Highlights of the Company’s results for the third quarter of 2022 include the following:
- On
July 27, 2022 , The First Bancshares, Inc. and Heritage Southeast Bancorporation, Inc, announced an execution of a definitive merger agreement pursuant to which The First Bancshares, Inc. has agreed to acquire HSBI. Subject to the terms of the definitive merger agreement, HSBI shareholders will receive 0.965 shares of First Bancshares common stock for each share of HSBI common stock upon the closing of the transaction. - Earnings per share excluding transaction costs associated with the merger with The First Bancshares, Inc. was
$0.83 per diluted share for the third quarter endedSeptember 30, 2022 compared to$0.61 per diluted share for the prior quarter and$0.60 per diluted share for the third quarter a year earlier (see GAAP to non-GAAP reconciliation). - The net interest margin increased 51 basis points to 3.85% for the third quarter of 2022 compared to 3.34% for the prior quarter and 3.45% for the third quarter one year earlier.
- The yield on interest earning assets increased 59 basis points during the third quarter of 2022 to 4.21% while the cost of funds increased only 8 basis points to 0.36%.
- Total loans increased
$31.0 million during the third quarter and$97.7 million , or 9.4% for the nine months endedSeptember 30, 2022 . The increases excluded PPP loans in prior periods as all remaining loans were resolved in the current quarter.
“Our pending merger with The First Bancshares is progressing nicely and on schedule. We look forward to delivering a strong franchise with strong earnings to our union,” said
Net Interest Income
The Company’s net interest income increased to
Loan Loss Provision
The Company did not recognize any loan loss provision for the third quarter. Management believes that while economic conditions are changing, we are not seeing signs of credit deterioration at this time. Current loan loss reserves stand at 1.33% of loans outstanding. Additionally, non-performing assets continued to remain low at 0.17% of assets. As such, the current level of reserves is believed to be sufficient as of
Non-interest Income
Third quarter non-interest income remained flat at
Non-interest Expense
Non-interest expense decreased
Balance Sheet
Total assets increased slightly to
Total deposits increased to
Asset Quality
Classified assets, which include nonperforming assets and accruing classified loans, decreased
The allowance for loan losses decreased slightly to
Capital
Total shareholder equity was
About
Forward Looking Statements:
Statements included in this press release, which are not historical in nature, are intended to be, and hereby are identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will,” “may,” “anticipate,” “create,” “plan,” “expect,” “should,” and “could” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following:
- the possibility that the anticipated benefits of the transaction, including anticipated improved product and service offerings, efficiencies and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the three companies or as a result of the strength of the economy, competitive factors in the areas where the combined company does business, or as a result of other unexpected factors or events;
- the impact of purchase accounting with respect to the transaction, or any change in the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value;
- the integration of the businesses and operations of the three companies, which may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the combined company’s business; and
- other factors that may affect future results of the combined company, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; actions of the
Federal Reserve Board ; and other legislative and regulatory actions and reforms.
HSBI disclaims any obligation to update or revise any forward-looking statements contained in this communication (which statements speak only as of the date hereof), or in any other written or oral communication that relates to the proposed combination or to matters that may affect such proposed combination, whether as a result of new information, future events or otherwise.
CONTACT | |
Chief Executive Officer | Chief Financial Officer |
P.O. Box 935 | |
(770) 824-9934 |
Financial Highlights | |||||||||||||||
(Unaudited) (in thousands, except per share data) | |||||||||||||||
Three Months Ended | |||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||
Earnings: | |||||||||||||||
Net Interest Income | $ | 15,557 | $ | 13,205 | $ | 12,325 | $ | 12,633 | $ | 13,152 | |||||
Net Income | 5,587 | 3,329 | 3,840 | 3,108 | 3,503 | ||||||||||
Net Income excluding transaction and employee separation costs | 5,970 | 4,443 | 4,288 | 4,809 | 4,368 | ||||||||||
Per Share Data: | |||||||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.80 | $ | 0.47 | $ | 0.55 | $ | 0.45 | $ | 0.50 | |||||
Diluted | $ | 0.77 | $ | 0.46 | $ | 0.53 | $ | 0.43 | $ | 0.49 | |||||
Diluted excluding transaction and employee separation costs | $ | 0.83 | $ | 0.61 | $ | 0.59 | $ | 0.67 | $ | 0.60 | |||||
Weighted average number of shares: | |||||||||||||||
Basic | 7,016 | 7,012 | 7,008 | 6,979 | 6,976 | ||||||||||
Diluted | 7,232 | 7,225 | 7,225 | 7,218 | 7,222 | ||||||||||
Period-end number of shares (1) | 7,216 | 7,215 | 7,212 | 7,220 | 7,220 | ||||||||||
Book value per share (period-end) | $ | 20.90 | $ | 20.79 | $ | 20.92 | $ | 21.32 | $ | 21.09 | |||||
Tangible book value per share (period-end) | $ | 16.07 | $ | 15.93 | $ | 16.02 | $ | 16.40 | $ | 16.13 | |||||
Key Ratios (percent): | |||||||||||||||
Return on average assets | 1.29 | % | 0.78 | % | 0.93 | % | 0.75 | % | 0.84 | % | |||||
Return on average assets excluding transaction and employee separation costs | 1.37 | % | 1.04 | % | 1.04 | % | 1.16 | % | 1.05 | % | |||||
Return on average tangible equity | 19.00 | % | 11.66 | % | 13.21 | % | 10.61 | % | 12.15 | % | |||||
Return on average tangible equity excluding transaction and employee separation costs | 20.31 | % | 15.56 | % | 14.76 | % | 16.41 | % | 15.15 | % | |||||
Yield on interest earning assets | 4.21 | % | 3.62 | % | 3.52 | % | 3.60 | % | 3.78 | % | |||||
Cost of funds | 0.36 | % | 0.28 | % | 0.27 | % | 0.29 | % | 0.33 | % | |||||
Net interest margin | 3.85 | % | 3.34 | % | 3.25 | % | 3.31 | % | 3.45 | % | |||||
Net interest margin, excluding PPP loans | 3.85 | % | 3.31 | % | 3.20 | % | 3.23 | % | 3.28 | % | |||||
Non-interest income as a percent of total revenue | 21.7 | % | 24.7 | % | 25.1 | % | 29.9 | % | 25.4 | % | |||||
Efficiency ratio | 61.6 | % | 73.8 | % | 69.9 | % | 77.4 | % | 72.0 | % | |||||
Efficiency ratio excluding transaction and employee separation costs | 59.0 | % | 65.3 | % | 66.3 | % | 63.7 | % | 65.9 | % | |||||
Tangible common equity to tangible assets | 6.83 | % | 6.85 | % | 6.95 | % | 7.31 | % | 7.26 | % | |||||
Asset Quality (period-end): | |||||||||||||||
Allowance for loan losses to total loans | 1.33 | % | 1.38 | % | 1.42 | % | 1.44 | % | 1.39 | % | |||||
Allowance for loan losses to loans, excluding PPP loans | 1.33 | % | 1.38 | % | 1.43 | % | 1.46 | % | 1.42 | % | |||||
Allowance for loan losses to total nonperforming loans | 748.0 | % | 736.1 | % | 811.6 | % | 877.7 | % | 692.3 | % | |||||
Nonperforming assets to total assets | 0.17 | % | 0.17 | % | 0.16 | % | 0.16 | % | 0.20 | % | |||||
Net charge-offs (annualized) to average loans | 0.04 | % | 0.04 | % | -0.06 | % | -0.15 | % | 0.12 | % | |||||
Capital (period-end): | |||||||||||||||
CET1 | 12.82 | % | 12.58 | % | 12.50 | % | 12.67 | % | 12.29 | % | |||||
Tier 1 | 12.82 | % | 12.58 | % | 12.50 | % | 12.67 | % | 12.29 | % | |||||
Total | 13.94 | % | 13.73 | % | 13.69 | % | 13.90 | % | 13.50 | % | |||||
Leverage | 10.22 | % | 9.89 | % | 9.89 | % | 9.81 | % | 9.40 | % | |||||
Other (period-end): | |||||||||||||||
Branches | 23 | 23 | 23 | 23 | 23 | ||||||||||
FTE | 265 | 270 | 275 | 280 | 278 | ||||||||||
(1) Includes restricted stock and shares yet to be issued under a supplemental executive retirement plan. |
Consolidated Statements of Income | |||||||||||||||
(Unaudited) (in thousands, except per share data) | |||||||||||||||
Three Months Ended | |||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||
Interest and dividend revenue: | |||||||||||||||
Loans, including fees | $ | 14,641 | $ | 12,939 | $ | 12,247 | $ | 12,666 | $ | 12,705 | |||||
PPP loans, including fees | 12 | 114 | 235 | 428 | 1,014 | ||||||||||
Investment securities | 870 | 654 | 756 | 518 | 564 | ||||||||||
Fed funds sold, deposits in banks and other | 1,459 | 593 | 113 | 113 | 107 | ||||||||||
Total interest and dividend revenue | 16,982 | 14,300 | 13,351 | 13,725 | 14,390 | ||||||||||
Interest expense: | |||||||||||||||
Deposits | 808 | 665 | 656 | 703 | 760 | ||||||||||
Repurchase agreements | 18 | 9 | 14 | 8 | 8 | ||||||||||
Line of credit | 467 | 318 | 271 | 253 | 192 | ||||||||||
Subordinated notes | - | - | - | 47 | 198 | ||||||||||
Junior subordinated debentures | 132 | 103 | 85 | 81 | 80 | ||||||||||
Total interest expense | 1,425 | 1,095 | 1,026 | 1,092 | 1,238 | ||||||||||
Net interest income | 15,557 | 13,205 | 12,325 | 12,633 | 13,152 | ||||||||||
Provision for loan losses | - | - | - | - | - | ||||||||||
Net interest revenue after provision for loan losses | 15,557 | 13,205 | 12,325 | 12,633 | 13,152 | ||||||||||
Noninterest revenue: | |||||||||||||||
Service charges and fees | 1,607 | 1,482 | 1,476 | 1,608 | 1,571 | ||||||||||
Interchange and ATM fees | 1,430 | 1,548 | 1,453 | 1,506 | 1,517 | ||||||||||
Gain on sale of SBA loans | 491 | 430 | 419 | 1,521 | 652 | ||||||||||
Other | 790 | 865 | 779 | 759 | 741 | ||||||||||
Total noninterest revenue | 4,318 | 4,325 | 4,127 | 5,394 | 4,481 | ||||||||||
Operating expenses: | |||||||||||||||
Salaries and employee benefits | 6,942 | 7,977 | 6,341 | 6,692 | 6,760 | ||||||||||
Occupancy and equipment | 1,422 | 1,425 | 1,350 | 1,394 | 1,434 | ||||||||||
Other real estate expenses, including losses | |||||||||||||||
on sales and impairments, net | 6 | 6 | 7 | 93 | 27 | ||||||||||
Transaction costs | 514 | 315 | 604 | 2,480 | 1,069 | ||||||||||
Other | 3,593 | 3,459 | 3,441 | 3,538 | 3,634 | ||||||||||
Total other operating expenses | 12,477 | 13,182 | 11,743 | 14,197 | 12,924 | ||||||||||
Income before income tax expense | 7,398 | 4,348 | 4,709 | 3,830 | 4,709 | ||||||||||
Income tax expense | 1,811 | 1,019 | 869 | 722 | 1,206 | ||||||||||
Net income | $ | 5,587 | $ | 3,329 | $ | 3,840 | $ | 3,108 | $ | 3,503 | |||||
Weighted-average number of shares outstanding: | |||||||||||||||
Basic | 7,016 | 7,012 | 7,008 | 6,979 | 6,976 | ||||||||||
Diluted | 7,232 | 7,225 | 7,225 | 7,218 | 7,222 | ||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.80 | $ | 0.47 | $ | 0.55 | $ | 0.45 | $ | 0.50 | |||||
Diluted | $ | 0.77 | $ | 0.46 | $ | 0.53 | $ | 0.43 | $ | 0.49 | |||||
Consolidated Statements of Income | ||||||
(Unaudited) (in thousands, except per share data) | ||||||
Nine Months Ended | ||||||
2022 | 2021 | |||||
Interest and dividend revenue: | ||||||
Loans, including fees | $ | 39,826 | $ | 37,923 | ||
PPP loans, including fees | 362 | 3,109 | ||||
Investment securities | 2,280 | 1,456 | ||||
Fed funds sold, deposits in banks and other | 2,165 | 241 | ||||
Total interest and dividend revenue | 44,633 | 42,729 | ||||
Interest expense: | ||||||
Deposits | 2,128 | 2,589 | ||||
Repurchase agreements | 41 | 24 | ||||
Line of credit | 1,057 | 426 | ||||
Subordinated debt | - | 798 | ||||
Junior subordinated debentures | 320 | 244 | ||||
Total interest expense | 3,546 | 4,081 | ||||
Net interest income | 41,087 | 38,648 | ||||
Provision for loan losses | - | - | ||||
Net interest revenue after provision for loan losses | 41,087 | 38,648 | ||||
Noninterest revenue: | ||||||
Service charges and fees | 4,566 | 4,147 | ||||
Interchange and ATM fees | 4,431 | 4,719 | ||||
Gain on sale of SBA loans | 1,340 | 2,296 | ||||
Other | 2,433 | 2,417 | ||||
Total noninterest revenue | 12,770 | 13,579 | ||||
Operating expenses: | ||||||
Salaries and employee benefits | 21,261 | 19,839 | ||||
Occupancy and equipment | 4,197 | 4,279 | ||||
Other real estate expenses, including losses | ||||||
on sales and impairments, net | 19 | 198 | ||||
Transaction costs | 1,433 | 2,681 | ||||
Other | 10,493 | 11,258 | ||||
Total other operating expenses | 37,403 | 38,255 | ||||
Income before income tax expense | 16,454 | 13,972 | ||||
Income tax expense | 3,699 | 3,267 | ||||
Net income | $ | 12,755 | $ | 10,705 | ||
Weighted-average number of shares outstanding: | ||||||
Basic | 7,012 | 6,968 | ||||
Diluted | 7,227 | 7,214 | ||||
Earnings per share: | ||||||
Basic | $ | 1.82 | $ | 1.54 | ||
Diluted | $ | 1.76 | $ | 1.48 | ||
Consolidated Balance Sheets | |||||||||||||||
(in thousands) | |||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Unaudited) | |||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 25,856 | $ | 32,404 | $ | 30,191 | $ | 29,689 | $ | 28,201 | |||||
Interest-bearing deposits with banks | 276,784 | 266,020 | 282,852 | 261,513 | 259,342 | ||||||||||
Cash and cash equivalents | 302,640 | 298,424 | 313,043 | 291,202 | 287,543 | ||||||||||
Securities available for sale, at fair value | 178,704 | 192,982 | 188,954 | 197,309 | 171,804 | ||||||||||
Other investments | 827 | 827 | 827 | 786 | 786 | ||||||||||
Loans: | |||||||||||||||
Loans | 1,142,106 | 1,111,259 | 1,082,907 | 1,055,325 | 1,067,989 | ||||||||||
Allowance for loan losses | (15,169 | ) | (15,296 | ) | (15,396 | ) | (15,228 | ) | (14,837 | ) | |||||
Loans, net | 1,126,937 | 1,095,963 | 1,067,511 | 1,040,097 | 1,053,152 | ||||||||||
Premises and equipment, net | 33,323 | 33,812 | 34,400 | 35,136 | 35,770 | ||||||||||
Bank owned life insurance | 35,342 | 35,104 | 34,871 | 34,634 | 34,404 | ||||||||||
Other real estate owned | 857 | 857 | 857 | 857 | 1,128 | ||||||||||
28,275 | 28,275 | 28,275 | 28,275 | 28,275 | |||||||||||
Core deposit intangible, net | 6,571 | 6,809 | 7,046 | 7,283 | 7,521 | ||||||||||
Deferred tax asset, net | 13,814 | 13,975 | 13,622 | 12,093 | 12,261 | ||||||||||
Other assets | 5,895 | 6,004 | 7,280 | 6,893 | 7,366 | ||||||||||
Total Assets | $ | 1,733,185 | $ | 1,713,032 | $ | 1,696,686 | $ | 1,654,565 | $ | 1,640,010 | |||||
Liabilities | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest-bearing | $ | 555,252 | $ | 527,023 | $ | 519,305 | $ | 485,754 | $ | 490,341 | |||||
Interest-bearing demand | 267,626 | 280,387 | 271,545 | 275,115 | 259,811 | ||||||||||
Money market and savings | 475,656 | 465,783 | 457,768 | 439,965 | 427,272 | ||||||||||
Time | 198,441 | 213,255 | 220,349 | 226,604 | 237,292 | ||||||||||
Total deposits | 1,496,975 | 1,486,448 | 1,468,967 | 1,427,438 | 1,414,716 | ||||||||||
Securities sold under agreements to repurchase | 32,574 | 22,266 | 27,373 | 23,988 | 23,424 | ||||||||||
Line of credit | 34,688 | 34,688 | 34,688 | 34,188 | 23,688 | ||||||||||
Subordinated notes | - | - | - | - | 8,674 | ||||||||||
Junior subordinated debentures | 9,519 | 9,480 | 9,442 | 9,403 | 9,365 | ||||||||||
Accrued expenses and other liabilities | 8,637 | 10,163 | 5,377 | 5,588 | 7,862 | ||||||||||
Total liabilities | 1,582,393 | 1,563,045 | 1,545,847 | 1,500,605 | 1,487,729 | ||||||||||
Shareholders' Equity | |||||||||||||||
Common stock | 702 | 702 | 702 | 703 | 702 | ||||||||||
Additional paid in capital | 117,337 | 117,328 | 117,307 | 117,443 | 117,298 | ||||||||||
Retained earnings | 50,553 | 44,966 | 41,637 | 37,798 | 34,689 | ||||||||||
Other comprehensive income (loss) | (17,800 | ) | (13,009 | ) | (8,807 | ) | (1,984 | ) | (408 | ) | |||||
Total Shareholders' Equity | 150,792 | 149,987 | 150,839 | 153,960 | 152,281 | ||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,733,185 | $ | 1,713,032 | $ | 1,696,686 | $ | 1,654,565 | $ | 1,640,010 | |||||
GAAP to Non-GAAP Reconciliation | |||||||||||||||
(Unaudited) (in thousands, except per share data) | |||||||||||||||
Three Months Ended | |||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||
Net income (GAAP) | $ | 5,587 | $ | 3,329 | $ | 3,840 | $ | 3,108 | $ | 3,503 | |||||
Transaction costs (TC) | 514 | 315 | 604 | 2,480 | 1,069 | ||||||||||
Employee separation costs (SC) | - | 1,180 | - | - | - | ||||||||||
Income tax benefit related to TC and SC | (131 | ) | (381 | ) | (156 | ) | (779 | ) | (204 | ) | |||||
Net income excluding TC and SC | $ | 5,970 | $ | 4,443 | $ | 4,288 | $ | 4,809 | $ | 4,368 | |||||
Diluted earnings per share: | |||||||||||||||
GAAP | $ | 0.77 | $ | 0.46 | $ | 0.53 | $ | 0.43 | $ | 0.49 | |||||
Excluding TC and SC | $ | 0.83 | $ | 0.61 | $ | 0.59 | $ | 0.67 | $ | 0.60 | |||||
Weighted average number of shares - diluted | 7,232 | 7,225 | 7,225 | 7,218 | 7,222 |
Loan Portfolio | |||||||||||||||
(Unaudited) (in thousands) | |||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||
Real estate loans: | |||||||||||||||
Construction and land development | $ | 172,359 | $ | 182,601 | $ | 173,066 | $ | 159,630 | $ | 154,487 | |||||
Single-family residential | 162,656 | 160,335 | 151,033 | 158,667 | 163,412 | ||||||||||
Commercial - owner occupied | 273,813 | 274,555 | 267,815 | 265,900 | 275,220 | ||||||||||
Commercial - other | 274,028 | 254,082 | 258,112 | 239,994 | 228,229 | ||||||||||
Multifamily | 11,686 | 3,955 | 6,487 | 6,592 | 13,826 | ||||||||||
Total real estate loans | 894,542 | 875,528 | 856,513 | 830,783 | 835,174 | ||||||||||
Commercial loans (not secured by real estate) | 238,735 | 226,819 | 216,390 | 214,202 | 220,847 | ||||||||||
Consumer loans (not secured by real estate) | 10,630 | 10,614 | 11,596 | 12,081 | 14,015 | ||||||||||
Gross loans | 1,143,907 | 1,112,961 | 1,084,499 | 1,057,066 | 1,070,036 | ||||||||||
Unearned income | (1,801 | ) | (1,702 | ) | (1,592 | ) | (1,741 | ) | (2,047 | ) | |||||
Loans, net of unearned income | $ | 1,142,106 | $ | 1,111,259 | $ | 1,082,907 | $ | 1,055,325 | $ | 1,067,989 | |||||
Asset Quality Information | |||||||||||||||
(Unaudited) (in thousands) | |||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||
Classified assets: | |||||||||||||||
Nonperforming loans | $ | 2,028 | $ | 2,078 | $ | 1,897 | $ | 1,735 | $ | 2,143 | |||||
Other real estate owned | 857 | 857 | 857 | 857 | 1,128 | ||||||||||
Total nonperforming assets | 2,885 | 2,935 | 2,754 | 2,592 | 3,271 | ||||||||||
Accruing classified loans | 267 | 284 | 327 | 676 | 804 | ||||||||||
Total classified assets | $ | 3,152 | $ | 3,219 | $ | 3,081 | $ | 3,268 | $ | 4,075 | |||||
Classified assets to HSB Tier 1 capital plus ALL | 1.7 | % | 1.8 | % | 1.7 | % | 1.9 | % | 2.5 | % | |||||
Nonperforming assets to total assets | 0.17 | % | 0.17 | % | 0.16 | % | 0.16 | % | 0.20 | % | |||||
Allowance for loan losses: | |||||||||||||||
Balance at beginning of period | $ | 15,296 | $ | 15,396 | $ | 15,228 | $ | 14,837 | $ | 15,159 | |||||
Provision for loan losses | - | - | - | - | - | ||||||||||
Charge-offs | (160 | ) | (651 | ) | (99 | ) | (295 | ) | (403 | ) | |||||
Recoveries | 33 | 551 | 267 | 686 | 81 | ||||||||||
Balance at end of period | $ | 15,169 | $ | 15,296 | $ | 15,396 | $ | 15,228 | $ | 14,837 | |||||
Loans, excluding PPP loans | $ | 1,142,106 | $ | 1,111,079 | $ | 1,078,736 | $ | 1,044,413 | $ | 1,044,938 | |||||
PPP loans | - | 180 | 4,171 | 10,912 | 23,051 | ||||||||||
Performing past due loans | 1,476 | 995 | 1,638 | 1,277 | 3,541 | ||||||||||
Allowance as % of loans | 1.33 | % | 1.38 | % | 1.42 | % | 1.44 | % | 1.39 | % | |||||
Allowance as % of loans, excluding PPP loans | 1.33 | % | 1.38 | % | 1.43 | % | 1.46 | % | 1.42 | % | |||||
Allowance as a % of nonperforming loans | 748.0 | % | 736.1 | % | 811.6 | % | 877.7 | % | 692.3 | % | |||||
Average loans, excluding PPP loans | 1,129,993 | 1,092,048 | 1,056,269 | 1,044,492 | 1,017,213 | ||||||||||
Average PPP loans | 135 | 1,520 | 8,075 | 15,164 | 40,910 | ||||||||||
Net charge-offs (annualized) to average loans | 0.04 | % | 0.04 | % | -0.06 | % | -0.15 | % | 0.12 | % |
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