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FRESNO, Calif.–(BUSINESS WIRE)–United Security Bancshares (Nasdaq: UBFO) today announced its unaudited financial results for the quarter and year ended December 31, 2019. The Company reported consolidated net income of $2,895,000, or $0.17 per basic and diluted common share, for the quarter ended December 31, 2019, as compared to $3,948,000, or $0.23 per basic and diluted common share, for the quarter ended December 31, 2018. The Company recognized net income of $15,172,000 for the year ended December 31, 2019, an increase of 8% compared to the net income of $14,017,000 recognized for the year ended December 31, 2018. Basic and diluted earnings per share increased to $0.90 and $0.89, respectively, for the year ended December 31, 2019, as compared to basic and diluted earnings per share of $0.83 for the year ended December 31, 2018.

Fourth Quarter 2019 Highlights (at or for the quarter ended December 31, 2019, except where noted)

  • Total loans, net of unearned fees, increased to $596,554,000, compared to $587,814,000 at December 31, 2018 and $569,500,000 in the preceding quarter.
  • Total deposits increased to $818,362,000, compared to $805,643,000 at December 31, 2018.
  • Book value per share increased to $6.83, compared to $6.45 at December 31, 2018.
  • The efficiency ratio improved to 49.99% for the year ended December 31, 2019, compared to 54.34% for the year ended December 31, 2018.
  • Net income during the quarter ended December 31, 2019 decreased $1,053,000 when compared to the quarter ended December 31, 2018. This decrease was primarily attributed to the change on fair value of junior subordinated debentures which recorded a gain of $499,000 for the quarter ended December 31, 2018, compared to a loss of $407,000 for the quarter ended December 31, 2019.
  • Net interest margin decreased to 4.02% from 4.13% for the quarter ended December 31, 2018, and decreased from 4.17% in the preceding quarter.
  • Net charge-offs totaled $328,000, compared to net charge-offs of $338,000 for the quarter ended December 31, 2018, and net charge-offs of $226,000 in the preceding quarter.
  • Capital positions remain strong with a 12.82% Tier 1 Leverage Ratio, a 15.39% Common Equity Tier 1 Ratio; a 16.81% Tier 1 Risk-Based Capital Ratio; and a 17.98% Total Risk-Based Capital Ratio.
  • Annualized return on average assets (“ROAA”) was 1.21%, compared to 1.66% for the quarter ended December 31, 2018, and 1.69% in the preceding quarter.
  • Annualized return on average equity (“ROAE”) was 9.85%, compared to 14.28% for the quarter ended December 31, 2018, and 14.36% in the preceding quarter.
  • Other real estate owned balances increased to $6,753,000 at December 31, 2019 when compared to $5,745,000 at December 31, 2018.
  • The allowance for credit losses as a percentage of gross loans decreased to 1.33%, compared to 1.43% at December 31, 2018.

Dennis Woods, President and Chief Executive Officer, stated: “We have accomplished a lot of good throughout the year, including successfully navigating the changing interest environment to produce positive growth in net earnings, loans, and deposits. As we enter 2020, we will continue to focus on growing our franchise while maintaining our strong capital and liquidity levels.”

Results of Operations

ROE for the year ended December 31, 2019 was 13.30%, compared to 13.23% for the year ended December 31, 2018. ROA was 1.58% for the year ended December 31, 2019, compared to 1.61% for the year ended December 31, 2018. Annualized ROE for the quarter ended December 31, 2019 was 9.85% compared to 14.28% for the same period in 2018. Annualized ROA was 1.21% for the quarter ended December 31, 2019, compared to 1.66% for the same period in 2018.

The annualized average cost of deposits was 0.37% for the quarters ended December 31, 2019 and December 31, 2018. Average interest-bearing deposits decreased 2.59% between the quarters ended December 31, 2018 and 2019 to an average balance of $497,675,000.

Net interest income after the provision for credit losses for the year ended December 31, 2019 totaled $36,794,000, an increase of $1,118,000, or 3.13%, from $35,676,000 for the same period ended December 31, 2018. Included within the balance of net interest income after the provision for credit losses for the year ended December 31, 2018 was a $1,710,000 recovery of provision. The recovery of provision was due to one-time recoveries on previously charged-off loans. The Company’s net interest margin decreased from 4.28% for the year ended December 31, 2018 to 4.22% for the year ended December 31, 2019. The decrease was the result of increases in yields and balances of interest-bearing liabilities, partially offset by increases in loan and investment yields. The yield on loans increased from 5.57% for the year ended December 31, 2018 to 5.91% for the year ended December 31, 2019. The yield on loans for the year ended December 31, 2018 includes $550,000 in write-downs of unamortized insurance premiums on the student loan portfolio, which was a result of the dissolution of the insurance carrier. The increase in net interest income on a year-over-year comparison is the result of higher interest rates on loans and growth in the investment balances, partially offset by increasing costs of deposits. Net interest income after the provision for credit losses for the quarter ended December 31, 2019 totaled $8,691,000, a decrease of $319,000, or 3.54%, from the net interest income of $9,010,000 for the same period ended December 31, 2018.

Non-interest income for the year ended December 31, 2019 totaled $5,754,000, reflecting an increase of $1,149,000 from the $4,605,000 in non-interest income reported for the year ended December 31, 2018. Customer service fees, which represent the largest portion of the Company’s non-interest income, totaled $3,257,000 and $3,544,000 for the year ended December 31, 2019 and 2018, respectively. On a year-over-year comparative basis, non-interest income increased primarily due to a $1,165,000 gain on the fair value of junior subordinated debentures (TRUPs) for the year ended December 31, 2019, compared to a $424,000 loss for the same period ended December 31, 2018. The change in the fair value of TRUPs reflected in non-interest income was caused by fluctuations in the LIBOR yield curve. Non-interest income for the year ended December 31, 2019 also includes a $115,000 loss resulting from the dissolution of the USB Real Estate Investment Trust (REIT) which was completed in February 2019. Non-interest income for the year ended December 31, 2018 includes a $171,000 gain recorded on the death benefit proceeds of bank-owned life insurance.

Non-interest income for the quarter ended December 31, 2019 totaled $647,000, reflecting a decrease of $1,018,000 from the $1,665,000 in non-interest income reported for the quarter ended December 31, 2018. The decrease during the period was primarily due to the recording of a $407,000 loss on the fair value of TRUPs for the quarter ended December 31, 2019, as compared to a $499,000 gain for the quarter ended December 31, 2018. The change in the fair value of TRUPs reflected in non-interest income was primarily caused by fluctuations in the LIBOR yield curve. Customer service fees totaled $778,000 for the quarter ended December 31, 2019, as compared to $757,000 for the quarter ended December 31, 2018.

For the year ended December 31, 2019, non-interest expense totaled $21,279,000, an increase of $347,000 compared to $20,932,000 for the year ended December 31, 2018. On a year-over-year comparative basis, non-interest expense increased primarily due to increases of $698,000 in professional fees, $169,000 in data processing, and $99,000 in expenses related to other real estate owned, partially offset by decreases of $612,000 in salaries and employee benefits, and $166,000 in regulatory assessments. The increase in professional fees is mainly attributed to an increase in legal fees. The increase in data processing is primarily due to additional service fees. The decrease in salary and employee benefits is attributed to lower equity award expense. The decrease in regulatory assessments is related to one-time FDIC assessment credits. Non-interest expense for the year ended December 31, 2018 includes a $121,000 recovery of workman’s compensation insurance expense.

Non-interest expense totaled $5,335,000 for the quarter ended December 31, 2019, a decrease of $138,000 as compared to $5,473,000 reported for the quarter ended December 31, 2018. On a quarter-over-quarter comparative basis, non-interest expense decreased primarily due to decreases in salary and employee benefits as a result of lower equity award expenses and decreases in regulatory assessments. The decrease in regulatory assessments is attributed to FDIC assessment credits.

The Company recorded an income tax provision of $6,097,000 for the year ended December 31, 2019, compared to $5,332,000 for the same period in 2018. The effective tax rate for the year ended December 31, 2019 was 28.67%, compared to 27.56% for the year ended December 31, 2018. For the quarter ended December 31, 2019, the Company recorded a tax provision of $1,108,000, compared to a provision of $1,254,000 for the same period in 2018.

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, recovery of provision for credit losses, and gain on sale of other real estate owned (OREO). Management believes that financial results are more comparative excluding the impact of such non-core items.

Balance Sheet Review

Total assets increased $23,861,000, or 2.56%, for the year ended December 31, 2019, due primarily to increases of $10,003,000 in investment securities and $9,441,000 in gross loan balances. Unfunded loan commitments increased from $144,643,000 at December 31, 2018 to $197,559,000 at December 31, 2019. With the adoption of ASU 2016-02, effective January 1, 2019, the Company recognized an operating lease right-of-use asset and an operating lease liability. At December 31, 2019, the balances of the operating lease right-of-use asset and liability were $3,360,000 and $3,463,000, respectively.

Total deposits increased $12,719,000, or 1.58%, to $818,362,000 during the year ended December 31, 2019. This increase was due to an increase of $19,230,000 in noninterest bearing deposits and $20,489,000 in NOW and money market accounts, partially offset by a decrease of $17,032,000 in time deposits and $9,968,000 in savings accounts. In total, NOW, money market and savings accounts increased 2.44% to $441,012,000 at December 31, 2019, compared to $430,491,000 at December 31, 2018. Noninterest bearing deposits increased 6.57% to $311,950,000 at December 31, 2019, compared to $292,720,000 at December 31, 2018. As a result of the net increase, 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 $13,802,000.

Shareholders’ equity at December 31, 2019 was $115,989,000, an increase of $6,749,000 from shareholders’ equity of $109,240,000 at December 31, 2018. The increase in equity was the result of net earnings for the period, partially offset by cash dividends. At December 31, 2019 there was accumulated other comprehensive loss of $632,000, as compared to accumulated other comprehensive income of $674,000 at December 31, 2018. The change from December 31, 2018 to December 31, 2019 was the result of unrealized losses on junior subordinated debentures (TRUPs) caused by a decrease in yields during the period.

The Board of Directors of United Security Bancshares declared a cash dividend on common stock of $0.11 per share on December 17, 2019. The dividend was payable on January 14, 2020, to shareholders of record as of January 2, 2019. The Board of Directors of United Security Bancshares declared a cash dividend on common stock of $0.11 per share on September 24, 2019. The dividend was payable on October 18, 2019, to shareholders of record as of October 8, 2019. The Board of Directors of United Security Bancshares declared a cash dividend on common stock of $0.11 per share on June 25, 2019. The dividend was payable on July 18, 2019, to shareholders of record as of July 8, 2019. The Board of Directors of United Security Bancshares declared a cash dividend on common stock of $0.11 per share on March 26, 2019. The dividend was payable on April 17, 2019, to shareholders of record as of April 8, 2019. 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 has recorded a provision for credit losses of $20,000 for the year ended December 31, 2019, compared to a recovery of provision of $1,764,000 for the year ended December 31, 2018. Net loan charge-offs totaled $507,000 for the year ended December 31, 2019, as compared to net recoveries of $892,000 for the year ended December 31, 2018. The Company recorded a provision for credit loss of $5,000 for the quarter ended December 31, 2019, compared to a recovery of provision for credit losses of $65,000 for the quarter ended December 31, 2018. Net loan charge-offs totaled $328,000 for the quarter ended December 31, 2019, as compared to net loan charge-offs of $338,000 for the quarter ended December 31, 2018.

The Company’s allowance for loan loss totaled 1.33% of the loan portfolio at December 31, 2019, compared to 1.43% at December 31, 2018. In determining the adequacy of the allowance for loan losses, the judgment of the Company’s management is a significant factor. Management considers the allowance for credit losses at December 31, 2019 to be adequate.

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 approximately $404,000 between December 31, 2018 and December 31, 2019 to $21,225,000. Nonperforming assets as a percentage of total assets decreased from 2.32% at December 31, 2018 to 2.22% at December 31, 2019. The decrease in nonperforming assets is mainly attributed to decreases in restructured loans. Nonaccrual loans decreased $355,000 between December 31, 2018 and December 31, 2019 to $11,697,000. Total restructured loans decreased $1,872,000 between December 31, 2018 and December 31, 2019. OREO balances increased from $5,745,000 at December 31, 2018 to $6,753,000 at December 31, 2019, with the addition of one property.

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 11 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Oakhurst, San Joaquin, and Taft. 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 news 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) changes in general economic and financial market conditions, either nationally or locally, (2) changes in interest rates, (3) changes in banking laws or regulations, (4) increased competition in the Company’s market, impacting the ability to execute its business plans, (5) loss of key personnel, (6) unanticipated credit losses, (7) earthquakes or other natural disasters impacting the local economy and/or the condition of real estate collateral, (8) the impact of technological changes and the ability to develop and maintain secure and reliable electronic systems, and (9) 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, 2018, 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)

 

December 31, 2019

 

December 31, 2018

Assets

 

Cash and non-interest-bearing deposits in other banks

$

27,291

$

28,949

Due from Federal Reserve Bank (“FRB”)

191,704

191,388

Cash and cash equivalents

218,995

220,337

 

 

Investment securities (at fair value)

 

Available for sale (“AFS”) securities

76,312

66,426

Marketable equity securities

3,776

3,659

Total investment securities

80,088

70,085

Loans

597,374

587,933

Unearned fees and unamortized loan origination costs – net

(820

)

(119

)

Allowance for credit losses

(7,908

)

(8,395

)

Net loans

588,646

579,419

 

 

Premises and equipment – net

9,380

9,837

Accrued interest receivable

8,208

8,341

Other real estate owned (“OREO”)

6,753

5,745

Goodwill

4,488

4,488

Deferred tax assets – net

3,191

3,174

Cash surrender value of life insurance

20,955

20,244

Operating lease right-of-use assets

3,360

Other assets

12,855

11,388

Total assets

$

956,919

$

933,058

 

 

Liabilities and Shareholders’ Equity

 

Deposits

 

Non-interest-bearing

$

311,950

$

292,720

Interest-bearing

506,412

 

512,923

Total deposits

818,362

805,643

 

 

Accrued interest payable

59

57

Operating lease liabilities

3,463

Other liabilities

8,238

7,963

Junior subordinated debentures (at fair value)

10,808

10,155

Total liabilities

840,930

823,818

 

 

Shareholders’ Equity

 

Common stock, no par value; 20,000,000 shares authorized; issued and outstanding: 16,973,885 at December 31, 2019 and 16,946,622 at December 31, 2018

58,974

58,624

Retained earnings

57,647

49,942

Accumulated other comprehensive (loss) income

(632

)

674

Total shareholders’ equity

115,989

109,240

Total liabilities and shareholders’ equity

$

956,919

$

933,058

United Security Bancshares

Consolidated Statements of Income (unaudited)

(in thousands)

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2019

 

2018

 

2019

 

2018

Interest Income:

 

 

 

 

 

 

 

Interest and fees on loans

$

8,292

 

 

$

8,269

 

 

$

34,025

 

 

$

32,383

 

Interest on investment securities

437

 

 

337

 

 

1,797

 

 

1,146

 

Interest on deposits in FRB

829

 

 

1,215

 

 

4,880

 

 

3,086

 

Total interest income

9,558

 

 

9,821

 

 

40,702

 

 

36,615

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

Interest on deposits

758

 

 

762

 

 

3,432

 

 

2,278

 

Interest on other borrowed funds

104

 

 

114

 

 

456

 

 

425

 

Total interest expense

862

 

 

876

 

 

3,888

 

 

2,703

 

Net Interest Income

8,696

 

 

8,945

 

 

36,814

 

 

33,912

 

Provision (Recovery of Provision) for Credit Losses

5

 

 

(65

)

 

20

 

 

(1,764

)

Net Interest Income after Provision (Recovery of Provision) for Credit Losses

8,691

 

 

9,010

 

 

36,794

 

 

35,676

 

 

 

 

 

 

 

 

 

Noninterest Income:

 

 

 

 

 

 

 

Customer service fees

778

 

 

757

 

 

3,257

 

 

3,544

 

Increase in cash surrender value of bank-owned life insurance

89

 

 

131

 

 

528

 

 

520

 

(Loss) gain on fair value of marketable equity securities

(11

)

 

35

 

 

117

 

 

(78

)

Gain on proceeds from bank-owned life insurance

 

 

 

171

 

(Loss) gain on fair value of junior subordinated debentures

(407

)

 

499

 

 

1,165

 

 

(424

)

Loss on dissolution of real estate investment trust

 

 

(115

)

 

Gain on sale of assets

 

 

1

 

 

Other

198

 

 

243

 

 

801

 

 

872

 

Total noninterest income

647

 

 

1,665

 

 

5,754

 

 

4,605

 

 

 

 

 

 

 

 

 

Noninterest Expense:

 

 

 

 

 

 

 

Salaries and employee benefits

2,801

 

 

2,924

 

 

11,109

 

 

11,721

 

Occupancy expense

882

 

 

817

 

 

3,332

 

 

3,264

 

Data processing

181

 

 

128

 

 

583

 

 

414

 

Professional fees

757

 

 

720

 

 

3,180

 

 

2,482

 

Regulatory assessments

26

 

 

82

 

 

164

 

 

330

 

Director fees

91

 

 

82

 

 

373

 

 

321

 

Correspondent bank service charges

15

 

 

14

 

 

57

 

 

63

 

Loss on California tax credit partnership

 

11

 

 

 

25

 

Net cost on operation and sale of OREO

22

 

 

16

 

 

244

 

 

145

 

Other

560

 

 

679

 

 

2,237

 

 

2,167

 

Total noninterest expense

5,335

 

 

5,473

 

 

21,279

 

 

20,932

 

 

 

 

 

 

 

 

 

Income Before Provision for Taxes

4,003

 

 

5,202

 

 

21,269

 

 

19,349

 

Provision for Taxes on Income

1,108

 

 

1,254

 

 

6,097

 

 

5,332

 

Net Income

$

2,895

 

 

$

3,948

 

 

$

15,172

 

 

$

14,017

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.17

 

 

$

0.23

 

 

$

0.90

 

 

$

0.83

 

Diluted earnings per common share

$

0.17

 

 

$

0.23

 

 

$

0.89

 

 

$

0.83

 

Weighted average basic shares for EPS

16,956,350

 

 

16,907,202

 

 

16,951,955

 

 

16,899,960

 

Weighted average diluted shares for EPS

16,994,260

 

 

16,963,797

 

 

16,984,796

 

 

16,938,772

 

United Security Bancshares

Average Balances and Rates (unaudited)

(in thousands)

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2019

 

2018

 

2019

 

2018

Average Balances:

 

 

 

 

 

 

Loans (1)

$

578,082

 

$

577,985

 

 

$

576,015

 

 

$

581,221

 

Investment securities – taxable

80,958

 

65,317

 

 

71,456

 

 

54,838

 

Interest-bearing deposits in FRB

198,803

 

217,424

 

 

223,484

 

 

157,222

 

Total interest-earning assets

857,843

 

860,726

 

 

870,955

 

 

793,281

 

Allowance for credit losses

(8,199

)

 

(8,919

)

 

(8,386

)

 

(9,118

)

Cash and due from banks

29,979

 

29,365

 

 

29,174

 

 

27,605

 

Other real estate owned

6,446

 

5,745

 

 

5,922

 

 

5,745

 

Other non-earning assets

62,937

 

57,950

 

 

61,572

 

 

55,321

 

Total average assets

$

949,006

 

$

944,867

 

 

$

959,237

 

 

$

872,834

 

 

 

 

 

 

 

 

Interest-bearing deposits

$

497,675

 

$

510,891

 

 

$

516,698

 

 

$

450,012

 

Junior subordinated debentures

10,266

 

10,438

 

 

10,289

 

 

9,922

 

Total interest-bearing liabilities

507,941

 

521,329

 

 

526,987

 

 

459,934

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

314,245

 

306,814

 

 

308,518

 

 

300,698

 

Other liabilities

10,230

 

7,027

 

 

9,683

 

 

6,253

 

Total liabilities

832,416

 

835,170

 

 

845,188

 

 

766,885

 

Total equity

116,590

 

109,697

 

 

114,049

 

 

105,949

 

Total liabilities and equity

$

949,006

 

$

944,867

 

 

$

959,237

 

 

$

872,834

 

 

 

 

 

 

 

 

Average Rates:

 

 

 

 

 

 

Loans (1)

5.69

%

 

5.68

%

 

5.91

%

 

5.57

%

Investment securities- taxable

2.14

%

 

2.05

%

 

2.51

%

 

2.09

%

Interest-bearing deposits in FRB

1.65

%

 

2.22

%

 

2.18

%

 

1.96

%

Earning assets

4.42

%

 

4.53

%

 

4.67

%

 

4.62

%

Interest bearing deposits

0.60

%

 

0.59

%

 

0.66

%

 

0.51

%

Total deposits

0.37

%

 

0.37

%

 

0.42

%

 

0.30

%

Junior subordinated debentures

4.02

%

 

4.33

%

 

4.43

%

 

4.28

%

Total interest-bearing liabilities

0.67

%

 

0.67

%

 

0.74

%

 

0.59

%

Net interest margin (2)

4.02

%

 

4.13

%

 

4.22

%

 

4.28

%

 

(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.

Contacts

Dennis Woods, President and CEO

(559) 248-4928

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