Reported Net Income of $12.1 million, or
Diluted EPS of $0.73
Net Interest Margin Continues to Improve to
4.51%
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 $12.1
million, or $0.73 per diluted common share, for the first quarter
of 2021 compared to net income attributable to common shareholders
of $12.2 million, or $0.73 per diluted common share, for the fourth
quarter of 2020, and a loss of $0.2 million, or $0.02 per diluted
common share, for the first quarter of 2020.
DeVan Ard, Jr., Reliant Bancorp's Chairman and CEO stated, “I am
very pleased with our first quarter earnings, which were driven by
a strong and improving net interest margin, superior asset quality,
and good expense control. Nashville’s economy also started showing
signs of a robust recovery late in the quarter as evidenced by a
significant increase in loan demand.”
Ard continued, “Our team delivered another outstanding quarter.
Loan production topped $253.6 million, a 69% increase over the
first quarter of 2020, and many of those loans will fund throughout
2021. Deposit growth was also strong. Balances in non-time deposits
- checking, savings, and money market deposits - grew 8.1%, or
32.7% annualized, during the first quarter, a tribute to the effort
by our team to build lasting relationships with our customers. We
also continued to build shareholder value. Our book value and
tangible book value per share increased 3.1% and 4.0%,
respectively, from the prior quarter, or 12.4% and 16.1%,
respectively, when annualized. Reliant's board also voted to
increase our cash dividend per share by 20.0%.”
First Quarter Highlights Dollar Amounts in Thousands,
Except Per Share Amounts
2021
2020
First Quarter
Fourth Quarter
First Quarter
Results of
Operations Highlights
Net income (loss) attributable to common
shareholders
$
12,149
$
12,226
$
(215
)
Income (loss) per diluted common share
$
0.73
$
0.73
$
(0.02
)
Net interest margin (NIM) (1)
4.51
%
4.48
%
3.60
%
Adjusted NIM (2)
4.24
%
4.09
%
3.46
%
Adjusted pre-tax pre-provision income
(2)
$
15,699
$
17,278
$
799
Efficiency ratio (tax equivalent
basis)
56.4
%
53.2
%
92.9
%
Bank segment adjusted efficiency ratio
(2)
50.8
%
47.2
%
65.0
%
Balance Sheet
Highlights
Loans
$
2,277,714
$
2,300,783
$
1,619,445
Allowance for loan losses
(20,785
)
(20,636
)
(15,121
)
Total assets
3,057,066
3,026,535
2,185,793
Total deposits
2,612,910
2,579,235
1,722,857
Book value per share
$
19.92
$
19.33
$
19.53
Tangible book value per share (2)
$
16.00
$
15.39
$
14.44
Return on
average: (3)
Assets ("ROAA")
1.64
%
1.60
%
(0.04
)%
Equity ("ROAE")
15.07
%
15.48
%
(0.36
)%
Tangible common equity ("ROATCE") (2)
18.84
%
19.38
%
(0.49
)%
(1)
Net interest margin is the result of
annualized net interest income calculated on a tax-equivalent basis
divided by average interest earning assets for the period.
(2)
Certain measures are considered non-GAAP
financial measures. See “Reconciliation of Non-GAAP Financial
Measures.”
(3)
Data has been annualized.
Net Interest Income Remains Strong on
Continued Core Margin Improvement
The net interest margin increased to 4.51% at March 31, 2021, an
increase of 3 basis points from the fourth quarter of 2020 and an
increase of 91 basis points from the first quarter of 2020. The
linked quarter increase was primarily due to a 5 basis point
decrease in our cost of funds. The adjusted net interest margin,
which excludes benefits from purchase accounting accretion, was
4.24%, an increase of 15 basis points from the fourth quarter of
2020 and an increase of 78 basis points from the first quarter of
2020.
Ard continued, “Our strong adjusted net income margin in the
first quarter follows a similarly strong performance in the prior
quarter which reflects the hard work of our team through a
challenging season and which we will continue to work on in 2021 as
economic conditions begin to look brighter.”
While loan yields remain consistent with the linked quarter at
5.63%, yields from coupon and fees increased 6 basis points from
the prior quarter whereas yields related to purchase accounting
declined as purchase accounting accretion decreased $244 thousand
when compared to the prior quarter.
Cost of funds benefited from prepayment of $16.5 million in
Federal Home Loan Bank advances in the fourth quarter of 2020 which
contributed to a decrease in cost of borrowed funds of 33 basis
points. The cost of deposits remained consistent with the linked
quarter at 0.51% despite a reduction in purchase accounting
accretion of $635.9 thousand. These low costs can primarily be
attributed to our continued success in the execution of our
strategic initiatives around attracting and retaining core
deposits. At March 31, 2021, customer deposits comprised 89.9% of
total deposits compared to 87.8% of total deposits at December 31,
2020, and non-time deposits grew by $143.6 million, or 8.1%, in the
same period.
Maintaining a Strong Balance
Sheet
Loans remained stable at $2.3 billion. Loan originations during
the quarter totaled $253.6 million at a weighted-average coupon
rate of 4.21% with a continued focus on credit quality through
sound underwriting. These originations were offset with principal
payments, including PPP forgiveness payments of $23.6 million.
Loans increased $552 thousand from the prior quarter when PPP loans
are excluded. Loans increased $658.3 million year-over-year which
can largely be attributed to the loan portfolio acquired on April
1, 2020, from First Advantage Bank, which totaled $526.0 million at
March 31, 2021. Organic year-over-year loan growth totaled $132.2
million, or 8.2%.
Deposits increased $33.7 million from the linked quarter and
$890.1 million year-over-year. Noninterest-bearing deposits
increased $3.5 million from the linked quarter. Year-over-year
deposit growth can be attributed primarily to the acquired deposit
portfolio from First Advantage Bank which totaled $509.2 million at
March 31, 2021. Organic year-over-year deposit growth totaled
$380.8 million, or 22.1%. Ard stated, “Our team continues to
attract and retain low cost deposits in a competitive 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
Our credit quality continues to be a source of strength with net
recoveries in the first quarter and criticized assets to total
loans of 0.90%. Nonperforming loans held for investment accounted
for 0.27% of total loans held for investment and nonperforming
assets accounted for 0.32% of total assets at March 31, 2021. The
allowance for loan loss was 0.91% of loans (1.56% including
unaccreted purchased loan discounts) at March 31, 2021. There was
no provision recognized during the quarter as net charge-offs were
in a recovery position for the quarter and larger provisions were
recorded in prior quarters related to uncertainty surrounding the
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 $9.7 million from the linked
quarter to $331.7 million at March 31, 2021, 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. Our current level of tangible
common equity to tangible assets of 8.90% positions us for further
growth opportunities and allows us to execute our heightened cash
dividend in the near term.
Conclusion
Ard concluded, “I am proud of what our team accomplished in the
first quarter as well as their resiliency and dedication to serve
our community. We continue to see increased demand in the loan
pipeline as we move into the second quarter and we are optimistic
about our market and financial positions as we continue to build a
bright future for Reliant Bank.”
Conference Call
Information
The Company will hold a conference call to discuss first quarter
2021 results on Friday, April 23, 2021, at 9:00 a.m. CDT, and the
earnings conference call will be broadcast live over the Internet
at https://www.webcaster4.com/Webcast/Page/1855/40669.
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 March 31, 2021, Reliant Bancorp had
approximately $3.1 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 and 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 margin (NIM),” “adjusted net income,” “adjusted diluted
earnings per share (EPS),” “adjusted annualized return on average
assets (ROAA),” “adjusted annualized return on average equity
(ROAE),” “adjusted annualized return on average tangible common
equity (ROATCE),” “adjusted pre-tax pre-provision income,”
“tangible common equity to tangible assets (TCE/TA),” “tangible
book value per share,” “allowance for loan losses plus unaccreted
purchased loan discounts to total loans,” “bank segment adjusted
net income,” and “bank segment adjusted efficiency ratio.”
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 improving economic conditions, the Company’s
growth opportunities, the Company’s ability to pay the increased
cash dividend, increased demand in the loan pipeline, and
management’s optimism about the Company’s market and financial
positions. 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 effects of the coronavirus (COVID-19) pandemic, including (i)
the magnitude and duration of the pandemic and its impact on
general economic and financial market conditions and on our
business, results of operations, and financial condition and that
of our customers, (ii) actions taken by governments, businesses and
individuals in response to the coronavirus (COVID-19) pandemic,
(iii) the pace of recovery when the coronavirus (COVID-19) pandemic
subsides, and (iv) the speed with which coronavirus (COVID-19)
vaccines can be widely distributed, those vaccines’ efficacy
against the virus and public acceptance of the vaccines, (2) the
possibility that our asset quality could decline or that we
experience greater loan losses than anticipated, (3) increased
levels of other real estate, primarily as a result of foreclosures,
(4) the impact of liquidity needs on our results of operations and
financial condition, (5) competition from financial institutions
and other financial service providers, (6) the effect of interest
rate increases on the cost of deposits, (7) unanticipated weakness
in loan demand or loan pricing, (8) greater than anticipated
adverse conditions in the national economy or local economies in
which we operate, including in Middle Tennessee, (9) lack of
strategic growth opportunities or our failure to execute on
available opportunities, (10) deterioration in the financial
condition of borrowers resulting in significant increases in loan
losses and provisions for those losses, (11) economic crises and
associated credit issues in industries most impacted by the
coronavirus (COVID-19) pandemic, including the hotel and retail
sectors, (12) the ability to grow and retain low-cost core deposits
and retain large, uninsured deposits, (13) our ability to
effectively manage problem credits, (14) our ability to
successfully implement efficiency initiatives on time and with the
results projected, (15) our ability to successfully develop and
market new products and technology, (16) the impact of negative
developments in the financial industry and United States and global
capital and credit markets, (17) our ability to retain the services
of key personnel, (18) our ability to adapt to technological
changes, (19) risks associated with litigation, including
reputational and financial risks and the applicability of insurance
coverage, (20) 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, (21) changes in
state and federal laws, rules, regulations, or policies applicable
to banks or bank or financial holding companies, including
regulatory or legislative developments, (22) 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, (23) the
risk of successful integration of the businesses the Company has
recently acquired, and (24) 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 (Dollar amounts in thousands,
except per share amounts)
March 31, 2021
December 31, 2020
March 31, 2020
ASSETS
(Unaudited)
(Audited)
(Unaudited)
Cash and due from banks
$
13,105
$
13,717
$
10,917
Interest-bearing deposits in financial
institutions
104,620
79,756
35,401
Federal funds sold
186
1,572
1,714
Total cash and cash equivalents
117,911
95,045
48,032
Securities available for sale
267,191
256,653
256,928
Loans
2,277,714
2,300,783
1,619,445
Less: allowance for loan losses
(20,785)
(20,636)
(15,121)
Loans, net
2,256,929
2,280,147
1,604,324
Mortgage loans held for sale, net
166,599
147,524
70,352
Accrued interest receivable
14,568
14,889
7,622
Premises and equipment, net
30,879
31,462
27,326
Operating leases right of use assets
13,372
13,103
11,473
Restricted equity securities, at cost
16,146
16,551
14,405
Other real estate, net
1,198
1,246
—
Cash surrender value of life insurance
contracts
78,423
77,988
52,556
Deferred tax assets, net
7,453
7,121
5,485
Goodwill
54,396
54,396
50,723
Core deposit intangibles
10,891
11,347
10,486
Other assets
21,110
19,063
26,081
TOTAL ASSETS
$
3,057,066
$
3,026,535
$
2,185,793
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Noninterest-bearing demand
$
578,764
$
575,289
$
320,553
Interest-bearing demand
397,047
350,392
170,304
Savings and money market deposit
accounts
950,630
857,210
494,750
Time
686,469
796,344
737,250
Total deposits
2,612,910
2,579,235
1,722,857
Accrued interest payable
3,087
2,571
3,995
Subordinated debentures
70,719
70,446
70,391
Federal Home Loan Bank advances
—
10,000
127,628
Operating leases liabilities
14,552
14,231
11,761
Other liabilities
24,099
28,079
14,489
TOTAL LIABILITIES
2,725,367
2,704,562
1,951,121
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; 16,654,415, 16,654,409, and
12,014,495 shares issued and outstanding at March 31, 2021,
December 31, 2020, and March 31, 2020, respectively
16,654
16,654
12,014
Additional paid-in capital
233,667
233,331
184,523
Retained earnings
75,891
65,757
39,150
Accumulated other comprehensive income
5,487
6,231
(1,015)
TOTAL SHAREHOLDERS’ EQUITY
331,699
321,973
234,672
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$
3,057,066
$
3,026,535
$
2,185,793
This information is preliminary
and based on company data available at the time of
presentation.
RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS - UNAUDITED
(Dollar amounts in thousands,
except per share amounts)
Three Months Ended
March 31,
2021
December 31,
2020
March 31,
2020
INTEREST INCOME
Interest and fees on loans
$
30,989
$
32,272
$
20,645
Interest and fees on loans held for
sale
1,331
1,038
560
Interest on investment securities,
taxable
610
539
451
Interest on investment securities,
nontaxable
1,225
1,194
1,371
Federal funds sold and other
227
239
279
TOTAL INTEREST INCOME
34,382
35,282
23,306
INTEREST EXPENSE
Deposits
Demand
272
225
100
Savings and money market deposit
accounts
839
1,041
1,030
Time
2,288
2,303
3,707
Federal Home Loan Bank advances and other
borrowings
4
290
361
Subordinated debentures
953
987
993
TOTAL INTEREST EXPENSE
4,356
4,846
6,191
NET INTEREST INCOME
30,026
30,436
17,115
PROVISION FOR LOAN LOSSES
—
950
2,900
NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES
30,026
29,486
14,215
NONINTEREST INCOME
Service charges on deposit accounts
1,561
1,575
1,208
Gains on mortgage loans sold, net
4,928
4,634
1,573
Gain (loss) on securities transactions,
net
129
(597
)
—
Other noninterest income
719
2,241
501
TOTAL NONINTEREST INCOME
7,337
7,853
3,282
NONINTEREST EXPENSE
Salaries and employee benefits
13,352
12,447
9,237
Occupancy
2,008
2,190
1,486
Data processing and software
2,229
2,509
1,819
Professional fees
1,243
743
478
Regulatory fees
361
441
454
Merger expenses
—
—
4,186
Other operating expense
2,471
2,681
1,938
TOTAL NONINTEREST EXPENSE
21,664
21,011
19,598
INCOME (LOSS) BEFORE PROVISION FOR INCOME
TAXES
15,699
16,328
(2,101
)
INCOME TAX EXPENSE (BENEFIT)
2,980
3,411
(910
)
CONSOLIDATED NET INCOME (LOSS)
12,719
12,917
(1,191
)
NONCONTROLLING INTEREST IN NET (INCOME)
LOSS OF SUBSIDIARY
(570
)
(691
)
976
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON
SHAREHOLDERS
$
12,149
$
12,226
$
(215
)
Basic net income (loss) attributable to
common shareholders, per share
$
0.73
$
0.74
$
(0.02
)
Diluted net income (loss) attributable to
common shareholders, per share
$
0.73
$
0.73
$
(0.02
)
This information is preliminary
and based on company data available at the time of
presentation.
RELIANT BANCORP, INC. SEGMENT
FINANCIAL INFORMATION - UNAUDITED (Dollar Amounts in
Thousands)
Core Bank (1)
Three Months Ended
March 31,
2021
December 31,
2020
March 31,
2020
Net interest income
$
29,133
$
29,695
$
16,782
Provision for loan losses
—
950
2,900
Noninterest income
2,409
3,218
1,709
Noninterest expense (excluding merger
expense)
16,460
16,378
12,461
Merger expense
—
—
4,186
Income (loss) before provision for income
taxes
15,082
15,585
(1,056
)
Income tax expense (benefit)
2,933
3,359
(841
)
Net income (loss) attributable to common
shareholders
$
12,149
$
12,226
$
(215
)
Residential Mortgage Company (Reliant
Mortgage Ventures, LLC)
Three Months Ended
March 31,
2021
December 31,
2020
March 31,
2020
Net interest income
$
893
$
741
$
333
Provision for loan losses
—
—
—
Noninterest income
4,928
4,635
1,573
Noninterest expense
5,204
4,633
2,951
Income (loss) before provision for income
taxes
617
743
(1,045
)
Income tax expense (benefit)
47
52
(69
)
Net income (loss)
570
691
(976
)
Noncontrolling interest in net (income)
loss of subsidiary
(570
)
(691
)
976
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
(Dollar amounts in thousands,
except per share amounts)
Three months ended,
March 31, 2021
December 31, 2020
March 31, 2020
Per Common Share
Basic income (loss)
$
0.73
$
0.74
$
(0.02
)
Diluted income (loss)
$
0.73
$
0.73
$
(0.02
)
Adjusted diluted income (loss)(1)
$
0.73
$
0.73
$
0.25
Book value
$
19.92
$
19.33
$
19.53
Tangible book value(1)
$
16.00
$
15.39
$
14.44
Shares Outstanding
Basic weighted average common shares
16,615,169
16,599,819
11,892,723
Diluted weighted average common shares
16,740,303
16,684,425
11,892,723
Common shares outstanding at period
end
16,654,415
16,654,409
12,014,495
Selected Balance Sheet Data
Loans, net of unearned income
$
2,277,714
$
2,300,783
$
1,619,445
Total assets
3,057,066
3,026,535
2,185,793
Customer deposits
2,350,168
2,265,742
1,377,407
Wholesale and institutional deposits
262,742
313,493
345,450
Total deposits
2,612,910
2,579,235
1,722,857
Total liabilities
2,725,367
2,704,562
1,951,121
Total shareholders' equity
331,699
321,973
234,672
Selected Balance Sheet Data - Quarterly
Averages
Loans held for investment
$
2,280,379
$
2,339,996
$
1,613,030
Total assets
3,013,114
3,030,587
2,181,809
Interest-bearing liabilities
2,079,238
2,125,260
1,597,762
Total liabilities
2,686,085
2,716,308
1,939,910
Total shareholders' equity
327,029
314,279
241,899
Selected Performance Ratios
Return on average assets
(2)
1.64
%
1.60
%
(0.04
)%
Return on shareholders' equity
(2)
15.07
%
15.48
%
(0.36
)%
Return on average tangible common
equity(1) (2)
18.84
%
19.38
%
(0.49
)%
Average shareholders' equity to average
assets
10.85
%
10.37
%
11.09
%
Net interest margin (tax-equivalent basis)
(2)
4.51
%
4.48
%
3.60
%
Efficiency Ratio (tax-equivalent
basis)
56.4
%
53.2
%
92.9
%
Bank Segment efficiency ratio (1)
50.8
%
47.2
%
65.0
%
Loans held for investment to deposits
ratio
87.20
%
89.20
%
94.00
%
Interest Rates and Yields (2)
Yield on interest-earning assets
5.14
%
5.16
%
4.85
%
Yield on loans held for investment
5.63
%
5.63
%
5.23
%
Cost of interest-bearing liabilities
0.85
%
0.91
%
1.56
%
Cost of total deposits
0.51
%
0.51
%
1.11
%
Preliminary Consolidated Capital Ratios
(3)
Tier 1 leverage
9.33
%
8.91
%
8.91
%
Common equity tier 1
10.41
%
10.22
%
9.54
%
Tier 1 risk-based capital
10.88
%
10.70
%
10.19
%
Total risk-based capital
14.09
%
13.96
%
14.30
%
Selected Asset Quality Measures
Allowance for loan losses to total
loans
0.91
%
0.90
%
0.93
%
Allowance for loan losses and purchase
loan discounts to total loans
1.56
%
1.62
%
1.23
%
Net (recoveries) charge offs
$
(149
)
$
148
$
357
Net (recoveries) charge offs to average
loans (2)
(0.03
)%
0.03
%
0.09
%
Total nonperforming loans held for
investment (HFI)
$
6,110
$
5,987
$
4,043
Total nonperforming assets (4)
$
9,661
$
9,287
$
4,043
Nonperforming loans HFI to total loans
HFI
0.27
%
0.26
%
0.25
%
Nonperforming assets to total assets
0.32
%
0.31
%
0.18
%
Nonperforming assets to total loans HFI
and NPAs
0.42
%
0.40
%
0.25
%
(1)
Certain measures are considered non-GAAP
financial measures. See “Reconciliation of Non-GAAP Financial
Measures.”
(2)
Data has been annualized.
(3)
Current quarter capital ratios are
estimated.
(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
March 31, 2021
Three Months Ended
December 31, 2020
Three Months Ended
March 31, 2020
Average
Balances (1)
Rates /
Yields (%)
Interest
Income /
Expense
Average
Balances (1)
Rates /
Yields (%)
Interest
Income /
Expense
Average
Balances (1)
Rates /
Yields (%)
Interest
Income /
Expense
Interest earning assets
Loans (2) (3)
$
2,280,379
5.15
$
28,288
$
2,339,996
5.21
$
29,765
$
1,613,030
5.01
$
19,755
Loan fees
—
0.48
2,701
—
0.43
2,507
—
0.22
890
Loans with fees
2,280,379
5.63
30,989
2,339,996
5.63
32,272
1,613,030
5.23
20,645
Mortgage loans held for sale
169,747
3.18
1,331
128,903
3.20
1,038
47,685
4.72
560
Deposits with banks
61,939
0.34
52
59,120
0.36
53
43,583
1.14
124
Investment securities - taxable
65,499
3.78
610
76,703
2.80
539
74,688
2.43
451
Investment securities - tax-exempt (4)
198,034
3.24
1,225
188,756
3.25
1,194
197,241
3.56
1,371
Restricted equity securities and other
17,321
4.10
175
19,470
3.80
186
16,323
3.82
155
Total earning assets
2,792,919
5.14
34,382
2,812,948
5.16
35,282
1,992,550
4.85
23,306
Nonearning assets
220,195
217,639
189,259
Total assets
$
3,013,114
$
3,030,587
$
2,181,809
Interest bearing liabilities
Interest bearing demand
$
377,714
0.29
$
272
$
296,228
0.30
$
225
$
186,236
0.22
$
100
Savings and money market
901,444
0.38
839
848,044
0.49
1,041
459,756
0.90
1,030
Time deposits - retail
494,508
1.15
1,404
620,688
0.87
1,359
541,973
1.85
2,496
Time deposits - wholesale
227,513
1.58
884
264,497
1.42
944
229,870
2.12
1,211
Total interest-bearing deposits
2,001,179
0.69
3,399
2,029,457
0.70
3,569
1,417,835
1.37
4,837
Federal Home Loan Bank advances and other
borrowings
7,467
0.22
4
25,384
4.54
290
109,320
1.33
361
Subordinated Debt
70,592
5.48
953
70,419
5.58
987
70,607
5.66
993
Total borrowed funds
78,059
4.97
957
95,803
5.30
1,277
179,927
3.03
1,354
Total interest-bearing
liabilities
2,079,238
0.85
4,356
2,125,260
0.91
4,846
1,597,762
1.56
6,191
Net interest spread (5)
4.29
30,026
4.25
30,436
3.29
17,115
Noninterest bearing deposits
565,770
(0.18
)
546,682
(0.19
)
312,073
(0.26
)
Other noninterest bearing liabilities
41,077
44,366
30,075
Shareholders' equity
327,029
314,279
241,899
Total liabilities and shareholders'
equity
$
3,013,114
$
3,030,587
$
2,181,809
Cost of funds
0.67
0.72
1.30
Net interest margin (6)
4.51
4.48
3.60
(1)
Calculated using daily averages.
(2)
Average loan balances include nonaccrual
loans.
(3)
Yields on loans reflects tax-exempt
interest and state tax credits received on low or zero percent
interest loans made to construct low income housing of $661, $863,
and $322, for the three months ended March 31, 2021, December 31,
2020, and March 31, 2020, respectively.
(4)
Yields on tax-exempt securities are shown
on a tax-equivalent basis.
(5)
Net interest spread is calculated as the
yields realized on interest-bearing assets less the rates paid on
interest-bearing liabilities.
(6)
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.
This information is preliminary
and based on company data available at the time of
presentation.
RELIANT BANCORP, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES-UNAUDITED
(Dollar Amounts in Thousands, Except Per Share Amounts)
Three Months Ended
March 31, 2021
December 31, 2020
March 31, 2020
Adjusted net interest margin
(1):
Net interest income
$
30,026
$
30,436
$
17,115
Add: tax equivalent interest income
1,019
1,212
699
Less: purchase accounting adjustments
(1,844
)
(2,771
)
(672
)
Adjusted net interest income
29,201
28,877
17,142
Average Earning Assets
$
2,792,919
$
2,812,948
$
1,992,550
Net interest margin-tax equivalent
4.51
%
4.48
%
3.60
%
Adjusted net interest margin
4.24
%
4.09
%
3.46
%
Adjusted net income:
Net income (loss) attributable to common
shareholders
$
12,149
$
12,226
$
(215
)
Add: merger related expenses
—
—
4,186
Less: income tax impact of merger related
expenses
—
—
(1,032
)
Adjusted net income
$
12,149
$
12,226
$
2,939
Adjusted diluted earnings per
share:
Adjusted net income
$
12,149
$
12,226
$
2,939
Weighted average shares - diluted
16,740,303
16,684,425
11,892,723
Diluted earnings (loss) per share
$
0.73
$
0.73
$
(0.02
)
Adjusted diluted earnings per share
$
0.73
$
0.73
$
0.25
Adjusted annualized return on average
assets:
Adjusted net income
$
12,149
$
12,226
$
2,939
Average assets
3,013,114
3,030,587
2,181,809
Annualized return on average assets
1.64
%
1.60
%
(0.04
)%
Adjusted annualized return on average
assets
1.64
%
1.60
%
0.54
%
Adjusted annualized return on average
equity:
Adjusted net income
$
12,149
$
12,226
$
2,939
Average total shareholders' equity
327,029
314,279
241,899
Annualized return on average equity
15.07
%
15.48
%
(0.36
)%
Adjusted annualized return on average
equity
15.07
%
15.48
%
4.89
%
Adjusted annualized return on average
tangible common equity:
Average total shareholders' equity
$
327,029
$
314,279
$
241,899
Less: average intangible assets
(65,531
)
(63,259
)
(65,329
)
Average tangible common equity
$
261,498
$
251,020
$
176,570
Adjusted net income
12,149
12,226
2,939
Annualized return on average tangible
common equity
18.84
%
19.38
%
(0.49
)%
Adjusted annualized return on average
tangible common equity
18.84
%
19.38
%
6.69
%
Adjusted pre-tax pre-provision
income:
Income (loss) before provision for income
taxes
$
15,699
$
16,328
$
(2,101
)
Add: merger related expenses
—
—
4,186
Add: provision for loan losses
—
950
2,900
Adjusted pre-tax pre-provision income
$
15,699
$
17,278
$
4,985
Tangible common equity to tangible
assets:
Tangible common equity:
Total shareholders' equity
$
331,699
$
321,973
$
234,672
Less: intangible assets
(65,287
)
(65,743
)
(61,209
)
Tangible common equity
$
266,412
$
256,230
$
173,463
Tangible assets:
Total assets
$
3,057,066
$
3,026,535
$
2,185,793
Less: intangible assets
(65,287
)
(65,743
)
(61,209
)
Tangible assets
$
2,991,779
$
2,960,792
$
2,124,584
Total shareholders' equity to total
assets
10.85
%
10.64
%
10.74
%
Tangible common equity to tangible
assets
8.90
%
8.65
%
8.16
%
Tangible book value per share:
Tangible common equity
$
266,412
$
256,230
$
173,463
Total shares of common stock
outstanding
16,654,415
16,654,409
12,014,495
Book value per common share
$
19.92
$
19.33
$
19.53
Tangible book value per share
$
16.00
$
15.39
$
14.44
Allowance for loan losses plus
unaccreted loan purchase discounts:
Allowance for loan losses
$
20,785
$
20,636
$
15,121
Unaccreted loan purchase discounts
14,833
16,634
4,771
Allowance for loan losses plus unaccreted
loan purchase discounts:
$
35,618
$
37,270
$
19,892
Total loans
2,277,714
2,300,783
1,619,445
Allowance for loan losses plus unaccreted
purchased loan discounts to total loans
1.56
%
1.62
%
1.23
%
Allowance for loan losses to total
loans
0.91
%
0.90
%
0.93
%
Bank segment adjusted net
income:
Bank segment net income (loss)
$
12,149
$
12,226
$
(215
)
Add: merger related expenses
—
—
4,186
Less: income tax impact of merger related
expenses
—
—
(1,032
)
Bank segment adjusted net income
$
12,149
$
12,226
$
2,939
Bank segment adjusted noninterest
expense:
Bank segment noninterest expense
$
16,460
$
16,378
$
16,647
Add: merger related expenses
—
—
(4,186
)
Bank segment adjusted noninterest
expense
$
16,460
$
16,378
$
12,461
Bank segment adjusted efficiency
ratio:
Bank segment adjusted total revenues:
Bank segment net interest income
$
29,133
$
29,695
$
16,782
Add: Tax equivalent interest income
1,019
1,212
699
Add: Bank segment noninterest income
2,409
3,218
1,709
Add: (Gain) loss on sale of securities,
OREO, premises and equipment
(146
)
565
(23
)
Bank segment adjusted total revenues
$
32,415
$
34,690
$
19,167
Bank segment efficiency ratio
52.2
%
49.8
%
90.0
%
Bank segment adjusted efficiency ratio
50.8
%
47.2
%
65.0
%
(1)
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210422006020/en/
DeVan Ard, Jr. Chairman and CEO Reliant Bancorp, Inc.
615.221.2087
Reliant Bancorp (NASDAQ:RBNC)
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