NASHVILLE, Tenn., Oct. 19, 2023 (GLOBE NEWSWIRE) — Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended September 30, 2023. Third quarter net income attributable to common shareholders was $4.6 million or $1.57 per diluted share compared to $4.3 million or $1.49 per diluted share for the same quarter in 2022. Net income and fully diluted earnings per share for the quarter both rose by 5% compared to the third quarter of 2022.
“Truxton’s earnings reached a new quarterly high in the third quarter despite the challenging environment,” said Chairman and CEO Tom Stumb. “While we did benefit from several non-recurring revenue events in the third quarter, our core businesses of banking and wealth management continue to perform well, driven by the value we provide to our clients.”
Key Highlights
- Non-interest income grew to $4.9 million in the third quarter, an increase of 3% from the second quarter of 2023 and 16% higher in comparison to the third quarter of 2022. Wealth management services constituted 93% of non-interest income in the third quarter of 2023 compared to 93% in the second quarter of 2023 and 94% in the third quarter of 2022. WMS revenue for the third quarter included one-time fees totaling more than $150 thousand.
- Gross loans rose by 2% to $642 million at quarter end compared to $628 million on June 30, 2023 and were up 5% compared to $612 million on September 30, 2022.
- Total deposits increased by 0.2% from $779 million at June 30, 2023, to $781 million at September 30, 2023, and were 1% lower in comparison to $790 million at September 30, 2022. Truxton continues to principally fund its growth from a single banking location led by its commitment to provide what it believes is superior deposit operations service and technology. As a result, occupancy expenditures and fixed asset investments remain a fraction of typical peers.
- Net interest margin for the third quarter of 2023 was 2.61%, an increase of 7 basis points from the 2.54% experienced in the quarter ended June 30, 2023, and 34 basis points lower than 2.95% in the quarter ended September 30, 2022. Cost of funds was 3.05% in the third quarter of 2023, up from 2.80% for the quarter ended June 30, 2023, and up from 1.02% for the quarter ended September 30, 2022.
- Asset quality remains sound at Truxton. Truxton had no non-performing assets on September 30, 2023. Truxton had $1 thousand of recoveries in the third quarter of 2023 compared to no net charge-offs in the trailing quarter or in the third quarter of 2022.
- Truxton adopted the mandated Current Expected Credit Loss accounting methodology for calculating its allowance for credit losses effective January 1, 2023. The Allowance for Credit Losses was $6.0 million at quarter end September 30, 2023, and at quarter end June 30, 2023, each excluding $0.5 million in allowance for unfunded commitments, compared to Allowance for Loan and Lease Losses of $5.8 million at September 30, 2022. For the same three periods, the Bank’s allowance was 0.94%, 0.95%, and 0.94%, respectively, of gross loans outstanding at period end.
- Truxton Risk Management, Inc., Truxton Corporation’s captive insurance company, ceased further operations in the second quarter of 2023 and was substantively, although not completely, dissolved in the third quarter of 2023, which allowed a one-time reserve release of $168 thousand.
- The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 10.36% at September 30, 2023, compared to 10.39% at June 30, 2023, and 9.78% at September 30, 2022. Book value per common share was $27.43, $27.01, and $23.84 at September 30, 2023, June 30, 2023, and September 30, 2022, respectively.
- During the third quarter of 2023, Truxton Corporation repurchased 12,986 shares of its common stock for $774 thousand, an average price of $59.59 per share. During the nine months ended September 30, 2023, Truxton Corporation paid dividends of $2.14 per common share, inclusive of a $1.00 special cash dividend.
About Truxton
Truxton Trust Company is a provider of wealth, banking, and family office services for wealthy individuals, their families and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton Trust upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.
| Truxton Corporation | |||||||||
| Consolidated Balance Sheets | |||||||||
| (000’s) | |||||||||
| (Unaudited) | |||||||||
| September 30, 2023* |
June 30, 2023* | September 30, 2022* |
|||||||
| ASSETS | |||||||||
| Cash and due from financial institutions | $ | 5,040 | $ | 7,060 | $ | 5,101 | |||
| Interest bearing deposits in other financial institutions | 7,589 | 15,287 | 3,906 | ||||||
| Federal funds sold | 956 | 1,705 | – | ||||||
| Cash and cash equivalents | 13,585 | 24,052 | 9,007 | ||||||
| Time deposits in other financial institutions | 740 | 1,140 | 1,830 | ||||||
| Securities available for sale | 259,543 | 272,474 | 263,149 | ||||||
| Gross loans, excluding Paycheck Protection Program | 641,697 | 627,567 | 611,946 | ||||||
| Allowance for credit losses** | (6,031 | ) | (5,973 | ) | (5,750 | ) | |||
| Paycheck Protection Program Loans | 69 | 80 | 111 | ||||||
| Net loans | 635,735 | 621,674 | 606,307 | ||||||
| Bank owned life insurance | 10,751 | 10,698 | 10,541 | ||||||
| Restricted equity securities | 1,940 | 2,538 | 2,688 | ||||||
| Premises and equipment, net | 129 | 143 | 241 | ||||||
| Accrued interest receivable | 4,310 | 3,945 | 3,207 | ||||||
| Deferred tax asset, net | 7,910 | 6,793 | 7,371 | ||||||
| Other assets | 13,922 | 12,414 | 12,417 | ||||||
| Total assets | $ | 948,566 | $ | 955,870 | $ | 916,758 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Deposits | |||||||||
| Non-interest bearing | $ | 116,918 | $ | 141,503 | $ | 154,049 | |||
| Interest bearing | $ | 663,950 | 637,595 | 635,503 | |||||
| Total deposits | 780,868 | 779,098 | 789,552 | ||||||
| Federal funds purchased | – | – | 6,517 | ||||||
| Swap counterparty cash collateral | 4,820 | 3,780 | 4,000 | ||||||
| Federal Home Loan Bank advances | 4,500 | 16,500 | 25,500 | ||||||
| Federal Reserve Bank Term Funding Program advances | 55,000 | 55,000 | – | ||||||
| Subordinated debt | 14,291 | 14,946 | 14,703 | ||||||
| Other liabilities | 9,544 | 7,870 | 7,619 | ||||||
| Total liabilities | 869,023 | 877,193 | 847,891 | ||||||
| SHAREHOLDERS’ EQUITY | |||||||||
| Common stock, $0.10 par value | $ | 288 | $ | 289 | $ | 284 | |||
| Additional paid-in capital | 31,335 | 31,743 | 30,672 | ||||||
| Retained earnings | 52,780 | 53,883 | 43,748 | ||||||
| Accumulated other comprehensive income (loss) | (18,167 | ) | (15,989 | ) | (18,510 | ) | |||
| Net Income | $ | 13,307 | $ | 8,743 | $ | 12,676 | |||
| Total shareholders’ equity | 79,543 | 78,669 | 68,870 | ||||||
| Total liabilities and shareholders’ equity | $ | 948,566 | $ | 955,863 | $ | 916,761 | |||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | |||||||||
| **2022 data shows Allowance for loan losses. Truxton adopted the Current Expected Credit Loss methodology as of January 1, 2023. The total excludes reserve for credit losses on unfunded commitments recorded in Other liabilities in 2023. | |||||||||
| Truxton Corporation | |||||||||||||||
| Consolidated Statements of Net Income | |||||||||||||||
| (000’s) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended | Year To Date | ||||||||||||||
| September 30, 2023* |
June 30, 2023* | September 30, 2022* |
September 30, 2023* |
September 30, 2022* |
|||||||||||
| Non-interest income | |||||||||||||||
| Wealth management services | $ | 4,608 | $ | 4,442 | $ | 4,014 | $ | 13,222 | $ | 12,251 | |||||
| Service charges on deposit accounts | 123 | 139 | 99 | 398 | 304 | ||||||||||
| Securities gains (losses), net | 0 | 0 | – | 58 | (47 | ) | |||||||||
| Bank owned life insurance income | 54 | 54 | 51 | 159 | 151 | ||||||||||
| Other | 146 | 133 | 103 | 374 | 190 | ||||||||||
| Total non-interest income | 4,931 | 4,769 | 4,267 | 14,212 | 12,849 | ||||||||||
| Interest income | |||||||||||||||
| Loans, including fees | $ | 9,714 | $ | 9,107 | $ | 6,797 | $ | 27,308 | $ | 17,108 | |||||
| Taxable securities | 2,575 | 2,267 | 1,370 | 6,796 | 3,627 | ||||||||||
| Tax-exempt securities | 216 | 217 | 403 | 666 | 1,195 | ||||||||||
| Interest bearing deposits | 69 | 55 | 87 | 185 | 165 | ||||||||||
| Federal funds sold | 30 | 18 | 10 | 59 | 14 | ||||||||||
| Other interest income | 105 | 134 | 34 | 300 | 97 | ||||||||||
| Total interest income | 12,709 | 11,798 | 8,701 | 35,316 | 22,206 | ||||||||||
| Interest expense | |||||||||||||||
| Deposits | 5,679 | 4,938 | 1,914 | 14,833 | 3,307 | ||||||||||
| Short-term borrowings | 61 | 52 | 6 | 167 | 10 | ||||||||||
| Long-term borrowings | 716 | 817 | 194 | 1,769 | 582 | ||||||||||
| Subordinated debentures | 195 | 194 | 23 | 583 | 69 | ||||||||||
| Total interest expense | 6,650 | 6,001 | 2,137 | 17,353 | 3,968 | ||||||||||
| Net interest income | 6,059 | 5,797 | 6,564 | 17,963 | 18,238 | ||||||||||
| Provision for credit losses | 6 | 15 | 284 | 81 | 975 | ||||||||||
| Net interest income after provision for loan losses | 6,053 | 5,782 | 6,280 | 17,882 | 17,263 | ||||||||||
| Total revenue, net | 10,984 | 10,550 | 10,547 | 32,094 | 30,112 | ||||||||||
| Non interest expense | |||||||||||||||
| Salaries and employee benefits | 3,819 | 3,663 | 3,784 | 11,247 | 10,764 | ||||||||||
| Occupancy | 313 | 314 | 261 | 913 | 756 | ||||||||||
| Furniture and equipment | 7 | 20 | 25 | 52 | 87 | ||||||||||
| Data processing | 470 | 455 | 367 | 1,352 | 1,086 | ||||||||||
| Wealth management processing fees | 178 | 176 | 163 | 530 | 487 | ||||||||||
| Advertising and public relations | 58 | 35 | 30 | 139 | 84 | ||||||||||
| Professional services | 127 | 54 | 271 | 297 | 616 | ||||||||||
| FDIC insurance assessments | 85 | 75 | 77 | 235 | 191 | ||||||||||
| Other | 256 | 279 | 228 | 932 | 682 | ||||||||||
| Total non interest expense | 5,314 | 5,070 | 5,206 | 15,698 | 14,753 | ||||||||||
| Income before income taxes | 5,670 | 5,481 | 5,341 | 16,396 | 15,359 | ||||||||||
| Income tax expense | 1,109 | 1,028 | 1,002 | 3,089 | 2,683 | ||||||||||
| Net income | $ | 4,560 | $ | 4,453 | $ | 4,339 | $ | 13,307 | $ | 12,676 | |||||
| Earnings per share: | |||||||||||||||
| Basic | $1.57 | $1.53 | $1.50 | $4.58 | $4.37 | ||||||||||
| Diluted | $1.57 | $1.53 | $1.49 | $4.57 | $4.35 | ||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding. | |||||||||||||||
| Truxton Corporation | |||
| Selected Quarterly Financial data | |||
| At Or For The Three Months Ended | |||
| (000’s) | |||
| (Unaudited) | |||
| September 30, 2023* | June 30, 2023* | September 30, 2022* | |
| Per Common Share Data | |||
| Net income attributable to shareholders, per share | |||
| Basic | $1.57 | $1.53 | $1.50 |
| Diluted | $1.57 | $1.53 | $1.49 |
| Book value per common share | $27.43 | $27.01 | $23.84 |
| Tangible book value per common share | $27.43 | $27.01 | $23.84 |
| Basic weighted average common shares | 2,829,139 | 2,830,894 | 2,811,768 |
| Diluted weighted average common shares | 2,836,187 | 2,838,321 | 2,825,084 |
| Common shares outstanding at period end | 2,900,171 | 2,912,781 | 2,888,567 |
| Selected Balance Sheet Data | |||
| Tangible common equity (TCE) ratio | 8.39% | 8.23% | 7.51% |
| Average Loans | $634,179 | $629,899 | $589,142 |
| Average earning assets (1) | $943,585 | $932,732 | $898,926 |
| Average total assets | $949,755 | $939,007 | $908,753 |
| Average shareholders’ equity | $80,535 | $76,536 | $72,918 |
| Selected Asset Quality Measures | |||
| Nonaccrual loans | $0 | $0 | $0 |
| 90+ days past due still accruing | $0 | $0 | $0 |
| Total nonperforming loans | $0 | $0 | $0 |
| Total nonperforming assets | $0 | $0 | $0 |
| Net charge offs (recoveries) | ($1) | $0 | $0 |
| Nonperforming loans to assets | 0.00% | 0.00% | 0.00% |
| Nonperforming assets to total assets | 0.00% | 0.00% | 0.00% |
| Nonperforming assets to total loans and other real estate | 0.00% | 0.00% | 0.00% |
| Allowance for credit losses to total loans** | 0.94% | 0.95% | 0.94% |
| Net charge offs to average loans | -0.00% | 0.00% | 0.00% |
| Capital Ratios (Bank Subsidiary Only) | |||
| Tier 1 leverage | 10.36% | 10.39% | 9.78% |
| Common equity tier 1 | 14.11% | 14.25% | 12.64% |
| Total risk-based capital | 15.04% | 15.18% | 13.46% |
| Selected Performance Ratios | |||
| Efficiency ratio | 47.87% | 48.56% | 45.85% |
| Return on average assets (ROA) | 1.91% | 1.89% | 1.89% |
| Return on average shareholders’ equity (ROE) | 22.48% | 23.33% | 23.61% |
| Return on average tangible common equity (ROTCE) | 22.48% | 23.33% | 23.61% |
| Net interest margin | 2.61% | 2.54% | 2.95% |
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | |||
| **2022 data shows Allowance for loan losses. Truxton adopted the Current Expected Credit Loss methodology as of January 1, 2023. 2023 ratios do not include reserve for unfunded commitments | |||
| (1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, and investment securities. | |||
| Truxton Corporation | |||||||||||||||||||||
| Yield Tables | |||||||||||||||||||||
| For The Periods Indicated | |||||||||||||||||||||
| (000’s) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: | |||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||
| September, 30 2023* | June 30, 2023* | September 30, 2022* | |||||||||||||||||||
| Average Balances |
Rates/ Yields (%) |
Interest Income/ Expense |
Average Balances |
Rates/ Yields (%) |
Interest Income/ Expense |
Average Balances |
Rates/ Yields (%) |
Interest Income/ Expense |
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| Earning Assets | |||||||||||||||||||||
| Loans | $634,179 | 6.01 | $9,602 | $629,899 | 5.72 | $8,989 | $589,142 | 4.50 | $6,680 | ||||||||||||
| Loan fees | $0 | 0.07 | $112 | $0 | 0.08 | $119 | $0 | 0.08 | $117 | ||||||||||||
| Loans with fees | 634,180 | 6.08 | $9,714 | $629,899 | 5.80 | $9,107 | $589,142 | 4.58 | $6,797 | ||||||||||||
| Mortgage loans held for sale | $0 | 0.00 | $0 | $0 | 0.00 | $0 | $0 | 0.00 | $0 | ||||||||||||
| Federal funds sold | $2,293 | 5.20 | $30 | $1,456 | 4.85 | $18 | $1,722 | 2.22 | $10 | ||||||||||||
| Deposits with banks | $13,213 | 5.34 | $178 | $15,618 | 4.95 | $193 | $14,641 | 2.35 | $87 | ||||||||||||
| Investment securities – taxable | $255,822 | 4.03 | $2,575 | $247,515 | 3.66 | $2,267 | $227,715 | 2.41 | $1,370 | ||||||||||||
| Investment securities – tax-exempt | $38,077 | 3.38 | $216 | $38,243 | 3.39 | $217 | $65,706 | 3.31 | $402 | ||||||||||||
| Total Earning Assets | $943,585 | 5.40 | $12,713 | $932,732 | 5.12 | $11,802 | $898,926 | 3.89 | $8,666 | ||||||||||||
| Non interest earning assets | |||||||||||||||||||||
| Allowance for loan losses | (5,989) | (5,959) | (5,592) | ||||||||||||||||||
| Cash and due from banks | $5,814 | $6,092 | $7,018 | ||||||||||||||||||
| Premises and equipment | $134 | $164 | $236 | ||||||||||||||||||
| Accrued interest receivable | $3,443 | $3,213 | $2,526 | ||||||||||||||||||
| Other real estate | $0 | $0 | $0 | ||||||||||||||||||
| Other assets | $29,298 | $28,375 | $26,238 | ||||||||||||||||||
| Unrealized gain (loss) on inv. securities | (26,530) | (25,610) | (20,599) | ||||||||||||||||||
| Total Assets | $949,755 | $939,007 | $908,753 | ||||||||||||||||||
| Interest bearing liabilities | |||||||||||||||||||||
| Interest bearing demand | $354,018 | 3.43 | $3,062 | $341,780 | 3.14 | $2,673 | $358,489 | 0.20 | $18 | ||||||||||||
| Savings and money market | $132,842 | 2.67 | $895 | $139,463 | 2.62 | $912 | $133,119 | 4.36 | $1,463 | ||||||||||||
| Time deposits – retail | $17,334 | 2.67 | $117 | $16,758 | 2.40 | $100 | $24,663 | 1.14 | $71 | ||||||||||||
| Time deposits – wholesale | $147,046 | 4.33 | $1,605 | $128,795 | 3.90 | $1,254 | $107,704 | 1.34 | $363 | ||||||||||||
| Total interest bearing deposits | $651,240 | 3.46 | $5,679 | $626,796 | 3.16 | $4,938 | $623,975 | 1.22 | $1,915 | ||||||||||||
| Federal Home Loan Bank advances | $9,337 | 3.79 | $91 | $18,907 | 4.27 | $204 | $5,283 | 1.69 | $23 | ||||||||||||
| Subordinated debt | $15,030 | 5.09 | $195,399 | $14,876 | 5.16 | $193,899 | $14,943 | 5.07 | $194 | ||||||||||||
| Other borrowings | $60,606 | 4.40 | $877 | $58,342 | 5.86 | $858 | $1,213 | 2.70 | $5 | ||||||||||||
| Total borrowed funds | $84,973 | 4.46 | $968 | $92,125 | 4.56 | $1,062 | $21,439 | 4.06 | $222 | ||||||||||||
| Total interest bearing liabilities | $736,213 | 3.57 | $6,647 | $718,921 | 3.34 | $6,000 | $645,414 | 1.31 | $2,137 | ||||||||||||
| Net interest rate spread | 1.83 | $6,067 | 1.78 | $5,801 | 2.58 | $6,529 | |||||||||||||||
| Non-interest bearing deposits | $127,389 | $139,807 | $185,567 | ||||||||||||||||||
| Other liabilities | $5,308 | $3,743 | $4,854 | ||||||||||||||||||
| Shareholder’s equity | $80,535 | $76,536 | $72,918 | ||||||||||||||||||
| Total Liabilities and Shareholder’s Equity | $949,445 | $939,007 | $908,753 | ||||||||||||||||||
| Cost of funds | 3.05 | 2.80 | 1.02 | ||||||||||||||||||
| Net interest margin | 2.61 | 2.54 | 2.95 | ||||||||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding. | |||||||||||||||||||||
| Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category. | |||||||||||||||||||||
| Truxton Corporation | ||||||||||||||||
| Yield Tables | ||||||||||||||||
| For The Periods Indicated | ||||||||||||||||
| (000’s) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: | ||||||||||||||||
| Nine Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2023* | September 30, 2022* | |||||||||||||||
| Average Balances |
Rates/ Yields (%) |
Interest Income/ Expense |
Average Balances |
Rates/ Yields (%) |
Interest Income/ Expense |
|||||||||||
| Earning Assets | ||||||||||||||||
| Loans | $628,742 | 5.73 | $26,967 | $544,462 | 4.07 | $16,565 | ||||||||||
| Loan fees | $0 | 0.07 | $342 | $0 | 0.14 | $551 | ||||||||||
| Loans with fees | $628,742 | 5.81 | $27,309 | $544,462 | 4.20 | $17,116 | ||||||||||
| Mortgage loans held for sale | $0 | 0.00 | $0 | $38 | 4.12 | $1 | ||||||||||
| Federal funds sold | $1,544 | 5.08 | $59 | $1,904 | 0.95 | $14 | ||||||||||
| Deposits with banks | $13,532 | 4.91 | $497 | $25,553 | 0.87 | $165 | ||||||||||
| Investment securities – taxable | $247,046 | 3.67 | $6,796 | $234,000 | 2.07 | $3,627 | ||||||||||
| Investment securities – tax-exempt | $38,890 | 3.41 | $666 | $65,961 | 3.26 | $1,195 | ||||||||||
| Total Earning Assets | $929,754 | 5.12 | $35,327 | $871,918 | 3.45 | $22,118 | ||||||||||
| Non interest earning assets | ||||||||||||||||
| Allowance for loan losses | (6,075) | (5,161) | ||||||||||||||
| Cash and due from banks | $6,148 | $8,099 | ||||||||||||||
| Premises and equipment | $167 | $260 | ||||||||||||||
| Accrued interest receivable | $3,169 | $2,291 | ||||||||||||||
| Other real estate | $0 | $0 | ||||||||||||||
| Other assets | $28,760 | $23,710 | ||||||||||||||
| Unrealized gain (loss) on inv. securities | (26,074) | (12,538) | ||||||||||||||
| Total Assets | $935,849 | $888,579 | ||||||||||||||
| Interest bearing liabilities | ||||||||||||||||
| Interest bearing demand | $353,974 | 3.12 | $8,263 | $362,327 | 0.03 | $90 | ||||||||||
| Savings and Money Market | $133,262 | 2.35 | $2,341 | $144,003 | 2.40 | $2,580 | ||||||||||
| Time deposits – Retail | $17,446 | 2.33 | $304 | $17,317 | 0.92 | $119 | ||||||||||
| Time Deposits – Wholesale | $136,564 | 3.84 | $3,926 | $76,873 | 0.90 | $518 | ||||||||||
| Total interest bearing deposits | $641,247 | 3.09 | $14,833 | $600,520 | 0.74 | $3,307 | ||||||||||
| Federal home Loan Bank advances | $15,002 | 4.1 | $467 | $5,350 | 1.69 | $69 | ||||||||||
| Subordinated debt | $14,969 | 5.14 | $583 | $14,861 | 5.16 | $582 | ||||||||||
| Other borrowings | $43,646 | 4.44 | $2,052 | $1,112 | 2.31 | $10 | ||||||||||
| Total borrowed funds | $73,617 | 4.51 | $2,519 | $21,323 | 4.09 | $661 | ||||||||||
| Total interest bearing liabilities | $714,864 | 3.24 | $17,353 | $621,843 | 0.85 | $3,968 | ||||||||||
| Net interest rate spread | 1.89 | $17,975 | 2.60 | $18,150 | ||||||||||||
| Non-interest bearing deposits | $139,068 | $186,398 | ||||||||||||||
| Other liabilities | $4,251 | $4,002 | ||||||||||||||
| Shareholder’s equity | $77,561 | $76,336 | ||||||||||||||
| Total Liabilities and Shareholder’s Equity | $935,744 | $888,579 | ||||||||||||||
| Cost of funds | 2.71 | 0.65 | ||||||||||||||
| Net interest margin | 2.63 | 2.85 | ||||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | ||||||||||||||||
| Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category. | ||||||||||||||||
