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First Business Bank Reports Strong Fourth Quarter 2021 Net Income of $8.6 Million

-- Record loan growth, expansion of diversified fee income, continued improvement in asset quality metrics, and provision benefit highlight quarterly performance --

First Business Financial Services, Inc. (the “Company”, the “Bank”, or “First Business Bank”) (Nasdaq:FBIZ) reported net income of $8.6 million, or $1.01 diluted earnings per share, in the fourth quarter of 2021. The Company reported net income of $9.2 million, or $1.07 per share, in the third quarter of 2021 and $6.1 million, or $0.71, in the fourth quarter of 2020. For the full year 2021, the Company reported net income of $35.8 million, or $4.17 per share, compared to $17.0 million, or $1.97 per share, in 2020.

“First Business Bank’s fourth quarter reflects a continuation of the strong performance our team has achieved throughout 2021, highlighted by record loan growth for both the quarter and year and continued improvement in our already strong asset quality metrics which resulted in a loan loss provision benefit in the quarter,” President and Chief Executive Officer Corey Chambas said. “As we look ahead to 2022, we see ample runway for continued above-market performance. Our lending pipelines are robust, giving us confidence in our ability to drive double-digit loan growth again in 2022. In addition, we see potential for continued reserve release in 2022.”

Quarterly and Annual Highlights

  • Continued Robust Loan Growth. Loans, excluding Paycheck Protection Program (“PPP”) loans, grew a record $153.3 million, or 29.8% annualized, from the third quarter of 2021 and $291.5 million, or 15.2%, from the fourth quarter of 2020, as the Company continued to expand its traditional lending throughout its geographies and grow its specialized lending mix.
  • Strong In-Market Deposit Growth. Total period-end in-market deposits grew by $98.6 million, or 21.6% annualized, from the third quarter of 2021 and $245.3 million, or 14.6%, from the fourth quarter of 2020. Period-end in-market deposits represent 82.9% of total Bank funding at December 31, 2021 compared to 74.8% at December 31, 2020.
  • Expanded Fee Income. Non-interest income grew by $554,000, or 7.9%, and $770,000, or 11.3%, from the linked quarter and prior year quarter, respectively, to $7.6 million and made up 26.6% of top line revenue, as the Company continued to expand its diversified fee income streams. Revenue from private wealth management reached a record of $2.9 million on $2.921 billion in assets under management and administration for the period, while gains on the sale of Small Business Administration (“SBA”) loans were $1.0 million and commercial loan interest rate swap fee income was $684,000.
  • Further Improvement of Asset Quality Metrics. Non-performing assets declined 14.2% to $6.5 million, or 0.25% of total assets, improving by 4 and 79 basis points from September 30, 2021 and December 31, 2020, respectively. The Company had no material active COVID-19 loan modifications as of December 31, 2021.
  • Compounding Tangible Book Value. Tangible Book Value per share grew by 14.7% annualized in the quarter to $26.03, which is nearly double the ten-year compound annual growth rate of 8%.

Quarterly Financial Results

 

(Unaudited)

 

As of and for the Three Months Ended

 

As of and for the Year Ended

(Dollars in thousands, except per share amounts)

 

December 31,

2021

 

September 30,

2021

 

December 31,

2020

 

December 31,

2021

 

December 31,

2020

Net interest income

 

$

20,924

 

 

$

21,223

 

 

$

22,512

 

 

$

84,662

 

 

$

77,071

 

Adjusted non-interest income (1)

 

 

7,569

 

 

 

7,015

 

 

 

6,799

 

 

 

28,071

 

 

 

26,944

 

Operating revenue (1)

 

 

28,493

 

 

 

28,238

 

 

 

29,311

 

 

 

112,733

 

 

 

104,015

 

Operating expense (1)

 

 

17,644

 

 

 

18,546

 

 

 

17,591

 

 

 

71,571

 

 

 

65,619

 

Pre-tax, pre-provision adjusted earnings (1)

 

 

10,849

 

 

 

9,692

 

 

 

11,720

 

 

 

41,162

 

 

 

38,396

 

Less:

 

 

 

 

 

 

 

 

 

 

Provision for loan and lease losses

 

 

(508

)

 

 

(2,269

)

 

 

4,322

 

 

 

(5,803

)

 

 

16,808

 

Net loss on foreclosed properties

 

 

7

 

 

 

6

 

 

 

54

 

 

 

15

 

 

 

383

 

Amortization of other intangible assets

 

 

2

 

 

 

7

 

 

 

8

 

 

 

25

 

 

 

35

 

SBA recourse benefit

 

 

(122

)

 

 

(69

)

 

 

(330

)

 

 

(76

)

 

 

(278

)

Impairment on tax credit investments

 

 

 

 

 

 

 

 

328

 

 

 

 

 

 

2,395

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

744

 

Add:

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on sale of securities

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

(4

)

Income before income tax expense

 

 

11,470

 

 

 

12,017

 

 

 

7,338

 

 

 

47,030

 

 

 

18,305

 

Income tax expense

 

 

2,879

 

 

 

2,819

 

 

 

1,254

 

 

 

11,275

 

 

 

1,327

 

Net income

 

$

8,591

 

 

$

9,198

 

 

$

6,084

 

 

$

35,755

 

 

$

16,978

 

Earnings per share, diluted

 

$

1.01

 

 

$

1.07

 

 

$

0.71

 

 

$

4.17

 

 

$

1.97

 

Book value per share

 

$

27.48

 

 

$

26.56

 

 

$

24.06

 

 

$

27.48

 

 

$

24.06

 

Tangible book value per share (1)

 

$

26.03

 

 

$

25.11

 

 

$

22.66

 

 

$

26.03

 

 

$

22.66

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin (2)

 

 

3.39

%

 

 

3.45

%

 

 

3.69

%

 

 

3.44

%

 

 

3.40

%

Adjusted net interest margin (1)(2)

 

 

3.23

%

 

 

3.22

%

 

 

3.25

%

 

 

3.21

%

 

 

3.28

%

Fee income ratio (non-interest income / total revenue)

 

 

26.56

%

 

 

24.84

%

 

 

23.20

%

 

 

24.92

%

 

 

25.90

%

Efficiency ratio (1)

 

 

61.92

%

 

 

65.68

%

 

 

60.02

%

 

 

63.49

%

 

 

63.09

%

Return on average assets (2)

 

 

1.32

%

 

 

1.41

%

 

 

0.93

%

 

 

1.37

%

 

 

0.70

%

Pre-tax, pre-provision adjusted return on average assets (1)(2)

 

 

1.66

%

 

 

1.49

%

 

 

1.80

%

 

 

1.58

%

 

 

1.59

%

Return on average equity (2)

 

 

15.04

%

 

 

16.39

%

 

 

11.92

%

 

 

16.21

%

 

 

8.64

%

 

 

 

 

 

 

 

 

 

 

 

Period-end loans and leases receivable

 

$

2,239,408

 

 

$

2,123,306

 

 

$

2,145,970

 

 

$

2,239,408

 

 

$

2,145,970

 

Period-end loans and leases receivable, excluding net PPP loans

 

$

2,212,111

 

 

$

2,058,852

 

 

$

1,920,647

 

 

$

2,212,111

 

 

$

1,920,647

 

Specialized lending as a percent of total gross loans and leases, excluding net PPP loans

 

 

20.01

%

 

 

18.31

%

 

 

18.63

%

 

 

17.78

%

 

 

17.03

%

Average loans and leases receivable

 

$

2,179,769

 

 

$

2,131,099

 

 

$

2,185,662

 

 

$

2,179,154

 

 

$

2,011,322

 

Period-end in-market deposits

 

$

1,928,285

 

 

$

1,829,644

 

 

$

1,683,008

 

 

$

1,928,285

 

 

$

1,683,008

 

Average in-market deposits

 

$

1,866,875

 

 

$

1,810,948

 

 

$

1,690,433

 

 

$

1,784,302

 

 

$

1,568,502

 

Allowance for loan and lease losses

 

$

24,336

 

 

$

24,676

 

 

$

28,521

 

 

$

24,336

 

 

$

28,521

 

Non-performing assets

 

$

6,522

 

 

$

7,605

 

 

$

26,651

 

 

$

6,522

 

 

$

26,651

 

Allowance for loan and lease losses as a percent of total gross loans and leases

 

 

1.09

%

 

 

1.16

%

 

 

1.33

%

 

 

1.09

%

 

 

1.33

%

Allowance for loan and lease losses as a percent of total gross loans and leases, excluding net PPP loans

 

 

1.10

%

 

 

1.20

%

 

 

1.48

%

 

 

1.10

%

 

 

1.48

%

Non-performing assets as a percent of total assets

 

 

0.25

%

 

 

0.29

%

 

 

1.04

%

 

 

0.25

%

 

 

1.04

%

Non-performing assets as a percent of total assets, excluding net PPP loans

 

 

0.25

%

 

 

0.30

%

 

 

1.14

%

 

 

0.25

%

 

 

1.14

%

 

(1) This is a non-GAAP financial measure. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate financial performance, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods. See the section titled Non-GAAP Reconciliations at the end of this release for a reconciliation of GAAP financial measures to non-GAAP financial measures.

(2) Calculation is annualized.

Fourth Quarter 2021 Compared to Third Quarter 2021

Net interest income decreased $299,000, or 1.4%, to $20.9 million.

  • Net interest income decreased primarily due to a reduction in fees in lieu of interest. Fees in lieu of interest, which can vary from quarter to quarter based on client-driven activity, totaled $1.7 million, compared to $2.8 million, and included $892,000 and $1.7 million in PPP fees, respectively. Excluding fees collected in lieu of interest and interest income from PPP loans, net interest income increased $927,000, or 20.4% annualized.
  • Average loans and leases receivable, excluding net PPP loans in both periods of comparison, increased $83.3 million, or 16.3% annualized, to $2.127 billion.
  • The yield on average interest-earning assets decreased nine basis points to 3.81% from 3.90%. Excluding average net PPP loans, the PPP loan interest income of $134,000, and the aforementioned fees in lieu of interest, the yield earned on average interest-earning assets increased seven basis points to 3.60% from 3.53%. The rate paid for average total bank funding decreased three basis point to 0.33% from 0.36%. Total bank funding is defined as total deposits plus Federal Home Loan Bank (“FHLB”) and Federal Reserve Paycheck Protection Program Liquidity (“PPPLF”) advances, if any.
  • Net interest margin decreased six basis points to 3.39% from 3.45%. Adjusted net interest margin was 3.23%, up one basis point compared to 3.22% in the linked quarter. Adjusted net interest margin is a non-GAAP measure representing net interest income excluding fees in lieu of interest and other recurring but volatile components of net interest margin divided by average interest-earning assets less average net PPP loans and other recurring but volatile components of average interest-earning assets such as excess liquidity and non-accrual loans. Due to significant loan growth in 2021 and expectations for low double-digit growth in 2022, management believes excess liquidity will revert back to historical averages in 2022.
  • The Bank maintained its historically neutral-to-asset-sensitive balance sheet through 2021 and ended the year appropriately positioned for net interest income to benefit from rising short-term interest rates in 2022.

The Company reported a net benefit to provision for loan and lease losses of $508,000, compared to a $2.3 million benefit in the third quarter of 2021.

  • The benefit to provision for loan and lease losses in the fourth quarter of 2021 was primarily due to a $862,000 reduction in the general reserve from improving historical loss rates and an $805,000 reduction due to qualitative risk factor improvements, which were partially offset by a $1.4 million increase in the general reserve due to loan growth.
  • The benefit to provision in the third quarter of 2021 was primarily due to a $923,000 reduction in the general reserve from improving historical loss rates, $1.3 million in net recoveries, and a $451,000 decrease in specific reserves. These decreases were partially offset by a $426,000 increase in the general reserve due to loan growth.

Non-interest income increased $554,000, or 7.9%, to $7.6 million.

  • Private wealth management fee income increased $115,000, or 4.2% to $2.9 million. Private wealth and trust assets under management and administration measured a record $2.921 billion at December 31, 2021, up $173.0 million, or 25.2% annualized, primarily due to growth from new and existing clients.
  • Gains on sale of SBA loans increased $321,000 to $1.0 million. Management believes SBA 7a loan production, while variable based on timing of closings, will continue to increase annually at a measured pace.
  • Commercial loan interest rate swap fee income was $684,000. In the linked third quarter the Company reported no swap fee income, which can vary from period to period based on client demand and the interest rate environment.
  • Other fee income decreased $599,000 to $1.3 million, compared to $1.9 million in the third quarter, when the Company recorded higher than typical returns from its investments in mezzanine funds.

Non-interest expense decreased $959,000, or 5.2%, to $17.5 million, while operating expense decreased $902,000, or 4.9%, to $17.6 million.

  • Compensation expense was $12.4 million, reflecting a decrease of $904,000, or 6.8%, from the linked third quarter primarily due to a decrease in average full-time equivalent employees (“FTE”) in the fourth quarter and an increase to the Company’s performance-based incentive compensation accruals in the third quarter of 2021 as a result of strong company performance relative to bonus criteria. Average FTEs for the fourth quarter of 2021 were 301, down 10 from 311 in the linked quarter. The Company’s compensation philosophy is to provide base salaries competitive with the market. Given the incredibly competitive job market and the critical importance to the Company of retaining employees, annual base salaries were increased an additional $650,000, or approximately 2%, more in 2022 than the Company’s historical average annual merit increase.
  • Other non-interest expense increased $185,000 to $904,000, due to an increase in the credit valuation adjustment related to the commercial loan interest rate swap program and a seasonal fourth quarter increase in charitable donations.

The full year effective tax rate for 2021 was 23.96%. For 2022, the Company expects to report an effective tax rate of 22%-23%, excluding discrete items, as management intends to continue actively pursuing tax credit opportunities.

Total period-end loans and leases receivable, excluding net PPP loans in both periods of comparison, increased $153.3 million, or 29.8% annualized, to $2.212 billion. This growth rate is not sustainable and was primarily due to an unusually high number of loan closings in the quarter and a negligible amount of payoffs. Management believes loan growth will moderate to low double-digits as the Company’s specialized lending products scale over time.

  • Commercial and industrial (“C&I”) loans, excluding net PPP loans, increased $86.9 million, or 56.4% annualized, led by First Business Bank’s conventional commercial lending, as well as specialized commercial lending which represents 20.0% of total loans, up from 17.0% last year. Management believes the timely prior-period investments in the Company’s specialized lending business lines, such as dealer floorplan financing, small-ticket equipment vendor financing, accounts receivable financing, and asset based lending have positioned C&I lending for strong and sustainable growth.
  • Commercial real estate (“CRE”) loans increased by $66.9 million, or 19.3% annualized, to $1.455 billion, compared to $1.388 billion, as new production more than offset payoffs and paydowns. This increase was driven by term financing of existing non-owner-occupied real estate, as well as financing of construction projects where the Bank will also be the source of permanent financing when construction is complete.

Total period-end in-market deposits increased $98.6 million, or 21.6% annualized, to $1.928 billion, compared to $1.830 billion, and the average rate paid decreased one basis point to 0.13%.

  • Non-interest bearing transaction accounts and money market accounts increased $63.5 million and $25.7 million, respectively, during the quarter.

Period-end wholesale funding, including FHLB advances, Federal Reserve PPPLF advances, brokered deposits, and deposits gathered through internet deposit listing services, decreased $34.0 million to $398.4 million.

  • Wholesale deposits decreased $45.0 million to $29.6 million. The average rate paid on wholesale deposits increased 11 basis points to 1.03% and the weighted average original maturity of brokered certificates of deposit increased to 3.8 years from 3.5 years.
  • FHLB advances increased $11.0 million to $368.8 million. The average rate paid on FHLB advances increased one basis point to 1.30% and the weighted average original maturity decreased to 5.9 years from 6.1 years.

Non-performing assets decreased $1.1 million, or 14.2%, to $6.5 million, or 0.25% of total assets, compared to $7.6 million, or 0.29% of total assets. The reduction in non-performing assets was primarily due to loan payoffs and paydowns. Excluding net PPP loans, non-performing assets were 0.25% of total assets as of December 31, 2021, compared to 0.30% as of September 30, 2021.

The allowance for loan and lease losses decreased $340,000, or 1.4%, as an increase in the general reserve from loan growth was more than offset by a decrease in the historical loss rates, qualitative risk factors, and specific reserves.

  • The allowance for loan and lease losses as a percent of total gross loans and leases was 1.09% compared to 1.16% as of September 30, 2021.
  • Excluding net PPP loans, the allowance for loan and leases losses as a percent of total gross loans and leases was 1.10%, compared to 1.20% as of September 30, 2021.

Fourth Quarter 2021 Compared to Fourth Quarter 2020

Net interest income decreased $1.6 million, or 7.1%, to $20.9 million.

  • The decrease in net interest income primarily reflects lower yields on average gross loans and leases and lower fees collected in lieu of interest. Fees in lieu of interest, which can vary from quarter to quarter based on client-driven activity, totaled $1.7 million, compared to $4.7 million, and included $892,000 and $3.3 million in PPP fees, respectively. Excluding fees collected in lieu of interest and interest income from PPP loans, net interest income increased $2.0 million, or 11.9%. Excluding net PPP loans, average gross loans and leases increased $223.4 million, or 11.7%.
  • The yield on average interest-earning assets measured 3.81% compared to 4.22%. Excluding fees collected in lieu of interest, PPP loan interest income and net PPP loans, the yield on average interest-earning assets measured 3.60%, compared to 3.76%. This decrease in yield was primarily due to the decrease in LIBOR and related impact on variable-rate loans, in addition to the renewal of fixed-rate loans and reinvestment of cash flows from the securities portfolio at historically low interest rates. The rate paid for average total bank funding decreased 12 basis points to 0.33% from 0.45%.
  • Net interest margin decreased 30 basis points to 3.39% from 3.69%. Adjusted net interest margin decreased two basis points to 3.23% from 3.25%.

The Company reported a net benefit to provision for loan and lease losses of $508,000, compared to provision expense of $4.3 million in the fourth quarter of 2020.

  • The benefit to provision for loan and lease losses in the fourth quarter of 2021 was primarily due to a $862,000 reduction in the general reserve from improving historical loss rates and an $805,000 reduction due to qualitative risk factor improvements, which were partially offset by a $1.4 million increase in the general reserve due to loan growth.
  • The provision expense in the fourth quarter of 2020 included $6.7 million in charge-offs, which were partially offset by the release of $5.2 million in related specific reserves. Changes in the general reserve increased the provision for loan and lease losses $1.3 million due to historical loss rate updates from net charge-off activity, $1.0 million due to qualitative factor changes in our commercial real estate portfolio, and $639,000 due to loan growth.

Non-interest income of $7.6 million increased by $770,000, or 11.3%, from $6.8 million in the prior year period.

  • Private wealth management fee income increased $666,000, or 30.2%, to $2.9 million. Private wealth and trust assets under management and administration measured a record $2.921 billion at December 31, 2021, up $671.7 million, or 29.9%.
  • Loan fees of $679,000 increased by $267,000, or 64.8%, primarily due to an increase in conventional, SBA, and floorplan financing activity generating additional processing and service fee income.
  • Gains on sale of SBA loans decreased $258,000 to $1.0 million. Management believes SBA 7a loan production, while variable based on timing of closings, will continue to increase annually at a measured pace.
  • Commercial loan interest rate swap fee income was $684,000, compared to $1.1 million in the year-ago period. Swap fee income varies from period to period based on client demand and the interest rate environment in any given quarter.
  • Other fee income increased $353,000, or 38.6%, to $1.3 million compared to $914,000, primarily due to higher returns from the Company’s investments in mezzanine funds.

Non-interest expense decreased $120,000, or 0.7%, to $17.5 million. Operating expense increased $53,000, or 0.3%, to $17.6 million.

  • FDIC insurance decreased $269,000 from $479,000 to $210,000. The decrease was primarily due to improved asset quality and an increase in pre-tax return on average assets.
  • During the fourth quarter 2020, the Corporation recognized $328,000 in expense due to the remaining impairment of a federal historic tax credit and community development entity investment, which corresponded with the recognition of $383,000 in tax credits during the quarter. No tax credit investments were recognized in the fourth quarter of 2021.
  • Compensation expense increased $302,000, or 2.5%, to $12.4 million. Average FTE were 301 for both the fourth quarter of 2021 and 2020.

Total period-end loans and leases receivable, excluding net PPP loans in both periods of comparison, increased $291.5 million, or 15.2%, to $2.212 billion.

  • C&I loans, excluding net PPP loans, increased $196.5 million, or 38.8%, due to an increase in both conventional and specialized lending. This above average growth rate is not sustainable and will moderate to lower double-digits as the Company’s specialized lending products scale over time.
  • CRE loans increased $95.5 million, or 7.0%, primarily due to an increase in non-owner-occupied real estate.

Total period-end in-market deposits increased $245.3 million, or 14.6%, to $1.928 billion and the average rate paid decreased seven basis points to 0.13%.

  • Transaction and money market accounts increased $143.0 million and $112.9 million, respectively, while certificates of deposits decreased $10.6 million.

Period-end wholesale funding decreased $168.6 million to $398.4 million.

  • Wholesale deposits decreased $142.9 million to $29.6 million, compared to $172.5 million, as the existing portfolio runoff was replaced by in-market deposits. The average rate paid on brokered certificates of deposit increased seven basis points to 1.03% and the weighted average original maturity decreased to 3.8 years from 4.3 years.
  • FHLB advances decreased $25.7 million to $368.8 million. The average rate paid on FHLB advances was 1.30% in both periods of comparison and the weighted average original maturity increased to 5.9 years from 5.1 years.

Non-performing assets decreased to $6.5 million, or 0.25% of total assets, compared to $26.7 million, or 1.04% of total assets. Excluding net PPP loans, non-performing assets decreased to 0.25% of total assets as of December 31, 2021 compared to 1.14% one year prior.

The allowance for loan and lease losses decreased $4.2 million to $24.3 million, compared to $28.5 million.

  • The allowance for loan and lease losses as a percent of total gross loans and leases was 1.09% compared to 1.33%.
  • Excluding net PPP loans, the allowance for loan and leases losses as a percent of total gross loans and leases was 1.10% as of December 31, 2021 compared to 1.48% one year prior.

Paycheck Protection Program

As of December 31, 2021, the Company had $27.9 million in gross PPP loans outstanding and deferred processing fees outstanding of $557,000. The processing fees are deferred and recognized over the contractual life of the loan, or accelerated at forgiveness, as an adjustment of yield using the interest method. During the three and twelve months ended December 31, 2021, the Company recognized $892,000 and $7.3 million of processing fees in loans and leases interest income in the unaudited Consolidated Statements of Income, respectively, compared to $3.3 million and $5.3 million for three and twelve months ended December 30, 2020, respectively. The SBA provides a guaranty to the lender of 100% of principal and interest, unless the lender violated an obligation under the agreement. Since loan losses are expected to be immaterial, if at all due to the government guarantee, management excluded the PPP loans from the allowance for loan and lease losses calculation. These short-term loans were funded primarily through a combination of excess cash held at the Federal Reserve and from an increase in in-market deposits.

Share Repurchase Program Update

During the fourth quarter the Company repurchased a total of 24,631 shares for approximately $716,000 at an average cost of $29.05 per share. The Company had no repurchase authority remaining as of December 31, 2021 in its previously disclosed share repurchase program.

About First Business Financial Services, Inc.

First Business Financial Services, Inc., (Nasdaq: FBIZ) is the parent company of First Business Bank. First Business Bank specializes in Business Banking, including Commercial Banking and Specialized Lending, Private Wealth, and Bank Consulting services, and through its refined focus, delivers unmatched expertise, accessibility, and responsiveness. Specialized Lending solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC. For additional information, visit www.firstbusiness.bank.

This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect First Business Bank’s current views with respect to future events and financial performance. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results, or other developments. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties, and other factors that may cause actual results to differ materially from the views, beliefs, and projections expressed in such statements. Such statements are subject to risks and uncertainties, including among other things:

  • Adverse changes in the economy or business conditions, either nationally or in the Company’s markets, including, without limitation, the adverse effects of the COVID-19 pandemic on the global, national, and local economy.
  • The effect of the COVID-19 pandemic on the Company’s credit quality, revenue, and business operations.
  • Competitive pressures among depository and other financial institutions nationally and in the Company’s markets.
  • Increases in defaults by borrowers and other delinquencies.
  • Management’s ability to manage growth effectively, including the successful expansion of our client service, administrative infrastructure, and internal management systems.
  • Fluctuations in interest rates and market prices.
  • Changes in legislative or regulatory requirements applicable to the Company and its subsidiaries.
  • Changes in tax requirements, including tax rate changes, new tax laws, and revised tax law interpretations.
  • Fraud, including client and system failure or breaches of our network security, including the Company’s internet banking activities.
  • Failure to comply with the applicable SBA regulations in order to maintain the eligibility of the guaranteed portion of SBA loans.

For further information about the factors that could affect the Company’s future results, please see the Company’s annual report on Form 10-K for the year ended December 31, 2020 and other filings with the Securities and Exchange Commission.

SELECTED FINANCIAL CONDITION DATA

 

(Unaudited)

 

As of

(in thousands)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

Assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

57,110

 

 

$

110,624

 

 

$

389,977

 

 

$

58,874

 

 

$

56,909

 

Securities available-for-sale, at fair value

 

 

205,702

 

 

 

194,056

 

 

 

171,219

 

 

 

173,261

 

 

 

183,925

 

Securities held-to-maturity, at amortized cost

 

 

19,746

 

 

 

21,196

 

 

 

22,382

 

 

 

24,783

 

 

 

26,374

 

Loans held for sale

 

 

3,570

 

 

 

5,603

 

 

 

6,059

 

 

 

6,576

 

 

 

8,695

 

Loans and leases receivable

 

 

2,239,408

 

 

 

2,123,306

 

 

 

2,143,561

 

 

 

2,235,112

 

 

 

2,145,970

 

Allowance for loan and lease losses

 

 

(24,336

)

 

 

(24,676

)

 

 

(25,675

)

 

 

(28,982

)

 

 

(28,521

)

Loans and leases receivable, net

 

 

2,215,072

 

 

 

2,098,630

 

 

 

2,117,886

 

 

 

2,206,130

 

 

 

2,117,449

 

Premises and equipment, net

 

 

1,694

 

 

 

1,700

 

 

 

1,747

 

 

 

1,923

 

 

 

1,998

 

Foreclosed properties

 

 

164

 

 

 

172

 

 

 

179

 

 

 

31

 

 

 

34

 

Right-of-use assets

 

 

4,910

 

 

 

5,263

 

 

 

5,472

 

 

 

5,486

 

 

 

5,814

 

Bank-owned life insurance

 

 

53,600

 

 

 

53,244

 

 

 

52,887

 

 

 

52,537

 

 

 

52,188

 

Federal Home Loan Bank stock, at cost

 

 

13,336

 

 

 

12,351

 

 

 

13,451

 

 

 

14,941

 

 

 

13,578

 

Goodwill and other intangible assets

 

 

12,268

 

 

 

12,229

 

 

 

12,178

 

 

 

12,055

 

 

 

12,018

 

Derivatives

 

 

26,343

 

 

 

28,678

 

 

 

32,377

 

 

 

26,104

 

 

 

49,377

 

Accrued interest receivable and other assets

 

 

39,390

 

 

 

40,664

 

 

 

39,855

 

 

 

38,017

 

 

 

39,478

 

Total assets

 

$

2,652,905

 

 

$

2,584,410

 

 

$

2,865,669

 

 

$

2,620,718

 

 

$

2,567,837

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

In-market deposits

 

$

1,928,285

 

 

$

1,829,644

 

 

$

2,016,215

 

 

$

1,737,226

 

 

$

1,683,008

 

Wholesale deposits

 

 

29,638

 

 

 

74,638

 

 

 

144,492

 

 

 

165,492

 

 

 

172,508

 

Total deposits

 

 

1,957,923

 

 

 

1,904,282

 

 

 

2,160,707

 

 

 

1,902,718

 

 

 

1,855,516

 

Federal Home Loan Bank advances and other borrowings

 

 

403,451

 

 

 

394,090

 

 

 

420,113

 

 

 

448,417

 

 

 

419,167

 

Junior subordinated notes

 

 

10,076

 

 

 

10,072

 

 

 

10,069

 

 

 

10,065

 

 

 

10,062

 

Lease liabilities

 

 

5,406

 

 

 

5,780

 

 

 

6,005

 

 

 

6,040

 

 

 

6,386

 

Derivatives

 

 

28,283

 

 

 

31,890

 

 

 

36,109

 

 

 

29,565

 

 

 

54,927

 

Accrued interest payable and other liabilities

 

 

15,344

 

 

 

13,016

 

 

 

11,214

 

 

 

9,422

 

 

 

15,617

 

Total liabilities

 

 

2,420,483

 

 

 

2,359,130

 

 

 

2,644,217

 

 

 

2,406,227

 

 

 

2,361,675

 

Total stockholders’ equity

 

 

232,422

 

 

 

225,280

 

 

 

221,452

 

 

 

214,491

 

 

 

206,162

 

Total liabilities and stockholders’ equity

 

$

2,652,905

 

 

$

2,584,410

 

 

$

2,865,669

 

 

$

2,620,718

 

 

$

2,567,837

 

STATEMENTS OF INCOME

 

(Unaudited)

 

As of and for the Three Months Ended

 

As of and for the Year Ended

(Dollars in thousands, except per share amounts)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

December 31,

2021

 

December 31,

2020

Total interest income

 

$

23,576

 

 

$

24,014

 

 

$

24,599

 

 

$

23,806

 

 

$

25,770

 

 

$

95,995

 

 

$

94,179

 

Total interest expense

 

 

2,652

 

 

 

2,791

 

 

 

2,947

 

 

 

2,943

 

 

 

3,258

 

 

 

11,333

 

 

 

17,108

 

Net interest income

 

 

20,924

 

 

 

21,223

 

 

 

21,652

 

 

 

20,863

 

 

 

22,512

 

 

 

84,662

 

 

 

77,071

 

Provision for loan and lease losses

 

 

(508

)

 

 

(2,269

)

 

 

(958

)

 

 

(2,068

)

 

 

4,322

 

 

 

(5,803

)

 

 

16,808

 

Net interest income after provision for loan and lease losses

 

 

21,432

 

 

 

23,492

 

 

 

22,610

 

 

 

22,931

 

 

 

18,190

 

 

 

90,465

 

 

 

60,263

 

Private wealth management service fees

 

 

2,874

 

 

 

2,759

 

 

 

2,744

 

 

 

2,407

 

 

 

2,208

 

 

 

10,784

 

 

 

8,611

 

Gain on sale of SBA loans

 

 

1,042

 

 

 

721

 

 

 

1,203

 

 

 

1,078

 

 

 

1,300

 

 

 

4,044

 

 

 

2,899

 

Service charges on deposits

 

 

1,023

 

 

 

956

 

 

 

941

 

 

 

917

 

 

 

887

 

 

 

3,837

 

 

 

3,415

 

Loan fees

 

 

679

 

 

 

713

 

 

 

569

 

 

 

545

 

 

 

412

 

 

 

2,506

 

 

 

1,826

 

Net gain (loss) on sale of securities

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

 

 

 

29

 

 

 

(4

)

Swap fees

 

 

684

 

 

 

 

 

 

 

 

 

684

 

 

 

1,078

 

 

 

1,368

 

 

 

6,860

 

Other non-interest income

 

 

1,267

 

 

 

1,866

 

 

 

835

 

 

 

1,564

 

 

 

914

 

 

 

5,532

 

 

 

3,333

 

Total non-interest income

 

 

7,569

 

 

 

7,015

 

 

 

6,321

 

 

 

7,195

 

 

 

6,799

 

 

 

28,100

 

 

 

26,940

 

Compensation

 

 

12,447

 

 

 

13,351

 

 

 

13,255

 

 

 

12,657

 

 

 

12,145

 

 

 

51,710

 

 

 

45,850

 

Occupancy

 

 

551

 

 

 

544

 

 

 

533

 

 

 

552

 

 

 

556

 

 

 

2,180

 

 

 

2,252

 

Professional fees

 

 

933

 

 

 

1,024

 

 

 

913

 

 

 

866

 

 

 

909

 

 

 

3,736

 

 

 

3,530

 

Data processing

 

 

773

 

 

 

746

 

 

 

798

 

 

 

770

 

 

 

668

 

 

 

3,087

 

 

 

2,734

 

Marketing

 

 

548

 

 

 

572

 

 

 

511

 

 

 

391

 

 

 

411

 

 

 

2,022

 

 

 

1,580

 

Equipment

 

 

223

 

 

 

260

 

 

 

261

 

 

 

246

 

 

 

294

 

 

 

990

 

 

 

1,199

 

Computer software

 

 

1,017

 

 

 

999

 

 

 

1,129

 

 

 

1,115

 

 

 

1,028

 

 

 

4,260

 

 

 

3,900

 

FDIC insurance

 

 

210

 

 

 

291

 

 

 

280

 

 

 

362

 

 

 

479

 

 

 

1,143

 

 

 

1,238

 

Collateral liquidation cost

 

 

40

 

 

 

47

 

 

 

84

 

 

 

94

 

 

 

47

 

 

 

265

 

 

 

328

 

Net loss (gain) on foreclosed properties

 

 

7

 

 

 

6

 

 

 

(1

)

 

 

3

 

 

 

54

 

 

 

15

 

 

 

383

 

Tax credit investment impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

328

 

 

 

 

 

 

2,395

 

SBA recourse (benefit) provision

 

 

(122

)

 

 

(69

)

 

 

245

 

 

 

(130

)

 

 

(330

)

 

 

(76

)

 

 

(278

)

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

744

 

Other non-interest expense

 

 

904

 

 

 

719

 

 

 

176

 

 

 

404

 

 

 

1,062

 

 

 

2,203

 

 

 

3,043

 

Total non-interest expense

 

 

17,531

 

 

 

18,490

 

 

 

18,184

 

 

 

17,330

 

 

 

17,651

 

 

 

71,535

 

 

 

68,898

 

Income before income tax expense

 

 

11,470

 

 

 

12,017

 

 

 

10,747

 

 

 

12,796

 

 

 

7,338

 

 

 

47,030

 

 

 

18,305

 

Income tax expense

 

 

2,879

 

 

 

2,819

 

 

 

2,512

 

 

 

3,065

 

 

 

1,254

 

 

 

11,275

 

 

 

1,327

 

Net income

 

$

8,591

 

 

$

9,198

 

 

$

8,235

 

 

$

9,731

 

 

$

6,084

 

 

$

35,755

 

 

$

16,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings

 

$

1.01

 

 

$

1.07

 

 

$

0.95

 

 

$

1.12

 

 

$

0.71

 

 

$

4.17

 

 

$

1.97

 

Diluted earnings

 

 

1.01

 

 

 

1.07

 

 

 

0.95

 

 

 

1.12

 

 

 

0.71

 

 

 

4.17

 

 

 

1.97

 

Dividends declared

 

 

0.18

 

 

 

0.18

 

 

 

0.18

 

 

 

0.18

 

 

 

0.165

 

 

 

0.72

 

 

 

0.66

 

Book value

 

 

27.48

 

 

 

26.56

 

 

 

25.70

 

 

 

24.83

 

 

 

24.06

 

 

 

27.48

 

 

 

24.06

 

Tangible book value

 

 

26.03

 

 

 

25.11

 

 

 

24.28

 

 

 

23.43

 

 

 

22.66

 

 

 

26.03

 

 

 

22.66

 

Weighted-average common shares outstanding(1)

 

 

8,228,311

 

 

 

8,340,042

 

 

 

8,385,069

 

 

 

8,429,149

 

 

 

8,417,216

 

 

 

8,314,921

 

 

 

8,384,464

 

Weighted-average diluted common shares outstanding(1)

 

 

8,228,311

 

 

 

8,340,042

 

 

 

8,385,069

 

 

 

8,429,149

 

 

 

8,417,216

 

 

 

8,314,921

 

 

 

8,384,464

 

 

(1) Excluding participating securities.

NET INTEREST INCOME ANALYSIS

 

(Unaudited)

 

For the Three Months Ended

(Dollars in thousands)

 

December 31, 2021

 

September 30, 2021

 

December 31, 2020

 

 

Average

Balance

 

Interest

 

Average

Yield/Rate(4)

 

Average

Balance

 

Interest

 

Average

Yield/Rate(4)

 

Average

Balance

 

Interest

 

Average

Yield/Rate(4)

Interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate and other mortgage loans(1)

 

$

1,417,498

 

$

13,225

 

3.73

%

 

$

1,388,236

 

$

13,090

 

3.77

%

 

$

1,353,333

 

$

12,875

 

3.81

%

Commercial and industrial loans(1)

 

 

702,108

 

 

8,711

 

4.96

%

 

 

680,563

 

 

9,259

 

5.44

%

 

 

768,869

 

 

11,149

 

5.80

%

Direct financing leases(1)

 

 

17,662

 

 

200

 

4.53

%

 

 

18,611

 

 

207

 

4.45

%

 

 

25,071

 

 

278

 

4.44

%

Consumer and other loans(1)

 

 

42,501

 

 

376

 

3.54

%

 

 

43,689

 

 

391

 

3.58

%

 

 

38,389

 

 

355

 

3.70

%

Total loans and leases receivable(1)

 

 

2,179,769

 

 

22,512

 

4.13

%

 

 

2,131,099

 

 

22,947

 

4.31

%

 

 

2,185,662

 

 

24,657

 

4.51

%

Mortgage-related securities(2)

 

 

170,002

 

 

677

 

1.59

%

 

 

154,372

 

 

659

 

1.71

%

 

 

170,400

 

 

742

 

1.74

%

Other investment securities(3)

 

 

49,927

 

 

209

 

1.67

%

 

 

45,196

 

 

196

 

1.73

%

 

 

39,647

 

 

183

 

1.85

%

FHLB stock

 

 

12,345

 

 

155

 

5.02

%

 

 

13,279

 

 

167

 

5.03

%

 

 

14,608

 

 

179

 

4.90

%

Short-term investments

 

 

59,970

 

 

23

 

0.15

%

 

 

116,621

 

 

45

 

0.15

%

 

 

31,418

 

 

9

 

0.11

%

Total interest-earning assets

 

 

2,472,013

 

 

23,576

 

3.81

%

 

 

2,460,567

 

 

24,014

 

3.90

%

 

 

2,441,735

 

 

25,770

 

4.22

%

Non-interest-earning assets

 

 

140,892

 

 

 

 

 

 

147,631

 

 

 

 

 

 

162,010

 

 

 

 

Total assets

 

$

2,612,905

 

 

 

 

 

$

2,608,198

 

 

 

 

 

$

2,603,745

 

 

 

 

Interest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction accounts

 

$

497,743

 

 

239

 

0.19

%

 

$

509,089

 

 

251

 

0.20

%

 

$

482,670

 

 

250

 

0.21

%

Money market

 

 

749,247

 

 

321

 

0.17

%

 

 

703,460

 

 

306

 

0.17

%

 

 

655,581

 

 

287

 

0.18

%

Certificates of deposit

 

 

42,507

 

 

36

 

0.34

%

 

 

42,370

 

 

71

 

0.67

%

 

 

78,693

 

 

308

 

1.57

%

Wholesale deposits

 

 

62,342

 

 

161

 

1.03

%

 

 

89,135

 

 

206

 

0.92

%

 

 

171,718

 

 

414

 

0.96

%

Total interest-bearing deposits

 

 

1,351,839

 

 

757

 

0.22

%

 

 

1,344,054

 

 

834

 

0.25

%

 

 

1,388,662

 

 

1,259

 

0.36

%

FHLB advances

 

 

353,637

 

 

1,149

 

1.30

%

 

 

381,061

 

 

1,228

 

1.29

%

 

 

404,174

 

 

1,309

 

1.30

%

Federal Reserve PPPLF

 

 

 

 

 

%

 

 

 

 

 

%

 

 

10,297

 

 

9

 

0.35

%

Other borrowings

 

 

35,270

 

 

466

 

5.28

%

 

 

32,630

 

 

449

 

5.50

%

 

 

24,419

 

 

400

 

6.55

%

Junior subordinated notes

 

 

10,073

 

 

280

 

11.12

%

 

 

10,070

 

 

280

 

11.12

%

 

 

10,059

 

 

281

 

11.17

%

Total interest-bearing liabilities

 

 

1,750,819

 

 

2,652

 

0.61

%

 

 

1,767,815

 

 

2,791

 

0.63

%

 

 

1,837,611

 

 

3,258

 

0.71

%

Non-interest-bearing demand deposit accounts

 

 

577,378

 

 

 

 

 

 

556,029

 

 

 

 

 

 

473,489

 

 

 

 

Other non-interest-bearing liabilities

 

 

56,280

 

 

 

 

 

 

59,865

 

 

 

 

 

 

88,496

 

 

 

 

Total liabilities

 

 

2,384,477

 

 

 

 

 

 

2,383,709

 

 

 

 

 

 

2,399,596

 

 

 

 

Stockholders’ equity

 

 

228,428

 

 

 

 

 

 

224,489

 

 

 

 

 

 

204,149

 

 

 

 

Total liabilities and stockholders’ equity

 

$

2,612,905

 

 

 

 

 

$

2,608,198

 

 

 

 

 

$

2,603,745

 

 

 

 

Net interest income

 

 

 

$

20,924

 

 

 

 

$

21,223

 

 

 

 

 

$

22,512

 

 

Interest rate spread

 

 

 

 

 

3.21

%

 

 

 

 

 

3.27

%

 

 

 

 

 

3.51

%

Net interest-earning assets

 

$

721,194

 

 

 

 

 

$

692,752

 

 

 

 

 

$

604,124

 

 

 

 

Net interest margin

 

 

 

 

 

3.39

%

 

 

 

 

 

3.45

%

 

 

 

 

 

3.69

%

 
(1) The average balances of loans and leases include non-accrual loans and leases and loans held for sale. Interest income related to non-accrual loans and leases is recognized when collected. Interest income includes net loan fees collected in lieu of interest.
(2) Includes amortized cost basis of assets available for sale and held to maturity.
(3) Yields on tax-exempt municipal obligations are not presented on a tax-equivalent basis in this table.
(4) Represents annualized yields/rates.

NET INTEREST INCOME ANALYSIS

 

(Unaudited)

 

For the Year Ended

(Dollars in thousands)

 

December 31, 2021

 

December 31, 2020

 

 

Average

Balance

 

Interest

 

Average

Yield/Rate(4)

 

Average

Balance

 

Interest

 

Average

Yield/Rate(4)

Interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate and other mortgage loans(1)

 

$

1,387,434

 

$

51,930

 

3.74

%

 

$

1,245,886

 

$

51,188

 

4.11

%

Commercial and industrial loans(1)

 

 

727,923

 

 

37,470

 

5.15

%

 

 

701,328

 

 

35,487

 

5.06

%

Direct financing leases(1)

 

 

19,591

 

 

872

 

4.45

%

 

 

26,564

 

 

1,039

 

3.91

%

Consumer and other loans(1)

 

 

44,206

 

 

1,572

 

3.56

%

 

 

37,544

 

 

1,446

 

3.85

%

Total loans and leases receivable(1)

 

 

2,179,154

 

 

91,844

 

4.21

%

 

 

2,011,322

 

 

89,160

 

4.43

%

Mortgage-related securities(2)

 

 

159,242

 

 

2,633

 

1.65

%

 

 

173,084

 

 

3,548

 

2.05

%

Other investment securities(3)

 

 

44,739

 

 

777

 

1.74

%

 

 

31,809

 

 

639

 

2.01

%

FHLB stock

 

 

13,066

 

 

651

 

4.98

%

 

 

11,576

 

 

671

 

5.80

%

Short-term investments

 

 

64,308

 

 

90

 

0.14

%

 

 

37,314

 

 

161

 

0.43

%

Total interest-earning assets

 

 

2,460,509

 

 

95,995

 

3.90

%

 

 

2,265,105

 

 

94,179

 

4.16

%

Non-interest-earning assets

 

 

144,499

 

 

 

 

 

 

154,511

 

 

 

 

Total assets

 

$

2,605,008

 

 

 

 

 

$

2,419,616

 

 

 

 

Interest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Transaction accounts

 

$

506,693

 

 

988

 

0.19

%

 

$

392,577

 

 

1,448

 

0.37

%

Money market

 

 

693,608

 

 

1,183

 

0.17

%

 

 

651,402

 

 

2,842

 

0.44

%

Certificates of deposit

 

 

47,020

 

 

396

 

0.84

%

 

 

111,698

 

 

2,198

 

1.97

%

Wholesale deposits

 

 

119,831

 

 

986

 

0.82

%

 

 

142,591

 

 

2,434

 

1.71

%

Total interest-bearing deposits

 

 

1,367,152

 

 

3,553

 

0.26

%

 

 

1,298,268

 

 

8,922

 

0.69

%

FHLB advances

 

 

376,781

 

 

4,908

 

1.30

%

 

 

379,891

 

 

5,507

 

1.45

%

Federal Reserve PPPLF

 

 

 

 

 

%

 

 

15,207

 

 

54

 

0.36

%

Other borrowings

 

 

31,935

 

 

1,759

 

5.51

%

 

 

24,472

 

 

1,509

 

6.17

%

Junior subordinated notes

 

 

10,068

 

 

1,113

 

11.05

%

 

 

10,054

 

 

1,116

 

11.10

%

Total interest-bearing liabilities

 

 

1,785,936

 

 

11,333

 

0.63

%

 

 

1,727,892

 

 

17,108

 

0.99

%

Non-interest-bearing demand deposit accounts

 

 

536,981

 

 

 

 

 

 

412,825

 

 

 

 

Other non-interest-bearing liabilities

 

 

61,580

 

 

 

 

 

 

82,337

 

 

 

 

Total liabilities

 

 

2,384,497

 

 

 

 

 

 

2,223,054

 

 

 

 

Stockholders’ equity

 

 

220,511

 

 

 

 

 

 

196,562

 

 

 

 

Total liabilities and stockholders’ equity

 

$

2,605,008

 

 

 

 

 

$

2,419,616

 

 

 

 

Net interest income

 

 

 

$

84,662

 

 

 

 

 

$

77,071

 

 

Interest rate spread

 

 

 

 

 

3.27

%

 

 

 

 

 

3.17

%

Net interest-earning assets

 

$

674,573

 

 

 

 

 

$

537,213

 

 

 

 

Net interest margin

 

 

 

 

 

3.44

%

 

 

 

 

 

3.40

%

 

(1) The average balances of loans and leases include non-accrual loans and leases and loans held for sale. Interest income related to non-accrual loans and leases is recognized when collected. Interest income includes net loan fees collected in lieu of interest.

(2) Includes amortized cost basis of assets available for sale and held to maturity.

(3) Yields on tax-exempt municipal obligations are not presented on a tax-equivalent basis in this table.

(4) Represents annualized yields/rates.

PROVISION FOR LOAN AND LEASE LOSS COMPOSITION

 

(Unaudited)

 

For the Three Months Ended

 

For the Year Ended

(Dollars in thousands)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

December 31,

2021

 

December 31,

2020

Change in general reserve due to subjective factor changes

 

$

(805

)

 

$

(51

)

 

$

(652

)

 

$

1,082

 

 

$

1,008

 

 

$

(426

)

 

$

5,460

 

Change in general reserve due to historical loss factor changes

 

 

(862

)

 

 

(923

)

 

 

(1,687

)

 

 

(984

)

 

 

1,274

 

 

 

(4,456

)

 

 

949

 

Charge-offs

 

 

106

 

 

 

364

 

 

 

2,894

 

 

 

144

 

 

 

6,685

 

 

 

3,508

 

 

 

8,139

 

Recoveries

 

 

(274

)

 

 

(1,634

)

 

 

(545

)

 

 

(2,673

)

 

 

(68

)

 

 

(5,126

)

 

 

(332

)

Change in specific reserves on impaired loans, net

 

 

(64

)

 

 

(451

)

 

 

(1,466

)

 

 

(194

)

 

 

(5,216

)

 

 

(2,175

)

 

 

316

 

Change due to loan growth, net

 

 

1,391

 

 

 

426

 

 

 

498

 

 

 

557

 

 

 

639

 

 

 

2,872

 

 

 

2,276

 

Total provision for loan and lease losses

 

$

(508

)

 

$

(2,269

)

 

$

(958

)

 

$

(2,068

)

 

$

4,322

 

 

$

(5,803

)

 

$

16,808

 

PERFORMANCE RATIOS

 

 

 

For the Three Months Ended

 

For the Year Ended

(Unaudited)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

December 31,

2021

 

December 31,

2020

Return on average assets (annualized)

 

1.32

%

 

1.41

%

 

1.26

%

 

1.51

%

 

0.93

%

 

1.37

%

 

0.70

%

Return on average equity (annualized)

 

15.04

%

 

16.39

%

 

15.09

%

 

18.48

%

 

11.92

%

 

16.21

%

 

8.64

%

Efficiency ratio

 

61.92

%

 

65.68

%

 

64.17

%

 

62.19

%

 

60.02

%

 

63.49

%

 

63.09

%

Interest rate spread

 

3.21

%

 

3.27

%

 

3.31

%

 

3.27

%

 

3.51

%

 

3.27

%

 

3.17

%

Net interest margin

 

3.39

%

 

3.45

%

 

3.49

%

 

3.44

%

 

3.69

%

 

3.44

%

 

3.40

%

Average interest-earning assets to average interest-bearing liabilities

 

141.19

%

 

139.19

%

 

136.54

%

 

134.23

%

 

132.88

%

 

137.77

%

 

131.09

%

ASSET QUALITY RATIOS

 

(Unaudited)

 

As of

(Dollars in thousands)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

Non-accrual loans and leases

 

$

6,358

 

 

$

7,433

 

 

$

11,422

 

 

$

18,992

 

 

$

26,617

 

Foreclosed properties

 

 

164

 

 

 

172

 

 

 

179

 

 

 

31

 

 

 

34

 

Total non-performing assets

 

 

6,522

 

 

 

7,605

 

 

 

11,601

 

 

 

19,023

 

 

 

26,651

 

Performing troubled debt restructurings

 

 

217

 

 

 

53

 

 

 

56

 

 

 

59

 

 

 

46

 

Total impaired assets

 

$

6,739

 

 

$

7,658

 

 

$

11,657

 

 

$

19,082

 

 

$

26,697

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans and leases as a percent of total gross loans and leases

 

 

0.28

%

 

 

0.35

%

 

 

0.53

%

 

 

0.85

%

 

 

1.24

%

Non-performing assets as a percent of total gross loans and leases plus foreclosed properties

 

 

0.29

%

 

 

0.36

%

 

 

0.54

%

 

 

0.85

%

 

 

1.24

%

Non-performing assets as a percent of total assets

 

 

0.25

%

 

 

0.29

%

 

 

0.40

%

 

 

0.73

%

 

 

1.04

%

Allowance for loan and lease losses as a percent of total gross loans and leases

 

 

1.09

%

 

 

1.16

%

 

 

1.20

%

 

 

1.29

%

 

 

1.33

%

Allowance for loan and lease losses as a percent of non-accrual loans and leases

 

 

382.76

%

 

 

331.98

%

 

 

224.79

%

 

 

152.60

%

 

 

107.15

%

ASSET QUALITY RATIOS - EXCLUDING NET PPP LOANS

 

(Unaudited)

 

As of

(Dollars in thousands)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

Non-accrual loans and leases as a percent of total gross loans and leases

 

 

0.29

%

 

 

0.36

%

 

 

0.56

%

 

 

0.96

%

 

 

1.38

%

Non-performing assets as a percent of total gross loans and leases plus foreclosed properties

 

 

0.29

%

 

 

0.37

%

 

 

0.57

%

 

 

0.96

%

 

 

1.38

%

Non-performing assets as a percent of total assets

 

 

0.25

%

 

 

0.30

%

 

 

0.42

%

 

 

0.81

%

 

 

1.14

%

Allowance for loan and lease losses as a percent of total gross loans and leases

 

 

1.10

%

 

 

1.20

%

 

 

1.27

%

 

 

1.47

%

 

 

1.48

%

PPP loans outstanding, net

 

$

27,297

 

 

$

64,454

 

 

$

120,723

 

 

$

267,567

 

 

$

225,323

 

NET CHARGE-OFFS (RECOVERIES)

 

(Unaudited)

 

For the Three Months Ended

 

For the Year Ended

(Dollars in thousands)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

December 31,

2021

 

December 31,

2020

Charge-offs

 

$

106

 

 

$

364

 

 

$

2,894

 

 

$

144

 

 

$

6,685

 

 

$

3,508

 

 

$

8,139

 

Recoveries

 

 

(274

)

 

 

(1,634

)

 

 

(545

)

 

 

(2,673

)

 

 

(68

)

 

 

(5,126

)

 

 

(332

)

Net (recoveries) charge-offs

 

$

(168

)

 

$

(1,270

)

 

$

2,349

 

 

$

(2,529

)

 

$

6,617

 

 

$

(1,618

)

 

$

7,807

 

Net (recoveries) charge-offs as a percent of average gross loans and leases (annualized)

 

 

(0.03

)%

 

 

(0.24

)%

 

 

0.42

%

 

 

(0.46

)%

 

 

1.21

%

 

 

(0.07

)%

 

 

0.39

%

Annualized (recoveries) charge-offs as a percent of average gross loans and leases, excluding average net PPP loans

 

 

(0.03

)%

 

 

(0.25

)%

 

 

0.47

%

 

 

(0.52

)%

 

 

1.39

%

 

 

(0.08

)%

 

 

0.43

%

Average PPP loans outstanding, net

 

$

52,923

 

 

$

87,517

 

 

$

229,165

 

 

$

242,242

 

 

$

282,259

 

 

$

152,264

 

 

$

215,025

 

CAPITAL RATIOS

 

 

 

As of and for the Three Months Ended

(Unaudited)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

Total capital to risk-weighted assets

 

10.82

%

 

11.14

%

 

11.22

%

 

11.52

%

 

11.25

%

Tier I capital to risk-weighted assets

 

8.94

%

 

9.14

%

 

9.14

%

 

9.24

%

 

8.96

%

Common equity tier I capital to risk-weighted assets

 

8.55

%

 

8.73

%

 

8.72

%

 

8.81

%

 

8.53

%

Tier I capital to adjusted assets

 

8.94

%

 

8.69

%

 

8.48

%

 

8.37

%

 

7.99

%

Tangible common equity to tangible assets

 

8.34

%

 

8.28

%

 

7.33

%

 

7.76

%

 

7.60

%

Tangible common equity to tangible assets, excluding net PPP loans

 

8.42

%

 

8.50

%

 

7.66

%

 

8.65

%

 

8.33

%

LOAN AND LEASE RECEIVABLE COMPOSITION

 

(Unaudited)

 

As of

(in thousands)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

Commercial real estate - owner occupied

 

$

235,589

 

$

241,977

 

$

253,600

 

$

256,812

 

$

253,882

Commercial real estate - non-owner occupied

 

 

661,423

 

 

639,423

 

 

614,289

 

 

592,090

 

 

564,532

Land development

 

 

42,792

 

 

39,119

 

 

45,056

 

 

46,544

 

 

49,839

Construction

 

 

179,841

 

 

139,933

 

 

139,943

 

 

151,345

 

 

141,043

Multi-family

 

 

320,072

 

 

313,787

 

 

319,351

 

 

322,384

 

 

311,556

1-4 family

 

 

14,911

 

 

13,487

 

 

19,769

 

 

23,319

 

 

38,284

Total commercial real estate

 

 

1,454,628

 

 

1,387,726

 

 

1,392,008

 

 

1,392,494

 

 

1,359,136

Commercial and industrial

 

 

730,819

 

 

681,065

 

 

695,442

 

 

784,305

 

 

732,318

Direct financing leases, net

 

 

15,743

 

 

16,810

 

 

18,142

 

 

19,616

 

 

22,331

Consumer and other:

 

 

 

 

 

 

 

 

 

 

Home equity and second mortgages

 

 

4,223

 

 

4,576

 

 

5,740

 

 

6,719

 

 

7,833

Other

 

 

35,518

 

 

35,645

 

 

36,567

 

 

38,266

 

 

28,897

Total consumer and other

 

 

39,741

 

 

40,221

 

 

42,307

 

 

44,985

 

 

36,730

Total gross loans and leases receivable

 

 

2,240,931

 

 

2,125,822

 

 

2,147,899

 

 

2,241,400

 

 

2,150,515

Less:

 

 

 

 

 

 

 

 

 

 

Allowance for loan and lease losses

 

 

24,336

 

 

24,676

 

 

25,675

 

 

28,982

 

 

28,521

Deferred loan fees

 

 

1,523

 

 

2,516

 

 

4,338

 

 

6,288

 

 

4,545

Loans and leases receivable, net

 

$

2,215,072

 

$

2,098,630

 

$

2,117,886

 

$

2,206,130

 

$

2,117,449

DEPOSIT COMPOSITION

 

(Unaudited)

 

As of

(in thousands)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

Non-interest-bearing transaction accounts

 

$

589,559

 

$

526,047

 

$

774,253

 

$

496,877

 

$

472,818

Interest-bearing transaction accounts

 

 

530,225

 

 

517,248

 

 

511,698

 

 

561,466

 

 

503,992

Money market accounts

 

 

754,410

 

 

728,751

 

 

685,127

 

 

632,065

 

 

641,504

Certificates of deposit

 

 

54,091

 

 

57,598

 

 

45,137

 

 

46,818

 

 

64,694

Wholesale deposits

 

 

29,638

 

 

74,638

 

 

144,492

 

 

165,492

 

 

172,508

Total deposits

 

$

1,957,923

 

$

1,904,282

 

$

2,160,707

 

$

1,902,718

 

$

1,855,516

TRUST ASSETS COMPOSITION

 

(Unaudited)

 

As of

(in thousands)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

Trust assets under management

 

$

2,711,760

 

$

2,545,089

 

$

2,362,257

 

$

2,195,804

 

$

2,061,772

Trust assets under administration

 

 

208,954

 

 

202,657

 

 

202,116

 

 

190,721

 

 

187,228

Total trust assets

 

$

2,920,714

 

$

2,747,746

 

$

2,564,373

 

$

2,386,525

 

$

2,249,000

NON-GAAP RECONCILIATIONS

Certain financial information provided in this release is determined by methods other than in accordance with generally accepted accounting principles (United States) (“GAAP”). Although the Company’s management believes that these non-GAAP financial measures provide a greater understanding of its business, these measures are not necessarily comparable to similar measures that may be presented by other companies.

TANGIBLE BOOK VALUE

“Tangible book value per share” is a non-GAAP measure representing tangible common equity divided by total common shares outstanding. “Tangible common equity” itself is a non-GAAP measure representing common stockholders’ equity reduced by intangible assets, if any. The Company’s management believes that this measure is important to many investors in the marketplace who are interested in period-to-period changes in book value per common share exclusive of changes in intangible assets. The information provided below reconciles tangible book value per share and tangible common equity to their most comparable GAAP measures.

(Unaudited)

 

As of

(Dollars in thousands, except per share amounts)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

Common stockholders’ equity

 

$

232,422

 

 

$

225,280

 

 

$

221,452

 

 

$

214,491

 

 

$

206,162

 

Goodwill and other intangible assets

 

 

(12,268

)

 

 

(12,229

)

 

 

(12,178

)

 

 

(12,055

)

 

 

(12,018

)

Tangible common equity

 

$

220,154

 

 

$

213,051

 

 

$

209,274

 

 

$

202,436

 

 

$

194,144

 

Common shares outstanding

 

 

8,457,564

 

 

 

8,483,099

 

 

 

8,617,761

 

 

 

8,638,195

 

 

 

8,566,960

 

Book value per share

 

$

27.48

 

 

$

26.56

 

 

$

25.70

 

 

$

24.83

 

 

$

24.06

 

Tangible book value per share

 

 

26.03

 

 

 

25.11

 

 

 

24.28

 

 

 

23.43

 

 

 

22.66

 

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS

“Tangible common equity to tangible assets’’ is defined as the ratio of common stockholders’ equity reduced by intangible assets, if any, divided by total assets reduced by intangible assets, if any. The Company’s management believes that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, each exclusive of changes in intangible assets. The information below reconciles tangible common equity and tangible assets to their most comparable GAAP measures.

(Unaudited)

 

As of

(Dollars in thousands)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

Common stockholders’ equity

 

$

232,422

 

 

$

225,280

 

 

$

221,452

 

 

$

214,491

 

 

$

206,162

 

Goodwill and other intangible assets

 

 

(12,268

)

 

 

(12,229

)

 

 

(12,178

)

 

 

(12,055

)

 

 

(12,018

)

Tangible common equity

 

$

220,154

 

 

$

213,051

 

 

$

209,274

 

 

$

202,436

 

 

$

194,144

 

Total assets

 

$

2,652,905

 

 

$

2,584,410

 

 

$

2,865,669

 

 

$

2,620,718

 

 

$

2,567,837

 

Goodwill and other intangible assets

 

 

(12,268

)

 

 

(12,229

)

 

 

(12,178

)

 

 

(12,055

)

 

 

(12,018

)

Tangible assets

 

$

2,640,637

 

 

$

2,572,181

 

 

$

2,853,491

 

 

$

2,608,663

 

 

$

2,555,819

 

Tangible common equity to tangible assets

 

 

8.34

%

 

 

8.28

%

 

 

7.33

%

 

 

7.76

%

 

 

7.60

%

Period-end net PPP loans

 

 

27,297

 

 

 

64,454

 

 

 

120,722

 

 

 

267,567

 

 

 

225,323

 

Tangible assets, excluding net PPP loans

 

$

2,613,340

 

 

$

2,507,727

 

 

$

2,732,769

 

 

$

2,341,096

 

 

$

2,330,496

 

Tangible common equity to tangible assets, excluding net PPP loans

 

 

8.42

%

 

 

8.50

%

 

 

7.66

%

 

 

8.65

%

 

 

8.33

%

EFFICIENCY RATIO & PRE-TAX, PRE-PROVISION ADJUSTED EARNINGS

“Efficiency ratio” is a non-GAAP measure representing non-interest expense excluding the effects of the SBA recourse provision, impairment of tax credit investments, losses or gains on foreclosed properties, amortization of other intangible assets and other discrete items, if any, divided by operating revenue, which is equal to net interest income plus non-interest income less realized gains or losses on securities, if any. “Pre-tax, pre-provision adjusted earnings” is defined as operating revenue less operating expense. In the judgment of the Company’s management, the adjustments made to non-interest expense and non-interest income allow investors and analysts to better assess the Company’s operating expenses in relation to its core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items. The information provided below reconciles the efficiency ratio and pre-tax, pre-provision adjusted earnings to its most comparable GAAP measure.

(Unaudited)

 

For the Three Months Ended

 

For the Year Ended

(Dollars in thousands)

 

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

December 31,

2021

 

December 31,

2020

Total non-interest expense

 

$

17,531

 

 

$

18,490

 

 

$

18,184

 

 

$

17,330

 

 

$

17,651

 

 

$

71,535

 

 

$

68,898

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain) on foreclosed properties

 

 

7

 

 

 

6

 

 

 

(1

)

 

 

3

 

 

 

54

 

 

 

15

 

 

 

383

 

Amortization of other intangible assets

 

 

2

 

 

 

7

 

 

 

8

 

 

 

8

 

 

 

8

 

 

 

25

 

 

 

35

 

SBA recourse (benefit) provision

 

 

(122

)

 

 

(69

)

 

 

245

 

 

 

(130

)

 

 

(330

)

 

 

(76

)

 

 

(278

)

Tax credit investment impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

328

 

 

 

 

 

 

2,395

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

744

 

Total operating expense (a)

 

$

17,644

 

 

$

18,546

 

 

$

17,932

 

 

$

17,449

 

 

$

17,591

 

 

$

71,571

 

 

$

65,619

 

Net interest income

 

$

20,924

 

 

$

21,223

 

 

$

21,652

 

 

$

20,863

 

 

$

22,512

 

 

$

84,662

 

 

$

77,071

 

Total non-interest income

 

 

7,569

 

 

 

7,015

 

 

 

6,321

 

 

 

7,195

 

 

 

6,799

 

 

 

28,100

 

 

 

26,940

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on sale of securities

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

 

 

 

29

 

 

 

(4

)

Adjusted non-interest income

 

 

7,569

 

 

 

7,015

 

 

 

6,292

 

 

 

7,195

 

 

 

6,799

 

 

 

28,071

 

 

 

26,944

 

Total operating revenue (b)

 

$

28,493

 

 

$

28,238

 

 

$

27,944

 

 

$

28,058

 

 

$

29,311

 

 

$

112,733

 

 

$

104,015

 

Efficiency ratio

 

 

61.92

%

 

 

65.68

%

 

 

64.17

%

 

 

62.19

%

 

 

60.02

%

 

 

63.49

%

 

 

63.09

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax, pre-provision adjusted earnings (b - a)

 

$

10,849

 

 

$

9,692

 

 

$

10,012

 

 

$

10,609

 

 

$

11,720

 

 

$

41,162

 

 

$

38,396

 

Average total assets

 

$

2,612,905

 

 

$

2,608,198

 

 

$

2,621,340

 

 

$

2,577,164

 

 

$

2,603,745

 

 

$

2,605,008

 

 

$

2,419,616

 

Pre-tax, pre-provision adjusted return on average assets

 

 

1.66

%

 

 

1.49

%

 

 

1.53

%

 

 

1.65

%

 

 

1.80

%

 

 

1.58

%

 

 

1.59

%

ADJUSTED NET INTEREST MARGIN

“Adjusted Net Interest Margin” is a non-GAAP measure representing net interest income excluding the fees in lieu of interest and other recurring but volatile components of net interest margin divided by average interest-earning assets less average net PPP loans, if any, and other recurring but volatile components of average interest-earning assets. Fees in lieu of interest are defined as prepayment fees, asset-based loan fees, non-accrual interest, and loan fee amortization. In the judgment of the Company’s management, the adjustments made to net interest income allow investors and analysts to better assess the Company’s net interest income in relation to its core client-facing loan and deposit rate changes by removing the volatility that is associated with these recurring but volatile components. The information provided below reconciles the net interest margin to its most comparable GAAP measure.

(Unaudited)

For the Three Months Ended

 

For the Year Ended

(Dollars in thousands)

December 31,

2021

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

December 31,

2021

 

December 31,

2020

Interest income

$

23,576

 

 

$

24,014

 

 

$

24,599

 

 

$

23,806

 

 

$

25,770

 

 

$

95,995

 

 

$

94,179

 

Interest expense

 

2,652

 

 

 

2,791

 

 

 

2,947

 

 

 

2,943

 

 

 

3,258

 

 

 

11,333

 

 

 

17,108

 

Net interest income (a)

 

20,924

 

 

 

21,223

 

 

 

21,652

 

 

 

20,863

 

 

 

22,512

 

 

 

84,662

 

 

 

77,071

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees in lieu of interest

 

1,700

 

 

 

2,839

 

 

 

3,536

 

 

 

3,085

 

 

 

4,749

 

 

 

11,160

 

 

 

9,315

 

PPP loan interest income

 

134

 

 

 

221

 

 

 

566

 

 

 

603

 

 

 

718

 

 

 

1,524

 

 

 

2,198

 

FRB interest income and FHLB dividend income

 

179

 

 

 

212

 

 

 

192

 

 

 

158

 

 

 

188

 

 

 

741

 

 

 

789

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

FRB PPPLF interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

54

 

Adjusted net interest income (b)

$

18,911

 

 

$

17,951

 

 

$

17,358

 

 

$

17,017

 

 

$

16,866

 

 

$

71,237

 

 

$

64,823

 

Average interest-earning assets (c)

$

2,472,013

 

 

$

2,460,567

 

 

$

2,483,447

 

 

$

2,425,499

 

 

$

2,441,735

 

 

$

2,460,509

 

 

$

2,265,105

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net PPP loans

 

52,923

 

 

 

87,517

 

 

 

229,165

 

 

 

242,242

 

 

 

282,259

 

 

 

152,264

 

 

 

215,025

 

Average FRB cash and FHLB stock

 

71,939

 

 

 

129,469

 

 

 

68,503

 

 

 

36,643

 

 

 

45,611

 

 

 

76,880

 

 

 

46,595

 

Average non-accrual loans and leases

 

6,796

 

 

 

11,298

 

 

 

16,744

 

 

 

22,069

 

 

 

36,013

 

 

 

14,172

 

 

 

27,656

 

Adjusted average interest-earning assets (d)

$

2,340,355

 

 

$

2,232,283

 

 

$

2,169,035

 

 

$

2,124,545

 

 

$

2,077,852

 

 

$

2,217,193

 

 

$

1,975,829

 

Net interest margin (a / c)

 

3.39

%

 

 

3.45

%

 

 

3.49

%

 

 

3.44

%

 

 

3.69

%

 

 

3.44

%

 

 

3.40

%

Adjusted net interest margin (b / d)

 

3.23

%

 

 

3.22

%

 

 

3.20

%

 

 

3.20

%

 

 

3.25

%

 

 

3.21

%

 

 

3.28

%

 

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