American Business Bank Reports Third Quarter Earnings
Net Income for the quarter increased over the prior quarter
Third Quarter 2024 Highlights
-
Net income for the quarter totaled
$10.8 million , or$1.16 per diluted share - Net yield on interest earning assets increased 7 basis points over the prior quarter
-
Total deposits increased
$258 million or 7.5%over the prior quarter -
Total non-interest bearing deposits increased
$148 million or 9.3% over the prior quarter - Cost of average deposits of 1.44% compared to 1.35% in the prior quarter
- Non-interest bearing demand deposits represent 47% of total deposits
- Net interest margin expanded to 3.13% from 3.00% in the prior quarter
-
Total loans increased
$22 million or 0.85% over the prior quarter - Minimal past due loans
- No borrowings at end of third quarter 2024
-
Tangible book value per share of
$39.28 - Continued status as well-capitalized, the highest regulatory category
Net income for the nine months ended
“Results benefitted from the Bank’s valuable low-cost deposit base, of which 47 percent is non-interest bearing checking accounts at the end of the quarter. Our customers continue to grow their businesses and provide deposits for the Bank to lend in the market. The deposit growth in the second and third quarters from existing customers was significant, however, some of the deposit inflows were event-driven and will not remain on the balance sheet over the long term. We continue to focus on building an outstanding core deposit franchise which resulted in eliminating borrowings in July. The deposit pipeline of new customer relationships remains strong and should drive further growth in the fourth quarter. This has enhanced the expansion of the net interest margin by 13 bps to 3.13% for the third quarter and to 3.21% for the month of September. The key to our success continues to be attracting new business clients through our outstanding team of relationship managers.
“We are proud to provide high touch community banking services to business clients with a conservative risk approach. Our commercial real estate lending is primarily owner-occupied which is not dependent on rent rolls, but reliant on the cash flows of the operating business that occupies the property. C&I and Owner-occupied commercial real estate portfolios comprise 60% of total loans and highlight our position as the premier relationship-banking franchise for small to mid-size businesses in
“The Bank continued to expand our team of outstanding relationship managers over the last two quarters. We now have 48 calling officers up from 40 six months ago, this bodes quite well for the future.
“The intelligent delivery of superior service continues to produce excellent risk-adjusted returns for all stakeholders,” commented
For the quarter ending
The allowance for credit losses as a percentage of loans was 1.11% at
For the nine months ended
Net Interest Margin
Net interest margin for the third quarter of 2024 increased to 3.13% from 3.00% for the prior quarter and from 3.12% for the prior year quarter. This increase is primarily due to a decline in borrowings coupled with an increase in interest earning deposits in other financial institutions. As of
Net Interest Income
For the quarter ended
Provision for Credit Losses
The following table presents details of the provision for credit losses for the periods indicated:
Three Months Ended | Nine Months Ended | |||||||||||||||||
2024 |
2024 |
2023 |
2024 |
2023 |
||||||||||||||
(Figures in $000s) | ||||||||||||||||||
Addition (recapture) to allowance for loan losses |
$ |
266 |
|
$ |
450 |
|
$ |
424 |
$ |
490 |
|
$ |
2,005 |
|||||
Addition (recapture) to reserve for unfunded loan commitments |
|
(266 |
) |
|
(438 |
) |
|
424 |
|
(266 |
) |
|
834 |
|||||
Total loan-related provision |
$ |
- |
|
$ |
12 |
|
$ |
848 |
$ |
224 |
|
$ |
2,839 |
|||||
Addition to allowance for held-to-maturity securities |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|||||
Total provision for credit losses |
$ |
- |
|
$ |
12 |
|
$ |
848 |
$ |
224 |
|
$ |
2,839 |
Non-Interest Income
The increase in non-interest income compared to the prior quarter is primarily due to the gain on sale of SBA loans and an increase in the valuation of COLI policies offset by the loss on the sale of municipal investment securities. The decrease in non-interest income compared to the prior year quarter is primarily due to the loss on sale of municipal investment securities.
For the nine months ended
Non-Interest Expense
For the quarter ending
There were 248 full time equivalent employees at
For the nine months ended
Income Taxes
The effective income tax rate was 28.1% for the quarter ended
Balance Sheet
For the quarter ended
2024 |
2024 |
||||||
(Figures in $000s) | |||||||
RE - Owner-occupied |
$ |
1,130,647 |
$ |
1,095,538 |
|||
RE - Non-owner occupied |
|
736,124 |
|
737,525 |
|||
Construction & Land |
|
88,669 |
|
76,760 |
|||
Total CRE Loans |
$ |
1,955,440 |
$ |
1,909,822 |
The following table is the composition of the Owner-occupied and Non owner-occupied CRE loans by collateral type:
as of |
|||||||
Owner-occupied | Non owner-occupied | ||||||
(Figures in $000s) | |||||||
Industrial |
$ |
680,023 |
$ |
313,918 |
|||
Office |
|
167,510 |
|
99,922 |
|||
Retail |
|
22,708 |
|
182,038 |
|||
Automobile Service Facilities |
|
64,422 |
|
22,632 |
|||
Contractor's Yard |
|
61,651 |
|
4,097 |
|||
Other |
|
28,640 |
|
38,060 |
|||
Miscellaneous |
|
105,693 |
|
75,456 |
|||
Total |
$ |
1,130,647 |
$ |
736,124 |
Total investment securities at
Deposits grew by
During the third quarter of 2024, total assets increased
The
Asset Quality
The following table presents asset quality overview as of the dates indicated:
2024 |
2024 |
||||||
(Figures in $000s) | |||||||
Non-performing assets (NPA) |
$ |
6,969 |
|
$ |
6,641 |
|
|
Loans 90+ days past due and still accruing |
|
- |
|
|
- |
|
|
Total NPA |
$ |
6,969 |
|
$ |
6,641 |
|
|
NPA as a % of total assets |
|
0.17 |
% |
|
0.24 |
% |
|
Past Due as a % of total loans |
|
0.00 |
% |
|
0.13 |
% |
|
Criticized as a % of total loans |
|
4.48 |
% |
|
5.06 |
% |
|
Classified as a % of total loans |
|
0.90 |
% |
|
1.03 |
% |
During the third quarter of 2024, non-performing assets (NPAs) increased by
The loan portfolio has approximately 10% in office collateral of which the majority is owner-occupied, and substantially all are three stories or under and located in suburban markets.
The following table represents the allowance for credit losses for loans as of and for the dates and periods indicated:
Three Months Ended | Nine Months Ended | ||||||||||||||||||
2024 |
2024 |
2023 |
2024 |
2023 |
|||||||||||||||
(Figures in $000s) | |||||||||||||||||||
Balance, beginning of period |
$ |
28,843 |
|
$ |
28,335 |
|
$ |
27,172 |
|
$ |
28,460 |
|
$ |
29,635 |
|
||||
Cumulative effect of change in accounting principle - CECL |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(3,885 |
) |
||||
Charge-offs |
|
(4 |
) |
|
- |
|
|
(15 |
) |
|
(103 |
) |
|
(194 |
) |
||||
Recoveries |
|
- |
|
|
58 |
|
|
20 |
|
|
258 |
|
|
40 |
|
||||
Net (charge-offs) / recoveries |
$ |
(4 |
) |
$ |
58 |
|
$ |
5 |
|
$ |
155 |
|
$ |
(154 |
) |
||||
Provision |
|
266 |
|
|
450 |
|
|
424 |
|
|
490 |
|
|
2,005 |
|
||||
Balance, end of period |
$ |
29,105 |
|
$ |
28,843 |
|
$ |
27,601 |
|
$ |
29,105 |
|
$ |
27,601 |
|
||||
Allowance as a % of loans |
|
1.11 |
% |
|
1.11 |
% |
|
1.10 |
% |
|
1.11 |
% |
|
1.10 |
% |
The allowance for credit losses for loans increased to
ABOUT
FORWARD LOOKING STATEMENTS
This communication contains certain forward-looking information about
|
||||||||||||||||||||
Figures in |
||||||||||||||||||||
BALANCE SHEETS (unaudited) | ||||||||||||||||||||
September |
|
June |
|
December |
|
September |
||||||||||||||
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
||||||
Assets: | ||||||||||||||||||||
Cash and Due from Banks |
$ |
109,214 |
|
$ |
84,836 |
|
$ |
32,354 |
|
$ |
71,351 |
|
||||||||
Interest Earning Deposits in Other Financial Institutions |
|
168,521 |
|
|
15,511 |
|
|
10,804 |
|
|
12,111 |
|
||||||||
|
||||||||||||||||||||
US Agencies |
|
73,265 |
|
|
79,700 |
|
|
91,226 |
|
|
97,828 |
|
||||||||
|
|
400,381 |
|
|
390,886 |
|
|
413,870 |
|
|
398,645 |
|
||||||||
State and Municipals |
|
78,504 |
|
|
81,884 |
|
|
91,949 |
|
|
91,064 |
|
||||||||
Corporate Bonds |
|
14,371 |
|
|
14,478 |
|
|
14,157 |
|
|
13,866 |
|
||||||||
Securities Available-for-Sale, at Fair Value |
|
566,521 |
|
|
566,948 |
|
|
611,202 |
|
|
601,403 |
|
||||||||
|
|
169,623 |
|
|
172,984 |
|
|
178,985 |
|
|
181,623 |
|
||||||||
State and Municipals |
|
383,483 |
|
|
384,048 |
|
|
390,184 |
|
|
390,764 |
|
||||||||
Allowance for Credit Losses, Held-To-Maturity |
|
(55 |
) |
|
(55 |
) |
|
(55 |
) |
|
(55 |
) |
||||||||
Securities Held-to-Maturity, at Amortized Cost, |
|
553,051 |
|
|
556,977 |
|
|
569,114 |
|
|
572,332 |
|
||||||||
Net of Allowance for Credit Losses | ||||||||||||||||||||
Federal Home Loan |
|
15,000 |
|
|
15,000 |
|
|
15,000 |
|
|
15,000 |
|
||||||||
|
|
1,134,572 |
|
|
1,138,925 |
|
|
1,195,316 |
|
|
1,188,735 |
|
||||||||
Loans Receivable: | ||||||||||||||||||||
|
|
1,955,440 |
|
|
1,909,822 |
|
|
1,884,085 |
|
|
1,853,527 |
|
||||||||
Commercial and Industrial |
|
461,980 |
|
|
487,557 |
|
|
491,698 |
|
|
477,960 |
|
||||||||
|
|
198,259 |
|
|
196,194 |
|
|
197,281 |
|
|
172,411 |
|
||||||||
Installment and Other |
|
7,411 |
|
|
7,471 |
|
|
6,577 |
|
|
7,107 |
|
||||||||
Total Loans Receivable |
|
2,623,090 |
|
|
2,601,044 |
|
|
2,579,641 |
|
|
2,511,005 |
|
||||||||
Allowance for Credit Losses |
|
(29,105 |
) |
|
(28,843 |
) |
|
(28,460 |
) |
|
(27,601 |
) |
||||||||
Loans Receivable, Net |
|
2,593,985 |
|
|
2,572,201 |
|
|
2,551,181 |
|
|
2,483,404 |
|
||||||||
Furniture, Equipment and Leasehold Improvements, Net |
|
4,831 |
|
|
4,684 |
|
|
4,589 |
|
|
4,845 |
|
||||||||
|
|
29,714 |
|
|
29,396 |
|
|
28,898 |
|
|
28,400 |
|
||||||||
Other Assets |
|
79,151 |
|
|
83,096 |
|
|
79,582 |
|
|
85,315 |
|
||||||||
Total Assets |
$ |
4,119,988 |
|
$ |
3,928,649 |
|
$ |
3,902,724 |
|
$ |
3,874,161 |
|
||||||||
Liabilities: | ||||||||||||||||||||
Non-Interest Bearing Demand Deposits |
$ |
1,745,491 |
|
$ |
1,597,426 |
|
$ |
1,699,560 |
|
$ |
1,796,743 |
|
||||||||
Interest Bearing Transaction Accounts |
|
376,033 |
|
|
394,051 |
|
|
388,152 |
|
|
331,315 |
|
||||||||
Money Market and Savings Deposits |
|
1,297,950 |
|
|
1,202,143 |
|
|
1,145,389 |
|
|
1,124,590 |
|
||||||||
Certificates of Deposit |
|
295,865 |
|
|
263,587 |
|
|
264,312 |
|
|
250,032 |
|
||||||||
Total Deposits |
|
3,715,339 |
|
|
3,457,207 |
|
|
3,497,413 |
|
|
3,502,680 |
|
||||||||
Federal Home Loan Bank Advances / Other Borrowings |
|
- |
|
|
100,000 |
|
|
55,000 |
|
|
40,000 |
|
||||||||
Other Liabilities |
|
47,107 |
|
|
40,570 |
|
|
36,257 |
|
|
52,204 |
|
||||||||
Total Liabilities |
$ |
3,762,446 |
|
$ |
3,597,777 |
|
$ |
3,588,670 |
|
$ |
3,594,884 |
|
||||||||
Shareholders' Equity: | ||||||||||||||||||||
Common Stock |
$ |
209,679 |
|
$ |
209,042 |
|
$ |
208,048 |
|
$ |
207,451 |
|
||||||||
Retained Earnings |
|
207,523 |
|
|
196,743 |
|
|
176,747 |
|
|
165,372 |
|
||||||||
Accumulated Other Comprehensive Income / (Loss) |
|
(59,660 |
) |
|
(74,913 |
) |
|
(70,741 |
) |
|
(93,546 |
) |
||||||||
Total Shareholders' Equity |
$ |
357,542 |
|
$ |
330,872 |
|
$ |
314,054 |
|
$ |
279,277 |
|
||||||||
Total Liabilities and Shareholders' Equity |
$ |
4,119,988 |
|
$ |
3,928,649 |
|
$ |
3,902,724 |
|
$ |
3,874,161 |
|
||||||||
Standby Letters of Credit |
$ |
46,460 |
|
$ |
43,420 |
|
$ |
43,178 |
|
$ |
41,823 |
|
||||||||
Per Share Information: | ||||||||||||||||||||
Common Shares Outstanding |
|
9,101,654 |
|
|
9,100,023 |
|
|
9,041,911 |
|
|
9,039,092 |
|
||||||||
Book Value Per Share |
$ |
39.28 |
|
$ |
36.36 |
|
$ |
34.73 |
|
$ |
30.90 |
|
||||||||
Tangible Book Value Per Share |
$ |
39.28 |
|
$ |
36.36 |
|
$ |
34.73 |
|
$ |
30.90 |
|
||||||||
|
|||||||||||||
Figures in |
|||||||||||||
INCOME STATEMENTS (unaudited) | |||||||||||||
For the three months ended: | |||||||||||||
September |
|
June |
|
September |
|||||||||
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|||
Interest Income: | |||||||||||||
Interest and Fees on Loans |
$ |
35,513 |
|
$ |
34,358 |
|
$ |
32,332 |
|
||||
Interest on |
|
7,176 |
|
|
7,431 |
|
|
7,787 |
|
||||
Interest on Interest Earning Deposits | |||||||||||||
in Other Financial Institutions |
|
2,129 |
|
|
839 |
|
|
279 |
|
||||
Total Interest Income |
|
44,818 |
|
|
42,628 |
|
|
40,398 |
|
||||
Interest Expense: | |||||||||||||
Interest on Interest Bearing Transaction Accounts |
|
1,220 |
|
|
1,077 |
|
|
704 |
|
||||
Interest on Money Market and Savings Deposits |
|
9,083 |
|
|
7,900 |
|
|
6,019 |
|
||||
Interest on Certificates of Deposits |
|
2,785 |
|
|
2,408 |
|
|
1,964 |
|
||||
Interest on Federal Home Loan Bank Advances | |||||||||||||
and Other Borrowings |
|
363 |
|
|
2,203 |
|
|
1,433 |
|
||||
Total Interest Expense |
|
13,451 |
|
|
13,588 |
|
|
10,120 |
|
||||
Net Interest Income |
|
31,367 |
|
|
29,040 |
|
|
30,278 |
|
||||
Provision for Credit Losses |
|
- |
|
|
12 |
|
|
848 |
|
||||
Net Interest Income after Provision for Credit Losses |
|
31,367 |
|
|
29,028 |
|
|
29,430 |
|
||||
Non-Interest Income: | |||||||||||||
Deposit Fees |
|
1,108 |
|
|
1,077 |
|
|
937 |
|
||||
International Fees |
|
433 |
|
|
418 |
|
|
439 |
|
||||
Gain (Loss) on Sale of |
|
(587 |
) |
|
(397 |
) |
|
(63 |
) |
||||
Gain on Sale of SBA Loans, Net |
|
187 |
|
|
12 |
|
|
143 |
|
||||
Bank/Corporate Owned Life Insurance Income (Expense) |
|
318 |
|
|
212 |
|
|
98 |
|
||||
Other |
|
454 |
|
|
367 |
|
|
398 |
|
||||
Total Non-Interest Income |
|
1,913 |
|
|
1,689 |
|
|
1,952 |
|
||||
Non-Interest Expense: | |||||||||||||
Salaries and Employee Benefits |
|
12,622 |
|
|
12,052 |
|
|
11,487 |
|
||||
Occupancy and Equipment |
|
1,206 |
|
|
1,195 |
|
|
1,200 |
|
||||
Professional Services |
|
2,172 |
|
|
2,079 |
|
|
2,136 |
|
||||
Promotion Expenses |
|
720 |
|
|
680 |
|
|
794 |
|
||||
Other |
|
1,565 |
|
|
1,509 |
|
|
1,587 |
|
||||
Total Non-Interest Expense |
|
18,285 |
|
|
17,515 |
|
|
17,204 |
|
||||
Earnings before income taxes |
|
14,995 |
|
|
13,202 |
|
|
14,178 |
|
||||
Income Tax Expense |
|
4,215 |
|
|
3,703 |
|
|
3,996 |
|
||||
NET INCOME |
$ |
10,780 |
|
$ |
9,499 |
|
$ |
10,182 |
|
||||
Per Share Information: | |||||||||||||
Earnings Per Share - Basic |
$ |
1.16 |
|
$ |
1.03 |
|
$ |
1.11 |
|
||||
Earnings Per Share - Diluted |
$ |
1.16 |
|
$ |
1.02 |
|
$ |
1.10 |
|
||||
Weighted Average Shares - Basic |
|
9,279,741 |
|
|
9,259,753 |
|
|
9,211,933 |
|
||||
Weighted Average Shares - Diluted |
|
9,318,868 |
|
|
9,298,130 |
|
|
9,240,346 |
|
||||
|
|||||||||
Figures in |
|||||||||
INCOME STATEMENTS (unaudited) | |||||||||
For the nine months ended: |
|||||||||
September |
|
September |
|||||||
|
2024 |
|
|
|
2023 |
|
|||
Interest Income: | |||||||||
Interest and Fees on Loans |
$ |
103,535 |
|
$ |
93,355 |
|
|||
Interest on |
|
22,265 |
|
|
23,436 |
|
|||
Interest on Interest Earning Deposits | |||||||||
in Other Financial Institutions |
|
3,218 |
|
|
739 |
|
|||
Total Interest Income |
|
129,018 |
|
|
117,530 |
|
|||
Interest Expense: | |||||||||
Interest on Interest Bearing Transaction Accounts |
|
3,299 |
|
|
1,342 |
|
|||
Interest on Money Market and Savings Deposits |
|
24,247 |
|
|
12,572 |
|
|||
Interest on Certificates of Deposits |
|
7,481 |
|
|
3,255 |
|
|||
Interest on Federal Home Loan Bank Advances | |||||||||
and Other Borrowings |
|
4,164 |
|
|
9,394 |
|
|||
Total Interest Expense |
|
39,191 |
|
|
26,563 |
|
|||
Net Interest Income |
|
89,827 |
|
|
90,967 |
|
|||
Provision for Credit Losses |
|
224 |
|
|
2,839 |
|
|||
Net Interest Income after Provision for Credit Losses |
|
89,603 |
|
|
88,128 |
|
|||
Non-Interest Income: | |||||||||
Deposit Fees |
|
3,172 |
|
|
2,954 |
|
|||
International Fees |
|
1,257 |
|
|
1,150 |
|
|||
Gain (Loss) on Sale of |
|
(1,094 |
) |
|
(652 |
) |
|||
Gain on Sale of SBA Loans, Net |
|
256 |
|
|
989 |
|
|||
Bank/Corporate Owned Life Insurance Income (Expense) |
|
816 |
|
|
732 |
|
|||
Other |
|
1,309 |
|
|
1,738 |
|
|||
Total Non-Interest Income |
|
5,716 |
|
|
6,911 |
|
|||
Non-Interest Expense: | |||||||||
Salaries and Employee Benefits |
|
36,323 |
|
|
34,449 |
|
|||
Occupancy and Equipment |
|
3,610 |
|
|
3,592 |
|
|||
Professional Services |
|
6,214 |
|
|
5,867 |
|
|||
Promotion Expenses |
|
1,927 |
|
|
1,841 |
|
|||
Other |
|
4,499 |
|
|
4,276 |
|
|||
Total Non-Interest Expense |
|
52,573 |
|
|
50,025 |
|
|||
Earnings before income taxes |
|
42,746 |
|
|
45,014 |
|
|||
Income Tax Expense |
|
11,970 |
|
|
12,422 |
|
|||
NET INCOME |
$ |
30,776 |
|
$ |
32,592 |
|
|||
Per Share Information: | |||||||||
Earnings Per Share - Basic |
$ |
3.32 |
|
$ |
3.55 |
|
|||
Earnings Per Share - Diluted |
$ |
3.31 |
|
$ |
3.53 |
|
|||
Weighted Average Shares - Basic |
|
9,258,937 |
|
|
9,181,813 |
|
|||
Weighted Average Shares - Diluted |
|
9,303,605 |
|
|
9,229,089 |
|
|||
|
|||||||||||||||
Figures in |
|||||||||||||||
QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS (unaudited) | |||||||||||||||
For the three months ended: | |||||||||||||||
|
|
||||||||||||||
Average | Interest | Average | Average | Interest | Average | ||||||||||
Balance | Inc/Exp | Yield/Rate | Balance | Inc/Exp | Yield/Rate | ||||||||||
Interest Earning Assets: | |||||||||||||||
Interest Earning Deposits in Other Financial Institutions |
$ |
156,041 |
$ |
2,129 |
5.43 |
% |
$ |
61,618 |
$ |
839 |
5.48 |
% |
|||
|
|||||||||||||||
US Agencies |
|
76,670 |
|
1,045 |
5.45 |
% |
|
83,020 |
|
1,170 |
5.64 |
% |
|||
|
|
650,264 |
|
3,032 |
1.87 |
% |
|
662,880 |
|
3,129 |
1.89 |
% |
|||
State and Municipals |
|
470,564 |
|
2,582 |
2.19 |
% |
|
477,603 |
|
2,617 |
2.19 |
% |
|||
Corporate Bonds |
|
16,250 |
|
188 |
4.63 |
% |
|
16,250 |
|
188 |
4.64 |
% |
|||
Securities Available-for-Sale and Held-to-Maturity |
|
1,213,748 |
|
6,847 |
2.26 |
% |
|
1,239,753 |
|
7,104 |
2.29 |
% |
|||
Federal Home Loan |
|
15,000 |
|
329 |
8.76 |
% |
|
15,000 |
|
327 |
8.72 |
% |
|||
|
|
1,228,748 |
|
7,176 |
2.34 |
% |
|
1,254,753 |
|
7,431 |
2.37 |
% |
|||
Loans Receivable: | |||||||||||||||
|
|
1,929,129 |
|
24,257 |
5.00 |
% |
|
1,888,292 |
|
23,086 |
4.92 |
% |
|||
Commercial and Industrial |
|
462,791 |
|
8,028 |
6.90 |
% |
|
478,868 |
|
8,088 |
6.79 |
% |
|||
|
|
196,130 |
|
3,164 |
6.42 |
% |
|
196,740 |
|
3,115 |
6.37 |
% |
|||
Installment and Other |
|
8,349 |
|
64 |
3.03 |
% |
|
8,628 |
|
69 |
3.23 |
% |
|||
Total Loans Receivable |
|
2,596,399 |
|
35,513 |
5.44 |
% |
|
2,572,528 |
|
34,358 |
5.37 |
% |
|||
Total Interest Earning Assets |
$ |
3,981,188 |
$ |
44,818 |
4.41 |
% |
$ |
3,888,899 |
$ |
42,628 |
4.34 |
% |
|||
Liabilities: | |||||||||||||||
Non-Interest Bearing Demand Deposits |
|
1,671,657 |
|
- |
0.00 |
% |
|
1,607,544 |
|
- |
0.00 |
% |
|||
Interest Bearing Transaction Accounts |
|
394,184 |
|
1,220 |
1.23 |
% |
|
384,339 |
|
1,077 |
1.13 |
% |
|||
Money Market and Savings Deposits |
|
1,265,785 |
|
9,083 |
2.85 |
% |
|
1,145,701 |
|
7,900 |
2.77 |
% |
|||
Certificates of Deposit |
|
288,357 |
|
2,785 |
3.84 |
% |
|
261,401 |
|
2,408 |
3.70 |
% |
|||
Total Deposits |
|
3,619,983 |
|
13,088 |
1.44 |
% |
|
3,398,985 |
|
11,385 |
1.35 |
% |
|||
Federal Home Loan Bank Advances / Other Borrowings |
|
25,598 |
|
363 |
5.64 |
% |
|
162,533 |
|
2,203 |
5.45 |
% |
|||
Total Interest Bearing Deposits and Borrowings |
|
1,973,924 |
|
13,451 |
2.71 |
% |
|
1,953,974 |
|
13,588 |
2.80 |
% |
|||
Total Deposits and Borrowings |
$ |
3,645,581 |
$ |
13,451 |
1.47 |
% |
$ |
3,561,518 |
$ |
13,588 |
1.53 |
% |
|||
Net Interest Income |
$ |
31,367 |
$ |
29,040 |
|||||||||||
Net Interest Rate Spread |
2.94 |
% |
2.81 |
% |
|||||||||||
Net Interest Margin |
3.13 |
% |
3.00 |
% |
|||||||||||
|
|||||||||||||||
Figures in |
|||||||||||||||
QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS (unaudited) | |||||||||||||||
For the three months ended: | |||||||||||||||
|
|
||||||||||||||
Average | Interest | Average | Average | Interest | Average | ||||||||||
Balance | Inc/Exp | Yield/Rate | Balance | Inc/Exp | Yield/Rate | ||||||||||
Interest Earning Assets: | |||||||||||||||
Interest Earning Deposits in Other Financial Institutions |
$ |
156,041 |
$ |
2,129 |
5.43 |
% |
$ |
21,319 |
$ |
279 |
5.19 |
% |
|||
|
|||||||||||||||
US Agencies |
|
76,670 |
|
1,045 |
5.45 |
% |
|
101,829 |
|
1,325 |
5.21 |
% |
|||
|
|
650,264 |
|
3,032 |
1.87 |
% |
|
696,633 |
|
3,236 |
1.86 |
% |
|||
State and Municipals |
|
470,564 |
|
2,582 |
2.19 |
% |
|
498,134 |
|
2,745 |
2.20 |
% |
|||
Corporate Bonds |
|
16,250 |
|
188 |
4.63 |
% |
|
16,250 |
|
188 |
4.63 |
% |
|||
Securities Available-for-Sale and Held-to-Maturity |
|
1,213,748 |
|
6,847 |
2.26 |
% |
|
1,312,846 |
|
7,494 |
2.28 |
% |
|||
Federal Home Loan |
|
15,000 |
|
329 |
8.76 |
% |
|
15,000 |
|
293 |
7.82 |
% |
|||
|
|
1,228,748 |
|
7,176 |
2.34 |
% |
|
1,327,846 |
|
7,787 |
2.35 |
% |
|||
Loans Receivable: | |||||||||||||||
|
|
1,929,129 |
|
24,257 |
5.00 |
% |
|
1,842,818 |
|
21,974 |
4.73 |
% |
|||
Commercial and Industrial |
|
462,791 |
|
8,028 |
6.90 |
% |
|
480,743 |
|
7,734 |
6.38 |
% |
|||
|
|
196,130 |
|
3,164 |
6.42 |
% |
|
170,576 |
|
2,558 |
5.95 |
% |
|||
Installment and Other |
|
8,349 |
|
64 |
3.03 |
% |
|
8,537 |
|
66 |
3.07 |
% |
|||
Total Loans Receivable |
|
2,596,399 |
|
35,513 |
5.44 |
% |
|
2,502,674 |
|
32,332 |
5.13 |
% |
|||
Total Interest Earning Assets |
$ |
3,981,188 |
$ |
44,818 |
4.41 |
% |
$ |
3,851,839 |
$ |
40,398 |
4.10 |
% |
|||
Liabilities: | |||||||||||||||
Non-Interest Bearing Demand Deposits |
|
1,671,657 |
|
- |
0.00 |
% |
|
1,824,291 |
|
- |
0.00 |
% |
|||
Interest Bearing Transaction Accounts |
|
394,184 |
|
1,220 |
1.23 |
% |
|
324,710 |
|
704 |
0.86 |
% |
|||
Money Market and Savings Deposits |
|
1,265,785 |
|
9,083 |
2.85 |
% |
|
1,062,607 |
|
6,019 |
2.25 |
% |
|||
Certificates of Deposit |
|
288,357 |
|
2,785 |
3.84 |
% |
|
228,872 |
|
1,964 |
3.40 |
% |
|||
Total Deposits |
|
3,619,983 |
|
13,088 |
1.44 |
% |
|
3,440,480 |
|
8,687 |
1.00 |
% |
|||
Federal Home Loan Bank Advances / Other Borrowings |
|
25,598 |
|
363 |
5.64 |
% |
|
105,087 |
|
1,433 |
5.41 |
% |
|||
Total Interest Bearing Deposits and Borrowings |
|
1,973,924 |
|
13,451 |
2.71 |
% |
|
1,721,276 |
|
10,120 |
2.33 |
% |
|||
Total Deposits and Borrowings |
$ |
3,645,581 |
$ |
13,451 |
1.47 |
% |
$ |
3,545,567 |
$ |
10,120 |
1.13 |
% |
|||
Net Interest Income |
$ |
31,367 |
$ |
30,278 |
|||||||||||
Net Interest Rate Spread |
2.94 |
% |
2.97 |
% |
|||||||||||
Net Interest Margin |
3.13 |
% |
3.12 |
% |
|||||||||||
|
|||||||||||||||
Figures in |
|||||||||||||||
QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS (unaudited) | |||||||||||||||
For the nine months ended: | |||||||||||||||
|
|
||||||||||||||
Average | Interest | Average | Average | Interest | Average | ||||||||||
Balance | Inc/Exp | Yield/Rate | Balance | Inc/Exp | Yield/Rate | ||||||||||
Interest Earning Assets: | |||||||||||||||
Interest Earning Deposits in Other Financial Institutions |
$ |
79,252 |
$ |
3,218 |
5.42 |
% |
$ |
20,366 |
$ |
739 |
4.85 |
% |
|||
|
|||||||||||||||
US Agencies |
|
82,882 |
|
3,500 |
5.63 |
% |
|
109,975 |
|
3,783 |
4.59 |
% |
|||
|
|
662,348 |
|
9,360 |
1.88 |
% |
|
708,057 |
|
9,977 |
1.88 |
% |
|||
State and Municipals |
|
477,708 |
|
7,855 |
2.19 |
% |
|
501,330 |
|
8,297 |
2.21 |
% |
|||
Corporate Bonds |
|
16,250 |
|
565 |
4.63 |
% |
|
16,250 |
|
558 |
4.58 |
% |
|||
Securities Available-for-Sale and Held-to-Maturity |
|
1,239,188 |
|
21,280 |
2.29 |
% |
|
1,335,612 |
|
22,615 |
2.26 |
% |
|||
Federal Home Loan |
|
15,000 |
|
985 |
8.76 |
% |
|
15,000 |
|
821 |
7.30 |
% |
|||
|
|
1,254,188 |
|
22,265 |
2.37 |
% |
|
1,350,612 |
|
23,436 |
2.31 |
% |
|||
Loans Receivable: | |||||||||||||||
|
|
1,898,713 |
|
70,161 |
4.94 |
% |
|
1,805,477 |
|
62,741 |
4.65 |
% |
|||
Commercial and Industrial |
|
470,906 |
|
23,855 |
6.77 |
% |
|
490,777 |
|
22,854 |
6.23 |
% |
|||
|
|
196,348 |
|
9,323 |
6.34 |
% |
|
173,067 |
|
7,550 |
5.83 |
% |
|||
Installment and Other |
|
8,736 |
|
196 |
3.00 |
% |
|
7,912 |
|
210 |
3.56 |
% |
|||
Total Loans Receivable |
|
2,574,703 |
|
103,535 |
5.37 |
% |
|
2,477,233 |
|
93,355 |
5.04 |
% |
|||
Total Interest Earning Assets |
$ |
3,908,143 |
$ |
129,018 |
4.34 |
% |
$ |
3,848,211 |
$ |
117,530 |
4.03 |
% |
|||
Liabilities: | |||||||||||||||
Non-Interest Bearing Demand Deposits |
|
1,642,483 |
|
- |
0.00 |
% |
|
1,794,366 |
|
- |
0.00 |
% |
|||
Interest Bearing Transaction Accounts |
|
386,897 |
|
3,299 |
1.14 |
% |
|
302,062 |
|
1,342 |
0.59 |
% |
|||
Money Market and Savings Deposits |
|
1,179,180 |
|
24,247 |
2.75 |
% |
|
1,066,488 |
|
12,572 |
1.58 |
% |
|||
Certificates of Deposit |
|
268,489 |
|
7,481 |
3.72 |
% |
|
144,986 |
|
3,255 |
3.00 |
% |
|||
Total Deposits |
|
3,477,049 |
|
35,027 |
1.35 |
% |
|
3,307,902 |
|
17,169 |
0.69 |
% |
|||
Federal Home Loan Bank Advances / Other Borrowings |
|
103,433 |
|
4,164 |
5.38 |
% |
|
251,363 |
|
9,394 |
5.00 |
% |
|||
Total Interest Bearing Deposits and Borrowings |
|
1,937,999 |
|
39,191 |
2.70 |
% |
|
1,764,899 |
|
26,563 |
2.01 |
% |
|||
Total Deposits and Borrowings |
$ |
3,580,480 |
$ |
39,191 |
1.46 |
% |
$ |
3,559,264 |
$ |
26,563 |
1.00 |
% |
|||
Net Interest Income |
$ |
89,827 |
$ |
90,967 |
|||||||||||
Net Interest Rate Spread |
2.88 |
% |
3.03 |
% |
|||||||||||
Net Interest Margin |
3.07 |
% |
3.16 |
% |
|||||||||||
|
|||||||||||||||||
Figures in |
|||||||||||||||||
SUPPLEMENTAL DATA (unaudited) | |||||||||||||||||
September |
|
June |
|
December |
|
September |
|||||||||||
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|||
Performance Ratios: | |||||||||||||||||
Quarterly: | |||||||||||||||||
Return on Average Assets (ROAA) |
|
1.07 |
% |
|
0.97 |
% |
|
1.17 |
% |
|
1.05 |
% |
|||||
Return on Average Equity (ROAE) |
|
12.64 |
% |
|
11.93 |
% |
|
16.05 |
% |
|
14.20 |
% |
|||||
Efficiency Ratio |
|
53.20 |
% |
|
54.86 |
% |
|
48.45 |
% |
|
54.59 |
% |
|||||
Year-to-Date | |||||||||||||||||
Return on Average Assets (ROAA) |
|
1.04 |
% |
|
1.02 |
% |
|
1.13 |
% |
|
1.12 |
% |
|||||
Return on Average Equity (ROAE) |
|
12.66 |
% |
|
12.67 |
% |
|
15.70 |
% |
|
15.58 |
% |
|||||
Efficiency Ratio |
|
54.13 |
% |
|
54.63 |
% |
|
50.82 |
% |
|
51.62 |
% |
|||||
Capital Adequacy: | |||||||||||||||||
Total Risk Based Capital Ratio |
|
12.99 |
% |
|
12.84 |
% |
|
12.37 |
% |
|
12.66 |
% |
|||||
Common Equity Tier 1 Capital Ratio |
|
12.11 |
% |
|
11.94 |
% |
|
11.47 |
% |
|
11.73 |
% |
|||||
Tier 1 Risk Based Capital Ratio |
|
12.11 |
% |
|
11.94 |
% |
|
11.47 |
% |
|
11.73 |
% |
|||||
Tier 1 Leverage Ratio |
|
10.17 |
% |
|
10.14 |
% |
|
9.64 |
% |
|
9.41 |
% |
|||||
Tangible Common Equity / Tangible Assets |
|
8.68 |
% |
|
8.42 |
% |
|
8.05 |
% |
|
7.21 |
% |
|||||
Asset Quality Overview | |||||||||||||||||
Non-Performing Loans |
$ |
6,969 |
|
$ |
6,641 |
|
$ |
7,859 |
|
$ |
5,315 |
|
|||||
Loans 90+ Days Past Due and Still Accruing |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
Total Non-Performing Loans |
|
6,969 |
|
|
6,641 |
|
|
7,859 |
|
|
5,315 |
|
|||||
Loans Modified with Financial Difficulty |
$ |
4,120 |
|
$ |
4,696 |
|
$ |
231 |
|
$ |
233 |
|
|||||
Other Real Estate Owned |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
ACL / Loans Receivable |
|
1.11 |
% |
|
1.11 |
% |
|
1.10 |
% |
|
1.10 |
% |
|||||
Non-Performing Loans / Total Loans Receivable |
|
0.27 |
% |
|
0.36 |
% |
|
0.30 |
% |
|
0.21 |
% |
|||||
Non-Performing Assets / Total Assets |
|
0.17 |
% |
|
0.24 |
% |
|
0.20 |
% |
|
0.14 |
% |
|||||
Net Charge-Offs (Recoveries) quarterly |
$ |
4 |
|
$ |
(58 |
) |
$ |
190 |
|
$ |
(5 |
) |
|||||
Net Charge-Offs (Recoveries) year-to-date |
$ |
(155 |
) |
$ |
(159 |
) |
$ |
344 |
|
$ |
154 |
|
|||||
Net Charge-Offs (Recoveries) year-to-date / Average Loans Receivable |
|
(0.01 |
%) |
|
(0.01 |
%) |
|
0.01 |
% |
|
0.01 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030175878/en/
EVP/CFO
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