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Affinity Bancshares, Inc. Announces Second Quarter 2022 Financial Results

Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.8 million for the three months ended June 30, 2022 as compared to $2.3 million for the three months ended June 30, 2021. For the six months ended June 30, 2022, net income was $3.6 million as compared to $4.5 million for the six months ended June 30, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220726006107/en/

AFBI Selected Data (Graphic: Business Wire)

AFBI Selected Data (Graphic: Business Wire)

For the three months ended,

Performance Ratios:

June 30,

2022

March 31,

2022

December 31,

2021

September 30,

2021

June 30,

2021

Return on average assets (1)

0.95%

 

0.97%

 

0.66%

 

0.91%

 

1.18%

Return on average equity (1)

6.13%

5.97%

4.36%

6.00%

7.95%

Net interest margin (1)

4.06%

 

4.47%

 

3.60%

 

3.74%

 

4.06%

Efficiency ratio

67.23%

69.00%

74.29%

65.87%

58.30%

 

(1) Annualized.

Results of Operations

Net income was $1.8 million for the three months ended June 30, 2022, as compared to $2.3 million for the three months ended June 30, 2021, as a result of a decrease in Payroll Protection Program (PPP) loan related interest and fee income as we have been receiving forgiveness payments for these loans partially offset by a decrease in interest expense. Net income was $3.6 million for the six months ended June 30, 2022, as compared to $4.5 million for the six months ended June 30, 2021, as a result of lower interest and fee income on PPP loans partially offset by a decrease in interest expense primarily related to the recognition of remaining discounts upon the payoff of acquired Federal Home Loan Bank advances.

Net Interest Income and Margin

Net interest income decreased $269,000, and was $7.1 million for the three months ended June 30, 2022, compared to $7.4 million for the three months ended June 30, 2021, as a result of a decrease in Payroll Protection Program (PPP) loan related interest and fee income as we have been receiving forgiveness payments for these loans partially offset by a decrease in interest expense. Net interest income decreased $859,000, and was $14.9 million for the six months ended June 30, 2022, compared to $15.8 million for the six months ended June 30, 2021, as a result of a decrease in PPP loan related interest and fee income as we have been receiving forgiveness payments for these loans partially offset by a decrease in interest expense primarily related to the recognition of remaining discounts upon the payoff of acquired Federal Home Loan Bank advances. Average interest-earning assets decreased by $27.1 million, and was $702.9 million for the three months ended June 30, 2022, compared to $730.0 for the three months ended June 30, 2021. Average interest-earning assets decreased by $29.1 million, and was $698.1 million for the six months ended June 30, 2022, compared to $727.2 million for the six months ended June 30, 2021. This decrease was a result of the decrease in PPP loans as forgiveness payments were received for both the three- and six-month periods ended June 30, 2022. The Company’s net interest margin remained constant at 4.06% for the three months ended June 30, 2022, and June 30, 2021. Net interest margin for the six months ended June 30, 2022, decreased to 4.27% from 4.33% for the six months ended June 30, 2021. For the three months ended June 30, 2022, the cost of average interest-bearing liabilities decreased to 0.47% from 0.70% for the three months ended June 30, 2021, as a result of paying off Federal Home Loan Bank advances and decreasing deposit rates related to the decrease in market rates. For the six months ended June 30, 2022, the cost of average interest-bearing liabilities decreased to 0.02% from 0.72% for the six months ended June 30, 2021, as a result of paying off Federal Home Loan Bank advances and recognizing $1.0 million in accretion from fair value adjustments on acquired advances. The total cost of deposits was 0.46% for the three months ended June 30, 2022, compared to 0.65% for the three months ended June 30, 2021. For the six months ended June 30, 2022, the total cost of deposits was 0.47% compared to 0.69% for the six months ended June 30, 2021. The decrease was due to decreasing deposit rates related to the decrease in market rates for both the three- and six-month periods ended June 30, 2022.

Provision for Loan Losses

For the three months ended June 30, 2022, the provision for loan loss expense was $217,000 compared to $300,000 for the three months ended June 30, 2021. For the six months ended June 30, 2022, the provision for loan loss expense was $467,000 compared to $750,000 for the six months ended June 30, 2021. We increased our provision expense in 2021 due to the uncertainty related to the COVID-19 pandemic. We continue to assess current economic conditions when determining the level of provision expense. Net loan charge offs were $25,000 for the six months ended June 30, 2022, compared to net loan recoveries of $276,000 for the six months ended June 30, 2021.

Non-interest Income

For the three months ended June 30, 2022, noninterest income increased $42,000 to $648,000 compared to $606,000 for the three months ended June 30, 2021. For the six months ended June 30, 2022, noninterest income decreased $91,000 to $1.2 million compared to $1.3 million for the six months ended June 30, 2021. This was a result of the decrease in other non-interest income as income was received in 2021 for a bank-owned life insurance death benefit claim and no such benefit claim was received in 2022.

Non-interest Expense

Operating expenses increased $564,000, and were $5.2 million for the three months ended June 30, 2022, compared to $4.7 million for the three months ended June 30, 2021. For the six months ended June 30, 2022, operating expenses increased $431,000, and were $11.0 million for the six months ended June 30, 2022, compared to $10.6 million for the six months ended June 30, 2021. The increase in salaries and employee benefits were due to the Company’s strategic initiative to attract and retain talent for both the three- and six-month periods ended June 30, 2022.

Income Tax Expense

We recorded income tax expense of $552,000 for three months ended June 30, 2022, compared to $725,000 for the three months ended June 30, 2021. For the six months ended June 30, 2022, income tax expense was $1.1 million compared to $1.3 million for the six months ended June 30, 2021. The lower tax expense for both the three- and six-month periods ended June 30, 2022, was primarily due to lower pretax income.

Financial Condition

Total assets decreased by $21.4 million to $766.7 million at June 30, 2022, from $788.1 million at December 31, 2021. The decrease was due primarily to a decrease in cash and cash equivalents of $56.4 million due to paying off Federal Home Loan Bank advances, partially offset by an increase in net loans. Cash and equivalents decreased $56.4 million, to $55.0 million at June 30, 2022, from $111.8 million at December 31, 2021, as excess liquidity was utilized to payoff Federal Home Loan Bank advances. Total investment securities available for sale decreased by $4.0 million at June 30, 2022, as compared to December 31, 2021, as our unrealized loss on the investment portfolio increased due to the rise in interest rates. Total net loans increased $38.5 million to $614.4 million at June 30, 2022 from $575.8 million at December 31, 2021, including Paycheck Protection Program (PPP) loans of $916,000 and $17.9 million at June 30, 2022 and December 31, 2021, respectively. Loans increased due to our continued success with our strategic initiatives to grow organically and diversify our loan portfolio. This includes adding additional lenders to our business development team. Deposits increased by $11.4 million to $626.2 million at June 30, 2022 compared to $614.8 million at December 31, 2021, which reflected an increase in interest-bearing, market rate, and non-interest-bearing deposits of $23.0 million. The loan-to-deposit ratio at June 30, 2022 was 98.1%, as compared to 93.7% at December 31, 2021. Stockholders’ equity decreased to $115.4 million at June 30, 2022, as compared to $121.0 million at December 31, 2021, primarily due to the decrease in additional paid in capital from the repurchase of 308,602 shares of common stock totaling $4.8 million with an average price per share of $15.48 as well as an increase in accumulated other comprehensive loss related to our investment portfolio.

Asset Quality

The Company’s non-performing loans remained constant at $7.0 million at June 30, 2022 and December 31, 2021. The allowance for loan losses as a percentage of non-performing loans was 129.5% at June 30, 2022, as compared to 122.1% at December 31, 2021. The Company’s allowance for loan losses was 1.44% of total loans at June 30, 2022, as compared to 1.46% of total loans at December 31, 2021.

About Affinity Bancshares, Inc.

The Company is a Maryland corporation based in Covington, Georgia. The Company’s banking subsidiary, Affinity Bank, opened in 1928 and currently operates a full-service office in Atlanta, Georgia, two full-service offices in Covington, Georgia, and a loan production office serving the Alpharetta and Cumming, Georgia markets.

Forward-Looking Statements

In addition to historical information, this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describe the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. 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. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in general economic conditions, interest rates and inflation; changes in asset quality; our ability to access cost-effective funding; fluctuations in real estate values; changes in laws or regulations; changes in technology; failures or breaches of our IT security systems; our ability to introduce new products and services and capitalize on growth opportunities; our ability to successfully integrate acquired operations or assets; changes in accounting policies and practices; our ability to retain key employees; the impact of the COVID-19 pandemic; and the effects of natural disasters and geopolitical events. These risks and other uncertainties are further discussed in the reports that the Company files with the Securities and Exchange Commission.

Average Balance Sheets

The following tables set forth average balance sheets, average yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are monthly average balances. Non-accrual loans were included in the computation of average balances. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense.

 

 

For the Three Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

Average

Outstanding

Balance

 

 

Interest

 

 

Average

Yield/Rate

 

 

Average

Outstanding

Balance

 

 

Interest

 

 

Average

Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans excluding PPP loans

 

$

609,646

 

 

$

7,212

 

 

 

4.73

%

 

$

505,912

 

 

$

6,310

 

 

 

4.99

%

PPP loans

 

 

3,750

 

 

 

71

 

 

 

7.58

%

 

 

107,154

 

 

 

1,687

 

 

 

6.30

%

Securities

 

 

46,461

 

 

 

279

 

 

 

2.40

%

 

 

29,619

 

 

 

163

 

 

 

2.20

%

Interest-earning deposits

 

 

41,856

 

 

 

79

 

 

 

0.76

%

 

 

84,950

 

 

 

39

 

 

 

0.18

%

Other investments

 

 

1,187

 

 

 

12

 

 

 

3.95

%

 

 

2,346

 

 

 

18

 

 

 

3.06

%

Total interest-earning assets

 

 

702,900

 

 

 

7,653

 

 

 

4.36

%

 

 

729,981

 

 

 

8,217

 

 

 

4.50

%

Non-interest-earning assets

 

 

51,662

 

 

 

 

 

 

 

 

 

57,220

 

 

 

 

 

 

 

Total assets

 

$

754,562

 

 

 

 

 

 

 

 

$

787,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

82,478

 

 

 

87

 

 

 

0.42

%

 

$

93,598

 

 

 

103

 

 

 

0.44

%

Interest-bearing checking accounts

 

 

97,618

 

 

 

45

 

 

 

0.19

%

 

 

84,571

 

 

 

44

 

 

 

0.21

%

Market rate checking accounts

 

 

150,863

 

 

 

93

 

 

 

0.25

%

 

 

131,466

 

 

 

128

 

 

 

0.39

%

Certificates of deposit

 

 

90,194

 

 

 

259

 

 

 

1.15

%

 

 

108,936

 

 

 

409

 

 

 

1.50

%

Total interest-bearing deposits

 

 

421,153

 

 

 

484

 

 

 

0.46

%

 

 

418,571

 

 

 

684

 

 

 

0.65

%

FHLB advances

 

 

14,341

 

 

 

27

 

 

 

0.76

%

 

 

45,610

 

 

 

123

 

 

 

1.08

%

Other borrowings

 

 

137

 

 

 

1

 

 

 

1.71

%

 

 

 

 

 

 

 

 

 

Total interest-bearing liabilities

 

 

435,631

 

 

 

512

 

 

 

0.47

%

 

 

464,181

 

 

 

807

 

 

 

0.70

%

Non-interest-bearing liabilities

 

 

202,296

 

 

 

 

 

 

 

 

 

206,119

 

 

 

 

 

 

 

Total liabilities

 

 

637,927

 

 

 

 

 

 

 

 

 

670,300

 

 

 

 

 

 

 

Total stockholders' equity

 

 

116,635

 

 

 

 

 

 

 

 

 

116,901

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

754,562

 

 

 

 

 

 

 

 

$

787,201

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

7,141

 

 

 

 

 

 

 

 

$

7,410

 

 

 

 

Net interest rate spread (1)

 

 

 

 

 

 

 

 

3.89

%

 

 

 

 

 

 

 

 

3.80

%

Net interest-earning assets (2)

 

$

267,269

 

 

 

 

 

 

 

 

$

265,800

 

 

 

 

 

 

 

Net interest margin (3)

 

 

 

 

 

 

 

 

4.06

%

 

 

 

 

 

 

 

 

4.06

%

Average interest-earning assets to interest- bearing liabilities

 

 

161.35

%

 

 

 

 

 

 

 

 

157.26

%

 

 

 

 

 

 

 

 

(1)

Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

 

(2)

Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

 

(3)

Net interest margin represents net interest income divided by average total interest-earning assets.

 

 

For the Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

Average

Outstanding

Balance

 

 

Interest

 

 

Average

Yield/Rate

 

 

Average

Outstanding

Balance

 

 

Interest

 

 

Average

Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans excluding PPP loans

 

$

596,429

 

 

$

14,004

 

 

 

4.70

%

 

$

501,596

 

 

$

12,514

 

 

 

4.99

%

PPP loans

 

 

8,035

 

 

 

275

 

 

 

6.84

%

 

 

115,260

 

 

 

4,577

 

 

 

7.94

%

Securities

 

 

47,549

 

 

 

539

 

 

 

2.27

%

 

 

26,701

 

 

 

256

 

 

 

1.92

%

Interest-earning deposits

 

 

45,026

 

 

 

97

 

 

 

0.43

%

 

 

81,469

 

 

 

82

 

 

 

0.20

%

Other investments

 

 

1,094

 

 

 

17

 

 

 

3.21

%

 

 

2,169

 

 

 

36

 

 

 

3.29

%

Total interest-earning assets

 

 

698,133

 

 

 

14,932

 

 

 

4.28

%

 

 

727,195

 

 

 

17,465

 

 

 

4.80

%

Non-interest-earning assets

 

 

52,661

 

 

 

 

 

 

 

 

 

55,514

 

 

 

 

 

 

 

Total assets

 

$

750,794

 

 

 

 

 

 

 

 

$

782,709

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

84,326

 

 

 

169

 

 

 

0.40

%

 

$

93,881

 

 

 

210

 

 

 

0.45

%

Interest-bearing checking accounts

 

 

96,949

 

 

 

87

 

 

 

0.18

%

 

 

90,509

 

 

 

95

 

 

 

0.21

%

Market rate checking accounts

 

 

147,677

 

 

 

182

 

 

 

0.25

%

 

 

127,858

 

 

 

261

 

 

 

0.41

%

Certificates of deposit

 

 

92,318

 

 

 

549

 

 

 

1.19

%

 

 

119,366

 

 

 

915

 

 

 

1.53

%

Total interest-bearing deposits

 

 

421,270

 

 

 

987

 

 

 

0.47

%

 

 

431,614

 

 

 

1,481

 

 

 

0.69

%

FHLB advances

 

 

11,596

 

 

 

(948

)

 

 

(16.35

)%

 

 

37,624

 

 

 

219

 

 

 

1.16

%

Other borrowings

 

 

69

 

 

 

1

 

 

 

1.70

%

 

 

69

 

 

 

14

 

 

 

41.69

%

Total interest-bearing liabilities

 

 

432,935

 

 

 

41

 

 

 

0.02

%

 

 

469,307

 

 

 

1,714

 

 

 

0.72

%

Non-interest-bearing liabilities

 

 

198,680

 

 

 

 

 

 

 

 

 

201,098

 

 

 

 

 

 

 

Total liabilities

 

 

631,615

 

 

 

 

 

 

 

 

 

670,405

 

 

 

 

 

 

 

Total stockholders' equity

 

 

119,179

 

 

 

 

 

 

 

 

 

112,304

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

750,794

 

 

 

 

 

 

 

 

$

782,709

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

14,891

 

 

 

 

 

 

 

 

$

15,751

 

 

 

 

Net interest rate spread (1)

 

 

 

 

 

 

 

 

4.26

%

 

 

 

 

 

 

 

 

4.08

%

Net interest-earning assets (2)

 

$

265,197

 

 

 

 

 

 

 

 

$

257,888

 

 

 

 

 

 

 

Net interest margin (3)

 

 

 

 

 

 

 

 

4.27

%

 

 

 

 

 

 

 

 

4.33

%

Average interest-earning assets to interest-bearing liabilities

 

 

161.26

%

 

 

 

 

 

 

 

 

154.95

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

 

(2)

Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

 

(3)

Net interest margin represents net interest income divided by average total interest-earning assets.

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

(unaudited)

 

 

(audited)

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

Cash and due from banks, including reserve requirement of $0 at June 30, 2022 and December 31, 2021

 

$

8,111

 

 

$

16,239

 

Interest-earning deposits in other depository institutions

 

 

47,288

 

 

 

95,537

 

Cash and cash equivalents

 

 

55,399

 

 

 

111,776

 

Investment securities available-for-sale

 

 

44,551

 

 

 

48,557

 

Other investments

 

 

1,400

 

 

 

2,476

 

Loans, net

 

 

614,358

 

 

 

575,825

 

Other real estate owned

 

 

3,538

 

 

 

3,538

 

Premises and equipment, net

 

 

4,048

 

 

 

3,783

 

Bank owned life insurance

 

 

15,549

 

 

 

15,377

 

Intangible assets

 

��

18,653

 

 

 

18,749

 

Accrued interest receivable and other assets

 

 

9,183

 

 

 

8,007

 

Total assets

 

$

766,679

 

 

$

788,088

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Savings accounts

 

$

82,742

 

 

$

86,745

 

Interest-bearing checking

 

 

96,176

 

 

 

91,387

 

Market rate checking

 

 

159,900

 

 

 

145,969

 

Non-interest-bearing checking

 

 

198,177

 

 

 

193,940

 

Certificates of deposit

 

 

89,180

 

 

 

96,758

 

Total deposits

 

 

626,175

 

 

 

614,799

 

Federal Home Loan Bank advances

 

 

20,000

 

 

 

48,988

 

Accrued interest payable and other liabilities

 

 

5,133

 

 

 

3,333

 

Total liabilities

 

 

651,308

 

 

 

667,120

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock (par value $0.01 per share, 40,000,000 shares authorized; 6,590,362 issued and outstanding at June 30, 2022 and 6,872,634 issued and outstanding at December 31, 2021

 

 

65

 

 

 

69

 

Preferred stock (10,000,000 shares authorized, no shares outstanding at June 30, 2022 and December 31, 2021

 

 

 

 

 

 

Additional paid in capital

 

 

63,497

 

 

 

68,038

 

Unearned ESOP shares

 

 

(4,899

)

 

 

(5,004

)

Retained earnings

 

 

61,797

 

 

 

58,223

 

Accumulated other comprehensive loss

 

 

(5,089

)

 

 

(358

)

Total stockholders' equity

 

 

115,371

 

 

 

120,968

 

Total liabilities and stockholders' equity

 

$

766,679

 

 

$

788,088

 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

 

 

(In thousands)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

7,283

 

 

$

7,997

 

 

$

14,279

 

 

$

17,091

 

Investment securities, including dividends

 

 

291

 

 

 

181

 

 

 

556

 

 

 

292

 

Interest-earning deposits

 

 

79

 

 

 

39

 

 

 

97

 

 

 

82

 

Total interest income

 

 

7,653

 

 

 

8,217

 

 

 

14,932

 

 

 

17,465

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

484

 

 

 

684

 

 

 

987

 

 

 

1,481

 

Borrowings

 

 

28

 

 

 

123

 

 

 

(947

)

 

 

233

 

Total interest expense

 

 

512

 

 

 

807

 

 

 

40

 

 

 

1,714

 

Net interest income before provision for loan losses

 

 

7,141

 

 

 

7,410

 

 

 

14,892

 

 

 

15,751

 

Provision for loan losses

 

 

217

 

 

 

300

 

 

 

467

 

 

 

750

 

Net interest income after provision for loan losses

 

 

6,924

 

 

 

7,110

 

 

 

14,425

 

 

 

15,001

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

393

 

 

 

376

 

 

 

785

 

 

 

709

 

Other

 

 

255

 

 

 

230

 

 

 

458

 

 

 

625

 

Total noninterest income

 

 

648

 

 

 

606

��

 

 

1,243

 

 

 

1,334

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,959

 

 

 

2,511

 

 

 

5,901

 

 

 

4,894

 

Deferred compensation

 

 

64

 

 

 

62

 

 

 

131

 

 

 

126

 

Occupancy

 

 

541

 

 

 

644

 

 

 

1,123

 

 

 

1,696

 

Advertising

 

 

118

 

 

 

100

 

 

 

198

 

 

 

180

 

Data processing

 

 

497

 

 

 

517

 

 

 

990

 

 

 

999

 

Other real estate owned

 

 

 

 

 

7

 

 

 

 

 

 

19

 

Net (gain) on sale of other real estate owned

 

 

 

 

 

(126

)

 

 

 

 

 

(127

)

Legal and accounting

 

 

203

 

 

 

226

 

 

 

385

 

 

 

402

 

Organizational dues and subscriptions

 

 

133

 

 

 

91

 

 

 

264

 

 

 

161

 

Director compensation

 

 

51

 

 

 

50

 

 

 

102

 

 

 

100

 

Federal deposit insurance premiums

 

 

52

 

 

 

67

 

 

 

112

 

 

 

140

 

Writedown of premises and equipment

 

 

 

 

 

 

 

 

 

 

 

873

 

FHLB prepayment penalties

 

 

 

 

 

 

 

 

647

 

 

 

 

Other

 

 

619

 

 

 

524

 

 

 

1,142

 

 

 

1,101

 

Total noninterest expenses

 

 

5,237

 

 

 

4,673

 

 

 

10,995

 

 

 

10,564

 

Income before income taxes

 

 

2,335

 

 

 

3,043

 

 

 

4,673

 

 

 

5,771

 

Income tax expense

 

 

552

 

 

 

725

 

 

 

1,099

 

 

 

1,321

 

Net income

 

$

1,783

 

 

$

2,318

 

 

$

3,574

 

 

$

4,450

 

Basic earnings per share

 

$

0.27

 

 

$

0.34

 

 

$

0.53

 

 

$

0.65

 

Diluted earnings per share

 

$

0.27

 

 

$

0.34

 

 

$

0.53

 

 

$

0.64

 

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income less interest and fees income on PPP loans provides a better comparison of the amount of the Company’s earnings. Management also believes that reported loans less PPP loans, deferred loan fees and other loan adjustments (consisting of loans in process), provides a better comparison of the amount of the Company’s loan portfolio. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.

June 30, 2022

March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

(In thousands)

Non-GAAP Reconciliation

Total Loans

$

623,359

 

$

601,693

 

$

584,384

 

$

571,170

 

$

590,011

Plus:

Fair Value Marks

 

1,157

 

 

1,239

 

 

1,350

 

 

1,422

 

 

1,529

Deferred Loan fees

 

873

 

 

958

 

958

 

1,077

 

1,666

Less:

 

 

 

 

 

 

 

 

 

Payroll Protection

 

 

Program Loans

 

916

 

 

7,146

 

18,124

 

32,204

 

73,020

Indirect Auto

 

 

 

 

 

 

 

 

 

 

Dealer Reserve

 

2,386

 

 

2,058

 

 

1,846

 

 

1,724

 

 

1,495

Other Loan

Adjustments

 

82

 

 

69

 

224

 

102

 

447

Gross Loans

$

622,005

 

$

594,617

 

$

566,498

 

$

539,639

 

$

518,244

June 30, 2022

March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

(In thousands)

Non-GAAP Reconciliation

Net Income

$

1,783

 

$

1,791

 

$

1,318

 

$

1,805

 

$

2,318

Less:

PPP Interest Income

 

9

 

 

30

 

 

59

 

 

121

 

 

269

PPP Fee Income

 

62

 

174

 

271

 

741

 

1,419

Plus:

 

 

 

 

 

 

 

 

 

Tax Effect

 

17

 

47

 

84

 

208

 

403

Non-GAAP Net Income

$

1,729

 

$

1,634

 

$

1,072

 

$

1,151

 

$

1,033

June 30, 2022

March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

(In thousands)

Non-GAAP Reconciliation

Total Equity

$

115,371

 

$

116,358

 

$

120,968

 

$

119,703

 

$

117,635

Minus:

Goodwill

 

17,219

 

 

17,219

 

 

17,219

 

 

17,219

 

 

17,219

Core Deposit Intangible

 

1,435

 

1,483

 

1,530

 

1,578

 

1,626

Tangible Common Equity

 

96,717

 

 

97,656

 

 

102,219

 

 

100,906

 

 

 

 

98,790

Divided By:

 

 

 

 

 

 

 

 

 

Outstanding Shares

 

6,590

 

 

6,619

 

 

6,873

 

 

6,873

 

 

6,873

Tangible Book Value Per Share

$

14.68

 

$

14.75

 

$

14.87

 

$

14.68

 

$

14.37

 

Contacts

Edward J. Cooney

Chief Executive Officer

(678)742-9990

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