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CSB Bancorp, Inc. Reports Second Quarter Earnings

 

CSB Bancorp, Inc. (OTC Pink: CSBB):

Second Quarter Highlights

 

 

Quarter Ended

June 30, 2022

 

 

 

Quarter Ended

June 30, 2021

 

Diluted earnings per share

 

$

1.18

 

 

 

$

1.00

 

Net Income

 

$

3,209,000

 

 

 

$

2,745,000

 

Return on average common equity

 

 

13.73

%

 

 

 

11.62

%

Return on average assets

 

 

1.13

%

 

 

 

0.97

%

CSB Bancorp, Inc. (OTC Pink: CSBB) today announced second quarter 2022 net income of $3,209,000, or $1.18 per basic and diluted share, as compared to $2,745,000, or $1.00 per basic and diluted share, for the same period in 2021. Income before federal income tax amounted to $3,983,000, an increase of 17% over the same quarter in the prior year. For the six-month period ended June 30, 2022, net income totaled $5,910,000 compared to $5,630,000 for the same period last year, an increase of 5%.

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 13.73% and 1.13%, respectively, compared with 11.62% and 0.97% for the second quarter of 2021. For the six-month period ended June 30, 2022, ROE and ROA equated to 12.48% and 1.05%, as compared to 11.97% and 1.04% for the comparable period in 2021.

Eddie Steiner, President, and CEO stated, “The pace of inflation has become a major factor in rising costs for goods and services. At roughly 8% inflation, consumer and business confidence has declined, recession concerns are affecting some economic activities, interest rates have risen in the debt markets, and the Federal Reserve has embarked on an aggressive rate hike cycle. Residential mortgage volume has dipped to about half of its pace in the middle of 2021 as the recent refinancing surge is complete and home sales have slowed with increases in home prices and mortgage rates. Home construction in our market area remains relatively strong, though increased building costs are dissuading some construction decisions. Business loan demand continues to show signs of strengthening, albeit unevenly, and held in check by the various factors of liquidity, supply chain disruptions, labor shortages, and inflation/recession concerns.

Net interest income and noninterest income totaled $9.4 million during the quarter, an increase of $1.1 million, or 13%, from the prior-year second quarter. Net interest income increased $1.2 million, or 18%, in the second quarter of 2022 compared to the same period in 2021.

Interest on securities and overnight funds rose $1.2 million during second quarter 2022, as compared to second quarter 2021, primarily due to volume and rate increases in securities, and rate increases in overnight funds. Loan interest income including fees decreased $199 thousand, or 3%, during second quarter 2022 as compared to the same quarter in 2021. Loan yields for second quarter 2022 averaged 4.21%, a decrease of 22 basis points (“bps”) from the 2021 second quarter average of 4.43%. Average Paycheck Protection Program loans (“PPP”) declined $51 million from the prior year quarter. PPP loan interest and fees contributed 2 bps to the second quarter 2022 loan yield while contributing approximately 49 bps to the prior year’s second quarter. PPP loan fees recognized as interest income declined $535 thousand in second quarter 2022 compared to second quarter 2021.

The tax equivalent net interest margin was 2.87% compared to 2.60% for the linked first quarter 2022 and 2.43% for second quarter 2021. The loan yield decline mentioned previously was partially offset with volume and yield increases within the securities account during the first six months of 2022, increased loan balances, and rate decreases on liabilities. Average overnight funds declined $59 million compared to the linked quarter, and $192 million on a quarter over prior year quarter comparison, as the company continued to deploy cash into securities and loan originations.

With continuing improvement in credit quality and a second quarter recovery of a prior year charge-off, a $345 thousand negative provision for loan losses was recognized for the quarter ended June 30, 2022, as compared to $475 thousand negative provision for the prior year second quarter. COVID factors have not significantly affected the Bank’s loan portfolio quality to date, and local businesses are beginning or restarting construction projects previously sidelined by a significant degree of COVID-related uncertainty.

Noninterest income decreased 3% during second quarter 2022, compared to second quarter of 2021. The decrease was primarily the result of a $270 thousand, or 65%, decline in gain on sale of mortgages to the secondary market, as mortgage rates rose, refinancing of mortgages slowed, and home purchases were limited by a lack of housing inventory for sale. Offsetting increases were recognized in service charges on deposit accounts, debit and credit card fee income, and earnings from bank owned life insurance values.

Noninterest expense increased 7% from second quarter 2021. Salary and employee benefit costs increased $368 thousand, or 12%, compared to the prior year quarter, primarily resulting from increases in compensation, benefits, and reduced credits from loan originations recognized in 2021. Occupancy and equipment expense increased $54 thousand from 2021 primarily due to depreciation expense and increasing maintenance contracts. Marketing and public relations increased by $12 thousand, or 12%, reflecting a return to normalized levels after the pandemic-related curtailment of activities in 2020-2021. Telephone expense decreased $24 thousand compared to the prior year quarter due to a renegotiation of data lines. FDIC insurance expense decreased $45 thousand from the prior year quarter. Professional and directors’ fees decreased $26 thousand, or 7%, primarily reflecting a decline in loan collection legal fees. The Company’s second quarter efficiency ratio decreased to 61.1% from 64.4%.

Federal income tax expense totaled $774 thousand in second quarter 2022, as compared to $654 thousand tax expense for the same quarter in 2021. The effective tax rate approximated 19% in both periods.

Average total assets during the quarter rose to $1.14 billion, an increase of $5 million, or less than 1%, above the same quarter of the prior year. Average securities balances of $398 million increased $181 million, or 83%, as compared to second quarter 2021, while average loan balances of $575 million increased $10 million, or 2%, from the prior year second quarter. Concurrent with the rise in market interest rates during the six-months ending June 30, 2022, approximately $116 million in investment securities were purchased and added to the investment portfolio, reducing overnight cash. Purchased investments included mortgage-backed instruments and short-term corporate and U.S. Treasury notes.

Average commercial loan balances for the quarter, including commercial real estate, increased $8 million, or 2%, from prior year levels. Excluding a $51 million decrease in average PPP loan balances, commercial loans increased $59 million year over year as construction loans were drawn and borrowers used term loans to fund equipment and other purchases. Average residential mortgage balances increased $1 million, or 1%, above the prior year’s quarter while home equity lines of credit increased $720 thousand from the prior year’s quarter with new originations and line draws. Average consumer credit balances decreased $1 million, or 8%, versus the same quarter of the prior year. Organic loan demand continues to be largely dependent upon the pace at which excess liquidity is absorbed within businesses and households.

Nonperforming assets decreased from $2.8 million at June 30, 2021, to $690 thousand, or 0.12%, of total loans plus other real estate on June 30, 2022. Delinquent loan balances as of June 30, 2022, decreased to 0.18% of total loans as compared to 0.57% on June 30, 2021.

Net loan recoveries recognized during second quarter 2022 were $308 thousand, or 0.21% annualized, compared to second quarter 2021 net loan recoveries of $12 thousand. The allowance for loan losses amounted to 1.25% of total loans on June 30, 2022, as compared to 1.43% on June 30, 2021.

Average deposit balances grew on a quarter over prior year quarter comparison by $9 million, or 1%. For the second quarter 2022, the average cost of deposits amounted to 0.14%, as compared to 0.21% for the second quarter 2021. During second quarter 2022, increases in average deposit balances over the prior year quarter included noninterest-bearing demand accounts of $28 million and savings accounts of $30 million, while interest-bearing demand accounts decreased $43 million and time deposits decreased $6 million. The average balance of securities sold under repurchase agreement during the second quarter of 2022 decreased by $2 million, or 5%, compared to the average for the same period in the prior year.

Shareholders’ equity totaled $93.7 million on June 30, 2022, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 8.25% on June 30, 2022, and 8.38% on June 30, 2021. The Company declared a quarterly dividend of $0.31 per share on May 4, 2022, payable June 21, 2022, producing an annualized yield of 3.3% based on the June 30, 2022, closing price of $38.00.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.1 billion as of June 30, 2022. CSB provides a complete range of banking and other financial services to consumers and businesses through its wholly owned subsidiary, The Commercial and Savings Bank, with sixteen banking centers in Holmes, Wayne, Tuscarawas, and Stark counties and Trust offices located in Millersburg, North Canton, and Wooster, Ohio.

Forward-Looking Statement

This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Company, as well as its operations, markets, and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, softening in the economy, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Company’s business, competitive pressures, changes in accounting, tax or regulatory practices or requirements and those risk factors detailed in the Company’s periodic reports and registration statements filed with the Securities and Exchange Commission. The Company undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.

CSB BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

(Unaudited)

 

Quarters

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2022

 

 

2021

 

 

EARNINGS

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

3rd Qtr

 

 

2nd Qtr

 

 

6 months

 

 

6 months

 

 

Net interest income FTE (a)

$

 

7,666

 

$

 

6,902

 

$

 

6,752

 

$

 

7,364

 

$

 

6,509

 

$

 

14,568

 

$

 

13,555

 

 

Provision for (recovery of) loan losses

 

 

(345

)

 

 

(300

)

 

 

 

 

 

(210

)

 

 

(475

)

 

 

(645

)

 

 

(445

)

 

Other income

 

 

1,782

 

 

 

1,642

 

 

 

1,836

 

 

 

1,768

 

 

 

1,843

 

 

 

3,424

 

 

 

3,721

 

 

Other expenses

 

 

5,774

 

 

 

5,468

 

 

 

5,709

 

 

 

5,713

 

 

 

5,390

 

 

 

11,242

 

 

 

10,671

 

 

FTE adjustment (a)

 

 

36

 

 

 

37

 

 

 

39

 

 

 

39

 

 

 

38

 

 

 

73

 

 

 

76

 

 

Net income

 

 

3,209

 

 

 

2,701

 

 

 

2,306

 

 

 

2,901

 

 

 

2,745

 

 

 

5,910

 

 

 

5,630

 

 

Diluted earnings per share

 

 

1.18

 

 

 

0.99

 

 

 

0.85

 

 

 

1.06

 

 

 

1.00

 

 

 

2.17

 

 

 

2.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROA), annualized

 

 

1.13

 

%

 

0.96

 

%

 

0.80

 

%

 

1.03

 

%

 

0.97

 

%

 

1.05

 

%

 

1.04

 

%

Return on average common equity (ROE), annualized

 

 

13.73

 

 

 

11.26

 

 

 

9.41

 

 

 

11.79

 

 

 

11.62

 

 

 

12.48

 

 

 

11.97

 

 

Net interest margin FTE (a)

 

 

2.87

 

 

 

2.60

 

 

 

2.48

 

 

 

2.77

 

 

 

2.43

 

 

 

2.73

 

 

 

2.63

 

 

Efficiency ratio

 

 

61.13

 

 

 

64.01

 

 

 

66.41

 

 

 

62.49

 

 

 

64.40

 

 

 

62.50

 

 

 

61.68

 

 

Number of full-time equivalent employees

 

 

171

 

 

 

172

 

 

 

171

 

 

 

178

 

 

 

174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value/common share

$

 

34.46

 

$

 

34.93

 

$

 

35.80

 

$

 

35.62

 

$

 

35.11

 

 

 

 

 

 

 

 

 

 

Period-end common share mkt value

 

 

38.00

 

 

 

39.60

 

 

 

37.75

 

 

 

39.25

 

 

 

38.00

 

 

 

 

 

 

 

 

 

 

Market as a % of book

 

 

110.27

 

%

 

113.37

 

%

 

105.45

 

%

 

110.19

 

%

 

108.23

 

%

 

 

 

 

 

 

 

 

Price-to-earnings ratio

 

 

9.31

 

 

 

10.15

 

 

 

9.51

 

 

 

9.62

 

 

 

9.41

 

 

 

 

 

 

 

 

 

 

Average basic common shares

 

 

2,718,024

 

 

 

2,718,024

 

 

 

2,720,633

 

 

 

2,729,410

 

 

 

2,740,390

 

 

 

2,718,024

 

 

 

2,741,365

 

 

Average diluted common shares

 

 

2,718,024

 

 

 

2,718,024

 

 

 

2,720,633

 

 

 

2,729,410

 

 

 

2,740,390

 

 

 

2,718,024

 

 

 

2,741,365

 

 

Period end common shares outstanding

 

 

2,718,024

 

 

 

2,718,024

 

 

 

2,718,024

 

 

 

2,725,524

 

 

 

2,734,244

 

 

 

 

 

 

 

 

 

 

Common stock market capitalization

$

 

103,285

 

$

 

107,634

 

$

 

102,605

 

$

 

106,977

 

$

 

103,901

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

 

11

 

$

 

31

 

$

 

66

 

$

 

39

 

$

 

20

 

$

 

42

 

$

 

25

 

 

Net charge-offs (recoveries)

 

 

-308

 

 

 

13

 

 

 

27

 

 

 

20

 

 

 

(12

)

 

 

(295

)

 

 

-46

 

 

Allowance for loan losses

 

 

7,268

 

 

 

7,305

 

 

 

7,618

 

 

 

7,645

 

 

 

7,875

 

 

 

 

 

 

 

 

 

 

Nonperforming assets (NPAs)

 

 

690

 

 

 

1,181

 

 

 

1,088

 

 

 

1,320

 

 

 

2,786

 

 

 

 

 

 

 

 

 

 

Net charge-off (recovery) / average loans ratio

 

 

(0.21

)

%

 

0.01

 

%

 

0.02

 

%

 

0.01

 

%

 

(0.01

)

%

 

(0.10

)

%

 

(0.02

)

%

Allowance for loan losses / period-end loans

 

 

1.25

 

 

 

1.29

 

 

 

1.39

 

 

 

1.40

 

 

 

1.43

 

 

 

 

 

 

 

 

 

 

NPAs/loans and other real estate

 

 

0.12

 

 

 

0.21

 

 

 

0.20

 

 

 

0.24

 

 

 

0.50

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses/nonperforming loans

 

 

1053.53

 

 

 

618.54

 

 

 

699.86

 

 

 

579.07

 

 

 

282.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end tangible equity to assets

 

 

7.93

 

%

 

7.98

 

%

 

8.13

 

%

 

8.34

 

%

 

8.12

 

%

 

 

 

 

 

 

 

 

Average equity to assets

 

 

8.25

 

 

 

8.54

 

 

 

8.54

 

 

 

8.75

 

 

 

8.38

 

 

 

 

 

 

 

 

 

 

Average equity to loans

 

 

16.31

 

 

 

17.35

 

 

 

17.86

 

 

 

17.89

 

 

 

16.78

 

 

 

 

 

 

 

 

 

 

Average loans to deposits

 

 

57.65

 

 

 

56.42

 

 

 

54.62

 

 

 

56.09

 

 

 

57.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

1,136,318

 

$

 

1,138,598

 

$

 

1,138,690

 

$

 

1,115,814

 

$

 

1,131,251

 

$

 

1,137,452

 

$

 

1,096,078

 

 

Earning assets

 

 

1,072,376

 

 

 

1,078,269

 

 

 

1,079,002

 

 

 

1,056,424

 

 

 

1,073,865

 

 

 

1,075,305

 

 

 

1,039,386

 

 

Loans

 

 

574,824

 

 

 

560,440

 

 

 

544,389

 

 

 

545,420

 

 

 

564,998

 

 

 

567,671

 

 

 

580,572

 

 

Deposits

 

 

997,108

 

 

 

993,411

 

 

 

996,646

 

 

 

972,409

 

 

 

988,017

 

 

 

995,270

 

 

 

953,233

 

 

Shareholders' equity

 

 

93,750

 

 

 

97,242

 

 

 

97,241

 

 

 

97,584

 

 

 

94,786

 

 

 

95,487

 

 

 

94,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

 

1,126,778

 

$

 

1,135,003

 

$

 

1,144,239

 

$

 

1,111,696

 

$

 

1,128,922

 

 

 

 

 

 

 

 

 

 

Earning assets

 

 

1,064,770

 

 

 

1,073,565

 

 

 

1,084,744

 

 

 

1,054,141

 

 

 

1,072,286

 

 

 

 

 

 

 

 

 

 

Loans

 

 

582,185

 

 

 

567,375

 

 

 

549,154

 

 

 

546,095

 

 

 

552,030

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

993,113

 

 

 

994,939

 

 

 

1,002,747

 

 

 

968,629

 

 

 

986,668

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

93,662

 

 

 

94,928

 

 

 

97,315

 

 

 

97,089

 

 

 

96,012

 

 

 

 

 

 

 

 

 

 

NOTES:

(a) - Net Interest income on a fully tax-equivalent ("FTE") basis restates interest on tax-exempt securities and loans as if such interest were subject to federal income tax at the statutory rate. Net interest income on an FTE basis differs from net interest income under U.S. generally accepted accounting principles.

CSB BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

 

(Unaudited)

 

June 30,

 

 

 

June 30,

 

(Dollars in thousands, except per share data)

 

2022

 

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

 

18,901

 

 

$

 

17,308

 

Interest-earning deposits in other banks

 

 

84,465

 

 

 

 

295,036

 

Total cash and cash equivalents

 

 

103,366

 

 

 

 

312,344

 

Securities

 

 

 

 

 

 

 

 

 

Available-for-sale, at fair-value

 

 

144,566

 

 

 

 

194,164

 

Held-to-maturity

 

 

248,261

 

 

 

 

24,878

 

Equity securities

 

 

251

 

 

 

 

99

 

Restricted stock, at cost

 

 

4,614

 

 

 

 

4,614

 

Total securities

 

 

397,692

 

 

 

 

223,755

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

428

 

 

 

 

1,465

 

Loans

 

 

582,185

 

 

 

 

552,030

 

Less allowance for loan losses

 

 

7,268

 

 

 

 

7,875

 

Net loans

 

 

574,917

 

 

 

 

544,155

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

13,615

 

 

 

 

13,431

 

Goodwill and core deposit intangible

 

 

4,728

 

 

 

 

4,750

 

Bank owned life insurance

 

 

24,369

 

 

 

 

23,710

 

Accrued interest receivable and other assets

 

 

7,663

 

 

 

 

5,312

 

TOTAL ASSETS

$

 

1,126,778

 

 

$

 

1,128,922

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Noninterest-bearing

$

 

328,422

 

 

$

 

302,688

 

Interest-bearing

 

 

664,691

 

 

 

 

683,980

 

Total deposits

 

 

993,113

 

 

 

 

986,668

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

33,885

 

 

 

 

38,475

 

Other borrowings

 

 

2,594

 

 

 

 

3,570

 

Accrued interest payable and other liabilities

 

 

3,524

 

 

 

 

4,197

 

Total liabilities

 

 

1,033,116

 

 

 

 

1,032,910

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

Common stock, $6.25 par value. Authorized

 

 

 

 

 

 

 

 

 

9,000,000 shares; issued 2,980,602 shares

 

 

 

 

 

 

 

 

 

in 2022 and 2021

 

 

18,629

 

 

 

 

18,629

 

Additional paid-in capital

 

 

9,815

 

 

 

 

9,815

 

Retained earnings

 

 

80,940

 

 

 

 

73,196

 

Treasury stock at cost - 262,578 shares in 2022

 

 

 

 

 

 

 

 

 

and 238,252 shares in 2021

 

 

(5,719

)

 

 

 

(5,093

)

Accumulated other comprehensive loss

 

 

(10,003

)

 

 

 

(535

)

Total shareholders' equity

 

 

93,662

 

 

 

 

96,012

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

 

1,126,778

 

 

$

 

1,128,922

 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Quarter ended

 

 

 

Twelve months ended

 

(Unaudited)

 

June 30,

 

 

 

June 30,

 

(Dollars in thousands, except per share data)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

6,032

 

 

$

6,231

 

 

$

11,809

 

 

$

13,096

 

Taxable securities

 

1,660

 

 

 

604

 

 

 

2,941

 

 

 

1,163

 

Nontaxable securities

 

108

 

 

 

111

 

 

 

218

 

 

 

222

 

Other

 

203

 

 

 

68

 

 

 

277

 

 

 

114

 

Total interest and dividend income

 

8,003

 

 

 

7,014

 

 

 

15,245

 

 

 

14,595

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

344

 

 

 

508

 

 

 

693

 

 

 

1,046

 

Other

 

29

 

 

 

35

 

 

 

57

 

 

 

70

 

Total interest expense

 

373

 

 

 

543

 

 

 

750

 

 

 

1,116

 

Net interest income

 

7,630

 

 

 

6,471

 

 

 

14,495

 

 

 

13,479

 

Provision for (recovery of) loan losses

 

(345

)

 

 

(475

)

 

 

(645

)

 

 

(445

)

Net interest income, after provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

for (recovery of) loan losses

 

7,975

 

 

 

6,946

 

 

 

15,140

 

 

 

13,924

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposits accounts

 

289

 

 

 

219

 

 

 

554

 

 

 

426

 

Trust services

 

253

 

 

 

264

 

 

 

517

 

 

 

546

 

Debit card interchange fees

 

543

 

 

 

526

 

 

 

1,038

 

 

 

997

 

Gain on sale of loans

 

147

 

 

 

417

 

 

 

265

 

 

 

904

 

Market value change in equity securities

 

3

 

 

 

(1

)

 

 

4

 

 

 

12

 

Other

 

547

 

 

 

418

 

 

 

1,046

 

 

 

836

 

Total noninterest income

 

1,782

 

 

 

1,843

 

 

 

3,424

 

 

 

3,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

3,412

 

 

 

3,044

 

 

 

6,567

 

 

 

6,073

 

Occupancy expense

 

276

 

 

 

247

 

 

 

548

 

 

 

501

 

Equipment expense

 

197

 

 

 

172

 

 

 

411

 

 

 

349

 

Professional and director fees

 

330

 

 

 

356

 

 

 

606

 

 

 

651

 

Software expense

 

326

 

 

 

336

 

 

 

659

 

 

 

636

 

Marketing and public relations

 

110

 

 

 

98

 

 

 

221

 

 

 

177

 

Debit card expense

 

185

 

 

 

172

 

 

 

349

 

 

 

343

 

Other expenses

 

938

 

 

 

965

 

 

 

1,881

 

 

 

1,941

 

Total noninterest expenses

 

5,774

 

 

 

5,390

 

 

 

11,242

 

 

 

10,671

 

Income before income tax

 

3,983

 

 

 

3,399

 

 

 

7,322

 

 

 

6,974

 

Federal income tax provision

 

774

 

 

 

654

 

 

 

1,412

 

 

 

1,344

 

Net income

$

3,209

 

 

$

2,745

 

 

$

5,910

 

 

$

5,630

 

Net income per share:

 

 

 

 

 

 

 

 

 

��

 

 

 

 

 

Basic and diluted

$

1.18

 

 

$

1.00

 

 

$

2.17

 

 

$

2.05

 

 

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