04/24/2024 | Press release | Distributed by Public on 04/24/2024 11:06
•
|
Quarterly EPS of $0.70
|
•
|
Quarterly Return on Average Assets of 1.22%
|
•
|
Quarterly Net Interest Margin of 3.48%
|
•
|
Net Loans Increased by 12% Year-Over-Year
|
•
|
Deposits Increased by 6% Year-Over-Year
|
•
|
Announces Quarterly Cash Dividend
|
•
|
Earnings per diluted common share ("EPS") decreased 9% to $0.70 for the current quarter from $0.77 for the preceding quarter and decreased 13% from $0.80 for the comparable quarter one year ago; EPS for the first six months of fiscal 2024 decreased 14% to $1.47 from $1.70 for the first six months of fiscal 2023;
|
•
|
Net income decreased 9% to $5.71 million for the current quarter from $6.30 million for the preceding quarter and decreased 14% from $6.66 million for the comparable quarter one year ago; Net income decreased 15% to $12.00 million for the first six months of fiscal 2024 compared to $14.17 million for the first six months of fiscal 2023;
|
•
|
Return on average equity ("ROE") and return on average assets ("ROA") for the current quarter were 9.67% and 1.22%, respectively;
|
•
|
Net interest margin ("NIM") for the current quarter compressed to 3.48% from 3.60% for the preceding quarter and from 3.99% for the comparable quarter one year ago; and
|
•
|
The efficiency ratio for the current quarter was 60.22% compared to 56.50% for the preceding quarter and 55.31% for the comparable quarter one year ago.
|
•
|
Total assets increased 1% from the prior quarter and increased 7% year-over-year;
|
•
|
Net loans receivable increased 2% from the prior quarter and increased 12% year-over-year;
|
•
|
Total deposits increased 1% from the prior quarter and increased 6% year-over-year;
|
•
|
Total shareholders' equity increased 1% from the prior quarter and increased 5% year-over-year;
|
•
|
Non-performing assets to total assets ratio was 0.19% at March 31, 2024 compared to 0.18% at December 31, 2023 and 0.12% at March 31, 2023;
|
•
|
Book and tangible book (non-GAAP) values per common share increased to $29.75 and $27.79, respectively, at March 31, 2024; and
|
•
|
Liquidity (both on-balance sheet and off-balance sheet) remained strong at March 31, 2024 with only $20 million in borrowings and additional secured borrowing line capacity of $707 million available through the Federal Home Loan Bank ("FHLB") and the Federal Reserve.
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023 |
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||
One- to four-family (a)
|
$
|
276,433
|
19
|
%
|
$
|
263,122
|
18
|
%
|
$
|
216,639
|
16
|
%
|
||||||||||||
Multi-family
|
167,275
|
12
|
147,321
|
10
|
103,870
|
8
|
||||||||||||||||||
Commercial
|
577,373
|
40
|
579,038
|
40
|
547,876
|
41
|
||||||||||||||||||
Construction - custom and
|
||||||||||||||||||||||||
owner/builder
|
122,988
|
8
|
134,878
|
9
|
124,071
|
9
|
||||||||||||||||||
Construction - speculative
one-to four-family
|
16,407
|
1
|
17,609
|
1
|
11,343
|
1
|
||||||||||||||||||
Construction - commercial
|
32,318
|
2
|
36,702
|
3
|
31,458
|
3
|
||||||||||||||||||
Construction - multi-family
|
36,795
|
3
|
57,019
|
4
|
83,051
|
6
|
||||||||||||||||||
Construction - land
|
||||||||||||||||||||||||
development
|
16,051
|
1
|
18,878
|
1
|
17,018
|
1
|
||||||||||||||||||
Land
|
31,821
|
2
|
28,697
|
2
|
24,520
|
2
|
||||||||||||||||||
Total mortgage loans
|
1,277,461
|
88
|
1,283,264
|
88
|
1,159,846
|
87
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and second
|
||||||||||||||||||||||||
mortgage
|
42,357
|
3
|
39,403
|
3
|
36,896
|
3
|
||||||||||||||||||
Other
|
2,925
|
--
|
2,926
|
--
|
2,283
|
--
|
||||||||||||||||||
Total consumer loans
|
45,282
|
3
|
42,329
|
3
|
39,179
|
3
|
||||||||||||||||||
Commercial loans:
|
||||||||||||||||||||||||
Commercial business loans
|
135,505
|
9
|
136,942
|
9
|
129,306
|
10
|
||||||||||||||||||
SBA PPP loans
|
367
|
--
|
423
|
--
|
572
|
--
|
||||||||||||||||||
Total commercial loans
|
135,872
|
9
|
137,365
|
9
|
129,878
|
10
|
||||||||||||||||||
Total loans
|
1,458,615
|
100
|
%
|
1,462,958
|
100
|
%
|
1,328,903
|
100
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Undisbursed portion of
|
||||||||||||||||||||||||
construction loans in
|
||||||||||||||||||||||||
process
|
(77,502
|
)
|
(104,683
|
)
|
(99,253
|
)
|
||||||||||||||||||
Deferred loan origination
|
||||||||||||||||||||||||
fees
|
(5,179
|
)
|
(5,337
|
)
|
(4,759
|
)
|
||||||||||||||||||
Allowance for credit losses
|
(16,818
|
)
|
(16,655
|
)
|
(14,698
|
)
|
||||||||||||||||||
Total loans receivable, net
|
$
|
1,359,116
|
$
|
1,336,283
|
$
|
1,210,193
|
(a)
|
Does not include one- to four-family loans held for sale totaling $1,311, $1,425, and $200 at March 31 2024, December 31, 2023, and March 31, 2023, respectively.
|
Collateral Type
|
Balance
|
Percent of
CRE
Portfolio
|
Percent of
Total Loan
Portfolio
|
Average
Balance Per
Loan
|
Non-
Accrual
|
|||||||||||||||
Industrial warehouse
|
$
|
112,318
|
20
|
%
|
8
|
%
|
$
|
1,123
|
$
|
195
|
||||||||||
Medical/dental offices
|
81,335
|
14
|
6
|
1,291
|
--
|
|||||||||||||||
Office buildings
|
71,518
|
12
|
5
|
777
|
--
|
|||||||||||||||
Other retail buildings
|
51,422
|
9
|
3
|
547
|
--
|
|||||||||||||||
Mini-storage
|
39,228
|
7
|
3
|
1,453
|
--
|
|||||||||||||||
Hotel/motel
|
31,713
|
5
|
2
|
2,883
|
--
|
|||||||||||||||
Restaurants
|
27,583
|
5
|
2
|
563
|
--
|
|||||||||||||||
Gas stations/conv. stores
|
20,977
|
4
|
1
|
912
|
--
|
|||||||||||||||
Nursing homes
|
18,630
|
3
|
1
|
2,329
|
--
|
|||||||||||||||
Mobile home parks
|
10,869
|
2
|
1
|
494
|
--
|
|||||||||||||||
Shopping centers
|
10,854
|
2
|
1
|
1,809
|
--
|
|||||||||||||||
Churches
|
6,976
|
1
|
1
|
498
|
--
|
|||||||||||||||
Additional CRE
|
93,950
|
16
|
6
|
706
|
954
|
|||||||||||||||
Total CRE
|
$
|
577,373
|
100
|
%
|
40
|
%
|
$
|
899
|
$
|
1,149
|
Deposit Breakdown
($ in thousands)
|
||||||||||||||||||||||||
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Non-interest-bearing demand
|
424,906
|
26
|
%
|
$
|
433,065
|
27
|
%
|
$
|
479,283
|
31
|
%
|
|||||||||||||
NOW checking
|
336,621
|
20
|
389,463
|
24
|
403,463
|
26
|
||||||||||||||||||
Savings
|
211,085
|
13
|
215,948
|
13
|
269,522
|
17
|
||||||||||||||||||
Money market
|
311,994
|
19
|
269,686
|
17
|
210,390
|
14
|
||||||||||||||||||
Certificates of deposit under $250
|
190,762
|
12
|
181,762
|
11
|
129,331
|
8
|
||||||||||||||||||
Certificates of deposit $250 and over
|
118,698
|
7
|
96,145
|
6
|
56,778
|
4
|
||||||||||||||||||
Certificates of deposit - brokered
|
44,488
|
3
|
41,000
|
2
|
--
|
--
|
||||||||||||||||||
Total deposits
|
$
|
1,638,554
|
100
|
%
|
$
|
1,627,069
|
100
|
%
|
$
|
1,548,767
|
100
|
%
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
||||||||||||||||||||||
Amount
|
Quantity
|
Amount
|
Quantity
|
Amount
|
Quantity
|
|||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||
One- to four-family
|
$
|
380
|
3
|
$
|
602
|
4
|
$
|
378
|
2
|
|||||||||||||||
Commercial
|
1,149
|
3
|
683
|
2
|
694
|
2
|
||||||||||||||||||
Construction - custom and
|
||||||||||||||||||||||||
owner/builder
|
152
|
1
|
150
|
1
|
--
|
--
|
||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
362
|
1
|
||||||||||||||||||
Total mortgage loans
|
1,681
|
7
|
1,435
|
7
|
1,434
|
5
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and second
|
||||||||||||||||||||||||
mortgage
|
165
|
1
|
171
|
1
|
241
|
2
|
||||||||||||||||||
Other
|
--
|
--
|
--
|
--
|
1
|
1
|
||||||||||||||||||
Total consumer loans
|
165
|
1
|
171
|
1
|
242
|
3
|
||||||||||||||||||
Commercial business loans
|
1,759
|
6
|
1,760
|
6
|
293
|
4
|
||||||||||||||||||
Total loans
|
$
|
3,605
|
14
|
$
|
3,366
|
14
|
$
|
1,969
|
12
|
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
|
Three Months Ended
|
|||||||||||
($ in thousands, except per share amounts) (unaudited)
|
March 31,
|
Dec. 31,
|
March 31,
|
|||||||||
2024
|
2023
|
2023
|
||||||||||
Interest and dividend income
|
||||||||||||
Loans receivable
|
$
|
18,909
|
$
|
18,395
|
$
|
14,950
|
||||||
Investment securities
|
2,246
|
2,311
|
2,460
|
|||||||||
Dividends from mutual funds, FHLB stock and other investments
|
82
|
91
|
64
|
|||||||||
Interest bearing deposits in banks
|
1,919
|
1,699
|
1,913
|
|||||||||
Total interest and dividend income
|
23,156
|
22,496
|
19,387
|
|||||||||
Interest expense
|
||||||||||||
Deposits
|
7,301
|
6,143
|
2,236
|
|||||||||
Borrowings
|
220
|
349
|
--
|
|||||||||
Total interest expense
|
7,521
|
6,492
|
2,236
|
|||||||||
Net interest income
|
15,635
|
16,004
|
17,151
|
|||||||||
Provision for credit losses - loans
|
166
|
379
|
475
|
|||||||||
Provision for (recapture of ) credit losses - investment securities
|
3
|
(10
|
)
|
--
|
||||||||
Recapture of credit losses - unfunded commitments
|
(88
|
)
|
(33
|
)
|
--
|
|||||||
Net int. income after provision for (recapture of) credit losses
|
15,554
|
15,668
|
16,676
|
|||||||||
Non-interest income
|
||||||||||||
Service charges on deposits
|
988
|
1,023
|
893
|
|||||||||
ATM and debit card interchange transaction fees
|
1,212
|
1,264
|
1,275
|
|||||||||
Gain on sales of loans, net
|
41
|
78
|
46
|
|||||||||
Bank owned life insurance ("BOLI") net earnings
|
156
|
156
|
157
|
|||||||||
Recoveries on investment securities, net
|
2
|
5
|
2
|
|||||||||
Other
|
216
|
272
|
263
|
|||||||||
Total non-interest income, net
|
2,615
|
2,798
|
2,636
|
|||||||||
Non-interest expense
|
||||||||||||
Salaries and employee benefits
|
6,024
|
5,911
|
6,046
|
|||||||||
Premises and equipment
|
1,081
|
973
|
1,001
|
|||||||||
Advertising
|
159
|
186
|
178
|
|||||||||
ATM and debit card processing
|
601
|
615
|
489
|
|||||||||
Postage and courier
|
145
|
126
|
147
|
|||||||||
State and local taxes
|
325
|
319
|
298
|
|||||||||
Professional fees
|
319
|
253
|
473
|
|||||||||
FDIC insurance expense
|
206
|
210
|
202
|
|||||||||
Loan administration and foreclosure
|
134
|
105
|
138
|
|||||||||
Technology and communication expense
|
1,040
|
974
|
880
|
|||||||||
Deposit operations
|
324
|
320
|
246
|
|||||||||
Amortization of core deposit intangible ("CDI")
|
57
|
56
|
67
|
|||||||||
Other, net
|
576
|
576
|
779
|
|||||||||
Total non-interest expense, net
|
10,991
|
10,624
|
10,944
|
|||||||||
Income before income taxes
|
7,178
|
7,842
|
8,368
|
|||||||||
Provision for income taxes
|
1,470
|
1,546
|
1,705
|
|||||||||
Net income
|
$
|
5,708
|
$
|
6,296
|
$
|
6,663
|
||||||
Net income per common share:
|
||||||||||||
Basic
|
$
|
0.71
|
$
|
0.78
|
$
|
0.81
|
||||||
Diluted
|
0.70
|
0.77
|
0.80
|
|||||||||
Weighted average common shares outstanding:
|
||||||||||||
Basic
|
8,081,924
|
8,114,209
|
8,220,532
|
|||||||||
Diluted
|
8,121,109
|
8,166,048
|
8,304,370
|
|||||||||
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
|
Six Months Ended
|
|||||||||||
($ in thousands, except per share amounts) (unaudited)
|
March 31,
|
March 31,
|
||||||||||
2024
|
2023
|
|||||||||||
Interest and dividend income
|
||||||||||||
Loans receivable
|
$
|
37,304
|
$
|
29,407
|
||||||||
Investment securities
|
4,556
|
4,674
|
||||||||||
Dividends from mutual funds, FHLB stock and other investments
|
173
|
115
|
||||||||||
Interest bearing deposits in banks
|
3,618
|
4,304
|
||||||||||
Total interest and dividend income
|
45,651
|
38,500
|
||||||||||
Interest expense
|
||||||||||||
Deposits
|
13,444
|
3,606
|
||||||||||
Borrowings
|
568
|
--
|
||||||||||
Total interest expense
|
14,012
|
3,606
|
||||||||||
Net interest income
|
31,639
|
34,894
|
||||||||||
Provision for credit losses - loans
|
545
|
1,000
|
||||||||||
Recapture of credit losses - investment securities
|
(7
|
)
|
--
|
|||||||||
Recapture of credit losses - unfunded commitments
|
(121
|
)
|
--
|
|||||||||
Net int. income after provision for (recapture of) credit losses
|
31,222
|
33,894
|
||||||||||
Non-interest income
|
||||||||||||
Service charges on deposits
|
2,011
|
1,840
|
||||||||||
ATM and debit card interchange transaction fees
|
2,476
|
2,526
|
||||||||||
Gain on sales of loans, net
|
120
|
67
|
||||||||||
Bank owned life insurance ("BOLI") net earnings
|
312
|
313
|
||||||||||
Recoveries on investment securities, net
|
7
|
5
|
||||||||||
Other
|
487
|
590
|
||||||||||
Total non-interest income, net
|
5,413
|
5,341
|
||||||||||
Non-interest expense
|
||||||||||||
Salaries and employee benefits
|
11,936
|
11,946
|
||||||||||
Premises and equipment
|
2,054
|
1,925
|
||||||||||
Advertising
|
345
|
372
|
||||||||||
ATM and debit card processing
|
1,216
|
972
|
||||||||||
Postage and courier
|
271
|
268
|
||||||||||
State and local taxes
|
644
|
597
|
||||||||||
Professional fees
|
572
|
902
|
||||||||||
FDIC insurance expense
|
416
|
326
|
||||||||||
Loan administration and foreclosure
|
239
|
259
|
||||||||||
Technology and telecommunications
|
2,014
|
1,668
|
||||||||||
Deposit operations
|
644
|
592
|
||||||||||
Amortization of CDI
|
113
|
135
|
||||||||||
Other, net
|
1,151
|
1,517
|
||||||||||
Total non-interest expense, net
|
21,615
|
21,479
|
||||||||||
Income before income taxes
|
15,020
|
17,756
|
||||||||||
Provision for income taxes
|
3,016
|
3,587
|
||||||||||
Net income
|
$
|
12,004
|
$
|
14,169
|
||||||||
Net income per common share:
|
||||||||||||
Basic
|
$
|
1.48
|
$
|
1.72
|
||||||||
Diluted
|
1.47
|
1.70
|
||||||||||
Weighted average common shares outstanding:
|
||||||||||||
Basic
|
8,098,155
|
8,226,467
|
||||||||||
Diluted
|
8,143,701
|
8,311,630
|
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
($ in thousands, except per share amounts) (unaudited)
|
March 31,
|
Dec. 31,
|
March 31,
|
|||||||||
2024
|
2023
|
2023
|
||||||||||
Assets
|
||||||||||||
Cash and due from financial institutions
|
$
|
22,310
|
$
|
28,656
|
$
|
26,015
|
||||||
Interest-bearing deposits in banks
|
158,039
|
129,365
|
116,468
|
|||||||||
Total cash and cash equivalents
|
180,349
|
158,021
|
142,483
|
|||||||||
Certificates of deposit ("CDs") held for investment, at cost
|
11,204
|
12,449
|
20,168
|
|||||||||
Investment securities:
|
||||||||||||
Held to maturity, at amortized cost (net of ACL - investment
securities)
|
211,818
|
266,085
|
277,911
|
|||||||||
Available for sale, at fair value
|
61,746
|
40,446
|
54,838
|
|||||||||
Investments in equity securities, at fair value
|
839
|
848
|
850
|
|||||||||
FHLB stock
|
2,037
|
2,001
|
2,202
|
|||||||||
Other investments, at cost
|
3,000
|
3,000
|
3,000
|
|||||||||
Loans held for sale
|
1,311
|
1,425
|
200
|
|||||||||
Loans receivable
|
1,375,934
|
1,352,938
|
1,224,891
|
|||||||||
Less: ACL - loans
|
(16,818
|
)
|
(16,655
|
)
|
(14,698
|
)
|
||||||
Net loans receivable
|
1,359,116
|
1,336,283
|
1,210,193
|
|||||||||
Premises and equipment, net
|
21,718
|
21,584
|
21,744
|
|||||||||
BOLI
|
23,278
|
23,122
|
23,119
|
|||||||||
Accrued interest receivable
|
7,108
|
6,731
|
5,295
|
|||||||||
Goodwill
|
15,131
|
15,131
|
15,131
|
|||||||||
CDI
|
564
|
621
|
813
|
|||||||||
Loan servicing rights, net
|
1,717
|
1,925
|
2,535
|
|||||||||
Operating lease right-of-use assets
|
1,624
|
1,698
|
1,844
|
|||||||||
Other assets
|
4,674
|
3,745
|
4,292
|
|||||||||
Total assets
|
$
|
1,907,234
|
$
|
1,895,115
|
$
|
1,786,618
|
||||||
Liabilities and shareholders' equity
|
||||||||||||
Deposits: Non-interest-bearing demand
|
$
|
424,906
|
$
|
433,065
|
$
|
479,283
|
||||||
Deposits: Interest-bearing
|
1,213,648
|
1,194,004
|
1,069,484
|
|||||||||
Total deposits
|
1,638,554
|
1,627,069
|
1,548,767
|
|||||||||
Operating lease liabilities
|
1,723
|
1,796
|
1,935
|
|||||||||
FHLB borrowings
|
20,000
|
20,000
|
--
|
|||||||||
Other liabilities and accrued expenses
|
8,278
|
8,881
|
8,255
|
|||||||||
Total liabilities
|
1,668,555
|
1,657,746
|
1,558,957
|
|||||||||
Shareholders' equity
|
||||||||||||
Common stock, $.01 par value; 50,000,000 shares authorized;
8,023,121 shares issued and outstanding - March 31, 2024
8,120,708 shares issued and outstanding - December 31, 2023
8,203,174 shares issued and outstanding - March 31, 2023
|
32,338
|
34,869
|
37,979
|
|||||||||
Retained earnings
|
207,086
|
203,327
|
190,177
|
|||||||||
Accumulated other comprehensive loss
|
(745
|
)
|
(827
|
)
|
(495
|
)
|
||||||
Total shareholders' equity
|
238,679
|
237,369
|
227,661
|
|||||||||
Total liabilities and shareholders' equity
|
$
|
1,907,234
|
$
|
1,895,115
|
$
|
1,786,618
|
Three Months Ended
|
||||||||||||
PERFORMANCE RATIOS:
|
March 31,
2024
|
Dec. 31,
2023
|
March 31,
2023 |
|||||||||
Return on average assets (a)
|
1.22
|
%
|
1.36
|
%
|
1.48
|
%
|
||||||
Return on average equity (a)
|
9.67
|
%
|
10.75
|
%
|
11.86
|
%
|
||||||
Net interest margin (a)
|
3.48
|
%
|
3.60
|
%
|
3.99
|
%
|
||||||
Efficiency ratio
|
60.22
|
%
|
56.50
|
%
|
55.31
|
%
|
||||||
Six Months Ended
|
||||||||||||
PERFORMANCE RATIOS:
|
March 31,
2024
|
March 31,
2023
|
||||||||||
Return on average assets (a)
|
1.28
|
%
|
1.55
|
%
|
||||||||
Return on average equity (a)
|
10.18
|
%
|
12.74
|
%
|
||||||||
Net interest margin (a)
|
3.53
|
%
|
4.02
|
%
|
||||||||
Efficiency ratio
|
58.34
|
%
|
53.38
|
%
|
||||||||
Three Months Ended
|
||||||||||||
ASSET QUALITY RATIOS AND DATA:
|
March 31,
2024
|
Dec. 31,
2023
|
March 31,
2023
|
|||||||||
Non-accrual loans
|
$
|
3,605
|
$
|
3,366
|
$
|
1,969
|
||||||
Loans past due 90 days and still accruing
|
--
|
--
|
--
|
|||||||||
Non-performing investment securities
|
79
|
85
|
93
|
|||||||||
OREO and other repossessed assets
|
--
|
--
|
--
|
|||||||||
Total non-performing assets (b)
|
$
|
3,684
|
$
|
3,451
|
$
|
2,062
|
||||||
Non-performing assets to total assets (b)
|
0.19
|
%
|
0.18
|
%
|
0.12
|
%
|
||||||
Net charge-offs (recoveries) during quarter
|
$
|
3
|
$
|
2
|
$
|
6
|
||||||
Allowance for credit losses - loans to non-accrual loans,
|
467
|
%
|
495
|
%
|
746
|
%
|
||||||
Allowance for credit losses - loans to loans receivable (c)
|
1.22
|
%
|
1.23
|
%
|
1.20
|
%
|
||||||
CAPITAL RATIOS:
|
||||||||||||
Tier 1 leverage capital
|
12.01
|
%
|
12.14
|
%
|
11.95
|
%
|
||||||
Tier 1 risk-based capital
|
18.08
|
%
|
18.22
|
%
|
18.16
|
%
|
||||||
Common equity Tier 1 risk-based capital
|
18.08
|
%
|
18.22
|
%
|
18.16
|
%
|
||||||
Total risk-based capital
|
19.33
|
%
|
19.50
|
%
|
19.41
|
%
|
||||||
Tangible common equity to tangible assets (non-GAAP)
|
11.79
|
%
|
11.79
|
%
|
11.96
|
%
|
||||||
BOOK VALUES:
|
||||||||||||
Book value per common share
|
$
|
29.75
|
$
|
29.23
|
$
|
27.75
|
||||||
Tangible book value per common share (d)
|
27.79
|
27.29
|
25.81
|
For the Three Months Ended
|
||||||||||||||||||||||||
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
||||||||||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Loans receivable and loans held for sale
|
$
|
1,365,417
|
5.57
|
%
|
$
|
1,332,971
|
5.52
|
%
|
$
|
1,200,872
|
4.98
|
%
|
||||||||||||
Investment securities and FHLB stock (1)
|
298,003
|
3.14
|
317,164
|
3.03
|
340,317
|
2.97
|
||||||||||||||||||
Interest-earning deposits in banks and CDs
|
143,121
|
5.39
|
126,253
|
5.38
|
177,748
|
4.30
|
||||||||||||||||||
Total interest-earning assets
|
1,806,541
|
5.16
|
1,776,388
|
5.07
|
1,718,937
|
4.51
|
||||||||||||||||||
Other assets
|
81,337
|
81,612
|
84,072
|
|||||||||||||||||||||
Total assets
|
$
|
1,887,878
|
$
|
1,858,000
|
$
|
1,803,009
|
||||||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||||||||
NOW checking accounts
|
$
|
367,924
|
1.61
|
%
|
$
|
376,682
|
1.51
|
%
|
$
|
412,642
|
0.83
|
%
|
||||||||||||
Money market accounts
|
270,623
|
3.14
|
224,939
|
2.34
|
218,718
|
0.68
|
||||||||||||||||||
Savings accounts
|
214,233
|
0.23
|
220,042
|
0.22
|
274,877
|
0.14
|
||||||||||||||||||
Certificates of deposit accounts
|
295,202
|
4.16
|
268,628
|
3.97
|
170,547
|
2.22
|
||||||||||||||||||
Brokered CDs
|
40,402
|
5.40
|
42,725
|
5.38
|
--
|
--
|
||||||||||||||||||
Total interest-bearing deposits
|
1,188,384
|
2.47
|
1,133,016
|
2.18
|
1,076,784
|
0.84
|
||||||||||||||||||
Borrowings
|
20,001
|
4.42
|
28,804
|
4.81
|
6
|
5.43
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,208,385
|
2.50
|
1,161,820
|
2.22
|
1,076,790
|
0.84
|
||||||||||||||||||
Non-interest-bearing demand deposits
|
431,826
|
450,027
|
492,294
|
|||||||||||||||||||||
Other liabilities
|
10,182
|
11,878
|
9,136
|
|||||||||||||||||||||
Shareholders' equity
|
237,485
|
234,275
|
224,789
|
|||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,887,878
|
$
|
1,858,000
|
$
|
1,803,009
|
||||||||||||||||||
Interest rate spread
|
2.66
|
%
|
2.85
|
%
|
3.67
|
%
|
||||||||||||||||||
Net interest margin (2)
|
3.48
|
%
|
3.60
|
%
|
3.99
|
%
|
||||||||||||||||||
Average interest-earning assets to
|
||||||||||||||||||||||||
average interest-bearing liabilities
|
149.50
|
%
|
152.90
|
%
|
159.64
|
%
|
For the Six Months Ended
|
||||||||||||||||
March 31, 2024
|
March 31, 2023
|
|||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||
Assets
|
||||||||||||||||
Loans receivable and loans held for sale
|
$
|
1,349,105
|
5.53
|
%
|
$
|
1,182,420
|
4.97
|
%
|
||||||||
Investment securities and FHLB stock (1)
|
307,636
|
3.08
|
332,815
|
2.88
|
||||||||||||
Interest-earning deposits in banks and CDs
|
134,643
|
5.37
|
222,569
|
3.87
|
||||||||||||
Total interest-earning assets
|
1,791,384
|
5.10
|
1,737,804
|
4.43
|
||||||||||||
Other assets
|
81,473
|
86,171
|
||||||||||||||
Total assets
|
$
|
1,872,857
|
$
|
1,823,975
|
||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||
NOW checking accounts
|
$
|
372,327
|
1.56
|
%
|
$
|
426,345
|
0.63
|
%
|
||||||||
Money market accounts
|
247,656
|
2.78
|
229,185
|
0.60
|
||||||||||||
Savings accounts
|
217,153
|
0.23
|
277,382
|
0.13
|
||||||||||||
Certificates of deposit accounts
|
281,842
|
4.07
|
152,814
|
1.84
|
||||||||||||
Brokered CDs
|
41,570
|
5.39
|
--
|
--
|
||||||||||||
Total interest-bearing deposits
|
1,160,548
|
2.32
|
1,085,726
|
0.67
|
||||||||||||
Borrowings
|
24,427
|
4.65
|
3
|
5.43
|
||||||||||||
Total interest-bearing liabilities
|
1,184,975
|
2.37
|
1,085,729
|
0.67
|
||||||||||||
Non-interest-bearing demand deposits
|
440,976
|
505,949
|
||||||||||||||
Other liabilities
|
11,035
|
9,813
|
||||||||||||||
Shareholders' equity
|
235,871
|
222,484
|
||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,872,857
|
$
|
1,823,975
|
||||||||||||
Interest rate spread
|
2.73
|
%
|
3.76
|
%
|
||||||||||||
Net interest margin (2)
|
3.53
|
%
|
4.02
|
%
|
||||||||||||
Average interest-earning assets to
|
||||||||||||||||
average interest-bearing liabilities
|
151.17
|
%
|
160.06
|
%
|
($ in thousands)
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
|||||||||
Shareholders' equity
|
$
|
238,679
|
$
|
237,369
|
$
|
227,661
|
||||||
Less goodwill and CDI
|
(15,695
|
)
|
(15,752
|
)
|
(15,944
|
)
|
||||||
Tangible common equity
|
$
|
222,984
|
$
|
221,617
|
$
|
211,717
|
||||||
Total assets
|
$
|
1,907,234
|
$
|
1,895,115
|
$
|
1,786,618
|
||||||
Less goodwill and CDI
|
(15,695
|
)
|
(15,752
|
)
|
(15,944
|
)
|
||||||
Tangible assets
|
$
|
1,891,539
|
$
|
1,879,363
|
$
|
1,770,674
|