Key Quarterly Financial Data | 2024 Highlights | ||||||||||||
Performance Metrics | 1Q24 | 4Q23 | 1Q23 | •Non-interest expenses decreased •Average deposits grew 3.4%, while the Company’s average loan balance remained stable quarter over quarter. • Net interest margin for the first quarter of 2.12% narrowed from 2.28% as increases to the rates paid on interest-bearing liabilities outpaced the rise in yields of interest-earning assets •Non-Performing Loans / Total Loans and the Company’s ratio of Non-Performing Assets / Total Assets remains favorable at 0.24% and 0.21% respectively. | |||||||||
(Loss) return on average assets (%) | (0.07 | ) | 0.05 | 0.09 | |||||||||
(Loss) return on average equity (%) | (0.90 | ) | 0.73 | 1.17 | |||||||||
(Loss) return on average tangible equity (%) | (0.91 | ) | 0.74 | 1.18 | |||||||||
Net interest margin (%) | 2.12 | 2.28 | 2.67 | ||||||||||
Income Statement (a) | 1Q24 | 4Q23 | 1Q23 | ||||||||||
Net interest income | $ | 3,203 | $ | 3,454 | $ | 3,977 | |||||||
Non-interest income | $ | 215 | $ | 322 | $ | 256 | |||||||
Net (loss) income | $ | (103 | ) | $ | 84 | $ | 133 | ||||||
(Loss) earnings per diluted common share | $ | (0.02 | ) | $ | 0.01 | $ | 0.02 | ||||||
Balance Sheet (a) | 1Q24 | 4Q23 | 1Q23 | ||||||||||
Average total loans | $ | 567,526 | $ | 569,515 | $ | 555,919 | |||||||
Average total deposits | $ | 486,323 | $ | 470,394 | $ | 487,816 | |||||||
Book value per share | $ | 6.75 | $ | 6.83 | $ | 6.79 | |||||||
Tangible book value per share | $ | 6.67 | $ | 6.74 | $ | 6.71 | |||||||
(a) In thousands except for per share amounts | |||||||||||||
“Despite the continued challenging interest environment, through the Bank’s core product offerings, the Company was able to grow average deposits during the first three months of 2024. The deposit inflows and asset amortization were partially utilized to repay wholesale funding, with borrowed money down 21% and brokered deposit funding down 8% from
Selected Balance Sheet Information:
As of March 31, 2024, total assets were $628.6 million, a decrease of $10.1 million, or 1.6%, as compared to total assets of $638.7 million on December 31, 2023. The decrease can be attributed to less cash held quarter over quarter, as during the first quarter of 2024 the funds were utilized to repay
Loans receivable, net of Allowance for Credit Losses on Loans totaled
Nonperforming assets, which includes nonaccrual loans and foreclosed real estate were
Total liabilities decreased
As of March 31, 2024, the Bank's Tier 1 capital leverage ratio, common equity tier 1 capital ratio, Tier 1 capital ratio and total capital ratios were 9.52%, 13.58%, 13.58% and 14.83%, respectively, all in excess of the ratios required to be deemed "well-capitalized." During the first quarter 2024 the Company did not repurchase shares under its stock repurchase program. Book value per common share was
Financial Performance Overview:
Three Months Ended
For the three months ended March 31, 2024, the Company saw a net loss totaling $103 thousand compared to net income of $84 thousand for the three months ended
Net interest income for the three months ended March 31, 2024, decreased
There was a provision for credit losses of
Non-interest income decreased $107 thousand, to $215 thousand for the three months ended March 31, 2024, compared with non-interest income of $322 thousand for the three months ended December 31, 2023. The decrease can be attributed to less loan charges and fees earned quarter over quarter.
Non-interest expenses totaled
About
The Bank was organized under federal law in 2004 as a national bank regulated by the
We operate from our five Banking Center locations, a Loan Production Office and our Corporate Headquarters located in
Forward-Looking Statements
This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate” or “continue” or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within
Investor Contact:
(845) 451-7825
Consolidated Statements of Financial Condition | ||||||||
(in thousands) | ||||||||
2024 | 2023 | 2023 | ||||||
|----(unaudited)----| | |----(unaudited)----| | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 27,392 | 32,728 | 57,827 | ||||
Securities, net | 13,013 | 15,220 | 15,629 | |||||
Loans receivable, net: | ||||||||
Real estate mortgage loans | 548,462 | 551,124 | 521,696 | |||||
Commercial and Lines of Credit | 12,359 | 13,301 | 17,018 | |||||
Home Equity and Consumer Loans | 397 | 349 | 358 | |||||
Deferred costs | 4,245 | 4,233 | 4,213 | |||||
Allowance for Loan Credit Losses | (5,054 | ) | (5,086 | ) | (4,882 | ) | ||
Total loans receivable, net | 560,410 | 563,920 | 538,403 | |||||
Accrued interest receivable | 2,652 | 2,625 | 2,338 | |||||
Investment in restricted stock, at cost | 4,509 | 5,191 | 5,368 | |||||
581 | 581 | 581 | ||||||
Bank premises and equipment, net | 5,381 | 5,600 | 6,037 | |||||
Repossessed assets | - | - | 164 | |||||
Right of use lease assets | 6,202 | 6,415 | 6,666 | |||||
Bank Owned Life Insurance | 5,376 | 5,341 | 5,236 | |||||
Other Assets | 3,118 | 1,129 | 1,178 | |||||
Total Assets | $ | 628,634 | 638,750 | 639,427 | ||||
Liabilities & Stockholders' Equity | ||||||||
Non-Interest-Bearing Deposits | 100,880 | 109,065 | 135,680 | |||||
Interest-Bearing Deposits | 343,311 | 328,479 | 311,800 | |||||
Brokered Deposits | 52,000 | 56,581 | 39,504 | |||||
Total Deposits | 496,191 | 494,125 | 486,984 | |||||
Bond Issue, net of costs | 13,720 | 13,708 | 13,678 | |||||
Borrowed Money | 55,628 | 70,805 | 78,000 | |||||
Lease Liability | 6,464 | 6,672 | 6,893 | |||||
Other Liabilities | 16,942 | 7,578 | 9,061 | |||||
Total Liabilities | 582,480 | 592,888 | 594,616 | |||||
Stockholders' equity | 46,154 | 45,862 | 44,811 | |||||
Total liabilities and stockholders' equity | $ | 628,634 | 638,750 | 639,427 | ||||
Consolidated Statements of Income | ||||||||||
(in thousands) | ||||||||||
Three Months Ended | ||||||||||
|--------------(unaudited)--------------| | ||||||||||
Interest income | ||||||||||
Loans | $ | 7,208 | $ | 7,059 | $ | 6,064 | ||||
Securities | 115 | 110 | 113 | |||||||
Other interest-earning assets | 263 | 278 | 367 | |||||||
Total Interest Income | 7,586 | 7,447 | 6,544 | |||||||
Interest expense | ||||||||||
Deposits | 3,585 | 2,945 | 1,616 | |||||||
Borrowings | 798 | 1,048 | 768 | |||||||
Total Interest Expense | 4,383 | 3,993 | 2,384 | |||||||
Net Interest Income | 3,203 | 3,454 | 4,160 | |||||||
Prov for(Reversal of) Credit Losses | 39 | (83 | ) | (17 | ) | |||||
Net Interest Income after Prov for (Revrsl) Credit Losses | 3,164 | 3,537 | 4,177 | |||||||
Non-interest income | ||||||||||
Service charges and fees | 172 | 254 | 137 | |||||||
Gain on loan sales | 1 | 30 | - | |||||||
Other | 42 | 38 | 37 | |||||||
Total non-interest income | 215 | 322 | 174 | |||||||
Non-interest expenses | ||||||||||
Compensation and benefits | 1,721 | 1,745 | 1,855 | |||||||
Occupancy and equipment | 668 | 646 | 641 | |||||||
Data processing service fees | 326 | 357 | 302 | |||||||
Professional fees | 181 | 357 | 219 | |||||||
97 | 88 | 55 | ||||||||
Advertising | 75 | 101 | 99 | |||||||
Insurance | 50 | 51 | 45 | |||||||
Other | 337 | 405 | 356 | |||||||
Total non-interest expense | 3,455 | 3,750 | 3,572 | |||||||
(Loss) income prior to tax expense | (76 | ) | 109 | 778 | ||||||
Income taxes | 27 | 25 | 179 | |||||||
Net (Loss) income | $ | (103 | ) | $ | 84 | $ | 599 | |||
Average Balance Sheet Data | ||||||||||||||||||||||||
For the Three Months Ended (dollars in thousands) | ||||||||||||||||||||||||
Avg Bal | Interest | Average | Avg Bal | Interest | Average | Avg Bal | Interest | Average | ||||||||||||||||
Rolling | Rolling | Rolling | Rolling | Rolling | Rolling | |||||||||||||||||||
Assets | 3 Mos. | 3 Mos. | Yield/Cost | 3 Mos. | 3 Mos. | Yield/Cost | 3 Mos. | 3 Mos. | Yield/Cost | |||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans receivable | $ | 567,526 | $ | 7,208 | 5.08 | % | $ | 569,515 | $ | 7,059 | 4.96 | % | $ | 529,041 | $ | 6,064 | 4.58 | % | ||||||
Investment securities | 15,814 | 115 | 2.90 | % | 15,957 | 110 | 2.75 | % | 15,979 | 113 | 2.83 | % | ||||||||||||
Other interest-earning assets | 19,828 | 263 | 5.25 | % | 20,128 | 278 | 5.40 | % | 31,460 | 367 | 4.67 | % | ||||||||||||
Total interest-earning assets | 603,168 | 7,586 | 5.03 | % | 605,600 | 7,447 | 4.92 | % | 576,480 | 6,544 | 4.54 | % | ||||||||||||
Non-interest earning assets | 16,812 | 16,840 | 17,355 | |||||||||||||||||||||
Total assets | $ | 619,980 | $ | 622,440 | $ | 593,835 | ||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing checking | $ | 30,943 | $ | 26 | 0.34 | % | $ | 25,368 | $ | 23 | 0.36 | % | $ | 30,193 | $ | 34 | 0.46 | % | ||||||
Savings accounts | 153,609 | 1,413 | 3.69 | % | 123,641 | 884 | 2.84 | % | 116,789 | 323 | 1.12 | % | ||||||||||||
Certificates of deposit | 201,926 | 2,146 | 4.26 | % | 207,091 | 2,037 | 3.90 | % | 190,984 | 1,259 | 2.67 | % | ||||||||||||
Total interest-bearing deposits | 386,479 | 3,585 | 3.72 | % | 356,101 | 2,945 | 3.28 | % | 337,966 | 1,616 | 1.94 | % | ||||||||||||
Borrowings | 59,541 | 576 | 3.88 | % | 76,844 | 827 | 4.27 | % | 55,415 | 547 | 4.00 | % | ||||||||||||
Subordinated debenture | 13,714 | 221 | 6.47 | % | 13,705 | 221 | 6.40 | % | 13,672 | 221 | 6.56 | % | ||||||||||||
Total interest-bearing liabilities | 459,734 | 4,383 | 3.82 | % | 446,649 | 3,993 | 3.55 | % | 407,053 | 2,384 | 2.38 | % | ||||||||||||
Non-interest-bearing demand deposits | 99,844 | 114,293 | 127,843 | |||||||||||||||||||||
Other liabilities | 14,396 | 15,803 | 14,617 | |||||||||||||||||||||
Total non-interest-bearing liabilities | 114,240 | 130,096 | 142,460 | |||||||||||||||||||||
Stockholders' equity | 46,005 | 45,695 | 44,322 | |||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 619,980 | $ | 622,440 | $ | 593,835 | ||||||||||||||||||
Net interest income | $ | 3,203 | $ | 3,454 | $ | 4,160 | ||||||||||||||||||
Average interest rate spread | 1.21 | % | 1.37 | % | 2.17 | % | ||||||||||||||||||
Net interest margin | 2.12 | % | 2.28 | % | 2.89 | % | ||||||||||||||||||
Five Quarter Performance Ratio Highlights | Three Months Ended | |||||||||||||||
Income Statement (%) | ||||||||||||||||
(Loss) return on Average Assets | (0.07 | ) | 0.05 | 0.09 | 0.42 | 0.40 | ||||||||||
(Loss) return on Average Equity | (0.90 | ) | 0.73 | 1.17 | 5.81 | 5.40 | ||||||||||
(Loss) return on Average Tangible Equity | (0.91 | ) | 0.74 | 1.18 | 5.89 | 5.47 | ||||||||||
Efficiency Ratio | 101.08 | 99.31 | 93.89 | 80.86 | 82.42 | |||||||||||
Yields / Costs (%) | ||||||||||||||||
Average Yield - Interest Earning Assets | 5.03 | 4.92 | 4.79 | 4.70 | 4.54 | |||||||||||
Cost of Funds | 3.82 | 3.55 | 2.93 | 2.53 | 2.38 | |||||||||||
Net Interest Margin | 2.12 | 2.28 | 2.67 | 2.86 | 2.89 | |||||||||||
Capital Ratios (%) | ||||||||||||||||
Equity / Assets | 7.34 | 7.18 | 7.24 | 7.24 | 7.01 | |||||||||||
Tangible Equity / Assets | 7.26 | 7.09 | 7.15 | 7.15 | 6.92 | |||||||||||
Tier I leverage ratio (a) | 9.52 | 9.45 | 9.54 | 9.40 | 9.65 | |||||||||||
Common equity Tier I capital ratio (a) | 13.63 | 13.60 | 13.47 | 13.67 | 13.87 | |||||||||||
Tier 1 Risk-based capital ratio (a) | 13.63 | 13.60 | 13.47 | 13.67 | 13.87 | |||||||||||
Total Risk-based capital ratio (a) | 14.88 | 14.85 | 14.63 | 14.92 | 15.12 | |||||||||||
Stock Valuation | ||||||||||||||||
Book Value | $ | 6.75 | $ | 6.83 | $ | 6.79 | $ | 6.77 | $ | 6.67 | ||||||
Tangible Book Value | $ | 6.67 | $ | 6.74 | $ | 6.71 | $ | 6.68 | $ | 6.59 | ||||||
Shares Outstanding (b) | 6,834 | 6,714 | 6,714 | 6,714 | 6,714 | |||||||||||
Asset Quality (%) | ||||||||||||||||
ACL / Total Loans | 0.89 | 0.89 | 0.89 | 0.89 | 0.90 | |||||||||||
Non Performing Loans / Total Loans | 0.24 | 0.22 | 0.25 | 0.25 | 0.17 | |||||||||||
Non Performing Assets / Total Assets | 0.21 | 0.22 | 0.25 | 0.25 | 0.19 | |||||||||||
(a) Ratios at Bank level (b) Shares information presented in thousands | ||||||||||||||||
Source:
2024 GlobeNewswire, Inc., source