FLORENCE, Ore.--(BUSINESS WIRE)--Oregon Pacific Bancorp (ORPB) today reported financial results for the second quarter ended June 30, 2021.
Highlights
- Second quarter net income of $1.92 million; $0.27 per diluted share
- Quarterly deposit growth of $24.2 million, a growth rate of 16.73%
- Quarterly non-PPP loan growth of $13.4 million, a growth rate of 16.81%
- Quarterly trust fees of $878 thousand
Oregon Pacific Bancorp, and its wholly owned subsidiary Oregon Pacific Bank, reported quarterly net income of $1.92 million, or $0.27 per diluted share in the second quarter of 2021 compared to $830 thousand, or $0.12 per diluted share for the quarter ended June 30, 2020. Second quarter net income was elevated due to the processing of Paycheck Protection Program (PPP) forgiveness payments, which resulted in increased interest income due to accretion of the remaining loan origination fees at payoff. The Bank made no provision for loan losses during the second quarter as the Bank’s allowance for loan loss methodology indicated no provision was necessary based on current asset quality metrics.
“We are proud to see the continuation of the Bank’s strong performance during the second quarter,” said Ron Green, President and CEO. “Our staff has worked with clients on the PPP forgiveness process, enabling them to shift focus back to core lending, which we believe will continue through the rest of 2021.”
During the quarter, deposit growth totaled $24.2 million, an annualized growth rate of 16.73%. On an annual basis, deposit growth totaled $144.1 million, a 31.0% increase over June 30, 2020. With no new PPP loan production during the second quarter, the deposit growth is attributable to normal seasonal fluctuations, including onboarding of new clients. The Bank still believes a portion of the deposit growth is temporary as some borrowers have delayed investments or capital purchases until the economy has fully recovered from the pandemic.
The Bank continued to maintain funds in the InterFi Network Insured Cash Sweep (ICS) product and expanded to utilize the CDARs time deposit product, all in a “one-way sell” or off-balance sheet capacity. The CDARS product was offered to one large deposit client who has elected to open laddered four-week CDARs deposits. In the event of a decrease in liquidity, the Bank could move all CDARS deposits back onto the balance sheet in a reciprocal deposit within a four-week time horizon. On June 30, 2021, the off-balance sheet ICS deposits totaled $54.3 million, and the CDARS off-balance sheet time deposits totaled $39.5 million.
Period-end non-PPP loans, net of deferred loan origination fees, totaled $335.8 million, representing quarterly net growth of $13.4 million and an annualized growth rate of 16.81%. The effective yield on the non-PPP loan portfolio remained flat at 4.63%. The Bank continued to see loan opportunities during the quarter, but the lending environment remains competitive. At the end of June, the Bank purchased three loans totaling $3.6 million from Network for Oregon Affordable Housing (NOAH). The NOAH loans were purchased at a premium and will result in a yield below the Bank’s current loan portfolio yield but will provide the Bank with tax credits to offset Oregon income tax which will be prorated during 2021 based on the date of the loan purchase. The Bank continued to work with borrowers on the PPP forgiveness process during the second quarter. Through June 30, 2021, 734 of the 752 PPP loans originated in 2020 were forgiven. Additionally, 81 of the 402 loans originated in 2021 were forgiven.
During the quarter, the Bank’s margin contracted to 3.09% from 3.82% in the prior quarter, which was primarily driven by the linked quarter growth in average deposits. The deposit growth increased the balance of interest-bearing deposits held with the Federal Reserve, which yielded 0.10% for most of the quarter. During the second quarter, 29% of the Bank’s interest earning assets were held on deposit with the Federal Reserve, compared to 19% during first quarter 2021, which led to margin contraction. The Bank worked to increase the investment portfolio holdings, with quarterly purchases totaling $15.5 million. The Bank will continue to plan future investment purchases to utilize a portion of the excess funds held at the Federal Reserve and help increase the yield on earning assets.
Second quarter 2021 noninterest income totaled $1.8 million, which represented an increase of $398 thousand over the prior quarter and an increase of $651 thousand over the second quarter 2020. During the quarter, the Bank recognized $878 thousand of trust fee income and increase of $248 thousand over the prior quarter. Trust revenue is comprised of two components: 1) trust management revenue, and 2) transactional revenue or “extraordinary” revenue. Trust management revenue has increased due to onboarding of new clients, with the Bank’s trust assets under management increasing $23.2 million since December 31, 2020. Transactional revenue is related to items outside the scope of standard trust administration. This is primarily comprised of fees for liquidation of real estate and is generally tied to the death of a trust client. As transactional revenue is event based, the current quarter income does not necessarily represent revenue projections for future quarters. Below is a summary of the breakout of trust revenue.
THREE MONTHS ENDED |
|
|
SIX MONTHS ENDED |
||||||||||||
June 30, |
|
March 31, |
|
June 30, |
|
|
June 30, |
|
June 30, |
||||||
2021 |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
||||||
| Trust Management Revenue | $ |
648 |
$ |
570 |
$ |
546 |
$ |
1,218 |
$ |
1,092 |
|||||
| Transactional Revenue |
|
230 |
|
60 |
|
21 |
|
290 |
|
47 |
|||||
| Trust fee income | $ |
878 |
$ |
630 |
$ |
567 |
$ |
1,508 |
$ |
1,139 |
|||||
The Bank experienced growth of $11 thousand related to advisory income through the Bank’s wholly owned registered investment advisory (RIA) firm Oregon Pacific Wealth Management, LLC which grew assets under management to $103.4 million as of June 30, 2021. Since inception Oregon Pacific Wealth Management has been a registered investment advisor registered and overseen by the State of Oregon. Once assets under management exceed $100 million, the company is required to move from state specific registration to registration with the SEC. As the assets under management exceeded $100 million at June 30, 2021, the company is beginning the registration process with the SEC and anticipates the registration to be completed by September 30, 2021. This SEC registration is only tied to the registered investment advisory firm and will not impact financial reporting.
Noninterest expense in the second quarter totaled $4.1 million, up $136 thousand over the first quarter. The largest change occurred in the salaries and employee benefits expense which increased $127 thousand from the first quarter 2021. This increase was due to two factors: 1) no additional PPP loan production during the second quarter, which reduced the deferred loan origination costs recognized as a credit to salary expense, and 2) additional stock-based compensation expense associated with accelerated vesting of restricted stock due to retirement.
Forward-Looking Statement Safe Harbor
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “estimates,” “intends,” “plans,” “goals,” “believes” and other similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could.” The forward-looking statements made represent Oregon Pacific Bank’s current estimates, projections, expectations, plans or forecasts of its future results and revenues, including but not limited to statements about performance, loan or deposit growth, loan prepayments, investment purchases, strategic focus, capital position, liquidity, credit quality, special asset liquidation, noninterest expense and credit quality trends. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Oregon Pacific Bank’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks. Oregon Pacific Bancorp undertakes no obligation to publicly revise or update any forward-looking statement to reflect the impact of events or circumstances that arise after the date of this release. This statement is included for the express purpose of invoking the PSLRA’s safe harbor provisions.
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| Unaudited (dollars in thousands) | ||||||||||||
June 30, |
|
March 31, |
|
June 30, |
||||||||
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
||
| ASSETS | ||||||||||||
| Cash and due from banks | $ |
12,658 |
|
$ |
9,925 |
|
$ |
6,944 |
|
|||
| Interest bearing deposits |
|
181,966 |
|
|
161,446 |
|
|
42,291 |
|
|||
| Securities |
|
65,509 |
|
|
50,543 |
|
|
27,868 |
|
|||
| Non PPP Loans, net of deferred fees and costs |
|
335,813 |
|
|
322,451 |
|
|
301,598 |
|
|||
| PPP Loans, net of deferred fees and costs |
|
54,287 |
|
|
78,745 |
|
|
120,043 |
|
|||
| Total Loans, net of deferred fees and costs |
|
390,100 |
|
|
401,196 |
|
|
421,641 |
|
|||
| Allowance for loan losses |
|
(6,024 |
) |
|
(6,020 |
) |
|
(4,873 |
) |
|||
| Premises and equipment, net |
|
6,507 |
|
|
6,621 |
|
|
7,041 |
|
|||
| Bank owned life insurance |
|
8,282 |
|
|
8,221 |
|
|
7,549 |
|
|||
| Deferred tax asset |
|
940 |
|
|
1,079 |
|
|
363 |
|
|||
| Other assets |
|
3,745 |
|
|
3,998 |
|
|
4,467 |
|
|||
| Total assets | $ |
663,683 |
|
$ |
637,009 |
|
$ |
513,291 |
|
|||
| LIABILITIES | ||||||||||||
| Deposits | ||||||||||||
| Demand - non-interest bearing | $ |
181,406 |
|
$ |
171,750 |
|
$ |
125,714 |
|
|||
| Demand - interest bearing |
|
188,135 |
|
|
183,537 |
|
|
166,562 |
|
|||
| Money market |
|
147,506 |
|
|
139,350 |
|
|
97,506 |
|
|||
| Savings |
|
72,557 |
|
|
70,276 |
|
|
57,098 |
|
|||
| Certificates of deposit |
|
19,854 |
|
|
20,394 |
|
|
18,442 |
|
|||
| Total deposits |
|
609,458 |
|
|
585,307 |
|
|
465,322 |
|
|||
| Subordinated debenture |
|
4,124 |
|
|
4,124 |
|
|
4,124 |
|
|||
| Other liabilities |
|
3,843 |
|
|
3,695 |
|
|
4,523 |
|
|||
| Total liabilities |
|
617,425 |
|
|
593,126 |
|
|
473,969 |
|
|||
| STOCKHOLDERS' EQUITY | ||||||||||||
| Common stock |
|
20,831 |
|
|
20,753 |
|
|
20,697 |
|
|||
| Retained earnings |
|
24,406 |
|
|
22,484 |
|
|
17,636 |
|
|||
| Accumulated other comprehensive income, net of tax |
|
1,021 |
|
|
646 |
|
|
989 |
|
|||
| Total stockholders' equity |
|
46,258 |
|
|
43,883 |
|
|
39,322 |
|
|||
| Total liabilities & stockholders' equity | $ |
663,683 |
|
$ |
637,009 |
|
$ |
513,291 |
|
|||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| Unaudited (dollars in thousands, except per share data) | ||||||||||||||||
|
||||||||||||||||
|
|
THREE MONTHS ENDED |
|
|
SIX MONTHS ENDED |
|||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
June 30, |
|
June 30, |
|||||
|
|
2021 |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|||||
| INTEREST INCOME | ||||||||||||||||
| Non-PPP loans | $ |
3,758 |
$ |
3,649 |
$ |
3,606 |
$ |
7,407 |
$ |
7,464 |
||||||
| PPP loans |
|
961 |
|
1,460 |
|
634 |
|
2,421 |
|
634 |
||||||
| Securities |
|
242 |
|
178 |
|
172 |
|
420 |
|
333 |
||||||
| Other interest income |
|
51 |
|
28 |
|
14 |
|
79 |
|
81 |
||||||
| Total interest income |
|
5,012 |
|
5,315 |
|
4,426 |
|
10,327 |
|
8,512 |
||||||
| INTEREST EXPENSE | ||||||||||||||||
| Deposits |
|
116 |
|
101 |
|
141 |
|
217 |
|
379 |
||||||
| Borrowed funds |
|
31 |
|
30 |
|
36 |
|
61 |
|
82 |
||||||
| Total interest expense |
|
147 |
|
131 |
|
177 |
|
278 |
|
461 |
||||||
| NET INTEREST INCOME |
|
4,865 |
|
5,184 |
|
4,249 |
|
10,049 |
|
8,051 |
||||||
| Provision for loan losses |
|
- |
|
- |
|
900 |
|
- |
|
1,278 |
||||||
| Net interest income after provision for loan losses |
|
4,865 |
|
5,184 |
|
3,349 |
|
10,049 |
|
6,773 |
||||||
| NONINTEREST INCOME | ||||||||||||||||
| Trust fee income |
|
878 |
|
630 |
|
567 |
|
1,508 |
|
1,139 |
||||||
| Service charges |
|
271 |
|
248 |
|
192 |
|
519 |
|
413 |
||||||
| Mortgage loan sales and servicing |
|
239 |
|
148 |
|
81 |
|
387 |
|
219 |
||||||
| Investment sales commissions |
|
33 |
|
36 |
|
43 |
|
69 |
|
91 |
||||||
| Merchant card services |
|
114 |
|
86 |
|
59 |
|
200 |
|
123 |
||||||
| RIA income |
|
199 |
|
188 |
|
127 |
|
387 |
|
260 |
||||||
| Other income |
|
78 |
|
78 |
|
92 |
|
156 |
|
165 |
||||||
| Total noninterest income |
|
1,812 |
|
1,414 |
|
1,161 |
|
3,226 |
|
2,410 |
||||||
| NONINTEREST EXPENSE | ||||||||||||||||
| Salaries and employee benefits |
|
2,401 |
|
2,274 |
|
1,933 |
|
4,675 |
|
4,055 |
||||||
| Outside services |
|
436 |
|
436 |
|
381 |
|
872 |
|
808 |
||||||
| Occupancy & equipment |
|
348 |
|
346 |
|
315 |
|
694 |
|
638 |
||||||
| Trust expense |
|
348 |
|
354 |
|
319 |
|
702 |
|
677 |
||||||
| Loan and collection, OREO expense |
|
29 |
|
35 |
|
72 |
|
64 |
|
227 |
||||||
| Advertising |
|
75 |
|
58 |
|
32 |
|
133 |
|
84 |
||||||
| Supplies and postage |
|
61 |
|
56 |
|
62 |
|
117 |
|
124 |
||||||
| Other operating expenses |
|
407 |
|
410 |
|
293 |
|
817 |
|
614 |
||||||
| Total noninterest expense |
|
4,105 |
|
3,969 |
|
3,407 |
|
8,074 |
|
7,227 |
||||||
| Income before taxes |
|
2,572 |
|
2,629 |
|
1,103 |
|
5,201 |
|
1,956 |
||||||
| Provision for income taxes |
|
650 |
|
662 |
|
273 |
|
1,312 |
|
484 |
||||||
| NET INCOME | $ |
1,922 |
$ |
1,967 |
$ |
830 |
$ |
3,889 |
$ |
1,472 |
||||||
| Quarterly Highlights | |||||||||||||||||||
| 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | |||||||||||||||
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
| Earnings | |||||||||||||||||||
| Net interest income | $ |
4,865 |
|
$ |
5,184 |
|
$ |
5,586 |
|
$ |
4,425 |
|
$ |
4,249 |
|
||||
| Provision for loan loss |
|
- |
|
|
- |
|
|
- |
|
|
900 |
|
|
900 |
|
||||
| Noninterest income |
|
1,812 |
|
|
1,414 |
|
|
1,363 |
|
|
1,374 |
|
|
1,161 |
|
||||
| Noninterest expense |
|
4,105 |
|
|
3,969 |
|
|
4,158 |
|
|
3,832 |
|
|
3,407 |
|
||||
| Provision for income taxes |
|
650 |
|
|
662 |
|
|
713 |
|
|
264 |
|
|
273 |
|
||||
| Net income | $ |
1,922 |
|
$ |
1,967 |
|
$ |
2,078 |
|
$ |
803 |
|
$ |
830 |
|
||||
| Average shares outstanding |
|
7,041,041 |
|
|
7,022,759 |
|
|
7,008,125 |
|
|
7,008,125 |
|
|
7,003,125 |
|
||||
| Earnings per share | $ |
0.27 |
|
$ |
0.28 |
|
$ |
0.30 |
|
$ |
0.11 |
|
$ |
0.12 |
|
||||
| Performance Ratios | |||||||||||||||||||
| Return on average assets |
|
1.17 |
% |
|
1.38 |
% |
|
1.52 |
% |
|
0.60 |
% |
|
0.69 |
% |
||||
| Return on average equity |
|
17.24 |
% |
|
18.59 |
% |
|
20.33 |
% |
|
8.05 |
% |
|
8.69 |
% |
||||
| Net interest margin - tax equivalent |
|
3.09 |
% |
|
3.82 |
% |
|
4.29 |
% |
|
3.50 |
% |
|
3.73 |
% |
||||
| Yield on loans |
|
4.78 |
% |
|
5.14 |
% |
|
5.37 |
% |
|
4.14 |
% |
|
4.33 |
% |
||||
| Yield on loans - excluding PPP loans |
|
4.63 |
% |
|
4.63 |
% |
|
4.69 |
% |
|
4.70 |
% |
|
4.85 |
% |
||||
| Cost of deposits |
|
0.08 |
% |
|
0.08 |
% |
|
0.10 |
% |
|
0.13 |
% |
|
0.22 |
% |
||||
| Efficiency ratio |
|
61.48 |
% |
|
60.19 |
% |
|
59.84 |
% |
|
66.08 |
% |
|
62.98 |
% |
||||
| Full-time equivalent employees |
|
114 |
|
|
116 |
|
|
116 |
|
|
113 |
|
|
111 |
|
||||
| Capital | |||||||||||||||||||
| Leverage ratio |
|
7.45 |
% |
|
8.18 |
% |
|
8.33 |
% |
|
8.14 |
% |
|
8.74 |
% |
||||
| Common equity tier 1 ratio |
|
15.25 |
% |
NA(1) | NA(1) | NA(1) | NA(1) | ||||||||||||
| Tier 1 risk based ratio |
|
15.25 |
% |
NA(1) | NA(1) | NA(1) | NA(1) | ||||||||||||
| Total risk based ratio |
|
16.51 |
% |
NA(1) | NA(1) | NA(1) | NA(1) | ||||||||||||
| Book value per share | $ |
6.57 |
|
$ |
6.23 |
|
$ |
6.03 |
|
$ |
5.75 |
|
$ |
5.61 |
|
||||
| Asset quality | |||||||||||||||||||
| Allowance for loan losses (ALLL) | $ |
6,024 |
|
$ |
6,020 |
|
$ |
5,791 |
|
$ |
5,782 |
|
$ |
4,873 |
|
||||
| Nonperforming loans (NPLs) | $ |
1,517 |
|
$ |
1,558 |
|
$ |
2,521 |
|
$ |
1,596 |
|
$ |
1,293 |
|
||||
| Nonperforming assets (NPAs) | $ |
1,517 |
|
$ |
1,558 |
|
$ |
2,521 |
|
$ |
1,596 |
|
$ |
1,293 |
|
||||
| Classified Assets (2) | $ |
12,627 |
|
$ |
12,141 |
|
$ |
14,366 |
|
$ |
12,667 |
|
$ |
11,945 |
|
||||
| Net loan charge offs (recoveries) | $ |
(3 |
) |
$ |
(230 |
) |
$ |
(9 |
) |
$ |
(9 |
) |
$ |
(7 |
) |
||||
| ALLL as a percentage of net loans |
|
1.54 |
% |
|
1.50 |
% |
|
1.48 |
% |
|
1.35 |
% |
|
1.16 |
% |
||||
| ALLL as a percentage of net loans (excluding PPP) |
|
1.79 |
% |
|
1.87 |
% |
|
1.86 |
% |
|
1.89 |
% |
|
1.62 |
% |
||||
| ALLL as a percentage of NPLs |
|
397.10 |
% |
|
386.39 |
% |
|
229.75 |
% |
|
362.26 |
% |
|
376.98 |
% |
||||
| Net charge offs (recoveries) to average loans |
|
0.00 |
% |
|
-0.06 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
||||
| Net NPLs as a percentage of total loans |
|
0.39 |
% |
|
0.39 |
% |
|
0.64 |
% |
|
0.53 |
% |
|
0.44 |
% |
||||
| Nonperforming assets as a percentage of total assets |
|
0.23 |
% |
|
0.24 |
% |
|
0.47 |
% |
|
0.30 |
% |
|
0.25 |
% |
||||
| Classified Asset Ratio (3) |
|
27.30 |
% |
|
27.67 |
% |
|
33.98 |
% |
|
31.42 |
% |
|
30.38 |
% |
||||
| Past due as a percentage of total loans |
|
0.36 |
% |
|
0.14 |
% |
|
0.49 |
% |
|
0.54 |
% |
|
0.53 |
% |
||||
| Off-balance sheet figures | |||||||||||||||||||
| Off-balance sheet demand deposits (4) | $ |
54,299 |
|
$ |
56,226 |
|
$ |
50,281 |
|
$ |
24,974 |
|
$ |
14,659 |
|
||||
| Off-balance sheet time deposits (5) | $ |
39,500 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
||||
| Unused credit commitments | $ |
83,807 |
|
$ |
82,458 |
|
$ |
83,982 |
|
$ |
74,110 |
|
$ |
66,806 |
|
||||
| End of period balances | |||||||||||||||||||
| Total securities and short term deposits | $ |
247,475 |
|
$ |
211,989 |
|
$ |
124,375 |
|
$ |
82,099 |
|
$ |
70,159 |
|
||||
| Total loans net of allowance | $ |
384,076 |
|
$ |
395,176 |
|
$ |
385,173 |
|
$ |
422,144 |
|
$ |
416,768 |
|
||||
| Total earning assets | $ |
638,932 |
|
$ |
614,542 |
|
$ |
516,485 |
|
$ |
511,171 |
|
$ |
492,946 |
|
||||
| Total assets | $ |
663,683 |
|
$ |
637,009 |
|
$ |
537,141 |
|
$ |
534,456 |
|
$ |
513,291 |
|
||||
| Total noninterest bearing deposits | $ |
181,406 |
|
$ |
171,750 |
|
$ |
136,428 |
|
$ |
134,574 |
|
$ |
125,714 |
|
||||
| Total deposits | $ |
609,458 |
|
$ |
585,307 |
|
$ |
486,343 |
|
$ |
485,589 |
|
$ |
465,322 |
|
||||
| Average balances | |||||||||||||||||||
| Total securities and short term deposits | $ |
239,921 |
|
$ |
150,214 |
|
$ |
109,006 |
|
$ |
80,235 |
|
$ |
67,450 |
|
||||
| Total loans net of allowance | $ |
389,766 |
|
$ |
397,195 |
|
$ |
405,796 |
|
$ |
421,663 |
|
$ |
389,275 |
|
||||
| Total earning assets | $ |
637,066 |
|
$ |
554,446 |
|
$ |
521,734 |
|
$ |
508,244 |
|
$ |
462,157 |
|
||||
| Total assets | $ |
659,644 |
|
$ |
576,991 |
|
$ |
543,422 |
|
$ |
529,784 |
|
$ |
484,315 |
|
||||
| Total noninterest bearing deposits | $ |
178,155 |
|
$ |
167,266 |
|
$ |
138,247 |
|
$ |
134,676 |
|
$ |
132,311 |
|
||||
| Total deposits | $ |
606,476 |
|
$ |
525,064 |
|
$ |
493,502 |
|
$ |
480,742 |
|
$ |
436,776 |
|
||||
| (1) Effective March 31, 2020 Oregon Pacific Bank opted into the Community Bank Leverage Ratio and stopped calculating risked based capital ratios. | |||||||||
| (2) Classified assets is defined as the sum of all loan-related contingent liabilities and loans internally graded substandard or worse, impaired loans (net of government guarantees), adversely classified securities, and other real estate owned. | |||||||||
| (3) Classified asset ratio is defined as the sum of all loan-related contingent liabilities and loans internally graded substandard or worse, impaired loans (net of government guarantees), adversely classified securities, and other real estate owned, divided by bank Tier 1 capital, plus the allowance for loan losses. | |||||||||
| (4) Deposits sold through IntraFi Network Deposits Insured Cash Sweep (ICS) program | |||||||||
| (5) Deposits sold through IntraFi Network Deposits CDARs program |
