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CSB Bancorp, Inc. Reports Third Quarter Earnings

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

Third Quarter Highlights

 

 

Quarter Ended

September 30, 2023

 

 

Quarter Ended

September 30, 2022

 

Diluted earnings per share

 

$

1.30

 

 

$

1.35

 

Net Income

 

$

3,481,000

 

 

$

3,650,000

 

Return on average common equity

 

 

13.63

%

 

 

15.24

%

Return on average assets

 

 

1.19

%

 

 

1.25

%

CSB Bancorp, Inc. (OTC Pink: CSBB) today announced third quarter 2023 net income of $3,481,000, or $1.30 per basic and diluted share, as compared to $3,650,000, or $1.35 per basic and diluted share, for the same period in 2022. For the nine-month period ended September 30, 2023, net income totaled $11,059,000 compared to $9,560,000 for the same period last year, an increase of 16%.

Annualized returns on average common equity (“ROE”) and average assets (“ROA”) for the quarter were 13.63% and 1.19%, respectively, compared with 15.24% and 1.25% for the third quarter of 2022. For the nine-month period ended September 30, 2023, ROE and ROA were 14.85% and 1.28% as compared to 13.41% and 1.12% for the comparable period in 2022.

Eddie Steiner, President and CEO stated, “Relatively low unemployment, slowly increasing labor participation, and consumer demand for goods and services are currently propping up an economy facing potent headwinds. Eventually, the forces of tighter monetary policy, significant government debt service, and other nations’ slowing economies, disasters and afflictions will disrupt the current momentum. For now, higher interest rates are rewarding savers and curbing some discretionary borrowing. Loan demand for constructing new homes, commercial buildings, and acquisition and development financing remains relatively active in our markets.”

Pre-Provision Net Revenue (PPNR) totaled $4.5 million during the quarter, an increase of $218 thousand, or 5%, from the prior year’s third quarter. Net interest income increased $277 thousand, or 3%, in the third quarter of 2023 compared to the same period in 2022.

Loan interest income including fees increased $2.5 million, or 37%, during third quarter 2023 as compared to the same quarter in 2022. The increase was mainly due to rate increases as well as an $80 million increase in average loan volume. Securities interest income increased $122 thousand, or 6%, during the third quarter 2023 compared to the same quarter 2022 from rate increases. Loan yields for third quarter 2023 averaged 5.39%, an increase of 93 basis points from the 2022 third quarter average of 4.46%, while overnight funds and securities yields for third quarter 2023 averaged 5.45% and 2.11%, respectively, compared to 2.29% and 1.91% in the third quarter 2022.

Interest expense rose $2.3 million, or 383%, during third quarter 2023 as compared to third quarter 2022. The increase follows a period of rapid interest rate increases spurred by the Federal Reserve followed by competitive pressures from banks and others to secure adequate funding. The cost to fund gross earning assets for the third quarter 2023 was 1.04% as compared to 0.22% for the third quarter of 2022. The Federal Reserve has indicated that it intends to maintain the higher interest rate environment beyond 2023.

The fully-taxable equivalent (FTE) net interest margin was 3.21% compared to 3.12% for third quarter 2022. Compared to the 2022 third quarter, FTE net interest income increased $275 thousand, or 3%, reflecting 9 basis points of net interest margin expansion, and a $2.5 million, or less than 1%, increase in average earning assets. The higher interest rate environment drove the increase in yields coupled with loan volume growth, partially offset by the higher cost of funds. The tax equivalency effect on the margin was 0.01% in third quarter 2023 and 2022.

Noninterest income increased $30 thousand, or 2%, compared to third quarter of 2022. The increase was primarily the result of a $43 thousand, or 20%, increase in trust and brokerage fees, an $11 thousand increase in service charges on deposits, and a $9 thousand increase in cash surrender value on bank owned life insurance. Offsetting decreases were recognized in unrealized losses in equity securities, debit and credit card fees and gain on sale of mortgage loans.

Noninterest expense increased 2% from third quarter 2022. Salary and employee benefit costs increased $230 thousand, or 7%, compared to the prior year quarter, primarily resulting from the increases in base salaries, benefits, and group medical. FDIC assessment increased $38 thousand or 41% on the increase in rate in 2023. Occupancy expense increased $18 thousand, or 7%, related to building repairs. Software expense increased $11 thousand, or 3%, with the deployment of new reporting software and upgrades. Professional and directors’ fees decreased $189 thousand, or 34% primarily reflecting a consulting fee in 2022 to renegotiate the core data processing software contract. Marketing and public relations decreased by $17 thousand, or 12%, reflecting a return to normalized levels. The Company’s third quarter efficiency ratio decreased to 57.0% compared to 57.9% in the prior year.

Federal income tax expense was $850 thousand in the 2023 third quarter compared to $890 thousand in the 2022 third quarter. The effective tax rate for the 2023 and 2022 third quarter was 19.6%.

Average earning assets for the 2023 third quarter increased $2.5 million, or less than 1%, from the year-ago quarter, primarily reflecting an $80 million, or 14%, increase in average loans, a $15 million, or 4%, decrease in average securities, and a $63 million, or 62%, decrease in interest-earning deposits in other banks, held mainly at the Federal Reserve Bank.

Average commercial loan balances for the quarter, including commercial real estate, increased $58 million, or 15%, from prior year levels, as construction loans were drawn, and borrowers used term loans to fund equipment and other purchases. Average residential mortgage balances increased $24 million, or 17%, above the prior year’s quarter as borrowers have been favoring adjustable-rate mortgages during this period of higher interest rates. Home equity lines of credit decreased $3 million from the prior year’s quarter as balances were paid down due to rate increases as these loans are tied to Prime. Average consumer credit balances increased $1 million, or 9%, versus the same quarter of the prior year. Increased organic loan demand continues to be largely dependent on the pace at which excess liquidity is absorbed by businesses and households and restoration of borrower confidence.

Nonperforming assets were $260 thousand, or 0.04%, of total loans on September 30, 2023, compared to $686 thousand, or 0.11% of total loans, a year ago. Delinquent loan balances as of September 30, 2023, were stable at 0.23% of total loans as compared to 0.26% on September 30, 2022. Net loan recoveries recognized during third quarter 2023 were $119 thousand, or (0.07%) of average loans annualized, compared to third quarter 2022 net loan losses of $10 thousand.

On January 1, 2023, CSB adopted ASU 2016-13 known as current expected credit losses or “CECL”. The allowance for expected credit losses amounted to $6.7 million, or 0.98% of total loans, on September 30, 2023, as compared to 1.15% on September 30, 2022. The allowance for credit losses on off-balance sheet commitments on September 30, 2023, was $492 thousand, as compared to a September 30, 2022, balance of $141 thousand. CSB recorded no allowance for credit losses related to AFS or HTM debt securities as there is a zero loss expectation on these securities.

Average deposit balances declined slightly on a quarter over prior year quarter comparison by $2.7 million, or less than 1%. For the third quarter 2023, the average cost of deposits amounted to 1.08%, as compared to 0.22% for the third quarter 2022. During the third quarter 2023, increases in average deposit balances over the prior year quarter included interest-bearing demand accounts of $13 million and time deposits of $54 million. Noninterest-bearing accounts decreased $39 million from the prior year’s third quarter while savings and money market accounts declined $30 million. The average balance of securities sold under repurchase agreement during the third quarter of 2023 decreased by $1 million, or 3%, compared to the average for the same period in the prior year.

Shareholders’ equity totaled $101 million on September 30, 2023, with 2.7 million common shares outstanding. The average equity to assets ratio amounted to 8.72% for the quarter ended September 30, 2023, and 8.20% for the quarter ended September 30, 2022. The Company declared a third quarter dividend of $0.38 per share, producing an annualized yield of 4.0% based on the September 30, 2023, closing price of $37.75.

About CSB Bancorp, Inc.

CSB is a financial holding company headquartered in Millersburg, Ohio, with approximate assets of $1.2 billion as of September 30, 2023. 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)

2023

 

2023

 

2023

 

2022

 

2022

 

2023

 

2022

 

EARNINGS

3rd Qtr

 

2nd Qtr

 

1st Qtr

 

4th Qtr

 

3rd Qtr

 

9 months

 

9 months

 

Net interest income FTE (a)

$

8,871

 

$

9,027

 

$

8,999

 

$

9,304

 

$

8,596

 

$

26,897

 

$

23,164

 

Provision (Recovery) of credit losses

 

177

 

 

140

 

 

(31

)

 

-

 

 

(250

)

 

286

 

 

(895

)

Other income

 

1,705

 

 

1,733

 

 

1,628

 

 

1,612

 

 

1,675

 

 

5,066

 

 

5,099

 

Other expenses

 

6,034

 

 

6,049

 

 

5,719

 

 

6,206

 

 

5,945

 

 

17,802

 

 

17,187

 

FTE adjustment(a)

 

34

 

 

33

 

 

34

 

 

36

 

 

36

 

 

101

 

 

109

 

Net income

 

3,481

 

 

3,644

 

 

3,934

 

 

3,753

 

 

3,650

 

 

11,059

 

 

9,560

 

Basic and Diluted earnings per share

 

1.30

 

 

1.36

 

 

1.46

 

 

1.39

 

 

1.35

 

 

4.12

 

 

3.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROA), annualized

 

1.19

1.27

1.39

1.27

1.25

1.28

1.12

%

Return on average common equity (ROE), annualized

 

13.63

 

 

14.62

 

 

16.39

 

 

15.94

 

 

15.24

 

 

14.85

 

 

13.41

 

Net interest margin FTE(a)

 

3.21

 

 

3.33

 

 

3.37

 

 

3.33

 

 

3.12

 

 

3.30

 

 

2.86

 

Efficiency ratio

 

56.99

 

 

56.24

 

 

53.86

 

 

56.83

 

 

57.87

 

 

55.70

 

 

60.82

 

Number of full-time equivalent employees

 

178

 

 

172

 

 

170

 

 

172

 

 

172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share

$

37.96

 

$

37.36

 

$

36.93

 

$

35.43

 

$

33.97

 

 

 

 

 

Period-end common share market value

 

37.75

 

 

38.88

 

 

38.00

 

 

38.50

 

 

39.00

 

 

 

 

 

Market as a % of book

 

99.45

104.07

102.90

108.66

114.81

 

 

 

Price-to-earnings ratio

 

6.85

 

 

6.99

 

 

7.06

 

 

7.84

 

 

8.92

 

 

 

 

 

Average basic common shares outstanding

 

2,675,967

 

 

2,680,526

 

 

2,692,304

 

 

2,707,576

 

 

2,712,686

 

 

2,682,872

 

 

2,716,225

 

Average diluted common shares outstanding

 

2,675,967

 

 

2,680,526

 

 

2,692,304

 

 

2,707,576

 

 

2,712,686

 

 

2,682,872

 

 

2,716,225

 

Period end common shares outstanding

 

2,671,313

 

 

2,680,325

 

 

2,680,625

 

 

2,707,576

 

 

2,707,576

 

 

 

 

 

Common stock market capitalization

$

100,842

 

$

104,211

 

$

101,864

 

$

104,242

 

$

105,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

43

 

$

15

 

$

39

 

$

217

 

$

29

 

$

97

 

$

71

 

Net (recoveries) charge-offs

 

(119

)

 

(10

)

 

4

 

 

170

 

 

10

 

 

(125

)

 

(285

)

Allowance for credit losses

 

6,691

 

 

6,559

 

 

6,307

 

 

6,838

 

 

7,008

 

 

 

 

 

Nonperforming assets (NPAs)

 

260

 

 

255

 

 

218

 

 

256

 

 

685

 

 

 

 

 

Net charge-off (recovery) / average loans ratio

 

(0.07

)%

(0.01

)%

0.00

0.11

0.01

(0.03

)%

(0.07

)%

Allowance for credit losses / period-end loans

 

0.98

 

 

0.99

 

 

0.97

 

 

1.09

 

 

1.15

 

 

 

 

 

NPAs/loans and other real estate

 

0.04

 

 

0.04

 

 

0.03

 

 

0.04

 

 

0.11

 

 

 

 

 

Allowance for credit losses / nonperforming loans

 

2,576

 

 

2,577

 

 

2,893

 

 

2,667

 

 

1,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end tangible equity to assets(b)

 

8.39

8.29

8.28

7.90

7.54

 

 

 

Average equity to assets

 

8.72

 

 

8.68

 

 

8.48

 

 

7.96

 

 

8.20

 

 

 

 

 

Average equity to loans

 

15.00

 

 

15.15

 

 

15.27

 

 

15.06

 

 

15.98

 

 

 

 

 

Average loans to deposits

 

66.20

 

 

65.05

 

 

63.19

 

 

59.84

 

 

58.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

1,162,029

 

$

1,151,403

 

$

1,147,033

 

$

1,172,785

 

$

1,159,523

 

$

1,153,549

 

$

1,144,890

 

Earning assets

 

1,096,679

 

 

1,085,751

 

 

1,082,996

 

 

1,108,231

 

 

1,094,197

 

 

1,088,525

 

 

1,081,673

 

Loans

 

675,283

 

 

660,004

 

 

637,392

 

 

620,243

 

 

594,820

 

 

657,698

 

 

576,821

 

Deposits

 

1,020,135

 

 

1,014,631

 

 

1,008,721

 

 

1,036,559

 

 

1,022,851

 

 

1,014,537

 

 

1,004,565

 

Shareholders' equity

 

101,294

 

 

99,958

 

 

97,319

 

 

93,404

 

 

95,043

 

 

99,538

 

 

95,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDING BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

$

1,156,598

 

$

1,156,157

 

$

1,143,394

 

$

1,159,108

 

$

1,161,830

 

 

 

 

 

Earning assets

 

1,087,591

 

 

1,088,561

 

 

1,080,939

 

 

1,094,876

 

 

1,096,302

 

 

 

 

 

Loans

 

680,949

 

 

664,605

 

 

647,773

 

 

627,171

 

 

609,971

 

 

 

 

 

Deposits

 

1,018,075

 

 

1,021,671

 

 

1,007,507

 

 

1,023,417

 

 

1,029,274

 

 

 

 

 

Shareholders' equity

 

101,410

 

 

100,140

 

 

99,007

 

 

95,920

 

 

91,981

 

 

 

 

 

Notes:

(a) -

Net interest income on a fully-taxable 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, and is considered a non-GAAP measure.

(b) -

Tangible equity is a non-GAAP measure, which is shareholders' equity net of goodwill.

 
 
 
 

CSB BANCORP, INC.

CONSOLIDATED BALANCE SHEETS
 

 

(Unaudited)

September 30,

 

 

September 30,

 

(Dollars in thousands, except per share data)

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

Cash and due from banks

$

 

20,409

 

 

$

 

20,859

 

Interest-earning deposits in other banks

 

 

29,000

 

 

 

 

86,657

 

Total cash and cash equivalents

 

 

49,409

 

 

 

 

107,516

 

Securities

 

 

 

 

 

 

 

Available-for-sale, at fair-value

 

 

145,330

 

 

 

 

143,433

 

Held-to-maturity

 

 

230,505

 

 

 

 

252,362

 

Equity securities

 

 

246

 

 

 

 

249

 

Restricted stock, at cost

 

 

1,561

 

 

 

 

3,430

 

Total securities

 

 

377,642

 

 

 

 

399,474

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

-

 

 

 

 

200

 

Loans

 

 

680,949

 

 

 

 

609,971

 

Less allowance for credit losses

 

 

6,691

 

 

 

 

7,008

 

Net loans

 

 

674,258

 

 

 

 

602,963

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

13,105

 

 

 

 

13,455

 

Goodwill

 

 

4,728

 

 

 

 

4,728

 

Bank owned life insurance

 

 

25,229

 

 

 

 

24,539

 

Accrued interest receivable and other assets

 

 

12,227

 

 

 

 

8,955

 

TOTAL ASSETS

$

 

1,156,598

 

 

$

 

1,161,830

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest-bearing

$

 

300,018

 

 

$

 

338,043

 

Interest-bearing

 

 

718,057

 

 

 

 

691,231

 

Total deposits

 

 

1,018,075

 

 

 

 

1,029,274

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

30,734

 

 

 

 

34,199

 

Other borrowings

 

 

1,808

 

 

 

 

2,528

 

Accrued interest payable and other liabilities

 

 

4,571

 

 

 

 

3,848

 

TOTAL LIABILITIES

 

 

1,055,188

 

 

 

 

1,069,849

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares in 2023 and 2022

 

 

18,629

 

 

 

 

18,629

 

Additional paid-in capital

 

 

9,815

 

 

 

 

9,815

 

Retained earnings

 

 

94,614

 

 

 

 

83,696

 

Treasury stock at cost - 309,289 shares in 2023 and 273,026 shares in 2022

 

 

(7,481

)

 

 

 

(6,107

)

Accumulated other comprehensive loss

 

 

(14,167

)

 

 

 

(14,052

)

TOTAL SHAREHOLDERS' EQUITY

 

 

101,410

 

 

 

 

91,981

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

 

1,156,598

 

 

$

 

1,161,830

 

 
 
 
 

CSB BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 

 

Quarter ended

 

 

Nine months ended

 

(Unaudited)

September 30,

 

 

September 30,

 

(Dollars in thousands, except per share data)

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

9,175

 

 

$

6,680

 

 

$

25,855

 

 

$

18,489

 

Taxable securities

 

1,910

 

 

 

1,780

 

 

 

5,867

 

 

 

4,721

 

Nontaxable securities

 

102

 

 

 

110

 

 

 

305

 

 

 

328

 

Other

 

531

 

 

 

586

 

 

 

1,520

 

 

 

863

 

Total interest and dividend income

 

11,718

 

 

 

9,156

 

 

 

33,547

 

 

 

24,401

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

2,772

 

 

 

559

 

 

 

6,484

 

 

 

1,252

 

Other

 

109

 

 

 

37

 

 

 

267

 

 

 

94

 

Total interest expense

 

2,881

 

 

 

596

 

 

 

6,751

 

 

 

1,346

 

Net interest income

 

8,837

 

 

 

8,560

 

 

 

26,796

 

 

 

23,055

 

Provision (Recovery) for credit losses

 

177

 

 

 

(250

)

 

 

286

 

 

 

(895

)

Net interest income, after provision (recovery) for credit losses

 

8,660

 

 

 

8,810

 

 

 

26,510

 

 

 

23,950

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

332

 

 

 

321

 

 

 

924

 

 

 

875

 

Trust services

 

259

 

 

 

216

 

 

 

769

 

 

 

733

 

Debit card interchange fees

 

525

 

 

 

530

 

 

 

1,579

 

 

 

1,568

 

Credit card fees

 

166

 

 

 

170

 

 

 

535

 

 

 

516

 

Earnings on bank owned life insurance

 

179

 

 

 

170

 

 

 

520

 

 

 

504

 

Gain on sale of loans

 

47

 

 

 

49

 

 

 

106

 

 

 

314

 

Unrealized (loss) gain on equity securities

 

(11

)

 

 

(2

)

 

 

2

 

 

 

2

 

Other

 

208

 

 

 

221

 

 

 

631

 

 

 

587

 

Total noninterest income

 

1,705

 

 

 

1,675

 

 

 

5,066

 

 

 

5,099

 

Noninterest expenses

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

3,429

 

 

 

3,199

 

 

 

10,112

 

 

 

9,766

 

Occupancy expense

 

290

 

 

 

272

 

 

 

856

 

 

 

820

 

Equipment expense

 

199

 

 

 

193

 

 

 

595

 

 

 

604

 

Professional and director fees

 

366

 

 

 

555

 

 

 

1,073

 

 

 

1,161

 

Software expense

 

408

 

 

 

397

 

 

 

1,228

 

 

 

1,056

 

Marketing and public relations

 

124

 

 

 

141

 

 

 

383

 

 

 

362

 

Debit card expense

 

179

 

 

 

201

 

 

 

494

 

 

 

550

 

Financial institutions tax

 

192

 

 

 

195

 

 

 

576

 

 

 

584

 

FDIC insurance expense

 

131

 

 

 

93

 

 

 

380

 

 

 

251

 

Other expenses

 

716

 

 

 

699

 

 

 

2,105

 

 

 

2,033

 

Total noninterest expenses

 

6,034

 

 

 

5,945

 

 

 

17,802

 

 

 

17,187

 

Income before income taxes

 

4,331

 

 

 

4,540

 

 

 

13,774

 

 

 

11,862

 

Federal income tax provision

 

850

 

 

 

890

 

 

 

2,715

 

 

 

2,302

 

Net income

$

3,481

 

 

$

3,650

 

 

$

11,059

 

 

$

9,560

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

$

1.30

 

 

$

1.35

 

 

$

4.12

 

 

$

3.52

 

 
 
 
 

CSB BANCORP, INC.

NON-GAAP DISCLOSURES
 

 

NET INTEREST INCOME, FULLY-TAXABLE EQUIVALENT 

 

 

Quarter ended

 

(Unaudited)

Sept 30,

 

(Dollars in thousands)

2023

 

 

2022

 

Net interest income

$

8,837

 

 

$

8,560

 

Taxable equivalent adjustment1

 

34

 

 

 

36

 

Net interest income, FTE

$

8,871

 

 

$

8,596

 

Net interest margin

 

3.20

%

 

 

3.11

%

Taxable equivalent adjustment1

 

0.01

 

 

 

0.01

 

Net interest margin, FTE

 

3.21

%

 

 

3.12

%

1

Net interest income on a fully-taxable 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, and is considered a non-GAAP measure.

 
 

PRE-PROVISION NET REVENUE 

 

Quarter ended

 

(Unaudited)

Sept 30,

 

(Dollars in thousands)

2023

 

 

2022

 

Pre-Provision Net Revenue (PPNR)

 

 

 

 

 

Net interest income

$

8,837

 

 

$

8,560

 

Total noninterest income

 

1,705

 

 

 

1,675

 

Total revenue

 

10,542

 

 

 

10,235

 

 

 

 

 

 

 

Less: Noninterest expense

 

6,034

 

 

 

5,945

 

 

 

 

 

 

 

PPNR

$

4,508

 

 

$

4,290

 

 
 

TANGIBLE EQUITY 

 

(Unaudited)

Sept 30,

 

 

Sept 30,

 

(Dollars in thousands)

2023

 

 

2022

 

Total Shareholders' Equity

$

101,410

 

 

$

91,981

 

Less: Goodwill

 

4,728

 

 

 

4,728

 

Tangible Shareholders' Equity

$

96,682

 

 

$

87,253

 

 
 

 

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