NASHVILLE, Tenn., Jan. 30, 2025 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended December 31, 2024. Fourth quarter net income attributable to common shareholders was $4.99 million, or $1.74 per diluted share, compared to $4.23 million, or $1.46 per diluted share, for the same quarter in 2023.
For the year ended December 31, 2024, net income increased by 5% to $18.4 million from $17.5 million in 2023. For the year ended December 31, 2024, earnings per diluted share rose to $6.34 from $6.02, an increase of 5% from 2023.
“Truxton grew earnings again in 2024, despite the headwinds of mostly one-time expenses related to our technology and physical office upgrades,” said Truxton Chairman Tom Stumb. “Net Interest Income grew 7% and Wealth revenue increased 17% year-over-year, and we believe we are positioned well for 2025. Truxton continues to succeed as we drive successful outcomes for our clients through our dedication to service and sophisticated, sage advice.”
Key Highlights
- Non-interest income was $5.7 million in the fourth quarter of 2024, which was $173 thousand higher than the third quarter of 2024 and $1.4 million over the fourth quarter of 2023. Excluding gains and losses on the sale of securities, Wealth revenue constituted 90% of non-interest income in the fourth quarter of 2024, compared to 95% for the third quarter of 2024 and to 94% for fourth quarter of 2023. Other non-interest income was elevated due to a large non-recurring payment from an SBIC fund in which we are invested.
- Non-interest expense was $230 thousand lower in the fourth quarter of 2024 compared to the third, driven largely by the timing of certain expense accruals and a refund of some costs related to our bank technology upgrade recognized in the third quarter.
- Loans increased 1% to $670 million at quarter end compared to $665 million at September 30, 2024, and were up 2% compared to $658 million at December 31, 2023.
- Total deposits decreased by 3% from $889 million at September 30, 2024, to $866 million at December 31, 2024, and were 11% higher in comparison to $782 million at December 31, 2023. Truxton continues to fund its growth from a single banking location led by its commitment to provide what it believes is superior deposit operations service and technology.
- Asset quality remains sound at Truxton. The Bank had $11 thousand of non-performing assets at December 31, 2024. Truxton had $4 thousand in charge-offs in the fourth quarter of 2024, $9 thousand in the trailing quarter, and $8 thousand of recoveries in the fourth quarter of 2023.
- Net interest margin for the fourth quarter of 2024 was 2.79%, an increase of 10 basis points from the 2.69% experienced in the quarter ended September 30, 2024, and an increase of 1 basis point from the 2.78% recorded in the quarter ended December 31, 2023. Cost of funds was 3.08% in the fourth quarter of 2024, down from 3.48% in the third quarter of 2024, and 3.15% in the fourth quarter of 2023.
- Allowance for credit losses, excluding that for unfunded commitments, was $6.4 million at quarter end December 31, 2024, compared to $6.4 million at September 30, 2024, and $6.3 million at December 31, 2023. For those three periods, such allowance amounts were each 0.96% of gross loans outstanding at each period end. For the same three periods, the Bank’s allowance for unfunded commitments was $483 thousand, $409 thousand, and $412 thousand, respectively.
- The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 10.63% at December 31, 2024, compared to 10.46% at September 30, 2024, and 10.53% at December 31, 2023. Book value per common share was $34.42, $33.30, and $30.31 at December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
- During the twelve months ended December 31, 2024, Truxton Corporation paid dividends of $2.72 per common share, inclusive of a $1.00 special cash dividend, and repurchased 62,382 shares of its common stock for $4.2 million in the aggregate, or an average price of $66.97 per share.
About Truxton
Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.
| Investor Relations | Media Relations | |
| Austin Branstetter | Swan Burrus | |
| 615-250-0783 | 615-250-0773 | |
| [email protected] | [email protected] |
| Truxton Corporation | |||||||||
| Consolidated Balance Sheets | |||||||||
| (000's) | |||||||||
| (Unaudited) | |||||||||
| December 31, 2024* | September 30, 2024* | December 31, 2023* | |||||||
| ASSETS | |||||||||
| Cash and due from financial institutions | $ | 4,225 | $ | 5,499 | $ | 4,272 | |||
| Interest bearing deposits in other financial institutions | 25,698 | 24,678 | 3,417 | ||||||
| Federal funds sold | 4,054 | 4,816 | 1,537 | ||||||
| Cash and cash equivalents | 33,977 | 34,993 | 9,226 | ||||||
| Time deposits in other financial institutions | 245 | 245 | 490 | ||||||
| Securities available for sale | 258,322 | 295,905 | 259,926 | ||||||
| Gross loans, excluding Paycheck Protection Program | 669,962 | 664,630 | 657,811 | ||||||
| Allowance for credit losses | (6,433 | ) | (6,358 | ) | (6,304 | ) | |||
| Paycheck Protection Program Loans | 20 | 27 | 29 | ||||||
| Net loans | 663,549 | 658,299 | 651,536 | ||||||
| Bank owned life insurance | 16,722 | 16,602 | 10,808 | ||||||
| Restricted equity securities | 2,272 | 2,261 | 1,858 | ||||||
| Premises and equipment, net | 3,293 | 3,328 | 189 | ||||||
| Accrued interest receivable | 4,567 | 4,954 | 4,388 | ||||||
| Deferred tax asset, net | 5,257 | 4,649 | 6,010 | ||||||
| Other assets | 15,577 | 14,017 | 10,839 | ||||||
| Total assets | $ | 1,003,781 | $ | 1,035,253 | $ | 955,270 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
| Deposits | |||||||||
| Non-interest bearing | $ | 126,016 | $ | 116,149 | $ | 123,918 | |||
| Interest bearing | $ | 740,406 | $ | 772,612 | $ | 658,061 | |||
| Total deposits | 866,422 | 888,761 | 781,979 | ||||||
| Federal funds purchased | - | - | - | ||||||
| Swap counterparty cash collateral | 4,230 | 1,890 | 4,060 | ||||||
| Federal Home Loan Bank advances | 8,250 | 13,250 | 4,500 | ||||||
| Federal Reserve Bank Term Funding Program advances | - | 10,000 | 53,800 | ||||||
| Subordinated debt | 14,426 | 14,401 | 14,327 | ||||||
| Other liabilities | 11,747 | 11,405 | 8,922 | ||||||
| Total liabilities | 905,075 | 939,707 | 867,588 | ||||||
| SHAREHOLDERS' EQUITY | |||||||||
| Common stock, $0.10 par value | $ | 286 | $ | 285 | $ | 289 | |||
| Additional paid-in capital | 28,945 | 28,729 | 31,457 | ||||||
| Retained earnings | 61,316 | 62,548 | 51,679 | ||||||
| Accumulated other comprehensive income (loss) | (10,252 | ) | (9,434 | ) | (13,279 | ) | |||
| Net Income | $ | 18,411 | $ | 13,418 | $ | 17,536 | |||
| Total shareholders' equity | 98,706 | 95,546 | 87,682 | ||||||
| Total liabilities and shareholders' equity | $ | 1,003,781 | $ | 1,035,253 | $ | 955,270 | |||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | |||||||||
| Truxton Corporation | ||||||||||||||||||||||
| Consolidated Statements of Net Income | ||||||||||||||||||||||
| (000's) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | Year To Date | |||||||||||||||||||||
| December 31, 2024* | September 30, 2024* | December 31, 2023* | December 31, 2024* | December 31, 2023* | ||||||||||||||||||
| Non-interest income | ||||||||||||||||||||||
| Wealth management services | $ | 5,242 | $ | 5,267 | $ | 4,435 | $ | 20,597 | $ | 17,657 | ||||||||||||
| Service charges on deposit accounts | 85 | 92 | 111 | 360 | 461 | |||||||||||||||||
| Securities gains (losses), net | (122 | ) | 0 | (445 | ) | (335 | ) | (386 | ) | |||||||||||||
| Bank owned life insurance income | 124 | 90 | 56 | 333 | 216 | |||||||||||||||||
| Other | 391 | 98 | 115 | 1,164 | 524 | |||||||||||||||||
| Total non-interest income | 5,720 | 5,547 | 4,272 | 22,119 | 18,472 | |||||||||||||||||
| Interest income | ||||||||||||||||||||||
| Loans, including fees | $ | 10,354 | $ | 10,654 | $ | 10,495 | $ | 41,721 | $ | 37,804 | ||||||||||||
| Taxable securities | 3,039 | 3,361 | 2,554 | 11,932 | 9,350 | |||||||||||||||||
| Tax-exempt securities | 217 | 222 | 210 | 834 | 876 | |||||||||||||||||
| Interest bearing deposits | 348 | 488 | 198 | 1,475 | 695 | |||||||||||||||||
| Federal funds sold | 75 | 113 | 41 | 288 | 101 | |||||||||||||||||
| Total interest income | 14,033 | 14,838 | 13,498 | 56,250 | 48,826 | |||||||||||||||||
| Interest expense | ||||||||||||||||||||||
| Deposits | 6,798 | 7,667 | 6,048 | 27,854 | 20,881 | |||||||||||||||||
| Short-term borrowings | 90 | 260 | 685 | 1,294 | 2,154 | |||||||||||||||||
| Long-term borrowings | 85 | 51 | 23 | 164 | 490 | |||||||||||||||||
| Subordinated debentures | 188 | 188 | 187 | 752 | 771 | |||||||||||||||||
| Total interest expense | 7,161 | 8,166 | 6,943 | 30,064 | 24,296 | |||||||||||||||||
| Net interest income | 6,872 | 6,672 | 6,555 | 26,186 | 24,530 | |||||||||||||||||
| Provision for credit losses | 145 | 105 | 215 | 217 | 296 | |||||||||||||||||
| Net interest income after provision for loan losses | 6,727 | 6,567 | 6,340 | 25,969 | 24,234 | |||||||||||||||||
| Total revenue, net | 12,447 | 12,114 | 10,612 | 48,088 | 42,706 | |||||||||||||||||
| Non interest expense | ||||||||||||||||||||||
| Salaries and employee benefits | 4,635 | 4,044 | 3,563 | 16,652 | 14,810 | |||||||||||||||||
| Occupancy | 326 | 315 | 272 | 1,578 | 1,185 | |||||||||||||||||
| Furniture and equipment | 107 | 115 | 24 | 300 | 76 | |||||||||||||||||
| Data processing | 282 | 625 | 389 | 1,763 | 1,703 | |||||||||||||||||
| Wealth management processing fees | 195 | 221 | 166 | 838 | 729 | |||||||||||||||||
| Advertising and public relations | 96 | 27 | 109 | 206 | 248 | |||||||||||||||||
| Professional services | 247 | 609 | 285 | 1,337 | 941 | |||||||||||||||||
| FDIC insurance assessments | 33 | 80 | 225 | 423 | 460 | |||||||||||||||||
| Other | 291 | 406 | 322 | 2,024 | 901 | |||||||||||||||||
| Total non interest expense | 6,212 | 6,442 | 5,355 | 25,121 | 21,053 | |||||||||||||||||
| Income before income taxes | 6,235 | 5,672 | 5,257 | 22,967 | 21,653 | |||||||||||||||||
| Income tax expense | 1,242 | 1,102 | 1,028 | 4,556 | 4,117 | |||||||||||||||||
| Net income | $ | 4,993 | $ | 4,570 | $ | 4,229 | $ | 18,411 | $ | 17,536 | ||||||||||||
| Earnings per share: | ||||||||||||||||||||||
| Basic | $ | 1.74 | $ | 1.58 | $ | 1.46 | $ | 6.35 | $ | 6.04 | ||||||||||||
| Diluted | $ | 1.74 | $ | 1.57 | $ | 1.46 | $ | 6.34 | $ | 6.02 | ||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding. | ||||||||||||||||||||||
| Truxton Corporation | ||||||||||
| Selected Quarterly Financial data | ||||||||||
| At Or For The Three Months Ended | ||||||||||
| (000's) | ||||||||||
| (Unaudited) | ||||||||||
| December 31, 2024* | September 30, 2024* | December 31, 2023* | ||||||||
| Per Common Share Data | ||||||||||
| Net income attributable to common shareholders, per share | ||||||||||
| Basic | $1.74 | $1.58 | $1.46 | |||||||
| Diluted | $1.74 | $1.57 | $1.46 | |||||||
| Book value per common share | $34.42 | $33.30 | $30.31 | |||||||
| Tangible book value per common share | $34.42 | $33.30 | $30.31 | |||||||
| Basic weighted average common shares | 2,787,805 | 2,819,035 | 2,821,846 | |||||||
| Diluted weighted average common shares | 2,792,363 | 2,823,728 | 2,828,274 | |||||||
| Common shares outstanding at period end | 2,867,850 | 2,869,015 | 2,893,064 | |||||||
| Selected Balance Sheet Data | ||||||||||
| Tangible common equity (TCE) ratio | 9.83% | 9.23% | 9.18% | |||||||
| Average Loans | $667,957 | $652,624 | $653,804 | |||||||
| Average earning assets (1) | $998,861 | $1,006,370 | $956,793 | |||||||
| Average total assets | $1,025,415 | $1,029,802 | $960,852 | |||||||
| Average shareholders' equity | $97,026 | $94,225 | $81,759 | |||||||
| Selected Asset Quality Measures | ||||||||||
| Nonaccrual loans | $0 | $0 | $0 | |||||||
| 90+ days past due still accruing | $11 | $11 | $0 | |||||||
| Total nonperforming loans | $11 | $11 | $0 | |||||||
| Total nonperforming assets | $11 | $11 | $0 | |||||||
| Net charge offs (recoveries) | $4 | $9 | ($8) | |||||||
| Nonperforming loans to assets | 0.00% | 0.00% | 0.00% | |||||||
| Nonperforming assets to total assets | 0.00% | 0.00% | 0.00% | |||||||
| Nonperforming assets to total loans and other real estate | 0.00% | 0.00% | 0.00% | |||||||
| Allowance for credit losses to total loans | 0.96% | 0.96% | 0.96% | |||||||
| Net charge offs to average loans | 0.00% | 0.00% | 0.00% | |||||||
| Capital Ratios (Bank Subsidiary Only) | ||||||||||
| Tier 1 leverage | 10.63% | 10.46% | 10.53% | |||||||
| Common equity tier 1 | 15.19% | 15.17% | 14.58% | |||||||
| Total risk-based capital | 16.15% | 16.11% | 15.53% | |||||||
| Selected Performance Ratios | ||||||||||
| Efficiency ratio | 48.45% | 52.72% | 47.07% | |||||||
| Return on average assets (ROA) | 1.94% | 1.77% | 1.75% | |||||||
| Return on average shareholders' equity (ROE) | 20.47% | 19.29% | 20.52% | |||||||
| Return on average tangible common equity (ROTCE) | 20.47% | 19.29% | 20.52% | |||||||
| Net interest margin | 2.79% | 2.69% | 2.78% | |||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | ||||||||||
| (1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, and investment securities. | ||||||||||
| Truxton Corporation | ||||||||||||||||||||||||
| Yield Tables | ||||||||||||||||||||||||
| For The Periods Indicated | ||||||||||||||||||||||||
| (000's) | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: | ||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
| December 31, 2024* | September 30, 2024* | December 31, 2023* | ||||||||||||||||||||||
| Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | ||||||||||||||||
| Earning Assets | ||||||||||||||||||||||||
| Loans | $667,957 | 6.08 | $10,215 | $652,624 | 6.41 | $10,520 | $653,804 | 6.18 | $10,183 | |||||||||||||||
| Loan fees | $0 | 0.09 | $146 | $0 | 0.08 | $134 | $0 | 0.19 | $312 | |||||||||||||||
| Loans with fees | 667,957 | 6.17 | $10,361 | 652,624 | 6.49 | $10,654 | $653,804 | 6.37 | $10,495 | |||||||||||||||
| Mortgage loans held for sale | $0 | 0.00 | $0 | $0 | 0.00 | $0 | $0 | 0.00 | $0 | |||||||||||||||
| Federal funds sold | $6,232 | 4.71 | $75 | $8,367 | 5.28 | $113 | $2,985 | 5.41 | $41 | |||||||||||||||
| Deposits with banks | $28,570 | 4.85 | $348 | $35,784 | 5.43 | $488 | $14,240 | 5.51 | $198 | |||||||||||||||
| Investment securities - taxable | $260,605 | 4.66 | $3,039 | $273,488 | 4.92 | $3,361 | $248,778 | 4.11 | $2,554 | |||||||||||||||
| Investment securities - tax-exempt | $35,497 | 3.65 | $217 | $36,107 | 3.67 | $222 | $36,986 | 3.39 | $210 | |||||||||||||||
| Total Earning Assets | $998,861 | 5.64 | $14,040 | $1,006,370 | 5.92 | $14,838 | $956,793 | 5.65 | $13,498 | |||||||||||||||
| Non interest earning assets | ||||||||||||||||||||||||
| Allowance for loan losses | (6,359) | (6,224) | (6,123) | |||||||||||||||||||||
| Cash and due from banks | $5,985 | $6,529 | $5,402 | |||||||||||||||||||||
| Premises and equipment | $3,305 | $3,370 | $119 | |||||||||||||||||||||
| Accrued interest receivable | $3,721 | $3,746 | $3,575 | |||||||||||||||||||||
| Other real estate | $0 | $0 | $0 | |||||||||||||||||||||
| Other assets | $36,453 | $34,150 | $30,404 | |||||||||||||||||||||
| Unrealized gain (loss) on inv. securities | (16,551) | (18,139) | (29,318) | |||||||||||||||||||||
| Total Assets | $1,025,415 | $1,029,802 | $960,852 | |||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||
| Interest bearing demand | $329,625 | 3.26 | $2,703 | $333,177 | 3.60 | $3,018 | $345,966 | 3.42 | $2,984 | |||||||||||||||
| Savings and money market | $200,257 | 2.83 | $1,427 | $195,751 | 3.60 | $1,773 | $138,244 | 2.95 | $1,027 | |||||||||||||||
| Time deposits - retail | $13,170 | 3.39 | $112 | $13,505 | 3.40 | $115 | $16,343 | 3.18 | $131 | |||||||||||||||
| Time deposits - wholesale | $228,144 | 4.46 | $2,556 | $226,673 | 4.85 | $2,761 | $165,756 | 4.56 | $1,906 | |||||||||||||||
| Total interest bearing deposits | $771,196 | 3.51 | $6,798 | $769,106 | 3.97 | $7,667 | $666,309 | 3.6 | $6,048 | |||||||||||||||
| Federal Home Loan Bank advances | $9,554 | 3.48 | $85 | $5,728 | 3.50 | $51 | $4,500 | 1.98 | $23 | |||||||||||||||
| Subordinated debt | $14,520 | 5.08 | $188 | $14,656 | 4.53 | $188 | $14,422 | 5.08 | $187 | |||||||||||||||
| Other borrowings | $12,369 | 4.04 | $90 | $24,011 | 4.22 | $259 | $60,859 | 4.39 | $685 | |||||||||||||||
| Total borrowed funds | $36,443 | 3.90 | $363 | $44,395 | 4.40 | $499 | $79,781 | 4.39 | $895 | |||||||||||||||
| Total interest bearing liabilities | $807,639 | 3.52 | $7,161 | $813,501 | 3.99 | $8,166 | $746,090 | 3.69 | $6,943 | |||||||||||||||
| Net interest rate spread | 2.12 | $6,879 | 1.93 | $6,672 | 1.96 | $6,555 | ||||||||||||||||||
| Non-interest bearing deposits | $115,593 | $118,216 | $126,534 | |||||||||||||||||||||
| Other liabilities | $5,157 | $3,860 | $6,469 | |||||||||||||||||||||
| Shareholder's equity | $97,026 | $94,225 | $81,759 | |||||||||||||||||||||
| Total Liabilities and Shareholder's Equity | $1,025,415 | $1,029,802 | $960,852 | |||||||||||||||||||||
| Cost of funds | 3.08 | 3.48 | 3.15 | |||||||||||||||||||||
| Net interest margin | 2.79 | 2.69 | 2.78 | |||||||||||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding. | ||||||||||||||||||||||||
| Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category. | ||||||||||||||||||||||||
| Truxton Corporation | ||||||||||||||||||
| Yield Tables | ||||||||||||||||||
| For The Periods Indicated | ||||||||||||||||||
| (000's) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: | ||||||||||||||||||
| Twelve Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, 2024* | December 31, 2023* | |||||||||||||||||
| Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | |||||||||||||
| Earning Assets | ||||||||||||||||||
| Loans | $658,226 | 6.28 | $41,328 | $635,059 | 5.85 | $37,150 | ||||||||||||
| Loan fees | $0 | 0.08 | $504 | $0 | 0.10 | $654 | ||||||||||||
| Loans with fees | $658,226 | 6.36 | $41,832 | $635,059 | 5.95 | $37,804 | ||||||||||||
| Mortgage loans held for sale | $0 | 0.00 | $0 | $0 | 0.00 | $0 | ||||||||||||
| Federal funds sold | $5,592 | 5.08 | $289 | $1,907 | 5.21 | $101 | ||||||||||||
| Deposits with banks | $27,967 | 5.27 | $1,475 | $13,711 | 5.07 | $695 | ||||||||||||
| Investment securities - taxable | $259,313 | 4.6 | $11,931 | $247,483 | 3.78 | $9,350 | ||||||||||||
| Investment securities - tax-exempt | $34,867 | 3.57 | $834 | $38,410 | 3.40 | $876 | ||||||||||||
| Total Earning Assets | $985,965 | 5.76 | $56,361 | $936,570 | 5.26 | $48,826 | ||||||||||||
| Non interest earning assets | ||||||||||||||||||
| Allowance for loan losses | (6,299) | (6,087) | ||||||||||||||||
| Cash and due from banks | $6,161 | 5,960 | ||||||||||||||||
| Premises and equipment | $2,662 | $154 | ||||||||||||||||
| Accrued interest receivable | $3,730 | $3,271 | ||||||||||||||||
| Other real estate | $0 | $0 | ||||||||||||||||
| Other assets | $33,513 | $29,175 | ||||||||||||||||
| Unrealized gain (loss) on inv. securities | (19,553) | (26,891) | ||||||||||||||||
| Total Assets | $1,006,179 | $942,152 | ||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||
| Interest bearing demand | $333,322 | 3.5 | $11,681 | $351,956 | 3.20 | $11,247 | ||||||||||||
| Savings and Money Market | $183,557 | 3.33 | $6,121 | $134,518 | 2.50 | $3,368 | ||||||||||||
| Time deposits - Retail | $14,275 | 3.41 | $486 | $17,168 | 2.53 | $435 | ||||||||||||
| Time Deposits - Wholesale | $207,457 | 4.61 | $9,566 | $143,922 | 4.05 | $5,832 | ||||||||||||
| Total interest bearing deposits | $738,611 | 3.77 | $27,854 | $647,564 | 3.22 | $20,882 | ||||||||||||
| Federal home Loan Bank advances | $5,476 | 2.95 | $164 | $12,355 | 3.91 | $490 | ||||||||||||
| Subordinated debt | $14,565 | 5.08 | $752 | $14,831 | 5.12 | $771 | ||||||||||||
| Other borrowings | $31,032 | 4.41 | $1,294 | $47,985 | 4.42 | $2,153 | ||||||||||||
| Total borrowed funds | $51,073 | 4.26 | $2,210 | $75,171 | 4.48 | $3,414 | ||||||||||||
| Total interest bearing liabilities | $789,685 | 3.80 | $30,064 | $722,735 | 3.36 | $24,296 | ||||||||||||
| Net interest rate spread | 1.95 | $26,297 | 1.90 | $24,530 | ||||||||||||||
| Non-interest bearing deposits | $119,150 | $135,909 | ||||||||||||||||
| Other liabilities | $4,424 | $4,810 | ||||||||||||||||
| Shareholder's equity | $92,920 | $78,619 | ||||||||||||||||
| Total Liabilities and Shareholder's Equity | $1,006,179 | $942,073 | ||||||||||||||||
| Cost of funds | 3.30 | 2.82 | ||||||||||||||||
| Net interest margin | 2.71 | 2.67 | ||||||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | ||||||||||||||||||
| Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category. | ||||||||||||||||||