1st Colonial Bancorp, Inc. Reports Record Earnings of $8.5 Million for 2022, a 17% Increase Over 2021
Income Statement Highlights include:
- Net income for the fourth quarter of 2022 was $2.3 million, a 34% increase over the same period in 2021.
- Net income for 2022 was $8.5 million, a 17% increase over 2021.
- Net interest income was $7.3 million for the fourth quarter of 2022, an increase of 20% over the same period in 2021.
- Net interest income was $26.0 million for 2022, a 19% increase over 2021.
- Net interest margin for the quarter ended December 31, 2022 was 3.92%, a 12% increase over the same period in 2021.
- For the fourth quarter of 2022, diluted earnings per share was $0.48, a 37% increase over the same period in 2021.
- For 2022, diluted earnings per share was $1.77, a 20% increase over 2021.
- The efficiency ratio for the fourth quarter of 2022 improved to 58.7% from 62.2% for the fourth quarter of 2021.
- The efficiency ratio for 2022 improved to 60.3% from 62.5% for 2021.
Balance Sheet Highlights include:
- Total assets grew $18.2 million, or 2%, to $782.0 million from $763.8 million as of September 30, 2022 and by $99.2 million, or 15%, from $682.8 million as of December 31, 2021.
- Total loans grew $16.6 million, or 3%, to $603.6 million from $587.0 million as of September 30, 2022, and by $101.7 million, or 20%, from $501.9 million as of December 31, 2021.
- Total deposits grew $10.2 million, or 2%, to $671.1 million from $660.9 million as of September 30, 2022, and by $60.6 million, or 10%, from $610.5 million as of December 31, 2021.
- Book value per share increased 4% to $12.76 as of December 31, 2022 from $12.23 as of December 31, 2021.
- For the fourth quarter of 2022, annualized return on average assets was 1.21% and annualized return on average equity was 15.86% compared to 0.97% and 11.96%, respectively, for the fourth quarter of 2021.
- For 2022, the return on average assets was 1.16% and the return on average equity was 14.84% compared to 1.07% and 13.14%, respectively, for 2021.
MOUNT LAUREL, N.J., Jan. 24, 2023 (GLOBE NEWSWIRE) -- 1st Colonial Bancorp, Inc. (FCOB), holding company of 1st Colonial Community Bank, today reported net income of $2.3 million, or $0.48 per diluted share, for the three months ended December 31, 2022, compared to net income of $1.7 million, or $0.35 per diluted share, for the three months ended December 31, 2021. For the year ended December 31, 2022, net income was $8.5 million, or $1.77 per diluted share, compared to $7.3 million, or $1.47 per diluted share, for the same period in 2021.
Robert White, President and Chief Executive Officer, commented, “We are pleased to announce that our team achieved record earnings for 2022, reflecting our commitment to executing upon our long-term strategic initiatives and delivering consistent results to our shareholders. Our performance benefited from higher interest rates, along with a steady demand for new loans. The impact of persistent inflation, along with anticipated further interest rate hikes is likely to have a negative impact on loan demand throughout 2023. We are anticipating heightened pressure on our margin, as deposit competition intensifies. We continue to be focused on our asset quality metrics and ensuring that our strong credit management discipline is maintained for new credits, as well as embedded in our portfolio management practices.”
Operating Results
Net Interest Income
Net interest income for the three months ended December 31, 2022 and 2021 was $7.3 million and $6.1 million, respectively. The $1.2 million increase in net interest income was primarily attributable to a $1.6 million increase in interest income on average loans outstanding. For the fourth quarter of 2022, average loan balances increased $86.5 million to $589.9 million from $503.4 million for the fourth quarter of 2021. When compared to the third quarter of 2022, net interest income increased $385 thousand from $6.9 million. Approximately 27% of the loan portfolio is tied to the Wall Street Journal prime rate and will re-price at various times when the rate changes. For the fourth quarter of 2022, net loan origination income on the SBA’s Paycheck Protection Program (“PPP”) loans was $23 thousand and declined $830 thousand from the fourth quarter of 2021. All PPP loans have been forgiven and paid in full as of December 31, 2022.
For the fourth quarter of 2022, interest expense was $1.4 million and increased $679 thousand from $736 thousand for the fourth quarter of 2021. When compared to the third quarter of 2022, interest expense increased $288 thousand from $1.1 million. As a result of the cumulative increases in the fed funds interest rate during 2022, we began increasing our deposit rates in the third quarter. To fund our interest-earning asset growth, our average borrowings increased $16.8 million in the fourth quarter of 2022 compared to the same period in 2021 and contributed to the overall increase in interest expense.
For 2022, net interest income grew $4.1 million, or 18.8%, to $26.0 million from $21.9 million for 2021. The increase in net interest income was mostly attributable to a $4.5 million increase in interest income earned on average loans. Our average outstanding loan balance grew $78.5 million and was affected by a $39.6 million reduction in average PPP loans outstanding. Net PPP loan origination income decreased $1.9 million year over year.
Interest expense rose $827 thousand, or 27%, from $3.0 million for 2021 to $3.9 million for 2022. A $40 million increase in average interest-bearing deposits combined with increases in the rates paid on these deposits led to a $444 thousand increase in interest expense. Our average borrowings increased $8.6 million in 2022 compared to 2021 and contributed $383 thousand to the increase in interest expense.
The net interest margin was 3.92% for the fourth quarter of 2022 compared to 3.51% for the fourth quarter of 2021, and 3.76% for the third quarter of 2022. Net interest margin was 3.68% for the year ended December 31, 2022, compared to 3.33% for the year ended December 31, 2021. The improvement in net interest margin was mostly related to an increase in the average yield on interest-earning assets, which grew 74 basis points from 3.94% for the quarter ended December 31, 2021 to 4.68% for the quarter ended December 31, 2022. For 2022, the average yield on interest-earning assets grew 44 basis points to 4.23% from 3.79% for 2021.
Loan Loss Provision
For the three months and year ended December 31, 2022, we recorded provisions to the allowance for loan losses (“allowance”) of $350 thousand and $1.2 million, respectively, compared to $700 thousand and $1.7 million for the three months and year ended December 31, 2021, respectively. For 2022, we recognized net recoveries of $274 thousand compared to net charge-offs of $432 thousand for 2021. The allowance as a percentage of total loans was 1.38% as of December 31, 2022 and 2021.
Non-interest Income
Non-interest income for the fourth quarter of 2022 was $858 thousand, a decrease of $1.3 million, or 60.0%, from $2.1 million for the fourth quarter of 2021. Income from the origination and sales of residential mortgages declined $782 thousand, or 63.1%, from the fourth quarter in 2021 due to a $22.8 million, or 59.9%, decline in sales. Mortgage activity was impacted by a drop in refinancing transactions and a lack of inventory in the purchase market that we believe were both caused by the increase in interest rates. During the fourth quarter of 2022, we earned $67 thousand in gains on the sale of SBA loans compared to $696 thousand for the comparable 2021 period. The decline was due to lower SBA originations and a decline in the bid prices for the sold guaranteed loan balances. When compared to the third quarter of 2022, non-interest income for the fourth quarter of 2022 decreased $565 thousand from $1.4 million. The third quarter of 2022 included a non-taxable bank owned life insurance (“BOLI”) death benefit of $641 thousand related to a former employee compared to a $98 thousand BOLI death benefit for another former employee in the fourth quarter of 2022.
For the year ended December 31, 2022, non-interest income was $5.6 million, a decrease of $3.9 million, or 41.3%, from $9.5 million for 2021. Income from the origination and sales of residential mortgages decreased $3.1 million, or 54.5%, from $5.8 million for 2021 to $2.7 million for 2022 due to a decline of $95.0 million in the volume of loans sold during the 2022 period. In 2022, we earned $852 thousand in gains on the sale of SBA loans, which declined $1.4 million, or 62.6%, from $2.3 million in 2021. For 2022, we recognized $1.0 million in BOLI death benefits related to former employees compared to $385 thousand in 2021.
Non-interest Expense
Non-interest expense was $4.8 million for the three months ended December 31, 2022, a decrease of $342 thousand, or 6.7%, from $5.1 million for the comparable period in 2021. Loan expenses and professional fees declined $259 thousand and $50 thousand, respectively, during this period. When compared to the third quarter of 2022, non-interest expense increased $29 thousand in the fourth quarter of 2022.
Non-interest expense was $19.0 million for 2022 and declined $585 thousand, or 2.98%, from $19.6 million for 2021. For 2022, loan expenses and professional fees declined $543 thousand and $163 thousand, respectively, from their 2021 amounts and were partially offset by a $125 thousand increase in data processing expenses.
Income Taxes
For the three and twelve months ended December 31, 2022, income tax expense was $682 thousand and $2.9 million, respectively, compared to $671 thousand and $2.8 million for the three and twelve months ended December 31, 2021, respectively.
Financial Condition
Assets
As of December 31, 2022, total assets were $782.0 million and grew $99.2 million, or 14.5%, from $682.8 million as of December 31, 2021.
Total loans were $603.6 million as of December 331, 2022 and grew $16.6 million, or 3%, from $587.0 million as of September 30, 2022. Total loans grew $101.7 million, or 20.3%, from $501.9 million as of December 31, 2021. During 2022, commercial loans grew $46.9 million, or 16.7%, and residential mortgages and consumer loans grew $68.8 million, or 33.1%. PPP loans declined from $14.0 million as of December 31, 2021 to $0 as of December 31, 2022. Loans held for sale were $6.7 million as of December 31, 2022, compared to $10.0 million as of December 31, 2021.
Investments grew $645 thousand to $129.1 million as of December 31, 2022 from $128.5 million as of September 30, 2022. Total investments increased $17.3 million, or 15.5%, from $111.8 million as of December 31, 2021. Investments were negatively impacted by an unrealized loss of $8.1 million as of December 31, 2022 compared to $8.6 million as of September 30, 2022. The investment portfolio had an unrealized gain of $374 thousand as of December 31, 2021. The 2022 unrealized loss was caused by higher interest rates and the widening spreads in our government agency sponsored bonds and mortgage-backed securities. Approximately 88% of the available for sale investment portfolio is invested in U.S. government sponsored securities. As of December 31, 2022, cash and cash equivalents decreased $1.1 million, or 5.2%, to $20.4 million from $21.5 million as of September 30, 2022. Cash and cash equivalents were $40.9 million as of December 31, 2021. During 2022, we invested our cash in higher-yielding loans.
Liabilities
Total deposits were $671.1 million as of December 31, 2022, an increase of $60.6 million, or 9.9%, from $610.5 million as of December 31, 2021. Interest-checking accounts, brokered deposits, and money markets increased $75.5 million, $46.8 million, and $7.2 million, respectively, while certificates of deposit, savings accounts and demand deposits decreased $39.7 million, $22.0 million and $7.2 million, respectively. Short-term borrowings increased $34.8 million to fund the asset growth.
Shareholder’s Equity
Total shareholders’ equity was $59.6 million as of December 31, 2022, an increase of $2.7 million, or 4.9%, from $56.9 million as of September 30, 2022. Total shareholders’ equity increased $1.8 million, or 3.2% from $57.8 million as of December 31, 2021. The net unrealized loss in our investment portfolio resulted in a $6.2 million decline in accumulated other comprehensive income (“AOCI”) from $272 thousand as of December 31, 2021 to an accumulated other comprehensive loss of $5.9 million as of December 31, 2022. Tangible book value per share increased $0.58 from $12.18 as of September 30, 2022 to $12.76 as of December 31, 2022. Tangible book value per share was $12.23 as of December 31, 2021.
Asset Quality
As of December 31, 2022, total impaired loans were $4.8 million and included $4.6 million in non-performing loans compared to $4.2 million in impaired loans, of which $3.6 million was non-performing, as of September 30, 2022. As of December 31, 2021, total impaired loans were $3.8 million and included $3.5 million in non-performing loans.
As of December 31, 2022, the ratio of non-performing assets to total assets was 0.58% compared to 0.48% as of September 30, 2022. The ratio of non-performing assets to total assets was 0.52% as of December 31, 2021. As of December 31, 2022, the allowance for loan losses was $8.3 million or 1.38% of total loans compared to $8.0 million or 1.35% of total loans as of September 30, 2022. The allowance was $6.9 million or 1.38% of total loans as of December 31, 2021. The allowance to non-accrual loans was 182.50% as of December 31, 2022, 220.0% as of September 30, 2022, and 195.9% as of December 31, 2021.
Consolidated Financial Statements and Other Highlights:
1st COLONIAL BANCORP, INC.
CONSOLIDATED INCOME STATEMENTS
(Unaudited, dollars in thousands, except per share data)
| For the three months ended | For the years | |||||||||||||
| Dec 31, | Sept 30, | Dec 31, | ended December 31, | |||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||
| Interest income | $ | 8,666 | $ | 7,993 | $ | 6,803 | $ | 29,873 | $ | 24,935 | ||||
| Interest expense | 1,415 | 1,127 | 736 | 3,864 | 3,037 | |||||||||
| Net Interest Income | 7,251 | 6,866 | 6,067 | 26,009 | 21,898 | |||||||||
| Provision for loan losses | 350 | 200 | 700 | 1,150 | 1,715 | |||||||||
| Net interest income after provision for loan losses | 6,901 | 6,666 | 5,367 | 24,859 | 20,183 | |||||||||
| Non-interest income | 858 | 1,423 | 2,133 | 5,568 | 9,490 | |||||||||
| Non-interest expense | 4,760 | 4,731 | 5,102 | 19,034 | 19,619 | |||||||||
| Income before taxes | 2,999 | 3,358 | 2,398 | 11,393 | 10,054 | |||||||||
| Income tax expense | 682 | 800 | 671 | 2,895 | 2,796 | |||||||||
| Net Income | $ | 2,317 | $ | 2,558 | $ | 1,727 | $ | 8,498 | $ | 7,258 | ||||
| Earnings Per Share – Basic | $ | 0.50 | $ | 0.55 | $ | 0.36 | $ | 1.82 | $ | 1.49 | ||||
| Earnings Per Share – Diluted | $ | 0.48 | $ | 0.53 | $ | 0.35 | $ | 1.77 | $ | 1.47 | ||||
SELECTED PERFORMANCE RATIOS:
| For the three months ended | For the years | ||||||||||||||
| Dec 31, | Sept 30, | Dec 31, | ended December 31, | ||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||
| Annualized Return on Average Assets | 1.21 | % | 1.36 | % | 0.97 | % | 1.16 | % | 1.07 | % | |||||
| Annualized Return on Average Equity | 15.86 | % | 17.69 | % | 11.96 | % | 14.84 | % | 13.14 | % | |||||
| Book value per share | $ | 12.76 | $ | 12.18 | $ | 12.23 | $ | 12.76 | $ | 12.23 | |||||
| As of December 31, 2022 | As of December 31, 2021 | ||||
| Bank Capital Ratios: | |||||
| Tier 1 Leverage | 9.75 | % | 9.22 | % | |
| Total Risk Based Capital | 14.14 | % | 15.37 | % | |
| Common Equity Tier 1 | 12.89 | % | 14.11 | % | |
1st COLONIAL BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
| (Unaudited, in thousands) | As of December 31, 2022 | As of December 31, 2021 | |||||
| Cash and cash equivalents | $ | 20,399 | $ | 40,877 | |||
| Total investments | 129,131 | 111,807 | |||||
| Mortgage loans held for sale | 6,710 | 9,957 | |||||
| Total loans | 603,609 | 501,883 | |||||
| Less Allowance for loan losses | (8,331 | ) | (6,906 | ) | |||
| Loans and leases, net | 595,278 | 494,977 | |||||
| Bank owned life insurance | 14,458 | 16,160 | |||||
| Premises and equipment, net | 1,845 | 1,072 | |||||
| Accrued interest receivable | 2,779 | 1,664 | |||||
| Other assets | 11,273 | 6,320 | |||||
| Total Assets | $ | 781,963 | $ | 682,834 | |||
| Total deposits | $ | 671,052 | $ | 610,477 | |||
| Other borrowings | 34,788 | - | |||||
| Subordinated debt | 10,559 | 10,440 | |||||
| Other liabilities | 5,926 | 4,101 | |||||
| Total Liabilities | 722,325 | 625,018 | |||||
| Total Shareholders’ Equity | 59,638 | 57,816 | |||||
| Total Liabilities and Equity | $ | 781,963 | $ | 682,834 | |||
1st COLONIAL BANCORP, INC.
NET INTEREST INCOME AND MARGIN TABLES
(Unaudited, in thousands, except percentages)
| For the three months ended | ||||||||||||||||||||||||||||
| December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||
| Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||
| Cash and cash equivalents | $ | 10,204 | $ | 65 | 2.52 | % | $ | 10,050 | $ | 40 | 1.58 | % | $ | 53,926 | $ | 20 | 0.15 | % | ||||||||||
| Investment securities | 128,354 | 632 | 1.95 | % | 129,804 | 582 | 1.78 | % | 111,226 | 343 | 1.23 | % | ||||||||||||||||
| Loans held for sale | 5,496 | 53 | 3.79 | % | 7,985 | 75 | 3.73 | % | 16,637 | 105 | 2.51 | % | ||||||||||||||||
| Loans | 589,869 | 7,917 | 5.32 | % | 576,579 | 7,296 | 5.02 | % | 503,395 | 6,335 | 4.99 | % | ||||||||||||||||
| Total interest-earning assets | 733,923 | 8,666 | 4.68 | % | 724,418 | 7,993 | 4.38 | % | 685,184 | 6,803 | 3.94 | % | ||||||||||||||||
| Non-interest earning assets | 25,809 | 23,641 | 22,805 | |||||||||||||||||||||||||
| Total average assets | $ | 759,732 | $ | 748,059 | $ | 707,989 | ||||||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||||||||||||
| Interest checking accounts | $ | 340,834 | $ | 401 | 0.47 | % | $ | 297,614 | $ | 203 | 0.27 | % | $ | 294,249 | $ | 108 | 0.15 | % | ||||||||||
| Savings and money markets | 127,839 | 222 | 0.69 | % | 134,555 | 146 | 0.43 | % | 115,904 | 86 | 0.29 | % | ||||||||||||||||
| Time deposits | 112,172 | 417 | 1.47 | % | 134,218 | 392 | 1.16 | % | 134,386 | 345 | 1.02 | % | ||||||||||||||||
| Total interest-bearing deposits | 580,845 | 1,040 | 0.71 | % | 566,387 | 741 | 0.52 | % | 544,539 | 539 | 0.39 | % | ||||||||||||||||
| Borrowings | 27,264 | 375 | 5.46 | % | 27,891 | 386 | 5.49 | % | 10,437 | 197 | 7.49 | % | ||||||||||||||||
| Total interest-bearing liabilities | 608,109 | 1,415 | 0.92 | % | 594,278 | 1,127 | 0.75 | % | 554,976 | 736 | 0.53 | % | ||||||||||||||||
| Non-interest bearing deposits | 88,230 | 92,081 | 90,216 | |||||||||||||||||||||||||
| Other liabilities | 5,433 | 4,337 | 5,533 | |||||||||||||||||||||||||
| Total average liabilities | 701,772 | 690,696 | 650,725 | |||||||||||||||||||||||||
| Shareholders' equity | 57,960 | 57,363 | 57,264 | |||||||||||||||||||||||||
| Total average liabilities and equity | $ | 759,732 | $ | 748,059 | $ | 707,989 | ||||||||||||||||||||||
| Net interest income | $ | 7,251 | $ | 6,866 | $ | 6,067 | ||||||||||||||||||||||
| Net interest margin | 3.92 | % | 3.76 | % | 3.51 | % | ||||||||||||||||||||||
| Net interest spread | 3.76 | % | 3.63 | % | 3.41 | % | ||||||||||||||||||||||
1st COLONIAL BANCORP, INC.
NET INTEREST INCOME AND MARGIN TABLES – Continued
(Unaudited, in thousands, except percentages)
| For the year ended | For the year ended | ||||||||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||
| Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | ||||||||||||
| Cash and cash equivalents | $ | 19,373 | $ | 142 | 0.73 | % | $ | 38,046 | $ | 47 | 0.12 | % | |||||
| Investment securities | 121,860 | 2,057 | 1.69 | % | 122,181 | 1,557 | 1.27 | % | |||||||||
| Mortgage loans held for sale | 8,396 | 303 | 3.61 | % | 19,048 | 468 | 2.46 | % | |||||||||
| Loans | 556,750 | 27,371 | 4.92 | % | 478,277 | 22,863 | 4.78 | % | |||||||||
| Total interest-earning assets | 706,379 | 29,873 | 4.23 | % | 657,552 | 24,935 | 3.79 | % | |||||||||
| Non-interest earning assets | 23,703 | 22,273 | |||||||||||||||
| Total average assets | $ | 730,082 | $ | 679,825 | |||||||||||||
| Interest-bearing deposits | |||||||||||||||||
| Interest checking accounts | $ | 304,762 | $ | 781 | 0.26 | % | $ | 269,444 | $ | 432 | 0.16 | % | |||||
| Savings and money market deposits | 131,661 | 558 | 0.42 | % | 116,910 | 340 | 0.29 | % | |||||||||
| Time deposits | 122,175 | 1,353 | 1.11 | % | 132,289 | 1,476 | 1.12 | % | |||||||||
| Total interest-bearing deposits | 558,598 | 2,692 | 0.48 | % | 518,643 | 2,248 | 0.43 | % | |||||||||
| Borrowings | 20,202 | 1,172 | 5.80 | % | 11,644 | 789 | 6.78 | % | |||||||||
| Total interest-bearing liabilities | 578,800 | 3,864 | 0.67 | % | 530,287 | 3,037 | 0.57 | % | |||||||||
| Non-interest bearing deposits | 89,512 | 89,927 | |||||||||||||||
| Other liabilities | 4,498 | 4,369 | |||||||||||||||
| Total average liabilities | 672,810 | 624,583 | |||||||||||||||
| Shareholders' equity | 57,272 | 55,242 | |||||||||||||||
| Total average liabilities and equity | $ | 730,082 | $ | 679,825 | |||||||||||||
| Net interest income | $ | 26,009 | $ | 21,898 | |||||||||||||
| Net interest margin | 3.68 | % | 3.33 | % | |||||||||||||
| Net interest spread | 3.56 | % | 3.22 | % | |||||||||||||
GAAP to NON-GAAP RECONCILIATION
(Unaudited, dollars in thousands, except per share data)
Pre-BOLI death benefit core earnings are determined by methods other than in accordance with generally accepted accounting principles (“GAAP”) and is considered a non-GAAP financial measure. Management believes that this non-GAAP financial measure is useful because it enhances the ability of management and investors to evaluate and compare our core operating results from period to period.
| For the three months ended | For the years | |||||||||||||||
| Dec 31, | Sept 30, | Dec 31, | ended December 31, | |||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net Income (GAAP) | $ | 2,317 | $ | 2,558 | $ | 1,727 | $ | 8,498 | $ | 7,258 | ||||||
| Less BOLI death benefit | 98 | 641 | - | 1,047 | 385 | |||||||||||
| Pre-BOLI death benefit core earnings (non-GAAP) | $ | 2,219 | $ | 1,917 | $ | 1,727 | $ | 7,451 | $ | 6,873 | ||||||
| Adjusted Earnings Per Share – Diluted (non-GAAP) | $ | 0.45 | $ | 0.40 | $ | 0.35 | $ | 1.55 | $ | 1.39 | ||||||
About 1st Colonial Bancorp, Inc.
1st Colonial Bancorp, Inc. is a Pennsylvania corporation headquartered in Mount Laurel, New Jersey, and the parent company of 1st Colonial Community Bank (the “Bank”). The Bank provides a range of business and consumer financial services, placing emphasis on customer service and access to decision makers. Headquartered in Collingswood, New Jersey, the Bank has branches in Westville, New Jersey and Limerick, Pennsylvania. The bank also has administrative offices in Mount Laurel, New Jersey. To learn more, call (877) 785-8550 or visit .
“Safe Harbor” Statement
This release contains forward-looking statements that are not historical facts and include statements about management’s strategies and expectations about our business. There are risks and uncertainties that may cause our actual results and performance to be materially different from results indicated by these forward-looking statements. Factors that might cause a difference include the extent of the adverse impact of the current global coronavirus outbreak on our customers, prospects and business, as well as the impact of any future pandemics or other natural disasters; economic conditions; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; unanticipated loan losses, inability to close loans in our pipeline, lack of liquidity; varying and unanticipated costs of collection with respect to nonperforming loans; an inability to dispose of real estate owned; changes in interest rates, changes in FDIC assessments, deposit flows, loan demand, and real estate values; the effects of inflation; changes in relationships with major customers; operational risks, including the risk of fraud by employees, customers or outsiders; competition; changes in accounting principles, policies or guidelines; changes in laws or regulations and in the manner in which the regulators enforce same; new technology and other factors affecting our operations, pricing, products and services.
For more information, contact
Mary Kay Shea at 856-885-2391
