The Bancorp, Inc. : Reports Fourth Quarter and Full Year 2019 Financial Results

The Bancorp, Inc. ("The Bancorp") (NASDAQ: TBBK), a financial holding company, today reported financial results for the fourth quarter and full year of 2019.

Highlights

• For the quarter ended December 31, 2019, The Bancorp earned net income of $2.9 million from continuing operations and $0.03 diluted earnings per share from combined continuing and discontinued operations. That net income adjusted for a $7.5 million non-deductible FDIC civil money penalty, was $10.3 million, or $0.18 per diluted share. This compares to $0.11 diluted earnings per share from continuing operations for the quarter ended December 31, 2018.

• Net interest margin increased to 3.32% for the year ended December 31, 2019, compared to 3.19% for the year ended December 31, 2018.

• Net interest income increased 15% to $35.2 million for the quarter ended December 31, 2019, compared to $30.6 million for the quarter ended December 31, 2018.

• Average loans and leases, including loans held for sale, increased 31% to $2.5 billion for the quarter ended December 31, 2019, compared to $1.9 billion for the quarter ended December 31, 2018.

• Prepaid, debit card and related fees increased 30% to $17.0 million for the quarter ended December 31, 2019, compared to $13.1 million for the quarter ended December 31, 2018. Gross dollar volume (GDV), representing total spend on cards, increased 41%.

• Total year-end SBLOC (securities-backed lines of credit) and IBLOC (insurance backed lines of credit) loans increased 30% year over year and 11% quarter over third quarter 2019 to $1.0 billion at December 31, 2019.

• Small Business Loans, including those held-for-sale, increased 22% year over year to $572.6 million at December 31, 2019.

• The average rate on $4.3 billion of average deposits and interest-bearing liabilities in the fourth quarter of 2019 was 0.77%. Average prepaid card deposits of $2.7 billion for fourth quarter 2019, reflected an increase of 22% over the $2.2 billion for the quarter ended December 31, 2018.

• Consolidated leverage ratio was 9.65% at December 31, 2019. The Bancorp and its subsidiary, The Bancorp Bank, remain well capitalized.

• Book value per common share at December 31, 2019 was $8.52 per share compared to $7.22 a year earlier, an increase of 18%.

Damian Kozlowski, The Bancorp’s Chief Executive Officer, said, “This quarter we again experienced across the board increases in both spread and fee income driven by significantly higher loan balances and GDV growth. Performance in the 4th quarter positioned us well for continued progress in 2020. Based on our current momentum, we reaffirm a minimum of $1.25 earnings per share and a $1.34 EPS target for 2020.”

The Bancorp reported net income of $1.9 million, or $0.03 income per diluted share, for the quarter ended December 31, 2019, compared to net income of $7.1 million, or $0.13 income per diluted share, for the quarter ended December 31, 2018. Results for the fourth quarter of 2019 reflect a $7.5 million non-deductible FDIC civil money penalty. Tier one capital to assets (leverage), tier one capital to risk-weighted assets, total capital to risk-weighted assets and common equity-tier 1 to risk-weighted assets ratios were 9.65%, 18.94%, 19.34% and 18.94%, respectively, compared to well-capitalized minimums of 5%, 8%, 10% and 6.5%, respectively.

Conference Call Webcast

You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, January 31, 2020 by clicking on the webcast link on The Bancorp's homepage at www.thebancorp.com. Or, you may dial 844.775.2543, access code 7997238. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website or telephonically until Friday, February 7, 2020 by dialing 855.859.2056, access code 7997238.

The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s only subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the nation. For more information please visit www.thebancorp.com.

Forward-Looking Statements

Statements in this earnings release regarding The Bancorp’s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. These statements may be identified by the use of forward-looking terminology, including but not limited to the words “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “estimate,” “continue,” or similar words. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp’s filings with the Securities Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those filings. These risks and uncertainties could cause actual results, performance or achievements to differ materially from those projected in the forward-looking statements. The forward-looking statements speak only as of the date of this press release. The Bancorp does not undertake to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this earnings release, except as may be required under applicable law.

Financial highlights
(unaudited)
		Three months ended						Year ended
		December 31,						December 31,
Condensed income statement		2019			2018			2019			2018
		(dollars in thousands except per share data)
Net interest income		$	35,179		$	30,609		$	141,288		$	120,849
Provision for loan and lease losses			1,450			925			4,400			3,585
Non-interest income
Service fees on deposit accounts			6			-			75			3,622
ACH, card and other payment processing fees			1,962			2,378			9,376			8,653
Prepaid, debit card and related fees			17,004			13,068			65,141			54,627
Net realized and unrealized gains (losses) on commercial loans originated for sale			(247)			224			24,072			20,498
Change in value of investment in unconsolidated entity			-			(708)			-			(3,689)
Leasing related income			932			718			3,243			3,071
Affinity fees			-			10			-			281
Gain on sale of IRA portfolio			-			-			-			65,000
Other non-interest income			841			1,000			2,220			1,732
Total non-interest income			20,498			16,690			104,127			153,795
Non-interest expense
Salaries and employee benefits			24,067			20,603			94,259			79,816
Data processing expense			1,210			1,446			4,894			6,187
Legal expense			995			2,034			5,319			7,845
FDIC Insurance			2,141			1,430			7,025			8,819
Software			3,551			3,425			12,731			13,304
Civil money penalties (recoveries)			7,500			-			8,900			(290)
Prepaid relationship exit expense			-			672			-			672
Lease termination expense			-			-			908			395
Other non-interest expense			8,258			8,010			34,485			34,530
Total non-interest expense			47,722			37,620			168,521			151,278
Income from continuing operations before income taxes			6,505			8,754			72,494			119,781
Income tax expense			3,641			2,691			21,226			32,241
Net income from continuing operations			2,864			6,063			51,268			87,540
Discontinued operations
Income (loss) from discontinued operations before income taxes			(1,365)			1,755			510			1,491
Income tax expense (benefit)			(355)			699			219			354
Net income (loss) from discontinued operations, net of tax			(1,010)			1,056			291			1,137
Net income		$	1,854		$	7,119		$	51,559		$	88,677
Net income per share from continuing operations - basic		$	0.05		$	0.11		$	0.90		$	1.55
Net income (loss) per share from discontinued operations - basic		$	(0.02)		$	0.02		$	0.01		$	0.02
Net income per share - basic		$	0.03		$	0.13		$	0.91		$	1.57
Net income per share from continuing operations - diluted		$	0.05		$	0.11		$	0.89		$	1.53
Net income (loss) per share from discontinued operations - diluted		$	(0.02)		$	0.02		$	0.01		$	0.02
Net income per share - diluted		$	0.03		$	0.13		$	0.90		$	1.55
Weighted average shares - basic			56,924,543			56,446,088			56,765,635			56,343,845
Weighted average shares - diluted			57,847,509			56,964,074			57,338,985			57,068,306

Balance sheet		December 31,			September 30,			June 30,			December 31,
		2019			2019			2019			2018
		(dollars in thousands)
Assets:
Cash and cash equivalents
Cash and due from banks		$	19,928		$	24,068		$	27,450		$	2,440
Interest earning deposits at Federal Reserve Bank			924,544			932,440			284,823			551,862
Total cash and cash equivalents			944,472			956,508			312,273			554,302
Investment securities, available-for-sale, at fair value			1,320,692			1,382,437			1,361,779			1,236,324
Investment securities, held-to-maturity			84,387			84,399			84,414			84,432
Commercial loans held for sale, at fair value			1,177,118			489,240			934,452			688,471
Loans, net of deferred fees and costs			1,827,673			1,683,377			1,561,451			1,501,976
Allowance for loan and lease losses			(10,238)			(10,360)			(9,989)			(8,653)
Loans, net			1,817,435			1,673,017			1,551,462			1,493,323
Federal Home Loan Bank & Atlantic Community Bancshares stock			5,342			4,342			6,342			1,113
Premises and equipment, net			17,538			17,857			17,380			18,895
Accrued interest receivable			13,619			13,898			14,567			12,753
Intangible assets, net			2,315			2,698			3,081			3,846
Deferred tax asset, net			14,145			13,006			14,574			21,622
Investment in unconsolidated entity			39,154			49,431			58,012			59,273
Assets held for sale from discontinued operations			140,657			162,098			169,109			197,831
Other assets			81,696			94,605			76,123			65,726
Total assets		$	5,658,570		$	4,943,536		$	4,603,568		$	4,437,911
Liabilities:
Deposits
Demand and interest checking		$	4,402,740		$	3,844,747		$	3,964,905		$	3,904,638
Savings and money market			174,290			25,950			26,841			31,076
Time deposits			475,000			475,000			-			-
Total deposits			5,052,030			4,345,697			3,991,746			3,935,714
Securities sold under agreements to repurchase			82			93			93			93
Short-term borrowings			-			-			45,000			-
Subordinated debenture			13,401			13,401			13,401			13,401
Long-term borrowings			40,991			41,166			41,334			41,674
Other liabilities			67,569			59,005			53,862			40,253
Total liabilities		$	5,174,073		$	4,459,362		$	4,145,436		$	4,031,135
Shareholders' equity:
Common stock - authorized, 75,000,000 shares of $1.00 par value; 56,940,521 and 56,446,088 shares issued and outstanding at December 31, 2019 and 2018, respectively			56,941			56,911			56,875			56,446
Treasury stock (100,000 shares)			(866)			(866)			(866)			(866)
Additional paid-in capital			371,633			370,113			368,771			366,181
Accumulated earnings (deficit)			50,742			48,888			28,463			(817)
Accumulated other comprehensive income (loss)			6,047			9,128			4,889			(14,168)
Total shareholders' equity			484,497			484,174			458,132			406,776
Total liabilities and shareholders' equity		$	5,658,570		$	4,943,536		$	4,603,568		$	4,437,911

Average balance sheet and net interest income		Three months ended December 31, 2019										Three months ended December 31, 2018
		(dollars in thousands)
		Average							Average			Average							Average
Assets:		Balance				Interest			Rate			Balance				Interest			Rate
Interest earning assets:
Loans net of deferred fees and costs **		$	2,514,401			$	31,177		4.96	%		$	1,905,089			$	24,782		5.20	%
Leases - bank qualified*			12,633				229		7.25	%			19,531				353		7.23	%
Investment securities-taxable			1,441,895				9,636		2.67	%			1,329,249				10,619		3.20	%
Investment securities-nontaxable*			5,825				47		3.23	%			7,814				60		3.07	%
Interest earning deposits at Federal Reserve Bank			569,804				2,505		1.76	%			436,501				2,571		2.36	%
Federal funds sold and securities purchased under agreement to resell			-				-		-				44,093				340		3.08	%
Net interest earning assets			4,544,558				43,594		3.84	%			3,742,277				38,725		4.14	%
Allowance for loan and lease losses			(10,162	)									(7,973	)
Loans held for sale from discontinued operations			149,301				1,416		3.79	%			204,354				1,921		3.76	%
Other assets			254,809										178,770
		$	4,938,506									$	4,117,428
Liabilities and Shareholders' Equity:
Deposits:
Demand and interest checking		$	3,749,860			$	5,405		0.58	%		$	3,602,089			$	7,522		0.84	%
Savings and money market			66,151				51		0.31	%			44,029				127		1.15	%
Time			406,730				2,217		2.18	%			-				-		-
Total deposits			4,222,741				7,673		0.73	%			3,646,118				7,649		0.84	%
Short-term borrowings			102,832				507		1.97	%			29,184				190		2.60	%
Securities sold under agreements to repurchase			84				-		0.00	%			156				-		0.00	%
Subordinated debentures			13,401				177		5.28	%			13,401				190		5.67	%
Total deposits and liabilities			4,339,058				8,357		0.77	%			3,688,859				8,029		0.87	%
Other liabilities			115,112										29,244
Total liabilities			4,454,170										3,718,103
Shareholders' equity			484,336										399,325
		$	4,938,506									$	4,117,428
Net interest income on tax equivalent basis*						$	36,653									$	32,617
Tax equivalent adjustment							58										87
Net interest income						$	36,595									$	32,530
Net interest margin *									3.12	%									3.32	%
* Full taxable equivalent basis, using a statutory Federal tax rate of 21% for 2019 and 2018.
** Includes loans held for sale.

Average balance sheet and net interest income		Year ended December 31, 2019										Year ended December 31, 2018
		(dollars in thousands)
		Average							Average			Average							Average
Assets:		Balance				Interest			Rate			Balance				Interest			Rate
Interest earning assets:
Loans net of deferred fees and costs **		$	2,402,686			$	126,176		5.25	%		$	1,915,456			$	94,232		4.92	%
Leases - bank qualified*			14,968				1,177		7.86	%			20,025				1,370		6.84	%
Investment securities-taxable			1,406,247				42,286		3.01	%			1,375,566				41,994		3.05	%
Investment securities-nontaxable*			6,533				215		3.29	%			8,631				262		3.04	%
Interest earning deposits at Federal Reserve Bank			472,279				10,007		2.12	%			460,577				8,737		1.90	%
Federal funds sold and securities purchased under agreement to resell			-				-		-				59,157				1,708		2.89	%
Net interest earning assets			4,302,713				179,861		4.18	%			3,839,412				148,303		3.86	%
Allowance for loan and lease losses			(9,696	)									(7,528	)
Loans held for sale from discontinued operations			169,986				6,710		3.95	%			253,348				8,810		3.48	%
Other assets			254,674										190,252
		$	4,717,677									$	4,275,484
Liabilities and Shareholders' Equity:
Deposits:
Demand and interest checking		$	3,817,176			$	30,664		0.80	%		$	3,499,288			$	23,068		0.66	%
Savings and money market			37,671				181		0.48	%			362,267				2,878		0.79	%
Time			170,438				3,555		2.09	%			-				-		-
Total deposits			4,025,285				34,400		0.85	%			3,861,555				25,946		0.67	%
Short-term borrowings			129,031				3,131		2.43	%			20,346				451		2.22	%
Securities sold under agreements to repurchase			90				-		0.00	%			173				-		0.00	%
Subordinated debentures			13,401				750		5.60	%			13,401				714		5.33	%
Total deposits and liabilities			4,167,807				38,281		0.92	%			3,895,475				27,111		0.70	%
Other liabilities			104,233										14,546
Total liabilities			4,272,040										3,910,021
Shareholders' equity			445,637										365,463
		$	4,717,677									$	4,275,484
Net interest income on tax equivalent basis*						$	148,290									$	130,002
Tax equivalent adjustment							292										343
Net interest income						$	147,998									$	129,659
Net interest margin *									3.32	%									3.19	%
* Full taxable equivalent basis, using a statutory Federal rate of 21% for 2019 and 2018.
** Includes loans held for sale.

Allowance for loan and lease losses:		Year ended			Year ended
		December 31,			December 31,
		2019			2018
		(dollars in thousands)
Balance in the allowance for loan and lease losses at beginning of period (1)		$	8,653		$	7,096
Loans charged-off:
SBA non-real estate			1,362			1,348
SBA commercial mortgage			-			157
Direct lease financing			529			637
Other consumer loans			1,102			21
Total			2,993			2,163
Recoveries:
SBA non-real estate			125			57
SBA commercial mortgage			-			13
Direct lease financing			51			64
Other consumer loans			2			1
Total			178			135
Net charge-offs			2,815			2,028
Provision charged to operations			4,400			3,585
Balance in allowance for loan and lease losses at end of period		$	10,238		$	8,653
Net charge-offs/average loans			0.12%			0.10%
Net charge-offs/average assets			0.06%			0.05%
(1) Excludes activity from assets held for sale from discontinued operations.

Loan portfolio:		December 31,			September 30,			June 30,			December 31,
		2019			2019			2019			2018
		(in thousands)
SBL non-real estate		$	84,579		$	84,181		$	75,475		$	76,340
SBL commercial mortgage			218,110			209,008			189,427			165,406
SBL construction			45,310			38,116			29,298			21,636
Small business loans*			347,999			331,305			294,200			263,382
Direct lease financing			434,460			412,755			407,907			394,770
SBLOC / IBLOC**			1,024,420			920,463			837,672			785,303
Other specialty lending			3,055			3,167			3,432			31,836
Other consumer loans ***			4,554			6,388			7,898			16,302
			1,814,488			1,674,078			1,551,109			1,491,593
Unamortized loan fees and costs			13,185			9,299			10,342			10,383
Total loans, net of deferred fees and costs		$	1,827,673		$	1,683,377		$	1,561,451		$	1,501,976
Small business portfolio:		December 31,			September 30,			June 30,			December 31,
		2019			2019			2019			2018
		(in thousands)
SBL, including deferred fees and costs			355,641			337,440			301,502			270,860
SBL, included in held-for-sale			216,930			222,007			215,064			199,977
Total small business loans		$	572,571		$	559,447		$	516,566		$	470,837

* The preceding table shows small business loans and small business loans held-for-sale, which consist of the government guaranteed portion of SBA loans, at the dates indicated (in thousands).

** Securities Backed Lines of Credit (SBLOC) are collateralized by marketable securities, while Insurance Backed Lines of Credit (IBLOC) are collateralized by the cash surrender value of insurance policies.

*** Included in the table above under Other consumer loans are demand deposit overdrafts reclassified as loan balances totaling $882,000 and $7.2 million at December 31, 2019 and December 31, 2018, respectively. Estimated overdraft charge-offs and recoveries are reflected in the allowance for loan and lease losses.

Capital ratios:		Tier 1 capital		Tier 1 capital		Total capital		Common equity
		to average		to risk-weighted		to risk-weighted		tier 1 to risk
		assets ratio		assets ratio		assets ratio		weighted assets
As of December 31, 2019
The Bancorp, Inc.		9.65%		18.94%		19.34%		18.94%
The Bancorp Bank		9.46%		18.61%		19.01%		18.61%
"Well capitalized" institution (under FDIC regulations-Basel III)		5.00%		8.00%		10.00%		6.50%
As of December 31, 2018
The Bancorp, Inc.		10.11%		20.64%		21.07%		20.64%
The Bancorp Bank		9.70%		20.18%		20.61%		20.18%
"Well capitalized" institution (under FDIC regulations)		5.00%		8.00%		10.00%		6.50%

		Three months ended				Year ended
		December 31,				December 31,
		2019		2018		2019		2018
Selected operating ratios:
Return on average assets (1)		0.15%		0.69%		1.09%		2.07%
Return on average equity (1)		1.52%		7.07%		11.57%		24.26%
Net interest margin		3.12%		3.32%		3.32%		3.19%
(1) Annualized

NOTE: For continuing operations and excluding civil money penalties, return on assets for fourth quarter and full year 2019 was 0.83% and 1.28% while return on equity was 8.5% and 13.5%, respectively.

Book value per share table:		December 31,			September 30,			June 30,			December 31,
		2019			2019			2019			2018
Book value per share		$	8.52		$	8.52		$	8.07		$	7.22
Loan quality table:		December 31,			September 30,			June 30,			December 31,
		2019			2019			2019			2018
Nonperforming loans to total loans			0.50%			0.55%			0.57%			0.36%
Nonperforming assets to total assets			0.16%			0.19%			0.19%			0.12%
Allowance for loan and lease losses to total loans			0.56%			0.62%			0.64%			0.58%
Nonaccrual loans		$	5,796		$	6,420		$	6,456		$	4,516
Loans 90 days past due still accruing interest			3,264			2,788			2,373			954
Other real estate owned			-			-			-			-
Total nonperforming assets		$	9,060		$	9,208		$	8,829		$	5,470
		Three months ended
		December 31,			September 30,			June 30,			December 31,
		2019			2019			2019			2018
		(in thousands)
Gross dollar volume (GDV) (2):
Prepaid and debit card GDV		$	19,104,327		$	17,264,890		$	16,611,551		$	13,526,647
(2) Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp Bank.

Business line quarterly summary:
Quarter ended December 31, 2019
(dollars in millions)
				Balances							Non-interest income
							% Growth							% Growth
Major business lines		Average approximate rates		Balances*			Year over year		Linked quarter annualized		Current quarter			Year over year
Loans
Institutional banking **		3.7%		$	1,024		30%		45%		na			na
SBA		5.7%			572		22%		9%		na			na
Leasing		6.5%			434		10%		21%		$	0.9		nm
Commercial real estate securitization		5.5%			960		nm		nm		nm			nm
Weighted average yield		5.1%		$	2,990
Deposits
Payment solutions (prepaid and debit card issuance) ***		0.7%		$	2,696		22%		nm		$	17.0		23%
Card payment and ACH processing		0.7%			735		-27%		nm			2.0		nm

* Loan categories are based on period end balance and deposits are based on average quarterly balances.

** Comprised of Securities Backed Lines of Credit (SBLOC), collateralized by marketable securities and Insurance Backed Lines of Credit (IBLOC), collateralized by the cash surrender value of insurance policies.

*** 2018 had been adjusted for an atypical $739,000 write-down to revenue on one relationship

Analysis of Walnut Street* marks:
		Loan activity			Marks
		(dollars in millions)
Original Walnut Street loan balance, December 31, 2014		$	267
Marks through December 31, 2014 sale date			(58)		$	(58)
Sales price of Walnut Street			209
Equity investment from independent investor			(16)
December 31, 2014 Bancorp book value			193
Additional marks 2015 - 2018			(46)			(46)
2019 Marks			-
Payments received			(108)
December 31, 2019 Bancorp book value **		$	39
Total marks					($	104)
Divided by:
Original Walnut Street loan balance					$	267
Percentage of total mark to original balance						39%
* Walnut Street is the investment in unconsolidated entity on the balance sheet which reflects the Bank's investment in a securitization of certain loans from the bank’s discontinued loan portfolio.
** Approximately 26% of expected principal recoveries were from loans and properties pending liquidation or other resolution as of December 31, 2019.
Walnut Street portfolio composition as of December 31, 2019
Collateral type		% of Portfolio
Commercial real estate non-owner occupied
Retail			51.3%
Office			-
Other			13.3%
Construction and land			23.6%
First mortgage residential owner occupied			8.6%
First mortgage residential non-owner occupied			3.2%
Total			100.0%

Cumulative analysis of marks on discontinued commercial loan principal as of December 31, 2019
		Discontinued			Cumulative			% to original
		loan principal			marks			principal
		(dollars in millions)
Commercial loan discontinued principal before marks		$	75
Florida mall held in discontinued other real estate owned			42		$	(27)
Previous mark charges			10			(10)
Mark at December 31, 2019						(4)
Total		$	127		$	(41)		32%

Analysis of discontinued commercial loan relationships as of December 31, 2019
		Performing			Nonperforming			Total			Performing			Nonperforming			Total
		loan principal			loan principal			loan principal			loan marks			loan marks			marks
		(in millions)
5 loan relationships > $6 million		$	46		$	-		$	46		$	(3)		$	-		$	(3)
Loan relationships < $6 million			18			7			25			(1)			-			(1)
		$	64		$	7		$	71		$	(4)		$	-		$	(4)

Quarterly activity for discontinued commercial loan principal
		Commercial
		loan principal
		(in millions)
Commercial loan discontinued principal September 30, 2019 before marks		$	94
Quarterly paydowns and other reductions			(19)
Commercial loan discontinued principal December 31, 2019 before marks		$	75
Marks December 31, 2019			(4)
Net commercial loan exposure December 31, 2019		$	71
Residential mortgages			45
Net loans		$	116
Florida Mall in other real estate owned			15
12 Properties in other real estate owned			9
Total discontinued assets at December 31, 2019		$	140

Discontinued commercial loan composition as of December 31, 2019
Collateral type		Unpaid principal balance			Mark December 31, 2019			Mark as % of portfolio
		(dollars in millions)
Commercial real estate - non-owner occupied:
Retail		$	4		$	(0.6)		15%
Office			3			-		-
Other			24			(0.3)		1%
Construction and land			12			-		0%
Commercial non-real estate and industrial			3			-		0%
1 to 4 family construction			11			(2.5)		23%
First mortgage residential non-owner occupied			9			(0.2)		2%
Commercial real estate owner occupied:
Retail			7			-		-
Office			-			-		-
Other			-			-		-
Residential junior mortgage			1			-		-
Other			1			-		-
Total		$	75
Less: mark			(4)
Net commercial loan exposure December 31, 2019		$	71		$	(3.6)		5%

 

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