HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding
company of HomeTrust Bank ("Bank"), today announced a preliminary
net loss for the fourth quarter of 2021 and approval of its
quarterly cash dividend. The loss was driven by expenses previously
announced by the Company related to branch closures and the
restructuring of its balance sheet. The restructuring included a
$19.0 million pre-tax prepayment penalty related to the early
retirement of $275.0 million in long-term borrowings for the
quarter ended June 30, 2021. In addition, the Company had a pre-tax
charge of $1.5 million for costs associated with the pending branch
closures.
For the quarter ended June 30, 2021 compared to
the corresponding quarter in the previous year:
- net loss was $7.4 million, compared to net income of $3.6
million;
- diluted earnings per share ("EPS") was ($0.46), compared to
$0.22;
- return on assets ("ROA") was (0.81)%, compared to 0.39%;
- return on equity ("ROE") was (7.30)%, compared to 3.54%;
- provision for credit losses was a net benefit of $955,000,
compared to a provision of $2.7 million;
- noninterest income increased $4.0 million, or 54.5% to $11.2
million from $7.2 million;
- organic net loan growth, which excludes U.S. Small Business
Administration ("SBA") Paycheck Protection Program ("PPP") loans
and purchases of home equity lines of credit, was $76.7 million, or
11.9% annualized compared to $35.3 million, or 5.5%
annualized;
- 166,892 shares were repurchased at an average price of $26.56
per share; and
- quarterly cash dividends continued
at $0.08 per share totaling $1.3 million.
For the quarter ended June 30, 2021 compared to
the corresponding quarter in the previous year and before after-tax
prepayment penalties and branch closure charges (non-GAAP):
- adjusted net income was $8.3 million, compared to $3.6
million;
- adjusted diluted EPS was $0.50 compared to $0.22;
- adjusted ROA was 0.91%, compared to 0.39%; and
- adjusted ROE was 8.19%, compared to
3.54%.
For the fiscal year ended June 30, 2021 compared
to the previous year:
- net income was $15.7 million, compared to $22.8 million;
- diluted EPS was $0.94, compared to $1.30;
- ROA was 0.42%, compared to 0.63%;
- ROE was 3.88%, compared to 5.54%;
- provision for credit losses was a net benefit of $7.1 million,
compared to a provision of $8.5 million;
- noninterest income increased $9.5 million, or 31.3% to $39.8
million from $30.3 million; and
- organic net loan growth, which
excludes PPP loans and purchases of home equity lines of credit,
was $31.0 million, or 1.2% compared to $183.3 million, or
7.1%.
For the fiscal year ended June 30, 2021 compared to the previous
year and before after-tax prepayment penalties and branch closure
charges (non-GAAP):
- adjusted net income was $34.2 million, compared to $22.8
million;
- adjusted diluted EPS was $2.06, compared to $1.30;
- adjusted ROA was 0.92%, compared to 0.63%; and
- adjusted ROE was 8.47%, compared to
5.54%.
The Company also announced today that its Board
of Directors declared a quarterly cash dividend of $0.08 per common
share payable on September 2, 2021 to shareholders of record as of
the close of business on August 19, 2021.
The reconciliation of non-GAAP measures, which
the Company believes facilitates the assessment of its banking
operations and peer comparability, is included in tabular form at
the end of this release.
“Despite the challenges faced during this
pandemic, our bankers continue to perform at the highest levels
within our business lines leading to strong performance for the
quarter,” said Dana Stonestreet, Chairman, President, and Chief
Executive Officer. “As previously announced, our GAAP net income
includes a $14.6 million after-tax prepayment penalty on the early
termination of the $275 million remaining long-term borrowings and
$1.2 million of after-tax costs associated with our plan to close
nine branches towards the end of next quarter. On an adjusted
basis, we earned $8.3 million as compared to $3.6 million in the
same quarter last year, largely driven by our increase in gain on
sale of loans held for sale and a benefit for credit losses
compared to a provision for credit losses in the prior comparable
quarter.
“We continue to focus on strategic initiatives
to enhance profitability by reducing ongoing costs and increasing
revenues in all our lines of business. We had another record gain
on sale of SBA loans of $2.4 million up 755% over the same quarter
last year. As of July 1, 2021, we have successfully transitioned
our SBA servicing operations from a loan service provider to full
back-room operations in-house to increase gain on sale and create
servicing income. And we continue to focus on increasing SBA loan
origination volume to lever this investment and increase
profitability. Our mortgage area produced another strong quarter
with the sale of $106 million in residential mortgages resulting in
a gain of $2.8 million which was up 52% over the same period a year
ago. Our equipment finance division had another strong year as the
portfolio grew $89 million to $340 million which was a 35% increase
since June 30, 2020.
“Credit quality continues to hold up nicely
reflecting the financial strength of our borrowers who have been
able to navigate through the pandemic,” continued Stonestreet.
"While smaller than the allowance releases in the two previous
quarters, the improvement in the economic forecast and continued
strong credit metrics allowed us to recognize a benefit for credit
losses of $955,000 for the quarter. With the prepayment of higher
cost borrowings behind us, our announced branch closure plan to
lower costs, our transition of SBA servicing to in-house, and our
diversified lines of business that we continue to grow, we’re well
positioned to achieve higher profitability and to create additional
shareholder value as we begin a new fiscal year.”
COVID-19 Update
Loan Programs. The Company participated in the
SBA PPP during calendar year 2020 and 2021. During the quarter
ended June 30, 2021, the program’s funds were depleted and
subsequently the Company ended its participation. The Company
originated a total of $112.0 million or 469 PPP loans under the
program throughout the pandemic, which included a total of $31.2
million in PPP loans for calendar year 2021. As of June 30, 2021,
PPP loans totaled $46.7 million, which included $1.1 million in net
deferred fees that will be accreted into interest income over the
remaining life of the loans, unless the loans are forgiven at which
point these fees would be accelerated into income. For the three
and twelve months ended June 30, 2021, the Company earned $416,000
and $1.8 million, respectively, 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 $64.2 million in PPP loans during its participation in the
program.
Loan Modifications. During the quarter ended
June 30, 2021, there were no new COVID-19 loan modifications for
full deferral of principal and interest nor partial deferral of
interest only. 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 until the latter part of calendar year 2021. As of June
30, 2021, the Company had $78.9 million in commercial loan
deferrals on interest-only payments. As of June 30, 2021, the
Company had $107,000 in loans with full principal and interest
payment deferrals. The Company continues to work with its customers
to determine the best option for repayment of accrued interest on
the deferred payments.
Branch Operations. Throughout the pandemic the
Bank has provided banking services with a focus on the health and
safety of its customers and employees. The Bank continues to
monitor the effects of customer behavior specific to in-person
branch transactions and has experienced meaningful increases in
digital banking activity and online deposit account openings.
Partially in response to these changes, the Bank recently announced
its plans to close nine branches in North Carolina, Tennessee, and
Virginia. The Company continues to respond to the banking needs of
its customers whether through physical branch locations and/or
digital banking services.
Income Statement Review
Net interest income increased to $26.0 million
for the quarter ended June 30, 2021, compared to $24.7 million for
the comparative quarter in fiscal 2020. Interest and dividend
income decreased by $2.3 million, or 7.3%, primarily driven by
lower yields on loans and commercial paper as a result of lower
federal funds and other market interest rates. This decrease was
more than offset by a $3.6 million decrease in interest expense.
Average interest-earning assets decreased $16.6 million, or 0.49%
to $3.4 billion for the quarter ended June 30, 2021. The average
balance of total loans receivable increased by $6.3 million, or
0.23% compared to the same quarter last year. The average balance
of commercial paper and deposits in other banks decreased $26.0
million, or 5.7% driven by the Company purchasing higher yielding
available for sale securities and using excess liquidity to pay
down borrowings between the periods. The Company's investments in
commercial paper have short-term maturities and limited exposure of
$15.0 million or less per each highly-rated company. The average
balance in securities available for sale increased $14.9 million,
or 10.4%. The average balance in other investments at cost
decreased $11.8 million, or 29.2% as a result of Federal Home Loan
Bank stock being sold in relation to the paydown of borrowings. Net
interest margin (on a fully taxable-equivalent basis) for the three
months ended June 30, 2021 increased to 3.10% from 2.92% for the
same period a year ago.
Total interest and dividend income decreased
$2.3 million, or 7.3% for the three months ended June 30, 2021 as
compared to the same period last year, which was primarily driven
by a $1.3 million, or 73.2% decrease in interest income from
commercial paper and deposits in other banks, a $774,000, or 2.8%
decrease in interest income from loans, and a $290,000, or 36.9%
decrease in interest income from securities available for sale. The
lower interest income in each category was driven by the decrease
in yields caused by the significant reduction in current market
rates compared to the same quarter last year. Average loan yields
decreased 11 basis points to 3.95% for the quarter ended June 30,
2021 from 4.06% in the corresponding quarter last year. Average
yields on commercial paper and deposits in other banks decreased
110 basis points to 0.44% for the quarter ended June 30, 2021 from
1.54% in the corresponding quarter last year. Average yields on
securities available for sale decreased 95 basis points to 1.26%
for the quarter ended June 30, 2021 from 2.21% in the corresponding
quarter last year.
Total interest expense decreased $3.6 million,
or 56.0% for the quarter ended June 30, 2021 compared to the same
period last year. The decrease was driven by a $2.9 million, or
62.2% decrease in interest expense on deposits and a $660,000, or
39.0% decrease in interest expense on borrowings. Average
interest-bearing deposits for the quarter ended June 30, 2021
increased $152.0 million, or 7.0%, which was more than offset by
the 56 basis point decrease in cost of deposits, down to 0.31%
compared to 0.87% in the same period last year. Average borrowings
for the quarter ended June 30, 2021 decreased $258.1 million, or
50.6% compared to the same period last year as a result of the
previously mentioned balance sheet restructuring. 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 overall average cost of funds
decreased 51 basis points to 0.44% for the current quarter compared
to 0.95% in the same quarter last year. The decrease in the average
cost of funds was driven by the lower federal funds rate during the
current quarter compared to the prior year.
Net interest income decreased to $103.3 million
for the year ended June 30, 2021, compared to $104.1 million in
fiscal 2020. The $782,000, or 0.8% decrease was due to a $17.5
million decrease in interest and dividend income partially offset
by a $16.7 million decrease in interest expense, both of which were
driven primarily by the lower rate environment in the current
fiscal year. Average interest-earning assets increased $115.6
million, or 3.5% to $3.4 billion for the year ended June 30, 2021
compared to $3.3 billion in prior year. The average balance of
total loans receivable increased by $71.1 million, or 2.6% compared
to last year. The average balance of commercial paper and deposits
in other banks increased $62.5 million, or 16.2% during fiscal
2021. These increases were funded by a $12.4 million, or 8.2%
decrease in securities available for sale, a $5.6 million, or 13.3%
decrease in other interest-earning assets and a $149.2 million, or
4.8% increase in average deposits (interest and
noninterest-bearing) and borrowings as compared to last year. Net
interest margin (on a fully taxable-equivalent basis) for the year
ended June 30, 2021 decreased to 3.04% from 3.17% in prior
year.
Total interest and dividend income decreased
$17.5 million, or 12.9% for the year June 30, 2021 as compared to
last year, which was primarily driven by a $10.4 million, or 8.5%
decrease in interest income from loans, a $5.1 million, or 66.6%
decrease in interest income from commercial paper and deposits in
other banks, a $1.7 million, or 45.1% decrease in interest income
from securities available for sale, and a $356,000, or 13.2%
decrease in interest income from other interest-earning assets. The
lower interest income was driven by the decrease in market yields
compared to the prior year. Average loan yields decreased 48 basis
points to 4.01% for the year ended June 30, 2021 from 4.49% last
year. Average yields on commercial paper and deposits in other
banks decreased 143 basis points to 0.57% for the year ended June
30, 2021 from 2.00% in the prior year. Average yields on securities
available for sale decreased 98 basis points to 1.47% for the year
ended June 30, 2021 from 2.45% in the prior year.
Total interest expense decreased $16.7 million,
or 52.1% for the year ended June 30, 2021 compared to last year.
The decrease was driven by a $13.5 million, or 59.0% decrease in
interest expense on deposits and a $3.3 million, or 35.1% decrease
in interest expense on borrowings. The $116.1 million, or 5.4%
increase in average interest-bearing deposits for the year ended
June 30, 2021 was more than offset by the 65 basis point decrease
down to 0.41% in the corresponding cost of deposits compared to
1.06% in the prior year. Average borrowings for the year ended June
30, 2021 decreased $151.6 million, or 26.7% along with a 19 basis
point decrease in the average cost of borrowings compared to last
year. The overall average cost of funds decreased 61 basis points
to 0.57% for the year ended June 30, 2021 compared to 1.18% last
year due primarily to the impact of the lower amount of borrowings
and rates.
Noninterest income increased $3.9 million, or
54.5% to $11.2 million for the three months ended June 30, 2021
from $7.2 million for the same period in the previous year
primarily due to a $3.1 million, or 128.9% increase in gain on sale
of loans, a $372,000, or 20.1% increase in other noninterest
income, and a $346,000, or 17.0% increase in service charges and
fees on deposit accounts. The increase in gain on the sale of loans
was primarily driven by an increase in gains from sales of SBA and
mortgage loans. During the quarter ended June 30, 2021, $21.4
million of the guaranteed portion of SBA commercial loans were sold
with gains of $2.4 million compared to $4.0 million sold with gains
of $286,000 in the corresponding quarter in the prior year. There
were $105.6 million of residential mortgage loans originated for
sale which were sold with gains of $2.8 million compared to $68.6
million sold with gains of $1.9 million in the corresponding
quarter in the prior year. In addition, $24.9 million of home
equity loans were sold during the quarter ended June 30, 2021 for a
gain of $164,000 compared to $53.1 million sold with gains of
$232,000 in the corresponding quarter. The increase in other
noninterest income was driven by a $353,000, or 31.0% increase in
operating lease income from the continued growth in the equipment
finance line of business. The increase in service charges and fees
on deposit accounts was primarily related to higher debit card fees
as customers have begun to increase spending as a result of the
broader market recovery from the pandemic.
Noninterest income increased $9.5 million, or
31.3% to $39.8 million for the year ended June 30, 2021 from $30.3
million last year primarily due to a $7.4 million, or 74.5%
increase in gain on sale of loans and a $2.8 million, or 44.0%
increase in other noninterest income, partially offset by a
$299,000, or 3.2% decrease in service charges and fees on deposit
accounts, and a $286,000, or 11.5% decrease in loan income and
fees. The increase in gain on the sale of loans was driven by an
increase in sales of mortgage, SBA, and home equity loans. There
were $406.5 million of residential mortgage loans originated for
sale which were sold with gains of $10.5 million compared to $203.9
million sold with gains of $5.4 million in the prior year. Included
in the prior year's gain on sale of loans was an additional $1.3
million non-recurring gain related to one-to-four family portfolio
loans of $154.9 million reclassed to loans held for sale that were
sold during the year. During the year ended June 30, 2021, $66.1
million of the guaranteed portion of SBA commercial loans were sold
with gains of $6.1 million compared to $38.1 million sold with
gains of $2.8 million in the prior year. In addition, $110.8
million of home equity loans were sold during the year ended June
30, 2021 with gains of $724,000 compared to $71.1 million sold with
gains of $415,000 in the prior year. The increase in other
noninterest income was driven by a $2.2 million, or 66.9% increase
in operating lease income from the equipment finance business and a
$538,000, or 63.4% increase in the investment services line of
business. The decrease in service charges and fees on deposit
accounts was primarily related to lower nonsufficient fund fees as
customers decreased spending during the pandemic. The decrease in
loan income and fees was primarily a result of lower fees from the
Company's adjustable rate conversion program.
Noninterest expense for the three months ended
June 30, 2021 increased $23.6 million, or 95.6% to $48.2 million
compared to $24.7 million for the three months ended June 30, 2020.
The increase was driven by the $19.0 million prepayment penalty on
the early retirement of borrowings and to a lesser extent the $1.5
million charge related to the branch closures, all of which are
related to the Company's balance sheet restructuring and
profitability improvement plan. In addition, there was a $2.1
million, or 14.8% increase in salaries and employee benefits as a
result of new positions, mortgage loan origination incentives, and
annual salary increases; a $527,000, or 14.0% increase in other
expenses, mainly driven by depreciation from the Company's
equipment finance line of business; a $499,000, or 319.9% increase
in marketing and advertising expense related to our post-pandemic
full geographic footprint marketing campaign; a $379,000, or 17.9%
increase in computer services as a result of increased processing
charges; and a $254,000, or 11.3% increase in net occupancy expense
from investments in infrastructure. Partially offsetting these
increases was a cumulative decrease of $209,000, or 18.7% in
telephone, postage, and supplies expense and core deposit
intangible amortization for the three months ended June 30, 2021
compared to the same period last year. In addition, there was a
$522,000, or 81.3% decrease in real estate owned ("REO") related
expenses as a result of fewer properties held, no post-foreclosure
writedowns, and additional legal expenses in the prior year's
quarter related to one commercial property.
Noninterest expense for the year ended June 30,
2021 increased $34.1 million, or 35.1% to $131.2 million compared
to $97.1 million last year. The increase was primarily due to $22.7
million in prepayment penalties on borrowings and $1.5 million in
branch closure and restructuring charges previously mentioned. In
addition, there was a $6.2 million, or 11.0% increase in salaries
and employee benefits; a $2.9 million, or 20.8% increase in other
expenses, driven by depreciation from the Company's equipment
finance line of business; a $1.5 million, or 17.8% increase in
computer services; an $899,000 increase in deposit insurance
premiums as a result of credits issued by the Federal Deposit
Insurance Corporation being utilized in the prior year period; and
a $293,000, or 3.2% increase in net occupancy expense. Partially
offsetting these increases was a $686,000, or 48.3% decrease in
core deposit intangible amortization and a cumulative decrease of
$399,000, or 7.8% in telephone, postage, and supplies expense; and
marketing and advertising expense for the year ended June 30, 2021
compared to last year. In addition, there was a $893,000, or 60.5%
decrease in REO related expenses as a result of fewer properties
held, no post-foreclosure writedowns, and a gain on the sale of REO
in the current period compared to a loss last year.
For the three months ended June 30, 2021, the
Company's net income tax benefit was $2.7 million driven by the
quarter's pretax loss compared to income tax expense of $964,000 in
the corresponding quarter of last year.
For the year ended June 30, 2021, the Company's
income tax expense decreased $2.6 million, or 43.2% to $3.4 million
from $6.0 million as a result of lower taxable income. The
effective tax rate for the year ended June 30, 2021 and 2020 was
17.9% and 20.9%, respectively.
Balance Sheet Review
Total assets and liabilities decreased by $198.1
million and $186.4 million down to $3.5 billion and $3.1 billion,
respectively, at June 30, 2021 as compared to June 30, 2020. The
cumulative decrease of $201.6 million, or 41.8% in cash and cash
equivalents, commercial paper, and certificates of deposits in
other banks; along with the $169.8 million, or 6.1% increase in
deposits was used to pay down borrowings by $360.0 million. The
$16.4 million, or 21.2% increase in loans held for sale primarily
relates to additional one-to-four family and home equity loans
originated for sale during the period. The $15.2 million, or 39.1%
decrease in other investments, at cost was due to Federal Home Loan
Bank ("FHLB") stock being sold back in connection with the
previously mentioned paydown of borrowings.
Total loans decreased $35.9 million, or 1.3% to
$2.7 billion at June 30, 2021. The decrease was driven by PPP loan
forgiveness totaling $34.0 million, the continued payoff of
purchased HELOCs of $32.8 million, partially offset by $31.0
million in organic loan growth.
Total deposits increased $169.8 million, or 6.1%
to $3.0 billion at June 30, 2021 from $2.8 billion at June 30, 2020
which was driven by a $436.2 million, or 21.3% increase in core
deposits as a result of additional funds to customers from
government stimulus and the Company's focused effort to realign the
deposit mix. Partially offsetting the increase was a managed runoff
of certificates of deposit and brokered deposits totaling $266.4
million, or 36.0% down to $472.8 million at June 30, 2021. Total
borrowings decreased $360.0 million, or 75.8% to $115.0 million at
June 30, 2021 from $475.0 million at June 30, 2020 due to the early
retirement of $475.0 million in long-term FHLB borrowings partially
offset by $115.0 million in additional borrowings at lower rates
and 30-day maturities.
On July 1, 2020, the Company adopted the current
expected credit loss ("CECL") accounting standard in accordance
with Accounting Standards Update ("ASU") 2016-13, "Financial
Instruments-Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments." The cumulative effect adjustment from
this change in accounting policy resulted in an increase in its
allowance for credit losses for loans of $14.8 million, additional
deferred tax assets of $3.9 million, additional reserve for
unfunded loan commitments of $2.3 million, and a reduction to
retained earnings of $13.2 million. In addition, an allowance for
credit loss for commercial paper was established for $250,000 with
a deferred tax asset of $58,000. The adoption of this ASU did not
have an effect on available for sale debt securities for the year
ended June 30, 2021.
Stockholders' equity at June 30, 2021 decreased
$11.7 million, or 2.9% to $396.5 million compared to $408.3 million
at June 30, 2020. Changes within stockholders' equity included
$15.7 million in net income and $6.7 million in stock-based
compensation and stock option exercises, offset by $13.4 million
related to the adoption of the new CECL accounting standard,
733,347 shares of common stock being repurchased at an average cost
of $22.03, or approximately $16.2 million in total, and $5.0
million related to cash dividends declared. As of June 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 $35.5
million, or 1.30% of total loans, at June 30, 2021 compared to
$28.1 million, or 1.01% of total loans, at June 30, 2020. The
allowance for credit losses to total gross loans excluding PPP
loans was 1.32% at June 30, 2021, compared to 1.04% at June 30,
2020. The overall increase was driven by additional allowance
stemming from the Company's adoption of the new CECL accounting
standard.
Provision for credit losses was a net benefit of
$7.1 million for the fiscal year ended June 30, 2021, compared to a
$8.5 million provision for fiscal year 2020. The net benefit of
provision was primarily driven by changes in the economic forecast
which continue to improve since the adoption of the standard. Net
loan recoveries totaled $309,000 for the three months ended June
30, 2021, compared to net charge-offs of $1.5 million for the same
period last year. Net recoveries as a percentage of average loans
were (0.04)% for the quarter ended June 30, 2021 compared to net
charge-offs of 0.21% for the corresponding quarter in 2020. Net
loan charge-offs totaled $143,000 and $1.9 million for the fiscal
years ended June 30, 2021 and 2020, respectively. Net charge-offs
as a percentage of average loans were 0.01% and 0.07% for each of
the fiscal years ended June 30, 2021 and 2020, respectively.
Nonperforming assets decreased by $3.5 million,
or 21.3% to $12.8 million, or 0.36% of total assets at June 30,
2021 compared to $16.3 million, or 0.44% of total assets at June
30, 2020. Nonperforming assets included $12.6 million in
nonaccruing loans and $188,000 in REO at June 30, 2021, compared to
$15.9 million and $337,000 in nonaccruing loans and REO,
respectively, at June 30, 2020. Included in nonperforming loans as
of June 30, 2021 were $5.5 million of loans restructured from their
original terms of which $4.2 million were current at June 30, 2021,
with respect to their modified payment terms. Nonperforming loans
to total loans was 0.46% at June 30, 2021 and 0.58% at June 30,
2020.
The ratio of classified assets to total assets
decreased to 0.64% at June 30, 2021 from 0.84% at June 30, 2020 due
to the decrease in classified loans during fiscal 2021. Classified
assets decreased to $22.4 million at June 30, 2021 compared to
$31.1 million at June 30, 2020 primarily due to $5.7 million in
payoffs, $1.6 million in charge-offs, and $950,000 in upgrades
during the period. The Company's overall asset quality metrics
continue to demonstrate its commitment to growing and maintaining a
loan portfolio with a moderate risk profile; however, the Company
will remain diligent in its review of the portfolio and overall
economy as it continues to maneuver through the uncertainty
surrounding COVID-19.
About HomeTrust Bancshares,
Inc.
HomeTrust Bancshares, Inc. is the holding
company for HomeTrust Bank. As of June 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
40 locations as well as online/mobile channels. Locations include:
North Carolina (including the Asheville metropolitan area, the
"Piedmont" region, Charlotte, and Raleigh/Cary), Upstate South
Carolina (Greenville), East Tennessee (including Kingsport/Johnson
City/Bristol, Knoxville, and Morristown) and Southwest Virginia
(including the Roanoke Valley). HomeTrust Bancshares, Inc. is the
2nd largest publicly traded community bank holding company
headquartered in North Carolina.
Forward-Looking Statements
This press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements are not historical
facts but instead represent management's current expectations and
forecasts regarding future events, many of which are inherently
uncertain and outside of our control. Actual results may differ,
possibly materially, from those currently expected or projected in
these forward-looking statements. Factors that could cause our
actual results to differ materially from those described in the
forward-looking statements include: the effect of the COVID-19
pandemic, including on our credit quality and business operations,
as well as its impact on general economic and financial market
conditions and other uncertainties resulting from the COVID-19
pandemic, such as the extent and duration of the impact on public
health, the U.S. and global economies, and consumer and corporate
customers, including economic activity, employment levels and
market liquidity; increased competitive pressures; changes in the
interest rate environment; changes in general economic conditions
and conditions within the securities markets; legislative and
regulatory changes; and other factors described in HomeTrust's
latest annual Report on Form 10-K and Quarterly Reports on Form
10-Q and other documents filed with or furnished to the Securities
and Exchange Commission - which are available on our website at
www.htb.com and on the SEC's website at www.sec.gov. Any of the
forward-looking statements that we make in this press release or
the documents we file with or furnish to the SEC are based upon
management's beliefs and assumptions at the time they are made and
may turn out to be wrong because of inaccurate assumptions we might
make, because of the factors described above or because of other
factors that we cannot foresee. We do not undertake and
specifically disclaim any obligation to revise any forward-looking
statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such
statements. These risks could cause our actual results for fiscal
2022 and beyond to differ materially from those expressed in any
forward-looking statements by, or on behalf of, us and could
negatively affect our operating and stock performance.
WEBSITE:
WWW.HOMETRUSTBANCSHARES.COMContact:Dana
L. Stonestreet - Chairman, President and Chief Executive
OfficerTony J. VunCannon - Executive Vice President, Chief
Financial Officer, Corporate Secretary and
Treasurer828-259-3939
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands) |
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 (1) |
Assets |
|
|
|
|
|
|
|
|
|
Cash |
$ |
22,312 |
|
|
$ |
24,621 |
|
|
$ |
27,365 |
|
|
$ |
29,472 |
|
|
$ |
31,908 |
|
Interest-bearing deposits |
28,678 |
|
|
139,474 |
|
|
198,979 |
|
|
141,672 |
|
|
89,714 |
|
Cash and cash equivalents |
50,990 |
|
|
164,095 |
|
|
226,344 |
|
|
171,144 |
|
|
121,622 |
|
Commercial paper |
189,596 |
|
|
238,445 |
|
|
183,778 |
|
|
204,867 |
|
|
304,967 |
|
Certificates of deposits |
40,122 |
|
|
42,015 |
|
|
48,637 |
|
|
52,361 |
|
|
55,689 |
|
Debt securities available for
sale, at fair value |
156,459 |
|
|
162,417 |
|
|
153,540 |
|
|
96,159 |
|
|
127,537 |
|
Other investments, at
cost |
23,710 |
|
|
28,899 |
|
|
39,572 |
|
|
38,949 |
|
|
38,946 |
|
Loans held for sale |
93,539 |
|
|
86,708 |
|
|
118,439 |
|
|
124,985 |
|
|
77,177 |
|
Total loans, net of deferred
loan fees and costs |
2,733,267 |
|
|
2,690,153 |
|
|
2,678,624 |
|
|
2,769,396 |
|
|
2,769,119 |
|
Allowance for credit
losses |
(35,468 |
) |
|
(36,059 |
) |
|
(39,844 |
) |
|
(43,132 |
) |
|
(28,072 |
) |
Net loans |
2,697,799 |
|
|
2,654,094 |
|
|
2,638,780 |
|
|
2,726,264 |
|
|
2,741,047 |
|
Premises and equipment,
net |
70,909 |
|
|
70,886 |
|
|
70,104 |
|
|
59,418 |
|
|
58,462 |
|
Accrued interest
receivable |
7,933 |
|
|
8,271 |
|
|
9,796 |
|
|
10,648 |
|
|
12,312 |
|
Real estate owned ("REO") |
188 |
|
|
143 |
|
|
252 |
|
|
144 |
|
|
337 |
|
Deferred income taxes |
16,901 |
|
|
16,889 |
|
|
18,626 |
|
|
19,209 |
|
|
16,334 |
|
Bank owned life insurance
("BOLI") |
93,108 |
|
|
93,877 |
|
|
93,326 |
|
|
92,775 |
|
|
92,187 |
|
Goodwill |
25,638 |
|
|
25,638 |
|
|
25,638 |
|
|
25,638 |
|
|
25,638 |
|
Core deposit intangibles |
343 |
|
|
473 |
|
|
638 |
|
|
840 |
|
|
1,078 |
|
Other assets |
57,488 |
|
|
55,763 |
|
|
52,501 |
|
|
50,633 |
|
|
49,519 |
|
Total Assets |
$ |
3,524,723 |
|
|
$ |
3,648,613 |
|
|
$ |
3,679,971 |
|
|
$ |
3,674,034 |
|
|
$ |
3,722,852 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
$ |
2,955,541 |
|
|
$ |
2,908,478 |
|
|
$ |
2,743,269 |
|
|
$ |
2,742,046 |
|
|
$ |
2,785,756 |
|
Borrowings |
115,000 |
|
|
275,000 |
|
|
475,000 |
|
|
475,000 |
|
|
475,000 |
|
Other liabilities |
57,663 |
|
|
58,683 |
|
|
56,978 |
|
|
56,637 |
|
|
53,833 |
|
Total liabilities |
3,128,204 |
|
|
3,242,161 |
|
|
3,275,247 |
|
|
3,273,683 |
|
|
3,314,589 |
|
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) |
167 |
|
|
167 |
|
|
168 |
|
|
170 |
|
|
170 |
|
Additional paid in
capital |
160,582 |
|
|
162,010 |
|
|
166,352 |
|
|
170,204 |
|
|
169,648 |
|
Retained earnings |
240,075 |
|
|
248,767 |
|
|
242,182 |
|
|
234,023 |
|
|
242,776 |
|
Unearned Employee Stock Ownership Plan ("ESOP") shares |
(5,819 |
) |
|
(5,951 |
) |
|
(6,083 |
) |
|
(6,216 |
) |
|
(6,348 |
) |
Accumulated other
comprehensive income |
1,514 |
|
|
1,459 |
|
|
2,105 |
|
|
2,170 |
|
|
2,017 |
|
Total stockholders' equity |
396,519 |
|
|
406,452 |
|
|
404,724 |
|
|
400,351 |
|
|
408,263 |
|
Total Liabilities and Stockholders' Equity |
$ |
3,524,723 |
|
|
$ |
3,648,613 |
|
|
$ |
3,679,971 |
|
|
$ |
3,674,034 |
|
|
$ |
3,722,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________________(1) Derived
from audited financial statements.(2) Shares
of common stock issued and outstanding were 16,636,483 at June 30,
2021; 16,655,347 at March 31, 2021; 16,791,027 at December 31,
2020; 17,020,724 at September 30, 2020; and 17,021,357 at June 30,
2020.
Consolidated Statement of Income (Loss)
(Unaudited)
|
Three Months Ended |
|
Year Ended |
(Dollars in thousands) |
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 (1) |
|
June 30, 2021 |
|
June 30, 2020 (1) |
Interest and Dividend
Income |
|
|
|
|
|
|
|
|
|
Loans |
$ |
27,234 |
|
|
27,629 |
|
|
$ |
28,008 |
|
|
$ |
111,798 |
|
|
$ |
122,174 |
|
Commercial paper and interest-bearing deposits |
467 |
|
|
611 |
|
|
1,740 |
|
|
2,573 |
|
|
7,699 |
|
Securities available for sale |
496 |
|
|
496 |
|
|
786 |
|
|
2,024 |
|
|
3,687 |
|
Other investments |
609 |
|
|
585 |
|
|
540 |
|
|
2,338 |
|
|
2,694 |
|
Total interest and dividend income |
28,806 |
|
|
29,321 |
|
|
31,074 |
|
|
118,733 |
|
|
136,254 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
Deposits |
1,774 |
|
|
1,996 |
|
|
4,692 |
|
|
9,370 |
|
|
22,837 |
|
Borrowings |
1,034 |
|
|
1,632 |
|
|
1,694 |
|
|
6,041 |
|
|
9,313 |
|
Total interest expense |
2,808 |
|
|
3,628 |
|
|
6,386 |
|
|
15,411 |
|
|
32,150 |
|
Net Interest
Income |
25,998 |
|
|
25,693 |
|
|
24,688 |
|
|
103,322 |
|
|
104,104 |
|
Provision (Benefit)
for Credit Losses |
(955 |
) |
|
(4,100 |
) |
|
2,700 |
|
|
(7,135 |
) |
|
8,500 |
|
Net Interest Income after Provision (Benefit) for Credit
Losses |
26,953 |
|
|
29,793 |
|
|
21,988 |
|
|
110,457 |
|
|
95,604 |
|
Noninterest
Income |
|
|
|
|
|
|
|
|
|
Service charges and fees on deposit accounts |
2,376 |
|
|
2,194 |
|
|
2,030 |
|
|
9,083 |
|
|
9,382 |
|
Loan income and fees |
529 |
|
|
636 |
|
|
447 |
|
|
2,208 |
|
|
2,494 |
|
Gain on sale of loans held for sale |
5,423 |
|
|
4,881 |
|
|
2,369 |
|
|
17,352 |
|
|
9,946 |
|
BOLI income |
605 |
|
|
508 |
|
|
522 |
|
|
2,156 |
|
|
2,246 |
|
Other, net |
2,227 |
|
|
2,459 |
|
|
1,855 |
|
|
9,022 |
|
|
6,264 |
|
Total noninterest income |
11,160 |
|
|
10,678 |
|
|
7,223 |
|
|
39,821 |
|
|
30,332 |
|
Noninterest
Expense |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
16,265 |
|
|
15,784 |
|
|
14,172 |
|
|
62,956 |
|
|
56,709 |
|
Net occupancy expense |
2,511 |
|
|
2,456 |
|
|
2,256 |
|
|
9,521 |
|
|
9,228 |
|
Computer services |
2,499 |
|
|
2,581 |
|
|
2,121 |
|
|
9,607 |
|
|
8,153 |
|
Telephone, postage, and supplies |
777 |
|
|
812 |
|
|
813 |
|
|
3,122 |
|
|
3,275 |
|
Marketing and advertising |
655 |
|
|
319 |
|
|
156 |
|
|
1,626 |
|
|
1,872 |
|
Deposit insurance premiums |
438 |
|
|
363 |
|
|
426 |
|
|
1,799 |
|
|
900 |
|
Loss (gain) on sale and impairment of REO |
(16 |
) |
|
(14 |
) |
|
448 |
|
|
(65 |
) |
|
536 |
|
REO expense |
136 |
|
|
98 |
|
|
193 |
|
|
647 |
|
|
939 |
|
Core deposit intangible amortization |
130 |
|
|
165 |
|
|
303 |
|
|
735 |
|
|
1,421 |
|
Branch closure and restructuring expenses |
1,513 |
|
|
— |
|
|
— |
|
|
1,513 |
|
|
— |
|
Prepayment penalties on borrowings |
19,034 |
|
|
3,656 |
|
|
— |
|
|
22,690 |
|
|
— |
|
Other |
4,291 |
|
|
4,286 |
|
|
3,764 |
|
|
17,031 |
|
|
14,096 |
|
Total noninterest expense |
48,233 |
|
|
30,506 |
|
|
24,652 |
|
|
131,182 |
|
|
97,129 |
|
Income (Loss) Before
Income Taxes |
(10,120 |
) |
|
9,965 |
|
|
4,559 |
|
|
19,096 |
|
|
28,807 |
|
Income Tax Expense
(Benefit) |
(2,712 |
) |
|
2,096 |
|
|
964 |
|
|
3,421 |
|
|
6,024 |
|
Net Income (Loss) |
$ |
(7,408 |
) |
|
$ |
7,869 |
|
|
$ |
3,595 |
|
|
$ |
15,675 |
|
|
$ |
22,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________________(1) Derived
from audited financial statements.
Per Share Data
|
|
Three Months Ended |
|
Year Ended |
|
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
Net income (loss) per common
share:(1) |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.46 |
) |
|
$ |
0.49 |
|
|
$ |
0.22 |
|
|
$ |
0.96 |
|
|
$ |
1.34 |
|
Diluted |
|
$ |
(0.46 |
) |
|
$ |
0.48 |
|
|
$ |
0.22 |
|
|
$ |
0.94 |
|
|
$ |
1.30 |
|
Average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
15,894,342 |
|
|
15,979,590 |
|
|
16,217,185 |
|
|
16,078,066 |
|
|
16,729,056 |
|
Diluted |
|
15,894,342 |
|
|
16,485,718 |
|
|
16,489,125 |
|
|
16,495,115 |
|
|
17,292,239 |
|
Book value per share at end of
period |
|
$ |
23.83 |
|
|
$ |
24.40 |
|
|
$ |
23.99 |
|
|
$ |
23.83 |
|
|
$ |
23.99 |
|
Tangible book value per share
at end of period (2) |
|
$ |
22.28 |
|
|
$ |
22.84 |
|
|
$ |
22.43 |
|
|
$ |
22.28 |
|
|
$ |
22.43 |
|
Cash dividends declared per
common share |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
0.31 |
|
|
$ |
0.25 |
|
Total shares outstanding at
end of period |
|
16,636,483 |
|
|
16,655,347 |
|
|
17,021,357 |
|
|
16,636,483 |
|
|
17,021,357 |
|
__________________________________________(1) Basic
and diluted net income (loss) per common share have been prepared
in accordance with the two-class method.
(2) See Non-GAAP reconciliations below for
adjustments.
Selected Financial Ratios and Other Data
|
|
Three Months Ended |
|
Year Ended |
|
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
Performance
ratios:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on assets (ratio of net income (loss) to average total
assets) |
|
(0.81 |
) |
% |
|
0.84 |
% |
|
0.39 |
% |
|
0.42 |
% |
|
0.63 |
% |
Return on equity (ratio of net
income (loss) to average equity) |
|
(7.30 |
) |
|
|
7.78 |
|
|
3.54 |
|
|
3.88 |
|
|
5.54 |
|
Tax equivalent yield on
earning assets(2) |
|
3.43 |
|
|
|
3.44 |
|
|
3.66 |
|
|
3.49 |
|
|
4.13 |
|
Rate paid on interest-bearing
liabilities |
|
0.44 |
|
|
|
0.54 |
|
|
0.95 |
|
|
0.57 |
|
|
1.18 |
|
Tax equivalent average
interest rate spread(2) |
|
2.99 |
|
|
|
2.90 |
|
|
2.71 |
|
|
2.92 |
|
|
2.95 |
|
Tax equivalent net interest
margin(2) (3) |
|
3.10 |
|
|
|
3.02 |
|
|
2.92 |
|
|
3.04 |
|
|
3.17 |
|
Average interest-earning
assets to average interest-bearing liabilities |
|
132.52 |
|
|
|
127.59 |
|
|
127.89 |
|
|
128.01 |
|
|
122.10 |
|
Operating expense to average
total assets |
|
5.26 |
|
|
|
3.25 |
|
|
2.67 |
|
|
3.55 |
|
|
2.70 |
|
Efficiency ratio |
|
129.81 |
|
|
|
83.87 |
|
|
77.25 |
|
|
91.64 |
|
|
72.25 |
|
Efficiency ratio -
adjusted(4) |
|
73.86 |
|
|
|
73.17 |
|
|
76.51 |
|
|
74.08 |
|
|
71.62 |
|
__________________________________________(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 reconciliations below for adjustments.
|
|
At or For the Three Months Ended |
|
|
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
Asset quality
ratios: |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets(1) |
|
0.36 |
|
% |
|
0.37 |
|
% |
|
0.40 |
|
% |
|
0.40 |
% |
|
0.44 |
% |
Nonperforming loans to total
loans(1) |
|
0.46 |
|
|
|
0.49 |
|
|
|
0.54 |
|
|
|
0.52 |
|
|
0.58 |
|
Total classified assets to
total assets |
|
0.64 |
|
|
|
0.76 |
|
|
|
0.74 |
|
|
|
0.73 |
|
|
0.84 |
|
Allowance for credit losses to
nonperforming loans(1) |
|
281.38 |
|
|
|
272.64 |
|
|
|
274.05 |
|
|
|
299.11 |
|
|
176.30 |
|
Allowance for credit losses to
total loans |
|
1.30 |
|
|
|
1.34 |
|
|
|
1.49 |
|
|
|
1.56 |
|
|
1.01 |
|
Allowance for credit losses to
total gross loans excluding PPP loans and acquired loans(2) |
|
1.32 |
|
|
|
1.38 |
|
|
|
1.52 |
|
|
|
1.61 |
|
|
1.04 |
|
Net charge-offs (recoveries) to average loans (annualized) |
|
(0.04 |
) |
|
|
(0.03 |
) |
|
|
(0.01 |
) |
|
|
0.10 |
|
|
0.21 |
|
Capital
ratios: |
|
|
|
|
|
|
|
|
|
|
Equity to total assets at end
of period |
|
11.25 |
|
% |
|
11.14 |
|
% |
|
11.00 |
|
% |
|
10.90 |
% |
|
10.97 |
% |
Tangible equity to total
tangible assets(2) |
|
10.59 |
|
|
|
10.50 |
|
|
|
10.36 |
|
|
|
10.25 |
|
|
10.33 |
|
Average equity to average
assets |
|
11.06 |
|
|
|
10.79 |
|
|
|
10.95 |
|
|
|
10.85 |
|
|
11.02 |
|
__________________________________________(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 June 30, 2021,
there were $5.5 million of restructured loans included in
nonaccruing loans and $6.6 million, or 52.6%, of nonaccruing loans
were current on their loan payments as of that date. Purchased
impaired loans acquired through acquisitions are excluded from
nonaccruing loans due to the accretion of discounts in
accordance with the acquisition method of accounting for business
combinations.(2) See Non-GAAP
reconciliations below for adjustments.
Average Balance Sheet Data
|
Three Months Ended June 30, |
|
2021 |
|
2020 |
(Dollars in thousands) |
AverageBalanceOutstanding |
|
InterestEarned/Paid(2) |
|
Yield/Rate(2) |
|
AverageBalanceOutstanding |
|
InterestEarned/Paid(2) |
|
Yield/Rate(2) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
$ |
2,796,063 |
|
|
$ |
27,559 |
|
|
3.95 |
% |
|
$ |
2,789,751 |
|
|
$ |
28,319 |
|
|
4.06 |
% |
Commercial paper and deposits
in other banks |
427,056 |
|
|
467 |
|
|
0.44 |
% |
|
453,038 |
|
|
1,740 |
|
|
1.54 |
% |
Debt securities available for
sale |
157,455 |
|
|
496 |
|
|
1.26 |
% |
|
142,601 |
|
|
786 |
|
|
2.21 |
% |
Other interest-earning
assets(3) |
28,658 |
|
|
609 |
|
|
8.52 |
% |
|
40,490 |
|
|
540 |
|
|
5.34 |
% |
Total interest-earning assets |
3,409,232 |
|
|
29,131 |
|
|
3.43 |
% |
|
3,425,880 |
|
|
31,385 |
|
|
3.66 |
% |
Other assets |
260,365 |
|
|
|
|
|
|
263,212 |
|
|
|
|
|
Total Assets |
3,669,597 |
|
|
|
|
|
|
3,689,092 |
|
|
|
|
|
Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
accounts |
657,748 |
|
|
411 |
|
|
0.25 |
% |
|
481,314 |
|
|
522 |
|
|
0.43 |
% |
Money market accounts |
948,739 |
|
|
363 |
|
|
0.15 |
% |
|
772,823 |
|
|
1,150 |
|
|
0.60 |
% |
Savings accounts |
225,385 |
|
|
41 |
|
|
0.07 |
% |
|
166,216 |
|
|
42 |
|
|
0.10 |
% |
Certificate accounts |
489,155 |
|
|
959 |
|
|
0.79 |
% |
|
748,722 |
|
|
2,978 |
|
|
1.59 |
% |
Total interest-bearing deposits |
2,321,027 |
|
|
1,774 |
|
|
0.31 |
% |
|
2,169,075 |
|
|
4,692 |
|
|
0.87 |
% |
Borrowings |
251,538 |
|
|
1,034 |
|
|
1.65 |
% |
|
509,617 |
|
|
1,694 |
|
|
1.33 |
% |
Total interest-bearing liabilities |
2,572,565 |
|
|
2,808 |
|
|
0.44 |
% |
|
2,678,692 |
|
|
6,386 |
|
|
0.95 |
% |
Noninterest-bearing
deposits |
633,841 |
|
|
|
|
|
|
453,048 |
|
|
|
|
|
Other liabilities |
57,258 |
|
|
|
|
|
|
150,788 |
|
|
|
|
|
Total liabilities |
3,263,664 |
|
|
|
|
|
|
3,282,528 |
|
|
|
|
|
Stockholders' equity |
405,933 |
|
|
|
|
|
|
406,564 |
|
|
|
|
|
Total liabilities and stockholders' equity |
3,669,597 |
|
|
|
|
|
|
3,689,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earning assets |
$ |
836,667 |
|
|
|
|
|
|
$ |
747,188 |
|
|
|
|
|
Average interest-earning assets to average interest-bearing
liabilities |
132.52 |
% |
|
|
|
|
|
127.89 |
% |
|
|
|
|
Tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
26,323 |
|
|
|
|
|
|
$ |
24,999 |
|
|
|
Interest rate spread |
|
|
|
|
2.99 |
% |
|
|
|
|
|
2.71 |
% |
Net interest margin(4) |
|
|
|
|
3.10 |
% |
|
|
|
|
|
2.92 |
% |
Non-tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
25,998 |
|
|
|
|
|
|
$ |
24,688 |
|
|
|
Interest rate spread |
|
|
|
|
2.95 |
% |
|
|
|
|
|
2.68 |
% |
Net interest margin(4) |
|
|
|
|
3.06 |
% |
|
|
|
|
|
2.88 |
% |
__________________________________________(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 $325 and $311 for the three months ended June 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 asset.
|
Years Ended June 30, |
|
2021 |
|
2020 |
(Dollars in thousands) |
AverageBalanceOutstanding |
|
InterestEarned/Paid(2) |
|
Yield/Rate(2) |
|
AverageBalanceOutstanding |
|
InterestEarned/Paid(2) |
|
Yield/Rate(2) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
$ |
2,819,180 |
|
|
$ |
113,065 |
|
|
4.01 |
% |
|
$ |
2,748,124 |
|
|
$ |
123,364 |
|
|
4.49 |
% |
Commercial paper and deposits
in other banks |
447,721 |
|
|
2,573 |
|
|
0.57 |
% |
|
385,208 |
|
|
7,699 |
|
|
2.00 |
% |
Debt securities available for
sale |
137,863 |
|
|
2,024 |
|
|
1.47 |
% |
|
150,249 |
|
|
3,687 |
|
|
2.45 |
% |
Other interest-earning
assets(3) |
36,519 |
|
|
2,338 |
|
|
6.40 |
% |
|
42,119 |
|
|
2,694 |
|
|
6.40 |
% |
Total interest-earning assets |
3,441,283 |
|
|
120,000 |
|
|
3.49 |
% |
|
3,325,700 |
|
|
137,444 |
|
|
4.13 |
% |
Other assets |
257,111 |
|
|
|
|
|
|
265,376 |
|
|
|
|
|
Total Assets |
3,698,394 |
|
|
|
|
|
|
3,591,076 |
|
|
|
|
|
Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
accounts |
609,754 |
|
|
1,552 |
|
|
0.25 |
% |
|
457,455 |
|
|
1,627 |
|
|
0.36 |
% |
Money market accounts |
882,252 |
|
|
1,699 |
|
|
0.19 |
% |
|
767,315 |
|
|
6,910 |
|
|
0.90 |
% |
Savings accounts |
211,192 |
|
|
155 |
|
|
0.07 |
% |
|
166,588 |
|
|
195 |
|
|
0.12 |
% |
Certificate accounts |
568,284 |
|
|
5,964 |
|
|
1.05 |
% |
|
764,013 |
|
|
14,105 |
|
|
1.85 |
% |
Total interest-bearing deposits |
2,271,482 |
|
|
9,370 |
|
|
0.41 |
% |
|
2,155,371 |
|
|
22,837 |
|
|
1.06 |
% |
Borrowings |
416,822 |
|
|
6,041 |
|
|
1.45 |
% |
|
568,377 |
|
|
9,313 |
|
|
1.64 |
% |
Total interest-bearing liabilities |
2,688,304 |
|
|
15,411 |
|
|
0.57 |
% |
|
2,723,748 |
|
|
32,150 |
|
|
1.18 |
% |
Noninterest-bearing
deposits |
550,265 |
|
|
|
|
|
|
365,634 |
|
|
|
|
|
Other liabilities |
56,315 |
|
|
|
|
|
|
90,247 |
|
|
|
|
|
Total liabilities |
3,294,884 |
|
|
|
|
|
|
3,179,629 |
|
|
|
|
|
Stockholders' equity |
403,510 |
|
|
|
|
|
|
411,447 |
|
|
|
|
|
Total liabilities and stockholders' equity |
3,698,394 |
|
|
|
|
|
|
3,591,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earning assets |
$ |
752,979 |
|
|
|
|
|
|
$ |
601,952 |
|
|
|
|
|
Average interest-earning assets to average interest-bearing
liabilities |
128.01 |
% |
|
|
|
|
|
122.10 |
% |
|
|
|
|
Tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
104,589 |
|
|
|
|
|
|
$ |
105,294 |
|
|
|
Interest rate spread |
|
|
|
|
2.92 |
% |
|
|
|
|
|
2.95 |
% |
Net interest margin(4) |
|
|
|
|
3.04 |
% |
|
|
|
|
|
3.17 |
% |
Non-tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
103,322 |
|
|
|
|
|
|
$ |
104,104 |
|
|
|
Interest rate spread |
|
|
|
|
2.88 |
% |
|
|
|
|
|
2.92 |
% |
Net interest margin(4) |
|
|
|
|
3.00 |
% |
|
|
|
|
|
3.13 |
% |
__________________________________________(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 $1,267 and $1,190 for the year ended June 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) |
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
Commercial loans: |
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ |
1,142,276 |
|
|
$ |
1,088.178 |
|
|
$ |
1,056.971 |
|
|
$ |
1,068.255 |
|
|
$ |
1,052.906 |
|
Construction and development |
179,427 |
|
|
162,820 |
|
|
172,892 |
|
|
216,757 |
|
|
215,934 |
|
Commercial and industrial |
141,341 |
|
|
140,579 |
|
|
138,761 |
|
|
148,413 |
|
|
154,825 |
|
Equipment finance |
317,920 |
|
|
291,950 |
|
|
272,761 |
|
|
250,813 |
|
|
229,239 |
|
Municipal leases |
140,421 |
|
|
129,141 |
|
|
128,549 |
|
|
130,337 |
|
|
127,987 |
|
PPP loans |
46,650 |
|
|
73,090 |
|
|
64,845 |
|
|
80,816 |
|
|
80,697 |
|
Total commercial loans |
1,968,035 |
|
|
1,885,758 |
|
|
1,834,779 |
|
|
1,895,391 |
|
|
1,861,588 |
|
Retail consumer loans: |
|
|
|
|
|
|
|
|
|
One-to-four family |
406,549 |
|
|
430.001 |
|
|
452.421 |
|
|
459.285 |
|
|
473.693 |
|
HELOCs - originated |
130,225 |
|
|
131,867 |
|
|
125,397 |
|
|
135,885 |
|
|
137,447 |
|
HELOCs - purchased |
38,976 |
|
|
46,086 |
|
|
58,640 |
|
|
61,535 |
|
|
71,781 |
|
Construction and land/lots |
66,027 |
|
|
68,118 |
|
|
75,108 |
|
|
78,799 |
|
|
81,859 |
|
Indirect auto finance |
115,093 |
|
|
119,656 |
|
|
122,947 |
|
|
128,466 |
|
|
132,303 |
|
Consumer |
8,362 |
|
|
8,667 |
|
|
9,332 |
|
|
10,035 |
|
|
10,259 |
|
Total retail consumer
loans |
765,232 |
|
|
804,395 |
|
|
843,845 |
|
|
874,005 |
|
|
907,342 |
|
Total loans |
2,733,267 |
|
|
2,690,153 |
|
|
2,678,624 |
|
|
2,769,396 |
|
|
2,768,930 |
|
Deferred loan costs, net |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
189 |
|
Total loans, net of deferred
loan fees and costs |
2,733,267 |
|
|
2,690,153 |
|
|
2,678,624 |
|
|
2,769,396 |
|
|
2,769,119 |
|
Allowance for credit
losses |
(35,468 |
) |
|
(36,059 |
) |
|
(39,844 |
) |
|
(43,132 |
) |
|
(28,072 |
) |
Net loans |
$ |
2,697,799 |
|
|
$ |
2,654,094 |
|
|
$ |
2,638,780 |
|
|
$ |
2,726,264 |
|
|
$ |
2,741,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
(Dollars in thousands) |
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
Core deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing accounts |
$ |
636,414 |
|
|
$ |
528,711 |
|
|
$ |
469,998 |
|
|
$ |
458,157 |
|
|
$ |
429,901 |
|
NOW accounts |
644,958 |
|
|
727,240 |
|
|
654,960 |
|
|
608,968 |
|
|
582,299 |
|
Money market accounts |
975,001 |
|
|
927,519 |
|
|
882,366 |
|
|
826,970 |
|
|
836,738 |
|
Savings accounts |
226,391 |
|
|
221,537 |
|
|
209,699 |
|
|
202,787 |
|
|
197,676 |
|
Total core deposits |
2,482,764 |
|
|
2,405,007 |
|
|
2,217,023 |
|
|
2,096,882 |
|
|
2,046,614 |
|
Certificates of deposit |
472,777 |
|
|
503,471 |
|
|
526,246 |
|
|
645,164 |
|
|
739,142 |
|
Total |
$ |
2,955,541 |
|
|
$ |
2,908,478 |
|
|
$ |
2,743,269 |
|
|
$ |
2,742,046 |
|
|
$ |
2,785,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; net income (loss), EPS, ROA, and ROE as
adjusted to exclude branch closure/restructuring expenses and
prepayment penalties on borrowings, 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 our efficiency
ratio:
|
|
Three Months Ended |
|
Year Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Noninterest expense |
|
$ |
48,233 |
|
|
$ |
30,506 |
|
|
$ |
24,652 |
|
|
$ |
131,182 |
|
|
$ |
97,129 |
|
Less: branch closure and
restructuring expenses |
|
1,513 |
|
|
— |
|
|
— |
|
|
1,513 |
|
|
— |
|
Less: prepayment penalties on
borrowings |
|
19,034 |
|
|
3,656 |
|
|
— |
|
|
22,690 |
|
|
— |
|
Noninterest expense – as
adjusted |
|
$ |
27,686 |
|
|
$ |
26,850 |
|
|
$ |
24,652 |
|
|
$ |
106,979 |
|
|
$ |
97,129 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
25,998 |
|
|
$ |
25,693 |
|
|
$ |
24,688 |
|
|
$ |
103,322 |
|
|
$ |
104,104 |
|
Plus: noninterest income |
|
11,160 |
|
|
10,678 |
|
|
7,223 |
|
|
39,821 |
|
|
30,332 |
|
Plus: tax equivalent
adjustment |
|
325 |
|
|
326 |
|
|
311 |
|
|
1,267 |
|
|
1,190 |
|
Net interest income plus noninterest income – as adjusted |
|
$ |
37,483 |
|
|
$ |
36,697 |
|
|
$ |
32,222 |
|
|
$ |
144,410 |
|
|
$ |
135,626 |
|
Efficiency ratio - adjusted |
|
73.86 |
% |
|
73.17 |
% |
|
76.51 |
% |
|
74.08 |
% |
|
71.62 |
% |
Efficiency ratio (without
adjustments) |
|
129.81 |
% |
|
83.87 |
% |
|
77.25 |
% |
|
91.64 |
% |
|
72.25 |
% |
Set forth below is a reconciliation to GAAP of tangible book
value and tangible book value per share:
|
|
As of |
(Dollars in thousands, except
per share data) |
|
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
Total stockholders' equity |
|
$ |
396,519 |
|
|
$ |
406,452 |
|
|
$ |
404,724 |
|
|
$ |
400,351 |
|
|
$ |
408,263 |
|
Less: goodwill, core deposit
intangibles, net of taxes |
|
25,902 |
|
|
26,002 |
|
|
26,130 |
|
|
26,285 |
|
|
26,468 |
|
Tangible book value (1) |
|
$ |
370,617 |
|
|
$ |
380,450 |
|
|
$ |
378,594 |
|
|
$ |
374,066 |
|
|
$ |
381,795 |
|
Common shares outstanding |
|
16,636,483 |
|
|
16,655,347 |
|
|
16,791,027 |
|
|
17,020,724 |
|
|
17,021,357 |
|
Tangible book value per
share |
|
$ |
22.28 |
|
|
$ |
22.84 |
|
|
$ |
22.55 |
|
|
$ |
21.98 |
|
|
$ |
22.43 |
|
Book value per share |
|
$ |
23.83 |
|
|
$ |
24.40 |
|
|
$ |
24.10 |
|
|
$ |
23.52 |
|
|
$ |
23.99 |
|
__________________________________________(1) Tangible
book value is equal to total stockholders' equity less goodwill and
core deposit intangibles, net of related deferred tax
liabilities.Set forth below is a reconciliation to GAAP of tangible
equity to tangible assets:
|
|
As of |
|
|
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity(1) |
|
$ |
370,617 |
|
|
$ |
380,450 |
|
|
$ |
378,594 |
|
|
$ |
374,066 |
|
|
$ |
381,795 |
|
Total assets |
|
$ |
3,524,723 |
|
|
$ |
3,648,613 |
|
|
$ |
3,679,971 |
|
|
$ |
3,674,034 |
|
|
$ |
3,722,852 |
|
Less: goodwill and core deposit
intangibles, net of taxes |
|
25,902 |
|
|
26,002 |
|
|
26,130 |
|
|
26,285 |
|
|
26,468 |
|
Total tangible assets(2) |
|
$ |
3,498,821 |
|
|
$ |
3,622,611 |
|
|
$ |
3,653,841 |
|
|
$ |
3,647,749 |
|
|
$ |
3,696,384 |
|
Tangible equity to tangible
assets |
|
10.59 |
% |
|
10.50 |
% |
|
10.36 |
% |
|
10.25 |
% |
|
10.33 |
% |
__________________________________________
(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 |
|
Year Ended |
(Dollars in thousands, except per
share data) |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Branch closure and restructuring expenses |
|
$ |
1,513 |
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,513 |
|
|
$ |
— |
|
Prepayment penalties on
borrowings |
|
19,034 |
|
|
|
3,656 |
|
|
— |
|
|
22,690 |
|
|
— |
|
Total adjustments |
|
20,547 |
|
|
|
3,656 |
|
|
— |
|
|
24,203 |
|
|
— |
|
Tax effect |
|
4,829 |
|
|
|
859 |
|
|
— |
|
|
5,688 |
|
|
— |
|
Total adjustments, net of
tax |
|
15,718 |
|
|
|
2,797 |
|
|
— |
|
|
18,515 |
|
|
— |
|
Net income (loss) (GAAP) |
|
(7,408 |
) |
|
|
7,869 |
|
|
3,595 |
|
|
15,675 |
|
|
22,783 |
|
Adjusted net income
(non-GAAP) |
|
$ |
8,310 |
|
|
|
$ |
10,666 |
|
|
$ |
3,595 |
|
|
$ |
34,190 |
|
|
$ |
22,783 |
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Average shares outstanding -
basic |
|
15,894,342 |
|
|
|
15,979,590 |
|
|
16,217,185 |
|
|
16,078,066 |
|
|
16,729,056 |
|
Average shares outstanding -
diluted |
|
15,894,342 |
|
|
|
16,485,718 |
|
|
16,489,125 |
|
|
16,495,115 |
|
|
17,292,239 |
|
Average shares outstanding -
diluted (adjusted) (1) |
|
16,406,581 |
|
|
|
16,485,718 |
|
|
16,489,125 |
|
|
16,495,115 |
|
|
17,292,239 |
|
Basic EPS |
|
|
|
|
|
|
|
|
|
|
Basic EPS (GAAP) (2) |
|
$ |
(0.46 |
) |
|
|
$ |
0.49 |
|
|
$ |
0.22 |
|
|
$ |
0.96 |
|
|
$ |
1.34 |
|
Non-GAAP adjustment |
|
0.98 |
|
|
|
0.17 |
|
|
— |
|
|
1.15 |
|
|
— |
|
Adjusted basic EPS (non-GAAP)
(3) |
|
$ |
0.52 |
|
|
|
$ |
0.66 |
|
|
$ |
0.22 |
|
|
$ |
2.11 |
|
|
$ |
1.34 |
|
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
Diluted EPS (GAAP) (4) |
|
$ |
(0.46 |
) |
|
|
$ |
0.48 |
|
|
$ |
0.22 |
|
|
$ |
0.94 |
|
|
$ |
1.30 |
|
Non-GAAP adjustment |
|
0.96 |
|
|
|
0.16 |
|
|
— |
|
|
1.12 |
|
|
— |
|
Adjusted diluted EPS (non-GAAP)
(5) |
|
$ |
0.50 |
|
|
|
$ |
0.64 |
|
|
$ |
0.22 |
|
|
$ |
2.06 |
|
|
$ |
1.30 |
|
Average
Balances |
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
3,669,597 |
|
|
|
$ |
3,753,263 |
|
|
$ |
3,689,092 |
|
|
$ |
3,698,394 |
|
|
$ |
3,591,076 |
|
Average equity |
|
$ |
405,933 |
|
|
|
$ |
404,813 |
|
|
$ |
406,564 |
|
|
$ |
403,510 |
|
|
$ |
411,447 |
|
ROA |
|
|
|
|
|
|
|
|
|
|
ROA (GAAP) |
|
(0.81 |
) |
% |
|
0.84 |
% |
|
0.39 |
% |
|
0.42 |
% |
|
0.63 |
% |
Non-GAAP adjustment |
|
1.72 |
|
% |
|
0.30 |
% |
|
— |
% |
|
0.50 |
% |
|
— |
% |
Adjusted ROA (non-GAAP) |
|
0.91 |
|
% |
|
1.14 |
% |
|
0.39 |
% |
|
0.92 |
% |
|
0.63 |
% |
ROE |
|
|
|
|
|
|
|
|
|
|
ROE (GAAP) |
|
(7.30 |
) |
% |
|
7.78 |
% |
|
3.54 |
% |
|
3.88 |
% |
|
5.54 |
% |
Non-GAAP adjustment |
|
15.49 |
|
% |
|
2.76 |
% |
|
— |
% |
|
4.59 |
% |
|
— |
% |
Adjusted ROE (non-GAAP) |
|
8.19 |
|
% |
|
10.54 |
% |
|
3.54 |
% |
|
8.47 |
% |
|
5.54 |
% |
__________________________________________
(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, $(72), and $(32) for the
three months ended June 30, 2021, March 31, 2021, and June 30,
2020, respectively, in relation to the two-class method. Net income
includes an adjustment of $(145) and $(194) for the years ended
June 30, 2021 and June 30, 2020, respectively, in relation to the
two-class method.(3) Adjusted net income used in the basic EPS
calculation includes an adjustment of $(78) and $(98) for the three
months ended June 30, 2021 and March 31, 2021, respectively, in
relation to the two-class method. Net income includes an adjustment
of $(315) for the year 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, $(70), and $(28) for the
three months ended June 30, 2021, March 31, 2021, and June 30,
2020, respectively, in relation to the two-class method. Net income
includes an adjustment of $(141) and $(188) for the years ended
June 30, 2021 and June 30, 2020, respectively, in relation to the
two-class method. (5) Adjusted net income used in the diluted EPS
calculation includes an adjustment of $(76) and $(95) for the three
months ended June 30, 2021 and March 31, 2021, respectively, in
relation to the two-class method. Net income includes an adjustment
of $(307) for the year 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 and the allowance
for credit losses as adjusted to exclude PPP loans and acquired
loans:
|
As of |
(Dollars in thousands) |
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
Total gross loans receivable (GAAP) |
$ |
2,733,267 |
|
|
$ |
2,690,153 |
|
|
$ |
2,678,624 |
|
|
$ |
2,769,396 |
|
|
$ |
2,768,930 |
|
Less: PPP loans (1) |
46,650 |
|
|
73,090 |
|
|
64,845 |
|
|
80,816 |
|
|
80,697 |
|
Adjusted loans (non-GAAP) |
$ |
2,686,617 |
|
|
$ |
2,617,063 |
|
|
$ |
2,613,779 |
|
|
$ |
2,688,580 |
|
|
$ |
2,688,233 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
(GAAP) |
$ |
35,468 |
|
|
$ |
36,059 |
|
|
$ |
39,844 |
|
|
$ |
43,132 |
|
|
$ |
28,072 |
|
Allowance for credit losses /
Adjusted loans (non-GAAP) |
1.32 |
% |
|
1.38 |
% |
|
1.52 |
% |
|
1.60 |
% |
|
1.04 |
% |
__________________________________________(1) PPP loans are
fully guaranteed loans by the U.S. government.
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