First Quarter 2024 Highlights: As of, or for the quarter ended
- Pre-tax, pre-provision income increased 3.02% to
$10 .91 million. - Net income increased 1% to
$7 .79 million. - Return on average equity (“ROAE”) was 23.27%.
- Return on average assets (“ROAA”) was 2.32%.
- Net interest margin expanded 16 basis points to 5.15% from 4.98% a year earlier.
- Gross revenue (net interest income, before the provision for credit losses, plus non-interest income) increased 22% to
$23 .61 million. - Total assets increased 9% to
$1 .40 billion. - Total portfolio of loans increased 8% to
$926 .78 million. - Total deposits increased 9% to
$1 .20 billion. - Shareholder equity increased 37% to
$138 .72 million. - Book value per common share increased 38% to
$43.69 . - The Company’s tangible common equity ratio was 9.94%, while the Bank’s regulatory leverage capital ratio was 14.27% and total risk-based capital ratio was 20.79%, at
March 31, 2024 .
“First quarter 2024 results reflect robust growth in gross revenues which were up 22% year-over-year and 6% from the linked quarter,” said
“Overall credit quality remains strong, although we saw an increase in nonperforming assets and loan delinquencies related to the SBA portfolio during the quarter,” said Miller. “We continue to strengthen our balance sheet and added
Results of Operations
Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased 22% to
Net interest income, before the provision for credit losses, increased 9% to
The Company’s net interest margin (“NIM”) improved by 16 basis points to 5.15% for the first quarter of 2024, compared to 4.98% for the first quarter of 2023, and decreased 5 basis points from 5.19% for the preceding quarter. “Our yield on earning assets expanded 2 basis points in the first quarter with new loan production and investment purchases at higher rates, however, that was more than offset by the 6 basis point increase in the cost of funds. Our interest-bearing deposit balances increased 1% quarter over quarter while the cost of interest-bearing deposits increased 18 basis points in the first quarter,” said Gill.
The yield on earning assets was 6.15% for the first quarter of 2024, compared to 5.57% for the first quarter a year ago, and 6.13% for the linked quarter. The cost of funds increased to 1.00% for the first quarter of 2024, as customers continue to seek higher deposit rates in the current higher rate environment. The cost of funds was 0.58% for the same quarter a year earlier, and 0.93% for the preceding quarter.
Total non-interest income was
Merchant services revenue increased 64% to
“We continue to see revenue growth across our ISO partner sponsorships and from our own organic ISO, FFB Payments,” said Miller. “Our team continues to build a solid pipeline of payment related partners to support further revenue expansion for both ISO partner sponsorship, FFB Payments and new payment rail use cases. Our strategic initiatives for 2024 and beyond are focused on providing our customers access to all payment rails and growing our deposit franchise through the payment ecosystem. We realized a significant decrease in ISO Partner Sponsorship volume in the first quarter related to one ISO partner, however, that reduction in volume did not make a meaningful impact to revenue.”
Merchant ISO Processing Volumes (in thousands) | |||||||||||||||||||
Source | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | ||||||||||||||
ISO Partner Sponsorship | $ | 3,486,203 | $ | 3,891,828 | $ | 3,491,321 | $ | 3,812,386 | $ | 2,763,289 | |||||||||
FFB Payments- Sub-ISO Merchants | 19,683 | 13,665 | 12,382 | 20,992 | 21,478 | ||||||||||||||
FFB Payments - Direct Merchants | 42,725 | 119,948 | 61,987 | 93,443 | 78,851 | ||||||||||||||
Total volume | $ | 3,548,611 | $ | 4,025,441 | $ | 3,565,690 | $ | 3,926,821 | $ | 2,863,618 |
Merchant ISO Processing Revenues (in thousands) | |||||||||||||||||||
Source of Revenue | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | ||||||||||||||
Net Revenue*: | |||||||||||||||||||
ISO Partner Sponsorship | $ | 1,961 | $ | 2,116 | $ | 2,169 | $ | 1,916 | $ | 2,183 | |||||||||
Gross Revenue: | |||||||||||||||||||
FFB Payments- Sub-ISO Merchants | 223 | 496 | 466 | 539 | 672 | ||||||||||||||
FFB Payments - Direct Merchants | 1,513 | 4,761 | 2,078 | 2,693 | 3,213 | ||||||||||||||
1,736 | 5,257 | 2,544 | 3,232 | 3,885 | |||||||||||||||
Gross Expense: | |||||||||||||||||||
FFB Payments- Sub-ISO Merchants | 149 | 321 | 361 | 455 | 518 | ||||||||||||||
FFB Payments - Direct Merchants | 1,095 | 2,468 | 1,428 | 1,720 | 1,842 | ||||||||||||||
1,244 | 2,789 | 1,789 | 2,175 | 2,360 | |||||||||||||||
Net Revenue: | |||||||||||||||||||
FFB Payments- Sub-ISO Merchants | 74 | 175 | 105 | 84 | 154 | ||||||||||||||
FFB Payments - Direct Merchants | 418 | 2,293 | 650 | 973 | 1,371 | ||||||||||||||
FFB Payments Net Revenue | 492 | 2,468 | 755 | 1,057 | 1,525 | ||||||||||||||
Net Merchant Services Income: | $ | 2,453 | $ | 4,584 | $ | 2,924 | $ | 2,973 | $ | 3,708 | |||||||||
*ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.
Total deposit fee income increased 22% to
There was a
Non-interest expense increased 45% to
“We made strategic investments in people and technology during the first quarter to support our payment ecosystem, product development, and regional expansion initiatives. These investments included hiring a team of data engineers and individuals focused on treasury management and product development. We had the opportunity to onboard talent ahead of our original expectations, which will enable our team to accelerate several key foundational initiatives for the future of our franchise,” said Miller. Full-time employees increased to 147 at
Occupancy and equipment expenses increased 6% from a year ago, representing 3% of non-interest expense, and increased 22% from the preceding quarter. Other operating expense increased 39% to
The efficiency ratio was 52.96% for the first quarter of 2024, compared to 42.35% for the same quarter a year ago, and 47.17% for the preceding quarter. The efficiency ratio can fluctuate period over period based on changes in merchant services gross revenues and associated expenses. The Company also calculates an adjusted efficiency ratio where the merchant services gross expense, which is included in noninterest expense, is netted against merchant services revenue in noninterest income. The adjusted efficiency ratio was 47.82% for the first quarter of 2024, compared to 38.65% for the same quarter a year ago, and 42.63% for the linked quarter.
Balance Sheet Review
Total assets increased 9% to
The total portfolio of loans increased 8%, or
Commercial real estate loans increased 6% year-over-year to
The commercial and industrial (C&I) portfolio increased 12% to
The investment portfolio totaled
Total deposits increased 9%, or
There were no short-term borrowings at
Liquidity Source (in thousands) | |||||||
Cash and cash equivalents | $ | 90,916 | $ | 62,603 | |||
Unpledged investment securities, fair value | 91,634 | 84,506 | |||||
FHLB advance capacity | 290,202 | 275,679 | |||||
178,255 | 179,836 | ||||||
Correspondent bank unsecured lines of credit | 91,500 | 91,500 | |||||
$ | 742,507 | $ | 694,124 | ||||
The total primary and secondary liquidity of
Shareholders’ equity increased 37% to
“The tangible common equity ratio was 9.94% at
At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was
Asset Quality
Nonperforming assets increased to
Past due loans 30-60 days were
Delinquent Loan Summary (in thousands) | Organic | Purchased Govt. Guaranteed | Total | ||||||||
Delinquent accruing loans 30-59 days | $ | 2,722 | $ | 498 | $ | 3,220 | |||||
Delinquent accruing loans 60-90 days | 1,719 | 231 | 1950 | ||||||||
Delinquent accruing loans 90+ days | — | 1,332 | 1,332 | ||||||||
Total delinquent accruing loans | $ | 4,441 | $ | 2,061 | $ | 6,502 | |||||
Non-Accrual Loan Summary (in thousands) | Organic | Purchased Govt. Guaranteed | Total | ||||||||
Loans on non-accrual | $ | 7,156 | $ | — | $ | 7,156 | |||||
Non-accrual loans with SBA guarantees | 4,730 | — | 4,730 | ||||||||
$ | 2,426 | $ | — | $ | 2,426 | ||||||
There was a
“The SBA portfolio is a segment we have been watching very closely since rates have increased so rapidly over the last two years, putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans and borrowers are unlikely to see any interest rate relief until interest rates fall significantly,” added Miller. “A portion of the portfolio consists of loans guaranteed by the
“We incurred net recoveries of
(in thousands) | CRE Office Exposure of | ||||||||||
Region | Owner-Occupied | Non-Owner Occupied | Total | ||||||||
$ | 20,450 | $ | 11,134 | $ | 31,584 | ||||||
2,308 | 358 | 2,666 | |||||||||
Other | 2,330 | 4,129 | 6,459 | ||||||||
Total | 25,088 | 15,621 | 40,709 | ||||||||
Out of | — | 540 | 540 | ||||||||
Total CRE Office | $ | 25,088 | $ | 16,161 | $ | 41,249 | |||||
The ratio of allowance for credit losses to total loans was 1.12% 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
Member
Select Financial Information and Ratios | For the Quarter Ended: | ||||||||||
BALANCE SHEET- ENDING BALANCES: | |||||||||||
Total assets | $ | 1,395,095 | $ | 1,364,326 | $ | 1,278,514 | |||||
Total portfolio loans | 926,781 | 928,344 | 861,181 | ||||||||
Investment securities | 328,906 | 326,006 | 328,575 | ||||||||
Total deposits | 1,200,529 | 1,145,170 | 1,099,311 | ||||||||
Shareholders equity, net | 138,716 | 130,700 | 100,986 | ||||||||
INCOME STATEMENT DATA | |||||||||||
Gross revenue | 23,610 | 22,305 | 19,337 | ||||||||
Operating expense | 12,701 | 11,047 | 8,748 | ||||||||
Pre-tax, pre-provision income | 10,909 | 11,258 | 10,589 | ||||||||
Net income after tax | 7,790 | 7,565 | 7,698 | ||||||||
SHARE DATA | |||||||||||
Basic earnings per share | $ | 2.46 | $ | 2.39 | $ | 2.43 | |||||
Fully diluted EPS | $ | 2.46 | $ | 2.38 | $ | 2.42 | |||||
Book value per common share | $ | 43.69 | $ | 41.21 | $ | 31.77 | |||||
Common shares outstanding | 3,175,045 | 3,171,690 | 3,178,651 | ||||||||
Fully diluted shares | 3,170,467 | 3,173,401 | 3,177,393 | ||||||||
FFBB - Stock price | $ | 82.99 | $ | 75.98 | $ | 62.90 | |||||
RATIOS | |||||||||||
Return on average assets | 2.32 | % | 2.24 | % | 2.47 | % | |||||
Return on average equity | 23.27 | % | 25.75 | % | 32.49 | % | |||||
Efficiency ratio | 52.96 | % | 47.17 | % | 42.35 | % | |||||
Adjusted efficiency ratio | 47.82 | % | 42.63 | % | 38.65 | % | |||||
Yield on earning assets | 6.15 | % | 6.13 | % | 5.57 | % | |||||
Yield on investment securities | 4.47 | % | 4.61 | % | 4.21 | % | |||||
Yield on portfolio loans | 6.68 | % | 6.58 | % | 6.10 | % | |||||
Cost to fund earning assets | 1.00 | % | 0.93 | % | 0.58 | % | |||||
Cost of interest-bearing deposits | 2.57 | % | 2.40 | % | 1.14 | % | |||||
Net Interest Margin | 5.15 | % | 5.19 | % | 4.98 | % | |||||
Equity to assets | 9.94 | % | 9.58 | % | 7.90 | % | |||||
Net loan to deposit ratio | 77.20 | % | 81.07 | % | 78.34 | % | |||||
Full time equivalent employees | 147 | 139 | 107 | ||||||||
BALANCE SHEET- AVERAGES | |||||||||||
Total assets | 1,347,625 | 1,341,435 | 1,264,171 | ||||||||
Total portfolio loans | 925,561 | 917,620 | 845,659 | ||||||||
Investment securities | 315,820 | 294,060 | 335,662 | ||||||||
Total deposits | 1,149,117 | 1,150,441 | 1,088,664 | ||||||||
Shareholders equity, net | 134,621 | 116,545 | 96,081 | ||||||||
Consolidated Balance Sheet (unaudited) (in thousands) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 37,360 | $ | 30,147 | $ | 27,696 | |||||
Interest bearing deposits in banks | 53,556 | 32,456 | 22,972 | ||||||||
CDs in other banks | 1,693 | 1,673 | 2,877 | ||||||||
Investment securities | 328,906 | 326,006 | 328,575 | ||||||||
Loans held for sale | — | — | — | ||||||||
Construction & land development | 77,318 | 75,773 | 72,090 | ||||||||
Residential RE 1-4 family | 16,114 | 17,355 | 15,783 | ||||||||
Commercial real estate | 545,358 | 556,239 | 513,613 | ||||||||
Agriculture | 63,281 | 59,961 | 58,735 | ||||||||
Commercial and industrial | 224,551 | 218,896 | 200,909 | ||||||||
Consumer and other | 159 | 120 | 51 | ||||||||
Portfolio loans | 926,781 | 928,344 | 861,181 | ||||||||
Deferred fees & discounts | (4,181 | ) | (3,631 | ) | (3,220 | ) | |||||
Allowance for credit losses | (10,407 | ) | (9,966 | ) | (9,271 | ) | |||||
Loans, net | 912,193 | 914,747 | 848,690 | ||||||||
Non-marketable equity investments | 7,357 | 7,125 | 5,592 | ||||||||
Cash value of life insurance | 12,119 | 12,029 | 8,641 | ||||||||
Accrued interest and other assets | 41,911 | 40,143 | 33,471 | ||||||||
Total assets | $ | 1,395,095 | $ | 1,364,326 | $ | 1,278,514 | |||||
LIABILITIES AND EQUITY | |||||||||||
Non-interest bearing deposits | $ | 751,636 | $ | 775,507 | $ | 759,417 | |||||
Interest checking | 54,659 | 52,203 | 32,637 | ||||||||
Savings | 52,090 | 51,880 | 71,542 | ||||||||
Money market | 220,559 | 160,205 | 163,995 | ||||||||
Certificates of deposits | 121,585 | 105,375 | 71,720 | ||||||||
Total deposits | 1,200,529 | 1,145,170 | 1,099,311 | ||||||||
Short-term borrowings | — | 34,000 | 22,000 | ||||||||
Long-term debt | 39,638 | 39,599 | 39,481 | ||||||||
Other liabilities | 16,212 | 14,857 | 16,736 | ||||||||
Total liabilities | 1,256,379 | 1,233,626 | 1,177,528 | ||||||||
Common stock | 36,910 | 36,178 | 35,073 | ||||||||
Retained earnings | 121,780 | 113,991 | 88,167 | ||||||||
Accumulated other comprehensive loss | (19,974 | ) | (19,469 | ) | (22,254 | ) | |||||
Shareholders' equity | 138,716 | 130,700 | 100,986 | ||||||||
Total liabilities and shareholders' equity | $ | 1,395,095 | $ | 1,364,326 | $ | 1,278,514 | |||||
Consolidated Income Statement (unaudited) | Quarter ended: | ||||||||||
(in thousands) | |||||||||||
INTEREST INCOME: | |||||||||||
Loan interest income | $ | 15,372 | $ | 15,208 | $ | 12,729 | |||||
Investment income | 3,512 | 3,418 | 3,484 | ||||||||
Int. on fed funds & CDs in other banks | 255 | 583 | 228 | ||||||||
Dividends from non-marketable equity | 129 | 118 | 75 | ||||||||
Total interest income | 19,268 | 19,327 | 16,516 | ||||||||
INTEREST EXPENSE: | |||||||||||
Int. on deposits | 2,518 | 2,359 | 957 | ||||||||
Int. on short-term borrowings | 149 | 123 | 313 | ||||||||
Int. on long-term debt | 464 | 464 | 464 | ||||||||
Total interest expense | 3,131 | 2,946 | 1,734 | ||||||||
Net interest income | 16,137 | 16,381 | 14,782 | ||||||||
PROVISION FOR CREDIT LOSSES | 378 | 769 | 217 | ||||||||
Net interest income after provision | 15,759 | 15,612 | 14,565 | ||||||||
NON-INTEREST INCOME: | |||||||||||
Total deposit fee income | 796 | 783 | 655 | ||||||||
Debit / credit card interchange income | 167 | 161 | 141 | ||||||||
Merchant services income | 6,068 | 4,825 | 3,697 | ||||||||
Gain on sale of loans | 451 | 464 | 904 | ||||||||
Loss on sale of investments | (373 | ) | (1,114 | ) | (1,320 | ) | |||||
Other operating income | 364 | 805 | 478 | ||||||||
Total non-interest income | 7,473 | 5,924 | 4,555 | ||||||||
NON-INTEREST EXPENSE: | |||||||||||
Salaries & employee benefits | 6,582 | 5,598 | 4,716 | ||||||||
Occupancy expense | 383 | 313 | 362 | ||||||||
Merchant services operating expense | 2,360 | 1,852 | 1,244 | ||||||||
Other operating expense | 3,376 | 3,284 | 2,426 | ||||||||
Total non-interest expense | 12,701 | 11,047 | 8,748 | ||||||||
Income before provision for income tax | 10,531 | 10,489 | 10,372 | ||||||||
PROVISION FOR INCOME TAXES | 2,741 | 2,924 | 2,674 | ||||||||
Net income | $ | 7,790 | $ | 7,565 | $ | 7,698 | |||||
ASSET QUALITY (in thousands) | |||||||||||
Delinquent accruing loans 30-60 days | $ | 3,220 | $ | 1,076 | $ | 148 | |||||
Delinquent accruing loans 60-90 days | 1,950 | 199 | 98 | ||||||||
Delinquent accruing loans 90+ days | 1,332 | 1,345 | 7,288 | ||||||||
Total delinquent accruing loans | $ | 6,502 | $ | 2,620 | $ | 7,534 | |||||
Loans on non-accrual | $ | 7,156 | $ | 6,006 | $ | 6,323 | |||||
Other real estate owned | — | — | — | ||||||||
Nonperforming assets | $ | 7,156 | $ | 6,006 | $ | 6,323 | |||||
Delinquent 30-60 / Total Loans | 0.35 | % | 0.12 | % | 0.02 | % | |||||
Delinquent 60-90 / Total Loans | 0.21 | % | 0.02 | % | 0.01 | % | |||||
Delinquent 90+ / Total Loans | 0.14 | % | 0.14 | % | 0.85 | % | |||||
Delinquent Loans / Total Loans | 0.70 | % | 0.28 | % | 0.87 | % | |||||
Non-accrual / Total Loans | 0.77 | % | 0.65 | % | 0.73 | % | |||||
Nonperforming assets to total assets | 0.51 | % | 0.44 | % | 0.49 | % | |||||
Year-to-date charge-off activity | |||||||||||
Charge-offs | $ | — | $ | 1,445 | $ | 409 | |||||
Recoveries | 4 | 73 | 3 | ||||||||
Net (recoveries) charge-offs | $ | (4 | ) | $ | 1,372 | $ | 406 | ||||
Annualized net loan losses to average loans | — | % | 0.15 | % | 0.19 | % | |||||
CREDIT LOSS RESERVE RATIOS: | |||||||||||
Allowance for credit losses | $ | 10,407 | $ | 9,966 | $ | 9,271 | |||||
Total loans | $ | 926,781 | $ | 928,344 | $ | 861,181 | |||||
Purchased govt. guaranteed loans | $ | 19,642 | $ | 20,276 | $ | 28,224 | |||||
Originated govt. guaranteed loans | $ | 38,228 | $ | 36,371 | $ | 34,090 | |||||
ACL / Total loans | 1.12 | % | 1.07 | % | 1.08 | % | |||||
ACL / Loans less 100% govt. gte. loans (Purchased) | 1.15 | % | 1.10 | % | 1.11 | % | |||||
ACL / Loans less all govt. guaranteed loans | 1.20 | % | 1.14 | % | 1.16 | % | |||||
ACL / Total assets | 0.75 | % | 0.73 | % | 0.73 | % | |||||
For the Quarter Ended: | |||||||||||||||||||
SELECT FINANCIAL TREND INFORMATION | |||||||||||||||||||
BALANCE SHEET- PERIOD END | |||||||||||||||||||
Total assets | $ | 1,395,095 | $ | 1,364,326 | $ | 1,308,866 | $ | 1,303,909 | $ | 1,278,514 | |||||||||
Loans held for sale | — | — | — | — | — | ||||||||||||||
Loans held for investment | 926,781 | 928,344 | 897,746 | 875,180 | 861,181 | ||||||||||||||
Investment securities | 328,906 | 326,006 | 290,011 | 304,043 | 328,575 | ||||||||||||||
Non-interest bearing deposits | 751,636 | 775,507 | 737,366 | 723,007 | 759,417 | ||||||||||||||
Interest bearing deposits | 448,893 | 369,663 | 394,679 | 356,032 | 339,894 | ||||||||||||||
Total deposits | 1,200,529 | 1,145,170 | 1,132,045 | 1,079,039 | 1,099,311 | ||||||||||||||
Short-term borrowings | — | 34,000 | — | 55,000 | 22,000 | ||||||||||||||
Long-term debt | 39,638 | 39,599 | 39,560 | 39,520 | 39,481 | ||||||||||||||
Total equity | 158,690 | 150,169 | 142,301 | 133,006 | 123,240 | ||||||||||||||
Accumulated other comprehensive income | (19,974 | ) | (19,469 | ) | (29,409 | ) | (23,450 | ) | (22,254 | ) | |||||||||
Shareholders' equity | 138,716 | 130,700 | 112,892 | 109,556 | 100,986 | ||||||||||||||
QUARTERLY INCOME STATEMENT | |||||||||||||||||||
Interest income | $ | 19,268 | $ | 19,327 | $ | 18,434 | $ | 18,377 | $ | 16,516 | |||||||||
Interest expense | 3,131 | 2,946 | 2,457 | 1,985 | 1,734 | ||||||||||||||
Net interest income | 16,137 | 16,381 | 15,977 | 16,392 | 14,782 | ||||||||||||||
Non-interest income | 7,473 | 5,924 | 6,449 | 8,117 | 4,555 | ||||||||||||||
Gross revenue | 23,610 | 22,305 | 22,426 | 24,509 | 19,337 | ||||||||||||||
Provision for credit losses | 378 | 769 | 152 | 612 | 217 | ||||||||||||||
Non-interest expense | 12,701 | 11,047 | 10,107 | 10,704 | 8,748 | ||||||||||||||
Net income before tax | 10,531 | 10,489 | 12,167 | 13,193 | 10,372 | ||||||||||||||
Tax provision | 2,741 | 2,924 | 3,295 | 3,770 | 2,674 | ||||||||||||||
Net income after tax | 7,790 | 7,565 | 8,872 | 9,423 | 7,698 | ||||||||||||||
BALANCE SHEET- AVERAGE BALANCE | |||||||||||||||||||
Total assets | $ | 1,347,625 | $ | 1,341,435 | $ | 1,293,998 | $ | 1,361,187 | $ | 1,264,171 | |||||||||
Loans held for sale | — | — | — | 59 | 1,132 | ||||||||||||||
Loans held for investment | 925,561 | 917,620 | 871,931 | 885,590 | 845,659 | ||||||||||||||
Investment securities | 315,820 | 294,060 | 300,285 | 325,002 | 335,662 | ||||||||||||||
Non-interest bearing deposits | 755,603 | 760,153 | 757,118 | 853,044 | 748,111 | ||||||||||||||
Interest bearing deposits | 393,514 | 390,288 | 361,758 | 341,269 | 340,553 | ||||||||||||||
Total deposits | 1,149,117 | 1,150,441 | 1,118,876 | 1,194,313 | 1,088,664 | ||||||||||||||
Short-term borrowings | 9,562 | 9,805 | 1,571 | 4,231 | 25,384 | ||||||||||||||
Long-term debt | 39,620 | 39,580 | 39,541 | 39,502 | 39,462 | ||||||||||||||
Shareholders' equity | 134,621 | 116,545 | 111,530 | 104,083 | 96,081 | ||||||||||||||
Contact:
(559) 439-0200
Source:
2024 GlobeNewswire, Inc., source