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ATLANTA--(BUSINESS WIRE)--CoastalSouth Bancshares, Inc. (“CoastalSouth” or the “Company”) (NYSE: COSO), the holding company for Coastal States Bank (the “Bank”), today reported net income of $6.7 million, or $0.54 per diluted share, for the third quarter of 2025, compared to approximately $6.0 million, or $0.57 per diluted share, for the second quarter of 2025, and $7.9 million, or $0.75 per diluted share, for the third quarter of 2024. For the year-to-date period ending September 30, 2025, the Company reported net income of $17.8 million, or $1.58 per diluted share, compared with $16.2 million, or $1.55 per diluted share, for the same period in 2024.
Commenting on the Company’s results, President and Chief Executive Officer, Stephen R. Stone stated, “Following the completion of our initial public offering on July 2, 2025, the Company continued to deliver excellent financial performance through the third quarter of 2025. Loan production continued to be robust with over $137.3 million in new commitments originated during the third quarter of 2025 while maintaining strong asset quality metrics. Given the recent acceleration of mergers and acquisition activity in our markets, we continue to focus on recruiting new bankers to expand our presence within our markets and grow new relationships."
Third Quarter 2025 Performance Highlights:
Net income of $6.7 million or $0.54 per diluted share
Return on average assets ("ROAA") of 1.20%
Return on average equity ("ROAE") of 10.84%; Return on average tangible common equity ("ROATCE") of 11.07%1
Net interest margin of 3.58%, an increase of 12 basis points from the second quarter of 2025
Efficiency ratio of 55.69% for the third quarter of 2025
Loans held for investment ("LHFI") production of $137.3 million in commitments led to LHFI growth of $25.8 million, up 6.7% annualized from the second quarter of 2025
Book value per share growth of $0.54, or 10.5% annualized, to $20.91 at September 30, 2025; Tangible book value1 per share growth of $0.61, or 12.2% annualized, to $20.49 at September 30, 2025 from the second quarter of 2025
Total shareholders' equity to total assets of 11.10%, compared to 9.43% at June 30, 2025; Tangible common equity1 to tangible assets1 of 10.91%, compared to 9.22% at June 30, 2025
Net charge-offs to average loans held for investment of 0.03%
Nonperforming assets to total assets of 0.63%; adjusted nonperforming assets to total assets1 of 0.43%
Allowance for credit losses ("ACL") on LHFI to total LHFI of 1.16%; ACL on LHFI to nonperforming loans of 127.03%
Completed initial public offering of 2,035,000 shares on July 2, 2025 with an initial offering price of $21.50. The Company issued 1,700,000 shares for net proceeds of $30.2 million following discounts, commissions, and expenses
Redeemed $15.0 million of subordinated debt; recognized $236 thousand of accelerated debt issuance expense
Operating Highlights
Net interest income totaled $19.2 million for the third quarter of 2025, an increase of $1.1 million, or 6.2%, from $18.1 million for the second quarter of 2025 and an increase of $2.2 million, or 13.1% from the third quarter of 2024. The Company’s net interest margin expanded to 3.58% for the third quarter of 2025, a 12 basis point increase from the second quarter of 2025 and a 26 basis point increase from the third quarter of 2024.
The yield on average interest-earning assets for the third quarter of 2025 increased to 6.14% from 6.08% for the second quarter of 2025. This increase was primarily related to an overall yield increase in all categories except a 2 basis point decrease in yield on LHFI albeit with an increased average volume of approximately $37.2 million in the LHFI portfolio quarter over quarter. The yield on available-for-sale securities was positively impacted by $225 thousand of premium recognized on corporate bonds that were called ahead of maturity. Compared to the third quarter of 2024, yields on earning assets decreased 23 basis points to 6.14% from 6.37%. The decrease was primarily attributable to a 37 basis point decrease in LHFI, a 26 basis point decrease in the yield on the loans held for sale ("LHFS") portfolio, and a net decrease in other earning assets categories.
The Company’s total cost of funds was 2.79% for the third quarter of 2025, a decrease of 1 basis point and 45 basis points compared with the second quarter of 2025 and third quarter of 2024, respectively. The cost of funds was impacted by the recognition of a $236 thousand debt issuance costs which were accelerated due to redemption of the Company's subordinated debt. Deposit costs decreased 3 basis points during the third quarter of 2025 to 2.72%, compared to 2.75% in the second quarter of 2025. The cost of interest-bearing deposits decreased 4 basis points during the third quarter of 2025 to 3.23%, compared with 3.27% in the second quarter of 2025, reflecting continued repricing of certificates of deposits in the third quarter of 2025.
Noninterest income totaled $2.1 million for the third quarter of 2025, an increase of $305 thousand, or 17.0%, from the second quarter of 2025, primarily attributable to an increase in gain on sale of government guaranteed loans ("GGL"). Noninterest expense totaled $11.9 million for the third quarter of 2025, a decrease of $236 thousand, or 2.0%, from the second quarter of 2025, primarily due to lower other professional fees, offset by a net increase in other noninterest expense categories.
The Company’s effective tax rate for the third quarter of 2025 was 23.2%, compared to 15.1% for the second quarter of 2025 and 22.1% for the third quarter of 2024. The increase in effective tax rate from the second quarter of 2025 was primarily due to a higher recognition of renewable energy tax credits in the second quarter of 2025.
Balance Sheet Trends
Total assets were $2.26 billion at September 30, 2025, an increase of $156.7 million, or 7.5%, from $2.10 billion at December 31, 2024. LHFS were $231.6 million at September 30, 2025, an increase of $57.6 million, or 33.1%, from $174.0 million at December 31, 2024. Gross LHFI were $1.55 billion at September 30, 2025, an increase of $143.5 million, or 10.2%, from $1.41 billion at December 31, 2024.
Total deposits were $1.95 billion at September 30, 2025, an increase of $114.9 million, or 6.3%, from $1.83 billion at December 31, 2024. Noninterest-bearing deposits were $313.6 million at September 30, 2025, or 16.1% of total deposits, compared to $302.9 million, or 16.5% of total deposits, at December 31, 2024. Brokered certificates of deposits, a component of time deposits, were $294.9 million at September 30, 2025, as compared to $274.9 million at December 31, 2024, an increase of $20.0 million, or 7.3%.
Credit Quality
During the third quarter of 2025, the Company recorded a provision (recovery) for credit losses of $653 thousand, compared to $752 thousand and ($1.0) million during the second quarter of 2025 and third quarter of 2024, respectively. The provision expense recorded during the third quarter of 2025 was primarily due to increased loan production and current period net charge-offs, offset by other changes in loss rates and economic factors. The Company's annualized net charge-offs to average LHFI ratio was 0.03% for the third quarter of 2025 as compared to 0.06% and 0.02% during the second quarter of 2025 and third quarter of 2024, respectively.
Nonperforming assets totaled $14.2 million, or 0.63% of total assets, at September 30, 2025 compared to $15.9 million, or 0.76% of total assets at December 31, 2024. The $1.7 million decrease in nonperforming assets at September 30, 2025 from December 31, 2024 was due to the sale of other real estate owned and payments collected on nonaccrual loans during the period. Adjusted nonperforming assets2, which excludes the guaranteed portions of nonaccrual loans, was $9.7 million, or 0.43% of total assets, at September 30, 2025 compared to $11.1 million, or 0.53% of total assets, at December 31, 2024.
About CoastalSouth Bancshares, Inc.
CoastalSouth Bancshares, Inc. is a bank holding company headquartered in Atlanta, Georgia. Through our wholly owned subsidiary, Coastal States Bank, a South Carolina state-chartered commercial bank, we offer a full range of banking products and services designed for businesses, real estate professionals, and consumers looking for a deep and meaningful relationship with their bank. To learn more about Coastal States Bank, visit www.coastalstatesbank.com.
Forward-Looking Statements
Statements in this press release regarding future events and our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical in nature and may be identified by references to a future period or periods by the use of the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this press release should not be relied on because they are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of known and unknown risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, and other factors, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this press release and could cause us to make changes to our future plans.
Factors that might cause such differences include, but are not limited to: the impact of current and future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; potential impacts of any adverse developments in the banking industry, including any impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; changes in the interest rate environment, including changes to the federal funds rate; changes in prices, values and sales volumes of residential and commercial real estate; competition in our markets that may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income; interest rate fluctuations, which could have an adverse effect on the Company’s profitability; a breach in security of our information systems, including the occurrence of a cyber-attack incidents or a deficiencies in cyber security; risks related to potential acquisitions; government actions or inactions, including a prolonged shutdown of the federal government, tariffs, or trade wards (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), legislation or regulatory changes which could adversely affect the ability of the consolidated Company to conduct business combinations or new operations; changes in tax laws; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; the effects of war or other conflicts, domestic civil unrest and tyranny, and changes in the overall geopolitical landscape; and adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized.
Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, filed with the Securities and Exchange Commission (the “SEC”) on July 2, 2025 (Registration No. 333-287854), relating to our initial public offering, and in other documents that we file with the SEC from time to time, which are available on the SEC’s website, http://www.sec.gov.
In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release or to make predictions based solely on historical financial performance.
Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this press release are qualified in their entirety by this cautionary statement.
COASTALSOUTH BANCSHARES, INC. AND SUBSIDIARY
FINANCIAL TABLES
Financial Highlights (unaudited)
Table 1A
As of and for the Three Months Ended
As of and for the Nine Months Ended
(dollars in thousands except
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
per share amounts)
2025
2025
2025
2024
2024
2025
2024
Selected Operating Data:
Interest income
$
32,890
$
31,793
$
30,024
$
30,537
$
32,554
$
94,707
$
93,112
Interest expense
13,700
13,715
13,265
14,266
15,588
40,680
44,061
Net interest income
19,190
18,078
16,759
16,271
16,966
54,027
49,051
Provision (recovery) for credit losses
653
752
629
1,240
(1,023
)
2,034
(687
)
Noninterest income
2,100
1,795
1,881
1,958
2,961
5,776
2,556
Noninterest expense
11,856
12,092
11,419
10,335
10,830
35,367
31,733
Income tax expense
2,040
1,064
1,542
950
2,236
4,646
4,361
Net income
6,741
5,965
5,050
5,704
7,884
17,756
16,200
Adjusted net income (1)
6,749
5,965
5,050
5,704
7,884
17,764
18,854
Share and Per Share Data:
Basic earnings per share
$
0.57
$
0.58
$
0.49
$
0.56
$
0.77
$
1.64
$
1.59
Adjusted basic earnings
per share (1)
$
0.57
$
0.58
$
0.49
$
0.56
$
0.77
$
1.64
$
1.85
Diluted earnings per share
$
0.54
$
0.57
$
0.47
$
0.54
$
0.75
$
1.58
$
1.55
Adjusted diluted earnings
per share (1)
$
0.54
$
0.57
$
0.47
$
0.54
$
0.75
$
1.58
$
1.81
Book value per share
$
20.91
$
20.37
$
19.67
$
19.01
$
18.86
$
20.91
$
18.86
Tangible book value per share (1)
$
20.49
$
19.88
$
19.17
$
18.51
$
18.35
$
20.49
$
18.35
Shares of common stock outstanding
11,978,921
10,278,921
10,274,271
10,270,146
10,250,446
11,978,921
10,250,446
Weighted average diluted shares
outstanding
12,325,462
10,612,255
10,642,078
10,596,364
10,544,087
11,217,972
10,420,646
Selected Balance Sheet Data:
Total assets
$
2,255,389
$
2,221,245
$
2,190,391
$
2,098,712
$
2,129,346
$
2,255,389
$
2,129,346
Securities available-for-sale, at
fair value (2)
334,955
331,760
325,478
335,267
355,174
334,955
355,174
Gross loans held for investment
1,552,976
1,527,199
1,472,232
1,409,443
1,409,913
1,552,976
1,409,913
Loans held for sale
231,593
209,101
187,481
174,033
193,938
231,593
193,938
Allowance for credit losses
18,028
17,497
17,104
17,118
15,615
18,028
15,615
Goodwill and other intangible assets
6,186
6,190
6,199
6,386
6,451
6,186
6,451
Total deposits
1,949,672
1,968,301
1,937,693
1,834,802
1,807,315
1,949,672
1,807,315
Core deposits (1)
1,654,764
1,660,409
1,650,358
1,559,904
1,628,706
1,654,764
1,628,706
Other borrowings
25,000
14,753
20,738
41,725
96,712
25,000
96,712
Total Shareholders' equity
250,438
209,365
202,104
195,232
193,303
250,438
193,303
Financial Highlights - continued (unaudited)
Table 1B
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
2025
2024
Performance Ratios:
Pre-tax pre-provision net revenue
(PPNR) (1)
$
9,434
$
7,781
$
7,221
$
7,894
$
9,097
$
24,436
$
19,874
Return on average assets (ROAA) (2)
1.20
%
1.09
%
0.97
%
1.07
%
1.47
%
1.09
%
1.04
%
Adjusted return on average assets
(Adj. ROAA) (1)(2)
1.20
1.09
0.97
1.07
1.47
1.09
1.21
Return on average equity (2)
10.84
11.62
10.25
11.65
16.91
10.91
12.30
Adjusted return on average equity (1)(2)
10.85
11.62
10.25
11.65
16.91
10.91
14.32
Return on average tangible common
equity (ROATCE) (1)(2)
11.07
11.92
10.52
11.97
17.40
11.17
12.68
Adjusted return on average tangible
common equity (Adj. ROATCE) (1)(2)
11.08
11.92
10.52
11.97
17.40
11.18
14.76
Net interest rate spread (2)
2.83
2.76
2.67
2.42
2.48
2.76
2.50
Net interest margin (2)
3.58
3.46
3.38
3.21
3.32
3.48
3.32
Efficiency ratio
55.69
60.85
61.26
56.70
54.35
59.14
61.49
Efficiency ratio, as adjusted (1)
55.66
60.85
61.26
56.70
54.35
59.13
57.62
Noninterest income to average total
assets (2)
0.37
0.33
0.36
0.37
0.55
0.35
0.16
Noninterest income to total revenue
9.86
9.03
10.09
10.74
14.86
9.66
4.95
Adjusted noninterest income to total
adjusted revenue (1)
9.91
9.03
10.09
10.74
14.86
9.67
10.93
Noninterest expense to average total assets (2)
2.11
2.21
2.19
1.94
2.02
2.17
2.04
Average interest-earning assets to average
interest-bearing liabilities
129.16
126.50
126.31
127.90
127.59
127.34
127.63
Average equity to average total assets
11.08
9.37
9.46
9.20
8.70
9.99
8.47
Asset Quality Data:
Net charge-offs to average LHFI (2)
0.03
%
0.06
%
0.00
%
(0.02
)
%
0.02
%
0.03
%
0.02
%
Net charge-offs to total average loans (2)
0.03
0.05
0.00
(0.02
)
0.02
0.03
0.02
Total allowance for credit losses
to total LHFI
1.16
1.15
1.16
1.21
1.11
1.16
1.11
Total allowance for credit losses
to total loans
1.01
1.01
1.03
1.08
0.97
1.01
0.97
Total allowance for credit losses
to nonperforming loans
127.03
118.99
117.11
114.07
184.64
127.03
184.64
Nonperforming loans to gross LHFI
0.91
0.96
0.99
1.06
0.60
0.91
0.60
Nonperforming assets to total assets
0.63
0.66
0.70
0.76
0.44
0.63
0.44
Adjusted nonperforming assets to total
assets (1)
0.43
0.46
0.49
0.53
0.21
0.43
0.21
Balance Sheet and Capital Ratios:
Loan-to-deposit ratio
91.53
%
88.21
%
85.65
%
86.30
%
88.74
%
91.53
%
88.74
%
Noninterest bearing deposits to
total deposits
16.08
15.92
15.52
16.51
17.28
16.08
17.28
Total shareholders' equity to total assets
11.10
9.43
9.23
9.30
9.08
11.10
9.08
Tangible common equity to tangible
assets (1)
10.91
9.22
9.01
9.08
8.86
10.91
8.86
Tier 1 leverage ratio (3)
11.15
10.22
10.62
10.64
10.26
11.15
10.26
Common equity tier 1 ratio (3)
11.94
11.09
11.55
12.07
11.72
11.94
11.72
Tier 1 risk-based capital ratio (3)
11.94
11.09
11.55
12.07
11.72
11.94
11.72
Total risk-based capital ratio (3)
12.90
12.04
12.52
12.97
12.55
12.90
12.55
Other:
Number of branches
11
11
11
11
11
11
11
Number of full-time equivalent
employees
194
188
180
181
181
187
180
Quarter End Balance Sheets (unaudited)
Table 2
September 30,
June 30,
March 31,
December 31,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
Assets
Cash and due from banks
$
20,088
$
23,245
$
19,380
$
37,320
$
17,722
Federal funds sold
6,191
20,045
79,153
30,641
43,602
Investment securities (1)
342,990
338,601
332,312
342,750
361,935
Loans held for sale (LHFS)
231,593
209,101
187,481
174,033
193,938
Loans held for investment (LHFI)
1,552,976
1,527,199
1,472,232
1,409,443
1,409,913
Allowance for credit losses on LHFI
(18,028
)
(17,497
)
(17,104
)
(17,118
)
(15,615
)
Loans held for investment, net
1,534,948
1,509,702
1,455,128
1,392,325
1,394,298
Bank-owned life insurance
47,833
47,373
46,924
46,484
46,044
Premises, furniture and equipment, net
18,186
18,166
17,837
17,796
17,882
Deferred tax asset
16,262
17,211
17,123
18,148
16,772
Goodwill & intangible assets (2)
6,186
6,190
6,199
6,386
6,451
Other assets
31,112
31,611
28,854
32,829
30,702
Total assets
$
2,255,389
$
2,221,245
$
2,190,391
$
2,098,712
$
2,129,346
Liabilities and shareholders' equity
Liabilities
Deposits
Noninterest bearing transaction accounts
$
313,604
$
313,386
$
300,678
$
302,907
$
312,290
Interest-bearing transaction accounts
198,753
209,816
191,452
181,068
183,707
Savings and money market
634,826
628,729
650,050
591,626
654,192
Time deposits
802,489
816,370
795,513
759,201
657,126
Total deposits
1,949,672
1,968,301
1,937,693
1,834,802
1,807,315
Federal Home Loan Bank of
Atlanta advances
25,000
-
-
15,000
-
Subordinated debt, net
-
14,753
14,741
14,730
14,718
Revolving commercial line of credit, net
-
-
5,997
11,995
11,994
Federal Reserve Bank - Bank Term
Funding Program ("BTFP") advances
-
-
-
-
70,000
Other liabilities
30,279
28,826
29,856
26,953
32,016
Total liabilities
2,004,951
2,011,880
1,988,287
1,903,480
1,936,043
Shareholders' equity
Voting common stock
10,449
8,107
8,102
8,098
8,078
Nonvoting common stock
1,530
2,172
2,172
2,172
2,172
Capital surplus
189,654
159,267
158,997
158,755
158,463
Accumulated income
59,750
53,009
47,044
41,994
36,290
Accumulated other comprehensive loss
(10,945
)
(13,190
)
(14,211
)
(15,787
)
(11,700
)
Total shareholders' equity
250,438
209,365
202,104
195,232
193,303
Total liabilities and shareholders' equity
$
2,255,389
$
2,221,245
$
2,190,391
$
2,098,712
$
2,129,346
Statements of Operations (unaudited)
Table 3
Three Months Ended
Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
2025
2024
Interest income
Interest on cash and due from banks
$
129
$
111
$
135
$
122
$
131
$
375
$
412
Interest on federal funds sold
616
698
963
870
1,045
2,277
2,881
Interest and dividends on investment
securities
4,125
3,875
3,800
3,994
4,171
11,800
12,052
Interest and fees on LHFS
3,422
3,296
2,819
3,404
2,993
9,537
6,868
Interest and fees on LHFI
24,598
23,813
22,307
22,147
24,214
70,718
70,899
Total interest income
32,890
31,793
30,024
30,537
32,554
94,707
93,112
Interest expense
Deposits
13,274
13,251
12,830
13,498
14,230
39,355
39,945
Other borrowings
426
464
435
768
1,358
1,325
4,116
Total interest expense
13,700
13,715
13,265
14,266
15,588
40,680
44,061
Net interest income
19,190
18,078
16,759
16,271
16,966
54,027
49,051
Provision (recovery) for credit losses
653
752
629
1,240
(1,023
)
2,034
(687
)
Net interest income after provision for
credit losses
18,537
17,326
16,130
15,031
17,989
51,993
49,738
Noninterest income
Mortgage banking related income
299
326
221
391
276
846
813
Interchange and card fee income
238
257
266
210
216
761
658
Service charges on deposit accounts
208
215
211
230
207
634
617
Bank-owned life insurance
461
449
440
440
437
1,350
1,224
Gain on sale of government guaranteed
loans
613
265
-
151
1,312
878
1,666
Losses on sale of available-for-sale
securities
(10
)
-
-
-
-
(10
)
(3,465
)
Other noninterest income
291
283
743
536
513
1,317
1,043
Total noninterest income
2,100
1,795
1,881
1,958
2,961
5,776
2,556
Noninterest expense
Salaries and employee benefits
6,985
6,997
6,694
6,759
6,727
20,676
19,428
Occupancy and equipment
850
814
788
762
754
2,452
2,233
Data processing
647
653
624
605
548
1,924
1,608
Other professional services
571
973
693
496
358
2,237
1,550
Software and other technology expense
788
719
703
774
671
2,210
1,968
Regulatory assessment
419
344
361
336
344
1,124
955
Other noninterest expense
1,596
1,592
1,556
603
1,428
4,744
3,991
Total noninterest expense
11,856
12,092
11,419
10,335
10,830
35,367
31,733
Net income before taxes
8,781
7,029
6,592
6,654
10,120
22,402
20,561
Income tax expense
2,040
1,064
1,542
950
2,236
4,646
4,361
Net income
$
6,741
$
5,965
$
5,050
$
5,704
$
7,884
$
17,756
$
16,200
QTD Average Balances and Yields/Rates (unaudited)
Table 4
Three Months Ended
September 30, 2025
June 30, 2025
September 30, 2024
Average
Yield/
Average
Yield/
Average
Yield/
(dollars in thousands)
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Earning assets:
Cash and due from banks
$
21,058
$
129
2.43
%
$
20,762
$
111
2.14
%
$
20,317
$
131
2.57
%
Federal funds sold
52,240
616
4.68
%
62,656
698
4.47
%
76,290
1,045
5.45
%
Investment securities
339,619
4,125
4.82
%
338,635
3,875
4.59
%
353,121
4,171
4.70
%
Loans held for sale
167,424
3,422
8.11
%
167,617
3,296
7.89
%
142,205
2,993
8.37
%
Loans held for investment
1,543,363
24,598
6.32
%
1,506,211
23,813
6.34
%
1,439,835
24,214
6.69
%
Total earning assets
2,123,704
32,890
6.14
%
2,095,881
31,793
6.08
%
2,031,768
32,554
6.37
%
Noninterest-earning assets:
Allowance for credit losses on LHFI
(17,504
)
(17,110
)
(15,992
)
Bank-owned life insurance
47,569
47,119
45,798
Premises, furniture and equipment, net
18,241
18,034
17,751
Deferred tax asset
17,159
17,182
18,255
Goodwill & intangible assets
6,176
6,168
6,257
Other assets
30,633
29,442
26,648
Total noninterest-earning assets
102,274
100,835
98,717
Total assets
$
2,225,978
$
2,196,716
$
2,130,485
Interest-bearing liabilities:
Interest-bearing deposits
$
1,631,767
$
13,274
3.23
%
$
1,626,415
$
13,251
3.27
%
$
1,495,726
$
14,230
3.78
%
Federal Reserve Bank - BTFP
-
-
0.00
%
-
-
0.00
%
70,000
863
4.90
%
Federal funds purchased
-
-
0.00
%
38
1
10.56
%
-
-
0.00
%
Federal Home Loan Bank of
Atlanta advances
272
3
4.38
%
10,000
116
4.65
%
-
-
0.00
%
Revolving commercial line of credit, net
-
-
0.00
%
5,667
112
7.93
%
11,994
260
8.62
%
Subordinated debt, net
12,191
423
13.77
%
14,747
235
6.39
%
14,712
235
6.35
%
Total interest-bearing liabilities
1,644,230
13,700
3.31
%
1,656,867
13,715
3.32
%
1,592,432
15,588
3.89
%
Noninterest-bearing liabilities:
Noninterest-bearing deposits
306,133
306,330
323,377
Other liabilities
28,927
27,682
29,242
Total noninterest-bearing liabilities
335,060
334,012
352,619
Shareholders' equity
246,688
205,837
185,434
Total liabilities and shareholders' equity
$
2,225,978
$
2,196,716
$
2,130,485
Net interest income
$
19,190
$
18,078
$
16,966
Net interest spread
2.83
%
2.76
%
2.48
%
Net interest margin
3.58
%
3.46
%
3.32
%
Cost of total deposits (1)
2.72
%
2.75
%
3.11
%
Cost of total funding (1)
2.79
%
2.80
%
3.24
%
YTD Average Balances and Yields/Rates (unaudited)
Table 5
Nine Months Ended
September 30, 2025
September 30, 2024
Average
Yield/
Average
Yield/
(dollars in thousands)
Balance
Interest
Rate
Balance
Interest
Rate
Earning assets:
Cash and due from banks
$
21,509
$
375
2.33
%
$
20,762
$
412
2.65
%
Federal funds sold
67,659
2,277
4.50
%
68,963
2,881
5.58
%
Investment securities
337,852
11,800
4.67
%
351,623
12,052
4.58
%
Loans held for sale
157,409
9,537
8.10
%
107,145
6,868
8.56
%
Loans held for investment
1,493,081
70,718
6.33
%
1,424,289
70,899
6.65
%
Total earning assets
2,077,510
94,707
6.09
%
1,972,782
93,112
6.30
%
Noninterest-earning assets:
Allowance for credit losses on LHFI
(17,245
)
(15,936
)
Bank-owned life insurance
47,123
45,380
Premises, furniture and equipment, net
18,044
17,682
Deferred tax asset
17,379
19,570
Goodwill & intangible assets
6,224
6,352
Other assets
29,935
31,315
Total noninterest-earning assets
101,460
104,363
Total assets
$
2,178,970
$
2,077,145
Interest-bearing liabilities:
Interest-bearing deposits
$
1,608,583
$
39,355
3.27
%
$
1,448,419
$
39,945
3.68
%
Federal Reserve Bank - BTFP
-
-
0.00
%
67,701
2,485
4.90
%
Federal funds purchased
13
1
10.28
%
-
-
0.00
%
Federal Home Loan Bank of
Atlanta advances
3,809
131
4.60
%
1,825
77
5.64
%
Revolving commercial line of credit, net
5,141
300
7.80
%
13,043
849
8.69
%
Subordinated debt, net
13,882
893
8.60
%
14,700
705
6.41
%
Total interest-bearing liabilities
1,631,428
40,680
3.33
%
1,545,688
44,061
3.81
%
Noninterest-bearing liabilities:
Noninterest bearing deposits
301,997
325,923
Other liabilities
27,944
29,639
Total noninterest-bearing liabilities
329,941
355,562
Shareholders' equity
217,601
175,895
Total liabilities and shareholders' equity
$
2,178,970
$
2,077,145
Net interest income
$
54,027
$
49,051
Net interest spread
2.76
%
2.49
%
Net interest margin
3.48
%
3.32
%
Cost of total deposits (1)
2.75
%
3.01
%
Cost of total funding (1)
2.81
%
3.14
%
Loan Data (unaudited)
Table 6
As of the Quarter Ended
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
(dollars in thousands)
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
Loans held for investment ("LHFI"):
Commercial Loans
Acquisition, development and
construction
$
106,787
6.9
%
$
100,528
6.6
%
$
76,453
5.2
%
$
72,520
5.2
%
$
112,275
8.0
%
Income producing CRE
371,670
23.9
372,142
24.4
352,693
24.0
321,558
22.8
267,551
19.0
Owner-occupied CRE
96,287
6.2
91,147
6.0
90,204
6.1
94,573
6.7
95,789
6.8
Senior housing
223,719
14.4
236,474
15.5
245,292
16.7
234,081
16.6
231,260
16.4
Commercial and industrial
135,039
8.7
131,716
8.6
145,784
9.8
141,626
10.0
140,290
10.0
Retail Loans
Marine vessels
318,246
20.5
301,327
19.7
284,305
19.3
263,657
18.6
279,689
19.8
Residential mortgages
190,220
12.2
185,527
12.1
176,794
12.0
174,099
12.4
173,392
12.3
Cash value life insurance LOC
90,115
5.8
87,135
5.7
80,503
5.5
86,844
6.2
87,968
6.2
Other consumer
20,893
1.4
21,203
1.4
20,204
1.4
20,485
1.5
21,699
1.5
Gross loans held for investment
$
1,552,976
100.0
%
$
1,527,199
100.0
%
$
1,472,232
100.0
%
$
1,409,443
100.0
%
$
1,409,913
100.0
%
Core LHFI
1,492,992
1,464,200
1,406,199
1,342,073
1,341,135
Acquired LHFI (1)
59,984
62,999
66,033
67,370
68,778
Gross loans held for investment
$
1,552,976
$
1,527,199
$
1,472,232
$
1,409,443
$
1,409,913
Allowance for credit losses on LHFI
18,028
17,497
17,104
17,118
15,615
Net loans held for investment
$
1,534,948
$
1,509,702
$
1,455,128
$
1,392,325
$
1,394,298
Total loans held-for-sale
231,593
209,101
187,481
174,033
193,938
Total Loans
$
1,784,569
$
1,736,300
$
1,659,713
$
1,583,476
$
1,603,851
Nonperforming Assets (unaudited)
Table 7
As of the Quarter Ended
(dollars in thousands)
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
Nonaccrual loans
$
14,171
$
14,611
$
14,599
$
14,957
$
8,408
Past due loans 90 days and still accruing
21
93
6
49
49
Total nonperforming loans
$
14,192
$
14,704
$
14,605
$
15,006
$
8,457
Other real estate owned
-
-
765
864
864
Total nonperforming assets
$
14,192
$
14,704
$
15,370
$
15,870
$
9,321
Nonperforming loans to gross LHFI
0.91
%
0.96
%
0.99
%
1.06
%
0.60
%
Nonaccrual loans to total assets
0.63
%
0.66
%
0.67
%
0.71
%
0.39
%
Nonperforming assets to total assets
0.63
%
0.66
%
0.70
%
0.76
%
0.44
%
Allowance for Credit Losses (unaudited)
Table 8
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
2025
2024
Allowance for credit losses on LHFI
Balance, beginning of period
$
17,497
$
17,104
$
17,118
$
15,615
$
16,002
$
17,118
$
15,465
Net charge-offs/(recoveries):
Commercial Loans
Acquisition, development and
construction
-
-
-
-
-
-
-
Income producing CRE
-
-
-
-
-
-
-
Owner-occupied CRE
-
-
-
(53
)
-
-
-
Senior housing
-
-
-
-
-
-
-
Commercial and industrial
(29
)
19
1
3
30
(9
)
126
Retail Loans
Marine vessels
-
-
-
-
36
-
36
Residential mortgages
(2
)
(2
)
(2
)
(2
)
(7
)
(6
)
(13
)
Cash value life insurance LOC
-
-
-
-
-
-
-
Other consumer
156
191
16
(25
)
27
363
24
Total net charge-offs/(recoveries)
$
125
$
208
$
15
$
(77
)
$
86
$
348
$
173
Provision (recovery) for loan credit losses
656
601
1
1,426
(301
)
1,258
323
Balance, ending of period
$
18,028
$
17,497
$
17,104
$
17,118
$
15,615
$
18,028
$
15,615
Allowance for credit losses for unfunded commitments
Period beginning balance
$
3,499
$
3,348
$
2,720
$
2,906
$
3,628
$
2,720
$
3,916
(Recovery) provision for credit losses
(3
)
151
628
(186
)
(722
)
776
(1,010
)
Period ending balance
$
3,496
$
3,499
$
3,348
$
2,720
$
2,906
$
3,496
$
2,906
Balance, end of period - Allowance for credit
losses: LHFI and unfunded commitments
$
21,524
$
20,996
$
20,452
$
19,838
$
18,521
$
21,524
$
18,521
Total loans held for investment
$
1,552,976
$
1,527,199
$
1,472,232
$
1,409,443
$
1,409,913
$
1,552,976
$
1,409,913
Credit Analysis
Net charge-offs to average LHFI
0.03
%
0.06
%
0.00
%
(0.02
)%
0.02
%
0.03
%
0.02
%
Total allowance for credit losses on LHFI to
total LHFI
1.16
%
1.15
%
1.16
%
1.21
%
1.11
%
1.16
%
1.11
%
Total allowance for credit losses on LHFI to
nonaccrual loans
127.22
%
119.75
%
117.16
%
114.45
%
185.72
%
127.22
%
185.72
%
Total allowance for credit losses on LHFI to
total nonperforming loans
127.03
%
118.99
%
117.11
%
114.07
%
184.64
%
127.03
%
184.64
%
Loan Risk Ratings (1) (2) (unaudited)
Table 9
As of the Quarter Ended
(dollars in thousands)
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
Acquisition, development and
construction (1)
Pass
$
106,787
$
100,528
$
76,453
$
72,520
$
112,275
Special mention
-
-
-
-
-
Substandard
-
-
-
-
-
Total acquisition, development
and construction
$
106,787
$
100,528
$
76,453
$
72,520
$
112,275
Income producing CRE (1)
Pass
$
370,788
$
371,255
$
352,281
$
321,146
$
262,287
Special mention
-
-
-
-
4,852
Substandard
882
887
412
412
412
Total income producing
$
371,670
$
372,142
$
352,693
$
321,558
$
267,551
Owner-occupied CRE (1)
Pass
$
86,533
$
81,244
$
83,711
$
87,906
$
89,133
Special mention
3,579
3,612
-
-
1,838
Substandard
6,175
6,291
6,493
6,667
4,818
Total owner occupied
$
96,287
$
91,147
$
90,204
$
94,573
$
95,789
Senior housing (1)
Pass
$
205,330
$
217,971
$
208,922
$
190,084
$
184,178
Special mention
12,006
12,078
24,814
25,025
17,493
Substandard
6,383
6,425
11,556
18,972
29,589
Total senior housing
$
223,719
$
236,474
$
245,292
$
234,081
$
231,260
Commercial and industrial (2)
Pass
$
128,468
$
124,979
$
141,202
$
136,878
$
135,476
Special mention
2,402
2,199
-
36
189
Substandard
4,169
4,538
4,582
4,712
4,625
Total non-real estate
$
135,039
$
131,716
$
145,784
$
141,626
$
140,290
Marine vessels (2)
Performing
$
318,246
$
301,327
$
284,305
$
263,657
$
279,689
Nonperforming
-
-
-
-
-
Total marine vessels
$
318,246
$
301,327
$
284,305
$
263,657
$
279,689
Residential mortgages (2)
Performing
$
190,059
$
185,162
$
176,633
$
173,834
$
173,122
Nonperforming
161
365
161
265
270
Total residential mortgages
$
190,220
$
185,527
$
176,794
$
174,099
$
173,392
Cash value life insurance LOC (2)
Performing
$
90,115
$
87,135
$
80,503
$
86,844
$
87,968
Nonperforming
-
-
-
-
-
Total cash value life insurance
LOC
$
90,115
$
87,135
$
80,503
$
86,844
$
87,968
Other consumer (2)
Performing
$
20,872
$
21,203
$
20,204
$
20,442
$
21,699
Nonperforming
21
-
-
43
-
Total other consumer
$
20,893
$
21,203
$
20,204
$
20,485
$
21,699
Gross loans held for investment
$
1,552,976
$
1,527,199
$
1,472,232
$
1,409,443
$
1,409,913
Non-GAAP Financial Measures
The measures entitled return on average tangible common equity, tangible book value per share, tangible common equity, tangible assets, adjusted nonperforming assets to total assets, adjusted nonperforming assets, adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share, pre-tax, pre-provision net revenue, adjusted return on average assets, adjusted return on average equity, efficiency ratio, as adjusted, adjusted return on average tangible common equity, adjusted noninterest income to total revenue, and tangible common equity to tangible assets are not measures recognized under accounting principles generally accepted in the United States of America (“GAAP”) and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are return on average shareholders’ equity, book value per share, total shareholders’ equity, total assets, total nonperforming assets to total assets, total nonperforming assets, net income, basic earnings per share, diluted earnings per share, net income, return on average assets, return on average equity, the efficiency ratio, return on average equity, noninterest income to total revenue, total common equity to total assets, respectively.
Management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view the Company’s performance using the same tools that management uses to evaluate the Company’s past performance and prospects for future performance. While management believes that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures should be considered as additional views of the way the Company’s financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies.
Non-GAAP Reconciliations
Tangible Book Value per Share / Tangible Common Equity to Tangible Assets (unaudited)
Table 10A
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands, except per share data)
2025
2025
2025
2024
2024
2025
2024
Tangible Common Equity:
Total shareholders' equity
$
250,438
$
209,365
$
202,104
$
195,232
$
193,303
$
250,438
$
193,303
Less: Goodwill and intangibles
(6,186
)
(6,190
)
(6,199
)
(6,386
)
(6,451
)
(6,186
)
(6,451
)
Adjusted for: Mortgage servicing
rights
1,156
1,122
1,093
1,237
1,258
1,156
1,258
Tangible Common Equity
$
245,408
$
204,297
$
196,998
$
190,083
$
188,110
$
245,408
$
188,110
Common shares outstanding
11,978,921
$
10,278,921
10,274,271
10,270,146
10,250,446
11,978,921
10,250,446
Book value per common share
20.91
20.37
19.67
19.01
18.86
20.91
18.86
Tangible book value per common
share
20.49
19.88
19.17
18.51
18.35
20.49
18.35
Tangible assets:
Total assets
$
2,255,389
$
2,221,245
$
2,190,391
$
2,098,712
$
2,129,346
$
2,255,389
$
2,129,346
Less: Goodwill and intangibles
(6,186
)
(6,190
)
(6,199
)
(6,386
)
(6,451
)
(6,186
)
(6,451
)
Adjusted for: Mortgage servicing
rights
1,156
1,122
1,093
1,237
1,258
1,156
1,258
Tangible assets
$
2,250,359
$
2,216,177
$
2,185,285
$
2,093,563
$
2,124,153
$
2,250,359
$
2,124,153
Tangible common equity to
tangible assets
10.91
%
9.22
%
9.01
%
9.08
%
8.86
%
10.91
%
8.86
%
ROATCE / Adjusted ROATCE (unaudited)
Table 10B
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
2025
2024
Net income
$
6,741
$
5,965
$
5,050
$
5,704
$
7,884
$
17,756
$
16,200
Average shareholders' equity
246,688
205,837
199,763
194,724
185,434
217,601
175,895
Return on average shareholders'
equity (1)
10.84
%
11.62
%
10.25
%
11.65
%
16.91
%
10.91
%
12.30
%
Average Tangible Common Equity:
Average shareholders' equity
$
246,688
$
205,837
$
199,763
$
194,724
$
185,434
$
217,601
$
175,895
Less: Average goodwill and
intangibles
(6,176
)
(6,168
)
(6,328
)
(6,432
)
(6,257
)
(6,224
)
(6,352
)
Adjusted for: Average mortgage
servicing rights
1,128
1,082
1,198
1,263
1,041
1,136
1,089
Average tangible common equity
$
241,640
$
200,751
$
194,633
$
189,555
$
180,218
$
212,513
$
170,632
Return on average tangible common (1)
shareholders' equity
11.07
%
11.92
%
10.52
%
11.97
%
17.40
%
11.17
%
12.68
%
Net income
$
6,741
$
5,965
$
5,050
$
5,704
$
7,884
$
17,756
$
16,200
Adjusted for:
Loss on sale of AFS
securities, net of tax (2)
8
-
-
-
-
8
2,654
Adjusted net income
$
6,749
$
5,965
$
5,050
$
5,704
$
7,884
$
17,764
$
18,854
Average tangible common equity
$
241,640
$
200,751
$
194,633
$
189,555
$
180,218
$
212,513
$
170,632
Adjusted return on average tangible
common equity (1)
11.08
%
11.92
%
10.52
%
11.97
%
17.40
%
11.18
%
14.76
%
Non-GAAP Reconciliations
Efficiency Ratio, as Adjusted / Noninterest Income to Total Revenue (unaudited)
Table 10C
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
2025
2024
GAAP-based efficiency ratio
55.69
%
60.85
%
61.26
%
56.70
%
54.35
%
59.14
%
61.49
%
Net interest income
$
19,190
$
18,078
$
16,759
$
16,271
$
16,966
$
54,027
$
49,051
Noninterest income
2,100
1,795
1,881
1,958
2,961
5,776
2,556
Adjusted for:
Loss on sale of AFS
securities (1)
10
-
-
-
-
10
3,465
Adjusted revenue
$
21,300
$
19,873
$
18,640
$
18,229
$
19,927
$
59,813
$
55,072
Total noninterest expense
11,856
12,092
11,419
10,335
10,830
35,367
31,733
Adjusted noninterest expense
$
11,856
$
12,092
$
11,419
$
10,335
$
10,830
$
35,367
$
31,733
Efficiency ratio, as adjusted
55.66
%
60.85
%
61.26
%
56.70
%
54.35
%
59.13
%
57.62
%
Noninterest income to total revenue
9.86
%
9.03
%
10.09
%
10.74
%
14.86
%
9.66
%
4.95
%
Adjusted noninterest income to
total adjusted revenue
9.91
%
9.03
%
10.09
%
10.74
%
14.86
%
9.67
%
10.93
%
Adjusted Net Income / Adjusted Return on Average Assets (unaudited)
Table 10D
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
2025
2024
Net income
$
6,741
$
5,965
$
5,050
$
5,704
$
7,884
$
17,756
$
16,200
Average assets
2,225,978
2,196,716
2,111,196
2,117,357
2,130,485
2,178,970
2,077,145
Return on average assets (1)
1.20
%
1.09
%
0.97
%
1.07
%
1.47
%
1.09
%
1.04
%
Net income
$
6,741
$
5,965
$
5,050
$
5,704
$
7,884
$
17,756
$
16,200
Adjusted for:
Loss on sale of AFS
securities, net of tax (2)
8
-
-
-
-
8
2,654
Adjusted net income
$
6,749
$
5,965
$
5,050
$
5,704
$
7,884
$
17,764
$
18,854
Average assets
$
2,225,978
$
2,196,716
$
2,111,196
$
2,117,357
$
2,130,485
$
2,178,970
$
2,077,145
Adjusted return on average
assets (1)
1.20
%
1.09
%
0.97
%
1.07
%
1.47
%
1.09
%
1.21
%
Adjusted Net Income / Adjusted Return on Average Shareholders' Equity (unaudited)
Table 10E
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
2025
2024
Net income
$
6,741
$
5,965
$
5,050
$
5,704
$
7,884
$
17,756
$
16,200
Average shareholders' equity
246,688
205,837
199,763
194,724
185,434
217,601
175,895
Return on average
shareholders' equity (1)
10.84
%
11.62
%
10.25
%
11.65
%
16.91
%
10.91
%
12.30
%
Net income
$
6,741
$
5,965
$
5,050
$
5,704
$
7,884
$
17,756
$
16,200
Adjusted for:
Loss on sale of AFS
securities, net of tax (2)
8
-
-
-
-
8
2,654
Adjusted net income
$
6,749
$
5,965
$
5,050
$
5,704
$
7,884
$
17,764
$
18,854
Average shareholders' equity
$
246,688
$
205,837
$
199,763
$
194,724
$
185,434
$
217,601
$
175,895
Adjusted return on average
shareholders' equity (1)
10.85
%
11.62
%
10.25
%
11.65
%
16.91
%
10.91
%
14.32
%
Non-GAAP Reconciliations
Adjusted Net Income / Adjusted Basic EPS / Adjusted Diluted EPS (unaudited)
Table 10F
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands, except per share data)
2025
2025
2025
2024
2024
2025
2024
Net income
$
6,741
$
5,965
$
5,050
$
5,704
$
7,884
$
17,756
$
16,200
Average common shares
outstanding - basic
11,941,965
10,277,721
10,273,125
10,250,446
10,250,446
10,837,050
10,180,788
Basic earnings per share
$
0.57
$
0.58
$
0.49
$
0.56
$
0.77
$
1.64
$
1.59
Average common shares
outstanding - diluted
12,325,462
10,612,255
10,642,078
10,596,364
10,544,087
11,217,972
10,420,646
Diluted earnings per share
$
0.54
$
0.57
$
0.47
$
0.54
$
0.75
$
1.58
$
1.55
Net income
$
6,741
$
5,965
$
5,050
$
5,704
$
7,884
$
17,756
$
16,200
Adjusted for:
Loss on sale of AFS securities,
net of tax (1)
8
-
-
-
-
8
2,654
Adjusted net income
$
6,749
$
5,965
$
5,050
$
5,704
$
7,884
$
17,764
$
18,854
Adjusted basic earnings per share
$
0.57
$
0.58
$
0.49
$
0.56
$
0.77
$
1.64
$
1.85
Adjusted diluted earnings per share
$
0.54
$
0.57
$
0.47
$
0.54
$
0.75
$
1.58
$
1.81
Adjusted Nonperforming Assets to Total Assets (unaudited)
Table 10G
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
2025
2024
Total nonperforming assets
$
14,192
$
14,704
$
15,370
$
15,870
$
9,321
$
14,192
$
9,321
Total assets
2,255,389
2,221,245
2,190,391
2,098,712
2,129,346
2,255,389
2,129,346
GAAP-based nonperforming assets
to total assets
0.63
%
0.66
%
0.70
%
0.76
%
0.44
%
0.63
%
0.44
%
Total nonperforming assets
$
14,192
$
14,704
$
15,370
$
15,870
$
9,321
$
14,192
$
9,321
Adjusted for:
Guaranteed portions of nonaccrual
loans
4,457
4,583
4,692
4,811
4,916
4,457
4,916
Adjusted total nonperforming assets
$
9,735
$
10,121
$
10,678
$
11,059
$
4,405
$
9,735
$
4,405
Total assets
$
2,255,389
$
2,221,245
$
2,190,391
$
2,098,712
$
2,129,346
$
2,255,389
$
2,129,346
Adjusted nonperforming assets to
total assets
0.43
%
0.46
%
0.49
%
0.53
%
0.21
%
0.43
%
0.21
%
PPNR (unaudited)
Table 10H
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
2025
2024
Net income (GAAP-based)
$
6,741
$
5,965
$
5,050
$
5,704
$
7,884
$
17,756
$
16,200
Plus:
Income tax expense
2,040
1,064
1,542
950
2,236
4,646
4,361
Provision (recovery) for credit losses
653
752
629
1,240
(1,023
)
2,034
(687
)
Pre-tax, pre-provision net revenue
$
9,434
$
7,781
$
7,221
$
7,894
$
9,097
$
24,436
$
19,874
Core Deposits (unaudited)
Table 10I
As of and for the Three Months Ended
As of and for the Nine Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
September 30,
September 30,
(dollars in thousands)
2025
2025
2025
2024
2024
2025
2024
Total Deposits
$
1,949,672
$
1,968,301
$
1,937,693
$
1,834,802
$
1,807,315
$
1,949,672
$
1,807,315
Less:
Brokered CDs
294,908
307,892
287,335
274,898
178,609
294,908
178,609
Core deposits (1)
$
1,654,764
$
1,660,409
$
1,650,358
$
1,559,904
$
1,628,706
$
1,654,764
$
1,628,706
|