•
|
Second Fiscal Quarter Net Income of $5.33 Million
|
•
|
Quarterly Return on Average Equity of 10.10%
|
•
|
Loan Portfolio (Excluding PPP Loans) Increased 6% During Quarter
|
•
|
Announces $0.22 Quarterly Cash Dividend
|
•
|
Net income was $5.33 million for the current quarter compared to $5.49 million for the preceding quarter and $7.25 million
for the comparable quarter one year ago; EPS was $0.63 for the current quarter compared to $0.65 for the preceding quarter and $0.86 for the comparable quarter one year ago;
|
•
|
Net income was $10.81 million for the first six months of fiscal 2022 compared to $14.54 million for the first six months of
fiscal 2021; EPS was $1.28 for the first six months of fiscal 2022 compared to $1.73 for the first six months of fiscal 2021;
|
•
|
Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 10.10% and 1.16%,
respectively;
|
•
|
Net interest margin (“NIM”) was 2.95% for the current quarter compared to 2.92% for the preceding quarter and 3.21% for the
comparable quarter one year ago; and
|
•
|
The efficiency ratio was 58.42% for the current quarter compared to 57.40% for the preceding quarter and 48.99% for the
comparable quarter one year ago.
|
•
|
Total assets increased 10% year-over-year and 3% from the prior quarter;
|
•
|
Total deposits increased 12% year-over-year and 3% from the prior quarter;
|
•
|
Net loans receivable (excluding SBA PPP loans) increased 15% year-over-year and 6% from the prior quarter;
|
•
|
Net loans receivable (including SBA PPP loans) increased 4% from the prior quarter;
|
•
|
Non-performing assets to total assets ratio improved to 0.16% from 0.17% at December 31, 2021; and
|
•
|
Book and tangible book (non-GAAP) values per common share increased to $25.56 and $23.60, respectively, at March 31, 2022.
|
SBA PPP Loan Income
($ in thousands)
|
||||||||||||
Three Months Ended
|
||||||||||||
March 31, 2022
|
Dec. 31, 2021
|
March 31, 2021
|
||||||||||
Interest income
|
$
|
31
|
$
|
71
|
$
|
306
|
||||||
Loan origination fee accretion
|
708
|
927
|
1,143
|
|||||||||
Total SBA PPP loan income
|
$
|
739
|
$
|
998
|
$
|
1,449
|
||||||
Loan Portfolio
($ in thousands)
|
||||||||||||||||||||||||
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||
One- to four-family (a)
|
$
|
133,925
|
12
|
%
|
$
|
129,151
|
12
|
%
|
$
|
117,184
|
10
|
%
|
||||||||||||
Multi-family
|
82,526
|
7
|
84,180
|
7
|
92,435
|
8
|
||||||||||||||||||
Commercial
|
523,479
|
45
|
497,361
|
44
|
461,966
|
40
|
||||||||||||||||||
Construction - custom and
|
||||||||||||||||||||||||
owner/builder
|
114,394
|
10
|
116,267
|
10
|
105,305
|
9
|
||||||||||||||||||
Construction - speculative
one-to four-family
|
15,438
|
1
|
18,255
|
2
|
17,289
|
2
|
||||||||||||||||||
Construction - commercial
|
35,416
|
3
|
42,611
|
4
|
42,340
|
4
|
||||||||||||||||||
Construction - multi-family
|
64,141
|
6
|
54,710
|
5
|
44,266
|
4
|
||||||||||||||||||
Construction - land
|
||||||||||||||||||||||||
development
|
10,687
|
1
|
13,680
|
1
|
2,238
|
--
|
||||||||||||||||||
Land
|
22,192
|
2
|
18,568
|
2
|
19,041
|
2
|
||||||||||||||||||
Total mortgage loans
|
1,002,198
|
87
|
974,783
|
87
|
902,064
|
79
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and second
|
||||||||||||||||||||||||
mortgage
|
32,980
|
3
|
34,375
|
3
|
32,026
|
3
|
||||||||||||||||||
Other
|
2,277
|
--
|
2,462
|
--
|
2,756
|
--
|
||||||||||||||||||
Total consumer loans
|
35,257
|
3
|
36,837
|
3
|
34,782
|
3
|
||||||||||||||||||
Commercial loans:
|
||||||||||||||||||||||||
Commercial business loans
|
108,644
|
9
|
85,006
|
8
|
66,645
|
6
|
||||||||||||||||||
SBA PPP loans
|
5,934
|
1
|
21,397
|
2
|
138,175
|
12
|
||||||||||||||||||
Total commercial loans
|
114,578
|
10
|
106,403
|
10
|
204,820
|
18
|
||||||||||||||||||
Total loans
|
1,152,033
|
100
|
%
|
1,118,023
|
100
|
%
|
1,141,666
|
100
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Undisbursed portion of
|
||||||||||||||||||||||||
construction loans in
|
||||||||||||||||||||||||
process
|
(100,719
|
)
|
(106,009
|
)
|
(90,550
|
)
|
||||||||||||||||||
Deferred loan origination
|
||||||||||||||||||||||||
fees
|
(3,801
|
)
|
(4,539
|
)
|
(6,999
|
)
|
||||||||||||||||||
Allowance for loan losses
|
(13,433
|
)
|
(13,468
|
)
|
(13,434
|
)
|
||||||||||||||||||
Total loans receivable, net
|
$
|
1,034,080
|
$
|
994,007
|
$
|
1,030,683
|
(a)
|
Does not include one- to four-family loans held for sale totaling $2,772, $3,700 and $8,455 at March 31, 2022, December 31,
2021, and March 31, 2021, respectively.
|
CRE Loan Portfolio Breakdown by Collateral
($ in thousands)
|
||||||||||||
Collateral Type
|
Amount
|
Percent
of CRE
Portfolio
|
Percent of
Total Loan
Portfolio |
|||||||||
Industrial warehouse
|
$
|
101,045
|
19
|
%
|
9
|
%
|
||||||
Office buildings
|
72,613
|
14
|
6
|
|||||||||
Medical/dental offices
|
65,500
|
12
|
5
|
|||||||||
Other retail buildings
|
47,518
|
9
|
4
|
|||||||||
Restaurants
|
29,532
|
6
|
3
|
|||||||||
Hotel/motel
|
26,152
|
5
|
2
|
|||||||||
Mini-storage
|
23,226
|
4
|
2
|
|||||||||
Convenience stores
|
22,645
|
4
|
2
|
|||||||||
Nursing homes
|
18,591
|
4
|
2
|
|||||||||
Shopping centers
|
10,655
|
2
|
1
|
|||||||||
Churches
|
8,173
|
2
|
1
|
|||||||||
Additional CRE
|
97,829
|
19
|
8
|
|||||||||
Total CRE
|
$
|
523,479
|
100
|
%
|
45
|
%
|
Deposit Breakdown
($ in thousands)
|
||||||||||||||||||||||||
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Non-interest-bearing demand
|
$
|
525,488
|
32
|
%
|
$
|
523,518
|
33
|
%
|
$
|
499,541
|
34
|
%
|
||||||||||||
NOW checking
|
457,874
|
28
|
459,079
|
28
|
403,811
|
27
|
||||||||||||||||||
Savings
|
288,361
|
18
|
269,423
|
17
|
250,736
|
17
|
||||||||||||||||||
Money market
|
251,631
|
15
|
211,837
|
13
|
171,896
|
11
|
||||||||||||||||||
Money market – reciprocal
|
6,426
|
--
|
10,619
|
1
|
13,094
|
1
|
||||||||||||||||||
Certificates of deposit under $250
|
106,208
|
6
|
110,168
|
7
|
119,388
|
8
|
||||||||||||||||||
Certificates of deposit $250 and over
|
20,438
|
1
|
21,987
|
1
|
23,393
|
2
|
||||||||||||||||||
Total deposits
|
$ | 1,656,426 | 100 | % | $ | 1,606,631 | 100 | % | $ | 1,481,859 | 100 | % |
March 31,
|
Dec. 31,
|
March 31,
|
||||||||||
2022
|
2021
|
2021
|
||||||||||
ALL to loans receivable
|
1.28
|
%
|
1.34
|
%
|
1.29
|
%
|
||||||
ALL to loans receivable (excluding SBA PPP loans) (non-GAAP)
|
1.29
|
%
|
1.37
|
%
|
1.48
|
%
|
||||||
ALL to loans receivable (excluding SBA PPP loans and South Sound
Acquisition loans) (non-GAAP)
|
1.33
|
%
|
1.41
|
%
|
1.56
|
%
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
||||||||||||||||||||||
Amount
|
Quantity
|
Amount
|
Quantity
|
Amount
|
Quantity
|
|||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||
One- to four-family
|
$
|
578
|
3
|
$
|
582
|
3
|
$
|
415
|
2
|
|||||||||||||||
Commercial
|
671
|
3
|
675
|
2
|
643
|
2
|
||||||||||||||||||
Land
|
723
|
4
|
676
|
3
|
173
|
2
|
||||||||||||||||||
Total mortgage loans
|
1,972
|
10
|
1,933
|
8
|
1,231
|
6
|
||||||||||||||||||
Consumer loans
|
||||||||||||||||||||||||
Home equity and second
|
||||||||||||||||||||||||
mortgage
|
269
|
2
|
456
|
4
|
539
|
6
|
||||||||||||||||||
Other
|
5
|
1
|
5
|
1
|
8
|
1
|
||||||||||||||||||
Total consumer loans
|
274
|
3
|
461
|
5
|
547
|
7
|
||||||||||||||||||
Commercial business loans
|
405
|
6
|
459
|
7
|
527
|
7
|
||||||||||||||||||
Total loans
|
$
|
2,651
|
19
|
$
|
2,853
|
20
|
$
|
2,305
|
20
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
||||||||||||||||||||||
Amount
|
Quantity
|
Amount
|
Quantity
|
Amount
|
Quantity
|
|||||||||||||||||||
Land
|
$
|
157
|
3
|
$
|
157
|
3
|
$
|
157
|
3
|
|||||||||||||||
Total
|
$
|
157
|
3
|
$
|
157
|
3
|
$
|
157
|
3
|
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
|
Three Months Ended
|
|||||||||||
($ in thousands, except per share amounts) (unaudited)
|
March 31,
|
Dec. 31,
|
March 31,
|
|||||||||
2022
|
2021
|
2021
|
||||||||||
Interest and dividend income
|
||||||||||||
Loans receivable
|
$
|
12,620
|
$
|
12,622
|
$
|
12,790
|
||||||
Investment securities
|
590
|
405
|
284
|
|||||||||
Dividends from mutual funds, FHLB stock and other investments
|
27
|
27
|
27
|
|||||||||
Interest bearing deposits in banks
|
283
|
288
|
259
|
|||||||||
Total interest and dividend income
|
13,520
|
13,342
|
13,360
|
|||||||||
|
||||||||||||
Interest expense
|
||||||||||||
Deposits
|
625
|
631
|
764
|
|||||||||
Borrowings
|
2
|
15
|
29
|
|||||||||
Total interest expense
|
627
|
646
|
793
|
|||||||||
Net interest income
|
12,893
|
12,696
|
12,567
|
|||||||||
Provision for loan losses
|
--
|
--
|
--
|
|||||||||
Net interest income after provision for loan losses
|
12,893
|
12,696
|
12,567
|
|||||||||
Non-interest income
|
||||||||||||
Service charges on deposits
|
1,014
|
913
|
941
|
|||||||||
ATM and debit card interchange transaction fees
|
1,247
|
1,277
|
1,237
|
|||||||||
Gain on sales of loans, net
|
416
|
663
|
1,758
|
|||||||||
Bank owned life insurance (“BOLI”) net earnings
|
152
|
154
|
146
|
|||||||||
Valuation recovery on loan servicing rights, net
|
--
|
119
|
438
|
|||||||||
Recoveries on investment securities, net
|
3
|
8
|
3
|
|||||||||
Other
|
251
|
308
|
363
|
|||||||||
Total non-interest income, net
|
3,083
|
3,442
|
4,886
|
|||||||||
Non-interest expense
|
||||||||||||
Salaries and employee benefits
|
5,192
|
5,171
|
4,778
|
|||||||||
Premises and equipment
|
988
|
928
|
998
|
|||||||||
Advertising
|
161
|
166
|
155
|
|||||||||
OREO and other repossessed assets, net
|
2
|
(18
|
)
|
(68
|
)
|
|||||||
ATM and debit card processing
|
450
|
464
|
445
|
|||||||||
Postage and courier
|
164
|
136
|
149
|
|||||||||
State and local taxes
|
235
|
255
|
255
|
|||||||||
Professional fees
|
322
|
271
|
181
|
|||||||||
FDIC insurance expense
|
126
|
128
|
105
|
|||||||||
Loan administration and foreclosure
|
96
|
104
|
90
|
|||||||||
Data processing and telecommunications
|
669
|
613
|
634
|
|||||||||
Deposit operations
|
262
|
299
|
245
|
|||||||||
Amortization of core deposit intangible (“CDI”)
|
79
|
79
|
91
|
|||||||||
Other, net
|
587
|
668
|
493
|
|||||||||
Total non-interest expense, net
|
9,333
|
9,264
|
8,551
|
|||||||||
Income before income taxes
|
6,643
|
6,874
|
8,902
|
|||||||||
Provision for income taxes
|
1,316
|
1,389
|
1,651
|
|||||||||
Net income
|
$
|
5,327
|
$
|
5,485
|
$
|
7,251
|
||||||
Net income per common share:
|
||||||||||||
Basic
|
$
|
0.64
|
$
|
0.66
|
$
|
0.87
|
||||||
Diluted
|
0.63
|
0.65
|
0.86
|
|||||||||
Weighted average common shares outstanding:
|
||||||||||||
Basic
|
8,337,407
|
8,356,066
|
8,331,121
|
|||||||||
Diluted
|
8,421,875
|
8,448,900
|
8,444,798
|
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
|
Six Months Ended
|
|||||||
($ in thousands, except per share amounts) (unaudited)
|
March 31,
|
March 31,
|
||||||
2022
|
2021
|
|||||||
Interest and dividend income
|
||||||||
Loans receivable
|
$
|
25,242
|
$
|
26,108
|
||||
Investment securities
|
996
|
585
|
||||||
Dividends from mutual funds, FHLB stock and other investments
|
54
|
55
|
||||||
Interest bearing deposits in banks
|
571
|
569
|
||||||
Total interest and dividend income
|
26,863
|
27,317
|
||||||
Interest expense
|
||||||||
Deposits
|
1,257
|
1,668
|
||||||
Borrowings
|
17
|
58
|
||||||
Total interest expense
|
1,274
|
1,726
|
||||||
Net interest income
|
25,589
|
25,591
|
||||||
Provision for loan losses
|
--
|
--
|
||||||
Net interest income after provision for loan losses
|
25,589
|
25,591
|
||||||
Non-interest income
|
||||||||
Service charges on deposits
|
1,927
|
1,996
|
||||||
ATM and debit card interchange transaction fees
|
2,523
|
2,393
|
||||||
Gain on sales of loans, net
|
1,079
|
3,760
|
||||||
Bank owned life insurance (“BOLI”) net earnings
|
305
|
295
|
||||||
Valuation recovery on loan servicing rights, net
|
119
|
202
|
||||||
Recoveries on investment securities, net
|
11
|
8
|
||||||
Other
|
561
|
791
|
||||||
Total non-interest income, net
|
6,525
|
9,445
|
||||||
Non-interest expense
|
||||||||
Salaries and employee benefits
|
10,363
|
9,391
|
||||||
Premises and equipment
|
1,916
|
1,955
|
||||||
Advertising
|
327
|
311
|
||||||
OREO and other repossessed assets, net
|
(16
|
)
|
(94
|
)
|
||||
ATM and debit card processing
|
914
|
876
|
||||||
Postage and courier
|
300
|
287
|
||||||
State and local taxes
|
489
|
538
|
||||||
Professional fees
|
593
|
412
|
||||||
FDIC insurance expense
|
254
|
201
|
||||||
Loan administration and foreclosure
|
200
|
171
|
||||||
Data processing and telecommunications
|
1,282
|
1,240
|
||||||
Deposit operations
|
561
|
529
|
||||||
Amortization of CDI
|
158
|
181
|
||||||
Other, net
|
1,256
|
963
|
||||||
Total non-interest expense, net
|
18,597
|
16,961
|
||||||
Income before income taxes
|
13,517
|
18,075
|
||||||
Provision for income taxes
|
2,705
|
3,534
|
||||||
Net income
|
$
|
10,812
|
$
|
14,541
|
||||
Net income per common share:
|
||||||||
Basic
|
$
|
1.30
|
$
|
1.75
|
||||
Diluted
|
1.28
|
1.73
|
||||||
Weighted average common shares outstanding:
|
||||||||
Basic
|
8,346,839
|
8,322,210
|
||||||
Diluted
|
8,435,536
|
8,428,595
|
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
($ in thousands, except per share amounts) (unaudited)
|
March 31,
|
Dec. 31,
|
March 31,
|
|||||||||
2022
|
2021
|
2021
|
||||||||||
Assets
|
||||||||||||
Cash and due from financial institutions
|
$
|
26,500
|
$
|
20,539
|
$
|
21,707
|
||||||
Interest-bearing deposits in banks
|
465,802
|
537,789
|
411,635
|
|||||||||
Total cash and cash equivalents
|
492,302
|
558,328
|
433,342
|
|||||||||
Certificates of deposit (“CDs”) held for investment, at cost
|
28,619
|
24,648
|
39,674
|
|||||||||
Investment securities:
|
||||||||||||
Held to maturity, at amortized cost
|
189,405
|
114,600
|
36,465
|
|||||||||
Available for sale, at fair value
|
50,624
|
56,552
|
69,184
|
|||||||||
Investments in equity securities, at fair value
|
902
|
946
|
957
|
|||||||||
FHLB stock
|
2,194
|
2,103
|
2,303
|
|||||||||
Other investments, at cost
|
3,000
|
3,000
|
3,000
|
|||||||||
Loans held for sale
|
2,772
|
3,700
|
8,455
|
|||||||||
Loans receivable
|
1,047,513
|
1,007,475
|
1,044,117
|
|||||||||
Less: Allowance for loan losses
|
(13,433
|
)
|
(13,468
|
)
|
(13,434
|
)
|
||||||
Net loans receivable
|
1,034,080
|
994,007
|
1,030,683
|
|||||||||
Premises and equipment, net
|
21,878
|
22,108
|
22,763
|
|||||||||
OREO and other repossessed assets, net
|
157
|
157
|
157
|
|||||||||
BOLI
|
22,498
|
22,347
|
21,891
|
|||||||||
Accrued interest receivable
|
3,927
|
3,938
|
4,471
|
|||||||||
Goodwill
|
15,131
|
15,131
|
15,131
|
|||||||||
CDI
|
1,106
|
1,185
|
1,444
|
|||||||||
Loan servicing rights, net
|
3,390
|
3,524
|
3,604
|
|||||||||
Operating lease right-of-use assets
|
2,129
|
2,206
|
2,436
|
|||||||||
Other assets
|
3,356
|
2,795
|
3,284
|
|||||||||
Total assets
|
$
|
1,877,470
|
$
|
1,831,275
|
$
|
1,699,244
|
||||||
Liabilities and shareholders’ equity
|
||||||||||||
Deposits: Non-interest-bearing demand
|
$
|
525,488
|
$
|
523,518
|
$
|
499,541
|
||||||
Deposits: Interest-bearing
|
1,130,938
|
1,083,113
|
982,318
|
|||||||||
Total deposits
|
1,656,426
|
1,606,631
|
1,481,859
|
|||||||||
Operating lease liabilities
|
2,210
|
2,285
|
2,499
|
|||||||||
FHLB borrowings
|
--
|
5,000
|
10,000
|
|||||||||
Other liabilities and accrued expenses
|
6,565
|
6,984
|
6,343
|
|||||||||
Total liabilities
|
1,665,201
|
1,620,900
|
1,500,701
|
|||||||||
Shareholders’ equity
|
||||||||||||
Common stock, $.01 par value; 50,000,000 shares authorized;
8,305,826 shares issued and outstanding – March 31, 2022
8,348,821 shares issued and outstanding – December 31, 2021
8,361,457 shares issued and outstanding – March 31, 2021
|
40,988
|
42,436
|
42,949
|
|||||||||
Retained earnings
|
171,388
|
167,897
|
155,473
|
|||||||||
Accumulated other comprehensive income (loss)
|
(107
|
)
|
42
|
121
|
||||||||
Total shareholders’ equity
|
212,269
|
210,375
|
198,543
|
|||||||||
Total liabilities and shareholders’ equity
|
$
|
1,877,470
|
$
|
1,831,275
|
$
|
1,699,244
|
KEY FINANCIAL RATIOS AND DATA
|
Three Months Ended
|
|||||||||||
($ in thousands, except per share amounts) (unaudited)
|
March 31,
|
Dec. 31,
|
March 31,
|
|||||||||
2022
|
2021
|
2021
|
||||||||||
PERFORMANCE RATIOS:
|
||||||||||||
Return on average assets (a)
|
1.16
|
%
|
1.20
|
%
|
1.75
|
%
|
||||||
Return on average equity (a)
|
10.10
|
%
|
10.55
|
%
|
14.89
|
%
|
||||||
Net interest margin (a)
|
2.95
|
%
|
2.92
|
%
|
3.21
|
%
|
||||||
Efficiency ratio
|
58.42
|
%
|
57.40
|
%
|
48.99
|
%
|
Six Months Ended
|
||||||||||||
March 31,
|
March 31,
|
|||||||||||
2022
|
2021
|
|||||||||||
PERFORMANCE RATIOS:
|
1.18
|
%
|
1.80
|
%
|
||||||||
Return on average assets (a)
|
10.33
|
%
|
15.14
|
%
|
||||||||
Return on average equity (a)
|
2.93
|
%
|
3.34
|
%
|
||||||||
Net interest margin (a)
|
57.91
|
%
|
48.41
|
%
|
||||||||
Efficiency ratio
|
||||||||||||
March 31,
|
Dec. 31,
|
March 31,
|
||||||||||
2022
|
2021
|
2021
|
||||||||||
ASSET QUALITY RATIOS AND DATA:
|
||||||||||||
Non-accrual loans
|
$
|
2,651
|
$
|
2,853
|
$
|
2,305
|
||||||
Loans past due 90 days and still accruing
|
--
|
--
|
--
|
|||||||||
Non-performing investment securities
|
127
|
140
|
188
|
|||||||||
OREO and other repossessed assets
|
157
|
157
|
157
|
|||||||||
Total non-performing assets (b)
|
$
|
2,935
|
$
|
3,150
|
$
|
2,650
|
||||||
Non-performing assets to total assets (b)
|
0.16
|
%
|
0.17
|
%
|
0.16
|
%
|
||||||
Net charge-offs (recoveries) during quarter
|
$
|
35
|
$
|
1
|
$
|
(2
|
)
|
|||||
ALL to non-accrual loans,
|
507
|
%
|
472
|
%
|
583
|
%
|
||||||
ALL to loans receivable (c)
|
1.28
|
%
|
1.34
|
%
|
1.29
|
%
|
||||||
ALL to loans receivable (excluding SBA PPP loans) (d) (non-GAAP)
|
1.29
|
%
|
1.37
|
%
|
1.48
|
%
|
||||||
ALL to loans receivable (excluding SBA PPP loans and South Sound
Acquisition loans) (d) (e) (non-GAAP)
|
1.33
|
%
|
1.41
|
%
|
1.56
|
%
|
||||||
Troubled debt restructured loans on accrual status (f)
|
$
|
2,496
|
$
|
2,361
|
$
|
2,864
|
||||||
CAPITAL RATIOS:
|
||||||||||||
Tier 1 leverage capital
|
10.86
|
%
|
10.81
|
%
|
11.19
|
%
|
||||||
Tier 1 risk-based capital
|
19.50
|
%
|
20.24
|
%
|
19.47
|
%
|
||||||
Common equity Tier 1 risk-based capital
|
19.50
|
%
|
20.24
|
%
|
19.47
|
%
|
||||||
Total risk-based capital
|
20.75
|
%
|
21.49
|
%
|
20.72
|
%
|
||||||
Tangible common equity to tangible assets (non-GAAP)
|
10.53
|
%
|
10.69
|
%
|
10.81
|
%
|
||||||
BOOK VALUES:
|
||||||||||||
Book value per common share
|
$
|
25.56
|
$
|
25.20
|
$
|
23.75
|
||||||
Tangible book value per common share (g)
|
23.60
|
23.24
|
21.76
|
For the Three Months Ended
|
||||||||||||||||||||||||
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
||||||||||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Loans receivable and loans held for sale
|
$
|
1,029,582
|
4.90
|
%
|
$
|
997,358
|
5.06
|
%
|
$
|
1,044,476
|
4.90
|
%
|
||||||||||||
Investment securities and FHLB stock (1)
|
209,868
|
1.18
|
162,077
|
1.07
|
101,675
|
1.23
|
||||||||||||||||||
Interest-earning deposits in banks and CDs
|
510,211
|
0.22
|
580,337
|
0.20
|
422,286
|
0.24
|
||||||||||||||||||
Total interest-earning assets
|
1,749,661
|
3.09
|
1,739,772
|
3.07
|
1,568,437
|
3.41
|
||||||||||||||||||
Other assets
|
84,252
|
83,563
|
85,203
|
|||||||||||||||||||||
Total assets
|
$
|
1,833,913
|
$
|
1,823,335
|
$
|
1,653,640
|
||||||||||||||||||
Liabilities and Shareholders’ Equity
|
||||||||||||||||||||||||
NOW checking accounts
|
$
|
441,259
|
0.13
|
%
|
$
|
440,744
|
0.13
|
%
|
$
|
394,612
|
0.16
|
%
|
||||||||||||
Money market accounts
|
244,250
|
0.29
|
222,945
|
0.29
|
178,768
|
0.30
|
||||||||||||||||||
Savings accounts
|
277,888
|
0.08
|
264,651
|
0.08
|
236,504
|
0.08
|
||||||||||||||||||
Certificates of deposit accounts
|
128,588
|
0.80
|
132,590
|
0.83
|
146,065
|
1.19
|
||||||||||||||||||
Total interest-bearing deposits
|
1,091,985
|
0.23
|
1,060,930
|
0.24
|
955,949
|
0.32
|
||||||||||||||||||
Borrowings
|
677
|
1.18
|
5,000
|
1.20
|
10,003
|
1.17
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,092,662
|
0.23
|
1,065,930
|
0.24
|
965,952
|
0.33
|
||||||||||||||||||
Non-interest-bearing demand deposits
|
521,284
|
538,865
|
482,528
|
|||||||||||||||||||||
Other liabilities
|
9,072
|
10,567
|
10,365
|
|||||||||||||||||||||
Shareholders’ equity
|
210,895
|
207,973
|
194,795
|
|||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,833,913
|
$
|
1,823,335
|
$
|
1,653,640
|
||||||||||||||||||
Interest rate spread
|
2.86
|
%
|
2.83
|
%
|
3.08
|
%
|
||||||||||||||||||
Net interest margin (2)
|
2.95
|
%
|
2.92
|
%
|
3.21
|
%
|
||||||||||||||||||
Average interest-earning assets to
|
||||||||||||||||||||||||
average interest-bearing liabilities
|
160.13
|
%
|
163.22
|
%
|
162.37
|
%
|
For the Six Months Ended
|
|||||||||||||||||
March 31, 2022
|
March 31, 2021
|
||||||||||||||||
Amount
|
Rate
|
Amount
|
Rate
|
||||||||||||||
Assets
|
|||||||||||||||||
Loans receivable and loans held for sale
|
$
|
1,013,293
|
4.98
|
%
|
$
|
1,037,304
|
5.03
|
%
|
|||||||||
Investment securities and FHLB stock (1)
|
185,710
|
1.13
|
97,812
|
1.31
|
|||||||||||||
Interest-earning deposits in banks and CDs
|
545,651
|
0.21
|
398,067
|
0.29
|
|||||||||||||
Total interest-earning assets
|
1,744,654
|
3.08
|
1,533,183
|
3.56
|
|||||||||||||
Other assets
|
83,908
|
84,635
|
|||||||||||||||
Total assets
|
$
|
1,828,562
|
$
|
1,617,818
|
|||||||||||||
Liabilities and Shareholders’ Equity
|
|||||||||||||||||
NOW checking accounts
|
$
|
440,999
|
0.13
|
%
|
$
|
386,093
|
0.17
|
%
|
|||||||||
Money market accounts
|
233,480
|
0.29
|
173,579
|
0.31
|
|||||||||||||
Savings accounts
|
271,197
|
0.08
|
229,610
|
0.08
|
|||||||||||||
Certificates of deposit accounts
|
130,611
|
0.81
|
150,645
|
1.29
|
|||||||||||||
Total interest-bearing deposits
|
1,076,287
|
0.23
|
939,927
|
0.36
|
|||||||||||||
Borrowings
|
2,862
|
1.19
|
10,002
|
1.16
|
|||||||||||||
Total interest-bearing liabilities
|
1,079,149
|
0.24
|
949,929
|
0.36
|
|||||||||||||
Non-interest-bearing demand deposits
|
530,171
|
465,251
|
|||||||||||||||
Other liabilities
|
9,824
|
10,528
|
|||||||||||||||
Shareholders’ equity
|
209,418
|
192,110
|
|||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,828,562
|
$
|
1,617,818
|
|||||||||||||
Interest rate spread
|
2.84
|
%
|
3.20
|
%
|
|||||||||||||
Net interest margin (2)
|
2.93
|
%
|
3.34
|
%
|
|||||||||||||
Average interest-earning assets to
|
|||||||||||||||||
average interest-bearing liabilities
|
161.67
|
%
|
161.40
|
%
|
($ in thousands)
|
March 31, 2022
|
December 31, 2021
|
March 31, 2021
|
|||||||||
Shareholders’ equity
|
$
|
212,269
|
$
|
210,375
|
$
|
198,543
|
||||||
Less goodwill and CDI
|
(16,237
|
)
|
(16,316
|
)
|
(16,575
|
)
|
||||||
Tangible common equity
|
$
|
196,032
|
$
|
194,059
|
$
|
181,968
|
||||||
Total assets
|
$
|
1,877,470
|
$
|
1,831,275
|
$
|
1,699,244
|
||||||
Less goodwill and CDI
|
(16,237
|
)
|
(16,316
|
)
|
(16,575
|
)
|
||||||
Tangible assets
|
$
|
1,861,233
|
$
|
1,814,959
|
$
|
1,682,669
|