Liberty Bancshares, Incorporation, Parent Company of Liberty National Bank, Reports 2022 Second Quarter Unaudited Financial Results
ADA, OH / July 21, 2022 / Liberty Bancshares, Inc. (OTC Markets: LBSI), parent company of Liberty National Bank, announced earnings for the six months ended June 30, 2022 of $2.13 million or $2.36 per share (EPS). This compares to net income of $3.12 million and EPS of $3.47 for the six months ended June 30, 2021.
In terms of operating performance, LBSI's return on average assets (ROAA) was 0.96% for the six months ended June 30, 2022 compared to 1.45% for the six months ended June 30, 2021. Net interest margin was 3.56% for the six months ended June 30, 2022 compared to 3.97% for the six months ended June 30, 2021. The Efficiency Ratio was 65.52% for the six months ended June 30, 2022 compared to 56.11% for the six months ended June 30, 2021.
Total assets decreased $5.2 million to $428.3 million at June 30, 2022, compared to $433.5 million at December 31, 2021. Loans receivable, net of allowance for loan losses decreased $8.4 million to $282.5 million at June 30, 2022 from $290.9 million at December 31, 2021. Total Deposits decreased $2.1 million to $371.4 million at June 30, 2022 from $373.5 million at December 31, 2021.
Net interest income for the first six months ended June 30, 2022 was $7.48 million compared to $8.05 million for the same period ended June 30, 2021. Interest income for the first six months ended June 30, 2022 was $7.77 million compared to $8.57 million for the same period ended June 30, 2021. Interest expense decreased $232,000 or 44 percent to $290,000 for the first six months ended June 30, 2022 from $522,000 for the same period ended June 30, 2021. Total non-interest income for the first six months ended June 30, 2022 decreased $545,000 or 37 percent to $945,000 compared to $1.49 million for the first six months ended June 30, 2021. This decline in non-interest income was due primarily to a reduction in gains from the sale of secondary market real estate loans and other income. Total non-interest expense increased by $350,000 or 6 percent to $5.81 million for the first six months ended June 30, 2022 compared to $5.46 million for the same period ended June 30, 2021.
Book value was $58.33 per share as of June 30, 2022, compared to $63.05 per share as of December 31, 2021. The decline in the Company's book value was largely due to the unrealized losses on the Bank's fixed-rate investment securities. The Federal Reserve has increased the federal funds rate by 150 basis points this year with additional rate increases expected in an attempt to curtail inflation. The Liberty Bancshares, Inc. stock closed at $67.25 per share on July 18, 2022.
Liberty Bancshares, Inc. is a registered Ohio bank holding company and the parent of Liberty National Bank which operates six offices in central and northwest Ohio. The administrative office for Liberty Bancshares, Inc. is located at 118 South Main Street, Ada, Ohio 45810. Liberty National Bank is headquartered at 100 East Franklin Street, Kenton, Ohio 43326.
Safe Harbor Statement
This release contains forward-looking statements that reflect management's current view of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involved risks and uncertainties, including, but not limited to, the ability of the Company to implement its strategy and expand its lending operations.
For more information contact: Ronald L. Zimmerly, Jr., President & CEO, Liberty Bancshares, Inc. at 419-673-1217 or rzimmerly@myliberty.bankor Bryan L. Marshall, Executive Vice President/CFO, Liberty Bancshares, Inc. at 419-634-5015 or bmarshall@myliberty.bankor on the OTCMarkets trading platform, find us under the ticker symbol LBSI at www.otcmarkets.com.
Consolidated Statem ents of Incom e (unaudited)
($ in thousands) | ||||||||
For the 6 m onths ended | For the 3 m onths ended | |||||||
6/30/22 | 6/30/21 | 6/30/22 | 6/30/21 | |||||
Interest incom e | ||||||||
Loans, including fees | $ | 6,965 | $ | 8,178 | $ | 3,559 | $ | 4,120 |
Securities | ||||||||
Taxable | 551 | 280 | 306 | 140 | ||||
Tax-exem pt | 115 | 72 | 57 | 37 | ||||
Other | 135 | 39 | 94 | 18 | ||||
Total interest incom e | ||||||||
7,766 | 8,569 | 4,016 | 4,315 | |||||
Interest expense | ||||||||
Deposits | 290 | 446 | 154 | 203 | ||||
Borrowings | 0 | 76 | 0 | 35 | ||||
Total interest expense | ||||||||
290 | 522 | 154 | 239 | |||||
Net interest incom e | ||||||||
7,476 | 8,047 | 3,862 | 4,076 | |||||
Provision for loan losses | - | 240 | - | 120 | ||||
Net interest incom e after provision | 7,476 | 7,807 | 3,862 | 3,956 | ||||
Noninterest incom e | ||||||||
Service charges on deposit accounts | 404 | 386 | 211 | 201 | ||||
Gain on sale of loans, net | 233 | 615 | 120 | 277 | ||||
Gain on sale of securities, net | - | 3 | - | 3 | ||||
Other incom e | 308 | 486 | 159 | 134 | ||||
Total noninterest incom e | ||||||||
945 | 1,490 | 490 | 615 | |||||
Noninterest expense | ||||||||
Salaries and em ployee benefits Occupancy expense
Furniture and equipm ent expense Data processing
State franchise tax
Deposit insurance prem ium s Other expenses
Total noninterest expense
Incom e before incom e tax Provision for incom e taxes Net incom e
Earning s per share
3,335 | 3,321 | 1,645 | 1,637 | ||||
348 | 361 | 179 | 178 | ||||
304 | 328 | 154 | 163 | ||||
354 | 347 | 165 | 168 | ||||
234 | 224 | 118 | 113 | ||||
61 | 56 | 30 | 29 | ||||
1,170 | 819 | 645 | 380 | ||||
5,806 | 5,456 | 2,937 | 2,669 | ||||
2,615 | 3,840 | 1,415 | 1,903 | ||||
482 | 719 | 260 | 382 | ||||
$ | 2,133 | $ | 3,121 | $ | 1,155 | $ | 1,521 |
$ | 2.36 | $ | 3.47 | $ | 1.27 | $ | 1.51 |
Liberty Bancshares, Inc. is a bank holding company headquartered in Kenton, Ohio and the sole shareholder of Liberty National Bank, a nationally chartered community bank founded in 1893.
Contact Investor Relations at (419) 558-4300jdearth@myliberty.bank
Consolidated Balance Sheets (unaudited)
($ in thousands) | ||||||
6/30/22 | 12/31/21 | 6/30/21 | ||||
Assets | ||||||
Cash and due from banks | $ | 50,384 | $ | 66,280 | $ | 43,729 |
Securities available for sale, at fair value | 61,806 | 48,835 | 42,138 | |||
Securities held to m aturity | 6,643 | 6,643 | 2,340 | |||
Loans receivable, net | 282,492 | 290,851 | 330,180 | |||
Prem ises and equipm ent, net | 4,726 | 4,815 | 4,928 | |||
Federal Reserve and Federal H om e Loan Bank stock | 1,554 | 1,554 | 1,554 | |||
Bank owned life insurance | 13,841 | 10,666 | 11,245 | |||
Accrued interest receivable | 1,160 | 894 | 1,174 | |||
Goodwill | 1,456 | 1,456 | 1,456 | |||
Other assets | 4,233 | 1,535 | 2,480 | |||
Total assets | $ | 428,295 | $ | 433,529 | $ | 441,225 |
Liabilities | ||||||
Deposits | ||||||
Noninterest-bearing dem and | $ | 147,071 | $ | 142,037 | $ | 131,163 |
Interest-bearing dem and | 22,806 | 18,107 | 26,084 | |||
Savings | 144,697 | 145,386 | 149,987 | |||
Tim e certificates of deposit | 56,863 | 67,991 | 65,007 | |||
Total deposits | 371,437 | 373,520 | 372,240 | |||
Federal H om e Loan Bank advances | - | - | 10,000 | |||
Deferred com pensation | 2,469 | 2,308 | 2,153 | |||
Accrued interest payable and other liabilities | 1,482 | 756 | 1,312 | |||
Total liabilities | 375,388 | 376,584 | 385,705 | |||
Shareholders' Equity | ||||||
Preferred stock, no par value | - | - | - | |||
Com m on stock, $1.25 par value | 1,130 | 1,130 | 1,130 | |||
Paid-in capital | 17,891 | 17,738 | 17,431 | |||
Other paid-in capital - stock warrants | 660 | 660 | 660 | |||
Retained earnings | 43,182 | 41,729 | 40,312 | |||
Unearned ESOP com pensation | (18) | (29) | (52) | |||
Treasury stock, at cost | (4,477) | (4,478) | (4,360) | |||
Accum ulated other com prehensive incom e (loss) | (5,461) | 195 | 399 | |||
Total shareholders' equity | 52,907 | 56,945 | 55,521 | |||
Total liabilities and shareholders' equity | $ | 428,295 | $ | 433,529 | $ | 441,225 |
Book Value per Total Shares Outstanding | $ | 58.33 | $ | 63.05 | $ | 61.70 |
Tangible Book Value per Share | $ | 56.72 | $ | 61.44 | $ | 60.08 |
Liberty Bancshares, Inc. is a bank holding company headquartered in Kenton, Ohio and the sole shareholder of Liberty National Bank, a nationally chartered community bank founded in 1893.
Contact Investor Relations at (419) 558-4300jdearth@myliberty.bank
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Liberty Bancshares Inc. published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 18:53:05 UTC.