Latest news with #DavidNelson
Sydney Morning Herald
26-05-2025
- Sydney Morning Herald
Ship happens
Reportage on the front garden grounding of cargo ship, NCL Salten in Norway, has Nola Tucker of Kiama thinking: 'In Norway, or elsewhere, what are the legal rights of homeowners who wake up to find a ship in their front yard? Automatic possession of the ship and its cargo or is it a matter of conquest by the ship and a cosy home ashore? It would be useful to know just in case. Is there a precedence?' 'As a 'city slicker' in the late 1960s, I was impressed by the use of milk cans as letter boxes (C8) in rural areas, with the lids attached by a chain,' writes David Nelson of Caringbah South. 'The old 44 gallon drum was less commonly used but served a similar purpose. Move on 50 years and the faulty refrigerator was put to similar use, usually with a padlock securely attached. No doubt, large plastic barrels are the 'in-thing' today.' Andrew Taubman of Queens Park was a bit put out when Viv Munter called it a mailbox, so it's letter box from now on. Got it? Good. 'Our letter box was stolen over 20 years ago, the day before we had a dead gum tree removed,' recalls Llewellyn Dickeson of Culburra Beach. 'One of its sturdy, forked branches and a chainsaw later, we had a new custom-made letter box. It's still standing and has since been enhanced by the addition of a small wooden port barrel. Truly a one-off and very functional creation.' We're discovering that letter box theft is/was a thing, as Jenny Archbold of Bellingen explains: 'Our letter box was situated at the top of the lane. We had a really smart looking one until someone decided they needed it more than we did. We replaced it with an equally attractive one. Too attractive. Same thing happened. So we nailed a battered old metal esky onto the fence. That went too. Problem solved by an understanding postman who drove down the lane to our relocated letter box.' 'After 15 years of collecting Lan-Choo (C8) labels in the 1950s/60s, I at least expected a Royal Doulton dinner set, but was disappointed to receive a long-handled stainless-steel straining spoon which has in fact, turned out to be much more useful than a dinner set, parts of which may be broken by now,' says the aptly named Patricia Spooner of North Turramurra. 'Thank you, Lan-Choo.'
The Age
26-05-2025
- The Age
Ship happens
Reportage on the front garden grounding of cargo ship, NCL Salten in Norway, has Nola Tucker of Kiama thinking: 'In Norway, or elsewhere, what are the legal rights of homeowners who wake up to find a ship in their front yard? Automatic possession of the ship and its cargo or is it a matter of conquest by the ship and a cosy home ashore? It would be useful to know just in case. Is there a precedence?' 'As a 'city slicker' in the late 1960s, I was impressed by the use of milk cans as letter boxes (C8) in rural areas, with the lids attached by a chain,' writes David Nelson of Caringbah South. 'The old 44 gallon drum was less commonly used but served a similar purpose. Move on 50 years and the faulty refrigerator was put to similar use, usually with a padlock securely attached. No doubt, large plastic barrels are the 'in-thing' today.' Andrew Taubman of Queens Park was a bit put out when Viv Munter called it a mailbox, so it's letter box from now on. Got it? Good. 'Our letter box was stolen over 20 years ago, the day before we had a dead gum tree removed,' recalls Llewellyn Dickeson of Culburra Beach. 'One of its sturdy, forked branches and a chainsaw later, we had a new custom-made letter box. It's still standing and has since been enhanced by the addition of a small wooden port barrel. Truly a one-off and very functional creation.' We're discovering that letter box theft is/was a thing, as Jenny Archbold of Bellingen explains: 'Our letter box was situated at the top of the lane. We had a really smart looking one until someone decided they needed it more than we did. We replaced it with an equally attractive one. Too attractive. Same thing happened. So we nailed a battered old metal esky onto the fence. That went too. Problem solved by an understanding postman who drove down the lane to our relocated letter box.' 'After 15 years of collecting Lan-Choo (C8) labels in the 1950s/60s, I at least expected a Royal Doulton dinner set, but was disappointed to receive a long-handled stainless-steel straining spoon which has in fact, turned out to be much more useful than a dinner set, parts of which may be broken by now,' says the aptly named Patricia Spooner of North Turramurra. 'Thank you, Lan-Choo.'
Yahoo
17-05-2025
- Entertainment
- Yahoo
Luke Bryan Farm Tour
Erik Nelson, older brother of BPD Officer David Nelson, stopped by the 23ABC studios Friday to talk about his late brothers Memorial Foundation and his role in the Luke Bryan Farm Tour event Saturday
Globe and Mail
24-04-2025
- Business
- Globe and Mail
West Bancorporation, Inc. Announces First Quarter 2025 Financial Results and Declares Quarterly Dividend
WEST DES MOINES, Iowa, April 24, 2025 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the 'Company'), parent company of West Bank, today reported first quarter 2025 net income of $7.8 million, or $0.46 per diluted common share, compared to fourth quarter 2024 net income of $7.1 million, or $0.42 per diluted common share, and first quarter 2024 net income of $5.8 million, or $0.35 per diluted common share. On April 23, 2025, the Company's Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on May 21, 2025, to stockholders of record on May 7, 2025. David Nelson, President and Chief Executive Officer of the Company, commented, 'In the first quarter of 2025, we have continued to see improvements in net interest margin and efficiency ratio compared to 2024, resulting in a significant improvement in net income compared to the first quarter of 2024. We are pleased with our progress in our balance sheet repricing efforts. Loan growth was modest in the first quarter, as expected with the current economic uncertainty.' David Nelson added, 'One thing that remains the same is our best-in-class credit quality metrics. We had no loans past due greater than 90 days at March 31, 2025, and only one loan past due greater than 30 days with an insignificant balance of $181 thousand. We continue to identify high-quality opportunities for growing our core customer base in all of our markets.' First Quarter 2025 Financial Highlights Quarter Ended March 31, 2025 Quarter Ended December 31, 2024 Quarter Ended March 31, 2024 Net income (in thousands) $7,842 $7,097 $5,809 Return on average equity 13.84% 12.24% 10.63% Return on average assets 0.81% 0.68% 0.61% Efficiency ratio (a non-GAAP measure) 56.37% 60.79% 62.04% Nonperforming assets to total assets 0.00% 0.00% 0.01% First Quarter 2025 Compared to Fourth Quarter 2024 Overview Loans increased $11.6 million in the first quarter of 2025, primarily due to an increase in commercial loans and commercial real estate loans, partially offset by a decline in construction loans. No credit loss expense on loans was recorded in the first quarter of 2025, compared to credit loss expense on loans of $1.0 million recorded in the fourth quarter of 2024. The credit loss expense on loans in the fourth quarter of 2024 was due to an adjustment to qualitative factors in the commercial real estate loan segment. The allowance for credit losses to total loans was 1.01 percent at both March 31, 2025 and December 31, 2024. Nonaccrual loans at March 31, 2025 consisted of one loan with a balance of $181 thousand, compared to one loan with a balance of $133 thousand at December 31, 2024. Deposits decreased $33.1 million, or 1.0 percent, in the first quarter of 2025. Brokered deposits totaled $335.5 million at March 31, 2025, compared to $266.4 million at December 31, 2024, an increase of $69.1 million. Excluding brokered deposits, deposits decreased $102.2 million, or 3.3 percent, during the first quarter of 2025. The decline in deposits was due to normal cash flow fluctuations of our core depositors. As of March 31, 2025, estimated uninsured deposits, which exclude deposits in the IntraFi ® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 28.0 percent of total deposits. Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.98 percent for the fourth quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $19.4 million for the fourth quarter of 2024. The increase in net interest margin and net interest income was primarily due to a decrease in deposit rates, driven by the Federal Reserve's reductions of the federal funds target rate in the fourth quarter of 2024. The cost of deposits decreased 38 basis points in the first quarter of 2025, compared to the fourth quarter of 2024. The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 60.79 percent for the fourth quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income and decrease in noninterest expense, partially offset by a decrease in trust services income. The tangible common equity ratio was 5.97 percent as of March 31, 2025, compared to 5.68 percent as of December 31, 2024. The increase in the tangible common equity ratio was due to retained net income and the decrease in accumulated other comprehensive loss, which was the result of an increase in the market value of our available for sale securities portfolio. Income tax expense increased $2.8 million in the first quarter of 2025 compared to the fourth quarter of 2024. This was primarily due to recording an income tax benefit of $1.8 million in the fourth quarter of 2024 for an energy related investment tax credit associated with the construction of the Company's new headquarters building. First Quarter 2025 Compared to First Quarter 2024 Overview Loans increased $36.3 million at March 31, 2025, or 1.2 percent, compared to March 31, 2024. The increase is primarily due to the increase in commercial real estate loans, partially offset by decreases in commercial loans and construction loans. Deposits increased $259.5 million, or 8.5 percent, at March 31, 2025, compared to March 31, 2024. Included in deposits were brokered deposits totaling $335.5 million at March 31, 2025, compared to $396.4 million at March 31, 2024. Excluding brokered deposits, deposits increased $320.4 million, or 12.0 percent, as of March 31, 2025, compared to March 31, 2024. Deposit growth included a mix of public funds and commercial and consumer deposits and was used to reduce wholesale funding, build liquidity and fund loan growth. Borrowed funds decreased to $391.4 million at March 31, 2025, compared to $639.7 million at March 31, 2024. The decrease was primarily attributable to a decrease of $198.5 million in federal funds purchased and other short-term borrowings and a decrease of $45.0 million in Federal Home Loan Bank advances. The decrease in borrowed funds balances was due to the increase in deposits since March 31, 2024. The reduction in the Federal Home Loan Bank advances was due to the maturity of two advances with a total balance of $45.0 million. One of these advances, with a balance of $25.0 million, was hedged with a long-term interest rate swap, which matured and was not renewed. The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 62.04 percent for the first quarter of 2024. The improvement in the efficiency ratio in the first quarter of 2025 compared to the first quarter of 2024 was primarily due to the increase in net interest income, partially offset by an increase in noninterest expense. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company's newly constructed headquarters. Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.88 percent for the first quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $16.8 million for the first quarter of 2024. The increase in net interest margin and net interest income was primarily due to the decrease in deposit rates. The cost of deposits decreased by 42 basis points in the first quarter of 2025 compared to the first quarter of 2024. Also contributing to the improvement was an increase in average deposit balances of $335.2 million, in comparing the same time periods, which resulted in the reduction of higher-cost borrowed funds and an increase in interest-bearing deposits with other financial institutions. The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company's financial results. The Form 10-Q is available on the Investor Relations section of West Bank's website at The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, April 24, 2025. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until May 8, 2025, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key. About West Bancorporation, Inc. (Nasdaq: WTBA) West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud. Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company's business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are 'forward-looking statements' within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words 'believes,' 'expects,' 'intends,' 'anticipates,' 'projects,' 'future,' 'confident,' 'may,' 'should,' 'will,' 'strategy,' 'plan,' 'opportunity,' 'will be,' 'will likely result,' 'will continue' or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, 'fintech' companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company's loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; changes in local, national and international economic conditions, including the level and impact of inflation, and future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; changes in legal and regulatory requirements, limitations and costs; changes in customers' acceptance of the Company's products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners' information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the 2024 presidential election; new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; talent and labor shortages and employee turnover; and any other risks described in the 'Risk Factors' sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. WEST BANCORPORATION, INC. AND SUBSIDIARY Financial Information (unaudited) (in thousands) As of CONDENSED BALANCE SHEETS March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Assets Cash and due from banks $ 39,253 $ 28,750 $ 34,157 $ 27,994 $ 27,071 Interest-bearing deposits 171,357 214,728 123,646 121,825 120,946 Securities available for sale, at fair value 546,619 544,565 597,745 588,452 605,735 Federal Home Loan Bank stock, at cost 15,216 15,129 17,195 21,065 26,181 Loans 3,016,471 3,004,860 3,021,221 2,998,774 2,980,133 Allowance for credit losses (30,526) (30,432) (29,419) (28,422) (28,373) Loans, net 2,985,945 2,974,428 2,991,802 2,970,352 2,951,760 Premises and equipment, net 110,270 109,985 106,771 101,965 95,880 Bank-owned life insurance 45,272 44,990 44,703 44,416 44,138 Other assets 72,737 82,416 72,547 89,046 90,981 Total assets $ 3,986,669 $ 4,014,991 $ 3,988,566 $ 3,965,115 $ 3,962,692 Liabilities and Stockholders' Equity Deposits $ 3,324,518 $ 3,357,596 $ 3,278,553 $ 3,180,922 $ 3,065,030 Federal funds purchased and other short-term borrowings — — — 85,500 198,500 Other borrowings 391,445 392,629 438,814 439,998 441,183 Other liabilities 32,833 36,891 35,846 34,812 34,223 Stockholders' equity 237,873 227,875 235,353 223,883 223,756 Total liabilities and stockholders' equity $ 3,986,669 $ 4,014,991 $ 3,988,566 $ 3,965,115 $ 3,962,692 For the Quarter Ended AVERAGE BALANCES March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Assets $ 3,944,789 $ 4,135,049 $ 3,973,824 $ 3,964,109 $ 3,812,199 Loans 3,016,119 3,007,558 2,991,272 2,994,492 2,949,672 Deposits 3,284,394 3,434,234 3,258,669 3,123,282 2,956,635 Stockholders' equity 229,874 230,720 227,513 219,771 219,835 WEST BANCORPORATION, INC. AND SUBSIDIARY Financial Information (unaudited) (in thousands) As of LOANS March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Commercial $ 531,267 $ 514,232 $ 512,884 $ 526,589 $ 544,293 Real estate: Construction, land and land development 451,230 508,147 520,516 496,864 465,247 1-4 family residential first mortgages 86,292 87,858 89,749 92,230 108,065 Home equity 21,961 19,294 17,140 15,264 14,020 Commercial 1,909,330 1,861,195 1,870,132 1,856,301 1,839,580 Consumer and other 19,323 17,287 14,261 15,234 12,844 3,019,403 3,008,013 3,024,682 3,002,482 2,984,049 Net unamortized fees and costs (2,932) (3,153) (3,461) (3,708) (3,916) Total loans $ 3,016,471 $ 3,004,860 $ 3,021,221 $ 2,998,774 $ 2,980,133 Less: allowance for credit losses (30,526) (30,432) (29,419) (28,422) (28,373) Net loans $ 2,985,945 $ 2,974,428 $ 2,991,802 $ 2,970,352 $ 2,951,760 CREDIT QUALITY Pass $ 3,011,231 $ 2,999,531 $ 3,016,493 $ 2,994,310 $ 2,983,618 Watch 7,991 8,349 7,956 7,651 142 Substandard 181 133 233 521 289 Doubtful — — — — — Total loans $ 3,019,403 $ 3,008,013 $ 3,024,682 $ 3,002,482 $ 2,984,049 DEPOSITS Noninterest-bearing demand $ 519,771 $ 541,053 $ 525,332 $ 530,441 $ 521,377 Interest-bearing demand 517,409 543,855 438,402 443,658 449,946 Savings and money market - non-brokered 1,490,189 1,517,510 1,481,840 1,483,264 1,315,698 Money market - brokered 143,423 126,381 123,780 97,259 119,840 Total nonmaturity deposits 2,670,792 2,728,799 2,569,354 2,554,622 2,406,861 Time - non-brokered 461,655 488,760 407,109 353,269 381,646 Time - brokered 192,071 140,037 302,090 273,031 276,523 Total time deposits 653,726 628,797 709,199 626,300 658,169 Total deposits $ 3,324,518 $ 3,357,596 $ 3,278,553 $ 3,180,922 $ 3,065,030 BORROWINGS Federal funds purchased and other short-term borrowings $ — $ — $ — $ 85,500 $ 198,500 Subordinated notes, net 79,959 79,893 79,828 79,762 79,697 Federal Home Loan Bank advances 270,000 270,000 315,000 315,000 315,000 Long-term debt 41,486 42,736 43,986 45,236 46,486 Total borrowings $ 391,445 $ 392,629 $ 438,814 $ 525,498 $ 639,683 STOCKHOLDERS' EQUITY Preferred stock $ — $ — $ — $ — $ — Common stock 3,000 3,000 3,000 3,000 3,000 Additional paid-in capital 35,072 35,619 34,960 34,322 33,685 Retained earnings 282,247 278,613 275,724 273,981 272,997 Accumulated other comprehensive loss (82,446) (89,357) (78,331) (87,420) (85,926) Total stockholders' equity $ 237,873 $ 227,875 $ 235,353 $ 223,883 $ 223,756 WEST BANCORPORATION, INC. AND SUBSIDIARY Financial Information (unaudited) (in thousands) For the Quarter Ended CONSOLIDATED STATEMENTS OF INCOME March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Interest income: Loans, including fees $ 40,988 $ 41,822 $ 42,504 $ 41,700 $ 40,196 Securities: Taxable 2,788 2,959 3,261 3,394 3,416 Tax-exempt 743 795 806 808 810 Interest-bearing deposits 1,617 3,740 2,041 1,666 148 Total interest income 46,136 49,316 48,612 47,568 44,570 Interest expense: Deposits 21,423 25,706 26,076 23,943 21,559 Federal funds purchased and other short-term borrowings — — 115 1,950 2,183 Subordinated notes 1,105 1,106 1,112 1,105 1,108 Federal Home Loan Bank advances 2,235 2,522 2,748 2,718 2,325 Long-term debt 518 560 601 622 645 Total interest expense 25,281 29,894 30,652 30,338 27,820 Net interest income 20,855 19,422 17,960 17,230 16,750 Credit loss expense — 1,000 — — — Net interest income after credit loss expense 20,855 18,422 17,960 17,230 16,750 Noninterest income: Service charges on deposit accounts 471 462 459 462 460 Debit card usage fees 446 471 500 490 458 Trust services 777 1,051 828 794 776 Increase in cash value of bank-owned life insurance 282 287 287 278 274 Realized securities losses, net — (1,172) — — — Other income 267 331 285 322 331 Total noninterest income 2,243 1,430 2,359 2,346 2,299 Noninterest expense: Salaries and employee benefits 7,004 7,107 6,823 7,169 6,489 Occupancy and equipment 1,963 2,095 1,926 1,852 1,447 Data processing 617 752 771 754 714 Technology and software 786 743 722 731 700 FDIC insurance 587 699 711 631 519 Professional fees 308 301 239 244 257 Director fees 206 170 223 236 199 Other expenses 1,592 1,532 1,477 1,577 1,543 Total noninterest expense 13,063 13,399 12,892 13,194 11,868 Income before income taxes 10,035 6,453 7,427 6,382 7,181 Income taxes 2,193 (644) 1,475 1,190 1,372 Net income $ 7,842 $ 7,097 $ 5,952 $ 5,192 $ 5,809 Basic earnings per common share $ 0.47 $ 0.42 $ 0.35 $ 0.31 $ 0.35 Diluted earnings per common share $ 0.46 $ 0.42 $ 0.35 $ 0.31 $ 0.35 WEST BANCORPORATION, INC. AND SUBSIDIARY Financial Information (unaudited) As of and for the Quarter Ended COMMON SHARE DATA March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Earnings per common share (basic) $ 0.47 $ 0.42 $ 0.35 $ 0.31 $ 0.35 Earnings per common share (diluted) 0.46 0.42 0.35 0.31 0.35 Dividends per common share 0.25 0.25 0.25 0.25 0.25 Book value per common share (1) 14.06 13.54 13.98 13.30 13.31 Closing stock price 19.94 21.65 19.01 17.90 17.83 Market price/book value (2) 141.82 % 159.90 % 135.98 % 134.59 % 133.96 % Price earnings ratio (3) 10.46 12.96 13.65 14.36 12.77 Annualized dividend yield (4) 5.02 % 4.62 % 5.26 % 5.59 % 5.61 % REGULATORY CAPITAL RATIOS Consolidated: Total risk-based capital ratio 12.18 % 12.11 % 11.95 % 11.85 % 11.78 % Tier 1 risk-based capital ratio 9.59 9.51 9.39 9.30 9.23 Tier 1 leverage capital ratio 8.36 7.93 8.15 8.08 8.36 Common equity tier 1 ratio 9.02 8.95 8.83 8.74 8.67 West Bank: Total risk-based capital ratio 12.90 % 12.86 % 12.73 % 12.66 % 12.63 % Tier 1 risk-based capital ratio 11.99 11.96 11.86 11.79 11.76 Tier 1 leverage capital ratio 10.46 9.97 10.29 10.25 10.65 Common equity tier 1 ratio 11.99 11.96 11.86 11.79 11.76 KEY PERFORMANCE RATIOS AND OTHER METRICS Return on average assets (5) 0.81 % 0.68 % 0.60 % 0.53 % 0.61 % Return on average equity (6) 13.84 12.24 10.41 9.50 10.63 Net interest margin (7)(13) 2.28 1.98 1.91 1.86 1.88 Yield on interest-earning assets (8)(13) 5.04 5.02 5.16 5.13 4.99 Cost of interest-bearing liabilities 3.25 3.57 3.84 3.83 3.70 Efficiency ratio (9)(13) 56.37 60.79 63.28 67.14 62.04 Nonperforming assets to total assets (10) 0.00 0.00 0.01 0.01 0.01 ACL ratio (11) 1.01 1.01 0.97 0.95 0.95 Loans/total assets 75.66 74.84 75.75 75.63 75.20 Loans/total deposits 90.73 89.49 92.15 94.27 97.23 Tangible common equity ratio (12) 5.97 5.68 5.90 5.65 5.65 (1) Includes accumulated other comprehensive loss. (2) Closing stock price divided by book value per common share. (3) Closing stock price divided by annualized earnings per common share (basic). (4) Annualized dividend divided by period end closing stock price. (5) Annualized net income divided by average assets. (6) Annualized net income divided by average stockholders' equity. (7) Annualized tax-equivalent net interest income divided by average interest-earning assets. (8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets. (9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income. (10) Total nonperforming assets divided by total assets. (11) Allowance for credit losses on loans divided by total loans. (12) Common equity less intangible assets (none held) divided by tangible assets. (13) A non-GAAP measure. NON-GAAP FINANCIAL MEASURES This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company's presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company's financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company's GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis. (in thousands) For the Quarter Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Reconciliation of net interest income and net interest margin on a FTE basis to GAAP: Net interest income (GAAP) $ 20,855 $ 19,422 $ 17,960 $ 17,230 $ 16,750 Tax-equivalent adjustment (1) 66 16 29 55 82 Net interest income on a FTE basis (non-GAAP) 20,921 19,438 17,989 17,285 16,832 Average interest-earning assets 3,717,441 3,910,978 3,749,688 3,731,674 3,595,954 Net interest margin on a FTE basis (non-GAAP) 2.28 % 1.98 % 1.91 % 1.86 % 1.88 % Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP: Net interest income on a FTE basis (non-GAAP) $ 20,921 $ 19,438 $ 17,989 $ 17,285 $ 16,832 Noninterest income 2,243 1,430 2,359 2,346 2,299 Adjustment for realized securities losses, net — 1,172 — — — Adjustment for losses on disposal of premises and equipment, net 8 — 26 21 — Adjusted income 23,172 22,040 20,374 19,652 19,131 Noninterest expense 13,063 13,399 12,892 13,194 11,868 Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2) 56.37 % 60.79 % 63.28 % 67.14 % 62.04 % (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources. (2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company's financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.
Yahoo
16-04-2025
- Yahoo
‘Boots and Brew' event raising money for scholarship in honor of fallen officer
BAKERSIFLED, Calif. (KGET)– The Officer David Nelson Memorial Scholarship is partnering with the Luke Bryan Farm Tour to raise money for its annual fundraising event. David Nelson was a Bakersfield Police officer who lost his life in duty in 2015. The scholarship fund was made in honor of his life. Opening date set for Pollo Campero restaurant at Valley Plaza The Bakersfield Police Department will be at the event on May 17 from 5 p.m. to 11 p.m. There will be raffle tickets available for purchase to win an autographed guitar by Luke Bryan. Merchandise will also be available, including a blue line flag. All proceeds made from merchandise and raffle tickets will support the scholarship fund. BPD will be giving away an $1,000 scholarship to a Kern High School District senior and a $500 scholarship to a graduating BPD police cadet. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
