FLORENCE, Ore.--(BUSINESS WIRE)--Oregon Pacific Bancorp (ORPB), the holding company of Oregon Pacific Bank, today reported financial results for the fourth quarter ended, and year ended, December 31, 2022.
Highlights:
- Fourth quarter net income of $1.4 million; $0.20 per diluted share.
- Annual non-PPP loan growth of $94.8 million or 24.42%.
- Annual deposit growth of $64.2 million or 10.38%.
- Quarterly tax equivalent net interest margin of 3.87%
- Bank expanded into Portland, opening a loan production office in December
Net income for the quarter ended December 31, 2022, was $1.4 million, or $0.20 per diluted share. On an annual basis, the Bank recorded net income totaling $7.1 million, or $1.01 per diluted share compared to $7.8 million, or $1.11 per diluted share for the same period in 2021.
Ron Green, President and Chief Executive Officer, said today upon the release of Oregon Pacific’s earnings, “Our bankers’ work is reflected in our financial results with record production driving annualized loan growth of 24 percent and exceptional credit metrics.” He continued, “Our investments in new and existing markets continue to result in core loan production capabilities.”
Period-end loans, net of deferred loan origination fees, totaled $483.0 million, representing quarterly growth of $26.4 million, and annual non-PPP growth of $94.8 million. The fourth quarter yield on non-PPP loans totaled 4.70%, an increase of 0.20% over the prior quarter. During the quarter the Bank saw a decrease in classified assets totaling $697 thousand, bringing the classified asset ratio to 4.81% as of December 31, 2022. This decrease was primarily attributable to a payoff of one residential loan relationship. The Bank also funded provision for loan loss expense of $335 thousand, which was largely the result of loan growth experienced during the quarter, as credit metrics including nonaccrual loan totals and past due totals remain strong.
The Bank experienced deposit contraction totaling $29.8 million or a decline of 4.2% during the quarter. On an annual basis deposits grew $64.2 million or 10.38%.
“During fourth quarter, the Bank experienced a decrease in deposits as customers pursued higher yields on their non-operating cash balances," commented John Raleigh, Chief Lending Officer. "The Bank was positioned with sufficient liquidity where it was not forced to aggressively compete for high-cost deposits and some deposit runoff was anticipated.”
The Bank’s cost of funds increased to 0.21% in fourth quarter, up from the 0.09% reported in third quarter 2022. In market rate competition increased during the quarter, with some local and regional banks offering higher yield CD specials for new depositors. While CD rates do not typically attract business depositors, the Bank did experience some consumer deposit contraction. Business related deposits were less impacted by local competition, and more impacted by online banks offering high yield money market rates or brokerage firms offering money market mutual funds.
Noninterest income totaled $1.9 million during fourth quarter 2022 and represented a decrease of $154 thousand from third quarter 2022. The largest decrease in noninterest income occurred in the other income category, which is primarily attributable to the income earned on the off-balance sheet portion of the IntraFi Network deposits, which totaled $191 during fourth quarter, down from $437 thousand in third quarter.
During the quarter the Bank implemented a security repositioning strategy, which resulted in a pre-tax loss on sale of securities totaling $1.8 million, or an after-tax loss of $1.4 million. The Bank elected to sell $15.5 million of securities, purchased in early 2021, with a weighted average yield of 1.23% and a remaining weighted average life of 5.42 years. These securities were replaced by $13.8 million of securities, yielding 4.79%, based on the most recent monthly prepayments, and a weighted average life of 6.53 years. The replacement strategy is forecasted to result in additional interest income of $479 thousand annually and is expected to fully offset the loss in less than four years, based on current prepayment assumptions. This strategy was executed in mid-December and the increased yield on the portfolio was only realized for a small portion of the quarter.
“This security sale strategy was possible due to the strong financial results in 2022,” said Amber White, Executive Vice President and CFO. “While 2022 profitability was impacted by the sale, the bank’s margin is better positioned for 2023 and beyond, leading to enhanced shareholder value.”
The overall securities portfolio saw a reduction in the unrealized loss on securities of $2.6 million, moving to $14.3 million on December 31, 2022, down from $16.9 million at September 30, 2022. This was attributable to recognition of the loss on sale, combined with an increase in the market value of some securities. The weighted average life of the portfolio reduced to 5.2 years at December 31, 2022, down from 5.5 years at September 30, 2022. During the quarter the yield on securities grew to 3.02%, up from 2.39% in third quarter, which contributed an additional $339 thousand of interest income.
Excluding the loss on sale of securities, noninterest expense in the fourth quarter 2022 totaled $4.9 million, an increase of $97 thousand over third quarter 2022. Included in fourth quarter expenses were one-time expenses totaling $122 thousand associated with the hiring of the Portland team. The hiring of the Portland team did not occur until the end of fourth quarter and the full impact of the personnel and occupancy expense was not reflected in fourth quarter results. The initial impact of the Portland team is expected to increase quarterly expense by $340 thousand but may grow as a permanent location is identified and as the Bank moves forward with a branch application and staffing.
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, investment yields,, 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) | ||||||||||||
December 31, |
|
September 30, |
|
December 31, |
||||||||
2022 |
|
2022 |
|
2021 |
||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ |
10,657 |
|
$ |
13,402 |
|
$ |
8,643 |
|
|||
| Interest bearing deposits |
|
39,863 |
|
|
97,840 |
|
|
143,192 |
|
|||
| Securities |
|
195,881 |
|
|
188,366 |
|
|
123,076 |
|
|||
| Non PPP Loans, net of deferred fees and costs |
|
482,979 |
|
|
456,627 |
|
|
388,187 |
|
|||
| PPP Loans, net of deferred fees and costs |
|
- |
|
|
- |
|
|
9,968 |
|
|||
| Total Loans, net of deferred fees and costs |
|
482,979 |
|
|
456,627 |
|
|
398,155 |
|
|||
| Allowance for loan losses |
|
(6,666 |
) |
|
(6,328 |
) |
|
(5,905 |
) |
|||
| Premises and equipment, net |
|
9,556 |
|
|
9,501 |
|
|
9,721 |
|
|||
| Bank owned life insurance |
|
8,616 |
|
|
8,563 |
|
|
8,402 |
|
|||
| Deferred tax asset |
|
5,631 |
|
|
5,836 |
|
|
1,270 |
|
|||
| Other assets |
|
7,665 |
|
|
6,904 |
|
|
5,167 |
|
|||
| Total assets | $ |
754,182 |
$ |
780,711 |
$ |
691,721 |
||||||
| LIABILITIES | ||||||||||||
| Deposits | ||||||||||||
| Demand - non-interest bearing | $ |
180,589 |
|
$ |
195,536 |
|
$ |
171,380 |
|
|||
| Demand - interest bearing |
|
236,511 |
|
|
242,974 |
|
|
181,885 |
|
|||
| Money market |
|
165,671 |
|
|
170,439 |
|
|
164,742 |
|
|||
| Savings |
|
82,662 |
|
|
85,548 |
|
|
80,856 |
|
|||
| Certificates of deposit |
|
17,436 |
|
|
18,213 |
|
|
19,816 |
|
|||
| Total deposits |
|
682,869 |
|
|
712,710 |
|
|
618,679 |
|
|||
| Junior subordinated debenture |
|
4,124 |
|
|
4,124 |
|
|
4,124 |
|
|||
| Subordinated debenture |
|
14,627 |
|
|
14,603 |
|
|
14,528 |
|
|||
| Other liabilities |
|
6,474 |
|
|
6,499 |
|
|
5,130 |
|
|||
| Total liabilities |
|
708,094 |
|
|
737,936 |
|
|
642,461 |
|
|||
| STOCKHOLDERS' EQUITY | ||||||||||||
| Common stock |
|
21,099 |
|
|
21,042 |
|
|
20,904 |
|
|||
| Retained earnings |
|
35,462 |
|
|
34,038 |
|
|
28,318 |
|
|||
| Accumulated other comprehensive income, net of tax |
|
(10,473 |
) |
|
(12,305 |
) |
|
38 |
|
|||
| Total stockholders' equity |
|
46,088 |
|
|
42,775 |
|
|
49,260 |
|
|||
| Total liabilities & stockholders' equity | $ |
754,182 |
$ |
780,711 |
$ |
691,721 |
||||||
CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||||
| Unaudited (dollars in thousands, except per share data) | |||||||||||||||||
| THREE MONTHS ENDED | TWELVE MONTHS ENDED | ||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||
2022 |
2022 |
2021 |
2022 |
2021 |
|||||||||||||
| INTEREST INCOME | |||||||||||||||||
| Non-PPP loans | $ |
5,517 |
|
$ |
5,022 |
$ |
4,194 |
$ |
19,392 |
$ |
15,575 |
||||||
| PPP loans |
|
- |
|
|
- |
|
697 |
|
349 |
|
4,217 |
||||||
| Securities |
|
1,470 |
|
|
1,131 |
|
364 |
|
3,984 |
|
1,046 |
||||||
| Other interest income |
|
664 |
|
|
305 |
|
63 |
|
1,170 |
|
212 |
||||||
Total interest income |
|
7,651 |
|
|
6,458 |
|
5,318 |
|
24,895 |
|
21,050 |
||||||
| INTEREST EXPENSE | |||||||||||||||||
| Deposits |
|
361 |
|
|
152 |
|
115 |
|
729 |
|
450 |
||||||
| Borrowed funds |
|
220 |
|
|
204 |
|
185 |
|
795 |
|
280 |
||||||
Total interest expense |
|
581 |
|
|
356 |
|
300 |
|
1,524 |
|
730 |
||||||
| NET INTEREST INCOME |
|
7,070 |
|
|
6,102 |
|
5,018 |
|
23,371 |
|
20,320 |
||||||
| Provision for loan losses |
|
335 |
|
|
209 |
|
- |
|
694 |
|
- |
||||||
| Net interest income after provision for loan losses |
|
6,735 |
|
|
5,893 |
|
5,018 |
|
22,677 |
|
20,320 |
||||||
| NONINTEREST INCOME | |||||||||||||||||
| Trust fee income |
|
841 |
|
|
783 |
|
819 |
|
3,206 |
|
3,029 |
||||||
| Service charges |
|
329 |
|
|
324 |
|
303 |
|
1,273 |
|
1,122 |
||||||
| Mortgage loan sales |
|
57 |
|
|
29 |
|
163 |
|
297 |
|
688 |
||||||
| Investment sales commissions |
|
- |
|
|
- |
|
20 |
|
- |
|
118 |
||||||
| Merchant card services |
|
121 |
|
|
153 |
|
120 |
|
515 |
|
471 |
||||||
| Oregon Pacific Wealth Management income |
|
236 |
|
|
239 |
|
259 |
|
977 |
|
870 |
||||||
| Other income |
|
304 |
|
|
514 |
|
78 |
|
1,085 |
|
320 |
||||||
Total noninterest income |
|
1,888 |
|
|
2,042 |
|
1,762 |
|
7,353 |
|
6,618 |
||||||
| NONINTEREST EXPENSE | |||||||||||||||||
| Salaries and employee benefits |
|
2,787 |
|
|
2,787 |
|
2,383 |
|
10,830 |
|
9,362 |
||||||
| Loss on sale of securities |
|
1,829 |
|
|
- |
|
- |
|
1,829 |
|
- |
||||||
| Outside services |
|
593 |
|
|
583 |
|
511 |
|
2,199 |
|
1,888 |
||||||
| Occupancy & equipment |
|
432 |
|
|
413 |
|
366 |
|
1,657 |
|
1,422 |
||||||
| Trust expense |
|
461 |
|
|
432 |
|
384 |
|
1,686 |
|
1,452 |
||||||
| Loan and collection, OREO expense |
|
(8 |
) |
|
21 |
|
40 |
|
63 |
|
135 |
||||||
| Advertising |
|
111 |
|
|
141 |
|
61 |
|
440 |
|
289 |
||||||
| Supplies and postage |
|
75 |
|
|
74 |
|
63 |
|
279 |
|
251 |
||||||
| Other operating expenses |
|
457 |
|
|
360 |
|
490 |
|
1,536 |
|
1,728 |
||||||
Total noninterest expense |
|
6,737 |
|
|
4,811 |
|
4,298 |
|
20,519 |
|
16,527 |
||||||
| Income before taxes |
|
1,886 |
|
|
3,124 |
|
2,482 |
|
9,511 |
|
10,411 |
||||||
| Provision for income taxes |
|
459 |
|
|
792 |
|
612 |
|
2,368 |
|
2,610 |
||||||
| NET INCOME | $ |
1,427 |
|
$ |
2,332 |
$ |
1,870 |
$ |
7,143 |
$ |
7,801 |
||||||
| Quarterly Highlights | |||||||||||||||||||
4th Quarter |
|
3rd Quarter |
|
2nd Quarter |
|
1st Quarter |
|
4th Quarter |
|||||||||||
2022 |
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|||||||||||
| Earnings | |||||||||||||||||||
| Net interest income | $ |
7,070 |
|
|
$ |
6,102 |
|
|
$ |
5,389 |
|
|
$ |
4,810 |
|
|
$ |
5,018 |
|
| Provision for loan loss |
|
335 |
|
|
209 |
|
|
100 |
|
|
50 |
|
|
- |
|
||||
| Noninterest income |
|
1,888 |
|
|
2,042 |
|
|
1,781 |
|
|
1,645 |
|
|
1,762 |
|
||||
| Noninterest expense |
|
6,737 |
|
|
4,811 |
|
|
4,463 |
|
|
4,506 |
|
|
4,298 |
|
||||
| Provision for income taxes |
|
459 |
|
|
792 |
|
|
663 |
|
|
455 |
|
|
612 |
|
||||
Net income |
$ |
1,427 |
|
|
$ |
2,332 |
|
|
$ |
1,944 |
|
|
$ |
1,444 |
|
|
$ |
1,870 |
|
| Average shares outstanding |
|
7,070,425 |
|
|
7,070,433 |
|
|
7,070,686 |
|
|
7,057,361 |
|
|
7,042,478 |
|
||||
| Earnings per share | $ |
0.20 |
|
$ |
0.33 |
|
$ |
0.27 |
|
$ |
0.20 |
|
$ |
0.27 |
|
||||
| Performance Ratios | |||||||||||||||||||
| Return on average assets |
|
0.74 |
% |
|
1.28 |
% |
|
1.12 |
% |
|
0.84 |
% |
|
1.09 |
% |
||||
| Return on average equity |
|
13.34 |
% |
|
20.41 |
% |
|
17.34 |
% |
|
12.02 |
% |
|
15.44 |
% |
||||
| Net interest margin - tax equivalent |
|
3.87 |
% |
|
3.54 |
% |
|
3.27 |
% |
|
2.93 |
% |
|
3.04 |
% |
||||
| Yield on loans |
|
4.70 |
% |
|
4.50 |
% |
|
4.45 |
% |
|
4.50 |
% |
|
4.99 |
% |
||||
| Yield on loans - excluding PPP loans |
|
4.70 |
% |
|
4.50 |
% |
|
4.33 |
% |
|
4.37 |
% |
|
4.47 |
% |
||||
| Yield on securities |
|
3.02 |
% |
|
2.39 |
% |
|
1.91 |
% |
|
1.49 |
% |
|
1.39 |
% |
||||
| Cost of deposits |
|
0.21 |
% |
|
0.09 |
% |
|
0.07 |
% |
|
0.07 |
% |
|
0.07 |
% |
||||
| Efficiency ratio |
|
75.21 |
% |
|
59.07 |
% |
|
62.21 |
% |
|
69.81 |
% |
|
63.39 |
% |
||||
| Full-time equivalent employees |
|
120 |
|
|
122 |
|
|
122 |
|
|
122 |
|
|
118 |
|
||||
| Capital | |||||||||||||||||||
| Tier 1 capital | $ |
73,882 |
|
$ |
72,410 |
|
$ |
70,041 |
|
$ |
68,040 |
|
$ |
66,593 |
|
||||
| Leverage ratio |
|
9.55 |
% |
|
9.95 |
% |
|
9.96 |
% |
|
9.72 |
% |
|
9.73 |
% |
||||
| Common equity tier 1 ratio |
|
13.92 |
% |
|
14.81 |
% |
|
14.79 |
% |
|
16.42 |
% |
|
17.12 |
% |
||||
| Tier 1 risk based ratio |
|
13.92 |
% |
|
14.81 |
% |
|
14.79 |
% |
|
16.42 |
% |
|
17.12 |
% |
||||
| Total risk based ratio |
|
15.17 |
% |
|
16.06 |
% |
|
16.04 |
% |
|
17.68 |
% |
|
18.38 |
% |
||||
| Book value per share | $ |
6.52 |
|
$ |
6.05 |
|
$ |
6.37 |
|
$ |
6.52 |
|
$ |
6.99 |
|
||||
| Asset quality | |||||||||||||||||||
| Allowance for loan losses (ALLL) | $ |
6,666 |
|
$ |
6,328 |
|
$ |
6,088 |
|
$ |
5,959 |
|
$ |
5,905 |
|
||||
| Nonperforming loans (NPLs) | $ |
52 |
|
$ |
424 |
|
$ |
960 |
|
$ |
593 |
|
$ |
928 |
|
||||
| Nonperforming assets (NPAs) | $ |
52 |
|
$ |
424 |
|
$ |
960 |
|
$ |
593 |
|
$ |
928 |
|
||||
| Classified Assets (1) | $ |
3,877 |
|
$ |
4,574 |
|
$ |
5,089 |
|
$ |
6,349 |
|
$ |
8,756 |
|
||||
| Net loan charge offs (recoveries) | $ |
(4 |
) |
$ |
(31 |
) |
$ |
(29 |
) |
$ |
(4 |
) |
$ |
122 |
|
||||
| ALLL as a percentage of net loans |
|
1.38 |
% |
|
1.39 |
% |
|
1.40 |
% |
|
1.45 |
% |
|
1.48 |
% |
||||
| ALLL as a percentage of net loans (excluding PPP) |
|
1.38 |
% |
|
1.39 |
% |
|
1.40 |
% |
|
1.46 |
% |
|
1.52 |
% |
||||
| ALLL as a percentage of NPLs |
|
12819.23 |
% |
|
1492.45 |
% |
|
634.17 |
% |
|
1004.89 |
% |
|
636.31 |
% |
||||
| Net charge offs (recoveries) to average loans |
|
0.00 |
% |
|
-0.01 |
% |
|
-0.01 |
% |
|
0.00 |
% |
|
0.03 |
% |
||||
| Net NPLs as a percentage of total loans |
|
0.01 |
% |
|
0.09 |
% |
|
0.22 |
% |
|
0.15 |
% |
|
0.24 |
% |
||||
| Nonperforming assets as a percentage of total assets |
|
0.01 |
% |
|
0.05 |
% |
|
0.13 |
% |
|
0.08 |
% |
|
0.13 |
% |
||||
| Classified Asset Ratio (2) |
|
4.81 |
% |
|
5.81 |
% |
|
6.68 |
% |
|
8.58 |
% |
|
12.08 |
% |
||||
| Past due as a percentage of total loans |
|
0.19 |
% |
|
0.13 |
% |
|
0.12 |
% |
|
0.21 |
% |
|
0.21 |
% |
||||
| Off-balance sheet figures | |||||||||||||||||||
| Off-balance sheet demand deposits (3) | $ |
18,976 |
|
$ |
60,588 |
|
$ |
121,645 |
|
$ |
78,674 |
|
$ |
55,477 |
|
||||
| Off-balance sheet time deposits (4) | $ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
37,500 |
|
$ |
47,500 |
|
||||
| Unused credit commitments | $ |
89,680 |
|
$ |
85,880 |
|
$ |
93,411 |
|
$ |
95,570 |
|
$ |
83,778 |
|
||||
| Trust assets under management (AUM) | $ |
215,736 |
|
$ |
193,448 |
|
$ |
195,058 |
|
$ |
199,983 |
|
$ |
201,264 |
|
||||
| Oregon Pacific Wealth Management AUM | $ |
117,549 |
|
$ |
116,193 |
|
$ |
114,973 |
|
$ |
127,749 |
|
$ |
130,099 |
|
||||
| End of period balances | |||||||||||||||||||
| Total securities | $ |
195,881 |
|
$ |
188,366 |
|
$ |
170,977 |
|
$ |
157,922 |
|
$ |
123,076 |
|
||||
| Total short term deposits | $ |
39,863 |
|
$ |
97,840 |
|
$ |
71,429 |
|
$ |
98,345 |
|
$ |
143,192 |
|
||||
| Total loans net of allowance | $ |
476,313 |
|
$ |
450,299 |
|
$ |
429,390 |
|
$ |
406,229 |
|
$ |
392,250 |
|
||||
| Total earning assets | $ |
720,712 |
|
$ |
744,786 |
|
$ |
679,835 |
|
$ |
670,406 |
|
$ |
665,780 |
|
||||
| Total assets | $ |
754,182 |
|
$ |
780,711 |
|
$ |
712,532 |
|
$ |
706,527 |
|
$ |
691,721 |
|
||||
| Total noninterest bearing deposits | $ |
180,589 |
|
$ |
195,536 |
|
$ |
189,112 |
|
$ |
178,367 |
|
$ |
171,380 |
|
||||
| Total deposits | $ |
682,869 |
|
$ |
712,710 |
|
$ |
642,653 |
|
$ |
636,384 |
|
$ |
618,679 |
|
||||
| Average balances | |||||||||||||||||||
| Total securities | $ |
192,348 |
|
$ |
186,535 |
|
$ |
165,729 |
|
$ |
143,830 |
|
$ |
102,431 |
|
||||
| Total short term deposits | $ |
68,808 |
|
$ |
57,557 |
|
$ |
73,515 |
|
$ |
120,674 |
|
$ |
165,901 |
|
||||
| Total loans net of allowance | $ |
459,440 |
|
$ |
436,522 |
|
$ |
418,445 |
|
$ |
398,423 |
|
$ |
383,161 |
|
||||
| Total earning assets | $ |
728,980 |
|
$ |
688,723 |
|
$ |
665,637 |
|
$ |
670,330 |
|
$ |
658,872 |
|
||||
| Total assets | $ |
761,361 |
|
$ |
720,465 |
|
$ |
697,913 |
|
$ |
699,808 |
|
$ |
682,779 |
|
||||
| Total noninterest bearing deposits | $ |
178,226 |
|
$ |
191,292 |
|
$ |
178,626 |
|
$ |
171,184 |
|
$ |
170,600 |
|
||||
| Total deposits | $ |
692,412 |
|
$ |
648,827 |
|
$ |
627,700 |
|
$ |
626,023 |
|
$ |
610,981 |
|
||||
| (1) | 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. | |||||||||||||||||||||||||||||||||||||||||
(2) |
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. | |||||||||||||||||||||||||||||||||||||||||
(3) |
Deposits sold through IntraFi Network Deposits Insured Cash Sweep (ICS) program | |||||||||||||||||||||||||||||||||||||||||
(4) |
Deposits sold through IntraFi Network Deposits CDARs program | |||||||||||||||||||||||||||||||||||||||||
