PSB’s first quarter 2024 operating results reflected the following changes from the fourth quarter of 2023: (1) lower net interest income as deposit and FHLB borrowing costs rose faster than interest income on loans; (2) lower non-interest income due primarily to the sale of investment securities at a loss with the proceeds reinvested into higher yielding investments; (3) higher non-interest expense related to annual salary increases in the first quarter and a reduction in vesting of incentives and benefits recorded in the prior quarter; (4) stronger capital ratios supported by additional earnings and slightly lower total assets; and (6) an increase in non-performing assets related to one borrower in the timber industry impacted by weather conditions and economic stress in that industry.
“We continue to focus on building shareholder value in a challenging environment, with common tangible book value increasing to
- Net interest income declined to
$9.3 million for the quarter endedMarch 31, 2024 , from$9.6 million for the quarter endedDecember 31, 2023 , as increases in asset and loan yields were offset by increases in funding costs. - Tangible book value per common share increased to
$24.21 atMarch 31, 2024 , compared to$23.84 one quarter earlier and$22.43 atMarch 31, 2023 . During the first quarter endedMarch 31, 2024 , tangible book value per share was positively influenced by net income, intangible asset amortization, and stock repurchase activity. - Loans increased
$2.9 million in the first quarter endedMarch 31, 2024 , to$1.08 billion . Allowance for credit losses increased to 1.14% of gross loans. - Return on tangible common equity was 6.57% for the quarter ended
March 31, 2024 , compared to 9.64% the prior quarter and 12.63% one year earlier. - Noninterest income was
$1.0 million for the quarter endedMarch 31, 2024 , compared to$1.1 million the prior quarter. The current quarter reflected a slightly larger loss on the sale of investment securities as the Company continues to reposition the investment portfolio into higher yielding investments. - Noninterest expenses increased
$967,000 in the first quarter of 2024, to$8.3 million from$7.4 million the prior quarter. The increase reflected scheduled salary increases and costs associated with vesting of other benefits.December 2023 quarterly salary costs were lowered by adjustments to post retirement and incentive accruals.March 2024 quarterly salaries and employee benefits expense was 2.3% greater thanMarch 2023 quarterly salaries and employee benefits.
Balance Sheet and Asset Quality Review
Total assets decreased
Total loans receivable increased
The allowance for credit losses increased slightly to 1.14% of gross loans at
Total deposits decreased
The composition of deposits continued to change during the first quarter of 2024 as customers seek higher deposit rates. At
FHLB advances increased to
Tangible stockholder equity as a percent of total tangible assets was 7.60% at
Tangible net book value per common share increased
Operations Review
Net interest income declined to
The increase in earning asset yields was primarily due to higher yields on loan originations and renewals during the quarter. Partially offsetting the increased yield on earning assets during the quarter was the loss of interest income of approximately
Rising deposit costs for savings and demand deposits, money market deposits, time deposits and FHLB advances were responsible for the rise in the Bank’s cost of funds. Additionally, the Company accepted an increase in
Total noninterest income decreased slightly for the first quarter of 2024 to
Noninterest expenses increased to
Taxes decreased
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
Consolidated Balance Sheets | |||||||||||||||
(dollars in thousands, except per share data) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 13,340 | $ | 20,887 | $ | 12,881 | $ | 27,409 | $ | 13,336 | |||||
Interest-bearing deposits | 105 | 1,431 | 668 | 892 | 538 | ||||||||||
Federal funds sold | 2,439 | 5,462 | 7,764 | 16,138 | 25,766 | ||||||||||
Cash and cash equivalents | 15,884 | 27,780 | 21,313 | 44,439 | 39,640 | ||||||||||
Securities available for sale (at fair value) | 165,566 | 164,024 | 160,883 | 167,382 | 190,738 | ||||||||||
Securities held to maturity (fair values of | |||||||||||||||
$82,610, respectively | 87,104 | 87,081 | 86,908 | 87,335 | 87,889 | ||||||||||
Equity securities | 1,474 | 1,474 | 2,273 | 2,178 | 2,070 | ||||||||||
Loans held for sale | 865 | 230 | 971 | 151 | - | ||||||||||
Loans receivable, net (allowance for credit losses of | |||||||||||||||
$11,922 and | 1,081,394 | 1,078,475 | 1,098,019 | 1,048,322 | 973,270 | ||||||||||
Accrued interest receivable | 5,467 | 5,136 | 4,716 | 4,274 | 4,062 | ||||||||||
Foreclosed assets | - | - | - | - | - | ||||||||||
Premises and equipment, net | 13,427 | 13,098 | 13,242 | 13,256 | 13,406 | ||||||||||
Mortgage servicing rights, net | 1,657 | 1,664 | 1,684 | 1,666 | 1,682 | ||||||||||
7,006 | 6,373 | 6,373 | 6,359 | 4,620 | |||||||||||
Cash surrender value of bank-owned life insurance | 24,242 | 24,085 | 23,931 | 23,776 | 25,078 | ||||||||||
Core deposit intangible | 249 | 273 | 297 | 321 | 348 | ||||||||||
2,541 | 2,541 | 2,541 | 2,541 | 2,541 | |||||||||||
Other assets | 11,682 | 11,866 | 14,094 | 14,933 | 14,444 | ||||||||||
TOTAL ASSETS | $ | 1,418,558 | $ | 1,424,100 | $ | 1,437,245 | $ | 1,416,933 | $ | 1,359,788 | |||||
Liabilities | |||||||||||||||
Non-interest-bearing deposits | $ | 247,608 | $ | 266,829 | $ | 288,765 | $ | 282,153 | $ | 267,836 | |||||
Interest-bearing deposits | 865,744 | 874,973 | 883,474 | 860,981 | 839,757 | ||||||||||
Total deposits | 1,113,352 | 1,141,802 | 1,172,239 | 1,143,134 | 1,107,593 | ||||||||||
158,250 | 134,000 | 128,000 | 133,000 | 113,000 | |||||||||||
Other borrowings | 8,096 | 8,058 | 5,660 | 5,730 | 5,033 | ||||||||||
Senior subordinated notes | 4,776 | 4,774 | 4,772 | 4,771 | 4,769 | ||||||||||
Junior subordinated debentures | 12,947 | 12,921 | 12,896 | 12,870 | 12,844 | ||||||||||
Allowance for credit losses on unfunded commitments | 477 | 577 | 512 | 712 | 762 | ||||||||||
Accrued expenses and other liabilities | 10,247 | 12,681 | 10,258 | 11,783 | 10,576 | ||||||||||
Total liabilities | 1,308,145 | 1,314,813 | 1,334,337 | 1,312,000 | 1,254,577 | ||||||||||
Stockholders' equity | |||||||||||||||
Preferred stock - no par value: | |||||||||||||||
Authorized - 30,000 shares; no shares issued or outstanding | |||||||||||||||
Outstanding - 7,200 shares, respectively | 7,200 | 7,200 | 7,200 | 7,200 | 7,200 | ||||||||||
Common stock - no par value with a stated value of | |||||||||||||||
Authorized - 18,000,000 shares; Issued - 5,490,798 shares | |||||||||||||||
Outstanding - 4,147,649, 4,164,735, 4,174,197, 4,190,252 and | |||||||||||||||
4,241,501 shares, respectively | 1,830 | 1,830 | 1,830 | 1,830 | 1,830 | ||||||||||
Additional paid-in capital | 8,466 | 8,460 | 8,421 | 8,382 | 8,311 | ||||||||||
Retained earnings | 134,271 | 132,666 | 131,624 | 130,396 | 128,968 | ||||||||||
Accumulated other comprehensive income (loss), net of tax | (20,775 | ) | (20,689 | ) | (26,190 | ) | (23,240 | ) | (22,515 | ) | |||||
1,249,297 shares, respectively | (20,579 | ) | (20,180 | ) | (19,977 | ) | (19,635 | ) | (18,583 | ) | |||||
Total stockholders' equity | 110,413 | 109,287 | 102,908 | 104,933 | 105,211 | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,418,558 | $ | 1,424,100 | $ | 1,437,245 | $ | 1,416,933 | $ | 1,359,788 | |||||
Consolidated Statements of Income | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||
(dollars in thousands, | ||||||||||||||||||
except per share data - unaudited) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Interest and dividend income: | ||||||||||||||||||
Loans, including fees | $ | 15,109 | $ | 14,888 | $ | 14,263 | $ | 12,709 | $ | 11,773 | ||||||||
Securities: | ||||||||||||||||||
Taxable | 1,197 | 1,147 | 1,114 | 1,327 | 1,331 | |||||||||||||
Tax-exempt | 526 | 532 | 533 | 535 | 537 | |||||||||||||
Other interest and dividends | 343 | 320 | 238 | 145 | 148 | |||||||||||||
Total interest and dividend income | 17,175 | 16,887 | 16,148 | 14,716 | 13,789 | |||||||||||||
Interest expense: | ||||||||||||||||||
Deposits | 6,082 | 5,526 | 4,817 | 3,661 | 2,989 | |||||||||||||
FHLB advances | 1,450 | 1,349 | 1,321 | 1,200 | 547 | |||||||||||||
Other borrowings | 60 | 54 | 51 | 48 | 62 | |||||||||||||
Senior subordinated notes | 59 | 59 | 59 | 58 | 62 | |||||||||||||
Junior subordinated debentures | 251 | 254 | 255 | 242 | 234 | |||||||||||||
Total interest expense | 7,902 | 7,242 | 6,503 | 5,209 | 3,894 | |||||||||||||
Net interest income | 9,273 | 9,645 | 9,645 | 9,507 | 9,895 | |||||||||||||
Provision for credit losses | 95 | 100 | 150 | 100 | 100 | |||||||||||||
Net interest income after provision for credit losses | 9,178 | 9,545 | 9,495 | 9,407 | 9,795 | |||||||||||||
Noninterest income: | ||||||||||||||||||
Service fees | 336 | 360 | 349 | 378 | 361 | |||||||||||||
Mortgage banking income | 308 | 247 | 345 | 311 | 325 | |||||||||||||
Investment and insurance sales commissions | 121 | 100 | 158 | 287 | 365 | |||||||||||||
Net loss on sale of securities | (495 | ) | (297 | ) | - | (279 | ) | - | ||||||||||
Increase in cash surrender value of life insurance | 157 | 154 | 155 | 149 | 157 | |||||||||||||
Life insurance death benefit | - | - | - | 533 | - | |||||||||||||
Other noninterest income | 617 | 540 | 675 | 605 | 742 | |||||||||||||
Total noninterest income | 1,044 | 1,104 | 1,682 | 1,984 | 1,950 | |||||||||||||
Noninterest expense: | ||||||||||||||||||
Salaries and employee benefits | 5,123 | 4,244 | 4,514 | 4,884 | 5,006 | |||||||||||||
Occupancy and facilities | 721 | 675 | 689 | 698 | 699 | |||||||||||||
Loss (gain) on foreclosed assets | - | 1 | - | 4 | (50 | ) | ||||||||||||
Data processing and other office operations | 1,022 | 1,001 | 953 | 951 | 880 | |||||||||||||
Advertising and promotion | 129 | 244 | 161 | 166 | 162 | |||||||||||||
Core deposit intangible amortization | 24 | 24 | 24 | 27 | 34 | |||||||||||||
Other noninterest expenses | 1,306 | 1,169 | 1,113 | 1,202 | 1,073 | |||||||||||||
Total noninterest expense | 8,325 | 7,358 | 7,454 | 7,932 | 7,804 | |||||||||||||
Income before provision for income taxes | 1,897 | 3,291 | 3,723 | 3,459 | 3,941 | |||||||||||||
Provision for income taxes | 169 | 878 | 2,374 | 652 | 941 | |||||||||||||
Net income | $ | 1,728 | $ | 2,413 | $ | 1,349 | $ | 2,807 | $ | 3,000 | ||||||||
Preferred stock dividends declared | $ | 122 | $ | 122 | $ | 122 | $ | 122 | $ | 122 | ||||||||
Net income available to common shareholders | $ | 1,606 | $ | 2,291 | $ | 1,227 | $ | 2,685 | $ | 2,878 | ||||||||
Basic earnings per common share | $ | 0.39 | $ | 0.55 | $ | 0.29 | $ | 0.64 | $ | 0.67 | ||||||||
Diluted earnings per common share | $ | 0.39 | $ | 0.55 | $ | 0.29 | $ | 0.64 | $ | 0.67 | ||||||||
Quarterly Financial Summary | ||||||||||||||||||
(dollars in thousands, except per share data) | Quarter ended | |||||||||||||||||
Earnings and dividends: | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Interest income | $ | 17,175 | $ | 16,887 | $ | 16,148 | $ | 14,716 | $ | 13,789 | ||||||||
Interest expense | $ | 7,902 | $ | 7,242 | $ | 6,503 | $ | 5,209 | $ | 3,894 | ||||||||
Net interest income | $ | 9,273 | $ | 9,645 | $ | 9,645 | $ | 9,507 | $ | 9,895 | ||||||||
Provision for credit losses | $ | 95 | $ | 100 | $ | 150 | $ | 100 | $ | 100 | ||||||||
Other noninterest income | $ | 1,044 | $ | 1,104 | $ | 1,682 | $ | 1,984 | $ | 1,950 | ||||||||
Other noninterest expense | $ | 8,325 | $ | 7,358 | $ | 7,454 | $ | 7,932 | $ | 7,804 | ||||||||
Net income available to common shareholders | $ | 1,606 | $ | 2,291 | $ | 1,227 | $ | 2,685 | $ | 2,878 | ||||||||
Basic earnings per common share (3) | $ | 0.39 | $ | 0.55 | $ | 0.29 | $ | 0.64 | $ | 0.67 | ||||||||
Diluted earnings per common share (3) | $ | 0.39 | $ | 0.55 | $ | 0.29 | $ | 0.64 | $ | 0.67 | ||||||||
Dividends declared per common share (3) | $ | - | $ | 0.30 | $ | - | $ | 0.30 | $ | - | ||||||||
Tangible net book value per common share (4) | $ | 24.21 | $ | 23.84 | $ | 22.25 | $ | 22.64 | $ | 22.43 | ||||||||
Semi-annual dividend payout ratio | n/a | 38.14 | % | n/a | 27.38 | % | n/a | |||||||||||
Average common shares outstanding | 4,154,702 | 4,168,924 | 4,186,940 | 4,218,226 | 4,275,160 | |||||||||||||
Balance sheet - average balances: | ||||||||||||||||||
Loans receivable, net of allowances for credit loss | $ | 1,081,936 | $ | 1,081,851 | $ | 1,076,158 | $ | 1,000,349 | $ | 964,029 | ||||||||
Assets | $ | 1,429,437 | $ | 1,424,240 | $ | 1,425,522 | $ | 1,367,363 | $ | 1,336,511 | ||||||||
Deposits | $ | 1,138,010 | $ | 1,148,399 | $ | 1,149,624 | $ | 1,098,039 | $ | 1,124,091 | ||||||||
Stockholders' equity | $ | 109,473 | $ | 105,060 | $ | 105,745 | $ | 106,762 | $ | 103,406 | ||||||||
Performance ratios: | ||||||||||||||||||
Return on average assets (1) | 0.49 | % | 0.67 | % | 0.38 | % | 0.82 | % | 0.91 | % | ||||||||
Return on average common stockholders' equity (1) | 6.32 | % | 9.29 | % | 4.94 | % | 10.82 | % | 12.13 | % | ||||||||
Return on average tangible common | ||||||||||||||||||
stockholders' equity (1)(4) | 6.57 | % | 9.64 | % | 5.17 | % | 11.23 | % | 12.63 | % | ||||||||
Net loan charge-offs to average loans (1) | 0.00 | % | 0.00 | % | 0.00 | % | -0.07 | % | -0.02 | % | ||||||||
Nonperforming loans to gross loans | 1.08 | % | 0.54 | % | 0.55 | % | 0.60 | % | 0.62 | % | ||||||||
Nonperforming assets to total assets | 0.83 | % | 0.42 | % | 0.42 | % | 0.45 | % | 0.45 | % | ||||||||
Allowance for credit losses to gross loans | 1.14 | % | 1.13 | % | 1.10 | % | 1.12 | % | 1.18 | % | ||||||||
Nonperforming assets to tangible equity | ||||||||||||||||||
plus the allowance for credit losses (4) | 10.59 | % | 5.38 | % | 5.87 | % | 5.96 | % | 5.76 | % | ||||||||
Net interest rate margin (1)(2) | 2.80 | % | 2.88 | % | 2.88 | % | 2.98 | % | 3.21 | % | ||||||||
Net interest rate spread (1)(2) | 2.12 | % | 2.20 | % | 2.27 | % | 2.46 | % | 2.77 | % | ||||||||
Service fee revenue as a percent of | ||||||||||||||||||
average demand deposits (1) | 0.54 | % | 0.52 | % | 0.50 | % | 0.58 | % | 0.52 | % | ||||||||
Noninterest income as a percent | ||||||||||||||||||
of gross revenue | 5.73 | % | 6.14 | % | 9.43 | % | 11.88 | % | 12.39 | % | ||||||||
Efficiency ratio (2) | 78.93 | % | 67.04 | % | 64.58 | % | 68.09 | % | 65.02 | % | ||||||||
Noninterest expenses to average assets (1) | 2.34 | % | 2.05 | % | 2.07 | % | 2.33 | % | 2.37 | % | ||||||||
Average stockholders' equity less accumulated | ||||||||||||||||||
other comprehensive income (loss) to | ||||||||||||||||||
average assets | 8.98 | % | 8.88 | % | 9.00 | % | 9.33 | % | 9.32 | % | ||||||||
Tangible equity to tangible assets (4) | 7.60 | % | 7.49 | % | 6.98 | % | 7.22 | % | 7.54 | % | ||||||||
Stock price information: | ||||||||||||||||||
High | $ | 22.50 | $ | 22.30 | $ | 22.50 | $ | 21.38 | $ | 25.75 | ||||||||
Low | $ | 20.05 | $ | 20.10 | $ | 20.35 | $ | 19.75 | $ | 20.00 | ||||||||
Last trade value at quarter-end | $ | 21.25 | $ | 22.11 | $ | 21.15 | $ | 20.35 | $ | 21.15 | ||||||||
(1) Annualized | ||||||||||||||||||
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%. | ||||||||||||||||||
(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals. | ||||||||||||||||||
(4) Tangible stockholders' equity excludes goodwill and core deposit intangibles. |
Consolidated Statements of Comprehensive Income | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||
(dollars in thousands - unaudited) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Net income | $ | 1,728 | $ | 2,413 | $ | 1,349 | $ | 2,807 | $ | 3,000 | ||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||
Unrealized gain (loss) on securities available | ||||||||||||||||||
for sale | (615 | ) | 5,278 | (3,085 | ) | (1,186 | ) | 1,601 | ||||||||||
Reclassification adjustment for security | ||||||||||||||||||
loss included in net income | 391 | 280 | - | 220 | - | |||||||||||||
Accretion of unrealized loss included in net | ||||||||||||||||||
income on securties available for sale | ||||||||||||||||||
deferred tax adjustment for | ||||||||||||||||||
Act 19 | (35 | ) | - | - | - | - | ||||||||||||
Amortization of unrealized loss included in net | ||||||||||||||||||
income on securities available for sale | ||||||||||||||||||
transferred to securities held to maturity | 91 | 91 | 91 | 107 | 129 | |||||||||||||
Unrealized gain (loss) on interest rate swap | 123 | (109 | ) | 79 | 172 | (1 | ) | |||||||||||
Reclassification adjustment of interest rate | ||||||||||||||||||
swap settlements included in earnings | (41 | ) | (39 | ) | (35 | ) | (38 | ) | (24 | ) | ||||||||
Other comprehensive income (loss) | (86 | ) | 5,501 | (2,950 | ) | (725 | ) | 1,705 | ||||||||||
Comprehensive income (loss) | $ | 1,642 | $ | 7,914 | $ | (1,601 | ) | $ | 2,082 | $ | 4,705 | |||||||
Nonperforming Assets as of: | |||||||||||||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||
Nonaccrual loans (excluding restructured loans) | $ | 11,498 | $ | 5,596 | $ | 5,807 | $ | 6,000 | $ | 5,773 | |||||
Nonaccrual restructured loans | 30 | 34 | 42 | 50 | 57 | ||||||||||
Restructured loans not on nonaccrual | 304 | 310 | 256 | 261 | 265 | ||||||||||
Accruing loans past due 90 days or more | - | - | - | - | - | ||||||||||
Total nonperforming loans | 11,832 | 5,940 | 6,105 | 6,311 | 6,095 | ||||||||||
Other real estate owned | - | - | - | - | - | ||||||||||
Total nonperforming assets | $ | 11,832 | $ | 5,940 | $ | 6,105 | $ | 6,311 | $ | 6,095 | |||||
Nonperforming loans as a % of gross loans receivable | 1.08 | % | 0.54 | % | 0.55 | % | 0.60 | % | 0.62 | % | |||||
Total nonperforming assets as a % of total assets | 0.83 | % | 0.42 | % | 0.42 | % | 0.45 | % | 0.45 | % | |||||
Allowance for credit losses as a % of nonperforming loans | 105.59 | % | 207.10 | % | 200.93 | % | 188.91 | % | 190.21 | % | |||||
Nonperforming Assets >= | ||||
At | ||||
(dollars in thousands) | ||||
Gross | ||||
Collateral Description | Asset Type | Principal | ||
Real estate - | Nonaccrual | $ | 2,611 | |
Real estate - Independent | Nonaccrual | 611 | ||
Real estate - Dealership | Nonaccrual | 5,053 | ||
Total listed nonperforming assets | $ | 8,275 | ||
Total bank wide nonperforming assets | $ | 11,832 | ||
Listed assets as a % of total nonperforming assets | 70 | % | ||
Loan Composition by Collateral Type | ||||||||||||||||
Quarter-ended (dollars in thousands) | ||||||||||||||||
Commercial: | ||||||||||||||||
Commercial and instrustrial | $ | 118,821 | $ | 117,207 | $ | 138,299 | $ | 145,434 | $ | 133,427 | ||||||
Agriculture | 12,081 | 12,304 | 12,464 | 13,326 | 12,434 | |||||||||||
Municipal | 28,842 | 31,530 | 27,186 | 25,222 | 6,430 | |||||||||||
Total Commercial | 159,744 | 161,041 | 177,949 | 183,982 | 152,291 | |||||||||||
Commercial real estate | 546,257 | 536,209 | 539,488 | 490,657 | 469,395 | |||||||||||
Construction and development | 63,375 | 81,701 | 86,456 | 99,769 | 103,108 | |||||||||||
609,632 | 617,910 | 625,944 | 590,426 | 572,503 | ||||||||||||
Residential real estate: | ||||||||||||||||
Residential | 274,300 | 274,453 | 274,632 | 274,692 | 261,415 | |||||||||||
Construction and development | 34,158 | 33,960 | 33,141 | 41,485 | 26,480 | |||||||||||
HELOC | 31,357 | 29,766 | 29,044 | 26,220 | 25,001 | |||||||||||
339,815 | 338,179 | 336,817 | 342,397 | 312,896 | ||||||||||||
Consumer installment | 4,867 | 4,357 | 4,350 | 4,142 | 4,079 | |||||||||||
Subtotals - Gross loans | 1,114,058 | 1,121,487 | 1,145,060 | 1,120,947 | 1,041,769 | |||||||||||
Loans in process of disbursement | (20,839 | ) | (31,359 | ) | (35,404 | ) | (61,308 | ) | (57,448 | ) | ||||||
Subtotals - Disbursed loans | 1,093,219 | 1,090,128 | 1,109,656 | 1,059,639 | 984,321 | |||||||||||
Net deferred loan costs | 669 | 649 | 630 | 605 | 542 | |||||||||||
Allowance for credit losses | (12,494 | ) | (12,302 | ) | (12,267 | ) | (11,922 | ) | (11,593 | ) | ||||||
Total loans receivable | $ | 1,081,394 | $ | 1,078,475 | $ | 1,098,019 | $ | 1,048,322 | $ | 973,270 | ||||||
Selected Commercial Real Estate Loans by Purpose | ||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||||||
Total Exposure | % of Portfolio (1) | Total Exposure | % of Portfolio (1) | Total Exposure | % of Portfolio (1) | Total Exposure | % of Portfolio (1) | Total Exposure | % of Portfolio (1) | |||||||||||||||
Multi Family | $ | 142,001 | 14.4 | % | $ | 132,386 | 13.2 | % | $ | 133,466 | 13.3 | % | $ | 119,573 | 12.4 | % | $ | 121,559 | 13.0 | % | ||||
Industrial and Warehousing | 85,409 | 8.6 | 83,817 | 8.3 | 88,906 | 8.9 | 84,049 | 8.7 | 78,934 | 8.5 | ||||||||||||||
Retail | 33,177 | 3.4 | 35,419 | 3.5 | 35,281 | 3.5 | 34,004 | 3.5 | 34,427 | 3.7 | ||||||||||||||
Hotels | 35,105 | 3.6 | 36,100 | 3.6 | 31,819 | 3.2 | 33,329 | 3.5 | 31,069 | 3.3 | ||||||||||||||
Office | 6,655 | 0.7 | 6,701 | 0.7 | 6,746 | 0.7 | 8,395 | 0.9 | 8,544 | 0.9 | ||||||||||||||
(1) Percentage of commercial and commercial real estate portfolio and commitments. |
Deposit Composition | ||||||||||||||||||||
Insured and Collateralized Deposits | ||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 199,077 | 17.8 | % | $ | 197,571 | 17.3 | % | $ | 209,133 | 17.8 | % | $ | 201,351 | 17.6 | % | $ | 205,350 | 18.6 | % |
Interest-bearing demand and savings | 318,672 | 28.7 | % | 317,984 | 27.8 | % | 307,620 | 26.3 | % | 310,006 | 27.1 | % | 329,364 | 29.7 | % | |||||
Money market deposits | 143,167 | 12.9 | % | 142,887 | 12.5 | % | 135,910 | 11.6 | % | 126,851 | 11.1 | % | 128,576 | 11.6 | % | |||||
Retail and local time deposits <= | 148,404 | 13.3 | % | 149,145 | 13.1 | % | 144,733 | 12.3 | % | 140,572 | 12.3 | % | 136,090 | 12.3 | % | |||||
Total core deposits | 809,320 | 72.7 | % | 807,587 | 70.7 | % | 797,396 | 68.0 | % | 778,780 | 68.1 | % | 799,380 | 72.2 | % | |||||
Retail and local time deposits > | 24,508 | 2.3 | % | 23,000 | 2.0 | % | 22,750 | 1.9 | % | 20,250 | 1.8 | % | 17,000 | 1.5 | % | |||||
Broker & national time deposits <= | 2,229 | 0.2 | % | 3,470 | 0.3 | % | 3,222 | 0.3 | % | 3,965 | 0.3 | % | 5,953 | 0.5 | % | |||||
Broker & national time deposits > | 61,752 | 5.5 | % | 70,020 | 6.1 | % | 88,614 | 7.6 | % | 93,956 | 8.2 | % | 74,485 | 6.8 | % | |||||
Totals | $ | 897,809 | 80.7 | % | $ | 904,077 | 79.1 | % | $ | 911,982 | 77.8 | % | $ | 896,951 | 78.4 | % | $ | 896,818 | 81.0 | % |
Deposit Composition | ||||||||||||||||||||
Uninsured Deposits | ||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 48,532 | 4.4 | % | $ | 69,258 | 6.1 | % | $ | 79,632 | 6.8 | % | $ | 80,802 | 7.1 | % | $ | 62,486 | 5.6 | % |
Interest-bearing demand and savings | 20,535 | 1.8 | % | 20,316 | 1.8 | % | 22,847 | 1.9 | % | 22,604 | 2.0 | % | 24,854 | 2.2 | % | |||||
Money market deposits | 124,766 | 11.2 | % | 124,518 | 10.9 | % | 133,653 | 11.4 | % | 127,871 | 11.2 | % | 109,894 | 10.0 | % | |||||
Retail and local time deposits <= | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
Total core deposits | 193,833 | 17.4 | % | 214,092 | 18.8 | % | 236,132 | 20.1 | % | 231,277 | 20.3 | % | 197,234 | 17.8 | % | |||||
Retail and local time deposits > | 21,710 | 1.9 | % | 23,633 | 2.1 | % | 24,120 | 2.1 | % | 14,906 | 1.3 | % | 13,541 | 1.2 | % | |||||
Broker & national time deposits <= | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
Broker & national time deposits > | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||
Totals | $ | 215,543 | 19.3 | % | $ | 237,725 | 20.9 | % | $ | 260,252 | 22.2 | % | $ | 246,183 | 21.6 | % | $ | 210,775 | 19.0 | % |
Deposit Composition | ||||||||||||||||||||
Total Deposits | ||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||
Non-interest bearing demand | $ | 247,609 | 22.2 | % | $ | 266,829 | 23.4 | % | $ | 288,765 | 24.7 | % | $ | 282,153 | 24.7 | % | $ | 267,836 | 24.2 | % |
Interest-bearing demand and savings | 339,207 | 30.5 | % | 338,300 | 29.6 | % | 330,467 | 28.2 | % | 332,610 | 29.1 | % | 354,218 | 32.0 | % | |||||
Money market deposits | 267,933 | 24.1 | % | 267,405 | 23.4 | % | 269,563 | 22.8 | % | 254,722 | 22.3 | % | 238,470 | 21.5 | % | |||||
Retail and local time deposits <= | 148,404 | 13.3 | % | 149,145 | 13.1 | % | 144,738 | 12.4 | % | 140,572 | 12.3 | % | 136,090 | 12.3 | % | |||||
Total core deposits | 1,003,153 | 90.1 | % | 1,021,679 | 89.5 | % | 1,033,533 | 88.1 | % | 1,010,057 | 88.4 | % | 996,614 | 90.0 | % | |||||
Retail and local time deposits > | 46,218 | 4.2 | % | 46,633 | 4.1 | % | 46,870 | 4.0 | % | 35,156 | 3.1 | % | 30,541 | 2.8 | % | |||||
Broker & national time deposits <= | 2,229 | 0.2 | % | 3,470 | 0.3 | % | 3,222 | 0.3 | % | 3,965 | 0.3 | % | 5,953 | 0.5 | % | |||||
Broker & national time deposits > | 61,752 | 5.5 | % | 70,020 | 6.1 | % | 88,614 | 7.6 | % | 93,956 | 8.2 | % | 74,485 | 6.7 | % | |||||
Totals | $ | 1,113,352 | 100.0 | % | $ | 1,141,802 | 100.0 | % | $ | 1,172,239 | 100.0 | % | $ | 1,143,134 | 100.0 | % | $ | 1,107,593 | 100.0 | % |
Average Balances ( | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Quarter ended | Quarter ended | Quarter ended | |||||||||||||||||||||||
Average | Yield / | Average | Yield / | Average | Yield / | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||
Assets | |||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||
Loans (1)(2) | $ | 1,094,321 | $ | 15,199 | 5.59 | % | $ | 1,094,152 | $ | 14,974 | 5.43 | % | $ | 976,395 | $ | 11,788 | 4.90 | % | |||||||
Taxable securities | 171,788 | 1,197 | 2.80 | % | 167,366 | 1,147 | 2.72 | % | 199,705 | 1,331 | 2.70 | % | |||||||||||||
Tax-exempt securities (2) | 80,434 | 666 | 3.33 | % | 80,922 | 673 | 3.30 | % | 81,932 | 680 | 3.37 | % | |||||||||||||
FHLB stock | 6,499 | 165 | 10.21 | % | 6,373 | 158 | 9.84 | % | 3,059 | 50 | 6.63 | % | |||||||||||||
Other | 12,885 | 178 | 5.56 | % | 11,846 | 162 | 5.43 | % | 9,024 | 98 | 4.40 | % | |||||||||||||
Total (2) | 1,365,927 | 17,405 | 5.12 | % | 1,360,659 | 17,114 | 4.99 | % | 1,270,115 | 13,947 | 4.45 | % | |||||||||||||
Non-interest-earning assets: | |||||||||||||||||||||||||
Cash and due from banks | 17,367 | 16,243 | 17,255 | ||||||||||||||||||||||
Premises and equipment, | |||||||||||||||||||||||||
net | 13,183 | 13,243 | 13,332 | ||||||||||||||||||||||
Cash surrender value ins | 24,144 | 23,990 | 24,982 | ||||||||||||||||||||||
Other assets | 21,201 | 22,406 | 23,193 | ||||||||||||||||||||||
Allowance for credit | |||||||||||||||||||||||||
losses | (12,385 | ) | (12,301 | ) | (12,366 | ) | |||||||||||||||||||
Total | $ | 1,429,437 | $ | 1,424,240 | $ | 1,336,511 | |||||||||||||||||||
Liabilities & stockholders' equity | |||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||
Savings and demand | |||||||||||||||||||||||||
deposits | $ | 350,497 | $ | 1,672 | 1.92 | % | $ | 327,036 | $ | 1,296 | 1.57 | % | $ | 373,557 | $ | 1,053 | 1.14 | % | |||||||
Money market deposits | 274,186 | 1,897 | 2.78 | % | 272,087 | 1,820 | 2.65 | % | 225,624 | 830 | 1.49 | % | |||||||||||||
Time deposits | 264,657 | 2,513 | 3.82 | % | 273,332 | 2,410 | 3.50 | % | 245,562 | 1,106 | 1.83 | % | |||||||||||||
FHLB borrowings | 142,926 | 1,450 | 4.08 | % | 133,560 | 1,349 | 4.01 | % | 68,833 | 547 | 3.22 | % | |||||||||||||
Other borrowings | 8,554 | 60 | 2.82 | % | 6,999 | 54 | 3.06 | % | 10,025 | 62 | 2.51 | % | |||||||||||||
Senior sub. notes | 4,775 | 59 | 4.97 | % | 4,773 | 59 | 4.90 | % | 5,159 | 62 | 4.87 | % | |||||||||||||
Junior sub. debentures | 12,934 | 251 | 7.81 | % | 12,909 | 254 | 7.81 | % | 12,832 | 234 | 7.40 | % | |||||||||||||
Total | 1,058,529 | 7,902 | 3.00 | % | 1,030,696 | 7,242 | 2.79 | % | 941,592 | 3,894 | 1.68 | % | |||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||||||
Demand deposits | 248,670 | 275,944 | 279,348 | ||||||||||||||||||||||
Other liabilities | 12,765 | 12,540 | 12,208 | ||||||||||||||||||||||
Stockholders' equity | 109,473 | 105,060 | 103,363 | ||||||||||||||||||||||
Total | $ | 1,429,437 | $ | 1,424,240 | $ | 1,336,511 | |||||||||||||||||||
Net interest income | $ | 9,503 | $ | 9,872 | $ | 10,053 | |||||||||||||||||||
Rate spread | 2.12 | % | 2.20 | % | 2.77 | % | |||||||||||||||||||
Net yield on interest-earning assets | 2.80 | % | 2.88 | % | 3.21 | % | |||||||||||||||||||
(1) Nonaccrual loans are included in the daily average loan balances outstanding. | |||||||||||||||||||||||||
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%. | |||||||||||||||||||||||||
Source:
2024 GlobeNewswire, Inc., source