UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2024
SR Bancorp, Inc.
(Exact name of Registrant as Specified in Its Charter)
Maryland | 001-41808 | 92-2601722 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
||
220 West Union Avenue Bound Brook, New Jersey |
08805 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (732) 560-1700
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading |
Name of each exchange |
||
Common Stock, $0.01 par value | SRBK | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 | Results of Operations and Financial Condition. |
On April 30, 2024, SR Bancorp, Inc., the holding company for Somerset Regal Bank, issued a press release reporting its financial results for the quarter ended March 31, 2024.
A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit No. |
Description |
|
99.1 | Earnings Release dated April 30, 2024. | |
104.1 | The cover page for this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SR BANCORP, INC. | ||||||
Date: April 30, 2024 | By: | /s/ William P. Taylor |
||||
William P. Taylor | ||||||
Chief Executive Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
William P. Taylor
Chief Executive Officer
SR Bancorp, Inc.
(732) 560-1700, ext. 5201
SR BANCORP, INC. ANNOUNCES QUARTERLY FINANCIAL RESULTS
Bound Brook, New Jersey (April 30, 2024) – SR BANCORP, INC. (the “Company”) (NASDAQ: SRBK), the holding company for Somerset Regal Bank (the “Bank”), announced net income of $1.1 million for the three months ended March 31, 2024 (unaudited), compared to net income of $1.6 million for the three months ended December 31, 2023 (unaudited). Excluding $1.4 million of net accretion income related to fair value adjustments, offset by $242,000 of costs related to the acquisition of Regal Bancorp and its wholly-owned subsidiary Regal Bank, which is described in greater detail below, net income would have been $258,000 for the three months ended March 31, 2024. Net income for the three months ended December 31, 2023, excluding $1.4 million of net accretion income related to fair value adjustments, offset by $32,000 of costs related to the acquisition of Regal Bancorp and its wholly-owned subsidiary Regal Bank, would have been $605,000.
The financial information contained in this earnings release as of and for the periods ended March 31, 2024 and December 31, 2023 is for SR Bancorp and Somerset Regal Bank. Financial information as of June 30, 2023 is for Somerset Savings Bank, SLA, on a stand-alone basis.
Completed Stock Offering and Merger
The conversion of Somerset Savings Bank, SLA from the mutual to stock form of organization and related stock offering by the Company was completed on September 19, 2023. SR Bancorp, Inc.’s common stock began trading on the Nasdaq Capital Market under the trading symbol “SRBK” on September 20, 2023.
The Company sold 9,055,172 shares of common stock at a price of $10.00 per share. Additionally, the Company contributed 452,758 shares and $905,517 in cash to the Somerset Regal Charitable Foundation, Inc., a charitable foundation formed in connection with the conversion. Upon the completion of the conversion and offering, 9,507,930 shares of Company common stock were outstanding.
Promptly following the completion of the conversion and related stock offering, Regal Bancorp, Inc., a New Jersey corporation (“Regal Bancorp”), merged with and into the Company, with the Company as the surviving entity (the “Merger”). Immediately following the Merger, Regal Bank, a New Jersey chartered commercial bank headquartered in Livingston, New Jersey and the wholly-owned subsidiary of Regal Bancorp, merged with and into Somerset Bank, which converted to a commercial bank charter, and was renamed Somerset Regal Bank. The Merger was completed on September 19, 2023.
1
On January 10, 2024, the Company closed one of its retail branch locations in Summit, New Jersey acquired in the Merger due to the close proximity to another Company branch. On March 15, 2024, the Company closed another retail branch office, also acquired in the Merger, located in Somerville, New Jersey due to its proximity to other Company branches.
March 31, 2024 Highlights:
• | Net income was $1.1 million for the three months ended March 31, 2024, compared to net income of $1.6 million for the three months ended December 31, 2023. Excluding $1.4 million of net accretion income related to fair value adjustments, offset by $242,000 of merger-related costs, net income would have been $258,000 for the three months ended March 31, 2024. |
• | Total assets were $1.05 billion, an increase of $401.3 million, or 61.6%, from $651.5 million at June 30, 2023. |
• | Net loans were $698.9 million, an increase of $336.6 million, or 92.9%, from $362.3 million at June 30, 2023. |
• | Total deposits were $838.0 million, an increase of $334.1 million, or 66.3%, from $503.9 million at June 30, 2023. |
• | During the three months ended March 31, 2024, the Bank completed the data conversion of its core system, merging the legacy Regal Bank core system into its existing platform. |
Comparison of Operating Results for the Three Months Ended March 31, 2024 and December 31, 2023
General. Net income decreased $544,000, or 33.9%, to net income of $1.1 million for the three months ended March 31, 2024 from net income of $1.6 million for the three months ended December 31, 2023. Net income for the three months ended March 31, 2024 included $1.4 million of net accretion income related to fair value adjustments resulting from the Merger, offset by $242,000 in merger-related expenses. The decrease compared to the linked quarter also was caused by a decrease in net interest income, and an increase in noninterest expense, offset by an increase in noninterest income.
Interest Income. Interest income decreased $638,000, or 5.2%, to $11.6 million for the three months ended March 31, 2024 from $12.3 million for the three months ended December 31, 2023 due to a 19 basis point decrease in the yield on interest-earning assets and a $14.0 million decrease in the average balance of interest-earning assets. The decrease resulted from a decrease of $367,000, or 3.6%, in interest income on loans, a $198,000 decrease in interest income on other assets and a $73,000 decrease in interest income on securities. The decrease in the interest income on loans was due to a 18 basis point decrease in the yield on loans from 5.73% for the three months ended December 31, 2023 to 5.55% for the three months ended March 31, 2024, primarily due to a decrease in accretion income of $244,000. The decrease in the interest income on other assets was due to a 52 basis point decrease in the yield and a $6.0 million decrease in the average balance of other assets. The decrease in the interest income on securities was due to a 11 basis point decrease in the yield and a $3.9 million decrease in the average balance of securities.
Interest Expense. Interest expense increased $113,000, or 3.5%, to $3.4 million for the three months ended March 31, 2024 from $3.3 million for the three months ended December 31, 2023 due to an increase in interest expense on deposits. Interest expense on certificates of deposit increased $119,000 as the average rate on certificates of deposit increased 17 basis points to 4.03% for the three months ended March 31, 2024 from 3.86% for the three months ended December 31, 2023 due to the higher interest rate environment. The average balance of certificates of deposit also increased $244,000, or 0.1%, to $274.4 million for the three months ended March 31, 2024 from $274.1 million for the three months ended December 31, 2023. Interest expense on interest-bearing demand deposits decreased $16,000 as the cost of interest-bearing deposits remained consistent at 0.69% for the three months ended March 31, 2024 and the three months ended December 31, 2023.
2
This was offset by an increase in the average balance of interest-bearing demand deposits of $9.2 million, or 4.7%, to $203.3 million for the three months ended March 31, 2024 from $194.1 million for the three months ended December 31, 2023. The average balance of savings and club accounts decreased $9.3 million, or 3.7%, to $239.8 million for the three months ended March 31, 2024 from $249.2 million for the three months ended December 31, 2023.
Net Interest Income. Net interest income decreased $751,000, or 8.3%, to $8.3 million for the three months ended March 31, 2024 from $9.0 million for the three months ended December 31, 2023. Net interest rate spread decreased 20 basis points to 2.83% for the three months ended March 31, 2024 from 3.08% for the three months ended December 31, 2023. Net interest margin decreased 21 basis points to 3.31% for the three months ended March 31, 2024 from 3.56% for the three months ended December 31, 2023. Net interest-earning assets decreased $13.4 million, or 4.9%, to $261.8 million for the three months ended March 31, 2024 from $275.2 million for the three months ended December 31, 2023. The decreases in the Bank’s net interest rate spread and net interest margin were primarily a result of the cost of interest-bearing liabilities increasing and the yield on interest-earning assets decreasing.
Provision for Credit Losses. The Bank establishes provisions for credit losses, which are charged to operations in order to maintain the allowance for credit losses at a level it considers necessary to absorb probable credit losses attributable to uncollectible loans that are reasonably estimable at the balance sheet date. In determining the level of the allowance for credit losses, the Bank considers, among other things, past and current loss experience, evaluations of real estate collateral, economic conditions, the amount and type of lending, adverse situations that may affect a borrower’s ability to repay a loan and the levels of delinquent, classified and criticized loans. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates as more information becomes available or conditions change. The Bank assesses the allowance for credit losses and records provisions for credit losses on a quarterly basis.
The Bank recorded a recovery for credit losses of $142,000 for the three months ended March 31, 2024 as compared to a recovery for credit losses of $107,000 for the three months ended December 31, 2023. The increased recovery reflected slower loan growth, no charge-offs during the period and continued strong credit quality. The Bank had no charge-offs for the three months ended March 31, 2024 and $220,000 of non-performing loans and $220,000 of classified loans at March 31, 2024 compared to no charge-offs for the three months ended December 31, 2023 and $145,000 of non-performing loans and $145,000 of classified loans at December 31, 2023. The Bank’s allowance for credit losses as a percentage of total loans was 0.72% at March 31, 2024 compared to 0.74% at December 31, 2023.
Noninterest Income. Noninterest income increased $151,000 or 41.4%, to $516,000 for the three months ended March 31, 2024 from $365,000 for the three months ended December 31, 2023, primarily as a result of an increase in other noninterest income of $141,000, or 115.6%, for the three months ended March 31, 2024 compared to the three months ended December 31, 2023.
Noninterest Expense. Noninterest expense increased $95,000, or 1.3%, to $7.6 million for the three months ended March 31, 2024 from $7.5 million for the three months ended December 31, 2023, primarily as a result of an $317,000, or 50.0%, increase in data processing expense, of which $242,000 consisted of system deconversion fees related to the Merger. The increase was offset by a $244,000, or 6.3%, decrease in salaries and employee benefits primarily due to a $210,000 decrease in ESOP expense resulting from a full-year allocation of unallocated shares in 2023 following the Merger. In addition, there was a $207,000, 36.7%, decrease in professional fees, due to the fees associated with the Merger in 2023. Additional one-time data processing expenses of $200,000 are expected to be incurred during the three months ended June 30, 2024.
3
Income Tax Expense. The provision for income taxes was $292,000 for the three months ended March 31, 2024, compared to $408,000 for the three months ended December 31, 2023. The Bank’s effective tax rate was 21.5% for the three months ended March 31, 2024 compared to 20.2% for the three months ended December 31, 2023.
Comparison of Financial Condition at March 31, 2024 and June 30, 2023
Assets. Assets increased $401.3 million, or 61.6%, to $1.05 billion at March 31, 2024 from $651.5 million at June 30, 2023. The increase was the result of the acquisition of Regal Bancorp on September 19, 2023, which had total assets of $430.7 million at the time of the Merger, offset by a decrease in cash used to repay a $20.0 million borrowing during the three months ended March 31, 2024.
Cash and Cash Equivalents. Cash and cash equivalents increased $30.0 million, or 70.8%, to $72.5 million at March 31, 2024 from $42.4 million at June 30, 2023. The increase was due to the acquisition of Regal Bancorp, which had cash and cash equivalents of $55.3 million at the time of the Merger, which was offset by the cash used to repay a $20.0 million borrowing during the three months ended March 31, 2024.
Securities. Total securities (securities available-for-sale and securities held-to-maturity) decreased $12.8 million, or 6.2%, to $194.4 million at March 31, 2024 from $207.3 million at June 30, 2023. The decrease was due to principal repayments, maturities and sales from the securities portfolio.
Loans. Loans receivable, net, increased $336.6 million, or 92.9%, to $698.9 million at March 31, 2024 from $362.3 million at June 30, 2023. The increase was due to the acquisition of Regal Bank’s loan portfolio, which totaled $336.0 million at the time of the Merger.
Goodwill and Intangible Assets. Goodwill and intangible assets were $28.6 million at March 31, 2024 due to the goodwill and core deposit intangible premium that was recognized from the Merger that closed on September 19, 2023.
Deposits. Deposits increased $334.1 million, or 66.3%, to $838.0 million at March 31, 2024 from $503.9 million at June 30, 2023. The increase was due to the assumption of Regal Bank’s deposits, which totaled $373.2 million at the time of the Merger. At March 31, 2024, $123.5 million, or 14.7%, of total deposits consisted of noninterest bearing deposits. At March 31, 2024, $128.2 million, or 15.3%, of total deposits were uninsured.
Borrowings. During the year ended June 30, 2023, the Bank borrowed $20.0 million from the Federal Reserve under the Bank Term Funding Program as a precautionary measure to provide for additional liquidity due to market conditions at that time. During the three months ended March 31, 2024, the Bank repaid its borrowing in full. At March 31, 2024, there were no outstanding borrowings.
Equity. Equity increased $77.2 million, or 63.2%, to $199.3 million at March 31, 2024 from $122.1 million at June 30, 2023. The increase was primarily due to the proceeds from the Company’s initial public offering, offset by the $69.5 million of funds used to acquire Regal Bancorp. Accumulated other comprehensive loss decreased $643,000, or 12.8%, to $4.4 million at March 31, 2024 from $5.0 million at June 30, 2023. The decrease was due to the change in net unrealized holding gains or losses on securities available-for-sale, as well as the funded status of the Company’s pension plan, as of the consolidated balance sheet dates, net of the related tax effect.
4
About Somerset Regal Bank
Somerset Regal Bank is a full-service New Jersey commercial bank headquartered in Bound Brook, New Jersey that operates 15 branches in Essex, Hunterdon, Middlesex, Morris, Somerset and Union Counties, New Jersey. At March 31, 2024, Somerset Regal Bank had $1.05 billion in total assets, $698.9 million in net loans, $838.0 million in deposits and total equity of $199.3 million. Additional information about Somerset Regal Bank is available on its website, www.somersetregalbank.com.
Forward-Looking Statements
Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions. Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, our ability to successfully integrate acquired operations and realize the expected level of synergies and cost savings, potential recessionary conditions, real estate market values in the Bank’s lending area changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, economic assumptions that may impact our allowance for credit losses calculation, changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio, the availability of low-cost funding, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyber attacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged. Our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statement.
5
SR Bancorp, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
March 31, 2024 (Unaudited) and June 30, 2023
(Dollars in Thousands)
March 31, 2024 | June 30, 2023 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Cash and due from banks |
$ | 52,775 | $ | 8,657 | ||||
Interest-bearing deposits at other banks |
19,718 | 33,792 | ||||||
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|
|
|
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Total cash and cash equivalents |
72,493 | 42,449 | ||||||
Securities available-for-sale, at fair value |
32,628 | 36,076 | ||||||
Securities held-to-maturity, at amortized cost |
161,817 | 171,185 | ||||||
Equity securities, at fair value |
27 | 24 | ||||||
Loans receivable, net of allowance for credit losses of $5,076 and $1,116, respectively |
698,891 | 362,252 | ||||||
Premises and equipment, net |
4,954 | 3,546 | ||||||
Right-of-use asset |
2,772 | 19 | ||||||
Restricted equity securities, at cost |
1,274 | 726 | ||||||
Accrued interest receivable |
2,487 | 1,189 | ||||||
Bank owned life insurance |
36,840 | 28,714 | ||||||
Goodwill and intangible assets |
28,608 | — | ||||||
Other assets |
10,034 | 5,306 | ||||||
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Total assets |
$ | 1,052,825 | $ | 651,486 | ||||
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Liabilities and Equity | ||||||||
Liabilities |
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Deposits: |
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Noninterest-bearing |
$ | 123,463 | $ | 40,687 | ||||
Interest-bearing |
714,572 | 463,230 | ||||||
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|
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Total deposits |
838,035 | 503,917 | ||||||
Borrowings |
— | 20,000 | ||||||
Advance payments by borrowers for taxes and insurance |
7,123 | 4,313 | ||||||
Accrued interest payable |
224 | — | ||||||
Lease liability |
2,859 | 19 | ||||||
Other liabilities |
5,311 | 1,153 | ||||||
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Total liabilities |
853,552 | 529,402 | ||||||
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Equity |
||||||||
Common stock, $0.01 par value, 55,000,000 authorized; 9,507,930 and — shares issued, respectively |
95 | — | ||||||
Additional paid-in capital |
91,444 | — | ||||||
Retained earnings |
119,237 | 127,099 | ||||||
Unearned compensation ESOP |
(7,131 | ) | — | |||||
Accumulated other comprehensive loss |
(4,372 | ) | (5,015 | ) | ||||
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Total stockholders’ equity |
199,273 | 122,084 | ||||||
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Total liabilities and stockholders’ equity |
$ | 1,052,825 | $ | 651,486 | ||||
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6
SR Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income
For Three Months Ended March 31, 2024 (Unaudited) and December 31, 2023 (Unaudited)
(Dollars in Thousands)
Three Months Ended | ||||||||
March 31, 2024 | December 31, 2023 | |||||||
(Unaudited) | ||||||||
Interest Income |
||||||||
Loans, including fees |
$ | 9,819 | $ | 10,186 | ||||
Securities: |
||||||||
Taxable |
779 | 852 | ||||||
Non-taxable |
— | — | ||||||
Federal funds sold |
76 | 71 | ||||||
Interest bearing deposits at other banks |
974 | 1,177 | ||||||
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|
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Total interest income |
11,648 | 12,286 | ||||||
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Interest Expense |
||||||||
Deposits: |
||||||||
Demand |
122 | 335 | ||||||
Savings and time |
3,031 | 2,692 | ||||||
Borrowings |
227 | 240 | ||||||
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|
|
|
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Total interest expense |
3,380 | 3,267 | ||||||
Net Interest Income |
8,268 | 9,019 | ||||||
Provision (Credit) for Credit Losses |
(142 | ) | (107 | ) | ||||
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|
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Net Interest Income After Provision (Credit) For Credit Losses |
8,410 | 9,126 | ||||||
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Noninterest Income |
||||||||
Service charges and fees |
193 | 212 | ||||||
Increase in cash surrender value of bank owned life insurance |
247 | 233 | ||||||
Fees and service charges on loans |
36 | 6 | ||||||
Unrealized gain on equity securities |
2 | 5 | ||||||
Realized gain on sale of loans |
19 | 31 | ||||||
Other |
19 | (122 | ) | |||||
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|
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Total noninterest income |
516 | 365 | ||||||
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Noninterest Expense |
||||||||
Salaries and employee benefits |
3,631 | 3,875 | ||||||
Occupancy |
772 | 665 | ||||||
Furniture and equipment |
285 | 228 | ||||||
Data Processing |
951 | 634 | ||||||
Advertising |
75 | 72 | ||||||
FDIC premiums |
120 | 145 | ||||||
Directors fees |
103 | 97 | ||||||
Professional fees |
357 | 564 | ||||||
Insurance |
165 | 108 | ||||||
Telephone, postage and supplies |
210 | 97 | ||||||
Other |
902 | 991 | ||||||
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|
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Total noninterest expense |
7,571 | 7,476 | ||||||
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Income Before Income Tax Expense |
1,355 | 2,015 | ||||||
Income Tax Expense |
292 | 408 | ||||||
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Net Income |
1,063 | 1,607 | ||||||
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Basic earnings per share |
$ | 0.12 | $ | 0.18 | ||||
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Diluted earnings per share |
$ | 0.12 | $ | 0.18 | ||||
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7
SR Bancorp, Inc. and Subsidiaries
Selected Ratios
(Dollars in thousands, except per share data)
Three Months Ended | ||||||||
March 31, 2024 | December 31, 2023 | |||||||
(Unaudited) | ||||||||
Performance Ratios: (1) |
||||||||
Return on average assets (2) |
0.39% | 0.60% | ||||||
Return on average equity (3) |
2.12% | 3.36% | ||||||
Net interest margin (4) |
3.31% | 3.56% | ||||||
Net interest rate spread (5) |
2.83% | 3.08% | ||||||
Efficiency ratio (6) |
86.19% | 79.67% | ||||||
Total gross loans to total deposits |
84.00% | 83.12% | ||||||
Asset Quality Ratios: |
||||||||
Allowance for credit losses on loans as a percentage of total gross loans |
0.72% | 0.74% | ||||||
Allowance for credit losses on loans as a percentage of non-performing loans |
2307.27% | 3598.62% | ||||||
Net (charge-offs) recoveries to average outstanding loans during the period |
0.00% | 0.00% | ||||||
Non-performing loans as a percentage of total gross loans |
0.03% | 0.02% | ||||||
Non-performing assets as a percentage of total assets |
0.02% | 0.01% | ||||||
Other Data: |
||||||||
Tangible book value per common share (7) |
$17.95 | $17.88 | ||||||
Tangible common equity to tangible assets |
16.66% | 16.25% |
(1) | Performance ratios for the three month periods ended March 31, 2024 and December 31, 2023 are annualized. |
(2) | Represents net income divided by average total assets. |
(3) | Represents net income divided by average equity. |
(4) | Represents net interest income as a percentage of average interest-earning assets. |
(5) | Represents net interest rate spread as a percentage of average interest-earning assets. |
(6) | Represents non-interest expense divided by the sum of net interest income and non-interest income. |
(7) | Tangible book value per share is calculated based on total stockholders’ equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Goodwill and core deposit intangibles were $28,608 and $29,032 at March 31, 2024 and December 31, 2023, respectively. |
8