- Second quarter net income of
$3.6 million , or$1.60 per diluted share compared to second quarter 2022 net income of$1.4 million , or$0.63 per diluted share. Year-to-date net income of$5.9 million or$2.63 per diluted share compared to$5.0 million in net income or$2.22 per diluted share in the prior year. - Net interest income of
$5.5 million for the second quarter of 2023, compared to$5.1 million for the same period in 2022. For the year, net interest income was$11.2 million compared to$10.4 million for the same six-month period in 2022. - Return on average assets of 3.05% and 2.57% for the three and six-month periods ending
June 30, 2023 , compared to 1.29% and 2.29% for the same period in 2022. - Return on average tangible common equity (a non-GAAP financial measure) of 19.84% and 16.84% for the three and six-month periods ending
June 30, 2023 , compared to 7.91% and 14.08% for the same period in 2022.
The second quarter of 2023 showed positive results from a continued effort to improve efficiency as strategic decisions were made to wind down
In reflecting on the second quarter of the year,
Looking inwardly, this quarter realized the gains of our prior cost-containment and operating efficiency measures. Net income increased year over year as did net interest income. Additionally, the Bank’s strong capital position has enabled it to continue to grow its earning asset base, allowing it to realize the benefits of the higher interest rate environment on the asset side of the balance sheet. In right-sizing the Bank and streamlining operational focuses, we believe we are well-positioned to introduce new avenues for continued growth in alignment with our strategic plan. We will continue to leverage the successes of our government-guaranteed lending division to further reinforce our strengths while remaining steadfastly focused on enhancing shareholder value.”
BALANCE SHEET
On
CAPITAL AND LIQUIDITY STRENGTH
At
"Well Capitalized" Minimum | Basel III Fully Phased-In | ||
Tier 1 common equity ratio | 6.50% | 7.00% | 13.35% |
Tier 1 risk-based capital ratio | 8.00% | 8.50% | 13.35% |
Total risk-based capital ratio | 10.00% | 10.50% | 14.60% |
Tier 1 leverage ratio | 5.00% | 4.00% | 11.90% |
Primarily as a result of net income, the Company’s book value per common share increased from
Total deposits increased by
The Bank’s primary on-balance sheet liquidity consists of cash and cash equivalents along with unpledged available for sale investment securities, which totaled
ASSET QUALITY
The Company’s nonperforming assets to total assets ratio increased from 1.04% at
During the second quarters of 2023 and 2022, the Company recorded provisions for credit losses of
(Dollars in thousands) | |||||||||||||||
Nonaccrual loans | $ | 5,586 | $ | 4,485 | $ | 4,552 | $ | 4,612 | $ | 4,656 | |||||
Foreclosed assets | 315 | 315 | 101 | - | - | ||||||||||
90 days past due and still accruing | - | - | - | - | - | ||||||||||
Total nonperforming assets | $ | 5,901 | $ | 4,800 | $ | 4,653 | $ | 4,612 | $ | 4,656 | |||||
Net charge-offs (recoveries) | $ | 86 | $ | 376 | $ | (149 | ) | $ | (29 | ) | $ | (279 | ) | ||
Annualized net charge-offs (recoveries) to total | |||||||||||||||
average portfolio loans | 0.11 | % | 0.49 | % | -0.20 | % | -0.04 | % | -0.43 | % | |||||
Ratio of total nonperforming assets to total assets | 1.22 | % | 1.03 | % | 1.04 | % | 1.05 | % | 1.07 | % | |||||
Ratio of total nonperforming loans to total loans, net | |||||||||||||||
of allowance | 1.75 | % | 1.43 | % | 1.55 | % | 1.60 | % | 1.79 | % | |||||
Ratio of total allowance for credit losses to total loans (1) | 1.87 | % | 1.88 | % | 2.23 | % | 2.27 | % | 2.39 | % | |||||
(1) Does not include the Company's reserve for unfunded commitments |
NET INTEREST INCOME AND MARGIN
Net interest income for the three months ended
For the six-months ended
(Dollars in thousands) | |||||||||||||||
Average balances: | |||||||||||||||
Loans | $ | 357,272 | $ | 345,651 | $ | 331,508 | $ | 312,475 | $ | 319,115 | $ | 351,461 | $ | 306,809 | |
Available-for-sale securities | 18,208 | 17,691 | 17,446 | 19,096 | 21,879 | 17,949 | 21,484 | ||||||||
Other interest-bearing balances | 29,445 | 28,998 | 20,367 | 30,378 | 33,328 | 29,222 | 44,844 | ||||||||
Total interest-earning assets | 404,925 | 392,340 | 369,321 | 361,949 | 374,322 | 398,632 | 373,137 | ||||||||
Total assets | 472,169 | 460,412 | 436,695 | 428,983 | 438,732 | 466,291 | 438,067 | ||||||||
Noninterest-bearing deposits | 78,676 | 98,555 | 113,851 | 94,013 | 85,042 | 88,615 | 91,794 | ||||||||
Interest-bearing liabilities: | |||||||||||||||
Interest-bearing deposits | 288,972 | 251,281 | 212,069 | 233,464 | 244,363 | 270,126 | 239,727 | ||||||||
Borrowings | 4,505 | 10,222 | 8,913 | 2,174 | 8,626 | 7,364 | 7,466 | ||||||||
Total interest-bearing liabilities | 293,477 | 261,503 | 220,982 | 235,638 | 252,989 | 277,490 | 247,193 | ||||||||
Common shareholders' equity | 91,281 | 88,574 | 84,831 | 88,043 | 90,721 | 89,928 | 90,581 | ||||||||
Tangible common equity (1) | 72,661 | 69,788 | 65,879 | 68,924 | 71,437 | 71,225 | 71,188 | ||||||||
Interest income/expense: | |||||||||||||||
Loans | $ | 7,511 | $ | 6,997 | $ | 6,422 | $ | 5,943 | $ | 5,491 | $ | 14,508 | $ | 11,114 | |
Available-for-sale securities | 133 | 120 | 64 | 105 | 104 | 253 | 193 | ||||||||
Interest-bearing balances and other | 392 | 319 | 257 | 169 | 89 | 711 | 131 | ||||||||
Total interest income | 8,036 | 7,436 | 6,743 | 6,217 | 5,684 | 15,472 | 11,438 | ||||||||
Deposits | 2,445 | 1,696 | 735 | 532 | 523 | 4,141 | 1,045 | ||||||||
Borrowings | 56 | 85 | 93 | 13 | 15 | 141 | 24 | ||||||||
Total interest expense | 2,501 | 1,781 | 828 | 545 | 538 | 4,282 | 1,069 | ||||||||
Net interest income | $ | 5,535 | $ | 5,655 | $ | 5,915 | $ | 5,672 | $ | 5,146 | $ | 11,190 | $ | 10,369 | |
(1) See reconciliation of non-GAAP financial measures. |
Three Months Ended | Year-To-Date | ||||||||||||||
Average yields and costs: | |||||||||||||||
Loans | 8.43 | % | 8.21 | % | 7.69 | % | 7.55 | % | 6.90 | % | 8.32 | % | 7.30 | % | |
Available-for-sale securities | 2.92 | % | 2.71 | % | 1.47 | % | 2.20 | % | 1.90 | % | 2.82 | % | 1.80 | % | |
Interest-bearing balances and other | 5.34 | % | 4.46 | % | 5.01 | % | 2.21 | % | 1.07 | % | 4.91 | % | 0.59 | % | |
Total interest-earning assets | 7.96 | % | 7.69 | % | 7.24 | % | 6.81 | % | 6.09 | % | 7.83 | % | 6.18 | % | |
Interest-bearing deposits | 3.39 | % | 2.74 | % | 1.38 | % | 0.90 | % | 0.86 | % | 3.09 | % | 0.88 | % | |
Borrowings | 4.99 | % | 3.37 | % | 4.14 | % | 2.37 | % | 0.70 | % | 3.86 | % | 0.65 | % | |
Total interest-bearing liabilities | 3.42 | % | 2.76 | % | 1.49 | % | 0.92 | % | 0.85 | % | 3.11 | % | 0.87 | % | |
Cost of funds | 2.70 | % | 2.01 | % | 0.98 | % | 0.66 | % | 0.64 | % | 2.36 | % | 0.64 | % | |
Net interest margin | 5.48 | % | 5.85 | % | 6.35 | % | 6.22 | % | 5.51 | % | 5.66 | % | 5.60 | % |
NONINTEREST INCOME
Noninterest income for the three months ended
Specific items to note with respect to the most recently completed quarter include:
- Windsor, which offers an SBA and
USDA loan servicing platform, had processing and servicing revenue totaling$2.7 million , an increase of$287,000 or 12% as compared to the$2.4 million in income earned during the same prior-year period. - Mortgage revenue totaled
$1.1 million for the second quarter of 2022 compared to$0 in 2023. Due to the nationwide slowdown in refinancing volume and the impact of a doubling of long-term mortgage rates year-over-year, the Company phased out its mortgage operations by the fourth quarter of 2022. - Government Guaranteed Lending revenue was
$3.6 million in the second quarter of 2023, an increase of$809,000 or 29% in comparison to the$2.8 million of revenues for the same period in 2022.
On a year-to-date basis, noninterest income has decreased
NONINTEREST EXPENSE
Noninterest expense for the second quarter of 2023 was
Loan-related expenses, which tend to fluctuate unexpectedly, also decreased by
On a year-to-date basis, noninterest expenses decreased from
ABOUT INTEGRATED FINANCIAL HOLDINGS, INC.
For more information, visit https://ifhinc.com/.
Important Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations, and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time this release was prepared. These statements can be identified by the use of words such as "expect," "anticipate," "estimate," "believe," variations of these words, and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values; changes in
Contact:
Consolidated Balance Sheets | ||||||||||||||||||
Ending Balance | ||||||||||||||||||
(In thousands, unaudited) | ||||||||||||||||||
Assets | ||||||||||||||||||
Cash and due from banks | $ | 3,582 | $ | 6,986 | $ | 7,553 | $ | 6,272 | $ | 4,700 | ||||||||
Interest-bearing deposits | 39,258 | 21,224 | 26,430 | 25,011 | 21,981 | |||||||||||||
Total cash and cash equivalents | 42,840 | 28,210 | 33,983 | 31,283 | 26,681 | |||||||||||||
Interest-bearing time deposits | 750 | 999 | 999 | 1,249 | 1,499 | |||||||||||||
Available-for-sale securities | 18,977 | 17,504 | 17,712 | 17,460 | 19,038 | |||||||||||||
Marketable equity securities | 19,980 | 19,980 | 17,982 | 17,982 | 17,982 | |||||||||||||
Loans held for sale | 33,232 | 39,088 | 34,302 | 28,399 | 59,592 | |||||||||||||
Loans held for investment | 325,673 | 319,465 | 300,764 | 295,416 | 266,259 | |||||||||||||
Allowance for credit losses | (6,086 | ) | (6,011 | ) | (6,709 | ) | (6,710 | ) | (6,361 | ) | ||||||||
Loans held for investment, net | 319,587 | 313,454 | 294,055 | 288,706 | 259,898 | |||||||||||||
Premises and equipment, net | 3,960 | 4,041 | 4,098 | 4,264 | 4,238 | |||||||||||||
Foreclosed assets | 315 | 315 | 101 | - | - | |||||||||||||
Loan servicing assets | 3,717 | 3,604 | 3,715 | 3,979 | 4,178 | |||||||||||||
Bank-owned life insurance | 5,087 | 5,053 | 5,357 | 5,330 | 5,304 | |||||||||||||
Accrued interest receivable | 3,280 | 3,090 | 2,997 | 2,485 | 2,139 | |||||||||||||
13,161 | 13,161 | 13,161 | 13,161 | 13,161 | ||||||||||||||
Other intangible assets, net | 5,350 | 5,517 | 5,682 | 5,848 | 6,014 | |||||||||||||
Other assets | 11,872 | 13,243 | 13,719 | 17,293 | 15,764 | |||||||||||||
Total assets | $ | 482,108 | $ | 467,259 | $ | 447,863 | $ | 437,439 | $ | 435,488 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Noninterest-bearing | $ | 82,272 | $ | 76,554 | $ | 106,255 | $ | 106,272 | $ | 83,544 | ||||||||
Interest-bearing | 296,805 | 279,735 | 206,872 | 218,835 | 250,026 | |||||||||||||
Total deposits | 379,077 | 356,289 | 313,127 | 325,107 | 333,570 | |||||||||||||
Borrowings | - | 10,000 | 30,000 | 5,000 | - | |||||||||||||
Accrued interest payable | 1,014 | 806 | 379 | 370 | 308 | |||||||||||||
Other liabilities | 7,655 | 10,101 | 17,600 | 23,557 | 9,939 | |||||||||||||
Total liabilities | 387,746 | 377,196 | 361,106 | 354,034 | 343,817 | |||||||||||||
Shareholders' equity: | ||||||||||||||||||
Common stock, voting | 2,231 | 2,231 | 2,239 | 2,239 | 2,227 | |||||||||||||
Common stock, non-voting | 22 | 22 | 22 | 22 | 22 | |||||||||||||
Additional paid in capital | 25,860 | 25,744 | 24,916 | 24,674 | 24,498 | |||||||||||||
Retained earnings | 68,558 | 64,963 | 62,611 | 60,248 | 67,781 | |||||||||||||
Accumulated other comprehensive loss | (2,309 | ) | (2,198 | ) | (2,301 | ) | (2,866 | ) | (1,985 | ) | ||||||||
94,362 | 90,762 | 87,487 | 84,317 | 92,543 | ||||||||||||||
Noncontrolling interest | - | (699 | ) | (730 | ) | (912 | ) | (872 | ) | |||||||||
Total shareholders' equity | 94,362 | 90,063 | 86,757 | 83,405 | 91,671 | |||||||||||||
Total liabilities and shareholders' equity | $ | 482,108 | $ | 467,259 | $ | 447,863 | $ | 437,439 | $ | 435,488 | ||||||||
Consolidated Statements of Income | ||||||||||||||||||||
(In thousands except per | Three Months Ended | Year-To-Date | ||||||||||||||||||
share data; unaudited) | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
Loans | $ | 7,511 | $ | 6,997 | $ | 6,422 | $ | 5,943 | $ | 5,491 | $ | 14,508 | $ | 11,114 | ||||||
Available-for-sale securities and other | 525 | 439 | 321 | 274 | 193 | 964 | 324 | |||||||||||||
Total interest income | 8,036 | 7,436 | 6,743 | 6,217 | 5,684 | 15,472 | 11,438 | |||||||||||||
Interest expense | ||||||||||||||||||||
Interest on deposits | 2,445 | 1,696 | 735 | 532 | 523 | 4,141 | 1,045 | |||||||||||||
Interest on borrowings | 56 | 85 | 93 | 13 | 15 | 141 | 24 | |||||||||||||
Total interest expense | 2,501 | 1,781 | 828 | 545 | 538 | 4,282 | 1,069 | |||||||||||||
Net interest income | 5,535 | 5,655 | 5,915 | 5,672 | 5,146 | 11,190 | 10,369 | |||||||||||||
Provision for credit losses | 130 | 565 | (150 | ) | 320 | 460 | 695 | 640 | ||||||||||||
Noninterest income | ||||||||||||||||||||
Loan processing and servicing | ||||||||||||||||||||
revenue | 2,660 | 2,439 | 2,849 | 2,163 | 2,373 | 5,099 | 4,580 | |||||||||||||
Mortgage | - | - | 99 | 477 | 1,066 | - | 1,239 | |||||||||||||
Government guaranteed lending | 3,576 | 904 | 2,095 | 2,213 | 2,767 | 4,480 | 3,891 | |||||||||||||
SBA documentation preparation fees | - | - | 2 | 78 | 128 | - | 272 | |||||||||||||
Service charges on deposits | 52 | 133 | 240 | 182 | 118 | 185 | 222 | |||||||||||||
Bank-owned life insurance | 34 | 555 | 26 | 27 | 33 | 589 | 58 | |||||||||||||
Change in fair value of marketable | ||||||||||||||||||||
equity securities | - | 1,998 | - | - | - | 1,998 | 5,994 | |||||||||||||
Other noninterest income | 1,434 | 566 | 549 | 222 | 290 | 2,000 | 805 | |||||||||||||
Total noninterest income | 7,756 | 6,595 | 5,860 | 5,362 | 6,775 | 14,351 | 17,061 | |||||||||||||
Noninterest expense | ||||||||||||||||||||
Compensation | 5,379 | 5,581 | 6,168 | 6,880 | 6,271 | 10,960 | 13,332 | |||||||||||||
Occupancy and equipment | 318 | 344 | 303 | 402 | 254 | 662 | 598 | |||||||||||||
Loan and special asset expenses | 346 | 293 | 57 | 969 | 491 | 639 | 1,129 | |||||||||||||
Professional services | 446 | 448 | 676 | 207 | 491 | 894 | 1,042 | |||||||||||||
Data processing | 247 | 265 | 272 | 263 | 271 | 512 | 520 | |||||||||||||
Software | 469 | 469 | 467 | 460 | 426 | 938 | 851 | |||||||||||||
Communications | 68 | 78 | 83 | 86 | 97 | 146 | 180 | |||||||||||||
Advertising | 174 | 248 | 211 | 252 | 321 | 422 | 535 | |||||||||||||
Amortization of intangibles | 166 | 166 | 169 | 170 | 170 | 332 | 340 | |||||||||||||
Merger related expenses | 61 | 116 | 192 | 561 | - | 177 | - | |||||||||||||
Other operating expenses | 486 | 489 | 1,236 | 10,683 | 846 | 975 | 1,477 | |||||||||||||
Total noninterest expense | 8,160 | 8,497 | 9,834 | 20,933 | 9,638 | 16,657 | 20,004 | |||||||||||||
Income (loss) before income taxes | 5,001 | 3,188 | 2,091 | (10,219 | ) | 1,823 | 8,189 | 6,786 | ||||||||||||
Income tax expense (benefit) | 1,416 | 778 | (454 | ) | (2,646 | ) | 492 | 2,194 | 1,895 | |||||||||||
Net income (loss) | 3,585 | 2,410 | 2,545 | (7,573 | ) | 1,331 | 5,995 | 4,891 | ||||||||||||
Noncontrolling interest | (10 | ) | 58 | 182 | (40 | ) | (78 | ) | 48 | (80 | ) | |||||||||
Net income (loss) attributable | ||||||||||||||||||||
to | $ | 3,595 | $ | 2,352 | $ | 2,363 | $ | (7,533 | ) | $ | 1,409 | $ | 5,947 | $ | 4,971 | |||||
Basic earnings (loss) per common share | $ | 1.62 | $ | 1.06 | $ | 1.08 | $ | (3.45 | ) | $ | 0.65 | $ | 2.68 | $ | 2.29 | |||||
Diluted earnings (loss) per common share | $ | 1.60 | $ | 1.04 | $ | 1.04 | $ | (3.45 | ) | $ | 0.63 | $ | 2.63 | $ | 2.22 | |||||
Weighted average common shares | ||||||||||||||||||||
outstanding | 2,220 | 2,211 | 2,194 | 2,185 | 2,175 | 2,216 | 2,167 | |||||||||||||
Diluted average common shares | ||||||||||||||||||||
outstanding | 2,252 | 2,265 | 2,267 | 2,185 | 2,244 | 2,258 | 2,243 | |||||||||||||
Performance Ratios | |||||||||||||||||||||||
Three Months Ended | Year-To-Date | ||||||||||||||||||||||
PER COMMON SHARE | |||||||||||||||||||||||
Basic earnings (loss) per common share | $ | 1.62 | $ | 1.06 | $ | 1.08 | $ | (3.45 | ) | $ | 0.65 | $ | 2.68 | $ | 2.29 | ||||||||
Diluted earnings (loss) per common share | 1.60 | 1.04 | 1.04 | (3.45 | ) | 0.63 | 2.63 | 2.22 | |||||||||||||||
Book value per common share | 41.90 | 40.28 | 38.69 | 37.29 | 41.15 | 41.90 | 41.15 | ||||||||||||||||
Tangible book value per common share (2) | 33.68 | 31.99 | 30.36 | 28.88 | 32.62 | 33.68 | 32.62 | ||||||||||||||||
FINANCIAL RATIOS (ANNUALIZED) | |||||||||||||||||||||||
Return on average assets | 3.05 | % | 2.07 | % | 2.15 | % | -6.97 | % | 1.29 | % | 2.57 | % | 2.29 | % | |||||||||
Return on average common shareholders' | |||||||||||||||||||||||
equity | 15.80 | % | 10.77 | % | 11.05 | % | -33.95 | % | 6.23 | % | 13.34 | % | 11.07 | % | |||||||||
Return on average tangible common | |||||||||||||||||||||||
equity (2) | 19.84 | % | 13.67 | % | 14.23 | % | -43.36 | % | 7.91 | % | 16.84 | % | 14.08 | % | |||||||||
Net interest margin | 5.48 | % | 5.85 | % | 6.35 | % | 6.22 | % | 5.51 | % | 5.66 | % | 5.60 | % | |||||||||
Efficiency ratio (1) | 61.4 | % | 69.4 | % | 83.5 | % | 189.7 | % | 80.8 | % | 65.2 | % | 72.9 | % | |||||||||
(1) Efficiency ratio is calculated by dividing noninterest expense less transaction-related costs by the sum of net interest income and noninterest income, less gains or losses on sale of securities. | |||||||||||||||||||||||
(2) See reconciliation of non-GAAP measures | |||||||||||||||||||||||
Loan Concentrations
The top ten commercial loan concentrations as of
% of | ||||
Commercial | ||||
(Dollars in millions) | Amount | Loans | ||
Solar electric power generation | $ | 77.6 | 27 | % |
Power and communication line and related structures construction | 59.9 | 21 | % | |
Lessors of nonresidential buildings (except miniwarehouses) | 15.1 | 5 | % | |
Other activities related to real estate | 10.3 | 4 | % | |
Lessors of other real estate property | 7.9 | 3 | % | |
Hotels (except casino hotels) and motels | 6.8 | 2 | % | |
Concrete Block and Brick Manufacturing | 6.4 | 2 | % | |
Lessors of residential buildings and dwellings | 6.2 | 2 | % | |
Biomass Electric Power Generation | 6.0 | 2 | % | |
Postharvest Crop Activities | 5.0 | 2 | % | |
$ | 201.2 | 70 | % | |
Reconciliation of Non-GAAP Measures
(Dollars in thousands except book value per share) | ||||||||||||||||||||||
Tangible book value per common share | ||||||||||||||||||||||
$ | 94,362 | $ | 90,762 | $ | 87,487 | $ | 84,317 | $ | 92,543 | |||||||||||||
Less: | 13,161 | 13,161 | 13,161 | 13,161 | 13,161 | |||||||||||||||||
Less Other intangible assets, net | 5,350 | 5,517 | 5,682 | 5,848 | 6,014 | |||||||||||||||||
Total tangible common equity | $ | 75,851 | $ | 72,084 | $ | 68,644 | $ | 65,308 | $ | 73,368 | ||||||||||||
Ending common shares outstanding | 2,252 | 2,253 | 2,261 | 2,261 | 2,249 | |||||||||||||||||
Tangible book value per common share | $ | 33.68 | $ | 31.99 | $ | 30.36 | $ | 28.88 | $ | 32.62 | ||||||||||||
Three Months Ended | Year-To-Date | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Return on average tangible common equity | ||||||||||||||||||||||
$ | 91,281 | $ | 88,574 | $ | 84,831 | $ | 88,043 | $ | 90,721 | $ | 89,928 | $ | 90,581 | |||||||||
Less: Average goodwill | 13,161 | 13,161 | 13,161 | 13,161 | 13,161 | 13,161 | 13,161 | |||||||||||||||
Less Average other intangible assets, net | 5,459 | 5,625 | 5,791 | 5,958 | 6,123 | 5,542 | 6,232 | |||||||||||||||
Average tangible common equity | $ | 72,661 | $ | 69,788 | $ | 65,879 | $ | 68,924 | $ | 71,437 | $ | 71,225 | $ | 71,188 | ||||||||
Net income (loss) attributable to | $ | 3,595 | $ | 2,352 | $ | 2,363 | $ | (7,533 | ) | $ | 1,409 | $ | 5,947 | $ | 4,971 | |||||||
Return on average tangible common equity | 19.84 | % | 13.67 | % | 14.23 | % | -43.36 | % | 7.91 | % | 16.84 | % | 14.08 | % |
Source:
2023 GlobeNewswire, Inc., source