People’s Utah Bancorp (the “Company” or “PUB”) (Nasdaq: PUB)
reported net income of $11.1 million for the third quarter of 2019
compared with $11.0 million for the second quarter of 2019, and
$10.5 million for the third quarter of 2018. Diluted earnings per
common share were $0.59 for the third quarter of 2019 compared with
$0.58 for the second quarter of 2019, and $0.55 for the third
quarter of 2018.
Annualized return on average assets was 1.88%
for the third quarter of 2019 compared with 1.96% for second
quarter of 2019, and 1.91% for the third quarter of 2018.
Annualized return on average equity was 13.79% for the third
quarter of 2019 compared with 14.33% for the second quarter of
2019, and 14.97% for the third quarter of 2018.
The Board of Directors declared a quarterly
dividend payment of $0.13 per common share. The dividend will be
payable on November 12, 2019 to shareholders of record on November
4, 2019. The dividend payout ratio for earnings for the third
quarter of 2019 was 22.0%. This continues the over 50-year trend of
paying dividends by the Company.
“People’s Utah Bancorp achieved strong financial
performance in the third quarter. Our total assets grew 10.5% from
a year ago, primarily as a result of strong low-cost, core deposit
growth. Total deposits grew $230 million, or 12.3% year-over-year,
as our retail branches and commercial treasury management team
focused on raising commercial deposits from existing commercial
clients, as well as the acquisition of new client relationships.
Our loan growth has slowed as we have increased selectivity and
managed overall concentrations,” said Len Williams, President and
Chief Executive Officer.
“We achieved a return on average equity of 13.8%
and a return on average assets of 1.9%, even as we continue to
position, strengthen, and fortify our balance sheet. We have
increased our average equity to average assets from 12.8% a year
ago to 13.7% for the third quarter of 2019, while increasing our
allowance for loan losses as a percentage of total loans from 1.4%
a year ago to 1.8% at the end of the third quarter of 2019. We
believe this focus will ensure greater strength and safety, given
our expectations for a slower economy going forward.”
Mr. Williams continued, “We have decided to
simplify our branding strategy to a single, unified name for our
Bank, a new logo, and a more contemporary look. We are currently
communicating the new brand with our existing clients, through
one-on-one discussions and other forms of communication. We plan to
make a public announcement on November 12, 2019 regarding our new
branding strategy. We expect this new branding strategy will
provide us with the opportunity to increase market penetration as
potential clients better understand our size, scale, and product
offerings as a unified bank. Ultimately, we anticipate that these
efforts will result in greater growth in our loan and deposit
portfolios and higher overall revenues.”
Net Interest Income and
Margin
For the third quarter of 2019, net interest
income grew 3.7%, or $1.0 million, to $28.2 million compared with
$27.2 million for the same period a year earlier. The increase is
primarily the result of average interest earning assets growing
8.3%, or $170 million, while yields on interest earning assets
declined 18 basis points to 5.44% for the same period a year ago.
Lower yields on interest earning assets were primarily the result
of $207 million, or 62.5%, increase in the average amount of lower
yielding cash and investment securities held by the Company
stemming from average core deposits increasing $172 million, or
9.4%, for the same respective period. Yield on total loans
increased 16 basis points to 6.49% for the third quarter of 2019
compared with the same period a year ago, while average loans
declined $35.5 million, or 2.1%, for the same comparable period.
The percentage of loans to total interest earning assets decreased
to 75.7% for the third quarter of 2019 compared with 83.7% for the
third quarter of 2018.
For the third quarter of 2019, total cost of
interest-bearing liabilities increased 7 basis points to 0.70%
compared with the same period a year ago and is the result of the
cost of interest bearing deposits increasing 14 basis points to
0.70% for the same comparable period, while the Company had no
short-term borrowing for the third quarter of 2019 compared with
$49.4 million of average short-term borrowings in the third quarter
of 2018.
Acquisition accounting adjustments, including
the accretion of loan discounts and amortization of core deposit
intangibles, added 10 basis points to the net interest margin for
the third quarter of 2019.
Provision for Loan Losses
For the third quarter of 2019, provision for
loan losses was $2.1 million compared with $1.9 million for the
same period a year earlier. The increase in provision for loan
losses in the third quarter of 2019 is due primarily to $1.0
million increase in specific reserves, with the remainder the
result of increased general reserves. For the third quarter of
2019, the Company incurred net recoveries of $0.3 million compared
with net charge-offs of $0.9 million for the same period a year
ago.
Noninterest Income
For the third quarter of 2019, noninterest
income increased $0.7 million, or 17.7%, to $4.5 million compared
with $3.8 million the same period a year ago. The increase was
primarily the result of mortgage banking income increasing from
higher loan sales in the third quarter of 2019 compared with the
same period a year ago due to a significant increase in refinance
volumes as overall interest rates declined.
Noninterest Expense
For the third quarter of 2019, noninterest
expense was $16.1 million compared with $15.3 million for the same
period a year earlier and is primarily the result of $0.5 million
in higher salaries and employee benefits and $0.5 million in higher
marketing and advertising expenses associated with the rebranding
of the Company. The Company expects higher marketing and
advertising expense related to the rollout of a new branding
strategy both in the fourth quarter of 2019 and into 2020. Higher
salaries and employee benefits, and marketing and advertising were
offset by lower FDIC premiums as the Company applied its small bank
FDIC assessment credits to its overall premium assessment. For the
third quarter of 2019, the Company’s efficiency ratio was 49.20%
compared with 49.33% for the same period a year ago.
Income Tax Provision
For the third quarter of 2019, income tax
expense was $3.4 million compared with $3.3 million for the same
period a year earlier. For the third quarter of 2019, the effective
tax rate was 23.2% compared with 23.9% for the same period a year
ago.
Loans and Credit Quality
Loans held for investment decreased $3.8
million, or 0.2%, to $1.68 billion at September 30, 2019 compared
with $1.68 billion at December 31, 2018, and decreased $43.2
million, or 2.5% compared with $1.72 billion at September 30, 2018.
The decline is primarily the result of declines in the acquisition,
development, and construction loan portfolio of $38.7 million, or
11.9% from December 31, 2018 to September 30, 2019 and $96.4
million, or 25.2%, from a year ago, as the Company has managed loan
concentration levels and become more selective with the type and
size of construction projects that it is willing to finance, given
its perspective on a slowing economy. For the nine months ended
September 30, 2019, average loans declined $16.5 million, or 1.0%,
to $1.68 billion compared with $1.70 billion for the same period a
year earlier.
Non-performing loans were $4.3 million at
September 30, 2019 compared with $4.5 million at December 31, 2018,
and $5.8 million at September 30, 2018. Non-performing loans to
total loans were 0.26% at September 30, 2019 compared with 0.27% at
December 31, 2018, and 0.34% at September 30, 2018. Non-performing
assets were $4.3 million at September 30, 2019 compared with $4.5
million at December 31, 2018, and $8.8 million at September 30,
2018. Non-performing assets to total assets were 0.17% at September
30, 2019 compared with 0.21% at December 31, 2018, and 0.40% at
September 30, 2018. The allowance for loan losses increased $7.2
million, or 30.7%, to $30.5 million at September 30, 2019 compared
with the same period a year earlier. The allowance for loan losses
to loans held for investment was 1.82% at September 30, 2019
compared with 1.50% at December 31, 2018, and 1.36% at September
30, 2018. In accordance with acquisition accounting, loans acquired
from the Utah branches of Banner Bank and Town & Country Bank
were recorded at their estimated fair value, which resulted in a
net discount to the loans’ contractual amounts, a portion of which
reflects a discount for possible credit losses. Credit discounts
are included in the determination of fair value, and as a result,
no allowance for loan and lease losses is recorded for acquired
loans at the acquisition date. The discount recorded on the
acquired loans is not reflected in the allowance for loan losses or
related allowance coverage ratios. Remaining credit discounts on
acquired loans was $6.4 million at September 30, 2019.
In June 2016, the Financial Accounting Standard
Board (“FASB”) issued Accounting Standard Update (“ASU”) No.
2016-13, “Financial Instruments-Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments.” The ASU
significantly changes the accounting for credit loss measurement on
loans and debt securities. For loans and held-to-maturity debt
securities, the ASU requires a current expected credit loss
(“CECL”) measurement to estimate the allowance for credit losses
(“ACL”) for the remaining estimated life of the financial asset
(including off-balance sheet credit exposures) using historical
experience, current conditions, and reasonable and supportable
forecasts. The ASU eliminates the existing guidance for Purchased
Credit Impaired (“PCI”) loans but requires an allowance for
purchased financial assets with more than an insignificant
deterioration since origination, otherwise known as purchase credit
deteriorated (“PCD”) assets. In addition, the ASU modifies the
other-than-temporary impairment model for available-for-sale debt
securities to require an allowance for credit impairment instead of
a direct write-down, which allows for reversal of credit
impairments in future periods based on an improvement in credit.
This ASU is effective for interim and annual reporting periods
beginning after December 15, 2019.
On October 16, 2019, the FASB voted to delay the
adoption by two years to January 2023 for private companies,
not-for-profit companies, and certain small public companies that
meet the definition of a smaller reporting company (“SRC”), as
defined by the Securities and Exchange Commission. To meet the
requirements of an SRC, an entity must be an issuer as defined by
the SEC and have public float of less than $250 million, or public
float of less than $700 million and annual revenues of less than
$100 million. As of June 30, 2019, the Company’s public float was
$466 million and annual revenues for 2018 were $130 million. As a
result, the Company is not an SRC and therefore, will be required
to adopt the ASU effective January 1, 2020.
The implementation process includes evaluation
of technical accounting topics; developing, validating and
implementing models and methodologies used to calculate CECL;
updating ACL documentation; validating internal controls; and
overall operational readiness for adoption of the ASU. The Company
is currently running new models and processes in parallel with
existing models and processes under current accounting guidance in
advance of the January 1, 2020 effective date. These parallel runs
will focus on technical functionality of the CECL calculation,
operational execution of the end-to-end process, as well as
disclosure requirements. The Company has established a project team
and a steering committee to provide cross-functional governance
over and make key decisions relating to the project plan and the
parallel runs.
The Company intends to recognize an ACL for
held-to-maturity and available-for-sale debt securities. The ACL on
available-for-sale debt securities will be subject to a limitation
based on the fair value of the debt securities. Based on the credit
quality of existing debt securities, The Company does not expect
the ACL for debt securities to be material.
The Company expects to use the weighted average
remaining maturity (“WARM”) approach, adjusted for prepayments, to
calculate CECL. As described in the FASB Staff Question and
Answers, the Company intends to use a qualitative approach to
adjust historical loss information for current conditions and for
reasonable and supportable forecasts, and then immediately revert
to historical credit losses. As noted in section ASU 320-20-30-9,
“An entity shall not rely solely on past events to estimate
expected credit losses. When an entity uses historical loss
information, it shall consider the need to adjust historical
information to reflect the extent to which management expects
current conditions and reasonable and supportable forecasts to
differ from the conditions that existed for the period over which
historical information was evaluated. The adjustments to historical
loss information may be qualitative in nature and should reflect
changes related to relevant data (such as changes in unemployment
rates, property values, commodity values, delinquency, or other
factors that are associated with credit losses on the financial
asset or in the group of financial assets).”
The Company is currently in the process of
evaluating the impact of the ASU on its earnings, financial
position, and regulatory capital amounts and ratios related to
loans. The Company expects its ACL to increase upon adoption,
because the ACL will be required to cover the full remaining
expected life of the portfolio, rather than the incurred loss model
under current U.S. GAAP. In addition, a portion of the increase
will be due to PCI loans that will be reclassified as PCD loans
with the credit related non-accretable discount increasing both ACL
and loan balances, but not retained earnings. However, accretable
discounts held on non-PCD loans are not allowed to be moved to ACL
as part of the adoption of this ASU. As a result, the Company will
be required to set aside additional ACL for non-PCD loans through
retained earnings upon adoption. As a result, the Company will
continue to hold accretable discounts that will be recorded to
interest income over the remaining life of non-PCD loans as well as
a similar amount in ACL.
The Company expects greater volatility in its
earnings and those of other banks after adoption due to the nature
and time horizon used to calculate CECL. In addition, the Company
expects a potential negative impact to credit availability and
reduced loan terms to borrowers as this ASU is adopted by financial
institutions. Lastly, the Company expects a lack of comparability
with financial performance to many of its peers as it adopts this
ASU, due to delayed adoption for public companies with total assets
similar in size to the Company.
The ultimate effect of CECL on the Company’s ACL
will depend on the size and composition of the loan portfolio; the
loan portfolio’s credit quality and economic conditions at the time
of adoption; as well as any refinements to models, methodologies,
and other key assumptions used.
At adoption, the Company will have a cumulative
effect adjustment to retained earnings for the change in the ACL,
which the Company expects to negatively impact regulatory capital
amounts and ratios. An increase in the Company’s ACL will result in
a decrease in regulatory capital amounts and ratios. Bank
regulatory agencies have provided regulatory capital relief for an
initial capital decrease from the adoption of this ASU by allowing
a phased adoption over three years, on a straight-line basis, which
the Company expects to utilize.
Deposits and Liabilities
Total deposits increased $225 million, or 12.0%,
to $2.10 billion at September 30, 2019 compared with $1.88 billion
at December 31, 2018, and increased $230 million, or 12.3%,
compared with $1.87 billion at September 30, 2018. The increase in
total deposits was primarily the result of organic commercial
deposit growth. Non-interest bearing deposits were 37.0% of total
deposits as of September 30, 2019 compared with 34.2% as of
December 31, 2018, and 36.2% as of September 30, 2018.
Shareholders’ Equity
Shareholders’ equity increased by $32.6 million
to $323 million at September 30, 2019 compared with $290 million at
December 31, 2018 and increased by $43.1 million compared with $280
million at September 30, 2018. The increase resulted primarily from
net income earned during the intervening periods, net of cash
dividends paid to shareholders; and a reduction in accumulated
other comprehensive losses resulting from an improvement in the
fair value of investment securities as overall interest rates
declined.
Conference Call and Webcast
Management will host a conference call on
Thursday, October 24, 2019 at 10:00 a.m. MDT (12:00 p.m. EDT) to
discuss its third quarter financial performance. Interested
investors may listen to the call live at www.peoplesutah.com.
Investment professionals are invited to dial 888-317-6003
(international calls 412-317-6061) and the participant entry number
is 5979702. Please dial in 10-15 minutes early so the name and
company information can be collected prior to the start of the
conference.
If you are unable to participate during the live
webcast, the call will be archived on our website
www.peoplesutah.com, or at the same URL above for one month after
the call. Forward-looking and other material information may be
discussed on this conference call.
Forward-Looking Statements
Statements in this release that are based on
information other than historical data or that express the
Company’s expectations regarding future events or determinations
are forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. Statements based on historical data
are not intended and should not be understood to indicate the
Company’s expectations regarding future events. Forward-looking
statements provide current expectations or forecasts of future
events or determinations. These forward-looking statements are not
guarantees of future performance or determinations, nor should they
be relied upon as representing management’s views as of any
subsequent date.
Forward-looking statements involve significant
risks and uncertainties, and actual results may differ materially
from those presented, either expressed or implied, in this release.
Factors that could cause actual results to differ materially from
those expressed in the forward-looking statements include: (i)
market and economic conditions; (ii) capital sufficiency; (iii)
operational, liquidity, interest rate and credit risks; (iv)
deterioration of asset quality; (v) achieving loan and deposit
growth; (vi) increased competition; (vii) adequacy of reserves;
(viii) investments in new branches and new business opportunities;
and (ix) changes in the regulatory or legal environment; as well as
other factors discussed in the section titled “Risk Factors,” in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2018 filed with the Securities and Exchange
Commission.
The foregoing factors should not be construed as
exhaustive. The Company does not intend or undertake any obligation
to publicly update these forward-looking statements.
About People’s Utah Bancorp
People’s Utah Bancorp is a $2.4 billion bank
holding company for People’s Intermountain Bank. People’s
Intermountain Bank, is a full-service bank providing loans, deposit
and cash management services to businesses and individuals.
People’s Intermountain Bank is the largest community bank
headquartered in Utah. With 26 branches covering the area between
Preston, Idaho to St. George, Utah, People’s Intermountain Bank’s
clients have direct access to bankers and decision makers who will
work with clients to understand their specific needs and offer
customized solutions designed specifically to meet them. The Bank
has been serving communities in Utah and southern Idaho for more
than 100 years. More information about PUB is available at
www.peoplesutah.com.
Investor Relations Contact:
Mark K. OlsonExecutive Vice President and Chief
Financial Officer1 East Main StreetAmerican Fork UT
84003investorrelations@peoplesutah.comPhone: 801-642-3998
|
PEOPLE’S UTAH BANCORP |
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(Dollars in thousands,
except share |
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
and per share data) |
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
27,544 |
|
|
$ |
27,628 |
|
|
$ |
27,420 |
|
|
$ |
82,152 |
|
|
$ |
80,276 |
|
Interest and dividends on investments |
|
|
2,937 |
|
|
|
2,422 |
|
|
|
1,679 |
|
|
|
7,531 |
|
|
|
5,018 |
|
Total interest income |
|
|
30,481 |
|
|
|
30,050 |
|
|
|
29,099 |
|
|
|
89,683 |
|
|
|
85,294 |
|
Interest
expense |
|
|
2,290 |
|
|
|
2,330 |
|
|
|
1,917 |
|
|
|
6,865 |
|
|
|
5,190 |
|
Net interest
income |
|
|
28,191 |
|
|
|
27,720 |
|
|
|
27,182 |
|
|
|
82,818 |
|
|
|
80,104 |
|
Provision for loan losses |
|
|
2,100 |
|
|
|
2,150 |
|
|
|
1,925 |
|
|
|
5,800 |
|
|
|
5,450 |
|
Net interest income after provision for loan losses |
|
|
26,091 |
|
|
|
25,570 |
|
|
|
25,257 |
|
|
|
77,018 |
|
|
|
74,654 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking |
|
|
2,116 |
|
|
|
1,621 |
|
|
|
1,668 |
|
|
|
5,154 |
|
|
|
4,811 |
|
Card processing |
|
|
976 |
|
|
|
814 |
|
|
|
826 |
|
|
|
2,405 |
|
|
|
2,347 |
|
Service charges on deposit accounts |
|
|
744 |
|
|
|
705 |
|
|
|
737 |
|
|
|
2,106 |
|
|
|
2,114 |
|
Net gain on sale of investment securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
336 |
|
Other |
|
|
631 |
|
|
|
458 |
|
|
|
563 |
|
|
|
1,737 |
|
|
|
1,970 |
|
Total non-interest income |
|
|
4,467 |
|
|
|
3,598 |
|
|
|
3,794 |
|
|
|
11,402 |
|
|
|
11,578 |
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
10,410 |
|
|
|
9,526 |
|
|
|
9,885 |
|
|
|
29,822 |
|
|
|
30,504 |
|
Occupancy, equipment and depreciation |
|
|
1,439 |
|
|
|
1,558 |
|
|
|
1,476 |
|
|
|
4,453 |
|
|
|
4,430 |
|
Data processing |
|
|
879 |
|
|
|
1,018 |
|
|
|
890 |
|
|
|
2,861 |
|
|
|
2,823 |
|
Marketing and advertising |
|
|
805 |
|
|
|
226 |
|
|
|
342 |
|
|
|
1,147 |
|
|
|
1,109 |
|
FDIC premiums |
|
|
6 |
|
|
|
148 |
|
|
|
239 |
|
|
|
244 |
|
|
|
867 |
|
Acquisition-related costs |
|
|
- |
|
|
|
- |
|
|
|
(118 |
) |
|
|
- |
|
|
|
232 |
|
Other |
|
|
2,529 |
|
|
|
2,223 |
|
|
|
2,566 |
|
|
|
7,156 |
|
|
|
7,186 |
|
Total non-interest expense |
|
|
16,068 |
|
|
|
14,699 |
|
|
|
15,280 |
|
|
|
45,683 |
|
|
|
47,151 |
|
Income before income
tax expense |
|
|
14,490 |
|
|
|
14,469 |
|
|
|
13,771 |
|
|
|
42,737 |
|
|
|
39,081 |
|
Income tax expense |
|
|
3,355 |
|
|
|
3,480 |
|
|
|
3,288 |
|
|
|
10,108 |
|
|
|
9,127 |
|
Net
income |
|
$ |
11,135 |
|
|
$ |
10,989 |
|
|
$ |
10,483 |
|
|
$ |
32,629 |
|
|
$ |
29,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.59 |
|
|
$ |
0.58 |
|
|
$ |
0.56 |
|
|
$ |
1.73 |
|
|
$ |
1.60 |
|
Diluted |
|
$ |
0.59 |
|
|
$ |
0.58 |
|
|
$ |
0.55 |
|
|
$ |
1.72 |
|
|
$ |
1.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
18,840,381 |
|
|
|
18,805,760 |
|
|
|
18,713,410 |
|
|
|
18,809,334 |
|
|
|
18,664,339 |
|
Diluted |
|
|
19,029,350 |
|
|
|
19,007,297 |
|
|
|
19,010,600 |
|
|
|
19,008,883 |
|
|
|
18,979,405 |
|
PEOPLE’S UTAH BANCORP |
UNAUDITED CONSOLIDATED BALANCE SHEETS |
|
|
|
September 30, |
|
|
June 30, |
|
|
December 31, |
|
|
September 30, |
|
(Dollars in thousands, except share data) |
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
45,196 |
|
|
$ |
38,121 |
|
|
$ |
39,471 |
|
|
$ |
27,231 |
|
Interest-bearing deposits |
|
|
195,082 |
|
|
|
64,064 |
|
|
|
7,456 |
|
|
|
23,005 |
|
Federal funds sold |
|
|
100,118 |
|
|
|
90,281 |
|
|
|
1,620 |
|
|
|
4,697 |
|
Total cash and cash equivalents |
|
|
340,396 |
|
|
|
192,466 |
|
|
|
48,547 |
|
|
|
54,933 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale, at fair value |
|
|
319,857 |
|
|
|
334,762 |
|
|
|
280,964 |
|
|
|
255,021 |
|
Held to maturity, at historical cost |
|
|
- |
|
|
|
- |
|
|
|
65,462 |
|
|
|
67,148 |
|
Total investment securities |
|
|
319,857 |
|
|
|
334,762 |
|
|
|
346,426 |
|
|
|
322,169 |
|
Non-marketable equity
securities |
|
|
2,623 |
|
|
|
2,623 |
|
|
|
2,551 |
|
|
|
4,231 |
|
Loans held for sale |
|
|
19,554 |
|
|
|
18,446 |
|
|
|
10,267 |
|
|
|
8,467 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment |
|
|
1,675,147 |
|
|
|
1,672,584 |
|
|
|
1,678,902 |
|
|
|
1,718,403 |
|
Allowance for loan losses |
|
|
(30,471 |
) |
|
|
(28,039 |
) |
|
|
(25,245 |
) |
|
|
(23,309 |
) |
Total loans held for investment, net |
|
|
1,644,676 |
|
|
|
1,644,545 |
|
|
|
1,653,657 |
|
|
|
1,695,094 |
|
Premises and equipment,
net |
|
|
37,958 |
|
|
|
37,925 |
|
|
|
36,532 |
|
|
|
36,683 |
|
Goodwill |
|
|
25,673 |
|
|
|
25,673 |
|
|
|
25,673 |
|
|
|
25,673 |
|
Bank-owned life insurance |
|
|
26,885 |
|
|
|
26,734 |
|
|
|
26,433 |
|
|
|
26,276 |
|
Deferred income tax
assets |
|
|
9,169 |
|
|
|
9,178 |
|
|
|
11,514 |
|
|
|
11,224 |
|
Accrued interest
receivable |
|
|
8,850 |
|
|
|
8,642 |
|
|
|
8,282 |
|
|
|
8,766 |
|
Other intangibles |
|
|
3,080 |
|
|
|
3,191 |
|
|
|
3,412 |
|
|
|
3,523 |
|
Other real estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,985 |
|
Other assets |
|
|
5,742 |
|
|
|
7,680 |
|
|
|
11,000 |
|
|
|
12,829 |
|
Total assets |
|
$ |
2,444,463 |
|
|
$ |
2,311,865 |
|
|
$ |
2,184,294 |
|
|
$ |
2,212,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
$ |
777,041 |
|
|
$ |
707,135 |
|
|
$ |
642,594 |
|
|
$ |
677,379 |
|
Interest-bearing deposits |
|
|
1,324,671 |
|
|
|
1,274,771 |
|
|
|
1,234,461 |
|
|
|
1,194,553 |
|
Total deposits |
|
|
2,101,712 |
|
|
|
1,981,906 |
|
|
|
1,877,055 |
|
|
|
1,871,932 |
|
Short-term borrowings |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
42,000 |
|
Accrued interest payable |
|
|
571 |
|
|
|
546 |
|
|
|
483 |
|
|
|
424 |
|
Other liabilities |
|
|
19,461 |
|
|
|
16,614 |
|
|
|
16,594 |
|
|
|
18,865 |
|
Total liabilities |
|
|
2,121,744 |
|
|
|
1,999,066 |
|
|
|
1,894,132 |
|
|
|
1,933,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares, $0.01 par value |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common shares, $0.01 par value |
|
|
189 |
|
|
|
188 |
|
|
|
187 |
|
|
|
187 |
|
Additional paid-in capital |
|
|
87,704 |
|
|
|
87,275 |
|
|
|
86,308 |
|
|
|
86,098 |
|
Retained earnings |
|
|
233,634 |
|
|
|
224,950 |
|
|
|
207,779 |
|
|
|
199,161 |
|
Accumulated other comprehensive income/(loss) |
|
|
1,192 |
|
|
|
386 |
|
|
|
(4,112 |
) |
|
|
(5,814 |
) |
Total shareholders’ equity |
|
|
322,719 |
|
|
|
312,799 |
|
|
|
290,162 |
|
|
|
279,632 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,444,463 |
|
|
$ |
2,311,865 |
|
|
$ |
2,184,294 |
|
|
$ |
2,212,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
18,855,710 |
|
|
|
18,819,332 |
|
|
|
18,728,823 |
|
|
|
18,719,496 |
|
PEOPLE’S UTAH BANCORP |
SUMMARY FINANCIAL INFORMATION |
|
|
|
|
|
|
|
September 30, |
|
|
June 30, |
|
|
December 31, |
|
|
September 30, |
|
(Dollars in thousands, except share data) |
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
Selected Balance Sheet Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
17.12 |
|
|
$ |
16.62 |
|
|
$ |
15.49 |
|
|
$ |
14.94 |
|
Tangible book value per
share |
|
$ |
15.59 |
|
|
$ |
15.09 |
|
|
$ |
13.94 |
|
|
$ |
13.38 |
|
Non-performing loans to total
loans |
|
|
0.26 |
% |
|
|
0.31 |
% |
|
|
0.27 |
% |
|
|
0.34 |
% |
Non-performing assets to total
assets |
|
|
0.17 |
% |
|
|
0.22 |
% |
|
|
0.21 |
% |
|
|
0.40 |
% |
Allowance for loan losses to
loans held for investment |
|
|
1.82 |
% |
|
|
1.68 |
% |
|
|
1.50 |
% |
|
|
1.36 |
% |
Loans to Deposits |
|
|
79.18 |
% |
|
|
83.91 |
% |
|
|
88.65 |
% |
|
|
91.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
4,255 |
|
|
$ |
5,104 |
|
|
$ |
4,499 |
|
|
$ |
5,830 |
|
Non-performing assets |
|
$ |
4,255 |
|
|
$ |
5,104 |
|
|
$ |
4,499 |
|
|
$ |
8,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital
(1) |
|
|
12.64 |
% |
|
|
12.78 |
% |
|
|
12.27 |
% |
|
|
11.90 |
% |
Total risk-based capital
(1) |
|
|
17.88 |
% |
|
|
17.24 |
% |
|
|
16.36 |
% |
|
|
15.46 |
% |
Average equity to average
assets |
|
|
13.66 |
% |
|
|
13.69 |
% |
|
|
13.04 |
% |
|
|
12.76 |
% |
Tangible common equity to
tangible assets (2) |
|
|
12.17 |
% |
|
|
12.44 |
% |
|
|
12.11 |
% |
|
|
11.47 |
% |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Selected Financial Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.59 |
|
|
$ |
0.58 |
|
|
$ |
0.56 |
|
|
$ |
1.73 |
|
|
$ |
1.60 |
|
Diluted earnings per
share |
|
$ |
0.59 |
|
|
$ |
0.58 |
|
|
$ |
0.55 |
|
|
$ |
1.72 |
|
|
$ |
1.58 |
|
Net interest margin (3) |
|
|
5.03 |
% |
|
|
5.24 |
% |
|
|
5.25 |
% |
|
|
5.18 |
% |
|
|
5.24 |
% |
Efficiency ratio |
|
|
49.20 |
% |
|
|
46.93 |
% |
|
|
49.33 |
% |
|
|
48.49 |
% |
|
|
51.43 |
% |
Non-interest income to average
assets |
|
|
0.76 |
% |
|
|
0.64 |
% |
|
|
0.69 |
% |
|
|
0.67 |
% |
|
|
0.71 |
% |
Non-interest expense to
average assets |
|
|
2.72 |
% |
|
|
2.63 |
% |
|
|
2.78 |
% |
|
|
2.70 |
% |
|
|
2.91 |
% |
Annualized return on average
assets |
|
|
1.88 |
% |
|
|
1.96 |
% |
|
|
1.91 |
% |
|
|
1.93 |
% |
|
|
1.85 |
% |
Annualized return on average
equity |
|
|
13.79 |
% |
|
|
14.33 |
% |
|
|
14.97 |
% |
|
|
14.16 |
% |
|
|
14.85 |
% |
Net charge-offs /
(recoveries) |
|
$ |
(332 |
) |
|
$ |
34 |
|
|
$ |
924 |
|
|
$ |
574 |
|
|
$ |
444 |
|
Annualized net charge-offs /
(recoveries) to average loans |
|
|
-0.08 |
% |
|
|
0.01 |
% |
|
|
0.21 |
% |
|
|
0.05 |
% |
|
|
0.03 |
% |
|
(1) Tier 1 leverage capital and Total risk-based capital as of
September 30, 2019 are estimates. |
(2) Represents the sum of total shareholders’ equity less
intangible assets all divided by the sum of total assets less
intangible assets. Intangible assets were $28,753,000, $28,864,000,
$29,085,000, and $29,196,000 at September 30, 2019, June 30, 2019,
December 31, 2018, and September 30, 2018, respectively. |
(3) Net interest margin is defined as net interest income
divided by average earning assets. |
PEOPLE’S UTAH BANCORP |
SELECTED AVERAGE BALANCES AND YIELDS |
|
|
|
Three Months Ended |
|
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|
|
|
|
|
|
Interest |
|
|
Average |
|
|
|
|
|
|
Interest |
|
|
Average |
|
(Dollars in
thousands, |
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
except footnotes) |
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
Balance |
|
|
Expense |
|
|
Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits in other banks and federal funds
sold |
|
$ |
216,450 |
|
|
$ |
1,161 |
|
|
|
2.13 |
% |
|
$ |
12,426 |
|
|
$ |
57 |
|
|
|
1.84 |
% |
Securities: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
259,870 |
|
|
|
1,459 |
|
|
|
2.23 |
% |
|
|
243,754 |
|
|
|
1,180 |
|
|
|
1.92 |
% |
Non-taxable securities (2) |
|
|
61,692 |
|
|
|
295 |
|
|
|
1.90 |
% |
|
|
74,857 |
|
|
|
348 |
|
|
|
1.84 |
% |
Total securities |
|
|
321,562 |
|
|
|
1,754 |
|
|
|
2.16 |
% |
|
|
318,611 |
|
|
|
1,528 |
|
|
|
1.90 |
% |
Loans (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate term |
|
|
909,671 |
|
|
|
13,881 |
|
|
|
6.05 |
% |
|
|
899,715 |
|
|
|
13,043 |
|
|
|
5.75 |
% |
Construction and land development |
|
|
299,907 |
|
|
|
6,020 |
|
|
|
7.96 |
% |
|
|
376,142 |
|
|
|
7,329 |
|
|
|
7.73 |
% |
Commercial and industrial |
|
|
281,845 |
|
|
|
4,791 |
|
|
|
6.74 |
% |
|
|
315,534 |
|
|
|
5,268 |
|
|
|
6.62 |
% |
Residential and home equity |
|
|
174,104 |
|
|
|
2,513 |
|
|
|
5.73 |
% |
|
|
107,436 |
|
|
|
1,508 |
|
|
|
5.57 |
% |
Consumer and other |
|
|
17,715 |
|
|
|
339 |
|
|
|
7.61 |
% |
|
|
19,876 |
|
|
|
272 |
|
|
|
5.42 |
% |
Total loans |
|
|
1,683,242 |
|
|
|
27,544 |
|
|
|
6.49 |
% |
|
|
1,718,703 |
|
|
|
27,420 |
|
|
|
6.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-marketable equity securities |
|
|
2,623 |
|
|
|
22 |
|
|
|
3.32 |
% |
|
|
4,521 |
|
|
|
94 |
|
|
|
8.25 |
% |
Total interest-earning assets |
|
|
2,223,877 |
|
|
|
30,481 |
|
|
|
5.44 |
% |
|
|
2,054,261 |
|
|
|
29,099 |
|
|
|
5.62 |
% |
Allowance for loan losses |
|
|
(28,283 |
) |
|
|
|
|
|
|
|
|
|
|
(22,469 |
) |
|
|
|
|
|
|
|
|
Non-interest earning assets |
|
|
149,270 |
|
|
|
|
|
|
|
|
|
|
|
146,665 |
|
|
|
|
|
|
|
|
|
Total average
assets |
|
$ |
2,344,864 |
|
|
|
|
|
|
|
|
|
|
$ |
2,178,457 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and savings accounts |
|
$ |
805,587 |
|
|
|
882 |
|
|
|
0.43 |
% |
|
$ |
746,957 |
|
|
|
699 |
|
|
|
0.37 |
% |
Money market accounts |
|
|
309,311 |
|
|
|
759 |
|
|
|
0.97 |
% |
|
|
237,450 |
|
|
|
445 |
|
|
|
0.74 |
% |
Certificates of deposit |
|
|
177,851 |
|
|
|
649 |
|
|
|
1.45 |
% |
|
|
182,105 |
|
|
|
493 |
|
|
|
1.08 |
% |
Total interest-bearing deposits |
|
|
1,292,749 |
|
|
|
2,290 |
|
|
|
0.70 |
% |
|
|
1,166,512 |
|
|
|
1,637 |
|
|
|
0.56 |
% |
Short-term borrowings |
|
|
- |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
49,427 |
|
|
|
280 |
|
|
|
2.25 |
% |
Total interest-bearing liabilities |
|
|
1,292,749 |
|
|
|
2,290 |
|
|
|
0.70 |
% |
|
|
1,215,939 |
|
|
|
1,917 |
|
|
|
0.63 |
% |
Non-interest bearing deposits |
|
|
713,750 |
|
|
|
|
|
|
|
|
|
|
|
667,896 |
|
|
|
|
|
|
|
|
|
Total funding |
|
|
2,006,499 |
|
|
|
2,290 |
|
|
|
0.45 |
% |
|
|
1,883,835 |
|
|
|
1,917 |
|
|
|
0.40 |
% |
Other non-interest bearing liabilities |
|
|
18,086 |
|
|
|
|
|
|
|
|
|
|
|
16,735 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
320,279 |
|
|
|
|
|
|
|
|
|
|
|
277,887 |
|
|
|
|
|
|
|
|
|
Total average
liabilities and shareholders’ equity |
|
$ |
2,344,864 |
|
|
|
|
|
|
|
|
|
|
$ |
2,178,457 |
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
|
|
$ |
28,191 |
|
|
|
|
|
|
|
|
|
|
$ |
27,182 |
|
|
|
|
|
Interest rate
spread |
|
|
|
|
|
|
|
|
|
|
4.73 |
% |
|
|
|
|
|
|
|
|
|
|
4.99 |
% |
Net interest
margin |
|
|
|
|
|
|
|
|
|
|
5.03 |
% |
|
|
|
|
|
|
|
|
|
|
5.25 |
% |
|
(1) Excludes average unrealized gains (losses) of $1.2 million
and $(6.6) million for the three months ended September 30, 2019
and 2018, respectively. |
(2) Does not include tax effect on tax-exempt investment
security income of $98,000 and $116,000 for the three months ended
September 30, 2019 and 2018, respectively. |
(3) Loan interest income includes loan fees of $1.8 million
and $1.8 million for the three months ended September 30, 2019 and
2018, respectively. |
PEOPLE’S UTAH BANCORP |
SELECTED AVERAGE BALANCES AND YIELDS |
|
|
|
Nine Months Ended |
|
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|
|
|
|
|
|
Interest |
|
|
Average |
|
|
|
|
|
|
Interest |
|
|
Average |
|
|
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
(Dollars in thousands, except footnotes) |
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
Balance |
|
|
Expense |
|
|
Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits in other banks and federal funds
sold |
|
$ |
115,594 |
|
|
$ |
1,891 |
|
|
|
2.19 |
% |
|
$ |
13,802 |
|
|
$ |
166 |
|
|
|
1.61 |
% |
Securities: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
271,193 |
|
|
|
4,635 |
|
|
|
2.29 |
% |
|
|
245,957 |
|
|
|
3,587 |
|
|
|
1.95 |
% |
Non-taxable securities (2) |
|
|
65,851 |
|
|
|
929 |
|
|
|
1.89 |
% |
|
|
79,080 |
|
|
|
1,098 |
|
|
|
1.86 |
% |
Total securities |
|
|
337,044 |
|
|
|
5,564 |
|
|
|
2.21 |
% |
|
|
325,037 |
|
|
|
4,685 |
|
|
|
1.93 |
% |
Loans (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate term |
|
|
900,408 |
|
|
|
40,375 |
|
|
|
6.00 |
% |
|
|
886,275 |
|
|
|
38,066 |
|
|
|
5.74 |
% |
Construction and land development |
|
|
309,651 |
|
|
|
18,555 |
|
|
|
8.01 |
% |
|
|
370,602 |
|
|
|
21,507 |
|
|
|
7.76 |
% |
Commercial and industrial |
|
|
291,008 |
|
|
|
15,124 |
|
|
|
6.95 |
% |
|
|
315,736 |
|
|
|
15,640 |
|
|
|
6.62 |
% |
Residential and home equity |
|
|
163,966 |
|
|
|
7,200 |
|
|
|
5.87 |
% |
|
|
106,523 |
|
|
|
4,224 |
|
|
|
5.30 |
% |
Consumer and other |
|
|
16,848 |
|
|
|
898 |
|
|
|
7.13 |
% |
|
|
19,225 |
|
|
|
839 |
|
|
|
5.83 |
% |
Total loans |
|
|
1,681,881 |
|
|
|
82,152 |
|
|
|
6.53 |
% |
|
|
1,698,361 |
|
|
|
80,276 |
|
|
|
6.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-marketable equity securities |
|
|
2,730 |
|
|
|
76 |
|
|
|
3.71 |
% |
|
|
6,095 |
|
|
|
167 |
|
|
|
3.67 |
% |
Total interest-earning assets |
|
|
2,137,249 |
|
|
|
89,683 |
|
|
|
5.61 |
% |
|
|
2,043,295 |
|
|
|
85,294 |
|
|
|
5.58 |
% |
Allowance for loan losses |
|
|
(26,708 |
) |
|
|
|
|
|
|
|
|
|
|
(20,766 |
) |
|
|
|
|
|
|
|
|
Non-interest earning assets |
|
|
149,197 |
|
|
|
|
|
|
|
|
|
|
|
144,195 |
|
|
|
|
|
|
|
|
|
Total average
assets |
|
$ |
2,259,738 |
|
|
|
|
|
|
|
|
|
|
$ |
2,166,724 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and savings accounts |
|
$ |
806,552 |
|
|
|
2,910 |
|
|
|
0.48 |
% |
|
$ |
732,912 |
|
|
|
1,642 |
|
|
|
0.30 |
% |
Money market accounts |
|
|
278,057 |
|
|
|
2,040 |
|
|
|
0.98 |
% |
|
|
223,193 |
|
|
|
778 |
|
|
|
0.47 |
% |
Certificates of deposit |
|
|
179,664 |
|
|
|
1,852 |
|
|
|
1.38 |
% |
|
|
189,133 |
|
|
|
1,420 |
|
|
|
1.00 |
% |
Total interest-bearing deposits |
|
|
1,264,273 |
|
|
|
6,802 |
|
|
|
0.72 |
% |
|
|
1,145,238 |
|
|
|
3,840 |
|
|
|
0.45 |
% |
Short-term borrowings |
|
|
3,235 |
|
|
|
63 |
|
|
|
2.63 |
% |
|
|
92,570 |
|
|
|
1,350 |
|
|
|
1.95 |
% |
Total interest-bearing liabilities |
|
|
1,267,508 |
|
|
|
6,865 |
|
|
|
0.72 |
% |
|
|
1,237,808 |
|
|
|
5,190 |
|
|
|
0.56 |
% |
Non-interest bearing deposits |
|
|
667,268 |
|
|
|
|
|
|
|
|
|
|
|
646,419 |
|
|
|
|
|
|
|
|
|
Total funding |
|
|
1,934,776 |
|
|
|
6,865 |
|
|
|
0.47 |
% |
|
|
1,884,227 |
|
|
|
5,190 |
|
|
|
0.37 |
% |
Other non-interest bearing liabilities |
|
|
16,818 |
|
|
|
|
|
|
|
|
|
|
|
12,883 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
308,144 |
|
|
|
|
|
|
|
|
|
|
|
269,614 |
|
|
|
|
|
|
|
|
|
Total average
liabilities and shareholders’ equity |
|
$ |
2,259,738 |
|
|
|
|
|
|
|
|
|
|
$ |
2,166,724 |
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
|
|
$ |
82,818 |
|
|
|
|
|
|
|
|
|
|
$ |
80,104 |
|
|
|
|
|
Interest rate
spread |
|
|
|
|
|
|
|
|
|
|
4.89 |
% |
|
|
|
|
|
|
|
|
|
|
5.02 |
% |
Net interest
margin |
|
|
|
|
|
|
|
|
|
|
5.18 |
% |
|
|
|
|
|
|
|
|
|
|
5.24 |
% |
|
(1) Excludes average unrealized losses of $2.2 million and
$5.7 million for the nine months ended September 30, 2019 and 2018,
respectively. |
(2) Does not include tax effect on tax-exempt investment
security income of $310,000 and $366,000 for the nine months ended
September 30, 2019 and 2018, respectively. |
(3) Loan interest income includes loan fees of $4.9 million
and $5.1 million for the nine months ended September 30, 2019 and
2018, respectively. |
|
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