•
|
Net interest income increased $805,000, or 10.4%, to $8.5 million
|
•
|
Total non-interest income decreased $49,000, or 1.8%, to $2.6 million
|
•
|
Total non-interest expense increased $983,000, or 13.2%, to $8.4 million
|
Quarter Ended
|
|||
(Dollars in Thousands, except for Earnings per Share)
|
6/30/2022
|
6/30/2021
|
|
Total interest income
|
$ 9,388
|
$ 8,717
|
|
Total interest expense
|
844
|
978
|
|
Net interest income
|
8,544
|
7,739
|
|
Reversal of provision for loan losses
|
-
|
(735)
|
|
Net interest income after reversal of provision for loan losses
|
8,544
|
8,474
|
|
Non-interest income
|
2,638
|
2,687
|
|
Non-interest expense
|
8,429
|
7,446
|
|
Income before income taxes
|
2,753
|
3,715
|
|
Provision for income taxes
|
589
|
791
|
|
Net income
|
$ 2,164
|
$ 2,924
|
|
Earnings per common share (basic)
|
$ 0.67
|
$ 0.90
|
•
|
Net interest income increased $690,000, or 4.4%, to $16.4 million
|
•
|
Non-interest income decreased $220,000 or 4.0%, primarily due to a decrease in gain on sale of loans
|
•
|
Non-interest expense increased $2.0 million or 13.1% to $17.0 million for the first half of 2022 due to increases in all line items except
depreciation and maintenance of equipment
|
Year Ended |
|||
(Dollars in Thousands, except for Earnings per Share)
|
6/30/2022
|
6/30/2021
|
|
Total interest income
|
$ 18,087
|
$ 17,815
|
|
Total interest expense
|
1,638
|
2,056
|
|
Net interest income
|
16,449
|
15,759
|
|
Reversal of provision for loan losses
|
-
|
(1,605)
|
|
Net interest income after reversal of provision for loan losses
|
16,449
|
17,364
|
|
Non-interest income
|
5,241
|
5,461
|
|
Non-interest expense
|
17,023
|
15,056
|
|
Income before income taxes
|
4,667
|
7,769
|
|
Provision for income taxes
|
954
|
1,666
|
|
Net income
|
$ 3,713
|
$ 6,103
|
|
Earnings per common share (basic)
|
$ 1.14
|
$ 1.88
|
|
•
|
The Bank recorded no provision for loan losses during the first six months of 2022 compared to a negative provision of $1.6 million during the
first six months of 2021. The negative provision during 2021 resulted from a reduction in qualitative adjustment factors due to the improvement in the economic and business conditions at both the national and regional levels as of June 30,
2021
|
•
|
Non-performing assets improved to $2.6 million at June 30, 2022 from $2.8 million at December 31, 2021 and from $3.2 million at June 30, 2021
|
•
|
Allowance for loan losses as a percentage of gross loans was 2.18% at June 30, 2022 compared to 2.19% at December 31, 2021
and 2.24% at June 30, 2021
|
Quarter Ended
|
Six Months Ended
|
|||
(Dollars in thousands)
|
6/30/2022
|
6/30/2021
|
6/30/2022
|
6/30/2021
|
Reversal of loan loss provisions
|
$ -
|
$ (735)
|
$ -
|
$ (1,605)
|
Net recoveries
|
$ (69)
|
$ (212)
|
$ (111)
|
$ (186)
|
At Period End (dollars in thousands):
|
6/30/2022
|
12/31/2021
|
6/30/2021
|
Non-performing assets
|
$ 2,606
|
$ 2,813
|
$ 3,208
|
Non-performing assets to gross loans
|
0.51%
|
0.56%
|
0.63%
|
Allowance for loan losses
|
$ 11,198
|
$ 11,087
|
$ 11,424
|
Allowance to gross loans
|
2.18%
|
2.19%
|
2.24%
|
•
|
Total assets increased $100.9 million during the first half of 2022 to $1.4 billion at June 30, 2022.
|
•
|
Net loans receivable increased $3.5 million or 0.7% since the prior year end to $503.0 million.
|
•
|
Investment securities increased $33.2 million or 4.7% to $739.6 million at June 30, 2022.
|
•
|
Total deposits increased $33.7 million or 3.0% during the first six months of 2022 to $1.1 billion at June 30, 2022.
|
•
|
Book value per share decreased to $25.81 at June 30, 2022 from $35.51 at December 31, 2021 and $35.43 at June 30, 2021.
|
Dollars in thousands (except per share amounts)
|
6/30/2022
|
12/31/2021
|
6/30/2021
|
|
Total assets
|
$ 1,402,150
|
$ 1,301,214
|
$ 1,200,139
|
|
Cash and cash equivalents
|
78,873
|
27,623
|
13,147
|
|
Total loans receivable, net *
|
502,979
|
499,497
|
503,287
|
|
Investment and mortgage-backed securities
|
739,577
|
706,356
|
618,678
|
|
Deposits
|
1,149,682
|
1,115,963
|
994,355
|
|
Borrowings
|
77,500
|
61,940
|
80,032
|
|
Shareholders' equity
|
166,894
|
115,523
|
115,255
|
|
Book value per share
|
$ 25.81
|
$ 35.51
|
$ 35.43
|
|
Total risk based capital ratio (1)
|
19.41%
|
18.65%
|
20.24%
|
|
Common equity tier one ratio (1)
|
18.15%
|
17.39%
|
18.98%
|
|
Tier 1 leverage capital ratio (1)
|
10.01%
|
9.87%
|
9.83%
|
|
* Includes PPP loans of $552,000; $9.8 million and $58.9 million at 6/30/2022, 12/31/2021 and 6/30/2021, respectively.
|
||||
(1)- Ratio is calculated using Bank only information and not consolidated information
|