Highlights of the Company’s results for the quarter ended
- All regulatory applications have been submitted and remain pending.
- Pre-tax core earnings increased to
$4.8 million for the third quarter endedSeptember 30, 2021 from$4.6 million for the second quarter endedJune 30, 2021 . Net income excluding transaction costs was$4.4 million for the third quarter endedSeptember 30, 2021 versus$4.1 million in the previous quarter. - Loans (excluding PPP) were up
$45.8 million , or 4.6% from the previous quarter and$95.5 million , or 10.1% from the third quarter one year earlier. - Loan loss provisions remained at zero for the quarter ended
September 30, 2021 , reflecting the overall improved credit outlook.
“Earnings improved during the quarter, as we continue normal banking operations through the approval process of our acquisition by
Net Interest Income
The Company’s net interest income increased to
Loan Loss Provisions
The Company did not recognize any loan loss provisions for the third quarter. Management believes the improved economic and pandemic climate has provided better clarity on the ability of borrowers to meet their loan obligations. As such, the current level of reserves is believed to be sufficient as of
Non-interest Income
Third quarter non-interest income decreased to
Non-interest Expense
Non-interest expense decreased
Balance Sheet
Total assets declined to
Total deposits declined slightly to
Asset Quality
Classified assets, which include nonperforming assets and accruing classified loans, totaled
The allowance for loan losses decreased slightly to
Capital
Total shareholder equity increased to
About
Forward Looking Statements:
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about the benefits of the proposed acquisition of HSBI by VyStar, statements related to the expected timing of the completion of the acquisition, the combined company's plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as "may," "will," "should," "scheduled," "plans," "intends," "anticipates," "expects," "believes," estimates," "potential," or "continue" or negatives of such terms or other comparable terminology. All forward-looking statements in this press release, or in any other written or oral communication that relates to the proposed acquisition or to matters that may affect such proposed acquisition are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of HSBI or VyStar to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) disruption from the proposed acquisition with customers, suppliers, employees or other business partners, (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement, (3) the ability by the parties to obtain required governmental approvals of the acquisition (4) the failure of the closing conditions in the agreement to be satisfied, or any unexpected delay in closing the acquisition, and (5) general competitive, economic, political and market conditions.
HSBI disclaims any obligation to update or revise any forward-looking statements contained in this communication (which statements speak only as of the date hereof), or in any other written or oral communication that relates to the proposed combination or to matters that may affect such proposed combination, whether as a result of new information, future events or otherwise.
CONTACT
Leonard A. Moreland Philip
Chief Executive Officer Chief Financial Officer
P.O. Box 935
(770) 824-9934
Financial Highlights | |||||||||||||||
(Unaudited) (in thousands, except per share data) | |||||||||||||||
Three Months Ended | |||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||
Earnings: | |||||||||||||||
Net Interest Income | $ | 13,152 | $ | 12,727 | $ | 12,769 | $ | 12,530 | $ | 11,901 | |||||
Net Income | 3,503 | 2,869 | 4,333 | 977 | 901 | ||||||||||
Net Income excluding transaction costs | 4,368 | 4,146 | 4,333 | 977 | 901 | ||||||||||
Per Share Data: | |||||||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.50 | $ | 0.41 | $ | 0.62 | $ | 0.14 | $ | 0.13 | |||||
Diluted | $ | 0.49 | $ | 0.40 | $ | 0.60 | $ | 0.14 | $ | 0.13 | |||||
Diluted excluding transaction costs | $ | 0.60 | $ | 0.57 | $ | 0.60 | $ | 0.14 | $ | 0.13 | |||||
Weighted average number of shares: | |||||||||||||||
Basic | 6,976 | 6,967 | 6,956 | 6,924 | 6,921 | ||||||||||
Diluted | 7,222 | 7,212 | 7,179 | 7,139 | 7,139 | ||||||||||
Period-end number of shares (1) | 7,220 | 7,220 | 7,222 | 7,227 | 7,229 | ||||||||||
Book value per share (period-end) | $ | 21.91 | $ | 20.65 | $ | 20.18 | $ | 19.76 | $ | 19.62 | |||||
Tangible book value per share (period-end) | $ | 16.13 | $ | 15.65 | $ | 15.16 | $ | 14.71 | $ | 14.54 | |||||
Key Ratios (percent): | |||||||||||||||
Return on average assets | 0.84 | % | 0.69 | % | 1.10 | % | 0.25 | % | 0.24 | % | |||||
Return on average assets excluding transaction costs | 1.05 | % | 1.00 | % | 1.10 | % | 0.25 | % | 0.24 | % | |||||
Return on average tangible equity | 12.15 | % | 10.34 | % | 16.28 | % | 3.66 | % | 3.44 | % | |||||
Return on average tangible equity excluding transaction costs | 15.15 | % | 14.95 | % | 16.28 | % | 3.66 | % | 3.44 | % | |||||
Yield on interest earning assets | 3.78 | % | 3.72 | % | 4.00 | % | 4.05 | % | 4.03 | % | |||||
Cost of funds | 0.33 | % | 0.36 | % | 0.42 | % | 0.52 | % | 0.60 | % | |||||
Net interest margin | 3.45 | % | 3.36 | % | 3.58 | % | 3.53 | % | 3.43 | % | |||||
Net interest margin, excluding PPP loans | 3.28 | % | 3.26 | % | 3.48 | % | 3.50 | % | 3.67 | % | |||||
Non-interest income as a percent of total revenue | 25.4 | % | 26.6 | % | 26.0 | % | 26.7 | % | 24.7 | % | |||||
Efficiency ratio | 72.0 | % | 76.5 | % | 67.2 | % | 83.1 | % | 75.1 | % | |||||
Efficiency ratio excluding transaction costs | 65.9 | % | 67.2 | % | 67.2 | % | 83.1 | % | 75.1 | % | |||||
Tangible common equity to tangible assets | 7.26 | % | 6.99 | % | 6.81 | % | 6.93 | % | 7.04 | % | |||||
Asset Quality (period-end): | |||||||||||||||
Allowance for loan losses to total loans | 1.39 | % | 1.43 | % | 1.41 | % | 1.32 | % | 1.23 | % | |||||
Allowance for loan losses to loans, excluding PPP loans | 1.42 | % | 1.52 | % | 1.53 | % | 1.44 | % | 1.36 | % | |||||
Allowance for loan losses to total nonperforming loans | 692.3 | % | 1113.0 | % | 731.0 | % | 143.1 | % | 118.6 | % | |||||
Nonperforming assets to total assets | 0.20 | % | 0.18 | % | 0.24 | % | 0.79 | % | 1.04 | % | |||||
Net charge-offs (annualized) to average loans | 0.12 | % | 0.04 | % | -0.43 | % | 0.19 | % | 0.15 | % | |||||
Net charge-offs (annualized) to average loans, excluding PPP loans | 0.13 | % | 0.04 | % | -0.46 | % | 0.21 | % | 0.17 | % | |||||
Capital (period-end): | |||||||||||||||
CET1 | 12.29 | % | 12.32 | % | 12.02 | % | 11.95 | % | 12.10 | % | |||||
Tier 1 | 12.29 | % | 12.32 | % | 12.02 | % | 11.95 | % | 12.10 | % | |||||
Total | 13.50 | % | 13.57 | % | 13.27 | % | 13.19 | % | 13.26 | % | |||||
Leverage | 9.40 | % | 9.01 | % | 9.10 | % | 8.98 | % | 9.08 | % | |||||
Other (period-end): | |||||||||||||||
Branches | 23 | 22 | 22 | 22 | 24 | ||||||||||
FTE | 278 | 276 | 278 | 288 | 289 | ||||||||||
(1) Includes restricted stock and shares yet to be issued under a supplemental executive retirement plan. | |||||||||||||||
Consolidated Statements of Income | |||||||||||
(Unaudited) (in thousands, except per share data) | |||||||||||
Three Months Ended | |||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||
Interest and dividend revenue: | |||||||||||
Loans, including fees | $ | 12,705 | $ | 12,592 | $ | 12,625 | $ | 12,938 | $ | 12,806 | |
PPP loans, including fees | 1,014 | 1,024 | 1,071 | 984 | 666 | ||||||
Investment securities | 564 | 376 | 516 | 393 | 426 | ||||||
Fed funds sold, deposits in banks and other | 107 | 79 | 55 | 61 | 76 | ||||||
Total interest and dividend revenue | 14,390 | 14,071 | 14,267 | 14,376 | 13,974 | ||||||
Interest expense: | |||||||||||
Deposits | 760 | 843 | 986 | 1,256 | 1,457 | ||||||
Fed funds purchased and repurchase agreements | 8 | 6 | 10 | 15 | 21 | ||||||
- | - | - | - | 1 | |||||||
Line of credit | 192 | 124 | 110 | 181 | 196 | ||||||
Subordinated notes | 198 | 290 | 310 | 310 | 313 | ||||||
Junior subordinated debentures | 80 | 81 | 82 | 84 | 85 | ||||||
Total interest expense | 1,238 | 1,344 | 1,498 | 1,846 | 2,073 | ||||||
Net interest income | 13,152 | 12,727 | 12,769 | 12,530 | 11,901 | ||||||
Provision for loan losses | - | - | - | 1,700 | 2,550 | ||||||
Net interest revenue after provision for loan losses | 13,152 | 12,727 | 12,769 | 10,830 | 9,351 | ||||||
Noninterest revenue: | |||||||||||
Service charges and fees | 1,571 | 1,291 | 1,285 | 1,574 | 1,433 | ||||||
Interchange and ATM fees | 1,517 | 1,665 | 1,536 | 1,480 | 1,524 | ||||||
Gain on sale of SBA loans | 652 | 738 | 906 | 924 | 275 | ||||||
Other | 741 | 913 | 765 | 579 | 678 | ||||||
Total noninterest revenue | 4,481 | 4,607 | 4,492 | 4,557 | 3,910 | ||||||
Operating expenses: | |||||||||||
Salaries and employee benefits | 6,760 | 6,551 | 6,528 | 8,309 | 6,477 | ||||||
Occupancy and equipment | 1,434 | 1,443 | 1,402 | 1,404 | 1,454 | ||||||
Other real estate expenses, including losses | |||||||||||
on sales and impairments, net | 27 | 165 | 7 | 391 | 113 | ||||||
Transaction costs | 1,069 | 1,612 | - | - | - | ||||||
Other | 3,634 | 3,720 | 3,904 | 4,335 | 4,070 | ||||||
Total other operating expenses | 12,924 | 13,491 | 11,841 | 14,439 | 12,114 | ||||||
Income before income tax expense | 4,709 | 3,843 | 5,420 | 948 | 1,147 | ||||||
Income tax expense | 1,206 | 974 | 1,087 | (29 | ) | 246 | |||||
Net income | $ | 3,503 | $ | 2,869 | $ | 4,333 | $ | 977 | $ | 901 | |
Weighted-average number of shares outstanding: | |||||||||||
Basic | 6,976 | 6,967 | 6,956 | 6,924 | 6,921 | ||||||
Diluted | 7,222 | 7,212 | 7,179 | 7,139 | 7,139 | ||||||
Earnings per share: | |||||||||||
Basic | $ | 0.50 | $ | 0.41 | $ | 0.62 | $ | 0.14 | $ | 0.13 | |
Diluted | $ | 0.49 | $ | 0.40 | $ | 0.60 | $ | 0.14 | $ | 0.13 | |
Consolidated Statements of Income | ||||
(in thousands, except per share data) | ||||
Nine Months Ended | ||||
(Unaudited) | (Unaudited) | |||
2021 | 2020 | |||
Interest and dividend revenue: | ||||
Loans, including fees | $ | 37,923 | $ | 39,118 |
PPP loans, including fees | 3,109 | 1,189 | ||
Investment securities | 1,456 | 1,438 | ||
Fed funds sold, deposits in banks and other | 241 | 463 | ||
Total interest and dividend revenue | 42,729 | 42,208 | ||
Interest expense: | ||||
Deposits | 2,589 | 5,152 | ||
Fed funds purchased and repurchase agreements | 24 | 91 | ||
- | 38 | |||
Line of credit | 426 | 431 | ||
Subordinated debt | 798 | 313 | ||
Junior subordinated debentures | 244 | 300 | ||
Total interest expense | 4,081 | 6,325 | ||
Net interest income | 38,648 | 35,883 | ||
Provision for loan losses | - | 7,650 | ||
Net interest revenue after provision for loan losses | 38,648 | 28,233 | ||
Noninterest revenue: | ||||
Service charges and fees | 4,147 | 4,349 | ||
Interchange and ATM fees | 4,719 | 4,219 | ||
Securities gains, net | - | 1,313 | ||
Gain on sale of SBA loans | 2,296 | 887 | ||
Other | 2,417 | 2,013 | ||
Total noninterest revenue | 13,579 | 12,781 | ||
Operating expenses: | ||||
Salaries and employee benefits | 19,839 | 19,210 | ||
Occupancy and equipment | 4,279 | 4,128 | ||
Other real estate expenses, including losses | ||||
on sales and impairments, net | 198 | 805 | ||
Transaction costs | 2,681 | - | ||
Other | 11,258 | 12,327 | ||
Total other operating expenses | 38,255 | 36,470 | ||
Income before income tax expense | 13,972 | 4,544 | ||
Income tax expense | 3,267 | 1,079 | ||
Net income | $ | 10,705 | $ | 3,465 |
Weighted-average number of shares oustanding: | ||||
Basic | 6,968 | 6,906 | ||
Diluted | 7,214 | 7,126 | ||
Earnings per share: | ||||
Basic | $ | 1.54 | $ | 0.50 |
Diluted | $ | 1.48 | $ | 0.49 |
Consolidated Balance Sheets | ||||||||||||||||
(in thousands) | ||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | ||||||||||||
Assets | ||||||||||||||||
Cash and due from banks | $ | 28,201 | $ | 27,722 | $ | 23,851 | $ | 29,092 | $ | 23,001 | ||||||
Interest-bearing deposits with banks | 259,342 | 278,360 | 246,824 | 189,533 | 178,473 | |||||||||||
Cash and cash equivalents | 287,543 | 306,082 | 270,675 | 218,625 | 201,474 | |||||||||||
Securities available for sale, at fair value | 171,804 | 173,606 | 174,785 | 169,329 | 157,045 | |||||||||||
Other investments | 786 | 786 | 786 | 1,203 | 1,203 | |||||||||||
Loans: | ||||||||||||||||
Loans, excluding PPP loans | 1,044,938 | 999,127 | 994,251 | 980,257 | 949,473 | |||||||||||
PPP loans | 23,051 | 59,233 | 88,201 | 87,775 | 103,402 | |||||||||||
Allowance for loan losses | (14,837 | ) | (15,159 | ) | (15,256 | ) | (14,117 | ) | (12,925 | ) | ||||||
Loans, net | 1,053,152 | 1,043,201 | 1,067,196 | 1,053,915 | 1,039,950 | |||||||||||
Premises and equipment, net | 35,770 | 36,114 | 37,220 | 37,165 | 37,154 | |||||||||||
Bank owned life insurance | 34,404 | 34,174 | 33,925 | 28,734 | 28,536 | |||||||||||
Other real estate owned | 1,128 | 1,533 | 1,839 | 2,593 | 5,043 | |||||||||||
28,275 | 28,275 | 28,275 | 28,275 | 28,275 | ||||||||||||
Core deposit intangible, net | 7,521 | 7,758 | 7,995 | 8,232 | 8,470 | |||||||||||
Deferred tax asset, net | 12,261 | 13,313 | 14,362 | 14,900 | 14,989 | |||||||||||
Other assets | 7,366 | 7,423 | 8,140 | 8,219 | 8,058 | |||||||||||
Total Assets | $ | 1,640,010 | $ | 1,652,265 | $ | 1,645,198 | $ | 1,571,190 | $ | 1,530,197 | ||||||
Liabilities | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing | $ | 490,341 | $ | 488,877 | $ | 479,653 | $ | 415,476 | $ | 427,389 | ||||||
Interest-bearing demand | 259,811 | 270,380 | 269,517 | 283,009 | 237,710 | |||||||||||
Money market and savings | 427,272 | 425,371 | 422,904 | 385,246 | 355,308 | |||||||||||
Time | 237,292 | 250,839 | 261,710 | 278,825 | 290,521 | |||||||||||
Total deposits | 1,414,716 | 1,435,467 | 1,433,784 | 1,362,556 | 1,310,928 | |||||||||||
Securities sold under agreements to repurchase | 23,424 | 15,241 | 13,413 | 13,187 | 15,407 | |||||||||||
Line of credit | 23,688 | 22,688 | 14,688 | 14,688 | 24,688 | |||||||||||
Subordinated notes | 8,674 | 13,165 | 19,656 | 19,646 | 19,637 | |||||||||||
Junior subordinated debentures | 9,365 | 9,327 | 9,288 | 9,250 | 9,211 | |||||||||||
Accrued expenses and other liabilities | 7,862 | 7,312 | 8,598 | 9,030 | 8,441 | |||||||||||
Total liabilities | 1,487,729 | 1,503,200 | 1,499,427 | 1,428,357 | 1,388,312 | |||||||||||
Shareholders' Equity | ||||||||||||||||
Common stock | 702 | 702 | 702 | 702 | 702 | |||||||||||
Additional paid in capital | 117,298 | 117,151 | 116,972 | 116,825 | 116,628 | |||||||||||
Retained earnings | 34,689 | 31,186 | 28,316 | 23,983 | 23,007 | |||||||||||
Other comprehensive income (loss) | (408 | ) | 26 | (219 | ) | 1,323 | 1,548 | |||||||||
Total Shareholders' Equity | 152,281 | 149,065 | 145,771 | 142,833 | 141,885 | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,640,010 | $ | 1,652,265 | $ | 1,645,198 | $ | 1,571,190 | $ | 1,530,197 | ||||||
GAAP to Non-GAAP Reconciliation | |||||||||||||||
(Unaudited) (in thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||
Income before income tax expense (GAAP) | $ | 4,709 | $ | 3,843 | $ | 5,420 | $ | 948 | $ | 1,147 | |||||
Provision for loan losses | - | - | - | 1,700 | 2,550 | ||||||||||
Other real estate expenses, including losses on sales and impairments, net | 27 | 165 | 7 | 391 | 113 | ||||||||||
Loss on sub-lease | - | - | - | 800 | - | ||||||||||
Employee restructuring costs | - | - | - | 1,310 | - | ||||||||||
Transaction costs | 1,069 | 1,612 | - | - | - | ||||||||||
PPP impact | (1,014 | ) | (1,024 | ) | (1,396 | ) | (984 | ) | (666 | ) | |||||
Pre-tax core earnings | $ | 4,791 | $ | 4,596 | $ | 4,031 | $ | 4,165 | $ | 3,144 | |||||
Loan Portfolio | |||||||||||||||
(Unaudited) (in thousands) | |||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||
Real estate loans: | |||||||||||||||
Construction and land development | $ | 154,487 | $ | 144,263 | $ | 152,889 | $ | 142,513 | $ | 136,313 | |||||
Single-family residential | 163,412 | 162,996 | 165,362 | 171,153 | 166,673 | ||||||||||
Commercial - owner occupied | 275,220 | 260,186 | 266,258 | 259,592 | 255,277 | ||||||||||
Commercial - other | 228,229 | 214,995 | 198,965 | 192,808 | 191,313 | ||||||||||
Multifamily | 13,826 | 14,017 | 6,746 | 14,171 | 11,849 | ||||||||||
Total real estate loans | 835,174 | 796,457 | 790,220 | 780,237 | 761,425 | ||||||||||
Commercial loans (not secured by real estate) | 197,084 | 190,095 | 190,365 | 184,509 | 171,251 | ||||||||||
Consumer loans (not secured by real estate) | 14,015 | 13,874 | 14,861 | 16,677 | 17,844 | ||||||||||
Gross loans | 1,046,273 | 1,000,426 | 995,446 | 981,423 | 950,520 | ||||||||||
Unearned income | (1,335 | ) | (1,299 | ) | (1,195 | ) | (1,166 | ) | (1,047 | ) | |||||
Loans, net of unearned income | $ | 1,044,938 | $ | 999,127 | $ | 994,251 | $ | 980,257 | $ | 949,473 | |||||
2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||
PPP loans: | |||||||||||||||
Up to | $ | 2,344 | $ | 7,033 | $ | 11,718 | $ | 11,701 | $ | 12,762 | |||||
3,936 | 15,438 | 24,231 | 23,448 | 27,371 | |||||||||||
15,328 | 26,384 | 35,498 | 36,357 | 47,724 | |||||||||||
Greater than | 2,155 | 11,963 | 17,953 | 17,953 | 17,953 | ||||||||||
Total PPP loans (1) | 23,763 | 60,818 | 89,400 | 89,459 | 105,810 | ||||||||||
Unearned income | (712 | ) | (1,585 | ) | (1,199 | ) | (1,684 | ) | (2,408 | ) | |||||
PPP loans, net of unearned income | $ | 23,051 | $ | 59,233 | $ | 88,201 | $ | 87,775 | $ | 103,402 | |||||
(1) | |||||||||||||||
Asset Quality Information | ||||||||||||||||
(Unaudited) (in thousands) | ||||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | ||||||||||||
Classified assets: | ||||||||||||||||
Nonperforming loans | $ | 2,143 | $ | 1,362 | $ | 2,087 | $ | 9,866 | $ | 10,902 | ||||||
Other real estate owned | 1,128 | 1,533 | 1,839 | 2,593 | 5,043 | |||||||||||
Total nonperforming assets | 3,271 | 2,895 | 3,926 | 12,459 | 15,945 | |||||||||||
Accruing classified loans | 804 | 811 | 835 | 888 | 1,634 | |||||||||||
Total classified assets | $ | 4,075 | $ | 3,706 | $ | 4,761 | $ | 13,347 | $ | 17,579 | ||||||
Classified assets to HSB Tier 1 capital plus ALL | 2.5 | % | 2.3 | % | 3.1 | % | 8.9 | % | 11.9 | % | ||||||
Nonperforming assets to total assets | 0.20 | % | 0.18 | % | 0.24 | % | 0.79 | % | 1.04 | % | ||||||
Allowance for loan losses: | ||||||||||||||||
Balance at beginning of period | $ | 15,159 | $ | 15,256 | $ | 14,117 | $ | 12,925 | $ | 10,772 | ||||||
Provision for loan losses | - | - | - | 1,700 | 2,550 | |||||||||||
Charge-offs | (403 | ) | (195 | ) | (198 | ) | (860 | ) | (403 | ) | ||||||
Recoveries | 81 | 98 | 1,337 | 352 | 6 | |||||||||||
Balance at end of period | $ | 14,837 | $ | 15,159 | $ | 15,256 | $ | 14,117 | $ | 12,925 | ||||||
Loans, excluding PPP loans | $ | 1,044,938 | $ | 999,127 | $ | 994,251 | $ | 980,257 | $ | 949,473 | ||||||
PPP loans | 23,051 | 59,233 | 88,201 | 87,775 | 103,402 | |||||||||||
Performing past due loans | 3,541 | 1,464 | 2,500 | 2,472 | 2,193 | |||||||||||
Allowance as % of loans | 1.39 | % | 1.43 | % | 1.41 | % | 1.32 | % | 1.23 | % | ||||||
Allowance as % of loans, excluding PPP loans | 1.42 | % | 1.52 | % | 1.53 | % | 1.44 | % | 1.36 | % | ||||||
Allowance as a % of nonperforming loans | 692.3 | % | 1113.0 | % | 731.0 | % | 143.1 | % | 118.6 | % | ||||||
Average loans, excluding PPP loans | 1,017,213 | 993,346 | 988,230 | 960,808 | 947,177 | |||||||||||
Average PPP loans | 40,910 | 77,325 | 83,489 | 100,725 | 102,396 | |||||||||||
Net charge-offs (annualized) to average loans | 0.12 | % | 0.04 | % | -0.43 | % | 0.19 | % | 0.15 | % | ||||||
Net charge-offs (annualized) to average loans, excluding PPP loans | 0.13 | % | 0.04 | % | -0.46 | % | 0.21 | % | 0.17 | % |
Source:
2021 GlobeNewswire, Inc., source