LA JOLLA, Calif., July 18, 2018 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM)
Private Bancorp of America, Inc. (“PBAM”) announced quarterly earnings today including the financial results of its subsidiary, CalPrivate Bank (“Bank”) for the second quarter and first half of 2018. PBAM continues to follow its strategy of organic growth and disciplined expansion in the coastal Southern California markets it serves. Below are some highlights of the quarter and the year to date performance for the period ending June 30, 2018.
- Total Assets were a record $710,636,000; up 10% over the prior quarter and up 26% year over year.
- Net Loans were a record $527,403,000; up 12% over the prior quarter and up 17% year over year.
- Total Deposits were 528,481,000; up 5% over the prior quarter and up 35% year over year.
- Record Net Interest Income of $13,017,000 for the first half of 2018; up 22% year over year.
- Record Quarterly Net Interest Income of $6,735,000 up 7% from the prior quarter and 23% for the same quarter a year ago.
- Non-interest Income was a record $691,000 for the quarter and $837,000 year to date, primarily as a result of gain on sale of SBA loans.
- Planned increases in Noninterest Expense resulted in costs of $5,841,000 for the quarter and $10,687,000 year to date. The largest increase was in Salaries and Employee Benefits, up 53% for the six months ended June 30, 2018 compared to the same period of the prior year.
- Net Income for the quarter was $863,000; down 24% from the prior quarter and 16% year over year, reflecting our previously announced planned hiring and expense increases in Orange County, Los Angeles and SBA.
Thomas V. Wornham, President and CEO of PBAM commented “We are very proud of the work our team members have done and the support our customers and shareholders have provided us to grow through $700 million in total assets. We are fortunate to have a Board of Directors with a long-term vision, committed to investing today for tomorrow’s profits. CalPrivate Bank is already seeing the return on the additional hires in Beverly Hills and Orange County, as well as the expansion of our SBA Group and our Specialty Lending Area. While the increase in operating expenses reflects the new hires and associated expenses and it generally takes time for them to produce, we could not be more pleased with the additions we have made. We have already seen lift in Loan and Deposit growth, Net Interest income and finally Non Interest Income.”
Rick L. Sowers, President of CalPrivate Bank noted “We have added 35 professionals to our team this year. This reflects our commitment to growth and hiring the right people for the right roles. Our SBA team is already showing returns on our investment. Our client, credit and relationship management teams are all working well together to ensure that growth does not come at the expense of service. We have veteran bankers now managing all of our markets and we continue to look to add related businesses to our franchise as we see opportunities that make sense.”
Selwyn Isakow, Chairman of PBAM commented “We are delighted with the Bank’s growth and excited by our prospects. We are committed to taking advantage of this unique window as extensive M&A activity has caused employee dislocations, allowing us to hire talented and proven bankers to fuel our organic growth strategy. We recognize that this investment may negatively impact our bottom line for a few quarters, but expect significant returns in future years. We are focused on increasing shareholder value. Our succession bench has never been stronger and we have an experienced dedicated team of professionals committed to providing the best solutions for our clients.”
About Private Bancorp of America, Inc.
Private Bancorp of America, Inc. (OTCQX:PBAM), is the holding company for CalPrivate Bank. CalPrivate Bank provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned businesses and real estate entrepreneurs. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach and Beverly Hills as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. CalPrivate Bank is a SBA Preferred Lender and a Bauer 5-Star Rated Bank and is rated as one of the Top 200 Safest Banks in America by Deposits.com.
Investor Relations Contact
Thomas V. Wornham
President/CEO
Private Bancorp of America, Inc.
(858) 875.6900
Safe Harbor Paragraph
This press release includes forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate and develop business through the addition of new personnel and facilities and merged banks, whether our efforts to expand loan, product and service offerings will prove profitable, the effects of the bank mergers and acquisitions in our markets, system failures and internet security, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.
| For the three months ended | June 30, 2018 | June 30, 2018 | ||||||||||||||||
| Q-o-Q | Y-o-Y | |||||||||||||||||
| SELECT FINANCIAL DATA AND PERFORMANCE RATIOS | June 30, 2018 | March 31, 2018 | June 30, 2017 | change ($) | change (%) | change ($) | change (%) | |||||||||||
| (unaudited) | ||||||||||||||||||
| Common shares outstanding at period-end | 5,048,658 | 5,012,557 | 4,989,211 | 36,101 | 1% | 59,447 | 1% | |||||||||||
| Book value per common share | $ | 16.01 | $ | 16.01 | $ | 15.70 | $ | 0.00 | 0% | $ | 0.31 | 2% | ||||||
| Tangible book value per common share | $ | 15.92 | $ | 15.92 | $ | 15.58 | $ | 0.01 | 0% | $ | 0.34 | 2% | ||||||
| PERFORMANCE RATIOS (%): | ||||||||||||||||||
| Return on average assets (annualized) | 0.53% | 0.72% | 0.76% | -0.19% | -27% | -0.23% | -30% | |||||||||||
| Return on average equity (annualized) | 4.30% | 5.74% | 5.66% | -1.44% | -25% | -1.36% | -24% | |||||||||||
| Return on average tangible common equity (annualized) | 4.32% | 5.77% | 6.14% | -1.44% | -25% | -1.82% | -30% | |||||||||||
| Net interest margin | 4.23% | 3.99% | 4.20% | 0.24% | 6% | 0.03% | 1% | |||||||||||
| Net interest spread | 4.16% | 3.94% | 4.14% | 0.22% | 6% | 0.01% | 0% | |||||||||||
| Efficiency ratio | 78.66% | 75.39% | 65.64% | 3.27% | 4% | 13.01% | 20% | |||||||||||
| Noninterest expense / average assets | 3.62% | 2.99% | 2.74% | 0.63% | 21% | 0.87% | 32% | |||||||||||
| CAPITAL RATIOS (%): | ||||||||||||||||||
| Tier 1 leverage ratio | 12.14% | 12.03% | 14.89% | 0.11% | 1% | -2.75% | -18% | |||||||||||
| Tier 1 risk-based capital ratio | 13.78% | 15.21% | 16.81% | -1.43% | -9% | -3.03% | -18% | |||||||||||
| Common equity Tier 1 ratio | 13.78% | 15.21% | 16.81% | -1.43% | -9% | -3.03% | -18% | |||||||||||
| Total risk-based capital ratio | 14.66% | 16.11% | 17.73% | -1.45% | -9% | -3.07% | -17% | |||||||||||
| Tangible equity / tangible assets | 11.32% | 12.36% | 13.77% | -1.04% | -8% | -2.45% | -18% | |||||||||||
| June 30, 2018 | June 30, 2018 | |||||||||||||||||
| Quarter ended: | Q-o-Q | Y-o-Y | ||||||||||||||||
| CREDIT QUALITY PROFILE AND METRICS: | June 30, 2018 | March 31, 2018 | June 30, 2017 | change ($) | change (%) | change ($) | change (%) | |||||||||||
| Total Loans ($000s) | 532,296 | 476,156 | 453,207 | 56,140 | 12% | 79,089 | 17% | |||||||||||
| 30-89 day past due loans ($000s) | - | - | - | - | NM | - | NM | |||||||||||
| 90+ day past due loans ($000s) | - | - | - | - | NM | - | NM | |||||||||||
| nonaccrual loans ($000s) | 1,481 | 1,499 | 139 | (18) | -1% | 1,342 | 965% | |||||||||||
| NPAs / Assets (%) | 0.21% | 0.23% | 0.02% | (0) | -10% | 0 | 747% | |||||||||||
| NPLs / loans & REO (%) | 0.28% | 0.32% | 0.03% | (0) | -12% | 0 | 816% | |||||||||||
| Net chargeoffs ($000s) | 0 | 0 | 0 | - | NM | - | NM | |||||||||||
| NCOs / avg loans (annualized) (%) | 0% | 0% | 0% | - | NM | - | NM | |||||||||||
| Reserve ratio (%) | 0.92% | 0.95% | 0.93% | -0.03% | -3% | (0) | -1% | |||||||||||
| Reserve coverage ratio (%) | 330% | 302% | 3024% | 29% | 10% | (27) | -89% | |||||||||||
| June 30, 2018 | June 30, 2018 | |||||||||||||||||
| Quarter ended: | Q-o-Q | Y-o-Y | ||||||||||||||||
| LOAN PORTFOLIO COMPOSITION ($000s) | June 30, 2018 | March 31, 2018 | June 30, 2017 | change ($) | change (%) | change ($) | change (%) | |||||||||||
| Real estate - investor owned | 202,025 | 190,200 | 183,936 | 11,825 | 6% | 18,089 | 10% | |||||||||||
| Real estate - owner occupied | 62,839 | 61,706 | 48,086 | 1,133 | 2% | 14,753 | 31% | |||||||||||
| Real estate - multifamily | 66,024 | 60,948 | 49,518 | 5,076 | 8% | 16,506 | 33% | |||||||||||
| Real estate - single family | 54,449 | 42,646 | 54,559 | 11,803 | 28% | (110) | 0% | |||||||||||
| Commercial business | 118,296 | 100,090 | 89,739 | 18,206 | 18% | 28,557 | 32% | |||||||||||
| Land and construction | 22,913 | 18,925 | 25,461 | 3,988 | 21% | (2,548) | -10% | |||||||||||
| Consumer | 5,750 | 1,641 | 258 | 4,109 | 250% | 5,492 | 2129% | |||||||||||
| Other | - | - | - | - | NM | - | NM | |||||||||||
| Total loans held for investment | 532,296 | 476,156 | 451,557 | 56,140 | 12% | 80,739 | 18% | |||||||||||
| Loans held for sale | - | - | 1,650 | - | NM | (1,650) | -100% | |||||||||||
| Total loans, including loans held for sale | 532,296 | 476,156 | 453,207 | 56,140 | 12% | 79,089 | 17% | |||||||||||
| Allowance for loan losses | (4,893) | (4,521) | (4,204) | (372) | 8% | (689) | 16% | |||||||||||
| Net loans | 527,403 | 471,635 | 449,003 | 55,768 | 12% | 78,400 | 17% | |||||||||||
| DEPOSIT COMPOSITION ($000S) | ||||||||||||||||||
| Non interest bearing DDA | 165,610 | 165,067 | 120,197 | 543 | 0% | 45,413 | 38% | |||||||||||
| Interest bearing DDA | 17,437 | 15,566 | 14,616 | 1,871 | 12% | 2,821 | 19% | |||||||||||
| Savings & MMA | 295,743 | 277,434 | 193,396 | 18,309 | 7% | 102,347 | 53% | |||||||||||
| Retail CD | 7,294 | 7,114 | 5,703 | 180 | 3% | 1,591 | 28% | |||||||||||
| Jumbo CD | 42,397 | 39,425 | 57,424 | 2,972 | 8% | (15,027) | -26% | |||||||||||
| Total deposits | 528,481 | 504,606 | 391,336 | 23,875 | 5% | 137,145 | 35% | |||||||||||
| June 30, 2018 | June 30, 2018 | |||||||||||||||
| Q-o-Q | Y-o-Y | |||||||||||||||
| BALANCE SHEET | June 30, 2018 | March 31, 2018 | June 30, 2017 | change ($) | change (%) | change ($) | change (%) | |||||||||
| (unaudited - in $000s) | ||||||||||||||||
| Assets | ||||||||||||||||
| Cash and due from banks | 22,688 | 15,596 | 12,179 | 7,092 | 45% | 10,509 | 86% | |||||||||
| Interest-bearing deposits at Federal Reserve Bank | 36,621 | 38,115 | 57,189 | (1,494 | ) | -4% | (20,568 | ) | -36% | |||||||
| 59,309 | 53,711 | 69,368 | 5,598 | 10% | (10,059 | ) | -15% | |||||||||
| Interest-bearing time deposits with other institutions | 2,749 | 2,998 | 2,997 | (249 | ) | -8% | (248 | ) | -8% | |||||||
| Investment securities available for sale | 101,451 | 105,828 | 31,693 | (4,377 | ) | -4% | 69,758 | 220% | ||||||||
| Investment securities held to maturity | - | - | - | |||||||||||||
| Loans | 532,296 | 476,156 | 453,207 | 56,140 | 12% | 79,089 | 17% | |||||||||
| Allowance for loan losses | (4,893 | ) | (4,521 | ) | (4,204 | ) | (372 | ) | 8% | (689 | ) | 16% | ||||
| 527,403 | 471,635 | 449,003 | 55,768 | 12% | 78,400 | 17% | ||||||||||
| Federal Home Loan Bank stock, at cost | 2,878 | 2,295 | 2,295 | 583 | 25% | 583 | 25% | |||||||||
| Premises and equipment, net | 2,202 | 1,969 | 1,187 | 233 | 12% | 1,015 | 86% | |||||||||
| Goodwill | - | - | - | - | 0% | - | 0% | |||||||||
| Other intangible assets | 443 | 465 | 609 | (22 | ) | -5% | (166 | ) | -27% | |||||||
| Deferred tax asset/liability | 4,776 | 4,353 | 5,532 | 423 | 10% | (756 | ) | -14% | ||||||||
| Accrued interest receivable | 851 | 2,030 | 1,376 | (1,179 | ) | -58% | (525 | ) | -38% | |||||||
| Other assets | 8,574 | 947 | 841 | 7,627 | 805% | 7,733 | 920% | |||||||||
| 710,636 | 646,231 | 564,901 | 64,405 | 10% | 145,735 | 26% | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Noninterest Bearing | 165,611 | 165,067 | 120,197 | 544 | 0% | 45,414 | 38% | |||||||||
| Interest Bearing | 362,870 | 339,539 | 271,139 | 23,331 | 7% | 91,731 | 34% | |||||||||
| Total Deposits | 528,481 | 504,606 | 391,336 | 23,875 | 5% | 137,145 | 35% | |||||||||
| FHLB Borrowings | 90,000 | 50,000 | 85,000 | 40,000 | 80% | 5,000 | 6% | |||||||||
| Other borrowings | 7,902 | 7,899 | 7,889 | 3 | 0% | 13 | 0% | |||||||||
| Accrued interest payable and other liabilities | 3,415 | 3,473 | 2,339 | (58 | ) | -2% | 1,076 | 46% | ||||||||
| 629,798 | 565,978 | 486,564 | 63,820 | 11% | 143,234 | 29% | ||||||||||
| Shareholders' equity | ||||||||||||||||
| Common stock | 58,167 | 57,931 | 57,426 | 236 | 0% | 741 | 1% | |||||||||
| Additional paid-in capital | 2,715 | 2,739 | 2,543 | (24 | ) | -1% | 172 | 7% | ||||||||
| Retained earnings | 21,254 | 20,396 | 18,184 | 858 | 4% | 3,070 | 17% | |||||||||
| Accumulated other comprehensive income | (1,298 | ) | (813 | ) | 184 | (485 | ) | 60% | (1,482 | ) | -805% | |||||
| 80,838 | 80,253 | 78,337 | 585 | 1% | 2,501 | 3% | ||||||||||
| Total liabilities and shareholders' equity | 710,636 | 646,231 | 564,901 | 64,405 | 10% | 145,735 | 26% | |||||||||
| June 30, 2018 | |||||||||||
| For the six months ended | Y-o-Y | ||||||||||
| INCOME STATEMENT | June 30, 2018 | June 30, 2017 | change ($) | change (%) | |||||||
| (unaudited - in $000s, except per share data) | |||||||||||
| Interest Income | |||||||||||
| Loans | 12,987 | 11,199 | 1,788 | 16% | |||||||
| Investment securities | 1,255 | 374 | 881 | 236% | |||||||
| Deposits in other financial institutions | 403 | 257 | 146 | 57% | |||||||
| 14,645 | 11,830 | 2,815 | 24% | ||||||||
| Interest Expense | |||||||||||
| Deposits | 953 | 715 | 238 | 33% | |||||||
| Borrowings | 675 | 432 | 243 | 56% | |||||||
| 1,628 | 1,147 | 481 | 42% | ||||||||
| Net interest income | 13,017 | 10,683 | 2,334 | 22% | |||||||
| Provision for credit losses | 372 | 186 | 186 | 100% | |||||||
| Net interest income after provision for credit losses | 12,645 | 10,497 | 2,148 | 20% | |||||||
| Noninterest income: | |||||||||||
| Service charges on deposit accounts | 125 | 138 | (13 | ) | -9% | ||||||
| Net gain on sale of loans & leases | 511 | 237 | 274 | 116% | |||||||
| Gain (loss) on sale of investment securities | 7 | 8 | (1 | ) | -13% | ||||||
| Other noninterest income | 194 | 189 | 5 | 3% | |||||||
| 837 | 572 | 265 | 46% | ||||||||
| Noninterest expense: | |||||||||||
| Salary and employee benefits | 6,933 | 4,543 | 2,390 | 53% | |||||||
| Occupancy and equipment | 1,081 | 712 | 369 | 52% | |||||||
| Data processing | 874 | 555 | 319 | 57% | |||||||
| Professional services | 610 | 481 | 129 | 27% | |||||||
| Other expenses | 1,189 | 726 | 463 | 64% | |||||||
| 10,687 | 7,017 | 3,670 | 52% | ||||||||
| Income before provision for income tax | 2,795 | 4,052 | (1,257 | ) | -31% | ||||||
| Provision for income tax | 803 | 1,682 | (879 | ) | -52% | ||||||
| Net income | 1,992 | 2,370 | (378 | ) | -16% | ||||||
| Net income available to common shareholders | 1,967 | 2,336.41 | (369 | ) | -16% | ||||||
| Earnings per share | |||||||||||
| Basic earnings per share | $ | 0.40 | $ | 0.54 | $ | (0.13 | ) | -25% | |||
| Diluted earnings per share | $ | 0.39 | $ | 0.51 | $ | (0.12 | ) | -24% | |||
| Average shares outstanding | 4,952,883 | 4,415,902 | 536,981 | 12% | |||||||
| Diluted average shares outstanding | 5,072,341 | 4,548,588 | 523,753 | 12% | |||||||
| June 30, 2018 | June 30, 2018 | |||||||||||||||||||
| For the three months ended | Q-o-Q | Y-o-Y | ||||||||||||||||||
| INCOME STATEMENT | June 30, 2018 | March 31, 2018 | June 30, 2017 | change ($) | change (%) | change ($) | change (%) | |||||||||||||
| (unaudited - in $000s, except per share data) | ||||||||||||||||||||
| Interest Income | ||||||||||||||||||||
| Loans | 6,771 | 6,216 | 5,697 | 555 | 9% | 1,074 | 19% | |||||||||||||
| Investment securities | 689 | 566 | 186 | 123 | 22% | 503 | 270% | |||||||||||||
| Deposits in other financial institutions | 144 | 259 | 138 | (115 | ) | -44% | 6 | 4% | ||||||||||||
| 7,604 | 7,041 | 6,021 | 563 | 8% | 1,583 | 26% | ||||||||||||||
| Interest Expense | ||||||||||||||||||||
| Deposits | 476 | 477 | 340 | (1 | ) | 0% | 136 | 40% | ||||||||||||
| Borrowings | 393 | 282 | 223 | 111 | 39% | 170 | 76% | |||||||||||||
| 869 | 759 | 563 | 110 | 14% | 306 | 54% | ||||||||||||||
| Net interest income | 6,735 | 6,282 | 5,458 | 453 | 7% | 1,277 | 23% | |||||||||||||
| Provision for credit losses | 372 | - | 186 | 372 | NM | 186 | NM | |||||||||||||
| Net interest income after provision for credit losses | 6,363 | 6,282 | 5,272 | 81 | 1% | 1,091 | 21% | |||||||||||||
| Noninterest income: | ||||||||||||||||||||
| Service charges on deposit accounts | 115 | 46 | 82 | 69 | 150% | 33 | 40% | |||||||||||||
| Net gain on sale of loans & leases | 473 | 38 | 91 | 435 | 1145% | 382 | 420% | |||||||||||||
| Gain (loss) on sale of investment securities | 7 | - | 8 | 7 | NM | (1 | ) | -13% | ||||||||||||
| Other noninterest income | 96 | 62 | (4 | ) | 34 | 55% | 100 | -2500% | ||||||||||||
| 691 | 146 | 177 | 545 | 373% | 514 | 290% | ||||||||||||||
| Noninterest expense: | ||||||||||||||||||||
| Salary and employee benefits | 3,870 | 3,063 | 2,318 | 807 | 26% | 1,552 | 67% | |||||||||||||
| Occupancy and equipment | 558 | 523 | 393 | 35 | 7% | 165 | 42% | |||||||||||||
| Data processing | 534 | 339 | 265 | 195 | 58% | 269 | 102% | |||||||||||||
| Professional services | 240 | 370 | 314 | (130 | ) | -35% | (74 | ) | -24% | |||||||||||
| Other expenses | 639 | 551 | 409 | 88 | 16% | 230 | 56% | |||||||||||||
| 5,841 | 4,846 | 3,699 | 995 | 21% | 2,142 | 58% | ||||||||||||||
| Income before provision for income tax | 1,213 | 1,582 | 1,750 | (369 | ) | -23% | (537 | ) | -31% | |||||||||||
| Provision for income tax | 350 | 453 | 725 | (103 | ) | -23% | (375 | ) | -52% | |||||||||||
| Net income | 863 | 1,129 | 1,025 | (266 | ) | -24% | (162 | ) | -16% | |||||||||||
| Net income available to common shareholders | 855 | 1,118 | 1,015 | (263 | ) | -24% | (160 | ) | -16% | |||||||||||
| Earnings per share | ||||||||||||||||||||
| Basic earnings per share | $ | 0.17 | $ | 0.23 | $ | 0.21 | $ | (0.05 | ) | -24% | $ | (0.04 | ) | -20% | ||||||
| Diluted earnings per share | $ | 0.17 | $ | 0.22 | $ | 0.21 | $ | (0.05 | ) | -24% | $ | (0.04 | ) | -20% | ||||||
| Average shares outstanding | 5,014,918 | 4,962,128 | 4,745,163 | 52,790 | 1% | 269,755 | 6% | |||||||||||||
| Diluted average shares outstanding | 5,134,376 | 5,069,098 | 4,877,849 | 65,278 | 1% | 256,527 | 5% | |||||||||||||
| For the three months ended | For the three months ended | For the three months ended | ||||||||||||||||
| June 30, 2018 | March 31, 2018 | June 30, 2017 | ||||||||||||||||
| Average | Average | Average | Average | Average | Average | |||||||||||||
| RATE AND YIELD TABLE | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||
| (unaudited - in $000s) | ||||||||||||||||||
| Interest-Earnings Assets: | ||||||||||||||||||
| Deposits in other financial institutions | 34,236 | 145 | 1.70% | 65,798 | 259 | 1.60% | 58,122 | 138 | 0.95% | |||||||||
| Investment securities | 106,295 | 688 | 2.60% | 88,276 | 566 | 2.60% | 31,932 | 186 | 2.34% | |||||||||
| Loans | 497,917 | 6,771 | 5.45% | 484,180 | 6,216 | 5.21% | 431,644 | 5,697 | 5.29% | |||||||||
| Total interest-earning assets | 638,448 | 7,604 | 4.78% | 638,254 | 7,041 | 4.47% | 521,698 | 6,021 | 4.63% | |||||||||
| Noninterest-earning assets | 16,475 | 18,734 | 19,251 | |||||||||||||||
| Total Assets | 654,923 | 656,988 | 540,949 | |||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||
| Interest-bearing transaction accounts | 17,085 | 9 | 0.21% | 17,002 | 8 | 0.19% | 15,170 | 7 | 0.19% | |||||||||
| Money market | 267,736 | 355 | 0.53% | 281,175 | 361 | 0.52% | 189,070 | 198 | 0.42% | |||||||||
| Savings deposits | 5,585 | 4 | 0.29% | 5,516 | 3 | 0.22% | 5,673 | 3 | 0.21% | |||||||||
| Certificates of deposit | 46,544 | 108 | 0.93% | 53,369 | 106 | 0.81% | 63,612 | 132 | 0.83% | |||||||||
| Total Interest-Bearing Deposits | 336,950 | 476 | 0.57% | 357,062 | 478 | 0.54% | 273,525 | 340 | 0.50% | |||||||||
| FHLB advances | 60,769 | 290 | 1.91% | 49,778 | 179 | 1.46% | 50,385 | 120 | 0.96% | |||||||||
| Other borrowings | 7,901 | 103 | 5.23% | 7,897 | 102 | 5.24% | 7,886 | 103 | 5.24% | |||||||||
| Total Interest-Bearing Liabilities | 68,670 | 393 | 2.30% | 57,675 | 281 | 1.98% | 58,271 | 223 | 1.53% | |||||||||
| Noninterest-bearing deposits | 158,079 | 158,611 | 134,087 | |||||||||||||||
| Total Funding Sources | 563,699 | 869 | 0.62% | 573,348 | 759 | 0.54% | 465,883 | 563 | 0.48% | |||||||||
| Noninterest-bearing liabilities | 10,678 | 3,753 | 2,385 | |||||||||||||||
| Shareholders' equity | 80,546 | 79,887 | 72,681 | |||||||||||||||
| Total Liabilities and Shareholders' Equity | 654,923 | 656,988 | 540,949 | |||||||||||||||
| Net interest spread | 4.16% | 3.94% | 4.14% | |||||||||||||||
| Net interest income | 6,735 | 6,282 | 5,458 | |||||||||||||||
| Net interest margin | 4.23% | 3.99% | 4.20% | |||||||||||||||