Truxton Corporation Reports Fourth Quarter and Full Year 2023 Results
NASHVILLE, Tenn., Jan. 25, 2024 (GLOBE NEWSWIRE) — Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter and year ended December 31, 2023. Fourth quarter net income attributable to common shareholders was $4.2 million, or $1.46 earnings per diluted share, compared with $4.1 million, or $1.40 earnings per diluted share, for the same quarter in 2022.
For the year ended December 31, 2023, net income increased by 4% to $17.5 million from $16.7 million in 2022. For the year ended December 31, 2023, earnings per diluted share rose to $6.02 from $5.75, an increase of 5% from 2022.
“In what was a very challenging year for all banks, we are pleased with our financial results,” said Chairman and CEO Tom Stumb. “The strength of our business model and value to our customers was once again on display as Wealth Management revenue grew 8%, helping to offset Net Interest Margin compression. We earned a return on average equity for the year of 22.3% – an outstanding achievement in any environment.”
Key Highlights
- Truxton partially restructured its fixed income investment portfolio in December and realized $445 thousand in losses on the sale of $8 million of investments. This restructuring allowed Truxton to improve its interest rate risk profile and should contribute to an increase in its future earnings. The after-tax cost of these losses lowered earnings per share by approximately $0.12 per share in the fourth quarter of 2023. Excluding these losses, earnings per diluted share for the quarter would have been approximately $1.58, up from $1.57 in the third quarter of 2023 and $1.56 in the fourth quarter of 2022, excluding approximately $0.16 per share of securities restructuring realized losses in that quarter.
- Non-interest income, excluding the restructuring losses, was $4.7 million in the fourth quarter of 2023, a decline of 4% from the third quarter of 2023 and up 8% in comparison to the fourth quarter of 2022. Wealth management services constituted 94% of non-interest income, excluding restructuring losses, in the fourth quarter of 2023.
- Loans rose 2.5% to $658 million at year end compared to $642 million on September 30, 2023, and were up 6% compared to $619 million on December 31, 2022.
- Total deposits increased less than 1% from September 30, 2023, to $782 million at December 31, 2023, and declined 3% in comparison to December 31, 2022. Truxton continues to fund its growth from a single banking location led by its commitment to provide what it believes is superior deposit operations service and technology. As a result, occupancy expenditures and fixed asset investments are a fraction of typical peers.
- Net interest margin (NIM) for the fourth quarter of 2023 was 2.78%, an increase of 17 basis points from the 2.61% experienced in the third quarter of 2023, but a decline of 5 basis points from the fourth quarter of 2022. Approximately half of the increase in quarter-over-quarter NIM was driven by a one-time loan prepayment fee. Cost of funds was 3.15% in the fourth quarter of 2023, up from 3.05% for the quarter ended September 30, 2023, and an increase from 1.73% in the quarter ended December 31, 2022.
- Asset quality remains sound at Truxton. The Bank had no non-performing assets at December 31, 2023. Truxton had $8 thousand of recoveries in the fourth quarter of 2023, $1 thousand in the trailing quarter, and $2 thousand in the fourth quarter of 2022.
- Truxton adopted the mandated Current Expected Credit Loss accounting methodology for calculating its allowance for credit losses effective January 1, 2023. The Allowance for Credit Losses was $6.3 million at quarter end December 31, 2023, and $6.0 million at quarter end September 30, 2023, excluding $0.4 million and $0.5 million in allowance for unfunded commitments, respectively, compared to Allowance for Loan and Lease Losses of $5.8 million at December 31, 2022. For the same three periods, the Bank’s loan-related allowance was 0.96%, 0.94%, and 0.93%, respectively, of gross loans outstanding at period end.
- The Bank’s capital position remains strong. The Tier 1 leverage ratio was 10.53% at December 31, 2023, 10.36% at September 30, 2023, and 9.78% at December 31, 2022. Book value per common share was $30.31, $27.43, and $25.39 at December 31, 2023, September 30, 2023, and December 31, 2022, respectively.
- During the twelve months ended December 31, 2023, Truxton Corporation paid dividends of $2.52 per common share, inclusive of a $1 special cash dividend, and repurchased 18 thousand shares of its common stock for $1.1 million, an average price of $59.95 per share.
About Truxton
Truxton Trust Company is a provider of wealth, banking, and family office services for wealthy individuals, their families and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton Trust upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.
| Investor Relations | Media Relations |
| Austin Branstetter | Swan Burrus |
| 615-250-0783 | 615-250-0773 |
| austin.branstetter@truxtontrust.com | swan.burrus@truxtontrust.com |
| Truxton Corporation | |||||||||
| Consolidated Balance Sheets | |||||||||
| (000’s) | |||||||||
| (Unaudited) | |||||||||
| December 31, 2023* | September 30, 2023* | December 31, 2022 | |||||||
| ASSETS | |||||||||
| Cash and due from financial institutions | $ | 4,272 | $ | 5,040 | $ | 5,405 | |||
| Interest bearing deposits in other financial institutions | 3,417 | 7,589 | 1,094 | ||||||
| Federal funds sold | 1,537 | 956 | – | ||||||
| Cash and cash equivalents | 9,226 | 13,585 | 6,499 | ||||||
| Time deposits in other financial institutions | 490 | 740 | 3,833 | ||||||
| Securities available for sale | 259,926 | 259,543 | 257,257 | ||||||
| Gross loans, excluding Paycheck Protection Program | 657,781 | 641,697 | 618,847 | ||||||
| Allowance for credit losses** | (6,304 | ) | (6,031 | ) | (5,761 | ) | |||
| Paycheck Protection Program Loans | 59 | 69 | 101 | ||||||
| Net loans | 651,536 | 635,735 | 613,187 | ||||||
| Bank owned life insurance | 10,808 | 10,751 | 10,592 | ||||||
| Restricted equity securities | 1,858 | 1,940 | 3,227 | ||||||
| Premises and equipment, net | 189 | 129 | 209 | ||||||
| Accrued interest receivable | 4,388 | 4,310 | 3,512 | ||||||
| Deferred tax asset, net | 6,010 | 7,910 | 7,161 | ||||||
| Other assets | 10,839 | 13,922 | 11,803 | ||||||
| Total assets | $ | 955,270 | $ | 948,566 | $ | 917,280 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Deposits | |||||||||
| Non-interest bearing | $ | 123,918 | $ | 116,918 | $ | 153,870 | |||
| Interest bearing | $ | 658,061 | $ | 663,950 | 653,880 | ||||
| Total deposits | 781,979 | 780,868 | 807,750 | ||||||
| Federal funds purchased | – | – | 4,933 | ||||||
| Swap counterparty cash collateral | 4,060 | 4,820 | 4,090 | ||||||
| Federal Home Loan Bank advances | 4,500 | 4,500 | 4,500 | ||||||
| Federal Reserve Bank Term Funding Program advances | 53,800 | 55,000 | – | ||||||
| Subordinated debt | 14,327 | 14,291 | 14,727 | ||||||
| Other liabilities | 8,922 | 9,544 | 7,904 | ||||||
| Total liabilities | 867,588 | 869,023 | 843,904 | ||||||
| SHAREHOLDERS’ EQUITY | |||||||||
| Common stock, $0.10 par value | $ | 289 | $ | 288 | $ | 289 | |||
| Additional paid-in capital | 31,457 | 31,335 | 31,107 | ||||||
| Retained earnings | 51,679 | 52,780 | 42,766 | ||||||
| Accumulated other comprehensive income (loss) | (13,279 | ) | (18,167 | ) | (17,512 | ) | |||
| Net Income | $ | 17,536 | $ | 13,307 | $ | 16,726 | |||
| Total shareholders’ equity | 87,682 | 79,543 | 73,376 | ||||||
| Total liabilities and shareholders’ equity | $ | 955,270 | $ | 948,566 | $ | 917,280 | |||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | |||||||||
| **2022 data shows Allowance for loan losses. Truxton adopted the Current Expected Credit Loss methodology as of January 1, 2023. The total excludes reserve for credit losses on unfunded commitments recorded in Other liabilities in 2023. | |||||||||
| Truxton Corporation | ||||||||||||||||||
| Consolidated Statements of Net Income | ||||||||||||||||||
| (000’s) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | Year To Date | |||||||||||||||||
| December 31, 2023* | September 30, 2023* | December 31, 2022* | December 31, 2023* | December 31, 2022 | ||||||||||||||
| Non-interest income | ||||||||||||||||||
| Wealth management services | $ | 4,435 | $ | 4,608 | $ | 4,126 | $ | 17,657 | $ | 16,377 | ||||||||
| Service charges on deposit accounts | 111 | 123 | 111 | 461 | 415 | |||||||||||||
| Securities gains (losses), net | (445 | ) | 0 | (588 | ) | (387 | ) | (636 | ) | |||||||||
| Bank owned life insurance income | 56 | 54 | 51 | 216 | 203 | |||||||||||||
| Other | 52 | 146 | 63 | 309 | 253 | |||||||||||||
| Total non-interest income | 4,208 | 4,931 | 3,763 | 18,256 | 16,612 | |||||||||||||
| Interest income | ||||||||||||||||||
| Loans, including fees | $ | 10,495 | $ | 9,714 | $ | 8,017 | $ | 37,804 | $ | 25,125 | ||||||||
| Taxable securities | 2,554 | 2,575 | 1,620 | 9,350 | 5,247 | |||||||||||||
| Tax-exempt securities | 210 | 216 | 373 | 876 | 1,568 | |||||||||||||
| Interest bearing deposits | 194 | 69 | 303 | 695 | 469 | |||||||||||||
| Federal funds sold | 41 | 30 | 26 | 101 | 39 | |||||||||||||
| Other interest income | 63 | 105 | 59 | 216 | 156 | |||||||||||||
| Total interest income | 13,558 | 12,709 | 10,398 | 49,042 | 32,604 | |||||||||||||
| Interest expense | ||||||||||||||||||
| Deposits | 6,048 | 5,679 | 3,485 | 20,881 | 6,792 | |||||||||||||
| Short-term borrowings | 685 | 61 | 42 | 2,154 | 52 | |||||||||||||
| Long-term borrowings | 23 | 716 | 72 | 490 | 141 | |||||||||||||
| Subordinated debentures | 187 | 195 | 194 | 771 | 776 | |||||||||||||
| Total interest expense | 6,943 | 6,650 | 3,793 | 24,296 | 7,761 | |||||||||||||
| Net interest income | 6,615 | 6,059 | 6,605 | 24,746 | 24,843 | |||||||||||||
| Provision for credit losses | 215 | 6 | 9 | 296 | 984 | |||||||||||||
| Net interest income after provision for loan losses | 6,400 | 6,053 | 6,596 | 24,450 | 23,859 | |||||||||||||
| Total revenue, net | 10,608 | 10,984 | 10,359 | 42,706 | 40,471 | |||||||||||||
| Non interest expense | ||||||||||||||||||
| Salaries and employee benefits | 3,563 | 3,819 | 3,823 | 14,810 | 14,587 | |||||||||||||
| Occupancy | 272 | 313 | 278 | 1,185 | 1,034 | |||||||||||||
| Furniture and equipment | 24 | 7 | 25 | 76 | 112 | |||||||||||||
| Data processing | 389 | 470 | 400 | 1,703 | 1,486 | |||||||||||||
| Wealth management processing fees | 166 | 178 | 179 | 729 | 666 | |||||||||||||
| Advertising and public relations | 109 | 58 | 78 | 248 | 162 | |||||||||||||
| Professional services | 285 | 127 | 177 | 941 | 793 | |||||||||||||
| FDIC insurance assessments | 225 | 85 | 55 | 460 | 246 | |||||||||||||
| Other | 322 | 256 | 196 | 901 | 879 | |||||||||||||
| Total non interest expense | 5,355 | 5,314 | 5,211 | 21,053 | 19,965 | |||||||||||||
| Income before income taxes | 5,253 | 5,670 | 5,148 | 21,653 | 20,506 | |||||||||||||
| Income tax expense | 1,029 | 1,109 | 1,098 | 4,117 | 3,780 | |||||||||||||
| Net income | $ | 4,225 | $ | 4,560 | $ | 4,050 | $ | 17,536 | $ | 16,726 | ||||||||
| Earnings per share: | ||||||||||||||||||
| Basic | $1.46 | $1.57 | $1.40 | $6.04 | $5.78 | |||||||||||||
| Diluted | $1.46 | $1.57 | $1.40 | $6.02 | $5.75 | |||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding. | ||||||||||||||||||
| Truxton Corporation | |||
| Selected Quarterly Financial data | |||
| At Or For The Three Months Ended | |||
| (000’s) | |||
| (Unaudited) | |||
| December 31, 2023* | September 30, 2023* | December 31, 2022 | |
| Per Common Share Data | |||
| Net income attributable to shareholders, per share | |||
| Basic | $1.46 | $1.57 | $1.40 |
| Diluted | $1.46 | $1.57 | $1.40 |
| Book value per common share | $30.31 | $27.43 | $25.39 |
| Tangible book value per common share | $30.31 | $27.43 | $25.39 |
| Basic weighted average common shares | 2,821,846 | 2,829,139 | 2,810,702 |
| Diluted weighted average common shares | 2,828,274 | 2,836,187 | 2,822,538 |
| Common shares outstanding at period end | 2,893,064 | 2,900,171 | 2,887,362 |
| Selected Balance Sheet Data | |||
| Tangible common equity (TCE) ratio | 9.18% | 8.39% | 8.00% |
| Average Loans | $653,804 | $634,179 | $616,609 |
| Average earning assets (1) | $956,793 | $943,584 | $939,763 |
| Average total assets | $960,852 | $949,754 | $943,900 |
| Average shareholders’ equity | $81,759 | $80,535 | $70,128 |
| Selected Asset Quality Measures | |||
| Nonaccrual loans | $0 | $0 | $0 |
| 90+ days past due still accruing | $0 | $0 | $0 |
| Total nonperforming loans | $0 | $0 | $0 |
| Total nonperforming assets | $0 | $0 | $0 |
| Net charge offs (recoveries) | ($8) | ($1) | ($2) |
| Nonperforming loans to assets | 0.00% | 0.00% | 0.00% |
| Nonperforming assets to total assets | 0.00% | 0.00% | 0.00% |
| Nonperforming assets to total loans and other real estate | 0.00% | 0.00% | 0.00% |
| Allowance for credit losses to total loans** | 0.96% | 0.94% | 0.93% |
| Net charge offs to average loans | -0.00% | -0.00% | -0.00% |
| Capital Ratios (Bank Subsidiary Only) | |||
| Tier 1 leverage | 10.53% | 10.36% | 9.78% |
| Common equity tier 1 | 14.58% | 14.11% | 13.36% |
| Total risk-based capital | 15.53% | 15.04% | 14.20% |
| Selected Performance Ratios | |||
| Efficiency ratio | 47.07% | 47.87% | 48.55% |
| Return on average assets (ROA) | 1.75% | 1.91% | 1.70% |
| Return on average shareholders’ equity (ROE) | 20.52% | 22.48% | 22.92% |
| Return on average tangible common equity (ROTCE) | 20.52% | 22.48% | 22.92% |
| Net interest margin | 2.78% | 2.61% | 2.83% |
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | |||
| **2022 data shows Allowance for loan losses. Truxton adopted the Current Expected Credit Loss methodology as of January 1, 2023. 2023 ratios do not include reserve for unfunded commitments | |||
| (1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, and investment securities. | |||
| Truxton Corporation | ||||||||||||||||||||
| Yield Tables | ||||||||||||||||||||
| For The Periods Indicated | ||||||||||||||||||||
| (000’s) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||
| December 31, 2023* | September, 30 2023* | December 31, 2022* | ||||||||||||||||||
| Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | ||||||||||||
| Earning Assets | ||||||||||||||||||||
| Loans | $653,804 | 6.18 | $10,183 | $634,179 | 6.01 | $9,602 | $616,609 | 5.01 | $7,905 | |||||||||||
| Loan fees | $0 | 0.19 | $312 | $0 | 0.07 | $112 | $0 | 0.07 | $112 | |||||||||||
| Loans with fees | $653,804 | 6.37 | $10,495 | $634,179 | 6.08 | $9,714 | $616,609 | 5.16 | $8,017 | |||||||||||
| Mortgage loans held for sale | $0 | 0.00 | $0 | $0 | 0.00 | $0 | $0 | 0.00 | $0 | |||||||||||
| Federal funds sold | $2,985 | 5.41 | $41 | $2,293 | 5.20 | $30 | $2,688 | 3.76 | $26 | |||||||||||
| Deposits with banks | $14,240 | 5.51 | $198 | $13,213 | 5.34 | $178 | $31,462 | 3.82 | $303 | |||||||||||
| Investment securities – taxable | $248,778 | 4.11 | $2,554 | $255,822 | 4.03 | $2,575 | $228,108 | 2.84 | $1,620 | |||||||||||
| Investment securities – tax-exempt | $36,986 | 3.39 | $210 | $38,077 | 3.38 | $216 | $60,897 | 3.31 | $372 | |||||||||||
| Total Earning Assets | $956,793 | 5.65 | $13,498 | $943,584 | 5.40 | $12,713 | $939,764 | 4.43 | $10,338 | |||||||||||
| Non interest earning assets | ||||||||||||||||||||
| Allowance for loan losses | (6,123) | (5,989) | (5,783) | |||||||||||||||||
| Cash and due from banks | $5,402 | $5,814 | $6,871 | |||||||||||||||||
| Premises and equipment | $119 | $134 | $224 | |||||||||||||||||
| Accrued interest receivable | $3,575 | $3,443 | $2,935 | |||||||||||||||||
| Other real estate | $0 | $0 | $0 | |||||||||||||||||
| Other assets | $30,404 | $29,298 | $30,251 | |||||||||||||||||
| Unrealized gain (loss) on inv. securities | (29,318) | (26,530) | (30,362) | |||||||||||||||||
| Total Assets | $960,852 | $949,754 | $943,900 | |||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||
| Interest bearing demand | $345,966 | 3.42 | $2,984 | $354,018 | 3.43 | $3,062 | $380,638 | 2.23 | $2,140 | |||||||||||
| Savings and money market | $138,244 | 2.95 | $1,027 | $132,842 | 2.67 | $895 | $142,369 | 1.44 | $515 | |||||||||||
| Time deposits – retail | $16,343 | 3.18 | $131 | $17,334 | 2.67 | $117 | $24,280 | 1.41 | $86 | |||||||||||
| Time deposits – wholesale | $165,756 | 4.56 | $1,906 | $147,046 | 4.33 | $1,605 | $128,619 | 2.29 | $744 | |||||||||||
| Total interest bearing deposits | $666,309 | 3.6 | $6,048 | $651,240 | 3.46 | $5,679 | $675,906 | 2.05 | $3,485 | |||||||||||
| Federal Home Loan Bank advances | $4,500 | 1.98 | $23 | $9,337 | 3.79 | $91 | $9,957 | 2.85 | $72 | |||||||||||
| Subordinated debt | $14,422 | 5.08 | $187 | $15,030 | 5.09 | $195 | $14,827 | 5.12 | $194 | |||||||||||
| Other borrowings | $60,859 | 4.39 | $685 | $60,606 | 4.40 | $682 | $4,760 | 4.33 | $42 | |||||||||||
| Total borrowed funds | $79,781 | 4.39 | $895 | $84,973 | 4.46 | $968 | $29,544 | 4.08 | $308 | |||||||||||
| Total interest bearing liabilities | $746,090 | 3.69 | $6,943 | $736,213 | 3.57 | $6,647 | $705,450 | 2.13 | $3,793 | |||||||||||
| Net interest rate spread | 1.96 | $6,555 | 1.83 | $6,066 | 2.30 | $6,545 | ||||||||||||||
| Non-interest bearing deposits | $126,534 | $127,389 | $163,653 | |||||||||||||||||
| Other liabilities | $6,469 | $5,308 | $4,671 | |||||||||||||||||
| Shareholder’s equity | $81,759 | $80,535 | $70,128 | |||||||||||||||||
| Total Liabilities and Shareholder’s Equity | $960,852 | $949,445 | $943,902 | |||||||||||||||||
| Cost of funds | 3.15 | 3.05 | 1.73 | |||||||||||||||||
| Net interest margin | 2.78 | 2.61 | 2.83 | |||||||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding. | ||||||||||||||||||||
| Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category. | ||||||||||||||||||||
| Truxton Corporation | ||||||||||||||
| Yield Tables | ||||||||||||||
| For The Periods Indicated | ||||||||||||||
| (000’s) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: | ||||||||||||||
| Twelve Months Ended | Twelve Months Ended | |||||||||||||
| December 31, 2023* | December 31, 2022 | |||||||||||||
| Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | |||||||||
| Earning Assets | ||||||||||||||
| Loans | $635,059 | 5.85 | $37,150 | $562,647 | 4.35 | $24,470 | ||||||||
| Loan fees | $0 | 0.10 | $654 | $0 | 0.12 | $654 | ||||||||
| Loans with fees | $635,059 | 5.95 | $37,804 | $562,647 | 4.47 | $25,124 | ||||||||
| Mortgage loans held for sale | $0 | 0.00 | $0 | $28 | 4.13 | $1 | ||||||||
| Federal funds sold | $1,907 | 5.21 | $101 | $2,102 | 1.85 | $39 | ||||||||
| Deposits with banks | $13,711 | 5.07 | $695 | $27,043 | 1.73 | $469 | ||||||||
| Investment securities – taxable | $247,483 | 3.78 | $9,350 | $232,515 | 2.26 | $5,247 | ||||||||
| Investment securities – tax-exempt | $38,410 | 3.40 | $876 | $64,684 | 3.28 | $1,568 | ||||||||
| Total Earning Assets | $936,570 | 5.26 | $48,826 | $889,019 | 3.71 | $32,448 | ||||||||
| Non interest earning assets | ||||||||||||||
| Allowance for loan losses | (6,087) | (5,318) | ||||||||||||
| Cash and due from banks | 5,960 | $7,789 | ||||||||||||
| Premises and equipment | $154 | $251 | ||||||||||||
| Accrued interest receivable | $3,271 | $2,453 | ||||||||||||
| Other real estate | $0 | $0 | ||||||||||||
| Other assets | $29,175 | $25,359 | ||||||||||||
| Unrealized gain (loss) on inv. securities | (26,891) | (17,031) | ||||||||||||
| Total Assets | $942,152 | $902,522 | ||||||||||||
| Interest bearing liabilities | ||||||||||||||
| Interest bearing demand | $351,956 | 3.20 | $11,247 | $366,943 | 1.19 | $4,350 | ||||||||
| Savings and Money Market | $134,518 | 2.50 | $3,368 | $143,591 | 0.68 | $975 | ||||||||
| Time deposits – Retail | $17,168 | 2.53 | $435 | $19,072 | 1.08 | $205 | ||||||||
| Time Deposits – Wholesale | $143,922 | 4.05 | $5,832 | $89,916 | 1.40 | $1,262 | ||||||||
| Total interest bearing deposits | $647,564 | 3.22 | $20,882 | $619,522 | 1.10 | $6,792 | ||||||||
| Federal home Loan Bank advances | $12,355 | 3.91 | $490 | $6,511 | 2.14 | $141 | ||||||||
| Subordinated debt | $14,831 | 5.12 | $771 | $14,853 | 5.21 | $780 | ||||||||
| Other borrowings | $47,985 | 4.42 | $2,153 | $2,124 | 2.54 | $48 | ||||||||
| Total borrowed funds | $75,171 | 4.48 | $3,414 | $23,488 | 4.07 | $969 | ||||||||
| Total interest bearing liabilities | $722,735 | 3.36 | $24,296 | $643,010 | 1.20 | $7,761 | ||||||||
| Net interest rate spread | 1.90 | $24,530 | 2.51 | $24,687 | ||||||||||
| Non-interest bearing deposits | $135,909 | $180,665 | ||||||||||||
| Other liabilities | $4,810 | $4,142 | ||||||||||||
| Shareholder’s equity | $78,619 | $74,771 | ||||||||||||
| Total Liabilities and Shareholder’s Equity | $942,073 | $902,588 | ||||||||||||
| Cost of funds | 2.82 | 0.94 | ||||||||||||
| Net interest margin | 2.67 | 2.84 | ||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | ||||||||||||||
| Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category. | ||||||||||||||
