Financial News

First Farmers and Merchants Corporation Reports 2023 Results

Record Loans - Loan Growth up 6%

Book Value Per Share Increases 32% to $29.74

First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced unaudited financial results for the fourth quarter and year ended December 31, 2023.

“First Farmers reported record loans in 2023 with total loans surpassing $1 billion,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “We also reported strong growth in book value per share and recorded the third-best year of earnings in our history, despite the soft economy and challenging banking environment. We believe First Farmers is positioned well to deliver continued growth in loans and earnings in 2024.”

Key highlights of First Farmers’ results for 2023 include:

  • Net income was $16.0 million in 2023, down 11.0% compared with $18.1 million for 2022;
  • Net income per share declined 9.4% to $3.80 for 2023 compared with $4.19 in 2022;
  • Adjusted net income, which excludes special items, declined 10.4% to $16.2 million, or $3.84 per common share in 2023, compared with $18.1 million, or $4.21 per common share, in 2022. (see “Non-GAAP Financial Measures” section);
  • Total interest income increased 18.6% to $60.8 million in 2023 from $51.2 million in 2022;
  • Loans grew 5.5% to a record $1.019 billion from 2022;
  • Total interest expense increased 406.2% to $16.4 million from $3.2 million in 2022;
  • Total non-interest expense fell 3.9% to $38.6 million from $40.2 million in 2022;
  • Book value per share increased 31.7% to $29.74 from $22.59 for the fourth quarter of 2023; and
  • Total stock repurchased increased to 101,186 shares, up 141.0%, from 2022.

“We are pleased with our results in 2023 even though the challenges of rapidly rising interest rates and uncertainty arising from two of the largest bank failures in U.S. history during the early part of the year created disruption in our industry,” continued Williams. “The rapid rise in interest rates and increased competition for deposits resulted in lower net interest margins with our total interest expense jumping over 400% compared with the prior year. Despite the adverse banking environment, we maintained our focus on managing First Farmers for the long-term and significantly increased the number of shares repurchased during 2023.

“We enhanced First Farmers’ potential by strengthening our balance sheet to grow future earnings, improving capital levels and building our team with key additions and organizational changes. We maintained a strong focus on expense management and reduced non-interest expenses for the eighth consecutive quarter compared to the same quarter in the prior year. Overall efficiency has benefited from our continued investments in upgrading our digital technology to streamline our operations and improve the delivery of services to our customers. With the Federal Reserve’s forecast of lower interest rates in 2024 combined with our strong regional economy, we expect improvement in our net interest margin and earnings potential compared with 2023,” Williams concluded.

Commenting on the results, Robert E. Krimmel, Chief Financial Officer of First Farmers, said, “The dramatic rise in interest rates during 2023 put pressure on our net interest margin and increased competition for deposits from other banks as they sought more liquidity. We managed through the turmoil by protecting our core deposits and improving our balance sheet structure with a reduction in municipal deposits as part of our long-term strategy to enhance future earnings.

“Our fourth quarter’s results showed solid improvements in building core deposits, continued loan growth and improved asset quality. Our net interest margin was down only one basis point from the third quarter, highlighting our ability to manage the interest rate environment, grow interest and fees on loans and the progress we made in repositioning our borrowings. We believe the combination of reduced borrowing costs and a more stable interest rate environment are positive signs for growing our net interest margin in 2024. In addition, we plan to fund future loan growth from maturities in our securities portfolio to further enhance our net interest income.

“The management of our balance sheet remains an important part of our future earnings stream. We did not have to sell securities during 2023 to provide liquidity to fund loan growth due to the structure of our investment portfolio which has returned $30 million per quarter on average and will do so for the next two years. During mid-December, we made the decision to take advantage of the lower marginal borrowing costs through the Federal Reserve’s Bank Term Funding Program (BTFP) compared with FHLB borrowings and brokered deposits. This accounted for a $104 million shift in our borrowings since last year which is expected to save First Farmers $1 million in future interest expense in 2024,” concluded Krimmel.

Fourth Quarter 2023 Results of Operations

Net income decreased to $3.7 million in the fourth quarter of 2023, down $1.4 million, or 27.3% from the year-earlier quarter. Net income per share declined 25.1% to $0.88 for the fourth quarter of 2023 compared with $1.17 in the fourth quarter of 2022. The decrease in earnings was due primarily to a decline in net interest income. Adjusted net income, which excludes special items, declined 33.4% to $3.4 million, down $1.7 million from the fourth quarter of 2022. The decline in net interest income was driven by elevated deposit costs up $3.9 million offset in part by an increase in interest and fees on loans of $2.1 million supported by growth in net loan balances of $53 million compared to the fourth quarter of 2022.

Non-interest income increased $190,000 and was driven by a gain on redemption of bank owned life insurance of $331,000, offset by a decrease of $206,000 in service fees on deposit accounts. Non-interest expense was down by $243,000 from the year-earlier quarter due to lower salaries and employee benefits expense of $360,000 offset by a $90,000 increase in FDIC insurance premium expense compared to the fourth quarter of 2022.

Net income for the fourth quarter of 2023 was up from the sequential third quarter by $321,000, or 9.6%. The improvement in earnings was due to an increase in provision credit for credit losses of $230,000 and growth in non-interest income of $188,000, offset by an increase in non-interest expense of $190,000. Net interest income returned to a growth trend of $40,000 compared to the sequential quarter as the net interest margin declined only one basis point. The improvement in asset quality allowed for the release of additional provision for credit losses, and non-interest income benefited from the redemption of bank owned life insurance. The positive momentum in revenue growth improved efficiency for the quarter to 62.84%.

For the fourth quarter of 2023, outstanding loan balances increased $15 million, or 1.5%, from the sequential quarter to $1.019 billion and increased $53 million, or 5.5%, from the fourth quarter of 2022. Total deposits decreased $56 million, or 3.4%, from the sequential third quarter to $1.619 billion, and decreased $180 million, or 10.0%, from the year-earlier quarter. The decline in total deposits compared to the sequential quarter was related to a reduction in municipal deposits of $43 million and in brokered deposits of $18 million offset in part by core deposit growth of $5 million. During mid-December of 2023, the Federal Reserve’s bank term funding program was utilized to shift marginal funding balances of $104 million to the program from FHLB borrowings and brokered deposits to save over 50 basis points in funding costs. The reduction in total deposits compared to the fourth quarter of 2022 was driven by decreases of $191 million in municipal deposits supporting the strategic decision to reduce the balances along with a planned reduction in pledged securities.

Total shareholders’ equity increased $28 million due to improvement in the unrealized loss adjustment to the available-for-sale securities portfolio that totaled $23 million, net of tax, for the fourth quarter 2023. Tangible book value per share improved 25.9% for the fourth quarter of 2023 compared to the sequential quarter and 31.7% compared to the year-earlier quarter. The improvement in the value of the available-for-sale securities portfolio was driven by a decline in market interest rates. Total unrealized losses related to the available-for-sale investment portfolio decreased to $83 million compared to unrealized losses of $114 million for the third quarter of 2023 and unrealized losses of $108 million for the same period in 2022. The fair market value of the Company’s available-for-sale securities portfolio is adjusted each quarter based on changes in interest rates.

Twelve Months Results

Net income available to common shareholders was $16.0 million for 2023, down 11.1% compared with $18.1 million in 2022. Net income per share declined 9.4% to $3.80 for 2023 compared with $4.19 in 2022. The decline in earnings was driven by decreases in net interest income of $3.6 million and non-interest income of $947,000, offset in part by a reduction in non-interest expense of $1.6 million and an increase in the provision credit for credit losses of $170,000 compared to 2022.

The reduction in net interest income was driven by elevated deposit costs which were up 407.7% to $11.5 million, other borrowings expense which was up $1.6 million, and interest on investment securities which declined $914,000, offset in part by a 26.2% increase in interest and fees on loans of $10.2 million supported by loan growth of $53 million compared to 2022. The decline in non-interest income was driven by lower revenue from mortgage banking activities which was down $487,000 and service fees on deposit accounts which declined $485,000, loss on equity securities of $408,000, and loss on sale of available-for-sale securities of $312,000, offset in part by increases in gain on redemption of bank owned life insurance of $331,000, other non-interest income of $283,000 and trust services fee income of $171,000 compared to 2022. The decrease in non-interest expense was due to lower salaries and employee benefits of $1.5 million compared to 2022.

Asset Quality

Nonperforming assets declined to $1.4 million, or 0.08% of total assets, down from $3.1 million, or 0.17% of total assets, from the sequential quarter of 2023 and up from $705,000, or 0.04% of total assets, from the fourth quarter of 2022. The reduction in nonperforming assets during the fourth quarter of 2023 was related to the resolution of a single $2.3 million commercial real estate loan at no loss. Net recoveries to average loans were 0.00% for the fourth quarter of 2023 compared with net recoveries of 0.00% for the sequential quarter and net recoveries of 0.01% for the fourth quarter of 2022. A provision credit of $230,000 was recorded to the allowance for credit losses during the fourth quarter of 2023. The allowance for credit losses represented 0.75% of total loans outstanding for the fourth quarter of 2023 compared with 0.78% for the sequential quarter and 0.97% for the fourth quarter of 2022. The allowance for credit losses for unfunded commitments declined to $895,000, or 0.28% of total unfunded commitments, for the fourth quarter of 2023 compared with 0.30% for the sequential quarter. The allowance for credit losses for held-to-maturity (“HTM”) securities represented 0.06% of total HTM securities for the fourth quarter of 2023 compared with 0.06% for the sequential quarter.

Capital Management Initiatives

During the fourth quarter of 2023, First Farmers repurchased 351 shares of the Company’s common stock in the open market at an average price of $25.07 per share with prices ranging from $24.73 to $25.78 per share in accordance with the Company’s stock repurchase program. The Company reduced stock repurchases during the fourth quarter of 2023 to preserve capital. In response to improving capital levels as of year-end 2023, First Farmers’ Board of Directors reauthorized the stock repurchase program of up to 200,000 shares through December 2024.

About First Farmers and Merchants Corporation and First Farmers and Merchants Bank

First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in seven Middle Tennessee counties. As of December 31, 2023, First Farmers reported total assets of approximately $1.9 billion, total shareholders’ equity of approximately $124 million, and administered trust assets of $5.9 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”

Cautionary Note Regarding Forward Looking Statements

This news release may contain certain “forward-looking statements” that represent First Farmers’ expectations or beliefs concerning future events and often use words or phrases such as “opportunities,” “prospects,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions. Such forward-looking statements contained herein represent the current expectations, plans or forecast of First Farmers’ and are about matters that are inherently subject to risks and uncertainties. These statements are not guarantees of future results or performance and readers are cautioned to not place undue reliance on them, whether included in this news release or made elsewhere from time to time by First Farmers or on its behalf. First Farmers disclaims any obligation to update such forward-looking statements.

Non-GAAP Financial Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. First Farmers management uses non-GAAP financial measures, including: (i) adjusted net income and (ii) adjusted basic earnings per share, in its analysis of the Company’s performance. These non-GAAP financial measures exclude the following from net income: securities losses, gain on sale of premises and equipment, gain on redemption of bank-owned life insurance, one-time digital conversion fees, and the income tax effect of adjustments. Management believes that non-GAAP financial measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company.

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NON-GAAP MEASURES PRESENTED IN EARNINGS RELEASE

(Dollars in thousands, except per share data)

   

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

September 30,

 

December 31,

 

2023

 

2022

 

2023

 

2023

 

2022

Total non-interest income

$

3,685

 

 

$

3,495

 

$

3,497

 

 

$

13,200

 

 

$

14,147

 

Loss on sale of securities

 

-

 

 

 

5

 

 

-

 

 

 

317

 

 

 

5

 

Loss (gain) on equity securities

 

31

 

 

 

-

 

 

-

 

 

 

383

 

 

 

(25

)

Gain on sale of premises and equipment

 

(1

)

 

 

-

 

 

(3

)

 

 

(8

)

 

 

(91

)

Gain on redemption of bank-owned life insurance

 

(331

)

 

 

-

 

 

-

 

 

 

(331

)

 

 

-

 

Adjusted non-interest income

$

3,384

 

 

$

3,500

 

$

3,494

 

 

$

13,561

 

 

$

14,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense

$

9,669

 

 

$

9,912

 

$

9,487

 

 

$

38,578

 

 

$

40,168

 

One-time digital conversion fees

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

(207

)

Adjusted non-interest expense

$

9,669

 

 

$

9,912

 

$

9,487

 

 

$

38,578

 

 

$

39,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income as reported

$

3,659

 

 

$

5,027

 

$

3,338

 

 

$

16,049

 

 

$

18,050

 

Total adjustments, net of tax1

 

(309

)

 

 

4

 

 

(2

)

 

 

180

 

 

 

71

 

Adjusted net income

$

3,350

 

 

$

5,031

 

$

3,336

 

 

$

16,229

 

 

$

18,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.88

 

 

$

1.17

 

$

0.79

 

 

$

3.80

 

 

$

4.19

 

Total adjustments, net of tax1

 

(0.07

)

 

 

-

 

 

-

 

 

 

0.04

 

 

 

0.02

 

Adjusted basic earnings per share

$

0.81

 

 

$

1.17

 

$

0.79

 

 

$

3.84

 

 

$

4.21

 

   

(1) The effective tax rate of 26.1% is used to determine net of tax amounts.

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

   

 

 

 

(unaudited)

 

 

 

December 31,

December 31,

 

(dollars in thousands, except per share data)

 

2023

 

2022(1)

ASSETS

Cash and due from banks

 

$

22,654

 

$

27,193

 

Interest-bearing deposits

 

2,689

 

1,754

 

Federal funds sold

 

117

 

57

 

Total cash and cash equivalents

 

25,460

 

29,004

 

Securities:

 

 

 

Available-for-sale

 

692,763

 

810,591

 

Held-to-maturity (fair market value $14,394 and $14,162, net of allowance for credit losses of $9 and $0 for the periods presented)

 

15,038

 

15,087

 

 

Equity securities

 

2,123

 

 

2,505

 

 

Loans held-for-sale

 

470

 

 

-

 

Loans, net of deferred fees

 

1,018,866

 

966,167

 

Allowance for credit losses

 

(7,666

)

(9,382

)

Net loans

 

1,011,200

 

956,785

 

Bank premises and equipment, net

 

30,208

 

32,140

 

Bank-owned life insurance

 

34,602

 

35,829

 

Goodwill

 

9,018

 

9,018

 

 

Deferred tax asset

 

24,862

 

 

30,511

 

Other assets

 

25,859

 

20,819

 

 

TOTAL ASSETS

$

1,871,603

 

 

$

1,942,289

 

LIABILITIES

Deposits:

 

 

Noninterest-bearing

 

$

463,858

 

$

534,474

 

Interest-bearing

 

1,154,706

 

1,264,154

 

Total deposits

 

1,618,564

 

1,798,628

 

 

Accounts payable and accrued liabilities

 

24,798

 

 

21,996

 

 

Federal Reserve Bank BTFP borrowings

 

104,000

 

 

-

 

 

Federal Home Loan Bank borrowings

 

-

 

 

25,000

 

 

TOTAL LIABILITIES

 

1,747,362

 

 

1,845,624

 

   

SHAREHOLDERS’ EQUITY 

Common stock - $10 par value per share, 8,000,000 shares authorized; 4,174,142 and 4,275,328 shares issued and outstanding as of the periods presented

 

41,741

 

 

42,753

 

Retained earnings

 

143,249

 

132,905

 

Accumulated other comprehensive loss

 

(60,844

)

(79,088

)

   

Total shareholders’ equity attributable to First Farmers and Merchants Corporation

 

124,146

 

96,570

 

Noncontrolling interest - preferred stock of subsidiary

 

95

 

95

 

TOTAL SHAREHOLDERS’ EQUITY

 

124,241

 

96,665

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

1,871,603

 

 

$

1,942,289

 

 

 

 

 

(1) Derived from audited financial statements as of December 31, 2022.

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

   

Three Months Ended

 

Twelve Months Ended

 

December 31,

December 31,

 

(dollars in thousands, except per share data)

2023

 

2022

 

2023

 

2022

INTEREST AND

Interest and fees on loans

$

13,354

 

 

$

11,250

 

 

$

49,180

 

 

$

38,962

 

DIVIDEND

Income on investment securities

 

 

 

 

INCOME

Taxable interest

2,222

 

 

2,466

 

 

9,329

 

 

10,004

 

Exempt from federal income tax

433

 

 

500

 

 

1,786

 

 

2,025

 

Interest from federal funds sold and other

82

 

 

40

 

 

457

 

 

232

 

 

Total interest income

16,091

 

 

14,256

 

 

60,752

 

 

51,223

 

INTEREST

Interest on deposits

5,054

 

 

1,142

 

 

14,362

 

 

2,829

 

EXPENSE

Interest on other borrowings

994

 

 

410

 

 

2,035

 

 

410

 

Total interest expense

6,048

 

 

1,552

 

 

16,397

 

 

3,239

 

Net interest income

10,043

 

 

12,704

 

 

44,355

 

 

47,984

 

Provision credit for credit losses

(230

)

 

-

 

 

(490

)

 

(320

)

 

Net interest income after provision

10,273

 

 

12,704

 

 

44,845

 

 

48,304

 

NON-INTEREST

Mortgage banking activities

26

 

 

56

 

 

127

 

 

614

 

INCOME

Trust services fee income

1,064

 

 

1,054

 

 

4,331

 

 

4,160

 

 

Service fees on deposit accounts

1,781

 

 

1,987

 

 

7,170

 

 

7,655

 

Investment services fee income

87

 

 

73

 

 

366

 

 

406

 

Earnings on bank-owned life insurance

156

 

 

119

 

 

558

 

 

475

 

Loss on sale of available-for-sale securities

-

 

 

(5

)

 

(317

)

 

(5

)

 

Gain on sale of premises and equipment

1

 

 

-

 

 

8

 

 

91

 

 

(Loss) gain on equity securities

(31

)

 

-

 

 

(383

)

 

25

 

 

Gain on redemption of bank-owned life

insurance

331

 

 

-

 

 

331

 

 

-

 

Other non-interest income

270

 

 

211

 

 

1,009

 

 

726

 

 

Total non-interest income

3,685

 

 

3,495

 

 

13,200

 

 

14,147

 

NON-INTEREST

Salaries and employee benefits

5,336

 

 

5,696

 

 

21,581

 

 

23,115

 

EXPENSE

Net occupancy expense

524

 

 

486

 

 

2,171

 

 

2,202

 

Depreciation expense

441

 

 

421

 

 

1,670

 

 

1,786

 

Data processing expense

531

 

 

525

 

 

2,066

 

 

2,528

 

 

Software support and other computer expense

1,119

 

 

1,029

 

 

4,275

 

 

3,821

 

Legal and professional fees

231

 

 

284

 

 

874

 

 

1,007

 

Audits and exams expense

181

 

 

211

 

 

706

 

 

730

 

Advertising and promotions

252

 

 

277

 

 

1,001

 

 

1,074

 

FDIC insurance premium expense

239

 

 

149

 

 

920

 

 

677

 

Other non-interest expense

815

 

 

834

 

 

3,314

 

 

3,228

 

Total non-interest expense

9,669

 

 

9,912

 

 

38,578

 

 

40,168

 

Income before provision for income taxes

4,289

 

 

6,287

 

 

19,467

 

 

22,283

 

 

Provision for income taxes

622

 

 

1,252

 

 

3,402

 

 

4,217

 

Net income

3,667

 

 

5,035

 

 

16,065

 

 

18,066

 

Noncontrolling interest - dividends on preferred stock subsidiary

8

 

 

8

 

 

16

 

 

16

 

 

Net income available to common shareholders

$

3,659

 

 

$

5,027

 

 

$

16,049

 

 

$

18,050

 

  

 

 

 

 

 

 

 

 

Weighted average shares outstanding

4,174,283

 

 

4,290,886

 

 

4,228,232

 

 

4,305,557

 

 

Earnings per share

$

0.88

 

$

1.17

 

$

3.80

 

$

4.19

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED FINANCIAL HIGHLIGHTS

(unaudited)

   

For the Three Months Ended

(dollars in thousands, except per share data)

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

Results of Operations:

 

 

 

 

 

 

 

 

 

Interest income

$

16,091

 

 

$

15,240

 

 

$

15,020

 

 

$

14,401

 

 

$

14,256

 

Interest expense

6,048

 

 

5,237

 

 

2,923

 

 

2,189

 

 

1,552

 

Net interest income

10,043

 

 

10,003

 

 

12,097

 

 

12,212

 

 

12,704

 

Provision credit for credit losses

(230

)

 

-

 

 

(260

)

 

-

 

 

-

 

Non-interest income

3,685

 

 

3,497

 

 

3,262

 

 

2,754

 

 

3,495

 

Non-interest expense and non-controlling interest – preferred stock of subsidiary

 

9,677

 

 

 

 

9,487

 

 

 

 

9,369

 

 

 

 

10,059

 

 

 

9,920

 

Income before income taxes

4,281

 

 

4,013

 

 

6,250

 

 

4,907

 

 

6,279

 

Income taxes

622

 

 

675

 

 

1,211

 

 

894

 

 

1,252

 

Net income for common shareholders

$

3,659

 

 

$

3,338

 

 

$

5,039

 

 

$

4,013

 

 

$

5,027

 

Per Share Data:

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.88

 

 

$

0.79

 

 

$

1.19

 

 

$

0.94

 

 

$

1.17

 

Book value per share

$

29.74

 

 

$

23.61

 

 

$

25.54

 

 

$

25.72

 

 

$

22.59

 

Weighted average shares outstanding per quarter

4,174,283

 

 

4,206,805

 

 

4,244,359

 

 

4,273,571

 

 

4,290,886

 

Financial Condition Data and Ratios:

 

 

 

 

 

 

 

 

 

Total securities

$

709,924

 

 

$

713,707

 

 

$

762,175

 

 

$

803,652

 

 

$

828,183

 

Available-for-sale securities, fair market value

$

692,763

 

 

$

696,505

 

 

$

744,963

 

 

$

786,430

 

 

$

810,591

 

Available-for-sale securities, amortized cost

$

776,078

 

 

$

810,959

 

 

$

845,712

 

 

$

880,890

 

 

$

918,936

 

Loans, net of deferred fees

$

1,018,866

 

 

$

1,004,066

 

 

$

964,822

 

 

$

972,093

 

 

$

966,167

 

Allowance for credit losses(1)

$

(7,666

)

 

$

(7,871

)

 

$

(8,200

)

 

$

(8,497

)

 

$

(9,382

)

Total assets

$

1,871,603

 

 

$

1,868,540

 

 

$

1,878,675

 

 

$

1,913,481

 

 

$

1,942,289

 

Total deposits

$

1,618,564

 

 

$

1,674,673

 

 

$

1,657,587

 

 

$

1,776,987

 

 

$

1,798,628

 

Net interest income, on a fully taxable-equivalent basis

$

10,268

 

 

$

10,223

 

 

$

12,298

 

 

$

12,456

 

 

$

12,943

 

Net interest margin

2.21

%

 

2.22

%

 

2.64

%

 

2.67

%

 

2.69

%

Efficiency

62.84

%

 

69.17

%

 

58.04

%

 

64.05

%

 

60.40

%

 

 

 

 

 

 

 

 

 

 

Asset Quality Data and Ratios:

 

 

 

 

 

 

 

 

 

Total nonperforming assets

$

1,407

 

 

$

3,109

 

 

$

803

 

 

$

873

 

 

$

705

 

Nonperforming assets to total assets

0.08

%

 

0.17

%

 

0.04

%

 

0.05

%

 

0.04

%

Allowance for credit losses to total loans(1)

0.75

%

 

0.78

%

 

0.85

%

 

0.87

%

 

0.97

%

Net charge-offs (recoveries) to average loans (annualized)

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

(0.01

%)

 

 

 

 

 

 

 

 

 

 

(1) Prior-quarter data presents allowance for loan and lease losses prior to the adoption of the CECL accounting standard on January 1, 2023.

 

Contacts

Robert E. Krimmel

Chief Financial Officer

(931) 380-8257

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