Second Quarter 2025 Highlights
Net Income - $2.3 million
Bank Net Income - $2.6 million
TBVPS - $11.39
Diluted EPS- $0.32
SCOTTSDALE, AZ / ACCESS Newswire / August 7, 2025 / Bancorp 34, Inc. (OTCQB:BCTF), the parent company for Southwest Heritage Bank, together, the "Company" reports second quarter of 2025 performance.
Management Comments - Ciaran McMullan, Chairman & CEO
Return on Average Assets above 1% for the second consecutive quarter.
Cost of Funds continues to decline as we focus on reducing deposit pricing in line with market conditions.
$65.4 million in New Loan Commitments1 year-to-date offset by early payoffs and normal portfolio amortization.
An additional Lender added as focus on recruitment in the C&I sector continues.
2Q25 Highlights
Net Income and NIM
Net income was unchanged over the linked quarter, improved by 55.4% over Q2 2024, and was positively impacted by one-time recovery of $1.25M.
Core3 NIM improved by 18 bps due to a reduction in cost of funds of 9 bps and improved yield on earning assets.
Non-interest expense declined slightly over the linked quarter but declined 8.9% over Q2 2024 driven primarily by reduced salary expense and elevated merger costs in Q2 2025.
Balance Sheet
Total deposits declined by $19.1M or 2.4%, consistent with historical second quarter trends, and have increased year-to-date by $2.5M.
Deposit mix has improved significantly during 2025 with CD's declining by $28M or 11.6%.
Total loans remained unchanged, year-over-year decline driven by significant portfolio de-risking post-merger in 2024.
Asset Quality
NPA5 improved during the quarter due to a combination of payoffs and risk-rating upgrades.
An ACL recovery of $1.25M related to final repayment of loan charged off in 2022.
TBVPS increased by $0.33 during the quarter and by $1.53 post-merger, with $0.14 year-to-date due to AOCI.
Tier 1 Leverage Ratio of 11.86%
Performance Metrics
(Consolidated)
|
|
2Q25 |
|
|
|
1Q25 |
|
|
|
2Q24 |
|
|
ROATA |
|
|
1.01 |
% |
|
|
1.01 |
% |
|
|
0.65 |
% |
ROATE |
|
|
11.14 |
% |
|
|
11.67 |
% |
|
|
7.28 |
% |
Core2 ROATA |
|
|
0.51 |
% |
|
|
0.35 |
% |
|
|
0.50 |
% |
Core2 ROATE |
|
|
5.56 |
% |
|
|
4.11 |
% |
|
|
6.25 |
% |
Net Interest Margin |
|
|
3.66 |
% |
|
|
3.63 |
% |
|
|
4.03 |
% |
Cost of Funds |
|
|
2.61 |
% |
|
|
2.70 |
% |
|
|
2.69 |
% |
Overhead Ratio4 |
|
|
2.84 |
% |
|
|
2.90 |
% |
|
|
2.89 |
% |
Efficiency Ratio |
|
|
79.07 |
% |
|
|
81.98 |
% |
|
|
80.12 |
% |
NPA5 |
|
|
0.18 |
% |
|
|
0.27 |
% |
|
|
0.53 |
% |
ACL to Total Loans |
|
|
1.55 |
% |
|
|
1.50 |
% |
|
|
1.47 |
% |
Select Metrics (Bank Only)
|
|
2Q25 |
|
|
|
1Q25 |
|
|
|
2Q24 |
|
|
ROATA |
|
|
1.12 |
% |
|
|
1.13 |
% |
|
|
0.89 |
% |
Core2 ROATA |
|
|
0.60 |
% |
|
|
0.47 |
% |
|
|
0.65 |
% |
Net Interest Margin |
|
|
3.80 |
% |
|
|
3.73 |
% |
|
|
4.18 |
% |
Efficiency Ratio |
|
|
75.69 |
% |
|
|
77.40 |
% |
|
|
73.92 |
% |
Income Statement
|
(000s except EPS)
|
|
|
2Q25 |
|
|
|
1Q25 |
|
|
|
2Q24 |
|
Net Interest Income |
|
$ |
8,096 |
|
|
$ |
8,020 |
|
|
$ |
8,978 |
|
Non-interest Income |
|
$ |
292 |
|
|
$ |
265 |
|
|
$ |
105 |
|
Non-interest Expense |
|
$ |
6,633 |
|
|
$ |
6,792 |
|
|
$ |
7,278 |
|
Pre-tax Pre-Provision |
|
$ |
1,755 |
|
|
$ |
1,493 |
|
|
$ |
1,805 |
|
Provision Expense |
|
$ |
-1,250 |
|
|
$ |
-1,500 |
|
|
$ |
-50 |
|
Net Income |
|
$ |
2,330 |
|
|
$ |
2,308 |
|
|
$ |
1,505 |
|
Core Net Income |
|
$ |
1,163 |
|
|
$ |
813 |
|
|
$ |
1,157 |
|
Diluted Earnings per Share |
|
$ |
0.32 |
|
|
$ |
0.31 |
|
|
$ |
0.21 |
|
Balance Sheet (in 000s)
|
|
2Q25 |
|
|
|
1Q25 |
|
|
|
2Q24 |
|
|
Total Assets |
|
$ |
931,267 |
|
|
$ |
943,639 |
|
|
$ |
940,015 |
|
Total Loans |
|
$ |
676,389 |
|
|
$ |
676,612 |
|
|
$ |
735,495 |
|
Total Deposits |
|
$ |
795,104 |
|
|
$ |
814,255 |
|
|
$ |
769,696 |
|
Total Capital |
|
$ |
92,242 |
|
|
$ |
90,057 |
|
|
$ |
84,099 |
|
TBVPS |
|
$ |
11.39 |
|
|
$ |
11.06 |
|
|
$ |
10.18 |
|
1 - Includes new loan balances disbursed and new unfunded commitments. Source: Internal Reporting
2 - Non-GAAP, excludes merger related accretion and amortization, as well as material non-recurring income and expense items.
3 - Non-GAAP, excludes merger related fair value mark accretion and amortization.
4 - Non-interest expense as a percentage of average assets
5 - NPA is non-performing assets as a % of total assets, net of government guarantees.
ABOUT BANCORP 34, INC.- Bancorp 34 is the holding company for Southwest Heritage Bank. The bank's headquarters are located at 8777 East Hartford Drive, Suite 100, Scottsdale, Arizona 85255. In addition, we operate seven full-service community bank branches, two in Maricopa County, Arizona, in the cities of Scottsdale and Gilbert; three in Pima County, Arizona, in the cities of Tucson and Green Valley; one branch in Otero County, New Mexico in the city of Alamogordo; and one branch in Dona Ana County New Mexico, in the city of Las Cruces.
FORWARD-LOOKING STATEMENTS - Certain statements herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "believes," "will," "expects," "project," "may," "could," "developments," "strategic," "launching," "opportunities," "anticipates," "estimates," "intends," "plans," "targets" and similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, general economic conditions, changes in interest rates, the effects of any health pandemic, regulatory considerations, competition and the other risks. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Forward-looking statements speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under federal securities laws.
NON-GAAP FINANCIAL MEASURES - Some of the financial measures included in this release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures include: (i) core net income; (ii) core net interest margin; (iii) core ROAA; (iv) core ROAE (v) core ROATA; (vi) core ROATE; (vii) core NIE to average assets; and (viii) core efficiency ratio. We believe these non-GAAP financial measures provide investors and management with a more complete understanding of our financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.
Select Financial Ratios
|
|
2Q25 |
|
|
|
1Q25 |
|
|
|
2Q24 |
|
|
Return on Average Assets (ROAA) |
|
|
1.01 |
% |
|
|
1.00 |
% |
|
|
0.64 |
% |
Core6 ROAA |
|
|
0.50 |
% |
|
|
0.35 |
% |
|
|
0.50 |
% |
Return on Average Tangible Assets (ROATA) |
|
|
1.01 |
% |
|
|
1.01 |
% |
|
|
0.65 |
% |
Core6 ROATA |
|
|
0.51 |
% |
|
|
0.36 |
% |
|
|
0.50 |
% |
Return on Average Equity (ROAE) |
|
|
9.93 |
% |
|
|
10.63 |
% |
|
|
7.27 |
% |
Core6 ROAE |
|
|
5.23 |
% |
|
|
3.77 |
% |
|
|
5.62 |
% |
Return on Average Tangible Equity |
|
|
11.14 |
% |
|
|
11.67 |
% |
|
|
8.13 |
% |
Core6 ROATE |
|
|
5.56 |
% |
|
|
4.15 |
% |
|
|
6.25 |
% |
Overhead Ratio |
|
|
2.84 |
% |
|
|
2.90 |
% |
|
|
2.89 |
% |
Core6 Overhead Ratio |
|
|
2.65 |
% |
|
|
2.64 |
% |
|
|
2.89 |
% |
Efficiency Ratio |
|
|
79.07 |
% |
|
|
81.98 |
% |
|
|
80.12 |
% |
Core6 Efficiency Ratio |
|
|
82.26 |
% |
|
|
86.06 |
% |
|
|
81.87 |
% |
Net Interest Margin |
|
|
3.66 |
% |
|
|
3.63 |
% |
|
|
4.03 |
% |
Core7 Net Interest Margin |
|
|
3.28 |
% |
|
|
3.10 |
% |
|
|
3.40 |
% |
Cost of Funds |
|
|
2.61 |
% |
|
|
2.70 |
% |
|
|
2.69 |
% |
Earnings Per Share (EPS) |
|
$ |
0.32 |
|
|
$ |
0.31 |
|
|
$ |
0.21 |
|
Diluted EPS |
|
$ |
0.32 |
|
|
$ |
0.31 |
|
|
$ |
0.21 |
|
Bank Regulatory Capital Ratios
|
|
2Q25 |
|
|
|
1Q25 |
|
|
|
2Q24 |
|
|
Tier 1 Leverage Capital Ratio |
|
|
11.86 |
% |
|
|
11.10 |
% |
|
|
10.58 |
% |
Common Equity Tier 1 Capital Ratio |
|
|
14.18 |
% |
|
|
13.56 |
% |
|
|
12.36 |
% |
Tier 1 Capital Ratio |
|
|
14.18 |
% |
|
|
13.56 |
% |
|
|
12.36 |
% |
Total Risk-based Capital Ratio |
|
|
15.44 |
% |
|
|
14.81 |
% |
|
|
13.61 |
% |
Credit Quality3
|
|
2Q25 |
|
|
|
1Q25 |
|
|
Total Classified Loans |
|
$ |
9,663 |
|
|
$ |
10,995 |
|
Classified - Accrual Loans |
|
$ |
7,978 |
|
|
$ |
8,161 |
|
Classified - Non-Accrual Loans |
|
$ |
1,685 |
|
|
$ |
2,834 |
|
Non-Performing Assets |
|
$ |
1,685 |
|
|
$ |
2,834 |
|
Total Classified / Total Loans |
|
|
1.43 |
% |
|
|
1.63 |
% |
Adversely Classified Items/Total Capital |
|
|
8.23 |
% |
|
|
9.50 |
% |
|
Period |
|
|
GAAP Net Income |
|
|
Loan Mark Accretion |
|
|
CDI Amortization |
|
|
Non-Recurring Items9 |
|
|
Core Net Income10 |
|
||||||
|
|
2Q25 |
|
|
$ |
2,330 |
|
|
$ |
-758 |
|
|
$ |
399 |
|
|
$ |
-1,197 |
|
|
$ |
1,163 |
|
|
|
1Q25 |
|
|
$ |
2,308 |
|
|
$ |
-1,103 |
|
|
$ |
414 |
|
|
$ |
-1,304 |
|
|
$ |
813 |
|
|
|
2Q24 |
|
|
$ |
1,505 |
|
|
$ |
-1,357 |
|
|
$ |
434 |
|
|
$ |
-80 |
|
|
$ |
1,157 |
|
6 - Non-GAAP, excludes merger related accretion and amortization, as well as material non-recurring income and expense items.
7 - Non-GAAP, excludes merger related fair value mark accretion and amortization.
8 - Classified and non-performing assets are net of government guarantees
9 - Includes ACL reverse provision
10 - Non-GAAP, Assumes 25% tax rate
BALANCE SHEET (in 000s) |
|
|
2Q25 |
|
|
|
1Q25 |
|
|
|
2Q24 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
3,645 |
|
|
|
3,652 |
|
|
|
4,044 |
|
Fed funds sold & repos |
|
|
5,430 |
|
|
|
6,020 |
|
|
|
26,175 |
|
Interest bearing deposits with banks |
|
|
95,086 |
|
|
|
118,721 |
|
|
|
48,471 |
|
Investment securities |
|
|
104,455 |
|
|
|
94,818 |
|
|
|
63,041 |
|
Loans, net of unearned income |
|
|
676,389 |
|
|
|
676,612 |
|
|
|
735,495 |
|
Allowance for credit losses |
|
|
-10,492 |
|
|
|
-10,181 |
|
|
|
-10,801 |
|
Premises and equipment, net |
|
|
11,565 |
|
|
|
11,984 |
|
|
|
12,998 |
|
Accrued interest receivable |
|
|
2,559 |
|
|
|
2,572 |
|
|
|
2,787 |
|
Core deposit intangible |
|
|
6,791 |
|
|
|
7,184 |
|
|
|
8,434 |
|
Other assets |
|
|
35,839 |
|
|
|
32,255 |
|
|
|
30,746 |
|
Total Assets |
|
|
931,267 |
|
|
|
943,639 |
|
|
|
921,390 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
168,931 |
|
|
|
182,376 |
|
|
|
179,664 |
|
Interest bearing demand deposits |
|
|
105,630 |
|
|
|
114,506 |
|
|
|
104,407 |
|
Savings and money market deposits |
|
|
307,474 |
|
|
|
294,820 |
|
|
|
271,210 |
|
Time deposits - retail |
|
|
207,999 |
|
|
|
217,483 |
|
|
|
206,333 |
|
Time deposits - wholesale |
|
|
5,070 |
|
|
|
5,070 |
|
|
|
8,082 |
|
Total Deposits |
|
|
795,104 |
|
|
|
814,255 |
|
|
|
769,696 |
|
Accrued expenses and other liabilities |
|
|
16,680 |
|
|
|
11,605 |
|
|
|
11,267 |
|
Other borrowings |
|
|
27,241 |
|
|
|
27,722 |
|
|
|
56,328 |
|
Total Liabilities |
|
|
839,025 |
|
|
|
853,582 |
|
|
|
837,291 |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
75 |
|
|
|
75 |
|
|
|
74 |
|
Capital surplus |
|
|
67,652 |
|
|
|
67,529 |
|
|
|
66,698 |
|
Retained earnings |
|
|
25,989 |
|
|
|
25,989 |
|
|
|
24,300 |
|
Accumulated other comprehensive loss |
|
|
-4,849 |
|
|
|
-4,571 |
|
|
|
-5,623 |
|
Net income |
|
|
4,638 |
|
|
|
2,308 |
|
|
|
-34 |
|
Unearned ESOP shares |
|
|
-1,263 |
|
|
|
-1,273 |
|
|
|
-1,316 |
|
Total Equity |
|
|
92,242 |
|
|
|
90,057 |
|
|
|
84,099 |
|
Total Liabilities & Equity |
|
|
931,267 |
|
|
|
943,639 |
|
|
|
921,390 |
|
INCOME STATEMENT (in 000s) |
|
|
2Q25 |
|
|
|
1Q25 |
|
|
|
2Q24 |
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Loans |
|
|
11,008 |
|
|
|
11,156 |
|
|
|
12,827 |
|
Fees on Loans |
|
|
173 |
|
|
|
150 |
|
|
|
207 |
|
Interest on federal funds sold |
|
|
49 |
|
|
|
52 |
|
|
|
225 |
|
Interest on deposits with banks |
|
|
1,095 |
|
|
|
1,264 |
|
|
|
774 |
|
Investment Securities - Taxable |
|
|
1,162 |
|
|
|
973 |
|
|
|
598 |
|
Total Interest Income |
|
|
13,487 |
|
|
|
13,595 |
|
|
|
14,631 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand deposits |
|
|
373 |
|
|
|
328 |
|
|
|
314 |
|
Savings and Money Market Deposits |
|
|
2,498 |
|
|
|
2,388 |
|
|
|
2,312 |
|
Time Deposits - Retail |
|
|
2,124 |
|
|
|
2,446 |
|
|
|
2,195 |
|
Time Deposits - Wholesale |
|
|
52 |
|
|
|
63 |
|
|
|
84 |
|
Total Interest Expense on Deposits |
|
|
5,047 |
|
|
|
5,225 |
|
|
|
4,905 |
|
Interest on other borrowings |
|
|
344 |
|
|
|
350 |
|
|
|
748 |
|
Total Interest Expense |
|
|
5,391 |
|
|
|
5,575 |
|
|
|
5,653 |
|
Net Interest Income |
|
|
8,096 |
|
|
|
8,020 |
|
|
|
8,978 |
|
Provision for Credit Losses |
|
|
-1,250 |
|
|
|
-1,500 |
|
|
|
-50 |
|
Net In. Inc. After Prov. for Credit Losses |
|
|
9,346 |
|
|
|
9,520 |
|
|
|
9,028 |
|
Non Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
148 |
|
|
|
154 |
|
|
|
174 |
|
Mortgage loan and related fees |
|
|
-9 |
|
|
|
34 |
|
|
|
-23 |
|
Other noninterest income |
|
|
153 |
|
|
|
77 |
|
|
|
-46 |
|
Total Non Interest Income |
|
|
292 |
|
|
|
265 |
|
|
|
105 |
|
Non Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
3,323 |
|
|
|
3,578 |
|
|
|
3,404 |
|
Occupancy |
|
|
726 |
|
|
|
700 |
|
|
|
697 |
|
Other noninterest expense |
|
|
2,584 |
|
|
|
2,514 |
|
|
|
3,177 |
|
Total Non Interest Expense |
|
|
6,633 |
|
|
|
6,792 |
|
|
|
7,278 |
|
Income Before Taxes |
|
|
3,005 |
|
|
|
2,993 |
|
|
|
1,855 |
|
Income taxes |
|
|
675 |
|
|
|
685 |
|
|
|
350 |
|
Net Income |
|
|
2,330 |
|
|
|
2,308 |
|
|
|
1,505 |
|
INCOME STATEMENT (in 000s) |
|
6 months |
|
|
6 months |
|
||
Interest Income |
|
|
|
|
|
|
||
Interest on Loans |
|
|
22,165 |
|
|
|
19,548 |
|
Fees on Loans |
|
|
323 |
|
|
|
376 |
|
Interest on federal funds sold |
|
|
101 |
|
|
|
281 |
|
Interest on deposits with banks |
|
|
2,359 |
|
|
|
1,209 |
|
Investment Securities - Taxable |
|
|
2,135 |
|
|
|
1,137 |
|
Total Interest Income |
|
|
27,083 |
|
|
|
22,551 |
|
Interest Expense |
|
|
|
|
|
|
|
|
Interest bearing demand deposits |
|
|
702 |
|
|
|
370 |
|
Savings and Money Market Deposits |
|
|
4,886 |
|
|
|
4,271 |
|
Time Deposits - Retail |
|
|
4,570 |
|
|
|
3,668 |
|
Time Deposits - Wholesale |
|
|
114 |
|
|
|
209 |
|
Total Interest Expense on Deposits |
|
|
10,272 |
|
|
|
8,518 |
|
Interest on other borrowings |
|
|
694 |
|
|
|
1,391 |
|
Total Interest Expense |
|
|
10,966 |
|
|
|
9,909 |
|
Net Interest Income |
|
|
16,117 |
|
|
|
12,642 |
|
Provision for Credit Losses |
|
|
-2,750 |
|
|
|
3,866 |
|
Net In. Inc. After Prov. for Credit Losses |
|
|
18,867 |
|
|
|
8,776 |
|
Non Interest Income |
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
302 |
|
|
|
305 |
|
Mortgage loan and related fees |
|
|
27 |
|
|
|
-42 |
|
Other noninterest income |
|
|
227 |
|
|
|
4,700 |
|
Total Non Interest Income |
|
|
556 |
|
|
|
4,963 |
|
Non Interest Expense |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
6,901 |
|
|
|
5,928 |
|
Occupancy |
|
|
1,426 |
|
|
|
1,117 |
|
Other noninterest expense |
|
|
5,098 |
|
|
|
8,380 |
|
Total Non Interest Expense |
|
|
13,425 |
|
|
|
15,425 |
|
Income Before Taxes |
|
|
5,998 |
|
|
|
-1,686 |
|
Income taxes |
|
|
1,360 |
|
|
|
-1,652 |
|
Net Income |
|
|
4,638 |
|
|
|
-34 |
|
Average Balance Sheet and Yields |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
June 30, 2025 |
|
|
March 31, 2025 |
|
|
|
|||||||||||||||||||
|
Average Balance |
|
|
Interest |
|
|
Average Yield/Rate |
|
|
Average Balance |
|
|
Interest |
|
|
Average Yield/Rate |
|
|
|
|||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal funds sold |
|
$ |
4,391,538 |
|
|
$ |
48,968 |
|
|
|
4.47 |
% |
|
$ |
4,750,056 |
|
|
$ |
51,553 |
|
|
|
4.40 |
% |
|
|
Deposits with banks |
|
|
101,230,867 |
|
|
|
1,095,171 |
|
|
|
4.34 |
% |
|
|
118,085,194 |
|
|
|
1,264,169 |
|
|
|
4.34 |
% |
|
|
Investment securities |
|
|
109,636,098 |
|
|
|
1,161,439 |
|
|
|
4.09 |
% |
|
|
98,541,177 |
|
|
|
973,739 |
|
|
|
4.01 |
% |
|
|
Loans |
|
|
674,518,875 |
|
|
|
11,181,795 |
|
|
|
6.65 |
% |
|
|
675,337,980 |
|
|
|
11,306,055 |
|
|
|
6.79 |
% |
|
|
Total Interest Earning Assets |
|
$ |
889,777,378 |
|
|
$ |
13,487,373 |
|
|
|
6.08 |
% |
|
$ |
896,714,407 |
|
|
$ |
13,595,516 |
|
|
|
6.15 |
% |
|
|
Non-Interest Earning Assets |
|
$ |
40,031,708 |
|
|
|
|
|
|
|
|
|
|
$ |
39,993,906 |
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
929,809,086 |
|
|
|
|
|
|
|
|
|
|
$ |
936,708,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand |
|
$ |
107,769,299 |
|
|
$ |
373,496 |
|
|
|
1.39 |
% |
|
$ |
104,439,161 |
|
|
$ |
328,216 |
|
|
|
1.27 |
% |
|
|
Savings and Money Market |
|
|
296,161,664 |
|
|
|
2,497,634 |
|
|
|
3.38 |
% |
|
|
283,562,606 |
|
|
|
2,388,384 |
|
|
|
3.42 |
% |
|
|
Time deposits - Retail |
|
|
211,751,684 |
|
|
|
2,123,642 |
|
|
|
4.02 |
% |
|
|
231,697,095 |
|
|
|
2,446,269 |
|
|
|
4.28 |
% |
|
|
Time Deposits - Wholesale |
|
|
5,070,000 |
|
|
|
52,144 |
|
|
|
4.13 |
% |
|
|
6,146,267 |
|
|
|
62,259 |
|
|
|
4.11 |
% |
|
|
Total Interest Bearing Deposits |
|
|
620,752,647 |
|
|
|
5,046,916 |
|
|
|
3.26 |
% |
|
|
625,845,129 |
|
|
|
5,225,128 |
|
|
|
3.39 |
% |
|
|
Total Borrowed Funds |
|
|
27,430,238 |
|
|
|
344,231 |
|
|
|
4.96 |
% |
|
|
27,710,793 |
|
|
|
350,045 |
|
|
|
5.05 |
% |
|
|
Total Interest Bearing Liabilities |
|
|
648,182,885 |
|
|
|
5,391,147 |
|
|
|
3.33 |
% |
|
|
653,555,922 |
|
|
|
5,575,173 |
|
|
|
3.46 |
% |
|
|
Non-Interest Bearing Deposits |
|
|
178,549,677 |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
183,537,223 |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
Total Funding Sources/Cost |
|
|
826,732,562 |
|
|
|
5,391,147 |
|
|
|
2.61 |
% |
|
|
837,093,145 |
|
|
|
5,575,173 |
|
|
|
2.70 |
% |
|
|
Non-Interest Bearing Liabilities |
|
|
12,197,579 |
|
|
|
|
|
|
|
|
|
|
|
12,025,510 |
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
90,878,946 |
|
|
|
|
|
|
|
|
|
|
|
87,589,658 |
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
929,809,086 |
|
|
|
|
|
|
|
|
|
|
$ |
936,708,313 |
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
|
|
$ |
8,096,226 |
|
|
|
|
|
|
|
|
|
|
$ |
8,020,343 |
|
|
|
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
3.66 |
% |
|
|
|
|
|
|
|
|
|
|
3.63 |
% |
|
|
Average Balance Sheet and Yields |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
|
|||||||||||||||||||
|
Average Balance |
|
|
Interest |
|
|
Average Yield/Rate |
|
|
Average Balance |
|
|
Interest |
|
|
Average Yield/Rate |
|
|
|
|||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal funds sold |
|
$ |
4,391,538 |
|
|
$ |
48,968 |
|
|
|
4.47 |
% |
|
$ |
16,631,868 |
|
|
$ |
224,921 |
|
|
|
5.44 |
% |
|
|
Deposits with banks |
|
|
101,230,867 |
|
|
|
1,095,171 |
|
|
|
4.34 |
% |
|
|
62,620,752 |
|
|
|
773,893 |
|
|
|
4.97 |
% |
|
|
Investment securities |
|
|
109,636,098 |
|
|
|
1,161,439 |
|
|
|
4.09 |
% |
|
|
74,889,493 |
|
|
|
598,118 |
|
|
|
3.21 |
% |
|
|
Loans |
|
|
674,518,875 |
|
|
|
11,181,795 |
|
|
|
6.65 |
% |
|
|
742,505,475 |
|
|
|
13,033,791 |
|
|
|
7.06 |
% |
|
|
Total Interest Earning Assets |
|
$ |
889,777,378 |
|
|
$ |
13,487,373 |
|
|
|
6.08 |
% |
|
$ |
896,647,588 |
|
|
$ |
14,630,723 |
|
|
|
6.56 |
% |
|
|
Non-Interest Earning Assets |
|
$ |
40,031,708 |
|
|
|
|
|
|
|
|
|
|
$ |
40,251,898 |
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
929,809,086 |
|
|
|
|
|
|
|
|
|
|
$ |
936,899,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand |
|
$ |
107,769,299 |
|
|
$ |
373,496 |
|
|
|
1.39 |
% |
|
$ |
107,509,533 |
|
|
$ |
314,134 |
|
|
|
1.18 |
% |
|
|
Savings and Money Market |
|
|
296,161,664 |
|
|
|
2,497,634 |
|
|
|
3.38 |
% |
|
|
278,616,626 |
|
|
|
2,311,699 |
|
|
|
3.34 |
% |
|
|
Time deposits - Retail |
|
|
211,751,684 |
|
|
|
2,123,642 |
|
|
|
4.02 |
% |
|
|
207,311,034 |
|
|
|
2,195,224 |
|
|
|
4.26 |
% |
|
|
Time Deposits - Wholesale |
|
|
5,070,000 |
|
|
|
52,144 |
|
|
|
4.13 |
% |
|
|
8,082,153 |
|
|
|
84,323 |
|
|
|
4.20 |
% |
|
|
Total Interest Bearing Deposits |
|
|
620,752,647 |
|
|
|
5,046,916 |
|
|
|
3.26 |
% |
|
|
601,519,346 |
|
|
|
4,905,380 |
|
|
|
3.28 |
% |
|
|
Total Borrowed Funds |
|
|
27,430,238 |
|
|
|
344,231 |
|
|
|
4.96 |
% |
|
|
56,397,595 |
|
|
|
747,665 |
|
|
|
5.24 |
% |
|
|
Total Interest Bearing Liabilities |
|
|
648,182,885 |
|
|
|
5,391,147 |
|
|
|
3.33 |
% |
|
|
657,916,941 |
|
|
|
5,653,045 |
|
|
|
3.46 |
% |
|
|
Non-Interest Bearing Deposits |
|
|
178,549,677 |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
184,261,383 |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
Total Funding Sources/Cost |
|
|
826,732,562 |
|
|
|
5,391,147 |
|
|
|
2.61 |
% |
|
|
842,178,324 |
|
|
|
5,653,045 |
|
|
|
2.70 |
% |
|
|
Non-Interest Bearing Liabilities |
|
|
12,197,579 |
|
|
|
|
|
|
|
|
|
|
|
11,751,699 |
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
90,878,946 |
|
|
|
|
|
|
|
|
|
|
|
82,969,463 |
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
929,809,086 |
|
|
|
|
|
|
|
|
|
|
$ |
936,899,486 |
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
|
|
$ |
8,096,226 |
|
|
|
|
|
|
|
|
|
|
$ |
8,977,678 |
|
|
|
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
3.66 |
% |
|
|
|
|
|
|
|
|
|
|
4.03 |
% |
|
|
Average Balance Sheet and Yields |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
For the Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
|
|||||||||||||||||||
|
Average Balance |
|
|
Interest |
|
|
Average Yield/Rate |
|
|
Average Balance |
|
|
Interest |
|
|
Average Yield/Rate |
|
|
|
|||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal funds sold |
|
$ |
4,569,807 |
|
|
$ |
100,521 |
|
|
|
4.44 |
% |
|
$ |
10,429,313 |
|
|
$ |
280,975 |
|
|
|
5.42 |
% |
|
|
Deposits with banks |
|
|
109,611,472 |
|
|
|
2,359,340 |
|
|
|
4.34 |
% |
|
|
48,079,926 |
|
|
|
1,208,745 |
|
|
|
5.06 |
% |
|
|
Investment securities |
|
|
104,119,287 |
|
|
|
2,135,178 |
|
|
|
4.14 |
% |
|
|
75,160,202 |
|
|
|
1,137,214 |
|
|
|
3.04 |
% |
|
|
Loans |
|
|
674,926,165 |
|
|
|
22,487,850 |
|
|
|
6.72 |
% |
|
|
611,915,444 |
|
|
|
19,923,898 |
|
|
|
6.55 |
% |
|
|
Total Interest Earning Assets |
|
$ |
893,226,731 |
|
|
$ |
27,082,889 |
|
|
|
6.11 |
% |
|
$ |
745,584,885 |
|
|
$ |
22,550,832 |
|
|
|
6.08 |
% |
|
|
Non-Interest Earning Assets |
|
$ |
40,012,910 |
|
|
|
|
|
|
|
|
|
|
$ |
34,376,404 |
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
933,239,641 |
|
|
|
|
|
|
|
|
|
|
$ |
779,961,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand |
|
$ |
106,113,429 |
|
|
$ |
701,713 |
|
|
|
1.33 |
% |
|
$ |
75,254,652 |
|
|
$ |
370,210 |
|
|
|
0.99 |
% |
|
|
Savings and Money Market |
|
|
289,896,939 |
|
|
|
4,886,018 |
|
|
|
3.40 |
% |
|
|
247,353,233 |
|
|
|
4,270,717 |
|
|
|
3.47 |
% |
|
|
Time deposits - Retail |
|
|
221,669,292 |
|
|
|
4,569,911 |
|
|
|
4.16 |
% |
|
|
165,488,867 |
|
|
|
3,667,354 |
|
|
|
4.46 |
% |
|
|
Time Deposits - Wholesale |
|
|
5,605,160 |
|
|
|
114,403 |
|
|
|
4.12 |
% |
|
|
10,030,755 |
|
|
|
209,185 |
|
|
|
4.19 |
% |
|
|
Total Interest Bearing Deposits |
|
|
623,284,820 |
|
|
|
10,272,045 |
|
|
|
3.32 |
% |
|
|
498,127,507 |
|
|
|
8,517,466 |
|
|
|
3.44 |
% |
|
|
Total Borrowed Funds |
|
|
27,569,740 |
|
|
|
694,276 |
|
|
|
5.01 |
% |
|
|
56,651,464 |
|
|
|
1,391,037 |
|
|
|
4.86 |
% |
|
|
Total Interest Bearing Liabilities |
|
|
650,854,560 |
|
|
|
10,966,321 |
|
|
|
3.40 |
% |
|
|
554,778,971 |
|
|
|
9,908,503 |
|
|
|
3.59 |
% |
|
|
Non-Interest Bearing Deposits |
|
|
181,029,672 |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
141,081,911 |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
Total Funding Sources/Cost |
|
|
831,884,232 |
|
|
|
10,966,321 |
|
|
|
2.66 |
% |
|
|
695,860,882 |
|
|
|
9,908,503 |
|
|
|
2.86 |
% |
|
|
Non-Interest Bearing Liabilities |
|
|
12,112,021 |
|
|
|
|
|
|
|
|
|
|
|
9,444,651 |
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
89,243,388 |
|
|
|
|
|
|
|
|
|
|
|
74,655,755 |
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
933,239,641 |
|
|
|
|
|
|
|
|
|
|
$ |
779,961,289 |
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
|
|
$ |
16,116,568 |
|
|
|
|
|
|
|
|
|
|
$ |
12,642,329 |
|
|
|
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
3.64 |
% |
|
|
|
|
|
|
|
|
|
|
3.41 |
% |
|
|
Contact: Kevin Vaughn
Chief Financial Officer
(623) 334-6064
BCTF@swhb.com
SOURCE: Southwest Heritage Bank
View the original press release on ACCESS Newswire
