MEDFORD, Ore.--(BUSINESS WIRE)--People’s Bank of Commerce (OTC PINK: PBCO) announced today its financial results for the 3rd quarter of 2021.
Highlights
- Third quarter net income of $2,650,000, or $0.53 per diluted share
- Year-to-date net income of $8,496,000, or $1.85 per diluted share
- Quarterly non-PPP loan growth rate of 14.5%
- Third quarter tax equivalent net interest margin of 3.7%, excluding factoring revenue
- Steelhead factoring revenue increased 66.2% over Q3 2020
People’s Bank reported quarterly net income of $2,650,000, or $0.53 per diluted share, for the 3rd quarter of 2021 compared to net income of $1,937,000, or $0.53 per diluted share, in the same quarter of 2020. The bank recognized year-to-date net income of $8,496,000 versus $4,433,000 for the nine months of 2020, a 91.6% increase from the prior year. Earnings per share for the trailing 12 months were $2.36 per share, up from $1.69 per share for the same period of 2020, a 39.3% increase. Third quarter income continued to be positively impacted by PPP fee income due to pro-ration of the remaining unamortized origination processing fees at payoff with $1,271,000 in PPP fee income recognized during the quarter. Steelhead Finance also demonstrated solid revenue of $1,785,000 during the quarter, versus $1,074,000 in 3rd quarter 2020. During the quarter, the bank made a provision for loan losses of $347,000. The Bank also charged-off two non-accrual loans totaling $199,000 during the third quarter. As anticipated with the bank’s recent acquisition of Willamette Community Bank (WMCB) in the 1st quarter, the bank was able to achieve higher earnings per share than in previous periods.
During the quarter, deposits increased $37.7 million, or an annualized 21.2% growth rate. On an annual basis, deposits grew by $318.8 million, a 73.8% increase from September 30, 2020. “Of deposit growth achieved in the last 12 months, 43.4% was in non-interest DDA,” commented Joan Reukauf, Chief Operating Officer. The deposit growth was due to several factors, including the bank’s acquisition of WMCB in the first quarter, the bank’s participation in the PPP loan program, and organic growth in all of our deposit markets. “The bank recently completed its system conversion for the Willamette division in September 2021, which is one of the final steps on the merger that took place March 1st of this year,” added Reukauf.
The Bank continued to deploy excess liquidity to the investment portfolio as an alternative to deposits at the Federal Reserve Bank. Through the end of the quarter, the bank increased its investment portfolio by $99.8 million, a 95.8% increase from the prior quarter.
As of September 30th, core portfolio loan growth, excluding PPP, totaled $15.3 million during the 3rd quarter, representing an annualized growth rate of 14.5%. “The bank’s pipeline of approved credits remains strong, while acknowledging there has been increased pressure on loan rates from competitors,” commented Julia Beattie, President.
The bank’s active role in the Paycheck Protection Program (PPP) beginning in April 2020 resulted in 1,204 PPP loans in Round I, totaling $121.2 million (includes loans funded by WMCB prior to the bank merger with People’s Bank). At the end of September 2021, 100% of Round I PPP loans had been submitted for forgiveness- only 8 loans remain in the portfolio that are being reviewed for forgiveness, totaling $328,000. Similarly, the bank funded 629 loans in Round II of the Paycheck Protection Program, representing $48.6 million in loans supporting our local businesses. Through the end of September, 164 loans funded in Round II remained outstanding, totaling $23.2 million. “Through our employee’s diligence in assisting our customers in submitting applications for forgiveness, 90.6% of total PPP loans were forgiven by the end of 3rd quarter,” commented Beattie.
| PPP Loan Activity To Date | |||||||||||||||
| As of | As of | As of | As of | ||||||||||||
| (dollars in thousands) | 9/30/2021* | 6/30/2021* | 3/31/2021* | 12/31/2020 | |||||||||||
| # | $$$ | # | $$$ | # | $$$ | # | $$$ | ||||||||
| PPP Loans Funded | |||||||||||||||
| Round One (2020 - Phase I & II) | 1,204 |
$121,199 |
1,204 |
$121,199 |
1,204 |
$121,199 |
1,056 |
$95,387 |
|||||||
| Round Two (2021) | 629 |
$ 48,588 |
629 |
$ 48,588 |
534 |
$45,993 |
- |
$0 |
|||||||
| PPP Loans Forgiven | |||||||||||||||
| Round One (2020 - Phase I & II) | 1196 |
$120,871 |
1139 |
$112,136 |
437 |
$65,540 |
34 |
$14,428 |
|||||||
| Round Two (2021) | 465 |
$ 25,377 |
73 |
$3,190 |
- |
$0 |
- |
$0 |
|||||||
| Net PPP Loans Outstanding | |||||||||||||||
| Round One (2020 - Phase I & II) | 8 |
$328 |
65 |
$9,063 |
767 |
$55,659 |
1,022 |
$80,959 |
|||||||
| Round Two (2021) | 164 |
$23,211 |
557 |
$45,398 |
534 |
$45,993 |
- |
$0 |
|||||||
| Total Actual Balances outstanding | 172 |
$23,539 |
622 |
$54,461 |
1,301 |
$101,652 |
1,022 |
$80,959 |
|||||||
| * | Includes PPP activity of Willamette Community Bank | ||||||||||||||
During the quarter, the bank experienced a decrease in classified assets. This was the result of two events- the reduction of Other Real estate Owned, “ORE”, and the charge-off of two loans previously on non-accrual with book values totaling $199,000. Total loans past due or on non-accrual were flat from the prior quarter. During the 3rd quarter, the Allowance for Loan and Lease Losses (ALLL) was updated based on new loan growth achieved during the quarter and updated economic expectations, which were factored into the bank’s analysis. The bank also took a recovery of $76 thousand on a loan previously charged off in 2011. As of September 30, 2021, the ALLL was 0.94% of portfolio loans excluding PPP and the unallocated reserve stood at $0.8 million or 18.2% of the allowance.
As of September 30, 2021, the bank’s Tier 1 Leverage Ratio was 8.73% versus 9.40% as of the same date in 2020, with total shareholder equity of $77.5 million. Although the bank has continued to augment capital with earnings, the merger with WMCB and ongoing deposit growth has resulted in the bank’s assets outgrowing capital in the current period.
Third quarter 2021 non-interest income totaled $2.7 million, a decrease of $328 thousand from the 3rd quarter of 2020. During the quarter, Steelhead Finance factoring revenue increased $711 thousand, a 66.2% increase over the same quarter of 2020. Conversely, mortgage income decreased $989 thousand, or a 61.7% decrease from the 3rd quarter of 2020. “Steelhead Finance continued to perform extremely well during the 3rd quarter due to increased trucking activity needed to support consumer demand,” commented Ken Trautman, CEO. “Mortgage remains a key part of our business strategy, but volume has softened in the 3rd quarter versus the same period last year,” added Trautman. During the quarter, the bank also updated its bargain purchase gain from the WMCB merger, resulting in a reduction to other non-interest income of $317 thousand, needed to partially offset anticipated tax consequences.
Non-interest expense totaled $5.8 million in the 3rd quarter, down $164 thousand from the 2nd quarter. Included in non-interest expense is the quarterly accrual of $250,000 for the bank’s $1 million donation to fire relief to assist with intermediate and long-term housing needs as our Southern Oregon community rebuilds. This is a non-recurring item for 2021. For the twelve months ending September 30, 2021, excluding one-time merger adjustments, earnings per share would have been $2.48, versus $1.71 for the same period ended September 30, 2020.
About People’s Bank of Commerce
People’s Bank of Commerce’s stock trades on the over-the-counter market under the symbol PBCO. Additional information about the Bank is available in the investor section of the bank’s website at: www.peoplesbank.bank.
Founded in 1998, People’s Bank of Commerce is the only locally owned and managed community bank in Southern Oregon. People’s Bank of Commerce is a full-service, commercial bank headquartered in Medford, Oregon with branches in Albany, Medford, Ashland, Central Point, Grants Pass, Klamath Falls, Lebanon, and Salem.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as People’s Bank or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe People’s Bank’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
| (Dollars in 000's) | September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
|||||||||||
| BALANCE SHEET | ||||||||||||||||
| ASSETS | ||||||||||||||||
| Cash and due from banks | $ |
4,561 |
|
$ |
4,752 |
|
$ |
4,730 |
|
$ |
2,819 |
|
$ |
3,659 |
|
|
| Federal funds sold |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
| Interest bearing deposits |
|
100,429 |
|
|
148,554 |
|
|
163,537 |
|
|
91,103 |
|
|
49,336 |
|
|
| Investment securities |
|
203,913 |
|
|
104,155 |
|
|
51,631 |
|
|
25,894 |
|
|
22,910 |
|
|
| Loans held for sale |
|
2,802 |
|
|
901 |
|
|
4,375 |
|
|
3,407 |
|
|
17,386 |
|
|
| Loans held for investment, net of unearned income |
|
459,883 |
|
|
474,909 |
|
|
512,493 |
|
|
346,198 |
|
|
355,855 |
|
|
| Total Loans, net of deferred fees and costs |
|
462,685 |
|
|
475,810 |
|
|
516,868 |
|
|
349,605 |
|
|
373,241 |
|
|
| Allowance for loan losses |
|
(4,302 |
) |
|
(4,076 |
) |
|
(4,325 |
) |
|
(4,453 |
) |
|
(4,271 |
) |
|
| Premises and equipment, net |
|
27,567 |
|
|
26,878 |
|
|
26,763 |
|
|
21,624 |
|
|
20,664 |
|
|
| Bank owned life insurance |
|
13,689 |
|
|
13,585 |
|
|
13,512 |
|
|
7,476 |
|
|
7,429 |
|
|
| Other Assets |
|
37,070 |
|
|
36,316 |
|
|
35,349 |
|
|
29,263 |
|
|
26,995 |
|
|
| Total assets | $ |
845,612 |
|
$ |
805,973 |
|
$ |
808,065 |
|
$ |
523,331 |
|
$ |
499,963 |
|
|
| LIABILITIES | ||||||||||||||||
| Deposits | ||||||||||||||||
| Demand - non-interest bearing | $ |
358,013 |
|
$ |
317,837 |
|
$ |
319,292 |
|
$ |
231,095 |
|
$ |
219,836 |
|
|
| Demand - interest bearing |
|
100,341 |
|
|
112,945 |
|
|
110,350 |
|
|
54,806 |
|
|
54,711 |
|
|
| Money market and savings |
|
266,004 |
|
|
250,326 |
|
|
256,462 |
|
|
147,481 |
|
|
134,053 |
|
|
| Time deposits of less than $250,000 |
|
22,670 |
|
|
20,613 |
|
|
21,022 |
|
|
19,149 |
|
|
20,012 |
|
|
| Time deposits of more than $250,000 |
|
3,645 |
|
|
11,259 |
|
|
12,208 |
|
|
3,216 |
|
|
3,282 |
|
|
| Total deposits | $ |
750,673 |
|
$ |
712,979 |
|
$ |
719,334 |
|
$ |
455,747 |
|
$ |
431,894 |
|
|
| Borrowed funds |
|
7,529 |
|
|
6,817 |
|
|
6,871 |
|
|
6,924 |
|
|
10,102 |
|
|
| Other liabilities |
|
9,887 |
|
|
11,107 |
|
|
9,738 |
|
|
7,824 |
|
|
7,115 |
|
|
| Total liabilities | $ |
768,089 |
|
$ |
730,904 |
|
$ |
735,943 |
|
$ |
470,495 |
|
$ |
449,111 |
|
|
| STOCKHOLDERS' EQUITY | ||||||||||||||||
| Common stock | $ |
60,879 |
|
$ |
57,104 |
|
$ |
57,104 |
|
$ |
40,379 |
|
$ |
40,085 |
|
|
| Retained earnings |
|
16,489 |
|
|
17,620 |
|
|
14,667 |
|
|
11,775 |
|
|
10,077 |
|
|
| Accumulated other comprehensive income, | ||||||||||||||||
| net of tax |
|
155 |
|
|
345 |
|
|
351 |
|
|
682 |
|
|
690 |
|
|
| Total stockholders' equity | $ |
77,523 |
|
$ |
75,069 |
|
$ |
72,122 |
|
$ |
52,836 |
|
$ |
50,852 |
|
|
| Total liabilities & stockholders' equity | $ |
845,612 |
|
$ |
805,973 |
|
$ |
808,065 |
|
$ |
523,331 |
|
$ |
499,963 |
|
|
| (Dollars in 000's) | 3rd Quarter 2021 |
2nd Quarter 2021 |
1st Quarter 2021 |
4th Quarter 2020 |
3rd Quarter 2020 |
|||||||||
| INCOME STATEMENT | ||||||||||||||
| INTEREST INCOME | ||||||||||||||
| Loans | $ |
6,632 |
|
$ |
6,673 |
|
$ |
5,195 |
|
$ |
4,308 |
$ |
4,065 |
|
| Investments |
|
544 |
|
|
218 |
|
|
141 |
|
|
155 |
|
133 |
|
| Federal funds sold and due from banks |
|
58 |
|
|
50 |
|
|
53 |
|
|
30 |
|
28 |
|
| Total interest income |
|
7,234 |
|
|
6,941 |
|
|
5,389 |
|
|
4,493 |
|
4,226 |
|
| INTEREST EXPENSE | ||||||||||||||
| Deposits |
|
218 |
|
|
264 |
|
|
200 |
|
|
176 |
|
177 |
|
| Borrowed funds |
|
15 |
|
|
15 |
|
|
14 |
|
|
26 |
|
41 |
|
| Total interest expense |
|
233 |
|
|
279 |
|
|
214 |
|
|
202 |
|
218 |
|
| NET INTEREST INCOME |
|
7,001 |
|
|
6,662 |
|
|
5,175 |
|
|
4,291 |
|
4,008 |
|
| Provision for loan losses |
|
347 |
|
|
(249 |
) |
|
(125 |
) |
|
182 |
|
247 |
|
| Net interest income after provision for | ||||||||||||||
| loan losses |
|
6,654 |
|
|
6,911 |
|
|
5,300 |
|
|
4,109 |
|
3,761 |
|
| NONINTEREST INCOME | ||||||||||||||
| Service charges |
|
106 |
|
|
108 |
|
|
78 |
|
|
57 |
|
55 |
|
| Mortgage lending income |
|
615 |
|
|
697 |
|
|
1,341 |
|
|
1,634 |
|
1,604 |
|
| Steelhead finance income |
|
1,785 |
|
|
1,587 |
|
|
1,308 |
|
|
1,239 |
|
1,074 |
|
| Bargain purchase gain |
|
(316 |
) |
|
- |
|
|
2,343 |
|
|
- |
|
- |
|
| BOLI Income |
|
73 |
|
|
66 |
|
|
60 |
|
|
37 |
|
32 |
|
| Other non-interest income |
|
474 |
|
|
480 |
|
|
347 |
|
|
298 |
|
300 |
|
| Total noninterest income |
|
2,737 |
|
|
2,938 |
|
|
5,477 |
|
|
3,265 |
|
3,065 |
|
| NONINTEREST EXPENSE | ||||||||||||||
| Salaries and employee benefits |
|
3,354 |
|
|
3,389 |
|
|
3,407 |
|
|
3,186 |
|
2,779 |
|
| Occupancy & equipment expense |
|
893 |
|
|
800 |
|
|
925 |
|
|
590 |
|
556 |
|
| Advertising expense |
|
396 |
|
|
392 |
|
|
388 |
|
|
277 |
|
182 |
|
| Professional expenses |
|
110 |
|
|
353 |
|
|
547 |
|
|
406 |
|
127 |
|
| Data processing expense |
|
324 |
|
|
333 |
|
|
2,067 |
|
|
242 |
|
222 |
|
| Other operating expenses |
|
708 |
|
|
682 |
|
|
351 |
|
|
356 |
|
481 |
|
| Total noninterest expense |
|
5,784 |
|
|
5,948 |
|
|
7,685 |
|
|
5,057 |
|
4,347 |
|
| Income before taxes |
|
3,608 |
|
|
3,901 |
|
|
3,092 |
|
|
2,317 |
|
2,479 |
|
| Provision for income taxes |
|
958 |
|
|
948 |
|
|
200 |
|
|
619 |
|
542 |
|
| NET INCOME | $ |
2,650 |
|
$ |
2,953 |
|
$ |
2,892 |
|
$ |
1,698 |
$ |
1,937 |
|
| Average shares outstanding* |
|
4,962,936 |
|
|
4,802,978 |
|
|
3,977,422 |
|
|
3,560,096 |
|
3,640,440 |
|
| Earnings per share | $ |
0.53 |
|
$ |
0.61 |
|
$ |
0.73 |
|
$ |
0.48 |
$ |
0.53 |
|
| *Adjusted for stock dividend 9/22/21 | ||||||||||||||
| (Dollars in 000's) | September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
|||||||||||
| Financial Highlights | ||||||||||||||||
| Total loans | $ |
462,685 |
|
$ |
475,810 |
|
$ |
516,868 |
|
$ |
349,605 |
|
$ |
373,241 |
|
|
| Total deposits | $ |
750,673 |
|
$ |
712,979 |
|
$ |
719,334 |
|
$ |
455,747 |
|
$ |
431,894 |
|
|
| Total assets | $ |
845,612 |
|
$ |
805,973 |
|
$ |
808,065 |
|
$ |
523,331 |
|
$ |
499,963 |
|
|
| Net income | $ |
2,650 |
|
$ |
2,953 |
|
$ |
2,892 |
|
$ |
1,698 |
|
$ |
1,937 |
|
|
| Steelhead Finance contribution, pre-tax | $ |
1,089 |
|
$ |
970 |
|
$ |
679 |
|
$ |
531 |
|
$ |
399 |
|
|
| Mortgage contribution, pre-tax | $ |
212 |
|
$ |
308 |
|
$ |
610 |
|
$ |
751 |
|
$ |
720 |
|
|
| Performance Ratios | ||||||||||||||||
| Return on average assets |
|
1.27 |
% |
|
1.46 |
% |
|
1.82 |
% |
|
1.31 |
% |
|
1.58 |
% |
|
| Return on average equity |
|
13.79 |
% |
|
16.05 |
% |
|
19.11 |
% |
|
13.10 |
% |
|
15.55 |
% |
|
| Net interest margin |
|
3.70 |
% |
|
3.68 |
% |
|
3.64 |
% |
|
3.75 |
% |
|
3.68 |
% |
|
| Yield on loans |
|
5.53 |
% |
|
5.39 |
% |
|
5.11 |
% |
|
4.66 |
% |
|
4.36 |
% |
|
| Cost of deposits |
|
0.12 |
% |
|
0.15 |
% |
|
0.14 |
% |
|
0.16 |
% |
|
0.17 |
% |
|
| Efficiency ratio |
|
59.39 |
% |
|
61.96 |
% |
|
72.15 |
% |
|
66.93 |
% |
|
61.46 |
% |
|
| Full-time equivalent employees |
|
140 |
|
|
138 |
|
|
143 |
|
|
106 |
|
|
103 |
|
|
| Capital | ||||||||||||||||
| Leverage ratio |
|
8.73 |
% |
|
8.83 |
% |
|
8.44 |
% |
|
9.36 |
% |
|
9.40 |
% |
|
| Common equity tier 1 ratio | N/A(1) | N/A(1) | N/A(1) | N/A(1) | N/A(1) | |||||||||||
| Tier 1 risk based ratio | N/A(1) | N/A(1) | N/A(1) | N/A(1) | N/A(1) | |||||||||||
| Total risk based ratio | N/A(1) | N/A(1) | N/A(1) | N/A(1) | N/A(1) | |||||||||||
| Book value per share | $ |
15.37 |
|
$ |
15.63 |
|
$ |
15.02 |
|
$ |
14.85 |
|
$ |
13.75 |
|
|
| Tangible book value per share | $ |
14.61 |
|
$ |
14.82 |
|
$ |
14.20 |
|
$ |
13.87 |
|
$ |
12.80 |
|
|
| Asset Quality | ||||||||||||||||
| Allowance for loan losses (ALLL) | $ |
4,302 |
|
$ |
4,076 |
|
$ |
5,782 |
|
$ |
4,873 |
|
$ |
4,271 |
|
|
| Nonperforming loans (NPLs) | $ |
665 |
|
$ |
876 |
|
$ |
1,134 |
|
$ |
191 |
|
$ |
129 |
|
|
| Nonperforming assets (NPAs) | $ |
1,443 |
|
$ |
1,845 |
|
$ |
2,162 |
|
$ |
1,220 |
|
$ |
1,157 |
|
|
| Classified assets(2) | $ |
3,275 |
|
$ |
3,138 |
|
$ |
3,345 |
|
$ |
2,550 |
|
$ |
2,764 |
|
|
| ALLL as a percentage of net loans |
|
0.94 |
% |
|
0.86 |
% |
|
1.13 |
% |
|
1.41 |
% |
|
1.16 |
% |
|
| ALLL as a percentage of NPLs |
|
646.63 |
% |
|
465.33 |
% |
|
509.94 |
% |
|
2546.18 |
% |
|
3305.27 |
% |
|
| Net charge offs (recoveries) to average loans |
|
0.03 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
| Net NPLs as a percentage of total loans |
|
0.15 |
% |
|
0.19 |
% |
|
0.22 |
% |
|
0.06 |
% |
|
0.04 |
% |
|
| Nonperforming assets as a percentage of total assets |
|
0.17 |
% |
|
0.23 |
% |
|
0.27 |
% |
|
0.23 |
% |
|
0.23 |
% |
|
| Classified Asset Ratio(3) |
|
4.00 |
% |
|
3.96 |
% |
|
4.38 |
% |
|
4.45 |
% |
|
5.01 |
% |
|
| Past due as a percentage of total loans |
|
0.18 |
% |
|
0.18 |
% |
|
0.22 |
% |
|
0.05 |
% |
|
0.03 |
% |
|
| End of period balances | ||||||||||||||||
| Total securities and short term deposits | $ |
304,342 |
|
$ |
252,709 |
|
$ |
215,168 |
|
$ |
116,997 |
|
$ |
72,246 |
|
|
| Total loans, net of allowance | $ |
458,383 |
|
$ |
471,734 |
|
$ |
512,543 |
|
$ |
345,152 |
|
$ |
368,970 |
|
|
| Total earning assets | $ |
767,027 |
|
$ |
728,520 |
|
$ |
732,036 |
|
$ |
466,602 |
|
$ |
445,487 |
|
|
| Total assets | $ |
845,612 |
|
$ |
805,973 |
|
$ |
808,065 |
|
$ |
523,331 |
|
$ |
499,963 |
|
|
| Total noninterest bearing deposits | $ |
358,013 |
|
$ |
317,837 |
|
$ |
319,292 |
|
$ |
231,095 |
|
$ |
219,836 |
|
|
| Total deposits | $ |
750,673 |
|
$ |
712,979 |
|
$ |
719,334 |
|
$ |
455,747 |
|
$ |
431,894 |
|
|
| Average balances | ||||||||||||||||
| Total securities and short term deposits | $ |
278,310 |
|
$ |
228,874 |
|
$ |
150,214 |
|
$ |
98,223 |
|
$ |
74,990 |
|
|
| Total loans, net of allowance | $ |
465,410 |
|
$ |
489,813 |
|
$ |
397,195 |
|
$ |
361,982 |
|
$ |
364,508 |
|
|
| Total earning assets | $ |
747,858 |
|
$ |
722,830 |
|
$ |
554,446 |
|
$ |
460,205 |
|
$ |
439,498 |
|
|
| Total assets | $ |
834,485 |
|
$ |
809,623 |
|
$ |
635,535 |
|
$ |
517,187 |
|
$ |
491,041 |
|
|
| Total noninterest bearing deposits | $ |
336,375 |
|
$ |
320,986 |
|
$ |
167,266 |
|
$ |
227,689 |
|
$ |
209,581 |
|
|
| Total deposits | $ |
739,372 |
|
$ |
717,147 |
|
$ |
525,064 |
|
$ |
448,225 |
|
$ |
412,206 |
|
|
| (1) Effective March 31, 2020, People's Bank of Commerce opted into the Community Bank Leverage Ratio and is no longer calculating risk 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. | ||||||