For the six months ended
At
Second Quarter Operating Results
Net interest income increased by
Net interest income increased by
The Company recognized a provision for loan losses of
Non-interest income decreased
Non-interest income decreased
Non-interest expenses decreased
Non-interest expenses decreased
The income tax benefit was
Year-to-Date Operating Results
Net interest income increased by
The Company recognized a provision for loan losses of
Non-interest income decreased
Non-interest expenses decreased
The income tax benefit was
Balance Sheet
At
Total assets at
Total stockholders’ equity was
Total stockholders’ equity was
Proposed Transaction with Hometown Financial
On
About
Forward Looking Statements
Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures, such as return on average assets, return on average equity, the efficiency ratio, profit percentage, tangible book value per share, non-interest income to total income and, where applicable, as adjusted for non-recurring items. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of on-going business activities, and to enhance comparability with peers across the financial services sector.
Consolidated Balance Sheet
(Dollars in thousands)
(Unaudited)
% Change | ||||||||||||||||||||
2022 | 2022 | 2021 | ||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 14,891 | $ | 71,072 | $ | 34,876 | (79.0 | )% | (57.3 | )% | ||||||||||
Securities available for sale, at fair value | 47,142 | 48,836 | 50,212 | (3.5 | )% | (6.1 | )% | |||||||||||||
Loans held for sale, at fair value | 9,736 | 22,698 | 74,277 | (57.1 | )% | (86.9 | )% | |||||||||||||
Loans: | ||||||||||||||||||||
1-4 family residential | 354,922 | 271,755 | 263,992 | 30.6 | % | 34.4 | % | |||||||||||||
Home equity | 65,210 | 58,501 | 50,555 | 11.5 | % | 29.0 | % | |||||||||||||
Commercial real estate | 189,334 | 199,255 | 167,691 | (5.0 | )% | 12.9 | % | |||||||||||||
Construction | 33,877 | 32,544 | 29,140 | 4.1 | % | 16.3 | % | |||||||||||||
Total real estate loans | 643,343 | 562,055 | 511,378 | 14.5 | % | 25.8 | % | |||||||||||||
Commercial and industrial | 13,162 | 15,478 | 25,826 | (15.0 | )% | (49.0 | )% | |||||||||||||
Consumer | 6,353 | 7,267 | 9,194 | (12.6 | )% | (30.9 | )% | |||||||||||||
Total loans | 662,858 | 584,800 | 546,398 | 13.3 | % | 21.3 | % | |||||||||||||
Allowance for loan losses | (6,602 | ) | (6,357 | ) | (6,523 | ) | 3.9 | % | 1.2 | % | ||||||||||
Net deferred loan costs and fees, and purchase premiums | 1,362 | 1,148 | 785 | 18.6 | % | 73.5 | % | |||||||||||||
Loans, net | 657,618 | 579,591 | 540,660 | 13.5 | % | 21.6 | % | |||||||||||||
1,778 | 2,734 | 2,855 | (35.0 | )% | (37.7 | )% | ||||||||||||||
Accrued interest receivable | 1,699 | 1,434 | 1,523 | 18.5 | % | 11.6 | % | |||||||||||||
Mortgage servicing rights, net | 15,093 | 15,378 | 15,375 | (1.9 | )% | (1.8 | )% | |||||||||||||
Premises and equipment, net | 7,669 | 7,718 | 5,115 | (0.6 | )% | 49.9 | % | |||||||||||||
Bank-owned life insurance | 8,865 | 8,824 | 8,703 | 0.5 | % | 1.9 | % | |||||||||||||
Other assets | 10,262 | 11,999 | 10,546 | (14.5 | )% | (2.7 | )% | |||||||||||||
Total assets | $ | 774,753 | $ | 770,284 | $ | 744,142 | 0.6 | % | 4.1 | % | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest bearing | $ | 146,635 | $ | 142,793 | $ | 124,683 | 2.7 | % | 17.6 | % | ||||||||||
Savings accounts | 195,107 | 196,145 | 190,584 | (0.5 | )% | 2.4 | % | |||||||||||||
NOW accounts | 51,928 | 53,329 | 51,059 | (2.6 | )% | 1.7 | % | |||||||||||||
Money market accounts | 98,331 | 92,769 | 73,967 | 6.0 | % | 32.9 | % | |||||||||||||
Term certificates | 102,002 | 106,515 | 74,631 | (4.2 | )% | 36.7 | % | |||||||||||||
Interest bearing brokered | 47,361 | 33,128 | 57,059 | 43.0 | % | (17.0 | )% | |||||||||||||
Total deposits | 641,364 | 624,679 | 571,983 | 2.7 | % | 12.1 | % | |||||||||||||
32,946 | 45,000 | 50,016 | (26.8 | )% | (34.1 | )% | ||||||||||||||
Mortgagors' escrow accounts | 2,546 | 2,773 | 1,783 | (8.2 | )% | 42.8 | % | |||||||||||||
Post-employment benefit obligations | 2,055 | 2,064 | 2,226 | (0.4 | )% | (7.7 | )% | |||||||||||||
Other liabilities | 6,564 | 7,290 | 17,424 | (10.0 | )% | (62.3 | )% | |||||||||||||
Total liabilities | 685,475 | 681,806 | 643,432 | 0.5 | % | 6.5 | % | |||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock | 52 | 52 | 52 | 0.0 | % | 0.0 | % | |||||||||||||
Additional paid-in capital | 45,501 | 44,904 | 46,740 | 1.3 | % | (2.7 | )% | |||||||||||||
Retained earnings | 49,290 | 49,042 | 57,378 | 0.5 | % | (14.1 | )% | |||||||||||||
ESOP-Unearned compensation | (2,651 | ) | (3,521 | ) | (3,662 | ) | (24.7 | )% | (27.6 | )% | ||||||||||
Accumulated other comprehensive income (loss), net of tax | (2,914 | ) | (1,999 | ) | 202 | 45.8 | % | (1542.6 | )% | |||||||||||
Total stockholders' equity | 89,278 | 88,478 | 100,710 | 0.9 | % | (11.4 | )% | |||||||||||||
Total liabilities and stockholders' equity | $ | 774,753 | $ | 770,284 | $ | 744,142 | 0.6 | % | 4.1 | % | ||||||||||
Consolidated Balance Sheet Trend
(Dollars in thousands)
(Unaudited)
2022 | 2022 | 2021 | 2021 | 2021 | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 14,891 | $ | 71,072 | $ | 115,449 | $ | 12,876 | $ | 34,876 | ||||||||||
Securities available for sale, at fair value | 47,142 | 48,836 | 51,666 | 51,725 | 50,212 | |||||||||||||||
Loans held for sale, at fair value | 9,736 | 22,698 | 44,766 | 75,400 | 74,277 | |||||||||||||||
Loans: | ||||||||||||||||||||
1-4 family residential | 354,922 | 271,755 | 236,364 | 265,561 | 263,992 | |||||||||||||||
Home equity | 65,210 | 58,501 | 57,295 | 56,124 | 50,555 | |||||||||||||||
Commercial real estate | 189,334 | 199,255 | 197,423 | 185,100 | 167,691 | |||||||||||||||
Construction | 33,877 | 32,544 | 33,961 | 34,479 | 29,140 | |||||||||||||||
Total real estate loans | 643,343 | 562,055 | 525,043 | 541,264 | 511,378 | |||||||||||||||
Commercial and industrial | 13,162 | 15,478 | 17,242 | 19,896 | 25,826 | |||||||||||||||
Consumer | 6,353 | 7,267 | 7,552 | 8,860 | 9,194 | |||||||||||||||
Total loans | 662,858 | 584,800 | 549,837 | 570,020 | 546,398 | |||||||||||||||
Allowance for loan losses | (6,602 | ) | (6,357 | ) | (6,289 | ) | (6,432 | ) | (6,523 | ) | ||||||||||
Net deferred loan costs and fees, and purchase premiums | 1,362 | 1,148 | 1,073 | 1,031 | 785 | |||||||||||||||
Loans, net | 657,618 | 579,591 | 544,621 | 564,619 | 540,660 | |||||||||||||||
1,778 | 2,734 | 2,940 | 3,239 | 2,855 | ||||||||||||||||
Accrued interest receivable | 1,699 | 1,434 | 1,500 | 1,763 | 1,523 | |||||||||||||||
Mortgage servicing rights, net | 15,093 | 15,378 | 15,616 | 15,402 | 15,375 | |||||||||||||||
Premises and equipment, net | 7,669 | 7,718 | 7,684 | 6,462 | 5,115 | |||||||||||||||
Bank-owned life insurance | 8,865 | 8,824 | 8,784 | 8,744 | 8,703 | |||||||||||||||
Other assets | 10,262 | 11,999 | 10,252 | 10,867 | 10,546 | |||||||||||||||
Total assets | $ | 774,753 | $ | 770,284 | $ | 803,278 | $ | 751,097 | $ | 744,142 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest bearing | $ | 146,635 | $ | 142,793 | $ | 145,666 | $ | 134,058 | $ | 124,683 | ||||||||||
Savings accounts | 195,107 | 196,145 | 191,712 | 188,346 | 190,584 | |||||||||||||||
NOW accounts | 51,928 | 53,329 | 53,996 | 53,804 | 51,059 | |||||||||||||||
Money market accounts | 98,331 | 92,769 | 90,544 | 73,562 | 73,967 | |||||||||||||||
Term certificates | 102,002 | 106,515 | 106,112 | 73,519 | 74,631 | |||||||||||||||
Interest bearing brokered | 47,361 | 33,128 | 50,117 | 50,116 | 57,059 | |||||||||||||||
Total deposits | 641,364 | 624,679 | 638,147 | 573,405 | 571,983 | |||||||||||||||
32,946 | 45,000 | 50,000 | 62,900 | 50,016 | ||||||||||||||||
Mortgagors' escrow accounts | 2,546 | 2,773 | 2,128 | 1,905 | 1,783 | |||||||||||||||
Post-employment benefit obligations | 2,055 | 2,064 | 2,222 | 2,182 | 2,226 | |||||||||||||||
Other liabilities | 6,564 | 7,290 | 9,878 | 10,108 | 17,424 | |||||||||||||||
Total liabilities | 685,475 | 681,806 | 702,375 | 650,500 | 643,432 | |||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Common stock | 52 | 52 | 50 | 50 | 52 | |||||||||||||||
Additional paid-in capital | 45,501 | 44,904 | 44,078 | 43,574 | 46,740 | |||||||||||||||
Retained earnings | 49,290 | 49,042 | 60,524 | 60,504 | 57,378 | |||||||||||||||
ESOP-Unearned compensation | (2,651 | ) | (3,521 | ) | (3,568 | ) | (3,615 | ) | (3,662 | ) | ||||||||||
Accumulated other comprehensive income (loss), net of tax | (2,914 | ) | (1,999 | ) | (181 | ) | 84 | 202 | ||||||||||||
Total stockholders' equity | 89,278 | 88,478 | 100,903 | 100,597 | 100,710 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 774,753 | $ | 770,284 | $ | 803,278 | $ | 751,097 | $ | 744,142 | ||||||||||
Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
(Unaudited)
Three Months Ended | % Change | |||||||||||||||||||
2022 | 2022 | 2021 | ||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Loans | $ | 6,182 | $ | 5,467 | $ | 5,505 | 13.1 | % | 12.3 | % | ||||||||||
Securities-taxable | 221 | 216 | 223 | 2.3 | % | (0.9 | )% | |||||||||||||
Securities-tax exempt | 4 | 4 | 6 | 0.0 | % | (33.3 | )% | |||||||||||||
Interest-bearing deposits and certificates of deposit | 45 | 42 | 8 | 7.1 | % | 462.5 | % | |||||||||||||
Total interest and dividend income | 6,452 | 5,729 | 5,742 | 12.6 | % | 12.4 | % | |||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 342 | 315 | 345 | 8.6 | % | (0.9 | )% | |||||||||||||
Borrowings | 99 | 147 | 198 | (32.7 | )% | (50.0 | )% | |||||||||||||
Total interest expense | 441 | 462 | 543 | (4.5 | )% | (18.8 | )% | |||||||||||||
Net interest income | 6,011 | 5,267 | 5,199 | 14.1 | % | 15.6 | % | |||||||||||||
Provision (credit) for loan losses | 269 | 71 | (27 | ) | 278.9 | % | (1096.3 | )% | ||||||||||||
Net interest income after provision (credit) for loan losses | 5,742 | 5,196 | 5,226 | 10.5 | % | 9.9 | % | |||||||||||||
Non-interest income: | ||||||||||||||||||||
Customer service fees | 372 | 365 | 419 | 1.9 | % | (11.2 | )% | |||||||||||||
Gain on loan origination and sale activities, net | 484 | 1,264 | 5,740 | (61.7 | )% | (91.6 | )% | |||||||||||||
Mortgage servicing fees, net | 509 | 348 | 381 | 46.3 | % | 33.6 | % | |||||||||||||
Increase in cash surrender value of life insurance | 41 | 40 | 41 | 2.5 | % | 0.0 | % | |||||||||||||
Other | 419 | 175 | 235 | 139.4 | % | 78.3 | % | |||||||||||||
Total non-interest income | 1,825 | 2,192 | 6,816 | (16.7 | )% | (73.2 | )% | |||||||||||||
Non-interest expenses: | ||||||||||||||||||||
Salaries and employee benefits | 4,414 | 5,154 | 7,310 | (14.4 | )% | (39.6 | )% | |||||||||||||
Occupancy and equipment | 559 | 365 | 621 | 53.2 | % | (10.0 | )% | |||||||||||||
Data processing | 378 | 345 | 301 | 9.6 | % | 25.6 | % | |||||||||||||
Professional fees | 578 | 1,025 | 323 | (43.6 | )% | 78.9 | % | |||||||||||||
Marketing | 151 | 157 | 200 | (3.8 | )% | (24.5 | )% | |||||||||||||
62 | 58 | 54 | 6.9 | % | 14.8 | % | ||||||||||||||
Other non-interest expenses | 1,342 | 1,602 | 1,818 | (16.2 | )% | (26.2 | )% | |||||||||||||
Total non-interest expenses | 7,484 | 8,706 | 10,627 | (14.0 | )% | (29.6 | )% | |||||||||||||
Income (loss) before income taxes | 83 | (1,318 | ) | 1,415 | (106.3 | )% | (94.1 | )% | ||||||||||||
Income tax expense (benefit) | (165 | ) | (1,083 | ) | (162 | ) | (84.8 | )% | 1.9 | % | ||||||||||
Net income (loss) | $ | 248 | $ | (235 | ) | $ | 1,577 | (205.5 | )% | (84.3 | )% | |||||||||
Net income (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.05 | $ | (0.05 | ) | $ | 0.32 | |||||||||||||
Diluted | $ | 0.05 | $ | (0.05 | ) | $ | 0.31 | |||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 4,839,796 | 4,815,325 | 4,921,182 | |||||||||||||||||
Diluted | 5,076,181 | 5,014,538 | 5,135,582 | |||||||||||||||||
Dividends declared per share | $ | - | $ | 2.15 | $ | - | ||||||||||||||
Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
(Unaudited)
Year to Date | % Change | |||||||||||
2022 | 2021 | |||||||||||
Interest and dividend income: | ||||||||||||
Loans | $ | 11,649 | $ | 11,013 | 5.8 | % | ||||||
Securities-taxable | 437 | 463 | (5.6 | )% | ||||||||
Securities-tax exempt | 8 | 12 | (33.3 | )% | ||||||||
Interest-bearing deposits and certificates of deposit | 87 | 15 | 480.0 | % | ||||||||
Total interest and dividend income | 12,181 | 11,503 | 5.9 | % | ||||||||
Interest expense: | ||||||||||||
Deposits | 657 | 783 | (16.1 | )% | ||||||||
Borrowings | 246 | 430 | (42.8 | )% | ||||||||
Total interest expense | 903 | 1,213 | (25.6 | )% | ||||||||
Net interest income | 11,278 | 10,290 | 9.6 | % | ||||||||
Provision (credit) for loan losses | 340 | (240 | ) | (241.7 | )% | |||||||
Net interest income after provision (credit) for loan losses | 10,938 | 10,530 | 3.9 | % | ||||||||
Non-interest income: | ||||||||||||
Customer service fees | 737 | 786 | (6.2 | )% | ||||||||
Gain on loan origination and sale activities, net | 1,748 | 16,733 | (89.6 | )% | ||||||||
Mortgage servicing fees, net | 857 | 1,160 | (26.1 | )% | ||||||||
Increase in cash surrender value of life insurance | 81 | 81 | 0.0 | % | ||||||||
Other | 594 | 479 | 24.0 | % | ||||||||
Total non-interest income | 4,017 | 19,239 | (79.1 | )% | ||||||||
Non-interest expenses: | ||||||||||||
Salaries and employee benefits | 9,568 | 15,747 | (39.2 | )% | ||||||||
Occupancy and equipment | 924 | 1,365 | (32.3 | )% | ||||||||
Data processing | 723 | 564 | 28.2 | % | ||||||||
Professional fees | 1,603 | 884 | 81.3 | % | ||||||||
Marketing | 308 | 370 | (16.8 | )% | ||||||||
120 | 108 | 11.1 | % | |||||||||
Other non-interest expenses | 2,944 | 3,540 | (16.8 | )% | ||||||||
Total non-interest expenses | 16,190 | 22,578 | (28.3 | )% | ||||||||
Income (loss) before income taxes | (1,235 | ) | 7,191 | (117.2 | )% | |||||||
Income tax expense (benefit) | (1,248 | ) | 1,502 | (183.1 | )% | |||||||
Net income | $ | 13 | $ | 5,689 | (99.8 | )% | ||||||
Net income per share: | ||||||||||||
Basic | $ | 0.00 | $ | 1.14 | ||||||||
Diluted | $ | 0.00 | $ | 1.10 | ||||||||
Weighted average shares outstanding: | ||||||||||||
Basic | 4,827,628 | 4,988,283 | ||||||||||
Diluted | 5,046,444 | 5,193,643 | ||||||||||
Dividends declared per share | $ | 2.15 | $ | - | ||||||||
Consolidated Statements of Operations Trend
(Dollars in thousands except per share amounts)
(Unaudited)
Three Months Ended | ||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | ||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Loans | $ | 6,182 | $ | 5,467 | $ | 5,923 | $ | 6,226 | $ | 5,505 | ||||||||||
Securities-taxable | 221 | 216 | 217 | 219 | 223 | |||||||||||||||
Securities-tax exempt | 4 | 4 | 4 | 4 | 6 | |||||||||||||||
Interest-bearing deposits and certificates of deposit | 45 | 42 | 13 | 4 | 8 | |||||||||||||||
Total interest and dividend income | 6,452 | 5,729 | 6,157 | 6,453 | 5,742 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 342 | 315 | 308 | 299 | 345 | |||||||||||||||
Borrowings | 99 | 147 | 155 | 178 | 198 | |||||||||||||||
Total interest expense | 441 | 462 | 463 | 477 | 543 | |||||||||||||||
Net interest income | 6,011 | 5,267 | 5,694 | 5,976 | 5,199 | |||||||||||||||
Provision (credit) for loan losses | 269 | 71 | (108 | ) | (90 | ) | (27 | ) | ||||||||||||
Net interest income after provision (credit) for loan losses | 5,742 | 5,196 | 5,802 | 6,066 | 5,226 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Customer service fees | 372 | 365 | 422 | 410 | 419 | |||||||||||||||
Gain on loan origination and sale activities, net | 484 | 1,264 | 3,723 | 7,229 | 5,740 | |||||||||||||||
Mortgage servicing fees, net | 509 | 348 | 257 | 274 | 381 | |||||||||||||||
Increase in cash surrender value of life insurance | 41 | 40 | 41 | 41 | 41 | |||||||||||||||
Other | 419 | 175 | 92 | 195 | 235 | |||||||||||||||
Total non-interest income | 1,825 | 2,192 | 4,535 | 8,149 | 6,816 | |||||||||||||||
Non-interest expenses: | ||||||||||||||||||||
Salaries and employee benefits | 4,414 | 5,154 | 6,084 | 6,381 | 7,310 | |||||||||||||||
Occupancy and equipment | 559 | 365 | 713 | 714 | 621 | |||||||||||||||
Data processing | 378 | 345 | 237 | 367 | 301 | |||||||||||||||
Professional fees | 578 | 1,025 | 325 | 490 | 323 | |||||||||||||||
Marketing | 151 | 157 | 245 | 134 | 200 | |||||||||||||||
62 | 58 | 55 | 54 | 54 | ||||||||||||||||
Other non-interest expenses | 1,342 | 1,602 | 1,562 | 1,719 | 1,818 | |||||||||||||||
Total non-interest expenses | 7,484 | 8,706 | 9,221 | 9,859 | 10,627 | |||||||||||||||
Income (loss) before income taxes | 83 | (1,318 | ) | 1,116 | 4,356 | 1,415 | ||||||||||||||
Income tax expense (benefit) | (165 | ) | (1,083 | ) | 330 | 1,230 | (162 | ) | ||||||||||||
Net income (loss) | $ | 248 | $ | (235 | ) | $ | 786 | $ | 3,126 | $ | 1,577 | |||||||||
Net income (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.05 | $ | (0.05 | ) | $ | 0.17 | $ | 0.64 | $ | 0.32 | |||||||||
Diluted | $ | 0.05 | $ | (0.05 | ) | $ | 0.16 | $ | 0.62 | $ | 0.31 | |||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 4,839,796 | 4,815,325 | 4,743,833 | 4,869,155 | 4,921,182 | |||||||||||||||
Diluted | 5,076,181 | 5,014,538 | 4,993,750 | 5,074,676 | 5,135,582 | |||||||||||||||
Dividends declared per share | $ | - | $ | 2.15 | $ | 0.15 | $ | - | $ | - | ||||||||||
Average Balances/Yields
(Dollars in thousands)
(Unaudited)
Three Months Ended | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||||||||||
Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | |||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Paid | Rate (7) | Balance | Paid | Rate (7) | Balance | Paid | Rate (7) | ||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
1-4 family residential (1) | $ | 320,545 | $ | 2,941 | 3.68 | % | $ | 274,883 | $ | 2,400 | 3.54 | % | $ | 319,087 | $ | 2,763 | 3.47 | % | |||||||||||||||||
Home equity | 62,406 | 574 | 3.69 | % | 57,046 | 470 | 3.34 | % | 49,789 | 412 | 3.32 | % | |||||||||||||||||||||||
Commercial real estate | 197,928 | 2,025 | 4.10 | % | 197,330 | 1,921 | 3.95 | % | 159,423 | 1,666 | 4.19 | % | |||||||||||||||||||||||
Construction | 32,095 | 314 | 3.92 | % | 32,734 | 296 | 3.67 | % | 29,902 | 289 | 3.88 | % | |||||||||||||||||||||||
Total real estate loans | 612,974 | 5,854 | 3.83 | % | 561,993 | 5,087 | 3.67 | % | 558,201 | 5,130 | 3.69 | % | |||||||||||||||||||||||
Commercial and industrial | 14,123 | 234 | 6.65 | % | 16,631 | 277 | 6.75 | % | 25,497 | 266 | 4.18 | % | |||||||||||||||||||||||
Consumer | 6,924 | 94 | 5.45 | % | 7,617 | 103 | 5.48 | % | 9,052 | 109 | 4.83 | % | |||||||||||||||||||||||
Total loans | 634,021 | 6,182 | 3.91 | % | 586,241 | 5,467 | 3.78 | % | 592,750 | 5,505 | 3.73 | % | |||||||||||||||||||||||
Investment securities(2) (3) | 49,426 | 226 | 1.83 | % | 52,930 | 221 | 1.69 | % | 55,376 | 230 | 1.67 | % | |||||||||||||||||||||||
Interest-earning deposits | 27,803 | 45 | 0.65 | % | 107,866 | 42 | 0.16 | % | 43,888 | 8 | 0.07 | % | |||||||||||||||||||||||
Total interest-earning assets | 711,250 | 6,453 | 3.64 | % | 747,037 | 5,730 | 3.11 | % | 692,014 | 5,743 | 3.33 | % | |||||||||||||||||||||||
Noninterest-earning assets | 41,971 | 41,939 | 40,257 | ||||||||||||||||||||||||||||||||
Total assets | $ | 753,221 | $ | 788,976 | $ | 732,271 | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings accounts | 194,944 | 76 | 0.16 | % | 194,120 | 72 | 0.15 | % | 192,434 | 89 | 0.19 | % | |||||||||||||||||||||||
NOW accounts | 52,890 | 49 | 0.37 | % | 62,039 | 43 | 0.28 | % | 69,730 | 38 | 0.22 | % | |||||||||||||||||||||||
Money market accounts | 98,813 | 79 | 0.32 | % | 93,174 | 36 | 0.16 | % | 72,469 | 43 | 0.24 | % | |||||||||||||||||||||||
Term certificates | 141,279 | 138 | 0.39 | % | 143,320 | 164 | 0.46 | % | 104,604 | 175 | 0.67 | % | |||||||||||||||||||||||
Total interest-bearing deposits | 487,926 | 342 | 0.28 | % | 492,653 | 315 | 0.26 | % | 439,237 | 345 | 0.32 | % | |||||||||||||||||||||||
FHLBB and FRB advances | 31,058 | 99 | 1.28 | % | 48,333 | 147 | 1.23 | % | 51,502 | 198 | 1.54 | % | |||||||||||||||||||||||
Total interest-bearing liabilities | 518,984 | 441 | 0.34 | % | 540,986 | 462 | 0.35 | % | 490,739 | 543 | 0.44 | % | |||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 133,915 | 140,454 | 124,656 | ||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 10,642 | 11,559 | 13,606 | ||||||||||||||||||||||||||||||||
Total liabilities | 663,541 | 692,999 | 629,001 | ||||||||||||||||||||||||||||||||
Total stockholders' equity | 89,680 | 95,977 | 103,270 | ||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 753,221 | $ | 788,976 | $ | 732,271 | |||||||||||||||||||||||||||||
Net interest income | $ | 6,012 | $ | 5,268 | $ | 5,200 | |||||||||||||||||||||||||||||
Interest rate spread(4) | 3.30 | % | 2.76 | % | 2.89 | % | |||||||||||||||||||||||||||||
Net interest-earning assets(5) | $ | 192,266 | $ | 206,051 | $ | 201,275 | |||||||||||||||||||||||||||||
Net interest margin(6) | 3.39 | % | 2.86 | % | 3.01 | % | |||||||||||||||||||||||||||||
Cost of deposits (8) | 0.22 | % | 0.20 | % | 0.25 | % | |||||||||||||||||||||||||||||
Cost of funds (9) | 0.27 | % | 0.27 | % | 0.35 | % | |||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 137.05 | % | 138.09 | % | 141.01 | % | |||||||||||||||||||||||||||||
(1) Includes nonaccruing loan balances and interest received on such loans, in addition to loans held for sale.
(2) Includes carrying value of securities classified as available-for-sale and FHLBB stock.
(3) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of
(4) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by average total interest-earning assets.
(7) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.
(8) Cost of deposits represents the total interest paid on deposits, divided by total interest-bearing deposits plus total noninterest-bearing deposits.
(9) Cost of funds represents the total interest paid on liabilities, divided by total interest-bearing liabilities plus total noninterest-bearing deposits.
Average Balances/Yields
(Dollars in thousands)
(Unaudited)
Year to Date | |||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | ||||||||||||||||||
Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | ||||||||||||||||||
(Dollars in thousands) | Balance | Paid | Rate (7) | Balance | Paid | Rate (7) | |||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
1-4 family residential (1) | $ | 297,840 | $ | 5,341 | 3.62 | % | $ | 327,897 | $ | 5,737 | 3.53 | % | |||||||||||
Home equity | 59,740 | 1,044 | 3.52 | % | 49,090 | 845 | 3.47 | % | |||||||||||||||
Commercial real estate | 197,631 | 3,946 | 4.03 | % | 153,088 | 3,072 | 4.05 | % | |||||||||||||||
Construction | 32,413 | 610 | 3.80 | % | 30,125 | 584 | 3.91 | % | |||||||||||||||
Total real estate loans | 587,624 | 10,941 | 3.75 | % | 560,200 | 10,238 | 3.69 | % | |||||||||||||||
Commercial and industrial | 15,370 | 511 | 6.70 | % | 23,689 | 540 | 4.60 | % | |||||||||||||||
Consumer | 7,268 | 197 | 5.47 | % | 9,493 | 235 | 4.99 | % | |||||||||||||||
Total loans | 610,262 | 11,649 | 3.85 | % | 593,382 | 11,013 | 3.74 | % | |||||||||||||||
Investment securities(2) (3) | 51,168 | 447 | 1.76 | % | 56,590 | 477 | 1.70 | % | |||||||||||||||
Interest-earning deposits | 67,613 | 87 | 0.26 | % | 39,713 | 15 | 0.08 | % | |||||||||||||||
Total interest-earning assets | 729,043 | 12,183 | 3.37 | % | 689,685 | 11,505 | 3.36 | % | |||||||||||||||
Noninterest-earning assets | 41,958 | 41,146 | |||||||||||||||||||||
Total assets | $ | 771,001 | $ | 730,831 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Savings accounts | 194,535 | 148 | 0.15 | % | 191,379 | 187 | 0.20 | % | |||||||||||||||
NOW accounts | 57,439 | 92 | 0.32 | % | 69,621 | 86 | 0.25 | % | |||||||||||||||
Money market accounts | 96,009 | 115 | 0.24 | % | 74,222 | 97 | 0.26 | % | |||||||||||||||
Term certificates | 142,294 | 302 | 0.43 | % | 100,812 | 413 | 0.83 | % | |||||||||||||||
Total interest-bearing deposits | 490,277 | 657 | 0.27 | % | 436,034 | 783 | 0.36 | % | |||||||||||||||
FHLBB and FRB advances | 39,648 | 246 | 1.25 | % | 61,126 | 430 | 1.42 | % | |||||||||||||||
Total interest-bearing liabilities | 529,925 | 903 | 0.34 | % | 497,160 | 1,213 | 0.49 | % | |||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||
Noninterest-bearing deposits | 137,167 | 115,841 | |||||||||||||||||||||
Other noninterest-bearing liabilities | 11,098 | 14,486 | |||||||||||||||||||||
Total liabilities | 678,190 | 627,487 | |||||||||||||||||||||
Total stockholders' equity | 92,811 | 103,344 | |||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 771,001 | $ | 730,831 | |||||||||||||||||||
Net interest income | $ | 11,280 | $ | 10,292 | |||||||||||||||||||
Interest rate spread(4) | 3.03 | % | 2.87 | % | |||||||||||||||||||
Net interest-earning assets(5) | $ | 199,118 | $ | 192,525 | |||||||||||||||||||
Net interest margin(6) | 3.12 | % | 3.01 | % | |||||||||||||||||||
Cost of deposits (8) | 0.21 | % | 0.29 | % | |||||||||||||||||||
Cost of funds (9) | 0.27 | % | 0.40 | % | |||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 137.57 | % | 138.72 | % | |||||||||||||||||||
(1) Includes nonaccruing loan balances and interest received on such loans, in addition to loans held for sale.
(2) Includes carrying value of securities classified as available-for-sale and FHLBB stock.
(3) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of
(4) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by average total interest-earning assets.
(7) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.
(8) Cost of deposits represents the total interest paid on deposits, divided by total interest-bearing deposits plus total noninterest-bearing deposits.
(9) Cost of funds represents the total interest paid on liabilities, divided by total interest-bearing liabilities plus total noninterest-bearing deposits.
Average Balances Trend
(Dollars in thousands)
(Unaudited)
Three Months Ended | ||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | ||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans: | ||||||||||||||||||||
1-4 family residential | $ | 320,545 | $ | 274,883 | $ | 319,855 | $ | 345,576 | $ | 319,087 | ||||||||||
Home equity | 62,406 | 57,046 | 57,183 | 53,345 | 49,789 | |||||||||||||||
Commercial real estate | 197,928 | 197,330 | 186,943 | 174,319 | 159,423 | |||||||||||||||
Construction | 32,095 | 32,734 | 34,246 | 32,690 | 29,902 | |||||||||||||||
Total real estate loans | 612,974 | 561,993 | 598,227 | 605,930 | 558,201 | |||||||||||||||
Commercial and industrial | 14,123 | 16,631 | 18,311 | 22,693 | 25,497 | |||||||||||||||
Consumer | 6,924 | 7,617 | 8,313 | 12,820 | 9,052 | |||||||||||||||
Total loans | 634,021 | 586,241 | 624,851 | 641,443 | 592,750 | |||||||||||||||
Investment securities | 49,426 | 52,930 | 54,314 | 54,229 | 55,376 | |||||||||||||||
Interest-earning deposits | 27,803 | 107,866 | 41,161 | 11,002 | 43,888 | |||||||||||||||
Total interest-earning assets | 711,250 | 747,037 | 720,326 | 706,674 | 692,014 | |||||||||||||||
Non-interest earning assets | 41,971 | 41,939 | 43,478 | 44,614 | 40,257 | |||||||||||||||
Total assets | $ | 753,221 | $ | 788,976 | $ | 763,804 | $ | 751,288 | $ | 732,271 | ||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Savings accounts | $ | 194,944 | $ | 194,120 | $ | 191,464 | $ | 189,254 | $ | 192,434 | ||||||||||
NOW accounts | 52,890 | 62,039 | 62,838 | 61,951 | 69,730 | |||||||||||||||
Money market accounts | 98,813 | 93,174 | 77,140 | 73,662 | 72,469 | |||||||||||||||
Term certificates | 141,279 | 143,320 | 135,406 | 113,787 | 104,604 | |||||||||||||||
Total interest-bearing deposits | 487,926 | 492,653 | 466,848 | 438,654 | 439,237 | |||||||||||||||
FHLBB and FRB advances | 31,058 | 48,333 | 53,592 | 64,047 | 51,502 | |||||||||||||||
Total interest-bearing liabilities | 518,984 | 540,986 | 520,440 | 502,701 | 490,739 | |||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Noninterest-bearing deposits | 133,915 | 140,454 | 127,486 | 126,165 | 124,656 | |||||||||||||||
Other noninterest-bearing liabilities | 10,642 | 11,559 | 13,305 | 19,021 | 13,606 | |||||||||||||||
Total liabilities | 663,541 | 692,999 | 661,231 | 647,887 | 629,001 | |||||||||||||||
Total stockholders' equity | 89,680 | 95,977 | 102,573 | 103,401 | 103,270 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 753,221 | $ | 788,976 | $ | 763,804 | $ | 751,288 | $ | 732,271 | ||||||||||
Interest Earned and Paid Trend
(Dollars in thousands)
(Unaudited)
Three Months Ended | ||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | ||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans: | ||||||||||||||||||||
1-4 family residential | $ | 2,941 | $ | 2,400 | $ | 2,790 | $ | 3,021 | $ | 2,763 | ||||||||||
Home equity | 574 | 470 | 480 | 475 | 412 | |||||||||||||||
Commercial real estate | 2,025 | 1,921 | 1,880 | 1,809 | 1,666 | |||||||||||||||
Construction | 314 | 296 | 331 | 310 | 289 | |||||||||||||||
Total real estate loans | 5,854 | 5,087 | 5,481 | 5,615 | 5,130 | |||||||||||||||
Commercial and industrial | 234 | 277 | 331 | 493 | 266 | |||||||||||||||
Consumer | 94 | 103 | 111 | 118 | 109 | |||||||||||||||
Total loans | 6,182 | 5,467 | 5,923 | 6,226 | 5,505 | |||||||||||||||
Investment securities | 226 | 221 | 222 | 224 | 230 | |||||||||||||||
Interest-earning deposits | 45 | 42 | 13 | 4 | 8 | |||||||||||||||
Total interest-earning assets | 6,453 | 5,730 | 6,158 | 6,454 | 5,743 | |||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Savings accounts | $ | 76 | $ | 72 | $ | 72 | $ | 76 | $ | 89 | ||||||||||
NOW accounts | 49 | 43 | 29 | 23 | 38 | |||||||||||||||
Money market accounts | 79 | 36 | 36 | 41 | 43 | |||||||||||||||
Term certificates | 138 | 164 | 171 | 159 | 175 | |||||||||||||||
Total interest-bearing deposits | 342 | 315 | 308 | 299 | 345 | |||||||||||||||
FHLBB and FRB advances | 99 | 147 | 155 | 178 | 198 | |||||||||||||||
Total interest-bearing liabilities | 441 | 462 | 463 | 477 | 543 | |||||||||||||||
Net interest income | 6,012 | 5,268 | 5,695 | 5,977 | 5,200 | |||||||||||||||
Average Yield Trend(1)
(Dollars in thousands)
(Unaudited)
Three Months Ended | ||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | ||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans: | ||||||||||||||||||||
1-4 family residential | 3.68 | % | 3.54 | % | 3.46 | % | 3.47 | % | 3.47 | % | ||||||||||
Home equity | 3.69 | % | 3.34 | % | 3.33 | % | 3.53 | % | 3.32 | % | ||||||||||
Commercial real estate | 4.10 | % | 3.95 | % | 3.99 | % | 4.12 | % | 4.19 | % | ||||||||||
Construction | 3.92 | % | 3.67 | % | 3.83 | % | 3.76 | % | 3.88 | % | ||||||||||
Total real estate loans | 3.83 | % | 3.67 | % | 3.63 | % | 3.68 | % | 3.69 | % | ||||||||||
Commercial and industrial | 6.65 | % | 6.75 | % | 7.17 | % | 8.62 | % | 4.18 | % | ||||||||||
Consumer | 5.45 | % | 5.48 | % | 5.30 | % | 3.65 | % | 4.83 | % | ||||||||||
Total loans | 3.91 | % | 3.78 | % | 3.76 | % | 3.85 | % | 3.73 | % | ||||||||||
Investment securities | 1.83 | % | 1.69 | % | 1.62 | % | 1.64 | % | 1.67 | % | ||||||||||
Interest-earning deposits | 0.65 | % | 0.16 | % | 0.13 | % | 0.14 | % | 0.07 | % | ||||||||||
Total interest-earning assets | 3.64 | % | 3.11 | % | 3.39 | % | 3.62 | % | 3.33 | % | ||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Savings accounts | 0.16 | % | 0.15 | % | 0.15 | % | 0.16 | % | 0.19 | % | ||||||||||
NOW accounts | 0.37 | % | 0.28 | % | 0.18 | % | 0.15 | % | 0.22 | % | ||||||||||
Money market accounts | 0.32 | % | 0.16 | % | 0.19 | % | 0.22 | % | 0.24 | % | ||||||||||
Term certificates | 0.39 | % | 0.46 | % | 0.50 | % | 0.55 | % | 0.67 | % | ||||||||||
Total interest-bearing deposits | 0.28 | % | 0.26 | % | 0.26 | % | 0.27 | % | 0.32 | % | ||||||||||
FHLBB and FRB advances | 1.28 | % | 1.23 | % | 1.15 | % | 1.10 | % | 1.54 | % | ||||||||||
Total interest-bearing liabilities | 0.34 | % | 0.35 | % | 0.35 | % | 0.38 | % | 0.44 | % | ||||||||||
Interest rate spread | 3.30 | % | 2.76 | % | 3.04 | % | 3.24 | % | 2.89 | % | ||||||||||
Net interest rate margin | 3.39 | % | 2.86 | % | 3.14 | % | 3.36 | % | 3.01 | % | ||||||||||
Cost of deposits | 0.22 | % | 0.20 | % | 0.21 | % | 0.21 | % | 0.25 | % | ||||||||||
Cost of funds | 0.27 | % | 0.27 | % | 0.28 | % | 0.30 | % | 0.35 | % | ||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 137.05 | % | 138.09 | % | 138.41 | % | 140.58 | % | 141.01 | % | ||||||||||
(1) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.
Rate/Volume Analysis
(Dollars in thousands)
(Unaudited)
Three Months Ended | ||||||||||||
Increase (Decrease) | Total | |||||||||||
Due to Changes in | Increase | |||||||||||
Volume | Rate | (Decrease) | ||||||||||
Interest-earning assets: | ||||||||||||
Loans: | ||||||||||||
1-4 family residential | $ | 360 | $ | 181 | 541 | |||||||
Home equity | 39 | 65 | 104 | |||||||||
Commercial real estate | 4 | 100 | 104 | |||||||||
Construction | (5 | ) | 23 | 18 | ||||||||
Total real estate loans | 398 | 369 | 767 | |||||||||
Commercial and industrial | (39 | ) | (4 | ) | (43 | ) | ||||||
Consumer | (8 | ) | (1 | ) | (9 | ) | ||||||
Total loans | 351 | 364 | 715 | |||||||||
Investment securities | (14 | ) | 19 | 5 | ||||||||
Interest-earning deposits | (12 | ) | 15 | 3 | ||||||||
Total interest-earning assets | 325 | 398 | 723 | |||||||||
Interest-bearing liabilities: | ||||||||||||
Savings accounts | - | 4 | 4 | |||||||||
NOW accounts | (5 | ) | 11 | 6 | ||||||||
Money market accounts | 2 | 41 | 43 | |||||||||
Term certificates | (2 | ) | (24 | ) | (26 | ) | ||||||
Total interest-bearing deposits | (5 | ) | 32 | 27 | ||||||||
FHLBB and FRB advances | (53 | ) | 5 | (48 | ) | |||||||
Total interest-bearing liabilities | (58 | ) | 37 | (21 | ) | |||||||
Change in net interest income | $ | 383 | $ | 361 | $ | 744 | ||||||
Rate/Volume Analysis
(Dollars in thousands)
(Unaudited)
Three Months Ended | ||||||||||||
Increase (Decrease) | Total | |||||||||||
Due to Changes in | Increase | |||||||||||
Volume | Rate | (Decrease) | ||||||||||
Interest-earning assets: | ||||||||||||
Loans: | ||||||||||||
1-4 family residential | $ | 13 | $ | 165 | 178 | |||||||
Home equity | 96 | 66 | 162 | |||||||||
Commercial real estate | 395 | (36 | ) | 359 | ||||||||
Construction | 21 | 4 | 25 | |||||||||
Total real estate loans | 525 | 199 | 724 | |||||||||
Commercial and industrial | (89 | ) | 57 | (32 | ) | |||||||
Consumer | (24 | ) | 9 | (15 | ) | |||||||
Total loans | 412 | 265 | 677 | |||||||||
Investment securities | (24 | ) | 20 | (4 | ) | |||||||
Interest-earning deposits | (2 | ) | 39 | 37 | ||||||||
Total interest-earning assets | 386 | 324 | 710 | |||||||||
Interest-bearing liabilities: | ||||||||||||
Savings accounts | 1 | (14 | ) | (13 | ) | |||||||
NOW accounts | (7 | ) | 18 | 11 | ||||||||
Money market accounts | 13 | 23 | 36 | |||||||||
Term certificates | 50 | (87 | ) | (37 | ) | |||||||
Total interest-bearing deposits | 57 | (60 | ) | (3 | ) | |||||||
FHLBB and FRB advances | (69 | ) | (30 | ) | (99 | ) | ||||||
Total interest-bearing liabilities | (12 | ) | (90 | ) | (102 | ) | ||||||
Change in net interest income | $ | 398 | $ | 414 | $ | 812 | ||||||
Rate/Volume Analysis
(Dollars in thousands)
(Unaudited)
Year to Date | ||||||||||||
Increase (Decrease) | Total | |||||||||||
Due to Changes in | Increase | |||||||||||
Volume | Rate | (Decrease) | ||||||||||
Interest-earning assets: | ||||||||||||
Loans: | ||||||||||||
1-4 family residential | $ | (516 | ) | $ | 120 | (396 | ) | |||||
Home equity | 180 | 19 | 199 | |||||||||
Commercial real estate | 889 | (15 | ) | 874 | ||||||||
Construction | 43 | (17 | ) | 26 | ||||||||
Total real estate loans | 596 | 107 | 703 | |||||||||
Commercial and industrial | (152 | ) | 123 | (29 | ) | |||||||
Consumer | (51 | ) | 13 | (38 | ) | |||||||
Total loans | 393 | 243 | 636 | |||||||||
Investment securities | (45 | ) | 15 | (30 | ) | |||||||
Interest-earning deposits | 5 | 67 | 72 | |||||||||
Total interest-earning assets | 353 | 325 | 678 | |||||||||
Interest-bearing liabilities: | ||||||||||||
Savings accounts | 3 | (42 | ) | (39 | ) | |||||||
NOW accounts | (13 | ) | 19 | 6 | ||||||||
Money market accounts | 26 | (8 | ) | 18 | ||||||||
Term certificates | 132 | (243 | ) | (111 | ) | |||||||
Total interest-bearing deposits | 148 | (274 | ) | (126 | ) | |||||||
FHLBB and FRB advances | (138 | ) | (46 | ) | (184 | ) | ||||||
Total interest-bearing liabilities | 10 | (320 | ) | (310 | ) | |||||||
Change in net interest income | $ | 343 | $ | 645 | $ | 988 | ||||||
Quarterly Trend in Mortgage Banking Income
(Dollars in thousands)
(Unaudited)
Three Months Ended | ||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | ||||||||||||||||
Gain on loan origination and sale activities, net | ||||||||||||||||||||
Gain on sale of mortgages and realized gain from derivative financial instruments, net | $ | 632 | $ | 3,093 | $ | 4,818 | $ | 6,339 | $ | 6,545 | ||||||||||
Net change in fair value of loans held for sale and portfolio loans accounted for at fair value | 218 | (1,559 | ) | (1,360 | ) | 549 | 1,091 | |||||||||||||
Capitalized residential mortgage loan servicing rights | 160 | 377 | 942 | 783 | 1,476 | |||||||||||||||
Net change in fair value of derivative loan commitments and forward loan sale commitments | (526 | ) | (647 | ) | (677 | ) | (442 | ) | (3,372 | ) | ||||||||||
Gain on loan origination and sales activities, net | $ | 484 | $ | 1,264 | $ | 3,723 | $ | 7,229 | $ | 5,740 | ||||||||||
Mortgage servicing fees, net | ||||||||||||||||||||
Residential mortgage loan servicing fees | $ | 1,259 | $ | 1,277 | $ | 1,355 | $ | 1,282 | $ | 1,205 | ||||||||||
Amortization of residential mortgage loan servicing rights | (731 | ) | (749 | ) | (831 | ) | (795 | ) | (759 | ) | ||||||||||
Release (provision) to the valuation allowance of mortgage loan servicing rights | 286 | 135 | 43 | 39 | (65 | ) | ||||||||||||||
Sub-servicer expenses (1) | (305 | ) | (315 | ) | (310 | ) | (252 | ) | - | |||||||||||
Mortgage servicing fees, net | $ | 509 | $ | 348 | $ | 257 | $ | 274 | $ | 381 | ||||||||||
Total gain on loan origination and sales activities and mortgage servicing fees | $ | 993 | $ | 1,612 | $ | 3,980 | $ | 7,503 | $ | 6,121 | ||||||||||
Principal balance of loans originated for sale | $ | 71,626 | $ | 110,371 | $ | 222,644 | $ | 260,519 | $ | 309,033 | ||||||||||
Principal balance of loans sold | $ | 56,752 | $ | 129,858 | $ | 297,316 | $ | 260,473 | $ | 342,762 | ||||||||||
Ending notional amount of derivative loan commitments | $ | 10,913 | $ | 42,678 | $ | 85,887 | $ | 158,085 | $ | 139,748 | ||||||||||
Loans held for sale, at fair value | $ | 9,736 | $ | 22,698 | $ | 44,766 | $ | 75,400 | $ | 74,277 | ||||||||||
Margin on loans sold (2) | 1.40 | % | 2.67 | % | 1.94 | % | 2.73 | % | 2.34 | % | ||||||||||
(1) Sub-servicer expenses were first incurred during the three months ended
(2) Margin on loans sold is calculated as the sum of the gain on sale of mortgages and realized gain from derivative financial instruments, net, plus capitalized residential mortgage loan servicing rights divided by the principal balance of loans sold.
Year-to-Date Trend in Mortgage Banking Income
(Dollars in thousands)
(Unaudited)
Year-to-Date | |||||||||
2022 | 2021 | ||||||||
Gain on loan origination and sale activities, net | |||||||||
Gain on sale of mortgages and realized gain from derivative financial instruments, net | $ | 3,725 | $ | 22,421 | |||||
Net change in fair value of loans held for sale and portfolio loans accounted for at fair value | (1,341 | ) | (2,725 | ) | |||||
Capitalized residential mortgage loan servicing rights | 537 | 4,273 | |||||||
Net change in fair value of derivative loan commitments and forward loan sale commitments | (1,173 | ) | (7,236 | ) | |||||
Gain on loan origination and sales activities, net | $ | 1,748 | $ | 16,733 | |||||
Mortgage servicing fees, net | |||||||||
Residential mortgage loan servicing fees | $ | 2,536 | $ | 2,375 | |||||
Amortization of residential mortgage loan servicing rights | (1,480 | ) | (1,571 | ) | |||||
Release (provision) to the valuation allowance of mortgage loan servicing rights | 421 | 356 | |||||||
Sub-servicer expenses (1) | (620 | ) | - | ||||||
Mortgage servicing fees, net | $ | 857 | $ | 1,160 | |||||
Total gain on loan origination and sales activities and mortgage servicing fees | $ | 2,605 | $ | 17,893 | |||||
Principal balance of loans originated for sale | $ | 181,997 | $ | 796,708 | |||||
Principal balance of loans sold | $ | 186,610 | $ | 846,047 | |||||
Ending notional amount of derivative loan commitments | $ | 10,913 | $ | 139,748 | |||||
Loans held for sale, at fair value | $ | 9,736 | $ | 74,277 | |||||
Margin on loans sold (2) | 2.28 | % | 3.16 | % | |||||
(1) Sub-servicer expenses were first incurred during the three months ended
(2) Margin on loans sold is calculated as the sum of the gain on sale of mortgages and realized gain from derivative financial instruments, net, plus capitalized residential mortgage loan servicing rights divided by the principal balance of loans sold.
Segment Information
(Dollars in thousands)
(Unaudited)
For the Three Months Ended | ||||||||||||
Envision Mortgage | Consolidated Total | |||||||||||
Net interest income | $ | 5,741 | $ | 270 | $ | 6,011 | ||||||
Provision for loan losses | 269 | - | 269 | |||||||||
Net interest income after provision for loan losses | 5,472 | 270 | 5,742 | |||||||||
Non-interest income: | ||||||||||||
Customer service fees | 365 | 7 | 372 | |||||||||
Gain on loan origination and sale activities, net (1) | - | 1,920 | 1,920 | |||||||||
Mortgage servicing fees, net | (240 | ) | 749 | 509 | ||||||||
Other | 369 | 91 | 460 | |||||||||
Total non-interest income | 494 | 2,767 | 3,261 | |||||||||
Non-interest expenses: | ||||||||||||
Salaries and employee benefits | 1,831 | 2,583 | 4,414 | |||||||||
Occupancy and equipment | 447 | 112 | 559 | |||||||||
Other non-interest expenses(2) | 1,357 | 1,154 | 2,511 | |||||||||
Total non-interest expenses | 3,635 | 3,849 | 7,484 | |||||||||
Income (loss) before income taxes and elimination of inter-segment profit | $ | 2,331 | $ | (812 | ) | 1,519 | ||||||
Elimination of inter-segment profit | (1,436 | ) | ||||||||||
Income before income taxes | 83 | |||||||||||
Income tax expense (benefit) | (165 | ) | ||||||||||
Net income | $ | 248 | ||||||||||
(1) Before elimination of inter-segment profit.
(2) Other non-interest expenses include
The information above was derived from the internal management reporting system used to measure performance of the segments.
Segment Information
(Dollars in thousands)
(Unaudited)
For the Three Months Ended | ||||||||||||
Envision Mortgage | Consolidated Total | |||||||||||
Net interest income | $ | 5,011 | $ | 256 | $ | 5,267 | ||||||
Provision for loan losses | 71 | - | 71 | |||||||||
Net interest income after provision for loan losses | 4,940 | 256 | 5,196 | |||||||||
Non-interest income: | ||||||||||||
Customer service fees | 355 | 10 | 365 | |||||||||
Gain on loan origination and sale activities, net (1) | - | 1,991 | 1,991 | |||||||||
Mortgage servicing fees, net | (205 | ) | 553 | 348 | ||||||||
Other | 99 | 116 | 215 | |||||||||
Total non-interest income | 249 | 2,670 | 2,919 | |||||||||
Non-interest expenses: | ||||||||||||
Salaries and employee benefits | 1,935 | 3,219 | 5,154 | |||||||||
Occupancy and equipment | 512 | (147 | ) | 365 | ||||||||
Other non-interest expenses(2) | 1,911 | 1,276 | 3,187 | |||||||||
Total non-interest expenses | 4,358 | 4,348 | 8,706 | |||||||||
Income (loss) before income taxes and elimination of inter-segment profit | $ | 831 | $ | (1,422 | ) | (591 | ) | |||||
Elimination of inter-segment profit | (727 | ) | ||||||||||
Income (loss) before income taxes | (1,318 | ) | ||||||||||
Income tax expense (benefit) | (1,083 | ) | ||||||||||
Net income (loss) | $ | (235 | ) | |||||||||
(1) Before elimination of inter-segment profit.
(2) Other non-interest expenses include
The information above was derived from the internal management reporting system used to measure performance of the segments.
Segment Information
(Dollars in thousands)
(Unaudited)
For the Three Months Ended | ||||||||||||
Envision Mortgage | Consolidated Total | |||||||||||
Net interest income | $ | 4,535 | $ | 664 | $ | 5,199 | ||||||
Provision (credit) for loan losses | (27 | ) | - | (27 | ) | |||||||
Net interest income after provision for loan losses | 4,562 | 664 | 5,226 | |||||||||
Non-interest income: | ||||||||||||
Customer service fees | 393 | 26 | 419 | |||||||||
Gain on loan origination and sale activities, net (1) | - | 6,558 | 6,558 | |||||||||
Mortgage servicing fees, net | (94 | ) | 475 | 381 | ||||||||
Other | 158 | 118 | 276 | |||||||||
Total non-interest income | 457 | 7,177 | 7,634 | |||||||||
Non-interest expenses: | ||||||||||||
Salaries and employee benefits | 1,746 | 5,564 | 7,310 | |||||||||
Occupancy and equipment | 407 | 214 | 621 | |||||||||
Other non-interest expenses | 1,265 | 1,431 | 2,696 | |||||||||
Total non-interest expenses | 3,418 | 7,209 | 10,627 | |||||||||
Income (loss) before income taxes and elimination of inter-segment profit | $ | 1,601 | $ | 632 | 2,233 | |||||||
Elimination of inter-segment profit | (818 | ) | ||||||||||
Income before income taxes | 1,415 | |||||||||||
Income tax expense (benefit) | (162 | ) | ||||||||||
Net income | $ | 1,577 | ||||||||||
(1) Before elimination of inter-segment profit.
The information above was derived from the internal management reporting system used to measure performance of the segments.
Segment Information
(Dollars in thousands)
(Unaudited)
For the Six Months Ended | ||||||||||||
Envision Mortgage | Consolidated Total | |||||||||||
Net interest income | $ | 10,751 | $ | 527 | $ | 11,278 | ||||||
Provision (credit) for loan losses | 340 | - | 340 | |||||||||
Net interest income after provision (credit) for loan losses | 10,411 | 527 | 10,938 | |||||||||
Non-interest income: | ||||||||||||
Customer service fees | 720 | 17 | 737 | |||||||||
Gain on loan origination and sale activities, net (1) | - | 3,911 | 3,911 | |||||||||
Mortgage servicing fees, net | (445 | ) | 1,302 | 857 | ||||||||
Other | 468 | 207 | 675 | |||||||||
Total non-interest income | 743 | 5,437 | 6,180 | |||||||||
Non-interest expenses: | ||||||||||||
Salaries and employee benefits | 3,766 | 5,802 | 9,568 | |||||||||
Occupancy and equipment | 959 | (35 | ) | 924 | ||||||||
Other non-interest expenses(2) | 3,268 | 2,430 | 5,698 | |||||||||
Total non-interest expenses | 7,993 | 8,197 | 16,190 | |||||||||
Income before income taxes and elimination of inter-segment profit | $ | 3,161 | $ | (2,233 | ) | 928 | ||||||
Elimination of inter-segment profit | (2,163 | ) | ||||||||||
Income before income taxes | (1,235 | ) | ||||||||||
Income tax expense | (1,248 | ) | ||||||||||
Net income | $ | 13 | ||||||||||
(1) Before elimination of inter-segment profit.
(2) Other non-interest expenses include
The information above was derived from the internal management reporting system used to measure performance of the segments.
Segment Information
(Dollars in thousands)
(Unaudited)
For the Six Months Ended | ||||||||||||
Envision Mortgage | Consolidated Total | |||||||||||
Net interest income | $ | 8,736 | $ | 1,554 | $ | 10,290 | ||||||
Provision (credit) for loan losses | (240 | ) | - | (240 | ) | |||||||
Net interest income after provision for loan losses | 8,976 | 1,554 | 10,530 | |||||||||
Non-interest income: | ||||||||||||
Customer service fees | 733 | 53 | 786 | |||||||||
Gain on loan origination and sale activities, net (1) | - | 18,232 | 18,232 | |||||||||
Mortgage servicing fees, net | (189 | ) | 1,349 | 1,160 | ||||||||
Other | 309 | 251 | 560 | |||||||||
Total non-interest income | 853 | 19,885 | 20,738 | |||||||||
Non-interest expenses: | ||||||||||||
Salaries and employee benefits (2) | 3,548 | 12,199 | 15,747 | |||||||||
Occupancy and equipment | 851 | 514 | 1,365 | |||||||||
Other non-interest expenses | 2,349 | 3,117 | 5,466 | |||||||||
Total non-interest expenses | 6,748 | 15,830 | 22,578 | |||||||||
Income (loss) before income taxes and elimination of inter-segment profit | $ | 3,081 | $ | 5,609 | 8,690 | |||||||
Elimination of inter-segment profit | (1,499 | ) | ||||||||||
Income before income taxes | 7,191 | |||||||||||
Income tax expense | 1,502 | |||||||||||
Net income | $ | 5,689 | ||||||||||
(1) Before elimination of inter-segment profit.
The information above was derived from the internal management reporting system used to measure performance of the segments.
Reconciliation of GAAP to Non-GAAP Net Income
(in thousands, except per share amounts)
Unaudited
Quarter Ended | ||||||||||||||||||
Adjustments | Income Statement Section | Income Before Taxes | Provision (Credit) for Income Taxes | Net Income | Earnings per Share (diluted) | |||||||||||||
GAAP basis | $ | 83 | $ | (165 | ) | $ | 248 | $ | 0.05 | |||||||||
Merger expenses(1) | Non-interest expense | 357 | - | 357 | 0.07 | |||||||||||||
Non-GAAP basis | $ | 440 | $ | (165 | ) | $ | 605 | $ | 0.12 | |||||||||
Quarter Ended | ||||||||||||||||||
Adjustments | Income Statement Section | Income (Loss) Before Taxes | Provision (Credit) for Income Taxes | Net Income (Loss) | Earnings (Loss) per Share (diluted) | |||||||||||||
GAAP basis | $ | (1,318 | ) | $ | (1,083 | ) | $ | (235 | ) | $ | (0.05 | ) | ||||||
Merger expenses(1) | Non-interest expense | 588 | - | 588 | 0.12 | |||||||||||||
Reversal of cease use liability | Non-interest expense | (290 | ) | (89 | ) | (201 | ) | (0.04 | ) | |||||||||
Severance expenses | Non-interest expense | 240 | 74 | 166 | 0.03 | |||||||||||||
Non-GAAP basis | $ | (780 | ) | $ | (1,098 | ) | $ | 318 | $ | 0.06 | ||||||||
Quarter Ended | ||||||||||||||||||
Adjustments | Income Statement Section | Income Before Taxes | Provision for Income Taxes | Net Income | Earnings per Share (diluted) | |||||||||||||
GAAP basis | $ | 1,116 | $ | 330 | $ | 786 | $ | 0.16 | ||||||||||
Loss on disposal of fixed assets | Non-interest income | 55 | 16 | 39 | 0.01 | |||||||||||||
Accrued severance expenses | Non-interest expense | 26 | 7 | 19 | - | |||||||||||||
Non-GAAP basis | $ | 1,197 | $ | 353 | $ | 844 | $ | 0.17 | ||||||||||
Quarter Ended | ||||||||||||||||||
Adjustments | Income Statement Section | Income Before Taxes | Provision for Income Taxes | Net Income | Earnings per Share (diluted) | |||||||||||||
GAAP basis | $ | 4,356 | $ | 1,230 | $ | 3,126 | $ | 0.62 | ||||||||||
Accrued severance expenses | Non-interest expense | 139 | 40 | 99 | 0.02 | |||||||||||||
Other outsourcing expenses | Non-interest expense | 190 | 54 | 136 | 0.03 | |||||||||||||
Non-GAAP basis | $ | 4,685 | $ | 1,324 | $ | 3,361 | $ | 0.67 | ||||||||||
Quarter Ended | ||||||||||||||||||
Adjustments | Income Statement Section | Income Before Taxes | Provision (Credit) for Income Taxes | Net Income | Earnings per Share (diluted) | |||||||||||||
GAAP basis | $ | 1,415 | $ | (162 | ) | $ | 1,577 | $ | 0.31 | |||||||||
Loss on disposal of fixed assets | Non-interest expense | 29 | 8 | 21 | - | |||||||||||||
Accrued severance expenses | Non-interest expense | 145 | 41 | 104 | 0.02 | |||||||||||||
Other outsourcing expenses | Non-interest expense | 71 | 20 | 51 | 0.01 | |||||||||||||
Non-GAAP basis | $ | 1,660 | $ | (93 | ) | $ | 1,753 | $ | 0.34 | |||||||||
(1) Merger expenses are not tax deductible and therefore no provision for income taxes is calculated in the table.
Reconciliation of GAAP to Non-GAAP Net Income
(in thousands, except per share amounts)
(Unaudited)
Year to Date | ||||||||||||||||||
Adjustments | Income Statement Section | Income (Loss) Before Taxes | Provision (Credit) for Income Taxes | Net Income (Loss) | Earnings (Loss) per Share (diluted) | |||||||||||||
GAAP basis | $ | (1,235 | ) | $ | (1,248 | ) | $ | 13 | $ | - | ||||||||
Merger expenses(1) | Non-interest expense | 945 | - | 945 | 0.19 | |||||||||||||
Reversal of cease use liability | Non-interest expense | (290 | ) | (89 | ) | (201 | ) | (0.04 | ) | |||||||||
Severance expenses | Non-interest expense | 240 | 74 | 166 | 0.03 | |||||||||||||
Non-GAAP basis | $ | (340 | ) | $ | (1,263 | ) | $ | 923 | $ | 0.18 | ||||||||
Year to Date | ||||||||||||||||||
Adjustments | Income Statement Section | Income Before Taxes | Provision for Income Taxes | Net Income | Earnings per Share (diluted) | |||||||||||||
GAAP basis | $ | 7,191 | $ | 1,502 | $ | 5,689 | $ | 1.10 | ||||||||||
Loss on disposal of fixed assets | Non-interest expense | 29 | 8 | 21 | - | |||||||||||||
Accrued severance expenses | Non-interest expense | 254 | 72 | 182 | 0.04 | |||||||||||||
Other outsourcing expenses | Non-interest expense | 71 | 20 | 51 | 0.01 | |||||||||||||
Non-GAAP basis | $ | 7,545 | $ | 1,602 | $ | 5,943 | $ | 1.15 | ||||||||||
(1) Merger expenses are not tax deductible and therefore no provision for income taxes is calculated in the table.
Selected Financial Highlights
(Unaudited)
At or for the Three Months Ended | ||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | ||||||||||||||||
Return on average assets: (1, 5) | ||||||||||||||||||||
GAAP | 0.13 | % | (0.12 | %) | 0.41 | % | 1.66 | % | 0.86 | % | ||||||||||
Non-GAAP (2) | 0.32 | % | 0.16 | % | 0.44 | % | 1.79 | % | 0.96 | % | ||||||||||
Return on average equity: (1, 6) | ||||||||||||||||||||
GAAP | 1.11 | % | (0.98 | %) | 3.07 | % | 12.09 | % | 6.11 | % | ||||||||||
Non-GAAP (2) | 2.70 | % | 1.33 | % | 3.29 | % | 13.00 | % | 6.79 | % | ||||||||||
Net interest margin (10) | 3.39 | % | 2.86 | % | 3.14 | % | 3.36 | % | 3.01 | % | ||||||||||
Non-interest income to total income: | ||||||||||||||||||||
GAAP | 23.29 | % | 29.39 | % | 44.33 | % | 57.69 | % | 56.73 | % | ||||||||||
Non-GAAP (2) | 23.29 | % | 29.39 | % | 44.63 | % | 57.69 | % | 56.83 | % | ||||||||||
Profit percentage (9) | ||||||||||||||||||||
GAAP | 4.49 | % | (16.72 | %) | 9.85 | % | 30.20 | % | 11.55 | % | ||||||||||
Non-GAAP (2) | 9.05 | % | (9.51 | %) | 10.59 | % | 32.53 | % | 13.56 | % | ||||||||||
Efficiency ratio: (7) | ||||||||||||||||||||
GAAP | 95.51 | % | 116.72 | % | 90.15 | % | 69.80 | % | 88.45 | % | ||||||||||
Non-GAAP (2) | 90.95 | % | 109.51 | % | 89.41 | % | 67.47 | % | 86.44 | % | ||||||||||
Tier 1 capital to average assets (3) | 12.24 | % | 11.47 | % | 13.23 | % | 13.38 | % | 13.72 | % | ||||||||||
Non-performing assets as a percentage of total assets (4) | 0.36 | % | 0.37 | % | 0.33 | % | 0.20 | % | 0.86 | % | ||||||||||
Allowance for loan losses as a percentage of total loans (4) | 1.00 | % | 1.09 | % | 1.14 | % | 1.13 | % | 1.19 | % | ||||||||||
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4) | 1.00 | % | 1.09 | % | 1.15 | % | 1.14 | % | 1.22 | % | ||||||||||
Allowance for loan losses as a percentage of non-performing assets | 237.40 | % | 237.17 | % | 239.67 | % | 427.66 | % | 101.89 | % | ||||||||||
Allowance for loan losses as a percentage of non-performing loans | 237.40 | % | 237.17 | % | 239.67 | % | 427.66 | % | 101.89 | % | ||||||||||
Tangible book value per share (8) | $ | 17.18 | $ | 17.07 | $ | 19.73 | $ | 19.71 | $ | 19.16 | ||||||||||
Outstanding shares | 5,197,680 | 5,180,670 | 5,113,825 | 5,103,619 | 5,254,522 | |||||||||||||||
(1) Annualized for quarterly periods presented.
(2) See page 26 – Reconciliation of GAAP to Non-GAAP Net Income.
(3) Average assets calculated on a quarterly basis for all periods presented.
(4) Total loans exclude loans held for sale but includes net deferred loan costs and fees.
(5) This non-GAAP measure represents net income divided by average total assets.
(6) This non-GAAP measure represents net income divided by average stockholders’ equity.
(7) This non-GAAP measure represents total non-interest expenses divided by net interest income and non-interest income.
(8) This non-GAAP measure represents total stockholders’ equity, minus intangible assets of
(9) This non-GAAP measure represents net interest income plus noninterest income less non-interest expense divided by net interest income plus non-interest income.
(10) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.
Selected Financial Highlights
(Unaudited)
At or for the Six Months Ended | ||||||||
2022 | 2021 | |||||||
Return on average assets: (1, 5) | ||||||||
GAAP | 0.00 | % | 1.56 | % | ||||
Non-GAAP (2) | 0.24 | % | 1.63 | % | ||||
Return on average equity: (1, 6) | ||||||||
GAAP | 0.03 | % | 11.01 | % | ||||
Non-GAAP (2) | 1.99 | % | 11.50 | % | ||||
Net interest margin (10) | 3.12 | % | 2.98 | % | ||||
Non-interest income to total income: | ||||||||
GAAP | 26.26 | % | 65.15 | % | ||||
Non-GAAP (2) | 26.26 | % | 65.19 | % | ||||
Profit percentage (9) | ||||||||
GAAP | (5.85 | %) | 23.54 | % | ||||
Non-GAAP (2) | 0.00 | % | 24.71 | % | ||||
Efficiency ratio: (7) | ||||||||
GAAP | 105.85 | % | 76.46 | % | ||||
Non-GAAP (2) | 100.00 | % | 75.29 | % | ||||
Tier 1 capital to average assets (3) | 12.24 | % | 13.72 | % | ||||
Non-performing assets as a percentage of total assets (4) | 0.36 | % | 0.86 | % | ||||
Allowance for loan losses as a percentage of total loans (4) | 1.00 | % | 1.19 | % | ||||
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4) | 1.00 | % | 1.22 | % | ||||
Allowance for loan losses as a percentage of non-performing assets | 237.40 | % | 101.89 | % | ||||
Allowance for loan losses as a percentage of non-performing loans | 237.40 | % | 101.89 | % | ||||
Tangible book value per share (8) | $ | 17.18 | $ | 19.16 | ||||
Outstanding shares | 5,197,680 | 5,254,522 | ||||||
(1) Annualized for quarterly periods presented.
(2) See page 27 – Reconciliation of GAAP to Non-GAAP Net Income.
(3) Average assets calculated on an annual basis for all periods presented.
(4) Total loans exclude loans held for sale but includes net deferred loan costs and fees.
(5) This non-GAAP measure represents net income divided by average total assets.
(6) This non-GAAP measure represents net income divided by average stockholders’ equity.
(7) This non-GAAP measure represents total non-interest expenses divided by net interest income and non-interest income.
(8) This non-GAAP measure represents total stockholders’ equity, minus intangible assets of
(9) This non-GAAP measure represents net interest income plus noninterest income less non-interest expense divided by net interest income plus non-interest income.
(10) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.
For More Information, Contact:
Executive Officer (617-925-1955)
Source:
2022 GlobeNewswire, Inc., source