2022 Third Quarter Financial Highlights:
- Net income increased to
$187 thousand , or$0.11 per share, in the third quarter of 2022, with net interest income of$1.48 million . - Total assets remained steady at
$186.2 million . - Total loans grew by 0.8% in the third quarter and 12.4% from prior year.
- Total deposits decreased 5.0% in the third quarter 2022, and increased 5.3% compared to the prior year.
- Nonperforming assets to total assets improved to 0.36%.
In the third quarter of 2022, the Company generated a return on common shareholders' equity of 6.02% and a return on assets of 0.40%, compared to 5.15% and 0.35%, respectively, in the third quarter of 2021. Year-to-date, return on common shareholders' equity was 4.21%, and return on assets was 0.28%, compared to 3.75% and 0.26%, respectively, in the same period a year earlier.
“We continue to generate positive operating results during the current quarter, reflecting the dedicated effort put forth by all of our employees to meet the needs of our community,” said
The Company’s net interest margin was 3.35% for the third quarter of 2022, compared to 3.28% for the preceding quarter, and 3.66% for the third quarter of 2021. “Higher yields on earning assets contributed to net interest margin expansion during the quarter,” said Darrow. “The diversified mix of our deposit portfolio is allowing us to maintain a disciplined deposit pricing approach.” For the first nine months of 2022, the net interest margin was 3.20%, compared to 3.60% for the first nine months of 2021. Excluding PPP fees, the net interest margin expanded 50 basis points in the first nine months of 2022, compared to 2.70% in the first nine months of 2021.
Total assets were
Total deposits increased 5.3% to
At
Total non-interest income was
Total noninterest expense was
Capital ratios continue to exceed regulatory requirements, with total risk-based capital substantially above well-capitalized regulatory requirements. Tangible book value per share was
About Liberty Northwest Bancorp, Inc.
Forfurtherdiscussion,pleasecontactthefollowing:
Rick Darrow, Chief Executive Officer | 360-394-4750
Forward-Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe
STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||
Quarter Ended 2022 | Quarter Ended 2022 | Three Month Change | Quarter Ended 2021 | One Year Change | ||||||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||||||
Loans | $ | 1,567 | $ | 1,508 | 4 | % | $ | 1,651 | -5 | % | ||||||||||||||||||||
Interest bearing deposits in banks | 22 | 16 | 36 | % | 8 | 168 | % | |||||||||||||||||||||||
Securities | 102 | 90 | 13 | % | 65 | 58 | % | |||||||||||||||||||||||
Total interest income | 1,692 | 1,614 | 5 | % | 1,724 | -2 | % | |||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||
Deposits | 105 | 74 | 41 | % | 49 | 114 | % | |||||||||||||||||||||||
Other Borrowings | 104 | 100 | 4 | % | 102 | 1 | % | |||||||||||||||||||||||
Total interest expense | 208 | 174 | 20 | % | 151 | 38 | % | |||||||||||||||||||||||
Net Interest Income | 1,483 | 1,441 | 3 | % | 1,573 | -6 | % | |||||||||||||||||||||||
Provision for Loan Losses | 60 | 75 | -20 | % | 15 | 300 | % | |||||||||||||||||||||||
Net interest income after provision for loan losses | 1,423 | 1,366 | 4 | % | 1,558 | -9 | % | |||||||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||||||||
Service charges on deposit accounts | 15 | 11 | 30 | % | 11 | 41 | % | |||||||||||||||||||||||
Other non-interest income | 28 | 25 | 13 | % | 89 | -68 | % | |||||||||||||||||||||||
Total non-interest income | 43 | 36 | 19 | % | 100 | -57 | % | |||||||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||||||||
Salaries and employee benefits | 694 | 683 | 2 | % | 956 | -27 | % | |||||||||||||||||||||||
Occupancy and equipment expenses | 142 | 141 | 0 | % | 149 | -5 | % | |||||||||||||||||||||||
Other operating expenses | 391 | 368 | 6 | % | 348 | 12 | % | |||||||||||||||||||||||
Total non-interest expenses | 1,227 | 1,193 | 3 | % | 1,453 | -16 | % | |||||||||||||||||||||||
Net Income Before Income Tax | 239 | 209 | 14 | % | 204 | 17 | % | |||||||||||||||||||||||
Provision for Income Tax | (52 | ) | (44 | ) | 19 | % | (43 | ) | 23 | % | ||||||||||||||||||||
Net Income | $ | 187 | $ | 165 | 13 | % | $ | 161 | 16 | % |
STATEMENTS OF INCOME (Unaudited) | |||||||||||
(Dollars in thousands) | |||||||||||
Year to Date 2022 | Year to Date 2021 | One Year Change | |||||||||
Interest Income | |||||||||||
Loans | $ | 4,421 | $ | 4,860 | -9 | % | |||||
Interest bearing deposits in banks | 49 | 20 | 149 | % | |||||||
Securities | 283 | 145 | 96 | % | |||||||
Total interest income | 4,753 | 5,024 | -5 | % | |||||||
Interest Expense | |||||||||||
Deposits | 239 | 141 | 69 | % | |||||||
Other Borrowings | 304 | 265 | 15 | % | |||||||
Total interest expense | 543 | 406 | 34 | % | |||||||
Net Interest Income | 4,210 | 4,618 | -9 | % | |||||||
Provision for Loan Losses | 150 | 85 | 76 | % | |||||||
Net interest income after provision for loan losses | 4,060 | 4,533 | -10 | % | |||||||
Non-Interest Income | |||||||||||
Service charges on deposit accounts | 39 | 31 | 26 | % | |||||||
Other non-interest income | 109 | 205 | -47 | % | |||||||
Total non-interest income | 148 | 236 | -37 | % | |||||||
Non-Interest Expense | |||||||||||
Salaries and employee benefits | 2,139 | 2,787 | -23 | % | |||||||
Occupancy and equipment expenses | 433 | 464 | -7 | % | |||||||
Other operating expenses | 1,145 | 1,071 | 7 | % | |||||||
Total non-interest expenses | 3,716 | 4,323 | -14 | % | |||||||
Net Income Before Income Tax | 497 | 450 | 11 | % | |||||||
Provision for Income Tax | (107 | ) | (94 | ) | 13 | % | |||||
Net Income | $ | 391 | $ | 355 | 10 | % |
BALANCE SHEETS (Unaudited) | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
2022 | 2022 | Three Month Change | 2021 | One Year Change | |||||||||||||||
Assets | |||||||||||||||||||
Cash and due from Banks | $ | 2,982 | $ | 4,381 | -32 | % | $ | 5,541 | -46 | % | |||||||||
Interest bearing deposits in banks | 4,470 | 4,524 | -1 | % | 17,198 | -74 | % | ||||||||||||
Securities | 23,620 | 24,769 | -5 | % | 24,902 | -5 | % | ||||||||||||
Loans | 147,497 | 146,375 | 1 | % | 131,180 | 12 | % | ||||||||||||
Allowance for loan losses | (1,190 | ) | (1,615 | ) | -26 | % | (1,210 | ) | -2 | % | |||||||||
Net Loans | 146,307 | 144,759 | 1 | % | 129,970 | 13 | % | ||||||||||||
Premises and fixed assets | 6,370 | 5,580 | 14 | % | 2,206 | 189 | % | ||||||||||||
Accrued Interest receivable | 630 | 618 | 2 | % | 593 | 6 | % | ||||||||||||
Intangible assets | 72 | 78 | -8 | % | 101 | -29 | % | ||||||||||||
Other assets | 1,704 | 1,316 | 30 | % | 1,128 | 51 | % | ||||||||||||
Total Assets | $ | 186,154 | $ | 186,026 | 0 | % | $ | 181,639 | 2 | % | |||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Deposits | |||||||||||||||||||
Demand, non-interest bearing | $ | 50,162 | $ | 52,799 | -5 | % | $ | 60,569 | -17 | % | |||||||||
Interest Bearing Demand | 37,940 | 38,042 | 0 | % | 18,700 | 103 | % | ||||||||||||
Money Market and Savings | 56,909 | 59,974 | -5 | % | 60,256 | -6 | % | ||||||||||||
Certificates of Deposit | 11,302 | 13,700 | -18 | % | 8,961 | 26 | % | ||||||||||||
Total Deposits | 156,313 | 164,516 | -5 | % | 148,486 | 5 | % | ||||||||||||
Total Borrowing | 17,392 | 8,884 | 96 | % | 19,938 | -13 | % | ||||||||||||
Accrued interest payable | 3 | 72 | -96 | % | 145 | -98 | % | ||||||||||||
Other liabilities | 341 | 348 | -2 | % | 551 | -38 | % | ||||||||||||
Total Liabilities | 174,048 | 173,820 | 0 | % | 169,121 | 3 | % | ||||||||||||
Shareholders' Equity | |||||||||||||||||||
Common Stock | 1,633 | 1,627 | 0 | % | 1,626 | 0 | % | ||||||||||||
Additional paid in capital | 13,008 | 13,004 | 0 | % | 12,826 | 1 | % | ||||||||||||
Retained Earnings | (1,676 | ) | (1,863 | ) | (1,931 | ) | |||||||||||||
Other Comprehensive Income | (859 | ) | (562 | ) | 53 | % | (3 | ) | 29056 | % | |||||||||
Total Shareholders' Equity | 12,106 | 12,206 | -1 | % | 12,518 | -3 | % | ||||||||||||
Total Liabilities and Shareholders' Equity | $ | 186,154 | $ | 186,026 | 0 | % | $ | 181,639 | 2 | % |
2022 | 2022 | 2021 | YTD 2022 | YTD 2021 | |||||||||||||||
Financial Ratios | |||||||||||||||||||
Return on Average Assets | 0.40 | % | 0.35 | % | 0.35 | % | 0.28 | % | 0.26 | % | |||||||||
Return on Average Equity | 6.02 | % | 5.39 | % | 5.15 | % | 4.21 | % | 3.75 | % | |||||||||
Efficiency Ratio | 80.4 | % | 80.8 | % | 86.9 | % | 85.3 | % | 89.0 | % | |||||||||
Net Interest Margin | 3.35 | % | 3.28 | % | 3.66 | % | 3.20 | % | 3.60 | % | |||||||||
Loan to Deposits | 93.6 | % | 89.0 | % | 88.3 | % | |||||||||||||
Earnings per Share | 0.11 | 0.10 | 0.10 | 0.24 | 0.22 | ||||||||||||||
Tangible Book Value per Share | 7.40 | 7.45 | 7.64 | ||||||||||||||||
Book Value per Share | 7.44 | 7.50 | 7.68 | ||||||||||||||||
Asset Quality | |||||||||||||||||||
Net Loan Charge-offs (recoveries) | $ | 485 | - | - | |||||||||||||||
Nonperforming Loans | $ | 670 | 1,167 | 0 | |||||||||||||||
Nonperforming Assets to Total Assets | 0.36 | % | 0.63 | % | 0.00 | % | |||||||||||||
Allowance for Loan Losses to Total Loans | 0.81 | % | 1.10 | % | 0.92 | % | |||||||||||||
Other Real Estate Owned | $ | - | - | - | |||||||||||||||
CAPITAL (Bank only) | |||||||||||||||||||
Tier 1 leverage ratio | 9.08 | % | 8.60 | % | 9.38 | % | |||||||||||||
Tier 1 risk-based capital ratio | 13.46 | % | 13.00 | % | 15.09 | % | |||||||||||||
Total risk-based capital ratio | 14.42 | % | 14.25 | % | 16.26 | % | |||||||||||||
Source:
2022 GlobeNewswire, Inc., source