01/27/2022 | Press release | Distributed by Public on 01/27/2022 13:07
•
|
Net loans receivable increased by $1.8 million to $1.10 billion at December 31, 2021, despite a reduction in PPP loan balances totaling $11.5 million.
|
•
|
Total deposits increased by $15.7 million in the quarter, including a $2.4 million increase in noninterest-bearing demand deposits.
|
•
|
The Company's book value per share increased to $17.30 at December 31, 2021, compared to $17.03 at September 30, 2021, and $16.05 at December 31, 2020.
|
•
|
The Company repurchased 392,322 shares at an average price of $16.88 per share during the quarter for a total of 704,950 shares repurchased at an average price of $16.11 per share during the year, an amount equal to approximately 7.2% of shares outstanding at the beginning of 2021.
|
•
|
The Company paid regular quarterly cash dividends to shareholders totaling $0.44 per share for the year, a 10% increase over the prior year.
|
•
|
The Bank's Tier 1 leverage and total capital ratios at December 31, 2021, were 10.3% and 15.5%, respectively, compared to 10.2% and 15.5%, respectively, at September 30, 2021, and 10.3% and 15.6%, respectively at December 31, 2020.
|
•
|
Based on management's evaluation of the adequacy of the ALLL including the estimated impact of the COVID-19 pandemic, the Bank recorded a $600,000 provision for loan losses during the quarter, bringing the total provision for loan losses to $300,000 for the year.
|
Dec 31,
2021 |
Sep 30,
2021 |
Dec 31,
2020 |
Three
Month Change |
One
Year Change |
||||||||||||||||
Deposits:
|
(Dollars in thousands)
|
|||||||||||||||||||
Noninterest-bearing demand
|
$
|
117,751
|
$
|
115,311
|
$
|
91,285
|
$
|
2,440
|
$
|
26,466
|
||||||||||
Interest-bearing demand
|
97,907
|
104,761
|
108,182
|
(6,854
|
)
|
(10,275
|
)
|
|||||||||||||
Savings
|
23,146
|
23,024
|
19,221
|
122
|
3,925
|
|||||||||||||||
Money market
|
624,543
|
596,911
|
465,369
|
27,632
|
159,174
|
|||||||||||||||
Certificates of deposit, retail
|
294,127
|
301,729
|
409,576
|
(7,602
|
)
|
(115,449
|
)
|
|||||||||||||
Total deposits
|
$
|
1,157,474
|
$
|
1,141,736
|
$
|
1,093,633
|
$
|
15,738
|
$
|
63,841
|
December 31, 2021
|
||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market
|
Certificates
of deposit,
retail
|
Total
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
King County
|
||||||||||||||||||||||||
Renton
|
$
|
44,550
|
$
|
46,485
|
$
|
14,948
|
$
|
316,781
|
$
|
251,860
|
$
|
674,624
|
||||||||||||
Landing
|
6,060
|
3,218
|
180
|
24,056
|
3,620
|
37,134
|
||||||||||||||||||
Woodinville
|
3,625
|
6,814
|
1,017
|
19,585
|
4,974
|
36,015
|
||||||||||||||||||
Bothell
|
2,590
|
1,726
|
86
|
8,453
|
1,158
|
14,013
|
||||||||||||||||||
Crossroads
|
14,094
|
4,129
|
45
|
69,687
|
4,622
|
92,577
|
||||||||||||||||||
Kent
|
6,022
|
8,148
|
2
|
20,268
|
282
|
34,722
|
||||||||||||||||||
Kirkland
|
5,449
|
333
|
12
|
6,834
|
25
|
12,653
|
||||||||||||||||||
Issaquah
|
1,326
|
367
|
17
|
4,532
|
100
|
6,342
|
||||||||||||||||||
Total King County
|
83,716
|
71,220
|
16,307
|
470,196
|
266,641
|
908,080
|
||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||
Mill Creek
|
5,854
|
3,559
|
694
|
18,781
|
7,101
|
35,989
|
||||||||||||||||||
Edmonds
|
13,839
|
6,809
|
1,103
|
41,513
|
8,954
|
72,218
|
||||||||||||||||||
Clearview
|
5,799
|
4,610
|
1,380
|
24,925
|
1,290
|
38,004
|
||||||||||||||||||
Lake Stevens
|
3,552
|
6,878
|
1,904
|
33,122
|
4,500
|
49,956
|
||||||||||||||||||
Smokey Point
|
3,476
|
4,205
|
1,727
|
33,550
|
5,639
|
48,597
|
||||||||||||||||||
Total Snohomish County
|
32,520
|
26,061
|
6,808
|
151,891
|
27,484
|
244,764
|
||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||
University Place
|
1,058
|
51
|
8
|
481
|
2
|
1,600
|
||||||||||||||||||
Gig Harbor
|
457
|
575
|
23
|
1,975
|
-
|
3,030
|
||||||||||||||||||
Total Pierce County
|
1,515
|
626
|
31
|
2,456
|
2
|
4,630
|
||||||||||||||||||
Total deposits
|
$
|
117,751
|
$
|
97,907
|
$
|
23,146
|
$
|
624,543
|
$
|
294,127
|
$
|
1,157,474
|
September 30, 2021
|
||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market
|
Certificates
of deposit,
retail
|
Total
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
King County
|
||||||||||||||||||||||||
Renton
|
$
|
42,332
|
$
|
44,237
|
$
|
14,585
|
$
|
315,592
|
$
|
256,310
|
$
|
673,056
|
||||||||||||
Landing
|
8,918
|
3,448
|
229
|
25,029
|
4,718
|
42,342
|
||||||||||||||||||
Woodinville
|
3,769
|
7,020
|
813
|
19,829
|
5,141
|
36,572
|
||||||||||||||||||
Bothell
|
3,122
|
2,412
|
102
|
7,905
|
1,359
|
14,900
|
||||||||||||||||||
Crossroads
|
10,161
|
7,598
|
63
|
67,111
|
4,790
|
89,723
|
||||||||||||||||||
Kent
|
6,494
|
8,827
|
2
|
20,544
|
298
|
36,165
|
||||||||||||||||||
Kirkland
|
6,206
|
393
|
6
|
6,278
|
25
|
12,908
|
||||||||||||||||||
Issaquah
|
842
|
857
|
26
|
4,247
|
100
|
6,072
|
||||||||||||||||||
Total King County
|
81,844
|
74,792
|
15,826
|
466,535
|
272,741
|
911,738
|
||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||
Mill Creek
|
5,844
|
2,697
|
1,305
|
19,005
|
7,213
|
36,064
|
||||||||||||||||||
Edmonds
|
14,724
|
7,311
|
1,226
|
39,765
|
9,076
|
72,102
|
||||||||||||||||||
Clearview
|
5,031
|
6,268
|
1,321
|
21,254
|
1,721
|
35,595
|
||||||||||||||||||
Lake Stevens
|
3,185
|
8,913
|
2,110
|
22,961
|
4,775
|
41,944
|
||||||||||||||||||
Smokey Point
|
3,072
|
3,908
|
1,198
|
25,752
|
6,201
|
40,131
|
||||||||||||||||||
Total Snohomish County
|
31,856
|
29,097
|
7,160
|
128,737
|
28,986
|
225,836
|
||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||
University Place
|
1,204
|
31
|
12
|
362
|
2
|
1,611
|
||||||||||||||||||
Gig Harbor
|
407
|
841
|
26
|
1,277
|
-
|
2,551
|
||||||||||||||||||
Total Pierce County
|
1,611
|
872
|
38
|
1,639
|
2
|
4,162
|
||||||||||||||||||
Total deposits
|
$
|
115,311
|
$
|
104,761
|
$
|
23,024
|
$
|
596,911
|
$
|
301,729
|
$
|
1,141,736
|
Dec 31,
|
Sep 30,
|
Dec 31,
|
Three
Month |
One
Year |
|||||
2021
|
2021
|
2020
|
Change
|
Change
|
|||||
(Dollars in thousands)
|
|||||||||
Nonperforming loans:
|
|||||||||
Multifamily
|
$ ─
|
$ ─
|
$ 2,104
|
$ ─
|
$ (2,104)
|
||||
Total nonperforming loans
|
─
|
─
|
2,104
|
─
|
(2,104)
|
||||
OREO
|
─
|
─
|
454
|
─
|
(454)
|
||||
Total nonperforming assets (1)
|
$ ─
|
$ ─
|
$ 2,558
|
$ ─
|
$ (2,558)
|
||||
Nonperforming assets as a percent
|
|||||||||
of total assets
|
0.00%
|
0.00%
|
0.18%
|
Assets
|
Dec 31,
2021 |
Sep 30,
2021 |
Dec 31,
2020 |
Three
Month Change |
One
Year Change |
|||||||||||||||
Cash on hand and in banks
|
$
|
7,246
|
$
|
7,243
|
$
|
7,995
|
0.0
|
%
|
(9.4
|
)%
|
||||||||||
Interest-earning deposits with banks
|
66,145
|
71,869
|
72,494
|
(8.0
|
)
|
(8.8
|
)
|
|||||||||||||
Investments available-for-sale, at fair value
|
168,948
|
178,061
|
127,551
|
(5.1
|
)
|
32.5
|
||||||||||||||
Annuity held-to-maturity
|
2,432
|
2,425
|
2,418
|
0.3
|
0.6
|
|||||||||||||||
Loans receivable, net of allowance of $15,657,
$15,057, and $15,174 respectively
|
1,103,461
|
1,101,669
|
1,100,582
|
0.2
|
0.3
|
|||||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
5,465
|
6,465
|
6,410
|
(15.5
|
)
|
(14.7
|
)
|
|||||||||||||
Accrued interest receivable
|
5,285
|
5,681
|
5,508
|
(7.0
|
)
|
(4.0
|
)
|
|||||||||||||
Deferred tax assets, net
|
850
|
746
|
1,641
|
13.9
|
(48.2
|
)
|
||||||||||||||
Other real estate owned ("OREO")
|
-
|
-
|
454
|
n/a
|
(100.0
|
)
|
||||||||||||||
Premises and equipment, net
|
22,440
|
22,628
|
22,579
|
(0.8
|
)
|
(0.6
|
)
|
|||||||||||||
Bank owned life insurance ("BOLI"), net
|
35,210
|
34,994
|
33,034
|
0.6
|
6.6
|
|||||||||||||||
Prepaid expenses and other assets
|
3,628
|
2,975
|
1,643
|
21.9
|
120.8
|
|||||||||||||||
Right of use asset ("ROU"), net
|
3,646
|
3,838
|
3,647
|
(5.0
|
)
|
(0.0
|
)
|
|||||||||||||
Goodwill
|
889
|
889
|
889
|
0.0
|
0.0
|
|||||||||||||||
Core deposit intangible, net
|
684
|
719
|
824
|
(4.9
|
)
|
(17.0
|
)
|
|||||||||||||
Total assets
|
$
|
1,426,329
|
$
|
1,440,202
|
$
|
1,387,669
|
(1.0
|
)
|
2.8
|
|||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
117,751
|
$
|
115,311
|
$
|
91,285
|
2.1
|
%
|
29.0
|
%
|
||||||||||
Interest-bearing deposits
|
1,039,723
|
1,026,425
|
1,002,348
|
1.3
|
3.7
|
|||||||||||||||
Total deposits
|
1,157,474
|
1,141,736
|
1,093,633
|
1.4
|
5.8
|
|||||||||||||||
Advances from the FHLB
|
95,000
|
120,000
|
120,000
|
(20.8
|
)
|
(20.8
|
)
|
|||||||||||||
Advance payments from borrowers for taxes and
insurance
|
2,909
|
5,075
|
2,498
|
(42.7
|
)
|
16.5
|
||||||||||||||
Lease liability, net
|
3,805
|
3,994
|
3,783
|
(4.7
|
)
|
0.6
|
||||||||||||||
Accrued interest payable
|
112
|
206
|
211
|
(45.6
|
)
|
(46.9
|
)
|
|||||||||||||
Other liabilities
|
9,150
|
7,735
|
11,242
|
18.3
|
(18.6
|
)
|
||||||||||||||
Total liabilities
|
1,268,450
|
1,278,746
|
1,231,367
|
(0.8
|
)
|
3.0
|
||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Stockholders' Equity
|
||||||||||||||||||||
Preferred stock, $0.01 par value; authorized
10,000,000 shares; no shares issued or
outstanding
|
-
|
-
|
-
|
n/a
|
n/a
|
|||||||||||||||
Common stock, $0.01 par value; authorized
90,000,000 shares; issued and outstanding
9,125,759 shares at December 31, 2021,
9,483,081 shares at September 30, 2021, and
9,736,875 shares at December 31, 2020
|
91
|
95
|
97
|
(4.2
|
)
|
(6.2
|
)
|
|||||||||||||
Additional paid-in capital
|
72,298
|
78,311
|
82,095
|
(7.7
|
)
|
(11.9
|
)
|
|||||||||||||
Retained earnings
|
86,162
|
84,402
|
78,003
|
2.1
|
10.5
|
|||||||||||||||
Accumulated other comprehensive income
(loss), net of tax
|
174
|
(223
|
)
|
(1,918
|
)
|
(178.0
|
)
|
(109.1
|
)
|
|||||||||||
Unearned Employee Stock Ownership Plan
("ESOP") shares
|
(846
|
)
|
(1,129
|
)
|
(1,975
|
)
|
(25.1
|
)
|
(57.2
|
)
|
||||||||||
Total stockholders' equity
|
157,879
|
161,456
|
156,302
|
(2.2
|
)
|
1.0
|
||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,426,329
|
$
|
1,440,202
|
$
|
1,387,669
|
(1.0
|
)%
|
2.8
|
%
|
Quarter Ended
|
||||||||||||||||||||
Dec 31,
2021 |
Sep 30,
2021 |
Dec 31,
2020 |
Three
Month Change |
One
Year Change |
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$
|
12,398
|
$
|
12,508
|
$
|
13,042
|
(0.9
|
)%
|
(4.9
|
)%
|
||||||||||
Investments available-for-sale
|
800
|
814
|
707
|
(1.7
|
)
|
13.2
|
||||||||||||||
Investments held-to-maturity
|
4
|
4
|
6
|
0.0
|
(33.3
|
)
|
||||||||||||||
Interest-earning deposits with banks
|
19
|
24
|
7
|
(20.8
|
)
|
171.4
|
||||||||||||||
Dividends on FHLB Stock
|
85
|
84
|
81
|
1.2
|
4.9
|
|||||||||||||||
Total interest income
|
13,306
|
13,434
|
13,843
|
(1.0
|
)
|
(3.9
|
)
|
|||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
1,390
|
1,612
|
2,767
|
(13.8
|
)
|
(49.8
|
)
|
|||||||||||||
FHLB advances and other borrowings
|
340
|
431
|
426
|
(21.1
|
)
|
(20.2
|
)
|
|||||||||||||
Total interest expense
|
1,730
|
2,043
|
3,193
|
(15.3
|
)
|
(45.8
|
)
|
|||||||||||||
Net interest income
|
11,576
|
11,391
|
10,650
|
1.6
|
8.7
|
|||||||||||||||
Provision for loan losses
|
600
|
100
|
600
|
500.0
|
0.0
|
|||||||||||||||
Net interest income after provision for loan
losses
|
10,976
|
11,291
|
10,050
|
(2.8
|
)
|
9.2
|
||||||||||||||
Noninterest income
|
||||||||||||||||||||
Net gain on sale of investments
|
32
|
-
|
-
|
n/a
|
n/a
|
|||||||||||||||
BOLI income
|
216
|
377
|
204
|
(42.7
|
)
|
5.9
|
||||||||||||||
Wealth management revenue
|
104
|
64
|
170
|
62.5
|
(38.8
|
)
|
||||||||||||||
Deposit related fees
|
218
|
228
|
195
|
(4.4
|
)
|
11.8
|
||||||||||||||
Loan related fees
|
551
|
300
|
1,082
|
83.7
|
(49.1
|
)
|
||||||||||||||
Other
|
5
|
30
|
3
|
(83.3
|
)
|
66.7
|
||||||||||||||
Total noninterest income
|
1,126
|
999
|
1,654
|
12.7
|
(31.9
|
)
|
||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
5,374
|
4,856
|
5,146
|
10.7
|
4.4
|
|||||||||||||||
Occupancy and equipment
|
1,154
|
1,116
|
1,147
|
3.4
|
0.6
|
|||||||||||||||
Professional fees
|
477
|
502
|
450
|
(5.0
|
)
|
6.0
|
||||||||||||||
Data processing
|
689
|
626
|
711
|
10.1
|
(3.1
|
)
|
||||||||||||||
OREO related expenses, net
|
1
|
207
|
1
|
(99.5
|
)
|
0.0
|
||||||||||||||
Regulatory assessments
|
100
|
121
|
142
|
(17.4
|
)
|
(29.6
|
)
|
|||||||||||||
Insurance and bond premiums
|
110
|
106
|
106
|
3.8
|
3.8
|
|||||||||||||||
Marketing
|
37
|
64
|
64
|
(42.2
|
)
|
(42.2
|
)
|
|||||||||||||
Other general and administrative
|
774
|
735
|
668
|
5.3
|
15.9
|
|||||||||||||||
Total noninterest expense
|
8,716
|
8,333
|
8,435
|
4.6
|
3.3
|
|||||||||||||||
Income before federal income tax provision
|
3,386
|
3,957
|
3,269
|
(14.4
|
)
|
3.6
|
||||||||||||||
Federal income tax provision
|
643
|
758
|
622
|
(15.2
|
)
|
3.4
|
||||||||||||||
Net income
|
$
|
2,743
|
$
|
3,199
|
$
|
2,647
|
(14.3
|
)%
|
3.6
|
%
|
||||||||||
Basic earnings per share
|
$
|
0.30
|
$
|
0.34
|
$
|
0.28
|
||||||||||||||
Diluted earnings per share
|
$
|
0.29
|
$
|
0.34
|
$
|
0.28
|
||||||||||||||
Weighted average number of common shares
outstanding
|
9,129,724
|
9,314,456
|
9,573,950
|
|||||||||||||||||
Weighted average number of diluted shares
outstanding
|
9,273,502
|
9,446,702
|
9,603,493
|
Year Ended December 31,
|
||||||||||||
2021
|
2020
|
One
Year Change |
||||||||||
Interest income
|
||||||||||||
Loans, including fees
|
$
|
50,170
|
$
|
52,546
|
(4.5
|
)%
|
||||||
Investments available-for-sale
|
3,200
|
3,173
|
0.9
|
|||||||||
Investments held-to-maturity
|
24
|
23
|
4.3
|
|||||||||
Interest-earning deposits with banks
|
72
|
52
|
38.5
|
|||||||||
Dividends on FHLB Stock
|
332
|
320
|
3.8
|
|||||||||
Total interest income
|
53,798
|
56,114
|
(4.1
|
)
|
||||||||
Interest expense
|
||||||||||||
Deposits
|
7,216
|
14,005
|
(48.5
|
)
|
||||||||
FHLB advances
|
1,603
|
1,640
|
(2.3
|
)
|
||||||||
Total interest expense
|
8,819
|
15,645
|
(43.6
|
)
|
||||||||
Net interest income
|
44,979
|
40,469
|
11.1
|
|||||||||
Provision for loan losses
|
300
|
1,900
|
(84.2
|
)
|
||||||||
Net interest income after provision for loan losses
|
44,679
|
38,569
|
15.8
|
|||||||||
Noninterest income
|
||||||||||||
Net gain on sale of investments
|
32
|
86
|
(62.8
|
)
|
||||||||
BOLI
|
1,107
|
982
|
12.7
|
|||||||||
Wealth management revenue
|
494
|
663
|
(25.5
|
)
|
||||||||
Deposit accounts related fees
|
872
|
755
|
15.5
|
|||||||||
Loan related fees
|
1,265
|
1,947
|
(35.0
|
)
|
||||||||
Other
|
92
|
9
|
922.2
|
|||||||||
Total noninterest income
|
3,862
|
4,442
|
(13.1
|
)
|
||||||||
Noninterest expense
|
||||||||||||
Salaries and employee benefits
|
20,237
|
20,039
|
1.0
|
|||||||||
Occupancy and equipment
|
4,557
|
4,237
|
7.6
|
|||||||||
Professional fees
|
1,899
|
1,707
|
11.2
|
|||||||||
Data processing
|
2,692
|
2,822
|
(4.6
|
)
|
||||||||
OREO related expenses, net
|
209
|
9
|
2,222.2
|
|||||||||
Regulatory assessments
|
456
|
547
|
(16.6
|
)
|
||||||||
Insurance and bond premiums
|
451
|
445
|
1.3
|
|||||||||
Marketing
|
154
|
197
|
(21.8
|
)
|
||||||||
Other general and administrative
|
2,712
|
2,510
|
8.0
|
|||||||||
Total noninterest expense
|
33,367
|
32,513
|
2.6
|
|||||||||
Income before federal income tax provision
|
15,174
|
10,498
|
44.5
|
|||||||||
Federal income tax provision
|
2,925
|
1,942
|
50.6
|
|||||||||
Net income
|
$
|
12,249
|
$
|
8,556
|
43.2
|
%
|
||||||
Basic earnings per share
|
$
|
1.31
|
$
|
0.88
|
||||||||
Diluted earnings per share
|
$
|
1.29
|
$
|
0.88
|
||||||||
Weighted average number of common shares outstanding
|
9,340,997
|
9,734,493
|
||||||||||
Weighted average number of diluted shares outstanding
|
9,454,495
|
9,758,644
|
December 31, 2021
|
September 30, 2021
|
December 31, 2020
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Residential:
|
||||||||||||||||||||||||
Micro-unit apartments
|
$
|
-
|
0.0
|
%
|
$
|
8,220
|
0.7
|
%
|
$
|
11,366
|
1.0
|
%
|
||||||||||||
Other multifamily
|
130,146
|
11.6
|
135,586
|
12.2
|
125,328
|
11.2
|
||||||||||||||||||
Total multifamily residential
|
130,146
|
11.6
|
143,806
|
12.9
|
136,694
|
12.2
|
||||||||||||||||||
Non-residential:
|
||||||||||||||||||||||||
Office
|
90,727
|
8.1
|
89,622
|
8.0
|
84,311
|
7.5
|
||||||||||||||||||
Retail
|
138,463
|
12.4
|
124,439
|
11.1
|
114,117
|
10.2
|
||||||||||||||||||
Mobile home park
|
20,636
|
1.8
|
20,838
|
1.9
|
28,094
|
2.5
|
||||||||||||||||||
Hotel / motel
|
64,854
|
5.8
|
65,210
|
5.8
|
69,304
|
6.2
|
||||||||||||||||||
Nursing Home
|
12,713
|
1.1
|
12,784
|
1.1
|
12,868
|
1.2
|
||||||||||||||||||
Warehouse
|
17,724
|
1.6
|
16,999
|
1.5
|
17,484
|
1.6
|
||||||||||||||||||
Storage
|
32,990
|
2.9
|
33,163
|
3.0
|
33,671
|
3.0
|
||||||||||||||||||
Other non-residential
|
41,310
|
3.8
|
29,301
|
2.6
|
25,416
|
2.3
|
||||||||||||||||||
Total non-residential
|
419,417
|
37.5
|
392,356
|
35.0
|
385,265
|
34.5
|
||||||||||||||||||
Construction/land:
|
||||||||||||||||||||||||
One-to-four family residential
|
34,677
|
3.1
|
36,213
|
3.2
|
33,396
|
3.0
|
||||||||||||||||||
Multifamily
|
37,194
|
3.3
|
47,549
|
4.3
|
51,215
|
4.6
|
||||||||||||||||||
Commercial
|
6,189
|
0.6
|
6,189
|
0.6
|
5,783
|
0.5
|
||||||||||||||||||
Land development
|
15,395
|
1.4
|
11,337
|
1.0
|
1,813
|
0.2
|
||||||||||||||||||
Total construction/land
|
93,455
|
8.4
|
101,288
|
9.1
|
92,207
|
8.3
|
||||||||||||||||||
One-to-four family residential:
|
||||||||||||||||||||||||
Permanent owner occupied
|
185,320
|
16.6
|
184,990
|
16.6
|
206,323
|
18.5
|
||||||||||||||||||
Permanent non-owner occupied
|
199,796
|
17.8
|
197,686
|
17.7
|
175,637
|
15.7
|
||||||||||||||||||
Total one-to-four family residential
|
385,116
|
34.4
|
382,676
|
34.3
|
381,960
|
34.2
|
||||||||||||||||||
Business:
|
||||||||||||||||||||||||
Aircraft
|
6,079
|
0.5
|
6,322
|
0.6
|
10,811
|
0.9
|
||||||||||||||||||
Small Business Administration ("SBA")
|
839
|
0.1
|
862
|
0.1
|
928
|
0.1
|
||||||||||||||||||
Paycheck Protection Plan ("PPP")
|
10,849
|
1.0
|
22,379
|
2.0
|
41,251
|
3.7
|
||||||||||||||||||
Other business
|
28,823
|
2.5
|
25,185
|
2.2
|
27,673
|
2.5
|
||||||||||||||||||
Total business
|
46,590
|
4.1
|
54,748
|
4.9
|
80,663
|
7.2
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Classic, collectible and other auto
|
35,861
|
3.2
|
32,819
|
2.9
|
29,359
|
2.6
|
||||||||||||||||||
Other consumer
|
8,951
|
0.8
|
9,665
|
0.9
|
11,262
|
1.0
|
||||||||||||||||||
Total consumer
|
44,812
|
4.0
|
42,484
|
3.8
|
40,621
|
3.6
|
||||||||||||||||||
Total loans
|
1,119,536
|
100.0
|
%
|
1,117,358
|
100.0
|
%
|
1,117,410
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Deferred loan fees, net
|
418
|
632
|
1,654
|
|||||||||||||||||||||
ALLL
|
15,657
|
15,057
|
15,174
|
|||||||||||||||||||||
Loans receivable, net
|
$
|
1,103,461
|
$
|
1,101,669
|
$
|
1,100,582
|
||||||||||||||||||
Concentrations of credit: (1)
|
||||||||||||||||||||||||
Construction loans as % of total capital
|
59.7
|
%
|
67.1
|
%
|
61.6
|
%
|
||||||||||||||||||
Total non-owner occupied commercial real
estate as % of total capital
|
384.0
|
%
|
389.6
|
%
|
390.1
|
%
|
At or For the Quarter Ended
|
||||||||||||||||||||
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
||||||||||||||||
2021
|
2021
|
2021
|
2021
|
2020
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios:(1)
|
||||||||||||||||||||
Return on assets
|
0.76
|
%
|
0.88
|
%
|
1.07
|
%
|
0.73
|
%
|
0.77
|
%
|
||||||||||
Return on equity
|
6.79
|
7.84
|
9.54
|
6.42
|
6.76
|
|||||||||||||||
Dividend payout ratio
|
36.67
|
32.35
|
27.50
|
42.31
|
35.71
|
|||||||||||||||
Equity-to-assets ratio
|
11.07
|
11.21
|
11.30
|
11.08
|
11.26
|
|||||||||||||||
Tangible equity ratio (2)
|
10.97
|
11.11
|
11.19
|
10.97
|
11.15
|
|||||||||||||||
Net interest margin
|
3.40
|
3.33
|
3.36
|
3.31
|
3.29
|
|||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
119.08
|
119.35
|
117.99
|
117.92
|
116.42
|
|||||||||||||||
Efficiency ratio
|
68.62
|
67.26
|
66.92
|
70.63
|
68.55
|
|||||||||||||||
Noninterest expense as a percent of
average total assets
|
2.42
|
2.30
|
2.31
|
2.36
|
2.46
|
|||||||||||||||
Book value per common share
|
$
|
17.30
|
$
|
17.03
|
$
|
16.75
|
$
|
16.35
|
$
|
16.05
|
||||||||||
Tangible book value per share (2)
|
17.13
|
16.86
|
16.58
|
16.17
|
15.88
|
|||||||||||||||
Capital Ratios:(3)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.34
|
%
|
10.19
|
%
|
10.15
|
%
|
10.15
|
%
|
10.29
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
14.23
|
14.25
|
14.45
|
14.36
|
14.32
|
|||||||||||||||
Tier 1 capital ratio
|
14.23
|
14.25
|
14.45
|
14.36
|
14.32
|
|||||||||||||||
Total capital ratio
|
15.48
|
15.50
|
15.70
|
15.62
|
15.57
|
|||||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Nonperforming loans as a percent of total loans
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.18
|
%
|
0.19
|
%
|
||||||||||
Nonperforming assets as a percent of total assets
|
0.00
|
0.00
|
0.03
|
0.17
|
0.18
|
|||||||||||||||
ALLL as a percent of total loans
|
1.40
|
1.35
|
1.35
|
1.39
|
1.36
|
|||||||||||||||
Net (recoveries) charge-offs to average
loans receivable, net
|
0.00
|
(0.01
|
)
|
(0.01
|
)
|
(0.00
|
)
|
(0.00
|
)
|
|||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||
ALLL, beginning of the quarter
|
$
|
15,057
|
$
|
14,878
|
$
|
15,502
|
$
|
15,174
|
$
|
14,568
|
||||||||||
Provision (recapture of provision)
|
600
|
100
|
(700
|
)
|
300
|
600
|
||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
(2
|
)
|
||||||||||||||
Recoveries
|
-
|
79
|
76
|
28
|
8
|
|||||||||||||||
ALLL, end of the quarter
|
$
|
15,657
|
$
|
15,057
|
$
|
14,878
|
$
|
5,502
|
$
|
15,174
|
At or For the Quarter Ended
|
||||||||||||||||||||
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
||||||||||||||||
2021
|
2021
|
2021
|
2021
|
2020
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Yields and Costs: (1)
|
||||||||||||||||||||
Yield on loans
|
4.44
|
%
|
4.54
|
%
|
4.64
|
%
|
4.66
|
%
|
4.61
|
%
|
||||||||||
Yield on investments available-for-sale
|
1.80
|
1.75
|
1.92
|
1.91
|
2.21
|
|||||||||||||||
Yield on investments held-to-maturity
|
0.65
|
0.66
|
0.66
|
2.18
|
0.99
|
|||||||||||||||
Yield on interest-earning deposits
|
0.13
|
0.14
|
0.10
|
0.09
|
0.11
|
|||||||||||||||
Yield on FHLB stock
|
5.89
|
5.15
|
5.13
|
5.00
|
4.99
|
|||||||||||||||
Yield on interest-earning assets
|
3.91
|
%
|
3.93
|
%
|
4.06
|
%
|
4.15
|
%
|
4.26
|
%
|
||||||||||
Cost of interest-bearing deposits
|
0.53
|
%
|
0.63
|
%
|
0.75
|
%
|
0.94
|
%
|
1.12
|
%
|
||||||||||
Cost of borrowings
|
1.33
|
1.42
|
1.37
|
1.41
|
1.40
|
|||||||||||||||
Cost of interest-bearing liabilities
|
0.61
|
%
|
0.71
|
%
|
0.82
|
%
|
0.99
|
%
|
1.15
|
%
|
||||||||||
Cost of total deposits
|
0.48
|
%
|
0.56
|
%
|
0.68
|
%
|
0.85
|
%
|
1.03
|
%
|
||||||||||
Cost of funds
|
0.55
|
0.64
|
0.75
|
0.91
|
1.07
|
|||||||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
1,108,836
|
$
|
1,094,124
|
$
|
1,092,710
|
$
|
1,099,364
|
$
|
1,126,554
|
||||||||||
Investments available-for-sale
|
176,072
|
184,840
|
177,713
|
155,795
|
127,456
|
|||||||||||||||
Investments held-to-maturity
|
2,428
|
2,421
|
2,415
|
2,413
|
2,410
|
|||||||||||||||
Interest-earning deposits
|
56,800
|
68,618
|
64,035
|
52,336
|
26,092
|
|||||||||||||||
FHLB stock
|
5,726
|
6,465
|
6,485
|
6,412
|
6,459
|
|||||||||||||||
Total interest-earning assets
|
$
|
1,349,862
|
$
|
1,356,468
|
$
|
1,343,358
|
$
|
1,316,320
|
$
|
1,288,971
|
||||||||||
Interest-bearing deposits
|
$
|
1,032,090
|
$
|
1,016,540
|
$
|
1,018,083
|
$
|
996,295
|
$
|
985,945
|
||||||||||
Borrowings
|
101,522
|
120,000
|
120,494
|
120,000
|
121,218
|
|||||||||||||||
Total interest-bearing liabilities
|
1,133,612
|
1,136,540
|
1,138,577
|
1,116,295
|
1,107,163
|
|||||||||||||||
Noninterest-bearing deposits
|
119,142
|
121,256
|
110,207
|
99,013
|
83,719
|
|||||||||||||||
Total deposits and borrowings
|
$
|
1,252,754
|
$
|
1,257,796
|
$
|
1,248,784
|
$
|
1,215,308
|
$
|
1,190,882
|
||||||||||
Average assets
|
$
|
1,430,199
|
$
|
1,436,801
|
$
|
1,424,126
|
$
|
1,394,213
|
$
|
1,366,061
|
||||||||||
Average stockholders' equity
|
160,183
|
161,892
|
160,189
|
157,856
|
155,765
|
At or For the Year Ended December 31,
|
||||||||||||||||||||
2021
|
2020
|
2019
|
2018
|
2017
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios:
|
||||||||||||||||||||
Return on assets
|
0.86
|
%
|
0.63
|
%
|
0.80
|
%
|
1.21
|
%
|
0.76
|
%
|
||||||||||
Return on equity
|
7.65
|
5.50
|
6.73
|
9.86
|
5.94
|
|||||||||||||||
Dividend payout ratio
|
33.59
|
45.45
|
33.65
|
21.53
|
32.93
|
|||||||||||||||
Equity-to-assets ratio
|
11.07
|
11.26
|
11.65
|
12.28
|
11.79
|
|||||||||||||||
Tangible equity ratio (1)
|
10.97
|
11.15
|
11.53
|
12.13
|
11.63
|
|||||||||||||||
Net interest margin
|
3.35
|
3.15
|
3.19
|
3.56
|
3.60
|
|||||||||||||||
Average interest-earning assets to
average interest-bearing liabilities
|
118.59
|
115.62
|
113.44
|
114.28
|
114.07
|
|||||||||||||||
Efficiency ratio
|
68.32
|
72.39
|
70.66
|
66.88
|
67.31
|
|||||||||||||||
Noninterest expense as a percent of
average total assets
|
2.35
|
2.39
|
2.35
|
2.40
|
2.42
|
|||||||||||||||
Book value per common share
|
$
|
17.30
|
$
|
16.05
|
$
|
15.25
|
$
|
14.35
|
$
|
13.27
|
||||||||||
Tangible book value per share (1)
|
17.13
|
15.88
|
15.07
|
14.17
|
13.07
|
|||||||||||||||
Capital Ratios: (2)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.34
|
%
|
10.29
|
%
|
10.27
|
%
|
10.37
|
%
|
10.20
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
14.23
|
14.32
|
13.13
|
13.43
|
12.52
|
|||||||||||||||
Tier 1 capital ratio
|
14.23
|
14.32
|
13.13
|
13.43
|
12.52
|
|||||||||||||||
Total capital ratio
|
15.48
|
15.57
|
14.38
|
14.68
|
13.77
|
|||||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Nonperforming loans as a percent of
total loans, net of undisbursed funds
|
0.00
|
%
|
0.19
|
%
|
0.01
|
%
|
0.07
|
%
|
0.02
|
%
|
||||||||||
Nonperforming assets as a percent of
total assets
|
0.00
|
0.18
|
0.04
|
0.10
|
0.05
|
|||||||||||||||
ALLL as a percent of total loans, net
of undisbursed funds
|
1.40
|
1.36
|
1.18
|
1.29
|
1.28
|
|||||||||||||||
Net charge-offs (recoveries) to
average loans receivable, net
|
(0.02
|
)
|
(0.00
|
)
|
(0.02
|
)
|
(0.45
|
)
|
(0.27
|
)
|
||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||
ALLL, beginning of the year
|
$
|
15,174
|
$
|
13,218
|
$
|
13,347
|
$
|
12,882
|
$
|
10,951
|
||||||||||
Provision (recapture of provision)
|
300
|
1,900
|
(300
|
)
|
(4,000
|
)
|
(400
|
)
|
||||||||||||
Charge-offs
|
-
|
(2
|
)
|
-
|
-
|
-
|
||||||||||||||
Recoveries
|
183
|
58
|
171
|
4,465
|
2,331
|
|||||||||||||||
ALLL, end of the year
|
$
|
15,657
|
$
|
15,174
|
$
|
13,218
|
$
|
13,347
|
$
|
12,882
|
At or For the Year Ended December 31,
|
||||||||||||||||||||
2021
|
2020
|
2019
|
2018
|
2017
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Yields and Costs:
|
||||||||||||||||||||
Yield on loans
|
4.57
|
%
|
4.69
|
%
|
5.15
|
%
|
5.13
|
%
|
4.96
|
%
|
||||||||||
Yield on investments available-for-sale
|
1.84
|
2.42
|
3.11
|
2.92
|
2.61
|
|||||||||||||||
Yield on investments held-to-maturity
|
0.99
|
0.99
|
0.00
|
0.00
|
0.00
|
|||||||||||||||
Yield on interest-earning deposits
|
0.12
|
0.21
|
2.15
|
1.74
|
1.07
|
|||||||||||||||
Yield on FHLB stock
|
5.29
|
4.85
|
5.42
|
5.24
|
3.32
|
|||||||||||||||
Yield on interest-earning assets
|
4.01
|
%
|
4.36
|
%
|
4.88
|
%
|
4.83
|
%
|
4.57
|
%
|
||||||||||
Cost of deposits
|
0.71
|
%
|
1.42
|
%
|
1.90
|
%
|
1.35
|
%
|
1.04
|
%
|
||||||||||
Cost of borrowings
|
1.39
|
1.31
|
2.09
|
1.92
|
1.30
|
|||||||||||||||
Cost of interest-bearing liabilities
|
0.78
|
%
|
1.41
|
%
|
1.92
|
%
|
1.46
|
%
|
1.10
|
%
|
||||||||||
Cost of total deposits
|
0.64
|
%
|
1.32
|
%
|
1.81
|
%
|
1.28
|
%
|
0.99
|
%
|
||||||||||
Cost of funds
|
0.71
|
1.32
|
1.84
|
1.39
|
1.05
|
|||||||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
1,098,772
|
$
|
1,120,889
|
$
|
1,061,367
|
$
|
995,810
|
$
|
878,449
|
||||||||||
Investments available-for-sale
|
173,691
|
131,272
|
139,354
|
141,100
|
134,105
|
|||||||||||||||
Investments held-to-maturity
|
2,419
|
2,312
|
-
|
-
|
-
|
|||||||||||||||
Interest-earning deposits
|
60,482
|
25,108
|
13,634
|
11,628
|
22,194
|
|||||||||||||||
FHLB stock
|
6,271
|
6,600
|
6,684
|
8,748
|
8,914
|
|||||||||||||||
Total interest-earning assets
|
$
|
1,341,635
|
$
|
1,286,181
|
$
|
1,221,039
|
$
|
1,157,286
|
$
|
1,043,662
|
||||||||||
Deposits
|
$
|
1,015,852
|
$
|
987,069
|
$
|
946,484
|
$
|
828,965
|
$
|
722,666
|
||||||||||
Borrowings
|
115,466
|
125,392
|
129,899
|
183,667
|
192,227
|
|||||||||||||||
Total interest-bearing liabilities
|
1,131,318
|
1,112,461
|
1,076,383
|
1,012,632
|
914,893
|
|||||||||||||||
Noninterest-bearing deposits
|
112,484
|
75,388
|
48,434
|
49,461
|
39,127
|
|||||||||||||||
Total deposits and borrowings
|
$
|
1,243,802
|
$
|
1,187,849
|
$
|
1,124,817
|
$
|
1,062,093
|
$
|
954,020
|
||||||||||
Average assets
|
$
|
1,421,476
|
$
|
1,361,604
|
$
|
1,294,164
|
$
|
1,227,396
|
$
|
1,108,656
|
||||||||||
Average stockholders' equity
|
160,041
|
155,587
|
154,092
|
151,145
|
142,647
|
Quarter Ended
|
||||||||||||||||||||
Dec 31, 2021
|
Sep 30, 2021
|
Jun 30, 2021
|
Mar 31, 2021
|
Dec 31, 2020
|
||||||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||||||||||
Tangible equity to tangible assets and tangible book value per share: |
||||||||||||||||||||
Total stockholders' equity (GAAP)
|
$
|
157,879
|
$
|
161,456
|
$
|
161,621
|
$
|
158,443
|
$
|
156,302
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
684
|
719
|
754
|
789
|
824
|
|||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
156,306
|
$
|
159,848
|
$
|
159,978
|
$
|
156,765
|
$
|
154,589
|
||||||||||
Total assets (GAAP)
|
$
|
1,426,329
|
$
|
1,440,202
|
$
|
1,430,703
|
$
|
1,430,226
|
$
|
1,387,669
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
684
|
719
|
754
|
789
|
824
|
|||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,424,756
|
$
|
1,438,594
|
$
|
1,429,060
|
$
|
1,428,548
|
$
|
1,385,956
|
||||||||||
Common shares outstanding at period end
|
9,125,759
|
9,483,081
|
9,651,180
|
9,692,610
|
9,736,875
|
|||||||||||||||
Equity-to-assets ratio (GAAP)
|
11.07
|
%
|
11.21
|
%
|
11.30
|
%
|
11.08
|
%
|
11.26
|
%
|
||||||||||
Tangible equity ratio (Non-GAAP)
|
10.97
|
11.11
|
11.19
|
10.97
|
11.15
|
|||||||||||||||
Book value per common share (GAAP)
|
$
|
17.30
|
$
|
17.03
|
$
|
16.75
|
$
|
16.35
|
$
|
16.05
|
||||||||||
Tangible book value per share (Non-GAAP)
|
17.13
|
16.86
|
16.58
|
16.17
|
15.88
|
Year Ended December 31,
|
||||||||||||||||||||
2021 |
2020 |
2019 |
2018 |
2017 |
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Tangible equity to tangible assets and tangible book value per share: |
||||||||||||||||||||
Total stockholders' equity (GAAP)
|
$
|
157,879
|
$
|
156,302
|
$
|
156,319
|
$
|
153,738
|
$
|
142,634
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible
|
684
|
824
|
968
|
1,116
|
1,266
|
|||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
156,306
|
$
|
154,589
|
$
|
154,462
|
$
|
151,733
|
$
|
140,479
|
||||||||||
|
||||||||||||||||||||
Total assets (GAAP)
|
1,426,329
|
1,387,669
|
1,341,885
|
1,252,424
|
1,210,229
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible
|
684
|
824
|
968
|
1,116
|
1,266
|
|||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,424,756
|
$
|
1,385,956
|
$
|
1,340,028
|
$
|
1,250,419
|
$
|
1,208,074
|
||||||||||
Common shares outstanding at period end
|
9,125,759
|
9,736,875
|
10,252,953
|
10,710,656
|
10,748,437
|
|||||||||||||||
Equity-to-assets ratio (GAAP)
|
11.07
|
%
|
11.26
|
%
|
11.65
|
%
|
12.28
|
%
|
11.79
|
%
|
||||||||||
Tangible equity ratio (Non-GAAP)
|
10.97
|
11.15
|
11.53
|
12.13
|
11.63
|
|||||||||||||||
Book value per common share (GAAP)
|
$
|
17.30
|
$
|
16.05
|
$
|
15.25
|
$
|
14.35
|
$
|
13.27
|
||||||||||
Tangible book value per share (Non-GAAP)
|
17.13
|
15.88
|
15.07
|
14.17
|
13.07
|