0001689731FALSE00016897312024-07-222024-07-22
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________
FORM 8-K
___________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 22, 2024
___________________________
Southern States Bancshares, Inc.
(Exact Name of Registrant as Specified in its Charter)
___________________________
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Alabama | 001-40727 | 26-2518085 |
(State or Other Jurisdiction of Incorporation) | (Commission
File Number) | (IRS Employer Identification No.) |
| 615 Quintard Ave. | | |
Anniston, AL | | 36201 |
| (Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (256) 241-1092
Securities registered pursuant to Section 12(b) of the Act:
___________________________
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| Title of each class | Trading Symbols(s) | Name of exchange on which registered |
| Common Stock, $5.00 par value | SSBK | The NASDAQ Stock Market LLC |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item. 2.02 Results of Operations and Financial Condition.
On July 22, 2024, Southern States Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2024 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).
The information set forth under Item 7.01 is also furnished pursuant to this Item 2.02.
Item 7.01 Regulation FD Disclosure.
The Company has prepared a presentation of its results for the second quarter ended June 30, 2024 (the “Presentation”) to be used from time to time during meetings with members of the investment community. A copy of the Presentation is furnished as Exhibit 99.2 to this Report. The Presentation will also be made available on the Company’s investor relations website at ir.southernstatesbank.net under the Presentations section.
The information contained in Items 2.02 and 7.01, including Exhibits 99.1 and 99.2 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
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Exhibit
No. | | Description |
| 99.1 | | |
| 99.2 | | |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: July 23, 2024 | SOUTHERN STATES BANCSHARES, INC. |
| | |
| By: | /s/ Lynn Joyce |
| Name: | Lynn Joyce |
| Title: | Senior Executive Vice President and Chief Financial Officer |
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SOUTHERN STATES BANCSHARES, INC. | 615 Quintard Avenue / Anniston, AL 36201 / (256) 241-1092 |
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| Southern States Bancshares, Inc. Announces Second Quarter 2024 Financial Results | |
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Second Quarter 2024 Performance and Operational Highlights |
•Net income of $8.2 million, or $0.90 per diluted share |
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•Core net income(1) of $9.1 million, or $1.00 per diluted share(1) |
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•Net interest income of $21.6 million, an increase of $740,000 from the prior quarter |
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•Net interest margin (“NIM”) of 3.56%, down 3 basis points from the prior quarter |
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•NIM of 3.57% on a fully-taxable equivalent basis (“NIM - FTE”)(1) |
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•Return on average assets (“ROAA”) of 1.29%; return on average stockholders’ equity (“ROAE”) of 14.55%; and return on average tangible common equity (“ROATCE”)(1) of 15.79% |
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•Core ROAA(1) of 1.43%; and core ROATCE(1) of 17.44% |
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•Efficiency ratio of 49.78%; and core efficiency ratio of 44.75% |
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•Linked-quarter loans grew 10.3% annualized |
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•Linked-quarter total deposits grew 12.6% annualized |
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•Linked-quarter total deposits, excluding brokered deposits, grew 15.2% annualized |
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| (1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. |
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ANNISTON, Ala., July 22, 2024 – Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States” or the “Company”), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the “Bank”), today reported net income of $8.2 million, or $0.90 diluted earnings per share, for the second quarter of 2024. This compares to net income of $8.1 million, or $0.90 diluted earnings per share, for the first quarter of 2024, and net income of $8.8 million, or $0.98 diluted earnings per share, for the second quarter of 2023. The Company reported core net income of $9.1 million, or $1.00 diluted core earnings per share, for the second quarter of 2024. This compares to core net income of $8.1 million, or $0.90 diluted core earnings per share, for the first quarter of 2024, and core net income of $7.1 million, or $0.79 diluted core earnings per share, for the second quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures”).
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| CEO Commentary |
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| Mark Chambers, Chief Executive Officer and President of Southern States said, “We generated consistent growth in the second quarter with continued progress in business development adding high-quality loans and core deposits. We are seeing well-balanced loan growth across all our major areas of lending. Our total loan growth of 10.3% (annualized from the prior quarter) and total deposit growth of 12.6% reflected our ability to perform well through economic cycles.” |
| “We continue to be a high-performing bank with strong profitability metrics including ROATCE of 15.79%. Effective expense management resulted in our second highest core efficiency ratio of 44.75%.” |
| “Consistent with our prudent approach to risk management, we have a strong and durable foundation with high levels of capital reserves and strong credit quality. The addition of CBB Bancorp, which we expect to close on August 1, will strengthen our platform, drive loan and deposit growth, and expand our franchise in growing and attractive Georgia markets. Our two organizations are culturally aligned with a ‘Customer First’ mindset and we are excited to realize all the synergies that will benefit our customers, employees, shareholders, and the communities we serve.” |
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| Net Interest Income and Net Interest Margin |
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| Three Months Ended | | % Change June 30, 2024 vs. |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | March 31,
2024 | | June 30,
2023 |
| (Dollars in thousands) | | | | |
| | | | | | | | | |
| Average interest-earning assets | $ | 2,440,425 | | | $ | 2,336,369 | | | $ | 2,091,998 | | | 4.5 | % | | 16.7 | % |
| Net interest income | $ | 21,579 | | | $ | 20,839 | | | $ | 19,432 | | | 3.6 | % | | 11.0 | % |
| Net interest margin | 3.56 | % | | 3.59 | % | | 3.73 | % | | (3) | bps | | (17) | bps |
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Net interest income for the second quarter of 2024 was $21.6 million, an increase of 3.6% from $20.8 million in the first quarter of 2024. The increase was primarily driven by a higher yield on interest-earning assets resulting from growth at higher interest rates, which more than offset a higher cost of interest-bearing deposits due to both higher interest rates and competition.
Relative to the second quarter of 2023, net interest income increased $2.1 million, or 11.0%. The increase was mainly driven by growth, which offset the slight decline in net interest margin.
Net interest margin for the second quarter of 2024 was 3.56%, compared to 3.59% for the first quarter of 2024. The decrease was primarily due to an increase in the cost of interest-bearing deposits, which was greater than the increase in the yield on interest-earning assets.
Relative to the second quarter of 2023, net interest margin decreased from 3.73%. The decrease was primarily the result of the increase in interest rates, which accelerated the cost of interest-bearing liabilities at a greater pace than the yield received on interest-earning assets. A shift from noninterest-bearing deposits into interest-bearing deposits also had a negative impact on net interest margin.
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| Three Months Ended | | % Change June 30, 2024 vs. |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | March 31,
2024 | | June 30,
2023 |
| (Dollars in thousands) | | | | |
| | | | | | | | | |
| Service charges on deposit accounts | $ | 462 | | | $ | 463 | | | $ | 456 | | | (0.2) | % | | 1.3 | % |
Swap fees | 4 | | | 15 | | | 173 | | | (73.3) | % | | (97.7) | % |
| SBA/USDA fees | 58 | | | 64 | | | 66 | | | (9.4) | % | | (12.1) | % |
| Mortgage origination fees | 92 | | | 96 | | | 188 | | | (4.2) | % | | (51.1) | % |
Net gain (loss) on securities | 20 | | | (12) | | | (45) | | | (266.7) | % | | (144.4) | % |
| Employee retention credit and related revenue (“ERC”) | — | | | — | | | 5,100 | | | N/A | | N/A |
| Other operating income | 732 | | | 642 | | | 924 | | | 14.0 | % | | (20.8) | % |
| Total noninterest income | $ | 1,368 | | | $ | 1,268 | | | $ | 6,862 | | | 7.9 | % | | (80.1) | % |
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Noninterest income for the second quarter of 2024 was $1.4 million, an increase of 7.9% from $1.3 million in the first quarter of 2024. The increase primarily reflected the purchase of additional bank owned life insurance (“BOLI”) that resulted in increased BOLI income, a realized net gain on securities during the second quarter of 2024 compared to a net loss on securities during the first quarter of 2024, and an increase in interchange fees.
Relative to the second quarter of 2023, noninterest income decreased 80.1% from $6.9 million. In the second quarter of 2023, the Company received $5.1 million in ERC from the Internal Revenue Service (“IRS”), which was subsequently returned in the third quarter of 2023 as a result of revised IRS eligibility guidelines. Other operating income decreased as a result of the Company receiving less nonrecurring income from a third party during the second quarter of 2024. In addition, there was a decline in swap fees during the second quarter of 2024, substantially as a result of the Company not participating in any swap transactions.
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| Three Months Ended | | % Change June 30, 2024 vs. |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | March 31,
2024 | | June 30,
2023 |
| (Dollars in thousands) | | | | |
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| Salaries and employee benefits | $ | 6,112 | | | $ | 6,231 | | | $ | 7,863 | | | (1.9) | % | | (22.3) | % |
| Equipment and occupancy expenses | 667 | | | 689 | | | 694 | | | (3.2) | % | | (3.9) | % |
| Data processing fees | 686 | | | 643 | | | 646 | | | 6.7 | % | | 6.2 | % |
| Regulatory assessments | 375 | | | 360 | | | 180 | | | 4.2 | % | | 108.3 | % |
| Professional fees related to ERC | — | | | — | | | 1,243 | | | N/A | | N/A |
| Other operating expenses | 3,571 | | | 2,452 | | | 2,806 | | | 45.6 | % | | 27.3 | % |
| Total noninterest expenses | $ | 11,411 | | | $ | 10,375 | | | $ | 13,432 | | | 10.0 | % | | (15.0) | % |
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Noninterest expense for the second quarter of 2024 was $11.4 million, an increase of 10.0% from $10.4 million in the first quarter of 2024. The second quarter of 2024 included a $1.2 million wire fraud loss. This was not a systematic issue with systems, only a procedural incident. The increase was partially offset by a reduction in salaries and benefits during the second quarter of 2024, substantially due to higher payroll taxes and 401k matching brought about by incentive expense paid during the first quarter of 2024.
Relative to the second quarter of 2023, noninterest expense decreased 15.0% from $13.4 million. The decrease was primarily attributable to a decrease in salaries and benefits, substantially as a result of one-time retirement-related expenses of $1.6 million paid to our former CEO in May 2023 and professional fees paid to a third party during the second quarter of 2023 related to ERC, which were subsequently refunded during the third quarter of 2023. These decreases were significantly offset by the wire fraud loss the Company incurred during the second quarter of 2024. As previously mentioned, this was not a systematic issue with systems, only a procedural incident.
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| Three Months Ended | | % Change June 30, 2024 vs. |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | March 31,
2024 | | June 30,
2023 |
| (Dollars in thousands) | | | | |
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| Gross loans | $ | 2,021,877 | | | $ | 1,971,396 | | | $ | 1,722,278 | | | 2.6 | % | | 17.4 | % |
| Unearned income | (6,443) | | | (6,247) | | | (5,766) | | | 3.1 | % | | 11.7 | % |
| Loans, net of unearned income (“Loans”) | 2,015,434 | | | 1,965,149 | | | 1,716,512 | | | 2.6 | % | | 17.4 | % |
| Average loans, net of unearned (“Average loans”) | $ | 1,987,533 | | | $ | 1,916,288 | | | $ | 1,676,816 | | | 3.7 | % | | 18.5 | % |
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| Nonperforming loans (“NPL”) | $ | 3,784 | | | $ | 3,446 | | | $ | 1,010 | | | 9.8 | % | | 274.7 | % |
| Provision for credit losses | $ | 1,067 | | | $ | 1,236 | | | $ | 1,557 | | | (13.7) | % | | (31.5) | % |
| Allowance for credit losses (“ACL”) | $ | 25,828 | | | $ | 25,144 | | | $ | 21,385 | | | 2.7 | % | | 20.8 | % |
| Net charge-offs | $ | 383 | | | $ | 470 | | | $ | 27 | | | (18.5) | % | | 1318.5 | % |
| NPL to gross loans | 0.19 | % | | 0.17 | % | | 0.06 | % | | | | |
Net charge-offs to average loans(1) | 0.08 | % | | 0.10 | % | | 0.01 | % | | | | |
| ACL to loans | 1.28 | % | | 1.28 | % | | 1.25 | % | | | | |
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| (1) Ratio is annualized. | | | | | | | | | |
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Loans, net of unearned income, were $2.0 billion at June 30, 2024, up $50.3 million from March 31, 2024 and up $298.9 million from June 30, 2023. The linked-quarter and year-over-year increases in loans were primarily attributable to new business growth across our footprint.
Nonperforming loans totaled $3.8 million, or 0.19% of gross loans, at June 30, 2024, compared with $3.4 million, or 0.17% of gross loans, at March 31, 2024, and $1.0 million, or 0.06% of gross loans, at June 30, 2023. The $338,000 net increase in nonperforming loans in the second quarter of 2024 was primarily attributable to a commercial and industrial loan that was added to nonaccrual status and partially offset by a commercial and industrial loan that was charged-off. The $2.8 million net increase in nonperforming loans from June 30, 2023, was primarily attributable to a significant commercial real estate loan and two commercial and industrial loans that were added to nonaccrual status.
The Company recorded a provision for credit losses of $1.1 million for the second quarter of 2024, compared to $1.2 million for the first quarter of 2024. Provision in the second quarter of 2024 was based primarily on loan growth along with qualitative economic factors and individually analyzed loans.
Net charge-offs for the second quarter of 2024 were $383,000, or 0.08% of average loans on an annualized basis, compared to net charge-offs of $470,000, or 0.10% of average loans on an annualized basis, for the first quarter of 2024, and net charge-offs of $27,000, or 0.01% of average loans on an annualized basis, for the second quarter of 2023. The charge-offs recorded during the the first and second quarters of 2024 were substantially related to the charge-off of approximately 70% of a purchased pool of consumer loans, as the borrower has filed for bankruptcy. This was a conservative approach based on uncertainty.
The Company’s allowance for credit losses was 1.28% of total loans and 682.56% of nonperforming loans at June 30, 2024, compared with 1.28% of total loans and 729.66% of nonperforming loans at March 31, 2024. Allowance for credit losses on unfunded commitments was $1.2 million at June 30, 2024.
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| Three Months Ended | | % Change June 30, 2024 vs. |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | March 31,
2024 | | June 30,
2023 |
| (Dollars in thousands) | | | | |
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| Noninterest-bearing deposits | $ | 416,068 | | | $ | 416,704 | | | $ | 449,433 | | | (0.2) | % | | (7.4) | % |
| Interest-bearing deposits | 1,759,610 | | | 1,693,094 | | | 1,474,478 | | | 3.9 | % | | 19.3 | % |
| Total deposits | $ | 2,175,678 | | | $ | 2,109,798 | | | $ | 1,923,911 | | | 3.1 | % | | 13.1 | % |
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| Uninsured deposits | $ | 645,283 | | | $ | 610,122 | | | $ | 553,084 | | | 5.8 | % | | 16.7 | % |
| Uninsured deposits to total deposits | 29.66 | % | | 28.92 | % | | 28.75 | % | | | | |
| Noninterest deposits to total deposits | 19.12 | % | | 19.75 | % | | 23.36 | % | | | | |
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Total deposits were $2.2 billion at June 30, 2024, up from $2.1 billion at March 31, 2024 and $1.9 billion at June 30, 2023. The $65.9 million increase in total deposits in the second quarter was primarily due to an increase of $66.5 million in interest-bearing deposits, which included a $2.7 million decrease in brokered deposits, partially offset by a $636,000 decrease in noninterest-bearing deposits. Total brokered deposits were $288.3 million at June 30, 2024, compared to 291.0 million at March 31, 2024.
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| June 30,
2024 | | March 31,
2024 | | June 30,
2023 |
| Company | | Bank | | Company | | Bank | | Company | | Bank |
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| Tier 1 capital ratio to average assets | 8.72 | % | | 11.52 | % | | 8.79 | % | | 11.67 | % | | 8.70 | % | | 11.82 | % |
| Risk-based capital ratios: | | | | | | | | | | | |
| Common equity tier 1 (“CET1”) capital ratio | 9.54 | % | | 12.61 | % | | 9.39 | % | | 12.47 | % | | 9.11 | % | | 12.37 | % |
| Tier 1 capital ratio | 9.54 | % | | 12.61 | % | | 9.39 | % | | 12.47 | % | | 9.11 | % | | 12.37 | % |
| Total capital ratio | 14.50 | % | | 13.77 | % | | 14.42 | % | | 13.63 | % | | 14.42 | % | | 13.47 | % |
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As of June 30, 2024, total stockholders’ equity was $230.6 million, up from $222.9 million at March 31, 2024. The increase of $7.7 million was substantially due to earnings growth.
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| About Southern States Bancshares, Inc. |
Headquartered in Anniston, Alabama, Southern States Bancshares, Inc. is a bank holding company that operates primarily through its wholly-owned subsidiary, Southern States Bank. The Bank is a full service community banking institution, which offers an array of deposit, loan and other banking-related products and services to businesses and individuals in its communities. The Bank operates 13 branches in Alabama and Georgia and two loan production offices in Atlanta.
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| Forward-Looking Statements |
This press release contains forward-looking statements within the meaning of the federal securities laws, which reflect our current expectations and beliefs with respect to, among other things, future events and our financial performance. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. This may be especially true given recent events and trends in the banking industry and the inflationary environment. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the dates made, we cannot give any assurance that such expectations will prove correct and actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 under the section entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.
These statements are often, but not always, made through the use of words or phrases such as “may,” “can,” “should,” “could,” “to be,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “likely,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would” and “outlook,” or the negative version of those words or other similar words or phrases of a future or forward-looking nature. Forward-looking statements appear in a number of places in this press release and may include statements about our acquisition of Century Bank of Georgia, business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions.
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| Contact Information |
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| Lynn Joyce | | | | Margaret Boyce |
| (205) 820-8065 | | | | (310) 622-8247 |
| ljoyce@ssbank.bank | | | | ssbankir@finprofiles.com |
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| SELECT FINANCIAL DATA |
| (Dollars in thousands, except share and per share amounts) |
| | | | | | | | | |
| Three Months Ended | | Six Months Ended |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | June 30,
2024 | | June 30,
2023 |
| | | | | | | | |
| Results of Operations | | | | | | | | | |
| Interest income | $ | 41,007 | | | $ | 38,736 | | | $ | 32,185 | | | $ | 79,743 | | | $ | 60,884 | |
| Interest expense | 19,428 | | | 17,897 | | | 12,753 | | | 37,325 | | | 21,906 | |
| Net interest income | 21,579 | | | 20,839 | | | 19,432 | | | 42,418 | | | 38,978 | |
| Provision for credit losses | 1,067 | | | 1,236 | | | 1,557 | | | 2,303 | | | 2,738 | |
| Net interest income after provision | 20,512 | | | 19,603 | | | 17,875 | | | 40,115 | | | 36,240 | |
| Noninterest income | 1,368 | | | 1,268 | | | 6,862 | | | 2,636 | | | 8,648 | |
| Noninterest expense | 11,411 | | | 10,375 | | | 13,432 | | | 21,786 | | | 23,590 | |
| Income tax expense | 2,271 | | | 2,377 | | | 2,549 | | | 4,648 | | | 4,871 | |
| Net income | $ | 8,198 | | | $ | 8,119 | | | $ | 8,756 | | | $ | 16,317 | | | $ | 16,427 | |
Core net income(1) | $ | 9,058 | | | $ | 8,128 | | | $ | 7,058 | | | $ | 17,186 | | | $ | 14,339 | |
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| Share and Per Share Data | | | | | | | | | |
| Shares issued and outstanding | 8,908,130 | | | 8,894,794 | | | 8,738,814 | | | 8,908,130 | | | 8,738,814 | |
| Weighted average shares outstanding: | | | | | | | | | |
| Basic | 8,957,608 | | | 8,913,477 | | | 8,763,635 | | | 8,935,542 | | | 8,763,046 | |
| Diluted | 9,070,568 | | | 9,043,122 | | | 8,950,847 | | | 9,062,548 | | | 9,001,600 | |
| Earnings per share: | | | | | | | | | |
| Basic | $ | 0.91 | | | $ | 0.91 | | | $ | 1.00 | | | $ | 1.82 | | | $ | 1.87 | |
| Diluted | 0.90 | | | 0.90 | | | 0.98 | | | 1.80 | | | 1.82 | |
Core - diluted(1) | 1.00 | | | 0.90 | | | 0.79 | | | 1.90 | | | 1.59 | |
| Book value per share | 25.88 | | | 25.06 | | | 22.57 | | | 25.88 | | | 22.57 | |
Tangible book value per share(1) | 23.91 | | | 23.07 | | | 20.52 | | | 23.91 | | | 20.52 | |
| Cash dividends per common share | 0.09 | | | 0.09 | | | 0.09 | | | 0.18 | | | 0.18 | |
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| Performance and Financial Ratios | | | | | | | | | |
| ROAA | 1.29 | % | | 1.33 | % | | 1.60 | % | | 1.31 | % | | 1.56 | % |
| ROAE | 14.55 | % | | 14.87 | % | | 18.15 | % | | 14.71 | % | | 17.43 | % |
Core ROAA(1) | 1.43 | % | | 1.34 | % | | 1.29 | % | | 1.38 | % | | 1.36 | % |
ROATCE(1) | 15.79 | % | | 16.17 | % | | 20.01 | % | | 15.98 | % | | 19.25 | % |
Core ROATCE(1) | 17.44 | % | | 16.19 | % | | 16.13 | % | | 16.83 | % | | 16.80 | % |
| NIM | 3.56 | % | | 3.59 | % | | 3.73 | % | | 3.57 | % | | 3.89 | % |
NIM - FTE(1) | 3.57 | % | | 3.60 | % | | 3.74 | % | | 3.58 | % | | 3.90 | % |
| Net interest spread | 2.59 | % | | 2.63 | % | | 2.86 | % | | 2.60 | % | | 3.08 | % |
| Yield on loans | 7.17 | % | | 7.06 | % | | 6.61 | % | | 7.11 | % | | 6.50 | % |
| Yield on interest-earning assets | 6.76 | % | | 6.67 | % | | 6.17 | % | | 6.71 | % | | 6.08 | % |
| Cost of interest-bearing liabilities | 4.17 | % | | 4.04 | % | | 3.31 | % | | 4.11 | % | | 3.00 | % |
Cost of funds(2) | 3.41 | % | | 3.27 | % | | 2.58 | % | | 3.34 | % | | 2.31 | % |
| Cost of interest-bearing deposits | 4.07 | % | | 3.92 | % | | 3.12 | % | | 4.00 | % | | 2.79 | % |
| Cost of total deposits | 3.27 | % | | 3.12 | % | | 2.38 | % | | 3.20 | % | | 2.11 | % |
| Noninterest deposits to total deposits | 19.12 | % | | 19.75 | % | | 23.36 | % | | 19.12 | % | | 23.36 | % |
| Core deposits to total deposits | 81.78 | % | | 81.45 | % | | 86.43 | % | | 81.78 | % | | 86.43 | % |
| Uninsured deposits to total deposits | 29.66 | % | | 28.92 | % | | 28.75 | % | | 29.66 | % | | 28.75 | % |
| Total loans to total deposits | 92.63 | % | | 93.14 | % | | 89.22 | % | | 92.63 | % | | 89.22 | % |
| Efficiency ratio | 49.78 | % | | 46.90 | % | | 51.00 | % | | 48.36 | % | | 50.02 | % |
Core efficiency ratio(1) | 44.75 | % | | 46.90 | % | | 49.96 | % | | 45.81 | % | | 49.38 | % |
| | | | | | | | | |
(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2) Includes total interest-bearing liabilities and noninterest deposits.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SELECT FINANCIAL DATA |
| (Dollars in thousands) |
| | | | | | | | | |
| Three Months Ended | | Six Months Ended |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | June 30,
2024 | | June 30,
2023 |
| | | | | | | | |
| Financial Condition (ending) | | | | | | | | | |
| Total loans | $ | 2,015,434 | | | $ | 1,965,149 | | | $ | 1,716,512 | | | $ | 2,015,434 | | | $ | 1,716,512 | |
| Total securities | 204,131 | | | 197,006 | | | 182,717 | | | 204,131 | | | 182,717 | |
| Total assets | 2,572,011 | | | 2,510,975 | | | 2,277,803 | | | 2,572,011 | | | 2,277,803 | |
| Total noninterest-bearing deposits | 416,068 | | | 416,704 | | | 449,433 | | | 416,068 | | | 449,433 | |
Total core deposits(1) | 1,779,253 | | | 1,718,333 | | | 1,662,855 | | | 1,779,253 | | | 1,662,855 | |
| Total deposits | 2,175,678 | | | 2,109,798 | | | 1,923,911 | | | 2,175,678 | | | 1,923,911 | |
| Total borrowings | 136,873 | | | 146,773 | | | 131,472 | | | 136,873 | | | 131,472 | |
| Total liabilities | 2,341,430 | | | 2,288,094 | | | 2,080,553 | | | 2,341,430 | | | 2,080,553 | |
| Total shareholders’ equity | 230,581 | | | 222,881 | | | 197,250 | | | 230,581 | | | 197,250 | |
| | | | | | | | | |
| Financial Condition (average) | | | | | | | | | |
| Total loans | $ | 1,987,533 | | | $ | 1,916,288 | | | $ | 1,676,816 | | | $ | 1,951,910 | | | $ | 1,643,376 | |
| Total securities | 210,678 | | | 208,954 | | | 196,731 | | | 209,816 | | | 194,552 | |
| Total other interest-earning assets | 242,214 | | | 211,127 | | | 218,451 | | | 226,671 | | | 182,447 | |
| Total interest-earning assets | 2,440,425 | | | 2,336,369 | | | 2,091,998 | | | 2,388,397 | | | 2,020,375 | |
| Total assets | 2,553,010 | | | 2,447,278 | | | 2,200,843 | | | 2,500,144 | | | 2,129,328 | |
| Total noninterest-bearing deposits | 420,885 | | | 416,141 | | | 438,987 | | | 418,513 | | | 438,862 | |
| Total interest-bearing deposits | 1,729,682 | | | 1,633,307 | | | 1,412,047 | | | 1,681,494 | | | 1,356,648 | |
| Total deposits | 2,150,567 | | | 2,049,448 | | | 1,851,034 | | | 2,100,007 | | | 1,795,510 | |
| Total borrowings | 143,189 | | | 148,771 | | | 131,411 | | | 145,980 | | | 118,229 | |
| Total interest-bearing liabilities | 1,872,871 | | | 1,782,078 | | | 1,543,458 | | | 1,827,474 | | | 1,474,877 | |
| Total shareholders’ equity | 226,527 | | | 219,622 | | | 193,516 | | | 223,075 | | | 190,096 | |
| | | | | | | | | |
| Asset Quality | | | | | | | | | |
| Nonperforming loans | $ | 3,784 | | | $ | 3,446 | | | $ | 1,010 | | | $ | 3,784 | | | $ | 1,010 | |
| Other real estate owned (“OREO”) | $ | 33 | | | $ | 33 | | | $ | 2,870 | | | $ | 33 | | | $ | 2,870 | |
| Nonperforming assets (“NPA”) | $ | 3,817 | | | $ | 3,479 | | | $ | 3,880 | | | $ | 3,817 | | | $ | 3,880 | |
Net charge-offs to average loans(2) | 0.08 | % | | 0.10 | % | | 0.01 | % | | 0.09 | % | | 0.03 | % |
Provision for credit losses to average loans(2) | 0.22 | % | | 0.26 | % | | 0.37 | % | | 0.24 | % | | 0.34 | % |
| ACL to loans | 1.28 | % | | 1.28 | % | | 1.25 | % | | 1.28 | % | | 1.25 | % |
| ACL to gross loans | 1.28 | % | | 1.28 | % | | 1.24 | % | | 1.28 | % | | 1.24 | % |
| ACL to NPL | 682.56 | % | | 729.66 | % | | 2117.33 | % | | 682.56 | % | | 2117.33 | % |
| NPL to loans | 0.19 | % | | 0.18 | % | | 0.06 | % | | 0.19 | % | | 0.06 | % |
| NPL to gross loans | 0.19 | % | | 0.17 | % | | 0.06 | % | | 0.19 | % | | 0.06 | % |
| NPA to gross loans and OREO | 0.19 | % | | 0.18 | % | | 0.22 | % | | 0.19 | % | | 0.22 | % |
| NPA to total assets | 0.15 | % | | 0.14 | % | | 0.17 | % | | 0.15 | % | | 0.17 | % |
| | | | | | | | | |
| Regulatory and Other Capital Ratios | | | | | | | | | |
| Total shareholders’ equity to total assets | 8.97 | % | | 8.88 | % | | 8.66 | % | | 8.97 | % | | 8.66 | % |
Tangible common equity to tangible assets(3) | 8.34 | % | | 8.23 | % | | 7.94 | % | | 8.34 | % | | 7.94 | % |
| Tier 1 capital ratio to average assets | 8.72 | % | | 8.79 | % | | 8.70 | % | | 8.72 | % | | 8.70 | % |
Risk-based capital ratios: | | | | | | | | | |
| CET1 capital ratio | 9.54 | % | | 9.39 | % | | 9.11 | % | | 9.54 | % | | 9.11 | % |
| Tier 1 capital ratio | 9.54 | % | | 9.39 | % | | 9.11 | % | | 9.54 | % | | 9.11 | % |
| Total capital ratio | 14.50 | % | | 14.42 | % | | 14.42 | % | | 14.50 | % | | 14.42 | % |
| | | | | | | | | |
(1) We define core deposits as total deposits excluding brokered deposits and time deposits greater than $250,000.
(2) Ratio is annualized.
(3) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
| | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
| (Dollars in thousands) |
| | | | | | | |
| June 30,
2024 | | March 31,
2024 | | December 31,
2023 | | June 30,
2023 |
| (Unaudited) | | (Unaudited) | | (Audited) | | (Unaudited) |
| | | | | | |
| Assets | | | | | | | |
| Cash and due from banks | $ | 21,598 | | | $ | 20,470 | | | $ | 19,710 | | | $ | 21,299 | |
| Interest-bearing deposits in banks | 140,440 | | | 129,917 | | | 134,846 | | | 159,818 | |
| Federal funds sold | 76,334 | | | 86,736 | | | 96,095 | | | 84,812 | |
| Total cash and cash equivalents | 238,372 | | | 237,123 | | | 250,651 | | | 265,929 | |
| | | | | | | |
| Securities available for sale, at fair value | 184,510 | | | 177,379 | | | 179,000 | | | 163,075 | |
| Securities held to maturity, at amortized cost | 19,621 | | | 19,627 | | | 19,632 | | | 19,642 | |
| Other equity securities, at fair value | 3,658 | | | 3,638 | | | 3,649 | | | 3,762 | |
| Restricted equity securities, at cost | 4,633 | | | 5,108 | | | 5,684 | | | 3,862 | |
| Loans held for sale | 1,716 | | | 425 | | | 450 | | | 1,589 | |
| | | | | | | |
| Loans, net of unearned income | 2,015,434 | | | 1,965,149 | | | 1,884,508 | | | 1,716,512 | |
| Less allowance for credit losses | 25,828 | | | 25,144 | | | 24,378 | | | 21,385 | |
| Loans, net | 1,989,606 | | | 1,940,005 | | | 1,860,130 | | | 1,695,127 | |
| | | | | | | |
| Premises and equipment, net | 26,192 | | | 26,262 | | | 26,426 | | | 26,957 | |
| Accrued interest receivable | 9,654 | | | 9,561 | | | 8,711 | | | 7,372 | |
| Bank owned life insurance | 33,000 | | | 30,075 | | | 29,884 | | | 29,521 | |
| Annuities | 15,918 | | | 15,939 | | | 15,036 | | | 15,359 | |
| Foreclosed assets | 33 | | | 33 | | | 33 | | | 2,870 | |
| Goodwill | 16,862 | | | 16,862 | | | 16,862 | | | 16,862 | |
| Core deposit intangible | 735 | | | 817 | | | 899 | | | 1,062 | |
| Other assets | 27,501 | | | 28,121 | | | 29,616 | | | 24,814 | |
| | | | | | | |
| Total assets | $ | 2,572,011 | | | $ | 2,510,975 | | | $ | 2,446,663 | | | $ | 2,277,803 | |
| | | | | | | |
| Liabilities and Stockholders' Equity | | | | | | | |
| Liabilities: | | | | | | | |
| Deposits: | | | | | | | |
| Noninterest-bearing | $ | 416,068 | | | $ | 416,704 | | | $ | 437,959 | | | $ | 449,433 | |
| Interest-bearing | 1,759,610 | | | 1,693,094 | | | 1,580,230 | | | 1,474,478 | |
| Total deposits | 2,175,678 | | | 2,109,798 | | | 2,018,189 | | | 1,923,911 | |
| | | | | | | |
| Other borrowings | 8,000 | | | 7,997 | | | 26,994 | | | (13) | |
| FHLB advances | 42,000 | | | 52,000 | | | 70,000 | | | 45,000 | |
| Subordinated notes | 86,873 | | | 86,776 | | | 86,679 | | | 86,485 | |
| Accrued interest payable | 2,024 | | | 1,805 | | | 1,519 | | | 1,063 | |
| Other liabilities | 26,855 | | | 29,718 | | | 28,318 | | | 24,107 | |
| | | | | | | |
| Total liabilities | 2,341,430 | | | 2,288,094 | | | 2,231,699 | | | 2,080,553 | |
| | | | | | | |
| Stockholders' equity: | | | | | | | |
| Common stock | 44,813 | | | 44,746 | | | 44,479 | | | 43,831 | |
| Capital surplus | 79,248 | | | 79,282 | | | 78,361 | | | 77,101 | |
| Retained earnings | 117,233 | | | 109,838 | | | 102,523 | | | 88,603 | |
Accumulated other comprehensive loss | (8,333) | | | (8,401) | | | (8,379) | | | (10,799) | |
| Unvested restricted stock | (826) | | | (1,030) | | | (466) | | | (709) | |
| Vested restricted stock units | (1,554) | | | (1,554) | | | (1,554) | | | (777) | |
| | | | | | | |
| Total stockholders' equity | 230,581 | | | 222,881 | | | 214,964 | | | 197,250 | |
| | | | | | | |
| Total liabilities and stockholders' equity | $ | 2,572,011 | | | $ | 2,510,975 | | | $ | 2,446,663 | | | $ | 2,277,803 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CONSOLIDATED STATEMENTS OF INCOME |
| (Dollars in thousands, except per share amounts) |
| | | | | | | | | |
| Three Months Ended | | Six Months Ended |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | June 30,
2024 | | June 30,
2023 |
| (Unaudited) | | (Unaudited) | | (Unaudited) | | (Unaudited) | | (Unaudited) |
| Interest income: | | | | | | | | | |
| Loans, including fees | $ | 35,421 | | | $ | 33,628 | | | $ | 27,630 | | | $ | 69,049 | | | $ | 52,965 | |
| Taxable securities | 2,039 | | | 1,981 | | | 1,641 | | | 4,020 | | | 3,024 | |
| Nontaxable securities | 231 | | | 229 | | | 228 | | | 460 | | | 519 | |
| Other interest and dividends | 3,316 | | | 2,898 | | | 2,686 | | | 6,214 | | | 4,376 | |
| Total interest income | 41,007 | | | 38,736 | | | 32,185 | | | 79,743 | | | 60,884 | |
| | | | | | | | | |
| Interest expense: | | | | | | | | | |
| Deposits | 17,511 | | | 15,906 | | | 10,998 | | | 33,417 | | | 18,766 | |
| Other borrowings | 1,917 | | | 1,991 | | | 1,755 | | | 3,908 | | | 3,140 | |
| Total interest expense | 19,428 | | | 17,897 | | | 12,753 | | | 37,325 | | | 21,906 | |
| | | | | | | | | |
| Net interest income | 21,579 | | | 20,839 | | | 19,432 | | | 42,418 | | | 38,978 | |
| Provision for credit losses | 1,067 | | | 1,236 | | | 1,557 | | | 2,303 | | | 2,738 | |
| Net interest income after provision for credit losses | 20,512 | | | 19,603 | | | 17,875 | | | 40,115 | | | 36,240 | |
| | | | | | | | | |
| Noninterest income: | | | | | | | | | |
| Service charges on deposit accounts | 462 | | | 463 | | | 456 | | | 925 | | | 906 | |
Swap fees | 4 | | | 15 | | | 173 | | | 19 | | | 169 | |
| SBA/USDA fees | 58 | | | 64 | | | 66 | | | 122 | | | 200 | |
| Mortgage origination fees | 92 | | | 96 | | | 188 | | | 188 | | | 288 | |
Net gain (loss) on securities | 20 | | | (12) | | | (45) | | | 8 | | | 469 | |
| Employee retention credit and related revenue | — | | | — | | | 5,100 | | | — | | | 5,100 | |
| Other operating income | 732 | | | 642 | | | 924 | | | 1,374 | | | 1,516 | |
| Total noninterest income | 1,368 | | | 1,268 | | | 6,862 | | | 2,636 | | | 8,648 | |
| | | | | | | | | |
| Noninterest expenses: | | | | | | | | | |
| Salaries and employee benefits | 6,112 | | | 6,231 | | | 7,863 | | | 12,343 | | | 14,174 | |
| Equipment and occupancy expenses | 667 | | | 689 | | | 694 | | | 1,356 | | | 1,377 | |
| Data processing fees | 686 | | | 643 | | | 646 | | | 1,329 | | | 1,239 | |
| Regulatory assessments | 375 | | | 360 | | | 180 | | | 735 | | | 522 | |
| Professional fees related to ERC | — | | | — | | | 1,243 | | | — | | | 1,243 | |
| Other operating expenses | 3,571 | | | 2,452 | | | 2,806 | | | 6,023 | | | 5,035 | |
| Total noninterest expenses | 11,411 | | | 10,375 | | | 13,432 | | | 21,786 | | | 23,590 | |
| | | | | | | | | |
| Income before income taxes | 10,469 | | | 10,496 | | | 11,305 | | | 20,965 | | | 21,298 | |
| | | | | | | | | |
| Income tax expense | 2,271 | | | 2,377 | | | 2,549 | | | 4,648 | | | 4,871 | |
| | | | | | | | | |
| Net income | $ | 8,198 | | | $ | 8,119 | | | $ | 8,756 | | | $ | 16,317 | | | $ | 16,427 | |
| | | | | | | | | |
| Basic earnings per share | $ | 0.91 | | | $ | 0.91 | | | $ | 1.00 | | | $ | 1.82 | | | $ | 1.87 | |
| | | | | | | | | |
| Diluted earnings per share | $ | 0.90 | | | $ | 0.90 | | | $ | 0.98 | | | $ | 1.80 | | | $ | 1.82 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AVERAGE BALANCE SHEET AND NET INTEREST MARGIN |
| (Dollars in thousands) |
| | | | | | | | | | | | | | | | | |
| Three Months Ended |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 |
Average
Balance | | Interest | | Yield/Rate | | Average
Balance | | Interest | | Yield/Rate | | Average
Balance | | Interest | | Yield/Rate |
| Assets: | | | | | | | | | | | | | | | | | |
| Interest-earning assets: | | | | | | | | | | | | | | | | | |
Loans, net of unearned income(1) | $ | 1,987,533 | | | $ | 35,421 | | | 7.17 | % | | $ | 1,916,288 | | | $ | 33,628 | | | 7.06 | % | | $ | 1,676,816 | | | $ | 27,630 | | | 6.61 | % |
| Taxable securities | 165,141 | | | 2,039 | | | 4.97 | % | | 163,586 | | | 1,981 | | | 4.87 | % | | 151,107 | | | 1,641 | | | 4.36 | % |
| Nontaxable securities | 45,537 | | | 231 | | | 2.04 | % | | 45,368 | | | 229 | | | 2.03 | % | | 45,624 | | | 228 | | | 2.00 | % |
| Other interest-earnings assets | 242,214 | | | 3,316 | | | 5.51 | % | | 211,127 | | | 2,898 | | | 5.52 | % | | 218,451 | | | 2,686 | | | 4.93 | % |
| Total interest-earning assets | $ | 2,440,425 | | | $ | 41,007 | | | 6.76 | % | | $ | 2,336,369 | | | $ | 38,736 | | | 6.67 | % | | $ | 2,091,998 | | | $ | 32,185 | | | 6.17 | % |
| Allowance for credit losses | (25,332) | | | | | | | (24,313) | | | | | | | (20,154) | | | | | |
| Noninterest-earning assets | 137,917 | | | | | | | 135,222 | | | | | | | 128,999 | | | | | |
| Total Assets | $ | 2,553,010 | | | | | | | $ | 2,447,278 | | | | | | | $ | 2,200,843 | | | | | |
| | | | | | | | | | | | | | | | | |
| Liabilities and Stockholders’ Equity: | | | | | | | | | | | | | | | | | |
| Interest-bearing liabilities: | | | | | | | | | | | | | | | | | |
| Interest-bearing transaction accounts | 85,976 | | | 21 | | | 0.10 | % | | 85,858 | | | 26 | | | 0.12 | % | | 92,245 | | | 20 | | | 0.09 | % |
| Savings and money market accounts | 929,930 | | | 9,229 | | | 3.99 | % | | 902,361 | | | 8,804 | | | 3.92 | % | | 845,742 | | | 6,872 | | | 3.26 | % |
| Time deposits | 713,776 | | | 8,261 | | | 4.65 | % | | 645,088 | | | 7,076 | | | 4.41 | % | | 474,060 | | | 4,106 | | | 3.47 | % |
| FHLB advances | 48,374 | | | 596 | | | 4.96 | % | | 53,121 | | | 655 | | | 4.96 | % | | 45,000 | | | 529 | | | 4.72 | % |
| Other borrowings | 94,815 | | | 1,321 | | | 5.60 | % | | 95,650 | | | 1,336 | | | 5.62 | % | | 86,411 | | | 1,226 | | | 5.69 | % |
| Total interest-bearing liabilities | $ | 1,872,871 | | | $ | 19,428 | | | 4.17 | % | | $ | 1,782,078 | | | $ | 17,897 | | | 4.04 | % | | $ | 1,543,458 | | | $ | 12,753 | | | 3.31 | % |
| | | | | | | | | | | | | | | | | |
| Noninterest-bearing liabilities: | | | | | | | | | | | | | | | | | |
| Noninterest-bearing deposits | $ | 420,885 | | | | | | | $ | 416,141 | | | | | | | $ | 438,987 | | | | | |
| Other liabilities | 32,727 | | | | | | | 29,437 | | | | | | | 24,882 | | | | | |
| Total noninterest-bearing liabilities | $ | 453,612 | | | | | | | $ | 445,578 | | | | | | | $ | 463,869 | | | | | |
| Stockholders’ Equity | 226,527 | | | | | | | 219,622 | | | | | | | 193,516 | | | | | |
| Total Liabilities and Stockholders’ Equity | $ | 2,553,010 | | | | | | | $ | 2,447,278 | | | | | | | $ | 2,200,843 | | | | | |
| | | | | | | | | | | | | | | | | |
| Net interest income | | | $ | 21,579 | | | | | | | $ | 20,839 | | | | | | | $ | 19,432 | | | |
Net interest spread(2) | | | | | 2.59 | % | | | | | | 2.63 | % | | | | | | 2.86 | % |
Net interest margin(3) | | | | | 3.56 | % | | | | | | 3.59 | % | | | | | | 3.73 | % |
Net interest margin - FTE(4)(5) | | | | | 3.57 | % | | | | | | 3.60 | % | | | | | | 3.74 | % |
Cost of funds(6) | | | | | 3.41 | % | | | | | | 3.27 | % | | | | | | 2.58 | % |
| Cost of interest-bearing deposits | | | | | 4.07 | % | | | | | | 3.92 | % | | | | | | 3.12 | % |
| Cost of total deposits | | | | | 3.27 | % | | | | | | 3.12 | % | | | | | | 2.38 | % |
(1)Includes nonaccrual loans.
(2)Net interest spread is the difference between interest rates earned on interest-earning assets and interest rates paid on interest-bearing liabilities.
(3)Net interest margin is a ratio of net interest income to average interest-earning assets for the same period.
(4)Net interest margin - FTE is a ratio of fully-taxable equivalent net interest income to average interest-earning assets for the same period. It assumes a 24.0% tax rate.
(5)Refer to “Reconciliation of Non-GAAP Financial Measures”.
(6)Includes total interest-bearing liabilities and noninterest deposits.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AVERAGE BALANCE SHEET AND NET INTEREST MARGIN |
| (Dollars in thousands) |
| | | | | | | | | | | |
| Six Months Ended |
June 30,
2024 | | June 30,
2023 |
Average
Balance | | Interest | | Yield/Rate | | Average
Balance | | Interest | | Yield/Rate |
| Assets: | | | | | | | | | | | |
| Interest-earning assets: | | | | | | | | | | | |
Loans, net of unearned income(1) | $ | 1,951,910 | | | $ | 69,049 | | | 7.11 | % | | $ | 1,643,376 | | | $ | 52,965 | | | 6.50 | % |
| Taxable securities | 164,363 | | | 4,020 | | | 4.92 | % | | 145,344 | | | 3,024 | | | 4.20 | % |
| Nontaxable securities | 45,453 | | | 460 | | | 2.04 | % | | 49,208 | | | 519 | | | 2.13 | % |
| Other interest-earnings assets | 226,671 | | | 6,214 | | | 5.51 | % | | 182,447 | | | 4,376 | | | 4.84 | % |
| Total interest-earning assets | $ | 2,388,397 | | | $ | 79,743 | | | 6.71 | % | | $ | 2,020,375 | | | $ | 60,884 | | | 6.08 | % |
| Allowance for credit losses | (24,822) | | | | | | | (20,315) | | | | | |
| Noninterest-earning assets | 136,569 | | | | | | | 129,268 | | | | | |
| Total Assets | $ | 2,500,144 | | | | | | | $ | 2,129,328 | | | | | |
| | | | | | | | | | | |
| Liabilities and Stockholders’ Equity: | | | | | | | | | | | |
| Interest-bearing liabilities: | | | | | | | | | | | |
| Interest-bearing transaction accounts | 85,917 | | | 48 | | | 0.11 | % | | 93,093 | | | 40 | | | 0.09 | % |
| Savings and money market accounts | 916,145 | | | 18,032 | | | 3.96 | % | | 825,982 | | | 11,911 | | | 2.91 | % |
| Time deposits | 679,432 | | | 15,337 | | | 4.54 | % | | 437,573 | | | 6,815 | | | 3.14 | % |
| FHLB advances | 50,747 | | | 1,251 | | | 4.96 | % | | 31,862 | | | 688 | | | 4.35 | % |
| Other borrowings | 95,233 | | | 2,657 | | | 5.61 | % | | 86,367 | | | 2,452 | | | 5.73 | % |
| Total interest-bearing liabilities | $ | 1,827,474 | | | $ | 37,325 | | | 4.11 | % | | $ | 1,474,877 | | | $ | 21,906 | | | 3.00 | % |
| | | | | | | | | | | |
| Noninterest-bearing liabilities: | | | | | | | | | | | |
| Noninterest-bearing deposits | $ | 418,513 | | | | | | | $ | 438,862 | | | | | |
| Other liabilities | 31,082 | | | | | | | 25,493 | | | | | |
| Total noninterest-bearing liabilities | $ | 449,595 | | | | | | | $ | 464,355 | | | | | |
| Stockholders’ Equity | 223,075 | | | | | | | 190,096 | | | | | |
| Total Liabilities and Stockholders’ Equity | $ | 2,500,144 | | | | | | | $ | 2,129,328 | | | | | |
| | | | | | | | | | | |
| Net interest income | | | $ | 42,418 | | | | | | | $ | 38,978 | | | |
Net interest spread(2) | | | | | 2.60 | % | | | | | | 3.08 | % |
Net interest margin(3) | | | | | 3.57 | % | | | | | | 3.89 | % |
Net interest margin - FTE(4)(5) | | | | | 3.58 | % | | | | | | 3.90 | % |
Cost of funds(6) | | | | | 3.34 | % | | | | | | 2.31 | % |
| Cost of interest-bearing deposits | | | | | 4.00 | % | | | | | | 2.79 | % |
| Cost of total deposits | | | | | 3.20 | % | | | | | | 2.11 | % |
(1)Includes nonaccrual loans.
(2)Net interest spread is the difference between interest rates earned on interest-earning assets and interest rates paid on interest-bearing liabilities.
(3)Net interest margin is a ratio of net interest income to average interest-earning assets for the same period.
(4)Net interest margin - FTE is a ratio of fully-taxable equivalent net interest income to average interest-earning assets for the same period. It assumes a 24.0% tax rate.
(5)Refer to “Reconciliation of Non-GAAP Financial Measures”.
(6)Includes total interest-bearing liabilities and noninterest deposits.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| LOAN COMPOSITION |
| (Dollars in thousands) |
| | | | | | | | | | | | | | | |
| June 30,
2024 | | March 31,
2024 | | December 31,
2023 | | June 30,
2023 |
| Amount | | % of gross | | Amount | | % of gross | | Amount | | % of gross | | Amount | | % of gross |
| | | | | | | | | | | | | | |
| Real estate mortgages: | | | | | | | | | | | | | | | |
| Construction and development | $ | 242,573 | | | 12.0 | % | | $ | 252,934 | | | 12.8 | % | | $ | 242,960 | | | 12.9 | % | | $ | 228,236 | | | 13.3 | % |
| Residential | 249,498 | | | 12.3 | % | | 238,702 | | | 12.1 | % | | 224,603 | | | 11.9 | % | | 214,897 | | | 12.5 | % |
| Commercial | 1,222,739 | | | 60.5 | % | | 1,182,634 | | | 60.0 | % | | 1,144,867 | | | 60.5 | % | | 1,011,815 | | | 58.7 | % |
| Commercial and industrial | 297,501 | | | 14.7 | % | | 288,701 | | | 14.7 | % | | 269,961 | | | 14.3 | % | | 259,195 | | | 15.0 | % |
| Consumer and other | 9,566 | | | 0.5 | % | | 8,425 | | | 0.4 | % | | 8,286 | | | 0.4 | % | | 8,135 | | | 0.5 | % |
| Gross loans | 2,021,877 | | | 100.0 | % | | 1,971,396 | | | 100.0 | % | | 1,890,677 | | | 100.0 | % | | 1,722,278 | | | 100.0 | % |
| Unearned income | (6,443) | | | | | (6,247) | | | | | (6,169) | | | | | (5,766) | | | |
| Loans, net of unearned income | 2,015,434 | | | | | 1,965,149 | | | | | 1,884,508 | | | | | 1,716,512 | | | |
| Allowance for credit losses | (25,828) | | | | | (25,144) | | | | | (24,378) | | | | | (21,385) | | | |
| Loans, net | $ | 1,989,606 | | | | | $ | 1,940,005 | | | | | $ | 1,860,130 | | | | | $ | 1,695,127 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| DEPOSIT COMPOSITION |
| (Dollars in thousands) |
| | | | | | | | | | | | | | | |
| June 30,
2024 | | March 31,
2024 | | December 31,
2023 | | June 30,
2023 |
| Amount | | % of total | | Amount | | % of total | | Amount | | % of total | | Amount | | % of total |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Noninterest-bearing transaction | $ | 416,068 | | | 19.1 | % | | $ | 416,704 | | | 19.7 | % | | $ | 437,959 | | | 21.7 | % | | $ | 449,433 | | | 23.3 | % |
| Interest-bearing transaction | 1,006,687 | | | 46.3 | % | | 974,079 | | | 46.2 | % | | 946,347 | | | 46.9 | % | | 922,835 | | | 48.0 | % |
| Savings | 32,527 | | | 1.5 | % | | 33,909 | | | 1.6 | % | | 35,412 | | | 1.7 | % | | 41,574 | | | 2.2 | % |
| Time deposits, $250,000 and under | 612,299 | | | 28.1 | % | | 584,658 | | | 27.7 | % | | 500,406 | | | 24.8 | % | | 438,228 | | | 22.8 | % |
| Time deposits, over $250,000 | 108,097 | | | 5.0 | % | | 100,448 | | | 4.8 | % | | 98,065 | | | 4.9 | % | | 71,841 | | | 3.7 | % |
| Total deposits | $ | 2,175,678 | | | 100.0 | % | | $ | 2,109,798 | | | 100.0 | % | | $ | 2,018,189 | | | 100.0 | % | | $ | 1,923,911 | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Nonperforming Assets |
| (Dollars in thousands) |
| | | | | | | |
| June 30,
2024 | | March 31,
2024 | | December 31,
2023 | | June 30,
2023 |
| | | | | | |
| | | | | | |
| Nonaccrual loans | $ | 3,784 | | | $ | 3,446 | | | $ | 1,017 | | | $ | 1,010 | |
| Past due loans 90 days or more and still accruing interest | — | | | — | | | 160 | | | — | |
| Total nonperforming loans | 3,784 | | | 3,446 | | | 1,177 | | | 1,010 | |
| OREO | 33 | | | 33 | | | 33 | | | 2,870 | |
| | | | | | | |
| Total nonperforming assets | $ | 3,817 | | | $ | 3,479 | | | $ | 1,210 | | | $ | 3,880 | |
| | | | | | | |
Financial difficulty modification loans – nonaccrual(1) | 647 | | | 675 | | | 907 | | | 724 | |
| Financial difficulty modification loans – accruing | 1,093 | | | 1,283 | | | 1,095 | | | 1,328 | |
| Financial difficulty modification loans | $ | 1,740 | | | $ | 1,958 | | | $ | 2,002 | | | $ | 2,052 | |
| | | | | | | |
| Allowance for credit losses | $ | 25,828 | | | $ | 25,144 | | | $ | 24,378 | | | $ | 21,385 | |
| Loans, net of unearned income at the end of the period | $ | 2,015,434 | | | $ | 1,965,149 | | | $ | 1,884,508 | | | $ | 1,716,512 | |
| Gross loans outstanding at the end of period | $ | 2,021,877 | | | $ | 1,971,396 | | | $ | 1,890,677 | | | $ | 1,722,278 | |
| Total assets | $ | 2,572,011 | | | $ | 2,510,975 | | | $ | 2,446,663 | | | $ | 2,277,803 | |
| Allowance for credit losses to nonperforming loans | 682.56 | % | | 729.66 | % | | 2071.20 | % | | 2117.33 | % |
| Nonperforming loans to loans, net of unearned income | 0.19 | % | | 0.18 | % | | 0.06 | % | | 0.06 | % |
| Nonperforming loans to gross loans | 0.19 | % | | 0.17 | % | | 0.06 | % | | 0.06 | % |
| Nonperforming assets to gross loans and OREO | 0.19 | % | | 0.18 | % | | 0.06 | % | | 0.22 | % |
| Nonperforming assets to total assets | 0.15 | % | | 0.14 | % | | 0.05 | % | | 0.17 | % |
| | | | | | | |
| Nonaccrual loans by category: | | | | | | | |
| Real estate mortgages: | | | | | | | |
| Construction & Development | $ | — | | | $ | — | | | $ | — | | | $ | 33 | |
| Residential Mortgages | 393 | | | 246 | | | 252 | | | 297 | |
| Commercial Real Estate Mortgages | 2,182 | | | 2,422 | | | 765 | | | 671 | |
| Commercial & Industrial | 1,209 | | | 778 | | | — | | | 9 | |
| Consumer and other | — | | | — | | | — | | | — | |
| Total | $ | 3,784 | | | $ | 3,446 | | | $ | 1,017 | | | $ | 1,010 | |
(1) Financial difficulty modifications loans are excluded from nonperforming loans unless they otherwise meet the definition of nonaccrual loans or are more than 90 days past due.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Allowance for Credit Losses |
| (Dollars in thousands) |
| | | | | | | | | |
| Three Months Ended | | Six Months Ended |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | June 30,
2024 | | June 30, 2023 |
| | | | | | | | |
| Average loans, net of unearned income | $ | 1,987,533 | | | $ | 1,916,288 | | | $ | 1,676,816 | | | $ | 1,951,910 | | | $ | 1,643,376 | |
| Loans, net of unearned income | 2,015,434 | | | 1,965,149 | | | 1,716,512 | | | 2,015,434 | | | 1,716,512 | |
| Gross loans | 2,021,877 | | | 1,971,396 | | | 1,722,278 | | | 2,021,877 | | | 1,722,278 | |
| Allowance for credit losses at beginning of the period | 25,144 | | | 24,378 | | | 19,855 | | | 24,378 | | | 20,156 | |
| Impact of adoption of ASC 326 | — | | | — | | | — | | | — | | | (1,285) | |
| Charge-offs: | | | | | | | | | |
| Construction and development | — | | | — | | | — | | | — | | | — | |
| Residential | — | | | 11 | | | — | | | 11 | | | — | |
| Commercial | 11 | | | 27 | | | — | | | 38 | | | — | |
| Commercial and industrial | 384 | | | 442 | | | 44 | | | 826 | | | 262 | |
| Consumer and other | 10 | | | 15 | | | — | | | 25 | | | 6 | |
| Total charge-offs | 405 | | | 495 | | | 44 | | | 900 | | | 268 | |
| Recoveries: | | | | | | | | | |
| Construction and development | — | | | — | | | — | | | — | | | — | |
| Residential | 6 | | | 8 | | | 17 | | | 14 | | | 28 | |
| Commercial | — | | | — | | | — | | | — | | | — | |
| Commercial and industrial | 15 | | | 16 | | | — | | | 31 | | | 14 | |
| Consumer and other | 1 | | | 1 | | | — | | | 2 | | | 2 | |
| Total recoveries | 22 | | | 25 | | | 17 | | | 47 | | | 44 | |
| Net charge-offs | $ | 383 | | | $ | 470 | | | $ | 27 | | | $ | 853 | | | $ | 224 | |
| | | | | | | | | |
| Provision for credit losses | $ | 1,067 | | | $ | 1,236 | | | $ | 1,557 | | | $ | 2,303 | | | $ | 2,738 | |
| Balance at end of the period | $ | 25,828 | | | $ | 25,144 | | | $ | 21,385 | | | $ | 25,828 | | | $ | 21,385 | |
| | | | | | | | | |
| Allowance for credit losses on unfunded commitments at beginning of the period | $ | 1,288 | | | $ | 1,239 | | | $ | 1,285 | | | $ | 1,239 | | | $ | — | |
| Impact of adoption of ASC 326 | — | | | — | | | — | | | — | | | 1,285 | |
(Credit) provision for credit losses on unfunded commitments | (82) | | | 49 | | | 210 | | | (33) | | | 210 | |
| Balance at the end of the period | $ | 1,206 | | | $ | 1,288 | | | $ | 1,495 | | | $ | 1,206 | | | $ | 1,495 | |
| | | | | | | | | |
| Allowance to loans, net of unearned income | 1.28 | % | | 1.28 | % | | 1.25 | % | | 1.28 | % | | 1.25 | % |
| Allowance to gross loans | 1.28 | % | | 1.28 | % | | 1.24 | % | | 1.28 | % | | 1.24 | % |
Net charge-offs to average loans, net of unearned income(1) | 0.08 | % | | 0.10 | % | | 0.01 | % | | 0.09 | % | | 0.03 | % |
Provision for credit losses to average loans, net of unearned income(1) | 0.22 | % | | 0.26 | % | | 0.37 | % | | 0.24 | % | | 0.34 | % |
(1) Ratio is annualized.
| | | | | | | | | | | | | | |
| Reconciliation of Non-GAAP Financial Measures |
Noninterest ExpenseIn addition to reporting GAAP results, the Company reports non-GAAP financial measures in this earnings release and other disclosures. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.
The following table provides a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure presented in accordance with GAAP.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reconciliation of Non-GAAP Financial Measures |
| (Dollars in thousands, except share and per share amounts) |
| | | | | | | | | |
| Three Months Ended | | Six Months Ended |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | June 30,
2024 | | June 30,
2023 |
| | | | | | | | |
| Net income | $ | 8,198 | | | $ | 8,119 | | | $ | 8,756 | | | $ | 16,317 | | | $ | 16,427 | |
| Add: One-time retirement related expenses | — | | | — | | | 1,571 | | | — | | | 1,571 | |
| Add: Professional fees related to ERC | — | | | — | | | 1,243 | | | — | | | 1,243 | |
| Add: Wire fraud loss | 1,155 | | | — | | | — | | | 1,155 | | | — | |
Add: Net OREO (gain) loss | (3) | | | — | | | 7 | | | (3) | | | 7 | |
| | | | | | | | | |
| Less: Employee retention related revenue | — | | | — | | | 5,100 | | | — | | | 5,100 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Less: Net gain (loss) on securities | 20 | | | (12) | | | (45) | | | 8 | | | 469 | |
| Less: Tax effect | 272 | | | 3 | | | (536) | | | 275 | | | (660) | |
| Core net income | $ | 9,058 | | | $ | 8,128 | | | $ | 7,058 | | | $ | 17,186 | | | $ | 14,339 | |
| Average assets | $ | 2,553,010 | | | $ | 2,447,278 | | | $ | 2,200,843 | | | $ | 2,500,144 | | | $ | 2,129,328 | |
| Core return on average assets | 1.43 | % | | 1.34 | % | | 1.29 | % | | 1.38 | % | | 1.36 | % |
| | | | | | | | | |
| Net income | $ | 8,198 | | | $ | 8,119 | | | $ | 8,756 | | | $ | 16,317 | | | $ | 16,427 | |
| Add: One-time retirement related expenses | — | | | — | | | 1,571 | | | — | | | 1,571 | |
| Add: Professional fees related to ERC | — | | | — | | | 1,243 | | | — | | | 1,243 | |
| Add: Wire fraud loss | 1,155 | | | — | | | — | | | 1,155 | | | — | |
Add: Net OREO (gain) loss | (3) | | | — | | | 7 | | | (3) | | | 7 | |
| Add: Provision | 1,067 | | | 1,236 | | | 1,557 | | | 2,303 | | | 2,738 | |
| | | | | | | | | |
| Less: Employee retention related revenue | — | | | — | | | 5,100 | | | — | | | 5,100 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Less: Net gain (loss) on securities | 20 | | | (12) | | | (45) | | | 8 | | | 469 | |
| Add: Income taxes | 2,271 | | | 2,377 | | | 2,549 | | | 4,648 | | | 4,871 | |
| Pretax pre-provision core net income | $ | 12,668 | | | $ | 11,744 | | | $ | 10,628 | | | $ | 24,412 | | | $ | 21,288 | |
| Average assets | $ | 2,553,010 | | | $ | 2,447,278 | | | $ | 2,200,843 | | | $ | 2,500,144 | | | $ | 2,129,328 | |
| Pretax pre-provision core return on average assets | 2.00 | % | | 1.93 | % | | 1.94 | % | | 1.96 | % | | 2.02 | % |
| | | | | | | | | |
| Net interest income | $ | 21,579 | | | $ | 20,839 | | | $ | 19,432 | | | $ | 42,418 | | | $ | 38,978 | |
Add: Fully-taxable equivalent adjustments(1) | 73 | | | 73 | | | 65 | | | 146 | | | 143 | |
| Net interest income - FTE | $ | 21,652 | | | $ | 20,912 | | | $ | 19,497 | | | $ | 42,564 | | | $ | 39,121 | |
| | | | | | | | | |
| Net interest margin | 3.56 | % | | 3.59 | % | | 3.73 | % | | 3.57 | % | | 3.89 | % |
Effect of fully-taxable equivalent adjustments(1) | 0.01 | % | | 0.01 | % | | 0.01 | % | | 0.01 | % | | 0.01 | % |
| Net interest margin - FTE | 3.57 | % | | 3.60 | % | | 3.74 | % | | 3.58 | % | | 3.90 | % |
| | | | | | | | | |
| Total stockholders' equity | $ | 230,581 | | | $ | 222,881 | | | $ | 197,250 | | | $ | 230,581 | | | $ | 197,250 | |
| Less: Intangible assets | 17,597 | | | 17,679 | | | 17,924 | | | 17,597 | | | 17,924 | |
| | | | | | | | | |
| Tangible common equity | $ | 212,984 | | | $ | 205,202 | | | $ | 179,326 | | | $ | 212,984 | | | $ | 179,326 | |
| | | | | | | | | |
| (1) Assumes a 24.0% tax rate. |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reconciliation of Non-GAAP Financial Measures |
| (Dollars in thousands, except share and per share amounts) |
| | | | | | | | | |
| Three Months Ended | | Six Months Ended |
June 30,
2024 | | March 31,
2024 | | June 30,
2023 | | June 30,
2024 | | June 30,
2023 |
| | | | | | | | |
| Core net income | $ | 9,058 | | | $ | 8,128 | | | $ | 7,058 | | | $ | 17,186 | | | $ | 14,339 | |
| Diluted weighted average shares outstanding | 9,070,568 | | | 9,043,122 | | | 8,950,847 | | | 9,062,548 | | | 9,001,600 | |
| Diluted core earnings per share | $ | 1.00 | | | $ | 0.90 | | | $ | 0.79 | | | $ | 1.90 | | | $ | 1.59 | |
| | | | | | | | | |
| Common shares outstanding at year or period end | 8,908,130 | | | 8,894,794 | | | 8,738,814 | | | 8,908,130 | | | 8,738,814 | |
| Tangible book value per share | $ | 23.91 | | | $ | 23.07 | | | $ | 20.52 | | | $ | 23.91 | | | $ | 20.52 | |
| | | | | | | | | |
| Total assets at end of period | $ | 2,572,011 | | | $ | 2,510,975 | | | $ | 2,277,803 | | | $ | 2,572,011 | | | $ | 2,277,803 | |
| Less: Intangible assets | 17,597 | | | 17,679 | | | 17,924 | | | 17,597 | | | 17,924 | |
| Adjusted assets at end of period | $ | 2,554,414 | | | $ | 2,493,296 | | | $ | 2,259,879 | | | $ | 2,554,414 | | | $ | 2,259,879 | |
| Tangible common equity to tangible assets | 8.34 | % | | 8.23 | % | | 7.94 | % | | 8.34 | % | | 7.94 | % |
| | | | | | | | | |
| Total average shareholders equity | $ | 226,527 | | | $ | 219,622 | | | $ | 193,516 | | | $ | 223,075 | | | $ | 190,096 | |
| Less: Average intangible assets | 17,646 | | | 17,730 | | | 17,974 | | | 17,688 | | | 18,014 | |
| Average tangible common equity | $ | 208,881 | | | $ | 201,892 | | | $ | 175,542 | | | $ | 205,387 | | | $ | 172,082 | |
| Net income to common shareholders | $ | 8,198 | | | $ | 8,119 | | | $ | 8,756 | | | $ | 16,317 | | | $ | 16,427 | |
| Return on average tangible common equity | 15.79 | % | | 16.17 | % | | 20.01 | % | | 15.98 | % | | 19.25 | % |
| Average tangible common equity | $ | 208,881 | | | $ | 201,892 | | | $ | 175,542 | | | $ | 205,387 | | | $ | 172,082 | |
| Core net income | $ | 9,058 | | | $ | 8,128 | | | $ | 7,058 | | | $ | 17,186 | | | $ | 14,339 | |
| Core return on average tangible common equity | 17.44 | % | | 16.19 | % | | 16.13 | % | | 16.83 | % | | 16.80 | % |
| | | | | | | | | |
| Net interest income | $ | 21,579 | | | $ | 20,839 | | | $ | 19,432 | | | $ | 42,418 | | | $ | 38,978 | |
| Add: Noninterest income | 1,368 | | | 1,268 | | | 6,862 | | | 2,636 | | | 8,648 | |
| | | | | | | | | |
| Less: Employee retention related revenue | — | | | — | | | 5,100 | | | — | | | 5,100 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Less: Net gain (loss) on securities | 20 | | | (12) | | | (45) | | | 8 | | | 469 | |
| Operating revenue | $ | 22,927 | | | $ | 22,119 | | | $ | 21,239 | | | $ | 45,046 | | | $ | 42,057 | |
| | | | | | | | | |
| Expenses: | | | | | | | | | |
| Total noninterest expense | $ | 11,411 | | | $ | 10,375 | | | $ | 13,432 | | | $ | 21,786 | | | $ | 23,590 | |
| Less: One-time retirement related expenses | — | | | — | | | 1,571 | | | — | | | 1,571 | |
| Less: Professional fees related to ERC | — | | | — | | | 1,243 | | | — | | | 1,243 | |
| Less: Wire fraud loss | 1,155 | | | — | | | — | | | 1,155 | | | — | |
| Less: Net OREO (gain) loss | (3) | | | — | | | 7 | | | (3) | | | 7 | |
| | | | | | | | | |
| Adjusted noninterest expenses | $ | 10,259 | | | $ | 10,375 | | | $ | 10,611 | | | $ | 20,634 | | | $ | 20,769 | |
| Core efficiency ratio | 44.75 | % | | 46.90 | % | | 49.96 | % | | 45.81 | % | | 49.38 | % |
Q2 2024 Investor Presentation July 22, 2024
2 Important Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws, which reflect our current expectations and beliefs with respect to, among other things, future events and our financial performance. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. This may be especially true given recent events and trends in the banking industry and the inflationary environment. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the dates made, we cannot give any assurance that such expectations will prove correct and actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and in other SEC filings under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. These statements are often, but not always, made through the use of words or phrases such as “may,” “can,” “should,” “could,” “to be,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “likely,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would” and “outlook,” or the negative version of those words or other similar words or phrases of a future or forward-looking nature. Forward-looking statements appear in a number of places in this presentation and may include statements about business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions. Non-GAAP Financial Measures In addition to reporting GAAP results, the Company reports non-GAAP financial measures in this presentation and other disclosures. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our performance. While we believe that these non- GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. For a reconciliation of the non-GAAP measures we use to the most comparable GAAP measures, see the Appendix to this presentation.
3 Branches (13) Legend Huntsville Birmingham Montgomery Columbus Atlanta Alabama Georgia 65 85 75 Anniston Auburn 20 85 75 85 65 65 59 Tuscaloosa LPOs (2) Quarterly Deposit ExcludingLoans / Deposits: 92.63% Overview of Southern States Bancshares, Inc. Q2 ‘24 Financial Highlights Quarterly Asset Growth(2): 9.8%Assets ($B): $2.6 NPLs / Loans: 0.19% Quarterly Loan Growth(2): 10.3%Gross Loans ($B): $2.0 ACL / Loans: 1.28% Quarterly Deposit Growth(3): 12.6%Deposits ($B): $2.2 NCOs / Avg. Loans: 0.08% TCE / TA(1): 8.34% Core Net Income(1) ($M): $9.1 Core ROAA(1): 1.43% NIM: 3.56% Core Efficiency Ratio(1): 44.75% Mobile Savannah Macon Valdosta Augusta Southern States Bancshares (Nasdaq: SSBK) was founded in August 2007 and priced its IPO on August 11, 2021 History of solid growth, top-tier profitability and a strong credit culture Bifurcated expansion strategy through organic growth and disciplined M&A Focused on being a dominant bank in our smaller markets and a competitive player in the larger metropolitan areas Diversified loan portfolio complemented by lower-cost, core funding base Source: Company Documents; financial data as of the three months ended 6/30/24 unless otherwise noted (1) Please refer to non-U.S. GAAP reconciliation in the appendix (2) Annualized (3) Annualized; includes a $2.7 million decrease in brokered deposits in 2Q24 15.2% Brokered Growth(2):
4 $62.3 $69.2 $72.8 $88.1 $93.1 $70.7 $83.3 Columbus MSA Auburn- Opelika MSA Birmingham MSA Huntsville MSA Atlanta MSA Southeast Average National Average 1.6% 1.9% 4.7% 5.9% 6.6% 3.2% 2.1% Birmingham MSA Columbus MSA Atlanta MSA Huntsville MSA Auburn- Opelika MSA Southeast Average National Average Columbus, GA Major Employers Market Highlights Robust Market Dynamics Source: U.S. Bureau of Labor Statistics; S&P Global Market Intelligence; Fortune; Forbes; Money.com; moneygeek.com; Business Facilities; USA Today; Livability,com; US News; Auburn.edu; Columbus, Georgia Economic Development Note: Southeast defined as AL, AR, FL. GA, KY, LA, MS, NC. SC, TN, VA, and WV - 8th largest Metro Area in the USA - Ranked 10th largest economy in the country - Ranked 13th Best Places for Business and Careers by Forbes - 17 Fortune 500 companies headquartered in Atlanta - Largest market in Alabama, supported by strong steel, biotechnology, and banking industries - Ranked 2nd best US city for job seekers by MoneyGeek - University of Alabama Birmingham serves as an international leader in medicine and dentistry - Voted best place to live in the country by US News - Highest concentration of engineers in the US - Ranked #1 best city for STEM workers by Livability - Home of the Redstone Arsenal which includes the U.S. Space and Rocket Center, NASA’s Marshall Space Flight Center, and the U.S. Army Aviation and Missile Command - Auburn University contributes $5.6 billion annually and 27,000 jobs to the Alabama economy - Named top-five growth city in America by U-Haul - High-tech manufacturing and industrial hub for companies like Kia Motors, Hanwha Cimarron, and Niagara Bottling - Fort Benning Military Base • U.S. Army Infantry and Armor Training Post • Columbus Chamber of Commerce estimates annual economic impact of $4.8 billion - Major companies headquartered include Aflac and Total Systems Services, Inc. - Contains seven colleges and universities, with 83,000 students pursuing degrees in higher education Huntsville, AL Birmingham, AL Atlanta, GA ‘28 Projected Median HHI ($M) ‘23 – ‘28 Projected Population Growth (%) Auburn / Opelika, AL
5 Proven, Veteran Management Team Lynn Joyce SEVP & Chief Financial Officer Greg Smith SEVP & Chief Risk and Credit Officer Our senior management team, on average, has more than 30 years of banking experience Mark Chambers CEO and President • 2007-2019 SEVP & President Southeast Region Southern States Bank • 2004-2007 Market President Wachovia Bank • 1998-2004 Commercial Lender Aliant Bank • 1992-2013 EVP & CFO First Financial Bank, a NASDAQ listed Financial Institution • 1986-1992 Arthur Andersen & Co • 2006-2019 SEVP & CCO Southern States Bank • 1986-2006 Credit Admin, Commercial Loan Officer and Market President Regions Bank
6 Q2 2024 Results Highlights (1) Please refer to non-U.S. GAAP reconciliation in the appendix (2) Uninsured deposits are 29.66% of total deposits Operating Results Deposits/Liquidity Loans Capital Asset Quality • Net income of $8.2 million, or $0.90 per diluted share, and core net income (1) of $9.1 million, or $1.00 per diluted share (1) • ROAA of 1.29% and ROATCE of 15.79%; Core ROAA (1) of 1.43% and Core ROATCE (1) of 17.44% • Net interest margin of 3.56% • Efficiency ratio (1) of 49.78% and core efficiency ratio (1) of 44.75% • Monthly margin trends – April 3.58%, May 3.58%, and June 3.52% • Loan portfolio of $2.0 billion increased $50.3 million, or 2.6%, from Q1 2024 • Annualized loan growth of 10.3% from Q1 2024 • Average yield on loans of 7.17% improved 11 bps from 7.06% for Q1 2024 • Loans / deposits ratio of 92.63% compared to 93.14% for Q1 2024 • Deposits of $2.2 billion increased by $65.9 million, or 3.1%, from Q1 2024 (2) • Deposits, excluding brokered deposits, increased by $68.6 million, or 15.2% annualized, from Q1 2024 • Average cost of total deposits increased to 3.27% from 3.12% in Q1 2024 • Noninterest-bearing deposits comprised 19.12% of total deposits compared to 19.75% at Q1 2024 • Nonperforming loans to gross loans of 0.19% increased 2 bps from Q1 2024 • Net charge-offs at $383,000, or 0.08% of average loans, annualized • Allowance for credit losses to gross loans of 1.28% compared to 1.28% at Q1 2024 • Nonperforming loans increased to $3.8 million from $3.4 million at Q1 2024 • Announced and paid quarterly dividend of $0.09 per share • Tangible common equity to tangible assets (1) of 8.34%, compared to 8.23% at Q1 2024 • Tangible book value per share (1) of $23.91, up 3.6% from Q1 2024
7 $19.4 $20.7 $20.4 $20.8 $21.6 3.73% 3.78% 3.69% 3.59% 3.56% $16.0 $17.0 $18.0 $19.0 $20.0 $21.0 $22.0 2Q23 3Q23 4Q23 1Q24 2Q24 Net Interest Income Net Interest Margin Net Interest Income and Net Interest Margin Net Interest Margin Source: Company Documents; data as of 6/30/24 (Dollars in millions)
8 Time Deposits $432.1 Brokered Deposits $288.3 Noninterest-bearing Checking $416.1 Interest-bearing Checking $82.8 Money Market $923.9 Savings $32.5 Deposits by Type – $2.18B Deposit Portfolio Source: Company Documents; data as of 6/30/24 (1) Excludes brokered deposits; dollars in thousands Deposit Type Composition % Average Balance Commercial 64% $168.9 Retail 36% $44.4 Account Composition (1) (Dollars in millions)
9 OO-CRE 31.1% NOO-CRE 29.4% C&I 14.7% C & D 12.0% Residential 12.3% Consumer & Other 0.5% Loans by Type $2.02B Loan Portfolio Source: Company Documents; data as of 6/30/24 Loan Type Composition % Fixed 51.4% Variable 48.6% Loan Composition Loan Type Total Office Buildings $204.7 Industrial Warehouse / Heavy Manufacturing $178.0 Convenience Stores $162.2 Hotels / Motels $145.2 Multi-Family (5+) $135.1 Retail Warehouse / Light Manufacturing $126.0 Commercial Retail Building $97.7 Concentration Highlights(Dollars in millions)
10 <$1M 176 $1-5M 38 $5-10M 9 >$10M 2 Office Building Loans $204.7M Loan Portfolio – Office Building Source: Company Documents; data as of 6/30/24 Location Composition % Georgia 72% Alabama 24% Other 4% Loan Composition # of Stories Total Six Stories 3 Five stories 1 Four stories 7 Three stories 6 One & two stories 208 Office Building Type
11 $3.9 $13.4 $3.4 $2.0 $2.2 $1.2 $3.8 $0.6 $4.2 $10.2 $2.9 $2.90.6% 2.5% 1.3% 0.4% 0.3% 0.1% 0.2% $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 2018 2019 2020 2021 2022 2023 2Q24 Nonaccruals ($mm) OREO ($mm) NPAs / Loans + OREO $17.6 Nonperforming Assets by Type Asset Quality Source: Company Documents; data as of 6/30/24 Dollars in millions Reserves / Loans NCOs / Avg. Loans $1.2 $3.8 $4.5 $13.6 0.02% 0.57% 0.07% 0.00% $4.9 0.02% Comprehensive and conservative underwriting process Highly experienced bankers incentivized with equity ownership Commitment to a diverse loan portfolio while maintaining strong asset quality metrics Proactively manage loan concentrations with all collateral types capped at approximately 50% of risk- based capital Proactive approach to resolving problem credits 1.11% 1.11% 1.22% 1.19% 1.27% 1.29% 1.28% 2018 2019 2020 2021 2022 2023 2Q24 0.08% $5.1 0.08%
12 $704 $840 $1,030 $1,250 $1,587 $1,885 $2,015 2018 2019 2020 2021 2022 2023 2Q24 $776 $951 $1,140 $1,556 $1,721 $2,018 $2,176 2018 2019 2020 2021 2022 2023 2Q24 $888 $1,095 $1,333 $1,783 $2,045 $2,447 $2,572 2018 2019 2020 2021 2022 2023 2Q24 Net Income ($M)Total Assets ($M) Total Deposits ($M) Total Loans ($M) Growth History Source: Company Documents; data as of 6/30/24 $7.7 $5.6 $12.1 $18.6 $27.1 $32.0 $16.3 $0.81 $1.18 $1.56 $2.23 $3.02 $3.53 $1.80 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 2018 2019 2020 2021 2022 2023 YTD Net Income Diluted EPS
13 Building Shareholder Value Our Strategic Focus Maintain focus on strong, profitable organic growth without compromising our credit quality Further develop and grow our core deposit franchise Expand into new markets by hiring commercial bankers Focus on high growth markets and further expand our Atlanta franchise Evaluate strategic acquisition opportunities Prudently manage capital between balance sheet growth and return to shareholders
14 Near-Term Outlook Century Bank closing on August 1, 2024, and conversion will be August 23, 2024 Loan balances will grow with the addition of Century Bank loans on top of modest organic loan growth Deposit balances will grow with the addition of Century Bank deposits on top of slight organic deposit growth Net interest income is expected to increase modestly Core noninterest income expected to increase slightly from Q1 2024 Core noninterest expense is expected to increase with the addition of Century Bank; cost savings will start being realized in Q4 2024 Credit metrics are currently strong. Future provision levels are expected to consider both current and evolving economic conditions and changes in credit Balanced approach to capital deployment with flexibility to support organic loan growth trajectory and cash dividend while evaluating stock repurchases
Appendix
16 Non-GAAP Financial Measures Reconciliations Three Months Ended Six Months Ended June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net income $ 8,198 $ 8,119 $ 8,756 $ 16,317 $ 16,427 Add: One-time retirement related expenses — — 1,571 — 1,571 Add: Professional fees related to ERC — — 1,243 — 1,243 Add: Wire fraud loss 1,155 — — 1,155 — Add: Net OREO (gain) loss (3) — 7 (3) 7 Less: Employee retention related revenue — — 5,100 — 5,100 Less: Net gain (loss) on securities 20 (12) (45) 8 469 Less: Tax effect 272 3 (536) 275 (660) Core net income $ 9,058 $ 8,128 $ 7,058 $ 17,186 $ 14,339 Average assets $ 2,553,010 $ 2,447,278 $ 2,200,843 $ 2,500,144 $ 2,129,328 Core return on average assets 1.43 % 1.34 % 1.29 % 1.38 % 1.36 % Net income $ 8,198 $ 8,119 $ 8,756 $ 16,317 $ 16,427 Add: One-time retirement related expenses — — 1,571 — 1,571 Add: Professional fees related to ERC — — 1,243 — 1,243 Add: Wire fraud loss 1,155 — — 1,155 — Add: Net OREO (gain) loss (3) — 7 (3) 7 Add: Provision 1,067 1,236 1,557 2,303 2,738 Less: Employee retention related revenue — — 5,100 — 5,100 Less: Net gain (loss) on securities 20 (12) (45) 8 469 Add: Income taxes 2,271 2,377 2,549 4,648 4,871 Pretax pre-provision core net income $ 12,668 $ 11,744 $ 10,628 $ 24,412 $ 21,288 Average assets $ 2,553,010 $ 2,447,278 $ 2,200,843 $ 2,500,144 $ 2,129,328 Pretax pre-provision core return on average assets 2.00 % 1.93 % 1.94 % 1.96 % 2.02 % Net interest income $ 21,579 $ 20,839 $ 19,432 $ 42,418 $ 38,978 Add: Fully-taxable equivalent adjustments(1) 73 73 65 146 143 Net interest income - FTE $ 21,652 $ 20,912 $ 19,497 $ 42,564 $ 39,121 Net interest margin 3.56 % 3.59 % 3.73 % 3.57 % 3.89 % Effect of fully-taxable equivalent adjustments(1) 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % Net interest margin - FTE 3.57 % 3.60 % 3.74 % 3.58 % 3.90 % Total stockholders' equity $ 230,581 $ 222,881 $ 197,250 $ 230,581 $ 197,250 Less: Intangible assets 17,597 17,679 17,924 17,597 17,924 Tangible common equity $ 212,984 $ 205,202 $ 179,326 $ 212,984 $ 179,326 (1) Assumes a 24.0% tax rate.
17 Non-GAAP Financial Measures Reconciliations Three Months Ended Six Months Ended June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Core net income $ 9,058 $ 8,128 $ 7,058 $ 17,186 $ 14,339 Diluted weighted average shares outstanding 9,070,568 9,043,122 8,950,847 9,062,548 9,001,600 Diluted core earnings per share $ 1.00 $ 0.90 $ 0.79 $ 1.90 $ 1.59 Common shares outstanding at year or period end 8,908,130 8,894,794 8,738,814 8,908,130 8,738,814 Tangible book value per share $ 23.91 $ 23.07 $ 20.52 $ 23.91 $ 20.52 Total assets at end of period $ 2,572,011 $ 2,510,975 $ 2,277,803 $ 2,572,011 $ 2,277,803 Less: Intangible assets 17,597 17,679 17,924 17,597 17,924 Adjusted assets at end of period $ 2,554,414 $ 2,493,296 $ 2,259,879 $ 2,554,414 $ 2,259,879 Tangible common equity to tangible assets 8.34 % 8.23 % 7.94 % 8.34 % 7.94 % Total average shareholders equity $ 226,527 $ 219,622 $ 193,516 $ 223,075 $ 190,096 Less: Average intangible assets 17,646 17,730 17,974 17,688 18,014 Average tangible common equity $ 208,881 $ 201,892 $ 175,542 $ 205,387 $ 172,082 Net income to common shareholders $ 8,198 $ 8,119 $ 8,756 $ 16,317 $ 16,427 Return on average tangible common equity 15.79 % 16.17 % 20.01 % 15.98 % 19.25 % Average tangible common equity $ 208,881 $ 201,892 $ 175,542 $ 205,387 $ 172,082 Core net income $ 9,058 $ 8,128 $ 7,058 $ 17,186 $ 14,339 Core return on average tangible common it 17.44 % 16.19 % 16.13 % 16.83 % 16.80 % Net interest income $ 21,579 $ 20,839 $ 19,432 $ 42,418 $ 38,978 Add: Noninterest income 1,368 1,268 6,862 2,636 8,648 Less: Employee retention related revenue — — 5,100 — 5,100 Less: Net gain (loss) on securities 20 (12) (45) 8 469 Operating revenue $ 22,927 $ 22,119 $ 21,239 $ 45,046 $ 42,057 Expenses: Total noninterest expense $ 11,411 $ 10,375 $ 13,432 $ 21,786 $ 23,590 Less: One-time retirement related expenses — — 1,571 — 1,571 Less: Professional fees related to ERC — — 1,243 — 1,243 Less: Wire fraud loss 1,155 — — 1,155 — Less: Net OREO (gain) loss (3) — 7 (3) 7 Adjusted noninterest expenses $ 10,259 $ 10,375 $ 10,611 $ 20,634 $ 20,769 Core efficiency ratio 44.75 % 46.90 % 49.96 % 45.81 % 49.38 %
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Southern States Bancshares (NASDAQ:SSBK)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Southern States Bancshares (NASDAQ:SSBK)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024
