01/27/2022 | Press release | Distributed by Public on 01/27/2022 15:19
($ in thousands, except per share data) |
ThreeMonthsEnded
|
Year Ended | ||||||||||||||
12/31/2021 | 9/30/2021 |
% Change
|
12/31/2020 |
% Change
|
12/31/2021 | 12/31/2020 | % Change | |||||||||
Net income | $ | 10,676 | $ | 11,023 | (3.1) | % | $ | 5,787 | 84.5 | % | $ | 40,103 | $ | 16,175 | 147.9 | % |
Diluted earnings per common share | $ | 0.70 | $ | 0.73 | (4.1) | % | $ | 0.38 | 84.2 | % | $ | 2.62 | $ | 1.04 | 151.9 | % |
Net interest income | $ | 20,095 | $ | 20,227 | (0.7) | % | $ | 17,407 | 15.4 | % | $ | 77,137 | $ | 66,189 | 16.5 | % |
Provision (reversal) for loan losses | (1,462) | (1,053) | 38.8 | % | 2,142 | (168.3) | % | (4,596) | 13,219 | (134.8) | % | |||||
Noninterest income | 4,838 | 5,588 | (13.4) | % | 4,524 | 6.9 | % | 18,434 | 11,740 | 57.0 | % | |||||
Noninterest expense | 11,168 | 11,232 | (0.6) | % | 11,550 | (3.3) | % | 43,208 | 41,699 | 3.6 | % | |||||
Return on average assets (1)
|
2.01 | % | 2.11 | % | 1.19 | % | 1.96 | % | 0.84 | % | ||||||
Return on average shareholders' equity (1), (2)
|
16.84 | % | 17.98 | % | 9.92 | % | 16.52 | % | 7.08 | % | ||||||
Net interest margin (1)
|
3.87 | % | 3.93 | % | 3.64 | % | 3.83 | % | 3.53 | % | ||||||
Efficiency ratio (3)
|
44.79 | % | 43.51 | % | 52.67 | % | 45.21 | % | 53.51 | % | ||||||
($ in thousands, except per share data) | 12/31/2021 | 9/30/2021 | % Change | 12/31/2020 | % Change | |||||
Total assets
|
$ | 2,149,735 | $ | 2,104,699 | 2.1 | % | $ | 1,922,853 | 11.8 | % |
Net loans held-for-investment
|
1,709,824 | 1,684,071 | 1.5 | % | 1,557,068 | 9.8 | % | |||
Total deposits
|
1,867,134 | 1,832,666 | 1.9 | % | 1,594,851 | 17.1 | % | |||
Book value per common share (2), (4)
|
$ | 17.24 | $ | 16.68 | 3.4 | % | $ | 15.19 | 13.5 | % |
Tier 1 leverage ratio (consolidated)
|
12.11 | % | 11.91 | % | 11.94 | % | ||||
Total shareholders' equity to total assets (2)
|
11.92 | % | 11.76 | % | 12.16 | % | ||||
ThreeMonthsEnded
|
Year Ended | |||||||||||||||
($ in thousands) | 12/31/2021 | 9/30/2021 |
% Change
|
12/31/2020 | % Change | 12/31/2021 | 12/31/2020 | % Change | ||||||||
Interest income/expense on | ||||||||||||||||
Loans
|
$ | 20,363 | $ | 20,537 | (0.8) | % | $ | 18,929 | 7.6 | % | $ | 79,155 | $ | 76,546 | 3.4 | % |
Investment securities
|
441 | 437 | 0.9 | % | 429 | 2.8 | % | 1,613 | 2,127 | (24.2) | % | |||||
Other interest-earning assets
|
191 | 194 | (1.5) | % | 150 | 27.3 | % | 704 | 1,088 | (35.3) | % | |||||
Total interest-earning assets
|
20,995 | 21,168 | (0.8) | % | 19,508 | 7.6 | % | 81,472 | 79,761 | 2.1 | % | |||||
Interest-bearing deposits
|
847 | 885 | (4.3) | % | 1,958 | (56.7) | % | 4,043 | 12,958 | (68.8) | % | |||||
Borrowings
|
53 | 56 | (5.4) | % | 143 | (62.9) | % | 292 | 614 | (52.4) | % | |||||
Total interest-bearing liabilities
|
900 | 941 | (4.4) | % | 2,101 | (57.2) | % | 4,335 | 13,572 | (68.1) | % | |||||
Net interest income
|
$ | 20,095 | $ | 20,227 | (0.7) | % | $ | 17,407 | 15.4 | % | $ | 77,137 | $ | 66,189 | 16.5 | % |
Average balance of | ||||||||||||||||
Loans
|
$ | 1,758,421 | $ | 1,715,106 | 2.5 | % | $ | 1,592,705 | 10.4 | % | $ | 1,702,073 | $ | 1,541,740 | 10.4 | % |
Investment securities
|
128,650 | 136,874 | (6.0) | % | 123,785 | 3.9 | % | 130,437 | 122,726 | 6.3 | % | |||||
Other interest-earning assets
|
175,468 | 188,137 | (6.7) | % | 187,592 | (6.5) | % | 179,353 | 213,124 | (15.8) | % | |||||
Total interest-earning assets
|
$ | 2,062,539 | $ | 2,040,117 | 1.1 | % | $ | 1,904,082 | 8.3 | % | $ | 2,011,863 | $ | 1,877,590 | 7.2 | % |
Interest-bearing deposits
|
$ | 1,008,027 | $ | 1,000,332 | 0.8 | % | $ | 1,050,369 | (4.0) | % | $ | 1,022,099 | $ | 1,088,164 | (6.1) | % |
Borrowings
|
13,315 | 18,152 | (26.6) | % | 91,467 | (85.4) | % | 31,302 | 94,319 | (66.8) | % | |||||
Total interest-bearing liabilities
|
$ | 1,021,342 | $ | 1,018,484 | 0.3 | % | $ | 1,141,836 | (10.6) | % | $ | 1,053,401 | $ | 1,182,483 | (10.9) | % |
Total funding (1)
|
$ | 1,845,846 | $ | 1,812,649 | 1.8 | % | $ | 1,691,758 | 9.1 | % | $ | 1,790,617 | $ | 1,669,303 | 7.3 | % |
Annualized average yield/cost of | ||||||||||||||||
Loans
|
4.59 | % | 4.75 | % | 4.73 | % | 4.65 | % | 4.96 | % | ||||||
Investment securities
|
1.36 | % | 1.27 | % | 1.38 | % | 1.24 | % | 1.73 | % | ||||||
Other interest-earning assets
|
0.43 | % | 0.41 | % | 0.32 | % | 0.39 | % | 0.51 | % | ||||||
Total interest-earning assets | 4.04 | % | 4.12 | % | 4.08 | % | 4.05 | % | 4.25 | % | ||||||
Interest-bearing deposits
|
0.33 | % | 0.35 | % | 0.74 | % | 0.40 | % | 1.19 | % | ||||||
Borrowings
|
1.58 | % | 1.22 | % | 0.62 | % | 0.93 | % | 0.65 | % | ||||||
Total interest-bearing liabilities | 0.35 | % | 0.37 | % | 0.73 | % | 0.41 | % | 1.15 | % | ||||||
Net interest margin | 3.87 | % | 3.93 | % | 3.64 | % | 3.83 | % | 3.53 | % | ||||||
Cost of total funding (1)
|
0.19 | % | 0.21 | % | 0.49 | % | 0.24 | % | 0.81 | % | ||||||
Supplementary information
|
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Net accretion of discount on loans | $ | 815 | $ | 932 | (12.6) | % | $ | 991 | (17.8) | % | $ | 3,504 | $ | 3,292 | 6.4 | % |
Net amortization of deferred loan fees | $ | 1,434 | $ | 1,983 | (27.7) | % | $ | 913 | 57.1 | % | $ | 6,096 | $ | 2,901 | 110.1 | % |
12/31/2021 | 9/30/2021 | 12/31/2020 | ||||||||||
% to Total Loans | Weighted-Average Contractual Rate | % to Total Loans | Weighted-Average Contractual Rate | % to Total Loans | Weighted-Average Contractual Rate | |||||||
Fixed rate loans
|
28.4 | % | 3.98 | % | 29.9 | % | 3.86 | % | 31.7 | % | 3.86 | % |
Hybrid rate loans
|
29.1 | % | 4.16 | % | 26.4 | % | 4.28 | % | 20.8 | % | 4.82 | % |
Variable rate loans
|
42.5 | % | 3.95 | % | 43.7 | % | 3.96 | % | 47.5 | % | 4.06 | % |
ThreeMonthsEnded
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Year Ended | |||||||||||||||
($ in thousands) | 12/31/2021 | 9/30/2021 |
% Change
|
12/31/2020 |
% Change
|
12/31/2021 | 12/31/2020 |
% Change
|
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Gain on sale of loans
|
$ | 3,374 | $ | 4,269 | (21.0) | % | $ | 3,483 | (3.1) | % | $ | 12,932 | $ | 6,527 | 98.1 | % |
Service charges and fees on deposits
|
308 | 292 | 5.5 | % | 311 | (1.0) | % | 1,195 | 1,256 | (4.9) | % | |||||
Loan servicing income
|
688 | 655 | 5.0 | % | 398 | 72.9 | % | 2,770 | 2,710 | 2.2 | % | |||||
Bank-owned life insurance income | 108 | - | NM | - | NM | 108 | - | NM | ||||||||
Other income
|
360 | 372 | (3.2) | % | 332 | 8.4 | % | 1,429 | 1,247 | 14.6 | % | |||||
Total noninterest income
|
$ | 4,838 | $ | 5,588 | (13.4) | % | $ | 4,524 | 6.9 | % | $ | 18,434 | $ | 11,740 | 57.0 | % |
ThreeMonthsEnded
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Year Ended | |||||||||||||||
($ in thousands) | 12/31/2021 | 9/30/2021 | % Change | 12/31/2020 | % Change | 12/31/2021 | 12/31/2020 | % Change | ||||||||
Gain on sale of SBA loans
|
||||||||||||||||
Sold loan balance
|
$ | 36,765 | $ | 45,048 | (18.4) | % | $ | 42,413 | (13.3) | % | $ | 126,839 | $ | 89,776 | 41.3 | % |
Premium received
|
3,683 | 4,879 | (24.5) | % | 4,441 | (17.1) | % | 14,043 | 8,456 | 66.1 | % | |||||
Gain recognized
|
3,363 | 4,263 | (21.1) | % | 3,197 | 5.2 | % | 12,775 | 6,038 | 111.6 | % | |||||
Gain on sale of residential property loans
|
||||||||||||||||
Sold loan balance
|
$ | 559 | $ | 301 | 85.7 | % | $ | 27,139 | (97.9) | % | $ | 10,382 | $ | 51,921 | (80.0) | % |
Gain recognized
|
9 | 2 | 350.0 | % | 286 | (96.9) | % | 151 | 489 | (69.1) | % | |||||
ThreeMonthsEnded
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Year Ended | |||||||||||||||
($ in thousands) | 12/31/2021 | 9/30/2021 |
% Change
|
12/31/2020 |
% Change
|
12/31/2021 | 12/31/2020 |
% Change
|
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Loan servicing income | ||||||||||||||||
Servicing income received
|
$ | 1,202 | $ | 1,180 | 1.9 | % | $ | 961 | 25.1 | % | $ | 4,779 | $ | 4,657 | 2.6 | % |
Servicing assets amortization
|
(514) | (525) | (2.1) | % | (563) | (8.7) | % | (2,009) | (1,947) | 3.2 | % | |||||
Loan servicing income
|
$ | 688 | $ | 655 | 5.0 | % | $ | 398 | 72.9 | % | $ | 2,770 | $ | 2,710 | 2.2 | % |
Underlying loans at end of period
|
$ | 519,706 | $ | 511,930 | 1.5 | % | $ | 498,795 | 4.2 | % | $ | 519,706 | $ | 498,795 | 4.2 | % |
ThreeMonthsEnded
|
Year Ended | |||||||||||||||
($ in thousands) | 12/31/2021 | 9/30/2021 | % Change | 12/31/2020 | % Change | 12/31/2021 | 12/31/2020 | % Change | ||||||||
Salaries and employee benefits
|
$ | 7,061 | $ | 7,606 | (7.2) | % | $ | 7,397 | (4.5) | % | $ | 27,974 | $ | 26,147 | 7.0 | % |
Occupancy and equipment
|
1,417 | 1,399 | 1.3 | % | 1,424 | (0.5) | % | 5,575 | 5,620 | (0.8) | % | |||||
Professional fees
|
585 | 422 | 38.6 | % | 625 | (6.4) | % | 2,159 | 2,256 | (4.3) | % | |||||
Marketing and business promotion
|
586 | 416 | 40.9 | % | 440 | 33.2 | % | 1,656 | 1,360 | 21.8 | % | |||||
Data processing
|
408 | 391 | 4.3 | % | 375 | 8.8 | % | 1,572 | 1,472 | 6.8 | % | |||||
Director fees and expenses
|
161 | 144 | 11.8 | % | 146 | 10.3 | % | 594 | 599 | (0.8) | % | |||||
Regulatory assessments
|
138 | 12 | 1,050.0 | % | 250 | (44.8) | % | 537 | 978 | (45.1) | % | |||||
Other expenses
|
812 | 842 | (3.6) | % | 893 | (9.1) | % | 3,141 | 3,267 | (3.9) | % | |||||
Total noninterest expense
|
$ | 11,168 | $ | 11,232 | (0.6) | % | $ | 11,550 | (3.3) | % | $ | 43,208 | $ | 41,699 | 3.6 | % |
($ in thousands) | 12/31/2021 | 9/30/2021 | % Change | 12/31/2020 | % Change | |||||
Real estate loans | ||||||||||
Commercial property
|
$ | 1,105,843 | $ | 1,054,351 | 4.9 | % | $ | 880,736 | 25.6 | % |
Residential property
|
209,485 | 201,635 | 3.9 | % | 198,431 | 5.6 | % | |||
SBA property
|
129,661 | 127,845 | 1.4 | % | 126,570 | 2.4 | % | |||
Construction
|
8,252 | 6,572 | 25.6 | % | 15,199 | (45.7) | % | |||
Commercial and industrial loans | ||||||||||
Commercial term
|
73,438 | 74,390 | (1.3) | % | 87,250 | (15.8) | % | |||
Commercial lines of credit
|
100,936 | 101,456 | (0.5) | % | 96,087 | 5.0 | % | |||
SBA commercial term
|
17,640 | 18,338 | (3.8) | % | 21,878 | (19.4) | % | |||
SBA PPP
|
65,329 | 101,901 | (35.9) | % | 135,654 | (51.8) | % | |||
Other consumer loans
|
21,621 | 21,390 | 1.1 | % | 21,773 | (0.7) | % | |||
Loans held-for-investment
|
1,732,205 | 1,707,878 | 1.4 | % | 1,583,578 | 9.4 | % | |||
Loans held-for-sale
|
37,026 | 29,020 | 27.6 | % | 1,979 | 1,770.9 | % | |||
Total loans
|
$ | 1,769,231 | $ | 1,736,898 | 1.9 | % | $ | 1,585,557 | 11.6 | % |
($ in thousands) | 12/31/2021 | 9/30/2021 | % Change | 12/31/2020 | % Change | |||||
Real estate loans | ||||||||||
Commercial property
|
$ | 20,194 | $ | 17,873 | 13.0 | % | $ | 21,016 | (3.9) | % |
SBA property
|
3,068 | 4,747 | (35.4) | % | 540 | 468.1 | % | |||
Construction
|
5,180 | 9,478 | (45.3) | % | 13,986 | (63.0) | % | |||
Commercial and industrial loans | ||||||||||
Commercial term
|
1,097 | 1,455 | (24.6) | % | 1,000 | 9.7 | % | |||
Commercial lines of credit
|
169,000 | 156,411 | 8.0 | % | 156,870 | 7.7 | % | |||
SBA commercial term
|
149 | 245 | (39.2) | % | - | - | % | |||
Other consumer loans
|
595 | 130 | 357.7 | % | 84 | 608.3 | % | |||
Total commitments to extend credit
|
$ | 199,283 | $ | 190,339 | 4.7 | % | $ | 193,496 | 3.0 | % |
($ in thousands) | 12/31/2021 | 9/30/2021 | % Change | 12/31/2020 | % Change | |||||
Nonaccrual loans | ||||||||||
Real estate loans | ||||||||||
Commercial property
|
$ | - | $ | - | - | % | $ | 524 | (100.0) | % |
Residential property
|
- | - | - | % | 189 | (100.0) | % | |||
SBA property
|
746 | 766 | (2.6) | % | 885 | (15.7) | % | |||
Commercial and industrial loans | ||||||||||
Commercial lines of credit
|
- | - | - | % | 904 | (100.0) | % | |||
SBA commercial term
|
213 | 314 | (32.2) | % | 595 | (64.2) | % | |||
Other consumer loans
|
35 | 33 | 6.1 | % | 66 | (47.0) | % | |||
Total nonaccrual loans held-for-investment
|
994 | 1,113 | (10.7) | % | 3,163 | (68.6) | % | |||
Loans past due 90 days or more and still accruing
|
- | 3 | (100.0) | % | - | - | % | |||
Non-performing loans ("NPLs")
|
994 | 1,116 | (10.9) | % | 3,163 | (68.6) | % | |||
Other real estate owned ("OREO")
|
- | - | - | % | 1,401 | (100.0) | % | |||
Non-performing assets ("NPAs")
|
$ | 994 | $ | 1,116 | (10.9) | % | $ | 4,564 | (78.2) | % |
Loans past due and still accruing | ||||||||||
Past due 30 to 59 days
|
$ | 549 | $ | 292 | 88.0 | % | $ | 302 | 81.8 | % |
Past due 60 to 89 days
|
5 | - | - | % | 36 | (86.1) | % | |||
Past due 90 days or more
|
- | 3 | (100.0) | % | - | - | % | |||
Total loans past due and still accruing
|
$ | 554 | $ | 295 | 87.8 | % | 338 | 63.9 | % | |
Troubled debt restructurings ("TDRs") | ||||||||||
Accruing TDRs
|
$ | 576 | $ | 589 | (2.2) | % | $ | 634 | (9.1) | % |
Nonaccrual TDRs
|
17 | 26 | (34.6) | % | 5 | 240.0 | % | |||
Total TDRs
|
$ | 593 | $ | 615 | (3.6) | % | $ | 639 | (7.2) | % |
Special mention loans | $ | 18,092 | $ | 17,315 | 4.5 | % | $ | 16,461 | 9.9 | % |
Classified assets
|
||||||||||
Classified loans
|
$ | 5,168 | $ | 5,345 | (3.3) | % | $ | 10,130 | (49.0) | % |
OREO
|
- | - | - | % | 1,401 | (100.0) | % | |||
Classified assets
|
$ | 5,168 | $ | 5,345 | (3.3) | % | $ | 11,531 | (55.2) | % |
NPLs to loans held-for-investment
|
0.06 | % | 0.07 | % | 0.20 | % | ||||
NPAs to total assets
|
0.05 | % | 0.05 | % | 0.24 | % | ||||
Classified assets to total assets
|
0.24 | % | 0.25 | % | 0.60 | % | ||||
12/31/2021 | 9/30/2021 | 12/31/2020 | ||||||||||
($ in thousands) | Amount | % to Total | Amount | % to Total | Amount | % to Total | ||||||
Noninterest-bearing demand deposits
|
$ | 830,383 | 44.5 | % | $ | 832,240 | 45.4 | % | $ | 538,009 | 33.7 | % |
Interest-bearing deposits | ||||||||||||
Savings
|
16,299 | 0.9 | % | 13,294 | 0.7 | % | 10,481 | 0.7 | % | |||
NOW
|
20,185 | 1.1 | % | 20,461 | 1.1 | % | 21,604 | 1.4 | % | |||
Retail money market accounts
|
386,041 | 20.5 | % | 376,333 | 20.5 | % | 351,739 | 22.0 | % | |||
Brokered money market accounts
|
1 | 0.1 | % | 4 | 0.1 | % | 25,002 | 1.6 | % | |||
Retail time deposits of | ||||||||||||
$250,000 or less
|
256,956 | 13.8 | % | 262,207 | 14.3 | % | 299,431 | 18.7 | % | |||
More than $250,000
|
172,269 | 9.2 | % | 163,127 | 8.9 | % | 168,683 | 10.6 | % | |||
Time deposits from internet rate service providers
|
- | - | % | - | - | % | 24,902 | 1.6 | % | |||
State and brokered time deposits
|
185,000 | 9.9 | % | 165,000 | 9.0 | % | 155,000 | 9.7 | % | |||
Total interest-bearing deposits
|
1,036,751 | 55.5 | % | 1,000,426 | 54.6 | % | 1,056,842 | 66.3 | % | |||
Total deposits
|
$ | 1,867,134 | 100.0 | % | $ | 1,832,666 | 100.0 | % | $ | 1,594,851 | 100.0 | % |
($ in thousands) | 12/31/2021 | |
Cash and cash equivalents
|
$ | 203,285 |
Cash and cash equivalents to total assets
|
9.5 | % |
Available borrowing capacity | ||
FHLB advances
|
$ | 516,158 |
Federal Reserve Discount Window
|
29,198 | |
Overnight federal funds lines
|
65,000 | |
Total
|
$ | 610,356 |
Total available borrowing capacity to total assets
|
28.4 | % |
12/31/2021 | 9/30/2021 | 12/31/2020 | Well Capitalized Requirements | |||||
PCB Bancorp
|
||||||||
Common tier 1 capital (to risk-weighted assets)
|
14.79 | % | 15.07 | % | 15.97 | % | N/A | |
Total capital (to risk-weighted assets)
|
16.04 | % | 16.32 | % | 17.22 | % | N/A | |
Tier 1 capital (to risk-weighted assets)
|
14.79 | % | 15.07 | % | 15.97 | % | N/A | |
Tier 1 capital (to average assets)
|
12.11 | % | 11.91 | % | 11.94 | % | N/A | |
Pacific City Bank
|
||||||||
Common tier 1 capital (to risk-weighted assets)
|
14.48 | % | 14.76 | % | 15.70 | % | 6.5 | % |
Total capital (to risk-weighted assets)
|
15.73 | % | 16.01 | % | 16.95 | % | 10.0 | % |
Tier 1 capital (to risk-weighted assets)
|
14.48 | % | 14.76 | % | 15.70 | % | 8.0 | % |
Tier 1 capital (to average assets)
|
11.85 | % | 11.66 | % | 11.74 | % | 5.0 | % |
12/31/2021 | 9/30/2021 | % Change | 12/31/2020 | % Change | ||||||
Assets
|
||||||||||
Cash and due from banks
|
$ | 15,222 | $ | 19,688 | (22.7) | % | $ | 19,605 | (22.4) | % |
Interest-bearing deposits in other financial institutions | 188,063 | 195,285 | (3.7) | % | 174,493 | 7.8 | % | |||
Total cash and cash equivalents
|
203,285 | 214,973 | (5.4) | % | 194,098 | 4.7 | % | |||
Securities available-for-sale, at fair value
|
123,198 | 133,102 | (7.4) | % | 120,527 | 2.2 | % | |||
Loans held-for-sale
|
37,026 | 29,020 | 27.6 | % | 1,979 | 1,770.9 | % | |||
Loans held-for-investment | 1,732,205 | 1,707,878 | 1.4 | % | 1,583,578 | 9.4 | % | |||
Allowance for loan losses
|
(22,381) | (23,807) | (6.0) | % | (26,510) | (15.6) | % | |||
Net loans held-for-investment
|
1,709,824 | 1,684,071 | 1.5 | % | 1,557,068 | 9.8 | % | |||
Premises and equipment, net
|
3,098 | 3,306 | (6.3) | % | 4,048 | (23.5) | % | |||
Federal Home Loan Bank and other bank stock
|
8,577 | 8,577 | - | % | 8,447 | 1.5 | % | |||
Other real estate owned, net
|
- | - | - | % | 1,401 | (100.0) | % | |||
Bank-owned life insurance | 29,358 | - | NM | - | NM | |||||
Deferred tax assets, net
|
10,824 | 7,519 | 44.0 | % | 8,120 | 33.3 | % | |||
Servicing assets
|
7,269 | 7,009 | 3.7 | % | 6,400 | 13.6 | % | |||
Operating lease assets
|
6,786 | 7,164 | (5.3) | % | 7,616 | (10.9) | % | |||
Accrued interest receivable
|
5,368 | 5,494 | (2.3) | % | 9,334 | (42.5) | % | |||
Other assets
|
5,122 | 4,464 | 14.7 | % | 3,815 | 34.3 | % | |||
Total assets
|
$ | 2,149,735 | $ | 2,104,699 | 2.1 | % | $ | 1,922,853 | 11.8 | % |
Liabilities
|
||||||||||
Deposits | ||||||||||
Noninterest-bearing demand
|
$ | 830,383 | $ | 832,240 | (0.2) | % | $ | 538,009 | 54.3 | % |
Savings, NOW and money market accounts
|
422,526 | 410,092 | 3.0 | % | 408,826 | 3.4 | % | |||
Time deposits of $250,000 or less
|
341,956 | 327,207 | 4.5 | % | 379,333 | (9.9) | % | |||
Time deposits of more than $250,000
|
272,269 | 263,127 | 3.5 | % | 268,683 | 1.3 | % | |||
Total deposits
|
1,867,134 | 1,832,666 | 1.9 | % | 1,594,851 | 17.1 | % | |||
Federal Home Loan Bank advances
|
10,000 | 10,000 | - | % | 80,000 | (87.5) | % | |||
Operating lease liabilities
|
7,444 | 7,862 | (5.3) | % | 8,455 | (12.0) | % | |||
Accrued interest payable and other liabilities
|
8,871 | 6,573 | 35.0 | % | 5,759 | 54.0 | % | |||
Total liabilities
|
1,893,449 | 1,857,101 | 2.0 | % | 1,689,065 | 12.1 | % | |||
Commitments and contingent liabilities
|
||||||||||
Shareholders' equity
|
||||||||||
Common stock, no par value
|
154,992 | 154,618 | 0.2 | % | 164,140 | (5.6) | % | |||
Retained earnings
|
101,140 | 92,248 | 9.6 | % | 67,692 | 49.4 | % | |||
Accumulated other comprehensive income, net | 154 | 732 | (79.0) | % | 1,956 | (92.1) | % | |||
Total shareholders' equity
|
256,286 | 247,598 | 3.5 | % | 233,788 | 9.6 | % | |||
Total liabilities and shareholders' equity
|
$ | 2,149,735 | $ | 2,104,699 | 2.1 | % | $ | 1,922,853 | 11.8 | % |
Outstanding common shares
|
14,865,825 | 14,841,626 | 15,385,878 | |||||||
Book value per common share (1)
|
$ | 17.24 | $ | 16.68 | $ | 15.19 | ||||
Total loan to total deposit ratio
|
94.76 | % | 94.77 | % | 99.42 | % | ||||
Noninterest-bearing deposits to total deposits
|
44.47 | % | 45.41 | % | 33.73 | % | ||||
ThreeMonthsEnded
|
Year Ended | |||||||||||||||
12/31/2021 | 9/30/2021 | % Change | 12/31/2020 | % Change | 12/31/2021 | 12/31/2020 | % Change | |||||||||
Interest and dividend income | ||||||||||||||||
Loans, including fees | $ | 20,363 | $ | 20,537 | (0.8) | % | $ | 18,929 | 7.6 | % | $ | 79,155 | $ | 76,546 | 3.4 | % |
Investment securities | 441 | 437 | 0.9 | % | 429 | 2.8 | % | 1,613 | 2,127 | (24.2) | % | |||||
Other interest-earning assets | 191 | 194 | (1.5) | % | 150 | 27.3 | % | 704 | 1,088 | (35.3) | % | |||||
Total interest income | 20,995 | 21,168 | (0.8) | % | 19,508 | 7.6 | % | 81,472 | 79,761 | 2.1 | % | |||||
Interest expense | ||||||||||||||||
Deposits | 847 | 885 | (4.3) | % | 1,958 | (56.7) | % | 4,043 | 12,958 | (68.8) | % | |||||
Other borrowings | 53 | 56 | (5.4) | % | 143 | (62.9) | % | 292 | 614 | (52.4) | % | |||||
Total interest expense
|
900 | 941 | (4.4) | % | 2,101 | (57.2) | % | 4,335 | 13,572 | (68.1) | % | |||||
Net interest income
|
20,095 | 20,227 | (0.7) | % | 17,407 | 15.4 | % | 77,137 | 66,189 | 16.5 | % | |||||
Provision (reversal) for loan losses | (1,462) | (1,053) | 38.8 | % | 2,142 | (168.3) | % | (4,596) | 13,219 | (134.8) | % | |||||
Net interest income after provision (reversal) for loan losses | 21,557 | 21,280 | 1.3 | % | 15,265 | 41.2 | % | 81,733 | 52,970 | 54.3 | % | |||||
Noninterest income | ||||||||||||||||
Gain on sale of loans
|
3,374 | 4,269 | (21.0) | % | 3,483 | (3.1) | % | 12,932 | 6,527 | 98.1 | % | |||||
Service charges and fees on deposits
|
308 | 292 | 5.5 | % | 311 | (1.0) | % | 1,195 | 1,256 | (4.9) | % | |||||
Loan servicing income
|
688 | 655 | 5.0 | % | 398 | 72.9 | % | 2,770 | 2,710 | 2.2 | % | |||||
Bank-owned life insurance income | 108 | - | NM | - | NM | 108 | - | NM | ||||||||
Other income
|
360 | 372 | (3.2) | % | 332 | 8.4 | % | 1,429 | 1,247 | 14.6 | % | |||||
Total noninterest income
|
4,838 | 5,588 | (13.4) | % | 4,524 | 6.9 | % | 18,434 | 11,740 | 57.0 | % | |||||
Noninterest expense | ||||||||||||||||
Salaries and employee benefits
|
7,061 | 7,606 | (7.2) | % | 7,397 | (4.5) | % | 27,974 | 26,147 | 7.0 | % | |||||
Occupancy and equipment
|
1,417 | 1,399 | 1.3 | % | 1,424 | (0.5) | % | 5,575 | 5,620 | (0.8) | % | |||||
Professional fees
|
585 | 422 | 38.6 | % | 625 | (6.4) | % | 2,159 | 2,256 | (4.3) | % | |||||
Marketing and business promotion
|
586 | 416 | 40.9 | % | 440 | 33.2 | % | 1,656 | 1,360 | 21.8 | % | |||||
Data processing
|
408 | 391 | 4.3 | % | 375 | 8.8 | % | 1,572 | 1,472 | 6.8 | % | |||||
Director fees and expenses
|
161 | 144 | 11.8 | % | 146 | 10.3 | % | 594 | 599 | (0.8) | % | |||||
Regulatory assessments
|
138 | 12 | 1,050.0 | % | 250 | (44.8) | % | 537 | 978 | (45.1) | % | |||||
Other expenses
|
812 | 842 | (3.6) | % | 893 | (9.1) | % | 3,141 | 3,267 | (3.9) | % | |||||
Total noninterest expense
|
11,168 | 11,232 | (0.6) | % | 11,550 | (3.3) | % | 43,208 | 41,699 | 3.6 | % | |||||
Income before income taxes
|
15,227 | 15,636 | (2.6) | % | 8,239 | 84.8 | % | 56,959 | 23,011 | 147.5 | % | |||||
Income tax expense
|
4,551 | 4,613 | (1.3) | % | 2,452 | 85.6 | % | 16,856 | 6,836 | 146.6 | % | |||||
Net income
|
$ | 10,676 | $ | 11,023 | (3.1) | % | $ | 5,787 | 84.5 | % | $ | 40,103 | $ | 16,175 | 147.9 | % |
Earnings per common share
|
||||||||||||||||
Basic
|
$ | 0.72 | $ | 0.74 | $ | 0.38 | $ | 2.66 | $ | 1.05 | ||||||
Diluted
|
$ | 0.70 | $ | 0.73 | $ | 0.38 | $ | 2.62 | $ | 1.04 | ||||||
Average common shares
|
||||||||||||||||
Basic
|
14,799,973 | 14,779,707 | 15,350,742 | 15,017,637 | 15,384,231 | |||||||||||
Diluted
|
15,093,351 | 15,031,558 | 15,392,355 | 15,253,820 | 15,448,892 | |||||||||||
Dividend paid per common share
|
$ | 0.12 | $ | 0.12 | $ | 0.10 | $ | 0.44 | $ | 0.40 | ||||||
Return on average assets (1)
|
2.01 | % | 2.11 | % | 1.19 | % | 1.96 | % | 0.84 | % | ||||||
Return on average shareholders' equity (1), (2)
|
16.84 | % | 17.98 | % | 9.92 | % | 16.52 | % | 7.08 | % | ||||||
Efficiency ratio (3)
|
44.79 | % | 43.51 | % | 52.67 | % | 45.21 | % | 53.51 | % | ||||||
Three Months Ended | ||||||||||||||||||
12/31/2021 | 9/30/2021 | 12/31/2020 | ||||||||||||||||
Average Balance | Interest Income/ Expense |
Avg. Yield/Rate(6)
|
Average Balance | Interest Income/ Expense |
Avg. Yield/Rate(6)
|
Average Balance | Interest Income/ Expense |
Avg. Yield/Rate(6)
|
||||||||||
Assets
|
||||||||||||||||||
Interest-earning assets | ||||||||||||||||||
Total loans (1)
|
$ | 1,758,421 | $ | 20,363 | 4.59 | % | $ | 1,715,106 | $ | 20,537 | 4.75 | % | $ | 1,592,705 | $ | 18,929 | 4.73 | % |
Mortgage-backed securities
|
88,501 | 263 | 1.18 | % | 95,908 | 278 | 1.15 | % | 76,787 | 275 | 1.42 | % | ||||||
Collateralized mortgage obligation
|
20,233 | 53 | 1.04 | % | 22,534 | 57 | 1.00 | % | 28,743 | 60 | 0.83 | % | ||||||
SBA loan pool securities
|
9,199 | 41 | 1.77 | % | 10,390 | 45 | 1.72 | % | 12,432 | 57 | 1.82 | % | ||||||
Municipal bonds (2)
|
5,698 | 37 | 2.58 | % | 5,759 | 36 | 2.48 | % | 5,823 | 37 | 2.53 | % | ||||||
Corporate bonds | 5,019 | 47 | 3.72 | % | 2,283 | 21 | 3.65 | % | - | - | - | % | ||||||
Other interest-earning assets
|
175,468 | 191 | 0.43 | % | 188,137 | 194 | 0.41 | % | 187,592 | 150 | 0.32 | % | ||||||
Total interest-earning assets
|
2,062,539 | 20,995 | 4.04 | % | 2,040,117 | 21,168 | 4.12 | % | 1,904,082 | 19,508 | 4.08 | % | ||||||
Noninterest-earning assets | ||||||||||||||||||
Cash and cash equivalents
|
20,618 | 19,915 | 18,188 | |||||||||||||||
Allowance for loan losses
|
(23,835) | (24,854) | (25,699) | |||||||||||||||
Other assets
|
52,512 | 35,187 | 42,755 | |||||||||||||||
Total noninterest-earning assets
|
49,295 | 30,248 | 35,244 | |||||||||||||||
Total assets
|
$ | 2,111,834 | $ | 2,070,365 | $ | 1,939,326 | ||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Deposits | ||||||||||||||||||
NOW and money market accounts
|
$ | 406,343 | 301 | 0.29 | % | $ | 387,661 | 291 | 0.30 | % | $ | 383,507 | 327 | 0.34 | % | |||
Savings
|
14,161 | 2 | 0.06 | % | 12,806 | 2 | 0.06 | % | 11,037 | 1 | 0.04 | % | ||||||
Time deposits
|
587,523 | 544 | 0.37 | % | 599,865 | 592 | 0.39 | % | 655,825 | 1,630 | 0.99 | % | ||||||
Total interest-bearing deposits
|
1,008,027 | 847 | 0.33 | % | 1,000,332 | 885 | 0.35 | % | 1,050,369 | 1,958 | 0.74 | % | ||||||
Other borrowings | 13,315 | 53 | 1.58 | % | 18,152 | 56 | 1.22 | % | 91,467 | 143 | 0.62 | % | ||||||
Total interest-bearing liabilities
|
1,021,342 | 900 | 0.35 | % | 1,018,484 | 941 | 0.37 | % | 1,141,836 | 2,101 | 0.73 | % | ||||||
Noninterest-bearing liabilities
|
||||||||||||||||||
Noninterest-bearing demand
|
824,504 | 794,165 | 549,922 | |||||||||||||||
Other liabilities
|
14,511 | 14,531 | 15,412 | |||||||||||||||
Total noninterest-bearing liabilities
|
839,015 | 808,696 | 565,334 | |||||||||||||||
Total liabilities
|
1,860,357 | 1,827,180 | 1,707,170 | |||||||||||||||
Total shareholders' equity
|
251,477 | 243,185 | 232,156 | |||||||||||||||
Total liabilities and shareholders' equity
|
$ | 2,111,834 | $ | 2,070,365 | $ | 1,939,326 | ||||||||||||
Net interest income
|
$ | 20,095 | $ | 20,227 | $ | 17,407 | ||||||||||||
Net interest spread (3)
|
3.69 | % | 3.75 | % | 3.35 | % | ||||||||||||
Net interest margin (4)
|
3.87 | % | 3.93 | % | 3.64 | % | ||||||||||||
Total deposits
|
$ | 1,832,531 | $ | 847 | 0.18 | % | $ | 1,794,497 | $ | 885 | 0.20 | % | $ | 1,600,291 | $ | 1,958 | 0.49 | % |
Total funding (5)
|
$ | 1,845,846 | $ | 900 | 0.19 | % | $ | 1,812,649 | $ | 941 | 0.21 | % | $ | 1,691,758 | $ | 2,101 | 0.49 | % |
Year Ended | ||||||||||||
12/31/2021 | 12/31/2020 | |||||||||||
Average Balance | Interest Income/ Expense |
Avg. Yield/Rate(6)
|
Average Balance | Interest Income/ Expense |
Avg. Yield/Rate(6)
|
|||||||
Assets
|
||||||||||||
Interest-earning assets | ||||||||||||
Total loans (1)
|
$ | 1,702,073 | $ | 79,155 | 4.65 | % | $ | 1,541,740 | $ | 76,546 | 4.96 | % |
Mortgage-backed securities
|
89,693 | 989 | 1.10 | % | 68,496 | 1,260 | 1.84 | % | ||||
Collateralized mortgage obligation
|
22,633 | 221 | 0.98 | % | 35,299 | 462 | 1.31 | % | ||||
SBA loan pool securities
|
10,515 | 189 | 1.80 | % | 13,120 | 255 | 1.94 | % | ||||
Municipal bonds (2)
|
5,755 | 146 | 2.54 | % | 5,811 | 150 | 2.58 | % | ||||
Corporate bonds | 1,841 | 68 | 3.69 | % | - | - | - | % | ||||
Other interest-earning assets
|
179,353 | 704 | 0.39 | % | 213,124 | 1,088 | 0.51 | % | ||||
Total interest-earning assets
|
2,011,863 | 81,472 | 4.05 | % | 1,877,590 | 79,761 | 4.25 | % | ||||
Noninterest-earning assets | ||||||||||||
Cash and cash equivalents
|
19,676 | 17,542 | ||||||||||
Allowance for loan losses
|
(25,270) | (19,693) | ||||||||||
Other assets
|
41,187 | 39,385 | ||||||||||
Total noninterest-earning assets
|
35,593 | 37,234 | ||||||||||
Total assets
|
$ | 2,047,456 | $ | 1,914,824 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||
Interest-bearing liabilities | ||||||||||||
Deposits | ||||||||||||
NOW and money market accounts
|
$ | 400,446 | 1,242 | 0.31 | % | $ | 371,315 | 2,385 | 0.64 | % | ||
Savings
|
12,302 | 6 | 0.05 | % | 8,543 | 9 | 0.11 | % | ||||
Time deposits
|
609,351 | 2,795 | 0.46 | % | 708,306 | 10,564 | 1.49 | % | ||||
Total interest-bearing deposits
|
1,022,099 | 4,043 | 0.40 | % | 1,088,164 | 12,958 | 1.19 | % | ||||
Other borrowings | 31,302 | 292 | 0.93 | % | 94,319 | 614 | 0.65 | % | ||||
Total interest-bearing liabilities
|
1,053,401 | 4,335 | 0.41 | % | 1,182,483 | 13,572 | 1.15 | % | ||||
Noninterest-bearing liabilities
|
||||||||||||
Noninterest-bearing demand
|
737,216 | 486,820 | ||||||||||
Other liabilities
|
14,073 | 16,968 | ||||||||||
Total noninterest-bearing liabilities
|
751,289 | 503,788 | ||||||||||
Total liabilities
|
1,804,690 | 1,686,271 | ||||||||||
Total shareholders' equity
|
242,766 | 228,553 | ||||||||||
Total liabilities and shareholders' equity
|
$ | 2,047,456 | $ | 1,914,824 | ||||||||
Net interest income
|
$ | 77,137 | $ | 66,189 | ||||||||
Net interest spread (3)
|
3.64 | % | 3.10 | % | ||||||||
Net interest margin (4)
|
3.83 | % | 3.53 | % | ||||||||
Total deposits
|
$ | 1,759,315 | $ | 4,043 | 0.23 | % | $ | 1,574,984 | $ | 12,958 | 0.82 | % |
Total funding (5)
|
$ | 1,790,617 | $ | 4,335 | 0.24 | % | $ | 1,669,303 | $ | 13,572 | 0.81 | % |
12/31/2021 | 9/30/2021 | 12/31/2020 | |||||
Loans held-for-investment | (a) | $ | 1,732,205 | $ | 1,707,878 | $ | 1,583,578 |
Less: SBA PPP loans | (b) | 65,329 | 101,901 | 135,654 | |||
Loans held-for-investment, excluding SBA PPP loans | (c)=(a)-(b) | $ | 1,666,876 | $ | 1,605,977 | $ | 1,447,924 |
Allowance for loan losses | (d) | $ | 22,381 | $ | 23,807 | $ | 26,510 |
Allowance for loan losses to loans held-for-investment ratio | (d)/(a) | 1.29 | % | 1.39 | % | 1.67 | % |
Adjusted allowance for loan losses to loans held-for-investment ratio | (d)/(c) | 1.34 | % | 1.48 | % | 1.83 | % |