Third Quarter 2026 HighlightsNet Income - $2.4 million - Bank Net Income - $2.7 million - TBVPS - $12.98 - Diluted EPS- $0.33
SCOTTSDALE, AZ / ACCESS Newswire / November 5, 2026 / Bancorp 34, Inc. (OTCID:BCTF), the parent company for Southwest Heritage Bank, together, the "Company" reports third quarter of 2026 performance.
Management Comments - Ciaran McMullan, Chairman & CEO
- Core1 ROATA improved for the eighth consecutive quarter.
- Core1 Net Interest Margin also improved over both the linked and prior year quarters.
- Total loans declined by approximately $23 million including $14 million with yields lower than 4.75%.
- Helping to drive an increase in total average core1 loan yield of 14bps.
- We booked new lending commitments of approximately $30 million during the quarter and are on track to outperform total new commitments booked in FY2025.
- The bank recorded a $700,000 reverse provision tied to the expected reduction of a qualitative factor related to the Commerce Bank acquisition.
- The Bancorp paid off its subordinated debt in full during the 3rd quarter prior to its repricing, saving more than $1 million in annual interest expense.
3Q26 Highlights
Net Income and NIM
- Core1 NIM improved over the linked and prior year quarters, by 5bps and 37bps, respectively driven by declining deposit costs and improved loan portfolio yields.
- Net Income improved over the linked quarter, driven primarily by the reverse provision and improved NIM.
- Net Operating Income (pre-tax pre-provision) increased over both the linked and prior-year quarters due to improved NIM.
- Non-interest expense increased slightly during the quarter due to additional hires and other smaller non-recurring items.
Balance Sheet
- Deposits mix continued to improve as non-maturity deposits increased by $16 million.
- Total loans decreased $23 million driven by expected elevated payoffs of low yielding loans booked in 2021.
Asset Quality
- The bank released ACL due to the reduction of the management qualitative factor related to the merger in 2024.
Capital
- TBVPS increased by $0.20, including negative AOCI.
- The Bank's Tier 1 Leverage Ratio declined to 11.26% due to $23 million dividend to Bancorp 34 to pay off the sub-debt.
Performance Metrics (Consolidated) | 3Q26 | 2Q26 | 3Q25 | |||||||||
ROATA | 1.07 | % | 0.83 | % | 0.75 | % | ||||||
ROATE | 10.20 | % | 8.09 | % | 7.91 | % | ||||||
Core1 ROATA | 0.69 | % | 0.68 | % | 0.59 | % | ||||||
Core1 ROATE | 6.55 | % | 6.74 | % | 6.18 | % | ||||||
Net Interest Margin | 4.13 | % | 3.85 | % | 3.47 | % | ||||||
Cost of Funds | 2.55 | % | 2.46 | % | 2.64 | % | ||||||
Overhead Ratio2 | 2.97 | % | 2.85 | % | 2.79 | % | ||||||
Efficiency Ratio | 73.16 | % | 73.47 | % | 81.17 | % | ||||||
NPA3 | 0.36 | % | 0.31 | % | 1.00 | % | ||||||
ACL to Total Loans | 1.16 | % | 1.23 | % | 1.41 | % |
Balance Sheet (in 000s) | 3Q26 | 2Q26 | 3Q25 | |||||||||
Total Assets | $ | 882,764 | $ | 895,991 | $ | 899,621 | ||||||
Total Loans | $ | 684,624 | $ | 707,154 | $ | 690,519 | ||||||
Total Deposits | $ | 755,830 | $ | 752,230 | $ | 760,273 | ||||||
Total Capital | $ | 101,128 | $ | 100,169 | $ | 95,260 | ||||||
TBVPS | $ | 12.98 | $ | 12.88 | $ | 12.07 |
Income Statement (000s except EPS) | 3Q26 | 2Q26 | 3Q25 | |||||||||
Net Interest Income | $ | 8,950 | $ | 8,365 | $ | 7,740 | ||||||
Non-interest Income | $ | 336 | $ | 484 | $ | 242 | ||||||
Non-interest Expense | $ | 6,793 | $ | 6,501 | $ | 6,494 | ||||||
Net Operating Income | $ | 2,493 | $ | 2,348 | $ | 1,488 | ||||||
Net Income | $ | 2,435 | $ | 1,867 | $ | 1,733 | ||||||
Core1 Net Income | $ | 1,563 | $ | 1,556 | $ | 1,355 | ||||||
Diluted Earnings per Share | $ | 0.33 | $ | 0.24 | $ | 0.24 |
1 - Non-GAAP, excludes merger related accretion and amortization, as well as material non-recurring income and expense items.
2 - Non-interest expense as a percentage of average assets.
3 - 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 | 3Q26 | 2Q26 | 3Q25 | |||||||||
Return on Average Assets (ROAA) | 1.06 | % | 0.82 | % | 0.74 | % | ||||||
Core4 ROAA | 0.68 | % | 0.67 | % | 0.58 | % | ||||||
Return on Average Tangible Assets (ROATA) | 1.07 | % | 0.83 | % | 0.75 | % | ||||||
Core4 ROATA | 0.69 | % | 0.68 | % | 0.59 | % | ||||||
Return on Average Equity (ROAE) | 9.53 | % | 7.52 | % | 7.35 | % | ||||||
Core4 ROAE | 6.32 | % | 6.27 | % | 5.74 | % | ||||||
Return on Average Tangible Equity | 10.20 | % | 8.09 | % | 7.91 | % | ||||||
Core4 ROATE | 6.55 | % | 6.74 | % | 6.18 | % | ||||||
Overhead Ratio | 2.97 | % | 2.85 | % | 2.79 | % | ||||||
Core4 Overhead Ratio | 2.65 | % | 2.71 | % | 2.54 | % | ||||||
Efficiency Ratio | 73.16 | % | 73.47 | % | 81.17 | % | ||||||
Core4 Efficiency Ratio | 74.89 | % | 76.14 | % | 77.85 | % | ||||||
Net Interest Margin | 4.13 | % | 3.85 | % | 3.47 | % | ||||||
Core5 Net Interest Margin | 3.55 | % | 3.50 | % | 3.30 | % | ||||||
Cost of Funds | 2.55 | % | 2.46 | % | 2.64 | % | ||||||
Earnings Per Share (EPS) | $ | 0.33 | $ | 0.25 | $ | 0.24 | ||||||
Diluted EPS | $ | 0.33 | $ | 0.24 | $ | 0.24 |
Bank Regulatory Capital Ratios | 3Q26 | 2Q26 | 3Q25 | |||||||||
Tier 1 Leverage Capital Ratio | 11.26 | % | 13.36 | % | 12.26 | % | ||||||
Common Equity Tier 1 Capital Ratio | 12.84 | % | 15.11 | % | 14.28 | % | ||||||
Tier 1 Capital Ratio | 12.84 | % | 15.11 | % | 14.28 | % | ||||||
Total Risk-based Capital Ratio | 13.91 | % | 16.26 | % | 15.54 | % |
Credit Quality6 | 3Q26 | 2Q26 | ||||||
Total Classified Loans | $ | 16,460 | $ | 16,311 | ||||
Classified - Accrual Loans | $ | 13,274 | $ | 13,522 | ||||
Classified - Non-Accrual Loans | $ | 3,186 | $ | 2,789 | ||||
Non-Performing Assets | $ | 3,186 | $ | 2,789 | ||||
Total Classified / Total Loans | 2.40 | % | 2.31 | % | ||||
Adversely Classified Items/Total Capital | 14.99 | % | 12.09 | % |
| Period | GAAP Net Income | Loan Mark Accretion | CDI Amortization | Non-Recurring Items7 | Core Net Income8 | |||||||||||||||||
| 3Q26 | $ | 2,435 | $ | -1,201 | $ | 338 | $ | -299 | $ | 1,563 | ||||||||||||
| 2Q26 | $ | 1,867 | $ | -679 | $ | 349 | $ | -84 | $ | 1,556 | ||||||||||||
| 3Q25 | $ | 1,733 | $ | -571 | $ | 386 | $ | -319 | $ | 1,355 | ||||||||||||
4 - Non-GAAP, excludes merger related accretion and amortization, as well as material non-recurring income and expense items.
5 - Non-GAAP, excludes merger related fair value mark accretion and amortization.
6 - Classified and non-performing assets are net of government guarantees
7 - Includes Loan ACL reverse provision
8 - Non-GAAP, Assumes 25% tax rate
BALANCE SHEET (in 000s) | 3Q26 | 2Q26 | 3Q25 | |||||||||
Assets | ||||||||||||
Cash and due from banks | 3,255 | 3,244 | 3,158 | |||||||||
Fed funds sold & repos | 3,295 | 5,540 | 4,200 | |||||||||
Interest bearing deposits with banks | 42,771 | 38,657 | 47,123 | |||||||||
Investment securities | 98,590 | 97,413 | 109,151 | |||||||||
Loans, net of unearned income | 684,624 | 707,154 | 690,519 | |||||||||
Allowance for credit losses | -7,945 | -8,710 | -9,733 | |||||||||
Premises and equipment, net | 8,445 | 8,832 | 11,085 | |||||||||
Accrued interest receivable | 2,657 | 2,689 | 2,543 | |||||||||
Core deposit intangible | 4,991 | 5,328 | 6,409 | |||||||||
Other assets | 42,081 | 35,844 | 35,166 | |||||||||
Total Assets | 882,764 | 895,991 | 899,621 | |||||||||
Liabilities | ||||||||||||
Non-interest bearing deposits | 155,645 | 157,766 | 163,339 | |||||||||
Interest bearing demand deposits | 104,061 | 100,000 | 105,347 | |||||||||
Savings and money market deposits | 353,586 | 339,574 | 301,835 | |||||||||
Time deposits - retail | 139,998 | 152,350 | 184,682 | |||||||||
Time deposits - wholesale | 2,540 | 2,540 | 5,070 | |||||||||
Total Deposits | 755,830 | 752,230 | 760,273 | |||||||||
Accrued expenses and other liabilities | 20,967 | 16,273 | 16,828 | |||||||||
Other borrowings | 4,839 | 27,319 | 27,261 | |||||||||
Total Liabilities | 781,636 | 795,822 | 804,362 | |||||||||
Equity | ||||||||||||
Common stock | 74 | 74 | 74 | |||||||||
Capital surplus | 66,878 | 66,610 | 66,482 | |||||||||
Retained earnings | 33,850 | 33,850 | 25,989 | |||||||||
Accumulated other comprehensive loss | -5,630 | -3,887 | -3,656 | |||||||||
Net income | 5,956 | 3,522 | 6,371 | |||||||||
Unearned ESOP shares | 0 | 0 | 0 | |||||||||
Total Equity | 101,128 | 100,169 | 95,260 | |||||||||
Total Liabilities & Equity | 882,764 | 895,991 | 899,621 |
INCOME STATEMENT (in 000s) | 3Q26 | 2Q26 | 3Q25 | |||||||||
Interest Income | ||||||||||||
Interest on Loans | 12,297 | 11,659 | 10,836 | |||||||||
Fees on Loans | 32 | 69 | 119 | |||||||||
Interest on federal funds sold | 27 | 32 | 49 | |||||||||
Interest on deposits with banks | 554 | 479 | 997 | |||||||||
Investment Securities - Taxable | 1,103 | 1,028 | 1,199 | |||||||||
Total Interest Income | 14,013 | 13,267 | 13,200 | |||||||||
Interest Expense | ||||||||||||
Interest bearing demand deposits | 412 | 369 | 404 | |||||||||
Savings and Money Market Deposits | 2,961 | 2,835 | 2,690 | |||||||||
Time Deposits - Retail | 1,261 | 1,336 | 1,967 | |||||||||
Time Deposits - Wholesale | 26 | 25 | 53 | |||||||||
Total Interest Expense on Deposits | 4,660 | 4,565 | 5,114 | |||||||||
Interest on other borrowings | 403 | 337 | 345 | |||||||||
Total Interest Expense | 5,063 | 4,902 | 5,460 | |||||||||
Net Interest Income | 8,950 | 8,365 | 7,740 | |||||||||
Provision for Credit Losses | -660 | 0 | -700 | |||||||||
Net In. Inc. After Prov. for Credit Losses | 9,610 | 8,365 | 8,440 | |||||||||
Non Interest Income | ||||||||||||
Service charges and fees | 163 | 146 | 141 | |||||||||
Mortgage loan and related fees | 6 | 53 | 26 | |||||||||
Other noninterest income | 167 | 285 | 75 | |||||||||
Total Non Interest Income | 336 | 484 | 242 | |||||||||
Non Interest Expense | ||||||||||||
Salaries and employee benefits | 3,575 | 3,420 | 3,418 | |||||||||
Occupancy | 752 | 773 | 540 | |||||||||
Other noninterest expense | 2,466 | 2,308 | 2,536 | |||||||||
Total Non Interest Expense | 6,793 | 6,501 | 6,494 | |||||||||
Income Before Taxes | 3,153 | 2,348 | 2,188 | |||||||||
Income taxes | 718 | 481 | 455 | |||||||||
Net Income | 2,435 | 1,867 | 1,733 |
INCOME STATEMENT (in 000s) | 9 months ending 3Q26 | 9 months ending 3Q25 | ||||||
Interest Income | ||||||||
Interest on Loans | 35,294 | 33,030 | ||||||
Fees on Loans | 234 | 413 | ||||||
Interest on federal funds sold | 92 | 149 | ||||||
Interest on deposits with banks | 1,343 | 3,357 | ||||||
Investment Securities - Taxable | 3,349 | 3,333 | ||||||
Total Interest Income | 40,312 | 40,282 | ||||||
Interest Expense | ||||||||
Interest bearing demand deposits | 1,130 | 1,106 | ||||||
Savings and Money Market Deposits | 8,436 | 7,576 | ||||||
Time Deposits - Retail | 4,065 | 6,537 | ||||||
Time Deposits - Wholesale | 83 | 167 | ||||||
Total Interest Expense on Deposits | 13,714 | 15,386 | ||||||
Interest on other borrowings | 1,076 | 1,040 | ||||||
Total Interest Expense | 14,790 | 16,426 | ||||||
Net Interest Income | 25,522 | 23,856 | ||||||
Provision for Credit Losses | -660 | -3,450 | ||||||
Net In. Inc. After Prov. for Credit Losses | 26,182 | 27,306 | ||||||
Non Interest Income | ||||||||
Service charges and fees | 435 | 443 | ||||||
Mortgage loan and related fees | 204 | 55 | ||||||
Other noninterest income | 411 | 301 | ||||||
Total Non Interest Income | 1,050 | 799 | ||||||
Non Interest Expense | ||||||||
Salaries and employee benefits | 10,446 | 10,319 | ||||||
Occupancy | 2,250 | 1,966 | ||||||
Other noninterest expense | 6,968 | 7,634 | ||||||
Total Non Interest Expense | 19,664 | 19,919 | ||||||
Income Before Taxes | 7,568 | 8,186 | ||||||
Income taxes | 1,611 | 1,815 | ||||||
Net Income | 5,957 | 6,371 | ||||||
| Average Balance Sheet and Yields | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | |||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||||||||||||
Interest Earning Assets: | ||||||||||||||||||||||||
Federal funds sold | $ | 2,822,609 | $ | 26,530 | 3.73 | % | $ | 3,521,978 | $ | 32,189 | 3.67 | % | ||||||||||||
Deposits with banks | 61,631,417 | 554,488 | 3.57 | % | 54,403,513 | 479,362 | 3.53 | % | ||||||||||||||||
Investment securities | 104,333,343 | 1,102,945 | 4.19 | % | 106,258,336 | 1,028,148 | 3.88 | % | ||||||||||||||||
Loans | 692,735,010 | 12,297,105 | 7.04 | % | 708,187,996 | 11,727,349 | 6.64 | % | ||||||||||||||||
Total Interest Earning Assets | $ | 861,522,379 | $ | 13,981,068 | 6.44 | % | $ | 872,371,823 | $ | 13,267,048 | 6.17 | % | ||||||||||||
Non-Interest Earning Assets | $ | 46,576,193 | $ | 41,795,279 | ||||||||||||||||||||
Total Assets | $ | 908,098,572 | $ | 914,167,102 | ||||||||||||||||||||
Interest Bearing Liabilities: | ||||||||||||||||||||||||
Interest bearing demand | $ | 107,477,716 | $ | 412,254 | 1.52 | % | $ | 104,563,048 | $ | 369,136 | 1.42 | % | ||||||||||||
Savings and Money Market | 362,287,406 | 2,960,856 | 3.24 | % | 347,058,899 | 2,835,039 | 3.28 | % | ||||||||||||||||
Time deposits - Retail | 146,406,713 | 1,260,617 | 3.42 | % | 155,333,571 | 1,335,594 | 3.45 | % | ||||||||||||||||
Time Deposits - Wholesale | 2,540,000 | 25,921 | 4.05 | % | 2,540,000 | 25,650 | 4.05 | % | ||||||||||||||||
Total Interest Bearing Deposits | 618,711,835 | 4,659,648 | 2.99 | % | 609,495,518 | 4,565,419 | 3.00 | % | ||||||||||||||||
Total Borrowed Funds | 8,672,164 | 402,667 | 18.42 | % | 27,307,385 | 336,310 | 4.94 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 627,383,999 | 5,062,315 | 3.20 | % | 636,802,903 | 4,901,729 | 3.09 | % | ||||||||||||||||
Non-Interest Bearing Deposits | 158,197,096 | - | 0.00 | % | 162,926,161 | - | 0.00 | % | ||||||||||||||||
Total Funding Sources/Cost | 785,581,095 | 5,062,315 | 2.56 | % | 799,729,064 | 4,901,729 | 2.46 | % | ||||||||||||||||
Non-Interest Bearing Liabilities | 21,155,010 | 14,870,604 | ||||||||||||||||||||||
Equity | 101,362,467 | 99,567,434 | ||||||||||||||||||||||
Total Liabilities and Equity | $ | 908,098,572 | $ | 914,167,102 | ||||||||||||||||||||
Net Interest Income | $ | 8,918,753 | $ | 8,365,319 | ||||||||||||||||||||
Net Interest Margin | 4.13 | % | 3.85 | % | ||||||||||||||||||||
| Average Balance Sheet and Yields | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||||||||||||
Interest Earning Assets: | ||||||||||||||||||||||||
Federal funds sold | $ | 2,822,609 | $ | 26,530 | 3.73 | % | $ | 4,498,187 | $ | 149,279 | 4.44 | % | ||||||||||||
Deposits with banks | 61,631,417 | 554,488 | 3.57 | % | 103,692,236 | 3,356,634 | 4.33 | % | ||||||||||||||||
Investment securities | 104,333,343 | 1,102,945 | 4.19 | % | 99,918,850 | 3,333,906 | 4.46 | % | ||||||||||||||||
Loans | 692,735,010 | 12,297,105 | 7.04 | % | 676,802,218 | 33,442,588 | 6.61 | % | ||||||||||||||||
Total Interest Earning Assets | $ | 861,522,379 | $ | 13,981,068 | 6.44 | % | $ | 884,911,491 | $ | 40,282,407 | 6.09 | % | ||||||||||||
Non-Interest Earning Assets | $ | 46,576,193 | $ | 47,816,337 | ||||||||||||||||||||
Total Assets | $ | 908,098,572 | $ | 932,727,828 | ||||||||||||||||||||
Interest Bearing Liabilities: | ||||||||||||||||||||||||
Interest bearing demand | $ | 107,477,716 | $ | 412,254 | 1.52 | % | $ | 106,289,490 | $ | 1,106,091 | 1.39 | % | ||||||||||||
Savings and Money Market | 362,287,406 | 2,960,856 | 3.24 | % | 296,837,126 | 7,576,266 | 3.41 | % | ||||||||||||||||
Time deposits - Retail | 146,406,713 | 1,260,617 | 3.42 | % | 214,218,806 | 6,536,995 | 4.08 | % | ||||||||||||||||
Time Deposits - Wholesale | 2,540,000 | 25,921 | 4.05 | % | 5,424,813 | 167,100 | 4.12 | % | ||||||||||||||||
Total Interest Bearing Deposits | 618,711,835 | 4,659,648 | 2.99 | % | 622,770,235 | 15,386,452 | 3.30 | % | ||||||||||||||||
Total Borrowed Funds | 8,672,164 | 402,667 | 18.42 | % | 27,461,732 | 1,039,532 | 4.99 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 627,383,999 | 5,062,315 | 3.20 | % | 650,231,967 | 16,425,984 | 3.38 | % | ||||||||||||||||
Non-Interest Bearing Deposits | 158,197,096 | - | 0.00 | % | 178,144,809 | - | 0.00 | % | ||||||||||||||||
Total Funding Sources/Cost | 785,581,095 | 5,062,315 | 2.56 | % | 828,376,776 | 16,425,984 | 2.65 | % | ||||||||||||||||
Non-Interest Bearing Liabilities | 21,155,010 | 13,636,749 | ||||||||||||||||||||||
Equity | 101,362,467 | 90,714,303 | ||||||||||||||||||||||
Total Liabilities and Equity | $ | 908,098,572 | $ | 932,727,828 | ||||||||||||||||||||
Net Interest Income | $ | 8,918,753 | $ | 23,856,423 | ||||||||||||||||||||
Net Interest Margin | 4.13 | % | 3.59 | % | ||||||||||||||||||||
| Average Balance Sheet and Yields | ||||||||||||||||||||||||
For the Nine Months Ended | ||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||||||||||||
Interest Earning Assets: | ||||||||||||||||||||||||
Federal funds sold | $ | 3,328,480 | $ | 91,964 | 3.69 | % | $ | 4,498,187 | $ | 149,279 | 4.44 | % | ||||||||||||
Deposits with banks | 51,098,120 | 1,343,573 | 3.52 | % | 103,692,236 | 3,356,634 | 4.33 | % | ||||||||||||||||
Investment securities | 107,000,505 | 3,349,118 | 4.18 | % | 99,918,850 | 3,333,906 | 4.46 | % | ||||||||||||||||
Loans | 703,708,471 | 35,527,432 | 6.75 | % | 676,802,218 | 33,442,588 | 6.61 | % | ||||||||||||||||
Total Interest Earning Assets | $ | 865,135,576 | $ | 40,312,087 | 6.23 | % | $ | 884,911,491 | $ | 40,282,407 | 6.09 | % | ||||||||||||
Non-Interest Earning Assets | $ | 43,284,633 | $ | 47,816,337 | ||||||||||||||||||||
Total Assets | $ | 908,420,209 | $ | 932,727,828 | ||||||||||||||||||||
Interest Bearing Liabilities: | ||||||||||||||||||||||||
Interest bearing demand | $ | 104,726,050 | $ | 1,130,465 | 1.44 | % | $ | 106,289,490 | $ | 1,106,091 | 1.39 | % | ||||||||||||
Savings and Money Market | 345,896,375 | 8,435,417 | 3.26 | % | 296,837,126 | 7,576,266 | 3.41 | % | ||||||||||||||||
Time deposits - Retail | 155,747,539 | 4,065,098 | 3.49 | % | 214,218,806 | 6,536,995 | 4.08 | % | ||||||||||||||||
Time Deposits - Wholesale | 2,743,883 | 83,125 | 4.05 | % | 5,424,813 | 167,100 | 4.12 | % | ||||||||||||||||
Total Interest Bearing Deposits | 609,113,847 | 13,714,105 | 3.01 | % | 622,770,235 | 15,386,452 | 3.30 | % | ||||||||||||||||
Total Borrowed Funds | 21,020,920 | 1,075,966 | 6.84 | % | 27,461,732 | 1,039,532 | 4.99 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 630,134,767 | 14,790,071 | 3.14 | % | 650,231,967 | 16,425,984 | 3.38 | % | ||||||||||||||||
Non-Interest Bearing Deposits | 162,298,209 | - | 0.00 | % | 178,144,809 | - | 0.00 | % | ||||||||||||||||
Total Funding Sources/Cost | 792,432,976 | 14,790,071 | 2.50 | % | 828,376,776 | 16,425,984 | 2.65 | % | ||||||||||||||||
Non-Interest Bearing Liabilities | 16,302,440 | 13,636,749 | ||||||||||||||||||||||
Equity | 99,684,793 | 90,714,303 | ||||||||||||||||||||||
Total Liabilities and Equity | $ | 908,420,209 | $ | 932,727,828 | ||||||||||||||||||||
Net Interest Income | $ | 25,522,016 | $ | 23,856,423 | ||||||||||||||||||||
Net Interest Margin | 3.95 | % | 3.59 | % | ||||||||||||||||||||
Contact: Kevin Vaughn
Chief Financial Officer
(623) 334-6064
BCTF@swhb.com
SOURCE: Southwest Heritage Bank
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