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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CB Financial Services Inc | NASDAQ:CBFV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.57 | 9.78 | 39.10 | 24.54 | 24.54 | 24.54 | 142 | 22:00:00 |
CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”) and Exchange Underwriters, Inc. (“EU”), a wholly-owned insurance subsidiary of the Bank, today announced its third quarter and year-to-date 2023 financial results.
2023 Third Quarter Financial Highlights
(Comparisons to three months ended September 30, 2022 unless otherwise noted)
(Amounts at September 30, 2023; comparisons to December 31, 2022, unless otherwise noted)
Management Commentary
President and CEO John H. Montgomery stated, “Our third quarter results, while impacted by pressures on funding costs, continue to support our model of investing in our franchise and focusing on delivering an exceptional client experience.
As we have noted for several quarters, the net interest margin compression continues as our customers respond to the overall increase in market interest rates, while being partially offset by the gradual and increasing shift in our asset base from consumer loans into higher yielding commercial and industrial loans and commercial real estate loans. We continued to make investments in our team, resulting in substantial loan growth and onboarding of new relationships. We firmly believe that the challenges of the economic environment provide an opportunity for quality relationship growth, increasing our long term franchise value and benefiting all of our stakeholders. In addition to our loan growth, our asset quality remains strong with nonperforming assets to total assets decreasing from the previous quarter.
During the quarter, significant progress was made on a number of strategic initiatives, including investing in technology and refreshing our branch network, creating the physical environment for technology and our team members to work cohesively in serving our customers. Additionally, we also declared and paid a $0.25 cash dividend during the quarter, continuing our commitment to our shareholders.”
Mr. Montgomery concluded, “As I have noted previously, we remain focused on maintaining solid capital and liquidity positions as we continue to navigate the challenging economic environment and position ourselves for the future.”
Dividend Information
The Company’s Board of Directors declared a $0.25 quarterly cash dividend per outstanding share of common stock, payable on or about November 30, 2023, to stockholders of record as of the close of business on November 15, 2023.
2023 Third Quarter Financial Review
Net Interest and Dividend Income
Net interest and dividend income decreased $298,000, or 2.7%, to $10.7 million for the three months ended September 30, 2023 compared to $11.0 million for the three months ended September 30, 2022.
Provision for Credit Losses
Effective January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The provision for credit losses recorded for the three months ended September 30, 2023 was $406,000 and was required primarily due to changes in qualitative factors coupled with a modeled slowdown in loan prepayment speeds. This compared to no provision for credit losses recorded for the three months ended September 30, 2022.
Noninterest Income
Noninterest income decreased $327,000, or 11.9%, to $2.4 million for the three months ended September 30, 2023, compared to $2.7 million for the three months ended September 30, 2022. This decrease was primarily related to a $439,000 decrease in net gain on disposal of fixed assets as the prior period included a $439,000 gain resulting from the sale of assets of two closed branch locations.
Noninterest Expense
Noninterest expense increased $660,000, or 7.5%, to $9.5 million for the three months ended September 30, 2023 compared to $8.8 million for the three months ended September 30, 2022. Salaries and benefits increased $630,000, or 13.3%, to $5.4 million primarily due to merit increases and revenue producing staff additions. Data processing expense increased $174,000, or 32.2%, to $714,000, due to increased ongoing costs related to the fourth quarter 2022 core conversion and equipment expense increased $95,000 or 55.9%, to $265,000, due to costs associated with the implementation and operation of new interactive teller machines.
Statement of Financial Condition Review
Assets
Total assets decreased $9.4 million, or 0.7%, to $1.40 billion at September 30, 2023, compared to $1.41 billion at December 31, 2022.
Loans and Credit Quality
Other
Total liabilities decreased $14.1 million, or 1.1%, to $1.28 billion at September 30, 2023 compared to $1.30 billion at December 31, 2022.
Deposits
Borrowed Funds
Accrued Interest Payable and Other Liabilities
Stockholders’ Equity
Stockholders’ equity increased $4.7 million, or 4.3%, to $114.8 million at September 30, 2023, compared to $110.2 million at December 31, 2022. Key factors positively impacting stockholders’ equity included $9.6 million of net income for the current period and a $2.1 million positive adjustment, net of tax, due to the Company’s January 1, 2023 adoption of CECL as described above. These factors were partially offset by the payment of $3.8 million in dividends since December 31, 2022 and activity under share repurchase programs. On April 21, 2022, a $10.0 million repurchase program was authorized, with the Company repurchasing 74,656 shares at an average price of $22.38 per share since the inception of the program. In total, the Company repurchased $274,000 of common stock since December 31, 2022. The program expired on May 1, 2023.
Book value per share
Book value per common share was $22.43 at September 30, 2023 compared to $21.60 at December 31, 2022, an increase of $0.83.
Tangible book value per common share (Non-GAAP) was $20.10 at September 30, 2023, compared to $19.00 at December 31, 2022, an increase of $1.10.
Refer to “Explanation of Use of Non-GAAP Financial Measures” at the end of this Press Release.
About CB Financial Services, Inc.
CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates its branch network in southwestern Pennsylvania and West Virginia. Community Bank offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary.
For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv.
Statement About Forward-Looking Statements
Statements contained in this press release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our customers to make scheduled loan payments, loan delinquency rates and trends, our ability to manage the risks involved in our business, our ability to control costs and expenses, inflation, market and monetary fluctuations, changes in federal and state legislation and regulation applicable to our business, actions by our competitors, and other factors that may be disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.
CB FINANCIAL SERVICES, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands, except share and per share data) (Unaudited)
Selected Financial Condition Data
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
Assets
Cash and Due From Banks
$
52,597
$
78,093
$
103,545
$
103,700
$
122,801
Securities
172,904
181,427
189,025
190,058
193,846
Loans
Real Estate:
Residential
346,485
338,493
332,840
330,725
328,248
Commercial
466,910
458,614
452,770
436,805
432,516
Construction
41,874
44,523
39,522
44,923
49,502
Commercial and Industrial:
Commercial and Industrial
100,852
102,232
79,436
69,918
61,428
PPP
21
34
65
126
768
Consumer
122,516
134,788
146,081
146,927
150,615
Other
23,856
22,470
21,151
20,449
19,865
Total Loans
1,102,514
1,101,154
1,071,865
1,049,873
1,042,942
Allowance for Credit Losses
(10,848
)
(10,666
)
(10,270
)
(12,819
)
(12,854
)
Loans, Net
1,091,666
1,090,488
1,061,595
1,037,054
1,030,088
Premises and Equipment, Net
18,524
18,582
17,732
17,844
18,064
Bank-Owned Life Insurance
25,227
25,082
24,943
25,893
25,750
Goodwill
9,732
9,732
9,732
9,732
9,732
Intangible Assets, Net
2,177
2,622
3,068
3,513
3,959
Accrued Interest Receivable and Other Assets
26,665
26,707
21,068
21,144
21,680
Total Assets
$
1,399,492
$
1,432,733
$
1,430,708
$
1,408,938
$
1,425,920
Liabilities
Deposits
Noninterest-Bearing Demand Accounts
$
305,145
$
316,098
$
350,911
$
390,405
$
407,107
Interest-Bearing Demand Accounts
357,381
374,654
359,051
311,825
298,755
Money Market Accounts
189,187
185,814
206,174
209,125
198,715
Savings Accounts
207,148
217,267
234,935
248,022
250,378
Time Deposits
177,428
169,482
130,449
109,126
120,879
Total Deposits
1,236,289
1,263,315
1,281,520
1,268,503
1,275,834
Short-Term Borrowings
—
—
121
8,060
18,108
Other Borrowings
34,668
34,658
14,648
14,638
17,627
Accrued Interest Payable and Other Liabilities
13,689
18,171
17,224
7,582
7,645
Total Liabilities
1,284,646
1,316,144
1,313,513
1,298,783
1,319,214
Stockholders’ Equity
114,846
116,589
117,195
110,155
106,706
Total Liabilities and Stockholders’ Equity
$
1,399,492
$
1,432,733
$
1,430,708
$
1,408,938
$
1,425,920
(Dollars in thousands, except share and per share data) (Unaudited)
Three Months Ended
Nine Months Ended
Selected Operating Data
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
9/30/23
9/30/22
Interest and Dividend Income:
Loans, Including Fees
$
14,049
$
13,426
$
12,371
$
11,835
$
10,815
$
39,846
$
30,098
Securities:
Taxable
940
950
964
974
985
2,853
2,878
Tax-Exempt
41
42
41
40
49
124
172
Dividends
25
25
24
28
21
74
64
Other Interest and Dividend Income
819
760
844
978
417
2,424
649
Total Interest and Dividend Income
15,874
15,203
14,244
13,855
12,287
45,321
33,861
Interest Expense:
Deposits
4,750
3,842
2,504
1,811
1,079
11,097
2,214
Short-Term Borrowings
—
3
2
7
19
5
56
Other Borrowings
407
238
155
171
174
800
522
Total Interest Expense
5,157
4,083
2,661
1,989
1,272
11,902
2,792
Net Interest and Dividend Income
10,717
11,120
11,583
11,866
11,015
33,419
31,069
Provision for Credit Losses - Loans
291
492
80
—
—
863
3,784
Provision (Recovery) for Credit Losses - Unfunded Commitments
115
(60
)
—
—
—
54
—
Net Interest and Dividend Income After Provision for Credit Losses
10,311
10,688
11,503
11,866
11,015
32,502
27,285
Noninterest Income:
Service Fees
466
448
445
530
544
1,359
1,629
Insurance Commissions
1,436
1,511
1,922
1,399
1,368
4,870
4,535
Other Commissions
94
224
144
157
244
462
512
Net (Loss) Gain on Sales of Loans
—
(5
)
2
—
—
(3
)
—
Net (Loss) Gain on Securities
(37
)
(100
)
(232
)
83
(46
)
(369
)
(252
)
Net Gain on Purchased Tax Credits
7
7
7
14
14
22
43
Net Gain on Disposal of Fixed Assets
—
—
11
—
439
11
431
Income from Bank-Owned Life Insurance
145
139
140
143
140
425
418
Net Gain on Bank-Owned Life Insurance Claims
—
1
302
—
—
303
—
Other Income
301
44
69
34
36
413
143
Total Noninterest Income
2,412
2,269
2,810
2,360
2,739
7,493
7,459
Noninterest Expense:
Salaries and Employee Benefits
5,369
5,231
5,079
4,625
4,739
15,679
13,843
Occupancy
698
789
701
817
768
2,188
2,230
Equipment
265
283
218
178
170
766
561
Data Processing
714
718
857
681
540
2,289
1,471
FDIC Assessment
189
224
152
154
147
565
484
PA Shares Tax
217
195
260
258
240
672
721
Contracted Services
286
434
147
405
288
868
1,223
Legal and Professional Fees
320
246
182
362
334
748
876
Advertising
114
75
79
165
131
268
362
Other Real Estate Owned (Income)
(8
)
(35
)
(37
)
(38
)
(38
)
(80
)
(113
)
Amortization of Intangible Assets
445
446
445
446
445
1,336
1,336
Other
878
895
945
945
1,063
2,718
2,899
Total Noninterest Expense
9,487
9,501
9,028
8,998
8,827
28,017
25,893
Income Before Income Tax Expense
3,236
3,456
5,285
5,228
4,927
11,978
8,851
Income Tax Expense
564
699
1,129
1,076
998
2,392
1,757
Net Income
$
2,672
$
2,757
$
4,156
$
4,152
$
3,929
$
9,586
$
7,094
Three Months Ended
Nine Months Ended
Per Common Share Data
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
9/30/23
9/30/22
Dividends Per Common Share
$
0.25
$
0.25
$
0.25
$
0.24
$
0.24
$
0.75
$
0.72
Earnings Per Common Share - Basic
0.52
0.54
0.81
0.81
0.77
1.88
1.38
Earnings Per Common Share - Diluted
0.52
0.54
0.81
0.81
0.77
1.87
1.37
Weighted Average Common Shares Outstanding - Basic
5,115,026
5,111,987
5,109,597
5,095,237
5,106,861
5,112,223
5,150,632
Weighted Average Common Shares Outstanding - Diluted
5,126,546
5,116,134
5,115,705
5,104,254
5,118,627
5,118,279
5,165,376
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
Common Shares Outstanding
5,120,678
5,111,678
5,116,830
5,100,189
5,096,672
Book Value Per Common Share
$
22.43
$
22.81
$
22.90
$
21.60
$
20.94
Tangible Book Value per Common Share (1)
20.10
20.39
20.40
19.00
18.25
Stockholders’ Equity to Assets
8.2
%
8.1
%
8.2
%
7.8
%
7.5
%
Tangible Common Equity to Tangible Assets (1)
7.4
7.3
7.4
6.9
6.6
Three Months Ended
Nine Months Ended
Selected Financial Ratios (2)
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
9/30/23
9/30/22
Return on Average Assets
0.75
%
0.79
%
1.21
%
1.16
%
1.12
%
0.91
%
0.68
%
Return on Average Equity
9.03
9.38
14.69
15.26
13.60
10.98
7.85
Average Interest-Earning Assets to Average Interest-Bearing Liabilities
139.67
142.37
147.53
149.04
149.41
143.07
147.64
Average Equity to Average Assets
8.32
8.38
8.27
7.63
8.20
8.33
8.61
Net Interest Rate Spread
2.54
2.78
3.12
3.17
3.10
2.80
3.03
Net Interest Rate Spread (FTE) (1)
2.55
2.79
3.13
3.18
3.11
2.81
3.04
Net Interest Margin
3.13
3.29
3.51
3.45
3.29
3.31
3.17
Net Interest Margin (FTE) (1)
3.14
3.30
3.52
3.46
3.30
3.32
3.18
Net Charge-Offs (Recoveries) to Average Loans
0.04
0.04
(0.29
)
0.01
(0.01
)
(0.07
)
0.33
Efficiency Ratio
72.26
70.96
62.72
63.25
64.18
68.48
67.21
Asset Quality Ratios
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
Allowance for Credit Losses to Total Loans
0.98
%
0.97
%
0.96
%
1.22
%
1.23
%
Allowance for Credit Losses to Nonperforming Loans (3)
330.13
260.46
189.73
221.06
218.61
Allowance for Credit Losses to Noncurrent Loans (4)
330.13
260.46
189.73
320.64
318.96
Delinquent and Nonaccrual Loans to Total Loans (4) (5)
0.73
0.68
1.02
0.81
0.46
Nonperforming Loans to Total Loans (3)
0.30
0.37
0.51
0.55
0.56
Noncurrent Loans to Total Loans (4)
0.30
0.37
0.51
0.38
0.39
Nonperforming Assets to Total Assets (6)
0.23
0.30
0.40
0.41
0.41
Capital Ratios (7)
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
Common Equity Tier 1 Capital (to Risk Weighted Assets)
12.77
%
12.54
%
12.60
%
12.33
%
12.02
%
Tier 1 Capital (to Risk Weighted Assets)
12.77
12.54
12.60
12.33
12.02
Total Capital (to Risk Weighted Assets)
13.90
13.64
13.69
13.58
13.27
Tier 1 Leverage (to Adjusted Total Assets)
9.37
9.26
9.24
8.66
8.51
(1)
Refer to Explanation of Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(2)
Interim period ratios are calculated on an annualized basis.
(3)
Nonperforming loans consist of all nonaccrual loans and accruing loans that are 90 days or more past due.
(4)
Noncurrent loans consist of nonaccrual loans and accruing loans that are 90 days or more past due.
(5)
Delinquent loans consist of accruing loans that are 30 days or more past due.
(6)
Nonperforming assets consist of nonperforming loans and other real estate owned.
(7)
Capital ratios are for Community Bank only.
Certain items previously reported may have been reclassified to conform with the current reporting period’s format.
AVERAGE BALANCES AND YIELDS
Three Months Ended
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
September 30, 2022
Average Balance
Interest and Dividends
Yield / Cost (1)
Average Balance
Interest and Dividends
Yield / Cost (1)
Average Balance
Interest and Dividends
Yield / Cost (1)
Average Balance
Interest and Dividends
Yield / Cost (1)
Average Balance
Interest and Dividends
Yield / Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)
$
1,088,691
$
14,081
5.13
%
$
1,079,399
$
13,450
5.00
%
$
1,040,570
$
12,391
4.83
%
$
1,034,714
$
11,853
4.54
%
$
1,024,363
$
10,833
4.20
%
Debt Securities
Taxable
204,848
940
1.84
209,292
950
1.82
213,158
964
1.81
216,915
974
1.80
222,110
985
1.77
Exempt From Federal Tax
6,013
52
3.46
6,180
53
3.43
6,270
52
3.32
6,277
51
3.25
7,998
62
3.10
Equity Securities
2,693
25
3.71
2,693
25
3.71
2,693
24
3.56
2,693
28
4.16
2,693
21
3.12
Interest-Earning Deposits at Banks
52,642
750
5.70
54,466
721
5.30
74,555
805
4.32
99,108
939
3.79
67,870
378
2.23
Other Interest-Earning Assets
3,292
69
8.32
2,783
39
5.62
2,633
39
6.01
2,875
39
5.38
2,784
39
5.56
Total Interest-Earning Assets
1,358,179
15,917
4.65
1,354,813
15,238
4.51
1,339,879
14,275
4.32
1,362,582
13,884
4.04
1,327,818
12,318
3.68
Noninterest-Earning Assets
52,709
51,928
48,369
51,718
68,796
Total Assets
$
1,410,888
$
1,406,741
$
1,388,248
$
1,414,300
$
1,396,614
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts
$
363,997
$
2,003
2.18
%
$
354,497
$
1,582
1.79
%
$
335,327
$
1,191
1.44
%
$
315,352
$
810
1.02
%
$
278,412
$
393
0.56
%
Savings Accounts
212,909
54
0.10
225,175
53
0.09
242,298
37
0.06
249,948
29
0.05
251,148
20
0.03
Money Market Accounts
187,012
1,141
2.42
194,565
1,033
2.13
213,443
939
1.78
206,192
604
1.16
189,371
269
0.56
Time Deposits
173,832
1,552
3.54
155,867
1,174
3.02
101,147
337
1.35
116,172
368
1.26
123,438
397
1.28
Total Interest-Bearing Deposits
937,750
4,750
2.01
930,104
3,842
1.66
892,215
2,504
1.14
887,664
1,811
0.81
842,369
1,079
0.51
Short-Term Borrowings
—
—
—
480
3
2.51
1,344
2
0.60
8,985
7
0.31
28,738
19
0.26
Other Borrowings
34,662
407
4.66
21,026
238
4.54
14,641
155
4.29
17,598
171
3.86
17,621
174
3.92
Total Interest-Bearing Liabilities
972,412
5,157
2.10
951,610
4,083
1.72
908,200
2,661
1.19
914,247
1,989
0.86
888,728
1,272
0.57
Noninterest-Bearing Demand Deposits
312,016
326,262
362,343
391,300
390,658
Other Liabilities
9,025
10,920
2,953
788
2,636
Total Liabilities
1,293,453
1,288,792
1,273,496
1,306,335
1,282,022
Stockholders' Equity
117,435
117,949
114,752
107,965
114,592
Total Liabilities and Stockholders' Equity
$
1,410,888
$
1,406,741
$
1,388,248
$
1,414,300
$
1,396,614
Net Interest Income (FTE)
(Non-GAAP) (3)
$
10,760
$
11,155
$
11,614
$
11,895
$
11,046
Net Interest-Earning Assets (4)
385,767
403,203
431,679
448,335
439,090
Net Interest Rate Spread (FTE)
(Non-GAAP) (3) (5)
2.55
%
2.79
%
3.13
%
3.18
%
3.11
%
Net Interest Margin (FTE)
(Non-GAAP) (3)(6)
3.14
3.30
3.52
3.46
3.30
PPP Loans
24
1
16.53
38
1
10.56
100
3
12.17
216
22
40.41
2,424
123
20.13
(1)
Annualized based on three months ended results.
(2)
Net of the allowance for credit losses and includes nonaccrual loans with a zero yield.
(3)
Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(4)
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(6)
Net interest margin represents annualized net interest income divided by average total interest-earning assets.
AVERAGE BALANCES AND YIELDS
Nine Months Ended
September 30, 2023
September 30, 2022
Average Balance
Interest and Dividends
Yield /Cost (1)
Average Balance
Interest and Dividends
Yield / Cost (1)
(Dollars in thousands) (Unaudited)
Assets:
Interest-Earning Assets:
Loans, Net (2)
$
1,069,729
$
39,924
4.99
%
$
1,013,871
$
30,157
3.98
%
Debt Securities
Taxable
209,069
2,853
1.82
222,132
2,878
1.73
Exempt From Federal Tax
6,154
157
3.40
9,093
218
3.20
Marketable Equity Securities
2,693
74
3.66
2,693
64
3.17
Interest-Earning Deposits at Banks
60,474
2,276
5.02
61,213
534
1.16
Other Interest-Earning Assets
2,905
148
6.81
3,165
115
4.86
Total Interest-Earning Assets
1,351,024
45,432
4.50
1,312,167
33,966
3.46
Noninterest-Earning Assets
51,018
91,607
Total Assets
$
1,402,042
$
1,403,774
Liabilities and Stockholders' Equity:
Interest-Bearing Liabilities:
Interest-Bearing Demand Accounts
$
351,379
$
4,776
1.82
%
$
271,897
$
554
0.27
%
Savings Accounts
226,686
145
0.09
247,790
58
0.03
Money Market Accounts
198,243
3,113
2.10
190,189
371
0.26
Time Deposits
143,881
3,063
2.85
127,732
1,231
1.29
Total Interest-Bearing Deposits
920,189
11,097
1.61
837,608
2,214
0.35
Short-Term Borrowings
604
5
1.11
33,553
56
0.22
Other Borrowings
23,516
800
4.55
17,612
522
3.96
Total Interest-Bearing Liabilities
944,309
11,902
1.69
888,773
2,792
0.42
Noninterest-Bearing Demand Deposits
333,356
388,964
Other Liabilities
7,655
5,177
Total Liabilities
1,285,320
1,282,914
Stockholders' Equity
116,722
120,860
Total Liabilities and Stockholders' Equity
$
1,402,042
$
1,403,774
Net Interest Income (FTE) (Non-GAAP) (3)
33,530
31,174
Net Interest-Earning Assets (4)
406,715
423,394
Net Interest Rate Spread (FTE) (Non-GAAP) (3)(5)
2.81
%
3.04
%
Net Interest Margin (FTE) (Non-GAAP) (3)(6)
3.32
3.18
PPP Loans
54
5
12.38
7,503
712
12.69
(1)
Annualized based on nine months ended results.
(2)
Net of the allowance for credit losses and includes nonaccrual loans with a zero yield.
(3)
Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.
(4)
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(5)
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(6)
Net interest margin represents annualized net interest income divided by average total interest-earning assets.
Explanation of Use of Non-GAAP Financial Measures
In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), we use, and this Press Release contains or references, certain Non-GAAP financial measures. We believe these Non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in providing a complete understanding of factors and trends affecting the Company’s business and in analyzing the Company’s operating results on the same basis as that applied by management. Although we believe that these Non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with similar Non-GAAP measures which may be presented by other companies. Where Non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
(Dollars in thousands, except share and per share data) (Unaudited)
Assets (GAAP)
$
1,399,492
$
1,432,733
$
1,430,708
$
1,408,938
$
1,425,920
Goodwill and Intangible Assets, Net
(11,909
)
(12,354
)
(12,800
)
(13,245
)
(13,691
)
Tangible Assets (Non-GAAP) (Numerator)
$
1,387,583
$
1,420,379
$
1,417,908
$
1,395,693
$
1,412,229
Stockholders' Equity (GAAP)
$
114,846
$
116,589
$
117,195
$
110,155
$
106,706
Goodwill and Intangible Assets, Net
(11,909
)
(12,354
)
(12,800
)
(13,245
)
(13,691
)
Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator)
$
102,937
$
104,235
$
104,395
$
96,910
$
93,015
Stockholders’ Equity to Assets (GAAP)
8.2
%
8.1
%
8.2
%
7.8
%
7.5
%
Tangible Common Equity to Tangible Assets (Non-GAAP)
7.4
%
7.3
%
7.4
%
6.9
%
6.6
%
Common Shares Outstanding (Denominator)
5,120,678
5,111,678
5,116,830
5,100,189
5,096,672
Book Value per Common Share (GAAP)
$
22.43
$
22.81
$
22.90
$
21.60
$
20.94
Tangible Book Value per Common Share (Non-GAAP)
$
20.10
$
20.39
$
20.40
$
19.00
$
18.25
Three Months Ended
Nine Months Ended
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
9/30/23
9/30/22
(Dollars in thousands) (Unaudited)
Net Income (GAAP)
$
2,672
$
2,757
$
4,156
$
4,152
$
3,929
$
9,586
$
7,094
Amortization of Intangible Assets, Net
445
446
445
446
445
1,336
1,336
Adjusted Net Income (Non-GAAP) (Numerator)
$
3,117
$
3,203
$
4,601
$
4,598
$
4,374
$
10,922
$
8,430
Annualization Factor
3.97
4.01
4.06
3.97
3.97
1.34
1.34
Average Stockholders' Equity (GAAP)
$
117,435
$
117,949
$
114,752
$
107,965
$
114,592
$
116,722
$
120,860
Average Goodwill and Intangible Assets, Net
(12,185
)
(12,626
)
(13,080
)
(13,534
)
(13,968
)
(12,627
)
(14,414
)
Average Tangible Common Equity (Non-GAAP) (Denominator)
$
105,250
$
105,323
$
101,672
$
94,431
$
100,624
$
104,095
$
106,446
Return on Average Equity (GAAP)
9.03
%
9.38
%
14.69
%
15.26
%
13.60
%
10.98
%
7.85
%
Return on Average Tangible Common Equity (Non-GAAP)
11.75
%
12.20
%
18.35
%
19.32
%
17.25
%
14.03
%
10.59
%
Three Months Ended
Nine Months Ended
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
9/30/23
9/30/22
(Dollars in thousands) (Unaudited)
Interest Income (GAAP)
$
15,874
$
15,203
$
14,244
$
13,855
$
12,287
$
45,321
$
33,861
Adjustment to FTE Basis
43
35
31
29
31
111
105
Interest Income (FTE) (Non-GAAP)
15,917
15,238
14,275
13,884
12,318
45,432
33,966
Interest Expense (GAAP)
5,157
4,083
2,661
1,989
1,272
11,902
2,792
Net Interest Income (FTE) (Non-GAAP)
$
10,760
$
11,155
$
11,614
$
11,895
$
11,046
$
33,530
$
31,174
Net Interest Rate Spread (GAAP)
2.54
%
2.78
%
3.12
%
3.17
%
3.10
%
2.80
%
3.03
%
Adjustment to FTE Basis
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Net Interest Rate Spread (FTE) (Non-GAAP)
2.55
%
2.79
%
3.13
%
3.18
%
3.11
%
2.81
%
3.04
%
Net Interest Margin (GAAP)
3.13
%
3.29
%
3.51
%
3.45
%
3.29
%
3.31
%
3.17
%
Adjustment to FTE Basis
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Net Interest Margin (FTE) (Non-GAAP)
3.14
%
3.30
%
3.52
%
3.46
%
3.30
%
3.32
%
3.18
%
Three Months Ended
Nine Months Ended
9/30/23
6/30/23
3/31/23
12/31/22
9/30/22
9/30/23
9/30/22
(Dollars in thousands) (Unaudited)
Net Income Before Income Tax Expense (GAAP)
$
3,236
$
3,456
$
5,285
$
5,228
$
4,927
$
11,978
$
8,851
Provision for Credit Losses
291
492
80
—
—
863
3,784
PPNR (Non-GAAP) (Numerator)
$
3,527
$
3,948
$
5,365
$
5,228
$
4,927
$
12,841
$
12,635
Annualization Factor
3.97
4.01
4.06
3.97
3.97
1.34
1.34
Average Assets (Denominator)
$
1,410,888
$
1,406,741
$
1,388,248
$
1,414,300
$
1,396,614
$
1,402,042
$
1,403,774
PPNR Return on Average Assets (Non-GAAP)
0.99
%
1.13
%
1.57
%
1.47
%
1.40
%
1.22
%
1.20
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20231027260976/en/
John H. Montgomery President and Chief Executive Officer Phone: (724) 225-2400
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