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)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.