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CB Financial Services, Inc. Announces First Quarter 2021 Financial Results and Declares Quarterly Cash Dividend

CB Financial Services, Inc. (“CB” or the “Company”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”) and Exchange Underwriters, Inc. (“EU”), a wholly-owned insurance subsidiary of the Bank, today announced its first quarter 2021 financial results.

 

Three Months Ended

 

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

(Dollars in thousands, except per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) (GAAP)

$

2,845

 

$

3,079

 

$

(17,395)

 

$

2,903

 

$

773

 

Excluding Non-Recurring Items (Non-GAAP) (1)

 

198

 

19,239

 

 

 

Adjusted Net Income (Non-GAAP) (1)

$

2,845

 

$

3,277

 

$

1,844

 

$

2,903

 

$

773

 

 

 

 

 

 

 

Earnings (Loss) per Common Share - Diluted (GAAP)

$

0.52

 

$

0.57

 

$

(3.22)

 

$

0.54

 

$

0.14

 

Adjusted Earnings per Common Share - Diluted (Non-GAAP) (1)

$

0.52

 

$

0.61

 

$

0.34

 

$

0.54

 

$

0.14

 

(1) Refer to Explanation of Use of Non-GAAP Financial Measures and reconciliation of net income (loss) and adjusted earnings per common share - diluted in this Press Release.

2021 First Quarter Financial Highlights

(Comparisons to three months ended March 31, 2020)

  • Net income an increase to $2.8 million compared to $773,000.
  • Earnings per diluted share (EPS) increased to $0.52 from $0.14.
  • Return on average assets of 0.81%, compared to 0.24%.
  • Return on average equity of 8.54%, compared to 2.04%.
  • Net interest margin decreased to 3.04% from 3.55%.
  • Net interest and dividend income was $10.0 million, compared to $10.5 million.
  • Noninterest income increased to $3.2 million from $1.9 million.

(Amounts at March 31, 2021; comparisons to December 31, 2020)

  • Total loans including Payroll Protection Program (“PPP) loans were $1.04 billion, a decrease of $3.1 million.
  • Total loans (excluding PPP loans) were $981.3 million, a decrease of $8.3 million.
  • Total deposits were $1.28 billion, an increase of $59.9 million.
  • Total assets increased to a record $1.48 billion, compared to $1.42 billion.
  • Book value per share was $24.62, compared to $24.76.
  • Tangible book value per share (Non-GAAP) was $21.38, compared to $21.42.

     

Branch Optimization and Operational Efficiency Update

In connection with the previously announced branch consolidations and the other branch optimization initiatives, CB anticipates non-recurring pre-tax costs during 2021 in line with the $6.1 million announced in February. This estimated cost excludes the impact of any premium from sale of branches, and assumes no salvage value, lease termination, severance, and other costs associated with the consolidations or sales; however, the Company anticipates some recovery of these costs over time. CB expects an annual reduction in pre-tax operating expenses in 2021 of approximately $1.5 million, along with $3.0 million of ongoing pre-tax cost savings as a result of the implementation of the branch optimization initiatives. The Bank also completed a comprehensive review of its branch network and operating environment to identify solutions to improve operating performance. This review prioritized profitability, efficiency, infrastructure and client experience improvements, automation in operations, and digital marketing and technology investments.

Dividend Information

The Company’s Board of Directors has declared a $0.24 quarterly cash dividend per outstanding share of common stock, payable on or about June 1, 2021, to stockholders of record as of the close of business on May 21, 2021.

Management Commentary

President and CEO John H. Montgomery stated, “CB reported strong net income of $2.8 million for the first quarter of 2021, largely due to higher noninterest income and improvements in asset quality that included no provisions for loan losses during the period. We are continuing to focus on improving the franchise value in our core market area surrounding Southwestern Pennsylvania as CB remains well positioned for an economic recovery in the region. We improved our commercial real estate loan growth throughout the past several periods, while also growing deposits. Over the course of the year, we intend to invest in our current branch network while moving forward with a branch optimization strategy that will lead to continuing efficiency ratio improvements. The investments made in enhancing our fintech capabilities, including digital and mobile capabilities, will improve CB’s ability to adapt to changing customer needs as we emerge from the pandemic conditions of 2020.”

2021 First Quarter Financial Review

Net Interest and Dividend Income

Net interest and dividend income decreased $556,000, or 5.3%, to $10.0 million for the three months ended March 31, 2021 compared to $10.5 million for the three months ended March 31, 2020.

  • Net interest margin (FTE) (Non-GAAP) decreased 52 basis points (“bps”) to 3.05% for the three months ended March 31, 2021 compared to 3.57% for the three months ended March 31, 2020. Net interest margin (GAAP) decreased to 3.04% for the three months ended March 31, 2021 compared to 3.55% for the three months ended March 31, 2020.
  • Interest and dividend income decreased $1.3 million, or 10.9%, to $11.0 million for the three months ended March 31, 2021 compared to $12.3 million for the three months ended March 31, 2020.
    • Interest income on loans decreased $618,000, or 5.7%, to $10.1 million for the three months ended March 31, 2021 compared to $10.8 million for the three months ended March 31, 2020. While average loans increased $81.2 million compared to the three months ended March 31, 2020, the average yield decreased 57 bps to 4.00%. PPP loans decreased loan yield approximately 5 bps but that was offset by the recognition of $535,000 of net PPP loan origination fees in the current period. The impact of the accretion of the credit mark on acquired loan portfolios was $138,000 for the three months ended March 31, 2021 compared to $76,000 for the three months ended March 31, 2020, or 6 bps in the current period compared to 3 bps in the prior period.
    • Interest income on taxable investment securities decreased $555,000, or 46.2%, to $646,000 for the three months ended March 31, 2021 compared to $1.2 million for the three months ended March 31, 2020 driven by a $35.8 million decrease in average investment securities balances and 93 bps decrease in average yield. The Federal Reserve’s pandemic-driven decision to drop the benchmark interest rate in 2020 resulted in significant calls of U.S. government agency securities and paydowns on mortgage-backed securities in the declining interest rate environment, which were replaced with lower-yielding securities or maintained in cash.
    • Other interest and dividend income, which primarily consists of interest-bearing cash, decreased $140,000, or 58.8% to $98,000 for the three months ended March 31, 2021 compared to $238,000 for the three months ended March 31, 2020. Average other interest-earning assets increased $97.3 million compared to the three months ended March 31, 2020 primarily from buildup of cash as a result of securities activity, PPP loan funds and government stimulus payments deposited with the Bank, although average yield declined 123 bps due to interest rate cuts on interest-earning cash deposits held at other financial institutions.
  • Interest expense decreased $785,000, or 43.7%, to $1.0 million for the three months ended March 31, 2021 compared to $1.8 million for the three months ended March 31, 2020.
    • Interest expense on deposits decreased $734,000, or 43.7%, to $947,000 for the three months ended March 31, 2021 compared to $1.7 million for the three months ended March 31, 2020. While average interest-earning deposits increased $42.2 million compared to the three months ended March 31, 2020, interest rate declines for all products driven by pandemic-related interest rate cuts resulted in a 37 bp, or 46.0%, decrease in average cost compared to the three months ended March 31, 2020. In addition, average time deposits and the related average cost decreased $28.3 million and 41 bps, respectively.

 Provision for Loan Losses

There was no provision for loan losses recorded for the three months ended March 31, 2021 compared to $2.5 million for the three months ended March 31, 2020. An $8.3 million decrease in net reservable loans in the current period, which excludes PPP loans, and improving economic and industry condition contributed to the lack of provision in the current period.

Noninterest income

Noninterest income increased $1.3 million, or 69.6%, to $3.2 million for the three months ended March 31, 2021, compared to $1.9 million for the three months ended March 31, 2020. The increase was largely due to net gains on securities compared to a net loss in the prior period, as well as an increase in profit-sharing insurance commissions and a $172,000 recapture of temporary impairment on mortgage servicing rights.

Noninterest Expense

Noninterest expense increased $392,000, or 4.4%, to $9.4 million for the three months ended March 31, 2021 compared to $9.0 million for the three months ended March 31, 2020. The increase is primarily from contracted services, which includes the engagement of a third-party workflow optimization expert to assist in implementing robotic process automations and more effective sales management designed to improve operational efficiencies in the near and long-term. In addition, salaries and employee benefits increased primarily due to the recognition in the prior period of a $407,000 one-time benefit from health insurance claims exceeding our stop-loss limit for the 2019 plan year and change from a self-funded to a fully-insured plan.

Statement of Financial Condition Review

Assets

Total assets increased $60.1 million, or 4.2%, to $1.48 billion at March 31, 2021, compared to $1.42 billion at December 31, 2020. The change is primarily due to an increase in Deposits as further described below in the Liabilities section.

  • Cash and due from banks increased $69.1 million, or 42.9%, to $230.0 million at March 31, 2021, compared to $160.9 million at December 31, 2020. The change is primarily due to an increase in Deposits as further described below in the Liabilities section.
  • Securities decreased $3.2 million, or 2.2%, to $142.2 million at March 31, 2021, compared to $145.4 million at December 31, 2020. Current period activity included $11.0 million of paydowns on mortgage-backed securities, $22.3 million of mortgage-backed securities and U.S. government agency securities purchases, and $11.9 million of mortgage-backed securities sales, which resulted in the recognition of a $225,000 gain on the sale of securities. The sales recognized gains on higher-interest securities with faster prepayment speeds. In addition, there was a $3.1 million decrease in the market value of the debt securities portfolio and a $222,000 gain in market value in the equity securities portfolio, which is primarily comprised of bank stocks.

Payroll Protection Program (“PPP”) Update

  • The Small Business Administration reopened the PPP the week of January 11, 2021 and began accepting applications for both First Draw and Second Draw PPP Loans. As of March 31, 2021, as part of this round of PPP, the Bank funded 156 PPP loans totaling $25.0 million with net deferred origination fees of $984,000. Combined with $19.7 million of loan forgiveness processed in the first quarter of 2021, total PPP loans increased $5.3 million to $60.4 million at March 31, 2021 compared to $55.1 million at December 31, 2020.
  • $1.1 million of net PPP loan origination fees were unearned at December 31, 2020. Due to activity in the first quarter of 2021, $1.5 million of net PPP loan origination fees were unearned at March 31, 2021. $535,000 of net PPP loan origination fees were earned in the first quarter of 2021 compared to $604,000 for the three months ended December 31, 2020. 

Loans and Credit Quality

  • Total loans decreased $3.1 million to $1.04 billion at March 31, 2021. Excluding the impact of PPP loans, organic loan growth declined $8.3 million.
  • The allowance for loan losses was $12.7 million at March 31, 2021 compared to $12.8 million at December 31, 2020. There was no provision for loan losses in the first quarter. An $8.3 million decrease in net reservable loans in the current period, which excludes PPP loans, and improving economic and industry condition contributed to the lack of provision in the current period. As a result, the allowance for loan losses to total loans of 1.22% at March 31, 2021 was comparable to the percentage at December 31, 2020. No allowance was allocated to the PPP loan portfolio. The allowance for loan losses to total loans, excluding PPP loans, was 1.30% at March 31, 2021 compared to 1.29% at December 31, 2020.
  • Net charge-offs for the three months ended March 31, 2021 were $46,000, or 0.02% of average loans on an annualized basis, . Net charge-offs for the three months ended March 31, 2020 were $45,000, or 0.02% of average loans on an annualized basis, . Net charge-offs were primarily attributable to indirect automobile loans in both periods.
  • Nonperforming loans, which includes nonaccrual loans, accruing loans past due 90 days or more, and accruing loans that are considered troubled debt restructurings, were $14.3 million at March 31, 2021 compared to $14.5 million at December 31, 2020. Nonperforming loans to total loans ratio was 1.37% at March 31, 2021 compared to 1.39% at December 31, 2020.
  • There were 25 loans in forbearance totaling $18.4 million at March 31, 2021 compared to 31 loans totaling $24.1 million at December 31, 2020. This includes two commercial real estate loans totaling $4.6 million and one construction loan totaling $2.0 million that are all secured by hotels, one commercial real estate loan totaling $5.5 million secured by office space and a business relationship that rents equipment, supplies and other materials for events comprised of three commercial real estate loans totaling $3.3 million, and five commercial and industrial loans totaling $1.2 million.

Liabilities

Total liabilities increased $60.9 million, or 4.7%, to $1.34 billion at March 31, 2021 compared to $1.28 billion at December 31, 2020.

Deposits

  • Deposits increased $59.9 million to $1.28 billion as of March 31, 2021 compared to $1.22 billion at December 31, 2020. Noninterest bearing demand deposits, NOW accounts and savings accounts increased $36.6 million, $21.1 million and $11.6 million, respectively, partially offset by a decrease of $9.3 million in time deposits. IRS and stimulus-related payments totaled $29.9 million in the current quarter and the impact of the PPP loans that were originated in the current quarter and the proceeds of which were initially deposited at the Bank was approximately $23.4 million. Annualized deposit growth rate was 19.6% including PPP loan deposits and 2.2% without IRS and PPP loan deposits, representing organic deposit growth. Average total deposits increased $17.0 million, primarily in noninterest-bearing deposits, for the three months ended March 31, 2021 compared to the three months ended December 31, 2020.

Borrowed Funds

  • Short-term borrowings increased $4.3 million, or 10.5%, to $45.4 million at March 31, 2021, compared to $41.1 million at December 31, 2020. At March 31, 2021 and December 31, 2020, short-term borrowings were comprised entirely of securities sold under agreements to repurchase. The increase is related to business deposit customers whose funds, above designated target balances, are transferred into an overnight interest-earning investment account by purchasing securities from the Bank’s investment portfolio under an agreement to repurchase.
  • Other borrowed funds decreased $2.0 million to $6.0 million at March 31, 2021 due to a Federal Home Loan Bank borrowing that matured in the current period.

     

Stockholders’ Equity

Stockholders’ equity decreased $754,000, or 0.6%, to $133.8 million at March 31, 2021, compared to $134.5 million at December 31, 2020.

Book value per share

Book value per share was $24.62 at March 31, 2021 compared to $24.76 at December 31, 2020, a decrease of $0.14. Tangible book value per share (Non-GAAP) decreased $0.04 to $21.38 compared to $21.42 at December 31, 2020. Refer to “Explanation of Use of Non-GAAP Financial Measures” at the end of this Press Release.

About CB Financial Services, Inc.

CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates 15 offices in Greene, Allegheny, Washington, Fayette, and Westmoreland Counties in southwestern Pennsylvania, six offices in Brooke, Marshall, Ohio, Upshur and Wetzel Counties in West Virginia, and one office in Belmont County in Ohio. Community Bank offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary.

For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv.

Statement About Forward-Looking Statements

Statements contained in this press release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, the scope and duration of economic contraction as a result of the COVID-19 pandemic and its effects on the Company’s business and that of the Company’s customers, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our customers to make scheduled loan payments, loan delinquency rates and trends, our ability to manage the risks involved in our business, our ability to control costs and expenses, inflation, market and monetary fluctuations, changes in federal and state legislation and regulation applicable to our business, actions by our competitors, and other factors that may be disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

Given the numerous unknowns and risks that are heavily weighted to the downside as a result of the COVID-19 pandemic, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain COVID-19 are unsuccessful and shelter-in-place orders last longer than expected, the recession would be much longer and much more severe and damaging. Ineffective fiscal stimulus, or an extended delay in implementing it, are also major risks. The deeper the recession and the longer it lasts, the more it will damage consumer fundamentals and sentiment. This could both prolong the recession and make any recovery weaker. Similarly, the recession could damage business fundamentals. As a result, the outbreak and its consequences, including responsive measures to manage it, have had and are likely to continue to have an adverse effect, possibly materially, on our business and financial performance by adversely affecting, possibly materially, the demand and profitability of our products and services, the valuation of assets and our ability to meet the needs of our customers.

CB FINANCIAL SERVICES, INC.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Dollars in thousands, except share and per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Condition Data

3/31/21

 

12/31/20

 

9/30/20

 

6/30/20

 

3/31/20

Total Assets

$

1,476,821

 

 

$

1,416,720

 

 

$

1,392,876

 

 

$

1,407,152

 

 

$

1,313,173

 

Cash and Due From Banks

230,000

 

 

160,911

 

 

112,169

 

 

131,403

 

 

78,099

 

Securities

142,156

 

 

145,400

 

 

158,956

 

 

148,648

 

 

171,411

 

Loans

 

 

 

 

 

 

 

 

 

Real Estate:

 

 

 

 

 

 

 

 

 

Residential

339,596

 

 

344,142

 

 

343,955

 

 

344,782

 

 

346,864

 

Commercial

370,118

 

 

373,555

 

 

353,904

 

 

350,506

 

 

354,374

 

Construction

77,714

 

 

72,600

 

 

69,178

 

 

58,295

 

 

50,017

 

Commercial and Industrial

128,931

 

 

126,813

 

 

144,315

 

 

149,085

 

 

80,721

 

Consumer

111,650

 

 

113,854

 

 

117,364

 

 

117,145

 

 

121,494

 

Other

13,688

 

 

13,789

 

 

22,169

 

 

22,346

 

 

21,180

 

Total Loans

1,041,697

 

 

1,044,753

 

 

1,050,885

 

 

1,042,159

 

 

974,650

 

Allowance for Loan Losses

(12,725)

 

 

(12,771)

 

 

(13,780)

 

 

(12,648)

 

 

(12,322)

 

Loans, Net

1,028,972

 

 

1,031,982

 

 

1,037,105

 

 

1,029,511

 

 

962,328

 

Premises and Equipment, Net

20,240

 

 

20,302

 

 

20,439

 

 

21,818

 

 

22,037

 

Goodwill

9,732

 

 

9,732

 

 

9,732

 

 

28,425

 

 

28,425

 

Intangible Assets, Net

7,867

 

 

8,399

 

 

8,931

 

 

9,463

 

 

9,995

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

Non-Interest Bearing Demand Deposits

377,137

 

 

340,569

 

 

335,287

 

 

341,180

 

 

267,369

 

Interest Bearing Demand Accounts

280,929

 

 

259,870

 

 

245,850

 

 

237,343

 

 

229,601

 

Money Market Accounts

198,975

 

 

199,029

 

 

188,958

 

 

184,726

 

 

177,597

 

Savings Accounts

246,725

 

 

235,088

 

 

232,691

 

 

229,388

 

 

220,484

 

Time Deposits

180,697

 

 

190,013

 

 

196,250

 

 

201,303

 

 

211,589

 

Total Deposits

1,284,463

 

 

1,224,569

 

 

1,199,036

 

 

1,193,940

 

 

1,106,640

 

 

 

 

 

 

 

 

 

 

 

Short-Term Borrowings

45,352

 

 

41,055

 

 

42,061

 

 

42,349

 

 

34,967

 

Other Borrowings

6,000

 

 

8,000

 

 

11,000

 

 

11,000

 

 

11,000

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

133,776

 

 

134,530

 

 

133,299

 

 

152,392

 

 

151,525

 

 

Three Months Ended

Selected Operating Data

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

Interest and Dividend Income

 

 

 

 

 

Loans, Including Fees

$

10,146

 

$

10,833

 

$

10,709

 

$

10,577

 

$

10,764

 

Securities:

 

 

 

 

 

Taxable

646

 

725

 

753

 

940

 

1,201

 

Tax-Exempt

78

 

78

 

79

 

106

 

106

 

Dividends

20

 

20

 

19

 

20

 

20

 

Other Interest and Dividend Income

98

 

99

 

96

 

84

 

238

 

Total Interest and Dividend Income

10,988

 

11,755

 

11,656

 

11,727

 

12,329

 

Interest Expense

 

 

 

 

 

Deposits

947

 

1,036

 

1,150

 

1,305

 

1,681

 

Short-Term Borrowings

23

 

25

 

28

 

39

 

45

 

Other Borrowings

41

 

60

 

62

 

62

 

70

 

Total Interest Expense

1,011

 

1,121

 

1,240

 

1,406

 

1,796

 

Net Interest and Dividend Income

9,977

 

10,634

 

10,416

 

10,321

 

10,533

 

Provision for Loan Losses

 

 

1,200

 

300

 

2,500

 

Net Interest and Dividend Income After Provision for Loan Losses

9,977

 

10,634

 

9,216

 

10,021

 

8,033

 

Noninterest Income:

 

 

 

 

 

Service Fees

546

 

560

 

554

 

487

 

605

 

Insurance Commissions

1,595

 

1,403

 

1,079

 

1,113

 

1,283

 

Other Commissions

165

 

105

 

76

 

188

 

110

 

Net Gain on Sales of Loans

86

 

388

 

435

 

441

 

127

 

Net Gain (Loss) on Securities

447

 

213

 

(59)

 

517

 

(438)

 

Net Gain on Purchased Tax Credits

18

 

16

 

15

 

16

 

15

 

Net (Loss) Gain on Disposal of Fixed Assets

 

(13)

 

(65)

 

 

17

 

Income from Bank-Owned Life Insurance

137

 

140

 

140

 

138

 

139

 

Other Income (Loss)

180

 

(34)

 

(2)

 

(252)

 

14

 

Total Noninterest Income

3,174

 

2,778

 

2,173

 

2,648

 

1,872

 

Noninterest Expense:

 

 

 

 

 

Salaries and Employee Benefits

4,894

 

5,126

 

5,124

 

4,828

 

4,731

 

Occupancy

710

 

606

 

759

 

699

 

733

 

Equipment

266

 

234

 

220

 

224

 

257

 

Data Processing

518

 

476

 

482

 

460

 

425

 

FDIC Assessment

250

 

344

 

172

 

163

 

158

 

PA Shares Tax

265

 

350

 

355

 

333

 

275

 

Contracted Services

687

 

577

 

531

 

562

 

378

 

Legal and Professional Fees

189

 

185

 

161

 

171

 

235

 

Advertising

140

 

178

 

148

 

155

 

183

 

Other Real Estate Owned (Income)

(38)

 

(39)

 

(12)

 

(1)

 

(17)

 

Amortization of Intangible Assets

532

 

532

 

532

 

532

 

532

 

Goodwill Impairment

 

 

18,693

 

 

 

Writedown of Fixed Assets

 

240

 

884

 

 

 

Other

982

 

916

 

919

 

945

 

1,113

 

Total Noninterest Expense

9,395

 

9,725

 

28,968

 

9,071

 

9,003

 

Income (Loss) Before Income Tax Expense (Benefit)

3,756

 

3,687

 

(17,579)

 

3,598

 

902

 

Income Tax Expense (Benefit)

911

 

608

 

(184)

 

695

 

129

 

Net Income (Loss)

$

2,845

 

$

3,079

 

$

(17,395)

 

$

2,903

 

$

773

 

 

Three Months Ended

Per Common Share Data

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

Dividends Per Common Share

$

0.24

 

$

0.24

 

$

0.24

 

$

0.24

 

$

0.24

 

Earnings (Loss) Per Common Share - Basic

0.52

 

0.57

 

(3.22)

 

0.54

 

0.14

 

Earnings (Loss) Per Common Share - Diluted

0.52

 

0.57

 

(3.22)

 

0.54

 

0.14

 

Adjusted Earnings Per Common Share - Diluted (Non-GAAP) (1)

0.52

 

0.61

 

0.34

 

0.54

 

0.14

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Basic

5,434,374

 

5,404,874

 

5,395,342

 

5,393,712

 

5,431,199

 

Weighted Average Common Shares Outstanding - Diluted

5,436,881

 

5,406,068

 

5,395,342

 

5,393,770

 

5,456,867

 

 

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

Common Shares Outstanding

5,434,374

 

5,434,374

 

5,398,712

 

5,393,712

 

5,393,712

 

Book Value Per Common Share

$

24.62

 

$

24.76

 

$

24.69

 

$

28.25

 

$

28.09

 

Tangible Book Value per Common Share (Non-GAAP) (1)

21.38

 

21.42

 

21.23

 

21.23

 

20.97

 

Stockholders’ Equity to Assets

9.1

%

9.5

%

9.6

%

10.8

%

11.5

%

Tangible Common Equity to Tangible Assets (Non-GAAP) (1)

8.0

 

8.3

 

8.3

 

8.4

 

8.9

 

 

 

Three Months Ended

Selected Financial Ratios (2)

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

Return on Average Assets

0.81

%

0.87

%

(4.90)

%

0.85

%

0.24

%

Adjusted Return on Average Assets (Non-GAAP) (1)

0.81

 

0.92

 

0.52

 

0.85

 

0.24

 

Return on Average Equity

8.54

 

9.13

 

(45.13)

 

7.65

 

2.04

 

Adjusted Return on Average Equity (Non-GAAP) (1)

8.54

 

9.72

 

4.78

 

7.65

 

2.04

 

Average Interest-Earning Assets to Average Interest-Bearing Liabilities

142.98

 

141.58

 

141.98

 

140.72

 

135.06

 

Average Equity to Average Assets

9.48

 

9.49

 

10.85

 

11.08

 

11.67

 

Net Interest Rate Spread

2.91

 

3.07

 

3.03

 

3.10

 

3.34

 

Net Interest Rate Spread (FTE) (Non-GAAP) (1)

2.92

 

3.08

 

3.05

 

3.12

 

3.35

 

Net Interest Margin

3.04

 

3.21

 

3.19

 

3.28

 

3.55

 

Net Interest Margin (FTE) (Non-GAAP) (1)

3.05

 

3.22

 

3.21

 

3.30

 

3.57

 

Net Charge-offs (Recoveries) to Average Loans

0.02

 

0.39

 

0.03

 

(0.01)

 

0.02

 

Efficiency Ratio

71.44

 

72.51

 

230.11

 

69.94

 

72.58

 

Adjusted Efficiency Ratio (Non-GAAP) (1)

70.06

 

68.06

 

69.78

 

68.58

 

66.18

 

Asset Quality Ratios

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

Allowance for Loan Losses to Total Loans (3)

1.22

%

1.22

%

1.31

%

1.21

%

1.26

%

Allowance for Loan Losses to Total Loans, Excluding PPP Loans

(Non-GAAP) (1) (3)

1.30

 

1.29

 

1.41

 

1.30

 

1.26

 

Allowance for Loan Losses to Nonperforming Loans (3) (4)

89.29

 

88.15

 

91.84

 

226.59

 

235.51

 

Allowance for Loan Losses to Noncurrent Loans (3) (5)

118.08

 

117.20

 

114.01

 

390.73

 

406.80

 

Delinquent and Nonaccrual Loans to Total Loans (5) (6)

1.18

 

1.50

 

1.23

 

0.39

 

0.89

 

Nonperforming Loans to Total Loans (4)

1.37

 

1.39

 

1.43

 

0.54

 

0.54

 

Noncurrent Loans to Total Loans (5)

1.03

 

1.04

 

1.15

 

0.31

 

0.31

 

Nonperforming Assets to Total Assets (7)

0.98

 

1.04

 

1.09

 

0.41

 

0.42

 

Capital Ratios (8)

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

Common Equity Tier 1 Capital (to Risk Weighted Assets)

11.85

%

11.79

%

11.62

%

11.90

%

11.60

%

Tier 1 Capital (to Risk Weighted Assets)

11.85

 

11.79

 

11.62

 

11.90

 

11.60

 

Total Capital (to Risk Weighted Assets)

13.10

 

13.04

 

12.88

 

13.16

 

12.85

 

Tier 1 Leverage (to Adjusted Total Assets)

7.87

 

7.81

 

7.63

 

7.90

 

8.23

 

(1) Refer to Explanation of Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.

(2) Interim period ratios are calculated on an annualized basis.

(3) Loans acquired in connection with the mergers with FedFirst Financial Corporation and First West Virginia Bancorp were recorded at their estimated fair value at the acquisition date and did not include a carryover of the pre-merger allowance for loan losses.

(4) Nonperforming loans consist of nonaccrual loans, accruing loans that are 90 days or more past due, and troubled debt restructured loans.

(5) Noncurrent loans consist of nonaccrual loans and accruing loans that are 90 days or more past due.

(6) Delinquent loans consist of accruing loans that are 30 days or more past due.

(7) Nonperforming assets consist of nonperforming loans and other real estate owned.

(8) Capital ratios are for Community Bank only.

Certain items previously reported may have been reclassified to conform with the current reporting period’s format.

AVERAGE BALANCES AND YIELDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31, 2021

 

December 31, 2020

 

September 30, 2020

 

June 30, 2020

 

March 31, 2020

 

Average Balance

Interest and Dividends

Yield / Cost (4)

 

Average Balance

Interest and Dividends

Yield / Cost (4)

 

Average Balance

Interest and Dividends

Yield / Cost (4)

 

Average Balance

Interest and Dividends

Yield / Cost (4)

 

Average Balance

Interest and Dividends

Yield / Cost (4)

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Earning Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, Net

$

1,031,853

 

$

10,168

 

4.00

%

 

$

1,032,942

 

$

10,860

 

4.18

%

 

$

1,035,426

 

$

10,744

 

4.13

%

 

$

1,014,000

 

$

10,612

 

4.21

%

 

$

950,661

 

$

10,796

 

4.57

%

Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

122,883

 

646

 

2.10

 

 

133,026

 

725

 

2.18

 

 

123,332

 

753

 

2.44

 

 

137,268

 

940

 

2.74

 

 

158,655

 

1,201

 

3.03

 

Exempt From Federal Tax

12,943

 

96

 

2.97

 

 

13,006

 

96

 

2.95

 

 

13,054

 

97

 

2.97

 

 

14,106

 

130

 

3.69

 

 

16,837

 

127

 

3.02

 

Equity Securities

2,632

 

20

 

3.04

 

 

2,612

 

20

 

3.06

 

 

2,580

 

19

 

2.95

 

 

2,579

 

20

 

3.10

 

 

2,568

 

20

 

3.12

 

Other Interest-Earning Assets

161,871

 

98

 

0.25

 

 

137,000

 

99

 

0.29

 

 

123,171

 

96

 

0.31

 

 

97,033

 

84

 

0.35

 

 

64,608

 

238

 

1.48

 

Total Interest-Earning Assets

1,332,182

 

11,028

 

3.36

 

 

1,318,586

 

11,800

 

3.56

 

 

1,297,563

 

11,709

 

3.59

 

 

1,264,986

 

11,786

 

3.75

 

 

1,193,329

 

12,382

 

4.17

 

Noninterest-Earning Assets

92,550

 

 

 

 

94,262

 

 

 

 

115,567

 

 

 

 

113,176

 

 

 

 

114,056

 

 

 

Total Assets

$

1,424,732

 

 

 

 

$

1,412,848

 

 

 

 

$

1,413,130

 

 

 

 

$

1,378,162

 

 

 

 

$

1,307,385

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing Demand Deposits

$

259,065

 

77

 

0.12

%

 

$

252,521

 

83

 

0.13

%

 

$

245,977

 

99

 

0.16

 

 

$

236,312

 

141

 

0.24

 

 

$

226,482

 

267

 

0.47

%

Savings

239,850

 

32

 

0.05

 

 

232,647

 

32

 

0.05

 

 

230,567

 

32

 

0.06

 

 

227,470

 

35

 

0.06

 

 

218,328

 

90

 

0.17

 

Money Market

197,395

 

98

 

0.20

 

 

198,983

 

131

 

0.26

 

 

185,644

 

140

 

0.30

 

 

182,656

 

187

 

0.41

 

 

180,982

 

249

 

0.55

 

Time Deposits

187,114

 

740

 

1.60

 

 

193,194

 

790

 

1.63

 

 

198,184

 

879

 

1.76

 

 

205,847

 

942

 

1.84

 

 

215,449

 

1,075

 

2.01

 

Total Interest-Bearing Deposits

883,424

 

947

 

0.43

 

 

877,345

 

1,036

 

0.47

 

 

860,372

 

1,150

 

0.53

 

 

852,285

 

1,305

 

0.62

 

 

841,241

 

1,681

 

0.80

 

Short-Term Borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Sold Under

Agreements to Repurchase

41,094

 

23

 

0.23

 

 

43,468

 

25

 

0.23

 

 

42,512

 

28

 

0.26

 

 

35,642

 

39

 

0.44

 

 

29,541

 

45

 

0.61

 

Other Borrowings

7,200

 

41

 

2.31

 

 

10,543

 

60

 

2.26

 

 

11,000

 

62

 

2.24

 

 

11,000

 

62

 

2.27

 

 

12,780

 

70

 

2.20

 

Total Interest-Bearing Liabilities

931,718

 

1,011

 

0.44

 

 

931,356

 

1,121

 

0.48

 

 

913,884

 

1,240

 

0.54

 

 

898,927

 

1,406

 

0.63

 

 

883,562

 

1,796

 

0.82

 

Noninterest-Bearing Demand Deposits

349,108

 

 

 

 

338,223

 

 

 

 

337,441

 

 

 

 

317,738

 

 

 

 

261,504

 

 

 

Other Liabilities

8,869

 

 

 

 

9,176

 

 

 

 

8,477

 

 

 

 

8,815

 

 

 

 

9,797

 

 

 

Total Liabilities

1,289,695

 

 

 

 

1,278,755

 

 

 

 

1,259,802

 

 

 

 

1,225,480

 

 

 

 

1,154,863

 

 

 

Stockholders' Equity

135,037

 

 

 

 

134,093

 

 

 

 

153,328

 

 

 

 

152,682

 

 

 

 

152,522

 

 

 

Total Liabilities and Stockholders'

Equity

$

1,424,732

 

 

 

 

$

1,412,848

 

 

 

 

$

1,413,130

 

 

 

 

$

1,378,162

 

 

 

 

$

1,307,385

 

 

 

Net Interest Income (FTE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Non-GAAP) (5)

10,017

 

10,679

10,469

10,380

10,586

Net Interest-Earning Assets (1)

400,464

 

 

 

 

387,230

 

 

 

 

383,679

 

 

 

 

366,059

 

 

 

 

309,767

 

 

 

Net Interest Rate Spread (FTE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Non-GAAP) (2) (5)

2.92

%

3.08

%

3.05

3.12

3.35

%

Net Interest Margin (FTE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Non-GAAP) (3)(5)

3.05

3.22

3.21

3.30

3.57

(1) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3) Net interest margin represents net interest income divided by average total interest-earning assets.

(4) Annualized.

(5) Refer to Explanation and Use of Non-GAAP Financial Measures in this Press Release for the calculation of the measure and reconciliation to the most comparable GAAP measure.

Explanation of Use of Non-GAAP Financial Measures

In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), we use, and this Press Release contains or references, certain non-GAAP financial measures. We believe these non-GAAP financial measures provide useful information in understanding our underlying results of operations or financial position and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Although we believe that these non-GAAP financial measures enhance the understanding of our business and performance, they should not be considered an alternative to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with non-GAAP measures which may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.

Non-GAAP adjusted items impacting the Company's financial performance are identified to assist investors in analyzing the Company’s operating results on the same basis as that applied by management. Non-GAAP adjusted items reflect non-cash charges related to goodwill impairment and a writedown on fixed assets from the Monessen branch closure.

 

Three Months Ended

 

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

(Dollars in thousands, except share and per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) (GAAP)

$

2,845

 

$

3,079

 

$

(17,395)

 

$

2,903

 

$

773

 

 

 

 

 

 

 

Non-Cash Charges:

 

 

 

 

 

Goodwill Impairment

 

 

18,693

 

 

 

Writedown on Fixed Assets

 

240

 

884

 

 

 

Tax Effect

 

(42)

 

(338)

 

 

 

Adjusted Net Income (Non-GAAP)

$

2,845

 

$

3,277

 

$

1,844

 

$

2,903

 

$

773

 

 

 

 

 

 

 

Weighted-Average Diluted Common Shares and Common Stock

Equivalents Outstanding

5,436,881

 

5,406,068

 

5,395,342

 

5,393,770

 

5,456,867

 

 

 

 

 

 

 

Earnings (Loss) per Common Share - Diluted (GAAP)

$

0.52

 

$

0.57

 

$

(3.22)

 

$

0.54

 

$

0.14

 

Goodwill Impairment

 

 

3.46

 

 

 

Writedown on Fixed Assets

 

0.04

 

0.16

 

 

 

Tax Effect

 

(0.01)

 

(0.06)

 

 

 

Adjusted Earnings per Common Share - Diluted (Non-GAAP)

$

0.52

 

$

0.61

 

$

0.34

 

$

0.54

 

$

0.14

 

 

 

 

 

 

 

Net Income (Loss) (GAAP) (Numerator)

$

2,845

 

$

3,079

 

$

(17,395)

 

$

2,903

 

$

773

 

 

 

 

 

 

 

Annualization Factor

4.06

 

3.98

 

3.98

 

4.02

 

4.02

 

 

 

 

 

 

 

Average Assets (Denominator)

1,424,732

 

1,412,848

 

1,413,130

 

1,378,162

 

1,307,385

 

 

 

 

 

 

 

Return on Average Assets (GAAP)

0.81

%

0.87

%

(4.90)

%

0.85

%

0.24

%

 

 

 

 

 

 

Adjusted Net Income (Non-GAAP) (Numerator)

$

2,845

 

$

3,277

 

$

1,844

 

$

2,903

 

$

773

 

 

 

 

 

 

 

Annualization Factor

4.06

 

3.98

 

3.98

 

4.02

 

4.02

 

 

 

 

 

 

 

Average Assets (Denominator)

1,424,732

 

1,412,848

 

1,413,130

 

1,378,162

 

1,307,385

 

 

 

 

 

 

 

Adjusted Return on Average Assets (Non-GAAP)

0.81

%

0.92

%

0.52

%

0.85

%

0.24

%

 

Three Months Ended

 

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) (GAAP) (Numerator)

$

2,845

 

$

3,079

 

$

(17,395)

 

$

2,903

 

$

773

 

 

 

 

 

 

 

Annualization Factor

4.06

 

3.98

 

3.98

 

4.02

 

4.02

 

 

 

 

 

 

 

Average Equity (Denominator)

135,037

 

134,093

 

153,328

 

152,682

 

152,522

 

 

 

 

 

 

 

Return on Average Equity (GAAP)

8.54

%

9.13

%

(45.13)

%

7.65

%

2.04

%

 

 

 

 

 

 

Adjusted Net Income (Loss) (GAAP) (Numerator)

$

2,845

 

$

3,079

 

$

(17,395)

 

$

2,903

 

$

773

 

 

 

 

 

 

 

Annualization Factor

4.06

 

3.98

 

3.98

 

4.02

 

4.02

 

 

 

 

 

 

 

Average Equity (Denominator)

135,037

 

134,093

 

153,328

 

152,682

 

152,522

 

 

 

 

 

 

 

Adjusted Return on Average Equity (Non-GAAP)

8.54

%

9.72

%

4.78

%

7.65

%

2.04

%

Tangible book value per common share is a non-GAAP measure and is calculated based on tangible common equity divided by period-end common shares outstanding. Tangible common equity to tangible assets is a non-GAAP measure and is calculated based on tangible common equity divided by tangible assets. We believe these non-GAAP measures serve as useful tools to help evaluate the strength and discipline of the Company's capital management strategies and as an additional, conservative measure of the Company’s total value.

 

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

(Dollars in thousands, except share and per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Assets (GAAP)

$

1,476,821

 

$

1,416,720

 

$

1,392,876

 

$

1,407,152

 

$

1,313,173

 

Goodwill and Other Intangible Assets, Net

(17,599)

 

(18,131)

 

(18,663)

 

(37,888)

 

(38,420)

 

Tangible Assets (Non-GAAP) (Numerator)

$

1,459,222

 

$

1,398,589

 

$

1,374,213

 

$

1,369,264

 

$

1,274,753

 

 

 

 

 

 

 

Stockholders' Equity (GAAP)

$

133,776

 

$

134,530

 

$

133,299

 

$

152,392

 

$

151,525

 

Goodwill and Other Intangible Assets, Net

(17,599)

 

(18,131)

 

(18,663)

 

(37,888)

 

(38,420)

 

Tangible Common Equity or Tangible Book Value (Non-GAAP) (Denominator)

$

116,177

 

$

116,399

 

$

114,636

 

$

114,504

 

$

113,105

 

 

 

 

 

 

 

Stockholders’ Equity to Assets (GAAP)

9.1

%

9.5

%

9.6

%

10.8

%

11.5

%

Tangible Common Equity to Tangible Assets (Non-GAAP)

8.0

%

8.3

%

8.3

%

8.4

%

8.9

%

 

 

 

 

 

 

Common Shares Outstanding (Denominator)

5,434,374

 

5,434,374

 

5,398,712

 

5,393,712

 

5,393,712

 

 

 

 

 

 

 

Book Value per Common Share (GAAP)

$

24.62

 

$

24.76

 

$

24.69

 

$

28.25

 

$

28.09

 

Tangible Book Value per Common Share (Non-GAAP)

$

21.38

 

$

21.42

 

$

21.23

 

$

21.23

 

$

20.97

 

Interest income on interest-earning assets, net interest rate spread and net interest margin are presented on a fully tax-equivalent (“FTE”) basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt loans and securities using the federal statutory income tax rate of 21 percent. We believe the presentation of net interest income on a FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. The following table reconciles net interest income, net interest spread and net interest margin on a FTE basis for the periods indicated:

 

Three Months Ended

 

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Interest Income per Consolidated Statement of Operations (GAAP)

$

10,988

 

$

11,755

 

$

11,656

 

$

11,727

 

$

12,329

 

Adjustment to FTE Basis

40

 

45

 

53

 

59

 

53

 

Interest Income (FTE) (Non-GAAP)

11,028

 

11,800

 

11,709

 

11,786

 

12,382

 

Interest Expense per Consolidated Statement of Operations (GAAP)

1,011

 

1,121

 

1,240

 

1,406

 

1,796

 

Net Interest Income (FTE) (Non-GAAP)

$

10,017

 

$

10,679

 

$

10,469

 

$

10,380

 

$

10,586

 

 

 

 

 

 

 

Net Interest Rate Spread (GAAP)

2.91

%

3.07

%

3.03

%

3.10

%

3.34

%

Adjustment to FTE Basis

0.01

 

0.01

 

0.02

 

0.02

 

0.01

 

Net Interest Rate Spread (FTE) (Non-GAAP)

2.92

 

3.08

 

3.05

 

3.12

 

3.35

 

 

 

 

 

 

 

Net Interest Margin (GAAP)

3.04

%

3.21

%

3.19

%

3.28

%

3.55

%

Adjustment to FTE Basis

0.01

 

0.01

 

0.02

 

0.02

 

0.02

 

Net Interest Margin (FTE) (Non-GAAP)

3.05

 

3.22

 

3.21

 

3.30

 

3.57

 

Adjusted efficiency ratio excludes the effect of certain non-recurring or non-cash items and represents adjusted noninterest expense divided by adjusted operating revenue. The Company evaluates its operational efficiency based on its adjusted efficiency ratio and believes it provides additional perspective on its ongoing performance as well as peer comparability.

 

Three Months Ended

 

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense (GAAP)

$

9,395

 

$

9,725

 

$

28,968

 

$

9,071

 

$

9,003

 

 

 

 

 

 

 

Net Interest and Dividend Income (GAAP)

9,977

 

10,634

 

10,416

 

10,321

 

10,533

 

 

 

 

 

 

 

Noninterest Income (GAAP)

3,174

 

2,778

 

2,173

 

2,648

 

1,872

 

Operating Revenue (GAAP)

13,151

 

13,412

 

12,589

 

12,969

 

12,405

 

Efficiency Ratio (GAAP)

71.44

%

72.51

%

230.11

%

69.94

%

72.58

%

 

 

 

 

 

 

Noninterest expense (GAAP)

$

9,395

 

$

9,725

 

$

28,968

 

$

9,071

 

$

9,003

 

Less:

 

 

 

 

 

Other Real Estate Owned (Income)

(38)

 

(39)

 

(12)

 

(1)

 

(17)

 

Amortization of Intangible Assets

532

 

532

 

532

 

532

 

532

 

Goodwill Impairment

 

 

18,693

 

 

 

Writedown on Fixed Assets

 

240

 

884

 

 

 

Adjusted Noninterest Expense (Non-GAAP)

$

8,901

 

$

8,992

 

$

8,871

 

$

8,540

 

$

8,488

 

 

 

 

 

 

 

Net Interest and Dividend Income (GAAP)

9,977

 

10,634

 

10,416

 

10,321

 

10,533

 

Noninterest Income (GAAP)

3,174

 

2,778

 

2,173

 

2,648

 

1,872

 

Less:

 

 

 

 

 

Net Gain (Loss) on Securities

447

 

213

 

(59)

 

517

 

(438)

 

Net (Loss) Gain on Disposal of Fixed Assets

 

(13)

 

(65)

 

 

17

 

Adjusted Noninterest Income (Non-GAAP)

2,727

 

2,578

 

2,297

 

2,131

 

2,293

 

Adjusted Operating Revenue (Non-GAAP)

12,704

 

13,212

 

12,713

 

12,452

 

12,826

 

Adjusted Efficiency Ratio (Non-GAAP)

70.06

%

68.06

%

69.78

%

68.58

%

66.18

%

Allowance for loan losses to total loans, excluding PPP loans, is a non-GAAP measure that serves as a useful measurement to evaluate the allowance for loan losses without the impact of SBA guaranteed loans.

 

3/31/21

12/31/20

9/30/20

6/30/20

3/31/20

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan Losses

$

12,725

 

$

12,771

 

$

13,780

 

$

12,648

 

$

12,322

 

 

 

 

 

 

 

Total Loans

1,041,697

 

$

1,044,753

 

1,050,885

 

$

1,042,159

 

$

974,650

 

PPP Loans

(60,380)

 

(55,096)

 

(71,028)

 

(70,028)

 

 

Total Loans, Excluding PPP Loans (Non-GAAP)

$

981,317

 

$

989,657

 

$

979,857

 

$

972,131

 

$

974,650

 

 

 

 

 

 

 

Allowance for Loan Losses to Total Loans, Excluding

 

 

 

 

 

 

 

 

 

 

PPP Loans (Non-GAAP)

1.30

%

1.29

%

1.41

%

1.30

%

1.26

%

 

Contacts

Company Contact:

John H. Montgomery

President and Chief Executive Officer

Phone: (724) 225-2400

Investor Relations:

Adam Prior, Senior Vice President

The Equity Group Inc.

Phone: (212) 836-9606

Email: aprior@equityny.com

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