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CBB Bancorp, Inc. Reports Fourth Quarter 2023 Financial Results

CBB Bancorp, Inc. ("CBB" or the "Company') (OTCQX: CBBI), the holding company of Commonwealth Business Bank, doing business as “CBB Bank” (the "Bank"), announced today net income of $7.0 million for the fourth quarter 2023 or $0.66 per diluted share, an increase of 5.0% compared to $6.7 million, or $0.63 per diluted share, in the prior quarter and a decrease of 4.5% compared to $7.3 million, or $0.70 per diluted share, in the same period last year.

Additionally, CBB reported net income for the year ended December 31, 2023 of $28.9 million, or $2.73 per diluted share, an increase of 3.4% from the $27.9 million, or $2.68 per diluted share, of net income for the year ended December 31, 2022.

OVERALL RESULTS

Net income for the fourth quarter 2023 increased from the prior quarter primarily due to higher gain on sale of SBA loans and lower noninterest expenses. The return on average assets for the fourth quarter 2023 was 1.54% compared to 1.46% for the third quarter 2023 and 1.64% for the fourth quarter 2022. The return on average equity for the fourth quarter 2023 was 11.94%, compared to 11.66% for the third quarter 2023 and 14.04% for the fourth quarter 2022. The net interest margin for the fourth quarter 2023 was 3.86%, compared to 4.01% for the third quarter 2023 and 4.59% for the fourth quarter 2022. The efficiency ratio for the fourth quarter 2023 was 49.45%, compared to 52.23% for the third quarter 2023 and 51.41% for the fourth quarter 2022.

James Hong, President and CEO, commented, “We are pleased to announce that the Bank’s performance was solid in 2023 with strong liquidity, credit, and capital metrics. While the Bank has sold comparatively less SBA loans in 2023 than in 2022, the higher yield on SBA loans retained by the Bank contributed to a comparatively higher net interest income contributing to overall profitability.”

INCOME STATEMENT

Net Interest Income

Net interest income for the fourth quarter 2023 was $17.2 million, a decrease of $846 thousand, or 4.7%, from the third quarter 2023, and a decrease of $2.9 million, or 14.5%, from the fourth quarter 2022. The decrease in net interest income compared with both the third quarter 2023 and the fourth quarter 2022 was primarily due to the impact of relatively higher increases in interest expenses on deposits.

Net Interest Margin

The net interest margin for the fourth quarter 2023 was 3.86%, compared to 4.01% for the third quarter 2023 and 4.59% for the fourth quarter 2022. The decrease in the net interest margin from the prior quarter and from the same quarter of 2022 is due primarily to the rising cost of funds. The cost of funds for the fourth quarter 2023 increased to 3.20% compared to 2.91% for the third quarter 2023 and 1.19% for the fourth quarter 2022.

Provision for Credit Losses

No provision for credit losses was recorded for the fourth or the third quarter 2023 or for the fourth quarter 2022. Please refer to financial tables in this press release for additional information and trends.

Noninterest Income

Noninterest income in the fourth quarter 2023 was $2.0 million, an increase of $504 thousand compared to $1.46 million for the third quarter 2023, and an increase of $1.0 million compared to $0.95 million in the fourth quarter 2022. The quarter-over-quarter increase in noninterest income was primarily the result of higher gain on sale of loans. The Bank sold $21.7 million in SBA loans with an average premium of 6.7% during the fourth quarter 2023 compared to sale of $9.2 million in SBA loans with an average premium of 8.3% during the third quarter 2023. There was no sale of loans during the fourth quarter 2022.

Noninterest Expense

Noninterest expense for the fourth quarter 2023 was $9.5 million, compared to $10.2 million for the third quarter 2023 and $10.8 million for the fourth quarter 2022. Total noninterest expenses for the full year 2023 were $40.1 million compared to $43.2 million for the full year 2022.

Salaries and employee benefits expenses totaled $5.4 million for the fourth quarter 2023 compared to $5.6 million for the third quarter 2023 and $6.2 million for the fourth quarter 2022. Salaries and employee benefits expenses for 2023 were $22.6 million compared to $27.2 million in 2022.

Income Taxes

The Company’s effective tax rate for fourth quarter 2023 was 27.6% compared to 28.3% for third quarter 2023 and 28.2% for fourth quarter 2022. The effective tax rate for the year 2023 was 28.2% compared to 28.3% for 2022.

BALANCE SHEET

Investment Securities

Investment securities were $59.9 million at December 31, 2023, a decrease of $1.7 million or 2.8% at September 30, 2023, and a decrease of $12.7 million or 17.5% from December 31, 2022. The decreases were due to principal paydowns and an absence of portfolio additions during 2023. The unrealized losses on available for sale investments were approximately $0.4 million at December 31, 2023, $1.1 million at September 30, 2023, and $1.1 million at December 31, 2022, net of taxes. Management believes that the Bank currently has adequate liquidity and does not need to sell securities for liquidity purposes.

Loans Receivable

Loans receivable (including loans held-for-sale) at December 31, 2023, was $1.4 billion, an increase of $1.7 million, or 0.1% from September 30, 2023, and a decrease of $93.4 million, or 6.2%, from December 31, 2022. The slight rise in loans receivable since last quarter, paired with the reduction from the previous year, reflects the challenging loan origination landscape, influenced by diminished demand amid the prevailing high-interest rate environment.

Allowance for Credit Losses and Asset Quality

The allowance for credit losses at December 31, 2023 was $15.3 million or 1.27% of loans held-for-investment, compared to $15.6 million at September 30, 2023, or 1.27% of loans held-for-investment, and compared to $15.5 million at December 31, 2022, or 1.21% of total loans held-for-investment. Total Nonperforming assets at December 31, 2023 was $2.5 million, compared to $0.7 million at September 30, 2023, and $6.8 million at December 31, 2022. The coverage ratio of allowance for credit losses to nonperforming assets exceeded 615% at December 31, 2023.

SBA Loans Held-for-Sale

Total SBA loans held-for-sale at December 31, 2023, was $218.3 million, compared to $219.4 million at September 30 2023, and $230.4 million at December 31, 2022. We continue to assess SBA loan market premiums and plan to sell loans when it is advantageous to do so. See comments under “Noninterest Income,” and Table 7 for additional SBA loan origination and sale data.

Deposits

Total deposits were $1.5 billion at December 31, 2023, down $95.7 million, or 6.2%, from September 30, 2023, and down $84.7 million, or 5.5%, from December 31, 2022. DDAs were 21.6% of total deposits at December 31, 2023, compared to 26.6% at September 30, 2023, and 30.0% at December 31, 2022. NOW and MMDA deposits comprised 16.3% of total deposits at December 31, 2023 compared to 14.7% at September 30, 2023, and 17.9% at December 31, 2022. The quarter-over-quarter and year-over-year declines in DDAs can be attributed to the higher interest rate environment. Depositors were eager to capitalize on the rising interest rates, leading to a decrease in DDAs and a simultaneous increase in CD and MMDA balances.

As of December 31, 2023, the average time deposits increased $4.6 million, or 0.6%, quarter-over-quarter, but increased $199.1 million, or 31.81%, from December 31, 2022. The change in deposit composition reflects depositors’ preferences for higher paying term deposits over money market and checking accounts as rates have risen significantly since March 2022. The primary reason for the decrease in noninterest-bearing deposits during 2023 was a decline in escrow-related deposits as the higher interest rate environment caused a significant slowdown in business activities for that sector.

Borrowings

The Bank has maintained $50.0 million of Federal Home Loan Bank advances since September 30, 2022. The blended cost of FHLB advances was 0.94% as of December 31, 2023.

Capital

Stockholders’ equity was $235.7 million at December 31, 2023 representing an increase of $6.8 million, or 3.0%, from $228.9 million at September 30, 2023. Tangible book value per share at December 31, 2023, was $22.03, compared with $21.39 at September 30, 2023, an increase of $0.64, or 3.0%, per share.

Each of the Company’s and the Bank’s regulatory capital ratios increased at December 31, 2023 when compared to September 30, 2023 and December 31, 2022. Capital ratios continue to exceed the minimum levels required to be considered “Well Capitalized” under the applicable regulatory capital rules and in compliance with the fully phased-in Basel III requirements as shown on Table 11 in this press release.

The Common Equity Tier 1 Risked-Based Capital Ratios at December 31, 2023, were 18.08% and 18.05% for the Company and the Bank, respectively, and Total Capital Ratios were 19.30% and 19.27% for the Company and the Bank, respectively. The Common Equity Tier 1 Risked-Based Capital Ratios at December 31, 2022, were 14.92% and 14.87% for the Company and the Bank, respectively, and Total Capital Ratios were 16.08% and 16.03% for the Company and the Bank, respectively.

About CBB Bancorp, Inc.:

CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in loans to small-to-medium-sized businesses and does business as “CBB Bank.” As of December 31, 2023, the Bank had eleven full-service banking offices in Los Angeles and Orange Counties in California, Dallas County in Texas and Honolulu, Hawaii; two SBA regional offices in Los Angeles and Dallas Counties; and loan production offices in Georgia and Washington. For additional information, please go to www.cbb-bank.com under the tab “About Us” and select “Investors Relations” to see the 4Q 2023 Overview.

FORWARD-LOOKING STATEMENTS:

This press release includes 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. CBB Bancorp, Inc. (the “Company”) intends that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described herein are necessarily subject to risks and uncertainties that may cause actual results to differ materially and adversely from those described herein. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause actual results to differ materially from those presented, either expressed or implied, in this news release include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances, except to the extent required by law.

Schedules and Financial Data: All tables and data to follow

 

STATEMENT OF INCOME AND PERFORMANCE HIGHLIGHT (Unaudited) - Table 1

(Dollars in thousands, except per share amounts)

 
Three Months Ended Twelve Months Ended
December 31, September 30, $ % December 31, $ % December 31, December 31, $ %

 

2023

 

 

2023

 

Change

Change

 

2022

 

Change

Change

 

2023

 

 

2022

 

Change

Change

 
Interest income

$

29,624

 

$

29,450

 

$

174

 

0.6

%

$

24,744

 

$

4,880

 

19.7

%

$

114,986

 

$

80,917

 

$

34,069

 

42.1

%

Interest expense

 

12,462

 

 

11,442

 

 

1,020

 

8.9

%

 

4,677

 

 

7,785

 

166.5

%

 

42,002

 

 

9,762

 

 

32,240

 

330.3

%

Net interest income

 

17,162

 

 

18,008

 

 

(846

)

(4.7

%)

 

20,067

 

 

(2,905

)

(14.5

%)

 

72,984

 

 

71,155

 

 

1,829

 

2.6

%

 
Provision for credit losses

 

-

 

 

-

 

 

-

 

-

 

 

-

 

 

-

 

100.0

%

 

-

 

 

1,343

 

 

(1,343

)

(100.0

%)

Net interest income after provision for credit losses

 

17,162

 

 

18,008

 

 

(846

)

(4.7

%)

 

20,067

 

 

(2,905

)

(14.5

%)

 

72,984

 

 

69,812

 

 

3,172

 

4.5

%

 
Gain on sale of loans

 

838

 

 

419

 

 

419

 

100.0

%

 

-

 

 

838

 

100.0

%

 

3,209

 

 

7,966

 

 

(4,757

)

(59.7

%)

SBA servicing fee income, net

 

690

 

 

639

 

 

51

 

8.0

%

 

491

 

 

199

 

40.5

%

 

2,423

 

 

2,447

 

 

(24

)

(1.0

%)

Service charges and other income

 

436

 

 

402

 

 

34

 

8.5

%

 

457

 

 

(21

)

(4.6

%)

 

1,643

 

 

1,935

 

 

(292

)

(15.1

%)

Noninterest income

 

1,964

 

 

1,460

 

 

504

 

34.5

%

 

948

 

 

1,016

 

107.2

%

 

7,275

 

 

12,348

 

 

(5,073

)

(41.1

%)

 
Salaries and employee benefits

 

5,356

 

 

5,569

 

 

(213

)

(3.8

%)

 

6,233

 

 

(877

)

(14.1

%)

 

22,585

 

 

27,153

 

 

(4,568

)

(16.8

%)

Occupancy and equipment

 

1,128

 

 

1,103

 

 

25

 

2.3

%

 

1,133

 

 

(5

)

(0.4

%)

 

4,477

 

 

4,485

 

 

(8

)

(0.2

%)

Marketing expense

 

250

 

 

475

 

 

(225

)

(47.4

%)

 

434

 

 

(184

)

(42.4

%)

 

1,508

 

 

1,919

 

 

(411

)

(21.4

%)

Professional expense

 

360

 

 

443

 

 

(83

)

(18.7

%)

 

418

 

 

(58

)

(13.9

%)

 

1,693

 

 

1,869

 

 

(176

)

(9.4

%)

Merger related expense

 

1

 

 

5

 

 

(4

)

(80.0

%)

 

7

 

 

(6

)

(85.7

%)

 

17

 

 

177

 

 

(160

)

(90.4

%)

Other expenses

 

2,362

 

 

2,574

 

 

(212

)

(8.2

%)

 

2,579

 

 

(217

)

(8.4

%)

 

9,804

 

 

7,614

 

 

2,190

 

28.8

%

Noninterest expense

 

9,457

 

 

10,169

 

 

(712

)

(7.0

%)

 

10,804

 

 

(1,347

)

(12.5

%)

 

40,084

 

 

43,217

 

 

(3,133

)

(7.2

%)

 
Income before income tax provision

 

9,669

 

 

9,299

 

 

370

 

4.0

%

 

10,211

 

 

(542

)

(5.3

%)

 

40,175

 

 

38,943

 

 

1,232

 

3.2

%

 
Income tax provision

 

2,670

 

 

2,630

 

 

40

 

1.5

%

 

2,882

 

 

(212

)

(7.4

%)

 

11,315

 

 

11,023

 

 

292

 

2.6

%

 
Net income

$

6,999

 

$

6,669

 

$

330

 

4.9

%

$

7,329

 

$

(330

)

(4.5

%)

$

28,860

 

$

27,920

 

$

940

 

3.4

%

 
Effective tax rate

 

27.6

%

 

28.3

%

 

(0.7

%)

(2.4

%)

 

28.2

%

 

(0.6

%)

(2.2

%)

 

28.2

%

 

28.3

%

 

(0.1

%)

(0.5

%)

 
Outstanding number of shares

 

10,588,136

 

 

10,588,136

 

 

-

 

-

 

 

10,569,601

 

 

18,535

 

0.2

%

 

10,588,136

 

 

10,569,601

 

 

18,535

 

0.2

%

 
Weighted average shares for basic EPS

 

10,588,136

 

 

10,588,136

 

 

-

 

-

 

 

10,569,601

 

 

18,535

 

0.2

%

 

10,585,191

 

 

10,421,546

 

 

163,645

 

1.6

%

Weighted average shares for diluted EPS

 

10,588,937

 

 

10,594,155

 

 

(5,218

)

(0.0

%)

 

10,600,053

 

 

(11,116

)

(0.1

%)

 

10,594,055

 

 

10,509,800

 

 

84,255

 

0.8

%

 
Basic EPS

$

0.66

 

$

0.63

 

$

0.03

 

4.8

%

$

0.70

 

$

(0.04

)

(5.7

%)

$

2.73

 

$

2.68

 

$

0.05

 

1.9

%

Diluted EPS

$

0.66

 

$

0.63

 

$

0.03

 

4.8

%

$

0.70

 

$

(0.04

)

(5.7

%)

$

2.72

 

$

2.66

 

$

0.06

 

2.3

%

 
Return on average assets

 

1.54

%

 

1.46

%

 

0.08

%

5.5

%

 

1.64

%

 

(0.10

%)

(6.1

%)

 

1.59

%

 

1.56

%

 

0.03

%

1.9

%

Return on average equity

 

11.94

%

 

11.66

%

 

0.28

%

2.4

%

 

14.04

%

 

(2.10

%)

(15.0

%)

 

12.95

%

 

14.09

%

 

(1.14

%)

(8.1

%)

 
Efficiency ratio¹

 

49.45

%

 

52.23

%

 

(2.78

%)

(5.3

%)

 

51.41

%

 

(1.96

%)

(3.8

%)

 

49.94

%

 

51.76

%

 

(1.82

%)

(3.5

%)

Yield on interest-earning assets²

 

6.65

%

 

6.55

%

 

0.10

%

1.5

%

 

5.66

%

 

0.99

%

17.5

%

 

6.48

%

 

4.64

%

 

1.84

%

39.7

%

Cost of funds

 

3.20

%

 

2.91

%

 

0.29

%

10.0

%

 

1.19

%

 

2.01

%

168.9

%

 

2.68

%

 

0.62

%

 

2.06

%

332.3

%

Net interest margin²

 

3.86

%

 

4.01

%

 

(0.15

%)

(3.7

%)

 

4.59

%

 

(0.73

%)

(15.9

%)

 

4.12

%

 

4.08

%

 

0.04

%

1.0

%

 

¹ Represents the ratio of noninterest expense less other real estate owned operations to the sum of net interest income before provision for credit losses and total noninterest income.

² Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate

BALANCE SHEET, CAPITAL AND OTHER DATA (Unaudited) - Table 2

(Dollars in thousands)

 
December 31, September 30, $ % December 31, $ %

 

2023

 

 

2023

 

Change

Change

 

2022

 

Change

Change

ASSETS
Cash and due from banks

$

14,282

 

$

11,188

 

$

3,094

 

27.7

%

$

20,134

 

$

(5,852

)

(29.1

%)

Interest-earning deposits at the FRB and other banks

 

233,255

 

 

335,016

 

 

(101,761

)

(30.4

%)

 

170,839

 

 

62,416

 

36.5

%

Investment securities¹

 

59,883

 

 

61,617

 

 

(1,734

)

(2.8

%)

 

72,550

 

 

(12,667

)

(17.5

%)

Loans held-for-sale

 

218,258

 

 

219,355

 

 

(1,097

)

(0.5

%)

 

230,431

 

 

(12,173

)

(5.3

%)

 
Loans held-for-investment

 

1,204,009

 

 

1,201,230

 

 

2,779

 

0.2

%

 

1,285,278

 

 

(81,269

)

(6.3

%)

Less: Allowance for credit losses ("ACL")

 

(15,291

)

 

(15,284

)

 

(7

)

(0.0

%)

 

(15,525

)

 

234

 

1.5

%

Loans held-for-investment, net

 

1,188,718

 

 

1,185,946

 

 

2,772

 

0.2

%

 

1,269,753

 

 

(81,035

)

(6.4

%)

 
Other real estate owned ("OREO")

 

55

 

 

55

 

 

-

 

-

 

 

-

 

 

55

 

100.0

%

Restricted stock investments

 

11,011

 

 

11,011

 

 

-

 

-

 

 

10,121

 

 

890

 

8.8

%

Servicing assets

 

7,673

 

 

7,873

 

 

(200

)

(2.5

%)

 

9,232

 

 

(1,559

)

(16.9

%)

Goodwill

 

2,185

 

 

2,185

 

 

-

 

-

 

 

2,185

 

 

-

 

-

 

Intangible assets

 

255

 

 

267

 

 

(12

)

(4.5

%)

 

303

 

 

(48

)

(15.8

%)

Other assets

 

24,838

 

 

24,799

 

 

39

 

0.2

%

 

26,939

 

 

(2,101

)

(7.8

%)

Total assets

$

1,760,413

 

$

1,859,312

 

$

(98,899

)

(5.3

%)

$

1,812,487

 

$

(52,074

)

(2.9

%)

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing

$

305,923

 

$

406,033

 

$

(100,110

)

(24.7

%)

$

451,651

 

$

(145,728

)

(32.3

%)

Interest-bearing

 

1,147,662

 

 

1,143,257

 

 

4,405

 

0.4

%

 

1,086,599

 

 

61,063

 

5.6

%

Total deposits

 

1,453,585

 

 

1,549,290

 

 

(95,705

)

(6.2

%)

 

1,538,250

 

 

(84,665

)

(5.5

%)

 
FHLB advances and other borrowing

 

50,000

 

 

50,000

 

 

-

 

-

 

 

50,000

 

 

-

 

-

 

Other liabilities

 

21,114

 

 

31,141

 

 

(10,027

)

(32.2

%)

 

14,706

 

 

6,408

 

43.6

%

Total liabilities

 

1,524,699

 

 

1,630,431

 

 

(105,732

)

(6.5

%)

 

1,602,956

 

 

(78,257

)

(4.9

%)

 
Stockholders' Equity

 

235,714

 

 

228,881

 

 

6,833

 

3.0

%

 

209,531

 

 

26,183

 

12.5

%

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,760,413

 

$

1,859,312

 

$

(98,899

)

(5.3

%)

$

1,812,487

 

$

(52,074

)

(2.9

%)

 
CAPITAL RATIOS
Leverage ratio
Company

 

12.98

%

 

12.53

%

 

0.45

%

3.6

%

 

11.71

%

 

1.27

%

10.8

%

Bank

 

12.96

%

 

12.50

%

 

0.46

%

3.7

%

 

11.67

%

 

1.29

%

11.0

%

Common equity tier 1 risk-based capital ratio
Company

 

18.08

%

 

17.61

%

 

0.47

%

2.6

%

 

14.92

%

 

3.16

%

21.2

%

Bank

 

18.05

%

 

17.57

%

 

0.48

%

2.7

%

 

14.87

%

 

3.18

%

21.4

%

Tier 1 risk-based capital ratio
Company

 

18.08

%

 

17.61

%

 

0.47

%

2.6

%

 

14.92

%

 

3.16

%

21.2

%

Bank

 

18.05

%

 

17.57

%

 

0.48

%

2.7

%

 

14.87

%

 

3.18

%

21.4

%

Total risk-based capital ratio
Company

 

19.30

%

 

18.83

%

 

0.46

%

2.5

%

 

16.08

%

 

3.21

%

20.0

%

Bank

 

19.27

%

 

18.79

%

 

0.48

%

2.5

%

 

16.03

%

 

3.24

%

20.2

%

Tangible book value per share

$

22.03

 

$

21.39

 

$

0.64

 

3.0

%

$

19.59

 

$

2.44

 

12.5

%

Loans Held for Investments-to-Deposit ("LHFITD") ratio

 

82.83

%

 

77.53

%

 

5.30

%

6.8

%

 

83.55

%

 

(0.72

%)

(0.9

%)

Net Loan-to-Deposit ("LTD") ratio

 

96.79

%

 

90.71

%

 

6.08

%

6.7

%

 

97.53

%

 

(0.74

%)

(0.8

%)

Nonperforming assets

$

2,484

 

$

673

 

$

1,811

 

269.1

%

$

6,807

 

$

(4,323

)

(63.5

%)

Nonperforming assets as a % of loans held-for-investment

 

0.21

%

 

0.06

%

 

0.15

%

250.0

%

 

0.53

%

 

(0.32

%)

(60.4

%)

ACL as a % of loans held-for-investment

 

1.27

%

 

1.27

%

 

0.00

%

0.00

%

 

1.21

%

 

0.06

%

5.0

%

 
¹ Includes AFS and HTM

FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3

(Dollars in thousands, except per share amounts)

 
Three Months Ended
December 31, September 30, June 30, March 31, December 31,

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 
Interest income

$

29,624

 

$

29,450

 

$

28,664

 

$

27,248

 

$

24,744

 

Interest expense

 

12,462

 

 

11,442

 

 

9,930

 

 

8,168

 

 

4,677

 

Net interest income

 

17,162

 

 

18,008

 

 

18,734

 

 

19,080

 

 

20,067

 

 
Provision for credit losses

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Net interest income after provision for credit losses

 

17,162

 

 

18,008

 

 

18,734

 

 

19,080

 

 

20,067

 

 
Gain on sale of loans

 

838

 

 

419

 

 

1,952

 

 

-

 

 

-

 

SBA servicing fee income, net

 

690

 

 

639

 

 

440

 

 

654

 

 

491

 

Service charges and other income

 

436

 

 

402

 

 

407

 

 

398

 

 

457

 

Noninterest income

 

1,964

 

 

1,460

 

 

2,799

 

 

1,052

 

 

948

 

 
Salaries and employee benefits

 

5,356

 

 

5,569

 

 

5,581

 

 

6,079

 

 

6,233

 

Occupancy and equipment

 

1,128

 

 

1,103

 

 

1,122

 

 

1,124

 

 

1,133

 

Marketing expense

 

250

 

 

475

 

 

409

 

 

374

 

 

434

 

Professional expense

 

360

 

 

443

 

 

436

 

 

454

 

 

418

 

Merger related expense

 

1

 

 

5

 

 

2

 

 

9

 

 

7

 

Other expenses

 

2,362

 

 

2,574

 

 

2,633

 

 

2,235

 

 

2,579

 

Noninterest expense

 

9,457

 

 

10,169

 

 

10,183

 

 

10,275

 

 

10,804

 

 
Income before income tax expense

 

9,669

 

 

9,299

 

 

11,350

 

 

9,857

 

 

10,211

 

 
Income tax expense

 

2,670

 

 

2,630

 

 

3,248

 

 

2,767

 

 

2,882

 

 
Net income

$

6,999

 

$

6,669

 

$

8,102

 

$

7,090

 

$

7,329

 

 
Effective tax rate

 

27.6

%

 

28.3

%

 

28.6

%

 

28.1

%

 

28.2

%

 
Outstanding number of shares

 

10,588,136

 

 

10,588,136

 

 

10,588,136

 

 

10,588,136

 

 

10,569,601

 

 
Weighted average shares for basic EPS

 

10,588,136

 

 

10,588,136

 

 

10,588,136

 

 

10,576,191

 

 

10,569,601

 

Weighted average shares for diluted EPS

 

10,588,937

 

 

10,594,155

 

 

10,591,351

 

 

10,600,189

 

 

10,600,053

 

 
Basic EPS

$

0.66

 

$

0.63

 

$

0.77

 

$

0.67

 

$

0.70

 

Diluted EPS

$

0.66

 

$

0.63

 

$

0.76

 

$

0.67

 

$

0.70

 

 

FIVE-QUARTER SALARIES BENEFIT METRICS (Unaudited) - Table 4

(Dollars in thousands)

 
At or for the Three Months Ended
December 31, September 30, June 30, March 31, December 31,

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 
Salaries and benefits

$

5,356

 

$

5,569

 

$

5,581

 

$

6,079

 

$

6,233

 

FTE at the end of period

 

169

 

 

172

 

 

165

 

 

170

 

 

179

 

Average FTE during the period

 

169

 

 

168

 

 

164

 

 

174

 

 

184

 

Salaries and benefits/average FTE¹

$

126

 

$

131

 

$

137

 

$

142

 

$

134

 

Salaries and benefits/average assets¹

 

1.18

%

 

1.22

%

 

1.23

%

 

1.36

%

 

1.39

%

Noninterest expense/average assets¹

 

2.08

%

 

2.22

%

 

2.25

%

 

2.30

%

 

2.41

%

 
¹ Annualized

FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5

(Dollars in thousands)

 
December 31, September 30, June 30, March 31, December 31,

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

ASSETS
Cash and due from banks

$

14,282

 

$

11,188

 

$

12,704

 

$

13,788

 

$

20,134

 

Interest-earning deposits at the FRB and other banks

 

233,255

 

 

335,016

 

 

293,394

 

 

240,602

 

 

170,839

 

Investment securities

 

59,883

 

 

61,617

 

 

66,400

 

 

68,943

 

 

72,550

 

Loans held-for-sale

 

218,258

 

 

219,355

 

 

215,083

 

 

243,753

 

 

230,431

 

 
Loans held-for-investment

 

1,204,009

 

 

1,201,230

 

 

1,201,237

 

 

1,222,867

 

 

1,285,278

 

Less: Allowance for credit losses

 

(15,291

)

 

(15,284

)

 

(15,626

)

 

(15,627

)

 

(15,525

)

Loans held-for-investment, net

 

1,188,718

 

 

1,185,946

 

 

1,185,611

 

 

1,207,240

 

 

1,269,753

 

 
Other real estate owned

 

55

 

 

55

 

 

-

 

 

-

 

 

-

 

Restricted stock investments

 

11,011

 

 

11,011

 

 

11,011

 

 

10,121

 

 

10,121

 

Servicing assets

 

7,673

 

 

7,873

 

 

8,426

 

 

8,528

 

 

9,232

 

Goodwill

 

2,185

 

 

2,185

 

 

2,185

 

 

2,185

 

 

2,185

 

Intangible assets

 

255

 

 

267

 

 

279

 

 

291

 

 

303

 

Other assets

 

24,838

 

 

24,799

 

 

24,537

 

 

25,697

 

 

26,939

 

Total assets

$

1,760,413

 

$

1,859,312

 

$

1,819,630

 

$

1,821,148

 

$

1,812,487

 

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing

$

305,923

 

$

406,033

 

$

426,333

 

$

428,559

 

$

451,651

 

Interest-bearing

 

1,147,662

 

 

1,143,257

 

 

1,096,078

 

 

1,108,754

 

 

1,086,599

 

Total deposits

 

1,453,585

 

 

1,549,290

 

 

1,522,411

 

 

1,537,313

 

 

1,538,250

 

 
FHLB advances

 

50,000

 

 

50,000

 

 

50,000

 

 

50,000

 

 

50,000

 

Other liabilities

 

21,114

 

 

31,141

 

 

23,956

 

 

17,651

 

 

14,706

 

Total liabilities

 

1,524,699

 

 

1,630,431

 

 

1,596,367

 

 

1,604,964

 

 

1,602,956

 

 
Stockholders' Equity

 

235,714

 

 

228,881

 

 

223,263

 

 

216,184

 

 

209,531

 

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,760,413

 

$

1,859,312

 

$

1,819,630

 

$

1,821,148

 

$

1,812,487

 

FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6

(Dollars in thousands)

 
December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022
Balance % Balance % Balance % Balance % Balance %
 
Construction

$

34,886

2.9

%

$

30,924

2.6

%

$

20,106

1.7

%

$

19,550

1.6

%

$

17,537

1.4

%

Commercial real estate

 

1,010,495

83.9

%

 

1,005,735

83.7

%

 

1,014,785

84.5

%

 

1,033,124

84.5

%

 

1,078,588

83.9

%

Commercial and industrial

 

108,123

9.0

%

 

113,374

9.4

%

 

114,106

9.4

%

 

114,184

9.3

%

 

125,298

9.7

%

Home mortgage

 

44,920

3.7

%

 

45,452

3.8

%

 

45,987

3.8

%

 

49,155

4.0

%

 

52,031

4.1

%

Consumer

 

630

0.1

%

 

616

0.1

%

 

1,074

0.1

%

 

1,049

0.1

%

 

6,260

0.5

%

Gross loans held-for-investment

 

1,199,054

99.6

%

 

1,196,101

99.6

%

 

1,196,058

99.6

%

 

1,217,062

99.5

%

 

1,279,714

99.6

%

 
Deferred loan fees/costs, net

 

4,955

0.4

%

 

5,129

0.4

%

 

5,179

0.4

%

 

5,805

0.5

%

 

5,564

0.4

%

Loans held-for-investment

$

1,204,009

100.0

%

$

1,201,230

100.0

%

$

1,201,237

100.0

%

$

1,222,867

100.0

%

$

1,285,278

100.0

%

 
Loans held-for-sale

$

218,258

$

219,355

$

215,083

$

243,753

$

230,431

Total loans receivable

$

1,422,267

$

1,420,585

$

1,416,320

$

1,466,620

$

1,515,709

FIVE-QUARTER SBA LOAN PRODUCTIONS/SALES DATA (Unaudited) - Table 7

(Dollars in thousands)

 
Three Months Ended Twelve Months Ended
December 31, September 30, June 30, March 31, December 31, December 31, December 31,

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 
SBA loans held-for-sale at beginning of the quarter/year

$

219,355

 

$

215,083

 

$

243,753

 

$

230,431

 

$

186,438

 

$

230,431

 

$

158,128

 

SBA loans originated/transferred from/to held-for-
investment during the quarter/year

 

27,022

 

 

16,260

 

 

18,273

 

 

16,890

 

 

45,184

 

 

78,445

 

 

181,689

 

SBA loans sold during the quarter/year

 

(21,749

)

 

(9,245

)

 

(42,437

)

 

-

 

 

-

 

 

(73,431

)

 

(101,376

)

SBA loans principal paydown/payoff, net of advance

 

(6,370

)

 

(2,743

)

 

(4,506

)

 

(3,568

)

 

(1,191

)

 

(17,187

)

 

(8,010

)

SBA loans held-for-sale at end of the quarter/year

$

218,258

 

$

219,355

 

$

215,083

 

$

243,753

 

$

230,431

 

$

218,258

 

$

230,431

 

 
Gain on sale of SBA loans

$

838

 

$

419

 

$

1,952

 

$

-

 

$

-

 

$

3,209

 

$

7,966

 

Premium on sale (weighted average)

 

6.7

%

 

8.3

%

 

6.8

%

 

-

 

 

-

 

 

7.0

%

 

9.5

%

 
SBA loan production

$

37,821

 

$

24,270

 

$

24,013

 

$

21,719

 

$

60,746

 

$

107,823

 

$

241,179

 

 

FIVE QUARTER SBA SERVICING ASSETS AND SERVICING FEES (Unaudited) - Table 8

(Dollars in thousands)

 
Three Months Ended Twelve Months Ended
December 31, September 30, June 30, March 31, December 31, December 31, December 31,

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 
 
SBA servicing assets @ beginning of the quarter/year

$

7,873

 

$

8,426

 

$

8,528

 

$

9,232

 

$

10,158

 

$

9,232

 

$

10,632

 

 
Newly added SBA servicing assets from SBA loans sold

 

430

 

 

182

 

 

806

 

 

-

 

 

-

 

 

1,418

 

 

2,133

 

Regular quarterly/annual servicing assets amortization

 

(356

)

 

(371

)

 

(379

)

 

(403

)

 

(434

)

 

(1,509

)

 

(1,845

)

SBA servicing assets amortized from SBA loans paid off/charged off

 

(274

)

 

(364

)

 

(529

)

 

(301

)

 

(492

)

 

(1,468

)

 

(1,688

)

 
Subtotal before impairment

 

7,673

 

 

7,873

 

 

8,426

 

 

8,528

 

 

9,232

 

 

7,673

 

 

9,232

 

 
Reversal of valuation allowance on servicing assets

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
SBA servicing assets @ the end of the quarter/year

$

7,673

 

$

7,873

 

$

8,426

 

$

8,528

 

$

9,232

 

$

7,673

 

$

9,232

 

FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9

(Dollars in thousands)

 
December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022
Balance % Balance % Balance % Balance % Balance %
 
Noninterest-bearing demand

$

305,923

21.1

%

$

406,033

26.2

%

$

426,333

28.0

%

$

428,559

27.9

%

$

451,651

29.4

%

Interest-bearing demand

 

7,504

0.5

%

 

6,395

0.4

%

 

9,056

0.6

%

 

10,883

0.7

%

 

8,878

0.6

%

NOW & MMDA

 

237,548

16.3

%

 

227,283

14.7

%

 

210,429

13.8

%

 

211,793

13.8

%

 

274,521

17.9

%

Savings

 

88,689

6.1

%

 

78,969

5.1

%

 

62,324

4.1

%

 

62,188

4.0

%

 

52,845

3.4

%

TCDs of $250K and under

 

315,920

21.7

%

 

312,704

20.2

%

 

298,520

19.6

%

 

294,074

19.1

%

 

278,952

18.1

%

TCDs of $250K over

 

353,866

24.4

%

 

373,345

24.1

%

 

368,262

24.2

%

 

367,167

23.9

%

 

320,386

20.8

%

Wholesale TCDs

 

144,135

9.9

%

 

144,561

9.3

%

 

147,487

9.7

%

 

162,649

10.6

%

 

151,017

9.8

%

Total Deposits

$

1,453,585

100.0

%

$

1,549,290

100.0

%

$

1,522,411

100.0

%

$

1,537,313

100.0

%

$

1,538,250

100.0

%

 
Recap:
Noninterest-bearing demand

$

305,923

21.0

%

$

406,033

26.2

%

$

426,333

28.0

%

$

428,559

27.9

%

$

451,651

29.4

%

Interest-bearing demand

 

7,504

0.5

%

 

6,395

0.4

%

 

9,056

0.6

%

 

10,883

0.7

%

 

8,878

0.6

%

NOW & MMDA

 

237,548

16.3

%

 

227,283

14.7

%

 

210,429

13.8

%

 

211,793

13.8

%

 

274,521

17.8

%

Savings

 

88,689

6.1

%

 

78,969

5.1

%

 

62,324

4.1

%

 

62,188

4.0

%

 

52,845

3.5

%

TCDs of $250K and under

 

315,920

21.7

%

 

312,704

20.2

%

 

298,520

19.6

%

 

294,074

19.1

%

 

278,952

18.1

%

Core Deposits

 

955,584

65.7

%

 

1,031,384

66.6

%

 

1,006,662

66.1

%

 

1,007,497

65.5

%

 

1,066,847

69.4

%

 
TCDs of $250K over

 

353,866

24.3

%

 

373,345

24.1

%

 

368,262

24.2

%

 

367,167

23.9

%

 

320,386

20.8

%

Wholesale TCDs

 

144,135

9.9

%

 

144,561

9.3

%

 

147,487

9.7

%

 

162,649

10.6

%

 

151,017

9.8

%

Noncore Deposits

 

498,001

34.3

%

 

517,906

33.4

%

 

515,749

33.9

%

 

529,816

34.5

%

 

471,403

30.6

%

Total Deposits

$

1,453,585

100.0

%

$

1,549,290

100.0

%

$

1,522,411

100.0

%

$

1,537,313

100.0

%

$

1,538,250

100.0

%

FIVE-QUARTER SELECTED LOAN AND ASSET QUALITY HIGHLIGHTS (Unaudited) - Table 10

(Dollars in thousands)

 
4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr.

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

Allowance for Credit Losses
Balance at beginning of period

$

15,284

 

$

15,626

 

$

15,627

 

$

15,525

 

$

15,602

 

CECL transition provision

 

-

 

 

-

 

 

-

 

 

250

 

 

-

 

Provision for credit losses

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Charge-offs

 

(2

)

 

(350

)

 

(11

)

 

(159

)

 

(90

)

Recoveries

 

9

 

 

8

 

 

10

 

 

11

 

 

13

 

Balance at the end of period

$

15,291

 

$

15,284

 

$

15,626

 

$

15,627

 

$

15,525

 

 
Nonperforming Assets:¹
Over 90 days still accruing

$

399

 

$

2

 

$

39

 

$

-

 

$

6,006

 

Nonaccrual loans

 

2,030

 

 

616

 

 

645

 

 

636

 

 

801

 

Total nonperforming loans

 

2,429

 

 

618

 

 

684

 

 

636

 

 

6,807

 

 
Other real estate owned

$

55

 

 

55

 

 

-

 

 

-

 

 

-

 

Total nonperforming assets

$

2,484

 

$

673

 

$

684

 

$

636

 

$

6,807

 

 
Classified Assets:¹
Substandard

$

11,063

 

$

10,105

 

$

10,491

 

$

7,673

 

$

8,165

 

Doubtful

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Loss
Total classified loans

$

11,063

 

$

10,105

 

$

10,491

 

$

7,673

 

$

8,165

 

 
Other real estate owned

$

55

 

 

55

 

 

-

 

 

-

 

 

-

 

Total classified assets

$

11,118

 

$

10,160

 

$

10,491

 

$

7,673

 

$

8,165

 

 
Performing TDR loans:¹

$

3,336

 

$

3,336

 

$

3,336

 

$

-

 

$

4,471

 

 
Delinquent Loans:¹
Loans 30-89 days past due

$

5,981

 

$

10,620

 

$

4,420

 

$

3,551

 

$

381

 

90 days or more past due and still accruing

 

399

 

 

2

 

 

39

 

 

-

 

 

6,006

 

Nonaccrual

 

2,030

 

 

616

 

 

645

 

 

636

 

 

801

 

Total delinquent loans

$

8,410

 

$

11,238

 

$

5,104

 

$

4,187

 

$

7,188

 

 
Asset Quality Ratios:
Net (recoveries) charge-offs to average loans²

 

0.00

%

 

0.10

%

 

0.00

%

 

0.04

%

 

0.02

%

Nonaccrual loans to loans held-for-investment

 

0.17

%

 

0.05

%

 

0.05

%

 

0.05

%

 

0.06

%

Nonperforming loans to loans held-for-investment

 

0.20

%

 

0.05

%

 

0.06

%

 

0.05

%

 

0.53

%

Nonperforming assets to total assets

 

0.14

%

 

0.04

%

 

0.04

%

 

0.03

%

 

0.38

%

Classified loans to loans held-for-investment

 

0.92

%

 

0.84

%

 

0.87

%

 

0.63

%

 

0.64

%

Classified loans to Tier 1 and ACL

 

4.45

%

 

4.18

%

 

4.44

%

 

3.35

%

 

3.67

%

Classified assets to total assets

 

0.63

%

 

0.55

%

 

0.58

%

 

0.42

%

 

0.45

%

Classified assets to Tier 1 and ACL

 

4.47

%

 

4.20

%

 

4.44

%

 

3.35

%

 

3.67

%

ACL to loans held-for-investment

 

1.27

%

 

1.27

%

 

1.30

%

 

1.28

%

 

1.21

%

ACL to nonaccrual loans

 

753.25

%

 

2481.17

%

 

2422.64

%

 

2457.08

%

 

1938.20

%

ACL to nonperforming loans

 

629.52

%

 

2473.14

%

 

2284.50

%

 

2457.08

%

 

228.07

%

ACL to nonperforming assets

 

615.58

%

 

2271.03

%

 

2284.50

%

 

2457.08

%

 

228.07

%

Texas ratio ³

 

1.00

%

 

0.28

%

 

0.29

%

 

0.28

%

 

3.06

%

 
1 Net of SBA guaranteed balance
2 Includes loans held-for-sale
3 Nonperforming assets divided by tangible common equity and ACL
FIVE-QUARTER CAPITAL RATIOS (Unaudited) - Table 11
 
Well Capitalized Adequately Capitalized December 31, September 30, June 30, March 31, December 31,
Regulatory BASEL III
Requirement Fully Phased In

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

 
Leverage ratio
Company

N/A

 

N/A

 

 

12.98

%

 

12.53

%

 

12.23

%

 

11.86

%

 

11.71

%

Bank

5.00

%

4.00

%

 

12.96

%

 

12.50

%

 

12.20

%

 

11.82

%

 

11.67

%

Common equity tier 1 risk-based capital ratio
Company

N/A

 

N/A

 

 

18.08

%

 

17.61

%

 

17.08

%

 

16.15

%

 

14.92

%

Bank

6.50

%

7.00

%

 

18.05

%

 

17.57

%

 

17.03

%

 

16.10

%

 

14.87

%

Tier 1 risk-based capital ratio
Company

N/A

 

N/A

 

 

18.08

%

 

17.61

%

 

17.08

%

 

16.15

%

 

14.92

%

Bank

8.00

%

8.50

%

 

18.05

%

 

17.57

%

 

17.03

%

 

16.10

%

 

14.87

%

Total risk-based capital ratio
Company

N/A

 

N/A

 

 

19.30

%

 

18.83

%

 

18.32

%

 

17.37

%

 

16.08

%

Bank

10.00

%

10.50

%

 

19.27

%

 

18.79

%

 

18.27

%

 

17.31

%

 

16.03

%

 
Tangible common equity/total assets

 

13.27

%

 

12.19

%

 

12.15

%

 

11.75

%

 

11.44

%

Tangible common equity per share

$

22.03

 

$

21.39

 

$

20.85

 

$

20.18

 

$

19.59

 

FIVE-QUARTER MARGIN ANALYSIS (Unaudited) -Table 12
(Dollars in thousands)
 
Three Months Ended
December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022
Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield
Number of Days in the Period
INTEREST-EARNING ASSETS
Loans Receivable¹

$

1,410,971

 

$

24,926

7.01

%

$

1,417,148

 

$

24,734

6.92

%

$

1,444,608

 

$

24,661

6.85

%

$

1,502,078

 

$

24,379

6.58

%

$

1,473,100

 

$

22,407

6.03

%

Investment securities ²

 

60,094

 

 

563

3.72

%

 

64,587

 

 

577

3.54

%

 

67,958

 

 

595

3.51

%

 

70,146

 

 

577

3.34

%

 

73,371

 

 

552

2.98

%

Interest-earning deposits at the FRB and other banks

 

288,769

 

 

3,973

5.46

%

 

293,081

 

 

3,994

5.41

%

 

258,236

 

 

3,296

5.12

%

 

190,692

 

 

2,178

4.63

%

 

180,358

 

 

1,666

3.66

%

Other earning assets

 

11,011

 

 

212

7.64

%

 

11,011

 

 

196

7.06

%

 

10,825

 

 

163

6.04

%

 

10,121

 

 

164

6.57

%

 

10,121

 

 

169

6.62

%

Total interest-earning assets ²

 

1,770,845

 

 

29,674

6.65

%

 

1,785,827

 

 

29,501

6.55

%

 

1,781,627

 

 

28,715

6.46

%

 

1,773,037

 

 

27,298

6.24

%

 

1,736,950

 

 

24,794

5.66

%

 
NONINTEREST-EARNING ASSETS
Cash and due from banks

 

12,567

 

 

13,045

 

 

12,792

 

 

14,262

 

 

15,632

 

Other noninterest-earning assets

 

32,985

 

 

33,331

 

 

34,060

 

 

36,643

 

 

38,529

 

Total noninterest-earning assets

 

45,552

 

 

46,376

 

 

46,852

 

 

50,905

 

 

54,161

 

 
Less: Allowance for credit losses

 

(15,291

)

 

(15,622

)

 

(15,627

)

 

(15,552

)

 

(15,581

)

 
TOTAL ASSETS

$

1,801,106

 

$

1,816,581

 

$

1,812,852

 

$

1,808,390

 

$

1,775,530

 

 
INTEREST-BEARING DEPOSITS
Interest-bearing demand

$

12,657

 

$

7

0.22

%

$

12,347

 

$

6

0.19

%

$

14,522

 

$

7

0.19

%

$

18,021

 

$

9

0.20

%

$

20,352

 

$

10

0.19

%

Money market

 

222,289

 

 

2,158

3.85

%

 

211,152

 

 

1,907

3.58

%

 

192,872

 

 

1,414

2.94

%

 

231,865

 

 

1,469

2.57

%

 

288,611

 

 

1,433

1.97

%

Savings

 

82,403

 

 

664

3.20

%

 

70,579

 

 

494

2.78

%

 

63,786

 

 

324

2.04

%

 

55,576

 

 

164

1.20

%

 

61,152

 

 

96

0.62

%

Time deposits

 

824,900

 

 

9,515

4.58

%

 

820,335

 

 

8,916

4.31

%

 

839,198

 

 

8,068

3.86

%

 

797,072

 

 

6,410

3.26

%

 

625,823

 

 

3,020

1.91

%

Total interest-bearing deposits

 

1,142,249

 

 

12,344

4.29

%

 

1,114,413

 

 

11,323

4.03

%

 

1,110,378

 

 

9,813

3.54

%

 

1,102,534

 

 

8,052

2.96

%

 

995,938

 

 

4,559

1.82

%

 
Borrowings

 

50,001

 

 

118

0.94

%

 

50,001

 

 

119

0.94

%

 

50,000

 

 

117

0.94

%

 

50,000

 

 

116

0.94

%

 

50,001

 

 

118

0.94

%

Total interest-bearing liabilities

 

1,192,250

 

 

12,462

4.15

%

 

1,164,414

 

 

11,442

3.90

%

 

1,160,378

 

 

9,930

3.43

%

 

1,152,534

 

 

8,168

2.87

%

 

1,045,939

 

 

4,677

1.77

%

 
Noninterest-bearing deposits

 

350,656

 

 

397,791

 

 

411,432

 

 

425,190

 

 

507,719

 

Other liabilities

 

25,602

 

 

27,519

 

 

20,934

 

 

16,947

 

 

14,732

 

 
Stockholders' equity

 

232,598

 

 

226,857

 

 

220,108