“While 2020 certainly presented significant challenges, it also created many opportunities,” stated Joseph W. Kiley III, President and CEO. “We were able to keep all our offices open and available to our customers throughout the year. Thanks to the efforts of our fantastic team of employees, balances in checking accounts increased by
“In the third quarter of 2015, we embarked on a branch expansion strategy, focused on leasing small, efficient office spaces that provide a presence for our teams of community bankers in each market we serve, with many of these offices staffed with just two to three employees and equipped with cash recycling machines to assist with handling traditional teller work. We have now grown from a single office thrift institution in 2015 to a multi-branch, full-service community bank. We will open our 15th office in
“Our lending teams are working closely with our customers and continue to assist borrowers that may require additional support or closer monitoring due to the COVID-19 pandemic. In the fourth quarter, borrowers that had requested an additional COVID-19 related loan deferral or concession were evaluated, ultimately resulting in downgrades in loan classifications on 16 loans totaling approximately
(1) Pre-tax, pre-provision income is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures at the end of this press release for a reconciliation to the nearest GAAP equivalent.
Highlights for the quarter and year ended
- Demand deposits increased
$80 .7 million for the year endedDecember 31, 2020 . - The strong growth in retail deposits allowed the Bank to reduce its brokered certificates of deposit by
$94.5 million in 2020 to none atDecember 31, 2020 . - The Company’s book value per share was
$16.05 atDecember 31, 2020 , compared to$15.62 atSeptember 30, 2020 , and$15.25 atDecember 31, 2019 . - The Company repurchased 544,626 shares during the year at an average price of
$10.44 per share, an amount equal to approximately 5.3% of shares outstanding at the beginning of 2020. - The Company paid regular quarterly cash dividends to shareholders totaling
$0.40 per share for the year. - The Bank’s Tier 1 leverage and total capital ratios at
December 31, 2020 , were 10.3% and 15.6%, respectively, compared to 10.0% and 15.3%, atSeptember 30, 2020 , and 10.3% and 14.4% atDecember 31, 2019 . - Based on management’s evaluation of the adequacy of the Allowance for Loan and Lease Losses (“ALLL”) and taking into account the estimated future impact of the COVID-19 pandemic, the Bank recorded a
$600,000 provision for loan losses during the quarter, bringing the total provision for loan losses to$1 .9 million for the year.
Total deposits increased
The following table presents a breakdown of our total deposits (unaudited):
2020 | 2020 | 2019 | Three Month Change | One Year Change | |||||||||||||||
Deposits: | (Dollars in thousands) | ||||||||||||||||||
Noninterest-bearing demand | $ | 91,285 | $ | 82,376 | $ | 52,849 | $ | 8,909 | $ | 38,436 | |||||||||
Interest-bearing demand | 108,182 | 110,856 | 65,897 | (2,674 | ) | 42,285 | |||||||||||||
Statement savings | 19,221 | 19,292 | 17,447 | (71 | ) | 1,774 | |||||||||||||
Money market | 465,369 | 428,512 | 377,766 | 36,857 | 87,603 | ||||||||||||||
Certificates of deposit, retail (1) | 409,576 | 418,646 | 425,103 | (9,070 | ) | (15,527 | ) | ||||||||||||
Certificates of deposit, brokered | – | 10,000 | 94,472 | (10,000 | ) | (94,472 | ) | ||||||||||||
Total deposits | $ | 1,093,633 | $ | 1,069,682 | $ | 1,033,534 | $ | 23,951 | $ | 60,099 |
(1) Balance of retail certificates of deposit for acquired branches are net of an aggregate fair value adjustment of
The following tables present an analysis of total deposits by branch office (unaudited):
Noninterest- bearing demand | Interest- bearing demand | Statement savings | Money market | Certificates of deposit, retail | Certificates of deposit, brokered | Total | ||||||||
(Dollars in thousands) | ||||||||||||||
$ | 36,932 | $ | 47,964 | $ | 13,696 | $ | 243,940 | $ | 325,803 | $ | – | $ | 668,335 | |
Landing | 5,300 | 3,199 | 22 | 14,024 | 8,108 | – | 30,653 | |||||||
3,054 | 7,040 | 688 | 14,270 | 9,790 | – | 34,842 | ||||||||
2,153 | 1,760 | 53 | 5,502 | 3,233 | – | 12,701 | ||||||||
Crossroads | 6,719 | 5,249 | 58 | 56,836 | 10,994 | – | 79,856 | |||||||
Kent (1) | 5,047 | 8,607 | – | 23,052 | 1,077 | – | 37,783 | |||||||
5,205 | 113 | 30 | 3,757 | – | – | 9,105 | ||||||||
Total | 64,410 | 73,932 | 14,547 | 361,381 | 359,005 | – | 873,275 | |||||||
3,176 | 2,765 | 1,411 | 14,823 | 9,289 | – | 31,464 | ||||||||
12,074 | 13,735 | 351 | 30,807 | 19,989 | – | 76,956 | ||||||||
Clearview | 5,367 | 6,690 | 1,012 | 17,902 | 5,346 | – | 36,317 | |||||||
3,057 | 7,419 | 835 | 14,593 | 4,669 | – | 30,573 | ||||||||
2,788 | 3,237 | 1,005 | 21,575 | 11,278 | – | 39,883 | ||||||||
Total | 26,462 | 33,846 | 4,614 | 99,700 | 50,571 | – | 215,193 | |||||||
377 | 215 | 15 | 1,578 | – | – | 2,185 | ||||||||
36 | 189 | 45 | 2,710 | – | – | 2,980 | ||||||||
Total | 413 | 404 | 60 | 4,288 | – | – | 5,165 | |||||||
Total retail deposits | 91,285 | 108,182 | 19,221 | 465,369 | 409,576 | – | 1,093,633 | |||||||
Brokered deposits | – | – | – | – | – | – | – | |||||||
Total deposits | $ | 91,285 | $ | 108,182 | $ | 19,221 | $ | 465,369 | $ | 409,576 | $ | – | $ | 1,093,633 |
(1) Kent opened
Noninterest- bearing demand | Interest- bearing demand | Statement savings | Money market | Certificates of deposit, retail | Certificates of deposit, brokered | Total | ||||||||
(Dollars in thousands) | ||||||||||||||
$ | 35,066 | $ | 47,957 | $ | 14,677 | $ | 235,680 | $ | 335,675 | $ | – | $ | 669,055 | |
Landing | 3,209 | 3,193 | 37 | 16,398 | 8,251 | – | 31,088 | |||||||
3,086 | 6,608 | 703 | 12,589 | 8,514 | – | 31,500 | ||||||||
2,270 | 2,104 | 54 | 4,675 | 3,290 | – | 12,393 | ||||||||
Crossroads | 6,755 | 8,085 | 48 | 50,304 | 11,076 | – | 76,268 | |||||||
Kent (1) | 5,452 | 8,277 | – | 13,802 | 1,070 | – | 28,601 | |||||||
4,534 | 56 | 1 | 2,627 | – | – | 7,218 | ||||||||
Total | 60,372 | 76,280 | 15,520 | 336,075 | 367,876 | – | 856,123 | |||||||
3,713 | 3,236 | 856 | 14,695 | 10,675 | – | 33,175 | ||||||||
5,853 | 13,865 | 485 | 28,229 | 19,300 | – | 67,732 | ||||||||
Clearview | 6,102 | 6,478 | 853 | 18,014 | 4,881 | – | 36,328 | |||||||
3,264 | 7,346 | 703 | 13,520 | 4,356 | – | 29,189 | ||||||||
2,733 | 3,137 | 875 | 16,173 | 11,558 | – | 34,476 | ||||||||
Total | 21,665 | 34,062 | 3,772 | 90,631 | 50,770 | – | 200,900 | |||||||
339 | 514 | – | 1,806 | – | – | 2,659 | ||||||||
Total | 339 | 514 | – | 1,806 | – | – | 2,659 | |||||||
Total retail deposits | 82,376 | 110,856 | 19,292 | 428,512 | 418,646 | – | 1,059,682 | |||||||
Brokered deposits | – | – | – | – | – | 10,000 | 10,000 | |||||||
Total deposits | $ | 82,376 | $ | 110,856 | $ | 19,292 | $ | 428,512 | $ | 418,646 | $ | 10,000 | $ | 1,069,682 |
(1) Kent opened
Net loans receivable totaled
The Company recorded a
The ALLL represented 1.36% of total loans receivable at
The following table presents a breakdown of our nonperforming assets (unaudited):
Three Month | One Year | ||||||||||||||||||
2020 | 2020 | 2019 | Change | Change | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Nonperforming loans: | |||||||||||||||||||
One-to-four family residential | $ | ─ | $ | ─ | $ | 95 | $ | ─ | $ | (95 | ) | ||||||||
Multifamily | 2,104 | 2,104 | ─ | ─ | 2,104 | ||||||||||||||
Total nonperforming loans | 2,104 | 2,104 | 95 | ─ | 2,009 | ||||||||||||||
Other real estate owned (“OREO”) | 454 | 454 | 454 | ─ | ─ | ||||||||||||||
Total nonperforming assets (1) | $ | 2,558 | $ | 2,558 | $ | 549 | $ | ─ | $ | 2,009 | |||||||||
Nonperforming assets as a | |||||||||||||||||||
percent of total assets | 0.18 | % | 0.19 | % | 0.04 | % |
(1) The difference between nonperforming assets reported above, and the totals reported by other industry sources, is due to their inclusion of all Troubled Debt Restructured Loans ("TDRs") as nonperforming loans, although 100% of the Bank’s TDRs were performing in accordance with their restructured terms at
The Company accounts for certain loan modifications or restructurings as TDRs. In general, the modification or restructuring of a debt is considered a TDR if, for economic or legal reasons related to the borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. At
Net interest income totaled
Total interest income was
Total interest expense was
The net interest margin was 3.29% for the quarter ended
Noninterest income for the quarter ended
Noninterest expense totaled
COVID-19 Related Information
The Bank is committed to assisting its customers and communities in response to the COVID-19 pandemic, including providing certain short-term loan modifications. In addition, the Bank is participating in the PPP as an SBA lender. The Bank continues to take the steps necessary while working with its loan customers to effectively manage the portfolio through the ongoing uncertainty surrounding the duration, impact and government response to the crisis.
Paycheck Protection Program
The SBA provides assistance to small businesses impacted by COVID-19 through the PPP, which was designed to provide near-term relief to help small businesses sustain operations. The deadline for PPP loan applications to the SBA under the original PPP was
Modifications
The primary method of relief is to allow the borrower to defer their loan payments for three to six months, while certain borrowers are allowed to pay interest only or have payment deferrals for periods longer than six months depending upon their specific circumstances. The CARES Act and regulatory guidelines suspend the determination of certain loan modifications related to the COVID19 pandemic from being treated as TDRs. Recent legislation extended this accounting treatment through the earlier of 60 days after the national emergency termination date or
As of | ||||||||||||||||||
Balance of loans with modifications of 4-6 months | Balance of loans with modifications of greater than 6 months | Total balance of loans with modifications granted | Total loans | Modifications as % of total loans in each category | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
One-to-four family residential | $ | 745 | $ | 1,027 | $ | 1,772 | $ | 381,960 | 0.5 | % | ||||||||
Multifamily | - | 2,347 | 2,347 | 136,694 | 1.7 | |||||||||||||
Commercial real estate: | ||||||||||||||||||
Office | - | - | - | 84,311 | - | |||||||||||||
Retail | - | 3,972 | 3,972 | 114,117 | 3.5 | |||||||||||||
Mobile home park | - | - | - | 28,094 | - | |||||||||||||
Hotel/motel | - | 30,501 | 30,501 | 69,304 | 44.0 | |||||||||||||
Nursing home | - | 6,368 | 6,368 | 12,868 | 49.5 | |||||||||||||
Warehouse | - | - | - | 17,484 | - | |||||||||||||
Storage | - | - | - | 33,671 | - | |||||||||||||
Other non-residential | - | - | - | 25,416 | - | |||||||||||||
Total commercial real estate | - | 40,841 | 40,841 | 385,265 | 10.6 | |||||||||||||
Construction/land | - | - | - | 92,207 | - | |||||||||||||
Business: | ||||||||||||||||||
Aircraft | - | - | - | 10,811 | - | |||||||||||||
SBA | - | - | - | 928 | - | |||||||||||||
PPP | - | - | - | 41,251 | - | |||||||||||||
Other business | - | - | - | 27,673 | - | |||||||||||||
Total business | - | - | - | 80,663 | - | |||||||||||||
Consumer: | ||||||||||||||||||
Classic/collectible auto | - | 190 | 190 | 29,359 | 0.6 | |||||||||||||
Other consumer | - | - | - | 11,262 | - | |||||||||||||
Total consumer | - | 190 | 190 | 40,621 | 0.5 | |||||||||||||
Total loans with COVID19 pandemic modifications | $ | 745 | $ | 44,405 | $ | 45,150 | $ | 1,117,410 | 4.0 | % |
Total loans with modifications granted were
Additional Loan Portfolio Details
The Bank is monitoring its loan portfolio for delinquent loans that have not requested modification qualifying under the CARES Act or regulatory guidance. The following table presents the loan to value (“LTV”) ratios of select segments of our loan portfolio at
As of | ||||||||||||||||||
LTV 0-60% | LTV 61-75% | LTV 76%+ | Total | Average LTV | ||||||||||||||
Category: (1) | (Dollars in thousands) | |||||||||||||||||
One-to-four family | $ | 236,286 | $ | 147,465 | $ | 31,605 | $ | 415,356 | 40.07 | % | ||||||||
Church | 1,372 | - | - | 1,372 | 46.39 | |||||||||||||
Classic/collectible auto | 5,006 | 11,776 | 12,577 | 29,359 | 67.56 | |||||||||||||
Gas station | 3,507 | - | 508 | 4,015 | 51.02 | |||||||||||||
Hotel / motel | 58,532 | 10,772 | - | 69,304 | 59.59 | |||||||||||||
Marina | 7,781 | - | - | 7,781 | 37.88 | |||||||||||||
Mobile home park | 20,054 | 7,665 | 375 | 28,094 | 39.71 | |||||||||||||
Nursing home | 12,868 | - | - | 12,868 | 20.87 | |||||||||||||
Office | 59,808 | 24,108 | 4,303 | 88,219 | 46.81 | |||||||||||||
Other non-residential | 9,971 | 2,277 | - | 12,248 | 42.85 | |||||||||||||
Retail | 77,733 | 36,384 | - | 114,117 | 49.89 | |||||||||||||
Storage | 24,378 | 11,169 | - | 35,547 | 44.05 | |||||||||||||
Warehouse | 15,577 | 1,907 | - | 17,484 | 43.63 |
(1) Represents select segments of loans that may include construction loans; classifications may differ from those used elsewhere in this release because they are based on type of collateral rather than loan category.
Forward-looking statements:
When used in this press release and in other documents filed with or furnished to the
Any of the forward-looking statements that we make in this Press Release and in the other public statements are based upon management's beliefs and assumptions at the time they are made and may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2021 and beyond to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us and could negatively affect our operating and stock performance.
Consolidated Balance Sheets
(Dollars in thousands, except share data)
(Unaudited)
Assets | 2020 | 2020 | 2019 | Three Month Change | One Year Change | ||||||||||||
Cash on hand and in banks | $ | 7,995 | $ | 7,440 | $ | 10,094 | 7.5 | % | (20.8 | )% | |||||||
Interest-earning deposits with banks | 72,494 | 18,674 | 12,896 | 288.2 | 462.1 | ||||||||||||
Investments available-for-sale, at fair value | 127,551 | 126,020 | 136,601 | 1.2 | (6.6 | ) | |||||||||||
Annuity held-to-maturity | 2,418 | 2,406 | - | 0.5 | n/a | ||||||||||||
Loans receivable, net of allowance of $14,568, and | 1,100,582 | 1,133,984 | 1,108,462 | (2.9 | ) | (0.7 | ) | ||||||||||
6,410 | 6,410 | 7,009 | 0.0 | (8.5 | ) | ||||||||||||
Accrued interest receivable | 5,508 | 5,676 | 4,138 | (3.0 | ) | 33.1 | |||||||||||
Deferred tax assets, net | 1,641 | 1,879 | 1,501 | (12.7 | ) | 9.3 | |||||||||||
Other real estate owned ("OREO") | 454 | 454 | 454 | 0.0 | 0.0 | ||||||||||||
Premises and equipment, net | 22,579 | 22,409 | 22,466 | 0.8 | 0.5 | ||||||||||||
Bank owned life insurance ("BOLI") | 33,034 | 32,830 | 31,982 | 0.6 | 3.3 | ||||||||||||
Prepaid expenses and other assets | 1,643 | 1,704 | 2,216 | (3.6 | ) | (25.9 | ) | ||||||||||
Right of use asset ("ROU") | 3,647 | 3,834 | 2,209 | (4.9 | ) | 65.1 | |||||||||||
889 | 889 | 889 | 0.0 | 0.0 | |||||||||||||
Core deposit intangible | 824 | 860 | 968 | (4.2 | ) | (14.9 | ) | ||||||||||
Total assets | $ | 1,387,669 | $ | 1,365,469 | $ | 1,341,885 | 1.6 | 3.4 | |||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing deposits | 91,285 | 82,376 | 52,849 | 10.8 | 72.7 | ||||||||||||
Interest-bearing deposits | 1,002,348 | 987,306 | 980,685 | 1.5 | 2.2 | ||||||||||||
Total deposits | 1,093,633 | 1,069,682 | 1,033,534 | 2.2 | 5.8 | ||||||||||||
Advances from the FHLB | 120,000 | 120,000 | 137,700 | 0.0 | (12.9 | ) | |||||||||||
Advance payments from borrowers for taxes and insurance | 2,498 | 4,742 | 2,921 | (47.3 | ) | (14.5 | ) | ||||||||||
Lease liability | 3,783 | 3,942 | 2,279 | (4.0 | ) | 66.0 | |||||||||||
Accrued interest payable | 211 | 197 | 285 | 7.1 | (26.0 | ) | |||||||||||
Other liabilities | 11,242 | 12,128 | 8,847 | (7.3 | ) | 27.1 | |||||||||||
Total liabilities | 1,231,367 | 1,210,691 | 1,185,566 | 1.7 | 3.9 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders' Equity | |||||||||||||||||
Preferred stock, 10,000,000 shares; no shares issued or outstanding | $ | - | $ | - | $ | - | n/a | n/a | |||||||||
Common stock, 90,000,000 shares; issued and outstanding | |||||||||||||||||
9,736,875 shares at 9,911,607 shares at and 10,252,953 shares at | 97 | 99 | 103 | (2.0 | ) | (5.8 | ) | ||||||||||
Additional paid-in capital | 82,095 | 83,839 | 87,370 | (2.1 | ) | (6.0 | ) | ||||||||||
Retained earnings | 78,003 | 76,300 | 73,321 | 2.2 | 6.4 | ||||||||||||
Accumulated other comprehensive loss, net of tax | (1,918 | ) | (3,203 | ) | (1,371 | ) | (40.1 | ) | 39.9 | ||||||||
Unearned Employee Stock Ownership Plan ("ESOP") shares | (1,975 | ) | (2,257 | ) | (3,104 | ) | (12.5 | ) | (36.4 | ) | |||||||
Total stockholders' equity | 156,302 | 154,778 | 156,319 | 1.0 | (0.0 | ) | |||||||||||
Total liabilities and stockholders' equity | $ | 1,387,669 | $ | 1,365,469 | $ | 1,341,885 | 1.6 | % | 3.4 | % |
Consolidated Income Statements
(Dollars in thousands, except share data)
(Unaudited)
Quarter Ended | |||||||||||||||||
2020 | 2020 | 2019 | Three Month Change | One Year Change | |||||||||||||
Interest income | |||||||||||||||||
Loans, including fees | $ | 13,042 | $ | 12,847 | $ | 13,852 | 1.5 | % | (5.8 | )% | |||||||
Investments available-for-sale | 707 | 751 | 995 | (5.9 | ) | (28.9 | ) | ||||||||||
Investments held-to-maturity | 6 | 6 | - | 0.0 | n/a | ||||||||||||
Interest-earning deposits with banks | 7 | 8 | 47 | (12.5 | ) | (85.1 | ) | ||||||||||
Dividends on FHLB Stock | 81 | 82 | 72 | (1.2 | ) | 12.5 | |||||||||||
Total interest income | 13,843 | 13,694 | 14,966 | 1.1 | (7.5 | ) | |||||||||||
Interest expense | |||||||||||||||||
Deposits | 2,767 | 3,206 | 4,807 | (13.7 | ) | (42.4 | ) | ||||||||||
FHLB advances and other borrowings | 426 | 400 | 461 | 6.5 | (7.6 | ) | |||||||||||
Total interest expense | 3,193 | 3,606 | 5,268 | (11.5 | ) | (39.4 | ) | ||||||||||
Net interest income | 10,650 | 10,088 | 9,698 | 5.6 | 9.8 | ||||||||||||
Provision for loan losses | 600 | 700 | - | (14.3 | ) | n/a | |||||||||||
Net interest income after provision for loan losses | 10,050 | 9,388 | 9,698 | 7.1 | 3.6 | ||||||||||||
Noninterest income | |||||||||||||||||
Net gain on sale of investments | - | 18 | 71 | (100.0 | ) | (100.0 | ) | ||||||||||
BOLI income | 204 | 269 | 301 | (24.2 | ) | (32.2 | ) | ||||||||||
Wealth management revenue | 170 | 145 | 177 | 17.2 | (4.0 | ) | |||||||||||
Deposit related fees | 195 | 201 | 178 | (3.0 | ) | 9.6 | |||||||||||
Loan related fees | 1,082 | 376 | 782 | 187.8 | 38.4 | ||||||||||||
Other | 3 | 2 | 14 | 50.0 | (78.6 | ) | |||||||||||
Total noninterest income | 1,654 | 1,011 | 1,523 | 63.6 | 8.6 | ||||||||||||
Noninterest expense | |||||||||||||||||
Salaries and employee benefits | 5,146 | 4,880 | 5,048 | 5.5 | 1.9 | ||||||||||||
Occupancy and equipment | 1,147 | 987 | 1,024 | 16.2 | 12.0 | ||||||||||||
Professional fees | 450 | 371 | 428 | 21.3 | 5.1 | ||||||||||||
Data processing | 711 | 731 | 638 | (2.7 | ) | 11.4 | |||||||||||
OREO related expenses, net | 1 | 1 | 1 | 0.0 | 0.0 | ||||||||||||
Regulatory assessments | 142 | 134 | 21 | 6.0 | 576.2 | ||||||||||||
Insurance and bond premiums | 106 | 116 | 87 | (8.6 | ) | 21.8 | |||||||||||
Marketing | 64 | 41 | 59 | 56.1 | 8.5 | ||||||||||||
Other general and administrative | 668 | 606 | 665 | 10.2 | 0.5 | ||||||||||||
Total noninterest expense | 8,435 | 7,867 | 7,971 | 7.2 | 5.8 | ||||||||||||
Income before federal income tax provision | 3,269 | 2,532 | 3,250 | 29.1 | 0.6 | ||||||||||||
Federal income tax provision | 622 | 450 | 635 | 38.2 | (2.0 | ) | |||||||||||
Net income | $ | 2,647 | $ | 2,082 | $ | 2,615 | 27.1 | % | 1.2 | % | |||||||
Basic earnings per share | $ | 0.28 | $ | 0.22 | $ | 0.26 | |||||||||||
Diluted earnings per share | $ | 0.28 | $ | 0.21 | $ | 0.26 | |||||||||||
Weighted average number of common shares outstanding | 9,573,950 | 9,661,498 | 9,934,768 | ||||||||||||||
Weighted average number of diluted shares outstanding | 9,603,493 | 9,675,567 | 10,032,979 |
Consolidated Income Statements
(Dollars in thousands, except share data)
(Unaudited)
Year Ended | |||||||||||||||||
2020 | 2019 | 2018 | One Year Change | Two Year Change | |||||||||||||
Interest income | |||||||||||||||||
Loans, including fees | $ | 52,546 | $ | 54,636 | $ | 51,127 | (3.8 | )% | 2.8 | % | |||||||
Investments available-for-sale | 3,173 | 4,329 | 4,126 | (26.7 | ) | (23.1 | ) | ||||||||||
Investments held-to-maturity | 23 | - | - | n/a | n/a | ||||||||||||
Interest-earning deposits with banks | 52 | 293 | 202 | (82.3 | ) | (74.3 | ) | ||||||||||
Dividends on FHLB Stock | 320 | 362 | 458 | (11.6 | ) | (30.1 | ) | ||||||||||
Total interest income | 56,114 | 59,620 | 55,913 | (5.9 | ) | 0.4 | |||||||||||
Interest expense | |||||||||||||||||
Deposits | 14,005 | 17,996 | 11,218 | (22.2 | ) | 24.8 | |||||||||||
FHLB advances | 1,640 | 2,716 | 3,520 | (39.6 | ) | (53.4 | ) | ||||||||||
Total interest expense | 15,645 | 20,712 | 14,738 | (24.5 | ) | 6.2 | |||||||||||
Net interest income | 40,469 | 38,908 | 41,175 | 4.0 | (1.7 | ) | |||||||||||
Provision (recapture of provision) for loan losses | 1,900 | (300 | ) | (4,000 | ) | (733.3 | ) | (147.5 | ) | ||||||||
Net interest income after provision (recapture of provision) for loan losses | 38,569 | 39,208 | 45,175 | (1.6 | ) | (14.6 | ) | ||||||||||
Noninterest income | |||||||||||||||||
Net gain (loss) on sale of investments | 86 | 151 | (20 | ) | (43.0 | ) | (530.0 | ) | |||||||||
BOLI | 982 | 994 | 814 | (1.2 | ) | 20.6 | |||||||||||
Wealth management revenue | 663 | 879 | 611 | (24.6 | ) | 8.5 | |||||||||||
Deposit accounts related fees | 755 | 733 | 681 | 3.0 | 10.9 | ||||||||||||
Loan related fees | 1,947 | 1,344 | 768 | 44.9 | 153.5 | ||||||||||||
Other | 9 | 40 | 24 | (77.5 | ) | (62.5 | ) | ||||||||||
Total noninterest income | 4,442 | 4,141 | 2,878 | 7.3 | 54.3 | ||||||||||||
Noninterest expense | |||||||||||||||||
Salaries and employee benefits | 20,039 | 19,595 | 19,302 | 2.3 | 3.8 | ||||||||||||
Occupancy and equipment | 4,237 | 3,712 | 3,283 | 14.1 | 29.1 | ||||||||||||
Professional fees | 1,707 | 1,690 | 1,538 | 1.0 | 11.0 | ||||||||||||
Data processing | 2,822 | 2,031 | 1,392 | 38.9 | 102.7 | ||||||||||||
OREO related expenses, net | 9 | 34 | 7 | (73.5 | ) | 28.6 | |||||||||||
Regulatory assessments | 547 | 307 | 502 | 78.2 | 9.0 | ||||||||||||
Insurance and bond premiums | 445 | 375 | 443 | 18.7 | 0.5 | ||||||||||||
Marketing | 197 | 339 | 344 | (41.9 | ) | (42.7 | ) | ||||||||||
Other general and administrative | 2,510 | 2,335 | 2,650 | 7.5 | (5.3 | ) | |||||||||||
Total noninterest expense | 32,513 | 30,418 | 29,461 | 6.9 | 10.4 | ||||||||||||
Income before federal income tax provision | 10,498 | 12,931 | 18,592 | (18.8 | ) | (43.5 | ) | ||||||||||
Federal income tax provision | 1,942 | 2,562 | 3,693 | (24.2 | ) | (47.4 | ) | ||||||||||
Net income | $ | 8,556 | $ | 10,369 | $ | 14,899 | (17.5 | )% | (42.6 | )% | |||||||
Basic earnings per share | $ | 0.88 | $ | 1.04 | $ | 1.44 | |||||||||||
Diluted earnings per share | $ | 0.88 | $ | 1.03 | $ | 1.43 | |||||||||||
Weighted average number of common shares outstanding | 9,734,493 | 9,976,056 | 10,306,835 | ||||||||||||||
Weighted average number of diluted shares outstanding | 9,758,644 | 10,075,906 | 10,424,187 |
The following table presents a breakdown of the loan portfolio (unaudited):
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Residential: | ||||||||||||||||||||
Micro-unit apartments | $ | 11,366 | 1.0 | % | $ | 11,422 | 1.0 | % | $ | 13,809 | 1.2 | % | ||||||||
Other multifamily | 125,328 | 11.2 | 131,197 | 11.4 | 159,106 | 14.2 | ||||||||||||||
Total multifamily residential | 136,694 | 12.2 | 142,619 | 12.4 | 172,915 | 15.4 | ||||||||||||||
Non-residential: | ||||||||||||||||||||
Office | 84,311 | 7.5 | 81,566 | 7.1 | 100,744 | 9.0 | ||||||||||||||
Retail | 114,117 | 10.2 | 121,338 | 10.6 | 133,094 | 11.8 | ||||||||||||||
Mobile home park | 28,094 | 2.5 | 25,510 | 2.2 | 26,099 | 2.3 | ||||||||||||||
Hotel / motel | 69,304 | 6.2 | 69,157 | 6.0 | 42,971 | 3.8 | ||||||||||||||
12,868 | 1.2 | 12,868 | 1.1 | 11,831 | 1.1 | |||||||||||||||
Warehouse | 17,484 | 1.6 | 17,512 | 1.5 | 17,595 | 1.6 | ||||||||||||||
Storage | 33,671 | 3.0 | 36,093 | 3.1 | 37,190 | 3.3 | ||||||||||||||
Other non-residential | 25,416 | 2.3 | 25,724 | 2.3 | 25,628 | 2.3 | ||||||||||||||
Total non-residential | 385,265 | 34.5 | 389,768 | 33.9 | 395,152 | 35.2 | ||||||||||||||
Construction/land: | ||||||||||||||||||||
One-to-four family residential | 33,396 | 3.0 | 45,231 | 4.0 | 44,491 | 4.0 | ||||||||||||||
Multifamily | 51,215 | 4.6 | 47,547 | 4.1 | 40,954 | 3.6 | ||||||||||||||
Commercial | 5,783 | 0.5 | 5,475 | 0.5 | 19,550 | 1.7 | ||||||||||||||
Land development | 1,813 | 0.2 | 1,345 | 0.1 | 8,670 | 0.8 | ||||||||||||||
Total construction/land | 92,207 | 8.3 | 99,598 | 8.7 | 113,665 | 10.1 | ||||||||||||||
One-to-four family residential: | ||||||||||||||||||||
Permanent owner occupied | 206,323 | 18.5 | 214,250 | 18.6 | 210,898 | 18.8 | ||||||||||||||
Permanent non-owner occupied | 175,637 | 15.7 | 177,621 | 15.4 | 161,630 | 14.4 | ||||||||||||||
Total one-to-four family residential | 381,960 | 34.2 | 391,871 | 34.0 | 372,528 | 33.2 | ||||||||||||||
Business | ||||||||||||||||||||
Aircraft | 10,811 | 0.9 | 11,735 | 1.0 | 14,012 | 1.3 | ||||||||||||||
928 | 0.1 | 819 | 0.1 | 362 | 0.0 | |||||||||||||||
Paycheck Protection Plan ("PPP") | 41,251 | 3.7 | 52,045 | 4.5 | - | 0.0 | ||||||||||||||
Other business | 27,673 | 2.5 | 21,181 | 1.8 | 23,405 | 2.1 | ||||||||||||||
Total business | 80,663 | 7.2 | 85,780 | 7.4 | 37,779 | 3.4 | ||||||||||||||
Consumer | ||||||||||||||||||||
Classic/collectible auto | 29,359 | 2.6 | 27,784 | 2.4 | 18,454 | 1.7 | ||||||||||||||
Other consumer | 11,262 | 1.0 | 13,061 | 1.2 | 11,745 | 1.0 | ||||||||||||||
Total consumer | 40,621 | 3.6 | 40,845 | 3.6 | 30,199 | 2.7 | ||||||||||||||
Total loans | 1,117,410 | 100.0 | % | 1,150,481 | 100.0 | % | 1,122,238 | 100.0 | % | |||||||||||
Less: | ||||||||||||||||||||
Deferred loan fees, net | 1,654 | 1,929 | 558 | |||||||||||||||||
ALLL | 15,174 | 14,568 | 13,218 | |||||||||||||||||
Loans receivable, net | $ | 1,100,582 | $ | 1,133,984 | $ | 1,108,462 | ||||||||||||||
Concentrations of credit: (1) | ||||||||||||||||||||
Construction loans as % of total capital | 61.6 | % | 68.4 | % | 81.9 | % | ||||||||||||||
Total non-owner occupied commercial real estate as % of total capital | 390.1 | % | 407.1 | % | 449.7 | % |
(1) Concentrations of credit percentages are for
Key Financial Measures
(Unaudited)
At or For the Quarter Ended | |||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | |||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Performance Ratios: (1) | |||||||||||||||||||
Return on assets | 0.77 | % | 0.60 | % | 0.63 | % | 0.51 | % | 0.79 | % | |||||||||
Return on equity | 6.76 | 5.34 | 5.59 | 4.30 | 6.64 | ||||||||||||||
Dividend payout ratio | 35.71 | 45.45 | 45.45 | 58.82 | 34.62 | ||||||||||||||
Equity-to-assets ratio | 11.26 | 11.34 | 10.86 | 11.50 | 11.65 | ||||||||||||||
Tangible equity ratio (2) | 11.15 | 11.22 | 10.74 | 11.38 | 11.53 | ||||||||||||||
Net interest margin | 3.29 | 3.07 | 3.12 | 3.11 | 3.09 | ||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 116.42 | 116.08 | 115.96 | 113.78 | 113.50 | ||||||||||||||
Efficiency ratio | 68.55 | 70.88 | 73.18 | 77.60 | 71.04 | ||||||||||||||
Noninterest expense as a percent of average total assets | 2.46 | 2.26 | 2.33 | 2.51 | 2.40 | ||||||||||||||
Book value per common share | $ | 16.05 | $ | 15.62 | $ | 15.32 | $ | 15.03 | $ | 15.25 | |||||||||
Tangible book value per share | 15.88 | 15.44 | 15.14 | 14.85 | 15.07 | ||||||||||||||
Capital Ratios: (3) | |||||||||||||||||||
Tier 1 leverage ratio | 10.29 | % | 10.03 | % | 10.02 | % | 10.25 | % | 10.27 | % | |||||||||
Common equity tier 1 capital ratio | 14.32 | 14.01 | 13.70 | 13.42 | 13.13 | ||||||||||||||
Tier 1 capital ratio | 14.32 | 14.01 | 13.70 | 13.42 | 13.13 | ||||||||||||||
Total capital ratio | 15.57 | 15.26 | 14.95 | 14.67 | 14.38 | ||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||
Nonperforming loans as a percent of total loans | 0.19 | % | 0.18 | % | 0.19 | % | 0.20 | % | 0.01 | % | |||||||||
Nonperforming assets as a percent of total assets | 0.18 | 0.19 | 0.19 | 0.20 | 0.04 | ||||||||||||||
ALLL as a percent of total loans | 1.36 | 1.27 | 1.20 | 1.22 | 1.18 | ||||||||||||||
Net (recoveries) charge-offs to average loans receivable, net | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | |||||||||
Allowance for Loan Losses: | |||||||||||||||||||
ALLL, beginning of the quarter | $ | 14,568 | $ | 13,836 | $ | 13,530 | $ | 13,218 | $ | 13,161 | |||||||||
Provision (Recapture of provision) | 600 | 700 | 300 | 300 | - | ||||||||||||||
Charge-offs | (2 | ) | - | - | - | - | |||||||||||||
Recoveries | 8 | 32 | 6 | 12 | 57 | ||||||||||||||
ALLL, end of the quarter | $ | 15,174 | $ | 14,568 | $ | 13,836 | $ | 13,530 | $ | 13,218 |
(1) Performance ratios are calculated on an annualized basis.
(2) Tangible equity ratio and tangible book value per share are non-GAAP financial measures. Refer to Non-GAAP Financial Measures at the end of this press release for a reconciliation to the nearest GAAP equivalents.
(3) Capital ratios are for
Key Financial Measures (continued)
(Unaudited)
At or For the Quarter Ended | |||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Yields and Costs: (1) | |||||||||||||||||||
Yield on loans | 4.61 | % | 4.49 | % | 4.72 | % | 4.94 | % | 5.05 | % | |||||||||
Yield on investments available-for-sale | 2.21 | 2.32 | 2.41 | 2.72 | 2.85 | ||||||||||||||
Yield on investments held-to-maturity | 0.99 | 0.99 | 1.52 | 0.00 | 0.00 | ||||||||||||||
Yield on interest-earning deposits | 0.11 | 0.10 | 0.10 | 1.18 | 1.61 | ||||||||||||||
Yield on FHLB stock | 4.99 | 4.95 | 4.84 | 4.62 | 4.84 | ||||||||||||||
Yield on interest-earning assets | 4.26 | % | 4.16 | % | 4.37 | % | 4.67 | % | 4.78 | % | |||||||||
Cost of interest-bearing deposits | 1.12 | % | 1.27 | % | 1.49 | % | 1.81 | % | 1.94 | % | |||||||||
Cost of borrowings | 1.40 | 1.28 | 1.08 | 1.48 | 1.66 | ||||||||||||||
Cost of interest-bearing liabilities | 1.15 | % | 1.27 | % | 1.44 | % | 1.77 | % | 1.91 | % | |||||||||
Cost of total deposits | 1.03 | % | 1.18 | % | 1.38 | % | 1.72 | % | 1.84 | % | |||||||||
Cost of funds | 1.07 | 1.19 | 1.34 | 1.69 | 1.82 | ||||||||||||||
Average Balances: | |||||||||||||||||||
Loans | $ | 1,126,554 | $ | 1,137,742 | $ | 1,122,913 | $ | 1,096,091 | $ | 1,087,558 | |||||||||
Investments available-for-sale | 127,456 | 128,885 | 133,038 | 135,765 | 138,331 | ||||||||||||||
Investments held-to-maturity | 2,410 | 2,399 | 2,378 | 2,061 | - | ||||||||||||||
Interest-earning deposits | 26,092 | 32,701 | 30,989 | 10,555 | 11,572 | ||||||||||||||
FHLB stock | 6,459 | 6,592 | 6,736 | 6,615 | 5,897 | ||||||||||||||
Total interest-earning assets | $ | 1,288,971 | $ | 1,308,319 | $ | 1,296,054 | $ | 1,251,087 | $ | 1,243,358 | |||||||||
Interest-bearing deposits | $ | 985,945 | $ | 1,002,518 | $ | 989,549 | $ | 970,062 | $ | 985,532 | |||||||||
Borrowings | 121,218 | 124,543 | 128,154 | 127,707 | 109,895 | ||||||||||||||
Total interest-bearing liabilities | 1,107,163 | 1,127,061 | 1,117,703 | 1,097,769 | 1,095,427 | ||||||||||||||
Noninterest-bearing deposits | 83,719 | 81,694 | 82,750 | 53,199 | 50,951 | ||||||||||||||
Total deposits and borrowings | $ | 1,190,882 | $ | 1,208,755 | $ | 1,200,453 | $ | 1,150,968 | $ | 1,146,378 | |||||||||
Average assets | $ | 1,366,061 | $ | 1,383,736 | $ | 1,371,269 | $ | 1,324,845 | $ | 1,317,586 | |||||||||
Average stockholders' equity | 155,765 | 154,988 | 154,115 | 157,492 | 156,147 |
(1) Yields and costs are annualized.
Key Financial Measures (continued)
(Unaudited)
At or For the Year Ended | |||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Performance Ratios: | |||||||||||||||||||
Return on assets | 0.63 | % | 0.80 | % | 1.21 | % | 0.76 | % | 0.88 | % | |||||||||
Return on equity | 5.50 | 6.73 | 9.86 | 5.94 | 5.55 | ||||||||||||||
Dividend payout ratio | 45.45 | 33.65 | 21.53 | 32.93 | 32.02 | ||||||||||||||
Equity-to-assets | 11.26 | 11.65 | 12.28 | 11.79 | 13.31 | ||||||||||||||
Tangible equity ratio (1) | 11.15 | 11.53 | 12.13 | 11.63 | 13.31 | ||||||||||||||
Net interest margin | 3.15 | 3.19 | 3.56 | 3.60 | 3.60 | ||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 115.62 | 113.44 | 114.28 | 114.07 | 117.11 | ||||||||||||||
Efficiency ratio | 72.39 | 70.66 | 66.88 | 67.31 | 62.27 | ||||||||||||||
Noninterest expense as a percent of average total assets | 2.39 | 2.35 | 2.40 | 2.42 | 2.27 | ||||||||||||||
Book value per common share | $ | 16.05 | $ | 15.25 | $ | 14.35 | $ | 13.27 | $ | 12.63 | |||||||||
Tangible book value per share (1) | 15.88 | 15.07 | 14.17 | 13.07 | 12.63 | ||||||||||||||
Capital Ratios: (2) | |||||||||||||||||||
Tier 1 leverage ratio | 10.29 | % | 10.27 | % | 10.37 | % | 10.20 | % | 11.17 | % | |||||||||
Common equity tier 1 capital ratio | 14.32 | 13.13 | 13.43 | 12.52 | 14.38 | ||||||||||||||
Tier 1 capital ratio | 14.32 | 13.13 | 13.43 | 12.52 | 14.38 | ||||||||||||||
Total capital ratio | 15.57 | 14.38 | 14.68 | 13.77 | 15.63 | ||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||
Nonperforming loans as a percent of total loans, net of undisbursed funds | 0.19 | % | 0.01 | % | 0.07 | % | 0.02 | % | 0.10 | % | |||||||||
Nonperforming assets as a percent of total assets | 0.18 | 0.04 | 0.10 | 0.05 | 0.31 | ||||||||||||||
ALLL as a percent of total loans, net of undisbursed funds | 1.36 | 1.18 | 1.29 | 1.28 | 1.32 | ||||||||||||||
Net charge-offs (recoveries) to average loans receivable, net | (0.00 | ) | (0.02 | ) | (0.45 | ) | (0.27 | ) | (0.02 | ) | |||||||||
Allowance for Loan Losses: | |||||||||||||||||||
ALLL, beginning of the year | $ | 13,218 | $ | 13,347 | $ | 12,882 | $ | 10,951 | $ | 9,463 | |||||||||
Provision (recapture of provision) | 1,900 | (300 | ) | (4,000 | ) | (400 | ) | 1,300 | |||||||||||
Charge-offs | (2 | ) | - | - | - | (83 | ) | ||||||||||||
Recoveries | 58 | 171 | 4,465 | 2,331 | 271 | ||||||||||||||
ALLL, end of the year | $ | 15,174 | $ | 13,218 | $ | 13,347 | $ | 12,882 | $ | 10,951 |
(1) Tangible equity ratio and tangible book value per share are non-GAAP financial measures. Refer to Non-GAAP Financial Measures at the end of this press release for a reconciliation to the nearest GAAP equivalents.
(2) Capital ratios are for
Key Financial Measures (continued)
(Unaudited)
At or For the Year Ended | |||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Yields and Costs: | |||||||||||||||||||
Yield on loans | 4.69 | % | 5.15 | % | 5.13 | % | 4.96 | % | 4.99 | % | |||||||||
Yield on investments available-for-sale | 2.42 | 3.11 | 2.92 | 2.61 | 2.31 | ||||||||||||||
Yield on investments held-to-maturity | 0.99 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||
Yield on interest-earning deposits | 0.21 | 2.15 | 1.74 | 1.07 | 0.52 | ||||||||||||||
Yield on FHLB stock | 4.85 | 5.42 | 5.24 | 3.32 | 2.62 | ||||||||||||||
Yield on interest-earning assets | 4.36 | % | 4.88 | % | 4.83 | % | 4.57 | % | 4.39 | % | |||||||||
Cost of deposits | 1.42 | % | 1.90 | % | 1.35 | % | 1.04 | % | 0.94 | % | |||||||||
Cost of borrowings | 1.31 | 2.09 | 1.92 | 1.30 | 0.86 | ||||||||||||||
Cost of interest-bearing liabilities | 1.41 | % | 1.92 | % | 1.46 | % | 1.10 | % | 0.92 | % | |||||||||
Cost of total deposits | 1.32 | % | 1.81 | % | 1.28 | % | 0.99 | % | 0.90 | % | |||||||||
Cost of funds | 1.32 | 1.84 | 1.39 | 1.05 | 0.89 | ||||||||||||||
Average Balances: | |||||||||||||||||||
Loans | $ | 1,120,889 | $ | 1,061,367 | $ | 995,810 | $ | 878,449 | $ | 765,948 | |||||||||
Investments available-for-sale | 131,272 | 139,354 | 141,100 | 134,105 | 132,372 | ||||||||||||||
Investments held-to-maturity | 2,312 | - | - | - | - | ||||||||||||||
Interest-earning deposits | 25,108 | 13,634 | 11,628 | 22,194 | 45,125 | ||||||||||||||
FHLB stock | 6,600 | 6,684 | 8,748 | 8,914 | 7,714 | ||||||||||||||
Total interest-earning assets | $ | 1,286,181 | $ | 1,221,039 | $ | 1,157,286 | $ | 1,043,662 | $ | 951,159 | |||||||||
Deposits | $ | 987,069 | $ | 946,484 | $ | 828,965 | $ | 722,666 | $ | 648,324 | |||||||||
Borrowings | 125,392 | 129,899 | 183,667 | 192,227 | 163,893 | ||||||||||||||
Total interest-bearing liabilities | 1,112,461 | 1,076,383 | 1,012,632 | 914,893 | 812,217 | ||||||||||||||
Noninterest-bearing deposits | 75,388 | 48,434 | 49,461 | 39,127 | 27,596 | ||||||||||||||
Total deposits and borrowings | $ | 1,187,849 | $ | 1,124,817 | $ | 1,062,093 | $ | 954,020 | $ | 839,813 | |||||||||
Average assets | $ | 1,361,604 | $ | 1,294,164 | $ | 1,227,396 | $ | 1,108,656 | $ | 1,010,243 | |||||||||
Average stockholders' equity | 155,587 | 154,092 | 151,145 | 142,647 | 160,192 |
Non-GAAP Financial Measures
In addition to financial results presented in accordance with generally accepted accounting principles utilized in
Non-GAAP financial measures have limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation and are not a substitute for other measures in this earnings release that are presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
The following tables provide a reconciliation between the GAAP and non-GAAP measures:
Quarter Ended | |||||||||
(Dollars in thousands, except per share data) |
Tangible equity to tangible assets and tangible book value per share:
Total stockholders' equity (GAAP) | $ | 156,302 | $ | 154,778 | $ | 153,976 | $ | 153,092 | $ | 156,319 | |||||||||
Less: | |||||||||||||||||||
889 | 889 | 889 | 889 | 889 | |||||||||||||||
Core deposit intangible | 824 | 860 | 896 | 932 | 968 | ||||||||||||||
Tangible equity (Non-GAAP) | $ | 154,589 | $ | 153,029 | $ | 152,191 | $ | 151,271 | $ | 154,462 | |||||||||
Total assets (GAAP) | 1,387,669 | 1,365,469 | 1,418,355 | 1,331,213 | 1,341,885 | ||||||||||||||
Less: | |||||||||||||||||||
889 | 889 | 889 | 889 | 889 | |||||||||||||||
Core deposit intangible | 824 | 860 | 896 | 932 | 968 | ||||||||||||||
Tangible assets (Non-GAAP) | $ | 1,385,956 | $ | 1,363,720 | $ | 1,416,570 | $ | 1,329,392 | $ | 1,340,028 | |||||||||
Common shares outstanding at period end | 9,736,875 | 9,911,607 | 10,048,961 | 10,184,411 | 10,252,953 | ||||||||||||||
Equity to assets ratio | 11.26 | % | 11.34 | % | 10.86 | % | 11.50 | % | 11.65 | % | |||||||||
Tangible equity ratio | 11.15 | 11.22 | 10.74 | 11.38 | 11.53 | ||||||||||||||
Book value per share | $ | 16.05 | $ | 15.62 | $ | 15.32 | $ | 15.03 | $ | 15.25 | |||||||||
Tangible book value per share | 15.88 | 15.44 | 15.14 | 14.85 | 15.07 |
ALLL on loans to total loans receivable, excluding PPP loans:
Allowance for loan losses | $ | 15,174 | $ | 14,568 | $ | 13,836 | $ | 13,530 | $ | 13,218 | |||||||||
Total loans (GAAP) | $ | 1,117,410 | $ | 1,150,481 | $ | 1,154,132 | $ | 1,105,959 | $ | 1,122,238 | |||||||||
Less: | |||||||||||||||||||
PPP loans | 41,251 | 52,045 | 51,661 | - | - | ||||||||||||||
Total loans excluding PPP loans (Non-GAAP) | $ | 1,076,159 | $ | 1,098,436 | $ | 1,102,471 | 1,105,959 | 1,122,238 | |||||||||||
ALLL as a percent of total loans | 1.36 | % | 1.27 | % | 1.20 | % | 1.22 | % | 1.18 | % | |||||||||
ALLL as a percent of total loans excluding PPP loans | 1.41 | % | 1.33 | % | 1.25 | 1.22 | 1.18 |
Year Ended | |||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||
(Dollars in thousands, except per share data) |
Pre-tax, pre-provision income:
Net income (GAAP) | $ | 8,556 | $ | 10,369 | $ | 14,899 | $ | 8,479 | $ | 8,892 | |||||||||
Plus: | |||||||||||||||||||
Federal income tax provision | 1,942 | 2,562 | 3,693 | 4,942 | 3,712 | ||||||||||||||
Provision (recapture of provision) for loan losses | 1,900 | (300 | ) | (4,000 | ) | (400 | ) | 1,300 | |||||||||||
Pre-tax, pre-provision income (Non-GAAP) | $ | 12,398 | $ | 12,631 | $ | 14,592 | $ | 13,021 | $ | 13,904 |
Tangible equity to tangible assets and tangible book value per share:
Total stockholders' equity (GAAP) | $ | 156,302 | $ | 156,319 | $ | 153,738 | $ | 142,634 | $ | 138,125 | |||||||||
Less: | |||||||||||||||||||
889 | 889 | 889 | 889 | - | |||||||||||||||
Core deposit intangible | 824 | 968 | 1,116 | 1,266 | - | ||||||||||||||
Tangible equity (Non-GAAP) | $ | 154,589 | $ | 154,462 | $ | 151,733 | $ | 140,479 | $ | 138,125 | |||||||||
Total assets (GAAP) | 1,387,669 | 1,341,885 | 1,252,424 | 1,210,229 | 1,037,584 | ||||||||||||||
Less: | |||||||||||||||||||
889 | 889 | 889 | 889 | - | |||||||||||||||
Core deposit intangible | 824 | 968 | 1,116 | 1,266 | - | ||||||||||||||
Tangible assets (Non-GAAP) | $ | 1,385,956 | $ | 1,340,028 | $ | 1,250,419 | $ | 1,208,074 | $ | 1,037,584 | |||||||||
Common shares outstanding at period end | 9,736,875 | 10,252,953 | 10,710,656 | 10,748,437 | 10,938,251 | ||||||||||||||
Equity to assets ratio | 11.26 | % | 11.65 | % | 12.28 | % | 11.79 | % | 13.31 | % | |||||||||
Tangible equity ratio | 11.15 | 11.53 | 12.13 | 11.63 | 13.31 | ||||||||||||||
Book value per share | $ | 16.05 | $ | 15.25 | $ | 14.35 | $ | 13.27 | $ | 12.63 | |||||||||
Tangible book value per share | 15.88 | 15.07 | 14.17 | 13.07 | 12.63 |
ALLL on loans to total loans receivable, excluding PPP loans:
Allowance for loan losses | $ | 15,174 | $ | 13,218 | $ | 13,347 | $ | 12,882 | $ | 10,951 | |||||||||
Total loans (GAAP) | $ | 1,117,410 | $ | 1,122,238 | $ | 1,037,429 | $ | 1,002,694 | $ | 828,161 | |||||||||
Less: | |||||||||||||||||||
PPP loans | 41,251 | - | - | - | - | ||||||||||||||
Total loans excluding PPP loans (Non-GAAP) | $ | 1,076,159 | $ | 1,122,238 | $ | 1,037,429 | $ | 1,002,694 | $ | 828,161 | |||||||||
ALLL as a percent of total loans | 1.36 | % | 1.18 | % | 1.29 | % | 1.28 | % | 1.32 | % | |||||||||
ALLL as a percent of total loans excluding PPP loans | 1.41 | % | 1.18 | % | 1.29 | 1.28 | 1.32 |
For more information, contact:
Joseph W. Kiley III, President and Chief Executive Officer
(425) 255-4400
Source:
2021 GlobeNewswire, Inc., source