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CBB Bancorp, Inc. Reports First Quarter 2023 Financial Results

CBB Bancorp, Inc. ("CBB" or the "Company”) (OTCQX: CBBI), the holding company of Commonwealth Business Bank, doing business as CBB Bank (the "Bank"), announced today net income for first quarter 2023 of $7.1 million, or $0.67 per diluted share, a decrease of 3.3% compared to $7.3 million, or $0.70 per diluted share, in the prior quarter and a decrease of 15.7% compared to $8.4 million, or $0.80 per diluted share, in the same period last year.

Overall Results

Net income for first quarter 2023 declined as a result of lower loan volume and the impact of interest rate increases on the Bank’s cost of funds. The return on average assets for first quarter 2023 was 1.59% compared to 1.64% for fourth quarter 2022 and 1.91% for first quarter 2022. The return on average equity for first quarter 2023 was 13.45% compared to 14.04% for fourth quarter 2022 and 18.05% for first quarter 2022. The net interest margin for first quarter 2023 was 4.38% compared to 4.59% for fourth quarter 2022 and 3.68% for first quarter 2022. The efficiency ratio for first quarter 2023 was 51.04% compared to 51.41% for fourth quarter 2022 and 50.71% for first quarter 2022.

“With the recent uncertainty in the banking sector, we are pleased to be able to report reliable earnings combined with continual strengthening of our capital and liquidity ratios for the current quarter.,” said James Hong, President and CEO.

Net Interest Income and Margin:

Net Interest Income

Net interest income for first quarter 2023 was $19.1 million, a decrease of $987 thousand, or 4.9%, from fourth quarter 2022, and an increase of $3.3 million, or 20.6%, from first quarter 2022. The decrease in net interest income compared with the fourth quarter of 2022 was primarily due to the impact of interest rate increases on the cost of deposits. The increase in net interest income compared with the first quarter of 2022 was due to the increased yield on the Bank’s variable rate loans which were impacted by the rising interest rate environment for the past year.

Net Interest Margin

Our net interest margin for first quarter 2023 was 4.38% compared to 4.59% for fourth quarter 2022 and 3.68% for first quarter 2022. The decrease in net interest margin from the prior quarter was primarily attributable to the rising cost of deposits. Our average cost of funds increased for first quarter 2023 to 2.10% from 1.19% for fourth quarter 2022 and from 0.31% for first quarter 2022.

Provision for Credit Losses:

The Company implemented the current expected credit losses methodology (“CECL”) as of January 1, 2023, which resulted in an increase in the allowance for credit losses of $250 thousand and was reflected in an adjustment to retained earnings as of January 1, 2023. No provision for credit losses was recorded for first quarter 2023 as asset quality metrics remained steady and there was a decline in loan balances. The provision for loan losses for fourth quarter of 2022 was also zero, compared with a negative provision for loan losses of $1.2 million for first quarter 2022. See Table 10 for additional information.

Noninterest Income:

Noninterest income for first quarter 2023 was $1.1 million, compared to $0.9 million for fourth quarter 2022 and $5.6 million for first quarter 2022. There were no sales of SBA loans during the first quarter of 2023 and fourth quarter of 2022, compared with SBA loan sales of $50.5 million, with an average premium percentage received of 11.0%, during the first quarter of 2022.

Noninterest Expense:

Noninterest expense for first quarter 2023 was $10.3 million, compared to $10.8 million for fourth quarter 2022 and $10.9 million for first quarter 2022. Salaries and employee benefits decreased by $154 thousand to $6.1 million, compared to $6.2 million in the prior quarter, due to a decrease in the number of employees. Other noninterest expense in first quarter 2023 was lower than in fourth quarter 2022, due primarily to a decrease in third-party processing fees.

Income Taxes:

The Company’s effective tax rate for first quarter 2023 was 28.1% compared to 28.2% for fourth quarter 2022 and 28.4% for first quarter 2022.

Balance Sheet:

Investment Securities:

Investment securities were $69.0 million at March 31, 2023, a decrease of $3.6 million from December 31, 2022 and $11.2 million from March 31, 2022. The decreases were due to principal paydowns and an absence of portfolio additions in the first quarter 2023, or in the fourth and first quarters 2022.

Loans Receivable:

Loans receivable (including loans held for sale) at March 31, 2023 was $1.5 billion, a decrease of $49.1.0 million, or 3.2%, from December 31, 2022, and an increase of $91.1 million, or 6.6%, from March 31, 2022. The decrease in loans compared to December 31, 2022 was due to slower loan originations as higher interest rates have affected the level of loan demand.

The weighted average loan-to-value ratio of Commercial Real Estate (“CRE”) loans was 69.4% at March 31, 2023. Excluding SBA loans, the weighted average loan-to-value of CRE loans was 52.8%.

Allowance for Credit Losses and Asset Quality:

The allowance for credit losses at March 31, 2023 was $15.6 million, or 1.28% of portfolio loans, compared to $15.5 million, or 1.21% of portfolio loans, at December 31, 2022 and compared to $13.1 million, or 1.07% of portfolio loans, at March 31, 2022. Non-performing loans as of March 31, 2023 were $636 thousand, compared to $6.8 million at December 31, 2022 and compared to $723 thousand at March 31, 2022. Our coverage ratio of allowance for credit losses to nonperforming assets exceeded 2400%.

SBA Loans Held for Sale:

Total SBA loans held for sale at March 31, 2023 was $243.8 million, compared to $230.4 million at December 31, 2022 and $149.7 million at March 31, 2022. We continue to assess SBA loan sale premiums and plan to sell loans when we believe it is advantageous to do so. See comments under “Noninterest Income,” and Table 7 for additional SBA loan origination and sale data.

Deposits:

Deposits were $1.537 billion at March 31, 2023, down $0.9 million from $1.538 billion at December 31, 2022 and up $3.3 million from $1.534 billion at March 31, 2022. Noninterest-bearing demand deposits decreased $23.1 million, or 5.1%, to $428.6 million at March 31, 2023, from December 31, 2022 and decreased $147.8 million, or 25.6%, from March 31, 2022. Demand deposits were 28.6% of total deposits at March 31, 2023 compared to 30.0% at December 31, 2022 and 38.4% at March 31, 2022. NOW and MMDA balances at March 31, 2023 decreased $62.7 million, or 22.8%, to $211.8 million, from December 31, 2022 and $132.7 million, or 38.5%, from March 31, 2022. Time deposits at March 31, 2023 increased $73.5 million, or 9.8%, to $823.9 million from December 31, 2022 and increased $302.5 million, or 58.0%, from March 31, 2022. Time deposits at March 31, 2023 were 53.6% of total deposits compared to 48.7% of total deposits, at December 31, 2022, and 34.0% of total deposits, at March 31, 2022. The increases in time deposits during the first quarter of 2023 and fourth quarter of 2022 reflect a shift in depositors’ preferences for the higher rate term deposits over money market and checking accounts as rates have risen over the course of the past year.

Borrowings:

Borrowings at March 31, 2023, December 31, 2022, and March 31, 2022, consisted of $50.0 million of Federal Home Loan Bank of San Francisco (FHLB-SF) advances at each date.

Capital:

Stockholders’ equity was $216.2 million at March 31, 2023, representing an increase of $6.7 million, or 3.2%, over stockholders’ equity of $209.5 million at December 31, 2022. Tangible book value per share at March 31, 2023 was $20.18, compared with $19.59 at December 31, 2022, an increase of $0.59 per share, or 3.0%.

Each of the Company’s and the Bank’s regulatory capital ratios increased at March 31, 2023 from December 31, 2022 and from March 31, 2022 and continue to exceed the minimum levels required to be considered “Well Capitalized” under the applicable regulatory capital rules and in compliance with the fully phased-in Basel III requirements, which went into effect on January 1, 2022, as shown on Table 11 in this press release. The Common Equity Tier 1 risked-based capital at March 31, 2023 was 16.15% at the Company level and 16.10% at the Bank level.

About CBB Bancorp, Inc.:

CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in loans to small-to-medium-sized businesses and does business as “CBB Bank.” As of March 31, 2023, the Bank has ten full-service banking offices in Los Angeles and Orange Counties in California, Dallas County in Texas and Honolulu, Hawaii; two SBA regional offices in Los Angeles and Dallas Counties; and five loan production offices in Texas, Georgia, Colorado, and Washington. For additional information, please go to www.cbb-bank.com under the tab “About Us” and select “Investors Relations” to see 1Q 2023 Overview.

FORWARD-LOOKING STATEMENTS:

This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and CBB Bancorp and Commonwealth Business Bank (together, the “Company”) intend that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described herein are necessarily subject to risks and uncertainties that may cause actual results to differ materially and adversely from those described herein. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances, except to the extent required by law.

Schedules and Financial Data: All tables and data to follow

STATEMENT OF INCOME AND PERFORMANCE HIGHLIGHT (Unaudited) - Table 1

(Dollars in thousands, except per share amounts)

 
Three Months Ended
March 31, December 31, $ % March 31, $ %

2023

2022

Change Change

2022

Change Change
 
Interest income

$

27,248

 

$

24,744

 

$

2,504

 

10.1

%

$

17,032

 

$

10,216

 

60.0

%

Interest expense

 

8,168

 

 

4,677

 

 

3,491

 

74.6

%

 

1,209

 

 

6,959

 

575.6

%

Net interest income

 

19,080

 

 

20,067

 

 

(987

)

(4.9

%)

 

15,823

 

 

3,257

 

20.6

%

 
Provision for credit losses

 

-

 

 

-

 

 

-

 

-

 

 

(1,167

)

 

1,167

 

(100.0

%)

Net interest income after provision for credit losses

 

19,080

 

 

20,067

 

 

(987

)

(4.9

%)

 

16,990

 

 

2,090

 

12.3

%

 
Gain on sale of loans

 

-

 

 

-

 

 

-

 

-

 

 

4,668

 

 

(4,668

)

(100.0

%)

Gain (loss) on sale of OREO

 

-

 

 

-

 

 

-

 

-

 

 

-

 

 

-

 

-

 

SBA servicing fee income, net

 

654

 

 

491

 

 

163

 

33.2

%

 

469

 

 

185

 

39.4

%

Service charges and other income

 

398

 

 

457

 

 

(59

)

(12.9

%)

 

498

 

 

(100

)

(20.1

%)

Noninterest income

 

1,052

 

 

948

 

 

104

 

11.0

%

 

5,635

 

 

(4,583

)

(81.3

%)

 
Salaries and employee benefits

 

6,079

 

 

6,233

 

 

(154

)

(2.5

%)

 

7,065

 

 

(986

)

(14.0

%)

Occupancy and equipment

 

1,124

 

 

1,133

 

 

(9

)

(0.8

%)

 

1,120

 

 

4

 

0.4

%

Marketing expense

 

374

 

 

434

 

 

(60

)

(13.8

%)

 

485

 

 

(111

)

(22.9

%)

Professional expense

 

454

 

 

418

 

 

36

 

8.6

%

 

415

 

 

39

 

9.4

%

Merger related expense

 

9

 

 

7

 

 

2

 

28.6

%

 

-

 

 

9

 

100.0

%

Other expenses

 

2,235

 

 

2,579

 

 

(344

)

(13.3

%)

 

1,796

 

 

439

 

24.4

%

Noninterest expense

 

10,275

 

 

10,804

 

 

(529

)

(4.9

%)

 

10,881

 

 

(606

)

(5.6

%)

 
Income before income tax expense

 

9,857

 

 

10,211

 

 

(354

)

(3.5

%)

 

11,744

 

 

(1,887

)

(16.1

%)

 
Income tax expense

 

2,767

 

 

2,882

 

 

(115

)

(4.0

%)

 

3,336

 

 

(569

)

(17.1

%)

 
Net income

$

7,090

 

$

7,329

 

$

(239

)

(3.3

%)

$

8,408

 

$

(1,318

)

(15.7

%)

 
Effective tax rate

 

28.1

%

 

28.2

%

 

(0.2

%)

(0.5

%)

 

28.4

%

 

(0.3

%)

(1.2

%)

 
Outstanding number of shares

 

10,588,136

 

 

10,569,601

 

 

18,535

 

0.18

%

 

10,299,361

 

 

288,775

 

2.8

%

 
Weighted average shares for basic EPS

 

10,576,191

 

 

10,569,601

 

 

6,590

 

0.1

%

 

10,291,071

 

 

285,120

 

2.8

%

Weighted average shares for diluted EPS

 

10,600,189

 

 

10,600,053

 

 

136

 

0.0

%

 

10,479,488

 

 

120,701

 

1.2

%

 
Basic EPS

$

0.67

 

$

0.70

 

$

(0.03

)

(4.3

%)

$

0.82

 

$

(0.15

)

(18.3

%)

Diluted EPS

$

0.67

 

$

0.70

 

$

(0.03

)

(4.3

%)

$

0.80

 

$

(0.13

)

(16.3

%)

 
Return on average assets

 

1.59

%

 

1.64

%

 

(0.05

%)

(3.1

%)

 

1.91

%

 

(0.32

%)

(16.8

%)

Return on average equity

 

13.45

%

 

14.04

%

 

(0.59

%)

(4.2

%)

 

18.08

%

 

(4.63

%)

(25.6

%)

 
Efficiency ratio¹

 

51.04

%

 

51.41

%

 

(0.37

%)

(0.7

%)

 

50.71

%

 

0.33

%

0.7

%

Yield on interest-earning assets²

 

6.24

%

 

5.66

%

 

0.58

%

10.3

%

 

3.96

%

 

2.28

%

57.6

%

Cost of funds

 

2.10

%

 

1.19

%

 

0.91

%

76.5

%

 

0.31

%

 

1.79

%

577.4

%

Net interest margin²

 

4.38

%

 

4.59

%

 

(0.21

%)

(4.6

%)

 

3.68

%

 

0.70

%

19.0

%

¹

 

Represents the ratio of noninterest expense less other real estate owned operations to the sum of net interest income before provision for credit losses and total noninterest income, less gains/(loss) on sale of securities, other-than-temporary impairment recovery/(loss) on investment securities and gain/(loss) from other real estate owned.

²

 

Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate

BALANCE SHEET, CAPITAL AND OTHER DATA (Unaudited) - Table 2
(Dollars in thousands)
March 31, December 31, $ % March 31, $ %

2023

2022

Change Change

2022

Change Change
ASSETS
Cash and due from banks

$

13,788

 

$

20,134

 

$

(6,346

)

(31.5

%)

$

14,579

 

$

(791

)

(5.4

%)

Interest-earning deposits at the FRB and other banks

 

240,602

 

 

170,839

 

 

69,763

 

40.8

%

 

288,603

 

 

(48,001

)

(16.6

%)

Investment securities¹

 

68,943

 

 

72,550

 

 

(3,607

)

(5.0

%)

 

80,104

 

 

(11,161

)

(13.9

%)

Loans held-for-sale

 

243,753

 

 

230,431

 

 

13,322

 

5.8

%

 

149,733

 

 

94,020

 

62.8

%

 
Loans held-for-investment

 

1,222,867

 

 

1,285,278

 

 

(62,411

)

(4.9

%)

 

1,225,739

 

 

(2,872

)

(0.2

%)

Less: Allowance for credit losses ("ACL")

 

(15,627

)

 

(15,525

)

 

(102

)

(0.7

%)

 

(13,089

)

 

(2,538

)

(19.4

%)

Loans held-for-investment, net

 

1,207,240

 

 

1,269,753

 

 

(62,513

)

(4.9

%)

 

1,212,650

 

 

(5,410

)

(0.4

%)

 

OREO

 

-

 

 

-

 

 

-

 

-

 

 

-

 

 

-

 

-

 

Restricted stock investments

 

10,121

 

 

10,121

 

 

-

 

-

 

 

8,850

 

 

1,271

 

14.4

%

Servicing assets

 

8,528

 

 

9,232

 

 

(704

)

(7.6

%)

 

10,671

 

 

(2,143

)

(20.1

%)

Goodwill

 

2,185

 

 

2,185

 

 

-

 

-

 

 

2,185

 

 

-

 

-

 

Intangible assets

 

291

 

 

303

 

 

(12

)

(4.0

%)

 

346

 

 

(55

)

(15.9

%)

Other assets

 

25,697

 

 

26,939

 

 

(1,242

)

(4.6

%)

 

24,061

 

 

1,636

 

6.8

%

Total assets

$

1,821,148

 

$

1,812,487

 

$

8,661

 

0.5

%

$

1,791,782

 

$

29,366

 

1.6

%

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing

$

428,559

 

$

451,651

 

$

(23,092

)

(5.1

%)

$

576,378

 

$

(147,819

)

(25.6

%)

Interest-bearing

 

1,108,754

 

 

1,086,599

 

 

22,155

 

2.0

%

 

957,633

 

 

151,121

 

15.8

%

Total deposits

 

1,537,313

 

 

1,538,250

 

 

(937

)

(0.1

%)

 

1,534,011

 

 

3,302

 

0.2

%

 
FHLB advances and other borrowing

 

50,000

 

 

50,000

 

 

-

 

-

 

 

50,000

 

 

-

 

-

 

Other liabilities

 

17,651

 

 

14,706

 

 

2,945

 

20.0

%

 

16,687

 

 

964

 

5.8

%

Total liabilities

 

1,604,964

 

 

1,602,956

 

 

2,008

 

0.1

%

 

1,600,698

 

 

4,266

 

0.3

%

 
Stockholders' Equity

 

216,184

 

 

209,531

 

 

6,653

 

3.2

%

 

191,084

 

 

25,100

 

13.1

%

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,821,148

 

$

1,812,487

 

$

8,661

 

0.5

%

$

1,791,782

 

$

29,366

 

1.6

%

 
CAPITAL RATIOS
Leverage ratio
Company

 

11.86

%

 

11.71

%

 

0.15

%

1.3

%

 

10.56

%

 

1.30

%

12.3

%

Bank

 

11.82

%

 

11.67

%

 

0.15

%

1.3

%

 

10.55

%

 

1.27

%

12.0

%

Common equity tier 1 risk-based capital ratio
Company

 

16.15

%

 

14.92

%

 

1.23

%

8.3

%

 

14.50

%

 

1.65

%

11.4

%

Bank

 

16.10

%

 

14.87

%

 

1.23

%

8.3

%

 

14.50

%

 

1.60

%

11.0

%

Tier 1 risk-based capital ratio
Company

 

16.15

%

 

14.92

%

 

1.23

%

8.3

%

 

14.50

%

 

1.65

%

11.4

%

Bank

 

16.10

%

 

14.87

%

 

1.23

%

8.3

%

 

14.50

%

 

1.60

%

11.0

%

Total risk-based capital ratio
Company

 

17.37

%

 

16.08

%

 

1.28

%

8.0

%

 

15.57

%

 

1.80

%

11.5

%

Bank

 

17.31

%

 

16.03

%

 

1.28

%

8.0

%

 

15.57

%

 

1.74

%

11.2

%

Tangible common equity per share

$

20.18

 

$

19.59

 

$

0.59

 

3.0

%

$

18.31

 

$

1.87

 

10.2

%

Loan-to-Deposit (LTD) ratio

 

79.55

%

 

83.55

%

 

(4.00

%)

(4.8

%)

 

79.90

%

 

(0.35

%)

(0.4

%)

Nonperforming assets

$

636

 

$

6,807

 

$

(6,171

)

(90.7

%)

$

723

 

$

(87

)

(12.0

%)

Nonperforming assets as a % of loans held-for-investment

 

0.05

%

 

0.53

%

 

(0.48

%)

(90.57

%)

 

0.06

%

 

(0.01

%)

(16.7

%)

ACL as a % of loans held-for-investment

 

1.28

%

 

1.21

%

 

0.07

%

5.79

%

 

1.07

%

 

0.21

%

19.6

%

 
¹ Includes AFS and HTM
FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3
(Dollars in thousands, except per share amounts)
 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,

2023

2022

2022

2022

2022

 
Interest income

$

27,248

 

$

24,744

 

$

21,334

 

$

17,807

 

$

17,032

 

Interest expense

 

8,168

 

 

4,677

 

 

2,507

 

 

1,369

 

 

1,209

 

Net interest income

 

19,080

 

 

20,067

 

 

18,827

 

 

16,438

 

 

15,823

 

 
Provision for credit losses

 

-

 

 

-

 

 

910

 

 

1,600

 

 

(1,167

)

Net interest income after provision for credit losses

 

19,080

 

 

20,067

 

 

17,917

 

 

14,838

 

 

16,990

 

 
Gain on sale of loans

 

-

 

 

-

 

 

-

 

 

3,298

 

 

4,668

 

Gain (loss) on sale of OREO

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

SBA servicing fee income, net

 

654

 

 

491

 

 

709

 

 

778

 

 

469

 

Service charges and other income

 

398

 

 

457

 

 

518

 

 

462

 

 

498

 

Noninterest income

 

1,052

 

 

948

 

 

1,227

 

 

4,538

 

 

5,635

 

 
Salaries and employee benefits

 

6,079

 

 

6,233

 

 

6,861

 

 

6,994

 

 

7,065

 

Occupancy and equipment

 

1,124

 

 

1,133

 

 

1,118

 

 

1,114

 

 

1,120

 

Marketing expense

 

374

 

 

434

 

 

489

 

 

511

 

 

485

 

Professional expense

 

454

 

 

418

 

 

519

 

 

517

 

 

415

 

Merger related expense

 

9

 

 

7

 

 

47

 

 

123

 

 

-

 

Other expenses

 

2,235

 

 

2,579

 

 

2,125

 

 

1,114

 

 

1,796

 

Noninterest expense

 

10,275

 

 

10,804

 

 

11,159

 

 

10,373

 

 

10,881

 

 
Income before income tax expense

 

9,857

 

 

10,211

 

 

7,985

 

 

9,003

 

 

11,744

 

 
Income tax expense

 

2,767

 

 

2,882

 

 

2,258

 

 

2,547

 

 

3,336

 

 
Net income

$

7,090

 

$

7,329

 

$

5,727

 

$

6,456

 

$

8,408

 

 
Effective tax rate

 

28.1

%

 

28.2

%

 

28.3

%

 

28.3

%

 

28.4

%

 
Outstanding number of shares

 

10,588,136

 

 

10,569,601

 

 

10,569,601

 

 

10,416,601

 

 

10,299,361

 

 
Weighted average shares for basic EPS

 

10,576,191

 

 

10,569,601

 

 

10,516,394

 

 

10,305,014

 

 

10,291,071

 

Weighted average shares for diluted EPS

 

10,600,189

 

 

10,600,053

 

 

10,545,544

 

 

10,409,663

 

 

10,479,488

 

 
Basic EPS

$

0.67

 

$

0.70

 

$

0.54

 

$

0.62

 

$

0.82

 

Diluted EPS

$

0.67

 

$

0.70

 

$

0.54

 

$

0.62

 

$

0.80

 

FIVE-QUARTER SALARIES BENEFIT METRICS (Unaudited) - Table 4
(Dollars in thousands)
 
At or for the Three Months Ended
March 31, December 31, September 30, June 30, March 31,

2023

2022

2022

2022

2022

 
Salaries and benefits

$

6,079

 

$

6,233

 

$

6,861

 

$

6,994

 

$

7,065

 

FTE at the end of period

 

170

 

 

179

 

 

190

 

 

199

 

 

208

 

Average FTE during the period

 

174

 

 

184

 

 

193

 

 

201

 

 

206

 

Salaries and benefits/average FTE¹

$

142

 

$

134

 

$

141

 

$

140

 

$

139

 

Salaries and benefits/average assets¹

 

1.36

%

 

1.39

%

 

1.52

%

 

1.55

%

 

1.60

%

Noninterest expense/average assets¹

 

2.30

%

 

2.41

%

 

2.47

%

 

2.30

%

 

2.47

%

 
1 Annualized
FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5
(Dollars in thousands)
 
March 31, December 31, September 30, June 30, March 31,

2023

2022

2022

2022

2022

ASSETS
Cash and due from banks

$

13,788

 

$

20,134

 

$

17,232

 

$

18,087

 

$

14,579

 

Interest-earning deposits at the FRB and other banks

 

240,602

 

 

170,839

 

 

225,044

 

 

243,072

 

 

288,603

 

Investment securities

 

68,943

 

 

72,550

 

 

75,839

 

 

77,469

 

 

80,104

 

Loans held-for-sale

 

243,753

 

 

230,431

 

 

186,438

 

 

141,104

 

 

149,733

 

 
Loans held-for-investment

 

1,222,867

 

 

1,285,278

 

 

1,260,590

 

 

1,260,939

 

 

1,225,739

 

Less: Allowance for credit losses

 

(15,627

)

 

(15,525

)

 

(15,602

)

 

(14,739

)

 

(13,089

)

Loans held-for-investment, net

 

1,207,240

 

 

1,269,753

 

 

1,244,988

 

 

1,246,200

 

 

1,212,650

 

 

OREO

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Restricted stock investments

 

10,121

 

 

10,121

 

 

10,121

 

 

10,111

 

 

8,850

 

Servicing assets

 

8,528

 

 

9,232

 

 

10,158

 

 

10,996

 

 

10,671

 

Goodwill

 

2,185

 

 

2,185

 

 

2,185

 

 

2,185

 

 

2,185

 

Intangible assets

 

291

 

 

303

 

 

317

 

 

331

 

 

346

 

Other assets

 

25,697

 

 

26,939

 

 

27,845

 

 

28,060

 

 

24,061

 

Total assets

$

1,821,148

 

$

1,812,487

 

$

1,800,167

 

$

1,777,615

 

$

1,791,782

 

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing

$

428,559

 

$

451,651

 

$

562,051

 

$

566,610

 

$

576,378

 

Interest-bearing

 

1,108,754

 

 

1,086,599

 

 

971,263

 

 

948,760

 

 

957,633

 

Total deposits

 

1,537,313

 

 

1,538,250

 

 

1,533,314

 

 

1,515,370

 

 

1,534,011

 

 
FHLB advances

 

50,000

 

 

50,000

 

 

50,000

 

 

50,000

 

 

50,000

 

Other liabilities

 

17,651

 

 

14,706

 

 

14,109

 

 

15,134

 

 

16,687

 

Total liabilities

 

1,604,964

 

 

1,602,956

 

 

1,597,423

 

 

1,580,504

 

 

1,600,698

 

 
Stockholders' Equity

 

216,184

 

 

209,531

 

 

202,744

 

 

197,111

 

 

191,084

 

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,821,148

 

$

1,812,487

 

$

1,800,167

 

$

1,777,615

 

$

1,791,782

 

FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6
(Dollars in thousands)
 
March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022
Balance % Balance % Balance % Balance % Balance %
 
Construction

$

19,550

1.6

%

$

17,537

1.4

%

$

14,919

1.2

%

$

23,431

1.9

%

$

18,541

1.5

%

Commercial real estate

 

1,033,124

84.5

%

 

1,078,588

83.9

%

 

1,050,154

83.3

%

 

1,023,298

81.1

%

 

976,924

79.7

%

Commercial and industrial

 

114,184

9.3

%

 

125,298

9.7

%

 

128,099

10.1

%

 

146,175

11.6

%

 

159,111

13.0

%

Home mortgage

 

49,155

4.0

%

 

52,031

4.1

%

 

57,773

4.6

%

 

57,612

4.6

%

 

59,836

4.9

%

Consumer

 

1,049

0.1

%

 

6,260

0.5

%

 

4,839

0.4

%

 

6,609

0.5

%

 

7,589

0.6

%

Gross loans held-for-investment

 

1,217,062

99.5

%

 

1,279,714

99.6

%

 

1,255,784

99.6

%

 

1,257,125

99.7

%

 

1,222,001

99.7

%

 
Deferred loan fees/costs, net

 

5,805

0.5

%

 

5,564

0.4

%

 

4,806

0.4

%

 

3,814

0.3

%

 

3,738

0.3

%

Loans held-for-investment

$

1,222,867

100.0

%

$

1,285,278

100.0

%

$

1,260,590

100.0

%

$

1,260,939

100.0

%

$

1,225,739

100.0

%

 
Loans held-for-sale

$

243,753

$

230,431

$

186,438

$

141,104

$

149,733

Total loans receivable

$

1,466,620

$

1,515,709

$

1,447,028

$

1,402,043

$

1,375,472

FIVE-QUARTER SBA LOAN PRODUCTIONS/SALES DATA (Unaudited) - Table 7
(Dollars in thousands)
 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,

2023

2022

2022

2022

2022

 
SBA loans held-for-sale at beginning of the quarter/year

$

230,431

 

$

186,438

 

$

141,104

 

$

149,733

 

$

158,128

 

SBA loans originated/transferred from/to held-for-investment during the quarter/year

16,890

45,184

49,922

43,451

43,132

SBA loans sold during the quarter/year

 

-

 

 

-

 

 

-

 

 

(50,845

)

 

(50,531

)

SBA loans principal paydown/payoff, net of advance

 

(3,568

)

 

(1,191

)

 

(4,588

)

 

(1,235

)

 

(996

)

SBA loans held-for-sale at end of the quarter/year

$

243,753

 

$

230,431

 

$

186,438

 

$

141,104

 

$

149,733

 

 
Gain on sale of SBA loans

$

-

 

$

-

 

$

-

 

$

3,298

 

$

4,668

 

Premium on sale (weighted average)

 

-

 

 

-

 

 

-

 

 

8.0

%

 

11.0

%

 
SBA loan production

$

21,719

 

$

60,746

 

$

69,234

 

$

56,676

 

$

54,523

 

FIVE QUARTER SBA SERVICING ASSETS AND SERVICING FEES (Unaudited) - Table 8
(Dollars in thousands)
 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,

2023

2022

2022

2022

2022

 
 
SBA servicing assets @ beginning of the quarter/year

$

9,232

 

$

10,158

 

$

10,996

 

$

10,671

 

$

10,632

 

 
Newly added SBA servicing assets from SBA loans sold

 

-

 

 

-

 

 

-

 

 

1,081

 

 

1,052

 

Regular quarterly/annual servicing assets amortization

 

(403

)

 

(434

)

 

(471

)

 

(478

)

 

(462

)

SBA servicing assets amortized from SBA loans paid off/charged off

 

(301

)

 

(492

)

 

(367

)

 

(278

)

 

(551

)

 
Subtotal before impairment

 

8,528

 

 

9,232

 

 

10,158

 

 

10,996

 

 

10,671

 

 
Reversal of valuation allowance on servicing assets

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
SBA servicing assets @ the end of the quarter/year

$

8,528

 

$

9,232

 

$

10,158

 

$

10,996

 

$

10,671

 

FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9
(Dollars in thousands)
 
March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022
Balance % Balance % Balance % Balance % Balance %
 
Noninterest-bearing demand

$

428,559

27.9

%

$

451,651

29.4

%

$

562,051

36.7

%

$

566,610

37.4

%

$

576,378

37.6

%

Interest-bearing demand

 

10,883

0.7

%

 

8,878

0.6

%

 

10,268

0.7

%

 

12,754

0.8

%

 

12,059

0.8

%

NOW & MMDA

 

211,793

13.8

%

 

274,521

17.9

%

 

313,719

20.5

%

 

327,477

21.6

%

 

344,501

22.5

%

Savings

 

62,188

4.0

%

 

52,845

3.4

%

 

66,673

4.3

%

 

73,791

4.9

%

 

79,685

5.2

%

TCDs of $250K and under

 

294,074

19.1

%

 

278,952

18.1

%

 

246,886

16.1

%

 

245,203

16.2

%

 

253,617

16.5

%

TCDs of $250K over

 

367,167

23.9

%

 

320,386

20.8

%

 

242,700

15.8

%

 

198,518

13.1

%

 

176,754

11.5

%

Wholesale TCDs

 

162,649

10.6

%

 

151,017

9.8

%

 

91,017

5.9

%

 

91,017

6.0

%

 

91,017

5.9

%

Total Deposits

$

1,537,313

100.0

%

$

1,538,250

100.0

%

$

1,533,314

100.0

%

$

1,515,370

100.0

%

$

1,534,011

100.0

%

 
Recap:
Noninterest-bearing demand

$

428,559

27.9

%

$

451,651

29.4

%

$

562,051

36.7

%

$

566,610

37.4

%

$

576,378

37.6

%

Interest-bearing demand

 

10,883

0.7

%

 

8,878

0.6

%

 

10,268

0.7

%

 

12,754

0.8

%

 

12,059

0.8

%

NOW & MMDA

 

211,793

13.8

%

 

274,521

17.8

%

 

313,719

20.5

%

 

327,477

21.6

%

 

344,501

22.5

%

Savings

 

62,188

4.0

%

 

52,845

3.5

%

 

66,673

4.3

%

 

73,791

4.9

%

 

79,685

5.2

%

TCDs of $250K and under

 

294,074

19.1

%

 

278,952

18.1

%

 

246,886

16.1

%

 

245,203

16.2

%

 

253,617

16.5

%

Core Deposits

 

1,007,497

65.5

%

 

1,066,847

69.4

%

 

1,199,597

78.3

%

 

1,225,835

80.9

%

 

1,266,240

82.6

%

 
TCDs of $250K over

 

367,167

23.9

%

 

320,386

20.8

%

 

242,700

15.8

%

 

198,518

13.1

%

 

176,754

11.5

%

Wholesale TCDs

 

162,649

10.6

%

 

151,017

9.8

%

 

91,017

5.9

%

 

91,017

6.0

%

 

91,017

5.9

%

Noncore Deposits

 

529,816

34.5

%

 

471,403

30.6

%

 

333,717

21.7

%

 

289,535

19.1

%

 

267,771

17.4

%

Total Deposits

$

1,537,313

100.0

%

$

1,538,250

100.0

%

$

1,533,314

100.0

%

$

1,515,370

100.0

%

$

1,534,011

100.0

%

FIVE-QUARTER SELECTED LOAN AND ASSET QUALITY HIGHLIGHTS (Unaudited) - Table 10
(Dollars in thousands)
 
1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr.

2023

2022

2022

2022

2022

Allowance for Credit Losses
Balance at beginning of period

$

15,525

 

$

15,602

 

$

14,739

 

$

13,089

 

$

14,192

 

CECL transition provision

 

250

 

Provision for credit losses

 

-

 

 

-

 

 

910

 

 

1,600

 

 

(1,167

)

Charge-offs

 

(159

)

 

(90

)

 

(89

)

 

-

 

 

-

 

Recoveries

 

11

 

 

13

 

 

42

 

 

50

 

 

64

 

Balance at the end of period

$

15,627

 

$

15,525

 

$

15,602

 

$

14,739

 

$

13,089

 

 
Nonperforming Assets:¹
Over 90 days still accruing

$

6,006

 

$

-

 

$

-

 

$

-

 

Nonaccrual loans

 

636

 

 

801

 

 

690

 

 

2,532

 

 

723

 

Total nonperforming loans

 

636

 

 

6,807

 

 

690

 

 

2,532

 

 

723

 

 
Other real estate owned

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total nonperforming assets

$

636

 

$

6,807

 

$

690

 

$

2,532

 

$

723

 

 
Classified Assets:¹
Substandard

$

7,673

 

$

8,165

 

$

9,146

 

$

11,133

 

$

9,300

 

Doubtful

 

-

 

 

-

 

 

-

 

Loss

 

-

 

 

-

 

Total classified loans

$

7,673

 

$

8,165

 

$

9,146

 

$

11,133

 

$

9,300

 

 
Other real estate owned

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total classified assets

$

7,673

 

$

8,165

 

$

9,146

 

$

11,133

 

$

9,300

 

 
Performing TDR loans:¹

$

4,332

 

$

4,471

 

$

4,797

 

$

4,744

 

$

3,253

 

 
Delinquent Loans:¹
Loans 30-89 days past due

$

3,551

 

$

381

 

$

3,936

 

$

11,553

 

$

6,275

 

90 days or more past due and still accruing

 

-

 

 

6,006

 

 

-

 

 

-

 

 

-

 

Nonaccrual

 

636

 

 

801

 

 

690

 

 

2,532

 

 

723

 

Total delinquent loans

$

4,187

 

$

7,188

 

$

4,626

 

$

14,085

 

$

6,998

 

 
Asset Quality Ratios:
Net (recoveries) charge-offs to average loans²

 

0.04

%

 

0.02

%

 

0.01

%

 

(0.01

%)

 

(0.02

%)

Nonaccrual loans to loans held-for-investment

 

0.05

%

 

0.06

%

 

0.05

%

 

0.20

%

 

0.06

%

Nonperforming loans to loans held-for-investment

 

0.05

%

 

0.53

%

 

0.05

%

 

0.20

%

 

0.06

%

Nonperforming assets to total assets

 

0.03

%

 

0.38

%

 

0.04

%

 

0.14

%

 

0.04

%

Classified loans to loans held-for-investment

 

0.63

%

 

0.64

%

 

0.73

%

 

0.88

%

 

0.76

%

Classified loans to Tier 1 and ACL

 

3.35

%

 

3.67

%

 

4.24

%

 

5.32

%

 

4.61

%

Classified assets to total assets

 

0.42

%

 

0.45

%

 

0.51

%

 

0.63

%

 

0.52

%

Classified assets to Tier 1 and ACL

 

3.35

%

 

3.67

%

 

4.24

%

 

5.32

%

 

4.61

%

ACL to loans held-for-investment

 

1.28

%

 

1.21

%

 

1.24

%

 

1.17

%

 

1.07

%

ACL to nonaccrual loans

 

2457.08

%

 

1938.20

%

 

2261.16

%

 

582.11

%

 

1810.37

%

ACL to nonperforming loans

 

2457.08

%

 

228.07

%

 

2261.16

%

 

582.11

%

 

1810.37

%

ACL to nonperforming assets

 

2457.08

%

 

228.07

%

 

2261.16

%

 

582.11

%

 

1810.37

%

Texas ratio ³

 

0.28

%

 

3.06

%

 

0.32

%

 

1.21

%

 

0.36

%

1

Net of SBA guaranteed balance

2

Includes loans held-for-sale

3

Nonperforming assets divided by tangible common equity and ACL

FIVE-QUARTER CAPITAL RATIOS (Unaudited) - Table 11
 
Well

Capitalized
Adequately

Capitalized
March 31, December 31, September 30, June 30, March 31,
Regulatory BASEL III
Requirement Fully Phased In

2023

2022

2022

2022

2022

 
Leverage ratio
Company

N/A

N/A

 

11.86%

 

11.71%

 

11.25%

 

10.80%

 

10.56%

Bank

5.00%

4.00%

 

11.82%

 

11.67%

 

11.15%

 

10.73%

 

10.55%

Common equity tier 1 risk-based capital ratio

 

 

Company

N/A

N/A

 

16.15%

 

14.92%

 

14.82%

 

14.47%

 

14.50%

Bank

6.50%

7.00%

 

16.10%

 

14.87%

 

14.70%

 

14.38%

 

14.50%

Tier 1 risk-based capital ratio

 

 

Company

N/A

N/A

 

16.15%

 

14.92%

 

14.82%

 

14.47%

 

14.50%

Bank

8.00%

8.50%

 

16.10%

 

14.87%

 

14.70%

 

14.38%

 

14.50%

Total risk-based capital ratio

 

 

Company

N/A

N/A

 

17.37%

 

16.08%

 

16.02%

 

15.63%

 

15.57%

Bank

10.00%

10.50%

 

17.31%

 

16.03%

 

15.89%

 

15.53%

 

15.57%

 
Tangible common equity/total assets

 

11.75%

 

11.44%

 

11.14%

 

10.96%

 

10.54%

Tangible common equity per share

$

20.18

$

19.59

$

18.95

$

18.68

$

18.31

FIVE-QUARTER MARGIN ANALYSIS (Unaudited) -Table 12
(Dollars in thousands)
 
Three Months Ended
March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022
Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield
Number of Days in the Period
INTEREST-EARNING ASSETS
Loans Receivable¹

$

1,502,078

 

$

24,379

6.58

%

$

1,473,100

 

$

22,407

6.03

%

$

1,413,632

 

$

19,299

5.42

%

$

1,389,968

 

$

16,643

4.80

%

$

1,368,996

 

$

16,352

4.84

%

Investment securities ²

 

70,146

 

 

577

 

3.34

%

 

73,371

 

 

552

 

2.98

%

 

77,304

 

 

543

 

2.79

%

 

78,709

 

 

488

 

2.49

%

 

82,818

 

 

471

 

2.31

%

Interest-earning deposits at the FRB and other banks

 

190,692

 

 

2,178

 

4.63

%

 

180,358

 

 

1,666

 

3.66

%

 

246,955

 

 

1,398

 

2.25

%

 

286,974

 

 

599

 

0.84

%

 

288,966

 

 

141

 

0.20

%

Other earning assets

 

10,121

 

 

164

 

6.57

%

 

10,121

 

 

169

 

6.62

%

 

10,121

 

 

145

 

5.68

%

 

9,861

 

 

129

 

5.25

%

 

8,850

 

 

119

 

5.45

%

Total interest-earning assets ²

 

1,773,037

 

 

27,298

 

6.24

%

 

1,736,950

 

 

24,794

 

5.66

%

 

1,748,012

 

 

21,385

 

4.85

%

 

1,765,512

 

 

17,859

 

4.06

%

 

1,749,630

 

 

17,083

 

3.96

%

 
NONINTEREST-EARNING ASSETS
Cash and due from banks

 

14,262

 

 

15,632

 

 

17,429

 

 

14,866

 

 

13,338

 

Other noninterest-earning assets

 

36,643

 

 

38,529

 

 

40,251

 

 

38,621

 

 

36,714

 

Total noninterest-earning assets

 

50,905

 

 

54,161

 

 

57,680

 

 

53,487

 

 

50,052

 

 
Less: Allowance for credit losses

 

(15,552

)

 

(15,581

)

 

(14,756

)

 

(13,126

)

 

(14,200

)

 
TOTAL ASSETS

$

1,808,390

 

$

1,775,530

 

$

1,790,936

 

$

1,805,873

 

$

1,785,482

 

 
INTEREST-BEARING DEPOSITS
Interest-bearing demand

$

18,021

 

$

9

 

0.20

%

$

20,352

 

$

10

 

0.19

%

$

23,461

 

$

8

 

0.14

%

$

26,781

 

$

4

 

0.06

%

$

27,442

 

$

3

 

0.04

%

Money market

 

231,865

 

 

1,469

 

2.57

%

 

288,611

 

 

1,433

 

1.97

%

 

316,964

 

 

894

 

1.12

%

 

308,377

 

 

443

 

0.58

%

 

321,694

 

 

356

 

0.45

%

Savings

 

55,576

 

 

164

 

1.20

%

 

61,152

 

 

96

 

0.62

%

 

71,519

 

 

85

 

0.47

%

 

75,306

 

 

59

 

0.31

%

 

76,967

 

 

61

 

0.32

%

Time deposits

 

797,072

 

 

6,410

 

3.26

%

 

625,823

 

 

3,020

 

1.91

%

 

556,919

 

 

1,401

 

1.00

%

 

523,504

 

 

746

 

0.57

%

 

529,421

 

 

673

 

0.52

%

Total interest-bearing deposits

 

1,102,534

 

 

8,052

 

2.96

%

 

995,938

 

 

4,559

 

1.82

%

 

968,863

 

 

2,388

 

0.98

%

 

933,968

 

 

1,252

 

0.54

%

 

955,524

 

 

1,093

 

0.46

%

 
Borrowings

 

50,000

 

 

116

 

0.94

%

 

50,001

 

 

118

 

0.94

%

 

50,001

 

 

119

 

0.94

%

 

50,000

 

 

117

 

0.94

%

 

50,000

 

 

116

 

0.94

%

Total interest-bearing liabilities

 

1,152,534

 

 

8,168

 

2.87

%

 

1,045,939

 

 

4,677

 

1.77

%

 

1,018,864

 

 

2,507

 

0.98

%

 

983,968

 

 

1,369

 

0.56

%

 

1,005,524

 

 

1,209

 

0.49

%

 
Noninterest-bearing deposits

 

425,190

 

 

507,719

 

 

555,291

 

 

611,395

 

 

574,436

 

Other liabilities

 

16,947

 

 

14,732

 

 

14,596

 

 

15,818

 

 

16,966

 

 
Stockholders' equity

 

213,719

 

 

207,140

 

 

202,185

 

 

194,692

 

 

188,556

 

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,808,390

 

$

1,775,530

 

$

1,790,936

 

$

1,805,873

 

$

1,785,482

 

 
Net interest income²

$

19,130

 

$

20,117

 

$

18,878

 

$

16,490

 

$

15,874

 

 
Net interest spread

3.37

%

3.89

%

3.87

%

3.50

%

3.47

%

 
Effect of noninterest-bearing sources

1.01

%

0.70

%

0.41

%

0.25

%

0.21

%

 
Net interest margin²

4.38

%

4.59

%

4.28

%

3.75

%

3.68

%

 
 
Cost of deposits

$

1,527,724

 

$

8,052

 

2.14

%

$

1,503,657

 

$

4,559

 

1.20

%

$

1,524,154

 

$

2,388

 

0.62

%

$

1,545,363

 

$

1,252

 

0.32

%

$

1,529,960

 

$

1,093

 

0.29

%

 
Cost of funds

$

1,577,724

 

$

8,168

 

2.10

%

$

1,553,658

 

$

4,677

 

1.19

%

$

1,574,155

 

$

2,507

 

0.63

%

$

1,595,363

 

$

1,369

 

0.34

%

$

1,579,960

 

$

1,209

 

0.31

%

¹

 

Loan held-for-investment, plus loans held-for-sale

²

 

Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate

FIVE-QUARTER COMPONENTS OF YIELD ON LOANS (Unaudited) - Table 13
(Dollars in thousands)
 
Three Months Ended
March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022
Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield
 
Contractual yield

$

23,643

 

6.38

%

$

21,534

 

5.80

%

$

18,134

 

5.09

%

$

15,496

4.47

%

$

14,596

4.32

%

SBA discount accretion

 

937

 

0.25

%

 

1,172

 

0.32

%

 

1,078

 

0.30

%

 

1,035

0.30

%

 

1,421

0.42

%

Prepayment penalties & late fees

 

30

 

0.01

%

 

17

 

0.00

%

 

94

 

0.03

%

 

56

0.02

%

 

107

0.03

%

Amortization of net deferred costs

 

(231

)

-0.06

%

 

(316

)

-0.09

%

 

(7

)

0.00

%

 

56

0.01

%

 

228

0.07

%

As reported yield on loans

$

24,379

 

6.58

%

$

22,407

 

6.03

%

$

19,299

 

5.42

%

$

16,643

4.80

%

$

16,352

4.84

%

 

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