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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 28, 2023
TERRITORIAL BANCORP INC.
(Exact Name of Registrant as Specified in its Charter)
Maryland |
1-34403 |
26-4674701 |
(State
or Other Jurisdiction
of Incorporation) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
1003 Bishop Street, Suite 500, Honolulu, Hawaii |
|
96813 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone
number, including area code: (808) 946-1400
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the
Form 8-K 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. ¨
Securities registered
pursuant to Section 12(b) of the Act.
Title
of each class |
|
Trading symbol |
|
Name
of each exchange on which registered |
Common stock, par value $0.01 per share |
|
TBNK |
|
The NASDAQ Stock Market LLC |
| Item 2.02 | Results of Operations and Financial Condition |
On July 28,2023, Territorial Bancorp Inc. issued
a press release announcing earnings for the three-month period ending June 30, 2023. A copy of the press release is attached as Exhibit
99 to this report.
The press release attached as an exhibit to this
Current Report pursuant to this Item 2.02 is being furnished to, and not filed with, the Securities and Exchange Commission.
| Item 9.01 | Financial Statements and Exhibits |
Exhibit No.
99.1 June 30, 2023 Press Release: Territorial Bancorp Inc. Second Quarter 2023 Financial Results
104 Cover Page Interactive Data File (embedded
with the inline XBRL document)
SIGNATURES
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.
|
Territorial Bancorp Inc. |
|
|
DATE: July 28, 2023 |
By: |
/s/ Vernon Hirata |
|
|
Vernon Hirata |
|
|
Vice Chairman, Co-Chief Operating Officer and Secretary |
Exhibit 99.1
PRESS
RELEASE
FOR
IMMEDIATE RELEASE
Contact:
Walter Ida
(808)
946-1400
Territorial
Bancorp Inc. Announces Second Quarter 2023 Results
· | Solid
asset quality with the ratio of non-performing assets to total assets of 0.11% as of June
30, 2023. |
· | Strong
liquidity position with $87.66 million in cash balances and access to liquidity totaling
more than $1 billion as of June 30, 2023. |
· | The
Company’s tier one leverage and risk-based capital ratios were 11.69% and 28.93%, respectively,
and the Company is considered to be “well-capitalized” at June 30, 2023. |
· | Board
of Directors approved a quarterly cash dividend of $0.23 per share, representing Territorial
Bancorp Inc.’s 55th consecutive quarterly dividend. |
Honolulu,
Hawaii, July 28, 2023- Territorial Bancorp Inc. (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding
company parent of Territorial Savings Bank, announced net income of $1.50 million, or $0.17 per diluted share, for the three months ended
June 30, 2023.
The
Company also announced that its Board of Directors approved a quarterly cash dividend of $0.23 per share. The dividend is expected to
be paid on August 25, 2023, to stockholders of record as of August 11, 2023.
“Our
financial results continue to be impacted by the record pace and level of increases in short-term interest rates over the last 15 months,”
said Allan Kitagawa, Chairman and Chief Executive Officer. “The efforts by the Federal Reserve
to rein in inflation by increasing short-term interest rates over the past six quarters to historically high levels, has put increased
pressure on our net interest margins as lower cost transactional deposit and savings accounts have migrated to higher cost time deposits.
We expect our net interest margin to continue to decline for the remainder of 2023. Despite these challenges, we have enhanced our liquidity
levels, continued to seek ways to retain and grow deposits through promotional campaigns, and focused on maintaining our lending base.
Throughout all of this, we have been able to maintain our strong capital levels, which are well above regulatory required levels, our
asset quality remains solid, and we continue to have ample liquidity.”
Interest
Income
The
Federal Reserve Bank has increased short-term interest rates by 475 basis points since March 2022, which has increased the Company’s
cost of funds. This coupled with the inverted yield curve where longer term rates are not sufficiently higher than funding costs, have
made the Company’s conservative business model challenging to fulfill its mission to continue to help its customers achieve homeownership.
This has led to continued pressure on the Company’s net interest margin in the second quarter. To mitigate the impact of a lower
net interest margin, the Company continues to focus on reducing expenses while being mindful of preserving the strength of its underwriting
standards and policies. Net interest income decreased by $2.98 million to $11.09 million for the three months ended June 30, 2023, from
$14.07 million for the three months ended June 30, 2022. Total interest income was $17.29 million for the three months ended June 30,
2023, compared to $15.37 million for the three months ended June 30, 2022. The $1.92 million increase in total interest income was primarily
due to an $803,000 increase in interest earned on other investments, a $597,000 increase in interest earned on investment securities,
and a $521,000 increase in interest earned on loans. Interest income on other investments rose by $803,000 from $267,000 for the three
months ended June 30, 2022, to $1.07 million for the three months ended June 30, 2023. The increase in interest income on other investments
is primarily due to a 328 basis point increase in the interest rate paid on cash balances at the Federal Reserve Bank. The increase in
interest income on investment securities resulted from a $28.70 million increase in the average securities balance together with a 24
basis point increase in the average securities yield. The increase in interest income on loans resulted from a $9.52 million increase
in the average loan balance together with a 13 basis point increase in the average loan yield.
Interest
Expense and Provision for Credit Losses
As
the result of the increases in short-term interest rates, total interest expense increased by $4.90 million to $6.20 million for the
three months ended June 30, 2023, from $1.30 million for the three months ended June 30, 2022. Interest expense on deposits increased
by $3.59 million to $4.32 million for the three months ended June 30, 2023, from $738,000 for the three months ended June 30, 2022. The
increase in interest expense on deposits was primarily due to an increase in interest expense on certificates of deposit (CD). Interest
expense on CDs rose by $3.31 million from $512,000 for the three months ended June 30, 2022, to $3.82 million for the three months ended
June 30, 2023. The increase in interest expense was primarily due to a 252 basis point increase in the average cost of CDs and a $200.81
million increase in the average CD balance. The increase in the average cost of CDs occurred as interest rates were raised in response
to the increase in market interest rates. The increase in the average balance of CDs occurred as customers transferred balances from
lower rate savings accounts to higher rate CDs. Interest expense on Federal Home Loan Bank (FHLB) advances rose from $516,000 for the
three months ended June 30, 2022, to $1.83 million for the three months ended June 30, 2023. The increase in interest expense on FHLB
advances rose primarily because of a 134 basis point increase in the average cost of advances and a $120.39 million increase in the average
advance balance. To enhance the Company’s liquidity and to fund deposit withdrawals, additional FHLB advances were obtained in
2023.
The
Company recorded $212,000 of credit loss provisions in the three months ended June 30, 2023. The Company reversed $326,000 of credit
loss provisions in the three months ended June 30, 2022. In 2023, the Company adopted the current expected credit loss accounting standard
to calculate its allowance for credit losses. The increase in the credit loss provision for the three months ended June 30, 2023,
is primarily due to a decrease in forecasted prepayments and recoveries in the real estate portfolio, which increased the expected future
losses on real estate loans.
Noninterest
Income
Noninterest
income was $690,000 for the three months ended June 30, 2023, compared to $800,000 for the three months ended June 30, 2022. Other non-interest
income decreased by $126,000 to $60,000 for the three months ended June 30, 2023, from $186,000 for the three months ended June 30, 2022,
primarily due to interest received on a bank-owned life insurance recovery in the three months ended June 30, 2022.
Noninterest
Expense
Noninterest
expense decreased to $9.51 million for the three months ended June 30, 2023, compared to $9.57 million for the three months ended June
30, 2022. Salaries and employee benefits decreased by $249,000 to $5.14 million for the three months ended June 30, 2023, from $5.39
million for the three months ended June 30, 2022. The reduction in salaries and employee benefits is due to decreases in stock benefit
plan expenses and deferred compensation accruals. Occupancy expenses rose from $1.65 million for the three months ended June 30, 2022,
to $1.76 million for the three months ended June 30, 2023, primarily because of an increase in repair and maintenance expenses. Federal
deposit insurance premium expense rose from $143,000 for the three months ended June 30, 2022, to $246,000 for the three months ended
June 30, 2023, because of an increase in the FDIC insurance premium rate.
Income
Taxes
Income
tax expense for the three months ended June 30, 2023, was $563,000 with an effective tax rate of 27.33% compared to $1.51 million with
an effective tax rate of 26.91% for the three months ended June 30, 2022. The decrease in income tax expense was primarily due to a $3.56
million decrease in income before income taxes during the three months ended June 30, 2023, compared to the three months ended June 30,
2022.
Balance
Sheet
Total
assets were $2.22 billion at June 30, 2023 and $2.17 billion at December 31, 2022. Loans receivable increased by $10.42 million and was
$1.31 billion at June 30, 2023 and $1.29 billion at December 31, 2022. The increase in loans receivable occurred as new loan originations
exceeded loan repayments and sales. Investment securities, including available for sale securities, decreased by $12.56 million to $726.04
million at June 30, 2023 from $738.59 million at December 31, 2022. The decrease in investment securities occurred because of principal
repayments on mortgage-backed securities. Cash and cash equivalents increased by $47.11 million to $87.66 million at June 30, 2023 from
$40.55 million at December 31, 2022. The increase in cash and cash equivalents occurred as the Company obtained additional advances from
the Federal Home Loan Bank to enhance its liquidity.
Deposits
decreased by $70.44 million from $1.72 billion at December 31, 2022 to $1.65 billion at June 30, 2023. The decrease in deposits included
a planned decrease of $13.78 million in CDs from state and local governments. The remaining $56.66 million decrease in retail deposits
occurred as customers sought higher interest rates on their deposits than what the Company pays. As of June 30, 2023, 85% of total deposits
are FDIC insured or fully collateralized. FHLB advances increased by $125.00 million to $266.00 million at June 30, 2023 from $141.00
million at December 31, 2022. The proceeds from the advances were used to enhance liquidity and to fund deposit withdrawals. Total stockholders’
equity decreased to $250.63 million at June 30, 2023 from $256.55 million at December 31, 2022. The decrease in stockholders’ equity
occurred primarily because the Company’s dividends paid to shareholders, share repurchases, and the impact to retained earnings
from the adoption of the current expected credit loss (CECL) standard to calculate its allowance for credit losses exceeded the Company’s
net income.
Capital
Management
The
Company is in its twelfth share repurchase program and repurchased 162,143 shares during the three months ending June 30, 2023. Through
June 30, 2023, the Company has repurchased 4,396,055 shares through all of its share repurchase programs. The shares repurchased represent
35.94% of the total shares issued in its initial public offering.
Asset
Quality
Credit
quality continues to be extremely important and we adhere to our strict underwriting standards. The Company had $1.02 million in delinquent
mortgage loans 90 days or more past due at June 30, 2023, compared to $559,000 at December 31, 2022. Non-performing assets totaled $2.35
million at June 30, 2023, compared to $2.30 million at December 31, 2022. The ratio of non-performing assets to total assets was 0.11%
at June 30, 2023 and December 31, 2022. The allowance for credit losses at June 30, 2023 was $5.26 million and represented 0.40% of total
loans, compared to $2.03 million and 0.16% of total loans as of December 31, 2022. The increase in the ratio of allowance for credit
losses to total loans occurred when the Company adopted the CECL accounting standard to calculate its allowance for credit losses on
January 1, 2023. Upon adoption of the standard, the Company recorded a $3.16 million increase to its allowance for credit losses. The
ratio of the allowance for credit losses to non-performing loans rose to 224.20% at June 30, 2023, compared to 88.31% at December 31,
2022 as a result of the increase in the allowance for credit losses.
About
Us
Territorial
Bancorp Inc., headquartered in Honolulu, Hawaii, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank
is a state chartered savings bank which was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings Bank conducts
business from its headquarters in Honolulu, Hawaii and has 29 branch offices in the state of Hawaii. For additional information, please
visit the Company’s website at: https://www.tsbhawaii.bank.
Forward-looking
statements - this earnings release contains forward-looking statements, which can be identified by the use of words such as “estimate,”
“project,” “believe,” “intend,” “anticipate,” “plan,” “seek,”
“expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but
are not limited to:
| · | statements
of our goals, intentions and expectations; |
| · | statements
regarding our business plans, prospects, growth and operating strategies; |
| · | statements
regarding the asset quality of our loan and investment portfolios; and |
| · | estimates
of our risks and future costs and benefits. |
These
forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic
and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements
are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty
to and do not take any obligation to update any forward-looking statements after the date of this earnings release.
The
following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed
in the forward-looking statements:
| · | general
economic conditions, either internationally, nationally or in our market areas, that are
worse than expected; |
| · | competition
among depository and other financial institutions; |
| · | inflation
and changes in the interest rate environment that reduce our margins or reduce the fair value
of financial instruments; |
| · | adverse
changes in the securities markets; |
| · | changes
in laws or government regulations or policies affecting financial institutions, including
changes in regulatory fees and capital requirements; |
| · | changes
in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury
and the Federal Reserve Board; |
| · | our
ability to enter new markets successfully and capitalize on growth opportunities; |
| · | our
ability to successfully integrate acquired entities, if any; |
| · | changes
in consumer demand, spending, borrowing and savings habits; |
| · | changes
in accounting policies and practices, as may be adopted by the bank regulatory agencies,
the Financial Accounting Standards Board, the Securities and Exchange Commission and the
Public Company Accounting Oversight Board; |
| · | changes
in our organization, compensation and benefit plans; |
| · | the
timing and amount of revenues that we may recognize; |
| · | the
value and marketability of collateral underlying our loan portfolios; |
| · | our
ability to retain key employees; |
| · | cyberattacks,
computer viruses and other technological risks that may breach the security of our websites
or other systems to obtain unauthorized access to confidential information, destroy data
or disable our systems; |
| · | technological
change that may be more difficult or expensive than expected; |
| · | the
ability of third-party providers to perform their obligations to us; |
| · | the
ability of the U.S. Government to manage federal debt limits; |
| · | the
quality and composition of our investment portfolio; |
| · | the
effect of any pandemic disease, including COVID-19, natural disaster, war, act of terrorism,
accident or similar action or event; |
| · | changes
in market and other conditions that would affect our ability to repurchase our common stock;
and |
| · | changes
in our financial condition or results of operations that reduce capital available to pay
dividends. |
Because
of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated
by these forward-looking statements.
Territorial
Bancorp Inc. and Subsidiaries |
Consolidated
Statements of Income (Unaudited) |
(Dollars
in thousands, except per share data) |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Interest income: | |
| | | |
| | | |
| | | |
| | |
Loans | |
$ | 11,697 | | |
$ | 11,176 | | |
$ | 23,151 | | |
$ | 22,533 | |
Investment securities | |
| 4,525 | | |
| 3,928 | | |
| 9,065 | | |
| 7,351 | |
Other investments | |
| 1,070 | | |
| 267 | | |
| 1,797 | | |
| 443 | |
Total interest income | |
| 17,292 | | |
| 15,371 | | |
| 34,013 | | |
| 30,327 | |
| |
| | | |
| | | |
| | | |
| | |
Interest expense: | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| 4,323 | | |
| 738 | | |
| 7,853 | | |
| 1,335 | |
Advances from the Federal Home Loan
Bank | |
| 1,832 | | |
| 516 | | |
| 2,886 | | |
| 1,027 | |
Securities sold under agreements to
repurchase | |
| 45 | | |
| 47 | | |
| 91 | | |
| 91 | |
Total interest expense | |
| 6,200 | | |
| 1,301 | | |
| 10,830 | | |
| 2,453 | |
| |
| | | |
| | | |
| | | |
| | |
Net interest income | |
| 11,092 | | |
| 14,070 | | |
| 23,183 | | |
| 27,874 | |
Provision (reversal of provision) for credit/loan losses | |
| 212 | | |
| (326 | ) | |
| 112 | | |
| (494 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net interest income after provision
(reversal of provision) for credit/loan losses | |
| 10,880 | | |
| 14,396 | | |
| 23,071 | | |
| 28,368 | |
| |
| | | |
| | | |
| | | |
| | |
Noninterest income: | |
| | | |
| | | |
| | | |
| | |
Service and other fees | |
| 414 | | |
| 412 | | |
| 724 | | |
| 753 | |
Income on bank-owned life insurance | |
| 207 | | |
| 194 | | |
| 410 | | |
| 391 | |
Net gain (loss) on sale of loans | |
| 9 | | |
| (21 | ) | |
| 10 | | |
| (3 | ) |
Other | |
| 60 | | |
| 186 | | |
| 135 | | |
| 1,283 | |
Total noninterest income | |
| 690 | | |
| 771 | | |
| 1,279 | | |
| 2,424 | |
| |
| | | |
| | | |
| | | |
| | |
Noninterest expense: | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 5,143 | | |
| 5,392 | | |
| 10,547 | | |
| 11,005 | |
Occupancy | |
| 1,759 | | |
| 1,648 | | |
| 3,382 | | |
| 3,242 | |
Equipment | |
| 1,303 | | |
| 1,236 | | |
| 2,615 | | |
| 2,432 | |
Federal deposit insurance premiums | |
| 246 | | |
| 143 | | |
| 491 | | |
| 284 | |
Other general and administrative expenses | |
| 1,059 | | |
| 1,125 | | |
| 2,088 | | |
| 2,179 | |
Total noninterest expense | |
| 9,510 | | |
| 9,544 | | |
| 19,123 | | |
| 19,142 | |
| |
| | | |
| | | |
| | | |
| | |
Income before income taxes | |
| 2,060 | | |
| 5,623 | | |
| 5,227 | | |
| 11,650 | |
Income taxes | |
| 563 | | |
| 1,513 | | |
| 1,414 | | |
| 2,830 | |
Net income | |
$ | 1,497 | | |
$ | 4,110 | | |
| 3,813 | | |
$ | 8,820 | |
| |
| | | |
| | | |
| | | |
| | |
Basic earnings per share | |
$ | 0.17 | | |
$ | 0.46 | | |
$ | 0.44 | | |
$ | 0.98 | |
Diluted earnings per share | |
$ | 0.17 | | |
$ | 0.46 | | |
$ | 0.43 | | |
$ | 0.98 | |
Cash dividends paid per common share | |
$ | 0.23 | | |
$ | 0.23 | | |
$ | 0.46 | | |
$ | 0.46 | |
Basic weighted-average shares outstanding | |
| 8,620,643 | | |
| 8,876,691 | | |
| 8,697,213 | | |
| 8,928,127 | |
Diluted weighted-average shares outstanding | |
| 8,658,927 | | |
| 8,927,173 | | |
| 8,740,699 | | |
| 8,977,834 | |
| |
| | | |
| | | |
| | | |
| | |
Territorial
Bancorp Inc. and Subsidiaries |
Consolidated
Balance Sheets (Unaudited) |
(Dollars
in thousands, except per share data) |
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
$ | 87,660 | | |
$ | 40,553 | |
Investment securities available for sale, at fair value | |
| 20,455 | | |
| 20,821 | |
Investment securities
held to maturity, at amortized cost (fair value of $580,714 and
$591,084 at June 30, 2023 and December 31, 2022, respectively) | |
| 705,584 | | |
| 717,773 | |
Loans receivable | |
| 1,310,446 | | |
| 1,296,796 | |
Allowance for credit/loan losses | |
| (5,262 | ) | |
| (2,032 | ) |
Loans receivable, net of allowance for credit/loan losses | |
| 1,305,184 | | |
| 1,294,764 | |
Federal Home Loan Bank stock, at cost | |
| 13,244 | | |
| 8,197 | |
Federal Reserve Bank stock, at cost | |
| 3,176 | | |
| 3,170 | |
Accrued interest receivable | |
| 5,967 | | |
| 6,115 | |
Premises and equipment, net | |
| 7,260 | | |
| 7,599 | |
Right-of-use asset, net | |
| 13,577 | | |
| 14,498 | |
Bank-owned life insurance | |
| 48,193 | | |
| 47,783 | |
Deferred income tax assets, net | |
| 2,430 | | |
| 1,643 | |
Prepaid expenses and other assets | |
| 6,469 | | |
| 6,676 | |
Total assets | |
$ | 2,219,199 | | |
$ | 2,169,592 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Liabilities: | |
| | | |
| | |
Deposits | |
$ | 1,645,711 | | |
$ | 1,716,152 | |
Advances from the Federal Home Loan
Bank | |
| 266,000 | | |
| 141,000 | |
Securities sold under agreements to
repurchase | |
| 10,000 | | |
| 10,000 | |
Accounts payable and accrued expenses | |
| 24,161 | | |
| 24,180 | |
Lease liability | |
| 15,321 | | |
| 15,295 | |
Income taxes payable | |
| 1,500 | | |
| 838 | |
Advance payments by borrowers for taxes
and insurance | |
| 5,872 | | |
| 5,577 | |
Total liabilities | |
| 1,968,565 | | |
| 1,913,042 | |
| |
| | | |
| | |
Stockholders' Equity: | |
| | | |
| | |
| |
| | | |
| | |
Preferred stock, $.01 par value; authorized
50,000,000 shares, no shares issued or outstanding | |
| — | | |
| — | |
Common stock, $.01 par value;
authorized 100,000,000 shares; issued and outstanding 8,848,511 and 9,071,076 shares as of June 30, 2023 and December 31, 2022,
respectively | |
| 88 | | |
| 91 | |
Additional paid-in capital | |
| 48,110 | | |
| 51,825 | |
Unearned ESOP shares | |
| (2,691 | ) | |
| (2,936 | ) |
Retained earnings | |
| 212,848 | | |
| 215,314 | |
Accumulated other comprehensive loss | |
| (7,721 | ) | |
| (7,744 | ) |
Total stockholders’ equity | |
| 250,634 | | |
| 256,550 | |
Total liabilities and stockholders’
equity | |
$ | 2,219,199 | | |
$ | 2,169,592 | |
Territorial
Bancorp Inc. and Subsidiaries |
Selected
Financial Data (Unaudited) |
| |
Three Months Ended | |
| |
June 30, | |
| |
2023 | | |
2022 | |
Performance Ratios (annualized): | |
| | | |
| | |
Return on average assets | |
| 0.27 | % | |
| 0.76 | % |
Return on average equity | |
| 2.37 | % | |
| 6.39 | % |
Net interest margin on average interest
earning assets | |
| 2.09 | % | |
| 2.72 | % |
Efficiency ratio (1) | |
| 80.72 | % | |
| 64.38 | % |
| |
At | | |
At | |
| |
June | | |
December | |
| |
30, 2023 | | |
31, 2022 | |
Selected Balance Sheet Data: | |
| | | |
| | |
Book value per share (2) | |
$ | 28.32 | | |
$ | 28.28 | |
Stockholders' equity to total assets | |
| 11.29 | % | |
| 11.83 | % |
| |
| | | |
| | |
Asset Quality | |
| | | |
| | |
(Dollars in thousands): | |
| | | |
| | |
Delinquent loans 90 days past due and
not accruing | |
$ | 1,018 | | |
$ | 559 | |
Non-performing assets (3) | |
$ | 2,347 | | |
$ | 2,301 | |
Allowance for credit losses | |
$ | 5,262 | | |
$ | 2,032 | |
Non-performing assets to total assets | |
| 0.11 | % | |
| 0.11 | % |
Allowance for credit losses to total
loans | |
| 0.40 | % | |
| 0.16 | % |
Allowance for credit losses to non-performing
assets | |
| 224.20 | % | |
| 88.31 | % |
Note:
(1)
Efficiency ratio is equal to noninterest expense divided by the sum of net interest income and noninterest income
(2)
Book value per share is equal to stockholders' equity divided by number of shares issued and outstanding
(3)
Non-performing assets consist of non-accrual loans and real estate owned. Amounts are net of charge-offs
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