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Heritage Southeast Bancorporation, Inc. Announces Third Quarter Results

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Heritage Southeast Bancorporation, Inc. ("Company") (OTCQX:HSBI) a $1.5 billion bank holding company headquartered in Jonesboro, Georgia today announced quarterly net income of $901,000 or $0.13 per diluted share for the third quarter of 2020 compared to $948,000 or $0.13 per diluted share for the quarter ended June 30, 2020.

Highlights of the Company's performance and results for the quarter ended September 30, 2020 include the following:

  • Pre-tax core earnings (excluding any impact from the Paycheck Protection Program (PPP), credit charges and securities gains) improved 42% when compared to previous quarter (see GAAP to Non-GAAP Reconciliation).
  • Significant reductions to the legacy problem assets portfolio occurred during the period as total classified assets were down $11.5 million, or 40%.
  • The COVID-19 loan modifications declined in the third quarter as 90% of loans granted payment deferrals related to the pandemic have returned to original terms. This portfolio decreased from $165 million at June 30, 2020 to $16 million at September 30, 2020 and now represents less than 2% of loans outstanding (excluding PPP loans).
  • Successfully completed the first of two core processing conversions which will ultimately create the infrastructure for full backroom consolidation and overall efficiency.
  • Purchased two parcels in Cumming and Carrollton for future branch expansion. These markets are natural extensions to our existing footprint and anticipate the new locations to open in the first half of 2021.

Commenting on the announcement, Leonard Moreland, Chief Executive Officer of HSBI, said, "Our performance in the third quarter demonstrates our team's ability to remain committed to the business plan despite on-going disruptions created by the COVID-19 pandemic. Although the first full year under the new operating model was challenging, we are pleased with our plan execution and the continued development of a common culture and purpose. This foundation has us well positioned to take advantage of current market opportunities, enhance the customer experience, support our communities and deliver an acceptable return to our shareholders."

Net Interest Income

The Company's net interest income increased from $11.8 million during the second quarter of 2020 to $11.9 million during the third quarter of 2020. The Company's reported net interest margin decreased 28 basis points from 3.71% for the second quarter of 2020 to 3.43% for the third quarter of 2020. The net interest margin was negatively impacted by the subordinated debt issuance on June 30, 2020 and the expansion of our revolving senior debt facility. Earning asset yield and cost of funds decreased during the period 29 basis points and one basis point, respectively.

Asset Quality

Classified assets, which include nonperforming assets, totaled $17.6 million at September 30, 2020, compared with $29.1 million at June 30, 2020 and $28.0 million at December 31, 2019. The decrease during the third quarter was due to the execution of specific resolution plans on the legacy portfolio. These assets were resolved without any additional losses being recorded. Classified assets (adjusted for SBA guarantees) to tier one capital plus allowance for loan losses was 11.9% at September 30, 2020 versus 18.1% at June 30, 2020 and 22.0% at December 31, 2019. Past due loans decreased from $3.5 million, or 0.37% of total loans outstanding (exclusive of PPP), at June 30, 2020 to $2.2 million, or 0.23% of total loans outstanding (exclusive of PPP), at September 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 third quarter of 2020, equal to the amount recorded in each of the first two quarters of 2020. The elevated provision for credit losses recorded in the first nine months of 2020 reflects the uncertain economic impact from the COVID-19 pandemic. In the third quarter of 2020, net loan charge-offs were $397,000 or 0.15% of average loans compared with $108,000 or 0.04% of average loans in the second quarter of 2020. For the nine months ended September 30, 2020, net charge-offs were $671,000 or 0.09% of average loans.

Non-interest Income

During the quarter ended September 30, 2020, non-interest income decreased from $4.1 million for the second quarter of 2020 to $3.9 million for the third quarter of 2020. Lower gains on sale of securities were partially offset by improved activity-based account service charges of $215,000, higher debit / ATM card fees of $97,000 and increased gains on sales of SBA loans of $214,000.

Non-interest Expense

Non-interest expense increased $77,000, from $12.0 million in the second quarter of 2020 to $12.1 million in the third quarter of 2020. Salaries and employee benefits increased $600,000 due primarily to deferred PPP costs recorded in the second quarter. The increase was partly offset by lower other real estate owned costs and other operating expenses to secure the work environment during the pandemic.

Balance Sheet

Loans, excluding PPP, decreased $1.4 million from $950.9 million at June 30, 2020 to $949.5 million at September 30, 2020. Excluding reductions related to previously mentioned problem loan workouts, the loan portfolio grew $7.1 million in the period.

Total deposits increased $29.2 million, or 2.3%, from the quarter ended June 30, 2020 to the quarter ended September 30, 2020. Demand deposits increased $22.1 million and money market and savings deposits increased $18.1 million. These increases were partially offset by a reduction in time deposits of $11.0 million in the period. Overall, the increases to the deposit base associated with PPP and other consumer-based stimulus programs remain on the balance sheet at September 30, 2020 and is estimated to be $150 million.

Capital

The Company continues to remain well capitalized. The issuance of subordinated notes in the second quarter 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 September 30, 2020, the Bank's Leverage Ratio was 9.08%, its Common Equity Tier I and Tier 1 Capital ratios were 12.10%, and its Total Risk-Based Capital ratio was 13.26%. These regulatory capital ratios are significantly above levels required to be considered "well capitalized", which is the highest possible regulatory designation. Additionally, excluding the 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 the HSBI website.

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

September 30,

June 30,

March 31,

December 31,

 

2020

 

 

2020

 

 

2020

 

 

2019

 

Earnings:
Net Interest Income

$

11,901

 

$

11,769

 

$

12,213

 

$

12,477

 

Net Income

 

901

 

 

948

 

 

1,616

 

 

2,740

 

 
Per Share Data:
Earnings per share:
Basic

$

0.13

 

$

0.14

 

$

0.23

 

$

0.40

 

Diluted

$

0.13

 

$

0.13

 

$

0.23

 

$

0.38

 

Weighted average number of shares:
Basic

 

6,921

 

 

6,908

 

 

6,893

 

 

6,877

 

Diluted

 

7,139

 

 

7,131

 

 

7,117

 

 

7,204

 

Period-end number of shares (1)

 

7,229

 

 

7,227

 

 

7,231

 

 

7,242

 

Book value per share (period-end)

$

19.62

 

$

19.45

 

$

19.29

 

$

18.71

 

Tangible book value per share (period-end)

$

14.54

 

$

14.34

 

$

14.14

 

$

13.60

 

 
Key Ratios (percent):
Return on average assets

 

0.24

%

 

0.27

%

 

0.49

%

 

0.83

%

Return on average tangible equity

 

3.44

%

 

3.70

%

 

6.45

%

 

10.74

%

Yield on interest earning assets

 

4.03

%

 

4.32

%

 

5.01

%

 

5.13

%

Cost of funds

 

0.60

%

 

0.61

%

 

0.80

%

 

0.84

%

Cost of interest bearing liabilities

 

0.87

%

 

0.87

%

 

1.07

%

 

1.14

%

Net interest margin

 

3.43

%

 

3.71

%

 

4.21

%

 

4.29

%

Net interest margin, excluding PPP loans

 

3.67

%

 

3.78

%

 

4.21

%

 

4.29

%

Non-interest income as a percent of total revenue

 

24.7

%

 

26.0

%

 

27.9

%

 

23.6

%

Efficiency Ratio

 

75.1

%

 

74.2

%

 

71.3

%

 

70.8

%

 
Asset Quality (period-end):
Allowance for loan losses to total loans

 

1.23

%

 

1.02

%

 

0.90

%

 

0.65

%

Allowance for loan losses to loans, excluding PPP loans

 

1.36

%

 

1.13

%

 

0.90

%

 

0.65

%

Allowance for loan losses to total nonperforming loans

 

118.6

%

 

54.9

%

 

54.4

%

 

36.9

%

Nonperforming assets to total assets

 

1.0

%

 

1.9

%

 

1.8

%

 

1.9

%

Net charge-offs (annualized) to average loans

 

0.15

%

 

0.04

%

 

0.07

%

 

0.06

%

Net charge-offs (annualized) to average loans, excluding PPP loans

 

0.17

%

 

0.05

%

 

0.07

%

 

0.06

%

 
Capital (period-end):
Heritage Southeast Bank risk based capital ratios:
CET1

 

12.10

%

 

11.99

%

 

10.58

%

 

10.24

%

Tier 1

 

12.10

%

 

11.99

%

 

10.58

%

 

10.24

%

Total

 

13.26

%

 

12.97

%

 

11.36

%

 

10.81

%

Leverage

 

9.08

%

 

9.55

%

 

8.92

%

 

8.54

%

 
Other (period-end):
Branches

 

24

 

 

24

 

 

24

 

 

23

 

FTE

 

289

 

 

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

 

Nine Months Ended

September 30,

June 30,

March 31,

December 31,

 

September 30,

 

2020

 

2020

 

2020

 

2019

 

 

2020

Interest and dividend revenue:
Loans, including fees

$

12,806

$

12,748

$

13,564

$

13,903

$

39,118

PPP loans, including fees

 

666

 

523

 

-

 

-

 

1,189

Investment securities

 

426

 

394

 

618

 

606

 

1,438

Fed funds sold, deposits in banks and other

 

76

 

40

 

347

 

406

 

463

Total interest and dividend revenue

 

13,974

 

13,705

 

14,529

 

14,915

 

42,208

 
Interest expense:
Deposits

 

1,457

 

1,673

 

2,022

 

2,116

 

5,152

Fed funds purchased and repurchase agreements

 

21

 

20

 

50

 

54

 

91

Federal Home Loan Bank advances

 

1

 

14

 

23

 

25

 

38

Line of credit

 

196

 

135

 

100

 

100

 

431

Subordinated debentures

 

313

 

-

 

-

 

-

 

313

Line of credit

 

85

 

94

 

121

 

143

 

300

Total interest expense

 

2,073

 

1,936

 

2,316

 

2,438

 

6,325

 
Net interest income

 

11,901

 

11,769

 

12,213

 

12,477

 

35,883

Provision for loan losses

 

2,550

 

2,550

 

2,550

 

560

 

7,650

Net interest revenue after provision for loan losses

 

9,351

 

9,219

 

9,663

 

11,917

 

28,233

 
Noninterest revenue:
Service charges and fees

 

1,433

 

1,218

 

1,698

 

1,727

 

4,349

Interchange and ATM fees

 

1,524

 

1,427

 

1,268

 

1,315

 

4,219

Securities gains, net

 

-

 

741

 

572

 

-

 

1,313

Gain on sale of loans

 

275

 

61

 

551

 

184

 

887

Other

 

678

 

696

 

639

 

628

 

2,013

Total noninterest revenue

 

3,910

 

4,143

 

4,728

 

3,854

 

12,781

 
Operating expenses:
Salaries and employee benefits

 

6,477

 

5,877

 

6,856

 

6,125

 

19,210

Occupancy and equipment

 

1,454

 

1,382

 

1,292

 

1,376

 

4,128

Other real estate expenses, including losses
on sales and impairments, net

 

113

 

619

 

73

 

44

 

805

Other

 

4,070

 

4,159

 

4,098

 

4,324

 

12,327

Total other operating expenses

 

12,114

 

12,037

 

12,319

 

11,869

 

36,470

Income before income tax expense

 

1,147

 

1,325

 

2,072

 

3,902

 

4,544

Income tax expense

 

246

 

377

 

456

 

1,162

 

1,079

Net income

$

901

$

948

$

1,616

$

2,740

$

3,465

 
Average common shares outstanding

 

6,921

 

6,908

 

6,893

 

6,877

 

6,906

Shares for diluted earnings per share

 

7,139

 

7,131

 

7,117

 

7,204

 

7,126

 
Basic earnings per common share

$

0.13

$

0.14

$

0.23

$

0.40

$

0.50

Diluted earnings per common share

$

0.13

$

0.13

$

0.23

$

0.38

$

0.49

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(in thousands)
 

(Unaudited)

(Unaudited)

(Unaudited)

 

(Unaudited)

September 30,

June 30,

March 31,

December 31,

September 30,

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

Assets
Cash and due from banks

$

23,001

 

$

26,767

 

$

37,192

 

$

30,458

 

$

26,633

 

Interest-bearing deposits with banks

 

178,473

 

 

172,961

 

 

95,446

 

 

142,552

 

 

113,293

 

Cash and cash equivalents

 

201,474

 

 

199,728

 

 

132,638

 

 

173,010

 

 

139,926

 

Securities available for sale, at fair value

 

157,045

 

 

131,429

 

 

133,520

 

 

125,479

 

 

104,265

 

Other investments

 

1,203

 

 

1,451

 

 

1,451

 

 

1,322

 

 

1,322

 

Loans:
Loans, excluding PPP loans

 

949,473

 

 

950,920

 

 

929,295

 

 

911,850

 

 

913,306

 

PPP loans

 

103,402

 

 

103,074

 

 

-

 

 

-

 

 

-

 

Allowance for loan losses

 

(12,925

)

 

(10,772

)

 

(8,330

)

 

(5,946

)

 

(5,523

)

Loans, net

 

1,039,950

 

 

1,043,222

 

 

920,965

 

 

905,904

 

 

907,783

 

 
Premises and equipment, net

 

37,154

 

 

34,375

 

 

34,537

 

 

34,443

 

 

34,192

 

Bank owned life insurance

 

28,536

 

 

28,334

 

 

28,129

 

 

26,802

 

 

26,617

 

Other real estate owned

 

5,043

 

 

8,496

 

 

9,029

 

 

9,293

 

 

11,838

 

Goodwill

 

28,275

 

 

28,275

 

 

28,275

 

 

28,275

 

 

28,275

 

Core deposit intangible, net

 

8,470

 

 

8,707

 

 

8,944

 

 

9,182

 

 

9,498

 

Deferred tax asset, net

 

14,989

 

 

15,276

 

 

15,660

 

 

16,598

 

 

19,300

 

Other assets

 

8,058

 

 

6,156

 

 

5,807

 

 

5,743

 

 

3,140

 

Total Assets

$

1,530,197

 

$

1,505,449

 

$

1,318,955

 

$

1,336,051

 

$

1,286,156

 

 
Liabilities
Deposits:
Noninterest-bearing

$

427,389

 

$

417,690

 

$

312,203

 

$

296,851

 

$

304,342

 

Interest-bearing demand

 

237,710

 

 

225,292

 

 

199,585

 

 

234,334

 

 

189,500

 

Money market and savings

 

355,308

 

 

337,169

 

 

299,901

 

 

291,778

 

 

284,047

 

Time

 

290,521

 

 

301,532

 

 

317,571

 

 

331,515

 

 

328,830

 

Total deposits

 

1,310,928

 

 

1,281,683

 

 

1,129,260

 

 

1,154,478

 

 

1,106,719

 

 
Securities sold under agreements to repurchase

 

15,407

 

 

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

 

 

24,688

 

 

14,688

 

 

9,088

 

 

9,088

 

Subordinated debt

 

19,637

 

 

19,653

 

 

-

 

 

-

 

 

-

 

Junior subordinated debentures

 

9,211

 

 

9,173

 

 

9,135

 

 

9,096

 

 

9,045

 

Accrued expenses and other liabilities

 

8,441

 

 

8,267

 

 

8,443

 

 

9,992

 

 

10,746

 

Total liabilities

 

1,388,312

 

 

1,364,825

 

 

1,179,503

 

 

1,200,116

 

 

1,152,683

 

 
Shareholders' Equity
Common stock

 

702

 

 

701

 

 

702

 

 

703

 

 

702

 

Additional paid in capital

 

116,628

 

 

116,396

 

 

116,201

 

 

116,234

 

 

116,089

 

Retained earnings

 

23,007

 

 

22,105

 

 

21,157

 

 

19,541

 

 

16,914

 

Other comprehensive income (loss)

 

1,548

 

 

1,422

 

 

1,392

 

 

(543

)

 

(232

)

Total Shareholders' Equity

 

141,885

 

 

140,624

 

 

139,452

 

 

135,935

 

 

133,473

 

Total Liabilities and Shareholders' Equity

$

1,530,197

 

$

1,505,449

 

$

1,318,955

 

$

1,336,051

 

$

1,286,156

 

 
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
GAAP to Non-GAAP Reconciliation
(Unaudited) (in thousands)
 

September 30,

June 30,

March 31,

December 31,

 

2020

 

 

2020

 

 

2020

 

 

2019

Income before income tax expense (GAAP)

$

1,147

 

$

1,325

 

$

2,072

 

$

3,902

Provision for loan losses

 

2,550

 

 

2,550

 

 

2,550

 

 

560

Other real estate expenses, including losses on sales and impairments, net

 

113

 

 

619

 

 

73

 

 

44

Securities gains, net

 

-

 

 

(741

)

 

(572

)

 

-

PPP impact

 

(646

)

 

(1,523

)

 

-

 

 

-

Pre-tax core earnings

$

3,164

 

$

2,230

 

$

4,123

 

$

4,506

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Loan Portfolio
(Unaudited) (in thousands)
 

September 30,

June 30,

March 31,

December 31,

September 30,

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

Real estate loans:
Construction and land development

$

136,313

 

$

148,158

 

$

133,592

 

$

134,864

 

$

134,669

 

Single-family residential

 

166,673

 

 

167,734

 

 

176,844

 

 

166,082

 

 

164,123

 

Commercial

 

446,590

 

 

435,033

 

 

420,317

 

 

416,235

 

 

417,072

 

Multifamily

 

11,849

 

 

11,669

 

 

11,748

 

 

19,247

 

 

20,741

 

Total real estate loans

 

761,425

 

 

762,594

 

 

742,501

 

 

736,428

 

 

736,605

 

 
Commercial loans (not secured by real estate)

 

171,251

 

 

172,134

 

 

170,252

 

 

158,332

 

 

159,407

 

Consumer loans (not secured by real estate)

 

17,844

 

 

17,117

 

 

17,477

 

 

17,928

 

 

18,098

 

Gross loans

 

950,520

 

 

951,845

 

 

930,230

 

 

912,688

 

 

914,110

 

Unearned income

 

(1,047

)

 

(925

)

 

(935

)

 

(838

)

 

(804

)

Loans, net of unearned income

$

949,473

 

$

950,920

 

$

929,295

 

$

911,850

 

$

913,306

 

 
 

September 30,

June 30,

March 31,

December 31,

September 30,

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

PPP loans:
Up to $50,000

$

12,762

 

$

12,765

 

$

-

 

$

-

 

$

-

 

$50,001 - $150,000

 

27,371

 

 

27,371

 

 

-

 

 

-

 

 

-

 

$150,001 - $2 million

 

47,724

 

 

47,724

 

 

-

 

 

-

 

 

-

 

Greater than $2 million

 

17,953

 

 

17,953

 

 

-

 

 

-

 

 

-

 

Total PPP loans

 

105,810

 

 

105,813

 

 

-

 

 

-

 

 

-

 

Unearned income

 

(2,408

)

 

(2,739

)

 

-

 

 

-

 

 

-

 

PPP loans, net of unearned income

$

103,402

 

$

103,074

 

$

-

 

$

-

 

$

-

 

 
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Asset Quality Information
(Unaudited) (in thousands)
 

September 30,

June 30,

March 31,

December 31,

 

2020

 

 

2020

 

 

2020

 

 

2019

 

Classified assets:
Nonperforming loans

$

10,902

 

$

19,638

 

$

15,317

 

$

16,096

 

Other real estate owned

 

5,043

 

 

8,496

 

 

9,029

 

 

9,293

 

Total nonperforming assets

 

15,945

 

 

28,134

 

 

24,346

 

 

25,389

 

Accruing classified loans

 

1,634

 

 

971

 

 

1,378

 

 

2,632

 

Total classified assets

$

17,579

 

$

29,105

 

$

25,724

 

$

28,021

 

 
Classified assets to Tier 1 capital plus ALL

 

11.9

%

 

18.1

%

 

18.5

%

 

22.0

%

Nonperforming assets to total assets

 

1.0

%

 

1.9

%

 

1.8

%

 

1.9

%

 
Allowance for loan losses:
Balance at beginning of period

$

10,772

 

$

8,330

 

$

5,946

 

$

5,523

 

Provision for loan losses

 

2,550

 

 

2,550

 

 

2,550

 

 

560

 

Charge-offs

 

(403

)

 

(170

)

 

(307

)

 

(701

)

Recoveries

 

6

 

 

62

 

 

141

 

 

564

 

Balance at end of period

$

12,925

 

$

10,772

 

$

8,330

 

$

5,946

 

 
Loans, excluding PPP loans

$

949,324

 

$

950,920

 

$

929,295

 

$

911,850

 

PPP loans

 

103,551

 

 

103,074

 

 

-

 

 

-

 

Performing past due loans

 

2,193

 

 

3,506

 

 

4,798

 

 

4,987

 

Allowance as % of loans

 

1.23

%

 

1.02

%

 

0.90

%

 

0.65

%

Allowance as % of loans, excluding PPP loans

 

1.36

%

 

1.13

%

 

0.90

%

 

0.65

%

Allowance as a % of nonperforming loans

 

118.6

%

 

54.9

%

 

54.4

%

 

36.9

%

Average loans, excluding PPP loans

 

947,177

 

 

946,389

 

 

930,099

 

 

924,878

 

Average PPP loans

 

102,396

 

 

78,981

 

 

-

 

 

-

 

Net charge-offs (annualized) to average loans

 

0.15

%

 

0.04

%

 

0.07

%

 

0.06

%

Net charge-offs (annualized) to average loans, excluding PPP loans

 

0.17

%

 

0.05

%

 

0.07

%

 

0.06

%

 

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