CEO
Comments
“Many of the Guaranty’s greatest accomplishments so
far in 2020 were not on the ‘to-do’ list when the year
started. Implementing protective equipment for the
safety of our employees and customers, seamlessly transitioning to
a more remote and technology driven business, issuing subordinated
debt to improve our capital position, generating a significant
amount of mortgages and Paycheck Protection Program (PPP) loans in
a few short months, while growing deposits by over $105 million
dollars are just a few examples of our 2020 activities.
The buzzword of a new normal is being embraced by the Bank as we
continue to adapt to virtual meetings, local health guidelines and
segments of unknowns in the overall economy. The dedication and
efforts by our team members as they continue to produce in this
environment while maintaining a customer-first focus is why
community banks, like Guaranty, are still as relevant today as they
have ever been.
Third quarter 2020 financial results include net income of $1.9
million leading to diluted earnings per share of $0.44 compared to
$0.57 from the prior year quarter. This quarter included $950,000
in additional funding of the allowance for loan loss reserves in
response to the current economic climate. Overall, loan
modifications and deferrals have started to recede with select
industries still facing difficulties as COVID-19 restrictions
hamper some business models. As evidenced by interest rate cuts
made by the Federal Reserve in March of this year and recent
dialogue that lower interest rates will be targeted as economic
uncertainty prevails, net interest margin compression has
continued. The lower rate environment has significantly increased
refinance activity within our loan portfolio as well as competition
in our markets for nearly all loan products. Our capital position
remains above all regulatory thresholds and was further bolstered
during the quarter with the issuance of $20.0 million of
subordinated debt by our holding company. The strong demand and
attractive rate in which we were able to place this issuance shows
confidence by external investors in our company.
Measured growth based on conservative practices is still our focus
as we support our employees, customers, shareholders and
communities during the end of 2020 and beyond.”
- Shaun A. Burke, President and Chief Executive Officer
2020 Third Quarter
Subordinated Debt Offering
- On July 29, 2020, the Company issued $20.0 million in
fixed-to-floating rate subordinated debt. Proceeds will be used for
general corporate purposes including, but not limited to,
retirement of existing indebtedness, further strengthening of
capital ratios and to provide additional liquidity as necessary.
The debt has a fixed rate of 5.25% for the first five years and
then a variable rate based on three-month SOFR plus 519 basis
points for the final five years, if not called by the Company. This
issuance provided a low-cost source of capital while not diluting
current shareholders.
COVID-19 Loan Modifications
Due to financial hardships caused by the COVID-19 pandemic, loan
modifications were granted to borrowers across all collateral
types. As of September 30, 2020, 123 loans remained modified for
$110.6M (table below) for periods from one to six months. As of
September 30, 2020, 46% of original modifications have resumed
scheduled payments with an additional 49% projected to resume their
contractual payment schedules during the fourth quarter of
2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral Type |
|
# Loans Modified |
|
Amount of Loans Modified ($) |
|
Interest Only 3 Months or Less |
|
Interest Only 4-6 Months |
|
Full Payment Deferral 3 Months |
|
Full Payment Deferral 3 Months + Interest Only 3
Months |
|
Full Payment Deferral 4-6 Months |
|
Other |
Hotel/Motel |
|
12 |
|
$ |
25,383,830 |
|
$ |
- |
|
$ |
2,655,156 |
|
$ |
- |
|
$ |
1,414,376 |
|
$ |
2,551,422 |
|
$ |
18,762,876 |
Multifamily |
|
2 |
|
|
2,089,694 |
|
|
- |
|
|
654,387 |
|
|
1,435,307 |
|
|
- |
|
|
- |
|
|
- |
1-4 Family
Investment |
|
40 |
|
|
9,515,338 |
|
|
- |
|
|
8,692,010 |
|
|
- |
|
|
823,328 |
|
|
- |
|
|
- |
Theatre |
|
7 |
|
|
18,445,196 |
|
|
- |
|
|
- |
|
|
- |
|
|
11,685,378 |
|
|
- |
|
|
6,759,818 |
Office |
|
8 |
|
|
14,996,372 |
|
|
- |
|
|
4,408,452 |
|
|
- |
|
|
10,587,920 |
|
|
- |
|
|
- |
Retail
(C&I & RE) |
|
16 |
|
|
15,676,010 |
|
|
- |
|
|
15,052,253 |
|
|
- |
|
|
623,757 |
|
|
- |
|
|
- |
Warehouse |
|
5 |
|
|
8,705,947 |
|
|
- |
|
|
7,245,264 |
|
|
- |
|
|
1,460,683 |
|
|
- |
|
|
- |
Auto/Transportation
(C&I & RE) |
7 |
|
|
1,401,570 |
|
|
- |
|
|
1,401,570 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Restaurant
(C&I & RE) |
|
8 |
|
|
4,716,836 |
|
|
35,848 |
|
|
2,912,115 |
|
|
- |
|
|
1,768,873 |
|
|
- |
|
|
- |
Land &
Land Development |
|
5 |
|
|
2,146,492 |
|
|
- |
|
|
648,430 |
|
|
- |
|
|
218,184 |
|
|
- |
|
|
1,279,878 |
Religious
Organizations |
|
1 |
|
|
1,880,000 |
|
|
- |
|
|
1,880,000 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Agricultural / Farmland |
|
1 |
|
|
880,850 |
|
|
- |
|
|
880,850 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
1-4 Family
Consumer |
|
3 |
|
|
332,586 |
|
|
- |
|
|
- |
|
|
120,591 |
|
|
- |
|
|
211,995 |
|
|
- |
Other |
|
8 |
|
|
4,424,680 |
|
|
- |
|
|
1,209,210 |
|
|
- |
|
|
1,215,470 |
|
|
- |
|
|
2,000,000 |
Total
Modified Loans |
|
123 |
|
$ |
110,595,401 |
|
$ |
35,848 |
|
$ |
47,639,697 |
|
$ |
1,555,898 |
|
$ |
29,797,969 |
|
$ |
2,763,417 |
|
$ |
28,802,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Quarterly Financial
Data
Below are selected financial results for the Company’s third
quarter of 2020, compared to the second quarter of 2020 and the
third quarter of 2019.
|
Quarter ended |
|
September 30, 2020 |
June 30, 2020 |
|
September 30, 2019 |
|
(Dollar amounts in
thousands, except per share data) |
Net income available to common shareholders |
$ |
1,898 |
|
|
$ |
1,883 |
|
|
$ |
2,551 |
|
|
|
|
|
|
|
Diluted
income per common share |
$ |
0.44 |
|
|
$ |
0.43 |
|
|
$ |
0.57 |
|
Common
shares outstanding |
|
4,337,615 |
|
|
|
4,337,615 |
|
|
|
4,335,949 |
|
Average
common shares outstanding , diluted |
|
4,346,277 |
|
|
|
4,340,751 |
|
|
|
4,454,332 |
|
|
|
|
|
|
|
Annualized
return on average assets |
|
0.67 |
% |
|
|
0.70 |
% |
|
|
1.01 |
% |
Annualized
return on average common equity |
|
8.60 |
% |
|
|
8.91 |
% |
|
|
12.09 |
% |
Net interest
margin |
|
2.90 |
% |
|
|
3.19 |
% |
|
|
3.46 |
% |
Efficiency
ratio |
|
70.31 |
% |
|
|
70.18 |
% |
|
|
69.12 |
% |
|
|
|
|
|
|
Common
equity to assets ratio |
|
7.74 |
% |
|
|
7.60 |
% |
|
|
8.24 |
% |
Tangible
common equity to tangible assets |
|
7.45 |
% |
|
|
7.30 |
% |
|
|
7.87 |
% |
Book value
per common share |
$ |
20.24 |
|
|
$ |
19.78 |
|
|
$ |
19.22 |
|
Tangible
book value per common share |
$ |
19.42 |
|
|
$ |
18.92 |
|
|
$ |
18.29 |
|
Nonperforming assets to total assets |
|
1.03 |
% |
|
|
1.06 |
% |
|
|
1.11 |
% |
The following were items impacting the third
quarter operating results as compared to the same quarter in 2019
and the financial condition results compared to December 31,
2019:
Interest income – Total interest income
decreased $1.6 million (14%) during the quarter. The decrease is
primarily due to declining interest rates on earning assets and our
asset mix having greater percentages of cash and investment
holdings rather than loans when compared to prior periods. The
average balance of total interest-earning assets increased $130.1
million (14%) while the yield on average interest earning assets
decreased 119 basis points to 3.74%. Compared to the
third quarter of 2019, the average balance of the loan portfolio
increased $27.4 million and the average loan yield decreased by 99
basis points to 4.46%. Further negatively impacting loan interest
income and yield on loans was loan accretion amounts declining by
$358,000 during the quarter when compared to the prior year
quarter. Partially offsetting this decline in accretion
income was $197,000 of loan fees recognized from the origination of
PPP loans.
Interest expense - Total interest expense
decreased $1.2 million (35%) during the quarter. The decrease is
primarily driven by lower costs on all interest-bearing deposits
and borrowings in the current low-rate environment. The average
balance of interest-bearing liabilities increased $61.0 million
(8%), while the average cost of interest-bearing liabilities
decreased 68 basis points to 1.04%. Cuts to key interest rates by
the Federal Reserve have caused significant reductions across the
yield curve in 2020, however, pricing strategies by other
institutions in our markets will continue to create competitive
pressures on deposit rates. To fund its asset growth and maintain
prudent liquidity levels going forward, the Company will continue
to utilize a cost-effective mix of retail and commercial core
deposits along with non-core, wholesale funding.
See the Analysis of Net Interest Income and
Margin table below for the third quarter.
Asset Quality, Provision for Loan Loss Expense and
Allowance for Loan Losses – The Company’s nonperforming
assets increased to $11.7 million (6%) as of September 30, 2020,
compared to $11.0 million as of December 31, 2019.
Based on its reserve analysis and methodology, the Company
recorded $950,000 in provision for loan loss expenses during the
quarter compared to $100,000 recorded during the prior year
quarter. The decision to expense this amount was due to segments of
our loan portfolio experiencing continued weakness as a result of
COVID-19 virus related economic slowdowns and social distancing
restrictions. At September 30, 2020, the allowance for
loan losses of $9.7 million was 1.23% of gross loans outstanding
(excluding mortgage loans held for sale), an increase from the
1.04% reserved as of December 31, 2019.
In accordance with generally accepted accounting principles for
acquisition accounting, the loans acquired through a prior
acquisition were recorded at fair value; therefore, there was no
allowance associated with the loans at acquisition. Management
continues to evaluate the allowance needed on the acquired loans
factoring in the net remaining discount of approximately $625,000
as of September 30, 2020.
Management believes the allowance for loan losses is at a
sufficient level to provide for loan losses in the Bank’s existing
loan portfolio.
Non-interest
Income – Non-interest income increased $1,333,000 (69%)
during the quarter compared to the same quarter in 2019. This was
primarily due to increased income from the sale of mortgage loans
of $472,000 (65%), an increase in realized gains from the sale of
investment securities of $267,000 (861%), an increase in income
from the sale of SBA loans of $198,000 (66%), increased gains on
the sale of foreclosed assets of $166,000 (124%) and income of
$161,000 (100%) recognized from a new loan swap product that
debuted earlier in 2020. Offsetting these items was reduced service
charge income of $72,000 (16%) due to lower volume of fee-based
transactions.
Non-interest
Expense – Non-interest expenses increased $782,000 (11%)
when compared to the same quarter in 2019. This
increase was made up of several items with the following being the
largest contributors:
- Salaries and employee benefit expenses increased $445,000 (11%)
compared to the same quarter in 2019 primarily due to increased
wages, commissions and incentives related to strong mortgage
lending activity.
- Data processing expenses increased $225,000 (61%) for the
quarter when compared to the prior year quarter due to 2020 having
a full quarter of expenses related to upgrades made to our core
processing system in the last half of 2019.
- FDIC assessment premiums increased $67,000 (168%) compared to
the same quarter in 2019, due to credits being used in the prior
year period to offset nearly all assessment related expenses.
Capital – As of September 30, 2020,
stockholders’ equity increased $3.2 million (4%) to $87.8 million
from $84.6 million as of December 31, 2019. Net income for the
quarter exceeded dividends paid or declared by $1.2 million. The
equity portion of the Company’s unrealized gains and losses related
to our available-for-sale securities and interest rate swaps
positively impacted equity balances by $0.7 million during the
recently completed quarter. On a per common share
basis, tangible book value increased to $19.42 at September 30,
2020 as compared to $18.71 as of December 31, 2019.
From a regulatory capital standpoint, all capital ratios for the
Bank remain strong and above regulatory requirements.
Non-Generally Accepted Accounting
Principle (GAAP) Financial Measures
In addition to the GAAP financial results presented in this
press release, the Company presents non-GAAP financial measures
discussed below. These non-GAAP measures are provided to enhance
investors’ overall understanding of the Company’s current financial
performance. Additionally, Company management believes that this
presentation enables meaningful comparison of financial performance
in various periods. However, the non-GAAP financial results
presented should not be considered a substitute for results that
are presented in a manner consistent with GAAP. A limitation of the
non-GAAP financial measures presented is that the adjustments
concern gains, losses or expenses that the Company does expect to
continue to recognize; the adjustments of these items should not be
construed as an inference that these gains or expenses are unusual,
infrequent or non-recurring. Therefore, Company management believes
that both GAAP measures of its financial performance and the
respective non-GAAP measures should be considered together.
Operating Income
Operating income is a non-GAAP financial measure that adjusts
net income for the following non-operating items:
- Provision for income taxes
- Net gains on the sale of investment securities
- Commercial loan referral income
- Net (gains) and losses on foreclosed assets held for sale
- Provision for loan loss expense
A reconciliation of the Company’s net income to its operating
income for the three and nine months ended September 30, 2020 and
2019 is set forth below.
|
Quarter ended |
|
Nine months ended |
|
|
|
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
|
September 30, 2020 |
|
September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollar amounts are
in thousands) |
|
(Dollar amounts are
in thousands) |
|
|
|
|
|
|
|
|
Net income |
$ |
1,898 |
|
|
$ |
2,551 |
|
|
$ |
5,886 |
|
|
$ |
7,099 |
|
|
|
|
|
|
|
|
|
Add
back: |
|
|
|
|
|
|
|
Provision
for income taxes |
|
418 |
|
|
|
455 |
|
|
|
1,275 |
|
|
|
1,259 |
|
Income
before income taxes |
|
2,316 |
|
|
|
3,006 |
|
|
|
7,161 |
|
|
|
8,358 |
|
|
|
|
|
|
|
|
|
Add
back/(subtract): |
|
|
|
|
|
|
|
Net gains on
investment securities |
|
(298 |
) |
|
|
(31 |
) |
|
|
(461 |
) |
|
|
(80 |
) |
Commercial
loan referral income |
|
(161 |
) |
|
|
- |
|
|
|
(1,097 |
) |
|
|
- |
|
Net (gain) losses on
foreclosed assets held for sale |
|
(32 |
) |
|
|
134 |
|
|
|
49 |
|
|
|
113 |
|
Provision
for loan losses |
|
950 |
|
|
|
100 |
|
|
|
2,200 |
|
|
|
200 |
|
|
|
459 |
|
|
|
203 |
|
|
|
691 |
|
|
|
233 |
|
|
|
|
|
|
|
|
|
Operating
income |
$ |
2,775 |
|
|
$ |
3,209 |
|
|
$ |
7,852 |
|
|
$ |
8,591 |
|
|
|
|
|
|
|
|
|
About Guaranty Federal Bancshares,
Inc.
Guaranty Federal Bancshares, Inc. (NASDAQ:GFED)
has a subsidiary corporation offering full banking services. The
principal subsidiary, Guaranty Bank, is headquartered in
Springfield, Missouri, and has 16 full-service branches in Greene,
Christian, Jasper and Newton Counties and a Loan Production Office
in Webster County. Guaranty Bank is a member of the MoneyPass ATM
network which provides its customers surcharge-free access to over
32,000 ATMs nationwide. For more information visit the Guaranty
Bank website: www.gbankmo.com.
The Company may from time to time make written
or oral “forward-looking statements,” including statements
contained in the Company’s filings with the SEC, in its reports to
stockholders and in other communications by the Company, which are
made in good faith by the Company pursuant to the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995.
Words such as “anticipates,” “estimates,” “believes,” “expects,”
and similar expressions are intended to identify such
forward-looking statements but are not the exclusive means of
identifying such statements.
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 following factors, among
others, could cause the Company’s financial performance to differ
materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements:
- the strength of the United States economy in general and the
strength of the local economies in which we conduct
operations;
- the effects of the COVID-19 pandemic, including on our credit
quality and business operations, as well as its impact on general
economic and financial market conditions;
- the effects of, and changes in, trade, monetary and fiscal
policies and laws, including interest rate policies of the Federal
Reserve, inflation, interest rates, market and monetary
fluctuations;
- the timely development of and acceptance of new products and
services and the perceived overall value of these products and
services by users, including the features, pricing and quality
compared to competitors’ products and services;
- the willingness of users to substitute competitors’ products
and services for our products and services;
- our success in gaining regulatory approval of our products and
services, when required;
- the impact of changes in financial services laws and
regulations (including laws concerning taxes, banking, securities
and insurance);
- technological changes;
- the ability to successfully manage and integrate any future
acquisitions if and when our board of directors and management
conclude any such acquisitions are appropriate;
- changes in consumer spending and saving habits;
- our success at managing the risks resulting from these factors;
and
- other factors set forth in reports and other documents filed by
the Company with the SEC from time to time.
Financial Highlights
|
|
|
|
|
|
|
|
Operating Data: |
Quarter ended |
|
Nine months ended |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
(Dollar amounts are
in thousands, except per share data) |
|
|
|
|
|
|
|
|
Total interest income |
$ |
9,968 |
|
$ |
11,581 |
|
$ |
30,926 |
|
$ |
33,977 |
Total
interest expense |
2,237 |
|
3,459 |
|
7,460 |
|
10,230 |
Net interest income |
7,731 |
|
8,122 |
|
23,466 |
|
23,747 |
Provision
for loan losses |
950 |
|
100 |
|
2,200 |
|
200 |
Net interest income after provision for loan losses |
6,781 |
|
8,022 |
|
21,266 |
|
23,547 |
Noninterest
income |
|
|
|
|
|
|
|
Service charges |
370 |
|
442 |
|
1,093 |
|
1,263 |
Gain on sale of loans held for sale |
1,195 |
|
723 |
|
2,621 |
|
1,711 |
Gain on sale of Small Business Administration loans |
499 |
|
301 |
|
499 |
|
798 |
Gain on sale of investments |
298 |
|
31 |
|
461 |
|
80 |
Commercial loan referral income |
161 |
|
- |
|
1,097 |
|
- |
Other income |
747 |
|
440 |
|
1,911 |
|
1,583 |
|
3,270 |
|
1,937 |
|
7,682 |
|
5,435 |
Noninterest
expense |
|
|
|
|
|
|
|
Salaries and employee benefits |
4,589 |
|
4,144 |
|
12,678 |
|
12,056 |
Occupancy |
1,165 |
|
1,149 |
|
3,481 |
|
3,389 |
Other expense |
1,981 |
|
1,660 |
|
5,628 |
|
5,179 |
|
7,735 |
|
6,953 |
|
21,787 |
|
20,624 |
Income
before income taxes |
2,316 |
|
3,006 |
|
7,161 |
|
8,358 |
Provision
for income taxes |
418 |
|
455 |
|
1,275 |
|
1,259 |
Net
income |
$ |
1,898 |
|
$ |
2,551 |
|
$ |
5,886 |
|
$ |
7,099 |
Net income
per common share-basic |
$ |
0.44 |
|
$ |
0.58 |
|
$ |
1.36 |
|
$ |
1.60 |
Net income
per common share-diluted |
$ |
0.44 |
|
$ |
0.57 |
|
$ |
1.36 |
|
$ |
1.58 |
|
|
|
|
|
|
|
|
Annualized
return on average assets |
0.67% |
|
1.01% |
|
0.73% |
|
0.97% |
Annualized
return on average equity |
8.60% |
|
12.09% |
|
9.11% |
|
11.40% |
Net interest
margin |
2.90% |
|
3.46% |
|
3.11% |
|
3.48% |
Efficiency
ratio |
70.31% |
|
69.12% |
|
69.95% |
|
70.67% |
|
|
|
|
|
|
|
|
Financial Condition Data: |
As of |
|
|
September
30, |
|
December
31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
Cash and
cash equivalents |
$ |
122,004 |
|
|
$ |
92,672 |
|
|
Available-for-sale securities |
|
158,467 |
|
|
|
118,495 |
|
|
Loans, net
of allowance for loan losses |
|
|
|
|
9/30/2020 - $9,681; 12/31/2019 -
$7,608 |
|
776,707 |
|
|
|
723,519 |
|
|
Intangibles |
|
3,581 |
|
|
|
3,939 |
|
|
Premises and
equipment, net |
|
18,247 |
|
|
|
19,164 |
|
|
Lease
right-of-use assets |
|
8,618 |
|
|
|
9,053 |
|
|
Bank owned
life insurance |
|
25,152 |
|
|
|
24,698 |
|
|
Other
assets |
|
22,023 |
|
|
|
20,485 |
|
|
Total assets |
$ |
1,134,799 |
|
|
$ |
1,012,025 |
|
|
|
|
|
|
|
Deposits |
$ |
926,920 |
|
|
$ |
821,407 |
|
|
Advances
from correspondent banks |
|
66,000 |
|
|
|
65,000 |
|
|
Subordinated
debentures |
|
15,465 |
|
|
|
15,465 |
|
|
Subordinated
notes |
|
19,553 |
|
|
|
- |
|
|
Other
borrowed funds |
|
- |
|
|
|
11,200 |
|
|
Lease
liabilities |
|
8,699 |
|
|
|
9,106 |
|
|
Other
liabilities |
|
10,355 |
|
|
|
5,215 |
|
|
Total liabilities |
|
1,046,992 |
|
|
|
927,393 |
|
|
Stockholders' equity |
|
87,807 |
|
|
|
84,632 |
|
|
Total liabilities and stockholders'
equity |
$ |
1,134,799 |
|
|
$ |
1,012,025 |
|
|
|
|
|
|
|
Common
equity to assets ratio |
|
7.74 |
% |
|
|
8.36 |
% |
|
Tangible
common equity to tangible assets ratio (1) |
|
7.45 |
% |
|
|
8.00 |
% |
|
Book value
per common share |
$ |
20.24 |
|
|
$ |
19.62 |
|
|
Tangible
book value per common share (2) |
$ |
19.42 |
|
|
$ |
18.71 |
|
|
Nonperforming assets |
$ |
11,660 |
|
|
$ |
10,995 |
|
|
|
|
|
|
|
(1) Stockholder’s Equity less Intangibles divided by Total
Assets less Intangibles (2) Stockholders’ Equity less Intangibles
divided by Common Shares Outstanding
Analysis of Net Interest Income and Margin |
|
|
|
|
|
|
|
|
|
|
|
Three months
ended 9/30/2020 |
|
Three months
ended 9/30/2019 |
|
Average Balance |
|
Interest |
|
Yield / Cost |
|
Average Balance |
|
Interest |
|
Yield / Cost |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning: |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
787,380 |
|
$ |
8,814 |
|
|
4.46 |
% |
|
$ |
759,961 |
|
$ |
10,430 |
|
|
5.45 |
% |
Investment
securities |
|
152,163 |
|
|
1,004 |
|
|
2.62 |
% |
|
|
100,142 |
|
|
735 |
|
|
2.91 |
% |
Other
assets |
|
122,442 |
|
|
150 |
|
|
0.49 |
% |
|
|
71,773 |
|
|
417 |
|
|
2.31 |
% |
Total
interest-earning |
|
1,061,985 |
|
|
9,968 |
|
|
3.74 |
% |
|
|
931,876 |
|
|
11,582 |
|
|
4.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning |
|
70,028 |
|
|
|
|
|
|
69,711 |
|
|
|
|
|
$ |
1,132,013 |
|
|
|
|
|
$ |
1,001,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
|
Savings
accounts |
$ |
49,079 |
|
|
19 |
|
|
0.15 |
% |
|
$ |
40,310 |
|
|
30 |
|
|
0.30 |
% |
Transaction
accounts |
|
521,312 |
|
|
543 |
|
|
0.41 |
% |
|
|
451,237 |
|
|
1,624 |
|
|
1.43 |
% |
Certificates
of deposit |
|
188,688 |
|
|
938 |
|
|
1.98 |
% |
|
|
227,996 |
|
|
1,226 |
|
|
2.13 |
% |
FHLB
advances |
|
66,000 |
|
|
303 |
|
|
1.83 |
% |
|
|
50,225 |
|
|
283 |
|
|
2.24 |
% |
Other
borrowed funds |
|
3,807 |
|
|
41 |
|
|
4.28 |
% |
|
|
9,089 |
|
|
111 |
|
|
4.85 |
% |
Subordinated
notes |
|
13,478 |
|
|
181 |
|
|
5.25 |
% |
|
|
- |
|
|
- |
|
|
0.00 |
% |
Subordinated
debentures |
|
15,465 |
|
|
212 |
|
|
5.45 |
% |
|
|
17,979 |
|
|
185 |
|
|
4.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest-bearing |
|
857,829 |
|
|
2,237 |
|
|
1.04 |
% |
|
|
796,836 |
|
|
3,459 |
|
|
1.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
186,384 |
|
|
|
|
|
|
121,039 |
|
|
|
|
Total
liabilities |
|
1,044,213 |
|
|
|
|
|
|
917,875 |
|
|
|
|
Stockholders’ equity |
|
87,800 |
|
|
|
|
|
|
83,712 |
|
|
|
|
|
$ |
1,132,013 |
|
|
|
|
|
$ |
1,001,587 |
|
|
|
|
Net earning
balance |
$ |
204,156 |
|
|
|
|
|
$ |
135,040 |
|
|
|
|
Earning
yield less costing rate |
|
|
|
|
2.70 |
% |
|
|
|
|
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income, and net yield spread |
|
|
|
|
|
|
|
|
|
|
|
on interest earning assets |
|
|
$ |
7,731 |
|
|
2.90 |
% |
|
|
|
$ |
8,123 |
|
|
3.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
interest-bearing liabilities |
|
|
|
124 |
% |
|
|
|
|
|
|
117 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts: Shaun A. Burke (CEO) or Carter M. Peters (CFO),
1-833-875-2492
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