Cullman Bancorp(US:CULL)2023-03-26 16:00Financial Performance - Net income for 2022 was $4.2 million, compared to $1.8 million in 2021, representing a substantial increase of 138.3%[72] - Earnings per share (basic and diluted) for 2022 were $0.59, compared to $0.25 in 2021, reflecting a significant increase of 136%[72] - Net income rose by $2.4 million, or 139.0%, to $4.2 million at December 31, 2022, compared to $1.8 million at December 31, 2021[77] - Net interest income for 2022 was $15.2 million, an increase of 30.5% from $11.6 million in 2021[72] - Net interest income after provision for loan losses rose to $14,726,000 in 2022, up from $11,524,000 in 2021, an increase of 27.5%[130] - Total interest income increased to $16,529,000 in 2022 from $13,370,000 in 2021, representing a growth of 23.9%[130] Asset and Liability Management - Total assets increased to $423.2 million at December 31, 2022, up from $354.7 million at December 31, 2021, representing a growth of 19.4%[40] - Gross loans held for investment rose by $78.2 million, or 30.7%, to $332.8 million at December 31, 2022, compared to $254.6 million at December 31, 2021[42] - Deposits increased to $292.9 million at December 31, 2022, up from $232.0 million at December 31, 2021, a growth of 26.3%[40] - Total deposits increased by $60.9 million, or 26.3%, to $292.9 million at December 31, 2022, from $232.0 million at December 31, 2021[74] - The allowance for loan losses was $2.8 million at December 31, 2022, which is 0.85% of total loans, down from 0.94% in 2021[68] Expense Management - Noninterest expense for 2022 was $11.1 million, slightly up from $10.9 million in 2021, indicating a rise of 1.7%[72] - Total noninterest expense increased to $11,128,000 in 2022, up from $10,939,000 in 2021, reflecting a modest increase of 1.7%[130] - Salaries and employee benefits increased by $1.228 million, or 19.3%, to $7.594 million for the year ended December 31, 2022[106] - Salaries and employee benefits increased by 19.3% to $7,594,000 in 2022 from $6,366,000 in 2021[130] Credit Quality - Provision for loan losses increased to $438,000 in 2022 from $60,000 in 2021, reflecting a significant rise in anticipated credit losses[68] - Provisions for loan losses were recorded at $438,000 for the year ended December 31, 2022, compared to $60,000 for the year ended December 31, 2021, with an allowance for loan losses of $2.8 million at December 31, 2022[105] - The ratio of allowance for loan losses to total loans was 0.85% at December 31, 2022, down from 0.94% at December 31, 2021[105] Interest Rate Sensitivity - Interest expense on borrowings decreased by $366,000, or 54.1%, to $310,000 for the year ended December 31, 2022, compared to $676,000 for the year ended December 31, 2021[78] - The average rate paid on borrowings increased to 4.07% for the year ended December 31, 2022, compared to 1.75% for the year ended December 31, 2021[78] - In the event of a 200 basis point increase in interest rates, net interest income would increase by 5.22% at December 31, 2022[111] - Estimated Economic Value of Equity (EVE) would decrease by 8.31% in the event of a 200 basis point increase in interest rates at December 31, 2022[114] Company Overview - Cullman Bancorp, Inc. reported a total of 7,383,585 shares outstanding as of March 27, 2023[135] - The company is classified as a smaller reporting company and an emerging growth company[135] - Cullman Bancorp, Inc. is not a well-known seasoned issuer as per the definitions provided in Rule 405 of the Securities Act[135] - The company has filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months[135] - The common stock is traded on The Nasdaq Stock Market LLC under the symbol CULL[135]