Company Quick10K Filing
People's Utah Bancorp
Price28.92 EPS2
Shares19 P/E13
MCap550 P/FCF14
Net Debt-340 EBIT56
TEV210 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-09-30 Filed 2016-11-10
10-Q 2016-06-30 Filed 2016-08-11
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-03-23
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-14
8-K 2020-11-19
8-K 2020-10-28
8-K 2020-07-29
8-K 2020-06-30
8-K 2020-06-16
8-K 2020-05-27
8-K 2020-05-27
8-K 2020-04-22
8-K 2020-03-25
8-K 2019-12-31
8-K 2019-11-20
8-K 2019-11-12
8-K 2019-10-23
8-K 2019-09-25
8-K 2019-09-25
8-K 2019-09-03
8-K 2019-07-25
8-K 2019-06-10
8-K 2019-05-22
8-K 2019-05-22
8-K 2019-05-06
8-K 2019-03-31
8-K 2019-02-28
8-K 2019-02-27
8-K 2019-02-07
8-K 2019-01-30
8-K 2018-12-31
8-K 2018-11-28
8-K 2018-09-30
8-K 2018-09-05
8-K 2018-06-30
8-K 2018-05-23
8-K 2018-05-08
8-K 2018-04-03
8-K 2018-03-31
8-K 2018-03-06
8-K 2018-01-31
8-K 2018-01-10
8-K 2017-12-31

PUB 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation and Significant Accounting Policies
Note 2 - Investment Securities
Note 3 - Loans and Allowance for Credit Losses
Note 4 - Commitments and Contingencies
Note 5 - Fair Value
Note 6 - Income Taxes
Note 7 - Regulatory Capital Matters
Note 8 - Incentive Share - Based Plan and Other Employee Benefits
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 alta-ex311_7.htm
EX-31.2 alta-ex312_6.htm
EX-32 alta-ex32_8.htm

People's Utah Bancorp Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

alta-10q_20200930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to                

Commission file number 001-37416

 

ALTABANCORP

(Exact name of registrant as specified in its charter)

 

 

Utah

 

87-0622021

(State or other jurisdiction of

 

(IRS Employer

incorporation or organization)

 

Identification No.)

 

1 East Main Street

American Fork, Utah

 

84003

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (801) 642-3998

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

ALTA

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes    No  

As of October 30, 2020, the registrant had 18,803,418 shares of common stock $0.01 par value per share, outstanding. No preferred shares are issued or outstanding.

 


TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

Item 1 – Financial Statements

 

Unaudited Consolidated Balance Sheets

3

Unaudited Consolidated Statements of Income

4

Unaudited Consolidated Statements of Comprehensive Income

5

Unaudited Consolidated Statements of Changes in Shareholders’ Equity

6

Unaudited Consolidated Statements of Cash Flows

7

Notes to Unaudited Consolidated Financial Statements

8

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

33

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

53

Item 4 – Controls and Procedures

54

PART II. OTHER INFORMATION

 

Item 1 – Legal Proceedings

55

Item 1A – Risk Factors

55

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3 – Defaults upon Senior Securities

56

Item 4 – Mine Safety Disclosures

56

Item 5 – Other Information

56

Item 6 – Exhibits

56

Signatures

57

 

 

 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

ALTABANCORPTM AND SUBSIDIARY

UNAUDITED CONSOLIDATED BALANCE SHEETS

 

 

 

September 30,

 

 

December 31,

 

(Dollars in thousands, except share amounts)

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

44,137

 

 

$

38,987

 

Interest-bearing deposits

 

 

180,773

 

 

 

171,955

 

Federal funds sold

 

 

74

 

 

 

1,039

 

Total cash and cash equivalents

 

 

224,984

 

 

 

211,981

 

Investment securities - available for sale, at fair value

 

 

1,123,051

 

 

 

405,995

 

Non-marketable equity securities

 

 

2,890

 

 

 

2,623

 

Loans held for sale

 

 

31,872

 

 

 

18,669

 

Loans:

 

 

 

 

 

 

 

 

Loans held for investment

 

 

1,697,135

 

 

 

1,680,918

 

Allowance for credit losses

 

 

(41,495

)

 

 

(31,426

)

Total loans held for investment, net

 

 

1,655,640

 

 

 

1,649,492

 

Premises and equipment, net

 

 

37,966

 

 

 

39,474

 

Goodwill

 

 

25,673

 

 

 

25,673

 

Bank-owned life insurance

 

 

42,312

 

 

 

27,037

 

Deferred income tax assets, net

 

 

7,842

 

 

 

9,716

 

Accrued interest receivable

 

 

14,117

 

 

 

7,904

 

Other intangibles

 

 

2,638

 

 

 

2,970

 

Other real estate owned

 

 

-

 

 

 

-

 

Other assets

 

 

6,376

 

 

 

4,800

 

Total assets

 

$

3,175,361

 

 

$

2,406,334

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Non-interest bearing deposits

 

$

1,037,970

 

 

$

719,410

 

Interest bearing deposits

 

 

1,678,809

 

 

 

1,336,957

 

Total deposits

 

 

2,716,779

 

 

 

2,056,367

 

Short-term borrowings

 

 

83,490

 

 

 

-

 

Accrued interest payable

 

 

487

 

 

 

546

 

Other liabilities

 

 

14,315

 

 

 

17,059

 

Total liabilities

 

 

2,815,071

 

 

 

2,073,972

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preferred shares, $0.01 par value: 3,000,000 shares authorized; no shares issued

 

 

-

 

 

 

-

 

Common shares, $0.01 par value: 30,000,000 shares authorized; 18,802,635

 

 

 

 

 

 

 

 

and 18,870,498 shares issued and outstanding as of September 30, 2020

 

 

 

 

 

 

 

 

and December 31, 2019, respectively

 

 

188

 

 

 

189

 

Additional paid-in capital

 

 

87,116

 

 

 

87,913

 

Retained earnings

 

 

260,929

 

 

 

242,878

 

Accumulated other comprehensive income

 

 

12,057

 

 

 

1,382

 

Total shareholders’ equity

 

 

360,290

 

 

 

332,362

 

Total liabilities and shareholders’ equity

 

$

3,175,361

 

 

$

2,406,334

 

 

See accompanying notes to the unaudited consolidated financial statements.

 

3


 

ALTABANCORPTM AND SUBSIDIARY

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(Dollars in thousands, except share and per share amounts)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

22,896

 

 

$

27,544

 

 

$

72,470

 

 

$

82,152

 

Interest and dividends on investments

 

 

4,551

 

 

 

2,937

 

 

 

11,763

 

 

 

7,531

 

Total interest income

 

 

27,447

 

 

 

30,481

 

 

 

84,233

 

 

 

89,683

 

Interest expense

 

 

1,651

 

 

 

2,290

 

 

 

5,427

 

 

 

6,865

 

Net interest income

 

 

25,796

 

 

 

28,191

 

 

 

78,806

 

 

 

82,818

 

Provision for credit losses

 

 

-

 

 

 

2,100

 

 

 

2,750

 

 

 

5,800

 

Net interest income after provision for credit losses

 

 

25,796

 

 

 

26,091

 

 

 

76,056

 

 

 

77,018

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking

 

 

3,850

 

 

 

2,116

 

 

 

8,596

 

 

 

5,154

 

Card processing

 

 

986

 

 

 

976

 

 

 

2,610

 

 

 

2,405

 

Service charges on deposit accounts

 

 

813

 

 

 

744

 

 

 

2,356

 

 

 

2,106

 

Net gain on sale of investment securities

 

 

-

 

 

 

-

 

 

 

1,441

 

 

 

-

 

Other

 

 

468

 

 

 

631

 

 

 

970

 

 

 

1,737

 

Total non-interest income

 

 

6,117

 

 

 

4,467

 

 

 

15,973

 

 

 

11,402

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

11,107

 

 

 

10,410

 

 

 

32,737

 

 

 

29,822

 

Occupancy, equipment and depreciation

 

 

1,155

 

 

 

1,439

 

 

 

3,525

 

 

 

4,453

 

Data processing

 

 

1,647

 

 

 

1,280

 

 

 

5,166

 

 

 

3,262

 

Marketing and advertising

 

 

584

 

 

 

805

 

 

 

1,355

 

 

 

1,147

 

FDIC premiums

 

 

183

 

 

 

6

 

 

 

348

 

 

 

244

 

Other

 

 

2,193

 

 

 

2,128

 

 

 

6,174

 

 

 

6,755

 

Total non-interest expense

 

 

16,869

 

 

 

16,068

 

 

 

49,305

 

 

 

45,683

 

Income before income tax expense

 

 

15,044

 

 

 

14,490

 

 

 

42,724

 

 

 

42,737

 

Income tax expense

 

 

3,704

 

 

 

3,355

 

 

 

10,273

 

 

 

10,108

 

Net income

 

$

11,340

 

 

$

11,135

 

 

$

32,451

 

 

$

32,629

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.60

 

 

$

0.59

 

 

$

1.72

 

 

$

1.73

 

Diluted

 

$

0.60

 

 

$

0.59

 

 

$

1.71

 

 

$

1.72

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

18,796,401

 

 

 

18,840,381

 

 

 

18,823,507

 

 

 

18,809,334

 

Diluted

 

 

18,934,123

 

 

 

19,029,350

 

 

 

18,968,129

 

 

 

19,008,883

 

 

See accompanying notes to the unaudited consolidated financial statements.

 

4


 

ALTABANCORPTM AND SUBSIDIARY

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(Dollars in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

11,340

 

 

$

11,135

 

 

$

32,451

 

 

$

32,629

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains on securities available for sale

 

 

1,157

 

 

 

1,075

 

 

 

15,675

 

 

 

7,071

 

Reclassification adjustment for gains on available for sale securities

 

 

-

 

 

 

-

 

 

 

(1,441

)

 

 

-

 

Net unrealized holding gains on securities available for sale

 

 

1,157

 

 

 

1,075

 

 

 

14,234

 

 

 

7,071

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(289

)

 

 

(269

)

 

 

(3,559

)

 

 

(1,767

)

Other comprehensive income, net of tax

 

 

868

 

 

 

806

 

 

 

10,675

 

 

 

5,304

 

Total comprehensive income

 

$

12,208

 

 

$

11,941

 

 

$

43,126

 

 

$

37,933

 

 

See accompanying notes to the unaudited consolidated financial statements.

 

5


 

ALTABANCORPTM AND SUBSIDIARY

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

(Dollars in thousands, except share and per share

 

Common

 

 

Common

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

    amounts)

 

Shares

 

 

Stock

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Total

 

Balance as of January 1, 2019

 

 

18,728,823

 

 

$

187

 

 

$

86,308

 

 

$

207,779

 

 

$

(4,112

)

 

$

290,162

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,505

 

 

 

-

 

 

 

10,505

 

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,143

 

 

 

2,143

 

Cash dividends ($0.11 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,068

)

 

 

-

 

 

 

(2,068

)

Share-based compensation

 

 

-

 

 

 

-

 

 

 

191

 

 

 

-

 

 

 

-

 

 

 

191

 

Issuance of shares under stock incentive plans

 

 

68,457

 

 

 

1

 

 

 

393

 

 

 

-

 

 

 

-

 

 

 

394

 

Balance as of March 31, 2019

 

 

18,797,280

 

 

$

188

 

 

$

86,892

 

 

$

216,216

 

 

$

(1,969

)

 

$

301,327

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,989

 

 

 

-

 

 

 

10,989