Heritage Southeast Bancorporation, Inc. ("Company") HSBI a $1.5 billion bank holding company headquartered in Jonesboro, Georgia today announced quarterly net income of $948,000 or $0.13 per diluted share for the second quarter of 2020 compared to $1.6 million or $0.23 per diluted share for the quarter ended March 31, 2020.
Highlights of the Company's performance and results for the quarter ended June 30, 2020 include the following:
- Net interest income exclusive of any impact of the Paycheck Protection Program (PPP) declined approximately $816,000 in the period primarily due to the March Fed actions.
- As in the first quarter, we provided an additional $1.5 million to the allowance for loan losses directly related to the economic uncertainty created by COVID-19.
- The Company's participation in the PPP resulted in the income statement being positively impacted by approximately $1.5 million from increases in interest income and fees along with deferred salaries and benefit costs.
- Completed the private placement of $20 million of 6.00% fixed-to-floating rate subordinated notes due 2030.
Commenting on the announcement, Leonard Moreland, Chief Executive Officer of HSBI, said, "We are pleased with our second quarter results as we continue to navigate through an unprecedented period. The efficient response to our customers and communities via the PPP or through payment deferrals was well received and securely positions us for the second half of the year and beyond. We anticipate earnings pressure for the remainder of this year which we believe could be mitigated through opportunities identified within the footprint and internal efficiencies. The loan portfolio is well diversified and monitored continuously in order to react swiftly to potential stress points."
As of June 30, 2020, the Company has granted deferrals of approximately $164.7 million or 17% of the portfolio directly related to the pandemic. HSBI is also participating in the PPP loans administered by the Small Business Administration which totaled approximately $105 million at the end of the quarter. The Company does not currently plan to utilize the Federal Reserve's Paycheck Protection Program Liquidity Fund to fund these loans.
Net Interest Income
The Company's net interest income decreased from $12.4 million during the first quarter of 2020 to $11.8 million during the second quarter of 2020. The Company's reported net interest margin decreased 50 basis points from 4.21% for the first quarter of 2020 to 3.71% for the second quarter of 2020. Earning asset yield and cost of funds decreased during the period 69 basis points and 19 basis points, respectively.
Asset Quality
Classified assets, which include nonperforming assets, totaled $29.1 million at June 30, 2020, compared with $25.7 million at March 31, 2020 and $28.0 million at December 31, 2019. The increase during the second quarter was centered around legacy portfolio loans and unrelated to COVID-19. The entire classified portfolio is appropriately valued with specific resolution plans in place. Classified assets adjusted for SBA guarantees to tier one capital plus allowance for loan losses ratio was 18.1% at June 30, 2020 versus 18.5% at March 31, 2020 and 22.0% at December 31, 2019. Past due loans decreased from $4.8 million, or 0.52% of total loans outstanding (exclusive of PPP), at March 31, 2020 to $3.5 million, or 0.37% of total loans outstanding (exclusive of PPP), at June 30, 2020.
As a result of the Company's quarterly analysis of the adequacy of the allowance for loan losses, the Company recorded a provision for loan losses of $2.6 million in the second quarter of 2020, equal to the amount recorded for the first quarter of 2020. The elevated provision for credit losses recorded in the first six months of 2020 reflects the uncertain economic impact from the COVID-19 pandemic. In the second quarter of 2020, net loan charge-offs were $108,000 or 0.04% of average loans compared with $166,000 or 0.07% of average loans in the first quarter of 2020. Lastly, the Company recorded a valuation adjustment of $535,000 on the largest other real estate owned property that is under contract and scheduled to close in the third quarter 2020.
Non-interest Income
During the quarter ended June 30, 2020, non-interest income decreased from $4.7 million for the first quarter of 2020 to $4.1 million for the second quarter of 2020. This decrease was largely attributable to lower activity-based account service charges (related to COVID- 19) of $480,000 and reduced gains on sales of SBA loans of $490,000. These declines were partially offset by higher debit / ATM card fees of $159,000 and increased gains on sales of securities of $169,000.
Non-interest Expense
Non-interest expense decreased $282,000, or 2.3%, from $12.3 million in the first quarter of 2020 to $12.0 million in the second quarter of 2020. Salaries and employee benefits decreased $979,000 due primarily to deferred PPP costs and lower incentive expense. The reductions were partly offset by the previously mentioned other real estate owned valuation adjustment and higher costs to secure the work environment during the pandemic.
Balance Sheet
Loans, excluding PPP, increased $21.6 million from $929.3 million at March 31, 2020 to $950.9 million at June 30, 2020. Well-structured non COVID-19 impacted commercial real estate loans principally accounted for the increase.
Total deposits increased $152.4 million, or 13.5%, from the quarter ended March 31, 2020 to the quarter ended June 30, 2020. Demand deposits increased $131.2 million and money market and savings deposits increased $37.3 million. The increases were primarily the result of PPP and other consumer based stimulus programs which were partially offset by lower time deposits of $16.0 million.
Capital
The Company continues to remain well capitalized. The issuance of the subordinated notes provided support for its wholly owned subsidiary, Heritage Southeast Bank ("Bank"). This coupled with an enhanced revolving senior debt facility creates needed flexibility going forward. At June 30, 2020, the Bank's Leverage Ratio was 9.55%, its Common Equity Tier I and Tier 1 Capital ratios were 11.99%, and its Total Risk-Based Capital ratio was 12.97%. These regulatory capital ratios are significantly above levels required to be considered "well capitalized", which is the highest possible regulatory designation. Additionally, excluding the recent balance sheet growth associated with government stimulus programs, the Bank's Leverage Ratio would be in excess of 10%.
About Heritage Southeast Bancorporation, Inc.
Heritage Southeast Bancorporation, Inc. serves as the holding company for Heritage Southeast Bank, which is headquartered in Jonesboro, GA and operates under the names "Heritage Bank," "The Heritage Bank," and "Providence Bank" in its various markets. With approximately $1.5 billion in assets, the Bank provides a well-rounded offering of commercial and consumer products through its 24 locations. For additional information, visit one of the banks' websites and select the Investor Relations link.
Forward-Looking Information
Statements included in this press release, which are not historical in nature, are intended to be, and hereby are identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "will," "may," "anticipate," "create," "plan," "expect," "should," and "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following:
• the possibility that the anticipated benefits of the transaction, including anticipated improved product and service offerings, efficiencies and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the three companies or as a result of the strength of the economy, competitive factors in the areas where the combined company does business, or as a result of other unexpected factors or events;
• the impact of purchase accounting with respect to the transaction, or any change in the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value;
• the integration of the businesses and operations of the three companies, which may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the combined company's business; and
• other factors that may affect future results of the combined company, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; actions of the Federal Reserve Board; and other legislative and regulatory actions and reforms.
Heritage Southeast Bancorporation, Inc. and its subsidiary disclaim any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY | ||||||||||||
Financial Highlights | ||||||||||||
(Unaudited) (in thousands, except per share data) | ||||||||||||
Three Months Ended |
||||||||||||
June 30, |
March 31, |
December 31, |
||||||||||
2020 |
2020 |
2019 |
||||||||||
Earnings: | ||||||||||||
Net Interest Income | $ |
11,769 |
|
$ |
12,213 |
|
$ |
12,477 |
|
|||
Net Income |
|
948 |
|
|
1,616 |
|
|
2,740 |
|
|||
Per Share Data: | ||||||||||||
Earnings per share: | ||||||||||||
Basic | $ |
0.14 |
|
$ |
0.23 |
|
$ |
0.40 |
|
|||
Diluted | $ |
0.13 |
|
$ |
0.23 |
|
$ |
0.38 |
|
|||
Weighted average number of shares: | ||||||||||||
Basic |
|
6,908 |
|
|
6,893 |
|
|
6,877 |
|
|||
Diluted |
|
7,131 |
|
|
7,117 |
|
|
7,204 |
|
|||
Period-end number of shares (1) |
|
7,227 |
|
|
7,231 |
|
|
7,242 |
|
|||
Book value per share (period-end) | $ |
19.45 |
|
$ |
19.29 |
|
$ |
18.71 |
|
|||
Tangible book value per share (period-end) | $ |
14.34 |
|
$ |
14.14 |
|
$ |
13.60 |
|
|||
Key Ratios (percent): | ||||||||||||
Return on average assets |
|
0.27 |
% |
|
0.49 |
% |
|
0.83 |
% |
|||
Return on average tangible equity |
|
3.70 |
% |
|
6.45 |
% |
|
10.74 |
% |
|||
Yield on interest earning assets |
|
4.32 |
% |
|
5.01 |
% |
|
5.13 |
% |
|||
Cost of interest bearing liabilities |
|
0.87 |
% |
|
1.07 |
% |
|
1.14 |
% |
|||
Net interest margin |
|
3.71 |
% |
|
4.21 |
% |
|
4.29 |
% |
|||
Net interest margin, excluding PPP loans |
|
3.78 |
% |
|
4.21 |
% |
|
4.29 |
% |
|||
Non-interest income as a percent of total revenue |
|
26.0 |
% |
|
27.9 |
% |
|
23.6 |
% |
|||
Efficiency Ratio |
|
75.6 |
% |
|
72.7 |
% |
|
72.7 |
% |
|||
Asset Quality (period-end): | ||||||||||||
Allowance for loan losses to total loans |
|
1.02 |
% |
|
0.90 |
% |
|
0.65 |
% |
|||
Allowance for loan losses to loans, excluding PPP loans |
|
1.13 |
% |
|
0.90 |
% |
|
0.65 |
% |
|||
Allowance for loan losses to total nonperforming loans |
|
54.9 |
% |
|
54.4 |
% |
|
36.9 |
% |
|||
Nonperforming assets to total assets |
|
1.9 |
% |
|
1.8 |
% |
|
1.9 |
% |
|||
Net charge-offs (annualized) to average loans |
|
0.04 |
% |
|
0.07 |
% |
|
0.06 |
% |
|||
Net charge-offs (annualized) to average loans, excluding PPP loans |
|
0.05 |
% |
|
0.07 |
% |
|
0.06 |
% |
|||
Capital (period-end): | ||||||||||||
Heritage Southeast Bank risk based capital ratios: | ||||||||||||
CET1 |
|
11.99 |
% |
|
10.58 |
% |
|
10.24 |
% |
|||
Tier 1 |
|
11.99 |
% |
|
10.58 |
% |
|
10.24 |
% |
|||
Total |
|
12.97 |
% |
|
11.36 |
% |
|
10.81 |
% |
|||
Leverage |
|
9.55 |
% |
|
8.92 |
% |
|
8.54 |
% |
|||
Other (period-end): | ||||||||||||
Branches |
|
24 |
|
|
24 |
|
|
23 |
|
|||
FTE |
|
302 |
|
|
309 |
|
|
309 |
|
|||
(1) Includes restricted stock and shares yet to be issued under a supplemental executive retirement plan. |
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY | ||||||||||||
Consolidated Statements of Income | ||||||||||||
(Unaudited) (in thousands, except per share data) | ||||||||||||
Three Months Ended |
|
Six Months Ended |
||||||||||
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
||||||
2020 |
|
2020 |
|
2019 |
|
2020 |
||||||
Interest and dividend revenue: | ||||||||||||
Loans, including fees | $ |
12,748 |
$ |
13,564 |
$ |
13,903 |
$ |
26,312 |
||||
PPP loans, including fees |
|
523 |
|
- |
|
- |
|
523 |
||||
Investment securities |
|
394 |
|
618 |
|
606 |
|
1,012 |
||||
Fed funds sold, deposits in banks and other | 40 |
347 |
|
406 |
387 |
|||||||
Total interest and dividend revenue |
|
13,705 |
|
14,529 |
|
14,915 |
|
28,234 |
||||
Interest expense: | ||||||||||||
Deposits |
|
1,673 |
|
2,022 |
|
2,116 |
|
3,695 |
||||
Fed funds purchased and repurchase agreements |
|
20 |
|
50 |
|
54 |
|
70 |
||||
Federal Home Loan Bank advances |
|
14 |
|
23 |
|
25 |
|
37 |
||||
Junior subordinated debentures |
|
94 |
|
121 |
|
143 |
|
215 |
||||
Other borrowings |
|
135 |
|
100 |
|
100 |
|
235 |
||||
Total interest expense |
|
1,936 |
|
2,316 |
|
2,438 |
|
4,252 |
||||
Net interest income |
|
11,769 |
|
12,213 |
|
12,477 |
|
23,982 |
||||
Provision for loan losses |
|
2,550 |
|
2,550 |
|
560 |
|
5,100 |
||||
Net interest revenue after provision for loan losses |
|
9,219 |
|
9,663 |
|
11,917 |
|
18,882 |
||||
Noninterest revenue: | ||||||||||||
Service charges and fees |
|
1,218 |
|
1,698 |
|
1,727 |
|
2,916 |
||||
Interchange and ATM fees |
|
1,427 |
|
1,268 |
|
1,315 |
|
2,695 |
||||
Securities gains, net |
|
741 |
|
572 |
|
- |
|
1,313 |
||||
Gain on sale of loans |
|
61 |
|
551 |
|
184 |
|
612 |
||||
Other |
|
696 |
|
639 |
|
628 |
|
1,335 |
||||
Total noninterest revenue |
|
4,143 |
|
4,728 |
|
3,854 |
|
8,871 |
||||
Operating expenses: | ||||||||||||
Salaries and employee benefits |
|
5,877 |
|
6,856 |
|
6,125 |
|
12,733 |
||||
Occupancy and equipment |
|
1,382 |
|
1,292 |
|
1,376 |
|
2,674 |
||||
Other real estate expenses, including losses | ||||||||||||
on sales and impairments, net |
|
619 |
|
73 |
|
44 |
|
692 |
||||
Other |
|
4,159 |
|
4,098 |
|
4,324 |
|
8,257 |
||||
Total other operating expenses |
|
12,037 |
|
12,319 |
|
11,869 |
|
24,356 |
||||
Income before income tax expense |
|
1,325 |
|
2,072 |
|
3,902 |
|
3,397 |
||||
Income tax expense |
|
377 |
|
456 |
|
1,162 |
|
833 |
||||
Net income | $ |
948 |
$ |
1,616 |
$ |
2,740 |
$ |
2,564 |
||||
Average common shares outstanding |
|
6,908 |
|
6,893 |
|
6,877 |
|
6,900 |
||||
Shares for diluted earnings per share |
|
7,131 |
|
7,117 |
|
7,204 |
|
7,124 |
||||
Basic earnings per common share | $ |
0.14 |
$ |
0.23 |
$ |
0.40 |
$ |
0.37 |
||||
Diluted earnings per common share | $ |
0.13 |
$ |
0.23 |
$ |
0.38 |
$ |
0.36 |
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY | ||||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||
(in thousands) | ||||||||||||||||
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
||||||||||
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
||||||||||
2020 |
|
2020 |
|
2019 |
|
2019 |
||||||||||
Assets | ||||||||||||||||
Cash and due from banks | $ |
26,767 |
|
$ |
37,192 |
|
$ |
30,458 |
|
$ |
26,633 |
|
||||
Interest-bearing deposits with banks |
|
172,961 |
|
|
95,446 |
|
|
142,552 |
|
|
113,293 |
|
||||
Cash and cash equivalents |
|
199,728 |
|
|
132,638 |
|
|
173,010 |
|
|
139,926 |
|
||||
Securities available for sale, at fair value |
|
131,429 |
|
|
133,520 |
|
|
125,479 |
|
|
104,265 |
|
||||
Other investments |
|
1,451 |
|
|
1,451 |
|
|
1,322 |
|
|
1,322 |
|
||||
Loans: | ||||||||||||||||
Loans, excluding PPP loans |
|
950,920 |
|
|
929,295 |
|
|
911,850 |
|
|
913,306 |
|
||||
PPP loans |
|
103,074 |
|
|
- |
|
|
- |
|
|
- |
|
||||
Allowance for loan losses |
|
(10,772 |
) |
|
(8,330 |
) |
|
(5,946 |
) |
|
(5,523 |
) |
||||
Loans, net |
|
1,043,222 |
|
|
920,965 |
|
|
905,904 |
|
|
907,783 |
|
||||
Premises and equipment, net |
|
34,375 |
|
|
34,537 |
|
|
34,443 |
|
|
34,192 |
|
||||
Bank owned life insurance |
|
28,334 |
|
|
28,129 |
|
|
26,802 |
|
|
26,617 |
|
||||
Other real estate owned |
|
8,496 |
|
|
9,029 |
|
|
9,293 |
|
|
11,838 |
|
||||
Goodwill |
|
28,275 |
|
|
28,275 |
|
|
28,275 |
|
|
28,275 |
|
||||
Core deposit intangible, net |
|
8,707 |
|
|
8,944 |
|
|
9,182 |
|
|
9,498 |
|
||||
Deferred tax asset, net |
|
15,276 |
|
|
15,660 |
|
|
16,598 |
|
|
19,300 |
|
||||
Other assets |
|
6,156 |
|
|
5,807 |
|
|
5,743 |
|
|
3,140 |
|
||||
Total Assets | $ |
1,505,449 |
|
$ |
1,318,955 |
|
$ |
1,336,051 |
|
$ |
1,286,156 |
|
||||
Liabilities | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing | $ |
417,690 |
|
$ |
312,203 |
|
$ |
296,851 |
|
$ |
304,342 |
|
||||
Interest-bearing demand |
|
225,292 |
|
|
199,585 |
|
|
234,334 |
|
|
189,500 |
|
||||
Money market and savings |
|
337,169 |
|
|
299,901 |
|
|
291,778 |
|
|
284,047 |
|
||||
Time |
|
301,532 |
|
|
317,571 |
|
|
331,515 |
|
|
328,830 |
|
||||
Total deposits |
|
1,281,683 |
|
|
1,129,260 |
|
|
1,154,478 |
|
|
1,106,719 |
|
||||
Securities sold under agreements to repurchase |
|
17,194 |
|
|
13,310 |
|
|
12,295 |
|
|
11,418 |
|
||||
Federal Home Loan Bank advances |
|
4,167 |
|
|
4,667 |
|
|
5,167 |
|
|
5,667 |
|
||||
Line of credit |
|
24,688 |
|
|
14,688 |
|
|
9,088 |
|
|
9,088 |
|
||||
Subordinated debt |
|
19,653 |
|
|
- |
|
|
- |
|
|
- |
|
||||
Junior subordinated debentures |
|
9,173 |
|
|
9,135 |
|
|
9,096 |
|
|
9,045 |
|
||||
Accrued expenses and other liabilities |
|
8,267 |
|
|
8,443 |
|
|
9,992 |
|
|
10,746 |
|
||||
Total liabilities |
|
1,364,825 |
|
|
1,179,503 |
|
|
1,200,116 |
|
|
1,152,683 |
|
||||
Shareholders' Equity | ||||||||||||||||
Common stock |
|
701 |
|
|
702 |
|
|
703 |
|
|
702 |
|
||||
Additional paid in capital |
|
116,396 |
|
|
116,201 |
|
|
116,234 |
|
|
116,089 |
|
||||
Retained earnings |
|
22,105 |
|
|
21,157 |
|
|
19,541 |
|
|
16,914 |
|
||||
Other comprehensive income (loss) |
|
1,422 |
|
|
1,392 |
|
|
(543 |
) |
|
(232 |
) |
||||
Total Shareholders' Equity |
|
140,624 |
|
|
139,452 |
|
|
135,935 |
|
|
133,473 |
|
||||
Total Liabilities and Shareholders' Equity | $ |
1,505,449 |
|
$ |
1,318,955 |
|
$ |
1,336,051 |
|
$ |
1,286,156 |
|
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY | ||||||||||||||||
Loan Portfolio | ||||||||||||||||
(Unaudited) (in thousands) | ||||||||||||||||
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
||||||||||
2020 |
|
2020 |
|
2019 |
|
2019 |
||||||||||
Real estate loans: | ||||||||||||||||
Construction and land development | $ |
148,158 |
|
$ |
133,592 |
|
$ |
134,864 |
|
$ |
134,669 |
|
||||
Single-family residential |
|
167,734 |
|
|
176,844 |
|
|
166,082 |
|
|
164,123 |
|
||||
Commercial |
|
435,033 |
|
|
420,317 |
|
|
416,235 |
|
|
417,072 |
|
||||
Multifamily |
|
11,669 |
|
|
11,748 |
|
|
19,247 |
|
|
20,741 |
|
||||
Total real estate loans |
|
762,594 |
|
|
742,501 |
|
|
736,428 |
|
|
736,605 |
|
||||
Commercial loans (not secured by real estate) |
|
172,134 |
|
|
170,252 |
|
|
158,332 |
|
|
159,407 |
|
||||
Consumer loans (not secured by real estate) |
|
17,117 |
|
|
17,477 |
|
|
17,928 |
|
|
18,098 |
|
||||
Gross loans |
|
951,845 |
|
|
930,230 |
|
|
912,688 |
|
|
914,110 |
|
||||
Unearned income |
|
(925 |
) |
|
(935 |
) |
|
(838 |
) |
|
(804 |
) |
||||
Loans, net of unearned income | $ |
950,920 |
|
$ |
929,295 |
|
$ |
911,850 |
|
$ |
913,306 |
|
||||
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
||||||||||
2020 |
|
2020 |
|
2019 |
|
2019 |
||||||||||
PPP loans: | ||||||||||||||||
Up to $150,000 | $ |
40,136 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
||||
$150,001 - $2 million |
|
47,724 |
|
|
- |
|
|
- |
|
|
- |
|
||||
Greater than $2 million |
|
17,953 |
|
|
- |
|
|
- |
|
|
- |
|
||||
Total PPP loans |
|
105,813 |
|
|
- |
|
|
- |
|
|
- |
|
||||
Unearned income |
|
(2,739 |
) |
|
- |
|
|
- |
|
|
- |
|
||||
PPP loans, net of unearned income | $ |
103,074 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY | ||||||||||||
Asset Quality Information | ||||||||||||
(Unaudited) (in thousands) | ||||||||||||
June 30, |
|
March 31, |
|
December 31, |
||||||||
2020 |
|
2020 |
|
2019 |
||||||||
Classified assets: | ||||||||||||
Nonperforming loans | $ |
19,638 |
|
$ |
15,317 |
|
$ |
16,096 |
|
|||
Other real estate owned |
|
8,496 |
|
|
9,029 |
|
|
9,293 |
|
|||
Total nonperforming assets |
|
28,134 |
|
|
24,346 |
|
|
25,389 |
|
|||
Accruing classified loans |
|
970 |
|
|
1,378 |
|
|
2,632 |
|
|||
Total classified assets | $ |
29,104 |
|
$ |
25,724 |
|
$ |
28,021 |
|
|||
Classified assets to Tier 1 capital plus ALL |
|
18.1 |
% |
|
18.5 |
% |
|
22.0 |
% |
|||
Nonperforming assets to total assets |
|
1.9 |
% |
|
1.8 |
% |
|
1.9 |
% |
|||
Allowance for loan losses: | ||||||||||||
Balance at beginning of period | $ |
8,330 |
|
$ |
5,946 |
|
$ |
5,523 |
|
|||
Provision for loan losses |
|
2,550 |
|
|
2,550 |
|
|
560 |
|
|||
Charge-offs |
|
(170 |
) |
|
(307 |
) |
|
(701 |
) |
|||
Recoveries |
|
62 |
|
|
141 |
|
|
564 |
|
|||
Balance at end of period | $ |
10,772 |
|
$ |
8,330 |
|
$ |
5,946 |
|
|||
Loans, excluding PPP loans | $ |
950,920 |
|
$ |
929,295 |
|
$ |
911,850 |
|
|||
PPP loans |
|
103,074 |
|
|
- |
|
|
- |
|
|||
Allowance as % of Loans |
|
1.02 |
% |
|
0.90 |
% |
|
0.65 |
% |
|||
Allowance as % of Loans, excluding PPP loans |
|
1.13 |
% |
|
0.90 |
% |
|
0.65 |
% |
|||
Allowance as a % of nonperforming loans |
|
54.9 |
% |
|
54.4 |
% |
|
36.9 |
% |
|||
Average loans outstanding |
|
946,389 |
|
|
930,099 |
|
|
924,878 |
|
|||
Average loans outstanding, excluding PPP loans |
|
78,981 |
|
|
- |
|
|
- |
|
|||
Net charge-offs (annualized) to average loans |
|
0.04 |
% |
|
0.07 |
% |
|
0.06 |
% |
|||
Net charge-offs (annualized) to average loans, excluding PPP loans |
|
0.05 |
% |
|
0.07 |
% |
|
0.06 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200721005176/en/
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