Truxton Corporation Reports Fourth Quarter 2021 Results
Truxton Corporation Reports Fourth Quarter 2021 Results
January 27, 2022
NASHVILLE, Tenn., Jan. 27, 2022 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended December 31, 2021. Fourth quarter net income attributable to common shareholders was $4.0 million or $1.39 earnings per diluted share compared to $3.5 million or $1.23 earnings per diluted share for the same quarter in 2020. Net income rose by 14% for the quarter compared to the fourth quarter of 2020 while fully diluted earnings per share rose by 13%.
For the year ended December 31, 2021, net income increased by 30% to $14.5 million from $11.1 million in 2020. For the year ended December 31, 2021, earnings per diluted share rose to $5.02 from $3.90, an increase of 29% from 2020.
“Truxton’s fourth quarter 2021 performance was outstanding and capped off another year of strong financial results,” said Chairman and CEO Tom Stumb. “Wealth management revenue increased 31% compared to the fourth quarter of 2020 and increased 32% for the year compared to 2020. Loans at year end were up 18% compared to December 31, 2020, and up 25%, excluding amounts under the Paycheck Protection Program (PPP). Our strong performance for this quarter and the full year was driven by our continued focus on deepening our existing relationships and our success in serving new families and their businesses.”
Key Highlights
- Non-interest income grew to $4.2 million in the fourth quarter of 2021, an increase of 3.6% from the third quarter of 2021 and 29% in comparison to the fourth quarter of 2020. Wealth management services constituted 96% of non-interest income in the fourth quarter of 2021.
- Loans rose 2% to $495 million compared to $487 million on September 30, 2021 and were up 18% compared to December 31, 2020. Excluding PPP loans, loans rose by 2% compared to September 30, 2021, and 25% compared to December 31, 2020.
- PPP fee recognition driven largely by loan forgiveness added $95 thousand in pretax income for the fourth quarter of 2021. Only $506 thousand in PPP loans remained outstanding with $28 thousand in unrecognized fees at the end of the fourth quarter of 2021. PPP fee recognition added $1.0 million in pretax income for the year but should not contribute meaningfully in the future.
- Total deposits increased 10% from September 30, 2021, to $807 million at December 31, 2021, and increased 29% in comparison to December 31, 2020. Truxton continues to fund its growth from a single banking location through superior deposit operations service and technology. As a result, occupancy expenditures and fixed asset investments are a fraction of typical peers.
- Net interest margin for the fourth quarter of 2021 was 2.48%, a decrease of 21 basis points from the 2.69% experienced in the third quarter of 2021, and a decrease of 47 basis points from the fourth quarter of 2020. Cost of funds was 0.47% in the fourth quarter of 2021, up from 0.44% for the quarter ended September 30, 2021, and the same as in the quarter ended December 31, 2020.
- Asset quality remains sound at Truxton. Truxton had no non-performing assets at December 31, 2021. Truxton had $2 thousand of charge-offs in the fourth quarter of 2021, $2 thousand in the trailing quarter, and $0 in the fourth quarter of 2020. All of these charge-offs are from small loans acquired from a housing not-for-profit.
- Allowance for loan losses was $4.8 million, $4.8 million, and $4.5 million at quarter end December 31, 2021, September 30, 2021, and December 31, 2020, respectively. For the same three periods, the Bank’s allowance was 0.97%, 0.98%, and 1.07%, respectively, of gross loans (including PPP loans) outstanding at period end.
- Tax expense decreased by 34% from the September 30, 2021 quarter due to over accrual of tax expense in the first three quarters of 2021, but increased by 36% from the December 31, 2020 period due to an even greater effect of over-accrual in the first nine months of 2020. Truxton believes that the effective tax rate of approximately 17% of pretax net income will persist under current state and federal law. Truxton has several sources of lightly taxed income including yield on bank-owned life insurance, the earnings of the bank’s captive insurance company, and the interest income from the bank’s tax-exempt bond portfolio that cause its effective rate to be below the combined statutory rates.
- The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 8.95% at December 31, 2021, 8.99% at September 30, 2021, and 9.38% at December 31, 2020. Book value per common share was $29.19, $28.14, and $26.77 at December 31, 2021, September 30, 2021, and December 31, 2020, respectively. During the twelve months ended December 31, 2021, Truxton Corporation paid dividends of $2.20 per common share. In 2021, Truxton Corporation repurchased 15,164 shares of its common stock for $812 thousand total, an average price of $53.56 per share.
About Truxton Trust
Truxton Trust Company is a provider of private banking, wealth management, trust, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton Trust upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.
| Investor Relations Andrew May 615-515-1707 andrew.may@truxtontrust.com |
Media Relations Tamara Schoeplein 615-515-1714 tamara.schoeplein@truxtontrust.com |
| Truxton Corporation | |||||||||
| Consolidated Balance Sheets | |||||||||
| (000's) | |||||||||
| (Unaudited) | |||||||||
| December 31, 2021* |
September 30, 2021* |
December 31, 2020 |
|||||||
| ASSETS | |||||||||
| Cash and due from financial institutions | $ | 9,321 | $ | 10,560 | $ | 9,492 | |||
| Interest bearing deposits in other financial institutions | 88,743 | 56,257 | 84,435 | ||||||
| Federal funds sold | 1,425 | 2,929 | 169 | ||||||
| Cash and cash equivalents | 99,489 | 69,746 | 94,096 | ||||||
| Time deposits in other financial institutions | 2,780 | 2,782 | 2,931 | ||||||
| Securities available for sale | 302,502 | 269,685 | 206,318 | ||||||
| Gross loans, excluding Paycheck Protection Program | 494,293 | 484,614 | 395,106 | ||||||
| Allowance for loan losses | (4,775 | ) | (4,779 | ) | (4,490 | ) | |||
| Paycheck Protection Program Loans | 506 | 2,652 | 24,522 | ||||||
| Net loans | 490,024 | 482,487 | 415,138 | ||||||
| Bank owned life insurance | 10,389 | 10,338 | 10,185 | ||||||
| Restricted equity securities | 3,242 | 3,235 | 3,214 | ||||||
| Premises and equipment, net | 316 | 371 | 507 | ||||||
| Accrued interest receivable | 2,346 | 2,331 | 2,653 | ||||||
| Deferred tax asset, net | 62 | - | - | ||||||
| Other assets | 6,109 | 6,455 | 6,576 | ||||||
| Total assets | $ | 917,259 | $ | 847,430 | $ | 741,618 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
| Deposits | |||||||||
| Non-interest bearing | $ | 215,696 | $ | 161,614 | $ | 170,251 | |||
| Interest bearing | 591,779 | 571,298 | 453,774 | ||||||
| Total deposits | 807,475 | 732,912 | 624,025 | ||||||
| Federal Home Loan Bank advances | 4,500 | 11,680 | 17,673 | ||||||
| Subordinated debt | 14,628 | 14,604 | 14,529 | ||||||
| Deferred tax liability, net | - | 154 | 479 | ||||||
| Other liabilities | 6,605 | 7,039 | 8,254 | ||||||
| Total liabilities | 833,208 | 766,389 | 664,960 | ||||||
| SHAREHOLDERS' EQUITY | |||||||||
| Additional paid-in capital | 32,078 | 31,799 | 31,651 | ||||||
| Retained earnings | 49,628 | 46,456 | 41,433 | ||||||
| Accumulated other comprehensive income | 2,345 | 2,786 | 3,574 | ||||||
| Total shareholders' equity | 84,051 | 81,041 | 76,658 | ||||||
| Total liabilities and shareholders' equity | $ | 917,259 | $ | 847,430 | $ | 741,618 | |||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | |||||||||
| Truxton Corporation | ||||||||||||||
| Consolidated Statements of Net Income | ||||||||||||||
| (000's) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | Year To Date | |||||||||||||
| December 31, 2021* |
September 30, 2021* |
December 31, 2020* |
December 31, 2021* |
December 31, 2020 |
||||||||||
| Non-interest income | ||||||||||||||
| Wealth management services | $ | 4,072 | $ | 3,874 | $ | 3,101 | $ | 15,102 | $ | 11,469 | ||||
| Service charges on deposit accounts | 95 | 97 | 59 | 334 | 256 | |||||||||
| Securities gains (losses), net | 0 | 0 | 0 | 0 | 0 | |||||||||
| Bank owned life insurance income | 51 | 51 | 53 | 204 | 212 | |||||||||
| Other | 28 | 76 | 65 | 269 | 262 | |||||||||
| Total non-interest income | 4,246 | 4,098 | 3,278 | 15,909 | 12,199 | |||||||||
| Interest income | ||||||||||||||
| Loans, including fees | $ | 4,762 | $ | 5,026 | $ | 4,616 | $ | 18,325 | $ | 17,201 | ||||
| Taxable securities | 928 | 724 | 646 | 3,031 | 2,137 | |||||||||
| Tax-exempt securities | 399 | 391 | 347 | 1,565 | 1,088 | |||||||||
| Interest bearing deposits | 54 | 75 | 79 | 236 | 332 | |||||||||
| Federal funds sold | 1 | 1 | 1 | 2 | 19 | |||||||||
| Other interest income | 40 | 16 | 35 | 124 | 94 | |||||||||
| Total interest income | 6,184 | 6,233 | 5,724 | 23,283 | 20,871 | |||||||||
| Interest expense | ||||||||||||||
| Deposits | 617 | 590 | 451 | 2,247 | 1,941 | |||||||||
| Subordinated debentures | 194 | 194 | 194 | 780 | 194 | |||||||||
| Long-term borrowings | 101 | 61 | 115 | 310 | 468 | |||||||||
| Total interest expense | 912 | 845 | 760 | 3,337 | 2,603 | |||||||||
| Net interest income | 5,272 | 5,388 | 4,964 | 19,946 | 18,268 | |||||||||
| Provision for loan losses | 0 | 199 | 228 | 291 | 1,093 | |||||||||
| Net interest income after provision for loan losses | 5,272 | 5,189 | 4,736 | 19,655 | 17,175 | |||||||||
| Total revenue, net | 9,518 | 9,287 | 8,014 | 35,564 | 29,374 | |||||||||
| Non interest expense | ||||||||||||||
| Salaries and employee benefits | 3,595 | 3,316 | 2,872 | 13,247 | 11,380 | |||||||||
| Occupancy | 253 | 247 | 219 | 967 | 868 | |||||||||
| Furniture and equipment | 33 | 33 | 46 | 154 | 153 | |||||||||
| Data processing | 281 | 339 | 319 | 1,291 | 1,169 | |||||||||
| Wealth management processing fees | 133 | 168 | 163 | 644 | 520 | |||||||||
| Advertising and public relations | 116 | 25 | 66 | 215 | 163 | |||||||||
| Professional services | 171 | 164 | 112 | 645 | 626 | |||||||||
| FDIC insurance assessments | 73 | 57 | 52 | 214 | 150 | |||||||||
| Other | 203 | 124 | 168 | 777 | 887 | |||||||||
| Total non interest expense | 4,858 | 4,473 | 4,017 | 18,154 | 15,916 | |||||||||
| Income before income taxes | 4,660 | 4,814 | 3,997 | 17,410 | 13,458 | |||||||||
| Income tax expense | 623 | 940 | 457 | 2,869 | 2,309 | |||||||||
| Net income | $ | 4,037 | $ | 3,874 | $ | 3,540 | $ | 14,541 | $ | 11,149 | ||||
| Earnings per share: | ||||||||||||||
| Basic | $ | 1.40 | $ | 1.35 | $ | 1.24 | $ | 5.05 | $ | 3.94 | ||||
| Diluted | $ | 1.39 | $ | 1.34 | $ | 1.23 | $ | 5.02 | $ | 3.90 | ||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | ||||||||||||||
| Truxton Corporation | ||||||
| Selected Quarterly Financial data | ||||||
| At Or For The Three Months Ended | ||||||
| (000's) | ||||||
| (Unaudited) | ||||||
| December 31, 2021* | September 30, 2021* | December 31, 2020 | ||||
| Per Common Share Data | ||||||
| Net income attributable to shareholders, per share | ||||||
| Basic | $1.40 | $1.35 | $1.24 | |||
| Diluted | $1.39 | $1.34 | $1.23 | |||
| Book value per common share | $29.19 | $28.14 | $26.77 | |||
| Tangible book value per common share | $29.19 | $28.14 | $26.77 | |||
| Basic weighted average common shares | 2,807,863 | 2,809,307 | 2,771,400 | |||
| Diluted weighted average common shares | 2,822,942 | 2,822,177 | 2,797,592 | |||
| Common shares outstanding at period end | 2,879,284 | 2,879,527 | 2,863,671 | |||
| Selected Balance Sheet Data | ||||||
| Tangible common equity (TEC) ratio | 9.16% | 9.56% | 10.34% | |||
| Average Loans | $477,005 | $470,746 | $420,106 | |||
| Average earning assets (1) | $853,925 | $813,434 | $683,594 | |||
| Average total assets | $884,235 | $848,148 | $719,206 | |||
| Average stockholders' equity | $82,430 | $81,071 | $73,764 | |||
| Selected Asset Quality Measures | ||||||
| Nonaccrual loans | $0 | $0 | $2,017 | |||
| 90+ days past due still accruing | $21 | $6 | $11 | |||
| Total nonperforming loans | $21 | $6 | $2,028 | |||
| Total nonperforming assets | $21 | $6 | $2,028 | |||
| Net charge offs | $5 | $2 | $12 | |||
| Nonperforming loans to assets | 0.00% | 0.00% | 0.27% | |||
| Nonperforming assets to total assets | 0.00% | 0.00% | 0.27% | |||
| Nonperforming assets to total loans and other real estate | 0.00% | 0.00% | 0.48% | |||
| Allowance for loan losses to total loans | 0.97% | 0.98% | 1.07% | |||
| Net charge offs to average loans | 0.00% | 0.00% | 0.00% | |||
| Capital Ratios (Bank Subsidiary Only) | ||||||
| Tier 1 leverage | 8.95% | 8.99% | 9.38% | |||
| Common equity tier 1 | 13.82% | 13.35% | 14.10% | |||
| Total risk-based capital | 14.66% | 14.20% | 15.05% | |||
| Selected Performance Ratios | ||||||
| Efficiency ratio | 51.39% | 47.87% | 46.95% | |||
| Return on average assets (ROA) | 1.81% | 1.81% | 1.96% | |||
| Return on average stockholders' equity (ROE) | 19.42% | 18.96% | 19.09% | |||
| Return on tangible common equity (ROTCE) | 19.42% | 18.96% | 19.09% | |||
| Net interest margin | 2.48% | 2.69% | 2.95% | |||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | ||||||
| (1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, investment securities and restricted equity securities. | ||||||
| Truxton Corporation | ||||||||||||||||||||||
| Yield Tables | ||||||||||||||||||||||
| For The Periods Indicated | ||||||||||||||||||||||
| (000's) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: | ||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||
| December 31, 2021* | September 30, 2021* | December 31, 2020 | ||||||||||||||||||||
| Average Balances |
Rates/ Yields (%) |
Interest Income/ Expense |
Average Balances |
Rates/ Yields (%) |
Interest Income/ Expense |
Average Balances |
Rates/ Yields (%) |
Interest Income/ Expense |
||||||||||||||
| Earning Assets | ||||||||||||||||||||||
| Loans | $477,005 | 3.75 | $4,513 | $470,746 | 3.87 | $4,586 | $420,106 | 3.75 | $3,891 | |||||||||||||
| Loan fees | $0 | 0.21 | $249 | $0 | 0.37 | $440 | $0 | 0.63 | $240 | |||||||||||||
| Loans with fees | $477,005 | 3.96 | $4,762 | $470,746 | 4.24 | $5,026 | $420,106 | 4.38 | $4,131 | |||||||||||||
| Mortgage loans held for sale | $0 | 0.00 | $0 | $20 | 2.70 | $0 | $78 | 3.33 | $0 | |||||||||||||
| Federal funds sold | $2,902 | 0.09 | $1 | $3,085 | 0.01 | $1 | $2,581 | 0.14 | $2 | |||||||||||||
| Deposits with banks | $86,039 | 0.25 | $54 | $96,256 | 0.31 | $75 | $77,539 | 0.41 | $90 | |||||||||||||
| Investment securities - taxable | $219,861 | 1.69 | $928 | $177,782 | 1.63 | $724 | $127,864 | 2.02 | $471 | |||||||||||||
| Investment securities - tax-exempt | $68,118 | 3.17 | $399 | $65,545 | 3.23 | $391 | $55,425 | 3.39 | $299 | |||||||||||||
| Total Earning Assets | $853,925 | 2.93 | $6,144 | $813,434 | 3.10 | $6,217 | $683,593 | 3.39 | $4,993 | |||||||||||||
| Non interest earning assets | ||||||||||||||||||||||
| Allowance for loan losses | (4,778 | ) | (4,604 | ) | (4,359 | ) | ||||||||||||||||
| Cash and due from banks | $9,528 | $11,045 | $11,611 | |||||||||||||||||||
| Premises and equipment | $302 | $352 | $500 | |||||||||||||||||||
| Accrued interest receivable | $2,078 | $1,966 | $2,573 | |||||||||||||||||||
| Other real estate | $0 | $0 | $0 | |||||||||||||||||||
| Other assets | $19,973 | $19,792 | $20,416 | |||||||||||||||||||
| Unrealized gain (loss) on inv. securities | 3,207 | 6,163 | 4,871 | |||||||||||||||||||
| Total Assets | $884,235 | $848,148 | $719,205 | |||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||
| Interest bearing demand | $36,480 | 0.06 | $6 | $36,078 | 0.18 | $16 | $30,668 | (0.08 | ) | ($3 | ) | |||||||||||
| Savings and money market | $665,881 | 0.35 | $583 | $634,565 | 0.34 | $546 | $487,041 | 0.34 | $351 | |||||||||||||
| Time deposits - retail | $10,917 | 0.48 | $13 | $10,882 | 0.50 | $14 | $8,538 | 1.13 | $30 | |||||||||||||
| Time deposits - wholesale | $16,466 | 0.37 | $15 | $13,080 | 0.44 | $14 | $22,451 | 0.31 | $11 | |||||||||||||
| Total interest bearing deposits | $729,744 | 0.34 | $617 | $694,605 | 0.34 | $590 | $548,698 | 0.33 | $389 | |||||||||||||
| Federal Home Loan Bank advances | $10,683 | 5.27 | $101 | $11,853 | 2.01 | $61 | $17,738 | 1.92 | $93 | |||||||||||||
| Subordinated debt | $14,757 | 5.15 | $194 | $14,864 | 5.11 | $194 | $14,629 | 5.19 | $0 | |||||||||||||
| Other borrowings | $825 | 0.00 | $0 | $878 | 0.00 | $0 | $31,730 | 1.10 | $41 | |||||||||||||
| Total borrowed funds | $26,265 | 5.05 | $295 | $27,595 | 3.61 | $255 | $64,097 | 1.88 | $134 | |||||||||||||
| Total interest bearing liabilities | $756,009 | 0.50 | $912 | $722,200 | 0.46 | $845 | $612,795 | 0.49 | $523 | |||||||||||||
| Net interest rate spread | 2.43 | $5,232 | 2.64 | $5,372 | 2.90 | $4,470 | ||||||||||||||||
| Non-interest bearing deposits | $39,884 | $38,742 | $24,645 | |||||||||||||||||||
| Other liabilities | $5,912 | $6,135 | $7,787 | |||||||||||||||||||
| Stockholder's equity | $82,430 | $81,071 | $73,764 | |||||||||||||||||||
| Total Liabilities and Stockholder's Equity | $884,235 | $848,148 | $718,991 | |||||||||||||||||||
| Cost of funds | 0.47 | 0.44 | 0.47 | |||||||||||||||||||
| Net interest margin | 2.48 | 2.69 | 2.95 | |||||||||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | ||||||||||||||||||||||
| Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category. | ||||||||||||||||||||||
| Truxton Corporation | |||||||||||||||
| Yield Tables | |||||||||||||||
| For The Periods Indicated | |||||||||||||||
| (000's) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: | |||||||||||||||
| Twelve Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2021* | December 31, 2020* | ||||||||||||||
| Average Balances |
Rates/ Yields (%) |
Interest Income/ Expense |
Average Balances |
Rates/ Yields (%) |
Interest Income/ Expense |
||||||||||
| Earning Assets | |||||||||||||||
| Loans | $455,847 | 3.73 | $17,009 | $405,363 | 3.97 | $16,099 | |||||||||
| Loan fees | $0 | 0.29 | $1,314 | $0 | 0.28 | $1,132 | |||||||||
| Loans with fees | $455,847 | 4.02 | $18,323 | $405,363 | 4.25 | $17,231 | |||||||||
| Mortgage loans held for sale | $56 | 3.02 | $2 | $72 | 3.86 | $3 | |||||||||
| Federal funds sold | $2,574 | 0.08 | $2 | $3,857 | 0.05 | $18 | |||||||||
| Deposits with banks | $75,854 | 0.31 | $236 | $59,043 | 0.56 | $332 | |||||||||
| Investment securities - taxable | $178,029 | 1.70 | $3,031 | $100,529 | 2.13 | $2,138 | |||||||||
| Investment securities - tax-exempt | $65,444 | 3.23 | $1,565 | $40,452 | 3.63 | $1,088 | |||||||||
| Total Earning Assets | $777,804 | 3.05 | $23,159 | $609,316 | 3.48 | $20,810 | |||||||||
| Non interest earning assets | |||||||||||||||
| Allowance for loan losses | (4,625 | ) | (3,900 | ) | |||||||||||
| Cash and due from banks | $10,397 | $10,074 | |||||||||||||
| Premises and equipment | $379 | $423 | |||||||||||||
| Accrued interest receivable | $2,091 | $2,181 | |||||||||||||
| Other real estate | $0 | $0 | |||||||||||||
| Other assets | $19,874 | $19,973 | |||||||||||||
| Unrealized gain (loss) on inv. securities | 4,878 | 3,579 | |||||||||||||
| Total Assets | $810,798 | $641,646 | |||||||||||||
| Interest bearing liabilities | |||||||||||||||
| Interest bearing demand | $35,946 | 0.20 | $72 | $32,004 | 0.20 | $65 | |||||||||
| Savings and Money Market | $598,139 | 0.34 | $2,063 | $429,755 | 0.39 | $1,671 | |||||||||
| Time deposits - retail | $10,012 | 0.57 | $57 | $9,948 | 1.26 | $126 | |||||||||
| Time deposits - wholesale | $18,493 | 0.30 | $55 | $11,369 | 0.69 | $79 | |||||||||
| Total interest bearing deposits | $662,590 | 0.34 | $2,247 | $483,076 | 0.40 | $1,941 | |||||||||
| Federal Home Loan Bank advances | $13,262 | 2.63 | $310 | $24,942 | 1.47 | $372 | |||||||||
| Subordinated debt | $14,767 | 5.21 | $780 | $3,816 | 5.00 | $194 | |||||||||
| Other borrowings | $986 | 0.00 | $0 | $28,566 | 1.50 | $96 | |||||||||
| Total borrowed funds | $29,015 | 3.86 | $1,090 | $57,324 | 1.14 | $662 | |||||||||
| Total interest bearing liabilities | $691,605 | 0.49 | $3,337 | $540,400 | 0.48 | $2,603 | |||||||||
| Net interest rate spread | 2.56 | $19,822 | 3.00 | $18,207 | |||||||||||
| Non-interest bearing deposits | $33,809 | $24,472 | |||||||||||||
| Other liabilities | $5,743 | $7,302 | |||||||||||||
| Stockholder's equity | $79,641 | $69,413 | |||||||||||||
| Total Liabilities and Stockholder's Equity | $810,798 | $641,587 | |||||||||||||
| Cost of funds | 0.46 | 0.46 | |||||||||||||
| Net interest margin | 2.62 | 3.05 | |||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | |||||||||||||||
| Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category. | |||||||||||||||
