First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the
"Company"), the holding company for First Savings Bank (the
"Bank"), today reported net income of $2.6 million, or $0.37 per
diluted share, for the quarter ended June 30, 2022 compared to net
income of $4.3 million, or $0.60 per diluted share, for the quarter
ended June 30, 2021.
Commenting on the Company’s performance, Larry
W. Myers, President and CEO, stated “We are very pleased to have
reached the $2.0 billion asset mark in this quarter, plus with the
performance of the core banking segment, including enhanced
profitability, very significant loan originations and portfolio
growth, increased net interest margin, improved efficiency ratio
and improved asset quality ratios. While the SBA lending segment
underperformed in comparison to prior quarters, it was not
unexpected and we have rebuilt the lending team and pipeline for
enhanced performance in the fourth fiscal quarter and thereafter.
We also recognize the headwinds for the mortgage banking segment
and continue to right-size expenses in relation to decreasing
origination volumes and margin. We are also pleased to report
59,120 shares of the Company’s common shares were repurchased
during the quarter, which was slightly less than 1.0% of
outstanding shares, as a part of the previously announced 5% share
repurchase program. While the Company continues to enhance the
performance of the SBA lending and mortgage banking segments, the
core banking segment continues to provide solid performance. I
remain optimistic that the Company is positioning itself well for
the challenges of 2022 and opportunities in 2023 and years
thereafter. I believe we are poised to thrive and continue to
deliver exceptional value to our shareholders.”
Results of Operations for the Three
Months Ended June 30, 2022 and 2021
Net interest income increased $1.7 million, or
11.8%, to $15.9 million for the three months ended June 30, 2022 as
compared to the same period in 2021. The increase in net interest
income was due to a $2.3 million increase in interest income,
partially offset by a $647,000 increase in interest expense.
Interest income increased due to an increase in the average balance
of interest-earning assets of $182.7 million, from $1.55 billion
for 2021 to $1.74 billion for 2022, and an increase in the
weighted-average tax-equivalent yield, from 4.25% for 2021 to 4.36%
for 2022. The increase in the average balance of interest-earning
assets was due to increases in the average balance of investment
securities and total loans of $111.4 million and $84.4 million,
respectively. When excluding the impact from PPP loan payoffs, the
increase in the average balance of loans was $225.4 million when
comparing the two periods. Interest expense increased due to an
increase in the average balance of interest-bearing liabilities of
$160.0 million, from $1.21 billion for 2021 to $1.37 billion for
2022, and an increase in the average cost of interest-bearing
liabilities, from 0.63% for 2021 to 0.75% for 2022. The increase in
the average cost of interest-bearing liabilities for 2022 was due
primarily to higher rates paid for brokered deposits during the
period.
The Company recognized a provision for loan
losses of $532,000 for the three months ended June 30, 2022, due to
loan portfolio growth, compared to a credit of $2.7 million for the
same period in 2021. The increase in the provision for loan losses
for 2022 is primarily due to loan growth during the quarter ended
June 30, 2022. The Company recognized net charge-offs of $27,000
for the three months ended June 30, 2022 compared to net
charge-offs of $47,000 for the same period in 2021.
Noninterest income decreased $8.8 million for
the three months ended June 30, 2022 as compared to the same period
in 2021. The decrease was due primarily to decreases in mortgage
banking income and net gain on sale of SBA loans of $7.3 million
and $1.8 million, respectively. The decrease in mortgage banking
income was primarily due to a $16.6 million decrease in production
revenue from lower originations for sale and a $2.5 million
decrease in capitalized residential mortgage loan servicing rights,
partially offset by $6.1 million in realized and unrealized hedging
gains in 2022 compared to $6.3 million in realized and unrealized
hedging losses in 2021. Mortgage loans originated for sale were
$421.4 million in the three months ended June 30, 2022 as compared
to $739.5 million in the same period in 2021. The decrease in net
gain on sales of SBA loans was due primarily to decreases in
production and sales volume from the SBA lending segment, as well
as lower premiums in the secondary market.
Noninterest expense decreased $7.8 million for
the three months ended June 30, 2022 as compared to the same period
in 2021. The decrease was due primarily to a decrease in
compensation and benefits of $6.1 million. The decrease in
compensation and benefits expense is due primarily to a reduction
in incentive compensation for the Company’s mortgage banking
segment as a result of decreased mortgage banking income.
The Company recognized an income tax benefit of
$61,000 for the three months ended June 30, 2022 compared to tax
expense of $817,000 for the same period in 2021. The tax benefit
for 2022 was primarily the result of the Company’s utilization of
capital loss carryovers during the period and the purchase of
additional tax-exempt municipal bonds during the period.
Results of Operations for the Nine
Months Ended June 30, 2022 and 2021
The Company reported net income of $14.0
million, or $1.95 per diluted share, for the nine months ended June
30, 2022 compared to net income of $24.7 million, or $3.45 per
diluted share, for the nine months ended June 30, 2021.
Net interest income increased $1.1 million, or
2.5%, to $43.8 million for the nine months ended June 30, 2022 as
compared to the same period in 2021. The increase in net interest
income was due to a $1.0 million increase in interest income and a
$53,000 decrease in interest expense. Interest income increased due
to an increase in the weighted-average tax-equivalent yield, from
4.15% for 2021 to 4.25% for 2022, and a $1.7 million increase in
the average balance of interest-earning assets. Interest expense
decreased primarily due to a decrease in the average balance of
interest-bearing liabilities of $13.0 million, from $1.28 billion
for 2021 to $1.27 billion for 2022. The average cost of
interest-bearing liabilities was 0.65% for both 2021 and 2022.
The Company recognized a provision for loan
losses of $1.0 million for the nine months ended June 30, 2022, due
to loan portfolio growth, compared to a credit of $1.8 million for
the same period in 2021. Nonperforming loans, which consist of
nonaccrual loans and loans over 90 days past due and still accruing
interest, decreased $5.6 million from $15.5 million at September
30, 2021 to $9.9 million at June 30, 2022. The Company recognized
net charge-offs of $349,000 for the nine months ended June 30,
2022, of which $218,000 was related to unguaranteed portions of SBA
loans, compared to net charge-offs of $609,000 for the same period
in 2021, of which $565,000 was related to unguaranteed portions of
SBA loans.
Noninterest income decreased $57.2 million for
the nine months ended June 30, 2022 as compared to the same period
in 2021. The decrease was due primarily to a decrease in mortgage
banking income and gain on sale of SBA loans of $55.4 million and
$3.4 million, respectively. The decrease in mortgage banking income
was primarily due to a $73.9 million decrease in production revenue
from lower originations for sale and a $22.1 million decrease in
capitalized residential mortgage loan servicing rights, partially
offset by a $13.8 million increase in realized and unrealized
hedging gains, a $3.1 million decrease in the fair value of loans
held for sale and interest rate lock commitments as compared to a
$15.6 million decrease in fair value recognized in 2021, and a $4.7
million increase in the fair value of the residential mortgage loan
servicing rights portfolio in 2022 as compared to a $7.0 million
decrease in fair value recognized in 2021. Mortgage loans
originated for sale were $1.42 billion in the nine months ended
June 30, 2022 as compared to $3.51 billion in the same period in
2021. The decrease in net gain on sales of SBA loans was due
primarily to decreases in production and sales volume from the SBA
lending segment, as well as lower premiums in the secondary
market.
Noninterest expense decreased $41.2 million for
the nine months ended June 30, 2022 as compared to the same period
in 2021. The decrease was due primarily to decreases in
compensation and benefits and advertising expense of $34.7 million
and $3.1 million, respectively. The decrease in compensation and
benefits expense is due primarily to a reduction in incentive
compensation for the Company’s mortgage banking segment as a result
of decreased mortgage banking income. The decrease in advertising
expense was related to the reduced loan origination volume of the
mortgage banking segment.
The Company recognized income tax expense of
$2.4 million for the nine months ended June 30, 2022 compared to
$9.0 million for the same period in 2021. The effective tax rate
for 2022 was 14.5% as compared to 26.5% for 2021. The lower
effective tax rate for 2022 was primarily due to lower taxable
income and lower nondeductible executive compensation expense in
2022 as compared to 2021.
Comparison of Financial Condition at
June 30, 2022 and September 30, 2021
Total assets increased $285.3 million, from
$1.72 billion at September 30, 2021 to $2.01 billion at June 30,
2022. Net loans held for investment increased $191.9 million during
the nine months ended June 30, 2022, due primarily to growth in
residential mortgage loans, single-tenant net lease commercial real
estate loans and non-SBA commercial business loans, partially
offset by a $54.9 million decrease in PPP loans. Residential
mortgage and SBA loans held for sale decreased $73.1 million and
$4.0 million, respectively, during the nine months ended June 30,
2022 due to loan sales outpacing originations. Single tenant net
lease loans held for sale increased $50.3 million during the nine
months ended June 30, 2022, due to originations and transfers from
held-for-investment to held-for-sale outpacing sales during the
period. Residential mortgage loan servicing rights increased $15.3
million, or 30.8%, to $64.8 million at June 30, 2022.
Total liabilities increased $296.4 million due
primarily to increases in FHLB borrowings, total deposits and other
borrowings of $154.1 million, $118.1 million and $30.3 million,
respectively. The increase in FHLB borrowings was primarily used to
fund loan growth. The increase in other borrowings was due to a
$31.0 million subordinated debt issuance in March 2022.
Common stockholders’ equity decreased $11.2
million, from $180.4 million at September 30, 2021 to $169.2
million at June 30, 2022, due primarily to a decrease in
accumulated other comprehensive income of $21.5 million, partially
offset by retained net income of $11.3 million. The decrease in
accumulated other comprehensive income was primarily due to
increasing market interest rates during the nine months ended June
30, 2022, which resulted in a decrease in the fair value of the
available-for-sale securities portfolio. At June 30, 2022 and
September 30, 2021, the Bank was considered “well-capitalized”
under applicable regulatory capital guidelines.
First Savings Bank is an entrepreneurial
community bank headquartered in Jeffersonville, Indiana, which is
directly across the Ohio River from Louisville, Kentucky, and
operates fifteen depository branches within Southern Indiana. The
Bank also has three national lending programs, including
single-tenant net lease commercial real estate, SBA lending and
residential mortgage banking, with offices located throughout the
United States. The Bank is a recognized leader, both in its local
communities and nationally for its lending programs. The employees
of First Savings Bank strive daily to achieve the organization’s
vision, We Expect To Be The BEST community BANK, which fuels our
success. The Company’s common shares trade on The NASDAQ Stock
Market under the symbol “FSFG.”
This release may contain forward-looking
statements within the meaning of the federal securities laws. These
statements are not historical facts; rather, they are statements
based on the Company's current expectations regarding its business
strategies and their intended results and its future performance.
Forward-looking statements are preceded by terms such as "expects,"
"believes," "anticipates," "intends" and similar expressions.
Forward-looking statements are not guarantees of
future performance. Numerous risks and uncertainties could cause or
contribute to the Company's actual results, performance and
achievements to be materially different from those expressed or
implied by the forward-looking statements. Factors that may cause
or contribute to these differences include, without limitation,
changes in general economic conditions, including the duration,
extent and severity of the COVID-19 pandemic, including its effect
on our customers, service providers and on the economy and
financial markets in general; changes in market interest rates;
changes in monetary and fiscal policies of the federal government;
legislative and regulatory changes; and other factors disclosed
periodically in the Company's filings with the Securities and
Exchange Commission.
Because of the risks and uncertainties inherent
in forward-looking statements, readers are cautioned not to place
undue reliance on them, whether included in this report or made
elsewhere from time to time by the Company or on its behalf. Except
as may be required by applicable law or regulation, the Company
assumes no obligation to update any forward-looking statements.
Contact: Tony A. Schoen, CPA Chief Financial
Officer 812-283-0724
FIRST
SAVINGS FINANCIAL GROUP, INC. |
CONSOLIDATED
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
* All share and per share amounts have been adjusted to reflect the
three-for-one stock split effective September 15, 2021. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
OPERATING DATA: |
June 30, |
|
June 30, |
|
|
(In
thousands, except share and per share data) |
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest income |
$ |
18,479 |
|
|
$ |
16,150 |
|
|
$ |
50,042 |
|
|
$ |
49,016 |
|
|
|
Total
interest expense |
|
2,568 |
|
|
|
1,921 |
|
|
|
6,215 |
|
|
|
6,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
15,911 |
|
|
|
14,229 |
|
|
|
43,827 |
|
|
|
42,748 |
|
|
|
Provision
(credit) for loan losses |
|
532 |
|
|
|
(2,730 |
) |
|
|
1,028 |
|
|
|
(1,775 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income after provision (credit) for loan losses |
|
15,379 |
|
|
|
16,959 |
|
|
|
42,799 |
|
|
|
44,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
noninterest income |
|
10,033 |
|
|
|
18,785 |
|
|
|
46,696 |
|
|
|
103,941 |
|
|
|
Total
noninterest expense |
|
22,835 |
|
|
|
30,619 |
|
|
|
73,148 |
|
|
|
114,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
2,577 |
|
|
|
5,125 |
|
|
|
16,347 |
|
|
|
34,159 |
|
|
|
Income tax
expense (benefit) |
|
(61 |
) |
|
|
817 |
|
|
|
2,369 |
|
|
|
9,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
2,638 |
|
|
|
4,308 |
|
|
|
13,978 |
|
|
|
25,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net
income attributable to noncontrolling interests |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to the Company |
$ |
2,638 |
|
|
$ |
4,308 |
|
|
$ |
13,978 |
|
|
$ |
24,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per share, basic |
$ |
0.37 |
|
|
$ |
0.61 |
|
|
$ |
1.97 |
|
|
$ |
3.48 |
|
|
|
Weighted
average shares outstanding, basic |
|
7,073,204 |
|
|
|
7,109,481 |
|
|
|
7,082,034 |
|
|
|
7,106,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per share, diluted |
$ |
0.37 |
|
|
$ |
0.60 |
|
|
$ |
1.95 |
|
|
$ |
3.45 |
|
|
|
Weighted
average shares outstanding, diluted |
|
7,145,288 |
|
|
|
7,178,943 |
|
|
|
7,166,632 |
|
|
|
7,166,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
ratios (three-month and nine-month data annualized) |
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.55 |
% |
|
|
1.00 |
% |
|
|
1.04 |
% |
|
|
1.87 |
% |
|
|
Return on average equity |
|
6.06 |
% |
|
|
9.94 |
% |
|
|
10.33 |
% |
|
|
19.95 |
% |
|
|
Return on average common stockholders' equity |
|
6.06 |
% |
|
|
9.94 |
% |
|
|
10.33 |
% |
|
|
19.65 |
% |
|
|
Net interest margin (tax equivalent basis) |
|
3.77 |
% |
|
|
3.75 |
% |
|
|
3.73 |
% |
|
|
3.63 |
% |
|
|
Efficiency ratio |
|
88.02 |
% |
|
|
92.75 |
% |
|
|
80.81 |
% |
|
|
77.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QTD |
|
|
|
FYTD |
FINANCIAL CONDITION DATA: |
June
30, |
|
March
31, |
|
Increase |
|
September
30, |
|
Increase |
(In
thousands, except per share data) |
2022 |
|
2022 |
|
(Decrease) |
|
2021 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
2,006,666 |
|
|
$ |
1,801,944 |
|
|
$ |
204,722 |
|
|
$ |
1,721,394 |
|
|
$ |
285,272 |
|
Cash and
cash equivalents |
|
37,468 |
|
|
|
31,105 |
|
|
|
6,363 |
|
|
|
33,428 |
|
|
|
4,040 |
|
Investment
securities |
|
309,027 |
|
|
|
284,674 |
|
|
|
24,353 |
|
|
|
208,518 |
|
|
|
100,509 |
|
Loans held
for sale |
|
188,031 |
|
|
|
152,652 |
|
|
|
35,379 |
|
|
|
214,940 |
|
|
|
(26,909 |
) |
Gross loans
(1) |
|
1,282,796 |
|
|
|
1,141,293 |
|
|
|
141,503 |
|
|
|
1,090,237 |
|
|
|
192,559 |
|
Allowance
for loan losses |
|
14,980 |
|
|
|
14,475 |
|
|
|
505 |
|
|
|
14,301 |
|
|
|
679 |
|
Interest
earning assets |
|
1,809,588 |
|
|
|
1,602,321 |
|
|
|
207,267 |
|
|
|
1,540,111 |
|
|
|
269,477 |
|
Goodwill |
|
9,848 |
|
|
|
9,848 |
|
|
|
- |
|
|
|
9,848 |
|
|
|
- |
|
Core deposit
intangibles |
|
828 |
|
|
|
882 |
|
|
|
(54 |
) |
|
|
988 |
|
|
|
(160 |
) |
Loan
servicing rights |
|
69,039 |
|
|
|
68,267 |
|
|
|
772 |
|
|
|
54,026 |
|
|
|
15,013 |
|
Noninterest-bearing deposits |
|
343,292 |
|
|
|
311,738 |
|
|
|
31,554 |
|
|
|
291,039 |
|
|
|
52,253 |
|
Interest-bearing deposits (2) |
|
1,002,415 |
|
|
|
909,451 |
|
|
|
92,964 |
|
|
|
936,541 |
|
|
|
65,874 |
|
Federal Home
Loan Bank borrowings |
|
404,098 |
|
|
|
296,592 |
|
|
|
107,506 |
|
|
|
250,000 |
|
|
|
154,098 |
|
Total
liabilities |
|
1,837,453 |
|
|
|
1,621,991 |
|
|
|
215,462 |
|
|
|
1,541,017 |
|
|
|
296,436 |
|
Stockholders' equity, net of noncontrolling interests |
|
169,213 |
|
|
|
179,953 |
|
|
|
(10,740 |
) |
|
|
180,377 |
|
|
|
(11,164 |
) |
|
|
|
|
|
|
|
|
|
|
Book value
per share |
$ |
23.80 |
|
|
$ |
25.10 |
|
|
$ |
(1.30 |
) |
|
$ |
25.31 |
|
|
|
(1.51 |
) |
Tangible
book value per share (3) |
|
22.30 |
|
|
|
23.60 |
|
|
|
(1.30 |
) |
|
|
23.79 |
|
|
|
(1.49 |
) |
|
|
|
|
|
|
|
|
|
|
Non-performing assets: |
|
|
|
|
|
|
|
|
|
Nonaccrual loans - SBA guaranteed |
$ |
5,165 |
|
|
$ |
5,214 |
|
|
$ |
(49 |
) |
|
$ |
6,748 |
|
|
$ |
(1,583 |
) |
Nonaccrual loans - unguaranteed |
|
4,717 |
|
|
|
4,842 |
|
|
|
(125 |
) |
|
|
8,252 |
|
|
|
(3,535 |
) |
Total nonaccrual loans |
$ |
9,882 |
|
|
$ |
10,056 |
|
|
$ |
(174 |
) |
|
$ |
15,000 |
|
|
$ |
(5,118 |
) |
Accruing loans past due 90 days |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
472 |
|
|
|
(472 |
) |
Total non-performing loans |
|
9,882 |
|
|
|
10,056 |
|
|
|
(174 |
) |
|
|
15,472 |
|
|
|
(5,590 |
) |
Troubled debt restructurings classified as performing loans |
|
2,822 |
|
|
|
3,017 |
|
|
|
(195 |
) |
|
|
1,743 |
|
|
|
1,079 |
|
Total non-performing assets |
$ |
12,704 |
|
|
$ |
13,073 |
|
|
$ |
(369 |
) |
|
$ |
17,215 |
|
|
$ |
(4,511 |
) |
|
|
|
|
|
|
|
|
|
|
Asset
quality ratios: |
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a percent of total gross loans |
|
1.17 |
% |
|
|
1.27 |
% |
|
|
(0.10 |
%) |
|
|
1.31 |
% |
|
|
(0.14 |
%) |
Allowance for loan losses as a percent of total gross loans,
excluding PPP loans (4) |
|
1.17 |
% |
|
|
1.28 |
% |
|
|
(0.11 |
%) |
|
|
1.38 |
% |
|
|
(0.21 |
%) |
Allowance for loan losses as a percent of nonperforming loans |
|
151.59 |
% |
|
|
143.94 |
% |
|
|
7.65 |
% |
|
|
92.43 |
% |
|
|
59.16 |
% |
Nonperforming loans as a percent of total gross loans |
|
0.77 |
% |
|
|
0.88 |
% |
|
|
(0.11 |
%) |
|
|
1.42 |
% |
|
|
(0.65 |
%) |
Nonperforming assets as a percent of total assets |
|
0.63 |
% |
|
|
0.73 |
% |
|
|
(0.10 |
%) |
|
|
1.00 |
% |
|
|
(0.37 |
%) |
|
|
|
|
|
|
|
|
|
|
(1) Includes $1.8
million, $13.4 million and $56.7 million of PPP loans at June 30,
2022, March 31, 2022 and September 30, 2021, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes $159.1
million, $69.8 million and $100.1 million of brokered certificates
of deposit at June 30, 2022, March 31, 2022 and September 30, 2021,
respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
(3) See reconciliation of GAAP and non-GAAP financial measures for
additional information relating to calculation of this item. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Denominator
excludes PPP loans, which are fully guaranteed by the SBA. This
ratio is non-GAAP, but is believed by management to be meaningful
because it provides a comparable ratio |
after eliminating PPP loans. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
(UNAUDITED): |
|
|
|
|
|
|
|
|
The following non-GAAP financial measures used by the Company
provide information useful to investors in understanding the
Company's |
|
|
|
|
|
performance. The
Company believes the financial measures presented below are
important because of their widespread use by investors as a means
to |
|
|
|
|
evaluate capital
adequacy and earnings. The following table summarizes the non-GAAP
financial measures derived from amounts reported in the |
|
|
|
|
Company's consolidated
financial statements and reconciles those non-GAAP financial
measures with the comparable GAAP financial measures. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QTD |
|
|
|
FYTD |
|
June
30, |
|
March
31, |
|
Increase |
|
September
30, |
|
Increase |
Tangible Book Value Per Share |
2022 |
|
2022 |
|
(Decrease) |
|
2021 |
|
(Decrease) |
(In
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity, net of noncontrolling interests (GAAP) |
$ |
169,213 |
|
|
$ |
179,953 |
|
|
$ |
(10,740 |
) |
|
$ |
180,377 |
|
|
$ |
(11,164 |
) |
Less:
goodwill and core deposit intangibles |
|
(10,676 |
) |
|
|
(10,730 |
) |
|
|
54 |
|
|
|
(10,836 |
) |
|
|
160 |
|
Tangible
equity (non-GAAP) |
$ |
158,537 |
|
|
$ |
169,223 |
|
|
|
(10,686 |
) |
|
$ |
169,541 |
|
|
|
(11,004 |
) |
|
|
|
|
|
|
|
|
|
|
Outstanding
common shares |
|
7,110,706 |
|
|
|
7,169,826 |
|
|
|
(59,120 |
) |
|
|
7,125,888 |
|
|
|
(15,182 |
) |
|
|
|
|
|
|
|
|
|
|
Tangible
book value per share (non-GAAP) |
$ |
22.30 |
|
|
$ |
23.60 |
|
|
$ |
(1.30 |
) |
|
$ |
23.79 |
|
|
$ |
(1.49 |
) |
|
|
|
|
|
|
|
|
|
|
Book value
per share (GAAP) |
$ |
23.80 |
|
|
$ |
25.10 |
|
|
$ |
(1.30 |
) |
|
$ |
25.31 |
|
|
$ |
(1.51 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED): |
As of |
Summarized Consolidated Balance Sheets |
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
(In
thousands, except per share data) |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
Total cash
and cash equivalents |
$ |
37,468 |
|
|
$ |
31,105 |
|
|
$ |
40,592 |
|
|
$ |
33,428 |
|
|
$ |
22,909 |
|
Total
investment securities |
|
309,027 |
|
|
|
284,674 |
|
|
|
220,926 |
|
|
|
208,518 |
|
|
|
209,551 |
|
Total loans
held for sale |
|
188,031 |
|
|
|
152,652 |
|
|
|
161,218 |
|
|
|
214,940 |
|
|
|
277,374 |
|
Total loans,
net of allowance for loan losses |
|
1,267,816 |
|
|
|
1,126,818 |
|
|
|
1,142,655 |
|
|
|
1,075,936 |
|
|
|
1,065,852 |
|
PPP
loans |
|
1,766 |
|
|
|
13,415 |
|
|
|
46,020 |
|
|
|
56,656 |
|
|
|
100,573 |
|
Loan
servicing rights |
|
69,039 |
|
|
|
68,267 |
|
|
|
59,187 |
|
|
|
54,026 |
|
|
|
51,778 |
|
Total
assets |
|
2,006,666 |
|
|
|
1,801,944 |
|
|
|
1,764,589 |
|
|
|
1,721,394 |
|
|
|
1,759,330 |
|
|
|
|
|
|
|
|
|
|
|
Retail deposits |
$ |
1,186,582 |
|
|
$ |
1,151,437 |
|
|
$ |
1,146,454 |
|
|
$ |
1,127,522 |
|
|
$ |
1,064,358 |
|
Brokered deposits |
|
159,125 |
|
|
|
69,752 |
|
|
|
120,581 |
|
|
|
100,058 |
|
|
|
62,797 |
|
Total
deposits |
|
1,345,707 |
|
|
|
1,221,189 |
|
|
|
1,267,035 |
|
|
|
1,227,580 |
|
|
|
1,127,155 |
|
Federal Home
Loan Bank borrowings |
|
404,098 |
|
|
|
296,592 |
|
|
|
258,377 |
|
|
|
250,000 |
|
|
|
283,289 |
|
Federal
Reserve PPPLF borrowings |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
107,829 |
|
|
|
|
|
|
|
|
|
|
|
Common stock and additional paid-in capital |
$ |
27,236 |
|
|
$ |
27,154 |
|
|
$ |
27,073 |
|
|
$ |
25,799 |
|
|
$ |
25,741 |
|
Retained earnings - substantially restricted |
|
161,438 |
|
|
|
159,732 |
|
|
|
153,630 |
|
|
|
150,185 |
|
|
|
146,191 |
|
Accumulated other comprehensive income (loss) |
|
(12,560 |
) |
|
|
(1,336 |
) |
|
|
9,219 |
|
|
|
8,900 |
|
|
|
10,358 |
|
Unearned stock compensation |
|
(1,075 |
) |
|
|
(1,180 |
) |
|
|
(1,285 |
) |
|
|
(138 |
) |
|
|
(184 |
) |
Less treasury stock, at cost |
|
(5,826 |
) |
|
|
(4,417 |
) |
|
|
(4,417 |
) |
|
|
(4,369 |
) |
|
|
(4,371 |
) |
Total
stockholders' equity |
|
169,213 |
|
|
|
179,953 |
|
|
|
184,220 |
|
|
|
180,377 |
|
|
|
177,735 |
|
|
|
|
|
|
|
|
|
|
|
Outstanding
common shares |
|
7,110,706 |
|
|
|
7,169,826 |
|
|
|
7,169,826 |
|
|
|
7,125,888 |
|
|
|
7,124,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED)
(CONTINUED): |
Three Months Ended |
Summarized Consolidated Statements of Income |
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
(In
thousands, except per share data) |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
Total
interest income |
$ |
18,479 |
|
|
$ |
15,801 |
|
|
$ |
15,762 |
|
|
$ |
16,243 |
|
|
$ |
16,150 |
|
Total
interest expense |
|
2,568 |
|
|
|
1,788 |
|
|
|
1,859 |
|
|
|
1,819 |
|
|
|
1,921 |
|
Net interest
income |
|
15,911 |
|
|
|
14,013 |
|
|
|
13,903 |
|
|
|
14,424 |
|
|
|
14,229 |
|
Provision
(credit) for loan losses |
|
532 |
|
|
|
(30 |
) |
|
|
526 |
|
|
|
8 |
|
|
|
(2,730 |
) |
Net interest
income after provision (credit) for loan losses |
|
15,379 |
|
|
|
14,043 |
|
|
|
13,377 |
|
|
|
14,416 |
|
|
|
16,959 |
|
|
|
|
|
|
|
|
|
|
|
Total
noninterest income |
|
10,033 |
|
|
|
20,072 |
|
|
|
16,591 |
|
|
|
16,495 |
|
|
|
18,785 |
|
Total
noninterest expense |
|
22,835 |
|
|
|
25,461 |
|
|
|
24,852 |
|
|
|
25,104 |
|
|
|
30,619 |
|
Income
before income taxes |
|
2,577 |
|
|
|
8,654 |
|
|
|
5,116 |
|
|
|
5,807 |
|
|
|
5,125 |
|
Income tax
expense (benefit) |
|
(61 |
) |
|
|
1,619 |
|
|
|
811 |
|
|
|
958 |
|
|
|
817 |
|
Net income
attributable to the Company |
$ |
2,638 |
|
|
$ |
7,035 |
|
|
$ |
4,305 |
|
|
$ |
4,849 |
|
|
$ |
4,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per share, basic |
$ |
0.37 |
|
|
$ |
0.99 |
|
|
$ |
0.60 |
|
|
$ |
0.68 |
|
|
$ |
0.61 |
|
Weighted
average shares outstanding, basic |
|
7,073,204 |
|
|
|
7,076,355 |
|
|
|
7,116,790 |
|
|
|
7,111,594 |
|
|
|
7,109,481 |
|
|
|
|
|
|
|
|
|
|
|
Net income
per share, diluted |
$ |
0.37 |
|
|
$ |
0.98 |
|
|
$ |
0.60 |
|
|
$ |
0.67 |
|
|
$ |
0.60 |
|
Weighted
average shares outstanding, diluted |
|
7,145,288 |
|
|
|
7,156,229 |
|
|
|
7,207,210 |
|
|
|
7,200,357 |
|
|
|
7,178,943 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
Consolidated Performance Ratios (Annualized) |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
Return on average assets |
|
0.55 |
% |
|
|
1.61 |
% |
|
|
1.01 |
% |
|
|
1.12 |
% |
|
|
1.00 |
% |
Return on average equity |
|
6.06 |
% |
|
|
15.24 |
% |
|
|
9.45 |
% |
|
|
10.92 |
% |
|
|
9.94 |
% |
Return on average common stockholders' equity |
|
6.06 |
% |
|
|
15.24 |
% |
|
|
9.45 |
% |
|
|
10.92 |
% |
|
|
9.94 |
% |
Net interest margin (tax equivalent basis) |
|
3.77 |
% |
|
|
3.68 |
% |
|
|
3.73 |
% |
|
|
3.79 |
% |
|
|
3.75 |
% |
Efficiency ratio |
|
88.02 |
% |
|
|
74.70 |
% |
|
|
81.50 |
% |
|
|
81.19 |
% |
|
|
92.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
As of or for the Three Months Ended |
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
Consolidated Asset Quality Ratios |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
Nonperforming loans as a percentage of total loans |
|
0.77 |
% |
|
|
0.88 |
% |
|
|
1.10 |
% |
|
|
1.42 |
% |
|
|
1.15 |
% |
Nonperforming assets as a percentage of total assets |
|
0.63 |
% |
|
|
0.73 |
% |
|
|
0.82 |
% |
|
|
1.00 |
% |
|
|
0.81 |
% |
Allowance for loan losses as a percentage of total loans |
|
1.17 |
% |
|
|
1.27 |
% |
|
|
1.28 |
% |
|
|
1.31 |
% |
|
|
1.36 |
% |
Allowance for loan losses as a percentage of nonperforming
loans |
|
151.59 |
% |
|
|
143.94 |
% |
|
|
116.12 |
% |
|
|
92.43 |
% |
|
|
117.88 |
% |
Net charge-offs to average outstanding loans |
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.00 |
% |
|
|
0.03 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED)
(CONTINUED): |
Three Months Ended |
Segmented Statements of Income Information |
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
(In
thousands, except per share data) |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
Core
Banking Segment: |
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
13,848 |
|
|
$ |
11,847 |
|
|
$ |
11,495 |
|
|
$ |
11,517 |
|
|
$ |
11,401 |
|
Provision
(credit) for loan losses |
|
910 |
|
|
|
(240 |
) |
|
|
(144 |
) |
|
|
(189 |
) |
|
|
(2,401 |
) |
Net interest
income after provision (credit) for loan losses |
|
12,938 |
|
|
|
12,087 |
|
|
|
11,639 |
|
|
|
11,706 |
|
|
|
13,802 |
|
Noninterest
income |
|
2,379 |
|
|
|
2,163 |
|
|
|
1,942 |
|
|
|
1,780 |
|
|
|
1,509 |
|
Noninterest
expense |
|
10,187 |
|
|
|
9,811 |
|
|
|
9,482 |
|
|
|
8,800 |
|
|
|
9,364 |
|
Income
before income taxes |
|
5,310 |
|
|
|
4,439 |
|
|
|
4,099 |
|
|
|
4,686 |
|
|
|
5,947 |
|
Income tax
expense |
|
568 |
|
|
|
330 |
|
|
|
500 |
|
|
|
569 |
|
|
|
792 |
|
Net income
attributable to the Company |
$ |
4,562 |
|
|
$ |
4,109 |
|
|
$ |
3,599 |
|
|
$ |
4,117 |
|
|
$ |
5,155 |
|
|
|
|
|
|
|
|
|
|
|
SBA
Lending Segment (Q2): |
|
|
|
|
|
|
|
|
|
Net interest
income (5) |
$ |
1,449 |
|
|
$ |
1,602 |
|
|
$ |
1,875 |
|
|
$ |
2,455 |
|
|
$ |
2,510 |
|
Provision
(credit) for loan losses |
|
(378 |
) |
|
|
210 |
|
|
|
670 |
|
|
|
197 |
|
|
|
(329 |
) |
Net interest
income after provision (credit) for loan losses |
|
1,827 |
|
|
|
1,392 |
|
|
|
1,205 |
|
|
|
2,258 |
|
|
|
2,839 |
|
Noninterest
income |
|
584 |
|
|
|
1,658 |
|
|
|
1,901 |
|
|
|
2,194 |
|
|
|
2,675 |
|
Noninterest
expense |
|
2,341 |
|
|
|
2,253 |
|
|
|
2,236 |
|
|
|
1,973 |
|
|
|
2,206 |
|
Income
before income taxes |
|
70 |
|
|
|
797 |
|
|
|
870 |
|
|
|
2,479 |
|
|
|
3,308 |
|
Income tax
expense |
|
26 |
|
|
|
240 |
|
|
|
265 |
|
|
|
612 |
|
|
|
790 |
|
Net income
attributable to the Company (6) |
$ |
44 |
|
|
$ |
557 |
|
|
$ |
605 |
|
|
$ |
1,867 |
|
|
$ |
2,518 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage Banking Segment: |
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
614 |
|
|
$ |
564 |
|
|
$ |
533 |
|
|
$ |
452 |
|
|
$ |
318 |
|
Provision
for loan losses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net interest
income after provision for loan losses |
|
614 |
|
|
|
564 |
|
|
|
533 |
|
|
|
452 |
|
|
|
318 |
|
Noninterest
income |
|
7,070 |
|
|
|
16,251 |
|
|
|
12,748 |
|
|
|
12,521 |
|
|
|
14,601 |
|
Noninterest
expense |
|
10,307 |
|
|
|
13,397 |
|
|
|
13,134 |
|
|
|
14,331 |
|
|
|
19,049 |
|
Income
(loss) before income taxes |
|
(2,623 |
) |
|
|
3,418 |
|
|
|
147 |
|
|
|
(1,358 |
) |
|
|
(4,130 |
) |
Income tax
expense (benefit) |
|
(655 |
) |
|
|
1,049 |
|
|
|
46 |
|
|
|
(223 |
) |
|
|
(765 |
) |
Net income
(loss) attributable to the Company |
$ |
(1,968 |
) |
|
$ |
2,369 |
|
|
$ |
101 |
|
|
$ |
(1,135 |
) |
|
$ |
(3,365 |
) |
|
|
|
|
|
|
|
|
|
|
(5) Includes
net interest income derived from PPP loans of: |
$ |
173 |
|
|
$ |
239 |
|
|
$ |
550 |
|
|
$ |
1,145 |
|
|
$ |
1,220 |
|
|
|
|
|
|
|
|
|
|
|
(6) Includes
net income attributable to the Company derived from PPP loans (tax
effected) of: |
$ |
130 |
|
|
$ |
179 |
|
|
$ |
413 |
|
|
$ |
859 |
|
|
$ |
915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED)
(CONTINUED): |
Three Months Ended |
Segmented Statements of Income Information |
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
(In
thousands, except per share data) |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
Net
Income (Loss) Per Share by Segment |
|
|
|
|
|
|
|
|
|
Net income
per share, basic - Core Banking |
$ |
0.64 |
|
|
$ |
0.58 |
|
|
$ |
0.50 |
|
|
$ |
0.58 |
|
|
$ |
0.73 |
|
Net income
per share, basic - SBA Lending (Q2) (7) |
|
0.01 |
|
|
|
0.08 |
|
|
|
0.09 |
|
|
|
0.26 |
|
|
|
0.35 |
|
Net income
(loss) per share, basic - Mortgage Banking |
|
(0.28 |
) |
|
|
0.33 |
|
|
|
0.01 |
|
|
|
(0.16 |
) |
|
|
(0.47 |
) |
Total net income per share, basic (7) |
$ |
0.37 |
|
|
$ |
0.99 |
|
|
$ |
0.60 |
|
|
$ |
0.68 |
|
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
|
Net
Income (Loss) Per Diluted Share by Segment |
|
|
|
|
|
|
|
|
|
Net income
per share, diluted - Core Banking |
$ |
0.64 |
|
|
$ |
0.57 |
|
|
$ |
0.50 |
|
|
$ |
0.57 |
|
|
$ |
0.72 |
|
Net income
per share, diluted - SBA Lending (Q2) (8) |
|
0.01 |
|
|
|
0.08 |
|
|
|
0.09 |
|
|
|
0.26 |
|
|
|
0.35 |
|
Net income
(loss) per share, diluted - Mortgage Banking |
|
(0.28 |
) |
|
|
0.33 |
|
|
|
0.01 |
|
|
|
(0.16 |
) |
|
|
(0.47 |
) |
Total net income per share, diluted (8) |
$ |
0.37 |
|
|
$ |
0.98 |
|
|
$ |
0.60 |
|
|
$ |
0.67 |
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets by Segment (three-month data
annualized) |
|
|
|
|
|
|
|
|
|
Core
Banking |
|
1.12 |
% |
|
|
1.14 |
% |
|
|
1.05 |
% |
|
|
1.24 |
% |
|
|
1.62 |
% |
SBA
Lending |
|
0.17 |
% |
|
|
1.80 |
% |
|
|
1.55 |
% |
|
|
4.01 |
% |
|
|
4.09 |
% |
Mortgage
Banking |
|
(4.50 |
%) |
|
|
5.38 |
% |
|
|
0.23 |
% |
|
|
(2.11 |
%) |
|
|
(6.84 |
%) |
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio by Segment (three-month data
annualized) |
|
|
|
|
|
|
|
|
|
Core
Banking |
|
62.78 |
% |
|
|
70.03 |
% |
|
|
70.57 |
% |
|
|
66.18 |
% |
|
|
72.53 |
% |
SBA
Lending |
|
115.15 |
% |
|
|
69.11 |
% |
|
|
59.22 |
% |
|
|
42.44 |
% |
|
|
42.55 |
% |
Mortgage
Banking |
|
134.14 |
% |
|
|
79.67 |
% |
|
|
98.89 |
% |
|
|
110.47 |
% |
|
|
127.68 |
% |
|
|
|
|
|
|
|
|
|
|
(7) Includes
basic net income per share derived from PPP loans (tax effected)
of: |
$ |
0.02 |
|
|
$ |
0.03 |
|
|
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
(8) Includes
diluted net income per share derived from PPP loans (tax effected)
of: |
$ |
0.02 |
|
|
$ |
0.03 |
|
|
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED)
(CONTINUED): |
Three Months Ended |
Noninterest Expense Detail by Segment |
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
(In
thousands) |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
Core
Banking Segment: |
|
|
|
|
|
|
|
|
|
Compensation
(9) |
$ |
5,995 |
|
|
$ |
5,207 |
|
|
$ |
5,776 |
|
|
$ |
5,220 |
|
|
$ |
5,039 |
|
Occupancy |
|
1,412 |
|
|
|
1,393 |
|
|
|
1,357 |
|
|
|
1,415 |
|
|
|
1,473 |
|
Advertising |
|
284 |
|
|
|
297 |
|
|
|
232 |
|
|
|
268 |
|
|
|
213 |
|
Other |
|
2,496 |
|
|
|
2,914 |
|
|
|
2,117 |
|
|
|
1,897 |
|
|
|
2,639 |
|
Total
Noninterest Expense |
$ |
10,187 |
|
|
$ |
9,811 |
|
|
$ |
9,482 |
|
|
$ |
8,800 |
|
|
$ |
9,364 |
|
|
|
|
|
|
|
|
|
|
|
SBA
Lending Segment (Q2): |
|
|
|
|
|
|
|
|
|
Compensation |
$ |
1,619 |
|
|
$ |
1,724 |
|
|
$ |
1,685 |
|
|
$ |
1,602 |
|
|
$ |
1,697 |
|
Occupancy |
|
60 |
|
|
|
64 |
|
|
|
78 |
|
|
|
83 |
|
|
|
101 |
|
Advertising |
|
3 |
|
|
|
9 |
|
|
|
9 |
|
|
|
6 |
|
|
|
3 |
|
Other |
|
659 |
|
|
|
456 |
|
|
|
464 |
|
|
|
282 |
|
|
|
405 |
|
Total
Noninterest Expense |
$ |
2,341 |
|
|
$ |
2,253 |
|
|
$ |
2,236 |
|
|
$ |
1,973 |
|
|
$ |
2,206 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage Banking Segment: |
|
|
|
|
|
|
|
|
|
Compensation
(9) |
$ |
7,601 |
|
|
$ |
10,292 |
|
|
$ |
9,867 |
|
|
$ |
11,456 |
|
|
$ |
14,594 |
|
Occupancy |
|
597 |
|
|
|
622 |
|
|
|
678 |
|
|
|
723 |
|
|
|
1,012 |
|
Advertising |
|
519 |
|
|
|
696 |
|
|
|
551 |
|
|
|
588 |
|
|
|
1,133 |
|
Other |
|
1,590 |
|
|
|
1,787 |
|
|
|
2,038 |
|
|
|
1,564 |
|
|
|
2,310 |
|
Total
Noninterest Expense |
$ |
10,307 |
|
|
$ |
13,397 |
|
|
$ |
13,134 |
|
|
$ |
14,331 |
|
|
$ |
19,049 |
|
|
|
|
|
|
|
|
|
|
|
(9) Compensation includes
increases for Core Banking and corresponding decreases for Mortgage
Banking segments that represent intersegment allocations for loans
originated by the Mortgage Banking segment to be held for
investment in the Core Banking loan portfolio of: |
$ |
1,164 |
|
|
$ |
869 |
|
|
$ |
975 |
|
|
$ |
678 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED)
(CONTINUED): |
Three Months Ended |
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
Mortgage Banking Noninterest Expense Fixed vs.
Variable |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
(In
thousands) |
|
|
|
|
|
|
|
|
|
Noninterest
Expense - Fixed Expenses |
$ |
6,989 |
|
|
$ |
7,936 |
|
|
$ |
7,752 |
|
|
$ |
7,779 |
|
|
$ |
9,764 |
|
Noninterest
Expense - Variable Expenses (10) |
|
3,318 |
|
|
|
5,461 |
|
|
|
5,382 |
|
|
|
6,552 |
|
|
|
9,285 |
|
Total
Noninterest Expense |
$ |
10,307 |
|
|
$ |
13,397 |
|
|
$ |
13,134 |
|
|
$ |
14,331 |
|
|
$ |
19,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
SBA
Lending (Q2) Data |
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
(In
thousands, except percentage data) |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
Final funded
loans guaranteed portion sold, SBA |
$ |
5,364 |
|
|
$ |
14,355 |
|
|
$ |
14,131 |
|
|
$ |
14,894 |
|
|
$ |
17,969 |
|
|
|
|
|
|
|
|
|
|
|
Gross gain
on sales of loans, SBA |
$ |
592 |
|
|
$ |
1,670 |
|
|
$ |
1,841 |
|
|
$ |
2,134 |
|
|
$ |
2,551 |
|
Weighted
average gross gain on sales of loans, SBA |
|
11.04 |
% |
|
|
11.63 |
% |
|
|
13.03 |
% |
|
|
14.33 |
% |
|
|
14.20 |
% |
|
|
|
|
|
|
|
|
|
|
Net gain on
sales of loans, SBA (11) |
$ |
486 |
|
|
$ |
1,327 |
|
|
$ |
1,636 |
|
|
$ |
1,912 |
|
|
$ |
2,322 |
|
Weighted
average net gain on sales of loans, SBA |
|
9.06 |
% |
|
|
9.24 |
% |
|
|
11.58 |
% |
|
|
12.84 |
% |
|
|
12.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Mortgage Banking Data |
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
(In
thousands, except percentage data) |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
Mortgage
originations for sale in the secondary market |
$ |
421,426 |
|
|
$ |
459,434 |
|
|
$ |
541,074 |
|
|
$ |
579,458 |
|
|
$ |
739,502 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage
sales |
$ |
426,200 |
|
|
$ |
478,816 |
|
|
$ |
587,928 |
|
|
$ |
670,107 |
|
|
$ |
716,425 |
|
|
|
|
|
|
|
|
|
|
|
Gross gain
on sales of loans, mortgage banking (12) |
$ |
7,419 |
|
|
$ |
10,988 |
|
|
$ |
11,082 |
|
|
$ |
10,796 |
|
|
$ |
11,999 |
|
Weighted
average gross gain on sales of loans, mortgage banking |
|
1.74 |
% |
|
|
2.29 |
% |
|
|
1.88 |
% |
|
|
1.61 |
% |
|
|
1.67 |
% |
|
|
|
|
|
|
|
|
|
|
Mortgage
banking income (13) |
$ |
7,093 |
|
|
$ |
16,254 |
|
|
$ |
12,744 |
|
|
$ |
12,538 |
|
|
$ |
14,616 |
|
|
|
|
|
|
|
|
|
|
|
(10)
Variable expenses represent incentive compensation and advertising
expenses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11) Inclusive of
gains on servicing assets, and net of commissions, referral fees,
SBA repair fees and discounts on unguaranteed portions
held-for-investment. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12) Inclusive of
gains on capitalized mortgage servicing rights, realized hedging
gains and loan fees, and net of lender credits and other investor
expenses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13) Inclusive of loan
fees, servicing income, gains or losses on mortgage servicing
rights, fair value adjustments and gains or losses on derivative
instruments, and net of lender credits and other investor
expenses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED)
(CONTINUED): |
Three Months Ended |
Summarized Consolidated Average Balance
Sheets |
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
(In
thousands) |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
Interest-earning assets |
|
|
|
|
|
|
|
|
|
Average
balances: |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
$ |
25,068 |
|
|
$ |
36,029 |
|
|
$ |
33,065 |
|
|
$ |
63,217 |
|
|
$ |
37,683 |
|
Loans, excluding PPP loans |
|
1,381,366 |
|
|
|
1,268,983 |
|
|
|
1,221,879 |
|
|
|
1,194,277 |
|
|
|
1,155,958 |
|
PPP loans |
|
4,271 |
|
|
|
22,066 |
|
|
|
51,178 |
|
|
|
84,288 |
|
|
|
145,227 |
|
Investment securities - taxable |
|
103,536 |
|
|
|
50,165 |
|
|
|
47,717 |
|
|
|
46,005 |
|
|
|
46,392 |
|
Investment securities - nontaxable |
|
202,534 |
|
|
|
163,472 |
|
|
|
153,452 |
|
|
|
148,723 |
|
|
|
148,280 |
|
FRB and FHLB stock |
|
18,691 |
|
|
|
19,021 |
|
|
|
19,258 |
|
|
|
19,258 |
|
|
|
19,258 |
|
Total interest-earning assets |
$ |
1,735,466 |
|
|
$ |
1,559,736 |
|
|
$ |
1,526,549 |
|
|
$ |
1,555,768 |
|
|
$ |
1,552,798 |
|
|
|
|
|
|
|
|
|
|
|
Interest
income (tax equivalent basis): |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
$ |
37 |
|
|
$ |
13 |
|
|
$ |
14 |
|
|
$ |
23 |
|
|
$ |
14 |
|
Loans, excluding PPP loans |
|
15,788 |
|
|
|
13,745 |
|
|
|
13,424 |
|
|
|
13,279 |
|
|
|
13,017 |
|
PPP loans |
|
177 |
|
|
|
258 |
|
|
|
595 |
|
|
|
1,219 |
|
|
|
1,347 |
|
Investment securities - taxable |
|
769 |
|
|
|
420 |
|
|
|
405 |
|
|
|
421 |
|
|
|
447 |
|
Investment securities - nontaxable |
|
1,987 |
|
|
|
1,571 |
|
|
|
1,509 |
|
|
|
1,482 |
|
|
|
1,496 |
|
FRB and FHLB stock |
|
169 |
|
|
|
146 |
|
|
|
149 |
|
|
|
146 |
|
|
|
161 |
|
Total interest income (tax equivalent basis) |
$ |
18,927 |
|
|
$ |
16,153 |
|
|
$ |
16,096 |
|
|
$ |
16,570 |
|
|
$ |
16,482 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average yield (tax equivalent basis, annualized): |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
|
0.59 |
% |
|
|
0.14 |
% |
|
|
0.17 |
% |
|
|
0.15 |
% |
|
|
0.15 |
% |
Loans, excluding PPP loans |
|
4.57 |
% |
|
|
4.33 |
% |
|
|
4.39 |
% |
|
|
4.45 |
% |
|
|
4.50 |
% |
PPP loans |
|
16.58 |
% |
|
|
4.68 |
% |
|
|
4.65 |
% |
|
|
5.78 |
% |
|
|
3.71 |
% |
Investment securities - taxable |
|
2.97 |
% |
|
|
3.35 |
% |
|
|
3.40 |
% |
|
|
3.66 |
% |
|
|
3.85 |
% |
Investment securities - nontaxable |
|
3.92 |
% |
|
|
3.84 |
% |
|
|
3.93 |
% |
|
|
3.99 |
% |
|
|
4.04 |
% |
FRB and FHLB stock |
|
3.62 |
% |
|
|
3.07 |
% |
|
|
3.09 |
% |
|
|
3.03 |
% |
|
|
3.34 |
% |
Total interest-earning assets |
|
4.36 |
% |
|
|
4.14 |
% |
|
|
4.22 |
% |
|
|
4.26 |
% |
|
|
4.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED)
(CONTINUED): |
Three Months Ended |
Summarized Consolidated Average Balance
Sheets |
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
(In
thousands) |
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2021 |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
Average
balances: |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
998,868 |
|
|
$ |
922,137 |
|
|
$ |
913,297 |
|
|
$ |
935,800 |
|
|
$ |
807,342 |
|
Federal Home Loan Bank borrowings |
|
325,460 |
|
|
|
280,190 |
|
|
|
264,617 |
|
|
|
255,210 |
|
|
|
272,834 |
|
Federal Reserve PPPLF borrowings |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11,937 |
|
|
|
114,453 |
|
Subordinated debt and other borrowings |
|
50,152 |
|
|
|
24,592 |
|
|
|
19,870 |
|
|
|
19,853 |
|
|
|
19,836 |
|
Total interest-bearing liabilities |
$ |
1,374,480 |
|
|
$ |
1,226,919 |
|
|
$ |
1,197,784 |
|
|
$ |
1,222,800 |
|
|
$ |
1,214,465 |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
1,047 |
|
|
$ |
738 |
|
|
$ |
811 |
|
|
$ |
765 |
|
|
$ |
723 |
|
Federal Home Loan Bank borrowings |
|
811 |
|
|
|
681 |
|
|
|
730 |
|
|
|
725 |
|
|
|
780 |
|
Federal Reserve PPPLF borrowings |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12 |
|
|
|
98 |
|
Subordinated debt and other borrowings |
|
710 |
|
|
|
369 |
|
|
|
318 |
|
|
|
319 |
|
|
|
320 |
|
Total interest expense |
$ |
2,568 |
|
|
$ |
1,788 |
|
|
$ |
1,859 |
|
|
$ |
1,821 |
|
|
$ |
1,921 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average cost (annualized): |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
0.42 |
% |
|
|
0.32 |
% |
|
|
0.36 |
% |
|
|
0.33 |
% |
|
|
0.36 |
% |
Federal Home Loan Bank borrowings |
|
1.00 |
% |
|
|
0.97 |
% |
|
|
1.10 |
% |
|
|
1.14 |
% |
|
|
1.14 |
% |
Federal Reserve PPPLF borrowings |
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.40 |
% |
|
|
0.34 |
% |
Subordinated debt and other borrowings |
|
5.66 |
% |
|
|
6.00 |
% |
|
|
6.40 |
% |
|
|
6.43 |
% |
|
|
6.45 |
% |
Total interest-bearing liabilities |
|
0.75 |
% |
|
|
0.58 |
% |
|
|
0.62 |
% |
|
|
0.60 |
% |
|
|
0.63 |
% |
|
|
|
|
|
|
|
|
|
|
Interest
rate spread (tax equivalent basis, annualized) |
|
3.61 |
% |
|
|
3.56 |
% |
|
|
3.60 |
% |
|
|
3.66 |
% |
|
|
3.62 |
% |
|
|
|
|
|
|
|
|
|
|
Net interest
margin (tax equivalent basis, annualized) |
|
3.77 |
% |
|
|
3.68 |
% |
|
|
3.73 |
% |
|
|
3.79 |
% |
|
|
3.75 |
% |
|
|
|
|
|
|
|
|
|
|
Net interest
margin, excluding PPP loans and PPPLF borrowings (non-GAAP), (tax
equivalent basis, annualized) |
|
3.74 |
% |
|
|
3.67 |
% |
|
|
3.70 |
% |
|
|
3.68 |
% |
|
|
3.78 |
% |
First Savings Financial (NASDAQ:FSFG)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
First Savings Financial (NASDAQ:FSFG)
Gráfica de Acción Histórica
De May 2023 a May 2024