Community Heritage Financial, Inc. Reports Earnings for the Second Quarter of 2024
Balance Sheet
Assets totaled
Net Interest Income
Net interest income was
Noninterest Income
Linked quarter 2024 – Noninterest income declined
Second Quarter 2024 vs. Second Quarter 2023 – Noninterest income increased
Six Months
Noninterest Expense
Linked quarter 2024 – Noninterest expense increased
Second Quarter 2024 vs. Second Quarter 2023 – Noninterest expense increased
Six Months
Asset Quality
Asset quality remained strong with non-performing assets to total assets of 0.16% on
Dividend
A dividend of
Forward-Looking Statements
This press release may contain forward-looking statements with respect to the Company's financial condition, results of operations and business. Forward-looking statements can be identified by words such as "expects", "anticipates", "believes", "estimates", "projects", "continue", "plans", "intends", the negative of these words and other comparable terminology. These forward-looking statements may be included in comments regarding future financial performance, expected levels of future revenue and expenses such as credit losses, growth strategies, new business initiatives and anticipated trends impacting performance. Forward-looking statements are not historical facts nor an assurance of future performance. While we believe the expectations of forward-looking statements to be reasonable, actual results may differ materially as forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and often outside of the control of the Company. Therefore, users should not rely on forward-looking statements.
Non-GAAP Financial Measures
The Company may include certain non-GAAP financial measures in this press release. The Company believes these financial measures provide information useful to investors in understanding the Company's performance and performance trends to facilitate comparisons with the performance of others in the industry. These non-GAAP financial measures should not be considered an alternative to GAAP and users should recognize the non-GAAP financial measures presented by the Company might not be comparable to measures of other companies with similar titles.
Robert E. (BJ) Goetz, Jr.
President & Chief Executive Officer
301-371-3055
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Balance Sheets (unaudited) |
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As of Period End |
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ASSETS |
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Cash and due from banks |
$ 91,988,101 |
$ 76,807,485 |
$ 16,664,061 |
$ 36,448,539 |
$ 14,946,927 |
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Securities available-for-sale, at fair value |
39,518,549 |
40,267,761 |
40,927,086 |
39,917,313 |
41,460,794 |
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Securities held-to-maturity |
93,944,321 |
95,152,132 |
96,111,626 |
97,217,237 |
98,496,558 |
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Less allowance for credit losses |
118,787 |
126,943 |
103,949 |
147,457 |
163,259 |
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Total securities held-to-maturity |
93,825,534 |
95,025,189 |
96,007,677 |
97,069,780 |
98,333,299 |
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Total securities |
133,344,083 |
135,292,950 |
136,934,763 |
136,987,093 |
139,794,093 |
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Equity securities, at cost |
1,404,600 |
1,404,600 |
1,363,600 |
1,363,600 |
1,527,600 |
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Loans |
841,043,351 |
830,604,389 |
812,932,872 |
798,035,073 |
796,931,525 |
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Less allowance for loan credit losses |
8,186,862 |
8,032,597 |
7,742,297 |
7,337,327 |
8,112,952 |
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Loans, net |
832,856,489 |
822,571,792 |
805,190,575 |
790,697,746 |
788,818,573 |
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Loans held for sale |
4,739,191 |
1,443,270 |
1,651,118 |
2,879,397 |
1,923,566 |
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Premises and equipment |
6,010,649 |
6,164,114 |
6,329,832 |
6,639,595 |
6,805,822 |
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Right of use asset |
2,152,804 |
2,272,962 |
2,380,555 |
2,498,508 |
2,615,519 |
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Accrued interest receivable |
3,360,417 |
3,212,907 |
2,972,952 |
2,733,565 |
2,512,795 |
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Deferred tax assets |
4,870,431 |
4,879,208 |
4,766,376 |
5,289,000 |
5,314,018 |
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Bank owned life insurance |
7,159,381 |
7,122,335 |
7,172,917 |
6,943,992 |
6,927,341 |
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1,656,507 |
1,656,507 |
1,656,507 |
1,656,507 |
1,656,507 |
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Other assets |
1,565,443 |
1,588,900 |
1,544,870 |
1,556,491 |
1,502,676 |
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Total Assets |
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$ 988,628,126 |
$ 995,694,033 |
$ 974,345,437 |
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LIABILITIES and SHAREHOLDERS' EQUITY |
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Liabilities |
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Deposits: |
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Noninterest-bearing demand |
$ 248,150,379 |
$ 247,549,872 |
$ 260,204,859 |
$ 248,440,805 |
$ 244,342,167 |
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Interest-bearing |
679,484,492 |
655,358,756 |
616,461,031 |
640,593,734 |
606,528,210 |
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Total deposits |
927,634,871 |
902,908,628 |
876,665,890 |
889,034,539 |
850,870,377 |
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FHLB advances and other borrowings |
65,000,000 |
65,000,000 |
18,000,000 |
15,000,000 |
32,000,000 |
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Subordinated debt, net |
14,977,576 |
14,955,152 |
14,932,727 |
14,910,303 |
14,887,879 |
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Lease liabilities |
2,226,547 |
2,345,426 |
2,450,133 |
2,565,151 |
2,678,348 |
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Accrued interest payable |
1,633,334 |
1,212,747 |
458,540 |
526,354 |
273,753 |
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Other liabilities |
5,441,467 |
5,336,235 |
4,889,735 |
4,644,608 |
5,540,871 |
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Total Liabilities |
1,016,913,795 |
991,758,188 |
917,397,025 |
926,680,955 |
906,251,228 |
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Shareholders' Equity |
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Common stock |
29,159 |
29,159 |
29,117 |
29,060 |
29,060 |
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Additional paid-in-capital |
41,204,072 |
41,123,723 |
41,096,972 |
41,035,733 |
40,949,900 |
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Retained earnings |
41,167,218 |
39,900,518 |
38,669,620 |
37,921,329 |
36,729,931 |
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Accumulated other comprehensive loss |
(8,206,148) |
(8,394,558) |
(8,564,608) |
(9,973,044) |
(9,614,682) |
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Total Shareholders' Equity |
74,194,301 |
72,658,842 |
71,231,101 |
69,013,078 |
68,094,209 |
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Total Liabilities and Shareholders' Equity |
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$ 988,628,126 |
$ 995,694,033 |
$ 974,345,437 |
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Selected Financial Data (unaudited) |
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As of Period End |
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Per Share Data |
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Common shares outstanding at period end |
2,915,933 |
2,915,933 |
2,911,670 |
2,905,973 |
2,905,973 |
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Book value per share |
$ 25.44 |
$ 24.92 |
$ 24.45 |
$ 23.75 |
$ 23.43 |
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Tangible book value per share |
$ 24.88 |
$ 24.35 |
$ 23.88 |
$ 23.18 |
$ 22.86 |
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Capital (bank consolidated only unless noted otherwise) |
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Common equity tier 1 (CET1) capital |
11.98 % |
11.98 % |
12.02 % |
12.15 % |
11.95 % |
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Tier 1 capital |
11.98 % |
11.98 % |
12.02 % |
12.15 % |
11.95 % |
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Total risk based capital |
13.07 % |
13.07 % |
13.10 % |
13.21 % |
13.12 % |
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Tier 1 leverage ratio |
8.69 % |
8.84 % |
9.10 % |
9.34 % |
9.52 % |
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Tangible common equity to tangible assets (CHF) |
6.66 % |
6.68 % |
7.04 % |
6.78 % |
6.83 % |
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Asset Quality Data |
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Non-accrual loans |
$ 1,798,530 |
$ 1,847,747 |
$ 1,823,212 |
$ 1,882,614 |
$ 1,929,248 |
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Non-performing assets |
$ 1,798,530 |
$ 1,847,747 |
$ 1,823,212 |
$ 1,882,614 |
$ 1,929,248 |
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Non-performing loans to loans |
0.21 % |
0.22 % |
0.22 % |
0.24 % |
0.24 % |
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Non-performing assets to total assets |
0.16 % |
0.17 % |
0.18 % |
0.19 % |
0.20 % |
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Allowance for loan credit losses to loans |
0.97 % |
0.97 % |
0.95 % |
0.92 % |
1.02 % |
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Other Data |
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Loans to deposits ratio |
90.67 % |
91.99 % |
92.73 % |
89.76 % |
93.66 % |
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Statements of Income (unaudited) |
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Three Months Ended |
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Six Months Ended |
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Interest Income |
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Loans, including fees |
$ 11,471,139 |
$ 11,181,544 |
$ 10,659,287 |
$ 10,139,353 |
$ 9,453,437 |
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$ 22,652,683 |
$ 18,798,142 |
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Securities |
773,717 |
772,603 |
754,731 |
763,606 |
767,524 |
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1,546,320 |
1,502,107 |
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Fed funds sold and other |
1,289,874 |
866,559 |
496,210 |
203,553 |
81,306 |
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2,156,433 |
191,011 |
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Total interest income |
13,534,730 |
12,820,706 |
11,910,228 |
11,106,512 |
10,302,267 |
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26,355,436 |
20,491,260 |
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Interest Expense |
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Deposits |
5,005,650 |
4,703,948 |
4,755,804 |
4,369,856 |
3,459,747 |
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9,709,598 |
6,385,081 |
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Borrowed funds |
750,049 |
670,916 |
160,901 |
201,754 |
482,469 |
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1,420,965 |
562,927 |
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Subordinated debt |
238,050 |
238,049 |
238,049 |
238,050 |
238,049 |
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476,099 |
476,098 |
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Total interest expense |
5,993,749 |
5,612,913 |
5,154,754 |
4,809,660 |
4,180,265 |
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11,606,662 |
7,424,106 |
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Net interest income |
7,540,981 |
7,207,793 |
6,755,474 |
6,296,852 |
6,122,002 |
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14,748,774 |
13,067,154 |
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Provision for credit losses |
168,120 |
267,370 |
275,339 |
(842,717) |
260,439 |
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435,490 |
(179,953) |
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Net interest income after provision |
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for credit losses |
7,372,861 |
6,940,423 |
6,480,135 |
7,139,569 |
5,861,563 |
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14,313,284 |
13,247,107 |
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Noninterest income |
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Service charges on deposits |
237,357 |
237,020 |
209,331 |
202,779 |
187,426 |
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474,377 |
374,828 |
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Earnings on bank-owned life insurance |
28,755 |
211,641 |
95,633 |
8,360 |
43,672 |
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240,396 |
93,701 |
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Mortgage banking revenue |
277,530 |
219,714 |
254,867 |
365,860 |
302,911 |
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497,244 |
549,638 |
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Other |
293,725 |
305,496 |
349,211 |
263,981 |
269,503 |
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599,221 |
497,867 |
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Total noninterest income |
837,367 |
973,871 |
909,042 |
840,980 |
803,512 |
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1,811,238 |
1,516,034 |
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Noninterest expense |
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Salaries and employee benefits |
3,588,465 |
3,344,188 |
3,536,962 |
3,736,317 |
3,286,113 |
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6,932,653 |
6,859,735 |
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Occupancy and equipment |
869,510 |
864,008 |
948,591 |
842,651 |
815,251 |
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1,733,518 |
1,807,197 |
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Legal and professional fees |
354,244 |
288,193 |
206,178 |
242,671 |
294,626 |
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642,437 |
480,135 |
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Advertising |
73,236 |
61,467 |
77,100 |
57,855 |
87,070 |
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134,703 |
166,345 |
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Data processing |
654,854 |
793,519 |
752,980 |
618,593 |
688,229 |
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1,448,373 |
1,489,214 |
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205,143 |
185,134 |
190,695 |
163,731 |
130,622 |
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390,277 |
284,654 |
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Other |
528,827 |
558,720 |
471,476 |
485,493 |
566,953 |
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1,087,547 |
1,032,329 |
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Total noninterest expense |
6,274,279 |
6,095,229 |
6,183,982 |
6,147,311 |
5,868,864 |
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12,369,508 |
12,119,609 |
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Income before income taxes |
1,935,949 |
1,819,065 |
1,205,195 |
1,833,238 |
796,211 |
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3,755,014 |
2,643,532 |
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Income tax expense |
494,293 |
413,370 |
282,204 |
467,482 |
179,858 |
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907,663 |
637,117 |
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Net income |
$ 1,441,656 |
$ 1,405,695 |
$ 922,991 |
$ 1,365,756 |
$ 616,353 |
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$ 2,847,351 |
$ 2,006,415 |
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Per Share Data (unaudited) |
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Three Months Ended |
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Six Months Ended |
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Earnings per common share |
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Basic |
$ 0.49 |
$ 0.48 |
$ 0.32 |
$ 0.47 |
$ 0.21 |
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$ 0.98 |
$ 0.69 |
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Diluted |
$ 0.49 |
$ 0.48 |
$ 0.32 |
$ 0.47 |
$ 0.21 |
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$ 0.98 |
$ 0.69 |
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Common shares outstanding at period end |
2,915,933 |
2,915,933 |
2,911,670 |
2,905,973 |
2,905,973 |
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2,915,933 |
2,905,973 |
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Average common shares outstanding |
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Basic |
2,915,933 |
2,913,048 |
2,911,254 |
2,905,973 |
2,905,973 |
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2,914,491 |
2,905,973 |
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Diluted |
2,916,951 |
2,913,048 |
2,911,254 |
2,905,973 |
2,905,973 |
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2,915,954 |
2,905,973 |
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Cash dividends paid per common share |
$ 0.06 |
$ 0.06 |
$ 0.06 |
$ 0.06 |
$ 0.06 |
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$ 0.12 |
$ 0.12 |
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Selected Financial Performance Ratios (unaudited) |
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Three Months Ended |
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Six Months Ended |
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Return on average assets |
0.53 % |
0.53 % |
0.36 % |
0.55 % |
0.26 % |
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0.53 % |
0.43 % |
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Return on average equity |
7.84 % |
7.81 % |
5.32 % |
7.95 % |
3.59 % |
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7.84 % |
5.90 % |
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Net interest margin |
2.83 % |
2.80 % |
2.71 % |
2.62 % |
2.65 % |
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2.82 % |
2.86 % |
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Yield on interest-earning assets |
5.09 % |
4.97 % |
4.78 % |
4.57 % |
4.45 % |
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5.03 % |
4.49 % |
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Cost of interest-bearing liabilities |
3.19 % |
3.06 % |
2.99 % |
2.91 % |
2.67 % |
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3.14 % |
2.45 % |
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Net loan charge-offs to average loans |
0.00 % |
0.00 % |
0.00 % |
0.00 % |
0.00 % |
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0.00 % |
0.00 % |
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Condensed Average Balance Sheet Analysis (unaudited) |
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Three Months Ended |
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Average Balance |
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Interest |
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Yield / Rate |
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Average Balance |
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Interest |
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Yield / Rate |
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Average Balance |
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Interest |
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Yield / Rate |
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ASSETS |
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Interest-earning assets: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ 833,960,162 |
|
$ 11,471,139 |
|
5.53 % |
|
$ 829,633,881 |
|
$ 11,181,544 |
|
5.42 % |
|
$ 774,553,263 |
|
$ 9,453,437 |
|
4.90 % |
|
|
Securities |
135,875,550 |
|
773,717 |
|
2.28 % |
|
137,742,682 |
|
772,603 |
|
2.27 % |
|
143,288,239 |
|
767,524 |
|
2.14 % |
|
|
Other |
99,639,244 |
|
1,289,874 |
|
5.21 % |
|
69,197,689 |
|
866,559 |
|
5.04 % |
|
10,137,637 |
|
81,306 |
|
3.22 % |
|
|
|
1,069,474,956 |
|
13,534,730 |
|
5.09 % |
|
1,036,574,252 |
|
12,820,706 |
|
4.97 % |
|
927,979,140 |
|
10,302,267 |
|
4.45 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets |
23,327,381 |
|
|
|
|
|
24,833,101 |
|
|
|
|
|
24,017,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ 1,092,802,337 |
|
|
|
|
|
$ 1,061,407,353 |
|
|
|
|
|
$ 951,996,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
$ 534,288,264 |
|
$ 3,719,156 |
|
2.80 % |
|
$ 532,624,524 |
|
$ 3,636,945 |
|
2.75 % |
|
$ 463,218,425 |
|
$ 2,665,411 |
|
2.31 % |
|
|
Time deposits |
142,212,265 |
|
1,286,494 |
|
3.64 % |
|
125,660,990 |
|
1,067,003 |
|
3.42 % |
|
112,476,658 |
|
794,336 |
|
2.83 % |
|
|
Interest-bearing deposits |
676,500,529 |
|
5,005,650 |
|
2.98 % |
|
658,285,514 |
|
4,703,948 |
|
2.87 % |
|
575,695,083 |
|
3,459,747 |
|
2.41 % |
|
|
Borrowings |
79,963,039 |
|
988,099 |
|
4.96 % |
|
73,661,043 |
|
908,965 |
|
4.96 % |
|
53,460,080 |
|
720,518 |
|
5.41 % |
|
|
Interest-bearing liabilities |
756,463,568 |
|
5,993,749 |
|
3.19 % |
|
731,946,557 |
|
5,612,913 |
|
3.08 % |
|
629,155,163 |
|
4,180,265 |
|
2.67 % |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
253,726,240 |
|
|
|
|
|
249,528,463 |
|
|
|
|
|
246,036,338 |
|
|
|
|
|
|
Other |
8,854,808 |
|
|
|
|
|
6,878,529 |
|
|
|
|
|
8,013,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
1,019,044,616 |
|
|
|
|
|
988,353,549 |
|
|
|
|
|
883,205,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Total Deposits |
|
|
|
|
2.16 % |
|
|
|
|
|
2.08 % |
|
|
|
|
|
1.69 % |
|
|
Cost of Total Funds (interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.39 % |
|
|
|
|
|
2.30 % |
|
|
|
|
|
1.92 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
73,757,721 |
|
|
|
|
|
73,053,804 |
|
|
|
|
|
68,791,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders Equity |
$ 1,092,802,337 |
|
|
|
|
|
$ 1,061,407,353 |
|
|
|
|
|
$ 951,996,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / NIM |
|
|
$ 7,540,981 |
|
2.83 % |
|
|
|
$ 7,207,793 |
|
2.80 % |
|
|
|
$ 6,122,002 |
|
2.65 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Average Balance Sheet Analysis (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Average Balance |
|
Interest |
|
Yield / Rate |
|
Average Balance |
|
Interest |
|
Yield / Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ 831,793,535 |
|
$ 22,652,683 |
|
5.48 % |
|
$ 765,736,387 |
|
$ 18,798,142 |
|
4.95 % |
|
|
|
|
|
Securities |
136,807,807 |
|
1,546,320 |
|
2.26 % |
|
142,708,523 |
|
1,502,107 |
|
2.11 % |
|
|
|
|
|
Other |
84,442,563 |
|
2,156,433 |
|
5.14 % |
|
11,101,311 |
|
191,011 |
|
3.47 % |
|
|
|
|
|
|
1,053,043,905 |
|
26,355,436 |
|
5.03 % |
|
919,546,221 |
|
20,491,260 |
|
4.49 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets |
24,073,203 |
|
|
|
|
|
24,523,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ 1,077,117,108 |
|
|
|
|
|
$ 944,069,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
$ 533,479,478 |
|
$ 7,356,101 |
|
2.77 % |
|
$ 467,649,426 |
|
$ 5,031,152 |
|
2.17 % |
|
|
|
|
|
Time deposits |
133,953,380 |
|
2,353,497 |
|
3.53 % |
|
106,512,771 |
|
1,353,929 |
|
2.56 % |
|
|
|
|
|
Interest-bearing deposits |
667,432,858 |
|
9,709,598 |
|
2.93 % |
|
574,162,197 |
|
6,385,081 |
|
2.24 % |
|
|
|
|
|
Borrowings |
76,743,034 |
|
1,897,064 |
|
4.97 % |
|
37,320,673 |
|
1,039,025 |
|
5.61 % |
|
|
|
|
|
Interest-bearing liabilities |
744,175,892 |
|
11,606,662 |
|
3.14 % |
|
611,482,870 |
|
7,424,106 |
|
2.45 % |
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
251,603,733 |
|
|
|
|
|
255,842,136 |
|
|
|
|
|
|
|
|
|
Other |
8,283,679 |
|
|
|
|
|
8,173,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
1,004,063,304 |
|
|
|
|
|
875,498,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Total Deposits |
|
|
|
|
2.12 % |
|
|
|
|
|
1.55 % |
|
|
|
|
|
Cost of Total Funds (interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.34 % |
|
|
|
|
|
1.73 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
73,053,804 |
|
|
|
|
|
68,571,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders Equity |
$ 1,077,117,108 |
|
|
|
|
|
$ 944,069,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / NIM |
|
|
$ 14,748,774 |
|
2.82 % |
|
|
|
$ 13,067,154 |
|
2.86 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
Loan and Deposit Composition (unaudited) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
As of Period End |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
||
|
Construction and land development |
$ 89,921,555 |
$ 88,793,186 |
$ 89,525,228 |
$ 89,980,412 |
$ 88,750,860 |
|
|
Multifamily |
21,281,351 |
21,682,394 |
21,784,953 |
22,599,598 |
22,862,108 |
|
|
Farmland |
30,317,070 |
30,546,050 |
30,821,848 |
28,785,156 |
28,611,754 |
|
|
Other: |
|
|
|
|
|
|
|
|
Owner occupied |
130,560,913 |
137,654,633 |
136,628,801 |
131,398,708 |
130,090,900 |
|
|
Non-owner occupied |
143,246,131 |
131,114,323 |
119,979,964 |
122,587,639 |
129,674,501 |
|
|
|
|
|
|
|
|
Residential, including home equity |
290,587,107 |
284,962,472 |
280,523,837 |
273,884,529 |
265,131,928 |
||
Commercial and industrial |
130,148,584 |
130,972,545 |
128,933,413 |
124,154,237 |
127,334,140 |
||
Consumer |
1,392,904 |
1,369,535 |
1,203,039 |
1,209,100 |
1,143,316 |
||
|
|
Gross loans |
837,455,615 |
827,095,138 |
809,401,083 |
794,599,379 |
793,599,507 |
|
|
Net deferred loan costs |
3,587,736 |
3,509,251 |
3,531,789 |
3,435,694 |
3,332,018 |
|
|
Total Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
||
Noninterest-bearing demand |
|
|
|
|
|
||
Interest-bearing: |
|
|
|
|
|
||
|
NOW |
223,072,312 |
202,226,731 |
164,536,186 |
202,369,954 |
169,462,980 |
|
|
Savings |
69,495,486 |
74,761,620 |
72,374,445 |
79,734,653 |
81,248,373 |
|
|
Money Market |
237,799,850 |
252,954,674 |
248,898,935 |
232,777,969 |
234,154,524 |
|
|
Time |
149,116,844 |
125,415,731 |
130,651,465 |
125,711,158 |
121,662,333 |
|
|
|
Total interest-bearing |
679,484,492 |
655,358,756 |
616,461,031 |
640,593,734 |
606,528,210 |
|
|
Total Deposits |
|
|
|
|
|
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SOURCE