10/29/2024 | Press release | Distributed by Public on 10/29/2024 13:31
•
|
Net loans receivable totaled $1.13 billion at September 30, 2024, down $8.9 million from the prior quarter end.
|
•
|
Book value per share was $17.39 at September 30, 2024, compared to $17.51 at June 30, 2024, and $17.35 at September 30, 2023.
|
•
|
The Bank's Tier 1 leverage and total capital ratios were 10.9% and 16.7% at September 30, 2024, compared to 10.9% and 16.6% at June 30, 2024, and 10.3% and 16.0% at September 30, 2023, respectively.
|
•
|
Credit quality remained strong with nonaccrual loans totaling only $853,000, or 0.07% of total loans.
|
•
|
A $1.6 million provision for credit losses was recorded in the current quarter, compared to a $200,000 recapture of provision for credit losses in the prior quarter and a $300,000 recapture of provision for credit losses in the comparable quarter in 2023.
|
Sep 30,
2024 |
Jun 30,
2024 |
Sep 30,
2023 |
Three
Month Change |
One
Year Change |
||||||||||||||||
Deposits:
|
(Dollars in thousands)
|
|||||||||||||||||||
Noninterest-bearing demand
|
$
|
100,466
|
$
|
99,842
|
$
|
104,164
|
$
|
624
|
$
|
(3,698
|
)
|
|||||||||
Interest-bearing demand
|
55,506
|
57,033
|
60,816
|
(1,527
|
)
|
(5,310
|
)
|
|||||||||||||
Savings
|
17,031
|
17,423
|
18,844
|
(392
|
)
|
(1,813
|
)
|
|||||||||||||
Money market
|
495,978
|
497,345
|
501,168
|
(1,367
|
)
|
(5,190
|
)
|
|||||||||||||
Certificates of deposit, retail
|
447,474
|
365,527
|
349,446
|
81,947
|
98,028
|
|||||||||||||||
Brokered deposits
|
50,900
|
51,004
|
175,972
|
(104
|
)
|
(125,072
|
)
|
|||||||||||||
Total deposits
|
$
|
1,167,355
|
$
|
1,088,174
|
$
|
1,210,410
|
$
|
79,181
|
$
|
(43,055
|
)
|
September 30, 2024
|
||||||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market
|
Certificates
of deposit,
retail
|
Brokered
deposits
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
King County
|
||||||||||||||||||||||||||||
Renton
|
$
|
29,388
|
$
|
14,153
|
$
|
10,654
|
$
|
305,836
|
$
|
315,721
|
$
|
-
|
$
|
675,752
|
||||||||||||||
Landing
|
3,442
|
1,660
|
237
|
8,348
|
12,733
|
-
|
26,420
|
|||||||||||||||||||||
Woodinville
|
1,968
|
2,234
|
959
|
8,852
|
11,522
|
-
|
25,535
|
|||||||||||||||||||||
Bothell
|
2,965
|
1,151
|
401
|
1,536
|
5,918
|
-
|
11,971
|
|||||||||||||||||||||
Crossroads
|
14,770
|
2,039
|
107
|
31,665
|
18,136
|
-
|
66,717
|
|||||||||||||||||||||
Kent
|
5,417
|
10,502
|
44
|
16,053
|
8,562
|
-
|
40,578
|
|||||||||||||||||||||
Kirkland
|
10,967
|
1,890
|
206
|
11,243
|
2,240
|
-
|
26,546
|
|||||||||||||||||||||
Issaquah
|
1,186
|
294
|
18
|
2,547
|
6,580
|
-
|
10,625
|
|||||||||||||||||||||
Total King County
|
70,103
|
33,923
|
12,626
|
386,080
|
381,412
|
-
|
884,144
|
|||||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||||||
Mill Creek
|
3,990
|
2,171
|
384
|
14,628
|
10,312
|
-
|
31,485
|
|||||||||||||||||||||
Edmonds
|
9,254
|
6,831
|
330
|
18,549
|
13,281
|
-
|
48,245
|
|||||||||||||||||||||
Clearview
|
5,587
|
5,242
|
1,462
|
21,206
|
12,251
|
-
|
45,748
|
|||||||||||||||||||||
Lake Stevens
|
3,970
|
4,282
|
1,244
|
23,257
|
15,571
|
-
|
48,324
|
|||||||||||||||||||||
Smokey Point
|
2,994
|
1,664
|
969
|
29,353
|
11,387
|
-
|
46,367
|
|||||||||||||||||||||
Total Snohomish County
|
25,795
|
20,190
|
4,389
|
106,993
|
62,802
|
-
|
220,169
|
|||||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||||||
University Place
|
2,940
|
53
|
4
|
1,848
|
1,458
|
-
|
6,303
|
|||||||||||||||||||||
Gig Harbor
|
1,628
|
1,340
|
12
|
1,057
|
1,802
|
-
|
5,839
|
|||||||||||||||||||||
Total Pierce County
|
4,568
|
1,393
|
16
|
2,905
|
3,260
|
-
|
12,142
|
|||||||||||||||||||||
Brokered deposits
|
-
|
-
|
-
|
-
|
-
|
50,900
|
50,900
|
|||||||||||||||||||||
Total deposits
|
$
|
100,466
|
$
|
55,506
|
$
|
17,031
|
$
|
495,978
|
$
|
447,474
|
$
|
50,900
|
$
|
1,167,355
|
June 30, 2024
|
||||||||||||||||||||||||||||
Noninterest-
bearing
demand
|
Interest-
bearing
demand
|
Savings
|
Money
market
|
Certificates
of deposit,
retail
|
Brokered
deposits
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
King County
|
||||||||||||||||||||||||||||
Renton
|
$
|
30,336
|
$
|
14,380
|
$
|
11,186
|
$
|
306,176
|
$
|
246,076
|
$
|
-
|
$
|
608,154
|
||||||||||||||
Landing
|
2,079
|
566
|
113
|
7,895
|
9,881
|
-
|
20,534
|
|||||||||||||||||||||
Woodinville
|
1,953
|
2,949
|
987
|
10,931
|
10,845
|
-
|
27,665
|
|||||||||||||||||||||
Bothell
|
3,336
|
847
|
398
|
1,595
|
6,055
|
-
|
12,231
|
|||||||||||||||||||||
Crossroads
|
13,585
|
2,858
|
28
|
25,599
|
17,748
|
-
|
59,818
|
|||||||||||||||||||||
Kent
|
7,729
|
8,142
|
42
|
14,525
|
7,448
|
-
|
37,886
|
|||||||||||||||||||||
Kirkland
|
8,326
|
1,789
|
210
|
15,007
|
1,752
|
-
|
27,084
|
|||||||||||||||||||||
Issaquah
|
1,287
|
232
|
22
|
3,971
|
6,202
|
-
|
11,714
|
|||||||||||||||||||||
Total King County
|
68,631
|
31,763
|
12,986
|
385,699
|
306,007
|
-
|
805,086
|
|||||||||||||||||||||
Snohomish County
|
||||||||||||||||||||||||||||
Mill Creek
|
5,823
|
2,306
|
420
|
15,209
|
9,578
|
-
|
33,336
|
|||||||||||||||||||||
Edmonds
|
10,418
|
9,470
|
402
|
20,255
|
12,753
|
-
|
53,298
|
|||||||||||||||||||||
Clearview
|
4,810
|
4,888
|
1,444
|
18,695
|
9,504
|
-
|
39,341
|
|||||||||||||||||||||
Lake Stevens
|
4,111
|
4,445
|
1,171
|
22,618
|
14,090
|
-
|
46,435
|
|||||||||||||||||||||
Smokey Point
|
2,700
|
3,152
|
982
|
31,808
|
10,435
|
-
|
49,077
|
|||||||||||||||||||||
Total Snohomish County
|
27,862
|
24,261
|
4,419
|
108,585
|
56,360
|
-
|
221,487
|
|||||||||||||||||||||
Pierce County
|
||||||||||||||||||||||||||||
University Place
|
2,385
|
41
|
2
|
1,819
|
1,503
|
-
|
5,750
|
|||||||||||||||||||||
Gig Harbor
|
964
|
968
|
16
|
1,242
|
1,657
|
-
|
4,847
|
|||||||||||||||||||||
Total Pierce County
|
3,349
|
1,009
|
18
|
3,061
|
3,160
|
-
|
10,597
|
|||||||||||||||||||||
Brokered deposits
|
-
|
-
|
-
|
-
|
-
|
51,004
|
51,004
|
|||||||||||||||||||||
Total deposits
|
$
|
99,842
|
$
|
57,033
|
$
|
17,423
|
$
|
497,345
|
$
|
365,527
|
$
|
51,004
|
$
|
1,088,174
|
Assets
|
Sep 30,
2024 |
Jun 30,
2024 |
Sep 30,
2023 |
Three
Month Change |
One
Year Change |
|||||||||||||||
Cash on hand and in banks
|
$
|
8,423
|
$
|
10,811
|
$
|
8,074
|
(22.1
|
)%
|
4.3
|
%
|
||||||||||
Interest-earning deposits with banks
|
72,884
|
48,173
|
49,618
|
51.3
|
46.9
|
|||||||||||||||
Investments available-for-sale, at fair value
|
156,609
|
160,693
|
204,975
|
(2.5
|
)
|
(23.6
|
)
|
|||||||||||||
Investments held-to-maturity, at amortized cost
|
2,462
|
2,456
|
2,450
|
0.2
|
0.5
|
|||||||||||||||
Loans receivable, net of allowance of $16,265,
$14,796, and $15,306 respectively
|
1,126,146
|
1,135,067
|
1,168,079
|
(0.8
|
)
|
(3.6
|
)
|
|||||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
5,403
|
8,823
|
6,803
|
(38.8
|
)
|
(20.6
|
)
|
|||||||||||||
Accrued interest receivable
|
6,638
|
6,632
|
7,263
|
0.1
|
(8.6
|
)
|
||||||||||||||
Deferred tax assets, net
|
2,690
|
2,360
|
3,156
|
14.0
|
(14.8
|
)
|
||||||||||||||
Premises and equipment, net
|
18,584
|
19,007
|
19,921
|
(2.2
|
)
|
(6.7
|
)
|
|||||||||||||
Bank owned life insurance ("BOLI"), net
|
38,661
|
38,368
|
37,398
|
0.8
|
3.4
|
|||||||||||||||
Prepaid expenses and other assets
|
8,898
|
11,447
|
13,673
|
(22.3
|
)
|
(34.9
|
)
|
|||||||||||||
Right of use asset ("ROU"), net
|
2,473
|
2,670
|
2,818
|
(7.4
|
)
|
(12.2
|
)
|
|||||||||||||
Goodwill
|
889
|
889
|
889
|
0.0
|
0.0
|
|||||||||||||||
Core deposit intangible, net
|
326
|
357
|
451
|
(8.7
|
)
|
(27.7
|
)
|
|||||||||||||
Total assets
|
$
|
1,451,086
|
$
|
1,447,753
|
$
|
1,525,568
|
0.2
|
(4.9
|
)
|
|||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
100,466
|
$
|
99,842
|
$
|
104,164
|
0.6
|
(3.6
|
)
|
|||||||||||
Interest-bearing deposits
|
1,066,889
|
988,332
|
1,106,246
|
7.9
|
(3.6
|
)
|
||||||||||||||
Total deposits
|
1,167,355
|
1,088,174
|
1,210,410
|
7.3
|
(3.6
|
)
|
||||||||||||||
Advances from the FHLB
|
100,000
|
176,000
|
125,000
|
(43.2
|
)
|
(20.0
|
)
|
|||||||||||||
Advance payments from borrowers for taxes and
insurance
|
5,211
|
2,764
|
4,760
|
88.5
|
9.5
|
|||||||||||||||
Lease liability, net
|
2,673
|
2,866
|
3,011
|
(6.7
|
)
|
(11.2
|
)
|
|||||||||||||
Accrued interest payable
|
294
|
1,117
|
2,646
|
(73.7
|
)
|
(88.9
|
)
|
|||||||||||||
Other liabilities
|
15,340
|
16,139
|
20,506
|
(5.0
|
)
|
(25.2
|
)
|
|||||||||||||
Total liabilities
|
1,290,873
|
1,287,060
|
1,366,333
|
0.3
|
(5.5
|
)
|
||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Stockholders' Equity
|
||||||||||||||||||||
Preferred stock, $0.01 par value; authorized
10,000,000 shares; no shares issued or
outstanding
|
-
|
-
|
-
|
n/a
|
n/a
|
|||||||||||||||
Common stock, $0.01 par value; authorized
90,000,000 shares; issued and outstanding
|
||||||||||||||||||||
9,213,969 shares at September 30, 2024;
9,179,825 shares at June 30, 2024; and
9,179,510 shares at September 30, 2023
|
92
|
92
|
92
|
0.0
|
0.0
|
|||||||||||||||
Additional paid-in capital
|
72,916
|
72,953
|
72,926
|
(0.1
|
)
|
(0.0
|
)
|
|||||||||||||
Retained earnings
|
93,692
|
94,300
|
96,206
|
(0.6
|
)
|
(2.6
|
)
|
|||||||||||||
Accumulated other comprehensive loss, net of tax
|
(6,487
|
)
|
(6,652
|
)
|
(9,989
|
)
|
(2.5
|
)
|
(35.1
|
)
|
||||||||||
Total stockholders' equity
|
160,213
|
160,693
|
159,235
|
(0.3
|
)
|
0.6
|
||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,451,086
|
$
|
1,447,753
|
$
|
1,525,568
|
0.2
|
%
|
(4.9
|
)%
|
Quarter Ended
|
||||||||||||||||||||
Sep 30,
2024 |
Jun 30,
2024 |
Sep 30,
2023 |
Three
Month Change |
One
Year Change |
||||||||||||||||
Interest income
|
||||||||||||||||||||
Loans, including fees
|
$
|
16,658
|
$
|
16,805
|
$
|
16,918
|
(0.9
|
)%
|
(1.5
|
)%
|
||||||||||
Investments
|
1,744
|
1,886
|
2,118
|
(7.5
|
)
|
(17.7
|
)
|
|||||||||||||
Interest-earning deposits with banks
|
863
|
482
|
525
|
79.0
|
64.4
|
|||||||||||||||
Dividends on FHLB Stock
|
150
|
144
|
113
|
4.2
|
32.7
|
|||||||||||||||
Total interest income
|
19,415
|
19,317
|
19,674
|
0.5
|
(1.3
|
)
|
||||||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
9,748
|
9,498
|
9,205
|
2.6
|
5.9
|
|||||||||||||||
Other borrowings
|
1,213
|
849
|
766
|
42.9
|
58.4
|
|||||||||||||||
Total interest expense
|
10,961
|
10,347
|
9,971
|
5.9
|
9.9
|
|||||||||||||||
Net interest income
|
8,454
|
8,970
|
9,703
|
(5.8
|
)
|
(12.9
|
)
|
|||||||||||||
Provision (recapture of provision) for credit losses
|
1,575
|
(200
|
)
|
(300
|
)
|
(887.5
|
)
|
(625.0
|
)
|
|||||||||||
Net interest income after provision (recapture of
provision) for credit losses
|
6,879
|
9,170
|
10,003
|
(25.0
|
)
|
(31.2
|
)
|
|||||||||||||
Noninterest income
|
||||||||||||||||||||
BOLI income
|
295
|
310
|
244
|
(4.8
|
)
|
20.9
|
||||||||||||||
Wealth management revenue
|
42
|
54
|
53
|
(22.2
|
)
|
(20.8
|
)
|
|||||||||||||
Deposit related fees
|
236
|
240
|
247
|
(1.7
|
)
|
(4.5
|
)
|
|||||||||||||
Loan related fees
|
96
|
97
|
79
|
(1.0
|
)
|
21.5
|
||||||||||||||
Other income (expense), net
|
8
|
(28
|
)
|
54
|
(128.6
|
)
|
(85.2
|
)
|
||||||||||||
Total noninterest income
|
677
|
673
|
677
|
0.6
|
0.0
|
|||||||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
4,606
|
3,817
|
5,018
|
20.7
|
(8.2
|
)
|
||||||||||||||
Occupancy and equipment
|
1,183
|
1,225
|
1,193
|
(3.4
|
)
|
(0.8
|
)
|
|||||||||||||
Professional fees
|
585
|
749
|
553
|
(21.9
|
)
|
5.8
|
||||||||||||||
Data processing
|
838
|
856
|
742
|
(2.1
|
)
|
12.9
|
||||||||||||||
Regulatory assessments
|
165
|
170
|
200
|
(2.9
|
)
|
(17.5
|
)
|
|||||||||||||
Insurance and bond premiums
|
113
|
118
|
111
|
(4.2
|
)
|
1.8
|
||||||||||||||
Marketing
|
46
|
47
|
97
|
(2.1
|
)
|
(52.6
|
)
|
|||||||||||||
Other general and administrative
|
952
|
959
|
856
|
(0.7
|
)
|
11.2
|
||||||||||||||
Total noninterest expense
|
8,488
|
7,941
|
8,770
|
6.9
|
(3.2
|
)
|
||||||||||||||
(Loss) income before federal income tax (benefit)
provision
|
(932
|
)
|
1,902
|
1,910
|
(149.0
|
)
|
(148.8
|
)
|
||||||||||||
Federal income tax (benefit) provision
|
(324
|
)
|
347
|
409
|
(193.4
|
)
|
(179.2
|
)
|
||||||||||||
Net (loss) income
|
$
|
(608
|
)
|
$
|
1,555
|
$
|
1,501
|
(139.1
|
)%
|
(140.5
|
)%
|
|||||||||
Basic (loss) earnings per share
|
$
|
(0.07
|
)
|
$
|
0.17
|
$
|
0.16
|
|||||||||||||
Diluted (loss) earnings per share
|
$
|
(0.07
|
)
|
$
|
0.17
|
$
|
0.16
|
|||||||||||||
Weighted average number of common shares
outstanding
|
9,190,146
|
9,168,414
|
9,127,568
|
|||||||||||||||||
Weighted average number of diluted shares
outstanding
|
9,190,146
|
9,235,446
|
9,150,059
|
September 30, 2024
|
June 30, 2024
|
September 30, 2023
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Residential:
|
||||||||||||||||||||||||
Multifamily
|
$
|
132,811
|
11.6
|
%
|
$
|
134,302
|
11.7
|
%
|
$
|
140,022
|
11.7
|
%
|
||||||||||||
Total multifamily residential
|
132,811
|
11.6
|
134,302
|
11.7
|
140,022
|
11.7
|
||||||||||||||||||
Non-residential:
|
||||||||||||||||||||||||
Retail
|
118,840
|
10.4
|
118,154
|
10.4
|
130,101
|
11.0
|
||||||||||||||||||
Office
|
73,778
|
6.5
|
74,032
|
6.4
|
72,773
|
6.1
|
||||||||||||||||||
Hotel / motel
|
54,716
|
4.8
|
55,018
|
4.8
|
63,954
|
5.4
|
||||||||||||||||||
Storage
|
32,443
|
2.8
|
32,636
|
2.8
|
33,229
|
2.8
|
||||||||||||||||||
Mobile home park
|
22,443
|
2.0
|
23,159
|
2.0
|
21,285
|
1.8
|
||||||||||||||||||
Warehouse
|
18,743
|
1.6
|
18,868
|
1.6
|
19,446
|
1.6
|
||||||||||||||||||
Nursing Home
|
11,407
|
1.0
|
11,474
|
1.0
|
11,676
|
1.0
|
||||||||||||||||||
Other non-residential
|
30,719
|
2.7
|
32,139
|
2.8
|
42,227
|
3.7
|
||||||||||||||||||
Total non-residential
|
363,089
|
31.8
|
365,480
|
31.8
|
394,691
|
33.4
|
||||||||||||||||||
Construction/land:
|
||||||||||||||||||||||||
One-to-four family residential
|
42,846
|
3.8
|
39,908
|
3.5
|
43,532
|
3.7
|
||||||||||||||||||
Multifamily
|
7,227
|
0.6
|
6,078
|
0.5
|
2,043
|
0.2
|
||||||||||||||||||
Land development
|
10,148
|
0.8
|
9,800
|
0.8
|
9,766
|
0.8
|
||||||||||||||||||
Total construction/land
|
60,221
|
5.2
|
55,786
|
4.8
|
55,341
|
4.7
|
||||||||||||||||||
One-to-four family residential:
|
||||||||||||||||||||||||
Permanent owner occupied
|
279,744
|
24.5
|
283,516
|
24.7
|
260,970
|
22.1
|
||||||||||||||||||
Permanent non-owner occupied
|
221,127
|
19.4
|
225,423
|
19.6
|
232,238
|
19.6
|
||||||||||||||||||
Total one-to-four family residential
|
500,871
|
43.9
|
508,939
|
44.3
|
493,208
|
41.7
|
||||||||||||||||||
Business:
|
||||||||||||||||||||||||
Aircraft
|
-
|
0.0
|
-
|
0.0
|
1,981
|
0.2
|
||||||||||||||||||
Small Business Administration ("SBA")
|
1,745
|
0.2
|
1,763
|
0.2
|
1,810
|
0.3
|
||||||||||||||||||
Paycheck Protection Plan ("PPP")
|
238
|
0.0
|
316
|
0.0
|
551
|
0.0
|
||||||||||||||||||
Other business
|
12,416
|
1.1
|
12,984
|
1.1
|
23,633
|
1.9
|
||||||||||||||||||
Total business
|
14,399
|
1.3
|
15,063
|
1.3
|
27,975
|
2.4
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Classic, collectible and other auto
|
58,085
|
5.1
|
56,758
|
4.9
|
59,955
|
5.1
|
||||||||||||||||||
Other consumer
|
12,935
|
1.1
|
13,535
|
1.2
|
12,193
|
1.0
|
||||||||||||||||||
Total consumer
|
71,020
|
6.2
|
70,293
|
6.1
|
72,148
|
6.1
|
||||||||||||||||||
Total loans
|
1,142,411
|
100.0
|
%
|
1,149,863
|
100.0
|
%
|
1,183,385
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
ACL
|
16,265
|
14,796
|
15,306
|
|||||||||||||||||||||
Loans receivable, net
|
$
|
1,126,146
|
$
|
1,135,067
|
$
|
1,168,079
|
||||||||||||||||||
Concentrations of credit: (1)
|
||||||||||||||||||||||||
Construction loans as % of total capital
|
36.8
|
%
|
34.8
|
%
|
37.8
|
%
|
||||||||||||||||||
Total non-owner occupied commercial
real estate as % of total capital |
296.2
|
%
|
298.8
|
%
|
328.1
|
%
|
At or For the Quarter Ended
|
||||||||||||||||||||
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
||||||||||||||||
2024
|
2024
|
2024
|
2023
|
2023
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Performance Ratios: (1)
|
||||||||||||||||||||
Return on assets
|
(0.17
|
)%
|
0.43
|
%
|
(0.29
|
)%
|
0.31
|
%
|
0.39
|
%
|
||||||||||
Return on equity
|
(1.50
|
)
|
3.88
|
(2.67
|
)
|
2.97
|
3.71
|
|||||||||||||
Dividend payout ratio
|
0.00
|
76.47
|
(108.33
|
)
|
100.00
|
79.26
|
||||||||||||||
Equity-to-assets ratio
|
11.04
|
11.10
|
10.91
|
10.74
|
10.44
|
|||||||||||||||
Tangible equity ratio (2)
|
10.97
|
11.02
|
10.83
|
10.66
|
10.36
|
|||||||||||||||
Net interest margin
|
2.46
|
2.66
|
2.55
|
2.54
|
2.69
|
|||||||||||||||
Average interest-earning assets to average interest-
bearing liabilities
|
116.46
|
117.01
|
116.40
|
115.84
|
116.94
|
|||||||||||||||
Efficiency ratio
|
92.96
|
82.35
|
116.97
|
85.17
|
84.49
|
|||||||||||||||
Noninterest expense as a percent of average total
assets
|
2.32
|
2.21
|
3.05
|
2.18
|
2.29
|
|||||||||||||||
Book value per common share
|
$
|
17.39
|
$
|
17.51
|
$
|
17.46
|
$
|
17.61
|
$
|
17.35
|
||||||||||
Tangible book value per share (2)
|
17.26
|
17.37
|
17.32
|
17.47
|
17.20
|
|||||||||||||||
Capital Ratios:(3)
|
||||||||||||||||||||
Tier 1 leverage ratio
|
10.86
|
%
|
10.91
|
%
|
10.41
|
%
|
10.18
|
%
|
10.25
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
15.43
|
15.39
|
14.98
|
14.90
|
14.75
|
|||||||||||||||
Tier 1 capital ratio
|
15.43
|
15.39
|
14.98
|
14.90
|
14.75
|
|||||||||||||||
Total capital ratio
|
16.68
|
16.64
|
16.24
|
16.15
|
16.00
|
|||||||||||||||
Asset Quality Ratios:(4)
|
||||||||||||||||||||
Nonaccrual loans as a percent of total loans
|
0.07
|
%
|
0.41
|
%
|
0.02
|
%
|
0.02
|
%
|
0.02
|
%
|
||||||||||
Nonaccrual loans as a percent of total assets
|
0.06
|
0.32
|
0.01
|
0.01
|
0.01
|
|||||||||||||||
ACL as a percent of total loans
|
1.42
|
1.29
|
1.30
|
1.28
|
1.29
|
|||||||||||||||
Net charge-offs to average loans receivable, net
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||||||||||
Allowance for Credit Losses:
|
||||||||||||||||||||
ACL ‒ loans
|
||||||||||||||||||||
Beginning balance
|
$
|
14,796
|
$
|
14,996
|
$
|
15,306
|
$
|
15,306
|
$
|
15,606
|
||||||||||
Provision (recapture of provision) for credit losses
|
1,500
|
(200
|
)
|
(300
|
)
|
-
|
(300
|
)
|
||||||||||||
Charge-offs
|
(31
|
)
|
-
|
(10
|
)
|
-
|
-
|
|||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Ending balance
|
$
|
16,265
|
$
|
14,796
|
$
|
14,996
|
$
|
15,306
|
$
|
15,306
|
||||||||||
Allowance for unfunded commitments
|
||||||||||||||||||||
Beginning balance
|
$
|
564
|
$
|
564
|
$
|
439
|
$
|
439
|
$
|
439
|
||||||||||
Provision for credit losses
|
75
|
-
|
125
|
-
|
-
|
|||||||||||||||
Ending balance
|
$
|
639
|
$
|
564
|
$
|
564
|
$
|
439
|
$
|
439
|
||||||||||
Provision (recapture of provision) for credit losses
|
||||||||||||||||||||
ACL - loans
|
$
|
1,500
|
$
|
(200
|
)
|
$
|
(300
|
)
|
$
|
-
|
$
|
(300
|
)
|
|||||||
Allowance for unfunded commitments
|
75
|
-
|
125
|
-
|
-
|
|||||||||||||||
Total
|
$
|
1,575
|
$
|
(200
|
)
|
$
|
(175
|
)
|
$
|
-
|
$
|
(300
|
)
|
At or For the Quarter Ended
|
||||||||||||||||||||
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
||||||||||||||||
2024
|
2024
|
2024
|
2023
|
2023
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Yields and Costs:(1)
|
||||||||||||||||||||
Yield on loans
|
5.86
|
%
|
5.93
|
%
|
5.88
|
%
|
5.83
|
%
|
5.73
|
%
|
||||||||||
Yield on investments
|
4.30
|
4.38
|
4.11
|
4.11
|
3.98
|
|||||||||||||||
Yield on interest-earning deposits
|
5.27
|
5.25
|
5.28
|
5.32
|
5.18
|
|||||||||||||||
Yield on FHLB stock
|
7.73
|
8.63
|
7.79
|
7.29
|
6.57
|
|||||||||||||||
Yield on interest-earning assets
|
5.66
|
%
|
5.73
|
%
|
5.62
|
%
|
5.56
|
%
|
5.46
|
%
|
||||||||||
Cost of interest-bearing deposits
|
3.80
|
%
|
3.71
|
%
|
3.69
|
%
|
3.62
|
%
|
3.33
|
%
|
||||||||||
Cost of borrowings
|
3.19
|
2.64
|
2.65
|
2.40
|
2.42
|
|||||||||||||||
Cost of interest-bearing liabilities
|
3.72
|
%
|
3.59
|
%
|
3.58
|
%
|
3.50
|
%
|
3.24
|
%
|
||||||||||
Cost of total deposits (2)
|
3.47
|
%
|
3.38
|
%
|
3.38
|
%
|
3.31
|
%
|
3.03
|
%
|
||||||||||
Cost of funds (3)
|
3.44
|
%
|
3.30
|
%
|
3.31
|
%
|
3.23
|
%
|
2.97
|
%
|
||||||||||
Average Balances:
|
||||||||||||||||||||
Loans
|
$
|
1,131,473
|
$
|
1,139,017
|
$
|
1,160,156
|
$
|
1,167,339
|
$
|
1,171,483
|
||||||||||
Investments
|
161,232
|
173,102
|
202,106
|
206,837
|
211,291
|
|||||||||||||||
Interest-earning deposits
|
65,149
|
36,959
|
37,032
|
65,680
|
40,202
|
|||||||||||||||
FHLB stock
|
7,719
|
6,714
|
6,554
|
6,584
|
6,820
|
|||||||||||||||
Total interest-earning assets
|
$
|
1,365,573
|
$
|
1,355,792
|
$
|
1,405,848
|
$
|
1,446,440
|
$
|
1,429,796
|
||||||||||
Interest-bearing deposits
|
$
|
1,021,041
|
$
|
1,029,608
|
$
|
1,082,168
|
$
|
1,127,690
|
$
|
1,097,324
|
||||||||||
Borrowings
|
151,478
|
129,126
|
125,604
|
120,978
|
125,402
|
|||||||||||||||
Total interest-bearing liabilities
|
1,172,519
|
1,158,734
|
1,207,772
|
1,248,668
|
1,222,726
|
|||||||||||||||
Noninterest-bearing deposits
|
96,003
|
101,196
|
99,173
|
102,869
|
109,384
|
|||||||||||||||
Total deposits and borrowings
|
$
|
1,268,522
|
$
|
1,259,930
|
$
|
1,306,945
|
$
|
1,351,537
|
$
|
1,332,110
|
||||||||||
Average assets
|
$
|
1,453,431
|
$
|
1,446,207
|
$
|
1,495,753
|
$
|
1,538,955
|
$
|
1,522,224
|
||||||||||
Average stockholders' equity
|
161,569
|
161,057
|
161,823
|
159,659
|
160,299
|
Quarter Ended
|
||||||||||||||||||||
Sep 30,
2024
|
Jun 30,
2024
|
Mar 31,
2024
|
Dec 31,
2023
|
Sep 30,
2023
|
||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
Tangible equity to tangible assets and tangible book value per share: |
||||||||||||||||||||
Total stockholders' equity (GAAP)
|
$
|
160,213
|
$
|
160,693
|
$
|
160,183
|
$
|
161,660
|
$
|
159,235
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
326
|
357
|
388
|
419
|
451
|
|||||||||||||||
Tangible equity (Non-GAAP)
|
$
|
158,998
|
$
|
159,447
|
$
|
158,906
|
$
|
160,352
|
$
|
157,895
|
||||||||||
Total assets (GAAP)
|
$
|
1,451,086
|
$
|
1,447,753
|
$
|
1,468,350
|
$
|
1,505,082
|
$
|
1,525,568
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
889
|
889
|
889
|
889
|
889
|
|||||||||||||||
Core deposit intangible, net
|
326
|
357
|
388
|
419
|
451
|
|||||||||||||||
Tangible assets (Non-GAAP)
|
$
|
1,449,871
|
$
|
1,446,507
|
$
|
1,467,073
|
$
|
1,503,774
|
$
|
1,524,228
|
||||||||||
Common shares outstanding at period end
|
9,213,969
|
9,179,825
|
9,174,425
|
9,179,510
|
9,179,510
|
|||||||||||||||
Equity-to-assets ratio (GAAP)
|
11.04
|
%
|
11.10
|
%
|
10.91
|
%
|
10.74
|
%
|
10.44
|
%
|
||||||||||
Tangible equity-to-tangible assets ratio (Non-GAAP)
|
10.97
|
11.02
|
10.83
|
10.66
|
10.36
|
|||||||||||||||
Book value per common share (GAAP)
|
$
|
17.39
|
$
|
17.51
|
$
|
17.46
|
$
|
17.61
|
$
|
17.35
|
||||||||||
Tangible book value per share (Non-GAAP)
|
17.26
|
17.37
|
17.32
|
17.47
|
17.20
|