Pretax net income for the third quarter totaled $2.1 million, a $123 thousand decrease from second quarter earnings, mainly from a $360 million increase in provisions to the allowance for loan and lease losses from Q2 to Q3, prompted by robust core loan growth experienced during the quarter.
June 30, 2021
March 31, 2021
SAN DIEGO, Nov. 19, 2021 /PRNewswire/ — The bank continues to record healthy earnings, as well as core (non-PPP) loan and deposit growth. Forgiveness of Paycheck Protection Program (PPP) loans and repayment of associated PPPLF borrowings over the third quarter resulted in lower total assets compared to June 30, 2021, as expected. As of September 30, 2021, the Bank’s total assets equaled almost $440 million, a decline of $24 million from the $464 million reported at June 30, 2021. Total loans equaled nearly $347 million as of September 30, 2021, reflecting a decline of $17 million from the $364 million reported as of June 30, 2021. The quarterly decline in loan balances includes reductions in PPP loan balances of almost $52 million from PPP forgiveness, coupled with core (non-PPP) loan growth of $34 million during the quarter. During the same period, total deposits increased nearly $31 million from the $269 million reported at June 30, 2021, to end the third quarter at just under $300 million.
Financial Results ($000) Unaudited
Total Loans $364,359
$386,148 Total Deposits
$27,948 Net Income After Tax (Quarter Ended)
$29,744 Total Equity