-- Loan growth, strong fee income, and
provision benefit drive record performance --
-- Non-performing assets decline 29% --
First Business Financial Services, Inc. (the “Company”, the
“Bank”, or “First Business Bank”) (Nasdaq:FBIZ) reported record net
income of $9.7 million, or $1.12 diluted earnings per share, in the
first quarter 2021, compared to $6.1 million or $0.71 in the fourth
quarter of 2020, and $3.3 million or $0.38 in the first quarter of
2020.
“Record earnings for the quarter and exceptional growth across
our company are reflections of First Business Bank’s commitment to
helping our clients succeed, and consistently expanding our client
base,” President and Chief Executive Officer Corey Chambas said.
“This performance is a direct result of our long record of
investing in innovative niche financial services offerings,
technology, and talent as well as our active focus on asset quality
improvement. We believe we are very well-positioned for sustained
double-digit loan and revenue growth and continued asset quality
improvement.”
Quarterly Highlights
- Record Earnings. Net income hit a record $9.7 million
for the quarter. While boosted by the impact of asset quality
improvement and net loan recoveries, ongoing fundamental
performance was also very strong. Driven by continued loan and fee
income growth, top-line revenue was $28.1 million, a 20% increase
from this time last year, and pre-tax, pre-provision return on
average assets was 1.65% for the quarter.
- Continued Differentiated Loan Growth. Loans, excluding
SBA Paycheck Protection Program (“PPP”) loans, grew $46.9 million,
or 10% annualized in the first quarter. This continued the
exceptional growth from 2020 driven by investments tied to our
strategic plan to expand niche lending business lines and enhance
and expand the business development teams across all our business
lines and geographies.
- Asset Quality Continues to Improve. Non-performing
assets declined 29% to $19.0 million, the second consecutive
quarterly reduction of more than 25%. Over this two-quarter period,
non-performing assets have declined $17.6 million from the 2020
peak in the third quarter of $36.7 million. The decrease in
non-accrual loans for the quarter was principally due to loan
payoffs and loans returning to accrual status.
- Fee Income. Fee income grew an impressive 23% annualized
for the quarter and again exceeded our goal of 25% or more of total
revenue. Private wealth continued to lead the way with fees earned
on a record $2.4 billion in assets under management and
administration. In addition, gain on sale of Small Business
Administration loans exceeded $1 million again this quarter.
- PPP Update. Our participation in PPP has been a
tremendous benefit to our clients and we are actively participating
in the second phase of the program. As of March 31, 2021, the
Company had $272.7 million in gross PPP loans outstanding and
deferred processing fees outstanding of $5.1 million yet to be
recognized into income. During the quarter, $2.2 million of
processing fees were recognized.
- Tangible Book Value Increases. Tangible Book Value
(“TBV”) per share grew by 11% annualized in the quarter. This is a
continuation of strong and consistent TBV growth. TBV has increased
for 18 consecutive years, at a compound annual growth rate of 8%
over that time.
Quarterly Financial
Results
(Unaudited)
As of and for the Three Months
Ended
(Dollars in thousands, except per share
amounts)
March 31, 2021
December 31,
2020
March 31, 2020
Net interest income
$
20,863
$
22,512
$
17,050
Adjusted non-interest income (1)
7,195
6,799
6,418
Operating revenue (1)
28,058
29,311
23,468
Operating expense (1)
17,449
17,591
15,897
Pre-tax, pre-provision adjusted earnings
(1)
10,609
11,720
7,571
Less:
Provision for loan and lease losses
(2,068
)
4,322
3,182
Net loss on foreclosed properties
3
54
102
Amortization of other intangible
assets
8
8
9
SBA recourse (benefit) provision
(130
)
(330
)
25
Impairment on tax credit investments
—
328
113
Add:
Net loss on sale of securities
—
—
(4
)
Income before income tax expense
12,796
7,338
4,136
Income tax expense
3,065
1,254
858
Net income
$
9,731
$
6,084
$
3,278
Earnings per share, diluted
$
1.12
$
0.71
$
0.38
Book value per share
$
24.83
$
24.06
$
22.83
Tangible book value per share (1)
$
23.43
$
22.66
$
21.44
Net interest margin
3.44
%
3.69
%
3.44
%
Adjusted net interest margin (1)
3.20
%
3.25
%
3.32
%
Efficiency ratio (1)
62.19
%
60.02
%
67.74
%
Return on average assets
1.51
%
0.93
%
0.62
%
Pre-tax, pre-provision adjusted return on
average assets (1)
1.65
%
1.80
%
1.44
%
Return on average equity
18.48
%
11.92
%
7.14
%
Period-end loans and leases receivable
$
2,235,112
$
2,145,970
$
1,743,399
Period-end loans and leases receivable,
excluding net PPP loans
$
1,967,545
$
1,920,647
$
1,743,399
Average loans and leases receivable
$
2,182,958
$
2,185,662
$
1,733,742
Period-end in-market deposits
$
1,737,226
$
1,683,008
$
1,383,299
Average in-market deposits
$
1,722,107
$
1,690,433
$
1,366,142
Allowance for loan and lease losses
$
28,982
$
28,521
$
22,748
Non-performing assets
$
19,023
$
26,651
$
29,566
Allowance for loan and lease losses as a
percent of total gross loans and leases
1.29
%
1.33
%
1.30
%
Allowance for loan and lease losses as a
percent of total gross loans and leases, excluding net PPP
loans
1.47
%
1.48
%
1.30
%
Non-performing assets as a percent of
total assets
0.73
%
1.04
%
1.35
%
Non-performing assets as a percent of
total assets, excluding net PPP loans
0.81
%
1.14
%
1.35
%
(1)
This is a non-GAAP financial measure.
Management believes these measures are meaningful because they
reflect adjustments commonly made by management, investors,
regulators, and analysts to evaluate financial performance, provide
greater understanding of ongoing operations, and enhance
comparability of results with prior periods. See the section titled
Non-GAAP Reconciliations at the end of this release for a
reconciliation of GAAP financial measures to non-GAAP financial
measures.
COVID-19 Update
Paycheck Protection Program
As of March 31, 2021, the Company had $272.7 million in gross
PPP loans outstanding and deferred processing fees outstanding of
$5.1 million. The processing fees are deferred and recognized over
the contractual life of the loan, or accelerated at forgiveness, as
an adjustment of yield using the interest method. During the three
months ended March 31, 2021, the Company recognized $2.2 million of
processing fees in loans and leases interest income in the
unaudited Consolidated Statements of Income. The SBA provides a
guaranty to the lender of 100% of principal and interest, unless
the lender violated an obligation under the agreement. As loan
losses are expected to be immaterial, if any at all, due to the
guaranty, management excluded the PPP loans from the allowance for
loan and lease losses calculation. Management funded these
short-term loans primarily through a combination of excess cash
held at the Federal Reserve and from an increase in in-market
deposits.
Deferral Requests
The Company provided loan modifications deferring payments for
certain borrowers impacted by COVID-19 who were current in their
payments at the inception of the Company’s loan modification
program. Excluding gross PPP loans, as of March 31, 2021, the
Company had deferred loans outstanding of $13.0 million, or 0.7% of
gross loans and leases compared to $323.2 million, or 18.6% of
gross loans and leases as of June 30, 2020.
The following tables represent a breakdown of the deferred loan
balances by industry segment and collateral type:
As of
(Dollars in thousands)
March 31, 2021
Collateral Type
Industries Description
Balance
Real Estate
Non-Real Estate
Real Estate and Rental and Leasing
$
9,425
$
9,425
$
—
Manufacturing
3,000
—
3,000
Professional, Scientific, and Technical
Services
39
—
39
Other Services (except Public
Administration)
328
212
116
Educational Services
195
195
—
Administrative and Support and Waste
Management and Remediation Services
11
—
11
Total deferred loan balances
$
12,998
$
9,832
$
3,166
Exposure to Stressed Industries
Certain industries have been and are expected to be particularly
impacted by social distancing, quarantines, and the economic impact
of the COVID-19 pandemic, such as the following:
As of
March 31, 2021
December 31, 2020
Industries:
Balance
% Gross Loans and Leases
(1)
Balance
% Gross Loans and Leases
(1)
(Dollars in Thousands)
Retail (2) (3)
$
74,534
3.8
%
$
62,719
3.3
%
Hospitality
82,604
4.2
%
80,832
4.2
%
Entertainment
13,943
0.7
%
14,208
0.7
%
Restaurants & food service
23,385
1.2
%
24,854
1.3
%
Total outstanding exposure
$
194,466
9.9
%
$
182,613
9.5
%
(1)
Excluding net PPP loans.
(2)
Includes $40.2 million and $48.9 million
in loans secured by commercial real estate as of March 31, 2021 and
December 31, 2020, respectively.
(3)
Includes $21.3 million and $7.7 million in
fully collateralized asset-based loans as of March 31, 2021 and
December 31, 2020, respectively.
As of March 31, 2021, the Company had no meaningful direct
exposure to the energy sector, airline industry or retail consumer,
and does not participate in Shared National Credits.
Because of the significant uncertainties related to the ultimate
duration of the COVID-19 pandemic and its effects on our clients
and prospects, and on the national and local economies as a whole,
there can be no assurances as to how the crisis may ultimately
affect the Company’s loan portfolio.
First Quarter 2021 Compared to Fourth
Quarter 2020
Net interest income decreased $1.6 million, or 7.3%, to $20.9
million.
- Net interest income decreased primarily due to a reduction in
fees in lieu of interest. Fees in lieu of interest, which can vary
from quarter to quarter based on client-driven activity, totaled
$3.1 million, compared to $4.7 million. Excluding fees in lieu of
interest, net interest income increased $15,000, or 0.1%.
- Average loans and leases receivable, excluding net PPP loans in
both periods of comparison, increased $37.3 million, or 7.8%
annualized, to $1.941 billion.
- The yield on average interest-earning assets decreased 29 basis
points to 3.93% from 4.22%. Excluding average net PPP loans, the
PPP loan interest income of $603,000, and the aforementioned fees
in lieu of interest, the yield earned on average interest-earning
assets decreased 7 basis points to 3.69% from 3.76%. The rate paid
for average total bank funding decreased five basis points to 0.40%
from 0.45%. Total bank funding is defined as total deposits plus
Federal Home Loan Bank (“FHLB”) advances, Federal Reserve Discount
Window advances, and Federal Reserve PPPLF advances.
- Net interest margin decreased 25 basis points to 3.44% from
3.69%. Adjusted net interest margin, excluding fees in lieu of
interest and other recurring but volatile components of net
interest margin, decreased to 3.20% from 3.25%.
Provision for loan and lease losses decreased $6.4 million to a
net benefit of $2.1 million.
- The decrease in provision for loan and lease losses included
$2.5 million in net recoveries.
- Changes in the general reserve increased the provision for loan
and lease losses $1.1 million principally due to qualitative factor
changes in our commercial real estate portfolio related to the rate
of growth in the segment and $557,000 due to loan growth. These
increases were partially offset by a $984,000 reduction in general
reserve due to historical loss rate updates from net recovery
activity.
Non-interest income increased $396,000, or 5.8%, to $7.2
million.
- Private wealth management fee income increased $199,000, or
9.0% to $2.4 million. Private wealth and trust assets under
management and administration measured a record $2.387 billion at
March 31, 2021, up $137.5 million, or 24.5% annualized, primarily
due to growth from new and existing clients and increased equity
market values.
- Commercial loan interest rate swap fee income decreased
$394,000 to $684,000 compared to $1.1 million. Interest rate swaps
continue to be an attractive product for the Company’s commercial
borrowers, although associated fee income can vary from period to
period based on client demand and the interest rate environment in
any given quarter.
- Gains on sale of SBA loans decreased $222,000 to $1.1 million
compared to $1.3 million. The Company’s pipeline remains strong and
management believes the gain on sale of traditional SBA loans
(i.e., SBA loans unrelated to PPP loans), while variable based on
timing of closings, will continue to increase annually at a
measured pace.
- Other fee income increased $650,000 to $1.6 million compared to
$914,000. The increase is primarily due to returns above the
historical average from the Company’s investments in mezzanine
funds.
Non-interest expense decreased $321,000, or 1.8%, to $17.3
million.
- Compensation expense increased $512,000, or 4.2%, to $12.7
million. The increase reflects new hires, annual merit increases,
and payroll taxes on the annual cash bonus plan paid during the
quarter.
- Other non-interest expense decreased $658,000 to $404,000. The
decrease was principally due to a reduction in credit valuation
adjustment (“CVA”) related to the commercial loan interest rate
swap program. The CVA represents a change in the market value of
the Company’s commercial loan interest rate swaps to estimate
potential borrower credit risk within the portfolio. The CVA can
vary from period to period based on the size of the portfolio,
credit metrics, and the interest rate environment in any given
quarter. The CVA was $291,000 and $461,000 as of March 31, 2021 and
December 31, 2020, respectively.
Total period-end loans and leases receivable, excluding net PPP
loans in both periods of comparison, increased $46.9 million, or
9.8% annualized, to $1.968 billion.
- Commercial and industrial (“C&I”) loans, excluding net PPP
loans, increased $9.7 million, or 7.6% annualized, led by an
increase in asset-based loans. Management believes the timely
investments in producers in our counter cyclical commercial banking
products, such as asset-based lending and accounts receivable
financing, have positioned C&I lending to increase throughout
the current economic cycle.
- Commercial real estate (“CRE”) loans increased $33.4 million,
or 9.8% annualized, with growth coming from non-owner occupied and
multi-family properties. Recent above-average CRE growth comes as
established commercial lenders hired over the past 18 months were
able to add high-quality relationships to the Bank.
Total period-end in-market deposits increased $54.2 million to
$1.737 billion, or 12.9% annualized, and the average rate paid
decreased four basis points to 0.16%.
- Transaction accounts increased $81.5 million, while
certificates of deposits and money market accounts decreased $17.9
million and $9.4 million, respectively.
- Client preferences continued to shift away from term deposits
due to the low interest rate environment, while management
attributes the continued increase in transaction accounts to
successful business development efforts and our existing clients’
preference for safety and soundness amid the economic uncertainty
created by the COVID-19 pandemic.
Period-end wholesale funding, including FHLB advances, Federal
Reserve Discount Window advances, Federal Reserve PPPLF advances,
brokered deposit, and deposits gathered through internet deposit
listing services, increased $14.3 million to $581.3 million.
- Wholesale deposits decreased $7.0 million to $165.5 million,
due to contractual runoff. The average rate paid on wholesale
deposits decreased 20 basis points to 0.76% and the weighted
average original maturity of brokered certificates of deposit
decreased to 3.9 years from 4.1 years.
- FHLB advances increased $21.3 million to $415.8 million. The
average rate paid on FHLB advances increased six basis points to
1.36% and the weighted average original maturity increased to 5.7
years from 5.5 years.
Non-performing assets decreased $7.6 million, or 28.6%, to $19.0
million, or 0.73% of total assets, compared to $26.7 million, or
1.04% of total assets. The reduction in non-performing assets was
principally due to loan payoffs and loans returning to accrual
status. Excluding net PPP loans, non-performing assets were 0.81%
of total assets, compared to 1.14% as of December 31, 2020.
The allowance for loan and lease losses increased $461,000, or
1.6%, due to an increase in the general reserve from loan growth
and qualitative factor changes related to the rate of growth in our
commercial real estate portfolio, partially offset by historical
loss rate updates from net recovery activity. While a degree of
uncertainty remains in the economy due to the COVID-19 pandemic, we
will take a measured approach to releasing general reserves moving
forward.
- The allowance for loan and lease losses as a percent of total
gross loans and leases was 1.29% compared to 1.33%.
- Excluding net PPP loans, the allowance for loan and leases
losses as a percent of total gross loans and leases was 1.47%,
compared to 1.48% as of December 31, 2020.
First Quarter 2021 Compared to First
Quarter 2020
Net interest income increased $3.8 million, or 22.4%, to $20.9
million.
- The increase in net interest income reflects an increase in
average gross loans and leases and an increase in fees collected in
lieu of interest, partially offset by adjusted net interest margin
compression. Fees in lieu of interest, which can vary from quarter
to quarter, totaled $3.1 million compared to $798,000. Excluding
fees in lieu of interest and interest income from PPP loans, net
interest income increased $923,000, or 5.7%. Excluding net PPP
loans, average gross loans and leases increased $207.0 million, or
11.9%.
- The yield on average interest-earning assets measured 3.93%
compared to 4.72%. Excluding fees collected in lieu of interest and
PPP loan interest income, the yield on average interest-earning
assets excluding net PPP loans was 3.69%, compared to 4.56%. The
decline in yields was primarily due to the decrease in LIBOR and
Prime and related impact on variable-rate loans, in addition to the
renewal of fixed-rate loans and reinvestment of security cash flows
at historically low interest rates. The rate paid for average total
bank funding decreased 84 basis points to 0.40% from 1.24%. The
average target federal funds rate decreased 115 basis points during
this time period of comparison.
- Net interest margin was 3.44% in both periods of comparison.
Adjusted net interest margin decreased 12 basis points to 3.20%
from 3.32%.
Non-interest income increased $781,000, or 12.2%, to $7.2
million.
- Gains on sale of SBA loans increased $813,000 to $1.1 million
compared to $265,000.
- Private wealth management fee income increased $295,000, or
14.0%, to $2.4 million. Private wealth and trust assets under
management and administration measured a record $2.387 billion at
March 31, 2021, up $722.1 million, or 43.4%.
- Other fee income increased $507,000, or 48.0%, to $1.6 million
compared to $1.1 million. The increase is primarily due to returns
above the historical average from the Company’s investments in
mezzanine funds.
- Commercial loan interest rate swap fee income decreased
$997,000 to $684,000 compared to $1.7 million.
Non-interest expense increased $1.2 million, or 7.3%, to $17.3
million. Operating expense increased $1.6 million, or 9.8%, to
$17.4 million.
- Compensation expense increased $1.6 million, or 14.5%, to $12.7
million. Average full-time equivalent employees increased to 305,
up 6.6% for the quarter ended March 31, 2021, compared to 286 for
the quarter ended March 31, 2020. The increase reflects new hires,
annual merit increases, and a $494,000 increase in the annual
corporate incentive plan accrual compared to a reduction to the
same accrual during the first quarter of 2020 due to uncertainty
amid the COVID-19 pandemic.
- Computer software expense increased $226,000 to $1.1 million
compared to $889,000. The increase was principally due to
investments in technology platforms to improve the client
experience and continued strategic focus on scaling the Bank to
efficiently execute our growth strategy.
- FDIC insurance expense was $362,000, an increase of $154,000.
Management expects FDIC insurance expense to increase commensurate
with future asset growth.
- Other non-interest expense decreased $412,000, or 50.5%, to
$404,000. The decrease was principally due to a decrease in
business-related travel expenses due to the Company’s adherence to
COVID-19 restrictions and a reduction in credit valuation
adjustment (“CVA”) related to the commercial loan interest rate
swap program. There was no CVA as of March 31, 2020.
Total period-end loans and leases receivable, excluding net PPP
loans in both periods of comparison, increased $224.1 million, or
12.9%, to $1.968 billion.
- C&I loans, excluding net PPP loans, decreased $3.2 million,
or 0.6%.
- CRE loans increased $232.1 million, or 20.0%, generally driven
by an increase across all CRE categories.
Total period-end in-market deposits increased $353.9 million, or
25.6%, to $1.737 billion and the average rate paid decreased 80
basis points to 0.16%.
- Transaction accounts and money market accounts increased $413.6
million and $22.2 million, respectively.
- Certificates of deposits decreased $81.9 million as client
preferences continued to shift towards more liquid products due to
the low interest rate environment.
Period-end wholesale funding increased $76.0 million to $581.3
million.
- Wholesale deposits increased $48.7 million to $165.5 million
mainly due to adding non-maturity brokered deposits at a favorable
rate compared to alternative funding sources. Excluding these
deposits, wholesale deposits decreased as the existing portfolio
runoff is replaced by in-market deposits and lower cost FHLB
advances to match-fund long-term fixed rate loans and fund loan
growth. The average rate paid on brokered certificates of deposit
decreased 181 basis points to 0.76% and the weighted average
original maturity decreased to 3.9 years from 4.8 years.
- FHLB advances increased $27.3 million to $415.8 million. The
average rate paid on FHLB advances decreased 55 basis points to
1.36% and the weighted average original maturity decreased to 5.7
years from 5.9 years.
Non-performing assets decreased to $19.0 million, or 0.73% of
total assets, compared to $29.6 million, or 1.35% of total assets.
Excluding net PPP loans, non-performing assets were 0.81% of total
assets as of March 31, 2021.
The allowance for loan and lease losses increased 27.4%
primarily due to an increase in the general and specific reserve
driven by the COVID-19 pandemic.
- The allowance for loan and lease losses as a percent of total
gross loans and leases was 1.29% compared to 1.30%.
- Excluding net PPP loans, the allowance for loan and leases
losses as a percent of total gross loans and leases was 1.47% as of
March 31, 2021.
About First Business Financial Services, Inc.
First Business Financial Services, Inc., (Nasdaq: FBIZ) is the
parent company of First Business Bank. First Business Bank
specializes in Business Banking, including Commercial Banking and
Specialty Finance, Private Wealth, and Bank Consulting services,
and through its refined focus, delivers unmatched expertise,
accessibility, and responsiveness. Specialty Finance solutions are
delivered through First Business Bank’s wholly owned subsidiary
First Business Specialty Finance, LLC. For additional information,
visit www.firstbusiness.bank.
This release may include forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995, which
reflect First Business Bank’s current views with respect to future
events and financial performance. Forward-looking statements are
not based on historical information, but rather are related to
future operations, strategies, financial results, or other
developments. Forward-looking statements are based on management’s
expectations as well as certain assumptions and estimates made by,
and information available to, management at the time the statements
are made. Those statements are based on general assumptions and are
subject to various risks, uncertainties, and other factors that may
cause actual results to differ materially from the views, beliefs,
and projections expressed in such statements. Such statements are
subject to risks and uncertainties, including among other
things:
- Adverse changes in the economy or business conditions, either
nationally or in our markets, including, without limitation, the
adverse effects of the COVID-19 pandemic on the global, national,
and local economy.
- The effect of the COVID-19 pandemic on the Company’s credit
quality, revenue, and business operations.
- Competitive pressures among depository and other financial
institutions nationally and in our markets.
- Increases in defaults by borrowers and other
delinquencies.
- Our ability to manage growth effectively, including the
successful expansion of our client service, administrative
infrastructure, and internal management systems.
- Fluctuations in interest rates and market prices.
- Changes in legislative or regulatory requirements applicable to
us and our subsidiaries.
- Changes in tax requirements, including tax rate changes, new
tax laws, and revised tax law interpretations.
- Fraud, including client and system failure or breaches of our
network security, including our internet banking activities.
- Failure to comply with the applicable SBA regulations in order
to maintain the eligibility of the guaranteed portion of SBA
loans.
For further information about the factors that could affect the
Company’s future results, please see the Company’s annual report on
Form 10-K for the year ended December 31, 2020 and other filings
with the Securities and Exchange Commission.
SELECTED FINANCIAL CONDITION
DATA
(Unaudited)
As of
(in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Assets
Cash and cash equivalents
$
58,874
$
56,909
$
51,728
$
42,391
$
94,986
Securities available-for-sale, at fair
value
173,261
183,925
179,274
171,680
175,564
Securities held-to-maturity, at amortized
cost
24,783
26,374
28,897
29,826
30,774
Loans held for sale
6,576
8,695
15,049
13,672
6,331
Loans and leases receivable
2,235,112
2,145,970
2,170,299
2,056,863
1,743,399
Allowance for loan and lease losses
(28,982
)
(28,521
)
(30,817
)
(27,464
)
(22,748
)
Loans and leases receivable, net
2,206,130
2,117,449
2,139,482
2,029,399
1,720,651
Premises and equipment, net
1,923
1,998
2,130
2,266
2,427
Foreclosed properties
31
34
613
1,389
1,669
Right-of-use assets
5,486
5,814
6,141
6,272
6,590
Bank-owned life insurance
52,537
52,188
51,798
51,433
51,056
Federal Home Loan Bank stock, at cost
14,941
13,578
15,153
13,470
9,733
Goodwill and other intangible assets
12,055
12,018
12,024
11,925
11,872
Derivatives
26,104
49,377
58,210
58,808
53,096
Accrued interest receivable and other
assets
38,017
39,478
41,348
36,283
31,625
Total assets
$
2,620,718
$
2,567,837
$
2,601,847
$
2,468,814
$
2,196,374
Liabilities and Stockholders’
Equity
In-market deposits
$
1,737,226
$
1,683,008
$
1,667,245
$
1,620,616
$
1,383,299
Wholesale deposits
165,492
172,508
154,130
89,759
116,827
Total deposits
1,902,718
1,855,516
1,821,375
1,710,375
1,500,126
Federal Home Loan Bank advances and other
borrowings
448,417
419,167
483,517
465,007
412,892
Junior subordinated notes
10,065
10,062
10,058
10,054
10,051
Lease liabilities
6,040
6,386
6,728
6,877
7,211
Derivatives
29,565
54,927
64,403
65,390
59,260
Accrued interest payable and other
liabilities
9,422
15,617
14,981
13,549
11,177
Total liabilities
2,406,227
2,361,675
2,401,062
2,271,252
2,000,717
Total stockholders’ equity
214,491
206,162
200,785
197,562
195,657
Total liabilities and stockholders’
equity
$
2,620,718
$
2,567,837
$
2,601,847
$
2,468,814
$
2,196,374
STATEMENTS OF INCOME
(Unaudited)
As of and for the Three Months
Ended
(Dollars in thousands, except per share
amounts)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Total interest income
$
23,806
$
25,770
$
22,276
$
22,761
$
23,372
Total interest expense
2,943
3,258
3,655
3,873
6,322
Net interest income
20,863
22,512
18,621
18,888
17,050
Provision for loan and lease losses
(2,068
)
4,322
3,835
5,469
3,182
Net interest income after provision for
loan and lease losses
22,931
18,190
14,786
13,419
13,868
Private wealth management service fees
2,407
2,208
2,167
2,124
2,112
Gain on sale of SBA loans
1,078
1,300
760
574
265
Service charges on deposits
917
887
881
829
818
Loan fees
545
412
478
451
485
Net loss on sale of securities
—
—
—
—
(4
)
Swap fees
684
1,078
2,446
1,655
1,681
Other non-interest income
1,564
914
676
686
1,057
Total non-interest income
7,195
6,799
7,408
6,319
6,414
Compensation
12,657
12,145
11,857
10,796
11,052
Occupancy
552
556
570
554
572
Professional fees
866
909
943
859
819
Data processing
770
668
679
710
677
Marketing
391
411
356
352
461
Equipment
246
294
310
304
291
Computer software
1,115
1,028
1,017
966
889
FDIC insurance
362
479
312
239
208
Collateral liquidation cost
94
47
45
115
121
Net loss (gain) on foreclosed
properties
3
54
(121
)
348
102
Tax credit investment impairment
—
328
113
1,841
113
SBA recourse (benefit) provision
(130
)
(330
)
57
(30
)
25
Loss on early extinguishment of debt
—
—
—
744
—
Other non-interest expense
404
1,062
620
545
816
Total non-interest expense
17,330
17,651
16,758
18,343
16,146
Income before income tax expense
(benefit)
12,796
7,338
5,436
1,395
4,136
Income tax expense (benefit)
3,065
1,254
1,143
(1,928
)
858
Net income
$
9,731
$
6,084
$
4,293
$
3,323
$
3,278
Per common share:
Basic earnings
$
1.12
$
0.71
$
0.50
$
0.38
$
0.38
Diluted earnings
1.12
0.71
0.50
0.38
0.38
Dividends declared
0.18
0.165
0.165
0.165
0.165
Book value
24.83
24.06
23.45
23.04
22.83
Tangible book value
23.43
22.66
22.05
21.65
21.44
Weighted-average common shares
outstanding(1)
8,429,149
8,417,216
8,404,084
8,392,197
8,388,666
Weighted-average diluted common shares
outstanding(1)
8,429,149
8,417,216
8,404,084
8,392,197
8,388,666
(1)
Excluding participating securities.
NET INTEREST INCOME ANALYSIS
(Unaudited)
For the Three Months
Ended
(Dollars in thousands)
March 31, 2021
December 31, 2020
March 31, 2020
Average Balance
Interest
Average Yield/Rate(4)
Average Balance
Interest
Average Yield/Rate(4)
Average Balance
Interest
Average Yield/Rate(4)
Interest-earning assets
Commercial real estate and other mortgage
loans(1)
$
1,357,141
$
12,528
3.69
%
$
1,353,333
$
12,875
3.81
%
$
1,153,972
$
13,523
4.69
%
Commercial and industrial loans(1)
757,898
9,625
5.08
%
768,869
11,149
5.80
%
515,935
7,857
6.09
%
Direct financing leases(1)
22,271
244
4.38
%
25,071
278
4.44
%
27,961
108
1.55
%
Consumer and other loans(1)
45,648
398
3.49
%
38,389
355
3.70
%
35,874
361
4.03
%
Total loans and leases receivable(1)
2,182,958
22,795
4.18
%
2,185,662
24,657
4.51
%
1,733,742
21,849
5.04
%
Mortgage-related securities(2)
163,324
666
1.63
%
170,400
742
1.74
%
180,590
1,061
2.35
%
Other investment securities(3)
42,177
187
1.77
%
39,647
183
1.85
%
23,280
127
2.18
%
FHLB stock
12,465
152
4.88
%
14,608
179
4.90
%
8,512
205
9.63
%
Short-term investments
24,575
6
0.10
%
31,418
9
0.11
%
35,763
130
1.45
%
Total interest-earning assets
2,425,499
23,806
3.93
%
2,441,735
25,770
4.22
%
1,981,887
23,372
4.72
%
Non-interest-earning assets
151,665
162,010
122,975
Total assets
$
2,577,164
$
2,603,745
$
2,104,862
Interest-bearing liabilities
Transaction accounts
$
521,130
250
0.19
%
$
482,670
250
0.21
%
$
271,531
647
0.95
%
Money market
657,690
274
0.17
%
655,581
287
0.18
%
669,482
1,869
1.12
%
Certificates of deposit
57,424
177
1.23
%
78,693
308
1.57
%
134,000
750
2.24
%
Wholesale deposits
166,752
318
0.76
%
171,718
414
0.96
%
132,468
850
2.57
%
Total interest-bearing deposits
1,402,996
1,019
0.29
%
1,388,662
1,259
0.36
%
1,207,481
4,116
1.36
%
FHLB advances
366,670
1,249
1.36
%
404,174
1,309
1.30
%
325,929
1,559
1.91
%
Federal Reserve PPPLF
—
—
—
%
10,297
9
0.35
%
—
—
—
%
Other borrowings
27,296
401
5.88
%
24,419
400
6.55
%
24,385
370
6.07
%
Junior subordinated notes
10,063
274
10.89
%
10,059
281
11.17
%
10,048
277
11.03
%
Total interest-bearing liabilities
1,807,025
2,943
0.65
%
1,837,611
3,258
0.71
%
1,567,843
6,322
1.61
%
Non-interest-bearing demand deposit
accounts
485,863
473,489
291,129
Other non-interest-bearing liabilities
73,695
88,496
62,367
Total liabilities
2,366,583
2,399,596
1,921,339
Stockholders’ equity
210,581
204,149
183,523
Total liabilities and stockholders’
equity
$
2,577,164
$
2,603,745
$
2,104,862
Net interest income
$
20,863
$
22,512
$
17,050
Interest rate spread
3.27
%
3.51
%
3.10
%
Net interest-earning assets
$
618,474
$
604,124
$
414,044
Net interest margin
3.44
%
3.69
%
3.44
%
(1)
The average balances of loans and leases include non-accrual
loans and leases and loans held for sale. Interest income related
to non-accrual loans and leases is recognized when collected.
Interest income includes net loan fees collected in lieu of
interest.
(2)
Includes amortized cost basis of assets available for sale and
held to maturity.
(3)
Yields on tax-exempt municipal obligations
are not presented on a tax-equivalent basis in this table.
(4)
Represents annualized yields/rates.
PROVISION FOR LOAN AND LEASE LOSS
COMPOSITION
(Unaudited)
For the Three Months
Ended
(Dollars in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Change in general reserve due to
subjective factor changes
$
1,082
$
1,008
$
(766
)
$
2,388
$
2,831
Change in general reserve due to
historical loss factor changes
(984
)
1,274
(16
)
(54
)
(255
)
Charge-offs
144
6,685
505
817
131
Recoveries
(2,673
)
(68
)
(23
)
(64
)
(177
)
Change in specific reserves on impaired
loans, net
(194
)
(5,216
)
2,974
2,122
436
Change due to loan growth, net
557
639
1,161
260
216
Total provision for loan and lease
losses
$
(2,068
)
$
4,322
$
3,835
$
5,469
$
3,182
PERFORMANCE RATIOS
For the Three Months
Ended
(Unaudited)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Return on average assets (annualized)
1.51
%
0.93
%
0.68
%
0.55
%
0.62
%
Return on average equity (annualized)
18.48
%
11.92
%
8.58
%
6.70
%
7.14
%
Efficiency ratio
62.19
%
60.02
%
64.16
%
61.22
%
67.74
%
Interest rate spread
3.27
%
3.51
%
2.94
%
3.12
%
3.10
%
Net interest margin
3.44
%
3.69
%
3.14
%
3.34
%
3.44
%
Average interest-earning assets to average
interest-bearing liabilities
134.23
%
132.88
%
131.68
%
132.82
%
126.41
%
ASSET QUALITY RATIOS
(Unaudited)
As of
(Dollars in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Non-accrual loans and leases
$
18,992
$
26,617
$
36,050
$
24,095
$
27,897
Foreclosed properties
31
34
613
1,389
1,669
Total non-performing assets
19,023
26,651
36,663
25,484
29,566
Performing troubled debt
restructurings
59
46
47
49
134
Total impaired assets
$
19,082
$
26,697
$
36,710
$
25,533
$
29,700
Non-accrual loans and leases as a percent
of total gross loans and leases
0.85
%
1.24
%
1.66
%
1.17
%
1.60
%
Non-performing assets as a percent of
total gross loans and leases plus foreclosed properties
0.85
%
1.24
%
1.68
%
1.23
%
1.69
%
Non-performing assets as a percent of
total assets
0.73
%
1.04
%
1.41
%
1.03
%
1.35
%
Allowance for loan and lease losses as a
percent of total gross loans and leases
1.29
%
1.33
%
1.41
%
1.33
%
1.30
%
Allowance for loan and lease losses as a
percent of non-accrual loans and leases
152.60
%
107.15
%
85.48
%
113.98
%
81.54
%
ASSET QUALITY RATIOS - EXCLUDING NET
PPP LOANS (1)
(Unaudited)
As of
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Non-accrual loans and leases as a percent
of total gross loans and leases
0.96
%
1.38
%
1.95
%
1.38
%
1.60
%
Non-performing assets as a percent of
total gross loans and leases plus foreclosed properties
0.96
%
1.38
%
1.98
%
1.46
%
1.69
%
Non-performing assets as a percent of
total assets
0.81
%
1.14
%
1.61
%
1.19
%
1.35
%
Allowance for loan and lease losses as a
percent of total gross loans and leases
1.47
%
1.48
%
1.67
%
1.57
%
1.30
%
(1)
Net PPP loans outstanding as of March 31,
2021, December 31, 2020, September 30, 2020, and June 30, 2020,
were $267.6 million, $225.3 million, $325.5 million, and $320.0
million, respectively. There were no PPP loans outstanding as of
March 31, 2020.
NET CHARGE-OFFS (RECOVERIES)
(Unaudited)
For the Three Months
Ended
(Dollars in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Charge-offs
$
144
$
6,685
$
505
$
817
$
131
Recoveries
(2,673
)
(68
)
(23
)
(64
)
(177
)
Net (recoveries) charge-offs
$
(2,529
)
$
6,617
$
482
$
753
$
(46
)
Net (recoveries) charge-offs as a percent
of average gross loans and leases (annualized)
(0.46
)%
1.21
%
0.09
%
0.15
%
(0.01
)%
Annualized (recoveries) charge-offs as a
percent of average gross loans and leases, excluding average net
PPP loans(1)
(0.52
)%
1.39
%
0.11
%
0.17
%
(0.01
)%
(1)
Average net PPP loans outstanding for the three months ended
March 31, 2021, December 31, 2020, September 30, 2020, and June 30,
2020 were $242.2 million, $282.3 million, $323.1 million, and
$252.8 million, respectively. The three months ended March 31, 2020
did not have any PPP loans outstanding.
CAPITAL RATIOS
As of and for the Three Months
Ended
(Unaudited)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Total capital to risk-weighted assets
11.52
%
11.25
%
11.42
%
11.97
%
11.74
%
Tier I capital to risk-weighted assets
9.24
%
8.96
%
9.09
%
9.57
%
9.45
%
Common equity tier I capital to
risk-weighted assets
8.81
%
8.53
%
8.64
%
9.08
%
8.96
%
Tier I capital to adjusted assets
8.37
%
7.99
%
8.04
%
8.29
%
9.33
%
Tangible common equity to tangible
assets
7.76
%
7.60
%
7.29
%
7.56
%
8.41
%
Tangible common equity to tangible assets,
excluding net PPP loans
8.65
%
8.33
%
8.34
%
8.69
%
8.41
%
LOAN AND LEASE RECEIVABLE
COMPOSITION
(Unaudited)
As of
(in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Commercial real estate:
Commercial real estate - owner
occupied
$
256,812
$
253,882
$
240,706
$
229,994
$
224,075
Commercial real estate - non-owner
occupied
592,090
564,532
565,781
533,211
511,363
Land development
46,544
49,839
50,864
44,299
48,045
Construction
151,345
141,043
142,726
133,375
131,060
Multi-family
322,384
311,556
287,583
244,496
211,594
1-4 family
23,319
38,284
38,857
36,823
34,220
Total commercial real estate
1,392,494
1,359,136
1,326,517
1,222,198
1,160,357
Commercial and industrial
784,305
732,318
790,349
781,239
519,900
Direct financing leases, net
19,616
22,331
24,743
25,525
26,833
Consumer and other:
Home equity and second mortgages
6,719
7,833
7,106
6,706
6,513
Other
38,266
28,897
29,341
29,737
30,416
Total consumer and other
44,985
36,730
36,447
36,443
36,929
Total gross loans and leases
receivable
2,241,400
2,150,515
2,178,056
2,065,405
1,744,019
Less:
Allowance for loan and lease losses
28,982
28,521
30,817
27,464
22,748
Deferred loan fees
6,288
4,545
7,757
8,542
620
Loans and leases receivable, net
$
2,206,130
$
2,117,449
$
2,139,482
$
2,029,399
$
1,720,651
LEGACY SBA 7(a) AND EXPRESS LOAN
COMPOSITION (1)
(Unaudited)
As of
(in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Performing loans:
Off-balance sheet loans
$
17,523
$
23,354
$
26,017
$
28,843
$
31,212
On-balance sheet loans
7,340
11,117
15,175
16,554
17,935
Gross loans
24,863
34,471
41,192
45,397
49,147
Non-performing loans:
Off-balance sheet loans
1,835
1,931
2,574
1,640
4,887
On-balance sheet loans
6,832
7,435
9,561
9,725
13,833
Gross loans
8,667
9,366
12,135
11,365
18,720
Total loans:
Off-balance sheet loans
19,358
25,285
28,591
30,483
36,099
On-balance sheet loans
14,172
18,552
24,736
26,279
31,768
Gross loans
$
33,530
$
43,837
$
53,327
$
56,762
$
67,867
(1)
Defined as SBA 7(a) and Express loans originated in 2016 and
prior.
DEPOSIT COMPOSITION
(Unaudited)
As of
(in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Non-interest-bearing transaction
accounts
$
496,877
$
472,818
$
452,268
$
433,760
$
301,657
Interest-bearing transaction accounts
561,466
503,992
484,761
413,214
343,064
Money market accounts
632,065
641,504
636,872
656,741
609,883
Certificates of deposit
46,818
64,694
93,344
116,901
128,695
Wholesale deposits
165,492
172,508
154,130
89,759
116,827
Total deposits
$
1,902,718
$
1,855,516
$
1,821,375
$
1,710,375
$
1,500,126
TRUST ASSETS COMPOSITION
(Unaudited)
As of
(in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Trust assets under management
$
2,195,804
$
2,061,772
$
1,841,986
$
1,704,019
$
1,519,632
Trust assets under administration
190,721
187,228
175,521
169,388
144,822
Total trust assets
$
2,386,525
$
2,249,000
$
2,017,507
$
1,873,407
$
1,664,454
NON-GAAP RECONCILIATIONS
Certain financial information provided in this release is
determined by methods other than in accordance with generally
accepted accounting principles (United States) (“GAAP”). Although
the Company’s management believes that these non-GAAP financial
measures provide a greater understanding of its business, these
measures are not necessarily comparable to similar measures that
may be presented by other companies.
TANGIBLE BOOK VALUE
“Tangible book value per share” is a non-GAAP measure
representing tangible common equity divided by total common shares
outstanding. “Tangible common equity” itself is a non-GAAP measure
representing common stockholders’ equity reduced by intangible
assets, if any. The Company’s management believes that this measure
is important to many investors in the marketplace who are
interested in period-to-period changes in book value per common
share exclusive of changes in intangible assets. The information
provided below reconciles tangible book value per share and
tangible common equity to their most comparable GAAP measures.
(Unaudited)
As of
(Dollars in thousands, except per share
amounts)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Common stockholders’ equity
$
214,491
$
206,162
$
200,785
$
197,562
$
195,657
Goodwill and other intangible assets
(12,055
)
(12,018
)
(12,024
)
(11,925
)
(11,872
)
Tangible common equity
$
202,436
$
194,144
$
188,761
$
185,637
$
183,785
Common shares outstanding
8,638,195
8,566,960
8,561,714
8,575,134
8,571,134
Book value per share
$
24.83
$
24.06
$
23.45
$
23.04
$
22.83
Tangible book value per share
23.43
22.66
22.05
21.65
21.44
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
“Tangible common equity to tangible assets’’ is defined as the
ratio of common stockholders’ equity reduced by intangible assets,
if any, divided by total assets reduced by intangible assets, if
any. The Company’s management believes that this measure is
important to many investors in the marketplace who are interested
in the relative changes from period to period in common equity and
total assets, each exclusive of changes in intangible assets. The
information below reconciles tangible common equity and tangible
assets to their most comparable GAAP measures.
(Unaudited)
As of
(Dollars in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Common stockholders’ equity
$
214,491
$
206,162
$
200,785
$
197,562
$
195,657
Goodwill and other intangible assets
(12,055
)
(12,018
)
(12,024
)
(11,925
)
(11,872
)
Tangible common equity
$
202,436
$
194,144
$
188,761
$
185,637
$
183,785
Total assets
$
2,620,718
$
2,567,837
$
2,601,847
$
2,468,814
$
2,196,374
Goodwill and other intangible assets
(12,055
)
(12,018
)
(12,024
)
(11,925
)
(11,872
)
Tangible assets
$
2,608,663
$
2,555,819
$
2,589,823
$
2,456,889
$
2,184,502
Tangible common equity to tangible
assets
7.76
%
7.60
%
7.29
%
7.56
%
8.41
%
Period-end net PPP loans
267,567
225,323
325,481
320,036
—
Tangible assets, excluding net PPP
loans
$
2,341,096
$
2,330,496
$
2,264,342
$
2,136,853
$
2,184,502
Tangible common equity to tangible assets,
excluding net PPP loans
8.65
%
8.33
%
8.34
%
8.69
%
8.41
%
EFFICIENCY RATIO & PRE-TAX, PRE-PROVISION ADJUSTED
EARNINGS
“Efficiency ratio” is a non-GAAP measure representing
non-interest expense excluding the effects of the SBA recourse
provision, impairment of tax credit investments, losses or gains on
foreclosed properties, amortization of other intangible assets and
other discrete items, if any, divided by operating revenue, which
is equal to net interest income plus non-interest income less
realized gains or losses on securities, if any. “Pre-tax,
pre-provision adjusted earnings” is defined as operating revenue
less operating expense. In the judgment of the Company’s
management, the adjustments made to non-interest expense and
non-interest income allow investors and analysts to better assess
the Company’s operating expenses in relation to its core operating
revenue by removing the volatility that is associated with certain
one-time items and other discrete items. The information provided
below reconciles the efficiency ratio and pre-tax, pre-provision
adjusted earnings to its most comparable GAAP measure.
(Unaudited)
For the Three Months
Ended
(Dollars in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Total non-interest expense
$
17,330
$
17,651
$
16,758
$
18,343
$
16,146
Less:
Net loss (gain) on foreclosed
properties
3
54
(121
)
348
102
Amortization of other intangible
assets
8
8
9
9
9
SBA recourse (benefit) provision
(130
)
(330
)
57
(30
)
25
Tax credit investment impairment
—
328
113
1,841
113
Loss on early extinguishment of debt
—
—
—
744
—
Total operating expense (a)
$
17,449
$
17,591
$
16,700
$
15,431
$
15,897
Net interest income
$
20,863
$
22,512
$
18,621
$
18,888
$
17,050
Total non-interest income
7,195
6,799
7,408
6,319
6,414
Less:
Net loss on sale of securities
—
—
—
—
(4
)
Adjusted non-interest income
7,195
6,799
7,408
6,319
6,418
Total operating revenue (b)
$
28,058
$
29,311
$
26,029
$
25,207
$
23,468
Efficiency ratio
62.19
%
60.02
%
64.16
%
61.22
%
67.74
%
Pre-tax, pre-provision adjusted earnings
(b - a)
$
10,609
$
11,720
$
9,329
$
9,776
$
7,571
Average total assets
$
2,577,164
$
2,603,745
$
2,540,735
$
2,425,767
$
2,104,862
Pre-tax, pre-provision adjusted return on
average assets
1.65
%
1.80
%
1.47
%
1.61
%
1.44
%
ADJUSTED NET INTEREST MARGIN
“Adjusted Net Interest Margin” is a non-GAAP measure
representing net interest income excluding the fees in lieu of
interest and other recurring but volatile components of net
interest margin divided by average interest-earning assets less
average net PPP loans, if any, and other recurring but volatile
components of average interest-earning assets. Fees in lieu of
interest are defined as prepayment fees, asset-based loan fees,
non-accrual interest, and loan fee amortization. In the judgment of
the Company’s management, the adjustments made to net interest
income allow investors and analysts to better assess the Company’s
net interest income in relation to its core client-facing loan and
deposit rate changes by removing the volatility that is associated
with these recurring but volatile components. The information
provided below reconciles the net interest margin to its most
comparable GAAP measure.
(Unaudited)
For the Three Months
Ended
(Dollars in thousands)
March 31, 2021
December 31,
2020
September 30,
2020
June 30, 2020
March 31, 2020
Interest income
$
23,806
$
25,770
$
22,276
$
22,761
$
23,372
Interest expense
2,943
3,258
3,655
3,873
6,322
Net interest income (a)
20,863
22,512
18,621
18,888
17,050
Less:
Fees in lieu of interest
3,085
4,749
1,511
2,257
798
PPP loan interest income
603
718
833
647
—
FRB interest income and FHLB dividend
income
158
188
167
134
301
Add:
FRB PPPLF interest expense
—
9
26
18
—
Adjusted net interest income (b)
$
17,017
$
16,866
$
16,136
$
15,868
$
15,951
Average interest-earning assets (c)
$
2,425,499
$
2,441,735
$
2,374,891
$
2,258,759
$
1,981,887
Less:
Average net PPP loans
242,242
282,259
323,082
252,834
—
Average FRB cash and FHLB stock
36,643
45,611
33,756
69,176
37,989
Average non-accrual loans and leases
22,069
36,013
26,931
25,386
22,209
Adjusted average interest-earning assets
(d)
$
2,124,545
$
2,077,852
$
1,991,122
$
1,911,363
$
1,921,689
Net interest margin (a / c)
3.44
%
3.69
%
3.14
%
3.34
%
3.44
%
Adjusted net interest margin (b / d)
3.20
%
3.25
%
3.24
%
3.32
%
3.32
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210429006036/en/
First Business Financial Services, Inc. Edward G. Sloane, Jr.
Chief Financial Officer 608-232-5970 esloane@firstbusiness.bank
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