CEO Comments
“2020 will go down as the year that the COVID-19
pandemic impacted nearly every facet of our lives. For those in the
financial industry the year included multiple rounds of stimulus to
support individuals and business alike, closed facilities,
restricted meetings, abrupt interest rate cuts and numerous
regulatory changes. Despite these events, we continued to serve our
communities by refinancing record amounts of mortgages, experienced
unprecedented growth in deposits, advanced technological
initiatives to assist customers in socially distanced settings and
supported over 8,000 local jobs by originating 650 loans via the
SBA Paycheck Protection Program (PPP). These figures are
noteworthy, but in my opinion, the real story is the efforts by
over 230 dedicated team members during the year to realize these
results. To recognize our most valuable assets and their efforts in
these very trying times, the Bank worked to support our staff
throughout the year by making additional resources available to
them. Specifically, bank-wide cash bonuses were paid out, a crisis
fund was started to assist employees who are experiencing financial
hardships, work-from-home policies were expanded and extensive
cleaning and sanitizing efforts were utilized so that our team
could safely complete their tasks. Guaranty Bank has weathered many
events since its founding in 1913, with 2020 being no different. We
look forward to 2021 as we continue to serve our valued customers
with the highest level of service possible while delivering solid
returns to our shareholders.
Preliminary financial results for 2020 included a strong 13%
growth in assets supported by continued success in growing our core
deposits. Annual net income was $6.8 million resulting in diluted
earnings per share of $1.57 compared to net income of $9.4 million
and diluted earnings per share of $2.11 for 2019. The decrease in
earnings is primarily due to $3.6 million in additional funding of
the allowance for loan loss reserves as a precautionary response to
negative economic conditions impacting the local economy and select
borrowers. Loan modifications and deferrals have receded from highs
seen in the second and third quarters, however, certain industries
continue to face difficulties returning to pre-pandemic levels.
Additional government assistance was approved near the end of 2020
along with the continuation of other regulatory relief items to
support economic recovery. Net interest margin compression became a
headwind as interest rate cuts made by the Federal Reserve in March
reset earning asset rates at a faster pace than our deposit
products. Our capital position remains above all
regulatory thresholds and was aided with the issuance of $20.0
million of subordinated debt by our holding company in the third
quarter. Measured growth based on sound business practices remains
our focus as we support our employees, customers, shareholders and
communities as we begin to navigate 2021.”
- Shaun A. Burke, President and Chief Executive Officer
2020 Fiscal Year Highlights
- Total assets grew $134.2 million (13%), with $37.3 million of
this growth attributed to PPP loans to help support local
businesses still in our loan portfolio as of December 31,
2020.
- Total deposits grew $117.3 million (14%), of which transaction
balances accounted for $130.7 million of the growth with declines
of $13.4 million in savings and certificate account balances.
- Tangible book value grew 5% during the year to $19.71 from
$18.71.
- Income from mortgage originations of $3.7 million was
recognized during the year due to record levels of refinance
activity in the current low-rate environment.
- Shareholder dividends increased 11% over 2019 and the Company
maintained a strong dividend yield, which was 3.50% at December 31,
2020.
- $20.0 million in fixed-to-floating rate subordinated debt was
issued to strengthen capital ratios and to provide additional
liquidity as necessary for other growth initiatives.
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 December 31, 2020, 20 loans remained modified for
$28.6M (table below) for periods from one to twelve months. As
of December 31, 2020, 84% of original modifications have resumed
scheduled payments with the remaining 16% projected to resume their
contractual payments during the first or second quarters of
2021.
Collateral Type |
|
# LoansModified |
|
Amount of LoansModified ($) |
|
Interest Only 3Months or Less |
|
Interest Only4-6 Months |
|
Full Payment Deferral3 Months |
|
Full Payment Deferral3 Months + Interest Only3 Months or
Less |
|
Full Payment Deferral3 Months + Interest Only> 3
Months |
|
Full Payment Deferral>6 Months |
Hotel/Motel |
|
9 |
|
$ |
16,018,273 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
1,849,520 |
|
$ |
7,962,876 |
|
$ |
6,205,877 |
Theatre |
|
5 |
|
10,586,792 |
|
- |
|
- |
|
- |
|
- |
|
3,826,974 |
|
6,759,818 |
Restaurant (C&I & RE) |
|
2 |
|
411,029 |
|
123,236 |
|
287,793 |
|
- |
|
- |
|
- |
|
- |
Land & Land Development |
|
1 |
|
1,279,878 |
|
- |
|
- |
|
- |
|
- |
|
1,279,878 |
|
- |
1-4 Family Consumer |
|
2 |
|
168,852 |
|
- |
|
- |
|
168,852 |
|
- |
|
- |
|
- |
Other |
|
1 |
|
93,100 |
|
- |
|
93,100 |
|
- |
|
- |
|
- |
|
- |
Total Modified Loans |
|
20 |
|
$ |
28,557,924 |
|
$ |
123,236 |
|
$ |
380,893 |
|
$ |
168,852 |
|
$ |
1,849,520 |
|
$ |
13,069,728 |
|
$ |
12,965,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Quarterly Financial
Data
Below are selected financial results for the Company’s fourth
quarter of 2020, compared to the third quarter of 2020 and the
fourth quarter of 2019.
|
Quarter ended |
|
December 31, 2020 |
|
September 30, 2020 |
|
December 31, 2019 |
|
(Dollar amounts in thousands, except per share data) |
Net income available to common shareholders |
$ |
946 |
|
$ |
1,898 |
|
$ |
2,316 |
|
|
|
|
|
|
Diluted income per common
share |
$ |
0.22 |
|
$ |
0.44 |
|
$ |
0.53 |
Common shares outstanding |
4,337,615 |
|
4,337,615 |
|
4,313,083 |
Average common shares
outstanding , diluted |
4,359,119 |
|
4,346,277 |
|
4,397,506 |
|
|
|
|
|
|
Annualized return on average
assets |
0.33% |
|
0.67% |
|
0.91% |
Annualized return on average
common equity |
4.22% |
|
8.60% |
|
10.86% |
Net interest margin |
2.94% |
|
2.90% |
|
3.38% |
Efficiency ratio |
77.35% |
|
70.31% |
|
71.50% |
|
|
|
|
|
|
Common equity to assets
ratio |
7.76% |
|
7.74% |
|
8.36% |
Tangible common equity to
tangible assets |
7.48% |
|
7.45% |
|
8.00% |
Book value per common
share |
$ |
20.51 |
|
$ |
20.24 |
|
$ |
19.62 |
Tangible book value per common
share |
$ |
19.71 |
|
$ |
19.42 |
|
$ |
18.71 |
Nonperforming assets to total
assets |
1.67% |
|
1.03% |
|
1.09% |
|
|
|
|
|
|
The following were items impacting the fourth 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 $1.3 million (12%) during the quarter. The decrease is
due to a sharp decline in interest rates on earning assets and the
Company’s asset mix having greater percentages of cash and
investment holdings rather than loans when compared to prior
periods. Included in the decreased interest income, is the reversal
of $0.4 million of accrued interest amounts on a loan relationship
that was moved to nonperforming status during the quarter. The
reversal of accrued interest on this relationship negatively
impacted loan yield and net interest margin by 21 and 15 basis
points, respectively, during the quarter.
The yield on average interest earning assets decreased 104 basis
points to 3.75% with the average balance of total interest-earning
assets increasing $122.4 million (13%). Compared to the
fourth quarter of 2019, the average balance of the loan portfolio
increased $25.0 million and the average loan yield decreased by 86
basis points to 4.54%. Other factors impacting loan
interest income and yield on loans was loan accretion amounts on
purchased loans declining by $297,000 during the quarter when
compared to the same quarter in 2019 being offset by increased
income of $680,000 from PPP loan origination fees that were able to
be recognized during the quarter as loans continued to season or
were forgiven and repaid by the Small Business
Administration.
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 rate environment. The average balance
of interest-bearing liabilities increased $54.2 million (7%) as
many depositors maintained higher balances than in prior periods,
while the average cost of interest-bearing liabilities decreased 64
basis points to 1.01%. Cuts to key interest rates by
the Federal Reserve caused significant reductions across the yield
curve in 2020, however, pricing strategies by other institutions in
our markets and overall economic conditions will continue to
pressure 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, as needed.
See the Analysis of Net Interest Income and
Margin table below for the fourth quarter.
Asset Quality, Provision for Loan Loss Expense and
Allowance for Loan Losses – The Company’s nonperforming
assets increased to $19.2 million (75%) as of December 31, 2020,
compared to $11.0 million as of December 31, 2019. The increase is
primarily the result of a $8.3 million relationship moved to
nonperforming status during the fourth quarter of 2020. This
relationship has been significantly impacted by the economic
slowdown and market volatility. The credit is secured by real
estate and a brokerage account.
Based on its reserve analysis and methodology, the Company
recorded $1.4 million in provision for loan loss expenses during
the quarter compared to no provision recorded during the prior year
quarter. The decision to increase reserves was due to segments of
our loan portfolio continuing to experience weakness as a result of
COVID-19 and related economic slowdowns and
uncertainties. At December 31, 2020, the allowance for
loan losses of $9.6 million was 1.28% 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 $550,000
as of December 31, 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 $720,000 (43%) during the quarter compared to the same
quarter in 2019. This was primarily due to increased income from
the sale of mortgage loans of $568,000 (111%), increased gains on
the sale of foreclosed assets of $207,000 (170%) and income of
$51,000 (100%) recognized from a new loan swap product that debuted
earlier in 2020. Offsetting these items was decreased income from
the sale of SBA loans of $111,000 (48%) and reduced service charge
income of $68,000 (15%) due to the volume of fee-based transactions
being down from the prior quarter.
Non-interest Expense – Non-interest expenses
increased $1,002,000 (15%) 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 $620,000 (15%)
compared to the same quarter in 2019 due to a few primary factors.
First, executive leadership and managerial positions were hired in
the commercial banking area throughout the year. Second, due to the
record mortgage production activity, wages, commissions and
incentives significantly increased over the prior year quarter for
the mortgage banking area.
- Data processing expenses increased $84,000 (16%) for the
quarter when compared to the prior year quarter due to continued
upgrades to our core processing system and additional technology
and system purchases during 2020.
- FDIC assessment premiums increased $80,000 (200%) compared to
the same quarter in 2019, due to credits being used in the prior
year period to offset nearly all assessment related expenses.
- Other non-interest expenses increased when compared to the same
quarter in 2019 by $244,000 (29%). Primary drivers of this were the
funding of the previously mentioned employee crisis fund,
professional fees for consulting services and higher expenses
related to increased loan refinancing volumes.
Capital – As of December 31, 2020,
stockholders’ equity increased $4.4 million (5%) to $89.0 million
from $84.6 million as of December 31, 2019. Net income for the
quarter exceeded dividends paid or declared by $0.3 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 $0.8 million during the
recently completed quarter. On a per common share
basis, tangible book value increased to $19.71 at December 31, 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 (credit) 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 quarter and year ended December 31, 2020 and 2019 is
set forth below.
|
Quarter ended |
|
Year ended |
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollar amounts are in thousands) |
|
(Dollar amounts are in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
946 |
|
|
$ |
2,316 |
|
|
$ |
6,832 |
|
|
$ |
9,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
Provision (credit) for income
taxes |
(40 |
) |
|
424 |
|
|
1,235 |
|
|
1,683 |
|
Income before income
taxes |
906 |
|
|
2,740 |
|
|
8,067 |
|
|
11,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back/(subtract): |
|
|
|
|
|
|
|
|
|
|
|
Net gains on investment
securities |
- |
|
|
(10 |
) |
|
(461 |
) |
|
(90 |
) |
Commercial loan referral
income |
(51 |
) |
|
- |
|
|
(1,149 |
) |
|
- |
|
Net (gain) losses on
foreclosed assets held for sale |
(85 |
) |
|
122 |
|
|
(36 |
) |
|
235 |
|
Provision for loan losses |
1,400 |
|
|
- |
|
|
3,600 |
|
|
200 |
|
|
1,264 |
|
|
112 |
|
|
1,954 |
|
|
345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
2,170 |
|
|
$ |
2,852 |
|
|
$ |
10,021 |
|
|
$ |
11,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
(GFEDER)
Financial Highlights
Operating
Data: |
Quarter ended |
|
Year ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
(Dollar amounts are in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
$ |
9,944 |
|
|
$ |
11,249 |
|
|
$ |
40,870 |
|
$ |
45,226 |
|
Total interest expense |
2,152 |
|
|
3,305 |
|
|
9,611 |
|
13,535 |
|
Net interest income |
7,792 |
|
|
7,944 |
|
|
31,259 |
|
31,691 |
|
Provision for loan losses |
1,400 |
|
|
- |
|
|
3,600 |
|
200 |
|
Net interest income after |
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
6,392 |
|
|
7,944 |
|
|
27,659 |
|
31,491 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
Service charges |
376 |
|
|
444 |
|
|
1,469 |
|
1,706 |
|
Gain on sale of loans held for
sale |
1,080 |
|
|
512 |
|
|
3,702 |
|
2,223 |
|
Gain on sale of Small Business
Administration loans |
120 |
|
|
231 |
|
|
619 |
|
1,030 |
|
Gain on sale of
investments |
- |
|
|
10 |
|
|
461 |
|
90 |
|
Net gain (loss) on foreclosed
assets |
85 |
|
|
(122 |
) |
|
36 |
|
(235 |
) |
Commercial loan referral
income |
51 |
|
|
- |
|
|
1,149 |
|
- |
|
Other income |
679 |
|
|
596 |
|
|
2,637 |
|
2,291 |
|
|
2,391 |
|
|
1,671 |
|
|
10,073 |
|
7,105 |
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
4,671 |
|
|
4,051 |
|
|
17,348 |
|
16,108 |
|
Occupancy |
1,142 |
|
|
1,193 |
|
|
4,623 |
|
4,582 |
|
Other expense |
2,064 |
|
|
1,631 |
|
|
7,694 |
|
6,808 |
|
|
7,877 |
|
|
6,875 |
|
|
29,665 |
|
27,498 |
|
Income before income
taxes |
906 |
|
|
2,740 |
|
|
8,067 |
|
11,098 |
|
Provision for income
taxes |
(40 |
) |
|
424 |
|
|
1,235 |
|
1,683 |
|
Net income |
$ |
946 |
|
|
$ |
2,316 |
|
|
$ |
6,832 |
|
$ |
9,415 |
|
Net income per common
share-basic |
$ |
0.22 |
|
|
$ |
0.54 |
|
|
$ |
1.58 |
|
$ |
2.14 |
|
Net income per common
share-diluted |
$ |
0.22 |
|
|
$ |
0.53 |
|
|
$ |
1.57 |
|
$ |
2.11 |
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average
assets |
0.33% |
|
|
0.91% |
|
|
0.63% |
|
0.96% |
|
Annualized return on average
equity |
4.22% |
|
|
10.86% |
|
|
7.85% |
|
11.26% |
|
Net interest margin |
2.94% |
|
|
3.38% |
|
|
3.06% |
|
3.46% |
|
Efficiency ratio |
77.35% |
|
|
71.50% |
|
|
71.77% |
|
70.88% |
|
|
|
|
|
|
|
|
|
|
|
|
Financial Condition
Data: |
As of |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
Cash and cash equivalents |
$ |
148,423 |
|
$ |
92,672 |
Available-for-sale
securities |
168,881 |
|
118,495 |
Loans, net of allowance for
loan losses 12/31/2020 - $9,617; 12/31/2019 - $7,608 |
753,508 |
|
723,519 |
Intangibles |
3,462 |
|
3,939 |
Premises and equipment,
net |
17,898 |
|
19,164 |
Lease right-of-use assets |
8,470 |
|
9,053 |
Bank owned life insurance |
25,295 |
|
24,698 |
Other assets |
20,316 |
|
20,485 |
Total assets |
$ |
1,146,253 |
|
$ |
1,012,025 |
|
|
|
|
Deposits |
$ |
938,673 |
|
$ |
821,407 |
Advances from correspondent
banks |
66,000 |
|
65,000 |
Subordinated debentures |
15,465 |
|
15,465 |
Subordinated notes |
19,564 |
|
- |
Other borrowed funds |
- |
|
11,200 |
Lease liabilities |
8,561 |
|
9,106 |
Other liabilities |
9,022 |
|
5,215 |
Total liabilities |
1,057,285 |
|
927,393 |
Stockholders' equity |
88,968 |
|
84,632 |
Total liabilities and
stockholders' equity |
$ |
1,146,253 |
|
$ |
1,012,025 |
|
|
|
|
Common equity to assets
ratio |
7.76% |
|
8.36% |
Tangible common equity to
tangible assets ratio (1) |
7.48% |
|
8.00% |
Book value per common
share |
$ |
20.51 |
|
$ |
19.62 |
Tangible book value per common
share (2) |
$ |
19.71 |
|
$ |
18.71 |
Nonperforming assets |
$ |
19,175 |
|
$ |
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 12/31/2020 |
|
Three months ended 12/31/2019 |
|
AverageBalance |
|
Interest |
|
Yield /Cost |
|
AverageBalance |
|
Interest |
|
Yield /Cost |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning: |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
767,404 |
|
$ |
8,764 |
|
4.54% |
|
$ |
742,373 |
|
$ |
10,105 |
|
5.40% |
Investment securities |
159,098 |
|
1,032 |
|
2.58% |
|
110,382 |
|
778 |
|
2.80% |
Other assets |
127,587 |
|
148 |
|
0.46% |
|
78,967 |
|
366 |
|
1.84% |
Total interest-earning |
1,054,089 |
|
9,944 |
|
3.75% |
|
931,722 |
|
11,249 |
|
4.79% |
Noninterest-earning |
70,958 |
|
|
|
|
|
72,998 |
|
|
|
|
|
$ |
1,125,047 |
|
|
|
|
|
$ |
1,004,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing: |
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
$ |
48,987 |
|
16 |
|
0.13% |
|
$ |
40,488 |
|
28 |
|
0.27% |
Transaction accounts |
511,945 |
|
485 |
|
0.38% |
|
461,214 |
|
1,494 |
|
1.29% |
Certificates of deposit |
187,010 |
|
888 |
|
1.89% |
|
216,081 |
|
1,184 |
|
2.17% |
FHLB advances |
66,000 |
|
317 |
|
1.91% |
|
50,280 |
|
275 |
|
2.17% |
Other borrowed funds |
- |
|
2 |
|
0.00% |
|
11,271 |
|
127 |
|
4.47% |
Subordinated debentures issued
to Capital Trusts |
15,465 |
|
181 |
|
4.58% |
|
- |
|
- |
|
0.00% |
Subordinated notes, net |
19,557 |
|
263 |
|
5.35% |
|
15,465 |
|
197 |
|
5.05% |
Total interest-bearing |
848,964 |
|
2,152 |
|
1.01% |
|
794,799 |
|
3,305 |
|
1.65% |
Noninterest-bearing |
186,953 |
|
|
|
|
|
125,289 |
|
|
|
|
Total liabilities |
1,035,917 |
|
|
|
|
|
920,088 |
|
|
|
|
Stockholders’ equity |
89,130 |
|
|
|
|
|
84,632 |
|
|
|
|
|
$ |
1,125,047 |
|
|
|
|
|
$ |
1,004,720 |
|
|
|
|
Net earning balance |
$ |
205,125 |
|
|
|
|
|
$ |
136,923 |
|
|
|
|
Earning yield less costing
rate |
|
|
|
|
2.74% |
|
|
|
|
|
3.14% |
Net interest income, and net yield spread on interest earning
assets |
|
|
$ |
7,792 |
|
2.94% |
|
|
|
$ |
7,944 |
|
3.38% |
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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