Colony Bankcorp Reports First Quarter 2024 Results
Declares Quarterly Cash Dividend of
Financial Highlights:
-
Net income decreased to
$5.3 million , or$0.30 per diluted share, for the first quarter of 2024, compared to$5.6 million , or$0.32 per diluted share, for the fourth quarter of 2023, but increased from the first quarter of 2023 net income of$5.0 million , or$0.29 per diluted share. -
Operating net income increased to
$5.8 million , or$0.33 of adjusted earnings per diluted share, for the first quarter of 2024, compared to$5.4 million , or$0.31 of adjusted earnings per diluted share, for the fourth quarter of 2023, and$5.5 million , or$0.31 of adjusted earnings per diluted share, for the first quarter of 2023. (See Reconciliation of Non-GAAP Measures). -
Strong liquidity with available sources of funding of approximately
$1.3 billion atMarch 31, 2024 . No overnight borrowings utilized as ofMarch 31, 2024 . -
Estimated uninsured deposits of
$785.6 million , or 30.82% of total Bank deposits atMarch 31, 2024 . Adjusted uninsured deposit estimate (excluding deposits collateralized by public funds or internal accounts) of$459.9 million , or 18.04% of total Bank deposits atMarch 31, 2024 . -
Provision for credit losses of
$1.0 million was recorded in first quarter of 2024 compared to$1.5 million in fourth quarter of 2023, and$900,000 in first quarter of 2023. -
Total loans were
$1.86 billion atMarch 31, 2024 , a decrease of$24.5 million , or 1.30%, from the prior quarter. -
Total deposits were
$2.52 billion and$2.54 billion atMarch 31, 2024 andDecember 31, 2023 , respectively, a decrease of$22.0 million . -
Mortgage production was
$50.1 million , and mortgage sales totaled$36.6 million in the first quarter of 2024 compared to$45.3 million and$40.1 million , respectively, for the fourth quarter of 2023. -
Small Business Specialty Lending (“SBSL”) closed
$35.6 million inSmall Business Administration (“SBA”) loans and sold$24.0 million in SBA loans in the first quarter of 2024 compared to$24.0 million and$18.0 million , respectively, for the fourth quarter of 2023.
The Company also announced that on
“We are pleased with the announcement of our improved operating results for the first quarter, including the continued improvement in our complementary lines of business which have contributed to our increased noninterest income. Although margin declined slightly during the first quarter, the decline was less than anticipated as we begin to see some stability in our increasing funding costs,” said
“Total loans declined in the first quarter, largely due to the sale of portfolio mortgages for a gain and credit related payoffs of a limited number of loans, along with the general slowdown in loan production we’ve seen over the past few quarters. Looking ahead, based on our current pipeline projections we do expect to see modest loan growth for the rest of the year.
“While our total deposits experienced a decline due to wholesale deposit payoffs in the first quarter, we are pleased to report that customer deposits increased by
"We saw an improvement in nonperforming loans and maintain confidence in overall credit quality. Following a period of historically low charge-offs, the few charge-offs observed in recent quarters have not raised any concerns regarding the quality of our portfolio.
“We are proud of the effort and progress our team has made towards achieving our performance objectives and we expect that we will see continued improvement as we move forward.”
Balance Sheet
-
Total assets were
$3.02 billion atMarch 31, 2024 , a decrease of$37.9 million fromDecember 31, 2023 . -
Total loans, including loans held for sale, were at
$1.89 billion atMarch 31, 2024 , a decrease of$21.3 million from the quarter endedDecember 31, 2023 . -
Total deposits were
$2.52 billion and$2.54 billion atMarch 31, 2024 andDecember 31, 2023 , respectively, a decrease of$22.0 million . Interest bearing demand deposits increased$43.3 million which was offset by decreases in savings and money market deposits of$10.1 million and time deposits of$32.6 million fromDecember 31, 2023 toMarch 31, 2024 . -
Total borrowings at
March 31, 2024 totaled$218.0 million , a decrease of$20.5 million or, 8.6%, compared toDecember 31, 2023 , related to decreases inFederal Home Loan Bank advances.
Capital
- Colony continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be considered as “well-capitalized.”
-
Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were 9.19%, 13.04%, 15.79%, and 11.90%, respectively, at
March 31, 2024 .
First Quarter and
-
Net interest income, on a tax-equivalent basis, totaled
$18.8 million for the first quarter endedMarch 31, 2024 compared to$20.7 million for the same period in 2023. Increases can be seen in income on interest earning assets which is more than offset by increases in expenses on interest bearing liabilities due to the significant rise in interest rates period over period along with increases in FHLB advances. Income on interest earning assets increased$5.0 million , to$33.5 million for the first quarter of 2024 compared to the respective period in 2023. Expense on interest bearing liabilities increased$6.9 million , to$14.7 million for the first quarter of 2024 compared to the respective period in 2023. - Net interest margin for the first quarter of 2024 was 2.69% compared to 3.08% for the first quarter of 2023. The decrease is the result of rate increases in interest bearing liabilities outpacing the rate increases in interest earning assets.
-
Noninterest income totaled
$9.5 million for the first quarter endedMarch 31, 2024 , an increase of$1.8 million , or 23.87%, compared to the same period in 2023. This increase was primarily related to increases in service charges on deposit accounts, mortgage fee income, gains on sales of SBA loans and income on wealth advisory services which is included in other noninterest income which were partially offset by decreases in interchange fee income and losses on the sales of investment securities. -
Noninterest expense totaled
$20.4 million for the first quarter endedMarch 31, 2024 , compared to$21.2 million for the same period in 2023. This decrease was a result of overall decreases in salaries and employee benefits primarily related to the expense initiative in 2023 which lowered total number of employees period over period as well as a decrease in data processing expense as a result of cost savings upon renewal of the core processing contract in second quarter of 2023.
Asset Quality
-
Nonperforming assets totaled
$7.0 million and$10.7 million atMarch 31, 2024 andDecember 31, 2023 , respectively, a decrease of$3.7 million . -
Other real estate owned and repossessed assets totaled
$562,000 atMarch 31, 2024 and$448,000 atDecember 31, 2023 . -
Net loans charged-off were
$664,000 , or 0.14% of average loans for the first quarter of 2024, compared to$692,000 or 0.15% for the fourth quarter of 2023. -
The credit loss reserve was
$18.7 million , or 1.00% of total loans, atMarch 31, 2024 , compared to$18.4 million , or 0.98% of total loans atDecember 31, 2023 .
Earnings call information
The Company will host an earnings conference call at
About
Forward-Looking Statements
Certain statements contained in this press release that are not statements of historical fact constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in the Company’s future filings with the
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: the impact of current and economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; the risk of potential reductions in benchmark interest rates and the resulting impacts on net interest income; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company’s net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; the Company’s ability to implement its various strategic and growth initiatives; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; changes in the prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in the stock market prices on our investment securities; the effects of war or other conflicts including the impacts related to or resulting from Russia’s military action in
Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company’s management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company’s filings with the
Explanation of Certain Unaudited Non-GAAP Financial Measures
The measures entitled operating noninterest income, operating noninterest expense, operating net income, adjusted earnings per diluted share, operating return on average assets, operating return on average equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue are not measures recognized under
Management uses these non-GAAP financial measures in its analysis of the Company's performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company's performance, and if not provided would be requested by the investor community. The Company believes the non-GAAP measures enhance investors' understanding of the Company's business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently.
These disclosures should not be considered an alternative to GAAP. The computations of operating noninterest income, operating noninterest expense, operating net income, adjusted earnings per diluted share, operating return on average assets, operating return on average equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue and the reconciliation of these measures to noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses are set forth in the table below.
|
||||||||||||||||||||
Reconciliation of Non-GAAP Measures |
||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||
(dollars in thousands, except per share data) |
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||
Operating noninterest income reconciliation |
||||||||||||||||||||
Noninterest income (GAAP) |
|
$ |
9,487 |
|
|
$ |
9,305 |
|
|
$ |
9,721 |
|
|
$ |
8,952 |
|
|
$ |
7,656 |
|
Gain on sale of bank premises |
|
|
— |
|
|
|
(236 |
) |
|
|
— |
|
|
|
(125 |
) |
|
|
— |
|
Loss on sales of securities |
|
|
555 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating noninterest income |
|
$ |
10,042 |
|
|
$ |
9,069 |
|
|
$ |
9,721 |
|
|
$ |
8,827 |
|
|
$ |
7,656 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating noninterest expense reconciliation |
||||||||||||||||||||
Noninterest expense (GAAP) |
|
$ |
20,397 |
|
|
$ |
19,587 |
|
|
$ |
20,881 |
|
|
$ |
21,432 |
|
|
$ |
21,165 |
|
Severance costs |
|
|
(23 |
) |
|
|
— |
|
|
|
(220 |
) |
|
|
(635 |
) |
|
|
(431 |
) |
Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(161 |
) |
Operating noninterest expense |
|
$ |
20,374 |
|
|
$ |
19,587 |
|
|
$ |
20,661 |
|
|
$ |
20,797 |
|
|
$ |
20,573 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating net income reconciliation |
||||||||||||||||||||
Net income (GAAP) |
|
$ |
5,333 |
|
|
$ |
5,598 |
|
|
$ |
5,804 |
|
|
$ |
5,302 |
|
|
$ |
5,043 |
|
Severance costs |
|
|
23 |
|
|
|
— |
|
|
|
220 |
|
|
|
635 |
|
|
|
431 |
|
Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
161 |
|
Gain on sale of bank premises |
|
|
— |
|
|
|
(236 |
) |
|
|
— |
|
|
|
(125 |
) |
|
|
— |
|
Loss on sales of securities |
|
|
555 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax benefit |
|
|
(121 |
) |
|
|
52 |
|
|
|
(48 |
) |
|
|
(93 |
) |
|
|
(107 |
) |
Operating net income |
|
$ |
5,790 |
|
|
$ |
5,414 |
|
|
$ |
5,976 |
|
|
$ |
5,719 |
|
|
$ |
5,528 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average diluted shares |
|
|
17,560,210 |
|
|
|
17,567,839 |
|
|
|
17,569,493 |
|
|
|
17,580,557 |
|
|
|
17,595,688 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted earnings per diluted share |
|
$ |
0.33 |
|
|
$ |
0.31 |
|
|
$ |
0.34 |
|
|
$ |
0.33 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating return on average assets reconciliation |
||||||||||||||||||||
Return on average assets (GAAP) |
|
|
0.71 |
% |
|
|
0.73 |
% |
|
|
0.75 |
% |
|
|
0.70 |
% |
|
|
0.69 |
% |
Severance costs |
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
0.08 |
|
|
|
0.06 |
|
Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
Gain on sale of bank premises |
|
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
Loss on sales of securities |
|
|
0.07 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tax effect of adjustment items |
|
|
(0.02 |
) |
|
|
0.01 |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
Operating return on average assets |
|
|
0.76 |
% |
|
|
0.71 |
% |
|
|
0.77 |
% |
|
|
0.75 |
% |
|
|
0.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating return on average equity reconciliation |
||||||||||||||||||||
Return on average equity (GAAP) |
|
|
8.38 |
% |
|
|
9.20 |
% |
|
|
9.61 |
% |
|
|
8.88 |
% |
|
|
8.73 |
% |
Severance costs |
|
|
0.04 |
|
|
|
— |
|
|
|
0.36 |
|
|
|
1.06 |
|
|
|
0.75 |
|
Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.28 |
|
Gain on sale of bank premises |
|
|
— |
|
|
|
(0.39 |
) |
|
|
— |
|
|
|
(0.21 |
) |
|
|
— |
|
Loss on sales of securities |
|
|
0.87 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tax effect of adjustment items |
|
|
(0.19 |
) |
|
|
0.09 |
|
|
|
(0.08 |
) |
|
|
(0.16 |
) |
|
|
(0.19 |
) |
Operating return on average equity |
|
|
9.10 |
% |
|
|
8.90 |
% |
|
|
9.89 |
% |
|
|
9.57 |
% |
|
|
9.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per common share reconciliation |
||||||||||||||||||||
Book value per common share (GAAP) |
|
$ |
14.80 |
|
|
$ |
14.51 |
|
|
$ |
13.59 |
|
|
$ |
13.65 |
|
|
$ |
13.57 |
|
Effect of goodwill and other intangibles |
|
|
(3.01 |
) |
|
|
(3.02 |
) |
|
|
(3.04 |
) |
|
|
(3.07 |
) |
|
|
(3.08 |
) |
Tangible book value per common share |
|
$ |
11.79 |
|
|
$ |
11.49 |
|
|
$ |
10.55 |
|
|
$ |
10.58 |
|
|
$ |
10.49 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible equity to tangible assets reconciliation |
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity to assets (GAAP) |
|
|
8.62 |
% |
|
|
8.35 |
% |
|
|
7.72 |
% |
|
|
7.72 |
% |
|
|
7.97 |
% |
Effect of goodwill and other intangibles |
|
|
(1.63 |
) |
|
|
(1.62 |
) |
|
|
(1.63 |
) |
|
|
(1.63 |
) |
|
|
(1.70 |
) |
Tangible equity to tangible assets |
|
|
6.99 |
% |
|
|
6.73 |
% |
|
|
6.09 |
% |
|
|
6.09 |
% |
|
|
6.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating efficiency ratio calculation |
||||||||||||||||||||
Efficiency ratio (GAAP) |
|
|
72.48 |
% |
|
|
69.51 |
% |
|
|
71.17 |
% |
|
|
76.18 |
% |
|
|
74.98 |
% |
Severance costs |
|
|
(0.08 |
) |
|
|
— |
|
|
|
(0.75 |
) |
|
|
(2.26 |
) |
|
|
(1.53 |
) |
Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.57 |
) |
Gain on sale of bank premises |
|
|
— |
|
|
|
0.84 |
|
|
|
— |
|
|
|
0.44 |
|
|
|
— |
|
Loss on sales of securities |
|
|
(1.97 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating efficiency ratio |
|
|
70.43 |
% |
|
|
70.35 |
% |
|
|
70.42 |
% |
|
|
74.36 |
% |
|
|
72.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating net noninterest expense(1) to average assets calculation |
||||||||||||||||||||
Net noninterest expense to average assets |
|
|
1.45 |
% |
|
|
1.35 |
% |
|
|
1.45 |
% |
|
|
1.65 |
% |
|
|
1.86 |
% |
Severance costs |
|
|
— |
|
|
|
— |
|
|
|
(0.03 |
) |
|
|
(0.09 |
) |
|
|
(0.06 |
) |
Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
Gain on sale of bank premises |
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
Loss on sales of securities |
|
|
(0.07 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating net noninterest expense to average assets |
|
|
1.38 |
% |
|
|
1.38 |
% |
|
|
1.42 |
% |
|
|
1.58 |
% |
|
|
1.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-provision net revenue |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income before provision for credit losses |
|
$ |
18,654 |
|
|
$ |
18,874 |
|
|
$ |
19,621 |
|
|
$ |
19,181 |
|
|
$ |
20,568 |
|
Noninterest income |
|
|
9,487 |
|
|
|
9,305 |
|
|
|
9,718 |
|
|
|
8,952 |
|
|
|
7,659 |
|
Total income |
|
|
28,141 |
|
|
|
28,179 |
|
|
|
29,339 |
|
|
|
28,133 |
|
|
|
28,227 |
|
Noninterest expense |
|
|
20,397 |
|
|
|
19,587 |
|
|
|
20,881 |
|
|
|
21,432 |
|
|
|
21,165 |
|
Pre-provision net revenue |
|
$ |
7,744 |
|
|
$ |
8,592 |
|
|
$ |
8,458 |
|
|
$ |
6,701 |
|
|
$ |
7,062 |
|
(1) Net noninterest expense is defined as noninterest expense less noninterest income. |
||||||||||||||||||||
|
||||||||||||||||||||
Selected Financial Information |
||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||
(dollars in thousands, except per share data) |
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||
EARNINGS SUMMARY |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
$ |
18,654 |
|
|
$ |
18,874 |
|
|
$ |
19,621 |
|
|
$ |
19,181 |
|
|
$ |
20,568 |
|
Provision for credit losses |
|
|
1,000 |
|
|
|
1,500 |
|
|
|
1,000 |
|
|
|
200 |
|
|
|
900 |
|
Noninterest income |
|
|
9,487 |
|
|
|
9,305 |
|
|
|
9,718 |
|
|
|
8,952 |
|
|
|
7,659 |
|
Noninterest expense |
|
|
20,397 |
|
|
|
19,587 |
|
|
|
20,881 |
|
|
|
21,432 |
|
|
|
21,165 |
|
Income taxes |
|
|
1,411 |
|
|
|
1,494 |
|
|
|
1,654 |
|
|
|
1,199 |
|
|
|
1,119 |
|
Net income |
|
$ |
5,333 |
|
|
$ |
5,598 |
|
|
$ |
5,804 |
|
|
$ |
5,302 |
|
|
$ |
5,043 |
|
PERFORMANCE MEASURES |
|
|
|
|
|
|
|
|
|
|
||||||||||
Per common share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding |
|
|
17,558,611 |
|
|
|
17,564,182 |
|
|
|
17,567,983 |
|
|
|
17,541,661 |
|
|
|
17,593,879 |
|
Weighted average basic shares |
|
|
17,560,210 |
|
|
|
17,567,839 |
|
|
|
17,569,493 |
|
|
|
17,580,557 |
|
|
|
17,595,688 |
|
Weighted average diluted shares |
|
|
17,560,210 |
|
|
|
17,567,839 |
|
|
|
17,569,493 |
|
|
|
17,580,557 |
|
|
|
17,595,688 |
|
Earnings per basic share |
|
$ |
0.30 |
|
|
$ |
0.32 |
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.29 |
|
Earnings per diluted share |
|
|
0.30 |
|
|
|
0.32 |
|
|
|
0.33 |
|
|
|
0.30 |
|
|
|
0.29 |
|
Adjusted earnings per diluted share(b) |
|
|
0.33 |
|
|
|
0.31 |
|
|
|
0.34 |
|
|
|
0.33 |
|
|
|
0.31 |
|
Cash dividends declared per share |
|
|
0.1125 |
|
|
|
0.1100 |
|
|
|
0.1100 |
|
|
|
0.1100 |
|
|
|
0.1100 |
|
Common book value per share |
|
|
14.80 |
|
|
|
14.51 |
|
|
|
13.59 |
|
|
|
13.65 |
|
|
|
13.57 |
|
Tangible book value per common share(b) |
|
|
11.79 |
|
|
|
11.49 |
|
|
|
10.55 |
|
|
|
10.58 |
|
|
|
10.49 |
|
Pre-provision net revenue(b) |
|
$ |
7,744 |
|
|
$ |
8,592 |
|
|
$ |
8,458 |
|
|
$ |
6,701 |
|
|
$ |
7,062 |
|
Performance ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin (a) |
|
|
2.69 |
% |
|
|
2.70 |
% |
|
|
2.78 |
% |
|
|
2.77 |
% |
|
|
3.08 |
% |
Return on average assets |
|
|
0.71 |
|
|
|
0.73 |
|
|
|
0.75 |
|
|
|
0.70 |
|
|
|
0.69 |
|
Operating return on average assets (b) |
|
|
0.76 |
|
|
|
0.71 |
|
|
|
0.77 |
|
|
|
0.75 |
|
|
|
0.76 |
|
Return on average total equity |
|
|
8.38 |
|
|
|
9.20 |
|
|
|
9.61 |
|
|
|
8.88 |
|
|
|
8.73 |
|
Operating return on average total equity (b) |
|
|
9.10 |
|
|
|
8.90 |
|
|
|
9.89 |
|
|
|
9.57 |
|
|
|
9.57 |
|
Efficiency ratio |
|
|
72.48 |
|
|
|
69.51 |
|
|
|
71.17 |
|
|
|
76.18 |
|
|
|
74.98 |
|
Operating efficiency ratio (b) |
|
|
70.43 |
|
|
|
70.35 |
|
|
|
70.42 |
|
|
|
74.36 |
|
|
|
72.88 |
|
Net noninterest expense to average assets |
|
|
1.45 |
|
|
|
1.35 |
|
|
|
1.45 |
|
|
|
1.65 |
|
|
|
1.86 |
|
Operating net noninterest expense to average assets(b) |
|
|
1.38 |
|
|
|
1.38 |
|
|
|
1.42 |
|
|
|
1.58 |
|
|
|
1.78 |
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming portfolio loans |
|
$ |
3,674 |
|
|
$ |
7,804 |
|
|
$ |
5,625 |
|
|
$ |
6,716 |
|
|
$ |
5,636 |
|
Nonperforming government guaranteed loans |
|
|
2,757 |
|
|
|
2,035 |
|
|
|
3,641 |
|
|
|
4,369 |
|
|
|
1,529 |
|
Loans 90 days past due and still accruing |
|
|
— |
|
|
|
370 |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
Total nonperforming loans (NPLs) |
|
|
6,431 |
|
|
|
10,209 |
|
|
|
9,275 |
|
|
|
11,085 |
|
|
|
7,165 |
|
Other real estate owned |
|
|
562 |
|
|
|
448 |
|
|
|
812 |
|
|
|
792 |
|
|
|
651 |
|
Total nonperforming assets (NPAs) |
|
|
6,993 |
|
|
|
10,657 |
|
|
|
10,087 |
|
|
|
11,877 |
|
|
|
7,816 |
|
Classified loans |
|
|
25,965 |
|
|
|
23,754 |
|
|
|
20,704 |
|
|
|
19,267 |
|
|
|
18,747 |
|
Criticized loans |
|
|
55,065 |
|
|
|
56,879 |
|
|
|
50,741 |
|
|
|
48,074 |
|
|
|
43,281 |
|
Net loan charge-offs (recoveries) |
|
|
664 |
|
|
|
692 |
|
|
|
698 |
|
|
|
(37 |
) |
|
|
237 |
|
Allowance for credit losses to total loans |
|
|
1.00 |
% |
|
|
0.98 |
% |
|
|
0.93 |
% |
|
|
0.93 |
% |
|
|
0.92 |
% |
Allowance for credit losses to total NPLs |
|
|
290.11 |
|
|
|
179.95 |
|
|
|
187.26 |
|
|
|
153.96 |
|
|
|
231.67 |
|
Allowance for credit losses to total NPAs |
|
|
266.80 |
|
|
|
172.38 |
|
|
|
172.18 |
|
|
|
143.69 |
|
|
|
212.37 |
|
Net charge-offs (recoveries) to average loans, net |
|
|
0.14 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
|
(0.01 |
) |
|
|
0.05 |
|
NPLs to total loans |
|
|
0.35 |
|
|
|
0.54 |
|
|
|
0.50 |
|
|
|
0.60 |
|
|
|
0.40 |
|
NPAs to total assets |
|
|
0.23 |
|
|
|
0.35 |
|
|
|
0.33 |
|
|
|
0.38 |
|
|
|
0.26 |
|
NPAs to total loans and foreclosed assets |
|
|
0.38 |
|
|
|
0.57 |
|
|
|
0.54 |
|
|
|
0.65 |
|
|
|
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
|
$ |
3,036,093 |
|
|
$ |
3,027,812 |
|
|
$ |
3,058,485 |
|
|
$ |
3,030,044 |
|
|
$ |
2,949,986 |
|
Loans, net |
|
|
1,853,077 |
|
|
|
1,860,652 |
|
|
|
1,854,367 |
|
|
|
1,814,172 |
|
|
|
1,765,845 |
|
Loans, held for sale |
|
|
24,612 |
|
|
|
21,251 |
|
|
|
29,444 |
|
|
|
21,237 |
|
|
|
14,007 |
|
Deposits |
|
|
2,543,259 |
|
|
|
2,538,500 |
|
|
|
2,565,026 |
|
|
|
2,524,949 |
|
|
|
2,473,464 |
|
Total stockholders’ equity |
|
|
255,927 |
|
|
|
241,392 |
|
|
|
239,571 |
|
|
|
239,579 |
|
|
|
234,147 |
|
(a) Computed using fully taxable-equivalent net income. |
||||||||||||||||||||
(b) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP. |
||||||||||||||||||||
|
|||||||||||||||||
Average Balance Sheet and Net Interest Analysis |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||||||||||
|
2024 |
|
2023 |
||||||||||||||
(dollars in thousands) |
Average
|
|
Income/
|
|
Yields/
|
|
Average
|
|
Income/
|
|
Yields/
|
||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans, net of unearned income 1 |
$ |
1,896,014 |
|
$ |
27,145 |
|
5.76 |
% |
|
$ |
1,779,852 |
|
$ |
22,199 |
|
5.06 |
% |
Investment securities, taxable |
|
737,257 |
|
|
5,042 |
|
2.75 |
% |
|
|
786,900 |
|
|
5,374 |
|
2.77 |
% |
Investment securities, tax-exempt 2 |
|
106,819 |
|
|
605 |
|
2.28 |
% |
|
|
114,346 |
|
|
594 |
|
2.11 |
% |
Deposits in banks and short term investments |
|
71,431 |
|
|
693 |
|
3.90 |
% |
|
|
50,898 |
|
|
357 |
|
2.85 |
% |
Total interest-earning assets |
|
2,811,521 |
|
|
33,485 |
|
4.79 |
% |
|
|
2,731,996 |
|
|
28,524 |
|
4.23 |
% |
Noninterest-earning assets |
|
224,572 |
|
|
|
|
|
|
217,990 |
|
|
|
|
||||
Total assets |
$ |
3,036,093 |
|
|
|
|
|
$ |
2,949,986 |
|
|
|
|
||||
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand and savings |
$ |
1,451,490 |
|
$ |
6,408 |
|
1.78 |
% |
|
$ |
1,409,834 |
|
$ |
2,324 |
|
0.67 |
% |
Other time |
|
612,241 |
|
|
5,683 |
|
3.73 |
% |
|
|
507,415 |
|
|
2,675 |
|
2.14 |
% |
Total interest-bearing deposits |
|
2,063,731 |
|
|
12,091 |
|
2.36 |
% |
|
|
1,917,249 |
|
|
4,999 |
|
1.06 |
% |
Federal funds purchased |
|
13 |
|
|
— |
|
5.72 |
% |
|
|
7,012 |
|
|
88 |
|
5.09 |
% |
|
|
156,978 |
|
|
1,572 |
|
4.03 |
% |
|
|
149,444 |
|
|
1,626 |
|
4.41 |
% |
Other borrowings |
|
63,086 |
|
|
993 |
|
6.33 |
% |
|
|
76,083 |
|
|
1,089 |
|
5.80 |
% |
Total other interest-bearing liabilities |
|
220,077 |
|
|
2,565 |
|
4.69 |
% |
|
|
232,539 |
|
|
2,803 |
|
4.89 |
% |
Total interest-bearing liabilities |
|
2,283,808 |
|
|
14,656 |
|
2.58 |
% |
|
|
2,149,788 |
|
|
7,802 |
|
1.47 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Demand deposits |
|
479,528 |
|
|
|
|
|
$ |
556,216 |
|
|
|
|
||||
Other liabilities |
|
16,830 |
|
|
|
|
|
|
9,835 |
|
|
|
|
||||
Stockholders' equity |
|
255,927 |
|
|
|
|
|
|
234,147 |
|
|
|
|
||||
Total noninterest-bearing liabilities and stockholders' equity |
|
752,285 |
|
|
|
|
|
|
800,198 |
|
|
|
|
||||
Total liabilities and stockholders' equity |
$ |
3,036,093 |
|
|
|
|
|
$ |
2,949,986 |
|
|
|
|
||||
Interest rate spread |
|
|
|
|
2.21 |
% |
|
|
|
|
|
2.76 |
% |
||||
Net interest income |
|
|
$ |
18,829 |
|
|
|
|
|
$ |
20,722 |
|
|
||||
Net interest margin |
|
|
|
|
2.69 |
% |
|
|
|
|
|
3.08 |
% |
||||
____________________________________ | |||||||||||||||||
1The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling |
|||||||||||||||||
2Taxable-equivalent adjustments totaling |
|||||||||||||||||
|
|
|
||||||||||||||||
Segment Reporting |
|
|
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
(dollars in thousands) |
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||
Banking Division |
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
$ |
17,552 |
|
|
$ |
17,986 |
|
$ |
18,778 |
|
|
$ |
18,562 |
|
$ |
20,138 |
|
Provision for credit losses |
|
|
455 |
|
|
|
979 |
|
|
286 |
|
|
|
60 |
|
|
900 |
|
Noninterest income |
|
|
5,680 |
|
|
|
5,992 |
|
|
6,233 |
|
|
|
5,433 |
|
|
4,918 |
|
Noninterest expenses |
|
|
17,129 |
|
|
|
16,619 |
|
|
16,653 |
|
|
|
17,650 |
|
|
17,812 |
|
Income taxes |
|
|
1,166 |
|
|
|
1,365 |
|
|
1,777 |
|
|
|
1,157 |
|
|
1,155 |
|
Segment income |
|
$ |
4,482 |
|
|
$ |
5,015 |
|
$ |
6,295 |
|
|
$ |
5,128 |
|
$ |
5,189 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total segment assets |
|
$ |
2,910,102 |
|
|
$ |
2,956,121 |
|
$ |
2,999,071 |
|
|
$ |
3,013,689 |
|
$ |
2,930,421 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Full time employees |
|
|
377 |
|
|
|
378 |
|
|
382 |
|
|
|
383 |
|
|
407 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage Banking Division |
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
$ |
40 |
|
|
$ |
23 |
|
$ |
52 |
|
|
$ |
31 |
|
$ |
3 |
|
Provision for credit losses |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Noninterest income |
|
|
1,165 |
|
|
|
1,206 |
|
|
1,725 |
|
|
|
2,015 |
|
|
1,277 |
|
Noninterest expenses |
|
|
1,218 |
|
|
|
1,203 |
|
|
2,040 |
|
|
|
1,971 |
|
|
1,712 |
|
Income taxes |
|
|
1 |
|
|
|
8 |
|
|
(53 |
) |
|
|
14 |
|
|
(86 |
) |
Segment income |
|
$ |
(14 |
) |
|
$ |
18 |
|
$ |
(210 |
) |
|
$ |
61 |
|
$ |
(346 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total segment assets |
|
$ |
8,011 |
|
|
$ |
7,890 |
|
$ |
9,991 |
|
|
$ |
15,984 |
|
$ |
7,895 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Variable noninterest expense(1) |
|
$ |
603 |
|
|
$ |
597 |
|
$ |
1,245 |
|
|
$ |
1,149 |
|
$ |
890 |
|
Fixed noninterest expense |
|
|
615 |
|
|
|
606 |
|
|
795 |
|
|
|
822 |
|
|
822 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Full time employees |
|
|
43 |
|
|
|
42 |
|
|
45 |
|
|
|
51 |
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Small Business Specialty Lending Division |
|
|
|
|
|
|
||||||||||||
Net interest income |
|
$ |
1,062 |
|
|
$ |
865 |
|
$ |
791 |
|
|
$ |
588 |
|
$ |
427 |
|
Provision for credit losses |
|
|
545 |
|
|
|
521 |
|
|
714 |
|
|
|
140 |
|
|
— |
|
Noninterest income |
|
|
2,642 |
|
|
|
2,107 |
|
|
1,760 |
|
|
|
1,504 |
|
|
1,464 |
|
Noninterest expenses |
|
|
2,050 |
|
|
|
1,765 |
|
|
2,188 |
|
|
|
1,811 |
|
|
1,641 |
|
Income taxes |
|
|
244 |
|
|
|
121 |
|
|
(70 |
) |
|
|
28 |
|
|
50 |
|
Segment income |
|
$ |
865 |
|
|
$ |
565 |
|
$ |
(281 |
) |
|
$ |
113 |
|
$ |
200 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total segment assets |
|
$ |
97,396 |
|
|
$ |
89,411 |
|
$ |
84,761 |
|
|
$ |
71,398 |
|
$ |
58,625 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Full time employees |
|
|
31 |
|
|
|
33 |
|
|
33 |
|
|
|
32 |
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Consolidated |
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
$ |
18,654 |
|
|
$ |
18,874 |
|
$ |
19,621 |
|
|
$ |
19,181 |
|
$ |
20,568 |
|
Provision for credit losses |
|
|
1,000 |
|
|
|
1,500 |
|
|
1,000 |
|
|
|
200 |
|
|
900 |
|
Noninterest income |
|
|
9,487 |
|
|
|
9,305 |
|
|
9,718 |
|
|
|
8,952 |
|
|
7,659 |
|
Noninterest expenses |
|
|
20,397 |
|
|
|
19,587 |
|
|
20,881 |
|
|
|
21,432 |
|
|
21,165 |
|
Income taxes |
|
|
1,411 |
|
|
|
1,494 |
|
|
1,654 |
|
|
|
1,199 |
|
|
1,119 |
|
Segment income |
|
$ |
5,333 |
|
|
$ |
5,598 |
|
$ |
5,804 |
|
|
$ |
5,302 |
|
$ |
5,043 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total segment assets |
|
$ |
3,015,509 |
|
|
$ |
3,053,422 |
|
$ |
3,093,823 |
|
|
$ |
3,101,071 |
|
$ |
2,996,941 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Full time employees |
|
|
451 |
|
|
|
453 |
|
|
460 |
|
|
|
466 |
|
|
496 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) Variable noninterest expense includes commission based salary expenses and volume based loan related fees. |
||||||||||||||||||
|
||||||||
Consolidated Balance Sheets |
||||||||
|
|
|
|
|
||||
(dollars in thousands) |
|
(unaudited) |
|
(audited) |
||||
ASSETS |
|
|
|
|
||||
Cash and due from banks |
|
$ |
22,914 |
|
|
$ |
25,339 |
|
Interest-bearing deposits in banks and federal funds sold |
|
|
71,755 |
|
|
|
57,983 |
|
Cash and cash equivalents |
|
|
94,669 |
|
|
|
83,322 |
|
Investment securities available for sale, at fair value |
|
|
382,953 |
|
|
|
407,382 |
|
Investment securities held to maturity, at amortized cost |
|
|
447,157 |
|
|
|
449,031 |
|
Other investments |
|
|
16,034 |
|
|
|
16,868 |
|
Loans held for sale |
|
|
31,102 |
|
|
|
27,958 |
|
Loans, net of unearned income |
|
|
1,859,018 |
|
|
|
1,883,470 |
|
Allowance for credit losses |
|
|
(18,657 |
) |
|
|
(18,371 |
) |
Loans, net |
|
|
1,840,361 |
|
|
|
1,865,099 |
|
Premises and equipment |
|
|
39,381 |
|
|
|
39,870 |
|
Other real estate |
|
|
562 |
|
|
|
448 |
|
|
|
|
48,923 |
|
|
|
48,923 |
|
Other intangible assets |
|
|
3,855 |
|
|
|
4,192 |
|
Bank owned life insurance |
|
|
56,765 |
|
|
|
56,925 |
|
Deferred income taxes, net |
|
|
24,587 |
|
|
|
25,405 |
|
Other assets |
|
|
29,160 |
|
|
|
27,999 |
|
Total assets |
|
$ |
3,015,509 |
|
|
$ |
3,053,422 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Deposits: |
|
|
|
|
||||
Noninterest-bearing |
|
$ |
476,413 |
|
|
$ |
498,992 |
|
Interest-bearing |
|
|
2,046,335 |
|
|
|
2,045,798 |
|
Total deposits |
|
|
2,522,748 |
|
|
|
2,544,790 |
|
|
|
|
155,000 |
|
|
|
175,000 |
|
Other borrowed money |
|
|
62,969 |
|
|
|
63,445 |
|
Accrued expenses and other liabilities |
|
|
14,878 |
|
|
|
15,252 |
|
Total liabilities |
|
$ |
2,755,595 |
|
|
$ |
2,798,487 |
|
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
|
||||
Common stock, |
|
$ |
17,559 |
|
|
$ |
17,564 |
|
Paid in capital |
|
|
168,951 |
|
|
|
168,614 |
|
Retained earnings |
|
|
127,758 |
|
|
|
124,400 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(54,354 |
) |
|
|
(55,643 |
) |
Total stockholders’ equity |
|
|
259,914 |
|
|
|
254,935 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,015,509 |
|
|
$ |
3,053,422 |
|
|
|
|
|
|
|||
Consolidated Statements of Income (unaudited) |
|||||||
|
|
Three months ended |
|||||
|
|
2024 |
|
2023 |
|||
(dollars in thousands, except per share data) |
|
|
|||||
Interest income: |
|
|
|
|
|||
Loans, including fees |
|
$ |
27,097 |
|
|
$ |
22,153 |
Investment securities |
|
|
5,520 |
|
|
|
5,860 |
Deposits in banks and short term investments |
|
|
693 |
|
|
|
357 |
Total interest income |
|
|
33,310 |
|
|
|
28,370 |
|
|
|
|
|
|||
Interest expense: |
|
|
|
|
|||
Deposits |
|
|
12,091 |
|
|
|
4,999 |
Federal funds purchased |
|
|
— |
|
|
|
88 |
|
|
|
1,572 |
|
|
|
1,626 |
Other borrowings |
|
|
993 |
|
|
|
1,089 |
Total interest expense |
|
|
14,656 |
|
|
|
7,802 |
Net interest income |
|
|
18,654 |
|
|
|
20,568 |
Provision for credit losses |
|
|
1,000 |
|
|
|
900 |
Net interest income after provision for credit losses |
|
|
17,654 |
|
|
|
19,668 |
|
|
|
|
|
|||
Noninterest income: |
|
|
|
|
|||
Service charges on deposits |
|
|
2,373 |
|
|
|
1,914 |
Mortgage fee income |
|
|
1,249 |
|
|
|
1,183 |
Gain on sales of SBA loans |
|
|
2,046 |
|
|
|
1,057 |
Loss on sales of securities |
|
|
(555 |
) |
|
|
— |
Interchange fees |
|
|
2,028 |
|
|
|
2,068 |
BOLI income |
|
|
533 |
|
|
|
331 |
Insurance commissions |
|
|
465 |
|
|
|
460 |
Other |
|
|
1,348 |
|
|
|
646 |
Total noninterest income |
|
|
9,487 |
|
|
|
7,659 |
|
|
|
|
|
|||
Noninterest expense: |
|
|
|
|
|||
Salaries and employee benefits |
|
|
12,018 |
|
|
|
12,609 |
Occupancy and equipment |
|
|
1,507 |
|
|
|
1,622 |
Information technology expenses |
|
|
2,110 |
|
|
|
2,341 |
Professional fees |
|
|
834 |
|
|
|
715 |
Advertising and public relations |
|
|
960 |
|
|
|
993 |
Communications |
|
|
226 |
|
|
|
294 |
Other |
|
|
2,742 |
|
|
|
2,591 |
Total noninterest expense |
|
|
20,397 |
|
|
|
21,165 |
Income before income taxes |
|
|
6,744 |
|
|
|
6,162 |
Income taxes |
|
|
1,411 |
|
|
|
1,119 |
Net income |
|
$ |
5,333 |
|
|
$ |
5,043 |
Earnings per common share: |
|
|
|
|
|||
Basic |
|
$ |
0.30 |
|
|
$ |
0.29 |
Diluted |
|
|
0.30 |
|
|
|
0.29 |
Dividends declared per share |
|
|
0.1125 |
|
|
|
0.1100 |
Weighted average common shares outstanding: |
|
|
|
|
|||
Basic |
|
|
17,560,210 |
|
|
|
17,595,688 |
Diluted |
|
|
17,560,210 |
|
|
|
17,595,688 |
|
||||||||||||||||||||
Quarterly Comparison |
||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||
(dollars in thousands, except per share data) |
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||
Assets |
|
$ |
3,015,509 |
|
|
$ |
3,053,422 |
|
|
$ |
3,093,823 |
|
|
$ |
3,101,071 |
|
|
$ |
2,996,941 |
|
Loans, net |
|
|
1,840,361 |
|
|
|
1,865,099 |
|
|
|
1,847,603 |
|
|
|
1,821,776 |
|
|
|
1,783,254 |
|
Deposits |
|
|
2,522,748 |
|
|
|
2,544,790 |
|
|
|
2,591,332 |
|
|
|
2,627,211 |
|
|
|
2,516,129 |
|
Total equity |
|
|
259,914 |
|
|
|
254,935 |
|
|
|
238,692 |
|
|
|
239,455 |
|
|
|
238,777 |
|
Net income |
|
|
5,333 |
|
|
|
5,598 |
|
|
|
5,804 |
|
|
|
5,302 |
|
|
|
5,043 |
|
Earnings per basic share |
|
$ |
0.30 |
|
|
$ |
0.32 |
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Key Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets |
|
|
0.71 |
% |
|
|
0.73 |
% |
|
|
0.75 |
% |
|
|
0.70 |
% |
|
|
0.69 |
% |
Operating return on average assets (a) |
|
|
0.76 |
% |
|
|
0.71 |
% |
|
|
0.77 |
% |
|
|
0.75 |
% |
|
|
0.76 |
% |
Return on average total equity |
|
|
8.38 |
% |
|
|
9.20 |
% |
|
|
9.61 |
% |
|
|
8.88 |
% |
|
|
8.73 |
% |
Operating return on average total equity (a) |
|
|
9.10 |
% |
|
|
8.90 |
% |
|
|
9.89 |
% |
|
|
9.57 |
% |
|
|
9.57 |
% |
Total equity to total assets |
|
|
8.62 |
% |
|
|
8.35 |
% |
|
|
7.72 |
% |
|
|
7.72 |
% |
|
|
7.97 |
% |
Tangible equity to tangible assets (a) |
|
|
6.99 |
% |
|
|
6.73 |
% |
|
|
6.09 |
% |
|
|
6.09 |
% |
|
|
6.27 |
% |
Net interest margin |
|
|
2.69 |
% |
|
|
2.70 |
% |
|
|
2.78 |
% |
|
|
2.77 |
% |
|
|
3.08 |
% |
(a) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP. |
||||||||||||||||||||
|
|||||||||||||||
Quarterly Loan Comparison |
|||||||||||||||
|
|
2024 |
|
2023 |
|||||||||||
(dollars in thousands) |
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|||||
Core |
|
$ |
1,718,284 |
|
$ |
1,729,866 |
|
$ |
1,698,219 |
|
$ |
1,664,855 |
|
$ |
1,614,216 |
Purchased |
|
|
140,734 |
|
|
153,604 |
|
|
166,752 |
|
|
173,987 |
|
|
185,637 |
Total |
|
$ |
1,859,018 |
|
$ |
1,883,470 |
|
$ |
1,864,971 |
|
$ |
1,838,842 |
|
$ |
1,799,853 |
|
|||||||||||||||
Quarterly Loans by Composition Comparison |
|||||||||||||||
|
|
2024 |
|
2023 |
|||||||||||
(dollars in thousands) |
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|||||
Construction, land & land development |
|
$ |
234,000 |
|
$ |
247,146 |
|
$ |
245,268 |
|
$ |
249,423 |
|
$ |
249,720 |
Other commercial real estate |
|
|
971,205 |
|
|
974,649 |
|
|
969,168 |
|
|
979,509 |
|
|
985,627 |
Total commercial real estate |
|
|
1,205,205 |
|
|
1,221,795 |
|
|
1,214,436 |
|
|
1,228,932 |
|
|
1,235,347 |
Residential real estate |
|
|
347,277 |
|
|
355,973 |
|
|
339,501 |
|
|
325,407 |
|
|
316,415 |
Commercial, financial & agricultural |
|
|
239,837 |
|
|
242,743 |
|
|
252,725 |
|
|
243,458 |
|
|
225,269 |
Consumer and other |
|
|
66,699 |
|
|
62,959 |
|
|
58,309 |
|
|
41,045 |
|
|
22,822 |
Total |
|
$ |
1,859,018 |
|
$ |
1,883,470 |
|
$ |
1,864,971 |
|
$ |
1,838,842 |
|
$ |
1,799,853 |
|
|||||||||||||||
Quarterly Loans by Location Comparison |
|||||||||||||||
|
|
2024 |
|
2023 |
|||||||||||
(dollars in thousands) |
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|||||
|
|
$ |
44,806 |
|
$ |
45,594 |
|
$ |
45,135 |
|
$ |
44,301 |
|
$ |
41,118 |
|
|
|
1,579 |
|
|
40 |
|
|
— |
|
|
— |
|
|
— |
Augusta |
|
|
71,483 |
|
|
65,284 |
|
|
55,508 |
|
|
55,124 |
|
|
53,415 |
Coastal |
|
|
232,557 |
|
|
243,492 |
|
|
239,281 |
|
|
242,249 |
|
|
248,253 |
|
|
|
121,131 |
|
|
118,806 |
|
|
116,776 |
|
|
119,041 |
|
|
119,720 |
|
|
|
425,753 |
|
|
426,724 |
|
|
431,632 |
|
|
420,231 |
|
|
419,480 |
|
|
|
409,681 |
|
|
436,728 |
|
|
446,221 |
|
|
463,558 |
|
|
448,558 |
|
|
|
183,679 |
|
|
187,751 |
|
|
188,208 |
|
|
192,348 |
|
|
204,664 |
Small Business Specialty Lending |
|
|
71,196 |
|
|
68,637 |
|
|
65,187 |
|
|
56,908 |
|
|
50,513 |
Consumer Portfolio Mortgages |
|
|
261,204 |
|
|
255,771 |
|
|
245,057 |
|
|
226,755 |
|
|
211,225 |
Marine/RV Lending |
|
|
35,017 |
|
|
33,191 |
|
|
31,009 |
|
|
17,137 |
|
|
2,060 |
Other |
|
|
932 |
|
|
1,452 |
|
|
957 |
|
|
1,190 |
|
|
847 |
Total |
|
$ |
1,859,018 |
|
$ |
1,883,470 |
|
$ |
1,864,971 |
|
$ |
1,838,842 |
|
$ |
1,799,853 |
|
|||||||||||||||
Quarterly Deposits Comparison |
|||||||||||||||
|
|
2024 |
|
2023 |
|||||||||||
(dollars in thousands) |
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|||||
Noninterest-bearing demand |
|
$ |
476,413 |
|
$ |
498,992 |
|
$ |
494,221 |
|
$ |
541,119 |
|
$ |
537,928 |
Interest-bearing demand |
|
|
802,596 |
|
|
759,299 |
|
|
740,672 |
|
|
733,708 |
|
|
764,070 |
Savings |
|
|
650,188 |
|
|
660,311 |
|
|
681,229 |
|
|
659,137 |
|
|
612,397 |
Time, |
|
|
173,386 |
|
|
167,680 |
|
|
187,218 |
|
|
184,459 |
|
|
152,914 |
Other time |
|
|
420,165 |
|
|
458,508 |
|
|
487,992 |
|
|
508,788 |
|
|
448,820 |
Total |
|
$ |
2,522,748 |
|
$ |
2,544,790 |
|
$ |
2,591,332 |
|
$ |
2,627,211 |
|
$ |
2,516,129 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424708104/en/
EVP & Chief Financial Officer
229-426-6000, extension 6119
Source: