Third Quarter 2025 Highlights
Net Income - $1.7 million
Bank Net Income - $2.0 million
TBVPS - $12.07
Diluted EPS- $0.24
SCOTTSDALE, AZ / ACCESS Newswire / November 3, 2025 / Bancorp 34, Inc. (OTCQB:BCTF), the parent company for Southwest Heritage Bank, together, the "Company" reports third quarter of 2025 performance.
Management Comments - Ciaran McMullan, Chairman & CEO
Loan growth continued to strengthen with more than $31 million in new commitments1 booked during the quarter and total loans increasing $14 million, or 2.1%, over the linked quarter.
Core return on average assets2 improved for the fourth consecutive quarter to just under 0.60%, or ~0.70% at bank level.
Retail certificates of deposit declined by approximately $23 million, improving our deposit mix but contributing to a total deposit decline of $36 million, or ~4.0%.
TBVPS share increased to $12.07, and we have earned back 79% of the dilution incurred due to the March 2024 acquisition of Commerce Bank of Arizona.
The bank downgraded one well-collateralized $7.8 million relationship in the transportation sector to non-accrual status. No additional reserve was required. Bank and borrower are working together on a plan to address identified deficiencies.
3Q25 Highlights
Net Income and NIM
Net income improved by 10.2% over Q3 2024 but declined over the linked quarter due to the impact of a one-time recovery in the prior quarter.
While NIM declined over the linked quarter due to a reduction in loan mark accretion, core3 NIM has improved by two basis points over the same period.
Despite the shift away from CDs, cost of funds increased slightly due to several remaining MMDA promotions and normal business DDA fluctuations.
Non-interest expense declined over the linked and prior year quarter, and our Core Overhead Ratio6 improved to 2.54%.
Balance Sheet
Total deposits declined by $34.9 million during the quarter, driven primarily by a reduction in retail CDs of $23.3 million.
Total loans increased by $14.1 million, or 2.1%, during the quarter and total new commitments1 booked YTD are approximately $96 million.
Asset Quality
NPAs4 increased to 1.00% due to the downgrade of a single, well-collateralized $7.8 million relationship.
We reduced our ACL by $700,000 due to the improvement in metrics used to determine the qualitative factors in our reserve analysis.
Capital
TBVPS increased by $0.68 during the quarter, $0.26 of which was due to a reduction in AOCI, with a further $0.19 due to ongoing progress towards terminating the bank's ESOP.
Our Tier 1 Leverage Ratio increased to 12.26%.
Performance Metrics (Consolidated) |
|
| 3Q25 |
|
|
| 2Q25 |
|
|
| 3Q24 |
|
ROATA |
|
| 0.74 | % |
|
| 1.01 | % |
|
| 0.67 | % |
ROATE |
|
| 7.91 | % |
|
| 11.14 | % |
|
| 8.14 | % |
Core2 ROATA |
|
| 0.59 | % |
|
| 0.51 | % |
|
| 0.49 | % |
Core2 ROATE |
|
| 6.18 | % |
|
| 5.56 | % |
|
| 5.78 | % |
Net Interest Margin |
|
| 3.47 | % |
|
| 3.66 | % |
|
| 3.79 | % |
Cost of Funds |
|
| 2.64 | % |
|
| 2.61 | % |
|
| 2.78 | % |
Overhead Ratio4 |
|
| 2.79 | % |
|
| 2.84 | % |
|
| 2.84 | % |
Efficiency Ratio |
|
| 81.17 | % |
|
| 79.07 | % |
|
| 76.11 | % |
NPA5 |
|
| 1.00 | % |
|
| 0.18 | % |
|
| 0.38 | % |
ACL to Total Loans |
|
| 1.41 | % |
|
| 1.55 | % |
|
| 1.50 | % |
Select Metrics (Bank Only) |
|
| 3Q25 |
|
|
| 2Q25 |
|
|
| 3Q24 |
|
ROATA |
|
| 0.85 | % |
|
| 1.12 | % |
|
| 0.86 | % |
Core2 ROATA |
|
| 0.68 | % |
|
| 0.60 | % |
|
| 0.67 | % |
Net Interest Margin |
|
| 3.61 | % |
|
| 3.80 | % |
|
| 3.94 | % |
Core Efficiency Ratio |
|
| 74.62 | % |
|
| 77.85 | % |
|
| 73.30 | % |
Balance Sheet (in 000s) |
|
| 3Q25 |
|
|
| 2Q25 |
|
|
| 3Q24 |
|
Total Assets |
| $ | 899,621 |
|
| $ | 931,267 |
|
| $ | 938,997 |
|
Total Loans |
| $ | 690,519 |
|
| $ | 676,389 |
|
| $ | 703,135 |
|
Total Deposits |
| $ | 760,273 |
|
| $ | 795,104 |
|
| $ | 785,181 |
|
Total Capital |
| $ | 95,260 |
|
| $ | 92,242 |
|
| $ | 87,122 |
|
TBVPS |
| $ | 12.07 |
|
| $ | 11.39 |
|
| $ | 10.64 |
|
Income Statement (000s except EPS) |
|
| 3Q25 |
|
|
| 2Q25 |
|
|
| 3Q24 |
|
Net Interest Income |
| $ | 7,740 |
|
| $ | 8,096 |
|
| $ | 8,387 |
|
Non-interest Income |
| $ | 242 |
|
| $ | 292 |
|
| $ | 239 |
|
Non-interest Expense |
| $ | 6,494 |
|
| $ | 6,633 |
|
| $ | 6,575 |
|
Pre-tax Pre-Provision |
| $ | 1,488 |
|
| $ | 1,755 |
|
| $ | 2,051 |
|
Net Income |
| $ | 1,733 |
|
| $ | 2,330 |
|
| $ | 1,573 |
|
Core Net Income |
| $ | 1,355 |
|
| $ | 1,163 |
|
| $ | 1,118 |
|
Diluted Earnings per Share |
| $ | 0.24 |
|
| $ | 0.32 |
|
| $ | 0.22 |
|
1 - Includes new loan balances disbursed and new unfunded commitments. Source: Internal Reporting
2 - Non-GAAP, excludes merger related accretion and amortization, as well as material non-recurring income and expense items.
3 - Non-GAAP, excludes merger related fair value mark accretion and amortization.
4 - Non-interest expense as a percentage of average assets
5 - NPA is non-performing assets as a % of total assets, net of government guarantees.
6 - Non-GAAP, excludes merger related accretion and amortization, as well as material non-recurring income and expense items.
ABOUT BANCORP 34, INC. - Bancorp 34 is the holding company for Southwest Heritage Bank. The bank's headquarters are located at 8777 East Hartford Drive, Suite 100, Scottsdale, Arizona 85255. In addition, we operate seven full-service community bank branches, two in Maricopa County, Arizona, in the cities of Scottsdale and Gilbert; three in Pima County, Arizona, in the cities of Tucson and Green Valley; one branch in Otero County, New Mexico in the city of Alamogordo; and one branch in Dona Ana County New Mexico, in the city of Las Cruces.
FORWARD-LOOKING STATEMENTS - Certain statements herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "believes," "will," "expects," "project," "may," "could," "developments," "strategic," "launching," "opportunities," "anticipates," "estimates," "intends," "plans," "targets" and similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, general economic conditions, changes in interest rates, the effects of any health pandemic, regulatory considerations, competition and the other risks. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Forward-looking statements speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under federal securities laws.
NON-GAAP FINANCIAL MEASURES- Some of the financial measures included in this release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures include: (i) core net income; (ii) core net interest margin; (iii) core ROAA; (iv) core ROAE (v) core ROATA; (vi) core ROATE; (vii) core NIE to average assets; and (viii) core efficiency ratio. We believe these non-GAAP financial measures provide investors and management with a more complete understanding of our financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.
Select Financial Ratios |
|
| 3Q25 |
|
|
| 2Q25 |
|
|
| 3Q24 |
|
Return on Average Assets (ROAA) |
|
| 0.74 | % |
|
| 1.01 | % |
|
| 0.67 | % |
Core6 ROAA |
|
| 0.58 | % |
|
| 0.50 | % |
|
| 0.48 | % |
Return on Average Tangible Assets (ROATA) |
|
| 0.75 | % |
|
| 1.01 | % |
|
| 0.68 | % |
Core6 ROATA |
|
| 0.59 | % |
|
| 0.51 | % |
|
| 0.49 | % |
Return on Average Equity (ROAE) |
|
| 7.35 | % |
|
| 9.93 | % |
|
| 7.27 | % |
Core6 ROAE |
|
| 5.74 | % |
|
| 5.23 | % |
|
| 5.17 | % |
Return on Average Tangible Equity |
|
| 7.91 | % |
|
| 11.14 | % |
|
| 8.14 | % |
Core6 ROATE |
|
| 6.18 | % |
|
| 5.56 | % |
|
| 5.78 | % |
Overhead Ratio |
|
| 2.79 | % |
|
| 2.84 | % |
|
| 2.84 | % |
Core6 Overhead Ratio |
|
| 2.54 | % |
|
| 2.65 | % |
|
| 2.66 | % |
Efficiency Ratio |
|
| 81.17 | % |
|
| 79.07 | % |
|
| 76.11 | % |
Core6 Efficiency Ratio |
|
| 77.85 | % |
|
| 82.26 | % |
|
| 75.19 | % |
Net Interest Margin |
|
| 3.47 | % |
|
| 3.66 | % |
|
| 3.79 | % |
Core7 Net Interest Margin |
|
| 3.30 | % |
|
| 3.28 | % |
|
| 3.34 | % |
Cost of Funds |
|
| 2.64 | % |
|
| 2.61 | % |
|
| 2.78 | % |
Earnings Per Share (EPS) |
| $ | 0.24 |
|
| $ | 0.32 |
|
| $ | 0.22 |
|
Diluted EPS |
| $ | 0.24 |
|
| $ | 0.32 |
|
| $ | 0.22 |
|
Bank Regulatory Capital Ratios |
|
| 3Q25 |
|
|
| 2Q25 |
|
|
| 3Q24 |
|
Tier 1 Leverage Capital Ratio |
|
| 12.26 | % |
|
| 11.86 | % |
|
| 10.98 | % |
Common Equity Tier 1 Capital Ratio |
|
| 14.28 | % |
|
| 14.18 | % |
|
| 13.03 | % |
Tier 1 Capital Ratio |
|
| 14.28 | % |
|
| 14.18 | % |
|
| 13.03 | % |
Total Risk-based Capital Ratio |
|
| 15.54 | % |
|
| 15.44 | % |
|
| 14.28 | % |
Credit Quality8 |
|
| 3Q25 |
|
|
| 2Q25 |
|
Total Classified Loans |
| $ | 15,131 |
|
| $ | 9,663 |
|
Classified - Accrual Loans |
| $ | 5,835 |
|
| $ | 7,978 |
|
Classified - Non-Accrual Loans |
| $ | 9,296 |
|
| $ | 1,685 |
|
Non-Performing Assets |
| $ | 9,296 |
|
| $ | 1,685 |
|
Total Classified / Total Loans |
|
| 2.19 | % |
|
| 1.43 | % |
Adversely Classified Items/Total Capital |
|
| 12.25 | % |
|
| 8.23 | % |
| Period |
|
| GAAP Net Income |
|
| Loan Mark Accretion |
|
| CDI Amortization |
|
| Non-Recurring Items9 |
|
| Core Net Income10 |
| ||||||
|
| 3Q25 |
|
| $ | 1,733 |
|
| $ | -571 |
|
| $ | 386 |
|
| $ | -319 |
|
| $ | 1,355 |
|
|
| 2Q25 |
|
| $ | 2,330 |
|
| $ | -758 |
|
| $ | 399 |
|
| $ | -1,197 |
|
| $ | 1,163 |
|
|
| 3Q24 |
|
| $ | 1,575 |
|
| $ | -936 |
|
| $ | 501 |
|
| $ | -174 |
|
| $ | 1,118 |
|
6 - Non-GAAP, excludes merger related accretion and amortization, as well as material non-recurring income and expense items.
7 - Non-GAAP, excludes merger related fair value mark accretion and amortization.
8 - Classified and non-performing assets are net of government guarantees
9 - Includes ACL reverse provision
10 - Non-GAAP, Assumes 25% tax rate
BALANCE SHEET (in 000s) |
|
| 3Q25 |
|
|
| 2Q25 |
|
|
| 3Q24 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 3,158 |
|
|
| 3,645 |
|
|
| 4,783 |
|
Fed funds sold & repos |
|
| 4,200 |
|
|
| 5,430 |
|
|
| 60,860 |
|
Interest bearing deposits with banks |
|
| 47,123 |
|
|
| 95,086 |
|
|
| 62,155 |
|
Investment securities |
|
| 109,151 |
|
|
| 104,455 |
|
|
| 64,967 |
|
Loans, net of unearned income |
|
| 690,519 |
|
|
| 676,389 |
|
|
| 703,135 |
|
Allowance for credit losses |
|
| -9,733 |
|
|
| -10,492 |
|
|
| -10,523 |
|
Premises and equipment, net |
|
| 11,085 |
|
|
| 11,565 |
|
|
| 12,742 |
|
Accrued interest receivable |
|
| 2,543 |
|
|
| 2,559 |
|
|
| 2,619 |
|
Core deposit intangible |
|
| 6,409 |
|
|
| 6,791 |
|
|
| 8,004 |
|
Other assets |
|
| 35,166 |
|
|
| 35,839 |
|
|
| 30,255 |
|
Total Assets |
|
| 899,621 |
|
|
| 931,267 |
|
|
| 938,997 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
| 163,339 |
|
|
| 168,931 |
|
|
| 172,976 |
|
Interest bearing demand deposits |
|
| 105,347 |
|
|
| 105,630 |
|
|
| 104,167 |
|
Savings and money market deposits |
|
| 301,835 |
|
|
| 307,474 |
|
|
| 270,389 |
|
Time deposits - retail |
|
| 184,682 |
|
|
| 207,999 |
|
|
| 229,567 |
|
Time deposits - wholesale |
|
| 5,070 |
|
|
| 5,070 |
|
|
| 8,082 |
|
Total Deposits |
|
| 760,273 |
|
|
| 795,104 |
|
|
| 785,181 |
|
Accrued expenses and other liabilities |
|
| 16,828 |
|
|
| 16,680 |
|
|
| 12,010 |
|
Other borrowings |
|
| 27,261 |
|
|
| 27,241 |
|
|
| 54,684 |
|
Total Liabilities |
|
| 804,362 |
|
|
| 839,025 |
|
|
| 851,875 |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
| 74 |
|
|
| 75 |
|
|
| 74 |
|
Capital surplus |
|
| 66,482 |
|
|
| 67,652 |
|
|
| 66,705 |
|
Retained earnings |
|
| 25,989 |
|
|
| 25,989 |
|
|
| 24,300 |
|
Accumulated other comprehensive loss |
|
| -3,656 |
|
|
| -4,849 |
|
|
| -4,195 |
|
Net income |
|
| 6,371 |
|
|
| 4,638 |
|
|
| 1,540 |
|
Unearned ESOP shares |
|
| 0 |
|
|
| -1,263 |
|
|
| -1,302 |
|
Total Equity |
|
| 95,260 |
|
|
| 92,242 |
|
|
| 87,122 |
|
Total Liabilities & Equity |
|
| 899,621 |
|
|
| 931,267 |
|
|
| 938,997 |
|
INCOME STATEMENT (in 000s) |
|
| 3Q25 |
|
|
| 2Q25 |
|
|
| 3Q24 |
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Loans |
|
| 10,836 |
|
|
| 11,008 |
|
|
| 12,159 |
|
Fees on Loans |
|
| 119 |
|
|
| 173 |
|
|
| 155 |
|
Interest on federal funds sold |
|
| 49 |
|
|
| 49 |
|
|
| 550 |
|
Interest on deposits with banks |
|
| 997 |
|
|
| 1,095 |
|
|
| 723 |
|
Investment Securities - Taxable |
|
| 1,199 |
|
|
| 1,162 |
|
|
| 581 |
|
Total Interest Income |
|
| 13,200 |
|
|
| 13,487 |
|
|
| 14,168 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand deposits |
|
| 404 |
|
|
| 373 |
|
|
| 332 |
|
Savings and Money Market Deposits |
|
| 2,690 |
|
|
| 2,498 |
|
|
| 2,353 |
|
Time Deposits - Retail |
|
| 1,967 |
|
|
| 2,124 |
|
|
| 2,316 |
|
Time Deposits - Wholesale |
|
| 53 |
|
|
| 52 |
|
|
| 85 |
|
Total Interest Expense on Deposits |
|
| 5,114 |
|
|
| 5,047 |
|
|
| 5,086 |
|
Interest on other borrowings |
|
| 345 |
|
|
| 344 |
|
|
| 695 |
|
Total Interest Expense |
|
| 5,460 |
|
|
| 5,391 |
|
|
| 5,781 |
|
Net Interest Income |
|
| 7,740 |
|
|
| 8,096 |
|
|
| 8,387 |
|
Provision for Credit Losses |
|
| -700 |
|
|
| -1,250 |
|
|
| 0 |
|
Net In. Inc. After Prov. for Credit Losses |
|
| 8,440 |
|
|
| 9,346 |
|
|
| 8,387 |
|
Non Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
| 141 |
|
|
| 148 |
|
|
| 180 |
|
Mortgage loan and related fees |
|
| 26 |
|
|
| -9 |
|
|
| -21 |
|
Other noninterest income |
|
| 75 |
|
|
| 153 |
|
|
| 81 |
|
Total Non Interest Income |
|
| 242 |
|
|
| 292 |
|
|
| 239 |
|
Non Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 3,418 |
|
|
| 3,323 |
|
|
| 3,129 |
|
Occupancy |
|
| 540 |
|
|
| 726 |
|
|
| 700 |
|
Other noninterest expense |
|
| 2,536 |
|
|
| 2,584 |
|
|
| 2,746 |
|
Total Non Interest Expense |
|
| 6,494 |
|
|
| 6,633 |
|
|
| 6,575 |
|
Income Before Taxes |
|
| 2,188 |
|
|
| 3,005 |
|
|
| 2,051 |
|
Income taxes |
|
| 455 |
|
|
| 675 |
|
|
| 478 |
|
Net Income |
|
| 1,733 |
|
|
| 2,330 |
|
|
| 1,573 |
|
INCOME STATEMENT (in 000s) |
| 9 months ending 3Q25 |
|
| 9 months ending 3Q24 |
| ||
Interest Income |
|
|
|
|
|
| ||
Interest on Loans |
|
| 33,030 |
|
|
| 31,714 |
|
Fees on Loans |
|
| 413 |
|
|
| 524 |
|
Interest on federal funds sold |
|
| 149 |
|
|
| 831 |
|
Interest on deposits with banks |
|
| 3,357 |
|
|
| 1,932 |
|
Investment Securities - Taxable |
|
| 3,333 |
|
|
| 1,718 |
|
Total Interest Income |
|
| 40,282 |
|
|
| 36,719 |
|
Interest Expense |
|
|
|
|
|
|
|
|
Interest bearing demand deposits |
|
| 1,106 |
|
|
| 702 |
|
Savings and Money Market Deposits |
|
| 7,576 |
|
|
| 6,624 |
|
Time Deposits - Retail |
|
| 6,537 |
|
|
| 5,984 |
|
Time Deposits - Wholesale |
|
| 167 |
|
|
| 294 |
|
Total Interest Expense on Deposits |
|
| 15,386 |
|
|
| 13,604 |
|
Interest on other borrowings |
|
| 1,040 |
|
|
| 2,086 |
|
Total Interest Expense |
|
| 16,426 |
|
|
| 15,690 |
|
Net Interest Income |
|
| 23,856 |
|
|
| 21,029 |
|
Provision for Credit Losses |
|
| -3,450 |
|
|
| 3,866 |
|
Net In. Inc. After Prov. for Credit Losses |
|
| 27,306 |
|
|
| 17,163 |
|
Non Interest Income |
|
|
|
|
|
|
|
|
Service charges and fees |
|
| 443 |
|
|
| 485 |
|
Mortgage loan and related fees |
|
| 55 |
|
|
| -63 |
|
Other noninterest income |
|
| 301 |
|
|
| 4,780 |
|
Total Non Interest Income |
|
| 799 |
|
|
| 5,202 |
|
Non Interest Expense |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 10,319 |
|
|
| 9,057 |
|
Occupancy |
|
| 1,966 |
|
|
| 1,817 |
|
Other noninterest expense |
|
| 7,634 |
|
|
| 11,126 |
|
Total Non Interest Expense |
|
| 19,919 |
|
|
| 22,000 |
|
Income Before Taxes |
|
| 8,186 |
|
|
| 365 |
|
Income taxes |
|
| 1,815 |
|
|
| -1,175 |
|
Net Income |
|
| 6,371 |
|
|
| 1,540 |
|
Average Balance Sheet and Yields |
|
|
|
|
|
|
|
|
|
| ||||||||||||||
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| September 30, 2025 |
|
| June 30, 2025 |
| ||||||||||||||||||
|
| Average Balance |
|
| Interest |
|
| Average Yield/Rate |
|
| Average Balance |
|
| Interest |
|
| Average Yield/Rate |
| ||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Federal funds sold |
| $ | 4,357,283 |
|
| $ | 48,758 |
|
|
| 4.44 | % |
| $ | 4,391,538 |
|
| $ | 48,968 |
|
|
| 4.47 | % |
Deposits with banks |
|
| 92,046,784 |
|
|
| 997,294 |
|
|
| 4.30 | % |
|
| 101,230,867 |
|
|
| 1,095,171 |
|
|
| 4.34 | % |
Investment securities |
|
| 105,746,137 |
|
|
| 1,198,727 |
|
|
| 4.50 | % |
|
| 109,636,098 |
|
|
| 1,161,439 |
|
|
| 4.09 | % |
Loans |
|
| 680,493,148 |
|
|
| 10,954,738 |
|
|
| 6.39 | % |
|
| 674,518,875 |
|
|
| 11,181,795 |
|
|
| 6.65 | % |
Total Interest Earning Assets |
| $ | 882,643,352 |
|
| $ | 13,199,517 |
|
|
| 5.93 | % |
| $ | 889,777,378 |
|
| $ | 13,487,373 |
|
|
| 6.08 | % |
Non-Interest Earning Assets |
| $ | 49,081,977 |
|
|
|
|
|
|
|
|
|
| $ | 40,031,708 |
|
|
|
|
|
|
|
|
|
Total Assets |
| $ | 931,725,329 |
|
|
|
|
|
|
|
|
|
| $ | 929,809,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand |
| $ | 106,626,968 |
|
| $ | 404,378 |
|
|
| 1.50 | % |
| $ | 107,769,299 |
|
| $ | 373,496 |
|
|
| 1.39 | % |
Savings and Money Market |
|
| 310,491,189 |
|
|
| 2,690,248 |
|
|
| 3.44 | % |
|
| 296,161,664 |
|
|
| 2,497,634 |
|
|
| 3.38 | % |
Time deposits - Retail |
|
| 199,560,785 |
|
|
| 1,967,084 |
|
|
| 3.91 | % |
|
| 211,751,684 |
|
|
| 2,123,642 |
|
|
| 4.02 | % |
Time Deposits - Wholesale |
|
| 5,070,000 |
|
|
| 52,697 |
|
|
| 4.12 | % |
|
| 5,070,000 |
|
|
| 52,144 |
|
|
| 4.13 | % |
Total Interest Bearing Deposits |
|
| 621,748,942 |
|
|
| 5,114,407 |
|
|
| 3.26 | % |
|
| 620,752,647 |
|
|
| 5,046,916 |
|
|
| 3.26 | % |
Total Borrowed Funds |
|
| 27,249,239 |
|
|
| 345,256 |
|
|
| 5.03 | % |
|
| 27,430,238 |
|
|
| 344,231 |
|
|
| 4.96 | % |
Total Interest Bearing Liabilities |
|
| 648,998,181 |
|
|
| 5,459,663 |
|
|
| 3.34 | % |
|
| 648,182,885 |
|
|
| 5,391,147 |
|
|
| 3.33 | % |
Non-Interest Bearing Deposits |
|
| 172,469,155 |
|
|
| - |
|
|
| 0.00 | % |
|
| 178,549,677 |
|
|
| - |
|
|
| 0.00 | % |
Total Funding Sources/Cost |
|
| 821,467,336 |
|
|
| 5,459,663 |
|
|
| 2.64 | % |
|
| 826,732,562 |
|
|
| 5,391,147 |
|
|
| 2.61 | % |
Non-Interest Bearing Liabilities |
|
| 16,649,825 |
|
|
|
|
|
|
|
|
|
|
| 12,197,579 |
|
|
|
|
|
|
|
|
|
Equity |
|
| 93,608,168 |
|
|
|
|
|
|
|
|
|
|
| 90,878,946 |
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
| $ | 931,725,329 |
|
|
|
|
|
|
|
|
|
| $ | 929,809,086 |
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
|
| $ | 7,739,854 |
|
|
|
|
|
|
|
|
|
| $ | 8,096,226 |
|
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
|
| 3.47 | % |
|
|
|
|
|
|
|
|
|
| 3.66 | % |
Average Balance Sheet and Yields |
|
|
|
|
|
|
|
|
|
| ||||||||||||||
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| September 30, 2025 |
|
| September 30, 2024 |
| |||||||||||||||||||
|
| Average Balance |
|
| Interest |
|
| Average Yield/Rate |
|
| Average Balance |
|
| Interest |
|
| Average Yield/Rate |
| ||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Federal funds sold |
| $ | 4,357,283 |
|
| $ | 48,758 |
|
|
| 4.44 | % |
| $ | 39,466,804 |
|
| $ | 549,994 |
|
|
| 5.54 | % |
Deposits with banks |
|
| 92,046,784 |
|
|
| 997,294 |
|
|
| 4.30 | % |
|
| 57,345,746 |
|
|
| 723,018 |
|
|
| 5.02 | % |
Investment securities |
|
| 105,746,137 |
|
|
| 1,198,727 |
|
|
| 4.50 | % |
|
| 63,427,194 |
|
|
| 580,633 |
|
|
| 3.64 | % |
Loans |
|
| 680,493,148 |
|
|
| 10,954,738 |
|
|
| 6.39 | % |
|
| 716,632,296 |
|
|
| 12,314,077 |
|
|
| 6.84 | % |
Total Interest Earning Assets |
| $ | 882,643,352 |
|
| $ | 13,199,517 |
|
|
| 5.93 | % |
| $ | 876,872,040 |
|
| $ | 14,167,722 |
|
|
| 6.43 | % |
Non-Interest Earning Assets |
| $ | 49,081,977 |
|
|
|
|
|
|
|
|
|
| $ | 48,818,233 |
|
|
|
|
|
|
|
|
|
Total Assets |
| $ | 931,725,329 |
|
|
|
|
|
|
|
|
|
| $ | 925,690,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand |
| $ | 106,626,968 |
|
| $ | 404,378 |
|
|
| 1.50 | % |
| $ | 105,905,713 |
|
| $ | 331,679 |
|
|
| 1.25 | % |
Savings and Money Market |
|
| 310,491,189 |
|
|
| 2,690,248 |
|
|
| 3.44 | % |
|
| 271,504,334 |
|
|
| 2,352,872 |
|
|
| 3.45 | % |
Time deposits - Retail |
|
| 199,560,785 |
|
|
| 1,967,084 |
|
|
| 3.91 | % |
|
| 208,514,413 |
|
|
| 2,316,552 |
|
|
| 4.42 | % |
Time Deposits - Wholesale |
|
| 5,070,000 |
|
|
| 52,697 |
|
|
| 4.12 | % |
|
| 8,081,748 |
|
|
| 85,216 |
|
|
| 4.19 | % |
Total Interest Bearing Deposits |
|
| 621,748,942 |
|
|
| 5,114,407 |
|
|
| 3.26 | % |
|
| 594,006,208 |
|
|
| 5,086,319 |
|
|
| 3.41 | % |
Total Borrowed Funds |
|
| 27,249,239 |
|
|
| 345,256 |
|
|
| 5.03 | % |
|
| 54,689,264 |
|
|
| 694,736 |
|
|
| 4.97 | % |
Total Interest Bearing Liabilities |
|
| 648,998,181 |
|
|
| 5,459,663 |
|
|
| 3.34 | % |
|
| 648,695,472 |
|
|
| 5,781,055 |
|
|
| 3.55 | % |
Non-Interest Bearing Deposits |
|
| 172,469,155 |
|
|
| - |
|
|
| 0.00 | % |
|
| 179,799,483 |
|
|
| - |
|
|
| 0.00 | % |
Total Funding Sources/Cost |
|
| 821,467,336 |
|
|
| 5,459,663 |
|
|
| 2.64 | % |
|
| 828,494,955 |
|
|
| 5,781,055 |
|
|
| 2.78 | % |
Non-Interest Bearing Liabilities |
|
| 16,649,825 |
|
|
|
|
|
|
|
|
|
|
| 11,372,451 |
|
|
|
|
|
|
|
|
|
Equity |
|
| 93,608,168 |
|
|
|
|
|
|
|
|
|
|
| 85,822,867 |
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
| $ | 931,725,329 |
|
|
|
|
|
|
|
|
|
| $ | 925,690,273 |
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
|
| $ | 7,739,854 |
|
|
|
|
|
|
|
|
|
| $ | 8,386,667 |
|
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
|
| 3.47 | % |
|
|
|
|
|
|
|
|
|
| 3.79 | % |
Average Balance Sheet and Yields |
|
|
|
|
|
|
|
|
|
| ||||||||||||||
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| September 30, 2025 |
|
| September 30, 2024 |
| |||||||||||||||||||
|
| Average Balance |
|
| Interest |
|
| Average Yield/Rate |
|
| Average Balance |
|
| Interest |
|
| Average Yield/Rate |
| ||||||
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Federal funds sold |
| $ | 4,498,187 |
|
| $ | 149,279 |
|
|
| 4.44 | % |
| $ | 20,179,128 |
|
| $ | 830,969 |
|
|
| 5.50 | % |
Deposits with banks |
|
| 103,692,236 |
|
|
| 3,356,634 |
|
|
| 4.33 | % |
|
| 59,664,771 |
|
|
| 1,931,763 |
|
|
| 4.32 | % |
Investment securities |
|
| 99,918,850 |
|
|
| 3,333,906 |
|
|
| 4.46 | % |
|
| 85,178,623 |
|
|
| 1,717,846 |
|
|
| 2.69 | % |
Loans |
|
| 676,802,218 |
|
|
| 33,442,588 |
|
|
| 6.61 | % |
|
| 756,580,615 |
|
|
| 32,237,974 |
|
|
| 5.69 | % |
Total Interest Earning Assets |
| $ | 884,911,491 |
|
| $ | 40,282,407 |
|
|
| 6.09 | % |
| $ | 921,603,137 |
|
| $ | 36,718,552 |
|
|
| 5.32 | % |
Non-Interest Earning Assets |
| $ | 47,816,337 |
|
|
|
|
|
|
|
|
|
| $ | 59,106,075 |
|
|
|
|
|
|
|
|
|
Total Assets |
| $ | 932,727,828 |
|
|
|
|
|
|
|
|
|
| $ | 980,709,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand |
| $ | 106,289,490 |
|
| $ | 1,106,091 |
|
|
| 1.39 | % |
| $ | 98,343,350 |
|
| $ | 701,889 |
|
|
| 0.95 | % |
Savings and Money Market |
|
| 296,837,126 |
|
|
| 7,576,266 |
|
|
| 3.41 | % |
|
| 293,566,839 |
|
|
| 6,623,589 |
|
|
| 3.01 | % |
Time deposits - Retail |
|
| 214,218,806 |
|
|
| 6,536,995 |
|
|
| 4.08 | % |
|
| 207,512,473 |
|
|
| 5,983,906 |
|
|
| 3.85 | % |
Time Deposits - Wholesale |
|
| 5,424,813 |
|
|
| 167,100 |
|
|
| 4.12 | % |
|
| 10,209,786 |
|
|
| 294,401 |
|
|
| 3.85 | % |
Total Interest Bearing Deposits |
|
| 622,770,235 |
|
|
| 15,386,452 |
|
|
| 3.30 | % |
|
| 609,632,448 |
|
|
| 13,603,785 |
|
|
| 2.98 | % |
Total Borrowed Funds |
|
| 27,461,732 |
|
|
| 1,039,532 |
|
|
| 4.99 | % |
|
| 70,983,229 |
|
|
| 2,085,773 |
|
|
| 3.86 | % |
Total Interest Bearing Liabilities |
|
| 650,231,967 |
|
|
| 16,425,984 |
|
|
| 3.38 | % |
|
| 680,615,677 |
|
|
| 15,689,558 |
|
|
| 3.08 | % |
Non-Interest Bearing Deposits |
|
| 178,144,809 |
|
|
| - |
|
|
| 0.00 | % |
|
| 187,984,450 |
|
|
| - |
|
|
| 0.00 | % |
Total Funding Sources/Cost |
|
| 828,376,776 |
|
|
| 16,425,984 |
|
|
| 2.65 | % |
|
| 868,600,127 |
|
|
| 15,689,558 |
|
|
| 2.41 | % |
Non-Interest Bearing Liabilities |
|
| 13,636,749 |
|
|
|
|
|
|
|
|
|
|
| 12,000,986 |
|
|
|
|
|
|
|
|
|
Equity |
|
| 90,714,303 |
|
|
|
|
|
|
|
|
|
|
| 100,108,099 |
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
| $ | 932,727,828 |
|
|
|
|
|
|
|
|
|
| $ | 980,709,212 |
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
|
| $ | 23,856,423 |
|
|
|
|
|
|
|
|
|
| $ | 21,028,994 |
|
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
|
| 3.59 | % |
|
|
|
|
|
|
|
|
|
| 3.02 | % |
Contact: Kevin Vaughn
Chief Financial Officer
(623) 334-6064
BCTF@swhb.com
SOURCE: Southwest Heritage Bank
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/banking-and-financial-services/bancorp-34-inc-reports-3rd-quarter-performance-1096542