Mountain Commerce Bancorp, Inc. Announces First Quarter 2024 Results And Quarterly Cash Dividend
The Company also announced today that its Board of Directors declared a quarterly cash dividend of
Management Commentary
William E. "Bill" Edwards, III, President and Chief Executive Officer of the Company, commented as follows:
"While the first quarter of 2024 was a challenging quarter, we continue to focus on repositioning our balance sheet through targeted loan growth funded with higher levels of core (non-wholesale) deposits. Consistent with those priorities, wholesale time deposits and FHLB advances declined
Construction of our
Highlights
The following tables highlight the trends that the Company believes are most relevant to understanding the performance of the Company as of and for the three months ended
|
|
For the Three Months Ended |
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(Dollars in thousands, except per share data) |
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|
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|
|
2024 |
|
|
2023 |
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|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
Adjusted (1) |
|
|
GAAP |
|
Adjusted (1) |
Net income |
$ |
1,515 |
|
1,104 |
|
$ |
2,358 |
|
3,055 |
Diluted earnings per share |
$ |
0.24 |
|
0.18 |
|
$ |
0.38 |
|
0.49 |
Return on average assets (ROAA) |
|
0.34 % |
|
0.25 % |
|
|
0.57 % |
|
0.74 % |
Return on average equity |
|
4.92 % |
|
3.59 % |
|
|
7.89 % |
|
10.22 % |
Noninterest expense to average assets |
|
1.30 % |
|
1.30 % |
|
|
1.47 % |
|
1.47 % |
Net interest margin (tax equivalent) |
|
1.66 % |
|
1.66 % |
|
|
2.55 % |
|
2.55 % |
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision earnings (1) |
$ |
|
|
1,418 |
|
$ |
|
|
3,537 |
Pre-tax, pre-provision ROAA (1) |
|
|
|
0.32 % |
|
|
|
|
0.86 % |
|
|
|
|
|
|
|
|
|
|
(1) Represents a non-GAAP financial measure. See Appendix A to this press release for more information. |
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|
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As of and for the |
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As of and for the |
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||
|
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|
3 Months Ended |
|
|
12 Months Ended |
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|
2024 |
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|
2023 |
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||
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|
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|
(Dollars in thousands, except share data) |
|
|||||
Asset Quality |
|
|
|
|
|
|
|||
|
Non-performing loans |
$ |
805 |
|
$ |
1,607 |
|
||
|
Real estate owned |
$ |
- |
|
$ |
- |
|
||
|
Non-performing assets |
$ |
805 |
|
$ |
1,607 |
|
||
|
Non-performing loans to total loans |
|
0.06 % |
|
|
0.11 % |
|
||
|
Non-performing assets to total assets |
|
0.04 % |
|
|
0.09 % |
|
||
|
Year-to-date net charge-offs (recoveries) |
$ |
(230) |
|
$ |
459 |
|
||
|
Allowance for credit losses to non-performing loans |
|
1559.38 % |
|
|
811.08 % |
|
||
|
Allowance for credit losses to total loans |
|
0.86 % |
|
|
0.90 % |
|
||
|
|
|
|
|
|
|
|
||
Other Data |
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|
|
|
|
|
|||
|
Cash dividends declared |
$ |
0.080 |
|
$ |
0.640 |
|
||
|
Shares outstanding |
|
6,376,660 |
|
|
6,352,725 |
|
||
|
Book and tangible book value per share (2) |
$ |
19.46 |
|
$ |
19.33 |
|
||
|
Accumulated other comprehensive income (loss) (AOCI) per share |
|
(2.55) |
|
|
(2.56) |
|
||
|
Book and tangible book value per share, excluding AOCI (1) (2) |
|
22.01 |
|
$ |
21.89 |
|
||
|
Closing market price per common share |
$ |
18.25 |
|
$ |
18.50 |
|
||
|
Closing price to book value ratio |
|
93.79 % |
|
|
95.71 % |
|
||
|
Tangible common equity to tangible assets ratio |
|
6.88 % |
|
|
7.07 % |
|
||
|
Bank regulatory leverage ratio |
|
9.15 % |
|
|
9.45 % |
|
||
|
|
|
|
|
|
|
|
|
(1) As further detailed in Appendix A and Appendix C to this press release, this is a non-GAAP financial measure |
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(2) The Company does not have any intangible assets |
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Five Quarter Trends
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|
For the Three Months Ended |
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(Dollars in thousands, except per share data) |
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|
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|
|
|
|
|
|
|
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
GAAP |
|
GAAP |
|
GAAP |
|
GAAP |
Net income (loss) |
$ |
1,515 |
$ |
(376) |
$ |
2,473 |
$ |
2,459 |
$ |
2,358 |
Diluted earnings (loss) per share |
$ |
0.24 |
$ |
(0) |
$ |
0.40 |
$ |
0.39 |
$ |
0.38 |
Return on average assets (ROAA) |
|
0.34 % |
|
-0.09 % |
|
0.58 % |
|
0.59 % |
|
0.57 % |
Return on average equity |
|
4.92 % |
|
-1.25 % |
|
8.19 % |
|
8.13 % |
|
7.89 % |
Noninterest expense to average assets |
|
1.30 % |
|
1.48 % |
|
1.34 % |
|
1.47 % |
|
1.47 % |
Net interest margin (tax equivalent) |
|
1.66 % |
|
1.98 % |
|
2.08 % |
|
2.09 % |
|
2.55 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted (1) |
|
Adjusted (2) |
|
Adjusted (2) |
|
Adjusted (2) |
|
Adjusted (1) |
Net income |
$ |
1,104 |
$ |
1,244 |
$ |
2,405 |
$ |
2,202 |
$ |
3,055 |
Diluted earnings per share |
$ |
0.18 |
$ |
0.20 |
$ |
0.39 |
$ |
0.35 |
$ |
0.49 |
Return on average assets (ROAA) |
|
0.25 % |
|
0.29 % |
|
0.56 % |
|
0.53 % |
|
0.74 % |
Return on average equity |
|
3.59 % |
|
4.13 % |
|
7.97 % |
|
7.28 % |
|
10.22 % |
Noninterest expense to average assets |
|
1.30 % |
|
1.48 % |
|
1.34 % |
|
1.47 % |
|
1.47 % |
Net interest margin (tax equivalent) |
|
1.66 % |
|
1.98 % |
|
2.08 % |
|
2.09 % |
|
2.55 % |
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision earnings |
$ |
1,418 |
$ |
1,182 |
$ |
2,684 |
$ |
2,315 |
$ |
3,537 |
Pre-tax, pre-provision ROAA |
|
0.32 % |
|
0.27 % |
|
0.63 % |
|
0.55 % |
|
0.86 % |
|
|
|
|
|
|
|
|
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|
|
(1) Represents a non-GAAP financial measure. See Appendix A to this press release for more information. |
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(2) Represents a non-GAAP financial measure. See Appendix C to this press release for more information. |
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|
Net Interest Income
Net interest income decreased
- Average interest-earning assets grew
$111.5 million , or 7.1%, from$1.568 billion to$1.680 billion , driven primarily by increases in loans. - Average net interest-earning assets declined
$68.2 million , or 20.3%, from$336.8 million to$268.6 million , due primarily to a$56.3 million decrease in noninterest bearing deposits and a$26.9 million increase in noninterest earning assets – primarily resulting from higher levels of fixed assets which are discussed below. - The average rate paid on interest-bearing liabilities increased 150 bp from 3.08% to 4.58%, while the average rate earned on interest-earning assets increased 55 bp from 4.96% to 5.51%, resulting in a decrease in tax-equivalent net interest margin from 2.55% to 1.66%. The increase in the average rate paid on interest-bearing liabilities was due to the heightened rate environment and competitive funding pressures in our markets throughout much of 2023, which resulted in customers seeking higher rates on certificates of deposit and other interest-bearing accounts and the Company's cost of wholesale funding rising significantly.
Rate Sensitivity
The Company has the following loans subject to repricing of interest rates as of
|
Prime |
SOFR |
|
Total |
$ |
186,400 |
85,700 |
20,600 |
292,700 |
The
|
Cumulative Beta |
|
|
Loan Yields |
Deposit Costs |
Mar 31, 2022 |
128.0 % |
0.0 % |
Jun 30, 2022 |
32.0 % |
5.3 % |
Sep 30, 2022 |
24.7 % |
14.3 % |
Dec 31, 2022 |
25.4 % |
30.6 % |
Mar 31, 2023 |
26.1 % |
43.8 % |
Jun 30, 2023 |
27.8 % |
55.0 % |
Sep 30, 2023 |
30.7 % |
57.5 % |
Dec 31, 2023 |
33.5 % |
62.3 % |
Mar 31, 2024 |
33.9 % |
67.6 % |
Effective
Provision For Credit Losses
A provision for (recovery of) credit losses of
The Company continues to experience near historically low levels of problem assets and charge-offs.
Noninterest Income
The following summarizes changes in the Company's noninterest income for the periods indicated:
|
|
Three Months Ended |
||
(In thousands) |
|
2024 |
2023 |
Change |
|
|
|
|
|
Service charges and fees |
$ |
382 |
375 |
7 |
Bank owned life insurance |
|
55 |
45 |
10 |
Realized gain (loss) on sale of investment securities available for sale |
|
77 |
(10) |
87 |
Realized and unrealized loss on equity securities |
|
(20) |
(516) |
496 |
Gain (loss) on sale of loans |
|
(3) |
3 |
(6) |
Gain on sale of fixed assets |
|
30 |
69 |
(39) |
Wealth management |
|
201 |
151 |
50 |
Swap fees |
|
51 |
- |
51 |
Limited partnership distributions |
|
- |
48 |
(48) |
Other |
|
9 |
(2) |
11 |
|
|
|
|
|
Total noninterest income |
$ |
782 |
163 |
619 |
Noninterest income increased to
- An increase of
$0.1 million in realized gains on the sale of investment securities available for sale compared to the first quarter of 2023. During the first quarter of 2024, the Company sold approximately$8.0 million of securities at a gain of$77 thousand and utilized the proceeds to pay down wholesale borrowings. - Realized and unrealized losses on equity securities improved by
$0.5 million from the first quarter of 2023 as a result of the sale of preferred stock in which the Company had invested during the fourth quarter of 2023. - The Company recognized a
$0.1 million increase in swap fees from the first quarter of 2023 due to increased demand by customers for fixed rate loans. The Bank receives a fee for delivering the swap to a third party, but does not maintain a contractual obligation for the swap other than in the event of a default.
Noninterest Expense
The following summarizes changes in the Company's noninterest expense for the periods indicated:
|
|
Three Months Ended |
||
(In thousands) |
|
2024 |
2023 |
Change |
|
|
|
|
|
Compensation and employee benefits |
$ |
2,992 |
3,263 |
(271) |
Occupancy |
|
588 |
615 |
(27) |
Furniture and equipment |
|
245 |
193 |
52 |
Data processing |
|
446 |
517 |
(71) |
|
|
383 |
233 |
150 |
Office |
|
166 |
202 |
(36) |
Advertising |
|
100 |
113 |
(13) |
Professional fees |
|
599 |
579 |
20 |
Other noninterest expense |
|
282 |
320 |
(38) |
|
|
|
|
|
Total noninterest expense |
$ |
5,801 |
6,035 |
(234) |
Noninterest expense declined
- Compensation and employee benefits decreased
$0.3 million , or 8.3%, due primarily to a decrease in incentive accruals and a decline in FTE employees from 116 to 110, offset, in part, by merit increases and an increase in benefit costs. -
FDIC insurance increased$0.2 million due to a growth in deposits and other Company specific risk factors.
Income Taxes
The effective tax rates of the Company were as follows for the periods indicated
Three Months Ended |
|
2024 |
2023 |
19.71 % |
20.07 % |
The Company's marginal tax rate of 26.14% is favorably impacted by certain sources of non-taxable income including bank-owned life insurance (BOLI), tax-free loans, and investments in tax-free municipal securities.
Balance Sheet
Total assets increased
- Cash and cash equivalents increased
$71.3 million , or 103.4%, due to a decrease in lending volume and an increased focus on core deposit growth. - Available for sale investment security balances decreased
$9.9 million , or 7.6%, primarily due to the sale of approximately$8.0 million of securities during the first quarter of 2024.
The following summarizes the composition of the Company's available for sale investment securities portfolio (at fair value) as of
|
|
|
|
|
||
|
|
Estimated |
Net |
|
Estimated |
Net |
|
|
Fair |
Unrealized |
|
Fair |
Unrealized |
|
|
Value |
Gain (Loss) |
|
Value |
Gain (Loss) |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency MBS / CMO |
$ |
12,462 |
(2,025) |
|
12,870 |
(1,853) |
Agency multifamily (non-guaranteed) |
|
8,965 |
(852) |
|
8,944 |
(897) |
Agency floating rate |
|
8,151 |
5 |
|
16,919 |
(41) |
Business Development Companies |
|
3,415 |
(348) |
|
3,420 |
(345) |
Corporate |
|
23,908 |
(2,555) |
|
23,801 |
(2,673) |
Municipal |
|
26,267 |
(6,974) |
|
26,465 |
(6,790) |
Non-agency MBS / CMO |
|
37,127 |
(9,481) |
|
37,805 |
(9,489) |
|
|
|
|
|
|
|
|
$ |
120,295 |
(22,230) |
|
130,224 |
(22,088) |
Non-agency MBS/CMO have an average credit-enhancement of approximately 33% as of
- The Company did not have any securities classified as held-to-maturity as of
March 31, 2024 andDecember 31, 2023 . - Loans receivable increased
$2.5 million , or 0.2%, from$1.453 billion atDecember 31, 2023 to$1.455 billion atMarch 31, 2024 . The following summarizes changes in loan balances over the last five quarters:
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential construction |
$ |
29,716 |
|
33,881 |
|
39,824 |
|
40,309 |
|
47,170 |
Other construction |
|
84,967 |
|
89,388 |
|
82,288 |
|
73,183 |
|
64,009 |
Farmland |
|
9,684 |
|
8,614 |
|
8,699 |
|
9,381 |
|
10,174 |
Home equity |
|
48,059 |
|
48,118 |
|
45,839 |
|
43,992 |
|
40,609 |
Residential |
|
449,894 |
|
452,957 |
|
446,215 |
|
434,780 |
|
437,143 |
Multi-family |
|
115,065 |
|
109,859 |
|
112,786 |
|
111,988 |
|
102,761 |
Owner-occupied commercial |
|
239,010 |
|
234,289 |
|
229,879 |
|
217,778 |
|
205,512 |
Non-owner occupied commercial |
|
335,634 |
|
329,204 |
|
317,651 |
|
324,883 |
|
299,093 |
Commercial & industrial |
|
134,397 |
|
137,076 |
|
142,685 |
|
134,188 |
|
140,022 |
PPP Program |
|
137 |
|
154 |
|
191 |
|
884 |
|
1,589 |
Consumer |
|
8,779 |
|
9,331 |
|
9,572 |
|
12,732 |
|
13,128 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,455,342 |
|
1,452,871 |
|
1,435,629 |
|
1,404,098 |
|
1,361,210 |
The following summarizes the industry components of the Company's non-owner occupied commercial real estate loans as of
|
|
Loan |
|
% of Total |
|
|
Balance |
|
Loans |
|
|
|
|
|
Hotels |
$ |
74,317 |
|
5.1 % |
Retail |
|
68,031 |
|
4.7 % |
Office |
|
33,553 |
|
2.3 % |
Campground |
|
30,329 |
|
2.1 % |
Mini-storage |
|
24,071 |
|
1.7 % |
Marina |
|
21,309 |
|
1.5 % |
Medical |
|
21,285 |
|
1.5 % |
Warehouse |
|
21,252 |
|
1.5 % |
Vacation Rentals |
|
15,466 |
|
1.1 % |
Car Wash |
|
10,306 |
|
0.7 % |
Entertainment |
|
9,158 |
|
0.6 % |
Restaurant |
|
4,975 |
|
0.3 % |
Other |
|
1,582 |
|
0.1 % |
|
$ |
335,634 |
|
23.1 % |
- Premises and equipment increased
$3.8 million , or 7.2%, during the quarter endedMarch 31, 2024 primarily due to costs incurred for the construction of the new 23,000 sfJohnson City combined financial/corporate center. The following summarizes costs incurred and remaining to be incurred with respect to this project as ofMarch 31, 2024 :
|
Costs |
Remaining |
|
Incurred |
Expenditures |
|
|
|
$ |
19,266 |
5,016 |
- Total deposits increased
$116.6 million , or 7.9%, from$1.472 billion atDecember 31, 2023 to$1.589 billion atMarch 31, 2024 . An increase in NOW and money market and savings accounts of$167.5 million during the first quarter of 2024 fromDecember 31, 2023 was used to reduce wholesale time deposit balances and increase liquidity.
The following summarizes changes in deposit balances over the last five quarters:
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing transaction |
$ |
247,262 |
|
243,750 |
|
270,299 |
|
322,003 |
|
293,502 |
NOW and money market |
|
421,139 |
|
271,208 |
|
250,920 |
|
266,777 |
|
314,636 |
Savings |
|
266,168 |
|
248,576 |
|
258,110 |
|
260,741 |
|
293,254 |
Retail time deposits |
|
381,110 |
|
392,638 |
|
382,708 |
|
355,367 |
|
277,408 |
|
|
1,315,679 |
|
1,156,172 |
|
1,162,037 |
|
1,204,888 |
|
1,178,800 |
Wholesale time deposits |
|
272,932 |
|
315,862 |
|
246,716 |
|
212,988 |
|
202,608 |
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
$ |
1,588,611 |
|
1,472,034 |
|
1,408,753 |
|
1,417,876 |
|
1,381,408 |
The following summarizes the composition of wholesale time deposits as of
|
|
|
|
|
Original |
Type |
|
Principal |
Rate |
Maturity |
Term |
|
|
|
|
|
|
Brokered CD |
|
70,000 |
4.90 % |
Apr, 2024 |
1 Yr |
Brokered CD |
|
50,455 |
5.15 % |
May, 2024 |
3 Months |
Brokered CD |
|
555 |
4.75 % |
Dec, 2025 |
2 Yr |
Brokered CD |
|
39,721 |
4.80 % |
Mar, 2026 |
2 Yr |
Brokered CD |
|
10,579 |
4.75 % |
Mar, 2026 |
2 Yr |
Brokered CD |
|
48,551 |
4.50 % |
Dec, 2026 |
3 Yr |
Qwickrate |
|
53,071 |
5.35 % |
Through |
2.5 Yrs or Less |
|
|
|
|
|
|
|
$ |
272,932 |
4.94 % |
|
|
- FHLB borrowings decreased
$50.0 million fromDecember 31, 2023 and consisted of the following atMarch 31, 2024 :
|
Amounts |
Original |
Current |
Maturity |
|
(000's) |
Term |
Rate |
Date |
|
|
|
|
|
$ |
25,000 |
3 months |
5.50 % |
|
|
25,000 |
6 months |
5.46 % |
|
$ |
50,000 |
|
5.48 % |
|
- Total equity increased
$1.3 million , or 1.1%, from$122.8 million atDecember 31, 2023 to$124.1 million atMarch 31, 2024 . The following summarizes the components of the change in total shareholders' equity and tangible book value per share for the quarter endedMarch 31, 2024 :
|
|
Total |
Tangible |
|
|
|
Shareholders' |
Book Value |
|
|
|
Equity |
Per Share |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
$ |
122,787 |
19.33 |
|
|
|
|
|
|
Net income |
|
1,515 |
0.24 |
|
Dividends paid |
|
(510) |
(0.08) |
|
Stock compensation |
|
360 |
0.06 |
|
Share repurchases |
|
(5) |
(0.00) |
|
Change in fair value of investments available for sale |
|
(62) |
(0.01) |
|
|
|
|
|
|
|
$ |
124,085 |
19.46 |
* |
* Sum of the individual components may not equal the total |
|
|
|
|
The Company's tangible equity to tangible assets ratio declined to 6.88% at
Share Repurchases
The Company has an active authorization to repurchase up to
Asset Quality
Non-performing loans to total loans decreased to 0.06% at
Non-GAAP Financial Measures
Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables in Appendix A and Appendix C, which provide a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. This press release and the accompanying tables discuss financial measures such as adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average equity, and adjusted noninterest expense to average assets ratio, which are all non-GAAP financial measures. We also present in this press release and the accompanying tables pre-tax, pre-provision earnings, pre-tax, pre-provision return on average assets, and book and tangible book value per share excluding AOCI, which are also non-GAAP financial measures. We believe that such non-GAAP financial measures are useful because they enhance the ability of investors and management to evaluate and compare the Company's operating results from period to period in a meaningful manner. Non-GAAP financial measures should not be considered as an alternative to any measure of performance calculated pursuant to GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. Investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
Forward-Looking Statements
This press release contains forward-looking statements. The words "expect," "intend," "should," "may," "could," "believe," "suspect," "anticipate," "seek," "plan," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical fact may also be considered forward-looking. Such forward-looking statements involve known and unknown risks and uncertainties that include, without limitation, (i) deterioration in the financial condition of our borrowers, including as a result of persistent inflationary pressures and challenging economic conditions, resulting in significant increases in credit losses and provisions for those losses; (ii) fluctuations or differences in interest rates on loans or deposits from those that we are modeling or anticipating, including as a result of our inability to better match deposit rates with the changes in the short-term rate environment, or that affect the yield curve; (iii) deterioration in the real estate market conditions in our market areas; (iv) our ability to grow and retain low cost core deposits and retain large, uninsured deposits including during times when we are seeking to limit the rates we pay on deposits or uncertainty exists in the financial services sector; v) the impact of increased competition with other financial institutions, including pricing pressures, and the resulting impact on our results, including as a result of compression to our net interest margin; (vi) the deterioration of the economy in our market areas, including the negative impact of inflationary pressures and other challenging economic conditions on our customers and their businesses; (vii) the ability to grow and retain lower-cost core deposits, including during times when uncertainty exists in the financial services sector; (viii) our ability to meet our liquidity needs without having to liquidate investment securities that we own while those securities are in an unrealized loss position as a result of the elevated rate environment, or increase the rates we pay on deposits or increase our levels of non-core deposits to levels that cause our net interest margin to further decline; (ix) significant downturns in the business of one or more large customers; (x) effectiveness of our asset management activities in improving, resolving or liquidating lower quality assets; (xi) our inability to maintain the historical, long-term growth rate of our loan portfolio; (xii) risks of expansion into new geographic or product markets; (xiii) the possibility of increased compliance and operational costs as a result of increased regulatory oversight; (xiv) our inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies and required capital maintenance levels; (xv) the ineffectiveness of our hedging strategies, or the unexpected counterparty failure or failure of the underlying hedges; (xvi) changes in state or Federal regulations, policies, or legislation applicable to banks and other financial service providers, including regulatory or legislative developments arising out of current unsettled conditions in the economy; (xvii) changes in capital levels and loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (xviii) inadequate allowance for credit losses; (xix) results of regulatory examinations; (xx) the vulnerability of our network and online banking portals, and the systems of parties with whom we contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xxi) loss of key personnel; and (xxii) adverse results (including costs, fines, reputational harm and/or other negative effects) from current or future obligatory litigation, examinations or other legal and/or regulatory actions. These risks and uncertainties may cause our actual results or performance to be materially different from any future results or performance expressed or implied by such forward-looking statements. Our future operating results depend on a number of factors which were derived utilizing numerous assumptions that could cause actual results to differ materially from those projected in forward-looking statements.
About
|
||||||
Condensed Consolidated Statements of Income |
||||||
(Amounts in thousands, except share data) |
||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
||
|
|
|
|
|
|
|
|
|
|
2024 |
2023 |
2023 |
|
Interest income |
|
|
|
|
|
|
|
Loans |
$ |
19,846 |
19,734 |
16,361 |
|
|
Investment securities - taxable |
|
1,323 |
1,342 |
1,311 |
|
|
Investment securities - tax exempt |
|
29 |
37 |
39 |
|
|
Dividends and other |
|
1,326 |
891 |
1,037 |
|
|
|
|
22,524 |
22,004 |
18,748 |
|
Interest expense |
|
|
|
|
|
|
|
Savings |
|
2,078 |
1,876 |
1,556 |
|
|
Interest bearing transaction accounts |
|
3,648 |
2,559 |
2,319 |
|
|
Time certificates of deposit of |
|
4,860 |
4,689 |
2,663 |
|
|
Other time deposits |
|
3,653 |
3,072 |
1,003 |
|
|
Total deposits |
|
14,239 |
12,196 |
7,541 |
|
|
Senior debt |
|
405 |
409 |
249 |
|
|
Subordinated debt |
|
164 |
164 |
164 |
|
|
FHLB & FRB advances |
|
1,279 |
1,669 |
1,385 |
|
|
|
|
16,087 |
14,438 |
9,339 |
|
|
|
|
|
|
|
|
Net interest income |
|
6,437 |
7,565 |
9,409 |
|
|
|
|
|
|
|
|
|
Provision for (recovery of) credit losses |
|
(469) |
1,382 |
587 |
|
|
|
|
|
|
|
|
|
Net interest income after provision for credit losses |
|
6,906 |
6,183 |
8,822 |
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
Service charges and fees |
|
382 |
400 |
375 |
|
|
Bank owned life insurance |
|
55 |
52 |
45 |
|
|
Realized gain (loss) on sale of investment securities available for sale |
|
77 |
(666) |
(10) |
|
|
Unrealized gain (loss) on equity securities |
|
(20) |
(90) |
(516) |
|
|
Gain (loss) on sale of loans |
|
(3) |
12 |
3 |
|
|
Gain (loss) on sale of fixed assets |
|
30 |
(55) |
69 |
|
|
Wealth management |
|
201 |
185 |
151 |
|
|
Swap fees |
|
51 |
162 |
- |
|
|
Limited partnership distributions |
|
- |
- |
48 |
|
|
Other |
|
9 |
10 |
(2) |
|
|
|
|
782 |
10 |
163 |
|
Noninterest expense |
|
|
|
|
|
|
|
Compensation and employee benefits |
|
2,992 |
3,461 |
3,263 |
|
|
Occupancy |
|
588 |
580 |
615 |
|
|
Furniture and equipment |
|
245 |
266 |
193 |
|
|
Data processing |
|
446 |
623 |
517 |
|
|
|
|
383 |
314 |
233 |
|
|
Office |
|
166 |
180 |
202 |
|
|
Advertising |
|
100 |
131 |
113 |
|
|
Professional fees |
|
599 |
477 |
579 |
|
|
Other noninterest expense |
|
282 |
361 |
320 |
|
|
|
|
5,801 |
6,393 |
6,035 |
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
1,887 |
(200) |
2,950 |
|
|
|
|
|
|
|
|
|
Income taxes |
|
372 |
176 |
592 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
1,515 |
(376) |
2,358 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
Basic |
$ |
0.24 |
(0.06) |
0.38 |
|
|
Diluted |
$ |
0.24 |
(0.06) |
0.38 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
6,251,792 |
6,250,262 |
6,220,619 |
|
|
Diluted |
|
6,264,626 |
6,255,789 |
6,243,297 |
|
|
|||||||||
Condensed Consolidated Balance Sheets |
|||||||||
(Amounts in thousands) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
12,176 |
|
$ |
21,193 |
|
$ |
14,419 |
|
Interest-earning deposits in other banks |
|
127,961 |
|
|
47,688 |
|
|
106,878 |
|
|
Cash and cash equivalents |
|
140,137 |
|
|
68,881 |
|
|
121,297 |
|
|
|
|
|
|
|
|
|
|
Investments available for sale |
|
120,295 |
|
|
130,224 |
|
|
137,625 |
|
Equity securities |
|
1,875 |
|
|
1,882 |
|
|
5,246 |
|
Premises and equipment held for sale |
|
3,762 |
|
|
3,762 |
|
|
4,260 |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
|
1,455,342 |
|
|
1,452,871 |
|
|
1,361,210 |
|
Allowance for credit losses |
|
(12,553) |
|
|
(13,034) |
|
|
(12,313) |
|
|
Net loans receivable |
|
1,442,789 |
|
|
1,439,837 |
|
|
1,348,897 |
|
|
|
|
|
|
|
|
|
|
Premises and equipment, net |
|
56,182 |
|
|
52,397 |
|
|
36,275 |
|
Accrued interest receivable |
|
5,657 |
|
|
5,479 |
|
|
4,726 |
|
Bank owned life insurance |
|
10,023 |
|
|
9,968 |
|
|
9,821 |
|
Restricted stock |
|
6,224 |
|
|
8,145 |
|
|
15,423 |
|
Deferred tax assets, net |
|
8,832 |
|
|
9,101 |
|
|
9,692 |
|
Other assets |
|
7,337 |
|
|
8,094 |
|
|
4,680 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,803,113 |
|
$ |
1,737,770 |
|
$ |
1,697,942 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
247,262 |
|
$ |
243,750 |
|
$ |
293,502 |
|
Interest-bearing |
|
1,068,417 |
|
|
912,422 |
|
|
885,298 |
|
Wholesale |
|
272,932 |
|
|
315,862 |
|
|
202,608 |
|
|
Total deposits |
|
1,588,611 |
|
|
1,472,034 |
|
|
1,381,408 |
|
|
|
|
|
|
|
|
|
|
FHLB borrowings |
|
50,000 |
|
|
100,000 |
|
|
155,000 |
|
Senior debt, net |
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
Subordinated debt, net |
|
9,932 |
|
|
9,917 |
|
|
9,879 |
|
Accrued interest payable |
|
1,968 |
|
|
2,258 |
|
|
1,082 |
|
Post-employment liabilities |
|
3,383 |
|
|
3,414 |
|
|
3,495 |
|
Other liabilities |
|
5,134 |
|
|
7,360 |
|
|
6,535 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
1,679,028 |
|
|
1,614,983 |
|
|
1,577,399 |
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
124,085 |
|
|
122,787 |
|
|
120,543 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,803,113 |
|
$ |
1,737,770 |
|
$ |
1,697,942 |
Appendix A - Reconciliation of Non-GAAP Financial Measures |
|||
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
2024 |
2023 |
Adjusted Net Income (Loss) |
|
|
|
Net income (GAAP) |
$ |
1,515 |
2,358 |
Realized (gain) loss on sale of investment securities |
|
(77) |
10 |
Unrealized loss on equity securities |
|
20 |
516 |
Gain on sale of fixed assets |
|
(30) |
(69) |
Provision for (recovery of) credit losses |
|
(469) |
587 |
Fraud loss (recovery) |
|
- |
(100) |
Tax effect of adjustments |
|
145 |
(247) |
Adjusted net income (Non-GAAP) |
$ |
1,104 |
3,055 |
|
|
|
|
Adjusted Diluted Earnings (Loss) Per Share |
|
|
|
Diluted earnings per share (GAAP) |
$ |
0.24 |
0.38 |
Realized (gain) loss on sale of investment securities |
|
(0.01) |
0.00 |
Unrealized loss on equity securities |
|
0.00 |
0.08 |
Gain on sale of fixed assets |
|
(0.00) |
(0.01) |
Provision for (recovery of) credit losses |
|
(0.07) |
0.09 |
Fraud loss (recovery) |
|
- |
(0.02) |
Tax effect of adjustments |
|
0.02 |
(0.04) |
Adjusted diluted earnings per share (Non-GAAP) |
$ |
0.18 |
0.49 |
|
|
|
|
Adjusted Return on Average Assets |
|
|
|
Return on average assets (GAAP) |
|
0.34 % |
0.57 % |
Realized (gain) loss on sale of investment securities |
|
-0.02 % |
0.00 % |
Unrealized loss on equity securities |
|
0.00 % |
0.13 % |
Gain on sale of fixed assets |
|
-0.01 % |
-0.02 % |
Provision for (recovery of) credit losses |
|
-0.11 % |
0.14 % |
Fraud loss (recovery) |
|
0.00 % |
-0.02 % |
Tax effect of adjustments |
|
0.03 % |
-0.06 % |
Adjusted return on average assets (Non-GAAP) |
|
0.25 % |
0.74 % |
|
|
|
|
Adjusted Return on Average Equity |
|
|
|
Return on average equity (GAAP) |
|
4.92 % |
7.89 % |
Realized (gain) loss on sale of investment securities |
|
-0.25 % |
0.03 % |
Unrealized loss on equity securities |
|
0.06 % |
1.73 % |
Gain on sale of fixed assets |
|
-0.10 % |
-0.23 % |
Provision for (recovery of) credit losses |
|
-1.52 % |
1.96 % |
Fraud loss (recovery) |
|
0.00 % |
-0.33 % |
Tax effect of adjustments |
|
0.47 % |
-0.83 % |
Adjusted return on average equity (Non-GAAP) |
|
3.59 % |
10.22 % |
Appendix A - Reconciliation of Non-GAAP Financial Measures, Continued |
|||
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
2024 |
2023 |
Adjusted Noninterest Expense to Average Assets |
|
|
|
Noninterest expense to average assets (GAAP) |
|
1.30 % |
1.47 % |
Fraudulent wire (loss) recovery |
|
0.00 % |
0.01 % |
Adjusted noninterest expense to average assets (Non-GAAP) |
|
1.30 % |
1.47 % |
|
|
|
|
Pre-tax, Pre-Provision Earnings |
|
|
|
Net income (GAAP) |
$ |
1,515 |
2,358 |
Income taxes |
|
372 |
592 |
Provision for (recovery of) credit losses |
|
(469) |
587 |
Pre-tax, pre-provision earnings (non-GAAP) |
$ |
1,418 |
3,537 |
|
|
|
|
Pre-tax, Pre-Provision Return on Average Assets (ROAA) |
|
|
|
Return on average assets (GAAP) |
|
0.34 % |
0.57 % |
Income taxes |
|
0.08 % |
0.14 % |
Provision for (recovery of) credit losses |
|
-0.11 % |
0.14 % |
Pre-tax, pre-provision return on average assets (non-GAAP) |
|
0.32 % |
0.86 % |
|
|
|
|
Book and Tangible Book Value Per Share, excluding AOCI |
|
|
|
Book and tangible book value per share (GAAP) |
$ |
19.46 |
18.95 |
Impact of AOCI per share |
|
2.55 |
2.57 |
Book and tangible book value per share, excluding AOCI (non-GAAP) |
$ |
22.01 |
21.52 |
Appendix B - Tax Equivalent Net Interest Margin Analysis |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|||||||
|
|
|
2024 |
|
|
2023 |
||||
|
|
|
Average |
|
|
|
|
Average |
|
|
|
|
|
Outstanding |
|
Yield / |
|
|
Outstanding |
|
Yield / |
|
|
|
Balance |
Interest |
Rate |
|
|
Balance |
Interest |
Rate |
|
|
|
(Dollars in thousands) |
|||||||
Interest-earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans - taxable, including loans held for sale |
$ |
1,410,898 |
19,846 |
5.66 % |
|
$ |
1,298,578 |
16,361 |
5.11 % |
|
Loans - tax exempt (2) |
|
29,440 |
494 |
6.75 % |
|
|
26,120 |
435 |
6.75 % |
|
Investments - taxable |
|
126,380 |
1,323 |
4.21 % |
|
|
138,689 |
1,311 |
3.83 % |
|
Investments - tax exempt (1) |
|
4,285 |
37 |
3.45 % |
|
|
5,416 |
49 |
3.70 % |
|
Interest earning deposits |
|
100,896 |
1,126 |
4.49 % |
|
|
89,844 |
857 |
3.87 % |
|
Other investments, at cost |
|
8,056 |
200 |
9.99 % |
|
|
9,822 |
181 |
7.47 % |
|
Total interest-earning assets |
|
1,679,955 |
23,026 |
5.51 % |
|
|
1,568,469 |
19,194 |
4.96 % |
|
Noninterest earning assets |
|
103,690 |
|
|
|
|
76,746 |
|
|
|
Total assets |
$ |
1,783,645 |
|
|
|
$ |
1,645,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction accounts |
$ |
114,979 |
1,077 |
3.77 % |
|
$ |
102,274 |
788 |
3.12 % |
|
Savings accounts |
|
258,151 |
2,078 |
3.24 % |
|
|
338,062 |
1,556 |
1.87 % |
|
Money market accounts |
|
235,371 |
2,571 |
4.39 % |
|
|
201,097 |
1,531 |
3.09 % |
|
Retail time deposits |
|
396,708 |
4,808 |
4.87 % |
|
|
208,313 |
1,674 |
3.26 % |
|
Wholesale time deposits |
|
289,984 |
3,705 |
5.14 % |
|
|
194,312 |
1,992 |
4.16 % |
|
Total interest bearing deposits |
|
1,295,193 |
14,239 |
4.42 % |
|
|
1,044,058 |
7,541 |
2.93 % |
|
|
|
|
|
|
|
|
|
|
|
|
Senior debt |
|
20,000 |
405 |
8.14 % |
|
|
12,500 |
249 |
8.08 % |
|
Subordinated debt |
|
9,927 |
164 |
6.64 % |
|
|
9,871 |
164 |
6.74 % |
|
|
|
86,264 |
1,279 |
5.96 % |
|
|
165,233 |
1,385 |
3.40 % |
|
Total interest-bearing liabilities |
|
1,411,384 |
16,087 |
4.58 % |
|
|
1,231,662 |
9,339 |
3.08 % |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
229,836 |
|
|
|
|
286,103 |
|
|
|
Other noninterest-bearing liabilities |
|
19,338 |
|
|
|
|
7,911 |
|
|
|
Total liabilities |
|
1,660,558 |
|
|
|
|
1,525,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
123,087 |
|
|
|
|
119,539 |
|
|
|
Total liabilities and shareholders' equity |
$ |
1,783,645 |
|
|
|
$ |
1,645,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest income |
|
|
6,939 |
|
|
|
|
9,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest-earning assets (3) |
$ |
268,571 |
|
|
|
$ |
336,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets to interest- |
|
|
|
|
|
|
|
|
|
|
bearing liabilities |
|
119 % |
|
|
|
|
127 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest rate spread (4) |
|
0.93 % |
|
|
|
|
1.89 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent net interest margin (5) |
|
1.66 % |
|
|
|
|
2.55 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax exempt investments are calculated assuming a 21% federal tax rate |
|
|
|
|
|
|
|||
|
(2) Tax exempt loans reflect the tax equivalent yield of a 5% state tax credit assuming a 26% federal and state tax rate |
|
||||||||
|
(3) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities |
|
|
|||||||
|
(4) Tax-equivalent net interest rate spread represents the difference between the tax equivalent yield on average |
|
||||||||
|
interest-earning assets and the cost of average interest-bearing liabilities. |
|
|
|
|
|
|
|||
|
(5) Tax equivalent net interest margin represents tax equivalent net interest income divided by average total |
|
|
|||||||
|
interest-earning assets |
|
|
|
|
|
|
|
|
|
Appendix C - Reconciliation of Prior Period Non-GAAP Financial Measures |
||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||
|
|
(Dollars in thousands, except per share data) |
||
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income |
|
|
|
|
Net income (loss) (GAAP) |
$ |
(376) |
2,473 |
2,459 |
Realized (gain) loss on sale of investment securities |
|
666 |
- |
(1) |
Unrealized loss on equity securities |
|
90 |
50 |
214 |
Loss on sale of fixed assets |
|
55 |
269 |
- |
Provision for (recovery of) credit losses |
|
1,382 |
(411) |
(561) |
Tax effect of adjustments |
|
(573) |
24 |
91 |
Adjusted net income (Non-GAAP) |
$ |
1,244 |
2,405 |
2,202 |
|
|
|
|
|
Adjusted Diluted Earnings Per Share |
|
|
|
|
Diluted earnings (loss) per share (GAAP) |
$ |
(0.06) |
0.40 |
0.39 |
Realized (gain) loss on sale of investment securities |
|
0.11 |
- |
(0.00) |
Unrealized loss on equity securities |
|
0.01 |
0.01 |
0.03 |
Loss on sale of fixed assets |
|
0.01 |
0.04 |
- |
Provision for (recovery of) credit losses |
|
0.22 |
(0.07) |
(0.09) |
Tax effect of adjustments |
|
(0.09) |
0.00 |
0.01 |
Adjusted diluted earnings per share (Non-GAAP) |
$ |
0.20 |
0.39 |
0.35 |
|
|
|
|
|
Adjusted Return on Average Assets |
|
|
|
|
Return on average assets (GAAP) |
|
-0.09 % |
0.58 % |
0.59 % |
Realized (gain) loss on sale of investment securities |
|
0.15 % |
0.00 % |
0.00 % |
Unrealized loss on equity securities |
|
0.02 % |
0.01 % |
0.05 % |
Loss on sale of fixed assets |
|
0.01 % |
0.06 % |
0.00 % |
Provision for (recovery of) credit losses |
|
0.32 % |
-0.10 % |
-0.13 % |
Tax effect of adjustments |
|
-0.13 % |
0.01 % |
0.02 % |
Adjusted return on average assets (Non-GAAP) |
|
0.29 % |
0.56 % |
0.53 % |
|
|
|
|
|
Adjusted Return on Average Equity |
|
|
|
|
Return on average equity (GAAP) |
|
-1.25 % |
8.19 % |
8.13 % |
Realized (gain) loss on sale of investment securities |
|
2.21 % |
0.00 % |
0.00 % |
Unrealized loss on equity securities |
|
0.30 % |
0.17 % |
0.71 % |
Loss on sale of fixed assets |
|
0.18 % |
0.89 % |
0.00 % |
Provision for (recovery of) credit losses |
|
4.59 % |
-1.36 % |
-1.86 % |
Tax effect of adjustments |
|
-1.90 % |
0.08 % |
0.30 % |
Adjusted return on average equity (Non-GAAP) |
|
4.13 % |
7.97 % |
7.28 % |
Appendix C - Reconciliation of Prior Period Non-GAAP Financial Measures, Continued |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||
|
|
(Dollars in thousands, except per share data) |
||
|
|
|
|
|
|
|
|
|
|
Adjusted Noninterest Expense to Average Assets |
|
|
|
|
Noninterest expense to average assets (GAAP) |
|
1.48 % |
1.34 % |
1.47 % |
Adjusted noninterest expense to average assets (Non-GAAP) |
|
1.48 % |
1.34 % |
1.47 % |
|
|
|
|
|
Pre-tax Pre-Provision Earnings |
|
|
|
|
Net income (loss) (GAAP) |
$ |
(376) |
2,473 |
2,459 |
Income taxes |
|
176 |
622 |
417 |
Provision for (recovery of) credit losses |
|
1,382 |
(411) |
(561) |
Pre-tax Pre-provision earnings (non-GAAP) |
$ |
1,182 |
2,684 |
2,315 |
|
|
|
|
|
Pre-tax Pre-Provision Return on Average Assets (ROAA) |
|
|
|
|
Return on average assets (GAAP) |
$ |
-0.09 % |
0.58 % |
0.59 % |
Income taxes |
|
0.04 % |
0.15 % |
0.10 % |
Provision for (recovery of) credit losses |
|
0.32 % |
-0.10 % |
-0.13 % |
Pre-tax Pre-provision return on average assets (non-GAAP) |
$ |
0.27 % |
0.63 % |
0.55 % |
|
|
|
|
|
Book and Tangible Book Value Per Share, excluding AOCI |
|
|
|
|
Book and tangible book value per share (GAAP) |
$ |
19.33 |
18.78 |
19.00 |
Impact of AOCI per share |
|
2.56 |
3.28 |
2.78 |
Book and tangible book value per share, excluding AOCI (non-GAAP) |
$ |
21.89 |
22.06 |
21.78 |
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