- Savi Financial press release ( OTCPK:SVVB ): Q4 GAAP EPS of $0.25.
- Revenue of $6.37M (+10.2% Y/Y).
- Total revenue, consisting of net interest income and non-interest income, increased 12% to $25.2 million for the year, compared to $22.4 million for 2021. Total revenue increased 11% to $6.37 million in the fourth quarter of 2022, compared to $5.72 million in the fourth quarter a year ago and decreased 5% compared to $6.73 million in the preceding quarter.
- Non-interest expense totaled $20.2 million for the year, compared to $17.1 million for 2021. Non-interest expense was $4.68 million in the fourth quarter of 2022, compared to $4.91 million in the fourth quarter a year ago, and $5.39 million in the preceding quarter. Noninterest expense for the fourth quarter of 2021 included a $164,000 prepayment penalty for a paydown on FHLB borrowings.
- Average fourth quarter 2022 total loans increased 24% to $420.9 million, compared to $340.3 million in the fourth quarter a year ago, and increased 4% from $403.1 million in the fourth quarter of 2021. Total loans at December 31, 2022, increased 23% to $434.4 million from $352.2 million a year ago and increased 6% compared to $408.4 million at September 30, 2022.
- SBA and USDA loan production for the twelve months ended December 31, 2022, totaled 24 loans for $33.8 million, compared to production of 27 loans for $32.8 million in the year-ago period.
- Average fourth quarter 2022 total deposits grew 4% to $444.6 million from $425.7 million in the fourth quarter a year ago, and decreased 3% from $456.6 million in the third quarter of 2021. Total deposits decreased modestly to $430.7 million, at December 31, 2022, from $432.4 million a year ago, and decreased 6% from $458.6 million at September 30, 2022.
- The provision for loan losses was $414,000 for 2022, compared to $819,000 for 2021. The provision for loan losses for the fourth quarter of 2022 was $335,000, compared to $491,000 in the fourth quarter of 2021. The Company transitioned to CECL during the third quarter of 2022 and reserved $2.3 million through retained earnings, and as a result, recorded no provision for loan losses during the third quarter of 2022.
- Allowance for loan losses, as a percentage of total loans, was 1.34% at December 31, 2022, compared to 1.20% at December 31, 2021, and 1.34% at September 30, 2022.
- Nonperforming loans, as a percentage of total loans, was 0.11% at December 31, 2022, compared to 0.40% at December 31, 2021, and 0.32% at September 30, 2022.
- Nonperforming assets, as a percentage of total assets, was 0.21% at December 31, 2022, compared to 0.49% a year ago and 0.38% three months earlier.
- Net recoveries were $39,000 in the fourth quarter of 2022, compared to net charge-offs of $242,000 in the fourth quarter of 2021, and net charge-offs of $190,000 in the prior quarter.
- SaviBank capital levels remained above the threshold for well-capitalized institutions with a tier-1 leverage ratio of 8.72% at December 31, 2022.
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Savi Financial GAAP EPS of $0.25, revenue of $6.37M