HSBI – Heritage Southeast Bancorporation, Inc. Reports 2nd Quarter Earnings of $2.9 million, or $0.40 Per Share; Acquisition by VyStar Credit Union on Track to Close in 4th Quarter 2021

JONESBORO, Ga., July 22, 2021 (GLOBE NEWSWIRE) — Heritage Southeast Bancorporation, Inc. (“Company”) (OTCQX: HSBI) today announced quarterly net income of $2.9 million or $0.40 per diluted share for the second quarter ended June 30, 2021, compared to $4.3 million or $0.60 per diluted share for the prior quarter. Second quarter earnings included higher operating expenses associated with the scheduled acquisition by VyStar Credit Union later this year.

Highlights of the Company’s results for the quarter ended June 30, 2021 and status of the VyStar Credit Union acquisition include the following:

  • Shareholders approved the acquisition agreement with VyStar Credit Union on July 12, 2021. Regulatory approvals are expected in the 3rd quarter and integration planning continues.
  • Pre-tax core earnings increased to $4.6 million for the second quarter ended June 30, 2021 from $4.0 million for the first quarter ended March 31, 2021. Net income excluding transaction costs was $4.1 million for the second quarter ended June 30, 2021.
  • Reductions to problem assets continued in the second quarter as total classified assets declined to $3.7 million at June 30, 2021 from $4.8 million at March 31, 2021 and $29.1 million at June 30, 2020.
  • Loan loss provisions remained at zero for the quarter ended June 30, 2021, reflecting the overall improved credit outlook.

“Our operating results remain strong as we continue normal operations through the approval process of our acquisition by VyStar Credit Union. While we have received shareholder approval, we await regulatory approvals from the FDIC, Georgia Department of Banking and Finance, the NCUA and Florida Office of Financial Regulation,” stated Leonard Moreland, Chief Executive Officer.

Net Interest Income

The Company’s net interest income decreased slightly to $12.7 million during the second quarter of 2021 from $12.8 million in the first quarter. The Company’s reported net interest margin decreased 22 basis points to 3.36% for the second quarter of 2021 from 3.58% for the first quarter. Both quarters’ net interest margin were positively impacted by the accretion of PPP related fees of approximately $825,000 and $855,000 for the second quarter and first quarter of 2021, respectively. The earning asset yield decreased 28 basis points to 3.72% during the second quarter of 2021 while the cost of funds decreased 6 basis points to 0.36% over the same time frame. The net interest margin excluding PPP loans decreased to 3.26% for the second quarter from 3.48% one quarter earlier primarily due to changes in earning asset mix.

Loan Loss Provisions

The Company did not recognize any loan loss provisions for the second quarter. Management believes the improved economic and pandemic climate has provided better clarity on the ability of borrowers to meet their loan obligations. As such, the current level of reserves is believed to be sufficient as of June 30, 2021.

Non-interest Income

Second quarter non-interest income increased to $4.6 million from $4.5 million for the first quarter of 2021. Higher deposit service charges and fees, interchange and ATM fees were partially offset by lower gains on the sale of SBA loans.

Non-interest Expense

Non-interest expense increased $1.7 million to $13.5 million for the second quarter of 2021 from $11.8 million the prior quarter. Other expenses increased to $5.3 million for the second quarter from $3.9 million the prior quarter. The second quarter included approximately $1.6 million in costs associated with the proposed transaction with VyStar Credit Union.

Balance Sheet

Total assets remained at $1.65 billion at June 30, 2021, relative to the previous quarter. Liquidity levels remained elevated as cash and cash equivalents increased $35.4 million to $306.1 million from $270.7 million three months earlier. Securities available for sale decreased slightly by $1.2 million to $173.6 million at June 30, 2021 from $174.8 million three months earlier. Loans, excluding PPP loans, increased $4.9 million to $999.1 million at June 30, 2021 from $994.3 million at March 31, 2021. Meanwhile, PPP loans decreased to $59.2 million at June 30, 2021 from $88.2 million three months earlier.

Total deposits remained at $1.43 billion at June 30, 2021. Non-interest bearing deposits remain the largest component of the deposit portfolio representing 34.1% of total deposits followed by money market and savings deposits at 29.6%, interest-bearing demand deposits at 18.8% and time deposits at 17.5%.

Asset Quality

Classified assets, which include nonperforming assets and accruing classified loans, totaled $3.7 million at June 30, 2021, compared with $4.8 million at March 31, 2021. The decrease during the second quarter reflected a reduction of $749,000 in loans and $306,000 reduction in other real estate owned. Nonperforming assets, which exclude accruing classified loans, totaled $2.9 million at June 30, 2021, or 0.18% of total assets compared to $3.9 million, or 0.24% during the prior quarter.

The allowance for loan losses decreased slightly to $15.2 million, or 1.43% of total loans at June 30, 2021 from $15.3 million, or 1.41% of total loans at March 31, 2021. Excluding PPP loans, which are supported by guarantees from the SBA, the allowance for loans losses were 1.52% of total loans at June 30, 2021.

Capital

Total shareholder equity increased to $149.1 million at June 30, 2021 from $145.8 million one quarter earlier. Shareholder equity relative to total assets was 9.02% and tangible shareholder equity relative to tangible assets was 6.99% at June 30, 2021. Tangible book value per share was $15.65 at June 30, 2021, an increase of 9.1% from June 30, 2020. At June 30, 2021, the Bank’s Leverage Ratio was 9.01%, its Common Equity Tier I and Tier 1 Capital ratios were 12.32%, and its Total Risk-Based Capital ratio was 13.57%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

About Heritage Southeast Bancorporation, Inc.

Heritage Southeast Bancorporation, Inc. serves as the holding company for Heritage Southeast Bank, which is headquartered in Jonesboro, GA and operates under the names “Heritage Bank,” “The Heritage Bank,” and “Providence Bank” in its various markets. With approximately $1.7 billion in assets, the Bank provides a well-rounded offering of commercial and consumer products through its 22 locations. For additional information, visit the HSBI website at www.myhsbi.com.

Forward Looking Statements: 
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about the benefits of the proposed acquisition of HSBI by VyStar, statements related to the expected timing of the completion of the acquisition, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “scheduled,” “plans,” “intends,” “anticipates,” “expects,” “believes,” estimates,” “potential,” or “continue” or negatives of such terms or other comparable terminology. All forward-looking statements in this press release, or in any other written or oral communication that relates to the proposed acquisition or to matters that may affect such proposed acquisition are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of HSBI or VyStar to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) disruption from the proposed acquisition with customers, suppliers, employees or other business partners, (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement, (3) the ability by the parties to obtain required governmental approvals of the acquisition (4) the failure of the closing conditions in the agreement to be satisfied, or any unexpected delay in closing the acquisition, and (5) general competitive, economic, political and market conditions.

HSBI disclaims any obligation to update or revise any forward-looking statements contained in this communication (which statements speak only as of the date hereof), or in any other written or oral communication that relates to the proposed combination or to matters that may affect such proposed combination, whether as a result of new information, future events or otherwise.

Heritage Southeast Bancorporation, Inc. and its subsidiary disclaim any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT  
Leonard A. Moreland Philip F. Resch
Chief Executive Officer Chief Financial Officer

Heritage Southeast Bancorporation, Inc.
101 North Main Street
P.O. Box 935
Jonesboro, GA 30236
(770) 824-9934

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Financial Highlights
(Unaudited) (in thousands, except per share data)
 
  Three Months Ended
    June 30,     March 31,     December 31,     September 30,     June 30,  
    2021     2021     2020     2020     2020  
Earnings:          
Net Interest Income $ 12,727   $ 12,769   $ 12,530   $ 11,901   $ 11,769  
Net Income   2,869     4,333     977     901     948  
Net Income excluding transaction costs   4,146     4,333     977     901     948  
           
Per Share Data:          
Earnings per share:          
Basic $ 0.41   $ 0.62   $ 0.14   $ 0.13   $ 0.14  
Diluted $ 0.40   $ 0.60   $ 0.14   $ 0.13   $ 0.13  
Diluted excluding transaction costs $ 0.57   $ 0.60   $ 0.14   $ 0.13   $ 0.13  
Weighted average number of shares:          
Basic   6,967     6,956     6,924     6,921     6,908  
Diluted   7,212     7,179     7,139     7,139     7,131  
Period-end number of shares (1)   7,220     7,222     7,227     7,229     7,227  
Book value per share (period-end) $ 20.65   $ 20.18   $ 19.76   $ 19.62   $ 19.45  
Tangible book value per share (period-end) $ 15.65   $ 15.16   $ 14.71   $ 14.54   $ 14.34  
           
Key Ratios (percent):          
Return on average assets   0.69 %   1.10 %   0.25 %   0.24 %   0.27 %
Return on average assets excluding transaction costs   1.00 %   1.10 %   0.25 %   0.24 %   0.27 %
Return on average tangible equity   10.34 %   16.28 %   3.66 %   3.44 %   3.70 %
Return on average tangible equity excluding transaction costs   14.95 %   16.28 %   3.66 %   3.44 %   3.70 %
Yield on interest earning assets   3.72 %   4.00 %   4.05 %   4.03 %   4.32 %
Cost of funds   0.36 %   0.42 %   0.52 %   0.60 %   0.61 %
Net interest margin   3.36 %   3.58 %   3.53 %   3.43 %   3.71 %
Net interest margin, excluding PPP loans   3.26 %   3.48 %   3.50 %   3.67 %   3.78 %
Non-interest income as a percent of total revenue   26.6 %   26.0 %   26.7 %   24.7 %   26.0 %
Efficiency ratio   76.5 %   67.2 %   83.1 %   75.1 %   77.8 %
Efficiency ratio excluding transaction costs   67.2 %   67.2 %   83.1 %   75.1 %   77.8 %
Tangible common equity to tangible assets   6.99 %   6.81 %   6.93 %   7.04 %   7.06 %
           
Asset Quality (period-end):          
Allowance for loan losses to total loans   1.43 %   1.41 %   1.32 %   1.23 %   1.02 %
Allowance for loan losses to loans, excluding PPP loans   1.52 %   1.53 %   1.44 %   1.36 %   1.13 %
Allowance for loan losses to total nonperforming loans   1113.0 %   731.0 %   143.1 %   118.6 %   54.9 %
Nonperforming assets to total assets   0.18 %   0.24 %   0.79 %   1.04 %   1.87 %
Net charge-offs (annualized) to average loans   0.04 %   -0.43 %   0.19 %   0.15 %   0.04 %
Net charge-offs (annualized) to average loans, excluding PPP loans   0.04 %   -0.46 %   0.21 %   0.17 %   0.05 %
           
Capital (period-end):          
Heritage Southeast Bank (HSB) risk based capital ratios:        
CET1   12.32 %   12.02 %   11.95 %   12.10 %   11.99 %
Tier 1   12.32 %   12.02 %   11.95 %   12.10 %   11.99 %
Total   13.57 %   13.27 %   13.19 %   13.26 %   12.97 %
Leverage   9.01 %   9.10 %   8.98 %   9.08 %   9.55 %
           
Other (period-end):          
Branches   22     22     22     24     24  
FTE   276     278     288     289     302  
           
(1) Includes restricted stock and shares yet to be issued under a supplemental executive retirement plan.      
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited) (in thousands, except per share data)
 
  Three Months Ended
    June 30,     March 31,     December 31,     September 30,     June 30,  
    2021     2021     2020     2020     2020  
Interest and dividend revenue:          
Loans, including fees $ 12,592   $ 12,625   $ 12,938   $ 12,806   $ 12,748  
PPP loans, including fees   1,024     1,071     984     666     523  
Investment securities   376     516     393     426     394  
Fed funds sold, deposits in banks and other   79     55     61     76     40  
Total interest and dividend revenue   14,071     14,267     14,376     13,974     13,705  
           
Interest expense:          
Deposits   843     986     1,256     1,457     1,673  
Fed funds purchased and repurchase agreements   6     10     15     21     20  
Federal Home Loan Bank advances               1     14  
Line of credit   124     110     181     196     135  
Subordinated notes   290     310     310     313      
Junior subordinated debentures   81     82     84     85     94  
Total interest expense   1,344     1,498     1,846     2,073     1,936  
           
Net interest income   12,727     12,769     12,530     11,901     11,769  
Provision for loan losses           1,700     2,550     2,550  
Net interest revenue after provision for loan losses   12,727     12,769     10,830     9,351     9,219  
           
Noninterest revenue:          
Service charges and fees   1,291     1,285     1,574     1,433     1,218  
Interchange and ATM fees   1,665     1,536     1,480     1,524     1,422  
Securities gains, net                   741  
Gain on sale of SBA loans   738     906     924     275     61  
Other   913     765     579     678     701  
Total noninterest revenue   4,607     4,492     4,557     3,910     4,143  
           
Operating expenses:          
Salaries and employee benefits   6,551     6,528     8,309     6,477     5,877  
Occupancy and equipment   1,443     1,402     1,404     1,454     1,388  
Other real estate expenses, including losses          
on sales and impairments, net   165     7     391     113     619  
Other   5,332     3,904     4,335     4,070     4,153  
Total other operating expenses   13,491     11,841     14,439     12,114     12,037  
Income before income tax expense   3,843     5,420     948     1,147     1,325  
Income tax expense   974     1,087     (29 )   246     377  
Net income $ 2,869   $ 4,333   $ 977   $ 901   $ 948  
           
Weighted-average number of shares outstanding:          
Basic   6,967     6,956     6,924     6,921     6,908  
Diluted   7,212     7,179     7,139     7,139     7,131  
           
Earnings per share:          
Basic $ 0.41   $ 0.62   $ 0.14   $ 0.13   $ 0.14  
Diluted $ 0.40   $ 0.60   $ 0.14   $ 0.13   $ 0.13  
           
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Consolidated Statements of Income
(in thousands, except per share data)
 
     
  Six Months Ended
    (Unaudited)     (Unaudited)  
    June 30,     June 30,  
    2021     2020  
Interest and dividend revenue:    
Loans, including fees $ 25,217   $ 26,312  
PPP loans, including fees   2,095     523  
Investment securities   892     1,012  
Fed funds sold, deposits in banks and other   134     387  
Total interest and dividend revenue   28,338     28,234  
     
Interest expense:    
Deposits   1,829     3,695  
Fed funds purchased and repurchase agreements   16     70  
Federal Home Loan Bank advances       37  
Line of credit   234     235  
Subordinated debt   600      
Junior subordinated debentures   163     215  
Total interest expense   2,842     4,252  
     
Net interest income   25,496     23,982  
Provision for loan losses       5,100  
Net interest revenue after provision for loan losses   25,496     18,882  
     
Noninterest revenue:    
Service charges and fees   2,576     2,916  
Interchange and ATM fees   3,201     2,685  
Securities gains, net       1,313  
Gain on sale of SBA loans   1,644     612  
Other   1,678     1,345  
Total noninterest revenue   9,099     8,871  
     
Operating expenses:    
Salaries and employee benefits   13,079     12,733  
Occupancy and equipment   2,845     2,697  
Other real estate expenses, including losses    
on sales and impairments, net   172     692  
Other   9,236     8,234  
Total other operating expenses   25,332     24,356  
Income before income tax expense   9,263     3,397  
Income tax expense   2,061     833  
Net income $ 7,202   $ 2,564  
     
Weighted-average number of shares outstanding:    
Basic   6,964     6,900  
Diluted   7,209     7,124  
     
Earnings per share:    
Basic $ 1.03   $ 0.37  
Diluted $ 1.00   $ 0.36  
     
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(in thousands)
           
    (Unaudited)     (Unaudited)       (Unaudited)     (Unaudited)  
    June 30,     March 31,     December 31,     September 30,     June 30,  
    2021     2021     2020     2020     2020  
Assets          
Cash and due from banks $ 27,722   $ 23,851   $ 29,092   $ 23,001   $ 26,767  
Interest-bearing deposits with banks   278,360     246,824     189,533     178,473     172,961  
Cash and cash equivalents   306,082     270,675     218,625     201,474     199,728  
Securities available for sale, at fair value   173,606     174,785     169,329     157,045     131,429  
Other investments   786     786     1,203     1,203     1,451  
Loans:          
Loans, excluding PPP loans   999,127     994,251     980,257     949,473     950,920  
PPP loans   59,233     88,201     87,775     103,402     103,074  
Allowance for loan losses   (15,159 )   (15,256 )   (14,117 )   (12,925 )   (10,772 )
Loans, net   1,043,201     1,067,196     1,053,915     1,039,950     1,043,222  
           
Premises and equipment, net   36,114     37,220     37,165     37,154     34,375  
Bank owned life insurance   34,174     33,925     28,734     28,536     28,334  
Other real estate owned   1,533     1,839     2,593     5,043     8,496  
Goodwill   28,275     28,275     28,275     28,275     28,275  
Core deposit intangible, net   7,758     7,995     8,232     8,470     8,707  
Deferred tax asset, net   13,313     14,362     14,900     14,989     15,276  
Other assets   7,423     8,140     8,219     8,058     6,156  
Total Assets $ 1,652,265   $ 1,645,198   $ 1,571,190   $ 1,530,197   $ 1,505,449  
           
Liabilities          
Deposits:          
Noninterest-bearing $ 488,877   $ 479,653   $ 415,476   $ 427,389   $ 417,690  
Interest-bearing demand   270,380     269,517     283,009     237,710     225,292  
Money market and savings   425,371     422,904     385,246     355,308     337,169  
Time   250,839     261,710     278,825     290,521     301,532  
Total deposits   1,435,467     1,433,784     1,362,556     1,310,928     1,281,683  
           
Securities sold under agreements to repurchase   15,241     13,413     13,187     15,407     17,194  
Federal Home Loan Bank advances                   4,167  
Line of credit   22,688     14,688     14,688     24,688     24,688  
Subordinated notes   13,165     19,656     19,646     19,637     19,653  
Junior subordinated debentures   9,327     9,288     9,250     9,211     9,173  
Accrued expenses and other liabilities   7,312     8,598     9,030     8,441     8,267  
Total liabilities   1,503,200     1,499,427     1,428,357     1,388,312     1,364,825  
           
Shareholders’ Equity          
Common stock   702     702     702     702     701  
Additional paid in capital   117,151     116,972     116,825     116,628     116,396  
Retained earnings   31,186     28,316     23,983     23,007     22,105  
Other comprehensive income (loss)   26     (219 )   1,323     1,548     1,422  
Total Shareholders’ Equity   149,065     145,771     142,833     141,885     140,624  
Total Liabilities and Shareholders’ Equity $ 1,652,265   $ 1,645,198   $ 1,571,190   $ 1,530,197   $ 1,505,449  
           
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
GAAP to Non-GAAP Reconciliation
(Unaudited) (in thousands)
           
  Three Months Ended
    June 30,     March 31,     December 31,     September 30,     June 30,  
    2021     2021     2020     2020     2020  
Income before income tax expense (GAAP) $ 3,843   $ 5,420   $ 948   $ 1,147   $ 1,325  
Provision for loan losses           1,700     2,550     2,550  
Other real estate expenses, including losses on sales and impairments, net   165     7     391     113     619  
Securities gains, net                   (741 )
Loss on sub-lease           800          
Employee restructuring costs           1,310          
Transaction costs   1,612                  
PPP impact   (1,024 )   (1,396 )   (984 )   (666 )   (1,523 )
Pre-tax core earnings $ 4,596   $ 4,031   $ 4,165   $ 3,144   $ 2,230  
           
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Loan Portfolio
(Unaudited) (in thousands)
     
    June 30,     March 31,     December 31,     September 30,     June 30,  
    2021     2021     2020     2020     2020  
Real estate loans:          
Construction and land development $ 144,263   $ 152,889   $ 142,513   $ 136,313   $ 148,158  
Single-family residential   162,996     165,362     171,153     166,673     167,734  
Commercial – owner occupied   260,186     266,258     259,592     255,277     248,001  
Commercial – other   214,995     198,965     192,808     191,313     187,032  
Multifamily   14,017     6,746     14,171     11,849     11,669  
Total real estate loans   796,457     790,220     780,237     761,425     762,594  
Commercial loans (not secured by real estate)   190,095     190,365     184,509     171,251     172,134  
Consumer loans (not secured by real estate)   13,874     14,861     16,677     17,844     17,117  
Gross loans   1,000,426     995,446     981,423     950,520     951,845  
Unearned income   (1,299 )   (1,195 )   (1,166 )   (1,047 )   (925 )
Loans, net of unearned income $ 999,127   $ 994,251   $ 980,257   $ 949,473   $ 950,920  
           
           
    June 30,     March 31,     December 31,     September 30,     June 30,  
    2021     2021     2020     2020     2020  
PPP loans:          
Up to $50,000 $ 7,033   $ 11,718   $ 11,701   $ 12,762   $ 12,765  
$50,001 – $150,000   15,438     24,231     23,448     27,371     27,371  
$150,001 – $2 million   26,384     35,498     36,357     47,724     47,724  
Greater than $2 million   11,963     17,953     17,953     17,953     17,953  
Total PPP loans (1)   60,818     89,400     89,459     105,810     105,813  
Unearned income   (1,585 )   (1,199 )   (1,684 )   (2,408 )   (2,739 )
PPP loans, net of unearned income $ 59,233   $ 88,201   $ 87,775   $ 103,402   $ 103,074  
           
(1) June 30, 2021 includes $30.5 million and $30.3 million of loans originated in 2021 and 2020, respectively.    
HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Asset Quality Information
(Unaudited) (in thousands)
   
    June 30,     March 31,     December 31,     September 30,     June 30,  
    2021     2021     2020     2020     2020  
Classified assets:          
Nonperforming loans $ 1,362   $ 2,087   $ 9,866   $ 10,902   $ 19,638  
Other real estate owned   1,533     1,839     2,593     5,043     8,496  
Total nonperforming assets   2,895     3,926     12,459     15,945     28,134  
Accruing classified loans   811     835     888     1,634     971  
Total classified assets $ 3,706   $ 4,761   $ 13,347   $ 17,579   $ 29,105  
           
Classified assets to HSB Tier 1 capital plus ALL   2.3 %   3.1 %   8.9 %   11.9 %   18.1 %
Nonperforming assets to total assets   0.18 %   0.24 %   0.79 %   1.04 %   1.87 %
           
Allowance for loan losses:          
Balance at beginning of period $ 15,256   $ 14,117   $ 12,925   $ 10,772   $ 8,330  
Provision for loan losses           1,700     2,550     2,550  
Charge-offs   (195 )   (198 )   (860 )   (403 )   (170 )
Recoveries   98     1,337     352     6     62  
Balance at end of period $ 15,159   $ 15,256   $ 14,117   $ 12,925   $ 10,772  
           
Loans, excluding PPP loans $ 999,127   $ 994,251   $ 980,257   $ 949,473   $ 950,920  
PPP loans   59,233     88,201     87,775     103,402     103,074  
Performing past due loans   1,464     2,500     2,472     2,193     3,506  
Allowance as % of loans   1.43 %   1.41 %   1.32 %   1.23 %   1.02 %
Allowance as % of loans, excluding PPP loans   1.52 %   1.53 %   1.44 %   1.36 %   1.13 %
Allowance as a % of nonperforming loans   1113.0 %   731.0 %   143.1 %   118.6 %   54.9 %
Average loans, excluding PPP loans   993,346     988,230     960,808     947,177     946,389  
Average PPP loans   77,325     83,489     100,725     102,396     78,981  
Net charge-offs (annualized) to average loans   0.04 %   -0.43 %   0.19 %   0.15 %   0.04 %
Net charge-offs (annualized) to average loans, excluding PPP loans   0.04 %   -0.46 %   0.21 %   0.17 %   0.05 %