|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d)
|
Exhibits
|
Exhibit 99.1
|
Press release issued by the Company on October 28, 2021 |
Exhibit 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
HANOVER BANCORP, INC.
|
||
Date: October 28, 2021
|
By:
|
/s/ Brian K. Finneran
|
|
|
Brian K. Finneran
|
President |
Exhibit
Number
|
Description
|
Press release issued by the Company on October 28, 2021
|
● |
Financial Performance Metrics: Returns on average total assets and average stockholders’ equity were 1.88% and 23.45%, respectively, in the quarter ended September 30, 2021, versus 0.76% and 7.97% in the comparable 2020 period.
|
● |
Record Net Interest Income: Net interest income was $16.1 million for the quarter ended September 30, 2021, an increase of $8.8 million, or 119.0%, versus the comparable 2020 quarter.
|
● |
Record Net Interest Margin: The Company’s net interest margin increased significantly during the quarter ended September 30, 2021, to 4.51% versus 3.74% in the quarter ended June 30, 2021, and 3.73% in the quarter ended September 30, 2020.
Excluding the impact of net purchase accounting accretion, the Company’s net interest margin was 3.76% and 3.55% in the quarters ended September 30, 2021, and June 30, 2021, respectively.
|
● |
Balance Sheet:
Assets totaled $1.48 billion at September 30, 2021, versus $1.54 billion at June 30, 2021, and $851.6 million at September 30, 2020.
|
● |
Capital Strength: The Bank’s Tier 1 leverage ratio was 9.45% and its Total Risk-Based capital ratio was 15.59% at September 30, 2021, each significantly above the regulatory minimums for a well-capitalized institution.
|
● |
Tangible Book Value Per Share: Tangible book value per common share increased to $18.49 at September 30, 2021, from $17.40 at June 30, 2021, and $18.23 at September 30, 2020.
|
● |
Strong Lending Activity: On a linked quarter basis, the Company exhibited net loan growth, excluding Paycheck Protection Program (“PPP”) loans, of $53.8 million or 20.45% on an annualized basis. At September 30, 2021, the Company’s loan pipeline
was approximately $319.0 million.
|
● |
Expansion into New Jersey Market: The Company intends to open a full-service branch and loan production office in Freehold, New Jersey in December. This location will expand the Company’s niche Small Business Administration (“SBA”) lending footprint
into both the New Jersey and eastern Pennsylvania marketplaces.
|
September 30,
2021
|
June 30,
2021
|
September 30,
2020
|
||||||||||
Cash and cash equivalents
|
$
|
166,544
|
$
|
170,934
|
$
|
80,209
|
||||||
Securities-available for sale, at fair value
|
7,747
|
7,777
|
6,035
|
|||||||||
Investments-held to maturity
|
8,611
|
8,987
|
10,727
|
|||||||||
Loans held for sale
|
-
|
3,883
|
-
|
|||||||||
Loans, net of deferred loan fees and costs
|
1,247,125
|
1,293,262
|
725,019
|
|||||||||
Less: allowance for loan losses
|
(8,552
|
)
|
(7,852
|
)
|
(7,869
|
)
|
||||||
Loans, net
|
1,238,573
|
1,285,410
|
717,150
|
|||||||||
Goodwill
|
19,168
|
18,100
|
1,901
|
|||||||||
Premises & fixed assets
|
15,002
|
14,606
|
14,156
|
|||||||||
Other assets
|
28,996
|
31,746
|
21,428
|
|||||||||
Assets
|
$
|
1,484,641
|
$
|
1,541,443
|
$
|
851,606
|
||||||
Liabilities and stockholders' equity
|
||||||||||||
Core deposits
|
$
|
786,826
|
$
|
698,733
|
$
|
270,007
|
||||||
Time deposits
|
377,836
|
460,689
|
394,753
|
|||||||||
Total deposits
|
1,164,662
|
1,159,422
|
664,760
|
|||||||||
Borrowings
|
159,642
|
228,625
|
85,154
|
|||||||||
Note payable
|
-
|
-
|
14,984
|
|||||||||
Subordinated debentures
|
24,513
|
24,498
|
-
|
|||||||||
Other liabilities
|
13,295
|
13,660
|
8,665
|
|||||||||
Liabilities
|
1,362,112
|
1,426,205
|
773,563
|
|||||||||
Stockholders' equity
|
122,529
|
115,238
|
78,043
|
|||||||||
Liabilities and stockholders' equity
|
$
|
1,484,641
|
$
|
1,541,443
|
$
|
851,606
|
Three Months Ended
|
Fiscal Year Ended
|
|||||||||||||||
9/30/2021
|
9/30/2020
|
9/30/2021
|
9/30/2020
|
|||||||||||||
Interest income
|
$
|
17,760
|
$
|
9,751
|
$
|
48,675
|
$
|
40,133
|
||||||||
Interest expense
|
1,629
|
2,385
|
6,967
|
13,011
|
||||||||||||
Net interest income
|
16,131
|
7,366
|
41,708
|
27,122
|
||||||||||||
Provision for loan losses
|
700
|
100
|
1,000
|
1,250
|
||||||||||||
Net interest income after provision for loan losses
|
15,431
|
7,266
|
40,708
|
25,872
|
||||||||||||
Loan fees and service charges
|
255
|
111
|
703
|
301
|
||||||||||||
Service charges on deposit accounts
|
61
|
12
|
127
|
62
|
||||||||||||
Gain on sale of loans held-for-sale
|
619
|
-
|
1,307
|
917
|
||||||||||||
Gain on sale of investments
|
-
|
-
|
240
|
-
|
||||||||||||
Other operating income
|
786
|
12
|
972
|
84
|
||||||||||||
Non-interest income
|
1,721
|
135
|
3,349
|
1,364
|
||||||||||||
Compensation and benefits
|
4,528
|
3,020
|
15,009
|
11,182
|
||||||||||||
Occupancy and equipment
|
1,298
|
1,169
|
4,978
|
4,462
|
||||||||||||
Data processing
|
346
|
234
|
1,280
|
911
|
||||||||||||
Marketing and advertising
|
33
|
16
|
118
|
296
|
||||||||||||
Acquisition costs
|
197
|
214
|
4,430
|
450
|
||||||||||||
Professional fees
|
616
|
438
|
1,706
|
2,070
|
||||||||||||
Other operating expenses
|
940
|
481
|
2,484
|
1,651
|
||||||||||||
Non-interest expense
|
7,958
|
5,572
|
30,005
|
21,022
|
||||||||||||
Income before income taxes
|
9,194
|
1,829
|
14,052
|
6,214
|
||||||||||||
Income tax expense
|
2,138
|
283
|
3,201
|
1,240
|
||||||||||||
Net income
|
$
|
7,056
|
$
|
1,546
|
$
|
10,851
|
$
|
4,974
|
||||||||
Basic earnings per share
|
$
|
1.27
|
$
|
0.38
|
$
|
2.32
|
$
|
1.20
|
||||||||
Diluted earnings per share
|
$
|
1.25
|
$
|
0.37
|
$
|
2.28
|
$
|
1.18
|
Three Months Ended
|
||||||||||||||||||||
9/30/2021
|
6/30/2021
|
3/31/2021
|
12/31/2020
|
9/30/2020
|
||||||||||||||||
Interest income
|
$
|
17,760
|
$
|
12,038
|
$
|
9,380
|
$
|
9,497
|
$
|
9,751
|
||||||||||
Interest expense
|
1,629
|
1,590
|
1,578
|
2,170
|
2,385
|
|||||||||||||||
Net interest income
|
16,131
|
10,448
|
7,802
|
7,327
|
7,366
|
|||||||||||||||
Provision for loan losses
|
700
|
-
|
200
|
100
|
100
|
|||||||||||||||
Net interest income after provision for loan losses
|
15,431
|
10,448
|
7,602
|
7,227
|
7,266
|
|||||||||||||||
Loan fees and service charges
|
255
|
257
|
125
|
66
|
111
|
|||||||||||||||
Service charges on deposit accounts
|
61
|
34
|
17
|
15
|
12
|
|||||||||||||||
Gain on sale of loans held-for-sale
|
619
|
212
|
295
|
181
|
-
|
|||||||||||||||
Gain on sale of investments
|
-
|
-
|
240
|
-
|
-
|
|||||||||||||||
Other operating income
|
786
|
147
|
15
|
24
|
12
|
|||||||||||||||
Non-interest income
|
1,721
|
650
|
692
|
286
|
135
|
|||||||||||||||
Compensation and benefits
|
4,528
|
3,980
|
3,325
|
3,176
|
3,020
|
|||||||||||||||
Occupancy and equipment
|
1,298
|
1,300
|
1,209
|
1,171
|
1,169
|
|||||||||||||||
Data processing
|
346
|
419
|
270
|
245
|
234
|
|||||||||||||||
Marketing and advertising
|
33
|
18
|
19
|
48
|
16
|
|||||||||||||||
Acquisition costs
|
197
|
3,937
|
151
|
145
|
214
|
|||||||||||||||
Professional fees
|
616
|
370
|
308
|
412
|
438
|
|||||||||||||||
Other operating expenses
|
940
|
708
|
443
|
393
|
481
|
|||||||||||||||
Non-interest expense
|
7,958
|
10,732
|
5,725
|
5,590
|
5,572
|
|||||||||||||||
Income before income taxes
|
9,194
|
366
|
2,569
|
1,923
|
1,829
|
|||||||||||||||
Income tax expense
|
2,138
|
145
|
514
|
404
|
283
|
|||||||||||||||
Net income
|
$
|
7,056
|
$
|
221
|
$
|
2,055
|
$
|
1,519
|
$
|
1,546
|
||||||||||
Basic earnings per share
|
$
|
1.27
|
$
|
0.05
|
$
|
0.49
|
$
|
0.36
|
$
|
0.38
|
||||||||||
Diluted earnings per share
|
$
|
1.25
|
$
|
0.05
|
$
|
0.48
|
$
|
0.36
|
$
|
0.37
|
Note: Prior period information has been adjusted to conform to current period presentation.
|
Three Months Ended
|
Fiscal Year Ended
|
|||||||||||||||
9/30/2021
|
9/30/2020
|
9/30/2021
|
9/30/2020
|
|||||||||||||
ADJUSTED NET INCOME:
|
||||||||||||||||
Net income, as reported
|
$
|
7,056
|
$
|
1,546
|
$
|
10,851
|
$
|
4,974
|
||||||||
Adjustments:
|
||||||||||||||||
Merger-related expenses
|
197
|
214
|
4,430
|
450
|
||||||||||||
Debt extinguishment charges
|
-
|
-
|
54
|
-
|
||||||||||||
Litigation and proxy-related expenses
|
-
|
-
|
-
|
742
|
||||||||||||
Total adjustments, before income taxes
|
197
|
214
|
4,484
|
1,192
|
||||||||||||
Adjustment for reported effective income tax rate
|
46
|
33
|
978
|
255
|
||||||||||||
Total adjustments, after income taxes
|
151
|
181
|
3,506
|
937
|
||||||||||||
Adjusted net income
|
$
|
7,207
|
$
|
1,727
|
$
|
14,357
|
$
|
5,911
|
||||||||
Basic earnings per share - adjusted
|
$
|
1.30
|
$
|
0.41
|
$
|
3.07
|
$
|
1.42
|
||||||||
Diluted earnings per share - adjusted
|
$
|
1.28
|
$
|
0.41
|
$
|
3.02
|
$
|
1.40
|
||||||||
ADJUSTED NET INTEREST INCOME:
|
||||||||||||||||
Net interest income, as reported
|
$
|
16,131
|
$
|
7,366
|
$
|
41,708
|
$
|
27,122
|
||||||||
Adjustments:
|
||||||||||||||||
Debt extinguishment charges
|
-
|
-
|
54
|
-
|
||||||||||||
Adjusted net interest income
|
$
|
16,131
|
$
|
7,366
|
$
|
41,762
|
$
|
27,122
|
||||||||
ADJUSTED NET INTEREST MARGIN:
|
||||||||||||||||
Net interest margin, as reported
|
4.51
|
%
|
3.73
|
%
|
3.97
|
%
|
3.29
|
%
|
||||||||
Adjustments:
|
||||||||||||||||
Debt extinguishment charges
|
-
|
-
|
0.01
|
%
|
-
|
|||||||||||
Adjusted net interest margin
|
4.51
|
%
|
3.73
|
%
|
3.98
|
%
|
3.29
|
%
|
||||||||
ADJUSTED OPERATING EFFICIENCY RATIO(2):
|
||||||||||||||||
Operating efficiency ratio, as reported
|
44.58
|
%
|
74.26
|
%
|
66.95
|
%
|
73.79
|
%
|
||||||||
Adjustments:
|
||||||||||||||||
Merger-related expenses
|
-1.10
|
%
|
-2.87
|
%
|
-9.87
|
%
|
-1.58
|
%
|
||||||||
Debt extinguishment charges
|
-
|
-
|
-0.08
|
%
|
-
|
|||||||||||
Litigation and proxy-related expenses
|
-
|
-
|
-
|
-2.60
|
%
|
|||||||||||
Adjusted operating efficiency ratio
|
43.48
|
%
|
71.39
|
%
|
57.00
|
%
|
69.61
|
%
|
||||||||
ADJUSTED RETURN ON AVERAGE ASSETS
|
1.92
|
%
|
0.84
|
%
|
1.31
|
%
|
0.69
|
%
|
||||||||
ADJUSTED RETURN ON AVERAGE EQUITY
|
23.95
|
%
|
8.91
|
%
|
15.26
|
%
|
7.88
|
%
|
||||||||
Three Months Ended
|
Fiscal Year Ended
|
|||||||||||||||
9/30/2021
|
9/30/2020
|
9/30/2021
|
9/30/2020
|
|||||||||||||
Profitability:
|
||||||||||||||||
Return on average assets
|
1.88
|
%
|
0.76
|
%
|
0.99
|
%
|
0.58
|
%
|
||||||||
Return on average equity
|
23.45
|
%
|
7.97
|
%
|
11.53
|
%
|
6.63
|
%
|
||||||||
Yield on average interest-earning assets
|
4.97
|
%
|
4.94
|
%
|
4.63
|
%
|
4.87
|
%
|
||||||||
Cost of average interest-bearing liabilities
|
0.55
|
%
|
1.46
|
%
|
0.81
|
%
|
1.87
|
%
|
||||||||
Net interest rate spread (1)
|
4.42
|
%
|
3.48
|
%
|
3.82
|
%
|
3.00
|
%
|
||||||||
Net interest margin (2)
|
4.51
|
%
|
3.73
|
%
|
3.97
|
%
|
3.29
|
%
|
||||||||
Non-interest expense to average assets
|
2.12
|
%
|
2.72
|
%
|
2.75
|
%
|
2.47
|
%
|
||||||||
Operating efficiency ratio (3)
|
44.58
|
%
|
74.26
|
%
|
66.95
|
%
|
73.79
|
%
|
||||||||
Average balances:
|
||||||||||||||||
Interest-earning assets
|
$
|
1,419,148
|
$
|
785,486
|
$
|
1,050,259
|
$
|
824,247
|
||||||||
Interest-bearing liabilities
|
1,174,266
|
648,285
|
859,804
|
697,040
|
||||||||||||
Loans
|
1,277,091
|
720,730
|
934,066
|
717,834
|
||||||||||||
Deposits
|
1,128,956
|
638,354
|
843,010
|
669,497
|
||||||||||||
Borrowings
|
225,929
|
90,313
|
145,334
|
99,550
|
(1)
|
Represents the difference between the yield on average interest-earning and the cost of average interest-bearing liabilities.
|
(2)
|
Represents net interest income divided by average interest-earning assets.
|
(3)
|
Excludes gain on sale of securities available for sale.
|
At or For the Three Months Ended
|
||||||||||||||||
9/30/2021
|
6/30/2021
|
3/31/2021
|
12/31/2020
|
|||||||||||||
Provision for loan losses
|
$
|
700
|
$
|
-
|
$
|
200
|
$
|
100
|
||||||||
Net (recoveries)/charge-offs
|
-
|
(327
|
)
|
-
|
(10
|
)
|
||||||||||
Allowance for loan losses
|
8,552
|
7,852
|
8,179
|
7,979
|
||||||||||||
Allowance for loan losses to total loans (1)
|
0.69
|
%
|
0.61
|
%
|
1.07
|
%
|
1.09
|
%
|
||||||||
Allowance for loan losses to originated loans (1)
|
1.13
|
%
|
1.13
|
%
|
1.18
|
%
|
1.22
|
%
|
||||||||
Non-performing loans (2)(3)
|
$
|
9,547
|
$
|
8,120
|
$
|
9,350
|
$
|
4,053
|
||||||||
Non-performing loans/total loans
|
0.77
|
%
|
0.63
|
%
|
1.22
|
%
|
0.56
|
%
|
||||||||
Non-performing loans/total assets
|
0.64
|
%
|
0.53
|
%
|
1.05
|
%
|
0.46
|
%
|
||||||||
Allowance for loan losses/non-performing loans
|
89.58
|
%
|
96.70
|
%
|
87.48
|
%
|
196.87
|
%
|
||||||||
Capital (Bank only):
|
||||||||||||||||
Tier 1 Capital
|
$
|
123,665
|
$
|
118,536
|
$
|
103,199
|
$
|
100,518
|
||||||||
Tier 1 leverage ratio
|
9.45
|
%
|
11.20
|
%
|
12.00
|
%
|
12.04
|
%
|
||||||||
Common equity tier 1 capital ratio
|
14.54
|
%
|
14.05
|
%
|
21.23
|
%
|
21.49
|
%
|
||||||||
Tier 1 risk based capital ratio
|
14.54
|
%
|
14.05
|
%
|
21.23
|
%
|
21.49
|
%
|
||||||||
Total risk based capital ratio
|
15.59
|
%
|
15.01
|
%
|
22.49
|
%
|
22.75
|
%
|
||||||||
Equity data:
|
||||||||||||||||
Common shares outstanding
|
5,563,426
|
5,552,457
|
4,194,890
|
4,185,534
|
||||||||||||
Stockholders' equity
|
$
|
122,529
|
$
|
115,238
|
$
|
82,245
|
$
|
80,024
|
||||||||
Book value per common share
|
22.02
|
20.75
|
19.61
|
19.12
|
||||||||||||
Tangible common equity
|
102,881
|
96,636
|
80,516
|
78,103
|
||||||||||||
Tangible book value per common share
|
18.49
|
17.40
|
19.19
|
18.66
|
||||||||||||
Tangible common equity ("TCE") ratio
|
7.02
|
%
|
6.35
|
%
|
9.06
|
%
|
8.93
|
%
|
||||||||
(1)
|
Calculation excludes loans held for sale.
|
(2)
|
Includes $2.5 million of Purchased Credit Impaired loans 90 days
past due and still accruing and $0.5 million of loans fully guaranteed by the SBA at 9/30/21.
|
(3)
|
Includes $3.5 million of Purchased Credit Impaired loans 90 days past due and still accruing and $0.5 million of loans fully guaranteed by
the SBA at 6/30/21.
|
9/30/2021
|
6/30/2021
|
3/31/2021
|
12/31/2020
|
|||||||||||||
Loan
distribution (1):
|
||||||||||||||||
Residential mortgages
|
$
|
420,445
|
$
|
429,107
|
$
|
408,729
|
$
|
424,479
|
||||||||
Multifamily
|
266,715
|
227,887
|
175,779
|
147,266
|
||||||||||||
Commercial real estate
|
364,178
|
341,102
|
117,966
|
115,358
|
||||||||||||
Commercial & industrial
|
172,077
|
270,481
|
37,355
|
20,214
|
||||||||||||
Home equity
|
23,697
|
24,669
|
23,747
|
21,405
|
||||||||||||
Consumer
|
13
|
16
|
20
|
30
|
||||||||||||
Total loans
|
$
|
1,247,125
|
$
|
1,293,262
|
$
|
763,596
|
$
|
728,752
|
||||||||
Sequential quarter growth rate
|
-3.57
|
%
|
69.36
|
%
|
4.78
|
%
|
0.51
|
%
|
||||||||
Loans sold during the quarter
|
$
|
13,997
|
$
|
13,498
|
$
|
9,367
|
$
|
8,443
|
||||||||
Funding distribution:
|
||||||||||||||||
Demand
|
$
|
191,537
|
$
|
179,259
|
$
|
122,388
|
$
|
86,266
|
||||||||
N.O.W
|
353,978
|
250,172
|
150,017
|
93,258
|
||||||||||||
Savings
|
60,163
|
58,217
|
44,386
|
44,072
|
||||||||||||
Money market
|
181,148
|
211,085
|
96,201
|
87,843
|
||||||||||||
Total core deposits
|
786,826
|
698,733
|
412,992
|
311,439
|
||||||||||||
Time
|
377,836
|
460,689
|
305,192
|
376,877
|
||||||||||||
Total deposits
|
1,164,662
|
1,159,422
|
718,184
|
688,316
|
||||||||||||
Borrowings
|
159,642
|
228,625
|
56,417
|
74,514
|
||||||||||||
Subordinated debentures
|
24,513
|
24,498
|
24,482
|
24,468
|
||||||||||||
Total funding sources
|
$
|
1,348,817
|
$
|
1,412,545
|
$
|
799,083
|
$
|
787,298
|
||||||||
Sequential quarter growth rate - total deposits
|
0.45
|
%
|
61.44
|
%
|
4.34
|
%
|
3.54
|
%
|
||||||||
Period-end core deposits/total deposits ratio
|
67.56
|
%
|
60.27
|
%
|
57.51
|
%
|
45.25
|
%
|
||||||||
Period-end demand deposits/total deposits ratio
|
16.45
|
%
|
15.46
|
%
|
17.04
|
%
|
12.53
|
%
|
(1)
|
Excluding loans held for sale
|
9/30/2021
|
6/30/2021
|
3/31/2021
|
12/31/2020
|
9/30/2020
|
||||||||||||||||
Tangible common equity
|
||||||||||||||||||||
Total equity
|
$
|
122,529
|
$
|
115,238
|
$
|
82,245
|
$
|
80,024
|
$
|
78,043
|
||||||||||
Less: goodwill
|
(19,168
|
)
|
(18,100
|
)
|
(1,710
|
)
|
(1,901
|
)
|
(1,901
|
)
|
||||||||||
Less: core deposit intangible
|
(480
|
)
|
(502
|
)
|
(19
|
)
|
(20
|
)
|
(22
|
)
|
||||||||||
Tangible common equity
|
$
|
102,881
|
$
|
96,636
|
$
|
80,516
|
$
|
78,103
|
$
|
76,120
|
||||||||||
Tangible common equity ("TCE") ratio
|
||||||||||||||||||||
Tangible common equity
|
$
|
102,881
|
$
|
96,636
|
$
|
80,516
|
$
|
78,103
|
$
|
76,120
|
||||||||||
Total assets
|
1,484,641
|
1,541,443
|
890,432
|
876,883
|
851,606
|
|||||||||||||||
Less: goodwill
|
(19,168
|
)
|
(18,100
|
)
|
(1,710
|
)
|
(1,901
|
)
|
(1,901
|
)
|
||||||||||
Less: core deposit intangible
|
(480
|
)
|
(502
|
)
|
(19
|
)
|
(20
|
)
|
(22
|
)
|
||||||||||
Tangible assets
|
$
|
1,464,993
|
$
|
1,522,841
|
$
|
888,703
|
$
|
874,962
|
$
|
849,683
|
||||||||||
TCE ratio
|
7.02
|
%
|
6.35
|
%
|
9.06
|
%
|
8.93
|
%
|
8.96
|
%
|
||||||||||
Tangible book value per share
|
||||||||||||||||||||
Tangible common equity
|
$
|
102,881
|
$
|
96,636
|
$
|
80,516
|
$
|
78,103
|
$
|
76,120
|
||||||||||
Common shares outstanding
|
5,563,426
|
5,552,457
|
4,194,890
|
4,185,534
|
4,175,144
|
|||||||||||||||
Tangible book value per share
|
$
|
18.49
|
$
|
17.40
|
$
|
19.19
|
$
|
18.66
|
$
|
18.23
|
2021
|
2020
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest
|
Average
Rate
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$
|
1,277,091
|
$
|
17,496
|
5.44
|
%
|
$
|
720,730
|
$
|
9,516
|
5.25
|
%
|
||||||||||||
Investment securities
|
16,526
|
162
|
3.89
|
%
|
16,895
|
177
|
4.17
|
%
|
||||||||||||||||
Interest-earning cash
|
120,080
|
47
|
0.16
|
%
|
44,103
|
10
|
0.09
|
%
|
||||||||||||||||
FHLB stock and other investments
|
5,451
|
55
|
4.00
|
%
|
3,758
|
48
|
5.08
|
%
|
||||||||||||||||
Total interest-earning assets
|
1,419,148
|
17,760
|
4.97
|
%
|
785,486
|
9,751
|
4.94
|
%
|
||||||||||||||||
Non interest-earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
18,494
|
4,645
|
||||||||||||||||||||||
Other assets
|
49,718
|
23,946
|
||||||||||||||||||||||
Total assets
|
$
|
1,487,360
|
$
|
814,077
|
||||||||||||||||||||
Liabilities and stockholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings, N.O.W and money market deposits
|
$
|
523,257
|
$
|
360
|
0.27
|
%
|
$
|
176,428
|
$
|
138
|
0.31
|
%
|
||||||||||||
Time deposits
|
425,080
|
693
|
0.65
|
%
|
381,544
|
1,758
|
1.83
|
%
|
||||||||||||||||
Total savings and time deposits
|
948,337
|
1,053
|
0.44
|
%
|
557,972
|
1,896
|
1.35
|
%
|
||||||||||||||||
Fed funds purchased & FHLB & FRB advances
|
201,425
|
249
|
0.49
|
%
|
75,330
|
264
|
1.39
|
%
|
||||||||||||||||
Note payable
|
-
|
-
|
0.00
|
%
|
14,983
|
225
|
5.97
|
%
|
||||||||||||||||
Subordinated debentures
|
24,504
|
327
|
5.29
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
1,174,266
|
1,629
|
0.55
|
%
|
648,285
|
2,385
|
1.46
|
%
|
||||||||||||||||
Demand deposits
|
180,619
|
80,382
|
||||||||||||||||||||||
Other liabilities
|
13,096
|
8,286
|
||||||||||||||||||||||
Total liabilities
|
1,367,981
|
736,953
|
||||||||||||||||||||||
Stockholders' equity
|
119,379
|
77,124
|
||||||||||||||||||||||
Total liabilities & stockholders' equity
|
$
|
1,487,360
|
$
|
814,077
|
||||||||||||||||||||
Net interest rate spread
|
4.42
|
%
|
3.48
|
%
|
||||||||||||||||||||
Net interest income/margin
|
$
|
16,131
|
4.51
|
%
|
$
|
7,366
|
3.73
|
%
|
2021
|
2020
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest
|
Average
Rate
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
0.00
|
0.00
|
||||||||||||||||||||||
Loans
|
$
|
934,066
|
$
|
47,685
|
5.11
|
%
|
$
|
717,834
|
$
|
38,640
|
5.38
|
%
|
||||||||||||
Investment securities
|
16,845
|
685
|
4.07
|
%
|
13,907
|
523
|
3.76
|
%
|
||||||||||||||||
Interest-earning cash
|
94,869
|
111
|
0.12
|
%
|
87,828
|
693
|
0.79
|
%
|
||||||||||||||||
FHLB stock and other investments
|
4,479
|
194
|
4.33
|
%
|
4,678
|
277
|
5.92
|
%
|
||||||||||||||||
Total interest-earning assets
|
1,050,259
|
48,675
|
4.63
|
%
|
824,247
|
40,133
|
4.87
|
%
|
||||||||||||||||
Non interest-earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
9,674
|
5,588
|
||||||||||||||||||||||
Other assets
|
33,002
|
22,219
|
||||||||||||||||||||||
Total assets
|
$
|
1,092,935
|
$
|
852,054
|
||||||||||||||||||||
Liabilities and stockholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings, N.O.W and money market deposits
|
$
|
333,997
|
$
|
903
|
0.27
|
%
|
$
|
179,106
|
$
|
1,445
|
0.81
|
%
|
||||||||||||
Time deposits
|
380,473
|
3,822
|
1.00
|
%
|
418,384
|
9,180
|
2.19
|
%
|
||||||||||||||||
Total savings and time deposits
|
714,470
|
4,725
|
0.66
|
%
|
597,490
|
10,625
|
1.78
|
%
|
||||||||||||||||
Fed funds purchased & FHLB & FRB advances
|
120,918
|
881
|
0.73
|
%
|
84,568
|
1,491
|
1.76
|
%
|
||||||||||||||||
Note payable
|
328
|
73
|
22.26
|
%
|
14,982
|
895
|
5.97
|
%
|
||||||||||||||||
Subordinated debentures
|
24,088
|
1,288
|
5.35
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
859,804
|
6,967
|
0.81
|
%
|
697,040
|
13,011
|
1.87
|
%
|
||||||||||||||||
Demand deposits
|
128,540
|
72,007
|
||||||||||||||||||||||
Other liabilities
|
10,519
|
8,031
|
||||||||||||||||||||||
Total liabilities
|
998,863
|
777,078
|
||||||||||||||||||||||
Stockholders' equity
|
94,072
|
74,976
|
||||||||||||||||||||||
Total liabilities & stockholders' equity
|
$
|
1,092,935
|
$
|
852,054
|
||||||||||||||||||||
Net interest rate spread
|
3.82
|
%
|
3.00
|
%
|
||||||||||||||||||||
Net interest income/margin
|
$
|
41,708
|
3.97
|
%
|
$
|
27,122
|
3.29
|
%
|