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Farmers Bank, Windsor VA

Windsor, VA · Cert 2429

FDIC · 8 branches

Q4 2022

$595.5MAssets
$285.6MLoans
$522.5MDeposits
$39.0MEquity
Loan mix
74%RE $159.7M23%C&I $49.4M3%Consumer $7.2MQ1 2021Q4 2022
Deposit mix
62%Interest-bearing $326.0M38%Noninterest $196.5MQ1 2021Q4 2022

Market Position · Virginia Beach-Norfolk-Newport News, VA-NC · 2022 SOD (annual) · 1.5% share · #10 of 23 inst. · $0.5B of $35.6B

57.0% Isle Of Wight
9.5% Suffolk (City)
38.6% Southampton
0.7% Chesapeake (City)

Executive Summary

  • Earnings: ROA of 0.95%, down 52 bps year over year; NIM at 2.93%.
  • Asset quality: problem loans at 0.12% of loans (-30 bps YoY), with net charge-offs at 0.07%.
  • Capital: tier 1 leverage ratio of 10.85%, up 67 bps from a year ago.
  • Funding: loans stand at 54.66% of deposits as of Q4 2022.

Return on Assets (YTD, annualized)

0.95%-52 bps YoY

Net Interest Margin (YTD, annualized)

2.93%+28 bps YoY

Efficiency Ratio (YTD, annualized)

72.05%+897 bps YoY

Tier 1 Leverage Ratio

10.85%+67 bps YoY

NIM

3.23%Q4 ’202.83%Q4 ’213.16%Q4 ’22-9%+11%

Non-interest income vs. expense

3.20%Q4 ’202.96%Q4 ’213.21%Q4 ’22-37%+78%

Year to date, annualized, through each quarter.

MetricQ1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022YoY ΔTrend
Earnings
Return on Assets1.43%2.02%1.71%1.48%0.80%0.80%0.78%0.95%-52 bps
Return on Equity11.65%16.38%13.96%12.16%7.79%8.53%9.21%11.76%-40 bps
Net Interest Margin2.88%2.74%2.71%2.65%2.68%2.73%2.81%2.93%+28 bps
Efficiency Ratio68.70%55.60%59.64%63.09%73.15%75.04%76.47%72.05%+897 bps
Non-Interest Burden1.53%0.45%0.78%0.97%1.62%1.76%1.86%1.72%+76 bps
Growth
Asset Growth (YoY)17.92%12.73%13.01%13.04%9.72%3.07%-4.61%-4.54%-1,758 bps
Loan Growth (YoY)-4.81%-10.04%-15.24%-7.18%-0.69%5.17%16.23%7.95%+1,514 bps
Deposit Growth (YoY)24.86%16.94%18.73%17.34%14.17%4.24%-1.13%-2.05%-1,939 bps
Asset Quality
Nonperforming Loans / Loans0.14%0.04%0.46%0.42%0.41%0.43%0.41%0.12%-30 bps
Net Charge-Offs / Loans0.17%0.17%0.11%0.08%0.10%0.06%0.08%0.07%-1 bps
Allowance / Loans2.32%2.32%2.49%2.32%2.28%2.18%2.09%2.08%-24 bps
Allowance Coverage of NPLs16.4x56.6x5.5x5.5x5.5x5.1x5.1x17.8x+12.3x
Capital
Tier 1 Leverage Ratio9.98%10.35%10.30%10.19%10.05%10.16%10.33%10.85%+67 bps
Total Risk-Based Capital15.82%17.50%17.92%17.12%16.28%16.52%16.35%16.85%-27 bps
Equity / Assets11.84%12.47%11.93%11.74%8.92%7.34%5.61%6.55%-519 bps
Liquidity & Funding
Loans / Deposits55.06%52.74%47.47%49.59%47.89%53.21%55.81%54.66%+507 bps
Liquid Assets / Assets3.59%2.96%6.49%2.72%2.45%0.20%0.77%2.98%+26 bps
CRE / Total Capitaln/an/an/an/an/an/an/an/an/an/a