• BayFirst Financial Corp. Reports Earnings of $1.28 Million, or $0.26 Per Diluted Share, in 3Q21; Results Highlighted by Strong Loan Production and Book Value per Share Increasing 46% to $21.30 YOY

    Источник: Nasdaq GlobeNewswire / 28 окт 2021 07:00:02   America/Chicago

    ST. PETERSBURG, Fla., Oct. 28, 2021 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) (OTCQX: FHBI) (“BayFirst” or the “Company”), parent company of First Home Bank (“First Home” or the “Bank”) reported earnings for the third quarter of 2021 of $1.28 million, or $0.26 per diluted common share, compared to $13.02 million, or $2.98 per diluted common share, in the second quarter of 2021, and $5.25 million, or $1.37 per diluted common share, in the third quarter of 2020. The variability in financial metrics for the third quarter of 2021 compared to prior periods is a direct reflection of the Bank’s participation in the SBA’s Paycheck Protection Program (PPP) over the course of the last 18 months. Compared to the previous quarter, third quarter of 2021 net income declined by $4.58 million from lower recognition of PPP origination fee income and $13.80 million due to recognition of gains on PPP loan sales in the previous quarter. These line items were partially offset by a negative provision for loan losses of $3.00 million during the quarter and a decrease in noninterest expense of $2.44 million. Third quarter’s earnings increased tangible book value to $21.30 per common share, from $14.57 in the third quarter a year ago. All per share data has been adjusted to reflect the 3-for-2 stock split effective May 10, 2021.

    Net income for the first nine months of 2021 more than tripled to $21.81 million, compared to $7.10 million in the first nine months of 2020. Earnings per share increased to $5.13 per diluted share in the first nine months of 2021, compared to $1.78 per diluted share in the same period one year earlier. Increases in PPP origination fees earned contributed to the increase in net income during the first nine months of 2021 compared to the same period in 2020.

    “The third quarter represented a transition for the Company, as we continue to wind down from the extraordinary events of the pandemic, and shift our focus to more normalized banking activities,” stated Anthony N. Leo, Chief Executive Officer. “We booked a credit to our provision for loan losses during the quarter as we move towards a more moderate allowance for loan losses from the higher allowance levels held during the early days of the pandemic. We utilized our strong earnings year to date to focus on improving our balance sheet loan mix by building up a significant amount of SBA guaranteed loan balances to complement our SBA nonguaranteed loan balances. While we will return to selling guaranteed portions in future quarters, similar to how we conducted business before the pandemic, we anticipate keeping the mix on our balance sheet more evenly distributed in the future.”

    “The highly successful PPP lending program sponsored by the SBA has helped thousands of businesses in the Tampa Bay region, which is our home market. We are proud to have been active participants in PPP, and our lending team clearly responded to the needs of businesses in our marketplace and throughout the country, with over $1.2 billion in PPP loans originated over the course of the program. While the significant contributions to net income and loan portfolio growth are unlikely to be repeated in future quarters, the opportunities to serve new clients and deepen relationships with existing customers positions the Company well for the future. Even without the PPP loans contribution, we had another strong quarter with residential, commercial, SBA and consumer lending, due to the hard work and continued efforts of our lending team bringing new customers into the Bank. The success of our lending services is fueling profitability and providing new market opportunities, and is reflected in our balance sheet growth with total deposits increasing 32.32% in the past year, while total loans held for investment, ex. PPP, grew by 29.28% in that period.”

    Third Quarter 2021 Highlights:

    • The Residential Mortgage Division originated $506.67 million in loans during the third quarter of 2021 compared to $522.10 million during the second quarter of 2021 and $598.39 million of loans produced during the third quarter of 2020.
    • Loans held for investment, excluding PPP loans, increased by 7.56% or $35.18 million during the third quarter of 2021 and by 29.28% or $113.40 million over the past year to $500.65 million, due to increases in both conventional community bank loans and SBA loans.
    • During the prior quarter, BayFirst sold $326.3 million in PPP loans originated in 2021 to a third party. No PPP loans were sold during the third quarter of 2021. However, the Company sold $5.03 million in nonguaranteed SBA loans during the quarter at a net 9% discount, representing the first time since Q2 2019 that the Company successfully sold nonguaranteed loans. The Company expects to resume guaranteed SBA loan sales depending on market conditions, and it will continue efforts to shed nonguaranteed loans if the pricing of such loans remains favorable.
    • Deposits increased by 6.75% or $42.71 million during the third quarter of 2021, and by 32.32% or $164.89 million during the past year, to $675.03 million at September 30, 2021, with the majority of the 12-month increase coming from increases in transaction accounts and savings deposits, partially offset by declines in time deposit balances.
    • Tangible book value per common share increased to $21.30 at the end of the third quarter from $21.14 at the end of the preceding quarter and $14.57 a year ago.
    • The Company paid a quarterly cash dividend of seven cents per common share, on September 15, 2021, to shareholders of record as of August 15, 2021. The cash dividend marked the 21st consecutive quarter in which BayFirst paid a cash dividend.

    Results of Operations

    Net Income and Performance Ratios

    Net income was $1.28 million for the third quarter of 2021 compared to $13.02 million in the second quarter of 2021, and $5.25 million in the third quarter of 2020. The decrease in net income for the third quarter of 2021 from the preceding quarter was primarily due to a $13.80 million gain on sale of PPP loans sold during the preceding quarter. In the first nine months of 2021, net income increased substantially to $21.81 million, from $7.10 million in the first nine months of 2020, reflecting higher PPP origination fee income and the gain on sale of PPP loans sold in the first nine months of 2021.

    BayFirst’s return on average common equity and return on average assets returned to more realistic levels in the third quarter as the contributions from the PPP loan program tapered off. Return on average common equity was 5.12% for the third quarter of 2021, and return on average assets was 0.47%. In the first nine months of 2021, return on average common equity was 40.26% and return on average assets was 2.05%.

    Net Interest Income and Net Interest Margin

    Net interest income was $8.02 million in the third quarter of 2021, a decrease of $4.89 million or 37.88% from $12.90 million in the second quarter of 2021, and a decrease of $2.07 million or 20.51% from the third quarter of 2020. The decrease during the third quarter of 2021 as compared to the prior quarter and the year ago quarter was mainly due to the decrease in net PPP origination fee income. In the first nine months of 2021, net interest income increased $11.67 million, or 53.34%, to $33.55 million, compared to $21.88 million in the same period a year ago.

    Net interest margin was 3.04% for the third quarter of 2021 compared to 3.46% for the second quarter of 2021 and 2.88% for the third quarter of 2020. The decrease in net interest margin in the third quarter of 2021 as compared to the prior quarter was largely due to the decrease in recognition of PPP origination fee income. In the first nine months of 2021, net interest margin increased 49 basis points to 3.26% from 2.77% in the first nine months of 2020.

    Noninterest Income

    Noninterest income was $21.99 million for the third quarter of 2021, a decrease of $16.22 million or 42.45% from $38.21 million in the second quarter of 2021, and a decrease of $10.20 million or 31.68% from $32.19 million in the third quarter of 2020. The decrease in the third quarter of 2021 as compared to the prior quarter and the year ago quarter was primarily the result of a decrease in residential loan fee income and gain on loan sale income as a result of the sale during the prior quarter of $326.3 million in PPP loans. In the first nine months of the year, noninterest income increased $27.05 million, or 40.78%, to $93.36 million, compared to $66.32 million in the first nine months of 2020. The increase over the same period in the prior year was due to higher residential loan fee income, and higher gain on sale of SBA loans during the current year.

    Noninterest Expense

    Noninterest expense was $31.23 million in the third quarter of 2021, which was a $2.44 million or 7.24% decrease from $33.67 million in the second quarter of 2021 and an increase of $3.02 million or 10.71% compared to the third quarter of 2020. The increase in the third quarter of 2021 as compared to the third quarter of 2020 was primarily due to increases in salaries and benefits as the Company built infrastructure in various functions to support the Company’s strategic initiatives and planned growth strategy. Year-to-date, noninterest expense was $98.62 million, compared to $68.00 million in the same period one year earlier, with the majority of the increase related to the above-mentioned items.

    Balance Sheet

    Assets

    Total assets decreased by $254.49 million or 21.24% during the third quarter of 2021 to $943.74 million, mainly due to a decrease in PPP loan balances of $274.08 million due to the SBA’s forgiveness of PPP loans.

    Loans

    Loans held for investment, excluding PPP loans, increased by $35.18 million or 7.56% during the third quarter of 2021 and by $113.40 million or 29.29% over the past year to $500.65 million due to increases in both community bank loans and SBA loans. PPP loans, net of deferred origination fees, decreased by $274.08 million or 63.78% in the third quarter of 2021 to $155.65 million due to PPP forgiveness payments. Deferred PPP origination fees, net, which will be recognized over the remaining average life of the PPP loans totaled $1.11 million as of September 30, 2021.

    Deposits

    Deposits increased by $42.71 million or 6.75% during the third quarter of 2021 and increased by $164.89 million or 32.32% during the past year, ending the quarter at $675.03 million, with the majority of the quarterly and 12-month increase coming from increases in savings and money market accounts and transaction accounts, partially offset by declines in time deposit balances.

    Asset Quality

    BayFirst recorded a credit to the provision for loan losses of $3.00 million during the third quarter of 2021. This compared to no provision for loan losses in the second quarter of 2021, and a $7.00 million provision for loan losses in the third quarter of 2020. In the first nine months of 2021, BayFirst recorded a $1.00 million credit to the provision for loan losses, compared to a $11.90 million provision for loan losses in the first nine months of 2020. Throughout 2020, the qualitative factors in the allowance for loan loss calculation were increased due to the economic uncertainties caused by the COVID-19 pandemic which resulted in significant provision expense each quarter of 2020. Asset quality remained stable in the third quarter of 2021 even as much of the government support provided previously for the Company’s SBA loans ended during the third quarter. As a result, and combined with an improved economic outlook, the Company booked a credit to the provision for loan losses during the third quarter of 2021, as it moves towards a more moderate allowance for loan losses from the higher allowance levels held during the early days of the pandemic.

    Over the past five years, the Company’s loan losses have been incurred primarily in its SBA unguaranteed loan portfolio, particularly loans originated under the SBA 7(a) Small Loan Program. The Small Loan Program represents loans of $350,000 or less and carry an SBA guaranty of 75% to 85% of the loan, depending on the original principal balance. The default rate on loans originated in the SBA 7(a) Small Loan Program has been higher than the Bank’s other SBA 7(a) loans, conventional commercial loans, or residential mortgage loans.

    Net charge-offs for the third quarter of 2021 were $1.11 million, a $113,000 decrease from $1.22 million for the second quarter of 2021 and a $141,000 increase compared to $967,000 of net charge-offs in the third quarter of 2020. Annualized net charge-offs as a percentage of average loans, excluding PPP loans, were 0.79% for the third quarter of 2021, down from 0.83% in the second quarter of 2021 and 0.84% in the third quarter of 2020. Non-performing assets, excluding government guaranteed loans, to total assets was 0.40% as of September 30, 2021, compared to 0.30% as of June 30, 2021 and 0.27% as of September 30, 2020.

    The ratio of the allowance for loan losses to total loans, excluding government guaranteed loans, residential loans held for sale, and loans carried at fair value, was 5.42% at September 30, 2021, 6.83% as of June 30, 2021, and 6.86% as of September 30, 2020.

    In addition to the above metrics, the Company also began to experience past due PPP loans during the third quarter of 2021 as certain PPP loan customers did not apply for forgiveness nor make required payments. As such, as of September 30, 2021, the Company reported $22.28 million of PPP loans past due between 30 to 89 days, representing approximately 2.5% of PPP loans originated during 2020. Although customers may default on their PPP loans, PPP loans are 100% guaranteed by the SBA and the Company expects to receive all principal and accrued interest related to these loans upon repurchase of the loan by the SBA. Under SBA program rules, the Company is required to wait until a PPP loan is 60 days past due before submitting the loan to the SBA for purposes of honoring the SBA guarantee. Based on the timing of the PPP loan program and the requirements of the SBA liquidation process, the Company expects past due PPP loans to skew past due ratios over at least the next two quarters.

    Capital Strength

    The Bank’s Tier 1 leverage ratio increased to 12.64% as of September 30, 2021, from 12.06% as of June 30, 2021, and 10.85% at September 30, 2020. The Tier 1 leverage ratio increased due to strong earnings and additional capital raises during the past year with the majority of capital raised being contributed to the Bank. The CET 1 and Tier 1 capital ratio to risk-weighted assets remained relatively stable at 21.21% as of September 30, 2021 compared to 21.27% as of June 30, 2021, and showed a substantial increase over 15.33% as of September 30, 2020. The total capital to risk-weighted assets ratio was 22.50% as of September 30, 2021, a slight decrease from 22.57% as of June 30, 2021, and a substantial increase from 16.75% as of September 30, 2020.

    During the third quarter of 2021, no shares of Series B Preferred Stock were issued, 270 shares of Series B Preferred Stock were converted to common shares, and $783,000 of common stock was issued under private placement and employee stock programs.

    Recent Events

    On May 3, 2021, the Company announced the name change from First Home Bancorp, Inc. to BayFirst Financial Corp. The name of the Company’s banking subsidiary, First Home Bank, and the ticker symbol “FHBI” remained unchanged.

    On May 5, 2021, the Company announced a 3 for 2 common stock split, which took effect on May 10, 2021. Pursuant to the split, common shareholders received three common shares of the Company’s common stock for every two shares owned as of the record date.

    On May 11, 2021, the Company filed a registration statement and on August 31, 2021 and October 1, 2021, the Company filed S-1 Amendments with the SEC.

    About BayFirst Financial Corp.

    BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) is a registered bank holding company which commenced operations on September 1, 2000. Its primary source of income is from its wholly owned subsidiary, First Home Bank, which commenced business operations on February 12, 1999. First Home Bank is a Federal Reserve member and a state-chartered banking institution. The Bank operates six full-service office locations, 24 mortgage loan production offices, and is in the top 45 by dollar volume and top 20 by number of units, of nation-wide SBA lenders.

    BayFirst Financial Corp., through the bank, offers a broad range of commercial and consumer banking services including various types of deposit accounts and loans for businesses and individuals. As of September 30, 2021, BayFirst Financial Corp. had $943.74 million in total assets.

    Forward Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “is confident that” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements involve risk and uncertainty and a variety of factors could cause our actual results and experience to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. BayFirst Financial Corp. does not have a policy of updating or revising forward-looking statements except as otherwise required by law, and silence by management over time should not be construed to mean that actual events are occurring as estimated in such forward-looking statements.

    Contacts: 
    Anthony N. LeoJeffrey M. Hunt
    Chief Executive OfficerChief Strategy Officer
    727.399.5678727.399.5687


    BayFirst Financial Corp. 
    Consolidated Statements of Income (Unaudited) 
    Dollars in Thousands 
            
      For the Quarter Ended Year-to-Date 
     9/30/20216/30/20219/30/2020 9/30/20219/30/2020 
    Interest income:        
    Loans, other than PPP$7,009 $6,752$5,980 $20,361 $17,631 
    PPP loan interest income 692  1,859 2,268  4,751  3,441 
    PPP origination fee income 1,656  6,235 4,302  13,902  8,175 
    Interest-bearing deposits in banks and other 188  151 72  420  571 
    Total interest income  9,545  14,997 12,622  39,434  29,818 
            
    Interest expense:        
    Deposits 1,152  1,194 1,540  3,666  6,111 
    PPPLF borrowings 278  654 793  1,699  1,185 
    Other 99  245 205  519  642 
    Total interest expense  1,529  2,093 2,538  5,884  7,938 
      -   -    
    Net interest income  8,016  12,904 10,084  33,550  21,880 
        -    
    Provision for loan losses (3,000) - 7,000  (1,000) 11,900 
      -   -    
    Net interest income after provision for loan losses  11,016  12,904 3,084  34,550  9,980 
            
    Noninterest income:        
    Service charges and fees 261  259 222  730  664 
    Bank Owned Life Insurance income 82  84 81  250  99 
    Residential loan fee income 21,323  23,352 31,226  76,704  61,888 
    Gain (loss) on sale of SBA loans (438) 13,798 -  13,360  1,202 
    SBA loan servicing right gain 100  - -  100  530 
    Mortgage loan servicing right gain 42  197 -  238  - 
    SBA and mortgage servicing income, net 417  325 565  1,446  1,753 
    Other noninterest income 205  197 98  535  182 
       Total noninterest income  21,992  38,212 32,192  93,363  66,318 
            
    Noninterest Expense:        
    Salaries and benefits 12,851  12,948 8,876  38,966  24,497 
    Commissions 7,490  7,640 9,726  25,450  19,411 
    Bonus and incentives 1,047  1,578 2,193  4,177  4,476 
    Occupancy and equipment expense 1,278  1,297 1,182  3,907  3,314 
    Data processing 1,347  2,593 1,163  5,209  3,086 
    Professional services 1,428  843 878  3,195  2,343 
    Mortgage lead generation 595  598 379  1,957  1,242 
    Marketing and business development 1,323  1,280 337  3,482  1,008 
    Mortgage banking expense 1,440  1,572 1,620  4,707  3,645 
    Regulatory assessments 138  100 145  340  418 
    ATM and interchange expense 71  93 43  241  194 
    Telecommunications expense 156  137 135  432  427 
    Employee recruiting and development 809  1,008 245  2,431  1,135 
    Loan origination and collection 683  1,105 908  2,284  1,771 
    Other expenses 573  876 378  1,840  1,028 
    Total noninterest expense  31,229  33,668 28,208  98,618  67,995 
      -   -    
    Income before taxes 1,779  17,448 7,068  29,295  8,303 
    Income tax expense 499  4,432 1,815  7,488  1,206 
    Net income$1,280 $13,016$5,253 $21,807 $7,097 
            
    Preferred dividends 230  235 202  797  557 
    Net income available to common shareholders$1,050 $12,781$5,051 $21,010 $6,540 
            


    BAYFIRST FINANCIAL CORP.
    CONSOLIDATED BALANCE SHEETS (Unaudited)
    Dollars in Thousands
          
    Assets9/30/20216/30/20219/30/2020 
    Cash and due from banks$2,715 $2,896 $2,707  
    Interest-bearing deposits in banks 104,382  102,441  31,770  
     Cash and cash equivalents 107,097  105,337  34,477  
    Certificates of deposit 2,381  2,381  2,381  
    Securities HTM and restricted equity securities 2,830  2,826  2,751  
    Securities AFS 32,535  22,674  -  
    Residential loans held for sale 91,243  126,479  149,407  
    PPP loans, net of deferred fees and costs 155,646  429,724  879,509  
    Community bank loans 180,703  169,449  138,053  
    SBA loans, excluding PPP 319,945  296,021  249,191  
     Total loans held for investment 656,294  895,194  1,266,753  
    Allowance for loan losses (16,616) (20,797) (18,913) 
     Loans, net 639,678  874,397  1,247,840  
    Accrued interest receivable 4,292  7,039  5,262  
    Premises and equipment, net 24,622  21,076  16,881  
    Loan servicing rights 6,155  6,805  9,169  
    Bank owned life insurance 12,434  12,351  12,099  
    Other assets 20,476  16,864  21,249  
          
    Total assets $943,743 $1,198,229 $1,501,516  
          
    Liabilities    
     Noninterest-bearing transaction accounts$87,625 $81,150 $70,115  
     Interest-bearing transaction accounts 157,304  143,046  112,902  
     Savings and money market deposits 377,452  355,045  247,708  
     Time deposits 52,653  53,081  79,417  
     Total deposits 675,034  632,322  510,142  
          
     Federal Home Loan Bank advances -  -  10,000  
     Subordinated debentures 5,983  5,982  6,943  
     Notes payable 3,413  3,527  3,868  
     PPP Liquidity Facility 144,601  443,906  889,770  
     Accrued expenses and other liabilities 20,414  19,679  18,639  
     Total liabilities 849,445  1,105,416  1,439,362  
          
    Stockholders' equity    
     Preferred stock, Series A 6,161  6,161  7,661  
     Preferred stock, Series B 4,193  4,456  3,723  
     Common stock and additional paid-in capital 50,546  49,501  42,496  
     Accumulated other comprehensive income (loss), net of taxes (201) (122) -  
     Deferred compensation - restricted stock (23) (29) (47) 
     Retained earnings 33,622  32,846  8,321  
     Total stockholders' equity 94,298  92,813  62,154  
          
    Total liabilities and stockholders' equity $943,743 $1,198,229 $1,501,516  
          


    BayFirst Financial Corp.
    Selected Financial Data (Unaudited)
    Dollars in Thousands, Except Share Data
           
      At or for the Quarter Ended
     At or for the Nine Months Ended
    Selected income statement data:9/30/20216/30/20219/30/2020 9/30/20219/30/2020
    Interest income$9,545 $14,997 $12,622  $39,434 $29,818 
    Interest expense 1,529  2,093  2,538   5,884  7,938 
    Net interest income 8,016  12,904  10,084   33,550  21,880 
    Provision for loan losses (3,000) -  7,000   (1,000) 11,900 
    Noninterest income 21,992  38,212  32,192   93,363  66,318 
    Noninterest expense 31,229  33,668  28,208   98,618  67,995 
    Income tax expense 499  4,432  1,815   7,488  1,206 
    Net income$1,280 $13,016 $5,253  $21,807 $7,097 
    Preferred dividends 230  235  202   797  557 
    Net income available to common shareholders$1,050 $12,781 $5,051  $21,010 $6,540 
           
    Balance sheet data:      
    Average loans$850,501 $1,275,082 $1,317,735  $1,196,120 $881,379 
    Average loans, excluding PPP loans$562,095 $585,753 $457,950  $582,352 $500,233 
    Average loans, excluding LHFS$755,689 $1,170,753 $1,226,808  $1,070,879 $804,909 
    Average assets$1,086,377 $1,541,287 $1,457,998  $1,419,264 $1,092,193 
    Average total equity$92,829 $80,700 $53,076  $82,245 $49,914 
    Average common equity$81,989 $68,525 $46,741  $69,574 $38,199 
    Total loans, period end$747,537 $1,021,673 $1,416,160  $747,537 $1,416,160 
    Total loans, excluding PPP$591,891 $591,949 $536,651  $591,891 $536,651 
    Total loans, excluding PPP and LHFS$500,648 $465,470 $387,243  $500,648 $387,243 
    Loans where the Fair Value Option (FVO) was elected$9,805 $10,070 $9,554  $9,805 $9,554 
    Total loans, excl guaranteed loans, LHFS, and FVO loans$306,724 $304,364 $275,786  $306,724 $275,786 
    ALLL, period end$16,616 $20,797 $18,913  $16,616 $18,913 
    Total assets, at period end$943,743 $1,198,229 $1,501,516  $943,743 $1,501,516 
           
    Share data: (*)      
    Basic earnings per share$0.27 $3.34 $1.47  $5.60 $1.91 
    Diluted earnings per share$0.26 $2.98 $1.37  $5.13 $1.78 
    Tangible book value per common share (at period end)$21.30 $21.14 $14.57  $21.30 $14.57 
    Shares of common stock outstanding 3,919,977  3,867,414  3,455,190   3,919,977  3,455,190 
    Weighted average common shares outstanding:      
       Basic 3,913,523  3,821,993  3,443,999   3,749,692  3,419,617 
       Diluted 4,406,339  4,315,022  3,706,242   4,169,266  3,681,859 
           
    Performance ratios:      
    Return on average assets 0.47% 3.38% 1.44%  2.05% 0.87%
    Return on average common equity 5.12% 74.61% 43.23%  40.26% 22.83%
    Yield on average earning assets 3.62% 4.03% 3.55%  3.83% 3.77%
    Cost of average interest bearing liabilities 0.68% 0.61% 0.72%  0.63% 1.10%
    Net interest margin 3.04% 3.46% 2.88%  3.26% 2.77%
           
    Asset quality ratios:      
    Net charge-offs$1,108 $1,221 $967  $3,546 $3,729 
    Net charge-offs/avg loans excl PPP, annualized 0.79% 0.83% 0.84%  0.81% 0.99%
    Non-performing loans (including gov't gtd loans), at period end$10,495 $9,884 $13,836  $10,495 $13,836 
    Non-performing assets (including gov't gtd loans), at period end$10,498 $9,884 $13,836  $10,498 $13,836 
    Non-performing loans (excluding gov't gtd loans), at period end$3,756 $3,576 $4,057  $3,756 $4,057 
    Non-performing assets (excluding gov't gtd loans), at period end$3,759 $3,576 $4,057  $3,759 $4,057 
    Non-performing loans (including gov't gtd loans)/total loans 1.40% 0.97% 0.98%  1.40% 0.98%
    Non-performing assets (including gov't gtd loans)/total assets 1.11% 0.82% 0.92%  1.11% 0.92%
    Non-performing loans (excluding gov't gtd loans)/total loans 0.50% 0.35% 0.29%  0.50% 0.29%
    Non-performing assets (excluding gov't gtd loans)/total assets 0.40% 0.30% 0.27%  0.40% 0.27%
    ALLL/Total loans 2.22% 2.04% 1.34%  2.22% 1.34%
    ALLL/Total loans, excl PPP loans 2.81% 3.51% 3.52%  2.81% 3.52%
    ALLL/Total loans, excl guaranteed loans, LHFS, and FVO loans 5.42% 6.83% 6.86%  5.42% 6.86%
           
    Other company information:      
    FTEs 651  671  545   651  545 
    Community banking center offices 6  6  6   6  6 
    Loan production offices 22  26  23   22  23 
           
    (*) Adjusted for the three-for-two stock split, effective May 10, 2021.     

     


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