01/28/2022 | Press release | Distributed by Public on 01/28/2022 15:26
($ in thousands, except per share data) | As of and For the Three Months Ended |
% Change 4Q21 vs.
|
||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Selected Income Statement Data: | ||||||||||
Net interest income | $ | 17,096 | $ | 16,589 | $ | 12,181 | 3.1 | % | 40.3 | % |
(Reversal of) provision for loan losses | 1,898 | (884) | 1,831 | (314.7) | 3.7 | |||||
Noninterest income | 7,289 | 3,542 | 3,392 | 105.8 | 114.9 | |||||
Noninterest expense | 9,591 | 9,519 | 8,412 | 0.8 | 14.0 | |||||
Income tax expense | 3,747 | 3,246 | 1,513 | 15.4 | 147.7 | |||||
Net Income | $ | 9,149 | $ | 8,250 | $ | 3,817 | 10.9 | % | 139.7 | % |
Diluted earnings per share | $ | 0.59 | $ | 0.54 | $ | 0.25 | 9.3 | % | 136.0 | % |
Selected Balance Sheet Data: | ||||||||||
Total loans (1)
|
$ | 1,403,447 | $ | 1,326,287 | $ | 1,126,395 | 5.8 | % | 24.6 | % |
Total deposits | $ | 1,534,066 | $ | 1,496,406 | $ | 1,200,090 | 2.5 | % | 27.8 | % |
Total assets | $ | 1,726,706 | $ | 1,679,911 | $ | 1,366,826 | 2.8 | % | 26.3 | % |
Average loans (1)
|
$ | 1,343,414 | $ | 1,308,338 | $ | 1,112,889 | 2.7 | % | 20.7 | % |
Average deposits | $ | 1,545,799 | $ | 1,448,771 | $ | 1,179,877 | 6.7 | % | 31.0 | % |
Credit Quality: | ||||||||||
Nonperforming loans | $ | 3,202 | $ | 1,052 | $ | 985 | 204.4 | % | 225.1 | % |
Net charge-offs (recoveries) to average gross loans (2)
|
0.05 | % | (0.00 | )% | 0.00 | % | 0.05 | % | 0.05 | % |
Allowance for loan losses to gross loans | 1.23 | % | 1.15 | % | 1.40 | % | 0.08 | % | (0.17) | % |
Financial Ratios: | ||||||||||
Return on average assets (2)
|
2.11 | % | 2.03 | % | 1.13 | % | 0.08 | % | 0.98 | % |
Return on average equity (2)
|
22.72 | % | 21.30 | % | 10.72 | % | 1.42 | % | 12.00 | % |
Net interest margin (2)
|
4.07 | % | 4.21 | % | 3.73 | % | (0.14) | % | 0.34 | % |
Common equity tier 1 capital ratio | 12.42 | % | 12.63 | % | 13.56 | % | (0.21) | % | (1.14) | % |
Leverage ratio | 9.58 | % | 9.75 | % | 10.55 | % | (0.17) | % | (0.97) | % |
Efficiency ratio (3)
|
39.34 | % | 47.28 | % | 54.02 | % | (7.94) | % | (14.68) | % |
Book value per common share | $ | 10.92 | $ | 10.48 | $ | 9.55 | 4.2 | % | 14.3 | % |
($ in thousands) | For the Three Months Ended |
% Change 4Q21 vs.
|
||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Interest Income | ||||||||||
Interest income | $ | 17,822 | $ | 17,355 | $ | 13,375 | 2.7 | % | 33.2 | % |
Interest expense | 726 | 766 | 1,194 | (5.2) | (39.2) | |||||
Net interest income | $ | 17,096 | $ | 16,589 | $ | 12,181 | 3.1 | % | 40.3 | % |
($ in thousands) | For the Three Months Ended | |||||||||||||||||
4Q21 | 3Q21 | 4Q20 | ||||||||||||||||
Average
Balance
|
Interest |
Yield/Rate (1)
|
Average
Balance
|
Interest
and Fees
|
Yield/Rate (1)
|
Average
Balance
|
Interest
and Fees
|
Yield/Rate (1)
|
||||||||||
Interest-earning Assets | ||||||||||||||||||
Loans | $ | 1,343,414 | $ | 17,271 | 5.10 | % | $ | 1,308,338 | $ | 16,922 | 5.13 | % | $ | 1,112,889 | $ | 13,006 | 4.65 | % |
Total interest-earning assets | $ | 1,668,865 | $ | 17,822 | 4.24 | % | $ | 1,566,050 | $ | 17,355 | 4.40 | % | $ | 1,299,347 | $ | 13,375 | 4.10 | % |
Interest-bearing Liabilities | ||||||||||||||||||
Interest-bearing deposits | $ | 780,787 | $ | 726 | 0.37 | % | $ | 752,010 | $ | 766 | 0.40 | % | $ | 672,183 | $ | 1,194 | 0.71 | % |
Total interest-bearing liabilities | $ | 780,791 | $ | 726 | 0.37 | % | $ | 752,010 | $ | 766 | 0.40 | % | $ | 680,121 | $ | 1,194 | 0.70 | % |
Ratios | ||||||||||||||||||
Net interest Income/interest rate spreads | $ | 17,096 | 3.87 | % | $ | 16,589 | 4.00 | % | $ | 12,181 | 3.40 | % | ||||||
Net interest margin
|
4.07 | % | 4.21 | % | 3.73 | % | ||||||||||||
Total deposits / cost of deposits | $ | 1,545,799 | $ | 726 | 0.19 | % | $ | 1,448,771 | $ | 766 | 0.21 | % | $ | 1,179,877 | $ | 1,194 | 0.40 | % |
Total funding liabilities / cost of funds | $ | 1,545,803 | $ | 726 | 0.19 | % | $ | 1,448,771 | $ | 766 | 0.21 | % | $ | 1,187,815 | $ | 1,194 | 0.40 | % |
($ in thousands) | For the Three Months Ended |
Yield % Change 4Q21 vs.
|
||||||||||||||
4Q21 | 3Q21 | 4Q20 | ||||||||||||||
Interest
& Fees
|
Yield (1)
|
Interest
& Fees
|
Yield (1)
|
Interest
& Fees
|
Yield (1)
|
3Q21 | 4Q20 | |||||||||
Loan Yield Component | ||||||||||||||||
Contractual interest rate | $ | 14,509 | 4.29 | % | $ | 14,063 | 4.27 | % | $ | 12,156 | 4.35 | % | 0.02 | % | (0.06) | % |
SBA discount accretion | 1,571 | 0.46 | 1,584 | 0.48 | 619 | 0.22 | (0.02) | 0.24 | ||||||||
Amortization of net deferred fees | 1,087 | 0.32 | 1,249 | 0.37 | 242 | 0.09 | (0.05) | 0.23 | ||||||||
Amortization of premium | 3 | - | - | - | - | - | 0.00 | - | ||||||||
Net interest recognized on nonaccrual loans | (16) | -0.00 | (15) | -0.00 | (20) | -0.01 | 0.00 | 0.00 | ||||||||
Prepayment penalties (2) and other fees
|
117 | 0.03 | 41 | 0.01 | 9 | - | 0.02 | 0.03 | ||||||||
Yield on loans | $ | 17,271 | 5.10 | % | $ | 16,922 | 5.13 | % | $ | 13,006 | 4.65 | % | (0.03) | % | 0.44 | % |
Amortization of net deferred fees: | ||||||||||||||||
PPP loan forgiveness (3)
|
$ | 920 | 0.27 | % | $ | 1,006 | 0.31 | % | $ | - | - | % | (0.04) | % | 0.27 | % |
Other | 167 | 0.05 | 243 | 0.07 | 242 | 0.09 | (0.02) | (0.04) | ||||||||
Total amortization of net deferred fees | $ | 1,087 | 0.32 | % | $ | 1,249 | 0.38 | % | $ | 242 | 0.09 | % | (0.06) | % | 0.23 | % |
($ in thousands) | For the Three Months Ended | |||
4Q21 | 3Q21 | |||
Hana Loan Purchase: | ||||
Contractual interest rate | $ | 1,027 | $ | 1,094 |
Purchased loan discount accretion | 826 | 948 | ||
Other fees | 10 | 15 | ||
Total interest income | $ | 1,863 | $ | 2,057 |
Effect on average loan yield (1)
|
0.26 | % | 0.30 | % |
Effect on net interest margin (1)
|
0.26 | % | 0.30 | % |
($ in thousands) | For the Three Months Ended | |||||||||||||||||
4Q21 | 3Q21 | 4Q20 | ||||||||||||||||
Average
Balance
|
Interest |
Yield/
Rate
|
Average
Balance
|
Interest
and Fees
|
Yield/
Rate
|
Average
Balance
|
Interest
and Fees
|
Yield/
Rate
|
||||||||||
Average loan yield (1)
|
$ | 1,343,414 | $ | 17,271 | 5.10 | % | $ | 1,308,338 | $ | 16,922 | 5.13 | % | $ | 1,112,889 | $ | 13,006 | 4.65 | % |
Adjusted average loan yield excluding purchased loans (1)(2)
|
$ | 1,263,789 | $ | 15,408 | 4.84 | % | $ | 1,222,628 | $ | 14,865 | 4.83 | % | $ | 1,112,889 | $ | 13,006 | 4.65 | % |
Net interest margin (1)
|
$ | 1,668,865 | $ | 17,096 | 4.07 | % | $ | 1,566,050 | $ | 16,589 | 4.21 | % | $ | 1,299,347 | $ | 12,181 | 3.73 | % |
Adjusted interest margin excluding purchased loans (1)(2)
|
$ | 1,589,240 | $ | 15,233 | 3.81 | % | $ | 1,480,340 | $ | 14,532 | 3.91 | % | $ | 1,299,347 | $ | 12,181 | 3.73 | % |
($ in thousands) | For the Three Months Ended |
% Change 4Q21 vs.
|
||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Noninterest income | ||||||||||
Service charges on deposits | $ | 405 | $ | 409 | $ | 367 | (1.0) | % | 10.4 | % |
Loan servicing fees, net of amortization | 521 | 599 | 367 | (13.0) | 42.0 | |||||
Gain on sale of loans | 6,033 | 2,188 | 2,188 | 175.7 | 175.7 | |||||
Other income | 330 | 346 | 470 | (4.6) | (29.8) | |||||
Total noninterest income | $ | 7,289 | $ | 3,542 | $ | 3,392 | 105.8 | % | 114.9 | % |
($ in thousands) | For the Three Months Ended |
% Change 4Q21 vs.
|
||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Noninterest expense | ||||||||||
Salaries and employee benefits | $ | 5,560 | $ | 5,724 | $ | 5,536 | (2.9) | % | 0.4 | % |
Occupancy and equipment | 1,418 | 1,326 | 1,237 | 6.9 | 14.6 | |||||
Data processing and communication | 637 | 448 | 435 | 42.2 | 46.4 | |||||
Professional fees | 267 | 308 | 265 | (13.3) | 0.8 | |||||
FDIC insurance and regulatory assessments | 182 | 146 | 115 | 24.7 | 58.3 | |||||
Promotion and advertising | 156 | 175 | 62 | (10.9) | 151.6 | |||||
Directors' fees | 166 | 183 | 97 | (9.3) | 71.1 | |||||
Foundation donation and other contributions | 901 | 842 | 400 | 7.0 | 125.3 | |||||
Other expenses | 304 | 367 | 265 | (17.2) | 14.7 | |||||
Total noninterest expense | $ | 9,591 | $ | 9,519 | $ | 8,412 | 0.8 | % | 14.0 | % |
($ in thousands) | As of |
% Change 4Q21 vs.
|
||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Real estate loans | $ | 701,450 | $ | 688,430 | $ | 651,684 | 1.9 | % | 7.6 | % |
SBA loans (1)
|
275,858 | 303,625 | 211,375 | (9.1) | 30.5 | |||||
C & I loans | 162,543 | 123,422 | 107,307 | 31.7 | 51.5 | |||||
Home mortgage loans | 173,303 | 115,255 | 128,212 | 50.4 | 35.2 | |||||
Consumer & other loans | 865 | 1,089 | 1,158 | (20.6) | (25.3) | |||||
Gross loans | $ | 1,314,019 | $ | 1,231,821 | $ | 1,099,736 | 6.7 | % | 19.5 | % |
($ in thousands) | For the Three Months Ended |
% Change 4Q21 vs.
|
||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Real estate loans | $ | 35,458 | $ | 27,671 | $ | 30,828 | 28.1 | % | 15.0 | % |
SBA loans | 65,492 | 57,541 | 16,634 | 13.8 | 293.7 | |||||
C & I loans | 47,981 | 54,264 | 47,308 | (11.6) | 1.4 | |||||
Home mortgage loans | 19,295 | 13,437 | 17,027 | 43.6 | 13.3 | |||||
Gross loans | $ | 168,226 | $ | 152,913 | $ | 111,797 | 10.0 | % | 50.5 | % |
($ in thousands) | For the Three Months Ended | |||||
4Q21 | 3Q21 | 4Q20 | ||||
Gross loans, beginning | $ | 1,231,821 | $ | 1,245,866 | $ | 1,072,790 |
Loan activities: | ||||||
New originations | 168,226 | 152,913 | 111,797 | |||
Net line advances | 7,759 | (24,017) | (17,276) | |||
Purchases | 48,915 | - | - | |||
Sales | (66,956) | (22,506) | (33,826) | |||
Paydowns | (12,373) | (14,675) | (8,682) | |||
Payoffs | (46,818) | (46,409) | (41,157) | |||
PPP Payoffs | (29,918) | (36,108) | - | |||
Other | 13,363 | (23,243) | 16,090 | |||
Total | 82,198 | (14,045) | 26,946 | |||
Gross loans, ending | $ | 1,314,019 | $ | 1,231,821 | $ | 1,099,736 |
($ in thousands) | As of | |||||||||||
4Q21 | 3Q21 | 4Q20 | ||||||||||
% | Rate | % | Rate | % | Rate | |||||||
Fixed rate | 31.5 | % | 4.12 | % | 32.2 | % | 4.05 | % | 34.4 | % | 4.09 | % |
Hybrid rate | 22.8 | 4.45 | 22.4 | 4.55 | 21.9 | 4.92 | ||||||
Variable rate | 45.7 | 4.94 | 45.4 | 5.08 | 43.7 | 4.40 | ||||||
Gross loans | 100.0 | % | 4.57 | % | 100.0 | % | 4.63 | % | 100.0 | % | 4.40 | % |
($ in thousands) | As of December 31, 2021 | |||||||||||||||
Within One Year | One Year Through Five Years | After Five Years | Total | |||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||
Fixed rate | $ | 34,658 | 4.33 | % | $ | 314,815 | 4.00 | % | $ | 64,563 | 4.56 | % | $ | 414,036 | 4.12 | % |
Hybrid rate | 11,972 | 3.29 | 43,004 | 5.33 | 244,690 | 4.36 | 299,666 | 4.45 | ||||||||
Variable rate | 131,374 | 3.86 | 165,102 | 4.02 | 303,841 | 5.90 | 600,317 | 4.94 | ||||||||
Gross loans | $ | 178,004 | 3.92 | % | $ | 522,921 | 4.12 | % | $ | 613,094 | 5.14 | % | $ | 1,314,019 | 4.57 | % |
($ in thousands) | As of |
% Change 4Q21 vs.
|
||||||||||||||
4Q21 | 3Q21 | 4Q20 | ||||||||||||||
Amount | % | Amount | % | Amount | % | 3Q21 | 4Q20 | |||||||||
Noninterest-bearing deposits | $ | 774,754 | 50.5 | % | $ | 713,141 | 47.6 | % | $ | 522,754 | 43.5 | % | 8.6 | % | 48.2 | % |
Money market deposits and others | 380,226 | 24.8 | 351,186 | 23.5 | 328,323 | 27.4 | 8.3 | 15.8 | ||||||||
Time deposits | 379,086 | 24.7 | 432,079 | 28.9 | 349,013 | 29.1 | (12.3) | 8.6 | ||||||||
Total deposits | $ | 1,534,066 | 100.0 | % | $ | 1,496,406 | 100.0 | % | $ | 1,200,090 | 100.0 | % | 2.5 | % | 27.8 | % |
As of December 31, 2021 | ||||||||||||
(Dollars in thousands) |
Within Three Months |
Three to Six Months |
Six to Nine Months |
Nine to 12 Months |
After 12 Months |
Total | ||||||
Time deposits (more than $250,000) | $ | 99,381 | $ | 33,645 | $ | 42,025 | $ | 30,929 | $ | 1,308 | $ | 207,288 |
Time deposits ($250,000 or less) | 49,086 | 39,434 | 42,956 | 33,454 | 6,868 | 171,798 | ||||||
Total time deposits | $ | 148,467 | $ | 73,079 | $ | 84,981 | $ | 64,383 | $ | 8,176 | $ | 379,086 |
Weighted average rate | 0.31 | % | 0.54 | % | 0.52 | % | 0.45 | % | 1.41 | % | 0.45 | % |
Basel III | ||||||||
OP Bancorp | Open Bank |
Well Capitalized Ratio |
Minimum
Capital Ratio+
Conservation
Buffer (1)
|
|||||
Risk-Based Capital Ratios: | ||||||||
Total risk-based capital ratio | 13.66 | % | 13.47 | % | 10.00 | % | 10.50 | % |
Tier 1 risk-based capital ratio | 12.42 | % | 12.23 | % | 8.00 | % | 8.50 | % |
Common equity tier 1 ratio | 12.42 | % | 12.23 | % | 6.50 | % | 7.00 | % |
Leverage ratio | 9.58 | % | 9.44 | % | 5.00 | % | 4.00 | % |
($ in thousands) | Basel III |
% Change 4Q21 vs.
|
||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Risk-Based Capital Ratios: | ||||||||||
Total risk-based capital ratio | 13.66 | % | 13.81 | % | 14.81 | % | (0.15) | % | (1.15) | % |
Tier 1 risk-based capital ratio | 12.42 | % | 12.63 | % | 13.56 | % | (0.21) | % | (1.14) | % |
Common equity tier 1 ratio | 12.42 | % | 12.63 | % | 13.56 | % | (0.21) | % | (1.14) | % |
Leverage ratio | 9.58 | % | 9.75 | % | 10.55 | % | (0.17) | % | (0.97) | % |
Risk-weighted Assets | $ | 1,335,889 | $ | 1,251,867 | $ | 1,048,275 | 6.71 | % | 27.44 | % |
($ in thousands) | As of and For the Three Months Ended |
% Change 4Q21 vs.
|
||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Nonperforming loans (1)
|
$ | 3,202 | $ | 1,052 | $ | 985 | 204.4 | % | 225.1 | % |
OREO | - | - | - | - | - | |||||
Total nonperforming assets | $ | 3,202 | $ | 1,052 | $ | 985 | 204.4 | % | 225.1 | % |
Nonperforming loans to gross loans | 0.24 | % | 0.09 | % | 0.09 | % | 0.15 | % | 0.15 | % |
Nonperforming assets to total assets | 0.19 | % | 0.06 | % | 0.07 | % | 0.13 | % | 0.12 | % |
Criticized (2) Loan:
|
||||||||||
Special mention loans | $ | - | $ | - | $ | 535 | - | % | (100.0) | % |
Classified loans (3)
|
4,039 | 2,191 | 7,325 | 84.3 | (44.9) | |||||
Total criticized loans | $ | 4,039 | $ | 2,191 | $ | 7,860 | 84.3 | % | (48.6) | % |
Criticized (2) loans to gross loans
|
0.31 | % | 0.18 | % | 0.71 | % | 0.13 | % | (0.40) | % |
Classified loans (3) to gross loans
|
0.31 | % | 0.18 | % | 0.67 | % | 0.13 | % | (0.36) | % |
Allowance for loan losses, beginning | $ | 14,134 | $ | 14,687 | $ | 14,164 | (3.8) | % | (0.2) | % |
Provision for (reversal of) loan losses (4)
|
2,157 | (557) | 1,188 | (487.3) | 81.6 | |||||
Gross charge-offs | (168) | - | - | 100.0 | 100.0 | |||||
Gross recoveries | - | 4 | - | (100.0) | - | |||||
Allowance for loan losses, ending (5)
|
$ | 16,123 | $ | 14,134 | $ | 15,352 | 14.1 | % | 5.0 | % |
Allowance for loan losses ratios: | ||||||||||
As a % of gross loans | 1.23 | % | 1.15 | % | 1.40 | % | 0.08 | % | (0.17) | % |
As an adjusted of gross loans (6)
|
1.36 | % | 1.34 | % | 1.54 | % | 0.02 | % | (0.18) | % |
As a % of nonperforming loans | 503 | % | 1,344 | % | 1,559 | % | (841) | % | (1,056) | % |
As a % of nonperforming assets | 503 | % | 1,344 | % | 1,559 | % | (841) | % | (1,056) | % |
Net charge-offs (recoveries) to average gross loans | 0.05 | % | (0.00 | )% | 0.00 | % | 0.05 | % | 0.05 | % |
($ in thousands) |
Total deferments
under the CARES Act
through December 31, 2021
|
Payment resumed
or paid off
through December 31, 2021
|
Remaining deferments
as of December 31, 2021
|
||||||
Number
of
accounts
|
Balance |
Number
of
accounts
|
Balance |
Number
of
accounts
|
Balance | ||||
Loan Type | |||||||||
Loans, excluding home mortgage and consumer loans | 157 | $ | 220,553 | 154 | $ | 215,509 | 3 | $ | 5,044 |
Home mortgage loans | 69 | 30,205 | 69 | 30,205 | - | - | |||
Total | 226 | $ | 250,758 | 223 | $ | 245,714 | 3 | $ | 5,044 |
($ in thousands) | For the Three Months Ended | ||||||
4Q21 | 3Q21 | 4Q20 | |||||
Interest income | $ | 17,822 | $ | 17,355 | $ | 13,375 | |
Interest expense | 726 | 766 | 1,194 | ||||
Net interest income | 17,096 | 16,589 | 12,181 | ||||
Noninterest income | 7,289 | 3,542 | 3,392 | ||||
Noninterest expense | 9,591 | 9,519 | 8,412 | ||||
Pre-provision net revenue | (a) | $ | 14,794 | $ | 10,612 | $ | 7,161 |
Reconciliation to Net Income: | |||||||
(Reversal of) provision for loan losses | (b) | $ | 1,898 | $ | (884) | $ | 1,831 |
Income tax expense | (c) | 3,747 | 3,246 | 1,513 | |||
Net Income | (a) - (b) - (c) | $ | 9,149 | $ | 8,250 | $ | 3,817 |
($ in thousands) | For the Three Months Ended | ||||||
4Q21 | 3Q21 | 4Q20 | |||||
Yield on Average Loans | |||||||
Interest income on loans | $ | 17,271 | $ | 16,922 | $ | 13,006 | |
Less: interest income on purchased loans | 1,863 | 2,057 | - | ||||
Adjusted interest income on loans | (a) | $ | 15,408 | $ | 14,865 | $ | 13,006 |
Average loans | $ | 1,343,414 | $ | 1,308,338 | $ | 1,112,889 | |
Less: Average purchased loans | 79,625 | 85,710 | - | ||||
Adjusted average loans | (b) | $ | 1,263,789 | $ | 1,222,628 | $ | 1,112,889 |
Average loan yield (1)
|
5.10 | % | 5.13 | % | 4.65 | % | |
Effect on average loan yield (1)
|
0.26 | 0.30 | - | ||||
Adjusted average loan yield (1)
|
(a)/(b) | 4.84 | % | 4.83 | % | 4.65 | % |
Net Interest Margin | |||||||
Net interest income | $ | 17,096 | $ | 16,589 | $ | 12,181 | |
Less: interest income on purchased loans | 1,863 | 2,057 | - | ||||
Adjusted net interest income | (c) | $ | 15,233 | $ | 14,532 | $ | 12,181 |
Average interest-earning assets | $ | 1,668,865 | $ | 1,566,050 | $ | 1,299,347 | |
Less: Average purchased loans | 79,625 | 85,710 | - | ||||
Adjusted average interest-earning assets | (d) | $ | 1,589,240 | $ | 1,480,340 | $ | 1,299,347 |
Net interest margin (1)
|
4.07 | % | 4.21 | % | 3.73 | % | |
Effect on net interest margin (1)
|
0.26 | 0.30 | - | ||||
Adjusted net interest margin (1)
|
(c)/(d) | 3.81 | % | 3.91 | % | 3.73 | % |
($ in thousands) | As of | ||||||
4Q21 | 3Q21 | 4Q20 | |||||
Gross loans | $ | 1,314,019 | $ | 1,231,821 | $ | 1,099,736 | |
Less: Purchased loans | (77,170) | (83,025) | - | ||||
PPP loans (1)
|
(38,918) | (64,574) | (64,906) | ||||
Adjusted gross loans | (a) | $ | 1,197,931 | $ | 1,084,222 | $ | 1,034,830 |
Accrued interest receivable on loans | $ | 4,231 | $ | 3,659 | $ | 3,729 | |
Less: Accrued interest receivable on purchased loans | (340) | (375) | - | ||||
Accrued interest receivable on PPP loans (2)
|
(340) | (416) | (445) | ||||
Add: Allowance on accrued interest receivable | 205 | 465 | 643 | ||||
Adjusted accrued interest receivable on loans | (b) | $ | 3,756 | $ | 3,333 | $ | 3,927 |
Adjusted gross loans and accrued interest receivable | (a) + (b) = (c) | $ | 1,201,687 | $ | 1,087,555 | $ | 1,038,757 |
Allowance for loan losses | $ | 16,123 | $ | 14,134 | $ | 15,352 | |
Add: Allowance on accrued interest receivable | 205 | 465 | 643 | ||||
Adjusted Allowance | (d) | $ | 16,328 | $ | 14,599 | $ | 15,995 |
Adjusted allowance to gross loans ratio | (d)/(c) | 1.36 | % | 1.34 | % | 1.54 | % |
As of |
% Change 4Q21 vs.
|
|||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Assets | ||||||||||
Cash and due from banks | $ | 11,283 | $ | 17,617 | $ | 12,622 | (36.0) | % | (10.6) | % |
Interest-bearing deposits in other banks | 104,176 | 170,528 | 93,688 | (38.9) | 11.2 | |||||
Cash and cash equivalents | 115,459 | 188,145 | 106,310 | (38.6) | 8.6 | |||||
Available-for-sale debt securities, at fair value | 150,444 | 102,535 | 91,791 | 46.7 | 63.9 | |||||
Other investments | 10,999 | 11,025 | 10,101 | (0.2) | 8.9 | |||||
Loans held for sale | 89,428 | 94,466 | 26,659 | (5.3) | 235.5 | |||||
Real estate loans | 701,450 | 688,430 | 651,684 | 1.9 | 7.6 | |||||
SBA loans (1)
|
275,858 | 303,625 | 211,375 | (9.1) | 30.5 | |||||
C & I loans | 162,543 | 123,422 | 107,307 | 31.7 | 51.5 | |||||
Home mortgage loans | 173,303 | 115,255 | 128,212 | 50.4 | 35.2 | |||||
Consumer & other loans | 865 | 1,089 | 1,158 | (20.6) | (25.3) | |||||
Gross loans, net of unearned income | 1,314,019 | 1,231,821 | 1,099,736 | 6.7 | 19.5 | |||||
Allowance for loan losses | (16,123) | (14,134) | (15,352) | 14.1 | 5.0 | |||||
Net loans receivable | 1,297,896 | 1,217,687 | 1,084,384 | 6.6 | 19.7 | |||||
Premises and equipment, net | 4,355 | 4,199 | 4,544 | 3.7 | (4.2) | |||||
Accrued interest receivable, net | 4,579 | 3,931 | 3,985 | 16.5 | 14.9 | |||||
Servicing assets | 12,720 | 12,389 | 7,360 | 2.7 | 72.8 | |||||
Company owned life insurance | 11,134 | 11,070 | 10,879 | 0.6 | 2.3 | |||||
Deferred tax assets | 8,424 | 5,247 | 5,242 | 60.5 | 60.7 | |||||
Operating right-of-use assets | 8,905 | 9,270 | 6,786 | (3.9) | 31.2 | |||||
Other assets | 12,363 | 19,947 | 8,785 | (38.0) | 40.7 | |||||
Total assets | $ | 1,726,706 | $ | 1,679,911 | $ | 1,366,826 | 2.8 | % | 26.3 | % |
Liabilities and Shareholders' Equity | ||||||||||
Noninterest-bearing deposits | $ | 774,754 | $ | 713,141 | $ | 522,754 | 8.6 | % | 48.2 | % |
Money market deposits and others | 380,226 | 351,186 | 328,323 | 8.3 | 15.8 | |||||
Time deposits over $250,000 | 207,288 | 209,091 | 200,210 | (0.9) | 3.5 | |||||
Other time deposits | 171,798 | 222,988 | 148,803 | (23.0) | 15.5 | |||||
Total deposits | 1,534,066 | 1,496,406 | 1,200,090 | 2.5 | 27.8 | |||||
Federal Home Loan Bank advances | - | - | 5,000 | - | (100.0) | |||||
Accrued interest payable | 558 | 575 | 1,021 | (3.0) | (45.3) | |||||
Operating lease liabilities | 10,307 | 10,703 | 8,429 | (3.7) | 22.3 | |||||
Other liabilities | 16,538 | 13,603 | 8,920 | 21.6 | 85.4 | |||||
Total liabilities | 1,561,469 | 1,521,287 | 1,223,460 | 2.6 | 27.6 | |||||
Common stock | 78,718 | 78,718 | 78,657 | - | 0.1 | |||||
Additional paid-in capital | 8,645 | 8,491 | 8,521 | 1.8 | 1.5 | |||||
Retained earnings | 79,071 | 71,436 | 55,348 | 10.7 | 42.9 | |||||
Accumulated other comprehensive income (loss) | (1,197) | (21) | 840 | 5600.0 | (242.5) | |||||
Total shareholders' equity | 165,237 | 158,624 | 143,366 | 4.2 | 15.3 | |||||
Total Liabilities and Shareholders' Equity | $ | 1,726,706 | $ | 1,679,911 | $ | 1,366,826 | 2.8 | % | 26.3 | % |
For the Three Months Ended |
% Change 4Q21 vs.
|
|||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Interest income | ||||||||||
Interest and fees on loans | $ | 17,271 | $ | 16,922 | $ | 13,006 | 2.1 | % | 32.8 | % |
Interest on available-for-sale debt securities | 362 | 269 | 257 | 34.6 | 40.9 | |||||
Other interest income | 189 | 164 | 112 | 15.2 | 68.8 | |||||
Total interest income | 17,822 | 17,355 | 13,375 | 2.7 | 33.2 | |||||
Interest expense | ||||||||||
Interest on deposits | 726 | 766 | 1,194 | (5.2) | (39.2) | |||||
Total interest expense | 726 | 766 | 1,194 | (5.2) | (39.2) | |||||
Net interest income | 17,096 | 16,589 | 12,181 | 3.1 | 40.3 | |||||
Provision for (reversal of) loan losses | 1,898 | (884) | 1,831 | (314.7) | 3.7 | |||||
Net interest income after provision for (reversal of) loan losses | 15,198 | 17,473 | 10,350 | (13.0) | 46.8 | |||||
Noninterest income | ||||||||||
Service charges on deposits | 405 | 409 | 367 | (1.0) | 10.4 | |||||
Loan servicing fees, net of amortization | 521 | 599 | 367 | (13.0) | 42.0 | |||||
Gain on sale of loans | 6,033 | 2,188 | 2,188 | 175.7 | 175.7 | |||||
Other income | 330 | 346 | 470 | (4.6) | (29.8) | |||||
Total noninterest income | 7,289 | 3,542 | 3,392 | 105.8 | 114.9 | |||||
Noninterest expense | ||||||||||
Salaries and employee benefits | 5,560 | 5,724 | 5,536 | (2.9) | 0.4 | |||||
Occupancy and equipment | 1,418 | 1,326 | 1,237 | 6.9 | 14.6 | |||||
Data processing and communication | 637 | 448 | 435 | 42.2 | 46.4 | |||||
Professional fees | 267 | 308 | 265 | (13.3) | 0.8 | |||||
FDIC insurance and regulatory assessments | 182 | 146 | 115 | 24.7 | 58.3 | |||||
Promotion and advertising | 156 | 175 | 62 | (10.9) | 151.6 | |||||
Directors' fees | 166 | 183 | 97 | (9.3) | 71.1 | |||||
Foundation donation and other contributions | 901 | 842 | 400 | 7.0 | 125.3 | |||||
Other expenses | 304 | 367 | 265 | (17.2) | 14.7 | |||||
Total noninterest expense | 9,591 | 9,519 | 8,412 | 0.8 | 14.0 | |||||
Income before income tax expense | 12,896 | 11,496 | 5,330 | 12.2 | 142.0 | |||||
Income tax expense | 3,747 | 3,246 | 1,513 | 15.4 | 147.7 | |||||
Net income | $ | 9,149 | $ | 8,250 | $ | 3,817 | 10.9 | % | 139.7 | % |
Book value per share | $ | 10.92 | $ | 10.48 | $ | 9.55 | 4.2 | % | 14.3 | % |
Basic EPS | $ | 0.60 | $ | 0.54 | $ | 0.25 | 11.1 | % | 140.0 | % |
Diluted EPS | $ | 0.59 | $ | 0.54 | $ | 0.25 | 9.3 | % | 136.0 | % |
Shares of common stock outstanding | 15,137,808 | 15,133,407 | 15,016,700 | 0.0 | % | 0.8 | % | |||
Weighted Average Shares: | ||||||||||
- Basic | 15,136,229 | 15,133,407 | 15,079,407 | 0.0 | % | 0.4 | % | |||
- Diluted | 15,227,291 | 15,200,613 | 15,103,029 | 0.2 | % | 0.8 | % | |||
As of and For the Three Months Ended |
% Change 4Q21 vs.
|
|||||||||
4Q21 | 3Q21 | 4Q20 | 3Q21 | 4Q20 | ||||||
Return on average assets (ROA) (1)
|
2.11 | % | 2.03 | % | 1.13 | % | 0.08 | % | 0.98 | % |
Return on average equity (ROE) (1)
|
22.72 | % | 21.30 | % | 10.72 | % | 1.42 | % | 12.00 | % |
Net interest margin (1)
|
4.07 | % | 4.21 | % | 3.73 | % | (0.14) | % | 0.34 | % |
Efficiency ratio | 39.34 | % | 47.28 | % | 54.02 | % | (7.94) | % | (14.68) | % |
Total risk-based capital ratio (2)
|
13.66 | % | 13.81 | % | 14.81 | % | (0.15) | % | (1.15) | % |
Tier 1 risk-based capital ratio (2)
|
12.42 | % | 12.63 | % | 13.56 | % | (0.21) | % | (1.14) | % |
Common equity tier 1 ratio (2)
|
12.42 | % | 12.63 | % | 13.56 | % | (0.21) | % | (1.14) | % |
Leverage ratio (2)
|
9.58 | % | 9.75 | % | 10.55 | % | (0.17) | % | (0.97) | % |
For the Twelve Months Ended
|
||||||
4Q21 | 4Q20 | % change | ||||
Interest income | ||||||
Interest and fees on loans | $ | 62,448 | $ | 51,829 | 20.5 | % |
Interest on available-for-sale debt securities | 1,085 | 1,177 | (7.8) | |||
Other interest income | 625 | 650 | (3.8) | |||
Total interest income | 64,158 | 53,656 | 19.6 | |||
Interest expense | ||||||
Interest on deposits | 3,132 | 8,292 | (62.2) | |||
Total interest expense | 3,132 | 8,292 | (62.2) | |||
Net interest income | 61,026 | 45,364 | 34.5 | |||
Provision for loan losses | 522 | 5,961 | (91.2) | |||
Net interest income after provision for loan losses | 60,504 | 39,403 | 53.6 | |||
Noninterest income | ||||||
Service charges on deposits | 1,562 | 1,431 | 9.2 | |||
Loan servicing fees, net of amortization | 1,953 | 1,856 | 5.2 | |||
Gain on sale of loans | 11,313 | 6,092 | 85.7 | |||
Other income | 1,189 | 1,392 | (14.6) | |||
Total noninterest income | 16,017 | 10,771 | 48.7 | |||
Noninterest expense | ||||||
Salaries and employee benefits | 21,253 | 20,041 | 6.0 | |||
Occupancy and equipment | 5,213 | 4,974 | 4.8 | |||
Data processing and communication | 2,000 | 1,682 | 18.9 | |||
Professional fees | 1,192 | 1,101 | 8.3 | |||
FDIC insurance and regulatory assessments | 583 | 449 | 29.8 | |||
Promotion and advertising | 684 | 467 | 46.5 | |||
Directors' fees | 593 | 700 | (15.3) | |||
Foundation donation and other contributions | 2,890 | 1,335 | 116.5 | |||
Other expenses | 1,457 | 1,191 | 22.3 | |||
Total noninterest expense | 35,865 | 31,940 | 12.3 | |||
Income before income tax expense | 40,656 | 18,234 | 123.0 | |||
Income tax expense | 11,801 | 5,107 | 131.1 | |||
Net income | $ | 28,855 | $ | 13,127 | 119.8 | % |
Book value per share | $ | 10.92 | $ | 9.55 | 14.3 | % |
Basic EPS | $ | 1.89 | $ | 0.85 | 122.4 | % |
Diluted EPS | $ | 1.88 | $ | 0.85 | 121.2 | % |
Shares of common stock outstanding | 15,137,808 | 15,016,700 | 0.8 | % | ||
Weighted Average Shares: | ||||||
- Basic | 15,087,686 | 15,196,351 | (0.7) | % | ||
- Diluted | 15,155,347 | 15,223,888 | (0.5) | % | ||
As of and For the Twelve Months Ended
|
||||||
4Q21 | 4Q20 | % Change | ||||
Return on average assets (ROA) | 1.84 | % | 1.03 | % | 0.81 | % |
Return on average equity (ROE)
|
18.91 | % | 9.35 | % | 9.56 | % |
Net interest margin | 4.02 | % | 3.72 | % | 0.30 | % |
Efficiency ratio | 46.55 | % | 56.90 | % | (10.35) | % |
Total risk-based capital ratio (1)
|
13.66 | % | 14.81 | % | (1.15) | % |
Tier 1 risk-based capital ratio (1)
|
12.42 | % | 13.56 | % | (1.14) | % |
Common equity tier 1 ratio (1)
|
12.42 | % | 13.56 | % | (1.14) | % |
Leverage ratio (1)
|
9.58 | % | 10.55 | % | (0.97) | % |
($ in thousands) | As of and For the Three Months Ended | |||||
4Q21 | 3Q21 | 4Q20 | ||||
Nonaccrual Loans (1)
|
$ | 3,002 | $ | 1,052 | $ | 985 |
Loans 90 days or more past due, accruing (2)
|
200 | - | - | |||
Accruing restructured loans | - | - | - | |||
Nonperforming loans | 3,202 | 1,052 | 985 | |||
Other real estate owned ("OREO") | - | - | - | |||
Nonperforming assets | $ | 3,202 | $ | 1,052 | $ | 985 |
Criticized loans (3) by loan type:
|
||||||
SBA loans | $ | 2,688 | $ | 1,871 | $ | 2,256 |
C & I loans | 313 | 320 | 5,004 | |||
Home mortgage loans | 1,038 | - | 600 | |||
Total criticized loans (3)
|
$ | 4,039 | $ | 2,191 | $ | 7,860 |
Nonperforming assets/total assets | 0.19 | % | 0.06 | % | 0.07 | % |
Nonperforming assets/gross loans plus OREO | 0.24 | % | 0.09 | % | 0.09 | % |
Nonperforming loans/gross loans | 0.24 | % | 0.09 | % | 0.09 | % |
Allowance for loan losses/nonperforming loans | 503 | % | 1,344 | % | 1,559 | % |
Allowance for loan losses/nonperforming assets | 503 | % | 1,344 | % | 1,559 | % |
Allowance for loan losses/gross loans | 1.23 | % | 1.15 | % | 1.40 | % |
Criticized loans (3) /gross loans
|
0.31 | % | 0.18 | % | 0.71 | % |
Net charge-offs (recoveries) | $ | 168 | $ | (4) | $ | - |
Net charge-offs (recoveries) to average gross loans (4)
|
0.05 | % | (0.00 | )% | 0.00 | % |
($ in thousands) | 4Q21 | 3Q21 | 4Q20 | |||
Accruing delinquent loans 30-89 days past due: | ||||||
30-59 days | $ | 72 | $ | 263 | $ | - |
60-89 days | 336 | 1,064 | - | |||
Total (1)
|
$ | 408 | $ | 1,327 | $ | - |
For the Three Months Ended | ||||||||||||||||||
4Q21 | 3Q21 | 4Q20 | ||||||||||||||||
Average
Balance
|
Interest
and Fees
|
Yield/
Rate (1)
|
Average
Balance
|
Interest
and Fees
|
Yield/
Rate (1)
|
Average
Balance
|
Interest
and Fees
|
Yield/
Rate (1)
|
||||||||||
Interest-earning assets: | ||||||||||||||||||
Interest-bearing deposits in other banks | $ | 192,302 | $ | 73 | 0.15 | % | $ | 137,662 | $ | 47 | 0.13 | % | $ | 83,129 | $ | 20 | 0.10 | % |
Federal funds sold and other investments | 11,012 | 116 | 4.23 | 11,041 | 117 | 4.25 | 10,091 | 92 | 3.62 | |||||||||
Available-for-sale debt securities, at fair value | 122,137 | 362 | 1.19 | 109,009 | 269 | 0.99 | 93,238 | 257 | 1.10 | |||||||||
Real estate loans | 685,394 | 7,774 | 4.50 | 678,642 | 7,680 | 4.49 | 644,643 | 7,457 | 4.60 | |||||||||
SBA loans | 400,059 | 6,829 | 6.77 | 403,279 | 6,835 | 6.72 | 251,541 | 3,231 | 5.11 | |||||||||
C & I loans | 133,104 | 1,334 | 3.98 | 107,614 | 1,074 | 3.96 | 90,617 | 843 | 3.70 | |||||||||
Home mortgage loans | 123,822 | 1,320 | 4.27 | 117,825 | 1,317 | 4.47 | 124,763 | 1,456 | 4.67 | |||||||||
Consumer & other loans | 1,035 | 14 | 5.21 | 978 | 16 | 6.49 | 1,325 | 19 | 5.70 | |||||||||
Loans (2)
|
1,343,414 | 17,271 | 5.10 | 1,308,338 | 16,922 | 5.13 | 1,112,889 | 13,006 | 4.65 | |||||||||
Total interest-earning assets | 1,668,865 | 17,822 | 4.24 | 1,566,050 | 17,355 | 4.40 | 1,299,347 | 13,375 | 4.10 | |||||||||
Noninterest-earning assets | 62,996 | 56,807 | 48,678 | |||||||||||||||
Total assets | $ | 1,731,861 | $ | 1,622,857 | $ | 1,348,025 | ||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Money market deposits and others | $ | 378,849 | $ | 283 | 0.30 | % | $ | 368,507 | $ | 299 | 0.32 | % | $ | 328,044 | $ | 340 | 0.41 | % |
Time deposits | 401,938 | 443 | 0.44 | 383,503 | 467 | 0.48 | 344,139 | 854 | 0.99 | |||||||||
Total interest-bearing deposits | 780,787 | 726 | 0.37 | 752,010 | 766 | 0.40 | 672,183 | 1,194 | 0.71 | |||||||||
Borrowings | 4 | - | - | - | - | - | 7,938 | - | - | |||||||||
Total interest-bearing liabilities | 780,791 | 726 | 0.37 | 752,010 | 766 | 0.40 | 680,121 | 1,194 | 0.70 | |||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||
Noninterest-bearing deposits | 765,012 | 696,761 | 507,694 | |||||||||||||||
Other noninterest-bearing liabilities | 24,994 | 19,169 | 17,769 | |||||||||||||||
Total noninterest-bearing liabilities | 790,006 | 715,930 | 525,463 | |||||||||||||||
Shareholders' equity | 161,064 | 154,917 | 142,441 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 1,731,861 | $ | 1,622,857 | $ | 1,348,025 | ||||||||||||
Net interest income / interest rate spreads | $ | 17,096 | 3.87 | % | $ | 16,589 | 4.00 | % | $ | 12,181 | 3.40 | % | ||||||
Net interest margin | 4.07 | % | 4.21 | % | 3.73 | % | ||||||||||||
Cost of deposits & cost of funds: | ||||||||||||||||||
Total deposits / cost of deposits | $ | 1,545,799 | $ | 726 | 0.19 | % | $ | 1,448,771 | $ | 766 | 0.21 | % | $ | 1,179,877 | $ | 1,194 | 0.40 | % |
Total funding liabilities / cost of funds | $ | 1,545,803 | $ | 726 | 0.19 | % | $ | 1,448,771 | $ | 766 | 0.21 | % | $ | 1,187,815 | $ | 1,194 | 0.40 | % |
For the Twelve Months Ended
|
||||||||||||
4Q21 | 4Q20 | |||||||||||
Average
Balance
|
Interest
and Fees
|
Yield/ Rate |
Average
Balance
|
Interest
and Fees
|
Yield/ Rate | |||||||
Interest-earning assets: | ||||||||||||
Interest-bearing deposits in other banks | $ | 132,090 | $ | 170 | 0.13 | % | $ | 81,997 | $ | 281 | 0.34 | % |
Federal funds sold and other investments | 10,755 | 455 | 4.23 | 9,853 | 369 | 3.74 | ||||||
Available-for-sale debt securities, at fair value | 108,346 | 1,086 | 1.00 | 73,410 | 1,177 | 1.60 | ||||||
Real estate loans | 672,045 | 30,644 | 4.56 | 636,809 | 30,616 | 4.81 | ||||||
SBA loans | 355,114 | 21,760 | 6.13 | 200,110 | 11,231 | 5.61 | ||||||
C & I loans | 114,629 | 4,463 | 3.89 | 93,490 | 3,887 | 4.16 | ||||||
Home mortgage loans | 122,465 | 5,520 | 4.51 | 122,195 | 5,977 | 4.89 | ||||||
Consumer & other loans | 1,095 | 60 | 5.51 | 2,102 | 118 | 5.61 | ||||||
Loans (1)
|
1,265,348 | 62,447 | 4.94 | 1,054,706 | 51,829 | 4.91 | ||||||
Total interest-earning assets | 1,516,539 | 64,158 | 4.23 | 1,219,966 | 53,656 | 4.40 | ||||||
Noninterest-earning assets | 55,200 | 49,224 | ||||||||||
Total assets | $ | 1,571,739 | $ | 1,269,190 | ||||||||
Interest-bearing liabilities: | ||||||||||||
Money market deposits and others | $ | 362,900 | $ | 1,134 | 0.31 | % | $ | 307,316 | $ | 2,174 | 0.71 | % |
Time deposits | 378,585 | 1,998 | 0.53 | 391,667 | 6,118 | 1.56 | ||||||
Total interest-bearing deposits | 741,485 | 3,132 | 0.42 | 698,983 | 8,292 | 1.19 | ||||||
Borrowings | 1,988 | - | - | 5,505 | - | - | ||||||
Total interest-bearing liabilities | 743,473 | 3,132 | 0.42 | 704,488 | 8,292 | 1.18 | ||||||
Noninterest-bearing liabilities: | ||||||||||||
Noninterest-bearing deposits | 656,130 | 406,401 | ||||||||||
Other noninterest-bearing liabilities | 19,558 | 17,889 | ||||||||||
Total noninterest-bearing liabilities | 675,688 | 424,290 | ||||||||||
Shareholders' equity | 152,578 | 140,412 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,571,739 | $ | 1,269,190 | ||||||||
Net interest income / interest rate spreads | $ | 61,026 | 3.81 | % | $ | 45,364 | 3.22 | % | ||||
Net interest margin | 4.02 | % | 3.72 | % | ||||||||
Cost of deposits & cost of funds: | ||||||||||||
Total deposits / cost of deposits | $ | 1,397,615 | $ | 3,132 | 0.22 | % | $ | 1,105,384 | $ | 8,292 | 0.75 | % |
Total funding liabilities / cost of funds | $ | 1,399,603 | $ | 3,132 | 0.22 | % | $ | 1,110,889 | $ | 8,292 | 0.75 | % |
($ in thousands) |
As of December 31, 2021
|
||||||
Industry |
Number
of
accounts
|
% of
total
|
Balance |
% of
total
|
|||
Hotel / motel | 249 | 11.5 | % | $ | 186,534 | 15.2 | % |
Wholesale | 154 | 7.2 | 70,181 | 5.7 | |||
Food services / restaurant | 298 | 13.9 | 45,707 | 3.7 | |||
Real estate lessor | 239 | 11.1 | 412,641 | 33.6 | |||
Gas station | 243 | 11.3 | 207,295 | 16.8 | |||
Other | 967 | 45.0 | 306,921 | 25.0 | |||
Total (1)
|
2,150 | 100.0 | % | $ | 1,229,279 | 100.0 | % |
($ in thousands) |
As of December 31, 2021
|
||||||||||
Number of accounts | Loan balance | ||||||||||
Industry |
Number
of
accounts
|
% of
deferment
|
% of
total
loans
|
Balance |
% of
deferment
|
% of
total
loans
|
|||||
Hotel / motel | 1 | 33.4 | % | 0.4 | % | $ | 4,546 | 90.1 | % | 2.4 | % |
Wholesale | 1 | 33.3 | 0.6 | 467 | 9.3 | 0.7 | |||||
Food services / restaurant | 1 | 33.3 | 0.3 | 31 | 0.6 | 0.1 | |||||
Total | 3 | 100.0 | % | 0.1 | % | $ | 5,044 | 100.0 | % | 0.4 | % |
($ in thousands) |
As of December 31, 2021
|
||||||||||
Number of accounts | Loan balance | ||||||||||
Loan Type |
Number
of
accounts
|
% of
deferment
|
% of
total
loans
|
Balance |
% of
deferment
|
% of
total
loans
|
|||||
Real estate loans | 1 | 33.3 | % | 0.1 | % | $ | 4,546 | 90.1 | % | 0.5 | % |
C & I loans | 2 | 66.7 | 0.2 | 498 | 9.9 | 0.2 | |||||
Loans, excluding home mortgage and consumer loans | 3 | 100.0 | 0.1 | 5,044 | 100.0 | 0.4 | |||||
Home mortgage loans | - | - | - | - | - | - | |||||
Total | 3 | 100.0 | % | 0.1 | % | $ | 5,044 | 100.0 | % | 0.4 | % |
($ in thousands) |
Total deferments
under the CARES Act
through December 31, 2021
|
Payment resumed
or paid off
through December 31, 2021
|
Remaining deferments as of December 31, 2021
|
||||||
Loan Type |
Number
of
accounts
|
Balance |
Number
of
accounts
|
Balance |
Number
of
accounts
|
Balance | |||
Loans, excluding home mortgage and consumer loans | 157 | $ | 220,553 | 154 | $ | 215,509 | 3 | $ | 5,044 |
Home mortgage loans | 69 | 30,205 | 69 | 30,205 | - | - | |||
Total | 226 | $ | 250,758 | 223 | $ | 245,714 | 3 | $ | 5,044 |