The Company announced that its Board of Directors declared a regular quarterly cash dividend of
“We posted another quarter of strong loan growth as we continued to onboard new relationships and customers that have become available to us from recent market disruptions. We are acutely aware of the liquidity challenges posed by the macroenvironment and remain very focused on maintaining a strong capital and liquidity position,” stated
“On
“We remain committed to building a strong franchise despite the current challenges and headwinds facing the banking industry. Our continued ability to hire talent, grow our balance sheet organically, and digitize our products and services will only further enhance the value of our Bank over time. We are well-positioned to come out stronger and more profitable on the other side of the current economic cycle,” said Coughlin.
Executive Summary
- Total deposits were
$2.867 billion atMarch 31, 2023 , up from$2.631 billion atMarch 31, 2022 . - Net interest margin was 3.15 percent for the first quarter of 2023, compared to 3.76 percent for the fourth quarter of 2022, and 3.46 percent for the first quarter of 2022.
- Total yield on interest-earning assets increased 1 basis point to 4.86 percent for the first quarter of 2023, compared to 4.85 percent for the fourth quarter of 2022, and increased 104 basis points from 3.82 percent for the first quarter of 2022.
- Total cost of interest-bearing liabilities increased 78 basis points to 2.24 percent for the first quarter of 2023, compared to 1.46 percent for the fourth quarter of 2022, and increased 174 basis points from 0.50 percent for the first quarter of 2022.
- The efficiency ratio for the first quarter was 53.7 percent compared to 51.3 percent in the prior quarter, and 53.0 percent in the first quarter of 2022.
- The annualized return on average assets ratio for the first quarter was 0.90 percent, compared to 1.46 percent in the prior quarter, and 1.33 percent in the first quarter of 2022.
- The annualized return on average equity ratio for the first quarter was 11.0 percent, compared to 17.0 percent in the prior quarter, and 14.7 percent in the first quarter of 2022.
- The provision for loan losses was
$622,000 in the first quarter of 2023 compared to a credit for loan losses of$500,000 for the fourth quarter of 2022 and a credit for loan losses of$2.6 million for the first quarter of 2022. - Allowance for credit losses as a percentage of non-accrual loans was 571.0 percent at
March 31, 2023 , compared to 633.6 percent for the prior quarter-end and 368.1 percent atMarch 31, 2022 , as total non-accrual loans decreased to$5.06 million atMarch 31, 2023 , from$5.11 million for the prior quarter and$9.23 million atMarch 31, 2022 . - Total loans receivable, net of allowance for credit losses, increased 34.9 percent to
$3.232 billion atMarch 31, 2023 , up from$2.396 billion atMarch 31, 2022 .
Balance Sheet Review
Total assets increased by
Total cash and cash equivalents increased by
Loans receivable, net, increased by
Total investment securities decreased by
Deposit liabilities increased by
Debt obligations increased by
Stockholders’ equity increased by
First Quarter 2023 Income Statement Review
Net income was
Net interest income increased by
Interest income increased by
Interest expense increased by
The net interest margin was 3.15 percent for the first quarter of 2023 compared to 3.46 percent for the first quarter of 2022. The decrease in the net interest margin compared to the first quarter of 2022 was the result of the increase in the cost of interest-bearing liabilities partially offset by the increase in the yield on interest-earning assets. In a persistently high interest rate environment, management has been proactive in managing both the yield on earning assets and the cost of funds to protect net interest margin and continue to support the growth of net interest income.
During the first quarter of 2023, the Company experienced
Non-interest income decreased by
Non-interest expense increased by
The income tax provision decreased by
Asset Quality
During the first quarter of 2023, the Company recognized
On
About
Established in 2000 and headquartered in
Forward-Looking Statements
This release, like many written and oral communications presented by
In addition to factors previously disclosed in the Company’s reports filed with the
Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance with accounting principles generally accepted in
The Company provides measurements and ratios based on tangible stockholders' equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see "Reconciliation of GAAP to Non-GAAP Financial Measures" below.
Statements of Income - Three Months Ended, | |||||||||||||
Interest and dividend income: | (In thousands, except per share amounts, Unaudited) | ||||||||||||
Loans, including fees | $ | 38,889 | $ | 36,173 | $ | 26,321 | 7.5 | % | 47.7 | % | |||
Mortgage-backed securities | 186 | 185 | 159 | 0.5 | % | 17.0 | % | ||||||
Other investment securities | 1,120 | 1,177 | 948 | -4.8 | % | 18.1 | % | ||||||
FHLB stock and other interest earning assets | 2,157 | 1,321 | 296 | 63.3 | % | 628.7 | % | ||||||
Total interest and dividend income | 42,352 | 38,856 | 27,724 | 9.0 | % | 52.8 | % | ||||||
Interest expense: | |||||||||||||
Deposits: | |||||||||||||
Demand and Money Market | 3,154 | 2,410 | 758 | 30.9 | % | 316.1 | % | ||||||
Savings and club | 118 | 118 | 108 | 0.0 | % | 9.3 | % | ||||||
Certificates of deposit | 6,453 | 3,973 | 980 | 62.4 | % | 558.5 | % | ||||||
9,725 | 6,501 | 1,846 | 49.6 | % | 426.8 | % | |||||||
Borrowings | 5,156 | 2,174 | 806 | 137.2 | % | 539.7 | % | ||||||
Total interest expense | 14,881 | 8,675 | 2,652 | 71.5 | % | 461.1 | % | ||||||
Net interest income | 27,471 | 30,181 | 25,072 | -9.0 | % | 9.6 | % | ||||||
Provision (credit) for loan losses | 622 | (500 | ) | (2,575 | ) | -224.4 | % | -124.2 | % | ||||
Net interest income after provision (credit) for loan losses | 26,849 | 30,681 | 27,647 | -12.5 | % | -2.9 | % | ||||||
Non-interest income: | |||||||||||||
Fees and service charges | 1,098 | 1,138 | 1,214 | -3.5 | % | -9.6 | % | ||||||
Gain on sales of loans | 6 | 3 | 65 | 100.0 | % | -90.8 | % | ||||||
Realized and unrealized loss on equity investments | (3,227 | ) | (723 | ) | (2,685 | ) | 346.3 | % | 20.2 | % | |||
BOLI income | 421 | 584 | 755 | -27.9 | % | -44.2 | % | ||||||
Other | 38 | 60 | 51 | -36.7 | % | -25.5 | % | ||||||
Total non-interest income | (1,664 | ) | 1,062 | (600 | ) | -256.7 | % | 177.3 | % | ||||
Non-interest expense: | |||||||||||||
Salaries and employee benefits | 7,618 | 7,626 | 6,736 | -0.1 | % | 13.1 | % | ||||||
Occupancy and equipment | 2,552 | 2,651 | 2,695 | -3.7 | % | -5.3 | % | ||||||
Data processing and communications | 1,665 | 1,579 | 1,465 | 5.4 | % | 13.7 | % | ||||||
Professional fees | 566 | 2,169 | 494 | -73.9 | % | 14.6 | % | ||||||
Director fees | 265 | 261 | 321 | 1.5 | % | -17.4 | % | ||||||
Regulatory assessment fees | 536 | 431 | 304 | 24.4 | % | 76.3 | % | ||||||
Advertising and promotions | 278 | 260 | 141 | 6.9 | % | 97.2 | % | ||||||
Other real estate owned, net | 1 | 4 | 1 | -75.0 | % | 0.0 | % | ||||||
Other | 373 | 1,056 | 802 | -64.7 | % | -53.5 | % | ||||||
Total non-interest expense | 13,854 | 16,037 | 12,959 | -13.6 | % | 6.9 | % | ||||||
Income before income tax provision | 11,331 | 15,706 | 14,088 | -27.9 | % | -19.6 | % | ||||||
Income tax provision | 3,225 | 3,634 | 4,136 | -11.3 | % | -22.0 | % | ||||||
Net Income | 8,106 | 12,072 | 9,952 | -32.9 | % | -18.5 | % | ||||||
Preferred stock dividends | 173 | 172 | 276 | 0.5 | % | -37.1 | % | ||||||
Net Income available to common stockholders | $ | 7,933 | $ | 11,900 | $ | 9,676 | -33.3 | % | -18.0 | % | |||
Net Income per common share-basic and diluted | |||||||||||||
Basic | $ | 0.47 | $ | 0.70 | $ | 0.57 | -33.5 | % | -17.9 | % | |||
Diluted | $ | 0.46 | $ | 0.69 | $ | 0.56 | -33.0 | % | -17.4 | % | |||
Weighted average number of common shares outstanding | |||||||||||||
Basic | 16,949 | 16,916 | 16,980 | 0.2 | % | -0.2 | % | ||||||
Diluted | 17,208 | 17,289 | 17,343 | -0.5 | % | -0.8 | % |
Statements of Financial Condition | |||||||||||||
ASSETS | (In thousands, Unaudited) | ||||||||||||
Cash and amounts due from depository institutions | $ | 13,213 | $ | 11,520 | $ | 8,448 | 14.7 | % | 56.4 | % | |||
Interest-earning deposits | 247,862 | 217,839 | 388,205 | 13.8 | % | -36.2 | % | ||||||
Total cash and cash equivalents | 261,075 | 229,359 | 396,653 | 13.8 | % | -34.2 | % | ||||||
Interest-earning time deposits | 735 | 735 | 735 | - | - | ||||||||
Debt securities available for sale | 86,988 | 91,715 | 86,307 | -5.2 | % | 0.8 | % | ||||||
Equity investments | 14,458 | 17,686 | 21,269 | -18.3 | % | -32.0 | % | ||||||
Loans held for sale | - | 658 | 325 | -100.0 | % | -100.0 | % | ||||||
Loans receivable, net of allowance for credit losses | |||||||||||||
of | 3,231,864 | 3,045,331 | 2,395,930 | 6.13 | % | 34.89 | % | ||||||
26,875 | 20,113 | 6,128 | 33.6 | % | 338.6 | % | |||||||
Premises and equipment, net | 10,106 | 10,508 | 11,646 | -3.8 | % | -13.2 | % | ||||||
Accrued interest receivable | 14,717 | 13,455 | 9,593 | 9.4 | % | 53.4 | % | ||||||
Other real estate owned | 75 | 75 | 75 | - | - | ||||||||
Deferred income taxes | 15,178 | 16,462 | 13,016 | -7.8 | % | 16.6 | % | ||||||
5,359 | 5,382 | 5,417 | -0.4 | % | -1.1 | % | |||||||
Operating lease right-of-use asset | 15,111 | 13,520 | 11,883 | 11.8 | % | 27.2 | % | ||||||
Bank-owned life insurance ("BOLI") | 72,077 | 71,656 | 73,240 | 0.6 | % | -1.6 | % | ||||||
Other assets | 8,438 | 9,538 | 8,093 | -11.5 | % | 4.3 | % | ||||||
Total Assets | $ | 3,763,056 | $ | 3,546,193 | $ | 3,040,310 | 6.1 | % | 23.8 | % | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
LIABILITIES | |||||||||||||
Non-interest bearing deposits | $ | 604,935 | $ | 613,910 | $ | 621,402 | -1.5 | % | -2.6 | % | |||
Interest bearing deposits | 2,262,274 | 2,197,697 | 2,009,773 | 2.9 | % | 12.6 | % | ||||||
Total deposits | 2,867,209 | 2,811,607 | 2,631,175 | 2.0 | % | 9.0 | % | ||||||
FHLB advances | 532,399 | 382,261 | 71,848 | 39.3 | % | 641.0 | % | ||||||
Subordinated debentures | 37,566 | 37,508 | 37,333 | 0.2 | % | 0.6 | % | ||||||
Operating lease liability | 15,436 | 13,859 | 12,180 | 11.4 | % | 26.7 | % | ||||||
Other liabilities | 12,828 | 9,704 | 11,615 | 32.2 | % | 10.4 | % | ||||||
Total Liabilities | 3,465,438 | 3,254,939 | 2,764,151 | 6.5 | % | 25.4 | % | ||||||
STOCKHOLDERS' EQUITY | |||||||||||||
Preferred stock: | - | - | - | ||||||||||
Additional paid-in capital preferred stock | 21,003 | 21,003 | 26,213 | - | -19.9 | % | |||||||
Common stock: no par value, 40,000 shares authorized | - | - | - | ||||||||||
Additional paid-in capital common stock | 197,197 | 196,164 | 194,222 | 0.5 | % | 1.5 | % | ||||||
Retained earnings | 123,121 | 115,109 | 88,132 | 7.0 | % | 39.7 | % | ||||||
Accumulated other comprehensive loss | (6,613 | ) | (6,491 | ) | (1,275 | ) | 1.9 | % | 418.7 | % | |||
(37,090 | ) | (34,531 | ) | (31,133 | ) | 7.4 | % | 19.1 | % | ||||
Total Stockholders' Equity | 297,618 | 291,254 | 276,159 | 2.2 | % | 7.8 | % | ||||||
Total Liabilities and Stockholders' Equity | $ | 3,763,056 | $ | 3,546,193 | $ | 3,040,310 | 6.1 | % | 23.8 | % | |||
Outstanding common shares | 16,884 | 16,931 | 16,985 |
Average Balances and Rates -Three Months Ended | |||||||||||||||
2023 | 2022 | ||||||||||||||
Average Balance | Interest Earned/Paid | Average Yield/Rate (3) | Average Balance | Interest Earned/Paid | Average Yield/Rate (3) | ||||||||||
(Dollars in thousands) | |||||||||||||||
Interest-earning assets: | |||||||||||||||
Loans Receivable (4)(5) | $ | 3,165,678 | $ | 38,889 | 4.91 | % | $ | 2,343,845 | $ | 26,321 | 4.49 | % | |||
108,869 | 1,306 | 4.80 | % | 108,960 | 1,107 | 4.06 | % | ||||||||
FHLB stock and other interest-earning assets | 208,842 | 2,157 | 4.13 | % | 447,080 | 296 | 0.26 | % | |||||||
Total Interest-earning assets | 3,483,390 | 42,352 | 4.86 | % | 2,899,885 | 27,724 | 3.82 | % | |||||||
Non-interest-earning assets | 116,769 | 102,118 | |||||||||||||
Total assets | $ | 3,600,159 | $ | 3,002,003 | |||||||||||
Interest-bearing liabilities: | |||||||||||||||
Interest-bearing demand accounts | $ | 713,788 | $ | 1,789 | 1.00 | % | $ | 706,067 | $ | 398 | 0.23 | % | |||
Money market accounts | 314,427 | 1,365 | 1.74 | % | 345,564 | 360 | 0.42 | % | |||||||
Savings accounts | 322,760 | 118 | 0.15 | % | 336,575 | 108 | 0.13 | % | |||||||
Certificates of Deposit | 848,447 | 6,453 | 3.04 | % | 611,813 | 980 | 0.64 | % | |||||||
Total interest-bearing deposits | 2,199,422 | 9,725 | 1.77 | % | 2,000,019 | 1,846 | 0.37 | % | |||||||
Borrowed funds | 461,415 | 5,156 | 4.47 | % | 109,105 | 806 | 2.95 | % | |||||||
Total interest-bearing liabilities | 2,660,837 | 14,881 | 2.24 | % | 2,109,124 | 2,652 | 0.50 | % | |||||||
Non-interest-bearing liabilities | 645,883 | 621,575 | |||||||||||||
Total liabilities | 3,306,720 | 2,730,699 | |||||||||||||
Stockholders' equity | 293,439 | 271,305 | |||||||||||||
Total liabilities and stockholders' equity | $ | 3,600,159 | $ | 3,002,003 | |||||||||||
Net interest income | $ | 27,471 | $ | 25,072 | |||||||||||
Net interest rate spread(1) | 2.63 | % | 3.32 | % | |||||||||||
Net interest margin(2) | 3.15 | % | 3.46 | % | |||||||||||
(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities. | |||||||||||||||
(2) Net interest margin represents net interest income divided by average total interest-earning assets. | |||||||||||||||
(3) Annualized. | |||||||||||||||
(4) Excludes allowance for credit losses. | |||||||||||||||
(5) Includes non-accrual loans which are immaterial to the yield. |
Financial Condition data by quarter | |||||||||||||||
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||
(In thousands, except book values) | |||||||||||||||
Total assets | $ | 3,763,056 | $ | 3,546,193 | $ | 3,265,612 | $ | 3,072,771 | $ | 3,040,310 | |||||
Cash and cash equivalents | 261,075 | 229,359 | 221,024 | 206,172 | 396,653 | ||||||||||
Securities | 101,446 | 109,401 | 111,159 | 105,717 | 107,576 | ||||||||||
Loans receivable, net | 3,231,864 | 3,045,331 | 2,787,015 | 2,620,630 | 2,395,930 | ||||||||||
Deposits | 2,867,209 | 2,811,607 | 2,712,946 | 2,655,030 | 2,631,175 | ||||||||||
Borrowings | 569,965 | 419,769 | 249,573 | 124,377 | 109,181 | ||||||||||
Stockholders’ equity | 297,618 | 291,254 | 282,682 | 271,637 | 276,159 | ||||||||||
Book value per common share1 | $ | 16.38 | $ | 15.96 | $ | 15.42 | $ | 15.04 | $ | 14.72 | |||||
Tangible book value per common share2 | $ | 16.07 | $ | 15.65 | $ | 15.11 | $ | 14.73 | $ | 14.41 | |||||
Operating data by quarter | |||||||||||||||
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||
(In thousands, except for per share amounts) | |||||||||||||||
Net interest income | $ | 27,471 | $ | 30,181 | $ | 30,951 | $ | 27,741 | $ | 25,072 | |||||
Provision (credit) for loan losses | 622 | (500 | ) | - | - | (2,575 | ) | ||||||||
Non-interest income | -1,664 | 1,062 | 1,446 | (313 | ) | (600 | ) | ||||||||
Non-interest expense | 13,854 | 16,037 | 13,453 | 13,056 | 12,959 | ||||||||||
Income tax expense | 3,225 | 3,634 | 5,552 | 4,209 | 4,136 | ||||||||||
Net income | $ | 8,106 | $ | 12,072 | $ | 13,392 | $ | 10,163 | $ | 9,952 | |||||
Net income per diluted share | $ | 0.46 | $ | 0.69 | $ | 0.76 | $ | 0.58 | $ | 0.56 | |||||
Common Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||
Financial Ratios(3) | |||||||||||||||
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||
Return on average assets | 0.90 | % | 1.46 | % | 1.74 | % | 1.32 | % | 1.33 | % | |||||
Return on average stockholder’s equity | 11.05 | % | 16.99 | % | 19.42 | % | 15.00 | % | 14.67 | % | |||||
Net interest margin | 3.15 | % | 3.76 | % | 4.18 | % | 3.74 | % | 3.46 | % | |||||
Stockholder’s equity to total assets | 7.91 | % | 8.21 | % | 8.66 | % | 8.84 | % | 9.08 | % | |||||
Efficiency Ratio4 | 53.68 | % | 51.33 | % | 41.53 | % | 47.60 | % | 52.95 | % | |||||
Asset Quality Ratios | |||||||||||||||
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||
(In thousands, except for ratio %) | |||||||||||||||
Non-Accrual Loans | $ | 5,058 | $ | 5,109 | $ | 8,505 | $ | 9,201 | $ | 9,232 | |||||
Non-Accrual Loans as a % of Total Loans | 0.16 | % | 0.17 | % | 0.30 | % | 0.35 | % | 0.38 | % | |||||
ACL as % of Non-Accrual Loans | 571.0 | % | 633.6 | % | 390.3 | % | 370.7 | % | 368.1 | % | |||||
Individually Evaluated Loans | 17,585 | 28,272 | 40,524 | 42,411 | 40,955 | ||||||||||
Classified Loans | 17,585 | 17,816 | 30,180 | 31,426 | 29,850 | ||||||||||
(1) Calculated by dividing stockholders' equity, less preferred equity, by shares outstanding. | |||||||||||||||
(2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ | |||||||||||||||
common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.” | |||||||||||||||
(3) Ratios are presented on an annualized basis, where appropriate. | |||||||||||||||
(4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income | |||||||||||||||
and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.” |
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||
(In thousands) | |||||||||||||||
Residential one-to-four family | $ | 246,683 | $ | 250,123 | $ | 242,238 | $ | 235,883 | $ | 233,251 | |||||
Commercial and multi-family | 2,466,932 | 2,345,229 | 2,164,320 | 2,030,597 | 1,804,815 | ||||||||||
Construction | 162,553 | 144,931 | 153,103 | 155,070 | 141,082 | ||||||||||
Commercial business | 327,598 | 282,007 | 205,661 | 181,868 | 198,216 | ||||||||||
Home equity | 58,822 | 56,888 | 56,064 | 51,808 | 52,279 | ||||||||||
Consumer | 3,383 | 3,240 | 2,545 | 2,656 | 2,726 | ||||||||||
$ | 3,265,971 | $ | 3,082,418 | $ | 2,823,931 | $ | 2,657,882 | $ | 2,432,369 | ||||||
Less: | |||||||||||||||
Deferred loan fees, net | (5,225 | ) | (4,714 | ) | (3,721 | ) | (3,139 | ) | (2,459 | ) | |||||
Allowance for credit loss | (28,882 | ) | (32,373 | ) | (33,195 | ) | (34,113 | ) | (33,980 | ) | |||||
Total loans, net | $ | 3,231,864 | $ | 3,045,331 | $ | 2,787,015 | $ | 2,620,630 | $ | 2,395,930 | |||||
Non-Accruing Loans in Portfolio by quarter | |||||||||||||||
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||
(In thousands) | |||||||||||||||
Residential one-to-four family | $ | 237 | $ | 243 | $ | 263 | $ | 267 | $ | 278 | |||||
Commercial and multi-family | 340 | 346 | 757 | 757 | 757 | ||||||||||
Construction | 3,217 | 3,180 | 3,180 | 3,043 | 2,954 | ||||||||||
Commercial business | 1,264 | 1,340 | 4,305 | 5,104 | 5,243 | ||||||||||
Home equity | - | - | - | 30 | - | ||||||||||
Total: | $ | 5,058 | $ | 5,109 | $ | 8,505 | $ | 9,201 | $ | 9,232 | |||||
Distribution of Deposits by quarter | |||||||||||||||
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||
(In thousands) | |||||||||||||||
Demand: | |||||||||||||||
Non-Interest Bearing | $ | 604,934 | $ | 613,909 | $ | 610,425 | $ | 595,167 | $ | 621,403 | |||||
Interest Bearing | 686,577 | 757,615 | 726,012 | 810,535 | 724,020 | ||||||||||
Money Market | 361,558 | 305,556 | 370,353 | 360,356 | 354,302 | ||||||||||
Sub-total: | $ | 1,653,069 | $ | 1,677,080 | $ | 1,706,790 | $ | 1,766,058 | $ | 1,699,725 | |||||
Savings | 319,131 | 329,753 | 338,864 | 347,279 | 341,529 | ||||||||||
Certificates of Deposit | 895,009 | 804,774 | 667,291 | 541,693 | 589,921 | ||||||||||
Total Deposits: | $ | 2,867,209 | $ | 2,811,607 | $ | 2,712,945 | $ | 2,655,030 | $ | 2,631,175 |
Reconciliation of GAAP to Non-GAAP Financial Measures by quarter | |||||||||||||||
Tangible Book Value per Share | |||||||||||||||
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Total Stockholders' Equity | $ | 297,618 | $ | 291,254 | $ | 282,682 | $ | 271,637 | $ | 276,159 | |||||
Less: goodwill | 5,252 | 5,252 | 5,252 | 5,252 | 5,252 | ||||||||||
Less: preferred stock | 21,003 | 21,003 | 21,003 | 16,563 | 26,213 | ||||||||||
Total tangible common stockholders' equity | 271,363 | 264,999 | 256,427 | 249,822 | 244,694 | ||||||||||
Shares common shares outstanding | 16,884 | 16,931 | 16,974 | 16,960 | 16,984 | ||||||||||
Book value per common share | $ | 16.38 | $ | 15.96 | $ | 15.42 | $ | 15.04 | $ | 14.72 | |||||
Tangible book value per common share | $ | 16.07 | $ | 15.65 | $ | 15.11 | $ | 14.73 | $ | 14.41 | |||||
Efficiency Ratios | |||||||||||||||
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||
(In thousands, except for ratio %) | |||||||||||||||
Net interest income | $ | 27,471 | $ | 30,181 | $ | 30,951 | $ | 27,741 | $ | 25,072 | |||||
Non-interest income | -1,664 | 1,062 | 1,446 | -313 | -600 | ||||||||||
Total income | 25,807 | 31,243 | 32,397 | 27,428 | 24,472 | ||||||||||
Non-interest expense | 13,854 | 16,037 | 13,453 | 13,056 | 12,959 | ||||||||||
Efficiency Ratio | 53.68 | % | 51.33 | % | 41.53 | % | 47.60 | % | 52.95 | % | |||||
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Source:
2023 GlobeNewswire, Inc., source