BayCom Corp Reports 2024 Second Quarter Earnings of $5.6 Million
Net income for the second quarter of 2024 compared to the first quarter of 2024 decreased
Net income for the six months ended
Looking ahead, Guarini expressed cautious optimism, stating, "We anticipate continued challenges in loan demand and M&A prospects; however, we believe the tide may be turning in loan demand and are positioning our lending platform accordingly. We remain vigilant in managing operating costs and remain committed to strategically repurchasing shares and paying cash dividends, reinforcing our dedication to delivering long-term value for both our clients and shareholders."
Second Quarter Performance Highlights :
- Annualized net interest margin was 3.69% for the current quarter, compared to 3.72% for the preceding quarter and 4.02% for the same quarter a year ago.
- Annualized return on average assets was 0.87% for the current quarter, compared to 0.92% for the preceding quarter and 1.13% for the same quarter a year ago.
-
Assets totaled
$2.6 billion atJune 30, 2024 ,March 31, 2024 , andJune 30, 2023 .
-
Loans, net of deferred fees, totaled
$1.9 billion at bothJune 30, 2024 andMarch 31, 2024 , compared to$2.0 billion atJune 30, 2023 .
-
Nonperforming loans totaled
$16.1 million or 0.87% of total loans, atJune 30, 2024 , compared to$16.5 million or 0.87% of total loans, atMarch 31, 2024 , and$12.8 million , or 0.64% of total loans, atJune 30, 2023 .
-
The allowance for credit losses for loans totaled
$19.0 million , or 1.02% of total loans outstanding, atJune 30, 2024 , compared to$18.9 million , or 1.00% of total loans outstanding, atMarch 31, 2024 , and$19.1 million , or 0.95% of total loans outstanding, atJune 30, 2023 .
-
A
$171,000 provision for credit losses was recorded during the current quarter, compared to a$252,000 provision for credit losses in the prior quarter and a$1.3 million reversal of credit losses in the same quarter a year ago.
-
Deposits totaled
$2.2 billion atJune 30, 2024 , compared to$2.1 billion at bothMarch 31, 2024 andJune 30, 2023 . AtJune 30, 2024 , noninterest-bearing deposits totaled$618.6 million , or 28.4% of total deposits, compared to$630.0 million , or 29.4% of total deposits, atMarch 31, 2024 , and$664.1 million , or 30.9% of total deposits, atJune 30, 2023 .
-
The Company repurchased 204,794 shares of common stock at an average cost of
$20.17 per share during the second quarter of 2024, compared to 198,120 shares of common stock repurchased at an average cost of$20.20 per share during the first quarter of 2024, and 543,955 shares of common stock repurchased at an average cost of$16.71 per share during the second quarter of 2023.
-
On
May 24, 2024 , the Company announced the declaration of a cash dividend on the Company’s common stock of$0.10 per share, which was paid onJuly 11, 2024 to shareholders of record as ofJune 13, 2024 .
-
The Bank remained a “well-capitalized” institution for regulatory capital purposes at
June 30, 2024 .
Earnings
Net interest income decreased
Interest income on loans, including fees, decreased
Interest income on loans included
Interest income on investment securities increased
Interest income on federal funds sold and interest-bearing balances in banks increased
Interest expense for the three months ended
Annualized net interest margin was 3.69% for the second quarter of 2024, compared to 3.72% for the first quarter of 2024 and 4.02% for the second quarter of 2023. The average yield on interest earning assets for the second quarter of 2024 increased nine basis points and 19 basis points over the average yields for the first quarter of 2024 and the second quarter of 2023, respectively, while the average rate paid on interest-bearing liabilities for second quarter of 2024 increased 14 basis points and 72 basis points over the average rates paid for the first quarter of 2024 and the second quarter of 2023, respectively. Net interest margin in the second quarter of 2024 as compared to the first quarter of 2024 and second quarter of 2023 was negatively impacted by increasing funding costs which outpaced, on a percentage basis, increasing yields on loans and investment securities.
Accretion of the net discount had minimal to no impact on the average yield on loans during the second quarter of 2024, the first quarter of 2024 and the second quarter of 2023.
The Company recorded a
Noninterest income for the second quarter of 2024 decreased
Noninterest expense for the second quarter of 2024 decreased
The provision for income taxes decreased
Loans and Credit Quality
Loans, net of deferred fees, decreased
Nonperforming loans, consisting solely of non-accrual loans, totaled
The portion of nonaccrual loans guaranteed by government agencies totaled
At
As of
Deposits and Borrowings
Deposits totaled
We consider our deposit base to be seasoned, stable and well-diversified, and we do not have any significant industry concentrations among our non-insured deposits. We also offer an insured cash sweep product (ICS) that allows customers to insure deposits above
The Bank has an approved secured borrowing facility with the FHLB of
At
At
Shareholders’ Equity
Shareholders’ equity totaled
The increase to shareholders’ equity for activity during the three months
About
The Company, through its wholly owned operating subsidiary,
Forward-Looking Statements
This release, as well as other public or shareholder communications by the Company, may contain forward-looking statements, including, but not limited to, (i) statements regarding the financial condition, results of operations and business of the Company, (ii) statements about the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts and (iii) other statements identified by the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions that are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead are based on current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.
There are a number of factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements include, but are not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; changes in the interest rate environment, including the past increases in the
The factors listed above could materially affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, whether as a result of new information, future events or otherwise, except as may be required by law or NASDAQ rules. When considering forward-looking statements, you should keep in mind these risks and uncertainties. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made.
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Dollars in thousands, except per share data) |
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Three months ended |
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2024 |
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2024 |
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2023 |
|
||||||
|
|
|
|
|
|
|
|
|||||
Interest income |
|
|
|
|
|
|
|
|
|
|||
Loans, including fees |
$ |
25,014 |
|
|
$ |
25,257 |
|
|
$ |
26,667 |
|
|
Investment securities |
|
2,181 |
|
|
|
1,956 |
|
|
|
1,693 |
|
|
Fed funds sold and interest-bearing balances in banks |
|
4,819 |
|
|
|
4,115 |
|
|
|
2,560 |
|
|
FHLB dividends |
|
247 |
|
|
|
272 |
|
|
|
196 |
|
|
FRB dividends |
|
145 |
|
|
|
144 |
|
|
|
144 |
|
|
Total interest and dividend income |
|
32,406 |
|
|
|
31,744 |
|
|
|
31,260 |
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|||
Deposits |
|
9,002 |
|
|
|
8,227 |
|
|
|
5,881 |
|
|
Subordinated debt |
|
891 |
|
|
|
893 |
|
|
|
895 |
|
|
Junior subordinated debt |
|
218 |
|
|
|
217 |
|
|
|
203 |
|
|
Total interest expense |
|
10,111 |
|
|
|
9,337 |
|
|
|
6,979 |
|
|
Net interest income |
|
22,295 |
|
|
|
22,407 |
|
|
|
24,281 |
|
|
Provision for (reversal of) credit losses |
|
171 |
|
|
|
252 |
|
|
|
(1,260 |
) |
|
Net interest income after provision for (reversal of) credit losses |
|
22,124 |
|
|
|
22,155 |
|
|
|
25,541 |
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|||
Gain on sale of loans |
|
287 |
|
|
|
— |
|
|
|
68 |
|
|
(Loss) gain on equity securities |
|
(321 |
) |
|
|
573 |
|
|
|
(917 |
) |
|
Service charges and other fees |
|
734 |
|
|
|
839 |
|
|
|
882 |
|
|
Loan servicing fees and other fees |
|
441 |
|
|
|
392 |
|
|
|
593 |
|
|
Income (loss) on investment in SBIC fund |
|
71 |
|
|
|
(30 |
) |
|
|
225 |
|
|
Other income and fees |
|
271 |
|
|
|
288 |
|
|
|
235 |
|
|
Total noninterest income |
|
1,483 |
|
|
|
2,062 |
|
|
|
1,086 |
|
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
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Salaries and employee benefits |
|
9,642 |
|
|
|
10,036 |
|
|
|
10,745 |
|
|
Occupancy and equipment |
|
2,133 |
|
|
|
2,154 |
|
|
|
1,974 |
|
|
Data processing |
|
1,650 |
|
|
|
1,753 |
|
|
|
1,616 |
|
|
Other expense |
|
2,587 |
|
|
|
2,128 |
|
|
|
2,222 |
|
|
Total noninterest expense |
|
16,012 |
|
|
|
16,071 |
|
|
|
16,557 |
|
|
Income before provision for income taxes |
|
7,595 |
|
|
|
8,146 |
|
|
|
10,070 |
|
|
Provision for income taxes |
|
1,995 |
|
|
|
2,269 |
|
|
|
2,864 |
|
|
Net income |
$ |
5,600 |
|
|
$ |
5,877 |
|
|
$ |
7,206 |
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Net income per common share: |
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Basic |
$ |
0.50 |
|
|
$ |
0.51 |
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$ |
0.59 |
|
|
Diluted |
|
0.50 |
|
|
|
0.51 |
|
|
|
0.59 |
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Weighted average shares used to compute net income per common share: |
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Basic |
|
11,254,233 |
|
|
|
11,525,752 |
|
|
|
12,228,206 |
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|
Diluted |
|
11,254,233 |
|
|
|
11,525,752 |
|
|
|
12,228,206 |
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Comprehensive income |
|
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Net income |
$ |
5,600 |
|
|
$ |
5,877 |
|
|
$ |
7,206 |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
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Change in unrealized gain (loss) on available-for-sale securities |
|
710 |
|
|
|
696 |
|
|
|
(4,999 |
) |
|
Deferred tax (expense) benefit |
|
(204 |
) |
|
|
(212 |
) |
|
|
1,437 |
|
|
Other comprehensive income (loss), net of tax |
|
506 |
|
|
|
484 |
|
|
|
(3,562 |
) |
|
Comprehensive income |
$ |
6,106 |
|
|
$ |
6,361 |
|
|
$ |
3,644 |
|
STATEMENTS OF CONDITION (UNAUDITED) (Dollars in thousands) |
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2024 |
|
2024 |
|
2023 |
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Assets |
|
|
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|
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Cash and due from banks |
|
$ |
23,278 |
|
|
$ |
20,379 |
|
|
$ |
36,637 |
|
Federal funds sold and interest-bearing balances in banks |
|
|
367,930 |
|
|
|
327,953 |
|
|
|
213,562 |
|
Cash and cash equivalents |
|
|
391,208 |
|
|
|
348,332 |
|
|
|
250,199 |
|
Time deposits in banks |
|
|
747 |
|
|
|
996 |
|
|
|
1,992 |
|
Investment securities available-for-sale ("AFS") |
|
|
183,633 |
|
|
|
167,919 |
|
|
|
146,506 |
|
Equity securities |
|
|
12,837 |
|
|
|
13,158 |
|
|
|
11,912 |
|
|
|
|
11,313 |
|
|
|
11,313 |
|
|
|
11,313 |
|
|
|
|
9,635 |
|
|
|
9,630 |
|
|
|
9,616 |
|
Loans held for sale |
|
|
— |
|
|
|
1,684 |
|
|
|
— |
|
Loans, net of deferred fees |
|
|
1,864,172 |
|
|
|
1,886,730 |
|
|
|
2,013,307 |
|
Allowance for credit losses for loans |
|
|
(19,000 |
) |
|
|
(18,890 |
) |
|
|
(19,100 |
) |
Premises and equipment, net |
|
|
14,052 |
|
|
|
14,355 |
|
|
|
13,039 |
|
Core deposit intangible |
|
|
3,304 |
|
|
|
3,610 |
|
|
|
4,527 |
|
Cash surrender value of bank owned life insurance policies, net |
|
|
23,225 |
|
|
|
23,044 |
|
|
|
22,528 |
|
Right-of-use assets |
|
|
12,874 |
|
|
|
13,460 |
|
|
|
15,270 |
|
|
|
|
38,838 |
|
|
|
38,838 |
|
|
|
38,838 |
|
Interest receivable and other assets |
|
|
47,095 |
|
|
|
46,530 |
|
|
|
47,539 |
|
Total Assets |
|
$ |
2,593,933 |
|
|
$ |
2,560,709 |
|
|
$ |
2,567,486 |
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Liabilities and Shareholders’ Equity |
|
|
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Noninterest-bearing deposits |
|
$ |
618,617 |
|
|
$ |
629,962 |
|
|
$ |
664,096 |
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
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Transaction accounts and savings |
|
|
725,550 |
|
|
|
725,399 |
|
|
|
775,117 |
|
Premium money market |
|
|
302,738 |
|
|
|
273,329 |
|
|
|
248,730 |
|
Time deposits |
|
|
528,105 |
|
|
|
514,217 |
|
|
|
459,123 |
|
Total deposits |
|
|
2,175,010 |
|
|
|
2,142,907 |
|
|
|
2,147,066 |
|
Junior subordinated deferrable interest debentures, net |
|
|
8,605 |
|
|
|
8,585 |
|
|
|
8,524 |
|
Subordinated debt, net |
|
|
63,651 |
|
|
|
63,609 |
|
|
|
63,796 |
|
Salary continuation plans |
|
|
4,733 |
|
|
|
4,667 |
|
|
|
4,955 |
|
Lease liabilities |
|
|
13,779 |
|
|
|
14,321 |
|
|
|
15,947 |
|
Interest payable and other liabilities |
|
|
12,890 |
|
|
|
12,385 |
|
|
|
20,184 |
|
Total Liabilities |
|
|
2,278,668 |
|
|
|
2,246,474 |
|
|
|
2,260,472 |
|
|
|
|
|
|
|
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|
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|
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Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|||
Common stock, no par value |
|
|
173,395 |
|
|
|
177,362 |
|
|
|
187,866 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(13,602 |
) |
|
|
(14,108 |
) |
|
|
(16,420 |
) |
Retained earnings |
|
|
155,472 |
|
|
|
150,981 |
|
|
|
135,568 |
|
Total Shareholders’ Equity |
|
|
315,265 |
|
|
|
314,235 |
|
|
|
307,014 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
2,593,933 |
|
|
$ |
2,560,709 |
|
|
$ |
2,567,486 |
|
FINANCIAL HIGHLIGHTS (UNAUDITED) (Dollars in thousands, except per share data) |
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At and for the three months ended |
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At and for the six months ended |
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Selected Financial Ratios and Other Data: |
|
2024 |
2024 |
2023 |
|
|
2024 |
|
2023 |
|
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Performance Ratios: |
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Return on average assets (1) |
|
|
0.87 |
% |
|
0.92 |
% |
|
1.13 |
% |
|
|
0.90 |
% |
|
1.13 |
% |
|||
Return on average equity (1) |
|
|
7.11 |
|
|
7.44 |
|
|
9.22 |
|
|
|
7.28 |
|
|
9.12 |
|
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Yield earned on average interest-earning assets (1) |
|
|
5.37 |
|
|
5.28 |
|
|
5.18 |
|
|
|
5.31 |
|
|
5.15 |
|
|||
Rate paid on average interest-bearing liabilities (1) |
|
|
2.54 |
|
|
2.40 |
|
|
1.82 |
|
|
|
2.47 |
|
|
1.60 |
|
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Interest rate spread - average during the period (1) |
|
|
2.83 |
|
|
2.88 |
|
|
3.36 |
|
|
|
2.84 |
|
|
3.55 |
|
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Net interest margin (1) |
|
|
3.69 |
|
|
3.72 |
|
|
4.02 |
|
|
|
3.70 |
|
|
4.16 |
|
|||
Loan to deposit ratio |
|
|
85.71 |
|
|
88.05 |
|
|
93.77 |
|
|
|
85.71 |
|
|
93.77 |
|
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Efficiency ratio (2) |
|
|
67.34 |
|
|
65.68 |
|
|
65.27 |
|
|
|
66.49 |
|
|
63.40 |
|
|||
Charge-offs, net |
|
$ |
76 |
|
$ |
3,372 |
|
$ |
60 |
|
|
$ |
3,448 |
|
$ |
375 |
|
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Per Share Data: |
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Shares outstanding at end of period |
|
|
11,172,323 |
|
|
11,377,117 |
|
|
11,900,022 |
|
|
|
11,172,323 |
|
|
11,900,022 |
|
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Average diluted shares outstanding |
|
|
11,254,233 |
|
|
11,525,752 |
|
|
12,228,206 |
|
|
|
11,389,992 |
|
|
12,462,539 |
|
|||
Diluted earnings per share |
|
$ |
0.50 |
|
$ |
0.51 |
|
$ |
0.59 |
|
|
$ |
1.01 |
|
$ |
1.16 |
|
|||
Book value per share |
|
|
28.22 |
|
|
27.62 |
|
|
25.80 |
|
|
|
28.22 |
|
|
25.82 |
|
|||
Tangible book value per share (3) |
|
|
24.45 |
|
|
23.89 |
|
|
22.16 |
|
|
|
24.45 |
|
|
22.16 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset Quality Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nonperforming assets to total assets (4) |
|
|
0.62 |
% |
|
0.64 |
% |
|
0.50 |
% |
|
|
|
|
|
|
|
|||
Nonperforming loans to total loans (5) |
|
|
0.87 |
% |
|
0.87 |
% |
|
0.64 |
% |
|
|
|
|
|
|
|
|||
Allowance for credit losses on loans to nonperforming loans (5) |
|
|
117.81 |
% |
|
114.55 |
% |
|
148.86 |
% |
|
|
|
|
|
|
|
|||
Allowance for credit losses on loans to total loans |
|
|
1.02 |
% |
|
1.00 |
% |
|
0.95 |
% |
|
|
|
|
|
|
|
|||
Classified assets (graded substandard and doubtful) |
|
$ |
38,796 |
|
$ |
39,352 |
|
$ |
21,546 |
|
|
|
|
|
|
|
|
|||
Total accruing loans 30‑89 days past due |
|
|
1,468 |
|
|
2,625 |
|
|
1,623 |
|
|
|
|
|
|
|
|
|||
Total loans 90 days past due and still accruing |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tier 1 leverage ratio — Bank (6) |
|
|
13.62 |
% |
|
13.41 |
% |
|
13.05 |
% |
|
|
|
|
|
|
|
|||
Common equity tier 1 capital ratio — Bank (6) |
|
|
17.45 |
% |
|
16.91 |
% |
|
16.60 |
% |
|
|
|
|
|
|
|
|||
Tier 1 capital ratio — Bank (6) |
|
|
17.45 |
% |
|
16.91 |
% |
|
16.60 |
% |
|
|
|
|
|
|
|
|||
Total capital ratio — Bank (6) |
|
|
18.42 |
% |
|
17.87 |
% |
|
17.59 |
% |
|
|
|
|
|
|
|
|||
Equity to total assets — end of period |
|
|
12.15 |
% |
|
12.27 |
% |
|
11.97 |
% |
|
|
|
|
|
|
|
|||
Tangible equity to tangible assets — end of period (3) |
|
|
10.70 |
% |
|
10.79 |
% |
|
10.46 |
% |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate |
|
$ |
1,690,179 |
|
$ |
1,707,064 |
|
$ |
1,816,355 |
|
|
|
|
|
|
|
|
|||
Non-real estate |
|
|
157,335 |
|
|
162,791 |
|
|
183,780 |
|
|
|
|
|
|
|
|
|||
Nonaccrual loans |
|
|
16,128 |
|
|
16,491 |
|
|
12,831 |
|
|
|
|
|
|
|
|
|||
Mark to fair value at acquisition |
|
|
540 |
|
|
392 |
|
|
331 |
|
|
|
|
|
|
|
|
|||
Total Loans |
|
|
1,864,182 |
|
|
1,886,738 |
|
|
2,013,297 |
|
|
|
|
|
|
|
|
|||
Net deferred fees on loans |
|
|
(10 |
) |
|
(8 |
) |
|
10 |
|
|
|
|
|
|
|
|
|||
Loans, net of deferred fees |
|
$ |
1,864,172 |
|
$ |
1,886,730 |
|
$ |
2,013,307 |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Number of full-service offices |
|
|
35 |
|
|
35 |
|
|
34 |
|
|
|
|
|
|
|
|
|||
Number of full-time equivalent employees |
|
|
338 |
|
|
345 |
|
|
383 |
|
|
|
|
|
|
|
|
(1) |
Annualized. |
|
(2) |
Total noninterest expense as a percentage of net interest income and total noninterest income. |
|
(3) |
Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below. |
|
(4) |
Nonperforming assets consist of nonaccrual loans, accruing loans that are 90 days or more past due, and other real estate owned. |
|
(5) |
Nonperforming loans consist of nonaccrual loans and accruing loans that are 90 days or more past due. |
|
(6) |
Regulatory capital ratios are for |
Non-GAAP Financial Measures:
In addition to results presented in accordance with generally accepted accounting principles utilized in
Reconciliation of the GAAP and non-GAAP financial measures is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures |
||||||||
|
|
(Dollars in thousands, except per share data) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
2024 |
|
2024 |
|
2023 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value: |
|
|
||||||||
Total equity and common shareholders’ equity (GAAP) |
|
$ |
315,265 |
|
$ |
314,235 |
|
$ |
307,014 |
|
less: |
|
|
42,142 |
|
|
42,448 |
|
|
43,365 |
|
Tangible equity and common shareholders’ equity (Non-GAAP) |
|
$ |
273,123 |
|
$ |
271,787 |
|
$ |
263,649 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (GAAP) |
|
$ |
2,593,933 |
|
$ |
2,560,709 |
|
$ |
2,567,486 |
|
less: |
|
|
42,142 |
|
|
42,448 |
|
|
43,365 |
|
Total tangible assets (Non-GAAP) |
|
$ |
2,551,791 |
|
$ |
2,518,261 |
|
$ |
2,524,121 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity to total assets (GAAP) |
|
|
12.15 |
% |
|
12.27 |
% |
|
11.96 |
% |
Tangible equity to tangible assets (Non-GAAP) |
|
|
10.70 |
% |
|
10.79 |
% |
|
10.45 |
% |
Book value per share (GAAP) |
|
$ |
28.22 |
|
$ |
27.62 |
|
$ |
25.80 |
|
Tangible book value per share (Non-GAAP) |
|
$ |
24.45 |
|
$ |
23.89 |
|
$ |
22.16 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240718535022/en/
kcolwell@ubb-us.com
Source: