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First Reliance Bancshares Reports Fourth Quarter 2024 Results
FLORENCE, S.C., Jan. 28, 2025 /PRNewswire/ -- First Reliance Bancshares, Inc. (OTC:FSRL), the holding company for First Reliance Bank (collectively, "First Reliance" or the "Company"), today announced its financial results for the fourth quarter of 2024.
Fourth Quarter 2024 Highlights
- Net income increased 18.3% for the fourth quarter of 2024 to $0.9 million, or $0.11 per diluted share, compared to $0.8 million, or $0.10 per diluted share, for the fourth quarter of 2023. Operating earnings, which excludes securities losses, net of tax, gain/(loss) on disposal/write down fixed assets and right of use assets, net of tax, and expenses related to branch sale, net of tax, were $1.7 million, or $0.21 per diluted share, for the fourth quarter of 2024, compared to $1.4 million, or $0.17 per diluted share, in the fourth quarter of 2023.
- For calendar year 2024, net income increased $1.3 million to $5.9 million, or $0.71 per diluted share, compared to 2023 which was $4.6 million, or $0.56 per diluted share, an increase of $0.15 per diluted share, or 26.8%. Operating net income increased $1.0 million, or 17.2% to $6.8 million, or $0.82 per diluted share, compared to 2023 which was $5.8 million, or $0.71 per diluted share, an increase of $0.11 per diluted share, or 15.5%.
- Book value per share increased $0.91, or 10.4%, from $8.77 per share at December 31, 2023, to $9.68 per share at December 31, 2024. Tangible book value per share increased $0.91, or 10.5%, from $8.68 per share at December 31, 2023, to $9.59 per share at December 31, 2024.
- Net interest income for the quarter was $8.4 million, which represents an increase of $1.1 million, or 15.6%, compared to the same quarter one year ago. On a linked quarter basis, the increase was $300,000, or 3.7%.
- Net interest margin increased during the quarter to 3.38% at December 31, 2024, compared to 3.27% at September 30, 2024, and increased 22 basis points compared to the same period in 2023.
- Total loans held for investment increased $14.5 million, or 7.9% annualized, to $753.7 million at December 31, 2024, from $739.2 million at September 30, 2024.
- Total deposits decreased $0.5 million, or 0.2% annualized, to $951.4 million at December 31, 2024, from $951.9 million at September 30, 2024.
- Asset quality remained strong with nonperforming assets totaling $1.2 million, or 0.11% of total assets at December 31, 2024, compared to $924 thousand, or 0.09% of total assets at September 30, 2024.
Rick Saunders, Chief Executive Officer, commented: "I am pleased that we were able to grow our operating EPS by over 17% for the year while also increasing our tangible book value per share by 10.5%. We expanded NIM another 11 bps this quarter and go into 2025 with a strong loan pipeline. Credit quality remained steady with low net charge offs and low nonperforming assets. Managing expenses will be one of our top priorities to compliment what we think will be increased revenue in 2025 vs. 2024. Our markets are some of the best in the United States and we remain focused on growing our client base by providing exceptional service and solutions to meet their banking needs."
| Financial Summary |
| | Three Months Ended | | Twelve Months Ended | | ||||||
| | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | | Dec 31 | | Dec 31 | |
| ($ in thousands, except per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | | 2024 | | 2023 | |
| Earnings: | | | | | | | | | | |
| Net income available to common shareholders | $ 918 | $ 1,825 | $ 1,942 | $ 1,238 | $ 776 | | $ 5,923 | | $ 4,603 | |
| Operating earnings (Non-GAAP) | 1,698 | 1,950 | 1,942 | 1,223 | 1,424 | | 6,813 | | 5,812 | |
| Earnings per common share, diluted | 0.11 | 0.22 | 0.24 | 0.15 | 0.10 | | 0.71 | | 0.56 | |
| Operating earnings, diluted (Non-GAAP) | 0.21 | 0.24 | 0.24 | 0.15 | 0.17 | | 0.82 | | 0.71 | |
| Total revenue(1) | 9,809 | 9,855 | 10,226 | 9,690 | 8,285 | | 39,580 | | 35,892 | |
| Net interest margin | 3.38 % | 3.27 % | 3.20 % | 3.11 % | 3.16 % | | 3.25 % | | 3.19 % | |
| Return on average assets(2) | 0.35 % | 0.69 % | 0.75 % | 0.49 % | 0.32 % | | 0.57 % | | 0.47 % | |
| Return on average equity(2) | 4.66 % | 9.60 % | 10.69 % | 7.01 % | 4.70 % | | 7.97 % | | 7.00 % | |
| Efficiency ratio(3) | 86.42 % | 76.90 % | 75.21 % | 81.04 % | 89.83 % | | 79.84 % | | 82.78 % | |
| | As of | ||||
| | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 |
| ($ in thousands) | 2024 | 2024 | 2024 | 2024 | 2023 |
| Balance Sheet: | | | | | |
| Total assets | $ 1,067,104 | $ 1,071,480 | $ 1,058,395 | $ 1,027,616 | $ 974,157 |
| Total loans receivable | 753,738 | 739,219 | 739,433 | 725,234 | 705,672 |
| Total deposits | 951,411 | 951,948 | 899,799 | 881,309 | 858,597 |
| Total transaction deposits(4) to total deposits | 38.64 % | 38.82 % | 39.18 % | 39.86 % | 41.31 % |
| Loans to deposits | 79.22 % | 77.65 % | 82.18 % | 82.29 % | 82.19 % |
| Bank Capital Ratios: | | | | | |
| Total risk-based capital ratio | 13.48 % | 13.56 % | 13.34 % | 13.46 % | 13.86 % |
| Tier 1 risk-based capital ratio | 12.43 % | 12.51 % | 12.28 % | 12.37 % | 12.75 % |
| Tier 1 leverage ratio | 9.96 % | 9.87 % | 10.01 % | 10.16 % | 10.32 % |
| Common equity tier 1 capital ratio | 12.43 % | 12.51 % | 12.28 % | 12.37 % | 12.75 % |
| Asset Quality Ratios: | | | | | |
| Nonperforming assets as a percentage of | 0.11 % | 0.09 % | 0.03 % | 0.03 % | 0.03 % |
| Allowance for credit losses as a percentage of | 1.12 % | 1.13 % | 1.15 % | 1.17 % | 1.19 % |
| Annualized quarterly net charge-offs as a percentage of average total loans receivable | 0.00 % | 0.03 % | 0.05 % | 0.06 % | 0.00 % |
Footnotes to table located at the end of this release.
| CONDENSED CONSOLIDATED INCOME STATEMENTS – Unaudited |
| | Three Months Ended | Twelve Months Ended | |||||||
| | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Dec 30 | |||
| ($ in thousands, except per share data) | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | ||
| Interest income | | | | | | | | ||
| Loans | $ 11,053 | $ 10,930 | $ 10,746 | $ 10,085 | $ 9,678 | $ 42,814 | $ 36,171 | ||
| Investment securities | 2,015 | 1,969 | 1,875 | 1,972 | 1,832 | 7,831 | 6,142 | ||
| Other interest income | 512 | 623 | 419 | 291 | 396 | 1,845 | 2,076 | ||
| Total interest income | 13,580 | 13,522 | 13,040 | 12,348 | 11,906 | 52,490 | 44,389 | ||
| Interest expense | | | | | | | | ||
| Deposits | 4,613 | 4,833 | 4,652 | 4,332 | 4,076 | 18,430 | 12,546 | ||
| Other interest expense | 564 | 585 | 722 | 808 | 558 | 2,679 | 2,870 | ||
| Total interest expense | 5,177 | 5,418 | 5,374 | 5,140 | 4,634 | 21,109 | 15,416 | ||
| Net interest income | 8,403 | 8,104 | 7,666 | 7,208 | 7,272 | 31,381 | 28,973 | ||
| Provision for credit losses | 141 | (83) | 55 | 207 | (118) | 320 | 369 | ||
| Net interest income after provision for loan | 8,262 | 8,187 | 7,611 | 7,001 | 7,390 | 31,061 | 28,604 | ||
| Noninterest income | | | | | | | | ||
| Mortgage banking income | 1,207 | 805 | 1,416 | 1,375 | 694 | 4,803 | 3,821 | ||
| Service fees on deposit accounts | 327 | 327 | 307 | 336 | 336 | 1,297 | 1,374 | ||
| Debit card and other service charges, | 550 | 528 | 568 | 519 | 544 | 2,165 | 2,160 | ||
| Income from bank owned life insurance | 108 | 105 | 103 | 102 | 99 | 418 | 529 | ||
| Loss on sale of securities, net | (146) | (162) | - | - | (802) | (308) | (1,526) | ||
| Gain (loss) on disposal / write down of fixed assets | (838) | - | - | 20 | - | (818) | - | ||
| Other income | 198 | 148 | 166 | 130 | 143 | 642 | 561 | ||
| Total noninterest income | 1,406 | 1,751 | 2,560 | 2,482 | 1,014 | 8,199 | 6,919 | ||
| Noninterest expense | | | | | | | | ||
| Compensation and benefits | 5,028 | 4,682 | 4,693 | 4,878 | 4,558 | 19,281 | 18,274 | ||
| Occupancy and equipment | 890 | 848 | 837 | 841 | 798 | 3,416 | 3,429 | ||
| Data processing, technology, and communications | 1,184 | 994 | 1,119 | 1,039 | 985 | 4,336 | 3,614 | ||
| Professional fees | 268 | 265 | 96 | 110 | 56 | 739 | 420 | ||
| Marketing | 103 | 66 | 102 | 160 | 104 | 431 | 687 | ||
| Other | 1,003 | 723 | 844 | 826 | 942 | 3,396 | 3,286 | ||
| Total noninterest expense | 8,476 | 7,578 | 7,691 | 7,854 | 7,443 | 31,599 | 29,710 | ||
| Income before provision for income taxes | 1,192 | 2,360 | 2,480 | 1,629 | 961 | 7,661 | 5,813 | ||
| Income tax expense | 273 | 535 | 538 | 391 | 185 | 1,737 | 1,210 | ||
| Net income available to common shareholders | $ 919 | $ 1,825 | $ 1,942 | $ 1,238 | $ 776 | $ 5,924 | $ 4,603 | ||
| Add back loss (gain) on fixed assets, net of tax | 646 | | | (15) | | 631 | | ||
| Add back expenses related to branch sale, net of tax | 21 | | | | | 21 | | ||
| Add back securities losses, net of tax | 113 | 125 | - | - | 648 | 238 | 1,208 | ||
| Operating earnings (Non-GAAP) | $ 1,699 | $ 1,950 | $ 1,942 | $ 1,223 | $ 1,424 | $ 6,814 | $ 5,811 | ||
| Weighted average common shares - basic | 7,851 | 7,847 | 7,851 | 7,837 | 7,826 | 7,847 | 7,823 | ||
| Weighted average common shares - diluted | 8,274 | 8,221 | 8,260 | 8,217 | 8,164 | 8,294 | 8,164 | ||
| Basic net income per common share * | $ 0.12 | $ 0.23 | $ 0.25 | $ 0.16 | $ 0.10 | $ 0.75 | $ 0.59 | ||
| Diluted net income per common share * | $ 0.11 | $ 0.22 | $ 0.24 | $ 0.15 | $ 0.10 | $ 0.71 | $ 0.56 | ||
| Operating earnings per common share (Non-GAAP) * | $ 0.22 | $ 0.25 | $ 0.25 | $ 0.16 | $ 0.18 | $ 0.87 | $ 0.74 | ||
| Operating earnings per diluted common share (Non-GAAP) * | $ 0.21 | $ 0.24 | $ 0.24 | $ 0.15 | $ 0.17 | $ 0.82 | $ 0.71 | ||
| * note that the sum of the quarters may not equal the YTD result due to rounding of earnings per share each quarter, given the weighted | |||||||||
| average shares outstanding basic and diluted. | | | | | | | | ||
Net income for the three months ended December 31, 2024, was $0.9 million, or $0.11 per diluted common share, compared to $0.8 million, or $0.10 per diluted common share, for the three months ended December 31, 2023. On an operating basis, fourth quarter of 2024 diluted EPS was $0.21, compared to $0.17 diluted EPS for the fourth quarter of 2023. Both amounts include adding back the impact of securities losses, after tax, of $113 thousand and $648 thousand, respectively. The fourth quarter of 2024 also includes adding back losses related to write downs of fixed assets and right of use assets totaling $646 thousand and cost related to branch sales of $21 thousand, net of tax. Net income for the calendar year 2024, totaled $5.9 million, or $0.71 per diluted common share, compared to $4.6 million, or $0.56 per diluted common share, for the calendar year 2023. On an operating basis, diluted EPS was $0.82 per diluted common share or operating net income of $6.8 million, for 2024, compared to $0.71 per diluted common share or operating net income of $5.8 million, for 2023.
Noninterest income for the three months ended December 31, 2024, was $1.4 million, an increase of $0.4 million from $1.0 million for the same period in 2023. Noninterest income was primarily driven by mortgage banking income which totaled $1.2 million in the fourth quarter of 2024 compared to $0.7 million in the fourth quarter of 2023. This increase was primarily driven by increases in the gain on sale of mortgage loans of $212 thousand and the valuation of the mortgage servicing right asset of $203 thousand. In both the fourth quarter of 2024 and 2023, the company recognized securities losses, $146 thousand and $802 thousand, respectively. The fourth quarter of 2024 securities loss was $656 thousand less than the loss recognized in the fourth quarter of 2023. These two increases (in mortgage banking income and securities losses) were partially offset by losses recognized on right of use assets and fixed assets in the fourth quarter of 2024.
For the twelve months ended December 31, 2024, noninterest income increased by $1.3 million, driven by improved mortgage banking income of $982 thousand primarily related to more sales volume within the secondary market, and less securities losses that were $1.2 million less in 2024 compared to 2023. These increases were partially offset by a decline in bank owned life insurance income of $111 thousand and losses recognized on fixed assets and right of use (leased) asset totaling $818 thousand.
Noninterest expense for the three months ended December 31, 2024, was $8.5 million, an increase of $1.1 million from $7.4 million for the same period in 2023. This increase in expense was primarily driven by an increase in higher compensation and benefits of $470 thousand; higher data processing and technology cost of $199 thousand and higher professional fees totaling $212 thousand.
Noninterest expense for the twelve months ended December 31, 2024, was $31.6 million and increased $1.9 million over the same period one year ago. This increase in noninterest expense was primarily related to compensation and benefits of $1.0 million primarily attributable to mortgage commissions and employee health benefits; an increase in data processing and technology totaling $722 thousand resulting from higher core processor cost and software expense; and higher professional fees of $319 thousand in legal and consulting. These increases were partially offset by lower marketing cost of $256 thousand.
Fixed Assets and Right of Use Assets
During the fourth quarter of 2024 the Company wrote off two leases totaling $538 thousand. One was a land lease that the company no longer intends to use which totaled $504 thousand. The other lease related to a facility that was consolidated into the main banking location in Charleston which expires in mid-2025 and totaled $34 thousand. These two written off leases will reduce annual occupancy cost by $180 thousand in 2025 and by $147 thousand in 2026, 2027 and part of 2028.
The fixed asset that was written down by $300,000 relates to a parcel of land in North Charleston that the company owns, and it was written down to fair value and remains for sale.
| NET INTEREST INCOME AND MARGIN – Unaudited - QTD |
| | For the Three Months Ended | ||||||||||
| | December 31, 2024 | | September 30, 2024 | | December 31, 2023 | ||||||
| | Average | Income/ | Yield/ | | Average | Income/ | Yield/ | | Average | Income/ | Yield/ |
| ($ in thousands) | Balance | Expense | Rate | | Balance | Expense | Rate | | Balance | Expense | Rate |
| Assets | | | | | | | | | | | |
| Interest-earning assets: | | | | | | | | | | | |
| Federal funds sold and interest-bearing deposits | $ 44,366 | $ 485 | 4.35 % | | $ 50,030 | $ 588 | 4.68 % | | $ 30,212 | $ 370 | 4.86 % |
| Investment securities | 179,750 | 2,015 | 4.46 % | | 173,728 | 1,969 | 4.51 % | | 161,824 | 1,832 | 4.49 % |
| Nonmarketable equity securities | 1,524 | 27 | 6.99 % | | 1,509 | 35 | 9.19 % | | 1,420 | 26 | 7.36 % |
| Loans held for sale | 21,610 | 322 | 5.93 % | | 21,629 | 347 | 6.38 % | | 13,860 | 274 | 7.85 % |
| Loans | 741,672 | 10,731 | 5.76 % | | 737,666 | 10,583 | 5.71 % | | 706,002 | 9,404 | 5.28 % |
| Total interest-earning assets | 988,922 | 13,580 | 5.46 % | | 984,562 | 13,522 | 5.46 % | | 913,318 | 11,906 | 5.17 % |
| Allowance for credit losses | (8,317) | | | | (8,491) | | | | (8,484) | | |
| Noninterest-earning assets | 78,137 | | | | 78,402 | | | | 78,914 | | |
| Total assets | $ 1,058,742 | | | | $ 1,054,473 | | | | $ 983,748 | | |
| | | | | | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | | | | | |
| Interest-bearing liabilities: | | | | | | | | | | | |
| NOW accounts | $ 140,981 | $ 245 | 0.69 % | | $ 138,726 | $ 236 | 0.68 % | | $ 142,290 | $ 269 | 0.75 % |
| Savings & money market | 405,445 | 2,910 | 2.86 % | | 384,155 | 2,941 | 3.05 % | | 334,068 | 2,331 | 2.77 % |
| Time deposits | 160,417 | 1,458 | 3.62 % | | 175,921 | 1,656 | 3.74 % | | 165,466 | 1,476 | 3.54 % |
| Total interest-bearing deposits | 706,843 | 4,613 | 2.60 % | | 698,802 | 4,833 | 2.75 % | | 641,824 | 4,076 | 2.52 % |
| FHLB advances and other borrowings | 16,332 | 202 | 4.93 % | | 15,979 | 226 | 5.63 % | | 15,001 | 193 | 5.09 % |
| Subordinated debentures | 25,750 | 362 | 5.59 % | | 25,743 | 359 | 5.55 % | | 25,719 | 365 | 5.63 % |
| Total interest-bearing liabilities | 748,925 | 5,177 | 2.75 % | | 740,524 | 5,418 | 2.91 % | | 682,544 | 4,634 | 2.69 % |
| Noninterest bearing deposits | 217,863 | | | | 224,121 | | | | 221,275 | | |
| Other liabilities | 13,118 | | | | 13,807 | | | | 13,957 | | |
| Shareholders' equity | 78,836 | | | | 76,021 | | | | 65,972 | | |
| Total liabilities and shareholders' equity | $ 1,058,742 | | | | $ 1,054,473 | | | | $ 983,748 | | |
| | | | | | | | | | | | |
| Net interest income (tax equivalent) / interest | | $ 8,403 | 2.71 % | | | $ 8,104 | 2.55 % | | | $ 7,272 | 2.48 % |
| Net Interest Margin | | | 3.38 % | | | | 3.27 % | | | | 3.16 % |
| | | | | | | | | | | | |
| Cost of funds, including noninterest-bearing deposits | | | 2.13 % | | | | 2.23 % | | | | 2.03 % |
Net interest income for the three months ended December 31, 2024, was $8.4 million compared to $7.3 million for the three months ended December 31, 2023. This increase was the result of a larger increase in interest income of $1.7 million than the increase in interest expense of $0.5 million. This resulted in an improved net interest margin of 22 basis points to 3.38% from 3.16% one year ago, led by the loan portfolio yield which improved by 48 basis points. The yields on interest-bearing liabilities were only slightly higher and increased by 6 basis points, net comparing 2024 to 2023. There were no outstanding FHLB advances at December 31, 2024 and September 30, 2024. In addition, the total cost of funds, including noninterest-bearing deposits, increased to 2.13% in the fourth quarter of 2024, compared to 2.03% in the fourth quarter of 2023.
| NET INTEREST INCOME AND MARGIN – Unaudited - YTD |
| | For the Twelve Months Ended | ||||||
| | December 31, 2024 | | December 31, 2023 | ||||
| | Average | Income/ | Yield/ | | Average | Income/ | Yield/ |
| (dollars in thousands) | Balance | Expense | Rate | | Balance | Expense | Rate |
| Assets | | | | | | | |
| Interest-earning assets | | | | | | | |
| Federal funds sold and interest-bearing deposits | $ 38,357 | $ 1,718 | 4.48 % | | $ 43,739 | $ 1,969 | 4.50 % |
| Investment securities | 172,932 | 7,831 | 4.53 % | | 161,201 | 6,142 | 3.81 % |
| Nonmarketable equity securities | 1,803 | 127 | 7.01 % | | 1,774 | 108 | 6.08 % |
| Loans held for sale | 20,827 | 1,369 | 6.57 % | | 14,131 | 995 | 7.04 % |
| Loans | 731,688 | 41,445 | 5.66 % | | 687,682 | 35,175 | 5.12 % |
| Total interest-earning assets | 965,607 | 52,490 | 5.44 % | | 908,527 | 44,389 | 4.89 % |
| Allowance for loan losses | (8,427) | | | | (8,170) | | |
| Noninterest-earning assets | 78,987 | | | | 78,277 | | |
| Total assets | $ 1,036,167 | | | | $ 978,634 | | |
| | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | |
| Interest-bearing liabilities | | | | | | | |
| NOW accounts | $ 140,923 | $ 1,018 | 0.72 % | | $ 142,082 | $ 764 | 0.54 % |
| Savings & money market | 373,626 | 11,008 | 2.95 % | | 318,347 | 7,731 | 2.43 % |
| Time deposits | 172,522 | 6,404 | 3.71 % | | 143,422 | 4,051 | 2.82 % |
| Total interest-bearing deposits | 687,071 | 18,430 | 2.68 % | | 603,851 | 12,546 | 2.08 % |
| FHLB advances and other borrowings | 22,313 | 1,221 | 5.47 % | | 33,076 | 1,441 | 4.36 % |
| Subordinated debentures | 25,739 | 1,458 | 5.67 % | | 25,707 | 1,429 | 5.56 % |
| Total interest-bearing liabilities | 735,123 | 21,109 | 2.87 % | | 662,634 | 15,416 | 2.33 % |
| Noninterest bearing deposits | 213,190 | | | | 236,468 | | |
| Other liabilities | 13,508 | | | | 13,798 | | |
| Shareholders' equity | 74,346 | | | | 65,734 | | |
| Total liabilities and shareholders' equity | $ 1,036,167 | | | | $ 978,634 | | |
| | | | | | | | |
| Net interest income (tax equivalent) / interest | | $ 31,381 | 2.57 % | | | $ 28,973 | 2.56 % |
| Net Interest Margin | | | 3.25 % | | | | 3.19 % |
| | | | | | | | |
| Cost of funds,including noninterest bearing deposits | | | 2.23 % | | | | 1.71 % |
Net interest income for the twelve months ended December 31, 2024, totaled $31.4 million compared to $29.0 million for the twelve months ended December 31, 2023, an increase of $2.4 million. The net interest margin was 3.25% for 2024 compared to 3.19% for 2023. The yield on interest-earning assets increased by 55 basis points to 5.44% in 2024. Led by loans and securities, the yield improved by 54 basis points within the loan portfolio and by 72 basis points within the securities portfolio. For interest-bearing liabilities, the rate paid totaled 2.87% compared to 2.33% in the same period one year ago, reflecting an increase in yield in all categories. The total cost of funds, including noninterest-bearing deposits, was 2.23% compared to 1.71% in 2023.
| CONDENSED CONSOLIDATED BALANCE SHEETS – Unaudited |
| | As of | ||||
| | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 |
| ($ in thousands) | 2024 | 2024 | 2024 | 2024 | 2023 |
| Assets | | | | | |
| Cash and cash equivalents: | | | | | |
| Cash and due from banks | $ 4,604 | $ 4,730 | $ 5,669 | $ 5,482 | $ 4,354 |
| Interest-bearing deposits with banks | 42,623 | 61,934 | 41,391 | 36,173 | 17,590 |
| Total cash and cash equivalents | 47,227 | 66,664 | 47,060 | 41,655 | 21,944 |
| Investment securities: | | | | | |
| Investment securities available for sale | 175,846 | 177,641 | 173,298 | 171,075 | 171,400 |
| Other investments | 886 | 883 | 2,788 | 2,548 | 1,078 |
| Total investment securities | 176,732 | 178,524 | 176,087 | 173,623 | 172,478 |
| Mortgage loans held for sale | 20,974 | 19,929 | 25,776 | 18,307 | 7,156 |
| Loans receivable: | | | | | |
| Loans | 753,738 | 739,219 | 739,433 | 725,234 | 705,672 |
| Less allowance for credit losses | (8,434) | (8,317) | (8,498) | (8,497) | (8,393) |
| Loans receivable, net | 745,304 | 730,902 | 730,935 | 716,737 | 697,279 |
| Property and equipment, net | 21,353 | 21,861 | 22,040 | 22,185 | 22,298 |
| Mortgage servicing rights | 13,410 | 12,690 | 12,680 | 12,226 | 11,638 |
| Bank owned life insurance | 18,608 | 18,501 | 18,396 | 18,293 | 18,191 |
| Deferred income taxes | 7,709 | 6,292 | 7,612 | 7,990 | 7,775 |
| Other assets | 15,787 | 16,117 | 17,809 | 16,600 | 15,398 |
| Total assets | 1,067,104 | 1,071,480 | 1,058,395 | 1,027,616 | 974,157 |
| Liabilities | | | | | |
| Deposits | $ 951,411 | $ 951,948 | $ 899,799 | $ 881,309 | $ 858,597 |
| Federal Home Loan Bank advances (FHLB) | - | - | 40,000 | 35,000 | 5,000 |
| Federal funds and repurchase agreements | - | - | 408 | - | 307 |
| Subordinated debentures | 15,444 | 15,436 | 15,428 | 15,421 | 15,413 |
| Junior subordinated debentures | 10,310 | 10,310 Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | |||