Altabancorp

CIK:0001636286|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest income
Interest and fees on loans	$ 22,573	$ 23,649	$ 45,387	$ 49,574
Interest and dividends on investments	4,190	3,753	6,520	7,212
Total interest income	26,763	27,402	51,907	56,786
Interest expense	1,466	1,613	3,012	3,776
Net interest income	25,297	25,789	48,895	53,010
(Recapture) / provision for credit losses	(5,000)	2,100	(5,000)	2,750
Net interest income after provision for credit losses	30,297	23,689	53,895	50,260
Non-interest income
Mortgage banking	2,404	3,036	5,185	4,746
Card processing	1,211	917	2,282	1,624
Service charges on deposit accounts	651	763	1,343	1,543
Net gain on sale of investment securities		1,441	206	1,441
Other	1,026	(41)	1,658	502
Total non-interest income	5,292	6,116	10,674	9,856
Non-interest expense
Salaries and employee benefits	10,707	10,786	21,794	21,630
Occupancy, equipment and depreciation	1,209	831	2,404	2,370
Data processing	2,434	2,383	4,283	3,519
Marketing and advertising	330	339	636	771
FDIC premiums	247	165	473	165
Acquisition-related costs	2,215		2,215
Other	1,713	1,771	3,595	3,981
Total non-interest expense	18,855	16,275	35,400	32,436
Income before income tax expense	16,734	13,530	29,169	27,680
Income tax expense	4,034	3,192	7,031	6,569
Net income	$ 12,700	$ 10,338	$ 22,138	$ 21,111
Earnings per common share:
Basic	$ 0.67	$ 0.55	$ 1.17	$ 1.12
Diluted	$ 0.67	$ 0.55	$ 1.16	$ 1.11
Weighted average common shares outstanding:
Basic	18,876,688	18,789,561	18,870,626	18,837,209
Diluted	19,036,575	18,932,511	19,028,175	18,985,319

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 22,138	$ 21,111
Adjustments to reconcile net income to net cash provided by operating activities:
(Recapture) / provision for credit losses	(5,000)	2,750
Depreciation and amortization	1,407	1,822
Deferred income taxes	1,475	(24)
Net amortization of securities premiums and discounts	9,411	1,541
Gain on sale of available for sale securities	(206)
Increase in cash surrender value of bank-owned life insurance	(514)	(293)
Share-based compensation	694	765
Gain on sale of loans held for sale	(3,878)	(3,467)
Originations of loans held for sale	(192,536)	(136,459)
Proceeds from sale of loans held for sale	203,894	129,332
Net changes in:
Accrued interest receivable	1,799	(3,778)
Other assets	238	(938)
Accrued interest payable	(291)	(138)
Other liabilities	(1,518)	1,552
Net cash provided by operating activities	37,113	13,776
Cash flows from investing activities:
Net change in loans held for investment	(178,086)	22,057
Purchase of available for sale securities	(663,600)	(674,709)
Proceeds from maturities/sales of available for sale securities	459,589	118,783
Purchase of premises and equipment	(534)	(1,354)
Proceeds from sale of OREO, net of improvements		343
Purchase of non-marketable equity securities	(5,891)	(267)
Proceeds from sale of non-marketable equity securities	4,739
Net cash used in investing activities	(383,783)	(535,147)
Cash flows from financing activities:
Net increase in deposits	240,399	556,972
(Costs) / Proceeds related to exercise of stock options	(58)	182
Net change in short-term borrowings	(64,554)	83,490
Net cash used in share repurchase program		(2,140)
Cash dividends paid	(5,662)	(5,277)
Net cash provided by financing activities	170,125	633,227
Net change in cash and cash equivalents	(176,545)	111,856
Cash and cash equivalents, beginning of period	239,874	211,981
Cash and cash equivalents, end of period	63,329	323,837
Supplemental disclosures of cash flow information:
Cash paid for interest	3,303	3,914
Income taxes paid	4,470	25
Supplemental disclosures of non-cash investing transactions:
Reclassifications from loans to other real estate owned		344
Net unrealized (loss) / gains on securities available for sale	$ (23,492)	$ 13,077

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Cash and cash equivalents:
Cash and due from banks	$ 35,446	$ 39,312
Interest-bearing deposits	27,045	197,769
Federal funds sold	838	2,793
Total cash and cash equivalents	63,329	239,874
Investment securities - available for sale, at fair value	1,491,707	1,320,393
Non-marketable equity securities	4,042	2,890
Loans held for sale	6,672	14,152
Loans:
Loans held for investment	1,873,685	1,695,496
Allowance for credit losses	(34,958)	(41,236)
Total loans held for investment, net	1,838,727	1,654,260
Premises and equipment, net	34,821	36,460
Goodwill	25,673	25,673
Bank-owned life insurance	43,234	42,720
Deferred income tax assets, net	11,787	7,389
Accrued interest receivable	9,537	11,336
Other intangibles	4,831	4,451
Other assets	6,445	6,630
Total assets	3,540,805	3,366,228
Deposits:
Non-interest bearing deposits	1,145,009	1,039,844
Interest bearing deposits	2,011,698	1,876,464
Total deposits	3,156,707	2,916,308
Short-term borrowings		64,554
Accrued interest payable	325	616
Other liabilities	13,142	13,612
Total liabilities	3,170,174	2,995,090
Shareholders’ equity:
Preferred shares, $0.01 par value: 3,000,000 shares authorized; no shares issued
Common shares, $0.01 par value: 30,000,000 shares authorized; 18,880,610 and 18,828,522 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	189	188
Additional paid-in capital	88,209	87,574
Retained earnings	285,633	269,157
Accumulated other comprehensive (loss) / income	(3,400)	14,219
Total shareholders’ equity	370,631	371,138
Total liabilities and shareholders’ equity	$ 3,540,805	$ 3,366,228