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CBB Bancorp, Inc. Reports Second Quarter 2021 Financial Results

CBB Bancorp, Inc. ("CBB" or the "Company') (OTCQX: CBBI), the holding company of Commonwealth Business Bank (the "Bank"), announced today net income for second quarter 2021 of $6.3 million, or $0.61 per diluted share, an increase of 18.2%, compared to $5.3 million, or $0.52 per diluted share, in the prior quarter and 281.5% compared to $1.7 million, or $0.16 per diluted share, in the same period last year.

Overall Results

Net income for second quarter 2021 was positively affected by improving credit quality and continued balance sheet growth. The Company’s return on average assets for second quarter 2021 was 1.70% compared to 1.58% for first quarter 2021 and 0.52% for second quarter 2020. Its return on average equity for second quarter 2021 was 14.91%, compared to 13.26% for first quarter 2021 and 4.36% for second quarter 2020. The Company’s net interest margin for second quarter 2021 was 3.75%, compared to 3.90% for first quarter 2021 and 3.17% for second quarter 2020. Its efficiency ratio for second quarter 2021 was 52.24%, compared to 51.78% for first quarter 2021 and 66.02% for second quarter 2020.

Joanne Kim, President and CEO, commented, “We are pleased to announce record quarterly earnings for the second consecutive quarter. With positive trends in our balance sheet growth and asset quality, we look forward to further growth in the second half of the year. We are excited about the completion of the acquisition of Ohana Pacific Bank on July 1, 2021 and the opportunities this Hawaii base of operations will provide.”

Net Interest Income and Margin

Net Interest Income

Net interest income for second quarter 2021 was $13.6 million, an increase of $726 thousand, or 5.7%, from first quarter 2021, and an increase of $3.7 million, or 37.5%, from second quarter 2020. The increase in net interest income was driven by loan growth, as well as our continuing to aggressively reduce deposit rates and wholesale borrowing costs, while strategically shifting our deposit mix to lower-cost core deposits.

Net Interest Margin

Our net interest margin for second quarter 2021 was 3.75% compared to 3.90% for first quarter 2021 and 3.17% for second quarter 2020. The decrease in net interest margin compared to first quarter 2021 was due to a substantial increase in due from bank balances in the quarter, which reduced the average yield on interest earning assets. The larger than usual due from bank balances were due in part to the all-cash acquisition of Ohana Pacific Bank that was still pending as of June 30, 2021. The lower yield on earning assets was partially offset by a downward repricing of our time deposits and growth in our demand deposits. Our cost of funds for second quarter 2021 decreased to 0.42% from 0.52% for first quarter 2021 and 1.20% for second quarter 2020.

Provision for Loan Losses:

The Company made no provision for loan losses for second quarter 2021, compared to $500 thousand for first quarter 2021 and $1.6 million for second quarter 2020. No provision was required during the current quarter due to the absence of charge-offs, and continuing signs of an improving economy. See Table 10 for additional information and trends.

Noninterest Income:

Noninterest income for second quarter 2021 was $5.0 million, compared to $3.7 million for first quarter 2021 and $1.5 million for second quarter 2020. The increase in noninterest income in second quarter 2021 was primarily the result of increased gains on sales of loans. Sales of SBA loans were $42.2 million with an average premium percentage received of 11.9% during the second quarter of 2021, compared with SBA loan sales of $30.2 million with an average premium percentage received of 10.9% during the first quarter of 2021 and SBA loan sales of $9.8 million with an average premium percentage received of 8.6% during the second quarter of 2020. The increased gain on sale of SBA loans was partially offset by a decline in SBA servicing fees during the current quarter due to a higher level of payoffs during the period.

Noninterest Expense:

Noninterest expense for second quarter 2021 was $9.7 million, compared to $8.6 million for first quarter 2021 and $7.5 million for second quarter 2020. Salaries and employee benefits increased by $1.1 million to $6 million in second quarter 2021, compared to $4.9 million in the prior quarter, due to the effect of higher incentive payments made related to loan originations and a decrease in the amount of compensation deferred as loan origination costs.

Income Taxes:

The Company’ s effective tax rate for second quarter 2021 was 28.9% compared to 28.6% for first quarter 2021 and 27.0% for second quarter 2020.

Balance Sheet:

Investment Securities:

Investment securities were $82.4 million at June 30, 2021, a decrease of $1.1 million from March 31, 2021 and $8.7 million from June 30, 2020. The decreases were due to principal paydowns. There were no portfolio additions in second quarter 2021, or in the first quarter 2021 or second quarter 2020.

Loans Receivable:

Loans receivable (including loans held for sale) at June 30, 2021 was $1.23 billion, an increase of $40.2 million, or 3.4%, from loans receivable at March 31, 2021, and an increase of $192.5 million, or 18.6%, from loans receivable at June 30, 2020.

Loan payment deferments to our commercial borrowers under the CARES Act have continued to decline since the first round of deferments that began during the second quarter of 2020. As of June 30, 2021, five loans totaling $29.7 million remain on modified payment terms. This is a decline from $50.4 million of such loans at March 31, 2021, and $298.7 million of such loans at June 30, 2020. No additional modification requests are currently in process.

Our weighted average loan-to-value ratio of commercial real estate loans was 72.4% at June 30, 2021. Excluding SBA loans, our weighted average loan-to-value of CRE loans was 55.9%. For additional information, please go to www.cbb-bank.com under tab “About Us” and select “Investors Relations” to see 2Q 2021 Overview and COVID-19 update presentation.

Paycheck Protection Program (PPP):

PPP loans totaled $85.4 million at June 30, 2021. Net unearned fees on PPP loans as of June 30, 2021 was $2.4 million, which fees are being accreted to income based on a two-year contractual maturity. The SBA approved $26.5 million in PPP loan forgiveness applications processed for our PPP loans in second quarter 2021.

Allowance for Loan Losses and Asset Quality:

Our allowance for loan losses at June 30, 2021 was $14.9 million, or 1.32% of portfolio loans, compared to $14.9 million, or 1.34% of portfolio loans, at March 31 2021 and compared to $12.3 million, or 1.22% of portfolio loans, at June 30, 2020. Excluding PPP loans of $85.4 million, which are government guaranteed, the allowance for loan losses at June 30, 2021 was 1.42%, compared to 1.48% and 1.34%, respectively, at March 31 2021 and June 30, 2020. Non-performing loans remained unchanged at $1.3 million over the quarter. Loans with payment deferments are considered to be performing loans in accordance with regulatory guidance. Our coverage ratio of allowance for loan losses to nonperforming assets exceeded 1,100%. For additional information, please go to www.cbb-bank.com under tab “About Us” and select “Investors Relations” to see 2Q 2021 Overview and COVID-19 update presentation.

SBA Loans Held for Sale:

SBA loans held for sale at June 30, 2021 were $96.6 million, compared to $76.1 million at March 31 2021 and $32.3 million at June 30, 2020. We continue to assess SBA loan sale premiums and plan to sell loans when we believe it is advantageous to do so. See comments under “Noninterest Income”, and Table 7 for additional SBA loan origination and sale data.

Deposits:

Deposits were $1.38 billion at June 30, 2021, up $187.2 million, or 15.7% from March 31 2021 and up $351.0 million, or 34.2%, from June 30, 2020. Noninterest-bearing demand deposits (“DDAs”) increased $163.5 million, or 40.0%, to $572.3 million at June 30, 2021 from March 31 2021 and increased $277.3 million, or 94.0%, from June 30, 2020. DDAs were 41.5% of total deposits at June 30, 2021, compared to 34.3% at March 31 2021 and 28.7% at June 30, 2020. NOW and MMDA accounts increased $20.9 million, or 7.7%, to $291.4 million at June 30, 2021 from March 31 2021 and increased $98.5 million, or 51.0%, from June 30, 2020. Time deposits increased $7.7 thousand, or 1.7%, at June 30, 2021 from March 31 2021 and increased $2.2 thousand, or 0.5%, from June 30, 2020. Time deposits at June 30, 2021 were $473.7 million, or 34.4% of total deposits, compared to $466.0 million, or 39.1% of total deposits, at March 31, 2021, and $471.5 million, or 45.9% of total deposits, at June 30, 2020. As noted above, we are focused on increasing demand deposits and reducing our cost of funds.

Borrowings:

Borrowings at June 30, 2021 consisted of $50.0 million of Federal Home Loan Bank of San Francisco (FHLB-SF) advances, compared to $65.0 million of FHLB-SF advances at March 31, 2021. Borrowings at June 30, 2020 were $148.7 million and consisted of $90.0 million of FHLB-SF advances and $58.7 million of FRB PPP Liquidity Facility.

Capital:

Stockholders’ equity was $171.2 million at June 30, 2021, representing an increase of $6.1 million, or 3.7%, over stockholders’ equity of $165.1 million at March 31, 2021. Book value per share at June 30, 2021 was $16.66, compared with $16.11 at March 31, 2021, an increase of $0.55 per share or 3.4%.

All of our regulatory capital ratios continue to exceed the minimum levels required to be considered “Well Capitalized” as defined for bank regulatory purposes and in compliance with the fully phased-in Basel III requirements, as shown on Table 11 in this press release. Our Common Equity Tier 1 risked-based capital at June 30, 2021 was 14.58% at the Company level and 14.55% at the Bank level.

About CBB Bancorp, Inc.:

CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in loans to small-to medium-sized businesses and does business as “CBB Bank.” As of July 31, 2021, the Bank has ten full-service branches in Los Angeles and Orange Counties in California, and Dallas County in Texas and Honolulu, Hawaii; two SBA regional offices in Los Angeles and Dallas Counties; and five loan production offices in Texas, Georgia, Colorado and Washington.

For additional information, please go to www.cbb-bank.com under tab “About Us” and select “Investors Relations” to see 2Q 2021 Overview and COVID-19 update presentation.

FORWARD-LOOKING STATEMENTS:

This news release contains forward-looking statements. These statements typically include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions. You should not place undue reliance on such statements. Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; increases in competitive pressure among financial institutions or from non-financial institutions may occur; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Company and the Bank; significant increases in loan losses may occur; the possibility that changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, the effects of the COVID-19 pandemic, and of other widespread outbreaks of disease or pandemics, together with related impacts on general economic conditions, including adverse impacts on our customers’ ability to make timely payments on their loans from us, reduced fee income due to reduced loan origination activity, reductions in or absence of gains on loan sales due to uncertainty in the loan sale market, and increased operating expense due to required changes in how we conduct our business may adversely affect us; conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive to implement or accommodate than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; or litigation or matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates; we may encounter greater difficulty, delay and expense than we anticipate in integrating the personnel and operations of companies we acquire. The Company undertakes no obligation to revise any forward-looking statement contained herein to reflect any future events or circumstances, except to the extent required by law.

Schedules and Financial Data: All tables and data to follow

STATEMENT OF INCOME AND PERFORMANCE HIGHLIGHT (Unaudited) - Table 1
(Dollars in thousands, except per share amounts)
 
Three Months Ended Six Months Ended
June 30,March, 31$%June 30,$%June 30,June 30,$%

2021

2021

Change

Change

2020

Change

Change

2021

2020

Change

Change

 
Interest income

$

14,923

$

14,372

$

551

3.8

%

$

13,206

$

1,717

13.0

%

$

29,295

$

27,679

$

1,616

5.8

%

Interest expense

1,358

1,533

(175

)

(11.4

%)

3,342

(1,984

)

(59.4

%)

2,891

7,323

(4,432

)

(60.5

%)

Net interest income

13,565

12,839

726

5.7

%

9,864

3,701

37.5

%

26,404

20,356

6,048

29.7

%

 
Provision for loan losses

-

500

(500

)

(100.0

%)

1,600

(1,600

)

(100.0

%)

500

2,300

(1,800

)

(78.3

%)

Net interest income after provision for loan losses

13,565

12,339

1,226

9.9

%

8,264

5,301

64.1

%

25,904

18,056

7,848

43.5

%

 
Gain on sale of loans

3,988

2,456

1,532

62.4

%

509

3,479

683.5

%

6,444

1,448

4,996

345.0

%

Gain (loss) on sale of OREO

-

-

-

-

9

(9

)

(100.0

%)

-

3

(3

)

(100.0

%)

SBA servicing fee income, net

622

847

(225

)

(26.6

%)

738

(116

)

(15.7

%)

1,469

1,110

359

32.3

%

Reversal of valuation allowance on servicing assets

-

-

-

-

-

-

-

-

-

-

-

Service charges and other income

395

379

16

4.2

%

251

144

57.4

%

774

647

127

19.6

%

Noninterest income

5,005

3,682

1,323

35.9

%

1,507

3,498

232.1

%

8,687

3,208

5,479

170.8

%

 
Salaries and employee benefits

6,000

4,853

1,147

23.6

%

4,617

1,383

30.0

%

10,853

10,319

534

5.2

%

Occupancy and equipment

945

979

(34

)

(3.5

%)

943

2

0.2

%

1,924

1,889

35

1.9

%

Marketing expense

309

287

22

7.7

%

279

30

10.8

%

596

737

(141

)

(19.1

%)

Professional expense

491

455

36

7.9

%

500

(9

)

(1.8

%)

946

935

11

1.2

%

Merger related expense

600

681

(81

)

(11.9

%)

-

600

100.0

%

1,281

-

1,281

100.0

%

Other expenses

1,356

1,300

56

4.3

%

1,168

188

16.1

%

2,656

2,562

94

3.7

%

Noninterest expense

9,701

8,555

1,146

13.4

%

7,507

2,194

29.2

%

18,256

16,442

1,814

11.0

%

 
Income before income tax expense

8,869

7,466

1,403

18.8

%

2,264

6,605

291.7

%

16,335

4,822

11,513

238.8

%

 
Income tax expense

2,566

2,132

434

20.4

%

612

1,954

319.3

%

4,698

1,558

3,140

201.5

%

 
Net income

$

6,303

$

5,334

$

969

18.2

%

$

1,652

$

4,651

281.5

%

$

11,637

$

3,264

$

8,373

256.5

%

 
Effective tax rate

28.9

%

28.6

%

0.4

%

1.3

%

27.0

%

1.9

%

7.0

%

28.8

%

32.3

%

(3.5

%)

(11.0

%)

 
Outstanding number of shares

10,279,962

10,247,292

32,670

0.3

%

10,237,310

42,652

0.4

%

10,279,962

10,237,310

42,652

0.4

%

 
Weighted average shares for basic EPS

10,262,956

10,247,292

15,664

0.2

%

10,237,310

25,646

0.3

%

10,255,167

10,230,728

24,439

0.2

%

Weighted average shares for diluted EPS

10,392,427

10,300,518

91,909

0.9

%

10,276,637

115,790

1.1

%

10,346,516

10,302,184

44,332

0.4

%

 
Basic EPS

$

0.61

$

0.52

$

0.09

17.3

%

$

0.16

$

0.45

281.3

%

$

1.13

$

0.32

$

0.81

253.1

%

Diluted EPS

$

0.61

$

0.52

$

0.09

17.3

%

$

0.16

$

0.45

281.3

%

$

1.13

$

0.32

$

0.81

253.1

%

 
Return on average assets

1.70

%

1.58

%

0.12

%

7.6

%

0.52

%

1.18

%

226.9

%

1.65

%

0.54

%

1.11

%

205.6

%

Return on average equity

14.91

%

13.26

%

1.65

%

12.4

%

4.36

%

10.55

%

242.0

%

14.11

%

4.34

%

9.77

%

225.1

%

 
Efficiency ratio¹

52.24

%

51.78

%

0.46

%

0.9

%

66.02

%

(13.8

%)

(20.9

%)

52.02

%

69.78

%

(17.76

%)

(25.5

%)

Yield on interest-earning assets²

4.12

%

4.37

%

(0.25

%)

(5.7

%)

4.24

%

(0.12

%)

(2.8

%)

4.24

%

4.74

%

(0.50

%)

(10.5

%)

Cost of funds

0.42

%

0.52

%

(0.10

%)

(19.2

%)

1.20

%

(0.78

%)

(65.0

%)

0.47

%

1.42

%

(0.95

%)

(66.9

%)

Cost of funds exc. SBA PPP loan funding

0.42

%

0.54

%

(0.12

%)

(22.2

%)

1.25

%

(0.83

%)

(66.4

%)

0.48

%

1.45

%

(0.97

%)

(66.9

%)

Net interest margin²

3.75

%

3.90

%

(0.15

%)

(3.9

%)

3.17

%

0.58

%

18.3

%

3.82

%

3.49

%

0.33

%

9.5

%

Net interest margin exc. SBA PPP loans²

3.78

%

3.86

%

(0.08

%)

(2.1

%)

3.20

%

0.58

%

18.1

%

3.82

%

3.51

%

0.31

%

8.8

%

 
¹ Represents the ratio of noninterest expense less other real estate owned operations to the sum of net interest income before provision for credit losses and total noninterest income, less gains/(loss) on sale of securities, other-than-temporary impairment recovery/(loss) on investment securities and gain/(loss) from other real estate owned.
² Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate
BALANCE SHEET, CAPITAL AND OTHER DATA (Unaudited) - Table 2
(Dollars in thousands)
 
June 30,March, 31$%June 30,$%

2021

2021

ChangeChange

2020

ChangeChange
ASSETS
Cash and due from banks

$

10,509

$

9,215

$

1,294

14.0

%

$

9,043

$

1,466

16.2

%

Interest-earning deposits at the FRB and other banks

240,932

129,713

111,219

85.7

%

179,519

61,413

34.2

%

Investment securities¹

82,354

83,409

(1,055

)

(1.3

%)

91,091

(8,737

)

(9.6

%)

Loans held-for-sale, at the lower of cost or fair value

96,554

76,066

20,488

26.9

%

32,264

64,290

199.3

%

 
Loans receivable

1,133,371

1,113,629

19,742

1.8

%

1,005,128

128,243

12.8

%

Allowance for loan losses

(14,908

)

(14,888

)

(20

)

(0.1

%)

(12,283

)

(2,625

)

(21.4

%)

Loans receivable, net

1,118,463

1,098,741

19,722

1.8

%

992,845

125,618

12.7

%

 
OREO

-

-

-

-

-

-

-

Restricted stock investments

8,850

8,196

654

8.0

%

8,196

654

8.0

%

Servicing assets

10,189

10,000

189

1.9

%

8,944

1,245

13.9

%

Other assets

45,071

21,431

23,640

110.3

%

21,383

23,688

110.8

%

Total assets

$

1,612,922

$

1,436,771

$

176,151

12.3

%

$

1,343,285

$

269,637

20.1

%

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing

$

572,284

$

408,738

$

163,546

40.0

%

$

295,003

$

277,281

94.0

%

Interest-bearing

806,397

782,778

23,619

3.0

%

732,647

73,750

10.1

%

Total deposits

1,378,681

1,191,516

187,165

15.7

%

1,027,650

351,031

34.2

%

 
FHLB advances and other borrowing

50,000

65,000

(15,000

)

(23.1

%)

148,671

(98,671

)

(66.4

%)

Other liabilities

13,026

15,170

(2,144

)

(14.1

%)

14,208

(1,182

)

(8.3

%)

Total liabilities

1,441,707

1,271,686

170,021

13.4

%

1,190,529

251,178

21.1

%

 
Stockholders' Equity

171,215

165,085

6,130

3.7

%

152,756

18,459

12.1

%

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,612,922

$

1,436,771

$

176,151

12.3

%

$

1,343,285

$

269,637

20.1

%

 
CAPITAL RATIOS
Leverage ratio
Company

11.35

%

11.89

%

(0.54

%)

(4.5

%)

11.98

%

(0.63

%)

(5.2

%)

Bank

11.33

%

11.87

%

(0.54

%)

(4.5

%)

11.94

%

(0.61

%)

(5.1

%)

Common equity tier 1 risk-based capital ratio
Company

14.39

%

15.00

%

(0.61

%)

(4.1

%)

15.23

%

(0.84

%)

(5.5

%)

Bank

14.37

%

14.98

%

(0.61

%)

(4.1

%)

15.18

%

(0.81

%)

(5.3

%)

Tier 1 risk-based capital ratio
Company

14.39

%

15.00

%

(0.61

%)

(4.1

%)

15.23

%

(0.84

%)

(5.5

%)

Bank

14.37

%

14.98

%

(0.61

%)

(4.1

%)

15.18

%

(0.81

%)

(5.3

%)

Total risk-based capital ratio
Company

15.64

%

16.25

%

(0.61

%)

(3.8

%)

16.48

%

(0.84

%)

(5.1

%)

Bank

15.62

%

16.23

%

(0.61

%)

(3.8

%)

16.43

%

(0.81

%)

(4.9

%)

Book value per share

$

16.66

$

16.11

$

0.55

3.4

%

$

14.92

$

1.74

11.7

%

Loan-to-Deposit (LTD) ratio

82.21

%

93.46

%

(11.25

%)

(12.0

%)

97.81

%

(15.60

%)

(15.9

%)

Nonperforming assets

$

1,339

$

1,347

$

(8

)

(0.6

%)

$

4,189

$

(2,850

)

(68.0

%)

Nonperforming assets as a % of loans receivable

0.12

%

0.12

%

-

-

0.42

%

(0.30

%)

(71.4

%)

ALLL as a % of loans receivable

1.32

%

1.34

%

(0.02

%)

(1.5

%)

1.22

%

0.10

%

8.2

%

ALLL as a % of loans receivable exc. SBA PPP loans

1.42

%

1.48

%

(0.06

%)

(4.1

%)

1.34

%

0.08

%

6.0

%

 
¹ Includes AFS and HTM
FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3
(Dollars in thousands, except per share amounts)
 
Three Months Ended
June 30,March, 31December, 31September 30,June 30,

2021

2021

2020

2020

2020

 
Interest income

$

14,923

$

14,372

$

13,613

$

13,212

$

13,206

Interest expense

1,358

1,533

1,830

2,558

3,342

Net interest income

13,565

12,839

11,783

10,654

9,864

 
Provision for loan losses

-

500

1,600

1,600

1,600

Net interest income after provision for loan losses

13,565

12,339

10,183

9,054

8,264

 
Gain on sale of loans

3,988

2,456

1,484

1,662

509

Gain (loss) on sale of OREO

-

-

-

-

9

SBA servicing fee income, net

622

847

701

948

738

Reversal of valuation allowance on servicing assets

-

-

894

-

-

Service charges and other income

395

379

364

385

251

Noninterest income

5,005

3,682

3,443

2,995

1,507

 
Salaries and employee benefits

6,000

4,853

5,477

4,948

4,617

Occupancy and equipment

945

979

936

938

943

Marketing expense

309

287

133

265

279

Professional expense

491

455

478

503

500

Merger related expense

600

681

40

58

-

Other expenses

1,356

1,300

1,329

1,309

1,168

Noninterest expense

9,701

8,555

8,393

8,021

7,507

 
Income before income tax expense

8,869

7,466

5,233

4,028

2,264

 
Income tax expense

2,566

2,132

1,519

1,125

612

 
Net income

$

6,303

$

5,334

$

3,714

$

2,903

$

1,652

 
Effective tax rate

28.9

%

28.6

%

29.0

%

27.9

%

27.0

%

 
Outstanding number of shares

10,279,962

10,247,292

10,247,292

10,247,292

10,237,310

 
Weighted average shares for basic EPS

10,262,956

10,247,292

10,247,292

10,244,037

10,237,310

Weighted average shares for diluted EPS

10,392,427

10,300,518

10,285,410

10,273,148

10,276,637

 
Basic EPS

$

0.61

$

0.52

$

0.36

$

0.28

$

0.16

Diluted EPS

$

0.61

$

0.52

$

0.36

$

0.28

$

0.16

QUARTERLY SALARIES BENEFIT METRICS (Unaudited) - Table 4
(Dollars in thousands)
 
At or for the Three Months Ended
June 30,March, 31December, 31September 30,June 30,

2021

2021

2020

2020

2020

 
Salaries and benefits

$

6,000

$

4,853

$

5,477

$

4,948

$

4,617

FTE at the end of period

183

186

183

179

191

Average FTE during the period

182

187

184

181

193

Salaries and benefits/average FTE¹

$

132

$

105

$

118

$

109

$

96

Salaries and benefits/average assets¹

1.62

%

1.44

%

1.58

%

1.45

%

1.44

%

Noninterest expense/average assets¹

2.62

%

2.54

%

2.42

%

2.34

%

2.35

%

 
1 Annualized
FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5
(Dollars in thousands)
 
June 30,March, 31December, 31September 30,June 30,

2021

2021

2020

2020

2019

ASSETS
Cash and due from banks

$

10,509

$

9,215

$

8,750

$

8,030

$

9,043

Interest-earning deposits at the FRB and other banks

240,932

129,713

153,908

212,279

179,519

Investment securities¹

82,354

83,409

85,914

88,784

91,091

Loans held-for-sale, at the lower of cost or fair value

96,554

76,066

59,077

53,755

32,264

 
Loans receivable

1,133,371

1,113,629

1,043,662

1,011,867

1,005,128

Allowance for loan losses

(14,908

)

(14,888

)

(14,366

)

(13,614

)

(12,283

)

Loans receivable, net

1,118,463

1,098,741

1,029,296

998,253

992,845

 
OREO

-

-

-

-

-

Restricted stock investments

8,850

8,196

8,196

8,196

8,196

Servicing assets

10,189

10,000

9,873

9,043

8,944

Other assets

45,071

21,431

20,233

21,064

21,383

Total assets

$

1,612,922

$

1,436,771

$

1,375,247

$

1,399,404

$

1,343,285

 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing

$

572,284

$

408,738

$

335,219

$

363,350

$

295,003

Interest-bearing

806,397

782,778

763,906

738,040

732,647

Total deposits

1,378,681

1,191,516

1,099,125

1,101,390

1,027,650

 
FHLB advances

50,000

65,000

105,000

128,671

148,671

Other liabilities

13,026

15,170

11,145

13,295

14,208

Total liabilities

1,441,707

1,271,686

1,215,270

1,243,356

1,190,529

 
Stockholders' Equity

171,215

165,085

159,977

156,048

152,756

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,612,922

$

1,436,771

$

1,375,247

$

1,399,404

$

1,343,285

 
¹ Includes AFS and HTM
FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6
(Dollars in thousands)
 
June 30, 2021March 31, 2021December 31, 2020September 30, 2020June 30, 2020
Balance%Balance%Balance%Balance%Balance%
 
Construction

$

18,753

1.7

%

$

15,858

1.4

%

$

13,685

1.3

%

$

18,236

1.8

%

$

14,649

1.5

%

Commercial real estate

893,700

78.9

%

855,861

76.9

%

820,355

78.6

%

779,062

77.0

%

769,563

76.6

%

Commercial and industrial

217,350

19.2

%

237,865

21.4

%

205,883

19.7

%

211,298

20.9

%

215,362

21.4

%

Consumer

2,236

0.2

%

3,504

0.3

%

2,439

0.2

%

2,751

0.3

%

5,646

0.6

%

Gross loans

1,132,039

99.9

%

1,113,088

100.0

%

1,042,362

99.9

%

1,011,347

99.9

%

1,005,220

100.0

%

 
Net deferred loan fees/costs

1,332

0.1

%

541

0.0

%

1,300

0.1

%

520

0.1

%

(92

)

0.0

%

Loans receivable

$

1,133,371

100.0

%

$

1,113,629

100.0

%

$

1,043,662

100.0

%

$

1,011,867

100.0

%

$

1,005,128

100.0

%

 
Loans held-for-sale

$

96,554

$

76,066

$

59,077

$

53,755

$

32,264

Loans receivable, including loans held-for-sale

$

1,229,925

$

1,189,695

$

1,102,739

$

1,065,622

$

1,037,392

SBA LOAN PRODUCTIONS/SALES DATA (Unaudited) - Table 7
(Dollars in thousands)
 
Three Months Ended
June 30,March 31,December 31,September 30,June 30,

2021

2021

2020

2020

2020

 
SBA loans held-for-sale at beginning of the quarter/year

$

76,066

$

59,077

$

53,755

$

32,264

$

29,988

SBA loans originated/transferred from/to held-for-
investment during the quarter/year

62,864

48,152

26,837

46,731

12,497

SBA loans sold during the quarter/year

(42,163

)

(30,238

)

(20,382

)

(24,866

)

(9,832

)

SBA loans principal payment, net of advance

(213

)

(925

)

(1,133

)

(374

)

(389

)

SBA loans held-for-sale at end of the quarter/year

$

96,554

$

76,066

$

59,077

$

53,755

$

32,264

 
Gain on sale of SBA loans

$

3,988

$

2,456

$

1,484

$

1,662

$

509

Premium on sale (weighted average)

11.9

%

10.9

%

10.7

%

9.8

%

8.6

%

 
SBA loan production

$

78,058

$

123,762

$

37,116

$

59,957

$

113,782

Non-PPP loans

75,065

71,204

37,116

59,009

18,356

PPP loans

2,994

52,558

-

948

95,426

SBA SERVICING ASSETS AND SERVICING FEES (Unaudited) - Table 8
(Dollars in thousands)
 
Three Months Ended
June 30,March 31,December 31,September 30,June 30,

2021

2021

2020

2020

2020

 
 
SBA servicing assets @ beginning of the quarter/year

$

10,000

$

9,873

$

9,043

$

8,944

$

9,203

 
Newly added SBA servicing assets from SBA loans sold

897

635

441

523

197

Regular quarterly/annual servicing assets amortization

(422

)

(358

)

(392

)

(384

)

(383

)

SBA servicing assets amortized from SBA loans paid off/charged off

(286

)

(150

)

(113

)

(40

)

(73

)

 
Subtotal before impairment

10,189

10,000

8,979

9,043

8,944

 
Reversal of valuation allowance on servicing assets

-

894

-

-

 
SBA servicing assets @ the end of the quarter/year

$

10,189

$

10,000

$

9,873

$

9,043

$

8,944

FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9
(Dollars in thousands)
 
June 30, 2021March 31, 2021December 31, 2020September 30, 2020June 30, 2020
Balance%Balance%Balance%Balance%Balance%
 
Noninterest-bearing demand

$

572,284

41.5

%

$

408,738

34.3

%

$

335,219

30.5

%

$

363,350

33.0

%

$

295,003

28.7

%

NOW & MMDA

291,437

21.1

%

270,531

22.7

%

260,374

23.7

%

229,730

20.9

%

192,950

18.8

%

Savings

41,284

3.0

%

46,280

3.9

%

51,659

4.7

%

61,631

5.6

%

68,244

6.6

%

TCDs of $250K and under

219,174

15.9

%

226,611

19.0

%

232,192

21.1

%

230,230

20.9

%

241,718

23.5

%

TCDs of $250K over

158,485

11.5

%

151,094

12.7

%

150,143

13.7

%

146,911

13.3

%

139,197

13.5

%

Wholesale TCDs

96,017

7.0

%

88,262

7.4

%

69,538

6.3

%

69,538

6.3

%

90,538

8.8

%

Total Deposits

$

1,378,681

100.0

%

$

1,191,516

100.0

%

$

1,099,125

100.0

%

$

1,101,390

100.0

%

$

1,027,650

100.0

%

 
Recap:
Noninterest-bearing demand

$

572,284

41.5

%

$

408,738

34.3

%

$

335,219

30.5

%

$

363,350

33.0

%

$

295,003

28.7

%

NOW & MMDA

291,437

21.1

%

270,531

22.7

%

260,374

23.7

%

229,730

20.9

%

192,950

18.8

%

Savings

41,284

3.0

%

46,280

3.9

%

51,659

4.7

%

61,631

5.6

%

68,244

6.6

%

TCDs of $250K and under

219,174

15.9

%

226,611

19.0

%

232,192

21.1

%

230,230

20.9

%

241,718

23.5

%

Core Deposits

1,124,179

81.5

%

952,160

79.9

%

879,444

80.0

%

884,941

80.3

%

797,915

77.6

%

 
TCDs of $250K over

158,485

11.5

%

151,094

12.7

%

150,143

13.7

%

146,911

13.3

%

139,197

13.5

%

Wholesale TCDs

96,017

7.0

%

88,262

7.4

%

69,538

6.3

%

69,538

6.3

%

90,538

8.8

%

Noncore Deposits

254,502

18.5

%

239,356

20.1

%

219,681

20.0

%

216,449

19.7

%

229,735

22.4

%

Total Deposits

$

1,378,681

100.0

%

$

1,191,516

100.0

%

$

1,099,125

100.0

%

$

1,101,390

100.0

%

$

1,027,650

100.0

%

SELECTED LOAN AND ASSET QUALITY HIGHLIGHTS (Unaudited) - Table 10
(Dollars in thousands)
 
2nd Qtr.1st Qtr.4th Qtr.3rd Qtr.2nd Qtr.

2021

2021

2020

2020

2020

Allowance for Loan Losses
Balance at beginning of period

$

14,888

$

14,366

$

13,614

$

12,283

$

11,034

Provision for loan losses

-

500

1,600

1,600

1,600

Charge-offs

-

(2

)

(907

)

(292

)

(359

)

Recoveries

20

24

59

23

8

Balance at the end of period

$

14,908

$

14,888

$

14,366

$

13,614

$

12,283

 
Nonperforming Assets:¹
Over 90 days still accruing

$

-

$

-

$

2

$

200

$

-

Nonaccrual loans

1,339

1,347

2,359

3,911

4,189

Total nonperforming loans

1,339

1,347

2,361

4,111

4,189

 
Other real estate owned

-

-

-

-

-

Total nonperforming assets

$

1,339

$

1,347

$

2,361

$

4,111

$

4,189

 
Classified Assets:¹
Substandard

$

10,052

$

9,843

$

18,920

$

20,579

$

9,909

Doubtful

-

-

68

-

-

Loss

-

-

-

-

-

Total classified loans

$

10,052

$

9,843

$

18,988

$

20,579

$

9,909

 
Other real estate owned

-

-

-

-

-

Total classified assets

$

10,052

$

9,843

$

18,988

$

20,579

$

9,909

 
Performing TDR loans:

$

3,776

$

2,516

$

2,847

$

1,072

$

1,073

 
Delinquent Loans:¹
Loans 30-89 days past due

$

2,524

$

1,681

$

3,095

$

714

$

721

90 days or more past due and still accruing

-

-

2

200

-

Nonaccrual

1,339

1,347

2,359

3,911

4,189

Total delinquent loans

$

3,863

$

3,028

$

5,456

$

4,825

$

4,910

 
Asset Quality Ratios:
Net (recoveries) charge-offs to average loans²

(0.01

%)

(0.01

%)

0.32

%

0.10

%

0.14

%

Nonaccrual loans to loans receivable

0.12

%

0.12

%

0.23

%

0.39

%

0.42

%

Nonperforming loans to loans receivable

0.12

%

0.12

%

0.23

%

0.41

%

0.42

%

Nonperforming assets to total assets

0.08

%

0.09

%

0.17

%

0.29

%

0.31

%

Classified loans to loans receivable

0.89

%

0.88

%

1.82

%

2.03

%

0.99

%

Classified loans to Tier 1 and ALLL

5.40

%

5.47

%

10.89

%

12.13

%

6.00

%

Classified assets to total assets

0.62

%

0.69

%

1.38

%

1.47

%

0.74

%

Classified assets to Tier 1 and ALLL

5.40

%

5.47

%

10.89

%

12.13

%

6.00

%

ALLL to loans receivable

1.32

%

1.34

%

1.38

%

1.35

%

1.22

%

ALLL to loans receivable exc. SBA PPP loans

1.42

%

1.48

%

1.51

%

1.48

%

1.34

%

ALLL to nonaccrual loans

1113.37

%

1105.27

%

608.99

%

348.10

%

293.22

%

ALLL to nonperforming loans

1113.37

%

1105.27

%

608.47

%

331.16

%

293.22

%

ALLL to nonperforming assets

1113.37

%

1105.27

%

608.47

%

331.16

%

293.22

%

Texas ratio ³

0.72

%

0.75

%

1.35

%

2.42

%

2.54

%

 
1 Net of SBA guaranteed balance
2 Includes loans held-for-sale
3 Nonperforming assets divided by tangible common equity and ALLL
FIVE-QUARTER CAPITAL RATIOS (Unaudited) - Table 11
 
Well Capitalized Adequately Capitalized June 30,March 31,December 31,September 30,June 30,
Regulatory BASEL III
Requirement Fully Phased In

2021

2021

2020

2020

2020

 
Leverage ratio
Company

N/A

N/A

11.35

%

11.89

%

11.56

%

11.76

%

11.98

%

Bank

5.00%

4.00%

11.33

%

11.87

%

11.54

%

11.72

%

11.94

%

Common equity tier 1 risk-based capital ratio

Company

N/A

N/A

14.39

%

15.00

%

15.01

%

15.24

%

15.23

%

Bank

6.50%

7.00%

14.37

%

14.98

%

14.97

%

15.20

%

15.18

%

Tier 1 risk-based capital ratio

Company

N/A

N/A

14.39

%

15.00

%

15.01

%

15.24

%

15.23

%

Bank

8.00%

8.50%

14.37

%

14.98

%

14.97

%

15.20

%

15.18

%

Total risk-based capital ratio

Company

N/A

N/A

15.64

%

16.25

%

16.26

%

16.50

%

16.48

%

Bank

10.00%

10.50%

15.62

%

16.23

%

16.22

%

16.45

%

16.43

%

 
Common equity/total assets

10.62

%

11.49

%

11.63

%

11.15

%

11.37

%

Common equity per share

$

16.66

$

16.11

$

15.61

$

15.23

$

14.92

MARGIN ANALYSIS (Unaudited) -Table 12
(Dollars in thousands)
 
Three Months Ended
June 30, 2021March 31, 2021December 31, 2020September 30, 2020June 30, 2020
Avg BalanceInterest YieldAvg BalanceInterest YieldAvg BalanceInterest YieldAvg BalanceInterest YieldAvg BalanceInterest Yield
Number of Days in the Period
INTEREST-EARNING ASSETS
Loans ¹

$

1,195,908

$

14,338

4.81

%

$

1,138,134

$

13,837

4.93

%

$

1,066,368

$

13,045

4.87

%

$

1,046,678

$

12,650

4.81

%

$

1,018,596

$

12,568

4.96

%

Investment securities²

83,152

442

2.13

%

84,679

448

2.15

%

87,818

474

2.15

%

90,450

471

2.07

%

91,401

546

2.40

%

Interest-earning deposits at the FRB and other banks

168,677

54

0.13

%

108,127

36

0.14

%

191,703

59

0.12

%

186,678

58

0.12

%

137,945

45

0.13

%

Other earning assets

8,737

135

6.20

%

8,196

97

4.80

%

8,196

81

3.93

%

8,196

80

3.88

%

8,195

93

4.56

%

Total interest-earning assets ²

1,456,474

14,969

4.12

%

1,339,136

14,418

4.37

%

1,354,085

13,659

4.01

%

1,332,002

13,259

3.96

%

1,256,137

13,252

4.24

%

Total interest-earning assets exc. SBA PPP loans²

1,356,195

14,041

4.15

%

1,241,306

13,269

4.34

%

1,264,075

12,945

4.07

%

1,239,609

12,657

4.06

%

1,193,346

12,775

4.31

%

 
NONINTEREST-EARNING ASSETS
Cash and due from banks

10,752

10,025

10,234

10,685

8,224

Other noninterest-earning assets

32,002

31,156

28,903

31,216

32,285

Total noninterest-earning assets

42,754

41,181

39,137

41,901

40,509

 
Less: Allowance for loan losses

(14,899

)

(14,381

)

(13,505

)

(12,293

)

(10,931

)

TOTAL ASSETS

$

1,484,329

$

1,365,936

$

1,379,717

$

1,361,610

$

1,285,715

 
INTEREST-BEARING DEPOSITS
Interest-bearing demand

$

13,373

$

2

0.06

%

$

15,813

$

2

0.05

%

$

11,444

$

4

0.14

%

$

11,248

$

4

0.14

%

$

13,634

$

5

0.15

%

Money market

263,845

352

0.54

%

265,856

366

0.56

%

240,913

360

0.59

%

200,878

404

0.80

%

163,332

374

0.92

%

Savings

43,433

55

0.51

%

48,284

60

0.50

%

55,756

77

0.55

%

67,880

154

0.90

%

66,389

176

1.07

%

Time deposits

469,000

831

0.71

%

451,347

975

0.88

%

447,839

1,236

1.10

%

452,950

1,790

1.57

%

509,447

2,613

2.06

%

Total interest-bearing deposits

789,651

1,240

0.63

%

781,300

1,403

0.73

%

755,952

1,677

0.88

%

732,956

2,352

1.28

%

752,802

3,168

1.69

%

 
Borrowings

51,539

118

0.92

%

65,667

130

0.80

%

88,645

153

0.69

%

147,149

206

0.56

%

115,613

174

0.61

%

Total interest-bearing liabilities

841,190

1,358

0.65

%

846,967

1,533

0.73

%

844,597

1,830

0.86

%

880,105

2,558

1.16

%

868,415

3,342

1.55

%

Total interest-bearing liabilities exc. SBA PPP loan funding

740,911

1,270

0.69

%

749,137

1,449

0.78

%

754,587

1,751

0.92

%

787,712

2,476

1.25

%

805,624

3,287

1.64

%

 
Noninterest-bearing deposits

459,695

343,904

363,937

313,370

249,909

Other liabilities

13,906

11,942

12,623

12,750

15,141

 
Stockholders' equity

169,538

163,123

158,560

155,385

152,250

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,484,329

$

1,365,936

$

1,379,717

$

1,361,610

$

1,285,715

 
Net interest income²

$

13,611

$

12,885

$

11,829

$

10,701

$

9,910

Net interest income exc. SBA PPP Loans²

$

12,771

$

11,820

$

11,194

$

10,181

$

9,488

 
Net interest spread

3.47

%

3.64

%

3.15

%

2.80

%

2.69

%

 
Effect of noninterest-bearing sources

0.28

%

0.26

%

0.33

%

0.40

%

0.48

%

 
Net interest margin²

3.75

%

3.90

%

3.48

%

3.20

%

3.17

%

Net interest margin exc. SBA PPP loans²

3.78

%

3.86

%

3.52

%

3.27

%

3.20

%

 
 
Cost of deposits

$

1,249,346

$

1,240

0.40

%

$

1,125,204

$

1,403

0.51

%

$

1,119,889

$

1,677

0.60

%

$

1,046,326

$

2,352

0.89

%

$

1,002,711

$

3,168

1.27

%

 
Cost of funds

$

1,300,885

$

1,358

0.42

%

$

1,190,871

$

1,533

0.52

%

$

1,208,534

$

1,830

0.60

%

$

1,193,475

$

2,558

0.85

%

$

1,118,324

$

3,342

1.20

%

Cost of funds exc. SBA ppp loan funding

$

1,200,606

$

1,270

0.42

%

$

1,093,041

$

1,449

0.54

%

$

1,118,524

$

1,751

0.62

%

$

1,101,082

$

2,476

0.89

%

$

1,055,533

$

3,287

1.25

%

 
1 Includes loans held-for-sale
² Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate
COMPONENTS OF YIELD ON LOANS (Unaudited) - Table 13
(Dollars in thousands)
 
Three Months Ended
June 30, 2021March 31, 2021December 31, 2020September 30, 2020June 30, 2020
AmountYield AmountYield AmountYield AmountYield AmountYield
 
Contractual yield

$

12,670

4.25

%

$

12,148

4.33

%

$

11,727

4.38

%

$

11,522

4.38

%

$

11,578

4.57

%

SBA discount accretion

1,027

0.34

%

738

0.26

%

730

0.27

%

615

0.23

%

662

0.26

%

Prepayment penalties & late fees

89

0.03

%

121

0.04

%

177

0.07

%

221

0.09

%

24

0.01

%

Amortization of net deferred costs

552

0.19

%

830

0.30

%

411

0.15

%

292

0.11

%

304

0.12

%

As reported yield on loans

$

14,338

4.81

%

$

13,837

4.93

%

$

13,045

4.87

%

$

12,650

4.81

%

$

12,568

4.96

%

MARGIN ANALYSIS (Unaudited) - Table 14
(Dollars in thousands)
 
Six Months Ended
June 30,2021June 30, 2020
Avg BalanceInterest YieldAvg BalanceInterestYield
Number of Days in the Period
INTEREST-EARNING ASSETS
Loans ¹

$

1,167,180

$

28,175

4.87

%

$

979,872

$

26,197

5.38

%

Investment securities²

83,911

890

2.14

%

92,888

1,127

2.44

%

Interest-earning deposits at the FRB and other banks

138,570

90

0.13

%

96,584

233

0.49

%

Other earning assets

8,468

232

5.52

%

8,195

215

5.28

%

Total interest-earning assets ²

1,398,129

29,387

4.24

%

1,177,539

27,772

4.74

%

Total interest-earning assets exc. SBA PPP loans²

1,299,068

27,311

4.24

%

1,146,143

27,295

4.79

%

 
NONINTEREST-EARNING ASSETS
Cash and due from banks

10,390

8,640

Other noninterest-earning assets

31,582

31,113

Total noninterest-earning assets

41,972

39,753

 
Less: Allowance for loan losses

(14,641

)

(10,763

)

 
TOTAL ASSETS

$

1,425,460

$

1,206,529

 
INTEREST-BEARING DEPOSITS
Interest-bearing demand

$

14,586

$

4

0.06

%

$

12,837

$

10

0.16

%

Money market

264,845

718

0.55

%

139,941

775

1.11

%

Savings

45,845

115

0.51

%

66,672

427

1.29

%

Time deposits

460,223

1,806

0.79

%

532,616

5,910

2.23

%

Total interest-bearing deposits

785,499

2,643

0.68

%

752,066

7,122

1.90

%

 
Borrowings

58,564

248

0.85

%

62,744

201

0.64

%

Total interest-bearing liabilities

844,063

2,891

0.69

%

814,810

7,323

1.81

%

Total interest-bearing liabilities exc. SBA PPP loans

745,002

2,719

0.74

%

783,414

7,268

1.87

%

 
Noninterest-bearing deposits

402,119

224,815

Other Liabilities

12,929

15,526

 
Stockholders' equity

166,349

151,378

 
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

1,425,460

$

1,206,529

 
Net interest income²

$

26,496

$

20,449

Net interest income exc. SBA PPP loans²

$

24,592

$

20,027

 
Net interest spread

3.55

%

2.93

%

 
Effect of noninterest-bearing sources

0.27

%

0.56

%

 
Net interest margin²

3.82

%

3.49

%

Net interest margin exc. SBA PPP loans²

3.82

%

3.51

%

 
 
Cost of deposits

$

1,187,618

$

2,643

0.45

%

$

976,881

$

7,122

1.47

%

 
Cost of funds

$

1,246,182

$

2,891

0.47

%

$

1,039,625

$

7,323

1.42

%

Cost of funds exc. SBA PPP loan funding

$

1,147,121

$

2,719

0.48

%

$

1,008,229

$

7,268

1.45

%

 
1 Includes loans held-for-sale
² Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate
COMPONENTS OF YIELD ON LOANS (Unaudited) - Table 15
(Dollars in thousands)
 
Six Months Ended
June 30, 2021June 30, 2020
AmountYield AmountYield
 
Contractual yield

$

24,818

4.29

%

$

24,023

4.93

%

SBA discount accretion

1,765

0.30

%

1,852

0.38

%

Prepayment penalties & late fees

210

0.04

%

130

0.03

%

Amortization of net deferred costs

1,382

0.24

%

192

0.04

%

As reported yield on loans

$

28,175

4.87

%

$

26,197

5.38

%

Contacts:

Douglas J Goddard, EVP & CFO
(323) 988-3010
DouglasG@cbb-bank.com

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