Equitable Financial Corp.
Balance Sheet
Unaudited
March 31, 2024 | June 30, 2023 | ||||
Assets | |||||
Cash and due from financial institutions | $ | 14,094,129 | $ | 6,705,585 | |
Interest-earning deposits | 2,939,107 | 1,698,970 | |||
17,033,236 | 8,404,555 | ||||
Interest-bearing time deposits in banks | 424,000 | 249,000 | |||
Securities available-for-sale | 28,754,220 | 30,233,000 | |||
Securities held-to-maturity | 4,943 | 7,979 | |||
Federal Home Loan Bank stock, at cost | 1,821,900 | 2,016,900 | |||
Federal Reserve Bank stock, at cost | 473,850 | 473,400 | |||
Loans, net of allowance for loan losses of $6,027,000 and $6,155,000, respectively | 442,316,514 | 419,720,970 | |||
Premises and equipment, net | 7,853,911 | 8,162,359 | |||
Foreclosed assets, net | - | - | |||
Accrued interest receivable | 3,597,168 | 3,038,319 | |||
Deferred taxes, net | 750,608 | 905,462 | |||
Customer list intangible | 1,144,878 | 1,274,391 | |||
Bank-owned life insurance | 4,025,808 | 3,942,259 | |||
Other assets | 3,014,883 | 2,620,129 | |||
Total assets | $ | 511,215,919 | $ | 481,048,723 | |
Liabilities and Stockholders' Equity | |||||
Liabilities: | |||||
Noninterest-bearing deposits | $ | 51,055,400 | $ | 57,448,538 | |
Interest-bearing deposits | 392,344,480 | 354,821,128 | |||
443,399,880 | 412,269,666 | ||||
Lines of credit | 150,000 | 685,000 | |||
Federal funds purchased | - | 2,888,000 | |||
Federal Home Loan Bank Borrowings | 15,000,000 | 15,000,000 | |||
Advance payments from borrowers for taxes and insurance | 864,232 | 884,811 | |||
Accrued interest payable and other liabilities | 3,136,282 | 2,857,233 | |||
Total liabilities | 462,550,394 | 434,584,710 | |||
Common stock in ESOP subject to contingent repurchase obligation | 1,698,450 | 1,484,656 | |||
Stockholders' equity: | |||||
Common stock, $0.01 par value, 25,000,000 shares authorized 2,637,434 and 2,666,305 shares issued and | |||||
outstanding at December 31, 2023 and June 30, 2023, respectively | 26,374 | 26,663 | |||
Additional paid-in capital | 17,092,618 | 17,483,294 | |||
Retained earnings | 32,420,841 | 30,535,299 | |||
Unearned ESOP shares | (559,336) | (595,096) | |||
Shares reserved for stock compensation | (7,457) | (18,074) | |||
Accumulated other comprehensive loss, net of tax | (307,515) | (968,073) | |||
Reclassification of ESOP shares | (1,698,450) | (1,484,656) | |||
Total stockholders' equity | 46,967,075 | 44,979,357 | |||
Total liabilities and stockholders' equity | $ | 511,215,919 | $ | 481,048,723 | |
Equitable Financial Corp.
Income Statement
Unaudited
For the year ended | |||||
March 31, 2024 | March 31, 2023 | ||||
Interest income: | |||||
Loans | $ | 18,534,218 | $ | 15,109,366 | |
Securities | 257,613 | 305,579 | |||
Other | 484,754 | 183,767 | |||
Total interest income | 19,276,585 | 15,598,712 | |||
Interest expense: | |||||
Deposits | 8,618,745 | 3,518,747 | |||
Federal Home Loan Bank borrowings | 455,018 | 286,832 | |||
Other | 73,954 | 121,620 | |||
Total interest expense | 9,147,717 | 3,927,199 | |||
Net interest income | 10,128,868 | 11,671,513 | |||
Provision for loan losses | (110,590) | 258,154 | |||
Net interest income after provision for loan losses | 10,239,458 | 11,413,359 | |||
Noninterest income: | |||||
Service charges on deposit accounts | 898,101 | 966,598 | |||
Brokerage fee income | 1,738,056 | 1,587,949 | |||
Gain on sale of loans | 116,849 | 95,649 | |||
Other loan fees | 577,598 | 498,147 | |||
Other income | 387,269 | 383,985 | |||
Total noninterest income | 3,717,873 | 3,532,329 | |||
Noninterest expense: | |||||
Salaries and employee benefits | 6,462,597 | 6,174,319 | |||
Director and committee fees | 128,446 | 112,800 | |||
Data processing fees | 949,474 | 813,821 | |||
Occupancy and equipment | 1,033,655 | 1,040,005 | |||
Regulatory fees and deposit insurance premium | 242,417 | 178,880 | |||
Advertising and public relations | 283,009 | 345,326 | |||
Professional fees | 417,089 | 306,207 | |||
Supplies, telephone and postage | 73,568 | 81,710 | |||
Other expenses | 1,952,457 | 1,512,912 | |||
Total noninterest expense | 11,542,712 | 11,051,857 | |||
Income before income taxes | 2,414,619 | 3,893,831 | |||
Income tax expense | (571,156) | (973,258) | |||
Net income | $ | 1,843,463 | $ | 2,920,573 | |
Equitable Financial Corp.
Selected Financial Data - Quarterly Trend Unaudited
(Dollars in thousands, except per share amounts and percentages)
Quarter Ended Fiscal Year June 30, | ||||||||||||||||||||||||
2024 | 2023 | 2022 | ||||||||||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | December 31 | September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||
Selected Financial Data | ||||||||||||||||||||||||
For the period: | ||||||||||||||||||||||||
Interest income | $ | 6,703 | $ | 6,421 | $ | 6,153 | $ | 5,714 | $ | 5,422 | $ | 5,406 | $ | 4,771 | $ | 4,101 | $ | 3,772 | $ | 3,748 | $ | 5,102 | ||
Interest expense | $ | 3,324 | $ | 3,028 | $ | 2,796 | $ | 2,295 | $ | 1,860 | $ | 1,370 | $ | 697 | $ | 428 | $ | 389 | $ | 398 | $ | 449 | ||
Net interest income | $ | 3,379 | $ | 3,393 | $ | 3,357 | $ | 3,419 | $ | 3,562 | $ | 4,036 | $ | 4,074 | $ | 3,673 | $ | 3,383 | $ | 3,350 | $ | 4,653 | ||
Provision for loan losses | $ | 15 | $ | (10) | $ | (115) | $ | 209 | $ | (117) | $ | 175 | $ | 200 | $ | 272 | $ | 89 | $ | 149 | $ | 114 | ||
Noninterest income | $ | 1,171 | $ | 1,283 | $ | 1,264 | $ | 1,278 | $ | 1,129 | $ | 1,183 | $ | 1,220 | $ | 1,669 | $ | 1,451 | $ | 1,584 | $ | 1,353 | ||
Noninterest expense | $ | 3,691 | $ | 3,864 | $ | 3,988 | $ | 3,713 | $ | 3,538 | $ | 3,774 | $ | 3,740 | $ | 3,460 | $ | 3,522 | $ | 3,818 | $ | 3,739 | ||
Income tax expense | $ | 198 | $ | 196 | $ | 177 | $ | 108 | $ | 364 | $ | 295 | $ | 314 | $ | 357 | $ | 255 | $ | 235 | $ | 515 | ||
Net income | $ | 646 | $ | 626 | $ | 571 | $ | 667 | $ | 906 | $ | 975 | $ | 1,040 | $ | 1,253 | $ | 968 | $ | 732 | $ | 1,638 | ||
Period-end: | ||||||||||||||||||||||||
Loans (net of deferred origination costs and ALLL) | $ | 442,317 | $ | 440,092 | $ | 420,323 | $ | 419,721 | $ | 408,850 | $ | 431,296 | $ | 413,951 | $ | 389,757 | $ | 361,842 | $ | 362,120 | $ | 339,922 | ||
Assets | $ | 511,216 | $ | 497,897 | $ | 492,816 | $ | 481,049 | $ | 472,127 | $ | 494,270 | $ | 478,270 | $ | 454,828 | $ | 456,667 | $ | 434,842 | $ | 431,985 | ||
Deposits | $ | 443,400 | $ | 427,816 | $ | 427,165 | $ | 412,270 | $ | 414,409 | $ | 418,618 | $ | 402,703 | $ | 396,158 | $ | 396,777 | $ | 375,867 | $ | 374,098 | ||
Shareholders' equity | $ | 46,967 | $ | 46,418 | $ | 45,692 | $ | 44,979 | $ | 44,355 | $ | 43,488 | $ | 42,592 | $ | 42,410 | $ | 41,743 | $ | 41,387 | $ | 40,982 | ||
Profitability Statistics | ||||||||||||||||||||||||
Return on average assets | 0.51% | 0.51% | 0.47% | 0.56% | 0.75% | 0.80% | 0.89% | 1.10% | 0.87% | 0.68% | 1.53% | |||||||||||||
Return on average shareholders' equity | 5.53% | 5.44% | 5.04% | 5.97% | 8.25% | 9.06% | 9.79% | 11.91% | 9.32% | 7.11% | 16.23% | |||||||||||||
Average shareholders' equity to average assets | 9.25% | 9.30% | 9.31% | 9.37% | 9.09% | 8.85% | 9.11% | 9.23% | 9.32% | 9.50% | 9.45% | |||||||||||||
Common Stock Statistics | ||||||||||||||||||||||||
Common shares outstanding | 2,637,434 | 2,638,434 | 2,657,740 | 2,666,305 | 2,678,582 | 2,698,838 | 2,714,438 | 2,753,047 | 2,769,047 | 2,771,884 | 2,791,914 | |||||||||||||
Book value per common share | $ | 17.81 | $ | 17.59 | $ | 17.19 | $ | 16.87 | $ | 16.56 | $ | 16.11 | $ | 15.69 | $ | 15.40 | $ | 15.07 | $ | 14.93 | $ | 14.68 | ||
Earnings per common share | $ | 0.24 | $ | 0.24 | $ | 0.21 | $ | 0.25 | $ | 0.34 | $ | 0.36 | $ | 0.38 | $ | 0.46 | $ | 0.35 | $ | 0.26 | $ | 0.59 | ||
Cash dividends declared per common share | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||
Dividend payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||
Regulatory Capital Ratios (Bank) | ||||||||||||||||||||||||
Total Capital | 12.5% | 12.5% | 12.9% | 12.7% | 12.7% | 11.7% | 12.4% | 12.3% | 12.8% | 12.3% | 12.6% | |||||||||||||
Common equity Tier 1 capital | 11.3% | 11.3% | 11.6% | 11.4% | 11.4% | 10.4% | 11.1% | 11.1% | 11.5% | 11.1% | 11.3% | |||||||||||||
Tier 1 capital (to risk-weighted assets) | 11.3% | 11.3% | 11.6% | 11.4% | 11.4% | 10.4% | 11.1% | 11.1% | 11.5% | 11.1% | 11.3% | |||||||||||||
Tier 1 capital (to adjusted total assets) | 9.1% | 9.2% | 9.3% | 9.4% | 9.2% | 8.8% | 9.6% | 9.5% | 9.2% | 9.1% | 9.0% |
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Disclaimer
Equitable Financial Corp. published this content on 01 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 10:43:06 UTC.