Net Income Per Diluted Common Share of
$0.73, Up 97.3% Compared to Q4 2019
Net Interest Margin Remains Strong at
4.48%
Reliant Bancorp, Inc. (“Reliant Bancorp” or the “Company”)
(Nasdaq: RBNC), parent company of Reliant Bank (the “Bank”),
reported net income attributable to common shareholders of $12.2
million, or $0.73 per diluted common share, for the fourth quarter
of 2020 compared to net income attributable to common shareholders
of $11.5 million, or $0.69 per diluted common share, for the third
quarter of 2020, and $4.1 million, or $0.37 per diluted common
share, for the fourth quarter of 2019. Excluding the impact of
prior period merger-related income and expenses, adjusted net
income per diluted common share increased 4.3% from the third
quarter of 2020 and 55.3% from the fourth quarter of 2019.
DeVan Ard Jr., Reliant Bancorp's Chairman and CEO stated,
“Regardless of the challenges that were part of 2020, we have
successfully remained focused on servicing our customers and
upholding our credit quality while continuing to invest in growth
organically as well as through two successful acquisitions in 2020,
which propelled us to total consolidated assets in excess of $3.0
billion. We continued to improve in the fourth quarter with our
return on average assets and return on average equity increasing to
1.60% and 15.48%, respectively, compared to 1.54% and 15.32%,
respectively, in the third quarter of 2020. Our credit quality
continues to be a source of strength as evidenced by a decrease in
nonperforming assets of 4.6% compared to the prior quarter. We
provided additional reserves for potential COVID-19-related risks,
but at a lower level than in the prior two quarters.”
Ard continued, “Our team delivered another outstanding quarter
with an increase in non-time deposits of $158.2 million, or 39%
when annualized, and early completion of expense related projects
should provide strong momentum into 2021. These results reflect the
focus of our team to build shareholder value while serving our
customers and our community.”
Quarterly Highlights
Net Interest Income Remains Strong on
Continued Core Margin Improvement
The net interest margin decreased to 4.48% at December 31, 2020,
a 6 basis point decrease when compared to the prior quarter. The
net interest margin decrease was primarily due to a 10 basis point
decrease in our yield on loans held for investment and was
partially offset by a 7 basis point decrease in our cost of funds.
The decrease in loan yield can partially be attributed to a $0.8
million decline in purchase accounting accretion as compared to the
prior quarter. The adjusted net interest margin, which excludes
purchase accounting accretion, was 4.09%, an increase of 11 basis
points when compared to the prior quarter. The decrease in cost of
funds is primarily attributed to a decrease in wholesale deposit
rates of 35 basis points which is partially offset by $253 thousand
in penalties from prepayment of $16.5 million in Federal Home Loan
Bank advances. The decrease in cost of deposits can primarily be
attributed to our continued success in execution of our strategic
initiatives around attracting and retaining core deposits and the
general market rate decline. At December 31, 2020, customer
deposits comprised 87.8% of total deposits compared to 85.2% of
total deposits at September 30, 2020, and non-time deposits grew by
$158.2 million, or 9.7%, in the same period. In addition, $0.7
million of purchase accounting accretion was realized in interest
expense during the fourth quarter of 2020 for acquired certificates
of deposit and Federal Home Loan Bank advances.
Our continued focus on improving the earning-asset mix also
contributed to margin expansion, as average loans held for
investment increased to 83.2% of average earning assets at December
31, 2020, compared to 78.3% at December 31, 2019.
Maintaining a Strong Balance
Sheet
Loans remained stable at $2.3 billion. Loan originations during
the quarter totaled $170.0 million at a weighted-average coupon
rate of 4.39% with a continued focus on credit quality through
sound underwriting. Loans increased $890.8 million year-over-year
inclusive of the acquired loan portfolios from both First Advantage
Bank and Community Bank & Trust, which totaled $582.2 million
and $128.4 million, respectively at December 31, 2020. Organic
year-over-year loan growth totaled $180.3 million, or 12.8%.
Deposits increased $13.7 million from the linked quarter and
$994.8 million year-over-year. Noninterest-bearing deposits
increased $36.4 million from the linked quarter. Year-over-year
deposit growth can be attributed primarily to acquired deposit
portfolios from both First Advantage Bank and Community Bank &
Trust, which totaled $554.1 million and $217.0 million,
respectively, at December 31, 2020. Organic year-over-year deposit
growth totaled $223.7 million, or 14.1%. Ard stated, “Our team
continues to attract and retain deposits in a difficult
environment, fulfilling one of our strategic goals and helping us
to better serve the community's credit needs.”
Asset Quality Remains Stable and
Capital Well Positioned
Credit quality remains strong. Nonperforming loans held for
investment accounted for 0.26% of total loans held for investment
and nonperforming assets accounted for 0.31% of total assets at
December 31, 2020. The allowance for loan loss was 0.90% of loans
(1.62% including unaccreted purchased loan discounts) at December
31, 2020. A $950 thousand provision was recognized during the
quarter driven primarily by risk factors related to the coronavirus
(COVID-19) pandemic. The acquired loan portfolios are reserved for
through fair value marks that consider both credit quality and
changes in interest rates.
Shareholders’ equity increased $14.9 million from the linked
quarter to $322.0 million at December 31, 2020, mainly due to
current quarter net income. Both the Company and the Bank continue
to meet the criteria to be classified as “Well Capitalized” under
applicable banking regulations. Tangible book value per common
share increased from the linked quarter by $0.74, or 5.1%, to
$15.39 at December 31, 2020.
Conclusion
Ard concluded, “I am proud of what our team accomplished in the
fourth quarter and throughout a challenging 2020. We have
significantly increased our balance sheet through two strategic
acquisitions as well as through executing our strategy to create
organic growth. I want to thank our team for their ability to come
together as 'one bank' to serve our community and I am very
optimistic about the future of our company as we enter into a new
year.”
Conference Call
Information
The Company will hold a conference call to discuss fourth
quarter 2020 results on Friday, January 22, 2021, at 9:00 a.m. CST,
and the earnings conference call will be broadcast live over the
Internet at https://www.webcaster4.com/Webcast/Page/1855/39390. A
link to these events can be found on the Company’s website
(https://www.reliantbank.com) under the tab titled "Investor
Relations."
Following the live broadcast, a webcast replay will be available
on the Company's website (https://www.reliantbank.com) under the
tab titled “Investor Relations” followed by the tab titled “News
& Market Information” followed by the tab titled “Event
Calendar” followed by the tab titled “Past Events” and will be
available for 12 months.
About Reliant Bancorp, Inc. and Reliant
Bank
Reliant Bancorp, Inc. is a Brentwood, Tennessee-based financial
holding company which, through its wholly owned subsidiary Reliant
Bank, operates banking centers in Tennessee. Reliant Bank is a
full-service commercial bank that offers a variety of deposit,
lending, and mortgage products and services to business and
consumer customers. As of December 31, 2020, Reliant Bancorp had
approximately $3.0 billion in total consolidated assets,
approximately $2.3 billion in loans held for investment and
approximately $2.6 billion in deposits. For additional information,
locations and hours of operation, please visit
www.reliantbank.com.
Financial Measures
This release contains certain financial measures that are not
measures recognized under generally accepted accounting principles
(“GAAP”) and, therefore, are considered non-GAAP financial
measures. Members of Company management use these non-GAAP
financial measures in their analysis of the Company’s performance,
financial condition, and efficiency of operations. Management of
the Company believes that these non-GAAP financial measures provide
a greater understanding of ongoing operations, enhance
comparability of results with prior periods, and demonstrate the
effects of significant gains and charges in the periods presented.
Management of the Company also believes that investors find these
non-GAAP financial measures useful as they assist investors in
understanding underlying operating performance identifying and
analyzing ongoing operating trends. However, the non-GAAP financial
measures discussed herein should not be considered in isolation or
as a substitute for the most directly comparable or other financial
measures calculated in accordance with GAAP. Moreover, the manner
in which the non-GAAP financial measures discussed herein are
calculated may differ from the manner in which measures with
similar names are calculated by other companies. You should
understand how other companies calculate their financial measures
similar to, or with names similar to, the non-GAAP financial
measures we have discussed herein when comparing such non-GAAP
financial measures.
The non-GAAP measures in this release include “adjusted net
interest income,” “adjusted net interest margin,” “adjusted net
income attributable to common shareholders,” “average return on
average assets,” “average return on average shareholders' equity,”
“average tangible shareholders’ equity,” "return on average
tangible common equity" (ROATCE), “adjusted ROATCE,” “tangible
assets,” “tangible equity,” “tangible book value per common share”
(TBVPS), “adjusted operating income,” “core bank efficiency ratio,”
and “adjusted loan loss allowance.”
Forward-Looking
Statements
All statements, other than statements of historical fact,
included in this release and any oral statements made regarding the
subject of this release, including statements made during the
conference call referenced herein, that address activities, events
or developments that the Company expects, believes or anticipates
will or may occur in the future are “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 are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, including
statements relating to the Company upholding its credit quality,
the Company's credit quality remaining strong and being a source of
strength, the Company having strong momentum as it enters 2021, and
management’s optimism about the Company's future. The words
“believe,” “anticipate,” “expect,” “may,” “will,” “assume,”
“should,” “predict,” “could,” “would,” “intend,” “targets,”
“estimates,” “projects,” “plans,” and “potential,” and other
similar words and expressions of the future, are intended to
identify such forward-looking statements, but other statements not
based on historical information may also be considered
forward-looking, including statements about the Company’s future
financial and operating results and the Company’s plans,
objectives, and intentions. All forward-looking statements are
subject to risks, uncertainties, and other factors that may cause
the actual results, performance, or achievements of the Company to
differ materially from any results, performance, or achievements
expressed or implied by such forward-looking statements. Such
risks, uncertainties, and other factors include, among others: (1)
the global health and economic crisis precipitated by the
coronavirus (COVID-19) pandemic, (2) actions taken by governments,
businesses and individuals in response to the coronavirus
(COVID-19) pandemic, (3) the pace of recovery when the coronavirus
(COVID-19) pandemic subsides, (4) the possible recurrence of the
coronavirus (COVID-19), (5) changes in political conditions or the
legislative or regulatory environment, including governmental
initiatives affecting the financial services industry such as, but
not limited to, the Coronavirus Aid, Relief, and Economic Security
Act (or CARES) Act), (6) the possibility that our asset quality
could decline or that we experience greater loan losses than
anticipated, (7) increased levels of other real estate, primarily
as a result of foreclosures, (8) the impact of liquidity needs on
our results of operations and financial condition, (9) competition
from financial institutions and other financial service providers,
(10) the effect of interest rate increases on the cost of deposits,
(11) unanticipated weakness in loan demand or loan pricing, (12)
greater than anticipated adverse conditions in the national economy
or local economies in which we operate, including in Middle
Tennessee, (13) lack of strategic growth opportunities or our
failure to execute on available opportunities, (14) deterioration
in the financial condition of borrowers resulting in significant
increases in loan losses and provisions for those losses, (15)
economic crises and associated credit issues in industries most
impacted by the coronavirus (COVID-19) pandemic, including the
restaurant, hospitality and retail sectors, (16) the ability to
grow and retain low-cost core deposits and retain large, uninsured
deposits, (17) our ability to effectively manage problem credits,
(18) our ability to successfully implement efficiency initiatives
on time and with the results projected, (19) our ability to
successfully develop and market new products and technology, (20)
the impact of negative developments in the financial industry and
United States and global capital and credit markets, (21) our
ability to retain the services of key personnel, (22) our ability
to adapt to technological changes, (23) risks associated with
litigation, including reputational and financial risks and the
applicability of insurance coverage, (24) the vulnerability of the
Bank’s computer and information technology systems and networks,
and the systems and networks of third parties with whom the Company
or the Bank contract, to unauthorized access, computer viruses,
phishing schemes, spam attacks, human error, natural disasters,
power loss, and other security breaches and interruptions, (25)
changes in state and federal laws, rules, regulations, or policies
applicable to banks or bank or financial holding companies,
including regulatory or legislative developments, (26) adverse
impacts (including costs, fines, reputational harm, or other
negative effects) from current or future litigation, regulatory
examinations, or other legal and/or regulatory actions, (27) the
risk that expected cost savings and revenue synergies from (a) the
merger of the Company and Tennessee Community Bank Holdings, Inc.
(“TCB Holdings”) (the “TCB Holdings Transaction”) or (b) the merger
of the Company and First Advantage Bancorp (“FABK”) (the “FABK
Transaction” and, together with the TCB Holdings Transaction,
collectively, the “Transactions”), may not be realized or may take
longer than anticipated to be realized, (28) the effect of the
Transactions on our customer, supplier, or employee relationships
and operating results (including without limitation difficulties in
maintaining relationships with employees and customers), as well as
on the market price of the Company’s common stock, (29) the risk
that the businesses and operations of TCB Holdings and its
subsidiaries and of FABK and its subsidiaries cannot be
successfully integrated with the business and operations of the
Company and its subsidiaries or that integration will be more
costly or difficult than expected, (30) the amount of costs, fees,
expenses, and charges related to the Transactions, including those
arising as a result of unexpected factors or events, (31)
reputational risk associated with and the reaction of our
customers, suppliers, employees, or other business partners to the
Transactions, (32) the risk associated with Company management’s
attention being diverted away from the day-to-day business and
operations of the Company to the integration of the Transactions,
and (33) general competitive, economic, political, and market
conditions, including economic conditions in the local markets
where we operate. Additional factors which could affect the
forward-looking statements can be found in the Company’s annual
report on Form 10-K, quarterly reports on Form 10-Q, and current
reports on Form 8-K filed with the Securities and Exchange
Commission (the “SEC”) and available on the SEC’s website at
http://www.sec.gov. The Company believes the forward-looking
statements contained herein are reasonable; however, many of such
risks, uncertainties, and other factors are beyond the Company’s
ability to control or predict and undue reliance should not be
placed on any forward-looking statements, which are based on
current expectations and speak only as of the date that they are
made. Therefore, the Company can give no assurance that its future
results will be as estimated. The Company does not intend to, and
disclaims any obligation to, update or revise any forward-looking
statement.
RELIANT BANCORP, INC.
CONSOLIDATED BALANCE
SHEETS
December 31, 2020, September
30, 2020 and December 31, 2019
(Dollar Amounts in Thousands)
ASSETS
December 31, 2020
September 30, 2020
December 31, 2019
(Unaudited)
(Unaudited)
(Audited)
Cash and due from banks
$
13,717
$
14,050
$
7,953
Interest-bearing deposits in financial
institutions
79,756
61,349
43,644
Federal funds sold
1,572
12,273
52
Total cash and cash equivalents
95,045
87,672
51,649
Securities available for sale
256,653
273,893
260,293
Loans
2,300,783
2,357,898
1,409,952
Less allowance for loan losses
(20,636)
(19,834)
(12,578)
Loans, net
2,280,147
2,338,064
1,397,374
Mortgage loans held for sale, net
147,524
99,587
37,476
Accrued interest receivable
14,889
14,615
7,188
Premises and equipment, net
31,462
33,319
21,064
Operating leases right of use assets
13,103
14,619
—
Restricted equity securities, at cost
16,551
17,367
11,279
Other real estate, net
1,246
1,326
750
Cash surrender value of life insurance
contracts
77,988
68,109
46,632
Deferred tax assets, net
7,121
8,523
3,933
Goodwill
54,396
51,506
43,642
Core deposit intangibles
11,347
11,820
7,270
Other assets
19,063
24,092
13,292
TOTAL ASSETS
$
3,026,535
$
3,044,512
$
1,901,842
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Noninterest-bearing demand
$
575,289
$
538,844
$
260,681
Interest-bearing demand
350,392
272,805
152,718
Savings and money market deposit
accounts
857,210
813,001
408,724
Time
796,344
940,852
762,330
Total deposits
2,579,235
2,565,502
1,584,453
Accrued interest payable
2,571
3,744
2,022
Federal funds purchased
—
5,000
—
Subordinated debentures
70,446
70,389
70,883
Federal Home Loan Bank advances
10,000
40,555
10,737
Operating leases liabilities
14,231
15,756
—
Other liabilities
28,080
36,480
9,994
TOTAL LIABILITIES
2,704,563
2,737,426
1,678,089
Preferred stock, $1 par value per share;
10,000,000 shares authorized; no shares issued to date
—
—
—
Common stock, $1 par value per share;
30,000,000 shares authorized; 16,654,409, 16,634,572, and
11,206,254 shares issued and outstanding at December 31, 2020,
September 30, 2020, and December 31, 2019, respectively
16,654
16,635
11,206
Additional paid-in capital
229,697
232,738
167,006
Retained earnings
69,390
55,206
40,472
Accumulated other comprehensive income
6,231
2,507
5,069
TOTAL SHAREHOLDERS’ EQUITY
321,972
307,086
223,753
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$
3,026,535
$
3,044,512
$
1,901,842
This information is preliminary and based on
company data available at the time of presentation.
RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS - UNAUDITED
FOR THE PERIODS
INDICATED
(Dollar Amounts in Thousands,
Except Per Share Amounts)
Three Months Ended
December 31,
2020
September 30, 2020
December 31, 2019
INTEREST INCOME
Interest and fees on loans
$
32,272
$
32,895
$
17,790
Interest and fees on loans held for
sale
1,038
1,037
347
Interest on investment securities,
taxable
539
399
460
Interest on investment securities,
nontaxable
1,194
1,186
1,508
Federal funds sold and other
239
250
334
TOTAL INTEREST INCOME
35,282
35,767
20,439
INTEREST EXPENSE
Deposits
Demand
225
236
106
Savings and money market deposit
accounts
1,041
1,162
1,035
Time
2,303
2,736
4,474
Federal Home Loan Bank advances and other
borrowings
290
104
9
Subordinated debentures
987
992
348
TOTAL INTEREST EXPENSE
4,846
5,230
5,972
NET INTEREST INCOME
30,436
30,537
14,467
PROVISION FOR LOAN LOSSES
950
1,500
405
NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES
29,486
29,037
14,062
NONINTEREST INCOME
Service charges on deposit accounts
1,575
1,583
950
Gains on mortgage loans sold, net
4,634
3,783
1,735
(Loss) Gain on securities transactions,
net
(597)
—
1,145
Other noninterest income
2,241
635
738
TOTAL NONINTEREST INCOME
7,853
6,001
4,568
NONINTEREST EXPENSE
Salaries and employee benefits
12,447
12,184
7,909
Occupancy
2,190
2,054
1,354
Data processing and software
2,509
2,240
1,675
Professional fees
743
775
466
Regulatory Fees
441
365
312
Merger expenses
—
78
1,301
Other operating expense
2,681
2,637
1,956
TOTAL NONINTEREST EXPENSE
21,011
20,333
14,973
INCOME BEFORE PROVISION FOR INCOME
TAXES
16,328
14,705
3,657
INCOME TAX EXPENSE
3,411
2,800
699
CONSOLIDATED NET INCOME
12,917
11,905
2,958
NONCONTROLLING INTEREST IN NET (INCOME)
LOSS OF SUBSIDIARY
(691)
(374)
1,175
NET INCOME ATTRIBUTABLE TO COMMON
SHAREHOLDERS
$
12,226
$
11,531
$
4,133
Basic net income attributable to common
shareholders, per share
$
0.74
$
0.70
$
0.37
Diluted net income attributable to common
shareholders, per share
$
0.73
$
0.69
$
0.37
This information is preliminary and based on
company data available at the time of presentation.
RELIANT BANCORP, INC.
SEGMENT FINANCIAL INFORMATION
- UNAUDITED
FOR THE PERIODS
INDICATED
(Dollar Amounts in Thousands)
Core Bank (1)
Three Months Ended
December 31,
2020
September 30, 2020
December 31, 2019
Net interest income
$
29,695
$
29,729
$
14,266
Provision for loan losses
950
1,500
405
Noninterest income
3,218
2,218
2,833
Noninterest expense (excluding merger
expense)
16,378
16,065
10,479
Merger expense
—
78
1,301
Income before provision for income
taxes
15,585
14,304
4,914
Income tax expense
3,359
2,773
781
Net income attributable to common
shareholders
$
12,226
$
11,531
$
4,133
Residential Mortgage Company (Reliant
Mortgage Ventures, LLC)
Three Months Ended
December 31,
2020
September 30, 2020
December 31, 2019
Net interest income
$
741
$
808
$
201
Provision for loan losses
—
—
—
Noninterest income
4,635
3,783
1,735
Noninterest expense
4,633
4,190
3,193
Income (loss) before provision for income
taxes
743
401
(1,257
)
Income tax expense (benefit)
52
27
(82
)
Net income (loss)
691
374
(1,175
)
Noncontrolling interest in net (income)
loss of subsidiary
(691
)
(374
)
1,175
Net income (loss) attributable to common
shareholders
$
—
$
—
$
—
(1) Core Bank includes all entities
included in the Consolidated Financial Statements other than
Reliant Mortgage Ventures, LLC
Note: The above financial information is
presented, net of intercompany eliminations.
This information is preliminary and based on
company data available at the time of presentation.
RELIANT BANCORP, INC.
SELECTED QUARTERLY FINANCIAL
DATA - UNAUDITED
AT OR FOR THE STATED THREE
MONTHS ENDED
(Dollar Amounts in Thousands,
Except Per Share Amounts)
December 31, 2020
September 30, 2020
December 31, 2019
Per Common Share Data
Net income attributable to common
shareholders, per share
Basic
$
0.74
$
0.70
$
0.37
Diluted
$
0.73
$
0.69
$
0.37
Book value per common share
$
19.33
$
18.46
$
19.97
Basic weighted average common shares
16,599,819
16,587,274
11,105,912
Diluted weighted average common shares
16,684,425
16,649,673
11,189,302
Common shares outstanding at period
end
16,654,409
16,634,572
11,206,254
Selected Balance Sheet Data
Loans, net of unearned income
$
2,300,783
$
2,357,898
$
1,409,952
Total assets
3,026,535
3,044,512
1,901,842
Customer deposits
2,265,742
2,185,915
1,193,164
Wholesale and institutional deposits
313,493
379,587
391,289
Total deposits
2,579,235
2,565,502
1,584,453
Total liabilities
2,704,563
2,737,426
1,678,089
Total shareholders' equity
321,972
307,086
223,753
Total liabilities and shareholders'
equity
3,026,535
3,044,512
1,901,842
Selected Balance Sheet Data - Quarterly
Averages
Loans held for investment
2,339,996
2,337,958
1,368,338
Earning assets(1)
2,812,948
2,771,917
1,746,678
Total assets
3,030,587
2,981,687
1,883,723
Interest-bearing liabilities
2,125,260
2,108,428
1,406,116
Total liabilities
2,716,308
2,682,252
1,663,156
Total shareholders' equity
314,279
299,435
220,567
Total liabilities and shareholders'
equity
3,030,587
2,981,687
1,883,723
Preliminary Capital Ratios
(Consolidated)(2)
Tier 1 leverage
8.91
%
8.72
%
9.74
%
Common equity tier 1
10.22
%
9.77
%
10.55
%
Tier 1 risk-based capital
10.70
%
10.25
%
11.30
%
Total risk-based capital
13.96
%
13.44
%
15.97
%
Selected Performance Ratios (3)
Return on average assets
1.60
%
1.54
%
0.87
%
Return on shareholders' equity
15.48
%
15.32
%
7.43
%
Net interest margin (tax-equivalent
basis)
4.48
%
4.54
%
3.46
%
Selected Asset Quality Measures
Total nonperforming loans held for
investment (HFI)
5,987
6,802
4,135
Total nonperforming assets (4)
9,287
9,731
4,885
Net charge offs (recoveries)
148
(97)
118
Nonperforming loans HFI to total loans
HFI
0.26
%
0.29
%
0.29
%
Nonperforming assets to total assets
0.31
%
0.32
%
0.26
%
Nonperforming assets to total loans HFI
and NPAs
0.40
%
0.41
%
0.35
%
Allowance for loan losses to total
loans
0.90
%
0.84
%
0.89
%
Allowance for loan losses to nonperforming
loans HFI
344.68
%
291.61
%
304.18
%
Net charge offs (recoveries) to average
loans (3)
0.03
%
(0.02)
%
0.03
%
(1) Average earning assets is the daily
average of earning assets. Earning assets consists of loans,
mortgage loans held for sale, federal funds sold, deposits with
banks, investment securities and restricted equity securities.
(2) Current quarter capital ratios are
estimated
(3) Data has been annualized.
(4) Nonperforming assets consist of
nonperforming loans held for investment, nonperforming loans held
for sale, repossessed assets, and other real estate
This information is preliminary and based on
company data available at the time of presentation.
RELIANT BANCORP, INC.
YIELD TABLES - UNAUDITED FOR THE PERIODS INDICATED
(Dollar Amounts in Thousands)
The following table sets forth the amount
of our average balances, interest income or interest expense for
each category of interest-earning assets and interest-bearing
liabilities and the average interest rate for interest-earning
assets and interest-bearing liabilities, net interest spread and
net interest margin for the periods indicated below:
Three Months Ended
December 31, 2020
Three Months Ended
September 30, 2020
Three Months Ended
December 31, 2019
Average Balances
Rates / Yields (%)
Interest Income /
Expense
Average Balances
Rates / Yields (%)
Interest Income /
Expense
Average Balances
Rates / Yields (%)
Interest Income /
Expense
Interest earning assets
Loans
$
2,339,996
5.21
$
29,765
$
2,337,958
5.34
$
30,640
$
1,368,338
5.01
$
16,895
Loan fees
—
0.43
2,507
—
0.38
2,255
—
0.26
895
Loans with fees
2,339,996
5.63
32,272
2,337,958
5.73
32,895
1,368,338
5.26
17,790
Mortgage loans held for sale
128,903
3.20
1,038
103,729
3.98
1,037
29,127
4.73
347
Deposits with banks
59,120
0.36
53
57,909
0.47
68
47,816
1.54
186
Investment securities - taxable
76,703
2.80
539
67,569
2.35
399
73,891
2.47
460
Investment securities - tax-exempt
188,756
3.25
1,194
185,058
3.29
1,186
214,283
3.55
1,508
Federal funds sold and other
19,470
3.80
186
19,694
3.68
182
13,223
4.44
148
Total earning assets
2,812,948
5.16
35,282
2,771,917
5.29
35,767
1,746,678
4.82
20,439
Nonearning assets
217,639
209,770
137,045
Total assets
$
3,030,587
$
2,981,687
$
1,883,723
Interest bearing liabilities
Interest bearing demand
$
296,228
0.30
$
225
$
272,506
0.34
$
236
$
152,723
0.28
$
106
Savings and money market
848,044
0.49
1,041
786,589
0.59
1,162
383,013
1.07
1,035
Time deposits - retail
620,688
0.87
1,359
715,310
0.97
1,744
508,473
2.03
2,599
Time deposits - wholesale
264,497
1.42
944
223,095
1.77
992
333,471
2.23
1,875
Total interest-bearing deposits
2,029,457
0.70
3,569
1,997,500
0.82
4,134
1,377,680
1.62
5,615
Federal Home Loan Bank advances and other
borrowings
25,384
4.54
290
40,567
1.02
104
4,530
0.79
9
Subordinated Debt
70,419
5.58
987
70,361
5.61
992
23,906
5.78
348
Total borrowed funds
95,803
5.30
1,277
110,928
3.93
1,096
28,436
4.98
357
Total interest-bearing liabilities
2,125,260
0.91
4,846
2,108,428
0.99
5,230
1,406,116
1.69
5,972
Net interest rate spread (%)/ Net interest
income ($)
4.25
30,436
4.30
30,537
3.13
14,467
Noninterest bearing deposits
546,682
(0.19
)
536,353
(0.20
)
250,217
(0.26
)
Other noninterest bearing liabilities
44,366
37,471
6,823
Shareholders' equity
314,279
299,435
220,567
Total liabilities and shareholders'
equity
$
3,030,587
$
2,981,687
$
1,883,723
Cost of funds
0.72
0.79
1.43
Net interest margin
4.48
4.54
3.46
Yield Table Assumptions - Average loan
balances are inclusive of nonperforming loans. Yields computed on
tax-exempt instruments are on a tax equivalent basis including a
state tax credit included in loan yields of $853, $751, and $366,
respectively, for the three months ended December 31, 2020,
September 30, 2020, and December 31, 2019. Net interest spread is
calculated as the yields realized on interest-bearing assets less
the rates paid on interest-bearing liabilities. Net interest margin
is the result of net interest income calculated on a tax-equivalent
basis divided by average interest earning assets for the period.
Changes in net interest income are attributed to either changes in
average balances (volume change) or changes in average rates (rate
change) for earning assets and sources of funds on which interest
is received or paid. Volume change is calculated as change in
volume multiplied by the previous rate while rate change is change
in rate multiplied by the previous volume. Changes not due solely
to volume or rate changes are allocated to volume change and rate
change in proportion to the relationship of the absolute dollar
amounts of the change in each category.
This information is preliminary and based on
company data available at the time of presentation.
RELIANT BANCORP, INC.
NON-GAAP FINANCIAL
MEASURES
FOR THE PERIODS
INDICATED
(Dollar Amounts in Thousands,
Except Per Share Amounts)
(Unaudited)
Three Months Ended
December 31, 2020
September 30, 2020
December 31, 2019
NON-GAAP FINANCIAL MEASURES
Adjusted net interest margin:
(1)(3)
Net interest income
$
30,436
$
30,537
$
14,467
Add: tax equivalent interest income
1,212
1,106
778
Less: purchase accounting adjustments
(2,771)
(3,868)
(438)
Adjusted net interest margin (1)(3)
$
28,877
$
27,775
$
14,807
Adjusted net interest margin
4.09
%
3.98
%
3.36
%
Adjusted net income attributable to
common shareholders and related impact: (1)
Net income attributable to common
shareholders
$
12,226
$
11,531
$
4,133
Add: merger related expenses
—
78
1,301
Less: income tax impact of merger related
expenses
—
(10)
(173)
Adjusted net income attributable to common
shareholders (1)
$
12,226
$
11,599
$
5,261
Adjusted return on average assets
(1)(2)
1.60
%
1.55
%
1.11
%
Adjusted return on average shareholders'
equity (1)(2)
15.48
%
15.41
%
9.46
%
Adjusted net income attributable to common
shareholders, per diluted share (1)
$
0.73
$
0.70
$
0.47
Average tangible shareholders' equity:
(1)
Average shareholders' equity
$
314,279
$
299,435
$
220,567
Less: average goodwill
51,650
51,108
43,642
Less: average core deposit intangibles
11,609
12,104
7,364
Average tangible shareholders' equity
$
251,020
$
236,223
$
169,561
Return on average:
Tangible common equity (ROATCE)(1)(2)
19.38
%
19.42
%
9.67
%
Adjusted ROATCE (1)(2)
19.38
%
19.53
%
12.31
%
(1) Not a recognized measure under
generally accepted accounting principles (GAAP).
(2) Data has been annualized.
(3) Prior calculation of this measure
removed tax credits related to certain tax-preference-qualified
loans and tax-exempt securities. The Company views these credits as
normal course of business and as such removal is unnecessary.
This information is preliminary and based on
company data available at the time of presentation.
RELIANT BANCORP, INC.
NON-GAAP FINANCIAL
MEASURES
FOR THE PERIODS
INDICATED
(Dollar Amounts in Thousands,
Except Per Share Amounts)
(Unaudited)
Three Months Ended
December 31, 2020
September 30, 2020
December 31, 2019
Tangible assets: (1)
Total assets
$
3,026,535
$
3,044,512
$
1,901,842
Less: goodwill
54,396
51,506
43,642
Less: core deposit intangibles
11,347
11,820
7,270
Tangible assets
$
2,960,792
$
2,981,186
$
1,850,930
Tangible equity: (1)
Total shareholders' equity
$
321,972
$
307,086
$
223,753
Less: goodwill
54,396
51,506
43,642
Less: core deposit intangibles
11,347
11,820
7,270
Tangible equity
$
256,229
$
243,760
$
172,841
Ratio of tangible equity to tangible
assets
8.65
%
8.18
%
9.34
%
Tangible book value per common share
(TBVPS): (1)
Tangible equity
$
256,229
$
243,760
$
172,841
Common shares outstanding
16,654,409
16,634,572
11,206,254
TBVPS
$
15.39
$
14.65
$
15.42
Core bank efficiency ratio (excludes
mortgage segment and merger expense)(1)
Non-interest expense
$
16,378
$
16,065
$
10,479
Net interest income
29,695
29,729
14,266
Tax equivalent adjustment for tax exempt
interest income
1,212
1,106
778
Non-interest income
3,218
2,218
2,833
Less (gain) loss on sale of other real
estate
(4)
2
(166)
Less loss (gain) on sale of securities
597
—
(1,145)
Less (gain) loss on disposal of premises
and equipment
(28)
8
—
Adjusted operating income (1)
$
34,690
$
33,063
$
16,566
Efficiency Ratio
47.21
%
48.59
%
63.26
%
Adjusted loan loss allowance:
(1)
Allowance for loan losses
$
20,636
$
19,834
$
12,578
Purchase loan discounts
16,634
18,939
2,909
Allowance for loan losses and purchase
loan discounts (or adjusted loan loss allowance)
$
37,270
$
38,773
$
15,487
Adjusted loan loss allowance to total
loans
1.62
%
1.64
%
1.10
%
(1) Not a recognized measure under
generally accepted accounting principles (GAAP).
This information is preliminary and based on
company data available at the time of presentation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210121005049/en/
DeVan Ard, Jr., Chairman and CEO, Reliant Bancorp, Inc.
(615.221.2087)
Reliant Bancorp (NASDAQ:RBNC)
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