CBB Bancorp, Inc. Reports Second Quarter Financial Results

Nachrichtenquelle: Business Wire (engl.)
30.07.2020, 15:00  |  101   |   |   

CBB Bancorp, Inc. ("CBB" or the "Company') (OTCQX: CBBI), the holding company of Commonwealth Business Bank (the "Bank"), announced today net income for second quarter 2020 of $1.7 million, or $0.16 per diluted share, an increase of 2.5% compared to $1.6 million, or $0.16 per diluted share, in the prior quarter and a decrease of 52.6% compared to $3.5 million, or $0.33 per share, in the same period last year.

Ms. Kim commented, "The COVID-19 pandemic continues to have a negative economic impact in the communities we serve. We believe our contingency planning, strong capital and liquidity will carry us through these challenging times. All branches and the corporate office are open to serve our customers, while observing recommended health precautions. As an SBA lender, we have dedicated our full department resources on securing SBA loans for customers under the Paycheck Protection Program ("PPP"). To date, we have approved and funded approximately 1,200 PPP loans totaling $92 million."

Overall Results

Net income for second quarter 2020 was impacted by lower net interest income, higher loan loss provision and lower compensation costs. The return on average assets for second quarter 2020 was 0.52% compared to 0.58% for first quarter 2020 and 1.19% for second quarter 2019. The return on average equity for second quarter 2020 was 4.36% compared to 4.31% for first quarter of 2020 and 10.06% for second quarter 2019. The efficiency ratio for second quarter 2020 was 66.02% compared to 73.28% for first quarter 2020 and 63.79% for second quarter 2019.

Net Interest Income and Margin:

Net Interest Income

Net interest income for second quarter 2020 was $9.9 million, a decrease of $628 thousand, or 6.0%, from first quarter 2020, and a decrease of $1.6 million, or 13.7%, from second quarter 2019. The decrease in net interest income was primarily driven by a decline in market interest rates. Our adjustable rate loans, which comprise approximately 46% of our loan portfolio, repriced downward immediately due to the rate cuts by the Federal Open Market Committee (“FOMC”). Time deposits, which comprised 46% of total deposits, are repricing lower, but at a much slower pace.

Net Interest Margin

Our net interest margin for second quarter 2020 was 3.17% compared to 3.86% for first quarter 2020 and 4.05% for second quarter 2019. The drastic reduction in interest rates by the FOMC caused our adjustable rate loan portfolio to immediately reprice lower, yet our time deposit dependent portfolio is lagging the loan portfolio repricing and will reprice lower as deposits reach their maturities. Nonetheless, there was a significant improvement in our cost of funds. Our cost of funds for second quarter 2020 was 1.20% compared to 1.67% for first quarter 2020 and 1.92% for second quarter 2019.

"Our net interest margin for the second quarter declined by 69 basis points compared to first quarter 2020 and declined by 88 basis points compared to second quarter 2019. However, we anticipate our net interest margin will improve slightly as our time deposits continue to reprice at lower rates" said Ms. Kim.

Provision for Loan Losses:

Our provision for loan losses for second quarter 2020 was $1.6 million, compared $700 thousand for first quarter 2020 and $900 thousand for second quarter 2019. Approximately $507 thousand of the second quarter provision was driven by an increase in qualitative factors, while $734 thousand was attributed to specific reserve requirements for impaired loans. The assumptions underlying these qualitative factors included a deterioration in the macro-economic environment caused by the pandemic and the uncertainties as to whether those borrowers who received payment deferments can resume regular payments when the deferment terms end under the CARES Act. See Table 10 for additional details and trends.

Noninterest Income:

Noninterest income for second quarter 2020 was $1.5 million compared to $1.7 million for first quarter 2020 and $3.0 million for second quarter 2019. The decrease in second quarter 2020 was due to lower gains on sale of SBA loans resulting from significantly lower sales volume. During the second quarter, the secondary market, into which we sell SBA loans, began exhibiting signs of investor concerns that the default risk was increasing due to the pandemic. As a result, the volume of loans sold during second quarter 2020 was $9.8 million, compared with $18.5 million for first quarter 2020, and $36.7 million for second quarter 2019.

Noninterest Expense:

Noninterest expense for second quarter 2020 was $7.5 million compared to $8.9 million for first quarter 2020 and $9.2 million for second quarter 2019. Salaries and employee benefits decreased by $1.1 million in the second quarter. Salaries and employee benefits decreased $644 thousand related to cost deferrals from PPP loan originations. Marketing expense decreased $710 thousand in second quarter compared to second quarter 2019 due to the cancellation of the Ladies Professional Golf Tournament in April 2020 for which the Bank is a sponsor.

Income Taxes:

The Company’s effective tax rate for second quarter 2020 was 27.0% compared to 37.0% for first quarter 2020 and 29.3% in second quarter 2019. The overall decrease in the annualized effective tax rate was primarily due to the effect of significantly higher permanent differences versus projected pre-tax income as defined in Internal Revenue Service regulations.

Balance Sheet:

Investment Securities:

Investment securities were $91.1 million at June 30, 2020, down $772 thousand from March 31, 2020 and down $8.7 million from June 30, 2019. The decreases were due to principal paydowns. There were no portfolio additions. The unrealized gains and losses in the investment portfolio at June 30, 2020 are estimated based on observable market data. The disruption in the securities market due to the pandemic could produce different results if such securities were sold.

Loans Receivable:

Loans receivable outstanding (including loans held for sale) at June 30, 2020 was $1.01 billion, an increase of $73.4 million, or 7.9%, from March 31, 2020, and an increase of $123.5 million, or 14.0% from June 30, 2019. We provided loan payment deferments to our commercial borrowers under the CARES Act. The total amount of loans with three months deferment was approximately $298.7 million or 29.7% of total loan portfolio. Of the $298.7 million in loans with payment deferments, approximately 90% of such loans have resumed regular payment status beginning in July. Based upon further due diligence on payment deferred borrowers, we have identified approximately $29.6 million of commercial borrowers that may require an additional three months of payment deferrals. This potential second extended deferment of $29.6 million represents 2.9% of our total loan portfolio. Our weighted average loan-to-value CRE loans secured by real estate was 69.7%. Excluding SBA loans, our weighted average loan-to-value CRE loans secured by real estate was 54.0%.

Allowance for Loan Losses and Asset Quality:

The allowance for loan losses at June 30, 2020 was $12.3 million, or 1.22% of portfolio loans, compared to $11.0 million, or 1.18% of portfolio loans, at March 31, 2020. Excluding PPP loans which are government guaranteed, the allowance for loan losses at June 30, 2020 was 1.34%. Non-performing loans and other real estate owned as of June 30, 2020 was $4.2 million, down from $7.3 million at March 31, 2020. Loans with payment deferments are considered performing loans in accordance with the regulatory guidance. Our coverage ratio of allowance for loan losses to nonperforming assets continues to exceed 200%. See comments under “Provision for Loan Losses”, and Table 10 for additional details and trends regarding asset quality.

SBA Loans Held for Sale:

SBA loans held for sale at June 30, 2020 were $32.3 million, compared to $30.0 million at March 31, 2020 and $32.3 million at June 30, 2019. We continue to assess SBA loan sale premiums and plan to sell loans when it is advantageous to do so. However, due to the COVID-19 pandemic, loan sale premiums fluctuated and the volume of SBA loan sales declined significantly. See comments under “Noninterest Income”, and the Table 7 for additional SBA loan origination and sale data.

Deposits:

Deposits were $1.03 billion at June 30, 2020, up $77.2 million from March 31, 2020 and down $4.1 million from June 30, 2019. Noninterest-bearing demand deposits (DDAs) increased $83.7 million or 39.7% from March 31, 2020 and increased $92.3 million or 45.6% from June 30, 2019. DDAs were 28.7% of total deposits at June 30, 2020 compared to 22.2% at March 31, 2020 and 19.6% at June 30, 2019. NOW and MMDA increased $56.6 million or 41.5% from March 31, 2020 and increased $46.3 million or 31.6% from June 30, 2019. Time Deposits decreased $66.8 million or 12.4% from March 31, 2020 and decreased $162.9 million or 25.7% from June 30, 2019. Our overall funding strategy has been to place less reliance on time deposits to lower our funding costs. Our time deposits at June 30, 2020 were $471.5 million or 45.9% of total deposits, down from $538.3 million or 56.6% of total deposits at March 31, 2020 and down from $634.4 million or 61.5% of total deposits at June 30, 2019. Our cost of funds for second quarter 2020 was 1.20% compared to 1.67% in first quarter 2020 and 1.92% for second quarter 2019.

Borrowings:

Borrowings at June 30, 2020 consisted of $90.0 million of Federal Home Loan Bank of San Francisco (FHLB-SF) advances, up $5 million from March 31, 2020. The historically low market interest rates enabled us to match fund some of our fixed rate loans with long term, low cost funds to minimize interest rate risk.

Additionally, we match funded approximately $59 million of PPP loans using the FRB PPP Liquidity Facility without taking on liquidity or funding risk. The current borrowing rate for the facility is 0.35% and the PPP loan rate is 1% plus a loan fee ranging from 1.0% to 5% depending on the loan amount.

Capital:

Stockholders’ equity was $152.8 million at June 30, 2020, representing an increase of $3.0 million, or 2.0%, over stockholders’ equity of $149.8 million at March 31, 2020. Book value per share at quarter end was $14.92 compared with $14.63 at March 31, 2020, an increase of $0.29 per share or 2.0%.

All of our regulatory capital ratios increased at June 30, 2020 from their levels at March 31, 2020 and continue to exceed the minimum levels required to be considered “Well Capitalized” as defined for bank regulatory purposes and in compliance with the fully phased-in Basel III requirements, which went into effect on January 1, 2019, as shown on Table 11 in this press release. Importantly, our Common Equity Tier 1 risked-based capital at June 30, 2020 was 15.23% at the Company level and 15.18% at the Bank level.

About CBB Bancorp, Inc.:

CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in small-to medium-sized businesses and does business as “CBB Bank.” The Bank has eight full-service branches in Los Angeles and Orange Counties in California, and Dallas County in Texas; two SBA regional offices in Los Angeles and Dallas Counties; and five loan production offices in Texas, Georgia, Colorado and Washington.

For additional information, please go to www.cbb-bank.com.

FORWARD-LOOKING STATEMENTS:

This news release contains a number of forward-looking statements. These statements may be identified by use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guaranteeing of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. You should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Company and the Bank; significant increases in loan losses; the possibility that changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, the effects of the COVID-19 pandemic, and of other widespread outbreaks of disease or pandemics, together with related impacts on general economic conditions, including adverse impacts on our customers’ ability to make timely payments on their loans from us, reduced fee income due to reduced loan origination activity, reductions in or absence of gains on loan sales due to uncertainty in the loan sale market, and increased operating expense due to required changes in how we conduct our business; or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive to implement or accommodate than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; or litigation or matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. The Company undertakes no obligation to revise any forward-looking statement contained herein to reflect any future events or circumstances, except to the extent required by law.

STATEMENT OF INCOME AND PERFORMANCE HIGHLIGHT (Unaudited) - Table 1
(Dollars in thousands, except per share amounts)
           
Three Months Ended   Six Months Ended

 

 

June 30,

 

March 31,

 

$

 

%

 

 

June 30,

 

$

 

%

 

 

June 30,

 

June 30,

 

$

 

%

 

 

 

2020

 

 

 

2020

 

 

Change

 

Change

 

 

 

2019

 

 

Change

 

Change

 

 

 

2020

 

 

 

2019

 

 

Change

 

Change

           
Interest income

$

13,206

 

$

14,473

 

$

(1,267

)

 

(8.8

%)

 

$

16,296

 

$

(3,090

)

 

(19.0

%)

 

$

27,679

 

$

31,880

 

$

(4,201

)

 

(13.2

%)

Interest expense

 

3,342

 

 

3,981

 

 

(639

)

 

(16.1

%)

 

 

4,865

 

 

(1,523

)

 

(31.3

%)

 

 

7,323

 

 

9,162

 

 

(1,839

)

 

(20.1

%)

Net interest income

 

9,864

 

 

10,492

 

 

(628

)

 

(6.0

%)

 

 

11,431

 

 

(1,567

)

 

(13.7

%)

 

 

20,356

 

 

22,718

 

 

(2,362

)

 

(10.4

%)

           
Provision for loan losses

 

1,600

 

 

700

 

 

900

 

 

128.6

%

 

 

300

 

 

1,300

 

 

433.3

%

 

 

2,300

 

 

300

 

 

2,000

 

 

666.7

%

Net interest income after provision for loan losses

 

8,264

 

 

9,792

 

 

(1,528

)

 

(15.6

%)

 

 

11,131

 

 

(2,867

)

 

(25.8

%)

 

 

18,056

 

 

22,418

 

 

(4,362

)

 

(19.5

%)

           
Gain on sale of loans

 

509

 

 

939

 

 

(430

)

 

(45.8

%)

 

 

2,109

 

 

(1,600

)

 

(75.9

%)

 

 

1,448

 

 

3,276

 

 

(1,828

)

 

(55.8

%)

Gain (loss) on sale of OREO

 

9

 

 

(6

)

 

15

 

 

(250.0

%)

 

 

(4

)

 

13

 

 

325.0

%

 

 

3

 

 

(14

)

 

17

 

 

121.4

%

SBA servicing fee income, net

 

738

 

 

372

 

 

366

 

 

98.4

%

 

 

312

 

 

426

 

 

136.5

%

 

 

1,110

 

 

815

 

 

295

 

 

36.2

%

Service charges and other income

 

251

 

 

396

 

 

(145

)

 

(36.6

%)

 

 

577

 

 

(326

)

 

(56.5

%)

 

 

647

 

 

1,034

 

 

(387

)

 

(37.4

%)

Noninterest income

 

1,507

 

 

1,701

 

 

(194

)

 

(11.4

%)

 

 

2,994

 

 

(1,487

)

 

(49.7

%)

 

 

3,208

 

 

5,111

 

 

(1,903

)

 

(37.2

%)

           
Salaries and employee benefits

 

4,617

 

 

5,702

 

 

(1,085

)

 

(19.0

%)

 

 

5,467

 

 

(850

)

 

(15.5

%)

 

 

10,319

 

 

10,565

 

 

(246

)

 

(2.3

%)

Occupancy and equipment

 

943

 

 

946

 

 

(3

)

 

(0.3

%)

 

 

831

 

 

112

 

 

13.5

%

 

 

1,889

 

 

1,663

 

 

226

 

 

13.6

%

Marketing expense

 

279

 

 

458

 

 

(179

)

 

(39.1

%)

 

 

989

 

 

(710

)

 

(71.8

%)

 

 

737

 

 

1,509

 

 

(772

)

 

(51.2

%)

Professional expense

 

500

 

 

435

 

 

65

 

 

14.9

%

 

 

574

 

 

(74

)

 

(12.9

%)

 

 

935

 

 

1,212

 

 

(277

)

 

(22.9

%)

Other expenses

 

1,168

 

 

1,394

 

 

(226

)

 

(16.2

%)

 

 

1,340

 

 

(172

)

 

(12.8

%)

 

 

2,562

 

 

2,616

 

 

(54

)

 

(2.1

%)

Noninterest expense

 

7,507

 

 

8,935

 

 

(1,428

)

 

(16.0

%)

 

 

9,201

 

 

(1,694

)

 

(18.4

%)

 

 

16,442

 

 

17,565

 

 

(1,123

)

 

(6.4

%)

           
Income before income tax expense

 

2,264

 

 

2,558

 

 

(294

)

 

(11.5

%)

 

 

4,924

 

 

(2,660

)

 

(54.0

%)

 

 

4,822

 

 

9,964

 

 

(5,142

)

 

(51.6

%)

           
Income tax expense

 

612

 

 

946

 

 

(334

)

 

(35.3

%)

 

 

1,441

 

 

(829

)

 

(57.5

%)

 

 

1,558

 

 

2,891

 

 

(1,333

)

 

(46.1

%)

           
Net income

$

1,652

 

$

1,612

 

$

40

 

 

2.5

%

 

$

3,483

 

$

(1,831

)

 

(52.6

%)

 

$

3,264

 

$

7,073

 

$

(3,809

)

 

(53.9

%)

           
Effective tax rate

 

27.0

%

 

37.0

%

 

(10.0

%)

 

(26.9

%)

 

 

29.3

%

 

(2.2

%)

 

(7.6

%)

 

 

32.3

%

 

29.0

%

 

3.3

%

 

11.4

%

           
Outstanding number of shares

 

10,237,310

 

 

10,237,310

 

 

-

 

 

-

 

 

 

10,140,760

 

 

96,550

 

 

1.0

%

 

 

10,237,310

 

 

10,140,760

 

 

96,550

 

 

1.0

%

           
Weighted average shares for basic EPS

 

10,237,310

 

 

10,224,146

 

 

13,164

 

 

0.1

%

 

 

10,125,622

 

 

111,688

 

 

1.1

%

 

 

10,230,728

 

 

10,113,986

 

 

116,742

 

 

1.2

%

Weighted average shares for diluted EPS

 

10,276,637

 

 

10,327,730

 

 

(51,093

)

 

(0.5

%)

 

 

10,341,488

 

 

(64,851

)

 

(0.6

%)

 

 

10,302,184

 

 

10,350,725

 

 

(48,541

)

 

(0.5

%)

           
Basic EPS

$

0.16

 

$

0.16

 

 

-

 

 

-

 

 

$

0.34

 

$

(0.18

)

 

(52.9

%)

 

$

0.32

 

$

0.70

 

$

(0.38

)

 

(54.3

%)

Diluted EPS

$

0.16

 

$

0.16

 

 

-

 

 

-

 

 

$

0.33

 

$

(0.17

)

 

(51.5

%)

 

$

0.32

 

$

0.68

 

$

(0.36

)

 

(52.9

%)

           
Return on average assets

 

0.52

%

 

0.58

%

 

(0.06

%)

 

(10.3

%)

 

 

1.19

%

 

(0.67

%)

 

(56.3

%)

 

 

0.54

%

 

1.24

%

 

(0.70

%)

 

(56.45

%)

Return on average equity

 

4.36

%

 

4.31

%

 

0.05

%

 

1.2

%

 

 

10.06

%

 

(5.70

%)

 

(56.7

%)

 

 

4.34

%

 

10.44

%

 

(6.10

%)

 

(58.43

%)

           
Efficiency ratio¹

 

66.02

%

 

73.28

%

 

(7.26

%)

 

(9.9

%)

 

 

63.79

%

 

2.23

%

 

3.5

%

 

 

69.78

%

 

63.12

%

 

6.66

%

 

10.55

%

Yield on interest-earning assets²

 

4.24

%

 

5.31

%

 

(1.07

%)

 

(20.2

%)

 

 

5.76

%

 

(1.52

%)

 

(26.4

%)

 

 

4.74

%

 

5.75

%

 

(1.01

%)

 

(17.57

%)

Cost of funds

 

1.20

%

 

1.67

%

 

(0.47

%)

 

(28.1

%)

 

 

1.92

%

 

(0.72

%)

 

(37.5

%)

 

 

1.42

%

 

1.84

%

 

(0.42

%)

 

(22.86

%)

Cost of funds exc. SBA PPP loan funding

 

1.25

%

       

 

1.45

%

 
Net interest margin²

 

3.17

%

 

3.86

%

 

(0.69

%)

 

(17.9

%)

 

 

4.05

%

 

(0.88

%)

 

(21.7

%)

 

 

3.49

%

 

4.10

%

 

(0.61

%)

 

(14.92

%)

Net interest margin exc. SBA PPP loans²

 

3.20

%

       

 

3.51

%

 

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, less gains/(loss) on sale of securities, other-than-temporary impairment recovery/(loss) on investment securities and gain/(loss) from other real estate owned.

 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)
 

 

June 30,

 

March 31,

 

$

%

 

June 30,

 

$

%

 

 

2020

 

 

 

2020

 

 

Change

Change

 

 

2019

 

 

Change

Change

ASSETS
Cash and due from banks

$

9,043

 

$

7,804

 

$

1,239

 

15.9

%

$

12,369

 

$

(3,326

)

(26.9

%)

Interest-earning deposits at the FRB and other banks

 

179,519

 

 

113,880

 

 

65,639

 

57.6

%

 

127,199

 

 

52,320

 

41.1

%

Investment securities¹

 

91,091

 

 

91,863

 

 

(772

)

(0.8

%)

 

99,758

 

 

(8,667

)

(8.7

%)

Loans held-for-sale, at the lower of cost or fair value

 

32,264

 

 

29,989

 

 

2,275

 

7.6

%

 

46,875

 

 

(14,611

)

(31.2

%)

 
Loans receivable

 

1,005,128

 

 

931,717

 

 

73,411

 

7.9

%

 

881,614

 

 

123,514

 

14.0

%

Allowance for loan losses

 

(12,283

)

 

(11,034

)

 

(1,249

)

(11.3

%)

 

(10,019

)

 

(2,264

)

(22.6

%)

Loans receivable, net

 

992,845

 

 

920,683

 

 

72,162

 

7.8

%

 

871,595

 

 

121,250

 

13.9

%

 

OREO

 

-

 

 

364

 

 

(364

)

(100.0

%)

 

11

 

 

(11

)

(100.0

%)

Restricted stock investments

 

8,196

 

 

8,194

 

 

2

 

0.0

%

 

8,194

 

 

2

 

0.0

%

Servicing assets

 

8,944

 

 

9,203

 

 

(259

)

(2.8

%)

 

10,174

 

 

(1,230

)

(12.1

%)

Other assets

 

21,383

 

 

20,144

 

 

1,239

 

6.2

%

 

22,662

 

 

(1,279

)

(5.6

%)

Total assets

$

1,343,285

 

$

1,202,124

 

$

141,161

 

11.7

%

$

1,198,837

 

$

144,448

 

12.0

%

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing

$

295,003

 

$

211,139

 

$

83,864

 

39.7

%

$

202,657

 

$

92,346

 

45.6

%

Interest-bearing

 

732,647

 

 

739,285

 

 

(6,638

)

(0.9

%)

 

829,088

 

 

(96,441

)

(11.6

%)

Total deposits

 

1,027,650

 

 

950,424

 

 

77,226

 

8.1

%

 

1,031,745

 

 

(4,095

)

(0.4

%)

 
FHLB advances and other borrowing

 

148,671

 

 

85,000

 

 

63,671

 

74.9

%

 

10,000

 

 

138,671

 

1386.7

%

Other liabilities

 

14,208

 

 

16,895

 

 

(2,687

)

(15.9

%)

 

15,990

 

 

(1,782

)

(11.1

%)

Total liabilities

 

1,190,529

 

 

1,052,319

 

 

138,210

 

13.1

%

 

1,057,735

 

 

132,794

 

12.6

%

 
Stockholders' Equity

 

152,756

 

 

149,805

 

 

2,951

 

2.0

%

 

141,102

 

 

11,654

 

8.3

%

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,343,285

 

$

1,202,124

 

$

141,161

 

11.7

%

$

1,198,837

 

$

144,448

 

12.0

%

 
CAPITAL RATIOS
Leverage ratio
Company

 

11.98

%

 

13.17

%

 

(1.19

%)

(9.04

%)

 

11.93

%

 

0.05

%

0.42

%

Bank

 

11.94

%

 

13.12

%

 

(1.18

%)

(8.99

%)

 

11.89

%

 

0.05

%

0.42

%

Common equity tier 1 risk-based capital ratio
Company

 

15.23

%

 

14.82

%

 

0.41

%

2.77

%

 

14.69

%

 

0.54

%

3.68

%

Bank

 

15.18

%

 

14.77

%

 

0.41

%

2.78

%

 

14.65

%

 

0.53

%

3.62

%

Tier 1 risk-based capital ratio
Company

 

15.23

%

 

14.82

%

 

0.41

%

2.77

%

 

14.69

%

 

0.54

%

3.68

%

Bank

 

15.18

%

 

14.77

%

 

0.41

%

2.78

%

 

14.65

%

 

0.53

%

3.62

%

Total risk-based capital ratio
Company

 

16.48

%

 

16.01

%

 

0.47

%

2.94

%

 

15.81

%

 

0.67

%

4.24

%

Bank

 

16.43

%

 

15.95

%

 

0.48

%

3.01

%

 

15.76

%

 

0.67

%

4.25

%

Book value per share

$

14.92

 

$

14.63

 

$

0.29

 

2.0

%

$

13.91

 

$

1.01

 

7.2

%

Loan-to-Deposit (LTD) ratio

 

97.81

%

 

98.03

%

 

(0.22

%)

(0.22

%)

 

85.45

%

 

12.36

%

14.47

%

Nonperforming assets

 

4,189

 

 

7,265

 

 

(3,076

)

(42.3

%)

 

2,532

 

$

1,657

 

65.44

%

Nonperforming assets as a % of loans receivable

 

0.42

%

 

0.74

%

 

(0.32

%)

(43.24

%)

 

0.29

%

 

0.13

%

44.83

%

ALLL as a % of loans receivable

 

1.22

%

 

1.18

%

 

0.04

%

3.39

%

 

1.14

%

 

0.08

%

7.02

%

ALLL as a % of loans receivable exc. SBA PPP loans

 

1.34

%

¹ Includes AFS and HTM
FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3
(Dollars in thousands, except per share amounts)
       
Three Months Ended

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

2020

 

 

 

2020

 

 

 

2019

 

 

 

2019

 

 

 

2019

 

       
Interest income

$

13,206

 

 

$

14,473

 

 

$

15,254

 

 

$

15,888

 

 

$

16,296

 

Interest expense

 

3,342

 

 

 

3,981

 

 

 

4,517

 

 

 

4,977

 

 

 

4,865

 

Net interest income

 

9,864

 

 

 

10,492

 

 

 

10,737

 

 

 

10,911

 

 

 

11,431

 

       
Provision for loan losses

 

1,600

 

 

 

700

 

 

 

700

 

 

 

300

 

 

 

300

 

Net interest income after provision for loan losses

 

8,264

 

 

 

9,792

 

 

 

10,037

 

 

 

10,611

 

 

 

11,131

 

       
Gain on sale of loans

 

509

 

 

 

939

 

 

 

1,481

 

 

 

1,396

 

 

 

2,109

 

Gain (loss) on sale of OREO

 

9

 

 

 

(6

)

 

 

-

 

 

 

-

 

 

 

(4

)

SBA servicing fee income, net

 

738

 

 

 

372

 

 

 

413

 

 

 

523

 

 

 

312

 

SBA servicing right impairment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Service charges and other income

 

251

 

 

 

396

 

 

 

416

 

 

 

505

 

 

 

577

 

Noninterest income

 

1,507

 

 

 

1,701

 

 

 

2,310

 

 

 

2,424

 

 

 

2,994

 

       
Salaries and employee benefits

 

4,617

 

 

 

5,702

 

 

 

5,355

 

 

 

5,132

 

 

 

5,467

 

Occupancy and equipment

 

943

 

 

 

946

 

 

 

978

 

 

 

869

 

 

 

831

 

Marketing expense

 

279

 

 

 

458

 

 

 

119

 

 

 

302

 

 

 

989

 

Professional expense

 

500

 

 

 

435

 

 

 

417

 

 

 

691

 

 

 

574

 

Other expenses

 

1,168

 

 

 

1,394

 

 

 

1,487

 

 

 

1,203

 

 

 

1,340

 

Noninterest expense

 

7,507

 

 

 

8,935

 

 

 

8,356

 

 

 

8,197

 

 

 

9,201

 

       
Income before income tax expense

 

2,264

 

 

 

2,558

 

 

 

3,991

 

 

 

4,838

 

 

 

4,924

 

       
Income tax expense

 

612

 

 

 

946

 

 

 

1,137

 

 

 

1,421

 

 

 

1,441

 

       
Net income

$

1,652

 

 

$

1,612

 

 

$

2,854

 

 

$

3,417

 

 

$

3,483

 

       
Effective tax rate

 

27.0

%

 

 

37.0

%

 

 

28.5

%

 

 

29.4

%

 

 

29.3

%

       
Outstanding number of shares

 

10,237,310

 

 

 

10,237,310

 

 

 

10,197,380

 

 

 

10,170,760

 

 

 

10,140,760

 

       
Weighted average shares for basic EPS

 

10,237,310

 

 

 

10,224,146

 

 

 

10,188,700

 

 

 

10,141,086

 

 

 

10,125,622

 

Weighted average shares for diluted EPS

 

10,276,637

 

 

 

10,327,730

 

 

 

10,336,793

 

 

 

10,321,937

 

 

 

10,341,488

 

       
Basic EPS

$

0.16

 

 

$

0.16

 

 

$

0.28

 

 

$

0.34

 

 

$

0.34

 

Diluted EPS

$

0.16

 

 

$

0.16

 

 

$

0.28

 

 

$

0.33

 

 

$

0.33

 

QUARTERLY SALARIES BENEFIT METRICS (Unaudited) - Table 4
(Dollars in thousands)
At or for the Three Months Ended

June 30,

 

March 31,

 

December 31,

 

September 30,

June 30,

 

2020

 

 

 

2020

 

 

 

2019

 

 

 

2019

 

 

2019

 

Salaries and benefits

$

4,617

 

$

5,702

 

$

5,355

 

$

5,132

 

$

5,467

 

FTE at the end of period

 

191

 

 

194

 

 

190

 

 

190

 

 

192

 

Average FTE during the period

 

193

 

 

192

 

 

191

 

 

191

 

 

192

 

Salaries and benefits/average FTE¹

$

96

 

$

119

 

$

111

 

$

106

 

$

114

 

Salaries and benefits/average assets¹

 

1.44

%

 

2.03

%

 

1.83

%

 

1.72

%

 

1.87

%

Noninterest expense/average assets¹

 

2.35

%

 

3.19

%

 

2.85

%

 

2.75

%

 

3.15

%

¹ Annualized
FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5
(Dollars in thousands)
 

June 30,

 

March 31,

 

December 31,

September 30,

 

June 30,

 

2020

 

 

 

2020

 

 

 

2019

 

 

2019

 

 

 

2019

 

ASSETS

Cash and due from banks

$

9,043

 

$

7,804

 

$

10,059

 

$

12,448

 

$

12,369

 

Interest-earning deposits at the FRB and other banks

 

179,519

 

 

113,880

 

 

93,259

 

 

72,907

 

 

127,199

 

Investment securities¹

 

91,091

 

 

91,863

 

 

94,640

 

 

97,141

 

 

99,758

 

Loans held-for-sale, at the lower of cost or fair value

 

32,264

 

 

29,989

 

 

28,826

 

 

42,132

 

 

46,875

 

 
Loans receivable

 

1,005,128

 

 

931,717

 

 

906,875

 

 

905,004

 

 

881,614

 

Allowance for loan losses

 

(12,283

)

 

(11,034

)

 

(10,596

)

 

(9,978

)

 

(10,019

)

Loans receivable, net

 

992,845

 

 

920,683

 

 

896,279

 

 

895,026

 

 

871,595

 

 

OREO

 

-

 

 

364

 

 

362

 

 

11

 

 

11

 

Restricted stock investments

 

8,196

 

 

8,194

 

 

8,194

 

 

8,194

 

 

8,194

 

Servicing assets

 

8,944

 

 

9,203

 

 

9,697

 

 

9,953

 

 

10,174

 

Other assets

 

21,383

 

 

20,144

 

 

21,372

 

 

21,885

 

 

22,662

 

Total assets

$

1,343,285

 

$

1,202,124

 

$

1,162,688

 

$

1,159,697

 

$

1,198,837

 

 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing

$

295,003

 

$

211,139

 

$

209,484

 

$

200,034

 

$

202,657

 

Interest-bearing

 

732,647

 

 

739,285

 

 

763,822

 

 

789,280

 

 

829,088

 

Total deposits

 

1,027,650

 

 

950,424

 

 

973,306

 

 

989,314

 

 

1,031,745

 

 
FHLB advances

 

148,671

 

 

85,000

 

 

25,000

 

 

10,000

 

 

10,000

 

Other liabilities

 

14,208

 

 

16,895

 

 

16,298

 

 

15,164

 

 

15,990

 

Total liabilities

 

1,190,529

 

 

1,052,319

 

 

1,014,604

 

 

1,014,478

 

 

1,057,735

 

 
Stockholders' Equity

 

152,756

 

 

149,805

 

 

148,084

 

 

145,219

 

 

141,102

 

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,343,285

 

$

1,202,124

 

$

1,162,688

 

$

1,159,697

 

$

1,198,837

 

 
¹ Includes AFS and HTM
FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6
(Dollars in thousands)
 
June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019
Balance % Balance % Balance % Balance % Balance %
 
Construction

$

14,649

 

1.5

%

$

12,607

1.4

%

$

16,957

1.9

%

$

18,477

2.0

%

$

17,853

2.0

%

Commercial real estate

 

769,563

 

76.6

%

 

768,539

82.5

%

 

746,969

82.4

%

 

725,096

80.1

%

 

691,859

78.5

%

Commercial and industrial

 

215,362

 

21.4

%

 

143,117

15.4

%

 

135,412

14.9

%

 

153,306

16.9

%

 

164,089

18.6

%

Consumer

 

5,646

 

0.6

%

 

5,056

0.5

%

 

5,184

0.6

%

 

5,389

0.6

%

 

5,366

0.6

%

Gross loans

 

1,005,220

 

100.0

%

 

929,319

99.7

%

 

904,522

99.7

%

 

902,268

99.7

%

 

879,167

99.7

%

 
Net deferred loan fees/costs

 

(92

)

0.0

%

 

2,398

0.3

%

 

2,353

0.3

%

 

2,736

0.3

%

 

2,447

0.3

%

Loans receivable

$

1,005,128

 

100.0

%

$

931,717

100.0

%

$

906,875

100.0

%

$

905,004

100.0

%

$

881,614

100.0

%

 
Loans held-for-sale

$

32,264

 

$

29,989

$

28,826

$

42,132

$

46,875

Loans receivable, including loans held-for-sale

$

1,037,392

 

$

961,706

$

935,701

$

947,136

$

928,489

SBA LOAN PRODUCTIONS/SALES DATA (Unaudited) - Table 7
(Dollars in thousands)
 
Three Months Ended Six Months Ended
June 30, March 31, December 31, September 30, June 30, June 30, June 30,

 

2020

 

 

 

2020

 

 

 

2019

 

 

 

2019

 

 

 

2019

 

 

 

 

2020

 

 

 

2019

 

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

$

29,988

 

$

28,826

 

$

42,132

 

$

46,875

 

$

45,275

 

$

28,826

 

$

45,665

 

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

 

12,497

 

 

20,479

 

 

19,146

 

 

20,850

 

 

38,785

 

 

32,976

 

 

63,281

 

SBA loans sold during the quarter/year

 

(9,832

)

 

(18,530

)

 

(28,948

)

 

(25,276

)

 

(36,653

)

 

(28,362

)

 

(61,143

)

SBA loans principal payment, net of advance

 

(389

)

 

(787

)

 

(3,504

)

 

(317

)

 

(532

)

 

(1,176

)

 

(928

)

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

$

32,264

 

$

29,988

 

$

28,826

 

$

42,132

 

$

46,875

 

$

32,264

 

$

46,875

 

 
Gain on sale of SBA loans

$

509

 

$

939

 

$

1,481

 

$

1,396

 

$

2,109

 

$

1,448

 

$

3,276

 

Premium on sale (weighted average)

 

8.6

%

 

8.0

%

 

7.6

%

 

8.7

%

 

8.8

%

 

8.2

%

 

8.3

%

 
SBA loan production

$

103,565

 

$

31,794

 

$

30,783

 

$

30,009

 

$

48,497

 

$

135,359

 

$

76,184

 

SBA SERVICING ASSETS AND SERVICING FEES (Unaudited) - Table 8
(Dollars in thousands)
 
Three Months Ended Six Months Ended

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

 

June 30,

 

June 30,

 

2020

 

 

 

2020

 

 

 

2019

 

 

 

2019

 

 

 

2019

 

 

 

 

2020

 

 

 

2019

 

 
 
SBA servicing assets @ beginning of the quarter/year

$

9,203

 

$

9,697

 

$

9,953

 

$

10,174

 

$

10,303

 

$

9,697

 

$

10,541

 

 
Newly added SBA servicing assets from SBA loans sold

 

197

 

 

383

 

 

606

 

 

531

 

 

806

 

 

580

 

 

1,253

 

Regular quarterly/annual servicing assets amortization

 

(383

)

 

(388

)

 

(402

)

 

(398

)

 

(397

)

 

(771

)

 

(790

)

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

 

(73

)

 

(489

)

 

(460

)

 

(354

)

 

(538

)

 

(562

)

 

(830

)

 

Subtotal before impairment

 

8,944

 

 

9,203

 

 

9,697

 

 

9,953

 

 

10,174

 

 

8,944

 

 

10,174

 

 
SBA servicing assets impairment

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

SBA servicing liability impairment

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
SBA servicing assets @ end of the quarter/year

$

8,944

 

$

9,203

 

$

9,697

 

$

9,953

 

$

10,174

 

$

8,944

 

$

10,174

 

FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9
(Dollars in thousands)
June 30, 2020 March 31, 2020 December 31, 2019 September 30, June 30, 2019
Balance % Balance % Balance % Balance % Balance %
Noninterest-bearing demand

$

295,003

28.7

%

$

211,139

22.2

%

$

209,484

21.5

%

$

200,034

20.2

%

$

202,657

19.6

%

NOW & MMDA

 

192,950

18.8

%

 

136,356

14.3

%

 

117,450

12.1

%

 

123,477

12.5

%

 

146,654

14.2

%

Savings

 

68,244

6.6

%

 

64,659

6.8

%

 

67,060

6.9

%

 

63,978

6.5

%

 

48,066

4.7

%

TCDs of $250K and under

 

241,718

23.5

%

 

273,624

28.8

%

 

328,058

33.7

%

 

342,670

34.6

%

 

356,563

34.6

%

TCDs of $250K over

 

139,197

13.5

%

 

154,108

16.2

%

 

158,009

16.2

%

 

165,910

16.8

%

 

172,060

16.7

%

Wholesale TCDs

 

90,538

8.8

%

 

110,538

11.6

%

 

93,245

9.6

%

 

93,245

9.4

%

 

105,745

10.2

%

Total Deposits

$

1,027,650

100.0

%

$

950,424

100.0

%

$

973,306

100.0

%

$

989,314

100.0

%

$

1,031,745

100.0

%

Recap:
Noninterest-bearing demand

$

295,003

28.7

%

$

211,139

22.2

%

$

209,484

21.5

%

$

200,034

20.2

%

$

202,657

19.6

%

NOW & MMDA

 

192,950

18.8

%

 

136,356

14.3

%

 

117,450

12.1

%

 

123,477

12.5

%

 

146,654

14.2

%

Savings

 

68,244

6.6

%

 

64,659

6.8

%

 

67,060

6.9

%

 

63,978

6.5

%

 

48,066

4.7

%

TCDs of $250K and under

 

241,718

23.5

%

 

273,624

28.8

%

 

328,058

33.7

%

 

342,670

34.6

%

 

356,563

34.6

%

Core Deposits

 

797,915

77.6

%

 

685,778

72.2

%

 

722,052

74.2

%

 

730,159

73.8

%

 

753,940

73.1

%

TCDs of $250K over

 

139,197

13.5

%

 

154,108

16.2

%

 

158,009

16.2

%

 

165,910

16.8

%

 

172,060

16.7

%

Wholesale TCDs

 

90,538

8.8

%

 

110,538

11.6

%

 

93,245

9.6

%

 

93,245

9.4

%

 

105,745

10.2

%

Noncore Deposits

 

229,735

22.4

%

 

264,646

27.8

%

 

251,254

25.8

%

 

259,155

26.2

%

 

277,805

26.9

%

Total Deposits

$

1,027,650

100.0

%

$

950,424

100.0

%

$

973,306

100.0

%

$

989,314

100.0

%

$

1,031,745

100.0

%

SELECTED LOAN AND ASSET QUALITY HIGHLIGHTS (Unaudited) - Table 10
(Dollars in thousands)
 
2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr.

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

Allowance for Loan Losses
Balance at beginning of period

$

11,034

 

$

10,596

 

$

9,978

 

$

10,019

 

$

9,760

 

Provision for loan losses

 

1,600

 

 

700

 

 

700

 

 

300

 

 

300

 

Charge-offs

 

(359

)

 

(284

)

 

(94

)

 

(385

)

 

(100

)

Recoveries

 

8

 

 

22

 

 

12

 

 

44

 

 

59

 

Balance at the end of period

$

12,283

 

$

11,034

 

$

10,596

 

$

9,978

 

$

10,019

 

 
Nonperforming Assets:¹
Over 90 days still accruing

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

Nonaccrual loans

 

4,189

 

 

6,901

 

 

8,030

 

 

5,123

 

 

2,521

 

Total nonperforming loans

 

4,189

 

 

6,901

 

 

8,030

 

 

5,123

 

 

2,521

 

 
Other real estate owned

 

-

 

 

364

 

 

362

 

 

11

 

 

11

 

Total nonperforming assets

$

4,189

 

$

7,265

 

$

8,392

 

$

5,134

 

$

2,532

 

 
Classified Assets:¹
Substandard

$

9,909

 

$

13,301

 

$

14,497

 

$

8,965

 

$

13,708

 

Doubtful

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Loss

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total classified loans

$

9,909

 

$

13,301

 

$

14,497

 

$

8,965

 

$

13,708

 

 
Other real estate owned

 

-

 

 

364

 

 

362

 

 

11

 

 

11

 

Total classified assets

$

9,909

 

$

13,665

 

$

14,859

 

$

8,976

 

$

13,719

 

 
Performing TDR loans:

$

1,073

 

$

508

 

$

592

 

$

1,040

 

$

5,030

 

 
Delinquent Loans:¹
Loans 30-89 days past due

$

721

 

$

2,172

 

$

43

 

$

285

 

$

5,764

 

90 days or more past due and still accruing

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Nonaccrual

 

4,189

 

 

6,901

 

 

8,030

 

 

5,123

 

 

2,521

 

Total delinquent loans

$

4,910

 

$

9,073

 

$

8,073

 

$

5,408

 

$

8,285

 

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

 

0.14

%

 

0.11

%

 

0.03

%

 

0.15

%

 

0.02

%

Nonaccrual loans to loans receivable

 

0.42

%

 

0.74

%

 

0.89

%

 

0.57

%

 

0.29

%

Nonperforming loans to loans receivable

 

0.42

%

 

0.74

%

 

0.89

%

 

0.57

%

 

0.29

%

Nonperforming assets to total assets

 

0.31

%

 

0.60

%

 

0.72

%

 

0.44

%

 

0.21

%

Classified loans to loans receivable

 

0.99

%

 

1.43

%

 

1.60

%

 

0.99

%

 

1.55

%

Classified loans to Tier 1 and ALLL

 

6.00

%

 

8.27

%

 

9.14

%

 

5.78

%

 

9.07

%

Classified assets to total assets

 

0.74

%

 

1.14

%

 

1.28

%

 

0.77

%

 

1.14

%

Classified assets to Tier 1 and ALLL

 

6.00

%

 

8.50

%

 

9.36

%

 

5.78

%

 

9.08

%

ALLL to loans receivable

 

1.22

%

 

1.18

%

 

1.17

%

 

1.10

%

 

1.14

%

ALLL to loans receivable exc. SBA PPP loans

 

1.34

%

ALLL to nonaccrual loans

 

293.22

%

 

159.89

%

 

131.96

%

 

194.77

%

 

397.42

%

ALLL to nonperforming loans

 

293.22

%

 

159.89

%

 

131.96

%

 

194.77

%

 

397.42

%

ALLL to nonperforming assets

 

293.22

%

 

151.88

%

 

126.26

%

 

194.35

%

 

395.70

%

Texas ratio ³

 

2.54

%

 

4.52

%

 

5.29

%

 

3.31

%

 

1.68

%

 
¹ Net of SBA guaranteed balance
² Includes loans held-for-sale
³ Nonperforming assets divided by tangible common equity and ALLL
FIVE-QUARTER CAPITAL RATIOS (Unaudited) - Table 11
 
Well Capitalized Adequately Capitalized
Regulatory BASEL III

June 30,

March 31,

December 31,

September 30,

June 30,

Requirement Fully Phased In

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2019

 

Leverage ratio
Company

N/A

 

N/A

 

 

11.98

%

 

13.17

%

 

12.59

%

 

12.14

%

 

11.93

%

Bank

5.00

%

4.00

%

 

11.94

%

 

13.12

%

 

12.55

%

 

12.10

%

 

11.89

%

Common equity tier 1 risk-based capital ratio
Company

N/A

 

N/A

 

 

15.23

%

 

14.82

%

 

14.96

%

 

14.71

%

 

14.69

%

Bank

6.50

%

7.00

%

 

15.18

%

 

14.77

%

 

14.91

%

 

14.66

%

 

14.65

%

Tier 1 risk-based capital ratio
Company

N/A

 

N/A

 

 

15.23

%

 

14.82

%

 

14.96

%

 

14.71

%

 

14.69

%

Bank

8.00

%

8.50

%

 

15.18

%

 

14.77

%

 

14.91

%

 

14.66

%

 

14.65

%

Total risk-based capital ratio
Company

N/A

 

N/A

 

 

16.48

%

 

16.01

%

 

16.13

%

 

15.80

%

 

15.81

%

Bank

10.00

%

10.50

%

 

16.43

%

 

15.95

%

 

16.08

%

 

15.75

%

 

15.76

%

Common equity/total assets

 

11.37

%

 

12.46

%

 

12.74

%

 

12.52

%

 

11.77

%

Common equity per share

$

14.92

 

$

14.63

 

$

14.52

 

$

14.28

 

$

13.91

 

                   
MARGIN ANALYSIS (Unaudited) -Table 12
(Dollars in thousands)
                   
Three Months Ended
June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019
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 ¹

$

1,018,596

 

 

$

12,568

 

4.96

%

$

941,147

 

 

$

13,629

 

5.82

%

$

930,455

 

 

$

14,119

 

6.02

%

$

932,004

 

 

$

14,528

 

6.18

%

$

926,425

 

 

$

14,926

 

6.46

%

Investment securities²

 

91,401

 

 

 

546

 

2.40

%

 

94,375

 

 

 

581

 

2.48

%

 

96,005

 

 

 

621

 

2.57

%

 

98,866

 

 

 

650

 

2.61

%

 

100,802

 

 

 

675

 

2.69

%

Interest-earning deposits at the FRB and other banks

 

137,945

 

 

 

45

 

0.13

%

 

55,222

 

 

 

188

 

1.37

%

 

99,297

 

 

 

410

 

1.64

%

 

111,437

 

 

 

611

 

2.18

%

 

101,901

 

 

 

601

 

2.37

%

Other earning assets

 

8,195

 

 

 

93

 

4.56

%

 

8,194

 

 

 

122

 

5.99

%

 

8,194

 

 

 

152

 

7.36

%

 

8,194

 

 

 

145

 

7.02

%

 

8,122