United Security Bancshares reports 1st quarter net income of $1.4 million

FRESNO, Calif.–(BUSINESS WIRE)–United Security Bancshares (Nasdaq: UBFO) today announced its unaudited financial results for the quarter ended March 31, 2021. The Company recognized net income of $1,411,000, or $0.08 per basic and diluted share for the quarter ended March 31, 2021, compared to net income of $2,754,000, or $0.16 per basic and diluted share for the quarter ended March 31, 2020.

First Quarter 2021 Highlights (at or for the quarter ended March 31, 2021, except where noted)

  • Net income for the quarter was $1.41 million, representing a $1.34 million or 48.77% decrease from $2.75 million for the quarter ended March 31, 2020. The decrease is primarily the result of the change in LIBOR rates between periods, causing a $1.03 million loss for the quarter ended March 31, 2021 on the fair value of junior subordinated debentures, compared to a $1.50 million gain for the quarter ended March 31, 2020.
  • Total assets increased 8.63% to $1.19 billion, compared to $1.09 billion at December 31, 2020.
  • Total loans, net of unearned fees, increased 3.08% to $674.49 million, compared to $654.35 million at December 31, 2020.
  • Total deposits increased 9.99% to $1.05 billion, compared to $952.65 million at December 31, 2020.
  • The allowance for credit losses as a percentage of gross loans decreased to 1.27%, compared to 1.30% at December 31, 2020. The provision for credit losses totaled $375,000 for the quarter, compared to $1,707,000 for the quarter ended March 31, 2020.
  • Net interest income after the provision for credit losses was $7,672,000 for the quarter ended March 31, 2021, compared to $7,026,000 for the quarter ended March 31, 2020.
  • Book value per share decreased to $6.90, compared to $6.93 at December 31, 2020.
  • Net interest margin decreased to 3.16% from 4.00% for the quarter ended March 31, 2020.
  • Annualized average cost of deposits decreased to 0.17% from 0.33% for the quarter ended March 31, 2020.
  • Net charge-offs totaled $348,000, compared to net charge-offs of $495,000 for the quarter ended March 31, 2020.
  • Capital positions remain well-capitalized with a 11.02% Tier 1 Leverage Ratio compared to 11.37% as of December 31, 2020.
  • Annualized return on average assets (“ROAA”) was 0.51%, compared to 1.16% for the quarter ended March 31, 2020.
  • Annualized return on average equity (“ROAE”) was 4.82%, compared to 9.37% for the quarter ended March 31, 2020.

“Over the last year, as our customers and communities struggled with the global COVID-19 pandemic, the Company maintained a large cash reserve to support unanticipated business impacts, credit challenges, and to fund SBA PPP loans. As we are now seeing increases in vaccine availability, along with an improving employment and business environment, we have begun to execute on our 2021 strategy. The plan includes deploying $200 million of excess cash balances into the loan and investment portfolios. We anticipate the $200 million rebalancing will be completed by the end of the second quarter,” stated Dennis Woods, President and CEO of United Security Bancshares and United Security Bank.

Woods added, “We recognized $1.4 million in net income during the first quarter of 2021, compared to $2.8 million during the same period in 2020. The decrease is largely driven by the change in fair value on our junior subordinated debt. Our core net income, a non-GAAP measure, which excludes the fair value adjustment on junior subordinated debt and gain/loss on OREO, increased 21% to $2.1 million between the first quarter 2020 and 2021.”

Provided at the end of this Press Release is a reconciliation of Core Net Income, as a non-GAAP measure, to Net Income. This reconciliation excludes Non-Core items such as the Fair Value Adjustment for TRUPs and gain or loss on sale of other real estate owned (OREO). Management believes that financial results are more comparative excluding the impact of such non-core items.

Results of Operations

Net income for the quarter ended March 31, 2021 decreased $1,343,000 when compared to the quarter ended March 31, 2020. The decrease is the result of the change in the fair value of junior subordinated debentures caused by a change in LIBOR rates. ROAE for the quarter ended March 31, 2021 was 4.82%, compared to 9.37% for the quarter ended March 31, 2020. ROAA was 0.51% for the quarter ended March 31, 2021, compared to 1.16% for the quarter ended March 31, 2020.

The annualized average cost of deposits was 0.17% for the quarter ended March 31, 2021, a decrease from 0.33% for the quarter ended March 31, 2020. The decrease in the cost of deposits is primarily attributed to reductions on deposit rates made in 2020. Average interest-bearing deposits increased 15.47% between the periods ended March 31, 2020 and 2021 from $501,026,000 to $578,513,000.

Net interest income before the provision for credit losses was $8,047,000 for the quarter ended March 31, 2021, representing a $686,000 or 7.86% decrease compared to the same period ended March 31, 2020. The Company’s net interest margin decreased from 4.00% to 3.16% between the quarters ended March 31, 2020 and March 31, 2021. The reduction in net interest margin is driven by the reduction in yields on all interest earning assets, partially offset by a decrease in interest expense on deposits.

Noninterest income for the quarter ended March 31, 2021 totaled a $159,000 loss, reflecting a decrease of $2,739,000 from the $2,580,000 in non-interest income reported for the quarter ended March 31, 2020. The decrease is attributed to a $2,531,000 decrease in the fair value of TRUPs, resulting in a $1,033,000 loss recorded for the quarter ended March 31, 2021 compared to a $1,498,000 gain recorded for the quarter ended March 31, 2020. The change in the fair value of TRUPs reflected in noninterest income was caused by an increase in the LIBOR yield curve.

Noninterest expense for the quarter ended March 31, 2021 totaled $5,565,000, a decrease of $179,000 as compared to $5,744,000 reported for the quarter ended March 31, 2020. On a quarter-over-quarter comparative basis, non-interest expense decreased due to a $128,000 decrease in OREO cost and a $113,000 decrease in other expense, partially offset by an increase of $81,000 in regulatory assessments. The decrease in other expense is related to decreases in armored card services and donations.

The efficiency ratio for the quarter ended March 31, 2021 increased to 70.55%, compared to 50.77% for the quarter ended March 31, 2020. The increase is attributed to the decrease in total noninterest income.

The Company recorded an income tax provision of $537,000 for the quarter ended March 31, 2021, compared to $1,108,000 for the same period in 2020. The effective tax rate for the quarter ended March 31, 2021 was 27.57%, compared to 28.69% for the quarter ended March 31, 2020.

Balance Sheet Review

Total assets increased $94,282,000, or 8.63%, between March 31, 2021 and December 31, 2020, due primarily to increases of $20,283,000 in gross loan balances and $61,148,000 in investment securities. Total cash and cash equivalents increased $13,840,000 between December 31, 2020 and March 31, 2021. Unfunded loan commitments increased from $216,799,000 at December 31, 2020 to $222,343,000 at March 31, 2021. OREO balances decreased from $5,004,000 at December 31, 2020 to $4,841,000 at March 31, 2021. The reduction is attributed to the receipt of partial proceeds on the sale of one OREO property during the quarter.

Total deposits increased $95,130,000, or 9.99%, to $1,047,781,000 during the quarter ended March 31, 2021. This increase was due to increases of $37,108,000 in noninterest bearing deposits, $49,261,000 in NOW and money market accounts, $7,409,000 in savings accounts, and an increase of $1,352,000 in time deposits. In total, NOW, money market and savings accounts increased 11.35% to $555,905,000 at March 31, 2021, compared to $499,235,000 at December 31, 2020. Noninterest bearing deposits increased 9.47% to $429,005,000 at March 31, 2021, compared to $391,897,000 at December 31, 2020. Core deposits, which is made up of the balance of noninterest bearing deposits, NOW, money market, savings, and time deposits accounts less than $250,000, increased $95,100,000.

Shareholders’ equity at March 31, 2021 was $117,333,000, a decrease of $474,000 from shareholders’ equity of $117,807,000 at December 31, 2020. This decrease in equity was the result of cash dividends, and the change in accumulated other comprehensive loss for the quarter. At March 31, 2021 there was an accumulated other comprehensive loss of $783,000, as compared to an accumulated other comprehensive loss of $728,000 at December 31, 2020. The change from December 31, 2020 to March 31, 2021 was the result of unrealized loss on available for sale securities, partially offset by gains on junior subordinated debentures (TRUPs) caused by a change in market credit spreads during the period.

The Board of Directors of United Security Bancshares declared a cash dividend on common stock of $0.11 per share on March 23, 2021. The dividend was payable on April 16, 2021, to shareholders of record as of April 6, 2021. No assurances can be provided that future dividends will be declared and/or as to the timing of such future dividends, if any.

Credit Quality

The Company recorded a provision for credit losses of $375,000 for the quarter ended March 31, 2021, compared to a provision of $1,707,000 for the quarter ended March 31, 2020. Net loan charge-offs totaled $348,000 for the quarter ended March 31, 2021, as compared to net loan charge-offs of $495,000 for the quarter ended March 31, 2020. The provision recorded during the year is attributed to growth of the loan portfolio and charge-offs related to the student loan portfolio, partially offset by an adjustment related to improved economic conditions. For the quarter ended March 31, 2020 the provision recorded was attributed to growth of the loan portfolio, net charge-offs, and uncertainty related to COVID-19. In 2020, the Company had executed 23 payment deferrals or modifications on outstanding loan balances of $69,814,000 in connection with the COVID-19 relief provided by the CARES Act and interagency guidance issued in March 2020. The Company has not recognized any losses on the loan modifications and as of March 31, 2021, there were no modifications outstanding.

The Company’s allowance for loan loss totaled 1.27% of the loan portfolio at March 31, 2021, compared to 1.30% at December 31, 2020. Excluding the SBA PPP loans, which are fully government guaranteed, the allowance for loan loss totaled 1.29% of the loan portfolio at March 31, 2021.

Non-performing assets, comprised of nonaccrual loans, troubled debt restructures (TDRs), other real estate owned through foreclosure (OREO), and loans more than 90 days past due and still accruing interest, decreased $658,000 between December 31, 2020 and March 31, 2021 to $16,890,000. Nonperforming assets as a percentage of total assets decreased from 1.61% at December 31, 2020 to 1.42% at March 31, 2021. The decrease in nonperforming assets is primarily attributed to the reduction in past due loans more than 90 days and still accruing interest from $513,000 at December 31, 2020 to $234,000 at March 31, 2021. Additionally, restructured loans decreased $215,000 between December 31, 2020 and March 31, 2021, and nonaccrual loans decreased $108,000 between December 31, 2020 and March 31, 2021 to $11,388,000. OREO balances decreased from $5,004,000 at December 31, 2020 to $4,841,000 at March 31, 2021.

About United Security Bancshares

United Security Bancshares (NASDAQ: UBFO) is the holding company for United Security Bank, which was founded in 1987. United Security Bank is headquartered in Fresno and operates 12 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Mendota, Oakhurst, San Joaquin, and Taft, California. Additionally, United Security Bank operates Commercial Real Estate Construction, Commercial Lending, and Consumer Lending departments. For more information, please visit www.unitedsecuritybank.com.

Non-GAAP Financial Measures

This press release and the accompanying financial tables contain a non-GAAP financial measure (Net Income before Non-Core) within the meaning of the Securities and Exchange Commission’s Regulation G. In the accompanying financial tables, the Company has provided a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. The Company’s management believes that this non-GAAP financial measure provides useful information about the Company’s results of operations and/or financial position to both investors and management. The Company provides this non-GAAP financial measure to investors to assist them in performing their analysis of its historical operating results. The non-GAAP financial measure shows the Company’s operating results before consideration of certain adjustments and, consequently, this non-GAAP financial measure should not be construed as an alternative to net income (loss) as an indicator of the Company’s operating performance, as determined in accordance with GAAP. The Company may calculate this non-GAAP financial measure differently than other companies.

Forward-Looking Statements

This press release may contain 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 the Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements are based on management’s knowledge and belief as of today and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements are subject to risks and uncertainties and actual results may differ materially from those presented. Factors that might cause such differences, some of which are beyond the Company’s ability to control or predict, include, but are not limited to: (1) the effects of the COVID-19 pandemic, or other similar outbreaks, including the effects of the steps being taken to address the pandemic and their impact on the Company’s markets, customers and employees, (2) changes in general economic and financial market conditions, either nationally or locally, (3) changes in interest rates, (4) changes in banking laws or regulations, (5) increased competition in the Company’s markets, impacting the ability to execute its business plans, (6) loss of key personnel, (7) unanticipated credit losses, (8) drought, earthquakes or other natural disasters impacting the local economy and/or the condition of real estate collateral, (9) the impact of technological changes and the ability to develop and maintain secure and reliable electronic systems, (10) uncertainty regarding the replacement of LIBOR, and (11) changes in accounting policies or procedures.

The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. For a more complete discussion of these risks and uncertainties, see the Company’s Annual Report on Form 10-K, for the year ended December 31, 2020, and particularly the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Readers should carefully review all disclosures the Company files from time to time with the Securities and Exchange Commission.

United Security Bancshares

 

 

 

Consolidated Balance Sheets (unaudited)

 

 

 

(in thousands)

 

 

 

 

March 31, 2021

 

December 31, 2020

Assets

 

 

 

Cash and non-interest-bearing deposits in other banks

$

34,257

 

 

 

$

29,490

 

 

Due from Federal Reserve Bank (“FRB”)

273,652

 

 

 

264,579

 

 

Cash and cash equivalents

307,909

 

 

 

294,069

 

 

 

 

 

 

Investment securities (at fair value)

 

 

 

Available-for-sale (“AFS”) securities

143,549

 

 

 

82,341

 

 

Marketable equity securities

3,791

 

 

 

3,851

 

 

Total investment securities

147,340

 

 

 

86,192

 

 

Loans

675,694

 

 

 

655,411

 

 

Unearned fees and unamortized loan origination costs – net

(1,205

)

 

 

(1,064

)

 

Allowance for credit losses

(8,549

)

 

 

(8,522

)

 

Net loans

665,940

 

 

 

645,825

 

 

 

 

 

 

Premises and equipment – net

8,895

 

 

 

9,110

 

 

Accrued interest receivable

8,582

 

 

 

8,164

 

 

Other real estate owned

4,841

 

 

 

5,004

 

 

Goodwill

4,488

 

 

 

4,488

 

 

Deferred tax assets – net

3,235

 

 

 

2,907

 

 

Cash surrender value of life insurance

21,766

 

 

 

20,715

 

 

Operating lease right-of-use assets

2,733

 

 

 

2,864

 

 

Other assets

11,207

 

 

 

13,316

 

 

Total assets

$

1,186,936

 

 

 

$

1,092,654

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

Deposits

 

 

 

Non-interest-bearing

$

429,005

 

 

 

$

391,897

 

 

Interest-bearing

618,776

 

 

 

560,754

 

 

Total deposits

1,047,781

 

 

 

952,651

 

 

 

 

 

 

Operating lease liabilities

2,838

 

 

 

2,967

 

 

Other liabilities

8,001

 

 

 

8,305

 

 

Junior subordinated debentures (at fair value)

10,983

 

 

 

10,924

 

 

Total liabilities

1,069,603

 

 

 

974,847

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

Common stock, no par value; 20,000,000 shares authorized; issued and outstanding: 17,010,288 at March 31, 2021 and 17,009,883 at December 31, 2020

59,443

 

 

 

59,397

 

 

Retained earnings

58,673

 

 

 

59,138

 

 

Accumulated other comprehensive loss

(783

)

 

(728

)

Total shareholders’ equity

117,333

 

 

 

117,807

 

 

Total liabilities and shareholders’ equity

$

1,186,936

 

 

 

$

1,092,654

 

 

United Security Bancshares

 

 

 

Consolidated Statements of Income (unaudited)

 

 

 

(in thousands)

 

 

 

 

Three Months Ended March 31,

 

2021

 

2020

Interest Income:

 

 

 

Interest and fees on loans

$

8,071

 

 

$

8,499

 

Interest on investment securities

387

 

428

Interest on deposits in FRB

62

 

567

Total interest income

8,520

 

 

9,494

 

 

 

 

 

Interest Expense:

 

 

 

Interest on deposits

427

 

664

Interest on other borrowed funds

46

 

97

Total interest expense

473

 

761

Net Interest Income

8,047

 

8,733

Provision for Credit Losses

375

 

1,707

Net Interest Income after Provision for Credit Losses

7,672

 

7,026

 

 

 

 

Noninterest Income:

 

 

 

Customer service fees

656

 

728

Increase in cash surrender value of bank-owned life insurance

132

 

131

Unrealized (loss) gain on fair value of marketable equity securities

(60)

 

15

(Loss) gain on fair value of junior subordinated debentures

(1,033)

 

1,498

Gain on sale of assets

13

 

Other

133

 

208

Total noninterest (loss) income

(159)

 

2,580

 

 

 

 

Noninterest Expense:

 

 

 

Salaries and employee benefits

3,024

 

2,995

Occupancy expense

856

 

853

Data processing

87

 

112

Professional fees

827

 

855

Regulatory assessments

166

 

85

Director fees

92

 

94

Correspondent bank service charges

19

 

15

Net cost on operation and sale of OREO

25

 

153

Other

469

 

582

Total noninterest expense

5,565

 

5,744

 

 

 

 

Income Before Provision for Taxes

1,948

 

3,862

Provision for Taxes on Income

537

 

1,108

Net Income

$

1,411

 

$

2,754

 

 

 

 

Basic earnings per common share

$

0.08

 

$

0.16

Diluted earnings per common share

$

0.08

 

$

0.16

Weighted average basic shares for EPS

17,010,131

 

16,974,100

Weighted average diluted shares for EPS

17,026,752

 

16,994,727

United Security Bancshares

 

 

 

Average Balances and Rates (unaudited)

 

 

 

(in thousands)

Three Months Ended March 31,

 

2021

 

2020

Average Balances:

 

 

 

Loans (1)

$

669,723

 

 

$

603,060

 

Investment securities

103,236

 

 

82,101

 

Interest-bearing deposits in FRB

258,918

 

 

178,748

 

Total interest-earning assets

1,031,877

 

 

863,909

 

Allowance for credit losses

(8,507)

 

 

(7,905)

 

Cash and due from banks

41,650

 

 

29,282

 

Other real estate owned

5,074

 

 

6,628

 

Other non-earning assets

60,641

 

 

61,810

 

Total average assets

$

1,130,735

 

 

$

953,724

 

 

 

 

 

Interest-bearing deposits

$

578,513

 

 

$

501,026

 

Junior subordinated debentures

10,896

 

 

10,714

 

Total interest-bearing liabilities

589,409

 

 

511,740

 

 

 

 

 

Non-interest-bearing deposits

412,455

 

 

314,389

 

Other liabilities

9,914

 

 

9,679

 

Total liabilities

1,011,778

 

 

835,808

 

Total equity

118,957

 

 

117,916

 

Total liabilities and equity

$

1,130,735

 

 

$

953,724

 

 

 

 

 

Average Rates:

 

 

 

Loans (1)

4.89

%

 

5.57

%

Investment securities

1.52

%

 

2.10

%

Interest-bearing deposits in FRB

0.10

%

 

1.28

%

Earning assets

3.35

%

 

4.35

%

Interest bearing deposits

0.30

%

 

0.53

%

Total deposits

0.17

%

 

0.33

%

Junior subordinated debentures

1.71

%

 

3.64

%

Total interest-bearing liabilities

0.33

%

 

0.60

%

Net interest margin (2)

3.16

%

 

4.00

%

(1) Loan amounts include nonaccrual loans, but the related interest income has been included only if collected for the period prior to the loan being placed on a nonaccrual basis.

(2) Net interest margin is computed by dividing annualized net interest income by average interest-earning assets.

United Security Bancshares

 

 

 

 

 

 

 

 

Condensed – Consolidated Balance Sheets (unaudited)

 

 

 

 

(in thousands)

 

 

March 31, 2021

 

December 31, 2020

 

September 30, 2020

 

June 30, 2020

 

March 31, 2020

Cash and cash equivalents

$

307,909

 

 

$

294,069

 

 

$

323,332

 

 

$

229,541

 

 

$

199,853

 

Investment securities

147,340

 

 

86,192

 

 

91,782

 

 

96,739

 

 

97,486

 

Loans

674,489

 

 

654,347

 

 

660,444

 

 

648,650

 

 

623,686

 

Allowance for credit losses

(8,549)

 

 

(8,522)

 

 

(8,708)

 

 

(8,862)

 

 

(9,120)

 

Net loans

665,940

 

 

645,825

 

 

651,736

 

 

639,788

 

 

614,566

 

Other assets

65,747

 

 

66,568

 

 

67,097

 

 

65,305

 

 

65,341

 

Total assets

$

1,186,936

 

 

$

1,092,654

 

 

$

1,133,947

 

 

$

1,031,373

 

 

$

977,246

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing

$

429,005

 

 

$

391,897

 

 

$

430,028

 

 

$

362,010

 

 

$

324,167

 

Interest-bearing

618,776

 

 

560,754

 

 

564,755

 

 

531,102

 

 

516,270

 

Total deposits

1,047,781

 

 

952,651

 

 

994,783

 

 

893,112

 

 

840,437

 

Other liabilities

21,822

 

 

22,196

 

 

21,111

 

 

20,801

 

 

19,399

 

Total liabilities

1,069,603

 

 

974,847

 

 

1,015,894

 

 

913,913

 

 

859,836

 

Total shareholders’ equity

117,333

 

 

117,807

 

 

118,053

 

 

117,460

 

 

117,410

 

Total liabilities and shareholder’s equity

$

1,186,936

 

 

$

1,092,654

 

 

$

1,133,947

 

 

$

1,031,373

 

 

$

977,246

 

United Security Bancshares

 

 

 

 

 

 

 

 

Condensed – Consolidated Statements of Income (unaudited)

 

 

 

 

(in thousands)

For the Quarters Ended:

 

March 31, 2021

 

December 31, 2020

 

September 30, 2020

 

June 30, 2020

 

March 31, 2020

Total interest income

$

8,520

 

 

$

8,496

 

 

$

7,968

 

 

$

8,107

 

 

$

9,341

 

Total interest expense

473

 

 

499

 

 

500

 

 

530

 

 

761

 

Net interest income

8,047

 

 

7,997

 

 

7,468

 

 

7,577

 

 

8,580

 

Provision for credit losses

375

 

 

631

 

 

4

 

 

428

 

 

1,707

 

Net interest income after provision for credit losses

7,672

 

 

7,366

 

 

7,464

 

 

7,149

 

 

6,873

 

 

 

 

 

 

 

 

 

 

 

Total non-interest (loss) income

(159)

 

 

467

 

 

911

 

 

1,214

 

 

2,580

 

Total non-interest expense

5,565

 

 

5,260

 

 

5,210

 

 

5,553

 

 

5,591

 

Income before provision for taxes

1,948

 

 

2,573

 

 

3,165

 

 

2,810

 

 

3,862

 

Provision for taxes on income

537

 

 

651

 

 

894

 

 

798

 

 

1,108

 

Net income

$

1,411

 

 

$

1,922

 

 

$

2,271

 

 

$

2,012

 

 

$

2,754

 

United Security Bancshares

 

 

 

Nonperforming Assets (unaudited)

 

 

 

(dollars in thousands)

 

 

 

 

March 31, 2021

 

December 31, 2020

RE construction & development

11,006

 

 

11,057

 

Agricultural

382

 

 

439

 

Total nonaccrual loans

$

11,388

 

 

$

11,496

 

 

 

 

 

Loans past due 90 days and still accruing

234

 

 

513

 

Restructured loans

427

 

 

535

 

Total nonperforming loans

$

12,049

 

 

$

12,544

 

Other real estate owned

4,841

 

 

5,004

 

Total nonperforming assets

$

16,890

 

 

$

17,548

 

 

 

 

 

Nonperforming loans to total gross loans

1.78

%

 

1.91

%

Nonperforming assets to total assets

1.42

%

 

1.61

%

Allowance for credit losses to nonperforming loans

70.95

%

 

67.94

%

Contacts

Dennis Woods, President and CEO

559-248-4928

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