- Net income for the year ended
December 31, 2021 , of$12.7 million or$5.71 per diluted share compared to 2020 annual net income of$8.9 million or$4.01 per diluted share. - Annual return on average assets of 2.98% compared to 2.49% for the year ended
December 31, 2020 . - Return on average common equity for the year ended
December 31, 2021 , of 15.32% compared to 12.22% for the same period in 2020. - Return on average tangible common equity (a non-GAAP financial measure) for the year ended
December 31, 2021 , of 20.14% compared to 17.08% for the fourth quarter of 2020. - Fourth quarter net income of
$1.3 million or$0.57 per diluted share compared to 2020 fourth quarter net income of$1.7 million or$0.78 per diluted share. - Provision for loan losses of
$775,000 for the fourth quarter of 2021 compared to$210,000 for the same period in 2020. - Return on average assets of 1.14%, compared to 1.79% for the fourth quarter of 2020.
- Return on average common equity of 5.85%, compared to 9.06% for the fourth quarter of 2020.
- Return on average tangible common equity (a non-GAAP financial measure) of 7.57%, compared to 12.38% for the fourth quarter of 2020.
- Loan processing and servicing revenue of
$2.9 million , compared to$2.3 million for the fourth quarter of 2020. - Government lending revenues of
$2.2 million , compared to$1.8 million for the fourth quarter of 2020. - Mortgage origination and sales revenue of
$1.1 million compared to$1.4 million for the fourth quarter of 2020. - Other noninterest income was a loss of
$1.5 million compared to income of$491,000 for the fourth quarter of 2020. The loss was directly attributable to the pre-tax impact of a tax credit strategy executed during the quarter.
BALANCE SHEET
On
CAPITAL LEVELS
At
"Well Capitalized" Minimum | Basel III Fully Phased-In | West Town | ||||
Tier 1 common equity ratio | 6.50% | 7.00% | 15.91% | |||
Tier 1 risk-based capital ratio | 8.00% | 8.50% | 15.91% | |||
Total risk-based capital ratio | 10.00% | 10.50% | 17.17% | |||
Tier 1 leverage ratio | 5.00% | 4.00% | 11.46% | |||
The Company’s book value per common share increased from
ASSET QUALITY
The Company’s nonperforming assets to total assets ratio decreased from 2.74% at
The Company recorded a
(Dollars in thousands) | |||||||||||||||
Nonaccrual loans | $ | 6,848 | $ | 7,575 | $ | 5,765 | $ | 7,341 | $ | 8,506 | |||||
Foreclosed assets | 618 | 618 | 618 | 1,377 | 2,372 | ||||||||||
90 days past due and still accruing | - | - | 447 | - | - | ||||||||||
Total nonperforming assets | $ | 7,466 | $ | 8,193 | $ | 6,830 | $ | 8,718 | $ | 10,878 | |||||
Net charge-offs | $ | 1,038 | $ | 325 | $ | 24 | $ | 156 | $ | 96 | |||||
Annualized net charge-offs to total average portfolio loans | 1.65 | % | 0.50 | % | 0.03 | % | 0.24 | % | 0.14 | % | |||||
Ratio of total nonperforming assets to total assets | 1.65 | % | 1.84 | % | 1.55 | % | 2.14 | % | 2.74 | % | |||||
Ratio of total nonperforming loans to total loans, net | |||||||||||||||
of allowance | 2.70 | % | 2.99 | % | 2.40 | % | 2.69 | % | 3.26 | % | |||||
Ratio of total allowance for loan losses to total loans | 2.14 | % | 2.24 | % | 2.13 | % | 2.02 | % | 1.94 | % |
NET INTEREST INCOME AND MARGIN
Net interest income for the three months ended
Interest-earning asset yields decreased from 5.18% to 4.71% while interest-bearing liabilities cost decreased from 1.38% to 0.93% year-over-year between
Net interest income for the twelve months ended
Three Months Ended | Year-To-Date | ||||||||||||||
(Dollars in thousands) | |||||||||||||||
Average balances: | |||||||||||||||
Loans | $ | 277,510 | $ | 272,994 | $ | 292,166 | $ | 288,700 | $ | 285,969 | $ | 282,843 | $ | 258,418 | |
Available-for-sale securities | 32,367 | 31,393 | 29,969 | 27,366 | 25,200 | 30,274 | 24,846 | ||||||||
Other interest-bearing balances | 86,261 | 93,682 | 46,545 | 35,981 | 21,305 | 65,617 | 20,818 | ||||||||
Total interest-earning assets | 396,138 | 398,069 | 368,680 | 352,047 | 332,474 | 378,734 | 304,082 | ||||||||
Total assets | 442,139 | 446,822 | 418,741 | 399,775 | 382,574 | 426,869 | 355,156 | ||||||||
Noninterest-bearing deposits | 104,472 | 103,708 | 85,918 | 80,626 | 81,552 | 93,681 | 70,089 | ||||||||
Interest-bearing liabilities: | |||||||||||||||
Interest-bearing deposits | 237,847 | 240,957 | 235,013 | 228,726 | 212,636 | 235,636 | 192,229 | ||||||||
Borrowings | 5,272 | 5,196 | 5,187 | 4,000 | 5,793 | 4,914 | 13,141 | ||||||||
Total interest-bearing liabilities | 243,119 | 246,153 | 240,200 | 232,726 | 218,429 | 240,550 | 205,370 | ||||||||
Common shareholders' equity | 86,549 | 85,683 | 81,584 | 78,640 | 75,774 | 83,114 | 72,416 | ||||||||
Tangible common equity (1) | 66,877 | 65,843 | 61,587 | 58,506 | 55,454 | 63,203 | 51,817 | ||||||||
Interest income/expense: | |||||||||||||||
Loans | $ | 4,571 | $ | 4,759 | $ | 4,686 | $ | 4,442 | $ | 4,250 | $ | 18,458 | $ | 17,486 | |
Available-for-sale securities | 77 | 75 | 66 | 50 | 52 | 268 | 283 | ||||||||
Interest-bearing balances and other | 53 | 67 | 33 | 35 | 38 | 188 | 185 | ||||||||
Total interest income | 4,701 | 4,901 | 4,785 | 4,527 | 4,340 | 18,914 | 17,954 | ||||||||
Deposits | 566 | 645 | 665 | 704 | 759 | 2,580 | 3,294 | ||||||||
Borrowings | 1 | - | - | - | 2 | 1 | 182 | ||||||||
Total interest expense | 567 | 645 | 665 | 704 | 761 | 2,581 | 3,476 | ||||||||
Net interest income | $ | 4,134 | $ | 4,256 | $ | 4,120 | $ | 3,823 | $ | 3,579 | $ | 16,333 | $ | 14,478 | |
(1) See reconciliation of non-GAAP financial measures. | |||||||||||||||
Three Months Ended | Year-To-Date | ||||||||||||||
Average yields and costs: | |||||||||||||||
Loans | 6.53 | % | 6.92 | % | 6.43 | % | 6.24 | % | 5.90 | % | 6.53 | % | 6.75 | % | |
Available-for-sale securities | 0.95 | % | 0.96 | % | 0.88 | % | 0.73 | % | 0.83 | % | 0.89 | % | 1.14 | % | |
Interest-bearing balances and other | 0.24 | % | 0.28 | % | 0.28 | % | 0.39 | % | 0.71 | % | 0.29 | % | 0.89 | % | |
Total interest-earning assets | 4.71 | % | 4.88 | % | 5.21 | % | 5.22 | % | 5.18 | % | 4.99 | % | 5.89 | % | |
Interest-bearing deposits | 0.94 | % | 1.06 | % | 1.13 | % | 1.25 | % | 1.42 | % | 1.09 | % | 1.71 | % | |
Borrowings | 0.08 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.14 | % | 0.02 | % | 1.38 | % | |
Total interest-bearing liabilities | 0.93 | % | 1.04 | % | 1.11 | % | 1.23 | % | 1.38 | % | 1.07 | % | 1.69 | % | |
Cost of funds | 0.65 | % | 0.73 | % | 0.82 | % | 0.91 | % | 1.01 | % | 0.77 | % | 1.26 | % | |
Net interest margin | 4.14 | % | 4.24 | % | 4.48 | % | 4.40 | % | 4.27 | % | 4.31 | % | 4.75 | % | |
NONINTEREST INCOME
Noninterest income for the three months ended
Windsor Advantage, LLC (“Windsor”), a subsidiary of the Company which offers an SBA andUSDA loan servicing platform, had processing and servicing revenue totaling$2.9 million , an increase of$572,000 or 25% as compared to the$2.3 million in income earned during the same prior year period. The increase is attributable to increased volume of the servicing portfolio from new and existing clients.- Mortgage revenue totaled
$1.1 million , a decrease of$308,000 or 22% as compared to the fourth quarter of 2020. Mortgage loans originated to sell to the secondary market decreased from$41.1 million in the fourth quarter 2020 to$21.4 million in the fourth quarter 2021. The decrease in both the revenue and origination volume can be attributable to the nationwide slowdown in refinancing volume as many borrowers have already refinanced in this low-rate environment. - Government Guaranteed Lending (“GGL”) revenue was
$2.2 million in the fourth quarter of 2021, an increase of$401,000 or 22% in comparison to the$1.8 million of revenues for the same period in 2020. - Other noninterest income was a loss of
$1.5 million in the fourth quarter of 2021 compared to income of$491,000 in the same period in 2020. The decrease is entirely attributable to a$2.1 million pre-tax loss associated with a tax credit taken in the fourth quarter of 2021. The tax benefit of the losses plus the tax credit itself netted a total after-tax positive impact to the Company of about$1.2 million . Excluding the pre-tax tax credit adjustment, other noninterest income would have been$658,000 , up$167,000 or 34% in comparison to the same period in 2020.
Noninterest income for the twelve months ended
NONINTEREST EXPENSE
Noninterest expense for the fourth quarter of 2021 was
For the twelve-month period ended
ABOUT INTEGRATED FINANCIAL HOLDINGS, INC.
For more information, visit https://ifhinc.com/.
Important Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations, and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time this release was prepared. These statements can be identified by the use of words such as "expect," "anticipate," "estimate," "believe," variations of these words, and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values; changes in
Consolidated Balance Sheets | ||||||||||||||||||
Ending Balance | ||||||||||||||||||
(Dollars in thousands, unaudited) | ||||||||||||||||||
Assets | ||||||||||||||||||
Cash and due from banks | $ | 3,803 | $ | 4,452 | $ | 3,537 | $ | 3,217 | $ | 4,268 | ||||||||
Interest-bearing deposits | 79,910 | 83,327 | 76,957 | 30,224 | 28,657 | |||||||||||||
Total cash and cash equivalents | 83,713 | 87,779 | 80,494 | 33,441 | 32,925 | |||||||||||||
Interest-bearing time deposits | 1,746 | 1,996 | 2,746 | 2,746 | 2,746 | |||||||||||||
Available-for-sale securities | 32,659 | 31,341 | 30,928 | 28,215 | 25,711 | |||||||||||||
Loans held for sale | 27,880 | 20,610 | 14,621 | 17,735 | 26,308 | |||||||||||||
Loans held for investment | 259,625 | 259,206 | 264,402 | 278,200 | 258,454 | |||||||||||||
Allowance for loan and lease losses | (5,547 | ) | (5,810 | ) | (5,635 | ) | (5,609 | ) | (5,144 | ) | ||||||||
Loans held for investment, net | 254,078 | 253,396 | 258,767 | 272,591 | 253,310 | |||||||||||||
Premises and equipment, net | 4,106 | 4,127 | 4,599 | 4,651 | 4,658 | |||||||||||||
Foreclosed assets | 618 | 618 | 618 | 1,377 | 2,372 | |||||||||||||
Loan servicing assets | 3,993 | 3,830 | 3,936 | 3,428 | 3,456 | |||||||||||||
Bank-owned life insurance | 5,246 | 5,220 | 5,193 | 5,161 | 5,136 | |||||||||||||
Accrued interest receivable | 1,373 | 1,508 | 1,672 | 1,656 | 1,556 | |||||||||||||
13,161 | 13,161 | 13,161 | 13,161 | 13,161 | ||||||||||||||
Other intangible assets, net | 6,400 | 6,569 | 6,737 | 6,851 | 7,037 | |||||||||||||
Other assets | 18,001 | 13,954 | 16,803 | 17,176 | 10,833 | |||||||||||||
Total assets | $ | 452,974 | $ | 444,109 | $ | 440,275 | $ | 408,189 | $ | 389,209 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Noninterest-bearing | $ | 114,313 | $ | 98,940 | $ | 98,797 | $ | 77,167 | $ | 80,854 | ||||||||
Interest-bearing | 233,842 | 241,959 | 238,598 | 234,523 | 220,036 | |||||||||||||
Total deposits | 348,155 | 340,899 | 337,395 | 311,690 | 300,890 | |||||||||||||
Borrowings | 7,500 | 5,000 | 5,000 | 4,000 | 4,000 | |||||||||||||
Accrued interest payable | 326 | 372 | 388 | 454 | 427 | |||||||||||||
Other liabilities | 9,212 | 11,130 | 13,490 | 11,347 | 7,139 | |||||||||||||
Total liabilities | 365,193 | 357,401 | 356,273 | 327,491 | 312,456 | |||||||||||||
Shareholders' equity: | ||||||||||||||||||
Common stock, voting | 2,176 | 2,176 | 2,183 | 2,223 | 2,181 | |||||||||||||
Common stock, non-voting | 22 | 22 | 22 | 22 | 22 | |||||||||||||
Additional paid in capital | 23,664 | 23,515 | 23,545 | 24,568 | 24,361 | |||||||||||||
Retained earnings | 62,810 | 61,534 | 58,597 | 54,015 | 50,079 | |||||||||||||
Accumulated other comprehensive income (loss) | (99 | ) | 65 | 105 | 164 | 271 | ||||||||||||
88,573 | 87,312 | 84,452 | 80,992 | 76,914 | ||||||||||||||
Noncontrolling interest | (792 | ) | (604 | ) | (450 | ) | (294 | ) | (161 | ) | ||||||||
Total shareholders' equity | 87,781 | 86,708 | 84,002 | 80,698 | 76,753 | |||||||||||||
Total liabilities and shareholders' equity | $ | 452,974 | $ | 444,109 | $ | 440,275 | $ | 408,189 | $ | 389,209 | ||||||||
Consolidated Statements of Income | ||||||||||||||||||||||
(Dollars in thousands except per | Three Months Ended | Year-To-Date | ||||||||||||||||||||
share data; unaudited) | ||||||||||||||||||||||
Interest income | ||||||||||||||||||||||
Loans | $ | 4,571 | $ | 4,759 | $ | 4,686 | $ | 4,442 | $ | 4,250 | $ | 18,458 | $ | 17,486 | ||||||||
Available-for-sale securities and other | 130 | 142 | 99 | 85 | 90 | 456 | 468 | |||||||||||||||
Total interest income | 4,701 | 4,901 | 4,785 | 4,527 | 4,340 | 18,914 | 17,954 | |||||||||||||||
Interest expense | ||||||||||||||||||||||
Interest on deposits | 566 | 645 | 665 | 704 | 759 | 2,580 | 3,294 | |||||||||||||||
Interest on borrowings | 1 | - | - | - | 2 | 1 | 182 | |||||||||||||||
Total interest expense | 567 | 645 | 665 | 704 | 761 | 2,581 | 3,476 | |||||||||||||||
Net interest income | 4,134 | 4,256 | 4,120 | 3,823 | 3,579 | 16,333 | 14,478 | |||||||||||||||
Provision for loan losses | 775 | 500 | 50 | 622 | 210 | 1,947 | 4,460 | |||||||||||||||
Noninterest income | ||||||||||||||||||||||
Loan processing and servicing | ||||||||||||||||||||||
revenue | 2,863 | 5,951 | 5,765 | 8,838 | 2,291 | 23,417 | 20,769 | |||||||||||||||
Mortgage | 1,090 | 1,537 | 1,773 | 1,706 | 1,398 | 6,106 | 6,789 | |||||||||||||||
Government guaranteed lending | 2,216 | 584 | 3,812 | 1,325 | 1,815 | 7,937 | 3,178 | |||||||||||||||
SBA documentation preparation fees | 167 | 149 | 241 | 434 | 57 | 991 | 749 | |||||||||||||||
Service charges on deposits | 85 | 77 | 49 | 32 | 20 | 243 | 65 | |||||||||||||||
Bank-owned life insurance | 25 | 27 | 32 | 25 | 26 | 109 | 115 | |||||||||||||||
Other noninterest income (loss) | (1,473 | ) | 694 | 908 | 2,196 | 491 | 2,325 | 1,841 | ||||||||||||||
Total noninterest income | 4,973 | 9,019 | 12,580 | 14,556 | 6,098 | 41,128 | 33,506 | |||||||||||||||
Noninterest expense | ||||||||||||||||||||||
Compensation | 6,178 | 5,462 | 5,996 | 6,016 | 5,250 | 23,652 | 19,107 | |||||||||||||||
Occupancy and equipment | 254 | 324 | 300 | 303 | 286 | 1,181 | 1,042 | |||||||||||||||
Loan and special asset expenses | 483 | 133 | 634 | 1,002 | 655 | 2,252 | 2,726 | |||||||||||||||
Professional services | 845 | 732 | 560 | 680 | 559 | 2,817 | 2,259 | |||||||||||||||
Data processing | 267 | 196 | 215 | 221 | 196 | 899 | 696 | |||||||||||||||
Software | 830 | 842 | 1,524 | 3,391 | 492 | 6,587 | 3,377 | |||||||||||||||
Communications | 99 | 100 | 90 | 107 | 94 | 396 | 348 | |||||||||||||||
Advertising | 453 | 474 | 393 | 109 | 128 | 1,429 | 507 | |||||||||||||||
Amortization of intangibles | 170 | 170 | 172 | 186 | 186 | 698 | 744 | |||||||||||||||
Other operating expenses | 754 | 505 | 733 | 644 | 792 | 2,636 | 2,492 | |||||||||||||||
Total noninterest expense | 10,333 | 8,938 | 10,617 | 12,659 | 8,638 | 42,547 | 33,298 | |||||||||||||||
Income (loss) before income taxes | (2,001 | ) | 3,837 | 6,033 | 5,098 | 829 | 12,967 | 10,226 | ||||||||||||||
Income tax expense (benefit) | (3,090 | ) | 1,055 | 1,606 | 1,296 | (805 | ) | 867 | 1,512 | |||||||||||||
Net income | 1,089 | 2,782 | 4,427 | 3,802 | 1,634 | 12,100 | 8,714 | |||||||||||||||
Noncontrolling interest | (187 | ) | (155 | ) | (155 | ) | (134 | ) | (96 | ) | (631 | ) | (162 | ) | ||||||||
Net income attributable | ||||||||||||||||||||||
to | $ | 1,276 | $ | 2,937 | $ | 4,582 | $ | 3,936 | $ | 1,730 | $ | 12,731 | $ | 8,876 | ||||||||
Basic earnings per common share | $ | 0.60 | $ | 1.37 | $ | 2.14 | $ | 1.80 | $ | 0.80 | $ | 5.91 | $ | 4.07 | ||||||||
Diluted earnings per common share | $ | 0.57 | $ | 1.32 | $ | 2.07 | $ | 1.76 | $ | 0.78 | $ | 5.71 | $ | 4.01 | ||||||||
Weighted average common shares | ||||||||||||||||||||||
outstanding | 2,140 | 2,144 | 2,147 | 2,185 | 2,169 | 2,154 | 2,179 | |||||||||||||||
Diluted average common shares | ||||||||||||||||||||||
outstanding | 2,234 | 2,219 | 2,219 | 2,240 | 2,212 | 2,229 | 2,213 | |||||||||||||||
Performance Ratios | |||||||||||||||||||||||
Three Months Ended | Year-To-Date | ||||||||||||||||||||||
PER COMMON SHARE | |||||||||||||||||||||||
Basic earnings per common share | $ | 0.60 | $ | 1.37 | $ | 2.14 | $ | 1.80 | $ | 0.80 | $ | 5.91 | $ | 4.07 | |||||||||
Diluted earnings per common share | 0.57 | 1.32 | 2.07 | 1.76 | 0.78 | 5.71 | 4.01 | ||||||||||||||||
Book value per common share | 40.30 | 39.74 | 38.32 | 36.08 | 34.91 | 40.30 | 34.91 | ||||||||||||||||
Tangible book value per common share (2) | 31.40 | 30.76 | 29.29 | 27.16 | 25.74 | 31.40 | 25.74 | ||||||||||||||||
FINANCIAL RATIOS (ANNUALIZED) | |||||||||||||||||||||||
Return on average assets | 1.14 | % | 2.61 | % | 4.39 | % | 3.99 | % | 1.79 | % | 2.98 | % | 2.49 | % | |||||||||
Return on average common shareholders' | |||||||||||||||||||||||
equity | 5.85 | % | 13.60 | % | 22.53 | % | 20.30 | % | 9.06 | % | 15.32 | % | 12.22 | % | |||||||||
Return on average tangible common | |||||||||||||||||||||||
equity (2) | 7.57 | % | 17.70 | % | 29.84 | % | 27.28 | % | 12.38 | % | 20.14 | % | 17.08 | % | |||||||||
Net interest margin | 4.14 | % | 4.24 | % | 4.48 | % | 4.40 | % | 4.27 | % | 4.31 | % | 4.75 | % | |||||||||
Efficiency ratio (1) | 113.5 | % | 67.3 | % | 63.6 | % | 68.9 | % | 89.3 | % | 74.0 | % | 69.4 | % | |||||||||
(1) Efficiency ratio is calculated by dividing noninterest expense less transaction-related costs by the sum of net interest | |||||||||||||||||||||||
income and noninterest income, less gains or losses on sale of securities. | |||||||||||||||||||||||
(2) See reconciliation of non-GAAP measures |
Loan Concentrations
The top ten commercial loan concentrations as of
% of | ||||
Commercial | ||||
(in millions) | Amount | Loans | ||
Solar electric power generation | $ | 53.1 | 28 | % |
Power and communication line and related structures construction | 27.2 | 14 | % | |
Lessors of nonresidential buildings (except miniwarehouses) | 17.6 | 9 | % | |
Other activities related to real estate | 13.6 | 7 | % | |
Lessors of other real estate property | 12.0 | 6 | % | |
Hotels (except casino hotels) and motels | 10.0 | 5 | % | |
Lessors of residential buildings and dwellings | 5.1 | 3 | % | |
Other heavy and civil engineering construction | 4.5 | 2 | % | |
Amusement arcades | 2.8 | 1 | % | |
Golf courses and country clubs | 2.7 | 1 | % | |
$ | 148.6 | 76 | % | |
Reconciliation of Non-GAAP Measures
(In thousands except book value per share) | ||||||||||||||||||||||
Tangible book value per common share | ||||||||||||||||||||||
$ | 88,573 | $ | 87,312 | $ | 84,452 | $ | 80,992 | $ | 76,914 | |||||||||||||
Less: | 13,161 | 13,161 | 13,161 | 13,161 | 13,161 | |||||||||||||||||
Less Other intangible assets, net | 6,400 | 6,569 | 6,737 | 6,851 | 7,037 | |||||||||||||||||
Total tangible common equity | $ | 69,012 | $ | 67,582 | $ | 64,554 | $ | 60,980 | $ | 56,716 | ||||||||||||
Ending common shares outstanding | 2,198 | 2,204 | 2,204 | 2,245 | 2,203 | |||||||||||||||||
Tangible book value per common share | $ | 31.40 | $ | 30.76 | $ | 29.29 | $ | 27.16 | $ | 25.74 | ||||||||||||
Three Months Ended | Year-To-Date | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Return on average tangible common equity | ||||||||||||||||||||||
$ | 86,549 | $ | 85,683 | $ | 81,584 | $ | 78,640 | $ | 75,774 | $ | 83,114 | $ | 72,416 | |||||||||
Less: Average goodwill | 13,161 | 13,161 | 13,161 | 13,161 | 13,161 | 13,161 | 13,160 | |||||||||||||||
Less Average other intangible assets, net | 6,511 | 6,679 | 6,836 | 6,973 | 7,346 | 6,750 | 7,439 | |||||||||||||||
Average tangible common equity | $ | 66,877 | $ | 65,843 | $ | 61,587 | $ | 58,506 | $ | 55,267 | $ | 63,203 | $ | 51,817 | ||||||||
Net income attributable to | $ | 1,276 | $ | 2,937 | $ | 4,582 | $ | 3,936 | $ | 1,730 | $ | 12,731 | $ | 8,876 | ||||||||
Return on average tangible common equity | 7.57 | % | 17.70 | % | 29.84 | % | 27.28 | % | 12.42 | % | 20.14 | % | 17.08 | % |
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Source:
2022 GlobeNewswire, Inc., source