Cullman Bancorp(CULL) - 2024 Q1 - Quarterly Report

Financial Position - Total assets increased by $9.1 million, or 2.2%, to $420.7 million as of March 31, 2024, from $411.6 million at December 31, 2023[132] - Cash and cash equivalents rose by $4.3 million, or 33.1%, to $17.3 million at March 31, 2024, due to an increase in fed funds[133] - Gross loans held for investment increased by $3.6 million, or 1.1%, to $346.3 million at March 31, 2024, primarily driven by a $3.4 million increase in commercial real estate loans[134] - Total deposits decreased by $563 thousand, or 0.2%, to $268.4 million at March 31, 2024, with a notable decline in interest-bearing demand deposits by $5.0 million, or 4.7%[136] - Borrowings increased by $10.0 million, or 28.6%, to $45.0 million at March 31, 2024, to meet loan demand and enhance liquidity[137] - Stockholders' equity decreased by $402 thousand, or 0.4%, to $101.3 million at March 31, 2024, primarily due to share repurchases[138] - At March 31, 2024, the company had approximately $43 million of uninsured/uncollateralized deposits[155] - The company exceeded all regulatory capital requirements and was categorized as well capitalized as of March 31, 2024[159] Income and Expenses - Net income for the three months ended March 31, 2024, was $714 thousand, a decrease of $301 thousand from $1.0 million for the same period in 2023[145] - Net interest income for the three months ended March 31, 2024, was $3,521 thousand, compared to $3,893 thousand for the same period in 2023[141] - The net interest margin decreased to 3.62% for the three months ended March 31, 2024, from 3.98% for the same period in 2023[141] - Interest income increased by $428 thousand, or 9.2%, to $5.1 million for the three months ended March 31, 2024, compared to $4.7 million for the same period in 2023[146] - Interest expense rose by $800 thousand, or 105.4%, to $1.6 million for the three months ended March 31, 2024, compared to $759 thousand for the same period in 2023[147] - Net interest income decreased by $372 thousand, or 9.6%, to $3.5 million for the three months ended March 31, 2024, from $3.9 million for the same period in 2023[150] - Non-interest income increased by $17 thousand to $389 thousand for the three months ended March 31, 2024, from $372 thousand for the same period in 2023[152] - Non-interest expense increased by $219 thousand, or 7.7%, to $3.0 million for the three months ended March 31, 2024, compared to $2.8 million for the same period in 2023[153] - Income tax expense was $183 thousand for the three months ended March 31, 2024, compared to $342 thousand for the same period in 2023, resulting in effective rates of 20.4% and 25.2%, respectively[154] Credit and Cash Flow - The provision for credit losses recorded a reversal of $40 thousand for the three months ended March 31, 2024, compared to a provision of $74 thousand for the same period in 2023[151] - Net cash provided by operating activities was $1.6 million for the three months ended March 31, 2024, compared to $1.5 million for the same period in 2023[157]