HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding
company of HomeTrust Bank ("Bank"), today announced preliminary net
income for the first quarter of fiscal 2022 and an increase in its
quarterly dividend.
For the quarter ended September 30, 2021
compared to the corresponding quarter in the previous year:
- net income was
$10.5 million, compared to $5.8 million;
- diluted earnings
per share ("EPS") was $0.65, compared to $0.35;
- annualized
return on assets ("ROA") was 1.20%, compared to 0.62%;
- annualized
return on equity ("ROE") was 10.62%, compared to 5.74%;
- provision for
credit losses was a net benefit of $1.5 million, compared to a
provision of $950,000;
- noninterest
income increased $1.7 million, or 19.8% to $10.4 million from $8.6
million;
- 376,435 shares
of Company common stock were repurchased during the quarter at an
average price of $27.71 per share;
- organic net loan
growth, which excludes U.S. Small Business Administration's ("SBA")
Paycheck Protection Program ("PPP") loans and purchases of home
equity lines of credit, was $9.7 million, or 1.5% annualized
compared to $10.4 million, or 1.6% annualized; and
- organic net
commercial loan growth, which excludes SBA PPP loans, was $37.0
million, or 7.7% annualized compared to $33.7 million, or 7.6%
annualized.
In addition to the improvements in the provision
for credit losses and noninterest income discussed above, earnings
for the three months ended September 30, 2021 was positively
impacted by a $2.2 million, or 8.6% increase in net interest income
driven by lower borrowing costs.
The Company also announced today that its Board
of Directors declared a quarterly cash dividend of $0.09 per common
share, reflecting a $0.01, or 12.5% increase over the previous
quarter's dividend. This is the third increase of the quarterly
dividend since the Company initiated cash dividends in November
2018. The dividend is payable on December 2, 2021 to shareholders
of record as of the close of business on November 18, 2021.
"We are very pleased to report a 1.20%
annualized ROA and 10.62% annualized ROE for the current quarter as
our profitability improvement plan and balance sheet restructuring
begins to positively impact our financial results," said Dana
Stonestreet, Chairman and Chief Executive Officer. "Our plan
announced last quarter included branch closures, paying off our
remaining long-term borrowings, and bringing our back-office SBA
loan servicing process in-house. In July 2021, we transitioned our
SBA loan servicing process in-house and in September 2021 we
successfully completed all nine previously announced branch
closures. Our tax-equivalent net interest margin increased to 3.41%
from 3.00% for the same quarterly period last year as interest
expense decreased due to the early payoff of all of our longer-term
borrowings. Again, we were able to release reserves this quarter
with a $1.5 million benefit for credit losses resulting from some
improvements in projected credit losses since last quarter. As all
our diversified lines of business mature, we are well positioned to
continue building a higher performing community bank, leading to
greater shareholder value.
In addition, for the second year in a row,
HomeTrust Bank has been named Best Small Bank in North Carolina by
Newsweek. I congratulate our teammates who have made this
achievement possible. While we continue to focus on excellence in
both customer-facing roles and customer support, we also offer
enhanced digital capabilities to meet the needs of our customers
for the future."
COVID-19 Update
Loan Programs. During the previous quarter ended
June 30, 2021, the Company completed its origination participation
in the SBA PPP as the program came to an end. As of September 30,
2021, PPP loans totaled $28.8 million, which included $611,000 in
net deferred fees that will be accreted into interest income over
the remaining life of the loans. If the loans are forgiven, these
fees will be accelerated into income at that time. For the three
months ended September 30, 2021, the Company earned $424,000 in
fees through accretion, including some accelerated accretion
resulting from loan forgiveness. The Company has worked with the
SBA and its customers to forgive a total of $82.5 million in PPP
loans during its participation in the program.
Loan Modifications. As of September
30, 2021, the Company had $1.0 million in loans with full principal
and interest payment deferrals related to COVID-19 compared to
$107,000 at June 30, 2021. Substantially all loans placed on full
payment deferral during the pandemic have come out of deferral and
borrowers are either making regular loan payments or interest-only
payments through the end of calendar year 2021. As of September 30,
2021, the Company had $67.8 million in commercial loan deferrals on
interest-only payments compared to $78.9 million at June 30,
2021.
Income Statement Review
Net interest income increased by $2.2 million,
or 8.6% to $27.7 million for the quarter ended September 30, 2021,
compared to $25.5 million for the comparative quarter in fiscal
2021. Interest and dividend income decreased by $1.1 million, or
3.8%, primarily driven by lower average balances on loans and
commercial paper combined with lower yields. Average
interest-earning assets decreased $187.4 million, or 5.4% to $3.3
billion for the quarter ended September 30, 2021. The average
balance of total loans receivable decreased by $55.7 million, or
1.9% compared to the same quarter last year primarily due to the
decrease in PPP loans outstanding. The average balance of
commercial paper and deposits in other banks decreased $146.6
million, or 34.6% as the Company used excess liquidity to reduce
borrowings between the periods, primarily during the quarter ended
June 30, 2021. The average balance of other interest-earning assets
decreased $17.2 million, or 44.2% driven by a decrease in Federal
Home Loan Bank ("FHLB") stock due to the reduction in FHLB
borrowings, and an increase in Small Business Investment Company
("SBIC") investments resulting in higher rates earned for the
current period. Net interest margin (on a fully taxable-equivalent
basis) for the three months ended September 30, 2021 increased to
3.41% from 3.00% for the same period a year ago as all higher rate
long-term borrowings were repaid during the quarter ended June 30,
2021.
Total interest and dividend income decreased
$1.1 million, or 3.8% for the three months ended September 30, 2021
as compared to the same period last year, which was primarily a
result of a $697,000, or 2.4% decrease in loan interest income, a
$550,000, or 62.4% decrease in interest income from commercial
paper and deposits in other banks, partially offset by a $107,000,
or 23.9% increase in other investment income. The lower interest
income in each category was primarily driven by the decrease in
average balances, discussed above. In addition, average loan yields
decreased 5 basis points to 3.97% for the quarter ended September
30, 2021 from 4.02% in the corresponding quarter last year. Average
yields on commercial paper and deposits in other banks decreased 36
basis points to 0.47% for the quarter ended September 30, 2021 from
0.83% in the corresponding quarter last year. Average yields on
securities available for sale decreased 49 basis points to 1.50%
for the quarter ended September 30, 2021 from 1.99% in the
corresponding quarter last year. The overall average yield on
interest-earning assets increased four basis points to 3.61% for
the current quarter compared to 3.57% in the same quarter last year
primarily due to the change in mix of interest-earning assets, as
excess liquidity was used to repay long-term borrowings and reduce
short-term interest-earning assets with lower yields.
Total interest expense decreased $3.3 million,
or 67.7% for the three months ended September 30, 2021 compared to
the same period last year. The decrease was driven by a $1.7
million, or 51.7% decrease in interest expense on deposits and a
$1.7 million, or 98.5% decrease in interest expense on borrowings.
Average interest-bearing deposits for the quarter ended September
30, 2021 increased $29.7 million, or 1.3%, which was more than
offset by the 30 basis point decrease in the cost of deposits, down
to 0.27% compared to 0.57% in the same period last year. Average
borrowings for the quarter ended September 30, 2021 decreased
$419.5 million, or 88.3% along with a 124 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 borrowings was primarily driven
by the early retirement of long-term borrowings reducing the
average balance and partially driven by a shift to short-term
borrowings at lower rates. The overall average cost of funds
decreased 45 basis points to 0.27% for the current quarter compared
to 0.72% in the same quarter last year due primarily to the impact
of lower rates.
Noninterest income increased $1.7 million, or
19.8% to $10.4 million for the three months ended September 30,
2021 from $8.6 million for the same period in the previous year
primarily due to a $713,000, or 21.3% increase in gain on sale of
loans, a $505,000, or 106.5% increase in loan income and fees, a
$275,000, or 13.1% increase in service charges and fees on deposit
accounts, and a $215,000, or 16.2% increase in operating lease
income. The increase in gain on the sale of loans was driven by an
increase in gains from sales of SBA loans in the current period as
this line of business improves from the effects of the COVID-19
pandemic. During the quarter ended September 30, 2021, $63.8
million of residential mortgage loans originated for sale which
were sold with gains of $2.1 million compared to $96.0 million sold
and gains of $2.2 million in the corresponding quarter in the prior
year. There were $14.4 million of the guaranteed portion of SBA
commercial loans sold with gains of $1.7 million in the current
quarter compared to $15.1 million sold and gains of $1.0 million in
the corresponding quarter in the prior year. In addition, $47.4
million of home equity loans were sold during the quarter ended
September 30, 2021 for a gain of $267,000 compared to $20.0 million
sold and gains of $100,000 in the corresponding quarter. The
$505,000, or 106.5% increase in loan income and fees was primarily
a result of $313,000 in additional loan servicing fees from
bringing the Company's SBA loan servicing process in-house
beginning July 1, 2021 and $257,000 in additional prepayment fee
income from our equipment finance line of business during the
current quarter. Other increases in noninterest income were
primarily driven by an increase in customer spending as a result of
economic recovery from the pandemic.
Noninterest expense of $26.0 million for the
three months ended September 30, 2021 was unchanged compared to the
same period last year. An increase of $380,000, or 116.9% in
marketing and advertising was partially offset by a decrease of
$367,000, or 8.6% in other noninterest expense primarily driven by
lower depreciation expense on operating lease equipment for the
three months ended September 30, 2021 compared to the same period
last year.
For the three months ended September 30, 2021,
the Company's income tax expense increased $1.6 million to $3.0
million from $1.4 million as a result of greater taxable income.
The effective tax rates for the three months ended September 30,
2021 and 2020 were 22.0% and 20.1%, respectively.
Balance Sheet Review
Total assets and liabilities both decreased by
$43.4 million down to $3.5 billion and $3.1 billion, respectively,
at September 30, 2021 as compared to June 30, 2021. The decrease in
assets was primarily driven by a cumulative decrease of $44.9
million, or 18.1% in cash and cash equivalents, certificates of
deposit in other banks, and debt securities available for sale, and
a $13.6 million, or 0.5% decrease in loans receivable as the
Company redirected its excess liquidity to continue paying down
borrowings during the period. These decreases were partially offset
by a $11.6 million, or 12.4% increase in loans held for sale
primarily related to additional SBA commercial loans, one-to-four
family residential mortgage loans and home equity loans originated
for sale during the period, and a $7.1 million, or 3.7% increase in
commercial paper.
Total loans decreased $13.6 million, or 0.5% to
$2.7 billion at September 30, 2021 from the balance at June 30,
2021. The decrease was driven by PPP forgiveness of $18.3 million
and a $32.7 million, or 4.3% decrease in retail consumer loans
resulting from a reduction in one-to-four family loans and indirect
auto finance loans. This decrease was partially offset by a $37.0
million, or 1.9% increase in commercial loans (excluding PPP loans)
as the Company continues its focus on the growth of this loan
segment.
Stockholders' equity remained at $396.5 million
at September 30, 2021 as compared to June 30, 2021. Increases
within stockholders' equity including $10.5 million in net income
and $1.1 million in stock-based compensation and stock option
exercises were offset by repurchases of 376,435 shares of common
stock at an average cost of $27.71, or approximately $10.4 million
and $1.3 million related to cash dividends declared. As of
September 30, 2021, the Bank was considered "well capitalized" in
accordance with its regulatory capital guidelines and exceeded all
regulatory capital requirements.
Asset Quality
The allowance for credit losses was $34.4
million, or 1.27% of total loans, at September 30, 2021 compared to
$35.5 million, or 1.30% of total loans, at June 30, 2021. The
allowance for credit losses to total gross loans excluding PPP
loans was 1.28% at September 30, 2021, compared to 1.32% at June
30, 2021. The overall decrease was largely driven by lower expected
credit losses estimated by management based on an improving
economic outlook.
Provision for credit losses was a net benefit of
$1.5 million for the three months ended September 30, 2021,
compared to a $950,000 provision for the corresponding period in
fiscal year 2021. Net loan recoveries totaled $273,000 for the
three months ended September 30, 2021, compared to net charge-offs
of $699,000 for the same period last year. Net recoveries as a
percentage of average loans were (0.04)% for the quarter ended
September 30, 2021 compared to net charge-offs of 0.10% for the
corresponding quarter last year.
Nonperforming assets decreased by $6.0 million,
or 47.0% to $6.8 million, or 0.19% of total assets at September 30,
2021 compared to $12.8 million, or 0.36% of total assets at June
30, 2021. The significant decrease from last quarter was primarily
a result of the payoff of two commercial real estate loan
relationships totaling $5.1 million. Nonperforming assets included
$6.7 million in nonaccruing loans and $45,000 in REO at September
30, 2021, compared to $12.6 million and $188,000 in nonaccruing
loans and REO, respectively, at June 30, 2021. Included in
nonperforming loans are $930,000 of loans restructured from their
original terms of which $186,000 was current at September 30, 2021,
with respect to their modified payment terms. Nonperforming loans
to total loans was 0.25% at September 30, 2021 and 0.46% at June
30, 2021.
The ratio of classified assets to total assets
decreased to 0.65% at September 30, 2021 from 0.76% at June 30,
2021. Classified assets decreased to $22.5 million at September 30,
2021 compared to $26.7 million at June 30, 2021 primarily due to
the payoff of two commercial real estate loan relationships
discussed above. 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 and rising inflation.
About HomeTrust Bancshares,
Inc.
HomeTrust Bancshares, Inc. is the holding
company for the Bank. As of September 30, 2021, the Company had
assets of $3.5 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
30 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).
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 the Company's control. Actual results may
differ, possibly materially, from those currently expected or
projected in these forward-looking statements. Factors that could
cause the Company's actual results to differ materially from those
described in the forward-looking statements include: the effect of
the COVID-19 pandemic, including on the Company's 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 their website at www.htb.com and on the SEC's website
at www.sec.gov. These risks could cause the Company's actual
results for fiscal 2022 and beyond to differ materially from those
expressed in any forward-looking statements by, or on behalf of,
the Company and could negatively affect its operating and stock
performance. Any of the forward-looking statements that the Company
makes in this press release or the documents they 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 they might make, because of the
factors described above or because of other factors that they
cannot foresee. The Company does 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.HTB.COM
Consolidated Balance Sheets (Unaudited)
| (Dollars in thousands) |
September 30,2021 |
|
June 30,2021(1) |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
| Assets |
|
|
|
|
|
|
|
|
|
|
Cash |
$ |
22,431 |
|
|
$ |
22,312 |
|
|
$ |
24,621 |
|
|
$ |
27,365 |
|
|
$ |
29,472 |
|
|
Interest-bearing deposits |
20,142 |
|
|
28,678 |
|
|
139,474 |
|
|
198,979 |
|
|
141,672 |
|
|
Cash and cash equivalents |
42,573 |
|
|
50,990 |
|
|
164,095 |
|
|
226,344 |
|
|
171,144 |
|
|
Commercial paper |
196,652 |
|
|
189,596 |
|
|
238,445 |
|
|
183,778 |
|
|
204,867 |
|
|
Certificates of deposit in other banks |
35,495 |
|
|
40,122 |
|
|
42,015 |
|
|
48,637 |
|
|
52,361 |
|
|
Debt securities available for sale, at fair value |
124,576 |
|
|
156,459 |
|
|
162,417 |
|
|
153,540 |
|
|
96,159 |
|
|
Other investments, at cost |
20,891 |
|
|
23,710 |
|
|
28,899 |
|
|
39,572 |
|
|
38,949 |
|
|
Loans held for sale |
105,161 |
|
|
93,539 |
|
|
86,708 |
|
|
118,439 |
|
|
124,985 |
|
|
Total loans, net of deferred loan fees and costs |
2,719,642 |
|
|
2,733,267 |
|
|
2,690,153 |
|
|
2,678,624 |
|
|
2,769,396 |
|
|
Allowance for credit losses |
(34,406 |
) |
|
(35,468 |
) |
|
(36,059 |
) |
|
(39,844 |
) |
|
(43,132 |
) |
|
Net loans |
2,685,236 |
|
|
2,697,799 |
|
|
2,654,094 |
|
|
2,638,780 |
|
|
2,726,264 |
|
|
Premises and equipment, net |
68,568 |
|
|
70,909 |
|
|
70,886 |
|
|
70,104 |
|
|
59,418 |
|
|
Accrued interest receivable |
8,429 |
|
|
7,933 |
|
|
8,271 |
|
|
9,796 |
|
|
10,648 |
|
|
Real estate owned ("REO") |
45 |
|
|
188 |
|
|
143 |
|
|
252 |
|
|
144 |
|
|
Deferred income taxes |
15,722 |
|
|
16,901 |
|
|
16,889 |
|
|
18,626 |
|
|
19,209 |
|
|
Bank owned life insurance ("BOLI") |
93,679 |
|
|
93,108 |
|
|
93,877 |
|
|
93,326 |
|
|
92,775 |
|
|
Goodwill |
25,638 |
|
|
25,638 |
|
|
25,638 |
|
|
25,638 |
|
|
25,638 |
|
|
Core deposit intangibles |
250 |
|
|
343 |
|
|
473 |
|
|
638 |
|
|
840 |
|
|
Other assets |
58,445 |
|
|
57,488 |
|
|
55,763 |
|
|
52,501 |
|
|
50,633 |
|
|
Total assets |
$ |
3,481,360 |
|
|
$ |
3,524,723 |
|
|
$ |
3,648,613 |
|
|
$ |
3,679,971 |
|
|
$ |
3,674,034 |
|
| Liabilities and
stockholders' equity |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
2,987,284 |
|
|
$ |
2,955,541 |
|
|
$ |
2,908,478 |
|
|
$ |
2,743,269 |
|
|
$ |
2,742,046 |
|
|
Borrowings |
40,000 |
|
|
115,000 |
|
|
275,000 |
|
|
475,000 |
|
|
475,000 |
|
|
Other liabilities |
57,565 |
|
|
57,663 |
|
|
58,683 |
|
|
56,978 |
|
|
56,637 |
|
|
Total liabilities |
3,084,849 |
|
|
3,128,204 |
|
|
3,242,161 |
|
|
3,275,247 |
|
|
3,273,683 |
|
| 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) |
163 |
|
|
167 |
|
|
167 |
|
|
168 |
|
|
170 |
|
|
Additional paid in capital |
151,425 |
|
|
160,582 |
|
|
162,010 |
|
|
166,352 |
|
|
170,204 |
|
|
Retained earnings |
249,331 |
|
|
240,075 |
|
|
248,767 |
|
|
242,182 |
|
|
234,023 |
|
|
Unearned Employee Stock Ownership Plan ("ESOP") shares |
(5,687 |
) |
|
(5,819 |
) |
|
(5,951 |
) |
|
(6,083 |
) |
|
(6,216 |
) |
|
Accumulated other comprehensive income |
1,279 |
|
|
1,514 |
|
|
1,459 |
|
|
2,105 |
|
|
2,170 |
|
|
Total stockholders' equity |
396,511 |
|
|
396,519 |
|
|
406,452 |
|
|
404,724 |
|
|
400,351 |
|
|
Total liabilities and stockholders' equity |
$ |
3,481,360 |
|
|
$ |
3,524,723 |
|
|
$ |
3,648,613 |
|
|
$ |
3,679,971 |
|
|
$ |
3,674,034 |
|
|
|
|
|
|
(1) |
Derived from audited financial statements. |
|
(2) |
Shares of common stock issued and outstanding were 16,307,658 at
September 30, 2021; 16,636,483 at June 30, 2021; 16,655,347 at
March 31, 2021, 16,791,027 at December 31, 2020; and 17,020,724 at
September 30, 2020. |
|
|
|
|
Consolidated Statements of Income (Loss)
(Unaudited)
| |
Three Months Ended |
| (Dollars in thousands) |
September 30,2021 |
|
June 30,2021 |
|
September 30,2020 |
| Interest and dividend
income |
|
|
|
|
|
|
Loans |
$ |
27,895 |
|
|
$ |
27,234 |
|
|
$ |
28,592 |
|
|
Commercial paper and interest-bearing deposits |
331 |
|
|
467 |
|
|
881 |
|
|
Debt securities available for sale |
524 |
|
|
496 |
|
|
528 |
|
|
Other investments |
555 |
|
|
609 |
|
|
448 |
|
|
Total interest and dividend income |
29,305 |
|
|
28,806 |
|
|
30,449 |
|
| Interest
expense |
|
|
|
|
|
|
Deposits |
1,572 |
|
|
1,774 |
|
|
3,253 |
|
|
Borrowings |
26 |
|
|
1,034 |
|
|
1,687 |
|
|
Total interest expense |
1,598 |
|
|
2,808 |
|
|
4,940 |
|
| Net interest
income |
27,707 |
|
|
25,998 |
|
|
25,509 |
|
| Provision (benefit)
for credit losses |
(1,460 |
) |
|
(955 |
) |
|
950 |
|
|
Net interest income after provision (benefit) for credit
losses |
29,167 |
|
|
26,953 |
|
|
24,559 |
|
| Noninterest
income |
|
|
|
|
|
|
Service charges and fees on deposit accounts |
2,372 |
|
|
2,376 |
|
|
2,097 |
|
|
Loan income and fees |
979 |
|
|
529 |
|
|
474 |
|
|
Gain on sale of loans held for sale |
4,057 |
|
|
5,423 |
|
|
3,344 |
|
|
BOLI income |
518 |
|
|
605 |
|
|
532 |
|
|
Operating lease income |
1,540 |
|
|
1,494 |
|
|
1,325 |
|
|
Other, net |
886 |
|
|
733 |
|
|
867 |
|
|
Total noninterest income |
10,352 |
|
|
11,160 |
|
|
8,639 |
|
| Noninterest
expense |
|
|
|
|
|
|
Salaries and employee benefits |
15,280 |
|
|
16,265 |
|
|
15,207 |
|
|
Net occupancy expense |
2,317 |
|
|
2,511 |
|
|
2,293 |
|
|
Computer services |
2,324 |
|
|
2,499 |
|
|
2,307 |
|
|
Telephone, postage, and supplies |
712 |
|
|
777 |
|
|
662 |
|
|
Marketing and advertising |
705 |
|
|
655 |
|
|
325 |
|
|
Deposit insurance premiums |
566 |
|
|
438 |
|
|
511 |
|
|
REO related expense |
142 |
|
|
120 |
|
|
213 |
|
|
Core deposit intangible amortization |
93 |
|
|
130 |
|
|
238 |
|
|
Branch closure and restructuring expenses |
— |
|
|
1,513 |
|
|
— |
|
|
Prepayment penalties on borrowings |
— |
|
|
19,034 |
|
|
— |
|
|
Other |
3,877 |
|
|
4,291 |
|
|
4,244 |
|
|
Total noninterest expense |
26,016 |
|
|
48,233 |
|
|
26,000 |
|
| Income (loss) before
income taxes |
13,503 |
|
|
(10,120 |
) |
|
7,198 |
|
| Income tax expense
(benefit) |
2,976 |
|
|
(2,712 |
) |
|
1,445 |
|
| Net income
(loss) |
$ |
10,527 |
|
|
$ |
(7,408 |
) |
|
$ |
5,753 |
|
Per Share Data
| |
Three Months Ended |
| |
September 30,2021 |
|
June 30,2021 |
|
September 30,2020 |
| Net income (loss) per common
share:(1) |
|
|
|
|
|
|
Basic |
$ |
0.66 |
|
|
$ |
(0.46 |
) |
|
$ |
0.35 |
|
|
Diluted |
$ |
0.65 |
|
|
$ |
(0.46 |
) |
|
$ |
0.35 |
|
| Average shares
outstanding: |
|
|
|
|
|
|
Basic |
15,761,247 |
|
|
15,894,342 |
|
|
16,230,990 |
|
|
Diluted |
16,146,611 |
|
|
15,894,342 |
|
|
16,469,242 |
|
| Book value per share at end of
period |
$ |
24.31 |
|
|
$ |
23.83 |
|
|
$ |
23.52 |
|
| Tangible book value per share
at end of period (2) |
$ |
22.73 |
|
|
$ |
22.28 |
|
|
$ |
21.98 |
|
| Cash dividends declared per
common share |
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.07 |
|
| Total shares outstanding at
end of period |
16,307,658 |
|
|
16,636,483 |
|
|
17,020,724 |
|
|
|
|
|
|
(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 30,2021 |
|
June 30,2021 |
|
September 30,2020 |
| Performance
ratios: (1) |
|
|
Return on assets (ratio of net income (loss) to average total
assets) |
1.20 |
% |
|
(0.81 |
)% |
|
0.62 |
% |
| Return
on equity (ratio of net income (loss) to average equity) |
10.62 |
|
|
(7.30 |
) |
|
5.74 |
|
| Tax
equivalent yield on earning assets(2) |
3.61 |
|
|
3.43 |
|
|
3.57 |
|
| Rate
paid on interest-bearing liabilities |
0.27 |
|
|
0.44 |
|
|
0.72 |
|
| Tax equivalent average
interest rate spread (2) |
3.34 |
|
|
2.99 |
|
|
2.85 |
|
| Tax equivalent net interest
margin(2) (3) |
3.41 |
|
|
3.10 |
|
|
3.00 |
|
| Average
interest-earning assets to average interest-bearing
liabilities |
137.94 |
|
|
132.52 |
|
|
125.51 |
|
|
Operating expense to average total assets |
2.96 |
|
|
5.26 |
|
|
2.81 |
|
| Efficiency ratio |
68.36 |
|
|
129.81 |
|
|
76.14 |
|
| Efficiency ratio - adjusted
(4) |
67.80 |
|
|
73.86 |
|
|
75.45 |
|
|
|
|
|
|
(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. |
| |
Three Months Ended |
| |
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
| Asset quality
ratios: |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets(1) |
0.19 |
% |
|
0.36 |
% |
|
0.37 |
% |
|
0.40 |
% |
|
0.40 |
% |
| Nonperforming loans to total
loans(1) |
0.25 |
|
|
0.46 |
|
|
0.49 |
|
|
0.54 |
|
|
0.52 |
|
| Total classified assets to
total assets |
0.65 |
|
|
0.76 |
|
|
0.76 |
|
|
0.74 |
|
|
0.73 |
|
| Allowance for credit losses to
nonperforming loans(1) |
510.63 |
|
|
281.38 |
|
|
272.64 |
|
|
274.05 |
|
|
299.11 |
|
| Allowance for credit losses to
total loans |
1.27 |
|
|
1.30 |
|
|
1.34 |
|
|
1.49 |
|
|
1.56 |
|
| Allowance for credit losses to
total gross loans excluding PPP loans(2) |
1.28 |
|
|
1.32 |
|
|
1.38 |
|
|
1.52 |
|
|
1.61 |
|
| Net charge-offs (recoveries)
to average loans (annualized) |
(0.04 |
) |
|
(0.04 |
) |
|
(0.03 |
) |
|
(0.01 |
) |
|
0.10 |
|
| Capital
ratios: |
|
|
|
|
|
|
|
|
|
| Equity to total assets at end
of period |
11.39 |
% |
|
11.25 |
% |
|
11.14 |
% |
|
11.00 |
% |
|
10.90 |
% |
| Tangible equity to total
tangible assets(2) |
10.73 |
|
|
10.59 |
|
|
10.50 |
|
|
10.36 |
|
|
10.25 |
|
| Average equity to average
assets |
11.27 |
|
|
11.06 |
|
|
10.79 |
|
|
10.95 |
|
|
10.85 |
|
|
|
|
|
|
(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, 2021, there were $930,000 of restructured loans
included in nonaccruing loans and $3.4 million, or 51.2% of
nonaccruing loans were current on their loan payments. |
|
(2) |
See Non-GAAP reconciliation tables below for adjustments. |
Average Balance Sheet Data
| |
Three Months Ended |
| (Dollars in thousands) |
September 30, 2021 |
|
September 30, 2020 |
| |
AverageBalanceOutstanding |
|
InterestEarned/Paid(2) |
|
Yield/Rate(2) |
|
AverageBalanceOutstanding |
|
InterestEarned/Paid(2) |
|
Yield/Rate(2) |
| |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable(1) |
$ |
2,819,716 |
|
|
$ |
28,205 |
|
|
3.97 |
% |
|
$ |
2,875,432 |
|
|
$ |
28,902 |
|
|
4.02 |
% |
| Commercial paper and deposits
in other banks |
277,564 |
|
|
331 |
|
|
0.47 |
% |
|
424,170 |
|
|
881 |
|
|
0.83 |
% |
| Securities available for
sale |
138,435 |
|
|
524 |
|
|
1.50 |
% |
|
106,268 |
|
|
528 |
|
|
1.99 |
% |
| Other interest-earning
assets(3) |
21,731 |
|
|
555 |
|
|
10.13 |
% |
|
38,946 |
|
|
448 |
|
|
4.61 |
% |
|
Total interest-earning assets |
3,257,446 |
|
|
29,615 |
|
|
3.61 |
% |
|
3,444,816 |
|
|
30,759 |
|
|
3.57 |
% |
| Other assets |
260,976 |
|
|
|
|
|
|
251,648 |
|
|
|
|
|
|
Total assets |
$ |
3,518,422 |
|
|
|
|
|
|
$ |
3,696,464 |
|
|
|
|
|
| Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing checking
accounts |
635,456 |
|
|
397 |
|
|
0.25 |
% |
|
560,481 |
|
|
397 |
|
|
0.28 |
% |
| Money market accounts |
988,990 |
|
|
367 |
|
|
0.15 |
% |
|
825,545 |
|
|
550 |
|
|
0.27 |
% |
| Savings accounts |
223,658 |
|
|
41 |
|
|
0.07 |
% |
|
200,543 |
|
|
37 |
|
|
0.07 |
% |
| Certificate accounts |
457,865 |
|
|
767 |
|
|
0.67 |
% |
|
689,709 |
|
|
2,269 |
|
|
1.32 |
% |
|
Total interest-bearing deposits |
2,305,969 |
|
|
1,572 |
|
|
0.27 |
% |
|
2,276,278 |
|
|
3,253 |
|
|
0.57 |
% |
| Borrowings |
55,464 |
|
|
26 |
|
|
0.18 |
% |
|
475,000 |
|
|
1,687 |
|
|
1.42 |
% |
| Total interest-bearing
liabilities |
2,361,433 |
|
|
1,598 |
|
|
0.27 |
% |
|
2,751,278 |
|
|
4,940 |
|
|
0.72 |
% |
| Noninterest-bearing
deposits |
708,219 |
|
|
|
|
|
|
484,336 |
|
|
|
|
|
| Other liabilities |
52,305 |
|
|
|
|
|
|
59,935 |
|
|
|
|
|
|
Total liabilities |
3,121,957 |
|
|
|
|
|
|
3,295,549 |
|
|
|
|
|
| Stockholders' equity |
396,465 |
|
|
|
|
|
|
400,915 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
3,518,422 |
|
|
|
|
|
|
$ |
3,696,464 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net earning assets |
$ |
896,013 |
|
|
|
|
|
|
$ |
693,538 |
|
|
|
|
|
|
Average interest-earning assets to average interest-bearing
liabilities |
137.94 |
% |
|
|
|
|
|
125.21 |
% |
|
|
|
|
| Tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
28,017 |
|
|
|
|
|
|
$ |
25,819 |
|
|
|
|
Interest rate spread |
|
|
|
|
3.34 |
% |
|
|
|
|
|
2.85 |
% |
|
Net interest margin(4) |
|
|
|
|
3.41 |
% |
|
|
|
|
|
3.00 |
% |
| Non-tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
27,707 |
|
|
|
|
|
|
$ |
25,509 |
|
|
|
|
Interest rate spread |
|
|
|
|
3.30 |
% |
|
|
|
|
|
2.82 |
% |
|
Net interest margin(4) |
|
|
|
|
3.37 |
% |
|
|
|
|
|
2.96 |
% |
|
|
|
|
|
(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 for the
three months ended September 30, 2021 and 2020, 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 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
| Commercial loans: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ |
1,132,764 |
|
|
$ |
1,142,276 |
|
|
$ |
1,088,178 |
|
|
$ |
1,056,971 |
|
|
$ |
1,068,255 |
|
|
Construction and development |
187,900 |
|
|
179,427 |
|
|
162,820 |
|
|
172,892 |
|
|
216,757 |
|
|
Commercial and industrial |
153,612 |
|
|
141,341 |
|
|
140,579 |
|
|
138,761 |
|
|
148,413 |
|
|
Equipment finance |
341,995 |
|
|
317,920 |
|
|
291,950 |
|
|
272,761 |
|
|
250,813 |
|
|
Municipal leases |
142,100 |
|
|
140,421 |
|
|
129,141 |
|
|
128,549 |
|
|
130,337 |
|
|
PPP loans |
28,762 |
|
|
46,650 |
|
|
73,090 |
|
|
64,845 |
|
|
80,816 |
|
| Total commercial loans |
1,987,133 |
|
|
1,968,035 |
|
|
1,885,758 |
|
|
1,834,779 |
|
|
1,895,391 |
|
| Retail consumer loans |
|
|
|
|
|
|
|
|
|
| One-to-four family |
384,901 |
|
|
406,549 |
|
|
430,001 |
|
|
452,421 |
|
|
459,285 |
|
| HELOCs - originated |
129,791 |
|
|
130,225 |
|
|
131,867 |
|
|
125,397 |
|
|
135,885 |
|
| HELOCs - purchased |
33,943 |
|
|
38,976 |
|
|
46,086 |
|
|
58,640 |
|
|
61,535 |
|
| Construction and
land/lots |
69,835 |
|
|
66,027 |
|
|
68,118 |
|
|
75,108 |
|
|
78,799 |
|
| Indirect auto finance |
106,184 |
|
|
115,093 |
|
|
119,656 |
|
|
122,947 |
|
|
128,466 |
|
| Consumer |
7,855 |
|
|
8,362 |
|
|
8,667 |
|
|
9,332 |
|
|
10,035 |
|
| Total retail consumer
loans |
732,509 |
|
|
765,232 |
|
|
804,395 |
|
|
843,845 |
|
|
874,005 |
|
| Total loans, net of deferred
loan fees and costs |
2,719,642 |
|
|
2,733,267 |
|
|
2,690,153 |
|
|
2,678,624 |
|
|
2,769,396 |
|
| Allowance for credit
losses |
(34,406 |
) |
|
(35,468 |
) |
|
(36,059 |
) |
|
(39,844 |
) |
|
(43,132 |
) |
| Net loans |
$ |
2,685,236 |
|
|
$ |
2,697,799 |
|
|
$ |
2,654,094 |
|
|
$ |
2,638,780 |
|
|
$ |
2,726,264 |
|
Deposits
| (Dollars in thousands) |
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
| Core deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing accounts |
$ |
711,764 |
|
|
$ |
636,414 |
|
|
$ |
528,711 |
|
|
$ |
469,998 |
|
|
$ |
458,157 |
|
| NOW accounts |
621,675 |
|
|
644,958 |
|
|
727,240 |
|
|
654,960 |
|
|
608,968 |
|
| Money market accounts |
987,650 |
|
|
975,001 |
|
|
927,519 |
|
|
882,366 |
|
|
826,970 |
|
| Savings accounts |
220,614 |
|
|
226,391 |
|
|
221,537 |
|
|
209,699 |
|
|
202,787 |
|
| Total core deposits |
2,541,703 |
|
|
2,482,764 |
|
|
2,405,007 |
|
|
2,217,023 |
|
|
2,096,882 |
|
| Certificates of deposit |
445,581 |
|
|
472,777 |
|
|
503,471 |
|
|
526,246 |
|
|
645,164 |
|
| Total deposits |
$ |
2,987,284 |
|
|
$ |
2,955,541 |
|
|
$ |
2,908,478 |
|
|
$ |
2,743,269 |
|
|
$ |
2,742,046 |
|
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 provide an alternative view of its performance
over time and in comparison to its 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 the Company's
efficiency ratio:
| |
Three Months Ended |
| (Dollars in thousands) |
September 30,2021 |
|
June 30,2021 |
|
September 30,2020 |
|
Noninterest expense |
$ |
26,016 |
|
|
$ |
48,233 |
|
|
$ |
26,000 |
|
| Less: branch closure and
restructuring expenses |
— |
|
|
1,513 |
|
|
|
| Less: prepayment penalties on
borrowings |
— |
|
|
19,034 |
|
|
— |
|
| Noninterest expense |
$ |
26,016 |
|
|
$ |
27,686 |
|
|
$ |
26,000 |
|
| |
|
|
|
|
|
| Net interest income |
$ |
27,707 |
|
|
$ |
25,998 |
|
|
$ |
25,509 |
|
| Plus noninterest income |
10,352 |
|
|
11,160 |
|
|
8,639 |
|
| Plus tax equivalent
adjustment |
310 |
|
|
325 |
|
|
310 |
|
| Net interest income plus
noninterest income – as adjusted |
$ |
38,369 |
|
|
$ |
37,483 |
|
|
$ |
34,458 |
|
| Efficiency ratio - adjusted |
67.80 |
% |
|
73.86 |
% |
|
75.45 |
% |
| Efficiency ratio |
68.36 |
% |
|
129.81 |
% |
|
76.14 |
% |
Set forth below is a reconciliation to GAAP of tangible book
value and tangible book value per share:
| (Dollars in thousands, except per
share data) |
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
Total stockholders' equity |
$ |
396,511 |
|
|
$ |
396,519 |
|
|
$ |
406,452 |
|
|
$ |
404,724 |
|
|
$ |
400,351 |
|
| Less: goodwill, core deposit
intangibles, net of taxes |
25,830 |
|
|
25,902 |
|
|
26,002 |
|
|
26,130 |
|
|
26,285 |
|
| Tangible book value (1) |
$ |
370,681 |
|
|
$ |
370,617 |
|
|
$ |
380,450 |
|
|
$ |
378,594 |
|
|
$ |
374,066 |
|
| Common shares outstanding |
16,307,658 |
|
|
16,636,483 |
|
|
16,655,347 |
|
|
16,791,027 |
|
|
17,020,724 |
|
| Tangible book value per
share |
$ |
22.73 |
|
|
$ |
22.28 |
|
|
$ |
22.84 |
|
|
$ |
22.55 |
|
|
$ |
21.98 |
|
| Book value per share |
$ |
24.31 |
|
|
$ |
23.83 |
|
|
$ |
24.40 |
|
|
$ |
24.10 |
|
|
$ |
23.52 |
|
|
|
|
|
|
(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:
| (Dollars
in thousands) |
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
Tangible equity(1) |
$ |
370,681 |
|
|
$ |
370,617 |
|
|
$ |
380,450 |
|
|
$ |
378,594 |
|
|
$ |
374,066 |
|
| Total
assets |
3,481,360 |
|
|
3,524,723 |
|
|
3,648,613 |
|
|
3,679,971 |
|
|
3,674,034 |
|
| Less:
goodwill, core deposit intangibles, net of taxes |
25,830 |
|
|
25,902 |
|
|
26,002 |
|
|
26,130 |
|
|
26,285 |
|
| Total
tangible assets(2) |
$ |
3,455,530 |
|
|
$ |
3,498,821 |
|
|
$ |
3,622,611 |
|
|
$ |
3,653,841 |
|
|
$ |
3,647,749 |
|
| Tangible
equity to tangible assets |
10.73 |
% |
|
10.59 |
% |
|
10.50 |
% |
|
10.36 |
% |
|
10.25 |
% |
|
|
|
|
|
(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 net income
(loss), EPS, ROA, and ROE as adjusted to exclude branch
closure/restructuring expenses and prepayment penalties on
borrowings:
| |
Three Months Ended |
| (Dollars in thousands, except per
share data) |
September 30,2021 |
|
June 30,2021 |
|
September 30,2020 |
|
Branch closure and restructuring expenses |
$ |
— |
|
|
$ |
1,513 |
|
|
$ |
— |
|
| Prepayment penalties on
borrowings |
— |
|
|
19,034 |
|
|
— |
|
| Total adjustments |
— |
|
|
20,547 |
|
|
— |
|
| Tax effect |
— |
|
|
4,829 |
|
|
— |
|
| Total adjustments, net of
tax |
— |
|
|
15,718 |
|
|
— |
|
| Net income (loss) (GAAP) |
10,527 |
|
|
(7,408 |
) |
|
5,753 |
|
| Adjusted net income
(non-GAAP) |
$ |
10,527 |
|
|
$ |
8,310 |
|
|
$ |
5,753 |
|
| Per Share
Data |
|
|
|
|
|
| Average shares outstanding -
basic |
15,761,247 |
|
|
15,894,342 |
|
|
16,230,990 |
|
| Average shares outstanding -
diluted |
16,146,611 |
|
|
15,894,342 |
|
|
16,469,242 |
|
| Average shares outstanding -
diluted (adjusted) (1) |
16,146,611 |
|
|
16,406,581 |
|
|
16,469,242 |
|
| Basic EPS |
|
|
|
|
|
| Basic EPS (GAAP) (2) |
$ |
0.66 |
|
|
$ |
(0.46 |
) |
|
$ |
0.35 |
|
| Non-GAAP adjustment |
— |
|
|
0.98 |
|
|
— |
|
| Adjusted basic EPS (non-GAAP)
(3) |
$ |
0.66 |
|
|
$ |
0.52 |
|
|
$ |
0.35 |
|
| Diluted EPS |
|
|
|
|
|
| Diluted EPS (GAAP) (4) |
$ |
0.65 |
|
|
$ |
(0.46 |
) |
|
$ |
0.35 |
|
| Non-GAAP adjustment |
— |
|
|
0.96 |
|
|
— |
|
| Adjusted diluted EPS (non-GAAP)
(5) |
$ |
0.65 |
|
|
$ |
0.50 |
|
|
$ |
0.35 |
|
| Average
Balances |
|
|
|
|
|
| Average assets |
$ |
3,518,422 |
|
|
$ |
3,669,597 |
|
|
$ |
3,696,464 |
|
| Average equity |
396,465 |
|
|
405,933 |
|
|
400,915 |
|
| ROA |
|
|
|
|
|
| ROA (GAAP) |
1.20 |
% |
|
(0.81 |
)% |
|
0.62 |
% |
| Non-GAAP adjustment |
— |
% |
|
1.72 |
% |
|
— |
% |
| Adjusted ROA (non-GAAP) |
1.20 |
% |
|
0.91 |
% |
|
0.62 |
% |
| ROE |
|
|
|
|
|
| ROE (GAAP) |
10.62 |
% |
|
(7.30 |
)% |
|
5.74 |
% |
| Non-GAAP adjustment |
— |
% |
|
15.49 |
% |
|
— |
% |
| Adjusted ROE (non-GAAP) |
10.62 |
% |
|
8.19 |
% |
|
5.74 |
% |
|
|
|
|
|
(1) |
Average shares outstanding - diluted were adjusted for the three
months ended June 30, 2021 to include potentially dilutive shares
not considered due to the corresponding net losses under GAAP. |
|
(2) |
Net income (loss) used in the basic EPS calculation includes an
adjustment of $69 for the three months ended June 30, 2021 in
relation to the two-class method. |
|
(3) |
Adjusted net income used in the basic EPS calculation includes an
adjustment of $(78) for the three months ended June 30, 2021 in
relation to the two-class method. |
|
(4) |
Net income (loss) used in the diluted EPS calculation includes an
adjustment of $69 for the three months ended June 30, 2021 in
relation to the two-class method. |
|
(5) |
Adjusted net income used in the diluted EPS calculation includes an
adjustment of $(76) for the three months ended June 30, 2021 in
relation to the two-class method. |
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:
| (Dollars
in thousands) |
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
December 31 2020 |
|
September 30,2020 |
|
Total gross loans receivable (GAAP) |
$ |
2,719,642 |
|
|
$ |
2,733,267 |
|
|
$ |
2,690,153 |
|
|
$ |
2,678,624 |
|
|
$ |
2,769,396 |
|
| Less:
PPP loans (1) |
28,762 |
|
|
46,650 |
|
|
73,090 |
|
|
64,845 |
|
|
80,816 |
|
| Adjusted
loans (non-GAAP) |
$ |
2,690,880 |
|
|
$ |
2,686,617 |
|
|
$ |
2,617,063 |
|
|
$ |
2,613,779 |
|
|
$ |
2,688,580 |
|
| |
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses (GAAP) |
$ |
34,406 |
|
|
$ |
35,468 |
|
|
$ |
36,059 |
|
|
$ |
39,844 |
|
|
$ |
43,132 |
|
| Allowance for credit losses /
Adjusted loans (non-GAAP) |
1.28 |
% |
|
1.32 |
% |
|
1.38 |
% |
|
1.52 |
% |
|
1.60 |
% |
|
|
|
|
| (1) |
PPP loans are fully guaranteed loans by the U.S.
government. |
|
Contact:
Dana L. Stonestreet – Chairman and Chief Executive Officer
C. Hunter Westbrook – President and Chief Operating Officer
Tony J. VunCannon – Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer
828-259-3939
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