Princeton Bancorp Announces Second Quarter 2024 Results and Approvals of Pending Acquisition
PRINCETON, N.J. ,
President/CEO
HIGHLIGHTS
- Average total loans for the quarter increased by
$34.7 million compared to the first quarter of 2024. - Average total deposits for the quarter increased by
$50.7 million compared to the first quarter of 2024. - Non-performing assets remained low at
$3.2 million , or 0.2% of total loans, compared to$6.7 million at year end 2023.
The Company reported net income of
Review of Statements of Financial Condition
Total assets were
Total deposits on
Total stockholders' equity on
Asset Quality
At
Review of Quarterly and Six-Month Financial Results
Net interest income was
The Company recorded a reversal of credit losses of
Total non-interest income of
Total non-interest expense of
For the quarter ended
About
Forward-Looking Statements
The Company may from time to time make written or oral "forward-looking statements," including statements contained in the Company's filings with the
These forward-looking statements involve risks and uncertainties, such as statements of the Company's plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company's control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, higher interest rates and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity in a rapidly changing and unpredictable market, supply chain disruptions, labor shortages and additional interest rate increases by the
The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as required by applicable law or regulation.
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Consolidated Statements of Financial Condition |
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(Unaudited) |
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(Dollars in thousands, except per share data) |
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2024 |
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2023 |
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2023 |
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$ |
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% |
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$ |
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% |
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ASSETS |
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Cash and cash equivalents |
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$ 151,305 |
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$ 150,557 |
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$ 143,001 |
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$ 748 |
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0.50 |
% |
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$ 8,304 |
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5.81 |
% |
Securities available-for-sale taxable |
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92,001 |
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50,544 |
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44,083 |
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41,457 |
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82.02 |
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47,918 |
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108.70 |
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Securities available-for-sale tax-exempt |
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39,688 |
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40,808 |
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40,538 |
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(1,120) |
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(2.74) |
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(850) |
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(2.10) |
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Securities held-to-maturity |
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165 |
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193 |
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197 |
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(28) |
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(14.51) |
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(32) |
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(16.24) |
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Loans receivable, net of deferred loan fees |
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1,573,352 |
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1,548,335 |
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1,499,691 |
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25,017 |
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1.62 |
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73,661 |
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4.91 |
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Allowance for credit losses |
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(18,464) |
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(18,492) |
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(17,970) |
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28 |
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(0.15) |
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(494) |
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2.75 |
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8,853 |
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8,853 |
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8,853 |
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- |
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- |
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- |
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- |
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Core deposit intangible |
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1,191 |
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1,422 |
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1,662 |
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(231) |
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(16.24) |
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(471) |
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(28.34) |
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Equity method investments |
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9,426 |
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8,296 |
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2,551 |
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1,130 |
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13.62 |
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6,875 |
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269.50 |
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Other real estate owned |
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- |
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- |
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33 |
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- |
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N/A |
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(33) |
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(100.00) |
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Other assets |
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126,424 |
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125,981 |
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120,387 |
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443 |
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0.35 |
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6,037 |
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5.01 |
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TOTAL ASSETS |
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$ 1,983,941 |
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$ 1,916,497 |
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$ 1,843,026 |
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$ 67,444 |
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3.52 |
% |
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$ 140,915 |
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7.65 |
% |
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LIABILITIES |
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Non-interest checking |
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$ 245,073 |
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$ 249,282 |
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$ 258,014 |
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$ (4,209) |
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(1.69) |
% |
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$ (12,941) |
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(5.02) |
% |
Interest checking |
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223,759 |
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247,939 |
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224,328 |
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(24,180) |
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(9.75) |
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(569) |
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(0.25) |
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Savings |
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146,935 |
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146,484 |
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152,695 |
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451 |
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0.31 |
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(5,760) |
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(3.77) |
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Money market |
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403,926 |
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354,005 |
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321,840 |
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49,921 |
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14.10 |
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82,086 |
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25.51 |
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Time deposits over |
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154,605 |
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150,113 |
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142,674 |
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4,492 |
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2.99 |
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11,931 |
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8.36 |
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Other time deposits |
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524,774 |
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487,918 |
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473,347 |
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36,856 |
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7.55 |
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51,427 |
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10.86 |
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Total deposits |
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1,699,072 |
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1,635,741 |
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1,572,898 |
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63,331 |
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3.87 |
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126,174 |
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8.02 |
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Borrowings |
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- |
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- |
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- |
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- |
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- |
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- |
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N/A |
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Other liabilities |
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40,028 |
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40,545 |
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41,229 |
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(517) |
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(1.28) |
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(1,201) |
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(2.91) |
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TOTAL LIABILITIES |
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1,739,100 |
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1,676,286 |
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1,614,127 |
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62,814 |
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3.75 |
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124,973 |
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7.74 |
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STOCKHOLDERS' EQUITY |
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Paid-in capital |
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99,179 |
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98,291 |
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97,103 |
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888 |
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0.90 |
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2,076 |
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2.14 |
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(842) |
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- |
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- |
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(842) |
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100.00 |
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(842) |
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100.00 |
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Retained earnings |
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155,083 |
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149,414 |
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140,310 |
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5,669 |
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3.79 |
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14,773 |
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10.53 |
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Accumulated other comprehensive income (loss) |
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(8,579) |
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(7,494) |
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(8,514) |
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(1,085) |
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14.48 |
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(65) |
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0.76 |
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TOTAL STOCKHOLDERS' EQUITY |
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244,841 |
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240,211 |
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228,899 |
# |
4,630 |
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1.93 |
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15,942 |
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6.96 |
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TOTAL LIABILITIES |
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AND STOCKHOLDERS' EQUITY |
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$ 1,983,941 |
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$ 1,916,497 |
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$ 1,843,026 |
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$ 67,444 |
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3.52 |
% |
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$ 140,915 |
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7.65 |
% |
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Book value per common share |
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$ 38.54 |
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$ 38.04 |
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$ 36.45 |
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$ 0.50 |
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1.31 |
% |
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$ 2.09 |
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5.73 |
% |
Tangible book value per common share 2 |
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$ 36.96 |
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$ 36.41 |
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$ 34.78 |
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$ 0.55 |
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1.51 |
% |
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$ 2.18 |
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6.27 |
% |
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1
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2Tangible book value per common share is a non-GAAP measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below. |
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Loan and Deposit Tables |
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(Unaudited) |
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The components of loans receivable, net at |
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2024 |
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2023 |
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(In thousands) |
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Commercial real estate |
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$ 1,194,279 |
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$ 1,142,864 |
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Commercial and industrial |
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50,290 |
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50,961 |
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Construction |
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287,290 |
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310,187 |
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Residential first-lien mortgages |
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36,075 |
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38,040 |
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Home equity / consumer |
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7,583 |
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8,081 |
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Total loans |
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1,575,517 |
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1,550,133 |
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Deferred fees and costs |
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(2,165) |
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(1,798) |
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Allowance for credit losses |
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(18,464) |
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(18,492) |
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Loans, net |
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$ 1,554,888 |
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$ 1,529,843 |
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The components of deposits at |
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2024 |
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2023 |
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(In thousands) |
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Demand, non-interest-bearing |
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$ 245,073 |
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$ 249,282 |
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Demand, interest-bearing |
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223,759 |
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247,939 |
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Savings |
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146,935 |
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146,484 |
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Money market |
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403,926 |
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354,005 |
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Time deposits |
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679,379 |
|
638,031 |
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Total deposits |
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$ 1,699,072 |
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$ 1,635,741 |
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Consolidated Statements of Income |
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(Unaudited) |
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(Amounts in thousands except per share data) |
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Three Months Ended |
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2024 |
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2023 |
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$ Change |
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% Change |
Interest and dividend income |
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Loans and fees |
$ 26,034 |
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$ 21,517 |
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$ 4,517 |
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21.0 % |
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Available-for-sale debt securities: |
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Taxable |
1,001 |
|
292 |
|
709 |
|
242.8 % |
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Tax-exempt |
286 |
|
284 |
|
2 |
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0.7 % |
|
Held-to-maturity debt securities |
3 |
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2 |
|
1 |
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50.0 % |
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Other interest and dividend income |
2,086 |
|
919 |
|
1,167 |
|
127.0 % |
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Total interest and dividends |
29,410 |
|
23,014 |
|
6,396 |
|
27.8 % |
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Interest expense |
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Deposits |
13,442 |
|
7,321 |
|
6,121 |
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83.6 % |
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Borrowings |
- |
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32 |
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(32) |
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-100.0 % |
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Total interest expense |
13,442 |
|
7,353 |
|
6,089 |
|
82.8 % |
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|
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|
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|
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|
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Net interest income |
15,968 |
|
15,661 |
|
307 |
|
2.0 % |
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Provision for (reversal of) credit losses |
(118) |
|
2,463 |
|
(2,581) |
|
-104.8 % |
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Net interest income after provision for (reversal of) credit losses |
16,086 |
|
13,198 |
|
2,888 |
|
21.9 % |
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Non-interest income |
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Income from bank-owned life insurance |
388 |
|
295 |
|
93 |
|
31.5 % |
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Fees and service charges |
465 |
|
464 |
|
1 |
|
0.2 % |
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Loan fees, including prepayment penalties |
937 |
|
1,030 |
|
(93) |
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-9.0 % |
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Bargain purchase gain |
- |
|
9,696 |
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(9,696) |
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-100.0 % |
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Other |
|
297 |
|
80 |
|
217 |
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271.3 % |
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Total non-interest income |
2,087 |
|
11,565 |
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(9,478) |
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-82.0 % |
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Non-interest expense |
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Salaries and employee benefits |
6,443 |
|
5,776 |
|
667 |
|
11.5 % |
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Occupancy and equipment |
1,850 |
|
1,705 |
|
145 |
|
8.5 % |
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Professional fees |
602 |
|
556 |
|
46 |
|
8.3 % |
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Data processing and communications |
1,404 |
|
1,318 |
|
86 |
|
6.5 % |
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Federal deposit insurance |
279 |
|
253 |
|
26 |
|
10.3 % |
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Advertising and promotion |
156 |
|
126 |
|
30 |
|
23.8 % |
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Office expense |
155 |
|
178 |
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(23) |
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-12.9 % |
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Other real estate owned expense |
- |
|
1 |
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(1) |
|
-100.0 % |
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Core deposit intangible |
111 |
|
127 |
|
(16) |
|
-12.6 % |
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Merger-related expenses |
- |
|
7,026 |
|
(7,026) |
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-100.0 % |
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Other |
|
1,009 |
|
748 |
|
261 |
|
34.9 % |
|
|
Total non-interest expense |
12,009 |
|
17,814 |
|
(5,805) |
|
-32.6 % |
|
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|
Income before income tax expense |
6,164 |
|
6,949 |
|
(785) |
|
-11.3 % |
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Income tax expense |
1,038 |
|
161 |
|
877 |
|
544.7 % |
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Net income |
|
$ 5,126 |
|
$ 6,788 |
|
(1,662) |
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-24.5 % |
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Net income per common share - basic |
$ 0.81 |
|
$ 1.08 |
|
$ (0.27) |
|
-25.0 % |
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Net income per common share - diluted |
$ 0.80 |
|
$ 1.07 |
|
$ (0.27) |
|
-25.2 % |
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Weighted average shares outstanding - basic |
6,334 |
|
6,270 |
|
64 |
|
1.0 % |
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Weighted average shares outstanding - diluted |
6,420 |
|
6,366 |
|
54 |
|
0.8 % |
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Consolidated Statements of Income ( |
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(Unaudited) |
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(Amounts in thousands, except per share data) |
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Three Months Ended |
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|
2024 |
|
2024 |
|
$ Change |
|
% Change |
Interest and dividend income |
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|
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|
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||
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Loans and fees |
$ 26,034 |
|
$ 24,940 |
|
$ 1,094 |
|
4.4 % |
|
|
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
Taxable |
1,001 |
|
564 |
|
437 |
|
77.5 % |
|
|
Tax-exempt |
286 |
|
286 |
|
0 |
|
0.0 % |
|
Held-to-maturity debt securities |
3 |
|
2 |
|
1 |
|
50.0 % |
|
|
Other interest and dividend income |
2,086 |
|
2,274 |
|
(188) |
|
-8.3 % |
|
|
|
Total interest and dividends |
29,410 |
|
28,066 |
|
1,344 |
|
4.8 % |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
||
|
|
Deposits |
13,442 |
|
12,618 |
|
824 |
|
6.5 % |
|
|
Borrowings |
- |
|
- |
|
- |
|
N/A |
|
|
Total interest expense |
13,442 |
|
12,618 |
|
824 |
|
6.5 % |
|
|
|
|
|
|
|
|
|
|
Net interest income |
15,968 |
|
15,448 |
|
520 |
|
3.4 % |
||
Provision for (reversal of) credit losses |
(118) |
|
186 |
|
(304) |
|
-163.4 % |
||
Net interest income after provision for (reversal of) credit losses |
16,086 |
|
15,262 |
|
824 |
|
5.4 % |
||
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
||
|
Income from bank-owned life insurance |
388 |
|
381 |
|
7 |
|
1.8 % |
|
|
Fees and service charges |
465 |
|
432 |
|
33 |
|
7.6 % |
|
|
Loan fees, including prepayment penalties |
937 |
|
724 |
|
213 |
|
29.4 % |
|
|
Other |
297 |
|
448 |
|
(151) |
|
-33.7 % |
|
|
|
Total non-interest income |
2,087 |
|
1,985 |
|
102 |
|
5.1 % |
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
||
|
Salaries and employee benefits |
6,443 |
|
6,520 |
|
(77) |
|
-1.2 % |
|
|
Occupancy and equipment |
1,850 |
|
2,029 |
|
(179) |
|
-8.8 % |
|
|
Professional fees |
602 |
|
524 |
|
78 |
|
14.9 % |
|
|
Data processing and communications |
1,404 |
|
1,160 |
|
244 |
|
21.0 % |
|
|
Federal deposit insurance |
279 |
|
273 |
|
6 |
|
2.2 % |
|
|
Advertising and promotion |
156 |
|
142 |
|
14 |
|
9.9 % |
|
|
Office expense |
155 |
|
119 |
|
36 |
|
30.3 % |
|
|
Core deposit intangible |
111 |
|
120 |
|
(9) |
|
-7.5 % |
|
|
Other |
1,009 |
|
949 |
|
60 |
|
6.3 % |
|
|
|
Total non-interest expense |
12,009 |
|
11,836 |
|
173 |
|
1.5 % |
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
6,164 |
|
5,411 |
|
753 |
|
13.9 % |
||
Income tax expense |
1,038 |
|
1,066 |
|
(28) |
|
-2.6 % |
||
Net income |
|
$ 5,126 |
|
$ 4,345 |
|
$ 781 |
|
18.0 % |
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - basic |
$ 0.81 |
|
$ 0.69 |
|
$ 0.12 |
|
17.4 % |
||
Net income per common share - diluted |
$ 0.80 |
|
$ 0.68 |
|
$ 0.12 |
|
17.6 % |
||
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
6,334 |
|
6,328 |
|
6 |
|
0.1 % |
||
Weighted average shares outstanding - diluted |
6,420 |
|
6,418 |
|
2 |
|
0.0 % |
|
|||||||||
Consolidated Statements of Income |
|||||||||
(Unaudited) |
|||||||||
(Amounts in thousands, except per share data) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
Interest and dividend income |
|
|
|
|
|
|
|
||
|
Loans and fees |
|
|
$ 41,411 |
|
$ 9,563 |
|
23.1 % |
|
|
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
Taxable |
1,565 |
|
570 |
|
995 |
|
174.6 % |
|
|
Tax-exempt |
572 |
|
568 |
|
4 |
|
0.7 % |
|
Held-to-maturity debt securities |
5 |
|
5 |
|
0 |
|
0.0 % |
|
|
Other interest and dividend income |
4,360 |
|
1,072 |
|
3,288 |
|
306.7 % |
|
|
|
Total interest and dividends |
57,476 |
|
43,626 |
|
13,850 |
|
31.7 % |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
||
|
|
Deposits |
26,060 |
|
11,186 |
|
14,874 |
|
133.0 % |
|
|
Borrowings |
- |
|
118 |
|
(118) |
|
-100.0 % |
|
|
Total interest expense |
26,060 |
|
11,304 |
|
14,756 |
|
130.5 % |
|
|
|
|
|
|
|
|
|
|
Net interest income |
31,416 |
|
32,322 |
|
(906) |
|
-2.8 % |
||
Provision for credit losses |
68 |
|
2,728 |
|
(2,660) |
|
-97.5 % |
||
Net interest income after provision for credit losses |
31,348 |
|
29,594 |
|
1,754 |
|
5.9 % |
||
|
|
|
|
|
|
|
|
|
|
Non-Interest income |
|
|
|
|
|
|
|
||
|
Income from bank-owned life insurance |
769 |
|
585 |
|
184 |
|
31.5 % |
|
|
Fees and service charges |
897 |
|
912 |
|
(15) |
|
-1.6 % |
|
|
Loan fees, including prepayment penalties |
1,661 |
|
1,381 |
|
280 |
|
20.3 % |
|
|
Bargain purchase gain |
- |
|
9,696 |
|
(9,696) |
|
-100.0 % |
|
|
Other |
|
745 |
|
365 |
|
380 |
|
104.1 % |
|
|
Total non-interest income |
4,072 |
|
12,939 |
|
(8,867) |
|
-68.5 % |
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
||
|
Salaries and employee benefits |
12,963 |
|
11,175 |
|
1,788 |
|
16.0 % |
|
|
Occupancy and equipment |
3,879 |
|
3,046 |
|
833 |
|
27.3 % |
|
|
Professional fees |
1,126 |
|
1,021 |
|
105 |
|
10.3 % |
|
|
Data processing and communications |
2,564 |
|
2,618 |
|
(54) |
|
-2.1 % |
|
|
Federal deposit insurance |
552 |
|
443 |
|
109 |
|
24.6 % |
|
|
Advertising and promotion |
298 |
|
236 |
|
62 |
|
26.3 % |
|
|
Office expense |
274 |
|
275 |
|
(1) |
|
-0.4 % |
|
|
Other real estate owned expense |
- |
|
1 |
|
(1) |
|
-100.0 % |
|
|
Core deposit intangible |
231 |
|
262 |
|
(31) |
|
-11.8 % |
|
|
Merger-related expenses |
- |
|
7,026 |
|
(7,026) |
|
-100.0 % |
|
|
Other |
|
1,958 |
|
1,483 |
|
475 |
|
32.0 % |
|
|
Total non-interest expense |
23,845 |
|
27,586 |
|
(3,741) |
|
-13.6 % |
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
11,575 |
|
14,947 |
|
(3,372) |
|
-22.6 % |
||
Income tax expense |
2,104 |
|
2,062 |
|
42 |
|
2.0 % |
||
Net income |
|
$ 9,471 |
|
$ 12,885 |
|
$ (3,414) |
|
-26.5 % |
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - basic |
$ 1.50 |
|
$ 2.06 |
|
$ (0.56) |
|
-27.3 % |
||
Net income per common share - diluted |
$ 1.48 |
|
$ 2.02 |
|
$ (0.54) |
|
-26.9 % |
||
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
6,331 |
|
6,263 |
|
68 |
|
1.1 % |
||
Weighted average shares outstanding - diluted |
6,411 |
|
6,376 |
|
35 |
|
0.5 % |
|
|||||||||||
Consolidated Average Statement of Financial Condition |
|||||||||||
(Unaudited) |
|||||||||||
(Dollars in thousands) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
||||||
|
2024 |
|
2023 |
|
Change in |
|
Change in |
||||
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ 1,585,876 |
|
6.60 % |
|
$ 1,432,680 |
|
6.02 % |
|
$ 153,196 |
|
0.58 % |
Securities |
|
|
|
|
|
|
|
|
|
|
|
Taxable available-for-sale |
89,547 |
|
4.47 % |
|
44,669 |
|
2.63 % |
|
44,878 |
|
1.85 % |
Tax-exempt available-for-sale |
39,756 |
|
2.88 % |
|
41,187 |
|
2.76 % |
|
(1,431) |
|
0.12 % |
Held-to-maturity |
166 |
|
5.33 % |
|
198 |
|
5.28 % |
|
(32) |
|
0.04 % |
Securities |
129,469 |
|
3.98 % |
|
86,054 |
|
2.69 % |
|
43,415 |
|
1.29 % |
|
|
|
|
|
|
|
|
|
|
|
|
Other interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
133,336 |
|
5.45 % |
|
65,383 |
|
5.16 % |
|
67,953 |
|
0.29 % |
Other interest-earning assets |
19,338 |
|
5.78 % |
|
5,691 |
|
5.31 % |
|
13,647 |
|
0.47 % |
Other interest-earning assets |
152,674 |
|
5.49 % |
|
71,074 |
|
5.17 % |
|
81,600 |
|
0.32 % |
Total interest-earning assets |
1,868,019 |
|
6.33 % |
|
1,589,808 |
|
5.81 % |
|
278,211 |
|
0.53 % |
Total non-earning assets |
141,377 |
|
|
|
110,384 |
|
|
|
|
|
|
Total assets |
$ 2,009,396 |
|
|
|
$ 1,700,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
Checking |
$ 231,895 |
|
1.94 % |
|
$ 242,667 |
|
1.38 % |
|
$ (10,772) |
|
0.56 % |
Savings |
148,377 |
|
2.64 % |
|
158,937 |
|
1.73 % |
|
(10,560) |
|
0.91 % |
Money market |
390,019 |
|
3.99 % |
|
285,021 |
|
2.97 % |
|
104,998 |
|
1.02 % |
Certificates of deposit |
713,433 |
|
4.22 % |
|
516,252 |
|
2.87 % |
|
197,181 |
|
1.35 % |
Total interest-bearing deposits |
1,483,724 |
|
3.64 % |
|
1,202,877 |
|
2.44 % |
|
280,847 |
|
1.20 % |
Non-interest bearing deposits |
243,248 |
|
|
|
235,423 |
|
|
|
7,825 |
|
|
Total deposits |
1,726,972 |
|
3.13 % |
|
1,438,300 |
|
2.04 % |
|
288,672 |
|
1.09 % |
Borrowings |
- |
|
N/A |
|
2,482 |
|
5.08 % |
|
(2,482) |
|
N/A |
Total interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
(excluding non interest deposits) |
1,483,724 |
|
3.64 % |
|
1,205,359 |
|
2.45 % |
|
278,365 |
|
1.20 % |
Non-interest-bearing deposits |
243,248 |
|
|
|
235,423 |
|
|
|
|
|
|
Total cost of funds |
1,726,972 |
|
3.13 % |
|
1,440,782 |
|
2.04 % |
|
286,190 |
|
1.09 % |
Accrued expenses and other liabilities |
40,874 |
|
|
|
32,232 |
|
|
|
|
|
|
Stockholders' equity |
241,550 |
|
|
|
227,178 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ 2,009,396 |
|
|
|
$ 1,700,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
2.69 % |
|
|
|
3.36 % |
|
|
|
|
Net interest margin |
|
|
3.44 % |
|
|
|
3.95 % |
|
|
|
|
Net interest margin (FTE) 1,2 |
|
|
3.48 % |
|
|
|
3.99 % |
|
|
|
|
|
|
|
|||||||||
1Includes federal and state tax effect of tax-exempt securities and loans. |
|
|
|
|
|
|
|
|
|
|
|
2This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below. |
Consolidated Average Statement of Financial Condition |
|||||||||||
(Unaudited) |
|||||||||||
(Dollars in thousands) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
||||||
|
2024 |
|
2023 |
|
Change in |
|
Change in |
||||
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ 1,568,541 |
|
6.54 % |
|
$ 1,404,421 |
|
5.95 % |
|
$ 164,119 |
|
0.59 % |
Securities |
|
|
|
|
|
|
|
|
|
|
|
Taxable available-for-sale |
74,144 |
|
4.21 % |
|
43,458 |
|
2.63 % |
|
30,686 |
|
1.58 % |
Tax-exempt available-for-sale |
40,257 |
|
2.84 % |
|
41,409 |
|
2.75 % |
|
(1,152) |
|
0.10 % |
Held-to-maturity |
174 |
|
5.21 % |
|
199 |
|
5.28 % |
|
(25) |
|
-0.07 % |
Securities |
114,576 |
|
3.74 % |
|
85,067 |
|
2.69 % |
|
29,509 |
|
1.05 % |
|
|
|
|
|
|
|
|
|
|
|
|
Other interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
140,703 |
|
5.45 % |
|
37,076 |
|
5.09 % |
|
103,627 |
|
0.36 % |
Other interest-earning assets |
19,146 |
|
5.71 % |
|
5,348 |
|
5.06 % |
|
13,798 |
|
0.66 % |
Other interest-earning assets |
159,848 |
|
5.48 % |
|
42,424 |
|
5.09 % |
|
117,425 |
|
0.39 % |
Total interest-earning assets |
1,842,965 |
|
6.27 % |
|
1,531,912 |
|
5.74 % |
|
311,053 |
|
0.53 % |
Total non-earning assets |
141,019 |
|
|
|
126,444 |
|
|
|
|
|
|
Total assets |
$ 1,983,984 |
|
|
|
$ 1,658,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
Checking |
$ 236,963 |
|
1.96 % |
|
$ 253,527 |
|
1.10 % |
|
$ (16,564) |
|
0.86 % |
Savings |
148,024 |
|
2.57 % |
|
170,785 |
|
1.30 % |
|
(22,760) |
|
1.28 % |
Money market |
377,084 |
|
3.96 % |
|
276,962 |
|
2.38 % |
|
100,122 |
|
1.58 % |
Certificates of deposit |
695,870 |
|
4.17 % |
|
440,780 |
|
2.48 % |
|
255,090 |
|
1.68 % |
Total interest-bearing deposits |
1,457,941 |
|
3.59 % |
|
1,142,053 |
|
1.98 % |
|
315,888 |
|
1.62 % |
Non-interest bearing deposits |
243,669 |
|
|
|
239,098 |
|
|
|
|
|
|
Total deposits |
1,701,610 |
|
3.08 % |
|
1,381,152 |
|
1.63 % |
|
320,458 |
|
1.45 % |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
- |
|
0.00 % |
|
4,725 |
|
5.01 % |
|
(4,725) |
|
-5.01 % |
Total interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
(excluding non interest deposits) |
1,457,941 |
|
3.59 % |
|
1,146,779 |
|
1.99 % |
|
311,163 |
|
1.61 % |
Non-interest-bearing deposits |
243,669 |
|
|
|
239,098 |
|
|
|
|
|
|
Total cost of funds |
1,701,610 |
|
3.08 % |
|
1,385,877 |
|
1.63 % |
|
315,733 |
|
1.45 % |
Accrued expenses and other liabilities |
41,484 |
|
|
|
46,991 |
|
|
|
|
|
|
Stockholders' equity |
240,890 |
|
|
|
225,488 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ 1,983,984 |
|
|
|
$ 1,658,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
2.68 % |
|
|
|
3.76 % |
|
|
|
|
Net interest margin |
|
|
3.43 % |
|
|
|
4.25 % |
|
|
|
|
Net interest margin (FTE) 1,2 |
|
|
3.47 % |
|
|
|
4.35 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Includes federal and state tax effect of tax-exempt securities and loans. |
|
|
|
|
|
|
|
|
|
|
|
2This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below. |
|
|||||||||||
Consolidated Average Statement of Financial Condition |
|||||||||||
(Unaudited) |
|||||||||||
(Dollars in thousands) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
||||||
|
|
|
|
|
Change in |
|
Change in |
||||
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ 1,585,876 |
|
6.60 % |
|
$ 1,551,206 |
|
6.47 % |
|
$ 34,670 |
|
0.14 % |
Securities |
|
|
|
|
|
|
|
|
|
|
|
Taxable available-for-sale |
89,547 |
|
4.47 % |
|
58,742 |
|
3.84 % |
|
30,805 |
|
0.63 % |
Tax-exempt available-for-sale |
39,756 |
|
2.88 % |
|
40,758 |
|
2.81 % |
|
(1,002) |
|
0.07 % |
Held-to-maturity |
166 |
|
5.33 % |
|
183 |
|
5.10 % |
|
(17) |
|
0.22 % |
Securities |
129,469 |
|
3.98 % |
|
99,683 |
|
3.42 % |
|
29,786 |
|
0.57 % |
|
|
|
|
|
|
|
|
|
|
|
|
Other interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
133,336 |
|
5.45 % |
|
148,069 |
|
5.45 % |
|
(14,733) |
|
0.00 % |
Other interest-earning assets |
19,338 |
|
5.78 % |
|
18,954 |
|
5.65 % |
|
384 |
|
0.13 % |
Other interest-earning assets |
152,674 |
|
5.49 % |
|
167,023 |
|
5.48 % |
|
(14,349) |
|
0.02 % |
Total interest-earning assets |
1,868,019 |
|
6.33 % |
|
1,817,912 |
|
6.21 % |
|
50,107 |
|
0.12 % |
Total non-earning assets |
141,377 |
|
|
|
140,659 |
|
|
|
|
|
|
Total assets |
$ 2,009,396 |
|
|
|
$ 1,958,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
Checking |
$ 231,895 |
|
1.94 % |
|
$ 242,030 |
|
1.98 % |
|
$ (10,135) |
|
-0.04 % |
Savings |
148,377 |
|
2.64 % |
|
147,672 |
|
2.51 % |
|
705 |
|
0.13 % |
Money market |
390,019 |
|
3.99 % |
|
364,150 |
|
3.93 % |
|
25,869 |
|
0.06 % |
Certificates of deposit |
713,433 |
|
4.22 % |
|
678,306 |
|
4.12 % |
|
35,127 |
|
0.10 % |
Total interest-bearing deposits |
1,483,724 |
|
3.64 % |
|
1,432,158 |
|
3.54 % |
|
51,566 |
|
0.10 % |
Non-interest bearing deposits |
243,248 |
|
|
|
244,089 |
|
|
|
(841) |
|
|
Total deposits |
1,726,972 |
|
3.13 % |
|
1,676,247 |
|
3.03 % |
|
50,725 |
|
0.10 % |
Borrowings |
- |
|
N/A |
|
- |
|
N/A |
|
0 |
|
N/A |
Total interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
(excluding non interest deposits) |
1,483,724 |
|
3.64 % |
|
1,432,158 |
|
3.54 % |
|
51,566 |
|
0.10 % |
Non-interest-bearing deposits |
243,248 |
|
|
|
244,089 |
|
|
|
|
|
|
Total cost of funds |
1,726,972 |
|
3.13 % |
|
1,676,247 |
|
3.03 % |
|
50,725 |
|
0.10 % |
Accrued expenses and other liabilities |
40,874 |
|
|
|
42,094 |
|
|
|
|
|
|
Stockholders' equity |
241,550 |
|
|
|
240,230 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ 2,009,396 |
|
|
|
$ 1,958,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
2.69 % |
|
|
|
2.67 % |
|
|
|
|
Net interest margin |
|
|
3.44 % |
|
|
|
3.42 % |
|
|
|
|
Net interest margin (FTE) 1, 2 |
|
|
3.48 % |
|
|
|
3.47 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Includes federal and state tax effect of tax-exempt securities and loans. |
|
|
|
|
|
|
|
|
|
|
|
2This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below. |
|
|
|
|
||||||||||
Quarterly Financial Highlights |
||||||||||
(Unaudited) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
|
June |
|
March |
|
December |
|
September |
|
June |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
1.03 % |
|
0.89 % |
|
1.09 % |
|
1.60 % |
|
1.60 % |
|
Return on average equity |
8.54 % |
|
7.27 % |
|
8.93 % |
|
13.20 % |
|
11.98 % |
|
Return on average tangible equity1 |
8.91 % |
|
7.60 % |
|
9.34 % |
|
13.83 % |
|
12.57 % |
|
Net interest margin |
3.44 % |
|
3.42 % |
|
3.55 % |
|
3.76 % |
|
3.95 % |
|
Net interest margin (FTE)1 |
3.48 % |
|
3.47 % |
|
3.60 % |
|
3.81 % |
|
3.99 % |
|
Efficiency ratio1 |
65.90 % |
|
67.21 % |
|
61.01 % |
|
59.89 % |
|
60.82 % |
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK DATA |
|
|
|
|
|
|
|
|
|
|
Market value at period end |
$ 33.10 |
|
$ 30.78 |
|
$ 35.90 |
|
$ 28.99 |
|
$ 27.32 |
|
Market range: |
|
|
|
|
|
|
|
|
|
|
High |
$ 33.10 |
|
$ 36.25 |
|
$ 37.60 |
|
$ 31.69 |
|
$ 33.00 |
|
Low |
$ 29.15 |
|
$ 29.72 |
|
$ 28.21 |
|
$ 27.37 |
|
$ 24.09 |
|
Book value per common share at period end |
$ 38.54 |
|
$ 38.26 |
|
$ 38.04 |
|
$ 36.86 |
|
$ 36.45 |
|
Tangible book value per common share1 |
$ 36.96 |
|
$ 36.65 |
|
$ 36.41 |
|
$ 35.21 |
|
$ 34.78 |
|
Shares of common stock outstanding (in thousands) |
6,353 |
|
6,320 |
|
6,314 |
|
6,299 |
|
6,279 |
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
Total capital (to risk-weighted assets) |
14.66 % |
|
14.31 % |
|
14.68 % |
|
14.96 % |
|
14.57 % |
|
Tier 1 capital (to risk-weighted assets) |
13.62 % |
|
13.26 % |
|
13.61 % |
|
13.89 % |
|
13.50 % |
|
Tier 1 capital (to average assets) |
12.21 % |
|
11.99 % |
|
12.29 % |
|
12.38 % |
|
13.43 % |
|
Equity to assets |
12.34 % |
|
12.16 % |
|
12.53 % |
|
12.14 % |
|
12.42 % |
|
Tangible equity to tangible assets1 |
11.90 % |
|
11.71 % |
|
12.06 % |
|
11.66 % |
|
11.92 % |
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY DATA (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
$ (15) |
|
$ 176 |
|
$ (10) |
|
$ (23) |
|
$ 1,842 |
|
Annualized net charge-offs (recoveries) to average loans |
-0.004 % |
|
0.045 % |
|
-0.003 % |
|
-0.006 % |
|
0.514 % |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
$ 3,198 |
|
$ 2,115 |
|
$ 6,708 |
|
$ 6,755 |
|
$ 9,753 |
|
Other real estate owned |
- |
|
- |
|
- |
|
- |
|
33 |
|
Total nonperforming assets |
$ 3,198 |
|
$ 2,115 |
|
$ 6,708 |
|
$ 6,755 |
|
$ 9,786 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses as a percent of: |
|
|
|
|
|
|
|
|
|
|
Period-end loans, net of deferred fees and costs |
1.17 % |
|
1.18 % |
|
1.19 % |
|
1.20 % |
|
1.20 % |
|
Nonperforming loans |
577.36 % |
|
880.28 % |
|
275.67 % |
|
266.35 % |
|
184.25 % |
|
Nonperforming assets |
577.36 % |
|
880.28 % |
|
275.67 % |
|
266.35 % |
|
183.63 % |
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans as a percent of total loans, net of deferred fees and costs |
0.20 % |
|
0.13 % |
|
0.43 % |
|
0.45 % |
|
0.65 % |
|
|
|
|
|
|
|
|
|
|
|
|
1This is a non-GAAP financial measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below. |
|
|
|
|
|
|
|
|
|
|
Supplemental Information – Non-GAAP Financial Measures
(Unaudited)
This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than
In addition to the items noted above, defined footnotes are included in the Supplemental Information – Non-GAAP Financial Measures table below. Income annualized is calculated using income for the period divided by the number of days in the period, then multiplied by total days in the year. Average equity is calculated using the sum of daily equity balance for the period, divided by the number of days in the period. Fully taxable equivalent adjustment is calculated using tax exempt loan income plus tax exempt securities income for the period, multiplied by a tax rate of 28%.
|
||||||||||
Supplemental Information - Non-GAAP Financial Measures |
||||||||||
(Unaudited) |
||||||||||
(Dollars in thousands) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
||||||||
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
|
June |
|
March |
|
December |
|
September |
|
June |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (annualized)1 |
$ 20,617 |
|
$ 17,475 |
|
$ 20,956 |
|
$ 30,144 |
|
$ 27,227 |
|
Average equity2 |
241,550 |
|
240,230 |
|
234,628 |
|
228,404 |
|
227,178 |
|
Less: intangible assets |
(10,044) |
|
(10,154) |
|
(10,275) |
|
(10,399) |
|
(10,515) |
|
Average Tangible Equity |
$ 231,506 |
|
$ 230,076 |
|
$ 224,353 |
|
$ 218,005 |
|
$ 216,663 |
|
Return on average tangible equity |
8.91 % |
|
7.60 % |
|
9.34 % |
|
13.83 % |
|
12.57 % |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ 15,968 |
|
$ 15,448 |
|
$ 16,010 |
|
$ 16,684 |
|
$ 15,661 |
|
Other income |
2,087 |
|
1,985 |
|
1,734 |
|
2,403 |
|
11,565 |
|
Less: bargain purchase gain |
- |
|
- |
|
- |
|
- |
|
(9,696) |
|
Total revenue |
18,055 |
|
17,433 |
|
17,744 |
|
19,087 |
|
17,530 |
|
Non-interest expenses |
$ 12,009 |
|
$ 11,836 |
|
$ 10,949 |
|
$ 10,159 |
|
$ 17,814 |
|
Less: core deposit intangible amortization |
(111) |
|
(120) |
|
(124) |
|
(119) |
|
(127) |
|
Less: merger-related expenses |
- |
|
- |
|
- |
|
1,391 |
|
(7,026) |
|
Total operating expenses |
$ 11,898 |
|
$ 11,716 |
|
$ 10,825 |
|
$ 11,431 |
|
$ 10,661 |
|
Efficiency ratio |
65.90 % |
|
67.21 % |
|
61.01 % |
|
59.89 % |
|
60.82 % |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ 1,983,941 |
|
$ 1,988,001 |
|
$ 1,916,497 |
|
$ 1,913,123 |
|
$ 1,843,026 |
|
Less: intangible assets |
(10,044) |
|
(10,154) |
|
(10,275) |
|
(10,399) |
|
(10,515) |
|
Tangible assets |
$ 1,973,897 |
|
$ 1,977,847 |
|
$ 1,906,222 |
|
$ 1,902,724 |
|
$ 1,832,511 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
$ 244,841 |
|
$ 241,808 |
|
$ 240,211 |
|
$ 232,208 |
|
$ 228,899 |
|
Less: intangible assets |
(10,044) |
|
(10,154) |
|
(10,275) |
|
(10,399) |
|
(10,515) |
|
Tangible equity |
$ 234,797 |
|
$ 231,654 |
|
$ 229,936 |
|
$ 221,809 |
|
$ 218,384 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to tangible assets |
11.90 % |
|
11.71 % |
|
12.06 % |
|
11.66 % |
|
11.92 % |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity |
$ 234,797 |
|
$ 231,654 |
|
$ 229,936 |
|
$ 221,809 |
|
$ 218,384 |
|
Shares outstanding (in thousands) |
6,353 |
|
6,320 |
|
6,314 |
|
6,299 |
|
6,279 |
|
Tangible book value per share |
$ 36.96 |
|
$ 36.65 |
|
$ 36.41 |
|
$ 35.21 |
|
$ 34.78 |
|
|
|
|
|
|
|
|
|
|
|
|
1Income annualized is calculated using income for the period divided by the number of days in the period, then multiplied by total days in the year. |
|
|||||||||
2Average equity is calculated using the sum of daily equity balance for the period, divided by the number of days in the period. |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
||||||||
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
|
June |
|
March |
|
December |
|
September |
|
June |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ 15,968 |
|
$ 15,448 |
|
$ 16,010 |
|
$ 16,684 |
|
$ 15,661 |
|
FTE adjustment3 |
213 |
|
226 |
|
224 |
|
215 |
|
158 |
|
Net interest income FTE |
$ 16,181 |
|
$ 15,674 |
|
$ 16,234 |
|
$ 16,899 |
|
$ 15,819 |
|
Net interest income FTE (annualized)1 |
$ 65,078 |
|
$ 63,041 |
|
$ 64,408 |
|
$ 67,045 |
|
$ 63,451 |
|
Average interest earning assets |
1,868,019 |
|
1,817,912 |
|
1,789,624 |
|
1,761,567 |
|
1,589,808 |
|
Net interest margin FTE |
3.48 % |
|
3.47 % |
|
3.60 % |
|
3.81 % |
|
3.99 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
|
|
|
|
||
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
June |
|
June |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ 31,416 |
|
$ 32,322 |
|
|
|
|
|
|
|
FTE adjustment3 |
401 |
|
751 |
|
|
|
|
|
|
|
Net interest income FTE |
$ 31,817 |
|
$ 33,073 |
|
|
|
|
|
|
|
Net interest income FTE (annualized)1 |
$ 63,984 |
|
$ 66,694 |
|
|
|
|
|
|
|
Average interest earning assets |
1,842,965 |
|
1,531,912 |
|
|
|
|
|
|
|
Net interest margin FTE |
3.47 % |
|
4.35 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Income annualized is calculated using income for the period divided by the number of days in the period, then multiplied by total days in the year. |
|
|||||||||
3Fully taxable equivalent adjustment is calculated using tax exempt loan income plus tax exempt securities income for the period, multiplied by a tax rate of 28%. |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
Contact
609.454.0718
grapp@thebankofprinceton.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/princeton-bancorp-announces-second-quarter-2024-results-and-approvals-of-pending-acquisition-302207007.html
SOURCE