• First Savings Financial Group, Inc. Reports Financial Results for the Fiscal Year Ended September 30, 2022

    来源: Nasdaq GlobeNewswire / 27 10月 2022 17:45:01   America/New_York

    JEFFERSONVILLE, Ind., Oct. 27, 2022 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the "Company"), the holding company for First Savings Bank (the "Bank"), today reported net income of $16.4 million, or $2.30 per diluted share, for the year ended September 30, 2022 compared to net income of $29.6 million, or $4.12 per diluted share, for the year ended September 30, 2021.

    Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “While fiscal 2022 was a challenging year, we are pleased in delivering another year of increased value to our shareholders. The core banking segment, which is the strength of the organization, experienced positive trends that included significant loan originations and portfolio growth, stable net interest margin, improved efficiency and asset quality ratios, and enhanced profitability. The SBA lending segment underperformed in recent quarters, but we have continued to rebuild the lending team and pipeline for expected enhanced performance in the new fiscal year. We continue to fight headwinds for the mortgage banking segment and reduce expenses, including cost reductions made that will be fully recognized in the following fiscal quarter and year, in light of decreasing origination volumes and margin. Lastly, the Company repurchased 143,030 of its common shares during the quarter, in addition to the 59,120 purchased in the preceding quarter, which together totaled more than 2.8% of outstanding shares. We are encouraged by the strong performance of the core banking segment and perceive opportunity for enhanced performance of the SBA lending and mortgage banking segments. I’m optimistic that each of these business lines will thrive and deliver exceptional value to our shareholders in fiscal 2023.”

    Results of Operations for the Fiscal Years Ended September 30, 2022 and 2021

    Net interest income increased $3.5 million, or 6.1%, to $60.7 million for the year ended September 30, 2022 as compared to 2021. The increase in net interest income was due to a $5.7 million increase in interest income, partially offset by a $2.2 million increase in interest expense. Interest income increased due to an increase in the average balance of interest-earning assets of $76.1 million, from $1.59 billion for 2021 to $1.67 billion for 2022, and an increase in the weighted-average tax-equivalent yield, from 4.18% for 2021 to 4.35% for 2022. The increase in the average balance of interest-earning assets was primarily due to increases in the average balance of investment securities and total loans of $69.9 million and $21.1 million, respectively. When excluding the impact from PPP loan payoffs, the increase in the average balance of loans was $144.6 million when comparing the two periods. Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $54.3 million, from $1.27 billion for 2021 to $1.32 billion for 2022, and an increase in the average cost of interest-bearing liabilities, from 0.64% for 2021 to 0.78% for 2022. The increase in the average cost of interest-bearing liabilities for 2022 was due primarily to higher rates paid for brokered deposits during the period.

    The Company recognized a provision for loan losses of $1.9 million for the year ended September 30, 2022 due primarily to loan portfolio growth, compared to a credit of $1.8 million for 2021. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $4.6 million from $15.5 million at September 30, 2021 to $10.9 million at September 30, 2022. The Company recognized net charge-offs of $849,000 for the year ended September 30, 2022, of which $733,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $958,000 in 2021, of which $894,000 was related to unguaranteed portions of SBA loans.

    Noninterest income decreased $69.2 million for the year ended September 30, 2022 as compared to 2021. The decrease was due primarily to decreases in mortgage banking income and net gain on sale of SBA loans of $66.2 million and $5.0 million, respectively. The decrease in mortgage banking income was primarily due to a $84.6 million decrease in production revenue from lower originations for sale and a $25.5 million decrease in capitalized residential mortgage loan servicing rights, partially offset by a $16.3 million increase in realized and unrealized hedging gains in 2022, a $4.2 million decrease in the fair value of loans held for sale and interest rate lock commitments as compared to a $18.8 million decrease in fair value recognized in 2021, and a $2.5 million increase in the fair value of the residential mortgage loan servicing rights portfolio in 2022 as compared to an $8.8 million decrease in fair value recognized in 2021. Mortgage loans originated for sale were $1.61 billion in the year ended September 30, 2022 as compared to $4.09 billion in 2021. The decrease in net gain on sales of SBA loans was due primarily to decreases in production and sales volume from the SBA lending segment, as well as lower premiums in the secondary market.

    Noninterest expense decreased $48.3 million for the year ended September 30, 2022 as compared to 2021. The decrease was due primarily to decreases in compensation and benefits and advertising expense of $41.4 million and $3.4 million, respectively. The decrease in compensation and benefits expense was due primarily to a reduction in staff and incentive compensation for the Company’s mortgage banking segment as a result of decreased mortgage banking income. The decrease in advertising expense was related to the reduced loan origination volume of the mortgage banking segment.

    The Company recognized income tax expense of $2.4 million for the year ended September 30, 2022 compared to tax expense of $10.0 million for 2021. The effective tax rate for 2022 was 12.6% as compared to 25.0% for 2021. The lower effective tax rate for 2022 was primarily due to lower taxable income and lower nondeductible executive compensation expense in 2022 as compared to 2021.

    Results of Operations for the Three Months Ended September 30, 2022 and 2021

    The Company reported net income of $2.5 million, or $0.35 per diluted share, for the three months ended September 30, 2022 compared to net income of $4.8 million, or $0.67 per diluted share, for the three months ended September 30, 2021.

    Net interest income increased $2.4 million, or 16.6%, to $16.8 million for the three months ended September 30, 2022 as compared to the same period in 2021. The increase in net interest income was due to a $4.7 million increase in interest income, partially offset by a $2.3 million increase in interest expense. Interest income increased due to an increase in the average balance of interest-earning assets of $296.8 million, from $1.56 billion for 2021 to $1.85 billion for 2022, and an increase in the weighted-average tax-equivalent yield, from 4.26% for 2021 to 4.64% for 2022. The increase in the average balance of interest-earning assets was due to increases in the average balance of investment securities and total loans of $130.4 million and $200.6 million, respectively. When excluding the impact from PPP loan payoffs, the increase in the average balance of loans was $283.6 million when comparing the two periods. Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $254.1 million, from $1.22 billion for 2021 to $1.48 billion for 2022, and an increase in the average cost of interest-bearing liabilities, from 0.60% for 2021 to 1.12% for 2022. The increase in the average cost of interest-bearing liabilities was due to increases in the cost of brokered deposits and FHLB borrowings due to rising market interest rates during the period.

    The Company recognized a provision for loan losses of $880,000 for the three months ended September 30, 2022, due to loan portfolio growth, compared to $8,000 for the same period in 2021. The Company recognized net charge-offs of $500,000 for the three months ended September 30, 2022, compared to net charge-offs of $349,000 for the same period in 2021.

    Noninterest income decreased $12.0 million for the three months ended September 30, 2022 as compared to the same period in 2021. The decrease was due primarily to decreases in mortgage banking income and gain on sale of SBA loans of $10.3 million and $1.7 million, respectively. The decrease in mortgage banking income was primarily due to a $10.2 million decrease in production revenue from lower originations for sale and a $3.4 million decrease in capitalized residential mortgage loan servicing rights, partially offset by a $1.3 million realized and unrealized hedging gain in 2022 compared to a $1.2 million loss in 2021, and a $1.1 million decrease in the fair value of loans held for sale and interest rate lock commitments as compared to a $3.3 million decrease in fair value recognized in 2021. Mortgage loans originated for sale were $186.0 million in the three months ended September 30, 2022 as compared to $579.5 million in the same period in 2021. The decrease in net gain on sales of SBA loans was due primarily to decreases in production and sales volume from the SBA lending segment, as well as lower premiums in the secondary market.

    Noninterest expense decreased $7.1 million for the three months ended September 30, 2022 as compared to the same period in 2021. The decrease was due primarily to a decrease in compensation and benefits of $6.7 million. The decrease in compensation and benefits expense is due primarily to a reduction in staff and incentive compensation for the Company’s mortgage banking segment as a result of decreased mortgage banking income.

    The Company recognized income tax expense of $9,000 for the three months ended September 30, 2022 compared to $958,000 for the same period in 2021. The effective tax rate for 2022 was 0.4% as compared to 16.5% for 2021. The lower effective tax rate for 2022 was primarily due to lower taxable income in 2022 as compared to 2021.

    Comparison of Financial Condition at September 30, 2022 and September 30, 2021

    Total assets increased $336.3 million, from $1.72 billion at September 30, 2021 to $2.06 billion at September 30, 2022. Net loans held for investment increased $360.6 million during the year ended September 30, 2022, due primarily to growth in single-tenant net lease commercial real estate loans and residential mortgage loans, partially offset by a $55.8 million decrease in PPP loans. Residential mortgage and SBA loans held for sale decreased $129.2 million and $2.2 million, respectively, during the year ended September 30, 2022 due to lower loan originations. Single tenant net lease loans held for sale decreased $23.0 million during the year ended September 30, 2022, due to loan sales and transfers from held-for-sale to held-for-investment during the period. Residential mortgage loan servicing rights increased $13.7 million, or 27.6%, to $63.3 million at September 30, 2022.

    Total liabilities increased $364.0 million due primarily to increases in total deposits, FHLB borrowings and other borrowings of $288.3 million, $57.3 million and $30.4 million, respectively. The increase in FHLB borrowings was primarily used to fund loan growth. The increase in other borrowings was due to a $31.0 million subordinated debt issuance in March 2022.

    Common stockholders’ equity decreased $27.8 million, from $180.4 million at September 30, 2021 to $152.6 million at September 30, 2022, due primarily to a decrease in accumulated other comprehensive income of $36.0 million, partially offset by retained net income of $12.8 million. The decrease in accumulated other comprehensive income was primarily due to increasing market interest rates during the year ended September 30, 2022, which resulted in a decrease in the fair value of the available-for-sale securities portfolio. At September 30, 2022 and September 30, 2021, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

    First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has three national lending programs, including single-tenant net lease commercial real estate, SBA lending and residential mortgage banking, with offices located throughout the United States. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

    This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions.

    Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including the duration, extent and severity of the COVID-19 pandemic, including its effect on our customers, service providers and on the economy and financial markets in general; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission.

    Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    Contact:
    Tony A. Schoen, CPA
    Chief Financial Officer
    812-283-0724

     



    FIRST SAVINGS FINANCIAL GROUP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS
    (Unaudited)
              
    * All share and per share amounts have been adjusted to reflect the three-for-one stock split effective September 15, 2021.      
              
     Three Months Ended Years Ended  
    OPERATING DATA:September 30, September 30,  
    (In thousands, except share and per share data) 2022   2021   2022   2021   
              
    Total interest income$20,956  $16,243  $70,998  $65,259   
    Total interest expense 4,131   1,819   10,346   8,087   
              
    Net interest income 16,825   14,424   60,652   57,172   
    Provision (credit) for loan losses 880   8   1,908   (1,767)  
              
    Net interest income after provision (credit) for loan losses 15,945   14,416   58,744   58,939   
              
    Total noninterest income 4,531   16,495   51,227   120,436   
    Total noninterest expense 18,001   25,104   91,149   139,409   
              
    Income before income taxes 2,475   5,807   18,822   39,966   
    Income tax expense 9   958   2,378   9,997   
              
    Net income 2,466   4,849   16,444   29,969   
              
    Less: Net income attributable to noncontrolling interests -   -   -   402   
              
    Net income attributable to the Company$2,466  $4,849  $16,444  $29,567   
              
    Net income per share, basic$0.35  $0.68  $2.33  $4.16   
    Weighted average shares outstanding, basic 6,988,873   7,111,594   7,058,550   7,107,786   
              
    Net income per share, diluted$0.35  $0.67  $2.30  $4.12   
    Weighted average shares outstanding, diluted 7,056,138   7,200,357   7,141,846   7,173,733   
              
              
    Performance ratios (three-month data annualized)         
    Return on average assets 0.49%  1.12%  0.89%  1.69%  
    Return on average equity 5.78%  10.92%  9.25%  17.59%  
    Return on average common stockholders' equity 5.78%  10.92%  9.25%  17.37%  
    Net interest margin (tax equivalent basis) 3.75%  3.79%  3.73%  3.67%  
    Efficiency ratio 84.29%  81.19%  81.47%  78.49%  
              
              
         QTD   FYTD
    FINANCIAL CONDITION DATA:September 30, June 30, Increase September 30,  Increase
    (In thousands, except per share data) 2022   2022  (Decrease)  2021  (Decrease)
              
    Total assets$2,057,662  $2,006,666  $50,996  $1,721,394  $336,268 
    Cash and cash equivalents 41,665   37,468   4,197   33,428   8,237 
    Investment securities 318,075   309,027   9,048   208,518   109,557 
    Loans held for sale (1) 60,462   188,031   (127,569)  214,940   (154,478)
    Gross loans (1) (2) 1,451,915   1,282,796   169,119   1,090,237   361,678 
    Allowance for loan losses 15,360   14,980   380   14,301   1,059 
    Interest earning assets 1,860,062   1,809,588   50,474   1,540,111   319,951 
    Goodwill 9,848   9,848   -   9,848   - 
    Core deposit intangibles 775   828   (53)  988   (213)
    Loan servicing rights 67,194   69,039   (1,845)  54,026   13,168 
    Noninterest-bearing deposits 340,172   343,292   (3,120)  291,039   49,133 
    Interest-bearing deposits (3) 1,175,662   1,002,415   173,247   936,541   239,121 
    Federal Home Loan Bank borrowings 307,303   404,098   (96,795)  250,000   57,303 
    Total liabilities 1,905,039   1,837,453   67,586   1,541,017   364,022 
    Accumulated other comprehensive income (loss) (27,079)  (12,560)  (14,519)  8,900   (35,979)
    Stockholders' equity, net of noncontrolling interests 152,623   169,213   (16,590)  180,377   (27,754)
              
    Book value per share$21.90  $23.80  $(1.90) $25.31   (3.41)
    Tangible book value per share (4) 20.37   22.30   (1.92)  23.79   (3.41)
              
    Non-performing assets:         
    Nonaccrual loans - SBA guaranteed$5,474  $5,165  $309  $6,748  $(1,274)
    Nonaccrual loans - unguaranteed 5,382   4,717   665   8,252   (2,870)
    Total nonaccrual loans$10,856  $9,882  $974  $15,000  $(4,144)
    Accruing loans past due 90 days -   -   -   472   (472)
    Total non-performing loans 10,856   9,882   974   15,472   (4,616)
    Troubled debt restructurings classified as performing loans 2,714   2,822   (108)  1,743   971 
    Total non-performing assets$13,570  $12,704  $866  $17,215  $(3,645)
              
    Asset quality ratios:         
    Allowance for loan losses as a percent of total gross loans 1.06%  1.17%  (0.11%)  1.31%  (0.25%)
    Allowance for loan losses as a percent of total gross loans, excluding PPP loans (5) 1.06%  1.17%  (0.11%)  1.38%  (0.33%)
    Allowance for loan losses as a percent of nonperforming loans 141.49%  151.59%  (10.10%)  92.43%  49.06%
    Nonperforming loans as a percent of total gross loans 0.75%  0.77%  (0.02%)  1.42%  (0.67%)
    Nonperforming assets as a percent of total assets 0.66%  0.63%  0.03%  1.00%  (0.34%)
              
    (1) The $127.6 million decrease in loans held for sale and $169.1 million increase in gross loans from June 30, 2022 to September 30, 2022 include a transfer of $73.3 million of single tenant net lease loans from held-for-sale to held-for-investment.
              
    (2) Includes $862,000, $1.8 million and $56.7 million of PPP loans at September 30, 2022, June 30, 2022 and September 30, 2021, respectively.    
              
    (3) Includes $292.5 million, $159.1 million and $100.1 million of brokered certificates of deposit at September 30, 2022, June 30, 2022 and September 30, 2021, respectively.  
              
    (4) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.      
              
    (5) Denominator excludes PPP loans, which are fully guaranteed by the SBA. This ratio is non-GAAP, but is believed by management to be meaningful because it provides a comparable ratio after eliminating PPP loans.
              
              
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):       
    The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company's performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.     
              
         QTD   FYTD
     September 30, June 30, Increase September 30,  Increase
    Tangible Book Value Per Share 2022   2022  (Decrease)  2021  (Decrease)
    (In thousands, except share and per share data)         
              
    Stockholders' equity, net of noncontrolling interests (GAAP)$152,623  $169,213  $(16,590) $180,377  $(27,754)
    Less: goodwill and core deposit intangibles (10,623)  (10,676)  53   (10,836)  213 
    Tangible equity (non-GAAP)$142,000  $158,537   (16,537) $169,541   (27,541)
              
    Outstanding common shares 6,970,631   7,110,706   (140,075)  7,125,888   (155,257)
              
    Tangible book value per share (non-GAAP)$20.37  $22.30  $(1.93) $23.79  $(3.42)
              
    Book value per share (GAAP)$21.90  $23.80  $(1.90) $25.31  $(3.41)
              
              
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):As of
    Summarized Consolidated Balance SheetsSeptember 30, June 30, March 31, December 31, September 30,
    (In thousands, except per share data) 2022   2022   2022   2021   2021 
    Total cash and cash equivalents$41,665  $37,468  $31,105  $40,592  $33,428 
    Total investment securities 318,075   309,027   284,674   220,926   208,518 
    Total loans held for sale 60,462   188,031   152,652   161,218   214,940 
    Total loans, net of allowance for loan losses 1,436,555   1,267,816   1,126,818   1,142,655   1,075,936 
    PPP loans 862   1,766   13,415   46,020   56,656 
    Loan servicing rights 67,194   69,039   68,267   59,187   54,026 
    Total assets 2,057,662   2,006,666   1,801,944   1,764,589   1,721,394 
              
    Retail deposits$1,223,330  $1,186,582  $1,151,437  $1,146,454  $1,127,522 
    Brokered deposits 292,504   159,125   69,752   120,581   100,058 
    Total deposits 1,515,834   1,345,707   1,221,189   1,267,035   1,227,580 
    Federal Home Loan Bank borrowings 307,303   404,098   296,592   258,377   250,000 
              
    Common stock and additional paid-in capital$26,848  $27,236  $27,154  $27,073  $25,799 
    Retained earnings - substantially restricted 162,985   161,438   159,732   153,630   150,185 
    Accumulated other comprehensive income (loss) (27,079)  (12,560)  (1,336)  9,219   8,900 
    Unearned stock compensation (969)  (1,075)  (1,180)  (1,285)  (138)
    Less treasury stock, at cost (9,162)  (5,826)  (4,417)  (4,417)  (4,369)
    Total stockholders' equity 152,623   169,213   179,953   184,220   180,377 
              
    Outstanding common shares 6,970,631   7,110,706   7,169,826   7,169,826   7,125,888 
              
              
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended
    Summarized Consolidated Statements of IncomeSeptember 30, June 30, March 31, December 31, September 30,
    (In thousands, except per share data) 2022   2022   2022   2021   2021 
    Total interest income$20,956  $18,479  $15,801  $15,762  $16,243 
    Total interest expense 4,131   2,568   1,788   1,859   1,819 
    Net interest income 16,825   15,911   14,013   13,903   14,424 
    Provision (credit) for loan losses 880   532   (30)  526   8 
    Net interest income after provision (credit) for loan losses 15,945   15,379   14,043   13,377   14,416 
              
    Total noninterest income 4,531   10,033   20,072   16,591   16,495 
    Total noninterest expense 18,001   22,835   25,461   24,852   25,104 
    Income before income taxes 2,475   2,577   8,654   5,116   5,807 
    Income tax expense (benefit) 9   (61)  1,619   811   958 
    Net income attributable to the Company$2,466  $2,638  $7,035  $4,305  $4,849 
              
              
    Net income per share, basic$0.35  $0.37  $0.99  $0.60  $0.68 
    Weighted average shares outstanding, basic 6,988,873   7,073,204   7,076,355   7,116,790   7,111,594 
              
    Net income per share, diluted$0.35  $0.37  $0.98  $0.60  $0.67 
    Weighted average shares outstanding, diluted 7,056,138   7,145,288   7,156,229   7,207,210   7,200,357 
              
     Three Months Ended
     September 30, June 30, March 31, December 31, September 30,
    Consolidated Performance Ratios (Annualized) 2022   2022   2022   2021   2021 
    Return on average assets 0.49%  0.55%  1.61%  1.01%  1.12%
    Return on average equity 5.78%  6.06%  15.24%  9.45%  10.92%
    Return on average common stockholders' equity 5.78%  6.06%  15.24%  9.45%  10.92%
    Net interest margin (tax equivalent basis) 3.75%  3.77%  3.68%  3.73%  3.79%
    Efficiency ratio 84.29%  88.02%  74.70%  81.50%  81.19%
              
     As of or for the Three Months Ended
     September 30, June 30, March 31, December 31, September 30,
    Consolidated Asset Quality Ratios 2022   2022   2022   2021   2021 
    Nonperforming loans as a percentage of total loans 0.75%  0.77%  0.88%  1.10%  1.42%
    Nonperforming assets as a percentage of total assets 0.66%  0.63%  0.73%  0.82%  1.00%
    Allowance for loan losses as a percentage of total loans 1.06%  1.17%  1.27%  1.28%  1.31%
    Allowance for loan losses as a percentage of nonperforming loans 141.49%  151.59%  143.94%  116.12%  92.43%
    Net charge-offs to average outstanding loans 0.03%  0.00%  0.02%  0.00%  0.03%
              
              
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended
    Segmented Statements of Income InformationSeptember 30, June 30, March 31, December 31, September 30,
    (In thousands, except per share data) 2022   2022   2022   2021   2021 
    Core Banking Segment:         
    Net interest income$14,994  $13,848  $11,847  $11,495  $11,517 
    Provision (credit) for loan losses 769   910   (240)  (144)  (189)
    Net interest income after provision (credit) for loan losses 14,225   12,938   12,087   11,639   11,706 
    Noninterest income 1,808   2,379   2,163   1,942   1,780 
    Noninterest expense 8,986   10,187   9,811   9,482   8,800 
    Income before income taxes 7,047   5,130   4,439   4,099   4,686 
    Income tax expense 1,190   568   330   500   569 
    Net income attributable to the Company$5,857  $4,562  $4,109  $3,599  $4,117 
              
    SBA Lending Segment (Q2):         
    Net interest income (6)$1,182  $1,449  $1,602  $1,875  $2,455 
    Provision (credit) for loan losses 111   (378)  210   670   197 
    Net interest income after provision (credit) for loan losses 1,071   1,827   1,392   1,205   2,258 
    Noninterest income 480   584   1,658   1,901   2,194 
    Noninterest expense 1,891   2,341   2,253   2,236   1,973 
    Income (loss) before income taxes (340)  70   797   870   2,479 
    Income tax expense (benefit) (123)  26   240   265   612 
    Net income (loss) attributable to the Company (7)$(217) $44  $557  $605  $1,867 
              
    Mortgage Banking Segment:         
    Net interest income$649  $614  $564  $533  $452 
    Provision for loan losses -   -   -   -   - 
    Net interest income after provision for loan losses 649   614   564   533   452 
    Noninterest income 2,243   7,070   16,251   12,748   12,521 
    Noninterest expense 7,124   10,307   13,397   13,134   14,331 
    Income (loss) before income taxes (4,232)  (2,623)  3,418   147   (1,358)
    Income tax expense (benefit) (1,058)  (655)  1,049   46   (223)
    Net income (loss) attributable to the Company$(3,174) $(1,968) $2,369  $101  $(1,135)
              
    (6) Includes net interest income derived from PPP loans of:$16  $173  $239  $550  $1,145 
              
    (7) Includes net income attributable to the Company derived from PPP loans (tax effected) of:$12  $130  $179  $413  $859 
              
              
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended
    Segmented Statements of Income InformationSeptember 30, June 30, March 31, December 31, September 30,
    (In thousands, except per share data) 2022   2022   2022   2021   2021 
    Net Income (Loss) Per Share by Segment         
    Net income per share, basic - Core Banking$0.83  $0.64  $0.58  $0.50  $0.58 
    Net income (loss) per share, basic - SBA Lending (Q2) (8) (0.03)  0.01   0.08   0.09   0.26 
    Net income (loss) per share, basic - Mortgage Banking (0.45)  (0.28)  0.33   0.01   (0.16)
    Total net income per share, basic (8)$0.35  $0.37  $0.99  $0.60  $0.68 
              
    Net Income (Loss) Per Diluted Share by Segment         
    Net income per share, diluted - Core Banking$0.83  $0.64  $0.57  $0.50  $0.57 
    Net income (loss) per share, diluted - SBA Lending (Q2) (9) (0.03)  0.01   0.08   0.09   0.26 
    Net income (loss) per share, diluted - Mortgage Banking (0.45)  (0.28)  0.33   0.01   (0.16)
    Total net income per share, diluted (9)$0.35  $0.37  $0.98  $0.60  $0.67 
              
    Return on Average Assets by Segment (three-month data annualized)         
    Core Banking 1.31%  1.12%  1.14%  1.05%  1.24%
    SBA Lending (0.85%)  0.17%  1.80%  1.55%  4.01%
    Mortgage Banking (9.44%)  (4.50%)  5.38%  0.23%  (2.11%)
              
    Efficiency Ratio by Segment (three-month data annualized)         
    Core Banking 53.48%  62.78%  70.03%  70.57%  66.18%
    SBA Lending 113.78%  115.15%  69.11%  59.22%  42.44%
    Mortgage Banking 246.33%  134.14%  79.67%  98.89%  110.47%
              
    (8) Includes basic net income per share derived from PPP loans (tax effected) of:$0.00  $0.02  $0.03  $0.06  $0.12 
              
    (9) Includes diluted net income per share derived from PPP loans (tax effected) of:$0.00  $0.02  $0.03  $0.06  $0.12 
              
              
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended
    Noninterest Expense Detail by SegmentSeptember 30, June 30, March 31, December 31, September 30,
    (In thousands) 2022   2022   2022   2021   2021 
    Core Banking Segment:         
    Compensation (10)$4,767  $5,995  $5,207  $5,776  $5,220 
    Occupancy 1,374   1,412   1,393   1,357   1,415 
    Advertising 272   284   297   232   268 
    Other 2,573   2,496   2,914   2,117   1,897 
    Total Noninterest Expense$8,986  $10,187  $9,811  $9,482  $8,800 
              
    SBA Lending Segment (Q2):         
    Compensation$1,690  $1,619  $1,724  $1,685  $1,602 
    Occupancy 41   60   64   78   83 
    Advertising 8   3   9   9   6 
    Other 152   659   456   464   282 
    Total Noninterest Expense$1,891  $2,341  $2,253  $2,236  $1,973 
              
    Mortgage Banking Segment:         
    Compensation (10)$5,091  $7,601  $10,292  $9,867  $11,456 
    Occupancy 491   597   622   678   723 
    Advertising 319   519   696   551   588 
    Other 1,223   1,590   1,787   2,038   1,564 
    Total Noninterest Expense$7,124  $10,307  $13,397  $13,134  $14,331 
              
    (10) Compensation includes increases for Core Banking and corresponding decreases for Mortgage Banking segment that represent intersegment allocations for loans originated by the Mortgage Banking segment to be held for investment in the Core Banking loan portfolio of:$945  $1,164  $869  $975  $678 
              
              
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended
     September 30, June 30, March 31, December 31, September 30,
    Mortgage Banking Noninterest Expense Fixed vs. Variable 2022   2022   2022   2021   2021 
    (In thousands)         
    Noninterest Expense - Fixed Expenses$5,724  $6,989  $7,936  $7,752  $7,779 
    Noninterest Expense - Variable Expenses (11) 1,400   3,318   5,461   5,382   6,552 
    Total Noninterest Expense$7,124  $10,307  $13,397  $13,134  $14,331 
              
              
     Three Months Ended
    SBA Lending (Q2) DataSeptember 30, June 30, March 31, December 31, September 30,
    (In thousands, except percentage data) 2022   2022   2022   2021   2021 
    Final funded loans guaranteed portion sold, SBA$3,772  $5,364  $14,355  $14,131  $14,894 
              
    Gross gain on sales of loans, SBA$393  $592  $1,670  $1,841  $2,134 
    Weighted average gross gain on sales of loans, SBA 10.42%  11.04%  11.63%  13.03%  14.33%
              
    Net gain on sales of loans, SBA (12)$249  $486  $1,327  $1,636  $1,912 
    Weighted average net gain on sales of loans, SBA 6.60%  9.06%  9.24%  11.58%  12.84%
              
              
     Three Months Ended
    Mortgage Banking DataSeptember 30, June 30, March 31, December 31, September 30,
    (In thousands, except percentage data) 2022   2022   2022   2021   2021 
              
    Mortgage originations for sale in the secondary market$185,981  $421,426  $459,434  $541,074  $579,458 
              
    Mortgage sales$241,804  $426,200  $478,816  $587,928  $670,107 
              
    Gross gain on sales of loans, mortgage banking (13)$2,630  $7,419  $10,988  $11,082  $10,796 
    Weighted average gross gain on sales of loans, mortgage banking 1.09%  1.74%  2.29%  1.88%  1.61%
              
    Mortgage banking income (14)$2,246  $7,093  $16,254  $12,744  $12,538 
              
    (11) Variable expenses include incentive compensation and advertising expenses.         
              
    (12) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.    
              
    (13) Inclusive of gains on capitalized mortgage servicing rights, realized hedging gains and loan fees, and net of lender credits and other investor expenses.    
              
    (14) Inclusive of loan fees, servicing income, gains or losses on mortgage servicing rights, fair value adjustments and gains or losses on derivative instruments, and net of lender credits and other investor expenses.
              
              
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended
    Summarized Consolidated Average Balance SheetsSeptember 30, June 30, March 31, December 31, September 30,
    (In thousands) 2022   2022   2022   2021   2021 
    Interest-earning assets         
    Average balances:         
    Interest-bearing deposits with banks$28,318  $25,068  $36,029  $33,065  $63,217 
    Loans, excluding PPP loans 1,477,857   1,381,366   1,268,983   1,221,879   1,194,277 
    PPP loans 1,310   4,271   22,066   51,178   84,288 
    Investment securities - taxable 94,836   103,536   50,165   47,717   46,005 
    Investment securities - nontaxable 230,312   202,534   163,472   153,452   148,723 
    FRB and FHLB stock 19,890   18,691   19,021   19,258   19,258 
    Total interest-earning assets$1,852,523  $1,735,466  $1,559,736  $1,526,549  $1,555,768 
              
    Interest income (tax equivalent basis):         
    Interest-bearing deposits with banks$97  $37  $13  $14  $23 
    Loans, excluding PPP loans 18,012   15,788   13,745   13,424   13,279 
    PPP loans 17   177   258   595   1,219 
    Investment securities - taxable 740   769   420   405   421 
    Investment securities - nontaxable 2,352   1,987   1,571   1,509   1,482 
    FRB and FHLB stock 265   169   146   149   146 
    Total interest income (tax equivalent basis)$21,483  $18,927  $16,153  $16,096  $16,570 
              
    Weighted average yield (tax equivalent basis, annualized):         
    Interest-bearing deposits with banks 1.37%  0.59%  0.14%  0.17%  0.15%
    Loans, excluding PPP loans 4.88%  4.57%  4.33%  4.39%  4.45%
    PPP loans 5.19%  16.58%  4.68%  4.65%  5.78%
    Investment securities - taxable 3.12%  2.97%  3.35%  3.40%  3.66%
    Investment securities - nontaxable 4.08%  3.92%  3.84%  3.93%  3.99%
    FRB and FHLB stock 5.33%  3.62%  3.07%  3.09%  3.03%
    Total interest-earning assets 4.64%  4.36%  4.14%  4.22%  4.26%
              
              
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended
    Summarized Consolidated Average Balance SheetsSeptember 30, June 30, March 31, December 31, September 30,
    (In thousands) 2022   2022   2022   2021   2021 
    Interest-bearing liabilities         
    Average balances:         
    Interest-bearing deposits$1,125,659  $998,868  $922,137  $913,297  $935,800 
    Federal Home Loan Bank borrowings 301,027   325,460   280,190   264,617   255,210 
    Federal Reserve PPPLF borrowings -   -   -   -   11,937 
    Subordinated debt and other borrowings 50,179   50,152   24,592   19,870   19,853 
    Total interest-bearing liabilities$1,476,865  $1,374,480  $1,226,919  $1,197,784  $1,222,800 
              
    Interest expense:         
    Interest-bearing deposits$2,306  $1,047  $738  $811  $765 
    Federal Home Loan Bank borrowings 1,111   811   681   730   725 
    Federal Reserve PPPLF borrowings -   -   -   -   12 
    Subordinated debt and other borrowings 714   710   369   318   319 
    Total interest expense$4,131  $2,568  $1,788  $1,859  $1,821 
              
    Weighted average cost (annualized):         
    Interest-bearing deposits 0.82%  0.42%  0.32%  0.36%  0.33%
    Federal Home Loan Bank borrowings 1.48%  1.00%  0.97%  1.10%  1.14%
    Federal Reserve PPPLF borrowings 0.00%  0.00%  0.00%  0.00%  0.40%
    Subordinated debt and other borrowings 5.69%  5.66%  6.00%  6.40%  6.43%
    Total interest-bearing liabilities 1.12%  0.75%  0.58%  0.62%  0.60%
              
    Interest rate spread (tax equivalent basis, annualized) 3.52%  3.61%  3.56%  3.60%  3.66%
              
    Net interest margin (tax equivalent basis, annualized) 3.75%  3.77%  3.68%  3.73%  3.79%
              
    Net interest margin, excluding PPP loans and PPPLF borrowings (non-GAAP), (tax equivalent basis, annualized) 3.75%  3.74%  3.67%  3.70%  3.68%

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