For the fiscal year ended
“In our fourth quarter we earned
Statement of Operations Highlights for the three months and year ended
- Net interest margin (“NIM”) increased 65 basis points to 3.26% for the quarter ended
September 30, 2022 , compared to 2.61% for the quarter endedSeptember 30, 2021 . The increase was primarily driven by a reduction in total interest expense. - Total interest expense decreased
$4.7 million , or 45.1%, to$5.7 million for the fiscal year endedSeptember 30, 2022 , compared to$10.4 million for the fiscal year endedSeptember 30, 2021 , which resulted primarily from a decrease in average rate and volume of interest-bearing liabilities. - Net interest income increased
$1.3 million , or 4.5%, to$29.3 million for the fiscal year endedSeptember 30, 2022 , compared to$28.1 million for the fiscal year endedSeptember 30, 2021 , which resulted from a decrease in average rate and volume of interest-bearing liabilities. - The Company did not record a provision for loan losses during the quarter or fiscal year ended
September 30, 2022 .
(unaudited) | |||||||||||||||
As of or for the quarter ended: | |||||||||||||||
Return on average assets (1) | 1.01 | % | 0.69 | % | 0.18 | % | 0.69 | % | (2.06 | %) | |||||
Return on average equity (1) | 7.08 | % | 5.06 | % | 1.43 | % | 5.61 | % | (16.59 | %) | |||||
Net interest margin (1) | 3.26 | % | 2.97 | % | 2.81 | % | 2.78 | % | 2.61 | % | |||||
Loans / deposits ratio | 103.19 | % | 102.91 | % | 94.57 | % | 95.06 | % | 97.41 | % | |||||
Shareholders' equity / total assets | 14.02 | % | 14.11 | % | 13.11 | % | 12.54 | % | 11.76 | % | |||||
Efficiency ratio (2) | 62.1 | % | 70.0 | % | 91.1 | % | 66.3 | % | 68.7 | % | |||||
Book value per common share | $ | 19.18 | $ | 19.03 | $ | 18.95 | $ | 18.97 | $ | 18.65 | |||||
(1) Annualized.
(2) 3/31/2022 quarter includes the impact of a valuation allowance adjustment related to a held-for-sale commercial real estate loan.
(unaudited) | |||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
For the quarter ended: | |||||||||||||||
Net interest income | $ | 7,909 | $ | 7,293 | $ | 6,954 | $ | 7,158 | $ | 6,825 | |||||
Provision for loan losses | - | - | - | - | 10,626 | ||||||||||
Net interest income (loss) after provision for loan losses | 7,909 | 7,293 | 6,954 | 7,158 | (3,801 | ) | |||||||||
Other income | 557 | 482 | 561 | 727 | 579 | ||||||||||
Other expense | 5,254 | 5,439 | 6,845 | 5,228 | 5,084 | ||||||||||
Income (loss) before income tax expense | 3,212 | 2,336 | 670 | 2,657 | (8,306 | ) | |||||||||
Income tax expense (benefit) | 634 | 502 | 148 | 640 | (2,116 | ) | |||||||||
Net income (loss) | $ | 2,578 | $ | 1,834 | $ | 522 | $ | 2,017 | $ | (6,190 | ) | ||||
Earnings (loss) per common share | |||||||||||||||
Basic | 0.34 | 0.24 | 0.07 | 0.27 | (0.82 | ) | |||||||||
Diluted | 0.34 | 0.24 | 0.07 | 0.27 | (0.82 | ) | |||||||||
Weighted average common shares outstanding | |||||||||||||||
Basic | 7,574,870 | 7,569,806 | 7,554,955 | 7,551,606 | 7,548,958 | ||||||||||
Diluted | 7,581,105 | 7,574,266 | 7,556,194 | 7,553,208 | 7,550,766 | ||||||||||
Net Interest Income
Net interest income was
Net interest income was
Interest Income
For the quarters ended
For the fiscal year ended
Interest Expense
For the quarter ended
Total interest expense decreased by
Other Income
Other income decreased
For the fiscal year ended
Other Expense
Other expense for the quarter ended
Other expense for the fiscal year ended
Income Taxes
The Company recorded income tax expense of
For the fiscal year ended
Statement of Financial Condition Highlights at
- Non-performing assets (“NPAs”) were 0.12% and 0.72% of total assets at
September 30, 2022 andSeptember 30, 2021 , respectively. - Non-performing loans (“NPLs”) were 0.12% and 0.40% of total loans at
September 30, 2022 andSeptember 30, 2021 , respectively. - The Bank disposed of one
$4.7 million other real estate owned property at carrying value and recorded one new$259,000 other real estate owned property, during theSeptember 30, 2022 quarter end period. - Total assets were
$1.0 billion atSeptember 30, 2022 , a decrease of$164.8 million , or 13.6%, compared toSeptember 30, 2021 . The decrease was primarily due to a$101.1 million decline in net loans receivable driven by payoffs and pay downs during the fiscal year period, and$95.0 million decline in cash and due from depository institutions. - Total liabilities were
$897.9 million atSeptember 30, 2022 , a decrease of$169.1 million , or 15.8%, compared toSeptember 30, 2021 . The decrease was primarily due to a decrease of$152.8 million in total deposits, and the repayment of a$10.0 million FHLB advance. - Book value per common share amounted to
$19.18 atSeptember 30, 2022 , compared to$18.65 atSeptember 30, 2021 .
Linked Quarter Statement of Condition Data | ||||||||||
(in thousands, unaudited) | ||||||||||
At the quarter ended: | ||||||||||
Cash and due from depository institutions | $ | 4,677 | $ | 9,560 | $ | 49,674 | 104,568 | $ | 99,670 | |
Interest bearing deposits in depository institutions | 48,590 | 30,199 | 72,349 | 30,336 | 36,920 | |||||
Investment securities, available for sale, at fair value | 49,844 | 53,080 | 54,183 | 41,718 | 40,813 | |||||
Equity securities | 1,374 | 1,412 | 1,445 | 1,491 | 1,500 | |||||
Investment securities held to maturity, at amortized cost | 58,767 | 52,350 | 48,512 | 39,045 | 28,507 | |||||
Restricted stock, at cost | 7,104 | 6,027 | 6,462 | 6,294 | 7,776 | |||||
Loans held-for-sale | 13,780 | 13,863 | 13,244 | 13,616 | 33,199 | |||||
Loans receivable, net of allowance for loan losses | 801,854 | 805,957 | 799,310 | 858,203 | 902,981 | |||||
Other real estate owned | 259 | 4,763 | 4,961 | 4,961 | 4,961 | |||||
Accrued interest receivable | 4,252 | 3,671 | 3,478 | 3,394 | 3,512 | |||||
Property and equipment, net | 5,231 | 5,365 | 5,486 | 5,635 | 5,777 | |||||
Deferred income taxes, net | 3,722 | 3,975 | 3,632 | 3,461 | 3,530 | |||||
Bank-owned life insurance | 26,233 | 26,063 | 25,896 | 26,224 | 26,056 | |||||
Other assets | 18,673 | 13,268 | 14,964 | 14,254 | 13,941 | |||||
Total assets | $ | 1,044,360 | $ | 1,029,553 | $ | 1,103,596 | $ | 1,153,200 | $ | 1,209,143 |
Deposits | $ | 785,323 | $ | 791,694 | $ | 854,437 | $ | 912,688 | $ | 938,159 |
FHLB advances | 80,000 | 60,000 | 60,000 | 60,000 | 90,000 | |||||
Subordinated debt | 25,000 | 25,000 | 25,000 | 24,974 | 24,934 | |||||
Other liabilities | 7,592 | 7,569 | 19,609 | 10,981 | 13,882 | |||||
Shareholders’ equity | 146,445 | 145,290 | 144,550 | 144,557 | 142,168 | |||||
Total liabilities and shareholders’ equity | $ | 1,044,360 | $ | 1,029,553 | $ | 1,103,596 | $ | 1,153,200 | $ | 1,209,143 |
Condensed Consolidated | ||||||||||
Average Statement of Condition | ||||||||||
(in thousands, unaudited) | ||||||||||
For the quarter ended: | ||||||||||
Investment securities | $ | 116,004 | $ | 113,539 | $ | 97,697 | $ | 82,126 | $ | 75,004 |
Interest-bearing cash accounts | 26,581 | 48,161 | 36,452 | 32,775 | 26,339 | |||||
Loans, net of allowance for loan losses | 817,938 | 811,829 | 846,420 | 899,430 | 933,727 | |||||
All other assets | 62,134 | 93,481 | 148,374 | 163,117 | 165,439 | |||||
Total assets | $ | 1,022,657 | $ | 1,067,010 | $ | 1,128,943 | $ | 1,177,448 | $ | 1,200,509 |
Non-interest-bearing deposits | $ | 57,195 | $ | 57,479 | $ | 54,501 | $ | 54,092 | $ | 51,534 |
Interest-bearing deposits | 718,760 | 767,843 | 829,050 | 876,269 | 869,914 | |||||
FHLB advances | 67,174 | 60,000 | 60,000 | 66,847 | 90,000 | |||||
Other short-term borrowings | 1,087 | - | - | 120 | - | |||||
Subordinated debt | 25,000 | 25,000 | 24,990 | 24,952 | 24,917 | |||||
Other liabilities | 7,762 | 11,658 | 14,250 | 11,408 | 14,907 | |||||
Shareholders’ equity | 145,678 | 145,030 | 146,152 | 143,760 | 149,237 | |||||
Total liabilities and shareholders’ equity | $ | 1,022,657 | $ | 1,067,010 | $ | 1,128,943 | $ | 1,177,448 | $ | 1,200,509 |
Deposits
Total deposits decreased
The Company continues to focus on the maintenance and development of its deposit base strategically with its funding requirements and liquidity needs, with an emphasis on serving the needs of its communities to provide a long-term relationship base to efficiently compete for and retain deposits in its market.
The following table reflects the composition of the Company’s deposits as of the dates indicated.
(in thousands, unaudited) | ||||||||||
At quarter ended: | ||||||||||
Demand: | ||||||||||
Non-interest-bearing | $ | 58,014 | $ | 56,731 | $ | 54,712 | $ | 60,320 | $ | 53,849 |
Interest-bearing | 240,819 | 270,532 | 302,468 | 335,411 | 336,645 | |||||
Savings | 55,288 | 54,184 | 54,074 | 56,342 | 50,582 | |||||
Money market | 279,699 | 301,165 | 328,324 | 346,023 | 385,480 | |||||
Time | 151,503 | 109,082 | 114,859 | 114,592 | 111,603 | |||||
Total deposits | $ | 785,323 | $ | 791,694 | $ | 854,437 | $ | 912,688 | $ | 938,159 |
Loans
Total net loans amounted to
At
The following table reflects the Company’s loan portfolio composition, excluding loans held-for-sale.
Loans | |||||||||||||||
(in thousands, unaudited) | |||||||||||||||
At quarter ended: | |||||||||||||||
Residential mortgage | $ | 175,957 | $ | 176,499 | $ | 177,669 | $ | 187,516 | $ | 198,710 | |||||
Construction and Development: | |||||||||||||||
Residential and commercial | 24,362 | 20,459 | 25,558 | 56,876 | 61,492 | ||||||||||
Land | 550 | 2,054 | 4,603 | 2,138 | 2,204 | ||||||||||
Total construction and development | 24,912 | 22,513 | 30,161 | 59,014 | 63,696 | ||||||||||
Commercial: | |||||||||||||||
Commercial real estate | 406,914 | 407,783 | 400,974 | 416,248 | 426,915 | ||||||||||
Farmland | 11,506 | 15,348 | 15,624 | 15,582 | 10,297 | ||||||||||
Multi-family | 55,295 | 54,879 | 54,788 | 54,448 | 66,332 | ||||||||||
Commercial and industrial | 102,703 | 104,504 | 101,354 | 106,493 | 115,246 | ||||||||||
Other | 13,356 | 13,955 | 7,978 | 7,433 | 10,954 | ||||||||||
Total commercial | 589,774 | 596,469 | 580,718 | 600,204 | 629,744 | ||||||||||
Consumer: | |||||||||||||||
Home equity lines of credit | 13,233 | 12,432 | 12,283 | 13,174 | 13,491 | ||||||||||
Second mortgages | 4,395 | 4,605 | 4,969 | 5,384 | 5,884 | ||||||||||
Other | 2,136 | 2,182 | 2,237 | 2,282 | 2,299 | ||||||||||
Total consumer | 19,764 | 19,219 | 19,489 | 20,840 | 21,674 | ||||||||||
Total loans | 810,407 | 814,700 | 808,037 | 867,574 | 913,824 | ||||||||||
Deferred loan costs, net | 537 | 566 | 574 | 667 | 629 | ||||||||||
Allowance for loan losses | (9,090 | ) | (9,309 | ) | (9,301 | ) | (10,037 | ) | (11,472 | ) | |||||
Loans Receivable, net | $ | 801,854 | $ | 805,957 | $ | 799,310 | $ | 858,204 | $ | 902,981 | |||||
At
Asset Quality
Non-accrual loans, excluding loans held-for-sale, totaled
Performing troubled debt restructured (“TDR”) loans were
At
Non-Performing Asset and Other Asset Quality Data: | |||||||||||||||
(dollars in thousands, unaudited) | |||||||||||||||
As of or for the quarter ended: | |||||||||||||||
Non-accrual loans | $ | 753 | $ | 1,075 | $ | 1,101 | $ | 1,790 | $ | 3,697 | |||||
Loans 90 days or more past due and still accruing | 243 | 401 | 3 | - | - | ||||||||||
Total non-performing loans | 996 | 1,476 | 1,104 | 1,790 | 3,697 | ||||||||||
OREO | 259 | 4,763 | 4,961 | 4,961 | 4,961 | ||||||||||
Total NPAs | $ | 1,255 | $ | 6,239 | $ | 6,065 | $ | 6,751 | $ | 8,658 | |||||
Performing TDR loans | $ | 4,810 | $ | 5,753 | $ | 5,787 | $ | 6,310 | $ | 17,601 | |||||
NPAs / total assets | 0.12 | % | 0.61 | % | 0.55 | % | 0.59 | % | 0.72 | % | |||||
Non-performing loans / total loans | 0.12 | % | 0.18 | % | 0.14 | % | 0.21 | % | 0.40 | % | |||||
Net charge-offs | $ | 215 | $ | (8 | ) | $ | 736 | $ | 1,436 | $ | 10,754 | ||||
Net charge-offs /average loans(1) | 0.11 | % | (0.00 | %) | 0.35 | % | 0.63 | % | 4.61 | % | |||||
Allowance for loan losses / total loans | 1.12 | % | 1.14 | % | 1.15 | % | 1.16 | % | 1.26 | % | |||||
Allowance for loan losses / non-performing loans | 912.7 | % | 630.7 | % | 842.5 | % | 560.7 | % | 310.3 | % | |||||
Total assets | $ | 1,044,360 | $ | 1,029,553 | $ | 1,103,596 | $ | 1,153,200 | $ | 1,209,143 | |||||
Total gross loans | 810,407 | 814,700 | 808,037 | 867,574 | 913,824 | ||||||||||
Average net loans | 817,938 | 811,829 | 846,420 | 899,430 | 933,727 | ||||||||||
Allowance for loan losses | 9,090 | 9,309 | 9,301 | 10,037 | 11,472 |
________________
(1) Annualized.
The allowance for loan losses at
Capital
At
About
The Bank offers insurance services though
For further information regarding
Forward-Looking Statements
The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company, including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, and shareholder value creation.
Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the effects of, and changes in, trade, monetary and fiscal policies and laws, including changes in interest rate policies of the
Further, it is difficult to predict the full impact of COVID-19 including the outbreak of its variants on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus and its variants can be controlled and the effects on general economic conditions. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we are subject to any of the following risks, any of which could continue to have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; the economy , and particularly commercial real estate markets may be affected; there may be high levels of unemployment , loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; if the economy is unable to continue to substantially reopen, and there are high levels of unemployment for extended periods of time, loan delinquencies, problem assets, and foreclosures may increase resulting in increased charges and reduced income; collateral for loans, especially commercial real estate, may continue to decline in value, which could cause loan losses to increase; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; due to fluctuation in interest rates, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our NIM and spread and reducing net income; our cyber security risks are increased as the result of an increase in the number of employees working remotely.
The Company undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made, unless required by law.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||
(in thousands, except for share data) | (unaudited) | ||||||
ASSETS | |||||||
Cash and due from depository institutions | $ | 4,677 | $ | 99,670 | |||
Interest bearing deposits in depository institutions | 48,590 | 36,920 | |||||
Total cash and cash equivalents | 53,267 | 136,590 | |||||
Investment securities available for sale, at fair value | 49,844 | 40,813 | |||||
Equity securities, at fair value | 1,374 | 1,500 | |||||
Investment securities held to maturity, at amortizing cost | 58,767 | 28,507 | |||||
Restricted stock, at cost | 7,104 | 7,776 | |||||
Loans held-for-sale | 13,780 | 33,199 | |||||
Loans receivable, net of allowance for loan losses | 801,854 | 902,981 | |||||
Other real estate owned | 259 | 4,961 | |||||
Accrued interest receivable | 4,252 | 3,512 | |||||
Property and equipment, net | 5,231 | 5,777 | |||||
Deferred income taxes, net | 3,722 | 3,530 | |||||
Bank-owned life insurance | 26,233 | 26,056 | |||||
Other assets | 18,673 | 13,941 | |||||
Total assets | $ | 1,044,360 | $ | 1,209,143 | |||
LIABILITIES | |||||||
Deposits: | |||||||
Non-interest bearing | $ | 58,014 | $ | 53,849 | |||
Interest-bearing | 727,309 | 884,310 | |||||
Total deposits | 785,323 | 938,159 | |||||
FHLB advances | 80,000 | 90,000 | |||||
Subordinated debt | 25,000 | 24,934 | |||||
Advances from borrowers for taxes and insurance | 1,002 | 1,022 | |||||
Accrued interest payable | 543 | 572 | |||||
Other liabilities | 6,047 | 12,288 | |||||
Total liabilities | 897,915 | 1,066,975 | |||||
SHAREHOLDERS’ EQUITY | |||||||
Common stock, | 76 | 76 | |||||
Additional paid in capital | 85,917 | 85,524 | |||||
Retained earnings | 67,247 | 60,296 | |||||
Unearned Employee Stock Ownership Plan (ESOP) shares | (756 | ) | (901 | ) | |||
Accumulated other comprehensive (loss) income | (3,176 | ) | 36 | ||||
(2,863 | ) | (2,863 | ) | ||||
Total shareholders’ equity | 146,445 | 142,168 | |||||
Total liabilities and shareholders’ equity | $ | 1,044,360 | $ | 1,209,143 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
(in thousands, except for share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
(unaudited) | ||||||||||||||||
Interest and Dividend Income | ||||||||||||||||
Loans, including fees | $ | 8,323 | $ | 8,330 | $ | 31,832 | $ | 36,370 | ||||||||
Investment securities, taxable | 617 | 403 | 2,181 | 1,449 | ||||||||||||
Investment securities, tax-exempt | 153 | 30 | 394 | 107 | ||||||||||||
Dividends, restricted stock | 96 | 89 | 342 | 459 | ||||||||||||
Interest-bearing deposits | 126 | 10 | 250 | 31 | ||||||||||||
Total Interest and Dividend Income | 9,315 | 8,862 | 34,999 | 38,416 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 849 | 1,240 | 3,534 | 6,748 | ||||||||||||
Short-term borrowings | 4 | - | 4 | 48 | ||||||||||||
Long-term borrowings | 198 | 415 | 776 | 2,029 | ||||||||||||
Subordinated debt | 355 | 382 | 1,371 | 1,531 | ||||||||||||
Total Interest Expense | 1,406 | 2,037 | 5,685 | 10,356 | ||||||||||||
Net interest income | 7,909 | 6,825 | 29,314 | 28,060 | ||||||||||||
Provision for Loan Losses | - | 10,626 | - | 11,176 | ||||||||||||
Net Interest Income after Provision for | 7,909 | (3,801 | ) | 29,314 | 16,884 | |||||||||||
Loan Losses | ||||||||||||||||
Other Income | ||||||||||||||||
Service charges and other fees | 316 | 313 | 1,237 | 1,323 | ||||||||||||
Rental income | 48 | 54 | 196 | 217 | ||||||||||||
Net gains on sale and call of investments | - | - | - | 779 | ||||||||||||
Net gains on sale of loans | 22 | 45 | 100 | 788 | ||||||||||||
Earnings on bank-owned life insurance | 171 | 167 | 794 | 656 | ||||||||||||
Total Other Income | 557 | 579 | 2,327 | 3,763 | ||||||||||||
Other Expense | ||||||||||||||||
Salaries and employee benefits | 2,401 | 2,337 | 9,393 | 9,143 | ||||||||||||
Occupancy expense | 535 | 542 | 2,138 | 2,198 | ||||||||||||
Federal deposit insurance premium | 62 | 77 | 277 | 313 | ||||||||||||
Advertising | 32 | 33 | 129 | 109 | ||||||||||||
Data processing | 275 | 332 | 1,259 | 1,267 | ||||||||||||
Professional fees | 855 | 790 | 3,831 | 3,178 | ||||||||||||
Other real estate owned expense, net | 56 | - | 305 | 866 | ||||||||||||
126 | 169 | 592 | 678 | |||||||||||||
Other operating expenses | 912 | 804 | 4,842 | 3,199 | ||||||||||||
Total Other Expense | 5,254 | 5,084 | 22,766 | 20,951 | ||||||||||||
Income (loss) before income tax expense (benefit) | 3,212 | (8,306 | ) | 8,875 | (304 | ) | ||||||||||
Income tax expense (benefit) | 634 | (2,116 | ) | 1,924 | (212 | ) | ||||||||||
Net Income (loss) | $ | 2,578 | $ | (6,190 | ) | $ | 6,951 | $ | (92 | ) | ||||||
Earnings (loss) per common share | ||||||||||||||||
Basic | $ | 0.34 | $ | (0.82 | ) | $ | 0.92 | $ | (0.01 | ) | ||||||
Diluted | $ | 0.34 | $ | (0.82 | ) | $ | 0.92 | $ | (0.01 | ) | ||||||
Weighted Average Common Shares Outstanding | ||||||||||||||||
Basic | 7,574,870 | 7,548,958 | 7,563,648 | 7,537,408 | ||||||||||||
Diluted | 7,581,105 | 7,550,766 | 7,564,212 | 7,538,116 | ||||||||||||
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA | ||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||
(in thousands, except for share data) (annualized where applicable) | ||||||||||||||
(unaudited) | ||||||||||||||
Statements of Operations Data | ||||||||||||||
Interest income | $ | 9,315 | $ | 8,557 | $ | 8,862 | ||||||||
Interest expense | 1,406 | 1,264 | 2,037 | |||||||||||
Net interest income | 7,909 | 7,293 | 6,825 | |||||||||||
Provision for loan losses | - | - | 10,626 | |||||||||||
Net interest income (loss) after provision for loan losses | 7,909 | 7,293 | (3,801 | ) | ||||||||||
Other income | 557 | 482 | 579 | |||||||||||
Other expense | 5,254 | 5,439 | 5,084 | |||||||||||
Income (loss) before income tax expense (benefit) | 3,212 | 2,336 | (8,306 | ) | ||||||||||
Income tax expense (benefit) | 634 | 502 | (2,116 | ) | ||||||||||
Net income (loss) | $ | 2,578 | $ | 1,834 | $ | (6,190 | ) | |||||||
Earnings (Loss) (per Common Share) | ||||||||||||||
Basic | $ | 0.34 | $ | 0.24 | $ | (0.82 | ) | |||||||
Diluted | $ | 0.34 | $ | 0.24 | $ | (0.82 | ) | |||||||
Statements of Financial Condition Data (Period-End) | ||||||||||||||
Equity securities | $ | 1,374 | $ | 1,412 | $ | 1,500 | ||||||||
Investment securities available for sale, at fair value | 49,844 | 53,080 | 40,813 | |||||||||||
Investment securities held to maturity | 58,767 | 52,350 | 28,507 | |||||||||||
Loans held-for-sale | 13,780 | 13,863 | 33,199 | |||||||||||
Loans, net of allowance for loan losses | 801,854 | 805,957 | 902,981 | |||||||||||
Total assets | 1,044,360 | 1,029,553 | 1,209,143 | |||||||||||
Deposits | 785,323 | 791,694 | 938,159 | |||||||||||
FHLB advances | 80,000 | 60,000 | 90,000 | |||||||||||
Subordinated debt | 25,000 | 25,000 | 24,934 | |||||||||||
Shareholders' equity | 146,445 | 145,290 | 142,168 | |||||||||||
Common Shares Dividend Data | ||||||||||||||
Cash dividends | $ | - | $ | - | $ | - | ||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||
Basic | 7,574,870 | 7,569,806 | 7,548,958 | |||||||||||
Diluted | 7,581,105 | 7,574,266 | 7,550,766 | |||||||||||
Operating Ratios | ||||||||||||||
Return on average assets | 1.01 | % | 69.00 | % | (2.06 | %) | ||||||||
Return on average equity | 7.08 | % | 5.06 | % | (16.59 | %) | ||||||||
Average equity / average assets | 14.25 | % | 13.59 | % | 12.43 | % | ||||||||
Book value per common share (period-end) | $ | 19.18 | $ | 19.03 | $ | 18.65 | ||||||||
Non-Financial Information (Period-End) | ||||||||||||||
Common shareholders of record | 369 | 371 | 379 | |||||||||||
Full-time equivalent staff | 77 | 76 | 81 | |||||||||||
Investor Contacts:
610-695-3676
Media Contact:
610-695-3646
Source:
2022 GlobeNewswire, Inc., source