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First Central Savings Bank Reports Calendar Second Quarter 2022 Results Highlighted by Strong Net Income and Cash Earnings, Excellent Balance Sheet Growth, Outstanding Net Interest Margin, and Exceptional Asset Quality

·18 min read
First Central Savings Bank
First Central Savings Bank

Performance Highlights

  • Net Income and Cash Earnings: Net income for the quarter ended June 30, 2022, was $2.0 million or $0.19 per share, compared to $1.9 million or $0.18 per share recorded in the prior year quarter ended June 30, 2021. Cash earnings for the quarter ended June 30, 2022, were $2.6 million, or $0.24 per share, a decrease of $93 thousand, or 3.5%, from $2.7 million, or $0.25 per share, for the prior year quarter.   Net income of $5.7 million for the first six months ended June 30, 2022, or $0.54 per share, compared to $3.0 million or $0.28 per share recorded in the prior year six months ended June 30, 2021, representing a 92.9% increase in net income year-over-year.

  • Financial Performance Metrics: Return on average assets and average stockholders’ equity were 1.00% and 10.95%, respectively, for the quarter ended June 30, 2022, compared to 1.10% and 11.34%, respectively, for the prior year quarter.

  • Balance Sheet Growth: Assets totaled $852.6 million at June 30, 2022, up $46.6 million, or 5.8%, from March 31, 2022, and up $174.8 million, or 25.8%, from June 30, 2021 primarily due to loan growth.

  • Continued Capital Strength: The Bank’s Tier 1 capital ratio was 9.48% and the Total Risk based capital ratio was 14.01% at June 30, 2022, each above the regulatory minimum for a well-capitalized institution.

  • Loan Growth: At June 30, 2022, total loans outstanding was $715.7 million or 83.9% of total assets, up $36.7 million, or 5.4%, from March 31, 2022.

  • Net Interest Income Growth: The Bank recorded net interest income of $7.8 million for the quarter ended June 30, 2022, an increase of $1.4 million, or 22.4%, from the quarter ended June 30, 2021, and an increase of $142 thousand, or 1.8%, on a linked quarter basis.

  • Excellent Asset Quality: At June 30, 2022, the Bank’s asset quality was strong with 0.82% non-performing loans to total loans.

  • Strong Net Interest Margin and Spread: The Bank’s net interest margin and spread for the current quarter was strong at 4.00% and 3.95%, respectively.

  • New Lynbrook NY Branch Location: The Bank successfully opened up its ninth retail banking location in Lynbrook, NY. The Bank has successfully raised over $25 million in new deposit accounts since its opening.

GLEN COVE, N.Y., July 29, 2022 (GLOBE NEWSWIRE) -- Joseph Pistilli, Chairman of the Board, of First Central Savings Bank (“FCSB”, “the Bank”) today reported significant performance achievements for the quarter ended June 30, 2022, highlighted by the Bank’s operating and cash earnings, continued momentum in year-over-year loan growth, excellent asset quality, and net income.

Strong Operating Earnings Momentum on both Cash and GAAP Basis

The Bank’s cash earnings were $2.6 million, or $0.24 per share, for the quarter ended June 30, 2022, which represents a decrease of $93 thousand, or 3.5% from the quarter ended June 30, 2021. On a GAAP basis, net income for the quarter ended June 30, 2022, was $2.0 million, or $0.19 per share, compared with net income of $1.9 million, or $0.18 per share, for the quarter ended June 30, 2021. In prior quarters, due to the significant deferred tax asset recognized, the Bank was not required to pay federal income taxes until the Bank fully utilized the remaining net operating loss carryforward. As such, significantly all the federal income tax expense on the income statement is considered a non-cash expense. As of the quarter ended June 30, 2022, the Bank has utilized the remaining net operating loss carryforward, thus is required to pay federal income taxes. As such, the federal income tax expense is now a cash expense.

Joseph Pistilli, Chairman of the Board noted, “In the second quarter of 2022, First Central continued to build shareholder value by delivering continued earnings momentum and solid loan growth. Our loan portfolio grew by $36.7 million, or 5.4% as we added more loans to portfolio. However, due to unsettled pricing in the secondary market for loan sales, gains on sales of loans declined during the second quarter. We will continue to evaluate opportunities to sell loans to the secondary market, however, presently it is more advantageous for the Bank to add loans to portfolio and grow net interest income than selling loans. I am extremely proud of the management team and Board of Directors that we have assembled at the Bank and the expertise they bring in growing the franchise value for our shareholders.”

Paul Hagan, President and Chief Operating Officer, reflected on the Bank’s results, “The quarter ended June 30, 2022, was another quarter for strong operating results which was met with record loans receivable and total assets. Management continues to execute its growth strategy that brought record net interest income. However, the current economic environment with rising interest rates, inflation, and world turmoil poses challenges to the Bank going forward. Management will continue to generate commercial real estate loans and residential real estate loans in concert with current growth strategy while exploring alternative loan trade opportunities to improve returns on loans sold to the secondary market. Loan trade alternatives are paramount as pricing in the secondary market for loan sales continues to be depressed due to rising interest rates. Management remains committed in its primary mission to evaluate opportunities to increase shareholder value.”

Balance Sheet Growth

Total assets for the quarter ended June 30, 2022, increased by $46.6 million to $852.6 million as the Bank continued to originate commercial and non-conforming loans while continuing to sell a portion of the non-conforming loans to the secondary market. On a year-over-year basis, total assets grew by $174.8 million, or 25.8%, driven by the Bank’s robust loan originations offset by non-conforming loan sales. As of June 30, 2022, the Bank has been able to generate a non-conforming loan pipeline of $105.3 million and commercial loan pipeline of $23.4 million. Total loan portfolio growth at June 30, 2022, increased by $138.9 million, or 25.0%, from the loan balance as of June 30, 2021.

Funding for asset growth during the quarter was primarily derived from retail and wholesale deposits and borrowings from the Federal Home Loan Bank, (“FHLB”). On a year-over-year basis, total deposits grew by $134.6 million, or 22.2%, as the Bank continues to grow deposits through their retail branches. The Bank has had incredible success in growing and maintaining the non-interest-bearing deposits through non-conforming loan originations and the retail branches. As of June 30, 2022, total non-interest-bearing deposits were $130.8 million or 17.7% of total deposits compared to $105.6 million or 17.3% of total deposits as of June 30, 2021.

In addition to deposit growth, the Bank has used short term borrowings from the FHLB to fund loan growth during the quarter. Total borrowings for the quarter ended June 30, 2022, increased to $20 million. This has been an effective lower cost funding strategy for the Bank. This allows the Bank to continually fund loans at lower costs while growing the retail deposit base to support our asset growth.

The Bank’s overall average cost of funds was 0.60% for the quarter ended June 30, 2022, an increase of seven basis points from 0.53% from the prior linked quarter. Management continues to be pro-active in securing longer-term certificates of deposit in the current rising interest rate environment to better position the interest-rate-risk profile of the Bank in anticipation of even higher rates in the upcoming years. While this strategy of securing current longer-term funding at current rates is more costly than shorter-term funding, management believes it will better protect and enhance future earnings during the current rising interest rate cycle that is expected to continue in the years ahead.

Loan Portfolio and Asset Quality

For the twelve-month period ended June 30, 2022, the Bank’s loan portfolio grew by $138.9 million, or 25.0%, with the growth concentrated primarily in non-conforming residential loans. Management continues to employ a strategy of concentrating its loan growth in these products, which provides the Bank with traditionally safe credit quality at acceptable credit spreads, greater liquidity and an enhanced interest-rate-risk profile. Over the past twelve months, originations of the non-conforming product amounted to $410.5 million. At June 30, 2022, the entire non-conforming loan portfolio amounted to $343.2 million, with an average loan balance of $635 thousand and a weighted average loan-to-value ratio of 59.50%.

As a result of the Bank’s robust non-conforming loan generation capabilities, the Bank had been able to generate additional income by strategically originating and selling its non-conforming loans to other financial institutions at premiums. As of June 30, 2022, the Bank has $105.4 million within the non-conforming pipeline with a weighted average interest rate of 6.05%. Due to the strong pipeline, the Bank expects that it will continue to originate for its own portfolio and others, which will result in a continued increase in interest income while also realizing gains on sale of loans. For the six months ended June 30, 2022, the Bank earned $3.2 million in premiums on loans sold net of FASB 91 fees and costs.

The Bank’s asset quality ratios remained strong. At June 30, 2022, the loan portfolio had non-performing loans of $5.9 million or 0.82% of total loans and 0.69% of total assets. During the quarter ended June 30, 2022, the Bank recorded a provision of $400 thousand to account for the $36.7 million increase in loans receivable. The total allowance for loan losses at June 30, 2022, was $7.5 million and as a percent of loan receivable was 1.05% for the most recent quarter end.

Strong Net Interest Margin

The Bank’s net interest margin remained strong for the quarter ended June 30, 2022, at 4.00% due to the continued origination of non-conforming loans at above market rates, prepayment penalties and loan fees of $329 thousand, and effective cost of funds management.

Opportunities for First Central Savings Bank

The Bank’s executive team and Board remain focused on enhancing shareholder value through prudent growth, tight expense control and further business opportunities. The Bank successfully opened its ninth branch in Lynbrook New York on June 21, 2022, which will contribute to the Bank’s growth strategy. The Bank is continuing to evaluate new retail branch locations to fund its deposit and loan growth.

Our mobile banking product allows customers to perform various banking functions including remote check deposits, “Zelle” money transfers, obtaining deposit account balances and transferring funds between accounts using their mobile phones. The continued implementation of application based mobile banking software products enables the Bank to better compete with much larger financial institutions in the marketplace by offering the latest banking technology solutions. The Bank also completed an upgrade of our core banking system in April 2022 which will has enhanced our customer experience.

About First Central Savings Bank

With assets of $852.6 million at June 30, 2022, First Central Savings Bank is a locally owned and operated community savings bank, focusing on highly personalized and efficient services and products responsive to local needs. Management and the Board of Directors are comprised of a select group of successful local businessmen who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, First Central offers a full range of modern financial services. First Central employs a complete suite of consumer and commercial banking products and services, including multi-family and commercial mortgages, ADC and bridge loans, residential loans, middle market business loans and lines of credit. First Central also offers customers 24-hour ATM service with no fees attached, free checking with interest, mobile banking, the most advanced technologies in internet banking for our consumer and business customers, safe deposit boxes and much more. The Bank continues to roll out mobile banking software products as well as our “Zelle” money transfer product to our customers. First Central Savings Bank maintains its corporate offices in Glen Cove, New York with an additional nine branches throughout Queens New York.

First Central Savings Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call 516-399-6010 or visit the Bank’s state-of-the-art website at www.myfcsb.com.

Forward-Looking Statements

This release may contain certain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as "may," "believe," "expect," "anticipate," "should," "plan," "estimate," "predict," "continue," and "potential" or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of First Central Savings Bank. Any or all of the forward-looking statements in this release and in any other public statements made by First Central Savings Bank may turn out to be incorrect. They can be affected by inaccurate assumptions First Central Savings Bank might make or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. First Central Savings Bank does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

First Central Savings Bank

 

 

 

 

 

 

 

Statements of Condition - (unaudited)

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

6/30/2022

 

3/31/2022

 

6/30/2021

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

54,431

 

 

$

46,706

 

 

$

46,238

 

 

Investments Available for Sale

 

 

47,756

 

 

 

46,264

 

 

 

32,325

 

 

Investments Held to Maturity

 

 

1,000

 

 

 

1,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

 

-

 

 

 

14,852

 

 

 

22,356

 

 

Loans receivable

 

 

715,728

 

 

 

664,139

 

 

 

554,489

 

 

Less: allowance for loan losses

 

 

(7,503

)

 

 

(7,102

)

 

 

(6,015

)

 

Loans, net

 

 

708,225

 

 

 

657,037

 

 

 

548,474

 

 

 

 

 

 

 

 

 

 

Other assets

 

 

41,212

 

 

 

40,126

 

 

 

28,415

 

 

Total Assets

 

$

852,624

 

 

$

805,985

 

 

$

677,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders Equity

 

 

 

 

 

 

 

Total Deposits

 

$

740,487

 

 

$

698,129

 

 

$

605,869

 

 

FHLB Advances

 

 

20,000

 

 

 

15,000

 

 

 

-

 

 

Other Liabilities

 

 

17,831

 

 

 

18,817

 

 

 

4,861

 

 

Total Liabilities

 

 

778,318

 

 

 

731,946

 

 

 

610,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Shareholders' Equity

 

 

74,306

 

 

 

74,039

 

 

 

67,078

 

 

Total Liabilities and Shareholders' Equity

 

$

852,624

 

 

$

805,985

 

 

$

677,808

 

 

 

 

 

 

 

 

 

 


First Central Savings Bank

 

 

 

 

 

 

 

 

 

 

 

Statements of Income - (unaudited)

 

 

 

 

 

 

 

 

 

 

(dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6 Months

 

6 Months

 

 

 

 

 

 

 

Quarter Ended

 

Quarter Ended

 

Ended

 

Ended

 

 

 

 

 

 

 

6/30/2022

 

6/30/2021

 

6/30/2022

 

6/30/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Interest income

 

 

 

 

$

8,923

 

$

7,527

 

$

17,522

 

$

14,769

 

Total interest expense

 

 

 

 

 

1,084

 

 

1,121

 

 

1,987

 

 

2,465

 

Net interest income

 

 

 

7,839

 

 

6,406

 

 

15,535

 

 

12,304

 

Provision for loan losses

 

 

 

 

400

 

 

250

 

 

1,000

 

 

950

 

Net interest income after provision for loan loss

 

 

7,439

 

 

6,156

 

 

14,535

 

 

11,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain on loans sold

 

 

 

 

 

299

 

 

781

 

 

3,156

 

 

1,334

 

Other non-interest income

 

 

 

 

190

 

 

153

 

 

401

 

 

315

 

Total non-interest income

 

 

 

 

489

 

 

934

 

 

3,557

 

 

1,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

 

 

2,807

 

 

2,654

 

 

5,665

 

 

5,136

 

Occupancy and Equipment

 

 

 

 

882

 

 

714

 

 

1,751

 

 

1,480

 

Data processing

 

 

 

 

 

415

 

 

370

 

 

840

 

 

692

 

Federal insurance premium

 

 

 

 

95

 

 

130

 

 

185

 

 

284

 

Professional fees

 

 

 

 

 

368

 

 

307

 

 

757

 

 

586

 

Other

 

 

 

 

 

 

820

 

 

569

 

 

1,652

 

 

1,089

 

Total non-interest income

 

 

 

 

5,387

 

 

4,744

 

 

10,850

 

 

9,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

 

2,541

 

 

2,346

 

 

7,242

 

 

3,736

 

Income tax expense

 

 

 

 

 

525

 

 

483

 

 

1,508

 

 

764

 

Net income

 

 

 

$

2,016

 

$

1,863

 

$

5,734

 

$

2,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings per Share-GAAP basis

 

 

$

0.19

 

$

0.18

 

$

0.54

 

$

0.28

 

Diluted Earnings per Share-GAAP basis

 

 

$

0.19

 

$

0.18

 

$

0.54

 

$

0.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplementary Information:

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

$

2,016

 

$

1,863

 

$

5,734

 

$

2,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add Back non-cash charges

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

 

 

400

 

 

250

 

 

1,000

 

 

950

 

Depreciation expense

 

 

 

 

 

184

 

 

102

 

 

357

 

 

202

 

Provision for federal income taxes

 

 

 

-

 

 

478

 

 

974

 

 

756

 

Cash Net income

 

 

 

$

2,600

 

$

2,693

 

$

8,065

 

$

4,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings per Share-GAAP basis

 

 

$

0.24

 

$

0.25

 

$

0.76

 

$

0.46

 

Diluted Earnings per Share-GAAP basis

 

 

$

0.24

 

$

0.25

 

$

0.76

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


First Central Savings Bank

 

 

 

 

 

 

 

 

 

 

Statements of Income - (unaudited)

 

 

 

 

 

 

 

 

 

(dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

 

 

 

 

 

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

9/30/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Interest income

 

 

 

$

8,923

 

$

8,600

 

$

8,285

 

$

7,464

 

Total interest expense

 

 

 

 

1,084

 

 

903

 

 

869

 

 

976

 

Net interest income

 

 

 

7,839

 

 

7,697

 

 

7,416

 

 

6,488

 

Provision for loan losses

 

 

 

 

400

 

 

600

 

 

600

 

 

-

 

Net interest income after provision for loan loss

 

7,439

 

 

7,097

 

 

6,816

 

 

6,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain on loans sold

 

 

 

 

299

 

 

2,856

 

 

2,660

 

 

1,419

 

Other non-interest income

 

 

 

 

190

 

 

211

 

 

317

 

 

270

 

Total non-interest income

 

 

 

489

 

 

3,067

 

 

2,977

 

 

1,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

 

 

2,807

 

 

2,858

 

 

3,317

 

 

2,738

 

Occupancy and Equipment

 

 

 

 

882

 

 

869

 

 

806

 

 

732

 

Data processing

 

 

 

 

 

415

 

 

425

 

 

382

 

 

401

 

Federal insurance premium

 

 

 

 

95

 

 

90

 

 

80

 

 

90

 

Professional fees

 

 

 

 

 

368

 

 

389

 

 

360

 

 

414

 

Other

 

 

 

 

 

 

820

 

 

832

 

 

767

 

 

615

 

Total non-interest income

 

 

 

5,387

 

 

5,463

 

 

5,712

 

 

4,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

 

2,541

 

 

4,701

 

 

4,081

 

 

3,187

 

Income tax expense

 

 

 

 

525

 

 

983

 

 

851

 

 

662

 

Net income

 

 

 

$

2,016

 

$

3,718

 

$

3,230

 

$

2,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings per Share-GAAP basis

 

 

$

0.19

 

$

0.35

 

$

0.30

 

$

0.24

 

Diluted Earnings per Share-GAAP basis

 

 

$

0.19

 

$

0.35

 

$

0.30

 

$

0.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplementary Information:

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

$

2,016

 

$

3,718

 

$

3,230

 

$

2,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add Back non-cash charges

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

 

 

400

 

 

600

 

 

600

 

 

-

 

Depreciation expense

 

 

 

 

184

 

 

173

 

 

173

 

 

118

 

Provision income taxes

 

 

 

 

-

 

 

974

 

 

843

 

 

655

 

Cash Net income

 

 

$

2,600

 

$

5,465

 

$

4,846

 

$

3,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings per Share-GAAP basis

 

 

$

0.24

 

$

0.51

 

$

0.46

 

$

0.31

 

Diluted Earnings per Share-GAAP basis

 

 

$

0.24

 

$

0.51

 

$

0.46

 

$

0.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


First Central Savings Bank

 

 

 

 

 

 

 

 

 

 

Selected Financial Data - (unaudited)

 

 

 

 

 

 

 

 

 

(dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

 

 

 

 

 

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

6/30/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality:

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan Losses (1)

 

 

$

7,503

 

 

$

7,102

 

 

$

6,501

 

 

$

6,015

 

 

Allowance for Loan Losses to Total Loans (1)

 

 

1.05

%

 

 

1.07

%

 

 

1.08

%

 

 

1.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Performing Loans

 

 

 

$

5,894

 

 

$

3,163

 

 

$

577

 

 

$

1,076

 

 

Non-Performing Loans/Total Loans

 

 

 

0.82

%

 

 

0.48

%

 

 

0.10

%

 

 

0.18

%

 

Non-Performing Loans/Total Assets

 

 

 

0.69

%

 

 

0.39

%

 

 

0.08

%

 

 

0.16

%

 

Allowance for Loan Losses/Non-Performing Loans

 

127.30

%

 

 

224.57

%

 

 

1126.75

%

 

 

559.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital: (dollars in thousands)

 

 

 

 

 

 

 

 

 

 

Tier 1 Capital

 

 

 

 

$

77,231

 

 

$

73,997

 

 

$

69,292

 

 

$

62,012

 

 

Tier 1 Leverage Ratio

 

 

 

 

9.48

%

 

 

9.51

%

 

 

9.53

%

 

 

9.21

%

 

Common Equity Tier 1 Capital Ratio

 

 

 

12.76

%

 

 

13.21

%

 

 

12.82

%

 

 

12.16

%

 

Tier 1 Risk Based Capital Ratio

 

 

 

12.76

%

 

 

13.21

%

 

 

12.82

%

 

 

12.16

%

 

Total Risk Based Capital Ratio

 

 

 

14.01

%

 

 

14.46

%

 

 

14.05

%

 

 

13.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Data

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

 

10,648,345

 

 

 

10,648,345

 

 

 

10,648,345

 

 

 

10,648,345

 

 

Stockholders' equity

 

 

 

$

74,306

 

 

$

74,039

 

 

$

72,406

 

 

$

67,078

 

 

Book value per common share

 

 

 

6.98

 

 

 

6.95

 

 

 

6.80

 

 

 

6.30

 

 

Tangible common equity

 

 

 

 

74,306

 

 

 

74,039

 

 

 

72,406

 

 

 

67,078

 

 

Tangible book value per common share

 

 

6.98

 

 

 

6.95

 

 

 

6.80

 

 

 

6.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Calculation excludes loans held for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


First Central Savings Bank

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Data - (unaudited)

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

 

 

 

 

 

 

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

6/30/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other: (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Average Interest-Earning Assets

 

 

785,977

 

 

753,211

 

 

710,495

 

 

655,871

 

 

 

Average Interest-Bearing Liabilities

 

 

601,128

 

 

570,814

 

 

520,419

 

 

503,699

 

 

 

Average Deposits and Borrowings

 

 

719,416

 

 

689,788

 

 

665,965

 

 

610,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profitability:

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

 

 

1.00

%

 

1.91

%

 

1.77

%

 

1.10

%

 

 

Return on Average Equity

 

 

 

10.95

%

 

20.35

%

 

18.16

%

 

11.34

%

 

 

Yield on Average Interest Earning Assets

 

4.55

%

 

4.63

%

 

4.63

%

 

4.60

%

 

 

Cost of Average Interest Bearing Liabilities

 

0.74

%

 

0.65

%

 

0.66

%

 

0.89

%

 

 

Cost of Funds

 

 

 

 

0.60

%

 

0.53

%

 

0.53

%

 

0.74

%

 

 

Net Interest Rate Spread (1)

 

 

3.95

%

 

4.10

%

 

4.10

%

 

3.86

%

 

 

Net Interest Margin (2)

 

 

 

4.00

%

 

4.14

%

 

4.14

%

 

3.91

%

 

 

Non-Interest Expense to Average Assets

 

0.66

%

 

0.69

%

 

0.77

%

 

0.70

%

 

 

Efficiency Ratio

 

 

 

 

55.89

%

 

50.75

%

 

54.97

%

 

64.63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities

 

(2) Net interest margin represents net interest income divided by average interest earning assets