CBB Bancorp, Inc. Reports First Quarter 2024 Financial Results

CBB Bancorp, Inc. ("CBB" or the "Company') (OTCQX: CBBI), the holding company of Commonwealth Business Bank, doing business as “CBB Bank” (the "Bank"), announced today net income of $5.7 million for the first quarter 2024, or $0.54 per diluted share, a decrease of 19.0% compared to $7.0 million, or $0.66 per diluted share, in the prior quarter and a decrease of 20.0% compared to $7.1 million, or $0.67 per diluted share, in the same period last year.

OVERALL RESULTS

Net income for the first quarter 2024 decreased from the prior quarter primarily due to lower net interest income, higher provision expense for credit losses offset by a negative credit loss expense related to off-balance-sheet financial instruments, and higher noninterest expenses offset by higher gain on sale of loans. The return on average assets for the first quarter 2024 was 1.32% compared to 1.54% for the fourth quarter 2023 and 1.59% for the first quarter 2023. The return on average equity for the first quarter 2024 was 9.57%, compared to 11.94% for the fourth quarter 2023 and 13.45% for the first quarter 2023. The efficiency ratio for the first quarter 2024 was 54.68%, compared to 49.45% for the fourth quarter 2023 and 51.04% for the first quarter 2023.

James Hong, President and CEO, commented, “In the present economic climate characterized by elevated interest rates, fostering growth poses a formidable challenge. However, CBB is committed to pursuing an expansion strategy in 2024, with a specific emphasis on penetrating untapped markets along the East Coast. To that end, our primary strategic objective for the forthcoming year is to establish a robust presence in the East Coast market, where we have yet to establish a foothold, but where we believe there are considerable opportunities.”

INCOME STATEMENT

Net Interest Income

Net interest income for the first quarter 2024 was $15.8 million, a decrease of $1.4 million, or 7.9%, from the fourth quarter 2023, and a decrease of $3.3 million, or 17.1%, from the first quarter 2023. The decrease in net interest income compared with both the fourth quarter 2023 and the first quarter 2023 was due to relatively higher increases in interest expenses on deposits.

Net Interest Margin

The net interest margin for the first quarter 2024 was 3.77%, compared to 3.86% for the fourth quarter 2023 and 4.38% for the first quarter 2023. The decrease in the net interest margin from the prior quarter and from the same quarter of 2023 is due primarily to the rising cost of funds. The cost of funds for the first quarter 2024 increased to 3.48% compared to 3.20% for the fourth quarter 2023 and 2.10% for the first quarter 2023.

Provision for Credit Losses

Credit loss expense of a net $400 thousand was recorded for the first quarter 2024. This amount was comprised of provision expense for credit losses of $743 thousand offset by a $343 thousand reduction in ACL related to off-balance-sheet financial instruments. No provisions for credit losses was recorded for the fourth quarter 2023 or the first quarter 2023.

Refer to the financial tables in this press release for additional information and trends.

Noninterest Income

Noninterest income in the first quarter 2024 was $2.6 million, an increase of $597 thousand compared to $2.0 million for the fourth quarter 2023, and an increase of $1.5 million compared to $1.1 million in the first quarter 2023. The quarter-over-quarter increase in noninterest income was primarily the result of higher gain on sale of loans. The Bank sold approximately $28.2 million in SBA loans with an average premium of 8.4% during the first quarter 2024 compared to sale of $21.7 million in SBA loans with an average premium of 6.7% during the fourth quarter 2023. There was no sale of loans during the first quarter 2023.

Noninterest Expense

Noninterest expense for the first quarter 2024 was $10.0 million, compared to $9.5 million for the fourth quarter 2023 and $10.3 million for the first quarter 2023. Salaries and employee benefits expenses totaled $6.0 million for the first quarter 2024 compared to $5.4 million for the fourth quarter 2023 and $6.1 million for the first quarter 2023.

Please refer to financial tables in this press release for additional information and trends.

Income Taxes

The Company’s effective tax rate for the first quarter 2024 was 28.4% compared to 27.6% for fourth quarter 2023 and 28.1% for first quarter 2023.

BALANCE SHEET

Investment Securities

Investment securities were $59.1 million at March 31, 2024, a decrease of $0.7 million, or 1.2% from December 31, 2023, and a decrease of $9.8 million or 14.2% from March 31, 2023. The decreases were due to principal paydowns and an absence of portfolio additions during the first quarter of 2024. Management believes that the Bank currently has adequate liquidity and does not need to sell securities for liquidity purposes.

Loans Receivable

Loans receivable (including loans held-for-sale) at March 31, 2024, was $1.39 billion, a decrease of $29.7 million, or 2.1% from December 31, 2023, and a decrease of $74.0 million, or 5.0%, from March 31, 2023. The decrease in loans receivable since last quarter, paired with the reduction from the previous year, reflects diminished loan demand amid the prevailing high-interest rate environment.

Allowance for Credit Losses and Asset Quality

The allowance for credit losses at March 31, 2024, was $16.0 million or 1.34% of loans held-for-investment, compared to $15.3 million at December 31, 2023, or 1.27% of loans held-for-investment, and compared to $15.6 million at March 31, 2023, or 1.28% of total loans held-for-investment. Total Nonperforming assets at March 31, 2024 were $4.4 million, compared to $2.5 million at December 31, 2023, and $0.6 million at March 31, 2023. The coverage ratio of allowance for credit losses to nonperforming assets was over 360% at March 31, 2024.

SBA Loans Held-for-Sale

Total SBA loans held-for-sale at March 31, 2024, was $198.2 million, compared to $218.3 million at December 31 2023, and $243.8 million at March 31, 2023. We continue to assess SBA loan market premiums and plan to sell loans when it is advantageous to do so.

Deposits

Total deposits were $1.36 billion at March 31, 2024, down $92.6 million, or 6.4%, from December 31, 2023, and down $176.3 million, or 11.5%, from March 31, 2023. DDAs were 21.6% of total deposits for both March 31, 2024 and December 31, 2023, and 28.6% at March 31, 2023. NOW and MMDA deposits comprised 16.9% of total deposits at March 31, 2024, compared to 16.3% at December 31, 2023, and 13.8% at March 31, 2023. The quarter-over-quarter and year-over-year declines in DDAs can be attributed to the higher interest rate environment. Depositors were eager to capitalize on the rising interest rates, moving funds from DDA to Savings, MMDA, CD or some combination thereof.

Borrowings

The Bank has maintained $50.0 million of Federal Home Loan Bank advances since March 31, 2023. The blended cost of FHLB advances was 0.94% as of March 31, 2024.

Capital

Stockholders’ equity was $240.6 million at March 31, 2024, representing an increase of $4.9 million, or 2.1%, from $235.7 million at December 31, 2023. Tangible book value per share at March 31, 2024, was $22.49, compared with $22.03 at December 31, 2023, an increase of $0.46, or 2.1% per share.

Each of the Company’s and the Bank’s regulatory capital ratios increased at March 31, 2024, when compared to December 31, 2023, and March 31, 2023. Capital ratios continue to exceed the minimum levels required to be considered “Well Capitalized” under the applicable regulatory capital rules.

The Common Equity Tier 1 Risked-Based Capital Ratios at March 31, 2024, were 18.67% and 18.65% for the Company and the Bank, respectively, and Total Capital Ratios were 19.92% and 19.91% for the Company and the Bank, respectively. The Common Equity Tier 1 Risked-Based Capital Ratios at March 31, 2023, were 16.15% and 16.10% for the Company and the Bank, respectively, and Total Capital Ratios were 17.37% and 17.31% for the Company and the Bank, respectively.

About CBB Bancorp, Inc.:

CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in loans to small-to-medium-sized businesses and does business as “CBB Bank.” As of March 31, 2024, the Bank had eleven full-service banking offices in Los Angeles and Orange Counties in California, Dallas County in Texas and Honolulu, Hawaii; two SBA regional offices in Los Angeles and Dallas Counties; and loan production offices in Georgia and Washington. For additional information, please go to www.cbb-bank.com under the tab “About Us” and select “Investor Relations” to see the 1Q 2024 Overview.

FORWARD-LOOKING STATEMENTS:

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CBB Bancorp, Inc. (the “Company”) intends that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described herein are necessarily subject to risks and uncertainties that may cause actual results to differ materially and adversely from those described herein. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause actual results to differ materially from those presented, either expressed or implied, in this news release include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances, except to the extent required by law.

Schedules and Financial Data: All tables and data to follow

STATEMENT OF INCOME AND PERFORMANCE HIGHLIGHT (Unaudited) - Table 1

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

December 31,

 

$

 

%

 

March 31,

 

$

 

%

 

 

2024

 

2023

 

Change

 

Change

 

2023

 

Change

 

Change

 
Interest income

$

28,463

 

$

29,624

 

$

(1,161

)

(3.9

%)

$

27,248

 

$

1,215

 

4.5

%

Interest expense

 

12,655

 

 

12,462

 

 

193

 

1.5

%

 

8,168

 

 

4,487

 

54.9

%

Net interest income

 

15,808

 

 

17,162

 

 

(1,354

)

(7.9

%)

 

19,080

 

 

(3,272

)

(17.1

%)

 
Provision for credit losses

 

400

 

 

-

 

 

400

 

100.0

%

 

-

 

 

400

 

100.0

%

 
Net interest income after provision for credit losses

 

15,408

 

 

17,162

 

 

(1,754

)

(10.2

%)

 

19,080

 

 

(3,672

)

(19.2

%)

 
Gain on sale of loans

 

1,489

 

 

838

 

 

651

 

77.7

%

 

-

 

 

1,489

 

100.0

%

SBA servicing fee income, net

 

643

 

 

690

 

 

(47

)

(6.8

%)

 

654

 

 

(11

)

(1.7

%)

Service charges and other income

 

429

 

 

436

 

 

(7

)

(1.6

%)

 

398

 

 

31

 

7.8

%

Noninterest income

 

2,561

 

 

1,964

 

 

597

 

30.4

%

 

1,052

 

 

1,509

 

143.4

%

 
Salaries and employee benefits

 

6,024

 

 

5,356

 

 

668

 

12.5

%

 

6,079

 

 

(55

)

(0.9

%)

Occupancy and equipment

 

1,122

 

 

1,128

 

 

(6

)

(0.5

%)

 

1,124

 

 

(2

)

(0.2

%)

Marketing expense

 

402

 

 

250

 

 

152

 

60.8

%

 

374

 

 

28

 

7.5

%

Professional expense

 

412

 

 

360

 

 

52

 

14.4

%

 

454

 

 

(42

)

(9.3

%)

Other expenses

 

2,084

 

 

2,363

 

 

(279

)

(11.8

%)

 

2,244

 

 

(160

)

(7.1

%)

Noninterest expense

 

10,044

 

 

9,457

 

 

587

 

6.2

%

 

10,275

 

 

(231

)

(2.2

%)

 
Income before income tax provision

 

7,925

 

 

9,669

 

 

(1,744

)

(18.0

%)

 

9,857

 

 

(1,932

)

(19.6

%)

 
Income tax provision

 

2,253

 

 

2,670

 

 

(417

)

(15.6

%)

 

2,767

 

 

(514

)

(18.6

%)

Net income

$

5,672

 

$

6,999

 

$

(1,327

)

(19.0

%)

$

7,090

 

$

(1,418

)

(20.0

%)

 
Effective tax rate

 

28.4

%

 

27.6

%

 

0.8

%

3.0

%

 

28.1

%

 

0.4

%

1.3

%

 
Outstanding number of shares

 

10,588,136

 

 

10,588,136

 

 

-

 

-

 

 

10,588,136

 

 

-

 

-

 

 
Weighted average shares for basic EPS

 

10,588,136

 

 

10,588,136

 

 

-

 

-

 

 

10,576,191

 

 

11,945

 

0.1

%

Weighted average shares for diluted EPS

 

10,588,688

 

 

10,588,937

 

 

(249

)

(0.0

%)

 

10,600,189

 

 

(11,501

)

(0.1

%)

 
Basic EPS

$

0.54

 

$

0.66

 

$

(0.12

)

(18.2

%)

$

0.67

 

$

(0.13

)

(19.4

%)

Diluted EPS

$

0.54

 

$

0.66

 

$

(0.12

)

(18.2

%)

$

0.67

 

$

(0.13

)

(19.4

%)

 
Return on average assets

 

1.32

%

 

1.54

%

 

(0.22

%)

(14.3

%)

 

1.59

%

 

(0.27

%)

(17.0

%)

Return on average equity

 

9.57

%

 

11.94

%

 

(2.37

%)

(19.9

%)

 

13.45

%

 

(3.88

%)

(28.9

%)

 
Efficiency ratio¹

 

54.68

%

 

49.45

%

 

5.23

%

10.6

%

 

51.04

%

 

3.64

%

7.1

%

Yield on interest-earning assets²

 

6.77

%

 

6.65

%

 

0.12

%

1.8

%

 

6.24

%

 

0.53

%

8.5

%

Cost of funds

 

3.48

%

 

3.20

%

 

0.28

%

8.8

%

 

2.10

%

 

1.38

%

65.7

%

Net interest margin²

 

3.77

%

 

3.86

%

 

(0.09

%)

(2.3

%)

 

4.38

%

 

(0.61

%)

(13.9

%)

¹

Represents the ratio of noninterest expense less other real estate owned operations to the sum of net interest income before provision for credit losses and total noninterest income.

²

Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate

 

BALANCE SHEET, CAPITAL AND OTHER DATA (Unaudited) - Table 2

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

$

 

%

 

March 31,

 

$

 

%

 

 

2024

 

2023

 

Change

 

Change

 

2023

 

Change

 

Change

ASSETS
Cash and due from banks

$

11,612

 

$

14,282

 

$

(2,670

)

(18.7

%)

$

13,788

 

$

(2,176

)

(15.8

%)

Interest-earning deposits at the FRB and other banks

 

181,366

 

 

233,255

 

 

(51,889

)

(22.2

%)

 

240,602

 

 

(59,236

)

(24.6

%)

Investment securities¹

 

59,143

 

 

59,883

 

 

(740

)

(1.2

%)

 

68,943

 

 

(9,800

)

(14.2

%)

Loans held-for-sale

 

198,167

 

 

218,258

 

 

(20,091

)

(9.2

%)

 

243,753

 

 

(45,586

)

(18.7

%)

 
Loans held-for-investment

 

1,194,439

 

 

1,204,009

 

 

(9,570

)

(0.8

%)

 

1,222,867

 

 

(28,428

)

(2.3

%)

Less: Allowance for credit losses ("ACL")

 

(16,048

)

 

(15,291

)

 

(757

)

(5.0

%)

 

(15,627

)

 

(421

)

(2.7

%)

Loans held-for-investment, net

 

1,178,391

 

 

1,188,718

 

 

(10,327

)

(0.9

%)

 

1,207,240

 

 

(28,849

)

(2.4

%)

 
Other real estate owned ("OREO")

 

-

 

 

55

 

 

(55

)

-100.0

%

 

-

 

 

-

 

-

 

Restricted stock investments

 

11,011

 

 

11,011

 

 

-

 

-

 

 

10,121

 

 

890

 

8.8

%

Servicing assets

 

7,560

 

 

7,673

 

 

(113

)

(1.5

%)

 

8,528

 

 

(968

)

(11.4

%)

Goodwill

 

2,185

 

 

2,185

 

 

-

 

-

 

 

2,185

 

 

-

 

-

 

Intangible assets

 

245

 

 

255

 

 

(10

)

(3.9

%)

 

291

 

 

(46

)

(15.8

%)

Other assets

 

23,581

 

 

24,838

 

 

(1,257

)

(5.1

%)

 

25,697

 

 

(2,116

)

(8.2

%)

Total assets

$

1,673,261

 

$

1,760,413

 

$

(87,152

)

(5.0

%)

$

1,821,148

 

$

(147,887

)

(8.1

%)

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing

$

286,766

 

$

305,923

 

$

(19,157

)

(6.3

%)

$

428,559

 

$

(141,793

)

(33.1

%)

Interest-bearing

 

1,074,198

 

 

1,147,662

 

 

(73,464

)

(6.4

%)

 

1,108,754

 

 

(34,556

)

(3.1

%)

Total deposits

 

1,360,964

 

 

1,453,585

 

 

(92,621

)

(6.4

%)

 

1,537,313

 

 

(176,349

)

(11.5

%)

 
FHLB advances and other borrowing

 

50,000

 

 

50,000

 

 

-

 

-

 

 

50,000

 

 

-

 

-

 

Other liabilities

 

21,727

 

 

21,114

 

 

613

 

2.9

%

 

17,651

 

 

4,076

 

23.1

%

Total liabilities

 

1,432,691

 

 

1,524,699

 

 

(92,008

)

(6.0

%)

 

1,604,964

 

 

(172,273

)

(10.7

%)

 
Stockholders' Equity

 

240,570

 

 

235,714

 

 

4,856

 

2.1

%

 

216,184

 

 

24,386

 

11.3

%

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,673,261

 

$

1,760,413

 

$

(87,152

)

(5.0

%)

$

1,821,148

 

$

(147,887

)

(8.1

%)

 
CAPITAL RATIOS
Leverage ratio
Company

 

13.85

%

 

12.98

%

 

0.88

%

6.8

%

 

11.86

%

 

1.99

%

16.8

%

Bank

 

13.84

%

 

12.96

%

 

0.88

%

6.8

%

 

11.82

%

 

2.02

%

17.1

%

Common equity tier 1 risk-based capital ratio
Company

 

18.67

%

 

18.08

%

 

0.60

%

3.3

%

 

16.15

%

 

2.52

%

15.6

%

Bank

 

18.65

%

 

18.05

%

 

0.61

%

3.4

%

 

16.10

%

 

2.56

%

15.9

%

Tier 1 risk-based capital ratio
Company

 

18.67

%

 

18.08

%

 

0.60

%

3.3

%

 

16.15

%

 

2.52

%

15.6

%

Bank

 

18.65

%

 

18.05

%

 

0.61

%

3.4

%

 

16.10

%

 

2.56

%

15.9

%

Total risk-based capital ratio
Company

 

19.92

%

 

19.30

%

 

0.63

%

3.2

%

 

17.37

%

 

2.56

%

14.7

%

Bank

 

19.91

%

 

19.27

%

 

0.63

%

3.3

%

 

17.31

%

 

2.59

%

15.0

%

Tangible book value per share

$

22.49

 

$

22.03

 

$

0.46

 

2.1

%

$

20.18

 

$

2.31

 

11.5

%

Loans Held for Investments-to-Deposit ("LHFITD") ratio

 

87.76

%

 

82.83

%

 

4.93

%

6.0

%

 

79.55

%

 

8.21

%

10.3

%

Net Loan-to-Deposit ("LTD") ratio

 

101.15

%

 

96.79

%

 

4.36

%

4.5

%

 

94.39

%

 

6.76

%

7.2

%

Nonperforming assets

$

4,447

 

$

2,484

 

$

1,963

 

79.0

%

$

636

 

$

3,811

 

599.2

%

Nonperforming assets as a % of loans held-for-investment

 

0.37

%

 

0.21

%

 

0.16

%

76.2

%

 

0.05

%

 

0.32

%

640.0

%

ACL as a % of loans held-for-investment

 

1.34

%

 

1.27

%

 

0.07

%

5.51

%

 

1.28

%

 

0.06

%

4.7

%

¹

Includes AFS and HTM

 

FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

 

2024

 

2023

 

2023

 

2023

 

2023

 
Interest income

$

28,463

 

$

29,624

 

$

29,450

 

$

28,664

 

$

27,248

 

Interest expense

 

12,655

 

 

12,462

 

 

11,442

 

 

9,930

 

 

8,168

 

Net interest income

 

15,808

 

 

17,162

 

 

18,008

 

 

18,734

 

 

19,080

 

 
Provision for credit losses

 

400

 

 

-

 

 

-

 

 

-

 

 

-

 

 
Net interest income after provision for credit losses

 

15,408

 

 

17,162

 

 

18,008

 

 

18,734

 

 

19,080

 

 
Gain on sale of loans

 

1,489

 

 

838

 

 

419

 

 

1,952

 

 

-

 

SBA servicing fee income, net

 

643

 

 

690

 

 

639

 

 

440

 

 

654

 

Service charges and other income

 

429

 

 

436

 

 

402

 

 

407

 

 

398

 

Noninterest income

 

2,561

 

 

1,964

 

 

1,460

 

 

2,799

 

 

1,052

 

 
Salaries and employee benefits

 

6,024

 

 

5,356

 

 

5,569

 

 

5,581

 

 

6,079

 

Occupancy and equipment

 

1,122

 

 

1,128

 

 

1,103

 

 

1,122

 

 

1,124

 

Marketing expense

 

402

 

 

250

 

 

475

 

 

409

 

 

374

 

Professional expense

 

412

 

 

360

 

 

443

 

 

436

 

 

454

 

Other expenses

 

2,084

 

 

2,363

 

 

2,579

 

 

2,635

 

 

2,244

 

Noninterest expense

 

10,044

 

 

9,457

 

 

10,169

 

 

10,183

 

 

10,275

 

 
Income before income tax expense

 

7,925

 

 

9,669

 

 

9,299

 

 

11,350

 

 

9,857

 

 
Income tax expense

 

2,253

 

 

2,670

 

 

2,630

 

 

3,248

 

 

2,767

 

Net income

$

5,672

 

$

6,999

 

$

6,669

 

$

8,102

 

$

7,090

 

 
Effective tax rate

 

28.4

%

 

27.6

%

 

28.3

%

 

28.6

%

 

28.1

%

 
Outstanding number of shares

 

10,588,136

 

 

10,588,136

 

 

10,588,136

 

 

10,588,136

 

 

10,588,136

 

 
Weighted average shares for basic EPS

 

10,588,136

 

 

10,588,136

 

 

10,588,136

 

 

10,588,136

 

 

10,576,191

 

Weighted average shares for diluted EPS

 

10,588,688

 

 

10,588,937

 

 

10,594,155

 

 

10,591,351

 

 

10,600,189

 

 
Basic EPS

$

0.54

 

$

0.66

 

$

0.63

 

$

0.77

 

$

0.67

 

Diluted EPS

$

0.54

 

$

0.66

 

$

0.63

 

$

0.76

 

$

0.67

 

 

FIVE-QUARTER SALARIES BENEFIT METRICS (Unaudited) - Table 4

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

At or for the Three Months Ended

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

 

2024

 

2023

 

2023

 

2023

 

2023

 
Salaries and benefits

$

6,024

 

$

5,356

 

$

5,569

 

$

5,581

 

$

6,079

 

FTE at the end of period

 

168

 

 

169

 

 

172

 

 

165

 

 

170

 

Average FTE during the period

 

169

 

 

169

 

 

168

 

 

164

 

 

174

 

Salaries and benefits/average FTE¹

$

143

 

$

126

 

$

131

 

$

137

 

$

142

 

Salaries and benefits/average assets¹

 

1.41

%

 

1.18

%

 

1.22

%

 

1.23

%

 

1.36

%

Noninterest expense/average assets¹

 

2.35

%

 

2.08

%

 

2.22

%

 

2.25

%

 

2.30

%

¹

Annualized

 

FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

 

2024

 

2023

 

2023

 

2023

 

2023

ASSETS
Cash and due from banks

$

11,612

 

$

14,282

 

$

11,188

 

$

12,704

 

$

13,788

 

Interest-earning deposits at the FRB and other banks

 

181,366

 

 

233,255

 

 

335,016

 

 

293,394

 

 

240,602

 

Investment securities

 

59,143

 

 

59,883

 

 

61,617

 

 

66,400

 

 

68,943

 

Loans held-for-sale

 

198,167

 

 

218,258

 

 

219,355

 

 

215,083

 

 

243,753

 

 
Loans held-for-investment

 

1,194,439

 

 

1,204,009

 

 

1,201,230

 

 

1,201,237

 

 

1,222,867

 

Less: Allowance for credit losses

 

(16,048

)

 

(15,291

)

 

(15,284

)

 

(15,626

)

 

(15,627

)

Loans held-for-investment, net

 

1,178,391

 

 

1,188,718

 

 

1,185,946

 

 

1,185,611

 

 

1,207,240

 

 
Other real estate owned

 

-

 

 

55

 

 

55

 

 

-

 

 

-

 

Restricted stock investments

 

11,011

 

 

11,011

 

 

11,011

 

 

11,011

 

 

10,121

 

Servicing assets

 

7,560

 

 

7,673

 

 

7,873

 

 

8,426

 

 

8,528

 

Goodwill

 

2,185

 

 

2,185

 

 

2,185

 

 

2,185

 

 

2,185

 

Intangible assets

 

245

 

 

255

 

 

267

 

 

279

 

 

291

 

Other assets

 

23,581

 

 

24,838

 

 

24,799

 

 

24,537

 

 

25,697

 

Total assets

$

1,673,261

 

$

1,760,413

 

$

1,859,312

 

$

1,819,630

 

$

1,821,148

 

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing

$

286,766

 

$

305,923

 

$

406,033

 

$

426,333

 

$

428,559

 

Interest-bearing

 

1,074,198

 

 

1,147,662

 

 

1,143,257

 

 

1,096,078

 

 

1,108,754

 

Total deposits

 

1,360,964

 

 

1,453,585

 

 

1,549,290

 

 

1,522,411

 

 

1,537,313

 

 
FHLB advances

 

50,000

 

 

50,000

 

 

50,000

 

 

50,000

 

 

50,000

 

Other liabilities

 

21,727

 

 

21,114

 

 

31,141

 

 

23,956

 

 

17,651

 

Total liabilities

 

1,432,691

 

 

1,524,699

 

 

1,630,431

 

 

1,596,367

 

 

1,604,964

 

 
Stockholders' Equity

 

240,570

 

 

235,714

 

 

228,881

 

 

223,263

 

 

216,184

 

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,673,261

 

$

1,760,413

 

$

1,859,312

 

$

1,819,630

 

$

1,821,148

 

 

FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

2024

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

 

Balance

 

%

 

Balance

 

%

 

Balance

 

%

 

Balance

 

%

 

Balance

 

%

 
Construction

$

37,216

3.1

%

$

34,886

2.9

%

$

30,924

2.6

%

$

20,106

1.7

%

$

19,550

1.6

%

Commercial real estate

 

1,005,765

84.2

%

 

1,010,495

83.9

%

 

1,005,735

83.7

%

 

1,014,785

84.5

%

 

1,033,124

84.5

%

Commercial and industrial

 

101,784

8.5

%

 

108,123

9.0

%

 

113,374

9.4

%

 

114,106

9.4

%

 

114,184

9.3

%

Home mortgage

 

44,389

3.7

%

 

44,920

3.7

%

 

45,452

3.8

%

 

45,987

3.8

%

 

49,155

4.0

%

Consumer

 

668

0.1

%

 

630

0.1

%

 

616

0.1

%

 

1,074

0.1

%

 

1,049

0.1

%

Gross loans held-for-investment

 

1,189,822

99.6

%

 

1,199,054

99.6

%

 

1,196,101

99.6

%

 

1,196,058

99.6

%

 

1,217,062

99.5

%

 
Deferred loan fees/costs, net

 

4,617

0.4

%

 

4,955

0.4

%

 

5,129

0.4

%

 

5,179

0.4

%

 

5,805

0.5

%

Loans held-for-investment

$

1,194,439

100.0

%

$

1,204,009

100.0

%

$

1,201,230

100.0

%

$

1,201,237

100.0

%

$

1,222,867

100.0

%

 
Loans held-for-sale

$

198,167

$

218,258

$

219,355

$

215,083

$

243,753

Total loans receivable

$

1,392,606

$

1,422,267

$

1,420,585

$

1,416,320

$

1,466,620

 

FIVE-QUARTER SBA LOAN PRODUCTIONS/SALES DATA (Unaudited) - Table 7

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

2024

 

2023

 

2023

 

2023

 

2023

 
SBA loans held-for-sale at beginning of the quarter/year

$

218,258

 

$

219,355

 

$

215,083

 

$

243,753

 

$

230,431

 

SBA loans originated/transferred from/to held-for-investment during the quarter/year

 

14,589

 

 

27,022

 

 

16,260

 

 

18,273

 

 

16,890

 

SBA loans sold during the quarter/year

 

(28,164

)

 

(21,749

)

 

(9,245

)

 

(42,437

)

 

-

 

SBA loans principal paydown/payoff, net of advance

 

(6,516

)

 

(6,370

)

 

(2,743

)

 

(4,506

)

 

(3,568

)

SBA loans held-for-sale at end of the quarter/year

$

198,167

 

$

218,258

 

$

219,355

 

$

215,083

 

$

243,753

 

 
Gain on sale of SBA loans

$

1,489

 

$

838

 

$

419

 

$

1,952

 

$

-

 

Premium on sale (weighted average)

 

8.4

%

 

6.7

%

 

6.8

%

 

-

 

 

-

 

 
SBA loan production

$

18,089

 

$

37,821

 

$

24,270

 

$

24,013

 

$

21,719

 

 

FIVE QUARTER SBA SERVICING ASSETS AND SERVICING FEES (Unaudited) - Table 8

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

2024

 

2023

 

2023

 

2023

 

2023

 
SBA servicing assets @ beginning of the quarter/year

$

7,673

 

$

7,873

 

$

8,426

 

$

8,528

 

$

9,232

 

 
Newly added SBA servicing assets from SBA loans sold

 

555

 

 

430

 

 

182

 

 

806

 

 

-

 

Regular quarterly/annual servicing assets amortization

 

(332

)

 

(356

)

 

(371

)

 

(379

)

 

(403

)

SBA servicing assets amortized from SBA loans paid off/charged off

 

(336

)

 

(274

)

 

(364

)

 

(529

)

 

(301

)

 

Subtotal before impairment

 

7,560

 

 

7,673

 

 

7,873

 

 

8,426

 

 

8,528

 

 
Reversal of valuation allowance on servicing assets

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
SBA servicing assets @ the end of the quarter/year

$

7,560

 

$

7,673

 

$

7,873

 

$

8,426

 

$

8,528

 

 
FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9
(Dollars in thousands)
 
March 31,

2024
December 31,

2023
September 30,

2023
June 30,

2023
March 31,

2023
Balance % Balance % Balance % Balance % Balance %
 
Noninterest-bearing demand

$

286,766

21.1

%

$

305,923

21.1

%

$

406,033

26.2

%

$

426,333

28.0

%

$

428,559

27.9

%

Interest-bearing demand

 

6,709

0.5

%

 

7,504

0.5

%

 

6,395

0.4

%

 

9,056

0.6

%

 

10,883

0.7

%

NOW & MMDA

 

229,642

16.9

%

 

237,548

16.3

%

 

227,283

14.7

%

 

210,429

13.8

%

 

211,793

13.8

%

Savings

 

84,999

6.2

%

 

88,689

6.1

%

 

78,969

5.1

%

 

62,324

4.1

%

 

62,188

4.0

%

TCDs of $250K and under

 

299,944

22.0

%

 

315,920

21.7

%

 

312,704

20.2

%

 

298,520

19.6

%

 

294,074

19.1

%

TCDs of $250K over

 

339,482

25.0

%

 

353,866

24.4

%

 

373,345

24.1

%

 

368,262

24.2

%

 

367,167

23.9

%

Wholesale TCDs

 

113,422

8.3

%

 

144,135

9.9

%

 

144,561

9.3

%

 

147,487

9.7

%

 

162,649

10.6

%

Total Deposits

$

1,360,964

100.0

%

$

1,453,585

100.0

%

$

1,549,290

100.0

%

$

1,522,411

100.0

%

$

1,537,313

100.0

%

 
Recap:
Noninterest-bearing demand

$

286,766

21.1

%

$

305,923

21.0

%

$

406,033

26.2

%

$

426,333

28.0

%

$

428,559

27.9

%

Interest-bearing demand

 

6,709

0.5

%

 

7,504

0.5

%

 

6,395

0.4

%

 

9,056

0.6

%

 

10,883

0.7

%

NOW & MMDA

 

229,642

16.9

%

 

237,548

16.3

%

 

227,283

14.7

%

 

210,429

13.8

%

 

211,793

13.8

%

Savings

 

84,999

6.2

%

 

88,689

6.1

%

 

78,969

5.1

%

 

62,324

4.1

%

 

62,188

4.0

%

TCDs of $250K and under

 

299,944

22.0

%

 

315,920

21.7

%

 

312,704

20.2

%

 

298,520

19.6

%

 

294,074

19.1

%

Core Deposits

 

908,060

66.7

%

 

955,584

65.7

%

 

1,031,384

66.6

%

 

1,006,662

66.1

%

 

1,007,497

65.5

%

 
TCDs of $250K over

 

339,482

24.9

%

 

353,866

24.3

%

 

373,345

24.1

%

 

368,262

24.2

%

 

367,167

23.9

%

Wholesale TCDs

 

113,422

8.3

%

 

144,135

9.9

%

 

144,561

9.3

%

 

147,487

9.7

%

 

162,649

10.6

%

Noncore Deposits

 

452,904

33.3

%

 

498,001

34.3

%

 

517,906

33.4

%

 

515,749

33.9

%

 

529,816

34.5

%

Total Deposits

$

1,360,964

100.0

%

$

1,453,585

100.0

%

$

1,549,290

100.0

%

$

1,522,411

100.0

%

$

1,537,313

100.0

%

 

FIVE-QUARTER SELECTED LOAN AND ASSET QUALITY HIGHLIGHTS (Unaudited) - Table 10

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Qtr.

 

4th Qtr.

 

3rd Qtr.

 

2nd Qtr.

 

1st Qtr.

 

 

2024

 

2023

 

2023

 

2023

 

2023

Allowance for Credit Losses
Balance at beginning of period

$

15,291

 

$

15,284

 

$

15,626

 

$

15,627

 

$

15,525

 

CECL transition provision

 

-

 

 

-

 

 

-

 

 

-

 

 

250

 

Provision for credit losses

 

743

 

 

-

 

 

-

 

 

-

 

 

-

 

Charge-offs

 

(2

)

 

(350

)

 

(11

)

 

(159

)

Recoveries

 

14

 

 

9

 

 

8

 

 

10

 

 

11

 

Balance at the end of period

$

16,048

 

$

15,291

 

$

15,284

 

$

15,626

 

$

15,627

 

 
Nonperforming Assets:¹
Over 90 days still accruing

$

1,605

 

$

399

 

$

2

 

$

39

 

$

-

 

Nonaccrual loans

 

2,842

 

 

2,030

 

 

616

 

 

645

 

 

636

 

Total nonperforming loans

 

4,447

 

 

2,429

 

 

618

 

 

684

 

 

636

 

 
Other real estate owned

$

-

 

 

55

 

 

55

 

 

-

 

 

-

 

Total nonperforming assets

$

4,447

 

$

2,484

 

$

673

 

$

684

 

$

636

 

 
Classified Assets:¹
Substandard

$

11,912

 

$

11,063

 

$

10,105

 

$

10,491

 

$

7,673

 

Doubtful

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Loss
Total classified loans

$

11,912

 

$

11,063

 

$

10,105

 

$

10,491

 

$

7,673

 

 
Other real estate owned

$

-

 

 

55

 

 

55

 

 

-

 

 

-

 

Total classified assets

$

11,912

 

$

11,118

 

$

10,160

 

$

10,491

 

$

7,673

 

 
Performing TDR loans:¹

$

3,811

 

$

3,336

 

$

3,336

 

$

3,336

 

$

-

 

 
Delinquent Loans:¹
Loans 30-89 days past due

$

16,907

 

$

5,981

 

$

10,620

 

$

4,420

 

$

3,551

 

90 days or more past due and still accruing

 

1,605

 

 

399

 

 

2

 

 

39

 

 

-

 

Nonaccrual

 

2,842

 

 

2,030

 

 

616

 

 

645

 

 

636

 

Total delinquent loans

$

21,354

 

$

8,410

 

$

11,238

 

$

5,104

 

$

4,187

 

 
Asset Quality Ratios:
Net (recoveries) charge-offs to average loans²

 

0.00

%

 

0.00

%

 

0.10

%

 

0.00

%

 

0.04

%

Nonaccrual loans to loans held-for-investment

 

0.24

%

 

0.17

%

 

0.05

%

 

0.05

%

 

0.05

%

Nonperforming loans to loans held-for-investment

 

0.37

%

 

0.20

%

 

0.05

%

 

0.06

%

 

0.05

%

Nonperforming assets to total assets

 

0.27

%

 

0.14

%

 

0.04

%

 

0.04

%

 

0.03

%

Classified loans to loans held-for-investment

 

1.00

%

 

0.92

%

 

0.84

%

 

0.87

%

 

0.63

%

Classified loans to Tier 1 and ACL

 

4.69

%

 

4.45

%

 

4.18

%

 

4.44

%

 

3.35

%

Classified assets to total assets

 

0.71

%

 

0.63

%

 

0.55

%

 

0.58

%

 

0.42

%

Classified assets to Tier 1 and ACL

 

4.69

%

 

4.47

%

 

4.20

%

 

4.44

%

 

3.35

%

ACL to loans held-for-investment

 

1.34

%

 

1.27

%

 

1.27

%

 

1.30

%

 

1.28

%

ACL to nonaccrual loans

 

564.67

%

 

753.25

%

 

2481.17

%

 

2422.64

%

 

2457.08

%

ACL to nonperforming loans

 

360.87

%

 

629.52

%

 

2473.14

%

 

2284.50

%

 

2457.08

%

ACL to nonperforming assets

 

360.87

%

 

615.58

%

 

2271.03

%

 

2284.50

%

 

2457.08

%

Texas ratio ³

 

1.75

%

 

1.00

%

 

0.28

%

 

0.29

%

 

0.28

%

¹

Net of SBA guaranteed balance

²

Includes loans held-for-sale

³

Nonperforming assets divided by tangible common equity and ACL

 

FIVE-QUARTER CAPITAL RATIOS (Unaudited) - Table 11

 

 

 

 

 

 

 

 

 

Well Capitalized

 

Adequately Capitalized

 

 

March 31,

 

December 31, 

 

September 30, 

 

 

June 30,

 

March 31, 

 

 

Regulatory

 

BASEL III

 

 

 

 

 

 

 

 

 

 

 

 

Requirement

 

Fully Phased In

 

2024

 

2023

 

2023

 

2023

 

2023

 
Leverage ratio
Company

N/A

 

N/A

 

 

13.85

%

 

12.98

%

 

12.53

%

 

12.23

%

 

11.86

%

Bank

5.00

%

4.00

%

 

13.84

%

 

12.96

%

 

12.50

%

 

12.20

%

 

11.82

%

Common equity tier 1 risk-based capital ratio
Company

N/A

 

N/A

 

 

18.67

%

 

18.08

%

 

17.61

%

 

17.08

%

 

16.15

%

Bank

6.50

%

7.00

%

 

18.65

%

 

18.05

%

 

17.57

%

 

17.03

%

 

16.10

%

Tier 1 risk-based capital ratio
Company

N/A

 

N/A

 

 

18.67

%

 

18.08

%

 

17.61

%

 

17.08

%

 

16.15

%

Bank

8.00

%

8.50

%

 

18.65

%

 

18.05

%

 

17.57

%

 

17.03

%

 

16.10

%

Total risk-based capital ratio
Company

N/A

 

N/A

 

 

19.92

%

 

19.30

%

 

18.83

%

 

18.32

%

 

17.37

%

Bank

10.00

%

10.50

%

 

19.91

%

 

19.27

%

 

18.79

%

 

18.27

%

 

17.31

%

 
Tangible common equity/total assets

 

14.25

%

 

13.27

%

 

12.19

%

 

12.15

%

 

11.75

%

Tangible common equity per share

$

22.49

 

$

22.03

 

$

21.39

 

$

20.85

 

$

20.18

 

 
FIVE-QUARTER MARGIN ANALYSIS (Unaudited) -Table 12
(Dollars in thousands)
 
Three Months Ended
March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023
Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield
Number of Days in the Period
INTEREST-EARNING ASSETS
Loans Receivable¹

$

1,415,924

 

$

24,906

7.07

%

$

1,410,971

 

$

24,926

7.01

%

$

1,417,148

 

$

24,734

6.92

%

$

1,444,608

 

$

24,661

6.85

%

$

1,502,078

 

$

24,379

6.58

%

Investment securities ²

 

59,554

 

 

575

3.88

%

 

60,094

 

 

563

3.72

%

 

64,587

 

 

577

3.54

%

 

67,958

 

 

595

3.51

%

 

70,146

 

 

577

3.34

%

Interest-earning deposits at the FRB and other banks

 

207,155

 

 

2,817

5.47

%

 

288,769

 

 

3,973

5.46

%

 

293,081

 

 

3,994

5.41

%

 

258,236

 

 

3,296

5.12

%

 

190,692

 

 

2,178

4.63

%

Other earning assets

 

11,011

 

 

214

7.82

%

 

11,011

 

 

212

7.64

%

 

11,011

 

 

196

7.06

%

 

10,825

 

 

163

6.04

%

 

10,121

 

 

164

6.57

%

Total interest-earning assets ²

 

1,693,644

 

 

28,512

6.77

%

 

1,770,845

 

 

29,674

6.65

%

 

1,785,827

 

 

29,501

6.55

%

 

1,781,627

 

 

28,715

6.46

%

 

1,773,037

 

 

27,298

6.24

%

 
NONINTEREST-EARNING ASSETS
Cash and due from banks

 

12,172

 

 

12,567

 

 

13,045

 

 

12,792

 

 

14,262

 

Other noninterest-earning assets

 

31,967

 

 

32,985

 

 

33,331

 

 

34,060

 

 

36,643

 

Total noninterest-earning assets

 

44,139

 

 

45,552

 

 

46,376

 

 

46,852

 

 

50,905

 

 
Less: Allowance for credit losses

 

(15,322

)

 

(15,291

)

 

(15,622

)

 

(15,627

)

 

(15,552

)

 
TOTAL ASSETS

$

1,722,461

 

$

1,801,106

 

$

1,816,581

 

$

1,812,852

 

$

1,808,390

 

 
INTEREST-BEARING DEPOSITS
Interest-bearing demand

$

12,680

 

$

6

0.19

%

$

12,657

 

$

7

0.22

%

$

12,347

 

$

6

0.19

%

$

14,522

 

$

7

0.19

%

$

18,021

 

$

9

0.20

%

Money market

 

229,441

 

 

2,285

4.01

%

 

222,289

 

 

2,158

3.85

%

 

211,152

 

 

1,907

3.58

%

 

192,872

 

 

1,414

2.94

%

 

231,865

 

 

1,469

2.57

%

Savings

 

84,854

 

 

724

3.43

%

 

82,403

 

 

664

3.20

%

 

70,579

 

 

494

2.78

%

 

63,786

 

 

324

2.04

%

 

55,576

 

 

164

1.20

%

Time deposits

 

801,122

 

 

9,523

4.78

%

 

824,900

 

 

9,515

4.58

%

 

820,335

 

 

8,916

4.31

%

 

839,198

 

 

8,068

3.86

%

 

797,072

 

 

6,410

3.26

%

Total interest-bearing deposits

 

1,128,097

 

 

12,538

4.47

%

 

1,142,249

 

 

12,344

4.29

%

 

1,114,413

 

 

11,323

4.03

%

 

1,110,378

 

 

9,813

3.54

%

 

1,102,534

 

 

8,052

2.96

%

 
Borrowings

 

50,000

 

 

117

0.94

%

 

50,001

 

 

118

0.94

%

 

50,001

 

 

119

0.94

%

 

50,000

 

 

117

0.94

%

 

50,000

 

 

116

0.94

%

Total interest-bearing liabilities

 

1,178,097

 

 

12,655

4.32

%

 

1,192,250

 

 

12,462

4.15

%

 

1,164,414

 

 

11,442

3.90

%

 

1,160,378

 

 

9,930

3.43

%

 

1,152,534

 

 

8,168

2.87

%

 
Noninterest-bearing deposits

 

284,867

 

 

350,656

 

 

397,791

 

 

411,432

 

 

425,190

 

Other liabilities

 

21,112

 

 

25,602

 

 

27,519

 

 

20,934

 

 

16,947

 

 
Stockholders' equity

 

238,385

 

 

232,598

 

 

226,857

 

 

220,108

 

 

213,719

 

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,722,461

 

$

1,801,106

 

$

1,816,581

 

$

1,812,852

 

$

1,808,390

 

 
Net interest income²

$

15,857

$

17,212

$

18,059

$

18,785

$

19,130

 
Net interest spread

2.45

%

2.50

%

2.65

%

3.03

%

3.37

%

 
Effect of noninterest-bearing sources

1.32

%

1.36

%

1.36

%

1.20

%

1.01

%

 
Net interest margin²

3.77

%

3.86

%

4.01

%

4.23

%

4.38

%

 
 
Cost of deposits

$

1,412,964

 

$

12,538

3.57

%

$

1,492,905

 

$

12,344

3.28

%

$

1,512,204

 

$

11,323

2.97

%

$

1,521,810

 

$

9,813

2.59

%

$

1,527,724

 

$

8,052

2.14

%

 
Cost of funds

$

1,462,964

 

$

12,655

3.48

%

$

1,542,906

 

$

12,462

3.20

%

$

1,562,205

 

$

11,442

2.91

%

$

1,571,810

 

$

9,930

2.53

%

$

1,577,724

 

$

8,168

2.10

%

 

FIVE-QUARTER COMPONENTS OF YIELD ON LOANS (Unaudited) - Table 13

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31,

2024

December 31,

2023

September 30,

2023

June 30,

2023

March 31,

2023

 

Amount

Yield

Amount

Yield

Amount

Yield

Amount

Yield

Amount

Yield

 
Contractual yield

$

24,138

 

6.86

%

$

24,235

 

6.81

%

$

23,932

 

6.70

%

$

23,767

 

6.60

%

$

23,643

 

6.38

%

SBA discount accretion

 

926

 

0.26

%

 

845

 

0.24

%

 

921

 

0.25

%

 

1,124

 

0.31

%

 

937

 

0.25

%

Prepayment penalties and late fees

 

67

 

0.01

%

 

40

 

0.01

%

 

18

 

0.01

%

 

60

 

0.02

%

 

30

 

0.01

%

Amortization of net deferred costs

 

(225

)

-0.06

%

 

(194

)

-0.05

%

 

(137

)

-0.04

%

 

(290

)

-0.08

%

 

(231

)

-0.06

%

As reported yield on loans

$

24,906

 

7.07

%

$

24,926

 

7.01

%

$

24,734

 

6.92

%

$

24,661

 

6.85

%

$

24,379

 

6.58

%

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.