CFC Quarterly Financial Performance
CFC SELECTED QUARTERLY FINANCIALS
(Dollars in thousands, except per share data)
Statement of Income Data:
Total interest income
Total interest expense
2Q2023
83,686 $
1Q 2023
As of and for the Quarter Ended
4Q2022
3Q2022
2Q2022
70,111
$
65,030 $
55,179 $
41,819
21,336
15,620
11,598
5,990
1,933
Provision for loan losses
52,598
43,544
33,600
18,428
14,094
Recapture (provision) for unfunded commitments
(345)
153
Net interest income after provision for loan losses
10,097
10,794
19,832
30,761
25,792
Total noninterest income
58,595
49,307
42,815
34,391
25,492
Total noninterest expense
51,910
44,663
47,103
51,087
38,169
Provision for income taxes
3,876
3,047
2,426
2,964
2,939
Net Income
Balance Sheet Data:
Cash and cash equivalents
Investment securities
Loans
Allowance for loan losses
Total assets
Interest-bearing deposits
Noninterest-bearing deposits
Total deposits
Core deposits
(1)
Total borrowings
12,906
12,391
13,118
11,101
10,176
275,060
$
393,916
$
110,730
101,704
3,007,553
2,837,204
342,139
98,353
2,627,256
$
410,728
98,871
2,507,889
$
405,689
109,821
2,334,354
(110,762)
(89,123)
(74,029)
(59,282)
(49,358)
3,535,283
3,451,033
3,144,467
3,133,741
2,969,722
2,436,980
2,333,423
2,042,509
2,023,849
1,879,253
725,592
761,800
775,012
813,217
818,052
3,162,572
3,095,223
2,817,521
2,837,066
2,697,305
3,137,747
3,068,162
2,686,528
2,727,830
2,584,831
47,658
Total shareholders' equity
272,662
47,619
258,763
47,587
243,494
27,931
228,733
27,911
Share and Per Share Data: (2)
Shares outstanding at end of period
13,300,809
13,281,533
13,161,147
Weighted average common shares outstanding-diluted
13,597,763
13,609,491
13,603,978
12,954,573
13,536,823
217,661
12,948,623
13,442,013
Book value per share
20.50
$
19.48 $
18.50
17.66
$
16.81
Tangible book value per share
(3)
20.50
19.48
18.50
17.66
16.81
Earnings per share - basic
0.97
0.94
1.01
0.86
0.79
Earnings per share - diluted
Performance Ratios:
Return on average assets
0.95
0.91
0.96
0.82
0.76
1.52%
1.58%
1.66%
1.45%
1.41%
Return on average shareholders' equity
19.53%
19.89%
21.86%
19.36%
18.86%
Credit Quality Ratios:
Nonperforming assets to total assets
0.95%
0.91%
1.06%
0.73%
0.20%
Nonperforming assets to total loans and OREO
1.12%
1.11%
1.26%
0.91%
0.25%
Nonperforming loans to total loans
1.12%
1.11%
1.26%
0.91%
0.25%
Allowance for loan losses to total loans
3.68%
3.14%
2.82%
2.36%
2.11%
Net charge-offs to average loans
4.19%
4.84%
2.87%
1.38%
0.64%
Other Key Ratios:
Yield on Loans Receivable
Cost of Deposits
10.85%
9.95%
9.33%
8.46%
7.34%
2.72%
2.13%
1.56%
0.82%
0.25%
Net Interest Margin
Efficiency Ratio
Loans Receivable to Deposits
Cost of Funds
(1)
Core deposits are defined as all deposits excluding time and brokered deposits.
(2)
Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
(3)
Tangible book value per share is a non-GAAP measure. Since there is no goodwill or other intangible assets as of the dates indicated, tangible book value per share is the
same as book value per share as of each of the dates indicated.
7.58%
7.15%
6.96%
6.58%
5.66%
42.92%
43.03%
48.94%
61.12%
58.38%
96.23%
92.55%
93.25%
89.92%
86.54%
2.77%
2.19%
1.61%
0.85%
0.29%
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