Tue, May 14, 1:26 PM (221 days ago)
The 10-Q filing for Cullman Bancorp, Inc. for the quarter ending March 31, 2024, indicates a slight growth in total assets, primarily driven by increases in loans held for investment and cash equivalents. This period saw a rise in net loans from $339.4 million to $343.4 million and an increase in total cash and equivalents from $13.0 million to $17.3 million. Despite these increases, the company experienced a marginal decrease in securities available for sale. The company reported a net income of $714,000 for the quarter, a decrease from $1,015,000 in the same quarter the previous year. This decline was influenced by a higher interest expense, which jumped significantly due to increased rates and balances on deposits and borrowings. Net interest income saw a decrease from $3.9 million to $3.5 million year-over-year, primarily due to increased interest expenses which outpaced the growth in interest income. Cullman Bancorp's total liabilities increased, largely due to a $10 million rise in Federal Home Loan Bank advances, aimed at supporting liquidity and loan demand. Deposits slightly decreased by $563,000, with a notable shift from interest-bearing deposits to time deposits, reflecting a strategic response to the current interest rate environment. The bank maintained a robust capital position, categorizing itself as well-capitalized under regulatory standards. The report also notes a continuation of the company's stock repurchase program, with 35,593 shares repurchased during the quarter. Overall, Cullman Bancorp is navigating a challenging interest rate environment with a strong focus on maintaining liquidity and capital adequacy.