EX-99.1 2 csbb-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

img20060853_0.jpg 

 

CSB BANCORP, INC. REPORTS FIRST QUARTER EARNINGS

 

First Quarter Highlights

 

Quarter Ended

  March 31, 2024

 

Quarter Ended

March 31, 2023

Diluted earnings per share

$

1.10

 

$

1.46

Net Income

$

2,933,000

 

$

3,934,000

Return on average common equity

10.84

%

 

16.39

%

Return on average assets

1.02

%

 

1.39

%

 

Millersburg, Ohio – April 23, 2024 – CSB Bancorp, Inc. (OTC Pink: CSBB) today announced first quarter 2024 net income of $2,933,000, or $1.10 per basic and diluted share, as compared to $3,934,000, or $1.46 per basic and diluted share, for the same period in 2023.

 

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 10.84% and 1.02%, respectively, compared with 16.39% and 1.39% for the first quarter of 2023.

 

Eddie Steiner, President and CEO stated, “Borrowing appetite has been restrained by the highest interest rate environment in almost 25 years, while depositors are being rewarded with higher earnings on balances. The Bank has maintained its net interest margin and is closely monitoring overall credit conditions, which remain acceptable at the present time. Inflation remains above the Federal Reserve’s 2% target rate. Overall economic conditions and employment levels are in relatively good shape, and it appears that rates will remain elevated through 2024.”

Pre-Provision Net Revenue (“PPNR”) (a non-GAAP measure) totaled $4.8 million during the quarter, a decrease of $96 thousand, or 2%, from the prior year’s first quarter. Net interest income increased $183 thousand, or 2%, noninterest income increased $144 thousand, or 9%, and noninterest expense increased $423 thousand, or 7%, in the first quarter of 2024 compared to the same period in 2023.

Provision expense for credit losses on loans increased $571 thousand and the provision for credit losses on off-balance sheet commitments increased $612 thousand from first quarter 2023. Loan balances increased $9 million, or 1%, from December 31, 2023 and $63 million, or 10%, from prior year levels. The allowance for credit losses amounted to $7.1 million, or 1.0% of total loans, on March 31, 2024, as compared to $6.3 million or 0.97% of total loans on March 31, 2023. The allowance for credit losses on off-balance sheet commitments on March 31, 2024 was $1.3 million, as compared to a March 31, 2023 balance of $430 thousand. An identified commercial lending relationship that has experienced credit deterioration was allocated $1.5 million of the combined total allowance for credit losses on loans and off-balance sheet commitments as of March 31, 2024. The relationship remains current and is performing. CSB recorded no allowance for credit losses related to debt securities as there is a zero loss expectation on these securities.

Loan interest income including fees increased $2.2 million, or 28%, during first quarter 2024 as compared to the same quarter in 2023. The increase was mainly due to rate increases as well as a $68 million increase in average loan volume. Securities interest income decreased $135 thousand, or 6%, during the first quarter 2024 compared to the same quarter 2023 as the Company continues to deploy cash flow from investments into loan originations. Loan yields for first quarter 2024 averaged 5.83%, an increase of 76 basis points from the 2023 first quarter average of 5.07%, while overnight funds and securities yields for first quarter 2024 averaged 5.36% and 2.21%, respectively, compared to 4.64% and 2.18% in the first quarter 2023.

Interest expense rose $1.7 million, or 105%, during first quarter 2024 as compared to first 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 first quarter 2024 was 1.25% as compared to 0.62% for the first quarter of 2023.

The fully-taxable equivalent (“FTE”) (a non-GAAP measure) net interest margin was 3.37% compared to 3.37% for the first quarter 2023. Compared to the 2023 first quarter, FTE net interest income increased $191 thousand, or 2%, reflecting a flat net interest margin combined with $15 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 partially offset by the higher cost of funds. Tax equivalency effect on net interest margin was 0.02% as compared to 0.01% in first quarter 2024 and 2023.

Noninterest income increased $144 thousand, or 9%, compared to first quarter of 2023. The increase was primarily the result of a $136 thousand increase in trust and brokerage fees, a $33 thousand increase in gain on sale of mortgage loans and a $19 thousand increase in earnings on bank owned life insurance. Small offsetting decreases were recognized in credit card fees, an unrealized loss on equity securities, service charges related to deposit overdraft fees, and debit card interchange fees.

Noninterest expense increased $423 thousand, or 7%, from first quarter 2023. Salary and employee benefit costs increased $175 thousand, or 5%, compared to the prior year quarter, primarily resulting from the increases in base salaries and FICA taxes due to base increases and added employees. FDIC assessment increased $64 thousand primarily due to the 67% rate increase effective June 2023. Debit card expense increased $43 thousand or 30%. Software expense increased $29 thousand, or 7%, with the deployment of new reporting software and upgrades. State of Ohio Financial Institutions Tax increased $24 thousand, or 13%, due to the increase in capital. Equipment expense increased $17 thousand, or 8%. The Company’s first quarter efficiency ratio increased to 56.0% compared to 53.9% in the prior year.

Federal income tax expense was $693 thousand in the 2024 first quarter compared to $971 thousand in the 2023 first quarter. The effective tax rate for the 2024 and 2023 first quarter was 19% and 20%, respectively.

Average earning assets for the 2024 first quarter increased $15 million, or 1%, from the year-ago quarter, primarily reflecting a $68 million, or 11%, increase in average loans, a $33 million, or 8%, decrease in average securities, and a $20 million, or 43%, 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 $55 million, or 13%, 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 $13 million, or 9%, 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 decreased $1 million from the prior year’s quarter as balances were paid down due to rate increases as these loans are tied to Prime Rate. Average consumer credit balances increased $114 thousand, or 1%, versus the same quarter of the prior year. Commercial loan demand continued during first quarter, albeit with a softening trend. Household confidence and borrowing appetite appear to be waiting for the Fed to reverse course and begin to lower rates.

Nonperforming assets were $361 thousand, or 0.05%, of total loans on March 31, 2024, compared to $218 thousand, or 0.03% of total loans, a year ago. Delinquent loan balances as of March 31, 2024, increased to 0.30% of total loans as compared to 0.13% on March 31, 2023. Net loan charge-offs recognized during first quarter 2024 were $74 thousand, or less than 1% of average loans annualized, compared to first quarter 2023 net loan losses of $4 thousand.

 

Average deposit balances increased on a quarter over prior year quarter comparison by $2 million, or less than 1%. For the first quarter 2024, the average cost of deposits amounted to 1.31%, as compared to 0.64% for the first quarter 2023. First quarter 2024 increases in average deposit balances over the prior year quarter included money market accounts of $9 million and time deposits of $80 million. Noninterest-bearing accounts decreased $52 million from the prior year’s first quarter while savings and interest-bearing demand accounts declined $35 million. The average balance of securities sold under repurchase agreement during the first quarter of 2024 increased by $235 thousand, or less than 1%, compared to the average for the same period in the prior year.

Shareholders’ equity totaled $110 million on March 31, 2024, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 9.38% for the quarter ended March 31, 2024, and 8.48% for the quarter ended March 31, 2023. The Company declared a first quarter dividend of $0.39 per share, producing an annualized yield of 3.9% based on March 31, 2024, closing price of $40.00.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.2 billion as of March 31, 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.

Contact Information:

Paula J. Meiler, SVP & CFO

330.763.2873

paula.meiler@csb1.com

 

CSB BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

 

Quarters

 

 

(Dollars in thousands, except per share data)

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

EARNINGS

 

1st Qtr

 

 

4th Qtr

 

 

3rd Qtr

 

 

2nd Qtr

 

 

1st Qtr

 

 

Net interest income FTE (a)

$

 

9,190

 

$

 

9,377

 

$

 

8,871

 

$

 

9,027

 

$

 

8,999

 

 

Provision (recovery) of credit loss expense

 

 

1,152

 

 

 

156

 

 

 

177

 

 

 

140

 

 

 

(31

)

 

Other income

 

 

1,772

 

 

 

1,678

 

 

 

1,705

 

 

 

1,733

 

 

 

1,628

 

 

Other expenses

 

 

6,142

 

 

 

6,258

 

 

 

6,034

 

 

 

6,049

 

 

 

5,719

 

 

FTE adjustment(a)

 

 

42

 

 

 

32

 

 

 

34

 

 

 

33

 

 

 

34

 

 

Net income

 

 

2,933

 

 

 

3,697

 

 

 

3,481

 

 

 

3,644

 

 

 

3,934

 

 

Basic and Diluted earnings per share

 

 

1.10

 

 

 

1.38

 

 

 

1.30

 

 

 

1.36

 

 

 

1.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROA), annualized

 

 

1.02

 

%

 

1.25

 

%

 

1.19

 

%

 

1.27

 

%

 

1.39

 

%

Return on average common equity (ROE), annualized

 

 

10.84

 

 

 

14.22

 

 

 

13.63

 

 

 

14.62

 

 

 

16.39

 

 

Net interest margin FTE(a)

 

 

3.37

 

 

 

3.36

 

 

 

3.21

 

 

 

3.33

 

 

 

3.37

 

 

Efficiency ratio

 

 

56.00

 

 

 

56.67

 

 

 

56.99

 

 

 

56.24

 

 

 

53.86

 

 

Number of full-time equivalent employees

 

 

172

 

 

 

168

 

 

 

178

 

 

 

172

 

 

 

170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share

$

 

41.11

 

$

 

40.43

 

$

 

37.96

 

$

 

37.36

 

$

 

36.93

 

 

Period-end common share market value

 

 

40.00

 

 

 

37.54

 

 

 

37.75

 

 

 

38.88

 

 

 

38.00

 

 

Market as a % of book

 

 

97.30

 

%

 

92.85

 

%

 

99.45

 

%

 

104.07

 

%

 

102.90

 

%

Price-to-earnings ratio

 

 

7.78

 

 

 

6.81

 

 

 

6.85

 

 

 

6.99

 

 

 

7.06

 

 

Average basic common shares outstanding

 

 

2,665,277

 

 

 

2,671,086

 

 

 

2,675,967

 

 

 

2,680,526

 

 

 

2,692,304

 

 

Average diluted common shares outstanding

 

 

2,665,277

 

 

 

2,671,086

 

 

 

2,675,967

 

 

 

2,680,526

 

 

 

2,692,304

 

 

Period end common shares outstanding

 

 

2,664,683

 

 

 

2,669,938

 

 

 

2,671,313

 

 

 

2,680,325

 

 

 

2,680,625

 

 

Common stock market capitalization

$

 

106,587

 

$

 

100,229

 

$

 

100,842

 

$

 

104,211

 

$

 

101,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

 

88

 

$

 

15

 

$

 

43

 

$

 

15

 

$

 

39

 

 

Net (recoveries) charge-offs

 

 

74

 

 

 

(5

)

 

 

(119

)

 

 

(10

)

 

 

4

 

 

Allowance for credit losses

 

 

7,136

 

 

 

6,607

 

 

 

6,691

 

 

 

6,559

 

 

 

6,307

 

 

Nonperforming assets (NPAs)

 

 

361

 

 

 

396

 

 

 

260

 

 

 

255

 

 

 

218

 

 

Net charge-off (recovery) / average loans ratio

 

 

0.04

 

%

 

0.00

 

%

 

(0.07

)

%

 

(0.01

)

%

 

0.00

 

%

Allowance for credit losses / period-end loans

 

 

1.00

 

 

 

0.94

 

 

 

0.98

 

 

 

0.99

 

 

 

0.97

 

 

NPAs/loans and other real estate

 

 

0.05

 

 

 

0.06

 

 

 

0.04

 

 

 

0.04

 

 

 

0.03

 

 

Allowance for credit losses / nonperforming loans

 

 

1,979

 

 

 

1,667

 

 

 

2,576

 

 

 

2,577

 

 

 

2,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end tangible equity to assets(b)

 

 

9.10

 

%

 

8.79

 

%

 

8.39

 

%

 

8.29

 

%

 

8.28

 

%

Average equity to assets

 

 

9.38

 

 

 

8.80

 

 

 

8.72

 

 

 

8.68

 

 

 

8.48

 

 

Average equity to loans

 

 

15.43

 

 

 

14.87

 

 

 

15.00

 

 

 

15.15

 

 

 

15.27

 

 

Average loans to deposits

 

 

69.78

 

 

 

67.47

 

 

 

66.20

 

 

 

65.05

 

 

 

63.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

1,160,661

 

$

 

1,172,324

 

$

 

1,162,029

 

$

 

1,151,403

 

$

 

1,147,033

 

 

Earning assets

 

 

1,097,704

 

 

 

1,107,002

 

 

 

1,096,679

 

 

 

1,085,751

 

 

 

1,082,996

 

 

Loans

 

 

705,294

 

 

 

693,779

 

 

 

675,283

 

 

 

660,004

 

 

 

637,392

 

 

Deposits

 

 

1,010,745

 

 

 

1,028,207

 

 

 

1,020,135

 

 

 

1,014,631

 

 

 

1,008,721

 

 

Shareholders' equity

 

 

108,837

 

 

 

103,164

 

 

 

101,294

 

 

 

99,958

 

 

 

97,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

1,156,245

 

$

 

1,178,689

 

$

 

1,156,598

 

$

 

1,156,157

 

$

 

1,143,394

 

 

Earning assets

 

 

1,097,703

 

 

 

1,109,171

 

 

 

1,087,591

 

 

 

1,088,561

 

 

 

1,080,939

 

 

Loans

 

 

710,822

 

 

 

701,404

 

 

 

680,949

 

 

 

664,605

 

 

 

647,773

 

 

Deposits

 

 

1,010,115

 

 

 

1,027,427

 

 

 

1,018,075

 

 

 

1,021,671

 

 

 

1,007,507

 

 

Shareholders' equity

 

 

109,555

 

 

 

107,939

 

 

 

101,410

 

 

 

100,140

 

 

 

99,007

 

 

 

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)

 

March 31,

 

 

 

March 31,

 

(Dollars in thousands, except per share data)

 

2024

 

 

 

2023

 

ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

Cash and due from banks

$

 

11,447

 

 

$

 

16,965

 

Interest-bearing deposits with banks

 

 

27,972

 

 

 

 

38,550

 

Total cash and cash equivalents

 

 

39,419

 

 

 

 

55,515

 

Securities

 

 

 

 

 

 

 

Available-for-sale, at fair-value

 

 

134,926

 

 

 

 

149,269

 

Held-to-maturity

 

 

222,095

 

 

 

 

243,334

 

Equity securities

 

 

253

 

 

 

 

253

 

Restricted stock, at cost

 

 

1,530

 

 

 

 

1,760

 

Total securities

 

 

358,804

 

 

 

 

394,616

 

 

 

 

 

 

 

 

Loans held for sale

 

 

105

 

 

 

 

-

 

Loans

 

 

710,822

 

 

 

 

647,773

 

Less allowance for credit losses

 

 

7,136

 

 

 

 

6,307

 

Net loans

 

 

703,686

 

 

 

 

641,466

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

12,936

 

 

 

 

13,240

 

Goodwill

 

 

4,728

 

 

 

 

4,728

 

Bank owned life insurance

 

 

25,599

 

 

 

 

24,878

 

Accrued interest receivable and other assets

 

 

10,968

 

 

 

 

8,951

 

TOTAL ASSETS

$

 

1,156,245

 

 

$

 

1,143,394

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest-bearing

$

 

277,898

 

 

$

 

329,500

 

Interest-bearing

 

 

732,217

 

 

 

 

678,007

 

Total deposits

 

 

1,010,115

 

 

 

 

1,007,507

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

29,484

 

 

 

 

29,813

 

Other borrowings

 

 

1,700

 

 

 

 

2,394

 

Accrued interest payable and other liabilities

 

 

5,391

 

 

 

 

4,673

 

TOTAL LIABILITIES

 

 

1,046,690

 

 

 

 

1,044,387

 

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

 

 

99,191

 

 

 

 

89,524

 

Treasury stock at cost - 315,919 shares in 2024

 

 

 

 

 

 

 

and 299,977 shares in 2023

 

 

(7,729

)

 

 

 

(7,126

)

Accumulated other comprehensive loss

 

 

(10,351

)

 

 

 

(11,835

)

TOTAL SHAREHOLDERS' EQUITY

 

 

109,555

 

 

 

 

99,007

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

 

1,156,245

 

 

$

 

1,143,394

 

 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Quarters ended

 

(Unaudited)

 

March 31,

 

(Dollars in thousands, except per share data)

 

2024

 

 

2023

 

Interest and dividend income:

 

 

 

 

 

 

 

Loans, including fees

$

 

10,209

 

 

$

 

7,969

 

Taxable securities

 

 

1,890

 

 

 

 

2,012

 

Nontaxable securities

 

 

88

 

 

 

 

101

 

Other

 

 

369

 

 

 

 

545

 

Total interest and dividend income

 

 

12,556

 

 

 

 

10,627

 

Interest expense:

 

 

 

 

 

 

 

Deposits

 

 

3,300

 

 

 

 

1,584

 

Other

 

 

108

 

 

 

 

78

 

Total interest expense

 

 

3,408

 

 

 

 

1,662

 

Net interest income

 

 

9,148

 

 

 

 

8,965

 

Provision (recovery) for credit loss expense

 

 

1,152

 

 

 

 

(31

)

Net interest income, after provision

 

 

 

 

 

 

 

(recovery) for credit loss expense

 

 

7,996

 

 

 

 

8,996

 

Noninterest income

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

280

 

 

 

 

292

 

Trust services

 

 

394

 

 

 

 

258

 

Debit card interchange fees

 

 

507

 

 

 

 

521

 

Credit card fees

 

 

157

 

 

 

 

177

 

Earnings on bank owned life insurance

 

 

188

 

 

 

 

169

 

Gain on sale of loans

 

 

36

 

 

 

 

3

 

Unrealized (loss) gain on equity securities

 

 

(6

)

 

 

 

9

 

Other

 

 

216

 

 

 

 

199

 

             Total noninterest income

 

 

1,772

 

 

 

 

1,628

 

Noninterest expenses

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,469

 

 

 

 

3,294

 

Occupancy expense

 

 

283

 

 

 

 

282

 

Equipment expense

 

 

224

 

 

 

 

207

 

Professional and director fees

 

 

332

 

 

 

 

321

 

Software expense

 

 

428

 

 

 

 

399

 

Marketing and public relations

 

 

128

 

 

 

 

123

 

Debit card expense

 

 

189

 

 

 

 

146

 

Financial institutions tax

 

 

216

 

 

 

 

192

 

FDIC insurance expense

 

 

135

 

 

 

 

71

 

Other expenses

 

 

738

 

 

 

 

684

 

             Total noninterest expenses

 

 

6,142

 

 

 

 

5,719

 

Income before income taxes

 

 

3,626

 

 

 

 

4,905

 

Federal income tax provision

 

 

693

 

 

 

 

971

 

Net income

$

 

2,933

 

 

$

 

3,934

 

Net income per share:

 

 

 

 

 

 

 

Basic and diluted

$

 

1.10

 

 

$

 

1.46

 

 

 

 

CSB BANCORP, INC.

NON-GAAP DISCLOSURES

 

NET INTEREST INCOME, FULLY-TAXABLE EQUIVALENT

 

 

 

Quarters ended

 

 

(Unaudited)

 

March 31,

 

 

(Dollars in thousands)

 

2024

 

 

2023

 

 

Net interest income

$

 

9,148

 

 

$

 

8,965

 

 

Taxable equivalent adjustment1

 

 

42

 

 

 

 

34

 

 

Net interest income, FTE

$

 

9,190

 

 

$

 

8,999

 

 

Net interest margin

 

 

3.35

 

%

 

 

3.36

 

%

Taxable equivalent adjustment1

 

 

0.02

 

 

 

 

0.01

 

 

Net interest margin, FTE

 

 

3.37

 

%

 

 

3.37

 

%

 

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)

 

March 31,

 

(Dollars in thousands)

 

2024

 

 

2023

 

Pre-Provision Net Revenue (PPNR)

 

 

 

 

 

 

 

Net interest income

$

 

9,148

 

 

$

 

8,965

 

Total noninterest income

 

 

1,772

 

 

 

 

1,628

 

Total revenue

 

 

10,920

 

 

 

 

10,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Noninterest expense as reported

 

 

6,142

 

 

 

 

5,719

 

Adjusted noninterest expense

 

 

6,142

 

 

 

 

5,719

 

 

 

 

 

 

 

 

 

PPNR

$

 

4,778

 

 

$

 

4,874

 

 

 

 

TANGIBLE EQUITY

 

(Unaudited)

 

March 31,

 

 

 

March 31,

 

(Dollars in thousands)

 

2024

 

 

 

2023

 

Total Shareholders' Equity

$

 

109,555

 

 

$

 

99,007

 

Less: Goodwill

 

 

4,728

 

 

 

 

4,728

 

Tangible Shareholders' Equity

$

 

104,827

 

 

$

 

94,279