Altabancorp™ (Nasdaq: ALTA) (the “Company” or “Alta”) reported net
income of $10.3 million for the second quarter of 2020 compared
with $10.8 million for the first quarter of 2020, and $11.0 million
for the second quarter of 2019. Diluted earnings per common
share were $0.55 for the second quarter of 2020 compared with $0.57
for the first quarter of 2020, and $0.58 for the second quarter of
2019.
Annualized return on average assets was 1.52%
for the second quarter of 2020 compared with 1.80% for the first
quarter of 2020, and 1.96% for the second quarter of 2019.
Annualized return on average equity was 12.06% for the second
quarter of 2020 compared with 13.05% for the first quarter of 2020,
and 14.33% for the second quarter of 2019.
The Board of Directors declared a quarterly
dividend payment of $0.13 per common share. The dividend will be
payable on August 17, 2020 to shareholders of record as of August
10, 2020. The dividend payout ratio for earnings for the second
quarter of 2020 was 24%. This continues the over 50-year trend of
paying dividends by the Company.
“As with most businesses, we have been
significantly impacted by the COVID-19 pandemic. Our first
priority has been the safety and stability of our associates and
their families. Next, we directed our attention to our
clients, who were financially impacted by the sudden and
substantial negative economic effects of the pandemic. We
have offered to date payment relief to approximately 435 business
and 108 individual clients on approximately $327 million in
outstanding loan balances,” said Len Williams, President and Chief
Executive Officer of Altabancorp™.
“In addition, we funded $84.6 million in Small
Business Administration (“SBA”) Paycheck Protection Program (“PPP”)
loans to approximately 333 businesses. We will continue to
work together with our clients to ensure that we can provide
financial solutions to assist them on their path to recovery as we
overcome the pandemic.”
Mr. Williams continued, “Our strong balance sheet provides
safety and security to our stakeholders as we work through the
negative effects of the economic shutdown. We believe our
balance sheet strength is reflected in the level of allowance for
credit losses held by us and our strong regulatory capital
position. In addition, our focus to reduce loan
concentrations in our ADC and commercial real estate portfolios and
the tightening of our overall underwriting standards over the past
couple of years will help to mitigate the negative effects the
pandemic may have on our loan portfolio. Lastly, our strong
liquidity position provides us the flexibility to aggressively grow
as the economy recovers.”
Loans and Credit Quality
Loans held for investment declined $13.6
million, or 0.8%, to $1.66 billion at June 30, 2020 compared with
$1.67 billion at June 30, 2019. Quarter-to-date average loans
increased $6.7 million, or 0.40%, to $1.69 billion for both the
three months ended June 30, 2020 and June 30, 2019.
The Company offered temporary loan payment
relief to 435 businesses and 108 individuals totaling approximately
$327 million, or 19.7% of total loans, excluding SBA PPP loans, to
address cash flow challenges for those impacted by the COVID-19
pandemic. Of the $327 million in loans, where the payments
were deferred, 89.54% were on loans that were secured by real
estate with a weighted average loan to value (“LTV”) ratio of
approximately 50%. Loans that the Company has offered
temporary loan payment relief included approximately $88.5 million
that the Company has identified as higher risk business sectors,
including hotels, retail, restaurants and assisted living
centers. The Company expects to reamortize each loan at the
end of the payment deferral period to extend the maturity date
rather than retain the original maturity date with a balloon
payment upon maturity. The Company believes this approach
provides its clients with the short-term payment relief they need
to address the negative cash flow effects resulting from the
pandemic and mitigates unusual large cash outlays after the
deferment.
The Company funded 333 applications from
businesses that participated in the SBA PPP for a total of $84.6
million. The SBA announced that they would begin taking
applications for loan forgiveness on August 10, 2020, at which time
the Company will immediately begin filing such applications.
The allowance for credit losses increased $14.6
million, or 52.23%, to $42.7 million at June 30, 2020 compared with
$28.0 million the same period a year ago. The allowance for
credit losses to loans held for investment was 2.57% (2.71%,
excluding SBA PPP Loans) at June 30, 2020 compared with 1.68% at
June 30, 2019. Remaining accretable discounts on
non-purchased credit deteriorated loans was $2.9 million at June
30, 2020, which provides additional protection.
Non-performing loans decreased to $6.4 million
at June 30, 2020 compared with $8.8 million at December 31,
2019. Non-performing loans to total loans were 0.39% at June
30, 2020 compared with 0.53% at December 31, 2019.
Non-performing assets decreased to $6.4 million at June 30, 2020
compared with $8.8 million at December 31, 2019.
Non-performing assets to total assets were 0.21% at June 30, 2020
compared with 0.37% at December 31, 2019.
Commenting on the credit quality trends, Mr.
Williams said, “While we’re pleased with the positive credit
quality trends we experienced year to date, we do not expect these
trends to continue short-term as both governmental and our bank
relief programs start to wind down in the third quarter. The
severity of the impact to our credit quality trends will depend
upon the length of time that businesses and individuals are
negatively impacted by the COVID-19 pandemic and the timing and
level of recovery that occurs post-pandemic.”
Mr. Williams continued, “The economy for the
State of Utah was performing better than most states and the
national averages going into the pandemic and is experiencing a
more rapid recovery coming out of the pandemic. The
unemployment rate for the nation was 3.5% at February 28, 2020,
rose to 14.7% at April 30, 2020, and recovered to 11.1% at June 30,
2020. The unemployment rate for the State of Utah was 2.5% at
February 28, 2020, rose to 10.4% at April 30, 2020, and recovered
to 5.1% at June 30, 2020, which is the second lowest unemployment
rate of any State in the United States. Nationally, total
jobs increased by 1.6% year-over-year at February 28, 2020, fell to
(13.4)% at April 30, 2020, and has recovered to (8.6)% at June 30,
2020. Total jobs increased year-over-year for the State of
Utah to 2.4% at February 28, 2020, fell to (7.2)% at April 30,
2020, and has recovered to (2.7)% at June 30, 2020. This is
the lowest year-over-year change jobs of any State in the United
States. Despite the negative effects that the pandemic has
had on the overall year-over-year change in jobs in Utah at the end
of the second quarter, construction jobs have actually increased
8.7%, which we believe is a leading indicator of the beginning of
an economic recovery in Utah. We believe that Utah will
continue to outperform other states and the nation as a whole as we
continue to recover from the negative economic effects of the
pandemic.”
Deposits and Liabilities
Total deposits increased $631 million, or
31.86%, to $2.61 billion at June 30, 2020 compared with $1.98
billion at June 30, 2019. Non-interest bearing deposits
increased $278 million, or 39.36%, to $985 million at June 30, 2020
compared with the same period a year earlier, and interest bearing
deposits increased, $353 million, or 27.70%, to $1.63 billion at
June 30, 2020 compared with the same period a year ago.
Non-interest-bearing deposits to total deposits was 37.71% as of
June 30, 2020 compared with 35.68% as of June 30, 2019.
Commenting on the significant increase in
deposits, Mr. Williams said, “The increase in total deposits is
primarily the result of both governmental and bank relief programs,
and businesses and consumers actively conserving cash to try to
counter the negative effects of the shutdown in the economy from
the COVID-19 pandemic. In particular, we have seen that many
of our borrowers, who requested payment deferments, have held on to
their cash that would have otherwise been used to make their
monthly payments, and approximately 15% of borrowers, who requested
a loan deferral, have continued to make their monthly
payment. We anticipate that total deposits will decline
through the remainder of the year as businesses and individuals pay
Federal and state taxes that were postponed by government agencies
to address the pandemic; borrowers begin to make payments again on
loans where payments were deferred; and cash reserves are used by
both businesses and consumers to address any shortfalls in income
resulting from the pandemic.”
Shareholders’ Equity
Shareholders’ equity increased by $37.3 million,
or 11.93%, to $350 million at June 30, 2020 compared with $313
million at June 30, 2019. The increase resulted primarily from net
income earned during the intervening periods; change in accumulated
other comprehensive income resulting from changes in the fair
market value of investment securities available for sale, offset by
cash dividends paid to shareholders.
Leverage capital ratio was 11.68% at June 30,
2020 compared with 12.78% at June 30, 2019. Total risk-based
capital ratio was 19.20% at June 30, 2020 compared with 17.24% at
June 30, 2019. The Company’s leverage capital ratio was
impacted by the significant increase in total assets resulting from
the increase in total deposits, while the Company’s total
risk-based capital was not similarly affected as the funds received
from the increase in deposits were held in low risk-weighted cash
and investment securities.
Net Interest Income and
Margin
For the three months ended June 30, 2020, net
interest income decreased $1.9 million, or 6.97%, to $25.8 million
compared with $27.7 million for the same period a year
earlier. The decrease is primarily the result of net interest
margins narrowing 128 basis points to 3.96% for the same comparable
periods offset by average interest earning assets increasing $494
million, or 23.30%, to $2.6 billion for the same comparable
periods. The narrowing of net interest margins is primarily
the result of the Federal Reserve reducing benchmark rates to
almost zero and an increase in the average amount of lower yielding
cash and investment securities held by the Company stemming from
average core deposits increasing $232 million, or 18.24%, for the
same respective periods. The percentage of average loans to
total average interest earning assets decreased to 64.75% for the
three months ended June 30, 2020 compared with 79.52% for the same
period a year earlier.
Yields on interest earning assets declined 147
basis points to 4.21% for the three months ended June 30, 2020
compared with 5.68% for the same period a year earlier. The
decline in yields on interest earning assets is primarily the
result of the average amount of cash and investment securities held
by the Company increasing $487 million, or 112.79%, to $919 million
for the same comparable periods with the yield on cash and
securities decreasing 59 basis points to 1.63% for the same
comparable periods.
In addition, the yield on loans declined 96
basis points for the same comparable periods and average loans
outstanding increased $6.7 million, or 0.40%, to $1.69 billion for
the same comparable periods. Yields on loans were negatively
impacted by the lower yield on SBA PPP loans. For the three
months ended June 30, 2020, the yield on SBA PPP loans was 2.77%,
including the amortization of deferred fees and costs recognized
over the contractual term of the loans. The Company expects
that the yield on SBA PPP loans will increase as it begins the
process of loan forgiveness with the SBA.
For the three months ended June 30, 2020, total
cost of interest bearing liabilities decreased 31 basis points to
0.43% compared with 0.74% for the same period a year earlier, and
is the result of the cost of interest bearing deposits decreasing
31 basis points to 0.43% compared with 0.74% for the same period a
year ago. For the three months ended June 30, 2020, the total
cost of funds decreased 22 basis points to 0.27% compared with
0.49% for the same period a year ago.
For the three months ended June 30, 2020,
acquisition accounting adjustments, including the accretion of loan
discounts and fair value amortization on time deposits, added 5
basis points to net interest margin.
For the six months ended June 30, 2020, net
interest income decreased $1.6 million, or 2.96%, to $53.0 million
compared with $54.6 million for the same period a year
earlier. The decrease is primarily the result of the
narrowing of net interest margins resulting from the Federal
Reserve reducing benchmark rates to almost zero and an increase in
the average amount of lower yielding cash and investment securities
held by the Company stemming from average core deposits increasing
$178 million, or 14.22%, for the same respective periods. The
percentage of average loans to total average interest earning
assets decreased to 68.82% for the six months ended June 30, 2020
compared with 80.37% for the same period a year earlier. This
decrease was offset by average interest earning assets increasing
$358 million, or 17.13%, to $2.5 billion for the same comparable
periods.
Yields on interest earning assets declined 105
basis points to 4.66% for the six months ended June 30, 2020
compared with 5.71% for the same period a year earlier. The
decline in yields on interest earning assets is primarily the
result of the average amount of cash and investment securities held
by the Company increasing $353 million, or 86.58%, to $761 million
for the same comparable periods with the yield on cash and
securities decreasing 35 basis points to 1.89% for the same
comparable periods. In addition, the yield on loans declined
64 basis points for the same comparable periods and average loans
outstanding increased $5.2 million, or 0.31%, to $1.69 billion for
the same comparable periods.
For the six months ended June 30, 2020, total
cost of interest bearing liabilities decreased 21 basis points to
0.53% compared with 0.74% for the same period a year earlier, and
is the result of the cost of interest bearing deposits decreasing
20 basis points to 0.53% compared with 0.73% for the same period a
year ago. For the six months ended June 30, 2020, the total
cost of funds decreased 15 basis points to 0.34% compared with
0.49% for the same period a year ago.
For the six months ended June 30, 2020,
acquisition accounting adjustments, including the accretion of loan
discounts and fair value amortization on time deposits, added 10
basis points to net interest margin.
The Company expects its net interest income and
net interest margins to continue to be adversely impacted in future
periods because of the Federal Reserve lowering benchmark rates to
near zero and the current asset mix of the Company’s balance
sheet. The amount of the impact is dependent upon the length
in time that the Federal Reserve holds benchmark rates to near
zero, and the amount of time the Company holds a higher percentage
of low yielding cash and investment securities.
Provision for Credit Losses
For the three months ended June 30, 2020,
provision for credit losses was $2.1 million compared with $2.2
million for the same period a year earlier. For the three
months ended June 30, 2020, the Company incurred net charge-offs of
$0.7 million compared with net charge-offs less than $0.1 million
for the same period a year ago. The decrease in provision for
credit losses in the three months ended June 30, 2020 is due
primarily to no loan growth quarter-over-quarter offset by higher
charge-offs in the second quarter.
For the six months ended June 30, 2020,
provision for credit losses was $2.8 million compared with $3.7
million for the same period a year earlier. For the six
months ended June 30, 2020, the Company incurred net charge-offs of
$1.0 million compared with net charge-offs of $0.9 million for the
same period a year ago. The decrease in provision for credit
losses in the six months ended June 30, 2020 is due primarily to a
decrease of reserves on individually evaluated loans and no loan
growth during the six months ended June 30, 2020.
Noninterest Income
For the three months ended June 30, 2020,
noninterest income increased $2.5 million, or 69.98%, to $6.1
million compared with $3.6 million the same period a year
ago. The increase was primarily due to a $1.4 million
increase in mortgage banking income resulting from higher loan
volume of refinanced mortgages, which was driven by a lower
interest rate environment for the same comparable periods.
Total loans sold increased $27.9 million, or 58.37%, to $75.7
million for the three months ended June 30, 2020, compared with
$47.8 million for the same period a year earlier. In
addition, the Company recorded a $1.4 million gain on sale of
investment securities in the second quarter of 2020 as it sold $48
million of securities to re-balance its investment securities
portfolio.
For the six months ended June 30, 2020,
noninterest income increased $2.9 million, or 42.12%, to $9.9
million compared with $6.9 million the same period a year
ago. The increase was primarily due to a $1.7 million
increase in mortgage banking income resulting from higher loan
volume of refinanced mortgages, which was driven by a lower
interest rate environment for the same comparable periods and gains
on sale of investment securities. Total loans sold increased
$34.9 million, or 38.31%, to $126 million for the six months ended
June 30, 2020, compared with $91.1 million for the same period a
year ago.
Noninterest Expense
For the three months ended June 30, 2020,
noninterest expense was $16.3 million compared with $14.7 million
for the same period a year earlier. For the three months
ended June 30, 2020, the Company’s efficiency ratio was 51.01%
compared with 46.93% for the same period a year ago.
The increase in noninterest expense for the
three months ended June 30, 2020 was primarily the result of higher
salaries and employee benefits resulting from higher incentive
payments made primarily to mortgage loan officers, higher data
processing costs and higher marketing and advertising costs.
These higher amounts were partially offset by lower occupancy,
equipment and depreciation costs.
For the six months ended June 30, 2020,
noninterest expense was $32.4 million compared with $29.6 million
for the same period a year earlier. For the six months ended
June 30, 2020, the Company’s efficiency ratio was 51.60% compared
with 48.11% for the same period a year ago.
The increase in noninterest expense for the six
months ended June 30, 2020 was primarily the result of higher
salaries and employee benefits resulting from higher incentive
payments made primarily to mortgage loan officers, higher data
processing costs and higher marketing and advertising costs.
These higher amounts were partially offset by lower occupancy,
equipment and depreciation costs.
“As we look forward, we anticipate that net
interest margins will remain narrow, given the Federal Reserve’s
outlook that interest rates will remain near zero through at least
2022,” said Mark Olson, Chief Financial Officer for
Altabancorp™. “As a result, we are reviewing our overall
costs to determine how we can operate our platform more efficiently
and effectively, while retaining our high-touch client
experience. We anticipate making changes over the next
several quarters to improve our operating leverage.”
Income Tax Provision
For the three months ended June 30, 2020, income
tax expense was $3.2 million compared with $3.5 million for the
same period a year earlier. For the three months ended June
30, 2020, the effective tax rate was 23.59% compared with 24.05%
for the same period a year ago.
For the six months ended June 30, 2020, income
tax expense was $6.6 million compared with $6.8 million for the
same period a year earlier. For the six months ended June 30,
2020, the effective tax rate was 23.73% compared with 23.91% for
the same period a year ago.
Conference Call and Webcast
Management will host a conference call on
Thursday, July 30, 2020 at 10:00 a.m. MDT (12:00 p.m. EDT) to
discuss its financial performance. Interested investors may
listen to the call live at www.altabancorp.com. Investment
professionals are invited to dial 888-317-6003 (international calls
412-317-6061) and the participant entry number is 7989407. Please
dial in 10-15 minutes early so the name and company information may
be collected prior to the start of the conference.
If you are unable to participate during the live
webcast, the call will be archived on our website
www.altabancorp.com or at the same URL for one month after the
call. Forward-looking and other material information may be
discussed on this conference call.
Forward-Looking Statements
This press release may contain certain
forward-looking statements that are based on management's current
expectations regarding the Company’s financial performance.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
include the words “believe,” “expect,” “intend,” “estimate” or
words of similar meaning, or future or conditional verbs such as
“will,” “would,” “should,” “could” or “may.” Factors that could
cause future results to vary materially from current management
expectations include, but are not limited to, the duration and
impact of the COVID-19 pandemic, natural disasters, general
economic conditions, economic uncertainty in the United States,
changes in interest rates, deposit flows, real estate values, costs
or effects of acquisitions, competition, changes in accounting
principles, policies or guidelines, legislation or regulation, and
other economic, competitive, governmental, regulatory and
technological factors (including external fraud and cybersecurity
threats) affecting the Company's operations, pricing, products and
services. These and other important factors are detailed in its
Form 10-K and various securities law filings made periodically by
the Company, copies of which are available from the Company’s
website. The Company undertakes no obligation to release
publicly the result of any revisions to these forward-looking
statements that may be made to reflect events or circumstances
after the date of this press release or to reflect the occurrence
of unanticipated events, except as required by law.
About
Altabancorp™
Altabancorp™ (Nasdaq: ALTA) is the bank holding
company for Altabank™, a full-service bank, providing loans,
deposit and cash management services to businesses and individuals
through 26 branch locations from Preston, Idaho to St. George,
Utah. Altabank™ is the largest community bank in Utah. Our clients
have direct access to bankers and decision-makers who work with
clients to understand their specific needs and offer customized
financial solutions. Altabank™ has been serving communities in Utah
and southern Idaho for more than 100 years. More information
about Altabank™ is available at www.altabank.com. More
information about Altabancorp™ is available at
www.altabancorp.com.
Investor Relations Contact
Mark K. OlsonExecutive Vice President and Chief
Financial OfficerAltabancorp™1 East Main StreetAmerican Fork UT
84003investorrelations@altabancorp.comPhone: 801-642-3998
ALTABANCORP™UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
|
|
Three Months Ended |
|
|
Six Months Ended |
|
(Dollars in thousands,
except share |
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
and per share amounts) |
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
23,649 |
|
|
$ |
25,925 |
|
|
$ |
27,628 |
|
|
$ |
49,574 |
|
|
$ |
54,608 |
|
Interest and dividends on investments |
|
|
3,753 |
|
|
|
3,459 |
|
|
|
2,422 |
|
|
|
7,212 |
|
|
|
4,594 |
|
Total interest income |
|
|
27,402 |
|
|
|
29,384 |
|
|
|
30,050 |
|
|
|
56,786 |
|
|
|
59,202 |
|
Interest
expense |
|
|
1,613 |
|
|
|
2,163 |
|
|
|
2,330 |
|
|
|
3,776 |
|
|
|
4,575 |
|
Net interest
income |
|
|
25,789 |
|
|
|
27,221 |
|
|
|
27,720 |
|
|
|
53,010 |
|
|
|
54,627 |
|
Provision for credit losses |
|
|
2,100 |
|
|
|
650 |
|
|
|
2,150 |
|
|
|
2,750 |
|
|
|
3,700 |
|
Net interest income after provision for loan losses |
|
|
23,689 |
|
|
|
26,571 |
|
|
|
25,570 |
|
|
|
50,260 |
|
|
|
50,927 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking |
|
|
3,036 |
|
|
|
1,710 |
|
|
|
1,621 |
|
|
|
4,746 |
|
|
|
3,038 |
|
Card processing |
|
|
917 |
|
|
|
707 |
|
|
|
814 |
|
|
|
1,624 |
|
|
|
1,429 |
|
Service charges on deposit accounts |
|
|
763 |
|
|
|
780 |
|
|
|
705 |
|
|
|
1,543 |
|
|
|
1,362 |
|
Net gain on sale of investment securities |
|
|
1,441 |
|
|
|
- |
|
|
|
- |
|
|
|
1,441 |
|
|
|
- |
|
Other |
|
|
(41 |
) |
|
|
543 |
|
|
|
458 |
|
|
|
502 |
|
|
|
1,106 |
|
Total non-interest income |
|
|
6,116 |
|
|
|
3,740 |
|
|
|
3,598 |
|
|
|
9,856 |
|
|
|
6,935 |
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
10,786 |
|
|
|
10,844 |
|
|
|
9,526 |
|
|
|
21,630 |
|
|
|
19,412 |
|
Occupancy, equipment and depreciation |
|
|
831 |
|
|
|
1,539 |
|
|
|
1,558 |
|
|
|
2,370 |
|
|
|
3,014 |
|
Data processing |
|
|
2,383 |
|
|
|
1,136 |
|
|
|
1,018 |
|
|
|
3,519 |
|
|
|
1,982 |
|
Marketing and advertising |
|
|
339 |
|
|
|
432 |
|
|
|
226 |
|
|
|
771 |
|
|
|
342 |
|
FDIC premiums |
|
|
165 |
|
|
|
- |
|
|
|
148 |
|
|
|
165 |
|
|
|
238 |
|
Other |
|
|
1,771 |
|
|
|
2,210 |
|
|
|
2,223 |
|
|
|
3,981 |
|
|
|
4,627 |
|
Total non-interest expense |
|
|
16,275 |
|
|
|
16,161 |
|
|
|
14,699 |
|
|
|
32,436 |
|
|
|
29,615 |
|
Income before income
tax expense |
|
|
13,530 |
|
|
|
14,150 |
|
|
|
14,469 |
|
|
|
27,680 |
|
|
|
28,247 |
|
Income tax expense |
|
|
3,192 |
|
|
|
3,377 |
|
|
|
3,480 |
|
|
|
6,569 |
|
|
|
6,753 |
|
Net
income |
|
$ |
10,338 |
|
|
$ |
10,773 |
|
|
$ |
10,989 |
|
|
$ |
21,111 |
|
|
$ |
21,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.55 |
|
|
$ |
0.57 |
|
|
$ |
0.58 |
|
|
$ |
1.12 |
|
|
$ |
1.14 |
|
Diluted |
|
$ |
0.55 |
|
|
$ |
0.57 |
|
|
$ |
0.58 |
|
|
$ |
1.11 |
|
|
$ |
1.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
18,789,561 |
|
|
|
18,884,857 |
|
|
|
18,805,760 |
|
|
|
18,837,209 |
|
|
|
18,793,553 |
|
Diluted |
|
|
18,932,511 |
|
|
|
19,038,127 |
|
|
|
19,007,297 |
|
|
|
18,985,319 |
|
|
|
18,998,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALTABANCORP™UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
June 30, |
|
(Dollars in thousands, except share amounts) |
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
47,088 |
|
|
$ |
36,203 |
|
|
$ |
38,987 |
|
|
$ |
38,121 |
|
Interest-bearing deposits |
|
|
275,920 |
|
|
|
120,176 |
|
|
|
171,955 |
|
|
|
64,064 |
|
Federal funds sold |
|
|
829 |
|
|
|
1,248 |
|
|
|
1,039 |
|
|
|
90,281 |
|
Total cash and cash equivalents |
|
|
323,837 |
|
|
|
157,627 |
|
|
|
211,981 |
|
|
|
192,466 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale, at fair value |
|
|
973,457 |
|
|
|
577,000 |
|
|
|
405,995 |
|
|
|
334,762 |
|
Non-marketable equity
securities |
|
|
2,890 |
|
|
|
2,890 |
|
|
|
2,623 |
|
|
|
2,623 |
|
Loans held for sale |
|
|
29,264 |
|
|
|
21,572 |
|
|
|
18,669 |
|
|
|
18,446 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment |
|
|
1,659,018 |
|
|
|
1,642,516 |
|
|
|
1,680,918 |
|
|
|
1,672,584 |
|
Allowance for credit losses |
|
|
(42,683 |
) |
|
|
(41,253 |
) |
|
|
(31,426 |
) |
|
|
(28,039 |
) |
Total loans held for investment, net |
|
|
1,616,335 |
|
|
|
1,601,263 |
|
|
|
1,649,492 |
|
|
|
1,644,545 |
|
Premises and equipment,
net |
|
|
38,673 |
|
|
|
39,492 |
|
|
|
39,474 |
|
|
|
37,925 |
|
Goodwill |
|
|
25,673 |
|
|
|
25,673 |
|
|
|
25,673 |
|
|
|
25,673 |
|
Bank-owned life insurance |
|
|
27,330 |
|
|
|
27,184 |
|
|
|
27,037 |
|
|
|
26,734 |
|
Deferred income tax
assets |
|
|
8,586 |
|
|
|
8,003 |
|
|
|
9,716 |
|
|
|
9,178 |
|
Accrued interest
receivable |
|
|
11,682 |
|
|
|
8,464 |
|
|
|
7,904 |
|
|
|
8,642 |
|
Other intangibles |
|
|
2,749 |
|
|
|
2,859 |
|
|
|
2,970 |
|
|
|
3,191 |
|
Other real estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other assets |
|
|
5,169 |
|
|
|
4,985 |
|
|
|
4,800 |
|
|
|
7,680 |
|
Total assets |
|
$ |
3,065,645 |
|
|
$ |
2,477,012 |
|
|
$ |
2,406,334 |
|
|
$ |
2,311,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
$ |
985,455 |
|
|
$ |
737,001 |
|
|
$ |
719,410 |
|
|
$ |
707,135 |
|
Interest-bearing deposits |
|
|
1,627,884 |
|
|
|
1,385,017 |
|
|
|
1,336,957 |
|
|
|
1,274,771 |
|
Total deposits |
|
|
2,613,339 |
|
|
|
2,122,018 |
|
|
|
2,056,367 |
|
|
|
1,981,906 |
|
Short-term borrowings |
|
|
83,490 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Accrued interest payable |
|
|
408 |
|
|
|
503 |
|
|
|
546 |
|
|
|
546 |
|
Other liabilities |
|
|
18,278 |
|
|
|
14,354 |
|
|
|
17,059 |
|
|
|
16,614 |
|
Total liabilities |
|
|
2,715,515 |
|
|
|
2,136,875 |
|
|
|
2,073,972 |
|
|
|
1,999,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares, $0.01 par value |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common shares, $0.01 par value |
|
|
188 |
|
|
|
188 |
|
|
|
189 |
|
|
|
188 |
|
Additional paid-in capital |
|
|
86,721 |
|
|
|
86,318 |
|
|
|
87,913 |
|
|
|
87,275 |
|
Retained earnings |
|
|
252,032 |
|
|
|
244,325 |
|
|
|
242,878 |
|
|
|
224,950 |
|
Accumulated other comprehensive income/(loss) |
|
|
11,189 |
|
|
|
9,306 |
|
|
|
1,382 |
|
|
|
386 |
|
Total shareholders’ equity |
|
|
350,130 |
|
|
|
340,137 |
|
|
|
332,362 |
|
|
|
312,799 |
|
Total liabilities and shareholders’ equity |
|
$ |
3,065,645 |
|
|
$ |
2,477,012 |
|
|
$ |
2,406,334 |
|
|
$ |
2,311,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
18,793,217 |
|
|
|
18,787,810 |
|
|
|
18,870,498 |
|
|
|
18,819,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALTABANCORP™SUMMARY
FINANCIAL INFORMATION
|
|
|
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
June 30, |
|
(Dollars in thousands, except share amounts) |
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
Selected Balance Sheet Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
18.63 |
|
|
$ |
18.10 |
|
|
$ |
17.61 |
|
|
$ |
16.62 |
|
Tangible book value per
share |
|
$ |
17.12 |
|
|
$ |
16.59 |
|
|
$ |
16.09 |
|
|
$ |
15.09 |
|
Non-performing loans to total
loans |
|
|
0.39 |
% |
|
|
0.41 |
% |
|
|
0.53 |
% |
|
|
0.31 |
% |
Non-performing assets to total
assets |
|
|
0.21 |
% |
|
|
0.27 |
% |
|
|
0.37 |
% |
|
|
0.22 |
% |
Allowance for credit losses to
loans held for investment |
|
|
2.57 |
% |
|
|
2.51 |
% |
|
|
1.87 |
% |
|
|
1.68 |
% |
Loans to deposits |
|
|
62.97 |
% |
|
|
76.48 |
% |
|
|
81.12 |
% |
|
|
83.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
$ |
6,388 |
|
|
$ |
6,590 |
|
|
$ |
8,814 |
|
|
$ |
5,104 |
|
Non-performing assets |
|
$ |
6,388 |
|
|
$ |
6,590 |
|
|
$ |
8,814 |
|
|
$ |
5,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital
(1) |
|
|
11.68 |
% |
|
|
12.74 |
% |
|
|
12.67 |
% |
|
|
12.78 |
% |
Total risk-based capital
(1) |
|
|
19.20 |
% |
|
|
18.62 |
% |
|
|
18.43 |
% |
|
|
17.24 |
% |
Average equity to average
assets |
|
|
12.57 |
% |
|
|
13.82 |
% |
|
|
13.63 |
% |
|
|
13.69 |
% |
Tangible common equity to
tangible assets (2) |
|
|
10.59 |
% |
|
|
12.73 |
% |
|
|
12.77 |
% |
|
|
12.44 |
% |
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Selected Financial Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.55 |
|
|
$ |
0.57 |
|
|
$ |
0.58 |
|
|
$ |
1.12 |
|
|
$ |
1.14 |
|
Diluted earnings per
share |
|
$ |
0.55 |
|
|
$ |
0.57 |
|
|
$ |
0.58 |
|
|
$ |
1.11 |
|
|
$ |
1.13 |
|
Net interest margin (3) |
|
|
3.96 |
% |
|
|
4.79 |
% |
|
|
5.24 |
% |
|
|
4.35 |
% |
|
|
5.27 |
% |
Efficiency ratio |
|
|
51.01 |
% |
|
|
52.20 |
% |
|
|
46.93 |
% |
|
|
51.60 |
% |
|
|
48.11 |
% |
Non-interest income to average
assets |
|
|
0.90 |
% |
|
|
0.63 |
% |
|
|
0.64 |
% |
|
|
0.77 |
% |
|
|
0.63 |
% |
Non-interest expense to
average assets |
|
|
2.39 |
% |
|
|
2.71 |
% |
|
|
2.63 |
% |
|
|
2.54 |
% |
|
|
2.69 |
% |
Annualized return on average
assets |
|
|
1.52 |
% |
|
|
1.80 |
% |
|
|
1.96 |
% |
|
|
1.65 |
% |
|
|
1.96 |
% |
Annualized return on average
equity |
|
|
12.06 |
% |
|
|
13.05 |
% |
|
|
14.33 |
% |
|
|
12.55 |
% |
|
|
14.35 |
% |
Net charge-offs |
|
$ |
670 |
|
|
$ |
289 |
|
|
$ |
34 |
|
|
$ |
959 |
|
|
$ |
906 |
|
Annualized net charge-offs to
average loans |
|
|
0.16 |
% |
|
|
0.07 |
% |
|
|
0.01 |
% |
|
|
0.11 |
% |
|
|
0.11 |
% |
________________________________(1) Tier 1 leverage
capital and Total risk-based capital as of June 30, 2020 are
estimates.(2) Represents the sum of total shareholders’
equity less intangible assets all divided by the sum of total
assets less intangible assets. Intangible assets were $28.4
million, $28.5 million, $28.6 million, and $28.9 million at June
30, 2020, March 31, 2020, December 31, 2019, and June 30, 2019,
respectively. (3) Net interest margin is defined as net
interest income divided by average earning assets.
ALTABANCORP™SELECTED
AVERAGE BALANCES AND YIELDS
|
|
Three Months Ended |
|
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
|
|
|
|
|
Interest |
|
|
Average |
|
|
|
|
|
|
Interest |
|
|
Average |
|
|
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
(Dollars in thousands, except footnotes) |
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
Balance |
|
|
Expense |
|
|
Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits in other banks and federal funds
sold |
|
$ |
228,032 |
|
|
$ |
52 |
|
|
|
0.09 |
% |
|
$ |
88,654 |
|
|
$ |
511 |
|
|
|
2.31 |
% |
Securities: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
645,720 |
|
|
|
3,452 |
|
|
|
2.15 |
% |
|
|
276,993 |
|
|
|
1,572 |
|
|
|
2.28 |
% |
Non-taxable securities (2) |
|
|
45,670 |
|
|
|
229 |
|
|
|
2.02 |
% |
|
|
66,425 |
|
|
|
312 |
|
|
|
1.88 |
% |
Total securities |
|
|
691,390 |
|
|
|
3,681 |
|
|
|
2.14 |
% |
|
|
343,418 |
|
|
|
1,884 |
|
|
|
2.20 |
% |
Loans (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate term |
|
|
945,680 |
|
|
|
13,165 |
|
|
|
5.60 |
% |
|
|
902,214 |
|
|
|
13,447 |
|
|
|
5.98 |
% |
Construction and land development |
|
|
257,561 |
|
|
|
4,157 |
|
|
|
6.49 |
% |
|
|
313,412 |
|
|
|
6,304 |
|
|
|
8.07 |
% |
Commercial and industrial |
|
|
303,809 |
|
|
|
3,885 |
|
|
|
5.14 |
% |
|
|
294,488 |
|
|
|
5,255 |
|
|
|
7.16 |
% |
Residential and home equity |
|
|
175,837 |
|
|
|
2,235 |
|
|
|
5.11 |
% |
|
|
161,299 |
|
|
|
2,371 |
|
|
|
5.89 |
% |
Consumer and other |
|
|
11,306 |
|
|
|
207 |
|
|
|
7.38 |
% |
|
|
16,039 |
|
|
|
251 |
|
|
|
6.27 |
% |
Total loans |
|
|
1,694,193 |
|
|
|
23,649 |
|
|
|
5.61 |
% |
|
|
1,687,452 |
|
|
|
27,628 |
|
|
|
6.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-marketable equity securities |
|
|
2,890 |
|
|
|
20 |
|
|
|
2.79 |
% |
|
|
2,624 |
|
|
|
27 |
|
|
|
4.07 |
% |
Total interest-earning assets |
|
|
2,616,505 |
|
|
|
27,402 |
|
|
|
4.21 |
% |
|
|
2,122,148 |
|
|
|
30,050 |
|
|
|
5.68 |
% |
Allowance for credit losses |
|
|
(42,213 |
) |
|
|
|
|
|
|
|
|
|
|
(26,008 |
) |
|
|
|
|
|
|
|
|
Non-interest earning assets |
|
|
167,969 |
|
|
|
|
|
|
|
|
|
|
|
149,431 |
|
|
|
|
|
|
|
|
|
Total average
assets |
|
$ |
2,742,261 |
|
|
|
|
|
|
|
|
|
|
$ |
2,245,571 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and savings accounts |
|
$ |
911,270 |
|
|
|
539 |
|
|
|
0.24 |
% |
|
$ |
815,687 |
|
|
|
1,034 |
|
|
|
0.51 |
% |
Money market accounts |
|
|
416,458 |
|
|
|
505 |
|
|
|
0.49 |
% |
|
|
274,667 |
|
|
|
677 |
|
|
|
0.99 |
% |
Certificates of deposit |
|
|
173,383 |
|
|
|
569 |
|
|
|
1.32 |
% |
|
|
179,241 |
|
|
|
619 |
|
|
|
1.39 |
% |
Total interest-bearing deposits |
|
|
1,501,111 |
|
|
|
1,613 |
|
|
|
0.43 |
% |
|
|
1,269,595 |
|
|
|
2,330 |
|
|
|
0.74 |
% |
Short-term borrowings |
|
|
24,410 |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
- |
|
|
|
- |
|
|
|
0.00 |
% |
Total interest-bearing liabilities |
|
|
1,525,521 |
|
|
|
1,613 |
|
|
|
0.43 |
% |
|
|
1,269,595 |
|
|
|
2,330 |
|
|
|
0.74 |
% |
Non-interest bearing deposits |
|
|
858,566 |
|
|
|
|
|
|
|
|
|
|
|
650,836 |
|
|
|
|
|
|
|
|
|
Total funding |
|
|
2,384,087 |
|
|
|
1,613 |
|
|
|
0.27 |
% |
|
|
1,920,431 |
|
|
|
2,330 |
|
|
|
0.49 |
% |
Other non-interest bearing liabilities |
|
|
13,490 |
|
|
|
|
|
|
|
|
|
|
|
17,610 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
344,684 |
|
|
|
|
|
|
|
|
|
|
|
307,530 |
|
|
|
|
|
|
|
|
|
Total average
liabilities and shareholders’ equity |
|
$ |
2,742,261 |
|
|
|
|
|
|
|
|
|
|
$ |
2,245,571 |
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
|
|
$ |
25,789 |
|
|
|
|
|
|
|
|
|
|
$ |
27,720 |
|
|
|
|
|
Interest rate
spread |
|
|
|
|
|
|
|
|
|
|
3.79 |
% |
|
|
|
|
|
|
|
|
|
|
4.94 |
% |
Net interest
margin |
|
|
|
|
|
|
|
|
|
|
3.96 |
% |
|
|
|
|
|
|
|
|
|
|
5.24 |
% |
________________________________(1) Excludes average
unrealized gains (losses) of $11.5 million and ($2.7) million for
the three months ended June 30, 2020 and 2019,
respectively.(2) Does not include tax effect on
tax-exempt investment security income of $76,000 and $104,000 for
the three months ended June 30, 2020 and 2019,
respectively.(3) Loan interest income includes loan fees
of $1.7 million and $1.8 million for the three months ended June
30, 2020 and 2019, respectively.
ALTABANCORP™SELECTED
AVERAGE BALANCES AND YIELDS
|
|
Six Months Ended |
|
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
|
|
|
|
|
Interest |
|
|
Average |
|
|
|
|
|
|
Interest |
|
|
Average |
|
|
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
|
Average |
|
|
Income/ |
|
|
Yield/ |
|
(Dollars in thousands, except footnotes) |
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
Balance |
|
|
Expense |
|
|
Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits in other banks and federal funds
sold |
|
$ |
165,566 |
|
|
$ |
368 |
|
|
|
0.45 |
% |
|
$ |
63,016 |
|
|
$ |
730 |
|
|
|
2.33 |
% |
Securities: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
|
547,457 |
|
|
|
6,320 |
|
|
|
2.32 |
% |
|
|
276,948 |
|
|
|
3,176 |
|
|
|
2.31 |
% |
Non-taxable securities (2) |
|
|
48,093 |
|
|
|
482 |
|
|
|
2.02 |
% |
|
|
67,965 |
|
|
|
634 |
|
|
|
1.88 |
% |
Total securities |
|
|
595,550 |
|
|
|
6,802 |
|
|
|
2.30 |
% |
|
|
344,913 |
|
|
|
3,810 |
|
|
|
2.23 |
% |
Loans (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate term |
|
|
940,716 |
|
|
|
26,632 |
|
|
|
5.69 |
% |
|
|
895,700 |
|
|
|
26,494 |
|
|
|
5.96 |
% |
Construction and land development |
|
|
267,641 |
|
|
|
9,181 |
|
|
|
6.90 |
% |
|
|
314,604 |
|
|
|
12,535 |
|
|
|
8.04 |
% |
Commercial and industrial |
|
|
291,543 |
|
|
|
8,791 |
|
|
|
6.06 |
% |
|
|
295,668 |
|
|
|
10,383 |
|
|
|
7.08 |
% |
Residential and home equity |
|
|
173,302 |
|
|
|
4,521 |
|
|
|
5.25 |
% |
|
|
158,813 |
|
|
|
4,687 |
|
|
|
5.95 |
% |
Consumer and other |
|
|
13,208 |
|
|
|
449 |
|
|
|
6.84 |
% |
|
|
16,404 |
|
|
|
509 |
|
|
|
6.25 |
% |
Total loans |
|
|
1,686,410 |
|
|
|
49,574 |
|
|
|
5.91 |
% |
|
|
1,681,189 |
|
|
|
54,608 |
|
|
|
6.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-marketable equity securities |
|
|
2,764 |
|
|
|
42 |
|
|
|
3.04 |
% |
|
|
2,785 |
|
|
|
54 |
|
|
|
3.90 |
% |
Total interest-earning assets |
|
|
2,450,290 |
|
|
|
56,786 |
|
|
|
4.66 |
% |
|
|
2,091,903 |
|
|
|
59,202 |
|
|
|
5.71 |
% |
Allowance for loan losses |
|
|
(42,174 |
) |
|
|
|
|
|
|
|
|
|
|
(25,907 |
) |
|
|
|
|
|
|
|
|
Non-interest earning assets |
|
|
163,773 |
|
|
|
|
|
|
|
|
|
|
|
150,474 |
|
|
|
|
|
|
|
|
|
Total average
assets |
|
$ |
2,571,889 |
|
|
|
|
|
|
|
|
|
|
$ |
2,216,470 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and savings accounts |
|
$ |
871,676 |
|
|
|
1,318 |
|
|
|
0.30 |
% |
|
$ |
807,043 |
|
|
|
2,027 |
|
|
|
0.51 |
% |
Money market accounts |
|
|
384,289 |
|
|
|
1,316 |
|
|
|
0.69 |
% |
|
|
262,171 |
|
|
|
1,281 |
|
|
|
0.99 |
% |
Certificates of deposit |
|
|
171,525 |
|
|
|
1,142 |
|
|
|
1.34 |
% |
|
|
180,586 |
|
|
|
1,203 |
|
|
|
1.34 |
% |
Total interest-bearing deposits |
|
|
1,427,490 |
|
|
|
3,776 |
|
|
|
0.53 |
% |
|
|
1,249,800 |
|
|
|
4,511 |
|
|
|
0.73 |
% |
Short-term borrowings |
|
|
12,205 |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
4,879 |
|
|
|
64 |
|
|
|
2.63 |
% |
Total interest-bearing liabilities |
|
|
1,439,695 |
|
|
|
3,776 |
|
|
|
0.53 |
% |
|
|
1,254,679 |
|
|
|
4,575 |
|
|
|
0.74 |
% |
Non-interest bearing deposits |
|
|
779,173 |
|
|
|
|
|
|
|
|
|
|
|
643,642 |
|
|
|
|
|
|
|
|
|
Total funding |
|
|
2,218,868 |
|
|
|
3,776 |
|
|
|
0.34 |
% |
|
|
1,898,321 |
|
|
|
4,575 |
|
|
|
0.49 |
% |
Other non-interest bearing liabilities |
|
|
14,684 |
|
|
|
|
|
|
|
|
|
|
|
16,173 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
338,337 |
|
|
|
|
|
|
|
|
|
|
|
301,976 |
|
|
|
|
|
|
|
|
|
Total average
liabilities and shareholders’
equity |
|
$ |
2,571,889 |
|
|
|
|
|
|
|
|
|
|
$ |
2,216,470 |
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
|
|
$ |
53,010 |
|
|
|
|
|
|
|
|
|
|
$ |
54,627 |
|
|
|
|
|
Interest rate
spread |
|
|
|
|
|
|
|
|
|
|
4.13 |
% |
|
|
|
|
|
|
|
|
|
|
4.97 |
% |
Net interest
margin |
|
|
|
|
|
|
|
|
|
|
4.35 |
% |
|
|
|
|
|
|
|
|
|
|
5.27 |
% |
________________________________(1) Excludes average
unrealized gains (losses) of $7.3 million and ($3.9) million for
the six months ended June 30, 2020 and 2019,
respectively.(2) Does not include tax effect on
tax-exempt investment security income of $161,000 and $211,000 for
the six months ended June 30, 2020 and 2019,
respectively.(3) Loan interest income includes loan fees
of $3.2 million for both six months ended June 30, 2020 and
2019.
AltaBancorp (NASDAQ:ALTA)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
AltaBancorp (NASDAQ:ALTA)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024