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, 2023.
Highlights:
- Fourth quarter net income of $2.2 million; $0.31 per diluted share
- Quarterly loan growth of $11.4 million or 2.18%
- Quarterly tax equivalent net interest margin of 3.64%
- Annual return on average assets of 1.22%
- Annual loan growth of $53.7 million or 11.11%
- Portland office grand opening November 1, 2023
Net income for the quarter ended December 31, 2023, was $2.2 million, or $0.31 per diluted share compared to $2.3 million or $0.33 per diluted share for the quarter ended September 30, 2023. On an annual basis, the Bank recorded net income totaling $9.2 million, or $1.30 per diluted share compared to $7.1 million, or $1.01 per diluted share for the same period in 2022.
“We are happy to report the Bank’s strong financial performance as 2023 comes to a close,” said Ron Green, President and Chief Executive Officer. “During the year, Oregon Pacific Bank made a material investment in expansion into the Portland Market, and we are happy to report that despite these expenses, the Bank achieved record profitability during 2023. We continue to look for the best bankers in the Portland-metro area, and in all markets that we serve, who might be seeking a team-oriented community bank culture. Strategic hires may occur in 2024 if opportunities arise. We continue to be excited about the prospects for organic growth throughout the state of Oregon.”
Period-end loans, net of deferred loan origination fees, totaled $536.7 million, representing quarterly growth of $11.4 million, or 2.18%. The fourth quarter loan yield grew to 5.15%, representing an increase of 0.08% over the prior quarter as new loan production is occurring at a rate higher than the existing portfolio yield. Quarterly loan production for new and renewed loans totaled $33.5 million, with a weighted average effective rate of 6.90% and a weighted-average repricing life of 4.89 years.
During the quarter ended December 31, 2023, the Bank reversed $70 thousand in provision for credit losses. This net reversal occurred due to the combination of $80 thousand of provision for credit loss expense on loans and reversal of $150 thousand for provision for credit loss expense on unfunded commitments. The reduction in provision for unfunded commitments occurred primarily due to advances on lines of credit, shifting the reserve from the reserve for unfunded commitments into the Allowance for Credit Losses and overall improvements in external credit quality indicators. During the quarter, the Bank also experienced an increase in classified assets, defined as loans and loan contingent liabilities internally graded substandard or worse, impaired loans, adversely classified securities and other real estate owned, totaling $4.9 million. The increase occurred due to the downgrading of three loan relationships totaling $2.5 million, $1.2 million and $880 thousand, respectively, into substandard classification. Two of the downgraded relationships are nonprofits that have experienced mid-year reductions in revenue and are updating their forecasted operating budgets to reflect expense adjustments for the coming fiscal year. One relationship is undergoing a property improvement plan for a conversion to a branded hotel flag that has experienced delays. All loans continue to pay as agreed and are well-secured with commercial real estate.
The Bank’s cost of funds moved to 1.00% during the fourth quarter 2023, compared to 0.86% during the third quarter 2023, resulting in a quarterly increase in interest expense of $342 thousand. The Bank experienced quarterly deposit contraction totaling $9.5 million compared to deposit totals at September 30, 2023.
“Deposits contracted during the quarter as clients self-funded projects or looked for alternative investments,” commented John Raleigh, Executive Vice President and Chief Lending Officer. “The Bank has focused on retaining relationship deposits through targeted incremental interest rate adjustments to remain competitive, also acknowledging that some deposit movement is not interest rate related.”
During the fourth quarter a large client continued to utilize excess cash to fund a large construction project, with their deposit usage totaling approximately $3 million. Additionally, another depositor utilized excess cash of $2.6 million to purchase commercial real estate.
Noninterest income totaled $1.8 million during the fourth quarter 2023 and represented growth of $52 thousand over third quarter 2023. The largest increase in non-interest income occurred in the trust fee income category, which grew $96 thousand over the prior quarter, primarily due to growth in trust assets under management (AUM). Trust revenue continues to be the Bank’s strongest source of noninterest income and a differentiator amongst similarly sized community banks. Trust revenue has historically been consistent, and it is generally not affected by economic factors such as interest rates or the stock market that could impact other lines of noninterest income including mortgage or investment advisory services. The Bank has five trust officers across its markets and believes this location-based service will enable future growth of this business line.
Noninterest expense for the fourth quarter 2023 totaled $5.7 million, representing an increase of $108 thousand over the quarter ended September 30, 2023. The largest expense fluctuation totaled $84 thousand and occurred in the occupancy and equipment category. The growth in this expense was attributable to two facility updates: 1) the opening of the Portland Office, located at 16101 SW 72nd Ave in Tigard on November 1, 2023 and 2) the full quarter of expense associated with the Bank’s new administrative building, located in Eugene at 1045 Willagillespie Rd. The Bank purchased a building in December 2021 with plans to develop the building into the Eugene administrative headquarters due to the growth of Eugene-based employees. This building was renovated throughout 2023, with staff moving into the location in September 2023. The additional quarterly expense is anticipated to be a permanent change moving into 2024.
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 income, 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, | ||||||||||
2023 |
2023 |
2022 |
||||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ |
8,106 |
|
$ |
8,925 |
|
$ |
10,657 |
|
|||
| Interest bearing deposits |
|
6,246 |
|
|
11,216 |
|
|
39,863 |
|
|||
| Securities |
|
177,599 |
|
|
176,593 |
|
|
195,881 |
|
|||
| Loans, net of deferred fees and costs |
|
536,662 |
|
|
525,231 |
|
|
482,979 |
|
|||
| Allowance for credit losses |
|
(6,975 |
) |
|
(6,892 |
) |
|
(6,666 |
) |
|||
| Premises and equipment, net |
|
13,470 |
|
|
13,024 |
|
|
9,556 |
|
|||
| Bank owned life insurance |
|
8,866 |
|
|
8,801 |
|
|
8,616 |
|
|||
| Deferred tax asset |
|
5,758 |
|
|
6,604 |
|
|
5,631 |
|
|||
| Other assets |
|
11,254 |
|
|
8,986 |
|
|
7,665 |
|
|||
| Total assets | $ |
760,986 |
|
$ |
752,488 |
|
$ |
754,182 |
|
|||
| LIABILITIES | ||||||||||||
| Deposits | ||||||||||||
| Demand - non-interest bearing | $ |
155,693 |
|
$ |
160,272 |
|
$ |
180,589 |
|
|||
| Demand - interest bearing |
|
272,968 |
|
|
270,677 |
|
|
236,511 |
|
|||
| Money market |
|
129,543 |
|
|
139,033 |
|
|
165,671 |
|
|||
| Savings |
|
66,254 |
|
|
69,018 |
|
|
82,662 |
|
|||
| Certificates of deposit |
|
35,991 |
|
|
30,917 |
|
|
17,436 |
|
|||
| Total deposits |
|
660,449 |
|
|
669,917 |
|
|
682,869 |
|
|||
| FHLB borrowings |
|
17,000 |
|
|
5,000 |
|
|
- |
|
|||
| Junior subordinated debenture |
|
4,124 |
|
|
4,124 |
|
|
4,124 |
|
|||
| Subordinated debenture |
|
14,727 |
|
|
14,702 |
|
|
14,627 |
|
|||
| Other liabilities |
|
8,304 |
|
|
8,168 |
|
|
6,474 |
|
|||
| Total liabilities |
|
704,604 |
|
|
701,911 |
|
|
708,094 |
|
|||
| STOCKHOLDERS' EQUITY | ||||||||||||
| Common stock |
|
21,291 |
|
|
21,212 |
|
|
21,099 |
|
|||
| Retained earnings |
|
44,083 |
|
|
41,859 |
|
|
35,462 |
|
|||
| Accumulated other comprehensive income, net of tax |
|
(8,992 |
) |
|
(12,494 |
) |
|
(10,473 |
) |
|||
| Total stockholders' equity |
|
56,382 |
|
|
50,577 |
|
|
46,088 |
|
|||
| Total liabilities & stockholders' equity | $ |
760,986 |
|
$ |
752,488 |
|
$ |
754,182 |
|
|||
| 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, |
||||||||||||||||
2023 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||
| Non-PPP loans | $ |
6,871 |
|
$ |
6,587 |
|
$ |
5,517 |
|
$ |
25,531 |
|
$ |
19,392 |
||||||
| PPP loans |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
349 |
||||||
| Securities |
|
1,608 |
|
|
1,568 |
|
|
1,470 |
|
|
6,504 |
|
|
3,984 |
||||||
| Other interest income |
|
172 |
|
|
373 |
|
|
664 |
|
|
1,263 |
|
|
1,170 |
||||||
| Total interest income |
|
8,651 |
|
|
8,528 |
|
|
7,651 |
|
|
33,298 |
|
|
24,895 |
||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits |
|
1,677 |
|
|
1,483 |
|
|
361 |
|
|
5,331 |
|
|
729 |
||||||
| Borrowed funds |
|
379 |
|
|
231 |
|
|
220 |
|
|
1,066 |
|
|
795 |
||||||
| Total interest expense |
|
2,056 |
|
|
1,714 |
|
|
581 |
|
|
6,397 |
|
|
1,524 |
||||||
| NET INTEREST INCOME |
|
6,595 |
|
|
6,814 |
|
|
7,070 |
|
|
26,901 |
|
|
23,371 |
||||||
| (Credit) provision for credit losses |
|
(70 |
) |
|
(123 |
) |
|
335 |
|
|
(230 |
) |
|
694 |
||||||
| Net interest income after (credit) provision for credit losses |
|
6,665 |
|
|
6,937 |
|
|
6,735 |
|
|
27,131 |
|
|
22,677 |
||||||
| NONINTEREST INCOME | ||||||||||||||||||||
| Trust fee income |
|
944 |
|
|
848 |
|
|
841 |
|
|
3,619 |
|
|
3,206 |
||||||
| Service charges |
|
348 |
|
|
359 |
|
|
329 |
|
|
1,374 |
|
|
1,273 |
||||||
| Mortgage loan sales |
|
56 |
|
|
25 |
|
|
57 |
|
|
147 |
|
|
297 |
||||||
| Merchant card services |
|
129 |
|
|
162 |
|
|
121 |
|
|
515 |
|
|
515 |
||||||
| Oregon Pacific Wealth Management income |
|
274 |
|
|
294 |
|
|
236 |
|
|
1,095 |
|
|
977 |
||||||
| Other income |
|
106 |
|
|
117 |
|
|
304 |
|
|
405 |
|
|
1,085 |
||||||
| Total noninterest income |
|
1,857 |
|
|
1,805 |
|
|
1,888 |
|
|
7,155 |
|
|
7,353 |
||||||
| NONINTEREST EXPENSE | ||||||||||||||||||||
| Salaries and employee benefits |
|
3,218 |
|
|
3,164 |
|
|
2,787 |
|
|
12,594 |
|
|
10,830 |
||||||
| Outside services |
|
631 |
|
|
678 |
|
|
593 |
|
|
2,449 |
|
|
2,199 |
||||||
| Occupancy & equipment |
|
540 |
|
|
456 |
|
|
432 |
|
|
1,895 |
|
|
1,657 |
||||||
| Trust expense |
|
542 |
|
|
545 |
|
|
461 |
|
|
2,102 |
|
|
1,686 |
||||||
| Loan and collection, OREO expense |
|
16 |
|
|
9 |
|
|
(8 |
) |
|
76 |
|
|
63 |
||||||
| Advertising |
|
77 |
|
|
93 |
|
|
111 |
|
|
417 |
|
|
440 |
||||||
| Supplies and postage |
|
98 |
|
|
98 |
|
|
75 |
|
|
363 |
|
|
279 |
||||||
| Loss on sale of securities |
|
- |
|
|
- |
|
|
1,829 |
|
|
- |
|
|
1,829 |
||||||
| Other operating expenses |
|
561 |
|
|
532 |
|
|
457 |
|
|
2,119 |
|
|
1,536 |
||||||
| Total noninterest expense |
|
5,683 |
|
|
5,575 |
|
|
6,737 |
|
|
22,015 |
|
|
20,519 |
||||||
| Income before taxes |
|
2,839 |
|
|
3,167 |
|
|
1,886 |
|
|
12,271 |
|
|
9,511 |
||||||
| Provision for income taxes |
|
614 |
|
|
820 |
|
|
459 |
|
|
3,039 |
|
|
2,368 |
||||||
| NET INCOME | $ |
2,225 |
|
$ |
2,347 |
|
$ |
1,427 |
|
$ |
9,232 |
|
$ |
7,143 |
||||||
| Quarterly Highlights | ||||||||||||||||||||
4th Quarter |
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
||||||||||||||||
2023 |
2023 |
2023 |
2023 |
2022 |
||||||||||||||||
| Earnings | ||||||||||||||||||||
| Interest income | $ |
8,651 |
|
$ |
8,528 |
|
$ |
8,206 |
|
$ |
7,912 |
|
$ |
7,651 |
|
|||||
| Interest expense |
|
2,056 |
|
|
1,714 |
|
|
1,540 |
|
|
1,084 |
|
|
581 |
|
|||||
| Net interest income | $ |
6,595 |
|
$ |
6,814 |
|
$ |
6,666 |
|
$ |
6,828 |
|
$ |
7,070 |
|
|||||
| Provision for loan loss |
|
(70 |
) |
|
(123 |
) |
|
14 |
|
|
(51 |
) |
|
335 |
|
|||||
| Noninterest income |
|
1,857 |
|
|
1,805 |
|
|
1,792 |
|
|
1,701 |
|
|
1,888 |
|
|||||
| Noninterest expense |
|
5,683 |
|
|
5,575 |
|
|
5,442 |
|
|
5,313 |
|
|
6,737 |
|
|||||
| Provision for income taxes |
|
614 |
|
|
820 |
|
|
771 |
|
|
834 |
|
|
459 |
|
|||||
| Net income | $ |
2,225 |
|
$ |
2,347 |
|
$ |
2,231 |
|
$ |
2,433 |
|
$ |
1,427 |
|
|||||
| Average shares outstanding |
|
7,094,180 |
|
|
7,094,180 |
|
|
7,097,866 |
|
|
7,085,840 |
|
|
7,070,425 |
|
|||||
| Average diluted shares outstanding |
|
7,100,680 |
|
|
7,100,680 |
|
|
7,104,366 |
|
|
7,089,090 |
|
NA | |||||||
| Period end shares outstanding |
|
7,094,180 |
|
|
7,094,180 |
|
|
7,094,562 |
|
|
7,102,271 |
|
|
7,068,659 |
|
|||||
| Period end diluted shares outstanding |
|
7,100,680 |
|
|
7,100,680 |
|
|
7,101,062 |
|
|
7,108,771 |
|
NA | |||||||
| Earnings per share | $ |
0.31 |
|
$ |
0.33 |
|
$ |
0.31 |
|
$ |
0.34 |
|
$ |
0.20 |
|
|||||
| Diluted earnings per share | $ |
0.31 |
|
$ |
0.33 |
|
$ |
0.31 |
|
$ |
0.34 |
|
NA | |||||||
| Performance Ratios | ||||||||||||||||||||
| Return on average assets |
|
1.17 |
% |
|
1.22 |
% |
|
1.19 |
% |
|
1.13 |
% |
|
0.74 |
% |
|||||
| Return on average equity |
|
17.45 |
% |
|
18.65 |
% |
|
18.12 |
% |
|
21.01 |
% |
|
13.34 |
% |
|||||
| Net interest margin - tax equivalent |
|
3.64 |
% |
|
3.74 |
% |
|
3.72 |
% |
|
3.87 |
% |
|
3.87 |
% |
|||||
| Yield on loans |
|
5.15 |
% |
|
5.07 |
% |
|
4.96 |
% |
|
4.85 |
% |
|
4.70 |
% |
|||||
| Yield on securities |
|
3.53 |
% |
|
3.43 |
% |
|
3.37 |
% |
|
3.41 |
% |
|
3.02 |
% |
|||||
| Cost of deposits |
|
1.00 |
% |
|
0.86 |
% |
|
0.78 |
% |
|
0.51 |
% |
|
0.21 |
% |
|||||
| Cost of interest-bearing liabilities |
|
1.52 |
% |
|
1.26 |
% |
|
1.15 |
% |
|
0.84 |
% |
|
0.44 |
% |
|||||
| Efficiency ratio |
|
67.25 |
% |
|
64.73 |
% |
|
64.34 |
% |
|
62.29 |
% |
|
75.21 |
% |
|||||
| Full-time equivalent employees |
|
134 |
|
|
131 |
|
|
128 |
|
|
127 |
|
|
120 |
|
|||||
| Capital | ||||||||||||||||||||
| Tier 1 capital | $ |
82,278 |
|
$ |
80,082 |
|
$ |
77,917 |
|
$ |
75,684 |
|
$ |
73,882 |
|
|||||
| Leverage ratio |
|
10.70 |
% |
|
10.40 |
% |
|
10.24 |
% |
|
9.94 |
% |
|
9.55 |
% |
|||||
| Common equity tier 1 ratio |
|
14.28 |
% |
|
14.34 |
% |
|
14.18 |
% |
|
14.16 |
% |
|
13.92 |
% |
|||||
| Tier 1 risk based ratio |
|
14.28 |
% |
|
14.34 |
% |
|
14.18 |
% |
|
14.16 |
% |
|
13.92 |
% |
|||||
| Total risk based ratio |
|
15.53 |
% |
|
15.59 |
% |
|
15.43 |
% |
|
15.41 |
% |
|
15.17 |
% |
|||||
| Book value per share | $ |
7.95 |
|
$ |
7.13 |
|
$ |
7.03 |
|
$ |
6.97 |
|
$ |
6.52 |
|
|||||
| Quarterly Highlights | ||||||||||||||||||||
| 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | ||||||||||||||||
2023 |
2023 |
2023 |
2023 |
2022 |
||||||||||||||||
| Asset quality | ||||||||||||||||||||
| Allowance for credit losses (ACL) | $ |
6,975 |
|
$ |
6,892 |
|
$ |
6,887 |
|
$ |
6,884 |
|
$ |
6,666 |
|
|||||
| Nonperforming loans (NPLs) | $ |
443 |
|
$ |
456 |
|
$ |
178 |
|
$ |
72 |
|
$ |
52 |
|
|||||
| Nonperforming assets (NPAs) | $ |
443 |
|
$ |
456 |
|
$ |
178 |
|
$ |
72 |
|
$ |
52 |
|
|||||
| Classified Assets (1) | $ |
9,186 |
|
$ |
4,252 |
|
$ |
3,750 |
|
$ |
3,842 |
|
$ |
3,877 |
|
|||||
| Net loan charge offs (recoveries) | $ |
(3 |
) |
$ |
(6 |
) |
$ |
(3 |
) |
$ |
(88 |
) |
$ |
(4 |
) |
|||||
| ACL as a percentage of net loans |
|
1.30 |
% |
|
1.31 |
% |
|
1.35 |
% |
|
1.39 |
% |
|
1.38 |
% |
|||||
| ACL as a percentage of NPLs |
|
1574.49 |
% |
|
1511.40 |
% |
|
3869.10 |
% |
|
9561.11 |
% |
|
12819.23 |
% |
|||||
| Net charge offs (recoveries) to average loans |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
-0.02 |
% |
|
0.00 |
% |
|||||
| Net NPLs as a percentage of total loans |
|
0.08 |
% |
|
0.09 |
% |
|
0.03 |
% |
|
0.01 |
% |
|
0.01 |
% |
|||||
| Nonperforming assets as a percentage of total assets |
|
0.06 |
% |
|
0.06 |
% |
|
0.02 |
% |
|
0.10 |
% |
|
0.01 |
% |
|||||
| Classified Asset Ratio (2) |
|
10.29 |
% |
|
4.89 |
% |
|
4.42 |
% |
|
4.65 |
% |
|
4.81 |
% |
|||||
| Past due as a percentage of total loans |
|
0.15 |
% |
|
0.12 |
% |
|
0.12 |
% |
|
0.06 |
% |
|
0.19 |
% |
|||||
| Off-balance sheet figures | ||||||||||||||||||||
| Off-balance sheet demand deposits (3) | $ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
18,976 |
|
|||||
| Unused credit commitments | $ |
105,900 |
|
$ |
103,163 |
|
$ |
97,111 |
|
$ |
85,390 |
|
$ |
89,680 |
|
|||||
| Trust assets under management (AUM) | $ |
226,695 |
|
$ |
219,268 |
|
$ |
222,880 |
|
$ |
219,731 |
|
$ |
215,736 |
|
|||||
| Oregon Pacific Wealth Management AUM | $ |
147,159 |
|
$ |
140,153 |
|
$ |
141,990 |
|
$ |
133,138 |
|
$ |
117,549 |
|
|||||
| End of period balances | ||||||||||||||||||||
| Total securities | $ |
177,599 |
|
$ |
176,593 |
|
$ |
181,530 |
|
$ |
195,647 |
|
$ |
195,881 |
|
|||||
| Total short term deposits | $ |
6,246 |
|
$ |
11,216 |
|
$ |
22,967 |
|
$ |
41,931 |
|
$ |
39,863 |
|
|||||
| Total loans net of allowance | $ |
529,687 |
|
$ |
518,339 |
|
$ |
503,377 |
|
$ |
486,596 |
|
$ |
476,313 |
|
|||||
| Total earning assets | $ |
722,855 |
|
$ |
715,273 |
|
$ |
716,793 |
|
$ |
733,090 |
|
$ |
720,712 |
|
|||||
| Total assets | $ |
760,986 |
|
$ |
752,488 |
|
$ |
752,804 |
|
$ |
764,489 |
|
$ |
754,182 |
|
|||||
| Total noninterest bearing deposits | $ |
155,693 |
|
$ |
160,272 |
|
$ |
159,184 |
|
$ |
166,409 |
|
$ |
180,589 |
|
|||||
| Total deposits | $ |
660,449 |
|
$ |
669,917 |
|
$ |
677,672 |
|
$ |
690,046 |
|
$ |
682,869 |
|
|||||
| Average balances | ||||||||||||||||||||
| Total securities | $ |
176,066 |
|
$ |
180,344 |
|
$ |
190,818 |
|
$ |
196,060 |
|
$ |
192,348 |
|
|||||
| Total short term deposits | $ |
12,637 |
|
$ |
27,510 |
|
$ |
24,616 |
|
$ |
35,240 |
|
$ |
68,808 |
|
|||||
| Total loans net of allowance | $ |
522,432 |
|
$ |
508,385 |
|
$ |
498,069 |
|
$ |
480,046 |
|
$ |
459,440 |
|
|||||
| Total earning assets | $ |
720,383 |
|
$ |
725,179 |
|
$ |
722,420 |
|
$ |
720,003 |
|
$ |
728,980 |
|
|||||
| Total assets | $ |
756,740 |
|
$ |
759,592 |
|
$ |
751,845 |
|
$ |
752,094 |
|
$ |
761,361 |
|
|||||
| Total noninterest bearing deposits | $ |
156,729 |
|
$ |
163,669 |
|
$ |
154,949 |
|
$ |
167,863 |
|
$ |
178,226 |
|
|||||
| Total deposits | $ |
668,296 |
|
$ |
681,749 |
|
$ |
675,954 |
|
$ |
678,528 |
|
$ |
692,412 |
|
|||||
| (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 credit losses. | ||||||||||||||||||||
| (3) Deposits sold through IntraFi Network Deposits Insured Cash Sweep (ICS) program | ||||||||||||||||||||
