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CSB Bancorp, Inc. Reports Second Quarter Earnings

CSB Bancorp, Inc. (OTC Pink: CSBB):

Second Quarter Highlights

 

 

Quarter Ended

June 30, 2024

 

 

 

Quarter Ended

June 30, 2023

 

Diluted earnings per share

 

$

0.61

 

 

 

$

1.36

 

Net Income

 

$

1,615,000

 

 

 

$

3,644,000

 

Return on average common equity

 

 

5.89

%

 

 

 

14.62

%

Return on average assets

 

 

0.56

%

 

 

 

1.27

%

CSB Bancorp, Inc. (OTC Pink: CSBB) today announced second quarter 2024 net income of $1,615,000, or $0.61 per basic and diluted share, as compared to $3,644,000, or $1.36 per basic and diluted share, for the same period in 2023. For the six-month period ended June 30, 2024 net income totaled $4,548,000 compared to $7,578,000 for the same period last year, a decrease of 40%.

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 5.89% and 0.56%, respectively, compared with 14.62% and 1.27% for the second quarter of 2023. For the six-month period ended June 30, 2024 ROE and ROA were 8.35% and 0.79% as compared to 15.49% and 1.33% for the comparable period in 2023.

Eddie Steiner, President and CEO stated, “Net interest margins remain pressured but have held within 2 basis points of last year’s first six months performance. Deposit balances are steady, buoyed partially by savers taking advantage of higher rates. Loan demand has slowed. Businesses are avoiding nonessential borrowing until lower rates emerge, and home lending is constrained by housing inventory and mortgage rates. We expect some deterioration in credit conditions as borrowers contend with the dual effects of inflation and high interest rates. Overall quality within our loan portfolio remains acceptable with the exception of one customer relationship for which a significant loss reserve has been established.”

Pre-Provision Net Revenue (“PPNR”) (a non-GAAP measure) totaled $4.85 million during the quarter, an increase of $174 thousand, or 4%, from the prior year’s second quarter. Net interest income decreased $69 thousand, or less than 1%, noninterest income increased $8 thousand, or less than 1%, and noninterest expense decreased $235 thousand, or 4%, in the second quarter of 2024 compared to the same period in 2023.

Credit loss provision expense for the quarter increased $2.7 million from second quarter 2023 and $3.9 million for the comparable six-month period. A previously identified commercial lending relationship totaling $6.4 million experienced credit deterioration and was placed on nonaccrual during the second quarter while the company was being offered for sale. On July 23, the bank was notified that the borrower’s company would cease operations. The relationship has a specific reserve of $4.1 million within the combined total allowance for expected credit losses.

The allowance for expected credit losses amounted to $10.6 million, or 1.47% of total loans, on June 30, 2024, as compared to $6.6 million or 0.99% of total loans on June 30, 2023. The allowance for credit losses on off-balance sheet commitments on June 30, 2024 was $477 thousand, as compared to a June 30, 2023 balance of $328 thousand. CSB recorded no allowance for credit losses related to AFS or HTM debt securities as there is a zero loss expectation on these securities.

Loan interest income including fees increased $1.5 million, or 17%, during second quarter 2024 as compared to the same quarter in 2023. The increase was mainly due to rate increases as well as a $57 million increase in average loan volume. Securities interest income decreased $142 thousand, or 7%, during the second quarter 2024 compared to the same quarter 2023 as the Company continues to deploy cash flow from investments into loan originations. Loan yields for second quarter 2024 averaged 5.74%, an increase of 44 basis points from the 2023 second quarter average of 5.30%, while overnight funds and securities yields for second quarter 2024 averaged 5.57% and 2.20%, respectively, compared to 5.15% and 2.13% in the second quarter 2023.

Interest expense rose $1.4 million, or 62%, during second quarter 2024 as compared to second quarter 2023. The increase follows a period of rapid interest rate increases spurred by the Federal Reserve during March 2022 through May 2023, followed by competitive pressures from banks and others to secure adequate funding. The cost to fund gross earning assets for the second quarter 2024 was 1.31% as compared to 0.82% for the second quarter of 2023.

The fully-taxable equivalent (“FTE”) (a non-GAAP measure) net interest margin was 3.28% compared to 3.33% for the second quarter 2023. Compared to the 2023 second quarter, FTE net interest income decreased $68 thousand, or less than 1%, reflecting a declining net interest margin offset by a $12 million, or 1%, increase in average earning assets. The higher interest rate environment coupled with the continued mix shift into loans from securities primarily drove the increase in earnings from assets, which was offset by the higher cost of funds. Tax equivalency effect on net interest margin was 0.01% in second quarter 2024 and 2023.

Noninterest income increased $8 thousand, or less than 1%, compared to second quarter of 2023. The increase was primarily the result of a $31 thousand increase in trust and brokerage fees, a $22 thousand increase in earnings on bank owned life insurance, and a $17 thousand increase in gain on sale of mortgage loans. Offsetting decreases were recognized in credit card fees, an unrealized loss on equity securities, and service charges related to deposit overdraft fees.

Noninterest expense decreased $235 thousand, or 4%, from second quarter 2023. Salary and employee benefit costs decreased $333 thousand, or 10%, compared to the prior year quarter, primarily resulting from various decreases in compensation-related benefit programs. Debit card expenses increased $24 thousand, or 14%, primarily with increases in processing. FDIC assessment decreased $49 thousand. Software expense decreased $7 thousand, or 2%. Financial deposit institutions tax increased $24 thousand, or 13%, due to the increase in capital. Equipment expense increased $12 thousand, or 6%. The Company’s second quarter efficiency ratio decreased to 54.2% compared to 56.2% in the prior year.

Federal income tax expense was $348 thousand in the 2024 second quarter compared to $894 thousand in the 2023 second quarter. The effective tax rate for the 2024 and 2023 second quarter was 18% and 20%, respectively.

Average earning assets for the 2024 second quarter increased $12 million, or 1%, from the year-ago quarter, primarily reflecting a $57 million, or 9%, increase in average loans, a $38 million, or 10%, decrease in average securities, and a $7 million, or 22%, decrease in interest-earning deposits in other banks, held mainly at the Federal Reserve Bank.

Average commercial loan balances for the quarter, including commercial real estate, increased $47 million, or 11%, from prior year levels, as construction loans were drawn, and borrowers used term loans to fund equipment and other purchases. Average residential mortgage balances increased $8 million, or 5%, above the prior year’s quarter as borrowers have been favoring adjustable-rate mortgages during this period of higher interest rates. The bank does not sell adjustable-rate mortgages to the secondary market. Home equity lines of credit increased $2 million from the prior year’s quarter as balances were drawn for expenses and to maintain the low interest rate on the first mortgage. Average consumer credit balances decreased $407 thousand, or 2%, versus the same quarter of the prior year. Commercial loan demand softened to somewhat muted levels during second quarter, with households and businesses alike preferring to limit borrowing until signs of reversal in the Fed’s elevated interest rate posture.

Nonperforming assets were $6.7 million, or 0.93%, of total loans on June 30, 2024, compared to $255 thousand, or 0.04% of total loans, a year ago. The identified commercial relationship mentioned above accounts for $6.4 million of the $6.7 million total nonperforming loans at June 30, 2024. Delinquent loan balances as of June 30, 2024, increased to 1.16% of total loans as compared to 0.15% on June 30, 2023. Net loan charge-offs recognized during second quarter 2024 were $246 thousand, or less than 1% of average loans annualized, compared to second quarter 2023 net loan recoveries of $10 thousand.

Average deposit balances increased on a quarter over prior year quarter comparison by $2 million, or less than 1%. For the second quarter 2024, the average cost of deposits amounted to 1.38%, as compared to 0.84% for the second quarter 2023. Second quarter 2024 increases in average deposit balances over the prior year quarter included money market accounts of $19 million and time deposits of $76 million. Noninterest-bearing accounts decreased $48 million from the prior year’s second quarter while savings and interest-bearing demand accounts declined $45 million. The average balance of securities sold under repurchase agreement during the second quarter of 2024 decreased by $2 million, or 7%, compared to the average for the same period in the prior year.

Shareholders’ equity totaled $110 million on June 30, 2024, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 9.49% for the quarter ended June 30, 2024, and 8.68% for the quarter ended June 30, 2023. The Company declared a second quarter dividend of $0.39 per share, producing an annualized yield of 4% based on June 30, 2024 closing price of $39.00.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.2 billion as of June 30, 2024. CSB provides a complete range of banking and other financial services to consumers and businesses through its wholly owned subsidiary, The Commercial and Savings Bank, with sixteen banking centers in Holmes, Wayne, Tuscarawas, and Stark counties and Trust offices located in Millersburg, North Canton, and Wooster, Ohio. A loan production office was opened in Medina, Ohio on March 20, 2024.

Forward-Looking Statement

This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Company, as well as its operations, markets, and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, softening in the economy, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Company’s business, competitive pressures, changes in accounting, tax or regulatory practices or requirements and those risk factors detailed in the Company’s periodic reports and registration statements filed with the Securities and Exchange Commission. The Company undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release. See the non-GAAP disclosures at the end of this release for a reconciliation of GAAP and non-GAAP measures.

 

CSB BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

(Unaudited)

Quarters

 

 

 

 

(Dollars in thousands, except per share data)

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

EARNINGS

2nd Qtr

 

1st Qtr

 

4th Qtr

 

3rd Qtr

 

2nd Qtr

 

6 months

 

6 months

Net interest income FTE (a)

$

8,959

 

$

9,190

 

$

9,377

 

$

8,871

 

$

9,027

 

$

18,149

 

$

18,026

 

Provision for credit loss expense

 

2,889

 

 

1,152

 

 

156

 

 

177

 

 

140

 

 

4,041

 

 

109

 

Other income

 

1,741

 

 

1,772

 

 

1,678

 

 

1,705

 

 

1,733

 

 

3,513

 

 

3,361

 

Other expenses

 

5,814

 

 

6,142

 

 

6,258

 

 

6,034

 

 

6,049

 

 

11,956

 

 

11,768

 

FTE adjustment(a)

 

34

 

 

42

 

 

32

 

 

34

 

 

33

 

 

76

 

 

67

 

Net income

 

1,615

 

 

2,933

 

 

3,697

 

 

3,481

 

 

3,644

 

 

4,548

 

 

7,578

 

Basic and Diluted earnings per share

 

0.61

 

 

1.10

 

 

1.38

 

 

1.30

 

 

1.36

 

 

1.71

 

 

2.82

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

Return on average assets (ROA), annualized

 

0.56

%

 

1.02

%

 

1.25

%

 

1.19

%

 

1.27

%

 

0.79

%

 

1.33

%

Return on average common equity (ROE), annualized

 

5.89

 

 

10.84

 

 

14.22

 

 

13.63

 

 

14.62

 

 

8.35

 

 

15.49

 

Net interest margin FTE(a)

 

3.28

 

 

3.37

 

 

3.36

 

 

3.21

 

 

3.33

 

 

3.33

 

 

3.35

 

Efficiency ratio

 

54.22

 

 

56.00

 

 

56.67

 

 

56.99

 

 

56.24

 

 

55.12

 

 

55.06

 

Number of full-time equivalent employees

 

173

 

 

172

 

 

168

 

 

178

 

 

172

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

Book value per common share

$

41.43

 

$

41.11

 

$

40.43

 

$

37.96

 

$

37.36

 

 

 

Period-end common share market value

 

39.00

 

 

40.00

 

 

37.54

 

 

37.75

 

 

38.88

 

 

 

Market as a % of book

 

94.14

%

 

97.30

%

 

92.85

%

 

99.45

%

 

104.07

%

 

Price-to-earnings ratio

 

8.88

 

 

7.78

 

 

6.81

 

 

6.85

 

 

6.99

 

 

 

Average basic common shares outstanding

 

2,664,485

 

 

2,665,277

 

 

2,671,086

 

 

2,675,967

 

 

2,680,526

 

 

2,664,879

 

 

2,686,382

 

Average diluted common shares outstanding

 

2,664,485

 

 

2,665,277

 

 

2,671,086

 

 

2,675,967

 

 

2,680,526

 

 

2,664,879

 

 

2,686,382

 

Period end common shares outstanding

 

2,663,924

 

 

2,664,683

 

 

2,669,938

 

 

2,671,313

 

 

2,680,325

 

 

 

Common stock market capitalization

$

103,893

 

$

106,587

 

$

100,229

 

$

100,842

 

$

104,211

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

Gross charge-offs

$

274

 

$

88

 

$

15

 

$

43

 

$

15

 

$

362

 

$

54

 

Net (recoveries) charge-offs

 

246

 

 

74

 

 

(5

)

 

(119

)

 

(10

)

 

320

 

 

(6

)

Allowance for credit losses

 

10,587

 

 

7,136

 

 

6,607

 

 

6,691

 

 

6,559

 

 

 

Nonperforming assets (NPAs)

 

6,683

 

 

361

 

 

396

 

 

260

 

 

255

 

 

 

Net charge-off (recovery) / average loans ratio

 

0.14

%

 

0.04

%

 

0.00

%

 

(0.07

)%

 

(0.01

)%

 

0.09

%

 

0.00

%

Allowance for credit losses / period-end loans

 

1.47

 

 

1.00

 

 

0.94

 

 

0.98

 

 

0.99

 

 

 

NPAs/loans and other real estate

 

0.93

 

 

0.05

 

 

0.06

 

 

0.04

 

 

0.04

 

 

 

Allowance for credit losses / nonperforming loans

 

158

 

 

1,979

 

 

1,667

 

 

2,576

 

 

2,577

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

Period-end tangible equity to assets(b)

 

9.09

%

 

9.10

%

 

8.79

%

 

8.39

%

 

8.29

%

 

Average equity to assets

 

9.49

 

 

9.38

 

 

8.80

 

 

8.72

 

 

8.68

 

 

 

Average equity to loans

 

15.37

 

 

15.43

 

 

14.87

 

 

15.00

 

 

15.15

 

 

 

Average loans to deposits

 

70.54

 

 

69.78

 

 

67.47

 

 

66.20

 

 

65.05

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

Assets

$

1,161,533

 

$

1,160,661

 

$

1,172,324

 

$

1,162,029

 

$

1,151,403

 

$

1,161,106

 

$

1,149,240

 

Earning assets

 

1,097,706

 

 

1,097,704

 

 

1,107,002

 

 

1,096,679

 

 

1,085,751

 

 

1,097,705

 

 

1,084,381

 

Loans

 

717,105

 

 

705,294

 

 

693,779

 

 

675,283

 

 

660,004

 

 

711,199

 

 

648,760

 

Deposits

 

1,016,569

 

 

1,010,745

 

 

1,028,207

 

 

1,020,135

 

 

1,014,631

 

 

1,013,657

 

 

1,011,692

 

Shareholders' equity

 

110,219

 

 

108,837

 

 

103,164

 

 

101,294

 

 

99,958

 

 

109,528

 

 

98,646

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

Assets

$

1,167,315

 

$

1,156,245

 

$

1,178,689

 

$

1,156,598

 

$

1,156,157

 

 

 

Earning assets

 

1,104,404

 

 

1,097,703

 

 

1,109,171

 

 

1,087,591

 

 

1,088,561

 

 

 

Loans

 

721,916

 

 

710,822

 

 

701,404

 

 

680,949

 

 

664,605

 

 

 

Deposits

 

1,023,835

 

 

1,010,115

 

 

1,027,427

 

 

1,018,075

 

 

1,021,671

 

 

 

Shareholders' equity

 

110,368

 

 

109,555

 

 

107,939

 

 

101,410

 

 

100,140

 

 

 

Notes:

(a) - Net interest income on a fully-taxable equivalent ("FTE") basis, restates interest on tax-exempt securities and loans as if such interest were subject to federal income tax at the statutory rate. Net interest income on an FTE basis differs from net interest income under U.S. Generally Accepted Accounting Principles, and is considered a non-GAAP measure.

(b) - Tangible equity is a non-GAAP measure, which is shareholders' equity net of goodwill.

 

CSB BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

 

(Unaudited)

June 30,

 

June 30,

(Dollars in thousands, except per share data)

 

2024

 

 

 

2023

 

ASSETS

 

 

 

Cash and cash equivalents

 

 

 

Cash and due from banks

$

19,873

 

 

$

21,897

 

Interest-bearing deposits with banks

 

36,332

 

 

 

38,329

 

Total cash and cash equivalents

 

56,205

 

 

 

60,226

 

Securities

 

 

 

Available-for-sale, at fair-value

 

127,279

 

 

 

145,357

 

Held-to-maturity

 

216,899

 

 

 

238,222

 

Equity securities

 

230

 

 

 

257

 

Restricted stock, at cost

 

1,520

 

 

 

1,607

 

Total securities

 

345,928

 

 

 

385,443

 

 

 

 

 

Loans held for sale

 

228

 

 

 

184

 

Loans

 

721,916

 

 

 

664,605

 

Less allowance for credit losses

 

10,587

 

 

 

6,559

 

Net loans

 

711,329

 

 

 

658,046

 

 

 

 

 

Premises and equipment, net

 

13,538

 

 

 

13,240

 

Goodwill

 

4,728

 

 

 

4,728

 

Bank owned life insurance

 

25,793

 

 

 

25,050

 

Accrued interest receivable and other assets

 

9,566

 

 

 

9,240

 

TOTAL ASSETS

$

1,167,315

 

 

$

1,156,157

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

LIABILITIES

 

 

 

Deposits:

 

 

 

Noninterest-bearing

$

277,749

 

 

$

315,200

 

Interest-bearing

 

746,086

 

 

 

706,471

 

Total deposits

 

1,023,835

 

 

 

1,021,671

 

 

 

 

 

Short-term borrowings

 

27,842

 

 

 

28,520

 

Other borrowings

 

1,326

 

 

 

1,862

 

Accrued interest payable and other liabilities

 

3,944

 

 

 

3,964

 

TOTAL LIABILITIES

 

1,056,947

 

 

 

1,056,017

 

SHAREHOLDERS' EQUITY

 

 

 

Common stock, $6.25 par value. Authorized 9,000,000 shares;

 

 

 

issued 2,980,602 shares in 2024 and 2023

 

18,629

 

 

 

18,629

 

Additional paid-in capital

 

9,815

 

 

 

9,815

 

Retained earnings

 

99,766

 

 

 

92,149

 

Treasury stock at cost - 316,678 shares in 2024

 

 

 

and 300,277 shares in 2023

 

(7,757

)

 

 

(7,137

)

Accumulated other comprehensive loss

 

(10,085

)

 

 

(13,316

)

TOTAL SHAREHOLDERS' EQUITY

 

110,368

 

 

 

100,140

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,167,315

 

 

$

1,156,157

 

 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

Quarters ended

 

Six months ended

(Unaudited)

June 30,

 

June 30,

(Dollars in thousands, except per share data)

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Interest and dividend income:

 

 

 

 

 

 

 

Loans, including fees

$

10,219

 

$

8,711

 

$

20,428

 

$

16,680

Taxable securities

 

1,817

 

 

 

1,945

 

 

 

3,707

 

 

 

3,957

 

Nontaxable securities

 

88

 

 

 

102

 

 

 

176

 

 

 

203

 

Other

 

379

 

 

 

444

 

 

 

748

 

 

 

989

 

Total interest and dividend income

 

12,503

 

 

 

11,202

 

 

 

25,059

 

 

 

21,829

 

Interest expense:

 

 

 

 

 

 

 

Deposits

 

3,489

 

 

 

2,128

 

 

 

6,789

 

 

 

3,712

 

Other

 

89

 

 

 

80

 

 

 

197

 

 

 

158

 

Total interest expense

 

3,578

 

 

 

2,208

 

 

 

6,986

 

 

 

3,870

 

Net interest income

 

8,925

 

 

 

8,994

 

 

 

18,073

 

 

 

17,959

 

Provision for credit loss expense

 

2,889

 

 

 

140

 

 

 

4,041

 

 

 

109

 

Net interest income, after provision

 

 

 

 

 

 

 

for credit loss expense

 

6,036

 

 

 

8,854

 

 

 

14,032

 

 

 

17,850

 

Noninterest income

 

 

 

 

 

 

 

Service charges on deposit accounts

 

291

 

 

 

300

 

 

 

571

 

 

 

592

 

Trust services

 

283

 

 

 

252

 

 

 

677

 

 

 

510

 

Debit card interchange fees

 

528

 

 

 

533

 

 

 

1,035

 

 

 

1,054

 

Credit card fees

 

165

 

 

 

192

 

 

 

322

 

 

 

369

 

Earnings on bank owned life insurance

 

194

 

 

 

172

 

 

 

382

 

 

 

341

 

Gain on sale of loans

 

73

 

 

 

56

 

 

 

109

 

 

 

59

 

Unrealized (loss) gain on equity securities

 

(23

)

 

 

4

 

 

 

(29

)

 

 

13

 

Other

 

230

 

 

 

224

 

 

 

446

 

 

 

423

 

Total noninterest income

 

1,741

 

 

 

1,733

 

 

 

3,513

 

 

 

3,361

 

Noninterest expenses

 

 

 

 

 

 

 

Salaries and employee benefits

 

3,056

 

 

 

3,389

 

 

 

6,525

 

 

 

6,683

 

Occupancy expense

 

294

 

 

 

284

 

 

 

577

 

 

 

566

 

Equipment expense

 

201

 

 

 

189

 

 

 

425

 

 

 

396

 

Professional and director fees

 

437

 

 

 

386

 

 

 

769

 

 

 

707

 

Software expense

 

414

 

 

 

421

 

 

 

842

 

 

 

820

 

Marketing and public relations

 

142

 

 

 

136

 

 

 

270

 

 

 

259

 

Debit card expense

 

193

 

 

 

169

 

 

 

382

 

 

 

315

 

Financial institutions tax

 

216

 

 

 

192

 

 

 

432

 

 

 

384

 

FDIC insurance expense

 

129

 

 

 

178

 

 

 

264

 

 

 

249

 

Other expenses

 

732

 

 

 

705

 

 

 

1,470

 

 

 

1,389

 

Total noninterest expenses

 

5,814

 

 

 

6,049

 

 

 

11,956

 

 

 

11,768

 

Income before income taxes

 

1,963

 

 

 

4,538

 

 

 

5,589

 

 

 

9,443

 

Federal income tax provision

 

348

 

 

 

894

 

 

 

1,041

 

 

 

1,865

 

Net income

$

1,615

 

 

$

3,644

 

 

$

4,548

 

 

$

7,578

 

Net income per share:

 

 

 

 

 

 

 

Basic and diluted

$

0.61

 

 

$

1.36

 

 

$

1.71

 

 

$

2.82

 

 

CSB BANCORP, INC.

NON-GAAP DISCLOSURES

 

NET INTEREST INCOME, FULLY-TAXABLE EQUIVALENT

 

 

Quarters ended

(Unaudited)

June 30,

(Dollars in thousands)

 

2024

 

 

 

2023

 

Net interest income

$

8,925

 

$

8,994

 

Taxable equivalent adjustment1

 

34

 

 

33

 

Net interest income, FTE

$

8,959

 

$

9,027

 

Net interest margin

 

3.27

%

 

3.32

%

Taxable equivalent adjustment1

 

0.01

 

 

0.01

 

Net interest margin, FTE

 

3.28

%

 

3.33

%

1 Net interest income on a fully-taxable equivalent ("FTE") basis, restates interest on tax-exempt securities and loans as if such interest were subject to federal income tax at the statutory rate. Net interest income on an FTE basis differs from net interest income under U.S. Generally Accepted Accounting Principles, and is considered a non-GAAP measure.

 

PRE-PROVISION NET REVENUE

 

 

Quarters ended

(Unaudited)

June 30,

(Dollars in thousands)

 

2024

 

 

 

2023

 

Pre-Provision Net Revenue (PPNR)

 

 

 

Net interest income

$

8,925

 

$

8,994

Total noninterest income

 

1,741

 

 

 

1,733

 

Total revenue

 

10,666

 

 

 

10,727

 

 

 

 

 

 

 

 

 

Less: Noninterest expense as reported

 

5,814

 

 

 

6,049

 

Adjusted noninterest expense

 

5,814

 

 

 

6,049

 

 

 

 

 

PPNR

$

4,852

 

 

$

4,678

 

 

TANGIBLE EQUITY

 

(Unaudited)

June 30,

 

June 30,

(Dollars in thousands)

 

2024

 

 

 

2023

 

Total Shareholders' Equity

$

110,368

 

$

100,140

Less: Goodwill

 

4,728

 

 

 

4,728

 

Tangible Shareholders' Equity

$

105,640

 

 

$

95,412

 

 

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