Net Income Per Diluted Common Share of
$0.69, Up 91.7% Compared to Q3 2019 Net Interest Margin of
4.54%/Assets exceed $3.0 billion
Reliant Bancorp, Inc. (“Reliant Bancorp” or the “Company”)
(Nasdaq: RBNC), parent company of Reliant Bank (“Reliant” or the
“Bank”), reported net income attributable to common shareholders of
$11.5 million, or $0.69 per diluted common share, for the third
quarter of 2020 compared to net income attributable to common
shareholders of $4.0 million, or $0.36 per diluted common share,
for the third quarter of 2019. Excluding the impact of merger
related income and expenses, adjusted net income per diluted common
share increased 16.7% from the second quarter of 2020 and 84.2%
from the third quarter of 2019.
DeVan Ard Jr., Reliant Bancorp's Chairman and CEO stated, “I am
very proud of the value our team has been able to build for
shareholders and the service they have provided to our community
despite the many economic and operating challenges presented by the
COVID-19 pandemic. Third quarter 2020 net interest income increased
1.9% over the second quarter of 2020 as improvement in our funding
costs offset a modest drop in loan yields. Gross loans grew
organically at a 1.8% pace for the quarter or 7.0% annualized, a
strong pace given the current environment. Our credit quality
continues to be a source of strength as well, with no net
charge-offs reported for the quarter and a decrease in
nonperforming assets of 15.9% compared to the prior quarter. We
provided additional reserves for potential COVID-19-related risks,
but at a lower level than in the prior two quarters.”
Quarterly Highlights
Net Interest Income Increases on
Continued Core Margin Improvement
The net interest margin declined to 4.54% at September 30, 2020,
a 4 basis point decrease when compared to the prior quarter. The
net interest margin decrease was primarily due to a 25 basis point
decrease in our yield on loans held for investment and was
partially offset by a 12 basis point decrease in our cost of funds.
The decrease in loan yield can partially be attributed to a $1.4
million decline in purchase accounting accretion as compared to the
prior quarter. The adjusted net interest margin, which excludes
purchase accounting accretion, was 3.98%, an increase of 17 basis
points for the same period. Similarly, net interest income for the
quarter was $30.5 million, a linked-quarter increase of $0.6
million, or 1.9%. The decrease in cost of funds can primarily be
attributed to our continued success in execution of our strategic
initiatives around attracting and retaining core deposits and the
general market rate decline. At September 30, 2020, customer
deposits comprised 85.2% of total deposits compared to 86.1% of
total deposits at June 30, 2020, and non-time deposits grew $44.8
million, or 2.8%, in the same period. In addition, $1.0 million of
purchase accounting accretion was realized during the third quarter
of 2020 for acquired certificates of deposit and Federal Home Loan
Bank advances.
Our continued focus on improving the earning-asset mix also
contributed to margin expansion, as average loans held for
investment increased to 84.3% of average earning assets at
September 30, 2020, compared to 78.6% at September 30, 2019.
Continued Growth From Strong
Relationship Network
Loans increased $40.6 million from the linked quarter, or 1.75%
and 7.00% when annualized. Loan originations during the quarter
totaled $260.3 million at a weighted-average coupon rate of
4.38%.
Loans increased $1.0 billion year-over-year and was impacted by
the acquired loan portfolios from both First Advantage Bank and
Community Bank & Trust, which totaled $612.8 million and $143.4
million, respectively at September 30, 2020.
Deposits increased $35.5 million from the linked quarter and
$954.8 million year-over-year. Non-interest-bearing deposits
increased $4.5 million from the linked quarter. Ard stated, "Our
team has demonstrated a continued ability to attract and retain
deposits in a difficult environment, fulfilling one of our
strategic goals and helping us to better serve the community's
credit needs."
Year-over-year deposit growth can be attributed primarily to
acquired deposit portfolios from both First Advantage Bank and
Community Bank & Trust, which totaled $594.7 million and $211.5
million, respectively, at September 30, 2020. Organic
year-over-year deposit growth totaled $148.7 million, or 9.2%.
Asset Quality Remains Stable and
Capital Well Positioned
Credit quality remains strong. Nonperforming loans accounted for
0.29% of total loans and nonperforming assets accounted for 0.32%
of total assets at September 30, 2020. The allowance for loan loss
was 0.84% of loans (1.64% including unaccreted purchased loan
discounts) at September 30, 2020. A $1.5 million provision was
recognized during the quarter driven primarily by risk factors
related to the COVID-19 pandemic. The acquired loan portfolios are
reserved for through fair value marks that consider both credit
quality and changes in interest rates.
Shareholders’ equity increased $11.5 million from the linked
quarter to $307.1 million at September 30, 2020, due to current
quarter net income. Both the Company and Bank continue to meet the
criteria to be classified as "Well Capitalized" under applicable
banking regulations. Tangible book value per share increased from
the linked quarter by $0.69, or 4.9%, to $14.65 at September 30,
2020.
Conclusion
Ard concluded, "We are very pleased with the many ways our team
has come together as 'one bank' to serve our community more
effectively and to recognize efficiencies and other benefits from
our larger, consolidated company. We continue to see increased
demand in the loan pipeline at the end of the third quarter and we
expect growth will continue into the fourth quarter. At
approximately $3.0 billion in total consolidated assets and with
the operating momentum we have, we are optimistic about our
position in the market and financial outlook."
Conference Call
Information
The Company will hold a conference call to discuss third quarter
2020 results on Friday, October 23, 2020, at 9:00 a.m. CDT, and the
earnings conference call will be broadcast live over the Internet
at https://www.webcaster4.com/Webcast/Page/1855/38108. A link to
these events can be found on the Company’s website
(https://www.reliantbank.com) under the tab titled "Investor
Relations."
Following the live broadcast, the webcast replay will be
available on the Company's website (https://www.reliantbank.com)
under the tab titled "Investor Relations" followed by the tab
titled "News & Market Information" followed by the tab titled
"Event Calendar" followed by the tab titled "Past Events" and will
be available for 12 months.
About Reliant Bancorp, Inc. and Reliant
Bank
Reliant Bancorp, Inc. is a Brentwood, Tennessee-based financial
holding company which, through its wholly owned subsidiary Reliant
Bank, operates banking centers in Tennessee. Reliant Bank is a
full-service commercial bank that offers a variety of deposit,
lending, and mortgage products and services to business and
consumer customers. As of September 30, 2020, Reliant Bancorp had
approximately $3.0 billion in total consolidated assets,
approximately $2.4 billion in loans and approximately $2.6 billion
in deposits. For additional information, locations and hours of
operation, please visit www.reliantbank.com.
Financial Measures
This release contains certain financial measures that are not
measures recognized under generally accepted accounting principles
(GAAP) and, therefore, are considered non-GAAP financial measures.
Members of Company management use these non-GAAP financial measures
in their analysis of the Company’s performance, financial
condition, and efficiency of operations. Management of the Company
believes that these non-GAAP financial measures provide a greater
understanding of ongoing operations, enhance comparability of
results with prior periods, and demonstrate the effects of
significant gains and charges in the periods presented. Management
of the Company also believes that investors find these non-GAAP
financial measures useful as they assist investors in understanding
underlying operating performance and the analysis of ongoing
operating trends. However, the non-GAAP financial measures
discussed herein should not be considered in isolation or as a
substitute for the most directly comparable or other financial
measures calculated in accordance with GAAP. Moreover, the manner
in which the non-GAAP financial measures discussed herein are
calculated may differ from the manner in which measures with
similar names are calculated by other companies. You should
understand how other companies calculate their financial measures
similar to, or with names similar to, the non-GAAP financial
measures we have discussed herein when comparing such non-GAAP
financial measures.
The non-GAAP measures in this release include “adjusted net
interest margin,” “adjusted net income attributable to common
shareholders and related impact,” “average tangible shareholders’
equity,” "return on average tangible common equity ROATCE,”
“adjusted ROATCE,” “tangible assets,” “tangible equity,” “tangible
book value per common share TBVPS,” “core bank efficiency ratio,”
and “adjusted loan loss allowance.”
Forward-Looking
Statements
All statements, other than statements of historical fact,
included in this release and any oral statements made regarding the
subject of this release, including statements made during the
conference call referenced herein, that address activities, events
or developments that the Company expects, believes or anticipates
will or may occur in the future are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, including
statements relating the Company's credit quality being a source of
strength, the Company's ability to attract and retain deposits, and
loan demand in the fourth quarter of 2020. The words “believe,”
“anticipate,” “expect,” “may,” “will,” “assume,” “should,”
“predict,” “could,” “would,” “intend,” “targets,” “estimates,”
“projects,” “plans,” and “potential,” and other similar words and
expressions of the future, are intended to identify such
forward-looking statements, but other statements not based on
historical information may also be considered forward-looking,
including statements about the Company’s future financial and
operating results and the Company’s plans, objectives, and
intentions. All forward-looking statements are subject to risks,
uncertainties, and other factors that may cause the actual results,
performance, or achievements of the Company to differ materially
from any results, performance, or achievements expressed or implied
by such forward-looking statements. Such risks, uncertainties, and
other factors include, among others: (1) the global health and
economic crisis precipitated by the coronavirus (COVID-19)
pandemic, (2) actions taken by governments, businesses and
individuals in response to the coronavirus (COVID-19) pandemic, (3)
the pace of recovery when the coronavirus (COVID-19) pandemic
subsides, (4) the possible recurrence of the coronavirus
(COVID-19), (5) changes in political conditions or the legislative
or regulatory environment, including governmental initiatives
affecting the financial services industry such as, but not limited
to, the Coronavirus Aid, Relief, and Economic Security Act (or the
CARES) Act, (6) the possibility that our asset quality could
decline or that we experience greater loan losses than anticipated,
(7) increased levels of other real estate, primarily as a result of
foreclosures, (8) the impact of liquidity needs on our results of
operations and financial condition, (9) competition from financial
institutions and other financial service providers, (10) the effect
of interest rate increases on the cost of deposits, (11)
unanticipated weakness in loan demand or loan pricing, (12) greater
than anticipated adverse conditions in the national economy or
local economies in which we operate, including in Middle Tennessee,
(13) lack of strategic growth opportunities or our failure to
execute on available opportunities, (14) deterioration in the
financial condition of borrowers resulting in significant increases
in loan losses and provisions for those losses, (15) economic
crises and associated credit issues in industries most impacted by
the coronavirus (COVID-19) pandemic, including the restaurant,
hospitality and retail sectors, (16) the ability to grow and retain
low-cost core deposits and retain large, uninsured deposits, (17)
our ability to effectively manage problem credits, (18) our ability
to successfully implement efficiency initiatives on time and with
the results projected, (19) our ability to successfully develop and
market new products and technology, (20) the impact of negative
developments in the financial industry and United States and global
capital and credit markets, (21) our ability to retain the services
of key personnel, (22) our ability to adapt to technological
changes, (23) risks associated with litigation, including
reputational and financial risks and the applicability of insurance
coverage, (24) the vulnerability of the Bank’s computer and
information technology systems and networks, and the systems and
networks of third parties with whom the Company or the Bank
contract, to unauthorized access, computer viruses, phishing
schemes, spam attacks, human error, natural disasters, power loss,
and other security breaches and interruptions, (25) changes in
state and federal laws, rules, regulations, or policies applicable
to banks or bank or financial holding companies, including
regulatory or legislative developments, (26) adverse impacts
(including costs, fines, reputational harm, or other negative
effects) from current or future litigation, regulatory
examinations, or other legal and/or regulatory actions, (27) the
risk that expected cost savings and revenue synergies from (a) the
merger of the Company and Tennessee Community Bank Holdings, Inc.
("TCB Holdings") (the “TCB Holdings Transaction”) or (b) the merger
of the Company and First Advantage Bancorp ("FABK") (the “FABK
Transaction” and, together with the TCB Holdings Transaction,
collectively, the “Transactions”), may not be realized or may take
longer than anticipated to be realized, (28) the effect of the
Transactions on our customer, supplier, or employee relationships
and operating results (including without limitation difficulties in
maintaining relationships with employees and customers), as well as
on the market price of the Company’s common stock, (29) the risk
that the businesses and operations of TCB Holdings and its
subsidiaries and of FABK and its subsidiaries cannot be
successfully integrated with the business and operations of the
Company and its subsidiaries or that integration will be more
costly or difficult than expected, (30) the amount of costs, fees,
expenses, and charges related to the Transactions, including those
arising as a result of unexpected factors or events, (31)
reputational risk associated with and the reaction of our
customers, suppliers, employees, or other business partners to the
Transactions, (32) the risk associated with Company management’s
attention being diverted away from the day-to-day business and
operations of the Company to the integration of the Transactions,
and (33) general competitive, economic, political, and market
conditions, including economic conditions in the local markets
where we operate. Additional factors which could affect the
forward-looking statements can be found in the Company’s annual
report on Form 10-K, quarterly reports on Form 10-Q, and current
reports on Form 8-K filed with the Securities and Exchange
Commission (the “SEC”) and available on the SEC’s website at
http://www.sec.gov. The Company believes the forward-looking
statements contained herein are reasonable; however, many of such
risks, uncertainties, and other factors are beyond the Company’s
ability to control or predict and undue reliance should not be
placed on any forward-looking statements, which are based on
current expectations and speak only as of the date that they are
made. Therefore, the Company can give no assurance that its future
results will be as estimated. The Company does not intend to, and
disclaims any obligation to, update or revise any forward-looking
statement.
RELIANT BANCORP, INC.
CONSOLIDATED BALANCE SHEETS -
UNAUDITED
September 30, 2020, June 30,
2020 and September 30, 2019
(Dollar Amounts in Thousands)
ASSETS
September 30, 2020
June 30, 2020
September 30, 2019
Cash and due from banks
$
14,050
$
12,805
$
7,395
Interest-bearing deposits in financial
institutions
61,349
81,033
43,852
Federal funds sold
12,273
638
73
Total cash and cash equivalents
87,672
94,476
51,320
Securities available for sale
273,893
249,014
297,310
Loans
2,357,898
2,317,324
1,350,683
Less allowance for loan losses
(19,834
)
(18,237
)
(12,291
)
Loans, net
2,338,064
2,299,087
1,338,392
Mortgage loans held for sale, net
99,587
101,579
16,757
Accrued interest receivable
14,615
13,579
7,488
Premises and equipment, net
33,319
33,524
21,048
Operating leases right of use assets
14,619
15,452
—
Restricted equity securities, at cost
17,367
17,509
11,279
Other real estate, net
1,326
2,514
1,943
Cash surrender value of life insurance
contracts
68,109
67,723
46,351
Deferred tax assets, net
8,523
9,787
456
Goodwill
51,506
51,058
43,642
Core deposit intangibles
11,820
12,293
7,507
Other assets
24,092
22,531
12,322
TOTAL ASSETS
$
3,044,512
$
2,990,126
$
1,855,815
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Noninterest-bearing demand
$
538,844
$
534,353
$
237,917
Interest-bearing demand
272,805
273,993
149,442
Savings and money market deposit
accounts
813,001
771,505
397,243
Time
940,852
950,163
826,069
Total deposits
2,565,502
2,530,014
1,610,671
Accrued interest payable
3,744
3,100
1,610
Federal funds purchased
5,000
—
—
Subordinated debentures
70,389
70,413
11,665
Federal Home Loan Bank advances
40,555
49,121
3,928
Operating leases liabilities
15,756
16,591
—
Other liabilities
36,480
25,344
8,289
TOTAL LIABILITIES
2,737,426
2,694,583
1,636,163
Preferred stock, $1 par value; 10,000,000
shares authorized; no shares issued to date
—
—
—
Common stock, $1 par value; 30,000,000
shares authorized; 16,634,572, 16,631,604, and 11,195,062 shares
issued and outstanding at September 30, 2020, June 30, 2020, and
September 30, 2019, respectively
16,635
16,632
11,195
Additional paid-in capital
232,738
232,436
166,512
Retained earnings
55,206
45,351
36,339
Accumulated other comprehensive income
2,507
1,124
5,606
TOTAL SHAREHOLDERS’ EQUITY
307,086
295,543
219,652
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$
3,044,512
$
2,990,126
$
1,855,815
This information is preliminary
and based on company data available at the time of
presentation.
RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS - UNAUDITED
FOR THE PERIODS
INDICATED
(Dollar Amounts in Thousands,
Except Per Share Amounts)
Three Months Ended
September 30, 2020
June 30, 2020
September 30, 2019
INTEREST INCOME
Interest and fees on loans
$
32,895
$
33,447
$
17,502
Interest and fees on loans held for
sale
1,037
815
263
Interest on investment securities,
taxable
399
128
549
Interest on investment securities,
nontaxable
1,186
1,317
1,576
Federal funds sold and other
250
208
321
TOTAL INTEREST INCOME
35,767
35,915
20,211
INTEREST EXPENSE
Deposits
Demand
236
218
81
Savings and money market deposit
accounts
1,162
1,476
976
Time
2,736
3,135
4,825
Federal Home Loan Bank advances and other
borrowings
104
148
66
Subordinated debentures
992
982
199
TOTAL INTEREST EXPENSE
5,230
5,959
6,147
NET INTEREST INCOME
30,537
29,956
14,064
PROVISION FOR LOAN LOSSES
1,500
3,000
606
NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES
29,037
26,956
13,458
NONINTEREST INCOME
Service charges on deposit accounts
1,583
1,381
976
Gains on mortgage loans sold, net
3,783
2,248
1,385
Gain on securities transactions, net
—
327
—
Other noninterest income
635
466
399
TOTAL NONINTEREST INCOME
6,001
4,422
2,760
NONINTEREST EXPENSE
Salaries and employee benefits
12,184
12,464
7,634
Occupancy
2,054
2,026
1,359
Data processing and software
2,240
2,026
1,553
Professional fees
775
680
404
Regulatory Fees
365
537
(17)
Merger expenses
78
2,632
299
Other operating expense
2,637
1,899
1,815
TOTAL NONINTEREST EXPENSE
20,333
22,264
13,047
INCOME BEFORE PROVISION FOR INCOME
TAXES
14,705
9,114
3,171
INCOME TAX EXPENSE
2,800
1,634
557
CONSOLIDATED NET INCOME
11,905
7,480
2,614
NONCONTROLLING INTEREST IN NET (INCOME)
LOSS OF SUBSIDIARY
(374)
388
1,386
NET INCOME ATTRIBUTABLE TO COMMON
SHAREHOLDERS
$
11,531
$
7,868
$
4,000
Basic net income attributable to common
shareholders, per share
$
0.70
$
0.48
$
0.36
Diluted net income attributable to common
shareholders, per share
$
0.69
$
0.48
$
0.36
This information is preliminary
and based on company data available at the time of
presentation.
RELIANT BANCORP, INC.
SEGMENT FINANCIAL INFORMATION
- UNAUDITED
FOR THE PERIODS
INDICATED
(Dollar Amounts in Thousands)
Core Bank (1)
Three Months Ended
September 30, 2020
June 30, 2020
September 30, 2019
Net interest income
$
29,729
$
29,420
$
13,910
Provision for loan losses
1,500
3,000
606
Noninterest income
2,218
2,174
1,375
Noninterest expense (excluding merger
expense)
16,065
16,433
9,726
Merger expense
78
2,632
299
Income before provision for income
taxes
14,304
9,529
4,654
Income tax expense
2,773
1,661
654
Net income attributable to common
shareholders
$
11,531
$
7,868
$
4,000
Residential Mortgage Company
Three Months Ended
September 30, 2020
June 30, 2020
September 30, 2019
Net interest income
$
808
$
536
$
154
Provision for loan losses
—
—
—
Noninterest income
3,783
2,248
1,385
Noninterest expense
4,190
3,199
3,022
Income (loss) before provision for income
taxes
401
(415)
(1,483)
Income tax expense (benefit)
27
(27)
(97)
Net income (loss)
374
(388)
(1,386)
Noncontrolling interest in net (income)
loss of subsidiary
(374)
388
1,386
Net income (loss) attributable to common
shareholders
$
—
$
—
$
—
(1)
Core Bank includes all entities included
in the Consolidated Financial Statements other than the Residential
Mortgage Company.
(2)
The above financial information is
presented, net of intercompany eliminations.
This information is preliminary
and based on company data available at the time of
presentation.
RELIANT BANCORP, INC.
SELECTED QUARTERLY FINANCIAL
DATA - UNAUDITED
AT OR FOR THE STATED THREE
MONTHS ENDED
(Dollar Amounts in Thousands,
Except Per Share Amounts)
September 30, 2020
June 30, 2020
September 30, 2019
Per Common Share Data
Net income attributable to common
shareholders, per share
Basic
$
0.70
$
0.48
$
0.36
Diluted
$
0.69
$
0.48
$
0.36
Book value per common share
$
18.46
$
17.77
$
19.62
Basic weighted average common shares
16,587,274
16,496,817
11,104,918
Diluted weighted average common shares
16,649,673
16,529,080
11,177,367
Common shares outstanding at period
end
16,634,572
16,631,604
11,195,062
Selected Balance Sheet Data
Loans, net of unearned income
$
2,357,898
$
2,317,324
$
1,350,683
Total assets
3,044,512
2,990,126
1,855,815
Customer deposits
2,185,915
2,177,734
1,117,756
Wholesale and other purchased funds
379,587
352,280
492,915
Total deposits
2,565,502
2,530,014
1,610,671
Total liabilities
2,737,426
2,694,583
1,636,163
Total shareholders' equity
307,086
295,543
219,652
Total liabilities and shareholders'
equity
3,044,512
2,990,126
1,855,815
Selected Balance Sheet Data - Quarterly
Averages
Loans held for investment
2,337,958
2,302,154
1,312,153
Earning assets(1)
2,771,917
2,734,898
1,669,482
Total assets
2,981,687
2,948,366
1,806,455
Interest-bearing liabilities
2,108,428
2,159,118
1,354,451
Total liabilities
2,682,252
2,659,405
1,589,368
Total shareholders' equity
299,435
288,961
217,087
Total liabilities and shareholders'
equity
2,981,687
2,948,366
1,806,455
Preliminary Capital Ratios
(Consolidated)(4)
Tier 1 leverage
8.72
%
8.47
%
9.85
%
Common equity tier 1
9.77
%
9.25
%
10.85
%
Tier 1 risk-based capital
10.25
%
9.71
%
11.64
%
Total risk-based capital
13.44
%
12.80
%
12.51
%
Selected Performance Ratios (3)
Return on average assets
1.54
%
1.07
%
0.88
%
Return on shareholders' equity
15.32
%
10.95
%
7.31
%
Net interest margin (tax-equivalent
basis)
4.54
%
4.58
%
3.51
%
Selected Asset Quality Measures
Nonaccrual loans
$
6,738
$
7,541
$
4,380
90+ days past due still accruing
64
8
121
Total nonperforming loans
6,802
7,549
4,501
Total nonperforming assets (2)
9,731
11,571
6,444
Net (recoveries) charge offs
(97
)
(116
)
(19
)
Nonperforming loans to total loans
0.29
%
0.33
%
0.33
%
Nonperforming assets to total assets
0.32
%
0.39
%
0.35
%
Nonperforming assets to total loans and
NPAs
0.41
%
0.50
%
0.48
%
Allowance for loan losses to total
loans
0.84
%
0.79
%
0.91
%
Allowance for loan losses to nonperforming
loans
291.61
%
241.58
%
273.07
%
Net (recoveries) charge offs to average
loans (3)
(0.02
)%
(0.02
)%
(0.01
)%
(1)
Average earning assets is the daily
average of earning assets. Earning assets consists of loans,
mortgage loans held for sale, federal funds sold, deposits with
banks, investment securities and restricted equity securities.
(2)
Nonperforming assets consist of
nonperforming loans, repossessed assets, and other real estate.
(3)
Data has been annualized.
(4)
Current quarter capital ratios are
estimated.
This information is preliminary
and based on company data available at the time of
presentation.
RELIANT BANCORP, INC.
YIELD TABLES -
UNAUDITED
FOR THE PERIODS
INDICATED
(Dollar Amounts in Thousands)
The following table sets forth the amount
of our average balances, interest income or interest expense for
each category of interest-earning assets and interest-bearing
liabilities and the average interest rate for interest-earning
assets and interest-bearing liabilities, net interest spread and
net interest margin for the periods indicated below:
Three Months Ended September
30, 2020
Three Months Ended June
30, 2020
Three Months Ended September
30, 2019
Average Balances
Rates / Yields (%)
Interest Income /
Expense
Average Balances
Rates / Yields (%)
Interest Income /
Expense
Average Balances
Rates / Yields (%)
Interest Income /
Expense
Interest earning assets
Loans
$
2,337,958
5.34
$
30,640
$
2,302,154
5.68
$
31,708
$
1,312,153
5.12
$
16,632
Loan fees
—
0.38
2,255
—
0.30
1,739
—
0.26
870
Loans with fees
2,337,958
5.73
32,895
2,302,154
5.98
33,447
1,312,153
5.38
17,502
Mortgage loans held for sale
103,729
3.98
1,037
85,313
3.84
815
18,271
5.71
263
Deposits with banks
57,909
0.47
68
66,031
0.30
50
33,410
1.96
165
Investment securities - taxable
67,569
2.35
399
66,234
0.78
128
73,115
2.98
549
Investment securities - tax-exempt
185,058
3.29
1,186
193,216
3.51
1,317
220,233
3.60
1,576
Federal funds sold and other
19,694
3.68
182
21,950
2.90
158
12,300
5.03
156
Total earning assets
2,771,917
5.29
35,767
2,734,898
5.45
35,915
1,669,482
4.98
20,211
Nonearning assets
209,770
213,468
136,973
Total assets
$
2,981,687
$
2,948,366
$
1,806,455
Interest bearing liabilities
Interest bearing demand
$
272,506
0.34
$
236
$
279,171
0.31
$
218
$
142,702
0.23
$
81
Savings and money market
786,589
0.59
1,162
731,278
0.81
1,476
350,440
1.10
976
Time deposits - retail
715,310
1.01
1,819
749,566
1.19
2,217
540,688
2.17
2,956
Time deposits - wholesale
223,095
1.64
917
201,307
1.83
918
294,750
2.52
1,872
Total interest-bearing deposits
1,997,500
0.82
4,134
1,961,322
0.99
4,829
1,328,580
1.76
5,885
Federal Home Loan Bank advances and other
borrowings
40,567
1.02
104
127,399
0.47
148
14,216
1.84
66
Subordinated Debt
70,361
5.61
992
70,397
5.61
982
11,655
6.77
199
Total borrowed funds
110,928
3.93
1,096
197,796
2.30
1,130
25,871
4.06
265
Total interest-bearing liabilities
2,108,428
0.99
5,230
2,159,118
1.11
5,959
1,354,451
1.80
6,150
Net interest rate spread (%)/ Net interest
income ($)
4.30
30,537
4.34
29,956
3.18
14,061
Noninterest bearing deposits
536,353
(0.20
)
468,620
(0.20
)
227,502
(0.26
)
Other noninterest bearing liabilities
37,471
31,667
7,415
Shareholders' equity
299,435
288,961
217,087
Total liabilities and shareholders'
equity
$
2,981,687
$
2,948,366
$
1,806,455
Cost of funds
0.79
0.91
1.54
Net interest margin
4.54
4.58
3.51
Yield Table Assumptions - Average loan
balances are inclusive of nonperforming loans. Yields computed on
tax-exempt instruments are on a tax equivalent basis including a
state tax credit included in loan yields of $751, $779, and $300,
respectively, for the three months ended September 30, 2020, June
30, 2020, and September 30, 2019. Net interest spread is calculated
as the yields realized on interest-bearing assets less the rates
paid on interest-bearing liabilities. Net interest margin is the
result of net interest income calculated on a tax-equivalent basis
divided by average interest earning assets for the period. Changes
in net interest income are attributed to either changes in average
balances (volume change) or changes in average rates (rate change)
for earning assets and sources of funds on which interest is
received or paid. Volume change is calculated as change in volume
times the previous rate while rate change is change in rate times
the previous volume. Changes not due solely to volume or rate
changes are allocated to volume change and rate change in
proportion to the relationship of the absolute dollar amounts of
the change in each category.
This information is preliminary
and based on company data available at the time of
presentation.
RELIANT BANCORP, INC.
NON-GAAP FINANCIAL
MEASURES
FOR THE PERIODS
INDICATED
(Dollar Amounts in Thousands,
Except Per Share Amounts)
(Unaudited)
Three Months Ended
September 30, 2020
June 30, 2020
September 30, 2019
NON-GAAP FINANCIAL MEASURES
Adjusted net interest margin
(1)(4)
Tax equivalent net interest income
(1)(2)
$
31,643
$
31,117
$
14,787
Purchase accounting adjustments
(3,868
)
(5,232
)
(383
)
Adjusted net interest income
$
27,775
$
25,885
$
14,404
Adjusted net interest margin
3.98
%
3.81
%
3.42
%
Adjusted net income attributable to
common shareholders and related impact (1)
Net income attributable to common
shareholders
$
11,531
$
7,868
$
4,000
Merger expenses
78
2,632
299
Tax effect of adjustments to net
income
(20
)
(565
)
(27
)
After tax adjustments to net income
$
98
$
3,197
$
326
Adjusted net income attributable to common
shareholders
$
11,589
$
9,935
$
4,272
Adjusted return on average assets (3)
1.55
%
1.36
%
0.94
%
Adjusted return on average shareholders'
equity (3)
15.40
%
13.83
%
7.81
%
Adjusted net income attributable to common
shareholders, per diluted share
$
0.70
$
0.60
$
0.38
Average tangible shareholders' equity:
(1)
Average shareholders' equity
$
299,435
$
288,961
$
217,087
Less: average goodwill
51,108
51,058
43,642
Less: average core deposit intangibles
12,104
12,529
7,598
Net average tangible common equity
$
236,223
$
225,374
$
165,847
Return on average: (1)(3)
Tangible common equity (ROATCE)
19.42
%
14.04
%
9.57
%
Adjusted ROATCE
19.52
%
17.73
%
10.22
%
(1)
Not a recognized measure under generally
accepted accounting principles (GAAP).
(2)
Amount includes tax equivalent adjustment
to quantify the tax equivalent net interest income.
(3)
Data has been annualized.
(4)
Prior calculation of this ratio removed
tax credits related to certain tax-preference-qualified loans and
tax-exempt securities. The Company views these credits as normal
course of business and as such removal is unnecessary.
This information is preliminary
and based on company data available at the time of
presentation.
RELIANT BANCORP, INC.
NON-GAAP FINANCIAL
MEASURES
FOR THE PERIODS
INDICATED
(Dollar Amounts in Thousands,
Except Per Share Amounts)
(Unaudited)
Three Months Ended
September 30, 2020
June 30, 2020
September 30, 2019
Tangible assets: (1)
Total assets
$
3,044,512
$
2,990,126
$
1,855,815
Less: goodwill
51,506
51,058
43,642
Less: core deposit intangibles
11,820
12,293
7,507
Net tangible assets
$
2,981,186
$
2,926,775
$
1,804,666
Tangible equity: (1)
Total shareholders' equity
$
307,086
$
295,543
$
219,652
Less: goodwill
51,506
51,058
43,642
Less: core deposit intangibles
11,820
12,293
7,507
Net tangible common equity
$
243,760
$
232,192
$
168,503
Ratio of tangible common equity to
tangible assets
8.18
%
7.93
%
9.34
%
Tangible book value per common share
(TBVPS): (1)
Net tangible equity
$
243,760
$
232,192
$
168,503
Common shares outstanding
16,634,572
16,631,604
11,195,062
TBVPS
$
14.65
$
13.96
$
15.05
Core bank efficiency ratio (excludes
mortgage segment and merger expense)(1)
Non-interest expense
$
16,065
$
16,433
$
9,726
Net interest income
29,729
29,420
13,910
Tax equivalent adjustment for tax exempt
interest income
1,106
1,161
726
Non-interest income
2,218
2,174
1,375
Less loss (gain) on sale of other real
estate
2
(11
)
—
Less (gain) on sale of securities
—
(327
)
—
Less loss on disposal of premises and
equipment
8
—
—
Adjusted operating income
$
33,063
$
32,417
$
16,011
Efficiency Ratio
48.59
%
50.69
%
60.75
%
Adjusted loan loss allowance:
(1)
Allowance for loan losses
$
19,834
$
18,237
$
12,291
Purchase loan discounts
18,939
21,939
3,326
Loan loss reserve and purchase loan
discounts
$
38,773
$
40,176
$
15,617
Allowance for loan losses and purchase
loan discounts to total loans
1.64
%
1.73
%
1.16
%
(1)
Not a recognized measure under generally
accepted accounting principles (GAAP).
This information is preliminary
and based on company data available at the time of
presentation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201022006097/en/
DeVan Ard, Jr., Chairman and CEO, Reliant Bancorp, Inc.
(615.221.2087)
Reliant Bancorp (NASDAQ:RBNC)
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