11/21/2023 0 Comments Affinity photo![]() Non-performing loans increased to $7.6 million at Septemfrom $6.7 million at December 31, 2022. Uninsured deposits were approximately $98.7 million at Septemand represented 13.9% of total deposits.īorrowings increased by $10.0 million to $20.0 million at Septemcompared to $10.0 million at Decemas we continue to evaluate borrowing needs related to enhancing bank liquidity. Brokered deposits have an average life of 2.6 years and an average interest rate of 4.87%. ![]() The certificates of deposit increase included brokered deposits issued in 2023 totaling $72.4 million. Investment securities available-for-sale unrealized losses were $7.8 million, net of tax.Ĭash and cash equivalents increased to $61.5 million at Septemfrom $26.3 million at December 31, 2022, primarily due to an increase in deposits.ĭeposits increased by $51.9 million to $709.0 million at Septemcompared to $657.2 million at December 31, 2022, in part due to an increase in certificates of deposits of $96.3 million offset by a $44.5 million decrease in non-time deposits, as customers increased deposits in higher-yielding accounts during the current interest rate environment. Investment securities held-to-maturity unrealized losses were $970,000, net of tax. Non-owner occupied office loans totaled $25.4 million at Septemaverage LTV on these loans is 43.0% The increase was due to steady loan demand. Total gross loans increased $14.8 million to $661.0 million at Septemfrom $646.2 million at December 31, 2022. Total assets increased $64.1 million to $855.4 million at Septemfrom $791.3 million at December 31, 2022, as we increased cash to further enhance liquidity. Non-interest expense decreased $601,000 to $15.9 million for the nine months ended Septemcompared to the respective period in 2022 and was a result of the FHLB prepayment penalties paid in first quarter 2022 and decreases in salaries expense. ![]() Non-interest expense decreased $84,000 to $5.4 million for the three months ended Septemcompared to the respective period in 2022, due to decreases in salaries, occupancy, and advertising expenses offset by increases in data processing and other expenses. Noninterest income increased $37,000 to $630,000 for the three months ended Septemand remained stable at $1.8 million for the nine months ended Septemand 2022. The decrease in the margin for the nine months ended Septemwas also impacted by the fair value mark on the FHLB advances from acquisition that was recognized upon payoff during the first quarter of 2022.Īdjusted net interest margin for the nine months ended Septem(see Non-GAAP reconciliation) decreased 59 basis points from 3.95% at nine months ended Septemto 3.36%. The decreases in the margin relate to increases in our costs of funds exceeding our increases in our yield on interest-earning assets. ![]() Net interest margin for the nine months ended Septemdecreased to 3.36% from 4.24% for the nine months ended September 30, 2022. Net interest margin for the three months ended Septemdecreased to 3.36% from 4.12% for the three months ended September 30, 2022. The decrease was due to an increase in deposit costs and recognition of the remaining fair value mark on acquired FHLB advances that was recognized upon payoff during the first quarter of 2022, partially offset by an increase in interest income. Net interest income was $20.5 million for the nine months ended Septemcompared to $22.4 million for the nine months ended September 30, 2022. The decrease was due to an increase in deposit costs partially offset by an increase in interest income. Net interest income was $6.9 million for the three months ended Septemcompared to $7.5 million for the three months ended September 30, 2022. Net income was $4.9 million for nine months ended Septemas compared to $5.4 million for the nine months ended September 30, 2022, as a result of an increase in deposit interest expense and recognition of the remaining fair value mark on the acquired Federal Home Loan Bank advances that was recognized upon payoff during the first quarter 2022, partially offset by an increase in interest income. Net income was $1.6 million for the three months ended September 30, 2023, as compared to $1.9 million for the three months ended September 30, 2022, as a result of an increase in deposit interest expense offset by an increase in interest income. (1) Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and reconciliation to GAAP.
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