American Riviera Bancorp Announces Results for the First Quarter of 2024
First Quarter Highlights
-
The Bank has the highest “Super Premier” rating for financial performance from the Findley Reports and maintained a “5 Star - Superior” rating from Bauer Financial as of
December 31, 2023 . -
The Bank was rated “Outstanding” by the
Federal Deposit Insurance Corporation in 2023 for its performance under the Community Reinvestment Act. -
Total shareholders’ equity of
$101.7 million atMarch 31, 2024 , has increased$1.1 million or 1.0% from the prior quarter-end, and$10.1 million or 11.1% from the same reporting period in the previous year. -
Tangible book value per share of
$16.62 atMarch 31, 2024 , has increased$0.03 or 0.2% from the prior quarter-end, and$1.59 or 10.6% from the same reporting period in the previous year. -
All
Bank and Company capital ratios increased in the first quarter of 2024. The Bank’s regulatory capital ratios were all above “well-capitalized” standards. -
Return on average assets for the first quarter ended
March 31, 2024 , was 0.69%, and return on average equity was 8.65%. -
Total loans were
$950.8 million atMarch 31, 2024 , an increase of$4.4 million or 0.5% from the prior quarter-end, and an increase of$26.1 million or 2.8% fromMarch 31, 2023 . The Bank’s loan-to-deposit ratio atMarch 31, 2024 , was 90.6%. -
Total deposits were
$1.05 billion atMarch 31, 2024 , representing no change from the$1.05 billion atDecember 31, 2023 , and a modest decrease of$50.2 million or 4.6% fromMarch 31, 2023 . -
Non-interest-bearing demand deposits represent 39.6% of total deposits, and total demand deposits represent 52.4% of total deposits, respectively, at
March 31, 2024 . -
Total cost of deposits increased to 1.09% for the first quarter of 2024, compared to 1.00% in the prior quarter, and 0.45% for the same quarter in the prior year. Total cost of funding sources increased to 1.51% for the first quarter of 2024, compared to 1.23% in the prior quarter, and 0.59% for the same quarter in the prior year. Overall funding costs for the Company have increased due to
Federal Reserve policy but remain modest compared to industry averages based on our relationship banking focus. -
Non-interest expenses have remained tightly controlled at
$8.1 million for the first quarter of 2024, compared to$8.2 million in the prior quarter, and$8.0 million for the same quarter of the prior year. -
On-balance sheet liquidity continues to be substantial with
$233.9 million of cash, due from banks, and available-for-sale (“AFS”) securities market value atMarch 31, 2024 . -
Access to available sources of liquidity including fed funds lines of credit with correspondent banks, unused secured borrowing capacity with the
Federal Home Loan Bank (“FHLB”), and unused secured borrowing capacity with theFederal Reserve totaled$386.2 million atMarch 31, 2024 . -
Allowance for Credit Losses (“ACL”) was 1.23% of total loans at
March 31, 2024 , unchanged fromDecember 31, 2023 , and 1.24% atMarch 31, 2023 . Provision for credit losses related to securities for the first quarter of 2024 was a$2,000 reversal of previous expense, compared to zero in the prior quarter and the same quarter in the prior year. -
The Bank maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and only
$0.6 million or 0.07% of total loans on non-accrual status, which are well supported by collateral or reserves.
First Quarter Earnings
For the first quarter of 2024, unaudited net income was
The Bank continues to grow interest and fees on loans sequentially over the last four quarters from
Non-Interest Income and Expense
Total non-interest income was
Non-interest expense was
Loans and Asset Quality
Total loans were
The Bank’s ACL was
Deposits & Borrowings
Total deposits were
Non-interest-bearing demand deposits totaled
Interest-bearing demand deposits totaled
Other interest-bearing deposits totaled
Although the Bank continues to maintain core deposit relationships, consistent with industry trends in this higher-rate environment, certain depositors are reinvesting their excess cash in non-
The weighted average cost of deposits for the first quarter of 2024 was 1.09%, compared to 1.00% for the previous quarter, and 0.45% for the same quarter last year. The increase in the cost of deposits this quarter is partially due to the Bank acquiring
The Bank increased its FHLB advances to
The Bank’s liquidity position remained strong with a primary liquidity ratio (cash and cash equivalents, deposits held in other banks and unpledged AFS securities as a percentage of total assets) of 16.7% at
As of
Overall uninsured deposits, excluding public agency deposits that are collateralized, are conservatively estimated to be
Shareholders’ Equity
Total shareholders’ equity was
Company Profile
Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, effects of interest rate changes, ability to control costs and expenses, impact of consolidation in the banking industry, financial policies of the US government, and general economic conditions.
|
|||||||||||||||
Balance Sheets (unaudited) | |||||||||||||||
(dollars in thousands) | |||||||||||||||
|
|
|
|
One Year |
|
One Year |
|||||||||
2024 |
|
2023 |
|
$ Change |
|
% Change |
|||||||||
Assets | |||||||||||||||
Cash & Due From Banks |
$ |
33,029 |
|
$ |
64,252 |
|
$ |
(31,223 |
) |
-49 |
% |
||||
Available-for-sale securities |
|
200,905 |
|
|
223,547 |
|
|
(22,642 |
) |
-10 |
% |
||||
Held-to-maturity securities, net |
|
41,343 |
|
|
41,274 |
|
|
69 |
|
0 |
% |
||||
Loans |
|
950,820 |
|
|
924,761 |
|
|
26,059 |
|
3 |
% |
||||
Allowance For Credit Losses |
|
(11,648 |
) |
|
(11,468 |
) |
|
(180 |
) |
2 |
% |
||||
Net Loans |
|
939,172 |
|
|
913,293 |
|
|
25,879 |
|
3 |
% |
||||
Premise & Equipment |
|
8,529 |
|
|
14,098 |
|
|
(5,569 |
) |
-40 |
% |
||||
|
|
4,955 |
|
|
4,942 |
|
|
13 |
|
0 |
% |
||||
Other Assets |
|
48,297 |
|
|
40,588 |
|
|
7,709 |
|
19 |
% |
||||
Total Assets |
$ |
1,276,230 |
|
$ |
1,301,994 |
|
$ |
(25,764 |
) |
-2 |
% |
||||
Liabilities & Shareholders' Equity | |||||||||||||||
Non-interest-bearing Demand Deposits |
$ |
415,648 |
|
$ |
460,667 |
|
$ |
(45,019 |
) |
-10 |
% |
||||
Interest-bearing Demand Deposits |
|
134,532 |
|
$ |
138,384 |
|
|
(3,852 |
) |
-3 |
% |
||||
Other Interest-bearing Deposits |
|
499,236 |
|
|
500,602 |
|
|
(1,366 |
) |
0 |
% |
||||
Total Deposits |
|
1,049,416 |
|
|
1,099,653 |
|
|
(50,237 |
) |
-5 |
% |
||||
Borrowed Funds |
|
113,000 |
|
|
98,000 |
|
|
15,000 |
|
15 |
% |
||||
Other Liabilities |
|
12,120 |
|
|
12,785 |
|
|
(665 |
) |
-5 |
% |
||||
Total Liabilities |
|
1,174,535 |
|
|
1,210,438 |
|
|
(35,903 |
) |
-3 |
% |
||||
Common Stock |
|
67,198 |
|
|
66,381 |
|
|
817 |
|
1 |
% |
||||
Retained Earnings |
|
56,357 |
|
|
46,250 |
|
|
10,108 |
|
22 |
% |
||||
Other Capital |
|
(21,860 |
) |
|
(21,075 |
) |
|
(785 |
) |
04 |
% |
||||
Total Shareholders' Equity |
|
101,695 |
|
|
91,556 |
|
|
10,139 |
|
11 |
% |
||||
Total Liabilities & Shareholders' Equity |
$ |
1,276,230 |
|
$ |
1,301,994 |
|
$ |
(25,763 |
) |
-2 |
% |
|
||||||||||||||||||||
Balance Sheets (unaudited) | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||||
Assets | ||||||||||||||||||||
Cash & Due From Banks |
$ |
33,029 |
|
$ |
19,683 |
|
$ |
26,905 |
|
$ |
30,428 |
|
$ |
64,252 |
|
|||||
Available-for-sale securities |
|
200,905 |
|
|
207,271 |
|
|
206,842 |
|
|
215,951 |
|
|
223,547 |
|
|||||
Held-to-maturity securities |
|
41,343 |
|
|
41,326 |
|
|
41,309 |
|
|
41,295 |
|
|
41,274 |
|
|||||
Loans |
|
950,820 |
|
|
946,411 |
|
|
941,124 |
|
|
945,389 |
|
|
924,761 |
|
|||||
Allowance for Credit Losses |
|
(11,648 |
) |
|
(11,648 |
) |
|
(11,647 |
) |
|
(11,638 |
) |
|
(11,468 |
) |
|||||
Net Loans |
|
939,172 |
|
|
934,763 |
|
|
929,477 |
|
|
933,751 |
|
|
913,293 |
|
|||||
Premise & Equipment |
|
8,529 |
|
|
13,994 |
|
|
14,686 |
|
|
14,842 |
|
|
14,098 |
|
|||||
|
|
4,955 |
|
|
4,930 |
|
|
4,934 |
|
|
4,936 |
|
|
4,942 |
|
|||||
Other Assets |
|
48,297 |
|
|
43,069 |
|
|
44,653 |
|
|
43,851 |
|
|
40,588 |
|
|||||
Total Assets |
$ |
1,276,230 |
|
$ |
1,265,036 |
|
$ |
1,268,806 |
|
$ |
1,285,054 |
|
$ |
1,301,994 |
|
|||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||
Non-interest-bearing Demand Deposits |
$ |
415,648 |
|
$ |
443,070 |
|
$ |
457,723 |
|
$ |
442,078 |
|
$ |
460,667 |
|
|||||
Interest-bearing Demand Deposits |
|
134,532 |
|
|
123,686 |
|
|
129,484 |
|
|
140,935 |
|
|
138,384 |
|
|||||
Other Interest-bearing Deposits |
|
499,236 |
|
|
482,926 |
|
|
514,266 |
|
|
499,424 |
|
|
500,602 |
|
|||||
Total Deposits |
|
1,049,416 |
|
|
1,049,682 |
|
|
1,101,473 |
|
|
1,082,437 |
|
|
1,099,653 |
|
|||||
Borrowed Funds |
|
113,000 |
|
|
103,000 |
|
|
63,000 |
|
|
98,000 |
|
|
98,000 |
|
|||||
Other Liabilities |
|
12,120 |
|
|
11,715 |
|
|
11,976 |
|
|
11,819 |
|
|
12,785 |
|
|||||
Total Liabilities |
|
1,174,535 |
|
|
1,164,397 |
|
|
1,176,449 |
|
|
1,192,256 |
|
|
1,210,438 |
|
|||||
Common Stock |
|
67,198 |
|
|
67,388 |
|
|
67,108 |
|
|
66,836 |
|
|
67,411 |
|
|||||
Retained Earnings |
|
56,357 |
|
|
54,177 |
|
|
51,972 |
|
|
49,324 |
|
|
46,251 |
|
|||||
Other Capital |
|
(21,860 |
) |
|
(20,926 |
) |
|
(26,723 |
) |
|
(23,362 |
) |
|
(21,075 |
) |
|||||
Total Shareholders' Equity |
|
101,695 |
|
|
100,639 |
|
|
92,357 |
|
|
92,798 |
|
|
91,556 |
|
|||||
Total Liabilities & Shareholders' Equity |
$ |
1,276,230 |
|
$ |
1,265,036 |
|
$ |
1,268,806 |
|
$ |
1,285,054 |
|
$ |
1,301,994 |
|
|
|||||||||||
Statement of Income (unaudited) | |||||||||||
(dollars in thousands, except per share data) | |||||||||||
Quarter Ended |
|||||||||||
|
|
|
|
|
|||||||
2024 |
|
2023 |
|
Change |
|||||||
Interest Income | |||||||||||
Interest and Fees on Loans |
$ |
12,672 |
|
$ |
11,201 |
|
13 |
% |
|||
Interest on Securities |
|
1,712 |
|
|
1,733 |
|
-1 |
% |
|||
Interest on Due From Banks |
|
153 |
|
|
276 |
|
-45 |
% |
|||
Total Interest Income |
|
14,537 |
|
|
13,210 |
|
10 |
% |
|||
Interest Expense | |||||||||||
Interest Expense on Deposits |
|
2,806 |
|
|
1,274 |
|
120 |
% |
|||
Interest Expense on Borrowings |
|
1,538 |
|
|
421 |
|
266 |
% |
|||
Total Interest Expense |
|
4,344 |
|
|
1,695 |
|
156 |
% |
|||
Net Interest Income |
|
10,192 |
|
|
11,515 |
|
-11 |
% |
|||
Provision for Credit Losses |
|
(2 |
) |
|
- |
|
0 |
% |
|||
Net Interest Income After Provision |
|
10,194 |
|
|
11,515 |
|
-11 |
% |
|||
Non-Interest Income | |||||||||||
Service Charges, Commissions and Fees |
|
520 |
|
|
463 |
|
12 |
% |
|||
Other Non-Interest Income |
|
361 |
|
|
66 |
|
445 |
% |
|||
Total Non-Interest Income |
|
881 |
|
|
529 |
|
66 |
% |
|||
Non-Interest Expense | |||||||||||
Salaries and Employee Benefits |
|
5,223 |
|
|
4,942 |
|
6 |
% |
|||
Occupancy and Equipment |
|
873 |
|
|
905 |
|
-4 |
% |
|||
Other Non-Interest Expense |
|
2,006 |
|
|
2,134 |
|
-6 |
% |
|||
Total Non-Interest Expense |
|
8,101 |
|
|
7,981 |
|
2 |
% |
|||
Net Income Before Provision for Taxes |
|
2,974 |
|
|
4,063 |
|
-27 |
% |
|||
Provision for Taxes |
|
793 |
|
|
1,090 |
|
-27 |
% |
|||
Net Income |
$ |
2,180 |
|
$ |
2,973 |
|
-27 |
% |
|||
Shares Outstanding |
|
5,820,150 |
|
|
5,763,854 |
|
1 |
% |
|||
Earnings Per Share - Basic |
$ |
0.37 |
|
$ |
0.52 |
|
-27 |
% |
|||
Return on Average Assets |
|
0.69 |
% |
|
0.98 |
% |
-30 |
% |
|||
Return on Average Equity |
|
8.65 |
% |
|
14.22 |
% |
-39 |
% |
|||
Net Interest Margin |
|
3.34 |
% |
|
3.76 |
% |
-11 |
% |
|
|||||||||||||||||
Five Quarter Statements of Income (unaudited) | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||
Quarters Ended | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|||||||||
Interest Income | |||||||||||||||||
Interest and Fees on Loans |
$ |
12,672 |
|
$ |
12,557 |
|
$ |
12,134 |
$ |
11,794 |
$ |
11,201 |
|||||
Interest on Securities |
|
1,712 |
|
|
1,751 |
|
|
1,664 |
|
1,792 |
|
1,733 |
|||||
Interest on Due From Banks |
|
153 |
|
|
293 |
|
|
221 |
|
265 |
|
276 |
|||||
Total Interest Income |
|
14,537 |
|
|
14,601 |
|
|
14,019 |
|
13,851 |
|
13,210 |
|||||
Interest Expense | |||||||||||||||||
Interest Expense on Deposits |
|
2,806 |
|
|
2,735 |
|
|
2,514 |
|
1,965 |
|
1,274 |
|||||
Interest Expense on Borrowings |
|
1,538 |
|
|
863 |
|
|
618 |
|
1,006 |
|
421 |
|||||
Total Interest Expense |
|
4,344 |
|
|
3,598 |
|
|
3,131 |
|
2,971 |
|
1,695 |
|||||
Net Interest Income |
|
10,192 |
|
|
11,003 |
|
|
10,888 |
|
10,880 |
|
11,515 |
|||||
Provision for Credit Losses |
|
(2 |
) |
|
- |
|
|
8 |
|
163 |
|
- |
|||||
Net Interest Income After Provision |
|
10,194 |
|
|
11,003 |
|
|
10,880 |
|
10,717 |
|
11,515 |
|||||
Non-Interest Income | |||||||||||||||||
Service Charges, Commissions and Fees |
|
520 |
|
|
525 |
|
|
467 |
|
764 |
|
463 |
|||||
Other Non-Interest Income |
|
361 |
|
|
(257 |
) |
|
225 |
|
222 |
|
66 |
|||||
Total Non-Interest Income |
|
881 |
|
|
268 |
|
|
692 |
|
987 |
|
529 |
|||||
Non-Interest Expense | |||||||||||||||||
Salaries and Employee Benefits |
|
5,223 |
|
|
4,838 |
|
|
4,599 |
|
4,588 |
|
4,942 |
|||||
Occupancy and Equipment |
|
873 |
|
|
907 |
|
|
862 |
|
868 |
|
905 |
|||||
Other Non-Interest Expense |
|
2,006 |
|
|
2,485 |
|
|
2,452 |
|
2,508 |
|
2,134 |
|||||
Total Non-Interest Expense |
|
8,101 |
|
|
8,230 |
|
|
7,912 |
|
7,964 |
|
7,981 |
|||||
Net Income Before Provision for Taxes |
|
2,974 |
|
|
3,041 |
|
|
3,660 |
|
3,740 |
|
4,063 |
|||||
Provision for Taxes |
|
793 |
|
|
838 |
|
|
1,011 |
|
1,052 |
|
1,090 |
|||||
Net Income |
$ |
2,180 |
|
$ |
2,203 |
|
$ |
2,649 |
$ |
2,688 |
$ |
2,973 |
|||||
Shares Outstanding |
|
5,820,150 |
|
|
5,768,697 |
|
|
5,771,679 |
|
5,772,012 |
|
5,763,854 |
|||||
Earnings Per Share - Basic |
$ |
0.37 |
|
$ |
0.38 |
|
$ |
0.46 |
$ |
0.47 |
$ |
0.52 |
|||||
Net Income pre-tax, pre-provision (Non-GAAP) |
$ |
2,972 |
|
$ |
3,039 |
|
$ |
3,668 |
$ |
3,902 |
$ |
4,062 |
|
||||||||||||||||||||
Selected Financial Highlights (unaudited) | ||||||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||||||
At or for the Quarters Ended | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||||
Income and performance ratios: | ||||||||||||||||||||
Net Income |
$ |
2,180 |
|
$ |
2,203 |
|
$ |
2,649 |
|
$ |
2,688 |
|
$ |
2,973 |
|
|||||
Earnings per share - basic |
|
0.37 |
|
|
0.38 |
|
|
0.46 |
|
|
0.47 |
|
|
0.52 |
|
|||||
Return on average assets |
|
0.69 |
% |
|
0.69 |
% |
|
0.80 |
% |
|
0.85 |
% |
|
0.98 |
% |
|||||
Return on average equity |
|
8.65 |
% |
|
9.36 |
% |
|
10.98 |
% |
|
11.84 |
% |
|
14.22 |
% |
|||||
Cost of Funds |
|
1.51 |
% |
|
1.23 |
% |
|
1.06 |
% |
|
1.02 |
% |
|
0.59 |
% |
|||||
Cost of Deposits |
|
1.09 |
% |
|
1.00 |
% |
|
0.90 |
% |
|
0.73 |
% |
|
0.45 |
% |
|||||
Net interest margin |
|
3.34 |
% |
|
3.61 |
% |
|
3.47 |
% |
|
3.51 |
% |
|
3.76 |
% |
|||||
Efficiency ratio (b) |
|
74.33 |
% |
|
73.01 |
% |
|
68.79 |
% |
|
66.97 |
% |
|
65.52 |
% |
|||||
Balance Sheet ratios: | ||||||||||||||||||||
Loan-to-deposit ratio |
|
90.60 |
% |
|
90.16 |
% |
|
85.44 |
% |
|
87.34 |
% |
|
84.10 |
% |
|||||
Non-interest-bearing deposits / total deposits |
|
39.61 |
% |
|
42.21 |
% |
|
41.56 |
% |
|
40.84 |
% |
|
41.89 |
% |
|||||
Demand deposits / total deposits |
|
52.43 |
% |
|
53.99 |
% |
|
53.31 |
% |
|
53.86 |
% |
|
54.48 |
% |
|||||
Asset quality: | ||||||||||||||||||||
Allowance for credit losses |
$ |
11,648 |
|
$ |
11,648 |
|
$ |
11,647 |
|
$ |
11,638 |
|
$ |
11,468 |
|
|||||
Nonperforming assets |
|
631 |
|
|
595 |
|
|
2,708 |
|
|
2,818 |
|
|
2,955 |
|
|||||
Allowance for credit losses / total loans and leases |
|
1.23 |
% |
|
1.23 |
% |
|
1.24 |
% |
|
1.23 |
% |
|
1.24 |
% |
|||||
Net charge-offs / average loans and leases (annualized) |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|||||
|
|
0.74 |
% |
|
0.71 |
% |
|
2.73 |
% |
|
2.83 |
% |
|
3.01 |
% |
|||||
Capital ratios for |
||||||||||||||||||||
Tier 1 risk-based capital |
|
12.76 |
% |
|
12.62 |
% |
|
12.14 |
% |
|
12.02 |
% |
|
11.96 |
% |
|||||
Total risk-based capital |
|
13.90 |
% |
|
13.77 |
% |
|
13.28 |
% |
|
13.17 |
% |
|
13.12 |
% |
|||||
Tier 1 leverage ratio |
|
10.82 |
% |
|
10.62 |
% |
|
10.12 |
% |
|
9.95 |
% |
|
9.67 |
% |
|||||
Capital ratios for |
||||||||||||||||||||
Tier 1 risk-based capital |
|
11.07 |
% |
|
10.94 |
% |
|
10.52 |
% |
|
10.39 |
% |
|
10.32 |
% |
|||||
Total risk-based capital |
|
13.84 |
% |
|
13.72 |
% |
|
13.31 |
% |
|
13.22 |
% |
|
13.21 |
% |
|||||
Tier 1 leverage ratio |
|
9.39 |
% |
|
9.21 |
% |
|
8.77 |
% |
|
8.60 |
% |
|
8.32 |
% |
|||||
Tangible common equity ratio |
|
7.61 |
% |
|
7.60 |
% |
|
6.92 |
% |
|
6.86 |
% |
|
6.68 |
% |
|||||
Equity and share related: | ||||||||||||||||||||
Common equity |
$ |
101,695 |
|
$ |
100,639 |
|
$ |
92,357 |
|
$ |
92,798 |
|
$ |
91,556 |
|
|||||
Book value per share |
|
17.47 |
|
|
17.45 |
|
|
16.00 |
|
|
16.08 |
|
|
15.88 |
|
|||||
Tangible book value per share |
|
16.62 |
|
|
16.59 |
|
|
15.15 |
|
|
15.22 |
|
|
15.03 |
|
|||||
Tangible book value per share, excluding AOCI (d) |
|
20.38 |
|
|
20.22 |
|
|
19.78 |
|
|
19.27 |
|
|
18.68 |
|
|||||
Stock closing price per share |
|
15.96 |
|
|
16.50 |
|
|
16.15 |
|
|
15.20 |
|
|
16.81 |
|
|||||
Number of shares issued and outstanding |
|
5,820.15 |
|
|
5,768.70 |
|
|
5,771.68 |
|
|
5,772.01 |
|
|
5,763.85 |
|
Notes: | |||||||||||
(a) The sum of Nonperforming assets and Other Real Estate Owned, divided by the sum of Total Shareholder Equity and Total Allowance for Credit Losses (less Preferred Stock and Intangible Assets). | |||||||||||
(b) Annualized Operating Expense excluding Provision for Credit Losses minus Annualized Extraordinary Expense, divided by Annualized Interest Income including Loan Fees minus Annualized Interest Expense plus Annualized Non-Interest Income minus Annualized Extraordinary Income, expressed as a percentage. | |||||||||||
(c) Current period capital ratios are preliminary. | |||||||||||
(d) Accumulated Other Comprehensive Income (AOCI), is comprised of the tax adjusted unrealized loss on securities and is presented as |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424188564/en/
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