10/25/2024 | Press release | Distributed by Public on 10/25/2024 14:19
Three Months Ended | Nine Months Ended | |||||||||||||
9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | 9/30/24 | 9/30/23 | ||||||||
(Dollars in thousands, except per share data) (Unaudited) | ||||||||||||||
Net Income (GAAP) | $ | 3,219 | $ | 2,650 | $ | 4,196 | $ | 12,966 | $ | 2,672 | $ | 10,065 | $ | 9,586 |
Net Income Adjustments
|
(293) | 24 | (1,000) | (9,905) | 29 | (1,269) | (20) | |||||||
Adjusted Net Income (Non-GAAP) (1)
|
$ | 2,926 | $ | 2,674 | $ | 3,196 | $ | 3,061 | $ | 2,701 | $ | 8,796 | $ | 9,566 |
Earnings per Common Share - Diluted (GAAP) | $ | 0.60 | $ | 0.51 | $ | 0.82 | $ | 2.52 | $ | 0.52 | $ | 1.89 | $ | 1.87 |
Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)
|
$ | 0.55 | $ | 0.52 | $ | 0.62 | $ | 0.60 | $ | 0.53 | $ | 1.65 | $ | 1.87 |
CB FINANCIAL SERVICES, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
|
||||||||||
(Dollars in thousands, except share and per share data) (Unaudited) | ||||||||||
Selected Financial Condition Data | 9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | |||||
Assets | ||||||||||
Cash and Due From Banks | $ | 147,325 | $ | 142,600 | $ | 73,691 | $ | 68,223 | $ | 52,597 |
Securities | 270,881 | 268,769 | 232,276 | 207,095 | 172,904 | |||||
Loans Held for Sale | 428 | 632 | 200 | - | - | |||||
Loans | ||||||||||
Real Estate: | ||||||||||
Residential | 338,926 | 342,689 | 346,938 | 347,808 | 346,485 | |||||
Commercial | 464,354 | 458,724 | 470,430 | 467,154 | 466,910 | |||||
Construction | 43,515 | 44,038 | 44,323 | 43,116 | 41,874 | |||||
Commercial and Industrial | 108,554 | 112,395 | 103,313 | 111,278 | 100,873 | |||||
Consumer | 80,004 | 90,357 | 100,576 | 111,643 | 122,516 | |||||
Other | 30,402 | 30,491 | 30,763 | 29,397 | 23,856 | |||||
Total Loans | 1,065,755 | 1,078,694 | 1,096,343 | 1,110,396 | 1,102,514 | |||||
Allowance for Credit Losses | (9,479) | (9,527) | (9,582) | (9,707) | (10,848) | |||||
Loans, Net | 1,056,276 | 1,069,167 | 1,086,761 | 1,100,689 | 1,091,666 | |||||
Premises and Equipment, Net | 20,838 | 20,326 | 19,548 | 19,704 | 18,524 | |||||
Bank-Owned Life Insurance | 24,057 | 23,910 | 23,763 | 25,378 | 25,227 | |||||
Goodwill | 9,732 | 9,732 | 9,732 | 9,732 | 9,732 | |||||
Intangible Assets, Net | 88 | 353 | 617 | 958 | 2,177 | |||||
Accrued Interest Receivable and Other Assets | 32,116 | 24,770 | 26,501 | 24,312 | 26,665 | |||||
Total Assets | $ | 1,561,741 | $ | 1,560,259 | $ | 1,473,089 | $ | 1,456,091 | $ | 1,399,492 |
Liabilities | ||||||||||
Deposits | ||||||||||
Noninterest-Bearing Demand Accounts | $ | 267,022 | $ | 269,964 | $ | 275,182 | $ | 277,747 | $ | 305,145 |
Interest-Bearing Demand Accounts | 326,505 | 324,688 | 323,134 | 362,994 | 357,381 | |||||
Money Market Accounts | 220,789 | 229,998 | 208,375 | 201,074 | 189,187 | |||||
Savings Accounts | 172,354 | 179,081 | 190,206 | 194,703 | 207,148 | |||||
Time Deposits | 367,150 | 346,037 | 265,597 | 230,641 | 177,428 | |||||
Total Deposits | 1,353,820 | 1,349,768 | 1,262,494 | 1,267,159 | 1,236,289 | |||||
Other Borrowings | 34,708 | 34,698 | 34,688 | 34,678 | 34,668 | |||||
Accrued Interest Payable and Other Liabilities | 24,073 | 32,911 | 34,317 | 14,420 | 13,689 | |||||
Total Liabilities | 1,412,601 | 1,417,377 | 1,331,499 | 1,316,257 | 1,284,646 | |||||
Stockholders' Equity | 149,140 | 142,882 | 141,590 | 139,834 | 114,846 | |||||
Total Liabilities and Stockholders' Equity | $ | 1,561,741 | $ | 1,560,259 | $ | 1,473,089 | $ | 1,456,091 | $ | 1,399,492 |
(Dollars in thousands, except share and per share data) (Unaudited) | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
Selected Operating Data | 9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | 9/30/24 | 9/30/23 | |||||||
Interest and Dividend Income: | ||||||||||||||
Loans, Including Fees | $ | 14,945 | $ | 14,670 | $ | 14,838 | $ | 14,804 | $ | 14,049 | $ | 44,453 | $ | 39,846 |
Securities: | ||||||||||||||
Taxable | 3,289 | 2,844 | 2,303 | 1,164 | 940 | 8,437 | 2,853 | |||||||
Tax-Exempt | - | - | - | 33 | 41 | - | 124 | |||||||
Dividends | 28 | 27 | 27 | 32 | 25 | 82 | 74 | |||||||
Other Interest and Dividend Income | 1,511 | 1,398 | 818 | 872 | 819 | 3,727 | 2,424 | |||||||
Total Interest and Dividend Income | 19,773 | 18,939 | 17,986 | 16,905 | 15,874 | 56,699 | 45,321 | |||||||
Interest Expense: | ||||||||||||||
Deposits | 7,892 | 7,065 | 5,991 | 5,336 | 4,750 | 20,948 | 11,097 | |||||||
Short-Term Borrowings | - | - | - | 26 | - | - | 5 | |||||||
Other Borrowings | 407 | 404 | 404 | 407 | 407 | 1,215 | 800 | |||||||
Total Interest Expense | 8,299 | 7,469 | 6,395 | 5,769 | 5,157 | 22,163 | 11,902 | |||||||
Net Interest and Dividend Income | 11,474 | 11,470 | 11,591 | 11,136 | 10,717 | 34,536 | 33,419 | |||||||
Provision (Recovery) for Credit Losses - Loans | 25 | 12 | (143) | (1,147) | 291 | (105) | 863 | |||||||
(Recovery) Provision for Credit Losses - Unfunded Commitments | (66) | (48) | 106 | (273) | 115 | (9) | 54 | |||||||
Net Interest and Dividend Income After Net (Recovery) Provision for Credit Losses | 11,515 | 11,506 | 11,628 | 12,556 | 10,311 | 34,650 | 32,502 | |||||||
Noninterest Income: | ||||||||||||||
Service Fees | 451 | 354 | 415 | 460 | 466 | 1,220 | 1,359 | |||||||
Insurance Commissions | 1 | 1 | 2 | 969 | 1,436 | 4 | 4,870 | |||||||
Other Commissions | 104 | 22 | 62 | 60 | 94 | 188 | 462 | |||||||
Net Gain (Loss) on Sales of Loans | 18 | 9 | 22 | 2 | - | 49 | (3) | |||||||
Net Gain (Loss) on Securities | 245 | (31) | (166) | (9,830) | (37) | 49 | (369) | |||||||
Net Gain on Purchased Tax Credits | 12 | 12 | 12 | 7 | 7 | 37 | 22 | |||||||
Gain on Sale of Subsidiary | 138 | - | - | 24,578 | - | 138 | - | |||||||
Net Gain on Disposal of Premises and Equipment | - | - | 274 | - | - | 274 | 11 | |||||||
Income from Bank-Owned Life Insurance | 147 | 147 | 148 | 151 | 145 | 442 | 425 | |||||||
Net Gain on Bank-Owned Life Insurance Claims | - | - | 915 | - | - | 915 | 303 | |||||||
Other Income | 117 | 174 | 232 | 121 | 301 | 523 | 413 | |||||||
Total Noninterest Income | 1,233 | 688 | 1,916 | 16,518 | 2,412 | 3,839 | 7,493 | |||||||
Noninterest Expense: | ||||||||||||||
Salaries and Employee Benefits | 4,561 | 4,425 | 4,576 | 6,224 | 5,369 | 13,563 | 15,679 | |||||||
Occupancy | 755 | 940 | 749 | 810 | 698 | 2,444 | 2,188 | |||||||
Equipment | 280 | 298 | 264 | 298 | 265 | 842 | 766 | |||||||
Data Processing | 772 | 1,011 | 692 | 726 | 714 | 2,476 | 2,289 | |||||||
Federal Deposit Insurance Corporation Assessment | 177 | 161 | 129 | 189 | 189 | 467 | 565 | |||||||
Pennsylvania Shares Tax | 265 | 297 | 297 | 217 | 217 | 860 | 672 | |||||||
Contracted Services | 431 | 390 | 281 | 299 | 286 | 1,102 | 868 | |||||||
Legal and Professional Fees | 297 | 208 | 212 | 434 | 320 | 717 | 748 | |||||||
Advertising | 141 | 78 | 129 | 158 | 114 | 348 | 268 | |||||||
Other Real Estate Owned (Income) | 2 | 37 | (23) | (36) | (8) | 16 | (80) | |||||||
Amortization of Intangible Assets | 264 | 264 | 341 | 430 | 445 | 870 | 1,336 | |||||||
Other Expense | 837 | 875 | 781 | 1,016 | 878 | 2,492 | 2,718 | |||||||
Total Noninterest Expense | 8,782 | 8,984 | 8,428 | 10,765 | 9,487 | 26,197 | 28,017 | |||||||
Income Before Income Tax Expense | 3,966 | 3,210 | 5,116 | 18,309 | 3,236 | 12,292 | 11,978 | |||||||
Income Tax Expense | 747 | 560 | 920 | 5,343 | 564 | 2,227 | 2,392 | |||||||
Net Income | $ | 3,219 | $ | 2,650 | $ | 4,196 | $ | 12,966 | $ | 2,672 | $ | 10,065 | $ | 9,586 |
Three Months Ended | Nine Months Ended | |||||||||||||
Per Common Share Data | 9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | 9/30/24 | 9/30/23 | |||||||
Dividends Per Common Share | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.75 | $ | 0.75 |
Earnings Per Common Share - Basic | 0.63 | 0.52 | 0.82 | 2.53 | 0.52 | 1.96 | 1.88 | |||||||
Earnings Per Common Share - Diluted | 0.60 | 0.51 | 0.82 | 2.52 | 0.52 | 1.89 | 1.87 | |||||||
Weighted Average Common Shares Outstanding - Basic | 5,137,586 | 5,142,139 | 5,129,903 | 5,119,184 | 5,115,026 | 5,136,546 | 5,112,223 | |||||||
Weighted Average Common Shares Outstanding - Diluted | 5,346,750 | 5,152,657 | 5,142,286 | 5,135,997 | 5,126,546 | 5,328,610 | 5,118,279 |
9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | ||||||
Common Shares Outstanding | 5,129,921 | 5,141,911 | 5,142,901 | 5,118,713 | 5,120,678 | |||||
Book Value Per Common Share | $ | 29.07 | $ | 27.79 | $ | 27.53 | $ | 27.32 | $ | 22.43 |
Tangible Book Value per Common Share (1)
|
27.16 | 25.83 | 25.52 | 25.23 | 20.10 | |||||
Stockholders' Equity to Assets | 9.5 | % | 9.2 | % | 9.6 | % | 9.6 | % | 8.2 | % |
Tangible Common Equity to Tangible Assets (1)
|
9.0 | 8.6 | 9.0 | 8.9 | 7.4 |
Three Months Ended | Nine Months Ended | |||||||||||||
Selected Financial Ratios (2)
|
9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | 9/30/24 | 9/30/23 | |||||||
Return on Average Assets | 0.84 | % | 0.71 | % | 1.17 | % | 3.62 | % | 0.75 | % | 0.90 | % | 0.91 | % |
Return on Average Equity | 8.80 | 7.58 | 12.03 | 44.99 | 9.03 | 9.45 | 10.98 | |||||||
Average Interest-Earning Assets to Average Interest-Bearing Liabilities | 133.26 | 135.69 | 137.07 | 138.67 | 139.65 | 135.28 | 143.07 | |||||||
Average Equity to Average Assets | 9.54 | 9.36 | 9.72 | 8.04 | 8.32 | 9.54 | 8.33 | |||||||
Net Interest Rate Spread | 2.36 | 2.44 | 2.67 | 2.56 | 2.54 | 2.48 | 2.80 | |||||||
Net Interest Rate Spread (FTE) (1)
|
2.38 | 2.46 | 2.68 | 2.57 | 2.55 | 2.50 | 2.81 | |||||||
Net Interest Margin | 3.11 | 3.18 | 3.36 | 3.19 | 3.13 | 3.21 | 3.31 | |||||||
Net Interest Margin (FTE) (1)
|
3.12 | 3.19 | 3.37 | 3.21 | 3.14 | 3.22 | 3.32 | |||||||
Net Charge-Offs (Recoveries) to Average Loans
|
0.03 | 0.02 | (0.01) | - | 0.04 | 0.02 | (0.07) | |||||||
Efficiency Ratio | 69.11 | 73.89 | 62.40 | 38.93 | 72.26 | 68.27 | 68.48 |
Asset Quality Ratios | 9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | |||||
Allowance for Credit Losses to Total Loans | 0.89 | % | 0.88 | % | 0.87 | % | 0.87 | % | 0.98 | % |
Allowance for Credit Losses to Nonperforming Loans (3)
|
463.07 | 513.03 | 437.73 | 433.35 | 330.13 | |||||
Delinquent and Nonaccrual Loans to Total Loans (4)
|
0.98 | 0.53 | 0.63 | 0.62 | 0.73 | |||||
Nonperforming Loans to Total Loans (3)
|
0.19 | 0.17 | 0.20 | 0.20 | 0.30 | |||||
Nonperforming Assets to Total Assets (5)
|
0.14 | 0.13 | 0.15 | 0.16 | 0.23 |
Capital Ratios (6)
|
9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | |||||
Common Equity Tier 1 Capital (to Risk Weighted Assets) | 14.79 | % | 14.62 | % | 14.50 | % | 13.64 | % | 12.77 | % |
Tier 1 Capital (to Risk Weighted Assets) | 14.79 | 14.62 | 14.50 | 13.64 | 12.77 | |||||
Total Capital (to Risk Weighted Assets) | 15.76 | 15.61 | 15.51 | 14.61 | 13.90 | |||||
Tier 1 Leverage (to Adjusted Total Assets) | 9.96 | 9.98 | 10.28 | 10.19 | 9.37 |
AVERAGE BALANCES AND YIELDS | ||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||||||||||||
Average Balance | Interest and Dividends |
Yield / Cost(1)
|
Average Balance | Interest and Dividends |
Yield / Cost(1)
|
Average Balance | Interest and Dividends |
Yield / Cost(1)
|
Average Balance | Interest and Dividends |
Yield / Cost(1)
|
Average Balance | Interest and Dividends |
Yield / Cost(1)
|
||||||||||||||||
(Dollars in thousands) (Unaudited) | ||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Interest-Earning Assets: | ||||||||||||||||||||||||||||||
Loans, Net (2)
|
$ | 1,063,946 | $ | 14,987 | 5.60 | % | $ | 1,076,455 | $ | 14,711 | 5.50 | % | $ | 1,087,889 | $ | 14,877 | 5.50 | % | $ | 1,098,284 | $ | 14,840 | 5.36 | % | $ | 1,088,691 | $ | 14,081 | 5.13 | % |
Debt Securities | ||||||||||||||||||||||||||||||
Taxable | 288,208 | 3,289 | 4.56 | 266,021 | 2,844 | 4.28 | 235,800 | 2,303 | 3.91 | 206,702 | 1,164 | 2.25 | 204,848 | 940 | 1.84 | |||||||||||||||
Tax-Exempt | - | - | - | - | - | - | - | - | - | 4,833 | 42 | 3.48 | 6,013 | 52 | 3.46 | |||||||||||||||
Equity Securities | 2,693 | 28 | 4.16 | 2,693 | 27 | 4.01 | 2,693 | 27 | 4.01 | 2,693 | 32 | 4.75 | 2,693 | 25 | 3.71 | |||||||||||||||
Interest-Earning Deposits at Banks | 111,131 | 1,448 | 5.21 | 101,277 | 1,313 | 5.19 | 58,887 | 733 | 4.98 | 67,450 | 808 | 4.79 | 52,466 | 750 | 5.72 | |||||||||||||||
Other Interest-Earning Assets | 3,108 | 63 | 8.06 | 3,154 | 85 | 10.84 | 3,235 | 85 | 10.57 | 3,387 | 64 | 7.50 | 3,292 | 69 | 8.32 | |||||||||||||||
Total Interest-Earning Assets | 1,469,086 | 19,815 | 5.37 | 1,449,600 | 18,980 | 5.27 | 1,388,504 | 18,025 | 5.22 | 1,383,349 | 16,950 | 4.86 | 1,358,003 | 15,917 | 4.65 | |||||||||||||||
Noninterest-Earning Assets | 57,602 | 53,564 | 54,910 | 38,464 | 52,885 | |||||||||||||||||||||||||
Total Assets | $ | 1,526,688 | $ | 1,503,164 | $ | 1,443,414 | $ | 1,421,813 | $ | 1,410,888 | ||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||||||||
Interest-Bearing Demand Accounts | $ | 316,301 | $ | 1,923 | 2.42 | % | $ | 325,069 | $ | 1,858 | 2.30 | % | $ | 334,880 | $ | 1,794 | 2.15 | % | $ | 362,018 | $ | 1,965 | 2.15 | % | $ | 363,997 | $ | 2,003 | 2.18 | % |
Money Market Accounts | 217,148 | 1,726 | 3.16 | 214,690 | 1,646 | 3.08 | 203,867 | 1,514 | 2.99 | 205,060 | 1,441 | 2.79 | 187,012 | 1,141 | 2.42 | |||||||||||||||
Savings Accounts | 175,753 | 46 | 0.10 | 184,944 | 52 | 0.11 | 191,444 | 59 | 0.12 | 200,737 | 57 | 0.11 | 212,909 | 54 | 0.10 | |||||||||||||||
Time Deposits | 358,498 | 4,197 | 4.66 | 308,956 | 3,509 | 4.57 | 248,118 | 2,624 | 4.25 | 193,188 | 1,873 | 3.85 | 173,832 | 1,552 | 3.54 | |||||||||||||||
Total Interest-Bearing Deposits | 1,067,700 | 7,892 | 2.94 | 1,033,659 | 7,065 | 2.75 | 978,309 | 5,991 | 2.46 | 961,003 | 5,336 | 2.20 | 937,750 | 4,750 | 2.01 | |||||||||||||||
Short-Term Borrowings | - | - | - | 2 | - | - | - | - | - | 1,902 | 26 | 5.42 | - | - | - | |||||||||||||||
Other Borrowings | 34,702 | 407 | 4.67 | 34,692 | 404 | 4.68 | 34,682 | 404 | 4.69 | 34,673 | 407 | 4.66 | 34,662 | 407 | 4.66 | |||||||||||||||
Total Interest-Bearing Liabilities | 1,102,402 | 8,299 | 2.99 | 1,068,353 | 7,469 | 2.81 | 1,012,991 | 6,395 | 2.54 | 997,578 | 5,769 | 2.29 | 972,412 | 5,157 | 2.10 | |||||||||||||||
Noninterest-Bearing Demand Deposits | 263,650 | 272,280 | 278,691 | 305,789 | 312,016 | |||||||||||||||||||||||||
Total Funding and Cost of Funds
|
1,366,052 | 2.42 | 1,340,633 | 2.24 | 1,291,682 | 1.99 | 1,303,367 | 1.76 | 1,284,428 | 1.59 | ||||||||||||||||||||
Other Liabilities | 15,043 | 21,867 | 11,441 | 4,119 | 9,025 | |||||||||||||||||||||||||
Total Liabilities | 1,381,095 | 1,362,500 | 1,303,123 | 1,307,486 | 1,293,453 | |||||||||||||||||||||||||
Stockholders' Equity | 145,593 | 140,664 | 140,291 | 114,327 | 117,435 | |||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,526,688 | $ | 1,503,164 | $ | 1,443,414 | $ | 1,421,813 | $ | 1,410,888 | ||||||||||||||||||||
Net Interest Income (FTE)
(Non-GAAP) (3)
|
$ | 11,516 | $ | 11,511 | $ | 11,630 | $ | 11,181 | $ | 10,760 | ||||||||||||||||||||
Net Interest-Earning Assets (4)
|
366,684 | 381,247 | 375,513 | 385,771 | 385,591 | |||||||||||||||||||||||||
Net Interest Rate Spread (FTE)
(Non-GAAP) (3) (5)
|
2.38 | % | 2.46 | % | 2.68 | % | 2.57 | % | 2.55 | % | ||||||||||||||||||||
Net Interest Margin (GAAP) (6)
|
3.11 | 3.18 | 3.36 | 3.19 | 3.13 | |||||||||||||||||||||||||
Net Interest Margin (FTE)
(Non-GAAP) (3)(6)
|
3.12 | 3.19 | 3.37 | 3.21 | 3.14 |
AVERAGE BALANCES AND YIELDS | ||||||||||||
Nine Months Ended | ||||||||||||
September 30, 2024 | September 30, 2023 | |||||||||||
Average Balance | Interest and Dividends |
Yield /Cost (1)
|
Average Balance | Interest and Dividends |
Yield / Cost (1)
|
|||||||
(Dollars in thousands) (Unaudited) | ||||||||||||
Assets: | ||||||||||||
Interest-Earning Assets: | ||||||||||||
Loans, Net (2)
|
$ | 1,076,052 | $ | 44,571 | 5.53 | % | $ | 1,069,729 | $ | 39,924 | 4.99 | % |
Debt Securities | ||||||||||||
Taxable | 263,433 | 8,437 | 4.27 | 209,069 | 2,853 | 1.82 | ||||||
Exempt From Federal Tax | - | - | - | 6,154 | 157 | 3.40 | ||||||
Marketable Equity Securities | 2,693 | 82 | 4.06 | 2,693 | 74 | 3.66 | ||||||
Interest-Earning Deposits at Banks | 90,507 | 3,493 | 5.15 | 60,474 | 2,276 | 5.02 | ||||||
Other Interest-Earning Assets | 3,166 | 234 | 9.87 | 2,905 | 148 | 6.81 | ||||||
Total Interest-Earning Assets | 1,435,851 | 56,817 | 5.29 | 1,351,024 | 45,432 | 4.50 | ||||||
Noninterest-Earning Assets | 55,366 | 51,018 | ||||||||||
Total Assets | $ | 1,491,217 | $ | 1,402,042 | ||||||||
Liabilities and Stockholders' Equity: | ||||||||||||
Interest-Bearing Liabilities: | ||||||||||||
Interest-Bearing Demand Accounts | $ | 325,383 | $ | 5,576 | 2.29 | % | $ | 351,379 | $ | 4,776 | 1.82 | % |
Savings Accounts | 184,017 | 157 | 0.11 | 226,686 | 145 | 0.09 | ||||||
Money Market Accounts | 211,921 | 4,885 | 3.08 | 198,243 | 3,113 | 2.10 | ||||||
Time Deposits | 305,386 | 10,330 | 4.52 | 143,881 | 3,063 | 2.85 | ||||||
Total Interest-Bearing Deposits | 1,026,707 | 20,948 | 2.73 | 920,189 | 11,097 | 1.61 | ||||||
Short-Term Borrowings | 1 | - | - | 604 | 5 | 1.11 | ||||||
Other Borrowings | 34,692 | 1,215 | 4.68 | 23,516 | 800 | 4.55 | ||||||
Total Interest-Bearing Liabilities | 1,061,400 | 22,163 | 2.79 | 944,309 | 11,902 | 1.69 | ||||||
Noninterest-Bearing Demand Deposits | 271,511 | 333,356 | ||||||||||
Total Funding and Cost of Funds
|
1,332,911 | 2.22 | 1,277,665 | 1.25 | ||||||||
Other Liabilities | 16,045 | 7,655 | ||||||||||
Total Liabilities | 1,348,956 | 1,285,320 | ||||||||||
Stockholders' Equity | 142,261 | 116,722 | ||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,491,217 | $ | 1,402,042 | ||||||||
Net Interest Income (FTE) (Non-GAAP) (3)
|
34,654 | 33,530 | ||||||||||
Net Interest-Earning Assets (4)
|
374,451 | 406,715 | ||||||||||
Net Interest Rate Spread (FTE) (Non-GAAP) (3)(5)
|
2.50 | % | 2.81 | % | ||||||||
Net Interest Margin (FTE) (Non-GAAP) (3)(6)
|
3.22 | 3.32 |
9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | ||||||
(Dollars in thousands, except share and per share data) (Unaudited) | ||||||||||
Total Assets (GAAP)
|
$ | 1,561,741 | $ | 1,560,259 | $ | 1,473,089 | $ | 1,456,091 | $ | 1,399,492 |
Goodwill and Intangible Assets, Net | (9,820) | (10,085) | (10,349) | (10,690) | (11,909) | |||||
Tangible Assets (Non-GAAP) (Numerator) | $ | 1,551,921 | $ | 1,550,174 | $ | 1,462,740 | $ | 1,445,401 | $ | 1,387,583 |
Stockholders' Equity (GAAP) | $ | 149,140 | $ | 142,882 | $ | 141,590 | $ | 139,834 | $ | 114,846 |
Goodwill and Intangible Assets, Net | (9,820) | (10,085) | (10,349) | (10,690) | (11,909) | |||||
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator) | $ | 139,320 | $ | 132,797 | $ | 131,241 | $ | 129,144 | $ | 102,937 |
Stockholders' Equity to Assets (GAAP) | 9.5 | % | 9.2 | % | 9.6 | % | 9.6 | % | 8.2 | % |
Tangible Common Equity to Tangible Assets (Non-GAAP) | 9.0 | % | 8.6 | % | 9.0 | % | 8.9 | % | 7.4 | % |
Common Shares Outstanding (Denominator) | 5,129,921 | 5,141,911 | 5,142,901 | 5,118,713 | 5,120,678 | |||||
Book Value per Common Share (GAAP) | $ | 29.07 | $ | 27.79 | $ | 27.53 | $ | 27.32 | $ | 22.43 |
Tangible Book Value per Common Share (Non-GAAP) | $ | 27.16 | $ | 25.83 | $ | 25.52 | $ | 25.23 | $ | 20.10 |
Three Months Ended | Nine Months Ended | |||||||||||||
9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | 9/30/24 | 9/30/23 | ||||||||
(Dollars in thousands) (Unaudited) | ||||||||||||||
Net Income (GAAP) | $ | 3,219 | $ | 2,650 | $ | 4,196 | $ | 12,966 | $ | 2,672 | $ | 10,065 | $ | 9,586 |
Amortization of Intangible Assets, Net | 264 | 264 | 341 | 430 | 445 | 870 | 1,336 | |||||||
Adjusted Net Income (Non-GAAP) (Numerator) | $ | 3,483 | $ | 2,914 | $ | 4,537 | $ | 13,396 | $ | 3,117 | $ | 10,935 | $ | 10,922 |
Annualization Factor | 3.98 | 4.02 | 4.02 | 3.97 | 3.97 | 1.34 | 1.34 | |||||||
Average Stockholders' Equity (GAAP) | $ | 145,593 | $ | 140,664 | $ | 140,291 | $ | 114,327 | $ | 117,435 | $ | 142,261 | $ | 116,722 |
Average Goodwill and Intangible Assets, Net | (9,987) | (10,242) | (10,553) | (11,829) | (12,185) | (10,260) | (12,627) | |||||||
Average Tangible Common Equity (Non-GAAP) (Denominator) | $ | 135,606 | $ | 130,422 | $ | 129,738 | $ | 102,498 | $ | 105,250 | $ | 132,001 | $ | 104,095 |
Return on Average Equity (GAAP) | 8.80 | % | 7.58 | % | 12.03 | % | 44.99 | % | 9.03 | % | 9.45 | % | 10.98 | % |
Return on Average Tangible Common Equity (Non-GAAP) | 10.22 | % | 8.99 | % | 14.07 | % | 51.85 | % | 11.75 | % | 11.07 | % | 14.03 | % |
Three Months Ended | Nine Months Ended | |||||||||||||
9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | 9/30/24 | 9/30/23 | ||||||||
(Dollars in thousands) (Unaudited) | ||||||||||||||
Interest Income (GAAP) | $ | 19,773 | $ | 18,939 | $ | 17,986 | $ | 16,905 | $ | 15,874 | $ | 56,699 | $ | 45,321 |
Adjustment to FTE Basis | 42 | 41 | 39 | 45 | 43 | 118 | 111 | |||||||
Interest Income (FTE) (Non-GAAP) | 19,815 | 18,980 | 18,025 | 16,950 | 15,917 | 56,817 | 45,432 | |||||||
Interest Expense (GAAP) | 8,299 | 7,469 | 6,395 | 5,769 | 5,157 | 22,163 | 11,902 | |||||||
Net Interest Income (FTE) (Non-GAAP) | $ | 11,516 | $ | 11,511 | $ | 11,630 | $ | 11,181 | $ | 10,760 | $ | 34,654 | $ | 33,530 |
Net Interest Rate Spread (GAAP) | 2.36 | % | 2.44 | % | 2.67 | % | 2.56 | % | 2.54 | % | 2.48 | % | 2.80 | % |
Adjustment to FTE Basis | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | |||||||
Net Interest Rate Spread (FTE) (Non-GAAP) | 2.38 | % | 2.46 | % | 2.68 | % | 2.57 | % | 2.55 | % | 2.50 | % | 2.81 | % |
Net Interest Margin (GAAP) | 3.11 | % | 3.18 | % | 3.36 | % | 3.19 | % | 3.13 | % | 3.21 | % | 3.31 | % |
Adjustment to FTE Basis | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | |||||||
Net Interest Margin (FTE) (Non-GAAP) | 3.12 | % | 3.19 | % | 3.37 | % | 3.21 | % | 3.14 | % | 3.22 | % | 3.32 | % |
Three Months Ended | Nine Months Ended | |||||||||||||
9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | 9/30/24 | 9/30/23 | ||||||||
(Dollars in thousands) (Unaudited) | ||||||||||||||
Income Before Income Tax Expense (GAAP) | $ | 3,966 | $ | 3,210 | $ | 5,116 | $ | 18,309 | $ | 3,236 | $ | 12,292 | $ | 11,978 |
Net (Recovery) Provision for Credit Losses | (41) | (36) | (37) | (1,420) | 406 | (114) | 917 | |||||||
Adjustments | ||||||||||||||
Net (Gain) Loss on Securities | (245) | 31 | 166 | 9,830 | 37 | (49) | 369 | |||||||
Gain on Sale of Subsidiary | (138) | - | - | (24,578) | - | (138) | - | |||||||
Net Gain on Disposal of Premises and Equipment | - | - | (274) | - | - | (274) | (11) | |||||||
Net Gain on Bank-Owned Life Insurance Claims | - | - | (915) | - | - | (915) | (303) | |||||||
Adjusted PPNR (Non-GAAP) (Numerator) | $ | 3,542 | $ | 3,205 | $ | 4,056 | $ | 2,141 | $ | 3,679 | $ | 10,802 | $ | 12,950 |
Annualization Factor | 3.98 | 4.02 | 4.02 | 3.97 | 3.97 | 1.34 | 1.34 | |||||||
Average Assets (Denominator) | $ | 1,526,688 | $ | 1,503,164 | $ | 1,443,414 | $ | 1,421,813 | $ | 1,410,888 | $ | 1,491,217 | $ | 1,402,042 |
Adjusted PPNR Return on Average Assets (Non-GAAP) | 0.92 | % | 0.86 | % | 1.13 | % | 0.60 | % | 1.04 | % | 0.97 | % | 1.24 | % |
Three Months Ended | Nine Months Ended | |||||||||||||
9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | 9/30/24 | 9/30/23 | ||||||||
(Dollars in thousands, except share and per share data) (Unaudited) | ||||||||||||||
Net Income (GAAP) | $ | 3,219 | $ | 2,650 | $ | 4,196 | $ | 12,966 | $ | 2,672 | $ | 10,065 | $ | 9,586 |
Adjustments | ||||||||||||||
Net (Gain) Loss on Securities | (245) | 31 | 166 | 9,830 | 37 | (49) | 369 | |||||||
Gain on Sale of Subsidiary | (138) | - | - | (24,578) | - | (138) | - | |||||||
Net Gain on Disposal of Premises and Equipment | - | - | (274) | - | - | (274) | (11) | |||||||
Net Gain on Bank-Owned Life Insurance Claims | - | - | (915) | - | - | (915) | (303) | |||||||
Tax effect | 90 | (7) | 23 | 4,843 | (8) | 107 | (75) | |||||||
Adjusted Net Income (Non-GAAP) | $ | 2,926 | $ | 2,674 | $ | 3,196 | $ | 3,061 | $ | 2,701 | $ | 8,796 | $ | 9,566 |
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding | 5,346,750 | 5,152,657 | 5,142,286 | 5,135,997 | 5,126,546 | 5,328,610 | 5,118,279 | |||||||
Earnings per Common Share - Diluted (GAAP) | $ | 0.60 | $ | 0.51 | $ | 0.82 | $ | 2.52 | $ | 0.52 | $ | 1.89 | $ | 1.87 |
Adjusted Earnings per Common Share - Diluted (Non-GAAP) | $ | 0.55 | $ | 0.52 | $ | 0.62 | $ | 0.60 | $ | 0.53 | $ | 1.65 | $ | 1.87 |
Net Income (GAAP) (Numerator) | $ | 3,219 | $ | 2,650 | $ | 4,196 | $ | 12,966 | $ | 2,672 | $ | 10,065 | $ | 9,586 |
Annualization Factor | 3.98 | 4.02 | 4.02 | 3.97 | 3.97 | 1.34 | 1.34 | |||||||
Average Assets (Denominator) | 1,526,688 | 1,503,164 | 1,443,414 | 1,421,813 | 1,410,888 | 1,491,217 | 1,402,042 | |||||||
Return on Average Assets (GAAP) | 0.84 | % | 0.71 | % | 1.17 | % | 3.62 | % | 0.75 | % | 0.90 | % | 0.91 | % |
Adjusted Net Income (Non-GAAP) (Numerator) | $ | 2,926 | $ | 2,674 | $ | 3,196 | $ | 3,061 | $ | 2,701 | $ | 8,796 | $ | 9,566 |
Annualization Factor | 3.98 | 4.02 | 4.02 | 3.97 | 3.97 | 1.34 | 1.34 | |||||||
Average Assets (Denominator) | 1,526,688 | 1,503,164 | 1,443,414 | 1,421,813 | 1,410,888 | 1,491,217 | 1,402,042 | |||||||
Adjusted Return on Average Assets (Non-GAAP) | 0.76 | % | 0.72 | % | 0.89 | % | 0.85 | % | 0.76 | % | 0.79 | % | 0.91 | % |
Three Months Ended | Nine Months Ended | |||||||||||||
9/30/24 | 6/30/24 | 3/31/24 | 12/31/23 | 9/30/23 | 9/30/24 | 9/30/23 | ||||||||
(Dollars in thousands) (Unaudited) | ||||||||||||||
Net Income (GAAP) (Numerator) | $ | 3,219 | $ | 2,650 | $ | 4,196 | $ | 12,966 | $ | 2,672 | $ | 10,065 | $ | 9,586 |
Annualization Factor | 3.98 | 4.02 | 4.02 | 3.97 | 3.97 | 1.34 | 1.34 | |||||||
Average Equity (GAAP) (Denominator) | 145,593 | 140,664 | 140,291 | 114,327 | 117,435 | 142,261 | 116,722 | |||||||
Return on Average Equity (GAAP) | 8.80 | % | 7.58 | % | 12.03 | % | 44.99 | % | 9.03 | % | 9.45 | % | 10.98 | % |
Adjusted Net Income (Non-GAAP) (Numerator) | $ | 2,926 | $ | 2,674 | $ | 3,196 | $ | 3,061 | $ | 2,701 | $ | 8,796 | $ | 9,566 |
Annualization Factor | 3.98 | 4.02 | 4.02 | 3.97 | 3.97 | 1.34 | 1.34 | |||||||
Average Equity (GAAP) (Denominator) | 145,593 | 140,664 | 140,291 | 114,327 | 117,435 | 142,261 | 116,722 | |||||||
Adjusted Return on Average Equity (Non-GAAP) | 8.00 | % | 7.65 | % | 9.16 | % | 10.62 | % | 9.12 | % | 8.26 | % | 10.96 | % |