Net Income of
Net Interest Margin Expanded
to the Same Quarter Last Year
Loans Held for Investment Increased 11% from
Total Deposits Decreased 1% from
Strong Asset Quality with Non-Performing Assets to Total Assets Ratio of 0.08%
Non-Interest Expenses Remained Well-Controlled
For the quarter ended
“We are pleased with our recent financial results and the growth of the Company. Loans held for investment are expanding, net interest income is increasing, the net interest margin is stable and operating expenses are well-controlled,” said
Return on average assets for the second quarter of fiscal 2023 was 0.75 percent, down slightly from 0.76 percent for the same period of fiscal 2022; but return on average stockholders’ equity for the second quarter of fiscal 2023 was 7.27 percent, up from 7.11 percent for the comparable period of fiscal 2022.
On a sequential quarter basis, the
For the six months ended
In the second quarter of fiscal 2023, net interest income increased
Interest income on loans receivable increased by
Interest income from investment securities increased
In the second quarter of fiscal 2023, the
Interest income from interest-earning deposits, primarily cash deposited at the
Interest expense on deposits for the second quarter of fiscal 2023 was
Transaction account balances or “core deposits” decreased
Interest expense on borrowings, consisting of FHLB –
During the second quarter of fiscal 2023, the Company recorded a provision for loan losses of
Non-performing assets, comprised solely of non-performing loans with underlying collateral located in
Classified assets were
The allowance for loan losses was
Non-interest income decreased by
Non-interest expenses decreased by
The Company’s efficiency ratio, defined as non-interest expense divided by the sum of net interest income and non-interest income, in the second quarter of fiscal 2023 was 65.74 percent, improving from 76.39 percent in the same quarter last year and 69.63 percent in the first quarter of fiscal 2023 (sequential quarter). The improvement in the efficiency ratio is due to both lower non-interest expenses and higher total revenues during the current quarter, compared to the comparable quarter last year and the sequential quarter.
The Company’s provision for income taxes was
The Company repurchased 103,290 shares of its common stock with an average cost of
The Bank currently operates 13 retail/business banking offices in
The Company will host a conference call for institutional investors and bank analysts on
For more financial information about the Company please visit the website at www.myprovident.com and click on the “Investor Relations” section.
Safe-Harbor Statement
This press release contains statements that the Company believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Company’s financial condition, liquidity, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements include, but are not limited to potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of
Contacts:
Craig G. Blunden
Chairman and
Chief Executive Officer
President, Chief Operating Officer
and Chief Financial Officer
(951) 686-6060
Condensed Consolidated Statements of Financial Condition
(Unaudited –In Thousands, Except Share Information)
2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 24,840 | $ | 38,701 | $ | 23,414 | $ | 60,121 | $ | 85,680 | ||||||||||
Investment securities – held to maturity, at cost | 168,232 | 176,162 | 185,745 | 195,579 | 205,065 | |||||||||||||||
Investment securities - available for sale, at fair value | 2,377 | 2,517 | 2,676 | 2,944 | 3,118 | |||||||||||||||
Loans held for investment, net of allowance for loan losses of | 1,040,337 | 993,942 | 939,992 | 893,563 | 852,006 | |||||||||||||||
Accrued interest receivable | 3,343 | 3,054 | 2,966 | 2,850 | 2,862 | |||||||||||||||
FHLB – | 8,239 | 8,239 | 8,239 | 8,155 | 8,155 | |||||||||||||||
Premises and equipment, net | 8,911 | 8,707 | 8,826 | 8,957 | 8,942 | |||||||||||||||
Prepaid expenses and other assets | 14,763 | 14,593 | 15,180 | 15,665 | 16,577 | |||||||||||||||
Total assets | $ | 1,271,042 | $ | 1,245,915 | $ | 1,187,038 | $ | 1,187,834 | $ | 1,182,405 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Non interest-bearing deposits | $ | 108,891 | $ | 123,314 | $ | 125,089 | $ | 117,097 | $ | 112,022 | ||||||||||
Interest-bearing deposits | 836,411 | 862,010 | 830,415 | 846,403 | 844,326 | |||||||||||||||
Total deposits | 945,302 | 985,324 | 955,504 | 963,500 | 956,348 | |||||||||||||||
Borrowings | 180,000 | 115,000 | 85,000 | 80,000 | 80,000 | |||||||||||||||
Accounts payable, accrued interest and other liabilities | 16,499 | 16,402 | 17,884 | 16,717 | 18,123 | |||||||||||||||
Total liabilities | 1,141,801 | 1,116,726 | 1,058,388 | 1,060,217 | 1,054,471 | |||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Preferred stock, | — | — | — | — | — | |||||||||||||||
Common stock, | 183 | 183 | 183 | 183 | 183 | |||||||||||||||
Additional paid-in capital | 98,732 | 98,559 | 98,826 | 98,617 | 98,404 | |||||||||||||||
Retained earnings | 205,117 | 203,750 | 202,680 | 201,237 | 200,569 | |||||||||||||||
(174,758 | ) | (173,286 | ) | (173,041 | ) | (172,459 | ) | (171,280 | ) | |||||||||||
Accumulated other comprehensive income, net of tax | (33 | ) | (17 | ) | 2 | 39 | 58 | |||||||||||||
Total stockholders’ equity | 129,241 | 129,189 | 128,650 | 127,617 | 127,934 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,271,042 | $ | 1,245,915 | $ | 1,187,038 | $ | 1,187,834 | $ | 1,182,405 |
Condensed Consolidated Statements of Operations
(Unaudited - In Thousands, Except Earnings Per Share)
Quarter Ended | Six Months Ended | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Interest income: | ||||||||||||||||
Loans receivable, net | $ | 10,237 | $ | 7,920 | $ | 19,337 | $ | 16,095 | ||||||||
Investment securities | 548 | 433 | 1,084 | 851 | ||||||||||||
FHLB – | 145 | 123 | 268 | 245 | ||||||||||||
Interest-earning deposits | 241 | 35 | 380 | 66 | ||||||||||||
Total interest income | 11,171 | 8,511 | 21,069 | 17,257 | ||||||||||||
Interest expense: | ||||||||||||||||
Checking and money market deposits | 61 | 58 | 121 | 115 | ||||||||||||
Savings deposits | 44 | 45 | 88 | 86 | ||||||||||||
Time deposits | 370 | 199 | 583 | 414 | ||||||||||||
Borrowings | 1,311 | 546 | 1,927 | 1,091 | ||||||||||||
Total interest expense | 1,786 | 848 | 2,719 | 1,706 | ||||||||||||
Net interest income | 9,385 | 7,663 | 18,350 | 15,551 | ||||||||||||
Provision (recovery) for loan losses | 191 | (1,067 | ) | 261 | (1,406 | ) | ||||||||||
Net interest income, after provision (recovery) for loan losses | 9,194 | 8,730 | 18,089 | 16,957 | ||||||||||||
Non-interest income: | ||||||||||||||||
Loan servicing and other fees | 115 | 444 | 223 | 630 | ||||||||||||
Deposit account fees | 327 | 325 | 670 | 637 | ||||||||||||
Card and processing fees | 367 | 399 | 748 | 804 | ||||||||||||
Other | 147 | 200 | 318 | 366 | ||||||||||||
Total non-interest income | 956 | 1,368 | 1,959 | 2,437 | ||||||||||||
Non-interest expense: | ||||||||||||||||
Salaries and employee benefits | 4,384 | 4,455 | 8,523 | 7,575 | ||||||||||||
Premises and occupancy | 796 | 758 | 1,657 | 1,663 | ||||||||||||
Equipment | 258 | 314 | 569 | 602 | ||||||||||||
Professional expenses | 310 | 348 | 902 | 809 | ||||||||||||
Sales and marketing expenses | 175 | 149 | 322 | 291 | ||||||||||||
Deposit insurance premiums and regulatory assessments | 139 | 136 | 274 | 273 | ||||||||||||
Other | 736 | 739 | 1,492 | 1,354 | ||||||||||||
Total non-interest expense | 6,798 | 6,899 | 13,739 | 12,567 | ||||||||||||
Income before income taxes | 3,352 | 3,199 | 6,309 | 6,827 | ||||||||||||
Provision for income taxes | 981 | 935 | 1,848 | 1,896 | ||||||||||||
Net income | $ | 2,371 | $ | 2,264 | $ | 4,461 | $ | 4,931 | ||||||||
Basic earnings per share | $ | 0.33 | $ | 0.30 | $ | 0.62 | $ | 0.66 | ||||||||
Diluted earnings per share | $ | 0.33 | $ | 0.30 | $ | 0.61 | $ | 0.65 | ||||||||
Cash dividends per share | $ | 0.14 | $ | 0.14 | $ | 0.28 | $ | 0.28 |
Condensed Consolidated Statements of Operations – Sequential Quarters
(Unaudited – In Thousands, Except Share Information)
Quarter Ended | ||||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||||||||
Interest income: | ||||||||||||||||||||
Loans receivable, net | $ | 10,237 | $ | 9,100 | $ | 8,485 | $ | 7,581 | $ | 7,920 | ||||||||||
Investment securities | 548 | 536 | 540 | 515 | 433 | |||||||||||||||
FHLB – | 145 | 123 | 121 | 123 | 123 | |||||||||||||||
Interest-earning deposits | 241 | 139 | 69 | 39 | 35 | |||||||||||||||
Total interest income | 11,171 | 9,898 | 9,215 | 8,258 | 8,511 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Checking and money market deposits | 61 | 60 | 51 | 54 | 58 | |||||||||||||||
Savings deposits | 44 | 44 | 44 | 42 | 45 | |||||||||||||||
Time deposits | 370 | 213 | 160 | 178 | 199 | |||||||||||||||
Borrowings | 1,311 | 616 | 454 | 446 | 546 | |||||||||||||||
Total interest expense | 1,786 | 933 | 709 | 720 | 848 | |||||||||||||||
Net interest income | 9,385 | 8,965 | 8,506 | 7,538 | 7,663 | |||||||||||||||
Provision (recovery) for loan losses | 191 | 70 | (411 | ) | (645 | ) | (1,067 | ) | ||||||||||||
Net interest income, after provision (recovery) for loan losses | 9,194 | 8,895 | 8,917 | 8,183 | 8,730 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Loan servicing and other fees | 115 | 108 | 189 | 237 | 444 | |||||||||||||||
Deposit account fees | 327 | 343 | 336 | 329 | 325 | |||||||||||||||
Card and processing fees | 367 | 381 | 457 | 378 | 399 | |||||||||||||||
Other | 147 | 171 | 183 | 170 | 200 | |||||||||||||||
Total non-interest income | 956 | 1,003 | 1,165 | 1,114 | 1,368 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Salaries and employee benefits | 4,384 | 4,139 | 4,055 | 4,203 | 4,455 | |||||||||||||||
Premises and occupancy | 796 | 861 | 690 | 836 | 758 | |||||||||||||||
Equipment | 258 | 311 | 350 | 330 | 314 | |||||||||||||||
Professional expenses | 310 | 592 | 311 | 299 | 348 | |||||||||||||||
Sales and marketing expenses | 175 | 147 | 165 | 186 | 149 | |||||||||||||||
Deposit insurance premiums and regulatory assessments | 139 | 135 | 134 | 136 | 136 | |||||||||||||||
Other | 736 | 756 | 744 | 909 | 739 | |||||||||||||||
Total non-interest expense | 6,798 | 6,941 | 6,449 | 6,899 | 6,899 | |||||||||||||||
Income before income taxes | 3,352 | 2,957 | 3,633 | 2,398 | 3,199 | |||||||||||||||
Provision for income taxes | 981 | 867 | 1,170 | 699 | 935 | |||||||||||||||
Net income | $ | 2,371 | $ | 2,090 | $ | 2,463 | $ | 1,699 | $ | 2,264 | ||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.29 | $ | 0.34 | $ | 0.23 | $ | 0.30 | ||||||||||
Diluted earnings per share | $ | 0.33 | $ | 0.29 | $ | 0.34 | $ | 0.23 | $ | 0.30 | ||||||||||
Cash dividends per share | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 |
Financial Highlights
(Unaudited - Dollars in Thousands, Except Share Information)
As of and For the | |||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||||
Return on average assets | 0.75 | % | 0.76 | % | 0.72 | % | 0.82 | % | |||||
Return on average stockholders' equity | 7.27 | % | 7.11 | % | 6.85 | % | 7.75 | % | |||||
Stockholders’ equity to total assets | 10.17 | % | 10.82 | % | 10.17 | % | 10.82 | % | |||||
Net interest spread | 3.00 | % | 2.61 | % | 3.01 | % | 2.65 | % | |||||
Net interest margin | 3.05 | % | 2.64 | % | 3.05 | % | 2.67 | % | |||||
Efficiency ratio | 65.74 | % | 76.39 | % | 67.65 | % | 69.86 | % | |||||
Average interest-earning assets to average interest-bearing liabilities | 110.14 | % | 110.65 | % | 110.34 | % | 110.70 | % | |||||
SELECTED FINANCIAL DATA: | |||||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.30 | $ | 0.62 | $ | 0.66 | |||||
Diluted earnings per share | $ | 0.33 | $ | 0.30 | $ | 0.61 | $ | 0.65 | |||||
Book value per share | $ | 18.12 | $ | 17.31 | $ | 18.12 | $ | 17.31 | |||||
Shares used for basic EPS computation | 7,184,652 | 7,435,218 | 7,229,015 | 7,482,544 | |||||||||
Shares used for diluted EPS computation | 7,236,451 | 7,482,812 | 7,273,470 | 7,529,067 | |||||||||
Total shares issued and outstanding | 7,132,270 | 7,389,943 | 7,132,270 | 7,389,943 | |||||||||
LOANS ORIGINATED AND PURCHASED FOR INVESTMENT: | |||||||||||||
Mortgage Loans: | |||||||||||||
Single-family | $ | 57,079 | $ | 45,720 | $ | 114,128 | $ | 80,140 | |||||
Multi-family | 8,663 | 14,920 | 32,859 | 40,238 | |||||||||
Commercial real estate | 7,025 | 3,005 | 10,350 | 4,205 | |||||||||
Construction | 1,388 | 1,684 | 1,388 | 1,684 | |||||||||
Commercial business loans | 190 | — | 190 | — | |||||||||
Total loans originated and purchased for investment | $ | 74,345 | $ | 65,329 | $ | 158,915 | $ | 126,267 | |||||
Financial Highlights
(Unaudited - Dollars in Thousands, Except Share Information)
As of and For the | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 0.75 | % | 0.69 | % | 0.83 | % | 0.57 | % | 0.76 | % | ||||||
Return on average stockholders' equity | 7.27 | % | 6.42 | % | 7.72 | % | 5.33 | % | 7.11 | % | ||||||
Stockholders’ equity to total assets | 10.17 | % | 10.37 | % | 10.84 | % | 10.74 | % | 10.82 | % | ||||||
Net interest spread | 3.00 | % | 3.01 | % | 2.91 | % | 2.58 | % | 2.61 | % | ||||||
Net interest margin | 3.05 | % | 3.05 | % | 2.93 | % | 2.61 | % | 2.64 | % | ||||||
Efficiency ratio | 65.74 | % | 69.63 | % | 66.68 | % | 79.74 | % | 76.39 | % | ||||||
Average interest-earning assets to average interest-bearing liabilities | 110.14 | % | 110.56 | % | 110.51 | % | 110.79 | % | 110.65 | % | ||||||
SELECTED FINANCIAL DATA: | ||||||||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.29 | $ | 0.34 | $ | 0.23 | $ | 0.30 | ||||||
Diluted earnings per share | $ | 0.33 | $ | 0.29 | $ | 0.34 | $ | 0.23 | $ | 0.30 | ||||||
Book value per share | $ | 18.12 | $ | 17.85 | $ | 17.66 | $ | 17.43 | $ | 17.31 | ||||||
Average shares used for basic EPS | 7,184,652 | 7,273,377 | 7,291,046 | 7,357,989 | 7,435,218 | |||||||||||
Average shares used for diluted EPS | 7,236,451 | 7,310,490 | 7,323,138 | 7,412,516 | 7,482,812 | |||||||||||
Total shares issued and outstanding | 7,132,270 | 7,235,560 | 7,285,184 | 7,320,672 | 7,389,943 | |||||||||||
LOANS ORIGINATED AND PURCHASED FOR INVESTMENT: | ||||||||||||||||
Mortgage loans: | ||||||||||||||||
Single-family | $ | 57,079 | $ | 57,049 | $ | 62,908 | $ | 54,978 | $ | 45,720 | ||||||
Multi-family | 8,663 | 24,196 | 16,013 | 31,487 | 14,920 | |||||||||||
Commercial real estate | 7,025 | 3,325 | 6,971 | 7,011 | 3,005 | |||||||||||
Construction | 1,388 | — | — | 544 | 1,684 | |||||||||||
Commercial business loans | 190 | — | — | — | — | |||||||||||
Total loans originated and purchased for investment | $ | 74,345 | $ | 84,570 | $ | 85,892 | $ | 94,020 | $ | 65,329 |
Financial Highlights
(Unaudited - Dollars in Thousands)
As of | As of | As of | As of | As of | |||||||||||||
ASSET QUALITY RATIOS ANDDELINQUENT LOANS: | |||||||||||||||||
Recourse reserve for loans sold | $ | 160 | $ | 160 | $ | 160 | $ | 160 | $ | 160 | |||||||
Allowance for loan losses | $ | 5,830 | $ | 5,638 | $ | 5,564 | $ | 5,969 | $ | 6,608 | |||||||
Non-performing loans to loans held for investment, net | 0.09 | % | 0.10 | % | 0.15 | % | 0.22 | % | 0.33 | % | |||||||
Non-performing assets to total assets | 0.08 | % | 0.08 | % | 0.12 | % | 0.17 | % | 0.24 | % | |||||||
Allowance for loan losses to gross loans held for investment | 0.56 | % | 0.57 | % | 0.59 | % | 0.66 | % | 0.77 | % | |||||||
Net loan charge-offs (recoveries) to average loans receivable (annualized) | — | % | — | % | — | % | — | % | (0.12 | ) | % | ||||||
Non-performing loans | $ | 956 | $ | 964 | $ | 1,423 | $ | 1,996 | $ | 2,802 | |||||||
Loans 30 to 89 days delinquent | $ | 4 | $ | 1 | $ | 3 | $ | 2 | $ | 3 |
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
Recourse provision (recovery) for loans sold | $ | — | $ | — | $ | — | $ | — | $ | (40 | ) | |||||||||
Provision (recovery) for loan losses | $ | 191 | $ | 70 | $ | (411 | ) | $ | (645 | ) | $ | (1,067 | ) | |||||||
Net loan charge-offs (recoveries) | $ | (1 | ) | $ | (4 | ) | $ | (6 | ) | $ | (6 | ) | $ | (262 | ) |
As of | As of | As of | As of | As of | |||||||
REGULATORY CAPITAL RATIOS (BANK): | |||||||||||
Tier 1 leverage ratio | 9.55 | % | 9.74 | % | 10.47 | % | 10.27 | % | 10.02 | % | |
Common equity tier 1 capital ratio | 17.87 | % | 17.67 | % | 19.58 | % | 19.32 | % | 19.69 | % | |
Tier 1 risk-based capital ratio | 17.87 | % | 17.67 | % | 19.58 | % | 19.32 | % | 19.69 | % | |
Total risk-based capital ratio | 18.74 | % | 18.54 | % | 20.47 | % | 20.29 | % | 20.79 | % |
As of | |||||||||||||
2022 | 2021 | ||||||||||||
Balance | Rate(1) | Balance | Rate(1) | ||||||||||
INVESTMENT SECURITIES: | |||||||||||||
Held to maturity (at cost): | |||||||||||||
Certificates of deposit | $ | — | — | % | $ | 600 | 0.28 | % | |||||
713 | 3.60 | 1,237 | 0.60 | ||||||||||
163,612 | 1.40 | 203,228 | 1.26 | ||||||||||
3,907 | 2.20 | — | — | ||||||||||
Total investment securities held to maturity | $ | 168,232 | 1.43 | % | $ | 205,065 | 1.25 | % | |||||
Available for sale (at fair value): | |||||||||||||
$ | 1,533 | 2.48 | % | $ | 1,965 | 1.88 | % | ||||||
742 | 3.55 | 1,007 | 2.29 | ||||||||||
Private issue CMO | 102 | 3.02 | 146 | 2.53 | |||||||||
Total investment securities available for sale | $ | 2,377 | 2.84 | % | $ | 3,118 | 2.04 | % | |||||
Total investment securities | $ | 170,609 | 1.45 | % | $ | 208,183 | 1.26 | % |
(1) The interest rate described in the rate column is the weighted-average interest rate or yield of all instruments, which are included in the balance of the respective line item.
Financial Highlights
(Unaudited - Dollars in Thousands)
As of | |||||||||||||
2022 | 2021 | ||||||||||||
Balance | Rate(1) | Balance | Rate(1) | ||||||||||
LOANS HELD FOR INVESTMENT: | |||||||||||||
Single-family (1 to 4 units) | $ | 479,730 | 3.82 | % | $ | 290,245 | 3.17 | % | |||||
Multi-family (5 or more units) | 465,350 | 4.33 | 466,467 | 4.04 | |||||||||
Commercial real estate | 88,200 | 5.08 | 91,236 | 4.84 | |||||||||
Construction | 2,388 | 4.69 | 3,501 | 5.35 | |||||||||
Other mortgage | 112 | 5.25 | 134 | 5.25 | |||||||||
Commercial business | 1,358 | 9.21 | 362 | 5.58 | |||||||||
Consumer | 75 | 17.13 | 78 | 15.00 | |||||||||
Total loans held for investment | 1,037,213 | 4.17 | % | 852,023 | 3.84 | % | |||||||
Advance payments of escrows | 176 | 124 | |||||||||||
Deferred loan costs, net | 8,778 | 6,467 | |||||||||||
Allowance for loan losses | (5,830 | ) | (6,608 | ) | |||||||||
Total loans held for investment, net | $ | 1,040,337 | $ | 852,006 | |||||||||
Purchased loans serviced by others included above | $ | 10,876 | 3.86 | % | $ | 11,773 | 3.51 | % |
(1) The interest rate described in the rate column is the weighted-average interest rate or yield of all instruments, which are included in the balance of the respective line item.
As of | |||||||||||||
2022 | 2021 | ||||||||||||
Balance | Rate(1) | Balance | Rate(1) | ||||||||||
DEPOSITS: | |||||||||||||
Checking accounts – non interest-bearing | $ | 108,891 | — | % | $ | 112,022 | — | % | |||||
Checking accounts – interest-bearing | 331,132 | 0.04 | 349,747 | 0.04 | |||||||||
Savings accounts | 321,909 | 0.05 | 324,058 | 0.05 | |||||||||
Money market accounts | 39,807 | 0.20 | 38,838 | 0.16 | |||||||||
Time deposits | 143,563 | 1.18 | 131,683 | 0.60 | |||||||||
Total deposits | $ | 945,302 | 0.22 | % | $ | 956,348 | 0.12 | % | |||||
BORROWINGS: | |||||||||||||
Overnight | $ | — | — | % | $ | — | — | % | |||||
Three months or less | 95,000 | 4.52 | — | — | |||||||||
Over three to six months | 10,000 | 2.25 | — | — | |||||||||
Over six months to one year | 35,000 | 3.74 | 20,000 | 1.75 | |||||||||
Over one year to two years | 20,000 | 2.50 | 20,000 | 2.00 | |||||||||
Over two years to three years | 20,000 | 2.70 | 20,000 | 2.50 | |||||||||
Over three years to four years | — | — | 20,000 | 2.70 | |||||||||
Total borrowings | $ | 180,000 | 3.82 | % | $ | 80,000 | 2.24 | % |
(1) The interest rate described in the rate column is the weighted-average interest rate or cost of all instruments, which are included in the balance of the respective line item.
Financial Highlights
(Unaudited - Dollars in Thousands)
Quarter Ended | Quarter Ended | |||||||||||||
Balance | Rate(1) | Balance | Rate(1) | |||||||||||
SELECTED AVERAGE BALANCE SHEETS: | ||||||||||||||
Loans receivable, net | $ | 1,021,631 | 4.01 | % | $ | 854,270 | 3.71 | % | ||||||
Investment securities | 175,199 | 1.25 | 209,686 | 0.83 | ||||||||||
FHLB – | 8,239 | 7.04 | 8,155 | 6.03 | ||||||||||
Interest-earning deposits | 24,231 | 3.89 | 90,990 | 0.15 | ||||||||||
Total interest-earning assets | $ | 1,229,300 | 3.63 | % | $ | 1,163,101 | 2.93 | % | ||||||
Total assets | $ | 1,263,577 | $ | 1,196,804 | ||||||||||
Deposits | $ | 962,409 | 0.20 | % | $ | 962,116 | 0.12 | % | ||||||
Borrowings | 153,696 | 3.38 | 89,022 | 2.43 | ||||||||||
Total interest-bearing liabilities | $ | 1,116,105 | 0.63 | % | $ | 1,051,138 | 0.32 | % | ||||||
Total stockholders’ equity | $ | 130,453 | $ | 127,397 |
(1) The interest rate described in the rate column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item.
Six Months Ended | Six Months Ended | |||||||||||||
Balance | Rate(1) | Balance | Rate(1) | |||||||||||
SELECTED AVERAGE BALANCE SHEETS: | ||||||||||||||
Loans receivable, net | $ | 991,120 | 3.90 | % | $ | 853,505 | 3.77 | % | ||||||
Investment securities | 179,775 | 1.21 | 214,797 | 0.79 | ||||||||||
FHLB – | 8,239 | 6.51 | 8,155 | 6.01 | ||||||||||
Interest-earning deposits | 23,923 | 3.11 | 86,598 | 0.15 | ||||||||||
Total interest-earning assets | $ | 1,203,057 | 3.50 | % | $ | 1,163,055 | 2.97 | % | ||||||
Total assets | $ | 1,237,169 | $ | 1,195,781 | ||||||||||
Deposits | $ | 962,338 | 0.16 | % | $ | 957,216 | 0.13 | % | ||||||
Borrowings | 127,935 | 2.99 | 93,382 | 2.32 | ||||||||||
Total interest-bearing liabilities | $ | 1,090,273 | 0.49 | % | $ | 1,050,598 | 0.32 | % | ||||||
Total stockholders’ equity | $ | 130,309 | $ | 127,278 |
(1) The interest rate described in the rate column is the weighted-average interest rate or yield/cost of all instruments, which are included in the balance of the respective line item.
Financial Highlights
(Unaudited - Dollars in Thousands)
ASSET QUALITY:
As of | As of | As of | As of | As of | ||||||||||||||||
Loans on non-accrual status (excluding restructured loans): | ||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||
Single-family | $ | 242 | $ | 243 | $ | 701 | $ | 716 | $ | 745 | ||||||||||
Multi-family | — | — | — | 306 | 1,077 | |||||||||||||||
Total | 242 | 243 | 701 | 1,022 | 1,822 | |||||||||||||||
Accruing loans past due 90 days or more: | — | — | — | — | — | |||||||||||||||
Total | — | — | — | — | — | |||||||||||||||
Restructured loans on non-accrual status: | ||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||
Single-family | 714 | 721 | 722 | 974 | 980 | |||||||||||||||
Total | 714 | 721 | 722 | 974 | 980 | |||||||||||||||
Total non-performing loans(1) | 956 | 964 | 1,423 | 1,996 | 2,802 | |||||||||||||||
Real estate owned, net | — | — | — | — | — | |||||||||||||||
Total non-performing assets | $ | 956 | $ | 964 | $ | 1,423 | $ | 1,996 | $ | 2,802 |
(1) The non-performing loans balances are net of individually evaluated or collectively evaluated allowances, specifically attached to the individual loans.
Source:
2023 GlobeNewswire, Inc., source