STATEMENT OF INCOME AND PERFORMANCE HIGHLIGHT (Unaudited) - Table 1
(Dollars in thousands, except per share amounts) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December, 31 | September 30, | $ | % | December, 31 | $ | % | December, 31 | December, 31 | $ | % | |||||||||
2021 | 2021 | Change | Change | 2020 | Change | Change | 2021 | 2020 | Change | Change | |||||||||
Interest income | $ | 17,553 | $ | 17,437 | $ | 116 | 0.7% | $ | 13,613 | $ | 3,940 | 28.9% | $ | 64,285 | $ | 54,504 | $ | 9,781 | 17.9% |
Interest expense | 1,265 | 1,337 | (72) | (5.4%) | 1,830 | (565) | (30.9%) | 5,493 | 11,711 | (6,218) | (53.1%) | ||||||||
Net interest income | 16,288 | 16,100 | 188 | 1.2% | 11,783 | 4,505 | 38.2% | 58,792 | 42,793 | 15,999 | 37.4% | ||||||||
Provision for loan losses | (800) | - | (800) | (100.0%) | 1,600 | (2,400) | (150.0%) | (300) | 5,500 | (5,800) | (105.5%) | ||||||||
Net interest income after provision for loan losses | 17,088 | 16,100 | 988 | 6.1% | 10,183 | 6,905 | 67.8% | 59,092 | 37,293 | 21,799 | 58.5% | ||||||||
Gain on sale of loans | 4,151 | 4,305 | (154) | (3.6%) | 1,484 | 2,667 | 179.7% | 14,900 | 4,594 | 10,306 | 224.3% | ||||||||
Gain (loss) on sale of OREO | - | - | - | - | - | - | - | - | 3 | (3) | (100.0%) | ||||||||
SBA servicing fee income, net | 683 | 698 | (15) | (2.1%) | 701 | (18) | (2.6%) | 2,850 | 2,759 | 91 | 3.3% | ||||||||
Reversal of valuation allowance on servicing assets | - | - | - | - | 894 | (894) | (100.0%) | - | 894 | (894) | (100.0%) | ||||||||
Service charges and other income | 499 | 540 | (41) | (7.6%) | 364 | 135 | 37.1% | 1,813 | 1,396 | 417 | 29.9% | ||||||||
Noninterest income | 5,333 | 5,543 | (210) | (3.8%) | 3,443 | 1,890 | 54.9% | 19,563 | 9,646 | 9,917 | 102.8% | ||||||||
Salaries and employee benefits | 6,614 | 6,500 | 114 | 1.8% | 5,477 | 1,137 | 20.8% | 23,967 | 20,744 | 3,223 | 15.5% | ||||||||
Occupancy and equipment | 1,028 | 1,067 | (39) | (3.7%) | 936 | 92 | 9.8% | 4,019 | 3,763 | 256 | 6.8% | ||||||||
Marketing expense | 111 | 287 | (176) | (61.3%) | 133 | (22) | (16.5%) | 994 | 1,135 | (141) | (12.4%) | ||||||||
Professional expense | 368 | 495 | (127) | (25.7%) | 478 | (110) | (23.0%) | 1,809 | 1,916 | (107) | (5.6%) | ||||||||
Merger related expense | 454 | 450 | 4 | 0.9% | - | 454 | 100.0% | 2,185 | 98 | 2,087 | 2129.6% | ||||||||
Other expenses | 2,850 | 1,807 | 1,043 | 57.7% | 1,369 | 1,481 | 108.2% | 7,313 | 5,200 | 2,113 | 40.6% | ||||||||
Noninterest expense | 11,425 | 10,606 | 819 | 7.7% | 8,393 | 3,032 | 36.1% | 40,287 | 32,856 | 7,431 | 22.6% | ||||||||
Income before income tax expense | 10,996 | 11,037 | (41) | (0.4%) | 5,233 | 5,763 | 110.1% | 38,368 | 14,083 | 24,285 | 172.4% | ||||||||
Income tax expense | 2,984 | 3,156 | (172) | (5.4%) | 1,519 | 1,465 | 96.4% | 10,838 | 4,202 | 6,636 | 157.9% | ||||||||
Net income | $ | 8,012 | $ | 7,881 | $ | 131 | 1.7% | $ | 3,714 | $ | 4,298 | 115.7% | $ | 27,530 | $ | 9,881 | $ | 17,649 | 178.6% |
Effective tax rate | 27.1% | 28.6% | (1.5%) | (5.1%) | 29.0% | (1.9%) | (6.5%) | 28.2% | 29.8% | (1.6%) | (5.3%) | ||||||||
Outstanding number of shares | 10,284,962 | 10,284,962 | - | - | 10,247,292 | 37,670 | 0.4% | 10,284,962 | 10,247,292 | 37,670 | 0.4% | ||||||||
Weighted average shares for basic EPS | 10,284,962 | 10,280,016 | 4,946 | 0.0% | 10,247,292 | 37,670 | 0.4% | 10,268,940 | 10,238,237 | 30,703 | 0.3% | ||||||||
Weighted average shares for diluted EPS | 10,424,771 | 10,427,687 | (2,916) | (0.0%) | 10,285,410 | 139,361 | 1.4% | 10,389,885 | 10,291,209 | 98,676 | 1.0% | ||||||||
Basic EPS | $ | 0.78 | $ | 0.77 | $ | 0.01 | 1.3% | $ | 0.36 | $ | 0.42 | 116.7% | $ | 2.68 | $ | 0.97 | $ | 1.71 | 176.3% |
Diluted EPS | $ | 0.77 | $ | 0.75 | $ | 0.02 | 2.7% | $ | 0.36 | $ | 0.41 | 113.9% | $ | 2.65 | $ | 0.96 | $ | 1.69 | 176.0% |
Return on average assets | 1.68% | 1.73% | (0.05%) | (2.9%) | 1.07% | 0.61% | 57.0% | 1.68% | 0.77% | 0.91% | 118.2% | ||||||||
Return on average equity | 17.54% | 17.87% | (0.33%) | (1.9%) | 9.32% | 8.22% | 88.2% | 15.98% | 6.41% | 9.57% | 149.3% | ||||||||
Efficiency ratio¹ | 52.84% | 49.00% | 3.84% | 7.8% | 55.12% | (2.28%) | (4.1%) | 51.42% | 62.66% | (11.24%) | (17.9%) | ||||||||
Yield on interest-earning assets² | 3.76% | 3.92% | (0.16%) | (4.1%) | 4.01% | (0.25%) | (6.2%) | 4.01% | 4.34% | (0.33%) | (7.6%) | ||||||||
Cost of funds | 0.30% | 0.33% | (0.03%) | (9.1%) | 0.60% | (0.30%) | (50.0%) | 0.38% | 1.04% | (0.66%) | (63.5%) | ||||||||
Net interest margin² | 3.49% | 3.62% | (0.13%) | (3.6%) | 3.48% | 0.01% | 0.3% | 3.67% | 3.41% | 0.26% | 7.6% |
- Represents the ratio of noninterest expense less other real estate owned operations to the sum of net interest income before provision for credit losses and total noninterest income, less gains/(loss) on sale of securities, other-than-temporary impairment recovery/(loss) on investment securities and gain/(loss) from other real estate owned.
- Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate
BALANCE SHEET, CAPITAL AND OTHER DATA (Unaudited) - Table 2
(Dollars in thousands)
December, 31 | September 30, | $ | % | December, 31 | $ | % | ||||||
2021 | 2021 | Change | Change | 2020 | Change | Change | ||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 7,702 | $ | 11,621 | $ | (3,919) | (33.7%) | $ | 8,750 | $ | (1,048) | (12.0%) |
Interest-earning deposits at the FRB and other banks | 284,583 | 386,087 | (101,504) | (26.3%) | 153,908 | 130,675 | 84.9% | |||||
Investment securities¹ | 84,238 | 86,440 | (2,202) | (2.5%) | 85,914 | (1,676) | (2.0%) | |||||
Loans held-for-sale, at the lower of cost or fair value | 158,128 | 136,394 | 21,734 | 15.9% | 59,077 | 99,051 | 167.7% | |||||
Loans receivable | 1,241,319 | 1,255,814 | (14,495) | (1.2%) | 1,043,662 | 197,657 | 18.9% | |||||
Allowance for loan losses | (14,192) | (15,000) | 808 | 5.4% | (14,366) | 174 | 1.2% | |||||
Loans receivable, net | 1,227,127 | 1,240,814 | (13,687) | (1.1%) | 1,029,296 | 197,831 | 19.2% | |||||
OREO | - | - | - | - | - | - | - | |||||
Restricted stock investments | 8,850 | 8,850 | - | - | 8,196 | 654 | 8.0% | |||||
Servicing assets | 10,632 | 10,392 | 240 | 2.3% | 9,873 | 759 | 7.7% | |||||
Goodwill | 2,185 | 2,269 | (84) | (3.7%) | - | 2,185 | 100.0% | |||||
Intangible assets | 360 | 375 | (15) | (4.0%) | - | 360 | 100.0% | |||||
Other assets | 24,996 | 25,859 | (863) | (3.3%) | 20,233 | 4,763 | 23.5% | |||||
Total assets | $ | 1,808,801 | $ | 1,909,101 | $ | (100,300) | (5.3%) | $ | 1,375,247 | $ | 433,554 | 31.5% |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Noninterest-bearing | $ | 619,774 | $ | 670,489 | $ | (50,715) | (7.6%) | $ | 335,219 | $ | 284,555 | 84.9% |
Interest-bearing | 938,338 | 995,574 | (57,236) | (5.7%) | 763,906 | 174,432 | 22.8% | |||||
Total deposits | 1,558,112 | 1,666,063 | (107,951) | (6.5%) | 1,099,125 | 458,987 | 41.8% | |||||
FHLB advances and other borrowing | 50,000 | 50,000 | - | - | 105,000 | (55,000) | (52.4%) | |||||
Other liabilities | 15,447 | 14,719 | 728 | 4.9% | 11,145 | 4,302 | 38.6% | |||||
Total liabilities | 1,623,559 | 1,730,782 | (107,223) | (6.2%) | 1,215,270 | 408,289 | 33.6% | |||||
Stockholders' Equity | 185,242 | 178,319 | 6,923 | 3.9% | 159,977 | 25,265 | 15.8% | |||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 1,808,801 | $ | 1,909,101 | $ | (100,300) | (5.3%) | $ | 1,375,247 | $ | 433,554 | 31.5% |
CAPITAL RATIOS | ||||||||||||
Leverage ratio | ||||||||||||
Company | 9.55% | 9.61% | (0.06%) | (0.6%) | 11.56% | (2.01%) | (17.4%) | |||||
Bank | 9.55% | 9.60% | (0.05%) | (0.5%) | 11.54% | (1.99%) | (17.3%) | |||||
Common equity tier 1 risk-based capital ratio | ||||||||||||
Company | 13.84% | 13.61% | 0.23% | 1.7% | 15.01% | (1.17%) | (7.8%) | |||||
Bank | 13.83% | 13.59% | 0.24% | 1.7% | 14.97% | (1.14%) | (7.6%) | |||||
Tier 1 risk-based capital ratio | ||||||||||||
Company | 13.84% | 13.61% | 0.23% | 1.7% | 15.01% | (1.17%) | (7.8%) | |||||
Bank | 13.83% | 13.59% | 0.24% | 1.7% | 14.97% | (1.14%) | (7.6%) | |||||
Total risk-based capital ratio | ||||||||||||
Company | 14.99% | 14.86% | 0.13% | 0.9% | 16.26% | (1.27%) | (7.8%) | |||||
Bank | 14.98% | 14.84% | 0.14% | 1.0% | 16.22% | (1.24%) | (7.7%) | |||||
Tangibel common equity per share | $ | 17.76 | $ | 17.08 | $ | 0.68 | 4.0% | $ | 15.61 | $ | 2.15 | 13.8% |
Loan-to-Deposit (LTD) ratio | 79.67% | 75.38% | 4.29% | 5.7% | 94.95% | (15.28%) | (16.1%) | |||||
Nonperforming assets | $ | 747 | $ | 768 | $ | (21) | (2.7%) | $ | 2,361 | $ | (1,614) | (68.4%) |
Nonperforming assets as a % of loans receivable | 0.06% | 0.06% | - | - | 0.23% | (0.17%) | (73.9%) | |||||
ALLL as a % of loans receivable | 1.14% | 1.19% | (0.05%) | (4.2%) | 1.38% | (0.24%) | (17.4%) | |||||
ALLL as a % of loans receivable exc. SBA PPP loans | 1.18% | 1.26% | (0.08%) | (6.3%) | 1.51% | (0.33%) | (21.9%) |
- Includes AFS and HTM
FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3
(Dollars in thousands, except per share amounts)
Three Months Ended | ||||||||||
December, 31 | September 30, | June 30, | March, 31 | December, 31 | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Interest income | $ | 17,553 | $ | 17,437 | $ | 14,923 | $ | 14,372 | $ | 13,613 |
Interest expense | 1,265 | 1,337 | 1,358 | 1,533 | 1,830 | |||||
Net interest income | 16,288 | 16,100 | 13,565 | 12,839 | 11,783 | |||||
Provision for loan losses | (800) | - | - | 500 | 1,600 | |||||
Net interest income after provision for loan losses | 17,088 | 16,100 | 13,565 | 12,339 | 10,183 | |||||
Gain on sale of loans | 4,151 | 4,305 | 3,988 | 2,456 | 1,484 | |||||
Gain (loss) on sale of OREO | - | - | - | - | - | |||||
SBA servicing fee income, net | 683 | 698 | 622 | 847 | 701 | |||||
Reversal of valuation allowance on servicing assets | - | - | - | - | 894 | |||||
Service charges and other income | 499 | 540 | 395 | 379 | 364 | |||||
Noninterest income | 5,333 | 5,543 | 5,005 | 3,682 | 3,443 | |||||
Salaries and employee benefits | 6,614 | 6,500 | 6,000 | 4,853 | 5,477 | |||||
Occupancy and equipment | 1,028 | 1,067 | 945 | 979 | 936 | |||||
Marketing expense | 111 | 287 | 309 | 287 | 133 | |||||
Professional expense | 368 | 495 | 491 | 455 | 478 | |||||
Merger related expense | 454 | 450 | 600 | 681 | 40 | |||||
Other expenses | 2,850 | 1,807 | 1,356 | 1,300 | 1,329 | |||||
Noninterest expense | 11,425 | 10,606 | 9,701 | 8,555 | 8,393 | |||||
Income before income tax expense | 10,996 | 11,037 | 8,869 | 7,466 | 5,233 | |||||
Income tax expense | 2,984 | 3,156 | 2,566 | 2,132 | 1,519 | |||||
Net income | $ | 8,012 | $ | 7,881 | $ | 6,303 | $ | 5,334 | $ | 3,714 |
Effective tax rate | 27.1% | 28.6% | 28.9% | 28.6% | 29.0% | |||||
Outstanding number of shares | 10,284,962 | 10,284,962 | 10,279,962 | 10,247,292 | 10,247,292 | |||||
Weighted average shares for basic EPS | 10,284,962 | 10,280,016 | 10,262,956 | 10,247,292 | 10,247,292 | |||||
Weighted average shares for diluted EPS | 10,424,771 | 10,427,687 | 10,392,427 | 10,300,518 | 10,285,410 | |||||
Basic EPS | $ | 0.78 | $ | 0.77 | $ | 0.61 | $ | 0.52 | $ | 0.36 |
Diluted EPS | $ | 0.77 | $ | 0.75 | $ | 0.61 | $ | 0.52 | $ | 0.36 |
FIVE-QUARTER SALARIES BENEFIT METRICS (Unaudited) - Table 4
(Dollars in thousands)
At or for the Three Months Ended | ||||||||||
December, 31 | September 30, | June 30, | March, 31 | December, 31 | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Salaries and benefits | $ | 6,614 | $ | 6,500 | $ | 6,000 | $ | 4,853 | $ | 5,477 |
FTE at the end of period | 205 | 200 | 183 | 186 | 183 | |||||
Average FTE during the period | 201 | 202 | 182 | 187 | 184 | |||||
Salaries and benefits/average FTE¹ | $ | 131 | $ | 127 | $ | 132 | $ | 105 | $ | 118 |
Salaries and benefits/average assets¹ | 1.39% | 1.43% | 1.33% | 1.44% | 1.58% | |||||
Noninterest expense/average assets¹ | 2.40% | 2.33% | 2.16% | 2.34% | 2.42% |
- Annualized
FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5
(Dollars in thousands)
December, 31 | September 30, | June 30, | March, 31 | December, 31 | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 7,702 | $ | 11,621 | $ | 10,509 | $ | 9,215 | $ | 8,750 |
Interest-earning deposits at the FRB and other banks | 284,583 | 386,087 | 240,932 | 129,713 | 153,908 | |||||
Investment securities¹ | 84,238 | 86,440 | 82,354 | 83,409 | 85,914 | |||||
Loans held-for-sale, at the lower of cost or fair value | 158,128 | 136,394 | 96,554 | 76,066 | 59,077 | |||||
Loans receivable | 1,241,319 | 1,255,814 | 1,133,371 | 1,113,629 | 1,043,662 | |||||
Allowance for loan losses | (14,192) | (15,000) | (14,908) | (14,888) | (14,366) | |||||
Loans receivable, net | 1,227,127 | 1,240,814 | 1,118,463 | 1,098,741 | 1,029,296 | |||||
OREO | - | - | - | - | - | |||||
Restricted stock investments | 8,850 | 8,850 | 8,850 | 8,196 | 8,196 | |||||
Servicing assets | 10,632 | 10,392 | 10,189 | 10,000 | 9,873 | |||||
Goodwill | 2,185 | 2,269 | - | - | - | |||||
Intangible assets | 360 | 375 | - | - | - | |||||
Other assets | 24,996 | 25,859 | 45,071 | 21,431 | 20,233 | |||||
Total assets | $ | 1,808,801 | $ | 1,909,101 | $ | 1,612,922 | $ | 1,436,771 | $ | 1,375,247 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Noninterest-bearing | $ | 619,774 | $ | 670,489 | $ | 572,284 | $ | 408,738 | $ | 335,219 |
Interest-bearing | 938,338 | 995,574 | 806,397 | 782,778 | 763,906 | |||||
Total deposits | 1,558,112 | 1,666,063 | 1,378,681 | 1,191,516 | 1,099,125 | |||||
FHLB advances | 50,000 | 50,000 | 50,000 | 65,000 | 105,000 | |||||
Other liabilities | 15,447 | 14,719 | 13,026 | 15,170 | 11,145 | |||||
Total liabilities | 1,623,559 | 1,730,782 | 1,441,707 | 1,271,686 | 1,215,270 | |||||
Stockholders' Equity | 185,242 | 178,319 | 171,215 | 165,085 | 159,977 | |||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 1,808,801 | $ | 1,909,101 | $ | 1,612,922 | $ | 1,436,771 | $ | 1,375,247 |
¹ Includes AFS and HTM
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
CBB Bancorp Inc. published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 22:40:13 UTC.