Key Financial Data | 4Q22 Highlights | |||||||||
Profitability Metrics | 4Q22 | 3Q22 | 4Q21 | • Net Revenues of • Net Income of • Average loans increased 8.5% quarter-over-quarter with average total deposits increasing by 2.9% since prior quarter. • During the quarter ended • Total assets grew to | ||||||
Return on average assets (%) | 0.60 | % | 0.65 | % | 1.05 | % | ||||
Return on average common equity (%) | 7.71 | % | 8.12 | % | 13.85 | % | ||||
Return on tangible common equity (%) | 7.82 | % | 8.23 | % | 14.06 | % | ||||
Net interest margin (%) | 3.26 | % | 3.27 | % | 3.83 | % | ||||
Income Statement (a) | 4Q22 | 3Q22 | 4Q21 | |||||||
Net interest income | $ | 4,404 | $ | 4,242 | $ | 5,259 | ||||
Non-interest income | $ | 357 | $ | 266 | $ | 409 | ||||
Net income | $ | 843 | $ | 872 | $ | 1,340 | ||||
Earnings per share- Basic | $ | 0.13 | $ | 0.13 | $ | 0.20 | ||||
Earnings per share- Diluted | $ | 0.12 | $ | 0.13 | $ | 0.19 | ||||
Balance Sheet (a) | 4Q22 | 3Q22 | 4Q21 | |||||||
Average total loans | $ | 494,728 | $ | 456,085 | $ | 429,896 | ||||
Average total deposits | $ | 443,988 | $ | 431,600 | $ | 424,228 | ||||
Book value per share | $ | 6.55 | $ | 6.47 | $ | 5.90 | ||||
Tangible book value per share | $ | 6.47 | $ | 6.39 | $ | 5.82 | ||||
(a) In thousands except for per share amounts |
Selected Balance Sheet Information
As of December 31, 2022, total assets were $587.9 million, an increase of $72.5 million, or 14.1%, as compared to total assets of $515.3 million on December 31, 2021. Loans receivable, net of allowance totaled
Asset quality remains strong with the allowance for loan loss representing 1.14% of the total loan portfolio at
Total deposits increased $16.1 million, or 3.7% to $449.8 million as of December 31, 2022, when compared to
As of December 31, 2022, the Bank's Tier 1 capital leverage ratio, common equity tier 1 capital ratio, Tier 1 capital ratio and total capital ratios were 10.11%, 14.26%, 14.26% and 15.51%, respectively, all in excess of the ratios required to be deemed "well-capitalized." As of
Financial Performance Overview:
For the three months ended December 31, 2022, net income totaled $843 thousand, which reflects a decrease of $29 thousand, in comparison to $872 thousand for the three months ended September 30, 2022. The decrease resulted primarily from a provision for loan loss entry.
Net interest income for the three months ended December 31, 2022, increased
There was a
Non-interest income increased $91 thousand, to $357 thousand for the three months ended December 31, 2022, compared with non-interest income of $266 thousand for the three months ended September 30, 2022. The increase is a result from increased loan fees received.
Non-interest expense totaled
About
The Bank was organized under federal law in 2004 as a national bank regulated by the
We operate from our five Banking Center locations, two Loan Production offices and our Corporate Headquarters located in
Forward-Looking Statements
This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate” or “continue” or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within
Investor Contact:
(845) 451-7825
Consolidated Statement of Financial Condition (in thousands) | ||||||||
2022 | 2022 | 2021 | ||||||
(unaudited) | (unaudited) | (Audited) | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 38,115 | 30,481 | 59,078 | ||||
Securities | 16,042 | 32,622 | 11,192 | |||||
Loans receivable, net: | ||||||||
Real estate mortgage loans | 494,064 | 459,916 | 378,126 | |||||
Commercial and Lines of Credit | 14,110 | 14,484 | 41,879 | |||||
Construction Loans | - | - | 560 | |||||
Home Equity and Consumer Loans | 466 | 668 | 5,187 | |||||
Deferred costs | 3,953 | 3,828 | 2,353 | |||||
Allowance for loan losses | (5,860 | ) | (5,760 | ) | (5,869 | ) | ||
Total loans receivable, net | 506,732 | 473,136 | 422,236 | |||||
Investment in restricted stock, at cost | 4,779 | 3,432 | 2,502 | |||||
Bank premises and equipment, net | 6,209 | 5,776 | 6,427 | |||||
Accrued interest receivable | 2,020 | 1,975 | 1,827 | |||||
581 | 581 | 581 | ||||||
Repossessed assets | - | 117 | - | |||||
Bank Owned Life Insurance | 5,202 | 5,168 | 5,067 | |||||
Other Assets | 8,175 | 8,132 | 6,408 | |||||
Total Assets | $ | 587,855 | 561,420 | 515,318 | ||||
Liabilities & Stockholders' Equity | ||||||||
Non-Interest-Bearing Deposits | 132,997 | 150,677 | 149,769 | |||||
Interest-Bearing Deposits | 276,174 | 263,217 | 273,876 | |||||
Brokered Deposits | 40,627 | 39,051 | 10,040 | |||||
Total Deposits | 449,798 | 452,945 | 433,685 | |||||
Bond Issue, net of costs | 13,666 | 13,658 | 13,627 | |||||
Borrowed Money | 64,900 | 35,000 | 15,169 | |||||
Other Liabilities | 15,490 | 16,665 | 13,590 | |||||
Total Liabilities | 543,854 | 518,268 | 476,071 | |||||
Stockholders' equity | 44,001 | 43,152 | 39,247 | |||||
Total liabilities and stockholders' equity | $ | 587,855 | 561,420 | 515,318 |
Consolidated Statement of Income (in thousands) | ||||||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2022 | 2021 | |||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (Audited) | |||||||||||||||
Interest income | ||||||||||||||||||||
Loans | $ | 5,652 | $ | 4,943 | $ | 4,672 | $ | 4,771 | $ | 20,038 | $ | 20,148 | ||||||||
Securities | 137 | 172 | 163 | 91 | 563 | 151 | ||||||||||||||
Other interest-earning assets | 228 | 164 | 157 | 64 | 613 | 262 | ||||||||||||||
Total Interest Income | 6,017 | 5,279 | 4,992 | 4,926 | 21,214 | 20,561 | ||||||||||||||
Interest expense | ||||||||||||||||||||
Deposits | 1,068 | 643 | 347 | 294 | 2,352 | 1,342 | ||||||||||||||
Borrowings | 545 | 394 | 274 | 271 | 1,484 | 1,338 | ||||||||||||||
Total Interest Expense | 1,613 | 1,037 | 621 | 565 | 3,836 | 2,680 | ||||||||||||||
Net Interest Income | 4,404 | 4,242 | 4,371 | 4,361 | 17,378 | 17,881 | ||||||||||||||
Provision/(Benefit) for Loan Losses | 99 | - | (65 | ) | (113 | ) | (79 | ) | 670 | |||||||||||
Net Interest Income after Pro/(Benefit) for Loan Losses | 4,305 | 4,242 | 4,436 | 4,474 | 17,457 | 17,211 | ||||||||||||||
Non-interest income | ||||||||||||||||||||
Deposit service charges | 91 | 84 | 88 | 84 | 347 | 464 | ||||||||||||||
Loan fee income | 146 | 83 | 76 | 141 | 446 | 372 | ||||||||||||||
Gain on Loan Sales | - | - | - | 241 | 241 | 343 | ||||||||||||||
Gain on | - | - | 1,782 | - | 1,782 | - | ||||||||||||||
Other | 120 | 99 | 97 | 38 | 354 | 85 | ||||||||||||||
Total non-interest income | 357 | 266 | 2,043 | 504 | 3,170 | 1,264 | ||||||||||||||
Non-interest expenses | ||||||||||||||||||||
Compensation and benefits | 1,881 | 1,826 | 1,839 | 1,721 | 7,267 | 6,570 | ||||||||||||||
Occupancy and equipment | 554 | 722 | 666 | 689 | 2,631 | 2,448 | ||||||||||||||
Data processing service fees | 386 | 345 | 262 | 260 | 1,253 | 913 | ||||||||||||||
Marketing | 77 | (35 | ) | 100 | 108 | 250 | 228 | |||||||||||||
Professional fees | 179 | 194 | 205 | 255 | 833 | 672 | ||||||||||||||
NYS Banking & FDIC Assess | 56 | 14 | 73 | 82 | 225 | 306 | ||||||||||||||
Printing & Office Supplies | 68 | 45 | 29 | 44 | 186 | 156 | ||||||||||||||
Insurance | 53 | 53 | 32 | 38 | 176 | 138 | ||||||||||||||
Other | 238 | 217 | 280 | 275 | 1,010 | 1,133 | ||||||||||||||
Total non-interest expense | 3,492 | 3,381 | 3,486 | 3,472 | 13,831 | 12,564 | ||||||||||||||
Income prior to tax expense | 1,170 | 1,127 | 2,993 | 1,506 | 6,796 | 5,911 | ||||||||||||||
Income taxes | 327 | 255 | 639 | 326 | 1,547 | 1,285 | ||||||||||||||
Net Income | $ | 843 | $ | 872 | $ | 2,354 | $ | 1,180 | $ | 5,249 | $ | 4,626 |
For the Three Months Ended (dollars in thousands) | ||||||||||||||||||||||||
Avg Bal Rolling 3 Mos. | Interest Rolling 3 Mos. | Average Yield/ Cost | Avg Bal Rolling 3 Mos. | Interest Rolling 3 Mos. | Average Yield/ Cost | Avg Bal Rolling 3 Mos. | Interest Rolling 3 Mos. | Average Yield/ Cost | ||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans receivable | $ | 494,728 | $ | 5,652 | 4.57 | % | $ | 456,085 | $ | 4,943 | 4.33 | % | $ | 429,896 | $ | 5,135 | 4.78 | % | ||||||
Investment securities | 22,678 | 137 | 2.42 | % | 33,194 | 172 | 2.07 | % | 8,568 | 63 | 2.93 | % | ||||||||||||
Interest-bearing deposits | 19,536 | 162 | 3.32 | % | 27,240 | 114 | 1.68 | % | 48,757 | 27 | 0.22 | % | ||||||||||||
Restricted investment in bank stock | 3,652 | 66 | 7.20 | % | 1,691 | 50 | 11.78 | % | 2,664 | 34 | 5.11 | % | ||||||||||||
Total interest-earning assets | 540,594 | 6,017 | 4.45 | % | 518,210 | 5,279 | 4.07 | % | 489,885 | 5,259 | 4.29 | % | ||||||||||||
Non-interest earning assets | 17,871 | 19,798 | 19,123 | |||||||||||||||||||||
Total assets | $ | 558,465 | $ | 538,008 | $ | 509,008 | ||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing checking | $ | 32,065 | $ | 35 | 0.44 | % | $ | 32,736 | $ | 34 | 0.41 | % | $ | 35,051 | $ | 33 | 0.38 | % | ||||||
Money market accounts | 7,201 | 4 | 0.25 | % | 6,589 | 3 | 0.20 | % | 10,579 | 5 | 0.19 | % | ||||||||||||
Savings accounts | 108,170 | 221 | 0.81 | % | 134,132 | 180 | 0.53 | % | 164,896 | 122 | 0.29 | % | ||||||||||||
Certificates of deposit | 155,086 | 808 | 2.07 | % | 117,679 | 426 | 1.44 | % | 73,457 | 110 | 0.60 | % | ||||||||||||
Total interest-bearing deposits | 302,522 | 1,068 | 1.40 | % | 291,136 | 643 | 0.88 | % | 283,983 | 270 | 0.38 | % | ||||||||||||
Borrowings | 40,980 | 324 | 3.14 | % | 35,000 | 173 | 1.96 | % | 19,988 | 76 | 1.51 | % | ||||||||||||
Subordinated debenture | 13,663 | 221 | 6.42 | % | 13,655 | 221 | 6.42 | % | 13,627 | 221 | 6.43 | % | ||||||||||||
Total interest-bearing liabilities | 357,165 | 1,613 | 1.79 | % | 339,791 | 1,037 | 1.21 | % | 317,598 | 567 | 0.71 | % | ||||||||||||
Non-interest-bearing demand deposits | 141,466 | 140,464 | 140,244 | |||||||||||||||||||||
Other liabilities | 16,121 | 14,803 | 12,469 | |||||||||||||||||||||
Total non-interest-bearing liabilities | 157,587 | 155,267 | 152,713 | |||||||||||||||||||||
Stockholders' equity | 43,713 | 42,950 | 38,697 | |||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 558,465 | $ | 538,008 | $ | 509,008 | ||||||||||||||||||
Net interest income | $ | 4,404 | $ | 4,242 | $ | 4,691 | ||||||||||||||||||
Average interest rate spread | 2.66 | % | 2.86 | % | 3.58 | % | ||||||||||||||||||
Net interest margin | 3.26 | % | 3.27 | % | 3.83 | % | ||||||||||||||||||
Five Quarter Performance Ratio Highlights | Three Months Ended | |||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||||
Income Statement | ||||||||||||||||
Return on Average Assets | 0.60 | % | 0.65 | % | 1.73 | % | 0.90 | % | 1.04 | % | ||||||
Return on Average Equity | 7.71 | % | 8.12 | % | 22.83 | % | 11.78 | % | 13.82 | % | ||||||
Return on Average Tangible Equity | 7.82 | % | 8.23 | % | 23.15 | % | 11.96 | % | 14.03 | % | ||||||
Efficiency Ratio | 54.79 | % | 60.97 | % | 52.56 | % | 68.27 | % | 62.17 | % | ||||||
Yields / Costs | ||||||||||||||||
Average Yield - Interest Earning Assets | 4.45 | % | 4.07 | % | 3.82 | % | 3.95 | % | 4.29 | % | ||||||
Cost of Funds | 1.79 | % | 1.21 | % | 0.73 | % | 0.69 | % | 0.71 | % | ||||||
Net Interest Margin | 3.26 | % | 3.27 | % | 3.34 | % | 3.47 | % | 3.83 | % | ||||||
Capital Ratios | ||||||||||||||||
Equity / Assets | 7.48 | % | 7.68 | % | 7.85 | % | 7.43 | % | 7.62 | % | ||||||
Tangible Equity / Assets | 7.39 | % | 7.59 | % | 7.75 | % | 7.33 | % | 7.50 | % | ||||||
Tier 1 leverage ratio (a) | 10.1 | % | 10.3 | % | 9.9 | % | 10.0 | % | 9.9 | % | ||||||
Common equity Tier I capital ratio (a) | 14.3 | % | 14.7 | % | 15.8 | % | 15.5 | % | 15.5 | % | ||||||
Tier 1 Risk-based capital ratio (a) | 14.3 | % | 14.7 | % | 15.8 | % | 15.5 | % | 15.5 | % | ||||||
Total Risk-based capital ratio (a) | 15.5 | % | 16.0 | % | 17.0 | % | 16.8 | % | 16.7 | % | ||||||
Stock Valuation | ||||||||||||||||
Book Value | $ | 6.55 | $ | 6.47 | $ | 6.37 | $ | 6.04 | $ | 5.90 | ||||||
Tangible Book Value | $ | 6.47 | $ | 6.39 | $ | 6.28 | $ | 5.96 | $ | 5.82 | ||||||
Shares Outstanding (b) | 6,714 | 6,666 | 6,663 | 6,663 | 6,648 | |||||||||||
Asset Quality | ||||||||||||||||
ALLL / Total Loans | 1.14 | % | 1.20 | % | 1.37 | % | 1.38 | % | 1.37 | % | ||||||
Non-Performing Loans / Total Loans | 0.28 | % | 0.34 | % | 0.38 | % | 0.42 | % | 0.45 | % | ||||||
Non-Performing Assets / Total Assets | 0.25 | % | 0.31 | % | 0.37 | % | 0.39 | % | 0.38 | % | ||||||
(a) Ratios at Bank level (b) Shares outstanding presented in thousands |
Source:
2023 GlobeNewswire, Inc., source