Net Income Rises 10% to $15.6 Million
Adjusted Net Income Increases 14% to $14.8 Million
First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced double digit growth in net income and adjusted net income for 2021, compared with 2020. The Company also reported record assets and deposits for the year ended December 31, 2021.
Key highlights of First Farmers’ results for 2021 include:
- Net income rose 10% to $15.6 million in 2021 compared with $14.2 million for 2020. Net income per common share increased 10.5% to $3.59 in 2021 from $3.25 in 2020. The 2021 results include one-time executive retirement benefit expenses of $1.5 million ($1.1 million net of tax);
- Adjusted net income, which excludes special items, rose 14% to $14.8 million in 2021, or $3.40 per common share, compared with $13.0 million, or $2.98 per common share, in 2020 (see “Non-GAAP Financial Measures” section);
- Net interest income after provision increased 5.8% to $45.3 million in 2021 from $42.8 million in 2020;
- Trust services fee income reached a record $4.0 million, up 11% from $3.6 million in 2020. Total administered trust assets climbed to a record $6.3 billion;
- Mortgage banking activities revenue was a record $1.4 million in 2021, up 5.8% from $1.3 million in 2020; and
- Total assets reached a record $2.0 billion and total deposits reached a record $1.8 billion.
Commenting on the results, T. Randy Stevens, Chairman and Chief Executive Officer of First Farmers, said, “First Farmers set new records in 2021 for assets, deposits, and trust assets under management. We are very proud of our record performance in 2021. We also remained focused on the safety and soundness of First Farmers and reported continued improvements in our loan quality at year-end 2021. Last year, we returned $5.3 million to First Farmers’ shareholders in cash dividends and stock repurchases as part of our program to build long-term shareholder value. We repurchased 42,432 shares of First Farmers’ stock in 2021, up from 20,133 shares repurchased in the prior year.”
Brian K. Williams, President, added, “First Farmers’ excellent results in 2021 benefited from growth in net interest income, non-interest income and low loan losses. We experienced growth across our markets in Middle Tennessee and our loan pipeline has improved at year-end 2021 compared with last year. We are very proud of our entire team at First Farmers who contributed to our growth as they continued to serve our customers at a high level, despite the challenges of the COVID economy.
“We are very positive about our opportunities in 2022. We are making significant investments in new systems and software to support our future growth. We plan to roll out new systems late in the first quarter that will expand First Farmers' online portal with best-in-class digital banking services, enhance our customer contact center and expand our platform of other banking products and services.
“Our focus for 2022 remains on maintaining our high asset quality to support our earnings and our capital base. Last year, we recorded no provision for loans losses for the last three quarters of 2021 and ended the year with a lower level of nonperforming assets than in 2020, no net charge-offs and a low level of past due loans and classified loans. We expect the high quality of our loan portfolio combined with our momentum in interest income and non-interest income to benefit our future growth,” continued Williams.
Fourth Quarter 2021 Results of Operations
Net income was $3.1 million in the fourth quarter of 2021, down $226,000, or 6.9%, from the year-earlier quarter. The decline in earnings was due to one-time executive retirement benefit expenses of $1.5 million ($1.1 million net of tax) recognized during the fourth quarter of 2021, partially offset by strong revenue growth of $1.3 million in the quarter. Adjusted net income, which excludes one-time items, rose 22.3% to $4.0 million, up $734,000 from the year-earlier quarter. Net interest income improved by $882,000 with growth in interest earning assets supported by an increase in interest on investments of $427,000 along with a reduction in interest expense of $455,000.
Non-interest income increased $451,000 driven by the gain on sale of available-for-sale securities of $254,000 coupled with an increase in service fees on deposit accounts of $144,000. Non-interest expense was up by $1.7 million from the year-earlier quarter due primarily to an increase in salaries and employee benefits expense, including the $1.5 million one-time executive retirement benefit expenses.
Net income for the fourth quarter of 2021 was down from the sequential third quarter by $1.0 million, or 24.5%. The decrease in earnings was due primarily to one-time executive retirement benefit expenses of $1.1 million, net of tax, recognized during the fourth quarter. Adjusted net income was higher at $4.0 million in the fourth quarter of 2021 and was up $96,000 compared with the sequential third quarter.
For the fourth quarter of 2021, outstanding loan balances decreased $16 million, or 1.8%, from the previous quarter to $887 million and decreased $78 million, or 8.1%, from the year-earlier quarter. Loan contraction for the quarter was driven by a high level of loan payoffs on commercial projects along with Small Business Administration Paycheck Protection Program (“SBA PPP”) loan forgiveness of $7 million. Loan balances, excluding SBA PPP loans of $568,000 at quarter’s end, decreased $9 million, or 1.0%, from the sequential third quarter, and decreased $10 million, or 1.1%, from the year-earlier quarter. Total deposits increased $55 million, or 3.1%, from the sequential third quarter to a record $1.791 billion, and increased $183 million, or 11.4%, from the year-earlier quarter.
Twelve Months Results
Net income rose 10.0% to $15.6 million, or $3.59 per share, for 2021 compared with $14.2 million, or $3.25 per share, for 2020. The increase in net income benefited from a 5.8% increase in net interest income after provision for loan losses to $45.3 million and a 16.2% increase in non-interest income to $16.8 million, including a $1.8 million gain on sale of the Visa stock.
First Farmers reported organic growth from banking services, trust services and mortgage banking activities in 2021. Service fees on deposits rose 7.2% to $7.1 million, trust services fee income increased 11.0% to $4.0 million and revenue from mortgage banking activities was up 5.9% to $1.4 million compared to 2020.
“We experienced organic loan growth through most of 2021 and also benefited from over $115 million in new loans through the SBA’s PPP loan program to support businesses and organizations through the pandemic. We made over 1,500 PPP loans and all but three loans totaling $568,000 were paid off or forgiven by the end of 2021. These loans contributed significant fee income for 2021 that benefited our interest income during the year,” concluded Williams.
Non-interest expenses rose 6.7% in 2021 to $43.0 million compared with 2020. The increases were due to higher salaries and employee benefits, including one-time executive retirement benefit expenses of $1.5 million, and higher software support, net occupancy expense, advertising and FDIC insurance premium expense; offset by lower data processing expense, legal and professional fees, audit and exams expenses and other non-interest expenses.
Asset Quality
Total asset quality improved in 2021 as measured by only $1.2 million in nonperforming assets that totaled 0.06% of total assets, down from $1.6 million or 0.08% from the previous quarter and down $343,000, or 0.09% of total assets, from the year-earlier quarter. Net charge-offs to average loans were 0.00% for the fourth quarter of 2021 compared with net charge-offs of 0.00% for the previous quarter and net recoveries of 0.01% for the year-earlier quarter. No provision for loan and lease losses expense was recorded during the fourth quarter of 2021. The allowance for loan and lease losses represented 1.08% of total loans outstanding for the fourth quarter of 2021 compared with 1.06% for the previous quarter and 1.01% for the year-earlier quarter.
Capital Management Initiatives
During the fourth quarter of 2021, First Farmers repurchased 10,125 shares of the Company’s common stock. Of this amount, 125 shares were repurchased under a Rule 10b-18 plan of the Securities Exchange Act of 1934 at an average price of $35.82 per share in accordance with the Company’s stock repurchase program. The Company also repurchased 10,000 shares through privately negotiated transactions at an average price of $39.98 per share. First Farmers extended the program to repurchase approximately 200,000 shares through December 2022.
About First Farmers and Merchants Corporation and First Farmers and Merchants Bank
First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in seven Middle Tennessee counties. As of December 31, 2021, First Farmers reported total assets of approximately $2.0 billion, total shareholders’ equity of approximately $159 million, and administered trust assets of $6.3 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”
Cautionary Note Regarding Forward Looking Statements
This news release may contain certain “forward-looking statements” that represent First Farmers’ expectations or beliefs concerning future events and often use words or phrases such as “opportunities,” “prospects,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions. Such forward-looking statements contained herein represent the current expectations, plans or forecast of First Farmers’ and are about matters that are inherently subject to risks and uncertainties. These statements are not guarantees of future results or performance and readers are cautioned to not place undue reliance on them, whether included in this news release or made elsewhere from time to time by First Farmers or on its behalf. First Farmers disclaims any obligation to update such forward-looking statements.
Non-GAAP Financial Measures
Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. First Farmers management uses non-GAAP financial measures, including: (i) adjusted net income and (ii) adjusted basic earnings per share, in its analysis of the Company’s performance. These non-GAAP financial measures exclude the following from net income: securities gains, gain on sale of Visa Class B stock, gain on sale of fixed assets, gain on redemption of bank‑owned life insurance, one-time executive retirement benefits, and the income tax effect of adjustments. Management believes that non-GAAP financial measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company.
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NON-GAAP MEASURES PRESENTED IN EARNINGS RELEASE (Dollars in thousands, except per share data) |
||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|||||||||
Total non-interest income |
$ |
3,863 |
|
|
$ |
3,412 |
|
$ |
3,712 |
|
|
$ |
16,783 |
|
|
$ |
14,447 |
|
Gain on sale of securities |
|
(254 |
) |
|
|
- |
|
|
(181 |
) |
|
|
(621 |
) |
|
|
(129 |
) |
Gain on equity securities |
|
- |
|
|
|
- |
|
|
- |
|
|
|
(239 |
) |
|
|
(242 |
) |
Gain on sale of Visa Class B Stock |
|
- |
|
|
|
- |
|
|
- |
|
|
|
(1,811 |
) |
|
|
- |
|
Gain on sale of fixed assets |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(102 |
) |
Gain on redemption of bank-owned life insurance |
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(820 |
) |
Adjusted non-interest income |
$ |
3,609 |
|
|
$ |
3,412 |
|
$ |
3,531 |
|
|
$ |
14,112 |
|
|
$ |
13,154 |
|
Total non-interest expense |
$ |
11,953 |
|
|
$ |
10,293 |
|
$ |
10,398 |
|
|
$ |
42,966 |
|
|
$ |
40,281 |
|
One-time executive retirement benefits |
|
(1,553 |
) |
|
|
- |
|
|
- |
|
|
|
(1,553 |
) |
|
|
- |
|
Adjusted non-interest expense |
$ |
10,400 |
|
|
$ |
10,293 |
|
$ |
10,398 |
|
|
$ |
41,413 |
|
|
$ |
40,281 |
|
Net income as reported |
$ |
3,071 |
|
|
$ |
3,297 |
|
$ |
4,069 |
|
|
$ |
15,619 |
|
|
$ |
14,194 |
|
Total adjustments, net of tax1 |
|
960 |
|
|
|
- |
|
|
(134 |
) |
|
|
(826 |
) |
|
|
(1,170 |
) |
Adjusted net income |
$ |
4,031 |
|
|
$ |
3,297 |
|
$ |
3,935 |
|
|
$ |
14,793 |
|
|
$ |
13,024 |
|
Basic earnings per share |
$ |
0.71 |
|
|
$ |
0.76 |
|
$ |
0.94 |
|
|
$ |
3.59 |
|
|
$ |
3.25 |
|
Total adjustments, net of tax1 |
|
0.22 |
|
|
|
- |
|
|
(0.03 |
) |
|
|
(0.19 |
) |
|
|
(0.27 |
) |
Adjusted basic earnings per share |
$ |
0.93 |
|
|
$ |
0.76 |
|
$ |
0.91 |
|
|
$ |
3.40 |
|
|
$ |
2.98 |
|
(1) The effective tax rate of 26.1% is used to determine net of tax amounts. |
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS |
||||||||||
|
|
|
(unaudited) |
|
|
|||||
|
December 31, |
December 31, |
||||||||
|
(dollars in thousands, except per share data) |
|
2021 |
|
2020(1) |
|||||
ASSETS |
Cash and due from banks |
|
$ |
19,791 |
|
$ |
29,126 |
|
||
Interest-bearing deposits |
|
75,065 |
|
105,470 |
|
|||||
Federal funds sold |
|
8,374 |
|
3,774 |
|
|||||
Total cash and cash equivalents |
|
103,230 |
|
138,370 |
|
|||||
Securities: |
|
|
|
|||||||
Available-for-sale |
|
876,987 |
|
594,649 |
|
|||||
Held-to-maturity (fair market value $15,932 and $18,195 |
|
|
|
|||||||
as of the periods presented) |
|
15,128 |
|
17,259 |
|
|||||
|
Equity securities |
|
2,481 |
|
|
2,242 |
|
|||
Loans held-for-sale |
|
2,197 |
|
3,679 |
|
|||||
Loans, net of deferred fees |
|
886,891 |
|
964,695 |
|
|||||
Allowance for loan and lease losses |
|
(9,605 |
) |
(9,715 |
) |
|||||
Net loans |
|
877,286 |
|
954,980 |
|
|||||
Bank premises and equipment, net |
|
32,627 |
|
34,421 |
|
|||||
Bank-owned life insurance |
|
35,354 |
|
34,016 |
|
|||||
Goodwill |
|
9,018 |
|
9,018 |
|
|||||
Other assets |
|
18,430 |
|
13,511 |
|
|||||
|
TOTAL ASSETS |
|
$ |
1,972,738 |
|
|
$ |
1,802,145 |
|
|
LIABILITIES |
Deposits: |
|
|
|||||||
Noninterest-bearing |
|
$ |
522,725 |
|
$ |
427,073 |
|
|||
Interest-bearing |
|
1,268,481 |
|
1,181,101 |
|
|||||
Total deposits |
|
1,791,206 |
|
1,608,174 |
|
|||||
Securities sold under agreements to repurchase |
|
- |
|
11,691 |
|
|||||
|
Accounts payable and accrued liabilities |
|
22,901 |
|
|
22,286 |
|
|||
|
TOTAL LIABILITIES |
|
1,814,107 |
|
|
1,642,151 |
|
|||
SHAREHOLDERS’ |
Common stock - $10 par value per share, 8,000,000 shares |
|
|
|
||||||
EQUITY |
authorized; 4,317,306 and 4,359,738 shares issued |
|
|
|
||||||
|
and outstanding as of the periods presented |
|
43,173 |
|
|
43,597 |
|
|||
Retained earnings |
|
119,507 |
|
108,761 |
|
|||||
Accumulated other comprehensive (loss) income |
|
(4,144 |
) |
7,541 |
|
|||||
Total shareholders’ equity attributable to First Farmers and Merchants Corporation |
|
158,536 |
|
159,899 |
|
|||||
Noncontrolling interest - preferred stock of subsidiary |
|
95 |
|
95 |
|
|||||
TOTAL SHAREHOLDERS’ EQUITY |
|
158,631 |
|
159,994 |
|
|||||
|
|
|||||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,972,738 |
|
|
$ |
1,802,145 |
|
|
(1) Derived from audited financial statements as of December 31, 2020. |
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (unaudited) |
|||||||||||||
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|||||||||||
|
(dollars in thousands, except per share data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||
INTEREST AND |
Interest and fees on loans |
$ |
9,600 |
|
$ |
10,078 |
|
$ |
38,491 |
|
|
$ |
40,316 |
DIVIDEND |
Income on investment securities |
|
|
|
|
||||||||
INCOME |
Taxable interest |
2,016 |
|
1,130 |
|
6,789 |
|
|
4,852 |
||||
Exempt from federal income tax |
521 |
|
480 |
|
2,169 |
|
|
1,985 |
|||||
Interest from federal funds sold and other |
14 |
|
36 |
|
88 |
|
|
170 |
|||||
|
Total interest income |
12,151 |
|
11,724 |
|
47,537 |
|
|
47,323 |
||||
INTEREST |
Interest on deposits |
400 |
|
847 |
|
2,380 |
|
|
3,750 |
||||
EXPENSE |
Interest on other borrowings |
- |
|
8 |
|
1 |
|
|
44 |
||||
Total interest expense |
400 |
|
855 |
|
2,381 |
|
|
3,794 |
|||||
Net interest income |
11,751 |
|
10,869 |
|
45,156 |
|
|
43,529 |
|||||
Provision (provision credit) for loan and lease losses |
- |
|
- |
|
(150 |
) |
|
700 |
|||||
|
Net interest income after provision |
11,751 |
|
10,869 |
|
45,306 |
|
|
42,829 |
||||
NON-INTEREST |
Mortgage banking activities |
327 |
|
419 |
|
1,442 |
|
|
1,362 |
||||
INCOME |
Trust services fee income |
1,029 |
|
931 |
|
4,045 |
|
|
3,643 |
||||
|
Service fees on deposit accounts |
1,840 |
|
1,696 |
|
7,093 |
|
|
6,617 |
||||
Investment services fee income |
85 |
|
79 |
|
341 |
|
|
371 |
|||||
Earnings on bank-owned life insurance |
165 |
|
136 |
|
554 |
|
|
551 |
|||||
Gain on sale of investments |
254 |
|
- |
|
621 |
|
|
129 |
|||||
|
Gain on redemption of bank-owned life insurance |
- |
|
- |
|
- |
|
|
820 |
||||
|
Gain on sale of Visa class B stock |
- |
|
- |
|
1,811 |
|
|
- |
||||
Other non-interest income |
163 |
|
151 |
|
876 |
|
|
954 |
|||||
|
Total non-interest income |
3,863 |
|
3,412 |
|
16,783 |
|
|
14,447 |
||||
NON-INTEREST |
Salaries and employee benefits |
7,925 |
|
6,237 |
|
26,499 |
|
|
24,229 |
||||
EXPENSE |
Net occupancy expense |
623 |
|
572 |
|
2,699 |
|
|
2,478 |
||||
Depreciation expense |
526 |
|
514 |
|
2,033 |
|
|
2,074 |
|||||
Data processing expense |
786 |
|
770 |
|
3,034 |
|
|
3,132 |
|||||
|
Software support and other computer expense |
667 |
|
664 |
|
2,875 |
|
|
2,554 |
||||
Legal and professional fees |
220 |
|
245 |
|
794 |
|
|
927 |
|||||
Audits and exams expense |
116 |
|
194 |
|
637 |
|
|
726 |
|||||
Advertising and promotions |
244 |
|
302 |
|
1,004 |
|
|
894 |
|||||
FDIC insurance premium expense |
171 |
|
131 |
|
636 |
|
|
365 |
|||||
Other non-interest expense |
675 |
|
664 |
|
2,755 |
|
|
2,902 |
|||||
Total non-interest expense |
11,953 |
|
10,293 |
|
42,966 |
|
|
40,281 |
|||||
Income before provision for income taxes |
3,661 |
|
3,988 |
|
19,123 |
|
|
16,995 |
|||||
|
Provision for income taxes |
582 |
|
683 |
|
3,488 |
|
|
2,785 |
||||
Net income |
3,079 |
|
3,305 |
|
15,635 |
|
|
14,210 |
|||||
Noncontrolling interest - dividends on preferred stock subsidiary |
8 |
|
8 |
|
16 |
|
|
16 |
|||||
|
Net income available to common shareholders |
$ |
3,071 |
|
$ |
3,297 |
|
$ |
15,619 |
|
|
$ |
14,194 |
|
|
|
|
|
|
|
|
|
|||||
Weighted average shares outstanding |
4,326,090 |
|
4,359,738 |
|
4,345,665 |
|
|
4,363,539 |
|||||
|
Earnings per share |
$ |
0.71 |
|
$ |
0.76 |
|
$ |
3.59 |
|
|
$ |
3.25 |
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) |
||||||||||||||||||||
For the Three Months Ended |
||||||||||||||||||||
(dollars in thousands, except per share data) |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|||||||||||
Results of Operations: |
|
|
|
|
|
|
|
|
|
|||||||||||
Interest income |
$ |
12,151 |
|
|
$ |
12,143 |
|
|
$ |
11,872 |
|
|
$ |
11,371 |
|
|
$ |
11,724 |
|
|
Interest expense |
400 |
|
|
517 |
|
|
686 |
|
|
778 |
|
|
855 |
|
||||||
Net interest income |
11,751 |
|
|
11,626 |
|
|
11,186 |
|
|
10,593 |
|
|
10,869 |
|
||||||
Provision (provision credit) for loan and lease losses |
- |
|
|
- |
|
|
- |
|
|
(150 |
) |
|
- |
|
||||||
Non-interest income |
3,863 |
|
|
3,712 |
|
|
5,658 |
|
|
3,550 |
|
|
3,412 |
|
||||||
Non-interest expense and non-controlling interest – preferred stock of subsidiary |
11,961 |
|
|
10,398 |
|
|
9,933 |
|
|
10,690 |
|
|
10,301 |
|
||||||
Income before income taxes |
3,653 |
|
|
4,940 |
|
|
6,911 |
|
|
3,603 |
|
|
3,980 |
|
||||||
Income taxes |
582 |
|
|
871 |
|
|
1,435 |
|
|
600 |
|
|
683 |
|
||||||
Net income for common shareholders |
$ |
3,071 |
|
|
$ |
4,069 |
|
|
$ |
5,476 |
|
|
$ |
3,003 |
|
|
$ |
3,297 |
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|||||||||||
Basic earnings per share |
$ |
0.71 |
|
|
$ |
0.94 |
|
|
$ |
1.26 |
|
|
$ |
0.69 |
|
|
$ |
0.76 |
|
|
Weighted average shares outstanding per quarter |
4,326,090 |
|
|
4,340,048 |
|
|
4,357,546 |
|
|
4,359,405 |
|
|
4,359,738 |
|
||||||
Financial Condition Data and Ratios: |
|
|
|
|
|
|
|
|
|
|||||||||||
Total securities |
$ |
894,596 |
|
|
$ |
848,223 |
|
|
$ |
785,606 |
|
|
$ |
828,466 |
|
|
$ |
614,150 |
|
|
Loans, net of deferred fees |
$ |
886,891 |
|
|
$ |
903,234 |
|
|
$ |
908,510 |
|
|
$ |
927,232 |
|
|
$ |
964,695 |
|
|
Allowance for loan and lease losses |
$ |
(9,605 |
) |
|
$ |
(9,590 |
) |
|
$ |
(9,581 |
) |
|
$ |
(9,575 |
) |
|
$ |
(9,715 |
) |
|
Total assets |
$ |
1,972,738 |
|
|
$ |
1,920,554 |
|
|
$ |
1,878,942 |
|
|
$ |
1,879,018 |
|
|
$ |
1,802,145 |
|
|
Total deposits |
$ |
1,791,206 |
|
|
$ |
1,736,614 |
|
|
$ |
1,695,990 |
|
|
$ |
1,706,177 |
|
|
$ |
1,608,174 |
|
|
Net interest income, on a fully taxable-equivalent basis |
$ |
12,013 |
|
|
$ |
11,899 |
|
|
$ |
11,484 |
|
|
$ |
10,841 |
|
|
$ |
11,115 |
|
|
Net interest margin |
2.62 |
% |
|
2.63 |
% |
|
2.60 |
% |
|
2.55 |
% |
|
2.69 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Asset Quality Data and Ratios: |
|
|
|
|
|
|
|
|
|
|||||||||||
Total nonperforming assets |
$ |
1,217 |
|
|
$ |
1,579 |
|
|
$ |
1,347 |
|
|
$ |
1,546 |
|
|
$ |
1,560 |
|
|
Nonperforming assets to total assets |
0.06 |
% |
|
0.08 |
% |
|
0.07 |
% |
|
0.08 |
% |
|
0.09 |
% |
||||||
Allowance for loan and lease losses to total loans |
1.08 |
% |
|
1.06 |
% |
|
1.05 |
% |
|
1.03 |
% |
|
1.01 |
% |
||||||
Net (recoveries) charge-offs to average loans (annualized) |
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
(0.01 |
%) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220124005113/en/
Contacts
Robert E. Krimmel
Chief Financial Officer
(931) 380-8257