Q1-2021 Highlights
- Total assets grew $1.04 billion, or 42%, year-over-year to
$3.52 billion at March 31, 2021.
- Total deposits grew $1.04 billion, or 49%, year-over-year to
$3.16 billion at March 31, 2021.
- Loans grew $154 million, or 9.4%, to $1.80 billion at March 31,
2021 from the prior year.
- Cash and liquid investment securities grew $877 million, or
119%, to $1.61 billion, or 46% of total assets, at March 31,
2021.
- Return on average assets was 1.13% and return on average equity
was 10.30% for the three months ended March 31, 2021.
Altabancorp™ (Nasdaq: ALTA) (the “Company” or “Alta”), the
parent company of Altabank™, reported net income of $9.4 million
for the first quarter of 2021, compared with $11.1 million for the
fourth quarter of 2020, and $10.8 million for the first quarter of
2020. Diluted earnings per common share were $0.50 for the first
quarter of 2021, compared with $0.58 for the fourth quarter of
2020, and $0.57 for the first quarter of 2020.
Annualized return on average assets was 1.13% for the first
quarter of 2021, compared with 1.34% for the fourth quarter of
2020, and 1.80% for the first quarter of 2020. Annualized return on
average equity was 10.30% for the first quarter of 2021 compared
with 12.06% for the fourth quarter of 2020, and 13.05% for the
first quarter of 2020.
The Board of Directors declared a quarterly dividend payment of
$0.15 per common share. The dividend will be payable on May 17,
2021 to shareholders of record as of May 10, 2021. The dividend
payout ratio for earnings for the first quarter of 2021 was 30.0%.
This continues the over 50-year trend of paying dividends by the
Company.
“After an interesting and challenging year in 2020, we are
pleased to start the year with solid results,” said Len Williams,
President and Chief Executive Officer of Altabancorp™. “All of our
branch lobbies and drive-up windows have been safely reopened, and
we have started to bring our employees back from remote work to our
operational facilities. In 2020, we provided substantial financial
relief to our clients through participation in government programs
as well as our own payment relief programs. We continue to offer
additional funding through the second round of SBA PPP loans. While
our payment relief programs are substantially complete, we will
continue to work with our clients to provide financial solutions to
assist them on their path to recovery as we all work to overcome
the negative effects of the pandemic.”
Mr. Williams continued, “We continue to receive significant
funds from our clients related to financial relief programs from us
and government agencies, as well as normal organic deposit growth.
As a result, our total deposits have grown by over $1.0 billion
year-over-year, which represents a 49% increase from the same
period a year earlier. Our loans held for investment increased over
$154 million, or 9%, in the first quarter compared with the prior
year. For the past couple of years, we have completed several
initiatives to improve the overall credit quality of our loan
portfolio, including lowering our overall loan concentrations both
in terms of product type and asset class; tightening of our overall
underwriting standards; improving our sales and credit processes;
and enhancing technology in the commercial lending space. With
these initiatives substantially complete, our existing and recently
hired commercial lenders have the tools and processes in place to
aggressively and safely grow our loan book. In addition, Utah has
one of the strongest economies in the nation and we have
significant liquidity that provides us with the flexibility to grow
our loan portfolio. As a result, we anticipate achieving
high-single digit loan growth for all of 2021.”
COVID-19 Pandemic and Utah Economy
The State of Utah has developed a COVID-19 Transmission Index
(“Transmission Index”), which categorizes levels of transmission as
High, Moderate, or Low. Each county receives a rating every week.
The Company’s COVID-19 pandemic response plan directly correlates
to the State’s Transmission Index. The Transmission Index for all
the counties where our branches are located have transitioned to
Moderate during the first quarter. In addition, the Governor of
Utah signed a bill lifting the statewide mask mandate on April 10,
2021. The Company has reopened all of its branch lobbies. The
Company has also started bringing some of its operational teams
back to its facilities. However, the Company anticipates that some
of its staff will remain working from home for the foreseeable
future.
The Company is fortunate to operate in a region that appears to
be weathering the COVID-19 pandemic well economically. The Utah
economy has performed better than the nation as a whole during the
pandemic with an unemployment rate of 2.9% at the end of March 2021
compared with 6.0% for the nation for the same period. Utah
experienced a 0.90% year-over-year increase in total jobs at March
31, 2021 compared with a 4.4% decline in jobs for the nation for
the same respective periods. The Company expects that the Utah
economy will continue to perform better than most states in the
U.S.
Small Business Administration Paycheck Protection Program
(“SBA PPP”)
Under the first round of the SBA PPP loan program, the Company
funded 333 loans, totaling $84.6 million. The Company has filed 241
forgiveness applications, (approximately 72%) with the SBA,
totaling $62.2 million and has received loan forgiveness on 228
loans, totaling $56.3 million, or 67% of all SBA PPP loans funded.
To date, the Company has not received a denial on any loan
forgiveness application submitted to the SBA.
Under the second round of the SBA PPP loan program, the Company
has funded 172 loans, totaling $29.5 million. Total SBA PPP loans
declined $3.9 million, or 6.4%, to $56.7 million at March 31, 2021,
compared with $60.6 million at December 31, 2020.
Loan Accommodations
The Company offered a loan deferment relief program of up to six
months to clients impacted by the COVID-19 pandemic. Under rare
circumstances, loans will be re-evaluated at the end of the
deferral period. To qualify for a second loan deferral, the Company
will require a full re-underwriting of the credit.
The Company offered temporary loan payment relief to 445
businesses and 118 individuals totaling approximately $345 million
to address cash flow challenges for those impacted by the COVID-19
pandemic. To date, the deferral period had ended for 556 clients,
or 99%, for loans totaling $329 million. This leaves only seven
clients, or 1%, for loans totaling $16.0 million still on deferral.
At March 31, 2021, there were only three clients with small balance
loans totaling $0.1 million, who have not made a subsequent loan
payment for 30 days or greater, after their payment deferment
agreement expired. We entered into another loan payment deferment
agreement with five clients, who had an initial loan payment
deferment agreement. Total dollars outstanding for these clients is
$10.1 million. Since these loans were performing loans that were
current on their payments prior to the COVID-19 pandemic, these
modifications are not considered to be troubled debt restructurings
pursuant to applicable accounting and regulatory guidance.
Loan Credit Quality Trends
Non-performing loans were $7.3 million at March 31, 2021,
compared with $6.6 million at March 31, 2020. Non-performing loans
to total loans were 0.42% at March 31, 2021, compared with 0.41% at
March 31, 2020. Non-performing assets were also $7.3 million at
March 31, 2021, compared with $6.6 million at March 31, 2020.
Non-performing assets to total assets were 0.21% at March 31, 2021,
compared with 0.27% at March 31, 2020.
Allowance for Credit Losses
The allowance for credit losses declined by $0.3 million, or
0.6%, to $41.0 million at March 31, 2021, compared with $41.3
million the same period a year ago. The allowance for credit losses
to loans held for investment was 2.28% at March 31, 2021, compared
with 2.51% at March 31, 2020.
Loans
Loans held for investment grew $154 million, or 9.4%, to $1.80
billion at March 31, 2021, compared with $1.64 billion at March 31,
2020. Year-to-date average loans increased $59 million, or 3.5%, to
$1.74 billion for the three months ended March 31, 2021, compared
with $1.68 billion for the three months ended March 31, 2020. The
Company expects that overall loan growth will be in the high-single
digits during 2021 as its major lending initiatives have been
substantially completed and the Company has significant liquidity
to deploy.
Deposits and Liabilities
Total deposits increased $1.04 billion, or 48.9%, to $3.16
billion at March 31, 2021, compared with $2.12 billion at March 31,
2020. Non-interest bearing deposits increased, $368 million, or
49.9%, to $1.1 billion at March 31, 2021, compared with $737
million the same period a year earlier. Interest bearing deposits
increased $669 million, or 48.3%, to $2.05 billion at March 31,
2021, compared with $1.39 billion for the same period a year ago.
Non-interest-bearing deposits to total deposits were 35.0% as of
March 31, 2021, compared with 34.7% as of March 31, 2020.
Shareholders’ Equity
Shareholders’ equity increased by $9.7 million, or 2.9%, to $350
million at March 31, 2021, compared with $340 million at March 31,
2020. The small increase resulted primarily from accumulated other
comprehensive income declining to a $13.9 million loss at March 31,
2021, compared with income of $9.3 million at March 31, 2020
resulting from the impact that higher interest rates have on the
fair value of investments securities held for sale. Retained
earnings increased $31.4 million, or 12.9%, to $276 million at
March 31, 2021 compared with $244 million for the same period a
year earlier.
The Company’s leverage capital ratio was 10.06% at March 31,
2021, compared with 12.74% at March 31, 2020. The total risk-based
capital ratio was 18.41% at March 31, 2021, compared with 18.62% at
March 31, 2020.
Net Interest Income and Margin
For the three months ended March 31, 2021, net interest income
decreased $3.6 million, or 13.31%, to $23.6 million, compared with
$27.2 million for the same period a year earlier. The decrease is
primarily the result of net interest margins narrowing 188 basis
points to 2.91% 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
$934 million, or 45.48%, for the same respective periods. Average
interest earning assets increased $1.00 billion, or 43.84%, to
$3.29 billion for the same comparable periods. The percentage of
average loans to total average interest earning assets decreased to
52.90% for the three months ended March 31, 2021 compared with
73.49% for the same period a year earlier.
Yield on interest earning assets declined 207 basis points to
3.10% for the three months ended March 31, 2021 compared with 5.17%
for the same period a year earlier. The decline in yield on
interest earning assets is primarily the result of the average
amount of cash and investment securities held by the Company
increasing $942 million, or 156%, to $1.54 billion for the same
comparable periods with the yield on cash and investment securities
declining 169 basis points to 0.60% for the first quarter of 2021
compared with 2.29% for the same comparable periods. This decline
is primarily the result of yield on investment securities declining
184 basis points to 0.67% for the same comparable periods as
prepayment rates on mortgage-backed securities significantly
increased in the first quarter of 2021.
The Company rebalanced its mortgage-backed securities by selling
$131 million of securities with the highest prepayment rates at the
end of the first quarter and recording a gain on sale of $0.2
million. This sale was offset by the purchase of $150 million of
mortgage-backed securities at par value. The Company expects the
yield on its investment securities portfolio to be in excess of
1.00% in the second quarter of 2021. In addition, the yield on
loans declined 89 basis points to 5.32% compared with 6.21% for the
same comparable periods. Average loans outstanding increased $59
million, or 3.54%, to $1.74 billion for the same comparable
periods.
For the three months ended March 31, 2021, total cost of
interest bearing liabilities decreased 32 basis points to 0.32%,
compared with 0.64% for the same period a year earlier and the
total cost of funds decreased 21 basis points to 0.21%, compared
with 0.42% for the same period a year ago.
For the three months ended March 31, 2021, acquisition
accounting adjustments, including the accretion of loan discounts
and fair value amortization on time deposits, added four basis
points to net interest margin.
Provision for Credit Losses
The Company did not record any provision for credit losses for
the three months ended March 31, 2021, compared with $0.7 million
for the same period a year ago. The decrease in provision for
credit losses in the three months ended March 31, 2021 compared
with the same period a year earlier is due primarily to a $9.3
million, or 46.30%, decline in loans individually evaluated for
credit losses to $10.8 million and the related allowance for credit
losses of $6.5 million offset by a $160 million, or 9.82%, increase
in loans with similar risk characterisics to $1.79 billion and the
related allowance for credit losses of $34.5 million. For the three
months ended March 31, 2021, the Company incurred net charge-offs
of $0.2 million, compared with $0.3 million for the same period a
year ago.
Noninterest Income
For the three months ended March 31, 2021, noninterest income
increased $1.6 million, or 43.90%, to $5.4 million, compared with
$3.7 million the same period a year ago. The increase was primarily
due to a $1.1 million, or 62.63%, increase in mortgage banking
income to $2.8 million, compared with $1.7 million for the same
period a year ago resulting from higher volume and wider margins on
loans sold, which was favorably impacted by an increase in mortgage
loan refinances, as overall interest rates declined. Total mortgage
loans sold increased $70.4 million, or 140%, to $120.5 million for
the first quarter compared with the same period a year ago.
Noninterest Expense
For the three months ended March 31, 2021, noninterest expense
was $16.5 million, compared with $16.2 million for the same period
a year earlier. For the three months ended March 31, 2021, the
Company’s efficiency ratio was 57.50% compared with 52.20% for the
same period a year ago.
The increase in noninterest expense for the three months ended
March 31, 2021 was primarily the result of higher data processing
expenses due to technology investment in loan origination software
for the mortgage banking division; technology investments made in
the commercial banking division, including costs for its
cloud-based, commercial loan origination application (nCino),
including automated processes for smaller ticket commercial loans
(titled Altaexpress™), the implementation of a Salesforce CRM
solution, and for a new cloud-based, commercial client treasury
management solution; and costs a new cloud-based, construction
budget, draw and inspection management solution for both commercial
and consumer clients. The Company expects to continue to make
significant investments in new technologies to enhance the client
experience and empower clients to transact more business on the
Company’s mobile platform; to lower the overall costs of its
operating platform; and to become more scalable.
The increase in noninterest expense was also the result of
higher salaries and employee benefits resulting from annual merit
increases and higher incentive payments, particularly in the
mortgage banking division. In addition, the Company did not incur
FDIC premium payments for the first quarter of 2020 due to the
application of the small bank assessment credit from the FDIC.
Lastly, the Company incurred $0.2 million in one-time additional
legal costs during the first quarter of 2021.
Income Tax Provision
For the three months ended March 31, 2021, income tax expense
was $3.0 million, compared with $3.4 million for the same period a
year earlier. For the three months ended March 31, 2021, the
effective tax rate was 24.10%, compared with 23.87% for the same
period a year ago.
Conference Call and Webcast
Management will host a conference call on Thursday, April 29,
2021 at 10:00 a.m. MDT (12:00 p.m. EDT) to discuss the Company’s
financial performance.
Investment professionals who wish to ask questions regarding the
Company’s financial performance will need to register to
participate in the call by Wednesday, April 28, 2021 by visiting
http://www.directeventreg.com/registration/event/9678163. Upon
registering, you will receive a confirmation with dial-in
details.
Other interested parties may listen to the call via a live
webcast. Additional information and a link to the webcast can be
found on the Company’s website at www.altabancorp.com.
An audio archive and written transcript of the conference call
will be available on the Company’s investor website within 24 hours
after the end of the call. Interested parties may listen to the
audio archive and read the written transcript for one month after
the call. Forward-looking statements may be made 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.” Forward-looking statements in this
press release include, without limitation, statements regarding the
Company’s expectations for its financial performance, the Company’s
ability to respond to negative effects of the COVID-19 pandemic,
the Company’s ability to grow its loan portfolio, expected trends
in asset quality, the Company’s ability to grow and the effects of
expanding its mortgage banking operations, and the Company’s
ability to improve its operating leverage in response to low
overall interest rates. 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 the Company’s
Form 10-K, Form 10-Qs, and various other 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 25 branch
locations from Preston, Idaho to St. George, Utah. Altabank™ is the
largest community bank in Utah with total assets of $3.5 billion.
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.
ALTABANCORP™
UNAUDITED CONSOLIDATED
STATEMENTS OF INCOME
Three Months Ended
(Dollars in thousands, except share and
per share amounts)
March 31,
December 31,
March 31,
2021
2020
2020
Interest income
Interest and fees on loans
$
22,814
$
23,095
$
25,925
Interest and dividends on investments
2,330
3,416
3,459
Total interest income
25,144
26,511
29,384
Interest expense
1,546
1,599
2,163
Net interest income
23,598
24,912
27,221
Provision for credit losses
-
-
650
Net interest income after provision for
credit losses
23,598
24,912
26,571
Non-interest income
Mortgage banking
2,781
4,129
1,710
Card processing
1,071
995
707
Service charges on deposit accounts
692
855
780
Net gain on sale of investment
securities
206
-
-
Other
632
475
543
Total non-interest income
5,382
6,454
3,740
Non-interest expense
Salaries and employee benefits
11,087
10,226
10,844
Occupancy, equipment and depreciation
1,195
1,321
1,539
Data processing
1,849
1,895
1,136
Marketing and advertising
306
291
432
FDIC premiums
226
221
-
Other
1,882
2,889
2,210
Total non-interest expense
16,545
16,843
16,161
Income before income tax
expense
12,435
14,523
14,150
Income tax expense
2,997
3,472
3,377
Net income
$
9,438
$
11,051
$
10,773
Earnings per common share:
Basic
$
0.50
$
0.59
$
0.57
Diluted
$
0.50
$
0.58
$
0.57
Weighted average common shares
outstanding:
Basic
18,864,497
18,814,970
18,884,857
Diluted
19,019,682
18,958,163
19,038,127
ALTABANCORP™
UNAUDITED CONSOLIDATED BALANCE
SHEETS
(Dollars in thousands, except share
amounts)
March 31,
December 31,
September 30,
March 31,
2021
2020
2020
2020
ASSETS
Cash and due from banks
$
33,254
$
39,312
$
44,137
$
36,203
Interest-bearing deposits
77,378
197,769
180,773
120,176
Federal funds sold
910
2,793
74
1,248
Total cash and cash equivalents
111,542
239,874
224,984
157,627
Investment securities:
Available for sale, at fair value
1,500,491
1,320,393
1,123,051
577,000
Non-marketable equity securities
4,042
2,890
2,890
2,890
Loans held for sale
8,293
14,152
31,872
21,572
Loans:
Loans held for investment
1,796,961
1,695,496
1,697,135
1,642,516
Allowance for credit losses
(41,013
)
(41,236
)
(41,495
)
(41,253
)
Total loans held for investment,
net
1,755,948
1,654,260
1,655,640
1,601,263
Premises and equipment, net
35,962
36,460
37,095
38,376
Goodwill
25,673
25,673
25,673
25,673
Bank-owned life insurance
42,978
42,720
42,312
27,184
Deferred income tax assets
16,814
7,389
7,842
8,003
Accrued interest receivable
10,454
11,336
14,117
8,464
Other intangibles
4,389
4,451
4,445
4,477
Other real estate owned
-
-
-
-
Other assets
5,212
6,630
5,440
4,483
Total assets
$
3,521,798
$
3,366,228
$
3,175,361
$
2,477,012
LIABILITIES AND SHAREHOLDERS’
EQUITY
Deposits:
Non-interest bearing deposits
$
1,104,995
$
1,039,844
$
1,037,970
$
737,001
Interest-bearing deposits
2,053,991
1,876,464
1,678,809
1,385,017
Total deposits
3,158,986
2,916,308
2,716,779
2,122,018
Short-term borrowings
-
64,554
83,490
-
Accrued interest payable
339
616
487
503
Other liabilities
12,602
13,612
14,315
14,354
Total liabilities
3,171,927
2,995,090
2,815,071
2,136,875
Shareholders’ equity:
Preferred shares, $0.01 par value
-
-
-
-
Common shares, $0.01 par value
189
188
188
188
Additional paid-in capital
87,843
87,574
87,116
86,318
Retained earnings
275,765
269,157
260,929
244,325
Accumulated other comprehensive
income/(loss)
(13,926
)
14,219
12,057
9,306
Total shareholders’ equity
349,871
371,138
360,290
340,137
Total liabilities and shareholders’
equity
$
3,521,798
$
3,366,228
$
3,175,361
$
2,477,012
Common shares outstanding
18,873,921
18,828,522
18,802,635
18,787,810
ALTABANCORP™
SUMMARY FINANCIAL
INFORMATION
(Dollars in thousands, except share
amounts)
March 31,
December 31,
September 30,
March 31,
2021
2020
2020
2020
Selected Balance Sheet
Information:
Book value per share
$
18.54
$
19.71
$
19.16
$
18.10
Tangible book value per share
$
16.94
$
18.21
$
17.66
$
16.59
Non-performing loans to total loans
0.42
%
0.54
%
0.41
%
0.41
%
Non-performing assets to total assets
0.21
%
0.27
%
0.22
%
0.27
%
Allowance for credit losses to loans held
for investment
2.28
%
2.43
%
2.45
%
2.51
%
Loans to deposits
55.85
%
57.21
%
62.11
%
76.48
%
Asset Quality Data:
Non-performing loans
$
7,332
$
9,064
$
6,944
$
6,590
Non-performing assets
$
7,332
$
9,064
$
6,944
$
6,590
Capital Ratios:
Tier 1 leverage capital (1)
10.06
%
10.47
%
10.87
%
12.74
%
Total risk-based capital (1)
18.41
%
19.17
%
19.13
%
18.62
%
Average equity to average assets
10.94
%
11.15
%
11.68
%
13.82
%
Tangible common equity to tangible assets
(2)
9.16
%
10.27
%
10.55
%
12.73
%
Three Months Ended
March 31,
December 31,
March 31,
2021
2020
2020
Selected Financial Information:
Basic earnings per share
$
0.50
$
0.59
$
0.57
Diluted earnings per share
$
0.50
$
0.58
$
0.57
Net interest margin (3)
2.91
%
3.18
%
4.79
%
Efficiency ratio
57.50
%
53.70
%
52.20
%
Non-interest income to average assets
0.64
%
0.79
%
0.63
%
Non-interest expense to average assets
1.98
%
2.05
%
2.71
%
Annualized return on average assets
1.13
%
1.34
%
1.80
%
Annualized return on average equity
10.30
%
12.06
%
13.05
%
Net charge-offs
$
223
$
259
$
289
Annualized net charge-offs to average
loans
0.05
%
0.06
%
0.07
%
_______________
(1)
Tier 1 leverage capital and Total
risk-based capital as of March 31, 2021 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 $30.1
million, $28.2 million, $28.3 million, and $28.6 million at March
31, 2021, December 31, 2020, September 30, 2020, and March 31,
2020, respectively.
(3)
Net interest margin is defined as
annualized net interest income divided by average earning
assets.
ALTABANCORP™
SELECTED AVERAGE BALANCES AND
YIELDS
Three Months Ended
March 31, 2021
March 31, 2020
(Dollars in thousands, except
footnotes)
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
ASSETS
Interest-earning deposits in other banks
and federal funds sold
$
162,499
$
27
0.07%
$
103,099
$
316
1.23%
Securities: (1)
Taxable securities
1,347,284
2,104
0.63%
449,195
2,868
2.57%
Non-taxable securities (2)
34,692
177
2.07%
50,516
253
2.01%
Total securities
1,381,976
2,281
0.67%
499,711
3,121
2.51%
Loans (3)
Real estate term
1,024,491
12,760
5.05%
935,753
13,467
5.79%
Construction and land development
247,771
3,820
6.25%
277,720
5,024
7.28%
Commercial and industrial
239,244
3,854
6.53%
279,278
4,906
7.07%
Residential and home equity
217,335
2,206
4.12%
170,767
2,286
5.38%
Consumer and other
9,162
174
7.69%
15,110
242
6.43%
Total loans
1,738,003
22,814
5.32%
1,678,628
25,925
6.21%
Non-marketable equity securities
3,015
22
2.98%
2,638
22
3.33%
Total interest-earning assets
3,285,493
25,144
3.10%
2,284,076
29,384
5.17%
Allowance for credit losses
(41,406
)
(42,136
)
Non-interest earning assets
151,269
159,578
Total average assets
$
3,395,356
$
2,401,518
LIABILITIES AND SHAREHOLDERS’
EQUITY
Interest-bearing deposits:
Demand and savings accounts
$
1,130,353
569
0.20%
$
832,083
779
0.38%
Money market accounts
668,091
524
0.32%
352,120
811
0.93%
Certificates of deposit
161,018
427
1.08%
169,668
573
1.36%
Total interest-bearing deposits
1,959,462
1,520
0.31%
1,353,871
2,163
0.64%
Short-term borrowings
25,931
26
0.40%
-
-
0.00%
Total interest-bearing
liabilities
1,985,393
1,546
0.32%
1,353,871
2,163
0.64%
Non-interest bearing deposits
1,028,130
699,780
Total funding
3,013,523
1,546
0.21%
2,053,651
2,163
0.42%
Other non-interest bearing liabilities
10,387
15,878
Shareholders’ equity
371,446
331,989
Total average liabilities and
shareholders’ equity
$
3,395,356
$
2,401,518
Net interest income
$
23,598
$
27,221
Interest rate spread
2.79%
4.53%
Net interest margin
2.91%
4.79%
_______________
(1)
Excludes average unrealized losses of
$12.9 million and unrealized gains of $3.1 million for the three
months ended March 31, 2021 and 2020, respectively.
(2)
Does not include tax effect on tax-exempt
investment security income of $59,000 and $84,000 for the three
months ended March 31, 2021 and 2020, respectively.
(3)
Loan interest income includes loan fees of
$2.3 million and $1.5 million for the three months ended March 31,
2021 and 2020, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210428006161/en/
Investor Relations Contact Mark K. Olson Executive Vice
President and Chief Financial Officer Altabancorp™ 1 East Main
Street American Fork UT 84003 investorrelations@altabancorp.com
Phone: 801-642-3998
AltaBancorp (NASDAQ:ALTA)
Historical Stock Chart
From Oct 2024 to Nov 2024
AltaBancorp (NASDAQ:ALTA)
Historical Stock Chart
From Nov 2023 to Nov 2024
