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Table of Contents

 

 

 

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 June 30, 2022

 

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: 7,405,893 shares of Common Stock, par value $0.01 per share, were issued and outstanding as of August 11, 2022.

 

 

 

 


Table of Contents

 

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

38

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

48

ITEM 4.

CONTROLS AND PROCEDURES

48

 

 

 

PART II

 

ITEM 1.

LEGAL PROCEEDINGS

50

ITEM 1A.

RISK FACTORS

50

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

50

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

50

ITEM 4.

MINE SAFETY DISCLOSURES

50

ITEM 5.

OTHER INFORMATION

50

ITEM 6.

EXHIBITS

51

 

 

 

SIGNATURES

52

 

 

 

 

 

 

1


Table of Contents

 

PART I

ITEM 1. FINANCIAL STATEMENTS

 

CULLMAN BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

June 30, 2022 and December 31, 2021

(All amounts in thousands, except share and per share data)

 

 

 

 

June 30, 2022 (Unaudited)

 

 

December 31,
2021

 

ASSETS

 

 

 

 

 

 

Interest Bearing Cash and cash equivalents

 

$

508

 

 

$

746

 

Non-interest Bearing Cash and cash equivalents

 

 

3,201

 

 

 

1,467

 

Federal funds sold

 

 

21,075

 

 

 

59,725

 

Total cash and cash equivalents

 

 

24,784

 

 

 

61,938

 

Securities available for sale

 

 

27,598

 

 

 

21,313

 

Equity securities

 

 

1,005

 

 

 

 

Loans, net of allowance of $2,562 and $2,406 respectively

 

 

307,765

 

 

 

252,160

 

Premises and equipment, net

 

 

9,823

 

 

 

9,484

 

Foreclosed real estate

 

 

89

 

 

 

400

 

Accrued interest receivable

 

 

1,013

 

 

 

775

 

Restricted equity securities

 

 

176

 

 

 

859

 

Bank owned life insurance

 

 

8,830

 

 

 

5,737

 

Deferred Tax asset, net

 

 

2,155

 

 

 

1,323

 

Other assets

 

 

762

 

 

 

720

 

 

 

 

 

 

 

 

Total assets

 

$

384,000

 

 

$

354,709

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Non-interest bearing

 

$

15,944

 

 

$

13,349

 

Interest bearing

 

 

264,285

 

 

 

218,672

 

 

 

 

 

 

 

 

Total deposits

 

 

280,229

 

 

 

232,021

 

 

 

 

 

 

 

 

Federal Home Loan Bank advances

 

 

 

 

 

18,500

 

Accrued interest payable

 

 

23

 

 

 

60

 

Other liabilities

 

 

5,052

 

 

 

4,394

 

Total liabilities

 

 

285,304

 

 

 

254,975

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

Common stock, $0.01 par value; 50,000,000 shares authorized; 7,405,893 shares outstanding at June 30, 2022 and December 31, 2021

 

 

74

 

 

 

74

 

Additional paid-in capital

 

 

49,952

 

 

 

49,674

 

Retained earnings

 

 

54,700

 

 

 

53,267

 

Accumulated other comprehensive income (loss)

 

 

(2,546

)

 

 

277

 

Unearned ESOP shares, at cost

 

 

(3,484

)

 

 

(3,558

)

 

 

 

 

 

 

 

Total shareholders' equity

 

 

98,696

 

 

 

99,734

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

384,000

 

 

$

354,709

 

 

See accompanying notes to consolidated financial statements.

 

2


Table of Contents

 

CULLMAN BANCORP, INC.

CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited)

Three and six months ended June 30, 2022 and 2021

(All amounts in thousands, except share and per share data)

 

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

3,811

 

 

$

3,240

 

 

$

7,218

 

 

$

6,426

 

Non taxable securities

 

 

194

 

 

 

98

 

 

 

318

 

 

 

189

 

Securities

 

 

8

 

 

 

12

 

 

 

16

 

 

 

28

 

FHLB dividends

 

 

3

 

 

 

22

 

 

 

15

 

 

 

46

 

Federal funds sold and other

 

 

74

 

 

 

12

 

 

 

92

 

 

 

23

 

Total interest income

 

 

4,090

 

 

 

3,384

 

 

 

7,659

 

 

 

6,712

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

216

 

 

 

284

 

 

 

434

 

 

 

588

 

Federal Home Loan Bank advances and other borrowings

 

 

 

 

 

170

 

 

 

21

 

 

 

394

 

Total interest expense

 

 

216

 

 

 

454

 

 

 

455

 

 

 

982

 

Net interest income

 

 

3,874

 

 

 

2,930

 

 

 

7,204

 

 

 

5,730

 

Provision for loan losses

 

 

115

 

 

 

25

 

 

 

155

 

 

 

25

 

Net interest income after provision for loan losses

 

 

3,759

 

 

 

2,905

 

 

 

7,049

 

 

 

5,705

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

256

 

 

 

200

 

 

 

481

 

 

 

389

 

Income on bank owned life insurance

 

 

56

 

 

 

38

 

 

 

93

 

 

 

75

 

Gain on sales of mortgage loans

 

 

39

 

 

 

56

 

 

 

62

 

 

 

122

 

Net gain on sale of foreclosed real estate

 

 

44

 

 

 

7

 

 

 

46

 

 

 

8

 

Gain on prepayment of Federal Home Loan Bank advances

 

 

 

 

 

 

 

 

91

 

 

 

104

 

Other

 

 

39

 

 

 

45

 

 

 

81

 

 

 

114

 

Total noninterest income

 

 

434

 

 

 

346

 

 

 

854

 

 

 

812

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,759

 

 

 

1,471

 

 

 

3,370

 

 

 

3,064

 

Occupancy and equipment

 

 

215

 

 

 

212

 

 

 

426

 

 

 

415

 

Data processing

 

 

208

 

 

 

171

 

 

 

411

 

 

 

347

 

Professional and supervisory fees

 

 

169

 

 

 

104

 

 

 

352

 

 

 

214

 

Office expense

 

 

47

 

 

 

54

 

 

 

98

 

 

 

112

 

Advertising

 

 

44

 

 

 

45

 

 

 

64

 

 

 

62

 

FDIC deposit insurance

 

 

15

 

 

 

21

 

 

 

34

 

 

 

42

 

Loss on prepayment of Federal Home Loan Bank advances

 

 

 

 

 

 

 

 

4

 

 

 

20

 

Other

 

 

109

 

 

 

105

 

 

 

207

 

 

 

173

 

Total noninterest expense

 

 

2,566

 

 

 

2,183

 

 

 

4,966

 

 

 

4,449

 

Income before income taxes

 

 

1,627

 

 

 

1,068

 

 

 

2,937

 

 

 

2,068

 

Income tax expense

 

 

315

 

 

 

221

 

 

 

615

 

 

 

436

 

Net income

 

$

1,312

 

 

$

847

 

 

$

2,322

 

 

$

1,632

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic (1)

 

$

0.19

 

 

$

0.13

 

 

$

0.33

 

 

$

0.25

 

Dilutive (1)

 

$

0.19

 

 

$

0.12

 

 

$

0.33

 

 

$

0.24

 

(1) Amounts related to the periods prior to the July 15, 2021 closing of the conversion offering have been restated to give retroactive recognition to the 2.8409 exchange ratio applied in the conversion offering. (see Note 1).

 

3


Table of Contents

 

CULLMAN BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

Three and six months ended June 30, 2022 and 2021

(All amounts in thousands, except share and per share data)

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Income

 

$

1,312

 

 

$

847

 

 

$

2,322

 

 

$

1,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on securities available for sale

 

 

(1,752

)

 

 

207

 

 

 

(3,574

)

 

 

(170

)

Less income tax effect

 

 

368

 

 

 

(43

)

 

 

751

 

 

 

36

 

Other comprehensive income (loss)

 

 

(1,384

)

 

 

164

 

 

 

(2,823

)

 

 

(134

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

(72

)

 

$

1,011

 

 

$

(501

)

 

$

1,498

 

 

 

 

4


Table of Contents

 

CULLMAN BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

Three and six months ended June 30, 2022 and 2021

(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 April 1, 2022

 

 

7,405,893

 

 

$

74

 

 

$

49,813

 

 

$

53,388

 

 

$

(1,162

)

 

$

(3,521

)

 

$

98,592

 

Net income

 

 

 

 

 

 

 

 

 

 

 

1,312

 

 

 

 

 

 

 

 

 

1,312

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,384

)

 

 

 

 

 

(1,384

)

ESOP shares earned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37

 

 

 

37

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

139

 

 

 

 

 

 

 

 

 

 

 

 

139

 

Balance at June 30, 2022

 

 

7,405,893

 

 

$

74

 

 

$

49,952

 

 

$

54,700

 

 

$

(2,546

)

 

$

(3,484

)

 

$

98,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2022

 

 

7,405,893

 

 

$

74

 

 

$

49,674

 

 

$

53,267

 

 

$

277

 

 

$

(3,558

)

 

$

99,734

 

Net income

 

 

 

 

 

 

 

 

 

 

 

2,322

 

 

 

 

 

 

 

 

 

2,322

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,823

)

 

 

 

 

 

(2,823

)

ESOP shares earned