HINGHAM, Mass., Oct. 13, 2020 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced third quarter results for 2020.
Earnings
Net income for the quarter ended September 30, 2020 was $15,206,000 or $7.12 per share basic and $6.96 per share diluted, as compared to $9,033,000 or $4.23 per share basic and $4.14 per share diluted for the same period last year. The Bank’s annualized return on average equity for the third quarter of 2020 was 22.23%, and the annualized return on average assets was 2.26%, as compared to 15.33% and 1.40% for the same period in 2019. Net income per share (diluted) for the third quarter of 2020 increased by 68% over the same period in 2019.
Core net income for the third quarter of 2020, which represents net income excluding the after-tax gains and losses on securities, both realized and unrealized, was $12,394,000 or $5.80 per share basic and $5.68 per share diluted, as compared to $8,801,000 or $4.12 per share basic and $4.03 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the third quarter of 2020 was 18.12%, and the annualized core return on average assets was 1.84%, as compared to 14.94% and 1.37% for the same period in 2019. Core net income per share (diluted) for the third quarter of 2020 increased by 41% over the same period in 2019.
Net income for the nine months ended September 30, 2020 was $33,729,000 or $15.79 per share basic and $15.46 per share diluted, as compared to $27,563,000 or $12.92 per share basic and $12.63 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first nine months of 2020 was 17.19%, and the annualized return on average assets was 1.68%, as compared to 16.17% and 1.47% for the same period in 2019. Net income per share (diluted) for the first nine months of 2020 increased by 22% over the same period in 2019.
Core net income for the nine months ended September 30, 2020 was $31,809,000 or $14.89 per share basic and $14.58 per share diluted, as compared to $24,182,000 or $11.33 per share basic and $11.08 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first nine months of 2020 was 16.21%, and the annualized core return on average assets was 1.59%, as compared to 14.19% and 1.29% for the same period in 2019. Core net income per share (diluted) for the first nine months of 2020 increased by 32% over the same period in 2019.
See page 9 for a Non-GAAP reconciliation between net income and core net income. In calculating core net income, the Bank does not make any adjustments other than those relating to after-tax gains and losses on securities, realized and unrealized.
Balance Sheet
Total assets increased to $2.719 billion at September 30, 2020, representing 7% annualized growth year-to-date and 10% growth from September 30, 2019.
Net loans totaled $2.359 billion at September 30, 2020, representing 8% annualized growth year-to-date and 10% growth from September 30, 2019. Growth was concentrated in the Bank’s commercial real estate portfolio.
Total deposits, including wholesale deposits, increased to $2.027 billion at September 30, 2020, representing 15% annualized growth year-to-date and 19% growth from September 30, 2019. Total retail and business deposits increased to $1.532 billion at September 30, 2020, representing 10% annualized growth year-date and 8% growth from September 30, 2019. Non-interest bearing deposits, included in retail and business deposits, increased to $303.8 million at September 30, 2020, representing 37% annualized growth year-to-date and 31% growth from September 30, 2019. During the first nine months of 2020, the Bank continued to reduce the balance of excess reserves held at the Federal Reserve Bank and reallocated its wholesale funding mix between wholesale time deposits and Federal Home Loan Bank advances in order to reduce the cost of funds.
Book value per share was $130.24 as of September 30, 2020, representing 17% annualized growth year-to-date and 17% growth from September 30, 2019. In addition to the increase in book value per share, the Bank has declared $2.31 in dividends per share since September 30, 2019, including a special dividend of $0.60 per share declared during the fourth quarter of 2019. The Bank increased its regular dividend per share in each of the last four quarters.
Operational Performance Metrics
The net interest margin for the quarter ended September 30, 2020 increased 69 basis points to 3.46%, as compared to 2.77% for the same period last year. The Bank has benefited from a sharp decline in the cost of interest-bearing liabilities, including both interest-bearing retail and commercial deposits, as well as wholesale funding from the Federal Home Loan Bank, brokered time deposits and listing services time deposits. This benefit was partially offset by a decline in the yield on interest-earning assets, driven primarily by the decline in the interest on excess reserves held at the Federal Reserve Bank of Boston and a lower yield on loans during the same period.
Key credit and operational metrics remained strong in the third quarter. At September 30, 2020, non-performing assets totaled 0.23% of total assets, compared to 0.22% at December 31, 2019 and 0.05% at September 30, 2019. Non-performing loans as a percentage of the total loan portfolio totaled 0.10% at September 30, 2020, compared to 0.25% at December 31, 2019 and 0.06% at September 30, 2019.
At September 30, 2020, the Bank owned $3.9 million in foreclosed property, consisting exclusively of a residential property on Nantucket that was purchased at auction in January 2020 for $3.6 million. This balance includes the capitalization of repairs and improvements completed by the Bank following acquisition. This collateral secured a non-performing loan which comprised the substantial majority of non-performing assets at December 31, 2019. The Bank listed the property located at 14 Orange Street for sale in July 2020. Potential buyers are encouraged to contact our broker, Ms. Gloria Grimshaw of Jordan Real Estate, at 508-228-4449 (extension 109) or at gloria@jordanre.com directly. At December 31, 2019 and September 30, 2019, the Bank did not own any foreclosed property.
The Bank recorded $709,000 of net charge-offs for the first nine months of 2020, composed of four charge-offs offset by minor recoveries, as compared to $1,000 in net recoveries for the same period last year. These charge-offs were primarily associated with residential mortgage loans subject to foreclosure. The Bank continues to pursue recovery of these deficiencies via litigation.
At September 30, 2020, the Bank had modified less than 1% of the Bank’s total loan portfolio by number and less than 3% by dollar in response to COVID-19. The nature of these modifications was described in the Bank’s Form 10-Q for the second quarter of 2020 and, with de minimis exceptions, all such modifications were completed in the first and second quarters. All such modifications are performing in accordance with their modified terms or have returned to their original contractual terms. The Bank has not extended and does not plan to extend further forbearance other than as may be required by law. As previously noted, the Bank did not defer the collection of interest on any commercial mortgages.
The efficiency ratio, as defined on page 4 below, was 23.50% for the third quarter of 2020, as compared to 29.28% for the same period last year. Operating expenses as a percentage of average assets remained stable at 0.81% in the third quarter of 2020, the same as the comparable period last year. The Bank remains focused on reducing waste through an ongoing process of continuous improvement.
Chairman Robert H. Gaughen Jr. stated, “During this rapidly developing period of economic uncertainty, there may be unusual opportunities - to deploy capital on attractive terms, to develop new relationships with strong customers, to recruit talented staff, and to invest in digital tools to reduce costs and deliver more value for our customers. We are capitalizing on these opportunities. In doing so, we remain focused on careful capital allocation, defensive underwriting and disciplined cost control - the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”
The Bank’s quarterly financial results are summarized in the earnings release, but shareholders are encouraged to read the Bank’s quarterly reports on Form 10-Q, which are generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended September 30, 2020 with the FDIC on or about November 4, 2020.
Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, and Washington, D.C.
The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.
HINGHAM INSTITUTION FOR SAVINGS
Selected Financial Ratios
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2019 | 2020 | 2019 | 2020 | ||||||||
| (Unaudited) | |||||||||||
| Key Performance Ratios | |||||||||||
| Return on average assets (1) | 1.40 | % | 2.26 | % | 1.47 | % | 1.68 | % | |||
| Return on average equity (1) | 15.33 | 22.23 | 16.17 | 17.19 | |||||||
| Core return on average assets (1) (5) | 1.37 | 1.84 | 1.29 | 1.59 | |||||||
| Core return on average equity (1) (5) | 14.94 | 18.12 | 14.19 | 16.21 | |||||||
| Interest rate spread (1) (2) | 2.42 | 3.31 | 2.36 | 2.93 | |||||||
| Net interest margin (1) (3) | 2.77 | 3.46 | 2.69 | 3.15 | |||||||
| Operating expenses to average assets (1) | 0.81 | 0.81 | 0.83 | 0.82 | |||||||
| Efficiency ratio (4) | 29.28 | 23.50 | 30.70 | 26.10 | |||||||
| Average equity to average assets | 9.16 | 10.18 | 9.08 | 9.79 | |||||||
| Average interest-earning assets to average interest- | |||||||||||
| bearing liabilities | 120.49 | 124.72 | 120.31 | 122.96 | |||||||
| September 30, 2019 | December 31, 2019 | September 30, 2020 | |||||||||
| (Unaudited) | |||||||||||
| Asset Quality Ratios | |||||||||||
| Allowance for loan losses/total loans | 0.70 | % | 0.69 | % | 0.71 | % | |||||
| Allowance for loan losses/non-performing loans | 1,138.01 | 274.57 | 699.75 | ||||||||
| Non-performing loans/total loans | 0.06 | 0.25 | 0.10 | ||||||||
| Non-performing loans/total assets | 0.05 | 0.22 | 0.09 | ||||||||
| Non-performing assets/total assets | 0.05 | 0.22 | 0.23 | ||||||||
| Share Related | |||||||||||
| Book value per share | $ | 111.47 | $ | 115.75 | $ | 130.24 | |||||
| Market value per share | $ | 189.00 | $ | 210.20 | $ | 184.00 | |||||
| Shares outstanding at end of period | 2,133,750 | 2,135,750 | 2,136,900 | ||||||||
(1) Annualized.
(2) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average interest-earning assets.
(4) The efficiency ratio represents total operating expenses, divided by the sum of net interest income and total other income, excluding gain on equity securities, net.
(5) Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax gain on equity securities, net.
HINGHAM INSTITUTION FOR SAVINGS
Consolidated Balance Sheets
| (In thousands, except share amounts) | September 30, 2019 | December 31, 2019 | September 30, 2020 | |||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 10,233 | $ | 9,057 | $ | 9,816 | ||
| Federal Reserve and other short-term investments | 221,022 | 243,090 | 229,555 | |||||
| Cash and cash equivalents | 231,255 | 252,147 | 239,371 | |||||
| CRA investment | 7,948 | 7,910 | 8,604 | |||||
| Debt securities available for sale | 11 | 11 | 6 | |||||
| Other marketable equity securities | 38,981 | 39,265 | 48,744 | |||||
| Securities, at fair value | 46,940 | 47,186 | 57,354 | |||||
| Federal Home Loan Bank stock, at cost | 23,615 | 24,890 | 18,985 | |||||
| Loans, net of allowance for loan losses of $15,090 | ||||||||
| at September 30, 2019, $15,376 at December 31, 2019 | ||||||||
| and $16,780 at September 30, 2020 | 2,140,514 | 2,227,062 | 2,358,983 | |||||
| Foreclosed assets | — | — | 3,926 | |||||
| Bank-owned life insurance | 12,661 | 12,727 | 12,895 | |||||
| Premises and equipment, net | 14,339 | 14,548 | 15,294 | |||||
| Accrued interest receivable | 4,912 | 4,926 | 5,116 | |||||
| Deferred income tax asset, net | 1,303 | 1,213 | 1,176 | |||||
| Other assets | 4,833 | 5,647 | 6,045 | |||||
| Total assets | $ | 2,480,372 | $ | 2,590,346 | $ | 2,719,145 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY
| Interest-bearing deposits | $ | 1,474,113 | $ | 1,583,280 | $ | 1,722,970 | ||
| Non-interest-bearing deposits | 231,616 | 237,554 | 303,774 | |||||
| Total deposits | 1,705,729 | 1,820,834 | 2,026,744 | |||||
| Federal Home Loan Bank advances | 519,900 | 505,200 | 399,031 | |||||
| Mortgage payable | 703 | 687 | — | |||||
| Mortgagors’ escrow accounts | 7,544 | 7,815 | 8,105 | |||||
| Accrued interest payable | 2,198 | 960 | 274 | |||||
| Other liabilities | 6,445 | 7,627 | 6,679 | |||||
| Total liabilities | 2,242,519 | 2,343,123 | 2,440,833 | |||||
| Stockholders’ equity: | ||||||||
| Preferred stock, $1.00 par value, | ||||||||
| 2,500,000 shares authorized, none issued | — | — | — | |||||
| Common stock, $1.00 par value, 5,000,000 shares | ||||||||
| authorized; 2,133,750 shares issued and outstanding at | ||||||||
| September 30, 2019, 2,135,750 shares issued and outstanding | ||||||||
| and December 31, 2019 and 2,136,900 shares issued and | ||||||||
| outstanding at September 30, 2020 | 2,134 | 2,136 | 2,137 | |||||
| Additional paid-in capital | 12,073 | 12,234 | 12,371 | |||||
| Undivided profits | 223,646 | 232,853 | 263,804 | |||||
| Accumulated other comprehensive income | — | — | — | |||||
| Total stockholders’ equity | 237,853 | 247,223 | 278,312 | |||||
| Total liabilities and stockholders’ equity | $ | 2,480,372 | $ | 2,590,346 | $ | 2,719,145 |
HINGHAM INSTITUTION FOR SAVINGS
Consolidated Statements of Income
| Three Months Ended | Nine Months Ended | ||||||||||
| September 30, | September 30, | ||||||||||
| (In thousands, except per share amounts) | 2019 | 2020 | 2019 | 2020 | |||||||
| (Unaudited) | |||||||||||
| Interest and dividend income: | |||||||||||
| Loans | $ | 26,153 | $ | 26,193 | $ | 74,049 | $ | 77,759 | |||
| Equity securities | 518 | 441 | 1,503 | 1,402 | |||||||
| Federal Reserve and other short-term investments | 1,527 | 47 | 4,716 | 844 | |||||||
| Total interest and dividend income | 28,198 | 26,681 | 80,268 | 80,005 | |||||||
| Interest expense: | |||||||||||
| Deposits | 7,585 | 3,285 | 20,805 | 13,618 | |||||||
| Federal Home Loan Bank and Federal Reserve Bank advances | 3,099 | 567 | 9,766 | 4,456 | |||||||
| Mortgage payable | 11 | — | 33 | 3 | |||||||
| Total interest expense | 10,695 | 3,852 | 30,604 | 18,077 | |||||||
| Net interest income | 17,503 | 22,829 | 49,664 | 61,928 | |||||||
| Provision for loan losses | 302 | 350 | 1,282 | 2,113 | |||||||
| Net interest income, after provision for loan losses | 17,201 | 22,479 | 48,382 | 59,815 | |||||||
| Other income: | |||||||||||
| Customer service fees on deposits | 213 | 181 | 598 | 501 | |||||||
| Increase in cash surrender value of bank-owned life insurance | 61 | 51 | 185 | 168 | |||||||
| Gain on equity securities, net | 298 | 3,607 | 4,337 | 2,463 | |||||||
| Gain on disposal of fixed assets | — | — | — | 218 | |||||||
| Miscellaneous | 42 | 33 | 125 | 114 | |||||||
| Total other income | 614 | 3,872 | 5,245 | 3,464 | |||||||
| Operating expenses: | |||||||||||
| Salaries and employee benefits | 3,290 | 3,210 | 9,614 | 9,877 | |||||||
| Occupancy and equipment | 453 | 503 | 1,354 | 1,432 | |||||||
| Data processing | 419 | 502 | 1,154 | 1,466 | |||||||
| Deposit insurance | 22 | 212 | 530 | 649 | |||||||
| Foreclosure | 34 | 167 | 101 | 321 | |||||||
| Marketing | 188 | 116 | 497 | 400 | |||||||
| Other general and administrative | 811 | 718 | 2,276 | 2,281 | |||||||
| Total operating expenses | 5,217 | 5,428 | 15,526 | 16,426 | |||||||
| Income before income taxes | 12,598 | 20,923 | 38,101 | 46,853 | |||||||
| Income tax provision | 3,565 | 5,717 | 10,538 | 13,124 | |||||||
| Net income | $ | 9,033 | $ | 15,206 | $ | 27,563 | $ | 33,729 | |||
| Cash dividends declared per share | $ | 0.40 | $ | 0.45 | $ | 1.17 | $ | 1.30 | |||
| Weighted average shares outstanding: | |||||||||||
| Basic | 2,134 | 2,137 | 2,133 | 2,137 | |||||||
| Diluted | 2,183 | 2,183 | 2,182 | 2,181 | |||||||
| Earnings per share: | |||||||||||
| Basic | $ | 4.23 | $ | 7.12 | $ | 12.92 | $ | 15.79 | |||
| Diluted | $ | 4.14 | $ | 6.96 | $ | 12.63 | $ | 15.46 | |||
HINGHAM INSTITUTION FOR SAVINGS
Net Interest Income Analysis
| Three Months Ended September 30, | |||||||||||||||||
| 2019 | 2020 | ||||||||||||||||
| AVERAGE BALANCE | INTEREST | YIELD/ RATE (8) | AVERAGE BALANCE | INTEREST | YIELD/ RATE (8) | ||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Loans (1) (2) | $ | 2,191,324 | $ | 26,153 | 4.77 | % | $ | 2,391,761 | $ | 26,193 | 4.38 | % | |||||
| Securities (3) (4) | 58,133 | 518 | 3.56 | 63,151 | 441 | 2.79 | |||||||||||
| Federal Reserve and other short-term investments | 279,802 | 1,527 | 2.18 | 184,710 | 47 | 0.10 | |||||||||||
| Total interest-earning assets | 2,529,259 | 28,198 | 4.46 | 2,639,622 | 26,681 | 4.04 | |||||||||||
| Other assets | 43,578 | 48,456 | |||||||||||||||
| Total assets | $ | 2,572,837 | $ | 2,688,078 | |||||||||||||
| Interest-bearing deposits (5) | $ | 1,616,151 | 7,585 | 1.88 | $ | 1,756,238 | 3,285 | 0.75 | |||||||||
| Borrowed funds | 482,975 | 3,110 | 2.58 | 360,271 | 567 | 0.63 | |||||||||||
| Total interest-bearing liabilities | 2,099,126 | 10,695 | 2.04 | 2,116,509 | 3,852 | 0.73 | |||||||||||
| Non-interest-bearing deposits | 230,505 | 290,803 | |||||||||||||||
| Other liabilities | 7,514 | 7,156 | |||||||||||||||
| Total liabilities | 2,337,145 | 2,414,468 | |||||||||||||||
| Stockholders’ equity | 235,692 | 273,610 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,572,837 | $ | 2,688,078 | |||||||||||||
| Net interest income | $ | 17,503 | $ | 22,829 | |||||||||||||
| Weighted average spread | 2.42 | % | 3.31 | % | |||||||||||||
| Net interest margin (6) | 2.77 | % | 3.46 | % | |||||||||||||
| Average interest-earning assets to average | |||||||||||||||||
| interest-bearing liabilities (7) | 120.49 | % | 124.72 | % | |||||||||||||
(1) Before allowance for loan losses.
(2) Includes non-accrual loans.
(3) Excludes the impact of the average net unrealized gain or loss on securities.
(4) Includes Federal Home Loan Bank stock.
(5) Includes mortgagors' escrow accounts.
(6) Net interest income divided by average total interest-earning assets.
(7) Total interest-earning assets divided by total interest-bearing liabilities.
(8) Annualized.
HINGHAM INSTITUTION FOR SAVINGS
Net Interest Income Analysis
| Nine Months Ended September 30, | |||||||||||||||||
| 2019 | 2020 | ||||||||||||||||
| AVERAGE BALANCE | INTEREST | YIELD/ RATE (8) | AVERAGE BALANCE | INTEREST | YIELD/ RATE (8) | ||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Loans (1) (2) | $ | 2,134,186 | $ | 74,049 | 4.63 | % | $ | 2,347,466 | $ | 77,759 | 4.42 | % | |||||
| Securities (3) (4) | 57,118 | 1,503 | 3.51 | 66,107 | 1,402 | 2.83 | |||||||||||
| Federal Reserve and other short-term investments | 270,882 | 4,716 | 2.32 | 211,847 | 844 | 0.53 | |||||||||||
| Total interest-earning assets | 2,462,186 | 80,268 | 4.35 | 2,625,420 | 80,005 | 4.06 | |||||||||||
| Other assets | 41,483 | 46,361 | |||||||||||||||
| Total assets | $ | 2,503,669 | $ | 2,671,781 | |||||||||||||
| Interest-bearing deposits (5) | $ | 1,548,791 | 20,805 | 1.79 | $ | 1,621,175 | 13,618 | 1.12 | |||||||||
| Borrowed funds | 497,694 | 9,799 | 2.63 | 513,925 | 4,459 | 1.16 | |||||||||||
| Total interest-bearing liabilities | 2,046,485 | 30,604 | 1.99 | 2,135,100 | 18,077 | 1.13 | |||||||||||
| Non-interest-bearing deposits | 222,280 | 267,162 | |||||||||||||||
| Other liabilities | 7,635 | 7,947 | |||||||||||||||
| Total liabilities | 2,276,400 | 2,410,209 | |||||||||||||||
| Stockholders’ equity | 227,269 | 261,572 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,503,669 | $ | 2,671,781 | |||||||||||||
| Net interest income | $ | 49,664 | $ | 61,928 | |||||||||||||
| Weighted average spread | 2.36 | % | 2.93 | % | |||||||||||||
| Net interest margin (6) | 2.69 | % | 3.15 | % | |||||||||||||
| Average interest-earning assets to average | |||||||||||||||||
| interest-bearing liabilities (7) | 120.31 | % | 122.96 | % | |||||||||||||
(1) Before allowance for loan losses.
(2) Includes non-accrual loans.
(3) Excludes the impact of the average net unrealized gain or loss on securities.
(4) Includes Federal Home Loan Bank stock.
(5) Includes mortgagors' escrow accounts.
(6) Net interest income divided by average total interest-earning assets.
(7) Total interest-earning assets divided by total interest-bearing liabilities.
(8) Annualized.
HINGHAM INSTITUTION FOR SAVINGS
Non-GAAP Reconciliation
The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax gain on equity securities, net.
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| (In thousands, unaudited) | 2019 | 2020 | 2019 | 2020 | |||||||||||
| Non-GAAP reconciliation: | |||||||||||||||
| Net income | $ | 9,033 | $ | 15,206 | $ | 27,563 | $ | 33,729 | |||||||
| Gain on equity securities, net | (298 | ) | (3,607 | ) | (4,337 | ) | (2,463 | ) | |||||||
| Income tax expense (1) | 66 | 795 | 956 | 543 | |||||||||||
| Core net income | $ | 8,801 | $ | 12,394 | $ | 24,182 | $ | 31,809 | |||||||
(1) The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.
COVID-19 Modifications Table
The table below presents the number and outstanding balances of loans that the Bank has modified as a result of COVID-19 compared as a percentage of the total number and outstanding balances of the Bank's loan portfolio as of September 30, 2020, by loan category. This table reflects all modifications in effect as of September 30, 2020 and as loans return to the original contractual terms, they are no longer reflected on this table.
| Outstanding | Modified | % Modified | ||||||||||||||
| # of Loans | Balance (2) | # of Loans | Balance | # of Loans | Balance | |||||||||||
| (In thousands, unaudited) | ||||||||||||||||
| Residential Real Estate (1) | 2,473 | $ | 688,008 | 24 | $ | 7,815 | 0.97 | % | 1.14 | % | ||||||
| Commercial Real Estate | 1,396 | 1,517,821 | 10 | 48,841 | 0.72 | 3.22 | ||||||||||
| Construction | 64 | 157,333 | — | — | — | — | ||||||||||
| Commercial and Consumer | 551 | 9,729 | — | — | — | — | ||||||||||
| Total Loans | 4,484 | $ | 2,372,891 | 34 | $ | 56,656 | 0.76 | % | 2.39 | % | ||||||
(1) Includes Home Equity lines of credit
(2) Gross loans, before net deferred loan origination costs and the allowance for loan losses.