FRESNO, Calif., April 21, 2020 (GLOBE NEWSWIRE) -- Communities First Financial Corporation (the "Company") CFST, the parent company of Fresno First Bank (the "Bank"), today reported net income increased 6% to $2.26 million, or $0.75 per diluted share for the first quarter of 2020, compared to $2.13 million, or $0.71 per diluted share for the first quarter of 2019. Net income for the fourth quarter of 2019 was $2.56 million, or $0.86 per diluted share. All results are unaudited.
Financial Highlights
As of, or for the quarter ended March 31, 2020, compared to quarter ended March 31, 2019:
- Net income increased 6% to $2.26 million or $0.75 per diluted share.
- Gross revenue increased 24% to $7.3 million.
- Return on average equity of 17.97%.
- Return on average assets of 1.68%.
- Total assets increased 16% to $548.3 million.
- Total portfolio loans increased 23% to $381.1 million.
- Total deposits increased 11% to $470.5 million.
- Shareholder equity increased 29% to $56.8 million.
- Tangible shareholders' equity to total assets increased 29% to 10.36%.
- Book value increased 25% to $19.00 per share.
"Our first quarter 2020 financial results were solid, highlighted by robust growth in operating revenue with consistent growth in fee income, specifically from our electronic payments business," said Steve Miller, President and Chief Executive Officer. "We continue to attract new customers to our bank; and we are dedicated to tailoring the banking needs of businesses, professionals and individuals in our market area of Central and Southern California. To that end, we have steadily grown our loan portfolio and our noninterest-bearing deposits have increased by 14% year-over-year, which represented 62% of total deposits at quarter end.
"We are also proud to announce that Fresno First Bank was ranked 6th best-performing community bank out of the top 100 U.S. community banks under $3 billion in assets, according to the S&P Global Market Intelligence's 2019 ranking," commented Miller. "This is quite an accomplishment and places our bank at the top one-tenth of the top 1%." To compile this ranking, S&P Global Market Intelligence calculated scores for each company based on six metrics: pre-tax return on tangible common equity, net charge-offs as a percentage of average loans, efficiency ratio, adjusted Texas ratio, net interest margin, and loan growth. Based on these criteria, 4,391 commercial banks, savings banks, and savings & loan associations were eligible for ranking.
COVID-19
On March 19, 2020, The Governor of California and Director of the California Department of Public Health ordered all individuals living in the State of California to "stay at home" in an effort to halt the spread of the novel coronavirus.
"At Communities First, the health and safety of our employees and our clients is paramount, and I am proud to say that our entire team has rallied around each other, our customers and our communities," said Miller. "In early March, we began adhering closely to the COVID-19 safety guidelines provided by the CDC and the CDPH, while seeking to maintain a continuity of service for all of our clients throughout the duration of this pandemic. Our branch hours have been reduced to 10:00 a.m. to 3:00 p.m., and we are encouraging the use of online, mobile, and ATM banking services. We have mobilized most of our workforce and more than 50% of our staff are working remotely.
"Demand for the new Small Business Administration Paycheck Protection Program ("PPP") is very high, and as a leading SBA lender, we have been dealing with the high volume off PPP loan applications. We are processing them as fast as we can," added Miller. "As of April 20, 2020, we facilitated 430 applications that have been approved for approximately $160.0 million. We will continue helping our clients, and our communities with this program for as long as there is available funding and liquidity." The PPP offers guaranteed payroll loans to businesses with 500 or fewer employees in an effort to keep them afloat through the COVID-19 pandemic.
Credit Risk Industry Exposure
Although the Bank's loan portfolio is very diverse, management has evaluated the Bank's exposure to potentially increased loan losses related to the COVID-19 pandemic and has identified the following four industry segments most at risk, as of March 31, 2020:
| Industry Segments ($ in thousands) | Balances | % of Total Balances | Total Commitments | % of Total Commitments | ||||
| Retail | $ | 34,437 | 8.6 | % | $ | 39,449 | 8.1 | % |
| Gasoline Stations with Convenience Stores | 19,465 | 4.9 | % | 19,538 | 4.0 | % | ||
| Supermarkets and Other Grocery (ex. Convenience) | 2,241 | 0.6 | % | 2,241 | 0.5 | % | ||
| Electronics Stores | 2,149 | 0.5 | % | 2,150 | 0.4 | % | ||
| New Car Dealers | 2,060 | 0.5 | % | 3,557 | 0.7 | % | ||
| Electronic Shopping and Mail-Order Houses | 1,967 | 0.5 | % | 3,000 | 0.6 | % | ||
| Other Building Material Dealers | 1,115 | 0.3 | % | 1,465 | 0.3 | % | ||
| Lodging | 15,158 | 3.8 | % | 15,535 | 3.2 | % | ||
| Restaurants & Bars | 5,076 | 1.3 | % | 7,631 | 1.6 | % | ||
| Entertainment | 2,708 | 0.7 | % | 2,872 | 0.6 | % | ||
| Total | $ | 57,379 | 14.4 | % | $ | 65,487 | 13.5 | % |
While certain industries such as lodging and restaurants have been severely impacted by mandated closures, other industries have been impacted in varying degrees. For example, the Company's largest retail segment concentration is in gas stations with convenience stores that have seen slower sales, but continue operations. A fifth segment the Company is watching closely is the commercial real estate ("CRE") sector. The CRE portfolio is split between owner occupied and non-owner occupied (leased space) customers. "In discussions with clients, we have not seen a marked drop in rent payments for either commercial or multi-family properties," said Miller. "Our prospective on CRE and the above segments is that it may be too early to adequately gauge the damage continued shutdowns will have and the impact of government stimulus."
The Company plans to continue closely monitoring the effects of the pandemic on our loan and deposit customers and is in regular contact with its client base. "Our management team is focused on assessing the risks in our loan portfolio and working with our customers to minimize losses," said Miller. "We have implemented loan programs to allow customers who were required to close or reduce their business operations to defer principal and interest payments for up to 90 days. Many of our business customers have reported few changes as of the date of this release, and the Company has not seen a large increase in the use of credit lines to fund operations." As of the date of this release, payment deferrals have been granted to 24 customers covering 35 loans totaling $10.57 million.
Results of Operations
Operating revenue, consisting of net interest income and non-interest income, increased 24% to $7.29 million for the first quarter of 2020, compared to $5.88 million a year ago. The increase was the result of double-digit increases in both net interest income and non-interest income.
Net interest income, before the provision for loan losses, increased 12% to $5.84 million for the first quarter of 2020, compared to $5.21 million for the first quarter a year ago. Net interest income for the fourth quarter of 2019 was $5.89 million. Interest income in the first quarter of 2020 benefitted from an increase in earning assets, primarily from the loan and investment portfolios, which more than offset an overall lower interest rate environment. "Our ALM model projects interest income will be negatively impacted by the 150 basis point cut in the fed funds and prime lending rate(s) in March by as much as 10% in 2020," said Steve Canfield, Chief Financial Officer. "We anticipate second quarter interest income from our current portfolio could be reduced by approximately $550,000 as a result of these rate cuts."
The net interest margin contracted 31 basis points to 4.51% for the first quarter of 2020, from 4.82% for the first quarter of 2019, and expanded one basis point from 4.50% for the fourth quarter of 2019. "Despite the lower interest rate environment in the first quarter of 2020, we were able to maintain our margin by minimizing lower yielding overnight investments and carrying a higher percentage of loans to assets," said Canfield.
The yield on interest earning assets was 4.74% for the first quarter of 2020, compared to 5.02% for the first quarter a year ago, and 4.73% on a linked quarter basis. The cost of funds remained low at 0.23% for the first quarter of 2020, compared to 0.19% for the first quarter a year ago, and unchanged at 0.23% from the preceding quarter.
Total non-interest income more than doubled to $1.45 million for the first quarter of 2020, compared to $669,000 for the first quarter of 2019 and declined by 8% from $1.56 million for the fourth quarter of 2019. Merchant services revenue increased 351% in the first quarter of 2020, compared to the first quarter of 2019, and all other non-interest income revenue sources posted double-digit gains compared to the first quarter of 2019. The slight decrease from the fourth quarter of 2019 was primarily the result of fewer loan sales resulting in a decline in gain on sale revenue. "We have seen a decrease in payment volume in the sectors most affected by the Covid-19 crisis, such as retail and entertainment, but these are also not the highest margin payment verticals," said Miller. "Our continued customer growth coupled with our focus on higher margin on-line merchants is enabling us to further drive this valuable fee income stream."
Non-interest expense for the first quarter of 2020 was $3.79 million, a 30% increase compared to $2.92 million for the first quarter of 2019, and a 5% increase from the linked quarter. Compensation expense was higher by 21%, or $391,000, in large part as a result of expanding our staff by 10 over the past year "We have made some key hires over the past year and added talent in compliance, human resources, SBA, and merchant services as we continue to grow our franchise," added Miller. Occupancy expense increased 10%, or $20,000, with the establishment of a new San Diego LPO. Other operating expenses increased 52%, or $452,000, for the first quarter of 2020 compared to the first quarter of 2019. Marketing expense, consulting, audit, broker fees, software and employee recruitment expense all increased compared to the comparable period in 2019.
The efficiency ratio was 52.39% for the first quarter of 2020, compared to 49.71% for the first quarter a year ago, and 48.44% for the fourth quarter of 2019.
Balance Sheet Review
Total assets increased 16% to $548.32 million at March 31, 2020, from $471.54 million at March 31, 2019, and grew 2% from $538.39 million at December 31, 2019.
Total portfolio loans increased by $70.76 million, or 23%, to $381.1 million at March 31, 2020, from $310.33 million a year ago, and grew by $17.86 million, or 5%, from $363.24 million at December 31, 2019. The loans held for sale portfolio with multi-family loans originated by our SoCal team totaled $17.5 million at quarter end, up 33% from December 31, 2019 and up 166% from the first quarter a year ago.
The commercial and industrial (C&I) portfolio increased 8% to $166.18 million at March 31, 2020, compared to a year earlier, and represented 44% of total loans. Commercial real estate loans grew 51% year-over-year to $148.95 million, or 39% of total loans. Agriculture loans grew 8% from a year ago to $31.42 million and represented 8% of total loans; real estate construction and land development totaled $20.07 million, or 5% of loans, while residential RE 1-4 family loans totaled $13.71 million, or 4% of loans. At March 31, 2020, the SBA, USDA or other government agencies, guaranteed $92.81 million, or 24% of the loan portfolio.
Total deposits increased 11% to $470.53 million, at March 31, 2020, compared to $424.42 million from a year earlier, and declined slightly from $482.87 million at December 31, 2019. Noninterest- bearing demand deposits grew 14% to $292.45 million at March 31, 2020, compared to March 31, 2019, and represented 62% of total deposits. "It is not unusual for us to see a slight decline in first quarter deposits as a result of certain cyclical businesses we bank," added Canfield. "Overall liquidity remains solid; we have over $135 million in secured and unsecured credit facilities currently in place. We also plan to use the Federal Reserve's PPPLF for funding a portion of the PPP loans we generate."
Net shareholder's equity increased 29% to $56.80 million at March 31, 2020, compared to $44.19 million a year ago. Book value per common share grew 25% to $19.00 at March 31, 2020, compared to $15.14 at March 31, 2019.
Asset Quality
Nonperforming assets ("NPAs") to total assets declined compared to a year ago but were slightly higher than the preceding quarter with the addition of three loans placed on non-accrual. 71% of the loans placed on non-accrual in the first quarter of 2020 were covered by SBA guarantees. NPAs decreased to $1.15 million, or 0.21% of total assets, at March 31, 2020, compared to $3.25 million, or 0.69% of total assets, at March 31, 2019, and increased from $619,000 or 0.12% of total assets at December 31, 2019. There were no charge-offs in the first quarter of 2020 and $3,000 in recoveries. Performing restructured loans, consisted of one loan totaling $547,000 at March 31, 2020. This loan is performing under a restructured arrangement that is being closely monitored.
The provision for loan losses was $400,000 for the first quarter of 2020, compared to $410,000 recorded in the fourth quarter of 2019. No provision for loan losses was booked in the first quarter a year ago. The ratio of allowance for loan losses to total portfolio held for investment loans was 1.30%, at March 31, 2020, compared to 1.31% a year earlier and 1.25% at December 31, 2019.
A large portion of the Company's portfolio consists of loans guaranteed by the US government. This group of loans consists of fully guaranteed loans the Company has purchased as well as organic SBA and USDA loans the bank has originated. When the effect of these guarantees is considered relative to the loan portfolio, the ratio of allowance for loan losses to total portfolio non-guaranteed loans was 1.72% as of March 31, 2020.
Capital
Capital ratios remained strong with a ratio of tangible shareholders' equity to total assets of 10.36%, at March 31, 2020, compared to 9.37%, at March 31, 2019 and 9.65% at December 31, 2019. Shareholder equity increased 29% to $56.8 million at March 31, 2020, compared to $44.2 million one year ago and increased 9% from $52.0 million at December 31, 2019.
About Communities First Financial Corporation
Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of Fresno First Bank, founded in 2005 in Fresno, California. Fresno First Bank is a leading SBA Lender in California's Central Valley and has expanded into Southern California. The Bank is also a direct acquiring bank with VISA and MasterCard and processes payments for merchants across the country directly and through partners. Named to the 2019 OTCQX Best 50 and ranked one of the top performing OTCQX companies in the country, based on total return and growth in average daily dollar volume for 2018. The Bank was named to the Inc. 5000 Fastest Growing Companies list in 2017 and to Forbes Best 25 Small Businesses in America for 2016. Additional information is available from the Company's website at www.fresnofirstbank.com or by calling 559-439-0200.
Forward Looking Statements
This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. The forward-looking statements are based on managements' expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the current COVID-19 pandemic and government responses thereto, the Company's ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company's business; international developments; 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 release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
| SELECT FINANCIAL INFORMATION AND RATIOS (unaudited) | For the Quarter Ended: | Percentage Change From: | |||||||||||||
| Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2019 | |||||||||||
| BALANCE SHEET DATA - PERIOD END BALANCES: | |||||||||||||||
| Total assets | $ | 548,322 | $ | 538,392 | $ | 471,535 | 2 | % | 16 | % | |||||
| Total Loans | 381,092 | 363,236 | 310,333 | 5 | % | 23 | % | ||||||||
| Investment securities | 120,037 | 109,158 | 95,695 | 10 | % | 25 | % | ||||||||
| Total deposits | 470,528 | 482,874 | 424,415 | -3 | % | 11 | % | ||||||||
| Shareholders equity, net | 56,804 | 51,961 | 44,188 | 9 | % | 29 | % | ||||||||
| SELECT INCOME STATEMENT DATA: | |||||||||||||||
| Gross revenue | $ | 7,286 | $ | 7,458 | $ | 5,878 | -2 | % | 24 | % | |||||
| Operating expense | 3,785 | 3,613 | 2,922 | 5 | % | 30 | % | ||||||||
| Pre-tax, pre-provision income | 3,501 | 3,845 | 2,956 | -9 | % | 18 | % | ||||||||
| Net income after tax | $ | 2,262 | $ | 2,562 | $ | 2,130 | -12 | % | 6 | % | |||||
| SHARE DATA: | |||||||||||||||
| Basic earnings per share | $ | 0.76 | $ | 0.87 | $ | 0.73 | -13 | % | 4 | % | |||||
| Fully diluted earnings per share | $ | 0.75 | $ | 0.86 | $ | 0.71 | -13 | % | 4 | % | |||||
| Book value per common share | $ | 19.00 | $ | 17.67 | $ | 15.14 | 8 | % | 25 | % | |||||
| Common shares outstanding | 2,989,524 | 2,940,996 | 2,917,950 | 2 | % | 2 | % | ||||||||
| Fully diluted shares | 3,033,809 | 2,990,887 | 2,981,143 | 1 | % | 2 | % | ||||||||
| CFST - Stock price | $ | 23.00 | $ | 28.75 | $ | 23.30 | -20 | % | -1 | % | |||||
| RATIOS: | |||||||||||||||
| Return on average assets | 1.68 | % | 1.88 | % | 1.87 | % | -11 | % | -10 | % | |||||
| Return on average equity | 17.97 | % | 20.15 | % | 20.41 | % | -11 | % | -12 | % | |||||
| Efficiency ratio | 52.39 | % | 48.44 | % | 49.71 | % | 8 | % | 5 | % | |||||
| Yield on earning assets | 4.74 | % | 4.73 | % | 5.02 | % | 0 | % | -5 | % | |||||
| Cost to fund earning assets | 0.23 | % | 0.23 | % | 0.19 | % | 2 | % | 20 | % | |||||
| Net Interest Margin | 4.51 | % | 4.50 | % | 4.82 | % | 0 | % | -7 | % | |||||
| Equity to assets | 10.36 | % | 9.65 | % | 9.37 | % | 7 | % | 11 | % | |||||
| Loan to deposits ratio | 80.99 | % | 75.22 | % | 73.12 | % | 8 | % | 11 | % | |||||
| Full time equivalent employees | 55 | 56 | 45 | -1 | % | 22 | % | ||||||||
| BALANCE SHEET DATA - AVERAGES: | |||||||||||||||
| Total assets | $ | 529,257 | $ | 541,013 | $ | 461,704 | -2 | % | 15 | % | |||||
| Total loans | 369,888 | 354,288 | 297,651 | 4 | % | 24 | % | ||||||||
| Investment securities | 108,744 | 104,990 | 94,087 | 4 | % | 16 | % | ||||||||
| Deposits | 464,401 | 487,413 | 417,787 | -5 | % | 11 | % | ||||||||
| Shareholders equity, net | 53,563 | 50,458 | 42,331 | 6 | % | 27 | % | ||||||||
| ASSET QUALITY: | |||||||||||||||
| Total delinquent accruing loans | $ | 2,291 | $ | 322 | $ | 419 | 611 | % | 447 | % | |||||
| Nonperforming assets | $ | 1,146 | $ | 619 | $ | 3,253 | 85 | % | -65 | % | |||||
| Non Accrual / Total Loans | .30 | % | .17 | % | 1.05 | % | 76 | % | -71 | % | |||||
| Nonperforming assets to total assets | .21 | % | .12 | % | .69 | % | 82 | % | -70 | % | |||||
| LLR / Total loans | 1.30 | % | 1.25 | % | 1.31 | % | 4 | % | -1 | % | |||||
| STATEMENT OF INCOME ($ in thousands) | For the Quarter Ended: | Percentage Change From: | ||||||||||
| (unaudited) | Mar. 30, 2020 | Dec. 31, 2019 | Mar. 30, 2019 | Dec. 31, 2019 | Mar. 30, 2019 | |||||||
| Interest Income | ||||||||||||
| Loan interest income | $ | 5,319 | $ | 5,296 | $ | 4,475 | 0 | % | 19 | % | ||
| Investment income | 695 | 652 | 651 | 7 | % | 7 | % | |||||
| Int. on fed funds & CDs in other banks | 94 | 205 | 260 | -54 | % | -64 | % | |||||
| Dividends from non-marketable equity | 33 | 38 | 32 | -13 | % | 3 | % | |||||
| Interest income | 6,141 | 6,191 | 5,418 | -1 | % | 13 | % | |||||
| Total interest expense | 300 | 297 | 209 | 1 | % | 44 | % | |||||
| Net interest income | 5,841 | 5,894 | 5,209 | -1 | % | 12 | % | |||||
| Provision for loan losses | 400 | 410 | - | -2 | % | 0 | % | |||||
| Net interest income after provision | 5,441 | 5,484 | 5,209 | -1 | % | 4 | % | |||||
| Non-Interest Income: | ||||||||||||
| Total deposit fee income | 123 | 110 | 91 | 12 | % | 35 | % | |||||
| Debit / credit card interchange income | 66 | 73 | 50 | -10 | % | 32 | % | |||||
| Merchant services income | 699 | 733 | 155 | -5 | % | 351 | % | |||||
| Gain on sale of loans | 295 | 526 | 242 | -44 | % | 22 | % | |||||
| Other operating income | 262 | 122 | 131 | 115 | % | 100 | % | |||||
| Non-interest income | 1,445 | 1,564 | 669 | -8 | % | 116 | % | |||||
| Non-Interest Expense: | ||||||||||||
| Salaries & employee benefits | 2,255 | 2,278 | 1,864 | -1 | % | 21 | % | |||||
| Occupancy expense | 215 | 200 | 195 | 8 | % | 10 | % | |||||
| Other operating expense | 1,315 | 1,135 | 863 | 16 | % | 52 | % | |||||
| Non-interest expense | 3,785 | 3,613 | 2,922 | 5 | % | 30 | % | |||||
| Net income before tax | 3,101 | 3,435 | 2,956 | -10 | % | 5 | % | |||||
| Tax provision | 839 | 873 | 826 | -4 | % | 2 | % | |||||
| Net income after tax | $ | 2,262 | $ | 2,562 | $ | 2,130 | -12 | % | 6 | % | ||
| BALANCE SHEET ($ in thousands ) | End of Period: | Percentage Change From: | |||||||||||||
| (unaudited) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2019 | ||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 8,331 | $ | 12,570 | $ | 10,338 | -34 | % | -19 | % | |||||
| Fed funds sold and deposits in banks | 719 | 19,068 | 26,418 | -96 | % | -97 | % | ||||||||
| CDs in other banks | 9,914 | 9,914 | 11,151 | 0 | % | -11 | % | ||||||||
| Investment securities | 120,037 | 109,158 | 95,695 | 10 | % | 25 | % | ||||||||
| Loans held for sale | 17,534 | 13,201 | 6,599 | 33 | % | 166 | % | ||||||||
| Portfolio loans outstanding: | |||||||||||||||
| RE constr & land development | 20,070 | 17,649 | 18,606 | 14 | % | 8 | % | ||||||||
| Residential RE 1-4 Family | 13,709 | 10,290 | 10,023 | 33 | % | 37 | % | ||||||||
| Commercial Real Estate | 148,945 | 145,234 | 98,841 | 3 | % | 51 | % | ||||||||
| Agriculture | 31,419 | 34,131 | 28,975 | -8 | % | 8 | % | ||||||||
| Commercial and Industrial | 166,178 | 155,332 | 153,802 | 7 | % | 8 | % | ||||||||
| Consumer and Other | 771 | 600 | 86 | 29 | % | 797 | % | ||||||||
| Total Portfolio Loans | 381,092 | 363,236 | 310,333 | 5 | % | 23 | % | ||||||||
| Deferred fees & discounts | 4 | (1 | ) | 121 | -500 | % | -97 | % | |||||||
| Allowance for loan losses | (4,945 | ) | (4,542 | ) | (4,051 | ) | 9 | % | 22 | % | |||||
| Loans, net | 376,151 | 358,693 | 306,403 | 5 | % | 23 | % | ||||||||
| Non-marketable equity investments | 2,647 | 2,612 | 2,441 | 1 | % | 8 | % | ||||||||
| Cash value of life insurance | 8,043 | 7,991 | 7,832 | 1 | % | 3 | % | ||||||||
| Accrued interest and other assets | 4,946 | 5,185 | 4,658 | -5 | % | 6 | % | ||||||||
| Total assets | $ | 548,322 | $ | 538,392 | $ | 471,535 | 2 | % | 16 | % | |||||
| LIABILITIES AND EQUITY | |||||||||||||||
| Non-interest bearing deposits | $ | 292,449 | $ | 307,531 | $ | 256,700 | -5 | % | 14 | % | |||||
| Interest checking | 14,780 | 13,990 | 13,483 | 6 | % | 10 | % | ||||||||
| Savings | 43,910 | 39,117 | 36,052 | 12 | % | 22 | % | ||||||||
| Money market | 84,926 | 83,250 | 84,787 | 2 | % | 0 | % | ||||||||
| Certificates of deposits | 34,463 | 38,986 | 33,393 | -12 | % | 3 | % | ||||||||
| Total deposits | 470,528 | 482,874 | 424,415 | -3 | % | 11 | % | ||||||||
| Borrowings | 17,000 | - | - | 0 | % | 0 | % | ||||||||
| Other liabilities | 3,990 | 3,557 | 2,932 | 12 | % | 36 | % | ||||||||
| Total liabilities | 491,518 | 486,431 | 427,347 | 1 | % | 15 | % | ||||||||
| Common stock & paid in capital | 30,571 | 29,869 | 29,318 | 2 | % | 4 | % | ||||||||
| Retained earnings | 24,170 | 21,909 | 14,838 | 10 | % | 63 | % | ||||||||
| Total equity | 54,741 | 51,778 | 44,156 | 6 | % | 24 | % | ||||||||
| Accumulated other comprehensive income | 2,063 | 183 | 32 | 1027 | % | 6347 | % | ||||||||
| Shareholders equity, net | 56,804 | 51,961 | 44,188 | 9 | % | 29 | % | ||||||||
| Total Liabilities and shareholders' equity | $ | 548,322 | $ | 538,392 | $ | 471,535 | 2 | % | 16 | % | |||||
| ASSET QUALITY ($ in thousands) | Period Ended: | ||||||||
| (unaudited) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | ||||||
| Delinquent accruing loans 30-60 days | $ | 1,138 | $ | 8 | $ | 419 | |||
| Delinquent accruing loans 60-90 days | $ | 1,153 | $ | 314 | $ | 0 | |||
| Delinquent accruing loans 90+ days | $ | 0 | $ | 0 | $ | 0 | |||
| Total delinquent accruing loans | $ | 2,291 | $ | 322 | $ | 419 | |||
| Loans on non accrual | $ | 1,146 | $ | 619 | $ | 3,253 | |||
| Other real estate owned | $ | 0 | $ | 0 | $ | 0 | |||
| Nonperforming assets | $ | 1,146 | $ | 619 | $ | 3,253 | |||
| Performing restructured loans | $ | 547 | $ | 501 | $ | 0 | |||
| Delq 30-60 / Total Loans | .30 | % | .00 | % | .14 | % | |||
| Delq 60-90 / Total Loans | .30 | % | .09 | % | .00 | % | |||
| Delq 90+ / Total Loans | .00 | % | .00 | % | .00 | % | |||
| Delinquent Loans / Total Loans | .60 | % | .09 | % | .14 | % | |||
| Non Accrual / Total Loans | .30 | % | .17 | % | 1.05 | % | |||
| Nonperforming assets to total assets | .21 | % | .12 | % | .69 | % | |||
| Year-to-date charge-off activity | |||||||||
| Charge-offs | $ | 0 | $ | 163 | $ | 0 | |||
| Recoveries | $ | 3 | $ | 11 | $ | 2 | |||
| Net charge-offs | $ | (3 | ) | $ | 152 | $ | (2 | ) | |
| Annualized net loan losses (recoveries) to average loans | -.00 | % | .05 | % | -.00 | % | |||
| LOAN LOSS RESERVE RATIOS: | |||||||||
| Reserve for loan losses | $ | 4,945 | $ | 4,542 | $ | 4,051 | |||
| Total loans | $ | 381,092 | $ | 363,235 | $ | 310,334 | |||
| Purchased govt. guaranteed loans | $ | 55,707 | $ | 56,842 | $ | 66,048 | |||
| Originated govt. guaranteed loans | $ | 37,099 | $ | 36,358 | $ | 31,118 | |||
| LLR / Total loans | 1.30 | % | 1.25 | % | 1.31 | % | |||
| LLR / Loans less purchased govt. guaranteed loans | 1.52 | % | 1.48 | % | 1.66 | % | |||
| LLR / Loans less all govt. guaranteed loans | 1.72 | % | 1.68 | % | 1.90 | % | |||
| LLR / Total assets | .90 | % | .84 | % | .86 | % | |||
Contact: Steve Miller – President & CEO
Steve Canfield – Executive Vice President & CFO
(559) 439-0200
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