CBFV CB Financial Services Inc

CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), today announced its first quarter 2024 financial results.

 

Three Months Ended

 

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

(Dollars in thousands, except per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

Net Income (GAAP)

$

4,196

 

$

12,966

 

$

2,672

$

2,757

$

4,156

 

Net Income Adjustments

 

(1,000

)

 

(9,905

)

 

29

 

78

 

(127

)

Adjusted Net Income (Non-GAAP) (1)

$

3,196

 

$

3,061

 

$

2,701

$

2,835

$

4,029

 

 

 

 

 

 

 

Earnings per Common Share - Diluted (GAAP)

$

0.82

 

$

2.52

 

$

0.52

$

0.54

$

0.81

 

Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)

$

0.62

 

$

0.60

 

$

0.53

$

0.55

$

0.79

 

(1)

Refer to Explanation of Use of Non-GAAP Financial Measures and reconciliation of adjusted net income and adjusted earnings per common share - diluted as presented later in this Press Release.

2024 First Quarter Financial Highlights

(Comparisons to three months ended March 31, 2023 unless otherwise noted)

• Net income was $4.20 million, compared to $4.16 million. Results were impacted by the December 2023 sale of the Bank’s subsidiary insurance company, Exchange Underwriters (EU) which drove decreases in noninterest income and noninterest expense, a gain on bank-owned life insurance and a recovery of provision for credit losses.
  • Adjusted net income (Non-GAAP) was $3.2 million compared to $4.0 million.
  • Income before income tax expense was $5.1 million compared to $5.3 million.
  • Adjusted pre-provision net revenue (PPNR) (Non-GAAP) was $4.1 million compared to $5.3 million.
• Earnings per diluted common share (EPS) increased to $0.82 from $0.81.
  • Adjusted earning per common share - diluted (Non-GAAP) was $0.62, compared to $0.79.
• Return on average assets (annualized) was 1.17%, compared to 1.21%.
  • Adjusted return on average assets (annualized) (Non-GAAP) was 0.89%, compared to 1.18%.
• Return on average equity (annualized) was 12.03%, compared to 14.69%.
  • Adjusted return on average equity (annualized) (Non-GAAP) was 9.16%, compared to 14.24%.
• Net interest margin (“NIM”) declined to 3.36% from 3.51%.
• Net interest and dividend income was $11.59 million, compared to $11.58 million.
• Noninterest income decreased to $1.9 million, compared to $2.8 million. Significant changes in noninterest income included a $1.9 million decrease in insurance commissions due to the sale of EU, partially offset by increases in gains on bank-owned life insurance and gains on the disposal of premises and equipment of $613,000 and $263,000, respectively.
• Noninterest expense decreased to $8.4 million, compared to $9.0 million, due to decreases in compensation and benefits, data processing, intangible amortization and other noninterest expenses, partially offset by increases in contracted services, advertising, occupancy and equipment expenses.

(Amounts at March 31, 2024; comparisons to December 31, 2023, unless otherwise noted)

• Total assets increased to $1.47 billion from $1.46 billion.
• Total loans decreased $14.1 million, or 1.3%, to $1.10 billion compared to $1.11 billion, and included decreases in consumer loans and commercial and industrial loans of $11.1 million and $8.0 million, respectively, partially offset by increases in commercial real estate loans, other loans and construction loans of $3.3 million, $1.4 million and $1.2 million, respectively. The consumer loan portfolio is primarily comprised of indirect automobile loans and decreases as a result of the discontinuation of that product as of June 30, 2023. Excluding the $11.3 million decrease in indirect automobile loans, total loans decreased $2.5 million, or 0.2%.
• Nonperforming loans to total loans was 0.20% at March 31, 2024 and December 31, 2023.
• Total deposits were $1.26 billion, a decrease of $4.7 million, compared to $1.27 billion.
• Book value per share was $27.53, compared to $27.32 as of December 31, 2023.
• Tangible book value per share (Non-GAAP) was $25.52, compared to $25.23 as of December 31, 2023. The change was due to an increase in stockholders’ equity primarily related to current period net income of $4.2 million, partially offset by a $1.3 million increase in accumulated other comprehensive loss and the payment of $1.3 million in dividends since December 31, 2023.

Management Commentary

President and CEO John H. Montgomery commented, “While our prior period results reflected the ongoing trend of net interest margin pressure, our previously announced balance sheet strategies and recent loan production are contributing to stabilization and improvement in this area. While loan production remained consistent, we did experience an overall decrease of $13.9 million or 1.2% in our loan balances. Our first quarter loan balances were impacted by runoff in the formerly exited indirect lending portfolio of $11.1 million and a $20.0 million payoff of a commercial line of credit. However, I am pleased with our loan production for the quarter and our overall loan growth continued to show positive signs with several categories increasing during the quarter. During this time of deposit disruption, our deposits remained relatively stable, albeit continuing to shift from non-interest and low interest-bearing accounts to higher-cost time deposits. Notably, our asset quality remains robust, with nonperforming loans remaining at $2.2 million or 0.20% of total loans.

During the quarter, we successfully implemented a new website and domain name (www.cb.bank) as part of our ongoing investment in technology and infrastructure to better serve our clients. Additionally, we invested in the build-out of our Treasury team and onboarded a new Chief Human Resource Officer to continue our success with attracting and retaining top talent. Our operational team developed new indexed money market deposit products aimed at offering a fair, but market adjustable rate.

Finally, we were named by Newsweek as one of the top 250 Regional Banks in America. This recognition is the direct result of us staying true to our cornerstone by delivering an exceptional client experience everyday.

As we look ahead, we remain committed to our long-term plan, investing in our franchise, and delivering an exceptional client experience that benefits all our stakeholders."

Dividend Declaration

The Company’s Board of Directors declared a $0.25 quarterly cash dividend per outstanding share of common stock, payable on or about May 31, 2024, to stockholders of record as of the close of business on May 15, 2024.

2024 First Quarter Financial Review

Net Interest and Dividend Income

Net interest and dividend income increased $8,000, or 0.1%, to $11.59 million for the three months ended March 31, 2024 compared to $11.58 million for the three months ended March 31, 2023.

• NIM (GAAP) decreased to 3.36% for the three months ended March 31, 2024 compared to 3.51% for the three months ended March 31, 2023. Fully tax equivalent (FTE) NIM (Non-GAAP) decreased 15 basis points (“bps”) to 3.37% for the three months ended March 31, 2024 compared to 3.52% for the three months ended March 31, 2023.
• Interest and dividend income increased $3.7 million, or 26.3%, to $18.0 million for the three months ended March 31, 2024 compared to $14.2 million for the three months ended March 31, 2023.
  • Interest income on loans increased $2.5 million, or 19.9%, to $14.8 million for the three months ended March 31, 2024 compared to $12.4 million for the three months ended March 31, 2023. The average yield on loans increased 67 bps to 5.50% compared to 4.83% resulting in a $1.8 million increase in interest income on loans. The average balance of loans increased $47.3 million to $1.09 billion from $1.04 billion, generating $694,000 of additional interest income on loans. The increase in loan yield has been driven by a reduction in lower yielding consumer loans due to the discontinuation of the indirect automobile loan product with the redeployment of those funds into higher yielding commercial loan products.
  • Interest income on taxable investment securities increased $1.3 million, or 138.9%, to $2.3 million for the three months ended March 31, 2024 compared to $964,000 for the three months ended March 31, 2023 driven by a 210 bp increase in average yield coupled with a $22.6 million increase in average balances. The increase in the average yield was the result of the Bank implementing a balance sheet repositioning strategy of its portfolio of available-for-sale securities during the fourth quarter of 2023. The Bank sold $69.3 million in market value of its lower yielding U.S. government agency, mortgage-backed and municipal securities with an average yield of 1.89% and purchased $69.3 million of higher yielding mortgage-backed and collateralized mortgage obligation securities with an average yield of 5.49%.
  • Interest income on interest-earning deposits at other banks decreased $72,000, to $733,000 for the three months ended March 31, 2024 compared to $805,000 for the three months ended March 31, 2023 driven by a $14.3 million decrease in average balances, partially offset by a 58 bp increase in the average yield.
• Interest expense increased $3.7 million, or 140.3%, to $6.4 million for the three months ended March 31, 2024 compared to $2.7 million for the three months ended March 31, 2023.
  • Interest expense on deposits increased $3.5 million, or 139.3%, to $6.0 million for the three months ended March 31, 2024 compared to $2.5 million for the three months ended March 31, 2023. Rising market interest rates led to the repricing of interest-bearing demand and money market deposits and a shift in deposits from noninterest-bearing to interest-bearing demand and time deposits which resulted in a 132 bp, or 116.0%, increase in the average cost of interest-bearing deposits compared to the three months ended March 31, 2023. This accounted for a $3.2 million increase in interest expense. Additionally, interest-bearing deposit balances increased $86.1 million, or 9.6%, to $978.3 million as of March 31, 2024 compared to $892.2 million as of March 31, 2023, accounting for a $298,000 increase in interest expense.
  • Interest expense on borrowed funds increased $247,000, or 157.3%, to $404,000 for the three months ended March 31, 2024 compared to $157,000 for the three months ended March 31, 2023. The average balance of borrowed funds increased $18.7 million due to $20.0 million of FHLB long-term advances added during the second quarter of 2023. The increase in the average balance accounted for a $232,000 increase in interest expense.

Provision for Credit Losses

The provision for credit losses recorded for the three months ended March 31, 2024 was a net recovery of $37,000. The provision for credit losses - loans was a recovery of $143,000 and was primarily due to a decrease in loan balances while the provision for credit losses - unfunded commitments was $106,000 and was due to an increase in qualitative factors. This compared to an $80,000 provision for credit losses recorded for the three months ended March 31, 2023.

Noninterest Income

Noninterest income decreased $894,000, or 31.8%, to $1.9 million for the three months ended March 31, 2024, compared to $2.8 million for the three months ended March 31, 2023. This decrease resulted primarily from a $1.9 million decrease in insurance commissions as no income was recognized for the three months ended March 31, 2024 due to the December 2023 sale of EU, compared to a full quarter of income recognized for the three months ended March 31, 2023. This decrease was partially offset by net increases in gains on bank-owned life insurance and gains on the disposal of premises and equipment of $613,000 and $263,000, respectively. The gain on bank owned life insurance was $915,000 resulting from one death claim during the three months ended March 31, 2024 compared to $302,000 resulting from two death claims during the three months ended March 31, 2023. The gain on the disposal of premises and equipment was $274,000 resulting from the sale of one branch office building during the three months ended March 31, 2024 compared to $11,000 for the three months ended March 31, 2023.

Noninterest Expense

Noninterest expense decreased $600,000, or 6.6%, to $8.4 million for the three months ended March 31, 2024 compared to $9.0 million for the three months ended March 31, 2023. Salaries and benefits decreased $503,000, or 9.9%, to $4.6 million primarily due to no expense related to EU recognized for the three months ended March 31, 2024 due to the December 2023 sale, compared to $864,000 of expense recognized for the three months ended March 31, 2023, partially offset by merit increases and revenue producing staff additions. Data processing expense decreased $165,000 due to additional expenses realized during the three months ended March 31, 2023 related to a 2022 data processing conversion. Other noninterest expense decreased $164,000 and intangible amortization decreased $104,000 primarily due to EU expenses of $108,000 and $47,000, respectively, realized during the three months ended March 31, 2023. Partially offsetting these decreases, contracted services, advertising, occupancy and equipment expenses increased $134,000, $50,000, $48,000 and $46,000, respectively.

Statement of Financial Condition Review

Assets

Total assets increased $16.0 million, or 1.1%, to $1.47 billion at March 31, 2024, compared to $1.46 billion at December 31, 2023.

• Cash and due from banks increased $5.5 million, or 8.0%, to $73.7 million at March 31, 2024, compared to $68.2 million at December 31, 2023.
• Securities increased $25.2 million, or 12.2%, to $232.3 million at March 31, 2024, compared to $207.1 million at December 31, 2023. The securities balance was primarily impacted by the purchase of $29.8 million of collateralized loan obligation securities, partially offset by $3.1 million of principal repayments on amortizing securities.

Loans and Credit Quality

• Total loans decreased $14.1 million, or 1.3%, to $1.10 billion at March 31, 2024 compared to $1.11 billion at December 31, 2023. This was driven by decreases in consumer loans and commercial and industrial loans of $11.1 million and $8.0 million, respectively, partially offset by increases in commercial real estate loans, other loans and construction loans of $3.3 million, $1.4 million and $1.2 million, respectively. The decrease in consumer loans resulted from a reduction in indirect automobile loan production due to rising market interest rates and the discontinuation of this product offering as of June 30, 2023. This portfolio is expected to continue to decline as resources are allocated and production efforts are focused on more profitable commercial products. The decrease in commercial and industrial loans was primarily due to the prepayment of a $20.0 million line of credit and a $5.0 million syndicated national credit.
• The allowance for credit losses (ACL) was $9.6 million at March 31, 2024 and $9.7 million at December 31, 2023. As a result, the ACL to total loans was 0.87% at March 31, 2024 and December 31, 2023. During the current year, the Company recorded a net recovery of credit losses of $37,000.
• Net recoveries for the three months ended March 31, 2024 were $18,000. Net recoveries for the three months ended March 31, 2023 were $756,000, or 0.29% of average loans on an annualized basis primarily due to recoveries totaling $750,000 related to a prior year $2.7 million charged-off commercial and industrial loan.
• Nonperforming loans, which includes nonaccrual loans and accruing loans past due 90 days or more, were $2.2 million at March 31, 2024 and December 31, 2023. Nonperforming loans to total loans ratio was 0.20% at March 31, 2024 and December 31, 2023.

Total liabilities increased $14.2 million, or 1.1%, to $1.33 billion at March 31, 2024 compared to $1.32 billion at December 31, 2023.

Deposits

• Total deposits decreased $4.7 million to $1.262 billion as of March 31, 2024 compared to $1.267 billion at December 31, 2023. Non interest-bearing demand deposits decreased $2.6 million, interest-bearing demand deposits decreased $39.9 million and savings deposits decreased $4.5 million, while money market deposits increased $7.3 million and time deposits increased $35.0 million. Deposit changes were primarily the result of cyclical fluctuations in municipal deposits and the current interest rate environment causing a shift in deposit products to higher priced time deposits. Additionally, the Bank added $13.0 million of brokered certificates of deposit during the period. Brokered certificates of deposit totaled $42.0 million as of March 31, 2024 compared to $29.0 million at December 31, 2023, all mature within three months and were utilized to fund the purchase of floating rate collateralized loan obligation securities. At March 31, 2024, FDIC insured deposits totaled approximately 63.1% of total deposits while an additional 15.0% of deposits were collateralized with investment securities.

Accrued Interest Payable and Other Liabilities

• Accrued interest payable and other liabilities increased $18.9 million, or 131.1%, to $33.3 million at March 31, 2024, compared to $14.4 million at December 31, 2023 primarily due to the purchase of $10.6 million of syndicated loans and $10.1 million of securities which were unsettled at the end of the period.

Stockholders’ Equity

Stockholders’ equity increased $1.8 million, or 1.3%, to $141.6 million at March 31, 2024, compared to $139.8 million at December 31, 2023. The key factor positively impacting stockholders’ equity was $4.2 million of net income for the current period, partially offset by a $1.3 million increase in accumulated other comprehensive loss and the payment of $1.3 million in dividends since December 31, 2023.

Book value per share

Book value per common share was $27.53 at March 31, 2024 compared to $27.32 at December 31, 2023, an increase of $0.21.

Tangible book value per common share (Non-GAAP) was $25.52 at March 31, 2024, compared to $25.23 at December 31, 2023, an increase of $0.29.

Refer to “Explanation of Use of Non-GAAP Financial Measures” at the end of this Press Release.

About CB Financial Services, Inc.

CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates its branch network in southwestern Pennsylvania and West Virginia. Community Bank offers a broad array of retail and commercial lending and deposit services.

For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv.

Statement About Forward-Looking Statements

Statements contained in this press release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our customers to make scheduled loan payments, loan delinquency rates and trends, our ability to manage the risks involved in our business, our ability to control costs and expenses, inflation, market and monetary fluctuations, changes in federal and state legislation and regulation applicable to our business, actions by our competitors, and other factors that may be disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

CB FINANCIAL SERVICES, INC.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Dollars in thousands, except share and per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Condition Data

3/31/24

 

12/31/23

 

9/30/23

 

6/30/23

 

3/31/23

Assets

 

 

 

 

 

 

 

 

 

Cash and Due From Banks

$

73,691

 

 

$

68,223

 

 

$

52,597

 

 

$

78,093

 

 

$

103,545

 

Securities

 

232,276

 

 

 

207,095

 

 

 

172,904

 

 

 

181,427

 

 

 

189,025

 

Loans Held for Sale

 

200

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Loans

 

 

 

 

 

 

 

 

 

Real Estate:

 

 

 

 

 

 

 

 

 

Residential

 

346,938

 

 

 

347,808

 

 

 

346,485

 

 

 

338,493

 

 

 

332,840

 

Commercial

 

470,430

 

 

 

467,154

 

 

 

466,910

 

 

 

458,614

 

 

 

452,770

 

Construction

 

44,323

 

 

 

43,116

 

 

 

41,874

 

 

 

44,523

 

 

 

39,522

 

Commercial and Industrial

 

103,313

 

 

 

111,278

 

 

 

100,873

 

 

 

102,266

 

 

 

79,501

 

Consumer

 

100,576

 

 

 

111,643

 

 

 

122,516

 

 

 

134,788

 

 

 

146,081

 

Other

 

30,763

 

 

 

29,397

 

 

 

23,856

 

 

 

22,470

 

 

 

21,151

 

Total Loans

 

1,096,343

 

 

 

1,110,396

 

 

 

1,102,514

 

 

 

1,101,154

 

 

 

1,071,865

 

Allowance for Credit Losses

 

(9,582

)

 

 

(9,707

)

 

 

(10,848

)

 

 

(10,666

)

 

 

(10,270

)

Loans, Net

 

1,086,761

 

 

 

1,100,689

 

 

 

1,091,666

 

 

 

1,090,488

 

 

 

1,061,595

 

Premises and Equipment Held for Sale

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Premises and Equipment, Net

 

19,548

 

 

 

19,704

 

 

 

18,524

 

 

 

18,582

 

 

 

17,732

 

Bank-Owned Life Insurance

 

23,763

 

 

 

25,378

 

 

 

25,227

 

 

 

25,082

 

 

 

24,943

 

Goodwill

 

9,732

 

 

 

9,732

 

 

 

9,732

 

 

 

9,732

 

 

 

9,732

 

Intangible Assets, Net

 

617

 

 

 

958

 

 

 

2,177

 

 

 

2,622

 

 

 

3,068

 

Accrued Interest Receivable and Other Assets

 

25,459

 

 

 

24,312

 

 

 

26,665

 

 

 

26,707

 

 

 

21,068

 

Total Assets

$

1,472,047

 

 

$

1,456,091

 

 

$

1,399,492

 

 

$

1,432,733

 

 

$

1,430,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

Noninterest-Bearing Demand Accounts

$

275,182

 

 

$

277,747

 

 

$

305,145

 

 

$

316,098

 

 

$

350,911

 

Interest-Bearing Demand Accounts

 

323,134

 

 

 

362,994

 

 

 

357,381

 

 

 

374,654

 

 

 

359,051

 

Money Market Accounts

 

208,375

 

 

 

201,074

 

 

 

189,187

 

 

 

185,814

 

 

 

206,174

 

Savings Accounts

 

190,206

 

 

 

194,703

 

 

 

207,148

 

 

 

217,267

 

 

 

234,935

 

Time Deposits

 

265,597

 

 

 

230,641

 

 

 

177,428

 

 

 

169,482

 

 

 

130,449

 

Total Deposits

 

1,262,494

 

 

 

1,267,159

 

 

 

1,236,289

 

 

 

1,263,315

 

 

 

1,281,520

 

 

 

 

 

 

 

 

 

 

 

Short-Term Borrowings

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

121

 

Other Borrowings

 

34,688

 

 

 

34,678

 

 

 

34,668

 

 

 

34,658

 

 

 

14,648

 

Accrued Interest Payable and Other Liabilities

 

33,275

 

 

 

14,420

 

 

 

13,689

 

 

 

18,171

 

 

 

17,224

 

Total Liabilities

 

1,330,457

 

 

 

1,316,257

 

 

 

1,284,646

 

 

 

1,316,144

 

 

 

1,313,513

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

141,590

 

 

 

139,834

 

 

 

114,846

 

 

 

116,589

 

 

 

117,195

 

Total Liabilities and Stockholders’ Equity

$

1,472,047

 

 

$

1,456,091

 

 

$

1,399,492

 

 

$

1,432,733

 

 

$

1,430,708

 

 

 

 

 

 

 

(Dollars in thousands, except share and per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Selected Operating Data

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

Interest and Dividend Income:

 

 

 

 

 

Loans, Including Fees

$

14,838

 

$

14,804

 

$

14,049

 

$

13,426

 

$

12,371

 

Securities:

 

 

 

 

 

Taxable

 

2,303

 

 

1,164

 

 

940

 

 

950

 

 

964

 

Tax-Exempt

 

—

 

 

33

 

 

41

 

 

42

 

 

41

 

Dividends

 

27

 

 

32

 

 

25

 

 

25

 

 

24

 

Other Interest and Dividend Income

 

818

 

 

872

 

 

819

 

 

760

 

 

844

 

Total Interest and Dividend Income

 

17,986

 

 

16,905

 

 

15,874

 

 

15,203

 

 

14,244

 

Interest Expense:

 

 

 

 

 

Deposits

 

5,991

 

 

5,336

 

 

4,750

 

 

3,842

 

 

2,504

 

Short-Term Borrowings

 

—

 

 

26

 

 

—

 

 

3

 

 

2

 

Other Borrowings

 

404

 

 

407

 

 

407

 

 

238

 

 

155

 

Total Interest Expense

 

6,395

 

 

5,769

 

 

5,157

 

 

4,083

 

 

2,661

 

Net Interest and Dividend Income

 

11,591

 

 

11,136

 

 

10,717

 

 

11,120

 

 

11,583

 

(Recovery) Provision for Credit Losses - Loans

 

(143

)

 

(1,147

)

 

291

 

 

492

 

 

80

 

Provision (Recovery) for Credit Losses - Unfunded Commitments

 

106

 

 

(273

)

 

115

 

 

(60

)

 

—

 

Net Interest and Dividend Income After Net (Recovery) Provision for Credit Losses

 

11,628

 

 

12,556

 

 

10,311

 

 

10,688

 

 

11,503

 

Noninterest Income:

 

 

 

 

 

Service Fees

 

415

 

 

460

 

 

466

 

 

448

 

 

445

 

Insurance Commissions

 

2

 

 

969

 

 

1,436

 

 

1,511

 

 

1,922

 

Other Commissions

 

62

 

 

60

 

 

94

 

 

224

 

 

144

 

Net Gain (Loss) on Sales of Loans

 

22

 

 

2

 

 

—

 

 

(5

)

 

2

 

Net Loss on Securities

 

(166

)

 

(9,830

)

 

(37

)

 

(100

)

 

(232

)

Net Gain on Purchased Tax Credits

 

12

 

 

7

 

 

7

 

 

7

 

 

7

 

Gain on Sale of Subsidiary

 

—

 

 

24,578

 

 

—

 

 

—

 

 

—

 

Net Gain on Disposal of Premises and Equipment

 

274

 

 

—

 

 

—

 

 

—

 

 

11

 

Income from Bank-Owned Life Insurance

 

148

 

 

151

 

 

145

 

 

139

 

 

140

 

Net Gain on Bank-Owned Life Insurance Claims

 

915

 

 

—

 

 

—

 

 

1

 

 

302

 

Other Income

 

232

 

 

121

 

 

301

 

 

44

 

 

69

 

Total Noninterest Income

 

1,916

 

 

16,518

 

 

2,412

 

 

2,269

 

 

2,810

 

Noninterest Expense:

 

 

 

 

 

Salaries and Employee Benefits

 

4,576

 

 

6,224

 

 

5,369

 

 

5,231

 

 

5,079

 

Occupancy

 

749

 

 

810

 

 

698

 

 

789

 

 

701

 

Equipment

 

264

 

 

298

 

 

265

 

 

283

 

 

218

 

Data Processing

 

692

 

 

726

 

 

714

 

 

718

 

 

857

 

Federal Deposit Insurance Corporation Assessment

 

129

 

 

189

 

 

189

 

 

224

 

 

152

 

Pennsylvania Shares Tax

 

297

 

 

217

 

 

217

 

 

195

 

 

260

 

Contracted Services

 

281

 

 

299

 

 

286

 

 

434

 

 

147

 

Legal and Professional Fees

 

212

 

 

434

 

 

320

 

 

246

 

 

182

 

Advertising

 

129

 

 

158

 

 

114

 

 

75

 

 

79

 

Other Real Estate Owned (Income)

 

(23

)

 

(36

)

 

(8

)

 

(35

)

 

(37

)

Amortization of Intangible Assets

 

341

 

 

430

 

 

445

 

 

446

 

 

445

 

Other Expense

 

781

 

 

1,016

 

 

878

 

 

895

 

 

945

 

Total Noninterest Expense

 

8,428

 

 

10,765

 

 

9,487

 

 

9,501

 

 

9,028

 

Income Before Income Tax Expense

 

5,116

 

 

18,309

 

 

3,236

 

 

3,456

 

 

5,285

 

Income Tax Expense

 

920

 

 

5,343

 

 

564

 

 

699

 

 

1,129

 

Net Income

$

4,196

 

$

12,966

 

$

2,672

 

$

2,757

 

$

4,156

 

 

Three Months Ended

Per Common Share Data

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

Dividends Per Common Share

$

0.25

$

0.25

$

0.25

$

0.25

$

0.25

Earnings Per Common Share - Basic

 

0.82

 

2.53

 

0.52

 

0.54

 

0.81

Earnings Per Common Share - Diluted

 

0.82

 

2.52

 

0.52

 

0.54

 

0.81

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Basic

 

5,129,903

 

5,119,184

 

5,115,026

 

5,111,987

 

5,109,597

Weighted Average Common Shares Outstanding - Diluted

 

5,142,286

 

5,135,997

 

5,126,546

 

5,116,134

 

5,115,705

 

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

Common Shares Outstanding

 

5,142,901

 

 

5,118,713

 

 

5,120,678

 

 

5,111,678

 

 

5,116,830

 

Book Value Per Common Share

$

27.53

 

$

27.32

 

$

22.43

 

$

22.81

 

$

22.90

 

Tangible Book Value per Common Share (1)

 

25.52

 

 

25.23

 

 

20.10

 

 

20.39

 

 

20.40

 

Stockholders’ Equity to Assets

 

9.6

%

 

9.6

%

 

8.2

%

 

8.1

%

 

8.2

%

Tangible Common Equity to Tangible Assets (1)

 

9.0

 

 

8.9

 

 

7.4

 

 

7.3

 

 

7.4

 

 

Three Months Ended

Selected Financial Ratios (2)

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

Return on Average Assets

1.17

%

3.62

%

0.75

%

0.79

%

1.21

%

Return on Average Equity

12.03

 

44.99

 

9.03

 

9.38

 

14.69

 

Average Interest-Earning Assets to Average Interest-Bearing Liabilities

137.07

 

138.67

 

139.65

 

142.28

 

147.38

 

Average Equity to Average Assets

9.72

 

8.04

 

8.32

 

8.38

 

8.27

 

Net Interest Rate Spread

2.67

 

2.56

 

2.54

 

2.78

 

3.13

 

Net Interest Rate Spread (FTE) (1)

2.68

 

2.57

 

2.55

 

2.79

 

3.14

 

Net Interest Margin

3.36

 

3.19

 

3.13

 

3.29

 

3.51

 

Net Interest Margin (FTE) (1)

3.37

 

3.21

 

3.14

 

3.30

 

3.52

 

Net (Recoveries) Charge-Offs to Average Loans

(0.01

)

—

 

0.04

 

0.04

 

(0.29

)

Efficiency Ratio

62.40

 

38.93

 

72.26

 

70.96

 

62.72

 

Asset Quality Ratios

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

Allowance for Credit Losses to Total Loans

0.87

%

0.87

%

0.98

%

0.97

%

0.96

%

Allowance for Credit Losses to Nonperforming Loans (3)

437.73

 

433.35

 

330.13

 

260.46

 

189.73

 

Delinquent and Nonaccrual Loans to Total Loans (4)

0.63

 

0.62

 

0.73

 

0.68

 

1.02

 

Nonperforming Loans to Total Loans (3)

0.20

 

0.20

 

0.30

 

0.37

 

0.51

 

Nonperforming Assets to Total Assets (5)

0.15

 

0.16

 

0.23

 

0.30

 

0.40

 

Capital Ratios (6)

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

Common Equity Tier 1 Capital (to Risk Weighted Assets)

14.50

%

13.64

%

12.77

%

12.54

%

12.60

%

Tier 1 Capital (to Risk Weighted Assets)

14.50

 

13.64

 

12.77

 

12.54

 

12.60

 

Total Capital (to Risk Weighted Assets)

15.51

 

14.61

 

13.90

 

13.64

 

13.69

 

Tier 1 Leverage (to Adjusted Total Assets)

10.28

 

10.19

 

9.37

 

9.26

 

9.24

 

(1)

Refer to Explanation of Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.

(2)

Interim period ratios are calculated on an annualized basis.

(3)

Nonperforming loans consist of all nonaccrual loans and accruing loans that are 90 days or more past due.

(4)

Delinquent loans consist of accruing loans that are 30 days or more past due.

(5)

Nonperforming assets consist of nonperforming loans and other real estate owned.

(6)

Capital ratios are for Community Bank only.

Certain items previously reported may have been reclassified to conform with the current reporting period’s format.

AVERAGE BALANCES AND YIELDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31, 2024

 

December 31, 2023

 

September 30, 2023

 

June 30, 2023

 

March 31, 2023

 

Average Balance

Interest and Dividends

Yield / Cost (1)

 

Average Balance

Interest and Dividends

Yield / Cost (1)

 

Average Balance

Interest and Dividends

Yield / Cost (1)

 

Average Balance

Interest and Dividends

Yield / Cost (1)

 

Average Balance

Interest and Dividends

Yield / Cost (1)

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Earning Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, Net (2)

$

1,087,889

$

14,877

5.50

%

 

$

1,098,284

$

14,840

5.36

%

 

$

1,088,691

$

14,081

5.13

%

 

$

1,079,399

$

13,450

5.00

%

 

$

1,040,570

$

12,391

4.83

%

Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

235,800

 

2,303

3.91

 

 

 

206,702

 

1,164

2.25

 

 

 

204,848

 

940

1.84

 

 

 

209,292

 

950

1.82

 

 

 

213,158

 

964

1.81

 

Tax-Exempt

 

—

 

—

—

 

 

 

4,833

 

42

3.48

 

 

 

6,013

 

52

3.46

 

 

 

6,180

 

53

3.43

 

 

 

6,270

 

52

3.32

 

Equity Securities

 

2,693

 

27

4.01

 

 

 

2,693

 

32

4.75

 

 

 

2,693

 

25

3.71

 

 

 

2,693

 

25

3.71

 

 

 

2,693

 

24

3.56

 

Interest-Earning Deposits at Banks

 

58,887

 

733

4.98

 

 

 

67,450

 

808

4.79

 

 

 

52,466

 

750

5.72

 

 

 

53,582

 

721

5.38

 

 

 

73,221

 

805

4.40

 

Other Interest-Earning Assets

 

3,235

 

85

10.57

 

 

 

3,387

 

64

7.50

 

 

 

3,292

 

69

8.32

 

 

 

2,783

 

39

5.62

 

 

 

2,633

 

39

6.01

 

Total Interest-Earning Assets

 

1,388,504

 

18,025

5.22

 

 

 

1,383,349

 

16,950

4.86

 

 

 

1,358,003

 

15,917

4.65

 

 

 

1,353,929

 

15,238

4.51

 

 

 

1,338,545

 

14,275

4.33

 

Noninterest-Earning Assets

 

54,910

 

 

 

 

38,464

 

 

 

 

52,885

 

 

 

 

52,812

 

 

 

 

49,703

 

 

Total Assets

$

1,443,414

 

 

 

$

1,421,813

 

 

 

$

1,410,888

 

 

 

$

1,406,741

 

 

 

$

1,388,248

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing Demand Accounts

$

334,880

$

1,794

2.15

%

 

$

362,018

$

1,965

2.15

%

 

$

363,997

$

2,003

2.18

%

 

$

354,497

$

1,582

1.79

%

 

$

335,327

$

1,191

1.44

%

Money Market Accounts

 

203,867

 

1,514

2.99

 

 

 

205,060

 

1,441

2.79

 

 

 

187,012

 

1,141

2.42

 

 

 

194,565

 

1,033

2.13

 

 

 

213,443

 

939

1.78

 

Savings Accounts

 

191,444

 

59

0.12

 

 

 

200,737

 

57

0.11

 

 

 

212,909

 

54

0.10

 

 

 

225,175

 

53

0.09

 

 

 

242,298

 

37

0.06

 

Time Deposits

 

248,118

 

2,624

4.25

 

 

 

193,188

 

1,873

3.85

 

 

 

173,832

 

1,552

3.54

 

 

 

155,867

 

1,174

3.02

 

 

 

101,147

 

337

1.35

 

Total Interest-Bearing Deposits

 

978,309

 

5,991

2.46

 

 

 

961,003

 

5,336

2.20

 

 

 

937,750

 

4,750

2.01

 

 

 

930,104

 

3,842

1.66

 

 

 

892,215

 

2,504

1.14

 

Short-Term Borrowings

 

—

 

—

—

 

 

 

1,902

 

26

5.42

 

 

 

—

 

—

—

 

 

 

480

 

3

2.51

 

 

 

1,344

 

2

0.60

 

Other Borrowings

 

34,682

 

404

4.69

 

 

 

34,673

 

407

4.66

 

 

 

34,662

 

407

4.66

 

 

 

21,026

 

238

4.54

 

 

 

14,641

 

155

4.29

 

Total Interest-Bearing Liabilities

 

1,012,991

 

6,395

2.54

 

 

 

997,578

 

5,769

2.29

 

 

 

972,412

 

5,157

2.10

 

 

 

951,610

 

4,083

1.72

 

 

 

908,200

 

2,661

1.19

 

Noninterest-Bearing Demand Deposits

 

278,691

 

 

 

 

305,789

 

 

 

 

312,016

 

 

 

 

326,262

 

 

 

 

362,343

 

 

Total Funding and Cost of Funds

 

1,291,682

 

1.99

 

 

 

1,303,367

 

1.76

 

 

 

1,284,428

 

1.59

 

 

 

1,277,872

 

1.28

 

 

 

1,270,543

 

0.85

 

Other Liabilities

 

11,441

 

 

 

 

4,119

 

 

 

 

9,025

 

 

 

 

10,920

 

 

 

 

2,953

 

 

Total Liabilities

 

1,303,123

 

 

 

 

1,307,486

 

 

 

 

1,293,453

 

 

 

 

1,288,792

 

 

 

 

1,273,496

 

 

Stockholders' Equity

 

140,291

 

 

 

 

114,327

 

 

 

 

117,435

 

 

 

 

117,949

 

 

 

 

114,752

 

 

Total Liabilities and Stockholders' Equity

$

1,443,414

 

 

 

$

1,421,813

 

 

 

$

1,410,888

 

 

 

$

1,406,741

 

 

 

$

1,388,248

 

 

Net Interest Income (FTE)

(Non-GAAP) (3)

 

$

11,630

 

 

 

$

11,181

 

 

 

$

10,760

 

 

 

$

11,155

 

 

 

$

11,614

 

Net Interest-Earning Assets (4)

 

375,513

 

 

 

 

385,771

 

 

 

 

385,591

 

 

 

 

402,319

 

 

 

 

430,345

 

 

Net Interest Rate Spread (FTE)

(Non-GAAP) (3) (5)

 

 

2.68

%

 

 

 

2.57

%

 

 

 

2.55

%

 

 

 

2.79

%

 

 

 

3.14

%

Net Interest Margin (GAAP) (6)

 

 

3.36

 

 

 

 

3.19

 

 

 

 

3.13

 

 

 

 

3.29

 

 

 

 

3.51

 

Net Interest Margin (FTE)

(Non-GAAP) (3)(6)

 

 

3.37

 

 

 

 

3.21

 

 

 

 

3.14

 

 

 

 

3.30

 

 

 

 

3.52

 

(1)

Annualized based on three months ended results.

(2)

Net of the allowance for credit losses and includes nonaccrual loans with a zero yield and Loans Held for Sale if applicable.

(3)

Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.

(4)

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

(5)

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

(6)

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

Explanation of Use of Non-GAAP Financial Measures

In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), we use, and this Press Release contains or references, certain Non-GAAP financial measures. We believe these Non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in providing a complete understanding of factors and trends affecting the Company’s business and in analyzing the Company’s operating results on the same basis as that applied by management. Although we believe that these Non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with similar Non-GAAP measures which may be presented by other companies. Where Non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.

 

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

(Dollars in thousands, except share and per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Total Assets (GAAP)

$

1,472,047

 

$

1,456,091

 

$

1,399,492

 

$

1,432,733

 

$

1,430,708

 

Goodwill and Intangible Assets, Net

 

(10,349

)

 

(10,690

)

 

(11,909

)

 

(12,354

)

 

(12,800

)

Tangible Assets (Non-GAAP) (Numerator)

$

1,461,698

 

$

1,445,401

 

$

1,387,583

 

$

1,420,379

 

$

1,417,908

 

 

 

 

 

 

 

Stockholders' Equity (GAAP)

$

141,590

 

$

139,834

 

$

114,846

 

$

116,589

 

$

117,195

 

Goodwill and Intangible Assets, Net

 

(10,349

)

 

(10,690

)

 

(11,909

)

 

(12,354

)

 

(12,800

)

Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator)

$

131,241

 

$

129,144

 

$

102,937

 

$

104,235

 

$

104,395

 

 

 

 

 

 

 

Stockholders’ Equity to Assets (GAAP)

 

9.6

%

 

9.6

%

 

8.2

%

 

8.1

%

 

8.2

%

Tangible Common Equity to Tangible Assets (Non-GAAP)

 

9.0

%

 

8.9

%

 

7.4

%

 

7.3

%

 

7.4

%

 

 

 

 

 

 

Common Shares Outstanding (Denominator)

 

5,142,901

 

 

5,118,713

 

 

5,120,678

 

 

5,111,678

 

 

5,116,830

 

 

 

 

 

 

 

Book Value per Common Share (GAAP)

$

27.53

 

$

27.32

 

$

22.43

 

$

22.81

 

$

22.90

 

Tangible Book Value per Common Share (Non-GAAP)

$

25.52

 

$

25.23

 

$

20.10

 

$

20.39

 

$

20.40

 

 

Three Months Ended

 

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Net Income (GAAP)

$

4,196

 

$

12,966

 

$

2,672

 

$

2,757

 

$

4,156

 

Amortization of Intangible Assets, Net

 

341

 

 

430

 

 

445

 

 

446

 

 

445

 

Adjusted Net Income (Non-GAAP) (Numerator)

$

4,537

 

$

13,396

 

$

3,117

 

$

3,203

 

$

4,601

 

 

 

 

 

 

 

Annualization Factor

 

4.02

 

 

3.97

 

 

3.97

 

 

4.01

 

 

4.06

 

 

 

 

 

 

 

Average Stockholders' Equity (GAAP)

$

140,291

 

$

114,327

 

$

117,435

 

$

117,949

 

$

114,752

 

Average Goodwill and Intangible Assets, Net

 

(10,553

)

 

(11,829

)

 

(12,185

)

 

(12,626

)

 

(13,080

)

Average Tangible Common Equity (Non-GAAP) (Denominator)

$

129,738

 

$

102,498

 

$

105,250

 

$

105,323

 

$

101,672

 

 

 

 

 

 

 

Return on Average Equity (GAAP)

 

12.03

%

 

44.99

%

 

9.03

%

 

9.38

%

 

14.69

%

Return on Average Tangible Common Equity (Non-GAAP)

 

14.07

%

 

51.85

%

 

11.75

%

 

12.20

%

 

18.35

%

 

Three Months Ended

 

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Interest Income (GAAP)

$

17,986

 

$

16,905

 

$

15,874

 

$

15,203

 

$

14,244

 

Adjustment to FTE Basis

 

39

 

 

45

 

 

43

 

 

35

 

 

31

 

Interest Income (FTE) (Non-GAAP)

 

18,025

 

 

16,950

 

 

15,917

 

 

15,238

 

 

14,275

 

Interest Expense (GAAP)

 

6,395

 

 

5,769

 

 

5,157

 

 

4,083

 

 

2,661

 

Net Interest Income (FTE) (Non-GAAP)

$

11,630

 

$

11,181

 

$

10,760

 

$

11,155

 

$

11,614

 

 

 

 

 

 

 

Net Interest Rate Spread (GAAP)

 

2.67

%

 

2.56

%

 

2.54

%

 

2.78

%

 

3.13

%

Adjustment to FTE Basis

 

0.01

 

 

0.01

 

 

0.01

 

 

0.01

 

 

0.01

 

Net Interest Rate Spread (FTE) (Non-GAAP)

 

2.68

%

 

2.57

%

 

2.55

%

 

2.79

%

 

3.14

%

 

 

 

 

 

 

Net Interest Margin (GAAP)

 

3.36

%

 

3.19

%

 

3.13

%

 

3.29

%

 

3.51

%

Adjustment to FTE Basis

 

0.01

 

 

0.02

 

 

0.01

 

 

0.01

 

 

0.01

 

Net Interest Margin (FTE) (Non-GAAP)

 

3.37

%

 

3.21

%

 

3.14

%

 

3.30

%

 

3.52

%

 

Three Months Ended

 

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Tax Expense (GAAP)

$

5,116

 

$

18,309

 

$

3,236

 

$

3,456

 

$

5,285

 

Net (Recovery) Provision for Credit Losses

 

(37

)

 

(1,420

)

 

406

 

 

432

 

 

80

 

Adjustments

 

 

 

 

 

Net Loss on Securities

 

166

 

 

9,830

 

 

37

 

 

100

 

 

232

 

Gain on Sale of Subsidiary

 

—

 

 

(24,578

)

 

—

 

 

—

 

 

—

 

Net Gain on Disposal of Premises and Equipment

 

(274

)

 

—

 

 

—

 

 

—

 

 

(11

)

Net Gain on Bank-Owned Life Insurance Claims

 

(915

)

 

—

 

 

—

 

 

(1

)

 

(302

)

Adjusted PPNR (Non-GAAP) (Numerator)

$

4,056

 

$

2,141

 

$

3,679

 

$

3,987

 

$

5,284

 

 

 

 

 

 

 

Annualization Factor

 

4.02

 

 

3.97

 

 

3.97

 

 

4.01

 

 

4.06

 

 

 

 

 

 

 

Average Assets (Denominator)

$

1,443,414

 

$

1,421,813

 

$

1,410,888

 

$

1,406,741

 

$

1,388,248

 

 

 

 

 

 

 

Adjusted PPNR Return on Average Assets (Non-GAAP)

 

1.13

%

 

0.60

%

 

1.04

%

 

1.14

%

 

1.55

%

 

Three Months Ended

 

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

(Dollars in thousands, except share and per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Net Income (GAAP)

$

4,196

 

$

12,966

 

$

2,672

 

$

2,757

 

$

4,156

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

Net Loss on Securities

 

166

 

 

9,830

 

 

37

 

 

100

 

 

232

 

Gain on Sale of Subsidiary

 

—

 

 

(24,578

)

 

—

 

 

—

 

 

—

 

Net Gain on Disposal of Premises and Equipment

 

(274

)

 

—

 

 

—

 

 

—

 

 

(11

)

Net Gain on Bank-Owned Life Insurance Claims

 

(915

)

 

—

 

 

—

 

 

(1

)

 

(302

)

Tax effect

 

23

 

 

4,843

 

 

(8

)

 

(21

)

 

(46

)

Adjusted Net Income (Non-GAAP)

$

3,196

 

$

3,061

 

$

2,701

 

$

2,835

 

$

4,029

 

 

 

 

 

 

 

Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding

 

5,142,286

 

 

5,135,997

 

 

5,126,546

 

 

5,116,134

 

 

5,115,705

 

 

 

 

 

 

 

Earnings per Common Share - Diluted (GAAP)

$

0.82

 

$

2.52

 

$

0.52

 

$

0.54

 

$

0.81

 

 

 

 

 

 

 

Adjusted Earnings per Common Share - Diluted (Non-GAAP)

$

0.62

 

$

0.60

 

$

0.53

 

$

0.55

 

$

0.79

 

 

 

 

 

 

 

Net Income (GAAP) (Numerator)

$

4,196

 

$

12,966

 

$

2,672

 

$

2,757

 

$

4,156

 

 

 

 

 

 

 

Annualization Factor

 

4.02

 

 

3.97

 

 

3.97

 

 

4.01

 

 

4.06

 

 

 

 

 

 

 

Average Assets (Denominator)

 

1,443,414

 

 

1,421,813

 

 

1,410,888

 

 

1,406,741

 

 

1,388,248

 

 

 

 

 

 

 

Return on Average Assets (GAAP)

 

1.17

%

 

3.62

%

 

0.75

%

 

0.79

%

 

1.21

%

 

 

 

 

 

 

Adjusted Net Income (Non-GAAP) (Numerator)

$

3,196

 

$

3,061

 

$

2,701

 

$

2,835

 

$

4,029

 

 

 

 

 

 

 

Annualization Factor

 

4.02

 

 

3.97

 

 

3.97

 

 

4.01

 

 

4.06

 

 

 

 

 

 

 

Average Assets (Denominator)

 

1,443,414

 

 

1,421,813

 

 

1,410,888

 

 

1,406,741

 

 

1,388,248

 

 

 

 

 

 

 

Adjusted Return on Average Assets (Non-GAAP)

 

0.89

%

 

0.85

%

 

0.76

%

 

0.81

%

 

1.18

%

 

Three Months Ended

 

3/31/24

12/31/23

9/30/23

6/30/23

3/31/23

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Net Income (GAAP) (Numerator)

$

4,196

 

$

12,966

 

$

2,672

 

$

2,757

 

$

4,156

 

 

 

 

 

 

 

Annualization Factor

 

4.02

 

 

3.97

 

 

3.97

 

 

4.01

 

 

4.06

 

 

 

 

 

 

 

Average Equity (GAAP) (Denominator)

 

140,291

 

 

114,327

 

 

117,435

 

 

117,949

 

 

114,752

 

 

 

 

 

 

 

Return on Average Equity (GAAP)

 

12.03

%

 

44.99

%

 

9.03

%

 

9.38

%

 

14.69

%

 

 

 

 

 

 

Adjusted Net Income (Non-GAAP) (Numerator)

$

3,196

 

$

3,061

 

$

2,701

 

$

2,835

 

$

4,029

 

 

 

 

 

 

 

Annualization Factor

 

4.02

 

 

3.97

 

 

3.97

 

 

4.01

 

 

4.06

 

 

 

 

 

 

 

Average Equity (GAAP) (Denominator)

 

140,291

 

 

114,327

 

 

117,435

 

 

117,949

 

 

114,752

 

 

 

 

 

 

 

Adjusted Return on Average Equity (Non-GAAP)

 

9.16

%

 

10.62

%

 

9.12

%

 

9.64

%

 

14.24

%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240426529306/en/

John H. Montgomery President and Chief Executive Officer Phone: (724) 225-2400