| | deposits, excluding public unit funds which are collateralized, were estimated at 14.1% of total deposits as of September 30, 2023. |
Dividend Declared:
The Board of Directors, on October 17, 2023, declared a quarterly cash dividend on common stock of $0.21, payable November 30, 2023, to stockholders of record at the close of business on November 15, 2023, marking the 118th consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.
Conference Call:
The Company will host a conference call to review the information provided in this press release on Tuesday, October 24, 2023, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States, or 1-929-526-1599 from all other locations. Participants should use participant access code 243175. Telephone playback will be available beginning one hour following the conclusion of the call through October 29, 2023. The playback may be accessed in the United States by dialing 1-866-813-9403, or 1-929-458-6194 from all other locations, and using the conference passcode 239709.
Balance Sheet Summary:
The Company experienced balance sheet growth in the first three months of fiscal 2024, with total assets of $4.5 billion at September 30, 2023, reflecting an increase of $109.8 million, or 2.5%, as compared to June 30, 2023. Growth primarily reflected an increase in net loans receivable and cash and cash equivalents.
Cash equivalents and time deposits were a combined $89.2 million at September 30, 2023, an increase of $34.0 million, or 61.5%, as compared to June 30, 2023. AFS securities were $405.2 million at September 30, 2023, down $12.4 million, or 3.0%, as compared to June 30, 2023, attributable to normal principal repayments.
Loans, net of the allowance for credit losses (“ACL”), were $3.7 billion at September 30, 2023, increasing by $79.5 million, or 2.2%, as compared to June 30, 2023. The Company noted growth in drawn construction loan balances and commercial loans. Residential real estate loans were little changed as growth in loans secured by single family residences were offset by paydowns in loans secured by multifamily property. Commercial loan balances increased as the Company experienced seasonal draws on agriculture lines and modest growth in commercial and industrial loans.
The Bank’s concentration in non-owner occupied commercial real estate is estimated at 324.1%of Tier 1 capital and ACL on September 30, 2023, as compared to 330.2% as of June 30, 2023, the linked quarter end, with these loans representing 40.8% of total loans at September 30, 2023. Multi-family residential real estate, hospitality (hotels/restaurants), retail stand-alone, and strip centers are the most common collateral types within the non-owner occupied commercial real estate portfolio. The multi-family residential real estate portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or having exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses, and the strip centers can be defined as non-mall shopping centers with a variety of tenants. Non-owner occupied office property types included 55 loans totaling $29.7 million, or 0.8% of total loans at September 30, 2023, none of which are adversely classified, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor this concentration and the individual segments closely.
Loans anticipated to fund in the next 90 days totaled $158.2 million at September 30, 2023, as compared to $134.8 million at June 30, 2023, and $229.6 million at September 30, 2022.