NASHVILLE, Tenn., Oct. 20, 2022 (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, 2022. Third quarter net income attributable to common shareholders was $4.3 million or $1.49 per diluted share compared to $3.9 million or $1.34 per diluted share for the same quarter in 2021. Net income for the quarter rose by 12% and fully diluted earnings per share by 11% compared to the third quarter of 2021.
“Truxton has managed effectively through a period of rapidly rising interest rates and declining stock and bond valuations,” said Chairman and CEO Tom Stumb. “Our bankers and loan administration staff have worked tirelessly to deliver the largest growth in loans in our history. This new volume at prevailing higher interest rates has preserved our net interest margin. Wealth Management revenue was stable in the third quarter despite lower asset values as we continue to attract new clients who see the value in Truxton’s comprehensive approach. Volatile market conditions will continue to create challenges in the quarters ahead.”
Key Highlights
- Pre-Provision Net Revenue (PPNR) for the third quarter was $5.63 million, an increase of 0.8% from the second quarter of 2022 and an increase of 11% compared to the third quarter of 2021. PPNR for the first nine months of 2022 was 25% higher than the first nine months of 2021.
- Non-interest income was $4.3 million in the third quarter, an increase of 1% from the second quarter of 2022 and a 4% increase compared to the third quarter of 2021. Wealth management services constituted 94% of non-interest income in the third quarter of 2022.
- Net Loans rose by 7% to $606 million compared to June 30, 2022, and were up 26% compared to September 30, 2021.
- Total deposits increased by 1% from June 30, 2022, to $790 million on September 30, 2022, and increased by 8% in comparison to September 30, 2021. Wholesale and brokered deposits were a larger percentage of the funding mix in the third quarter of 2022 and contributed to funding costs rising more swiftly.
- Net interest margin for the third quarter of 2022 was 2.95%, an increase of 12 basis points from the 2.83% experienced in the second quarter of 2022, and an increase of 26 basis points from the third quarter of 2021. Cost of funds was 1.02% in the third quarter of 2022, up from 0.50% for the quarter ended June 30, 2022, and up from 0.44% for the quarter ended September 30, 2021.
- Asset quality remains sound at Truxton. Truxton had $0 in non-performing assets on September 30, 2022. Truxton also had $0 of net charge-offs in the quarter, $0 in the second quarter of 2022, and $2 thousand in the third quarter of 2021.
- Allowance for loan losses was $5.8 million, $5.5 million, and $4.8 million at quarter end September 30, 2022, June 30, 2022, and September 30, 2021, respectively. For the same three periods, the Bank’s allowance was 0.94%, 0.96%, and 0.98%, respectively, of gross loans (including PPP loans) outstanding at period end.
- The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 9.78% at September 30, 2022, 9.63% at June 30, 2022, and 8.99 % at September 30, 2021. Book value per common share was $23.84, $24.49, and $28.14 at September 30, 2022, June 30, 2022, and September 30, 2021, respectively. Lower bond portfolio valuations caused largely by the rising interest rate environment continued to drive the decline in book value.
- During the third quarter of 2022, Truxton Corporation repurchased 10,000 shares of its common stock for $663 thousand, a price of $66.30 per share. During the nine months ended September 30, 2022, Truxton Corporation paid dividends of $2.02 per common share.
About Truxton Trust
Truxton Trust Company is a provider of private banking, wealth management, trust, capital markets, 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.
| Investor Relations | Media Relations |
| Andrew May | Tamara Schoeplein |
| 615-515-1707 | 615-515-1714 |
| andrew.may@truxtontrust.com | tamara.schoeplein@truxtontrust.com |
| Truxton Corporation | |||||||||
| Consolidated Balance Sheets | |||||||||
| (000's) | |||||||||
| (Unaudited) | |||||||||
| September 30, 2022* | June 30, 2022* | September 30, 2021* | |||||||
| ASSETS | |||||||||
| Cash and due from financial institutions | $ | 5,101 | $ | 6,146 | $ | 10,559 | |||
| Interest bearing deposits in other financial institutions | 3,906 | 915 | 56,501 | ||||||
| Federal funds sold | - | 114 | 2,930 | ||||||
| Cash and cash equivalents | 9,007 | 7,175 | 69,990 | ||||||
| Time deposits in other financial institutions | 1,835 | 2,038 | 2,538 | ||||||
| Securities available for sale | 263,144 | 273,689 | 269,685 | ||||||
| Gross loans, excluding Paycheck Protection Program | 611,946 | 569,969 | 484,614 | ||||||
| Allowance for loan losses | (5,750 | ) | (5,468 | ) | (4,779 | ) | |||
| Paycheck Protection Program Loans | 111 | 121 | 2,652 | ||||||
| Net loans | 606,307 | 564,622 | 482,487 | ||||||
| Bank owned life insurance | 10,541 | 10,490 | 10,338 | ||||||
| Restricted equity securities | 2,688 | 3,258 | 3,235 | ||||||
| Premises and equipment, net | 241 | 223 | 371 | ||||||
| Accrued interest receivable | 3,207 | 2,748 | 2,331 | ||||||
| Deferred tax asset, net | 7,371 | 5,335 | - | ||||||
| Other assets | 9,051 | 7,192 | 6,455 | ||||||
| Total assets | $ | 913,392 | $ | 876,770 | $ | 847,430 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
| Deposits | |||||||||
| Non-interest bearing | $ | 154,049 | $ | 190,911 | $ | 161,614 | |||
| Interest bearing | 635,503 | 591,081 | 571,298 | ||||||
| Total deposits | 789,552 | 781,992 | 732,912 | ||||||
| Federal Home Loan Bank advances | 25,500 | 4,500 | 11,680 | ||||||
| Federal funds purchased | 6,517 | - | - | ||||||
| Subordinated debt | 14,703 | 14,847 | 14,604 | ||||||
| Other liabilities | 8,253 | 4,469 | 7,193 | ||||||
| Total liabilities | 844,525 | 805,808 | 766,389 | ||||||
| SHAREHOLDERS' EQUITY | |||||||||
| Additional paid-in capital | 30,956 | 31,258 | 31,799 | ||||||
| Retained earnings | 56,424 | 53,070 | 46,456 | ||||||
| Accumulated other comprehensive income (loss) | (18,513 | ) | (13,366 | ) | 2,786 | ||||
| Total shareholders' equity | 68,867 | 70,962 | 81,041 | ||||||
| Total liabilities and shareholders' equity | $ | 913,392 | $ | 876,770 | $ | 847,430 | |||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | |||||||||
| Truxton Corporation | ||||||||||||||||
| Consolidated Statements of Net Income | ||||||||||||||||
| (000's) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Year To Date | |||||||||||||||
| September 30, 2022* | June 30, 2022* | September 30, 2021* | September 30, 2022* | September 30, 2021* | ||||||||||||
| Non-interest income | ||||||||||||||||
| Wealth management services | $ | 4,014 | $ | 4,056 | $ | 3,874 | $ | 12,251 | $ | 11,030 | ||||||
| Service charges on deposit accounts | 99 | 106 | 97 | 304 | 239 | |||||||||||
| Securities gains (losses), net | 0 | (30 | ) | 0 | (47 | ) | 0 | |||||||||
| Bank owned life insurance income | 51 | 51 | 51 | 151 | 153 | |||||||||||
| Other | 103 | 38 | 76 | 190 | 252 | |||||||||||
| Total non-interest income | 4,267 | 4,221 | 4,098 | 12,849 | 11,674 | |||||||||||
| Interest income | ||||||||||||||||
| Loans, including fees | $ | 6,797 | $ | 5,473 | $ | 5,026 | $ | 17,108 | $ | 13,563 | ||||||
| Taxable securities | 1,370 | 1,143 | 724 | 3,627 | 2,103 | |||||||||||
| Tax-exempt securities | 403 | 397 | 391 | 1,195 | 1,166 | |||||||||||
| Interest bearing deposits | 87 | 48 | 75 | 165 | 183 | |||||||||||
| Federal funds sold | 10 | 3 | 1 | 14 | 1 | |||||||||||
| Other interest income | 34 | 46 | 16 | 97 | 83 | |||||||||||
| Total interest income | 8,701 | 7,110 | 6,233 | 22,206 | 17,099 | |||||||||||
| Interest expense | ||||||||||||||||
| Deposits | 1,914 | 807 | 590 | 3,307 | 1,630 | |||||||||||
| Short-term borrowings | 6 | 4 | - | 10 | - | |||||||||||
| Subordinated debentures | 194 | 194 | 194 | 582 | 585 | |||||||||||
| Long-term borrowings | 23 | 23 | 61 | 69 | 210 | |||||||||||
| Total interest expense | 2,137 | 1,028 | 845 | 3,968 | 2,425 | |||||||||||
| Net interest income | 6,564 | 6,082 | 5,388 | 18,238 | 14,674 | |||||||||||
| Provision for loan losses | 284 | 586 | 199 | 975 | 291 | |||||||||||
| Net interest income after provision for loan losses | 6,280 | 5,496 | 5,189 | 17,263 | 14,383 | |||||||||||
| Total revenue, net | 10,547 | 9,717 | 9,287 | 30,112 | 26,057 | |||||||||||
| Non interest expense | ||||||||||||||||
| Salaries and employee benefits | 3,784 | 3,469 | 3,316 | 10,764 | 9,652 | |||||||||||
| Occupancy | 261 | 243 | 247 | 756 | 714 | |||||||||||
| Furniture and equipment | 25 | 29 | 33 | 87 | 121 | |||||||||||
| Data processing | 367 | 354 | 339 | 1,086 | 1,010 | |||||||||||
| Wealth management processing fees | 163 | 159 | 168 | 487 | 511 | |||||||||||
| Advertising and public relations | 30 | 21 | 25 | 84 | 99 | |||||||||||
| Professional services | 271 | 179 | 164 | 616 | 474 | |||||||||||
| FDIC insurance assessments | 77 | 57 | 57 | 191 | 141 | |||||||||||
| Other | 228 | 213 | 123 | 682 | 584 | |||||||||||
| Total non interest expense | 5,206 | 4,724 | 4,472 | 14,753 | 13,306 | |||||||||||
| Income before income taxes | 5,341 | 4,993 | 4,815 | 15,359 | 12,751 | |||||||||||
| Income tax expense | 1,002 | 883 | 941 | 2,683 | 2,246 | |||||||||||
| Net income | $ | 4,339 | $ | 4,110 | $ | 3,874 | $ | 12,676 | $ | 10,505 | ||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 1.50 | $ | 1.41 | $ | 1.35 | $ | 4.37 | $ | 3.64 | ||||||
| Diluted | $ | 1.49 | $ | 1.41 | $ | 1.34 | $ | 4.35 | $ | 3.63 | ||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | ||||||||||||||||
| Truxton Corporation | ||||||
| Selected Quarterly Financial data | ||||||
| At Or For The Three Months Ended | ||||||
| (000's) | ||||||
| (Unaudited) | ||||||
| September 30, 2022* | June 30, 2022* | September 30, 2021* | ||||
| Per Common Share Data | ||||||
| Net income attributable to shareholders, per share | ||||||
| Basic | $1.50 | $1.41 | $1.35 | |||
| Diluted | $1.49 | $1.41 | $1.34 | |||
| Book value per common share | $23.84 | $24.49 | $28.14 | |||
| Tangible book value per common share | $23.84 | $24.49 | $28.14 | |||
| Basic weighted average common shares | 2,811,768 | 2,822,292 | 2,809,307 | |||
| Diluted weighted average common shares | 2,825,084 | 2,835,394 | 2,822,177 | |||
| Common shares outstanding at period end | 2,888,567 | 2,898,167 | 2,879,527 | |||
| Selected Balance Sheet Data | ||||||
| Tangible common equity (TEC) ratio | 7.54% | 8.09% | 9.56% | |||
| Average Loans | $470,746 | $544,496 | $470,746 | |||
| Average earning assets (1) | $813,434 | $875,238 | $813,434 | |||
| Average total assets | $848,148 | $890,088 | $848,148 | |||
| Average stockholders' equity | $81,071 | $83,192 | $81,071 | |||
| Selected Asset Quality Measures | ||||||
| Nonaccrual loans | $0 | $0 | $0 | |||
| 90+ days past due still accruing | $0 | $0 | $6 | |||
| Total nonperforming loans | $0 | $0 | $6 | |||
| Total nonperforming assets | $0 | $0 | $6 | |||
| Net charge offs | $0 | $0 | $2 | |||
| 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 loan losses to total loans | 0.94% | 0.96% | 0.98% | |||
| Net charge offs to average loans | 0.00% | 0.00% | 0.00% | |||
| Capital Ratios (Bank Subsidiary Only) | ||||||
| Tier 1 leverage | 9.78% | 9.63% | 8.99% | |||
| Common equity tier 1 | 12.64% | 12.97% | 13.35% | |||
| Total risk-based capital | 13.46% | 13.80% | 14.20% | |||
| Selected Performance Ratios | ||||||
| Efficiency ratio | 48.07% | 45.85% | 47.87% | |||
| Return on average assets (ROA) | 1.89% | 1.85% | 1.81% | |||
| Return on average stockholders' equity (ROE) | 23.61% | 22.52% | 18.96% | |||
| Return on tangible common equity (ROTCE) | 23.61% | 22.52% | 18.96% | |||
| Net interest margin | 2.95% | 2.83% | 2.69% | |||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | ||||||
| (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, investment securities and restricted equity 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, 2022* | June 30, 2022* | September 30, 2021* | |||||||||||||||||||
| Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | |||||||||||||
| Earning Assets | |||||||||||||||||||||
| Loans | $589,142 | 4.50 | $6,680 | $544,496 | 3.90 | $5,299 | $470,746 | 2.87 | $4,586 | ||||||||||||
| Loan fees | $0 | 0.08 | $117 | $0 | 0.13 | $174 | $0 | 0.37 | $440 | ||||||||||||
| Loans with fees | $589,142 | 4.58 | $6,797 | $544,496 | 4.03 | $5,473 | $470,746 | 4.24 | $5,026 | ||||||||||||
| Mortgage loans held for sale | $0 | 0.00 | $0 | $53 | 4.53 | $1 | $20 | 2.70 | $0 | ||||||||||||
| Federal funds sold | $1,722 | 2.22 | $10 | $2,255 | 0.55 | $3 | $3,085 | 0.01 | $1 | ||||||||||||
| Deposits with banks | $14,641 | 2.35 | $87 | $28,206 | 0.68 | $48 | $96,184 | 0.31 | $75 | ||||||||||||
| Investment securities - taxable | $227,715 | 2.41 | $1,370 | $234,780 | 1.95 | $1,143 | $177,782 | 1.63 | $724 | ||||||||||||
| Investment securities - tax-exempt | $65,706 | 3.31 | $402 | $65,448 | 3.27 | $396 | $65,545 | 3.23 | $391 | ||||||||||||
| Total Earning Assets | $898,926 | 3.89 | $8,666 | $875,238 | 3.30 | $7,064 | $813,362 | 3.10 | $6,217 | ||||||||||||
| Non interest earning assets | |||||||||||||||||||||
| Allowance for loan losses | (5,592 | ) | (5,105 | ) | (4,604 | ) | |||||||||||||||
| Cash and due from banks | $7,018 | $9,244 | $11,117 | ||||||||||||||||||
| Premises and equipment | $236 | $248 | $383 | ||||||||||||||||||
| Accrued interest receivable | $2,526 | $2,278 | $1,966 | ||||||||||||||||||
| Other real estate | $0 | $0 | $0 | ||||||||||||||||||
| Other assets | $26,238 | $24,350 | $19,761 | ||||||||||||||||||
| Unrealized gain (loss) on inv. securities | (20,599 | ) | (16,166 | ) | 6,163 | ||||||||||||||||
| Total Assets | $908,753 | $890,087 | $848,148 | ||||||||||||||||||
| Interest bearing liabilities | |||||||||||||||||||||
| Interest bearing demand | $358,489 | 0.20 | $18 | $365,521 | 0.05 | $44 | $368,307 | 0.18 | $16 | ||||||||||||
| Savings and Money Market | $133,119 | 4.36 | $1,463 | $135,122 | 1.76 | $594 | $166,267 | 0.34 | $546 | ||||||||||||
| Time deposits - Retail | $24,663 | 1.14 | $71 | $16,400 | 0.87 | $36 | $10,882 | 0.50 | $14 | ||||||||||||
| Time Deposits - Wholesale | $107,704 | 1.34 | $363 | $82,376 | 0.65 | $134 | $13,080 | 0.44 | $14 | ||||||||||||
| Total interest bearing deposits | $623,975 | 1.22 | $1,915 | $599,419 | 0.54 | $807 | $558,536 | 0.34 | $590 | ||||||||||||
| Federal home Loan Bank advances | $5,283 | 1.69 | $23 | $4,500 | 1.98 | $22 | $11,853 | 2.01 | $61 | ||||||||||||
| Subordinated debt | $14,943 | 5.07 | $194 | $14,776 | 5.19 | $194 | $14,864 | 5.11 | $194 | ||||||||||||
| Other borrowings | $1,213 | 2.70 | $5 | $1,236 | 2.23 | $4 | $878 | 0.00 | $0 | ||||||||||||
| Total borrowed funds | $21,439 | 4.06 | $222 | $20,512 | 4.25 | $220 | $27,595 | 3.61 | $255 | ||||||||||||
| Total interest bearing liabilities | $645,414 | 1.31 | $2,137 | $619,931 | 0.66 | $1,027 | $586,131 | 0.46 | $845 | ||||||||||||
| Net interest rate spread | 2.58 | $6,529 | 2.64 | $6,037 | 2.64 | $5,372 | |||||||||||||||
| Non-interest bearing deposits | $185,567 | $193,872 | $174,464 | ||||||||||||||||||
| Other liabilities | $4,854 | $3,092 | $6,482 | ||||||||||||||||||
| Stockholder's equity | $72,918 | $73,192 | $81,071 | ||||||||||||||||||
| Total Liabilities and Stockholder's Equity | $908,753 | $890,087 | $848,148 | ||||||||||||||||||
| Cost of funds | 1.02 | 0.50 | 0.44 | ||||||||||||||||||
| Net interest margin | 2.95 | 2.83 | 2.69 | ||||||||||||||||||
| *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. | |||||||||||||||||||||
| 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, 2022* | September 30, 2021* | |||||||||||||||
| Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | |||||||||||
| Earning Assets | ||||||||||||||||
| Loans | $544,462 | 4.07 | $16,565 | $448,717 | 3.72 | $12,496 | ||||||||||
| Loan fees | $0 | 0.14 | $551 | $0 | 0.32 | $1,068 | ||||||||||
| Loans with fees | $544,462 | 4.20 | $17,116 | $448,717 | 4.04 | $13,564 | ||||||||||
| Mortgage loans held for sale | $38 | 4.12 | $1 | $74 | 3.02 | $2 | ||||||||||
| Federal funds sold | $1,904 | 0.95 | $14 | $2,464 | 0.08 | $1 | ||||||||||
| Deposits with banks | $25,553 | 0.87 | $165 | $72,445 | 0.34 | $182 | ||||||||||
| Investment securities - taxable | $234,000 | 2.07 | $3,627 | $163,932 | 1.71 | $2,103 | ||||||||||
| Investment securities - tax-exempt | $65,961 | 3.26 | $1,195 | $64,543 | 3.25 | $1,166 | ||||||||||
| Total Earning Assets | $871,918 | 3.45 | $22,118 | $752,175 | 3.10 | $17,018 | ||||||||||
| Non interest earning assets | ||||||||||||||||
| Allowance for loan losses | (5,161 | ) | (4,574 | ) | ||||||||||||
| Cash and due from banks | $8,099 | $10,666 | ||||||||||||||
| Premises and equipment | $260 | $405 | ||||||||||||||
| Accrued interest receivable | $2,291 | $2,096 | ||||||||||||||
| Other real estate | $0 | $0 | ||||||||||||||
| Other assets | $23,710 | $19,840 | ||||||||||||||
| Unrealized gain (loss) on inv. securities | (12,538 | ) | 5,442 | |||||||||||||
| Total Assets | $888,579 | $786,050 | ||||||||||||||
| Interest bearing liabilities | ||||||||||||||||
| Interest bearing demand | $362,327 | 0.03 | $90 | $329,007 | 0.03 | $67 | ||||||||||
| Savings and Money Market | $144,003 | 2.40 | $2,580 | $146,909 | 1.34 | $1,479 | ||||||||||
| Time deposits - Retail | $17,317 | 0.92 | $119 | $9,707 | 0.60 | $44 | ||||||||||
| Time Deposits - Wholesale | $76,873 | 0.90 | $518 | $19,176 | 0.28 | $40 | ||||||||||
| Total interest bearing deposits | $600,520 | 0.74 | $3,307 | $504,799 | 0.43 | $1,630 | ||||||||||
| Federal home Loan Bank advances | $5,350 | 1.69 | $69 | $14,130 | 1.96 | $210 | ||||||||||
| Subordinated debt | $14,861 | 5.16 | $582 | $14,781 | 5.22 | $586 | ||||||||||
| Other borrowings | $1,112 | 2.31 | $10 | $1,034 | 0.86 | $0 | ||||||||||
| Total borrowed funds | $21,323 | 4.09 | $661 | $29,945 | 3.50 | $796 | ||||||||||
| Total interest bearing liabilities | $621,843 | 0.85 | $3,968 | $534,744 | 0.60 | $2,426 | ||||||||||
| Net interest rate spread | 2.60 | $18,150 | 2.49 | $14,592 | ||||||||||||
| Non-interest bearing deposits | $186,398 | $166,712 | ||||||||||||||
| Other liabilities | $4,002 | $5,892 | ||||||||||||||
| Stockholder's equity | $76,336 | $78,702 | ||||||||||||||
| Total Liabilities and Stockholder's Equity | $888,579 | $786,050 | ||||||||||||||
| Cost of funds | 0.65 | 0.46 | ||||||||||||||
| Net interest margin | 2.85 | 2.67 | ||||||||||||||
| *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. | ||||||||||||||||
