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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)

 

Maryland

 

61-1990996

(State or Other Jurisdiction of Incorporation)

 

(I.R.S. Employer Identification No.)

 

 

316 Second Avenue, SW, Cullman, Alabama

 

35055

(Address of Principal Executive Offices)

 

(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:

 

 

 

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.

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

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

2

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

31

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

37

ITEM 4.

CONTROLS AND PROCEDURES

37

 

 

 

PART II

 

ITEM 1.

LEGAL PROCEEDINGS

39

ITEM 1A.

RISK FACTORS

39

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

39

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

39

ITEM 4.

MINE SAFETY DISCLOSURES

39

ITEM 5.

OTHER INFORMATION

39

ITEM 6.

EXHIBITS

40

 

 

 

SIGNATURES

41

 

 

 

 

 

1


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)

 

 

 

March 31, 2024 (Unaudited)

 

 

December 31,
2023

 

ASSETS

 

 

 

 

 

 

Interest bearing cash and cash equivalents

 

$

173

 

 

$

229

 

Non-interest bearing cash and cash equivalents

 

 

3,655

 

 

 

4,157

 

Federal funds sold

 

 

13,525

 

 

 

8,650

 

Total cash and cash equivalents

 

 

17,353

 

 

 

13,036

 

Securities available for sale

 

 

27,722

 

 

 

28,356

 

Loans, net of allowance of $2,937 and $3,271 respectively

 

 

343,392

 

 

 

339,402

 

Premises and equipment, net

 

 

15,362

 

 

 

13,957

 

Accrued interest receivable

 

 

1,299

 

 

 

1,260

 

Restricted equity securities

 

 

3,257

 

 

 

2,782

 

Bank owned life insurance

 

 

9,311

 

 

 

9,239

 

Deferred tax asset, net

 

 

2,471

 

 

 

2,440

 

Other assets

 

 

563

 

 

 

1,169

 

Total assets

 

$

420,730

 

 

$

411,641

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Non-interest bearing

 

$

13,423

 

 

$

12,297

 

Interest bearing

 

 

255,015

 

 

 

256,704

 

Total deposits

 

 

268,438

 

 

 

269,001

 

 

 

 

 

 

 

 

Federal Home Loan Bank advances

 

 

45,000

 

 

 

35,000

 

Accrued interest payable

 

 

381

 

 

 

239

 

Other liabilities

 

 

5,578

 

 

 

5,666

 

Total liabilities

 

 

319,397

 

 

 

309,906

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

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

 

 

71

 

 

 

71

 

Additional paid-in capital

 

 

47,972

 

 

 

48,081

 

Retained earnings

 

 

59,182

 

 

 

59,344

 

Accumulated other comprehensive loss

 

 

(3,076

)

 

 

(2,913

)

Unearned ESOP shares, at cost

 

 

(2,816

)

 

 

(2,848

)

Total shareholders' equity

 

 

101,333

 

 

 

101,735

 

Total liabilities and shareholders' equity

 

$

420,730

 

 

$

411,641

 

 

See accompanying notes to consolidated financial statements.

2


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)

 

 

 

For the Three Months
Ended March 31,

 

 

 

 

2024

 

 

2023

 

 

Interest and dividend income:

 

 

 

 

 

 

 

Loans, including fees

 

$

4,633

 

 

$

4,133

 

 

Non taxable securities

 

 

6

 

 

 

8

 

 

Taxable securities

 

 

220

 

 

 

241

 

 

FHLB dividends

 

 

36

 

 

 

18

 

 

Federal funds sold and other

 

 

185

 

 

 

252

 

 

Total interest income

 

 

5,080

 

 

 

4,652

 

 

Interest expense:

 

 

 

 

 

 

 

Deposits

 

 

1,102

 

 

 

476

 

 

Federal Home Loan Bank advances and other borrowings

 

 

457

 

 

 

283

 

 

Total interest expense

 

 

1,559

 

 

 

759

 

 

Net interest income

 

 

3,521

 

 

 

3,893

 

 

Provision for (reversal of) credit losses on loans

 

 

(34

)

 

 

6

 

 

Provision for (reversal of) unfunded commitments

 

 

(6

)

 

 

68

 

 

Net interest income after provision for credit losses

 

 

3,561

 

 

 

3,819

 

 

Noninterest income:

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

273

 

 

 

257

 

 

Income on bank owned life insurance

 

 

72

 

 

 

67

 

 

Gain on sales of mortgage loans

 

 

6

 

 

 

6

 

 

Other

 

 

38

 

 

 

42

 

 

Total noninterest income

 

 

389

 

 

 

372

 

 

Noninterest expense:

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,067

 

 

 

1,923

 

 

Occupancy and equipment

 

 

239

 

 

 

256

 

 

Data processing

 

 

289

 

 

 

227

 

 

Professional and supervisory fees

 

 

221

 

 

 

215

 

 

Office expense

 

 

52

 

 

 

44

 

 

Advertising

 

 

30

 

 

 

24

 

 

FDIC deposit insurance

 

 

38

 

 

 

26

 

 

Other

 

 

117

 

 

 

119

 

 

Total noninterest expense

 

 

3,053

 

 

 

2,834

 

 

Income before income taxes

 

 

897

 

 

 

1,357

 

 

Income tax expense

 

 

183

 

 

 

342

 

 

Net income

 

$

714

 

 

$

1,015

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic

 

$

0.11

 

 

$

0.15

 

 

Dilutive

 

$

0.11

 

 

$

0.15

 

 

 

3


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)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Net Income

 

$

714

 

 

$

1,015

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

Unrealized gain/(loss) on securities available for sale

 

 

(217

)

 

 

436

 

Income tax benefit

 

 

54

 

 

 

76

 

Other comprehensive income (loss)

 

 

(163

)

 

 

512

 

 

 

 

 

 

 

Comprehensive income

 

$

551

 

 

$

1,527

 

 

 

4


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)

 

 

 

Shares

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Unearned
ESOP
Shares

 

 

Total

 

Balance at January 1, 2024

 

 

7,301,282

 

 

$

71

 

 

$

48,081

 

 

$

59,344

 

 

$

(2,913

)

 

$

(2,848

)

 

$

101,735

 

Net income

 

 

 

 

 

 

 

 

 

 

 

714

 

 

 

 

 

 

 

 

 

714

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

(163

)

Share repurchase

 

 

(35,593

)

 

 

 

 

 

(373

)

 

 

 

 

 

 

 

 

 

 

 

(373

)

ESOP shares earned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32

 

 

 

32

 

Dividend paid

 

 

 

 

 

 

 

 

 

 

 

(876

)

 

 

 

 

 

 

 

 

(876

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

264

 

 

 

 

 

 

 

 

 

 

 

 

264

 

Balance at March 31, 2024

 

 

7,265,689

 

 

$

71

 

 

$

47,972

 

 

$

59,182

 

 

$

(3,076

)

 

$

(2,816

)

 

$

101,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2023

 

 

7,394,615

 

 

$

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

 

 

 

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