July 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 banks1and 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 March 31, 2014, 

relative to baseline levels.

2

 As of March 31, 2014, 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 $12.4 billion over a $33.1 billion 

baseline, which is a $91 million decrease from the prior quarter.

3

• 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 91 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 458 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 5,908 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 59.0 percent over baseline levels, 

versus a 14.8 percent median increase for the representative peer group and a 9.4 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 51.8 percent since 

their initial receipt of CPP funding from Treasury versus a 20.1 percent increase for the peer group and a 13.8

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.

3

The decline in reported lending over the prior quarter (between Q4 2013 and Q1 2014) is due to removing participants who redeemed from 

the baseline lending and qualified small business lending figures.
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 47 states and the District of Columbia. This report includes information on the 295 institutions

that continued to participate in the program as of March 31, 2014, including 245 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 June 1, 2014, 37 institutions with aggregate investments of $548.8 million have fully redeemed their SBLF 

securities and exited the program, and 18 institutions have partially redeemed $161.5 million (or 49 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. Total qualified small business lending growth is calculated by 

removing baseline lending and aggregate qualified small business lending growth attributable to participants that 

have exited the program. When a SBLF participant exits the program, the associated baseline lending and qualified 

small business lending are removed from future reporting periods. For this quarter, the associated SBLF baseline 

lending and lending increases that were removed from the lending calculation due to redemptions led to an overall 

decline in reported lending in this quarter over the previous quarter.

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. 4 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.

 

4

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

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 

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. 

INCREASES IN SMALL BUSINESS LENDING OVER BASELINE LEVELS

As of March 31, 2014, SBLF participants have increased their small business lending by $12.4 billion over their 

aggregate baseline of $33.1 billion. Bank participants have increased their small business lending by $12.0 billion (or 

37 percent) over a $32.4 billion baseline, and CDLFs increased their small business lending by $377.9 million (or 48

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 March 31, 2014.

Increase in Small Business Lending over Baseline by SBLF Participants

(Reported as of March 31, 2014)

$3.5 $3.5 $3.5 $3.5 $3.5 $3.5 $3.5 $3.5 $3.5 $3.5 $3.5

$1.3 $1.7

$3.1 $3.9

$5.3 $5.5

$6.8

$7.7

$9.0 $8.9

$0

$2

$4

$6

$8

$10

$12

$14

Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Increase in Small Business Lending over Baseline 

Level ($ in Billions)

Increase from Baseline through Q3 2011 Increase from Q3 2011 to Current Quarter

$9.0

$11.2

$3.5

$4.8

$6.6

$7.4

$8.8

$10.3

$5.2

Treasury’s investments in SBLF participants were 

made in Q2 and 3Q 2011. Please see Appendix B 

for additional information on changes in small 

business lending following the initial SBLF 

investments.

$12.5 $12.4
4

Increases in small business lending are widespread among SBLF participants. To date, 233 of the 245 participating 

community banks (or 95 percent) and 46 of the 50 CDLFs (or 92 percent) have increased their small business lending. 

In addition, 268 of the 295 SBLF participants (or 91 percent) have increased their small business lending by 10 percent 

or more. 

The following graph 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.

SBLF Participants Reporting Increases in Small Business Lending over Baseline5

(Reported as of March 31, 2014)

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.6 As of 

March 31, 2014, the $12.4 billion increase achieved over baseline levels is approximately 3.3 times greater than the 

$3.8 billion program incentive.7

 

5

As a result of redemptions, the total number of SBLF institutions was 295 as of Q1 2014, 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.

6

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.

7

As of March 31, 2014, 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

13 613

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

16

4 4 3

268

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 Q1 2014
5

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 

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 16 participants (5.4 percent) that presently report negative changes in 

small business lending, four 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. 
6

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 74 institutions that received $13.4 million or 

more of SBLF funding accounted for $6.5 billion of the total reported increase in small business lending with $2.2

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 March 31, 2014)

$2.2

$0.7

$0.3 $0.1

$6.5

$3.6

$1.6

$0.7

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

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

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 $1.7 billion of SBLF funds 

outstanding. The following graph shows the change in small business lending over baseline levels across four equallysized 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 March 31, 2014)

$1.7

$0.8 $0.5 $0.4

$8.7

$2.6

$1.2

$0.0

-$2.0

$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 

-$65.6 million in Q1 

2014
8

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.8The largest institutions (defined as those

participants with more than $1.0 billion in total assets) increased small business lending by $3.5 billion while the 

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

lending by $3.2 billion. The following graph shows increases in small business lending over baseline levels and SBLF 

funds outstanding across four categories of institution size.

Increase in Small Business Lending by Institution Size

(Reported as of March 31, 2014)

 

8

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.

$0.6 $0.7 $0.8

$1.2

$3.2 $3.1

$2.6

$3.5

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$7.0 - $249 Million

(n=160)

$250 - $499 Million

(n=65)

$500 - $999 Million

(n=44)

$1.0 - $6.4 Billion

(n=26)

$ in Billions

Size by Total Assets

SBLF Funds Outstanding Change in Small Business Lending over Baseline
9

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 ($3.3 billion) with one of the larger shares of SBLF funds 

outstanding ($732 million). 

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

six geographic regions. 9

Increase in Small Business Lending by Regional Geography

(Reported as of March 31, 2014)

 

9

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.

$0.9 $0.8 $0.7

$0.4 $0.3 $0.2

$2.6

$2.8

$3.3

$1.6

$1.3

$0.8

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

Midwest

(n=85)

Southwest

(n=42)

Southeast

(n=66)

Mid-Atlantic

(n=48)

West

(n=32)

Northeast

(n=22)

$ in Billions

Axis Title SBLF Funds Outstanding Change in Small Business Lending over Baseline
10

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.10 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)

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 458 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 5,908 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. 

 

10 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.

4,900

13,500

2,800

17,000

13,300

4,800

Southwest

(n=42)

Southeast

(n=66)

Northeast 

(n=22)

Midwest 

(n=85)

Mid-Atlantic 

(n=48)

West

(n=32)
11

Overall Changes in Business Lending and Other Lending

Comparing the level of loans outstanding as of March 31, 2014 to their baseline levels, SBLF banks increased business 

lending by a median of 59.0 percent, versus an 14.8 percent median increase for the peer group and a 9.4 percent 

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

types of lending by a median of 37.0 percent over baseline levels, versus a median increase of 6.6 percent among the

peer group and 1.0 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 March 31, 2014)

59.0%

37.0%

14.8%

6.6%

9.4%

-1.0%

-10%

0%

10%

20%

30%

40%

50%

60%

Median Change in Lending by Loan Category 

Business Lending Other Lending

over Baseline Levels (%)

SBLF Banks Peer Group Comparison Group
12

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, 92 percent of banks participating in SBLF have increased their business lending 

by 10 percent or more versus 56 percent for the peer group and 49 percent for the comparison group. Thirty-three

percent of the peer group and 41 percent of the comparison group have reduced business lending versus 5 percent of 

SBLF bank participants.

Distribution of Changes in Business Lending 

(Reported as of March 31, 2014)

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 91 percent with a standard deviation of 88 percentage points.

11

 The peer

group of non-SBLF banks increased business lending by a mean of 32 percent with a standard deviation of 61

percentage points while the comparison group increased business lending by a mean of 20 percent with a standard 

deviation of 52 percentage points. 

 

11 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. 

1% 3% 4%

9%

18%

65%

23%

11% 11% 11%

14%

30% 31%

11% 10% 10%

15%

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
13

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 March31, 2014)

46%

84% 82%

58%

52%

67%

59%

15%

25%

10%

21%

6%

14% 15%

10%

17%

-1%

11%

7%

18%

9%

-20%

0%

20%

40%

60%

80%

100%

Median Change in Business Lending over Baseline Levels (%)

Midwest Southwest Southeast Mid-Atlantic West Northeast Overall

SBLF Banks Peer Group Comparison Group
14

Changes in Business Lending by Institution Size

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

business lending. The peer group reported a slight median change in business lending increases across the majority of 

ranges of institution size, while 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 four 

categories of institution size.

Changes in Business Lending by Institution Size

(Reported as of March 31, 2014)

66%

59%

51%

44%

59%

13%

14% 17%

20%

15%

9% 9% 8% 12% 9%

0%

10%

20%

30%

40%

50%

60%

70%

$7.0 - $249 Million $250 - $499

Million

$500 - $999

Million

$1.0 - $6.4 Billion Overall

Median Change in Business Lending over Baseline Levels 

(%)

SBLF Banks Peer Group Comparison Group

Size by Total Assets
15

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 generally reported smaller median increases, 

median decreases 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 March 31, 2014)

53%

70%

37%

64%

59%

16% 14%

4%

14%

15%

4%

5% 3%

21%

9%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

Commercial &

Industrial

Owner Occupied

CRE

Agricultural

Production

Median Change in Loan Category over Baseline Levels (%)

Farmland Overall

SBLF Banks Peer Group Comparison Group
16

Changes in Business Lending by Financial Condition

Across all ranges of financial condition as measured by Texas ratio12, SBLF banks generally reported the same or slight 

median decreases in business lending, with a median increase for the Texas ratio range of 10.0-19.9%. While the peer 

group reported slight median increases across the Texas ratio ranges, the comparison group generally reported 

smaller 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 March 31, 2014)

 

12 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.

90%

61%

44%

37%

59%

27%

15% 14%

8%

15%

20%

15% 10%

-8%

9%

-20%

0%

20%

40%

60%

80%

100%

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
17

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 $5.8 billion increase in 

small business lending over baseline levels, with a median increase of 28.4 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, 94 percent of institutions that refinanced CPP investments have increased their small business lending over 

baseline levels and 88 percent have increased their small business lending by 10 percent or more. Of the 7

institutions (6 percent) that report decreases in small business lending over baseline levels, none have increased 

lending in the period between the baseline and Treasury’s investment.
18

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 51.8 percent since their 

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

increased by a median of 38.5 percent since the baseline period. The peer group of non-SBLF banks reported a 

median increase in business lending of 20.1 percent since the reporting date following the CPP closings and the 

comparison group reported a median increase in business lending of 13.8 percent over the same period. Since the 

baseline period, the peer group has increased business lending by a median of 14.8 percent and the comparison 

group has increased business lending by 9.4 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.

Changes in Business Lending by Former CPP Participants13

(Reported as of March 31, 2014)

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 March 31, 2014, banks that refinanced CPP 

 

13 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 March 31, 2014. 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 March 31, 2014 for this calculation. This calculation excludes two SBLF participants that were former CPP participants but were 

subsequently acquired following the receipt of SBLF funding.

51.8%

38.5%

20.1%

13.8% 14.8%

9.4%

0%

10%

20%

30%

40%

50%

60%

Change in Business Lending Since Initial

Treasury Investment

Median Change in Business Lending since 

Change in Business Lending Since Baseline

Initial and Baseline Levels (%)

CPP Refinance Participants Peer Group Comparison Group
19

capital pay an average dividend or interest rate of 1.39 percent on SBLF funding, whereas other bank participants pay 

an average rate of 1.29 percent.14

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

 

14 These figures are adjusted to account for differences in the rates paid by subchapter S corporations and mutual institutions.
20

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 March 31, 2014, 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 March 31, 2014 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 March

31, 2014 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 March 31, 2014. 

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 458 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 5,908 similarly-sized 
21

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 

March 31, 2014 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 March 31, 2014. 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 March 31, 2014.

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 
22

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 245 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 5,908 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 March 31, 2014, a total of 509 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 458 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 March 31, 2014, a total of 42

institutions have been removed from the peer group as a result of SBLF participants exiting the program and 26

have been removed as a result of mergers or acquisitions of the peer institutions.
23

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 245 458 5908

Increase in business lending (median) 59.0% 14.8% 9.4%

Increase in other lending (median) 37.0% 6.6% -1.0%

Assets ($000s)

Median $292,623 $282,363 $145,483

Mean $553,837 $475,950 $310,040

Texas Ratio

Median 14.7% 15.8% 17.0%

Mean 17.5% 18.9% 29.3%

Region (% of institutions)

Midwest 28.2% 29.0% 45.5%

Northeast 19.2% 19.7% 9.5%

South 38.8% 39.1% 36.9%

West 13.9% 12.2% 8.1%

Summary of the Characteristics of SBLF Banks, the Peer Group, and the Comparison Group
24

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.

15

 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.

 

15 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 March 31, 2014. 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 Q1 2014

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 $8.9

Change in Small Business Lending (# of Participants)

Under 2.5% or Reduced 156 137 93 84 65 70 48 41 32 35

2.5 to 4.9% Increase 46 37 39 20 17 17 6 10 9 8

5.0 to 7.4% Increase 45 31 26 22 17 18 18 9 8 9

7.5 to 9.9% Increase 27 27 26 31 21 12 16 15 12 9

10.0% or Greater Increase 58 100 147 169 200 200 227 232 237 234

Participant Changes in Qualified Small Business Lending Since Initial SBLF Investments (Q3 2011)
25

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 245 456 5,899

Changes in Business and Other Lending % % %

Increase in Business Lending (median) 35.0 9.0 7.1

Increase in Other Lending (median) 27.6 7.3 2.8

Increase in Business Lending (mean) 42.9 17.3 12.1

Increase in Business Lending (standard dev.) 35.9 36.7 33.5

Institutions that Increased Business Lending by 10% or more 85.7 49.1 45.1

Institutions that Reduced Business Lending 5.7 34.2 39.6

Distribution of Changes in Business Lending

10.0% or Greater Decrease 2.0 20.4 25.3

0.1% to 9.9% Decrease 3.7 13.8 14.3

0.0% to 9.9% Increase 8.6 16.7 15.3

10.0% to 19.9% Increase 16.3 14.7 14.1

20.0% to 39.9% Increase 27.3 14.3 15.4

40.0% or Greater Increase 42.0 20.2 15.6

Changes in Business Lending by Regional Geography

Midwest 31.7 11.8 7.6

Southwest 43.6 12.5 14.2

Southeast 35.8 3.8 -1.1

Mid-Atlantic 31.3 8.8 5.9

West 36.9 10.8 6.2

Northeast 35.9 10.2 13.3

Changes in Business Lending by Institution Size

$7.0 to $249 Million 37.3 7.5 6.9

$250 to $499 Million 35.1 7.5 6.9

$500 to $999 Million 21.6 13.3 6.0

$1.0 to $6.4 Billion 34.8 17.0 10.1

Changes in Business Lending by Loan Category

Commercial & Industrial 34.1 11.8 6.9

Owner-Occupied CRE 35.0 6.4 1.8

Agricultural Production 11.9 3.5 2.1

Farmland 24.7 11.9 11.0

Changes in Business Lending by Texas Ratio

Less than 10% 38.2 13.0 12.0

10.0% to 19.9% 31.6 7.3 9.9

20.0% to 29.9% 35.6 7.9 6.7

30.0% or Greater 31.6 8.6 -1.7

Changes in Business Lending by Former CPP Participants

Increase in Business Lending since SBLF Investment 29.2 9.0 7.1

Measurement of Lending by SBLF Banks, Peer Group, and Comparison Group Since Initial SBLF Investments (Q3 2011)
26

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

PARTICIPANTS
Institutions Participating in SBLF

Report on Information from 3/31/2014 Quarterly Supplemental Reports transmitted with July 2014 Report

Name City State Baseline Level Current Level Increase (Decrease) 

over Baseline

% Change over 

Baseline

Resulting Rate

Southern National Corporation Andalusia AL Bank 4,500,000 155,095,000 181,198,000 26,103,000 16.83% 1.50%

Southern States Bancshares, Inc. Anniston AL Bank 7,492,000 53,588,000 85,742,000 32,154,000 60.00% 1.00%

ServisFirst Bancshares, Inc. Birmingham AL Bank 40,000,000 661,280,000 1,545,348,000 884,068,000 133.69% 1.00%

BancIndependent, Incorporated Sheffield AL Bank 30,000,000 241,790,000 298,067,000 56,277,000 23.28% 1.00%

First Partners Bank (SouthCity Bank) Vestavia Hills AL Bank 5,200,000 39,071,000 55,216,000 16,145,000 41.32% 1.00%

First Service Bancshares, Inc. Greenbrier AR Bank 7,716,000 73,164,000 68,931,000 (4,233,000) -5.79% 10.80%

Rock Bancshares, Inc. Little Rock AR Bank 6,742,000 56,208,000 92,213,000 36,005,000 64.06% 1.50%

Western Alliance Bancorporation Phoenix AZ Bank 141,000,000 1,642,703,000 1,843,975,000 201,272,000 12.25% 1.00%

Seacoast Commerce Bank Chula Vista CA Bank 4,000,000 45,347,000 107,207,000 61,860,000 136.41% 1.00%

First Northern Community Bancorp Dixon CA Bank 12,847,000 225,762,000 249,424,000 23,662,000 10.48% 1.00%

Community Valley Bank El Centro CA Bank 2,400,000 13,645,000 36,694,000 23,049,000 168.92% 1.00%

Redwood Capital Bancorp Eureka CA Bank 7,310,000 46,088,000 57,963,000 11,875,000 25.77% 1.00%

Banc of California, Inc. (First PacTrust Bancorp, Inc.) Irvine CA Bank 42,000,000 312,254,000 409,922,000 97,668,000 31.28% 1.00%

Silvergate Capital Corporation La Jolla CA Bank 7,427,000 9,115,000 13,170,000 4,055,000 44.49% 2.14%

California Bank of Commerce Lafayette CA Bank 11,000,000 73,565,000 193,054,000 119,489,000 162.43% 1.00%

ProAmérica Bank (Promérica Bank) Los Angeles CA Bank 3,750,000 43,274,000 57,228,000 13,954,000 32.25% 1.00%

GBC Holdings, Inc. Los Angeles CA Bank 5,000,000 81,993,000 102,572,000 20,579,000 25.10% 1.00%

1st Enterprise Bank Los Angeles CA Bank 16,400,000 88,154,000 291,636,000 203,482,000 230.83% 1.00%

Partners Bank of California Mission Viejo CA Bank 2,463,000 54,729,000 56,188,000 1,459,000 2.67% 3.00%

Bank of Commerce Holdings Redding CA Bank 20,000,000 200,059,000 237,168,000 37,109,000 18.55% 1.00%

Security California Bancorp Riverside CA Bank 7,200,000 164,981,000 211,886,000 46,905,000 28.43% 1.00%

Capital Bank San Juan Capistrano CA Bank 3,132,000 16,458,000 82,307,000 65,849,000 400.10% 1.00%

Founders Bancorp San Luis Obispo CA Bank 4,178,000 35,399,000 51,665,000 16,266,000 45.95% 1.00%

The Bank of Santa Barbara Santa Barbara CA Bank 1,882,380 22,776,000 58,759,000 35,983,000 157.99% 1.00%

Summit State Bank Santa Rosa CA Bank 13,750,000 82,734,000 115,062,000 32,328,000 39.07% 1.00%

Columbine Capital Corp. Buena Vista CO Bank 6,050,000 44,150,000 84,600,000 40,450,000 91.62% 1.00%

CIC Bancshares, Inc. Denver CO Bank 1,772,000 67,982,000 120,641,000 52,659,000 77.46% 1.00%

Steele Street Bank Corporation Denver CO Bank 11,350,000 65,842,000 114,615,000 48,773,000 74.08% 1.50%

CoBiz Financial Inc. Denver CO Bank 57,366,000 740,718,000 825,740,000 85,022,000 11.48% 1.00%

Verus Acquisition Group, Inc. Fort Collins CO Bank 9,740,000 66,000,000 67,933,000 1,933,000 2.93% 1.00%

Morgan Capital Corporation Fort Morgan CO Bank 3,250,000 27,381,000 38,606,000 11,225,000 41.00% 1.91%

Salisbury Bancorp, Inc. Lakeville CT Bank 16,000,000 77,860,000 117,035,000 39,175,000 50.31% 1.00%

Bankwell Financial Group, Inc. (BNC Financial Group, Inc.) New Canaan CT Bank 10,980,000 32,257,000 198,414,000 166,157,000 515.10% 1.00%

SBT Bancorp, Inc. Simsbury CT Bank 9,000,000 34,899,000 56,536,000 21,637,000 62.00% 1.00%

Community Bank Delaware Lewes DE Bank 4,500,000 31,548,000 40,422,000 8,874,000 28.13% 1.80%

Platinum Bank Holding Co. (Platinum Bank) Brandon FL Bank 13,800,000 166,747,000 197,095,000 30,348,000 18.20% 1.50%

Marquis Bank Coral Gables FL Bank 3,500,000 11,273,000 46,103,000 34,830,000 308.97% 1.00%

First Green Bancorp, Inc. (First Green Bank) Eustis FL Bank 4,727,000 30,339,000 87,498,000 57,159,000 188.40% 1.00%

Broward Financial Holdings, Inc. Fort Lauderdale FL Bank 3,134,000 14,233,000 47,335,000 33,102,000 232.57% 1.00%

FineMark Holdings, Inc. Fort Myers FL Bank 5,665,000 25,709,000 82,483,000 56,774,000 220.83% 1.00%

Stonegate Bank (Florida Shores Bancorp, Inc.) Ft. Lauderdale FL Bank 12,750,000 399,289,000 454,444,000 55,155,000 13.81% 1.00%

Community Southern Holdings, Inc. (Community Southern Bank) Lakeland FL Bank 5,700,000 28,611,000 63,468,000 34,857,000 121.83% 1.00%

Bank of Central Florida Lakeland FL Bank 7,000,000 65,574,000 120,649,000 55,075,000 83.99% 1.00%

CBOS Bankshares, Inc. Merritt Island FL Bank 1,893,000 46,283,000 29,135,000 (17,148,000) -37.05% 7.00%

Institution 

Bank or CDLF? SBLF Funding 

Outstanding

Qualified Small Business Lending as of 3/31/2014
Name City State Baseline Level Current Level Increase (Decrease) 

over Baseline

% Change over 

Baseline

Resulting Rate

Institution 

Bank or CDLF? SBLF Funding 

Outstanding

Qualified Small Business Lending as of 3/31/2014

Ovation Holdings, Inc. Naples FL Bank 5,000,000 30,742,000 55,572,000 24,830,000 80.77% 1.00%

Florida Community Bankshares, Inc. Ocala FL Bank 10,000,000 158,498,000 137,668,000 (20,830,000) -13.14% 7.00%

Jefferson Bankshares, Inc. (Jefferson Bank of Florida) Oldsmar FL Bank 3,367,000 13,891,000 43,707,000 29,816,000 214.64% 1.00%

HomeBancorp, Inc. Tampa FL Bank 7,398,000 12,298,000 21,052,000 8,754,000 71.18% 1.00%

Florida Business BancGroup, Inc. Tampa FL Bank 15,360,000 98,486,000 155,669,000 57,183,000 58.06% 1.00%

Resurgens Bancorp Atlanta GA Bank 2,967,000 18,065,000 26,748,000 8,683,000 48.07% 1.50%

The Peoples Bank of Talbotton Talbotton GA Bank 890,000 5,943,000 9,689,000 3,746,000 63.03% 1.00%

Lowndes Bancshares, Inc. Valdosta GA Bank 6,000,000 41,214,000 52,105,000 10,891,000 26.43% 1.00%

Heartland Financial USA, Inc. Dubuque IA Bank 81,698,000 1,239,712,000 1,378,703,000 138,991,000 11.21% 1.00%

Liberty Financial Services, Inc. Sioux City IA Bank 7,000,000 67,761,000 101,951,000 34,190,000 50.46% 1.00%

Commercial Financial Corp Storm Lake IA Bank 18,000,000 248,547,000 292,739,000 44,192,000 17.78% 1.00%

D. L. Evans Bancorp Burley ID Bank 14,891,000 354,305,000 368,343,000 14,038,000 3.96% 3.00%

Heartland Bancorp, Inc. Bloomington IL Bank 25,000,000 589,038,000 537,877,000 (51,161,000) -8.69% 7.70%

Southern Illinois Bancorp, Inc. Carmi IL Bank 9,000,000 92,975,000 143,782,000 50,807,000 54.65% 1.00%

First Busey Corporation Champaign IL Bank 72,664,000 555,684,000 654,761,000 99,077,000 17.83% 1.00%

United Community Bancorp, Inc. Chatham IL Bank 22,262,000 330,565,000 382,703,000 52,138,000 15.77% 1.50%

Signature Bancorporation, Inc. Chicago IL Bank 12,500,000 123,830,000 232,455,000 108,625,000 87.72% 1.00%

Illinois State Bancorp, Inc. Chicago IL Bank 13,368,000 60,188,000 76,748,000 16,560,000 27.51% 1.00%

Prime Banc Corp. Dieterich IL Bank 10,000,000 98,284,000 143,451,000 45,167,000 45.96% 1.00%

First Eldorado Bancshares, Inc. Eldorado IL Bank 3,000,000 41,312,000 73,198,000 31,886,000 77.18% 1.50%

First Community Financial Corporation Elgin IL Bank 6,100,000 32,801,000 37,998,000 5,197,000 15.84% 1.00%

Community First Bancorp, Inc. Fairview Heights IL Bank 7,000,000 52,195,000 82,367,000 30,172,000 57.81% 1.50%

Fisher Bancorp, Inc. Fisher IL Bank 500,000 15,062,000 22,791,000 7,729,000 51.31% 1.50%

Merchants and Manufacturers Bank Corporation Joliet IL Bank 6,800,000 57,311,000 93,050,000 35,739,000 62.36% 1.00%

Tri-County Financial Group, Inc. Mendota IL Bank 20,000,000 153,867,000 224,940,000 71,073,000 46.19% 1.00%

QCR Holdings, Inc. Moline IL Bank 29,867,000 568,364,000 490,007,000 (78,357,000) -13.79% 7.00%

Bancorp Financial, Inc. Oak Brook IL Bank 14,643,000 14,912,000 27,890,000 12,978,000 87.03% 2.69%

People First Bancshares, Inc. Pana IL Bank 9,198,000 129,986,000 167,416,000 37,430,000 28.80% 1.50%

First Bankers Trustshares, Inc. Quincy IL Bank 10,000,000 150,495,000 194,441,000 43,946,000 29.20% 1.00%

Community Illinois Corporation Rock Falls IL Bank 4,500,000 78,909,000 89,543,000 10,634,000 13.48% 1.00%

Town and Country Financial Corporation Springfield IL Bank 5,000,000 91,149,000 129,383,000 38,234,000 41.95% 1.00%

First Savings Financial Group, Inc. Clarksville IN Bank 17,120,000 58,334,000 95,967,000 37,633,000 64.51% 1.00%

Horizon Bancorp Michigan City IN Bank 12,500,000 189,998,000 233,834,000 43,836,000 23.07% 1.00%

AMB Financial Corp. Munster IN Bank 3,858,000 22,233,000 32,277,000 10,044,000 45.18% 1.00%

Community Bank Shares of Indiana, Inc. New Albany IN Bank 28,000,000 189,712,000 219,240,000 29,528,000 15.56% 1.57%

Bern Bancshares, Inc. Bern KS Bank 1,500,000 23,043,000 27,938,000 4,895,000 21.24% 1.00%

Brotherhood Bancshares, Inc. Kansas City KS Bank 8,000,000 55,235,000 39,135,000 (16,100,000) -29.15% 7.00%

UBT Bancshares, Inc. Marysville KS Bank 16,500,000 154,685,000 235,411,000 80,726,000 52.19% 1.00%

Osborne Investments, Inc. Osborne KS Bank 1,000,000 14,215,000 25,522,000 11,307,000 79.54% 1.50%

Freedom Bancshares, Inc. Overland Park KS Bank 4,000,000 31,191,000 42,204,000 11,013,000 35.31% 1.00%

Equity Bancshares, Inc. Wichita KS Bank 16,372,000 274,732,000 295,152,000 20,420,000 7.43% 1.00%

Magnolia Bancshares Inc. Hodgenville KY Bank 2,000,000 30,631,000 39,773,000 9,142,000 29.85% 1.50%

FCB Bancorp, Inc. Louisville KY Bank 9,759,000 78,649,000 88,045,000 9,396,000 11.95% 1.00%

First Guaranty Bancshares, Inc. Hammond LA Bank 39,435,000 181,232,000 220,809,000 39,577,000 21.84% 1.00%

MidSouth Bancorp, Inc. LaFayette LA Bank 32,000,000 401,918,000 539,232,000 137,314,000 34.16% 1.00%

Progressive Bancorp, Inc. Monroe LA Bank 12,000,000 104,272,000 128,119,000 23,847,000 22.87% 1.00%

Ouachita Bancshares Corp. Monroe LA Bank 17,930,000 142,925,000 206,449,000 63,524,000 44.45% 1.50%

First NBC Bank Holding Company New Orleans LA Bank 37,935,000 370,388,000 539,254,000 168,866,000 45.59% 1.00%

Community Trust Financial Corporation Ruston LA Bank 48,260,000 376,293,000 678,917,000 302,624,000 80.42% 1.00%

Provident Bancorp, Inc. Amesbury MA Bank 17,145,000 84,302,000 140,345,000 56,043,000 66.48% 1.00%
Name City State Baseline Level Current Level Increase (Decrease) 

over Baseline

% Change over 

Baseline

Resulting Rate

Institution 

Bank or CDLF? SBLF Funding 

Outstanding

Qualified Small Business Lending as of 3/31/2014

Leader Bancorp, Inc. Arlington MA Bank 12,852,000 30,398,000 64,071,000 33,673,000 110.77% 1.00%

Island Bancorp, Inc. Edgartown MA Bank 4,000,000 23,581,000 38,633,000 15,052,000 63.83% 1.00%

New England Bancorp, Inc. Hyannis MA Bank 4,000,000 45,064,000 68,318,000 23,254,000 51.60% 1.00%

Hyde Park Bancorp, Inc. Hyde Park MA Bank 18,724,000 82,330,000 103,358,000 21,028,000 25.54% 4.48%

Rockport National Bancorp, Inc. Rockport MA Bank 3,000,000 37,136,000 46,352,000 9,216,000 24.82% 1.00%

StonehamBank, A Co-operative Bank Stoneham MA Bank 13,813,000 46,880,000 90,300,000 43,420,000 92.62% 1.50%

Monument Bank Bethesda MD Bank 8,515,000 34,983,000 53,163,000 18,180,000 51.97% 1.00%

Eagle Bancorp, Inc. Bethesda MD Bank 56,600,000 413,330,000 684,305,000 270,975,000 65.56% 1.00%

Howard Bancorp, Inc. Ellicott City MD Bank 12,562,000 135,545,000 180,628,000 45,083,000 33.26% 1.00%

The Community Financial Corporation (Tri-County Financial Corporation) Waldorf MD Bank 20,000,000 244,812,000 293,094,000 48,282,000 19.72% 1.00%

Katahdin Bankshares Corp. Houlton ME Bank 11,000,000 138,863,000 169,553,000 30,690,000 22.10% 1.00%

Birmingham Bloomfield Bancshares, Inc. Birmingham MI Bank 4,621,000 33,793,000 54,701,000 20,908,000 61.87% 1.00%

Level One Bancorp, Inc. Farmington Hills MI Bank 11,301,000 94,054,000 222,828,000 128,774,000 136.91% 1.00%

Huron Valley State Bank Milford MI Bank 2,597,000 21,470,000 40,835,000 19,365,000 90.20% 1.00%

Valley Financial Group, Ltd. Saginaw MI Bank 2,000,000 73,968,000 93,070,000 19,102,000 25.82% 1.00%

Crestmark Bancorp, Inc. Troy MI Bank 8,250,000 198,199,000 401,142,000 202,943,000 102.39% 1.00%

MidWest Bancorporation, Inc. Eden Prairie MN Bank 5,115,000 71,952,000 94,024,000 22,072,000 30.68% 1.50%

Financial Services of Winger, Inc. Fosston MN Bank 3,051,000 60,984,000 78,821,000 17,837,000 29.25% 1.50%

Kerkhoven Bancshares, Inc Kerkhoven MN Bank 1,500,000 24,950,000 37,149,000 12,199,000 48.89% 1.50%

Platinum Bancorp, Inc. Oakdale MN Bank 4,453,000 44,920,000 49,912,000 4,992,000 11.11% 1.50%

Redwood Financial, Inc. Redwood Falls MN Bank 6,425,000 53,010,000 85,819,000 32,809,000 61.89% 1.00%

McLeod Bancshares, Inc. Shorewood MN Bank 6,000,000 64,344,000 44,506,000 (19,838,000) -30.83% 7.00%

Heritage Bancshares Group, Inc. Willmar MN Bank 11,000,000 149,302,000 178,344,000 29,042,000 19.45% 1.50%

Fortune Financial Corporation Arnold MO Bank 3,255,000 46,918,000 43,830,000 (3,088,000) -6.58% 7.00%

Security State Bancshares, Inc. Charleston MO Bank 22,000,000 177,406,000 220,178,000 42,772,000 24.11% 1.50%

Triad Bancorp, Inc. Frontenac MO Bank 5,000,000 30,753,000 60,631,000 29,878,000 97.15% 1.00%

Liberty Bancorp, Inc. Liberty MO Bank 16,169,000 113,266,000 132,458,000 19,192,000 16.94% 1.00%

Southern Missouri Bancorp, Inc. Poplar Bluff MO Bank 20,000,000 206,731,000 230,861,000 24,130,000 11.67% 1.00%

Great Southern Bancorp, Inc. Springfield MO Bank 57,943,000 201,374,000 302,586,000 101,212,000 50.26% 1.00%

Cardinal Bancorp II, Inc. Washington MO Bank 6,251,000 62,590,000 79,135,000 16,545,000 26.43% 1.50%

BankFirst Capital Corporation Macon MS Bank 5,000,000 176,916,000 182,266,000 5,350,000 3.02% 4.00%

Cadence Financial Corporation (Encore Bancshares, Inc.) Starkville MS Bank 32,914,000 633,113,000 696,877,000 63,764,000 10.07% 4.30%

Bancorp of Montana Holding Company Missoula MT Bank 1,460,000 3,332,000 9,945,000 6,613,000 198.47% 1.50%

Premara Financial, Inc. Charlotte NC Bank 6,238,000 58,682,000 62,843,000 4,161,000 7.09% 1.00%

Select Bancorp, Inc. Greenville NC Bank 7,645,000 30,424,000 55,700,000 25,276,000 83.08% 1.00%

Union Bank & Trust Company Oxford NC Bank 6,200,000 38,779,000 47,557,000 8,778,000 22.64% 1.00%

Providence Bank Rocky Mount NC Bank 4,250,000 32,074,000 35,191,000 3,117,000 9.72% 1.00%

First Bancorp Troy NC Bank 63,500,000 496,528,000 618,697,000 122,169,000 24.60% 1.00%

Live Oak Bancshares, Inc. Wilmington NC Bank 6,800,000 53,679,000 220,656,000 166,977,000 311.07% 1.50%

Western State Agency, Inc. Devils Lake ND Bank 12,000,000 154,511,000 291,392,000 136,881,000 88.59% 1.00%

Alerus Financial Corporation Grand Forks ND Bank 20,000,000 280,617,000 436,627,000 156,010,000 55.60% 1.00%

The State Bank of Bartley Bartley NE Bank 2,380,000 29,743,000 41,831,000 12,088,000 40.64% 1.50%

Banner County Ban Corporation Harrisburg NE Bank 2,427,000 50,318,000 71,706,000 21,388,000 42.51% 1.50%

First State Holding Co. (Wilber Co.) Lincoln NE Bank 12,000,000 142,890,000 173,554,000 30,664,000 21.46% 1.50%

Adbanc Inc. Ogallala NE Bank 21,905,000 250,743,000 315,553,000 64,810,000 25.85% 1.00%

Centrix Bank & Trust Bedford NH Bank 24,500,000 238,789,000 392,450,000 153,661,000 64.35% 1.00%

Northway Financial, Inc. Berlin NH Bank 23,593,000 109,533,000 147,232,000 37,699,000 34.42% 1.00%

First Colebrook Bancorp, Inc. Colebrook NH Bank 8,623,000 61,976,000 79,350,000 17,374,000 28.03% 1.00%

New Hampshire Thrift Bancshares, Inc. Newport NH Bank 23,000,000 177,414,000 255,733,000 78,319,000 44.14% 1.00%

Guaranty Bancorp, Inc. Woodsville NH Bank 7,000,000 75,321,000 96,510,000 21,189,000 28.13% 1.00%
Name City State Baseline Level Current Level Increase (Decrease) 

over Baseline

% Change over 

Baseline

Resulting Rate

Institution 

Bank or CDLF? SBLF Funding 

Outstanding

Qualified Small Business Lending as of 3/31/2014

Harmony Bank Jackson NJ Bank 3,500,000 15,897,000 48,085,000 32,188,000 202.48% 1.00%

Regal Bank Livingston NJ Bank 7,000,000 25,872,000 43,401,000 17,529,000 67.75% 1.00%

Freedom Bank Maywood NJ Bank 4,000,000 32,445,000 60,664,000 28,219,000 86.97% 1.00%

Two River Bancorp (Community Partners Bancorp) Middletown NJ Bank 12,000,000 173,978,000 210,397,000 36,419,000 20.93% 1.00%

Stewardship Financial Corporation Midland Park NJ Bank 15,000,000 207,925,000 206,622,000 (1,303,000) -0.63% 4.56%

Hopewell Valley Community Bank Pennington NJ Bank 11,000,000 92,334,000 124,436,000 32,102,000 34.77% 1.00%

Center Bancorp, Inc. Union NJ Bank 11,250,000 230,584,000 283,799,000 53,215,000 23.08% 1.00%

Highlands Bancorp, Inc. Vernon NJ Bank 6,853,000 33,899,000 81,021,000 47,122,000 139.01% 1.00%

Crest Savings Bancorp, Inc. Wildwood NJ Bank 2,500,000 23,276,000 27,205,000 3,929,000 16.88% 1.00%

Meadows Bank Las Vegas NV Bank 8,500,000 47,672,000 141,241,000 93,569,000 196.28% 1.00%

Alma Bank Astoria NY Bank 19,000,000 91,798,000 297,582,000 205,784,000 224.17% 1.00%

Kinderhook Bank Corp. Kinderhook NY Bank 7,000,000 43,624,000 64,468,000 20,844,000 47.78% 1.00%

Pathfinder Bancorp, Inc. Oswego NY Bank 13,000,000 70,953,000 101,222,000 30,269,000 42.66% 1.00%

Greater Rochester Bancorp, Inc. Rochester NY Bank 7,000,000 58,822,000 115,970,000 57,148,000 97.15% 1.00%

Catskill Hudson Bancorp, Inc. Rock Hill NY Bank 9,681,000 113,402,000 155,115,000 41,713,000 36.78% 1.00%

Seneca-Cayuga Bancorp, Inc. Seneca Falls NY Bank 5,000,000 24,574,000 41,528,000 16,954,000 68.99% 1.00%

Insight Bank Columbus OH Bank 4,250,000 16,410,000 39,280,000 22,870,000 139.37% 1.00%

Community Independent Bancorp Inc. West Salem OH Bank 2,250,000 12,020,000 17,841,000 5,821,000 48.43% 1.00%

Columbus First Bancorp, Inc Worthington OH Bank 6,150,000 36,629,000 54,165,000 17,536,000 47.87% 1.00%

AmeriBank Holding Company Collinsville OK Bank 5,347,000 33,172,000 54,882,000 21,710,000 65.45% 1.00%

Prime Bank Group Edmond OK Bank 4,456,000 20,960,000 51,177,000 30,217,000 144.17% 1.50%

Central Service Corporation Enid OK Bank 4,250,000 148,029,000 231,923,000 83,894,000 56.67% 1.50%

Regent Capital Corporation Nowata OK Bank 3,350,000 52,719,000 77,510,000 24,791,000 47.02% 1.00%

Enterprise Financial Services Group, Inc. Allison Park PA Bank 5,000,000 87,306,000 92,941,000 5,635,000 6.45% 5.00%

Team Capital Bank Bethlehem PA Bank 22,412,000 127,776,000 189,590,000 61,814,000 48.38% 1.00%

CBT Financial Corp. Clearfield PA Bank 10,000,000 64,719,000 100,280,000 35,561,000 54.95% 1.00%

DNB Financial Corporation Downingtown PA Bank 13,000,000 120,810,000 142,898,000 22,088,000 18.28% 1.00%

Monument Bank Doylestown PA Bank 2,970,000 19,715,000 47,085,000 27,370,000 138.83% 1.00%

MileStone Bank Doylestown PA Bank 5,100,000 46,778,000 110,013,000 63,235,000 135.18% 1.00%

Emclaire Financial Corp. Emlenton PA Bank 5,000,000 56,761,000 60,596,000 3,835,000 6.76% 2.00%

First Resource Bank Exton PA Bank 5,083,000 34,462,000 45,739,000 11,277,000 32.72% 1.00%

Centric Financial Corporation Harrisburg PA Bank 7,492,000 51,440,000 92,480,000 41,040,000 79.78% 1.00%

AmeriServ Financial, Inc. Johnstown PA Bank 21,000,000 116,684,000 172,088,000 55,404,000 47.48% 1.00%

Jonestown Bank and Trust Company Jonestown PA Bank 4,000,000 40,820,000 65,572,000 24,752,000 60.64% 1.00%

The Victory Bancorp, Inc. Limerick PA Bank 3,431,000 27,841,000 58,782,000 30,941,000 111.13% 1.00%

Phoenix Bancorp, Inc. Minersville PA Bank 2,625,000 35,760,000 45,528,000 9,768,000 27.32% 1.00%

Penn Liberty Financial Corp. Wayne PA Bank 20,000,000 136,916,000 180,788,000 43,872,000 32.04% 1.00%

York Traditions Bank York PA Bank 5,115,000 80,687,000 99,693,000 19,006,000 23.56% 1.00%

Codorus Valley Bancorp, Inc. York PA Bank 25,000,000 168,440,000 237,758,000 69,318,000 41.15% 1.00%

GrandSouth Bancorporation Greenville SC Bank 15,422,000 92,718,000 117,853,000 25,135,000 27.11% 1.00%

TCB Corporation Greenwood SC Bank 8,640,000 56,579,000 69,151,000 12,572,000 22.22% 1.50%

Carolina Alliance Bank Spartanburg SC Bank 5,000,000 65,737,000 96,353,000 30,616,000 46.57% 1.00%

BHCB Holding Company Rapid City SD Bank 2,000,000 33,830,000 54,242,000 20,412,000 60.34% 1.50%

Merchants and Planters Bancshares, Inc. Bolivar TN Bank 2,000,000 19,097,000 18,817,000 (280,000) -1.47% 1.00%

CapitalMark Bank & Trust Chattanooga TN Bank 18,212,000 134,549,000 302,296,000 167,747,000 124.67% 1.00%

Planters Financial Group, Inc. Clarksville TN Bank 20,000,000 135,095,000 158,126,000 23,031,000 17.05% 1.50%

Southern Heritage Bancshares, Inc. Cleveland TN Bank 5,105,000 58,099,000 62,861,000 4,762,000 8.20% 1.00%

Landmark Community Bank Collierville TN Bank 8,000,000 29,258,000 63,121,000 33,863,000 115.74% 1.00%

Evolve Bancorp, Inc. Cordova TN Bank 4,699,000 19,101,000 87,004,000 67,903,000 355.49% 1.00%

Franklin Financial Network, Inc. Franklin TN Bank 10,000,000 18,547,000 69,708,000 51,161,000 275.85% 1.00%
Name City State Baseline Level Current Level Increase (Decrease) 

over Baseline

% Change over 

Baseline

Resulting Rate

Institution 

Bank or CDLF? SBLF Funding 

Outstanding

Qualified Small Business Lending as of 3/31/2014

Sumner Bank & Trust Gallatin TN Bank 4,264,000 27,039,000 26,209,000 (830,000) -3.07% 7.00%

Carroll Financial Services, Inc. Huntingdon TN Bank 3,000,000 61,317,000 80,577,000 19,260,000 31.41% 1.00%

Moneytree Corporation Lenoir City TN Bank 9,992,000 69,543,000 80,846,000 11,303,000 16.25% 1.00%

Magna Bank Memphis TN Bank 18,350,000 54,613,000 74,542,000 19,929,000 36.49% 1.00%

Independent Holdings, Inc. Memphis TN Bank 34,900,000 44,702,000 90,758,000 46,056,000 103.03% 1.00%

InsCorp, Inc. Nashville TN Bank 3,000,000 27,512,000 51,622,000 24,110,000 87.63% 1.00%

Avenue Financial Holdings, Inc. Nashville TN Bank 18,950,000 74,788,000 170,835,000 96,047,000 128.43% 1.00%

SmartFinancial, Inc. Pigeon Forge TN Bank 12,000,000 37,009,000 84,076,000 47,067,000 127.18% 1.00%

Community First Bancshares, Inc. Union City TN Bank 30,852,000 302,286,000 338,775,000 36,489,000 12.07% 1.00%

Liberty Capital Bancshares, Inc. Addison TX Bank 1,500,000 16,656,000 45,239,000 28,583,000 171.61% 1.50%

Happy Bancshares, Inc. Amarillo TX Bank 31,929,000 434,816,000 608,376,000 173,560,000 39.92% 1.00%

Frontier Bancshares, Inc. Austin TX Bank 6,184,000 64,967,000 186,708,000 121,741,000 187.39% 1.50%

Southwestern Bancorp, Inc. Boerne TX Bank 1,500,000 22,454,000 33,307,000 10,853,000 48.33% 1.50%

BMC Bancshares, Inc. Dallas TX Bank 1,206,000 8,021,000 13,213,000 5,192,000 64.73% 1.50%

Veritex Holdings, Inc. Dallas TX Bank 8,000,000 100,919,000 238,372,000 137,453,000 136.20% 1.00%

Sovereign Bancshares, Inc. Dallas TX Bank 24,500,000 183,263,000 251,650,000 68,387,000 37.32% 1.00%

Hilltop Holdings, Inc. (PlainsCapital Corporation) Dallas TX Bank 114,068,000 1,280,403,000 1,229,819,000 (50,584,000) -3.95% 5.00%

Pioneer Bank, SSB Drippings Springs TX Bank 3,004,000 26,496,000 75,247,000 48,751,000 183.99% 1.00%

First Texas BHC, Inc. Fort Worth TX Bank 29,822,000 137,852,000 238,110,000 100,258,000 72.73% 1.00%

Third Coast Bancshares, Inc. (Third Coast Bank SSB) Humble TX Bank 8,673,000 58,535,000 152,106,000 93,571,000 159.85% 1.00%

Joaquin Bankshares Inc. Huntington TX Bank 3,908,000 40,722,000 48,184,000 7,462,000 18.32% 1.50%

AIM Bancshares, Inc. Levelland TX Bank 9,100,000 90,075,000 219,229,000 129,154,000 143.38% 1.50%

Independent Bank Group, Inc. (BOH Holdings, Inc.) McKinney TX Bank 23,938,350 204,582,000 327,360,000 122,778,000 60.01% 1.00%

McLaughlin Bancshares, Inc. Ralls TX Bank 6,600,000 47,152,000 71,183,000 24,031,000 50.96% 1.00%

FB BanCorp San Antonio TX Bank 12,000,000 39,335,000 109,477,000 70,142,000 178.32% 1.00%

The ANB Corporation Terrell TX Bank 37,000,000 402,694,000 522,181,000 119,487,000 29.67% 1.00%

Steele Holdings, Inc. Tyler TX Bank 8,282,000 31,142,000 49,598,000 18,456,000 59.26% 1.50%

Cache Valley Banking Company Logan UT Bank 11,670,000 218,868,000 294,262,000 75,394,000 34.45% 1.00%

LCA Bank Corporation Park City UT Bank 2,727,000 14,000 3,017,000 3,003,000 21450.00% 1.00%

Medallion Bank Salt Lake City UT Bank 26,303,000 229,336,000 405,303,000 175,967,000 76.73% 1.00%

Virginia Heritage Bank Fairfax VA Bank 15,300,000 85,644,000 159,984,000 74,340,000 86.80% 1.00%

Blue Ridge Bankshares, Inc. Luray VA Bank 4,500,000 18,920,000 25,892,000 6,972,000 36.85% 1.00%

Heritage Bankshares, Inc. Norfolk VA Bank 7,800,000 68,967,000 79,499,000 10,532,000 15.27% 1.00%

TowneBank Portsmouth VA Bank 76,458,000 814,570,000 1,024,802,000 210,232,000 25.81% 1.00%

WashingtonFirst Bankshares, Inc. Reston VA Bank 17,796,000 217,686,000 282,042,000 64,356,000 29.56% 1.00%

Xenith Bankshares, Inc. Richmond VA Bank 8,381,000 82,147,000 231,874,000 149,727,000 182.27% 1.00%

Citizens Community Bank South Hill VA Bank 4,000,000 38,520,000 45,442,000 6,922,000 17.97% 1.00%

Puget Sound Bank Bellevue WA Bank 9,886,000 108,162,000 148,878,000 40,716,000 37.64% 1.00%

U&I Financial Corp Lynnwood WA Bank 5,500,000 39,884,000 55,901,000 16,017,000 40.16% 1.00%

W.T.B. Financial Corporation Spokane WA Bank 44,571,000 878,103,000 1,029,524,000 151,421,000 17.24% 1.00%

Deerfield Financial Corporation Deerfield WI Bank 3,650,000 20,670,000 23,147,000 2,477,000 11.98% 1.50%

Nicolet Bankshares, Inc. Green Bay WI Bank 24,400,000 371,324,000 418,161,000 46,837,000 12.61% 1.00%

Sword Financial Corporation Horicon WI Bank 17,000,000 194,468,000 259,884,000 65,416,000 33.64% 1.50%

First American Investment, Inc. Hudson WI Bank 1,705,710 39,254,000 48,295,000 9,041,000 23.03% 1.50%

County Bancorp, Inc. Manitowoc WI Bank 15,000,000 379,555,000 440,291,000 60,736,000 16.00% 1.00%

Northern Bankshares, Inc. McFarland WI Bank 22,000,000 138,447,000 156,587,000 18,140,000 13.10% 1.50%

First Menasha Bancshares, Inc. Neenah WI Bank 10,000,000 65,519,000 102,476,000 36,957,000 56.41% 1.00%

PFSB Bancorporation, Inc. Pigeon Falls WI Bank 1,500,000 25,844,000 31,029,000 5,185,000 20.06% 1.00%

First Bank of Charleston Inc. Charleston WV Bank 3,345,000 24,923,000 30,347,000 5,424,000 21.76% 1.00%

MVB Financial Corp. Fairmont WV Bank 8,500,000 65,432,000 151,342,000 85,910,000 131.30% 1.00%
Name City State Baseline Level Current Level Increase (Decrease) 

over Baseline

% Change over 

Baseline

Resulting Rate

Institution 

Bank or CDLF? SBLF Funding 

Outstanding

Qualified Small Business Lending as of 3/31/2014

Financial Security Corporation Basin WY Bank 5,000,000 67,715,000 86,558,000 18,843,000 27.83% 1.00%

OBDC Small Business Finance Oakland CA CDLF 219,000 2,473,000 5,542,000 3,069,000 124.10% 2.00%

California Coastal Rural Development Corporation Salinas CA CDLF 870,000 9,545,000 9,487,000 (58,000) -0.61% 2.00%

Low Income Investment Fund San Francisco CA CDLF 7,490,000 26,595,000 63,511,000 36,916,000 138.81% 2.00%

Opportunity Fund Northern California San Jose CA CDLF 2,236,000 5,935,000 21,037,000 15,102,000 254.46% 2.00%

Valley Economic Development Center, Inc. Van Nuys CA CDLF 661,000 9,581,000 32,258,000 22,677,000 236.69% 2.00%

Rural Community Assistance Corporation West Sacramento CA CDLF 4,300,000 6,104,000 7,655,000 1,551,000 25.41% 2.00%

Colorado Enterprise Fund, Inc. Denver CO CDLF 463,000 5,721,000 10,219,000 4,498,000 78.62% 2.00%

Greater New Haven Community Loan Fund New Haven CT CDLF 525,000 758,000 2,039,000 1,281,000 169.00% 2.00%

Partners for the Common Good, Inc. Washington DC CDLF 1,009,000 4,888,000 6,254,000 1,366,000 27.95% 2.00%

Building Hope... A Charter School Facilities Fund Washington DC CDLF 2,091,000 23,190,000 37,502,000 14,312,000 61.72% 2.00%

Access to Capital for Entrepreneurs, Inc. (Appalachian Community Enterprises, Inc.) Cleveland GA CDLF 188,000 2,773,000 12,588,000 9,815,000 353.95% 2.00%

IFF Chicago IL CDLF 8,294,000 108,261,000 139,082,000 30,821,000 28.47% 2.00%

Federation of Appalachian Housing Enterprises, Inc. Berea KY CDLF 2,063,000 4,137,000 4,695,000 558,000 13.49% 2.00%

Community Ventures Corporation Lexington KY CDLF 1,045,000 3,451,000 11,448,000 7,997,000 231.73% 2.00%

Community Health Center Capital Fund, Inc. (Capital Link, Inc.) Boston MA CDLF 198,000 1,420,000 4,743,000 3,323,000 234.01% 2.00%

Common Capital, Inc. (The Western Massachusetts Enterprise Fund, Inc.)Holyoke MA CDLF 200,000 3,526,000 4,824,000 1,298,000 36.81% 2.00%

Boston Community Loan Fund, Inc. Roxbury MA CDLF 4,410,000 11,378,000 23,001,000 11,623,000 102.15% 2.00%

Enterprise Community Loan Fund, Inc. Columbia MD CDLF 8,817,000 8,849,000 22,859,000 14,010,000 158.32% 2.00%

Coastal Enterprises, Inc. Wiscasset ME CDLF 2,316,000 17,640,000 27,027,000 9,387,000 53.21% 2.00%

Midwest Minnesota Community Development Corporation Detroit Lakes MN CDLF 4,600,000 29,638,000 48,424,000 18,786,000 63.38% 2.00%

Nonprofits Assistance Fund Minneapolis MN CDLF 686,000 6,979,000 13,414,000 6,435,000 92.21% 2.00%

Community Reinvestment Fund, Inc. Minneapolis MN CDLF 5,100,000 60,645,000 46,182,000 (14,463,000) -23.85% 2.00%

Montana Community Development Corporation Missoula MT CDLF 585,000 8,737,000 16,008,000 7,271,000 83.22% 2.00%

Mountain BizCapital, Inc. Asheville NC CDLF 197,000 1,791,000 3,436,000 1,645,000 91.85% 2.00%

Nebraska Enterprise Fund Oakland NE CDLF 197,000 1,454,000 4,703,000 3,249,000 223.45% 2.00%

La Fuerza Unida Community Development Corporation East Norwich NY CDLF 42,000 86,000 465,000 379,000 440.70% 2.00%

Leviticus 25:23 Alternative Fund, Inc. Elmsford NY CDLF 750,000 2,218,000 2,997,000 779,000 35.12% 2.00%

TruFund Financial Services (Seedco Financial Services, Inc.) New York NY CDLF 2,500,000 33,651,000 40,134,000 6,483,000 19.27% 2.00%

Primary Care Development Corporation New York NY CDLF 4,000,000 33,280,000 17,517,000 (15,763,000) -47.36% 2.00%

Economic and Community Development Institute, Inc. Columbus OH CDLF 203,000 2,728,000 8,764,000 6,036,000 221.26% 2.00%

Citizen Potawatomi Community Development Corporation Shawnee OK CDLF 490,000 6,505,000 11,644,000 5,139,000 79.00% 2.00%

The Progress Fund Greensburg PA CDLF 1,052,000 12,109,000 20,327,000 8,218,000 67.87% 2.00%

Community First Fund Lancaster PA CDLF 862,000 11,002,000 16,559,000 5,557,000 50.51% 2.00%

The Reinvestment Fund, Inc. Philadelphia PA CDLF 11,708,000 113,268,000 135,149,000 21,881,000 19.32% 2.00%

Northside Community Development Fund Pittsburgh PA CDLF 250,000 2,190,000 2,666,000 476,000 21.74% 2.00%

Bridgeway Capital, Inc. Pittsburgh PA CDLF 1,820,000 18,674,000 26,580,000 7,906,000 42.34% 2.00%

Charleston Citywide Local Development Corporation Charleston SC CDLF 1,000,000 1,799,000 3,130,000 1,331,000 73.99% 2.00%

South Carolina Community Loan Fund (Lowcountry Housing Trust, Incorporated) North Charleston SC CDLF 392,000 96,000 532,000 436,000 454.17% 2.00%

Rural Electric Economic Development, Inc. Madison SD CDLF 1,230,000 11,116,000 10,770,000 (346,000) -3.11% 2.00%

South Eastern Development Foundation Sioux Falls SD CDLF 240,000 2,486,000 5,399,000 2,913,000 117.18% 2.00%

Northeast South Dakota Economic Corporation Sisseton SD CDLF 1,000,000 11,758,000 12,754,000 996,000 8.47% 2.00%

CEN-TEX Certified Development Corporation Austin TX CDLF 489,000 3,435,000 7,667,000 4,232,000 123.20% 2.00%

PeopleFund Austin TX CDLF 500,000 6,412,000 7,517,000 1,105,000 17.23% 2.00%

ECDC Enterprise Development Group Arlington VA CDLF 320,000 1,402,000 3,269,000 1,867,000 133.17% 2.00%

Capital Impact Partners (NCB Capital Impact) Arlington VA CDLF 8,218,000 95,578,000 146,020,000 50,442,000 52.78% 2.00%

Vermont Community Loan Fund, Inc. Montpelier VT CDLF 1,247,000 12,787,000 15,445,000 2,658,000 20.79% 2.00%

Craft3 (ShoreBank Enterprise Group, Pacific) Ilwaco WA CDLF 1,867,000 24,108,000 57,704,000 33,596,000 139.36% 2.00%

Impact Seven, Incorporated Almena WI CDLF 4,000,000 13,344,000 23,554,000 10,210,000 76.51% 2.00%

Forward Community Investments, Inc. Madison WI CDLF 470,000 3,964,000 7,271,000 3,307,000 83.43% 2.00%
Name City State Baseline Level Current Level Increase (Decrease) 

over Baseline

% Change over 

Baseline

Resulting Rate

Institution 

Bank or CDLF? SBLF Funding 

Outstanding

Qualified Small Business Lending as of 3/31/2014

Wisconsin Women's Business Initiative Corporation Milwaukee WI CDLF 391,000 4,562,000 10,150,000 5,588,000 122.49% 2.00%
27

APPENDIX D: INSTITUTION-SPECIFIC REPORTING ON BUSINESS LENDING BY SBLF BANKS
Community Banks Participating in SBLF

Report on Information from 3/31/2014 Quarterly Supplemental Reports transmitted with July 2014 Report

Name City State

Commercial & 

Industrial

Owner-Occupied 

Commercial Real Estate

Agricultural 

Production

Secured by 

Farmland

Commercial 

& Industrial

Owner-Occupied 

Commercial Real 

Estate

Agricultural 

Production

Secured by 

Farmland

BancIndependent, Incorporated Sheffield AL Southeast 1,115,392 126,083 110,777 6,105 15,249 258,213 179,112 139,229 1,736 14,813 334,890 30%

First Partners Bank (SouthCity Bank) Vestavia Hills AL Southeast 186,138 34,442 6,394 - - 40,837 41,787 11,855 - - 53,642 31%

ServisFirst Bancshares, Inc. Birmingham AL Southeast 3,572,232 440,705 209,801 25,580 22,243 698,328 1,273,829 711,067 37,802 72,893 2,095,591 200%

Southern National Corporation Andalusia AL Southeast 428,555 42,858 46,952 5,776 59,822 155,408 37,972 44,413 10,472 81,666 174,523 12%

Southern States Bancshares, Inc. Anniston AL Southeast 271,282 18,236 18,732 - 943 37,910 35,934 53,412 303 1,409 91,058 140%

First Service Bancshares, Inc. Greenbrier AR Southeast 221,657 20,458 31,269 6,055 16,417 74,199 16,734 23,697 5,808 21,334 67,573 -9%

Rock Bancshares, Inc. Little Rock AR Southeast 203,027 49,812 7,116 - 1,804 58,732 87,427 2,612 - 1,207 91,246 55%

Western Alliance Bancorporation Phoenix AZ West 9,502,613 550,987 1,063,943 186 4,343 1,619,459 1,303,090 1,600,712 2,580 5,660 2,912,042 80%

1st Enterprise Bank Los Angeles CA West 775,912 52,170 35,416 - - 87,586 178,433 122,447 - - 300,880 244%

Banc of California, Inc. (First PacTrust Bancorp, Inc.) Irvine CA West 4,019,453 553 8,525 - - 9,077 271,072 146,761 - 1,545 419,378 4520%

Bank of Commerce Holdings Redding CA West 968,508 133,779 72,044 1,173 7,805 214,800 160,659 86,928 736 4,921 253,244 18%

California Bank of Commerce Lafayette CA West 372,807 60,775 13,291 390 1,632 76,087 144,224 52,829 167 1,299 198,519 161%

Capital Bank San Juan Capistrano CA West 201,618 13,838 11,346 98 295 25,575 18,728 65,612 - 1,479 85,819 236%

Community Valley Bank El Centro CA West 107,596 11,352 2,293 - - 13,645 10,004 24,559 446 646 35,655 161%

First Northern Community Bancorp Dixon CA West 932,948 88,431 116,575 30,680 22,480 258,166 99,066 116,321 13,192 27,753 256,332 -1%

Founders Bancorp San Luis Obispo CA West 161,478 24,400 11,516 - 2,218 38,133 22,962 33,082 - 2,001 58,045 52%

GBC Holdings, Inc. Los Angeles CA West 483,963 48,872 64,652 - 468 113,992 87,504 90,623 21 - 178,148 56%

Partners Bank of California Mission Viejo CA West 119,941 40,849 13,880 - - 54,729 36,325 19,763 - - 56,088 2%

ProAmérica Bank (Promérica Bank) Los Angeles CA West 164,148 18,665 28,650 - - 47,315 12,849 49,313 - - 62,162 31%

Redwood Capital Bancorp Eureka CA West 254,987 16,119 28,172 120 2,899 47,311 10,393 46,245 57 3,755 60,450 28%

Seacoast Commerce Bank Chula Vista CA West 345,650 12,916 42,691 - 456 56,063 1,491 237,988 - 294 239,773 328%

Security California Bancorp Riverside CA West 573,411 112,334 67,475 - - 179,809 101,255 130,481 1,472 499 233,707 30%

Silvergate Capital Corporation La Jolla CA West 724,844 3,408 6,233 - - 9,641 2,957 10,720 - - 13,677 42%

Summit State Bank Santa Rosa CA West 460,133 40,612 33,151 2,405 24,934 101,101 35,123 56,363 8,689 22,947 123,122 22%

The Bank of Santa Barbara Santa Barbara CA West 157,125 11,319 9,943 - 1,514 22,776 35,679 26,357 - - 62,036 172%

CIC Bancshares, Inc. Greenwood Village CO Southwest 469,714 1,433 21 - - 1,454 68,464 60,410 - 1,047 129,921 8837%

CoBiz Financial Inc. Denver CO Southwest 2,818,763 464,781 390,528 5,703 2,295 863,306 612,867 414,243 - 130 1,027,240 19%

Columbine Capital Corp. Buena Vista CO Southwest 402,551 22,300 16,986 221 893 40,399 38,225 47,179 99 2,107 87,610 117%

Morgan Capital Corporation Fort Morgan CO Southwest 149,014 13,330 6,289 4,169 3,950 27,738 18,612 9,001 5,639 6,283 39,535 43%

Steele Street Bank Corporation Denver CO Southwest 525,358 34,832 32,612 - - 67,443 58,381 58,269 - - 116,650 73%

Verus Acquisition Group, Inc. Fort Collins CO Southwest 273,425 14,365 45,134 88 7,204 66,792 18,434 52,159 - 1,958 72,551 9%

Bankwell Financial Group, Inc. (BNC Financial Group, Inc.) New Canaan CT Northeast 808,855 3,378 24,882 - - 28,259 95,644 102,770 - - 198,414 602%

Salisbury Bancorp, Inc. Lakeville CT Northeast 589,771 23,290 49,853 402 5,666 79,211 45,764 71,191 523 3,368 120,846 53%

SBT Bancorp, Inc. Simsbury CT Northeast 404,610 14,128 21,168 - - 35,295 18,778 38,862 - - 57,640 63%

Community Bank Delaware Lewes DE Mid-Atlantic 147,611 6,962 20,018 574 1,175 28,729 5,839 32,864 149 1,908 40,760 42%

Bank of Central Florida Lakeland FL Southeast 336,378 29,147 27,541 - - 56,688 61,972 58,431 - 151 120,554 113%

Broward Financial Holdings, Inc. Fort Lauderdale FL Southeast 171,842 14,234 - - - 14,234 19,091 28,419 - - 47,510 234%

CBOS Bankshares, Inc. Merritt Island FL Southeast 145,591 5,742 40,542 - - 46,283 5,259 24,189 - - 29,448 -36%

Community Southern Holdings, Inc. (Community Southern Bank) Lakeland FL Southeast 236,768 13,773 15,059 813 115 29,759 34,885 28,032 1,189 217 64,323 116%

FineMark Holdings, Inc. Fort Myers FL Southeast 741,140 12,141 15,375 112 - 27,628 48,080 34,000 - - 82,080 197%

First Green Bancorp, Inc. (First Green Bank) Eustis FL Southeast 261,779 6,491 23,716 - 133 30,339 18,183 69,123 - 144 87,450 188%

Florida Business BancGroup, Inc. Tampa FL Southeast 534,230 41,885 46,924 - - 88,809 58,974 101,490 - 1,161 161,625 82%

Florida Community Bankshares, Inc. Ocala FL Southeast 609,221 29,777 56,970 8,266 68,740 163,752 22,345 43,432 8,659 59,728 134,164 -18%

HomeBancorp, Inc. Tampa FL Southeast 750,608 3,043 10,343 - - 13,385 5,607 19,675 - - 25,282 89%

Jefferson Bankshares, Inc. (Jefferson Bank of Florida) Oldsmar FL Southeast 201,782 9,021 4,870 - - 13,891 22,701 19,513 - - 42,214 204%

Marquis Bank Coral Gables FL Southeast 241,421 1,427 9,846 - - 11,273 22,732 28,991 - - 51,723 359%

Ovation Holdings, Inc. Naples FL Southeast 351,652 1,684 8,013 - - 9,698 8,106 49,779 - 1,069 58,954 508%

Platinum Bank Holding Co. (Platinum Bank) Brandon FL Southeast 444,225 57,110 95,349 222 10,816 163,496 87,544 104,321 165 15,786 207,816 27%

Stonegate Bank Pompano Beach FL Southeast 1,710,840 36,148 90,104 - 2,692 128,944 177,023 280,400 - 3,003 460,426 257%

Lowndes Bancshares, Inc. Valdosta GA Southeast 217,810 10,135 38,874 - - 49,009 11,023 32,651 5,171 2,283 51,128 4%

Resurgens Bancorp Atlanta GA Southeast 108,336 8,251 4,870 - 1,965 15,086 12,404 14,127 - 1,810 28,341 88%

The Peoples Bank of Talbotton Talbotton GA Southeast 44,798 647 3,191 - 2,106 5,943 2,083 3,117 109 4,442 9,751 64%

Commercial Financial Corp Storm Lake IA Midwest 659,368 128,275 39,538 38,076 22,656 228,545 127,195 63,253 67,175 63,710 321,333 41%

Heartland Financial USA, Inc. Dubuque IA Midwest 5,834,797 506,645 531,185 98,111 214,759 1,350,700 955,969 598,774 166,838 225,848 1,947,429 44%

Liberty Financial Services, Inc. Sioux City IA Midwest 286,177 36,186 17,912 4,466 5,574 64,138 46,481 30,480 14,966 16,621 108,548 69%

D. L. Evans Bancorp Burley ID West 996,714 69,464 158,111 107,881 60,654 396,108 96,336 162,829 71,893 86,877 417,935 6%

Bancorp Financial, Inc. Oak Brook IL Midwest 510,740 5,790 9,122 - - 14,912 18,877 8,888 - - 27,765 86%

Community First Bancorp, Inc. Fairview Heights IL Midwest 208,230 23,850 23,424 - 7,233 54,507 44,531 38,516 - 7,595 90,642 66%

Community Illinois Corporation Rock Falls IL Midwest 253,943 29,250 10,821 16,703 22,134 78,909 29,518 16,726 18,443 24,326 89,013 13%

First Bankers Trustshares, Inc. Quincy IL Midwest 793,003 34,554 53,147 20,504 20,851 129,056 49,946 89,745 29,405 32,079 201,175 56%

First Busey Corporation Champaign IL Midwest 3,472,419 313,814 356,714 38,356 57,626 766,509 328,656 364,782 47,513 111,495 852,446 11%

First Community Financial Corporation Elgin IL Midwest 172,981 6,337 26,075 - 582 32,993 8,778 27,567 - 1,521 37,866 15%

First Eldorado Bancshares, Inc. Eldorado IL Midwest 294,313 7,789 - 7,887 25,857 41,533 18,764 10,017 8,541 50,760 88,082 112%

Fisher Bancorp, Inc. Fisher IL Midwest 102,882 4,244 6,329 2,457 2,741 15,770 4,861 8,098 4,822 5,456 23,237 47%

Heartland Bancorp, Inc. Bloomington IL Midwest 2,586,336 189,580 219,980 36,243 38,855 484,658 244,155 291,600 46,731 80,314 662,800 37%

Illinois State Bancorp, Inc. Chicago IL Midwest 385,061 21,057 38,971 - 160 60,188 19,448 50,752 - 3,435 73,635 22%

Merchants and Manufacturers Bank Corporation Joliet IL Midwest 215,090 35,038 20,722 - - 55,760 73,912 20,344 - - 94,256 69%

People First Bancshares, Inc. Pana IL Midwest 376,346 48,975 9,408 48,716 13,254 120,352 75,614 21,186 69,043 32,928 198,771 65%

Prime Banc Corp. Dieterich IL Midwest 550,978 21,310 6,268 9,480 22,344 59,401 39,047 65,640 9,592 30,471 144,750 144%

QCR Holdings, Inc. Moline IL Midwest 2,450,409 367,351 208,531 2,449 9,305 587,636 334,694 237,323 821 9,190 582,028 -1%

Signature Bancorporation, Inc. Chicago IL Midwest 456,062 88,196 37,019 - - 125,214 187,774 66,480 - - 254,254 103%

Southern Illinois Bancorp, Inc. Carmi IL Midwest 411,550 37,465 17,420 18,888 21,392 95,164 56,299 42,639 19,845 29,106 147,889 55%

Town and Country Financial Corporation Springfield IL Midwest 486,049 34,830 59,359 6,536 5,550 106,274 36,004 100,221 5,471 7,812 149,508 41%

Tri-County Financial Group, Inc. Mendota IL Midwest 858,464 23,912 24,883 30,134 35,679 114,608 56,982 52,558 48,778 82,468 240,786 110%

% Change 

over 

Baseline

Institution

Region Total Assets

Baseline Lending

Baseline 

Business Lending

Q1 2014

Q1 2014 Business 

Lending
Name City State

Commercial & 

Industrial

Owner-Occupied 

Commercial Real Estate

Agricultural 

Production

Secured by 

Farmland

Commercial 

& Industrial

Owner-Occupied 

Commercial Real 

Estate

Agricultural 

Production

Secured by 

Farmland

% Change 

over 

Baseline

Institution

Region Total Assets

Baseline Lending

Baseline 

Business Lending

Q1 2014

Q1 2014 Business 

Lending

United Community Bancorp, Inc. Chatham IL Midwest 1,749,437 211,038 155,561 57,598 92,821 517,019 180,825 134,469 64,484 124,144 503,922 -3%

AMB Financial Corp. Munster IN Midwest 176,446 7,638 14,191 - - 21,829 10,783 20,010 - 910 31,703 45%

Community Bank Shares of Indiana, Inc. New Albany IN Midwest 851,958 87,840 88,791 690 4,709 182,030 98,940 110,281 1,192 6,047 216,460 19%

First Savings Financial Group, Inc. Clarksville IN Midwest 699,744 26,351 39,403 - - 65,754 24,621 64,776 1,704 4,395 95,496 45%

Horizon Bancorp Michigan City IN Midwest 1,807,706 63,712 84,200 3,279 7,424 158,615 98,019 145,425 1,487 12,294 257,225 62%

Bern Bancshares, Inc. Bern KS Midwest 90,019 4,671 46 14,941 3,145 22,803 4,716 982 17,029 5,495 28,222 24%

Brotherhood Bancshares, Inc. Kansas City KS Midwest 559,586 42,681 28,067 - 3,673 74,420 38,570 15,607 - 2,384 56,561 -24%

Equity Bancshares, Inc. Wichita KS Midwest 1,150,737 72,242 44,546 7,028 5,075 128,891 144,639 128,492 14,973 24,605 312,709 143%

Freedom Bancshares, Inc. Overland Park KS Midwest 156,973 17,081 18,667 - - 35,748 28,254 23,666 - - 51,920 45%

Osborne Investments, Inc. Osborne KS Midwest 58,083 1,549 451 9,025 4,697 15,722 3,510 1,973 11,159 12,929 29,571 88%

UBT Bancshares, Inc. Marysville KS Midwest 569,562 41,004 27,943 44,044 63,137 176,128 48,427 24,424 60,115 116,070 249,036 41%

FCB Bancorp, Inc. Louisville KY Midwest 502,759 27,761 54,823 - 56 82,640 15,579 69,177 - 1,338 86,094 4%

Magnolia Bancshares Inc. Hodgenville KY Midwest 141,262 6,246 10,176 2,066 14,930 33,419 7,791 17,507 3,428 19,556 48,282 44%

Community Trust Financial Corporation Ruston LA Southwest 3,200,033 294,044 150,315 1,480 24,990 470,828 1,114,384 340,925 72 18,588 1,473,969 213%

First Guaranty Bancshares, Inc. Hammond LA Southwest 1,440,268 85,481 82,769 17,727 12,111 198,087 154,771 146,800 20,675 9,758 332,004 68%

First NBC Bank Holding Company New Orleans LA Southwest 3,476,950 288,580 212,783 - 261 501,625 953,424 379,108 - 1,036 1,333,568 166%

MidSouth Bancorp, Inc. Lafayette LA Southwest 1,885,539 185,803 126,929 6,367 3,019 322,119 421,825 235,009 13,912 18,888 689,634 114%

Ouachita Bancshares Corp. Monroe LA Southwest 659,268 47,682 73,761 14,288 9,163 144,892 69,369 99,827 17,858 30,948 218,002 50%

Progressive Bancorp, Inc. Monroe LA Southwest 472,956 54,604 42,050 1,671 7,976 106,300 55,418 39,445 7,224 25,959 128,046 20%

Hyde Park Bancorp, Inc. Hyde Park MA Northeast 1,501,740 1,142 542 - - 1,684 100,720 59,638 - - 160,358 9425%

Island Bancorp, Inc. Edgartown MA Northeast 161,327 2,672 20,909 - - 23,581 6,596 32,091 - - 38,687 64%

Leader Bancorp, Inc. Arlington MA Northeast 720,318 7,075 24,647 - - 31,722 22,685 58,504 - - 81,189 156%

New England Bancorp, Inc. Hyannis MA Northeast 226,995 9,707 19,019 - - 28,726 34,656 36,911 - - 71,567 149%

Provident Bancorp, Inc. Amesbury MA Northeast 634,973 17,487 70,118 - 93 87,697 81,520 85,698 - - 167,218 91%

Rockport National Bancorp, Inc. Rockport MA Northeast 195,912 9,222 29,422 - - 38,643 7,668 39,813 - - 47,481 23%

StonehamBank, A Co-operative Bank Stoneham MA Northeast 466,363 22,466 24,415 - - 46,880 35,178 55,122 - - 90,300 93%

Eagle Bancorp, Inc. Bethesda MD Mid-Atlantic 3,785,480 325,046 122,093 - - 447,140 715,839 310,415 - 487 1,026,741 130%

Howard Bancorp, Inc. Ellicott City MD Mid-Atlantic 507,923 91,705 41,681 - 794 134,180 97,094 87,264 - 2,007 186,365 39%

Monument Bank Bethesda MD Mid-Atlantic 450,338 20,990 12,522 - 576 34,088 27,772 27,143 - 991 55,906 64%

The Community Financial Corporation (Tri-County Financial Corporation) Waldorf MD Mid-Atlantic 1,015,112 121,233 137,607 - - 258,840 104,033 213,116 - - 317,149 23%

Katahdin Bankshares Corp. Houlton ME Northeast 638,691 95,319 50,102 3,312 2,706 151,438 127,624 63,282 4,675 4,930 200,511 32%

Birmingham Bloomfield Bancshares, Inc. Birmingham MI Midwest 193,598 15,987 17,807 - - 33,793 27,042 28,365 - - 55,407 64%

Crestmark Bancorp, Inc. Troy MI Midwest 525,892 153,006 1,470 - - 154,475 397,637 - - - 397,637 157%

Huron Valley State Bank Milford MI Midwest 92,285 5,648 16,506 - 191 22,345 10,221 32,063 - 158 42,442 90%

Level One Bancorp, Inc. Farmington Hills MI Midwest 635,350 39,110 24,606 - - 63,716 155,881 85,679 - - 241,560 279%

Valley Financial Group, Ltd. Saginaw MI Midwest 192,292 38,248 36,190 - 90 74,528 52,358 42,976 - 672 96,006 29%

Financial Services of Winger, Inc. Fosston MN Midwest 145,694 19,628 7,190 25,894 21,040 73,751 21,602 11,832 35,439 36,750 105,623 43%

Heritage Bancshares Group, Inc. Willmar MN Midwest 409,929 59,801 32,540 48,486 28,555 169,382 57,886 15,587 66,809 52,795 193,077 14%

Kerkhoven Bancshares, Inc Kerkhoven MN Midwest 68,167 4,668 9,381 3,475 7,114 24,637 11,330 17,900 3,838 7,811 40,879 66%

McLeod Bancshares, Inc. Shorewood MN Midwest 409,267 23,330 3,763 5,618 2,780 35,490 11,235 25,522 4,182 2,823 43,762 23%

MidWest Bancorporation, Inc. Eden Prairie MN Midwest 218,631 35,697 18,909 - - 54,606 19,913 10,554 26,200 39,208 95,875 76%

Platinum Bancorp, Inc. Oakdale MN Midwest 145,197 19,145 27,015 - 573 46,733 28,501 24,200 - 2,786 55,487 19%

Redwood Financial, Inc. Redwood Falls MN Midwest 221,145 24,855 31,378 - - 56,233 25,799 22,546 22,737 17,338 88,420 57%

Cardinal Bancorp II, Inc. Washington MO Midwest 305,936 34,752 29,431 190 5,482 69,855 48,686 33,443 391 9,563 92,083 32%

Fortune Financial Corporation Arnold MO Midwest 139,308 24,461 23,534 - 370 48,366 22,602 24,095 - - 46,697 -3%

Great Southern Bancorp, Inc. Springfield MO Midwest 3,770,603 138,613 136,926 4,079 21,896 301,514 242,653 135,930 2,209 30,338 411,130 36%

Liberty Bancorp, Inc. Liberty MO Midwest 493,237 23,445 53,499 - - 76,944 63,644 69,320 181 877 134,022 74%

Security State Bancshares, Inc. Charleston MO Midwest 692,910 56,094 57,781 30,314 49,925 194,113 55,705 61,887 36,967 100,745 255,304 32%

Southern Missouri Bancorp, Inc. Poplar Bluff MO Midwest 986,800 52,833 42,934 28,817 26,753 151,336 73,863 99,230 35,010 60,407 268,510 77%

Triad Bancorp, Inc. Frontenac MO Midwest 248,774 15,530 16,895 - 820 33,245 33,580 41,570 - 2,561 77,711 134%

BankFirst Capital Corporation Macon MS Southeast 703,900 58,754 75,633 9,765 42,941 187,093 85,467 79,822 5,535 42,109 212,933 14%

Bancorp of Montana Holding Company Missoula MT West 49,161 1,208 1,994 - 444 3,646 7,043 4,408 - 1,533 12,984 256%

First Bancorp Troy NC Southeast 3,314,140 140,198 279,520 7,734 36,485 463,938 137,075 406,347 11,790 48,373 603,585 30%

Live Oak Bancshares, Inc. Wilmington NC Southeast 475,353 27,794 73,668 - - 101,462 126,518 153,016 - - 279,534 176%

Premara Financial, Inc. Charlotte NC Southeast 239,954 15,263 23,523 - - 38,786 26,665 47,620 - 504 74,789 93%

Providence Bank Rocky Mount NC Southeast 221,307 14,547 12,644 780 826 28,797 15,259 19,782 1,256 1,972 38,269 33%

Select Bancorp, Inc. Greenville NC Southeast 279,422 18,588 9,146 - 1,726 29,459 16,546 30,598 - 8,790 55,934 90%

Union Bank & Trust Company Oxford NC Southeast 235,929 19,991 15,549 10 3,112 38,662 18,964 20,970 1,573 5,816 47,323 22%

Alerus Financial Corporation Grand Forks ND Midwest 1,364,396 180,756 65,037 33,489 10,852 290,134 329,135 126,573 37,148 11,720 504,576 74%

Western State Agency, Inc. Devils Lake ND Midwest 711,133 97,220 32,153 14,569 6,955 150,896 236,315 26,077 13,863 14,066 290,321 92%

Adbanc Inc. Ogallala NE Midwest 606,236 69,479 59,439 77,060 51,676 257,654 70,195 62,784 109,148 86,067 328,194 27%

Banner County Ban Corporation Harrisburg NE Midwest 109,194 8,633 2,981 30,815 15,368 57,797 12,515 8,711 31,237 26,571 79,034 37%

First State Holding Co. (Wilber Co.) Lincoln NE Midwest 412,535 40,835 24,786 25,570 36,985 128,176 53,595 33,590 40,902 76,841 204,928 60%

The State Bank of Bartley Bartley NE Midwest 83,740 13,050 4,465 8,672 2,035 28,221 17,597 7,993 13,885 5,385 44,860 59%

Centrix Bank & Trust Bedford NH Northeast 950,891 105,188 145,314 - - 250,502 203,526 220,212 - - 423,738 69%

First Colebrook Bancorp, Inc. Colebrook NH Northeast 255,482 25,654 42,281 569 82 68,585 36,756 47,219 502 679 85,156 24%

Guaranty Bancorp, Inc. Woodsville NH Northeast 391,798 37,136 48,710 454 1,988 88,288 39,130 60,080 400 2,980 102,590 16%

New Hampshire Thrift Bancshares, Inc. Newport NH Northeast 1,434,592 57,064 80,606 - - 137,670 78,325 186,528 22 493 265,368 93%

Northway Financial, Inc. Berlin NH Northeast 915,993 44,870 67,422 - - 112,292 84,436 69,159 - - 153,595 37%

Center Bancorp, Inc. Union NJ Mid-Atlantic 1,675,429 106,353 113,588 - - 219,941 200,856 90,498 - - 291,354 32%

Crest Savings Bancorp, Inc. Wildwood NJ Mid-Atlantic 414,170 3,201 17,693 - - 20,894 4,838 22,367 - - 27,205 30%

Freedom Bank Oradell NJ Mid-Atlantic 217,084 14,905 17,540 - - 32,445 22,815 36,466 - - 59,281 83%

Harmony Bank Jackson Township NJ Mid-Atlantic 214,826 929 9,059 - 1,000 10,988 9,312 39,723 - 2,492 51,527 369%

Highlands Bancorp, Inc. Vernon NJ Mid-Atlantic 233,597 16,612 17,780 - 777 35,168 28,858 50,524 - 1,082 80,464 129%

Hopewell Valley Community Bank Pennington NJ Mid-Atlantic 448,096 9,885 76,725 - 876 87,485 19,829 110,679 - 724 131,232 50%

Regal Bank Livingston NJ Mid-Atlantic 336,039 1,682 24,190 - - 25,872 3,970 39,431 - - 43,401 68%

Stewardship Financial Corporation Midland Park NJ Mid-Atlantic 671,220 48,805 156,337 - 1,053 206,195 23,344 162,409 - 1,928 187,681 -9%

Two River Bancorp (Community Partners Bancorp) Middletown NJ Mid-Atlantic 764,917 48,487 135,572 - 204 184,262 43,486 174,667 - 149 218,302 18%

Meadows Bank Las Vegas NV West 465,832 29,330 21,164 - - 50,495 105,921 61,730 - - 167,651 232%
Name City State

Commercial & 

Industrial

Owner-Occupied 

Commercial Real Estate

Agricultural 

Production

Secured by 

Farmland

Commercial 

& Industrial

Owner-Occupied 

Commercial Real 

Estate

Agricultural 

Production

Secured by 

Farmland

% Change 

over 

Baseline

Institution

Region Total Assets

Baseline Lending

Baseline 

Business Lending

Q1 2014

Q1 2014 Business 

Lending

Alma Bank Astoria NY Mid-Atlantic 988,021 66,760 25,038 - - 91,798 166,358 178,811 - - 345,169 276%

Catskill Hudson Bancorp, Inc. Rock Hill NY Mid-Atlantic 403,940 42,715 54,456 277 1,075 98,522 57,636 97,104 246 1,181 156,167 59%

Greater Rochester Bancorp, Inc. Rochester NY Mid-Atlantic 413,905 43,466 17,134 - 1,736 62,336 89,621 42,207 - 1,854 133,682 114%

Kinderhook Bank Corp. Kinderhook NY Mid-Atlantic 352,304 18,911 19,028 58 2,330 40,328 25,194 42,741 103 286 68,324 69%

Pathfinder Bancorp, Inc. Oswego NY Mid-Atlantic 611,721 25,983 48,698 - 786 75,467 39,976 63,804 - 712 104,492 38%

Seneca-Cayuga Bancorp, Inc. Seneca Falls NY Mid-Atlantic 274,639 6,963 9,127 - - 16,090 21,656 15,145 3,294 3,963 44,058 174%

Columbus First Bancorp, Inc Worthington OH Midwest 271,445 19,279 15,132 - - 34,411 28,105 27,400 - 909 56,414 64%

Community Independent Bancorp Inc. West Salem OH Midwest 96,147 2,587 5,795 133 3,505 12,020 2,407 9,572 526 5,052 17,557 46%

Insight Bank Columbus OH Midwest 233,719 3,205 10,876 - - 14,080 13,076 26,204 - - 39,280 179%

AmeriBank Holding Company Collinsville OK Southwest 183,395 19,843 9,416 1,590 2,324 33,172 32,245 15,050 5,081 2,286 54,662 65%

Central Service Corporation Enid OK Southwest 643,193 43,994 23,240 43,232 38,675 149,140 95,599 34,544 67,447 44,042 241,632 62%

Prime Bank Group Edmond OK Southwest 204,831 7,722 10,116 53 1,742 19,632 30,175 25,657 93 1,944 57,869 195%

Regent Capital Corporation Nowata OK Southwest 206,149 24,582 17,779 3,616 9,416 55,394 42,099 28,205 2,950 9,529 82,783 49%

AmeriServ Financial, Inc. Johnstown PA Mid-Atlantic 1,023,122 92,509 62,972 - 178 155,659 115,521 96,380 - 2,136 214,037 38%

CBT Financial Corp. Clearfield PA Mid-Atlantic 438,598 34,922 32,578 1,037 6,580 75,117 42,951 29,830 6,026 26,877 105,684 41%

Centric Financial Corporation Harrisburg PA Mid-Atlantic 304,520 16,476 31,487 193 1,397 49,553 33,914 55,981 476 2,096 92,467 87%

Codorus Valley Bancorp, Inc. York PA Mid-Atlantic 1,182,263 46,618 104,503 1,653 24,703 177,476 94,422 140,643 4,526 40,659 280,250 58%

DNB Financial Corporation Downingtown PA Mid-Atlantic 683,668 38,960 73,668 - 10,878 123,505 60,833 97,432 - 13,934 172,199 39%

Emclaire Financial Corp. Emlenton PA Mid-Atlantic 533,323 33,244 25,924 - - 59,168 39,619 25,006 43 284 64,952 10%

Enterprise Financial Services Group, Inc. Allison Park PA Mid-Atlantic 263,225 37,394 75,423 - 424 113,241 38,084 95,515 - 99 133,698 18%

First Resource Bank Exton PA Mid-Atlantic 162,498 11,395 19,652 - 1,119 32,165 11,183 33,247 - 1,049 45,479 41%

Jonestown Bank and Trust Company Jonestown PA Mid-Atlantic 447,615 6,880 29,539 11 4,390 40,820 15,071 43,575 182 5,783 64,611 58%

MileStone Bank Doylestown PA Mid-Atlantic 209,654 17,161 29,937 - - 47,098 65,608 53,495 - 25 119,128 153%

Monument Bank Doylestown PA Mid-Atlantic 262,128 1,478 17,409 - 828 19,715 1,688 44,544 - 753 46,985 138%

Penn Liberty Financial Corp. Wayne PA Mid-Atlantic 550,968 58,496 84,723 - - 143,218 86,811 106,676 - - 193,487 35%

Phoenix Bancorp, Inc. Minersville PA Mid-Atlantic 136,536 5,262 4,097 - - 9,359 18,165 26,995 - 130 45,290 384%

Team Capital Bank Bethlehem PA Mid-Atlantic 948,703 58,221 58,748 - - 116,969 67,803 127,889 - 1,236 196,928 68%

The Victory Bancorp, Inc. Limerick PA Mid-Atlantic 145,653 13,913 8,245 - 1,757 23,916 28,603 28,893 - 2,657 60,153 152%

York Traditions Bank York PA Mid-Atlantic 290,057 48,533 27,986 - 2,156 78,674 56,942 49,100 - 1,748 107,790 37%

Carolina Alliance Bank Spartanburg SC Southeast 250,616 29,943 34,965 - 830 65,737 34,242 60,344 - 446 95,032 45%

GrandSouth Bancorporation Greenville SC Southeast 401,477 49,299 43,148 114 3,454 96,015 59,377 46,013 357 762 106,509 11%

TCB Corporation Greenwood SC Southeast 324,604 16,375 40,863 - 1,056 58,294 17,190 49,115 - 1,490 67,795 16%

BHCB Holding Company Rapid City SD Midwest 144,233 11,260 16,312 1,696 1,627 30,895 21,900 30,739 71 2,939 55,649 80%

Avenue Financial Holdings, Inc. Nashville TN Southeast 941,928 92,450 29,501 - - 121,950 181,518 67,126 - - 248,644 104%

CapitalMark Bank & Trust Chattanooga TN Southeast 883,151 88,680 45,869 - - 134,549 153,383 154,523 - 475 308,381 129%

Carroll Financial Services, Inc. Huntingdon TN Southeast 256,226 7,921 34,549 4,141 14,441 61,052 14,352 43,528 5,931 18,324 82,135 35%

Community First Bancshares, Inc. Union City TN Southeast 1,927,390 102,278 165,597 16,329 35,772 319,976 135,660 191,662 13,793 36,601 377,716 18%

Evolve Bancorp, Inc. Cordova TN Southeast 296,209 8,239 5,161 2,211 3,490 19,101 34,116 51,929 1,954 3,733 91,732 380%

Franklin Financial Network, Inc. Franklin TN Southeast 866,109 10,261 9,123 823 149 20,356 39,843 26,827 3,528 1,007 71,205 250%

Independent Holdings, Inc. Memphis TN Southeast 827,036 39,655 11,109 - 1,474 52,238 71,483 29,818 - 5,462 106,763 104%

InsCorp, Inc. Nashville TN Southeast 235,809 11,667 8,603 - 765 21,034 27,718 23,133 - 771 51,622 145%

Landmark Community Bank Collierville TN Southeast 623,080 17,728 11,183 94 263 29,268 39,346 22,551 - 46 61,943 112%

Magna Bank Memphis TN Southeast 546,942 24,492 17,032 - - 41,524 74,927 26,712 393 6,850 108,882 162%

Merchants and Planters Bancshares, Inc. Bolivar TN Southeast 86,910 5,479 10,527 361 2,730 19,097 4,069 9,639 61 4,264 18,033 -6%

Moneytree Corporation Lenoir City TN Southeast 411,564 35,050 32,806 61 1,627 69,543 20,170 58,230 - 757 79,157 14%

Planters Financial Group, Inc. Clarksville TN Southeast 788,769 59,970 67,388 12,733 34,238 174,327 71,379 64,405 15,583 49,039 200,406 15%

SmartFinancial, Inc. Pigeon Forge TN Southeast 496,812 21,736 14,293 - 1,139 37,167 36,467 51,706 - 2,150 90,323 143%

Southern Heritage Bancshares, Inc. Cleveland TN Southeast 244,929 26,826 30,355 33 1,077 58,290 21,103 40,370 56 - 61,529 6%

Sumner Bank & Trust Gallatin TN Southeast 172,958 12,075 15,701 43 694 28,512 10,288 15,858 75 697 26,918 -6%

AIM Bancshares, Inc. Levelland TX Southwest 487,155 39,299 14,585 13,262 6,874 74,020 133,214 56,783 15,739 25,885 231,621 213%

BMC Bancshares, Inc. Dallas TX Southwest 77,159 765 2,514 825 223 4,326 1,146 13,350 13 - 14,509 235%

BOH Holdings, Inc. Houston TX Southwest 1,039,808 127,907 69,441 - - 197,348 205,609 162,773 - 126 368,508 87%

Cadence Financial Corporation (Encore Bancshares, Inc.) Houston TX Southwest 6,679,672 390,730 469,509 9,668 19,435 889,341 2,807,482 312,267 1,187 31,740 3,152,676 254%

FB BanCorp San Antonio TX Southwest 614,370 99,765 2,480 - - 102,244 35,955 1,963 73,508 - 111,426 9%

First Texas BHC, Inc. Fort Worth TX Southwest 1,370,895 85,806 71,371 110 2,229 159,515 260,009 129,798 361 12,980 403,148 153%

Frontier Bancshares, Inc. Austin TX Southwest 486,281 25,056 29,742 851 6,814 62,462 81,107 110,796 316 7,207 199,426 219%

Happy Bancshares, Inc. Amarillo TX Southwest 2,446,498 201,680 93,384 130,663 51,686 477,414 360,492 148,313 257,575 202,665 969,045 103%

Hilltop Holdings, Inc. (PlainsCapital Corporation) Dallas TX Southwest 8,493,810 1,018,142 363,288 60,432 61,652 1,503,514 1,065,664 677,938 47,649 38,849 1,830,100 22%

Joaquin Bankshares Inc. Huntington TX Southwest 122,145 14,762 13,696 1,602 13,014 43,074 28,478 11,740 2,263 7,872 50,353 17%

Liberty Capital Bancshares, Inc. Addison TX Southwest 143,679 9,008 5,927 - 1,722 16,657 31,878 13,361 - - 45,239 172%

McLaughlin Bancshares, Inc. Ralls TX Southwest 264,645 18,912 4,166 29,426 3,706 56,210 38,627 14,053 16,200 6,935 75,815 35%

Pioneer Bank, SSB Drippings Springs TX Southwest 266,899 7,439 8,987 - 1,142 17,568 31,433 32,036 3,216 9,711 76,396 335%

Southwestern Bancorp, Inc. Boerne TX Southwest 121,780 5,487 12,617 2,545 1,837 22,486 11,187 19,260 2,262 1,801 34,510 53%

Sovereign Bancshares, Inc. Dallas TX Southwest 1,021,029 196,282 22,060 - 918 219,260 247,608 84,772 - 6,510 338,890 55%

Steele Holdings, Inc. Tyler TX Southwest 261,078 14,649 15,060 427 1,007 31,142 31,384 23,046 183 1,961 56,574 82%

The ANB Corporation Terrell TX Southwest 2,422,005 142,877 265,405 6,732 22,473 437,487 127,000 442,511 6,349 12,179 588,039 34%

Third Coast Bancshares, Inc. (Third Coast Bank SSB) Humble TX Southwest 298,140 33,954 30,443 - - 64,397 91,478 65,435 29 1,763 158,705 146%

Veritex Holdings, Inc. Dallas TX Southwest 669,926 24,303 14,187 - 1,151 39,641 166,649 75,466 3 11,371 253,489 539%

Cache Valley Banking Company Logan UT Southwest 777,227 33,786 39,918 9,516 16,242 99,462 69,451 171,437 17,650 37,763 296,301 198%

LCA Bank Corporation Park City UT Southwest 85,046 136 - - - 136 3,017 - - - 3,017 2127%

Medallion Bank Salt Lake City UT Southwest 848,018 234,859 - - - 234,859 406,035 - - - 406,035 73%

Blue Ridge Bankshares, Inc. Luray VA Southeast 219,593 4,225 15,593 159 2,442 22,419 11,083 15,271 169 7,614 34,137 52%

Citizens Community Bank South Hill VA Southeast 165,338 18,419 16,605 251 3,246 38,520 11,777 27,679 724 4,390 44,570 16%

Heritage Bankshares, Inc. Norfolk VA Southeast 331,926 29,431 36,330 - - 65,761 26,672 52,822 - - 79,494 21%

TowneBank Suffolk VA Southeast 4,775,236 302,054 531,494 675 6,389 840,612 461,536 751,243 269 6,177 1,219,225 45%

Virginia Heritage Bank Fairfax VA Southeast 917,409 39,167 50,228 - - 89,395 51,613 120,445 - 80 172,138 93%

WashingtonFirst Bankshares, Inc. Reston VA Southeast 1,275,706 60,171 13,644 117 3,240 77,172 115,983 165,073 - 192 281,248 264%

Xenith Bankshares, Inc. Richmond VA Southeast 682,512 14,641 19,095 - 593 34,328 180,137 50,128 59 1,231 231,555 575%

Puget Sound Bank Bellevue WA West 338,958 49,945 28,866 - - 78,810 101,617 58,423 - 3,188 163,228 107%
Name City State

Commercial & 

Industrial

Owner-Occupied 

Commercial Real Estate

Agricultural 

Production

Secured by 

Farmland

Commercial 

& Industrial

Owner-Occupied 

Commercial Real 

Estate

Agricultural 

Production

Secured by 

Farmland

% Change 

over 

Baseline

Institution

Region Total Assets

Baseline Lending

Baseline 

Business Lending

Q1 2014

Q1 2014 Business 

Lending

U&I Financial Corp Lynnwood WA West 230,394 8,950 34,994 - - 43,943 11,983 47,153 - - 59,136 35%

W.T.B. Financial Corporation Spokane WA West 4,449,215 726,366 358,143 80,131 37,049 1,201,688 841,096 476,390 135,612 47,764 1,500,862 25%

County Bancorp, Inc. Manitowoc WI Midwest 736,858 44,238 63,411 118,072 171,649 397,369 53,036 58,178 158,214 203,866 473,294 19%

Deerfield Financial Corporation Deerfield WI Midwest 114,112 15,306 116 4,065 1,820 21,306 6,852 8,660 1,971 5,694 23,177 9%

First American Investment, Inc. Hudson WI Midwest 157,093 4,014 15,043 163 - 19,220 14,278 35,054 307 2,259 51,898 170%

First Menasha Bancshares, Inc. Neenah WI Midwest 361,770 51,762 29,044 6 519 81,331 64,022 56,044 - 1,032 121,098 49%

Nicolet Bankshares, Inc. Green Bay WI Midwest 1,203,528 129,397 137,477 41 2,935 269,850 232,196 183,056 15,422 42,392 473,066 75%

Northern Bankshares, Inc. McFarland WI Midwest 412,550 26,290 62,897 1,313 15,949 106,449 34,158 109,229 - 5,656 149,043 40%

PFSB Bancorporation, Inc. Pigeon Falls WI Midwest 76,054 3,710 8,995 6,075 11,414 30,194 2,573 7,201 10,949 19,579 40,302 33%

Sword Financial Corporation Horicon WI Midwest 555,618 63,172 127,299 10,132 21,004 221,607 67,443 122,853 22,380 65,110 277,786 25%

First Bank of Charleston Inc. Charleston WV Southeast 209,263 23,426 1,497 - - 24,923 27,287 2,584 - - 29,871 20%

MVB Financial Corp. Fairmont WV Southeast 995,198 15,650 38,312 - - 53,962 71,053 105,419 - - 176,472 227%

Financial Security Corporation Basin WY West 309,774 26,934 10,943 18,648 17,218 73,742 31,920 25,114 19,658 21,249 97,941 33%
28

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.16 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 

(6,02817 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.

 

16For additional information regarding the composition of the peer and broader comparison groups, please see Appendix A.

17 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.
29

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.

18

 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.

 

18 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.
30

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, nonperforming assets to total assets, non-performing assets excluding restructured loans to total assets, nonperforming 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; nonparticipant).

• Corporate organization (6 categorical variables and 1 continuous variable): de novo status (de novo; nonde 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. 
31

• 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 nonparticipant 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).19 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. 

 

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: 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. 
32

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 KolmogorovSmirnov 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
33

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. 
34

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 (pvalues > 0.60).20

 Through the backward variable selection process, 14 variables were eliminated. 

 

20 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 
35

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 (pvalues < 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). 
36

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%
37

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 KS 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
38

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
39

References

This program impact analysis follows a methodology drawn from prior research on program evaluation. To complete 

this analysis, Treasury worked with a third-party contractor with expertise in statistical methods. In addition, the 

following publications include information used in developing the methodological approach.

1. Augurzky, B., and C. Schmidt (2000): “The Propensity Score: A Means to An End," Working Paper, University 

of Heidelberg.

2. Caliendo, M., Kopeinig, S. (2005): “Some practical guidance for the implementation of propensity score 

matching”. Paper 1588. Institute for the Study of Labor, IZA.

3. Dehejia, R. H., and S. Wahba (1999): “Causal Effects in Nonexperimental Studies: Reevaluating the Evaluation 

of Training Programs," Journal of the American Statistical Association, 94(448), 1053-1062.

4. Dehejia, R. H., and S. Wahba (2002): “Propensity Score Matching Methods for Nonexperimental Causal 

Studies," The Review of Economics and Statistics, 84(1), 151-161.

5. Rossman, S.B., Rempel, M., Roman, J.K., Zweig, J.M., Lindquist, C.H., Green, M., Downey, P.M., Bhati, A.S., & 

Farole, D.J., Jr. (2011): The multi-site adult drug court evaluation: The impact of drug courts. Washington, 

D.C.: The Urban Institute.

6. Spreeuwenberg, M., Bartak, A., Croon, M., Hagenaars, J., Busschbach, J., Andrea, H., Twisk, J, and Stijnen, T. 

(2010): “The Multiple Propensity Score as Control for Bias in the Comparison of More Than Two Treatment 

Arms: An Introduction From a Case Study in Mental Health”. Medical Care, 48 (2), 166-174.

7. Imbens, G.W. (2000): “The Role of the Propensity Score in Estimating Dose-Response Functions.” Biometrika, 

87(3), 706-710.

8. Rosenbaum, P. and Rubin, D. (1983): “The Central Role of the Propensity Score in Observational Studies for 

Causal Effects.” Biometrika, 70 (1), 41-55.