Territorial Bancorp Inc. (NASDAQ: TBNK) (the ‘'Company”),
headquartered in Honolulu, Hawaii, the holding company parent of
Territorial Savings Bank, announced net income of $5.52 million, or
$0.60 per diluted share, for the three months ended December 31,
2020.
The Company also announced that its Board of
Directors approved a quarterly cash dividend of $0.23 per share.
The dividend is expected to be paid on February 25, 2021 to
stockholders of record as of February 11, 2021.
Allan Kitagawa, Chairman and Chief Executive
Officer, said, “2020 has been a very challenging year for the
residents and businesses in Hawaii. The decline in interest rates
that occurred during the pandemic have decreased asset yields and
created challenges in the banking industry. Despite these
obstacles, we had a successful year, primarily because of our asset
quality and strong capital position.”
Interest IncomeNet interest income
decreased to $13.82 million for the three months ended December 31,
2020 from $14.49 million for the three months ended December
31, 2019. Total interest income was $16.04 million for the three
months ended December 31, 2020 compared to $18.80 million for the
three months ended December 31, 2019. The $2.76 million decrease in
total interest income is primarily due to a $1.80 million decrease
in interest earned on loans and a $915,000 decrease in interest
income on investment securities. The decline in interest income on
loans was due to a 12 basis point decrease in the average yield on
loans receivable and a $138.25 million decrease in the average loan
balance. The decrease in the average yield on loans occurred with
the payoff of higher yielding loans and the addition of new loans
with lower yields to the loan portfolio. The decrease in the
average loan balance occurred as loan repayments, sales and loan
securitization transactions exceeded the origination of new loans.
During the three months ended March 31, 2020, the Company
securitized $9.43 million of mortgage loans into mortgage-backed
securities to increase liquidity. The loan securitization
transaction increased investment securities and lowered loans
receivable. The decrease in interest income on investment
securities occurred because of an 18 basis point decrease in the
average yield and a $104.11 million decrease in the average balance
of investment securities. The decrease in the average securities
yield occurred as higher yielding securities were paid-off. The
decline in the average balance of investment securities occurred as
security repayments and the sale of securities exceeded the amount
of loans securitized into mortgage-back securities.
Interest Expense and Provision for Loan
Losses
Total interest expense decreased to $2.22 million
for the three months ended December 31, 2020 from $4.31 million for
the three months ended December 31, 2019. Interest expense on
deposits decreased by $1.72 million to $1.63 million for the three
months ended December 31, 2020 from $3.34 million for the three
months ended December 31, 2019. The decrease in interest expense on
deposits was primarily due to a 44 basis point decrease in the
average cost of deposits. The decrease in the average cost of
deposits occurred as the interest rates offered on deposits were
lowered in response to the decline in market interest rates.
Interest expense on Federal Home Loan Bank (FHLB) advances
decreased by $373,000 to $548,000 for the three months ended
December 31, 2020 from $921,000 for the three months ended December
31, 2019. The decrease in interest expense on FHLB advances
resulted from a 77 basis point decrease in the average cost of
advances. The decrease in the average cost of advances occurred as
the Company restructured $82.00 million of FHLB advances at lower
interest rates. During the three months ended December 31, 2020,
and December 31, 2019, loan loss provisions of $679,000 and $4,000,
respectively, were reversed. The reversal of the loan loss
provision during the three months ended December 31, 2020 occurred
primarily because of a decrease in the size of the mortgage loan
portfolio and a decrease in Hawaii’s unemployment rate that lowered
the allowance for loan losses.
Noninterest Income
Noninterest income was $2.47 million for the three
months ended December 31, 2020 compared to $1.02 million for the
three months ended December 31, 2019. The increase in noninterest
income was primarily due to a $462,000 increase in the gain on sale
of investment securities, a $436,000 increase in service fees on
loans and deposit accounts and a $310,000 increase in the gain on
sale of loans. The increase in service fees on loans occurred
because of growth in broker loan fee income.
Noninterest Expense
Noninterest expense was $9.53 million for the three
months ended December 31, 2020 compared to $9.32 million for the
three months ended December 31, 2019. The increase in noninterest
expense was primarily due to a $194,000 increase in equipment
expenses and a $140,000 increase in Federal Deposit Insurance
Corporation (FDIC) premiums. The increase in equipment expenses was
primarily due to a rise in data processing expenses, and repairs
and maintenance expenses. FDIC premiums rose from $0 for the three
months ended December 31, 2019 to $140,000 for the three months
ended December 31, 2020. The increase in insurance premiums
occurred because the Company received a credit in 2019 when the
FDIC insurance fund was over-capitalized. The increase in equipment
and federal deposit insurance expenses was partially offset by a
$131,000 decrease in salary and benefits expense. The decrease in
salaries and benefits expense occurred primarily because of an
increase in the deferred salary expenses for originating new
loans.
Income Taxes
Income tax expense for the three months ended
December 31, 2020 was $1.91 million compared to $1.15 million for
the three months ended December 31, 2019. The increase in income
tax expense was due to a $1.24 million increase in income before
taxes during the three months ended December 31, 2020 and a
$402,000 tax benefit that was recorded in the three months ended
December 31, 2019. The $402,000 tax benefit occurred when the
Company filed an amended 2017 corporate income tax return which
included an increase in depreciation expense. The additional
depreciation expense resulted from a study that the Company
conducted which reduced the asset lives used to calculate
depreciation. The Company filed an amended tax return and was able
to deduct the increase in depreciation expense at the 2017 federal
corporate tax rate of 35.00% rather than the current 21.00% federal
corporate tax rate.
Assets and Equity
Total assets were $2.11 billion at December 31,
2020 and $2.09 billion at December 31, 2019. Loans receivable
decreased by $177.8 million to $1.41 billion at December 31, 2020
from $1.58 billion at December 31, 2019. The decrease in loans
receivable occurred as loan repayments, sales and loans securitized
into mortgage-backed securities exceeded new loan originations.
Investment securities decreased by $121.31 million to $251.20
million at December 31, 2020. The decrease in investment securities
occurred because principal repayments and the sale of securities
exceeded the amount of securities created in the loan
securitization transaction. Deposits increased to $1.66 billion at
December 31, 2020 from $1.63 billion at December 31, 2019. Cash and
cash equivalents increased to $363.54 million at December 31, 2020
from $44.81 million at December 31, 2019. The increase in cash and
cash equivalents was primarily due to increases in loan and
security repayments and deposits. Advances from the FHLB decreased
by $15.00 million to $141.00 million at December 31, 2020 as
maturing advances were paid off. Total stockholders’ equity
increased to $248.71 million at December 31, 2020 from $243.89
million at December 31, 2019. The increase in stockholders’ equity
occurred as the Company’s net income, the increase in capital from
the exercise of stock options and the allocation of ESOP shares
exceeded dividends paid to shareholders and share repurchases.
Capital Management
Through December 31, 2020, the Company repurchased
3,705,677 shares in all of its share repurchase programs. The
shares repurchased represent 30.29% of the total shares issued in
its initial public offering. The Company completed its
ninth share repurchase program in 2020. Due to the uncertainty
surrounding COVID-19, the Company has not announced a new share
repurchase program.
Asset Quality
The Company had $240,000 of delinquent mortgage
loans 90 days or more past due at December 31, 2020 compared to no
delinquent mortgage loans 90 days or more past due at December 31,
2019. Delinquent loans exclude loans which are receiving loan
payment deferrals because of COVID-19. Non-performing assets
totaled $4.41 million at December 31, 2020 compared to $736,000 at
December 31, 2019. The ratio of non-performing assets to total
assets was 0.21% at December 31, 2020 and 0.04% at December 31,
2019. The allowance for loan losses at December 31, 2020 was $4.26
million and represented 0.30% of total loans compared to $2.71
million and 0.17% of total loans as of December 31. 2019.
COVID-19
The State of Hawaii was severely impacted by
COVID-19. In 2020, the State of Hawaii mandated the temporary
closure of non-essential businesses, implemented a 14-day
quarantine for visitors arriving in the state and imposed a
temporary stay-at-home mandate. With tourism being the largest
sector of Hawaii’s economy, the reduction in visitors to the state
and the stay-at-home mandate resulted in the layoff and furlough of
workers and significantly increased the state’s unemployment rate
compared to the pre-pandemic unemployment rate.
Beginning in October 2020, visitors to Hawaii are not subject to
the 14-day quarantine if they tested negative for COVID-19 within
72 hours prior to departing for Hawaii.
To assist customers during COVID-19, the Company
has:
- Provided payment deferrals to borrowers who have experienced
financial difficulties because of COVID-19;
- Originated 23 Paycheck Protection Program loans totaling $1.69
million; and
- Waived early withdrawal penalties on certificates of
deposit.
To qualify for the Bank’s payment deferral program,
a borrower’s financial difficulties must be related to COVID-19 and
the loan must not have been more than 30 days past due as of
December 31, 2019. In the loan payment deferral program, borrowers
are allowed to defer loan payments for six months. For residential
mortgage loans, the deferred interest will be payable within five
years after the end of six-month deferral period. The term of the
loan is extended by six months to allow the loan to fully amortize.
During the payment deferral period, the borrowers are required to
continue to make their escrow payments which include insurance and
property tax payments. Through December 31, 2020, 213 of the 215
mortgage loans in the payment deferral program made their escrow
payments.
As of December 31, 2020, the Company had
outstanding loan payment deferrals on $130.8 million of loans,
representing 9.3% of total loans receivable as of December 31,
2020. $126.3 million of these loan payment deferrals are on
one-to-four family residential mortgage loans, which represent 9.0%
of the total loans receivable as of December 31, 2020. The Company
believes these loans are currently well-secured as the ratio of the
current loan balance to the current tax-assessed value of the
property securing these mortgage loans averages 54.9%. One-to-four
family residential mortgage loans represent 97.0% of the total loan
portfolio balance with a ratio of the current loan balance to the
current tax-assessed value of the property securing these loans
averaging 46.0%. The Company had also outstanding loan payment
deferrals on $4.5 million of commercial mortgage, commercial and
industrial and home equity lines of credit loans, which represent
0.3% of the total balance of loans receivable as of December 31,
2020. The total amount of loans in the payment deferral program has
decreased from $142.2 million at September 30, 2020 to $130.8
million at December 31, 2020.
As of December 31, 2020, $92.2 million or 73.1% of
the total mortgage loans in the payment deferral program have
resumed making full principal and interest payments. $23.6 million
or 18.7% of the total mortgage loans in the payment deferral
program are making interest only payments. $3.0 million or 2.4% of
the total mortgage loans in the payment deferral program continue
to make escrow-only payments. $304,000 or 0.2% of the total
mortgage loans in the payment deferral program had their six-month
forbearance period end and have not resumed making loan payments.
As of December 31, 2020, $7.1 million or 5.6% of the total loans in
the payment deferral period are still in their six-month
forbearance period.
The Coronavirus Aid, Relief, and Economic Security
(CARES) Act was passed by Congress and signed into law by the
President on March 27, 2020. The CARES Act provides relief to
financial institutions from categorizing eligible loan
modifications as troubled debt restructurings over the remaining
life of the modified loan. In addition, Interagency Statements were
issued on March 22, 2020 and April 7, 2020 by bank regulatory
agencies to encourage financial institutions to work prudently with
borrowers. The Company will be using the provisions of the CARES
Act and the Interagency Statements to account for the loans
receiving modifications. On December 21, 2020, the President signed
legislation which extended the troubled debt restructuring relief
provisions of the CARES Act to January 1, 2021.
During 2020, the Company has not seen a significant
increase in loan delinquencies, significant changes in deposits or
significant drawdowns on lines of credit. Loan delinquencies do not
include loans requesting payment deferral because of COVID-19. The
Company does not have any commercial loans to hotels, businesses in
the transportation industry, restaurants or retail
establishments.
About Us
Territorial Bancorp Inc., headquartered in
Honolulu, Hawaii, is the stock holding company for Territorial
Savings Bank. Territorial Savings Bank is a state chartered savings
bank which was originally chartered in 1921 by the Territory of
Hawaii. Territorial Savings Bank conducts business from
its headquarters in Honolulu, Hawaii and has 29 branch offices in
the state of Hawaii. For additional information, please visit the
Company’s website at: https://www.territorialsavings.net.
Forward-looking statements - this
earnings release contains forward-looking statements, which can be
identified by the use of words such as “estimate,” “project,”
“believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,”
“will,” “may” and words of similar meaning. These forward-looking
statements include, but are not limited to:
- statements of our goals, intentions and expectations;
- statements regarding our business plans, prospects, growth and
operating strategies;
- statements regarding the asset quality of our loan and
investment portfolios; and
- estimates of our risks and future costs and benefits.
These forward-looking statements are based on our
current beliefs and expectations and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are beyond our control. In addition,
these forward-looking statements are subject to assumptions with
respect to future business strategies and decisions that are
subject to change. We are under no duty to and do not take any
obligation to update any forward-looking statements after the date
of this earnings release.
The following factors, among others, could cause
actual results to differ materially from the anticipated results or
other expectations expressed in the forward-looking statements:
- the effect of any pandemic disease, including COVID-19, natural
disaster, war, act of terrorism, accident or similar action or
event;
- general economic conditions, either internationally, nationally
or in our market areas, that are worse than expected;
- competition among depository and other financial
institutions;
- inflation and changes in the interest rate environment that
reduce our margins or reduce the fair value of financial
instruments;
- adverse changes in the securities markets;
- changes in laws or government regulations or policies affecting
financial institutions, including changes in regulatory fees and
capital requirements;
- changes in monetary or fiscal policies of the U.S. Government,
including policies of the U.S. Treasury and the Federal Reserve
Board;
- our ability to enter new markets successfully and capitalize on
growth opportunities;
- our ability to successfully integrate acquired entities, if
any;
- changes in consumer demand, spending, borrowing and savings
habits;
- changes in accounting policies and practices, as may be adopted
by the bank regulatory agencies, the Financial Accounting Standards
Board, the Securities and Exchange Commission and the Public
Company Accounting Oversight Board;
- changes in our organization, compensation and benefit
plans;
- the timing and amount of revenues that we may recognize;
- the value and marketability of collateral underlying our loan
portfolios;
- our ability to retain key employees;
- cyberattacks, computer viruses and other technological risks
that may breach the security of our websites or other systems to
obtain unauthorized access to confidential information, destroy
data or disable our systems;
- technological change that may be more difficult or expensive
than expected;
- the ability of Third-party providers to perform their
obligations to us;
- the ability of the U.S. Government to manage federal debt
limits;
- the quality and composition of our investment portfolio;
- changes in market and other conditions that would affect our
ability to repurchase our common stock; and
- changes in our financial condition or results of operations
that reduce capital available to pay dividends.
Because of these and a wide variety of other uncertainties, our
actual future results may be materially different from the results
indicated by these forward-looking statements.
Contact: Walter Ida(808)
946-1400
Territorial Bancorp Inc. and Subsidiaries |
Consolidated Statements of Income (Unaudited) |
(Dollars in thousands, except per share data) |
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31 |
|
|
December 31 |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
13,864 |
|
|
$ |
15,662 |
|
|
$ |
59,174 |
|
|
$ |
63,137 |
|
Investment securities |
|
|
1,961 |
|
|
|
2,876 |
|
|
|
9,615 |
|
|
|
11,459 |
|
Other investments |
|
|
215 |
|
|
|
263 |
|
|
|
968 |
|
|
|
972 |
|
Total interest income |
|
|
16,040 |
|
|
|
18,801 |
|
|
|
69,757 |
|
|
|
75,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,628 |
|
|
|
3,343 |
|
|
|
9,013 |
|
|
|
13,463 |
|
Advances from the Federal Home Loan Bank |
|
|
548 |
|
|
|
921 |
|
|
|
2,996 |
|
|
|
3,346 |
|
Securities sold under agreements to repurchase |
|
|
45 |
|
|
|
45 |
|
|
|
182 |
|
|
|
218 |
|
Total interest expense |
|
|
2,221 |
|
|
|
4,309 |
|
|
|
12,191 |
|
|
|
17,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
13,819 |
|
|
|
14,492 |
|
|
|
57,566 |
|
|
|
58,541 |
|
Provision (reversal of provision) for loan losses |
|
|
(679 |
) |
|
|
(4 |
) |
|
|
1,625 |
|
|
|
61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan losses |
|
|
14,498 |
|
|
|
14,496 |
|
|
|
55,941 |
|
|
|
58,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees on loan and deposit accounts |
|
|
946 |
|
|
|
510 |
|
|
|
2,662 |
|
|
|
1,937 |
|
Income on bank-owned life insurance |
|
|
200 |
|
|
|
203 |
|
|
|
807 |
|
|
|
835 |
|
Gain on sale of investment securities |
|
|
462 |
|
|
|
— |
|
|
|
1,320 |
|
|
|
2,910 |
|
Gain on sale of loans |
|
|
639 |
|
|
|
329 |
|
|
|
1,626 |
|
|
|
1,540 |
|
Other |
|
|
218 |
|
|
|
(25 |
) |
|
|
389 |
|
|
|
610 |
|
Total noninterest income |
|
|
2,465 |
|
|
|
1,017 |
|
|
|
6,804 |
|
|
|
7,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,447 |
|
|
|
5,578 |
|
|
|
21,741 |
|
|
|
22,580 |
|
Occupancy |
|
|
1,712 |
|
|
|
1,620 |
|
|
|
6,684 |
|
|
|
6,400 |
|
Equipment |
|
|
1,227 |
|
|
|
1,033 |
|
|
|
4,666 |
|
|
|
4,183 |
|
Federal deposit insurance premiums |
|
|
140 |
|
|
|
— |
|
|
|
352 |
|
|
|
288 |
|
Other general and administrative expenses |
|
|
1,004 |
|
|
|
1,089 |
|
|
|
3,982 |
|
|
|
4,555 |
|
Total noninterest expense |
|
|
9,530 |
|
|
|
9,320 |
|
|
|
37,425 |
|
|
|
38,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
7,433 |
|
|
|
6,193 |
|
|
|
25,320 |
|
|
|
28,306 |
|
Income taxes |
|
|
1,910 |
|
|
|
1,148 |
|
|
|
6,715 |
|
|
|
6,311 |
|
Net income |
|
$ |
5,523 |
|
|
$ |
5,045 |
|
|
$ |
18,605 |
|
|
$ |
21,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.60 |
|
|
$ |
0.54 |
|
|
$ |
2.03 |
|
|
$ |
2.38 |
|
Diluted earnings per share |
|
$ |
0.60 |
|
|
$ |
0.54 |
|
|
$ |
2.01 |
|
|
$ |
2.34 |
|
Cash dividends paid per common share |
|
$ |
0.33 |
|
|
$ |
0.73 |
|
|
$ |
1.02 |
|
|
$ |
1.49 |
|
Basic weighted-average shares outstanding |
|
|
9,116,356 |
|
|
|
9,232,086 |
|
|
|
9,137,398 |
|
|
|
9,196,674 |
|
Diluted weighted-average shares outstanding |
|
|
9,153,321 |
|
|
|
9,321,598 |
|
|
|
9,196,689 |
|
|
|
9,325,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Territorial Bancorp Inc. and Subsidiaries |
Consolidated Balance Sheets (Unaudited) |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
363,543 |
|
|
$ |
44,806 |
|
Investment securities available for sale |
|
|
3,562 |
|
|
|
8,628 |
|
Investment securities held to maturity, at amortized cost (fair
value of $262,841 and $371,305 at December
31, 2020 and December 31, 2019, respectively). |
|
|
247,642 |
|
|
|
363,883 |
|
Loans held for sale |
|
|
2,195 |
|
|
|
470 |
|
Loans receivable, net |
|
|
1,406,995 |
|
|
|
1,584,784 |
|
Federal Home Loan Bank stock, at cost |
|
|
8,144 |
|
|
|
8,723 |
|
Federal Reserve Bank stock, at cost |
|
|
3,145 |
|
|
|
3,128 |
|
Accrued interest receivable |
|
|
6,515 |
|
|
|
5,409 |
|
Premises and equipment, net |
|
|
4,855 |
|
|
|
4,370 |
|
Right-of-use asset, net |
|
|
12,333 |
|
|
|
11,580 |
|
Bank-owned life insurance |
|
|
45,644 |
|
|
|
45,113 |
|
Deferred income tax assets, net |
|
|
3,382 |
|
|
|
2,619 |
|
Prepaid expenses and other assets |
|
|
2,844 |
|
|
|
2,800 |
|
Total assets |
|
$ |
2,110,799 |
|
|
$ |
2,086,313 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Deposits |
|
$ |
1,659,800 |
|
|
$ |
1,631,933 |
|
Advances from the Federal Home Loan Bank |
|
|
141,000 |
|
|
|
156,000 |
|
Securities sold under agreements to repurchase |
|
|
10,000 |
|
|
|
10,000 |
|
Accounts payable and accrued expenses |
|
|
29,221 |
|
|
|
23,038 |
|
Lease liability |
|
|
13,119 |
|
|
|
12,183 |
|
Income taxes payable |
|
|
2,161 |
|
|
|
2,305 |
|
Advance payments by borrowers for taxes and insurance |
|
|
6,790 |
|
|
|
6,964 |
|
Total liabilities |
|
|
1,862,091 |
|
|
|
1,842,423 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value; authorized 50,000,000 shares, no
shares issued or outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $.01 par value; authorized 100,000,000 shares; issued
and outstanding 9,513,867 and 9,681,493 shares at December 31, 2020
and December 31, 2019, respectively. |
|
|
95 |
|
|
|
97 |
|
Additional paid-in capital |
|
|
61,153 |
|
|
|
65,057 |
|
Unearned ESOP shares |
|
|
(3,915 |
) |
|
|
(4,404 |
) |
Retained earnings |
|
|
200,066 |
|
|
|
190,808 |
|
Accumulated other comprehensive loss |
|
|
(8,691 |
) |
|
|
(7,668 |
) |
Total stockholders’ equity |
|
|
248,708 |
|
|
|
243,890 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,110,799 |
|
|
$ |
2,086,313 |
|
|
|
|
|
|
|
|
|
|
Territorial Bancorp Inc. and Subsidiaries |
Selected Financial Data (Unaudited) |
|
|
|
Three Months Ended |
|
|
December 31, |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
Return on average assets |
|
1.04 |
% |
|
0.96 |
% |
Return on average equity |
|
8.79 |
% |
|
8.12 |
% |
Net interest margin on average interest earning assets |
|
2.73 |
% |
|
2.88 |
% |
Efficiency ratio (1) |
|
58.52 |
% |
|
60.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December |
|
|
At December |
|
|
|
31, 2020 |
|
|
31, 2019 |
|
|
|
|
|
|
|
|
Selected Balance Sheet
Data: |
|
|
|
|
|
|
Book value per share (2) |
|
$ |
26.14 |
|
|
$ |
25.19 |
|
Stockholders' equity to total assets |
|
11.78 |
% |
|
11.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality |
|
|
|
|
|
|
(Dollars in thousands): |
|
|
|
|
|
|
Delinquent loans 90 days past due and not accruing |
|
$ |
240 |
|
|
$ |
0 |
|
Non-performing assets (3) |
|
$ |
4,405 |
|
|
$ |
736 |
|
Allowance for loan losses |
|
$ |
4,262 |
|
|
$ |
2,712 |
|
Non-performing assets to total assets |
|
0.21 |
% |
|
0.04 |
% |
Allowance for loan losses to total loans |
|
0.30 |
% |
|
0.17 |
% |
Allowance for loan losses to non-performing assets |
|
96.75 |
% |
|
368.48 |
% |
Note: |
|
(1) Efficiency
ratio is equal to noninterest expense divided by the sum of net
interest income and noninterest income |
(2) Book value
per share is equal to stockholders' equity divided by number of
shares issued and outstanding |
(3)
Non-performing assets consist of non-accrual loans and real estate
owned. Amounts are net of charge-offs |
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