First Home Bancorp, Inc. Reports Record Earnings for Fourth Quarter and Full Year of 2020

Rhea-AI Summary

First Home Bancorp, Inc. (OTCQX: FHBI) achieved record earnings in Q4 and for the full year 2020, reporting a net income of $5.61 million ($2.29 per share) for Q4, up from $5.25 million in Q3 2020. Full-year net income was $12.70 million ($5.18 per share), reflecting a 183.28% increase from 2019. Driven by strong mortgage banking income, the company also reported a return on average common equity of 39.97% for Q4. Increases in loan origination fees, particularly from the Paycheck Protection Program, contributed to this growth, despite rising noninterest expenses.

Positive

• Net income for Q4 2020: $5.61 million, up 6.86% from Q3 2020.
• Full-year net income: $12.70 million, a 183.28% increase year-over-year.
• Return on average common equity: 39.97% for Q4, 25.50% for the year.
• Record mortgage loan originations of $641 million in Q4 2020.

Negative

• Noninterest expenses increased by 77.77% to $98.47 million for 2020.
• Net charge-offs rose to $2.75 million in Q4, up from $1.13 million in Q3 2020.

First Home Bancorp, Inc. (OTCQX: FHBI) (“FHBI” or the “Company”), parent company of First Home Bank (“First Home” or the “Bank”) reported record earnings for the fourth quarter and full year of 2020, driven by mortgage banking income, as well as loan origination fees and net interest income associated with the Paycheck Protection Program (“PPP”). The Company reported net income for the fourth quarter of 2020 of $5.61 million, or $2.29 per basic common share, compared to net income of $5.25 million, or $2.20 per basic common share in the third quarter 2020, and $1.17 million, or $0.45 per basic common share in the fourth quarter of 2019. Net income for the year ended December 31, 2020 was $12.70 million, or $5.18 per basic common share, an increase of $8.22 million or 183.28% over net income for the year-ended December 31, 2019 of $4.48 million or $1.90 per basic common share. The fourth quarter’s earnings increased tangible book value to $24.02 per basic common share.

FHBI Chief Executive Officer Anthony N. Leo stated: “2020 was a remarkable year for First Home Bancorp, Inc. Despite the Pandemic and ensuing recession, we achieved record earnings while strengthening our balance sheet. The investments we made over the past four years in residential and SBA lending services allowed us to take advantage of market opportunities while providing critical rescue funding to struggling businesses through the PPP. Likewise, we continued to expand our community banking franchise, growing our core deposit base by more than 25%. At the same time, we made significant investments in technology and infrastructure to position the Company for future growth in an evolving environment.”

Fourth Quarter 2020 Highlights

• The Company’s return on average common equity equaled 39.97% for the fourth quarter, bringing return on average common equity to 25.50% for the year ended December 31, 2020, a significant increase from return on average common equity of 10.55% for 2019.
• Despite significant levels of PPP loans throughout 2020 which inflated average assets, return on average assets for the fourth quarter of 2020 equaled 1.48%, bringing year-to-date return on average assets to 1.06%, compared to return on average assets for 2019 of 1.21%.
• The Bank’s Residential Mortgage Division produced a record volume of loan originations, with production of $641 million during the fourth quarter of 2020, reaching $1.91 billion in production for the year-ended December 31, 2020, compared to production of $748 million in 2019.
• PPP net loan origination fee income of $5.24 million was recognized in the fourth quarter of 2020, bringing the year-to-date total of net PPP loan origination fee income to $13.42 million. As of December 31, 2020, $12.95 million of PPP net loan origination fees are remaining to be recognized, which will be recognized over the remaining estimated lives of the loans.
• In consideration of strong revenue from other sources, the Company’s record earnings were achieved while recognizing no gain on sale of SBA guaranteed loans in the fourth quarter, advancing the Company’s strategy of increasing recurring revenue through holding government guaranteed loans.

Results of Operations

Net Income

Net income was $5.61 million for the fourth quarter of 2020 compared to net income of $5.25 million in the third quarter 2020, and $1.17 million in the fourth quarter of 2019. Net income for the year ended December 31, 2020 was $12.70 million, an increase of $8.22 million or 183.28% over net income for the year-ended December 31, 2019 of $4.48 million. The increase in net income in 2020 over 2019 was primarily due to an increase in residential loan fee income and the addition of PPP loan origination fee and interest income, offset by an increase in noninterest expenses, particularly salaries and commissions expenses, as well as an increase in provision for loan loss expense and a decline in gain on sale of SBA loans as the Company made the decision to hold the majority of guaranteed SBA balances originated in 2020.

Net Interest Income and Net Interest Margin

Net interest income was $11.57 million in the fourth quarter of 2020, an increase of $1.49 million or 14.77% from $10.08 million in the third quarter, mainly due to an increase in net PPP origination fees recognized, as well as an increase in interest income on loans other than PPP.

Net interest income was $43.73 million for the year ended December 31, 2020, an increase of $18.03 million or 70.15% from 2019. The increase was primarily due to net PPP origination fee income of $13.42 million and PPP interest income of $5.68 million recognized in 2020, offset by declines in interest income on loans and interest-bearing deposits in other banks. Net interest margin was 3.11% for the fourth quarter of 2020 compared to 2.88% for the third quarter. The increase in margin was largely due to the increase in net PPP origination fees and a decrease in interest-bearing liability costs, offset by declines in rates on loans other than PPP. Net interest margin for the year ended December 31, 2020 was 2.93%, down substantially from 4.25% realized in 2019. The primary reason for the decline is the significant amount of PPP loan balances during the majority of 2020 at a rate of 1.00%. Although the rate on PPP loans brings down the Company’s net interest margin, because these loans are pledged to the Federal Reserve’s PPP Liquidity Facility (PPPLF) at a rate of 0.35%, their balance is allowed to be excluded from capital ratios and thus the net 0.65 bps earned brings significant earnings to the Company without having to allocate capital against these assets.

Noninterest Income

Noninterest income was $31.38 million for the fourth quarter of 2020, a decrease of $814 thousand or 2.53% from $32.19 million in the third quarter. The decline was primarily the result of modest declines in residential loan fee income and SBA servicing income. Noninterest income for the year ended December 31, 2020 was $97.70 million, an increase of $44.57 million or 83.90% from $53.12 million during 2019. The increase was primarily due to an increase in residential loan fee income of $61.40 million or 196.3%, offset by a decline in gain on sale of SBA loans of $12.87 million or $91.52% to $1.19 million for 2020 as the Company made the decision to hold the majority of guaranteed SBA balances originated in 2020.

Noninterest Expense

Noninterest expense was $30.47 million in the fourth quarter of 2020, an increase of $2.27 million or 8.04% from $28.21 million in the third quarter. The increase was primarily due to an increase in salary and benefits as the Company continued to build its workforce and utilized several temporary workers to assist with the forgiveness process on PPP loans. Noninterest expense was $98.47 million for the year ended December 31, 2020, an increase of $43.08 million or 77.77% from $55.39 million during 2019. The increase was primarily due to increases in salaries and benefits, commissions, and bonus and incentives as several loan production offices were added which increased the overall count of FTE’s and also increased commissions. In addition, in order to originate and service almost $900 million of PPP loans originated in 2020, significant overtime was incurred and temporary workers utilized to handle the volume. Data processing costs also increased by $2.68 million during 2020 to $4.42 million for the year ended December 31, 2020 as software was added to originate and service PPP loans, data conversion costs were incurred in the first quarter of 2020 with the conversion of the Company’s core processing system, and per loan costs on the residential lending platform increased based on volume. Mortgage banking expense also increased proportionately with the increase in residential lending volume from $2.40 million during 2019 to $5.29 million during 2020, an increase of $2.89 million or 120.36%.

Income Taxes

Income tax expense was $1.87 million for the fourth quarter of 2020, up slightly from $1.81 million for the third quarter based primarily on an increase in pre-tax earnings. Income tax expense was $3.07 million for the year ended December 31, 2020, an increase of $1.26 million or 69.60% from $1.81 million during 2019. The increase was primarily due to the increase in pre-tax earnings; however, the purchase of Bank Owned Life Insurance in June 2020 did add tax free income, and due to the CARES Act signed in March, the Company was able to carry back net operating losses created in 2018 to prior years where tax rates were higher than they were in 2020, which created a one-time tax benefit of $969 thousand. The effective income tax rate was 19.49% for 2020 compared to 28.79% for 2019 as a result.

Balance Sheet

Assets

Total assets increased by $43.17 million or 2.88% during the fourth quarter of 2020 to $1.54 billion, mainly due to increases in residential loans held for sale and cash, offset partially by a decline in PPP loans as those loans began the forgiveness process. Total assets increased $1.01 billion or 190.77% from year- end 2019, mainly due to an increase of $825.80 million of PPP loans, net of origination fees, as well as increases in residential loans held for sale, conventional loans, and SBA loans.

Loans

Gross loans, excluding loans held for sale and PPP loans, increased by $15.28 million or 3.95% during the fourth quarter of 2020 to $402.52 million due to an increase in conventional community bank loans, as well as the resumption in mid-July of SBA 7(a) lending. Traditional SBA production was largely halted during the second quarter of 2020 as a result of the Covid-19 Pandemic and related focus on PPP loans. PPP loans, net of deferred origination fees, decreased by $53.71 million or 6.11% in the fourth quarter of 2020 to $825.80 million, as PPP loans began the forgiveness process.

Deposits

Deposits increased by $48.64 million or 9.54% during the fourth quarter of 2020 to $558.78 million, with the majority of the increase coming from increases in interest bearing demand deposits and money market accounts, partially offset by declines in time deposit and noninterest bearing demand deposit balances. Deposits increased $110.19 million, or 24.56% over the year-end 2019, with time deposits declining by $71.92 or 50.99% million year over year, offset by increases in transaction accounts and money market and savings accounts.

Asset Quality

The Company recorded provision for loan losses of $5.00 million during the fourth quarter, compared to $7.00 million in the third quarter of 2020 and $1.20 million in the fourth quarter of 2019. We continue to increase the qualitative factors in the allowance for loan loss calculation for the economic uncertainties caused by the COVID-19 pandemic resulting in the increased provision expense in the second, third, and fourth quarters of 2020.

Over the past five years, the Company’s loan losses have been incurred primarily in its SBA unguaranteed loan portfolio, particularly loans originated under the SBA 7(a) Small Loan Program. The Small Loan Program represents loans of $350,000 or less and carry an SBA guaranty of 75% to 85% of the loan, depending on the original principal balance. The default rate on loans originated in the SBA 7(a) Small Loan Program is significantly higher than the Bank’s other SBA 7(a) loans, conventional commercial loans, or residential mortgage loans.

Net charge-offs for the fourth quarter 2020 were $2.75 million, an increase of $1.62 million from $1.13 million for the third quarter 2020. Net charge-offs as a percentage of average loans, excluding PPP loans, were 0.54% for the fourth quarter 2020, an increase from 0.24% in the third quarter. Non-performing assets to total assets were 0.21% as of December 31, 2020, a slight decrease from 0.26% as of September 30, 2020, and a significant decrease from 0.70% as of December 31, 2019. Since the majority of the Company’s loan portfolio consists of SBA loans, most of which received principal and interest payments under Section 1112 of the CARES Act, asset quality trends may appear more favorable than they otherwise would without the CARES Act support.

As of December 31, 2020, a total of 245 loans with principal balances of $14.61 million were under payment deferral compared to a total of 37 loans with principal balances totaling $3.07 million under payment deferral as of September 30, 2020. Of the deferrals at December 31, 2020, 239 are SBA loans totaling $11.98 million in outstanding unguaranteed balance. As expected, the level of SBA loans on deferral increased with the expiration of the Section 1112 payment support afforded under the CARES Act at which point certain borrowers sought out payment deferrals. With the Economic Aid Act signed into law on December 27, 2020, Section 1112 CARES Act payments were extended, with some stipulations, which will assist the bulk of our SBA borrowers for 3 months and, depending on the type of business, up to 8 months of additional principal and interest payments with a cap of $9,000 per month per borrower, beginning in February 2021.

Although the Company’s asset quality trends indicate minimal stress on the portfolio, management believes it is prudent to be proactive in increasing the allowance for loan losses using qualitative measures. The ratio of the allowance for loan losses to total loans, excluding SBA guaranteed loans, residential loans held for sale, and loans whereby the Fair Value Option was elected, was 7.50% as of December 31, 2020, an increase from 6.86% as of September 30, 2020 and 4.38% as of December 31, 2019.

Capital Strength

The Bank’s Tier 1 leverage ratio increased to 11.75% as of December 31, 2020 from 10.85% as of September 30, 2020. The CET 1 and Tier 1 capital ratio to risk-weighted assets increased to 15.72% as of December 31, 2020 from 15.31% as of September 30, 2020, and the total capital to risk-weighted assets ratio increased to 17.02% as of December 31, 2020 from 16.72% as of September 30, 2020. In addition, the Company raised approximately $2.94 million of 8% Series B Cumulative Convertible Preferred Stock in the fourth quarter compared to $3.8 million raised in the third quarter 2020. In addition, $1.5 million Series A Preferred Stock was converted to Series B Preferred Stock and $500 thousand of subordinated debentures were converted to Series B Preferred Stock during the quarter. $2.0 million was down-streamed to the Bank subsidiary during the fourth quarter to provide additional capital strength.

About the Company

First Home Bancorp, Inc. is the parent company of First Home Bank, a Florida state-chartered banking institution and Federal Reserve member. The Company is headquartered in St. Petersburg, Florida with 6 full-service banking centers in the Tampa Bay area as of December 31, 2020. In addition to traditional community banking services, the Company specializes in providing lending services to small businesses nationwide guaranteed by the Small Business Administration (“SBA”). The Company also derives a significant portion of its earnings and loan production from a nationwide residential mortgage lending division with 28 residential loan production offices across the country.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “is confident that” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements involve risk and uncertainty and a variety of factors could cause our actual results and experience to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. First Home Bancorp, Inc. does not have a policy of updating or revising forward-looking statements except as otherwise required by law, and silence by management over time should not be construed to mean that actual events are occurring as estimated in such forward-looking statements.

First Home Bancorp, Inc.
Consolidated Statements of Income (Unaudited)
						QUARTERLY								YEAR-TO-DATE
		12/31/2020				9/30/2020			12/31/2019					12/31/2020				12/31/2019
Interest income:
Loans, including fees, except for PPP		$	6,355,033			$	5,979,901		$	6,263,701				$	23,985,726			$	24,430,763
PPP loan interest income			2,243,936				2,267,589			-					5,684,938				-
PPP origination fee income			5,243,921				4,302,284			-					13,419,106				-
Interest-bearing deposits in banks and other			69,627				71,590			379,483					640,715				1,270,296
Total interest income			13,912,517				12,621,364			6,643,184					43,730,485				25,701,059
Interest expense:
Deposits			1,379,429				1,539,272			2,174,681					7,490,180				7,319,102
PPP Liquidity Facility (PPPLF)			783,130				793,834			-					1,968,407				-
Other			177,606				204,794			241,808					819,721				947,741
Total interest expense			2,340,165				2,537,900			2,416,489					10,278,308				8,266,843
Net interest income before provision for loan losses			11,572,352				10,083,464			4,226,695					33,452,177				17,434,216
Provision for loan losses			5,000,000				7,000,000			1,200,000					16,900,000				8,869,230
Net interest income after provision for loan losses			6,572,352				3,083,464			3,026,695					16,552,177				8,564,986
Noninterest income:
Service charges on deposit accounts			222,689				251,399			249,812					932,729				993,604
Bank Owned Life Insurance income			84,535				81,354			-					183,448				-
Residential loan fee income			30,789,739				31,226,113			9,679,326					92,677,889				31,275,897
Gain on sale of SBA loans			(10,124	)			-			2,437,660					1,192,114				14,058,733
SBA loan servicing right gain			-				-			1,175,800					530,000				6,660,638
Loss on sale of unguaranteed loan amounts			(70,000	)			-			-					(70,000	)			(216,222	)
SBA servicing income, net			270,862				565,316			428,590					2,023,771				1,401,107
Other noninterest income			89,896				67,423			(120,161	)				225,317				(1,049,424	)
Total noninterest income			31,377,597				32,191,605			13,851,027					97,695,268				53,124,333
Noninterest expense:
Salaries and benefits			11,906,236				8,875,345			5,954,439					36,402,899				24,391,699
Commissions			9,409,466				9,725,240			3,278,843					28,820,136				11,181,875
Bonus and incentives			775,175				2,193,604			767,624					5,251,472				1,152,790
Occupancy and equipment expense			1,138,749				1,182,547			921,102					4,453,112				3,355,638
Data processing			1,332,170				1,163,263			545,850					4,418,398				1,738,622
Professional services			1,189,689				877,920			660,230					3,532,645				2,195,228
Mortgage lead generation			683,361				379,665			452,788					1,924,801				1,518,313
Marketing and business development			620,361				337,251			325,983					1,628,510				1,599,800
Mortgage banking expense			1,647,194				1,620,411			753,678					5,292,614				2,401,841
Regulatory assessments			25,941				144,494			93,351					443,927				420,068
ATM and interchange expense			91,956				42,699			60,504					285,897				266,468
Telecommunications expense			145,793				135,504			175,978					572,884				663,587
Employee recruting and development			633,898				244,607			604,487					1,768,698				1,698,211
Loan origination and collection			268,416				907,667			351,407					2,039,506				1,539,359
Other expenses			606,112				377,379			320,872					1,633,983				1,268,554
Total noninterest expense			30,474,517				28,207,596			15,267,136					98,469,482				55,392,053
Income before taxes			7,475,432				7,067,473			1,610,586					15,777,963				6,297,266
Income tax expense			1,869,346				1,814,512			443,278					3,074,881				1,813,052
Net income		$	5,606,086			$	5,252,961		$	1,167,308				$	12,703,082			$	4,484,214
Preferred dividends			306,616				201,390			177,638					863,282				462,903
Net income available to common shareholders		$	5,299,470			$	5,051,571		$	989,670				$	11,839,800			$	4,021,311

First Home Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
Assets		12/31/2020				9/30/2020				12/31/2019
Cash and due from banks		$	2,789,933			$	2,707,048			$	3,080,132
Interest-bearing deposits in banks			52,588,765				31,769,546				107,499,915
Cash and cash equivalents			55,378,698				34,476,594				110,580,047
Certificates of deposit			2,381,000				2,381,000				2,381,000
Securities HTM and restricted equity securities			2,403,186				2,750,744				2,542,622
Residential loans held for sale			208,704,152				149,406,587				76,415,993
SBA loans sold, not yet settled			-				-				229,500
PPP loans, net of deferred fees and costs			825,802,040				879,509,575				-
Community bank loans			147,838,945				138,052,872				120,007,428
SBA loans			254,681,272				249,190,542				193,926,601
Total loans held for investment			1,228,322,257				1,266,752,989				313,934,029
Allowance for loan losses			(21,162,339	)			(18,912,627	)			(10,741,950	)
Loans, net			1,207,159,918				1,247,840,362				303,192,079
Accrued interest receivable			7,299,759				5,262,324				2,122,505
Premises and equipment, net			18,114,600				16,881,153				16,478,919
Loan servicing assets			8,159,501				9,169,119				11,279,960
Bank Owned Life Insurance			12,183,448				12,098,913				-
Other assets			22,906,514				21,249,043				6,017,012
Total assets		$	1,544,690,776			$	1,501,515,839			$	531,239,637
Liabilities
Noninterest-bearing transaction accounts		$	62,650,336			$	70,115,349			$	51,025,076
Interest-bearing transaction accounts			140,265,079				112,901,869				71,134,209
Savings and money market deposits			286,743,776				247,707,500				185,391,517
Time deposits			69,125,349				79,416,573				141,043,368
Total deposits			558,784,540				510,141,291				448,594,170
Federal Home Loan Bank advances			-				10,000,000				10,000,000
Subordinated debentures			5,947,900				6,942,980				7,415,750
Notes payable			3,754,465				3,868,229				4,095,696
PPP Liquidity Facility			881,261,659				889,769,683				-
Accrued expenses and other liabilities			23,873,311				18,639,755				9,802,358
Total liabilities			1,473,621,875				1,439,361,938				479,907,974
Stockholders' equity
Preferred stock, series A			6,161,000				7,661,000				7,661,000
Preferred stock, series B			8,516,114				3,723,101				-
Common stock and additional paid-in capital			43,043,215				42,495,534				41,362,038
Deferred compensation - restricted stock			(40,958	)			(46,874	)			(156,116	)
Retained earnings			13,389,530				8,321,140				2,464,741
Total stockholders' equity			71,068,901				62,153,901				51,331,663
Total liabilities and stockholders' equity		$	1,544,690,776			$	1,501,515,839			$	531,239,637

First Home Bancorp, Inc.
Selected Financial Data
		QUARTERLY													YEAR-TO-DATE
Selected income statement data:		12/31/2020				9/30/2020				12/31/2019					12/31/2020				12/31/2019
Interest income		$	13,912,517			$	12,621,364			$	6,643,184				$	43,730,485			$	25,701,059
Interest expense			2,340,165				2,537,900				2,416,489					10,278,308				8,266,843
Net interest income			11,572,352				10,083,464				4,226,695					33,452,177				17,434,216
Provision for loan losses			5,000,000				7,000,000				1,200,000					16,900,000				8,869,230
Noninterest income			31,377,597				32,191,605				13,851,027					97,695,268				53,124,333
Noninterest expense			30,474,517				28,207,596				15,267,136					98,469,482				55,392,053
Income tax expense			1,869,346				1,814,512				443,278					3,074,881				1,813,052
Net income			5,606,086				5,252,961				1,167,308					12,703,082				4,484,214
Preferred dividends			306,616				201,390				177,638					863,282				462,903
Net income available to common shareholders			5,299,470				5,051,571				989,670					11,839,800				4,021,311
Balance sheet data:
Average loans		$	1,374,750,567			$	1,317,669,322			$	393,971,764				$	1,005,343,602			$	368,356,718
Average loans, excluding PPP loans			509,522,563				457,883,681				393,971,764					449,111,848				368,356,718
Average loans, excluding LHFS			1,264,263,002				1,226,741,566				320,905,437					920,323,065				325,232,340
Average assets			1,513,402,577				1,457,997,688				508,003,776					1,198,022,631				451,281,577
Average total equity			66,876,764				55,792,690				49,087,635					56,092,716				43,122,309
Average common equity			53,035,258				46,741,352				41,192,635					46,422,005				38,125,521
Total loans, period end			1,437,026,409				1,416,159,576				390,350,022					1,437,026,409				390,350,022
Total loans, excluding PPP			611,224,369				536,650,001				390,350,022					611,224,369				390,350,022
Total loans, excluding PPP and LHFS			401,520,217				387,243,414				313,934,029					401,520,217				313,934,029
Loans where the Fair Value Option (FVO) was elected			9,265,984				9,508,423				10,341,039					9,265,984				10,341,039
Total loans, excl guaranteed loans, LHFS, and FVO loans			282,058,094				275,832,044				245,145,050					282,058,094				245,145,050
ALLL, period end			21,162,339				18,912,627				10,741,950					21,162,339				10,741,950
Total assets, at period end			1,544,690,776				1,501,515,839				531,239,637					1,544,690,776				531,239,637
Per share data:
Basic earnings per share		$	2.29			$	2.20			$	0.45				$	5.18			$	1.90
Tangible book value per common share (at period end)		$	24.02			$	21.85			$	19.15				$	24.02			$	19.15
Shares of common stock outstanding			2,323,345				2,303,460				2,262,526					2,323,345				2,262,526
Performance ratios:
Return on average assets			1.48	%			1.44	%			0.92	%				1.06	%			0.99	%
Return on average common equity			39.97	%			43.23	%			9.61	%				25.50	%			10.55	%
Yield on average earning assets			3.76	%			3.55	%			5.49	%				3.76	%			6.02	%
Cost of average interest bearing deposits			0.68	%			0.72	%			2.43	%				0.97	%			2.40	%
Net interest margin			3.13	%			2.88	%			3.52	%				2.88	%			4.08	%
Asset quality ratios:
Net charge-offs			2,754,955				1,112,533				1,080,345					6,479,611				4,687,469
Net charge-offs/avg loans excl PPP			0.54	%			0.24	%			0.27	%				1.44	%			1.27	%
Non-performing loans, at period end			3,263,797				3,975,896				3,703,285					3,263,797				3,703,285
Non-performing assets, at period end			3,263,797				3,975,896				3,703,285					3,263,797				3,703,285
Non-performing loans/total loans			0.23	%			0.28	%			0.95	%				0.23	%			0.95	%
Non-performing assets/total assets			0.21	%			0.26	%			0.70	%				0.21	%			0.70	%
ALLL/Total loans			1.47	%			1.34	%			2.75	%				1.47	%			2.75	%
ALLL/Total loans, excl PPP loans			3.46	%			3.52	%			2.75	%				3.46	%			2.75	%
ALLL/Total loans, excl guaranteed loans, LHFS, and FVO loans			7.50	%			6.86	%			4.38	%				7.50	%			4.38	%
Other company information:
FTEs			596				545				423					596				423
Community banking center offices			6				6				5					6				5
Loan production offices			28				28				21					28				21

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210201005815/en/

FAQ

What were the earnings results for First Home Bancorp in Q4 2020?

First Home Bancorp reported net income of $5.61 million for Q4 2020, an increase from $5.25 million in Q3 2020.

How did First Home Bancorp perform in 2020 compared to 2019?

The company achieved a net income of $12.70 million in 2020, a 183.28% increase from $4.48 million in 2019.

What is the future outlook for First Home Bancorp based on the latest earnings report?

The company's strong mortgage banking income and increased core deposit base suggest positive future growth potential.

How did the Paycheck Protection Program affect First Home Bancorp's earnings?

The Paycheck Protection Program contributed significantly to earnings through loan origination fees and interest income.