FRESNO, Calif., Jan. 19, 2023 (GLOBE NEWSWIRE) — Communities First Monetary Company (the “Firm”) (OTCQX: CFST), the guardian firm of Fresno First Financial institution (the “Financial institution”), right this moment reported internet earnings elevated 41% to $7.62 million, or $2.42 per diluted share, for the fourth quarter of 2022 in comparison with $5.41 million, or $1.74 per diluted share, for the fourth quarter of 2021, and elevated 10% in comparison with $6.91 million, or $2.20 per diluted share, for the third quarter of 2022. For the 12 months ended December 31, 2022, internet earnings elevated 29% to $26.52 million, or $8.44 per diluted share, from $20.53 million, or $6.62 per diluted share, for 12 months ended December 31, 2021. All outcomes are unaudited.
“Fourth quarter 2022 outcomes capped a stellar 12 months for our Firm which delivered file earnings for each the fourth quarter and for the complete 12 months of 2022. Our efficiency was pushed by stable income progress supported by sturdy mortgage and deposit progress,” stated Steve Miller, President, and Chief Government Officer. “As we begin the brand new 12 months, we’re inspired by the momentum we’ve in-built our digital transformation and funds methods. Our continued success is instantly attributable to our distinctive workforce of bankers who concentrate on distinctive customer support and fostering stable consumer relationships.”
“Our service provider companies payment earnings grew by 118% propelling our complete payment earnings by 30% within the fourth quarter 2022, in comparison with the fourth quarter a 12 months in the past,” stated Miller. “In the course of the quarter, we prudently added $300,000 to our mortgage loss reserves. Our internet curiosity earnings, after the supply for mortgage losses, elevated by 34% from a 12 months in the past. On the identical time, we strategically bought a portion of our securities portfolio at a loss through the fourth quarter, changing them with increased yielding securities that we count on will outperform in all rate of interest situations sooner or later.”
“Our credit metrics remained sturdy, and internet charge-offs have been minimal through the fourth quarter. We consider our persistently sturdy underwriting and credit score danger administration practices put together us nicely for any change within the enterprise cycle,” stated Miller. “The vast majority of the delinquencies are bought Small Enterprise Administration (“SBA”) loans, that are 100% assured for principal and curiosity. As beforehand said, the SBA modified its fiscal switch agent in 2021, and we proceed to expertise delays in funds.” The allowance for mortgage losses was at 1.17% to complete loans, and 1.29% of complete loans, much less authorities assured balances, at December 31, 2022.
“Within the first quarter 2023, we will likely be adopting CECL (Present Anticipated Credit score Losses) requirements,” stated Miller. “Primarily based on our preliminary modeling, present reserve ranges, and powerful credit score high quality, we don’t anticipate any opposed impact from a conversion to the CECL methodology.”
Return on common fairness (“ROAE”) was 34.86%, return on common belongings (“ROAA”) was 2.41% and the effectivity ratio was 38.99% for the fourth quarter. Internet curiosity margin improved to 4.98% for the fourth quarter and 4.54% for the complete 12 months 2022, whereas curiosity earnings was increased by 37% from a 12 months earlier. Complete belongings elevated 20% year-over-year to $1.29 billion at December 31, 2022, in comparison with $1.08 billion at December 31, 2021.
Fourth Quarter 2022 Highlights: As of, or for the quarter ended December 31, 2022, in comparison with the quarter ended December 31, 2021:
-
Pre-tax, pre-provision earnings elevated 39% to $10.38 million.
-
Internet earnings grew 41% to $7.62 million, or $2.42 per diluted share.
-
Return on common fairness (“ROAE”) elevated 39% to 34.86%.
-
Return on common belongings (“ROAA”) elevated 21% to 2.41%.
-
Gross income (internet curiosity earnings, earlier than the supply for mortgage losses, plus non-interest earnings) elevated 36% to $17.21 million.
-
Complete belongings grew 20% to $1.29 billion.
-
Complete portfolio loans grew 16% to $845.46 million.
-
Complete deposits elevated 15% to $1.08 billion.
-
Shareholder fairness was $92.36 million.
-
E-book worth per frequent share was $29.41.
-
The Firm’s tangible frequent fairness ratio was 7.13%, whereas the Financial institution’s regulatory leverage capital ratio was 11.93% and complete risk-based capital ratio was 16.38%, at December 31, 2022.
Outcomes of Operations
Working income, consisting of internet curiosity earnings and non-interest earnings, elevated 36% to $17.21 million for the fourth quarter of 2022, in comparison with $12.70 million for the fourth quarter a 12 months in the past, and grew 6% from $16.23 million from the third quarter of 2022. For the 12 months ended December 31, 2022, working income elevated 26% to $61.42 million, in comparison with $48.81 million for the 12 months ended December 31, 2021.
Internet curiosity earnings, earlier than the supply for mortgage losses, elevated 37% to $14.31 million for the fourth quarter of 2022, in comparison with $10.42 million for the fourth quarter a 12 months in the past, and elevated 14% from $12.53 million for the third quarter of 2022. For the complete 12 months 2022, internet curiosity earnings elevated 24% to $48.09 million in comparison with $38.84 million for 2021. “The substantial enhance in internet curiosity earnings in each the fourth quarter of 2022, and for the complete 12 months, was primarily attributable to increased yields from our funding and mortgage portfolios, in addition to progress of each portfolios,” stated Bhavneet Gill, Chief Monetary Officer.
The Firm’s internet curiosity margin (“NIM”), which excludes curiosity expense on the holding firm’s sub-debt, improved by 82 foundation factors to 4.98% for the fourth quarter of 2022, in comparison with 4.16% for the fourth quarter of 2021, and expanded 39 foundation factors from 4.59% for the previous quarter. For the 12 months ended December 31, 2022, the NIM expanded 30 foundation factors to 4.54% from 4.24% for the 12 months ended December 31, 2021. “With the Fed rising charges in 2022 and the ensuing increased Prime and Fed Funds charges a lot of our incomes belongings have repriced increased, and new enterprise is producing increased yields as nicely. With our low price deposits funding these incomes belongings, our NIM continued to enhance through the fourth quarter,” stated Gill.
The yield on incomes belongings was 5.18% for the fourth quarter of 2022, in comparison with 4.25% for the fourth quarter a 12 months in the past, and 4.67% on a linked quarter foundation. The associated fee to fund incomes belongings remained low at 0.20% for the fourth quarter of 2022, though elevated from 0.08% for the fourth quarter a 12 months in the past and 0.07% for the third quarter of 2022. For the complete 12 months 2022, the yield on earnings belongings was 4.66%, up from 4.34% for 2021, whereas the price to fund earnings belongings was 0.12% for 2022, in comparison with 0.10% for 2021. “Whereas we’ve raised charges on our curiosity bearing deposit merchandise, our total price of funding has remained low with 68% of our deposits in non-interest bearing accounts,” commented Gill.
Complete non-interest earnings was $2.90 million for the fourth quarter of 2022, in comparison with $2.28 million for the fourth quarter of 2021, and $3.69 million for the previous quarter. For the 12 months ended December 31, 2022, non-interest earnings elevated 34% to $13.34 million in comparison with $9.97 million for the 12 months ended December 31, 2021. The year-over-year progress in non-interest earnings through the fourth quarter of 2022, and for the complete 12 months of 2022, was primarily as a result of enhance in service provider companies earnings and deposit payment earnings, which was partially offset by the decrease achieve on sale of loans.
“We proceed to see vital progress throughout our ISO companions and from our personal natural ISO enterprise, as our service provider service income grew by 111% from a 12 months in the past. For the fourth quarter, Natural ISO income grew 3.5% to $557,000 whereas Sponsored ISO income elevated 14.5% to $1.86 million. The workforce continues to construct a powerful pipeline of fee associated companions that may assist gas additional income enlargement. The evolution of the funds area is sort of dynamic, and we’re working diligently to make sure the financial institution and our companions can capitalize on present and future fee rails,” stated Miller.
Service provider ISO Processing Quantity Development ($ in hundreds) |
|||||||||||||||||
|
|
2021 |
|
|
2022 |
|
2022 |
|
2022 |
|
2022 |
||||||
ISOs |
1Q Quantity |
2Q Quantity |
3Q Quantity |
4Q Quantity |
|
1Q Quantity |
2Q Quantity |
3Q Quantity |
4Q Quantity |
||||||||
1 |
$ |
282,258 |
$ |
324,996 |
$ |
293,220 |
$ |
232,303 |
|
$ |
259,139 |
$ |
243,719 |
$ |
203,685 |
$ |
191,980 |
2 |
|
290,376 |
|
414,164 |
|
390,147 |
|
469,503 |
|
|
538,136 |
|
664,086 |
|
1,032,284 |
|
1,338,756 |
3 |
|
8,303 |
|
10,824 |
|
20,362 |
|
25,891 |
|
|
26,390 |
|
30,570 |
|
27,266 |
|
25,130 |
4 |
|
0 |
|
62 |
|
4,949 |
|
29,091 |
|
|
53,731 |
|
85,468 |
|
84,797 |
|
97,601 |
5 |
|
0 |
|
130 |
|
5,379 |
|
44,378 |
|
|
89,180 |
|
145,434 |
|
132,096 |
|
75,341 |
6 |
|
0 |
|
0 |
|
0 |
|
126,224 |
|
|
268,747 |
|
579,779 |
|
908,968 |
|
1,129,924 |
7 |
|
0 |
|
0 |
|
0 |
|
32,196 |
|
|
70,793 |
|
44,601 |
|
47,994 |
|
45,424 |
8 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
0 |
|
0 |
|
0 |
|
942 |
9 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
0 |
|
1,031 |
|
2,520 |
|
4,262 |
10 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
346 |
|
24,657 |
|
40,327 |
|
46,714 |
Complete Quantity |
$ |
580,938 |
$ |
750,176 |
$ |
714,057 |
$ |
959,586 |
|
$ |
1,306,462 |
$ |
1,819,345 |
$ |
2,479,937 |
$ |
2,956,074 |
|
|
|
|
|
|
|
|
|
|
Supply of Service provider Companies Income ($ in hundreds) |
|
|||||||
|
2022 |
2022 |
2022 |
2022 |
||||
Sort of Income |
1Q |
2Q |
3Q |
4Q |
||||
|
|
|
|
|
||||
FFB Funds – (our service provider purchasers) |
$ |
409 |
$ |
477 |
$ |
538 |
$ |
557 |
Sponsored ISO Income |
|
1,270 |
|
1,692 |
|
1,628 |
|
1,864 |
Complete Merchange Companies Income |
$ |
1,679 |
$ |
2,169 |
$ |
2,166 |
$ |
2,421 |
|
|
|
|
|
Complete deposit payment earnings elevated 30%, or $138,000, to $600,000 for the fourth quarter of 2022, in comparison with $462,000 for the fourth quarter of 2021, and remained flat from $601,000 on a linked quarter foundation. Service provider companies earnings elevated 118% to $2.42 million for the fourth quarter, in comparison with $1.11 million for the fourth quarter 2021. For the 12 months ended December 31, 2022, complete deposit payment earnings elevated 41% to $2.18 million from $1.57 million for the 12 months ended December 31, 2021, whereas service provider companies earnings grew 111% to $8.44 million from $4.00 million for 2021.
“In the course of the fourth quarter 2022, we recorded a lack of $309,000 on the sale of loans,” stated Miller. “We strategically determined to promote a portion of the decrease price multi-family loans to increase capability, which will likely be changed by increased yield loans. We anticipate this technique to start to enhance earnings within the quick time period, however extra importantly in the long run.” Within the fourth quarter 2021, there was a achieve of $413,000 on the sale of loans, in comparison with a $621,000 achieve on sale of loans within the third quarter of 2022.
“Whereas our working bills have been increased within the fourth quarter in comparison with a 12 months in the past, bills have been flat on a linked quarter foundation,” stated Miller. “The sharp enhance in working prices year-over-year was primarily as a result of hiring of wonderful folks and our strategic investments in fashionable know-how through the 12 months. We count on these effectivity investments to proceed into 2023, and we may also want to rent key expertise. Inflationary components are pushing all non-people price traces, however the principle driver of our prices is labor, and the labor market may be very aggressive. Consequently, we count on to see comparable folks price will increase going ahead.” Non-interest expense for the fourth quarter of 2022 elevated 31% to $6.83 million, in comparison with $5.22 million for the fourth quarter of 2021, and remained flat from $6.81 million for the third quarter of 2022. For the complete 12 months 2022, non-interest expense elevated 35% to $25.06 million in comparison with $18.59 million for 2021.
Full-time staff elevated to 103.0 at December 31, 2022, in comparison with 77.5 full-time staff a 12 months in the past, and 99.0 full-time staff from the linked quarter. Because of the elevated headcount from a 12 months in the past, salaries and worker advantages elevated 25% to $4.07 million at December 31, 2022, in comparison with $3.27 million at December 31, 2021, and remained flat from $4.07 million from the previous quarter.
Occupancy and gear expense elevated 51% from a 12 months in the past, representing 4% of non-interest expense, and elevated 6% from the previous quarter. Different working expense represented 36% of non-interest expense rising 40% from a 12 months earlier and unchanged from the linked quarter. Will increase in information processing expense, software program licenses and subscriptions, and mortgage origination bills have been the first drivers of the year-over-year enhance.
The effectivity ratio improved to 38.99% for the fourth quarter of 2022, in comparison with 41.09% for the fourth quarter a 12 months in the past, and 41.99% for the third quarter of 2022.
Steadiness Sheet Overview
Complete belongings elevated 20% to $1.29 billion at December 31, 2022, from $1.08 billion at December 31, 2021, and grew 9% from $1.19 billion at September 30, 2022.
The whole portfolio of loans elevated 16%, or $119.21 million, to $845.46 million, in comparison with $726.25 million at December 31, 2021, and grew 9%, or $69.27 million, from $776.19 million on a linked quarter foundation. The remaining SBA-PPP loans have been all the way down to $242,000 at December 31, 2022, representing a fraction of the full mortgage portfolio. “Our lending groups proceed to work diligently constructing out our mortgage portfolio. In 2022, we bought $57.61 million in SBA and multi-family loans, and had $52.35 million in PPP loans forgiven or paid off whereas nonetheless rising the portfolio total,” stated Gill.
The business and industrial (C&I) portfolio elevated 14% to $211.92 million, at December 31, 2022, in comparison with $185.16 a 12 months earlier, and elevated 10% from $192.68 at September 30, 2022. C&I loans represented 25% of complete loans at December 31, 2022. Industrial actual property loans elevated 29% year-over-year to $493.36 million at December 31, 2022, representing 58% of complete loans, and grew 9% on a linked quarter foundation. The CRE portfolio contains roughly $206.61 million in multi-family loans originated by our Southern California workforce. Agriculture loans, representing 7% of the mortgage portfolio, at December 31, 2022, elevated 2% to $58.49 million from a 12 months in the past and remained flat from $58.53 million at September 30, 2022. Actual property development and land improvement loans elevated 98% from a 12 months in the past to $63.27 million, or 7% of complete loans, whereas residential RE 1-4 household loans totaled $17.80 million, or 2% of loans, at December 31, 2022. At December 31, 2022, the SBA, USDA, and different authorities companies assured loans totaled $72.43 million, or 8.6% of the mortgage portfolio.
The funding portfolio elevated 18%, or $51.88 million, to $343.84 million at December 31, 2022, from $291.97 million at December 31, 2021, and grew 1% in comparison with $339.52 million at September 30, 2022. The funding portfolio consists of mortgage-backed and municipal securities, each tax exempt and taxable, treasury securities in addition to different home debt.
Complete deposits elevated $144.68 million or 15% to $1.08 billion at December 31, 2022, in comparison with $936.55 million from a 12 months earlier, and grew 3% from $1.04 billion at September 30, 2022. Noninterest-bearing demand deposits elevated $143.03 million or 24% to $737.08 million at December 31, 2022, in comparison with $594.04 million at December 31, 2021, and elevated 2% from $724.43 million at September 30, 2022. Noninterest-bearing demand deposits represented 68% of complete deposits at December 31, 2022.
Shareholders’ fairness elevated 3% to $92.36 million at December 31, 2022, in comparison with $89.29 million from a 12 months in the past, and grew 13% from $81.42 million at September 30, 2022. E-book worth per frequent share elevated barely to $29.41at December 31, 2022, in comparison with $29.08 at December 31, 2021, and elevated 13% from $26.02 at September 30, 2022.
“The tangible frequent fairness ratio was 7.13% at December 31, 2022, in comparison with 6.85% at September 30, 2022, and eight.27% one 12 months in the past,” said Gill. “With the Federal Reserve aggressively elevating rates of interest throughout 2022, market charges have risen significantly. Consequently, our tangible frequent fairness and tangible ebook worth have been adversely impacted by the rise in charges and the associated impression on our securities portfolio by amassed different complete earnings (‘AOCI’).”
On the Financial institution degree, unrealized losses and positive factors mirrored in AOCI are usually not included in regulatory capital. Consequently, Tier-1 capital on the Financial institution for regulatory functions was $149.44 million at quarter finish excluding the unrealized loss. The regulatory leverage capital ratio was 11.93% for the present quarter, whereas the full risk-based capital ratio was 16.38%.
Asset High quality
Nonperforming belongings have been $6.37 million, or 0.49% of complete belongings, at December 31, 2022, in comparison with $2.93 million, or 0.27% of complete belongings at December 31, 2021, and $4.33 million, or 0.36% of complete belongings at September 30, 2022. Included in nonperforming belongings was one mortgage totaling $766,000 restructured and performing below the phrases of its agreements at December 31, 2022, in comparison with $771,000 in performing restructured loans at September 30, 2022, and $828,000 in performing restructured loans at December 31, 2021. Of the $6.37 million nonperforming loans, $4.23 million are lined by SBA ensures.
Complete delinquent loans have been $12.75 million at December 31, 2022, in comparison with $12.01 million at September 30, 2022, and have been primarily associated to authorities assured loans bought by the Financial institution.
Late loans 30-60 days have been $364,000 at December 31, 2022, in comparison with $3.83 million at December 31, 2021, and $350,000 at September 30, 2022. There have been $397,000 overdue loans from 60-90 days at December 31, 2022 in comparison with $254,000 at December 31, 2021, and 0 at September 30, 2022. Late loans 90+ days at quarter finish totaled $11.99 million, in comparison with $11.66 three months earlier and $10,000 overdue loans at December 31, 2021. Of the $12.75 million in overdue loans, $12.19 million have been bought authorities assured loans with an unconditional assure.
The Financial institution continues to carry roughly $30 million of the federal government assured portion of Small Enterprise Administration (“SBA”) and USDA loans originated by different banks. Many of those bought loans have been positioned right into a Direct Registration (“DR”) kind by the SBA’s switch agent, Colson Inc. Below the DR program, Colson was required to remit month-to-month funds to the investor holding the assured stability, whether or not or not a fee had truly been acquired from the borrower. When Colson misplaced the contract in 2020 because the SBA’s fiscal switch agent, they started transitioning servicing over to the brand new firm referred to as Guidehouse. By late 2021, Guidehouse, below their contract with the SBA, declined to proceed the DR program. Consequently, all funds below the DR, and several other comparable packages, have been being held by Guidehouse till the DR program may very well be unwound and the DR holdings transformed into regular SBA cross by certificates. Sadly, Colson began requesting traders, who had acquired funds prematurely of the borrower, to return superior funds earlier than they’d course of the conversion of certificates, which triggered additional delays. A reconciliation between Guidehouse, Colson and the Financial institution has taken place, and all are in settlement. The Financial institution has submitted all paperwork and unique certificates to Colson | Guidehouse for processing and is awaiting reissue of the certificates and fee. The Financial institution is absolutely assured; nonetheless, till the unwind course of is accomplished it is going to proceed to hold these loans as overdue.
“As detailed within the chart beneath, many of the delinquencies are bought authorities assured loans, that are assured by the SBA for the complete fee of the principal plus curiosity,” commented Miller. “The SBA continues to cope with backlogs and consequently we proceed to incur delays in funds. We’re assured that full fee could be anticipated within the coming quarters.” The chart beneath breaks out the federal government assured portion in comparison with natural delinquencies.
Delinquent Mortgage Abstract |
Natural |
Bought Govt. |
Complete |
|||
($ in hundreds) |
||||||
|
|
|
|
|||
Delinquent accruing loans 30-60 days |
$ |
162 |
$ |
202 |
$ |
364 |
Delinquent accruing loans 60-90 days |
|
397 |
|
0 |
|
397 |
Delinquent accruing loans 90+ days |
|
0 |
|
11,989 |
|
11,989 |
Complete delinquent accruing loans |
$ |
560 |
$ |
12,191 |
$ |
12,751 |
|
|
|
|
|||
|
|
|
|
|||
|
|
|
|
|||
Non Accrual Mortgage Abstract |
Natural |
Bought Govt. |
Complete |
|||
($ in hundreds) |
||||||
|
|
|
||||
Loans on non accrual |
$ |
6,373 |
|
0.0 |
$ |
6,373 |
Non accrual loans with SBA ensures |
|
4,229 |
|
0 |
|
4,229 |
Internet Financial institution publicity to non accrual loans |
$ |
2,143 |
|
0.0 |
$ |
2,143 |
|
|
|
|
There was a $300,000 provision for mortgage losses taken within the fourth quarter of 2022, in comparison with no provision for mortgage losses for the third or the fourth quarter of 2021. For the complete 12 months 2022, the supply for mortgage losses was $300,000 in comparison with a provision for mortgage losses of $2.00 million for 2021.
“We incurred a small internet cost off through the present quarter of $124,000, in comparison with zero internet cost offs within the fourth quarter a 12 months in the past of, and $17,000 in internet cost offs within the fast prior quarter,” stated Miller. For the complete 12 months 2022, internet cost offs have been $171,000 in comparison with $64,000 for 2021.
The ratio of allowance for mortgage losses to complete loans was 1.17% at December 31, 2022, in comparison with 1.35% a 12 months earlier and 1.25% at September 30, 2022. “The SBA portfolio is an space we watch very carefully as charges rise,“ added Miller. “A considerable portion of our portfolio consists of loans assured by the U.S. Authorities. This group of loans consists of absolutely assured loans the Firm has bought, the remaining PPP loans, in addition to natural SBA and USDA loans the Financial institution has originated. When the impact of those ensures is taken into account relative to the mortgage portfolio, the ratio of allowance for mortgage losses to the full, non-guaranteed, mortgage portfolio was 1.29%, as of December 31, 2022, and our complete unguaranteed publicity on these SBA loans is $23.05 million unfold over 183 loans.”
About Communities First Monetary Company
Communities First Monetary Company, a financial institution holding firm established in 2014, is the guardian firm of Fresno First Financial institution, based in 2005 in Fresno, California. Fresno First Financial institution is a number one SBA Lender in California’s Central Valley and has expanded into Southern California. The Financial institution can also be a direct buying financial institution with VISA and MasterCard and processes funds for retailers throughout the Nation instantly and thru companions. For 2021 Communities First Monetary Corp. ranked third within the nation towards its friends within the Finest Group Banks Class (beneath $5 billion in belongings) and third within the Finest Development Technique chosen from the highest 50 banks within the examine, reported by Financial institution Director. In 2020 S&P World ranked the Financial institution the #20 greatest performing neighborhood financial institution below $3 billion in belongings, and #1 in California. Named to the 2019 OTCQX Finest 50 and ranked one of many prime performing OTCQX firms within the nation, based mostly on complete return and progress in common each day greenback quantity for 2018. The Financial institution was named to the Inc. 5000 Quickest Rising Firms checklist in 2017 and to Forbes Finest 25 Small Companies in America for 2016. Extra info is offered from the Firm’s web site at www.fresnofirstbank.com or by calling 559-439-0200.
Ahead Trying Statements
This earnings launch might comprise forward-looking statements. Ahead-looking statements present present expectations or forecasts of future occasions and are usually not ensures of future efficiency, nor ought to they be relied upon as representing administration’s views as of any subsequent date. The forward-looking statements are based mostly on managements’ expectations and are topic to numerous dangers and uncertainties. Though administration believes that the expectations mirrored in such forward-looking statements are cheap, precise outcomes might differ materially from these expressed or implied in such statements. Dangers and uncertainties that might trigger precise outcomes to vary materially embody, with out limitation, the Firm’s skill to successfully execute its enterprise plans; adjustments normally financial and monetary market situations; adjustments in rates of interest; and, particularly, actions taken by the Federal Reserve to attempt to management inflation; adjustments within the aggressive surroundings; persevering with consolidation within the monetary companies trade; new litigation or adjustments in current litigation; losses, buyer chapter, claims and assessments; adjustments in banking laws or different regulatory or legislative necessities affecting the Firm’s enterprise; worldwide developments; and adjustments in accounting insurance policies or procedures as could also be required by the Monetary Accounting Requirements Board or different regulatory companies. The Firm undertakes no obligation to launch publicly the outcomes of any revisions to the forward-looking statements included herein to mirror occasions or circumstances after right this moment, or to mirror the incidence of unanticipated occasions. The Firm claims the safety of the secure harbor for forward-looking statements contained within the Non-public Securities Litigation Reform Act of 1995.
SELECT FINANCIAL INFORMATION AND RATIOS |
For the Quarter Ended: |
|
Proportion Change From: |
|
Yr to Date as of: |
|||||||||||||||||||
Dec. 31, |
Sept. 30, |
Dec. 31, |
|
Sept. 30, |
Dec. 31, |
|
Dec. 31, |
Dec. 31, |
P.c |
|||||||||||||||
BALANCE SHEET DATA – PERIOD END BALANCES: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Complete belongings |
$ |
1,294,464 |
|
$ |
1,188,441 |
|
$ |
1,080,103 |
|
|
9% |
|
20% |
|
|
|
|
|
|||||
|
Complete portfolio loans |
|
845,463 |
|
|
776,190 |
|
|
726,253 |
|
|
9% |
|
16% |
|
|
|
|
|
|||||
|
Funding securities |
|
343,843 |
|
|
339,523 |
|
|
291,969 |
|
|
1% |
|
18% |
|
|
|
|
|
|||||
|
Complete deposits |
|
1,081,228 |
|
|
1,044,733 |
|
|
936,549 |
|
|
3% |
|
15% |
|
|
|
|
|
|||||
|
Shareholders fairness, internet |
$ |
92,358 |
|
$ |
81,420 |
|
$ |
89,292 |
|
|
13% |
|
3% |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
SELECT INCOME STATEMENT DATA: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Gross income |
$ |
17,206 |
|
$ |
16,225 |
|
$ |
12,697 |
|
|
6% |
|
36% |
|
|
$ |
61,424 |
|
$ |
48,808 |
|
26% |
|
|
Working expense |
|
6,828 |
|
|
6,814 |
|
|
5,216 |
|
|
0% |
|
31% |
|
|
|
25,057 |
|
|
18,591 |
|
35% |
|
|
Pre-tax, pre-provision earnings |
|
10,378 |
|
|
9,411 |
|
|
7,481 |
|
|
10% |
|
39% |
|
|
|
36,367 |
|
|
30,217 |
|
20% |
|
|
Internet earnings after tax |
$ |
7,618 |
|
$ |
6,905 |
|
$ |
5,405 |
|
|
10% |
|
41% |
|
|
$ |
26,520 |
|
$ |
20,526 |
|
29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
SHARE DATA: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Primary earnings per share |
$ |
2.43 |
|
$ |
2.21 |
|
$ |
1.76 |
|
|
10% |
|
38% |
|
|
$ |
8.50 |
|
$ |
6.69 |
|
27% |
|
|
Absolutely diluted earnings per share |
$ |
2.42 |
|
$ |
2.20 |
|
$ |
1.74 |
|
|
10% |
|
39% |
|
|
$ |
8.44 |
|
$ |
6.62 |
|
27% |
|
|
E-book worth per frequent share |
$ |
29.41 |
|
$ |
26.02 |
|
$ |
29.08 |
|
|
13% |
|
1% |
|
|
|
|
|
|||||
|
Widespread shares excellent |
|
3,139,880 |
|
|
3,128,903 |
|
|
3,070,307 |
|
|
0% |
|
2% |
|
|
|
|
|
|||||
|
Absolutely diluted shares |
|
3,146,117 |
|
|
3,142,410 |
|
|
3,102,524 |
|
|
0% |
|
1% |
|
|
|
|
|
|||||
|
CFST – Inventory worth |
$ |
60.50 |
|
$ |
59.05 |
|
$ |
57.00 |
|
|
2% |
|
6% |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
RATIOS: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Return on common belongings |
|
2.41% |
|
|
2.30% |
|
|
2.00% |
|
|
5% |
|
21% |
|
|
|
2.28% |
|
|
2.06% |
|
11% |
|
|
Return on common fairness |
|
34.86% |
|
|
33.71% |
|
|
25.15% |
|
|
3% |
|
39% |
|
|
|
31.31% |
|
|
26.46% |
|
18% |
|
|
Effectivity ratio |
|
38.99% |
|
|
41.99% |
|
|
41.09% |
|
|
-7% |
|
-5% |
|
|
|
40.59% |
|
|
38.32% |
|
6% |
|
|
Yield on incomes belongings |
|
5.18% |
|
|
4.67% |
|
|
4.25% |
|
|
11% |
|
22% |
|
|
|
4.66% |
|
|
4.34% |
|
7% |
|
|
Value to fund incomes belongings |
|
0.20% |
|
|
0.07% |
|
|
0.08% |
|
|
163% |
|
143% |
|
|
|
0.12% |
|
|
0.10% |
|
20% |
|
|
Internet Curiosity Margin |
|
4.98% |
|
|
4.59% |
|
|
4.16% |
|
|
9% |
|
20% |
|
|
|
4.54% |
|
|
4.24% |
|
7% |
|
|
Fairness to belongings |
|
7.13% |
|
|
6.85% |
|
|
8.27% |
|
|
4% |
|
-14% |
|
|
|
|
|
|||||
|
Mortgage to deposits ratio |
|
78.19% |
|
|
74.30% |
|
|
77.55% |
|
|
5% |
|
1% |
|
|
|
|
|
|||||
|
Full time equal staff |
|
103.0 |
|
|
99.0 |
|
|
77.5 |
|
|
4% |
|
33% |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BALANCE SHEET DATA – AVERAGES: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Complete belongings |
$ |
1,255,212 |
|
$ |
1,190,568 |
|
$ |
1,074,440 |
|
|
5% |
|
17% |
|
|
$ |
1,162,688 |
|
$ |
996,298 |
|
17% |
|
|
Complete loans |
|
810,811 |
|
|
732,753 |
|
|
707,695 |
|
|
11% |
|
15% |
|
|
|
740,884 |
|
|
690,463 |
|
7% |
|
|
Funding securities |
|
342,132 |
|
|
338,641 |
|
|
284,958 |
|
|
1% |
|
20% |
|
|
|
320,736 |
|
|
251,296 |
|
28% |
|
|
Deposits |
|
1,091,317 |
|
|
1,049,388 |
|
|
941,227 |
|
|
4% |
|
16% |
|
|
|
1,015,213 |
|
|
869,267 |
|
17% |
|
|
Shareholders fairness, internet |
$ |
86,687 |
|
$ |
81,283 |
|
$ |
85,248 |
|
|
7% |
|
2% |
|
|
$ |
84,711 |
|
$ |
77,581 |
|
9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
ASSET QUALITY: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Complete delinquent accruing loans |
$ |
12,750 |
|
$ |
12,012 |
|
$ |
4,096 |
|
|
6% |
|
211% |
|
|
|
|
|
|||||
|
Nonperforming belongings |
$ |
6,373 |
|
$ |
4,325 |
|
$ |
2,930 |
|
|
47% |
|
118% |
|
|
|
|
|
|||||
|
Non Accrual / Complete Loans |
|
.75% |
|
|
.56% |
|
|
.40% |
|
|
35% |
|
87% |
|
|
|
|
|
|||||
|
Nonperforming belongings to complete belongings |
|
.49% |
|
|
.36% |
|
|
.27% |
|
|
35% |
|
81% |
|
|
|
|
|
|||||
|
LLR / Complete loans |
|
1.17% |
|
|
1.25% |
|
|
1.35% |
|
|
-7% |
|
-13% |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF INCOME |
For the Quarter Ended: |
|
Proportion Change From: |
|
For the Yr Ended |
|||||||||||||||||||
(unaudited) |
Dec. 31, |
Sept. 30, |
Dec. 31, |
|
Sept. 30, |
Dec. 31, |
|
Dec. 31, |
Dec. 31, |
P.c |
||||||||||||||
Curiosity Earnings |
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Mortgage curiosity earnings |
$ |
11,545 |
|
$ |
9,945 |
|
$ |
9,103 |
|
|
16% |
|
27% |
|
|
$ |
39,666 |
|
$ |
34,527 |
|
15% |
|
|
Funding earnings |
|
3,401 |
|
|
2,880 |
|
|
1,853 |
|
|
18% |
|
84% |
|
|
|
10,450 |
|
|
6,688 |
|
56% |
|
|
Int. on fed funds & CDs in different banks |
|
309 |
|
|
328 |
|
|
30 |
|
|
-6% |
|
930% |
|
|
|
765 |
|
|
125 |
|
512% |
|
|
Dividends from non-marketable fairness |
|
105 |
|
|
57 |
|
|
110 |
|
|
84% |
|
-5% |
|
|
|
262 |
|
|
218 |
|
20% |
|
|
Curiosity earnings |
|
15,360 |
|
|
13,210 |
|
|
11,096 |
|
|
16% |
|
38% |
|
|
|
51,143 |
|
|
41,558 |
|
23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Int. on deposits |
|
458 |
|
|
213 |
|
|
213 |
|
|
115% |
|
115% |
|
|
|
1,068 |
|
|
858 |
|
24% |
|
|
Int. on short-term borrowings |
|
129 |
|
|
0 |
|
|
0 |
|
|
0% |
|
0% |
|
|
|
132 |
|
|
4 |
|
3200% |
|
|
Int. on long-term debt |
|
464 |
|
|
464 |
|
|
464 |
|
|
0% |
|
0% |
|
|
|
1,858 |
|
|
1,858 |
|
0% |
|
|
Curiosity expense |
|
1,051 |
|
|
677 |
|
|
677 |
|
|
55% |
|
55% |
|
|
|
3,058 |
|
|
2,720 |
|
12% |
|
|
Internet curiosity earnings |
|
14,309 |
|
|
12,533 |
|
|
10,419 |
|
|
14% |
|
37% |
|
|
|
48,085 |
|
|
38,838 |
|
24% |
|
|
Provision for mortgage losses |
|
300 |
|
|
0 |
|
|
0 |
|
|
0% |
|
0% |
|
|
|
300 |
|
|
2,000 |
|
-85% |
|
|
Internet curiosity earnings after provision |
|
14,009 |
|
|
12,533 |
|
|
10,419 |
|
|
12% |
|
34% |
|
|
|
47,785 |
|
|
36,838 |
|
30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Non-Curiosity Earnings: |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Complete deposit payment earnings |
|
600 |
|
|
601 |
|
|
462 |
|
|
-0% |
|
30% |
|
|
|
2,217 |
|
|
1,573 |
|
41% |
|
|
Debit / bank card interchange earnings |
|
137 |
|
|
134 |
|
|
136 |
|
|
2% |
|
1% |
|
|
|
539 |
|
|
506 |
|
7% |
|
|
Service provider companies earnings |
|
2,421 |
|
|
2,166 |
|
|
1,111 |
|
|
12% |
|
118% |
|
|
|
8,435 |
|
|
4,000 |
|
111% |
|
|
Achieve on sale of loans |
|
(309 |
) |
|
621 |
|
|
413 |
|
|
-150% |
|
-175% |
|
|
|
1,613 |
|
|
2,984 |
|
-46% |
|
|
Different working earnings |
|
48 |
|
|
170 |
|
|
156 |
|
|
-72% |
|
-69% |
|
|
|
535 |
|
|
907 |
|
-41% |
|
|
Non-interest earnings |
|
2,897 |
|
|
3,692 |
|
|
2,278 |
|
|
-22% |
|
27% |
|
|
|
13,339 |
|
|
9,970 |
|
34% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-Curiosity Expense: |
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Salaries & worker advantages |
|
4,067 |
|
|
4,065 |
|
|
3,265 |
|
|
0% |
|
25% |
|
|
|
15,341 |
|
|
11,516 |
|
33% |
|
|
Occupancy expense |
|
305 |
|
|
287 |
|
|
202 |
|
|
6% |
|
51% |
|
|
|
1,124 |
|
|
827 |
|
36% |
|
|
Different working expense |
|
2,456 |
|
|
2,462 |
|
|
1,749 |
|
|
-0% |
|
40% |
|
|
|
8,592 |
|
|
6,248 |
|
38% |
|
|
Non-interest expense |
|
6,828 |
|
|
6,814 |
|
|
5,216 |
|
|
0% |
|
31% |
|
|
|
25,057 |
|
|
18,591 |
|
35% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Internet earnings earlier than tax |
|
10,078 |
|
|
9,411 |
|
|
7,481 |
|
|
7% |
|
35% |
|
|
|
36,067 |
|
|
28,217 |
|
28% |
|
|
Tax provision |
|
2,460 |
|
|
2,506 |
|
|
2,076 |
|
|
-2% |
|
18% |
|
|
|
9,547 |
|
|
7,691 |
|
24% |
|
|
Internet earnings after tax |
$ |
7,618 |
|
$ |
6,905 |
|
$ |
5,405 |
|
|
10% |
|
41% |
|
|
$ |
26,520 |
|
$ |
20,526 |
|
29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET ($ in hundreds ) |
Finish of Interval: |
|
Proportion Change From: |
||||||||||||
(unaudited) |
Dec. 31, |
Sept. 30, |
Dec. 31, |
|
Sept. 30, |
Dec. 31, |
|||||||||
ASSETS |
|
|
|
|
|
|
|||||||||
|
Money and due from banks |
$ |
19,558 |
|
$ |
21,212 |
|
$ |
13,418 |
|
|
-8% |
|
46% |
|
|
Fed funds bought and deposits in banks |
|
37,415 |
|
|
7,995 |
|
|
23,362 |
|
|
368% |
|
60% |
|
|
CDs in different banks |
|
2,983 |
|
|
2,983 |
|
|
1,490 |
|
|
0% |
|
100% |
|
|
Funding securities |
|
343,843 |
|
|
339,523 |
|
|
291,969 |
|
|
1% |
|
18% |
|
|
Loans held on the market |
|
11,063 |
|
|
0 |
|
|
3,811 |
|
|
0% |
|
190% |
|
|
Portfolio loans excellent: |
|
|
|
|
|
|||||||||
|
RE constr & land improvement |
|
63,265 |
|
|
54,477 |
|
|
31,916 |
|
|
16% |
|
98% |
|
|
Residential RE 1-4 Household |
|
17,802 |
|
|
15,815 |
|
|
17,150 |
|
|
13% |
|
4% |
|
|
Industrial Actual Property |
|
493,358 |
|
|
452,727 |
|
|
382,023 |
|
|
9% |
|
29% |
|
|
Agriculture |
|
58,494 |
|
|
58,531 |
|
|
57,348 |
|
|
-0% |
|
2% |
|
|
Industrial and Industrial |
|
211,915 |
|
|
192,683 |
|
|
185,155 |
|
|
10% |
|
14% |
|
|
SBA PPP Loans |
|
242 |
|
|
1,389 |
|
|
52,594 |
|
|
-83% |
|
-100% |
|
|
Shopper and Different |
|
387 |
|
|
568 |
|
|
67 |
|
|
-32% |
|
478% |
|
|
Complete Portfolio Loans |
|
845,463 |
|
|
776,190 |
|
|
726,253 |
|
|
9% |
|
16% |
|
|
Deferred charges & reductions |
|
(2,910 |
) |
|
(2,618 |
) |
|
(2,981 |
) |
|
11% |
|
-2% |
|
|
Allowance for mortgage losses |
|
(9,914 |
) |
|
(9,738 |
) |
|
(9,785 |
) |
|
2% |
|
1% |
|
|
Loans, internet |
|
832,639 |
|
|
763,834 |
|
|
713,487 |
|
|
9% |
|
17% |
|
|
Non-marketable fairness investments |
|
5,554 |
|
|
5,553 |
|
|
4,132 |
|
|
0% |
|
34% |
|
|
Money worth of life insurance coverage |
|
8,592 |
|
|
8,544 |
|
|
8,397 |
|
|
1% |
|
2% |
|
|
Accrued curiosity and different belongings |
|
32,817 |
|
|
38,797 |
|
|
20,037 |
|
|
-15% |
|
64% |
|
|
Complete belongings |
$ |
1,294,464 |
|
$ |
1,188,441 |
|
$ |
1,080,103 |
|
|
9% |
|
20% |
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|||||||||
|
Non-interest bearing deposits |
$ |
737,078 |
|
$ |
724,425 |
|
$ |
594,044 |
|
|
2% |
|
24% |
|
|
Curiosity checking |
|
41,816 |
|
|
30,345 |
|
|
26,277 |
|
|
38% |
|
59% |
|
|
Financial savings |
|
77,311 |
|
|
76,987 |
|
|
81,324 |
|
|
0% |
|
-5% |
|
|
Cash market |
|
169,901 |
|
|
172,206 |
|
|
168,423 |
|
|
-1% |
|
1% |
|
|
Certificates of deposits |
|
55,122 |
|
|
40,770 |
|
|
66,481 |
|
|
35% |
|
-17% |
|
|
Complete deposits |
|
1,081,228 |
|
|
1,044,733 |
|
|
936,549 |
|
|
3% |
|
15% |
|
|
Quick-term borrowings |
|
65,000 |
|
|
0 |
|
|
0 |
|
|
0% |
|
0% |
|
|
Lengthy-term debt |
|
39,441 |
|
|
39,402 |
|
|
39,283 |
|
|
0% |
|
0% |
|
|
Different liabilities |
|
16,437 |
|
|
22,886 |
|
|
14,979 |
|
|
-28% |
|
10% |
|
|
Complete liabilities |
|
1,202,106 |
|
|
1,107,021 |
|
|
990,811 |
|
|
9% |
|
21% |
|
|
|
|
|
|
|
|
|||||||||
|
Widespread inventory & paid in capital |
|
34,369 |
|
|
33,937 |
|
|
32,486 |
|
|
1% |
|
6% |
|
|
Retained earnings |
|
80,469 |
|
|
72,851 |
|
|
53,948 |
|
|
10% |
|
49% |
|
|
Complete fairness |
|
114,838 |
|
|
106,788 |
|
|
86,434 |
|
|
8% |
|
33% |
|
|
Amassed different complete earnings |
|
(22,480 |
) |
|
(25,368 |
) |
|
2,858 |
|
|
-11% |
|
-887% |
|
|
Shareholders fairness, internet |
|
92,358 |
|
|
81,420 |
|
|
89,292 |
|
|
13% |
|
3% |
|
|
Complete Liabilities and shareholders’ fairness |
$ |
1,294,464 |
|
$ |
1,188,441 |
|
$ |
1,080,103 |
|
|
9% |
|
20% |
|
|
|
|
|
|
|
|
|
ASSET QUALITY ($ in hundreds) |
Interval Ended: |
||||||||
(unaudited) |
Dec. 31, |
Sept. 30, |
Dec. 31, |
||||||
Delinquent accruing loans 30-60 days |
$ |
364 |
|
$ |
350 |
|
$ |
3,832 |
|
Delinquent accruing loans 60-90 days |
$ |
397 |
|
|
0.0 |
|
$ |
254 |
|
Delinquent accruing loans 90+ days |
$ |
11,989 |
|
$ |
11,662 |
|
$ |
10 |
|
Complete delinquent accruing loans |
$ |
12,750 |
|
$ |
12,012 |
|
$ |
4,096 |
|
|
|
|
|
||||||
Loans on non accrual |
$ |
6,373 |
|
$ |
4,325 |
|
$ |
2,930 |
|
Different actual property owned |
|
0.0 |
|
|
0.0 |
|
|
0.0 |
|
Nonperforming belongings |
$ |
6,373 |
|
$ |
4,325 |
|
$ |
2,930 |
|
|
|
|
|
||||||
Performing restructured loans |
$ |
766 |
|
$ |
767 |
|
$ |
828 |
|
|
|
|
|
||||||
|
|
|
|
||||||
Delq 30-60 / Complete Loans |
|
.04% |
|
|
.05% |
|
|
.53% |
|
Delq 60-90 / Complete Loans |
|
.05% |
|
|
.00% |
|
|
.04% |
|
Delq 90+ / Complete Loans |
|
1.42% |
|
|
1.50% |
|
|
.00% |
|
Delinquent Loans / Complete Loans |
|
1.51% |
|
|
1.55% |
|
|
.56% |
|
Non Accrual / Complete Loans |
|
.75% |
|
|
.56% |
|
|
.40% |
|
Nonperforming belongings to complete belongings |
|
.49% |
|
|
.36% |
|
|
.27% |
|
|
|
|
|
||||||
|
|
|
|
||||||
Yr-to-date charge-off exercise |
|
|
|
||||||
Cost-offs |
$ |
187 |
|
$ |
56 |
|
$ |
64 |
|
Recoveries |
$ |
16 |
|
$ |
9 |
|
|
0.0 |
|
Internet charge-offs |
$ |
171 |
|
$ |
47 |
|
$ |
64 |
|
Annualized internet mortgage losses (recoveries) to common loans |
|
.02% |
|
|
.01% |
|
|
.01% |
|
|
|
|
|
||||||
LOAN LOSS RESERVE RATIOS: |
|
|
|
||||||
Reserve for mortgage losses |
$ |
9,914 |
|
$ |
9,738 |
|
$ |
9,785 |
|
|
|
|
|
||||||
Complete loans |
$ |
845,463 |
|
$ |
776,190 |
|
$ |
726,253 |
|
Bought govt. assured loans |
$ |
29,906 |
|
$ |
31,386 |
|
$ |
41,497 |
|
Originated govt. assured loans |
$ |
45,519 |
|
$ |
42,939 |
|
$ |
90,493 |
|
|
|
|
|
||||||
LLR / Complete loans |
|
1.17% |
|
|
1.25% |
|
|
1.35% |
|
LLR / Loans much less 100% govt. gte. loans (PPP and bought) |
|
1.22% |
|
|
1.31% |
|
|
1.55% |
|
LLR / Loans much less all govt. assured loans |
|
1.29% |
|
|
1.39% |
|
|
1.65% |
|
LLR / Complete belongings |
|
.77% |
|
|
.82% |
|
|
.91% |
|
|
|
|
|
SELECT FINANCIAL TREND INFORMATION |
For the Quarter Ended: |
|||||||||||||||
Dec. 31, |
Sept. 30, |
June 30, |
Mar. 31, |
Dec. 31, |
||||||||||||
BALANCE SHEET DATA – PERIOD END BALANCES: |
|
|
|
|||||||||||||
|
Complete belongings |
$ |
1,294,464 |
|
$ |
1,188,441 |
|
$ |
1,144,334 |
|
$ |
1,102,540 |
|
$ |
1,080,103 |
|
|
Loans held on the market |
|
11,063 |
|
|
0 |
|
|
6,062 |
|
|
5,430 |
|
|
3,811 |
|
|
Loans held for funding ex. PPP |
|
845,221 |
|
|
774,801 |
|
|
718,698 |
|
|
670,934 |
|
|
673,659 |
|
|
PPP Loans |
|
242 |
|
|
1,389 |
|
|
3,934 |
|
|
22,378 |
|
|
52,594 |
|
|
Funding securities |
|
343,843 |
|
|
339,523 |
|
|
320,279 |
|
|
291,975 |
|
|
291,969 |
|
|
|
|
|
|
|
|
||||||||||
|
Non-interest bearing deposits |
|
737,078 |
|
|
724,425 |
|
|
695,977 |
|
|
611,890 |
|
|
594,044 |
|
|
Curiosity bearing deposits |
|
344,150 |
|
|
320,308 |
|
|
308,175 |
|
|
349,620 |
|
|
342,505 |
|
|
Complete deposits |
|
1,081,228 |
|
|
1,044,733 |
|
|
1,004,152 |
|
|
961,510 |
|
|
936,549 |
|
|
Quick-term borrowings |
|
65,000 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
Lengthy-term debt |
|
39,441 |
|
|
39,402 |
|
|
39,362 |
|
|
39,323 |
|
|
39,283 |
|
|
|
|
|
|
|
|
||||||||||
|
Complete fairness |
|
114,838 |
|
|
106,788 |
|
|
99,424 |
|
|
92,873 |
|
|
86,434 |
|
|
Amassed different complete earnings |
|
(22,480 |
) |
|
(25,368 |
) |
|
(17,672 |
) |
|
(7,296 |
) |
|
2,858 |
|
|
Shareholders fairness, internet |
$ |
92,358 |
|
$ |
81,420 |
|
$ |
81,752 |
|
$ |
85,577 |
|
$ |
89,292 |
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
||||||||||
INCOME STATEMENT – QUARTERLY VALUES: |
|
|
|
|
|
|||||||||||
|
Curiosity earnings |
$ |
15,360 |
|
$ |
13,210 |
|
$ |
11,358 |
|
$ |
11,216 |
|
$ |
11,096 |
|
|
|
|
|
|
|
|
||||||||||
|
Int. on dep. & short-term borrowings |
|
587 |
|
|
213 |
|
|
191 |
|
|
209 |
|
|
213 |
|
|
Int. on long-term debt |
|
464 |
|
|
464 |
|
|
465 |
|
|
464 |
|
|
464 |
|
|
Curiosity expense |
|
1,051 |
|
|
677 |
|
|
656 |
|
|
673 |
|
|
677 |
|
|
Internet curiosity earnings |
|
14,309 |
|
|
12,533 |
|
|
10,702 |
|
|
10,543 |
|
|
10,419 |
|
|
Non-interest earnings |
|
2,897 |
|
|
3,692 |
|
|
3,490 |
|
|
3,258 |
|
|
2,278 |
|
|
Gross income |
|
17,206 |
|
|
16,225 |
|
|
14,192 |
|
|
13,801 |
|
|
12,697 |
|
|
|
|
|
|
|
|
||||||||||
|
Provision for mortgage losses |
|
300 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
|
|
|
|
|
||||||||||
|
Non-interest expense |
|
6,828 |
|
|
6,814 |
|
|
5,536 |
|
|
5,880 |
|
|
5,216 |
|
|
|
|
|
|
|
|
||||||||||
|
Internet earnings earlier than tax |
|
10,078 |
|
|
9,411 |
|
|
8,656 |
|
|
7,921 |
|
|
7,481 |
|
|
Tax provision |
|
2,460 |
|
|
2,506 |
|
|
2,448 |
|
|
2,132 |
|
|
2,076 |
|
|
Internet earnings after tax |
$ |
7,618 |
|
$ |
6,905 |
|
$ |
6,208 |
|
$ |
5,789 |
|
$ |
5,405 |
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
||||||||||
BALANCE SHEET DATA – QUARTERLY AVERAGES: |
|
|
|
|||||||||||||
|
Complete belongings |
$ |
1,255,212 |
|
$ |
1,190,568 |
|
$ |
1,105,754 |
|
$ |
1,097,173 |
|
$ |
1,074,440 |
|
|
Loans held on the market |
|
1,971 |
|
|
3,112 |
|
|
12,728 |
|
|
3,806 |
|
|
4,492 |
|
|
Loans held for funding ex. PPP |
|
810,417 |
|
|
730,410 |
|
|
680,584 |
|
|
686,639 |
|
|
640,412 |
|
|
PPP Loans |
|
394 |
|
|
2,342 |
|
|
13,401 |
|
|
38,497 |
|
|
67,283 |
|
|
Funding securities |
|
342,132 |
|
|
338,641 |
|
|
304,428 |
|
|
297,048 |
|
|
284,958 |
|
|
|
|
|
|
|
|
||||||||||
|
Non-interest bearing deposits |
|
754,832 |
|
|
732,946 |
|
|
654,968 |
|
|
603,185 |
|
|
593,190 |
|
|
Curiosity bearing deposits |
|
336,486 |
|
|
316,443 |
|
|
309,742 |
|
|
350,362 |
|
|
348,036 |
|
|
Complete deposits |
|
1,091,317 |
|
|
1,049,388 |
|
|
964,710 |
|
|
953,547 |
|
|
941,227 |
|
|
Quick-term borrowings |
|
14,060 |
|
|
0 |
|
|
2,330 |
|
|
1,432 |
|
|
3 |
|
|
Lengthy-term debt |
|
39,423 |
|
|
39,383 |
|
|
39,344 |
|
|
39,305 |
|
|
39,265 |
|
|
Complete fairness |
|
113,080 |
|
|
98,372 |
|
|
95,137 |
|
|
88,468 |
|
|
82,751 |
|
|
Amassed different complete earnings |
|
(26,393 |
) |
|
(17,089 |
) |
|
(12,834 |
) |
|
159 |
|
|
2,497 |
|
|
Shareholders fairness, internet |
$ |
86,687 |
|
$ |
81,283 |
|
$ |
82,304 |
|
$ |
88,627 |
|
$ |
85,248 |
|
|
|
|
|
|
|
|
Contact:
Steve Miller – President & CEO
Bhavneet Gill – Government Vice President & CFO
(559) 439-0200
![](https://s.yimg.com/ny/api/res/1.2/FdsmC_m.axUPxIWpBrAZkw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--/https://ml.globenewswire.com/media/Mjg4NzM0ZGUtNTJlMS00MDdmLWFhN2UtMjBiMzJkNzM3YmY5LTEwNjEyOTY=/tiny/Communities-First-Financial-Co.png)