* | 82.75 | % | 78.24 | % | |||||||
* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition | |||||||||||
costs and intangible asset amortization, by the sum of net interest income and non-interest income. | |||||||||||
ADDITIONAL FINANCIAL INFORMATION | |||||||||||
(Dollars in thousands, except per share data) | |||||||||||
Asset Quality Ratios and Data: | As of or for the Three Months Ended | ||||||||||
2023 | 2023 | 2022 | |||||||||
Nonaccrual loans | $ | 8,395 | $ | 7,753 | $ | 2,200 | |||||
Loans 90 days past due and still accruing | 26 | - | 1,076 | ||||||||
Restructured loans, net | - | - | 4,502 | ||||||||
Total nonperforming loans | 8,421 | 7,753 | 7,778 | ||||||||
Other real estate owned and other repossessed assets | 5 | - | - | ||||||||
Total nonperforming assets | 8,426 | $ | 7,753 | $ | 7,778 | ||||||
Nonperforming loans / portfolio loans | 0.57 | % | 0.53 | % | 0.57 | % | |||||
Nonperforming assets / assets | 0.41 | % | 0.38 | % | 0.40 | % | |||||
Allowance for credit losses / portfolio loans | 1.11 | % | 1.10 | % | 1.03 | % | |||||
Allowance for credit losses/ nonperforming loans | 195.23 | % | 209.34 | % | 179.99 | % | |||||
Gross loan charge-offs for the quarter | $ | 11 | $ | 122 | $ | 216 | |||||
Gross loan recoveries for the quarter | $ | 1 | $ | 14 | $ | 19 | |||||
Net loan charge-offs for the quarter | $ | 10 | $ | 108 | $ | 197 | |||||
2023 | 2023 | 2022 | |||||||||
Capital Data (At quarter end): | |||||||||||
Common shareholders' equity (book value) per share | $ | 21.11 | $ | 19.69 | $ | 19.79 | |||||
Tangible book value per share** | $ | 16.05 | $ | 14.55 | $ | 14.52 | |||||
Shares outstanding | 8,016,784 | 7,988,132 | 8,006,033 | ||||||||
Tangible common equity to tangible assets*** | 6.32 | % | 5.75 | % | 6.10 | % | |||||
Other Information: | |||||||||||
Average investment securities for the quarter | $ | 306,678 | $ | 319,308 | $ | 348,267 | |||||
Average investment securities year-to-date | $ | 328,533 | $ | 335,898 | $ | 336,779 | |||||
Average loans for the quarter **** | $ | 1,494,181 | $ | 1,476,584 | $ | 1,345,776 | |||||
Average loans year-to-date **** | $ | 1,436,672 | $ | 1,417,291 | $ | 1,194,788 | |||||
Average earning assets for the quarter | $ | 1,817,419 | $ | 1,812,610 | $ | 1,705,349 | |||||
Average earning assets year-to-date | $ | 1,780,727 | $ | 1,768,361 | $ | 1,572,106 | |||||
Average total assets for the quarter | $ | 2,062,267 | $ | 2,052,443 | $ | 1,934,002 | |||||
Average total assets year-to-date | $ | 2,015,586 | $ | 1,999,864 | $ | 1,768,919 | |||||
Average deposits for the quarter | $ | 1,626,598 | $ | 1,602,770 | $ | 1,655,298 | |||||
Average deposits year-to-date | $ | 1,603,861 | $ | 1,596,201 | $ | 1,514,158 | |||||
Average equity for the quarter | $ | 152,516 | $ | 158,933 | $ | 154,409 | |||||
Average equity year-to-date | $ | 158,807 | $ | 160,917 | $ | 155,655 | |||||
** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders' equity, | |||||||||||
less goodwill and core deposit intangible, by common shares outstanding. | |||||||||||
*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders' | |||||||||||
equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible. | |||||||||||
**** Includes loans held for sale. |
Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||
Core Efficiency Ratio | (Unaudited) | (Unaudited) | |||||||||||||||||
(Dollars in thousands) | Three Months Ended | Years Ended | |||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Calculation of Core Efficiency Ratio: | |||||||||||||||||||
Noninterest expense | $ | 18,891 | $ | 17,875 | $ | 18,157 | $ | 72,089 | $ | 73,683 | |||||||||
Acquisition costs | - | - | - | - | (2,296 | ) | |||||||||||||
Intangible asset amortization | (386 | ) | (386 | ) | (439 | ) | (1,587 | ) | (1,334 | ) | |||||||||
Core efficiency ratio numerator | 18,505 | 17,489 | 17,718 | 70,502 | 70,053 | ||||||||||||||
Net interest income | 15,198 | 15,587 | 17,613 | 62,477 | 63,312 | ||||||||||||||
Noninterest income | 5,812 | 6,035 | 5,300 | 22,722 | 26,220 | ||||||||||||||
Core efficiency ratio denominator | 21,010 | 21,622 | 22,913 | 85,199 | 89,532 | ||||||||||||||
Core efficiency ratio (non-GAAP) | 88.08 | % | 80.89 | % | 77.33 | % | 82.75 | % | 78.24 | % | |||||||||
Tangible Book Value and Tangible Assets | (Unaudited) | |||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
2023 | 2023 | 2022 | ||||||||||
Tangible Book Value: | ||||||||||||
Shareholders' equity | $ | 169,273 | $ | 157,270 | $ | 158,416 | ||||||
(40,620 | ) | (41,004 | ) | (42,199 | ) | |||||||
Tangible common shareholders' equity (non-GAAP) | $ | 128,653 | $ | 116,266 | $ | 116,217 | ||||||
Common shares outstanding at end of period | 8,016,784 | 7,988,132 | 8,006,033 | |||||||||
Common shareholders' equity (book value) per share (GAAP) | $ | 21.11 | $ | 19.69 | $ | 19.79 | ||||||
Tangible common shareholders' equity (tangible book value) | ||||||||||||
per share (non-GAAP) | $ | 16.05 | $ | 14.55 | $ | 14.52 | ||||||
Tangible Assets: | ||||||||||||
Total assets | $ | 2,075,666 | $ | 2,063,064 | $ | 1,948,384 | ||||||
(40,620 | ) | (41,004 | ) | (42,199 | ) | |||||||
Tangible assets (non-GAAP) | $ | 2,035,046 | $ | 2,022,060 | $ | 1,906,185 | ||||||
Tangible common shareholders' equity to tangible assets | ||||||||||||
(non-GAAP) | 6.32 | % | 5.75 | % | 6.10 | % | ||||||
Earnings Per Diluted Share, Excluding Acquisition Costs and Related Taxes | (Unaudited) | (Unaudited) | ||||||||||||
(Dollars in thousands, except per share data) | Three Months Ended | Years Ended | ||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net interest income after provision for credit losses | $ | 14,928 | $ | 14,999 | $ | 17,266 | $ | 61,021 | $ | 61,311 | ||||
Noninterest income | 5,812 | 6,035 | 5,300 | 22,722 | 26,220 | |||||||||
Noninterest expense | 18,891 | 17,875 | 18,157 | 72,089 | 73,683 | |||||||||
Acquisition costs | - | - | - | - | (2,296 | ) | ||||||||
Noninterest expense, excluding acquisition costs (non-GAAP) | 18,891 | 17,875 | 18,157 | 72,089 | 71,387 | |||||||||
Income before (benefit) provision for income taxes, excluding acquisition costs | 1,849 | 3,159 | 4,409 | 11,654 | 16,144 | |||||||||
(Benefit) provision for income taxes, excluding acquisition costs | ||||||||||||||
related taxes (non-GAAP) | (315 | ) | 524 | 787 | 1,598 | 3,669 | ||||||||
Net Income, excluding acquisition costs and related taxes (non-GAAP) | $ | 2,164 | $ | 2,635 | $ | 3,622 | $ | 10,056 | $ | 12,475 | ||||
Diluted earnings per share (GAAP) | $ | 0.28 | $ | 0.34 | $ | 0.47 | $ | 1.29 | $ | 1.45 | ||||
Diluted earnings per share, excluding acquisition costs and related | ||||||||||||||
taxes (non-GAAP) | $ | 0.28 | $ | 0.34 | $ | 0.47 | $ | 1.29 | $ | 1.69 | ||||
Return on Average Assets, Excluding Acquisition Costs and Related Taxes | (Unaudited) | |||||||||
(Dollars in thousands) | ||||||||||
2023 | 2023 | 2022 | ||||||||
For the quarter: | ||||||||||
Net income, excluding acquisition costs and related taxes (non-GAAP)* | $ | 2,164 | $ | 2,635 | $ | 3,622 | ||||
Average total assets quarter-to-date | $ | 2,062,267 | $ | 2,052,443 | $ | 1,934,002 | ||||
Return on average assets, excluding acquisition costs and related taxes (non-GAAP) | 0.42 | % | 0.51 | % | 0.75 | % | ||||
Year-to-date: | ||||||||||
Net income, excluding acquisition costs and related taxes (non-GAAP)* | $ | 10,056 | $ | 7,892 | $ | 12,475 | ||||
Average total assets year-to-date | $ | 2,015,586 | $ | 1,999,864 | $ | 1,768,919 | ||||
Return on average assets, excluding acquisition costs and related taxes (non-GAAP) | 0.50 | % | 0.53 | % | 0.71 | % | ||||
* See Earnings Per Diluted Share, Excluding Acquisition Costs and Related Taxes table for GAAP to non-GAAP reconciliation. | ||||||||||
Contacts: | |
(406) 457-4007 | |
(406) 441-5010 |
Source:
2024 GlobeNewswire, Inc., source