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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended March 31, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For transition period from to
Commission File Number 001-40607
CULLMAN BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
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Maryland |
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61-1990996 |
(State or Other Jurisdiction of Incorporation) |
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(I.R.S. Employer Identification No.) |
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316 Second Avenue, SW, Cullman, Alabama |
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35055 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(256) 734-1740
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and formal fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading symbol |
Name of each exchange on which registered |
Common Stock, per value $0.01 per share |
CULL |
The Nasdaq Stock Market, LLC |
Indicate by check mark whether the registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), Yes ☒ No ☐ .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer ☐ |
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Accelerated filer ☐ |
Non-accelerated filer ☒ |
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Smaller reporting company ☒ |
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Emerging growth company ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 7,247,375 shares of Common Stock, par value $0.01 per share, were issued and outstanding as of May 14, 2024.
CULLMAN BANCORP, INC.
Form 10-Q Quarterly Report
Table of Contents
PART I
ITEM 1. FINANCIAL STATEMENTS
CULLMAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
March 31, 2024 and December 31, 2023
(All amounts in thousands, except share and per share data)
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March 31, 2024 (Unaudited) |
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December 31, 2023 |
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ASSETS |
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Interest bearing cash and cash equivalents |
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$ |
173 |
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$ |
229 |
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Non-interest bearing cash and cash equivalents |
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3,655 |
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|
4,157 |
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Federal funds sold |
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13,525 |
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|
8,650 |
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Total cash and cash equivalents |
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17,353 |
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|
13,036 |
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Securities available for sale |
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27,722 |
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28,356 |
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Loans, net of allowance of $2,937 and $3,271 respectively |
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343,392 |
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339,402 |
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Premises and equipment, net |
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15,362 |
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13,957 |
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Accrued interest receivable |
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1,299 |
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1,260 |
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Restricted equity securities |
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3,257 |
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2,782 |
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Bank owned life insurance |
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9,311 |
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9,239 |
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Deferred tax asset, net |
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2,471 |
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2,440 |
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Other assets |
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|
563 |
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1,169 |
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Total assets |
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$ |
420,730 |
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$ |
411,641 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Deposits |
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Non-interest bearing |
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$ |
13,423 |
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$ |
12,297 |
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Interest bearing |
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255,015 |
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256,704 |
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Total deposits |
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268,438 |
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269,001 |
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Federal Home Loan Bank advances |
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45,000 |
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35,000 |
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Accrued interest payable |
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381 |
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239 |
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Other liabilities |
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5,578 |
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5,666 |
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Total liabilities |
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319,397 |
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309,906 |
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Shareholders' equity |
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Common stock, $0.01 par value; 50,000,000 shares authorized; 7,265,689 and 7,301,282 and shares outstanding at March 31, 2024 and Decemeber 31, 2023 |
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71 |
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71 |
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Additional paid-in capital |
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47,972 |
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48,081 |
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Retained earnings |
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59,182 |
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59,344 |
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Accumulated other comprehensive loss |
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(3,076 |
) |
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(2,913 |
) |
Unearned ESOP shares, at cost |
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(2,816 |
) |
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(2,848 |
) |
Total shareholders' equity |
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101,333 |
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|
101,735 |
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Total liabilities and shareholders' equity |
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$ |
420,730 |
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|
$ |
411,641 |
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See accompanying notes to consolidated financial statements.
CULLMAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF NET INCOME (unaudited)
Three months ended March 31, 2024 and 2023
(All amounts in thousands, except share and per share data)
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For the Three Months Ended March 31, |
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2024 |
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2023 |
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Interest and dividend income: |
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Loans, including fees |
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$ |
4,633 |
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$ |
4,133 |
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Non taxable securities |
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6 |
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8 |
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Taxable securities |
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220 |
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241 |
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FHLB dividends |
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36 |
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18 |
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Federal funds sold and other |
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185 |
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252 |
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Total interest income |
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5,080 |
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4,652 |
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Interest expense: |
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Deposits |
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1,102 |
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476 |
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Federal Home Loan Bank advances and other borrowings |
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|
457 |
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283 |
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Total interest expense |
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1,559 |
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|
759 |
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Net interest income |
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3,521 |
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3,893 |
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Provision for (reversal of) credit losses on loans |
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(34 |
) |
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6 |
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Provision for (reversal of) unfunded commitments |
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(6 |
) |
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68 |
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Net interest income after provision for credit losses |
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3,561 |
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3,819 |
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Noninterest income: |
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Service charges on deposit accounts |
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273 |
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257 |
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Income on bank owned life insurance |
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72 |
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67 |
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Gain on sales of mortgage loans |
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6 |
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6 |
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Other |
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38 |
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42 |
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Total noninterest income |
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389 |
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372 |
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Noninterest expense: |
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Salaries and employee benefits |
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2,067 |
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1,923 |
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Occupancy and equipment |
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239 |
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256 |
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Data processing |
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289 |
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227 |
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Professional and supervisory fees |
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221 |
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215 |
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Office expense |
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52 |
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44 |
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Advertising |
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30 |
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24 |
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FDIC deposit insurance |
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38 |
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26 |
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Other |
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117 |
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119 |
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Total noninterest expense |
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3,053 |
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2,834 |
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Income before income taxes |
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|
897 |
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1,357 |
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Income tax expense |
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183 |
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|
342 |
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Net income |
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$ |
714 |
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$ |
1,015 |
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Earnings per share: |
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Basic |
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$ |
0.11 |
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$ |
0.15 |
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Dilutive |
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$ |
0.11 |
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$ |
0.15 |
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|
CULLMAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three months ended March 31, 2024 and 2023
(All amounts in thousands, except share and per share data)
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Three Months Ended March 31, |
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2024 |
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2023 |
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Net Income |
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$ |
714 |
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$ |
1,015 |
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Other comprehensive income (loss), net of tax |
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Unrealized gain/(loss) on securities available for sale |
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(217 |
) |
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|
436 |
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Income tax benefit |
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54 |
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76 |
|
Other comprehensive income (loss) |
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(163 |
) |
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|
512 |
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Comprehensive income |
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$ |
551 |
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$ |
1,527 |
|
CULLMAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
Three months ended March 31, 2024 and 2023
(All amounts in thousands, except share and per share data)
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Shares |
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Common Stock |
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Additional Paid-In Capital |
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Retained Earnings |
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Accumulated Other Comprehensive Income (Loss) |
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Unearned ESOP Shares |
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Total |
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Balance at January 1, 2024 |
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7,301,282 |
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|
$ |
71 |
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$ |
48,081 |
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|
$ |
59,344 |
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|
$ |
(2,913 |
) |
|
$ |
(2,848 |
) |
|
$ |
101,735 |
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Net income |
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— |
|
|
|
— |
|
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|
— |
|
|
|
714 |
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|
|
— |
|
|
|
— |
|
|
|
714 |
|
Other comprehensive income |
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— |
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|
— |
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— |
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— |
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(163 |
) |
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— |
|
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(163 |
) |
Share repurchase |
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(35,593 |
) |
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— |
|
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(373 |
) |
|
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— |
|
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|
— |
|
|
|
— |
|
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|
(373 |
) |
ESOP shares earned |
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— |
|
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|
— |
|
|
|
— |
|
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|
— |
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|
— |
|
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|
32 |
|
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|
32 |
|
Dividend paid |
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— |
|
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|
— |
|
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|
— |
|
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|
(876 |
) |
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— |
|
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|
— |
|
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|
(876 |
) |
Stock-based compensation expense |
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— |
|
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|
— |
|
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|
264 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
264 |
|
Balance at March 31, 2024 |
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|
7,265,689 |
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|
$ |
71 |
|
|
$ |
47,972 |
|
|
$ |
59,182 |
|
|
$ |
(3,076 |
) |
|
$ |
(2,816 |
) |
|
$ |
101,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Balance at January 1, 2023 |
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|
7,394,615 |
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|
$ |
74 |
|
|
$ |
50,161 |
|
|
$ |
56,561 |
|
|
$ |
(3,558 |
) |
|
$ |
(3,056 |
) |
|
$ |
100,182 |
|
Cumulative change in accounting principle (Note 1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(284 |
) |
|
|
— |
|
|
|
— |
|
|
|
(284 |
) |
Balance at January 1, 2023 (as adjusted for change in accounting principal) |
|
|
7,394,615 |
|
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|
74 |
|
|
|
50,161 |
|
|
|
56,277 |
|
|
|
(3,558 |
) |
|
|
(3,056 |
) |
|
|
99,898 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,015 |
|
|
|
— |
|
|
|
— |
|
|
|
1,015 |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
512 |
|
|
|
— |
|
|
|
512 |
|
Share repurchase |
|
|
(11,843 |
) |
|
|
— |
|
|
|
(135 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(135 |
) |
ESOP shares earned |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
37 |
|
|
|
37 |
|
Dividend paid |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(886 |
) |
|
|
— |
|
|
|
— |
|
|
|
(886 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
139 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
139 |
|
Balance at March 31, 2023 |
|
|
7,382,772 |
|
|
$ |
74 |
|
|
$ |
50,165 |
|
|
$ |
56,406 |
|
|
$ |
(3,046 |
) |
|
$ |
(3,019 |
) |
|
$ |
100,580 |
|
|
|
|
|
|
|
|
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|