Cullman Bancorp(US:CULL)2022-05-11 16:00Assets and Liabilities - Total assets increased by $1.2 million, or 0.3%, to $353.5 million at March 31, 2022, from $354.7 million at December 31, 2021, primarily due to loan growth [146]. - Cash and cash equivalents decreased by $23.3 million, or 37.5%, to $38.7 million at March 31, 2022, due to loan growth and investment purchases [148]. - Borrowings decreased by $18.5 million, or 100%, to no borrowings at March 31, 2022, as excess cash from deposits was used to repay borrowings [152]. - Stockholders' equity decreased by $1.1 million, or 1.2%, to $98.6 million at March 31, 2022, mainly due to unrealized losses on securities available for sale [153]. Loans and Interest Income - Gross loans held for investment rose by $15.3 million, or 6.1%, to $267.5 million at March 31, 2022, with commercial real estate loans increasing by $6.7 million, or 8.7% [149]. - Average balance of loans (excluding PPP loans) increased by $31.3 million, or 13.6%, to $261.0 million in Q1 2022 compared to $229.7 million in Q1 2021 [161]. - Interest income rose by $239,000, or 7.2%, to $3.6 million in Q1 2022, driven by a $362,000, or 12.0%, increase in interest income on loans (excluding PPP loans) [161]. - Net interest income for the period was $3,329,000, with a net interest margin of 4.06% [157]. - Net interest income grew by $528,000, or 18.9%, to $3.3 million in Q1 2022, with an interest rate spread increase of 52 basis points to 3.93% [166]. Deposits and Cash Flow - Total deposits increased by $18.4 million, or 7.9%, to $250.4 million at March 31, 2022, driven by a $7.1 million increase in interest-bearing demand deposits, or 12.8% [151]. - The company experienced a significant increase in regular savings and other deposits, which rose by $22.1 million, or 32.3%, to $90.7 million at March 31, 2022 [151]. - Net cash provided by operating activities was $963,000 in Q1 2022, up from $684,000 in Q1 2021 [174]. Expenses and Income - Interest expense decreased by $289,000, or 54.7%, to $239,000 in Q1 2022, attributed to lower rates on deposits and reduced borrowings [163]. - Non-interest income fell by $46,000 to $420,000 in Q1 2022, mainly due to a decrease in gains on the sale of mortgage loans [170]. - Non-interest expense increased by $134,000, or 5.9%, to $2.4 million in Q1 2022, driven by higher professional advisory fees [171]. - Provision for loan losses recorded at $40,000 in Q1 2022, compared to $0 in Q1 2021, with an allowance for loan losses of $2.44 million [167]. Regulatory Compliance - Cullman Savings Bank exceeded all regulatory capital requirements and was categorized as well capitalized as of March 31, 2022 [178]. Net Income - Net income increased to $1.0 million for Q1 2022, up from $785,000 in Q1 2021, primarily due to higher interest income from loans [160].