CBB Bancorp, Inc. Reports Second Quarter 2024 Financial Results
OVERALL RESULTS
Net income for the second quarter 2024 decreased from the first quarter primarily due to lower net interest income and gain on sale of loans, offset by a lower provision for credit losses and noninterest expenses. The return on average assets for the second quarter 2024 was 1.31% compared to 1.32% for the first quarter 2024 and 1.79% for the second quarter 2023. The return on average equity for the second quarter 2024 was 9.06% compared to 9.57% for the first quarter 2024 and 14.76% for the second quarter 2023. The efficiency ratio for the second quarter 2024 was 55.69% compared to 54.68% for the first quarter 2024 and 47.29% for the second quarter 2023.
INCOME STATEMENT
Net Interest Income
Net interest income for the second quarter 2024 was
Net interest income for the six months ended
Net Interest Margin
The net interest margin for both the second and first quarters 2024 was 3.77% and 4.23% for the second quarter 2023. The decrease in the net interest margin compared to the same quarter 2023 was due to higher cost of funds. The cost of funds for the second quarter 2024 increased four basis points to 3.52% compared to 3.48% in the previous quarter and 2.53% in the second quarter 2023.
Provision for Credit Losses
Provision for credit losses was
Noninterest Income
Noninterest income for the second quarter 2024 was
Noninterest income for the six months ended
Noninterest Expenses
Noninterest expenses for the second quarter 2024 were
Please refer to financial tables in this press release for additional information and trends.
Income Taxes
The Company’s effective tax rate for the second quarter 2024 was 28.3% compared to 28.4% for first quarter 2024 and 28.6% for second quarter 2023.
BALANCE SHEET
Investment securities were
Loans Receivable
Loans receivable (including loans held-for-sale) at
Allowance for Credit Losses and Asset Quality
The Allowance for Credit Losses (“ACL”) at
SBA Loans Held-for-Sale
Total SBA loans held-for-sale at
The Bank sold approximately
Deposits
Total deposits were
Borrowings
The Bank has maintained
Capital
Stockholders’ equity was
Each of the Company’s and the Bank’s regulatory capital ratios decreased, except for the leverage ratio at
The Common Equity Tier 1 Risk-Based Capital Ratios at
About
FORWARD-LOOKING STATEMENTS:
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances, except to the extent required by law.
Schedules and Financial Data: All tables and data to follow
STATEMENT OF INCOME AND PERFORMANCE HIGHLIGHT (Unaudited) - Table 1 |
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(Dollars in thousands, except per share amounts) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
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|
|
|
|
|
|
$ |
% |
|
|
|
$ |
% |
|
|
|
|
|
$ |
% |
|||||||||||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
Change |
Change |
|
|
2023 |
|
|
Change |
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
Change |
|||||||||
Interest income |
$ |
27,755 |
|
$ |
28,463 |
|
$ |
(708 |
) |
(2.5 |
%) |
$ |
28,664 |
|
$ |
(909 |
) |
(3.2 |
%) |
$ |
56,218 |
|
$ |
55,912 |
|
$ |
306 |
|
0.5 |
% |
||||||||
Interest expense |
|
12,391 |
|
|
12,655 |
|
|
(264 |
) |
(2.1 |
%) |
|
9,930 |
|
|
2,461 |
|
24.8 |
% |
|
25,046 |
|
|
18,098 |
|
|
6,948 |
|
38.4 |
% |
||||||||
Net interest income |
|
15,364 |
|
|
15,808 |
|
|
(444 |
) |
(2.8 |
%) |
|
18,734 |
|
|
(3,370 |
) |
(18.0 |
%) |
|
31,172 |
|
|
37,814 |
|
|
(6,642 |
) |
(17.6 |
%) |
||||||||
Provision for credit losses |
|
200 |
|
|
400 |
|
|
(200 |
) |
(50.0 |
%) |
|
- |
|
|
200 |
|
100.0 |
% |
|
600 |
|
|
- |
|
|
600 |
|
100.0 |
% |
||||||||
Net interest income after provision for credit losses |
|
15,164 |
|
|
15,408 |
|
|
(244 |
) |
(1.6 |
%) |
|
18,734 |
|
|
(3,570 |
) |
(19.1 |
%) |
|
30,572 |
|
|
37,814 |
|
|
(7,242 |
) |
(19.2 |
%) |
||||||||
Gain on sale of loans |
|
1,064 |
|
|
1,489 |
|
|
(425 |
) |
-28.5 |
% |
|
1,952 |
|
|
(888 |
) |
319.8 |
% |
|
2,553 |
|
|
1,952 |
|
|
601 |
|
30.8 |
% |
||||||||
Gain (loss) on sale of OREO |
|
- |
|
|
(1 |
) |
|
1 |
|
(100.0 |
%) |
|
- |
|
|
- |
|
- |
|
|
(1 |
) |
|
- |
|
|
(1 |
) |
(100.0 |
%) |
||||||||
SBA servicing fee income, net |
|
768 |
|
|
633 |
|
|
135 |
|
21.3 |
% |
|
440 |
|
|
328 |
|
74.5 |
% |
|
1,401 |
|
|
1,094 |
|
|
307 |
|
28.1 |
% |
||||||||
Recovery on impaired servicing liability |
|
- |
|
|
10 |
|
|
(10 |
) |
(100.0 |
%) |
|
- |
|
|
- |
|
- |
|
|
10 |
|
|
- |
|
|
10 |
|
100.0 |
% |
||||||||
Service charges and other income |
|
503 |
|
|
430 |
|
|
73 |
|
17.0 |
% |
|
407 |
|
|
96 |
|
23.6 |
% |
|
933 |
|
|
805 |
|
|
128 |
|
15.9 |
% |
||||||||
Noninterest income |
|
2,335 |
|
|
2,561 |
|
|
(226 |
) |
(8.8 |
%) |
|
2,799 |
|
|
(464 |
) |
(16.6 |
%) |
|
4,896 |
|
|
3,851 |
|
|
1,045 |
|
27.1 |
% |
||||||||
Salaries and employee benefits |
|
5,927 |
|
|
6,024 |
|
|
(97 |
) |
(1.6 |
%) |
|
5,581 |
|
|
346 |
|
6.2 |
% |
|
11,951 |
|
|
11,660 |
|
|
291 |
|
2.5 |
% |
||||||||
Occupancy and equipment |
|
1,114 |
|
|
1,122 |
|
|
(8 |
) |
(0.7 |
%) |
|
1,122 |
|
|
(8 |
) |
(0.7 |
%) |
|
2,236 |
|
|
2,246 |
|
|
(10 |
) |
(0.4 |
%) |
||||||||
Marketing expense |
|
403 |
|
|
402 |
|
|
1 |
|
0.2 |
% |
|
409 |
|
|
(6 |
) |
(1.5 |
%) |
|
805 |
|
|
783 |
|
|
22 |
|
2.8 |
% |
||||||||
Professional expense |
|
440 |
|
|
412 |
|
|
28 |
|
6.8 |
% |
|
436 |
|
|
4 |
|
0.9 |
% |
|
852 |
|
|
890 |
|
|
(38 |
) |
(4.3 |
%) |
||||||||
Other expenses |
|
1,972 |
|
|
2,084 |
|
|
(112 |
) |
(5.4 |
%) |
|
2,635 |
|
|
(663 |
) |
(25.2 |
%) |
|
4,056 |
|
|
4,879 |
|
|
(823 |
) |
(16.9 |
%) |
||||||||
Noninterest expense |
|
9,856 |
|
|
10,044 |
|
|
(188 |
) |
(1.9 |
%) |
|
10,183 |
|
|
(327 |
) |
(3.2 |
%) |
|
19,900 |
|
|
20,458 |
|
|
(558 |
) |
(2.7 |
%) |
||||||||
Income before income tax provision |
|
7,643 |
|
|
7,925 |
|
|
(282 |
) |
(3.6 |
%) |
|
11,350 |
|
|
(3,707 |
) |
(32.7 |
%) |
|
15,568 |
|
|
21,207 |
|
|
(5,639 |
) |
(26.6 |
%) |
||||||||
Income tax provision |
|
2,163 |
|
|
2,253 |
|
|
(90 |
) |
(4.0 |
%) |
|
3,248 |
|
|
(1,085 |
) |
(33.4 |
%) |
|
4,416 |
|
|
6,015 |
|
|
(1,599 |
) |
(26.6 |
%) |
||||||||
Net income |
$ |
5,480 |
|
$ |
5,672 |
|
$ |
(192 |
) |
(3.4 |
%) |
$ |
8,102 |
|
$ |
(2,622 |
) |
(32.4 |
%) |
$ |
11,152 |
|
$ |
15,192 |
|
$ |
(4,040 |
) |
(26.6 |
%) |
||||||||
Effective tax rate |
|
28.3 |
% |
|
28.4 |
% |
|
(0.1 |
%) |
(0.5 |
%) |
|
28.6 |
% |
|
(0.3 |
%) |
(1.1 |
%) |
|
28.4 |
% |
|
28.4 |
% |
|
0.00 |
% |
0.0 |
% |
||||||||
Outstanding number of shares |
|
10,588,136 |
|
|
10,588,136 |
|
|
- |
|
- |
|
|
10,588,136 |
|
|
- |
|
- |
|
|
10,588,136 |
|
|
10,588,136 |
|
|
- |
|
- |
|
||||||||
Weighted average shares for basic EPS |
|
10,588,136 |
|
|
10,588,136 |
|
|
- |
|
- |
|
|
10,588,136 |
|
|
- |
|
- |
|
|
10,588,136 |
|
|
10,582,197 |
|
|
5,939 |
|
0.1 |
% |
||||||||
Weighted average shares for diluted EPS |
|
10,588,136 |
|
|
10,588,688 |
|
|
(552 |
) |
(0.0 |
%) |
|
10,591,350 |
|
|
(3,214 |
) |
(0.0 |
%) |
|
10,558,688 |
|
|
10,595,803 |
|
|
(37,115 |
) |
(0.4 |
%) |
||||||||
Basic EPS |
$ |
0.51 |
|
$ |
0.54 |
|
$ |
(0.03 |
) |
(5.6 |
%) |
$ |
0.77 |
|
$ |
(0.26 |
) |
(33.8 |
%) |
$ |
1.05 |
|
$ |
1.44 |
|
$ |
(0.39 |
) |
-27.1 |
% |
||||||||
Diluted EPS |
$ |
0.51 |
|
$ |
0.54 |
|
$ |
(0.03 |
) |
(5.6 |
%) |
$ |
0.76 |
|
$ |
(0.25 |
) |
(32.9 |
%) |
$ |
1.05 |
|
$ |
1.43 |
|
$ |
(0.38 |
) |
(26.6 |
%) |
||||||||
Return on average assets |
|
1.31 |
% |
|
1.32 |
% |
|
(0.01 |
%) |
(0.8 |
%) |
|
1.79 |
% |
|
(0.48 |
%) |
(26.8 |
%) |
|
1.32 |
% |
|
1.69 |
% |
|
(0.37 |
%) |
(21.9 |
%) |
||||||||
Return on average equity |
|
9.06 |
% |
|
9.57 |
% |
|
(0.51 |
%) |
(5.3 |
%) |
|
14.76 |
% |
|
(5.70 |
%) |
(38.6 |
%) |
|
9.31 |
% |
|
14.12 |
% |
|
(4.81 |
%) |
(34.1 |
%) |
||||||||
Efficiency ratio¹ |
|
55.69 |
% |
|
54.68 |
% |
|
1.01 |
% |
1.9 |
% |
|
47.29 |
% |
|
8.40 |
% |
17.8 |
% |
|
55.17 |
% |
|
49.10 |
% |
|
6.07 |
% |
12.4 |
% |
||||||||
Yield on interest-earning assets² |
|
6.79 |
% |
|
6.77 |
% |
|
0.02 |
% |
0.3 |
% |
|
6.46 |
% |
|
0.33 |
% |
5.1 |
% |
|
6.78 |
% |
|
6.36 |
% |
|
0.42 |
% |
6.6 |
% |
||||||||
Cost of funds |
|
3.52 |
% |
|
3.48 |
% |
|
0.04 |
% |
1.2 |
% |
|
2.53 |
% |
|
0.99 |
% |
39.1 |
% |
|
3.50 |
% |
|
2.32 |
% |
|
1.18 |
% |
50.9 |
% |
||||||||
Net interest margin² |
|
3.77 |
% |
|
3.77 |
% |
|
0.00 |
% |
0.0 |
% |
|
4.23 |
% |
|
(0.46 |
%) |
(10.9 |
%) |
|
3.77 |
% |
|
4.30 |
% |
|
(0.53 |
%) |
(12.3 |
%) |
¹ | Represents the ratio of noninterest expense less other real estate owned operations to the sum of net interest income before provision for credit losses and total noninterest income. | |||||||||||||
² | Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate | |||||||||||||
BALANCE SHEET, CAPITAL AND OTHER DATA (Unaudited) - Table 2 |
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(Dollars in thousands) |
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|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
$ |
% |
|
|
|
$ |
% |
|||||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
Change |
Change |
|
|
2023 |
|
|
Change |
Change |
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ASSETS | ||||||||||||||||||||||||||
Cash and due from banks |
$ |
11,667 |
|
$ |
11,612 |
|
$ |
55 |
|
0.5 |
% |
$ |
12,704 |
|
$ |
(1,037 |
) |
(8.2 |
%) |
|||||||
Interest-earning deposits at the FRB and other banks |
|
101,415 |
|
|
181,366 |
|
|
(79,951 |
) |
(44.1 |
%) |
|
293,394 |
|
|
(191,979 |
) |
(65.4 |
%) |
|||||||
Investment securities¹ |
|
73,051 |
|
|
59,143 |
|
|
13,908 |
|
23.5 |
% |
|
66,400 |
|
|
6,651 |
|
10.0 |
% |
|||||||
Loans held-for-sale |
|
209,144 |
|
|
198,167 |
|
|
10,977 |
|
5.5 |
% |
|
215,083 |
|
|
(5,939 |
) |
(2.8 |
%) |
|||||||
Loans held-for-investment |
|
1,228,496 |
|
|
1,194,439 |
|
|
34,057 |
|
2.9 |
% |
|
1,201,237 |
|
|
27,259 |
|
2.3 |
% |
|||||||
Less: Allowance for credit losses ("ACL") |
|
(16,042 |
) |
|
(16,048 |
) |
|
6 |
|
0.0 |
% |
|
(15,626 |
) |
|
(416 |
) |
(2.7 |
%) |
|||||||
Loans held-for-investment, net |
|
1,212,454 |
|
|
1,178,391 |
|
|
34,063 |
|
2.9 |
% |
|
1,185,611 |
|
|
26,843 |
|
2.3 |
% |
|||||||
Other real estate owned ("OREO") |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
|||||||
Restricted stock investments |
|
11,011 |
|
|
11,011 |
|
|
- |
|
- |
|
|
11,011 |
|
|
- |
|
- |
|
|||||||
Servicing assets |
|
7,404 |
|
|
7,560 |
|
|
(156 |
) |
(2.1 |
%) |
|
8,426 |
|
|
(1,022 |
) |
(12.1 |
%) |
|||||||
|
|
2,185 |
|
|
2,185 |
|
|
- |
|
- |
|
|
2,185 |
|
|
- |
|
- |
|
|||||||
Intangible assets |
|
235 |
|
|
245 |
|
|
(10 |
) |
(4.1 |
%) |
|
279 |
|
|
(44 |
) |
(15.8 |
%) |
|||||||
Other assets |
|
26,343 |
|
|
23,581 |
|
|
2,762 |
|
11.7 |
% |
|
24,537 |
|
|
1,806 |
|
7.4 |
% |
|||||||
Total assets |
$ |
1,654,909 |
|
$ |
1,673,261 |
|
$ |
(18,352 |
) |
(1.1 |
%) |
$ |
1,819,630 |
|
$ |
(164,721 |
) |
(9.1 |
%) |
|||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||
Noninterest-bearing |
$ |
281,243 |
|
$ |
286,766 |
|
$ |
(5,523 |
) |
(1.9 |
%) |
$ |
426,333 |
|
$ |
(145,090 |
) |
(34.0 |
%) |
|||||||
Interest-bearing |
|
1,059,146 |
|
|
1,074,198 |
|
|
(15,052 |
) |
(1.4 |
%) |
|
1,096,078 |
|
|
(36,932 |
) |
(3.4 |
%) |
|||||||
Total deposits |
|
1,340,389 |
|
|
1,360,964 |
|
|
(20,575 |
) |
(1.5 |
%) |
|
1,522,411 |
|
|
(182,022 |
) |
(12.0 |
%) |
|||||||
FHLB advances and other borrowing |
|
50,000 |
|
|
50,000 |
|
|
- |
|
- |
|
|
50,000 |
|
|
- |
|
- |
|
|||||||
Other liabilities |
|
19,260 |
|
|
21,727 |
|
|
(2,467 |
) |
(11.4 |
%) |
|
23,956 |
|
|
(4,696 |
) |
(19.6 |
%) |
|||||||
Total liabilities |
|
1,409,649 |
|
|
1,432,691 |
|
|
(23,042 |
) |
(1.6 |
%) |
|
1,596,367 |
|
|
(186,718 |
) |
(11.7 |
%) |
|||||||
Stockholders' Equity |
|
245,260 |
|
|
240,570 |
|
|
4,690 |
|
1.9 |
% |
|
223,263 |
|
|
21,997 |
|
9.9 |
% |
|||||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ |
1,654,909 |
|
$ |
1,673,261 |
|
$ |
(18,352 |
) |
(1.1 |
%) |
$ |
1,819,630 |
|
$ |
(164,721 |
) |
(9.1 |
%) |
|||||||
CAPITAL RATIOS | ||||||||||||||||||||||||||
Leverage ratio | ||||||||||||||||||||||||||
Company |
|
14.51 |
% |
|
13.85 |
% |
|
0.66 |
% |
4.8 |
% |
|
12.23 |
% |
|
2.28 |
% |
18.7 |
% |
|||||||
Bank |
|
14.45 |
% |
|
13.84 |
% |
|
0.61 |
% |
4.4 |
% |
|
12.20 |
% |
|
2.25 |
% |
18.5 |
% |
|||||||
Common equity tier 1 risk-based capital ratio | ||||||||||||||||||||||||||
Company |
|
18.36 |
% |
|
18.67 |
% |
|
(0.31 |
%) |
(1.7 |
%) |
|
17.08 |
% |
|
1.28 |
% |
7.5 |
% |
|||||||
Bank |
|
18.28 |
% |
|
18.65 |
% |
|
(0.38 |
%) |
(2.0 |
%) |
|
17.03 |
% |
|
1.25 |
% |
7.3 |
% |
|||||||
Tier 1 risk-based capital ratio | ||||||||||||||||||||||||||
Company |
|
18.36 |
% |
|
18.67 |
% |
|
(0.31 |
%) |
(1.7 |
%) |
|
17.08 |
% |
|
1.28 |
% |
7.5 |
% |
|||||||
Bank |
|
18.28 |
% |
|
18.65 |
% |
|
(0.38 |
%) |
(2.0 |
%) |
|
17.03 |
% |
|
1.25 |
% |
7.3 |
% |
|||||||
Total risk-based capital ratio | ||||||||||||||||||||||||||
Company |
|
19.59 |
% |
|
19.92 |
% |
|
(0.34 |
%) |
(1.7 |
%) |
|
18.32 |
% |
|
1.27 |
% |
6.9 |
% |
|||||||
Bank |
|
19.50 |
% |
|
19.91 |
% |
|
(0.40 |
%) |
(2.0 |
%) |
|
18.27 |
% |
|
1.23 |
% |
6.7 |
% |
|||||||
Tangible book value per share |
$ |
22.94 |
|
$ |
22.49 |
|
$ |
0.45 |
|
2.0 |
% |
$ |
20.85 |
|
$ |
2.09 |
|
10.0 |
% |
|||||||
Loans Held for Investments-to-Deposit ("LHFITD") ratio |
|
91.65 |
% |
|
87.76 |
% |
|
3.89 |
% |
4.4 |
% |
|
78.90 |
% |
|
12.75 |
% |
16.2 |
% |
|||||||
|
|
106.06 |
% |
|
101.15 |
% |
|
4.91 |
% |
4.9 |
% |
|
92.00 |
% |
|
14.06 |
% |
15.3 |
% |
|||||||
Nonperforming assets |
$ |
5,797 |
|
$ |
4,447 |
|
$ |
1,350 |
|
30.4 |
% |
$ |
684 |
|
$ |
5,113 |
|
747.5 |
% |
|||||||
Nonperforming assets as a % of loans held-for-investment |
|
0.47 |
% |
|
0.37 |
% |
|
0.10 |
% |
27.0 |
% |
|
0.06 |
% |
|
0.41 |
% |
683.3 |
% |
|||||||
ACL as a % of loans held-for-investment |
|
1.31 |
% |
|
1.34 |
% |
|
(0.03 |
%) |
(2.24 |
%) |
|
1.30 |
% |
|
0.01 |
% |
0.8 |
% |
¹ Includes AFS and HTM | |
FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3 |
||||||||||||||||||||
(Dollars in thousands, except per share amounts) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Interest income |
$ |
27,755 |
|
$ |
28,463 |
|
$ |
29,624 |
|
$ |
29,450 |
|
$ |
28,664 |
|
|||||
Interest expense |
|
12,391 |
|
|
12,655 |
|
|
12,462 |
|
|
11,442 |
|
|
9,930 |
|
|||||
Net interest income |
|
15,364 |
|
|
15,808 |
|
|
17,162 |
|
|
18,008 |
|
|
18,734 |
|
|||||
Provision for credit losses |
|
200 |
|
|
400 |
|
|
- |
|
|
- |
|
|
- |
|
|||||
Net interest income after provision for credit losses |
|
15,164 |
|
|
15,408 |
|
|
17,162 |
|
|
18,008 |
|
|
18,734 |
|
|||||
Gain on sale of loans |
|
1,064 |
|
|
1,489 |
|
|
838 |
|
|
419 |
|
|
1,952 |
|
|||||
Gain (loss) on sale of OREO |
|
- |
|
|
(1 |
) |
|
- |
|
|
- |
|
|
- |
|
|||||
SBA servicing fee income, net |
|
768 |
|
|
643 |
|
|
690 |
|
|
639 |
|
|
440 |
|
|||||
Service charges and other income |
|
503 |
|
|
430 |
|
|
436 |
|
|
402 |
|
|
407 |
|
|||||
Noninterest income |
|
2,335 |
|
|
2,561 |
|
|
1,964 |
|
|
1,460 |
|
|
2,799 |
|
|||||
Salaries and employee benefits |
|
5,927 |
|
|
6,024 |
|
|
5,356 |
|
|
5,569 |
|
|
5,581 |
|
|||||
Occupancy and equipment |
|
1,114 |
|
|
1,122 |
|
|
1,128 |
|
|
1,103 |
|
|
1,122 |
|
|||||
Marketing expense |
|
403 |
|
|
402 |
|
|
250 |
|
|
475 |
|
|
409 |
|
|||||
Professional expense |
|
440 |
|
|
412 |
|
|
360 |
|
|
443 |
|
|
436 |
|
|||||
Other expenses |
|
1,972 |
|
|
2,084 |
|
|
2,363 |
|
|
2,579 |
|
|
2,635 |
|
|||||
Noninterest expense |
|
9,856 |
|
|
10,044 |
|
|
9,457 |
|
|
10,169 |
|
|
10,183 |
|
|||||
Income before income tax expense |
|
7,643 |
|
|
7,925 |
|
|
9,669 |
|
|
9,299 |
|
|
11,350 |
|
|||||
Income tax expense |
|
2,163 |
|
|
2,253 |
|
|
2,670 |
|
|
2,630 |
|
|
3,248 |
|
|||||
Net income |
$ |
5,480 |
|
$ |
5,672 |
|
$ |
6,999 |
|
$ |
6,669 |
|
$ |
8,102 |
|
|||||
Effective tax rate |
|
28.3 |
% |
|
28.4 |
% |
|
27.6 |
% |
|
28.3 |
% |
|
28.6 |
% |
|||||
Outstanding number of shares |
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
|||||
Weighted average shares for basic EPS |
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
|
10,588,136 |
|
|||||
Weighted average shares for diluted EPS |
|
10,588,136 |
|
|
10,588,688 |
|
|
10,588,937 |
|
|
10,594,155 |
|
|
10,591,351 |
|
|||||
Basic EPS |
$ |
0.51 |
|
$ |
0.54 |
|
$ |
0.66 |
|
$ |
0.63 |
|
$ |
0.77 |
|
|||||
Diluted EPS |
$ |
0.51 |
|
$ |
0.54 |
|
$ |
0.66 |
|
$ |
0.63 |
|
$ |
0.76 |
|
|||||
FIVE-QUARTER SALARIES BENEFIT METRICS (Unaudited) - Table 4 |
||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
At or for the Three Months Ended |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Salaries and benefits |
$ |
5,927 |
|
$ |
6,024 |
|
$ |
5,356 |
|
$ |
5,569 |
|
$ |
5,581 |
|
|||||
FTE at the end of period |
|
172 |
|
|
168 |
|
|
169 |
|
|
172 |
|
|
165 |
|
|||||
Average FTE during the period |
|
171 |
|
|
169 |
|
|
169 |
|
|
168 |
|
|
164 |
|
|||||
Salaries and benefits/average FTE¹ |
$ |
139 |
|
$ |
143 |
|
$ |
126 |
|
$ |
131 |
|
$ |
137 |
|
|||||
Salaries and benefits/average assets¹ |
|
1.42 |
% |
|
1.41 |
% |
|
1.18 |
% |
|
1.22 |
% |
|
1.23 |
% | |||||
Noninterest expense/average assets¹ |
|
2.36 |
% |
|
2.35 |
% |
|
2.08 |
% |
|
2.22 |
% |
|
2.25 |
% |
1 |
Annualized | |
FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5 |
||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
ASSETS | ||||||||||||||||||||
Cash and due from banks |
$ |
11,667 |
|
$ |
11,612 |
|
$ |
14,282 |
|
$ |
11,188 |
|
$ |
12,704 |
|
|||||
Interest-earning deposits at the FRB and other banks |
|
101,415 |
|
|
181,366 |
|
|
233,255 |
|
|
335,016 |
|
|
293,394 |
|
|||||
Investment securities |
|
73,051 |
|
|
59,143 |
|
|
59,883 |
|
|
61,617 |
|
|
66,400 |
|
|||||
Loans held-for-sale |
|
209,144 |
|
|
198,167 |
|
|
218,258 |
|
|
219,355 |
|
|
215,083 |
|
|||||
Loans held-for-investment |
|
1,228,496 |
|
|
1,194,439 |
|
|
1,204,009 |
|
|
1,201,230 |
|
|
1,201,237 |
|
|||||
Less: Allowance for credit losses |
|
(16,042 |
) |
|
(16,048 |
) |
|
(15,291 |
) |
|
(15,284 |
) |
|
(15,626 |
) |
|||||
Loans held-for-investment, net |
|
1,212,454 |
|
|
1,178,391 |
|
|
1,188,718 |
|
|
1,185,946 |
|
|
1,185,611 |
|
|||||
Other real estate owned |
|
- |
|
|
- |
|
|
55 |
|
|
55 |
|
|
- |
|
|||||
Restricted stock investments |
|
11,011 |
|
|
11,011 |
|
|
11,011 |
|
|
11,011 |
|
|
11,011 |
|
|||||
Servicing assets |
|
7,404 |
|
|
7,560 |
|
|
7,673 |
|
|
7,873 |
|
|
8,426 |
|
|||||
|
|
2,185 |
|
|
2,185 |
|
|
2,185 |
|
|
2,185 |
|
|
2,185 |
|
|||||
Intangible assets |
|
235 |
|
|
245 |
|
|
255 |
|
|
267 |
|
|
279 |
|
|||||
Other assets |
|
26,343 |
|
|
23,581 |
|
|
24,838 |
|
|
24,799 |
|
|
24,537 |
|
|||||
Total assets |
$ |
1,654,909 |
|
$ |
1,673,261 |
|
$ |
1,760,413 |
|
$ |
1,859,312 |
|
$ |
1,819,630 |
|
|||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Noninterest-bearing |
$ |
281,243 |
|
$ |
286,766 |
|
$ |
305,923 |
|
$ |
406,033 |
|
$ |
426,333 |
|
|||||
Interest-bearing |
|
1,059,146 |
|
|
1,074,198 |
|
|
1,147,662 |
|
|
1,143,257 |
|
|
1,096,078 |
|
|||||
Total deposits |
|
1,340,389 |
|
|
1,360,964 |
|
|
1,453,585 |
|
|
1,549,290 |
|
|
1,522,411 |
|
|||||
FHLB advances |
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|||||
Other liabilities |
|
19,260 |
|
|
21,727 |
|
|
21,114 |
|
|
31,141 |
|
|
23,956 |
|
|||||
Total liabilities |
|
1,409,649 |
|
|
1,432,691 |
|
|
1,524,699 |
|
|
1,630,431 |
|
|
1,596,367 |
|
|||||
Stockholders' Equity |
|
245,260 |
|
|
240,570 |
|
|
235,714 |
|
|
228,881 |
|
|
223,263 |
|
|||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ |
1,654,909 |
|
$ |
1,673,261 |
|
$ |
1,760,413 |
|
$ |
1,859,312 |
|
$ |
1,819,630 |
|
|||||
FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6 | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||
Balance | % | Balance | % | Balance | % | Balance | % | Balance | % | |||||||||||||||||||||
Construction |
$ |
33,918 |
2.8 |
% |
$ |
37,216 |
3.1 |
% |
$ |
34,886 |
2.9 |
% |
$ |
30,924 |
2.6 |
% |
$ |
20,106 |
1.7 |
% |
||||||||||
Commercial real estate |
|
1,035,425 |
84.3 |
% |
|
1,005,765 |
84.2 |
% |
|
1,010,495 |
83.9 |
% |
|
1,005,735 |
83.7 |
% |
|
1,014,785 |
84.5 |
% |
||||||||||
Commercial and industrial |
|
108,742 |
8.9 |
% |
|
101,784 |
8.5 |
% |
|
108,123 |
9.0 |
% |
|
113,374 |
9.4 |
% |
|
114,106 |
9.4 |
% |
||||||||||
Home mortgage |
|
44,987 |
3.7 |
% |
|
44,389 |
3.7 |
% |
|
44,920 |
3.7 |
% |
|
45,452 |
3.8 |
% |
|
45,987 |
3.8 |
% |
||||||||||
Consumer |
|
782 |
0.1 |
% |
|
668 |
0.1 |
% |
|
630 |
0.1 |
% |
|
616 |
0.1 |
% |
|
1,074 |
0.1 |
% |
||||||||||
Gross loans held-for-investment |
|
1,223,854 |
99.6 |
% |
|
1,189,822 |
99.6 |
% |
|
1,199,054 |
99.6 |
% |
|
1,196,101 |
99.6 |
% |
|
1,196,058 |
99.6 |
% |
||||||||||
Deferred loan fees/costs, net |
|
4,642 |
0.4 |
% |
|
4,617 |
0.4 |
% |
|
4,955 |
0.4 |
% |
|
5,129 |
0.4 |
% |
|
5,179 |
0.4 |
% |
||||||||||
Loans held-for-investment |
$ |
1,228,496 |
100.0 |
% |
$ |
1,194,439 |
100.0 |
% |
$ |
1,204,009 |
100.0 |
% |
$ |
1,201,230 |
100.0 |
% |
$ |
1,201,237 |
100.0 |
% |
||||||||||
Loans held-for-sale |
$ |
209,144 |
$ |
198,167 |
$ |
218,258 |
$ |
219,355 |
$ |
215,083 |
||||||||||||||||||||
Total loans receivable |
$ |
1,437,640 |
$ |
1,392,606 |
$ |
1,422,267 |
$ |
1,420,585 |
$ |
1,416,320 |
||||||||||||||||||||
FIVE-QUARTER SBA LOAN PRODUCTIONS/SALES DATA (Unaudited) - Table 7 |
|||||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
SBA loans held-for-sale at beginning of the quarter/year |
$ |
198,167 |
|
$ |
218,258 |
|
$ |
219,355 |
|
$ |
215,083 |
|
$ |
243,753 |
|
$ |
218,258 |
|
$ |
230,431 |
|
||||||||
SBA loans originated/transferred from/to held-for-investment during the quarter/year |
|
34,366 |
|
|
14,589 |
|
|
27,022 |
|
|
16,260 |
|
|
18,273 |
|
|
48,955 |
|
|
35,163 |
|
||||||||
SBA loans sold during the quarter/year |
|
(19,508 |
) |
|
(28,164 |
) |
|
(21,749 |
) |
|
(9,245 |
) |
|
(42,437 |
) |
|
(47,672 |
) |
|
(42,437 |
) |
||||||||
SBA loans principal paydown/payoff, net of advance |
|
(3,881 |
) |
|
(6,516 |
) |
|
(6,370 |
) |
|
(2,743 |
) |
|
(4,506 |
) |
|
(10,397 |
) |
|
(8,074 |
) |
||||||||
SBA loans held-for-sale at end of the quarter/year |
$ |
209,144 |
|
$ |
198,167 |
|
$ |
218,258 |
|
$ |
219,355 |
|
$ |
215,083 |
|
$ |
209,144 |
|
$ |
215,083 |
|
||||||||
Gain on sale of SBA loans |
$ |
1,064 |
|
$ |
1,489 |
|
$ |
838 |
|
$ |
419 |
|
$ |
1,952 |
|
$ |
2,553 |
|
$ |
1,952 |
|
||||||||
Premium on sale (weighted average) |
|
8.3 |
% |
|
8.4 |
% |
|
6.8 |
% |
|
8.3 |
% |
|
6.8 |
% |
|
8.4 |
% |
|
6.8 |
% |
||||||||
SBA loan production |
$ |
45,126 |
|
$ |
18,089 |
|
$ |
37,821 |
|
$ |
24,270 |
|
$ |
24,013 |
|
$ |
63,215 |
|
$ |
45,732 |
|
||||||||
FIVE QUARTER SBA SERVICING ASSETS AND SERVICING FEES (Unaudited) - Table 8 |
||||||||||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Three Months Ended |
|
|
|
Six Months Ended |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
SBA servicing assets @ beginning of the quarter/year |
$ |
7,560 |
|
$ |
7,673 |
|
$ |
7,873 |
|
$ |
8,426 |
|
$ |
8,528 |
|
$ |
7,673 |
|
$ |
9,232 |
|
|||||||||
Newly added SBA servicing assets from SBA loans sold |
|
395 |
|
|
555 |
|
|
430 |
|
|
182 |
|
|
806 |
|
|
950 |
|
|
806 |
|
|||||||||
Regular quarterly/annual servicing assets amortization |
|
(335 |
) |
|
(332 |
) |
|
(356 |
) |
|
(371 |
) |
|
(379 |
) |
|
(667 |
) |
|
(782 |
) |
|||||||||
SBA servicing assets amortized from SBA loans paid off/charged off |
|
(216 |
) |
|
(336 |
) |
|
(274 |
) |
|
(364 |
) |
|
(529 |
) |
|
(552 |
) |
|
(830 |
) |
|||||||||
Subtotal before impairment |
|
7,404 |
|
|
7,560 |
|
|
7,673 |
|
|
7,873 |
|
|
8,426 |
|
|
7,404 |
|
|
8,426 |
|
|||||||||
Reversal of valuation allowance on servicing assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||||
SBA servicing assets @ the end of the quarter/year |
$ |
7,404 |
|
$ |
7,560 |
|
$ |
7,673 |
|
$ |
7,873 |
|
$ |
8,426 |
|
$ |
7,404 |
|
$ |
8,426 |
|
|||||||||
FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9 |
||||||||||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Balance |
|
% |
|
Balance |
|
% |
|
Balance |
|
% |
|
Balance |
|
% |
|
Balance |
|
% |
||||||||||
Noninterest-bearing demand |
$ |
281,243 |
21.0 |
% |
$ |
286,766 |
21.1 |
% |
$ |
305,923 |
21.1 |
% |
$ |
406,033 |
26.2 |
% |
$ |
426,333 |
28.0 |
% |
||||||||||
Interest-bearing demand |
|
7,901 |
0.6 |
% |
|
6,709 |
0.5 |
% |
|
7,504 |
0.5 |
% |
|
6,395 |
0.4 |
% |
|
9,056 |
0.6 |
% |
||||||||||
NOW & MMDA |
|
240,951 |
18.0 |
% |
|
229,642 |
16.9 |
% |
|
237,548 |
16.3 |
% |
|
227,283 |
14.7 |
% |
|
210,429 |
13.8 |
% |
||||||||||
Savings |
|
80,360 |
6.0 |
% |
|
84,999 |
6.2 |
% |
|
88,689 |
6.1 |
% |
|
78,969 |
5.1 |
% |
|
62,324 |
4.1 |
% |
||||||||||
TCDs of |
|
295,109 |
22.0 |
% |
|
299,944 |
22.0 |
% |
|
315,920 |
21.7 |
% |
|
312,704 |
20.2 |
% |
|
298,520 |
19.6 |
% |
||||||||||
TCDs of |
|
314,119 |
23.4 |
% |
|
339,482 |
25.0 |
% |
|
353,866 |
24.4 |
% |
|
373,345 |
24.1 |
% |
|
368,262 |
24.2 |
% |
||||||||||
Wholesale deposits |
|
120,706 |
9.0 |
% |
|
113,422 |
8.3 |
% |
|
144,135 |
9.9 |
% |
|
144,561 |
9.3 |
% |
|
147,487 |
9.7 |
% |
||||||||||
Total Deposits |
$ |
1,340,389 |
100.0 |
% |
$ |
1,360,964 |
100.0 |
% |
$ |
1,453,585 |
100.0 |
% |
$ |
1,549,290 |
100.0 |
% |
$ |
1,522,411 |
100.0 |
% |
||||||||||
Recap: | ||||||||||||||||||||||||||||||
Noninterest-bearing demand |
$ |
281,243 |
21.0 |
% |
$ |
286,766 |
21.1 |
% |
$ |
305,923 |
21.0 |
% |
$ |
406,033 |
26.2 |
% |
$ |
426,333 |
28.0 |
% |
||||||||||
Interest-bearing demand |
|
7,901 |
0.6 |
% |
|
6,709 |
0.5 |
% |
|
7,504 |
0.5 |
% |
|
6,395 |
0.4 |
% |
|
9,056 |
0.6 |
% |
||||||||||
NOW & MMDA |
|
217,339 |
16.2 |
% |
|
229,642 |
16.9 |
% |
|
237,548 |
16.3 |
% |
|
227,283 |
14.7 |
% |
|
210,429 |
13.8 |
% |
||||||||||
Savings |
|
80,360 |
6.0 |
% |
|
84,999 |
6.2 |
% |
|
88,689 |
6.1 |
% |
|
78,969 |
5.1 |
% |
|
62,324 |
4.1 |
% |
||||||||||
TCDs of |
|
295,109 |
22.0 |
% |
|
299,944 |
22.0 |
% |
|
315,920 |
21.7 |
% |
|
312,704 |
20.2 |
% |
|
298,520 |
19.6 |
% |
||||||||||
Core Deposits |
|
881,952 |
65.8 |
% |
|
908,060 |
66.7 |
% |
|
955,584 |
65.7 |
% |
|
1,031,384 |
66.6 |
% |
|
1,006,662 |
66.1 |
% |
||||||||||
TCDs of |
|
314,119 |
23.4 |
% |
|
339,482 |
24.9 |
% |
|
353,866 |
24.3 |
% |
|
373,345 |
24.1 |
% |
|
368,262 |
24.2 |
% |
||||||||||
ICS MMDA |
|
23,612 |
1.8 |
% |
||||||||||||||||||||||||||
Wholesale deposits |
|
120,706 |
9.0 |
% |
|
113,422 |
8.3 |
% |
|
144,135 |
9.9 |
% |
|
144,561 |
9.3 |
% |
|
147,487 |
9.7 |
% |
||||||||||
Noncore Deposits |
|
458,437 |
34.2 |
% |
|
452,904 |
33.3 |
% |
|
498,001 |
34.3 |
% |
|
517,906 |
33.4 |
% |
|
515,749 |
33.9 |
% |
||||||||||
Total Deposits |
$ |
1,340,389 |
100.0 |
% |
$ |
1,360,964 |
100.0 |
% |
$ |
1,453,585 |
100.0 |
% |
$ |
1,549,290 |
100.0 |
% |
$ |
1,522,411 |
100.0 |
% |
||||||||||
FIVE-QUARTER SELECTED LOAN AND ASSET QUALITY HIGHLIGHTS (Unaudited) - Table 10 |
||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2nd Qtr. |
|
1st Qtr. |
|
4th Qtr. |
|
3rd Qtr. |
|
2nd Qtr. |
||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Allowance for Credit Losses | ||||||||||||||||||||
Balance at beginning of period |
$ |
16,048 |
|
$ |
15,291 |
|
$ |
15,284 |
|
$ |
15,626 |
|
$ |
15,627 |
|
|||||
CECL transition provision |
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||||
Provision for credit losses |
|
200 |
|
|
743 |
|
|
- |
|
|
- |
|
|
- |
|
|||||
Charge-offs |
|
(257 |
) |
|
(2 |
) |
|
(350 |
) |
|
(11 |
) |
||||||||
Recoveries |
|
51 |
|
|
14 |
|
|
9 |
|
|
8 |
|
|
10 |
|
|||||
Balance at the end of period |
$ |
16,042 |
|
$ |
16,048 |
|
$ |
15,291 |
|
$ |
15,284 |
|
$ |
15,626 |
|
|||||
Nonperforming Assets: ¹ | ||||||||||||||||||||
Over 90 days still accruing |
$ |
- |
|
$ |
1,605 |
|
$ |
399 |
|
$ |
2 |
|
$ |
39 |
|
|||||
Nonaccrual loans |
|
5,797 |
|
|
2,842 |
|
|
2,030 |
|
|
616 |
|
|
645 |
|
|||||
Total nonperforming loans |
|
5,797 |
|
|
4,447 |
|
|
2,429 |
|
|
618 |
|
|
684 |
|
|||||
Other real estate owned |
$ |
- |
|
|
- |
|
|
55 |
|
|
55 |
|
|
- |
|
|||||
Total nonperforming assets |
$ |
5,797 |
|
$ |
4,447 |
|
$ |
2,484 |
|
$ |
673 |
|
$ |
684 |
|
|||||
Classified Assets:¹ | ||||||||||||||||||||
Substandard |
$ |
12,762 |
|
$ |
11,912 |
|
$ |
11,063 |
|
$ |
10,105 |
|
$ |
10,491 |
|
|||||
Doubtful |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
Loss | ||||||||||||||||||||
Total classified loans |
$ |
12,762 |
|
$ |
11,912 |
|
$ |
11,063 |
|
$ |
10,105 |
|
$ |
10,491 |
|
|||||
Other real estate owned |
$ |
- |
|
|
- |
|
|
55 |
|
|
55 |
|
|
- |
|
|||||
Total classified assets |
$ |
12,762 |
|
$ |
11,912 |
|
$ |
11,118 |
|
$ |
10,160 |
|
$ |
10,491 |
|
|||||
Performing modified loans: ¹ |
$ |
464 |
|
$ |
3,811 |
|
$ |
3,336 |
|
$ |
3,336 |
|
$ |
3,336 |
|
|||||
Delinquent Loans: ¹ | ||||||||||||||||||||
Loans 30-89 days past due |
$ |
8,613 |
|
$ |
16,907 |
|
$ |
5,981 |
|
$ |
10,620 |
|
$ |
4,420 |
|
|||||
90 days or more past due and still accruing |
|
- |
|
|
1,605 |
|
|
399 |
|
|
2 |
|
|
39 |
|
|||||
Nonaccrual |
|
5,797 |
|
|
2,842 |
|
|
2,030 |
|
|
616 |
|
|
645 |
|
|||||
Total delinquent loans |
$ |
14,410 |
|
$ |
21,354 |
|
$ |
8,410 |
|
$ |
11,238 |
|
$ |
5,104 |
|
|||||
Asset Quality Ratios: | ||||||||||||||||||||
Net (recoveries) charge-offs to average loans² |
|
0.06 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.10 |
% |
|
0.00 |
% |
|||||
Nonaccrual loans to loans held-for-investment |
|
0.47 |
% |
|
0.24 |
% |
|
0.17 |
% |
|
0.05 |
% |
|
0.05 |
% |
|||||
Nonperforming loans to loans held-for-investment |
|
0.47 |
% |
|
0.37 |
% |
|
0.20 |
% |
|
0.05 |
% |
|
0.06 |
% |
|||||
Nonperforming assets to total assets |
|
0.35 |
% |
|
0.27 |
% |
|
0.14 |
% |
|
0.04 |
% |
|
0.04 |
% |
|||||
Classified loans to loans held-for-investment |
|
1.04 |
% |
|
1.00 |
% |
|
0.92 |
% |
|
0.84 |
% |
|
0.87 |
% |
|||||
Classified loans to Tier 1 and ACL |
|
4.93 |
% |
|
4.69 |
% |
|
4.45 |
% |
|
4.18 |
% |
|
4.44 |
% |
|||||
Classified assets to total assets |
|
0.77 |
% |
|
0.71 |
% |
|
0.63 |
% |
|
0.55 |
% |
|
0.58 |
% |
|||||
Classified assets to Tier 1 and ACL |
|
4.93 |
% |
|
4.69 |
% |
|
4.47 |
% |
|
4.20 |
% |
|
4.44 |
% |
|||||
ACL to loans held-for-investment |
|
1.31 |
% |
|
1.34 |
% |
|
1.27 |
% |
|
1.27 |
% |
|
1.30 |
% |
|||||
ACL to nonaccrual loans |
|
276.73 |
% |
|
564.67 |
% |
|
753.25 |
% |
|
2481.17 |
% |
|
2422.64 |
% |
|||||
ACL to nonperforming loans |
|
276.73 |
% |
|
360.87 |
% |
|
629.52 |
% |
|
2473.14 |
% |
|
2284.50 |
% |
|||||
ACL to nonperforming assets |
|
276.73 |
% |
|
360.87 |
% |
|
615.58 |
% |
|
2271.03 |
% |
|
2284.50 |
% |
|||||
|
|
2.24 |
% |
|
1.75 |
% |
|
1.00 |
% |
|
0.28 |
% |
|
0.29 |
% |
¹ |
|
Net of SBA guaranteed balance |
|
² |
|
Includes loans held-for-sale |
|
³ |
Nonperforming assets divided by tangible common equity and ACL |
Allowance for Credit Losses on Off-Balance Sheet Items: | ||||||||||||||||||||
Balance at beginning of period |
$ |
324 |
|
$ |
667 |
|
$ |
667 |
|
$ |
667 |
|
$ |
667 |
|
|||||
Provision for credit losses on off-balance sheet items |
|
(343 |
) |
|
- |
|
|
- |
|
|
- |
|
||||||||
Balance at the end of period |
$ |
324 |
|
$ |
324 |
|
$ |
667 |
|
$ |
667 |
|
$ |
667 |
|
|||||
Loans held-for-sale |
|
209,144 |
|
|
198,167 |
|
|
218,258 |
|
|
219,355 |
|
|
215,083 |
|
|||||
Loans held-for-investment |
|
1,228,496 |
|
|
1,194,439 |
|
|
1,204,009 |
|
|
1,201,230 |
|
|
1,201,237 |
|
|||||
Loans receivable |
|
1,437,640 |
|
|
1,392,606 |
|
|
1,422,267 |
|
|
1,420,585 |
|
|
1,416,320 |
|
|||||
Total assets |
|
1,654,909 |
|
|
1,673,261 |
|
|
1,760,413 |
|
|
1,859,312 |
|
|
1,819,630 |
|
|||||
Tier 1 and ACL |
|
258,882 |
|
|
254,188 |
|
|
248,565 |
|
|
241,713 |
|
|
236,425 |
|
|||||
Tangible Common Equity |
|
242,840 |
|
|
238,140 |
|
|
233,274 |
|
|
226,429 |
|
|
220,799 |
|
|||||
ACL |
$ |
16,042 |
|
$ |
16,048 |
|
$ |
15,291 |
|
$ |
15,284 |
|
$ |
15,626 |
|
|||||
Nonperforming assets to loans held-for-investment |
|
0.47 |
% |
|
0.37 |
% |
|
0.21 |
% |
|
0.1 |
% |
|
0.06 |
% |
|||||
FIVE-QUARTER CAPITAL RATIOS (Unaudited) - Table 11 |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Well Capitalized |
|
Adequately Capitalized |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
||||||||||||
|
|
Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Requirement |
|
Fully Phased In |
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
||
Leverage ratio | ||||||||||||||||||||||||||
Company |
N/A |
|
N/A |
|
|
14.51 |
% |
|
13.85 |
% |
|
12.98 |
% |
|
12.53 |
% |
|
12.23 |
% |
|||||||
Bank |
5.00 |
% |
4.00 |
% |
|
14.45 |
% |
|
13.84 |
% |
|
12.96 |
% |
|
12.50 |
% |
|
12.20 |
% |
|||||||
Common equity tier 1 risk-based capital ratio | ||||||||||||||||||||||||||
Company |
N/A |
|
N/A |
|
|
18.36 |
% |
|
18.67 |
% |
|
18.08 |
% |
|
17.61 |
% |
|
17.08 |
% |
|||||||
Bank |
6.50 |
% |
7.00 |
% |
|
18.28 |
% |
|
18.65 |
% |
|
18.05 |
% |
|
17.57 |
% |
|
17.03 |
% |
|||||||
Tier 1 risk-based capital ratio | ||||||||||||||||||||||||||
Company |
N/A |
|
N/A |
|
|
18.36 |
% |
|
18.67 |
% |
|
18.08 |
% |
|
17.61 |
% |
|
17.08 |
% |
|||||||
Bank |
8.00 |
% |
8.50 |
% |
|
18.28 |
% |
|
18.65 |
% |
|
18.05 |
% |
|
17.57 |
% |
|
17.03 |
% |
|||||||
Total risk-based capital ratio | ||||||||||||||||||||||||||
Company |
N/A |
|
N/A |
|
|
19.59 |
% |
|
19.92 |
% |
|
19.30 |
% |
|
18.83 |
% |
|
18.32 |
% |
|||||||
Bank |
10.00 |
% |
10.50 |
% |
|
19.50 |
% |
|
19.91 |
% |
|
19.27 |
% |
|
18.79 |
% |
|
18.27 |
% |
|||||||
Tangible common equity/total assets |
|
14.70 |
% |
|
14.25 |
% |
|
13.27 |
% |
|
12.19 |
% |
|
12.15 |
% |
|||||||||||
Tangible common equity per share |
$ |
22.94 |
|
$ |
22.49 |
|
$ |
22.03 |
|
$ |
21.39 |
|
$ |
20.85 |
|
FIVE-QUARTER MARGIN ANALYSIS (Unaudited) - Table 12 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
||||||||||||||||||||||||||||||||||||||||
|
|
Avg Balance |
|
Interest |
|
Yield |
|
|
Avg Balance |
|
Interest |
|
Yield |
|
|
Avg Balance |
|
Interest |
|
Yield |
|
|
Avg Balance |
|
Interest |
|
Yield |
|
|
Avg Balance |
|
Interest |
|
Yield |
||||||||||||||||||||
Number of Days in the Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST-EARNING ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable¹ |
$ |
1,418,458 |
|
$ |
24,887 |
7.06 |
% |
$ |
1,415,924 |
|
$ |
24,906 |
7.07 |
% |
$ |
1,410,971 |
|
$ |
24,926 |
7.01 |
% |
$ |
1,417,148 |
|
$ |
24,734 |
6.92 |
% |
$ |
1,444,608 |
|
$ |
24,661 |
6.85 |
% |
|||||||||||||||||||
Investment securities ² |
|
70,052 |
|
|
723 |
4.15 |
% |
|
59,554 |
|
|
575 |
3.88 |
% |
|
60,094 |
|
|
563 |
3.72 |
% |
|
64,587 |
|
|
577 |
3.54 |
% |
|
67,958 |
|
|
595 |
3.51 |
% |
|||||||||||||||||||
Interest-earning deposits at the FRB and other banks |
|
146,956 |
|
|
1,995 |
5.46 |
% |
|
207,155 |
|
|
2,817 |
5.47 |
% |
|
288,769 |
|
|
3,973 |
5.46 |
% |
|
293,081 |
|
|
3,994 |
5.41 |
% |
|
258,236 |
|
|
3,296 |
5.12 |
% |
|||||||||||||||||||
Other earning assets |
|
11,011 |
|
|
200 |
7.31 |
% |
|
11,011 |
|
|
214 |
7.82 |
% |
|
11,011 |
|
|
212 |
7.64 |
% |
|
11,011 |
|
|
196 |
7.06 |
% |
|
10,825 |
|
|
163 |
6.04 |
% |
|||||||||||||||||||
Total interest-earning assets ² |
|
1,646,477 |
|
|
27,805 |
6.79 |
% |
|
1,693,644 |
|
|
28,512 |
6.77 |
% |
|
1,770,845 |
|
|
29,674 |
6.65 |
% |
|
1,785,827 |
|
|
29,501 |
6.55 |
% |
|
1,781,627 |
|
|
28,715 |
6.46 |
% |
|||||||||||||||||||
NONINTEREST-EARNING ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks |
|
12,907 |
|
|
12,172 |
|
|
12,567 |
|
|
13,045 |
|
|
12,792 |
|
|||||||||||||||||||||||||||||||||||||||
Other noninterest-earning assets |
|
33,263 |
|
|
31,967 |
|
|
32,985 |
|
|
33,331 |
|
|
34,060 |
|
|||||||||||||||||||||||||||||||||||||||
Total noninterest-earning assets |
|
46,170 |
|
|
44,139 |
|
|
45,552 |
|
|
46,376 |
|
|
46,852 |
|
|||||||||||||||||||||||||||||||||||||||
Less: Allowance for credit losses |
|
(16,058 |
) |
|
(15,322 |
) |
|
(15,291 |
) |
|
(15,622 |
) |
|
(15,627 |
) |
|||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS |
$ |
1,676,589 |
|
$ |
1,722,461 |
|
$ |
1,801,106 |
|
$ |
1,816,581 |
|
$ |
1,812,852 |
|
|||||||||||||||||||||||||||||||||||||||
INTEREST-BEARING DEPOSITS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand |
$ |
11,864 |
|
$ |
6 |
0.20 |
% |
$ |
12,680 |
|
$ |
6 |
0.19 |
% |
$ |
12,657 |
|
$ |
7 |
0.22 |
% |
$ |
12,347 |
|
$ |
6 |
0.19 |
% |
$ |
14,522 |
|
$ |
7 |
0.19 |
% |
|||||||||||||||||||
Money market |
|
230,261 |
|
|
2,272 |
3.97 |
% |
|
229,441 |
|
|
2,285 |
4.01 |
% |
|
222,289 |
|
|
2,158 |
3.85 |
% |
|
211,152 |
|
|
1,907 |
3.58 |
% |
|
192,872 |
|
|
1,414 |
2.94 |
% |
|||||||||||||||||||
Savings |
|
82,215 |
|
|
700 |
3.42 |
% |
|
84,854 |
|
|
724 |
3.43 |
% |
|
82,403 |
|
|
664 |
3.20 |
% |
|
70,579 |
|
|
494 |
2.78 |
% |
|
63,786 |
|
|
324 |
2.04 |
% |
|||||||||||||||||||
Time deposits |
|
759,954 |
|
|
9,296 |
4.92 |
% |
|
801,122 |
|
|
9,523 |
4.78 |
% |
|
824,900 |
|
|
9,515 |
4.58 |
% |
|
820,335 |
|
|
8,916 |
4.31 |
% |
|
839,198 |
|
|
8,068 |
3.86 |
% |
|||||||||||||||||||
Total interest-bearing deposits |
|
1,084,294 |
|
|
12,274 |
4.55 |
% |
|
1,128,097 |
|
|
12,538 |
4.47 |
% |
|
1,142,249 |
|
|
12,344 |
4.29 |
% |
|
1,114,413 |
|
|
11,323 |
4.03 |
% |
|
1,110,378 |
|
|
9,813 |
3.54 |
% |
|||||||||||||||||||
Borrowings |
|
50,013 |
|
|
117 |
0.94 |
% |
|
50,000 |
|
|
117 |
0.94 |
% |
|
50,001 |
|
|
118 |
0.94 |
% |
|
50,001 |
|
|
119 |
0.94 |
% |
|
50,000 |
|
|
117 |
0.94 |
% |
|||||||||||||||||||
Total interest-bearing liabilities |
|
1,134,307 |
|
|
12,391 |
4.39 |
% |
|
1,178,097 |
|
|
12,655 |
4.32 |
% |
|
1,192,250 |
|
|
12,462 |
4.15 |
% |
|
1,164,414 |
|
|
11,442 |
3.90 |
% |
|
1,160,378 |
|
|
9,930 |
3.43 |
% |
|||||||||||||||||||
Noninterest-bearing deposits |
|
279,765 |
|
|
284,867 |
|
|
350,656 |
|
|
397,791 |
|
|
411,432 |
|
|||||||||||||||||||||||||||||||||||||||
Other liabilities |
|
19,287 |
|
|
21,112 |
|
|
25,602 |
|
|
27,519 |
|
|
20,934 |
|
|||||||||||||||||||||||||||||||||||||||
Stockholders' equity |
|
243,230 |
|
|
238,385 |
|
|
232,598 |
|
|
226,857 |
|
|
220,108 |
|
|||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ |
1,676,589 |
|
$ |
1,722,461 |
|
$ |
1,801,106 |
|
$ |
1,816,581 |
|
$ |
1,812,852 |
|
|||||||||||||||||||||||||||||||||||||||
Net interest income² |
$ |
15,414 |
$ |
15,857 |
$ |
17,212 |
$ |
18,059 |
$ |
18,785 |
||||||||||||||||||||||||||||||||||||||||||||
Net interest spread |
2.40 |
% |
2.45 |
% |
2.50 |
% |
2.65 |
% |
3.03 |
% |
||||||||||||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources |
1.37 |
% |
1.32 |
% |
1.36 |
% |
1.36 |
% |
1.20 |
% |
||||||||||||||||||||||||||||||||||||||||||||
Net interest margin² |
3.77 |
% |
3.77 |
% |
3.86 |
% |
4.01 |
% |
4.23 |
% |
||||||||||||||||||||||||||||||||||||||||||||
Cost of deposits |
$ |
1,364,059 |
|
$ |
12,274 |
3.62 |
% |
$ |
1,412,964 |
|
$ |
12,538 |
3.57 |
% |
$ |
1,492,905 |
|
$ |
12,344 |
3.28 |
% |
$ |
1,512,204 |
|
$ |
11,323 |
2.97 |
% |
$ |
1,521,810 |
|
$ |
9,813 |
2.59 |
% |
|||||||||||||||||||
Cost of funds |
$ |
1,414,072 |
|
$ |
12,391 |
3.52 |
% |
$ |
1,462,964 |
|
$ |
12,655 |
3.48 |
% |
$ |
1,542,906 |
|
$ |
12,462 |
3.20 |
% |
$ |
1,562,205 |
|
$ |
11,442 |
2.91 |
% |
$ |
1,571,810 |
|
$ |
9,930 |
2.53 |
% |
' |
Loan held-for-investment, plus loans held-for-sale | |
² |
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate | |
|
FIVE-QUARTER COMPONENTS OF YIELD ON LOANS (Unaudited) - Table 13 |
|||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Three Months Ended |
|||||||||||||||||||||||||||||||||||||
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|||||||||||||||||||||||||
|
|
Amount |
|
Yield |
|
|
Amount |
|
Yield |
|
|
Amount |
|
Yield |
|
|
Amount |
|
Yield |
|
|
Amount |
|
Yield |
|||||||||||||||
Contractual yield |
$ |
24,271 |
|
6.88 |
% |
$ |
24,138 |
|
6.86 |
% |
$ |
24,235 |
|
6.81 |
% |
$ |
23,932 |
|
6.70 |
% |
$ |
23,767 |
|
6.60 |
% |
||||||||||||||
SBA discount accretion |
|
736 |
|
0.21 |
% |
|
926 |
|
0.26 |
% |
|
845 |
|
0.24 |
% |
|
921 |
|
0.25 |
% |
|
1,124 |
|
0.31 |
% |
||||||||||||||
Prepayment penalties and late fees |
|
36 |
|
0.01 |
% |
|
67 |
|
0.01 |
% |
|
40 |
|
0.01 |
% |
|
18 |
|
0.01 |
% |
|
60 |
|
0.02 |
% |
||||||||||||||
Amortization of net deferred costs |
|
(156 |
) |
-0.04 |
% |
|
(225 |
) |
-0.06 |
% |
|
(194 |
) |
-0.05 |
% |
|
(137 |
) |
-0.04 |
% |
|
(290 |
) |
-0.08 |
% |
||||||||||||||
As reported yield on loans |
$ |
24,887 |
|
7.06 |
% |
$ |
24,906 |
|
7.07 |
% |
$ |
24,926 |
|
7.01 |
% |
$ |
24,734 |
|
6.92 |
% |
$ |
24,661 |
|
6.85 |
% |
||||||||||||||
MARGIN ANALYSIS (Unaudited) - Table 14 |
|||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Six Months Ended |
|||||||||||||||||||
|
|
June 30, 2024 |
|
|
June 30, 2023 |
||||||||||||||||
|
|
Avg Balance |
|
Interest |
|
Yield |
|
|
Avg Balance |
|
Interest |
|
Yield |
||||||||
Number of Days in the Period | |||||||||||||||||||||
INTEREST-EARNING ASSETS | |||||||||||||||||||||
Loans Receivable ¹ |
$ |
1,417,191 |
|
$ |
49,793 |
7.07 |
% |
$ |
1,473,184 |
|
$ |
49,040 |
6.71 |
% |
|||||||
Investment securities ² |
|
64,803 |
|
|
1,298 |
4.03 |
% |
|
69,046 |
|
|
1,172 |
3.42 |
% |
|||||||
Interest-earning deposits at the FRB and other banks |
|
177,056 |
|
|
4,812 |
5.47 |
% |
|
224,651 |
|
|
5,474 |
4.91 |
% |
|||||||
Other earning assets |
|
11,011 |
|
|
414 |
7.56 |
% |
|
10,475 |
|
|
327 |
6.30 |
% |
|||||||
Total interest-earning assets ² |
|
1,670,061 |
|
|
56,317 |
6.78 |
% |
|
1,777,356 |
|
|
56,013 |
6.36 |
% |
|||||||
NONINTEREST-EARNING ASSETS | |||||||||||||||||||||
Cash and due from banks |
|
12,540 |
|
|
13,523 |
|
|||||||||||||||
Other noninterest-earning assets |
|
32,122 |
|
|
35,296 |
|
|||||||||||||||
Total noninterest-earning assets |
|
44,662 |
|
|
48,819 |
|
|||||||||||||||
Less: Allowance for credit losses |
|
(15,690 |
) |
|
(15,590 |
) |
|||||||||||||||
TOTAL ASSETS |
$ |
1,699,033 |
|
$ |
1,810,585 |
|
|||||||||||||||
INTEREST-BEARING DEPOSITS | |||||||||||||||||||||
Interest-bearing demand |
$ |
12,271 |
|
$ |
12 |
0.20 |
% |
$ |
16,261 |
|
$ |
16 |
0.20 |
% |
|||||||
Money market |
|
229,851 |
|
|
4,557 |
3.99 |
% |
|
212,261 |
|
|
2,883 |
2.74 |
% |
|||||||
Savings |
|
83,534 |
|
|
1,424 |
3.43 |
% |
|
59,704 |
|
|
488 |
1.65 |
% |
|||||||
Time deposits |
|
780,539 |
|
|
18,819 |
4.85 |
% |
|
818,251 |
|
|
14,478 |
3.57 |
% |
|||||||
Total interest-bearing deposits |
|
1,106,195 |
|
|
24,812 |
4.51 |
% |
|
1,106,477 |
|
|
17,865 |
3.26 |
% |
|||||||
Borrowings |
|
50,007 |
|
|
234 |
0.9 |
% |
|
50,000 |
|
|
233 |
0.94 |
% |
|||||||
Total interest-bearing liabilities |
|
1,156,202 |
|
|
25,046 |
4.36 |
% |
|
1,156,477 |
|
|
18,098 |
3.16 |
% |
|||||||
Noninterest-bearing deposits |
|
282,316 |
|
|
418,273 |
|
|||||||||||||||
Other liabilities |
|
19,707 |
|
|
18,904 |
|
|||||||||||||||
Stockholders' equity |
|
240,808 |
|
|
216,931 |
|
|||||||||||||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ |
1,699,033 |
|
$ |
1,810,585 |
|
|||||||||||||||
Net interest income² |
$ |
31,271 |
$ |
37,915 |
|||||||||||||||||
Net interest spread |
2.42 |
% |
3.20 |
% |
|||||||||||||||||
Effect of noninterest-bearing sources |
1.35 |
% |
1.10 |
% |
|||||||||||||||||
Net interest margin² |
3.77 |
% |
4.30 |
% |
|||||||||||||||||
Cost of deposits |
$ |
1,388,511 |
|
$ |
24,812 |
3.59 |
% |
$ |
1,524,750 |
|
$ |
17,865 |
2.36 |
% |
|||||||
Cost of funds |
$ |
1,438,518 |
|
$ |
25,046 |
3.50 |
% |
$ |
1,574,750 |
|
$ |
18,098 |
2.32 |
% |
¹ |
Loan held-for-investment, plus loans held-for-sale | |
² |
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate | |
COMPONENTS OF YIELD ON LOANS (Unaudited) - Table 15 |
||||||||||||||
(Dollars in thousands) |
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended |
||||||||||||
|
|
June 30, 2024 |
|
June 30, 2023 |
||||||||||
|
|
Amount |
|
Yield |
|
Amount |
|
Yield |
||||||
Contractual yield |
$ |
48,409 |
|
6.87 |
% |
$ |
47,410 |
|
6.49 |
% |
||||
SBA discount accretion |
|
1,662 |
|
0.24 |
% |
|
2,061 |
|
0.28 |
% |
||||
Prepayment penalties and late fees |
|
103 |
|
0.01 |
% |
|
90 |
|
0.01 |
% |
||||
Amortization of net deferred costs |
|
(381 |
) |
-0.05 |
% |
|
(521 |
) |
-0.07 |
% |
||||
As reported yield on loans |
$ |
49,793 |
|
7.07 |
% |
$ |
49,040 |
|
6.71 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725152164/en/
(323) 988-3037
RichardK@cbb-bank.com
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