Utah
|
001-40721
|
83-0356689
|
(State or other jurisdiction of incorporation or organization)
|
(Commission file number)
|
(I.R.S. employer identification no.)
|
756 East Winchester St., Suite 100
Murray, Utah
|
84107
|
|
(Address of principal executive offices)
|
(Zip code)
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of exchange on which registered
|
Common Stock, par value $0.001 per share
|
FINW
|
The NASDAQ Stock Market LLC
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d)
|
Exhibits
|
Exhibit No.
|
Description
|
|
Press Release dated April 28, 2022
|
DATE: April 28, 2022
|
FINWISE BANCORP
|
|
/s/ Javvis Jacobson
|
||
Name: Javvis Jacobson
|
||
Title: Chief Financial Officer and Executive Vice President
|
• |
Loan originations grew 9.0% to $2.5 billion from the quarter ended December 31, 2021 and more than doubled from the prior-year period
|
• |
Net interest income was $14.1 million, compared to $15.3 million for the quarter ended December 31, 2021 and $8.4 million in the prior year period
|
• |
Net Income was $10.3 million, compared to $10.1 million for the quarter ended December 31, 2021 and $5.3 million in the prior year period
|
• |
Diluted earnings per share (“EPS”) were $0.76 for the quarter, compared to $0.90 for the quarter ended December 31, 2021 and $0.59 for the prior year period
|
• |
Efficiency ratio was 35.1%, compared to 34.3% for the quarter ended December 31, 2021 and 45.9% for the prior year period
|
• |
Maintained industry-leading returns with annualized return on average equity (ROAE) of 34.1%, compared to 43.8% in the quarter ended December 31, 2021 and 43.1% in the prior year period
|
• |
Asset quality remained strong with a nonperforming loans to total loans ratio of 0.2%
|
For the Three Months Ended
|
||||||||||||
($s in thousands, except per share amounts, annualized ratios)
|
3/31/2022
|
12/31/2021
|
3/31/2021
|
|||||||||
Net Income
|
$
|
10,268
|
$
|
10,111
|
$
|
5,291
|
||||||
Diluted EPS
|
$
|
0.76
|
$
|
0.90
|
$
|
0.59
|
||||||
Return on average assets
|
10.2
|
%
|
11.3
|
%
|
6.5
|
%
|
||||||
Return on average equity
|
34.1
|
%
|
43.8
|
%
|
43.1
|
%
|
||||||
Yield on loans
|
19.2
|
%
|
21.6
|
%
|
13.6
|
%
|
||||||
Cost of deposits
|
0.8
|
%
|
0.8
|
%
|
1.5
|
%
|
||||||
Net interest margin
|
14.5
|
%
|
16.6
|
%
|
11.0
|
%
|
||||||
Efficiency ratio
|
35.1
|
%
|
34.3
|
%
|
45.9
|
%
|
||||||
Tangible book value per share
|
$
|
9.84
|
$
|
9.04
|
$
|
6.00
|
||||||
Tangible shareholders’ equity to tangible assets (1)
|
29.6
|
%
|
30.4
|
%
|
15.8
|
%
|
||||||
Leverage Ratio (Bank under CBLR)
|
19.3
|
%
|
17.7
|
%
|
19.4
|
%
|
For the Three Months Ended
|
||||||||||||
($s in thousands)
|
3/31/2022
|
12/31/2021
|
3/31/2021
|
|||||||||
Non-interest income:
|
||||||||||||
Strategic program fees
|
$
|
6,623
|
$
|
6,082
|
$
|
2,953
|
||||||
Gain on sale of loans
|
5,052
|
1,813
|
2,603
|
|||||||||
SBA loan servicing fees
|
387
|
356
|
152
|
|||||||||
Change in fair value on investment in BFG
|
(398
|
)
|
864
|
360
|
||||||||
Other miscellaneous income
|
18
|
14
|
11
|
|||||||||
Total non-interest income
|
$
|
11,682
|
$
|
9,129
|
$
|
6,079
|
For the Three Months Ended
|
||||||||||||
($s in thousands)
|
3/31/2022
|
12/31/2021
|
3/31/2021
|
|||||||||
Non-interest expense:
|
||||||||||||
Salaries and employee benefits
|
$
|
7,092
|
$
|
6,052
|
$
|
4,895
|
||||||
Occupancy and equipment expenses
|
302
|
208
|
194
|
|||||||||
(Recovery) impairment of SBA servicing asset
|
(59
|
)
|
800
|
-
|
||||||||
Other operating expenses
|
1,713
|
1,311
|
1,574
|
|||||||||
Total non-interest expense
|
$
|
9,048
|
$
|
8,371
|
$
|
6,663
|
As of
|
||||||||||||||||||||||||
3/31/2022
|
12/31/2021
|
3/31/2021
|
||||||||||||||||||||||
($s in thousands)
|
Amount
|
% of total loans
|
Amount
|
% of total loans
|
Amount
|
% of total loans
|
||||||||||||||||||
SBA
|
$
|
127,778
|
46.9
|
%
|
$
|
142,392
|
53.6
|
%
|
$
|
167,824
|
68.4
|
%
|
||||||||||||
Commercial, non real estate
|
3,285
|
1.2
|
%
|
3,428
|
1.3
|
%
|
3,867
|
1.6
|
%
|
|||||||||||||||
Residential real estate
|
30,772
|
11.3
|
%
|
27,108
|
10.2
|
%
|
21,712
|
8.9
|
%
|
|||||||||||||||
Strategic Program loans
|
101,819
|
37.4
|
%
|
85,850
|
32.3
|
%
|
44,427
|
18.1
|
%
|
|||||||||||||||
Commercial real estate
|
4,187
|
1.5
|
%
|
2,436
|
0.9
|
%
|
2,589
|
1.1
|
%
|
|||||||||||||||
Consumer
|
4,711
|
1.7
|
%
|
4,574
|
1.7
|
%
|
4,807
|
2.0
|
%
|
|||||||||||||||
Total period end loans
|
$
|
272,552
|
100.0
|
%
|
$
|
265,788
|
100.0
|
%
|
$
|
245,226
|
100.0
|
%
|
As of
|
||||||||||||||||||||||||
3/31/2022
|
12/31/2021
|
3/31/2021
|
||||||||||||||||||||||
($s in thousands)
|
Total
|
Percent
|
Total
|
Percent
|
Total
|
Percent
|
||||||||||||||||||
Noninterest-bearing demand deposits
|
$
|
127,330
|
45.9
|
%
|
$
|
110,548
|
43.9
|
%
|
$
|
100,809
|
53.5
|
%
|
||||||||||||
Interest-bearing deposits:
|
||||||||||||||||||||||||
Demand
|
7,919
|
2.8
|
%
|
5,399
|
2.1
|
%
|
6,682
|
3.5
|
%
|
|||||||||||||||
Savings
|
7,089
|
2.6
|
%
|
6,685
|
2.7
|
%
|
6,882
|
3.7
|
%
|
|||||||||||||||
Money markets
|
53,434
|
19.3
|
%
|
31,076
|
12.3
|
%
|
17,582
|
9.3
|
%
|
|||||||||||||||
Time certificates of deposit
|
81,688
|
29.4
|
%
|
98,184
|
39.0
|
%
|
56,556
|
30.0
|
%
|
|||||||||||||||
Total period end deposits
|
$
|
277,460
|
100.0
|
%
|
$
|
251,892
|
100.0
|
%
|
$
|
188,511
|
100.0
|
%
|
As of
|
2022
|
2021
|
||||||||||||||
3/31/2022
|
12/31/2021
|
Well-
Capitalized
Requirement
|
Well-
Capitalized
Requirement
|
|||||||||||||
Leverage Ratio (Bank under CBLR)
|
19.3
|
%
|
17.7
|
%
|
9.0
|
%
|
8.5
|
%
|
For the Three Months Ended
|
||||||||||||
($s in thousands)
|
3/31/2022
|
12/31/2021
|
3/31/2021
|
|||||||||
Allowance for Loan & Lease Losses:
|
||||||||||||
Beginning Balance
|
$
|
9,855
|
$
|
9,640
|
$
|
6,199
|
||||||
Provision
|
2,947
|
2,502
|
633
|
|||||||||
Charge offs
|
|
|
||||||||||
SBA
|
(31
|
)
|
(100
|
)
|
(7
|
)
|
||||||
Commercial, non real estate
|
-
|
-
|
(41
|
)
|
||||||||
Residential real estate
|
-
|
-
|
-
|
|||||||||
Strategic Program loans
|
(2,878
|
)
|
(2,379
|
)
|
(741
|
)
|
||||||
Commercial real estate
|
-
|
-
|
-
|
|||||||||
Consumer
|
-
|
-
|
(2
|
)
|
||||||||
Recoveries
|
|
|
||||||||||
SBA
|
-
|
4
|
11
|
|||||||||
Commercial, non real estate
|
1
|
11
|
-
|
|||||||||
Residential real estate
|
-
|
-
|
-
|
|||||||||
Strategic Program loans
|
93
|
177
|
132
|
|||||||||
Commercial real estate
|
-
|
-
|
-
|
|||||||||
Consumer
|
-
|
-
|
-
|
|||||||||
Ending Balance
|
$
|
9,987
|
$
|
9,855
|
$
|
6,184
|
Asset Quality Ratios
|
As of and For the Three Months Ended
|
|||||||||||
($s in thousands, annualized ratios)
|
3/31/2022
|
12/31/2021
|
3/31/2021
|
|||||||||
Nonperforming loans
|
$
|
658
|
$
|
657
|
$
|
789
|
||||||
Nonperforming loans to total loans
|
0.2
|
%
|
0.2
|
%
|
0.3
|
%
|
||||||
Net charge offs to average loans
|
3.8
|
%
|
3.2
|
%
|
1.0
|
%
|
||||||
Allowance for loan losses to loans held for investment
|
5.0
|
%
|
4.8
|
%
|
3.0
|
%
|
||||||
Allowance for loan losses to total loans
|
3.7
|
%
|
3.7
|
%
|
2.5
|
%
|
||||||
Allowance for loan losses to total loans (less PPP loans)
|
3.7
|
%
|
3.7
|
%
|
3.4
|
%
|
||||||
Net charge-offs
|
$
|
2,815
|
$
|
2,287
|
$
|
648
|
Balance Sheet |
As of
|
||||||||||||
($s in thousands)
|
3/31/2022
|
12/31/2021
|
3/31/2021
|
|||||||||
ASSETS
|
||||||||||||
Cash and cash equivalents
|
||||||||||||
Cash and due from banks
|
$
|
414
|
$
|
411
|
$
|
397
|
||||||
Interest bearing deposits
|
116,232
|
85,343
|
73,825
|
|||||||||
Total cash and cash equivalents
|
116,646
|
85,754
|
74,222
|
|||||||||
Investment securities held-to-maturity, at cost
|
10,986
|
11,423
|
1,670
|
|||||||||
Investment in Federal Home Loan Bank (FHLB) stock, at cost
|
449
|
378
|
378
|
|||||||||
Loans receivable, net
|
190,668
|
198,102
|
201,136
|
|||||||||
Strategic Program loans held-for-sale, at lower of cost or fair value
|
73,805
|
60,748
|
37,847
|
|||||||||
Premises and equipment, net
|
4,531
|
3,285
|
1,488
|
|||||||||
Accrued interest receivable
|
1,347
|
1,548
|
1,395
|
|||||||||
Deferred taxes, net
|
1,788
|
1,823
|
670
|
|||||||||
SBA servicing asset, net
|
5,225
|
3,938
|
3,074
|
|||||||||
Investment in Business Funding Group (BFG), at fair value
|
5,400
|
5,900
|
3,873
|
|||||||||
Investment in Finwise Investments, LLC
|
80
|
80
|
-
|
|||||||||
Operating lease right-of-use ("ROU") assets
|
7,178
|
-
|
-
|
|||||||||
Other assets
|
7,500
|
7,235
|
4,300
|
|||||||||
Total assets
|
$
|
425,603
|
$
|
380,214
|
$
|
330,053
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
Liabilities | ||||||||||||
Deposits
|
||||||||||||
Noninterest bearing
|
$
|
127,330
|
$
|
110,548
|
$
|
100,809
|
||||||
Interest bearing
|
150,130
|
141,344
|
87,702
|
|||||||||
Total deposits
|
277,460
|
251,892
|
188,511
|
|||||||||
Accrued interest payable
|
39
|
48
|
218
|
|||||||||
Income taxes payable, net
|
3,696
|
233
|
2,847
|
|||||||||
PPP Liquidity Facility
|
952
|
1,050
|
79,704
|
|||||||||
Operating lease liabilities
|
7,386
|
-
|
-
|
|||||||||
Other liabilities
|
10,281
|
11,549
|
6,463
|
|||||||||
Total liabilities
|
299,814
|
264,772
|
277,743
|
|||||||||
Shareholders' equity
|
||||||||||||
Common stock
|
13
|
13
|
9
|
|||||||||
Additional paid-in-capital
|
54,915
|
54,836
|
18,000
|
|||||||||
Retained earnings
|
70,861
|
60,593
|
34,301
|
|||||||||
Total shareholders' equity
|
125,789
|
115,442
|
52,310
|
|||||||||
Total liabilities and shareholders' equity
|
$
|
425,603
|
$
|
380,214
|
$
|
330,053
|
For the Three Months Ended
|
||||||||||||
($s in thousands, except per share amounts)
|
3/31/2022
|
12/31/2021
|
3/31/2021
|
|||||||||
Interest income
|
||||||||||||
Interest and fees on loans
|
$
|
14,275
|
$
|
15,500
|
$
|
8,790
|
||||||
Interest on securities
|
39
|
28
|
6
|
|||||||||
Other interest income
|
28
|
25
|
10
|
|||||||||
Total interest income
|
14,342
|
15,553
|
8,806
|
|||||||||
Interest expense
|
||||||||||||
Interest on deposits
|
261
|
279
|
297
|
|||||||||
Interest on PPP Liquidity Facility
|
1
|
2
|
75
|
|||||||||
Total interest expense
|
262
|
281
|
372
|
|||||||||
Net interest income
|
14,080
|
15,272
|
8,434
|
|||||||||
Provision for loan losses
|
2,947
|
2,503
|
633
|
|||||||||
Net interest income after provision for loan losses
|
11,133
|
12,769
|
7,801
|
|||||||||
Non-interest income
|
||||||||||||
Strategic Program fees
|
6,623
|
6,082
|
2,953
|
|||||||||
Gain on sale of loans
|
5,052
|
1,813
|
2,603
|
|||||||||
SBA loan servicing fees
|
387
|
356
|
152
|
|||||||||
Change in fair value on investment in BFG
|
(398
|
)
|
864
|
360
|
||||||||
Other miscellaneous income
|
18
|
14
|
11
|
|||||||||
Total non-interest income
|
11,682
|
9,129
|
6,079
|
|||||||||
Non-interest expense
|
||||||||||||
Salaries and employee benefits
|
7,092
|
6,052
|
4,895
|
|||||||||
Occupancy and equipment expenses
|
302
|
208
|
194
|
|||||||||
(Recovery) impairment of SBA servicing asset
|
(59
|
)
|
800
|
-
|
||||||||
Other operating expenses
|
1,713
|
1,311
|
1,574
|
|||||||||
Total non-interest expense
|
9,048
|
8,371
|
6,663
|
|||||||||
Income before income tax expense
|
13,767
|
13,527
|
7,217
|
|||||||||
Provision for income taxes
|
3,499
|
3,416
|
1,926
|
|||||||||
Net income
|
$
|
10,268
|
$
|
10,111
|
$
|
5,291
|
||||||
Earnings per share, basic
|
$
|
0.80
|
$
|
0.95
|
$
|
0.61
|
||||||
Earnings per share, diluted
|
$
|
0.76
|
$
|
0.90
|
$
|
0.59
|
||||||
Weighted average shares outstanding, basic
|
12,777,237
|
10,169,005
|
8,091,186
|
|||||||||
Weighted average shares outstanding, diluted
|
13,567,311
|
10,818,984
|
8,335,772
|
|||||||||
Shares outstanding at end of period
|
12,788,810
|
12,772,010
|
8,716,110
|
For the Three Months Ended
|
For the Three Months Ended
|
For the Three Months Ended
|
||||||||||||||||||||||||||||||||||
3/31/2022
|
12/31/2021
|
3/31/2021
|
||||||||||||||||||||||||||||||||||
($s in thousands, annualized ratios)
|
Average Balance
|
Interest
|
Average Yield/Rate
|
Average Balance
|
Interest
|
Average Yield/Rate
|
Average Balance
|
Interest
|
Average Yield/Rate
|
|||||||||||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
$
|
79,855
|
28
|
0.14
|
%
|
$
|
72,746
|
25
|
0.14
|
%
|
$
|
46,885
|
10
|
0.09
|
%
|
|||||||||||||||||||||
Investment securities
|
11,263
|
39
|
1.39
|
%
|
8,078
|
28
|
1.39
|
%
|
1,750
|
6
|
1.37
|
%
|
||||||||||||||||||||||||
Loans held for sale
|
94,610
|
6,765
|
28.60
|
%
|
87,156
|
7,553
|
34.66
|
%
|
35,349
|
3,566
|
40.35
|
%
|
||||||||||||||||||||||||
Loans held for investment
|
202,052
|
7,510
|
14.87
|
%
|
199,609
|
7,947
|
15.93
|
%
|
223,728
|
5,224
|
9.34
|
%
|
||||||||||||||||||||||||
Total interest earning assets
|
387,780
|
14,342
|
14.79
|
%
|
367,589
|
15,553
|
16.92
|
%
|
307,712
|
8,806
|
11.45
|
%
|
||||||||||||||||||||||||
Less: allowance for loan losses
|
(10,366
|
)
|
(9,450
|
)
|
(6,288
|
)
|
||||||||||||||||||||||||||||||
Non-interest earning assets
|
25,096
|
24,379
|
11,354
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
402,510
|
$
|
382,518
|
$
|
312,778
|
||||||||||||||||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Demand
|
$
|
6,344
|
$
|
14
|
0.88
|
%
|
$
|
7,411
|
$
|
15
|
0.81
|
%
|
$
|
6,287
|
$
|
14
|
0.89
|
%
|
||||||||||||||||||
Savings
|
6,678
|
1
|
0.06
|
%
|
7,573
|
1
|
0.05
|
%
|
6,851
|
3
|
0.18
|
%
|
||||||||||||||||||||||||
Money market accounts
|
31,889
|
22
|
0.28
|
%
|
28,859
|
21
|
0.29
|
%
|
17,728
|
16
|
0.36
|
%
|
||||||||||||||||||||||||
Certificates of deposit
|
87,626
|
224
|
1.02
|
%
|
104,135
|
242
|
0.93
|
%
|
50,888
|
264
|
2.08
|
%
|
||||||||||||||||||||||||
Total deposits
|
132,537
|
261
|
0.79
|
%
|
147,978
|
279
|
0.75
|
%
|
81,754
|
297
|
1.45
|
%
|
||||||||||||||||||||||||
Other borrowings
|
985
|
1
|
0.41
|
%
|
1,437
|
2
|
0.56
|
%
|
87,267
|
75
|
0.34
|
%
|
||||||||||||||||||||||||
Total interest bearing liabilities
|
133,522
|
262
|
0.79
|
%
|
149,415
|
281
|
0.75
|
%
|
169,021
|
372
|
0.88
|
%
|
||||||||||||||||||||||||
Non-interest bearing deposits
|
137,750
|
127,590
|
89,111
|
|||||||||||||||||||||||||||||||||
Non-interest bearing liabilities
|
11,791
|
16,315
|
6,586
|
|||||||||||||||||||||||||||||||||
Shareholders’ equity
|
119,447
|
89,199
|
48,060
|
|||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
402,510
|
$
|
382,519
|
$
|
312,778
|
||||||||||||||||||||||||||||||
Net interest income and interest rate spread
|
$
|
14,080
|
14.01
|
%
|
$
|
15,272
|
16.17
|
%
|
$
|
8,434
|
10.57
|
%
|
||||||||||||||||||||||||
Net interest margin
|
14.52
|
%
|
16.62
|
%
|
10.96
|
%
|
||||||||||||||||||||||||||||||
Ratio of average interest-earning assets to average interest- bearing liabilities
|
290.42
|
%
|
246.02
|
%
|
182.06
|
%
|
As of and for the Three Months Ended
|
||||||||||||
($s in thousands, except for per share data, annualized ratios)
|
3/31/2022
|
12/31/2021
|
3/31/2021
|
|||||||||
Selected Loan Metrics
|
||||||||||||
Amount of loans originated
|
$
|
2,511,306
|
$
|
2,304,234
|
$
|
1,013,408
|
||||||
Selected Income Statement Data
|
||||||||||||
Interest income
|
$
|
14,342
|
$
|
15,553
|
$
|
8,806
|
||||||
Interest expense
|
262
|
281
|
372
|
|||||||||
Net interest income
|
14,080
|
15,272
|
8,434
|
|||||||||
Provision for loan losses
|
2,947
|
2,503
|
633
|
|||||||||
Net interest income after provision for loan losses
|
11,133
|
12,769
|
7,801
|
|||||||||
Non-interest income
|
11,682
|
9,129
|
6,079
|
|||||||||
Non-interest expense
|
9,048
|
8,371
|
6,663
|
|||||||||
Provision for income taxes
|
3,499
|
3,416
|
1,926
|
|||||||||
Net income
|
10,268
|
10,111
|
5,291
|
|||||||||
Selected Balance Sheet Data
|
||||||||||||
Total Assets
|
$
|
425,603
|
$
|
380,214
|
$
|
330,053
|
||||||
Cash and cash equivalents
|
116,646
|
85,754
|
74,222
|
|||||||||
Investment securities held-to-maturity, at cost
|
10,986
|
11,423
|
1,670
|
|||||||||
Loans receivable, net
|
190,668
|
198,102
|
201,136
|
|||||||||
Strategic Program loans held-for-sale, at lower of cost or fair value
|
73,805
|
60,748
|
37,847
|
|||||||||
SBA servicing asset, net
|
5,225
|
3,938
|
3,074
|
|||||||||
Investment in Business Funding Group, at fair value
|
5,400
|
5,900
|
3,873
|
|||||||||
Deposits
|
277,460
|
251,892
|
188,511
|
|||||||||
PPP Liquidity Facility
|
952
|
1,050
|
79,704
|
|||||||||
Total shareholders' equity
|
125,789
|
115,442
|
52,310
|
|||||||||
Tangible shareholders’ equity (1)
|
125,789
|
115,442
|
52,310
|
|||||||||
Share and Per Share Data
|
||||||||||||
Earnings per share - basic
|
$
|
0.80
|
$
|
0.95
|
$
|
0.61
|
||||||
Earnings per share - diluted
|
$
|
0.76
|
$
|
0.90
|
$
|
0.59
|
||||||
Book value per share
|
$
|
9.84
|
$
|
9.04
|
$
|
6.00
|
||||||
Tangible book value per share
|
$
|
9.84
|
$
|
9.04
|
$
|
6.00
|
||||||
Weighted avg outstanding shares - basic
|
12,777,237
|
10,169,005
|
8,091,186
|
|||||||||
Weighted avg outstanding shares - diluted
|
13,567,311
|
10,818,984
|
8,335,772
|
|||||||||
Shares outstanding at end of period
|
12,788,810
|
12,772,010
|
8,716,110
|
|||||||||
Asset Quality Ratios
|
||||||||||||
Nonperforming loans to total loans
|
0.2
|
%
|
0.2
|
%
|
0.3
|
%
|
||||||
Net charge offs to average loans
|
3.8
|
%
|
3.2
|
%
|
1.0
|
%
|
||||||
Allowance for loan losses to loans held for investment
|
5.0
|
%
|
4.8
|
%
|
3.0
|
%
|
||||||
Allowance for loan losses to total loans
|
3.7
|
%
|
3.7
|
%
|
2.5
|
%
|
||||||
Allowance for loan losses to total loans (less PPP loans)
|
3.7
|
%
|
3.7
|
%
|
3.4
|
%
|
||||||
Capital Ratios
|
||||||||||||
Total shareholders' equity to total assets
|
29.6
|
%
|
30.4
|
%
|
15.8
|
%
|
||||||
Tangible shareholders’ equity to tangible assets (1)
|
29.6
|
%
|
30.4
|
%
|
15.8
|
%
|
||||||
Leverage Ratio (Bank under CBLR)
|
19.3
|
%
|
17.7
|
%
|
19.4
|
%
|
Efficiency ratio
|
||||||||||||
For Three Months Ended
|
||||||||||||
($s in thousands, annualized ratios)
|
3/31/2022
|
12/31/2021
|
3/31/2021
|
|||||||||
Non-interest expense
|
$
|
9,048
|
$
|
8,371
|
$
|
6,663
|
||||||
Net interest income
|
14,080
|
15,272
|
8,434
|
|||||||||
Total non-interest income
|
11,682
|
9,129
|
6,079
|
|||||||||
Adjusted operating revenue
|
$
|
25,762
|
$
|
24,401
|
$
|
14,513
|
||||||
Efficiency ratio
|
35.1
|
%
|
34.3
|
%
|
45.9
|
%
|
As of
|
||||||||||||
3/31/2022
|
12/31/2021
|
3/31/2021
|
||||||||||
($s in thousands)
|
||||||||||||
Allowance for loan losses
|
$
|
9,987
|
$
|
9,855
|
$
|
6,184
|
||||||
Total Loans
|
272,552
|
265,788
|
245,226
|
|||||||||
PPP Loans
|
991
|
1,091
|
65,858
|
|||||||||
Total Loans less PPP Loans
|
$
|
271,561
|
$
|
264,697
|
$
|
179,368
|
||||||
Allowance for loan losses to total loans (less PPP Loans)
|
3.7
|
%
|
3.7
|
%
|
3.4
|
%
|
As of
|
||||||||||||
3/31/2022
|
12/31/2021
|
3/31/2021
|
||||||||||
($s in thousands)
|
||||||||||||
Total Assets
|
$
|
425,603
|
$
|
380,214
|
$
|
330,053
|
||||||
PPP Loans
|
991
|
1,091
|
65,858
|
|||||||||
Total Assets less PPP Loans
|
$
|
424,612
|
$
|
379,123
|
$
|
264,195
|
||||||
Total nonperforming assets and troubled debt restructurings
|
$
|
754
|
$
|
763
|
$
|
1,659
|
||||||
Total nonperforming assets and troubled debt restructurings to total assets (less PPP loans)
|
0.2
|
%
|
0.2
|
%
|
0.6
|
%
|