“We delivered record earnings for the second quarter of 2022, highlighted by top line revenue growth, strong year-over-year deposit growth, which crossed the
“Our capital and liquidity positions remain strong. As we head into the second half of 2022, we are well positioned to benefit from rising interest rates, as we continue to execute upon our strategic plan,” said Miller. “I would like to personally thank our employees for their continued dedication to help our clients, communities and shareholders.”
Return on average equity (“ROAE”) was 30.25%, return on average assets (“ROAA”) 2.25% and our efficiency ratio was 39.01% at quarter end. Net interest margin was also solid at 4.29% for the quarter and 4.28% for the first six months of 2022, while interest income was higher by 13% from a year earlier. Total assets increased 16% year-over-year to
Second Quarter 2022 Highlights: As of, or for the quarter ended
- Pre-tax, pre-provision income increased 1% to
$8.66 million . - Net income grew 9% to
$6.21 million , or$1.98 per diluted share. - ROAE of 30.25%, and ROAA of 2.25%.
- Gross revenue (net interest income, before the provision for loan losses, plus non-interest income) increased by 9% to
$14.19 million . - Total assets grew 16% to
$1.14 billion . - Total portfolio loans grew 3% to
$722.63 million . - Total deposits increased 16% to
$1.00 billion . - Shareholder equity increased 4% to
$81.75 million . - Book value increased 3% to
$26.29 per share. - The Company’s tangible common equity ratio was 7.14%, while the Bank’s regulatory leverage capital ratio was 12.34% and total risk based capital ratio was 17.96%, at
June 30, 2022 .
Results of Operations
Operating revenue, consisting of net interest income and non-interest income, increased 9% to
Net interest income, before the provision for loan losses, increased 14% to
The Company’s net interest margin (“NIM”), which excludes interest expense on holding company sub-debt, improved by 9 basis points to 4.29% for the second quarter of 2022, compared to 4.20% for the second quarter of 2021, and expanded 3 basis points from 4.26% for the preceding quarter. For the first six months of 2022, the NIM contracted 6 basis point to 4.28% compared to 4.34% for the first half of 2021. “Our NIM remained solid during the second quarter, primarily due to the changes in the mix of our earning assets and the continued low cost of funding these earning assets,” stated Canfield.
The yield on earning assets was 4.37% for the second quarter of 2022, compared to 4.29% for the second quarter a year ago, and 4.34% on a linked quarter basis. The cost to fund earning assets declined to 0.07% for the second quarter of 2022, compared to 0.09% for the second quarter a year ago and 0.08% for the first quarter of 2022. For the first six months of 2022, the yield on earning assets was 4.36% compared to 4.44% for the first half of 2021, while the cost to fund earning assets declined 18% to 0.08% for the first half of 2022 from 0.10% for the first half of 2021.
Total non-interest income was
“Our merchant service revenue doubled from a year ago as we continue to see significant processing volume increases across our ISO partners and from our own organic ISO business,” said Miller. “We continue to maintain a strong pipeline of ISO Sponsorship partners that we will onboard over the remainder of the year and into the first quarter of 2023. At the beginning of this year, the bank launched its own ISO business as part of our overall payments strategy, which enables us to control a bigger part of the merchant payment experience. The bank now assumes more of the payment risk, but we also garner a larger share of the revenue stream. Our payments business will now have two distinct revenue streams: ISO sponsorship and Organic ISO. We will continue to invest in both of these business lines in our effort to maximize the entire payments ecosystem.”
For the second quarter Organic ISO revenue was
Merchant ISO Processing Volume 5 Quarters ($ in thousands) | |||||||||||||||
2021 | 2022 | ||||||||||||||
ISOs | 1Q Volume | 2Q Volume | 3Q Volume | 4Q Volume | 1Q Volume | 2Q Volume | Start Date | ||||||||
1 | $ | 282,258 | $ | 324,996 | $ | 293,220 | $ | 232,303 | $ | 259,139 | $ | 243,719 | |||
2 | 290,376 | 414,164 | 390,147 | 469,503 | 538,136 | 664,086 | *** | ||||||||
3 | 8,303 | 10,824 | 20,362 | 25,891 | 26,390 | 30,570 | |||||||||
4 | 0 | 62 | 4,949 | 29,091 | 53,731 | 85,468 | |||||||||
5 | 0 | 130 | 5,379 | 44,378 | 89,180 | 145,434 | |||||||||
6 | 0 | 0 | 0 | 126,224 | 268,747 | 579,779 | |||||||||
7 | 0 | 0 | 0 | 32,196 | 70,793 | 44,601 | |||||||||
8 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
9 | 0 | 0 | 0 | 0 | 0 | 1,031 | |||||||||
10 | 0 | 0 | 0 | 0 | 346 | 180,737 | |||||||||
Total Volume | $ | 580,938 | $ | 750,176 | $ | 714,057 | $ | 959,586 | $ | 1,306,462 | $ | 1,975,425 | |||
*** ISO 2 is the combination of two previous partners who have completed a merger | |||||||||||||||
Total deposit fee income increased 31%, or
Non-interest expense for the second quarter of 2022 was
Full-time employees increased to 93.5 at
Occupancy and equipment expense increased 46% from a year ago and represented 5% of non-interest expense. The increase in occupancy and equipment expense was primarily the result of new equipment acquisition and a lease of additional space adjacent to the company’s headquarters building. Other operating expense represented the remaining 33% of non-interest expense and increased 27% to
The efficiency ratio was 39.01% for the second quarter of 2022, compared to 34.34% for the second quarter a year ago, and 42.60% for the first quarter of 2022.
Balance Sheet Review
Total assets increased 16% to
The total portfolio of loans increased 3%, or
The commercial and industrial (C&I) portfolio increased 4% to
Agriculture loans, representing 9% of the loan portfolio, at
The investment portfolio increased 27%, or
Total deposits increased 16% to
Shareholders’ equity increased 4% to
“The tangible common equity ratio was 7.14% at
At the Bank level, unrealized losses and gains are not included in regulatory capital. As a result, Tier-1 capital at the Bank was
Asset Quality
Nonperforming assets were
Total delinquent loans decreased by
The Bank continues to hold approximately
“As shown in the chart below, the majority of the delinquencies are purchased government guaranteed loans, which are guaranteed by the SBA for full payment of the principal plus interest,” commented Miller. “Although these unforeseen delays in payments are taking longer than anticipated, because of the backlog at the SBA, we are expecting full payment in the very near future.” The chart below breaks out the government guaranteed portion compared to the organic delinquencies.
Delinquent Loan Summary | Organic | Purchased Govt. Guaranteed | Total | |||
($ in thousands) | ||||||
Delinquent accruing loans 30-60 days | $ | 1,392 | $ | 1,235 | $ | 2,627 |
Delinquent accruing loans 60-90 days | 1,563 | 251 | 1,813 | |||
Delinquent accruing loans 90+ days | 0 | 10,955 | 10,955 | |||
Total delinquent accruing loans | $ | 2,955 | $ | 12,440 | $ | 15,395 |
Loans on non accrual | $ | 2,747 | 0.0 | $ | 2,747 | |
There was no provision for loan losses for the second quarter of 2022, compared to
The ratio of allowance for loan losses to total loans was 1.35% at
About
Forward Looking Statements
This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the
SELECT FINANCIAL INFORMATION AND RATIOS (unaudited) | For the Quarter Ended: | Percentage Change From: | Year to Date as of: | |||||||||||||||||||||
Percent Change | ||||||||||||||||||||||||
BALANCE SHEET DATA - PERIOD END BALANCES: | ||||||||||||||||||||||||
Total assets | $ | 1,144,334 | $ | 1,102,540 | $ | 988,481 | 4 | % | 16 | % | ||||||||||||||
Total portfolio loans | 722,632 | 693,312 | 703,477 | 4 | % | 3 | % | |||||||||||||||||
Investment securities | 320,279 | 291,975 | 251,618 | 10 | % | 27 | % | |||||||||||||||||
Total deposits | 1,004,152 | 961,510 | 864,547 | 4 | % | 16 | % | |||||||||||||||||
Shareholders equity, net | $ | 81,752 | $ | 85,577 | $ | 78,759 | -4 | % | 4 | % | ||||||||||||||
SELECT INCOME STATEMENT DATA: | ||||||||||||||||||||||||
Gross revenue | $ | 14,192 | $ | 13,801 | $ | 13,042 | 3 | % | 9 | % | $ | 27,993 | $ | 24,056 | 16 | % | ||||||||
Operating expense | 5,536 | 5,880 | 4,484 | -6 | % | 23 | % | 11,416 | 8,929 | 28 | % | |||||||||||||
Pre-tax, pre-provision income | 8,656 | 7,921 | 8,558 | 9 | % | 1 | % | 16,577 | 15,130 | 10 | % | |||||||||||||
Net income after tax | $ | 6,208 | $ | 5,789 | $ | 5,708 | 7 | % | 9 | % | $ | 11,997 | $ | 9,904 | 21 | % | ||||||||
SHARE DATA: | ||||||||||||||||||||||||
Basic earnings per share | $ | 2.00 | $ | 1.86 | $ | 1.86 | 7 | % | 7 | % | $ | 3.86 | $ | 3.23 | 20 | % | ||||||||
Fully diluted earnings per share | $ | 1.98 | $ | 1.84 | $ | 1.84 | 7 | % | 7 | % | $ | 3.82 | $ | 3.20 | 19 | % | ||||||||
Book value per common share | $ | 26.29 | $ | 27.53 | $ | 25.63 | -5 | % | 3 | % | ||||||||||||||
Common shares outstanding | 3,109,755 | 3,108,219 | 3,072,858 | 0 | % | 1 | % | |||||||||||||||||
Fully diluted shares | 3,139,747 | 3,140,706 | 3,103,164 | -0 | % | 1 | % | |||||||||||||||||
CFST - Stock price | $ | 55.20 | $ | 59.75 | $ | 43.00 | -8 | % | 28 | % | ||||||||||||||
RATIOS: | ||||||||||||||||||||||||
Return on average assets | 2.25% | 2.14% | 2.33% | 5 | % | -4 | % | 2.20% | 2.11% | 4 | % | |||||||||||||
Return on average equity | 30.25% | 26.49% | 30.99% | 14 | % | -2 | % | 28.31% | 27.79% | 2 | % | |||||||||||||
Efficiency ratio | 39.01% | 42.60% | 34.34% | -8 | % | 14 | % | 40.78% | 37.58% | 9 | % | |||||||||||||
Yield on earning assets | 4.37% | 4.34% | 4.29% | 1 | % | 2 | % | 4.36% | 4.44% | -2 | % | |||||||||||||
Cost to fund earning assets | 0.07% | 0.08% | 0.09% | -9 | % | -18 | % | 0.08% | 0.10% | -18 | % | |||||||||||||
Net Interest Margin | 4.29% | 4.26% | 4.20% | 1 | % | 2 | % | 4.28% | 4.34% | -2 | % | |||||||||||||
Equity to assets | 7.14% | 7.76% | 7.97% | -8 | % | -10 | % | |||||||||||||||||
Loan to deposits ratio | 71.96% | 72.11% | 81.37% | -0 | % | -12 | % | |||||||||||||||||
Full time equivalent employees | 93.5 | 86.0 | 69.0 | 9 | % | 36 | % | |||||||||||||||||
BALANCE SHEET DATA - AVERAGES: | ||||||||||||||||||||||||
Total assets | $ | 1,105,754 | $ | 1,097,173 | $ | 980,937 | 1 | % | 13 | % | $ | 1,101,488 | $ | 946,027 | 16 | % | ||||||||
Total loans | 693,985 | 725,136 | 698,740 | -4 | % | -1 | % | 709,475 | 676,441 | 5 | % | |||||||||||||
Investment securities | 304,428 | 297,048 | 239,475 | 2 | % | 27 | % | 300,759 | 232,227 | 30 | % | |||||||||||||
Deposits | 964,710 | 953,547 | 854,198 | 1 | % | 13 | % | 959,159 | 822,165 | 17 | % | |||||||||||||
Shareholders equity, net | $ | 82,304 | $ | 88,627 | $ | 73,870 | -7 | % | 11 | % | $ | 85,448 | $ | 71,868 | 19 | % | ||||||||
ASSET QUALITY: | ||||||||||||||||||||||||
Total delinquent accruing loans | $ | 15,395 | $ | 24,495 | $ | 6,610 | -37 | % | 133 | % | ||||||||||||||
Nonperforming assets | $ | 2,747 | $ | 2,899 | $ | 1,018 | -5 | % | 170 | % | ||||||||||||||
Non Accrual / Total Loans | .38% | .42% | .14% | -9 | % | 163 | % | |||||||||||||||||
Nonperforming assets to total assets | .24% | .26% | .10% | -9 | % | 133 | % | |||||||||||||||||
LLR / Total loans | 1.35% | 1.41% | 1.33% | -4 | % | 1 | % | |||||||||||||||||
STATEMENT OF INCOME ($ in thousands) | For the Quarter Ended: | Percentage Change From: | For the Year Ended | ||||||||||||||||
(unaudited) | Percent Change | ||||||||||||||||||
Interest Income | |||||||||||||||||||
Loan interest income | $ | 8,949 | $ | 9,228 | $ | 8,409 | -3 | % | 6 | % | $ | 18,177 | $ | 16,758 | 8 | % | |||
Investment income | 2,208 | 1,961 | 1,625 | 13 | % | 36 | % | 4,169 | 3,133 | 33 | % | ||||||||
Int. on fed funds & CDs in other banks | 108 | 19 | 18 | 468 | % | 500 | % | 128 | 69 | 86 | % | ||||||||
Dividends from non-marketable equity | 93 | 8 | 43 | 1063 | % | 116 | % | 100 | 67 | 52 | % | ||||||||
Interest income | 11,358 | 11,216 | 10,095 | 1 | % | 13 | % | 22,574 | 20,027 | 13 | % | ||||||||
Int. on deposits | 189 | 208 | 208 | -9 | % | -9 | % | 397 | 436 | -9 | % | ||||||||
Int. on short-term borrowings | 2 | 1 | 2 | 100 | % | 0 | % | 3 | 3 | 0 | % | ||||||||
Int. on long-term debt | 465 | 464 | 464 | 0 | % | 0 | % | 929 | 928 | 0 | % | ||||||||
Interest expense | 656 | 673 | 674 | -3 | % | -3 | % | 1,329 | 1,367 | -3 | % | ||||||||
Net interest income | 10,702 | 10,543 | 9,421 | 2 | % | 14 | % | 21,245 | 18,660 | 14 | % | ||||||||
Provision for loan losses | 0 | 0 | 750 | 0 | % | -100 | % | - | 1,600 | -100 | % | ||||||||
Net interest income after provision | 10,702 | 10,543 | 8,671 | 2 | % | 23 | % | 21,245 | 17,060 | 25 | % | ||||||||
Non-Interest Income: | |||||||||||||||||||
Total deposit fee income | 541 | 475 | 414 | 14 | % | 31 | % | 1,016 | 684 | 49 | % | ||||||||
Debit / credit card interchange income | 141 | 127 | 131 | 11 | % | 8 | % | 268 | 232 | 16 | % | ||||||||
Merchant services income | 2,168 | 1,679 | 1,089 | 29 | % | 99 | % | 3,847 | 2,050 | 88 | % | ||||||||
Gain on sale of loans | 497 | 803 | 1,882 | -38 | % | -74 | % | 1,300 | 1,899 | -32 | % | ||||||||
Other operating income | 143 | 174 | 105 | -18 | % | 36 | % | 317 | 534 | -41 | % | ||||||||
Non-interest income | 3,490 | 3,258 | 3,621 | 7 | % | -4 | % | 6,748 | 5,399 | 25 | % | ||||||||
Non-Interest Expense: | |||||||||||||||||||
Salaries & employee benefits | 3,361 | 3,848 | 2,798 | -13 | % | 20 | % | 7,209 | 5,404 | 33 | % | ||||||||
Occupancy expense | 297 | 235 | 203 | 26 | % | 46 | % | 532 | 413 | 29 | % | ||||||||
Other operating expense | 1,878 | 1,797 | 1,483 | 5 | % | 27 | % | 3,675 | 3,112 | 18 | % | ||||||||
Non-interest expense | 5,536 | 5,880 | 4,484 | -6 | % | 23 | % | 11,416 | 8,929 | 28 | % | ||||||||
Net income before tax | 8,656 | 7,921 | 7,808 | 9 | % | 11 | % | 16,577 | 13,530 | 23 | % | ||||||||
Tax provision | 2,448 | 2,132 | 2,100 | 15 | % | 17 | % | 4,580 | 3,626 | 26 | % | ||||||||
Net income after tax | $ | 6,208 | $ | 5,789 | $ | 5,708 | 7 | % | 9 | % | $ | 11,997 | $ | 9,904 | 21 | % | |||
BALANCE SHEET ($ in thousands ) | End of Period: | Percentage Change From: | ||||||||||||||
(unaudited) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 19,763 | $ | 17,992 | $ | 18,159 | 10 | % | 9 | % | ||||||
Fed funds sold and deposits in banks | 38,294 | 67,384 | 1,098 | -43 | % | 3388 | % | |||||||||
CDs in other banks | 1,490 | 1,490 | 2,237 | 0 | % | -33 | % | |||||||||
Investment securities | 320,279 | 291,975 | 251,618 | 10 | % | 27 | % | |||||||||
Loans held for sale | 6,062 | 5,430 | 3,852 | 12 | % | 57 | % | |||||||||
Portfolio loans outstanding: | ||||||||||||||||
RE constr & land development | 49,543 | 37,630 | 25,373 | 32 | % | 95 | % | |||||||||
Residential RE 1-4 Family | 16,018 | 15,733 | 18,341 | 2 | % | -13 | % | |||||||||
404,971 | 373,954 | 291,042 | 8 | % | 39 | % | ||||||||||
Agriculture | 63,366 | 58,022 | 50,032 | 9 | % | 27 | % | |||||||||
Commercial and Industrial | 184,618 | 185,424 | 178,361 | -0 | % | 4 | % | |||||||||
SBA PPP Loans | 3,934 | 22,378 | 140,317 | -82 | % | -97 | % | |||||||||
Consumer and Other | 182 | 171 | 11 | 6 | % | 1555 | % | |||||||||
Total Portfolio Loans | 722,632 | 693,312 | 703,477 | 4 | % | 3 | % | |||||||||
Deferred fees & discounts | (2,422 | ) | (2,492 | ) | (4,761 | ) | -3 | % | -49 | % | ||||||
Allowance for loan losses | (9,755 | ) | (9,785 | ) | (9,385 | ) | -0 | % | 4 | % | ||||||
Loans, net | 710,455 | 681,035 | 689,331 | 4 | % | 3 | % | |||||||||
Non-marketable equity investments | 5,203 | 4,131 | 4,070 | 26 | % | 28 | % | |||||||||
Cash value of life insurance | 8,495 | 8,447 | 8,299 | 1 | % | 2 | % | |||||||||
Accrued interest and other assets | 34,293 | 24,656 | 9,817 | 39 | % | 249 | % | |||||||||
Total assets | $ | 1,144,334 | $ | 1,102,540 | $ | 988,481 | 4 | % | 16 | % | ||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Non-interest bearing deposits | $ | 695,977 | $ | 611,890 | $ | 527,259 | 14 | % | 32 | % | ||||||
Interest checking | 33,521 | 28,401 | 45,533 | 18 | % | -26 | % | |||||||||
Savings | 82,438 | 95,902 | 67,765 | -14 | % | 22 | % | |||||||||
Money market | 148,022 | 171,589 | 136,113 | -14 | % | 9 | % | |||||||||
Certificates of deposits | 44,194 | 53,728 | 87,877 | -18 | % | -50 | % | |||||||||
Total deposits | 1,004,152 | 961,510 | 864,547 | 4 | % | 16 | % | |||||||||
Short-term borrowings | 0 | 0 | 0 | 0 | % | 0 | % | |||||||||
Long-term debt | 39,362 | 39,323 | 39,204 | 0 | % | 0 | % | |||||||||
Other liabilities | 19,068 | 16,130 | 5,971 | 18 | % | 219 | % | |||||||||
Total liabilities | 1,062,582 | 1,016,963 | 909,722 | 4 | % | 17 | % | |||||||||
Common stock & paid in capital | 33,479 | 33,136 | 32,019 | 1 | % | 5 | % | |||||||||
Retained earnings | 65,945 | 59,737 | 43,325 | 10 | % | 52 | % | |||||||||
Total equity | 99,424 | 92,873 | 75,344 | 7 | % | 32 | % | |||||||||
Accumulated other comprehensive income | (17,672 | ) | (7,296 | ) | 3,415 | 142 | % | -617 | % | |||||||
Shareholders equity, net | 81,752 | 85,577 | 78,759 | -4 | % | 4 | % | |||||||||
Total Liabilities and shareholders' equity | $ | 1,144,334 | $ | 1,102,540 | $ | 988,481 | 4 | % | 16 | % | ||||||
ASSET QUALITY ($ in thousands) | Period Ended: | |||||||||
(unaudited) | ||||||||||
Delinquent accruing loans 30-60 days | $ | 2,627 | $ | 8,270 | $ | 4,666 | ||||
Delinquent accruing loans 60-90 days | $ | 1,813 | $ | 173 | $ | 1,944 | ||||
Delinquent accruing loans 90+ days | $ | 10,955 | $ | 16,052 | 0.0 | |||||
Total delinquent accruing loans | $ | 15,395 | $ | 24,495 | $ | 6,610 | ||||
Loans on non accrual | $ | 2,747 | $ | 2,899 | $ | 1,018 | ||||
Other real estate owned | 0.0 | 0.0 | 0.0 | |||||||
Nonperforming assets | $ | 2,747 | $ | 2,899 | $ | 1,018 | ||||
Performing restructured loans | $ | 1,310 | $ | 800 | 0.0 | |||||
Delq 30-60 / Total Loans | .36% | 1.19% | .66% | |||||||
Delq 60-90 / Total Loans | .25% | .02% | .28% | |||||||
Delq 90+ / Total Loans | 1.52% | 2.32% | .00% | |||||||
Delinquent Loans / Total Loans | 2.13% | 3.53% | .94% | |||||||
Non Accrual / Total Loans | .38% | .42% | .14% | |||||||
Nonperforming assets to total assets | .24% | .26% | .10% | |||||||
Year-to-date charge-off activity | ||||||||||
Charge-offs | $ | 36 | 0.0 | $ | 64 | |||||
Recoveries | $ | 6 | 0.0 | 0.0 | ||||||
Net charge-offs | $ | 30 | 0.0 | $ | 64 | |||||
Annualized net loan losses (recoveries) to average loans | .01% | .00% | .02% | |||||||
LOAN LOSS RESERVE RATIOS: | ||||||||||
Reserve for loan losses | $ | 9,755 | $ | 9,785 | $ | 9,385 | ||||
Total loans | $ | 722,632 | $ | 693,312 | $ | 703,477 | ||||
Purchased govt. guaranteed loans | $ | 38,533 | $ | 38,533 | $ | 43,040 | ||||
Originated govt. guaranteed loans | $ | 42,292 | $ | 64,721 | $ | 177,777 | ||||
LLR / Total loans | 1.35% | 1.41% | 1.33% | |||||||
LLR / Loans less 100% govt. gte. loans (PPP and purchased) | 1.43% | 1.55% | 1.80% | |||||||
LLR / Loans less all govt. guaranteed loans | 1.52% | 1.66% | 1.94% | |||||||
LLR / Total assets | .85% | .89% | .95% | |||||||
SELECT FINANCIAL TREND INFORMATION (unaudited) | For the Quarter Ended: | ||||||||||||
BALANCE SHEET DATA - PERIOD END BALANCES: | |||||||||||||
Total assets | $ | 1,144,334 | $ | 1,102,540 | $ | 1,080,103 | $ | 1,023,299 | $ | 988,481 | |||
Loans held for sale | 6,062 | 5,430 | 3,811 | 3,835 | 3,852 | ||||||||
Loans held for investment ex. PPP | 718,698 | 670,934 | 673,659 | 616,036 | 563,160 | ||||||||
PPP Loans | 3,934 | 22,378 | 52,594 | 84,282 | 140,317 | ||||||||
Investment securities | 320,279 | 291,975 | 291,969 | 269,236 | 251,618 | ||||||||
Non-interest bearing deposits | 695,977 | 611,890 | 594,044 | 554,579 | 527,259 | ||||||||
Interest bearing deposits | 308,175 | 349,620 | 342,505 | 338,670 | 337,288 | ||||||||
Total deposits | 1,004,152 | 961,510 | 936,549 | 893,249 | 864,547 | ||||||||
Short-term borrowings | 0 | 0 | 0 | 0 | 0 | ||||||||
Long-term debt | 39,362 | 39,323 | 39,283 | 39,244 | 39,204 | ||||||||
Total equity | 99,424 | 92,873 | 86,434 | 80,790 | 75,344 | ||||||||
Accumulated other comprehensive income | (17,672 | ) | (7,296 | ) | 2,858 | 3,453 | 3,415 | ||||||
Shareholders equity, net | $ | 81,752 | $ | 85,577 | $ | 89,292 | $ | 84,243 | $ | 78,759 | |||
INCOME STATEMENT - QUARTERLY VALUES: | |||||||||||||
Interest income | $ | 11,358 | $ | 11,216 | $ | 11,096 | $ | 10,435 | $ | 10,095 | |||
Int. on dep. & short-term borrowings | 191 | 209 | 213 | 208 | 210 | ||||||||
Int. on long-term debt | 465 | 464 | 464 | 464 | 464 | ||||||||
Interest expense | 656 | 673 | 677 | 672 | 674 | ||||||||
Net interest income | 10,702 | 10,543 | 10,419 | 9,763 | 9,421 | ||||||||
Non-interest income | 3,490 | 3,258 | 2,278 | 2,293 | 3,621 | ||||||||
Gross revenue | 14,192 | 13,801 | 12,697 | 12,056 | 13,042 | ||||||||
Provision for loan losses | 0 | 0 | 0 | 400 | 750 | ||||||||
Non-interest expense | 5,536 | 5,880 | 5,216 | 4,446 | 4,484 | ||||||||
Net income before tax | 8,656 | 7,921 | 7,481 | 7,210 | 7,808 | ||||||||
Tax provision | 2,448 | 2,132 | 2,076 | 1,990 | 2,100 | ||||||||
Net income after tax | $ | 6,208 | $ | 5,789 | $ | 5,405 | $ | 5,220 | $ | 5,708 | |||
BALANCE SHEET DATA - QUARTERLY AVERAGES: | |||||||||||||
Total assets | $ | 1,105,754 | $ | 1,097,173 | $ | 1,074,440 | $ | 1,017,060 | $ | 980,937 | |||
Loans held for sale | 12,728 | 3,806 | 4,492 | 4,652 | 12,485 | ||||||||
Loans held for investment ex. PPP | 680,584 | 686,639 | 640,412 | 583,254 | 521,676 | ||||||||
PPP Loans | 13,401 | 38,497 | 67,283 | 117,564 | 177,065 | ||||||||
Investment securities | 304,428 | 297,048 | 284,958 | 255,152 | 239,475 | ||||||||
Non-interest bearing deposits | 654,968 | 603,185 | 593,190 | 555,860 | 502,819 | ||||||||
Interest bearing deposits | 309,742 | 350,362 | 348,036 | 334,113 | 351,378 | ||||||||
Total deposits | 964,710 | 953,547 | 941,227 | 889,973 | 854,198 | ||||||||
Short-term borrowings | 2,330 | 1,432 | 3 | 411 | 7,516 | ||||||||
Long-term debt | 39,344 | 39,305 | 39,265 | 39,225 | 39,186 | ||||||||
Total equity | 95,137 | 88,468 | 82,751 | 77,136 | 71,477 | ||||||||
Accumulated other comprehensive income | (12,834 | ) | 159 | 2,497 | 4,019 | 2,394 | |||||||
Shareholders equity, net | $ | 82,304 | $ | 88,627 | $ | 85,248 | $ | 81,155 | $ | 73,870 | |||
Contact: | |
(559) 439-0200 |
Source:
2022 GlobeNewswire, Inc., source