Southern States Bancshares, Inc. Announces Third Quarter 2024 Financial Results


(MENAFN- GlobeNewsWire - Nasdaq) Third Quarter 2024 Performance and Operational Highlights

  • Net income of $7.4 million, or $0.76 per diluted share
  • Core net income(1) of $8.7 million, or $0.89 per diluted share(1)
  • Core pretax pre-provision net income(1) of $13.8 million
  • Net interest income of $24.2 million, an increase of $2.7 million from the prior quarter
  • Net interest margin (“NIM”) of 3.65%, up 9 basis points from the prior quarter
  • NIM of 3.66% on a fully-taxable equivalent basis (“NIM - FTE”)(1)
  • Return on average assets (“ROAA”) of 1.05%; return on average stockholders' equity (“ROAE”) of 11.89%; and return on average tangible common equity (“ROATCE”)(1) of 13.35%
  • Core ROAA(1) of 1.24%; and core ROATCE(1) of 15.74%
  • Efficiency ratio of 52.79%; and core efficiency ratio of 46.96%
  • Linked-quarter loans grew 36.3% annualized; and legacy loans grew 10.3% annualized
  • Linked-quarter total deposits grew 44.8% annualized
  • Linked-quarter total deposits, excluding brokered deposits, grew 71.5% annualized; and legacy total deposits, excluding brokered deposits grew 9.6% annualized

(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

ANNISTON, Ala., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States” or the“Company”), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the“Bank”), today reported net income of $7.4 million, or $0.76 diluted earnings per share, for the third quarter of 2024. This compares to net income of $8.2 million, or $0.90 diluted earnings per share, for the second quarter of 2024, and net income of $6.6 million, or $0.73 diluted earnings per share, for the third quarter of 2023. The Company reported core net income of $8.7 million, or $0.89 diluted core earnings per share, for the third quarter of 2024. This compares to core net income of $9.1 million, or $1.00 diluted core earnings per share, for the second quarter of 2024, and core net income of $9.6 million, or $1.06 diluted core earnings per share, for the third quarter of 2023 (see“Reconciliation of Non-GAAP Financial Measures”).

CEO Commentary

Mark Chambers, Chief Executive Officer and President of Southern States said,“The top highlight of our third quarter was the completion of the CBB Bancorp acquisition on August 1 as planned. I want to welcome our new colleagues who contributed to a seamless integration between two organizations that share a common culture. Our combination with Century Bank has strengthened our platform to drive loan and deposit growth across growing and attractive Georgia markets.”
“Net interest income for the third quarter increased more than 12.4% to $24.2 million for the quarter largely reflecting the contribution from Century Bank. Net interest margin also increased 9 basis points to 3.65% from 3.56% quarter-over-quarter, which further reflects Century Bank's contribution.”
“Finally, we were pleased to be recognized in Piper Sandler's Sm-All Stars: Class of 2024 for the third year in a row. The Sm-All Stars' objective is to identify the top performing U.S. small-cap banks and thrifts based on growth, profitability, credit quality, and capital strength. Our objective is to run a highly efficient bank, consistently deliver the highest level of customer satisfaction and increase value for our shareholders.”


Net Interest Income and Net Interest Margin
Three Months Ended % Change September 30, 2024 vs.
September 30,
2024
June 30,
2024
September 30,
2023
June 30,
2024
September 30,
2023
(Dollars in thousands)
Average interest-earning assets $ 2,645,388 $ 2,440,425 $ 2,175,103 8.4 % 21.6 %
Net interest income $ 24,246 $ 21,579 $ 20,731 12.4 % 17.0 %
Net interest margin 3.65 % 3.56 % 3.78 % 9 bps (13) bps


Net interest income for the third quarter of 2024 was $24.2 million, an increase of 12.4% from $21.6 million in the second quarter of 2024. The increase was substantially due to the acquisition of Century Bank.

Relative to the third quarter of 2023, net interest income increased $3.5 million, or 17.0%. The increase was mainly driven by significant growth, partially as a result of the acquisition of Century Bank, which offset the decline in net interest margin.

Net interest margin for the third quarter of 2024 was 3.65%, compared to 3.56% for the second quarter of 2024. The increase was primarily due to a slight increase in the yield on interest-earning assets, coupled with a decrease in the cost of interest-bearing deposits. The acquisition of Century Bank had a positive impact and helped lift the margin for third quarter of 2024.

Relative to the third quarter of 2023, net interest margin decreased from 3.78%. The decrease was primarily the result of the increase in interest rates, which accelerated the cost of interest-bearing liabilities at a greater pace than the yield received on interest-earning assets. The acquisition of Century Bank resulted in a positive impact to the net interest margin, effectively helping to reduce the cost of interest-bearing liabilities.

Noninterest Income
Three Months Ended % Change September 30, 2024 vs.
September 30,
2024
June 30,
2024
September 30,
2023
June 30,
2024
September 30,
2023
(Dollars in thousands)
Service charges on deposit accounts $ 532 $ 462 $ 442 15.2 % 20.4 %
Swap (expense) fees (9 ) 4 453 325.0 % 102.0 %
SBA/USDA fees 179 58 74 208.6 % 141.9 %
Mortgage origination fees 112 92 158 21.7 % (29.1 )%
Net gain (loss) on securities 75 20 (12 ) 275.0 % 725.0 %
Employee retention credit and related revenue (“ERC”) - - (5,100 ) N/A N/A
Other operating income 868 732 1,091 18.6 % (20.4 )%
Total noninterest income $ 1,757 $ 1,368 $ (2,894 ) 28.4 % 160.7 %


Noninterest income for the third quarter of 2024 was $1.8 million, an increase of 28.4% from $1.4 million in the second quarter of 2024. The acquisition of Century Bank on July 31, 2024 resulted in additional noninterest income during the third quarter of 2024. Apart from the acquisition, the increase was also due to increased SBA/USDA fees primarily resulting from the sales of loans during the third quarter of 2024, along with a larger realized net gain on securities during the third quarter of 2024 compared to the second quarter of 2023.

Relative to the third quarter of 2023, noninterest income increased 160.7% from a noninterest net expense of $2.9 million. The third quarter of 2023 included a $5.1 million payment to the Internal Revenue Service (“IRS”) for the return of the ERC, which was received during the second quarter of 2023. The IRS revised eligibility guidelines during the third quarter of 2023, and the Company applied for the Voluntary Disclosure Program and removed this from income and recorded a payable. The acquisition of Century Bank on July 31, 2024 resulted in additional noninterest income during the third quarter of 2024. The increase was partially offset by a decline in swap fees during the third quarter of 2024, substantially as a result of the Company not participating in any swap transactions.

Noninterest Expense
Three Months Ended % Change September 30, 2024 vs.
September 30,
2024
June 30,
2024
September 30,
2023
June 30,
2024
September 30,
2023
(Dollars in thousands)
Salaries and employee benefits $ 6,876 $ 6,112 $ 5,752 12.5 % 19.5 %
Equipment and occupancy expenses 814 667 718 22.0 % 13.4 %
Data processing fees 781 686 650 13.8 % 20.2 %
Regulatory assessments 414 375 322 10.4 % 28.6 %
Professional fees related to ERC - - (1,243 ) N/A N/A
Merger-related expenses 1,511 - - N/A N/A
Other operating expenses 3,291 3,571 2,370 (7.8 )% 38.9 %
Total noninterest expenses $ 13,687 $ 11,411 $ 8,569 19.9 % 59.7 %


Noninterest expense for the third quarter of 2024 was $13.7 million, an increase of 19.9% from $11.4 million in the second quarter of 2024. The acquisition of Century Bank on July 31, 2024 resulted in merger-related expenses of $1.5 million, of which $961,000 was not deductible for taxes. Also there were additional noninterest expenses related to Century Bank during the third quarter of 2024, primarily in salaries and employee benefits. The acquisition also gave rise to a $106,000 increase in amortization expense associated with the core deposit intangible. Also included in the third quarter of 2024 was approximately $250,000 in expenses associated with calling brokered deposits and collection expenses related to a problem loan.

Relative to the third quarter of 2023, noninterest expense increased 59.7% from $8.6 million. The acquisition of Century Bank on July 31, 2024 resulted in merger-related expenses of $1.5 million, along with additional noninterest expense during the third quarter of 2024. Salaries and employee benefits increased as a result of the acquisition and from a legacy standpoint. The third quarter of 2023 included a $1.2 million refund of professional fees related to the aforementioned return of ERC.

Loans and Credit Quality
Three Months Ended % Change September 30, 2024 vs.
September 30,
2024
June 30,
2024
September 30,
2023
June 30,
2024
September 30,
2023
(Dollars in thousands)
Gross loans $ 2,205,747 $ 2,021,877 $ 1,779,846 9.1 % 23.9 %
Unearned income (6,536 ) (6,443 ) (5,698 ) 1.4 % 14.7 %
Loans, net of unearned income (“Loans”) 2,199,211 2,015,434 1,774,148 9.1 % 24.0 %
Average loans, net of unearned (“Average loans”) $ 2,134,318 $ 1,987,533 $ 1,740,582 7.4 % 22.6 %
Nonperforming loans (“NPL”) $ 7,868 $ 3,784 $ 1,082 107.9 % 627.2 %
Provision for credit losses $ 2,583 $ 1,067 $ 773 142.1 % 234.2 %
Allowance for credit losses (“ACL”) $ 28,061 $ 25,828 $ 22,181 8.6 % 26.5 %
Net charge-offs (recoveries) $ 350 $ 383 $ (23 ) (8.6 )% 1621.7 %
NPL to gross loans 0.36 % 0.19 % 0.06 %
Net charge-offs (recoveries) to average loans(1) 0.07 % 0.08 % (0.01 )%
ACL to loans 1.28 % 1.28 % 1.25 %
(1) Ratio is annualized.


Loans, net of unearned income, were $2.2 billion at September 30, 2024, up $183.8 million from June 30, 2024 and up $425.1 million from September 30, 2023. The acquisition of Century Bank resulted in additional loans of $131.7 million at September 30, 2024. Apart from the acquired loans, the linked-quarter increase in loans was primarily attributable to new business growth across our footprint.

Nonperforming loans totaled $7.9 million, or 0.36% of gross loans, at September 30, 2024, compared with $3.8 million, or 0.19% of gross loans, at June 30, 2024, and $1.1 million, or 0.06% of gross loans, at September 30, 2023. The $4.1 million net increase in nonperforming loans in the third quarter of 2024 was primarily attributable to a significant commercial and industrial loan that was added to nonaccrual status and partially offset by a commercial and industrial loan that was charged-off. The $6.8 million net increase in nonperforming loans from September 30, 2023, was primarily attributable to one significant commercial and industrial loan, another less significant commercial and industrial loan and one commercial real estate loan that were added to nonaccrual status. Significant collection efforts have been made on the large commercial and industrial loan and no loss is anticipated.

The Company recorded a provision for credit losses of $2.6 million for the third quarter of 2024, compared to $1.1 million for the second quarter of 2024. Provision in the third quarter of 2024 included a“Day 2” $1.7 million provision as a result of the acquisition as well as additional provisions based on growth.

Net charge-offs for the third quarter of 2024 were $350,000, or 0.07% of average loans on an annualized basis, compared to net charge-offs of $383,000, or 0.08% of average loans on an annualized basis, for the second quarter of 2024, and net recoveries of $23,000, or (0.01)% of average loans on an annualized basis, for the third quarter of 2023. The charge-offs recorded during the second and third quarters of 2024 were substantially related to a purchased pool of consumer loans for which the borrower filed for bankruptcy. The loan was fully charged-off as of September 30, 2024.

The Company's allowance for credit losses was 1.28% of total loans and 356.65% of nonperforming loans at September 30, 2024, compared with 1.28% of total loans and 682.56% of nonperforming loans at June 30, 2024. Allowance for credit losses on unfunded commitments was $1.4 million at September 30, 2024.

Deposits
Three Months Ended % Change September 30, 2024 vs.
September 30,
2024
June 30,
2024
September 30,
2023
June 30,
2024
September 30,
2023
(Dollars in thousands)
Noninterest-bearing deposits $ 546,282 $ 416,068 $ 418,125 31.3 % 30.7 %
Interest-bearing deposits 1,874,264 1,759,610 1,498,276 6.5 % 25.1 %
Total deposits $ 2,420,546 $ 2,175,678 $ 1,916,401 11.3 % 26.3 %
Uninsured deposits $ 964,528 $ 645,283 $ 568,323 49.5 % 69.7 %
Uninsured deposits to total deposits 39.85 % 29.66 % 29.66 %
Noninterest deposits to total deposits 22.57 % 19.12 % 21.82 %


Total deposits were $2.4 billion at September 30, 2024, up from $2.2 billion at June 30, 2024 and $1.9 billion at September 30, 2023. The $244.9 million increase in total deposits in the third quarter was due to an increase of $130.2 million in noninterest-bearing deposits and a $114.7 million increase in interest-bearing deposits. The acquisition of Century Bank resulted in additional deposits of $304.4 million at September 30, 2024, or $183.4 million in interest-bearing deposits, none of which were brokered deposits, and $121.0 million in noninterest-bearing deposits. Total brokered deposits were $194.2 million at September 30, 2024, compared to $288.3 million at June 30, 2024. The Company used cash from the acquisition of Century Bank to call $52.3 million of brokered deposits, while another $41.9 million matured and were repaid.

Capital
September 30,
2024
June 30,
2024
September 30,
2023
Company Bank Company Bank Company Bank
Tier 1 capital ratio to average assets 8.64 % 11.48 % 8.72 % 11.52 % 8.70 % 11.71 %
Risk-based capital ratios:
Common equity tier 1 (“CET1”) capital ratio 9.36 % 12.43 % 9.54 % 12.61 % 9.32 % 12.55 %
Tier 1 capital ratio 9.36 % 12.43 % 9.54 % 12.61 % 9.32 % 12.55 %
Total capital ratio 14.18 % 13.59 % 14.50 % 13.77 % 14.60 % 13.67 %


As of September 30, 2024, total stockholders' equity was $271.4 million, up from $230.6 million at June 30, 2024. The increase of $40.8 million was substantially due to the issuance of $31.5 million in common stock for the acquisition of Century Bank.

About Southern States Bancshares, Inc.

Headquartered in Anniston, Alabama, Southern States Bancshares, Inc. is a bank holding company that operates primarily through its wholly-owned subsidiary, Southern States Bank. The Bank is a full service community banking institution, which offers an array of deposit, loan and other banking-related products and services to businesses and individuals in its communities. The Bank operates 15 branches in Alabama and Georgia and two loan production offices in Atlanta.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which reflect our current expectations and beliefs with respect to, among other things, future events and our financial performance. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. This may be especially true given recent events and trends in the banking industry. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the dates made, we cannot give any assurance that such expectations will prove correct and actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 under the section entitled“Cautionary Note Regarding Forward-Looking Statements” and“Risk Factors”. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.

These statements are often, but not always, made through the use of words or phrases such as“may,”“can,”“should,”“could,”“to be,”“predict,”“potential,”“believe,”“will likely result,”“expect,”“continue,”“will,”“likely,”“anticipate,”“seek,”“estimate,”“intend,”“plan,”“target,”“project,”“would” and“outlook,” or the negative version of those words or other similar words or phrases of a future or forward-looking nature. Forward-looking statements appear in a number of places in this press release and may include statements about our acquisition of Century Bank of Georgia, business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions.

Contact Information

Lynn Joyce Margaret Boyce
(205) 820-8065 (310) 622-8247
... ...


SELECT FINANCIAL DATA
(Dollars in thousands, except share and per share amounts)
Three Months Ended Nine Months Ended
September 30,
2024
June 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Results of Operations
Interest income $ 45,068 $ 41,007 $ 35,204 $ 124,811 $ 96,088
Interest expense 20,822 19,428 14,473 58,147 36,379
Net interest income 24,246 21,579 20,731 66,664 59,709
Provision for credit losses 2,583 1,067 773 4,885 3,511
Net interest income after provision 21,663 20,512 19,958 61,779 56,198
Noninterest income 1,757 1,368 (2,894 ) 4,393 5,755
Noninterest expense 13,687 11,411 8,569 35,473 32,159
Income tax expense 2,380 2,271 1,866 7,029 6,738
Net income $ 7,353 $ 8,198 $ 6,629 $ 23,670 $ 23,056
Core net income(1) $ 8,675 $ 9,058 $ 9,563 $ 25,862 $ 23,901
Share and Per Share Data
Shares issued and outstanding 9,882,350 8,908,130 8,834,168 9,882,350 8,834,168
Weighted average shares outstanding:
Basic 9,608,868 8,957,608 8,846,018 9,161,622 8,791,007
Diluted 9,725,884 9,070,568 9,040,687 9,297,778 9,016,603
Earnings per share:
Basic $ 0.76 $ 0.91 $ 0.75 $ 2.58 $ 2.62
Diluted 0.76 0.90 0.73 2.54 2.56
Core - diluted(1) 0.89 1.00 1.06 2.78 2.65
Book value per share 27.46 25.88 22.86 27.46 22.86
Tangible book value per share(1) 23.38 23.91 20.84 23.38 20.84
Cash dividends per common share 0.09 0.09 0.09 0.27 0.27
Performance and Financial Ratios
ROAA 1.05 % 1.29 % 1.15 % 1.22 % 1.41 %
ROAE 11.89 % 14.55 % 12.96 % 13.70 % 15.85 %
Core ROAA(1) 1.24 % 1.43 % 1.66 % 1.33 % 1.47 %
ROATCE(1) 13.35 % 15.79 % 14.21 % 15.05 % 17.47 %
Core ROATCE(1) 15.74 % 17.44 % 20.50 % 16.45 % 18.11 %
NIM 3.65 % 3.56 % 3.78 % 3.60 % 3.85 %
NIM - FTE(1) 3.66 % 3.57 % 3.79 % 3.61 % 3.87 %
Net interest spread 2.66 % 2.59 % 2.84 % 2.63 % 3.00 %
Yield on loans 7.21 % 7.17 % 6.86 % 7.15 % 6.62 %
Yield on interest-earning assets 6.78 % 6.76 % 6.42 % 6.74 % 6.20 %
Cost of interest-bearing liabilities 4.12 % 4.17 % 3.58 % 4.11 % 3.20 %
Cost of funds(2) 3.31 % 3.41 % 2.80 % 3.33 % 2.48 %
Cost of interest-bearing deposits 4.03 % 4.07 % 3.43 % 4.01 % 3.02 %
Cost of total deposits 3.19 % 3.27 % 2.63 % 3.20 % 2.29 %
Noninterest deposits to total deposits 22.57 % 19.12 % 21.82 % 22.57 % 21.82 %
Core deposits to total deposits 86.30 % 81.78 % 86.58 % 86.30 % 86.58 %
Uninsured deposits to total deposits 39.85 % 29.66 % 29.66 % 39.85 % 29.66 %
Total loans to total deposits 90.86 % 92.63 % 92.58 % 90.86 % 92.58 %
Efficiency ratio 52.79 % 49.78 % 48.01 % 49.98 % 49.47 %
Core efficiency ratio(1) 46.96 % 44.75 % 42.79 % 46.23 % 47.06 %

(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2) Includes total interest-bearing liabilities and noninterest deposits.

SELECT FINANCIAL DATA
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30,
2024
June 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Financial Condition (ending)
Total loans $ 2,199,211 $ 2,015,434 $ 1,774,148 $ 2,199,211 $ 1,774,148
Total securities 217,692 204,131 189,496 217,692 189,496
Total assets 2,841,440 2,572,011 2,296,527 2,841,440 2,296,527
Total noninterest-bearing deposits 546,282 416,068 418,125 546,282 418,125
Total core deposits(1) 2,088,993 1,779,253 1,659,291 2,088,993 1,659,291
Total deposits 2,420,546 2,175,678 1,916,401 2,420,546 1,916,401
Total borrowings 121,083 136,873 146,573 121,083 146,573
Total liabilities 2,570,070 2,341,430 2,094,603 2,570,070 2,094,603
Total shareholders' equity 271,370 230,581 201,924 271,370 201,924
Financial Condition (average)
Total loans $ 2,134,318 $ 1,987,533 $ 1,740,582 $ 2,013,157 $ 1,676,134
Total securities 223,750 210,678 201,830 214,494 197,005
Total other interest-earning assets 287,320 242,214 232,691 247,035 199,379
Total interest-earning assets 2,645,388 2,440,425 2,175,103 2,474,686 2,072,518
Total assets 2,777,215 2,553,010 2,282,217 2,593,175 2,180,851
Total noninterest-bearing deposits 490,450 420,885 448,616 442,667 442,149
Total interest-bearing deposits 1,874,861 1,729,682 1,472,024 1,746,420 1,395,529
Total deposits 2,365,311 2,150,567 1,920,640 2,189,087 1,837,678
Total borrowings 134,035 143,189 129,882 141,970 122,156
Total interest-bearing liabilities 2,008,896 1,872,871 1,601,906 1,888,390 1,517,685
Total shareholders' equity 246,081 226,527 202,955 230,799 194,430
Asset Quality
Nonperforming loans $ 7,868 $ 3,784 $ 1,082 $ 7,868 $ 1,082
Other real estate owned (“OREO”) $ 33 $ 33 $ 2,903 $ 33 $ 2,903
Nonperforming assets (“NPA”) $ 7,901 $ 3,817 $ 3,985 $ 7,901 $ 3,985
Net charge-offs to average loans(2) 0.07 % 0.08 % (0.01 )% 0.08 % 0.02 %
Provision for credit losses to average loans(2) 0.48 % 0.22 % 0.18 % 0.32 % 0.28 %
ACL to loans 1.28 % 1.28 % 1.25 % 1.28 % 1.25 %
ACL to gross loans 1.27 % 1.28 % 1.25 % 1.27 % 1.25 %
ACL to NPL 356.65 % 682.56 % 2050.00 % 356.65 % 2050.00 %
NPL to loans 0.36 % 0.19 % 0.06 % 0.36 % 0.06 %
NPL to gross loans 0.36 % 0.19 % 0.06 % 0.36 % 0.06 %
NPA to gross loans and OREO 0.36 % 0.19 % 0.22 % 0.36 % 0.22 %
NPA to total assets 0.28 % 0.15 % 0.17 % 0.28 % 0.17 %
Regulatory and Other Capital Ratios
Total shareholders' equity to total assets 9.55 % 8.97 % 8.79 % 9.55 % 8.79 %
Tangible common equity to tangible assets(3) 8.25 % 8.34 % 8.08 % 8.25 % 8.08 %
Tier 1 capital ratio to average assets 8.64 % 8.72 % 8.70 % 8.64 % 8.70 %
Risk-based capital ratios:
CET1 capital ratio 9.36 % 9.54 % 9.32 % 9.36 % 9.32 %
Tier 1 capital ratio 9.36 % 9.54 % 9.32 % 9.36 % 9.32 %
Total capital ratio 14.18 % 14.50 % 14.60 % 14.18 % 14.60 %

(1) We define core deposits as total deposits excluding brokered deposits and time deposits greater than $250,000.
(2) Ratio is annualized.
(3) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
September 30,
2024
June 30,
2024
December 31,
2023
September 30,
2023
(Unaudited) (Unaudited) (Audited) (Unaudited)
Assets
Cash and due from banks $ 24,225 $ 21,598 $ 19,710 $ 31,047
Interest-bearing deposits in banks 182,559 140,440 134,846 103,646
Federal funds sold 71,072 76,334 96,095 81,487
Total cash and cash equivalents 277,856 238,372 250,651 216,180
Securities available for sale, at fair value 198,076 184,510 179,000 169,859
Securities held to maturity, at amortized cost 19,616 19,621 19,632 19,637
Other equity securities, at fair value 3,733 3,658 3,649 3,654
Restricted equity securities, at cost 4,418 4,633 5,684 4,971
Loans held for sale 415 1,716 450 1,799
Loans, net of unearned income 2,199,211 2,015,434 1,884,508 1,774,148
Less allowance for credit losses 28,061 25,828 24,378 22,181
Loans, net 2,171,150 1,989,606 1,860,130 1,751,967
Premises and equipment, net 32,319 26,192 26,426 26,694
Accrued interest receivable 10,114 9,654 8,711 8,321
Bank owned life insurance 39,159 33,000 29,884 29,697
Annuities 16,843 15,918 15,036 15,266
Foreclosed assets 33 33 33 2,903
Goodwill 30,980 16,862 16,862 16,862
Core deposit intangible 9,338 735 899 981
Other assets 27,390 27,501 29,616 27,736
Total assets $ 2,841,440 $ 2,572,011 $ 2,446,663 $ 2,296,527
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing $ 546,282 $ 416,068 $ 437,959 $ 418,125
Interest-bearing 1,874,264 1,759,610 1,580,230 1,498,276
Total deposits 2,420,546 2,175,678 2,018,189 1,916,401
Other borrowings 7,976 8,000 26,994 4,991
FHLB advances 22,000 42,000 70,000 55,000
Subordinated notes 91,107 86,873 86,679 86,582
Accrued interest payable 2,214 2,024 1,519 1,280
Other liabilities 26,227 26,855 28,318 30,349
Total liabilities 2,570,070 2,341,430 2,231,699 2,094,603
Stockholders' equity:
Common stock 49,684 44,813 44,479 44,307
Capital surplus 106,046 79,248 78,361 77,671
Retained earnings 123,783 117,233 102,523 94,429
Accumulated other comprehensive loss (5,866 ) (8,333 ) (8,379 ) (13,126 )
Unvested restricted stock (723 ) (826 ) (466 ) (580 )
Vested restricted stock units (1,554 ) (1,554 ) (1,554 ) (777 )
Total stockholders' equity 271,370 230,581 214,964 201,924
Total liabilities and stockholders' equity $ 2,841,440 $ 2,572,011 $ 2,446,663 $ 2,296,527


CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30,
2024
June 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Interest income:
Loans, including fees $ 38,690 $ 35,421 $ 30,084 $ 107,739 $ 83,049
Taxable securities 2,205 2,039 1,796 6,225 4,819
Nontaxable securities 243 231 227 704 747
Other interest and dividends 3,930 3,316 3,097 10,143 7,473
Total interest income 45,068 41,007 35,204 124,811 96,088
Interest expense:
Deposits 18,990 17,511 12,732 52,407 31,498
Other borrowings 1,832 1,917 1,741 5,740 4,881
Total interest expense 20,822 19,428 14,473 58,147 36,379
Net interest income 24,246 21,579 20,731 66,664 59,709
Provision for credit losses 2,583 1,067 773 4,885 3,511
Net interest income after provision for credit losses 21,663 20,512 19,958 61,779 56,198
Noninterest income:
Service charges on deposit accounts 532 462 442 1,458 1,348
Swap (expenses) fees (9 ) 4 453 10 622
SBA/USDA fees 179 58 74 302 274
Mortgage origination fees 112 92 158 300 446
Net gain (loss) on securities 75 20 (12 ) 83 457
Employee retention credit and related revenue - - (5,100 ) - -
Other operating income 868 732 1,091 2,240 2,608
Total noninterest income 1,757 1,368 (2,894 ) 4,393 5,755
Noninterest expenses:
Salaries and employee benefits 6,876 6,112 5,752 19,219 19,926
Equipment and occupancy expenses 814 667 718 2,170 2,095
Data processing fees 781 686 650 2,110 1,889
Regulatory assessments 414 375 322 1,149 844
Professional fees related to ERC - - (1,243 ) - -
Merger-related expenses 1,511 - - 1,511 -
Other operating expenses 3,291 3,571 2,370 9,314 7,405
Total noninterest expenses 13,687 11,411 8,569 35,473 32,159
Income before income taxes 9,733 10,469 8,495 30,699 29,794
Income tax expense 2,380 2,271 1,866 7,029 6,738
Net income $ 7,353 $ 8,198 $ 6,629 $ 23,670 $ 23,056
Basic earnings per share $ 0.76 $ 0.91 $ 0.75 $ 2.58 $ 2.62
Diluted earnings per share $ 0.76 $ 0.90 $ 0.73 $ 2.54 $ 2.56


AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
(Dollars in thousands)
Three Months Ended
September 30,
2024
June 30,
2024
September 30,
2023
Average
Balance
Interest Yield/Rate Average
Balance
Interest Yield/Rate Average
Balance
Interest Yield/Rate
Assets:
Interest-earning assets:
Loans, net of unearned income(1) $ 2,134,318 $ 38,690 7.21 % $ 1,987,533 $ 35,421 7.17 % $ 1,740,582 $ 30,084 6.86 %
Taxable securities 177,164 2,205 4.95 % 165,141 2,039 4.97 % 156,364 1,796 4.56 %
Nontaxable securities 46,586 243 2.08 % 45,537 231 2.04 % 45,466 227 1.98 %
Other interest-earnings assets 287,320 3,930 5.44 % 242,214 3,316 5.51 % 232,691 3,097 5.28 %
Total interest-earning assets $ 2,645,388 $ 45,068 6.78 % $ 2,440,425 $ 41,007 6.76 % $ 2,175,103 $ 35,204 6.42 %
Allowance for credit losses (27,253 ) (25,332 ) (21,606 )
Noninterest-earning assets 159,080 137,917 128,720
Total Assets $ 2,777,215 $ 2,553,010 $ 2,282,217
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing transaction accounts 95,040 30 0.13 % 85,976 21 0.10 % 88,668 20 0.09 %
Savings and money market accounts 1,042,661 10,264 3.92 % 929,930 9,229 3.99 % 867,066 7,767 3.55 %
Time deposits 737,160 8,696 4.69 % 713,776 8,261 4.65 % 516,290 4,945 3.80 %
FHLB advances 36,130 455 5.01 % 48,374 596 4.96 % 43,261 514 4.72 %
Other borrowings 97,905 1,377 5.59 % 94,815 1,321 5.60 % 86,621 1,227 5.62 %
Total interest-bearing liabilities $ 2,008,896 $ 20,822 4.12 % $ 1,872,871 $ 19,428 4.17 % $ 1,601,906 $ 14,473 3.58 %
Noninterest-bearing liabilities:
Noninterest-bearing deposits $ 490,450 $ 420,885 $ 448,616
Other liabilities 31,788 32,727 28,740
Total noninterest-bearing liabilities $ 522,238 $ 453,612 $ 477,356
Stockholders' Equity 246,081 226,527 202,955
Total Liabilities and Stockholders' Equity $ 2,777,215 $ 2,553,010 $ 2,282,217
Net interest income $ 24,246 $ 21,579 $ 20,731
Net interest spread(2) 2.66 % 2.59 % 2.84 %
Net interest margin(3) 3.65 % 3.56 % 3.78 %
Net interest margin - FTE(4)(5) 3.66 % 3.57 % 3.79 %
Cost of funds(6) 3.31 % 3.41 % 2.80 %
Cost of interest-bearing deposits 4.03 % 4.07 % 3.43 %
Cost of total deposits 3.19 % 3.27 % 2.63 %

(1) Includes nonaccrual loans.
(2) Net interest spread is the difference between interest rates earned on interest-earning assets and interest rates paid on interest-bearing liabilities.
(3) Net interest margin is a ratio of net interest income to average interest-earning assets for the same period.
(4) Net interest margin - FTE is a ratio of fully-taxable equivalent net interest income to average interest-earning assets for the same period. It assumes a 24.0% tax rate.
(5) Refer to“Reconciliation of Non-GAAP Financial Measures”.
(6) Includes total interest-bearing liabilities and noninterest deposits.

AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
(Dollars in thousands)
Nine Months Ended
September 30,
2024
September 30,
2023
Average
Balance
Interest Yield/Rate Average
Balance
Interest Yield/Rate
Assets:
Interest-earning assets:
Loans, net of unearned income(1) $ 2,013,157 $ 107,739 7.15 % $ 1,676,134 $ 83,049 6.62 %
Taxable securities 168,661 6,225 4.93 % 149,058 4,819 4.32 %
Nontaxable securities 45,833 704 2.05 % 47,947 747 2.08 %
Other interest-earnings assets 247,035 10,143 5.48 % 199,379 7,473 5.01 %
Total interest-earning assets $ 2,474,686 $ 124,811 6.74 % $ 2,072,518 $ 96,088 6.20 %
Allowance for credit losses (25,638 ) (20,750 )
Noninterest-earning assets 144,127 129,083
Total Assets $ 2,593,175 $ 2,180,851
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing transaction accounts 88,980 78 0.12 % 91,602 59 0.09 %
Savings and money market accounts 958,625 28,296 3.94 % 839,827 19,679 3.13 %
Time deposits 698,815 24,033 4.59 % 464,100 11,760 3.39 %
FHLB advances 45,840 1,706 4.97 % 35,703 1,202 4.50 %
Other borrowings 96,130 4,034 5.60 % 86,453 3,679 5.69 %
Total interest-bearing liabilities $ 1,888,390 $ 58,147 4.11 % $ 1,517,685 $ 36,379 3.20 %
Noninterest-bearing liabilities:
Noninterest-bearing deposits $ 442,667 $ 442,149
Other liabilities 31,319 26,587
Total noninterest-bearing liabilities $ 473,986 $ 468,736
Stockholders' Equity 230,799 194,430
Total Liabilities and Stockholders' Equity $ 2,593,175 $ 2,180,851
Net interest income $ 66,664 $ 59,709
Net interest spread(2) 2.63 % 3.00 %
Net interest margin(3) 3.60 % 3.85 %
Net interest margin - FTE(4)(5) 3.61 % 3.87 %
Cost of funds(6) 3.33 % 2.48 %
Cost of interest-bearing deposits 4.01 % 3.02 %
Cost of total deposits 3.20 % 2.29 %

(1) Includes nonaccrual loans.
(2) Net interest spread is the difference between interest rates earned on interest-earning assets and interest rates paid on interest-bearing liabilities.
(3) Net interest margin is a ratio of net interest income to average interest-earning assets for the same period.
(4) Net interest margin - FTE is a ratio of fully-taxable equivalent net interest income to average interest-earning assets for the same period. It assumes a 24.0% tax rate.
(5) Refer to“Reconciliation of Non-GAAP Financial Measures”.
(6) Includes total interest-bearing liabilities and noninterest deposits.

LOAN COMPOSITION
(Dollars in thousands)
September 30,
2024
June 30,
2024
December 31,
2023
September 30,
2023
Amount % of gross Amount % of gross Amount % of gross Amount % of gross
Real estate mortgages:
Construction and development $ 245,275 11.1 % $ 242,573 12.0 % $ 242,960 12.9 % $ 229,188 12.9 %
Residential 293,150 13.3 % 249,498 12.3 % 224,603 11.9 % 224,499 12.6 %
Commercial 1,344,554 61.0 % 1,222,739 60.5 % 1,144,867 60.5 % 1,049,545 59.0 %
Commercial and industrial 310,540 14.1 % 297,501 14.7 % 269,961 14.3 % 268,283 15.0 %
Consumer and other 12,228 0.5 % 9,566 0.5 % 8,286 0.4 % 8,331 0.5 %
Gross loans 2,205,747 100.0 % 2,021,877 100.0 % 1,890,677 100.0 % 1,779,846 100.0 %
Unearned income (6,536 ) (6,443 ) (6,169 ) (5,698 )
Loans, net of unearned income 2,199,211 2,015,434 1,884,508 1,774,148
Allowance for credit losses (28,061 ) (25,828 ) (24,378 ) (22,181 )
Loans, net $ 2,171,150 $ 1,989,606 $ 1,860,130 $ 1,751,967


DEPOSIT COMPOSITION
(Dollars in thousands)
September 30,
2024
June 30,
2024
December 31,
2023
September 30,
2023
Amount % of total Amount % of total Amount % of total Amount % of total
Noninterest-bearing transaction $ 546,282 22.5 % $ 416,068 19.1 % $ 437,959 21.7 % $ 418,125 21.8 %
Interest-bearing transaction 1,124,706 46.5 % 1,006,687 46.3 % 946,347 46.9 % 934,383 48.8 %
Savings 53,565 2.2 % 32,527 1.5 % 35,412 1.7 % 38,518 2.0 %
Time deposits, $250,000 and under 558,600 23.1 % 612,299 28.1 % 500,406 24.8 % 436,613 22.8 %
Time deposits, over $250,000 137,393 5.7 % 108,097 5.0 % 98,065 4.9 % 88,762 4.6 %
Total deposits $ 2,420,546 100.0 % $ 2,175,678 100.0 % $ 2,018,189 100.0 % $ 1,916,401 100.0 %


Nonperforming Assets
(Dollars in thousands)
September 30,
2024
June 30,
2024
December 31,
2023
September 30,
2023
Nonaccrual loans $ 7,803 $ 3,784 $ 1,017 $ 1,082
Past due loans 90 days or more and still accruing interest 65 - 160 -
Total nonperforming loans 7,868 3,784 1,177 1,082
OREO 33 33 33 2,903
Total nonperforming assets $ 7,901 $ 3,817 $ 1,210 $ 3,985
Financial difficulty modification loans – nonaccrual(1) 622 647 907 970
Financial difficulty modification loans – accruing 1,071 1,093 1,095 1,052
Financial difficulty modification loans $ 1,693 $ 1,740 $ 2,002 $ 2,022
Allowance for credit losses $ 28,061 $ 25,828 $ 24,378 $ 22,181
Loans, net of unearned income at the end of the period $ 2,199,211 $ 2,015,434 $ 1,884,508 $ 1,774,148
Gross loans outstanding at the end of period $ 2,205,747 $ 2,021,877 $ 1,890,677 $ 1,779,846
Total assets $ 2,841,440 $ 2,572,011 $ 2,446,663 $ 2,296,527
Allowance for credit losses to nonperforming loans 356.65 % 682.56 % 2071.20 % 2050.00 %
Nonperforming loans to loans, net of unearned income 0.36 % 0.19 % 0.06 % 0.06 %
Nonperforming loans to gross loans 0.36 % 0.19 % 0.06 % 0.06 %
Nonperforming assets to gross loans and OREO 0.36 % 0.19 % 0.06 % 0.22 %
Nonperforming assets to total assets 0.28 % 0.15 % 0.05 % 0.17 %
Nonaccrual loans by category:
Real estate mortgages:
Construction & Development $ - $ - $ - $ -
Residential Mortgages 522 393 252 289
Commercial Real Estate Mortgages 2,155 2,182 765 785
Commercial & Industrial 5,126 1,209 - 8
Consumer and other - - - -
Total $ 7,803 $ 3,784 $ 1,017 $ 1,082

(1) Financial difficulty modifications loans are excluded from nonperforming loans unless they otherwise meet the definition of nonaccrual loans or are more than 90 days past due.

Allowance for Credit Losses
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30,
2024
June 30,
2024
September 30,
2023
September 30,
2024
September 30, 2023
Average loans, net of unearned income $ 2,134,318 $ 1,987,533 $ 1,740,582 $ 2,013,157 $ 1,676,134
Loans, net of unearned income 2,199,211 2,015,434 1,774,148 2,199,211 1,774,148
Gross loans 2,205,747 2,021,877 1,779,846 2,205,747 1,779,846
Allowance for credit losses at beginning of the period 25,828 25,144 21,385 24,378 20,156
Impact of adoption of ASC 326 - - - - (1,285 )
Charge-offs:
Construction and development - - 3 - 3
Residential - - - 11 -
Commercial 119 11 - 157 -
Commercial and industrial 384 384 - 1,210 262
Consumer and other - 10 - 25 6
Total charge-offs 503 405 3 1,403 271
Recoveries:
Construction and development - - - - -
Residential 13 6 10 27 38
Commercial - - - - -
Commercial and industrial 139 15 - 171 14
Consumer and other 1 1 16 3 18
Total recoveries 153 22 26 201 70
Net charge-offs (recoveries) $ 350 $ 383 $ (23 ) $ 1,202 $ 201
Provision for credit losses $ 2,583 $ 1,067 $ 773 $ 4,885 $ 3,511
Balance at end of the period $ 28,061 $ 25,828 $ 22,181 $ 28,061 $ 22,181
Allowance for credit losses on unfunded commitments at beginning of the period $ 1,206 $ 1,288 $ 1,495 $ 1,239 $ -
Impact of adoption of ASC 326 - - - - 1,285
Day 2 impact from acquisition 199 - - 199 -
(Credit) provision for credit losses on unfunded commitments - (82 ) 29 (33 ) 239
Balance at the end of the period $ 1,405 $ 1,206 $ 1,524 $ 1,405 $ 1,524
Allowance to loans, net of unearned income 1.28 % 1.28 % 1.25 % 1.28 % 1.25 %
Allowance to gross loans 1.27 % 1.28 % 1.25 % 1.27 % 1.25 %
Net charge-offs (recoveries) to average loans, net of unearned income(1) 0.07 % 0.08 % (0.01) % 0.08 % 0.02 %
Provision for credit losses to average loans, net of unearned income(1) 0.48 % 0.22 % 0.18 % 0.32 % 0.28 %

(1) Ratio is annualized.

Reconciliation of Non-GAAP Financial Measures

In addition to reporting GAAP results, the Company reports non-GAAP financial measures in this earnings release and other disclosures. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

The following table provides a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure presented in accordance with GAAP.

Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except share and per share amounts)
Three Months Ended Nine Months Ended
September 30,
2024
June 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Net income $ 7,353 $ 8,198 $ 6,629 $ 23,670 $ 23,056
Add: One-time retirement related expenses - - - - 1,571
Add: Professional fees related to ERC - - (1,243 ) - -
Add: Wire fraud loss - 1,155 - 1,155 -
Add: Merger-related expenses 1,511 - - 1,511 -
Add: Net OREO gain - (3 ) (9 ) (3 ) (2 )
Less: Employee retention related revenue - - (5,100 ) - -
Less: Net gain (loss) on securities 75 20 (12 ) 83 457
Less: Tax effect 114 272 926 388 267
Core net income $ 8,675 $ 9,058 $ 9,563 $ 25,862 $ 23,901
Average assets $ 2,777,215 $ 2,553,010 $ 2,282,217 $ 2,593,175 $ 2,180,851
Core return on average assets 1.24 % 1.43 % 1.66 % 1.33 % 1.47 %
Net income $ 7,353 $ 8,198 $ 6,629 $ 23,670 $ 23,056
Add: One-time retirement related expenses - - - - 1,571
Add: Professional fees related to ERC - - (1,243 ) - -
Add: Wire fraud loss - 1,155 - 1,155 -
Add: Merger-related expenses 1,511 - - 1,511 -
Add: Net OREO gain - (3 ) (9 ) (3 ) (2 )
Add: Provision 2,583 1,067 773 4,885 3,511
Less: Employee retention related revenue - - (5,100 ) - -
Less: Net gain (loss) on securities 75 20 (12 ) 83 457
Add: Income taxes 2,380 2,271 1,866 7,029 6,738
Pretax pre-provision core net income $ 13,752 $ 12,668 $ 13,128 $ 38,164 $ 34,417
Average assets $ 2,777,215 $ 2,553,010 $ 2,282,217 $ 2,593,175 $ 2,180,851
Pretax pre-provision core return on average assets 1.97 % 2.00 % 2.28 % 1.97 % 2.11 %
Net interest income $ 24,246 $ 21,579 $ 20,731 $ 66,664 $ 59,709
Add: Fully-taxable equivalent adjustments(1) 75 73 70 222 213
Net interest income - FTE $ 24,321 $ 21,652 $ 20,801 $ 66,886 $ 59,922
Net interest margin 3.65 % 3.56 % 3.78 % 3.60 % 3.85 %
Effect of fully-taxable equivalent adjustments(1) 0.01 % 0.01 % 0.01 % 0.01 % 0.02 %
Net interest margin - FTE 3.66 % 3.57 % 3.79 % 3.61 % 3.87 %
Total stockholders' equity $ 271,370 $ 230,581 $ 201,924 $ 271,370 $ 201,924
Less: Intangible assets 40,318 17,597 17,843 40,318 17,843
Tangible common equity $ 231,052 $ 212,984 $ 184,081 $ 231,052 $ 184,081
(1) Assumes a 24.0% tax rate.
Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except share and per share amounts)
Three Months Ended Nine Months Ended
September 30,
2024
June 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Core net income $ 8,675 $ 9,058 $ 9,563 $ 25,862 $ 23,901
Diluted weighted average shares outstanding 9,725,884 9,070,568 9,040,687 9,297,778 9,016,603
Diluted core earnings per share $ 0.89 $ 1.00 $ 1.06 $ 2.78 $ 2.65
Common shares outstanding at year or period end 9,882,350 8,908,130 8,834,168 9,882,350 8,834,168
Tangible book value per share $ 23.38 $ 23.91 $ 20.84 $ 23.38 $ 20.84
Total assets at end of period $ 2,841,440 $ 2,572,011 $ 2,296,527 $ 2,841,440 $ 2,296,527
Less: Intangible assets 40,318 17,597 17,843 40,318 17,843
Adjusted assets at end of period $ 2,801,122 $ 2,554,414 $ 2,278,684 $ 2,801,122 $ 2,278,684
Tangible common equity to tangible assets 8.25 % 8.34 % 8.08 % 8.25 % 8.08 %
Total average shareholders equity $ 246,081 $ 226,527 $ 202,955 $ 230,799 $ 194,430
Less: Average intangible assets 26,884 17,646 17,893 20,776 17,973
Average tangible common equity $ 219,197 $ 208,881 $ 185,062 $ 210,023 $ 176,457
Net income to common shareholders $ 7,353 $ 8,198 $ 6,629 $ 23,670 $ 23,056
Return on average tangible common equity 13.35 % 15.79 % 14.21 % 15.05 % 17.47 %
Average tangible common equity $ 219,197 $ 208,881 $ 185,062 $ 210,023 $ 176,457
Core net income $ 8,675 $ 9,058 $ 9,563 $ 25,862 $ 23,901
Core return on average tangible common equity 15.74 % 17.44 % 20.50 % 16.45 % 18.11 %
Net interest income $ 24,246 $ 21,579 $ 20,731 $ 66,664 $ 59,709
Add: Noninterest income 1,757 1,368 (2,894 ) 4,393 5,755
Less: Employee retention related revenue - - (5,100 ) - -
Less: Net gain (loss) on securities 75 20 (12 ) 83 457
Operating revenue $ 25,928 $ 22,927 $ 22,949 $ 70,974 $ 65,007
Expenses:
Total noninterest expense $ 13,687 $ 11,411 $ 8,569 $ 35,473 $ 32,159
Less: One-time retirement related expenses - - - - 1,571
Less: Professional fees related to ERC - - (1,243 ) - -
Less: Wire fraud loss - 1,155 - 1,155 -
Less: Merger-related expenses 1,511 - - 1,511 -
Less: Net OREO gain - (3 ) (9 ) (3 ) (2 )
Adjusted noninterest expenses $ 12,176 $ 10,259 $ 9,821 $ 32,810 $ 30,590
Core efficiency ratio 46.96 % 44.75 % 42.79 % 46.23 % 47.06 %

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