•
|
Net interest income increased $321,000, or 3.8%, to $8.7 million primarily due to lower interest expense and higher interest
income from loans
|
•
|
Non-interest income decreased $189,000, or 6.7%, to $2.6 million
|
•
|
Non-interest expense increased $1.6 million, or 21.0%, to $8.9 million
|
•
|
Quarterly average interest earning assets increased $110.4 million, or 10.4%, to $1.2 billion
|
•
|
Quarterly average interest bearing liabilities increased $48.9 million, or 5.7%, to $906.1 million
|
Quarter Ended
|
||||
(Dollars in Thousands, except for Earnings per Share)
|
12/31/2021
|
12/31/2020
|
||
Total interest income
|
$ 9,634
|
|
$ 9,564
|
|
Total interest expense
|
924
|
1,175
|
||
Net interest income
|
8,710
|
|
8,389
|
|
Reversal of provision for loan losses
|
(134)
|
-
|
||
Net interest income after provision for loan losses
|
8,844
|
|
8,389
|
|
Non-interest income
|
2,642
|
2,831
|
||
Non-interest expense
|
8,942
|
|
7,388
|
|
Income before income taxes
|
2,544
|
3,832
|
||
Provision for income taxes
|
516
|
|
767
|
|
Net income
|
$ 2,028
|
$ 3,065
|
||
Earnings per common share (basic)
|
$ 0.62
|
|
$ 0.94
|
|
•
|
Net interest income increased $2.8 million, or 9.1%, to $33.3 million, primarily due to a 41.9% decrease in interest expense.
|
•
|
Non-interest income increased $1.2 million, or 10.6%, primarily due to increases in grant income, ATM and check card fee income, trust income
and gain on sale of mortgage loans. The Bank was awarded a $1.8 million grant during the third quarter of 2021 by the Community Development Financial Institutions (CDFI) Rapid Response Program (RRP) in order to provide certified CDFIs
with resources to help counter the economic impact of COVID-19 in distressed
|
|
and underserved communities. The grant proceeds were used to fund qualified loans within the Bank’s target market areas. These increases in
non-interest income were partially offset by a decrease of $1.3 million in net gain on sale of investments.
|
•
|
Non-interest expense increased $2.3 million, or 7.9%, during 2021 compared to 2020 primarily due to higher salaries and employee benefits
expenses and consulting fees.
|
•
|
Average interest earning assets grew $119.8 million to $1.1 billion while average interest bearing liabilities increased $43.6 million to
$878.8 million.
|
|
Year Ended
|
||
(Dollars in Thousands, except for Earnings per Share)
|
12/31/2021
|
|
12/31/2020
|
Total interest income
|
$ 37,117
|
|
$ 37,096
|
Total interest expense
|
3,824
|
6,582
|
|
Net interest income
|
33,293
|
|
30,514
|
(Reversal of) provision for loan losses
|
(2,404)
|
3,600
|
|
Net interest income after provision for loan losses
|
35,697
|
|
26,914
|
Non-interest income
|
12,633
|
11,421
|
|
Non-interest expense
|
32,047
|
|
29,708
|
Income before income taxes
|
16,283
|
8,627
|
|
Provision for income taxes
|
3,509
|
|
1,577
|
Net income
|
$ 12,774
|
$ 7,050
|
|
Earnings per common share (basic)
|
$ 3.93
|
|
$ 2.19
|
•
|
We had a negative provision for loan losses of $2.4 million for the year ended December 31, 2021 compared to provision expense of $3.6 million
for the year ended December 31, 2020. The negative provision during 2021 resulted from a reduction in qualitative adjustment factors related to improvement in the economic and business conditions at both the national and regional levels as
of December 31, 2021.
|
•
|
Non-performing assets improved to $2.8 million at December 31, 2021 from $3.6 million at December 31, 2020 and $4.1 million at December 31, 2019.
|
•
|
Allowance for loan losses to gross loans was 2.19% at December 31, 2021 compared to 2.64% at December 31, 2020 and 2.01% at
December 31, 2019.
|
Quarter Ended
|
Year Ended
|
|||||||
(Dollars in thousands)
|
12/31/2021
|
12/31/2020
|
12/31/2021
|
12/31/2020
|
||||
(Reversal of) provision for loan losses
|
$ (134)
|
$ -
|
$ (2,404)
|
$ 3,600
|
||||
Net (recoveries) charge-offs
|
$ (49)
|
$ 3
|
$ (648)
|
$ (17)
|
||||
At Period End (dollars in thousands):
|
12/31/2021
|
12/31/2020
|
12/31/2019
|
|||||
Non-performing assets
|
$ 2,813
|
$ 3,624
|
$ 4,114
|
|||||
Non-performing assets to gross loans
|
0.56%
|
0.75%
|
0.90%
|
|||||
Allowance for loan losses
|
$ 11,087
|
$ 12,843
|
$ 9,226
|
|||||
Allowance to gross loans
|
2.19%
|
2.64%
|
2.01%
|
•
|
Total assets increased $129.5 million during 2021 to $1.3 billion at December 31, 2021
|
•
|
Net loans receivable increased $20.3 million, or 4.2%, during the year to $499.5 million.
|
•
|
Investment and mortgage-backed securities increased $98.8 million, or 16.3%, during the year to $706.4 million at December 31, 2021 due to an
increase in deposits during the year.
|
•
|
Total deposits increased $197.9 million, or 21.6%, to $1.1 billion at December 31, 2021 from $918.1 million at December 31, 2020, primarily due
to an increase in commercial checking accounts.
|
•
|
Book value per share increased to $35.51 at December 31, 2021 compared to $34.40 at December 31, 2020.
|
Dollars in thousands (except per share amounts)
|
12/31/2021
|
12/31/2020
|
|
Total assets
|
$ 1,301,214
|
$ 1,171,710
|
|
Cash and cash equivalents
|
27,623
|
18,506
|
|
Total loans receivable, net *
|
499,497
|
479,167
|
|
Investment and mortgage-backed securities
|
706,356
|
607,579
|
|
Deposits
|
1,115,963
|
918,096
|
|
Borrowings
|
61,940
|
131,972
|
|
Shareholders' equity
|
115,523
|
111,906
|
|
Book value per share
|
$ 35.51
|
$ 34.40
|
|
Total risk based capital to risk weighted assets (1)
|
18.65%
|
19.89%
|
|
CET1 capital to risk weighted assets (1)
|
17.39%
|
18.63%
|
|
Tier 1 leverage capital ratio (1)
|
9.87%
|
9.76%
|
* Includes PPP loans of $9.8 million at 12/31/2021 and $47.1 million at 12/31/2020
|
||
(1) - Ratio is calculated using Bank only information and not consolidated information
|