Oregon Pacific Bancorp (ORPB), the holding company of Oregon Pacific Bank, today reported financial results for the third quarter ended September 30, 2022.
Highlights:
- Third quarter net income of $2.3 million; $0.33 per diluted share.
- Quarterly loan growth of $21.1 million.
- Quarterly deposit growth of $70.0 million.
- Quarterly tax equivalent net interest margin of 3.54%
Net income for the quarter ended September 30, 2022, was $2.3 million, or $0.33 per diluted share compared to $2.0 million, or $0.29 per diluted share for the quarter ended September 30, 2021. The Bank processed forgiveness on the last PPP loan during the second quarter of 2022, so there was no PPP income recorded during the third quarter, compared to $1.1 million recorded during the third quarter of 2021.
“We are proud to see the third quarter financial results,” said Ron Green, President and CEO. “This is the first quarter without PPP fee income, and we are pleased that growth in traditional loan income has nearly offset the PPP income shortfall.”
Period-end loans, net of deferred loan origination fees, totaled $456.6 million, representing quarterly growth of $21.1 million, and year-to-date non-PPP growth of $68.4 million. This represents an annualized growth rate of 23.57%. The Bank continued to experience loan demand, but competition remains strong. The third quarter yield on non-PPP loans totaled 4.50%, an increase of 0.17% over the prior quarter. The yield in second quarter was lower due to the payoff of a USDA guaranteed loan, which was purchased at a premium during 2017. This resulted in the expense of $47 thousand for the remaining purchase premium. Without the prepayment, the effective yield on the non-PPP loan portfolio would have been 4.38%. This reflects a linked quarter increase in loan yield from second quarter to third quarter, excluding amortization of the USDA payoff, of 0.12%.
During the quarter the Bank saw a decrease in classified assets totaling $515 thousand, bringing the classified asset ratio to 5.81% as of September 30, 2022. This decrease was primarily attributable to a payoff of one residential loan relationship. The Bank also funded provision for loan loss expense of $209 thousand, which was largely the result of loan growth experienced during the quarter, as credit metrics including nonaccrual loan totals and past due totals remain strong.
Deposit growth totaled $70.1 million during the third quarter. Included in the third quarter deposit growth was approximately $48.6 million in deposits that migrated from off-balance sheet holdings with IntraFi Network, into on-balance sheet reciprocal balances. The migration occurred toward the end of the quarter and did not significantly impact average asset totals. After exclusion of the off-balance sheet migration, the Bank experienced deposit growth of $21.5 million during the third quarter and $45.4 million since December 31, 2021. This represents an annual growth rate, excluding IntraFi Network migration, of 9.82%. The Bank also maintained an additional $60.6 million in off-balance sheet deposits with IntraFi Network, which are available on demand. The Bank’s cost of funds increased slightly from the 0.07% reported in second quarter 2022 to the 0.09% in third quarter 2022. The Bank continues to monitor deposit rates and has not yet experienced significant pressure to increase rates, but the Bank anticipates growing pressure to adjust deposit rates should the Fed Funds rate continue to increase.
Third quarter investment purchases totaled $26.0 million, with a weighted average life of 5.11 years and a weighted average yield of 3.85% on the purchases. At September 30, 2022, the Bank’s total investment portfolio had an average life of 5.5 years and, based on the one month CPR, a yield of 2.67%. Securities purchases were offset by portfolio amortization and an increase in the unrealized loss on the securities portfolio. The September 30, 2022, unrealized loss on the securities portfolio grew to $17.2 million or 8.4% of the portfolio book value. For the quarter ended September 30, 2022, securities income totaled $1.1 million, or a yield of 2.39%, compared to $828 thousand, or a yield of 1.91% in the second quarter ended June 30, 2022. Several factors contributed to the increased earnings, including securities purchased during the quarter occurred at an effective rate higher than the overall portfolio yield and the increase in the yield on the variable rate securities tied to the prime rate. As of September 30, 2022, approximately $51.6 million of the securities portfolio was subject to monthly or quarterly rate resets. The Bank continues to plan for additional securities purchases during 2022, which will continue to enhance the net interest margin by shifting earnings assets from fed funds into higher yielding securities.
Noninterest income totaled $2.0 million during third quarter 2022 and represented an increase of $261 thousand over the second quarter 2022. The largest increase in noninterest income occurred in the other income category, which is primarily attributable to the income earned on the off-balance sheet portion of the IntraFi Network deposits, which totaled $437 thousand for the quarter. With migration of approximately $48.6 million of off-balance sheet deposits back onto the balance sheet, this noninterest income source is expected to decrease in the fourth quarter. Additionally, as interest rates increase this source of non-interest income will decrease over time as the Bank will be forced to increase the interest amount paid to depositors.
Noninterest expense in the third quarter 2022 totaled $4.8 million, an increase of $348 thousand over second quarter 2022. The largest drivers of the increase related to the salaries and benefits expense, which grew $145 thousand over second quarter. During third quarter the Bank implemented several salary adjustments, specifically amongst many of the lower paid positions within the Bank as a result of the competitive work environment. The Bank also increased the accruals for employee bonuses and profit sharing, which grew $97 thousand and $14 thousand, respectively, over the prior quarter expense. Both increases were tied to performance metrics tracking above original accrual levels. The Bank also saw growth in the outside services category of $79 thousand on a linked quarter basis. Approximately half of this increase was related to a recruitment fee for a new team leader position and is not expected to reoccur in future periods.
Forward-Looking Statement Safe Harbor
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “estimates,” “intends,” “plans,” “goals,” “believes” and other similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could.” The forward-looking statements made represent Oregon Pacific Bank’s current estimates, projections, expectations, plans or forecasts of its future results and revenues, including but not limited to statements about performance, loan or deposit growth, loan prepayments, investment purchases, strategic focus, capital position, liquidity, credit quality, special asset liquidation, noninterest expense and credit quality trends. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Oregon Pacific Bank’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks. Oregon Pacific Bancorp undertakes no obligation to publicly revise or update any forward-looking statement to reflect the impact of events or circumstances that arise after the date of this release. This statement is included for the express purpose of invoking the PSLRA’s safe harbor provisions.
CONSOLIDATED BALANCE SHEETS |
||||||||||||
Unaudited (dollars in thousands) |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
||||||
|
|
2022 |
|
2022 |
|
2021 |
||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ |
13,402 |
|
$ |
11,527 |
|
$ |
10,496 |
|
|||
| Interest bearing deposits |
|
97,840 |
|
|
71,429 |
|
|
186,565 |
|
|||
| Securities |
|
188,366 |
|
|
170,977 |
|
|
82,398 |
|
|||
| Non PPP Loans, net of deferred fees and costs |
|
456,627 |
|
|
435,478 |
|
|
361,573 |
|
|||
| PPP Loans, net of deferred fees and costs |
|
- |
|
|
- |
|
|
30,073 |
|
|||
| Total Loans, net of deferred fees and costs |
|
456,627 |
|
|
435,478 |
|
|
391,646 |
|
|||
| Allowance for loan losses |
|
(6,328 |
) |
|
(6,088 |
) |
|
(6,026 |
) |
|||
| Premises and equipment, net |
|
9,501 |
|
|
9,558 |
|
|
6,351 |
|
|||
| Bank owned life insurance |
|
8,563 |
|
|
8,509 |
|
|
8,342 |
|
|||
| Deferred tax asset |
|
5,836 |
|
|
4,118 |
|
|
1,111 |
|
|||
| Other assets |
|
6,904 |
|
|
7,024 |
|
|
3,431 |
|
|||
| Total assets | $ |
780,711 |
|
$ |
712,532 |
|
$ |
684,314 |
|
|||
| LIABILITIES | ||||||||||||
| Deposits | ||||||||||||
| Demand - non-interest bearing | $ |
195,536 |
|
$ |
189,112 |
|
$ |
180,991 |
|
|||
| Demand - interest bearing |
|
242,974 |
|
|
187,348 |
|
|
177,404 |
|
|||
| Money market |
|
170,439 |
|
|
163,728 |
|
|
158,392 |
|
|||
| Savings |
|
85,548 |
|
|
83,517 |
|
|
75,710 |
|
|||
| Certificates of deposit |
|
18,213 |
|
|
18,948 |
|
|
20,453 |
|
|||
| Total deposits |
|
712,710 |
|
|
642,653 |
|
|
612,950 |
|
|||
| Junior subordinated debenture |
|
4,124 |
|
|
4,124 |
|
|
4,124 |
|
|||
| Subordinated debenture |
|
14,603 |
|
|
14,578 |
|
|
14,492 |
|
|||
| Other liabilities |
|
6,499 |
|
|
6,153 |
|
|
4,874 |
|
|||
| Total liabilities |
|
737,936 |
|
|
667,508 |
|
|
636,440 |
|
|||
| STOCKHOLDERS' EQUITY | ||||||||||||
| Common stock |
|
21,042 |
|
|
20,977 |
|
|
20,866 |
|
|||
| Retained earnings |
|
34,038 |
|
|
31,707 |
|
|
26,448 |
|
|||
| Accumulated other comprehensive income, net of tax |
|
(12,305 |
) |
|
(7,660 |
) |
|
560 |
|
|||
| Total stockholders' equity |
|
42,775 |
|
|
45,024 |
|
|
47,874 |
|
|||
| Total liabilities & stockholders' equity | $ |
780,711 |
|
$ |
712,532 |
|
$ |
684,314 |
|
|||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| Unaudited (dollars in thousands, except per share data) | ||||||||||||||||
THREE MONTHS ENDED |
NINE MONTHS ENDED |
|||||||||||||||
September 30, |
June 30, |
|
September 30, |
September 30, |
|
September 30, |
||||||||||
2022 |
|
2022 |
|
2021 |
2022 |
|
2021 |
|||||||||
| INTEREST INCOME | ||||||||||||||||
| Non-PPP loans | $ |
5,022 |
$ |
4,568 |
$ |
3,973 |
$ |
13,875 |
$ |
11,380 |
||||||
| PPP loans |
|
- |
|
145 |
|
1,100 |
|
349 |
|
3,520 |
||||||
| Securities |
|
1,131 |
|
828 |
|
262 |
|
2,514 |
|
682 |
||||||
| Other interest income |
|
305 |
|
147 |
|
69 |
|
507 |
|
148 |
||||||
| Total interest income |
|
6,458 |
|
5,688 |
|
5,404 |
|
17,245 |
|
15,730 |
||||||
| INTEREST EXPENSE | ||||||||||||||||
| Deposits |
|
152 |
|
108 |
|
119 |
|
368 |
|
336 |
||||||
| Borrowed funds |
|
204 |
|
191 |
|
34 |
|
575 |
|
95 |
||||||
| Total interest expense |
|
356 |
|
299 |
|
153 |
|
943 |
|
431 |
||||||
| NET INTEREST INCOME |
|
6,102 |
|
5,389 |
|
5,251 |
|
16,302 |
|
15,299 |
||||||
| Provision for loan losses |
|
209 |
|
100 |
|
- |
|
359 |
|
- |
||||||
| Net interest income after provision for loan losses |
|
5,893 |
|
5,289 |
|
5,251 |
|
15,943 |
|
15,299 |
||||||
| NONINTEREST INCOME | ||||||||||||||||
| Trust fee income |
|
783 |
|
804 |
|
703 |
|
2,366 |
|
2,211 |
||||||
| Service charges |
|
324 |
|
322 |
|
300 |
|
944 |
|
819 |
||||||
| Mortgage loan sales |
|
29 |
|
90 |
|
138 |
|
240 |
|
526 |
||||||
| Investment sales commissions |
|
- |
|
- |
|
29 |
|
- |
|
98 |
||||||
| Merchant card services |
|
153 |
|
134 |
|
151 |
|
394 |
|
351 |
||||||
| Oregon Pacific Wealth Management income |
|
239 |
|
252 |
|
224 |
|
741 |
|
611 |
||||||
| Other income |
|
514 |
|
179 |
|
84 |
|
783 |
|
240 |
||||||
| Total noninterest income |
|
2,042 |
|
1,781 |
|
1,629 |
|
5,468 |
|
4,856 |
||||||
| NONINTEREST EXPENSE | ||||||||||||||||
| Salaries and employee benefits |
|
2,787 |
|
2,642 |
|
2,305 |
|
8,043 |
|
6,979 |
||||||
| Outside services |
|
583 |
|
504 |
|
506 |
|
1,606 |
|
1,378 |
||||||
| Occupancy & equipment |
|
413 |
|
412 |
|
362 |
|
1,226 |
|
1,057 |
||||||
| Trust expense |
|
432 |
|
402 |
|
364 |
|
1,226 |
|
1,066 |
||||||
| Loan and collection, OREO expense |
|
21 |
|
23 |
|
30 |
|
71 |
|
95 |
||||||
| Advertising |
|
141 |
|
94 |
|
95 |
|
329 |
|
229 |
||||||
| Supplies and postage |
|
74 |
|
60 |
|
71 |
|
204 |
|
188 |
||||||
| Other operating expenses |
|
360 |
|
326 |
|
419 |
|
1,077 |
|
1,234 |
||||||
| Total noninterest expense |
|
4,811 |
|
4,463 |
|
4,152 |
|
13,782 |
|
12,226 |
||||||
| Income before taxes |
|
3,124 |
|
2,607 |
|
2,728 |
|
7,629 |
|
7,929 |
||||||
| Provision for income taxes |
|
792 |
|
663 |
|
686 |
|
1,909 |
|
1,998 |
||||||
| NET INCOME | $ |
2,332 |
$ |
1,944 |
$ |
2,042 |
$ |
5,720 |
$ |
5,931 |
||||||
Quarterly Highlights |
||||||||||||||||||||
|
3rd Quarter |
|
2nd Quarter |
|
1st Quarter |
|
4th Quarter |
|
3rd Quarter |
|||||||||||
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|||||||||||
| Earnings | ||||||||||||||||||||
| Net interest income | $ |
6,102 |
|
$ |
5,389 |
|
$ |
4,810 |
|
$ |
5,018 |
|
$ |
5,251 |
|
|||||
| Provision for loan loss |
|
209 |
|
|
100 |
|
|
50 |
|
|
- |
|
|
- |
|
|||||
| Noninterest income |
|
2,042 |
|
|
1,781 |
|
|
1,645 |
|
|
1,762 |
|
|
1,629 |
|
|||||
| Noninterest expense |
|
4,811 |
|
|
4,463 |
|
|
4,506 |
|
|
4,298 |
|
|
4,152 |
|
|||||
| Provision for income taxes |
|
792 |
|
|
663 |
|
|
455 |
|
|
612 |
|
|
686 |
|
|||||
| Net income | $ |
2,332 |
|
$ |
1,944 |
|
$ |
1,444 |
|
$ |
1,870 |
|
$ |
2,042 |
|
|||||
| Average shares outstanding |
|
7,070,433 |
|
|
7,070,686 |
|
|
7,057,361 |
|
|
7,042,478 |
|
|
7,042,478 |
|
|||||
| Earnings per share | $ |
0.33 |
|
$ |
0.27 |
|
$ |
0.20 |
|
$ |
0.27 |
|
$ |
0.29 |
|
|||||
| Performance Ratios | ||||||||||||||||||||
| Return on average assets |
|
1.28 |
% |
|
1.12 |
% |
|
0.84 |
% |
|
1.09 |
% |
|
1.22 |
% |
|||||
| Return on average equity |
|
20.41 |
% |
|
17.34 |
% |
|
12.02 |
% |
|
15.44 |
% |
|
17.24 |
% |
|||||
| Net interest margin - tax equivalent |
|
3.54 |
% |
|
3.27 |
% |
|
2.93 |
% |
|
3.04 |
% |
|
3.25 |
% |
|||||
| Yield on loans |
|
4.50 |
% |
|
4.45 |
% |
|
4.50 |
% |
|
4.99 |
% |
|
5.11 |
% |
|||||
| Yield on loans - excluding PPP loans |
|
4.50 |
% |
|
4.33 |
% |
|
4.37 |
% |
|
4.47 |
% |
|
4.49 |
% |
|||||
| Yield on securities |
|
2.39 |
% |
|
1.91 |
% |
|
1.49 |
% |
|
1.39 |
% |
|
1.39 |
% |
|||||
| Cost of deposits |
|
0.09 |
% |
|
0.07 |
% |
|
0.07 |
% |
|
0.07 |
% |
|
0.08 |
% |
|||||
| Efficiency ratio |
|
59.07 |
% |
|
62.21 |
% |
|
69.81 |
% |
|
63.39 |
% |
|
60.35 |
% |
|||||
| Full-time equivalent employees |
|
122 |
|
|
122 |
|
|
122 |
|
|
118 |
|
|
116 |
|
|||||
| Capital | ||||||||||||||||||||
| Tier 1 capital | $ |
72,410 |
|
$ |
70,041 |
|
$ |
68,040 |
|
$ |
66,593 |
|
$ |
64,685 |
|
|||||
| Leverage ratio |
|
9.95 |
% |
|
9.96 |
% |
|
9.72 |
% |
|
9.73 |
% |
|
9.70 |
% |
|||||
| Common equity tier 1 ratio |
|
14.81 |
% |
|
14.79 |
% |
|
16.42 |
% |
|
17.12 |
% |
|
18.50 |
% |
|||||
| Tier 1 risk based ratio |
|
14.81 |
% |
|
14.79 |
% |
|
16.42 |
% |
|
17.12 |
% |
|
18.50 |
% |
|||||
| Total risk based ratio |
|
16.06 |
% |
|
16.04 |
% |
|
17.68 |
% |
|
18.38 |
% |
|
19.75 |
% |
|||||
| Book value per share | $ |
6.05 |
|
$ |
6.37 |
|
$ |
6.52 |
|
$ |
6.99 |
|
$ |
6.80 |
|
|||||
| Asset quality | ||||||||||||||||||||
| Allowance for loan losses (ALLL) | $ |
6,328 |
|
$ |
6,088 |
|
$ |
5,959 |
|
$ |
5,905 |
|
$ |
6,026 |
|
|||||
| Nonperforming loans (NPLs) | $ |
424 |
|
$ |
960 |
|
$ |
593 |
|
$ |
928 |
|
$ |
1,388 |
|
|||||
| Nonperforming assets (NPAs) | $ |
424 |
|
$ |
960 |
|
$ |
593 |
|
$ |
928 |
|
$ |
1,388 |
|
|||||
| Classified Assets (1) | $ |
4,574 |
|
$ |
5,089 |
|
$ |
6,349 |
|
$ |
8,756 |
|
$ |
8,156 |
|
|||||
| Net loan charge offs (recoveries) | $ |
(31 |
) |
$ |
(29 |
) |
$ |
(4 |
) |
$ |
122 |
|
$ |
(2 |
) |
|||||
| ALLL as a percentage of net loans |
|
1.39 |
% |
|
1.40 |
% |
|
1.45 |
% |
|
1.48 |
% |
|
1.54 |
% |
|||||
| ALLL as a percentage of net loans (excluding PPP) |
|
1.39 |
% |
|
1.40 |
% |
|
1.46 |
% |
|
1.52 |
% |
|
1.67 |
% |
|||||
| ALLL as a percentage of NPLs |
|
1492.45 |
% |
|
634.17 |
% |
|
1004.89 |
% |
|
636.31 |
% |
|
434.15 |
% |
|||||
| Net charge offs (recoveries) | ||||||||||||||||||||
| to average loans |
|
-0.01 |
% |
|
-0.01 |
% |
|
0.00 |
% |
|
0.03 |
% |
|
0.00 |
% |
|||||
| Net NPLs as a percentage of | ||||||||||||||||||||
| total loans |
|
0.09 |
% |
|
0.22 |
% |
|
0.15 |
% |
|
0.24 |
% |
|
0.35 |
% |
|||||
| Nonperforming assets as a | ||||||||||||||||||||
| percentage of total assets |
|
0.05 |
% |
|
0.13 |
% |
|
0.08 |
% |
|
0.13 |
% |
|
0.20 |
% |
|||||
| Classified Asset Ratio (2) |
|
5.81 |
% |
|
6.68 |
% |
|
8.58 |
% |
|
12.08 |
% |
|
11.53 |
% |
|||||
| Past due as a percentage of | ||||||||||||||||||||
| total loans |
|
0.13 |
% |
|
0.12 |
% |
|
0.21 |
% |
|
0.21 |
% |
|
0.03 |
% |
|||||
| Off-balance sheet figures | ||||||||||||||||||||
| Off-balance sheet demand deposits (3) | $ |
60,588 |
|
$ |
121,645 |
|
$ |
78,674 |
|
$ |
55,477 |
|
$ |
57,105 |
|
|||||
| Off-balance sheet time deposits (4) | $ |
- |
|
$ |
- |
|
$ |
37,500 |
|
$ |
47,500 |
|
$ |
49,500 |
|
|||||
| Unused credit commitments | $ |
85,880 |
|
$ |
93,411 |
|
$ |
95,570 |
|
$ |
83,778 |
|
$ |
86,816 |
|
|||||
| Trust assets under management (AUM) | $ |
193,448 |
|
$ |
195,058 |
|
$ |
199,983 |
|
$ |
201,264 |
|
$ |
188,420 |
|
|||||
| Oregon Pacific Wealth Management AUM | $ |
116,193 |
|
$ |
114,973 |
|
$ |
127,749 |
|
$ |
130,099 |
|
$ |
122,274 |
|
|||||
| End of period balances | ||||||||||||||||||||
| Total securities | $ |
188,366 |
|
$ |
170,977 |
|
$ |
157,922 |
|
$ |
123,076 |
|
$ |
82,398 |
|
|||||
| Total short term deposits | $ |
97,840 |
|
$ |
71,429 |
|
$ |
98,345 |
|
$ |
143,192 |
|
$ |
186,565 |
|
|||||
| Total loans net of allowance | $ |
450,299 |
|
$ |
429,390 |
|
$ |
406,229 |
|
$ |
392,250 |
|
$ |
385,620 |
|
|||||
| Total earning assets | $ |
744,786 |
|
$ |
679,835 |
|
$ |
670,406 |
|
$ |
665,780 |
|
$ |
661,966 |
|
|||||
| Total assets | $ |
780,711 |
|
$ |
712,532 |
|
$ |
706,527 |
|
$ |
691,721 |
|
$ |
684,314 |
|
|||||
| Total noninterest bearing deposits | $ |
195,536 |
|
$ |
189,112 |
|
$ |
178,367 |
|
$ |
171,380 |
|
$ |
180,991 |
|
|||||
| Total deposits | $ |
712,710 |
|
$ |
642,653 |
|
$ |
636,384 |
|
$ |
618,679 |
|
$ |
612,950 |
|
|||||
| Average balances | ||||||||||||||||||||
| Total securities | $ |
186,535 |
|
$ |
165,729 |
|
$ |
143,830 |
|
$ |
102,431 |
|
$ |
73,271 |
|
|||||
| Total short term deposits | $ |
57,557 |
|
$ |
73,515 |
|
$ |
120,674 |
|
$ |
165,901 |
|
$ |
176,914 |
|
|||||
| Total loans net of allowance | $ |
436,522 |
|
$ |
418,445 |
|
$ |
398,423 |
|
$ |
383,161 |
|
$ |
388,212 |
|
|||||
| Total earning assets | $ |
688,723 |
|
$ |
665,637 |
|
$ |
670,330 |
|
$ |
658,872 |
|
$ |
645,779 |
|
|||||
| Total assets | $ |
720,465 |
|
$ |
697,913 |
|
$ |
699,808 |
|
$ |
682,779 |
|
$ |
666,455 |
|
|||||
| Total noninterest bearing deposits | $ |
191,292 |
|
$ |
178,626 |
|
$ |
171,184 |
|
$ |
170,600 |
|
$ |
183,950 |
|
|||||
| Total deposits | $ |
648,827 |
|
$ |
627,700 |
|
$ |
626,023 |
|
$ |
610,981 |
|
$ |
610,247 |
||||||
| (1) Classified assets is defined as the sum of all loan-related contingent liabilities and loans internally graded substandard or worse, impaired loans (net of government guarantees), adversely classified securities, and other real estate owned. | |||||||||
| (2) Classified asset ratio is defined as the sum of all loan-related contingent liabilities and loans internally graded substandard or worse, impaired loans (net of government guarantees), adversely classified securities, and other real estate owned, divided by bank Tier 1 capital, plus the allowance for loan losses. | |||||||||
| (3) Deposits sold through IntraFi Network Deposits Insured Cash Sweep (ICS) program. | |||||||||
| (4) Deposits sold through IntraFi Network Deposits CDARs program. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221020005062/en/
Contacts
Ron Green, President & Chief Executive Officer
ron.green@opbc.com
(541) 902-9800
