The board of directors of
“We are very pleased with our results, achieving record quarterly net income for the fourth quarter 2022. Fourth quarter earnings benefited from higher yields on interest earning assets as well as solid loan growth. Our loan portfolio increased 3%, or 12% on annualized basis, during the fourth quarter and excluding PPP, loans increased 6% from a year ago,” said
Fourth Quarter 2022 Financial Highlights
- Net interest income increased 19% to
$12.9 million from the third quarter of 2022 and increased 47% compared to$8.8 million from the like quarter a year ago. - Net interest margin (“NIM”) expanded 70 basis points to 4.12% compared to 3.42% from the preceding quarter and expanded 133 basis points from 2.79% in the like quarter a year ago.
- Gross loans balances increased 3% or
$19.2 million to$640.7 million atDecember 31, 2022 , compared to$621.5 from the preceding quarter end. - Return on average assets (“ROAA”) was 1.41%, compared to 0.86% for the preceding quarter and 0.63% for the fourth quarter of 2021.
- Core deposits declined by
$70.2 million to$1.13 billion , compared to$1.20 billion from the third quarter 2022, with core deposits representing 96% of total deposits as ofDecember 31, 2022 . Non-interest bearing deposits represented 43% of total deposits atDecember 31, 2022 . - Sustained strong asset quality with low levels of nonperforming assets with nonperforming assets declining 9% to
$899,000 , atDecember 31, 2022 compared to three months earlier, and decreased by 37% from a year ago. - Tangible book value per common share increased to
$8.62 , compared to$8.16 atSeptember 30, 2022 and decreased from$10.03 atDecember 31, 2021 . - Strong capital with capital ratios exceeding regulatory well-capitalized guidelines with a leverage ratio at 9.4% and total risk-based capital ratio at 17.1% as of
December 31, 2022 .
Income Statement Review
Net interest income increased 19% to
Net interest margin (“NIM”), increased to 4.12% for the fourth quarter of 2022, compared to 3.42% for the third quarter of 2022, and 2.79% for the fourth quarter of 2021. Average interest-earning asset yield, was 4.25% for the current quarter, compared to 3.51% for the preceding quarter and 2.87% for the like quarter in 2021. The increase in average yields on interest-earning assets during the current quarter reflects the benefit of variable rate interest-earning assets repricing higher, as well as new loans being originated at higher interest rates and higher yields on investment purchases. Average loan yields excluding PPP loans, for the current quarter increased 37 basis points to 5.17% compared to the preceding quarter of 4.80%, and increased 72 basis points from 4.45% from the fourth quarter of 2021. Yields on investment securities also increased during the quarter to 2.81% compared to 2.33% and 1.65% for the third quarter 2022, the fourth quarter 2021, respectively. During 2022, in response to inflation, the
The Bank’s total cost of funds increased to 0.14% for the current quarter, compared to 0.10% for the preceding quarter and 0.09% for the fourth quarter of 2021. This increase was primarily a result of the increase in TRUPS borrowing costs. For the year, the Bank’s total cost of funds decreased from 0.11% to 0.10% compared to the prior year.
Noninterest income was
Noninterest expense was
Federal and
Balance Sheet Review
Total Assets declined 5% to
Gross loans balances increased 3% or
Credit Quality remained strong with nonperforming assets declining 9% to
“We are very pleased that our asset quality metrics have remained strong amid the ongoing uncertain economic environment, which is a testament to our steadfast focus on underwriting and borrowers’ ability to effectively navigate through the various operating challenges, including high levels of inflation, adverse labor market conditions, and continuing supply chain issues,” said
The Allowance for Loan Losses (“ALL”) remained flat at
Total Deposits decreased to
Shareholder’s Equity was
Tangible book value per common share increased 6% to
Balance Sheet Overview | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
$ Change | % Change | $ Change | % Change | |||||||||||||||||||
Assets: | (Dollars in thousands, except per share data) | |||||||||||||||||||||
Cash on hand and in banks | $ | 18,673 | $ | 19,904 | $ | (1,231 | ) | -6 | % | $ | 18,528 | $ | 145 | 1 | % | |||||||
Interest bearing deposits | 299,813 | 411,330 | (111,517 | ) | -27 | % | 320,207 | (20,394 | ) | -6 | % | |||||||||||
Federal funds sold | - | - | - | 0 | % | 50,881 | (50,881 | ) | -100 | % | ||||||||||||
Investment securities | 286,409 | 261,264 | 25,145 | 10 | % | 233,859 | 52,550 | 22 | % | |||||||||||||
Loans held-for-sale | - | 700 | (700 | ) | -100 | % | 6,104 | (6,104 | ) | -100 | % | |||||||||||
Loans, net of deferred fees | 639,958 | 620,850 | 19,108 | 3 | % | 628,333 | 11,625 | 2 | % | |||||||||||||
Allowance for loan losses | (8,236 | ) | (8,249 | ) | 13 | 0 | % | (8,297 | ) | 61 | -1 | % | ||||||||||
Net loans | 631,722 | 612,601 | 19,121 | 3 | % | 620,036 | 11,686 | 2 | % | |||||||||||||
2,583 | 2,583 | - | 0 | % | 2,416 | 167 | 7 | % | ||||||||||||||
Other assets | 67,003 | 66,891 | 112 | 0 | % | 67,935 | (932 | ) | -1 | % | ||||||||||||
Total assets | $ | 1,306,203 | $ | 1,375,273 | $ | (69,070 | ) | -5 | % | $ | 1,319,966 | $ | (13,763 | ) | -1 | % | ||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||
Total deposits | $ | 1,180,362 | $ | 1,254,323 | $ | (73,961 | ) | -6 | % | $ | 1,178,940 | $ | 1,422 | 0 | % | |||||||
Borrowings | 13,403 | 13,403 | - | 0 | % | 13,806 | (403 | ) | -3 | % | ||||||||||||
Accrued interest payable and other liabilities | 9,276 | 9,267 | 9 | 0 | % | 9,578 | (302 | ) | -3 | % | ||||||||||||
Shareholders' equity | 103,162 | 98,280 | 4,882 | 5 | % | 117,642 | (14,480 | ) | -12 | % | ||||||||||||
Total liabilities and shareholders' equity | $ | 1,306,203 | $ | 1,375,273 | $ | (69,070 | ) | -5 | % | $ | 1,319,966 | $ | (13,763 | ) | -1 | % | ||||||
Common Shares Outstanding | 10,414,276 | 10,395,110 | 19,166 | 0 | % | 10,388,267 | 26,009 | 0 | % | |||||||||||||
Book value per common share (1) | $ | 9.91 | $ | 9.45 | $ | 0.46 | 5 | % | $ | 11.32 | $ | (1.41 | ) | -12 | % | |||||||
Tangible book value per common share (2) | $ | 8.62 | $ | 8.16 | $ | 0.46 | 6 | % | $ | 10.03 | $ | (1.41 | ) | -14 | % | |||||||
Gross loans to deposits ratio | 54.2 | % | 49.5 | % | 4.7 | % | 53.3 | % | 0.9 | % | ||||||||||||
(1) Book value per common share is calculated as the total common shareholders' equity divided by the period ending number of common stock shares outstanding. | ||||||||||||||||||||||
(2) Tangible book value per common share is calculated as the total common shareholders' equity less total intangible assets and liabilities, divided by the period ending number of common stock shares outstanding. | ||||||||||||||||||||||
Income Statement Overview | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
For the Three Months Ended, | ||||||||||||||||||||||
$ Change | % Change | $ Change | % Change | |||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
Interest and dividend income | $ | 13,352 | $ | 11,177 | $ | 2,175 | 19 | % | $ | 9,040 | $ | 4,312 | 48 | % | ||||||||
Interest expense | 417 | 298 | 119 | 40 | % | 259 | 158 | 61 | % | |||||||||||||
Net interest income | 12,935 | 10,879 | 2,056 | 19 | % | 8,781 | 4,154 | 47 | % | |||||||||||||
Loan loss provision | - | - | - | 100 | % | (150 | ) | 150 | -100 | % | ||||||||||||
Noninterest income | 1,559 | 1,692 | (133 | ) | -8 | % | 2,998 | (1,439 | ) | -48 | % | |||||||||||
Noninterest expense | 8,648 | 8,950 | (302 | ) | -3 | % | 9,325 | (677 | ) | -7 | % | |||||||||||
Income before income taxes | 5,846 | 3,621 | 2,225 | 61 | % | 2,604 | 3,242 | 125 | % | |||||||||||||
Income tax expense | 1,129 | 705 | 424 | 60 | % | 483 | 646 | 134 | % | |||||||||||||
Net Income | $ | 4,717 | $ | 2,916 | $ | 1,801 | 62 | % | $ | 2,121 | $ | 2,596 | 122 | % | ||||||||
Average common shares outstanding - basic | 10,407,967 | 10,393,705 | 14,262 | 0 | % | 10,385,414 | 22,553 | 0 | % | |||||||||||||
Average common shares outstanding - diluted | 10,426,346 | 10,423,404 | 2,942 | 0 | % | 10,412,013 | 14,333 | 0 | % | |||||||||||||
Income per common share | ||||||||||||||||||||||
Basic | $ | 0.45 | $ | 0.28 | $ | 0.17 | 61 | % | $ | 0.20 | $ | 0.25 | 125 | % | ||||||||
Diluted | $ | 0.45 | $ | 0.28 | $ | 0.17 | 61 | % | $ | 0.20 | $ | 0.25 | 125 | % | ||||||||
Effective tax rate | 19.3 | % | 19.5 | % | -0.2 | % | 18.5 | % | 0.8 | % | ||||||||||||
For the Twelve Months Ended, | ||||||||||||||||||||||
$ Change | % Change | |||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
Interest and dividend income | $ | 42,152 | $ | 37,159 | $ | 4,993 | 13 | % | ||||||||||||||
Interest expense | 1,206 | 1,254 | (48 | ) | -4 | % | ||||||||||||||||
Net interest income | 40,946 | 35,905 | 5,041 | 14 | % | |||||||||||||||||
Loan loss provision | - | (3,650 | ) | 3,650 | -100 | % | ||||||||||||||||
Noninterest income | 7,227 | 16,729 | (9,502 | ) | -57 | % | ||||||||||||||||
Noninterest expense | 34,974 | 40,702 | (5,728 | ) | -14 | % | ||||||||||||||||
Income before income taxes | 13,199 | 15,582 | (2,383 | ) | -15 | % | ||||||||||||||||
Income tax expense | 2,311 | 2,885 | (574 | ) | -20 | % | ||||||||||||||||
Net Income | $ | 10,888 | $ | 12,697 | $ | (1,809 | ) | -14 | % | |||||||||||||
Average common shares outstanding - basic | 10,396,268 | 10,412,845 | (16,577 | ) | 0 | % | ||||||||||||||||
Average common shares outstanding - diluted | 10,423,301 | 10,441,415 | (18,114 | ) | 0 | % | ||||||||||||||||
Income per common share | ||||||||||||||||||||||
Basic | $ | 1.05 | $ | 1.22 | $ | (0.17 | ) | -14 | % | |||||||||||||
Diluted | $ | 1.04 | $ | 1.22 | $ | (0.18 | ) | -15 | % | |||||||||||||
Effective tax rate | 17.5 | % | 18.5 | % | -1.0 | % |
Noninterest Income | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
For the Three Months Ended, | ||||||||||||||||||||
$ Change | % Change | $ Change | % Change | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Service charges on deposits | $ | 404 | $ | 415 | $ | (11 | ) | -3 | % | $ | 387 | $ | 17 | 4 | % | |||||
Gain on sale of loans, net | 97 | 265 | (168 | ) | -63 | % | 1,469 | (1,372 | ) | -93 | % | |||||||||
Earnings on bank owned life insurance | 161 | 167 | (6 | ) | -4 | % | 129 | 32 | 25 | % | ||||||||||
Other noninterest income | ||||||||||||||||||||
Fee income | 903 | 841 | 62 | 7 | % | 1,007 | (104 | ) | -10 | % | ||||||||||
Other | (6 | ) | 4 | (10 | ) | -250 | % | 6 | (12 | ) | -200 | % | ||||||||
Total noninterest income | $ | 1,559 | $ | 1,692 | $ | (133 | ) | -8 | % | $ | 2,998 | $ | (1,439 | ) | -48 | % | ||||
For the Twelve Months Ended, | ||||||||||||||||||||
$ Change | % Change | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Service charges on deposits | $ | 1,621 | $ | 1,446 | $ | 175 | 12 | % | ||||||||||||
Gain on sale of loans, net | 1,406 | 9,448 | (8,042 | ) | -85 | % | ||||||||||||||
Earnings on bank owned life insurance | 682 | 1,384 | (702 | ) | -51 | % | ||||||||||||||
Other noninterest income | ||||||||||||||||||||
Fee income | 3,518 | 4,383 | (865 | ) | -20 | % | ||||||||||||||
Other | - | 68 | (68 | ) | -100 | % | ||||||||||||||
Total noninterest income | $ | 7,227 | $ | 16,729 | $ | (9,502 | ) | -57 | % | |||||||||||
Noninterest Expense | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
For the Three Months Ended, | ||||||||||||||||||||
$ Change | % Change | $ Change | % Change | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Salaries and employee benefits | $ | 5,432 | $ | 5,792 | $ | (360 | ) | -6 | % | $ | 6,057 | $ | (625 | ) | -10 | % | ||||
Occupancy | 509 | 489 | 20 | 4 | % | 483 | 26 | 5 | % | |||||||||||
Equipment | 296 | 289 | 7 | 2 | % | 295 | 1 | 0 | % | |||||||||||
Data processing | 881 | 881 | - | 0 | % | 813 | 68 | 8 | % | |||||||||||
Professional services | 158 | 154 | 4 | 3 | % | 171 | (13 | ) | -8 | % | ||||||||||
State and local taxes | 197 | 176 | 21 | 12 | % | 197 | - | 0 | % | |||||||||||
107 | 93 | 14 | 15 | % | 174 | (67 | ) | -39 | % | |||||||||||
Other noninterest expense: | ||||||||||||||||||||
Director fees | 68 | 62 | 6 | 10 | % | 69 | (1 | ) | -1 | % | ||||||||||
Communication | 61 | 60 | 1 | 2 | % | 75 | (14 | ) | -19 | % | ||||||||||
Advertising | (31 | ) | 95 | (126 | ) | -133 | % | 22 | (53 | ) | -241 | % | ||||||||
Professional liability insurance | 68 | 67 | 1 | 1 | % | 59 | 9 | 15 | % | |||||||||||
Amortization | 48 | 45 | 3 | 7 | % | 41 | 7 | 17 | % | |||||||||||
Other | 854 | 747 | 107 | 14 | % | 869 | (15 | ) | -2 | % | ||||||||||
Total noninterest expense | $ | 8,648 | $ | 8,950 | $ | (302 | ) | -3 | % | $ | 9,325 | $ | (677 | ) | -7 | % | ||||
For the Twelve Months Ended, | ||||||||||||||||||||
$ Change | % Change | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Salaries and employee benefits | $ | 22,401 | $ | 27,114 | $ | (4,713 | ) | -17 | % | |||||||||||
Occupancy | 2,023 | 1,978 | 45 | 2 | % | |||||||||||||||
Equipment | 1,184 | 1,244 | (60 | ) | -5 | % | ||||||||||||||
Data processing | 3,506 | 3,288 | 218 | 7 | % | |||||||||||||||
Professional services | 709 | 952 | (243 | ) | -26 | % | ||||||||||||||
State and local taxes | 693 | 858 | (165 | ) | -19 | % | ||||||||||||||
402 | 462 | (60 | ) | -13 | % | |||||||||||||||
Other noninterest expense: | ||||||||||||||||||||
Director fees | 279 | 303 | (24 | ) | -8 | % | ||||||||||||||
Communication | 256 | 288 | (32 | ) | -11 | % | ||||||||||||||
Advertising | 207 | 141 | 66 | 47 | % | |||||||||||||||
Professional liability insurance | 257 | 238 | 19 | 8 | % | |||||||||||||||
Amortization | 185 | 304 | (119 | ) | -39 | % | ||||||||||||||
Other | 2,872 | 3,532 | (660 | ) | -19 | % | ||||||||||||||
Total noninterest expense | $ | 34,974 | $ | 40,702 | $ | (5,728 | ) | -14 | % | |||||||||||
Financial Performance Overview | ||||||||||||||
(Unaudited) | ||||||||||||||
For the Three Months Ended | ||||||||||||||
Change | Change | |||||||||||||
Performance Ratios | ||||||||||||||
Return on average assets, annualized | 1.41 | % | 0.86 | % | 0.55 | 0.63 | % | 0.78 | ||||||
Return on average equity, annualized | 18.70 | % | 11.13 | % | 7.57 | 7.16 | % | 11.54 | ||||||
Efficiency ratio (1) | 59.67 | % | 71.20 | % | (11.53 | ) | 79.17 | % | (19.50 | ) | ||||
(1) Non-interest expense divided by net interest income plus noninterest income. | ||||||||||||||
For the Twelve Months Ended, | ||||||||||||||
Change | ||||||||||||||
Performance Ratios | ||||||||||||||
Return on average assets, annualized | 0.82 | % | 1.00 | % | (0.18 | ) | ||||||||
Return on average equity, annualized | 10.24 | % | 10.85 | % | (0.61 | ) | ||||||||
Efficiency ratio (1) | 72.60 | % | 77.33 | % | (4.73 | ) | ||||||||
(1) Non-interest expense divided by net interest income plus noninterest income. | ||||||||||||||
LIQUIDITY
Cash and | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
% of Total | % of Total | $ Change | % Change | Total | $ Change | % Change | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Cash on hand and in banks | $ | 18,673 | 3 | % | $ | 19,904 | 4 | % | $ | (1,231 | ) | -6 | % | $ | 18,528 | 3 | % | $ | 145 | 1 | % | ||||||||
Interest bearing deposits | 295,563 | 49 | % | 407,580 | 57 | % | (112,017 | ) | -27 | % | 316,957 | 51 | % | (21,394 | ) | -7 | % | ||||||||||||
Other interest earning deposits | 4,250 | 1 | % | 3,750 | 1 | % | 500 | 13 | % | 3,250 | 1 | % | 1,000 | 31 | % | ||||||||||||||
Federal funds sold | - | 0 | % | - | 0 | % | - | 0 | % | 50,881 | 8 | % | (50,881 | ) | -100 | % | |||||||||||||
Total | 318,486 | 53 | % | 431,234 | 62 | % | (112,748 | ) | -26 | % | 389,616 | 63 | % | (71,130 | ) | -18 | % | ||||||||||||
Investment securities: | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | 103,330 | 17 | % | 78,741 | 11 | % | 24,589 | 31 | % | 79,614 | 13 | % | 23,716 | 30 | % | ||||||||||||||
Mortgage backed securities | 32,801 | 5 | % | 33,415 | 5 | % | (614 | ) | -2 | % | 20,612 | 3 | % | 12,189 | 59 | % | |||||||||||||
83,889 | 14 | % | 84,028 | 13 | % | (139 | ) | 0 | % | 59,164 | 9 | % | 24,725 | 42 | % | ||||||||||||||
Municipal securities | 64,277 | 11 | % | 62,986 | 9 | % | 1,291 | 2 | % | 72,335 | 12 | % | (8,058 | ) | -11 | % | |||||||||||||
Corporate debt securities | 1,999 | 0 | % | 1,995 | 0 | % | 4 | 0 | % | 2,010 | 0 | % | (11 | ) | -1 | % | |||||||||||||
Equity securities | 113 | 0 | % | 99 | 0 | % | 14 | 14 | % | 124 | 0 | % | (11 | ) | -9 | % | |||||||||||||
Total | 286,409 | 47 | % | 261,264 | 38 | % | 25,145 | 10 | % | 233,859 | 37 | % | 52,550 | 22 | % | ||||||||||||||
Total cash equivalents and investment securities | $ | 604,895 | 100 | % | $ | 692,498 | 100 | % | $ | (87,603 | ) | -13 | % | $ | 623,475 | 100 | % | $ | (18,580 | ) | -3 | % | |||||||
Total cash equivalents and investment securities | |||||||||||||||||||||||||||||
as a percent of total assets | 46 | % | 50 | % | 47 | % | |||||||||||||||||||||||
LOANS
Loans by Category | |||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||
% of Gross Loans | % of Gross Loans | $ Change | % Change | % of Gross Loans | $ Change | % Change | |||||||||||||||||||||||||
Commercial: | (Dollars in thousands) | ||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 75,705 | 12 | % | $ | 73,788 | 12 | % | $ | 1,917 | 3 | % | $ | 85,309 | 14 | % | $ | (9,604 | ) | -11 | % | ||||||||||
PPP | 515 | 0 | % | 553 | 0 | % | (38 | ) | -7 | % | 25,081 | 4 | % | (24,566 | ) | -98 | % | ||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
Construction and development | 37,287 | 6 | % | 35,500 | 6 | % | 1,787 | 5 | % | 28,318 | 3 | % | 8,969 | 32 | % | ||||||||||||||||
Residential 1-4 family | 82,653 | 13 | % | 79,497 | 13 | % | 3,156 | 4 | % | 67,393 | 11 | % | 15,260 | 23 | % | ||||||||||||||||
Multi-family | 41,122 | 6 | % | 41,473 | 7 | % | (351 | ) | -1 | % | 39,854 | 6 | % | 1,268 | 3 | % | |||||||||||||||
Commercial real estate -- owner occupied | 154,380 | 24 | % | 150,598 | 24 | % | 3,782 | 3 | % | 154,901 | 25 | % | (521 | ) | 0 | % | |||||||||||||||
Commercial real estate -- non owner occupied | 153,707 | 24 | % | 149,627 | 24 | % | 4,080 | 3 | % | 148,730 | 24 | % | 4,977 | 3 | % | ||||||||||||||||
Farmland | 26,935 | 4 | % | 25,140 | 4 | % | 1,795 | 7 | % | 23,905 | 4 | % | 3,030 | 13 | % | ||||||||||||||||
Consumer | 68,412 | 11 | % | 65,365 | 10 | % | 3,047 | 5 | % | 56,269 | 9 | % | 12,143 | 22 | % | ||||||||||||||||
Gross Loans | 640,716 | 100 | % | 621,541 | 100 | % | 19,175 | 3 | % | 629,760 | 100 | % | 10,956 | 2 | % | ||||||||||||||||
Less: allowance for loan losses | (8,236 | ) | (8,249 | ) | 13 | (8,297 | ) | 61 | |||||||||||||||||||||||
Less: deferred fees | (758 | ) | (691 | ) | (67 | ) | (1,427 | ) | 669 | ||||||||||||||||||||||
Net loans | $ | 631,722 | $ | 612,601 | $ | 19,121 | $ | 620,036 | $ | 11,686 | |||||||||||||||||||||
Loan Concentration | |||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||
% of | % of | Change | % of | Change | |||||||||||||||||||||||||||
Commercial: | (Dollars in thousands) | ||||||||||||||||||||||||||||||
Commercial and agricultural | $ | 75,705 | 58 | % | $ | 73,788 | 58 | % | 0 | % | $ | 85,309 | 69 | % | -11 | % | |||||||||||||||
PPP | 515 | 0 | % | 553 | 0 | % | 0 | % | 25,081 | 20 | % | -20 | % | ||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
Construction and development | 37,287 | 29 | % | 35,500 | 28 | % | 1 | % | 28,318 | 23 | % | 6 | % | ||||||||||||||||||
Residential 1-4 family | 82,653 | 64 | % | 79,497 | 63 | % | 1 | % | 67,393 | 54 | % | 10 | % | ||||||||||||||||||
Multi-family | 41,122 | 32 | % | 41,473 | 33 | % | -1 | % | 39,854 | 32 | % | 0 | % | ||||||||||||||||||
Commercial real estate -- owner occupied | 154,380 | 119 | % | 150,598 | 119 | % | 0 | % | 154,901 | 125 | % | -6 | % | ||||||||||||||||||
Commercial real estate -- non owner occupied | 153,707 | 119 | % | 149,627 | 118 | % | 1 | % | 148,730 | 120 | % | -1 | % | ||||||||||||||||||
Farmland | 26,935 | 21 | % | 25,140 | 20 | % | 1 | % | 23,905 | 19 | % | 2 | % | ||||||||||||||||||
Consumer | 68,412 | 53 | % | 65,365 | 52 | % | 1 | % | 56,269 | 45 | % | 8 | % | ||||||||||||||||||
Gross Loans | $ | 640,716 | $ | 621,541 | $ | 629,760 | |||||||||||||||||||||||||
Regulatory | $ | 229,592 | 177 | % | $ | 224,100 | 177 | % | 0 | % | $ | 214,910 | 173 | % | 4 | % | |||||||||||||||
Total Risk Based Capital* | $ | 129,551 | $ | 126,526 | $ | 124,235 | |||||||||||||||||||||||||
* | |||||||||||||||||||||||||||||||
DEPOSITS
Deposits by Category | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
% of Total | % of Total | $ Change | % Change | % of Total | $ Change | % Change | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Interest-bearing demand | $ | 253,272 | 20 | % | $ | 268,874 | 20 | % | $ | (15,602 | ) | -6 | % | $ | 242,789 | 21 | % | $ | 10,483 | 4 | % | ||||||
Money market | 195,814 | 17 | % | 208,486 | 17 | % | (12,672 | ) | -6 | % | 210,343 | 17 | % | (14,529 | ) | -7 | % | ||||||||||
Savings | 174,887 | 15 | % | 184,229 | 15 | % | (9,342 | ) | -5 | % | 174,929 | 15 | % | (42 | ) | 0 | % | ||||||||||
Time deposits (CDs) | 48,754 | 4 | % | 52,550 | 4 | % | (3,796 | ) | -7 | % | 58,724 | 5 | % | (9,970 | ) | -17 | % | ||||||||||
Total interest-bearing deposits | 672,727 | 57 | % | 714,139 | 57 | % | (41,412 | ) | -6 | % | 686,785 | 58 | % | (14,058 | ) | -2 | % | ||||||||||
Non-interest bearing demand | 507,635 | 43 | % | 540,184 | 43 | % | (32,549 | ) | -6 | % | 492,155 | 42 | % | 15,480 | 3 | % | |||||||||||
Total deposits | $ | 1,180,362 | 100 | % | $ | 1,254,323 | 100 | % | $ | (73,961 | ) | -6 | % | $ | 1,178,940 | 100 | % | $ | 1,422 | 0 | % | ||||||
The following table summarizes the capital measures of the Company and the Bank respectively, at the dates listed below.
Capital Measures | |||||||||||||||||
(unaudited) | |||||||||||||||||
Change | Change | Well Capitalized Under Prompt Correction Action Regulations | |||||||||||||||
Total risk-based capital ratio | 17.1 | % | 17.4 | % | (0.3 | ) | 17.6 | % | (0.5 | ) | N/A | ||||||
Tier 1 risk-based capital ratio | 16.0 | % | 16.2 | % | (0.2 | ) | 16.4 | % | (0.4 | ) | N/A | ||||||
Common equity tier 1 ratio | 14.3 | % | 14.4 | % | (0.1 | ) | 14.6 | % | (0.3 | ) | N/A | ||||||
Leverage ratio | 9.4 | % | 8.7 | % | 0.7 | 8.8 | % | 0.6 | N/A | ||||||||
Tangible common equity ratio | 6.9 | % | 6.2 | % | 0.7 | 8.0 | % | (1.1 | ) | N/A | |||||||
Total risk-based capital ratio | 17.0 | % | 17.3 | % | (0.3 | ) | 17.6 | % | (0.6 | ) | 10.5 | % | |||||
Tier 1 risk-based capital ratio | 15.9 | % | 16.2 | % | (0.3 | ) | 16.4 | % | (0.5 | ) | 8.5 | % | |||||
Common equity tier 1 ratio | 15.9 | % | 16.2 | % | (0.3 | ) | 16.4 | % | (0.5 | ) | 7.0 | % | |||||
Leverage ratio | 9.1 | % | 8.8 | % | 0.3 | 8.8 | % | 0.3 | 7.5 | % | |||||||
The following tables set forth information regarding average balances of interest-earning assets and interest-bearing liabilities and the resultant yields or cost, and the net interest margin on a tax equivalent basis. Loans held for sale and non-accrual loans are included in total loans.
Net Interest Margin | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Annualized, tax-equivalent basis) | ||||||||||||||||||||
For the Three Months Ended, | ||||||||||||||||||||
$ Change | % Change | $ Change | % Change | |||||||||||||||||
Average Balances | (Dollars in thousands) | |||||||||||||||||||
Gross loans | $ | 629,976 | $ | 610,146 | $ | 19,830 | 3 | % | $ | 653,908 | $ | (23,932 | ) | -4 | % | |||||
Gross loans without PPP | $ | 629,439 | $ | 609,587 | $ | 19,852 | 3 | % | $ | 617,857 | $ | 11,582 | 2 | % | ||||||
Loans held for sale | $ | 898 | $ | 1,448 | $ | (550 | ) | -38 | % | $ | 12,142 | $ | (11,244 | ) | -93 | % | ||||
Investment securities | $ | 270,416 | $ | 274,773 | $ | (4,357 | ) | -2 | % | $ | 232,083 | $ | 38,333 | 17 | % | |||||
Federal funds sold & interest bearing deposits in banks | $ | 352,628 | $ | 387,437 | $ | (34,809 | ) | -9 | % | $ | 363,643 | $ | (11,015 | ) | -3 | % | ||||
Total interest-earning assets | $ | 1,253,918 | $ | 1,273,804 | $ | (19,886 | ) | -2 | % | $ | 1,261,776 | $ | (7,858 | ) | -1 | % | ||||
Non-interest bearing demand deposits | $ | 521,133 | $ | 521,119 | $ | 14 | 0 | % | $ | 501,686 | $ | 19,447 | 4 | % | ||||||
Interest bearing deposits | $ | 684,377 | $ | 702,476 | $ | (18,099 | ) | -3 | % | $ | 685,789 | $ | (1,412 | ) | 0 | % | ||||
Total Deposits | $ | 1,205,510 | $ | 1,223,595 | $ | (18,085 | ) | -1 | % | $ | 1,187,475 | $ | 18,035 | 2 | % | |||||
Borrowings | $ | 13,403 | $ | 13,451 | $ | (48 | ) | 0 | % | $ | 13,819 | $ | (416 | ) | -3 | % | ||||
Total interest-bearing liabilities | $ | 697,780 | $ | 715,927 | $ | (18,147 | ) | -3 | % | $ | 699,608 | $ | (1,828 | ) | 0 | % | ||||
Total Equity | $ | 100,076 | $ | 103,945 | $ | (3,869 | ) | -4 | % | $ | 117,600 | $ | (17,524 | ) | -15 | % | ||||
For the Three Months Ended, | ||||||||||||||||||||
Change | Change | |||||||||||||||||||
Yield on average gross loans (1) | 5.18 | % | 4.80 | % | 0.38 | 4.82 | % | 0.36 | ||||||||||||
Yield on average gross loans without PPP (1) | 5.17 | % | 4.80 | % | 0.37 | 4.45 | % | 0.72 | ||||||||||||
Yield on average investment securities (1) | 2.81 | % | 2.33 | % | 0.48 | 1.65 | % | 1.16 | ||||||||||||
Yield on Fed funds sold & interest bearing deposits in banks | 3.72 | % | 2.31 | % | 1.41 | 0.16 | % | 3.56 | ||||||||||||
Cost of average interest bearing deposits | 0.14 | % | 0.09 | % | 0.05 | 0.12 | % | 0.02 | ||||||||||||
Cost of average borrowings | 5.42 | % | 3.86 | % | 1.56 | 1.69 | % | 3.73 | ||||||||||||
Cost of average total deposits and borrowings | 0.14 | % | 0.10 | % | 0.04 | 0.09 | % | 0.05 | ||||||||||||
Yield on average interest-earning assets | 4.25 | % | 3.51 | % | 0.74 | 2.87 | % | 1.38 | ||||||||||||
Cost of average interest-bearing liabilities | 0.24 | % | 0.16 | % | 0.08 | 0.15 | % | 0.09 | ||||||||||||
Net interest spread | 4.01 | % | 3.35 | % | 0.66 | 2.72 | % | 1.29 | ||||||||||||
Net interest spread without PPP | 4.01 | % | 3.35 | % | 0.66 | 2.48 | % | 1.53 | ||||||||||||
Net interest margin (1) | 4.12 | % | 3.42 | % | 0.70 | 2.79 | % | 1.33 | ||||||||||||
Net interest margin without PPP (1) | 4.12 | % | 3.42 | % | 0.70 | 2.55 | % | 1.57 | ||||||||||||
(1) Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%. | ||||||||||||||||||||
For the Twelve Months Ended, | ||||||||||||||||||||
$ Change | % Change | |||||||||||||||||||
Average Balances | (Dollars in thousands) | |||||||||||||||||||
Gross loans | $ | 617,220 | $ | 689,265 | $ | (72,045 | ) | -10 | % | |||||||||||
Gross loans without PPP | $ | 612,025 | $ | 616,488 | $ | (4,463 | ) | -1 | % | |||||||||||
Loans held for sale | $ | 2,135 | $ | 22,673 | $ | (20,538 | ) | -91 | % | |||||||||||
Investment securities | $ | 261,843 | $ | 174,120 | $ | 87,723 | 50 | % | ||||||||||||
Federal funds sold & interest bearing deposits in banks | $ | 376,166 | $ | 321,287 | $ | 54,879 | 17 | % | ||||||||||||
Interest-earning assets | $ | 1,257,364 | $ | 1,207,345 | $ | 50,019 | 4 | % | ||||||||||||
Non-interest bearing demand deposits | $ | 508,102 | $ | 449,853 | $ | 58,249 | 13 | % | ||||||||||||
Interest bearing deposits | $ | 693,719 | $ | 680,832 | $ | 12,887 | 2 | % | ||||||||||||
Total Deposits | $ | 1,201,821 | $ | 1,130,685 | $ | 71,136 | 6 | % | ||||||||||||
Borrowings | $ | 13,591 | $ | 13,873 | $ | (282 | ) | -2 | % | |||||||||||
Interest-bearing liabilities | $ | 707,310 | $ | 694,705 | $ | 12,605 | 2 | % | ||||||||||||
Total Equity | $ | 106,352 | $ | 116,972 | $ | (10,620 | ) | -9 | % | |||||||||||
For the Twelve Months Ended, | ||||||||||||||||||||
Change | ||||||||||||||||||||
Net Interest Margin | ||||||||||||||||||||
Yield on average gross loans (1) | 4.87 | % | 4.81 | % | 0.06 | |||||||||||||||
Yield on average gross loans without PPP (1) | 4.76 | % | 4.56 | % | 0.20 | |||||||||||||||
Yield on average investment securities (1) | 2.22 | % | 1.95 | % | 0.27 | |||||||||||||||
Yield on Fed funds sold & interest bearing deposits in banks | 1.74 | % | 0.14 | % | 1.60 | |||||||||||||||
Cost of average interest bearing deposits | 0.11 | % | 0.15 | % | (0.04 | ) | ||||||||||||||
Cost of average borrowings | 3.41 | % | 1.75 | % | 1.66 | |||||||||||||||
Cost of average total deposits and borrowings | 0.10 | % | 0.11 | % | (0.01 | ) | ||||||||||||||
Yield on average interest-earning assets | 3.38 | % | 3.11 | % | 0.27 | |||||||||||||||
Cost of average interest-bearing liabilities | 0.17 | % | 0.18 | % | (0.01 | ) | ||||||||||||||
Net interest spread | 3.21 | % | 2.93 | % | 0.28 | |||||||||||||||
Net interest spread without PPP | 3.15 | % | 2.68 | % | 0.47 | |||||||||||||||
Net interest margin (1) | 3.29 | % | 3.00 | % | 0.29 | |||||||||||||||
Net interest margin without PPP (1) | 3.22 | % | 2.75 | % | 0.47 | |||||||||||||||
(1) Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%. | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
$ Change | % Change | $ Change | % Change | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Rated substandard or worse, but not impaired, beginning of three month period | $ | 2,814 | $ | 7,100 | $ | (4,286 | ) | -60 | % | $ | 8,785 | $ | (5,971 | ) | -68 | % | |||||
Addition of previously classified pass graded loans | 272 | 365 | (93 | ) | -25 | % | 363 | (91 | ) | -25 | % | ||||||||||
Upgrades to pass or other loans especially mentioned status | (85 | ) | (4,536 | ) | 4,451 | -98 | % | - | (85 | ) | -100 | % | |||||||||
Moved to nonaccrual | - | - | - | 0 | % | - | - | 0 | % | ||||||||||||
Principal payments, net | (117 | ) | (115 | ) | (2 | ) | 2 | % | (168 | ) | 51 | -30 | % | ||||||||
Rated substandard or worse, but not impaired, end of three month period | $ | 2,884 | $ | 2,814 | $ | 70 | 2 | % | $ | 8,980 | $ | (6,096 | ) | -68 | % | ||||||
Impaired | 2,452 | 2,499 | (47 | ) | -2 | % | 2,854 | (402 | ) | -14 | % | ||||||||||
Total adversely classified loans¹ | $ | 5,336 | $ | 5,313 | $ | 23 | 0 | % | $ | 11,834 | $ | (6,498 | ) | -55 | % | ||||||
Other loans especially mentioned or watch, but not impaired | $ | 26,408 | $ | 31,452 | $ | (5,044 | ) | -16 | % | $ | 32,848 | $ | (6,440 | ) | -20 | % | |||||
Gross loans (excluding deferred loan fees) | $ | 640,716 | $ | 621,541 | $ | 19,175 | 3 | % | $ | 629,760 | $ | 10,956 | 2 | % | |||||||
Adversely classified loans to gross loans | 0.83 | % | 0.85 | % | 1.88 | % | |||||||||||||||
Adversely classified loans to gross loans without PPP | 0.83 | % | 0.86 | % | 1.96 | % | |||||||||||||||
Allowance for loan losses | $ | 8,236 | $ | 8,249 | $ | (13 | ) | 0 | % | $ | 8,297 | $ | (61 | ) | -1 | % | |||||
Allowance for loan losses as a percentage of adversely classified loans | 154.35 | % | 155.26 | % | 70.11 | % | |||||||||||||||
Allowance for loan losses to total impaired loans | 335.89 | % | 330.09 | % | 290.71 | % | |||||||||||||||
Adversely classified loans to total assets | 0.41 | % | 0.39 | % | 0.90 | % | |||||||||||||||
Delinquent loans to gross loans, not in nonaccrual status 2 | 0.08 | % | 0.01 | % | 0.01 | % | |||||||||||||||
Delinquent loans to gross loans without PPP, not in nonaccrual status | 0.08 | % | 0.01 | % | 0.01 | % | |||||||||||||||
¹Adversely classified loans are defined as loans having a well-defined weakness or weaknesses related to the borrower's financial capacity or to pledged collateral that may | |||||||||||||||||||||
jeopardize the repayment of the debt. They are characterized by the possibility that the Bank may sustain some loss if the deficiencies giving rise to the substandard | |||||||||||||||||||||
classification are not corrected. Note that any loans internally rated worse than substandard are included in the impaired loan totals. | |||||||||||||||||||||
2 Delinquent loans are defined as loans past due 30-90 days and still accruing | |||||||||||||||||||||
Nonperforming Assets | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
$ Change | % Change | $ Change | % Change | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Total nonaccrual loans, beginning of three month period | $ | 899 | $ | 1,240 | $ | (341 | ) | -28 | % | $ | 1,800 | $ | (901 | ) | -50 | % | |||||
Transfer to performing loans | - | (334 | ) | 334 | -100 | % | (113 | ) | 113 | -100 | % | ||||||||||
Addition of nonaccrual loans | - | - | - | 0 | % | - | - | 0 | % | ||||||||||||
Moved to other assets owned | - | - | - | 0 | % | - | - | 0 | % | ||||||||||||
Principal payments, net | (30 | ) | (7 | ) | (23 | ) | 329 | % | (466 | ) | 436 | -94 | % | ||||||||
Charge-offs, net | - | - | - | 0 | % | - | - | 0 | % | ||||||||||||
Total nonaccrual loans, end of three month period | $ | 869 | $ | 899 | $ | (30 | ) | -3 | % | $ | 1,221 | $ | (352 | ) | -29 | % | |||||
Other real estate owned and foreclosed assets | 30 | 90 | (60 | ) | -67 | % | 200 | (170 | ) | -85 | % | ||||||||||
Total nonperforming assets | $ | 899 | $ | 989 | $ | (90 | ) | -9 | % | $ | 1,421 | $ | (522 | ) | -37 | % | |||||
Total restructured performing loans, beginning of period | $ | 1,600 | $ | 1,614 | $ | (14 | ) | -1 | % | $ | 1,531 | $ | 69 | 5 | % | ||||||
Transfer to nonaccrual loans | - | - | - | 0 | % | - | - | 0 | % | ||||||||||||
Addition of restructured performing loans | - | - | - | 0 | % | 109 | (109 | ) | -100 | % | |||||||||||
Principal payments, net | (16 | ) | (14 | ) | (2 | ) | 14 | % | (7 | ) | (9 | ) | 129 | % | |||||||
Charge-offs, net | - | - | - | 0 | % | - | - | 0 | % | ||||||||||||
Total restructured performing loans, end of period | $ | 1,584 | $ | 1,600 | $ | (16 | ) | -1 | % | $ | 1,633 | $ | (49 | ) | -3 | % | |||||
Accruing loans past due 90 days or more | $ | - | $ | - | $ | - | 0 | % | $ | - | $ | - | 0 | % | |||||||
Percentage of nonperforming assets to total assets | 0.07 | % | 0.07 | % | 0.11 | % | |||||||||||||||
Nonperforming loans to total loans | 0.14 | % | 0.14 | % | 0.19 | % | |||||||||||||||
Nonperforming loans to total loans without PPP | 0.14 | % | 0.14 | % | 0.20 | % | |||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Three Months Ended, | |||||||||||||||||||||
$ Change | % Change | $ Change | % Change | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Gross loans outstanding at end of period | $ | 640,716 | $ | 621,541 | $ | 19,175 | 3 | % | $ | 629,760 | $ | 10,956 | 2 | % | |||||||
Average loans outstanding, gross | $ | 629,976 | $ | 610,146 | $ | 19,830 | 3 | % | $ | 653,908 | $ | (23,932 | ) | -4 | % | ||||||
Allowance for loan losses, beginning of period | $ | 8,249 | $ | 8,282 | $ | (33 | ) | 0 | % | $ | 8,527 | $ | (278 | ) | -3 | % | |||||
Commercial | - | - | - | 0 | % | - | - | 0 | % | ||||||||||||
- | - | - | 0 | % | - | - | 0 | % | |||||||||||||
- | - | - | 0 | % | - | - | 0 | % | |||||||||||||
Consumer | (14 | ) | (34 | ) | 20 | -59 | % | (81 | ) | 67 | -83 | % | |||||||||
Total charge-offs | (14 | ) | (34 | ) | 20 | -59 | % | (81 | ) | 67 | -83 | % | |||||||||
Commercial | - | - | - | 0 | % | - | - | 0 | % | ||||||||||||
- | - | - | 0 | % | - | - | 0 | % | |||||||||||||
- | - | - | 0 | % | - | - | 0 | % | |||||||||||||
Consumer | 1 | 1 | - | 0 | % | 1 | - | 0 | % | ||||||||||||
Total recoveries | 1 | 1 | - | 0 | % | 1 | - | 0 | % | ||||||||||||
Net recoveries/(charge-offs) | (13 | ) | (33 | ) | 20 | -61 | % | (80 | ) | 67 | -84 | % | |||||||||
Provision (benefit) to income | - | - | - | 0 | % | (150 | ) | 150 | -100 | % | |||||||||||
Allowance for loan losses, end of period | $ | 8,236 | $ | 8,249 | $ | (13 | ) | 0 | % | $ | 8,297 | $ | (61 | ) | -1 | % | |||||
Ratio of net loans charged-off to average | |||||||||||||||||||||
gross loans outstanding, annualized | 0.01 | % | 0.02 | % | -0.01 | % | 0.05 | % | -0.04 | % | |||||||||||
Ratio of net loans charged-off to average | |||||||||||||||||||||
gross loans outstanding without PPP, annualized | 0.01 | % | 0.02 | % | -0.01 | % | 0.05 | % | -0.04 | % | |||||||||||
Ratio of allowance for loan losses to | |||||||||||||||||||||
gross loans outstanding | 1.29 | % | 1.33 | % | -0.04 | % | 1.32 | % | -0.03 | % | |||||||||||
Ratio of allowance for loan losses to | |||||||||||||||||||||
gross loans without PPP outstanding | 1.29 | % | 1.33 | % | -0.04 | % | 1.37 | % | -0.08 | % | |||||||||||
For the Twelve Months Ended, | |||||||||||||||||||||
$ Change | % Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Gross loans outstanding at end of period | $ | 640,716 | $ | 629,760 | $ | 10,956 | 2 | % | |||||||||||||
Average loans outstanding, gross | $ | 617,220 | $ | 689,265 | $ | (72,045 | ) | -10 | % | ||||||||||||
Allowance for loan losses, beginning of period | $ | 8,297 | $ | 12,068 | $ | (3,771 | ) | -31 | % | ||||||||||||
Commercial | - | (34 | ) | 34 | -100 | % | |||||||||||||||
- | - | - | 0 | % | |||||||||||||||||
- | - | - | 0 | % | |||||||||||||||||
Consumer | (90 | ) | (196 | ) | 106 | -54 | % | ||||||||||||||
Total charge-offs | (90 | ) | (230 | ) | 140 | -61 | % | ||||||||||||||
Commercial | - | 42 | (42 | ) | -100 | % | |||||||||||||||
- | - | - | 0 | % | |||||||||||||||||
- | 49 | (49 | ) | -100 | % | ||||||||||||||||
Consumer | 29 | 18 | 11 | 61 | % | ||||||||||||||||
Total recoveries | 29 | 109 | (80 | ) | -73 | % | |||||||||||||||
Net recoveries (charge-offs) | (61 | ) | (121 | ) | 60 | -50 | % | ||||||||||||||
Provision (benefit) to income | - | (3,650 | ) | 3,650 | -100 | % | |||||||||||||||
Allowance for loan losses, end of period | $ | 8,236 | $ | 8,297 | $ | (61 | ) | -1 | % | ||||||||||||
Ratio of net loans charged-off to average | |||||||||||||||||||||
gross loans outstanding, annualized | 0.01 | % | 0.02 | % | -0.01 | % | |||||||||||||||
Ratio of net loans charged-off to average | |||||||||||||||||||||
gross loans outstanding without PPP, annualized | 0.01 | % | 0.02 | % | -0.01 | % | |||||||||||||||
Ratio of allowance for loan losses to | |||||||||||||||||||||
gross loans outstanding | 1.29 | % | 1.32 | % | -0.03 | % | |||||||||||||||
Ratio of allowance for loan losses to | |||||||||||||||||||||
gross loans without PPP outstanding | 1.29 | % | 1.37 | % | -0.08 | % | |||||||||||||||
ABOUT
Cautions Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other laws, including all statements in this release that are not historical facts or that relate to future plans or events or projected results of
Source:
2023 GlobeNewswire, Inc., source