STATE COLLEGE, Pa.--(BUSINESS WIRE)--Kish Bancorp, Inc. (OTCQX: KISB) ("Kish" or the "Company"), parent company of Kish Bank, reported net income of $4.1 million, or $1.39 per share, for the fourth quarter of 2024, compared to $4.2 million, or $1.41 per share, for the third quarter of 2024, and $3.5 million, or $1.22 per share, for the fourth quarter of 2023. For the year ended December 31, 2024, net income was $14.5 million, an increase of $1.0 million, or 7.6%, compared to $13.5 million for 2023. Earnings per share were $4.92 for the year 2024, compared to $5.22 in 2023. All results are unaudited.
Results for the fourth quarter of 2024 benefited from a $142 thousand negative provision. This compared to a $665 thousand provision expense in the third quarter of 2024, and a $575 thousand provision expense in the fourth quarter of 2023. The reversal to the provision for credit losses during the fourth quarter of 2024 was primarily due to a $285 thousand net loan recovery during the quarter, as well as pristine credit quality and improved economic indicators within the Company's CECL accounting model.
"Kish delivered strong earnings for the fourth quarter and record profits for the year 2024, generated by solid revenue generation and double digit loan and deposit growth," stated William P. Hayes, Executive Chairman. "The increase in net interest income during the fourth quarter compared to the year ago quarter was primarily driven by new loan growth. While the recent Fed rate cuts put some pressure on our net interest margin and our earning assets yields during the quarter, we anticipate improvement in future quarters as our cost of funds adjust downward driven by lower competitive market rates. Looking ahead, we will continue to focus on growing our core deposit franchise by expanding into new markets, capturing market share in our existing markets, and obtaining operational leverage through enhanced technology systems. Our earnings momentum for 2025 is strong, and we have the right team in place to continue to grow and be the best community bank in the markets we serve."
"In 2024 we executed several growth initiatives to reach our customers and expand our deposit franchise," said Gregory T. Hayes, President and CEO. "During the spring of 2024 we officially launched ATM + Live Banker, our newest transformative banking solution, at eight locations in Centre, Blair, Huntingdon, and Juniata Counties. ATM + Live Banker is a convenient banking solution that allows customers to perform full-service transactions with a live, local Kish Bank teller via video during expanded hours through our new ATM machines. While other banks are closing branches and eliminating access to people, we are expanding access to our customers. We continue to look for innovative, cost effective ways to reach our customers and grow our business, and ATM + Live Banker is just the start."
Fourth Quarter 2024 Financial Highlights:
- Total assets increased $149.8 million, or 9.7%, to $1.7 billion at December 31, 2024, compared to $1.5 billion a year ago.
- Total loans grew by $191.1 million, or 15.5%, year over year to $1.4 billion, compared to $1.2 billion a year ago.
- Total deposits increased $119.0 million year over year, or 10.1%, as Kish Bank continued to attract new client relationships.
- Fourth quarter net interest income, before provision, increased $1.5 million, or 13.3%, compared to the fourth quarter a year ago.
- Noninterest income increased $416 thousand, or 14.4%, compared to the year ago quarter.
- Fourth quarter net interest margin contracted 14 basis points from the fourth quarter a year ago to 3.23%.
- Continued strong fourth quarter ROE of 13.56% and ROA of 0.97%.
- Tangible book value per share increased 2.1% to $34.58, compared to $33.86 a year ago.
- Paid a $0.39 per share quarterly cash dividend on October 31, 2024, to shareholders of record as of October 15, 2024, which was a $0.02 per share increase over the prior quarter.
- At December 31, 2024, Kish Bank continued to exceed regulatory well-capitalized requirements with a Tier 1 leverage ratio of 9.02%, a Tier 1 capital ratio of 9.92% and a Total risk-based capital ratio of 10.62%.
Balance Sheet
"Loan growth had another strong quarter, with total loans outstanding up by $191.1 million, or 15.5%, year over year, and up $52.0 million, or 3.8% over the prior quarter," said President and CEO Hayes. "Year-over-year loan growth was spread out across several loan categories with the largest gains driven by increases in construction loans of $55.4 million, or 34.5%, and multifamily loans of $43.8 million, or 25.1%. Also noteworthy, Kish continues to have negligible exposure to loans in nonowner-occupied commercial office space categories."
Total assets ended the quarter at $1.7 billion, an increase of $149.8 million, or 9.7%, compared to $1.5 billion as of December 31, 2023. Investment securities decreased to $163.1 million, a decrease of $29.5 million from December 31, 2023. Average earning assets increased to $1.6 billion in the fourth quarter of 2024, compared to $1.4 billion in the fourth quarter of 2023. The average yield on interest-earning assets was 6.06% in the fourth quarter of 2024, down five basis points from 6.11% in the fourth quarter a year ago.
Total deposits grew by $119.0 million year over year to $1.3 billion, an increase of 10.1% from $1.2 billion a year ago. At December 31, 2024, noninterest-bearing demand deposit accounts decreased 5.9% compared to a year ago, while interest-bearing deposits increased 13.0% compared to a year ago. Brokered deposits decreased $18.1 million during the fourth quarter compared to the preceding quarter to $90.1 million at December 31, 2024. The cost of total deposits was 2.71% in the fourth quarter of 2024, compared to 2.50% in the fourth quarter of 2023.
Stockholders' equity increased 14.4% to $106.1 million at December 31, 2024, compared to $92.8 million a year earlier. At December 31, 2024, the Company's tangible book value increased 2.1% to $34.58 per share compared to $33.86 at December 31, 2023.
Kish Bank continues to maintain capital levels in excess of the requirements to be categorized as "well-capitalized" with a Tier 1 leverage ratio of 9.02%, a Tier 1 capital ratio of 9.92% and a Total capital ratio of 10.62% at December 31, 2024.
Operating Results
In the fourth quarter of 2024, Kish generated a return on average common equity of 13.56% and a return on average assets of 0.97%, compared to 12.16% and 0.91%, respectively, in the fourth quarter a year ago. For the year, the return on average common equity was 12.23% and return on average assets was 0.89%, compared to 13.02% and 0.94%, respectively, for 2023.
Net interest income, before the provision for credit losses, increased 13.3% to $12.8 million in the fourth quarter of 2024, compared to $11.3 million in the fourth quarter a year ago. For the year, net interest income before the provision for credit losses increased $5.4 million, or 12.4% year over year, indicating a well-balanced net interest margin. The resulting relative stability in the net interest margin and managing of interest rate risk is the result of effective balance sheet management strategies, including Kish's balance sheet hedging program, which creates additional balance sheet flexibility.
The Company's net interest margin was 3.23% in the fourth quarter of 2024, compared to 3.30% in the preceding quarter and 3.37% in the fourth quarter of 2023. For the year, the net interest margin was 3.25%, compared to 3.31% in the year-ago period.
Primarily due to net loan recoveries, strong credit quality, and improved economic adjustments within the Company's CECL accounting model, the Company recorded a $142 thousand reversal to its provision for credit losses in the fourth quarter of 2024. This compared to a $665 thousand provision for credit losses in the third quarter of 2024, and a $575 thousand provision for credit losses in the fourth quarter of 2023.
Fourth quarter noninterest income increased 14.4% to $3.3 million, compared to $2.9 million in the fourth quarter a year ago. Noninterest income for the year increased by 10.1% compared to 2023, led by strong results from Kish's Wealth Management division, which expanded by $776 thousand to $3.3 million, a 30.5% increase over 2023. Also contributing to noninterest income was gains in sales from the equity portfolio of $392 thousand. These gains were offset to some extent by lower interest rate swap fees, which were impacted by the current level of market interest rates.
Noninterest expense increased $1.8 million, or 19.3%, to $11.2 million in the fourth quarter of 2024, compared to $9.4 million in the fourth quarter of 2023. For the year, noninterest expense increased $4.8 million, or 12.6%, to $42.9 million in 2024, compared to $38.1 million in 2023. Team expansion remains the primary driver of higher salary expense, coupled with inflationary pressures on compensation expense. The increase in operating expenses also reflects the Company's strategic investment in technology enhancements and the training and education of its employees; all crucial fundamentals in supporting and expanding customer relationships.
The efficiency ratio for the fourth quarter of 2024 was 69.3%, compared to 67.9% for the preceding quarter and 69.3% for the fourth quarter of 2023. For the year, the efficiency ratio was 71.0% compared to 70.2% in the year ago period. The efficiency ratio includes the Company's non-banking units, which operate at higher expense levels than Kish Bank.
In the fourth quarter of 2024, the Company recorded $873 thousand in state and federal income tax expense for an effective tax rate of 17.5%, compared to $702 thousand, or 16.8%, in the fourth quarter a year ago. For the year 2024, the Company recorded $3.0 million in state and federal income tax expense for an effective rate of 17.1%, compared to $2.7 million, or 16.4%, in 2023.
Credit Quality
The allowance for credit losses represented 1233.52% of nonperforming loans at December 31, 2024, compared to 1565.20% a year earlier. Nonperforming loans were $722 thousand, or 0.05% of total loans, at December 31, 2024, compared to $569 thousand, or 0.05% of total loans, a year earlier.
Net loan recoveries totaled $262 thousand in the fourth quarter of 2024, compared to $39 thousand in net loan charge-offs in the fourth quarter a year ago. The allowance for credit losses was $8.9 million, or 0.63% of total loans, at December 31, 2024, compared $7.5 million, or 0.61% of total loans, a year ago.
Dividend
On January 2, 2025, the Board of Directors declared a quarterly dividend in the amount of $0.39 per share, payable January 31, 2025, to shareholders of record as of January 15, 2025, which was unchanged from the prior quarter. The current dividend represents an annualized yield of 4.46% based on receipt market prices. Kish has paid uninterrupted dividends since 1987, with a dividend increase every year for the prior nine consecutive years.
Recent Events
During the fourth quarter of 2024, the company completed the issuance of $10.0 million in term debt with a $3 million line through a private placement offering. The Company intends to use the net proceeds from the offering for general corporate purposes, including but not limited to the redemption of the Company's outstanding $5.0 million floating debt line which was higher in cost.
About Kish Bancorp, Inc.
Kish Bancorp, Inc. is a diversified financial services corporation headquartered in Belleville, PA with executive offices in State College and an Innovation Center in Reedsville. Kish Bank, a subsidiary of Kish Bancorp, Inc., operates 19 locations serving Centre, Mifflin, Huntingdon, Blair, and Juniata counties, and northeastern Ohio. In addition to Kish Bank, other business units include: Kish Insurance, an independent property and casualty insurance agency; Kish Financial Solutions, which offers trust, fiduciary, and wealth management advisory services; Kish Benefits Consulting, which provides employee benefits consulting services; and Kish Travel, a full-service travel agency. KISB is the OTCQX stock ticker symbol for Kish Bancorp, Inc. For additional information, please visit ir.kishbancorp.com or otcmarkets.com/stock/KISB.
In June of 2024, Kish Bancorp, Inc. was ranked 38th on American Banker Magazine's list of Top 100 Publicly Traded Community Banks and Thrifts based on three-year average return on equity as of December 31, 2023. The rankings are derived from all publicly traded banks and thrifts in the U.S. with less than $2 billion in assets.
Forward Looking Statements
Certain statements regarding Kish Bancorp, Inc. set forth in this document and any related materials, as well as in related oral and written presentations, contain forward-looking information and speak only as of the date of such statement. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans and prospects. This forward-looking information is subject to numerous material risks, uncertainties and assumptions, certain of which are beyond the control of Kish Bancorp, including the impact of general economic conditions, industry conditions, competition from other industry participants, the effect of federal, state and local regulation on financial institutions, market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the material assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and actual results, performance or achievement could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Kish Bancorp will derive therefrom. Kish Bancorp disclaims any intention or obligation to update or revise any forward-looking information, whether, because of new information, future events or otherwise, except as required by applicable securities laws.
| Consolidated Balance Sheet | |||||||||||
| (Unaudited; in thousands) | |||||||||||
Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | |||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ | 13,920 | $ | 16,172 | $ | 13,289 | |||||
| Interest-bearing deposits with other institutions | 3,297 | 5,400 | 16,449 | ||||||||
| Cash and cash equivalents | 17,217 | 21,572 | 29,738 | ||||||||
| Certificates of deposit on other financial institutions | - | - | 245 | ||||||||
| Investment securities available for sale | 151,328 | 169,473 | 178,978 | ||||||||
| Equity securities | 2,378 | 2,594 | 2,713 | ||||||||
| Investment securities held to maturity | 9,406 | 11,001 | 10,892 | ||||||||
| Loans held for sale | 786 | 2,566 | 663 | ||||||||
| Loans | 1,424,000 | 1,372,000 | 1,232,862 | ||||||||
| Less allowance for credit losses | 8,906 | 8,715 | 7,545 | ||||||||
| Net Loans | 1,415,094 | 1,363,285 | 1,225,317 | ||||||||
| Premises and equipment | 27,534 | 27,557 | 27,398 | ||||||||
| Goodwill | 3,512 | 3,561 | 3,561 | ||||||||
| Regulatory stock | 8,330 | 8,361 | 9,772 | ||||||||
| Bank-owned life insurance | 25,032 | 24,846 | 24,302 | ||||||||
| Accrued interest and other assets | 31,933 | 29,979 | 29,197 | ||||||||
| TOTAL ASSETS | $ | 1,692,550 | $ | 1,664,795 | $ | 1,542,776 | |||||
| LIABILITIES | |||||||||||
| Noninterest-bearing deposits | 171,361 | 175,998 | 182,036 | ||||||||
| Interest-bearing deposits | 1,126,709 | 1,120,486 | 997,034 | ||||||||
| Total Deposits | 1,298,070 | 1,296,484 | 1,179,070 | ||||||||
| Borrowings | 252,635 | 233,308 | 235,960 | ||||||||
| Accrued interest and other liabilities | 35,734 | 30,665 | 34,981 | ||||||||
| TOTAL LIABILITIES | 1,586,439 | 1,560,457 | 1,450,011 | ||||||||
| STOCKHOLDERS' EQUITY | |||||||||||
| Common stock, $0.50 per value; 8,000,000 shares authorized, 3,022,127, 3,022,127 and 2,885,941 issued | 1,511 | 1,511 | 1,480 | ||||||||
| Additional paid-in capital | 12,840 | 14,158 | 10,891 | ||||||||
| Retained earnings | 106,979 | 104,016 | 96,878 | ||||||||
| Accumulated other comprehensive income | (13,623 | ) | (12,093 | ) | (14,000 | ) | |||||
| Treasury stock, at cost (56,900, 56,900 and 79,505 shares) | (1,596 | ) | (3,254 | ) | (2,484 | ) | |||||
| TOTAL STOCKHOLDERS' EQUITY | 106,111 | 104,338 | 92,765 | ||||||||
| TOTAL LIABILITIES AND | |||||||||||
| STOCKHOLDERS' EQUITY | $ | 1,692,550 | $ | 1,664,795 | $ | 1,542,776 | |||||
| CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||||
| (Unaudited; in thousands) | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | ||||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||
| Interest and fees on loans: | ||||||||||||||||||
| Taxable | $ | 22,375 | $ | 22,099 | $ | 18,674 | $ | 84,569 | $ | 65,808 | ||||||||
| Exempt from federal income tax | 264 | 277 | 228 | 1,060 | 811 | |||||||||||||
| Investment securities | ||||||||||||||||||
| Taxable | 1,043 | 1,229 | 1,301 | 4,776 | 5,182 | |||||||||||||
| Exempt from federal income tax | 59 | 58 | 50 | 229 | 204 | |||||||||||||
| Interest-bearing deposits with other institutions | 81 | 62 | 122 | 312 | 456 | |||||||||||||
| Other dividend income | 220 | 224 | 236 | 918 | 936 | |||||||||||||
| TOTAL INTEREST AND DIVIDEND INCOME | 24,042 | 23,949 | 20,611 | 91,864 | 73,397 | |||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||
| Deposits | 8,828 | 8,849 | 6,861 | 33,376 | 21,124 | |||||||||||||
| Borrowings | 2,420 | 2,346 | 2,456 | 9,458 | 8,646 | |||||||||||||
| TOTAL INTEREST EXPENSE | 11,248 | 11,195 | 9,317 | 42,834 | 29,770 | |||||||||||||
| NET INTEREST INCOME | 12,794 | 12,754 | 11,294 | 49,030 | 43,627 | |||||||||||||
| Provision for credit losses | (142 | ) | 665 | 575 | 1,103 | 711 | ||||||||||||
| NET INTEREST INCOME AFTER | ||||||||||||||||||
| PROVISION FOR CREDIT LOSSES | 12,936 | 12,089 | 10,719 | 47,927 | 42,916 | |||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||
| Service fees on deposit accounts | 673 | 652 | 596 | 2,528 | 2,340 | |||||||||||||
| Investment security gains, net | 392 | - | - | 392 | - | |||||||||||||
| Equity securities (losses) gains, net | (131 | ) | 263 | 259 | (74 | ) | (145 | ) | ||||||||||
| Gain on sale of loans, net | 130 | 135 | 85 | 447 | 340 | |||||||||||||
| Earnings on Bank-owned life insurance | 183 | 183 | 173 | 721 | 647 | |||||||||||||
| Insurance commissions | 680 | 810 | 659 | 3,099 | 3,061 | |||||||||||||
| Travel agency commissions | 73 | 33 | 42 | 185 | 262 | |||||||||||||
| Wealth management | 820 | 949 | 517 | 3,321 | 2,545 | |||||||||||||
| Benefits consulting | 155 | 161 | 145 | 640 | 623 | |||||||||||||
| Other | 329 | 509 | 412 | 1,264 | 1,698 | |||||||||||||
| TOTAL NONINTEREST INCOME | 3,304 | 3,695 | 2,888 | 12,523 | 11,371 | |||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||||
| Salaries and employee benefits | 6,490 | 6,435 | 5,157 | 25,518 | 22,198 | |||||||||||||
| Occupancy and equipment | 1,050 | 1,030 | 993 | 4,112 | 3,897 | |||||||||||||
| Data processing | 1,259 | 1,234 | 1,107 | 4,787 | 4,185 | |||||||||||||
| Professional fees | 235 | 175 | 229 | 767 | 784 | |||||||||||||
| Advertising | 110 | 123 | 164 | 464 | 623 | |||||||||||||
| Federal deposit insurance | 343 | 319 | 498 | 1,295 | 1,135 | |||||||||||||
| Other | 1,760 | 1,402 | 1,279 | 5,987 | 5,311 | |||||||||||||
| TOTAL NONINTEREST EXPENSE | 11,247 | 10,718 | 9,427 | 42,930 | 38,133 | |||||||||||||
| INCOME BEFORE INCOME TAXES | 4,993 | 5,066 | 4,180 | 17,520 | 16,154 | |||||||||||||
| Income taxes | 873 | 896 | 702 | 3,000 | 2,654 | |||||||||||||
| NET INCOME | $ | 4,120 | $ | 4,170 | $ | 3,478 | $ | 14,520 | $ | 13,500 | ||||||||
| Earnings per share | $ | 1.39 | $ | 1.41 | $ | 1.22 | $ | 4.92 | $ | 5.22 | ||||||||
| ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||||||
| (Dollars and shares in thousands except per share amounts)(Unaudited) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | ||||||||||||||||
| PERFORMANCE MEASURES AND RATIOS | ||||||||||||||||||||
| Return on average common equity | 13.56 | % | 13.89 | % | 12.16 | % | 12.23 | % | 13.02 | % | ||||||||||
| Return on average assets | 0.97 | % | 1.01 | % | 0.91 | % | 0.89 | % | 0.94 | % | ||||||||||
| Efficiency ratio | 69.25 | % | 67.91 | % | 69.28 | % | 71.02 | % | 70.24 | % | ||||||||||
| Net interest margin | 3.23 | % | 3.30 | % | 3.37 | % | 3.25 | % | 3.31 | % | ||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | ||||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||
| Average assets | $ | 1,671,984 | $ | 1,634,071 | $ | 1,494,264 | $ | 1,606,005 | $ | 1,413,050 | ||||||||||
| Average earning assets | 1,574,978 | 1,534,946 | 1,393,417 | 1,508,076 | 1,315,855 | |||||||||||||||
| Average total loans | 1,398,480 | 1,346,713 | 1,195,172 | 1,320,145 | 1,113,252 | |||||||||||||||
| Average deposits | 1,295,387 | 1,271,823 | 1,140,980 | 1,244,221 | 1,085,049 | |||||||||||||||
| Average common equity | 115,103 | 112,093 | 101,882 | 110,572 | 93,448 | |||||||||||||||
Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | ||||||||||||||||||
| EQUITY ANALYSIS | ||||||||||||||||||||
| Total common equity | $ | 116,751 | $ | 113,680 | $ | 104,476 | ||||||||||||||
| Common stock outstanding | 3,022,127 | 3,022,127 | 2,960,591 | |||||||||||||||||
| Book value per share | $ | 35.98 | $ | 35.46 | $ | 35.28 | ||||||||||||||
| Tangible book value per share | $ | 34.58 | $ | 34.04 | $ | 33.86 | ||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Nonaccrual loans | $ | 521 | $ | 501 | $ | 430 | ||||||||||||||
| Loans 90 days past due and still accruing | 201 | 179 | 139 | |||||||||||||||||
| Total nonperforming loans | $ | 722 | $ | 680 | $ | 569 | ||||||||||||||
| Other real estate owned and other repossessed assets | - | - | - | |||||||||||||||||
| Total nonperforming assets | $ | 722 | $ | 680 | $ | 569 | ||||||||||||||
| Nonperforming loans/portfolio loans | 0.05 | % | 0.05 | % | 0.05 | % | ||||||||||||||
| Nonperforming assets/assets | 0.04 | % | 0.04 | % | 0.04 | % | ||||||||||||||
| Allowance for credit losses | $ | 8,906 | $ | 8,715 | $ | 7,545 | ||||||||||||||
| Allowance for credit losses/portfolio loans | 0.63 | % | 0.64 | % | 0.61 | % | ||||||||||||||
| Allowance for credit losses/nonperforming loans | 1233.52 | % | 1281.62 | % | 1565.20 | % | ||||||||||||||
| Net loan (recoveries) charge-offs for the quarter | $ | (262 | ) | $ | (30 | ) | $ | 39 | ||||||||||||
Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | ||||||||||||||||||
| KISH BANK | ||||||||||||||||||||
| Tier 1 leverage ratio | 9.02 | % | 9.00 | % | 8.94 | % | ||||||||||||||
| Tier 1 capital ratio | 9.92 | % | 9.95 | % | 9.96 | % | ||||||||||||||
| Total capital ratio | 10.62 | % | 10.66 | % | 10.65 | % | ||||||||||||||
Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | ||||||||||||||||||
| INTEREST SPREAD ANALYSIS | ||||||||||||||||||||
| Yield on total loans | 6.46 | % | 6.63 | % | 6.65 | % | ||||||||||||||
| Yield on investments | 2.60 | % | 2.82 | % | 2.82 | % | ||||||||||||||
| Yield on interest earning deposits | 5.02 | % | 4.64 | % | 4.89 | % | ||||||||||||||
| Yield on earning assets | 6.06 | % | 6.19 | % | 6.11 | % | ||||||||||||||
| Cost of interest-bearing deposits | 3.12 | % | 3.21 | % | 2.97 | % | ||||||||||||||
| Cost of total deposits | 2.71 | % | 2.77 | % | 2.50 | % | ||||||||||||||
| Cost of borrowings | 4.07 | % | 4.14 | % | 4.37 | % | ||||||||||||||
| Cost of interest-bearing liabilities | 3.29 | % | 3.37 | % | 3.24 | % | ||||||||||||||
| Cost of funds | 2.92 | % | 2.98 | % | 2.81 | % | ||||||||||||||
Contacts
Mark J. Cvrkel, EVP, Treasurer and Chief Financial Officer, 814-325-7346
