HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding
company of HomeTrust Bank ("Bank"), today announced preliminary net
income for the first quarter of fiscal 2021, an increase in its
quarterly cash dividend, and its updated response to the COVID-19
pandemic.
For the quarter ended September 30, 2020
compared to the corresponding quarter in the previous year:
- net income was $5.8 million, compared to $8.8 million;
- diluted earnings per share ("EPS") was $0.35, compared to
$0.49;
- return on assets ("ROA") was 0.62%, compared to 0.99%;
- return on equity ("ROE") was 5.74%, compared to 8.57%;
- provision for credit losses was $950,000, compared to no
provision;
- noninterest income increased $979,000, or 12.8% to $8.6 million
from $7.7 million;
- organic net loan growth, which excludes one-to-four family
loans transferred to held for sale, U.S. Small Business
Administration’s (“SBA”) Paycheck Protection Program (“PPP”) loans,
and purchases of home equity lines of credit, was $10.4 million, or
1.6% annualized compared to $73.0 million, or 11.3% annualized;
and
- quarterly cash dividends continued at $0.07 per share totaling
$1.1 million.
Earnings during the first quarter of fiscal 2021
continues to be negatively impacted by an economy weakened by
COVID-19 as well as a lower interest rate margin due to the
decrease in interest rates over the past year.
The Company also announced today that its Board
of Directors declared a quarterly cash dividend of $0.08 per common
share, reflecting a $0.01, or 14% increase over the previous
quarter's dividend. This is the second increase of the quarterly
dividend since the Company initiated cash dividends in November
2018. The dividend is payable on December 3, 2020 to shareholders
of record as of the close of business on November 19, 2020.
COVID-19 Update
Loan Programs. The Company continues to offer a
variety of relief options designed to support its customers and
communities, including participating in the SBA PPP. As of
September 30, 2020, the Company had originated $80.8 million of PPP
loans for 290 customers. Net origination fees on these loans were
approximately $2.1 million which were deferred and are being
accreted into interest income over the life of the loans. Due to
demand exceeding its capacity, the Company partnered with a third
party to process and fund additional PPP loans, which to date total
$32.1 million for almost 1,000 customers. The Company also
continues to work with its clients to assist them with accessing
other borrowing options, including the Main Street Lending Program
and other government sponsored lending programs, as
appropriate.
Loan Modifications. The Company is closely
monitoring the effects of COVID-19 on its loan portfolio and will
continue to monitor all the associated risks to minimize any
potential losses. The Bank is offering payment and financial
relief programs for borrowers impacted by COVID-19. These programs
include loan payment deferrals for up to 90 days, waived late fees,
and suspension of foreclosure proceedings and repossessions. Since
March, the Company has received numerous requests from borrowers
for some type of payment relief, however, the majority of these
payment deferrals have ended and borrowers are again making regular
loan payments. The breakout of loans deferred by loan type as of
the dates indicated is as follows:
Payment Deferrals by Loan Type |
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
August 31, 2020 |
|
June 30, 2020 |
|
|
Deferral |
|
Percent of Total Loan Portfolio |
|
Deferral |
|
Percent of Total Loan Portfolio |
|
Deferral |
|
Percent of Total Loan Portfolio |
Lodging |
|
$ |
60,782 |
|
|
2.2 |
% |
|
$ |
64,686 |
|
|
2.4 |
% |
|
$ |
108,171 |
|
|
4.0 |
% |
Other
commercial real estate, construction and development, and
commercial and industrial |
|
27,169 |
|
|
1.0 |
|
|
43,056 |
|
|
1.6 |
|
|
367,443 |
|
|
13.7 |
|
Equipment
finance |
|
2,187 |
|
|
0.1 |
|
|
4,547 |
|
|
0.2 |
|
|
33,693 |
|
|
1.3 |
|
One-to-four
family |
|
684 |
|
|
— |
|
|
2,360 |
|
|
0.1 |
|
|
36,821 |
|
|
1.4 |
|
Other
consumer loans |
|
422 |
|
|
— |
|
|
589 |
|
|
— |
|
|
5,203 |
|
|
0.2 |
|
Total |
|
$ |
91,244 |
|
|
3.3 |
% |
|
$ |
115,238 |
|
|
4.3 |
% |
|
$ |
551,331 |
|
|
20.5 |
% |
The Company believes the steps it is taking
are necessary to effectively manage its portfolio and assist its
customers through the ongoing uncertainty surrounding the duration,
impact and government response to the COVID-19 pandemic. In
addition, the Company will continue to work with its customers to
determine the best option for repayment of accrued interest on the
deferred payments.
Branch Operations. Since the beginning of the
pandemic, the Company has taken various steps to ensure the safety
of its customers and its team members by limiting branch activities
to appointment only and use of its drive-up facilities, and by
encouraging the use of its digital and electronic banking channels,
all the while adjusting for evolving State and Federal guidelines.
On October 13, 2020, the Company reopened the lobbies of all its
branches across its four state footprint with appropriate
protective measures to help ensure the safety of its customers and
retail banking employees.
“We were diligent in working with our customers
to provide loan payment deferrals during the highest level of
uncertainty of the pandemic as they adjusted their business plans
to manage in the best way possible going forward,” said Dana
Stonestreet, Chairman, President, and Chief Executive Officer. “In
turn, our customers have been outstanding in moving back to their
regular payment schedules. The 83% decline in loan payment
deferrals since June 30 speaks well of our asset quality and the
strength of our customers and banking markets.
“In addition, we are pleased with the positive
accomplishments during this first quarter of our 2021 fiscal year.
We set a new quarterly record of $96.0 million of mortgage loans
originated for sale, which resulted in a gain on sale of $2.2
million. Coupled with a $1.1 million gain from the sales of SBA and
home equity loans, we achieved a 41% increase in the gain on sale
of loans over the prior quarter and a 45% increase over the same
quarter last year. Diversifying our lines of business in recent
years continues to pay dividends in operating results during this
challenging pandemic operating environment. The energy, enthusiasm,
and confidence of our team will continue to drive our success as we
focus on maturing all of our newer and diversified lines of
business to achieve financial results that create shareholder
value."
Income Statement Review
Net interest income decreased to $25.5 million
for the quarter ended September 30, 2020, compared to $27.1 million
for the comparative quarter in fiscal 2020. The $1.6 million, or
5.8% decrease was due to a $5.8 million decrease in interest and
dividend income primarily driven by lower rates on loans and
commercial paper as a result of lower federal funds and other
market interest rates, which was partially offset by a $4.2 million
decrease in interest expense. Average interest-earning assets
increased $147.6 million, or 4.5% to $3.4 billion for the quarter
ended September 30, 2020. The average balance of total loans
receivable increased by $125.8 million, or 4.6% compared to the
same quarter last year due to organic loan growth and PPP loan
originations. The average balance of commercial paper and deposits
in other banks increased $61.0 million, or 16.8% driven by
increases in commercial paper investments as a result of the
Company's increased liquidity between the periods. The Company's
investments in commercial paper have short-term maturities and
limited exposure of $15.0 million or less per each highly-rated
company. The overall increase in interest-earning assets was
partially funded by a $158.2 million, or 48.5% increase in average
noninterest-bearing deposits partially offset by a $10.0 million,
or 0.4% decrease in total interest-bearing liabilities as compared
to the same quarter last year. Net interest margin (on a fully
taxable-equivalent basis) for the three months ended September 30,
2020 decreased to 3.00% from 3.32% for the same period a year
ago.
Total interest and dividend income decreased
$5.8 million, or 16.0% for the three months ended September 30,
2020 as compared to the same period last year, which was primarily
driven by a $3.7 million, or 11.4% decrease in loan interest
income, a $1.4 million, or 60.9% decrease in interest income from
commercial paper and deposits in other banks, a $384,000, or 46.2%
decrease in interest income on other interest-earning assets, and a
$368,000, or 41.1% decrease in interest income on securities
available for sale. The lower interest income in each category was
primarily driven by the decrease in yields caused by the
significant reduction in current market rates. Average loan yields
decreased 72 basis points to 4.02% for the quarter ended September
30, 2020 from 4.74% in the corresponding quarter last year. Average
yields on commercial paper and deposits in other banks decreased
165 basis points to 0.83% for the quarter ended September 30, 2020
from 2.48% in the corresponding quarter last year.
Total interest expense decreased $4.2 million,
or 46.2% for the quarter ended September 30, 2020 compared to the
same period last year. The decrease was driven by a $2.6 million,
or 44.4% decrease in interest expense on deposits and a $1.6
million, or 49.2% decrease in interest expense on borrowings.
Average interest-bearing deposits for the quarter ended September
30, 2020 increased $198.4 million, or 9.6%, but was more than
offset by the corresponding cost of funds decrease of 56 basis
points down to 0.57% compared to 1.13%. Average borrowings for the
quarter ended September 30, 2020 decreased $208.4 million, or 30.5%
along with a 52 basis point decrease in the average cost of
borrowings compared to the same period last year. The increase in
average deposits (interest and noninterest-bearing) was due to
successful deposit gathering campaigns and funds from PPP loans and
other government stimulus. The decrease in the average cost of
borrowing was driven by the lower federal funds rate during the
current quarter compared to the prior year. The overall average
cost of funds decreased 61 basis points to 0.72% for the current
quarter compared to 1.33% in the same quarter last year due
primarily to the impact of the lower amount of borrowings and
rates.
Noninterest income increased $979,000, or 12.8%
to $8.6 million for the three months ended September 30, 2020 from
$7.7 million for the same period in the previous year primarily due
to a $1.0 million, or 45.5% increase in gain on the sale of loans,
a $853,000, or 63.7% increase in other noninterest income,
partially offset by a $408,000, or 46.3% decrease in loan income
and fees and a $346,000, or 14.2% decrease in service charges and
fees on deposit accounts. The increase in gain on the sale of loans
was driven by an increase in sales of mortgage loans, home equity
loans, and SBA loans. There were $96.0 million of residential
mortgage loans originated for sale which were sold with gains of
$2.2 million compared to $55.2 million sold and gains of $1.3
million in the corresponding quarter in the prior year. During the
quarter ended September 30, 2020, $15.1 million of the guaranteed
portion of SBA commercial loans were sold with gains of $1.0
million compared to $12.7 million sold and gains of $1.0 million in
the corresponding quarter in the prior year. In addition, $20.0
million of home equity loans were sold during the quarter for a
gain of $100,000. The increase in other noninterest income
primarily related to operating lease income from the equipment
finance line of business. The decrease in loan income and fees is
primarily a result of lower fees from our adjustable rate
conversion program and prepayment fees on equipment finance loans.
The decrease in service charges on deposit accounts was a result of
fewer transactions as customers have decreased spending during the
pandemic.
Noninterest expense for the three months ended
September 30, 2020 increased $2.5 million, or 10.5% to $26.0
million compared to $23.5 million for the three months ended
September 30, 2019. The increase was primarily due to a $1.3
million, or 9.3% increase in salaries and employee benefits as a
result of new positions, mortgage loan origination incentives, and
annual salary increases; a $1.1 million, or 35.9% increase in other
expenses, mainly driven by depreciation from our equipment finance
line of business; a $511,000, or 100% increase in deposit insurance
premiums as a result of credits being issued by the Federal Deposit
Insurance Corporation in the prior year period, and a $283,000, or
14.0% increase in computer services. Partially offsetting these
increases was a cumulative decrease of $716,000, or 16.9% in net
occupancy expense; marketing and advertising expense; telephone,
postage, and supplies expense; and core deposit intangible
amortization for the three months ended September 30, 2020 compared
to the same period last year.
For the three months ended September 30, 2020,
the Company's income tax expense decreased $951,000, or 39.7% to
$1.4 million from $2.4 million as a result of lower taxable income.
The effective tax rate for the three months ended September 30,
2020 and 2019 was 20.1% and 21.4%, respectively.
Balance Sheet Review
Total assets and liabilities remained at $3.7
billion and $3.3 billion, at September 30, 2020 as compared to June
30, 2020, respectively. The cumulative decrease of $82.0 million,
or 14.8% in cash and cash equivalents, commercial paper, and
securities available for sale was mainly used to fund the $47.8
million, or 61.9% increase in loans held for sale and the $43.7
million, or 1.6% decrease in deposits. The increase in loans held
for sale primarily relates to home equity loans originated for sale
during the period.
On July 1, 2020, the Company adopted the current
expected credit loss ("CECL") accounting standard in accordance
with Accounting Standards Update ("ASU") 2016-13, "Financial
Instruments-Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments." The cumulative effect adjustment from
this change in accounting policy resulted in an increase in our
allowance for credit loss for loans of $14.8 million, additional
deferred tax assets of $3.9 million, additional reserve for
unfunded loan commitments of $2.3 million, and a reduction to
retained earnings of $13.2 million. In addition, an allowance for
credit loss for commercial paper was established for $250,000 with
a deferred tax asset of $58,000. The adoption of this ASU did not
have an effect on available for sale debt securities for the three
months ended September 30, 2020.
Stockholders' equity at September 30, 2020
decreased $7.9 million, or 1.9% to $400.4 million compared to
$408.3 million at June 30, 2020. Changes within stockholders'
equity included $5.8 million in net income and $506,000 in
stock-based compensation, offset by $13.4 million related to the
adoption of the new CECL accounting standard and $1.1 million
related to cash dividends declared. As of September 30, 2020, the
Bank and the Company were considered "well capitalized" in
accordance with their regulatory capital guidelines and exceeded
all regulatory capital requirements.
Asset Quality
The allowance for credit losses was $43.1
million, or 1.56% of total loans, at September 30, 2020 compared to
$28.1 million, or 1.01% of total loans, at June 30, 2020. The
allowance for credit losses to total gross loans excluding PPP
loans was 1.61% at September 30, 2020, compared to 1.04% at June
30, 2020. The overall increase was driven by additional allowance
stemming from the Company's adoption of the new CECL accounting
standard.
There was a $950,000 provision for credit losses
for the quarter ended September 30, 2020, compared to no provision
for the corresponding period in fiscal year 2020. The increase in
the current quarter provision was primarily driven by changes in
the mix of loans. Net loan charge-offs totaled $699,000 for the
three months ended September 30, 2020, compared to $115,000 for the
same period last year. Net charge-offs as a percentage of average
loans were 0.10% and 0.02% for the quarter ended September 30, 2020
and 2019, respectively.
Nonperforming assets decreased by $1.7 million,
or 10.4% to $14.6 million, or 0.40% of total assets at September
30, 2020 compared to $16.3 million, or 0.44% of total assets at
June 30, 2020. Nonperforming assets included $14.4 million in
nonaccruing loans and $144,000 in REO at September 30, 2020,
compared to $15.9 million and $337,000 in nonaccruing loans and
REO, respectively, at June 30, 2020. Included in nonperforming
loans are $5.3 million of loans restructured from their original
terms of which $4.2 million were current at September 30, 2020,
with respect to their modified payment terms. Nonperforming loans
to total loans was 0.52% at September 30, 2020 and 0.58% at June
30, 2020.
The ratio of classified assets to total assets
decreased to 0.73% at September 30, 2020 from 0.84% at June 30,
2020 due to the decrease in classified loans during fiscal 2021.
Classified assets decreased to $26.9 million at September 30, 2020
compared to $31.1 million at June 30, 2020 primarily due to $2.1
million in payoffs and $1.8 million in charge-offs during the
quarter. The Company's overall asset quality metrics continue to
demonstrate its commitment to growing and maintaining a loan
portfolio with a moderate risk profile; however, the Company will
remain diligent in its review of the portfolio and overall economy
as it continues to maneuver through the uncertainty surrounding
COVID-19.
About HomeTrust Bancshares,
Inc.
HomeTrust Bancshares, Inc. is the holding
company for HomeTrust Bank. As of September 30, 2020, the Company
had assets of $3.7 billion. The Bank, founded in 1926, is a North
Carolina state chartered, community-focused financial institution
committed to providing value added relationship banking with over
40 locations as well as online/mobile channels. Locations include:
North Carolina (including the Asheville metropolitan area, the
"Piedmont" region, Charlotte, and Raleigh/Cary), Upstate South
Carolina (Greenville), East Tennessee (including Kingsport/Johnson
City/Bristol, Knoxville, and Morristown) and Southwest Virginia
(including the Roanoke Valley). The Bank is the 2nd largest
community bank headquartered in North Carolina.
Forward-Looking Statements
This press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements are not historical
facts but instead represent management's current expectations and
forecasts regarding future events, many of which are inherently
uncertain and outside of our control. Actual results may differ,
possibly materially, from those currently expected or projected in
these forward-looking statements. Factors that could cause our
actual results to differ materially from those described in the
forward-looking statements include: the effect of the COVID-19
pandemic, including on our credit quality and business operations,
as well as its impact on general economic and financial market
conditions and other uncertainties resulting from the COVID-19
pandemic, such as the extent and duration of the impact on public
health, the U.S. and global economies, and consumer and corporate
customers, including economic activity, employment levels and
market liquidity; increased competitive pressures; changes in the
interest rate environment; changes in general economic conditions
and conditions within the securities markets; legislative and
regulatory changes; and other factors described in HomeTrust's
latest annual Report on Form 10-K and Quarterly Reports on Form
10-Q and other documents filed with or furnished to the Securities
and Exchange Commission - which are available on our website at
www.htb.com and on the SEC's website at www.sec.gov. These
risks could cause our actual results for fiscal 2021 and beyond to
differ materially from those expressed in any forward-looking
statements by, or on behalf of, us and could negatively affect our
operating and stock performance. Any of the forward-looking
statements that we make in this press release or the documents we
file with or furnish to the SEC are based upon management's beliefs
and assumptions at the time they are made and may turn out to be
wrong because of inaccurate assumptions we might make, because of
the factors described above or because of other factors that we
cannot foresee. We do not undertake and specifically disclaim any
obligation to revise any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances
after the date of such statements.
WEBSITE:
WWW.HOMETRUSTBANCSHARES.COM
Contact: Dana L. Stonestreet –
Chairman, President and Chief Executive Officer Tony J. VunCannon –
Executive Vice President, Chief Financial Officer, Corporate
Secretary and Treasurer 828-259-3939
Consolidated Balance Sheets
(Unaudited)
(Dollars in
thousands) |
September 30, 2020 |
|
June 30, 2020(1) |
|
March 31, 2020 |
|
December 31, 2019 |
|
September 30, 2019 |
Assets |
|
|
|
|
|
|
|
|
|
Cash |
$ |
29,472 |
|
|
|
$ |
31,908 |
|
|
|
$ |
41,206 |
|
|
|
$ |
47,213 |
|
|
|
$ |
52,082 |
|
|
Interest-bearing deposits |
141,672 |
|
|
|
89,714 |
|
|
|
40,855 |
|
|
|
41,705 |
|
|
|
65,011 |
|
|
Cash and cash equivalents |
171,144 |
|
|
|
121,622 |
|
|
|
82,061 |
|
|
|
88,918 |
|
|
|
117,093 |
|
|
Commercial
paper |
204,867 |
|
|
|
304,967 |
|
|
|
281,955 |
|
|
|
253,794 |
|
|
|
254,302 |
|
|
Certificates
of deposit in other banks |
52,361 |
|
|
|
55,689 |
|
|
|
57,544 |
|
|
|
47,628 |
|
|
|
50,117 |
|
|
Securities
available for sale, at fair value |
96,159 |
|
|
|
127,537 |
|
|
|
158,621 |
|
|
|
146,022 |
|
|
|
165,714 |
|
|
Other
investments, at cost |
38,949 |
|
|
|
38,946 |
|
|
|
41,201 |
|
|
|
36,898 |
|
|
|
45,900 |
|
|
Loans held
for sale |
124,985 |
|
|
|
77,177 |
|
|
|
38,682 |
|
|
|
118,055 |
|
|
|
289,319 |
|
|
Total loans,
net of deferred loan costs |
2,769,396 |
|
|
|
2,769,119 |
|
|
|
2,663,524 |
|
|
|
2,554,541 |
|
|
|
2,508,730 |
|
|
Allowance
for credit losses |
(43,132 |
) |
|
|
(28,072 |
) |
|
|
(26,850 |
) |
|
|
(22,031 |
) |
|
|
(21,314 |
) |
|
Net loans |
2,726,264 |
|
|
|
2,741,047 |
|
|
|
2,636,674 |
|
|
|
2,532,510 |
|
|
|
2,487,416 |
|
|
Premises and
equipment, net |
59,418 |
|
|
|
58,462 |
|
|
|
58,738 |
|
|
|
58,020 |
|
|
|
58,509 |
|
|
Accrued
interest receivable |
10,648 |
|
|
|
12,312 |
|
|
|
9,501 |
|
|
|
9,714 |
|
|
|
10,434 |
|
|
Real estate
owned ("REO") |
144 |
|
|
|
337 |
|
|
|
1,075 |
|
|
|
1,451 |
|
|
|
2,582 |
|
|
Deferred
income taxes |
19,209 |
|
|
|
16,334 |
|
|
|
21,750 |
|
|
|
22,066 |
|
|
|
24,257 |
|
|
Bank owned
life insurance ("BOLI") |
92,775 |
|
|
|
92,187 |
|
|
|
91,612 |
|
|
|
91,048 |
|
|
|
90,499 |
|
|
Goodwill |
25,638 |
|
|
|
25,638 |
|
|
|
25,638 |
|
|
|
25,638 |
|
|
|
25,638 |
|
|
Core deposit
intangibles |
840 |
|
|
|
1,078 |
|
|
|
1,381 |
|
|
|
1,715 |
|
|
|
2,088 |
|
|
Other
assets |
50,633 |
|
|
|
49,519 |
|
|
|
41,600 |
|
|
|
36,755 |
|
|
|
31,441 |
|
|
Total Assets |
$ |
3,674,034 |
|
|
|
$ |
3,722,852 |
|
|
|
$ |
3,548,033 |
|
|
|
$ |
3,470,232 |
|
|
|
$ |
3,655,309 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
$ |
2,742,046 |
|
|
|
$ |
2,785,756 |
|
|
|
$ |
2,554,787 |
|
|
|
$ |
2,557,769 |
|
|
|
$ |
2,494,194 |
|
|
Borrowings |
475,000 |
|
|
|
475,000 |
|
|
|
535,000 |
|
|
|
435,000 |
|
|
|
685,000 |
|
|
Other
liabilities |
56,637 |
|
|
|
53,833 |
|
|
|
52,806 |
|
|
|
60,468 |
|
|
|
63,047 |
|
|
Total liabilities |
3,273,683 |
|
|
|
3,314,589 |
|
|
|
3,142,593 |
|
|
|
3,053,237 |
|
|
|
3,242,241 |
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Preferred
stock, $0.01 par value, 10,000,000 shares authorized, none issued
or outstanding |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common
stock, $0.01 par value, 60,000,000 shares authorized (2) |
170 |
|
|
|
170 |
|
|
|
171 |
|
|
|
177 |
|
|
|
178 |
|
|
Additional
paid in capital |
170,204 |
|
|
|
169,648 |
|
|
|
170,368 |
|
|
|
182,366 |
|
|
|
186,359 |
|
|
Retained
earnings |
234,023 |
|
|
|
242,776 |
|
|
|
240,325 |
|
|
|
240,312 |
|
|
|
232,315 |
|
|
Unearned
Employee Stock Ownership Plan ("ESOP") shares |
(6,216 |
) |
|
|
(6,348 |
) |
|
|
(6,480 |
) |
|
|
(6,612 |
) |
|
|
(6,744 |
) |
|
Accumulated
other comprehensive income |
2,170 |
|
|
|
2,017 |
|
|
|
1,056 |
|
|
|
752 |
|
|
|
960 |
|
|
Total stockholders' equity |
400,351 |
|
|
|
408,263 |
|
|
|
405,440 |
|
|
|
416,995 |
|
|
|
413,068 |
|
|
Total Liabilities and Stockholders' Equity |
$ |
3,674,034 |
|
|
|
$ |
3,722,852 |
|
|
|
$ |
3,548,033 |
|
|
|
$ |
3,470,232 |
|
|
|
$ |
3,655,309 |
|
|
_________________________________
(1) |
Derived from audited financial statements. |
(2) |
Shares of common stock issued and outstanding were 17,020,724
at September 30, 2020; 17,021,357 at June 30, 2020; 17,101,954 at
March 31, 2020; 17,664,384 at December 31, 2019; and 17,818,145 at
September 30, 2019. |
Consolidated Statements of Income
(Unaudited)
|
|
Three Months Ended |
|
|
September 30, |
|
June 30, |
|
September 30, |
(Dollars in
thousands) |
|
2020 |
|
2020 |
|
2019 |
Interest and Dividend Income |
|
|
|
|
|
|
Loans |
|
$ |
28,592 |
|
|
$ |
28,008 |
|
|
$ |
32,266 |
|
Commercial paper and interest-bearing deposits |
|
881 |
|
|
1,740 |
|
|
2,253 |
|
Securities available for sale |
|
528 |
|
|
786 |
|
|
896 |
|
Other investments |
|
448 |
|
|
540 |
|
|
832 |
|
Total interest and dividend income |
|
30,449 |
|
|
31,074 |
|
|
36,247 |
|
Interest Expense |
|
|
|
|
|
|
Deposits |
|
3,253 |
|
|
4,692 |
|
|
5,853 |
|
Borrowings |
|
1,687 |
|
|
1,694 |
|
|
3,321 |
|
Total interest expense |
|
4,940 |
|
|
6,386 |
|
|
9,174 |
|
Net
Interest Income |
|
25,509 |
|
|
24,688 |
|
|
27,073 |
|
Provision for Credit Losses |
|
950 |
|
|
2,700 |
|
|
— |
|
Net
Interest Income after Provision for Credit Losses |
|
24,559 |
|
|
21,988 |
|
|
27,073 |
|
Noninterest Income |
|
|
|
|
|
|
Service charges and fees on deposit accounts |
|
2,097 |
|
|
2,030 |
|
|
2,443 |
|
Loan income and fees |
|
474 |
|
|
447 |
|
|
882 |
|
Gain on sale of loans held for sale |
|
3,344 |
|
|
2,369 |
|
|
2,299 |
|
BOLI income |
|
532 |
|
|
522 |
|
|
697 |
|
Other, net |
|
2,192 |
|
|
1,855 |
|
|
1,339 |
|
Total noninterest income |
|
8,639 |
|
|
7,223 |
|
|
7,660 |
|
Noninterest Expense |
|
|
|
|
|
|
Salaries and employee benefits |
|
15,207 |
|
|
14,172 |
|
|
13,912 |
|
Net occupancy expense |
|
2,293 |
|
|
2,256 |
|
|
2,342 |
|
Computer services |
|
2,307 |
|
|
2,121 |
|
|
2,024 |
|
Telephone, postage, and supplies |
|
662 |
|
|
813 |
|
|
802 |
|
Marketing and advertising |
|
325 |
|
|
156 |
|
|
679 |
|
Deposit insurance premiums |
|
511 |
|
|
426 |
|
|
— |
|
Loss (gain) on sale and impairment of REO |
|
(35 |
) |
|
448 |
|
|
(19 |
) |
REO expense |
|
248 |
|
|
193 |
|
|
258 |
|
Core deposit intangible amortization |
|
238 |
|
|
303 |
|
|
411 |
|
Other |
|
4,244 |
|
|
3,764 |
|
|
3,124 |
|
Total noninterest expense |
|
26,000 |
|
|
24,652 |
|
|
23,533 |
|
Income Before Income Taxes |
|
7,198 |
|
|
4,559 |
|
|
11,200 |
|
Income Tax Expense |
|
1,445 |
|
|
964 |
|
|
2,396 |
|
Net
Income |
|
$ |
5,753 |
|
|
$ |
3,595 |
|
|
$ |
8,804 |
|
Per Share Data
|
|
Three months ended |
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
2020 |
|
2020 |
|
2019 |
Net income
per common share:(1) |
|
|
|
|
|
|
Basic |
|
$ |
0.35 |
|
|
$ |
0.22 |
|
|
$ |
0.51 |
|
Diluted |
|
$ |
0.35 |
|
|
$ |
0.22 |
|
|
$ |
0.49 |
|
Average
shares outstanding: |
|
|
|
|
|
|
Basic |
|
16,230,990 |
|
|
16,217,185 |
|
|
17,097,647 |
|
Diluted |
|
16,469,242 |
|
|
16,489,125 |
|
|
17,753,657 |
|
Book value
per share at end of period |
|
$ |
23.52 |
|
|
$ |
23.99 |
|
|
$ |
23.18 |
|
Tangible
book value per share at end of period (2) |
|
$ |
21.98 |
|
|
$ |
22.44 |
|
|
$ |
21.65 |
|
Cash
dividends declared per common share |
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.06 |
|
Total shares
outstanding at end of period |
|
17,020,724 |
|
|
17,021,357 |
|
|
17,818,145 |
|
__________________________________________________
(1) |
Basic and
diluted net income per common share have been prepared in
accordance with the two-class method. |
(2) |
See Non-GAAP reconciliation tables below for adjustments. |
Selected Financial Ratios and Other
Data
|
|
Three Months Ended |
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
2020 |
|
2020 |
|
2019 |
Performance ratios: (1) |
|
|
|
|
|
|
Return on
assets (ratio of net income to average total assets) |
|
0.62 |
% |
|
0.39 |
% |
|
0.99 |
% |
Return on
equity (ratio of net income to average equity) |
|
5.74 |
|
|
3.54 |
|
|
8.57 |
|
Tax
equivalent yield on earning assets(2) |
|
3.57 |
|
|
3.66 |
|
|
4.43 |
|
Rate paid on
interest-bearing liabilities |
|
0.72 |
|
|
0.95 |
|
|
1.33 |
|
Tax
equivalent average interest rate spread (2) |
|
2.85 |
|
|
2.71 |
|
|
3.10 |
|
Tax
equivalent net interest margin(2) (3) |
|
3.00 |
|
|
2.92 |
|
|
3.32 |
|
Average
interest-earning assets to average interest-bearing
liabilities |
|
125.21 |
|
|
127.89 |
|
|
119.41 |
|
Operating
expense to average total assets |
|
2.81 |
|
|
2.67 |
|
|
2.64 |
|
Efficiency
ratio |
|
76.14 |
|
|
77.25 |
|
|
67.75 |
|
Efficiency
ratio - adjusted (4) |
|
75.45 |
|
|
76.51 |
|
|
67.20 |
|
_____________________________
(1) |
Ratios are
annualized where appropriate. |
(2) |
The weighted average rate for municipal leases is adjusted for
a 24% combined federal and state tax rate since the interest from
these leases is tax exempt. |
(3) |
Net interest income divided by average interest-earning
assets. |
(4) |
See Non-GAAP reconciliation tables below for adjustments. |
|
At or For the Three
Months Ended |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
Asset quality ratios: |
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets(1) |
0.40 |
% |
|
0.44 |
% |
|
0.47 |
% |
|
0.45 |
|
% |
|
0.37 |
% |
Nonperforming loans to total loans(1) |
0.52 |
|
|
0.58 |
|
|
0.59 |
|
|
0.56 |
|
|
|
0.43 |
|
Total
classified assets to total assets |
0.73 |
|
|
0.84 |
|
|
0.86 |
|
|
0.90 |
|
|
|
0.84 |
|
Allowance
for credit losses to nonperforming loans(1) |
299.11 |
|
|
176.30 |
|
|
171.40 |
|
|
154.48 |
|
|
|
195.88 |
|
Allowance
for credit losses to total loans |
1.56 |
|
|
1.01 |
|
|
1.01 |
|
|
0.86 |
|
|
|
0.85 |
|
Allowance
for credit losses to total gross loans excluding PPP loans(2) |
1.61 |
|
|
1.04 |
|
|
N/A |
|
N/A |
|
N/A |
Net
charge-offs (recoveries) to average loans (annualized) |
0.10 |
|
|
0.21 |
|
|
0.09 |
|
|
(0.05 |
) |
|
|
0.02 |
|
Capital ratios: |
|
|
|
|
|
|
|
|
|
Equity to
total assets at end of period |
10.90 |
% |
|
10.97 |
% |
|
11.43 |
% |
|
12.02 |
|
% |
|
11.30 |
% |
Tangible
equity to total tangible assets(2) |
10.25 |
|
|
10.33 |
|
|
10.76 |
|
|
11.33 |
|
|
|
10.63 |
|
Average
equity to average assets |
10.85 |
|
|
11.02 |
|
|
11.80 |
|
|
11.52 |
|
|
|
11.54 |
|
__________________________________________
(1) |
Nonperforming assets include nonaccruing loans, consisting of
certain restructured loans, and REO. There were no accruing loans
more than 90 days past due at the dates indicated. At
September 30, 2020, there were $5.3 million of restructured loans
included in nonaccruing loans and $7.2 million, or 50.3% of
nonaccruing loans were current on their loan payments. |
(2) |
See Non-GAAP reconciliation
tables below for adjustments. |
Average Balance Sheet Data
|
For the Three Months Ended September 30, |
|
2020 |
|
2019 |
|
Average Balance Outstanding |
|
Interest Earned/ Paid(2) |
|
Yield/ Rate(2) |
|
Average Balance Outstanding |
|
Interest Earned/ Paid(2) |
|
Yield/ Rate(2) |
(Dollars in
thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable(1) |
$ |
2,875,432 |
|
|
$ |
28,902 |
|
|
4.02 |
% |
|
$ |
2,749,635 |
|
|
$ |
32,551 |
|
|
4.74 |
% |
Commercial
paper and deposits in other banks |
424,170 |
|
|
881 |
|
|
0.83 |
% |
|
363,123 |
|
|
2,253 |
|
|
2.48 |
% |
Securities
available for sale |
106,268 |
|
|
528 |
|
|
1.99 |
% |
|
138,709 |
|
|
896 |
|
|
2.58 |
% |
Other
interest-earning assets(3) |
38,946 |
|
|
448 |
|
|
4.61 |
% |
|
45,710 |
|
|
832 |
|
|
7.28 |
% |
Total interest-earning assets |
3,444,816 |
|
|
30,759 |
|
|
3.57 |
% |
|
3,297,177 |
|
|
36,532 |
|
|
4.43 |
% |
Other
assets |
251,648 |
|
|
|
|
|
|
264,375 |
|
|
|
|
|
Total assets |
$ |
3,696,464 |
|
|
|
|
|
|
$ |
3,561,552 |
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
560,481 |
|
|
397 |
|
|
0.28 |
% |
|
441,524 |
|
|
319 |
|
|
0.29 |
% |
Money market
accounts |
825,545 |
|
|
550 |
|
|
0.27 |
% |
|
718,981 |
|
|
1,761 |
|
|
0.98 |
% |
Savings
accounts |
200,543 |
|
|
37 |
|
|
0.07 |
% |
|
172,393 |
|
|
52 |
|
|
0.12 |
% |
Certificate
accounts |
689,709 |
|
|
2,269 |
|
|
1.32 |
% |
|
744,956 |
|
|
3,721 |
|
|
2.00 |
% |
Total interest-bearing deposits |
2,276,278 |
|
|
3,253 |
|
|
0.57 |
% |
|
2,077,854 |
|
|
5,853 |
|
|
1.13 |
% |
Borrowings |
475,000 |
|
|
1,687 |
|
|
1.42 |
% |
|
683,413 |
|
|
3,321 |
|
|
1.94 |
% |
Total
interest-bearing liabilities |
2,751,278 |
|
|
4,940 |
|
|
0.72 |
% |
|
2,761,267 |
|
|
9,174 |
|
|
1.33 |
% |
Noninterest-bearing deposits |
484,336 |
|
|
|
|
|
|
326,105 |
|
|
|
|
|
Other
liabilities |
59,935 |
|
|
|
|
|
|
63,101 |
|
|
|
|
|
Total liabilities |
3,295,549 |
|
|
|
|
|
|
3,150,473 |
|
|
|
|
|
Stockholders' equity |
400,915 |
|
|
|
|
|
|
411,079 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
3,696,464 |
|
|
|
|
|
|
$ |
3,561,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earning
assets |
$ |
693,538 |
|
|
|
|
|
|
$ |
535,910 |
|
|
|
|
|
Average
interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
average interest-bearing liabilities |
125.21 |
% |
|
|
|
|
|
119.41 |
% |
|
|
|
|
Tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
25,819 |
|
|
|
|
|
|
$ |
27,358 |
|
|
|
Interest rate spread |
|
|
|
|
2.85 |
% |
|
|
|
|
|
3.10 |
% |
Net interest margin(4) |
|
|
|
|
3.00 |
% |
|
|
|
|
|
3.32 |
% |
Non-tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
25,509 |
|
|
|
|
|
|
$ |
27,073 |
|
|
|
Interest rate spread |
|
|
|
|
2.82 |
% |
|
|
|
|
|
3.07 |
% |
Net interest margin(4) |
|
|
|
|
2.96 |
% |
|
|
|
|
|
3.28 |
% |
__________________
(1) |
The average loans receivable, net balances include loans held for
sale and nonaccruing loans. |
(2) |
Interest income used in the
average interest earned and yield calculation includes the tax
equivalent adjustment of $310 and $285 for the three months ended
September 30, 2020 and 2019, respectively, calculated based on a
combined federal and state tax rate of 24%. |
(3) |
The average other
interest-earning assets consist of FRB stock, FHLB stock, and SBIC
investments. |
(4) |
Net interest income divided by
average interest-earning assets. |
Loans
(Dollars in
thousands) |
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
September 30, 2019 |
Retail
consumer loans: |
|
|
|
|
|
|
|
|
|
One-to-four family |
$ |
460,315 |
|
|
$ |
473,693 |
|
|
$ |
487,777 |
|
|
$ |
417,255 |
|
|
$ |
396,649 |
|
HELOCs - originated |
132,986 |
|
|
137,447 |
|
|
144,804 |
|
|
142,989 |
|
|
141,129 |
|
HELOCs - purchased |
61,535 |
|
|
71,781 |
|
|
82,232 |
|
|
92,423 |
|
|
104,324 |
|
Construction and land/lots |
79,868 |
|
|
81,859 |
|
|
80,765 |
|
|
71,901 |
|
|
85,319 |
|
Indirect auto finance |
127,787 |
|
|
132,303 |
|
|
135,449 |
|
|
142,533 |
|
|
147,808 |
|
Consumer |
8,767 |
|
|
10,259 |
|
|
11,576 |
|
|
11,102 |
|
|
11,400 |
|
Total retail
consumer loans |
871,258 |
|
|
907,342 |
|
|
942,603 |
|
|
878,203 |
|
|
886,629 |
|
Commercial
loans: |
|
|
|
|
|
|
|
|
|
Commercial real estate |
1,068,464 |
|
|
1,052,906 |
|
|
990,693 |
|
|
998,019 |
|
|
990,787 |
|
Construction and development |
217,288 |
|
|
215,934 |
|
|
249,714 |
|
|
223,839 |
|
|
203,494 |
|
Commercial and industrial |
151,342 |
|
|
154,825 |
|
|
164,539 |
|
|
152,727 |
|
|
158,706 |
|
Equipment finance |
248,071 |
|
|
229,239 |
|
|
198,962 |
|
|
185,427 |
|
|
154,479 |
|
Municipal leases |
130,215 |
|
|
127,987 |
|
|
115,992 |
|
|
115,240 |
|
|
114,382 |
|
PPP loans |
80,816 |
|
|
80,697 |
|
|
— |
|
|
— |
|
|
— |
|
Total
commercial loans |
1,896,196 |
|
|
1,861,588 |
|
|
1,719,900 |
|
|
1,675,252 |
|
|
1,621,848 |
|
Total
loans |
2,767,454 |
|
|
2,768,930 |
|
|
2,662,503 |
|
|
2,553,455 |
|
|
2,508,477 |
|
Deferred loan costs, net |
1,942 |
|
|
189 |
|
|
1,021 |
|
|
1,086 |
|
|
253 |
|
Total loans,
net of deferred loan costs |
2,769,396 |
|
|
2,769,119 |
|
|
2,663,524 |
|
|
2,554,541 |
|
|
2,508,730 |
|
Allowance for credit losses |
(43,132 |
) |
|
(28,072 |
) |
|
(26,850 |
) |
|
(22,031 |
) |
|
(21,314 |
) |
Loans,
net |
$ |
2,726,264 |
|
|
$ |
2,741,047 |
|
|
$ |
2,636,674 |
|
|
$ |
2,532,510 |
|
|
$ |
2,487,416 |
|
Deposits
(Dollars in
thousands) |
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
September 30, 2019 |
Core
deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing accounts |
$ |
458,157 |
|
|
$ |
429,901 |
|
|
$ |
322,812 |
|
|
$ |
327,320 |
|
|
$ |
327,371 |
|
NOW accounts |
608,968 |
|
|
582,299 |
|
|
496,561 |
|
|
457,428 |
|
|
449,623 |
|
Money market accounts |
826,970 |
|
|
836,738 |
|
|
801,424 |
|
|
815,949 |
|
|
769,000 |
|
Savings accounts |
202,787 |
|
|
197,676 |
|
|
169,792 |
|
|
167,520 |
|
|
169,872 |
|
Total core
deposits |
2,096,882 |
|
|
2,046,614 |
|
|
1,790,589 |
|
|
1,768,217 |
|
|
1,715,866 |
|
Certificates
of deposit |
645,164 |
|
|
739,142 |
|
|
764,198 |
|
|
789,552 |
|
|
778,328 |
|
Total
deposits |
$ |
2,742,046 |
|
|
$ |
2,785,756 |
|
|
$ |
2,554,787 |
|
|
$ |
2,557,769 |
|
|
$ |
2,494,194 |
|
Non-GAAP Reconciliations
In addition to results presented in accordance
with generally accepted accounting principles utilized in the
United States ("GAAP"), this earnings release contains certain
non-GAAP financial measures, which include: the efficiency ratio;
tangible book value; tangible book value per share; tangible equity
to tangible assets ratio; and the ratio of the allowance for credit
losses to total loans excluding PPP loans. The Company believes
these non-GAAP financial measures and ratios as presented are
useful for both investors and management to understand the effects
of certain items and provides an alternative view of the Company's
performance over time and in comparison to the Company's
competitors. These non-GAAP measures have inherent limitations, are
not required to be uniformly applied and are not audited. They
should not be considered in isolation or as a substitute for total
stockholders' equity or operating results determined in accordance
with GAAP. These non-GAAP measures may not be comparable to
similarly titled measures reported by other companies.
Set forth below is a reconciliation to GAAP of our
efficiency ratio:
|
|
Three Months Ended |
(Dollars in
thousands) |
|
September 30, |
|
June 30, |
|
September 30, |
|
|
2020 |
|
2020 |
|
2019 |
Noninterest expense |
|
$ |
26,000 |
|
|
$ |
24,652 |
|
|
$ |
23,533 |
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
25,509 |
|
|
$ |
24,688 |
|
|
$ |
27,073 |
|
Plus
noninterest income |
|
8,639 |
|
|
7,223 |
|
|
7,660 |
|
Plus tax
equivalent adjustment |
|
310 |
|
|
311 |
|
|
285 |
|
Net interest
income plus noninterest income – as adjusted |
|
$ |
34,458 |
|
|
$ |
32,222 |
|
|
$ |
35,018 |
|
Efficiency
ratio - adjusted |
|
75.45 |
% |
|
76.51 |
% |
|
67.20 |
% |
Efficiency
ratio |
|
76.14 |
% |
|
77.25 |
% |
|
67.75 |
% |
Set forth below is a reconciliation to GAAP of
tangible book value and tangible book value per share:
|
|
As of |
(Dollars in
thousands, except per share data) |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
Total
stockholders' equity |
|
$ |
400,351 |
|
|
$ |
408,263 |
|
|
$ |
405,440 |
|
|
$ |
416,995 |
|
|
$ |
413,068 |
|
Less:
goodwill, core deposit intangibles, net of taxes |
|
26,285 |
|
|
26,468 |
|
|
26,701 |
|
|
26,959 |
|
|
27,246 |
|
Tangible
book value (1) |
|
$ |
374,066 |
|
|
$ |
381,795 |
|
|
$ |
378,739 |
|
|
$ |
390,036 |
|
|
$ |
385,822 |
|
Common
shares outstanding |
|
17,020,724 |
|
|
17,016,372 |
|
|
17,101,954 |
|
|
17,664,384 |
|
|
17,818,145 |
|
Tangible
book value per share |
|
$ |
21.98 |
|
|
$ |
22.44 |
|
|
$ |
22.15 |
|
|
$ |
22.08 |
|
|
$ |
21.65 |
|
Book value
per share |
|
$ |
23.52 |
|
|
$ |
23.99 |
|
|
$ |
23.71 |
|
|
$ |
23.61 |
|
|
$ |
23.18 |
|
(1) |
Tangible book
value is equal to total stockholders' equity less goodwill and core
deposit intangibles, net of related deferred tax liabilities. |
Set forth below is a reconciliation to GAAP of
tangible equity to tangible assets:
|
|
As of |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
|
(Dollars in
thousands) |
Tangible equity(1) |
|
$ |
374,066 |
|
|
$ |
381,795 |
|
|
$ |
378,739 |
|
|
$ |
390,036 |
|
|
$ |
385,822 |
|
Total
assets |
|
3,674,034 |
|
|
3,722,852 |
|
|
3,548,033 |
|
|
3,470,232 |
|
|
3,655,609 |
|
Less:
goodwill, core deposit intangibles, net of taxes |
|
26,285 |
|
|
26,468 |
|
|
26,701 |
|
|
26,959 |
|
|
27,246 |
|
Total
tangible assets(2) |
|
$ |
3,647,749 |
|
|
$ |
3,696,384 |
|
|
$ |
3,521,332 |
|
|
$ |
3,443,273 |
|
|
$ |
3,628,363 |
|
Tangible
equity to tangible assets |
|
10.25 |
% |
|
10.33 |
% |
|
10.76 |
% |
|
11.33 |
% |
|
10.63 |
% |
(1) |
Tangible equity (or tangible book value) is equal to total
stockholders' equity less goodwill and core deposit intangibles,
net of related deferred tax liabilities. |
(2) |
Total tangible assets is equal to total assets less goodwill
and core deposit intangibles, net of related deferred tax
liabilities. |
Set forth below is a reconciliation to GAAP of
the allowance for credit losses to total loans (excluding net
deferred loan costs) and the allowance for credit losses as
adjusted to exclude PPP loans:
|
|
As of |
(Dollars in
thousands) |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
Total gross loans receivable (GAAP) |
|
$ |
2,767,454 |
|
|
$ |
2,768,930 |
|
|
$ |
2,662,503 |
|
|
$ |
2,553,455 |
|
|
$ |
2,508,477 |
|
Less: PPP
loans (1) |
|
80,816 |
|
|
80,697 |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted
loans (non-GAAP) |
|
$ |
2,686,638 |
|
|
$ |
2,688,233 |
|
|
$ |
2,662,503 |
|
|
$ |
2,553,455 |
|
|
$ |
2,508,477 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses (GAAP) |
|
$ |
43,132 |
|
|
$ |
28,072 |
|
|
$ |
26,850 |
|
|
$ |
22,031 |
|
|
$ |
21,314 |
|
Allowance
for credit losses / Adjusted loans (non-GAAP) |
|
1.61 |
% |
|
1.04 |
% |
|
1.01 |
% |
|
0.86 |
% |
|
0.85 |
% |
(1) |
PPP loans are
fully guaranteed loans by the U.S, government and became available
with the CARES Act. |
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