• Southern States Bancshares, Inc. Announces First Quarter 2022 Financial Results

    Source: Nasdaq GlobeNewswire / 25 Apr 2022 08:30:01   America/New_York

    First Quarter 2022 Highlights

    • Linked-quarter loan growth was 19.4% annualized

    • Net income of $4.6 million, or $0.50 per diluted share

    • Core net income(1) of $4.8 million, or $0.53 per diluted share(1)

    • Return on average assets (“ROAA”) of 1.03%; return on average stockholders’ equity (“ROAE”) of 10.43%; and return on average tangible common equity (“ROATCE”)(1) of 11.63%

    • Core ROAA(1) of 1.09%; and core ROATCE(1) of 12.31%

    • Implemented a stock repurchase program that authorized the purchase of up to $10.0 million of our common stock, of which approximately 287,000 shares were purchased at a weighted average price of $21.35

    • Completed a $48.0 million subordinated debt offering at a five-year annual fixed rate of 3.5% per annum, payable quarterly in arrears, with a maturity date of February 7, 2032

    (1)  See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    ANNISTON, Ala., April 25, 2022 (GLOBE NEWSWIRE) -- Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States” or the “Company”), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the “Bank”), today reported net income of $4.6 million, or $0.50 diluted earnings per share, for the first quarter of 2022. This compares to net income of $4.1 million, or $0.44 diluted earnings per share, for the fourth quarter of 2021, and net income of $5.7 million, or $0.73 diluted earnings per share, for the first quarter of 2021. The Company reported core net income of $4.8 million, or $0.53 diluted core earnings per share, for the first quarter of 2022. This compares to core net income of $4.3 million, or $0.47 diluted core earnings per share, for the fourth quarter of 2021, and core net income of $3.8 million, or $0.49 diluted core earnings per share, for the first quarter of 2021 (see “Reconciliation of Non-GAAP Financial Measures”).

    Stephen Whatley, Chairman and Chief Executive Officer of Southern States, said, “We generated robust lending activity again in the first quarter, building on the momentum we established in 2021 with linked-quarter loan growth of 19.4%. Our investment in talent, combined with an economically vibrant footprint that presents ongoing organic expansion opportunities, positions us well for the year ahead.”

    “Our focus on disciplined growth enabled us to bolster net interest income while holding the line on expenses and improving our core efficiency ratio. As always, we are committed to strong credit quality and our loan portfolio bears this out as nonperforming loans totaled just 0.25% of total loans. Our commitment to excellent customer service, sound underwriting and responsible growth continually strengthens the franchise and serves our shareholders well through all credit cycles,” said Mr. Whatley.

    Net Interest Income and Net Interest Margin

    Net interest income for the first quarter of 2022 was $14.7 million, an increase of 4.0% from $14.1 million for the fourth quarter of 2021. The increase was primarily attributable to an increase in interest-earning assets.

    Relative to the first quarter of 2021, net interest income increased $2.4 million, or 19.3%. The increase was substantially the result of an increase in interest-earning assets.

    Net interest margin for the first quarter of 2022 was 3.53%, compared to 3.68% for the fourth quarter of 2021. The decrease was primarily the result of a decline in the yield on interest-earning assets and, to a lesser degree, an increase in the cost of funds.

    Relative to the first quarter of 2021, net interest margin decreased from 3.97%. The decrease was primarily due to a decline in the yield on interest-earning assets that more than offset a decrease in the cost of funds.

    Noninterest Income

    Noninterest income for the first quarter of 2022 was $1.3 million, a decrease of 23.9% from $1.8 million for the fourth quarter of 2021. The decrease was substantially the result of a decline in gains on the sale of SBA/USDA loans and a $361,000 net loss on securities during the first quarter of 2022.

    Relative to the first quarter of 2021, noninterest income decreased 70.4% from $4.5 million. First quarter 2021 results included a gain of $2.8 million on the sale of a USDA loan and additional income from interest rate swaps resulting from elevated transaction volume.

    Noninterest Expense

    Noninterest expense for the first quarter of 2022 was $9.3 million, down from $9.6 million for the fourth quarter of 2021. The decrease was primarily attributable to a reduction in occupancy expense during the first quarter of 2022 and a net loss related to OREO properties during the fourth quarter of 2021.

    Relative to the first quarter of 2021, noninterest expense increased 8.9% from $8.5 million. The increase was primarily attributable to higher salaries and employee benefits expense as production personnel were added in the Georgia market, and higher insurance and professional fees as a result of going public, net of elevated SBA expense during the first quarter of 2021.

    Loan Portfolio

    Total loans outstanding, before allowance for loan losses, were $1.3 billion at March 31, 2022, up $59.8 million from December 31, 2021 and up from $1.1 billion at March 31, 2021. The linked-quarter increase in loans was primarily attributable to an increase in commercial real estate loans.

    Deposits

    Total deposits were $1.5 billion at March 31, 2022, compared with $1.6 billion at December 31, 2021 and $1.3 billion at March 31, 2021. The $14.6 million net decrease in total deposits from December 31, 2021 was due to a decrease of $26.4 million in noninterest-bearing deposits that more than offset an increase of $11.8 million in interest-bearing account balances.

    Asset Quality

    Nonperforming loans totaled $3.2 million, or 0.25% of gross loans, at March 31, 2022, compared with $2.0 million, or 0.16% of gross loans, at December 31, 2021, and $3.9 million, or 0.35% of gross loans, at March 31, 2021. The $1.3 million increase in nonperforming loans from December 31, 2021 was primarily attributable to a commercial real estate loan associated with one borrower that was placed on nonaccrual. The $611,000 reduction in nonperforming loans from March 31, 2021 was primarily attributable to one commercial real estate loan that was moved back to accruing status, one construction and development loan that was paid off, one residential mortgage loan that was paid off, and partially offset by commercial real estate loan associated with one borrower.

    The Company recorded a provision for loan losses of $700,000 for the first quarter of 2022, compared to $732,000 for the fourth quarter of 2021. The provision was primarily due to loan growth.

    Net charge-offs for the first quarter of 2022 were $52,000, or 0.02% of average loans on an annualized basis, compared to net recoveries of $15,000, or 0.00% of average loans on an annualized basis, for the fourth quarter of 2021, and net charge-offs of $4,000, or 0.00% of average loans on an annualized basis, for the first quarter of 2021.

    The Company’s allowance for loan losses was 1.18% of total loans and 477.26% of nonperforming loans at March 31, 2022, compared with 1.19% of total loans and 752.74% of nonperforming loans at December 31, 2021.

    Capital

    As of March 31, 2022, total stockholders’ equity was $169.2 million, compared with $177.2 million at December 31, 2021. The decrease of $8.0 million was primarily due to a decrease in accumulated other comprehensive income resulting from changes in the value of the available for sale securities portfolio due to rapid increases in interest rates during the quarter.

    In connection with its recently announced stock repurchase program, the Company repurchased 287,244 shares of its common stock during the first quarter of 2022 at an average price of $21.35 per share.

    About Southern States Bancshares, Inc.

    Headquartered in Anniston, Alabama, Southern States Bancshares, Inc. is a bank holding company that operates primarily through its wholly-owned subsidiary, Southern States Bank. The Bank is a full service community banking institution, which offers an array of deposit, loan and other banking-related products and services to businesses and individuals in its communities. The Bank operates 15 branches in Alabama and Georgia and a loan production office in Atlanta.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws, which reflect our current expectations and beliefs with respect to, among other things, future events and our financial performance. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. This may be especially true given the current COVID-19 pandemic and uncertainty about its continuation. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the dates made, we cannot give any assurance that such expectations will prove correct and actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 under the section entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.

    These statements are often, but not always, made through the use of words or phrases such as “may,” “can,” “should,” “could,” “to be,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “likely,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would” and “outlook,” or the negative version of those words or other similar words or phrases of a future or forward-looking nature. Forward-looking statements appear in a number of places in this earnings release and may include statements about business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions.

    Contact Information:
    Lynn Joyce (205) 820-8065
    ljoyce@ssbank.bank

    Kevin Dobbs (310) 622-8245
    ssbankir@finprofiles.com


    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION 
    (In thousands, except share amounts)

          
     March 31, 2022 December 31, 2021 March 31, 2021
     (Unaudited) (Audited) (Audited)
           
    Assets      
    Cash and due from banks$22,851$6,397$17,536
    Interest-bearing deposits in banks 111,951 203,537 129,071
    Federal funds sold 74,022 74,022 24,121
    Total cash and cash equivalents 208,824 283,956 170,728
    Securities available for sale, at fair value 151,027 132,172 106,217
    Securities held to maturity, at amortized cost 19,667 19,672 —
    Other equity securities, at fair value 8,937 9,232 4,995
    Restricted equity securities, at cost 2,825 2,600 2,788
    Loans held for sale 2,509 2,400 2,268
    Loans, net of unearned income 1,310,070 1,250,300 1,083,274
    Less allowance for loan losses 15,492 14,844 12,605
    Loans, net 1,294,578 1,235,456 1,070,669
    Premises and equipment, net 28,065 27,044 24,900
    Accrued interest receivable 4,427 4,170 4,088
    Bank owned life insurance 29,343 22,201 22,583
    Annuities 15,523 12,888 12,920
    Foreclosed assets 2,930 2,930 10,230
    Goodwill 16,862 16,862 16,862
    Core deposit intangible 1,434 1,500 1,698
    Other assets 11,883 9,509 8,290

    Total assets
    $
    1,798,834
    $
    1,782,592
    $
    1,459,236
           
    Liabilities and Stockholders' Equity      


    Liabilities:      
    Deposits:      
    Noninterest-bearing$515,110$541,546$365,114
    Interest-bearing 1,026,729 1,014,905 894,930
    Total deposits 1,541,839 1,556,451 1,260,044


    Other borrowings    		 

    —    		 

    12,498    		 

    7,982
    FHLB advances 25,950 25,950 31,900
    Subordinated notes 47,154 — 4,497
    Accrued interest payable 107 132 274
    Other liabilities 14,595 10,363 9,939
    Total liabilities 1,629,645 1,605,394 1,314,636
     
     

    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION 
    (In thousands, except share amounts)

      March 31, 2022
    (Unaudited)    		December 31, 2021
    (Audited)    		March 31, 2021
    (Audited)
    Stockholders' equity:       
    Common stock 43,749 45,064 38,582 
    Capital surplus 76,426 80,640 65,886 
    Retained earnings 53,604 49,858 39,173 
    Accumulated other comprehensive income (loss) (3,755)2,113 1,808 
    Unvested restricted stock (835)(477)(849)


    Total stockholders' equity    		 

    169,189    		 

    177,198    		 

    144,600    		 
            
    Total liabilities and stockholders' equity$1,798,834$1,782,592$1,459,236 
            
    Shares issued and outstanding 8,749,878 9,012,857 7,716,428 
     
     

    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) 
    (In thousands, except per share amounts)

              
     For the Three Months Ended
      March 31,  December 31,  March 31, 
      2022  2021  2021 
    Interest income:         
    Loans, including fees$14,766 $14,280 $13,021 
    Taxable securities 619  459  401 
    Nontaxable securities 299  294  207 
    Other interest and dividends 188  138  48 
    Total interest income 15,872  15,171  13,677 


    Interest expense:    		   
    Deposits 873  955  1,190 
    Other borrowings 345  120  203 
    Total interest expense 1,218  1,075  1,393 


    Net interest income    		 

    14,654    		  

    14,096    		  

    12,284    		 
    Provision for loan losses 700  732  750 
    Net interest income after provision for loan losses 13,954  13,364  11,534 


    Noninterest income:    		   
    Service charges on deposit accounts 445  428  360 
    Swap fees 15  (6) 558 
    SBA/USDA fees 388  533  2,865 
    Mortgage origination fees 286  269  407 
    Net gain (loss) on securities (361) (40) (232)
    Other operating income 560  567  538 
    Total noninterest income 1,333  1,751  4,496 


    Noninterest expenses:    		   
    Salaries and employee benefits 5,725  5,563  5,057 
    Equipment and occupancy expenses 705  943  879 
    Data processing fees 564  563  514 
    Regulatory assessments 263  263  221 
    Other operating expenses 2,033  2,280  1,861 
    Total noninterest expenses 9,290  9,612  8,532 


    Income before income taxes    		 

    5,997    		  

    5,503    		  

    7,498    		 

    Income tax expense    		 
    1,440    		  
    1,445    		  
    1,817    		 


    Net income

    $

    4,557    		 

    $

    4,058    		 

    $

    5,681    		 


    Basic earnings per share

    $

    0.51    		 

    $

    0.45    		 

    $

    0.74    		 


    Diluted earnings per share

    $

    0.50    		 

    $

    0.44    		 

    $

    0.73    		 


    The following table provides an analysis of the allowance for loan losses as of the dates indicated.

     Three Months Ended
      March 31,
    2022    		  December 31,
    2021    		  March 31,
    2021    		 
      (Dollars in thousands)
              
    Average loans, net of unearned income$1,278,413 $1,191,688 $1,066,556 
    Loans, net of unearned income$1,310,070 $1,250,300 $1,083,274 
    Allowance for loan losses at beginning of the period$14,844 $14,097 $11,859 
    Charge-offs:         
    Construction and development 66  —  — 
    Residential —  —  16 
    Commercial —  —  — 
    Commercial and industrial —  —  — 
    Consumer and other 6  —  2 
    Total charge-offs 72  —  18 
    Recoveries:   
    Construction and development —  —  — 
    Residential 17  13  2 
    Commercial —  —  — 
    Commercial and industrial —  1  11 
    Consumer and other 3  1  1 
    Total recoveries 20  15  14 

    Net charge-offs (recovery)
    $
    52    		 
    $
    (15
    )
    $
    4    		 


    Provision for loan losses

    $

    700    		 

    $

    732    		 

    $

    750    		 
    Balance at end of period$15,492 $14,844 $12,605 
    Ratio of allowance to end of period loans 1.18% 1.19% 1.16%
    Ratio of net charge-offs (recovery) to average loans 0.00% 0.00% 0.00%
              

    The following table sets forth the allocation of the Company’s nonperforming assets among different asset categories as of the dates indicated. Nonperforming assets consist of nonperforming loans plus OREO and repossessed property. Nonperforming loans include nonaccrual loans and loans past due 90 days or more.

              
      March 31,
    2022    		  December 31,
    2021    		  March 31,
    2021    		 
     (Dollars in thousands)
              
    Nonaccrual loans$3,246 $1,478 $3,857 
    Past due loans 90 days or more and still accruing interest —  494  — 
    Total nonperforming loans 3,246  1,972  3,857 
    OREO 2,930  2,930  10,229 
    Total nonperforming assets$6,176 $4,902 $14,086 


    Troubled debt restructured loans – nonaccrual(1)    		 

    904    		  

    940    		  

    731    		 
    Troubled debt restructured loans - accruing 1,058  1,072  1,005 
    Total troubled debt restructured loans$1,962 $2,012 $1,736 


    Allowance for loan losses

    $

    15,492    		 

    $

    14,844    		 

    $

    12,605    		 
    Gross loans outstanding at the end of period$1,314,066 $1,254,117 $1,087,461 
    Allowance for loan losses to gross loans 1.18% 1.18% 1.16%
    Allowance for loan losses to nonperforming loans 477.26% 752.74% 326.81%
    Nonperforming loans to gross loans 0.25% 0.16% 0.35%
    Nonperforming assets to gross loans and OREO 0.47% 0.39% 1.28%

    Nonaccrual loans by category:    		         
    Real Estate:         
    Construction & Development$76 $346 $1,062 
    Residential Mortgages 510  167  825 
    Commercial Real Estate Mortgages 2,388  674  1,572 
    Commercial & Industrial 269  285  383 
    Consumer and other 3  6  15 
     $3,246 $1,478 $3,857 

    (1) Troubled debt restructured loans are excluded from nonperforming loans unless they otherwise meet the definition of nonaccrual loans or are more than 90 days past due.

    The following tables show the average outstanding balance of each principal category of our assets, liabilities and stockholders’ equity, together with the average yields on our assets and average costs of our liabilities for the periods indicated. Yields and costs are calculated by dividing the annualized income or expense by the average daily balances of the corresponding assets or liabilities for the same period.

                                  
     Three Months Ended
     March 31, 2022 December 31, 2021  March 31, 2021
     Average
    Balance    		 
    Interest    		 Yield/
    Rate    		 Average
    Balance    		 
    Interest    		 Yield/
    Rate    		 Average
    Balance    		 
    Interest    		 Yield/
    Rate
     (Dollars in thousands)
    Assets:
    Interest-earning assets:
    		                             
    Gross loans, net of unearned income(1)$1,278,413  $14,766 4.68% $1,191,688  $14,280 4.75% $1,066,556  $13,021 4.95%
    Taxable securities 106,820  $619 2.35%  86,292   459 2.11%  78,354  $401 2.08%
    Nontaxable securities 54,863  $299 2.21%  53,909   294 2.16%  33,255  $207 2.52%
    Other interest-earnings 244,202  $188 0.31%  187,601   138 0.29%  78,154  $48 0.25%
    Total interest-earning assets$1,684,298  $15,872 3.82% $1,519,490  $15,171 3.96% $1,256,319  $13,677 4.42%
    Allowance for loan losses (15,041)        (14,421)      (12,138)  
    Noninterest-earning assets 117,758         123,735       123,941   
    Total Assets$1,787,015        $1,628,804      $1,368,122   

    Liabilities and Stockholders’ Equity:
    Interest-bearing liabilities:     		                             
    Interest-bearing transaction accounts         110,983   26 0.09%  101,863   25 0.10%  88,578   18 0.08%
    Savings and money market accounts         675,504   591 0.36%  599,948   625 0.41%  440,803   677 0.62%
    Time deposits         237,411   256 0.44%  263,646   305 0.46%  324,668   495 0.62%
    FHLB advances         25,950   22 0.34%  25,950   22 0.34%  33,244   51 0.62%
    Other borrowings         32,924   323 3.98%  12,498   98 3.11%  12,755   152 4.82%
    Total interest-bearing liabilities        $1,082,772  $1,218 0.46% $1,003,905  $1,075 0.42% $900,048  $1,393 0.63%


    Noninterest-bearing liabilities:    		                             
                     
    Noninterest-bearing deposits$514,456        $439,142  $316,553       
    Other liabilities 12,543         9,844   8,532       
    Total noninterest-bearing liabilities$526,999        $448,986  $325,085       
    Stockholders’ Equity 177,244         175,913   142,989       
    Total Liabilities and Stockholders’ Equity$1,787,015        $1,628,804        $1,368,122       
                                  
    Net interest income    $14,654        $14,096        $12,284   
    Net interest spread(2)       3.36%        3.54%        3.79%
    Net interest margin(3)       3.53%        3.68%        3.97%

    (1)   Includes nonaccrual loans.
    (2)   Net interest spread is the difference between interest rates earned on interest earning assets and interest rates paid on interest-bearing liabilities.
    (3)   Net interest margin is a ratio of net interest income to average interest earning assets for the same period.

              
              
    Per Share Information Three Months Ended
     March 31,
    2022    		 December 31, 
    2021    		 March 31,
    2021
     (Dollars in thousands, except share and per share amounts)
              
    Net income$4,557 $4,058 $5,681 
    Earnings per share - basic$0.51 $0.45 $0.74 
    Earnings per share - diluted$0.50 $0.44 $0.73 

    Weighted average shares outstanding    		 
    8,935,384    		  
    9,012,857    		  
    7,681,578    		 
    Diluted weighted average shares outstanding 9,065,364  9,125,872  7,794,859 
    Shares issued and outstanding 8,749,878  9,012,857  7,716,428 
    Total stockholders' equity$169,189 $177,198 $144,600 
    Book value per share$19.34 $19.66 $18.74 


    Performance Ratios

    Three Months Ended
      March 31,
    2022    		  December 31,
    2021    		  March 31,
    2021    		 

    Net interest margin    		 
    3.53%    		  
    3.68%    		  
    3.97%    		 
    Net interest spread 3.36%  3.54%  3.79% 
    Efficiency ratio 56.83%  60.50%  50.15% 
    Return on average assets 1.03%  0.99%  1.68% 
    Return on average stockholders’ equity 10.43%  9.15%  16.11% 



    Core and PPP Loans
    		 March 31,
    2022    		   December 31,
    2021    		   March 31,
    2021    		 
     (Dollars in thousands)
                
    Core loans$1,313,173  $1,244,914  $1,026,615 
    PPP loans 893   9,203   60,846 
    Unearned income (3,996)  (3,817)  (4,187)
    Loans, net of unearned income 1,310,070   1,250,300   1,083,274 
    Allowance for loan losses (15,492)  (14,844)  (12,605)
    Loans, net$1,294,578  $1,235,456  $1,070,669 

    Reconciliation of Non-GAAP Financial Measures

    In addition to reporting GAAP results, the Company reports non-GAAP financial measures in this earnings release and other disclosures. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our performance. While we believe that these non- GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

    The following table provides a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure presented in accordance with GAAP.

    Reconciliation of Non-GAAP Financial Measures

                
     Three MonthsEnded
      March 31,
    2022    		   December 31,
    2021    		   March 31,
    2021    		 
     (Dollars in thousands, except share and per share amounts)
                
    Net income$4,557  $4,058  $5,681 
    Add: Merger expenses —   —   — 
    Add: Net OREO write-downs —   227   — 
    Less: Gain on sale of USDA loan —   —   2,800 
    Less: Loss on securities (361)  (40)  (232)
    Less: Tax effect 94   69   (668)
    Core net income$4,824  $4,256  $3,781 
    Average assets$1,787,015  $1,628,804  $1,368,122 

    Core return on average assets    		 
    1.09
    %    		  
    1.04
    %    		  
    1.12
    %
                
    Net income$4,557  $4,058  $5,681 
    Add: Merger expenses —   —   — 
    Add: Net OREO write-downs —   227
    		   — 
    Add: Provision 700   732   750 
    Less: Gain on sale of USDA loan —   —   2,800 
    Less: Loss on securities (361

    		)  (40)  (232)
    Add: Income taxes

    		 1,440   1,445   1,817 
    Pretax pre-provision core net income$7,058  $6,502  $5,680 
    Average assets$1,787,015  $1,628,804  $1,368,122 

    Pretax pre-provision core return on average assets    		 
    1.60
    %    		  
    1.58
    %    		  
    1.68
    %

    Total stockholders' equity
    $
    169,189    		  
    $
    177,198    		  
    $
    144,600    		 
    Less: Intangible assets 18,296   18,362   18,560 
    Less: Monitory interest not included in tangible assets$—  $—  $— 
    Tangible common equity$150,893  $158,836  $126,040 

    Core net income
    $
    4,824    		  
    $
    4,256    		  
    $
    3,781    		 
    Diluted weighted average shares outstanding 9,065,364   9,125,872   7,794,859 

    Diluted core earnings per share
    $
    0.53    		  
    $
    0.47    		  
    $
    0.49    		 

    Common shares outstanding at year or period end    		 
    8,749,878    		   
    9,012,857    		   
    7,716,428    		 
    Tangible book value per share$17.25  $17.62  $16.33 
                
                

    Reconciliation of Non-GAAP Financial Measures

      
     Three Months Ended
     March 31,
    2022    		 December 31,
    2021    		 March 31,
    2021
     (Dollars in thousands, except share and per share amounts)
                
    Total assets at end of period$1,798,834  $1,782,592  $1,459,236 
    Less: Intangible assets 18,296   18,362   18,560 
    Adjusted assets at end of period$1,780,538  $1,764,230  $1,440,676 

    Tangible common equity to tangible assets    		 
    8.47
    %    		  
    9.00
    %    		  
    8.75
    %

    Total average shareholders equity
    $
    177,244    		   
    175,913    		  
    $
    142,989    		 
    Less: Average intangible assets 18,337   18,402   18,601 
    Less: Average monitory interest not included in tangible assets$— $— $— 
    Average tangible common equity$158,907  $157,511  $124,388 
    Net income to common shareholders$4,557  $4,058  $5,681 
    Return on average tangible common equity 11.63%  10.22%  18.52%
    Average tangible common equity$158,907  $157,511  $124,388 
    Core net income$4,824  $4,256  $3,781 
    Core return on average tangible common equity 12.31%  10.72%  12.33%

    Net interest income
    $
    14,654    		  
    $
    14,096    		   
    12,284    		 
    Add: Noninterest income 1,333   1,751   4,496 
    Less: Gain on sale of USDA loan —   —   2,800 
    Less: Loss on securities (361)  (40)  (232)
    Operating revenue$16,348  $15,887  $14,212 

    Expenses:    		     
    Total noninterest expense$9,290  $9,612  $8,532 
    Less: Merger expenses —   —   — 
    Less: Net OREO write-down (gains) —   227   — 
    Adjusted noninterest expenses$9,290  $9,385  $8,532 
    Core efficiency ratio 56.83%  59.07%  60.03%

     


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