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

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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.