Choiceone Financial Services Inc 8-K, filed Jan 22, 2025
Choiceone Financial Services Inc (COFS)
About this 8-K
Choiceone Financial Services Inc filed this 8-K on January 22, 2025.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact Name of Registrant as
Specified in its Charter)
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Registrant's telephone number, including area code:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 |
Results of Operations and Financial Condition. |
On January 22, 2025, ChoiceOne Financial Services, Inc. issued the press release attached as Exhibit 99.1 to this Form 8-K, which is here incorporated by reference. This Report and the Exhibit are furnished to, and not filed with, the Commission.
Item 9.01 |
Financial Statements and Exhibits. |
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(d) |
Exhibits: |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: |
January 22, 2025 |
CHOICEONE FINANCIAL SERVICES, INC. |
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By: |
/s/ Adom J. Greenland |
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Adom J. Greenland |
EXHIBIT 99.1
News Release
ChoiceOne Reports Fourth Quarter and Year End 2024 Results
Sparta, Michigan – January 22, 2025 – ChoiceOne Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended December 31, 2024.
Highlights
“ChoiceOne had an outstanding fourth quarter and full year 2024, which underscore the growth in our core loans and deposits, thanks to the dedication and expertise of our team. Our proactive balance sheet management has led to improvements in our net interest margin, positioning us well to navigate changing market conditions. We are also excited about the upcoming anticipated close of our pending merger with Fentura Financial, Inc. and The State Bank expected to occur in the first quarter of 2025, which will further enhance our markets and capabilities," said Kelly Potes, Chief Executive Officer.
ChoiceOne reported net income of $7,159,000 and $26,727,000 for the three and twelve months ended December 31, 2024, compared to $5,293,000 and $21,261,000 for the same periods in 2023, representing growth of 35.3% and 25.7%, respectively. Net income adjusted for merger related expenses was $7,532,000 and $27,733,000 for the three and twelve months ended December 31, 2024. Diluted earnings per share were $0.79 and $3.25 in the three and twelve months ended December 31, 2024, compared to $0.70 and $2.82 per share in the same periods in the prior year. The sale of 1,380,000 shares of common stock during the third quarter of 2024 negatively impacted diluted earnings per share for 2024. Diluted earnings per share adjusted for merger expenses were $0.83 and $3.37 in the three and twelve months ended December 31, 2024.
As of December 31, 2024, total assets were $2.7 billion, an increase of $146.5 million compared to December 31, 2023. The growth is primarily attributed to an increase in core loans of $114.5 million and loans to other financial institutions of $20.5 million. This growth was offset by a $48.9 million reduction in securities during the same time period. ChoiceOne has actively managed its balance sheet to
1
support organic loan growth, strategically shifting from lower-yielding assets to higher-yielding loans. This is reflected in the loan growth observed.
Deposits, excluding brokered deposits, declined by $24.0 million or an annualized 4.4% in the fourth quarter of 2024 and increased $79.0 million or 3.8% during 2024. The decrease in deposits in the fourth quarter of 2024 was due to seasonal outflow of public funds, which includes taxes received by schools and townships during the third quarter of 2024. The increase in deposits in the twelve months ended December 31, 2024 is a combination of new business and recapture of deposit losses from the prior year. ChoiceOne continues to be proactive in managing its liquidity position by using brokered deposits and FHLB advances to ensure ample liquidity. At December 31, 2024, total available borrowing capacity secured by pledged assets was $837.2 million. ChoiceOne can increase its capacity by utilizing unsecured federal fund lines and pledging additional assets. Uninsured deposits totaled $833.2 million or 37.6% of deposits at December 31, 2024.
ChoiceOne's cost of deposits to average total deposits has declined since peaking in the first quarter of 2024 due to positive cash flow from pay-fixed interest rate swaps, hedged against deposits, and decreasing deposit expenses. In addition, the Federal Reserve has decreased the federal funds rate by 50 basis points since September 2024. These factors led to a cost of deposits to average total deposits of an annualized 1.58% in the fourth quarter of 2024 compared to an annualized 1.57% in the fourth quarter of 2023. Cost of deposits to average total deposits peaked in the first quarter of 2024 at an annualized 1.65%. If rates continue to decline, we expect to see slight declines in deposit costs; however, these declines will be muted by the decrease in cash flows from pay-fixed interest rate swaps collected. Interest expense on borrowings for the three and twelve months ended December 31, 2024, increased $153,000 and $3.1 million compared to the same periods in the prior year, due to increases in the average balances borrowed. During the fourth quarter of 2024, ChoiceOne paid down its advance from the Bank Term Funding Program and replaced it with $135.0 million of FHLB borrowings. This increased our total borrowed balance at the FHLB to $175.0 million at a weighted average fixed rate of 4.5%, with the earliest maturity in January 2025. Total cost of funds ended flat in the fourth quarter of 2024 with an annualized 1.90% compared to an annualized 1.91% in the fourth quarter of 2023.
The provision for credit losses expense on loans was $200,000 in the fourth quarter of 2024, due in part to loan growth during the quarter. The ratio of the allowance for credit losses to total loans (excluding loans held for sale) was 1.07% on December 31, 2024 compared to 1.11% on December 31, 2023. Asset quality continues to remain strong, with annualized net loan charge-offs to average loans of 0.04% and nonperforming loans to total loans (excluding loans held for sale) of 0.27% as of December 31, 2024.
ChoiceOne uses interest rate swaps to manage interest rate exposure to certain fixed rate assets and variable rate liabilities. On December 31, 2024, ChoiceOne had pay-fixed interest rate swaps with a total notional value of $401.0 million, a weighted average coupon of 3.07%, a fair value of $23.6 million and an average remaining contract length of 7 to 8 years. These derivative instruments increase in value as long-term interest rates rise, which offsets the reduction in equity due to unrealized losses on securities available for sale. Settlements from swaps amounted to $1.5 million for the fourth quarter of 2024 compared to $2.5 million for the third quarter of 2024 and were a contributing factor to the decrease in net interest margin during the fourth quarter of 2024 compared to the third quarter of 2024. Fully tax equivalent net interest margin excluding the swaps was 23 basis points lower than tax equivalent net interest margin reported for the fourth quarter of 2024. Due in part to pay fixed interest rate swaps we have in place, our balance sheet is asset sensitive. In addition to the pay-fixed interest rate swaps, ChoiceOne also employs back-to-back swaps on select commercial loans, with the impact reflected in interest income.
Shareholders’ equity totaled $260.4 million as of December 31, 2024, up from $195.6 million as of December 31, 2023, due in large part to the $34.5 million in aggregate gross proceeds (before deducting discounts and estimated offering expenses) received from the sale of 1,380,000 shares of common stock during the third quarter of 2024. The additional increase is due to retained earnings and an improvement in accumulated other compressive loss (AOCI) of $13.8 million compared to December 31, 2023. The improvement in AOCI is due to both the shortening duration and maturing (paydowns) of the securities portfolio, offset by the change in unrealized gain of the pay-fixed swap derivatives. The pay-fixed swap derivatives are designed to offset swings in AOCI due to changes in interest rates. ChoiceOne Bank remains “well-capitalized” with a total risk-based capital ratio of 12.7% as of December 31, 2024, compared to 12.4% on December 31, 2023.
Noninterest income increased $948,000 and $3.1 million in the three and twelve months ended December 31, 2024, compared to the same periods in the prior year. The increase was largely due to an increase in customer service charges of $304,000 and $1.2 million in the three and twelve months ended December 31, 2024 compared to the same periods in 2023 and earnings on life insurance policies in the three and twelve months ended December 31, 2024, compared to the same periods in the prior year. ChoiceOne recognized earnings on a bank owned life insurance death benefit claim in the amount of $504,000 during the fourth quarter of 2024. ChoiceOne also saw an uptick in gains on sales of loans during the fourth quarter of 2024 due in part to participation in the FHLB Rate Advantage program which provided incentives to home buyers in the low to moderate income bracket. In addition, there were a number of construction loans which were finalized and written into salable market loans during the fourth quarter of 2024.
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Noninterest expense increased by $1.6 million or 11.4% and $3.6 million or 6.6% in the three and twelve months ended December 31, 2024 compared to the same periods in 2023. The increase in total noninterest expense was due in part to merger related expenses of $394,000 and $1.0 million during the three and twelve months ended December 31, 2024, compared to $0 in the same periods in the prior year. Additionally, there was an increase to employee health insurance and other benefit costs, and an increase to FDIC insurance and other costs related to the inflationary environment. The increase in costs were offset by a decline in occupancy and equipment related to two branch closures during the first quarter of 2024. ChoiceOne seeks to strategically manage costs while still making thoughtful investments in order to maintain our competitive edge and deliver exceptional value to our customers, shareholders, and communities.
“I am very pleased with the results of the fourth quarter of 2024, showing core loan growth, solid deposit balances and excellent credit metrics as we get closer to completing the pending merger with Fentura Financial, Inc. and the State Bank, a highly respected community bank in Michigan. We are excited to welcome their customers, communities, and employees to the ChoiceOne team,” said Kelly Potes, Chief Executive Officer.
About ChoiceOne
ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank, Member FDIC. ChoiceOne Bank operates 35 offices in parts of Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair counties. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. For more information, please visit Investor Relations at ChoiceOne’s website at choiceone.bank.
Forward-Looking Statements
This news release contains forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “is likely,” “plans,” “predicts,” “projects,” “may,” “could,” “look forward,” “continue”, “future” and variations of such words and similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of ChoiceOne or Fentura with respect to the planned merger, the strategic benefits and financial benefits of the merger, including the expected impact of the proposed transaction on the combined company’s future financial performance and the timing of the closing of the proposed transaction. These statements reflect current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed, implied or forecasted in such forward-looking statements. Furthermore, ChoiceOne does not undertake any obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise. Such risks, uncertainties and assumptions, include, among others, the following:
Additional risk factors include, but are not limited to, the risk factors described in Item 1A in ChoiceOne’s Annual Report on Form 10-K for the year ended December 31, 2023 and in any of ChoiceOne’s subsequent SEC filings, which are available on the SEC’s website, www.sec.gov.
Non-GAAP Financial Measures
3
In addition to results presented in accordance with GAAP, this presentation includes certain non-GAAP financial measures. ChoiceOne believes these non-GAAP financial measures provide additional information that is useful to investors in helping to understand underlying financial performance and condition and trends of ChoiceOne.
Non-GAAP financial measures have inherent limitations. Readers should be aware of these limitations and should be cautious with respect to the use of such measures. To compensate for these limitations, non-GAAP measures are used as comparative tools, together with GAAP measures, to assist in the evaluation of operating performance or financial condition. These measures are also calculated using the appropriate GAAP or regulatory components in their entirety and are computed in a manner intended to facilitate consistent period-to-period comparisons. ChoiceOne’s method of calculating these non-GAAP measures may differ from methods used by other companies. These non-GAAP measures should not be considered in isolation or as a substitute for those financial measures prepared in accordance with GAAP or in-effect regulatory requirements.
Where non-GAAP financial measures are used, the most directly comparable GAAP or regulatory financial measure, as well as the reconciliation to the most directly comparable GAAP or regulatory financial measure, can be found in the tables to this news release under the heading non-GAAP reconciliation.
For Further Information:
Adom Greenland
Executive Vice President & CFO
(616) 887 – 2334
IR@ChoiceOne.bank
4
Condensed Balance Sheets
(Unaudited)
(In thousands) |
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December 31, 2024 |
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September 30, 2024 |
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December 31, 2023 |
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Cash and cash equivalents |
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$ |
96,751 |
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$ |
145,938 |
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$ |
55,433 |
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Equity securities, at fair value |
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7,782 |
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7,816 |
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7,505 |
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Securities Held to Maturity |
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394,534 |
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391,954 |
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407,959 |
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Securities Available for Sale |
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479,117 |
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497,552 |
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514,598 |
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Federal Home Loan Bank stock |
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9,383 |
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4,449 |
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4,449 |
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Federal Reserve Bank stock |
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5,307 |
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5,307 |
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5,065 |
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Loans held for sale |
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7,288 |
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5,994 |
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4,710 |
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Loans to other financial institutions |
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39,878 |
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38,492 |
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19,400 |
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Core loans |
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1,505,762 |
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1,465,458 |
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1,391,253 |
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Total loans held for investment |
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1,545,640 |
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1,503,950 |
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1,410,653 |
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Allowance for credit losses |
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(16,552 |
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(16,490 |
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(15,685 |
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Loans, net of allowance for credit losses |
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1,529,088 |
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1,487,460 |
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1,394,968 |
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Premises and equipment |
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27,099 |
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27,135 |
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29,750 |
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Cash surrender value of life insurance policies |
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44,896 |
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45,699 |
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45,074 |
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Goodwill |
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59,946 |
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59,946 |
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59,946 |
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Core deposit intangible |
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1,096 |
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1,250 |
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1,854 |
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Other assets |
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60,956 |
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45,503 |
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45,395 |
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Total Assets |
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$ |
2,723,243 |
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$ |
2,726,003 |
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$ |
2,576,706 |
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Noninterest-bearing deposits |
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$ |
524,945 |
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$ |
521,055 |
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$ |
547,625 |
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Interest-bearing deposits |
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1,652,647 |
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1,680,546 |
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1,550,985 |
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Brokered deposits |
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36,511 |
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6,627 |
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23,445 |
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Borrowings |
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175,000 |
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210,000 |
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200,000 |
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Subordinated debentures |
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35,752 |
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35,691 |
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35,507 |
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Other liabilities |
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37,973 |
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24,338 |
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23,510 |
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Total Liabilities |
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2,462,828 |
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2,478,257 |
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2,381,072 |
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Common stock and paid-in capital, no par value; shares authorized: 30,000,000; shares outstanding: 8,965,483 at December 31, 2024, 8,959,664 at September 30, 2024, and 7,548,217 at December 31, 2023 |
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206,780 |
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206,427 |
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173,513 |
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Retained earnings |
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91,414 |
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86,765 |
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73,699 |
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Accumulated other comprehensive income (loss), net |
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(37,779 |
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(45,446 |
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(51,578 |
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Shareholders' Equity |
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260,415 |
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247,746 |
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195,634 |
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Total Liabilities and Shareholders’ Equity |
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$ |
2,723,243 |
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$ |
2,726,003 |
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$ |
2,576,706 |
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5
Condensed Statements of Income
(Unaudited)
6
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Three Months Ended |
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Twelve Months Ended |
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(Dollars in thousands, except per share data) |
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December 31, |
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December 31, |
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2024 |
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2023 |
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2024 |
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2023 |
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Interest income |
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Loans, including fees |
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$ |
23,571 |
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$ |
19,759 |
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$ |
89,580 |
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$ |
68,384 |
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Securities: |
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Taxable |
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4,846 |
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5,532 |
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21,228 |
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21,169 |
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Tax exempt |
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1,390 |
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1,385 |
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5,614 |
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5,629 |
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Other |
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1,231 |
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1,286 |
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4,682 |
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3,798 |
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Total interest income |
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31,038 |
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27,962 |
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121,104 |
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98,980 |
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Interest expense |
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Deposits |
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8,710 |
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8,421 |
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34,174 |
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23,990 |
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Advances from Federal Home Loan Bank |
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669 |
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273 |
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2,041 |
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1,771 |
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Other |
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2,310 |
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2,712 |
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10,447 |
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7,334 |
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Total interest expense |
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11,689 |
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11,406 |
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46,662 |
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33,095 |
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Net interest income |
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19,349 |
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16,556 |
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74,442 |
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65,885 |
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Provision for credit losses on loans |
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200 |
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933 |
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1,300 |
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1,265 |
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Provision for credit losses on unfunded commitments |
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- |
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(558 |
) |
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(675 |
) |
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(1,115 |
) |
Net Provision for credit losses expense |
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200 |
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375 |
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|
625 |
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150 |
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Net interest income after provision |
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19,149 |
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16,181 |
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73,817 |
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65,735 |
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Noninterest income |
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Customer service charges |
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2,731 |
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2,427 |
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10,571 |
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9,347 |
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Insurance and investment commissions |
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170 |
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157 |
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|
742 |
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|
698 |
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Mortgage servicing rights |
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366 |
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214 |
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1,053 |
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|
820 |
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Gains on sales of loans |
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|
463 |
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|
261 |
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|
1,386 |
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|
1,134 |
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Net gains (losses) on sales of securities |
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- |
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- |
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- |
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(71 |
) |
Net gains (losses) on sales and write downs of other assets |
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(5 |
) |
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(2 |
) |
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198 |
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147 |
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Earnings on life insurance policies |
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819 |
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|
286 |
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1,934 |
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1,096 |
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Trust income |
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241 |
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|
|
194 |
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|
906 |
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|
|
771 |
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Change in market value of equity securities |
|
|
(46 |
) |
|
|
210 |
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|
|
195 |
|
|
|
(246 |
) |
Other |
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255 |
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|
299 |
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|
|
1,010 |
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|
|
1,210 |
|
Total noninterest income |
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4,994 |
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|
4,046 |
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|
17,995 |
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|
14,906 |
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|
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Noninterest expense |
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|
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|
||||
Salaries and benefits |
|
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8,941 |
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|
8,005 |
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|
|
33,408 |
|
|
|
31,963 |
|
Occupancy and equipment |
|
|
1,383 |
|
|
|
1,471 |
|
|
|
5,797 |
|
|
|
6,048 |
|
Data processing |
|
|
1,840 |
|
|
|
1,531 |
|
|
|
7,222 |
|
|
|
6,618 |
|
Professional fees |
|
|
653 |
|
|
|
523 |
|
|
|
2,471 |
|
|
|
2,198 |
|
Supplies and postage |
|
|
179 |
|
|
|
200 |
|
|
|
699 |
|
|
|
780 |
|
Advertising and promotional |
|
|
271 |
|
|
|
148 |
|
|
|
788 |
|
|
|
721 |
|
Intangible amortization |
|
|
153 |
|
|
|
203 |
|
|
|
757 |
|
|
|
955 |
|
FDIC insurance |
|
|
180 |
|
|
|
394 |
|
|
|
1,335 |
|
|
|
1,184 |
|
Merger related expenses |
|
|
394 |
|
|
|
- |
|
|
|
1,039 |
|
|
|
- |
|
Other |
|
|
1,350 |
|
|
|
1,303 |
|
|
|
5,207 |
|
|
|
4,607 |
|
Total noninterest expense |
|
|
15,344 |
|
|
|
13,778 |
|
|
|
58,723 |
|
|
|
55,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income before income tax |
|
|
8,799 |
|
|
|
6,449 |
|
|
|
33,089 |
|
|
|
25,567 |
|
Income tax expense |
|
|
1,640 |
|
|
|
1,156 |
|
|
|
6,362 |
|
|
|
4,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
7,159 |
|
|
$ |
5,293 |
|
|
$ |
26,727 |
|
|
$ |
21,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings per share |
|
$ |
0.79 |
|
|
$ |
0.70 |
|
|
$ |
3.27 |
|
|
$ |
2.82 |
|
Diluted earnings per share |
|
$ |
0.79 |
|
|
$ |
0.70 |
|
|
$ |
3.25 |
|
|
$ |
2.82 |
|
7
Dividends declared per share |
|
$ |
0.28 |
|
|
$ |
0.27 |
|
|
$ |
1.09 |
|
|
$ |
1.05 |
|
8
Income Adjusted for Merger Expenses - Non-GAAP Reconciliation
(Unaudited)
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
December 31, |
|
|
December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
(In Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
7,159 |
|
|
$ |
5,293 |
|
|
$ |
26,727 |
|
|
$ |
21,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Merger related expenses net of tax |
|
|
373 |
|
|
|
- |
|
|
|
1,006 |
|
|
|
- |
|
Adjusted net income |
|
$ |
7,532 |
|
|
$ |
5,293 |
|
|
$ |
27,733 |
|
|
$ |
21,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of shares |
|
|
8,963,258 |
|
|
|
7,545,197 |
|
|
|
8,166,472 |
|
|
|
7,532,998 |
|
Diluted average shares outstanding |
|
|
9,024,567 |
|
|
|
7,582,255 |
|
|
|
8,221,066 |
|
|
|
7,572,290 |
|
Adjusted basic earnings per share |
|
$ |
0.84 |
|
|
$ |
0.70 |
|
|
$ |
3.40 |
|
|
$ |
2.82 |
|
Adjusted diluted earnings per share |
|
$ |
0.83 |
|
|
$ |
0.70 |
|
|
$ |
3.37 |
|
|
$ |
2.82 |
|
9
Other Selected Financial Highlights
(Unaudited)
|
|
Quarterly |
|
|||||||||||||||||
Earnings |
|
2024 4th |
|
|
2024 3rd |
|
|
2024 2nd |
|
|
2024 1st |
|
|
2023 4th |
|
|||||
(in thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income |
|
$ |
19,349 |
|
|
$ |
20,248 |
|
|
$ |
18,371 |
|
|
$ |
16,474 |
|
|
$ |
16,555 |
|
Net provision expense |
|
|
200 |
|
|
|
425 |
|
|
|
- |
|
|
|
- |
|
|
|
375 |
|
Noninterest income |
|
|
4,994 |
|
|
|
4,867 |
|
|
|
4,083 |
|
|
|
4,051 |
|
|
|
4,046 |
|
Noninterest expense |
|
|
15,344 |
|
|
|
15,417 |
|
|
|
14,278 |
|
|
|
13,684 |
|
|
|
13,778 |
|
Net income before federal income tax expense |
|
|
8,799 |
|
|
|
9,273 |
|
|
|
8,176 |
|
|
|
6,841 |
|
|
|
6,449 |
|
Income tax expense |
|
|
1,640 |
|
|
|
1,925 |
|
|
|
1,590 |
|
|
|
1,207 |
|
|
|
1,156 |
|
Net income |
|
|
7,159 |
|
|
|
7,348 |
|
|
|
6,586 |
|
|
|
5,634 |
|
|
|
5,293 |
|
Basic earnings per share |
|
|
0.79 |
|
|
|
0.86 |
|
|
|
0.87 |
|
|
|
0.75 |
|
|
|
0.70 |
|
Diluted earnings per share |
|
|
0.79 |
|
|
|
0.85 |
|
|
|
0.87 |
|
|
|
0.74 |
|
|
|
0.70 |
|
Adjusted basic earnings per share |
|
|
0.84 |
|
|
|
0.94 |
|
|
|
0.87 |
|
|
|
0.75 |
|
|
|
0.70 |
|
Adjusted diluted earnings per share |
|
|
0.83 |
|
|
|
0.93 |
|
|
|
0.87 |
|
|
|
0.74 |
|
|
|
0.70 |
|
End of period balances |
|
2024 4th |
|
|
2024 3rd |
|
|
2024 2nd |
|
|
2024 1st |
|
|
2023 4th |
|
|||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross loans |
|
$ |
1,552,928 |
|
|
$ |
1,509,944 |
|
|
$ |
1,443,473 |
|
|
$ |
1,424,625 |
|
|
$ |
1,415,363 |
|
Loans held for sale (1) |
|
|
7,288 |
|
|
|
5,994 |
|
|
|
5,946 |
|
|
|
6,035 |
|
|
|
4,710 |
|
Loans to other financial institutions (2) |
|
|
39,878 |
|
|
|
38,492 |
|
|
|
36,569 |
|
|
|
30,032 |
|
|
|
19,400 |
|
Core loans (gross loans excluding 1 and 2 above) |
|
|
1,505,762 |
|
|
|
1,465,458 |
|
|
|
1,400,958 |
|
|
|
1,388,558 |
|
|
|
1,391,253 |
|
Allowance for credit losses |
|
|
16,552 |
|
|
|
16,490 |
|
|
|
16,152 |
|
|
|
16,037 |
|
|
|
15,685 |
|
Securities available for sale |
|
|
479,117 |
|
|
|
497,552 |
|
|
|
491,670 |
|
|
|
504,636 |
|
|
|
514,598 |
|
Securities held to maturity |
|
|
394,534 |
|
|
|
391,954 |
|
|
|
392,699 |
|
|
|
397,981 |
|
|
|
407,959 |
|
Other interest-earning assets |
|
|
86,185 |
|
|
|
116,643 |
|
|
|
84,484 |
|
|
|
100,175 |
|
|
|
39,411 |
|
Total earning assets (before allowance) |
|
|
2,512,764 |
|
|
|
2,516,093 |
|
|
|
2,412,326 |
|
|
|
2,427,417 |
|
|
|
2,377,331 |
|
Total assets |
|
|
2,723,243 |
|
|
|
2,726,003 |
|
|
|
2,623,067 |
|
|
|
2,670,699 |
|
|
|
2,576,706 |
|
Noninterest-bearing deposits |
|
|
524,945 |
|
|
|
521,055 |
|
|
|
517,137 |
|
|
|
502,685 |
|
|
|
547,625 |
|
Interest-bearing deposits |
|
|
1,652,647 |
|
|
|
1,680,546 |
|
|
|
1,582,365 |
|
|
|
1,641,193 |
|
|
|
1,550,985 |
|
Brokered deposits |
|
|
36,511 |
|
|
|
6,627 |
|
|
|
27,177 |
|
|
|
41,970 |
|
|
|
23,445 |
|
Total deposits |
|
|
2,214,103 |
|
|
|
2,208,228 |
|
|
|
2,126,679 |
|
|
|
2,185,848 |
|
|
|
2,122,055 |
|
Deposits excluding brokered |
|
|
2,177,592 |
|
|
|
2,201,601 |
|
|
|
2,099,502 |
|
|
|
2,143,878 |
|
|
|
2,098,610 |
|
Total subordinated debt |
|
|
35,752 |
|
|
|
35,691 |
|
|
|
35,630 |
|
|
|
35,568 |
|
|
|
35,507 |
|
Total borrowed funds |
|
|
175,000 |
|
|
|
210,000 |
|
|
|
210,000 |
|
|
|
210,000 |
|
|
|
200,000 |
|
Other interest-bearing liabilities |
|
|
24,003 |
|
|
|
4,956 |
|
|
|
22,378 |
|
|
|
21,512 |
|
|
|
8,060 |
|
Total interest-bearing liabilities |
|
|
1,923,913 |
|
|
|
1,937,820 |
|
|
|
1,877,550 |
|
|
|
1,950,243 |
|
|
|
1,817,997 |
|
Shareholders' equity |
|
|
260,415 |
|
|
|
247,746 |
|
|
|
214,519 |
|
|
|
206,756 |
|
|
|
195,634 |
|
Average Balances |
|
2024 4th |
|
|
2024 3rd |
|
|
2024 2nd |
|
|
2024 1st |
|
|
2023 4th |
|
|||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans |
|
$ |
1,516,466 |
|
|
$ |
1,460,033 |
|
|
$ |
1,435,966 |
|
|
$ |
1,412,569 |
|
|
$ |
1,359,643 |
|
Securities |
|
|
965,501 |
|
|
|
970,913 |
|
|
|
986,281 |
|
|
|
1,002,140 |
|
|
|
1,019,218 |
|
Other interest-earning assets |
|
|
100,864 |
|
|
|
108,019 |
|
|
|
80,280 |
|
|
|
64,064 |
|
|
|
92,635 |
|
Total earning assets (before allowance) |
|
|
2,582,831 |
|
|
|
2,538,965 |
|
|
|
2,502,527 |
|
|
|
2,478,773 |
|
|
|
2,471,496 |
|
Total assets |
|
|
2,719,530 |
|
|
|
2,685,190 |
|
|
|
2,647,716 |
|
|
|
2,621,009 |
|
|
|
2,589,541 |
|
Noninterest-bearing deposits |
|
|
536,653 |
|
|
|
519,511 |
|
|
|
516,308 |
|
|
|
506,175 |
|
|
|
546,778 |
|
Interest-bearing deposits |
|
|
1,641,102 |
|
|
|
1,634,255 |
|
|
|
1,601,020 |
|
|
|
1,599,509 |
|
|
|
1,565,493 |
|
Brokered deposits |
|
|
19,620 |
|
|
|
17,227 |
|
|
|
34,218 |
|
|
|
34,708 |
|
|
|
32,541 |
|
Total deposits |
|
|
2,197,375 |
|
|
|
2,170,993 |
|
|
|
2,151,546 |
|
|
|
2,140,392 |
|
|
|
2,144,812 |
|
Total subordinated debt |
|
|
35,719 |
|
|
|
35,658 |
|
|
|
35,596 |
|
|
|
35,535 |
|
|
|
35,474 |
|
Total borrowed funds |
|
|
197,828 |
|
|
|
210,000 |
|
|
|
210,000 |
|
|
|
214,835 |
|
|
|
185,707 |
|
Other interest-bearing liabilities |
|
|
16,928 |
|
|
|
11,756 |
|
|
|
26,426 |
|
|
|
18,399 |
|
|
|
25,729 |
|
Total interest-bearing liabilities |
|
|
1,911,197 |
|
|
|
1,908,896 |
|
|
|
1,907,260 |
|
|
|
1,902,986 |
|
|
|
1,844,944 |
|
Shareholders' equity |
|
|
254,737 |
|
|
|
237,875 |
|
|
|
210,742 |
|
|
|
200,177 |
|
|
|
187,099 |
|
10
Loan Breakout (in thousands) |
|
2024 4th |
|
|
2024 3rd |
|
|
2024 2nd |
|
|
2024 1st |
|
|
2023 4th |
|
|||||
Agricultural |
|
$ |
48,221 |
|
|
$ |
49,147 |
|
|
$ |
45,274 |
|
|
$ |
41,950 |
|
|
$ |
49,210 |
|
Commercial and Industrial |
|
|
228,256 |
|
|
|
229,232 |
|
|
|
224,031 |
|
|
|
231,222 |
|
|
|
229,915 |
|
Commercial Real Estate |
|
|
901,130 |
|
|
|
862,773 |
|
|
|
804,213 |
|
|
|
794,705 |
|
|
|
786,921 |
|
Consumer |
|
|
29,412 |
|
|
|
30,693 |
|
|
|
32,811 |
|
|
|
34,268 |
|
|
|
36,541 |
|
Construction Real Estate |
|
|
17,042 |
|
|
|
14,555 |
|
|
|
18,751 |
|
|
|
17,890 |
|
|
|
20,936 |
|
Residential Real Estate |
|
|
281,701 |
|
|
|
279,058 |
|
|
|
275,878 |
|
|
|
268,523 |
|
|
|
267,730 |
|
Loans to Other Financial Institutions |
|
|
39,878 |
|
|
|
38,492 |
|
|
|
36,569 |
|
|
|
30,032 |
|
|
|
19,400 |
|
Gross Loans (excluding held for sale) |
|
$ |
1,545,640 |
|
|
$ |
1,503,950 |
|
|
$ |
1,437,527 |
|
|
$ |
1,418,590 |
|
|
$ |
1,410,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for credit losses |
|
|
16,552 |
|
|
|
16,490 |
|
|
|
16,152 |
|
|
|
16,037 |
|
|
|
15,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net loans |
|
$ |
1,529,088 |
|
|
$ |
1,487,460 |
|
|
$ |
1,421,375 |
|
|
$ |
1,402,553 |
|
|
$ |
1,394,968 |
|
Performance Ratios |
|
2024 4th |
|
|
2024 3rd |
|
|
2024 2nd |
|
|
2024 1st |
|
|
2023 4th |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Annualized return on average assets |
|
|
1.05 |
% |
|
|
1.09 |
% |
|
|
0.99 |
% |
|
|
0.86 |
% |
|
|
0.82 |
% |
Annualized return on average equity |
|
|
11.24 |
% |
|
|
12.36 |
% |
|
|
12.50 |
% |
|
|
11.26 |
% |
|
|
11.32 |
% |
Annualized return on average tangible common equity |
|
|
14.54 |
% |
|
|
16.29 |
% |
|
|
17.22 |
% |
|
|
15.81 |
% |
|
|
16.40 |
% |
Net interest margin (GAAP) |
|
|
2.98 |
% |
|
|
3.17 |
% |
|
|
2.95 |
% |
|
|
2.67 |
% |
|
|
2.66 |
% |
Net interest margin (fully tax-equivalent) |
|
|
3.04 |
% |
|
|
3.23 |
% |
|
|
3.01 |
% |
|
|
2.74 |
% |
|
|
2.72 |
% |
Efficiency ratio |
|
|
61.29 |
% |
|
|
60.80 |
% |
|
|
61.47 |
% |
|
|
64.55 |
% |
|
|
65.31 |
% |
Annualized cost of funds |
|
|
1.90 |
% |
|
|
1.87 |
% |
|
|
1.92 |
% |
|
|
2.00 |
% |
|
|
1.91 |
% |
Annualized cost of deposits |
|
|
1.58 |
% |
|
|
1.53 |
% |
|
|
1.56 |
% |
|
|
1.65 |
% |
|
|
1.57 |
% |
Cost of interest bearing liabilities |
|
|
2.43 |
% |
|
|
2.38 |
% |
|
|
2.44 |
% |
|
|
2.53 |
% |
|
|
2.45 |
% |
Shareholders' equity to total assets |
|
|
9.56 |
% |
|
|
9.09 |
% |
|
|
8.18 |
% |
|
|
7.74 |
% |
|
|
7.59 |
% |
Tangible common equity to tangible assets |
|
|
7.49 |
% |
|
|
7.00 |
% |
|
|
5.98 |
% |
|
|
5.56 |
% |
|
|
5.32 |
% |
Annualized noninterest expense to average assets |
|
|
2.26 |
% |
|
|
2.30 |
% |
|
|
2.16 |
% |
|
|
2.09 |
% |
|
|
2.13 |
% |
Loan to deposit |
|
|
70.14 |
% |
|
|
68.38 |
% |
|
|
67.87 |
% |
|
|
65.17 |
% |
|
|
66.70 |
% |
Full-time equivalent employees |
|
|
377 |
|
|
|
371 |
|
|
|
368 |
|
|
|
367 |
|
|
|
369 |
|
Capital Ratios ChoiceOne Financial Services Inc. |
|
2024 4th |
|
|
2024 3rd |
|
|
2024 2nd |
|
|
2024 1st |
|
|
2023 4th |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total capital (to risk weighted assets) |
|
|
14.5 |
% |
|
|
15.0 |
% |
|
|
13.5 |
% |
|
|
13.3 |
% |
|
|
13.0 |
% |
Common equity Tier 1 capital (to risk weighted assets) |
|
|
12.0 |
% |
|
|
12.3 |
% |
|
|
10.7 |
% |
|
|
10.5 |
% |
|
|
10.3 |
% |
Tier 1 capital (to risk weighted assets) |
|
|
12.2 |
% |
|
|
12.5 |
% |
|
|
10.9 |
% |
|
|
10.7 |
% |
|
|
10.5 |
% |
Tier 1 capital (to average assets) |
|
|
9.1 |
% |
|
|
9.0 |
% |
|
|
7.7 |
% |
|
|
7.6 |
% |
|
|
7.5 |
% |
Commercial Real Estate Loans as a percentage of total capital |
|
|
195.6 |
% |
|
|
193.3 |
% |
|
|
205.1 |
% |
|
|
206.8 |
% |
|
|
213.6 |
% |
Capital Ratios ChoiceOne Bank |
|
2024 4th |
|
|
2024 3rd |
|
|
2024 2nd |
|
|
2024 1st |
|
|
2023 4th |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total capital (to risk weighted assets) |
|
|
12.7 |
% |
|
|
13.1 |
% |
|
|
13.2 |
% |
|
|
12.6 |
% |
|
|
12.4 |
% |
Common equity Tier 1 capital (to risk weighted assets) |
|
|
12.0 |
% |
|
|
12.3 |
% |
|
|
12.5 |
% |
|
|
11.8 |
% |
|
|
11.8 |
% |
Tier 1 capital (to risk weighted assets) |
|
|
12.0 |
% |
|
|
12.3 |
% |
|
|
12.5 |
% |
|
|
11.8 |
% |
|
|
11.8 |
% |
Tier 1 capital (to average assets) |
|
|
8.9 |
% |
|
|
8.9 |
% |
|
|
8.8 |
% |
|
|
8.3 |
% |
|
|
8.4 |
% |
Commercial Real Estate Loans as a percentage of total capital |
|
|
224.9 |
% |
|
|
222.2 |
% |
|
|
208.9 |
% |
|
|
218.2 |
% |
|
|
222.9 |
% |
11
Asset Quality |
|
2024 4th |
|
|
2024 3rd |
|
|
2024 2nd |
|
|
2024 1st |
|
|
2023 4th |
|
|||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net loan charge-offs (recoveries) |
|
$ |
138 |
|
|
$ |
87 |
|
|
$ |
157 |
|
|
$ |
51 |
|
|
$ |
120 |
|
Annualized net loan charge-offs (recoveries) to average loans |
|
|
0.04 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
0.04 |
% |
Allowance for credit losses |
|
$ |
16,552 |
|
|
$ |
16,490 |
|
|
$ |
16,152 |
|
|
$ |
16,037 |
|
|
$ |
15,685 |
|
Unfunded commitment liability |
|
$ |
1,485 |
|
|
$ |
1,485 |
|
|
$ |
1,485 |
|
|
$ |
1,757 |
|
|
$ |
2,160 |
|
Allowance to loans (excludes held for sale) |
|
|
1.07 |
% |
|
|
1.10 |
% |
|
|
1.12 |
% |
|
|
1.13 |
% |
|
|
1.11 |
% |
Total funds reserved to pay for loans (includes liability for unfunded commitments and excludes held for sale) |
|
|
1.17 |
% |
|
|
1.20 |
% |
|
|
1.23 |
% |
|
|
1.25 |
% |
|
|
1.27 |
% |
Non-Accruing loans |
|
$ |
3,704 |
|
|
$ |
2,355 |
|
|
$ |
2,086 |
|
|
$ |
1,715 |
|
|
$ |
1,723 |
|
Nonperforming loans (includes OREO) |
|
$ |
4,177 |
|
|
$ |
2,884 |
|
|
$ |
2,358 |
|
|
$ |
1,837 |
|
|
$ |
1,845 |
|
Nonperforming loans to total loans (excludes held for sale) |
|
|
0.27 |
% |
|
|
0.19 |
% |
|
|
0.16 |
% |
|
|
0.13 |
% |
|
|
0.13 |
% |
Nonperforming assets to total assets |
|
|
0.15 |
% |
|
|
0.11 |
% |
|
|
0.09 |
% |
|
|
0.07 |
% |
|
|
0.07 |
% |
NON-GAAP Reconciliation |
|
2024 4th |
|
|
2024 3rd |
|
|
2024 2nd |
|
|
2024 1st |
|
|
2023 4th |
|
|||||
Net interest income (tax-equivalent basis) (Non-GAAP) |
|
$ |
19,739 |
|
|
$ |
20,631 |
|
|
$ |
18,756 |
|
|
$ |
16,871 |
|
|
$ |
16,945 |
|
Net interest margin (fully tax-equivalent) |
|
|
3.04 |
% |
|
|
3.23 |
% |
|
|
3.01 |
% |
|
|
2.74 |
% |
|
|
2.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation to Reported Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income (tax-equivalent basis) (Non-GAAP) |
|
$ |
19,739 |
|
|
$ |
20,631 |
|
|
$ |
18,756 |
|
|
$ |
16,871 |
|
|
$ |
16,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjustment for taxable equivalent interest |
|
|
(390 |
) |
|
|
(383 |
) |
|
|
(385 |
) |
|
|
(397 |
) |
|
|
(390 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income (GAAP) |
|
$ |
19,349 |
|
|
$ |
20,248 |
|
|
$ |
18,371 |
|
|
$ |
16,474 |
|
|
$ |
16,555 |
|
Net interest margin (GAAP) |
|
|
2.98 |
% |
|
|
3.17 |
% |
|
|
2.95 |
% |
|
|
2.67 |
% |
|
|
2.66 |
% |
12
|
Three Months Ended December 31, |
|
|
|||||||||||||||||||||
|
2024 |
|
|
2023 |
|
|
||||||||||||||||||
(Dollars in thousands) |
Average |
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
||||||
|
Balance |
|
|
Interest |
|
|
Rate |
|
|
Balance |
|
|
Interest |
|
|
Rate |
|
|
||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans (1)(3)(4)(5) |
$ |
1,516,466 |
|
|
$ |
23,591 |
|
|
|
6.19 |
|
% |
$ |
1,359,643 |
|
|
$ |
19,782 |
|
|
|
5.77 |
|
% |
Taxable securities (2) |
|
677,133 |
|
|
|
4,846 |
|
|
|
2.85 |
|
|
|
726,335 |
|
|
|
5,532 |
|
|
|
3.02 |
|
|
Nontaxable securities (1) |
|
288,368 |
|
|
|
1,760 |
|
|
|
2.43 |
|
|
|
292,883 |
|
|
|
1,753 |
|
|
|
2.37 |
|
|
Other |
|
100,864 |
|
|
|
1,231 |
|
|
|
4.86 |
|
|
|
92,635 |
|
|
|
1,284 |
|
|
|
5.50 |
|
|
Interest-earning assets |
|
2,582,831 |
|
|
|
31,428 |
|
|
|
4.84 |
|
|
|
2,471,496 |
|
|
|
28,350 |
|
|
|
4.55 |
|
|
Noninterest-earning assets |
|
136,699 |
|
|
|
|
|
|
|
|
|
118,045 |
|
|
|
|
|
|
|
|
||||
Total assets |
$ |
2,719,530 |
|
|
|
|
|
|
|
|
$ |
2,589,541 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities and Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand deposits |
$ |
907,631 |
|
|
$ |
3,389 |
|
|
|
1.49 |
|
% |
$ |
864,689 |
|
|
$ |
3,667 |
|
|
|
1.68 |
|
% |
Savings deposits |
|
336,107 |
|
|
|
810 |
|
|
|
0.96 |
|
|
|
343,766 |
|
|
|
530 |
|
|
|
0.61 |
|
|
Certificates of deposit |
|
397,364 |
|
|
|
4,291 |
|
|
|
4.30 |
|
|
|
357,038 |
|
|
|
3,812 |
|
|
|
4.24 |
|
|
Brokered deposit |
|
19,620 |
|
|
|
220 |
|
|
|
4.46 |
|
|
|
32,541 |
|
|
|
413 |
|
|
|
5.03 |
|
|
Borrowings |
|
197,828 |
|
|
|
2,374 |
|
|
|
4.77 |
|
|
|
185,707 |
|
|
|
2,221 |
|
|
|
4.75 |
|
|
Subordinated debentures |
|
35,719 |
|
|
|
405 |
|
|
|
4.51 |
|
|
|
35,474 |
|
|
|
414 |
|
|
|
4.63 |
|
|
Other |
|
16,928 |
|
|
|
200 |
|
|
|
4.70 |
|
|
|
25,729 |
|
|
|
349 |
|
|
|
5.38 |
|
|
Interest-bearing liabilities |
|
1,911,197 |
|
|
|
11,689 |
|
|
|
2.43 |
|
|
|
1,844,944 |
|
|
|
11,405 |
|
|
|
2.45 |
|
|
Demand deposits |
|
536,653 |
|
|
|
|
|
|
|
|
|
546,778 |
|
|
|
|
|
|
|
|
||||
Other noninterest-bearing liabilities |
|
16,943 |
|
|
|
|
|
|
|
|
|
10,720 |
|
|
|
|
|
|
|
|
||||
Total liabilities |
|
2,464,793 |
|
|
|
|
|
|
|
|
|
2,402,442 |
|
|
|
|
|
|
|
|
||||
Shareholders' equity |
|
254,737 |
|
|
|
|
|
|
|
|
|
187,099 |
|
|
|
|
|
|
|
|
||||
Total liabilities and shareholders' equity |
$ |
2,719,530 |
|
|
|
|
|
|
|
|
$ |
2,589,541 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income (tax-equivalent basis) (Non-GAAP) (1) |
|
|
|
$ |
19,739 |
|
|
|
|
|
|
|
|
$ |
16,945 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest margin (tax-equivalent basis) (Non-GAAP) (1) |
|
|
|
|
|
|
|
3.04 |
|
% |
|
|
|
|
|
|
|
2.72 |
|
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reconciliation to Reported Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income (tax-equivalent basis) (Non-GAAP) (1) |
|
|
|
$ |
19,739 |
|
|
|
|
|
|
|
|
$ |
16,945 |
|
|
|
|
|
||||
Adjustment for taxable equivalent interest |
|
|
|
|
(390 |
) |
|
|
|
|
|
|
|
|
(390 |
) |
|
|
|
|
||||
Net interest income (GAAP) |
|
|
|
$ |
19,349 |
|
|
|
|
|
|
|
|
$ |
16,555 |
|
|
|
|
|
||||
Net interest margin (GAAP) |
|
|
|
|
|
|
|
2.98 |
|
% |
|
|
|
|
|
|
|
2.66 |
|
% |
||||
13