x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended | |||||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to |
Florida | 59-3665079 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
700 Central Avenue St. Petersburg, Florida | 33701 | ||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock | BAFN | The Nasdaq Stock Market LLC |
Large accelerated filer | o | Accelerated filer | o | |||||||||||
Non-accelerated filer | x | Smaller reporting company | x | |||||||||||
Emerging growth company | x |
Page | ||||||||
Item 1A. | ||||||||
AFS: Available for Sale | FDIC: Federal Deposit Insurance Corporation | ||||
ALCO: Asset-Liability Committee | FHLB: Federal Home Loan Bank | ||||
FNBB: First National Bankers Bank | |||||
FRB: Federal Reserve Bank | |||||
ASC: FASB Accounting Standards Codification | FVO: Fair Value Option | ||||
ASU: FASB Accounting Standards Update | GAAP: Generally Accepted Accounting Principles | ||||
BHCA: Bank Holding Company Act of 1956, as amended | IRA: Individual Retirement Account | ||||
BOLI: Bank Owned Life Insurance | JOBS Act: Jumpstart Our Business Startups Act of 2012 | ||||
BSA: Bank Secrecy Act of 1970 | LHFS: Loans Held for Sale | ||||
CAA: Consolidated Appropriations Act | |||||
CARES Act: Coronavirus Aid, Relief, and Economic Security Act | |||||
CBLR: Community Bank Leverage Ratio | |||||
CECL: Current Expected Credit Losses | |||||
CET1: Common Equity Tier 1 Capital | OLC: Officer Loan Commitee | ||||
C&I: Commercial and Industrial | |||||
CIK: Central Index Key | |||||
COVID-19: Coronavirus | |||||
DCLC: Directors’ Credit and Loan Committee | PPP: Paycheck Protection Program | ||||
DODD-Frank Act: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | |||||
DRIP: Dividend Reinvestment Plan | |||||
EGC: Emerging Growth Company | SBA: Small Business Administration | ||||
Equity Plan: The Amended and Restated 2017 Equity Inventive Plan | |||||
ESG: Environmental, Social, and Governance | SOFR: Secured Overnight Financing Rate | ||||
ESOP: Employee Stock Ownership Plan | U.S.: United States | ||||
ESPP: Employee Stock Purchase Plan | |||||
Exchange Act: Securities Exchange Act of 1934 | |||||
FASB: Financial Accounting Standards Board | TDR: | ||||
iXBRL: Inline eXtensible Business Reporting Language |
BAYFIRST FINANCIAL CORP. CONSOLIDATED BALANCE SHEETS (Dollars in |
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 2,715 | $ | 2,790 | Cash and due from banks | $ | 3,141 | $ | 2,869 | ||||||||||||
Interest-bearing deposits in banks | Interest-bearing deposits in banks | 104,382 | 52,589 | Interest-bearing deposits in banks | 118,960 | 106,858 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 107,097 | 55,379 | Cash and cash equivalents | 122,101 | 109,727 | ||||||||||||||||
Time deposits in banks | Time deposits in banks | 2,381 | 2,381 | Time deposits in banks | 3,881 | 2,381 | ||||||||||||||||
Investment securities available for sale | Investment securities available for sale | 32,535 | — | Investment securities available for sale | 41,656 | 30,893 | ||||||||||||||||
Investment securities held to maturity | Investment securities held to maturity | 3 | 41 | Investment securities held to maturity | 2 | 2 | ||||||||||||||||
Restricted equity securities, at cost | Restricted equity securities, at cost | 2,827 | 2,362 | Restricted equity securities, at cost | 2,520 | 2,827 | ||||||||||||||||
Residential loans held for sale | Residential loans held for sale | 91,243 | 208,704 | Residential loans held for sale | 75,022 | 114,131 | ||||||||||||||||
Government guaranteed loans held for sale | Government guaranteed loans held for sale | 1,445 | 1,460 | |||||||||||||||||||
SBA loans held for investment, at fair value | SBA loans held for investment, at fair value | 9,805 | 9,264 | SBA loans held for investment, at fair value | 8,769 | 9,614 | ||||||||||||||||
Loans held for investment, at amortized cost net of allowance for loan losses of $16,616 and $21,162 | 629,873 | 1,197,896 | ||||||||||||||||||||
Loans held for investment, at amortized cost net of allowance for loan losses of $10,170 and $13,452 | Loans held for investment, at amortized cost net of allowance for loan losses of $10,170 and $13,452 | 542,858 | 560,882 | |||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 4,292 | 7,300 | Accrued interest receivable | 3,150 | 3,564 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 24,622 | 18,115 | Premises and equipment, net | 31,037 | 29,671 | ||||||||||||||||
Loan servicing rights | Loan servicing rights | 6,155 | 8,160 | Loan servicing rights | 7,601 | 6,619 | ||||||||||||||||
Deferred income taxes | Deferred income taxes | 490 | 454 | |||||||||||||||||||
Right-of-use operating lease assets | Right-of-use operating lease assets | 4,345 | 3,737 | Right-of-use operating lease assets | 4,166 | 4,543 | ||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 12,434 | 12,183 | Bank owned life insurance | 24,698 | 24,547 | ||||||||||||||||
Other assets | Other assets | 16,131 | 19,169 | Other assets | 19,145 | 15,780 | ||||||||||||||||
Total assets | Total assets | $ | 943,743 | $ | 1,544,691 | Total assets | $ | 888,541 | $ | 917,095 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | $ | 87,625 | $ | 62,650 | Noninterest-bearing deposits | $ | 92,680 | $ | 83,638 | ||||||||||||
Interest-bearing transaction accounts | Interest-bearing transaction accounts | 157,304 | 140,265 | Interest-bearing transaction accounts | 180,815 | 163,495 | ||||||||||||||||
Savings and money market deposits | Savings and money market deposits | 377,452 | 286,744 | Savings and money market deposits | 464,847 | 423,864 | ||||||||||||||||
Time deposits | Time deposits | 52,653 | 69,125 | Time deposits | 31,787 | 50,688 | ||||||||||||||||
Total deposits | Total deposits | 675,034 | 558,784 | Total deposits | 770,129 | 721,685 | ||||||||||||||||
Subordinated debentures | Subordinated debentures | 5,983 | 5,948 | Subordinated debentures | 5,987 | 5,985 | ||||||||||||||||
Notes payable | Notes payable | 3,413 | 3,754 | Notes payable | 3,186 | 3,299 | ||||||||||||||||
PPP Liquidity Facility | PPP Liquidity Facility | 144,601 | 881,262 | PPP Liquidity Facility | — | 69,654 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 562 | 1,999 | Accrued interest payable | 86 | 326 | ||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 4,545 | 3,925 | Operating lease liabilities | 4,377 | 4,747 | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 15,307 | 17,950 | Accrued expenses and other liabilities | 9,897 | 15,109 | ||||||||||||||||
Total liabilities | Total liabilities | 849,445 | 1,473,622 | Total liabilities | 793,662 | 820,805 | ||||||||||||||||
Shareholders’ equity: | Shareholders’ equity: | Shareholders’ equity: | ||||||||||||||||||||
Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at September 30, 2021 and December 31, 2020; aggregate liquidation preference of $6,395 | 6,161 | 6,161 | ||||||||||||||||||||
Preferred stock, Series B; no par value, 20,000 shares authorized, 4,310 and 8,760 shares issued and outstanding at September 30, 2021 and December 31, 2020; aggregate liquidation preference of $4,310 and $8,760, respectively | 4,193 | 8,516 | ||||||||||||||||||||
Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 3,919,977 and 3,485,018 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 50,546 | 43,043 | ||||||||||||||||||||
Accumulated other comprehensive income (loss), net | (201) | — | ||||||||||||||||||||
Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at March 31, 2022 and December 31, 2021; aggregate liquidation preference of $6,395 | Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at March 31, 2022 and December 31, 2021; aggregate liquidation preference of $6,395 | 6,161 | 6,161 | |||||||||||||||||||
Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at March 31, 2022 and December 31, 2021; aggregate liquidation preference of $3,210 | Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at March 31, 2022 and December 31, 2021; aggregate liquidation preference of $3,210 | 3,123 | 3,123 | |||||||||||||||||||
Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,013,173 and 3,981,117 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,013,173 and 3,981,117 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 52,252 | 51,496 | |||||||||||||||||||
Accumulated other comprehensive loss, net | Accumulated other comprehensive loss, net | (1,458) | (420) | |||||||||||||||||||
Unearned compensation | Unearned compensation | (23) | (41) | Unearned compensation | (630) | (17) | ||||||||||||||||
Retained earnings | Retained earnings | 33,622 | 13,390 | Retained earnings | 35,431 | 35,947 | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 94,298 | 71,069 | Total shareholders’ equity | 94,879 | 96,290 | ||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 943,743 | $ | 1,544,691 | Total liabilities and shareholders’ equity | $ | 888,541 | $ | 917,095 |
BAYFIRST FINANCIAL CORP. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in thousands, except per share data) |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans, including fees | Loans, including fees | $ | 9,357 | $ | 12,550 | $ | 39,014 | $ | 29,247 | Loans, including fees | $ | 7,555 | $ | 14,811 | ||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks and other | Interest-bearing deposits in banks and other | 188 | 72 | 420 | 571 | Interest-bearing deposits in banks and other | 185 | 81 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 9,545 | 12,622 | 39,434 | 29,818 | Total interest income | 7,740 | 14,892 | ||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 1,152 | 1,540 | 3,666 | 6,111 | Deposits | 1,217 | 1,320 | ||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 377 | 998 | 2,218 | 1,827 | Borrowings | 117 | 942 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 1,529 | 2,538 | 5,884 | 7,938 | Total interest expense | 1,334 | 2,262 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 8,016 | 10,084 | 33,550 | 21,880 | Net interest income | 6,406 | 12,630 | ||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | (3,000) | 7,000 | (1,000) | 11,900 | Provision for loan losses | (2,400) | 2,000 | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | Net interest income after provision for loan losses | 11,016 | 3,084 | 34,550 | 9,980 | Net interest income after provision for loan losses | 8,806 | 10,630 | ||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Residential loan fee income | Residential loan fee income | 21,323 | 31,226 | 76,704 | 61,888 | Residential loan fee income | 13,191 | 32,029 | ||||||||||||||||||||||||||||||||||||||
Loan servicing income, net | Loan servicing income, net | 417 | 565 | 1,446 | 1,753 | Loan servicing income, net | 461 | 704 | ||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of SBA loans, net | (338) | — | 13,460 | 1,732 | ||||||||||||||||||||||||||||||||||||||||||
Gain on sale of government guaranteed loans, net | Gain on sale of government guaranteed loans, net | 4,621 | — | |||||||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | 261 | 205 | 730 | 664 | Service charges and fees | 282 | 222 | ||||||||||||||||||||||||||||||||||||||
SBA loan fair value gain | 72 | 55 | 151 | 49 | ||||||||||||||||||||||||||||||||||||||||||
SBA loan fair value gain (loss) | SBA loan fair value gain (loss) | (197) | 72 | |||||||||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 257 | 141 | 872 | 232 | Other noninterest income | 510 | 132 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 21,992 | 32,192 | 93,363 | 66,318 | Total noninterest income | 18,868 | 33,159 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and benefits | Salaries and benefits | 12,851 | 8,876 | 38,966 | 24,497 | Salaries and benefits | 13,697 | 13,167 | ||||||||||||||||||||||||||||||||||||||
Bonus, commissions, and incentives | Bonus, commissions, and incentives | 8,536 | 11,919 | 29,627 | 23,887 | Bonus, commissions, and incentives | 4,606 | 11,873 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking | Mortgage banking | 1,440 | 1,620 | 4,707 | 3,645 | Mortgage banking | 1,002 | 1,695 | ||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 1,278 | 1,182 | 3,907 | 3,314 | Occupancy and equipment | 1,421 | 1,332 | ||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 1,347 | 1,163 | 5,209 | 3,086 | Data processing | 1,467 | 1,269 | ||||||||||||||||||||||||||||||||||||||
Marketing and business development | Marketing and business development | 1,924 | 717 | 5,444 | 2,250 | Marketing and business development | 1,742 | 1,642 | ||||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 1,428 | 878 | 3,195 | 2,343 | Professional services | 1,307 | 924 | ||||||||||||||||||||||||||||||||||||||
Loan origination and collection | Loan origination and collection | 683 | 908 | 2,284 | 1,771 | Loan origination and collection | 670 | 496 | ||||||||||||||||||||||||||||||||||||||
Employee recruiting and development | Employee recruiting and development | 809 | 245 | 2,431 | 1,135 | Employee recruiting and development | 871 | 614 | ||||||||||||||||||||||||||||||||||||||
Regulatory assessments | Regulatory assessments | 138 | 144 | 340 | 418 | Regulatory assessments | 69 | 102 | ||||||||||||||||||||||||||||||||||||||
Other noninterest expense | Other noninterest expense | 795 | 556 | 2,508 | 1,649 | Other noninterest expense | 795 | 607 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 31,229 | 28,208 | 98,618 | 67,995 | Total noninterest expense | 27,647 | 33,721 | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 1,779 | 7,068 | 29,295 | 8,303 | Income before income taxes | 27 | 10,068 | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 499 | 1,815 | 7,488 | 1,206 | Income tax expense | 14 | 2,557 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | 1,280 | 5,253 | 21,807 | 7,097 | Net income | 13 | 7,511 | ||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 230 | 202 | 797 | 557 | Preferred stock dividends | 208 | 332 | ||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 1,050 | $ | 5,051 | $ | 21,010 | $ | 6,540 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.27 | $ | 1.47 | $ | 5.60 | $ | 1.91 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.26 | $ | 1.37 | $ | 5.13 | $ | 1.78 | ||||||||||||||||||||||||||||||||||||||
Net income (loss attributable to) available to common shareholders | Net income (loss attributable to) available to common shareholders | $ | (195) | $ | 7,179 | |||||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per common share | Basic earnings (loss) per common share | $ | (0.05) | $ | 2.05 | |||||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per common share | Diluted earnings (loss) per common share | $ | (0.05) | $ | 1.82 |
BAYFIRST FINANCIAL CORP. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Dollars in thousands) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 1,280 | $ | 5,253 | $ | 21,807 | $ | 7,097 | |||||||||||||||
Net unrealized gains (losses) on investment securities available for sale | (108) | — | (274) | — | |||||||||||||||||||
Deferred income tax benefit | 29 | — | 73 | — | |||||||||||||||||||
Other comprehensive income (loss), net | (79) | — | (201) | — | |||||||||||||||||||
Comprehensive income | $ | 1,201 | $ | 5,253 | $ | 21,606 | $ | 7,097 |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 13 | $ | 7,511 | |||||||||||||||||||
Net unrealized (losses) on investment securities available for sale | (1,377) | — | |||||||||||||||||||||
Deferred income tax benefit | 339 | — | |||||||||||||||||||||
Other comprehensive (loss), net | (1,038) | — | |||||||||||||||||||||
Comprehensive income (loss) | $ | (1,025) | $ | 7,511 |
BAYFIRST FINANCIAL CORP. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) (Dollars in thousands, except per share data) |
Preferred Shares, Series A | Preferred Shares, Series B | Common Shares(1) | Preferred Stock, Series A | Preferred Stock, Series B | Common Stock and Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Unearned Compensation | Retained Earnings | Total | Preferred Shares, Series A | Preferred Shares, Series B | Common Shares(1) | Preferred Stock, Series A | Preferred Stock, Series B | Common Stock and Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Unearned Compensation | Retained Earnings | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30,: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2020 | 7,895 | — | 3,435,516 | $ | 7,661 | $ | — | $ | 42,199 | $ | — | $ | (53) | $ | 3,500 | $ | 53,307 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | Balance at January 1, 2021 | 6,395 | 8,760 | 3,485,018 | $ | 6,161 | $ | 8,516 | $ | 43,043 | $ | — | $ | (41) | $ | 13,390 | $ | 71,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | — | — | — | 5,253 | 5,253 | Net income | — | — | — | — | — | — | — | — | 7,511 | 7,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | Issuance of common stock under: | Issuance of common stock under: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-qualified stock purchase plan | Non-qualified stock purchase plan | — | — | 12,357 | — | — | 107 | — | — | — | 107 | Non-qualified stock purchase plan | — | — | 13,142 | — | — | 207 | — | — | — | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend reinvestment plan | Dividend reinvestment plan | — | — | 7,317 | — | — | 98 | — | — | — | 98 | Dividend reinvestment plan | — | — | 6,339 | — | — | 107 | — | — | — | 107 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net | Issuance of common stock, net | — | — | 14,471 | — | — | 224 | — | — | — | 224 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock, net | Issuance of preferred stock, net | — | 3,820 | — | — | 3,723 | — | — | — | — | 3,723 | Issuance of preferred stock, net | — | 740 | — | — | 727 | — | — | — | — | 727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based awards - common stock: | Stock-based awards - common stock: | Stock-based awards - common stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock expense, net of tax impact | Restricted stock expense, net of tax impact | — | — | — | — | — | — | — | 6 | — | 6 | Restricted stock expense, net of tax impact | — | — | 2,227 | — | — | 29 | — | 6 | — | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | Stock option expense | — | — | — | — | — | 92 | — | — | — | 92 | Stock option expense | — | — | — | — | — | 106 | — | — | — | 106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series B preferred stock to common stock | Conversion of Series B preferred stock to common stock | — | (2,520) | 157,369 | — | (2,452) | 2,452 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on: | Dividends declared on: | Dividends declared on: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | Preferred stock | — | — | — | — | — | — | — | — | (202) | (202) | Preferred stock | — | — | — | — | — | — | — | — | (331) | (331) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.067 per share) | Common stock ($0.067 per share) | — | — | — | — | — | — | — | — | (230) | (230) | Common stock ($0.067 per share) | — | — | — | — | — | — | — | — | (234) | (234) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 7,895 | 3,820 | 3,455,190 | $ | 7,661 | $ | 3,723 | $ | 42,496 | $ | — | $ | (47) | $ | 8,321 | $ | 62,154 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | Balance at March 31, 2021 | 6,395 | 6,980 | 3,678,566 | $ | 6,161 | $ | 6,791 | $ | 46,168 | $ | — | $ | (35) | $ | 20,336 | $ | 79,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2021 | 6,395 | 4,580 | 3,867,415 | $ | 6,161 | $ | 4,456 | $ | 49,501 | $ | (122) | $ | (29) | $ | 32,846 | $ | 92,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | Balance at January 1, 2022 | 6,395 | 3,210 | 3,981,117 | $ | 6,161 | $ | 3,123 | $ | 51,496 | $ | (420) | $ | (17) | $ | 35,947 | $ | 96,290 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | — | — | — | 1,280 | 1,280 | Net income | — | — | — | — | — | — | — | — | 13 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-qualified stock purchase plan | — | — | 8,247 | — | — | 218 | — | — | — | 218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend reinvestment plan | — | — | 4,337 | — | — | 105 | — | — | — | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock ownership plan | — | — | 24,920 | — | — | 366 | — | — | — | 366 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock warrants | Exercise of stock warrants | — | — | 750 | — | — | 13 | — | — | — | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | — | — | (2,212) | — | — | (49) | — | — | — | (49) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | Exercise of stock options, net | — | — | 401 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based awards - common stock: | Stock-based awards - common stock: | Stock-based awards - common stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock expense, net of tax impact | Restricted stock expense, net of tax impact | — | — | — | — | — | — | — | 6 | — | 6 | Restricted stock expense, net of tax impact | — | — | 33,117 | — | — | 713 | — | (613) | — | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | Stock option expense | — | — | — | — | — | 93 | — | — | — | 93 | Stock option expense | — | — | — | — | — | 79 | — | — | — | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series B preferred stock to common stock | — | (270) | 15,058 | — | (263) | 263 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | Other comprehensive income (loss), net | — | — | — | — | — | — | (79) | — | — | (79) | Other comprehensive income (loss), net | — | — | — | — | — | — | (1,038) | — | — | (1,038) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on: | Dividends declared on: | Dividends declared on: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | Preferred stock | — | — | — | — | — | — | — | — | (230) | (230) | Preferred stock | — | — | — | — | — | — | — | — | (208) | (208) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.07 per share) | — | — | — | — | — | — | — | — | (274) | (274) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 6,395 | 4,310 | 3,919,977 | $ | 6,161 | $ | 4,193 | $ | 50,546 | $ | (201) | $ | (23) | $ | 33,622 | $ | 94,298 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.08 per share) | Common stock ($0.08 per share) | — | — | — | — | — | — | — | — | (321) | (321) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | 6,395 | 3,210 | 4,013,173 | $ | 6,161 | $ | 3,123 | $ | 52,252 | $ | (1,458) | $ | (630) | $ | 35,431 | $ | 94,879 |
Preferred Shares, Series A | Preferred Shares, Series B | Common Shares(1) | Preferred Stock, Series A | Preferred Stock, Series B | Common Stock and Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Unearned Compensation | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30,: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 7,895 | — | 3,393,788 | $ | 7,661 | $ | — | $ | 41,362 | $ | — | $ | (156) | $ | 2,465 | $ | 51,332 | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 7,097 | 7,097 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-qualified stock purchase plan | — | — | 24,762 | — | — | 303 | — | — | — | 303 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividend reinvestment plan | — | — | 28,141 | — | — | 405 | — | — | — | 405 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock ownership plan | — | — | 17,552 | — | — | 260 | — | — | — | 260 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock, net | — | 3,820 | — | — | 3,723 | — | — | — | — | 3,723 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based awards - common stock: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock expense, net of tax impact | — | — | (9,053) | — | — | (114) | — | 109 | — | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | — | — | — | 280 | — | — | — | 280 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | — | — | (557) | (557) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.201 per share) | — | — | — | — | — | — | — | — | (684) | (684) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 7,895 | 3,820 | 3,455,190 | $ | 7,661 | $ | 3,723 | $ | 42,496 | $ | — | $ | (47) | $ | 8,321 | $ | 62,154 | ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 6,395 | 8,760 | 3,485,018 | $ | 6,161 | $ | 8,516 | $ | 43,043 | $ | — | $ | (41) | $ | 13,390 | $ | 71,069 | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 21,807 | 21,807 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-qualified stock purchase plan | — | — | 35,433 | — | — | 662 | — | — | — | 662 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividend reinvestment plan | — | — | 17,971 | — | — | 389 | — | — | — | 389 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock ownership plan | — | — | 24,920 | — | — | 366 | — | — | — | 366 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock, net | — | 740 | — | — | 727 | — | — | — | — | 727 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net | — | — | 35,426 | — | — | 701 | — | — | — | 701 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based awards - common stock: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock expense, net of tax impact | — | — | 2,031 | — | — | 25 | — | 18 | — | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | — | — | — | 310 | — | — | — | 310 | |||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series B preferred stock to common stock | — | (5,190) | 319,178 | — | (5,050) | 5,050 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | — | — | — | — | — | — | (201) | — | — | (201) | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | — | — | (797) | (797) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock ($0.207 per share) | — | — | — | — | — | — | — | — | (778) | (778) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 6,395 | 4,310 | 3,919,977 | $ | 6,161 | $ | 4,193 | $ | 50,546 | $ | (201) | $ | (23) | $ | 33,622 | $ | 94,298 |
BAYFIRST FINANCIAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands) |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 21,807 | $ | 7,097 | Net income | $ | 13 | $ | 7,511 | ||||||||||||
Adjustments to reconcile net income to net cash from operating activities: | Adjustments to reconcile net income to net cash from operating activities: | Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 1,304 | 567 | ||||||||||||||||||||
Depreciation of fixed assets | Depreciation of fixed assets | 495 | 414 | |||||||||||||||||||
Net securities premium amortization | Net securities premium amortization | 40 | — | |||||||||||||||||||
Amortization of debt issuance costs | Amortization of debt issuance costs | — | 3 | |||||||||||||||||||
Amortization of discount on PPP loans purchased | Amortization of discount on PPP loans purchased | (2) | (14) | |||||||||||||||||||
Provision for loan losses | Provision for loan losses | (1,000) | 11,900 | Provision for loan losses | (2,400) | 2,000 | ||||||||||||||||
Accretion of discount on unguaranteed loans | Accretion of discount on unguaranteed loans | (1,523) | (1,705) | Accretion of discount on unguaranteed loans | (411) | (457) | ||||||||||||||||
Deferred tax expense (benefit) | Deferred tax expense (benefit) | 303 | (1,904) | |||||||||||||||||||
Origination of SBA loans held for sale | Origination of SBA loans held for sale | — | (23,877) | Origination of SBA loans held for sale | (1,445) | — | ||||||||||||||||
Proceeds from sales of SBA loans held for sale | Proceeds from sales of SBA loans held for sale | — | 25,228 | Proceeds from sales of SBA loans held for sale | 81,880 | — | ||||||||||||||||
Net gains on sales of PPP and SBA loans | (13,460) | (1,732) | ||||||||||||||||||||
Net gains on sales of SBA loans | Net gains on sales of SBA loans | (4,621) | — | |||||||||||||||||||
Origination of residential loans held for sale | Origination of residential loans held for sale | (1,744,630) | (1,278,784) | Origination of residential loans held for sale | (335,560) | (715,856) | ||||||||||||||||
Proceeds from sales of residential loans held for sale | Proceeds from sales of residential loans held for sale | 1,930,527 | 1,268,391 | Proceeds from sales of residential loans held for sale | 380,999 | 739,409 | ||||||||||||||||
Net gains on sales of residential loans held for sale | Net gains on sales of residential loans held for sale | (74,842) | (59,328) | Net gains on sales of residential loans held for sale | (9,070) | (28,944) | ||||||||||||||||
Change in fair value of residential loans held for sale | Change in fair value of residential loans held for sale | 6,168 | (3,190) | Change in fair value of residential loans held for sale | 2,999 | 5,333 | ||||||||||||||||
Change in fair value of SBA loans held for investment, at fair value | Change in fair value of SBA loans held for investment, at fair value | (151) | (49) | Change in fair value of SBA loans held for investment, at fair value | 197 | (72) | ||||||||||||||||
Amortization of loan servicing rights | Amortization of loan servicing rights | 2,343 | 2,641 | Amortization of loan servicing rights | 707 | 716 | ||||||||||||||||
Non-qualified stock purchase plan expense | Non-qualified stock purchase plan expense | 56 | 30 | Non-qualified stock purchase plan expense | 25 | 19 | ||||||||||||||||
Stock based compensation expense | Stock based compensation expense | 359 | 275 | Stock based compensation expense | 154 | 141 | ||||||||||||||||
Income from bank owned life insurance | Income from bank owned life insurance | (251) | (99) | Income from bank owned life insurance | (151) | (85) | ||||||||||||||||
Changes in: | Changes in: | Changes in: | ||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 3,008 | (3,139) | Accrued interest receivable | 414 | (1,284) | ||||||||||||||||
Other assets | Other assets | 2,430 | (15,231) | Other assets | (2,988) | (4,016) | ||||||||||||||||
Accrued interest payable | Accrued interest payable | (1,437) | 1,077 | Accrued interest payable | (240) | (1,105) | ||||||||||||||||
Other liabilities | Other liabilities | (2,023) | 7,761 | Other liabilities | (5,582) | 372 | ||||||||||||||||
Net cash from operating activities | Net cash from operating activities | 128,685 | (62,167) | Net cash from operating activities | 105,756 | 2,181 | ||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||
Purchase of investment securities available for sale | Purchase of investment securities available for sale | (33,208) | — | Purchase of investment securities available for sale | (12,820) | — | ||||||||||||||||
Principal payments on investment securities available for sale | Principal payments on investment securities available for sale | 361 | — | Principal payments on investment securities available for sale | 640 | — | ||||||||||||||||
Principal payments on investment securities held to maturity | Principal payments on investment securities held to maturity | 37 | — | Principal payments on investment securities held to maturity | — | 10 | ||||||||||||||||
Purchase of restricted equity securities | (465) | (210) | ||||||||||||||||||||
Purchase of PPP loans | — | (22,404) | ||||||||||||||||||||
Proceeds from sales of PPP and SBA loans originally classified as held for investment | 331,352 | — | ||||||||||||||||||||
Purchase (sale) of restricted equity securities | Purchase (sale) of restricted equity securities | 307 | (357) | |||||||||||||||||||
Purchase of time deposits from banks | Purchase of time deposits from banks | (1,500) | — | |||||||||||||||||||
Loan (originations) and payments, net | Loan (originations) and payments, net | 252,220 | (932,390) | Loan (originations) and payments, net | (56,260) | (160,813) | ||||||||||||||||
Purchase of premises and equipment | Purchase of premises and equipment | (7,793) | (1,441) | Purchase of premises and equipment | (1,861) | (602) | ||||||||||||||||
Purchase of bank owned life insurance | — | (12,000) | ||||||||||||||||||||
Net cash from investing activities | 542,504 | (968,445) | ||||||||||||||||||||
Net cash (used in) investing activities | Net cash (used in) investing activities | (71,494) | (161,762) | |||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||
Net change in deposits | Net change in deposits | 116,250 | 61,547 | Net change in deposits | 48,444 | 48,480 | ||||||||||||||||
Proceeds from issuance of subordinated debt | 6,000 | — | ||||||||||||||||||||
Net increase of short-term fed funds purchased | Net increase of short-term fed funds purchased | — | 40,000 | |||||||||||||||||||
Payments on notes payable | Payments on notes payable | (341) | (228) | Payments on notes payable | (113) | (113) | ||||||||||||||||
Net proceeds (repayments) of PPP Liquidity Facility borrowings | Net proceeds (repayments) of PPP Liquidity Facility borrowings | (736,661) | 889,770 | Net proceeds (repayments) of PPP Liquidity Facility borrowings | (69,654) | 76,151 | ||||||||||||||||
Proceeds from issuance of preferred stock, net | Proceeds from issuance of preferred stock, net | 727 | 3,723 | Proceeds from issuance of preferred stock, net | — | 727 | ||||||||||||||||
Redemption of subordinated debt | (6,000) | — | ||||||||||||||||||||
Proceeds from sale of common stock, net | Proceeds from sale of common stock, net | 1,690 | 678 | Proceeds from sale of common stock, net | 13 | 519 | ||||||||||||||||
ESOP contribution | 366 | 260 | ||||||||||||||||||||
Dividends paid on common stock | (778) | (684) | ||||||||||||||||||||
Dividends paid on preferred stock | (797) | (557) | ||||||||||||||||||||
Net cash from financing activities | (619,544) | 954,509 | ||||||||||||||||||||
Net change in cash and cash equivalents | 51,645 | (76,103) | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | 55,379 | 110,580 | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 107,024 | $ | 34,477 | ||||||||||||||||||
Supplemental cash flow information | ||||||||||||||||||||||
Interest paid | $ | 7,321 | $ | 6,861 | ||||||||||||||||||
Income taxes paid | $ | 10,322 | $ | 932 | ||||||||||||||||||
Supplemental noncash disclosures | ||||||||||||||||||||||
Recognition of right of use asset and operating lease liability | $ | 136 | $ | 1,717 | ||||||||||||||||||
Conversion of Series B preferred stock to common stock | $ | 5,050 | $ | — |
BAYFIRST FINANCIAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands) |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Share buyback - redeemed stock | (49) | — | |||||||||
Dividends paid on common stock | (321) | (234) | |||||||||
Dividends paid on preferred stock | (208) | (331) | |||||||||
Net cash from (used in) financing activities | (21,888) | 165,199 | |||||||||
Net change in cash and cash equivalents | 12,374 | 5,618 | |||||||||
Cash and cash equivalents, beginning of period | 109,727 | 55,379 | |||||||||
Cash and cash equivalents, end of period | $ | 122,101 | $ | 60,997 | |||||||
Supplemental cash flow information | |||||||||||
Interest paid | $ | 1,574 | $ | 3,367 | |||||||
Income taxes paid | $ | 22 | $ | 2 | |||||||
Supplemental noncash disclosures | |||||||||||
Net change in unrealized holding gain on investment securities available for sale | $ | (1,038) | $ | — | |||||||
Transfer of loans and leases held for investment to loans held for sale | $ | 77,747 | $ | — | |||||||
Recognition of right of use asset and operating lease liability | $ | — | $ | 136 | |||||||
Conversion of Series B preferred stock to common stock | $ | — | $ | 2,452 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
(Losses) on Investment Securities Available for Sale | |||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | $ | 7,630 | $ | — | $ | (24) | $ | 7,606 | Asset-backed securities | $ | 7,621 | $ | — | $ | (50) | $ | 7,571 | ||||||||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | U.S. Government-sponsored enterprises | 5,083 | — | (44) | 5,039 | U.S. Government-sponsored enterprises | 4,388 | — | (323) | 4,065 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | Collateralized mortgage obligations: | Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | U.S. Government-sponsored enterprises | 20,096 | — | (206) | 19,890 | U.S. Government-sponsored enterprises | 23,721 | — | (1,575) | 22,146 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 7,874 | — | — | 7,874 | |||||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | Total investment securities available for sale | $ | 32,809 | $ | — | $ | (274) | $ | 32,535 | Total investment securities available for sale | $ | 43,604 | $ | — | $ | (1,948) | $ | 41,656 |
December 31, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
Asset-backed securities | $ | 7,624 | $ | — | $ | (89) | $ | 7,535 | |||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. Government-sponsored enterprises | 4,470 | — | (76) | 4,394 | |||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||
U.S. Government-sponsored enterprises | 19,370 | — | (406) | 18,964 | |||||||||||||||||||
Total investment securities available for sale | $ | 31,464 | $ | — | $ | (571) | $ | 30,893 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
March 31, 2022 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
One to five years | 5,018 | 5,018 | |||||||||
Five to ten years | 2,856 | 2,856 | |||||||||
Beyond ten years | 35,730 | 33,782 | |||||||||
Total | $ | 43,604 | $ | 41,656 |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
March 31, 2022 | Far Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Asset-backed securities | $ | 7,571 | $ | (50) | $ | — | $ | — | $ | 7,571 | $ | (50) | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | 4,065 | (323) | 0 | 0 | 4,065 | (323) | |||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | 17,215 | (1,575) | — | — | 17,215 | (1,575) | |||||||||||||||||||||||||||||
Total securities available for sale | $ | 28,851 | $ | (1,948) | $ | — | $ | — | $ | 28,851 | $ | (1,948) | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 7,535 | $ | (89) | $ | — | $ | — | $ | 7,535 | $ | (89) | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | 4,394 | (76) | — | — | 4,394 | (76) | |||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | 18,964 | (406) | — | — | 18,964 | (406) | |||||||||||||||||||||||||||||
Total securities available for sale | $ | 30,893 | $ | (571) | $ | — | $ | — | $ | 30,893 | $ | (571) |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||
Residential | Residential | $ | 79,889 | $ | 64,724 | Residential | $ | 102,897 | $ | 87,235 | ||||||||||||
Commercial | Commercial | 151,122 | 114,884 | Commercial | 189,684 | 163,477 | ||||||||||||||||
Construction and land | Construction and land | 17,848 | 15,113 | Construction and land | 18,038 | 18,632 | ||||||||||||||||
Commercial and industrial | Commercial and industrial | 232,416 | 193,927 | Commercial and industrial | 180,163 | 217,155 | ||||||||||||||||
Commercial and industrial - PPP | Commercial and industrial - PPP | 156,783 | 838,847 | Commercial and industrial - PPP | 44,792 | 80,158 | ||||||||||||||||
Consumer and other | Consumer and other | 4,910 | 2,896 | Consumer and other | 13,502 | 3,581 | ||||||||||||||||
Loans held for investment, at amortized cost, gross | Loans held for investment, at amortized cost, gross | 642,968 | 1,230,391 | Loans held for investment, at amortized cost, gross | 549,076 | 570,238 | ||||||||||||||||
Deferred loan costs (fees), net | 7,298 | (5,819) | ||||||||||||||||||||
Deferred loan costs, net | Deferred loan costs, net | 7,297 | 7,975 | |||||||||||||||||||
Discount on SBA 7(a) loans sold(1) | Discount on SBA 7(a) loans sold(1) | (3,753) | (5,417) | Discount on SBA 7(a) loans sold(1) | (3,335) | (3,866) | ||||||||||||||||
Discount on PPP loans purchased | Discount on PPP loans purchased | (24) | (97) | Discount on PPP loans purchased | (10) | (13) | ||||||||||||||||
Allowance for loan losses | Allowance for loan losses | (16,616) | (21,162) | Allowance for loan losses | (10,170) | (13,452) | ||||||||||||||||
Loans held for investment, at amortized cost | Loans held for investment, at amortized cost | $ | 629,873 | $ | 1,197,896 | Loans held for investment, at amortized cost | $ | 542,858 | $ | 560,882 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 20,797 | $ | 12,880 | $ | 21,162 | $ | 10,742 | Balance, beginning of period | $ | 13,452 | $ | 21,162 | ||||||||||||||||||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial | (173) | (7) | (173) | (7) | ||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | (1,500) | (956) | (4,090) | (3,785) | Commercial and industrial | (1,031) | (1,137) | ||||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | (20) | (17) | (48) | (79) | Consumer and other | (15) | (16) | ||||||||||||||||||||||||||||||||||||||
Total charge-offs | Total charge-offs | (1,693) | (980) | (4,311) | (3,871) | Total charge-offs | (1,046) | (1,153) | ||||||||||||||||||||||||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial | Real estate - commercial | 73 | — | 73 | — | Real estate - commercial | 8 | — | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 439 | 12 | 688 | 131 | Commercial and industrial | 153 | 5 | ||||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | — | 1 | 4 | 11 | Consumer and other | 3 | 3 | ||||||||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 512 | 13 | 765 | 142 | Total recoveries | 164 | 8 | ||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (1,181) | (967) | (3,546) | (3,729) | ||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) | Net (charge-offs) | (882) | (1,145) | |||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | (3,000) | 7,000 | (1,000) | 11,900 | Provision for loan losses | (2,400) | 2,000 | ||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 16,616 | $ | 18,913 | $ | 16,616 | $ | 18,913 | Balance, end of period | $ | 10,170 | $ | 22,017 | ||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries to total average loans held for investment | (0.63) | % | (0.35) | % | (0.44) | % | (0.62) | % | ||||||||||||||||||||||||||||||||||||||
Net (charge-offs) to total average loans held for investment | Net (charge-offs) to total average loans held for investment | (0.61) | % | (0.35) | % |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Real Estate- Residential | Real Estate- Commercial | Real Estate - Construction and Land | Commercial and Industrial | Commercial and Industrial - PPP | Consumer and Other | Unallocated | Total | Real Estate- Residential | Real Estate- Commercial | Real Estate - Construction and Land | Commercial and Industrial | Commercial and Industrial - PPP | Consumer and Other | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Individually evaluated for impairment | $ | — | $ | 92 | $ | — | $ | 790 | $ | — | $ | — | $ | — | $ | 882 | Individually evaluated for impairment | $ | — | $ | 126 | $ | — | $ | 239 | $ | — | $ | — | $ | — | $ | 365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | Collectively evaluated for impairment | 2,556 | 3,090 | 339 | 9,381 | — | 312 | 56 | 15,734 | Collectively evaluated for impairment | 668 | 1,393 | 124 | 7,081 | — | 429 | 110 | 9,805 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,556 | $ | 3,182 | $ | 339 | $ | 10,171 | $ | — | $ | 312 | $ | 56 | $ | 16,616 | Total | $ | 668 | $ | 1,519 | $ | 124 | $ | 7,320 | $ | — | $ | 429 | $ | 110 | $ | 10,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Individually evaluated for impairment | $ | — | $ | 2,925 | $ | — | $ | 790 | $ | — | $ | — | $ | — | $ | 3,715 | Individually evaluated for impairment | $ | 123 | $ | 2,257 | $ | — | $ | 239 | $ | — | $ | — | $ | — | $ | 2,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | Collectively evaluated for impairment | 79,889 | 148,197 | 17,848 | 231,626 | 156,783 | 4,910 | — | 639,253 | Collectively evaluated for impairment | 102,774 | 187,427 | 18,038 | 179,924 | 44,792 | 13,502 | — | 546,457 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 79,889 | $ | 151,122 | $ | 17,848 | $ | 232,416 | $ | 156,783 | $ | 4,910 | $ | — | $ | 642,968 | Total | $ | 102,897 | $ | 189,684 | $ | 18,038 | $ | 180,163 | $ | 44,792 | $ | 13,502 | $ | — | $ | 549,076 |
Real Estate- Residential | Real Estate- Commercial | Real Estate - Construction and Land | Commercial and Industrial | Commercial and Industrial - PPP | Consumer and Other | Unallocated | Total | Real Estate- Residential | Real Estate- Commercial | Real Estate - Construction and Land | Commercial and Industrial | Commercial and Industrial - PPP | Consumer and Other | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Individually evaluated for impairment | $ | — | $ | 162 | $ | — | $ | 948 | $ | — | $ | — | $ | — | $ | 1,110 | Individually evaluated for impairment | $ | — | $ | 91 | $ | — | $ | 902 | $ | — | $ | — | $ | — | $ | 993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | Collectively evaluated for impairment | 2,088 | 2,737 | 310 | 14,470 | — | 252 | 195 | 20,052 | Collectively evaluated for impairment | 1,437 | 2,258 | 241 | 8,300 | — | 154 | 69 | 12,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,088 | $ | 2,899 | $ | 310 | $ | 15,418 | $ | — | $ | 252 | $ | 195 | $ | 21,162 | Total | $ | 1,437 | $ | 2,349 | $ | 241 | $ | 9,202 | $ | — | $ | 154 | $ | 69 | $ | 13,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Individually evaluated for impairment | $ | — | $ | 2,348 | $ | — | $ | 948 | $ | — | $ | — | $ | — | $ | 3,296 | Individually evaluated for impairment | $ | 124 | $ | 2,900 | $ | — | $ | 902 | $ | — | $ | — | $ | — | $ | 3,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | Collectively evaluated for impairment | 64,724 | 112,536 | 15,113 | 192,979 | 838,847 | 2,896 | — | 1,227,095 | Collectively evaluated for impairment | 87,111 | 160,577 | 18,632 | 216,253 | 80,158 | 3,581 | — | 566,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 64,724 | $ | 114,884 | $ | 15,113 | $ | 193,927 | $ | 838,847 | $ | 2,896 | $ | — | $ | 1,230,391 | Total | $ | 87,235 | $ | 163,477 | $ | 18,632 | $ | 217,155 | $ | 80,158 | $ | 3,581 | $ | — | $ | 570,238 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||
Real estate - residential | $ | 123 | $ | 123 | $ | — | $ | 62 | $ | — | $ | — | |||||||||||||||||||||||
Real estate - commercial | 2,088 | 2,088 | — | 2,557 | 2 | 2 | |||||||||||||||||||||||||||||
Subtotal | 2,211 | 2,211 | — | 2,619 | 2 | 2 | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||
Real estate - commercial | 169 | 169 | 126 | 134 | — | — | |||||||||||||||||||||||||||||
Commercial and industrial | 239 | 239 | 239 | 696 | — | — | |||||||||||||||||||||||||||||
Subtotal | 408 | 408 | 365 | 830 | — | — | |||||||||||||||||||||||||||||
Total | $ | 2,619 | $ | 2,619 | $ | 365 | $ | 3,449 | $ | 2 | $ | 2 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||
Real estate - residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Real estate - commercial | 2,786 | 2,786 | — | 2,216 | 6 | 6 | |||||||||||||||||||||||||||||
Real estate - construction and land | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Consumer and other | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Subtotal | 2,786 | 2,786 | — | 2,216 | 6 | 6 | |||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||
Real estate - residential | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Real estate - commercial | 139 | 139 | 92 | 435 | — | — | |||||||||||||||||||||||||||||
Real estate - construction and land | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Commercial and industrial | 790 | 790 | 790 | 864 | — | — | |||||||||||||||||||||||||||||
Consumer and other | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Subtotal | 929 | 929 | 882 | 1,299 | — | — | |||||||||||||||||||||||||||||
Total | $ | 3,715 | $ | 3,715 | $ | 882 | $ | 3,515 | $ | 6 | $ | 6 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | With no related allowance recorded: | With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential | $ | — | $ | — | $ | — | $ | 15 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial | Real estate - commercial | 605 | 605 | — | 612 | 24 | 28 | Real estate - commercial | 2,193 | 2,193 | — | 1,732 | 20 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction and land | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 65 | 65 | — | 102 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 670 | 670 | — | 729 | 24 | 28 | Subtotal | 2,193 | 2,193 | — | 1,732 | 20 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | With an allowance recorded: | With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial | Real estate - commercial | 2,170 | 2,170 | 682 | 1,452 | — | — | Real estate - commercial | 91 | 91 | 39 | 584 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction and land | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 1,447 | 1,447 | 1,382 | 2,190 | — | — | Commercial and industrial | 856 | 856 | 856 | 902 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 3,617 | 3,617 | 2,064 | 3,642 | — | — | Subtotal | 947 | 947 | 895 | 1,486 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,287 | $ | 4,287 | $ | 2,064 | $ | 4,371 | $ | 24 | $ | 28 | Total | $ | 3,140 | $ | 3,140 | $ | 895 | $ | 3,218 | $ | 20 | $ | — |
Nonaccrual | Loans Past Due Over 89 Days Still Accruing | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||
Real estate - residential | $ | — | $ | — | $ | 127 | $ | 573 | |||||||||||||||
Real estate - commercial | 2,839 | 1,806 | — | — | |||||||||||||||||||
Commercial and industrial | 790 | 948 | — | — | |||||||||||||||||||
Total | $ | 3,629 | $ | 2,754 | $ | 127 | $ | 573 |
30-89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | Loans Not Past Due (1) | Total Loans | |||||||||||||||||||||||||
Real estate - residential | $ | 439 | $ | 127 | $ | 566 | $ | 79,323 | $ | 79,889 | |||||||||||||||||||
Real estate - commercial | — | 1,813 | 1,813 | 149,309 | 151,122 | ||||||||||||||||||||||||
Real estate - construction and land | — | — | — | 17,848 | 17,848 | ||||||||||||||||||||||||
Commercial and industrial | 1,999 | 342 | 2,341 | 230,075 | 232,416 | ||||||||||||||||||||||||
Commercial and industrial - PPP | — | — | — | 156,783 | 156,783 | ||||||||||||||||||||||||
Consumer and other | 2 | — | 2 | 4,908 | 4,910 | ||||||||||||||||||||||||
Total | $ | 2,440 | $ | 2,282 | $ | 4,722 | $ | 638,246 | $ | 642,968 | |||||||||||||||||||
(1) There was $24,186 of government guaranteed loan balances 30-89 days past due and $1,285 of government guaranteed loan balances greater than 89 days past due reported as not past due. |
Nonaccrual | Loans Past Due Over 89 Days Still Accruing | ||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Real estate - residential | $ | 123 | $ | 124 | $ | — | $ | 126 | |||||||||||||||
Real estate - commercial | 2,175 | 2,815 | 124 | — | |||||||||||||||||||
Commercial and industrial | 239 | 902 | — | — | |||||||||||||||||||
Total | $ | 2,537 | $ | 3,841 | $ | 124 | $ | 126 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
30-89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | Loans Not Past Due (1) | Total Loans | 30-89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | Loans Not Past Due (1) | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential | Real estate - residential | $ | 654 | $ | 573 | $ | 1,227 | $ | 63,497 | $ | 64,724 | Real estate - residential | $ | 179 | $ | 124 | $ | 303 | $ | 102,594 | $ | 102,897 | ||||||||||||||||||||||||||||||||||||
Real estate - commercial | Real estate - commercial | 954 | 1,743 | 2,697 | 112,187 | 114,884 | Real estate - commercial | 1,239 | 1,181 | 2,420 | 187,264 | 189,684 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction and land | Real estate - construction and land | — | — | — | 15,113 | 15,113 | Real estate - construction and land | — | — | — | 18,038 | 18,038 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 1,613 | — | 1,613 | 192,314 | 193,927 | Commercial and industrial | 3,417 | 182 | 3,599 | 176,564 | 180,163 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial - PPP | Commercial and industrial - PPP | — | — | — | 838,847 | 838,847 | Commercial and industrial - PPP | — | — | — | 44,792 | 44,792 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | 4 | — | 4 | 2,892 | 2,896 | Consumer and other | 9 | — | 9 | 13,493 | 13,502 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,225 | $ | 2,316 | $ | 5,541 | $ | 1,224,850 | $ | 1,230,391 | Total | $ | 4,844 | $ | 1,487 | $ | 6,331 | $ | 542,745 | $ | 549,076 | ||||||||||||||||||||||||||||||||||||
(1) There was $252 of government guaranteed loan balances 30-89 days past due and $5,023 of government guaranteed loan balances greater than 89 days past due reported as not past due. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) For the purposes of the table above, $4,993 of balances 30-89 days past due and $1,539 of balances greater than 89 days past due are reported as Loans Not Past Due as a result of the government guaranty. None of commercial and industrial PPP loans were delinquent as of March 31, 2022. | (1) For the purposes of the table above, $4,993 of balances 30-89 days past due and $1,539 of balances greater than 89 days past due are reported as Loans Not Past Due as a result of the government guaranty. None of commercial and industrial PPP loans were delinquent as of March 31, 2022. |
30-89 Days Past Due | Greater Than 89 Days Past Due | Total Past Due | Loans Not Past Due (1) | Total Loans | |||||||||||||||||||||||||
Real estate - residential | $ | 57 | $ | 250 | $ | 307 | $ | 86,928 | $ | 87,235 | |||||||||||||||||||
Real estate - commercial | 192 | 1,778 | 1,970 | 161,507 | 163,477 | ||||||||||||||||||||||||
Real estate - construction and land | — | — | — | 18,632 | 18,632 | ||||||||||||||||||||||||
Commercial and industrial | 991 | 424 | 1,415 | 215,740 | 217,155 | ||||||||||||||||||||||||
Commercial and industrial - PPP | — | — | — | 80,158 | 80,158 | ||||||||||||||||||||||||
Consumer and other | — | — | — | 3,581 | 3,581 | ||||||||||||||||||||||||
Total | $ | 1,240 | $ | 2,452 | $ | 3,692 | $ | 566,546 | $ | 570,238 | |||||||||||||||||||
(1) For the purposes of the table above, $10,360 of balances 30-89 days past due and $2,807 of balances greater than 89 days past due are reported as Loans Not Past Due as a result of the government guaranty, and $11,089 of commercial and industrial PPP loans are primarily due to delinquencies from borrowers with only a PPP loan and no other First Home Bank product. These borrowers were non-responsive to requests for forgiveness applications and payments, and applications were subsequently submitted to the SBA for their 100% guarantee purchase from the Bank. |
Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||||||||||||
Real estate - residential | $ | 79,889 | $ | — | $ | — | $ | — | $ | 79,889 | |||||||||||||||||||
Real estate - commercial | 148,110 | 226 | 2,786 | — | 151,122 | ||||||||||||||||||||||||
Real estate - construction and land | 17,848 | — | — | — | 17,848 | ||||||||||||||||||||||||
Commercial and industrial | 227,653 | 2,069 | 2,694 | — | 232,416 | ||||||||||||||||||||||||
Commercial and industrial - PPP | 156,783 | — | — | — | 156,783 | ||||||||||||||||||||||||
Consumer and other | 4,910 | — | — | — | 4,910 | ||||||||||||||||||||||||
Loans held for investment, at amortized cost | $ | 635,193 | $ | 2,295 | $ | 5,480 | $ | — | $ | 642,968 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||||||||||||
Real estate - residential | $ | 102,897 | $ | — | $ | — | $ | — | $ | 102,897 | |||||||||||||||||||
Real estate - commercial | 187,230 | 280 | 2,174 | — | 189,684 | ||||||||||||||||||||||||
Real estate - construction and land | 18,038 | — | — | — | 18,038 | ||||||||||||||||||||||||
Commercial and industrial | 177,256 | 441 | 2,466 | — | 180,163 | ||||||||||||||||||||||||
Commercial and industrial - PPP | 44,792 | — | — | — | 44,792 | ||||||||||||||||||||||||
Consumer and other | 13,502 | — | — | — | 13,502 | ||||||||||||||||||||||||
Loans held for investment, at amortized cost | $ | 543,715 | $ | 721 | $ | 4,640 | $ | — | $ | 549,076 |
Pass | Special Mention | Substandard | Doubtful | Total Loans | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential | Real estate - residential | $ | 64,593 | $ | — | $ | 131 | $ | — | $ | 64,724 | Real estate - residential | $ | 87,233 | $ | — | $ | 2 | $ | — | $ | 87,235 | ||||||||||||||||||||||||||||||||||||
Real estate - commercial | Real estate - commercial | 112,260 | 431 | 2,193 | — | 114,884 | Real estate - commercial | 160,492 | 170 | 2,815 | — | 163,477 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction and land | Real estate - construction and land | 15,113 | — | — | — | 15,113 | Real estate - construction and land | 18,632 | — | — | — | 18,632 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 186,781 | 5,177 | 1,896 | 73 | 193,927 | Commercial and industrial | 212,544 | 1,850 | 2,761 | — | 217,155 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial - PPP | Commercial and industrial - PPP | 838,847 | — | — | — | 838,847 | Commercial and industrial - PPP | 80,158 | — | — | — | 80,158 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | 2,896 | — | — | — | 2,896 | Consumer and other | 3,581 | — | — | — | 3,581 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, at amortized cost | Loans held for investment, at amortized cost | $ | 1,220,490 | $ | 5,608 | $ | 4,220 | $ | 73 | $ | 1,230,391 | Loans held for investment, at amortized cost | $ | 562,640 | $ | 2,020 | $ | 5,578 | $ | — | $ | 570,238 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Accruing | Nonaccruing | Accruing | Nonaccruing | ||||||||||||||||||||
Real estate - commercial | $ | 86 | $ | 1,116 | $ | 542 | $ | 666 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Accruing | Nonaccruing | Accruing | Nonaccruing | ||||||||||||||||||||
Real estate - commercial | $ | 34 | $ | 532 | $ | 85 | $ | 1,116 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Outstanding Recorded Investment | Number of Loans | Outstanding Recorded Investment | Number of Loans | Outstanding Recorded Investment | Number of Loans | Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||||||||
Real estate - residential | Real estate - residential | 1 | $ | 258 | 11 | $ | 7,106 | Real estate - residential | — | $ | — | 1 | $ | 258 | ||||||||||||||||||||||||||||||||
Real estate - commercial | 1 | 514 | 4 | 1,849 | ||||||||||||||||||||||||||||||||||||||||||
Real estate - construction and land | — | — | 2 | 1,424 | ||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 40 | 3,174 | 220 | 9,624 | Commercial and industrial | 13 | 676 | 23 | 1,113 | ||||||||||||||||||||||||||||||||||||
Total loan modifications related to COVID-19 | Total loan modifications related to COVID-19 | 42 | $ | 3,946 | 237 | $ | 20,003 | Total loan modifications related to COVID-19 | 13 | $ | 676 | 24 | $ | 1,371 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Investment securities available for sale | $ | — | $ | 41,656 | $ | — | $ | 41,656 | |||||||||||||||
Residential loans held for sale | 8,515 | 66,507 | — | 75,022 | |||||||||||||||||||
SBA loans held for investment, at fair value | — | — | 8,769 | 8,769 | |||||||||||||||||||
Interest rate lock commitments | — | — | 760 | 760 | |||||||||||||||||||
Mandatory forward sales contracts | 2,441 | — | — | 2,441 | |||||||||||||||||||
Best efforts forward sales contracts | — | — | 30 | 30 | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Interest rate lock commitments | $ | — | $ | — | $ | 685 | $ | 685 | |||||||||||||||
Mandatory forward sales contracts | 52 | — | — | 52 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||||||||||||||||
Financial assets | Financial assets | Financial assets | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | $ | — | $ | 32,535 | $ | — | $ | 32,535 | Investment securities available for sale | $ | — | $ | 30,893 | $ | — | $ | 30,893 | ||||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | 28,798 | 62,445 | — | 91,243 | Residential loans held for sale | 43,837 | 70,294 | — | 114,131 | ||||||||||||||||||||||||||||||||||||
SBA loans held for investment, at fair value | SBA loans held for investment, at fair value | — | — | 9,805 | 9,805 | SBA loans held for investment, at fair value | — | — | 9,614 | 9,614 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | — | — | 1,579 | 1,579 | Interest rate lock commitments | — | — | 1,435 | 1,435 | ||||||||||||||||||||||||||||||||||||
Mandatory forward sales contracts | Mandatory forward sales contracts | 1,004 | — | — | 1,004 | Mandatory forward sales contracts | 88 | — | — | 88 | ||||||||||||||||||||||||||||||||||||
Best efforts forward sales contracts | Best efforts forward sales contracts | — | — | 30 | 30 | Best efforts forward sales contracts | — | — | 27 | 27 | ||||||||||||||||||||||||||||||||||||
Financial liabilities | Financial liabilities | Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | $ | — | $ | — | $ | 335 | $ | 335 | Interest rate lock commitments | $ | — | $ | — | $ | 23 | $ | 23 | ||||||||||||||||||||||||||||
Mandatory forward sales contracts | Mandatory forward sales contracts | 44 | — | — | 44 | Mandatory forward sales contracts | 166 | — | — | 166 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Residential loans held for sale | $ | 21,888 | $ | 186,816 | $ | — | $ | 208,704 | |||||||||||||||
SBA loans held for investment, at fair value | — | — | 9,264 | 9,264 | |||||||||||||||||||
Interest rate lock commitments | — | — | 7,565 | 7,565 | |||||||||||||||||||
Best efforts forward sales contracts | — | — | 55 | 55 | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Interest rate lock commitments | $ | — | $ | — | $ | 12 | $ | 12 | |||||||||||||||
Mandatory forward sales contracts | 4,455 | — | — | 4,455 |
September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Aggregate fair value | Aggregate fair value | $ | 91,243 | $ | 208,704 | Aggregate fair value | $ | 75,022 | $ | 114,131 | ||||||||||||
Contractual balance | Contractual balance | 88,682 | 199,975 | Contractual balance | 74,225 | 110,335 | ||||||||||||||||
Gain | Gain | $ | 2,561 | $ | 8,729 | Gain | $ | 797 | $ | 3,796 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Interest income | Interest income | $ | 2,770 | $ | 1,904 | Interest income | $ | 737 | $ | 1,219 | ||||||||||||
Change in fair value | Change in fair value | (6,168) | 3,190 | Change in fair value | (2,999) | (5,333) | ||||||||||||||||
Total gain (loss) | $ | (3,398) | $ | 5,094 | ||||||||||||||||||
Total (loss) | Total (loss) | $ | (2,262) | $ | (4,114) |
March 31, 2022 | December 31, 2021 | ||||||||||
Aggregate fair value | $ | 8,769 | $ | 9,614 | |||||||
Contractual balance | 8,785 | 9,433 | |||||||||
Gain (loss) | $ | (16) | $ | 181 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Interest income | $ | 85 | $ | 132 | |||||||
Change in fair value | (197) | 72 | |||||||||
Total gain (loss) | $ | (112) | $ | 204 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
September 30, 2021 | December 31, 2020 | ||||||||||
Aggregate fair value | $ | 9,805 | $ | 9,264 | |||||||
Contractual balance | 9,657 | 9,266 | |||||||||
Gain (loss) | $ | 148 | $ | (2) |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Interest income | $ | 462 | $ | 465 | |||||||
Change in fair value | 151 | 49 | |||||||||
Total gain | $ | 613 | $ | 514 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Balance of SBA loans held for investment at fair value, beginning of period | Balance of SBA loans held for investment at fair value, beginning of period | $ | 9,264 | $ | 10,341 | Balance of SBA loans held for investment at fair value, beginning of period | $ | 9,614 | $ | 9,264 | ||||||||||||
Principal payments | Principal payments | (1,003) | (771) | Principal payments | (648) | (262) | ||||||||||||||||
Charge-offs | (8) | (65) | ||||||||||||||||||||
Repurchase of guaranteed balances previously participated | Repurchase of guaranteed balances previously participated | 1,401 | — | Repurchase of guaranteed balances previously participated | — | 1,401 | ||||||||||||||||
Total gains during the period | Total gains during the period | 151 | 49 | Total gains during the period | (197) | 72 | ||||||||||||||||
Balance of SBA loans held for investment at fair value, end of period | Balance of SBA loans held for investment at fair value, end of period | $ | 9,805 | $ | 9,554 | Balance of SBA loans held for investment at fair value, end of period | $ | 8,769 | $ | 10,475 |
Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||
SBA loans held for | $ | 8,769 | Discounted | Discount rate | 4.01%-7.51% (5.06%) | ||||||||||||||||||||
investment, at fair value | cash flow | Conditional prepayment rate | 10.56%-10.56% (10.56%) | ||||||||||||||||||||||
Interest rate lock commitments | 75 | Quoted Market Prices | Pull-through expectations | 24.00%-100.00% (85.96%) | |||||||||||||||||||||
Best efforts forward sales contracts | 30 | Quoted Market Prices | Pull-through expectations | 24.00%-80.00% (72.46%) | |||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||
SBA loans held for | $ | 9,614 | Discounted | Discount rate | 3.22%-6.72% (4.22%) | ||||||||||||||||||||
investment, at fair value | |||||||||||||||||||||||||
Conditional | 10.56%-10.56% (10.56%) | ||||||||||||||||||||||||
Best efforts forward sales contracts | 27 | 24.00%-80.00% (65.79%) |
Fair Value | Valuation Technique(s) | Significant Unobservable Input(s) | Discount % Range/Amount | ||||||||||||||||||||
Impaired loans | $ | 1,396 | Discount appraisals, estimated net realizable value of collateral | Collateral discounts | 10% |
Unobservable Input(s) | |||||||||||||||||||||||
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Fair Value | Valuation Technique(s) | Significant Unobservable Input(s) | Discount % Range/Amount | ||||||||||||||||||||
Impaired loans | $ | 987 | Discount appraisals, estimated net realizable value of collateral | Collateral discounts | 10% |
Fair Value | Valuation Technique(s) | Significant Unobservable Input(s) | Discount % Range/Amount | ||||||||||||||||||||
Impaired loans | $ | 1,614 | Discount appraisals, estimated net realizable value of collateral | Collateral discounts | 10% |
September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | Level | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 1 | $ | 107,097 | $ | 107,097 | $ | 55,379 | $ | 55,379 | Cash and cash equivalents | 1 | $ | 122,101 | $ | 122,101 | $ | 109,727 | $ | 109,727 | ||||||||||||||||||||||||||||||||||||||
Time deposits in banks | Time deposits in banks | 2 | 2,381 | 2,492 | 2,381 | 2,521 | Time deposits in banks | 2 | 3,881 | 3,874 | 2,381 | 2,437 | ||||||||||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | Investment securities held to maturity | 2 | 3 | 2 | 41 | 39 | Investment securities held to maturity | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted equity securities, at cost | Restricted equity securities, at cost | 2 | 2,827 | 2,827 | 2,362 | 2,362 | Restricted equity securities, at cost | 2 | 2,520 | 2,520 | 2,827 | 2,827 | ||||||||||||||||||||||||||||||||||||||||||||||
Government guaranteed loans held for sale | Government guaranteed loans held for sale | 2 | 1,445 | 1,539 | 1,460 | 1,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, at amortized cost | Loans held for investment, at amortized cost | 3 | 629,873 | 638,060 | 1,197,896 | 1,213,967 | Loans held for investment, at amortized cost | 3 | 542,858 | 542,402 | 560,882 | 569,394 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 3 | 4,292 | 4,292 | 7,300 | 7,300 | Accrued interest receivable | 3 | 3,150 | 3,150 | 3,564 | 3,564 | ||||||||||||||||||||||||||||||||||||||||||||||
SBA loan servicing rights | SBA loan servicing rights | 3 | 5,933 | 7,615 | 8,160 | 9,709 | SBA loan servicing rights | 3 | 7,399 | 8,891 | 6,407 | 8,050 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan servicing rights | Mortgage loan servicing rights | 3 | 222 | 222 | — | — | Mortgage loan servicing rights | 3 | 202 | 202 | 212 | 212 | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 2 | $ | 87,625 | $ | 87,625 | $ | 62,650 | $ | 62,650 | Noninterest-bearing deposits | 2 | $ | 92,680 | $ | 92,680 | $ | 83,638 | $ | 83,638 | ||||||||||||||||||||||||||||||||||||||
Interest-bearing transaction accounts | Interest-bearing transaction accounts | 2 | 157,304 | 157,304 | 140,265 | 140,265 | Interest-bearing transaction accounts | 2 | 180,815 | 180,815 | 163,495 | 163,495 | ||||||||||||||||||||||||||||||||||||||||||||||
Savings and money market deposits | Savings and money market deposits | 2 | 377,452 | 377,452 | 286,744 | 286,744 | Savings and money market deposits | 2 | 464,847 | 464,847 | 423,864 | 423,864 | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 2 | 52,653 | 53,033 | 69,125 | 69,743 | Time deposits | 2 | 31,787 | 31,832 | 50,688 | 51,049 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 2 | 5,983 | 6,623 | 5,948 | 6,516 | Subordinated debentures | 2 | 5,987 | 6,040 | 5,985 | 6,175 | ||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | Notes payable | 2 | 3,413 | 3,413 | 3,754 | 3,754 | Notes payable | 2 | 3,186 | 3,308 | 3,299 | 3,350 | ||||||||||||||||||||||||||||||||||||||||||||||
PPP Liquidity Facility | PPP Liquidity Facility | 3 | 144,601 | 144,601 | 881,262 | 881,262 | PPP Liquidity Facility | 2 | — | — | 69,654 | 69,654 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 3 | 562 | 562 | 1,999 | 1,999 | Accrued interest payable | 2 | 86 | 86 | 326 | 326 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Beginning of period | $ | 6,614 | $ | 10,034 | $ | 8,160 | $ | 11,280 | |||||||||||||||
Additions | 100 | — | 100 | 530 | |||||||||||||||||||
Amortization | (781) | (865) | (2,327) | (2,641) | |||||||||||||||||||
End of period | $ | 5,933 | $ | 9,169 | $ | 5,933 | $ | 9,169 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Three Months Ended | |||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | ||||||||||||||||||||||
Beginning of period | $ | 6,407 | $ | 8,160 | |||||||||||||||||||
Additions | 1,689 | — | |||||||||||||||||||||
Amortization | (697) | (715) | |||||||||||||||||||||
End of period | $ | 7,399 | $ | 7,445 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Gain on sale of guaranteed SBA loans | $ | — | $ | — | $ | — | $ | 2,087 | |||||||||||||||
Loss on sale of unguaranteed SBA loans | (406) | — | (406) | — | |||||||||||||||||||
Costs recognized on sale of SBA loans | (51) | — | (51) | (885) | |||||||||||||||||||
Fair value of servicing rights created | 100 | — | 100 | 530 | |||||||||||||||||||
Gain on sale of SBA loans, net | $ | (357) | $ | — | $ | (357) | $ | 1,732 |
Three Months Ended | |||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | ||||||||||||||||||||||
Gain on sale of guaranteed SBA loans | $ | 3,236 | $ | — | |||||||||||||||||||
Loss on sale of unguaranteed SBA loans | (348) | — | |||||||||||||||||||||
Costs recognized on sale of SBA loans | 44 | — | |||||||||||||||||||||
Fair value of servicing rights created | 1,689 | — | |||||||||||||||||||||
Gain on sale of SBA loans, net | $ | 4,621 | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | $ | 355 | $ | 307 | $ | 1,077 | $ | 890 | Operating lease cost | $ | 387 | $ | 361 | ||||||||||||||||||||||||||||||||
Short-term lease cost | Short-term lease cost | 173 | 212 | 547 | 485 | Short-term lease cost | 136 | 195 | ||||||||||||||||||||||||||||||||||||||
Total lease cost, net | Total lease cost, net | $ | 528 | $ | 519 | $ | 1,624 | $ | 1,375 | Total lease cost, net | $ | 523 | $ | 556 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Operating cash flows related to operating leases | Operating cash flows related to operating leases | $ | 357 | $ | 300 | $ | 1,066 | $ | 813 | Operating cash flows related to operating leases | $ | 380 | $ | 347 | ||||||||||||||||||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | Right-of-use assets obtained in exchange for new operating lease liabilities | — | 455 | 136 | 1,717 | Right-of-use assets obtained in exchange for new operating lease liabilities | — | 136 | ||||||||||||||||||||||||||||||||||||||
$ | 357 | $ | 755 | $ | 1,202 | $ | 2,530 | $ | 380 | $ | 483 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
2021 | $ | 304 | ||||||||
2022 | 2022 | 1,121 | 2022 | $ | 1,094 | |||||
2023 | 2023 | 1,044 | 2023 | 1,172 | ||||||
2024 | 2024 | 1,051 | 2024 | 1,087 | ||||||
2025 | 2025 | 679 | 2025 | 685 | ||||||
2026 | 2026 | 593 | ||||||||
Thereafter | Thereafter | 895 | Thereafter | 301 | ||||||
Total undiscounted lease payments | Total undiscounted lease payments | $ | 5,094 | Total undiscounted lease payments | $ | 4,932 | ||||
Less: imputed interest | Less: imputed interest | (549) | Less: imputed interest | (555) | ||||||
Net lease liabilities | Net lease liabilities | $ | 4,545 | Net lease liabilities | $ | 4,377 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Shares | Weighted-Average Grant-Date Fair Value, per share | Shares | Weighted-Average Grant-Date Fair Value, per share | |||||||||||||||||||
Nonvested at January 1, 2021 | 4,130 | $ | 14.63 | |||||||||||||||||||
Nonvested at January 1, 2022 | Nonvested at January 1, 2022 | 2,483 | $ | 14.86 | ||||||||||||||||||
Granted | Granted | 4,008 | 13.33 | Granted | 34,925 | 21.50 | ||||||||||||||||
Vested | Vested | (5,655) | 13.61 | Vested | (3,111) | 19.99 | ||||||||||||||||
Forfeited | Forfeited | — | — | Forfeited | (925) | 21.45 | ||||||||||||||||
Nonvested at September 30, 2021 | 2,483 | $ | 14.86 | |||||||||||||||||||
Nonvested at March 31, 2022 | Nonvested at March 31, 2022 | 33,372 | $ | 21.15 |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||||||||||||
Outstanding at January 1, 2021 | 332,708 | $ | 16.01 | |||||||||||||||||||||||||||||||||||||||||||
Outstanding at January 1, 2022 | Outstanding at January 1, 2022 | 450,818 | $ | 15.64 | ||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | 127,275 | 14.67 | Granted | — | — | ||||||||||||||||||||||||||||||||||||||||
Exercised | Exercised | — | — | Exercised | 1,195 | 14.75 | ||||||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (540) | 15.11 | Forfeited | (2,304) | 14.99 | ||||||||||||||||||||||||||||||||||||||||
Expired | Expired | (4,665) | 16.52 | Expired | — | — | ||||||||||||||||||||||||||||||||||||||||
Outstanding at September 30, 2021 | 454,778 | $ | 15.63 | 7.96 | $ | 2,436 | ||||||||||||||||||||||||||||||||||||||||
Vested and exercisable at September 30, 2021 | 180,318 | $ | 16.52 | 7.16 | $ | 842 | ||||||||||||||||||||||||||||||||||||||||
Outstanding at March 31, 2022 | Outstanding at March 31, 2022 | 449,709 | $ | 15.64 | 7.44 | $ | 3,963 | |||||||||||||||||||||||||||||||||||||||
Vested and exercisable at March 31, 2022 | Vested and exercisable at March 31, 2022 | 266,216 | $ | 15.89 | 7.06 | $ | 2,293 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Actual | Required for Capital Adequacy Purposes | To be Well Capitalized Under Prompt Corrective Action Regulations | Actual | Required for Capital Adequacy Purposes | To be Well Capitalized Under Prompt Corrective Action Regulations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital | Total Capital | Total Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(to Risk Weighted Assets) | (to Risk Weighted Assets) | $ | 102,678 | 22.50 | % | $ | 36,514 | 8.00 | % | $ | 45,643 | 10.00 | % | (to Risk Weighted Assets) | $ | 106,128 | 19.45 | % | $ | 43,656 | 8.00 | % | $ | 54,570 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier I Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital | Tier 1 Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(to Risk Weighted Assets) | (to Risk Weighted Assets) | $ | 96,808 | 21.21 | % | $ | 27,386 | 6.00 | % | $ | 36,514 | 8.00 | % | (to Risk Weighted Assets) | $ | 99,247 | 18.19 | % | $ | 32,742 | 6.00 | % | $ | 43,656 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier I Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital | Common Equity Tier 1 Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(to Risk Weighted Assets) | (to Risk Weighted Assets) | $ | 96,808 | 21.21 | % | $ | 20,539 | 4.50 | % | $ | 29,668 | 6.50 | % | (to Risk Weighted Assets) | $ | 99,247 | 18.19 | % | $ | 24,556 | 4.50 | % | $ | 35,470 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier I Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital | Tier 1 Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(to Average Assets) | (to Average Assets) | $ | 96,808 | 12.64 | % | $ | 30,643 | 4.00 | % | $ | 38,304 | 5.00 | % | (to Average Assets) | $ | 99,247 | 11.75 | % | $ | 33,774 | 4.00 | % | $ | 42,218 | 5.00 | % |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Actual | Required for Capital Adequacy Purposes | To be Well Capitalized Under Prompt Corrective Action Regulations | Actual | Required for Capital Adequacy Purposes | To be Well Capitalized Under Prompt Corrective Action Regulations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital | Total Capital | Total Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(to Risk Weighted Assets) | (to Risk Weighted Assets) | $ | 78,824 | 17.02 | % | $ | 37,056 | 8.00 | % | $ | 46,320 | 10.00 | % | (to Risk Weighted Assets) | $ | 106,002 | 21.25 | % | $ | 39,909 | 8.00 | % | $ | 49,886 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier I Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital | Tier 1 Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(to Risk Weighted Assets) | (to Risk Weighted Assets) | $ | 72,825 | 15.72 | % | $ | 27,792 | 6.00 | % | $ | 37,056 | 8.00 | % | (to Risk Weighted Assets) | $ | 99,656 | 19.98 | % | $ | 29,932 | 6.00 | % | $ | 39,909 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier I Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital | Common Equity Tier 1 Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(to Risk Weighted Assets) | (to Risk Weighted Assets) | $ | 72,825 | 15.72 | % | $ | 20,844 | 4.50 | % | $ | 30,108 | 6.50 | % | (to Risk Weighted Assets) | $ | 99,656 | 19.98 | % | $ | 22,449 | 4.50 | % | $ | 32,426 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier I Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital | Tier 1 Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(to Average Assets) | (to Average Assets) | $ | 72,825 | 11.75 | % | $ | 24,799 | 4.00 | % | $ | 30,998 | 5.00 | % | (to Average Assets) | $ | 99,656 | 12.22 | % | $ | 32,619 | 4.00 | % | $ | 40,774 | 5.00 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Net gain realized on sale of residential loans held for sale | Net gain realized on sale of residential loans held for sale | $ | 22,761 | $ | 29,771 | $ | 74,604 | $ | 59,328 | Net gain realized on sale of residential loans held for sale | $ | 9,070 | $ | 28,944 | ||||||||||||||||||||||||||||||||
Net change in fair value recognized on residential loans held for sale | Net change in fair value recognized on residential loans held for sale | (1,381) | 1,300 | (6,168) | 3,190 | Net change in fair value recognized on residential loans held for sale | (2,999) | (5,333) | ||||||||||||||||||||||||||||||||||||||
Net change in fair value recognized on interest rate lock commitments | Net change in fair value recognized on interest rate lock commitments | (1,288) | 1,149 | (6,356) | 4,788 | Net change in fair value recognized on interest rate lock commitments | (1,332) | (5,555) | ||||||||||||||||||||||||||||||||||||||
Net change in fair value recognized on mandatory and best efforts forward sales contracts | Net change in fair value recognized on mandatory and best efforts forward sales contracts | (1,017) | (3,717) | 6,847 | (11,167) | Net change in fair value recognized on mandatory and best efforts forward sales contracts | 6,945 | 10,862 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking fees | Mortgage banking fees | 2,248 | 2,723 | 7,777 | 5,749 | Mortgage banking fees | 1,507 | 3,111 | ||||||||||||||||||||||||||||||||||||||
Residential loan fee income | Residential loan fee income | $ | 21,323 | $ | 31,226 | $ | 76,704 | $ | 61,888 | Residential loan fee income | $ | 13,191 | $ | 32,029 |
September 30, 2021 | December 31, 2020 | ||||||||||
Mandatory forward sales contracts | $ | 960 | $ | (4,455) | |||||||
Best efforts forward sales contracts | 30 | 55 | |||||||||
Interest rate lock commitments | 1,244 | 7,553 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
March 31, 2022 | December 31, 2021 | ||||||||||
Mandatory forward sales contracts | $ | 2,389 | $ | (78) | |||||||
Best efforts forward sales contracts | 30 | 27 | |||||||||
Interest rate lock commitments | 75 | 1,412 |
September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||
Included in other assets: | Included in other assets: | Included in other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | $ | 128,915 | $ | 1,579 | $ | 390,676 | $ | 7,565 | Interest rate lock commitments | $ | 79,458 | $ | 760 | $ | 103,572 | $ | 1,435 | ||||||||||||||||||||||||||||
Mandatory forward sales contracts | Mandatory forward sales contracts | 181,000 | 1,004 | — | — | Mandatory forward sales contracts | 146,500 | 2,441 | 60,000 | 88 | ||||||||||||||||||||||||||||||||||||
Best efforts forward sales contracts | Best efforts forward sales contracts | 17,447 | 30 | 19,803 | 55 | Best efforts forward sales contracts | 12,794 | 30 | 7,375 | 27 | ||||||||||||||||||||||||||||||||||||
Included in other liabilities: | Included in other liabilities: | Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 49,287 | 335 | 8,046 | 12 | Interest rate lock commitments | 56,207 | 685 | 4,550 | 23 | ||||||||||||||||||||||||||||||||||||
Mandatory forward sales contracts | Mandatory forward sales contracts | 23,500 | 44 | 514,000 | 4,455 | Mandatory forward sales contracts | 12,000 | 52 | 82,500 | 166 |
September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Unfunded loan commitments | Unfunded loan commitments | $ | 57,592 | $ | 34,867 | Unfunded loan commitments | $ | 15,411 | $ | 18,567 | ||||||||||||
Unused lines of credit | Unused lines of credit | 43,263 | 34,063 | Unused lines of credit | 62,470 | 52,076 | ||||||||||||||||
Standby letters of credit | Standby letters of credit | 68 | 68 | Standby letters of credit | 68 | 68 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Basic: | Basic: | Basic: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 1,280 | $ | 5,253 | $ | 21,807 | $ | 7,097 | Net income | $ | 13 | $ | 7,511 | ||||||||||||||||||||||||||||||||
Less: Preferred stock dividends | Less: Preferred stock dividends | 230 | 202 | 797 | 557 | Less: Preferred stock dividends | 208 | 332 | ||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 1,050 | $ | 5,051 | $ | 21,010 | $ | 6,540 | ||||||||||||||||||||||||||||||||||||||
Net income (loss attributable to) available to common shareholders | Net income (loss attributable to) available to common shareholders | $ | (195) | $ | 7,179 | |||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 3,913,523 | 3,443,999 | 3,749,692 | 3,419,617 | Weighted average common shares outstanding | 4,003,499 | 3,509,115 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.27 | $ | 1.47 | $ | 5.60 | $ | 1.91 | ||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per common share | Basic earnings (loss) per common share | $ | (0.05) | $ | 2.05 | |||||||||||||||||||||||||||||||||||||||||
Diluted: | Diluted: | Diluted: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 1,280 | $ | 5,253 | $ | 21,807 | $ | 7,097 | Net income | $ | 13 | $ | 7,511 | ||||||||||||||||||||||||||||||||
Less: Preferred stock dividends | Less: Preferred stock dividends | 230 | 202 | 797 | 557 | Less: Preferred stock dividends | 208 | 332 | ||||||||||||||||||||||||||||||||||||||
Add: Series B preferred stock dividends | Add: Series B preferred stock dividends | 86 | 24 | 365 | 24 | Add: Series B preferred stock dividends | — | 187 | ||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 1,136 | $ | 5,075 | $ | 21,375 | $ | 6,564 | ||||||||||||||||||||||||||||||||||||||
Net income (loss attributable to) available to common shareholders | Net income (loss attributable to) available to common shareholders | $ | (195) | $ | 7,366 | |||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding for basic earnings per common share | Weighted average common shares outstanding for basic earnings per common share | 3,913,523 | 3,443,999 | 3,749,692 | 3,419,617 | Weighted average common shares outstanding for basic earnings per common share | 4,003,499 | 3,509,115 | ||||||||||||||||||||||||||||||||||||||
Add: Dilutive effects of conversion of Series B preferred stock to common stock | Add: Dilutive effects of conversion of Series B preferred stock to common stock | 321,318 | 262,243 | 321,318 | 262,243 | Add: Dilutive effects of conversion of Series B preferred stock to common stock | — | 447,523 | ||||||||||||||||||||||||||||||||||||||
Add: Dilutive effects of assumed exercises of stock options/warrants | Add: Dilutive effects of assumed exercises of stock options/warrants | 171,498 | — | 98,256 | — | Add: Dilutive effects of assumed exercises of stock options/warrants | — | 82,349 | ||||||||||||||||||||||||||||||||||||||
Average shares and dilutive potential common shares | Average shares and dilutive potential common shares | 4,406,339 | 3,706,242 | 4,169,266 | 3,681,860 | Average shares and dilutive potential common shares | 4,003,499 | 4,038,987 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.26 | $ | 1.37 | $ | 5.13 | $ | 1.78 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per common share | Diluted earnings (loss) per common share | $ | (0.05) | $ | 1.82 |
BAYFIRST FINANCIAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share data) (Unaudited) |
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Banking | Consolidated | Residential Mortgage | Banking | Consolidated | Residential Mortgage | Banking | Consolidated | Residential Mortgage | Banking | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 741 | $ | 8,804 | $ | 9,545 | $ | 679 | $ | 11,943 | $ | 12,622 | Interest income | $ | 737 | $ | 7,003 | $ | 7,740 | $ | 1,218 | $ | 13,674 | $ | 14,892 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 497 | 1,032 | 1,529 | 455 | 2,083 | 2,538 | Interest expense | 531 | 803 | 1,334 | 790 | 1,472 | 2,262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 244 | 7,772 | 8,016 | 224 | 9,860 | 10,084 | Net interest income | 206 | 6,200 | 6,406 | 428 | 12,202 | 12,630 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | — | (3,000) | (3,000) | — | 7,000 | 7,000 | Provision for loan losses | — | (2,400) | (2,400) | — | 2,000 | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential loan fee income | Residential loan fee income | 21,323 | — | 21,323 | 31,226 | — | 31,226 | Residential loan fee income | 13,191 | — | 13,191 | 32,029 | — | 32,029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internal transfer for portfolio loans originated | Internal transfer for portfolio loans originated | 103 | (103) | — | 5 | (5) | — | Internal transfer for portfolio loans originated | 130 | (130) | — | 69 | (69) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 12 | 657 | 669 | 29 | 937 | 966 | Other noninterest income | 6 | 5,671 | 5,677 | 12 | 1,118 | 1,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 21,438 | 554 | 21,992 | 31,260 | 932 | 32,192 | Total noninterest income | 13,327 | 5,541 | 18,868 | 32,110 | 1,049 | 33,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 19,069 | 12,160 | 31,229 | 20,080 | 8,128 | 28,208 | Total noninterest expense | 13,776 | 13,871 | 27,647 | 23,127 | 10,594 | 33,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | 2,613 | (834) | 1,779 | 11,404 | (4,336) | 7,068 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 732 | (233) | 499 | 3,193 | (1,378) | 1,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 1,881 | $ | (601) | $ | 1,280 | $ | 8,211 | $ | (2,958) | $ | 5,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense (benefit) | Income before income tax expense (benefit) | (243) | 270 | 27 | 9,411 | 657 | 10,068 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (68) | 82 | 14 | 2,635 | (78) | 2,557 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (175) | $ | 188 | $ | 13 | $ | 6,776 | $ | 735 | $ | 7,511 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period end assets | Period end assets | $ | 94,083 | $ | 849,660 | $ | 943,743 | $ | 155,806 | $ | 1,345,710 | $ | 1,501,516 | Period end assets | $ | 80,030 | $ | 808,511 | $ | 888,541 | $ | 218,040 | $ | 1,498,791 | $ | 1,716,831 |
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Residential Mortgage | Banking | Consolidated | Residential Mortgage | Banking | Consolidated | ||||||||||||||||||||||||||||||
Interest income | $ | 2,770 | $ | 36,664 | $ | 39,434 | $ | 1,904 | $ | 27,914 | $ | 29,818 | |||||||||||||||||||||||
Interest expense | 1,840 | 4,044 | 5,884 | 1,410 | 6,528 | 7,938 | |||||||||||||||||||||||||||||
Net interest income | 930 | 32,620 | 33,550 | 494 | 21,386 | 21,880 | |||||||||||||||||||||||||||||
Provision for loan losses | — | (1,000) | (1,000) | — | 11,900 | 11,900 | |||||||||||||||||||||||||||||
Residential loan fee income | 76,704 | — | 76,704 | 61,888 | — | 61,888 | |||||||||||||||||||||||||||||
Internal transfer for portfolio loans originated | 269 | (269) | — | 35 | (35) | — | |||||||||||||||||||||||||||||
Other noninterest income | 39 | 16,620 | 16,659 | 42 | 4,388 | 4,430 | |||||||||||||||||||||||||||||
Total noninterest income | 77,012 | 16,351 | 93,363 | 61,965 | 4,353 | 66,318 | |||||||||||||||||||||||||||||
Total noninterest expense | 62,768 | 35,850 | 98,618 | 44,512 | 23,483 | 67,995 | |||||||||||||||||||||||||||||
Income before income tax expense | 15,174 | 14,121 | 29,295 | 17,947 | (9,644) | 8,303 | |||||||||||||||||||||||||||||
Income tax expense | 4,249 | 3,239 | 7,488 | 5,025 | (3,819) | 1,206 | |||||||||||||||||||||||||||||
Net income | $ | 10,925 | $ | 10,882 | $ | 21,807 | $ | 12,922 | $ | (5,825) | $ | 7,097 | |||||||||||||||||||||||
Period end assets | $ | 94,083 | $ | 849,660 | $ | 943,743 | $ | 155,806 | $ | 1,345,710 | $ | 1,501,516 |
As of and for the Three Months Ended | As of and for the Nine Months Ended | As of and for the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) | 9/30/2021 | 6/30/2021 | 9/30/2020 | 9/30/2021 | 9/30/2020 | (Dollars in thousands, except per share data) | 3/31/2022 | 12/31/2021 | 3/31/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement Data: | Income Statement Data: | Income Statement Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 8,016 | 12,904 | 10,084 | 33,550 | 21,880 | Net interest income | $ | 6,406 | $ | 6,693 | $ | 12,630 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | (3,000) | — | 7,000 | (1,000) | 11,900 | Provision for loan losses | (2,400) | (2,500) | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 21,992 | 38,212 | 32,192 | 93,363 | 66,318 | Noninterest income | 18,868 | 24,214 | 33,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 31,229 | 33,668 | 28,208 | 98,618 | 67,995 | Noninterest expense | 27,647 | 30,224 | 33,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 499 | 4,432 | 1,815 | 7,488 | 1,206 | Income tax expense | 14 | 372 | 2,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 1,280 | 13,016 | 5,253 | 21,807 | 7,097 | Net income | 13 | 2,811 | 7,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 230 | 235 | 202 | 797 | 557 | Preferred stock dividends | 208 | 208 | 332 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 1,050 | $ | 12,781 | $ | 5,051 | $ | 21,010 | $ | 6,540 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss attributable to) available to common shareholders | Net income (loss attributable to) available to common shareholders | $ | (195) | $ | 2,603 | $ | 7,179 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Data: | Balance Sheet Data: | Balance Sheet Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average loans held for investment, excluding PPP loans | Average loans held for investment, excluding PPP loans | 467,283 | 481,424 | 353,620 | 457,111 | 352,428 | Average loans held for investment, excluding PPP loans | 520,559 | 518,697 | 413,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average total assets | Average total assets | 1,086,377 | 1,541,287 | 1,457,997 | 1,419,264 | 1,092,295 | Average total assets | 872,311 | 923,485 | 1,636,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average common shareholders’ equity | Average common shareholders’ equity | 81,989 | 68,525 | 44,025 | 69,574 | 40,757 | Average common shareholders’ equity | 83,990 | 83,056 | 57,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans held for investment | Total loans held for investment | 656,294 | 895,194 | 1,266,753 | 656,294 | 1,266,753 | Total loans held for investment | 561,797 | 583,948 | 1,388,533 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans held for investment, excluding PPP loans | Total loans held for investment, excluding PPP loans | 500,647 | 465,470 | 387,242 | 500,647 | 387,242 | Total loans held for investment, excluding PPP loans | 517,434 | 504,525 | 421,259 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans held for investment, excl gov’t gtd loan balances | Total loans held for investment, excl gov’t gtd loan balances | 306,723 | 304,364 | 275,786 | 306,723 | 275,786 | Total loans held for investment, excl gov’t gtd loan balances | 365,584 | 323,363 | 288,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | 16,616 | 20,797 | 18,913 | 16,616 | 18,913 | Allowance for loan losses | 10,170 | 13,452 | 22,017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 943,743 | 1,198,229 | 1,501,516 | 943,743 | 1,501,516 | Total assets | 888,541 | 917,095 | 1,716,831 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shareholders’ equity | Common shareholders’ equity | 83,593 | 81,838 | 50,439 | 83,593 | 50,439 | Common shareholders’ equity | 85,274 | 86,685 | 66,046 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Data: (2) | Per Share Data: (2) | Per Share Data: (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.27 | $ | 3.34 | $ | 1.47 | $ | 5.60 | $ | 1.91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.26 | $ | 2.98 | $ | 1.37 | $ | 5.13 | $ | 1.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per common share | Basic earnings (loss) per common share | $ | (0.05) | $ | 0.66 | $ | 2.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per common share | Diluted earnings (loss) per common share | $ | (0.05) | $ | 0.61 | $ | 1.82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends per common share | Dividends per common share | $ | 0.070 | $ | 0.070 | $ | 0.067 | $ | 0.207 | $ | 0.201 | Dividends per common share | $ | 0.080 | $ | 0.070 | $ | 0.067 | ||||||||||||||||||||||||||||||||||||||||||||||
Book value per common share | Book value per common share | $ | 21.32 | $ | 21.16 | $ | 14.60 | $ | 21.32 | $ | 14.60 | Book value per common share | $ | 21.25 | $ | 21.77 | $ | 17.95 | ||||||||||||||||||||||||||||||||||||||||||||||
Tangible book value per common share (1) | Tangible book value per common share (1) | $ | 21.30 | $ | 21.14 | $ | 14.57 | $ | 21.30 | $ | 14.57 | Tangible book value per common share (1) | $ | 21.22 | $ | 21.75 | $ | 17.93 | ||||||||||||||||||||||||||||||||||||||||||||||
Performance Ratios: | Performance Ratios: | Performance Ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | 0.47 | % | 3.38 | % | 1.44 | % | 2.05 | % | 0.87 | % | Return on average assets | 0.01 | % | 1.22 | % | 1.84 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity | Return on average common equity | 5.12 | % | 74.61 | % | 45.89 | % | 40.26 | % | 21.40 | % | Return on average common equity | (0.93) | % | 12.54 | % | 49.56 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.04 | % | 3.46 | % | 2.84 | % | 3.26 | % | 2.76 | % | Net interest margin | 3.25 | % | 3.07 | % | 3.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Dividend payout ratio | Dividend payout ratio | 26.09 | % | 2.10 | % | 4.57 | % | 3.69 | % | 10.51 | % | Dividend payout ratio | (164.25) | % | 10.65 | % | 3.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Asset Quality Data: | Asset Quality Data: | Asset Quality Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | $ | 1,181 | $ | 1,221 | $ | 967 | $ | 3,546 | $ | 3,729 | Net charge-offs | $ | 882 | $ | 664 | $ | 1,145 | ||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs/avg loans held for investment excl PPP | Net charge-offs/avg loans held for investment excl PPP | 1.01 | % | 1.01 | % | 1.09 | % | 1.03 | % | 1.41 | % | Net charge-offs/avg loans held for investment excl PPP | 0.68 | % | 0.51 | % | 1.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | $ | 10,495 | $ | 9,884 | $ | 13,837 | $ | 10,495 | $ | 13,836 | Nonperforming loans | $ | 8,834 | $ | 11,909 | $ | 9,741 | ||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans (excluding gov't gtd balance) | Nonperforming loans (excluding gov't gtd balance) | $ | 3,756 | $ | 3,576 | $ | 4,057 | $ | 3,756 | $ | 4,057 | Nonperforming loans (excluding gov't gtd balance) | $ | 2,660 | $ | 3,967 | $ | 3,242 | ||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans/total loans held for investment | Nonperforming loans/total loans held for investment | 1.60 | % | 0.97 | % | 1.09 | % | 1.60 | % | 1.09 | % | Nonperforming loans/total loans held for investment | 1.57 | % | 2.04 | % | 0.70 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans (excl gov’t gtd balance)/total loans held for investment | Nonperforming loans (excl gov’t gtd balance)/total loans held for investment | 0.57 | % | 0.35 | % | 0.92 | % | 0.57 | % | 0.92 | % | Nonperforming loans (excl gov’t gtd balance)/total loans held for investment | 0.47 | % | 0.68 | % | 0.57 | % | ||||||||||||||||||||||||||||||||||||||||||||||
ALLL/Total loans held for investment | ALLL/Total loans held for investment | 2.53 | % | 2.32 | % | 1.49 | % | 2.53 | % | 1.49 | % | ALLL/Total loans held for investment | 1.81 | % | 2.30 | % | 1.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||
ALLL/Total loans held for investment, excl PPP loans | ALLL/Total loans held for investment, excl PPP loans | 3.32 | % | 4.47 | % | 4.88 | % | 3.32 | % | 4.88 | % | ALLL/Total loans held for investment, excl PPP loans | 1.97 | % | 2.67 | % | 5.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other Data: | Other Data: | Other Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full-time equivalent employees | Full-time equivalent employees | 651 | 671 | 545 | 651 | 545 | Full-time equivalent employees | 575 | 637 | 649 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking center offices | Banking center offices | 6 | 6 | 6 | 6 | 6 | Banking center offices | 7 | 7 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan production offices | Loan production offices | 22 | 26 | 23 | 22 | 23 | Loan production offices | 20 | 23 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) See section entitled "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below for a reconciliation to most comparable GAAP equivalent. | (1) See section entitled "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below for a reconciliation to most comparable GAAP equivalent. | (1) See section entitled "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below for a reconciliation to most comparable GAAP equivalent. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Adjusted for the three-for-two stock split, effective May 10, 2021. | (2) Adjusted for the three-for-two stock split, effective May 10, 2021. | (2) Adjusted for the three-for-two stock split, effective May 10, 2021. |
Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share | Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share | Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share | ||||||||||||||||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) | September 30, 2021 | June 30, 2021 | September 30, 2020 | (Dollars in thousands, except per share data) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | $ | 94,298 | $ | 92,813 | $ | 62,154 | Total shareholders’ equity | $ | 94,879 | $ | 96,290 | $ | 79,421 | ||||||||||||||||||||||||||
Less: Preferred stock liquidation preference | Less: Preferred stock liquidation preference | (10,705) | (10,975) | (11,715) | Less: Preferred stock liquidation preference | (9,605) | (9,605) | (13,375) | ||||||||||||||||||||||||||||||||
Total equity available to common shareholders | Total equity available to common shareholders | 83,593 | 81,838 | 50,439 | Total equity available to common shareholders | 85,274 | 86,685 | 66,046 | ||||||||||||||||||||||||||||||||
Less: Goodwill | Less: Goodwill | (100) | (100) | (100) | Less: Goodwill | (100) | (100) | (100) | ||||||||||||||||||||||||||||||||
Tangible common shareholders' equity | Tangible common shareholders' equity | $ | 83,493 | $ | 81,738 | $ | 50,339 | Tangible common shareholders' equity | $ | 85,174 | $ | 86,585 | $ | 65,946 | ||||||||||||||||||||||||||
Common shares outstanding | Common shares outstanding | 3,919,977 | 3,867,414 | 3,455,190 | Common shares outstanding | 4,013,173 | 3,981,117 | 3,678,566 | ||||||||||||||||||||||||||||||||
Tangible book value per common share | Tangible book value per common share | $ | 21.30 | $ | 21.14 | $ | 14.57 | Tangible book value per common share | $ | 21.22 | $ | 21.75 | $ | 17.93 |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield | Average Balance | Interest | Yield | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Average Balance | Interest | Yield | Average Balance | Interest | Yield | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | $ | 23,055 | $ | 75 | 1.29 | % | $ | — | $ | — | 0.00 | % | Investment securities | $ | 30,647 | $ | 97 | 1.28 | % | $ | — | $ | — | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loans, excluding PPP (1) | Loans, excluding PPP (1) | 562,095 | 7,891 | 5.57 | % | 457,949 | 6,678 | 5.80 | % | Loans, excluding PPP (1) | 604,055 | 7,112 | 4.77 | % | 591,050 | 6,599 | 4.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP loans | PPP loans | 288,406 | 1,466 | 2.02 | % | 859,786 | 5,872 | 2.72 | % | PPP loans | 58,058 | 443 | 3.09 | % | 878,532 | 8,212 | 3.79 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 171,208 | 113 | 0.26 | % | 96,356 | 72 | 0.30 | % | Other | 106,472 | 88 | 0.34 | % | 123,907 | 81 | 0.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 1,044,764 | 9,545 | 3.62 | % | 1,414,091 | 12,622 | 3.55 | % | Total interest-earning assets | 799,232 | 7,740 | 3.93 | % | 1,593,489 | 14,892 | 3.79 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non interest-earning assets | 41,613 | 43,906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 73,079 | 42,722 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 1,086,377 | $ | 1,457,997 | Total assets | $ | 872,311 | $ | 1,636,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOW, MMDA and savings | NOW, MMDA and savings | $ | 518,243 | $ | 974 | 0.75 | % | $ | 347,039 | $ | 947 | 1.09 | % | NOW, MMDA and savings | $ | 609,467 | $ | 1,086 | 0.72 | % | $ | 444,612 | $ | 1,033 | 0.94 | % | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 52,729 | 178 | 1.34 | % | 96,337 | 593 | 2.45 | % | Time deposits | 39,344 | 131 | 1.35 | % | 96,152 | 287 | 1.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPPLF advances | PPPLF advances | 315,875 | 278 | 0.35 | % | 859,409 | 794 | 0.35 | % | PPPLF advances | 22,983 | 20 | 0.35 | % | 885,028 | 766 | 0.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 9,484 | 99 | 4.14 | % | 20,908 | 204 | 3.88 | % | Other borrowings | 9,258 | 97 | 4.25 | % | 57,732 | 176 | 1.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 896,331 | 1,529 | 0.68 | % | 1,323,693 | 2,538 | 0.76 | % | Total interest-bearing liabilities | 681,052 | 1,334 | 0.79 | % | 1,483,524 | 2,262 | 0.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 87,248 | 69,256 | Demand deposits | 95,457 | 71,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non interest-bearing liabilities | 9,969 | 11,972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | Noninterest-bearing liabilities | 2,207 | 7,804 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 92,829 | 53,076 | Shareholders’ equity | 93,595 | 72,989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 1,086,377 | $ | 1,457,997 | Total liabilities and shareholders’ equity | $ | 872,311 | $ | 1,636,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 8,016 | $ | 10,084 | Net interest income | $ | 6,406 | $ | 12,630 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.95 | % | 2.79 | % | Interest rate spread | 3.13 | % | 3.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (2) | Net interest margin (2) | 3.04 | % | 2.84 | % | Net interest margin (2) | 3.25 | % | 3.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | Ratio of average interest-earning assets to average interest-bearing liabilities | 116.56 | % | 106.83 | % | Ratio of average interest-earning assets to average interest-bearing liabilities | 117.35 | % | 107.41 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes nonaccrual loans. | (1) Includes nonaccrual loans. | (1) Includes nonaccrual loans. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Net interest margin represents net interest income divided by average total interest-earning assets. | (2) Net interest margin represents net interest income divided by average total interest-earning assets. | (2) Net interest margin represents net interest income divided by average total interest-earning assets. |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield | Average Balance | Interest | Yield | |||||||||||||||||||||||||||||||||
Interest earning-assets: | ||||||||||||||||||||||||||||||||||||||
Investment Securities | $ | 12,500 | $ | 123 | 1.32 | % | $ | 43 | $ | — | — | % | ||||||||||||||||||||||||||
Loans, excluding PPP (1) | 582,352 | 21,243 | 4.88 | % | 428,898 | 18,329 | 5.71 | |||||||||||||||||||||||||||||||
PPP loans | 613,768 | 17,771 | 3.87 | % | 452,481 | 10,918 | 3.22 | |||||||||||||||||||||||||||||||
Other | 166,918 | 297 | 0.24 | % | 176,201 | 571 | 0.43 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 1,375,538 | 39,434 | 3.83 | % | 1,057,623 | 29,818 | 3.77 | % | ||||||||||||||||||||||||||||||
Non interest-earning assets | 43,726 | 34,672 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,419,264 | $ | 1,092,295 | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
NOW, MMDA and savings | $ | 484,985 | $ | 2,987 | 0.82 | % | $ | 339,485 | $ | 3,307 | 1.30 | % | ||||||||||||||||||||||||||
Time deposits | 82,422 | 679 | 1.10 | % | 171,516 | 2,804 | 2.18 | % | ||||||||||||||||||||||||||||||
PPPLF advances | 648,158 | 1,699 | 0.35 | % | 432,367 | 1,185 | 0.35 | |||||||||||||||||||||||||||||||
Other borrowings | 30,692 | 519 | 2.26 | % | 20,494 | 642 | 4.18 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,246,257 | 5,884 | 0.63 | % | 963,862 | 7,938 | 1.10 | % | ||||||||||||||||||||||||||||||
Demand deposits | 82,321 | 70,701 | ||||||||||||||||||||||||||||||||||||
Non interest-bearing liabilities | 8,441 | 5,260 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 82,245 | 52,472 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,419,264 | $ | 1,092,295 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 33,550 | $ | 21,880 | ||||||||||||||||||||||||||||||||||
Interest rate spread | 3.20 | % | 2.67 | % | ||||||||||||||||||||||||||||||||||
Net interest margin (2) | 3.26 | % | 2.76 | % | ||||||||||||||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 110.37 | % | 109.73 | % | ||||||||||||||||||||||||||||||||||
(1) Includes nonaccrual loans. | ||||||||||||||||||||||||||||||||||||||
(2) Net interest margin represents net interest income divided by average total interest-earning assets. | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Rate | Volume | Total | ||||||||||||||||||||||||||||||
Rate | Volume | Total | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 vs. September 30, 2020: | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||
Investment securities | $ | — | $ | 75 | $ | 75 | ||||||||||||||||||||||||||||
Loans, excluding PPP | (274) | 1,487 | 1,213 | |||||||||||||||||||||||||||||||
PPP loans | (1,231) | (3,175) | (4,406) | |||||||||||||||||||||||||||||||
Other interest-earning assets | (9) | 50 | 41 | |||||||||||||||||||||||||||||||
Total interest-earning assets | 260 | (3,337) | (3,077) | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
NOW, MMDA and savings | (353) | 380 | 27 | |||||||||||||||||||||||||||||||
Time deposits | (208) | (207) | (415) | |||||||||||||||||||||||||||||||
PPPLF | — | (516) | (516) | |||||||||||||||||||||||||||||||
Other borrowings | 13 | (118) | (105) | |||||||||||||||||||||||||||||||
Total interest-bearing liabilities | (261) | (748) | (1,009) | |||||||||||||||||||||||||||||||
Net change in net interest income | $ | 521 | $ | (2,589) | $ | (2,068) | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 vs. September 30, 2020: | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 vs. March 31, 2021: | Three Months Ended March 31, 2022 vs. March 31, 2021: | |||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||
Investment securities | Investment securities | $ | 123 | $ | — | $ | 123 | Investment securities | $ | — | $ | 97 | $ | 97 | ||||||||||||||||||||
Loans, excluding PPP | Loans, excluding PPP | (2,948) | 5,862 | 2,914 | Loans, excluding PPP | 366 | 147 | 513 | ||||||||||||||||||||||||||
PPP loans | PPP loans | 2,471 | 4,382 | 6,853 | PPP loans | (1,277) | (6,492) | (7,769) | ||||||||||||||||||||||||||
Other interest-earning assets | Other interest-earning assets | (245) | (29) | (274) | Other interest-earning assets | 19 | (12) | 7 | ||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | (599) | 10,215 | 9,616 | Total interest-earning assets | (892) | (6,260) | (7,152) | ||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
NOW, MMDA, and savings | NOW, MMDA, and savings | (1,454) | 1,134 | (320) | NOW, MMDA, and savings | (275) | 328 | 53 | ||||||||||||||||||||||||||
Time deposits | Time deposits | (1,038) | (1,087) | (2,125) | Time deposits | 30 | (186) | (156) | ||||||||||||||||||||||||||
PPPLF advances | PPPLF advances | — | 514 | 514 | PPPLF advances | — | (746) | (746) | ||||||||||||||||||||||||||
Other borrowings | Other borrowings | (366) | 243 | (123) | Other borrowings | 161 | (240) | (79) | ||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | (3,971) | 1,917 | (2,054) | Total interest-bearing liabilities | (84) | (844) | (928) | ||||||||||||||||||||||||||
Net change in net interest income | Net change in net interest income | $ | 3,373 | $ | 8,297 | $ | 11,670 | Net change in net interest income | $ | (808) | $ | (5,416) | $ | (6,224) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Residential loan fee income | $ | 21,323 | $ | 31,226 | $ | 76,704 | $ | 61,888 | |||||||||||||||
Loan servicing income, net | 417 | 565 | 1,446 | 1,753 | |||||||||||||||||||
Gain (loss) on sale of SBA and PPP loans, net | (338) | — | 13,460 | 1,732 | |||||||||||||||||||
Service charges and fees | 261 | 205 | 730 | 664 | |||||||||||||||||||
SBA loan fair value gain | 72 | 55 | 151 | 49 | |||||||||||||||||||
Other noninterest income | 257 | 141 | 872 | 232 | |||||||||||||||||||
Total noninterest income | $ | 21,992 | $ | 32,192 | $ | 93,363 | $ | 66,318 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Residential loan fee income | $ | 13,191 | $ | 32,029 | |||||||||||||||||||
Loan servicing income, net | 461 | 704 | |||||||||||||||||||||
Gain on sale of government guaranteed loans, net | 4,621 | — | |||||||||||||||||||||
Service charges and fees | 282 | 222 | |||||||||||||||||||||
SBA loan fair value gain (loss) | (197) | 72 | |||||||||||||||||||||
Other noninterest income | 510 | 132 | |||||||||||||||||||||
Total noninterest income | $ | 18,868 | $ | 33,159 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and benefits | Salaries and benefits | $ | 12,851 | $ | 8,876 | $ | 38,966 | $ | 24,497 | Salaries and benefits | $ | 13,697 | $ | 13,167 | ||||||||||||||||||||||||||||||||
Bonus, commissions, and incentives | Bonus, commissions, and incentives | 8,536 | 11,919 | 29,627 | 23,887 | Bonus, commissions, and incentives | 4,606 | 11,873 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking | Mortgage banking | 1,440 | 1,620 | 4,707 | 3,645 | Mortgage banking | 1,002 | 1,695 | ||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 1,278 | 1,182 | 3,907 | 3,314 | Occupancy and equipment | 1,421 | 1,332 | ||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 1,347 | 1,163 | 5,209 | 3,086 | Data processing | 1,467 | 1,269 | ||||||||||||||||||||||||||||||||||||||
Marketing and business development | Marketing and business development | 1,924 | 717 | 5,444 | 2,250 | Marketing and business development | 1,742 | 1,642 | ||||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 1,428 | 878 | 3,195 | 2,343 | Professional services | 1,307 | 924 | ||||||||||||||||||||||||||||||||||||||
Loan origination and collection | Loan origination and collection | 683 | 908 | 2,284 | 1,771 | Loan origination and collection | 670 | 496 | ||||||||||||||||||||||||||||||||||||||
Employee recruiting and development | Employee recruiting and development | 809 | 245 | 2,431 | 1,135 | Employee recruiting and development | 871 | 614 | ||||||||||||||||||||||||||||||||||||||
Regulatory assessments | Regulatory assessments | 138 | 144 | 340 | 418 | Regulatory assessments | 69 | 102 | ||||||||||||||||||||||||||||||||||||||
Other noninterest expense | Other noninterest expense | 795 | 556 | 2,508 | 1,649 | Other noninterest expense | 795 | 607 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 31,229 | $ | 28,208 | $ | 98,618 | $ | 67,995 | Total noninterest expense | $ | 27,647 | $ | 33,721 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Asset-backed securities | $ | 7,630 | $ | — | $ | (24) | $ | 7,606 | |||||||||||||||
Mortgaged-backed securities: | |||||||||||||||||||||||
U.S. Government-sponsored enterprises | 5,083 | — | (44) | $ | 5,039 | ||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||
U.S. Government-sponsored enterprises | 20,096 | — | (206) | $ | 19,890 | ||||||||||||||||||
Total investment securities available for sale | $ | 32,809 | $ | — | $ | (274) | $ | 32,535 |
(Dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Asset-backed securities | $ | 7,571 | $ | 7,535 | |||||||
Mortgaged-backed securities: | |||||||||||
U.S. Government-sponsored enterprises | 4,065 | 4,394 | |||||||||
Collateralized mortgage obligations: | |||||||||||
U.S. Government-sponsored enterprises | 22,146 | 18,964 | |||||||||
Corporate bonds | 7,874 | — | |||||||||
Total investment securities available for sale | $ | 41,656 | $ | 30,893 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
One year or less | One to five years | Five to ten years | After ten years | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Average Yield | Amortized Cost | Average Yield | Amortized Cost | Average Yield | Amortized Cost | Average Yield | |||||||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 7,621 | 1.80 | % | |||||||||||||||||||||||||||||||
Mortgaged-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | — | — | % | — | — | % | — | — | % | 4,388 | 1.53 | % | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | — | — | % | — | — | % | — | — | % | 23,721 | 1.64 | % | |||||||||||||||||||||||||||||||||||
Corporate bonds | — | — | % | 5,018 | 1.18 | % | 2,856 | 2.98 | % | — | — | % | |||||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | — | — | % | $ | 5,018 | 1.18 | % | $ | 2,856 | 2.98 | % | $ | 35,730 | 1.66 | % |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
One year or less | One to five years | Five to ten years | After ten years | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Average Yield | Amortized Cost | Average Yield | Amortized Cost | Average Yield | Amortized Cost | Average Yield | |||||||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 7,624 | 0.90 | % | |||||||||||||||||||||||||||||||
Mortgaged-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | — | — | % | — | — | % | — | — | % | 4,470 | 1.32 | % | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | — | — | % | — | — | % | — | — | % | 19,370 | 1.31 | % | |||||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 31,464 | 1.21 | % |
September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | $ | 91,243 | $ | 208,704 | Residential loans held for sale | $ | 75,022 | $ | 114,131 | ||||||||||||||||||||||||||||||||||||
Government guaranteed loans, held for sale | Government guaranteed loans, held for sale | — | — | Government guaranteed loans, held for sale | 1,445 | 1,460 | ||||||||||||||||||||||||||||||||||||||||
SBA loans held for investment, at fair value | SBA loans held for investment, at fair value | 9,805 | 9,264 | SBA loans held for investment, at fair value | 8,769 | 9,614 | ||||||||||||||||||||||||||||||||||||||||
Loans held for investment, at amortized cost: | Loans held for investment, at amortized cost: | Loans held for investment, at amortized cost: | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 79,889 | 12.4 | % | 64,724 | 5.3 | % | Residential real estate | 102,897 | 18.7 | % | 87,235 | 15.3 | % | ||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 151,122 | 23.5 | % | 114,884 | 9.3 | % | Commercial real estate | 189,684 | 34.5 | % | 163,477 | 28.7 | % | ||||||||||||||||||||||||||||||||
Construction and land | Construction and land | 17,848 | 2.8 | % | 15,113 | 1.2 | % | Construction and land | 18,038 | 3.3 | % | 18,632 | 3.3 | % | ||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 232,416 | 36.1 | % | 193,927 | 15.8 | % | Commercial and industrial | 180,163 | 32.8 | % | 217,155 | 38.0 | % | ||||||||||||||||||||||||||||||||
Commercial and industrial – PPP | Commercial and industrial – PPP | 156,783 | 24.4 | % | 838,847 | 68.2 | % | Commercial and industrial – PPP | 44,792 | 8.2 | % | 80,158 | 14.1 | % | ||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | 4,910 | 0.8 | % | 2,896 | 0.2 | % | Consumer and other | 13,502 | 2.5 | % | 3,581 | 0.6 | % | ||||||||||||||||||||||||||||||||
Loans held for investment, at amortized cost, gross | Loans held for investment, at amortized cost, gross | 642,968 | 100.0 | % | 1,230,391 | 100.0 | % | Loans held for investment, at amortized cost, gross | 549,076 | 100.0 | % | 570,238 | 100.0 | % | ||||||||||||||||||||||||||||||||
Discount on SBA 7(a) loans sold | Discount on SBA 7(a) loans sold | (3,753) | (5,417) | Discount on SBA 7(a) loans sold | (3,335) | (3,866) | ||||||||||||||||||||||||||||||||||||||||
Discount on PPP loans purchased | Discount on PPP loans purchased | (24) | (97) | Discount on PPP loans purchased | (10) | (13) | ||||||||||||||||||||||||||||||||||||||||
Deferred loan costs (fees), net | Deferred loan costs (fees), net | 7,298 | (5,819) | Deferred loan costs (fees), net | 7,297 | 7,975 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | (16,616) | (21,162) | Allowance for loan losses | (10,170) | (13,452) | ||||||||||||||||||||||||||||||||||||||||
Loans held for investment, at amortized cost, net | Loans held for investment, at amortized cost, net | $ | 629,873 | $ | 1,197,896 | Loans held for investment, at amortized cost, net | $ | 542,858 | $ | 560,882 |
Due in One Year or Less | Due After One Year to Five Years | Due After Five Years to 15 Years | Due After 15 Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Due in One Year or Less | Due After One Year to Five Years | Due After Five Years to 15 Years | Due After 15 Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | $ | 3,619 | $ | 1,002 | $ | 5,092 | $ | 70,222 | $ | 79,935 | Residential | $ | 4,362 | $ | 326 | $ | 8,669 | $ | 89,512 | $ | 102,869 | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 4,153 | 2,272 | 20,644 | 127,760 | 154,829 | Commercial | 5,271 | 1,839 | 24,319 | 163,104 | 194,533 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | Construction and land | 2,722 | 889 | 1,620 | 12,618 | 17,849 | Construction and land | 2,676 | 773 | 635 | 13,954 | 18,038 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 7,051 | 6,219 | 217,122 | 12,729 | 243,121 | Commercial and industrial | 6,947 | 9,578 | 165,307 | 6,565 | 188,397 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial - PPP | Commercial and industrial - PPP | 96,064 | 59,581 | — | — | 155,645 | Commercial and industrial - PPP | 21,234 | 23,129 | — | — | 44,363 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | 2,498 | 1,139 | 1,278 | — | 4,915 | Consumer and other | 585 | 9,317 | 3,136 | 559 | 13,597 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 116,107 | $ | 71,102 | $ | 245,756 | $ | 223,329 | $ | 656,294 | Total loans | $ | 41,075 | $ | 44,962 | $ | 202,066 | $ | 273,694 | $ | 561,797 |
Fixed Interest Rate | Adjustable Interest Rate | |||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Fixed Interest Rate | Adjustable Interest Rate | |||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||
Residential | Residential | $ | 21,636 | $ | 54,680 | Residential | $ | 23,590 | $ | 74,917 | ||||||||||||
Commercial | Commercial | 1,202 | 149,474 | Commercial | 2,428 | 186,834 | ||||||||||||||||
Construction and land | Construction and land | 5,720 | 9,407 | Construction and land | 5,596 | 9,766 | ||||||||||||||||
Commercial and industrial | Commercial and industrial | 2,073 | 233,997 | Commercial and industrial | 19,089 | 162,361 | ||||||||||||||||
Commercial and industrial - PPP | Commercial and industrial - PPP | 59,581 | — | Commercial and industrial - PPP | 23,129 | — | ||||||||||||||||
Consumer and other | Consumer and other | 2,246 | 171 | Consumer and other | 3,917 | 9,095 | ||||||||||||||||
Total loans | Total loans | $ | 92,458 | $ | 447,729 | Total loans | $ | 77,749 | $ | 442,973 |
September 30, 2021 | September 30, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | March 31, 2022 | March 31, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||||
Nonperforming loans (government guaranteed balances) | Nonperforming loans (government guaranteed balances) | $ | 6,739 | $ | 9,780 | $ | 6,259 | Nonperforming loans (government guaranteed balances) | $ | 6,174 | $ | 6,499 | $ | 7,942 | ||||||||||||||||||||
Nonperforming loans (unguaranteed balances) | Nonperforming loans (unguaranteed balances) | 3,756 | 4,057 | 3,327 | Nonperforming loans (unguaranteed balances) | 2,660 | 3,242 | 3,967 | ||||||||||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 10,495 | 13,837 | 9,586 | Total nonperforming loans | 8,834 | 9,741 | 11,909 | ||||||||||||||||||||||||||
OREO | OREO | 3 | — | — | OREO | 3 | — | 3 | ||||||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 10,498 | $ | 13,837 | $ | 9,586 | Total nonperforming assets | $ | 8,837 | $ | 9,741 | $ | 11,912 | ||||||||||||||||||||
Nonperforming loans as a percentage of total loans held for investment | Nonperforming loans as a percentage of total loans held for investment | 1.60 | % | 1.09 | % | 0.78 | % | Nonperforming loans as a percentage of total loans held for investment | 1.57 | % | 0.70 | % | 2.04 | % | ||||||||||||||||||||
Nonperforming loans (excluding government guaranteed balances) to total loans held for investment | Nonperforming loans (excluding government guaranteed balances) to total loans held for investment | 0.57 | % | 0.32 | % | 0.27 | % | Nonperforming loans (excluding government guaranteed balances) to total loans held for investment | 0.47 | % | 0.23 | % | 0.68 | % | ||||||||||||||||||||
Nonperforming assets as a percentage of total assets | Nonperforming assets as a percentage of total assets | 1.11 | % | 0.92 | % | 0.62 | % | Nonperforming assets as a percentage of total assets | 0.99 | % | 0.57 | % | 1.30 | % | ||||||||||||||||||||
Nonperforming assets (excluding government guaranteed balances) to total assets | Nonperforming assets (excluding government guaranteed balances) to total assets | 0.40 | % | 0.27 | % | 0.22 | % | Nonperforming assets (excluding government guaranteed balances) to total assets | 0.30 | % | 0.19 | % | 0.43 | % | ||||||||||||||||||||
ALLL to nonperforming loans | ALLL to nonperforming loans | 158.32 | % | 136.68 | % | 220.76 | % | ALLL to nonperforming loans | 115.12 | % | 226.02 | % | 112.96 | % | ||||||||||||||||||||
ALLL to nonperforming loans (excluding government guaranteed balances) | ALLL to nonperforming loans (excluding government guaranteed balances) | 442.39 | % | 466.18 | % | 636.07 | % | ALLL to nonperforming loans (excluding government guaranteed balances) | 382.33 | % | 679.12 | % | 339.10 | % |
At and for the Three Months Ended September 30, | At and for the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | At and for the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Allowance at beginning of period | Allowance at beginning of period | $ | 20,797 | $ | 12,880 | $ | 21,162 | $ | 10,742 | Allowance at beginning of period | $ | 13,452 | $ | 21,162 | ||||||||||||||||||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | (173) | (7) | (173) | (7) | ||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | (1,500) | (956) | (4,090) | (3,785) | Commercial and industrial | (1,031) | (1,137) | ||||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | (20) | (17) | (48) | (79) | Consumer and other | (15) | (16) | ||||||||||||||||||||||||||||||||||||||
Total charge-offs | Total charge-offs | (1,693) | (980) | (4,311) | (3,871) | Total charge-offs | (1,046) | (1,153) | ||||||||||||||||||||||||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 73 | — | 73 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 8 | — | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 439 | 12 | 688 | 131 | Commercial and industrial | 153 | 5 | ||||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | — | 1 | 4 | 11 | Consumer and other | 3 | 3 | ||||||||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 512 | 13 | 765 | 142 | Total recoveries | 164 | 8 | ||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | (1,181) | (967) | (3,546) | (3,729) | Net charge-offs | (882) | (1,145) | ||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | (3,000) | 7,000 | (1,000) | 11,900 | Provision for loan losses | (2,400) | 2,000 | ||||||||||||||||||||||||||||||||||||||
Allowance at end of period | Allowance at end of period | $ | 16,616 | $ | 18,913 | $ | 16,616 | $ | 18,913 | Allowance at end of period | $ | 10,170 | $ | 22,017 | ||||||||||||||||||||||||||||||||
Net charge-offs to average loans held for investment | Net charge-offs to average loans held for investment | 0.63 | % | 0.32 | % | 0.44 | % | 0.62 | % | Net charge-offs to average loans held for investment | 0.61 | % | 0.35 | % | ||||||||||||||||||||||||||||||||
Allowance as a percent of total loans held for investment | Allowance as a percent of total loans held for investment | 2.53 | % | 1.49 | % | 2.53 | % | 1.49 | % | Allowance as a percent of total loans held for investment | 1.81 | % | 1.59 | % | ||||||||||||||||||||||||||||||||
Allowance as a percent of loans held for investment, not including government guaranteed loans | Allowance as a percent of loans held for investment, not including government guaranteed loans | 5.25 | % | 6.63 | % | 5.25 | % | 6.63 | % | Allowance as a percent of loans held for investment, not including government guaranteed loans | 2.71 | % | 7.35 | % | ||||||||||||||||||||||||||||||||
Allowance as a percent of nonperforming loans | Allowance as a percent of nonperforming loans | 158.32 | % | 136.68 | % | 158.32 | % | 136.68 | % | Allowance as a percent of nonperforming loans | 115.12 | % | 226.02 | % | ||||||||||||||||||||||||||||||||
Total loans held for investment | Total loans held for investment | $ | 656,294 | $ | 1,266,753 | $ | 656,294 | $ | 1,266,753 | Total loans held for investment | $ | 563,242 | $ | 1,388,533 | ||||||||||||||||||||||||||||||||
Average loans held for investment | Average loans held for investment | $ | 755,689 | $ | 1,213,406 | $ | 1,070,879 | $ | 804,909 | Average loans held for investment | $ | 578,617 | $ | 1,292,090 | ||||||||||||||||||||||||||||||||
Nonperforming loans (including government guaranteed balances) | Nonperforming loans (including government guaranteed balances) | $ | 10,495 | $ | 13,837 | $ | 10,495 | $ | 13,837 | Nonperforming loans (including government guaranteed balances) | $ | 8,834 | $ | 9,741 | ||||||||||||||||||||||||||||||||
Nonperforming loans (excluding government guaranteed balances) | Nonperforming loans (excluding government guaranteed balances) | $ | 3,756 | $ | 4,057 | $ | 3,756 | $ | 4,057 | Nonperforming loans (excluding government guaranteed balances) | $ | 2,660 | $ | 3,242 | ||||||||||||||||||||||||||||||||
Guaranteed balance of all government guaranteed loans | Guaranteed balance of all government guaranteed loans | $ | 339,766 | $ | 981,414 | $ | 339,766 | $ | 981,414 | Guaranteed balance of all government guaranteed loans | $ | 187,444 | $ | 1,089,098 | ||||||||||||||||||||||||||||||||
Loans held for sale, residential | Loans held for sale, residential | $ | 91,243 | $ | 149,407 | $ | 91,243 | $ | 149,407 | Loans held for sale, residential | $ | 75,022 | $ | 208,762 |
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Net Charge-off/(Recovery) | Average Loans HFI | Net Charge-off/(Recovery) Ratio | Net Charge-off/(Recovery) | Average Loans HFI | Net Charge-off/(Recovery) Ratio | |||||||||||||||||||||||||||||
Residential real estate | $ | — | $ | 76,881 | — | % | $ | — | $ | 54,987 | — | % | |||||||||||||||||||||||
Commercial real estate | (8) | 216,373 | (0.01) | — | 151,259 | — | |||||||||||||||||||||||||||||
Commercial and industrial | 878 | 222,305 | 1.58 | 1,132 | 205,889 | 2.20 | |||||||||||||||||||||||||||||
Commercial and industrial - PPP | — | 58,058 | — | — | 878,532 | — | |||||||||||||||||||||||||||||
Consumer and other | 12 | 5,000 | 0.96 | 13 | 1,423 | 3.65 | |||||||||||||||||||||||||||||
Total loans | $ | 882 | $ | 578,617 | 0.61 | % | $ | 1,145 | $ | 1,292,090 | 0.35 | % |
At and for the Nine Months Ended September 30, | At and for the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | At and for the Three Months Ended March 31, | At and for the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
Government Guaranteed, Excluding PPP | Government Guaranteed, Excluding PPP | 2021 | 2020 | 2020 | Government Guaranteed, Excluding PPP | 2022 | 2021 | 2021 | ||||||||||||||||||||||||||||||||
Number of loans originated | Number of loans originated | 272 | 264 | 320 | Number of loans originated | 86 | 49 | 374 | ||||||||||||||||||||||||||||||||
Amount of loans originated | Amount of loans originated | $ | 110,185 | $ | 84,420 | $ | 101,076 | Amount of loans originated | $ | 47,332 | $ | 15,520 | $ | 169,467 | ||||||||||||||||||||||||||
Average loan size originated | Average loan size originated | $ | 405 | $ | 320 | $ | 316 | Average loan size originated | $ | 550 | $ | 317 | $ | 453 | ||||||||||||||||||||||||||
Government guaranteed loan balances sold | Government guaranteed loan balances sold | $ | — | $ | 23,669 | $ | 23,713 | Government guaranteed loan balances sold | $ | 71,345 | $ | — | $ | 44,854 | ||||||||||||||||||||||||||
Government unguaranteed loan balances sold | Government unguaranteed loan balances sold | $ | 5,034 | $ | 393 | 393 | Government unguaranteed loan balances sold | $ | 4,351 | $ | — | 5,034 | ||||||||||||||||||||||||||||
Total government guaranteed loans | Total government guaranteed loans | $ | 314,015 | $ | 248,567 | $ | 253,330 | Total government guaranteed loans | $ | 271,317 | $ | 261,502 | $ | 300,415 | ||||||||||||||||||||||||||
Government guaranteed loan balances | Government guaranteed loan balances | $ | 184,119 | $ | 101,903 | $ | 110,196 | Government guaranteed loan balances | $ | 143,081 | $ | 121,824 | $ | 171,548 | ||||||||||||||||||||||||||
Government unguaranteed loan balances | Government unguaranteed loan balances | $ | 129,896 | $ | 147,258 | $ | 143,134 | Government unguaranteed loan balances | $ | 128,236 | $ | 147,258 | $ | 128,867 | ||||||||||||||||||||||||||
Government guaranteed loans serviced for others | Government guaranteed loans serviced for others | $ | 443,764 | $ | 560,154 | $ | 524,910 | Government guaranteed loans serviced for others | $ | 507,986 | $ | 505,289 | $ | 459,670 |
September 30, | December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2020 | |||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||
Florida | $ | 87,563 | 28 | % | $ | 58,854 | 24 | % | $ | 60,861 | 24 | % | |||||||||||||||||||||||
California | 40,795 | 13 | % | 34,654 | 14 | % | 32,891 | 13 | % | ||||||||||||||||||||||||||
Texas | 21,290 | 7 | % | 18,290 | 7 | % | 17,689 | 7 | % | ||||||||||||||||||||||||||
Georgia | 14,875 | 5 | % | 13,566 | 5 | % | 13,936 | 6 | % | ||||||||||||||||||||||||||
All Other | 149,492 | 47 | % | 123,203 | 50 | % | 127,953 | 50 | % | ||||||||||||||||||||||||||
Total government guaranteed loans, excluding PPP | $ | 314,015 | 100 | % | $ | 248,567 | 100 | % | $ | 253,330 | 100 | % |
At and for the Three Months ended September 30, | At and for the Nine Months Ended September 30, | At and for the year ended December 31, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | |||||||||||||||||||||||||
Number of loans originated | 2 | 2,558 | 3,858 | 8,930 | 8,948 | ||||||||||||||||||||||||
Amount of loans originated | $ | 276 | $ | 64,888 | $ | 329,315 | $ | 876,603 | $ | 876,960 | |||||||||||||||||||
Average loan size originated | $ | 138 | $ | 25 | $ | 85 | $ | 98 | $ | 98 | |||||||||||||||||||
Amount of loans sold | $ | — | $ | — | $ | 326,318 | $ | — | $ | — | |||||||||||||||||||
Amount of loans purchased | $ | — | $ | 7,362 | $ | — | $ | 22,404 | $ | 22,404 | |||||||||||||||||||
Loan balance, net of deferred loan costs (fees) and discount on purchased loans | $ | 155,647 | $ | 879,511 | $ | 155,647 | $ | 879,511 | $ | 825,802 | |||||||||||||||||||
Loan origination fees, net recognized | $ | 1,662 | $ | 4,302 | $ | 13,909 | $ | 8,175 | $ | 13,419 | |||||||||||||||||||
Deferred loan origination fees, net, at period end | $ | 1,112 | $ | 19,531 | $ | 1,112 | $ | 19,531 | $ | 12,948 |
March 31, | December 31, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||
Florida | $ | 83,129 | 31 | % | $ | 65,622 | 25 | % | $ | 89,143 | 30 | % | |||||||||||||||||||||||
California | 29,967 | 11 | % | 34,163 | 13 | % | 32,924 | 11 | % | ||||||||||||||||||||||||||
Texas | 17,835 | 7 | % | 17,992 | 7 | % | 20,976 | 7 | % | ||||||||||||||||||||||||||
Georgia | 12,512 | 5 | % | 14,093 | 5 | % | 13,894 | 5 | % | ||||||||||||||||||||||||||
All Other | 127,874 | 46 | % | 129,632 | 50 | % | 143,478 | 47 | % | ||||||||||||||||||||||||||
Total government guaranteed loans, excluding PPP loans | $ | 271,317 | 100 | % | $ | 261,502 | 100 | % | $ | 300,415 | 100 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Year Ended December 31, | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans originated | Number of loans originated | 1,620 | 2,119 | 5,745 | 4,546 | 6,727 | Number of loans originated | 1,051 | 2,372 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of loans originated | Amount of loans originated | $ | 506,673 | $ | 598,385 | $ | 1,744,630 | $ | 1,278,784 | $ | 1,919,862 | Amount of loans originated | $ | 335,560 | $ | 715,849 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average loan size originated | Average loan size originated | $ | 313 | $ | 282 | $ | 304 | $ | 281 | $ | 285 | Average loan size originated | $ | 319 | $ | 302 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loan balances sold | Loan balances sold | $ | 540,684 | $ | 544,857 | $ | 1,855,685 | $ | 1,209,063 | $ | 1,787,574 | Loan balances sold | $ | 371,929 | $ | 710,465 |
Deposit Types | September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | $ | 87,625 | 13.0 | % | $ | 70,115 | 13.7 | % | $ | 62,650 | 11.2 | % | Noninterest-bearing deposits | $ | 92,680 | 12.0 | % | $ | 83,638 | 11.6 | % | ||||||||||||||||||||||||||||||||||||
Interest-bearing transaction accounts | Interest-bearing transaction accounts | 157,304 | 23.3 | % | 112,902 | 22.1 | % | 140,265 | 25.1 | % | Interest-bearing transaction accounts | 180,815 | 23.5 | % | 163,495 | 22.7 | % | |||||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 362,476 | 53.7 | % | 235,385 | 46.1 | % | 274,421 | 49.1 | % | Money market accounts | 447,837 | 58.2 | % | 408,257 | 56.5 | % | |||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 14,976 | 2.2 | % | 12,323 | 2.4 | % | 12,323 | 2.2 | % | Savings | 17,010 | 2.2 | % | 15,607 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 622,381 | 92.2 | % | 430,725 | 84.3 | % | 489,659 | 87.6 | % | Subtotal | 738,342 | 95.9 | % | 670,997 | 93.0 | % | |||||||||||||||||||||||||||||||||||||||||
Total time deposits | Total time deposits | 52,653 | 7.8 | % | 79,417 | 15.6 | % | 69,125 | 12.4 | % | Total time deposits | 31,787 | 4.1 | % | 50,688 | 7.0 | % | |||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 675,034 | 100.0 | % | $ | 510,142 | 100.0 | % | $ | 558,784 | 100.0 | % | Total deposits | $ | 770,129 | 100.0 | % | $ | 721,685 | 100.0 | % |
(Dollars in thousands) | |||||
Three months or less | $ | ||||
Over three months through six months | |||||
Over six months through 12 months | |||||
Over 12 months | |||||
Total | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Balance at beginning of period | $ | 92,813 | $ | 53,307 | $ | 71,069 | $ | 51,332 | |||||||||||||||
Net income | 1,280 | 5,253 | 21,807 | 7,097 | |||||||||||||||||||
Issuance of common stock under: | |||||||||||||||||||||||
Non-qualified stock purchase plan | 218 | 107 | 662 | 303 | |||||||||||||||||||
Dividend reinvestment plan | 105 | 98 | 389 | 405 | |||||||||||||||||||
Employee stock ownership plan | 366 | — | 366 | 260 | |||||||||||||||||||
Issuance of preferred stock, net | — | 3,723 | 727 | 3,723 | |||||||||||||||||||
Issuance of common stock, net | — | — | 701 | — | |||||||||||||||||||
Stock-based compensation expense | 6 | 6 | 43 | (5) | |||||||||||||||||||
Exercise of stock options | 93 | 92 | 310 | 280 | |||||||||||||||||||
Other comprehensive income (loss) | (79) | — | (201) | — | |||||||||||||||||||
Dividends declared on preferred stock | (230) | (202) | (797) | (557) | |||||||||||||||||||
Dividends declared on common stock | (274) | (230) | (778) | (684) | |||||||||||||||||||
Balance at end of period | $ | 94,298 | $ | 62,154 | $ | 94,298 | $ | 62,154 |
Actual | Minimum(1) | Well Capitalized(2) | Actual | Minimum(1) | Well Capitalized(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2022 | As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | Total Capital (to risk-weighted assets) | $ | 102,678 | 22.50 | % | $ | 36,514 | 8.00 | % | $ | 45,643 | 10.00 | % | Total Capital (to risk-weighted assets) | $ | 106,128 | 19.45 | % | $ | 43,656 | 8.00 | % | $ | 54,570 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | Tier 1 Capital (to risk-weighted assets) | 96,808 | 21.21 | % | 27,386 | 6.00 | % | 36,514 | 8.00 | % | Tier 1 Capital (to risk-weighted assets) | 99,247 | 18.19 | % | 32,742 | 6.00 | % | 43,656 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | Common Equity Tier 1 Capital (to risk-weighted assets) | 96,808 | 21.21 | % | 20,539 | 4.50 | % | 29,668 | 6.50 | % | Common Equity Tier 1 Capital (to risk-weighted assets) | 99,247 | 18.19 | % | 24,556 | 4.50 | % | 35,470 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital (to total assets) | Tier 1 Capital (to total assets) | 96,808 | 12.64 | % | 30,643 | 4.00 | % | 38,304 | 5.00 | % | Tier 1 Capital (to total assets) | 99,247 | 11.75 | % | 33,774 | 4.00 | % | 42,218 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | Total Capital (to risk-weighted assets) | 78,824 | 17.02 | % | 37,056 | 8.00 | % | 46,320 | 10.00 | % | Total Capital (to risk-weighted assets) | 106,002 | 21.25 | % | 39,909 | 8.00 | % | 49,886 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | Tier 1 Capital (to risk-weighted assets) | 72,825 | 15.72 | % | 27,792 | 6.00 | % | 37,056 | 8.00 | % | Tier 1 Capital (to risk-weighted assets) | 99,656 | 19.98 | % | 29,932 | 6.00 | % | 39,909 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | Common Equity Tier 1 Capital (to risk-weighted assets) | 72,825 | 15.72 | % | 20,844 | 4.50 | % | 30,108 | 6.50 | % | Common Equity Tier 1 Capital (to risk-weighted assets) | 99,656 | 19.98 | % | 22,449 | 4.50 | % | 32,426 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 Capital (to total assets) | Tier 1 Capital (to total assets) | 72,825 | 11.75 | % | 24,799 | 4.00 | % | 30,998 | 5.00 | % | Tier 1 Capital (to total assets) | 99,656 | 12.22 | % | 32,619 | 4.00 | % | 40,774 | 5.00 | % |
Contractual Obligations as of September 30, 2021 | Contractual Obligations as of March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Less than One Year | One to Three Years | Three to Five Years | Over Five Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease obligations | Operating lease obligations | $ | 1,409 | $ | 2,161 | $ | 1,211 | $ | 151 | $ | 4,932 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than One Year | One to Three Years | Three to Five Years | Over Five Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | — | — | — | 3,186 | 3,186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | — | — | — | 5,987 | 5,987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 25,097 | 5,773 | 917 | — | 31,787 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 26,506 | $ | 7,934 | $ | 2,128 | $ | 9,324 | $ | 45,892 | |||||||||||||||||||||||||||||||||||||||||||||||
Contractual Obligations as of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Less than One Year | One to Three Years | Three to Five Years | Over Five Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease obligations | Operating lease obligations | $ | 1,098 | $ | 1,930 | $ | 1,167 | $ | 350 | $ | 4,545 | Operating lease obligations | $ | 1,454 | $ | 2,249 | $ | 1,279 | $ | 301 | $ | 5,283 | ||||||||||||||||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | — | — | — | 3,413 | 3,413 | Long-term borrowings | — | — | — | 3,299 | 3,299 | ||||||||||||||||||||||||||||||||||||||||||||||
PPP Liquidity Facility | PPP Liquidity Facility | 105,941 | — | 38,660 | — | 144,601 | PPP Liquidity Facility | 44,647 | — | 25,007 | — | 69,654 | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | — | — | — | 5,983 | 5,983 | Subordinated notes | — | — | — | 6,050 | 6,050 | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 43,778 | 8,054 | 821 | — | 52,653 | Time deposits | 40,868 | 9,210 | 610 | — | 50,688 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 150,817 | $ | 9,984 | $ | 40,648 | $ | 9,746 | $ | 211,195 | Total | $ | 86,969 | $ | 11,459 | $ | 26,896 | $ | 9,650 | $ | 134,974 | ||||||||||||||||||||||||||||||||||||
Contractual Obligations as of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than One Year | One to Three Years | Three to Five Years | Over Five Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease obligations | $ | 1,134 | $ | 1,209 | $ | 945 | $ | 637 | $ | 3,925 | ||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | — | — | — | 3,754 | 3,754 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP Liquidity Facility | — | 791,778 | 89,484 | — | 881,262 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | — | — | — | 5,948 | 5,948 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 27,909 | 39,817 | 1,399 | — | 69,125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 29,043 | $ | 832,804 | $ | 91,828 | $ | 10,339 | $ | 964,014 |
September 30, 2021 | September 30, 2020 | December 31, 2020 | ||||||||||||||||||||||||||
(Dollars of thousands) | (Dollars of thousands) | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Unfunded loan commitments | Unfunded loan commitments | $ | 57,592 | $ | 27,555 | $ | 34,867 | Unfunded loan commitments | $ | 15,411 | $ | 18,567 | ||||||||||||||||
Unused lines of credit | Unused lines of credit | 43,263 | 32,223 | 34,063 | Unused lines of credit | 62,470 | 52,076 | |||||||||||||||||||||
Standby letters of credit | Standby letters of credit | 68 | 68 | 68 | Standby letters of credit | 68 | 68 | |||||||||||||||||||||
Total | Total | $ | 100,923 | $ | 59,846 | $ | 68,998 | Total | $ | 77,949 | $ | 70,711 |
Date of Sales | Number of Shares | Proceeds | Class of Purchaser | Exemption Claimed | ||||||||||||||||||||||
July 1-31, 2021 | 15,058.56 | $ | — | Accredited investors and QIBs Converting Outstanding Securities | Rule 506(b) and Section 4(a)(2) | |||||||||||||||||||||
July 1-31, 2021 | 4,336.21 | 105 | DRIP Participants | Section 3(a)(11) | ||||||||||||||||||||||
July 1-31, 2021 | 8,247.00 | 183 | NSPP Participants | Rule 701 | ||||||||||||||||||||||
July 1-31, 2021 | 24,919.57 | 384 | ESOP Participants | Rule 701 | ||||||||||||||||||||||
September 1-30, 2021 | 7,933.66 | 223 | DRIP Participants | Section 3(a)(11) |
Period | Number of Shares (1) | Average Price Paid Per Share | Cumulative Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs | ||||||||||||||||||||||
January 1-31, 2022 | 2,212 | $ | 22.27 | 2,212 | 911,472 | |||||||||||||||||||||
February 1-28, 2022 | — | — | 2,212 | 911,472 | ||||||||||||||||||||||
March 1-31, 2022 | — | — | 2,212 | 911,472 | ||||||||||||||||||||||
Total | 2,212 | $ | 22.27 | 2,212 | ||||||||||||||||||||||
(1) Reflects the repurchase of shares on Nasdaq, and their subsequent retirement, pursuant to the repurchase program. |
Exhibit Number | Exhibit Name | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Financial information from the Company’s Quarterly Report on Form 10-Q for the quarterly period ended | |||||||
104 |
BAYFIRST FINANCIAL CORP. | ||||||||
Date: | ||||||||
By: | /s/ Anthony N. Leo | |||||||
Anthony N. Leo | ||||||||
Chief Executive Officer (principal executive officer) | ||||||||
Date: | ||||||||
By: | /s/ Robin L. Oliver | |||||||
Robin L. Oliver | ||||||||
(principal financial officer) |