Average Average
Balance Interest Yield/Rate Balance Interest Yield/Rate
----------------- ------------- ------------ ----------------- ------------- ------------
Assets:
Interest-earning assets:
Loans, net of unearned
income(1) $ 2,061,604 $ 146,712 7.12% $ 1,711,006 $ 114,662 6.70%
Taxable securities 171,878 8,462 4.92% 152,707 6,806 4.46%
Nontaxable securities 46,065 952 2.07% 47,340 977 2.06%
Other interest-earnings
assets 257,533 13,655 5.30% 192,433 9,815 5.10%
--------------- ------------ ------- --------------- ------------ ----- ----
Total interest-earning
assets 2,537,080 169,781 6.69% 2,103,486 132,260 6.29%
Allowance for credit
losses (26,302) (21,233)
Noninterest-earning
assets 153,575 129,489
--------------- ---------------
Total Assets $ 2,664,353 $ 2,211,742
=============== ===============
Liabilities and
Stockholders' Equity:
Interest-bearing
liabilities:
Interest-bearing
transaction accounts $ 90,252 $ 105 0.12% $ 90,231 $ 82 0.09%
Savings and money
market accounts 997,349 38,576 3.87% 851,351 28,124 3.30%
Time deposits 695,892 31,949 4.59% 480,871 17,162 3.57%
FHLB advances 39,847 2,006 5.03% 39,830 1,848 4.64%
Other borrowings 96,941 5,438 5.61% 87,023 4,932 5.67%
--------------- ------------ ------- --------------- ------------ ----- ----
Total
interest-bearing
liabilities $ 1,920,281 $ 78,074 4.07% $ 1,549,306 $ 52,148 3.37%
Noninterest-bearing
liabilities:
Noninterest-bearing
deposits $ 470,376 $ 436,571
Other liabilities 31,472 28,185
--------------- ---------------
Total
noninterest-bearing
liabilities 501,848 464,756
Stockholders' Equity 242,224 197,680
--------------- ---------------
Total Liabilities
and Stockholders'
Equity $ 2,664,353 $ 2,211,742
=============== ===============
Net interest income $ 91,707 $ 80,112
Net interest spread(2) 2.62% 2.92%
Net interest margin(3) 3.61% 3.81%
Net interest margin -
FTE(4)(5) 3.63% 3.82%
Cost of funds(6) 3.27% 2.63%
Cost of interest-bearing
deposits 3.96% 3.19%
Cost of total deposits 3.13% 2.44%
1. Includes nonaccrual loans.
2. Net interest spread is the difference between interest rates earned on
interest earning assets and interest rates paid on interest-bearing
liabilities.
3. Net interest margin is a ratio of net interest income to average interest
earning assets for the same period.
4. Net interest margin - FTE is a ratio of fully-taxable equivalent net
interest income to average interest earning assets for the same period.
It assumes a 24.0% tax rate.
5. Refer to "Reconciliation of Non-GAAP Financial Measures".
6. Includes total interest-bearing liabilities and noninterest deposits.
LOAN COMPOSITION
(Dollars in thousands)
December 31, September 30, December 31,
2024 2024 2023
-------------------------- -------------------------- --------------------------
% of % of % of
Amount gross Amount gross Amount gross
--------------- --------- --------------- --------- --------------- ---------
Real estate
mortgages:
Construction
and
development $ 238,634 10.7% $ 245,275 11.1% $ 242,960 12.9%
Residential 315,092 14.1% 293,150 13.3% 224,603 11.9%
Commercial 1,352,084 60.6% 1,344,554 61.0% 1,144,867 60.5%
Commercial and
industrial 315,854 14.1% 310,540 14.1% 269,961 14.3%
Consumer and
other 11,580 0.5% 12,228 0.5% 8,286 0.4%
------------- ----- ------------- ----- ------------- -----
Gross loans 2,233,244 100.0% 2,205,747 100.0% 1,890,677 100.0%
Unearned income (6,675) (6,536) (6,169)
------------- ------------- -------------
Loans, net of
unearned
income 2,226,569 2,199,211 1,884,508
Allowance for
credit losses (28,338) (28,061) (24,378)
------------- ------------- -------------
Loans, net $ 2,198,231 $ 2,171,150 $ 1,860,130
============= ============= =============
DEPOSIT COMPOSITION
(Dollars in thousands)
December 31, September 30, December 31,
2024 2024 2023
------------------------
% of % of % of
Amount total Amount total Amount total
------------- --------- ------------- --------- ------------- ---------
Noninterest-bearing
transaction $ 575,357 23.8% $ 546,282 22.5% $ 437,959 21.7%
Interest-bearing
transaction 1,128,959 46.8% 1,124,706 46.5% 946,347 46.9%
Savings 52,472 2.2% 53,565 2.2% 35,412 1.7%
Time deposits,
$250,000 and under 512,717 21.3% 558,600 23.1% 500,406 24.8%
Time deposits, over
$250,000 141,792 5.9% 137,393 5.7% 98,065 4.9%
------------ ----- ------------ ----- ------------ -----
Total deposits $ 2,411,297 100.0% $ 2,420,546 100.0% $ 2,018,189 100.0%
============ ===== ============ ===== ============ =====
Nonperfoming Assets
(Dollars in thousands)
December 31, September 30, December 31,
2024 2024 2023
-------------------------- -------------------------- --------------------------
Nonaccrual loans $ 6,434 $ 7,803 $ 1,017
Past due loans 90
days or more and
still accruing
interest 99 65 160
--------------------- --------------------- ---------------------
Total
nonperforming
loans 6,533 7,868 1,177
===================== ===================== =====================
OREO -- 33 33
Total
nonperforming
assets $ 6,533 $ 7,901 $ 1,210
===================== ===================== =====================
Financial
difficulty
modification
loans --
nonaccrual(1) 600 622 907
Financial
(MORE TO FOLLOW) Dow Jones Newswires
January 21, 2025 07:00 ET (12:00 GMT)
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