April 2014

Report on SBLF Participants’

Small Business Lending Growth

Submitted to Congress pursuant to Section 4106(3) of

the Small Business Jobs Act of 2010
1

OVERVIEW

Small businesses are a vital part of the American economy and their success is a critical component of the economic

recovery.  Established by the Small Business Jobs Act of 2010 (the Act), the Small Business Lending Fund (SBLF) is a

dedicated fund designed to provide capital to qualified community banks1 and community development loan funds

(CDLFs) in order to encourage small business lending.  The purpose of the SBLF is to encourage Main Street banks and

small businesses to work together, help create jobs, and promote economic growth in communities across the

nation.   

This report provides information on changes in small business lending by SBLF participants as of December 31, 2013,

relative to baseline levels.2

   As of December 31, 2013, institutions participating in SBLF have made important

progress in increasing their small business lending, helping to support small businesses and local economies across

the nation.

• In total, SBLF participants have increased their small business lending by $12.5 billion over a $33.0 billion

baseline, and by $1.3 billion over the prior quarter.

• Increases in small business lending are widespread across SBLF participants, with 95 percent of participants

having increased their small business lending over baseline levels.

• Most participants report that their small business lending increases have been substantial, with 90 percent

increasing small business lending by 10 percent or more.

This report also provides information on changes in business lending and other lending by SBLF banks relative to (i) a

representative peer group of 466 community banks that were selected to match the specific size, geography, and

financial condition of SBLF banks and (ii) a broader comparison group of the 5,978 similarly‐sized community banks

that are headquartered in the same states as SBLF banks.   

• SBLF banks have increased business loans outstanding by a median of 58.8 percent over baseline levels,

versus a 14.3 percent median increase for the representative peer group and a 9.7 percent median increase

for the broader comparison group.

• SBLF banks have increased business lending by substantially greater amounts across median measures of

size, geography, loan type, and financial condition versus the peer and comparison groups.

• SBLF banks that refinanced CPP funding have increased business lending by a median of 56.1 percent since

their initial receipt of CPP funding from Treasury versus a 20.9 percent increase for the peer group and a 14.5

percent increase for the comparison group over the same period.    

Please see Appendix A for additional information regarding the methodology employed in this report.

                                                            

1 In this report, the terms “banks” and “community banks” encompass banks, thrifts, and bank and thrift holding companies with consolidated

assets of less than $10 billion.    2 As established in the Act, the baseline for measuring the change in small business lending is the average of the amounts that were reported

for each of the four calendar quarters ended June 30, 2010.
2

BACKGROUND

This report is submitted to Congress pursuant to Section 4106(3) of the Act, which directs the Secretary of the

Treasury to provide a quarterly written report on how institutions participating in the SBLF program have used the

funds they received under the program.  

Treasury invested over $4.0 billion in 332 institutions through the SBLF program.  These amounts include investments

of $3.9 billion in 281 community banks and $104 million in 51 CDLFs.  Collectively, these institutions operate in over

3,000 locations across 48 states.  This report includes information on the 298 institutions that continued to

participate in the program as of December 31, 2013, including 248 community banks and 50 CDLFs.  The initial

disbursement of SBLF funding to banks occurred on June 21, 2011, with subsequent transactions completed

thereafter until the program’s September 27, 2011 statutory funding deadline.   

As of March 1, 2014, 32 institutions with aggregate investments of $472.1 million have fully redeemed their SBLF

securities and exited the program, and 16 institutions have partially redeemed $131.3 million (or 45 percent of their

SBLF securities) though continue to participate in the program.  Many of the institutions that have elected to redeem

have reported negative qualified small business lending and have subsequently been unable to take advantage of the

dividend incentive associated with the program.  To date, full redemptions, primarily by institutions reporting

negative qualified small business lending, have resulted in a net positive increase to total reported qualified small

business lending for Q4 2013 of $152 million because the small business lending attributable to those institutions is

removed from the total reported change in small business lending upon a participant’s exit from the SBLF program.

The SBLF program encourages lending to small businesses by providing capital to community banks and CDLFs with

less than $10 billion in assets.

   

• For community banks, the SBLF program is structured to encourage small business lending through a dividend

or interest rate incentive structure.  The initial rate payable on SBLF capital is, at most, 5 percent, and the rate

falls to 1 percent if a bank’s small business lending increases by 10 percent or more. 3

  Banks that increase their

lending by amounts less than 10 percent pay rates between 2 percent and 4 percent.  If a bank’s lending does

not increase in the first two years, however, the rate increases to 7 percent.  If a bank has not repaid the SBLF

funding after four and a half years, the rate increases to 9 percent.

• For CDLFs, the SBLF program is structured to encourage small business lending through access to low‐cost

capital at a 2 percent interest rate. These non‐profit loan funds play a critical role in distressed communities

across the country that lack access to mainstream financial services. CDLFs engage in activities including

offering microloans to entrepreneurs, providing mezzanine debt to growing small businesses, and financing

community facilities like charter schools and health clinics.

As established in the Act and described above, the SBLF program operates through an indirect mechanism to achieve

policy outcomes.  The additional lending capacity provided by SBLF capital – coupled with the program’s dividend or

interest rate incentives in the case of community banks – encourages institutions to increase small business lending.  

Because of the program’s structure, increases in small business lending cannot be directly linked to the use of SBLF

funds.  However, the program’s impact can be observed indirectly.  Accordingly, this report provides information

                                                            

3 The initial interest rate paid by S corporations and mutual institutions is, at most, 7.7 percent. If these institutions increase their small business

lending by 10 percent or more, then the rate falls to as low as 1.5 percent. These interest rates equate to after‐tax effective rates (assuming a

35% tax rate) equivalent to the dividend rate paid by C corporation participants.
3

regarding aggregate increases in small business lending as well as a comparison of outcomes between program

participants and a peer group matched on key characteristics.  For additional information regarding the methodology

employed in this report, please see Appendix A.   

   
4

INCREASES IN SMALL BUSINESS LENDING OVER BASELINE LEVELS

As of December 31, 2013, SBLF participants have increased their small business lending by $12.5 billion over their

aggregate baseline of $33.0 billion.  Bank participants have increased their small business lending by $12.2 billion (or

38 percent) over a $32.2 billion baseline, and CDLFs increased their small business lending by $327.7 million (or 41

percent) over a $794.0 million baseline.  The following graph shows the aggregate increase in qualified small business

lending reported by SBLF participants as of December 31, 2013.  

Increase in Small Business Lending over Baseline by SBLF Participants

(Reported as of December 31, 2013)

Increases in small business lending are widespread among SBLF participants.  To date, 237 of the 248 participating

community banks (or 96 percent) and 46 of the 50 CDLFs (or 92 percent) have increased their small business lending.  

In addition, 269 of the 298 SBLF participants (or 90 percent) have increased their small business lending by 10 percent

or more.   

The graph on the following page shows quarter‐over‐quarter changes in the number of participants reporting lending

in the five ranges of small business loan growth that correspond to various dividend or interest rates payable on SBLF

securities.  
5

   

SBLF Participants Reporting Increases in Small Business Lending over Baseline4

(Reported as of December 31, 2013)  

To achieve the lowest available dividend or interest rate under the SBLF program terms (the “program incentive”),

current participants would have needed to increase small business lending in aggregate by at least $3.8 billion.5

  As of

December 31, 2013, the $12.5 billion increase achieved over baseline levels is approximately 3.3 times greater than

the $3.8 billion program incentive.6

The figures in this section reflect changes in small business lending over baseline levels as specified by the Act

(defined as the loan balances that were reported for each of the four calendar quarters ended June 30, 2010).  The

first four of Treasury’s investments in SBLF participants were made in the quarter ended June 30, 2011, with all

subsequent investments made in the quarter ended September 30, 2011.  Please see Appendix B for additional

information on changes in small business lending following the initial SBLF investments.

In the period between the baseline and the investment date, some participants increased lending, while others

decreased.  The Act, and the associated program terms, specified that an institution’s initial dividend or interest rate

shall be based on call report data published in the quarter immediately preceding the date of the SBLF investment.  

Among other effects, this provision may have encouraged institutions to increase small business lending prior to

entering the SBLF program, as they would receive the associated dividend or interest rate benefit immediately upon

                                                            

4 As a result of redemptions, the total number of SBLF institutions was 298 as of Q4 2013, 307 as of Q3 2013, 315 as of Q2 2013, 317 as of Q1

2013, 320 as of Q4 2012, 326 as of Q3 2012, 328 as of Q2 2012, and 332 as of Q1 2012 and Q4 2011. 5 Throughout this report, the term “program incentive” is defined as the aggregate increase that would be required for participants to receive

the lowest available dividend or interest rate under the SBLF program terms. 6 As of December 31, 2013, some institutions have increased lending by more than their maximum program incentive, while others have

increased by less or decreased.  Please see Appendix C for institution‐specific reporting of small business lending by SBLF participants.

66

11 12

19

224

67

6 14 18

227

50

13 6 13

249

45

7 9 13

252

35

3

14 5

263

35

7 8 8

259

27

9 5 3

271

23

3 2 2

277

15 2 3 9

269

0

50

100

150

200

250

300

Under 2.5% or

Reduced

2.5 to 4.9% Increase 5.0 to 7.4% Increase 7.5 to 9.9% Increase 10.0% or Greater

Increase

SBLF Participants (#)

Increase in Small Business Lending over Baseline

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
6

entry.  At the same time, some institutions took actions (e.g., sales of loans or branches or reductions in loans

outstanding) that reduced the amount of reported small business lending, such that their initial change in small

business lending over their baseline was negative.

In total, 262 (79 percent) of SBLF participants increased lending by $4.5 billion and 70 (21 percent) participants

decreased lending by $991 million from the baseline period until the time of Treasury’s initial investments in the

quarter ended September 30, 2011.  Of the 15 participants (5 percent) that presently report negative changes in

small business lending, five had reduced their small business lending in the period between the baseline and the

investment date, though have since increased their lending above that initial level.   

Distribution of Small Business Lending Increases by Quartile

Increases in small business lending are widespread among SBLF participants.  The largest dollar value increases in

small business lending have been made in aggregate by participants with the largest amount of SBLF funds

outstanding.  Funds outstanding is defined as the amount of funds received from SBLF minus funds that have been

redeemed.

If ranked and grouped by the amount of SBLF funds outstanding, the 75 institutions that received $13.4 million or

more of SBLF funding accounted for $6.8 billion of the total reported increase in small business lending with $2.3

billion of funds outstanding.  The following graph shows the changes in small business lending over baseline levels

across four equally‐sized groups of SBLF participants based on the dollar amount of their SBLF funds outstanding.

Changes in Small Business Lending by Dollar Amount of SBLF Funds Outstanding

(Reported as of December 31, 2013)

If ranked and grouped by the dollar value of changes in small business lending, the top quartile of participants

accounted for $8.7 billion of the gross reported increase in small business lending with $1.8 billion of SBLF funds

$2.3

$0.7 $0.4 $0.1

$6.8

$3.3

$1.6

$0.8

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

First Quartile

($13.4 ‐ $141.0

Million)

Second Quartile

($6.8 ‐ $13.0 Million)

Third Quartile

($3.1 ‐ $6.8 Million)

Fourth Quartile

($3.1 Million or Less)

$ Billions

Quartiles by Dollar Amount of Funds Outstanding

SBLF Funds Outstanding Change in Small Business Lending over Baseline
7

outstanding.  The following graph shows the change in small business lending over baseline levels across four equally‐

sized groups of SBLF participants based on the dollar amount of their change in lending.

Increase in Small Business Lending by Dollar Amount of Lending Change

(Reported as of December 31, 2013)

Distribution of Small Business Lending Increases by Institution Size

Small business lending increased among groups of institutions of all sizes (as defined by total assets), with the largest

aggregate increases in dollar value reported by the largest institutions.7

  The largest institutions (defined as those

participants with more than $1.0 billion in total assets) increased small business lending by $3.8 billion while the

smallest institutions (defined as those participants with less than $250 million in assets) increased small business

lending by $3.1 billion.  The following graph shows increases in small business lending over baseline levels and SBLF

funds outstanding across four categories of institution size.

   

                                                            

7 In this report, institution size (including the size ranges in this graph and the segmentation of institutions) is based on the total assets reported

by banks as of March 31, 2011, the quarter immediately prior to Treasury’s first SBLF investment.

$1.8

$0.8 $0.5 $0.4

$8.7

$2.6

$1.2

$0.0

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

First Quartile

(Over $48.8 Million)

Second Quartile

($23.9 ‐ $48.8 Million)

Third Quartile

($8.5 ‐ $23.9 Million)

Fourth Quartile

($8.3 Million or Less)

$ in Billions

Quartiles by Dollar Amount of Change in Small Business Lending

SBLF Funds Outstanding Change in Small Business Lending over Baseline

The change in Small

Business Lending over

Baseline for the 4th

Quartile amounted to

$10.8 million in Q4 2013
8

Increase in Small Business Lending by Institution Size

(Reported as of December 31, 2013)

Distribution of Small Business Lending Increases by Regional Geography

In each region of the country, SBLF participants reported aggregate increases in small business lending.  Institutions in

the Southeast reported the largest aggregate increase ($3.2 billion) with one of the larger shares of SBLF funds

outstanding ($734 million).   

The following graph shows increases in small business lending over baseline levels and SBLF funds outstanding across

six geographic regions. 8

   

                                                            

8 In this report, the Midwest region includes: IA, IL, IN, KS, KY, MI, MN, MO, ND, NE, OH, SD, and WI.  The Southwest region includes: AZ, CO, LA,

NM, OK, TX, and UT.  The Southeast region includes: AL, AR, FL, GA, MS, NC, TN, SC, VA, and WV.  The Mid‐Atlantic region includes: DC, DE, MD,

NJ, NY, and PA.  The West region includes: CA, ID, MT, NV, OR, WA, and WY.  The Northeast region includes: CT, MA, ME, NH, RI, and VT.

$0.6 $0.7 $0.8

$1.3

$3.1 $3.0

$2.6

$3.8

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$7.0 ‐ $249 Million

(n=162)

$250 ‐ $499 Million

(n=65)

$500 ‐ $999 Million

(n=44)

$1.0 ‐ $6.4 Billion

(n=27)

$ in Billions

Size by Total Assets

SBLF Funds Outstanding Change in Small Business Lending over Baseline
9

Increase in Small Business Lending by Regional Geography

(Reported as of December 31, 2013)

Based on the average loan size reported by participants in the June 2013 Results of the First Annual Lending Survey,

the $12.5 billion aggregate increase in small business lending represents an estimated 56,900 additional loans to

small businesses.9

  The following graph shows the estimated number of additional loans to small businesses by

regional geography.

Estimated Number of Additional Loans to Small Businesses by Regional Geography

(Reported as of December 31, 2013)

                                                            

9 The number of additional small business loans is calculated by dividing each participant’s change in small business lending as of December 31,

2013 by the average loan size the participant reported on its SBLF lending survey for the year ended June 30, 2012 and aggregating the

resulting loan counts.  The resulting aggregate is rounded to the nearest hundred loans.

$0.9 $0.9

$0.7

$0.4 $0.3 $0.2

$2.7

$3.1 $3.2

$1.6

$1.2

$0.8

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

Midwest

(n=86)

Southwest

(n=43)

Southeast

(n=66)

Mid‐Atlantic

(n=49)

West

(n=32)

Northeast

(n=22)

$ in Billions

Axis Title SBLF Funds Outstanding Change in Small Business Lending over Baseline

5,100

15,200

3,000

15,700

13,400

4,500

Southwest

(n=43)

Southeast

(n=66)

Northeast

(n=22)

Midwest

(n=86)

Mid‐Atlantic

(n=49)

West

(n=32)
10

COMPARISON OF LENDING BY SBLF BANKS AND NON‐SBLF BANK GROUPS

This section compares changes in business lending and other lending by SBLF banks relative to (i) a representative

“peer group” of 466 community banks that were selected to match the specific size, geography, and financial

condition of SBLF banks and (ii) a broader “comparison group” of all 5,978 similarly‐sized community banks that are

headquartered in the same states as SBLF banks and engaged in business lending.  Please see Appendix A for

additional information regarding the composition of the peer group and comparison group.

SBLF banks have increased business lending by substantially greater amounts than both the peer and comparison

groups across median measures of size, geography, and loan type.  SBLF banks also report a median increase in other

(non‐business related) types of lending, while the peer group shows a smaller median increase and the comparison

group shows a decrease in such lending.  

Overall Changes in Business Lending and Other Lending

Comparing the level of loans outstanding as of December 31, 2013 to their baseline levels, SBLF banks increased

business lending by a median of 58.8 percent, versus an 14.3 percent median increase for the peer group and a 9.7

percent median increase for the comparison group.  In addition to increasing business lending, SBLF banks increased

other types of lending by a median of 34.9 percent over baseline levels, versus a median increase of 6.8 percent

among the peer group and 1.1 percent decrease among the comparison group.

The following graph shows changes in business lending and other lending by SBLF banks, the peer group, and the

comparison group.

Changes in Business Lending and Other Lending

(Reported as of December 31, 2013)

   

58.8%

34.9%

14.3%

6.8%

9.7%

‐1.1% ‐10%

0%

10%

20%

30%

40%

50%

60%

Median

Business Lending Other Lending

Change in Lending by Loan Category

over Baseline Levels (%)

SBLF Banks Peer Group Comparison Group
11

Distribution of Changes in Business Lending

A substantially greater percentage of SBLF banks than banks in the peer and comparison groups report significant

increases in business lending.  In total, 93 percent of banks participating in SBLF have increased their business lending

by 10 percent or more versus 55 percent for the peer group and 50 percent for the comparison group.  Thirty‐four

percent of the peer group and 39 percent of the comparison group have reduced business lending versus 4 percent of

SBLF bank participants.

Distribution of Changes in Business Lending  

(Reported as of December 31, 2013)

SBLF banks increased business lending to a greater extent than both the peer and comparison groups as measured by

the proportion of institutions reporting increases, as well as the percentage increases reported.   SBLF banks

increased business lending by a mean of 85 percent with a standard deviation of 76 percentage points.10  The peer

group of non‐SBLF banks increased business lending by a mean of 31 percent with a standard deviation of 58

percentage points while the comparison group increased business lending by a mean of 19 percent with a standard

deviation of 50 percentage points.   

   

                                                            

10 The calculations of the mean and standard deviation for each group apply a 90 percent winsorization (i.e., all data below the fifth percentile is

set to the value of the fifth percentile and all data above the 95th percentile is set to the value of the 95th percentile).  Winsorization is a

statistical transformation used to limit the effect of extreme values in a sample.  The standard deviation is a measure of the variation of data

points from their mean.  In these results, the large standard deviations indicate that the percentage increases in business lending by SBLF banks

and the peer and comparison groups are distributed over a large range of values and not concentrated around the mean.   

2% 1% 4%

8%

20%

65%

23%

11% 11% 10%

15%

29% 30%

10% 11% 10%

16%

24%

0%

10%

20%

30%

40%

50%

60%

70%

10.0% or

Greater

Decrease

0.1% to   9.9%

Decrease

0.0% to   9.9%

Increase

10.0% to 19.9%

Increase

20.0% to 39.9%

Increase

40.0% or

Greater Increase

Population of Banks (%)

Change in Business Lending over Baseline Levels (%)

SBLF Banks Peer Group Comparison Group
12

Changes in Business Lending by Regional Geography

In each region of the country, SBLF banks reported median increases in business lending while both the peer group

and the comparison group reported smaller median increases.  The following graph compares median changes in

business lending by SBLF banks and the peer and comparison groups across six regions.

   

Changes in Business Lending by Regional Geography

(Reported as of December 31, 2013)

Changes in Business Lending by Institution Size

Across all ranges of institution size as defined by total assets, SBLF banks reported median increases in business

lending while both the peer group and comparison group reported smaller median increases.  The following graph

compares median changes in business lending by SBLF banks and the peer and comparison groups across four

categories of institution size.

   

49%

84%

63%

54%

58%

65%

59%

17%

23%

7%

22%

4%

14% 14% 12% 15%

‐2%

9% 6%

18%

10%

‐20%

0%

20%

40%

60%

80%

100%

Midwest Southwest Southeast Mid‐Atlantic West Northeast Overall

Median Change in Business Lending over

Baseline Levels (%)

SBLF Banks Peer Group Comparison Group
13

Changes in Business Lending by Institution Size

(Reported as of December 31, 2013)

Changes in Business Lending by Loan Category

Across all of the four loan categories that comprise business lending, SBLF banks reported median increases in

business lending while both the peer group and comparison group reported smaller median increases or no change.  

The following graph compares median changes in business lending by SBLF banks and the peer and comparison bank

groups across the four loan categories.

Changes in Business Lending by Loan Category

(Reported as of December 31, 2013)

68%

62%

46% 43%

59%

13% 11%

18% 19%

14%

11% 8% 5% 9% 10%

0%

10%

20%

30%

40%

50%

60%

70%

$7.0 ‐ $249 Million $250 ‐ $499

Million

$500 ‐ $999

Million

Median

$1.0 ‐ $6.4 Billion Overall

Change in Business Lending over

Baseline Levels (%)

SBLF Banks Peer Group Comparison Group

Size by Total Assets

48%

66%

45%

53%

59%

13% 14% 16%

13%

14%

2%

4%

13%

20%

10%

‐10%

0%

10%

20%

30%

40%

50%

60%

70%

Commercial &

Industrial

Owner Occupied

CRE

Agricultural

Production

Farmland Overall

Median Change in Loan Category over

Baseline Levels (%)

SBLF Banks Peer Group Comparison Group
14

Changes in Business Lending by Financial Condition

Across all ranges of financial condition as measured by Texas ratio11, SBLF banks reported median increases in

business lending while both the peer group and comparison group reported smaller median increases or median

decreases.  The following graph compares median changes in business lending by SBLF banks and the peer and

comparison groups across four categories of Texas ratios.

Changes in Business Lending by Financial Condition

(Reported as of December 31, 2013)

   

                                                            

11 The Texas ratio is used as a proxy for the financial condition of the institution, and is defined as the institution’s nonperforming assets plus

loans 90 days or more past due all divided by the institution’s tangible equity plus loan loss reserves.

98%

60%

44%

38%

59%

27%

14% 12%

6%

14%

23%

15% 9%

‐8%

10%

‐20%

0%

20%

40%

60%

80%

100%

120%

Less than 10% 10.0% ‐ 19.9% 20.0% ‐ 29.9% 30% or Greater Overall

Median Change in Business Lending over

Baseline Levels (%)

SBLF Banks Peer Group Comparison Group

Texas Ratio
15

LENDING BY FORMER CAPITAL PURCHASE PROGRAM (CPP) PARTICIPANTS

The Act authorized Treasury to allow CPP participants that met certain requirements to refinance CPP investments

into SBLF.  In total, 137 institutions repaid a CPP investment in connection with an SBLF closing.  These banks received

$2.7 billion in SBLF funding and used $2.2 billion of this capital to repay outstanding CPP balances.  This section of the

report includes information on the 113 institutions that repaid a CPP investment in connection with an SBLF closing

and continue to participate in the program.

Small Business Lending Increases by Former CPP Participants

In total, institutions that received CPP funding and refinanced these investments reported a $5.6 billion increase in

small business lending over baseline levels, with a median increase of 27.7 percent.  By comparison, these institutions

would have needed to increase small business lending by at least $2.4 billion in aggregate to achieve the maximum

program incentive (as defined previously).

To date, 95 percent of institutions that refinanced CPP investments have increased their small business lending over

baseline levels and 87 percent have increased their small business lending by 10 percent or more.  Of the 6

institutions (5 percent) that report decreases in small business lending over baseline levels, two have increased

lending by $3.2 million since receiving SBLF funding but report an aggregate decrease in small business lending of

$17.4 million because of decreases in lending that occurred in the period between the baseline and Treasury’s

investment.

Changes in Business Lending by Former CPP Participants

Banks that received CPP funding and refinanced these investments through SBLF reported a significant median

increase in business lending following receipt of the initial CPP investments.  These institutions also reported a

median increase from the SBLF baseline period.   

SBLF banks that refinanced CPP funding reported a median increase in business lending of 56.0 percent since their

initial receipt of CPP funding from Treasury.  These participants also reported that their business lending has

increased by a median of 37.6 percent since the baseline period.  The peer group of non‐SBLF banks reported a

median increase in business lending of 20.9 percent since the reporting date following the CPP closings and the

comparison group reported a median increase in business lending of 14.5 percent over the same period.  Since the

baseline period, the peer group has increased business lending by a median of 14.3 percent and the comparison

group has increased business lending by 9.7 percent, as previously noted.  Increases in business lending following the

CPP investment prior to the baseline period would generally have the effect of increasing the reported baseline,

thereby reducing the percentage increase in business lending reported since the baseline period.
16

Changes in Business Lending by Former CPP Participants12

(Reported as of December 31, 2013)

Dividend Rates Payable by Institutions that Refinanced CPP Investments

Institutions that refinance capital from CPP benefit from the dividend or interest rate incentive provided by SBLF only

if they increase their small business lending over baseline levels.  As of December 31, 2013, banks that refinanced CPP

capital pay an average dividend or interest rate of 1.4 percent on SBLF funding, whereas other bank participants pay

an average rate of 1.3 percent.13

APPENDICES

A. Report Methodology

B. Changes in Lending Since Initial SBLF Investments

C. Institution‐Specific Reporting on Small Business Lending by SBLF Participants

D. Institution‐Specific Reporting on Business Lending by SBLF Banks

E. SBLF Program Impact Evaluation

   

                                                            

12 For the 113 former CPP participants, the median increase in business lending reflected in the first column is measured from the first reporting

date after each participant received its initial CPP capital to December 31, 2013.  Because the median CPP refinance participant received this

capital during the first quarter of 2009, the median increase in business lending for the peer and comparison groups is measured from March

31, 2009 to December 31, 2013 for this calculation.  This calculation excludes two SBLF participants that were former CPP participants but were

subsequently acquired following the receipt of SBLF funding. 13 These figures are adjusted to account for differences in the rates paid by subchapter S corporations and mutual institutions.

56.0%

37.6%

20.9%

14.5% 14.3%

9.7%

0%

10%

20%

30%

40%

50%

60%

Change in Business Lending Since Initial

Treasury Investment

Median

Change in Business Lending Since Baseline

Change in Business Lending since

Initial and Baseline Levels (%)

CPP Refinance Participants Peer Group Comparison Group
17

APPENDIX A:  REPORT METHODOLOGY  

This report provides information on changes in small business lending, business lending, and other (non‐business

related) lending by SBLF participants as of December 31, 2013, relative to baseline levels.  For each institution

analyzed for this report, changes in lending are measured as the dollar value or percentage change, as noted, in

lending between December 31, 2013 and the baseline period, unless otherwise specified.  The baseline is calculated

as the average of the applicable loan amounts that the institution reported for each of the four calendar quarters

ended June 30, 2010.

Measurement of Small Business Lending

SBLF participants, which include banks and community development loan funds (CDLFs), report changes in small

business lending by submitting quarterly reports to Treasury.  This information is aggregated and presented in

summary form in the “Increases in Small Business Lending Over Baseline Levels” section of this report.   

The Act defines “small business lending” as business loans that are (i) $10 million or less in amount to businesses with

$50 million or less in revenue and (ii) included in one of the following categories:

• Commercial and industrial loans

• Owner‐occupied nonfarm, nonresidential real estate loans (“owner‐occupied CRE”)

• Loans to finance agricultural production and other loans to farmers (“agricultural production”)

• Loans secured by farmland (“farmland”)

The SBLF program terms provide for additional adjustments to the calculation of small business lending relating to

net charge‐offs and portions of loans guaranteed by the U.S. government or for which risk has been assumed by third

parties, as well as mergers and acquisitions and purchases of loans.

Changes in small business lending are calculated as the difference between the level of loans outstanding as of

December 31, 2013 and the baseline amount.  Participants report their baseline and changes in small business

lending by submitting quarterly supplemental reports to Treasury.  The most recent supplemental report includes

lending information as of December 31, 2013.   

Participants are required to revise prior period submissions of small business lending data if inaccuracies are

identified.  Treasury publishes this updated information quarterly in its Report on SBLF Participants’ Small Business

Lending Growth (previously titled the SBLF Use of Funds Report).  This report includes restatements of prior period

institution‐specific information in the report appendices, which are also available in Microsoft Excel format.  These

resubmissions may yield minor differences in reporting, with each report including the most recent available data for

the then‐current period as well as all prior periods.  Because the most recent information available for all periods is

included in each quarterly report, Treasury does not generally revise prior period reports to reflect these

resubmissions.   

Institution‐specific reporting on changes in small business lending by SBLF participants is presented in Appendix C.   

Measurement of Business Lending and Other Lending

This report provides information on changes in “business lending” and “other lending” by SBLF bank participants

relative to (i) a representative peer group of 466 community banks that were selected to match the specific size,

geography, and financial condition of SBLF banks and (ii) a broader comparison group of all 5,978 similarly‐sized
18

community banks that are located in one of the 44 states in which SBLF banks are headquartered and that engaged in

business lending.  The report also analyzes changes in business lending for the subset of SBLF banks that refinanced

into the program from Treasury’s Capital Purchase Program (CPP).

To obtain information regarding business and other lending by SBLF banks and the two non‐SBLF bank groups,

Treasury accessed information from SNL Financial, a private financial database that contains publicly‐filed regulatory

and financial reports.   

In contrast to small business lending, “business lending” refers to the same four categories of loans referenced in the

definition of small business lending without exclusions for loans to businesses over $10 million and loans to

businesses with more than $50 million in revenue, and without the additional adjustments used in SBLF’s calculation

of small business lending.  Because the banks in the non‐SBLF bank groups are not program participants and do not

report small business lending as defined by the program terms, this analysis uses business lending as proxy for small

business lending activities.  Most business lending reported by SBLF banks qualifies as small business lending.  For

example, as of March 31, 2013, small business lending totaled 95.0 percent of business lending by dollar value for the

median SBLF bank.

Changes in business and other lending are calculated as the difference between the level of loans outstanding as of

December 31, 2013 and the baseline amount.  The baseline is calculated as the average of the business loans

outstanding that the institution reported for each of the four calendar quarters ended June 30, 2010.  Changes in

other lending are calculated based on the institution’s total loans and leases, including loans held for sale, less the

amount of business loans outstanding.

For former CPP participants, this report includes a calculation of the median increase in business lending since they

received their initial CPP investment in the “Lending by Former Capital Purchase Program (CPP) Participants” section.  

For this section, bank‐specific changes in lending for this calculation are measured from the first quarterly reporting

date after the bank received its initial CPP investment to December 31, 2013.  This section also includes a calculation

of the median increase in business lending by the non‐SBLF bank groups from March 31, 2009 (the first reporting date

after the median CPP participant received its initial CPP investment) to December 31, 2013.

   

As noted, the definition of “banks” in this report encompasses both banks and thrifts.  Prior to March 31, 2012, many

thrifts reported lending on Thrift Financial Reports (TFRs), rather than the Call Reports used by banks.  Call Reports

segment nonfarm, nonresidential real estate loans into separate owner‐occupied and non‐owner occupied

categories, and only those loans classified as owner‐occupied are eligible for inclusion in business lending.  This

distinction, however, is not readily accessible in TFR filings.  To adjust for this difference, the analysis in this report

calculates owner‐occupied nonfarm, nonresidential real estate as a percentage of total nonfarm, nonresidential real

estate as of March 31, 2012 for each thrift institution.  The resulting percentage is applied to nonfarm, nonresidential

real estate loan balances from TFRs filed prior to March 31, 2012, including those used in the calculation of baseline

values.  As of the quarter ended March 31, 2012, all banks, thrifts, and bank and thrift holding companies file Call

Reports.

This comparative information will be updated periodically.  Institution‐specific reporting on changes in business

lending by SBLF banks is presented in Appendix D.  

Calculation of Median Changes in Lending

In comparing SBLF banks to the non‐SBLF bank groups, this report generally describes the median percentage change

in lending.  The median measure is used for these comparisons because it more closely describes the lending
19

activities of the typical institution in each group than would a calculation of the arithmetic mean (which is subject to

skew by outlying measures) or the weighted average (which is subject to concentration effects, given the distribution

of institution asset sizes within the SBLF portfolio).  Institutions that report a baseline value of zero for the relevant

measure are excluded from the median calculation.

   

Selection of Non‐SBLF Bank Comparison Group and Peer Group

In describing changes in business lending, this report compares the group of 248 banks that continue to participate in

the SBLF program to a broad comparison group of non‐SBLF banks and a representative peer group selected from the

broader comparison group:

• Comparison Group.  The comparison group is comprised of the 5,978 non‐SBLF insured depository institutions

that (i) were established prior to March 31, 2009, (ii) had total assets between $7.0 million and $6.4 billion (the

range of total assets for SBLF banks) as of March 31, 2011, which is the end of the first quarter prior to SBLF

banks receiving funding, (iii) are located in one of the 44 states in which SBLF banks are headquartered, and (iv)

reported a positive amount of business lending in the baseline period.   

Each quarter, institutions are removed from the initial comparison group if they are merged into another

institution or closed.  As of December 31, 2013, a total of 439 institutions have been removed from the initial

6,417 institution comparison group for these reasons.  While the comparison group includes banks that share

the aforementioned characteristics with SBLF banks, the selection criteria for the group does not imply that it

has the same distribution with respect to size, geography, or financial condition as the portfolio of SBLF banks.

• Peer Group.  The peer group is comprised of 466 non‐SBLF insured depository institutions that share certain

size, geographic, and financial characteristics with the group of SBLF bank participants.

For each SBLF participant bank, two peer banks were selected from the comparison group.  The institutions

selected were generally the two banks with the closest Texas ratios that were located within the same state

and asset size category as the SBLF participant as of March 31, 2011 (the quarter immediately prior to

Treasury’s first SBLF investment).  The five categories of asset size in this analysis are (i) $7 to $99 million, (ii)

$100 to $249 million, (iii) $250 to $499 million, (iv) $500 to $999 million, and (v) $1.0 to $6.4 billion.  The Texas

ratio is used as a proxy for the financial condition of the institution, and is defined as the institution’s

nonperforming assets plus loans 90 days or more past due all divided by the institution’s tangible equity plus

loan loss reserves.   

For example, an SBLF bank based in Ohio with $750 million in assets and a Texas ratio of 20 percent would be

matched with the two, Ohio‐based banks in the $500 to $999 million asset size category that have Texas ratios

closest to 20 percent.   

In those instances in which SBLF banks have an overlapping peer bank, the same peer is not used in the peer

group more than once.  Instead, the peer is assigned to the SBLF bank with the closest Texas ratio and the other

SBLF bank is assigned to its next closest peer.   

Peer institutions were selected as of March 31, 2011.  This analysis removes institutions from the peer group if

(i) the corresponding SBLF bank fully redeems its SBLF securities and exits the program or (ii) in the case of the

acquisition of the peer, its merger into another institution, or closure.  As of December, 2013, a total of 39

institutions have been removed from the peer group as a result of SBLF participants exiting the program and 21

have been removed as a result of mergers or acquisitions of the peer institutions.
20

   

The following table is a summary of the size, Texas ratio, and geographic distribution of SBLF bank participants, the

peer group, and the comparison group.

  

   

SBLF

Banks

Peer

Group

Comparison

Group

Number of institutions 248 466 5978

Increase in business lending (median) 58.8% 14.3% 9.7%

Increase in other lending (median) 34.9% 6.8% ‐1.1%

Assets ($000s)

Median $291,960 $280,551 $145,312

Mean $554,238 $475,575 $309,767

Texas Ratio

Median 14.5% 15.6% 17.1%

Mean 17.4% 19.5% 29.6%

Region (% of institutions)

Midwest 28.2% 29.2% 45.4%

Northeast 19.4% 20.0% 9.5%

South 38.7% 38.6% 37.0%

West 13.7% 12.2% 8.1%

Summary of the Characteristics of SBLF Banks, the Peer Group, and the Comparison Group
21

APPENDIX B:  CHANGES IN LENDING SINCE INITIAL SBLF INVESTMENTS  

The table on this page includes the aggregate increases in qualified small business lending by participants since the

initial SBLF investments.14  Additionally, it shows quarter‐over‐quarter changes in the number of participants

reporting lending in the five ranges of small business loan growth that correspond to various dividend or interest

rates payable on SBLF securities.  Please see Appendix D for institution‐specific reporting of small business lending by

SBLF participants.

                                                            

14 In this analysis, the point of SBLF investment is defined as Q3 2011 and is measured as the change in lending between September 30, 2011

and December 31, 2013.  The first four of Treasury’s investments in SBLF participants were made in the quarter ended June 30, 2011, with all

subsequent investments made in the quarter ended September 30, 2011.   

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013

Cumulative Increase in Small Business Lending ($ in Billions) $1.3 $1.7 $3.1 $3.9 $5.3 $5.5 $6.8 $7.6 $9.0

Change in Small Business Lending (# of Participants)

Under 2.5% or Reduced 155 137 93 84 64 69 47 41 33

2.5 to 4.9% Increase 46 37 39 19 18 17 5 9 7

5.0 to 7.4% Increase 46 31 26 23 17 19 17 8 8

7.5 to 9.9% Increase 27 26 26 31 21 12 18 16 13

10.0% or Greater Increase 58 101 147 169 200 200 228 233 237

Participant Changes in Qualified Small Business Lending Since Initial SBLF Investments (Q3 2011)
22

The table on this page includes results for the SBLF banks, peer group, and comparison group for business lending

since the initial SBLF investments.  The information reported herein is based on Call Report data from December 2013

and the methodology described in Appendix A.

SBLF

Banks

Peer

Group

Comparison

Group

Number of institutions 248 466 5,978

Changesin Business and Other Lending % % %

Increase in Business Lending (median) 34.7 9.5 7.1

Increase in Other Lending (median) 23.8 7.3 2.5

Increase in Business Lending (mean) 40.5 16.5 11.8

Increase in Business Lending (standard dev.) 31.7 34.1 31.2

Institutions that Increased Business Lending by 10% or more 85.1 49.8 45.7

Institutions that Reduced Business Lending 5.6 33.2 38.3

Distribution of Changes in Business Lending

10.0% or Greater Decrease 2.4 18.5 23.3

0.1% to 9.9% Decrease 3.2 14.7 15.0

0.0% to 9.9% Increase 9.3 17.0 16.1

10.0% to 19.9% Increase 13.3 15.7 14.1

20.0% to 39.9% Increase 31.9 15.1 16.6

40.0% or Greater Increase 39.9 19.0 15.0

Changesin Business Lending by Regional Geography

Midwest 33.3 11.8 9.2

Southwest 46.5 12.4 11.4

Southeast 32.6 2.2 ‐1.9

Mid‐Atlantic 36.9 9.2 4.7

West 33.6 10.8 5.6

Northeast 33.7 12.2 12.2

Changesin Business Lending by Institution Size

$7.0 to $249 Million 36.3 6.7 7.5

$250 to $499 Million 35.2 9.1 5.6

$500 to $999 Million 23.4 14.0 5.8

$1.0 to $6.4 Billion 34.8 17.1 9.5

Changesin Business Lending by Loan Category

Commercial & Industrial 33.3 11.6 5.0

Owner‐Occupied CRE 31.3 5.4 0.9

Agricultural Production 33.3 12.3 11.3

Farmland 20.7 9.5 10.0

Changesin Business Lending by Texas Ratio

Less than 10% 40.1 12.3 13.5

10.0% to 19.9% 33.3 6.9 9.8

20.0% to 29.9% 33.6 4.8 6.7

30.0% or Greater 29.7 7.6 ‐2.2

Changesin Business Lending by Former CPP Participants

Increase in Business Lending since SBLF Investment 27.0 9.5 7.1

Measurement of Lending by SBLF Banks, Peer Group, and Comparison Group Since Initial SBLF Investments (Q3 2011)
23

APPENDIX C: INSTITUTION‐SPECIFIC REPORTING ON SMALL BUSINESS LENDING BY SBLF

PARTICIPANTS

   
Institutions Participating in SBLF

Report on Information from 12/31/2013 Quarterly Supplemental Reports transmitted with April 2014 Report

Name City State Baseline Level Current Level Increase (Decrease

over Baseline

Southern National Corporation Andalusia AL Bank 4,500,000 155,095,000 188,372,000 33,277,00

Southern States Bancshares, Inc. Anniston AL Bank 7,492,000 53,588,000 78,465,000 24,877,00

ServisFirst Bancshares, Inc. Birmingham AL Bank 40,000,000 661,280,000 1,535,120,000 873,840,00

BancIndependent, Incorporated Sheffield AL Bank 30,000,000 241,790,000 288,524,000 46,734,00

First Partners Bank (SouthCity Bank) Vestavia Hills AL Bank 5,200,000 39,071,000 54,587,000 15,516,00

First Service Bancshares, Inc. Greenbrier AR Bank 7,716,000 73,164,000 67,182,000                        

(5,982,00

Rock Bancshares, Inc. Little Rock AR Bank 6,742,000 56,208,000 110,220,000 54,012,00

Western Alliance Bancorporation Phoenix AZ Bank 141,000,000 1,639,902,000 1,834,039,000 194,137,00

Seacoast Commerce Bank Chula Vista CA Bank 4,000,000 45,347,000 105,715,000 60,368,00

First Northern Community Bancorp Dixon CA Bank 12,847,000 225,762,000 255,062,000 29,300,00

Community Valley Bank El Centro CA Bank 2,400,000 13,645,000 35,322,000 21,677,00

Redwood Capital Bancorp Eureka CA Bank 7,310,000 46,088,000 58,655,000 12,567,00

Banc of California, Inc. (First PacTrust Bancorp, Inc.) Irvine CA Bank 42,000,000 312,254,000 415,549,000 103,295,00

Silvergate Capital Corporation La Jolla CA Bank 7,427,000 9,115,000 13,402,000 4,287,00

California Bank of Commerce Lafayette CA Bank 11,000,000 73,565,000 191,368,000 117,803,00

ProAmérica Bank (Promérica Bank) Los Angeles CA Bank 3,750,000 43,274,000 56,023,000 12,749,00

GBC Holdings, Inc. Los Angeles CA Bank 5,000,000 81,993,000 112,006,000 30,013,00

1st Enterprise Bank Los Angeles CA Bank 16,400,000 88,154,000 288,684,000 200,530,00

Partners Bank of California Mission Viejo CA Bank 2,463,000 54,729,000 58,597,000 3,868,00

Bank of Commerce Holdings Redding CA Bank 20,000,000 200,059,000 234,921,000 34,862,00

Security California Bancorp Riverside CA Bank 7,200,000 164,981,000 204,455,000 39,474,00

Capital Bank San Juan Capistrano CA Bank 3,132,000 16,458,000 78,572,000 62,114,00

Founders Bancorp San Luis Obispo CA Bank 4,178,000 35,399,000 53,877,000 18,478,00

The Bank of Santa Barbara Santa Barbara CA Bank 1,882,380 22,776,000 56,909,000 34,133,00

Summit State Bank Santa Rosa CA Bank 13,750,000 82,734,000 110,561,000 27,827,00Columbine Capital Corp. Buena Vista CO Bank 6,050,000 44,150,000 81,327,000 37,177,00

CIC Bancshares, Inc. Denver CO Bank 1,772,000 67,982,000 128,807,000 60,825,00

Steele Street Bank Corporation Denver CO Bank 11,350,000 65,842,000 109,446,000 43,604,00

CoBiz Financial Inc. Denver CO Bank 57,366,000 740,718,000 826,185,000 85,467,00

Verus Acquisition Group, Inc. Fort Collins CO Bank 9,740,000 66,000,000 71,395,000 5,395,00

Morgan Capital Corporation Fort Morgan CO Bank 3,250,000 27,381,000 37,578,000 10,197,00

Salisbury Bancorp, Inc. Lakeville CT Bank 16,000,000 77,860,000 114,768,000 36,908,00

Bankwell Financial Group, Inc. (BNC Financial Group, Inc.) New Canaan CT Bank 10,980,000 26,250,000 178,042,000 151,792,00

SBT Bancorp, Inc. Simsbury CT Bank 9,000,000 34,899,000 57,489,000 22,590,00

Community Bank Delaware Lewes DE Bank 4,500,000 31,548,000 36,550,000 5,002,00Platinum Bank Holding Co. (Platinum Bank) Brandon FL Bank 13,800,000 166,747,000 203,984,000 37,237,00

Marquis Bank Coral Gables FL Bank 3,500,000 11,273,000 48,579,000 37,306,00

First Green Bancorp, Inc. (First Green Bank) Eustis FL Bank 4,727,000 30,339,000 84,204,000 53,865,00

Broward Financial Holdings, Inc. Fort Lauderdale FL Bank 3,134,000 14,233,000 53,262,000 39,029,00

FineMark Holdings, Inc. Fort Myers FL Bank 5,665,000 25,709,000 74,528,000 48,819,00

Stonegate Bank (Florida Shores Bancorp, Inc.) Ft. Lauderdale FL Bank 12,750,000 88,898,000 149,719,000 60,821,00

Community Southern Holdings, Inc. (Community Southern Bank) Lakeland FL Bank 5,700,000 28,611,000 58,106,000 29,495,00

Bank of Central Florida Lakeland FL Bank 7,000,000 65,574,000 123,957,000 58,383,00

CBOS Bankshares, Inc. Merritt Island FL Bank 3,893,000 46,283,000 31,006,000                      

(15,277,00

Ovation Holdings, Inc. Naples FL Bank 5,000,000 30,742,000 43,702,000 12,960,00

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending 
Name City State Baseline Level Current Level Increase (Decrease

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending 

Florida Community Bankshares, Inc. Ocala FL Bank 10,000,000 158,498,000 140,966,000                      

(17,532,00

Jefferson Bankshares, Inc. (Jefferson Bank of Florida) Oldsmar FL Bank 3,367,000 13,891,000 41,536,000 27,645,00

HomeBancorp, Inc. Tampa FL Bank 7,398,000 12,298,000 19,280,000 6,982,00Florida Business BancGroup, Inc. Tampa FL Bank 15,360,000 98,486,000 152,392,000 53,906,00

Resurgens Bancorp Atlanta GA Bank 2,967,000 18,065,000 27,267,000 9,202,00The Peoples Bank of Talbotton Talbotton GA Bank 890,000 5,943,000 9,375,000 3,432,00

Lowndes Bancshares, Inc. Valdosta GA Bank 6,000,000 41,214,000 51,937,000 10,723,00

Heartland Financial USA, Inc. Dubuque IA Bank 81,698,000 1,239,712,000 1,375,061,000 135,349,00Liberty Financial Services, Inc. Sioux City IA Bank 7,000,000 67,761,000 86,217,000 18,456,00

Commercial Financial Corp Storm Lake IA Bank 18,000,000 247,900,000 301,739,000 53,839,00

D. L. Evans Bancorp Burley ID Bank 14,891,000 354,305,000 375,755,000 21,450,00

Heartland Bancorp, Inc. Bloomington IL Bank 25,000,000 586,765,000 573,376,000                      

(13,389,00

Southern Illinois Bancorp, Inc. Carmi IL Bank 9,000,000 92,975,000 150,799,000 57,824,00

First Busey Corporation Champaign IL Bank 72,664,000 555,684,000 668,910,000 113,226,00

United Community Bancorp, Inc. Chatham IL Bank 22,262,000 334,578,000 385,612,000 51,034,00

Signature Bancorporation, Inc. Chicago IL Bank 12,500,000 123,830,000 227,850,000 104,020,00

Illinois State Bancorp, Inc. Chicago IL Bank 13,368,000 60,188,000 77,374,000 17,186,00Prime Banc Corp. Dieterich IL Bank 10,000,000 98,284,000 134,150,000 35,866,00

First Eldorado Bancshares, Inc. Eldorado IL Bank 3,000,000 41,312,000 76,883,000 35,571,00First Community Financial Corporation Elgin IL Bank 6,100,000 32,801,000 35,861,000 3,060,00

Community First Bancorp, Inc. Fairview Heights IL Bank 7,000,000 52,195,000 84,073,000 31,878,00

Fisher Bancorp, Inc. Fisher IL Bank 500,000 15,062,000 22,300,000 7,238,00

Merchants and Manufacturers Bank Corporation Joliet IL Bank 6,800,000 57,311,000 87,346,000 30,035,00

Tri‐County Financial Group, Inc. Mendota IL Bank 20,000,000 153,867,000 231,178,000 77,311,00

QCR Holdings, Inc. Moline IL Bank 29,867,000 566,118,000 492,655,000                      

(73,463,00

Bancorp Financial, Inc. Oak Brook IL Bank 14,643,000 14,912,000 24,378,000 9,466,00

People First Bancshares, Inc. Pana IL Bank 9,198,000 129,986,000 188,414,000 58,428,00

First Bankers Trustshares, Inc. Quincy IL Bank 10,000,000 148,612,000 196,581,000 47,969,00

First Robinson Financial Corporation Robinson IL Bank 4,900,000 35,592,000 59,885,000 24,293,00

Community Illinois Corporation Rock Falls IL Bank 4,500,000 78,909,000 94,267,000 15,358,00

Town and Country Financial Corporation Springfield IL Bank 5,000,000 91,149,000 138,389,000 47,240,00

First Savings Financial Group, Inc. Clarksville IN Bank 17,120,000 58,334,000 95,359,000 37,025,00

Horizon Bancorp Michigan City IN Bank 12,500,000 189,998,000 227,534,000 37,536,00

AMB Financial Corp. Munster IN Bank 3,858,000 22,233,000 32,040,000 9,807,00

Community Bank Shares of Indiana, Inc. New Albany IN Bank 28,000,000 189,712,000 213,642,000 23,930,00

Bern Bancshares, Inc. Bern KS Bank 1,500,000 23,043,000 30,082,000 7,039,00

Brotherhood Bancshares, Inc. Kansas City KS Bank 8,000,000 55,235,000 36,220,000                      

(19,015,00

UBT Bancshares, Inc. Marysville KS Bank 16,500,000 154,685,000 235,661,000 80,976,00

Osborne Investments, Inc. Osborne KS Bank 1,000,000 14,215,000 27,125,000 12,910,00

Freedom Bancshares, Inc. Overland Park KS Bank 4,000,000 31,191,000 44,784,000 13,593,00

Equity Bancshares, Inc. Wichita KS Bank 16,372,000 274,732,000 304,066,000 29,334,00

Magnolia Bancshares Inc. Hodgenville KY Bank 2,000,000 30,631,000 37,217,000 6,586,00

FCB Bancorp, Inc. Louisville KY Bank 9,759,000 78,649,000 89,430,000 10,781,00First Guaranty Bancshares, Inc. Hammond LA Bank 39,435,000 181,232,000 224,477,000 43,245,00

MidSouth Bancorp, Inc. LaFayette LA Bank 32,000,000 394,982,000 492,309,000 97,327,00

Progressive Bancorp, Inc. Monroe LA Bank 12,000,000 104,272,000 128,452,000 24,180,00

Ouachita Bancshares Corp. Monroe LA Bank 17,930,000 142,925,000 200,479,000 57,554,00

First NBC Bank Holding Company New Orleans LA Bank 37,935,000 370,388,000 536,530,000 166,142,00

Community Trust Financial Corporation Ruston LA Bank 48,260,000 362,624,000 642,227,000 279,603,00

Provident Bancorp, Inc. Amesbury MA Bank 17,145,000 84,302,000 150,934,000 66,632,00

Leader Bancorp, Inc. Arlington MA Bank 12,852,000 30,398,000 65,351,000 34,953,00
Name City State Baseline Level Current Level Increase (Decrease

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending 

Island Bancorp, Inc. Edgartown MA Bank 4,000,000 23,581,000 38,491,000 14,910,00

New England Bancorp, Inc. Hyannis MA Bank 4,000,000 43,519,000 67,218,000 23,699,00

Hyde Park Bancorp, Inc. Hyde Park MA Bank 18,724,000 23,594,000 40,414,000 16,820,00

Rockport National Bancorp, Inc. Rockport MA Bank 3,000,000 37,136,000 46,026,000 8,890,00

StonehamBank, A Co‐operative Bank Stoneham MA Bank 13,813,000 46,880,000 89,243,000 42,363,00

Monument Bank Bethesda MD Bank 8,515,000 34,983,000 52,735,000 17,752,00

Eagle Bancorp, Inc. Bethesda MD Bank 56,600,000 413,330,000 688,293,000 274,963,00

Howard Bancorp, Inc. Ellicott City MD Bank 12,562,000 135,545,000 180,035,000 44,490,00

The Community Financial Corporation (Tri‐County Financial Corporation) Waldorf MD Bank 20,000,000 244,812,000 301,745,000 56,933,00

Katahdin Bankshares Corp. Houlton ME Bank 11,000,000 138,863,000 167,392,000 28,529,00

Birmingham Bloomfield Bancshares, Inc. Birmingham MI Bank 4,621,000 33,793,000 54,971,000 21,178,00

Level One Bancorp, Inc. Farmington Hills MI Bank 11,301,000 94,054,000 204,152,000 110,098,00

Huron Valley State Bank Milford MI Bank 2,597,000 21,470,000 38,437,000 16,967,00

Valley Financial Group, Ltd. Saginaw MI Bank 2,000,000 73,968,000 93,885,000 19,917,00

Crestmark Bancorp, Inc. Troy MI Bank 8,250,000 198,199,000 384,452,000 186,253,00

MidWest Bancorporation, Inc. Eden Prairie MN Bank 5,115,000 71,952,000 99,430,000 27,478,00

Financial Services of Winger, Inc. Fosston MN Bank 3,051,000 60,984,000 82,578,000 21,594,00Kerkhoven Bancshares, Inc Kerkhoven MN Bank 1,500,000 24,950,000 37,969,000 13,019,00

Platinum Bancorp, Inc. Oakdale MN Bank 4,453,000 44,920,000 49,475,000 4,555,00

Redwood Financial, Inc. Redwood Falls MN Bank 6,425,000 53,010,000 85,515,000 32,505,00

McLeod Bancshares, Inc. Shorewood MN Bank 6,000,000 64,344,000 46,921,000                      

(17,423,00

Heritage Bancshares Group, Inc. Willmar MN Bank 11,000,000 149,302,000 193,851,000 44,549,00

Fortune Financial Corporation Arnold MO Bank 3,255,000 46,918,000 46,917,000 (1,00

Security State Bancshares, Inc. Charleston MO Bank 22,000,000 177,406,000 220,805,000 43,399,00

Triad Bancorp, Inc. Frontenac MO Bank 5,000,000 30,753,000 59,701,000 28,948,00

Liberty Bancorp, Inc. Liberty MO Bank 16,169,000 101,255,000 117,531,000 16,276,00

Southern Missouri Bancorp, Inc. Poplar Bluff MO Bank 20,000,000 202,064,000 241,107,000 39,043,00

Great Southern Bancorp, Inc. Springfield MO Bank 57,943,000 201,374,000 301,225,000 99,851,00

Cardinal Bancorp II, Inc. Washington MO Bank 6,251,000 62,590,000 77,989,000 15,399,00BankFirst Capital Corporation Macon MS Bank 5,000,000 176,916,000 190,106,000 13,190,00

Cadence Financial Corporation (Encore Bancshares, Inc.) Starkville MS Bank 32,914,000 633,113,000 690,465,000 57,352,00

Bancorp of Montana Holding Company Missoula MT Bank 1,460,000 3,332,000 9,647,000 6,315,00Premara Financial, Inc. Charlotte NC Bank 6,238,000 49,075,000 54,766,000 5,691,00

Select Bancorp, Inc. Greenville NC Bank 7,645,000 30,424,000 56,935,000 26,511,00

Union Bank & Trust Company Oxford NC Bank 6,200,000 38,779,000 48,442,000 9,663,00

Providence Bank Rocky Mount NC Bank 4,250,000 31,945,000 35,080,000 3,135,00

First Bancorp Troy NC Bank 63,500,000 496,528,000 608,462,000 111,934,00

Live Oak Bancshares, Inc. Wilmington NC Bank 6,800,000 53,679,000 192,043,000 138,364,00

Western State Agency, Inc. Devils Lake ND Bank 12,000,000 154,511,000 273,784,000 119,273,00

Alerus Financial Corporation Grand Forks ND Bank 20,000,000 280,617,000 478,512,000 197,895,00

The State Bank of Bartley Bartley NE Bank 2,380,000 29,662,000 40,132,000 10,470,00

Banner County Ban Corporation Harrisburg NE Bank 2,427,000 50,318,000 71,901,000 21,583,00First State Holding Co. (Wilber Co.) Lincoln NE Bank 12,000,000 140,890,000 180,641,000 39,751,00

Adbanc Inc. Ogallala NE Bank 21,905,000 250,743,000 319,566,000 68,823,00

Centrix Bank & Trust Bedford NH Bank 24,500,000 238,789,000 378,017,000 139,228,00

Northway Financial, Inc. Berlin NH Bank 23,593,000 109,533,000 153,933,000 44,400,00

First Colebrook Bancorp, Inc. Colebrook NH Bank 8,623,000 61,976,000 77,967,000 15,991,00

New Hampshire Thrift Bancshares, Inc. Newport NH Bank 23,000,000 177,414,000 240,696,000 63,282,00

Guaranty Bancorp, Inc. Woodsville NH Bank 7,000,000 75,321,000 93,397,000 18,076,00Harmony Bank Jackson NJ Bank 3,500,000 15,897,000 50,135,000 34,238,00

Regal Bank Livingston NJ Bank 7,000,000 25,872,000 48,546,000 22,674,00
Name City State Baseline Level Current Level Increase (Decrease

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending 

Freedom Bank Maywood NJ Bank 4,000,000 32,445,000 62,388,000 29,943,00

Two River Bancorp (Community Partners Bancorp) Middletown NJ Bank 12,000,000 173,978,000 203,417,000 29,439,00

Stewardship Financial Corporation Midland Park NJ Bank 15,000,000 207,925,000 216,411,000 8,486,00

Hopewell Valley Community Bank Pennington NJ Bank 11,000,000 92,334,000 125,922,000 33,588,00

Center Bancorp, Inc. Union NJ Bank 11,250,000 230,584,000 262,618,000 32,034,00

Highlands Bancorp, Inc. Vernon NJ Bank 6,853,000 33,899,000 80,812,000 46,913,00

Crest Savings Bancorp, Inc. Wildwood NJ Bank 2,500,000 23,276,000 28,084,000 4,808,00

Meadows Bank Las Vegas NV Bank 8,500,000 47,672,000 124,384,000 76,712,00

Alma Bank Astoria NY Bank 19,000,000 91,798,000 301,682,000 209,884,00

Kinderhook Bank Corp. Kinderhook NY Bank 7,000,000 43,624,000 63,197,000 19,573,00

Pathfinder Bancorp, Inc. Oswego NY Bank 13,000,000 70,953,000 97,214,000 26,261,00

Greater Rochester Bancorp, Inc. Rochester NY Bank 7,000,000 58,822,000 108,812,000 49,990,00

Catskill Hudson Bancorp, Inc. Rock Hill NY Bank 9,681,000 111,643,000 148,629,000 36,986,00

Seneca‐Cayuga Bancorp, Inc. Seneca Falls NY Bank 5,000,000 24,544,000 42,255,000 17,711,00

Insight Bank Columbus OH Bank 4,250,000 16,410,000 39,682,000 23,272,00

Community Independent Bancorp Inc. West Salem OH Bank 2,250,000 12,020,000 17,806,000 5,786,00

Columbus First Bancorp, Inc Worthington OH Bank 6,150,000 36,629,000 53,506,000 16,877,00

AmeriBank Holding Company Collinsville OK Bank 5,347,000 33,172,000 53,904,000 20,732,00

Prime Bank Group Edmond OK Bank 4,456,000 20,960,000 46,729,000 25,769,00

Central Service Corporation Enid OK Bank 7,000,000 148,029,000 226,641,000 78,612,00

Regent Capital Corporation Nowata OK Bank 3,350,000 52,719,000 78,753,000 26,034,00

F & M Bancorporation, Inc. Tulsa OK Bank 38,222,000 290,250,000 641,103,000 350,853,00

Enterprise Financial Services Group, Inc. Allison Park PA Bank 5,000,000 87,306,000 86,517,000                            

(789,00

Team Capital Bank Bethlehem PA Bank 22,412,000 127,777,000 183,454,000 55,677,00

CBT Financial Corp. Clearfield PA Bank 10,000,000 64,719,000 95,968,000 31,249,00

DNB Financial Corporation Downingtown PA Bank 13,000,000 120,810,000 136,477,000 15,667,00

Monument Bank Doylestown PA Bank 2,970,000 19,715,000 54,683,000 34,968,00

MileStone Bank Doylestown PA Bank 5,100,000 46,778,000 104,691,000 57,913,00

Emclaire Financial Corp. Emlenton PA Bank 5,000,000 56,761,000 61,797,000 5,036,00

First Resource Bank Exton PA Bank 5,083,000 34,462,000 44,518,000 10,056,00

Centric Financial Corporation Harrisburg PA Bank 7,492,000 51,440,000 92,412,000 40,972,00AmeriServ Financial, Inc. Johnstown PA Bank 21,000,000 116,684,000 172,138,000 55,454,00

Jonestown Bank and Trust Company Jonestown PA Bank 4,000,000 40,820,000 61,642,000 20,822,00

The Victory Bancorp, Inc. Limerick PA Bank 3,431,000 27,841,000 59,854,000 32,013,00Phoenix Bancorp, Inc. Minersville PA Bank 2,625,000 32,747,000 44,690,000 11,943,00Penn Liberty Financial Corp. Wayne PA Bank 20,000,000 134,752,000 179,308,000 44,556,00

Franklin Security Bancorp, Inc. Wilkes‐Barre PA Bank 6,955,000 26,190,000 39,204,000 13,014,00

York Traditions Bank York PA Bank 5,115,000 78,487,000 93,198,000 14,711,00Codorus Valley Bancorp, Inc. York PA Bank 25,000,000 168,440,000 234,411,000 65,971,00

GrandSouth Bancorporation Greenville SC Bank 15,422,000 92,718,000 116,031,000 23,313,00

TCB Corporation Greenwood SC Bank 8,640,000 56,579,000 71,210,000 14,631,00

Carolina Alliance Bank Spartanburg SC Bank 5,000,000 65,737,000 96,238,000 30,501,00

BHCB Holding Company Rapid City SD Bank 2,000,000 33,830,000 57,296,000 23,466,00

Merchants and Planters Bancshares, Inc. Bolivar TN Bank 2,000,000 19,097,000 20,552,000 1,455,00

CapitalMark Bank & Trust Chattanooga TN Bank 18,212,000 134,549,000 278,724,000 144,175,00

Planters Financial Group, Inc. Clarksville TN Bank 20,000,000 150,359,000 199,146,000 48,787,00

Southern Heritage Bancshares, Inc. Cleveland TN Bank 5,105,000 58,099,000 66,749,000 8,650,00

Landmark Community Bank Collierville TN Bank 8,000,000 29,258,000 64,554,000 35,296,00

Evolve Bancorp, Inc. Cordova TN Bank 4,699,000 19,101,000 63,568,000 44,467,00

Franklin Financial Network, Inc. Franklin TN Bank 10,000,000 18,547,000 67,408,000 48,861,00

Sumner Bank & Trust Gallatin TN Bank 4,264,000 27,039,000 23,894,000                        

(3,145,00
Name City State Baseline Level Current Level Increase (Decrease

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending 

Carroll Financial Services, Inc. Huntingdon TN Bank 3,000,000 61,317,000 82,559,000 21,242,00

Moneytree Corporation Lenoir City TN Bank 9,992,000 69,543,000 80,369,000 10,826,00

Magna Bank Memphis TN Bank 18,350,000 52,774,000 77,927,000 25,153,00

Independent Holdings, Inc. Memphis TN Bank 34,900,000 44,702,000 86,690,000 41,988,00

InsCorp, Inc. Nashville TN Bank 3,000,000 27,512,000 45,928,000 18,416,00

Avenue Financial Holdings, Inc. Nashville TN Bank 18,950,000 74,788,000 153,198,000 78,410,00

SmartFinancial, Inc. Pigeon Forge TN Bank 12,000,000 37,009,000 80,639,000 43,630,00

Community First Bancshares, Inc. Union City TN Bank 30,852,000 302,286,000 345,683,000 43,397,00

Liberty Capital Bancshares, Inc. Addison TX Bank 1,500,000 16,656,000 44,735,000 28,079,00

Happy Bancshares, Inc. Amarillo TX Bank 31,929,000 434,816,000 615,820,000 181,004,00

Frontier Bancshares, Inc. Austin TX Bank 6,184,000 64,967,000 175,836,000 110,869,00Southwestern Bancorp, Inc. Boerne TX Bank 1,500,000 22,454,000 29,722,000 7,268,00

BMC Bancshares, Inc. Dallas TX Bank 1,206,000 8,021,000 13,833,000 5,812,00

Veritex Holdings, Inc. Dallas TX Bank 8,000,000 100,919,000 230,911,000 129,992,00

Sovereign Bancshares, Inc. Dallas TX Bank 24,500,000 183,263,000 252,659,000 69,396,00

Hilltop Holdings, Inc. (PlainsCapital Corporation) Dallas TX Bank 114,068,000 1,280,193,000 1,254,500,000                      

(25,693,00

Pioneer Bank, SSB Drippings Springs TX Bank 3,004,000 26,496,000 65,530,000 39,034,00

First Texas BHC, Inc. Fort Worth TX Bank 29,822,000 137,852,000 233,646,000 95,794,00

BOH Holdings, Inc. Houston TX Bank 23,938,350 204,550,000 314,598,000 110,048,00

Third Coast Bancshares, Inc. (Third Coast Bank SSB) Humble TX Bank 8,673,000 57,861,000 157,612,000 99,751,00

Joaquin Bankshares Inc. Huntington TX Bank 3,908,000 40,722,000 50,917,000 10,195,00

AIM Bancshares, Inc. Levelland TX Bank 9,100,000 77,613,000 189,104,000 111,491,00

McLaughlin Bancshares, Inc. Ralls TX Bank 6,600,000 47,152,000 80,117,000 32,965,00

FB BanCorp San Antonio TX Bank 12,000,000 39,335,000 106,541,000 67,206,00

The ANB Corporation Terrell TX Bank 37,000,000 402,694,000 518,562,000 115,868,00

Steele Holdings, Inc. Tyler TX Bank 8,282,000 31,142,000 50,731,000 19,589,00

Cache Valley Banking Company Logan UT Bank 11,670,000 183,070,000 233,736,000 50,666,00

LCA Bank Corporation Park City UT Bank 2,727,000 14,000 3,392,000 3,378,00

Medallion Bank Salt Lake City UT Bank 26,303,000 229,336,000 397,609,000 168,273,00

Virginia Heritage Bank Fairfax VA Bank 15,300,000 85,644,000 160,226,000 74,582,00

Blue Ridge Bankshares, Inc. Luray VA Bank 4,500,000 18,920,000 25,711,000 6,791,00Heritage Bankshares, Inc. Norfolk VA Bank 7,800,000 68,967,000 77,587,000 8,620,00TowneBank Portsmouth VA Bank 76,458,000 814,570,000 1,015,424,000 200,854,00WashingtonFirst Bankshares, Inc. Reston VA Bank 17,796,000 199,484,000 266,179,000 66,695,00

Xenith Bankshares, Inc. Richmond VA Bank 8,381,000 82,147,000 214,379,000 132,232,00

Citizens Community Bank South Hill VA Bank 4,000,000 38,520,000 46,847,000 8,327,00Puget Sound Bank Bellevue WA Bank 9,886,000 107,554,000 150,528,000 42,974,00

U&I Financial Corp Lynnwood WA Bank 5,500,000 39,884,000 54,419,000 14,535,00W.T.B. Financial Corporation Spokane WA Bank 44,571,000 878,103,000 1,026,673,000 148,570,00Deerfield Financial Corporation Deerfield WI Bank 3,650,000 22,665,000 23,568,000 903,00Nicolet Bankshares, Inc. Green Bay WI Bank 24,400,000 371,324,000 406,085,000 34,761,00

Sword Financial Corporation Horicon WI Bank 17,000,000 194,468,000 256,626,000 62,158,00

First American Investment, Inc. Hudson WI Bank 1,705,710 22,195,000 28,334,000 6,139,00

County Bancorp, Inc. Manitowoc WI Bank 15,000,000 379,555,000 448,162,000 68,607,00

Northern Bankshares, Inc. McFarland WI Bank 22,000,000 138,447,000 162,320,000 23,873,00

First Menasha Bancshares, Inc. Neenah WI Bank 10,000,000 65,519,000 97,248,000 31,729,00PFSB Bancorporation, Inc. Pigeon Falls WI Bank 1,500,000 25,844,000 30,452,000 4,608,00

First Bank of Charleston Inc. Charleston WV Bank 3,345,000 24,923,000 27,405,000 2,482,00

MVB Financial Corp. Fairmont WV Bank 8,500,000 60,643,000 153,024,000 92,381,00

Financial Security Corporation Basin WY Bank 5,000,000 67,715,000 84,002,000 16,287,00

OBDC Small Business Finance Oakland CA CDLF 219,000 2,473,000 5,574,000 3,101,00
Name City State Baseline Level Current Level Increase (Decrease

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending 

California Coastal Rural Development Corporation Salinas CA CDLF 870,000 9,545,000 7,880,000                        

(1,665,00

Low Income Investment Fund San Francisco CA CDLF 7,490,000 26,595,000 66,354,000 39,759,00

Opportunity Fund Northern California San Jose CA CDLF 2,236,000 5,935,000 18,797,000 12,862,00

Valley Economic Development Center, Inc. Van Nuys CA CDLF 661,000 9,581,000 31,153,000 21,572,00

Rural Community Assistance Corporation West Sacramento CA CDLF 4,300,000 6,104,000 7,376,000 1,272,00

Colorado Enterprise Fund, Inc. Denver CO CDLF 463,000 5,721,000 9,453,000 3,732,00

Greater New Haven Community Loan Fund New Haven CT CDLF 525,000 758,000 1,882,000 1,124,00

Partners for the Common Good, Inc. Washington DC CDLF 1,009,000 4,888,000 5,754,000 866,00

Building Hope... A Charter School Facilities Fund Washington DC CDLF 2,091,000 23,190,000 37,026,000 13,836,00

Access to Capital for Entrepreneurs, Inc. (Appalachian Community Enterprises, Inc.) Cleveland GA CDLF 188,000 2,773,000 12,227,000 9,454,00

IFF Chicago IL CDLF 8,294,000 108,261,000 137,767,000 29,506,00

Federation of Appalachian Housing Enterprises, Inc. Berea KY CDLF 2,063,000 4,137,000 8,610,000 4,473,00

Community Ventures Corporation Lexington KY CDLF 1,045,000 3,451,000 10,913,000 7,462,00

Community Health Center Capital Fund, Inc. (Capital Link, Inc.) Boston MA CDLF 198,000 1,420,000 4,743,000 3,323,00

Common Capital, Inc. (The Western Massachusetts Enterprise Fund, Inc.) Holyoke MA CDLF 200,000 3,526,000 4,054,000 528,00

Boston Community Loan Fund, Inc. Roxbury MA CDLF 4,410,000 11,378,000 23,205,000 11,827,00

Enterprise Community Loan Fund, Inc. Columbia MD CDLF 8,817,000 8,849,000 21,271,000 12,422,00

Coastal Enterprises, Inc. Wiscasset ME CDLF 2,316,000 17,640,000 22,071,000 4,431,00

Midwest Minnesota Community Development Corporation Detroit Lakes MN CDLF 4,600,000 29,638,000 52,079,000 22,441,00

Nonprofits Assistance Fund Minneapolis MN CDLF 686,000 6,979,000 12,593,000 5,614,00

Community Reinvestment Fund, Inc. Minneapolis MN CDLF 5,100,000 60,645,000 46,855,000                      

(13,790,00

Montana Community Development Corporation Missoula MT CDLF 585,000 8,737,000 14,355,000 5,618,00

Mountain BizCapital, Inc. Asheville NC CDLF 197,000 1,791,000 3,448,000 1,657,00

Nebraska Enterprise Fund Oakland NE CDLF 197,000 1,454,000 4,365,000 2,911,00

La Fuerza Unida Community Development Corporation East Norwich NY CDLF 42,000 86,000 490,000 404,00

Leviticus 25:23 Alternative Fund, Inc. Elmsford NY CDLF 750,000 2,218,000 4,209,000 1,991,00

TruFund Financial Services (Seedco Financial Services, Inc.) New York NY CDLF 2,500,000 33,651,000 40,076,000 6,425,00

Primary Care Development Corporation New York NY CDLF 4,000,000 33,280,000 18,050,000                      

(15,230,00

Economic and Community Development Institute, Inc. Columbus OH CDLF 203,000 2,728,000 8,008,000 5,280,00

Citizen Potawatomi Community Development Corporation Shawnee OK CDLF 490,000 6,505,000 11,553,000 5,048,00

The Progress Fund Greensburg PA CDLF 1,052,000 12,109,000 21,420,000 9,311,00

Community First Fund Lancaster PA CDLF 862,000 11,002,000 14,484,000 3,482,00The Reinvestment Fund, Inc. Philadelphia PA CDLF 11,708,000 113,268,000 128,737,000 15,469,00

Northside Community Development Fund Pittsburgh PA CDLF 250,000 2,190,000 2,619,000 429,00

Bridgeway Capital, Inc. Pittsburgh PA CDLF 1,820,000 18,674,000 26,406,000 7,732,00

Charleston Citywide Local Development Corporation Charleston SC CDLF 1,000,000 1,799,000 3,182,000 1,383,00

South Carolina Community Loan Fund (Lowcountry Housing Trust, Incorporated) North Charleston SC CDLF 392,000 96,000 542,000 446,00

Rural Electric Economic Development, Inc. Madison SD CDLF 1,230,000 11,116,000 9,653,000                        

(1,463,00

South Eastern Development Foundation Sioux Falls SD CDLF 240,000 2,486,000 5,283,000 2,797,00

Northeast South Dakota Economic Corporation Sisseton SD CDLF 1,000,000 11,758,000 12,914,000 1,156,00

CEN‐TEX Certified Development Corporation Austin TX CDLF 489,000 3,435,000 7,312,000 3,877,00

PeopleFund Austin TX CDLF 500,000 6,412,000 7,518,000 1,106,00

ECDC Enterprise Development Group Arlington VA CDLF 320,000 1,402,000 3,071,000 1,669,00

Capital Impact Partners (NCB Capital Impact) Arlington VA CDLF 8,218,000 95,578,000 127,465,000 31,887,00

Vermont Community Loan Fund, Inc. Montpelier VT CDLF 1,247,000 12,787,000 15,176,000 2,389,00

Craft3 (ShoreBank Enterprise Group, Pacific) Ilwaco WA CDLF 1,867,000 24,108,000 45,120,000 21,012,00

Impact Seven, Incorporated Almena WI CDLF 4,000,000 13,344,000 22,613,000 9,269,00

Forward Community Investments, Inc. Madison WI CDLF 470,000 3,964,000 6,920,000 2,956,00

Wisconsin Women's Business Initiative Corporation Milwaukee WI CDLF 391,000 4,562,000 9,121,000 4,559,00
24

APPENDIX D: INSTITUTION‐SPECIFIC REPORTING ON BUSINESS LENDING BY SBLF BANKS

   
Community Banks Participating in SBLF

Report on Information from 12/31/2013 Call Reports transmitted with April 2014 Report

Name City State Commercial & Industrial Owner‐Occupied Commercial Real Estate Agricultural Production Secured by Farmland Commercial & Industrial Owner‐Occupied Commercial Real

Estate

Agri

Pro

BancIndependent, Incorporated Sheffield AL Southeast 1,102,019 126,083 110,777 6,105 15,249 258,213 165,895 141,868 

First Partners Bank (SouthCity Bank) Vestavia Hills AL Southeast 212,944 34,442                                        ‐ 6,394                     ‐ 40,837 40,902                            

11,746          

ServisFirst Bancshares, Inc. Birmingham AL Southeast 3,519,541 440,705 209,801 25,580 22,243 698,328 1,238,560 710,372 

Southern National Corporation Andalusia AL Southeast 427,008 42,858 46,952 5,776 59,822 155,408 40,319 46,900 

Southern States Bancshares, Inc. Anniston AL Southeast 254,557 18,236                                      ‐ 18,732 943 37,910 35,058 51,244 First Service Bancshares, Inc. Greenbrier AR Southeast 217,092 20,458 31,269 6,055 16,417 74,199 15,769 23,577 

Rock Bancshares, Inc. Little Rock AR Southeast 208,005 49,812                                        ‐ 7,116 1,804 58,732 105,123                              

2,918 

Western Alliance Bancorporation Phoenix AZ West 9,194,974 550,987 1,063,943 186 4,343 1,619,459 1,298,403 1,556,377 

1st Enterprise Bank Los Angeles CA West 760,001 52,170                                      ‐ 35,416                     ‐ 87,586 179,268                          

116,030          

Banc of California, Inc. (First PacTrust Bancorp, Inc.) Irvine CA West 3,616,031 553                                        ‐ 8,525                     ‐ 9,077 274,721                          

148,506 

Bank of Commerce Holdings Redding CA West 948,448 133,779 72,044 1,173 7,805 214,800 164,656 83,976 

California Bank of Commerce Lafayette CA West 364,519 60,775 13,291 390 1,632 76,087 141,869 50,468 

Capital Bank San Juan Capistrano CA West 180,841 13,838 11,346 98 295 25,575 16,150                            

64,258 

Community Valley Bank El Centro CA West 117,603 11,352                                        ‐ 2,293                     ‐ 13,645 10,523 22,777 

First Northern Community Bancorp Dixon CA West 897,669 88,431 116,575 30,680 22,480 258,166 96,979 114,565 

Founders Bancorp San Luis Obispo CA West 159,647 24,400                                      ‐ 11,516 2,218 38,133 25,447                            

32,800 

GBC Holdings, Inc. Los Angeles CA West 475,769 48,872                                      ‐ 64,652 468 113,992 90,721 93,817          

Partners Bank of California Mission Viejo CA West 127,305 40,849                                      ‐ 13,880                     ‐ 54,729 37,983                            

20,616          

ProAmérica Bank (Promérica Bank) Los Angeles CA West 152,926 18,665                                      ‐ 28,650                     ‐ 47,315 12,805                            

48,204          

Redwood Capital Bancorp Eureka CA West 253,443 16,119 28,172 120 2,899 47,311 11,535 45,725 

Seacoast Commerce Bank Chula Vista CA West 340,173 12,916                                      ‐ 42,691 456 56,063 2,385                          

262,034 

Security California Bancorp Riverside CA West 549,902 112,334                                      ‐ 67,475                     ‐ 179,809 94,025 129,962 

Silvergate Capital Corporation La Jolla CA West 641,147 3,408                                        ‐ 6,233                     ‐ 9,641 3,353                            

10,824          

Summit State Bank Santa Rosa CA West 454,075 40,612 33,151 2,405 24,934 101,101 35,316 56,426 

The Bank of Santa Barbara Santa Barbara CA West 153,266 11,319                                        ‐ 9,943 1,514 22,776 36,078                            

23,170          

CIC Bancshares, Inc. Greenwood Village CO Southwest 459,613 1,433                                              ‐ 21                     ‐ 1,454 67,944                            

61,905 

CoBiz Financial Inc. Denver CO Southwest 2,764,606 464,781 390,528 5,703 2,295 863,306 591,495                          

411,173 

Columbine Capital Corp. Buena Vista CO Southwest 337,447 22,300 16,986 221 893 40,399 39,304 42,485 

Morgan Capital Corporation Fort Morgan CO Southwest 148,260 13,330 6,289 4,169 3,950 27,738 18,400 9,172 

Steele Street Bank Corporation Denver CO Southwest 544,297 34,832                                      ‐ 32,612                     ‐ 67,443 57,733                            

53,745          

Verus Acquisition Group, Inc. Fort Collins CO Southwest 266,021 14,365 45,134 88 7,204 66,792 19,910                            

53,814 

Bankwell Financial Group, Inc. (BNC Financial Group, Inc.) New Canaan CT Northeast 780,484 3,378                                      ‐ 24,882                     ‐ 28,259 86,078                            

91,954          

Salisbury Bancorp, Inc. Lakeville CT Northeast 586,371 23,290 49,853 402 5,666 79,211 45,032 69,800 

SBT Bancorp, Inc. Simsbury CT Northeast 421,757 14,128                                      ‐ 21,168                     ‐ 35,295 18,432                            

40,071          

Community Bank Delaware Lewes DE Mid‐Atlantic 141,695 6,962 20,018 574 1,175 28,729 5,680 30,074 

Bank of Central Florida Lakeland FL Southeast 332,037 29,147                                      ‐ 27,541                     ‐ 56,688 64,171                            

59,572 

Broward Financial Holdings, Inc. Fort Lauderdale FL Southeast 158,674                ‐ 14,234                                            ‐                     ‐ 14,234 19,414                            

33,970          

CBOS Bankshares, Inc. Merritt Island FL Southeast 141,596 5,742                                      ‐ 40,542                     ‐ 46,283 4,612                            

26,575          

Community Southern Holdings, Inc. (Community Southern Bank) Lakeland FL Southeast 231,461 13,773 15,059 813 115 29,759 34,278 26,931 

FineMark Holdings, Inc. Fort Myers FL Southeast 717,990 12,141 15,375                    ‐ 112 27,628 41,720                            

32,405          

First Green Bancorp, Inc. (First Green Bank) Eustis FL Southeast 248,258 6,491                                      ‐ 23,716 133 30,339 17,400                            

66,610 

Florida Business BancGroup, Inc. Tampa FL Southeast 529,723 41,885                                      ‐ 46,924                     ‐ 88,809 60,081                            

99,818 

Florida Community Bankshares, Inc. Ocala FL Southeast 581,758 29,777 56,970 8,266 68,740 163,752 24,250 47,413 

HomeBancorp, Inc. Tampa FL Southeast 707,304 3,043                                      ‐ 10,343                     ‐ 13,385 5,210                            

16,397          

Jefferson Bankshares, Inc. (Jefferson Bank of Florida) Oldsmar FL Southeast 193,893 9,021                                        ‐ 4,870                     ‐ 13,891 22,022                            

18,144          

Marquis Bank Coral Gables FL Southeast 223,915 1,427                                        ‐ 9,846                     ‐ 11,273 20,924                            

30,804          

Ovation Holdings, Inc. Naples FL Southeast 349,862 1,684                                        ‐ 8,013                     ‐ 9,698 8,413                            

47,524 

Platinum Bank Holding Co. (Platinum Bank) Brandon FL Southeast 458,457 57,110 95,349 222 10,816 163,496 94,308 102,521 

Stonegate Bank (Florida Shores Bancorp, Inc.) Pompano Beach FL Southeast 564,798 35,523                                      ‐ 38,461                     ‐ 73,983 50,186                            

95,386 

Lowndes Bancshares, Inc. Valdosta GA Southeast 216,376 10,135                                      ‐ 38,874                     ‐ 49,009 10,606 33,293 

Resurgens Bancorp Atlanta GA Southeast 96,981 8,251                                        ‐ 4,870 1,965 15,086 13,185                            

14,621 

The Peoples Bank of Talbotton Talbotton GA Southeast 43,335 647                                        ‐ 3,191 2,106 5,943 1,739 3,216 

Commercial Financial Corp Storm Lake IA Midwest 654,394 128,275 39,538 38,076 22,656 228,545 133,263 65,980 

Heartland Financial USA, Inc. Dubuque IA Midwest 6,041,385 506,645 531,185 98,111 214,759 1,350,700 925,131 575,696 

Liberty Financial Services, Inc. Sioux City IA Midwest 281,036 36,186 17,912 4,466 5,574 64,138 43,889 30,829 

D. L. Evans Bancorp Burley ID West 1,007,356 69,464 158,111 107,881 60,654 396,108 94,426 162,644 

Bancorp Financial, Inc. Oak Brook IL Midwest 504,940 5,790                                        ‐ 9,122                     ‐ 14,912 15,307                              

8,946          

Community First Bancorp, Inc. Fairview Heights IL Midwest 206,218 23,850                                      ‐ 23,424 7,233 54,507 44,958                            

38,725 

Community Illinois Corporation Rock Falls IL Midwest 251,497 29,250 10,821 16,703 22,134 78,909 29,884 17,228 

First Bankers Trustshares, Inc. Quincy IL Midwest 768,602 34,554 53,147 20,504 20,851 129,056 49,878 87,896 

First Busey Corporation Champaign IL Midwest 3,470,186 313,814 356,714 38,356 57,626 766,509 362,348 369,112 

First Community Financial Corporation Elgin IL Midwest 174,261 6,337                                      ‐ 26,075 582 32,993 8,241                            

27,213 

First Eldorado Bancshares, Inc. Eldorado IL Midwest 293,363                  ‐ 7,789 7,887 25,857 41,533 18,332 10,616 

First Robinson Financial Corporation Robinson IL Midwest 264,291 14,280 7,658 3,957 8,804 34,699 15,681 20,742 

Fisher Bancorp, Inc. Fisher IL Midwest 96,890 4,244 6,329 2,457 2,741 15,770 3,530 8,021 

Heartland Bancorp, Inc. Bloomington IL Midwest 2,561,422 189,580 219,980 36,243 38,855 484,658 244,003 306,233 

Illinois State Bancorp, Inc. Chicago IL Midwest 387,575 21,057                                      ‐ 38,971 160 60,188 20,281                            

50,595 

Merchants and Manufacturers Bank Corporation Joliet IL Midwest 197,323 35,038                                      ‐ 20,722                     ‐ 55,760 68,007                            

20,606          

People First Bancshares, Inc. Pana IL Midwest 393,664 48,975 9,408 48,716 13,254 120,352 76,083 28,014 

Prime Banc Corp. Dieterich IL Midwest 531,754 21,310 6,268 9,480 22,344 59,401 31,102 62,868 

QCR Holdings, Inc. Moline IL Midwest 2,401,867 367,351 208,531 2,449 9,305 587,636 337,763 234,753 

Signature Bancorporation, Inc. Chicago IL Midwest 443,872 88,196                                      ‐ 37,019                     ‐ 125,214 182,663                            

67,239          

Institution

Region Total Assets

Baseline Lending Baseline

Business

Lending

Q4 2013
Name City State Commercial & Industrial Owner‐Occupied Commercial Real Estate Agricultural Production Secured by Farmland Commercial & Industrial Owner‐Occupied Commercial Real

Estate

Agri

Pro

Institution

Region Total Assets

Baseline Lending Baseline

Business

Lending

Q4 2013

Southern Illinois Bancorp, Inc. Carmi IL Midwest 380,150 37,465 17,420 18,888 21,392 95,164 51,143 42,174 

Town and Country Financial Corporation Springfield IL Midwest 509,044 34,830 59,359 6,536 5,550 106,274 39,261 103,557 Tri‐County Financial Group, Inc. Mendota IL Midwest 922,388 23,912 24,883 30,134 35,679 114,608 55,956 50,157 

United Community Bancorp, Inc. Chatham IL Midwest 1,733,839 211,038 155,561 57,598 92,821 517,019 174,033 129,357 

AMB Financial Corp. Munster IN Midwest 174,073 7,638                                      ‐ 14,191                     ‐ 21,829 10,107                            

20,449 

Community Bank Shares of Indiana, Inc. New Albany IN Midwest 849,220 87,840 88,791 690 4,709 182,030 91,183 112,072 

First Savings Financial Group, Inc. Clarksville IN Midwest 682,402 26,351                                      ‐ 39,403                     ‐ 65,754 26,759 61,650 

Horizon Bancorp Michigan City IN Midwest 1,758,006 63,712 84,200 3,279 7,424 158,615 97,780 136,863 

Bern Bancshares, Inc. Bern KS Midwest 85,080 4,671 46 14,941 3,145 22,803 2,815 483 Brotherhood Bancshares, Inc. Kansas City KS Midwest 518,966 42,681                                      ‐ 28,067 3,673 74,420 28,696                            

16,198 

Equity Bancshares, Inc. Wichita KS Midwest 1,141,191 72,242 44,546 7,028 5,075 128,891 138,786 136,373 

Freedom Bancshares, Inc. Overland Park KS Midwest 147,092 17,081                                      ‐ 18,667                     ‐ 35,748 30,398                            

24,944          

Osborne Investments, Inc. Osborne KS Midwest 58,825 1,549 451 9,025 4,697 15,722 3,901 1,997 

UBT Bancshares, Inc. Marysville KS Midwest 559,788 41,004 27,943 44,044 63,137 176,128 50,385 24,677 FCB Bancorp, Inc. Louisville KY Midwest 473,525 27,761                                      ‐ 54,823 56 82,640 16,008                            

70,172 

Magnolia Bancshares Inc. Hodgenville KY Midwest 144,381 6,246 10,176 2,066 14,930 33,419 7,305 16,640 

Community Trust Financial Corporation Ruston LA Southwest 3,199,260 294,044 150,315 1,480 24,990 470,828 1,070,328 300,558 

First Guaranty Bancshares, Inc. Hammond LA Southwest 1,434,797 85,481 82,769 17,727 12,111 198,087 151,087 143,180 

First NBC Bank Holding Company New Orleans LA Southwest 3,281,307 288,580                                    ‐ 212,783 261 501,625 873,105                          

370,733 

MidSouth Bancorp, Inc. Lafayette LA Southwest 1,848,517 185,803 126,929 6,367 3,019 322,119 390,230 222,790 

Ouachita Bancshares Corp. Monroe LA Southwest 652,679 47,682 73,761 14,288 9,163 144,892 69,016 97,264 Progressive Bancorp, Inc. Monroe LA Southwest 470,860 54,604 42,050 1,671 7,976 106,300 51,378 42,450 

Hyde Park Bancorp, Inc. Hyde Park MA Northeast 1,304,647 1,142                                           ‐ 542                     ‐ 1,684 94,667                            

10,829          

Island Bancorp, Inc. Edgartown MA Northeast 159,319 2,672                                      ‐ 20,909                     ‐ 23,581 6,492                            

32,008          

Leader Bancorp, Inc. Arlington MA Northeast 658,311 7,075                                      ‐ 24,647                     ‐ 31,722 20,959                            

59,794          

New England Bancorp, Inc. Hyannis MA Northeast 224,865 9,707                                      ‐ 19,019                     ‐ 28,726 34,331                            

36,867          

Provident Bancorp, Inc. Amesbury MA Northeast 625,176 17,487                                      ‐ 70,118 93 87,697 78,796                            

97,728 

Rockport National Bancorp, Inc. Rockport MA Northeast 200,000 9,222                                      ‐ 29,422                     ‐ 38,643 7,128                            

40,018          

StonehamBank, A Co‐operative Bank Stoneham MA Northeast 463,926 22,466                                      ‐ 24,415                     ‐ 46,880 39,728                            

49,515          

Eagle Bancorp, Inc. Bethesda MD Mid‐Atlantic 3,755,584 325,046                                    ‐ 122,093                     ‐ 447,140 735,309                          

304,493 

Howard Bancorp, Inc. Ellicott City MD Mid‐Atlantic 499,849 91,705                                      ‐ 41,681 794 134,180 101,129                            

88,313 

Monument Bank Bethesda MD Mid‐Atlantic 429,564 20,990                                      ‐ 12,522 576 34,088 26,989                            

27,229 

The Community Financial Corporation (Tri‐County Financial Corporation) Waldorf MD Mid‐Atlantic 1,022,222 121,233                                    ‐ 137,607                     ‐ 258,840 117,900                          

206,879          

Katahdin Bankshares Corp. Houlton ME Northeast 644,934 95,319 50,102 3,312 2,706 151,438 128,927 63,047 

Birmingham Bloomfield Bancshares, Inc. Birmingham MI Midwest 188,059 15,987                                      ‐ 17,807                     ‐ 33,793 28,057 27,570          

Crestmark Bancorp, Inc. Troy MI Midwest 499,298 153,006                                        ‐ 1,470                     ‐ 154,475          ‐ 381,440                                  

         

Huron Valley State Bank Milford MI Midwest 91,808 5,648                                      ‐ 16,506 191 22,345 10,259                            

29,656 

Level One Bancorp, Inc. Farmington Hills MI Midwest 618,292 39,110                                      ‐ 24,606                     ‐ 63,716 139,799                            

85,469          

Valley Financial Group, Ltd. Saginaw MI Midwest 188,545 38,248                                      ‐ 36,190 90 74,528 54,033                            

42,006 

Financial Services of Winger, Inc. Fosston MN Midwest 147,147 19,628 7,190 25,894 21,040 73,751 21,870 12,081 

Heritage Bancshares Group, Inc. Willmar MN Midwest 425,225 59,801 32,540 48,486 28,555 169,382 62,579 16,982 

Kerkhoven Bancshares, Inc Kerkhoven MN Midwest 68,573 4,668 9,381 3,475 7,114 24,637 10,651 18,899 

McLeod Bancshares, Inc. Shorewood MN Midwest 404,644 23,330 3,763 5,618 2,780 35,490 11,384 27,135 

MidWest Bancorporation, Inc. Eden Prairie MN Midwest 222,321 35,697                                      ‐ 18,909                     ‐ 54,606 19,582 10,490 

Platinum Bancorp, Inc. Oakdale MN Midwest 132,481 19,145                                      ‐ 27,015 573 46,733 27,964                            

24,955 

Redwood Financial, Inc. Redwood Falls MN Midwest 223,190 24,855                                      ‐ 31,378                     ‐ 56,233 23,693 21,549 

Cardinal Bancorp II, Inc. Washington MO Midwest 297,293 34,752 29,431 190 5,482 69,855 44,462 33,379 

Fortune Financial Corporation Arnold MO Midwest 137,622 24,461                                      ‐ 23,534 370 48,366 23,434                            

24,568          

Great Southern Bancorp, Inc. Springfield MO Midwest 3,556,442 138,613 136,926 4,079 21,896 301,514 238,145 135,175 

Liberty Bancorp, Inc. Liberty MO Midwest 510,022 23,445                                      ‐ 53,499                     ‐ 76,944 45,696 70,739 

Security State Bancshares, Inc. Charleston MO Midwest 652,970 56,094 57,781 30,314 49,925 194,113 54,713 60,423 

Southern Missouri Bancorp, Inc. Poplar Bluff MO Midwest 940,997 52,833 42,934 28,817 26,753 151,336 78,387 92,011 

Triad Bancorp, Inc. Frontenac MO Midwest 231,965 15,530                                      ‐ 16,895 820 33,245 33,003                            

37,821 

BankFirst Capital Corporation Macon MS Southeast 713,762 58,754 75,633 9,765 42,941 187,093 78,901 82,584 

Bancorp of Montana Holding Company Missoula MT West 45,170 1,208                                        ‐ 1,994 444 3,646 6,823                              

4,503 

First Bancorp Troy NC Southeast 3,184,673 140,198 279,520 7,734 36,485 463,938 137,164 400,476 

Live Oak Bancshares, Inc. Wilmington NC Southeast 416,078 27,794                                      ‐ 73,668                     ‐ 101,462 108,062                          

121,149          

Premara Financial, Inc. Charlotte NC Southeast 249,322 15,263                                      ‐ 23,523                     ‐ 38,786 22,659                            

39,982 

Providence Bank Rocky Mount NC Southeast 217,906 14,547 12,644 780 826 28,797 15,821 19,617 

Select Bancorp, Inc. Greenville NC Southeast 280,589 18,588                                        ‐ 9,146 1,726 29,459 18,390                            

29,404 

Union Bank & Trust Company Oxford NC Southeast 232,736 19,991 15,549 10 3,112 38,662 21,068 19,785 

Alerus Financial Corporation Grand Forks ND Midwest 1,374,757 180,756 65,037 33,489 10,852 290,134 320,295 130,811 

Western State Agency, Inc. Devils Lake ND Midwest 688,805 97,220 32,153 14,569 6,955 150,896 218,874 21,410 

Adbanc Inc. Ogallala NE Midwest 603,672 69,479 59,439 77,060 51,676 257,654 72,233 65,467 

Banner County Ban Corporation Harrisburg NE Midwest 110,934 8,633 2,981 30,815 15,368 57,797 11,424 8,709 

First State Holding Co. (Wilber Co.) Lincoln NE Midwest 405,930 40,835 24,786 25,570 36,985 128,176 53,135 33,864 

The State Bank of Bartley Bartley NE Midwest 78,799 13,050 4,465 8,672 2,035 28,221 15,479 8,122 

Centrix Bank & Trust Bedford NH Northeast 907,684 105,188                                    ‐ 145,314                     ‐ 250,502 186,993                          

218,995          

First Colebrook Bancorp, Inc. Colebrook NH Northeast 262,072 25,654 42,281 569 82 68,585 35,102 47,561 

Guaranty Bancorp, Inc. Woodsville NH Northeast 402,557 37,136 48,710 454 1,988 88,288 35,959 60,418 

New Hampshire Thrift Bancshares, Inc. Newport NH Northeast 1,421,339 57,064                                      ‐ 80,606                     ‐ 137,670 71,988 179,173 

Northway Financial, Inc. Berlin NH Northeast 894,097 44,870                                      ‐ 67,422                     ‐ 112,292 90,038                            

70,797          

Center Bancorp, Inc. Union NJ Mid‐Atlantic 1,672,365 106,353                                    ‐ 113,588                     ‐ 219,941 177,711                            

91,976          

Crest Savings Bancorp, Inc. Wildwood NJ Mid‐Atlantic 391,642 3,201                                      ‐ 17,693                     ‐ 20,894 4,858                            

23,226          

Freedom Bank Oradell NJ Mid‐Atlantic 203,214 14,905                                      ‐ 17,540                     ‐ 32,445 21,443                            

39,555          

Harmony Bank Jackson Township NJ Mid‐Atlantic 207,636 929                                        ‐ 9,059 1,000 10,988 8,429                            

42,345 

Highlands Bancorp, Inc. Vernon NJ Mid‐Atlantic 223,449 16,612                                      ‐ 17,780 777 35,168 27,886                            

51,289 

Hopewell Valley Community Bank Pennington NJ Mid‐Atlantic 438,171 9,885                                      ‐ 76,725 876 87,485 19,370                          

114,217 

Regal Bank Livingston NJ Mid‐Atlantic 320,943 1,682                                      ‐ 24,190                     ‐ 25,872 4,188                            

44,358          

Stewardship Financial Corporation Midland Park NJ Mid‐Atlantic 671,860 48,805                                    ‐ 156,337 1,053 206,195 27,728                          

167,721 
Name City State Commercial & Industrial Owner‐Occupied Commercial Real Estate Agricultural Production Secured by Farmland Commercial & Industrial Owner‐Occupied Commercial Real

Estate

Agri

Pro

Institution

Region Total Assets

Baseline Lending Baseline

Business

Lending

Q4 2013

Two River Bancorp (Community Partners Bancorp) Middletown NJ Mid‐Atlantic 769,594 48,487                                    ‐ 135,572 204 184,262 43,738                          

167,689 

Meadows Bank Las Vegas NV West 405,522 29,330                                      ‐ 21,164                     ‐ 50,495 105,339                            

46,376          

Alma Bank Astoria NY Mid‐Atlantic 950,028 66,760                                      ‐ 25,038                     ‐ 91,798 173,430                          

175,182          

Catskill Hudson Bancorp, Inc. Rock Hill NY Mid‐Atlantic 396,060 42,715 54,456 277 1,075 98,522 53,306 95,025 

Greater Rochester Bancorp, Inc. Rochester NY Mid‐Atlantic 377,819 43,466                                      ‐ 17,134 1,736 62,336 82,865                            

42,032 

Kinderhook Bank Corp. Kinderhook NY Mid‐Atlantic 329,840 18,911 19,028 58 2,330 40,328 25,550 43,591 

Pathfinder Bancorp, Inc. Oswego NY Mid‐Atlantic 565,124 25,983                                      ‐ 48,698 786 75,467 37,385                            

62,094 

Seneca‐Cayuga Bancorp, Inc. Seneca Falls NY Mid‐Atlantic 273,456 6,963                                        ‐ 9,127                     ‐ 16,090 22,771 14,754 

Columbus First Bancorp, Inc Worthington OH Midwest 254,789 19,279                                      ‐ 15,132                     ‐ 34,411 27,349                            

27,433 

Community Independent Bancorp Inc. West Salem OH Midwest 94,781 2,587 5,795 133 3,505 12,020 2,613 9,450 

Insight Bank Columbus OH Midwest 211,916 3,205                                      ‐ 10,876                     ‐ 14,080 13,973                            

25,709          

AmeriBank Holding Company Collinsville OK Southwest 170,693 19,843 9,416 1,590 2,324 33,172 31,989 17,170 

Central Service Corporation Enid OK Southwest 591,462 43,994 23,240 43,232 38,675 149,140 92,706 29,446 F & M Bancorporation, Inc. Tulsa OK Southwest 2,565,052 382,607 142,344 17 955 525,922 998,734 165,139 

Prime Bank Group Edmond OK Southwest 195,016 7,722 10,116 53 1,742 19,632 26,926 25,226 

Regent Capital Corporation Nowata OK Southwest 194,417 24,582 17,779 3,616 9,416 55,394 42,699 28,974 

AmeriServ Financial, Inc. Johnstown PA Mid‐Atlantic 1,027,510 92,509                                      ‐ 62,972 178 155,659 118,788                            

96,513 

CBT Financial Corp. Clearfield PA Mid‐Atlantic 425,680 34,922 32,578 1,037 6,580 75,117 44,087 28,879 

Centric Financial Corporation Harrisburg PA Mid‐Atlantic 304,259 16,476 31,487 193 1,397 49,553 34,712 55,342 

Codorus Valley Bancorp, Inc. York PA Mid‐Atlantic 1,147,378 46,618 104,503 1,653 24,703 177,476 94,808 143,113 

DNB Financial Corporation Downingtown PA Mid‐Atlantic 661,484 38,960                                      ‐ 73,668 10,878 123,505 59,609                            

92,210 

Emclaire Financial Corp. Emlenton PA Mid‐Atlantic 524,287 33,244                                      ‐ 25,924                     ‐ 59,168 40,197 25,814 

Enterprise Financial Services Group, Inc. Allison Park PA Mid‐Atlantic 261,500 37,394                                      ‐ 75,423 424 113,241 39,422                            

91,322 

First Resource Bank Exton PA Mid‐Atlantic 165,643 11,395                                      ‐ 19,652 1,119 32,165 11,857                            

31,347 

Franklin Security Bancorp, Inc. Plains PA Mid‐Atlantic 223,272 18,122                                        ‐ 7,022                     ‐ 25,143 26,140                            

19,541          

Jonestown Bank and Trust Company Jonestown PA Mid‐Atlantic 432,000 6,880 29,539 11 4,390 40,820 14,611 40,139 

MileStone Bank Doylestown PA Mid‐Atlantic 213,647 17,161                                      ‐ 29,937                     ‐ 47,098 57,840                            

52,945 

Monument Bank Doylestown PA Mid‐Atlantic 251,890 1,478                                      ‐ 17,409 828 19,715 1,607                            

52,292 

Penn Liberty Financial Corp. Wayne PA Mid‐Atlantic 552,100 58,496                                      ‐ 84,723                     ‐ 143,218 88,907                          

103,737          

Phoenix Bancorp, Inc. Minersville PA Mid‐Atlantic 137,443 5,262                                        ‐ 4,097                     ‐ 9,359 15,662                            

28,659 

Team Capital Bank Bethlehem PA Mid‐Atlantic 943,989 58,221                                      ‐ 58,748                     ‐ 116,969 74,278                          

117,498 

The Victory Bancorp, Inc. Limerick PA Mid‐Atlantic 142,070 13,913                                        ‐ 8,245 1,757 23,916 29,626                            

28,977 

York Traditions Bank York PA Mid‐Atlantic 284,499 48,533                                      ‐ 27,986 2,156 78,674 54,075                            

45,034 

Carolina Alliance Bank Spartanburg SC Southeast 247,489 29,943                                      ‐ 34,965 830 65,737 34,254                            

60,215 

GrandSouth Bancorporation Greenville SC Southeast 389,736 49,299 43,148 114 3,454 96,015 60,031 42,142 

TCB Corporation Greenwood SC Southeast 322,683 16,375                                      ‐ 40,863 1,056 58,294 18,536                            

49,817 

BHCB Holding Company Rapid City SD Midwest 143,079 11,260 16,312 1,696 1,627 30,895 22,735 32,961 

Avenue Financial Holdings, Inc. Nashville TN Southeast 889,577 92,450                                      ‐ 29,501                     ‐ 121,950 170,662                            

53,172          

CapitalMark Bank & Trust Chattanooga TN Southeast 828,163 88,680                                      ‐ 45,869                     ‐ 134,549 155,921                          

129,197 

Carroll Financial Services, Inc. Huntingdon TN Southeast 261,333 7,921 34,549 4,141 14,441 61,052 15,056 44,355 

Community First Bancshares, Inc. Union City TN Southeast 1,914,298 102,278 165,597 16,329 35,772 319,976 143,952 191,288 

Evolve Bancorp, Inc. Cordova TN Southeast 278,157 8,239 5,161 2,211 3,490 19,101 21,670 44,447 

Franklin Financial Network, Inc. Franklin TN Southeast 795,998 10,261 9,123 823 149 20,356 36,397 27,787 

Independent Holdings, Inc. Memphis TN Southeast 806,582 39,655                                      ‐ 11,109 1,474 52,238 70,201                            

27,186 

InsCorp, Inc. Nashville TN Southeast 225,033 11,667                                        ‐ 8,603 765 21,034 22,953                            

22,204 

Landmark Community Bank Collierville TN Southeast 594,432 17,728 11,183 94 263 29,268 38,778                            

24,759          

Magna Bank Memphis TN Southeast 527,588 24,492                                      ‐ 17,032                     ‐ 41,524 76,875 26,913 

Merchants and Planters Bancshares, Inc. Bolivar TN Southeast 89,260 5,479 10,527 361 2,730 19,097 5,833 10,439 

Moneytree Corporation Lenoir City TN Southeast 400,798 35,050 32,806 61 1,627 69,543 19,960                            

57,900 

Planters Financial Group, Inc. Clarksville TN Southeast 783,821 59,970 67,388 12,733 34,238 174,327 68,203 106,604 

SmartFinancial, Inc. Pigeon Forge TN Southeast 508,723 21,736                                      ‐ 14,293 1,139 37,167 35,004                            

50,768 

Southern Heritage Bancshares, Inc. Cleveland TN Southeast 236,853 26,826 30,355 33 1,077 58,290 22,363 43,097          

Sumner Bank & Trust Gallatin TN Southeast 190,362 12,075 15,701 43 694 28,512 7,302 16,592 

AIM Bancshares, Inc. Levelland TX Southwest 441,205 39,299 14,585 13,262 6,874 74,020 116,383 45,392 

BMC Bancshares, Inc. Dallas TX Southwest 63,564 765 2,514 825 223 4,326 1,206 14,583          

BOH Holdings, Inc. Houston TX Southwest 922,602 127,907                                      ‐ 69,441                     ‐ 197,348 206,508                          

154,964 

Cadence Financial Corporation (Encore Bancshares, Inc.) Houston TX Southwest 6,437,850 390,730 469,509 9,668 19,435 889,341 2,615,049 279,118 

FB BanCorp San Antonio TX Southwest 633,448 99,765                                        ‐ 2,480                     ‐ 102,244 57,174 2,082          First Texas BHC, Inc. Fort Worth TX Southwest 1,295,797 85,806 71,371 110 2,229 159,515 218,874 130,741 

Frontier Bancshares, Inc. Austin TX Southwest 431,420 25,056 29,742 851 6,814 62,462 72,210 107,661 

Happy Bancshares, Inc. Amarillo TX Southwest 2,445,872 201,680 93,384 130,663 51,686 477,414 361,350 137,385 

Hilltop Holdings, Inc. (PlainsCapital Corporation) Dallas TX Southwest 8,383,561 1,018,142 363,288 60,432 61,652 1,503,514 1,041,057 700,393 

Joaquin Bankshares Inc. Huntington TX Southwest 120,137 14,762 13,696 1,602 13,014 43,074 31,142 11,533 

Liberty Capital Bancshares, Inc. Addison TX Southwest 128,582 9,008                                        ‐ 5,927 1,722 16,657 31,235                            

13,500          

McLaughlin Bancshares, Inc. Ralls TX Southwest 257,420 18,912 4,166 29,426 3,706 56,210 37,696 13,705 Pioneer Bank, SSB Drippings Springs TX Southwest 262,449 7,439                                        ‐ 8,987 1,142 17,568 28,890 24,645 

Southwestern Bancorp, Inc. Boerne TX Southwest 112,081 5,487 12,617 2,545 1,837 22,486 10,947 15,382 

Sovereign Bancshares, Inc. Dallas TX Southwest 1,042,183 196,282                                      ‐ 22,060 918 219,260 253,327                            

84,815 

Steele Holdings, Inc. Tyler TX Southwest 260,025 14,649 15,060 427 1,007 31,142 32,794 23,278 

The ANB Corporation Terrell TX Southwest 2,482,929 142,877 265,405 6,732 22,473 437,487 119,808 437,087 

Third Coast Bancshares, Inc. (Third Coast Bank SSB) Humble TX Southwest 286,011 33,954                                      ‐ 30,443                     ‐ 64,397 93,214                            

67,789 

Veritex Holdings, Inc. Dallas TX Southwest 665,066 24,303                                      ‐ 14,187 1,151 39,641 160,823 73,883 

Cache Valley Banking Company Logan UT Southwest 687,327 33,786 39,918 9,516 16,242 99,462 58,826 128,470 

LCA Bank Corporation Park City UT Southwest 86,356                      ‐ 136                                            ‐                     ‐ 136               ‐ 3,392                                  

         

Medallion Bank Salt Lake City UT Southwest 814,679              ‐ 234,859                                            ‐                     ‐ 234,859          ‐ 399,648                                  

         

Blue Ridge Bankshares, Inc. Luray VA Southeast 214,004 4,225 15,593 159 2,442 22,419 11,500 14,750 

Citizens Community Bank South Hill VA Southeast 159,712 18,419 16,605 251 3,246 38,520 13,839 28,023 

Heritage Bankshares, Inc. Norfolk VA Southeast 305,533 29,431                                      ‐ 36,330                     ‐ 65,761 26,022                            

51,565          

TowneBank Suffolk VA Southeast 4,672,997 302,054 531,494 675 6,389 840,612 465,092 736,154 

Virginia Heritage Bank Fairfax VA Southeast 894,841 39,167                                      ‐ 50,228                     ‐ 89,395 52,032                          

120,558 
Name City State Commercial & Industrial Owner‐Occupied Commercial Real Estate Agricultural Production Secured by Farmland Commercial & Industrial Owner‐Occupied Commercial Real

Estate

Agri

Pro

Institution

Region Total Assets

Baseline Lending Baseline

Business

Lending

Q4 2013

WashingtonFirst Bankshares, Inc. Reston VA Southeast 1,126,608 60,171 13,644 117 3,240 77,172 118,003                          

146,470          

Xenith Bankshares, Inc. Richmond VA Southeast 678,566 14,641                                      ‐ 19,095 593 34,328 174,221 55,335 

Puget Sound Bank Bellevue WA West 339,263 49,945                                      ‐ 28,866                     ‐ 78,810 102,742                            

59,616 

U&I Financial Corp Lynnwood WA West 218,020 8,950                                      ‐ 34,994                     ‐ 43,943 11,119                            

44,055          

W.T.B. Financial Corporation Spokane WA West 4,430,640 726,366 358,143 80,131 37,049 1,201,688 762,255 482,103 

County Bancorp, Inc. Manitowoc WI Midwest 757,291 44,238 63,411 118,072 171,649 397,369 49,224 54,468 

Deerfield Financial Corporation Deerfield WI Midwest 115,252 15,306 116 4,065 1,820 21,306 9,645 5,547 

First American Investment, Inc. Hudson WI Midwest 93,358 4,014 15,043                    ‐ 163 19,220 9,562                            

20,918 

First Menasha Bancshares, Inc. Neenah WI Midwest 360,163 51,762 29,044 6 519 81,331 62,134                            

53,352 

Nicolet Bankshares, Inc. Green Bay WI Midwest 1,184,273 129,397 137,477 41 2,935 269,850 228,028 187,477 

Northern Bankshares, Inc. McFarland WI Midwest 414,512 26,290 62,897 1,313 15,949 106,449 33,449                          

116,046 

PFSB Bancorporation, Inc. Pigeon Falls WI Midwest 74,033 3,710 8,995 6,075 11,414 30,194 3,075 7,604 

Sword Financial Corporation Horicon WI Midwest 549,834 63,172 127,299 10,132 21,004 221,607 64,456 124,566 

First Bank of Charleston Inc. Charleston WV Southeast 206,219 23,426                                        ‐ 1,497                     ‐ 24,923 24,294                              

2,615          

MVB Financial Corp. Fairmont WV Southeast 976,156 15,650                                      ‐ 38,312                     ‐ 53,962 60,695                            

97,196          

Financial Security Corporation Basin WY West 313,861 26,934 10,943 18,648 17,218 73,742 32,026 20,806 
25

APPENDIX E: SBLF PROGRAM IMPACT EVALUATION

As described in this report, SBLF banks have increased business loans outstanding over baseline levels and since

investment by significantly more than both a representative peer group and a broader comparison group of non‐SBLF

banks.  While there are multiple factors that could contribute to this outcome, the results of this analysis suggest that

the SBLF program is supporting significantly increased business lending by participants, consistent with the program’s

objectives.

The selection of peer institutions employs variables that reflect common conventions of market structure, including

institution geography, size, and financial condition.15  Any such selection of peer institutions, however, may be

subject to the effect of unobserved variables that could also have influenced an institution’s decision to participate in

SBLF, increase business lending, or take other actions (i.e., “selection bias”).   

This section describes SBLF program results using a statistical methodology called propensity score analysis which

attempts to limit the potential reported effect of such selection bias.  Consistent with the previously reported

findings from the peer and comparison group analysis, the results of this additional analysis suggest that the SBLF

program is supporting substantially increased business lending among program participants.  

Program Impact Analysis Using Propensity Score Methods

Propensity score methods seek to account for observable characteristics that may be predictive of a bank’s likelihood

of participating in the SBLF, extending beyond the conventional measures of market analysis used in the peer group

analysis.   

Treasury implemented two separate propensity score methods to analyze the impact of SBLF.  In general, propensity

score methods use balancing factors (“propensity scores”) to offset an unequal distribution of observable

characteristics between comparison groups.  In this way, they help mitigate selection bias by controlling indirectly for

a bank’s motivation to participate in the SBLF program.   

The first approach Treasury implemented is called “propensity score matching.”  This analysis calculates the predicted

probability that a given institution would have received SBLF funding given the many variables that may have

influenced the institution’s ability or decision to participate in the SBLF program.  This predicted probability of

participation is codified as a “propensity score” for each SBLF bank participant as well as each non‐participant

(6,02816 banks).  To assess the effect of SBLF participation, the analysis matches each each SBLF bank with a non‐SBLF

bank that has the closest propensity score.  This process has the effect of creating a propensity score‐matched

“control group” of non‐SBLF banks that is balanced with SBLF banks across all relevant variables.  Assembling the two

groups in this manner controls for the influence of these characteristic variables by largely eliminating any

imbalances across the distribution of these variables among the two groups of banks.  This approach explores

whether, when controlling for propensity to participate in SBLF, banks that received SBLF capital increased their

business lending balances more than other banks.

                                                            

15For additional information regarding the composition of the peer and broader comparison groups, please see Appendix A. 16 Of the 6,035 non‐SBLF banks, seven institutions were excluded from the matching analysis due to missing values associated

with the data used to calculate propensity scores.
26

Treasury also implemented a second propensity score method called “multiple propensity score regression

adjustment.”  The structure of the SBLF program couples capital investments (which are intended to augment the

lending capacity of an institution) with targeted incentives to increase small business lending (through the dividend

and interest rate adjustment mechanism).  Because some SBLF participants may have had the ability to raise capital

from sources other than SBLF, and vice versa, this second method provides a mechanism for distinguishing the

impact of the SBLF program specifically from the effect of capital increases generally.  The second approach evaluates

program impact by seeking to calculate and control for each institution’s propensity to raise capital from either SBLF

or a separate source. This approach explores whether, when controlling for propensity to receive SBLF and Other

Capital, the SBLF program was effective in driving higher levels of business lending at SBLF participants versus that of

institutions which received no new capital.

Similar to other retrospective statistical techniques, propensity score methodologies carry inherent limitations. For

example, propensity score matching techniques presume that all relevant characteristic variables are subject to

measurement and inclusion when calculating an institution’s propensity to participate in one or more groups.  

Consequently, it remains possible that unmeasured factors may influence differences in outcomes in a comparison of

SBLF banks and non‐participants.17  The use, however, of a large set of observable variables – a total of 71 in the

context of this analysis – helps mitigate this risk.

In addition, the scope of this analysis is limited to an assessment of whether SBLF participants have increased

business lending in comparison to similarly situated institutions.  This analysis does not seek to evaluate, for example,

whether increases in business lending by program participants have been offset by decreases by non‐participants or

slower growth in non‐business lending by participants than may otherwise have occurred.  Likewise, this analysis

does not seek to capture or calculate potential second‐order benefits to a community from increased business

lending, such as increased job creation, capital investment, tax revenues, or other effects.  As well, this analysis is not

intended to address questions of capital access or availability, such as whether banks that participated in SBLF could

have raised capital from alternative sources, nor does it seek to address potential limitations on the aggregate

amount of capital available to community banks.

Selection of Characteristic Variables

Treasury incorporated a broad set of 71 observable financial and market variables that could potentially affect a

bank’s likelihood of participating in the SBLF program.  These variables include balance sheet measures, financial

performance measures, capitalization, loan composition, deposit composition, asset quality, liquidity, yield to cost

ratios, corporate organization, and participation in the Capital Purchase Program,  as well as characteristics of the

institution’s lending markets.  These variables were measured as of March 31, 2011, which was the quarter before

the first SBLF investment.

To obtain financial information on each bank, Treasury accessed information from SNL Financial (SNL), a private

database that contains publicly‐filed regulatory and financial reports.  To obtain market population, unemployment,

and income information on the bank’s lending markets, Treasury accessed U.S. Census information using SNL.  For

banks located within a Metropolitan Statistical Area (MSA), MSA‐level information was used, while county‐level data

was used for banks outside of an MSA.

                                                            

17 Randomized experiments are best suited to assessing program effectiveness where it is possible to maintain random assignment to minimize

the influence of external factors on program outcomes.  The structure of the SBLF program, however, did not permit random assignment, as

Treasury considered all applicants for funding and sought to provide consistent decisioning among applicants.
27

The following is a list of the 71 characteristic variables selected, grouped by category.  These variables are based on

SNL’s array of summary financials for each institution.

• Balance sheet measures (6 continuous variables):  total assets, asset growth rate, loan growth rate, deposit

growth rate, gross loans to assets, and loans to deposits.

• Performance measures (5 continuous variables):  return on average assets (ROAA), return on average equity

(ROAE), net interest margin, yield to cost spread, and efficiency ratio.  

• Capitalization (8 continuous variables and 1 categorical variable): equity to assets, tangible equity to

tangible assets, tangible common equity to tangible assets, risk based capital ratio, tier 1 risk based ratio, tier

1 common risk based ratio, leverage ratio,  change in common and preferred stock and capital surplus as a

percentage of total equity between Q1 2010 and Q1 2011 (0% or less, 0 to 5%, 5 to 10%, over 10%) and

common dividends declared to net income.  

• Loan composition (6 continuous variables):  construction land development loans to total loans, total 1‐4

family loans to total loans, multifamily loans to total loans, total real estate loans to total loans, commercial

and industrial loans to total loans, and consumer loans to total loans.

• Deposit composition (5 continuous variables):  non‐interest bearing deposits to total deposits, transaction

accounts to total deposits, money market deposit account (MMDA) savings to total deposits, retail time

deposits to deposits, and jumbo time deposits to total deposits.

• Asset quality (11 continuous variables):  non‐current loans to loans, nonperforming loans to loans, non‐

performing assets to total assets, non‐performing assets excluding restructured loans to total assets, non‐

performing assets to loans plus foreclosed real estate, loan loss reserves to gross loans, net charge‐offs to

average loans, non‐performing assets plus loans 90 days past due to tangible equity plus loan loss reserves,

adjusted non‐performing assets plus adjusted loans 90 days past due divided by tangible equity plus loan loss

reserves, adjusted non‐performing assets to total assets, and adjusted non‐performing loans to total loans.

• Liquidity (4 continuous variables):  liquidity ratio, interest earning assets to interest bearing liabilities,

brokered deposits to deposits, and jumbo deposits to total domestic deposits.

• Yield to cost ratios (4 continuous variables):  yield to loans and leases, cost of interest bearing deposits, cost

of interest bearing liabilities, and cost of funds.

• Government program participation (3 categorical variables):  current or former participation in CPP

(participant; non‐participant), former participation in Transaction Account Guarantee Program (TAGP)

(participant; non‐participant), former participation in Debt Guarantee Program (TDGP) (participant; non‐

participant).

• Corporate organization (6 categorical variables and 1 continuous variable):  de novo status (de novo; non‐

de novo), ownership (private; public), ownership structure (mutual; stock corporation), institution type

(savings bank; commercial bank), primary regulator (Federal Reserve Board (FRB); Office of the Comptroller

of the Currency (OCC); Federal Deposit Insurance Corporation (FDIC)), Community Reinvestment Act rating

(outstanding, needs to improve, satisfactory), and bank age in years.    
28

• Local market indicators (1 categorical variable and10 continuous variables ):  region (Mid‐Atlantic, Midwest,

Northeast, Southeast, Southwest, West), unemployment rate, change in unemployment rate from prior year,

2011 compound annual growth rate (CAGR) of households, 2011 CAGR of population, 2010 CAGR of median

household income, 2010 CAGR of per capita income),  projected 2017 CAGR of households, projected 2017

CAGR of median household income, projected 2017 CAGR of per capita income, and projected 2017 CAGR of

population.

Propensity Score Matching Analysis Methodology

Propensity score matching, the first of the two methodologies employed, follows five primary steps: (1) evaluation of

the balance of characteristic variables between SBLF participants and non‐participants, (2) calculation of a propensity

score for each institution, (3) selection of a control group of banks using propensity scores, and (4) testing of the

control group to assess its effectiveness in mitigating selection bias, and (5) estimation of net effect of SBLF

participation.

Step 1:  Evaluation of the Balance of Characteristic Variables Between SBLF Participants and Non‐Participants  

Treasury measured the statistical differences between the SBLF banks and the broader market of community banks

across each of the 71 characteristic variables listed above to identify which characteristics were equally distributed

(i.e., balanced) among SBLF participants and non‐participants.  To evaluate balance, the statistical differences in each

variable between the two groups of banks were calculated using chi‐squared tests for categorical variables and

Kolmogorov–Smirnov tests (K‐S tests) for continuous variables.  The analysis found statistically significant imbalances

(p‐values < 0.05) between SBLF and non‐SBLF banks for 63 of the 71 characteristic variables.  This result suggests that

SBLF banks have observable characterstics that differ significantly from the broader market of community banks.

Step 2:  Calculation of a Propensity Score for Each SBLF Participant and Non‐Participant

Treasury calculated a “propensity score” ranging between 0 and 1 for each SBLF bank participant and each non‐

participant based on the 71 characteristic variables described above.  The calculation of the propensity score for each

bank follows a standard logistic regression.  The dependent variable is defined as program status (non‐participant = 0,

SBLF participant = 1) and the independent variables are the 71 characteristic variables.  A backward selection process

was used to iteratively eliminate highly insignificant variables (i.e., p‐values > 0.60).18  Through the backward variable

selection process, 17 variables were eliminated.  The initial test of propensity scores’s ability to balance across SBLF

and the control group (see Step 5) indicated remaining imbalances for the asset growth rate and ROAA variables,

suggesting a non‐linear relationship for these variables not captured in the initial model.  To correct for this

imbalance, Treasury added squared terms for each of these factors (a common approach in propensity score

modeling) which yielded two additional variables for the logistic regression.   

                                                            

18 The variables eliminated were found to be insignificant in the presence of other correlated variables; individually, however, they may be

correlated with lending growth.  The eliminated variables included: deposit growth rate, ownership = private, regulator = OCC or FRB, ROAE,  

projected CAGR households, tier 1 common risk based capital ratio, NPAs to total assets, cost of interest bearing deposits, yield on loans and

leases, jumbo time deposits to total deposits,  CAGR per capita income, MMDA savings to total deposits, leverage ratio, projected CAGR per

capita income, institution type = savings bank, and ownership structure = mutual.  
29

Step 3:  Selection of a Control Group of Non‐Participants Using Propensity Scores  

Treasury selected a control group of non‐participants for comparison to SBLF institutions by matching each SBLF

participant with the non‐participant that had the next closest propensity score (propensity score‐matched “control

group”).  For example, if an SBLF participant had a propensity score of 0.30, the institution selected for inclusion in

the control group was the non‐participant that received a propensity score closest to 0.30.

Step 4:    Evaluation of the Balance of Characteristic Variables Between SBLF Participants and the Control Group

Treasury performed statistical tests to assess whether the control group and the SBLF participants had comparable

distributions with respect to each of the 71 characteristic variables. The statistical differences in each variable

between the two groups of banks were calculated using chi‐squared tests for categorical variables and Kolmogorov‐

Smirnov tests (K‐S tests) for continuous variables (see Table A for detailed test results). These tests found no

statistically significant imbalances (p‐values < 0.05) between the group of SBLF banks and the control group across

any of the 71 characteristic variables (see Table A for additional detail).  This suggests that the propensity score

matching analysis reduced the possibility of selection bias by selecting a statistically balanced control group.

Step 5:  Estimation of Net Effect of SBLF Participation

To estimate the net effect of the SBLF participation using this methodology, Treasury compared the median increases

in lending growth at SBLF banks to the median increases in lending growth and the control group over baseline and

since investment.  Consistent with the findings from the peer and comparison group analysis described previously,

the results of the propensity score matching analysis suggest that the SBLF program is supporting increased business

lending among program participants.  By convention, the output of these methodologies reflects differentials

between groups and are not directly comparable with the results presented in the preceding peer and comparison

group analyses.

As of September 30, 2013, SBLF banks have increased business loans outstanding by a median 52.1 percent over

baseline levels, versus a 29.0 percent median increase for the propensity score‐matched control group, for an

estimated net effect associated with SBLF participation of 23.1 percent.  The following table shows changes in

business lending and other lending by SBLF banks and the propensity score matched control group.  

   

Number of institutions 257 257

Median Change in Lending Over Baseline

Business lending 52.1% 29.0% 23.1%

Other lending 31.6% 17.8% 13.8%

Median Change in Lending Since Investment

Business lending 29.8% 14.9% 14.9%

Other lending 20.6% 11.4% 9.2%

Results of Propensity Score Matching Analysis

Average Lending of

SBLF Participants

Average Lending of

Control Group

Estimated Net Effect of  

SBLF Participation
30

Impact of SBLF and Non‐SBLF Capital Investments on Business Lending

The preceding analysis examines the performance of SBLF participants against non‐participants based on their

characteristics in the period prior to investment, irrespective of subsequent activities that may have augmented their

lending capacity.  The SBLF program structure coupled capital investments with targeted incentives to increase small

business lending.  Some non‐participants, however, raised capital from sources other than SBLF.   

To help distinguish the effect of SBLF program participation from capital increases generally, Treasury completed a

second analysis called “multiple propensity score regression adjustment.”  The structure of the SBLF program couples

capital investments (which are intended to augment the lending capacity of an institution) with targeted incentives to

increase small business lending (through the dividend and interest rate adjustment mechanism).  The second

approach evaluates program impact by seeking to calculate and control for each institution’s propensity to raise

capital from either SBLF or a separate source. In particular, this approach explores whether, when controlling for

propensity to receive SBLF and Other Capital, the SBLF program was effective in driving higher levels of business

lending at SBLF participants versus that of institutions which received no new capital.

The multiple propensity score regression adjustment model estimates the average difference in lending growth

between a control group of institutions which did not receive equity investments and those institutions that raised

capital through SBLF or other sources, while controlling for the observable characteristics of these institutions.  This

approach uses a multinomial logistic regression to develop two propensity scores for each institution reflecting the

conditional probability of receiving an SBLF capital investment (SBLF Investment) and an outside capital investment

(Other Investment), or no new capital (No Investment) given the characteristic variables described above.   

The methodology then uses a linear regression to estimate the relationship between lending growth as the

dependent variable and indicators of sources of new capital and multiple propensity scores as independent variables.

Once the effects of propensity scores are isolated, the remaining difference in average lending growth between the

“No Investment” group and each of the “SBLF Investment” and “Other Investment” groups is calculated, and is

referred to below as  the ”estimated net treatment effect” for this approach.

Multiple Propensity Score Regression Adjustment Methodology

The multiple propensity score regression adjustment methodology follows five primary steps: (1) assignment of

institutions into treatment groups, (2) evaluation of the balance of characterstic variables among the three treatment

groups, (3) calculation of multiple propensity scores for each institution, (4) testing of the propensity scores to assess

their effectiveness in mitigating selection bias, and (5) estimation of the net effects of receiving an SBLF Investment

or Other Investment over No Investment.

Note that while many of these steps are similar to those used in the propensity score matching methodology above,

an important difference in this approach is that no new comparison group is assembled.  Rather, the calculated

propensity scores are used as balancing variables in a linear regression to control for differences in the distributions

of characteristic variables associated with all institutions in the SBLF Investment, Other Investment and No

Investment groups.   
31

Step 1:  Assignment of Institutions into Treatment Groups

Treasury assigned institutions to one of three groups: SBLF Investment, Other Investment, and No Investment.  To

identify institutions that received capital investments, Treasury accessed call report data from SNL.  Because banks do

not report capital investments uniformly, Treasury used the sum of changes in the common stock, preferred stock

and surplus capital call report line items as a percentage of the Q1 2011 total equity line item to identify outside

capital investments.  Institutions which did not receive a capital investment over the period were assigned to the “No

Investment” control group.  

Because both SBLF and non‐SBLF institutions varied in the amount of capital they raised, Treasury sought to include

in the “Other Investment” group a set of non‐SBLF institutions that raised amounts of capital in a distribution

comparable to that of the SBLF institutions.  To establish an appropriate comparison group, the group of SBLF

institutions was initially trimmed (excluding institutions above the 95th percentile and below the 5th percentile in

capital increases) to minimize the influence outliers whose reported increases in capital generally reflected influences

other than traditional capital investments, such as changes caused by mergers, acquisitions, or restructurings.  

Treasury then employed a stratified random sampling approach to identify a group of non‐SBLF institutions with an

equal distribution of net changes in their capital levels as that of SBLF institutions between Q1 2011 and Q3 2013.  All

institutions that reported changes in capital and were not assigned to the Other Investment group through this

stratification process were eliminated.   

Treasury validated the robustness of the stratification approach using multiple iterations and formal statistical tests

to confirm that the results were not sensitive to the selection of a particular random sample.  This approach resulted

in an “Other Investment” group of 908 non‐SBLF institutions, an SBLF Investment group of 254 program participants,

and a No Investment control group of 3,654 non‐participants.   

Step 2:  Evaluation of the Balance of Characteristic Variables Among Treatment Groups  

To assess the distribution of each of the 71 characteristic variables across treatment groups, Treasury regressed each

variable on the three comparison group indicators.  For continuous variables, a form of linear regression was used.  

For categorical variables, a binomial or multinomial logistic regression was performed, depending on the number of

possible outcomes for that variable. The joint significance of comparison group indicators’ coefficients was tested

using F‐tests.  The analysis found statistically significant imbalances (p‐values < 0.05) for 66 of the 71 characteristic

variables measured.  This result suggests that the SBLF Investment and Other Investment groups have observable

characteristics that differ significantly from the No Investment group.

Step 3:   Calculation of Three Propensity Scores for Each Institution

A multinomial logistic regression was performed to estimate three propensity scores, reflecting the probability of an

institution’s inclusion in the SBLF Investment, Other Investment, and No Investment treatment groups respectively.  

The regression incorporated and incorporated backward selection process to identify highly insignificant variables (p‐

values > 0.60).19  Through the backward variable selection process, 14 variables were eliminated.   

                                                            

19 The variables eliminated were found to be insignificant in the presence of other correlated variables; individually, however, they may be

correlated with lending growth.  The eliminated variables included: retail time deposits to total deposits, non‐performing assets plus loans 90

days past due over tangible equity and loan loss reserves, yield on loans and leases, tangible equity to tangible assets, return on average assets,

non‐performing assets excluding restructured loans to total assets, gross loans to total assets, risk‐based capital ratio, projected CAGR
32

Propensity score models require that each institution maintain a non‐zero probability of being selected into each

group and that sufficient overlap between the propensity scores exists.  To meet this criteria, Treasury trimmed all

three groups to ensure that both propensity scores fall within a range common to all groups.  Institutions with

propensity scores below the lowest scores of any alternative group and above the maximum score of any alternative

group were automatically discarded from further analysis.  In total, 295 banks in the No Investment control group (8

percent of group), 115 banks in the Other Investment group (13 percent), and 31 banks in the SBLF Institutions group

(12 percent) were eliminated through this process.  This trimming requirement resulted, however, in only modest

changes to the overall net impact results.

Step 4:    Evaluation of the Ability of the Propensity Scores to Balance of Characteristic Variables

To validate the comparability of the three groups when using propensity scores to control for differences in

characteristic variables, Treasury regressed each of the 71 characteristics variables on treatment (SBLF Investment,

Other Investment, No Investment) incorporating the two separate propensity scores and their joint interaction as

additional independent variables.  For continuous variables, a form of regular linear regression was used to

determine the appropriate coefficients for testing.  For categorical variables, a binomial or multinomial logistic

regression was performed, depending on the number of possible outcomes for that variable.  Once the coefficients

for each treatment group were determined with respect to each dependent variable, the joint significance of

treatment group coefficients was tested using the F‐test.  These tests found no statistically significant imbalances (p‐

values < 0.05) between the groups across any of the 71 characteristic variables when propensity scores were included

in the calculation . This suggests that the propensity scores reduced the possibility of selection bias by effectively

balancing the characteristic variables (see Table B for additional detail).

Step 5:  Estimated Net Effect of SBLF Investment and Other Investment over No Investment

Treasury regressed lending growth on treatment type, the two propensity scores and their joint interactions to

determine the “estimated net treatment effects”, or the average differences in lending growth associated with SBLF

and Other Investment sources relative to No Investment.  

After isolating the effect of propensity scores on lending growth, the difference in business lending associated with

banks that received an SBLF investment (SBLF Investment) over banks that did not receive a capital investment (No

Investment) is 31.2 percent.  For banks that received an alternative investment (Other Investment), the difference in

business lending over banks that did not receive a capital investment is 17.0 percent after controlling for propensity.   

These results indicate that the business lending impact associated with SBLF investments has been highly significant.  

These findings also suggest that, when compared with alternative sources of capital, SBLF investments were more

effective on a dollar‐weighted basis in yielding increased business lending.  In each case, these results are significant

at a 95 percent confidence limit.  As above, the output of this methodology reflects differentials between No

Investment and SBLF Investment or Other Investment, respectively, and is not directly comparable with the results

presented in the preceding peer and comparison group analyses.

                                                                                                                                                                                                                       

households, total equity to total assets, jumbo deposits to total deposits, common dividend declared to net income, multifamily loans to total

loans and bank’s age (in years).  
33

   

Summary Results: Estimated Net Treatment Effects, Adjusted for Propensity

Over Baseline

Estimated Net Treatment Effect: SBLF Investment 24.2% 38.2%

Estimated Net Treatment Effect: Other Investment 13.3% 20.7%

Since Investment

Estimated Net Treatment Effect: SBLF Investment 15.4% 23.6%

Estimated Net Treatment Effect: Other Investment 8.3% 12.6%

19.5%

10.5%

95% Confidence

Limits

Estimated Net

Treatment Effects

31.2%

17.0%
34

Table A:   Summary Statistics of Characteristic Variables : Propensity Score Matching

The following tables includes additional detail of the chi‐square test results for the 11 categorical variables and the K‐

S test results for the 60 continuous variables used in the propensity score matching analysis.  All variables were

measured at March 31, 2011, the quarter before the initial SBLF investment.  

Summary of Chi‐Square Test Results for Continuous Variables and KS‐Test Results for Categorical Variables

p‐value p‐value

After PS After PS

Correction Correction

Corporate organization Asset quality

Banks Age in Yrs. 0.84 Noncurrent Loans to  Loans 0.12

Balance sheet measures NPLs to  Loans 0.09

Total Assets 0.08 NPAs to  Total Assets 0.21

Asset Growth Rate 0.25 NPA Excl. Restruct. Lns to  Total Assets 0.42

Loan Growth Rate 0.25 NPAs to  Loans+Frclsd RE 0.14

Deposit Growth Rate 0.36 Loan Loss Reserves to  Gross Loans 0.30

Gross Loans to  Assets 0.70 NCOs to Avg Loans 0.63

Loans to Deposits 0.90 NPA+ Loans 90PD to  Tang Equity + LLR 0.21

Performance measures Adj NPA + Adj Lns 90PD /  Tang Equity + LLR 0.18

ROAA 0.18 Adjusted NPA to  Total Assets 0.18

ROAE 0.18 Adjusted NPL to  Total Loans 0.08

Net Interest Margin 0.18 Local market indicators

Yield to  Cost Spread 0.08 Unemployment Rate 0.90

Efficiency Ratio 0.42 Change in Unempl Rate from Prior Year 0.84

Capitalization CAGR Population 0.63

Equity to  Assets 0.63 CAGR Households 0.77

Tangible Equity to  Tangible Assets 0.99 CAGR Per Capita Income 0.84

Tang Common Eqty to  Tang Assts 0.84 CAGR Median Household Income 0.77

Risk Based Capital Ratio 0.90 Proj CAGR Population 0.77

Tier 1 Risk‐based Ratio 0.70 Proj CAGR Households 0.55

Tier 1 Common Risk‐Based Ratio 0.84 Proj CAGR Per Capita Income 0.77

Leverage Ratio 0.90 Proj CAGR Median Household Income 0.94

Com Div Decl to Net Income 0.36

Loan composition Government Program Participation

Const Land Dev Lns to  Loans 0.42 TARP 0.86

Tot 1‐4 Fam Loans to  Loans 0.84 TAGP Participant 0.26

Multifamily  Loans to  Loans 0.94 TDGP Participant 0.37

Total Real Est Lns to  Tot Loans 1.00 Ownership

CI Loans to  Loans 0.84 Private 0.52

Consumer Loans to  Loans 0.30 Ownership Structure 0.15

Deposit composition Company Type 0.60

Non Int Bear Dep to Total Deposits 0.90 Regulatory

Trans Accts to Total Deposits 0.63 Primary Regulator 0.38

MMDA Savings to  Total Deposits 0.70 CRA Rating 0.99

Retail Time Deposits to  Dep 0.30 De Novo Status

Jumbo Time Deposit to  Total Dep 0.77 De Novo Status 0.66

Liquidity Region

Liquidity Ratio 0.48 Region 0.81

Int Earn Assets to Int Bear Liab 0.25 Capital Raising Activity

Brokered Deposits to  Deposits 1.00 Capital Raise Observed 0.67

Jumbo Deposit to  Total Dom Dep 0.77

Yield to cost ratios

Yield on Loans and Leases 0.42

Cost of Int Bearing Deposits 0.58

Cost of Interest Bearing Liab 0.84

Cost of Funds 0.97
35

Table B:   Summary Statistics of Characteristic Variables : Multiple Propensity Score Regression Adjustment

The following tables includes additional detail of the F‐test results for the 11 categorical variables and for the 60

continuous variables used in the multiple propensity score regression adjustment.   

  

   

Summary of F‐Test Results

p‐value p‐value

After PS After PS

Correction Correction

Corporate organization Asset quality

Banks Age in Yrs. 0.85 Noncurrent Loans to  Loans 0.67

Balance sheet measures NPLs to  Loans 0.89

Total Assets 0.78 NPAs to  Total Assets 0.93

Asset Growth Rate 0.97 NPA Excl. Restruct. Lns to  Total Assets 0.88

Loan Growth Rate 0.98 NPAs to  Loans+Frclsd RE 0.91

Deposit Growth Rate 1.00 Loan Loss Reserves to  Gross Loans 0.98

Gross Loans to  Assets 0.84 NCOs to Avg Loans 0.92

Loans to Deposits 0.86 NPA+ Loans 90PD to  Tang Equity + LLR 0.90

Performance measures Adj NPA + Adj Lns 90PD /  Tang Equity + LLR 0.85

ROAA 0.85 Adjusted NPA to  Total Assets 0.89

ROAE 0.77 Adjusted NPL to  Total Loans 0.86

Net Interest Margin 0.87 Local market indicators

Yield to  Cost Spread 0.87 Unemployment Rate 0.97

Efficiency Ratio 0.98 Change in Unempl Rate from Prior Year 0.99

Capitalization CAGR Population 1.00

Equity to  Assets 0.90 CAGR Households 0.95

Tangible Equity to  Tangible Assets 0.77 CAGR Per Capita Income 0.94

Tang Common Eqty to  Tang Assets 0.91 CAGR Median Household Income 1.00

Risk Based Capital Ratio 0.89 Proj CAGR Population 0.97

Tier 1 Risk‐based Ratio 0.90 Proj CAGR Households 0.98

Tier 1 Common Risk‐Based Ratio 0.88 Proj CAGR Per Capita Income 0.97

Leverage Ratio 0.83 Proj CAGR Median Household Income 0.99

Com Div Decl to Net Income 0.87

Loan composition Government Program Participation

Const Land Dev Lns to  Loans 0.89 TARP 0.37

Tot 1‐4 Fam Loans to  Loans 0.96 TAGP Participant 0.95

Multifamily  Loans to  Loans 0.63 TDGP Participant 0.91

Total Real Est Lns to  Tot Loans 0.94 Ownership

CI Loans to  Loans 0.95 Private 0.92

Consumer Loans to  Loans 0.99 Ownership Structure 0.91

Deposit composition Company Type 1.00

Non Int Bear Dep to Total Deposits 0.89 Regulatory

Trans Accts to Total Deposits 0.89 Primary Regulator 0.98

MMDA Savings to  Total Deposits 1.00 CRA Rating 1.00

Retail Time Deposits to  Dep 0.91 De Novo Status

Jumbo Time Deposit to  Total Dep 0.99 De Novo Status 0.98

Liquidity Region

Liquidity Ratio 0.88 Region 1.00

Int Earn Assets to Int Bear Liab 0.98 Capital Raising Activity

Brokered Deposits to  Deposits 0.61 Capital Raise Observed 0.92

Jumbo Deposit to  Total Dom Dep 0.98

Yield to cost ratios

Yield on Loans and Leases 0.97

Cost of Int Bearing Deposits 0.98

Cost of Interest Bearing Liab 0.97

Cost of Funds 0.96
36

References

This program impact analysis follows a methodology drawn from prior research on program evaluation.  To complete

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