Luca Named to TSXV List of Top 50 Performing Companies
To view an enhanced version of this graphic, please visit:
TSX Venture 50 TM is an annual ranking of the top performing companies over the last year on the TSX Venture Exchange. The companies are ranked based on three equally weighted criteria of one-year share price appreciation, market capitalization increase, and Canadian consolidated trading value.
To view an enhanced version of this graphic, please visit:
Dan Barnholden, CEO, commented, " We have delivered an approximate 77% increase in our share price over the course of 2024, and I'm pleased to see that this trend has continued into 2025. We appreciate the recognition by TSXV of our efforts at building shareholder value. We expect 2025 to be another transformative year for Luca as we continue to grow our production and cash flow and embark on exciting exploration programs at both of our operating mines.'
Commenting on the TSX Venture 50 TM, Tim Babcock, President of the TSX Venture Exchange, said, " The performance of the TSX Venture 50 underscores the strategic importance of Canadian natural resources and high-growth innovation. With heightened demand for critical minerals, energy security and transition, and advanced manufacturing, this year's TSX Venture 50 showcases how TSXV is empowering Canadian businesses to raise capital, scale operations, and contribute to a secure and prosperous future for Canada. '
About Luca Mining Corp.
Luca Mining (TSXV: LUCA) (OTCQX: LUCMF) (FSE: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historic mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.
The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.
The Tahuehueto epithermal gold and silver mine is a new underground operation in Durango State. The Company is commissioning the Tahuehueto mill and expects to achieve commercial production in early 2025.
On Behalf of the Board of Directors
(signed) 'Dan Barnholden'
Dan Barnholden, Chief Executive Officer
Contact Information:
Sophia Shane
Director of Corporate Development
[email protected]
+1 604 306 6867
+1 604 306 6867
Glen Sandwell
Corporate Communications Manager
Cautionary Note Regarding Forward-Looking Statements
It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment ('PEA') mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).
Statements contained in this news release that are not historical facts are 'forward-looking information' or 'forward-looking statements' (collectively, 'Forward-Looking Information') within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the Financings, the anticipated timing of closing thereof and the expected use of proceeds therefrom; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as 'plans,' 'expects,' 'scheduled,' 'estimates,' 'forecasts,' 'intends,' 'anticipates' or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that all requisite approvals in respect of the Financings will be received, and all conditions precedent to completion of the Financings will be satisfied, in a timely manner; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
27 minutes ago
- Business Wire
Ledyard Financial Group Reports Q2 2025 Earnings and Declares Quarterly Dividend
BUSINESS WIRE)--Ledyard Financial Group, Inc. (the 'Company', OTCQX ®: LFGP), the holding company for Ledyard National Bank (the 'Bank'), today announced financial results for Q2 2025. Quarterly net income per share increased to $0.39 from $0.36 in the prior quarter (up 8%), as core business activity continued to expand. Strong loan growth continued to drive balance sheet growth, and wealth management revenue increased despite market volatility during the quarter. Reflecting the continued success of the company's strategic investments, net income in the quarter was up 80% over the comparable year-ago period. The Company continues to leverage the integration of its banking and wealth management businesses, promoting growth and the pursuit of making life better for its clients, its employees, its shareholders, and the communities it serves. Q2 2025 Highlights Q2 2025 net income was $1.3 million ($0.39 per share), up $101 thousand and $581 thousand from Q1 2025 and Q2 2024, respectively. Total assets ended the quarter at $993.3 million, having grown $18.4 million or 1.9% from the prior quarter, and ending $85.4 million or 9.4% higher than a year ago, driven primarily by loan growth. Loans increased $20.9 million (3.4%) from the prior quarter and ended $133.1 million (26.8%) higher than a year ago. Excluding funds from the wealth management business, client deposits increased $8.4 million (1.4%) in Q2 2025 and grew $22.9 million (4.0%) since a year ago. Including the wealth management balances, client deposits were up $2.6 million and $17.4 million over Q1 2025 and Q2 2024, respectively. Net interest margin was 2.47%, down 6 basis points from the prior quarter, but up 33 basis points from a year ago. Capital ratios continue to exceed regulatory well-capitalized minimums. At $2.18 billion, assets under management (AUM) ended the quarter up 3.5% and 6.8% from Q1 2025 and Q2 2024, respectively. Revenue from the wealth management business was up $41 thousand (1.0%) and $631 thousand (18.1%) over the corresponding previous quarters, shrugging off the impact of market declines early in Q2, and reflecting the benefit of the revised fee structure implemented in early 2025. Reflecting the value created by infrastructure investments made over the last year, the efficiency ratio of 82.7% marked the second consecutive quarter of year-over-year improvement of 7-8%. The Company declared a regular quarterly dividend of $0.21 per share. 'Our Q2 results continue to demonstrate solid growth in our core businesses of efficient deposit-gathering, prudent lending, and exceptional wealth management service. We continued to strengthen the balance sheet with added credit reserves, and our liquidity position remains strong. Our efficiency ratio of 81.7% for 1H 2025 is a marked improvement over the comparable year-ago figure of 89.3% and indicates that the investments we have made in infrastructure are paying off,' said Peter Sprudzs, CFO. 'Crossing mid-2025 has included notable achievements for the company, including continued growth of our businesses despite challenging external market conditions, the launch of a completely redesigned website and our revamped digital brand 'Onward', and near-complete preparations for our new Bedford, NH financial center location, expected to open in August. We look forward to expanding our community banking presence in Southern New Hampshire and continuing to deepen our relationships across all our client segments,' added Josephine Moran, CEO. Q2 2025 Results Net income for Q2 2025 was $1.3 million ($0.39 per share) compared to $1.2 million ($0.36 per share) in Q1 2025 and $726 thousand ($0.22 per share) in Q2 2024. Q2 2025 net interest income was $5.7 million, up $166 thousand or 3.0% from the prior quarter, and up $1.3 million or 27.9% from Q2 2024. Net interest margin (NIM) in Q2 2025 decreased to 2.47% from 2.53% in Q1 2025 and was up 33 basis points from 2.14% in Q2 2024. Quarter over quarter, earning asset yields increased by 6 basis points, the cost of interest-bearing liabilities increased by 3 basis points, and other factors (most notably the contribution from derivative hedge positions) declined 8 basis points. Reported NIM figures do not reflect the beneficial effect of the tax advantage provided by the Company's $151.7 million in municipal bond holdings. Provision for credit losses was $214 thousand in Q2 2025, which consisted of a net $222 thousand addition to Allowance for Credit Losses (ACL) and a net $8 thousand reduction to Liability for Unfunded Commitments. Non-interest revenue for Q2 2025 amounted to $4.7 million, up $276 thousand or 6.2% from Q1 2025, and up $785 thousand or 20.0% from Q2 2024. Excluding the impact of investment portfolio sales in the prior quarters, Q2 2025 non-interest revenue was up $171 thousand (3.8%) over the prior quarter, and up $791 thousand (20.2%) over the year-ago quarter. Wealth management revenue amounted to $4.1 million in Q2 2025, up $41 thousand or 1.0% from Q1 2025, and up $631 thousand or 18.1% from Q2 2024. AUM ended the quarter at $2.18 billion, up 3.5% from $2.10 billion at the end of Q1 2025, and up 6.8% from $2.04 billion at the end of Q2 2024. Net revenue from brokerage commissions in Q2 2025 was $150 thousand, up substantially from prior periods - $106 thousand in Q1 2025 and $19 thousand in Q2 2024. Non-interest expense in Q2 2025 was $8.6 million, up $557 thousand (6.9%) from $8.1 million in Q1 2025, and up $1.1 million (15.0%) from $7.5 million in Q2 2024. About 40% of the increase can be attributed to a favorable one-time item in the prior quarter, another 40% to higher personnel costs resulting from annual merit increases for the workforce and the addition of new client-facing headcount, with the remaining 20% of the increase attributable to business growth. At 82.7% for Q2 2025, the Company's efficiency ratio was 6.7% better than a year ago, repeating the improvement observed in Q1 2025, when the efficiency ratio of 80.7% reflected an 8.4% improvement over Q1 2024. The Company continues to benefit from its investments in Low Income Housing Tax Credits and tax-exempt municipal bonds. In Q2 2025, the net tax expense was $291 thousand. Total assets of the Company at June 30, 2025 were $993.3 million, up $18.4 million or 1.9% over Q1 2025, and up $85.4 million or 9.4% from the end of Q2 2024, primarily driven by loan growth. Gross loans at June 30, 2025 were $629.3 million, compared to $608.5 million at March 31, 2025 and $496.2 million at June 30, 2024, up 3.4% and 26.8% over the prior and year-ago quarters, respectively. As a result of a concerted effort at diversifying the loan mix, C&I loans grew 5.8% while CRE loans grew 2.2% over the prior quarter. Credit reserves amounted to $4.9 million at June 30, 2025, the sum of $4.4 million in ACL and $511 thousand in Liability for Unfunded Commitments. ACL increased $243 thousand and $1.0 million over Q1 2025 and Q2 2024, respectively, and amounted to 0.70% of gross loan balances at June 30, 2025, as compared to 0.69% at March 31, 2025 and June 30, 2024. The Liability for Unfunded Commitments was down $8 thousand from Q1 2025, and down $264 thousand from Q2 2024. This reserve balance is included in Other Liabilities on the balance sheet. The Company experienced net recoveries of $22 thousand in Q2 2025, and the ACL at the end of the quarter provides 3.5x coverage of non-performing assets. Client deposits excluding wealth funds increased $8.4 million (1.4%) during Q2 2025 and increased $22.9 million (4.0%) since a year ago. Wealth management fund balances were down $5.8 million compared to Q1 2025 and down $5.5 million over Q2 2024. Including these wealth fund movements, client deposits in Q2 were up $2.6 million over Q1 2025 and up $17.4 million over Q2 2024. The Company continues to focus on maintaining a robust liquidity profile, with a diverse deposit base (roughly 80/20 retail/commercial), a small proportion of uninsured deposits (estimated at 15%), and proven access to both unsecured and secured wholesale funding channels. Quarter over quarter, the Company increased wholesale borrowings and deposits acquired through brokers or listing channels by $15.7 million. The overall maturity profile of the Company's wholesale funding was 2.5 years at Q2 2025, down from 2.7 years at the prior quarter end. The Company has significant liquidity resources available to support operations, as it maintains good standing and extensive portfolios pledged at FHLB Boston and the Federal Reserve. The Company had over $249 million in readily accessible borrowing capacity as of June 30, 2025. On June 30, 2025, shareholders' equity was $56.5 million, down $638 thousand or 1.1% from the prior quarter, and up $1.0 million or 1.8% from Q2 2024. The Company's capital ratios continue to exceed the levels defined by the Federal Reserve for a bank holding company to be considered well capitalized. As expected, capital ratios have trended down in the last year in concert with strategic balance sheet growth; minor methodology adjustments and the inclusion of a deferred tax asset deduction have resulted in a change to prior year Leverage Ratio presentation. On June 30, 2025, the Company's book value per share excluding and including AOCI stood at $21.20 and $16.53, respectively, compared to $21.13 and $16.76, respectively, at March 31, 2025, and $20.70 and $16.29, respectively, at June 30, 2024. Dividend Declaration The Company is pleased to announce that a regular quarterly dividend of $0.21 per share will be paid on September 5, 2025, to shareholders of record as of August 15, 2025. About the Company Ledyard Financial Group, Inc., headquartered in Hanover, New Hampshire, is the holding company for Ledyard National Bank, founded in 1991. Ledyard National Bank is a full-service community bank offering a broad range of banking, investment, and wealth management services. Ledyard Financial Group, Inc. shares can be bought and sold through the NASD sanctioned OTCQX ® Best Markets under the trading symbol LFGP. For additional information about the company, stock activity, or financial results please visit the Investor Relations section of bank's website ( or contact the Company's Chief Financial Officer, Peteris J. Sprudzs. Balance Sheet (unaudited, $000s) 6/30/2025 3/31/2025 6/30/2024 Investments & interest-bearing deposits $ 302,326 $ 305,532 $ 349,109 Gross loans 629,328 608,472 496,232 Allowance for credit losses (4,420) (4,177) (3,409) Net loans 624,908 604,295 492,823 Premises, equipment & other assets 66,111 65,104 66,053 Total assets $ 993,345 $ 974,931 $ 907,985 Client deposits $ 728,840 $ 726,190 $ 711,442 Brokered & institutional deposits 85,246 69,591 82,366 Borrowings 93,146 93,389 32,280 Subordinated debt 18,000 18,000 18,000 Other liabilities 11,589 10,599 8,375 Total liabilities 936,821 917,769 852,463 Capital 74,366 73,708 72,224 Accumulated other comprehensive loss (16,198) (14,902) (15,058) Treasury stock (1,644) (1,644) (1,644) Total shareholders' equity 56,524 57,162 55,522 Total liabilities and equity $ 993,345 $ 974,931 $ 907,985 Other Metrics (as of stated date) 6/30/2025 3/31/2025 6/30/2024 Book value per share (excluding AOCI) $ 21.20 $ 21.13 $ 20.70 Book value per share (including AOCI) $ 16.53 $ 16.76 $ 16.29 Leverage ratio 6.85% 7.05% 7.78% Risk based capital ratio 13.91% 14.01% 15.54% Allowance to total loans 0.70% 0.69% 0.69% Texas ratio 1.40% 1.35% 1.09% Allowance to non-performing assets 348% 346% 360% Assets under management (billions) $ 2.177 $ 2.103 $ 2.038 Shares of common stock issued 3,581,031 3,526,641 3,525,357 Treasury shares 115,998 115,998 115,998 Stock price - high $ 15.50 $ 15.50 $ 15.20 Stock price - low $ 14.35 $ 14.13 $ 13.44 Stock price - average $ 14.98 $ 14.82 $ 14.49 Expand Forward-Looking Statements: Certain statements herein constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as 'believes,' 'will,' 'would,' '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 Ledyard Financial Group, Inc.'s (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, changes in interest rates; changes in general business and economic conditions (including inflation and concerns about liquidity) on a national basis and in the local markets in which the Company operates, including changes that adversely affect borrowers' ability to service and repay the Company's loans; changes in customer behavior; turbulence in the capital and debt markets and the impact of such conditions on the Company's business activities; changes in employment levels; increases in loan default and charge-off rates; decreases in the value of securities in the Company's investment portfolio; fluctuations in real estate values; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; changes in loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; competitive pressures from other financial institutions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest, and future pandemics; changes in regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company's financial statements will become impaired; demand for loans in the Company's market area; the Company's ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; and the risk that the Company may not be successful in the implementation of its business strategy. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company's actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.
Hamilton Spectator
2 hours ago
- Hamilton Spectator
Q2 Metals Announces Upsized Private Placement of Flow-Through Shares
Not for distribution to United States newswire services or for dissemination in the United States VANCOUVER, British Columbia, July 25, 2025 (GLOBE NEWSWIRE) — Q2 Metals Corp. (TSX.V: QTWO | OTCQB: QUEXF | FSE: 458) ('Q2' or the 'Company') is pleased to announce that the Company has amended its agreement with Canaccord Genuity Corp., as sole agent (the 'Agent'), to increase the size of its previously announced best efforts private placement to raise aggregate gross proceeds of $21,000,000 (the 'Offering'). The Offering shall consist of 21,000,000 common shares of the Company that qualify as 'flow-through shares' (within the meaning of subsection 66(15) of the Tax Act (as defined below) at a price of $1.00 per FT Share (as defined below) (the 'Offering Price'). The FT Shares shall be comprised of 20,000,000 offered pursuant to the Listed Issuer Financing Exemption (as defined below) (the 'LIFE FT Shares') and 1,000,000 offered by way of private placement (the 'Non-LIFE FT Shares' and, together with the LIFE FT Shares, the 'FT Shares'). In addition, the Company will grant the Agent an option to sell up to an additional 5,000,000 LIFE FT Shares at the Offering Price to raise additional gross proceeds of up to $5,000,000 (the 'Agent's Option') on the same terms and conditions as set out herein. The Agent's Option is exercisable in whole or in part at any time, up to the Closing Date (as defined below). An existing shareholder of the Company has elected to exercise its participation rights to maintain its pro-rata ownership in the Company. The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada) (the 'Tax Act'), to incur (or be deemed to incur) eligible 'Canadian exploration expenses' that qualify as 'flow-through critical mineral mining expenditures' (as both terms are defined in the Tax Act) (the 'Qualifying Expenditures') related to the Company's projects in Québec, on or before December 31, 2026, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares effective December 31, 2025. In the event the Company is unable to renounce Qualifying Expenditures effective on or prior to December 31, 2025 to the subscribers for the FT Shares purchased in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares and/or the Qualifying Expenditures are otherwise reduced by the Canada Revenue Agency, the Company will indemnify each FT Share subscriber for any additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures or as a result of the reduction, as agreed. The Offering is expected to close on or about August 14, 2025 (the 'Closing Date'), or such other date as the Company and the Agent may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the conditional approval of the TSX Venture Exchange. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions ('NI 45-106'), the FT Shares will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions. The LIFE FT Shares will be offered pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the 'Listed Issuer Financing Exemption') and the securities issued thereof to Canadian resident subscribers will not be subject to a hold period pursuant to applicable Canadian securities laws. The securities issued pursuant to the Non-LIFE FT Shares will be subject to a four-month hold period. There is an offering document related to the Offering that can be accessed under the Company's profile on SEDAR+ at and on the Company's website at . Prospective investors should read this offering document before making an investment decision. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 , as amended (the '1933 Act') or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. 'United States' and 'U.S. person' have the meaning ascribed to them in Regulation S under the 1933 Act. ABOUT Q2 METALS CORP. Q2 Metals is a Canadian mineral exploration company focused on the Cisco Lithium Project located within the greater Nemaska traditional territory of the Eeyou Istchee, James Bay, Quebec, Canada. The Cisco Project is comprised of 801 claims, totaling 41,253 hectares, with the main mineralized zone just 6.5 km from the Billy Diamond Highway, which transects the Project. The Town of Matagami, rail head of the Canadian National Railway, is approximately 150 km to the south. The Cisco Project has district-scale potential with an initial Exploration Target estimating a range of potential lithium mineralization and grade of 215 to 329 Mt at a grade ranging from 1.0 to 1.38% Li2O, based only on the first 40 holes drilled to date. Drill testing continues with mineralization open at depth and along strike with potential for significant expansion at the Cisco Mineralized Zone. The 2025 Summer Program is ongoing, with rolling assay results anticipated into Q3 2025 as the Company works towards a maiden resource estimate. FOR FURTHER INFORMATION, PLEASE CONTACT: Forward-Looking Statements This news release contains forward-looking statements and forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: 'believes', 'expects', 'anticipates', 'intends', 'estimates', 'plans', 'may', 'should', 'would', 'will', 'potential', 'scheduled' or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company's properties and the future exploration endeavors of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward looking statements in this news release include, but are not limited to, statements with respect to closing of the Offering, use of proceeds of the Offering, tax treatment of the FT Shares, the Company's proposed summer exploration and drill programs, drilling results on the Cisco Project and inferences made therefrom, the preparation of an exploration target on the Cisco Project, the potential scale of the Cisco Project, the focus of the Company's current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities.,. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, reallocation of proposed use of funds, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled 'Risk Factors' in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under Company's SEDAR profile at . Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. 'Neil McCallum, a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by NI 43-101 has reviewed and approved the technical information in this news release. Mr. McCallum is a director and the Vice President Exploration for Q2 Metals.' Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Business Wire
3 hours ago
- Business Wire
CBB Bancorp, Inc. Reports Second Quarter 2025 Financial Results
LOS ANGELES--(BUSINESS WIRE)--CBB Bancorp, Inc. ("CBB" or the "Company') (OTCQX: CBBI), the holding company of Commonwealth Business Bank, doing business as 'CBB Bank' (the "Bank"), announced today net income of $4.4 million for the second quarter 2025, or $0.41 per diluted share compared to $4.5 million in the first quarter 2025, or $0.42 per diluted share. Second Quarter 2025 Highlights Net income of $4.4 million, or $0.41 per diluted share Net interest margin expanded to 3.46%, up from 3.38% in Q1 Efficiency ratio improved to 59.99% SBA loan sales of $17.6 million with 8.1% average premium Deposit growth of $47.7 million (3.2% quarter-over-quarter) Net income for the second quarter 2025 declined slightly compared to the prior quarter, as increased net interest income was offset by a modest rise in noninterest expenses and a decline in noninterest income. The net interest margin for the second quarter 2025 was 3.46% compared to 3.38% for the first quarter 2025 and 3.77% for the second quarter 2024. The efficiency ratio for the second quarter 2025 was 59.99% compared to 60.41% for the first quarter 2025 and 55.69% for the second quarter 2024. Richard Koh, President and CEO, said, "Amid ongoing developments around tariffs, trade restrictions, and heightened volatility in capital markets, the near-term outlook remains increasingly uncertain. As a relationship-driven bank, we are well-equipped to navigate these challenges. We remain committed to executing our long-term strategies and delivering exceptional service to our customers." INCOME STATEMENT Net Interest Income Net interest income for the second quarter 2025 was $15.0 million, an increase of $224 thousand or 1.5%, quarter over quarter and a decrease of $317 thousand or 2.1%, compared to the second quarter 2024 due to moderate decrease in average yield on loans. Net Interest Margin The net interest margin for the second quarter 2025 was 3.46% compared to 3.38% for the first quarter 2025 and 3.77% for the second quarter 2024. Net interest margin improved by 8 basis points compared to the prior quarter, mainly driven by a 3 basis point increase in the yield on interest-earning assets and a 11 basis point reduction in the cost of deposits. The cost of funds for the second quarter 2025 was 3.29% compared to 3.34% for the first quarter 2025 and 3.52% for the second quarter 2024. Provision for Credit Losses Total provision for credit losses of $590 thousand was recorded for the second quarter 2025 compared to $500 thousand in the first quarter 2025. Provision for credit loss of $200 thousand was recorded for the second quarter 2024. Noninterest Income Noninterest income for the second quarter of 2025 was $2.1 million, unchanged from the first quarter of 2025, and $253 thousand lower than the $2.3 million reported in the second quarter of 2024. A loss of $67 thousand was recognized on the sale of other real estate owned (OREO) during the quarter. Noninterest Expenses Noninterest expenses totaled $10.3 million for the second quarter of 2025, compared to $10.2 million in the prior quarter and $9.9 million in the second quarter of 2024. The $43 thousand quarter-over-quarter increase was primarily driven by higher marketing and professional fees, partially offset by decreases in insurance and loan-related expenses. Please refer to the financial tables in this press release for additional information and trends. Income Taxes The Company's effective tax rate for the second quarter 2025 was 29.8% compared to 28.3% for the first quarter 2025 and 28.3% for the second quarter 2024. BALANCE SHEET Investment Securities Investment securities were $65.5 million at June 30, 2025, an increase of $4.0 million or 6.5% from March 31, 2025, and a decrease of $7.5 million or 10.3% from June 30, 2024. Loans Receivable Loans receivable, including loans held-for-sale, totaled $1.46 billion as of June 30, 2025, representing an increase of $11.5 million, or 0.8%, from March 31, 2025, and $24.5 million, or 1.7%, from June 30, 2024. The growth was primarily driven by increases in commercial real estate (CRE) loans. Allowance for Credit Losses and Asset Quality The Allowance for Credit Losses ('ACL') was $15.5 million as of June 30, 2025, representing 1.21% of loans held-for-investment, compared to $14.9 million, or 1.18%, at March 31, 2025. At June 30, 2024, the ACL totaled $16.0 million, or 1.31% of loans held-for-investment. Total nonperforming assets increased to $16.7 million at June 30, 2025, from $11.7 million at March 31, 2025, and $5.8 million a year earlier. ACL coverage of nonperforming assets was over 92% at quarter-end. Substandard loans increased to $30.4 million as of June 30, 2025, up from $20.8 million in the prior quarter. Delinquent loans declined slightly to $25.2 million, compared to $27.6 million at March 31, 2025. SBA Loans Held-for-Sale As of June 30, 2025, total SBA loans held-for-sale were $184.0 million, compared to $194.5 million at March 31, 2025, and $209.1 million at June 30, 2024. During the second quarter of 2025, the Bank sold $17.6 million in SBA loans at an average premium of 8.1%, compared to $19.8 million sold in the first quarter of 2025, also at an average premium of 8.1%. In the second quarter of 2024, the Bank sold $19.5 million in SBA loans with an average premium of 6.8%. Deposits Total deposits were $1.52 billion at June 30, 2025, up $47.7 million or 3.2% from March 31, 2025, and up $184.5 million or 13.8% from June 30, 2024. Borrowings As of June 30, 2025, the Bank had no outstanding borrowings, compared to $50.0 million in FHLB advances as of March 31, 2025. Capital Stockholders' equity was $262.0 million at June 30, 2025, which increased $3.5 million or 1.3%, quarter over quarter. Tangible book value per share at June 30, 2025, was $24.51, an increase of $0.33, or 1.4%, quarter over quarter. The following are the Company's and the Bank's regulatory capital ratios at June 30, 2025. The Common Equity Tier 1 Risk-Based Capital Ratios at June 30, 2025, were 18.98% and 18.94% for the Company and the Bank, respectively. Total Risk-Based Capital Ratios were 20.13% and 20.09% for the Company and the Bank, respectively. Leverage Ratios were 14.48% for the Company and 14.45% for the Bank. The Bank is considered 'Well Capitalized' under the applicable regulatory capital rules. About CBB Bancorp, Inc.: CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in loans to small-to-medium-sized businesses and does business as 'CBB Bank.' As of June 30, 2025, the Bank had twelve full-service banking offices in Los Angeles and Orange Counties in California, Dallas County in Texas, Honolulu, Hawaii, and Fort Lee, New Jersey. Three SBA regional offices in Los Angeles, Dallas, and Bergen Counties, and loan production offices in Georgia, Washington, and New York. For additional information, please go to under the tab 'About Us' and select 'Investor Relations' to see the 2Q 2025 Overview. FORWARD-LOOKING STATEMENTS: This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CBB Bancorp, Inc. (the 'Company') intends that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described herein are necessarily subject to risks and uncertainties that may cause actual results to differ materially and adversely from those described herein. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words 'believe,' 'expect,' 'anticipate,' 'intend,' 'plan,' 'estimate,' or words of similar meaning, or future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' or 'may.' These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Factors that might cause actual results to differ materially from those presented, either expressed or implied, in this news release include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances, except to the extent required by law. (Dollars in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, March 31, $ % June 30, $ % June 30, June 30, $ % 2025 2025 Change Change 2024 Change Change 2025 2024 Change Change Interest income $ 27,392 $ 27,467 $ (75 ) (0.3 %) $ 27,755 $ (363 ) (1.3 %) $ 54,859 $ 56,218 $ (1,359 ) (2.4 %) Interest expense 12,345 12,644 (299 ) (2.4 %) 12,391 (46 ) (0.4 %) 24,989 25,046 (57 ) (0.2 %) Net interest income 15,047 14,823 224 1.5 % 15,364 (317 ) (2.1 %) 29,870 31,172 (1,302 ) (4.2 %) Provision for credit losses 590 500 90 18.0 % 200 390 195.0 % 1,090 600 490 81.7 % Net interest income after provision for credit losses 14,457 14,323 134 0.9 % 15,164 (707 ) (4.7 %) 28,780 30,572 (1,792 ) (5.9 %) Gain on sale of loans 900 1,021 (121 ) -11.9 % 1,064 (164 ) 748.8 % 1,921 2,553 (632 ) (24.8 %) Loss on sale of OREO (67 ) (92 ) 25 (27.2 %) - (67 ) (100.0 %) (159 ) (1 ) (158 ) 158.00 SBA servicing fee income, net 799 691 108 15.6 % 768 31 4.0 % 1,490 1,401 89 6.4 % Recovery on impaired servicing liability - - - - - - - - 10 (10 ) (100.0 %) Service charges and other income 450 496 (46 ) (9.3 %) 503 (53 ) (10.5 %) 946 933 13 1.4 % Noninterest income 2,082 2,116 (34 ) (1.6 %) 2,335 (253 ) (10.8 %) 4,198 4,896 (698 ) (14.3 %) Salaries and employee benefits 5,779 5,848 (69 ) (1.2 %) 5,927 (148 ) (2.5 %) 11,627 11,951 (324 ) (2.7 %) Occupancy and equipment 1,293 1,314 (21 ) (1.6 %) 1,114 179 16.1 % 2,607 2,236 371 16.6 % Marketing expense 404 215 189 87.9 % 403 1 0.2 % 619 805 (186 ) (23.1 %) Professional expense 619 430 189 44.0 % 440 179 40.7 % 1,049 852 197 23.1 % Other expenses 2,181 2,426 (245 ) (10.1 %) 1,972 209 10.6 % 4,607 4,056 551 13.6 % Noninterest expense 10,276 10,233 43 0.4 % 9,856 420 4.3 % 20,509 19,900 609 3.1 % Income before income tax provision 6,263 6,206 57 0.9 % 7,643 (1,380 ) (18.1 %) 12,469 15,568 (3,099 ) (19.9 %) Income tax provision 1,868 1,753 115 6.6 % 2,163 (295 ) (13.6 %) 3,621 4,416 (795 ) (18.0 %) Net income $ 4,395 $ 4,453 $ (58 ) (1.3 %) $ 5,480 $ (1,085 ) (19.8 %) $ 8,848 $ 11,152 $ (2,304 ) (20.7 %) Effective tax rate 29.83 % 28.25 % 1.58 % 5.59 % 28.30 % 1.53 % 5.39 % 29.04 % 28.37 % 0.67 % 2.38 % Outstanding number of shares 10,588,136 10,588,136 - - 10,588,136 - - 10,588,136 10,588,136 - - Weighted average shares for basic EPS 10,588,136 10,588,136 - - 10,588,136 - - 10,588,136 10,588,136 - - Weighted average shares for diluted EPS 10,593,497 10,605,812 (12,315 ) (0.1 %) 10,588,136 5,361 0.1 % 10,599,146 10,558,688 40,458 0.4 % Basic EPS $ 0.42 $ 0.42 $ - - $ 0.51 $ (0.09 ) (17.6 %) $ 0.84 $ 1.05 $ (0.21 ) -20.0 % Diluted EPS $ 0.41 $ 0.42 $ (0.01 ) (2.4 %) $ 0.51 $ (0.10 ) (19.6 %) $ 0.83 $ 1.05 $ (0.22 ) (21.0 %) Return on average assets 0.98 % 0.99 % (0.01 %) (1.0 %) 1.31 % (0.33 %) (25.2 %) 0.99 % 1.32 % (0.33 %) (25.0 %) Return on average equity 6.76 % 7.01 % (0.25 %) (3.6 %) 9.06 % (2.30 %) (25.4 %) 6.89 % 9.31 % (2.42 %) (26.0 %) Efficiency ratio¹ 59.99 % 60.41 % (0.42 %) (0.7 %) 55.69 % 4.30 % 7.7 % 60.20 % 55.17 % 5.03 % 9.1 % Yield on interest-earning assets² 6.28 % 6.25 % 0.03 % 0.5 % 6.79 % (0.51 %) (7.5 %) 6.26 % 6.78 % (0.52 %) (7.7 %) Cost of funds 3.29 % 3.34 % (0.05 %) (1.5 %) 3.52 % (0.23 %) (6.5 %) 3.31 % 3.50 % (0.19 %) (5.4 %) Net interest margin² 3.46 % 3.38 % 0.08 % 2.4 % 3.77 % (0.31 %) (8.2 %) 3.42 % 3.77 % (0.35 %) (9.3 %) Expand 1 Represents the ratio of noninterest expense less other real estate owned operations to the sum of net interest income before provision for credit losses and total noninterest income. 2 Expand BALANCE SHEET, CAPITAL AND OTHER DATA (Unaudited) - Table 2 (Dollars in thousands) June 30, March 31, $ % June 30, $ % 2025 2025 Change Change 2024 Change Change ASSETS Cash and due from banks $ 11,873 $ 12,716 $ (843 ) (6.6 %) $ 11,667 $ 206 1.8 % Interest-earning deposits at the FRB and other banks 235,436 249,535 (14,099 ) (5.7 %) 101,415 134,021 132.2 % Investment securities¹ 65,518 61,521 3,997 6.5 % 73,051 (7,533 ) (10.3 %) Loans held-for-sale 183,996 194,542 (10,546 ) (5.4 %) 209,144 (25,148 ) (12.0 %) Loans held-for-investment 1,278,106 1,256,063 22,043 1.8 % 1,228,496 49,610 4.0 % Less: Allowance for credit losses ("ACL") (15,461 ) (14,850 ) (611 ) (4.1 %) (16,042 ) 581 3.6 % Loans held-for-investment, net 1,262,645 1,241,213 21,432 1.7 % 1,212,454 50,191 4.1 % Other real estate owned ("OREO") 2,999 3,130 (131 ) -4.2 % - 2,999 100.0 % Restricted stock investments 11,011 11,011 - - 11,011 - - Servicing assets 6,609 6,708 (99 ) (1.5 %) 7,404 (795 ) (10.7 %) Goodwill 2,185 2,185 - - 2,185 - - Intangible assets 195 205 (10 ) (4.9 %) 235 (40 ) (17.0 %) Other assets 32,359 31,304 1,055 3.4 % 26,343 6,016 22.8 % Total assets $ 1,814,826 $ 1,814,070 $ 756 0.0 % $ 1,654,909 $ 159,917 9.7 % LIABILITIES AND STOCKHOLDERS' EQUITY Noninterest-bearing $ 309,160 $ 295,857 $ 13,303 4.5 % $ 281,243 $ 27,917 9.9 % Interest-bearing 1,215,760 1,181,362 34,398 2.9 % 1,059,146 156,614 14.8 % Total deposits 1,524,920 1,477,219 47,701 3.2 % 1,340,389 184,531 13.8 % FHLB advances and other borrowing - 50,000 (50,000 ) -100.0 % 50,000 (50,000 ) - Other liabilities 27,972 28,397 (425 ) (1.5 %) 19,260 8,712 45.2 % Total liabilities 1,552,892 1,555,616 (2,724 ) (0.2 %) 1,409,649 143,243 10.2 % Stockholders' Equity 261,934 258,454 3,480 1.3 % 245,260 16,674 6.8 % TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,814,826 $ 1,814,070 $ 756 0.0 % $ 1,654,909 $ 159,917 9.7 % CAPITAL RATIOS Leverage ratio Company 14.48 % 14.04 % 0.44 % 3.1 % 14.51 % (0.03 %) (0.2 %) Bank 14.45 % 14.00 % 0.44 % 3.2 % 14.45 % (0.00 %) (0.0 %) Common equity tier 1 risk-based capital ratio Company 18.98 % 19.10 % (0.12 %) (0.6 %) 18.36 % 0.62 % 3.4 % Bank 18.94 % 19.05 % - - 18.28 % 0.66 % 3.6 % Tier 1 risk-based capital ratio Company 18.98 % 19.10 % (0.12 %) (0.6 %) 18.36 % 0.62 % 3.4 % Bank 18.94 % 19.05 % - - 18.28 % 0.66 % 3.6 % Total risk-based capital ratio Company 20.13 % 20.23 % (0.10 %) (0.5 %) 19.59 % 0.54 % 2.8 % Bank 20.09 % 20.18 % (0.09 %) (0.4 %) 19.50 % 0.58 % 3.0 % Tangible book value per share $ 24.51 $ 24.18 $ 0.33 1.4 % $ 22.94 $ 1.57 6.8 % Loans Held for Investments-to-Deposit ("LHFITD") ratio 83.81 % 85.03 % (1.22 %) (1.4 %) 91.65 % (7.84 %) (8.6 %) Net Loan-to-Deposit ("LTD") ratio 94.87 % 97.19 % (2.32 %) (2.4 %) 106.06 % (11.19 %) (10.6 %) Nonperforming assets $ 16,699 $ 11,675 $ 5,024 43.0 % $ 5,797 $ 10,902 188.1 % Nonperforming assets as a % of loans held-for-investment 1.31 % 0.93 % 0.38 % 40.9 % 0.47 % 0.84 % 178.7 % ACL as a % of loans held-for-investment 1.21 % 1.18 % 0.03 % 2.54 % 1.31 % (0.10 %) (7.6 %) Expand 1 Includes AFS and HTM Expand FIVE-QUARTER STATEMENT OF INCOME (Unaudited) - Table 3 (Dollars in thousands, except per share amounts) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Interest income $ 27,392 $ 27,467 $ 28,769 $ 28,380 $ 27,755 Interest expense 12,345 12,644 13,121 12,904 12,391 Net interest income 15,047 14,823 15,648 15,476 15,364 Provision for credit losses 590 500 - (100 ) 200 Net interest income after provision for credit losses 14,457 14,323 15,648 15,576 15,164 Gain on sale of loans 900 1,021 1,013 991 1,064 Gain (loss) on sale of OREO (67 ) (92 ) - - - SBA servicing fee income, net 799 691 654 760 768 Recovery on impaired servicing liability - - - - - Service charges and other income 450 496 543 465 503 Noninterest income 2,082 2,116 2,210 2,216 2,335 Salaries and employee benefits 5,779 5,848 5,635 5,884 5,927 Occupancy and equipment 1,293 1,314 1,280 1,149 1,114 Marketing expense 404 215 285 423 403 Professional expense 619 430 329 456 440 Other expenses 2,181 2,426 2,411 2,104 1,972 Noninterest expense 10,276 10,233 9,940 10,016 9,856 Income before income tax expense 6,263 6,206 7,918 7,776 7,643 Income tax expense 1,868 1,753 2,211 2,207 2,163 Net income $ 4,395 $ 4,453 $ 5,707 $ 5,569 $ 5,480 Effective tax rate 29.8 % 28.3 % 27.9 % 28.4 % 28.3 % Outstanding number of shares 10,588,136 10,588,136 10,588,136 10,588,136 10,588,136 Weighted average shares for basic EPS 10,588,136 10,588,136 10,588,136 10,588,136 10,588,136 Basic EPS $ 0.42 $ 0.42 $ 0.54 $ 0.53 $ 0.51 Diluted EPS $ 0.41 $ 0.42 $ 0.54 $ 0.53 $ 0.51 Expand FIVE-QUARTER SALARIES BENEFIT METRICS (Unaudited) - Table 4 (Dollars in thousands) At or for the Three Months Ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Salaries and benefits $ 5,779 $ 5,848 $ 5,635 $ 5,884 $ 5,927 FTE at the end of period 163 166 168 178 172 Average FTE during the period 166 169 166 173 171 Salaries and benefits/average FTE¹ $ 140 $ 141 $ 135 $ 135 $ 139 Salaries and benefits/average assets¹ 1.29 % 1.30 % 1.25 % 1.38 % 1.42 % Noninterest expense/average assets¹ 2.30 % 2.27 % 2.21 % 2.35 % 2.36 % Expand 1 Annualized Expand FIVE-QUARTER BALANCE SHEET (Unaudited) - Table 5 (Dollars in thousands) June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 ASSETS Cash and due from banks $ 11,873 $ 12,716 $ 10,336 $ 14,892 $ 11,667 Interest-earning deposits at the FRB and other banks 235,436 249,535 266,826 241,094 101,415 Investment securities 65,518 61,521 62,196 63,208 73,051 Loans held-for-sale 183,996 194,542 198,448 198,021 209,144 Loans held-for-investment 1,278,106 1,256,063 1,239,564 1,222,865 1,228,496 Less: Allowance for credit losses (15,461 ) (14,850 ) (15,959 ) (15,948 ) (16,042 ) Loans held-for-investment, net 1,262,645 1,241,213 1,223,605 1,206,917 1,212,454 Other real estate owned 2,999 3,130 521 521 - Restricted stock investments 11,011 11,011 11,011 11,011 11,011 Servicing assets 6,609 6,708 6,909 7,192 7,404 Goodwill 2,185 2,185 2,185 2,185 2,185 Intangible assets 195 205 214 224 235 Other assets 32,359 31,304 33,384 25,284 26,343 Total assets $ 1,814,826 $ 1,814,070 $ 1,815,635 $ 1,770,549 $ 1,654,909 LIABILITIES AND STOCKHOLDERS' EQUITY Noninterest-bearing $ 309,160 $ 295,857 $ 304,005 $ 318,807 $ 281,243 Interest-bearing 1,215,760 1,181,362 1,176,567 1,128,784 1,059,146 Total deposits 1,524,920 1,477,219 1,480,572 1,447,591 1,340,389 FHLB advances - 50,000 50,000 50,000 50,000 Other liabilities 27,972 28,397 30,096 22,415 19,260 Total liabilities 1,552,892 1,555,616 1,560,668 1,520,006 1,409,649 Stockholders' Equity 261,934 258,454 254,967 250,543 245,260 Expand FIVE-QUARTER LOANS RECEIVABLE COMPONENTS (Unaudited) - Table 6 (Dollars in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Balance % Balance % Balance % Balance % Balance % Construction $ 33,952 2.7 % $ 31,913 2.5 % $ 27,276 2.2 % $ 29,789 2.4 % $ 33,918 2.8 % Commercial real estate 1,091,180 85.4 % 1,061,873 84.5 % 1,048,945 84.6 % 1,029,768 84.2 % 1,035,425 84.3 % Commercial and industrial 108,461 8.5 % 112,369 9.0 % 114,435 9.2 % 112,588 9.2 % 108,742 8.9 % Home mortgage 36,673 2.9 % 41,944 3.3 % 43,676 3.5 % 45,673 3.7 % 44,987 3.7 % Consumer 3,527 0.3 % 3,477 0.3 % 552 0.0 % 537 0.0 % 782 0.1 % Gross loans held-for-investment 1,273,793 99.7 % 1,251,576 99.6 % 1,234,884 99.6 % 1,218,355 99.6 % 1,223,854 99.6 % Loans held-for-investment $ 1,278,106 100.0 % $ 1,256,063 100.0 % $ 1,239,564 100.0 % $ 1,222,865 100.0 % $ 1,228,496 100.0 % Loans held-for-sale $ 183,996 $ 194,542 $ 198,448 $ 198,021 $ 209,144 Total loans receivable $ 1,462,102 $ 1,450,605 $ 1,438,012 $ 1,420,886 $ 1,437,640 Expand FIVE-QUARTER SBA LOAN PRODUCTIONS/SALES DATA (Unaudited) - Table 7 (Dollars in thousands) Three Months Ended Six Months Ended June 30 March 31, December 31, September 30, June 30, June 30 June 30 2025 2025 2024 2024 2024 2025 2024 SBA loans held-for-sale at beginning of the quarter/year $ 194,542 $ 198,448 $ 198,021 $ 209,144 $ 198,167 $ 198,448 $ 218,258 SBA loans originated/transferred from/to held-for- investment during the quarter/year 20,135 23,778 22,172 13,169 34,366 43,913 48,955 SBA loans sold during the quarter/year (17,580 ) (19,753 ) (17,215 ) (20,152 ) (19,508 ) (37,333 ) (47,672 ) SBA loans principal paydown/payoff, net of advance (13,101 ) (7,931 ) (4,530 ) (4,140 ) (3,881 ) (21,032 ) (10,397 ) SBA loans held-for-sale at end of the quarter/year $ 183,996 $ 194,542 $ 198,448 $ 198,021 $ 209,144 $ 183,996 $ 209,144 Gain on sale of SBA loans $ 900 $ 1,021 $ 1,013 $ 991 $ 1,064 $ 1,921 $ 2,553 Premium on sale (weighted average) 8.1 % 8.1 % 9.2 % 7.5 % 6.8 % 8.1 % 8.4 % SBA loan production $ 28,860 $ 32,034 $ 39,741 $ 23,227 $ 45,126 $ 60,894 $ 63,215 Expand FIVE-QUARTER DEPOSIT COMPONENTS (Unaudited) - Table 9 (Dollars in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Balance % Balance % Balance % Balance % Balance % Noninterest-bearing demand $ 309,160 20.3% $ 295,857 20.0% $ 304,005 20.5% $ 318,807 22.0% $ 281,243 21.0% Interest-bearing demand 10,698 0.7% 6,588 0.5% 7,541 0.5% 6,590 0.5% 7,901 0.6% NOW & MMDA 274,578 18.0% 257,474 17.4% 269,475 18.2% 246,157 17.0% 240,951 18.0% Savings 85,609 5.6% 81,425 5.5% 84,727 5.7% 78,356 5.4% 80,360 6.0% TCDs of $250K and under 319,209 20.9% 315,312 21.3% 324,041 21.9% 310,134 21.4% 295,109 22.0% TCDs of $250K over 403,676 26.5% 377,486 25.6% 345,045 23.3% 342,301 23.7% 314,119 23.4% Wholesale deposits 121,990 8.0% 143,077 9.7% 145,738 9.9% 145,246 10.0% 120,706 9.0% Total Deposits $ 1,524,920 100.0% $ 1,477,219 100.0% $ 1,480,572 100.0% $ 1,447,591 100.0% $ 1,340,389 100.0% Recap: Noninterest-bearing demand $ 309,160 20.3% $ 295,857 20.0% $ 304,005 20.5% $ 318,807 22.0% $ 281,243 21.0% Interest-bearing demand 10,698 0.7% 6,588 0.5% 7,541 0.5% 6,590 0.5% 7,901 0.6% NOW & MMDA 274,578 18.0% 257,474 17.4% 269,475 18.2% 246,157 17.0% 240,951 18.0% Savings 85,609 5.6% 81,425 5.5% 84,727 5.7% 78,356 5.4% 80,360 6.0% TCDs of $250K and under 319,209 20.9% 315,312 21.3% 324,041 21.9% 310,134 21.4% 295,109 22.0% Core Deposits 999,254 65.5% 956,656 64.7% 989,789 66.8% 960,044 66.3% 881,952 67.6% TCDs of $250K over 403,676 26.5% 377,486 25.6% 345,045 23.3% 342,301 23.7% 314,119 23.4% Nonreciprocal ICS MMDA - - - - - - - - - - Expand FIVE-QUARTER SELECTED LOAN AND ASSET QUALITY HIGHLIGHTS (Unaudited) - Table 10 (Dollars in thousands) 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. Allowance for Credit Losses Balance at beginning of period $ 14,850 $ 15,959 $ 15,948 $ 16,042 $ 16,048 Provision for credit losses 590 430 - - 200 Charge-offs (143 ) (1,567 ) - (108 ) (257 ) Recoveries 164 28 11 14 51 Balance at the end of period $ 15,461 $ 14,850 $ 15,959 $ 15,948 $ 16,042 Nonperforming Assets:¹ Over 90 days still accruing $ 1,487 $ - $ 1,819 $ 994 $ - Nonaccrual loans 12,213 8,545 9,711 7,043 5,797 Total nonperforming loans 13,700 8,545 11,530 8,037 5,797 Other real estate owned $ 2,999 3,130 521 521 - Classified Assets:¹ Substandard $ 30,442 $ 20,827 $ 22,077 $ 15,980 $ 12,762 Doubtful - - - - - Loss Other real estate owned $ 2,999 3,130 521 521 - Total classified assets $ 33,441 $ 23,957 $ 22,598 $ 16,501 $ 12,762 Delinquent Loans:¹ Loans 30-89 days past due $ 11,548 $ 19,010 $ 7,614 $ 4,308 $ 8,613 90 days or more past due and still accruing 1,487 - 1,819 994 - Nonaccrual 12,213 8,545 9,711 7,043 5,797 Total delinquent loans $ 25,248 $ 27,555 $ 19,144 $ 12,345 $ 14,410 Asset Quality Ratios: Net (recoveries) charge-offs to average loans² (0.01 %) 0.43 % 0.00 % 0.03 % 0.06 % Nonaccrual loans to loans held-for-investment 0.96 % 0.68 % 0.78 % 0.58 % 0.47 % Nonperforming loans to loans held-for-investment 1.07 % 0.68 % 0.93 % 0.66 % 0.47 % Nonperforming assets to total assets 0.92 % 0.64 % 0.66 % 0.48 % 0.35 % Classified loans to loans held-for-investment 2.38 % 1.66 % 1.78 % 1.31 % 1.04 % Classified loans to Tier 1 and ACL 11.07 % 7.69 % 8.22 % 6.05 % 4.93 % Classified assets to total assets 1.84 % 1.32 % 1.24 % 0.93 % 0.77 % Classified assets to Tier 1 and ACL 12.16 % 8.84 % 8.42 % 6.25 % 4.93 % ACL to loans held-for-investment 1.21 % 1.18 % 1.29 % 1.30 % 1.31 % ACL to nonaccrual loans 126.59 % 173.79 % 164.34 % 226.44 % 276.73 % ACL to nonperforming loans 112.85 % 173.79 % 138.41 % 198.43 % 276.73 % ACL to nonperforming assets 92.59 % 127.19 % 132.43 % 186.35 % 276.73 % Texas ratio ³ 6.07 % 4.31 % 4.49 % 3.24 % 2.24 % Expand 1 Net of SBA guaranteed balance 2 Includes loans held-for-sale Expand FIVE-QUARTER MARGIN ANALYSIS (Unaudited) -Table 12 (Dollars in thousands) Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield Avg Balance Interest Yield Number of Days in the Period INTEREST-EARNING ASSETS Loans Receivable¹ $ 1,461,584 $ 24,171 6.63 % $ 1,437,846 $ 23,618 6.66 % $ 1,432,216 $ 24,863 6.91 % $ 1,427,123 $ 25,357 7.07 % $ 1,418,458 $ 24,887 7.06 % Investment securities ² 64,990 686 4.23 % 61,930 667 4.37 % 62,714 696 4.42 % 68,198 734 4.28 % 70,052 723 4.15 % Interest-earning deposits at the FRB and other banks 214,514 2,383 4.46 % 275,512 3,029 4.46 % 253,524 3,048 4.78 % 158,127 2,139 5.38 % 146,956 1,995 5.46 % Other earning assets 11,011 200 7.29 % 11,011 203 7.48 % 11,011 211 7.62 % 11,011 200 7.23 % 11,011 200 7.31 % Total interest-earning assets ² 1,752,099 27,440 6.28 % 1,786,299 27,517 6.25 % 1,759,465 28,818 6.52 % 1,664,459 28,430 6.80 % 1,646,477 27,805 6.79 % NONINTEREST-EARNING ASSETS Cash and due from banks 11,512 12,060 12,349 12,527 12,907 Other noninterest-earning assets 44,078 41,549 35,479 34,395 33,263 Total noninterest-earning assets 55,590 53,609 47,828 46,922 46,170 Less: Allowance for credit losses (14,899 ) (15,569 ) (15,953 ) (16,024 ) (16,058 ) TOTAL ASSETS $ 1,792,790 $ 1,824,339 $ 1,791,340 $ 1,695,357 $ 1,676,589 INTEREST-BEARING DEPOSITS Interest-bearing demand $ 9,957 $ 5 0.20 % $ 9,622 $ 5 0.20 % $ 11,147 $ 6 0.20 % $ 11,007 $ 6 0.20 % $ 11,864 $ 6 0.20 % Money market 263,197 2,540 3.87 % 265,687 2,555 3.90 % 244,258 2,508 4.08 % 236,834 2,555 4.29 % 230,261 2,272 3.97 % Savings 83,261 633 3.05 % 83,978 638 3.08 % 81,423 661 3.23 % 79,289 689 3.46 % 82,215 700 3.42 % Time deposits 847,092 9,159 4.34 % 830,672 9,331 4.56 % 815,866 9,828 4.79 % 767,607 9,536 4.94 % 759,954 9,296 4.92 % Total interest-bearing deposits 1,203,507 12,337 4.11 % 1,189,959 12,529 4.27 % 1,152,694 13,003 4.49 % 1,094,737 12,786 4.65 % 1,084,294 12,274 4.55 % Borrowings 4,122 8 0.78 % 48,889 115 0.95 % 50,001 118 0.94 % 50,000 118 0.94 % 50,013 117 0.94 % Total interest-bearing liabilities 1,207,629 12,345 4.10 % 1,238,848 12,644 4.14 % 1,202,695 13,121 4.34 % 1,144,737 12,904 4.48 % 1,134,307 12,391 4.39 % Noninterest-bearing deposits 296,496 298,579 309,662 280,670 279,765 Other liabilities 28,026 29,428 26,090 21,376 19,287 Stockholders' equity 260,639 257,484 252,893 248,574 243,230 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,792,790 $ 1,824,339 $ 1,791,340 $ 1,695,357 $ 1,676,589 Net interest income² $ 15,095 $ 14,873 $ 15,697 $ 15,526 $ 15,414 Net interest spread 2.18 % 2.11 % 2.18 % 2.32 % 2.40 % Effect of noninterest-bearing sources 1.28 % 1.27 % 1.37 % 1.39 % 1.37 % Net interest margin² 3.46 % 3.38 % 3.55 % 3.71 % 3.77 % Cost of deposits $ 1,500,003 $ 12,337 3.30 % $ 1,488,538 $ 12,529 3.41 % $ 1,462,356 $ 13,003 3.54 % $ 1,375,407 $ 12,786 3.70 % $ 1,364,059 $ 12,274 3.62 % Cost of funds $ 1,504,125 $ 12,345 3.29 % $ 1,537,427 $ 12,644 3.34 % $ 1,512,357 $ 13,121 3.45 % $ 1,425,407 $ 12,904 3.60 % $ 1,414,072 $ 12,391 3.52 % Expand 1 Loan held-for-investment, plus loans held-for-sale 2 Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate Expand MARGIN ANALYSIS (Unaudited) - Table 14 (Dollars in thousands) Six Months Ended June 30,2024 Number of Days in the Period INTEREST-EARNING ASSETS Loans Receivable ¹ $ 1,449,780 $ 47,789 6.65 % $ 1,417,191 $ 49,793 7.07 % Investment securities ² 63,469 1,353 4.30 % 64,803 1,298 4.03 % Interest-earning deposits at the FRB and other banks 244,844 5,412 4.46 % 177,056 4,812 5.47 % Other earning assets 11,011 403 7.38 % 11,011 414 7.56 % Total interest-earning assets ² 1,769,104 54,957 6.26 % 1,670,061 56,317 6.78 % NONINTEREST-EARNING ASSETS Cash and due from banks 11,784 12,540 Other noninterest-earning assets 42,701 32,122 Total noninterest-earning assets 54,485 44,662 Less: Allowance for credit losses (15,232 ) (15,690 ) TOTAL ASSETS $ 1,808,357 $ 1,699,033 INTEREST-BEARING DEPOSITS Interest-bearing demand $ 9,790 $ 10 0.20 % $ 12,271 $ 12 0.20 % Money market 264,435 5,095 3.89 % 229,851 4,557 3.99 % Savings 83,618 1,271 3.07 % 83,534 1,424 3.43 % Time deposits 838,927 18,490 4.44 % 780,539 18,819 4.85 % Total interest-bearing deposits 1,196,770 24,866 4.19 % 1,106,195 24,812 4.51 % Borrowings 26,382 123 0.94 % 50,007 234 0.94 % Total interest-bearing liabilities 1,223,152 24,989 4.12 % 1,156,202 25,046 4.36 % Noninterest-bearing deposits 297,532 282,316 Other liabilities 28,603 19,707 Stockholders' equity 259,070 240,808 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,808,357 $ 1,699,033 Net interest income² $ 29,968 $ 31,271 Net interest spread 2.14 % 2.42 % Effect of noninterest-bearing sources 1.28 % 1.35 % Net interest margin² 3.42 % 3.77 % Cost of deposits $ 1,494,302 $ 24,866 3.36 % $ 1,388,511 $ 24,812 3.59 % Cost of funds $ 1,520,684 $ 24,989 3.31 % $ 1,438,518 $ 25,046 3.50 % Expand 1 Loan held-for-investment, plus loans held-for-sale 2 Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate Expand
