October 2014

Report on SBLF Participants’

Small Business Lending Growth

Submitted to Congress pursuant to Section 4106(3) of

the Small Business Jobs Act of 2010
1

OVERVIEW

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

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

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

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

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

nation.   

This report provides information on changes in small business lending by SBLF participants as of June 30, 2014,

relative to baseline levels.2

   As of June 30, 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, current SBLF participants have increased their small business lending by $13.5 billion over a $33.0

billion baseline. This reflects a $1.1 billion increase over the prior quarter.

• To date, the total increase in small business lending reported by current and former3 participants amounted

to $13.8 billion.   

• Increases in small business lending are widespread across SBLF participants, with 94 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 92 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 442 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 5,849 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 64.2 percent over baseline levels,

versus a 19.1 percent median increase for the representative peer group and a 12.7 percent median increase

for the broader comparison group.

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

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

• SBLF banks that refinanced CPP funding have increased business lending by a median of 57.6 percent since

their initial receipt of CPP funding from Treasury versus a 23.3 percent increase for the peer group and an

18.1 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 Lending growth reported by former participants in the final quarter of participation is held constant through subsequent periods
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 290 institutions

that continued to participate in the program as of June 30, 2014, including 241 community banks and 49 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 September 1, 2014, 45 institutions with aggregate investments of $681.4 million have fully redeemed their SBLF

securities and exited the program, and 21 institutions have partially redeemed $145.5 million (or 44 percent of their

SBLF securities) though continue to participate in the program.  

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

less than $10 billion in assets.

   

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

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

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

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.   

                                                            

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

INCREASES IN SMALL BUSINESS LENDING OVER BASELINE LEVELS

As of June 30, 2014, SBLF participants have increased their small business lending by $13.5 billion over their

aggregate baseline of $33.0 billion.  Bank participants have increased their small business lending by $13.1 billion (or

41 percent) over a $32.2 billion baseline, and CDLFs increased their small business lending by $394.6 million (or 50

percent) over a $794.5 million baseline.  The following graph shows the aggregate increase in qualified small business

lending reported by SBLF participants as of June 30, 2014.  Increases in small business lending reflect that of current

participants only and exclude institutions that have exited the program prior to the end of the quarter.    

Increase in Small Business Lending over Baseline by SBLF Participants5

(Reported as of June 30, 2014)

Increases in small business lending are widespread among SBLF participants.  To date, 229 of the 241 participating

community banks (or 95 percent) and 45 of the 49 CDLFs (or 92 percent) have increased their small business lending.  

In addition, 268 of the 290 SBLF participants (or 92 percent) have increased their small business lending by 10 percent

or more.   

These figures 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.   

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

                                                            

5 The increase in lending for each quarter is representative of only those institutions participating in the quarter listed.  Figures

reflect the total aggregate net dollar amount of reported increases and decreases in small business lending.  The increase over

time of the baseline through Q3 2011 amount is driven by redemptions from institutions which reported decreases in small

business lending outnumbering those which reported increases.   

$3.5 $3.5 $3.5 $3.5 $3.5 $3.6 $3.6 $3.6 $3.8 $3.8 $3.8 $3.8

$1.3 $1.7

$3.1 $3.9

$5.2 $5.4 $6.7 $7.4 $8.7 $8.6 $9.7

$0

$2

$4

$6

$8

$10

$12

$14

$16

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

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

$13.5
4

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 (5.5 percent) that presently report negative changes in

small business lending, three 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.  Please see Appendix B for

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

The following chart displays the aggregate positive and negative qualified small business lending growth6 reported by

current SBLF participants. The sum of these balances reflects the total increase in qualified small business lending

reported.    

Aggregate Increases and Decreases in Small Business Lending over Baseline by SBLF Participants

(Reported as of June 30, 2014)

Changes in the net qualified small business loan growth reported are driven largely by positive and negative changes

in qualified small business lending balances at SBLF participants. To date, the vast majority, or 94 percent, of SBLF

participants have increased qualified small business lending, for a total of $13.8 billion in positive qualified small

business loan growth over baseline. The remaining six percent of SBLF participants evidenced a decrease in qualified

                                                            

6 Increases and decreases of lending balances are affected by both new originations and loan runoff at participant institutions.   
5

small business lending balances over baseline of $270 million, such that the net of these positive and negative

qualified small business growth balances is equal to $13.5 billion across all SBLF participants (see also chart on page

four)

Redemptions also impact the total qualified small business lending reported in a given quarter. As institutions

redeem from the SBLF program, their respective increases or decreases in lending over baseline are removed for

future reporting purposes. For example, should an SBLF institution with $100 million in qualified small business

lending growth over baseline redeem from the program, the growth associated with that institution would be

omitted from total qualified small business loan growth calculations going forward, such that remaining participants

would need to generate a net increase in qualified small business lending of at least $100 million for the total

qualified small business loan growth level to remain the same as reported in the previous quarter. The redemption of

institutions with negative changes in qualified small business lending over baseline can have the inverse effect where,

due to netting effects, the impact of the redemption is an increase in the total qualified small business lending

reported.

The chart below shows the cumulative net impact of all current and former participants in the program by

incorporating changes in qualified small business lending over baseline for former SBLF participants at the amount

reported in the final quarter of program participation and holding those balance changes constant in future quarters.  

For example, if an SBLF participant reported a total increase in small business lending of $10 million over baseline in

the final quarter prior to a full redemption, that amount is held constant and included in the net small business

lending growth calculation in each quarter thereafter, instead of being removed as under the current method, as

outlined in the chart on page three.   This approach captures the cumulative lending by all participants, both current

and redeemed, and more comprehensively displays total historical program impact.

Current and Historical Change in Small Business Lending over Baseline by SBLF Participants

(Reported as of June 30, 2014)
6

As prescribed under the Small Business Jobs Act, SBLF rates became fixed beginning in Q3 2013, such that

participants which evidenced minimal or negative changes in qualified small business lending over the baseline were

unable to take advantage of SBLF lending incentives.   

The redemption of several participants with declines in small business lending balances in Q4’13 (just following the

dividend rate set period) resulted in a negative cumulative net effect of small business lending for redeemed

participants totaling approximately ‐$150 million through that quarter, and therefore led to a respective increase of

the same amount in total measured qualified small business lending during Q4’13 under the standard methodology,

as outlined in the chart on page 3.   

Subsequently, in the first quarter of 2014 that trend reversed, with several institutions reporting strong positive

lending over baseline (totaling $380 million) redeeming during that period, such that the net effect of cumulative

small business lending growth at redeemed institutions totaled a positive $230 million through that quarter.  As such,

this led to a respective decrease of the same amount of total measured qualified small business lending under the

standard methodology, as outlined in the chart on page 3.   

All subsequent analysis reflects current SBLF participants only.

   
7

Distribution of Small Business Lending Increases  

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 Baseline7

(Reported as of June 30, 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 $3.7 billion.8

  As of

June 30, 2014, the $13.5 billion increase achieved over baseline levels is approximately 3.6 times greater than the

$3.7 billion program incentive.9

                                                            

7 As a result of redemptions, the total number of SBLF institutions was 290 as of Q2 2014, 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. 8 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. 9 As of June 30, 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.

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 Q2 2014
8

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 investment outstanding, the 73 institutions that held $12.9 million or

more of outstanding SBLF investment accounted for $7.2 billion of the total reported increase in small business

lending with $2.2 billion of total investment 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 investments outstanding.

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

(Reported as of June 30, 2014)

$2.2

$0.7

$0.3 $0.1

$7.2

$3.8

$1.7

$0.8

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

First Quartile

($12.9 ‐ $141.0

Million)

Second Quartile

($6.7 ‐ $12.8 Million)

Third Quartile

($3.0 ‐ $6.6 Million)

Fourth Quartile

($3.0 Million or Less)

$ Billions

Quartiles by Dollar Amount of Funds Outstanding

SBLF Funds Outstanding Change in Small Business Lending over Baseline
9

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

accounted for $9.5 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 equally‐

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

Increase in Small Business Lending by Dollar Amount of Lending Change

(Reported as of June 30, 2014)

$1.7

$0.7 $0.4 $0.4

$9.5

$2.8

$1.2

$0.0

‐$2.0

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

First Quartile

(Over $56.0 Million)

Second Quartile

($28.2 ‐ $55.9 Million)

Third Quartile

($8.8 ‐ $27.6 Million)

Fourth Quartile

($8.7 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 ‐$16.1

million in Q2 2014.   
10

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.10  The largest institutions (defined as those

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

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

lending by $3.5 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 June 30, 2014)

                                                            

10 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

$3.5

$3.3

$2.9

$3.8

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$7.0 ‐ $249 Million

(n=158)

$250 ‐ $499 Million

(n=65)

$500 ‐ $999 Million

(n=42)

$1.0 ‐ $6.4 Billion

(n=25)

$ in Billions

Size by Total Assets

SBLF Funds Outstanding Change in Small Business Lending over Baseline
11

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 ($3.4 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. 11

Increase in Small Business Lending by Regional Geography

(Reported as of June 30, 2014)

                                                            

11 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

$3.0

$3.2

$3.4

$1.7

$1.5

$0.8

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

Midwest

(n=83)

Southwest

(n=42)

Southeast

(n=66)

Mid‐Atlantic

(n=46)

West

(n=32)

Northeast

(n=21)

$ in Billions

Axis Title SBLF Funds Outstanding Change in Small Business Lending over Baseline
12

Based on the average loan size reported by participants in the August 2014 Results of the Second Annual Lending

Survey, the $13.5 billion aggregate increase in small business lending represents an estimated 62,900 additional loans

to small businesses.12  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 June 30, 2014)

   

                                                            

12 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, 2013 and aggregating the

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

5,100

15,500

2,900

18,600

15,000

5,800

Southwest

(n=42)

Southeast

(n=66)

Northeast

(n=21)

Midwest

(n=83)

Mid‐Atlantic

(n=46)

West

(n=32)
13

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 442 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 5,849 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 both the peer group and comparison group show a smaller median

increase in such lending.  

Overall Changes in Business Lending and Other Lending

Comparing the level of loans outstanding as of June 30, 2014 to their baseline levels, SBLF banks increased business

lending by a median of 64.2 percent, versus a 19.1 percent median increase for the peer group and a 12.7 percent

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

types of lending by a median of 42.3 percent over baseline levels, versus a median increase of 9.6 percent among the

peer group and 1.6 percent 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 June 30, 2014)

   

64.2%

42.3%

19.1%

9.6%

12.7%

1.6%

‐10%

0%

10%

20%

30%

40%

50%

60%

70%

Median

Business Lending Other Lending

Change in Lending by Loan Category

over Baseline Levels (%)

SBLF Banks Peer Group Comparison Group
14

Distribution of Changes in Business Lending

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

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

by 10 percent or more versus 61 percent for the peer group and 53 percent for the comparison group.  Thirty‐two

percent of the peer group and 38 percent of the comparison group have reduced business lending versus 4 percent of

SBLF bank participants.

Distribution of Changes in Business Lending  

(Reported as of June 30, 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 99 percent with a standard deviation of 93 percentage points.13  The peer

group of non‐SBLF banks increased business lending by a mean of 37 percent with a standard deviation of 67

percentage points while the comparison group increased business lending by a mean of 24 percent with a standard

deviation of 56 percentage points.   

   

                                                            

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

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

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

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

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

2% 2% 3%

8%

18%

68%

21%

11%

8%

13% 16%

32%

28%

10% 9% 10%

16%

27%

0%

10%

20%

30%

40%

50%

60%

70%

80%

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
15

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 June 30, 2014)

   

53%

98%

79%

59%

50%

68% 64%

20%

27%

14%

22%

8%

14%

19%

14%

21%

2%

13% 11%

19%

13%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Midwest Southwest Southeast Mid‐Atlantic West Northeast Overall

Median Change in Business Lending over

Baseline Levels (%)

SBLF Banks Peer Group Comparison Group
16

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 June 30, 2014)

   

71%

64%

44%

47%

64%

17% 18%

23%

32%

19%

13% 12% 10% 16% 13%

0%

10%

20%

30%

40%

50%

60%

70%

80%

$7.0 ‐ $249 Million $250 ‐ $499

Million

$500 ‐ $999

Million

Median

$1.0 ‐ $6.4 Billion Overall

Change in Business Lending over

Baseline Levels (%)

SBLF Banks Peer Group Comparison Group

Size by Total Assets
17

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 June 30, 2014)

   

56%

70%

54%

71%

64%

20%

16% 15% 18%

19%

7% 6%

12%

24%

13%

‐10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Commercial &

Industrial

Owner Occupied

CRE

Agricultural

Production

Farmland Overall

Median Change in Loan Category over

Baseline Levels (%)

SBLF Banks Peer Group Comparison Group
18

Changes in Business Lending by Financial Condition

Across all ranges of financial condition as measured by Texas ratio14, SBLF banks reported higher median increases in

business lending than both the peer group and the comparison group.  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 June 30, 2014)

   

                                                            

14 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.

97%

67%

47% 44%

64%

29%

18% 17%

11%

19% 24%

19% 13%

‐7%

13%

‐20%

0%

20%

40%

60%

80%

100%

120%

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

Median Change in Business Lending over

Baseline Levels (%)

SBLF Banks Peer Group Comparison Group

Texas Ratio
19

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 111 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 $6.6 billion increase in

small business lending over baseline levels, with a median increase of 31 percent.  By comparison, these institutions

would have needed to increase small business lending by at least $2.3 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 90 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, two have increased

lending in the period between the baseline and Treasury’s investment by the amount of $1.7 million.
20

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 57.6 percent since their

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

increased by a median of 46.1 percent since the baseline period.  The peer group of non‐SBLF banks reported a

median increase in business lending of 23.3 percent since the reporting date following the CPP closings and the

comparison group reported a median increase in business lending of 18.1 percent over the same period.  Since the

baseline period, the peer group has increased business lending by a median of 19.1 percent and the comparison

group has increased business lending by 12.7 percent, as previously noted.  Increases in business lending following

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

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

Changes in Business Lending by Former CPP Participants15

(Reported as of June 30, 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 June 30, 2014, banks that refinanced CPP

                                                            

15 For the 111 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 June 30, 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 June 30, 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.

57.6%

46.1%

23.3%

18.1% 19.1%

12.7%

0%

10%

20%

30%

40%

50%

60%

70%

Change in Business Lending Since Initial

Treasury Investment

Median

Change in Business Lending Since Baseline

Change in Business Lending since

Initial and Baseline Levels (%)

CPP Refinance Participants Peer Group Comparison Group
21

capital pay an average dividend or interest rate of 1.34 percent on SBLF funding, whereas other bank participants pay

an average rate of 1.27 percent.16

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

   

                                                            

16 These figures are adjusted to account for differences in the rates paid by subchapter S corporations and mutual institutions.
22

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 June 30, 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

June 30, 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 June

30, 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 June 30, 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.   

When a SBLF participant exits the program, the associated changes to qualified small business lending are removed

from the total qualified small business growth calculation in the quarter of redemption, as well as all future reporting

periods.  

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 442 community banks that were selected to match the specific size,
23

geography, and financial condition of SBLF banks and (ii) a broader comparison group of all 5,849 similarly‐sized

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 June 30, 2014, 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

June 30, 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 June 30, 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 June 30, 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.  
24

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

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 241 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 5,849 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 June 30, 2014, a total of 568 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 442 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
25

acquisition of the peer, its merger into another institution, or closure.  As of June 30, 2014, a total of 50

institutions have been removed from the peer group as a result of SBLF participants exiting the program and 34

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

   

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 241 442 5849

Increase in business lending (median) 64.2% 19.1% 12.7%

Increase in other lending (median) 42.3% 9.6% 1.6%

Assets ($000s)

Median $291,296 $277,815 $145,320

Mean $549,320 $464,577 $310,120

Texas Ratio

Median 14.7% 15.7% 16.9%

Mean 17.6% 18.9% 29.2%

Region (% of institutions)

Midwest 53.1% 22.5% 14.6%

Northeast 64.7% 19.4% 15.9%

South 81.4% 17.1% 9.2%

West 66.6% 10.7% 10.6%

Summary of the Characteristics of SBLF Banks, the Peer Group, and the Comparison Group
26

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.17  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.

   

                                                            

17 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 June 30, 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 Q2 2014

Cumulative Increase in Small Business Lending ($ in Billions) $1.3 $1.7 $3.1 $3.9 $5.2 $5.4 $6.7 $7.4 $8.7 $8.6 $9.7

Change in Small Business Lending (# of Participants)

Under 2.5% or Reduced 156 137 93 84 65 70 48 41 32 35 27

2.5 to 4.9% Increase 46 37 39 20 17 17 6 10 9 8 13

5.0 to 7.4% Increase 45 31 26 22 17 18 18 9 8 9 3

7.5 to 9.9% Increase 27 27 26 31 20 12 16 15 12 9 8

10.0% or Greater Increase 58 100 147 169 201 200 227 232 237 234 239

Participant Changes in Qualified Small Business Lending Since Initial SBLF Investments (Q3 2011)
27

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 241 440 5,840

Changesin Business and Other Lending % % %

Increase in Business Lending (median) 39.7 12.7 10.1

Increase in Other Lending (median) 32.5 9.2 4.9

Increase in Business Lending (mean) 48.5 21.7 15.9

Increase in Business Lending (standard dev.) 38.0 41.0 36.4

Institutions that Increased Business Lending by 10% or more 87.6 53.4 50.1

Institutions that Reduced Business Lending 5.8 29.5 35.5

Distribution of Changesin Business Lending

10.0% or Greater Decrease 2.5 18.0 23.1

0.1% to 9.9% Decrease 3.3 11.6 12.4

0.0% to 9.9% Increase 6.6 17.0 14.4

10.0% to 19.9% Increase 12.0 14..1 13.5

20.0% to 39.9% Increase 25.7 16.6 17.7

40.0% or Greater Increase 49.8 22.7 18.9

Changesin Business Lending by Regional Geography

Midwest 34.6 16.0 10.5

Southwest 61.5 13.8 16.5

Southeast 41.8 7.7 1.1

Mid‐Atlantic 34.6 15.0 7.8

West 39.7 13.0 12.3

Northeast 35.8 11.3 13.7

Changesin Business Lending by Institution Size

$7.0 to $249 Million 42.0 10.3 10.1

$250 to $499 Million 38.3 11.6 8.9

$500 to $999 Million 23.4 14.7 9.4

$1.0 to $6.4 Billion 41.4 26.3 13.8

Changes in Business Lending by Loan Category

Commercial & Industrial 38.9 17.0 9.7

Owner‐Occupied CRE 38.0 7.7 2.9

Agricultural Production 32.7 13.1 10.7

Farmland 28.6 13.0 14.5

Changesin Business Lending by Texas Ratio

Less than 10% 49.1 15.4 15.6

10.0% to 19.9% 37.5 12.7 13.3

20.0% to 29.9% 39.7 9.0 10.9

30.0% or Greater 31.5 10.5 0.4

Changesin Business Lending by Former CPP Participants

Increase in Business Lending since SBLF Investment 32.3 12.7 10.1

Measurement of Lending by SBLF Banks, Peer Group, and Comparison Group Since Initial SBLF Investments (Q3 2011)
28

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

PARTICIPANTS
Institutions Participating in SBLF

Report on Information from 6/30/2014 Quarterly Supplemental Reports transmitted with October 2014 Report

Name City State Baseline Level Current Level Increase (Decrease)

over Baseline

Southern National Corporation Andalusia AL Bank 4,500,000 155,095,000 181,017,000 25,922,000 

Southern States Bancshares, Inc. Anniston AL Bank 7,492,000 53,588,000 90,993,000 37,405,000 

ServisFirst Bancshares, Inc. Birmingham AL Bank 40,000,000 661,280,000 1,565,991,000 904,711,000 

BancIndependent, Incorporated Sheffield AL Bank 30,000,000 241,790,000 305,652,000 63,862,000 

First Partners Bank (SouthCity Bank) Vestavia Hills AL Bank 5,200,000 39,071,000 52,712,000 13,641,000 

First Service Bancshares, Inc. Greenbrier AR Bank 7,716,000 73,164,000 76,846,000 3,682,000 

Rock Bancshares, Inc. Little Rock AR Bank 6,742,000 56,208,000 91,671,000 35,463,000 

Western Alliance Bancorporation Phoenix AZ Bank 141,000,000 1,642,703,000 1,853,711,000 211,008,000 

Seacoast Commerce Bank Chula Vista CA Bank 4,000,000 45,347,000 107,754,000 62,407,000 

First Northern Community Bancorp Dixon CA Bank 12,847,000 225,762,000 267,370,000 41,608,000 

Community Valley Bank El Centro CA Bank 2,400,000 13,645,000 42,134,000 28,489,000 Redwood Capital Bancorp Eureka CA Bank 7,310,000 46,088,000 61,184,000 15,096,000 

Banc of California, Inc. (First PacTrust Bancorp, Inc.) Irvine CA Bank 42,000,000 312,254,000 487,720,000 175,466,000 

Silvergate Capital Corporation La Jolla CA Bank 7,427,000 9,115,000 12,556,000 3,441,000 

California Bank of Commerce Lafayette CA Bank 11,000,000 73,565,000 200,846,000 127,281,000 

ProAmérica Bank (Promérica Bank) Los Angeles CA Bank 3,750,000 43,274,000 53,270,000 9,996,000 

GBC Holdings, Inc. Los Angeles CA Bank 5,000,000 81,993,000 101,413,000 19,420,000 1st Enterprise Bank Los Angeles CA Bank 16,400,000 88,154,000 308,504,000 220,350,000 

Partners Bank of California Mission Viejo CA Bank 2,463,000 54,729,000 57,223,000 2,494,000 

Bank of Commerce Holdings Redding CA Bank 20,000,000 200,059,000 241,970,000 41,911,000 

Security California Bancorp Riverside CA Bank 7,200,000 164,981,000 224,373,000 59,392,000 

Capital Bank San Juan Capistrano CA Bank 3,132,000 16,458,000 88,610,000 72,152,000 Founders Bancorp San Luis Obispo CA Bank 4,178,000 35,399,000 50,735,000 15,336,000 

The Bank of Santa Barbara Santa Barbara CA Bank 1,882,380 22,776,000 60,451,000 37,675,000 

Summit State Bank Santa Rosa CA Bank 13,750,000 82,734,000 112,206,000 29,472,000 

Columbine Capital Corp. Buena Vista CO Bank 6,050,000 44,150,000 88,604,000 44,454,000 

CIC Bancshares, Inc. Denver CO Bank 1,772,000 67,982,000 122,270,000 54,288,000 

Steele Street Bank Corporation Denver CO Bank 11,350,000 65,842,000 114,478,000 48,636,000 

CoBiz Financial Inc. Denver CO Bank 57,366,000 744,624,000 868,774,000 124,150,000 

Verus Acquisition Group, Inc. Fort Collins CO Bank 9,740,000 66,000,000 76,821,000 10,821,000 

Morgan Capital Corporation Fort Morgan CO Bank 3,250,000 27,381,000 38,140,000 10,759,000 

Salisbury Bancorp, Inc. Lakeville CT Bank 16,000,000 77,860,000 119,860,000 42,000,000 

Bankwell Financial Group, Inc. (BNC Financial Group, Inc.) New Canaan CT Bank 10,980,000 32,257,000 197,308,000 165,051,000 

SBT Bancorp, Inc. Simsbury CT Bank 9,000,000 34,899,000 56,414,000 21,515,000 

Community Bank Delaware Lewes DE Bank 4,500,000 32,823,000 41,730,000 8,907,000 

Platinum Bank Holding Co. (Platinum Bank) Brandon FL Bank 13,800,000 166,747,000 198,064,000 31,317,000 

Marquis Bank Coral Gables FL Bank 3,500,000 11,273,000 44,806,000 33,533,000 

First Green Bancorp, Inc. (First Green Bank) Eustis FL Bank 4,727,000 30,339,000 92,051,000 61,712,000 

Broward Financial Holdings, Inc. Fort Lauderdale FL Bank 3,134,000 14,233,000 47,743,000 33,510,000 

FineMark Holdings, Inc. Fort Myers FL Bank 5,665,000 25,709,000 94,592,000 68,883,000 

Stonegate Bank (Florida Shores Bancorp, Inc.) Ft. Lauderdale FL Bank 12,750,000 338,806,000 412,277,000 73,471,000 

Community Southern Holdings, Inc. (Community Southern Bank) Lakeland FL Bank 5,700,000 28,611,000 63,758,000 35,147,000 

Bank of Central Florida Lakeland FL Bank 7,000,000 65,574,000 118,749,000 53,175,000 

CBOS Bankshares, Inc. Merritt Island FL Bank 1,893,000 46,283,000 28,254,000                        

(18,029,000) 

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending as of 
Institutions Participating in SBLF

Report on Information from 6/30/2014 Quarterly Supplemental Reports transmitted with October 2014 Report

Name City State Baseline Level Current Level Increase (Decrease)

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending as of 

Ovation Holdings, Inc. Naples FL Bank 5,000,000 30,742,000 53,573,000 22,831,000 

Florida Community Bankshares, Inc. Ocala FL Bank 10,000,000 158,498,000 134,771,000                        

(23,727,000) 

Jefferson Bankshares, Inc. (Jefferson Bank of Florida) Oldsmar FL Bank 3,367,000 13,891,000 45,732,000 31,841,000 

HomeBancorp, Inc. Tampa FL Bank 7,398,000 12,298,000 20,450,000 8,152,000 

Florida Business BancGroup, Inc. Tampa FL Bank 15,360,000 98,486,000 155,238,000 56,752,000 

Resurgens Bancorp Atlanta GA Bank 2,967,000 18,065,000 27,620,000 9,555,000 The Peoples Bank of Talbotton Talbotton GA Bank 890,000 5,943,000 10,026,000 4,083,000 

Lowndes Bancshares, Inc. Valdosta GA Bank 6,000,000 41,214,000 53,553,000 12,339,000 

Heartland Financial USA, Inc. Dubuque IA Bank 81,698,000 1,239,712,000 1,433,700,000 193,988,000 

Liberty Financial Services, Inc. Sioux City IA Bank 7,000,000 67,761,000 110,896,000 43,135,000 

Commercial Financial Corp Storm Lake IA Bank 18,000,000 248,814,000 309,678,000 60,864,000 

D. L. Evans Bancorp Burley ID Bank 14,891,000 354,305,000 392,992,000 38,687,000 

Heartland Bancorp, Inc. Bloomington IL Bank 25,000,000 589,038,000 537,665,000                        

(51,373,000) 

Southern Illinois Bancorp, Inc. Carmi IL Bank 6,750,000 92,975,000 151,817,000 58,842,000 

First Busey Corporation Champaign IL Bank 72,664,000 555,684,000 676,135,000 120,451,000 

United Community Bancorp, Inc. Chatham IL Bank 22,262,000 330,565,000 389,902,000 59,337,000 

Signature Bancorporation, Inc. Chicago IL Bank 12,500,000 123,830,000 242,568,000 118,738,000 

Illinois State Bancorp, Inc. Chicago IL Bank 13,368,000 60,188,000 78,834,000 18,646,000 

Prime Banc Corp. Dieterich IL Bank 10,000,000 98,284,000 149,058,000 50,774,000 

First Eldorado Bancshares, Inc. Eldorado IL Bank 3,000,000 41,312,000 82,800,000 41,488,000 

First Community Financial Corporation Elgin IL Bank 6,100,000 32,801,000 36,819,000 4,018,000 

Community First Bancorp, Inc. Fairview Heights IL Bank 7,000,000 52,195,000 80,764,000 28,569,000 

Fisher Bancorp, Inc. Fisher IL Bank 500,000 15,062,000 23,698,000 8,636,000 Merchants and Manufacturers Bank Corporation Joliet IL Bank 6,800,000 57,311,000 81,153,000 23,842,000 

Tri‐County Financial Group, Inc. Mendota IL Bank 20,000,000 153,867,000 234,497,000 80,630,000 

Bancorp Financial, Inc. Oak Brook IL Bank 14,643,000 14,912,000 27,774,000 12,862,000 

People First Bancshares, Inc. Pana IL Bank 9,198,000 129,986,000 173,098,000 43,112,000 

First Bankers Trustshares, Inc. Quincy IL Bank 10,000,000 151,992,000 193,000,000 41,008,000 

Community Illinois Corporation Rock Falls IL Bank 4,500,000 78,909,000 91,928,000 13,019,000 

Town and Country Financial Corporation Springfield IL Bank 5,000,000 91,149,000 133,219,000 42,070,000 

First Savings Financial Group, Inc. Clarksville IN Bank 17,120,000 58,334,000 90,429,000 32,095,000 

Horizon Bancorp Michigan City IN Bank 12,500,000 224,567,000 269,359,000 44,792,000 

AMB Financial Corp. Munster IN Bank 3,858,000 22,233,000 33,488,000 11,255,000 

Community Bank Shares of Indiana, Inc. New Albany IN Bank 28,000,000 189,712,000 226,015,000 36,303,000 

Bern Bancshares, Inc. Bern KS Bank 1,500,000 23,043,000 29,005,000 5,962,000 Brotherhood Bancshares, Inc. Kansas City KS Bank 8,000,000 55,235,000 36,260,000                        

(18,975,000) 

UBT Bancshares, Inc. Marysville KS Bank 16,500,000 155,173,000 245,038,000 89,865,000 

Osborne Investments, Inc. Osborne KS Bank 1,000,000 14,215,000 26,971,000 12,756,000 

Freedom Bancshares, Inc. Overland Park KS Bank 4,000,000 31,191,000 40,999,000 9,808,000 Equity Bancshares, Inc. Wichita KS Bank 16,372,000 274,732,000 302,294,000 27,562,000 

Magnolia Bancshares Inc. Hodgenville KY Bank 2,000,000 30,631,000 44,322,000 13,691,000 

FCB Bancorp, Inc. Louisville KY Bank 9,759,000 78,649,000 87,568,000 8,919,000 

First Guaranty Bancshares, Inc. Hammond LA Bank 39,435,000 186,490,000 242,476,000 55,986,000 

MidSouth Bancorp, Inc. LaFayette LA Bank 32,000,000 401,918,000 560,448,000 158,530,000 
Institutions Participating in SBLF

Report on Information from 6/30/2014 Quarterly Supplemental Reports transmitted with October 2014 Report

Name City State Baseline Level Current Level Increase (Decrease)

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending as of 

Progressive Bancorp, Inc. Monroe LA Bank 12,000,000 104,272,000 134,967,000 30,695,000 

Ouachita Bancshares Corp. Monroe LA Bank 17,930,000 142,925,000 202,856,000 59,931,000 

First NBC Bank Holding Company New Orleans LA Bank 37,935,000 370,388,000 532,930,000 162,542,000 

Community Trust Financial Corporation Ruston LA Bank 48,260,000 376,293,000 720,122,000 343,829,000 

Provident Bancorp, Inc. Amesbury MA Bank 17,145,000 84,302,000 162,176,000 77,874,000 

Leader Bancorp, Inc. Arlington MA Bank 12,852,000 30,398,000 63,993,000 33,595,000 

Island Bancorp, Inc. Edgartown MA Bank 4,000,000 23,581,000 39,433,000 15,852,000 

New England Bancorp, Inc. Hyannis MA Bank 4,000,000 45,064,000 67,505,000 22,441,000 

Rockport National Bancorp, Inc. Rockport MA Bank 3,000,000 37,136,000 45,798,000 8,662,000 

StonehamBank, A Co‐operative Bank Stoneham MA Bank 13,813,000 46,880,000 93,496,000 46,616,000 

Monument Bank Bethesda MD Bank 8,515,000 34,983,000 54,629,000 19,646,000 

Eagle Bancorp, Inc. Bethesda MD Bank 56,600,000 413,330,000 714,529,000 301,199,000 

Howard Bancorp, Inc. Ellicott City MD Bank 12,562,000 135,545,000 192,382,000 56,837,000 

The Community Financial Corporation (Tri‐County Financial Corporation)Waldorf MD Bank 20,000,000 244,812,000 307,274,000 62,462,000 

Katahdin Bankshares Corp. Houlton ME Bank 11,000,000 138,863,000 174,490,000 35,627,000 

Birmingham Bloomfield Bancshares, Inc. Birmingham MI Bank 4,621,000 33,793,000 55,067,000 21,274,000 

Level One Bancorp, Inc. Farmington Hills MI Bank 11,301,000 94,054,000 227,102,000 133,048,000 

Huron Valley State Bank Milford MI Bank 2,597,000 21,470,000 42,632,000 21,162,000 

Valley Financial Group, Ltd. Saginaw MI Bank 2,000,000 73,968,000 97,192,000 23,224,000 

Crestmark Bancorp, Inc. Troy MI Bank 8,250,000 198,199,000 392,221,000 194,022,000 

MidWest Bancorporation, Inc. Eden Prairie MN Bank 5,115,000 71,952,000 105,413,000 33,461,000 

Financial Services of Winger, Inc. Fosston MN Bank 3,051,000 60,984,000 93,941,000 32,957,000 

Kerkhoven Bancshares, Inc Kerkhoven MN Bank 1,500,000 24,950,000 39,082,000 14,132,000 

Platinum Bancorp, Inc. Oakdale MN Bank 4,453,000 44,920,000 49,441,000 4,521,000 

Redwood Financial, Inc. Redwood Falls MN Bank 6,425,000 53,010,000 88,024,000 35,014,000 

McLeod Bancshares, Inc. Shorewood MN Bank 6,000,000 64,344,000 47,239,000                        

(17,105,000) 

Heritage Bancshares Group, Inc. Willmar MN Bank 11,000,000 149,302,000 180,414,000 31,112,000 

Fortune Financial Corporation Arnold MO Bank 3,255,000 46,918,000 45,073,000                          

(1,845,000) 

Security State Bancshares, Inc. Charleston MO Bank 22,000,000 177,891,000 234,294,000 56,403,000 

Triad Bancorp, Inc. Frontenac MO Bank 5,000,000 30,753,000 63,042,000 32,289,000 Liberty Bancorp, Inc. Liberty MO Bank 16,169,000 113,266,000 131,687,000 18,421,000 

Southern Missouri Bancorp, Inc. Poplar Bluff MO Bank 20,000,000 206,731,000 242,987,000 36,256,000 

Great Southern Bancorp, Inc. Springfield MO Bank 57,943,000 249,729,000 322,569,000 72,840,000 

Cardinal Bancorp II, Inc. Washington MO Bank 6,251,000 62,590,000 78,949,000 16,359,000 

BankFirst Capital Corporation Macon MS Bank 5,000,000 176,916,000 191,512,000 14,596,000 

Cadence Financial Corporation (Encore Bancshares, Inc.) Starkville MS Bank 32,914,000 633,113,000 633,001,000                             

(112,000) 

Bancorp of Montana Holding Company Missoula MT Bank 1,460,000 3,332,000 10,480,000 7,148,000 

Premara Financial, Inc. Charlotte NC Bank 6,238,000 58,744,000 66,042,000 7,298,000 

Select Bancorp, Inc. Dunn NC Bank 7,645,000 30,424,000 57,880,000 27,456,000 

Union Bank & Trust Company Oxford NC Bank 6,200,000 38,779,000 51,857,000 13,078,000 

Providence Bank Rocky Mount NC Bank 4,250,000 32,074,000 31,965,000                             

(109,000) 

First Bancorp Troy NC Bank 63,500,000 496,528,000 631,236,000 134,708,000 

Live Oak Bancshares, Inc. Wilmington NC Bank 6,800,000 53,679,000 216,801,000 163,122,000 

Western State Agency, Inc. Devils Lake ND Bank 12,000,000 154,511,000 288,845,000 134,334,000 
Institutions Participating in SBLF

Report on Information from 6/30/2014 Quarterly Supplemental Reports transmitted with October 2014 Report

Name City State Baseline Level Current Level Increase (Decrease)

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending as of 

Alerus Financial Corporation Grand Forks ND Bank 20,000,000 299,876,000 466,173,000 166,297,000 

The State Bank of Bartley Bartley NE Bank 2,380,000 29,743,000 45,186,000 15,443,000 

Banner County Ban Corporation Harrisburg NE Bank 2,427,000 50,318,000 77,386,000 27,068,000 

First State Holding Co. (Wilber Co.) Lincoln NE Bank 12,000,000 145,423,000 185,664,000 40,241,000 

Adbanc Inc. Ogallala NE Bank 21,905,000 250,743,000 338,706,000 87,963,000 

Centrix Bank & Trust Bedford NH Bank 24,500,000 238,789,000 409,759,000 170,970,000 

Northway Financial, Inc. Berlin NH Bank 23,593,000 109,533,000 142,183,000 32,650,000 

First Colebrook Bancorp, Inc. Colebrook NH Bank 8,623,000 61,976,000 80,899,000 18,923,000 

New Hampshire Thrift Bancshares, Inc. Newport NH Bank 23,000,000 177,414,000 250,033,000 72,619,000 

Guaranty Bancorp, Inc. Woodsville NH Bank 7,000,000 75,321,000 96,166,000 20,845,000 

ConnectOne Bancorp Inc. (Center Bancorp, Inc.) Englewood Cliffs NJ Bank 11,250,000 230,584,000 263,614,000 33,030,000 

Harmony Bank Jackson NJ Bank 3,500,000 15,897,000 51,470,000 35,573,000 Regal Bank Livingston NJ Bank 7,000,000 25,872,000 43,540,000 17,668,000 

Freedom Bank Maywood NJ Bank 4,000,000 32,445,000 63,544,000 31,099,000 

Two River Bancorp (Community Partners Bancorp) Middletown NJ Bank 12,000,000 173,978,000 220,997,000 47,019,000 

Stewardship Financial Corporation Midland Park NJ Bank 15,000,000 207,925,000 208,717,000 792,000 

Hopewell Valley Community Bank Pennington NJ Bank 11,000,000 92,334,000 129,314,000 36,980,000 

Highlands Bancorp, Inc. Vernon NJ Bank 6,853,000 33,899,000 85,672,000 51,773,000 Crest Savings Bancorp, Inc. Wildwood NJ Bank 2,500,000 23,276,000 27,086,000 3,810,000 

Meadows Bank Las Vegas NV Bank 8,500,000 47,672,000 152,377,000 104,705,000 Alma Bank Astoria NY Bank 19,000,000 91,798,000 291,273,000 199,475,000 

Kinderhook Bank Corp. Kinderhook NY Bank 7,000,000 48,919,000 70,118,000 21,199,000 

Pathfinder Bancorp, Inc. Oswego NY Bank 13,000,000 70,953,000 108,312,000 37,359,000 

Greater Rochester Bancorp, Inc. Rochester NY Bank 7,000,000 58,822,000 119,086,000 60,264,000 

Catskill Hudson Bancorp, Inc. Rock Hill NY Bank 9,681,000 115,125,000 159,657,000 44,532,000 

Seneca‐Cayuga Bancorp, Inc. Seneca Falls NY Bank 5,000,000 25,017,000 41,105,000 16,088,000 

Community Independent Bancorp Inc. West Salem OH Bank 2,250,000 12,020,000 17,905,000 5,885,000 

Columbus First Bancorp, Inc Worthington OH Bank 6,150,000 36,629,000 55,215,000 18,586,000 

AmeriBank Holding Company Collinsville OK Bank 5,347,000 33,172,000 61,890,000 28,718,000 

Prime Bank Group Edmond OK Bank 4,456,000 20,960,000 55,531,000 34,571,000 

Central Service Corporation Enid OK Bank 4,250,000 148,029,000 232,244,000 84,215,000 

Regent Capital Corporation Nowata OK Bank 3,350,000 52,719,000 81,673,000 28,954,000 

Enterprise Financial Services Group, Inc. Allison Park PA Bank 5,000,000 87,306,000 92,176,000 4,870,000 

CBT Financial Corp. Clearfield PA Bank 10,000,000 64,719,000 99,870,000 35,151,000 

DNB Financial Corporation Downingtown PA Bank 13,000,000 120,810,000 144,526,000 23,716,000 

Monument Bank Doylestown PA Bank 2,970,000 19,715,000 46,746,000 27,031,000 MileStone Bank Doylestown PA Bank 5,100,000 46,778,000 114,936,000 68,158,000 

Emclaire Financial Corp. Emlenton PA Bank 5,000,000 56,761,000 61,877,000 5,116,000 First Resource Bank Exton PA Bank 5,083,000 34,462,000 47,665,000 13,203,000 

Centric Financial Corporation Harrisburg PA Bank 7,492,000 51,440,000 93,938,000 42,498,000 

AmeriServ Financial, Inc. Johnstown PA Bank 21,000,000 116,684,000 168,469,000 51,785,000 

Jonestown Bank and Trust Company Jonestown PA Bank 4,000,000 40,820,000 70,843,000 30,023,000 

The Victory Bancorp, Inc. Limerick PA Bank 3,431,000 28,591,000 60,780,000 32,189,000 

Phoenix Bancorp, Inc. Minersville PA Bank 2,625,000 37,166,000 48,376,000 11,210,000 
Institutions Participating in SBLF

Report on Information from 6/30/2014 Quarterly Supplemental Reports transmitted with October 2014 Report

Name City State Baseline Level Current Level Increase (Decrease)

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending as of 

Penn Liberty Financial Corp. Wayne PA Bank 20,000,000 137,151,000 178,811,000 41,660,000 

York Traditions Bank York PA Bank 5,115,000 80,687,000 101,897,000 21,210,000 

Codorus Valley Bancorp, Inc. York PA Bank 12,000,000 168,440,000 254,128,000 85,688,000 

GrandSouth Bancorporation Greenville SC Bank 15,422,000 92,718,000 114,207,000 21,489,000 

TCB Corporation Greenwood SC Bank 8,640,000 56,579,000 73,538,000 16,959,000 

Carolina Alliance Bank Spartanburg SC Bank 5,000,000 99,016,000 135,344,000 36,328,000 

BHCB Holding Company Rapid City SD Bank 2,000,000 34,406,000 62,579,000 28,173,000 

Merchants and Planters Bancshares, Inc. Bolivar TN Bank 2,000,000 19,097,000 17,557,000                          

(1,540,000) 

CapitalMark Bank & Trust Chattanooga TN Bank 18,212,000 134,549,000 322,193,000 187,644,000 

Planters Financial Group, Inc. Clarksville TN Bank 20,000,000 135,095,000 161,146,000 26,051,000 

Southern Heritage Bancshares, Inc. Cleveland TN Bank 5,105,000 58,099,000 56,317,000                          

(1,782,000) 

Landmark Community Bank Collierville TN Bank 8,000,000 29,258,000 65,120,000 35,862,000 

Evolve Bancorp, Inc. Cordova TN Bank 4,699,000 19,101,000 95,204,000 76,103,000 

Franklin Financial Network, Inc. Franklin TN Bank 10,000,000 18,547,000 74,456,000 55,909,000 

Sumner Bank & Trust Gallatin TN Bank 4,264,000 27,039,000 26,262,000                             

(777,000) 

Carroll Financial Services, Inc. Huntingdon TN Bank 3,000,000 61,317,000 84,585,000 23,268,000 

Moneytree Corporation Lenoir City TN Bank 9,992,000 69,543,000 77,099,000 7,556,000 

Magna Bank Memphis TN Bank 18,350,000 54,916,000 76,188,000 21,272,000 

Independent Holdings, Inc. Memphis TN Bank 34,900,000 44,702,000 85,580,000 40,878,000 

InsCorp, Inc. Nashville TN Bank 3,000,000 27,512,000 55,701,000 28,189,000 Avenue Financial Holdings, Inc. Nashville TN Bank 18,950,000 74,788,000 186,644,000 111,856,000 

SmartFinancial, Inc. Pigeon Forge TN Bank 12,000,000 37,009,000 93,306,000 56,297,000 

Community First Bancshares, Inc. Union City TN Bank 30,852,000 302,286,000 337,458,000 35,172,000 

Liberty Capital Bancshares, Inc. Addison TX Bank 1,500,000 16,656,000 51,178,000 34,522,000 

Happy Bancshares, Inc. Amarillo TX Bank 31,929,000 434,816,000 660,987,000 226,171,000 

Frontier Bancshares, Inc. Austin TX Bank 6,184,000 65,133,000 223,175,000 158,042,000 Southwestern Bancorp, Inc. Boerne TX Bank 1,500,000 22,454,000 34,070,000 11,616,000 

BMC Bancshares, Inc. Dallas TX Bank 1,206,000 8,021,000 11,643,000 3,622,000 Veritex Holdings, Inc. Dallas TX Bank 8,000,000 100,919,000 244,596,000 143,677,000 Sovereign Bancshares, Inc. Dallas TX Bank 24,500,000 183,263,000 290,463,000 107,200,000 

Hilltop Holdings, Inc. (PlainsCapital Corporation) Dallas TX Bank 114,068,000 1,283,036,000 1,184,376,000                        

(98,660,000) 

Pioneer Bank, SSB Drippings Springs TX Bank 3,004,000 33,150,000 82,860,000 49,710,000 

First Texas BHC, Inc. Fort Worth TX Bank 29,822,000 137,852,000 251,199,000 113,347,000 

Third Coast Bancshares, Inc. (Third Coast Bank SSB) Humble TX Bank 8,673,000 58,535,000 164,364,000 105,829,000 

Joaquin Bankshares Inc. Huntington TX Bank 3,908,000 40,722,000 49,435,000 8,713,000 

AIM Bancshares, Inc. Levelland TX Bank 9,100,000 90,075,000 244,999,000 154,924,000 

Independent Bank Group, Inc. (BOH Holdings, Inc.) McKinney TX Bank 23,938,350 697,093,000 819,053,000 121,960,000 

McLaughlin Bancshares, Inc. Ralls TX Bank 6,600,000 47,152,000 81,698,000 34,546,000 

FB BanCorp San Antonio TX Bank 12,000,000 39,335,000 116,753,000 77,418,000 

The ANB Corporation Terrell TX Bank 37,000,000 402,694,000 524,210,000 121,516,000 

Steele Holdings, Inc. Tyler TX Bank 8,282,000 31,142,000 48,933,000 17,791,000 

Cache Valley Banking Company Logan UT Bank 11,670,000 218,868,000 313,873,000 95,005,000 

LCA Bank Corporation Park City UT Bank 2,727,000 14,000 2,640,000 2,626,000 

Medallion Bank Salt Lake City UT Bank 26,303,000 233,231,000 426,181,000 192,950,000 
Institutions Participating in SBLF

Report on Information from 6/30/2014 Quarterly Supplemental Reports transmitted with October 2014 Report

Name City State Baseline Level Current Level Increase (Decrease)

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending as of 

Virginia Heritage Bank Fairfax VA Bank 15,300,000 85,644,000 162,235,000 76,591,000 

Blue Ridge Bankshares, Inc. Luray VA Bank 4,500,000 18,920,000 26,834,000 7,914,000 

Heritage Bankshares, Inc. Norfolk VA Bank 7,800,000 68,967,000 78,706,000 9,739,000 TowneBank Portsmouth VA Bank 76,458,000 814,570,000 1,031,373,000 216,803,000 

WashingtonFirst Bankshares, Inc. Reston VA Bank 17,796,000 217,686,000 301,124,000 83,438,000 

Xenith Bankshares, Inc. Richmond VA Bank 8,381,000 82,147,000 208,691,000 126,544,000 

Citizens Community Bank South Hill VA Bank 4,000,000 38,520,000 45,665,000 7,145,000 

Puget Sound Bank Bellevue WA Bank 9,886,000 112,345,000 166,888,000 54,543,000 

U&I Financial Corp Lynnwood WA Bank 5,500,000 39,884,000 55,621,000 15,737,000 

W.T.B. Financial Corporation Spokane WA Bank 44,571,000 878,103,000 1,110,241,000 232,138,000 

Deerfield Financial Corporation Deerfield WI Bank 3,650,000 20,670,000 24,623,000 3,953,000 Nicolet Bankshares, Inc. Green Bay WI Bank 24,400,000 371,324,000 425,523,000 54,199,000 

Sword Financial Corporation Horicon WI Bank 17,000,000 204,125,000 276,240,000 72,115,000 

First American Investment, Inc. Hudson WI Bank 1,705,710 39,254,000 47,269,000 8,015,000 County Bancorp, Inc. Manitowoc WI Bank 15,000,000 379,555,000 460,676,000 81,121,000 

Northern Bankshares, Inc. McFarland WI Bank 22,000,000 138,447,000 163,719,000 25,272,000 

First Menasha Bancshares, Inc. Neenah WI Bank 10,000,000 65,519,000 119,206,000 53,687,000 

PFSB Bancorporation, Inc. Pigeon Falls WI Bank 1,500,000 25,844,000 32,598,000 6,754,000 

First Bank of Charleston Inc. Charleston WV Bank 3,345,000 24,923,000 30,312,000 5,389,000 

MVB Financial Corp. Fairmont WV Bank 8,500,000 65,432,000 104,528,000 39,096,000 

Financial Security Corporation Basin WY Bank 5,000,000 67,715,000 87,717,000 20,002,000 

OBDC Small Business Finance Oakland CA CDLF 219,000 2,473,000 5,795,000 3,322,000 California Coastal Rural Development Corporation Salinas CA CDLF 870,000 9,545,000 8,745,000                             

(800,000) 

Low Income Investment Fund San Francisco CA CDLF 7,490,000 26,595,000 69,603,000 43,008,000 

Opportunity Fund Northern California San Jose CA CDLF 2,236,000 5,935,000 23,644,000 17,709,000 

Valley Economic Development Center, Inc. Van Nuys CA CDLF 661,000 9,581,000 33,958,000 24,377,000 

Rural Community Assistance Corporation West Sacramento CA CDLF 4,300,000 6,104,000 8,930,000 2,826,000 

Colorado Enterprise Fund, Inc. Denver CO CDLF 463,000 5,721,000 11,572,000 5,851,000 

Greater New Haven Community Loan Fund New Haven CT CDLF 525,000 758,000 2,017,000 1,259,000 

Partners for the Common Good, Inc. Washington DC CDLF 1,009,000 4,888,000 6,218,000 1,330,000 

Building Hope... A Charter School Facilities Fund Washington DC CDLF 2,091,000 23,190,000 42,943,000 19,753,000 

Access to Capital for Entrepreneurs, Inc. (Appalachian Community EnterpCleveland GA CDLF 188,000 2,773,000 15,409,000 12,636,000 

IFF Chicago IL CDLF 8,294,000 108,261,000 133,447,000 25,186,000 

Federation of Appalachian Housing Enterprises, Inc. Berea KY CDLF 2,063,000 4,137,000 10,320,000 6,183,000 

Community Ventures Corporation Lexington KY CDLF 1,045,000 3,451,000 11,641,000 8,190,000 Community Health Center Capital Fund, Inc. (Capital Link, Inc.) Boston MA CDLF 198,000 1,420,000 5,846,000 4,426,000 

Common Capital, Inc. (The Western Massachusetts Enterprise Fund, Inc.Holyoke MA CDLF 200,000 3,526,000 4,589,000 1,063,000 

Boston Community Loan Fund, Inc. Roxbury MA CDLF 4,410,000 11,378,000 22,947,000 11,569,000 

Enterprise Community Loan Fund, Inc. Columbia MD CDLF 8,817,000 8,849,000 25,736,000 16,887,000 

Coastal Enterprises, Inc. Wiscasset ME CDLF 2,316,000 17,640,000 29,932,000 12,292,000 Midwest Minnesota Community Development Corporation Detroit Lakes MN CDLF 4,600,000 29,638,000 47,872,000 18,234,000 

Nonprofits Assistance Fund Minneapolis MN CDLF 686,000 6,979,000 13,373,000 6,394,000 Community Reinvestment Fund, Inc. Minneapolis MN CDLF 5,100,000 60,645,000 45,835,000                        

(14,810,000) 

Montana Community Development Corporation Missoula MT CDLF 585,000 9,345,000 16,238,000 6,893,000 
Institutions Participating in SBLF

Report on Information from 6/30/2014 Quarterly Supplemental Reports transmitted with October 2014 Report

Name City State Baseline Level Current Level Increase (Decrease)

over Baseline

Institution

Bank or CDLF? SBLF Funding Outstanding Qualified Small Business Lending as of 

Mountain BizCapital, Inc. Asheville NC CDLF 197,000 1,791,000 3,588,000 1,797,000 

Nebraska Enterprise Fund Oakland NE CDLF 197,000 1,454,000 5,014,000 3,560,000 

Leviticus 25:23 Alternative Fund, Inc. Elmsford NY CDLF 750,000 2,218,000 3,142,000 924,000 

TruFund Financial Services (Seedco Financial Services, Inc.) New York NY CDLF 2,500,000 33,651,000 37,907,000 4,256,000 

Primary Care Development Corporation New York NY CDLF 4,000,000 33,280,000 16,246,000                        

(17,034,000) 

Economic and Community Development Institute, Inc. Columbus OH CDLF 203,000 2,728,000 9,433,000 6,705,000 

Citizen Potawatomi Community Development Corporation Shawnee OK CDLF 490,000 6,505,000 10,867,000 4,362,000 

The Progress Fund Greensburg PA CDLF 1,052,000 12,109,000 20,912,000 8,803,000 Community First Fund Lancaster PA CDLF 862,000 11,002,000 17,347,000 6,345,000 The Reinvestment Fund, Inc. Philadelphia PA CDLF 11,708,000 113,268,000 145,241,000 31,973,000 

Northside Community Development Fund Pittsburgh PA CDLF 250,000 2,190,000 2,630,000 440,000 

Bridgeway Capital, Inc. Pittsburgh PA CDLF 1,820,000 18,674,000 29,128,000 10,454,000 

Charleston Citywide Local Development Corporation Charleston SC CDLF 1,000,000 1,799,000 3,156,000 1,357,000 

South Carolina Community Loan Fund (Lowcountry Housing Trust, IncorpNorth Charleston SC CDLF 392,000 96,000 1,151,000 1,055,000 

Rural Electric Economic Development, Inc. Madison SD CDLF 1,230,000 11,116,000 10,415,000                             

(701,000) 

South Eastern Development Foundation Sioux Falls SD CDLF 240,000 2,486,000 5,464,000 2,978,000 Northeast South Dakota Economic Corporation Sisseton SD CDLF 1,000,000 11,758,000 13,735,000 1,977,000 CEN‐TEX Certified Development Corporation Austin TX CDLF 489,000 3,435,000 6,338,000 2,903,000 

PeopleFund Austin TX CDLF 500,000 6,412,000 7,623,000 1,211,000 ECDC Enterprise Development Group Arlington VA CDLF 320,000 1,402,000 3,012,000 1,610,000 

Capital Impact Partners (NCB Capital Impact) Arlington VA CDLF 8,218,000 95,578,000 151,928,000 56,350,000 

Vermont Community Loan Fund, Inc. Montpelier VT CDLF 1,247,000 12,787,000 15,763,000 2,976,000 

Craft3 (ShoreBank Enterprise Group, Pacific) Ilwaco WA CDLF 1,867,000 24,108,000 32,944,000 8,836,000 

Impact Seven, Incorporated Almena WI CDLF 4,000,000 13,344,000 22,454,000 9,110,000 Forward Community Investments, Inc. Madison WI CDLF 470,000 3,964,000 6,377,000 2,413,000 

Wisconsin Women's Business Initiative Corporation Milwaukee WI CDLF 391,000 4,562,000 10,744,000 6,182,000 
29

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

   
Community Banks Participating in SBLF

Report on Information from 06/30/2014 Call Reports transmitted with October 2014 Report

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

Estate

Agri

Pro

BancIndependent, Incorporated Sheffield AL Southeast 1,107,356 126,083 110,777 6,105 15,249 258,213 190,276 136,818 

First Partners Bank (SouthCity Bank) Vestavia Hills AL Southeast 192,680 34,442                                        ‐ 6,394                     ‐ 40,837 40,343                            

11,658          

ServisFirst Bancshares, Inc. Birmingham AL Southeast 3,762,371 440,705 209,801 25,580 22,243 698,328 1,316,840 708,294 

Southern National Corporation Andalusia AL Southeast 435,681 42,858 46,952 5,776 59,822 155,408 38,061 42,446 

Southern States Bancshares, Inc. Anniston AL Southeast 282,148 18,236                                      ‐ 18,732 943 37,910 35,709 58,605 

First Service Bancshares, Inc. Greenbrier AR Southeast 231,979 20,458 31,269 6,055 16,417 74,199 20,309 27,635 

Rock Bancshares, Inc. Little Rock AR Southeast 216,462 49,812                                        ‐ 7,116 1,804 58,732 87,020                              

2,524 

Western Alliance Bancorporation Phoenix AZ West 9,892,546 550,987 1,063,943 186 4,343 1,619,459 1,496,160 1,625,706 

1st Enterprise Bank Los Angeles CA West 789,973 52,170                                      ‐ 35,416                     ‐ 87,586 188,086                          

138,272          

Banc of California, Inc. (First PacTrust Bancorp, Inc.) Irvine CA West 4,381,957 553                                        ‐ 8,525                     ‐ 9,077 341,100                          

155,125 

Bank of Commerce Holdings Redding CA West 963,120 133,779 72,044 1,173 7,805 214,800 162,726 88,403 

California Bank of Commerce Lafayette CA West 421,918 60,775 13,291 390 1,632 76,087 155,026 53,283 

Capital Bank San Juan Capistrano CA West 207,930 13,838 11,346 98 295 25,575 20,630                            

68,457 

Community Valley Bank El Centro CA West 113,219 11,352                                        ‐ 2,293                     ‐ 13,645 11,378 28,431 

First Northern Community Bancorp Dixon CA West 930,834 88,431 116,575 30,680 22,480 258,166 105,972 116,952 

Founders Bancorp San Luis Obispo CA West 168,104 24,400                                      ‐ 11,516 2,218 38,133 22,354                            

32,734 

GBC Holdings, Inc. Los Angeles CA West 481,708 48,872                                      ‐ 64,652 468 113,992 92,074 90,733          

Partners Bank of California Mission Viejo CA West 126,285 40,849                                      ‐ 13,880                     ‐ 54,729 37,323                            

19,610          

ProAmérica Bank (Promérica Bank) Los Angeles CA West 152,897 18,665                                      ‐ 28,650                     ‐ 47,315 13,758                            

44,843          

Redwood Capital Bancorp Eureka CA West 261,889 16,119 28,172 120 2,899 47,311 11,323 48,467 

Seacoast Commerce Bank Chula Vista CA West 356,412 12,916                                      ‐ 42,691 456 56,063 1,505                          

269,678 

Security California Bancorp Riverside CA West 583,665 112,334                                      ‐ 67,475                     ‐ 179,809 102,825 147,089 

Silvergate Capital Corporation La Jolla CA West 734,087 3,408                                        ‐ 6,233                     ‐ 9,641 3,577                              

9,643          

Summit State Bank Santa Rosa CA West 463,470 40,612 33,151 2,405 24,934 101,101 37,446 56,276 

The Bank of Santa Barbara Santa Barbara CA West 158,868 11,319                                        ‐ 9,943 1,514 22,776 33,805                            

29,582          

CIC Bancshares, Inc. Greenwood Village CO Southwest 481,479 1,433                                              ‐ 21                     ‐ 1,454 68,609                            

63,076 

CoBiz Financial Inc. Denver CO Southwest 2,991,201 464,781 390,528 5,703 2,295 863,306 667,158                          

436,629 

Columbine Capital Corp. Buena Vista CO Southwest 403,562 22,300 16,986 221 893 40,399 39,632 49,452 Morgan Capital Corporation Fort Morgan CO Southwest 150,301 13,330 6,289 4,169 3,950 27,738 18,206 9,259 

Steele Street Bank Corporation Denver CO Southwest 561,094 34,832                                      ‐ 32,612                     ‐ 67,443 61,133                            

55,380          

Verus Acquisition Group, Inc. Fort Collins CO Southwest 280,975 14,365 45,134 88 7,204 66,792 16,235                            

60,489 

Bankwell Financial Group, Inc. (BNC Financial Group, Inc.) New Canaan CT Northeast 897,342 3,378                                      ‐ 24,882                     ‐ 28,259 95,162                          

102,146          

Salisbury Bancorp, Inc. Lakeville CT Northeast 621,524 23,290 49,853 402 5,666 79,211 48,052 71,738 

SBT Bancorp, Inc. Simsbury CT Northeast 402,508 14,128                                      ‐ 21,168                     ‐ 35,295 19,482                            

37,931          

Community Bank Delaware Lewes DE Mid‐Atlantic 151,128 6,962 20,018 574 1,175 28,729 6,144 33,513 

Bank of Central Florida Lakeland FL Southeast 346,252 29,147                                      ‐ 27,541                     ‐ 56,688 61,703                            

56,611 

Broward Financial Holdings, Inc. Fort Lauderdale FL Southeast 168,483                ‐ 14,234                                            ‐                     ‐ 14,234 18,902                            

30,183          

CBOS Bankshares, Inc. Merritt Island FL Southeast 142,225 5,742                                      ‐ 40,542                     ‐ 46,283 5,349                            

23,228          

Community Southern Holdings, Inc. (Community Southern Bank) Lakeland FL Southeast 244,829 13,773 15,059 813 115 29,759 31,801 32,083 

FineMark Holdings, Inc. Fort Myers FL Southeast 767,526 12,141 15,375                    ‐ 112 27,628 50,449                            

43,740          

First Green Bancorp, Inc. (First Green Bank) Eustis FL Southeast 287,979 6,491                                      ‐ 23,716 133 30,339 20,763                            

71,097 

Florida Business BancGroup, Inc. Tampa FL Southeast 536,760 41,885                                      ‐ 46,924                     ‐ 88,809 57,068                          

100,303 

Florida Community Bankshares, Inc. Ocala FL Southeast 620,370 29,777 56,970 8,266 68,740 163,752 23,698 42,538 

HomeBancorp, Inc. Tampa FL Southeast 856,283 3,043                                      ‐ 10,343                     ‐ 13,385 6,360                            

14,557          

Jefferson Bankshares, Inc. (Jefferson Bank of Florida) Oldsmar FL Southeast 208,499 9,021                                        ‐ 4,870                     ‐ 13,891 21,012                            

23,289          

Marquis Bank Coral Gables FL Southeast 252,937 1,427                                        ‐ 9,846                     ‐ 11,273 22,114                            

27,962          

Ovation Holdings, Inc. Naples FL Southeast 341,351 1,684                                        ‐ 8,013                     ‐ 9,698 8,338                            

47,608 

Platinum Bank Holding Co. (Platinum Bank) Brandon FL Southeast 462,473 57,110 95,349 222 10,816 163,496 90,884 105,559 

Stonegate Bank Pompano Beach FL Southeast 1,657,571 36,148                                      ‐ 90,104 2,692 128,944 181,779                          

285,203 

Lowndes Bancshares, Inc. Valdosta GA Southeast 216,779 10,135                                      ‐ 38,874                     ‐ 49,009 11,787 32,102 

Resurgens Bancorp Atlanta GA Southeast 120,621 8,251                                        ‐ 4,870 1,965 15,086 12,572                            

14,718 

The Peoples Bank of Talbotton Talbotton GA Southeast 45,658 647                                        ‐ 3,191 2,106 5,943 2,546 3,299 

Commercial Financial Corp Storm Lake IA Midwest 630,468 128,275 39,538 38,076 22,656 228,545 134,978 66,584 

Heartland Financial USA, Inc. Dubuque IA Midwest 5,983,892 506,645 531,185 98,111 214,759 1,350,700 984,983 598,565 

Liberty Financial Services, Inc. Sioux City IA Midwest 295,402 36,186 17,912 4,466 5,574 64,138 47,995 32,804 

D. L. Evans Bancorp Burley ID West 1,021,752 69,464 158,111 107,881 60,654 396,108 100,503 168,458 

Bancorp Financial, Inc. Oak Brook IL Midwest 519,085 5,790                                        ‐ 9,122                     ‐ 14,912 18,224                              

9,105          

Community First Bancorp, Inc. Fairview Heights IL Midwest 209,802 23,850                                      ‐ 23,424 7,233 54,507 41,606                            

38,908 

Community Illinois Corporation Rock Falls IL Midwest 251,611 29,250 10,821 16,703 22,134 78,909 32,213 16,961 

First Bankers Trustshares, Inc. Quincy IL Midwest 844,797 34,554 53,147 20,504 20,851 129,056 51,384 81,072 

First Busey Corporation Champaign IL Midwest 3,441,340 313,814 356,714 38,356 57,626 766,509 345,279 375,455 

First Community Financial Corporation Elgin IL Midwest 176,603 6,337                                      ‐ 26,075 582 32,993 7,809                            

27,473 

First Eldorado Bancshares, Inc. Eldorado IL Midwest 291,862                  ‐ 7,789 7,887 25,857 41,533 18,917 9,618 

Fisher Bancorp, Inc. Fisher IL Midwest 102,744 4,244 6,329 2,457 2,741 15,770 5,605 8,012 

Heartland Bancorp, Inc. Bloomington IL Midwest 2,527,784 189,580 219,980 36,243 38,855 484,658 256,400 284,803 

Illinois State Bancorp, Inc. Chicago IL Midwest 392,483 21,057                                      ‐ 38,971 160 60,188 20,075                            

52,216 

Merchants and Manufacturers Bank Corporation Joliet IL Midwest 208,432 35,038                                      ‐ 20,722                     ‐ 55,760 60,230                            

22,060          

People First Bancshares, Inc. Pana IL Midwest 377,196 48,975 9,408 48,716 13,254 120,352 76,161 22,559 Prime Banc Corp. Dieterich IL Midwest 549,301 21,310 6,268 9,480 22,344 59,401 34,821 69,962 Signature Bancorporation, Inc. Chicago IL Midwest 477,347 88,196                                      ‐ 37,019                     ‐ 125,214 189,863                            

69,608          

Southern Illinois Bancorp, Inc. Carmi IL Midwest 400,576 37,465 17,420 18,888 21,392 95,164 62,040 41,639 

Town and Country Financial Corporation Springfield IL Midwest 499,962 34,830 59,359 6,536 5,550 106,274 39,147 102,159 

Tri‐County Financial Group, Inc. Mendota IL Midwest 857,837 23,912 24,883 30,134 35,679 114,608 55,752 52,263 

Region Total Assets

Baseline Lending Baseline

Business

Lending

Q2 2014
Community Banks Participating in SBLF

Report on Information from 06/30/2014 Call Reports transmitted with October 2014 Report

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

Estate

Agri

Pro

Region Total Assets

Baseline Lending Baseline

Business

Lending

Q2 2014

United Community Bancorp, Inc. Chatham IL Midwest 1,735,693 211,038 155,561 57,598 92,821 517,019 162,783 138,659 

AMB Financial Corp. Munster IN Midwest 182,993 7,638                                      ‐ 14,191                     ‐ 21,829 11,827                            

22,655 

Community Bank Shares of Indiana, Inc. New Albany IN Midwest 877,570 87,840 88,791 690 4,709 182,030 102,703 113,428 

First Savings Financial Group, Inc. Clarksville IN Midwest 696,988 26,351                                      ‐ 39,403                     ‐ 65,754 22,849 60,156 

Horizon Bancorp Michigan City IN Midwest 2,074,753 63,712 84,200 3,279 7,424 158,615 115,124 166,820 

Bern Bancshares, Inc. Bern KS Midwest 89,422 4,671 46 14,941 3,145 22,803 3,366 1,011 

Brotherhood Bancshares, Inc. Kansas City KS Midwest 534,834 42,681                                      ‐ 28,067 3,673 74,420 39,917                            

15,163 

Equity Bancshares, Inc. Wichita KS Midwest 1,182,690 72,242 44,546 7,028 5,075 128,891 153,472 126,384 

Freedom Bancshares, Inc. Overland Park KS Midwest 155,051 17,081                                      ‐ 18,667                     ‐ 35,748 28,333                            

23,205          

Osborne Investments, Inc. Osborne KS Midwest 57,706 1,549 451 9,025 4,697 15,722 3,690 1,948 

UBT Bancshares, Inc. Marysville KS Midwest 568,531 41,004 27,943 44,044 63,137 176,128 46,458 22,702 

FCB Bancorp, Inc. Louisville KY Midwest 501,080 27,761                                      ‐ 54,823 56 82,640 14,964                            

69,220 

Magnolia Bancshares Inc. Hodgenville KY Midwest 151,320 6,246 10,176 2,066 14,930 33,419 9,091 19,981 

Community Trust Financial Corporation Ruston LA Southwest 3,422,582 294,044 150,315 1,480 24,990 470,828 1,205,956 351,823 

First Guaranty Bancshares, Inc. Hammond LA Southwest 1,468,112 85,481 82,769 17,727 12,111 198,087 162,625 154,554 

First NBC Bank Holding Company New Orleans LA Southwest 3,563,063 288,580                                    ‐ 212,783 261 501,625 965,629                          

387,475 

MidSouth Bancorp, Inc. Lafayette LA Southwest 1,892,915 185,803 126,929 6,367 3,019 322,119 439,142 241,070 

Ouachita Bancshares Corp. Monroe LA Southwest 645,370 47,682 73,761 14,288 9,163 144,892 60,594 100,387 

Progressive Bancorp, Inc. Monroe LA Southwest 465,188 54,604 42,050 1,671 7,976 106,300 54,323 40,982 

Island Bancorp, Inc. Edgartown MA Northeast 158,230 2,672                                      ‐ 20,909                     ‐ 23,581 7,191                            

32,318          

Leader Bancorp, Inc. Arlington MA Northeast 832,081 7,075                                      ‐ 24,647                     ‐ 31,722 28,303                            

60,690          

New England Bancorp, Inc. Hyannis MA Northeast 237,120 9,707                                      ‐ 19,019                     ‐ 28,726 31,873                            

39,451          

Provident Bancorp, Inc. Amesbury MA Northeast 655,968 17,487                                      ‐ 70,118 93 87,697 91,808                          

104,824          

Rockport National Bancorp, Inc. Rockport MA Northeast 201,312 9,222                                      ‐ 29,422                     ‐ 38,643 7,496                            

39,441          

StonehamBank, A Co‐operative Bank Stoneham MA Northeast 473,325 22,466                                      ‐ 24,415                     ‐ 46,880 35,502                            

57,994          

Eagle Bancorp, Inc. Bethesda MD Mid‐Atlantic 3,896,160 325,046                                    ‐ 122,093                     ‐ 447,140 730,052                          

325,170 

Howard Bancorp, Inc. Ellicott City MD Mid‐Atlantic 533,448 91,705                                      ‐ 41,681 794 134,180 106,553                            

88,374 

Monument Bank Bethesda MD Mid‐Atlantic 444,865 20,990                                      ‐ 12,522 576 34,088 29,684                            

27,579 

The Community Financial Corporation (Tri‐County Financial Corporation) Waldorf MD Mid‐Atlantic 1,033,146 121,233                                    ‐ 137,607                     ‐ 258,840 103,456                          

228,620          

Katahdin Bankshares Corp. Houlton ME Northeast 646,269 95,319 50,102 3,312 2,706 151,438 130,810 64,124 

Birmingham Bloomfield Bancshares, Inc. Birmingham MI Midwest 204,625 15,987                                      ‐ 17,807                     ‐ 33,793 27,839                            

28,067          

Crestmark Bancorp, Inc. Troy MI Midwest 521,474 153,006                                        ‐ 1,470                     ‐ 154,475          ‐ 400,639                                  

         

Huron Valley State Bank Milford MI Midwest 93,441 5,648                                      ‐ 16,506 191 22,345 10,989                            

33,277 

Level One Bancorp, Inc. Farmington Hills MI Midwest 646,139 39,110                                      ‐ 24,606                     ‐ 63,716 162,215                            

84,191          

Valley Financial Group, Ltd. Saginaw MI Midwest 195,800 38,248                                      ‐ 36,190 90 74,528 56,952                            

42,229 

Financial Services of Winger, Inc. Fosston MN Midwest 153,667 19,628 7,190 25,894 21,040 73,751 24,267 12,239 

Heritage Bancshares Group, Inc. Willmar MN Midwest 382,624 59,801 32,540 48,486 28,555 169,382 64,635 14,950 

Kerkhoven Bancshares, Inc Kerkhoven MN Midwest 74,278 4,668 9,381 3,475 7,114 24,637 11,833 19,560 

McLeod Bancshares, Inc. Shorewood MN Midwest 406,937 23,330 3,763 5,618 2,780 35,490 12,208 26,321 

MidWest Bancorporation, Inc. Eden Prairie MN Midwest 215,915 35,697                                      ‐ 18,909                     ‐ 54,606 21,537 10,366 

Platinum Bancorp, Inc. Oakdale MN Midwest 139,884 19,145                                      ‐ 27,015 573 46,733 29,613                            

24,583 

Redwood Financial, Inc. Redwood Falls MN Midwest 226,939 24,855                                      ‐ 31,378                     ‐ 56,233 27,914 22,461 

Cardinal Bancorp II, Inc. Washington MO Midwest 295,273 34,752 29,431 190 5,482 69,855 47,825 33,174 

Fortune Financial Corporation Arnold MO Midwest 147,881 24,461                                      ‐ 23,534 370 48,366 25,529                            

22,821          

Great Southern Bancorp, Inc. Springfield MO Midwest 3,916,008 138,613 136,926 4,079 21,896 301,514 269,079 133,860 

Liberty Bancorp, Inc. Liberty MO Midwest 483,308 23,445                                      ‐ 53,499                     ‐ 76,944 65,851 66,026 

Security State Bancshares, Inc. Charleston MO Midwest 683,468 56,094 57,781 30,314 49,925 194,113 52,446 65,420 

Southern Missouri Bancorp, Inc. Poplar Bluff MO Midwest 1,014,594 52,833 42,934 28,817 26,753 151,336 74,510 99,295 

Triad Bancorp, Inc. Frontenac MO Midwest 255,013 15,530                                      ‐ 16,895 820 33,245 34,452                            

42,380 

BankFirst Capital Corporation Macon MS Southeast 708,469 58,754 75,633 9,765 42,941 187,093 88,063 86,496 

Bancorp of Montana Holding Company Missoula MT West 51,961 1,208                                        ‐ 1,994 444 3,646 7,376                              

4,363 

First Bancorp Troy NC Southeast 3,266,298 140,198 279,520 7,734 36,485 463,938 129,511 414,089 

Live Oak Bancshares, Inc. Wilmington NC Southeast 501,837 27,794                                      ‐ 73,668                     ‐ 101,462 121,777                          

156,434 

Premara Financial, Inc. Charlotte NC Southeast 245,623 15,263                                      ‐ 23,523                     ‐ 38,786 28,843                            

48,461 

Providence Bank Rocky Mount NC Southeast 248,338 14,547 12,644 780 826 28,797 14,355 19,457 

Select Bancorp, Inc. Greenville NC Southeast 282,250 18,588                                        ‐ 9,146 1,726 29,459 17,111                            

32,383 

Union Bank & Trust Company Oxford NC Southeast 234,391 19,991 15,549 10 3,112 38,662 21,001 22,606 

Alerus Financial Corporation Grand Forks ND Midwest 1,526,263 180,756 65,037 33,489 10,852 290,134 362,141 129,562 

Western State Agency, Inc. Devils Lake ND Midwest 710,488 97,220 32,153 14,569 6,955 150,896 230,717 24,630 

Adbanc Inc. Ogallala NE Midwest 624,587 69,479 59,439 77,060 51,676 257,654 70,835 63,519 Banner County Ban Corporation Harrisburg NE Midwest 114,089 8,633 2,981 30,815 15,368 57,797 11,480 9,321 

First State Holding Co. (Wilber Co.) Lincoln NE Midwest 417,062 40,835 24,786 25,570 36,985 128,176 51,223 34,403 

The State Bank of Bartley Bartley NE Midwest 90,801 13,050 4,465 8,672 2,035 28,221 18,007 8,466 

Centrix Bank & Trust Bedford NH Northeast 979,410 105,188                                    ‐ 145,314                     ‐ 250,502 217,855                          

224,977          

First Colebrook Bancorp, Inc. Colebrook NH Northeast 264,445 25,654 42,281 569 82 68,585 37,724 47,303 

Guaranty Bancorp, Inc. Woodsville NH Northeast 404,051 37,136 48,710 454 1,988 88,288 39,461 58,710 

New Hampshire Thrift Bancshares, Inc. Newport NH Northeast 1,490,220 57,064                                      ‐ 80,606                     ‐ 137,670 71,858 187,709 

Northway Financial, Inc. Berlin NH Northeast 942,090 44,870                                      ‐ 67,422                     ‐ 112,292 80,889                            

67,459          

Center Bancorp, Inc. Union NJ Mid‐Atlantic 1,665,105 106,353                                    ‐ 113,588                     ‐ 219,941 192,572                            

89,740          

Crest Savings Bancorp, Inc. Wildwood NJ Mid‐Atlantic 415,504 3,201                                      ‐ 17,693                     ‐ 20,894 4,522                            

22,564          

Freedom Bank Oradell NJ Mid‐Atlantic 233,478 14,905                                      ‐ 17,540                     ‐ 32,445 23,694                            

38,473          

Harmony Bank Jackson Township NJ Mid‐Atlantic 222,519 929                                        ‐ 9,059 1,000 10,988 9,942                            

43,125 

Highlands Bancorp, Inc. Vernon NJ Mid‐Atlantic 252,666 16,612                                      ‐ 17,780 777 35,168 28,824                            

55,190 
Community Banks Participating in SBLF

Report on Information from 06/30/2014 Call Reports transmitted with October 2014 Report

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

Estate

Agri

Pro

Region Total Assets

Baseline Lending Baseline

Business

Lending

Q2 2014

Hopewell Valley Community Bank Pennington NJ Mid‐Atlantic 472,482 9,885                                      ‐ 76,725 876 87,485 19,683                          

115,536 

Regal Bank Livingston NJ Mid‐Atlantic 336,685 1,682                                      ‐ 24,190                     ‐ 25,872 3,691                            

39,849          

Stewardship Financial Corporation Midland Park NJ Mid‐Atlantic 670,257 48,805                                    ‐ 156,337 1,053 206,195 21,551                          

166,334 

Two River Bancorp (Community Partners Bancorp) Middletown NJ Mid‐Atlantic 765,679 48,487                                    ‐ 135,572 204 184,262 42,909                          

187,185 

Meadows Bank Las Vegas NV West 456,246 29,330                                      ‐ 21,164                     ‐ 50,495 119,681                            

66,812          

Alma Bank Astoria NY Mid‐Atlantic 947,941 66,760                                      ‐ 25,038                     ‐ 91,798 157,879                          

178,263          

Catskill Hudson Bancorp, Inc. Rock Hill NY Mid‐Atlantic 369,662 42,715 54,456 277 1,075 98,522 61,559 94,021 

Greater Rochester Bancorp, Inc. Rochester NY Mid‐Atlantic 407,005 43,466                                      ‐ 17,134 1,736 62,336 90,655                            

43,464 

Kinderhook Bank Corp. Kinderhook NY Mid‐Atlantic 359,834 18,911 19,028 58 2,330 40,328 30,490 44,144 

Pathfinder Bancorp, Inc. Oswego NY Mid‐Atlantic 633,634 25,983                                      ‐ 48,698 786 75,467 40,121                            

70,241 

Seneca‐Cayuga Bancorp, Inc. Seneca Falls NY Mid‐Atlantic 273,782 6,963                                        ‐ 9,127                     ‐ 16,090 21,392 15,022 

Columbus First Bancorp, Inc Worthington OH Midwest 271,318 19,279                                      ‐ 15,132                     ‐ 34,411 28,087                            

28,436 

Community Independent Bancorp Inc. West Salem OH Midwest 98,141 2,587 5,795 133 3,505 12,020 2,458 9,428 

AmeriBank Holding Company Collinsville OK Southwest 194,978 19,843 9,416 1,590 2,324 33,172 36,703 15,166 

Central Service Corporation Enid OK Southwest 601,263 43,994 23,240 43,232 38,675 149,140 99,840 34,360 

Prime Bank Group Edmond OK Southwest 208,623 7,722 10,116 53 1,742 19,632 27,993 26,974 

Regent Capital Corporation Nowata OK Southwest 199,688 24,582 17,779 3,616 9,416 55,394 41,141 31,164 

AmeriServ Financial, Inc. Johnstown PA Mid‐Atlantic 1,036,029 92,509                                      ‐ 62,972 178 155,659 117,579 93,843 

CBT Financial Corp. Clearfield PA Mid‐Atlantic 437,410 34,922 32,578 1,037 6,580 75,117 42,095 29,762 

Centric Financial Corporation Harrisburg PA Mid‐Atlantic 316,873 16,476 31,487 193 1,397 49,553 33,079 58,698 

Codorus Valley Bancorp, Inc. York PA Mid‐Atlantic 1,197,485 46,618 104,503 1,653 24,703 177,476 101,739 144,825 

DNB Financial Corporation Downingtown PA Mid‐Atlantic 688,288 38,960                                      ‐ 73,668 10,878 123,505 62,031                            

97,156 

Emclaire Financial Corp. Emlenton PA Mid‐Atlantic 582,392 33,244                                      ‐ 25,924                     ‐ 59,168 38,833 26,721 

Enterprise Financial Services Group, Inc. Allison Park PA Mid‐Atlantic 267,463 37,394                                      ‐ 75,423 424 113,241 40,830                            

92,975 

First Resource Bank Exton PA Mid‐Atlantic 166,265 11,395                                      ‐ 19,652 1,119 32,165 11,990                            

34,366 

Jonestown Bank and Trust Company Jonestown PA Mid‐Atlantic 446,298 6,880 29,539 11 4,390 40,820 15,358 48,049 

MileStone Bank Doylestown PA Mid‐Atlantic 220,425 17,161                                      ‐ 29,937                     ‐ 47,098 69,008                            

56,134 

Monument Bank Doylestown PA Mid‐Atlantic 278,559 1,478                                      ‐ 17,409 828 19,715 1,850                            

44,048 

Penn Liberty Financial Corp. Wayne PA Mid‐Atlantic 575,905 58,496                                      ‐ 84,723                     ‐ 143,218 88,939                          

105,486          

Phoenix Bancorp, Inc. Minersville PA Mid‐Atlantic 140,923 5,262                                        ‐ 4,097                     ‐ 9,359 22,059                            

25,950 

The Victory Bancorp, Inc. Limerick PA Mid‐Atlantic 151,376 13,913                                        ‐ 8,245 1,757 23,916 30,810                            

28,643 

York Traditions Bank York PA Mid‐Atlantic 297,393 48,533                                      ‐ 27,986 2,156 78,674 58,914                            

49,237 

Carolina Alliance Bank Spartanburg SC Southeast 410,669 29,943                                      ‐ 34,965 830 65,737 43,534                            

91,886 

GrandSouth Bancorporation Greenville SC Southeast 393,255 49,299 43,148 114 3,454 96,015 57,650 43,694 

TCB Corporation Greenwood SC Southeast 328,136 16,375                                      ‐ 40,863 1,056 58,294 17,256                            

54,335 

BHCB Holding Company Rapid City SD Midwest 144,811 11,260 16,312 1,696 1,627 30,895 24,417 35,463 

Avenue Financial Holdings, Inc. Nashville TN Southeast 955,099 92,450                                      ‐ 29,501                     ‐ 121,950 188,421                            

71,834          

CapitalMark Bank & Trust Chattanooga TN Southeast 878,996 88,680                                      ‐ 45,869                     ‐ 134,549 172,270                          

155,411 

Carroll Financial Services, Inc. Huntingdon TN Southeast 258,368 7,921 34,549 4,141 14,441 61,052 14,081 43,215 

Community First Bancshares, Inc. Union City TN Southeast 1,941,198 102,278 165,597 16,329 35,772 319,976 134,643 181,778 

Evolve Bancorp, Inc. Cordova TN Southeast 362,775 8,239 5,161 2,211 3,490 19,101 47,334 45,812 

Franklin Financial Network, Inc. Franklin TN Southeast 871,260 10,261 9,123 823 149 20,356 45,195 26,846 Independent Holdings, Inc. Memphis TN Southeast 884,836 39,655                                      ‐ 11,109 1,474 52,238 101,529                            

30,395 

InsCorp, Inc. Nashville TN Southeast 240,741 11,667                                        ‐ 8,603 765 21,034 31,981                            

22,949 

Landmark Community Bank Collierville TN Southeast 633,640 17,728 11,183 94 263 29,268 38,900                            

23,210 

Magna Bank Memphis TN Southeast 548,224 24,492                                      ‐ 17,032                     ‐ 41,524 75,099 27,026 

Merchants and Planters Bancshares, Inc. Bolivar TN Southeast 84,847 5,479 10,527 361 2,730 19,097 3,618 9,337 

Moneytree Corporation Lenoir City TN Southeast 410,781 35,050 32,806 61 1,627 69,543 18,930                            

55,714 

Planters Financial Group, Inc. Clarksville TN Southeast 811,802 59,970 67,388 12,733 34,238 174,327 63,855 83,735 

SmartFinancial, Inc. Pigeon Forge TN Southeast 502,617 21,736                                      ‐ 14,293 1,139 37,167 36,723                            

60,546 

Southern Heritage Bancshares, Inc. Cleveland TN Southeast 243,248 26,826 30,355 33 1,077 58,290 20,971 33,950          

Sumner Bank & Trust Gallatin TN Southeast 163,240 12,075 15,701 43 694 28,512 11,323 14,871 

AIM Bancshares, Inc. Levelland TX Southwest 501,429 39,299 14,585 13,262 6,874 74,020 146,436 61,478 

BMC Bancshares, Inc. Dallas TX Southwest 77,586 765 2,514 825 223 4,326 905 15,650          

Independent Bank Group, Inc. McKinney TX Southwest 3,651,806 82,574 177,239 13,025 12,039 284,877 568,138 550,739 

Cadence Financial Corporation (Encore Bancshares, Inc.) Houston TX Southwest 7,032,995 390,730 469,509 9,668 19,435 889,341 2,922,653 344,801 

FB BanCorp San Antonio TX Southwest 652,284 99,765                                        ‐ 2,480                     ‐ 102,244 38,000 1,877          

First Texas BHC, Inc. Fort Worth TX Southwest 1,477,520 85,806 71,371 110 2,229 159,515 271,128 135,615 

Frontier Bancshares, Inc. Austin TX Southwest 495,115 25,056 29,742 851 6,814 62,462 101,290 123,209 

Happy Bancshares, Inc. Amarillo TX Southwest 2,441,688 201,680 93,384 130,663 51,686 477,414 358,291 153,020 

Hilltop Holdings, Inc. (PlainsCapital Corporation) Dallas TX Southwest 8,852,294 1,018,142 363,288 60,432 61,652 1,503,514 1,068,760 684,980 

Joaquin Bankshares Inc. Huntington TX Southwest 119,915 14,762 13,696 1,602 13,014 43,074 28,445 12,517 

Liberty Capital Bancshares, Inc. Addison TX Southwest 132,073 9,008                                        ‐ 5,927 1,722 16,657 36,069                            

13,534 

McLaughlin Bancshares, Inc. Ralls TX Southwest 257,385 18,912 4,166 29,426 3,706 56,210 41,174 12,750 

Pioneer Bank, SSB Drippings Springs TX Southwest 344,135 7,439                                        ‐ 8,987 1,142 17,568 36,530 35,244 

Southwestern Bancorp, Inc. Boerne TX Southwest 118,074 5,487 12,617 2,545 1,837 22,486 11,701 19,452 

Sovereign Bancshares, Inc. Dallas TX Southwest 1,028,538 196,282                                      ‐ 22,060 918 219,260 289,934                            

92,532 

Steele Holdings, Inc. Tyler TX Southwest 255,764 14,649 15,060 427 1,007 31,142 32,646 22,295 

The ANB Corporation Terrell TX Southwest 2,447,488 142,877 265,405 6,732 22,473 437,487 133,909 440,767 

Third Coast Bancshares, Inc. (Third Coast Bank SSB) Humble TX Southwest 311,196 33,954                                      ‐ 30,443                     ‐ 64,397 93,055 73,270 

Veritex Holdings, Inc. Dallas TX Southwest 710,061 24,303                                      ‐ 14,187 1,151 39,641 174,093                            

76,144 

Cache Valley Banking Company Logan UT Southwest 794,888 33,786 39,918 9,516 16,242 99,462 82,483 173,041 

LCA Bank Corporation Park City UT Southwest 92,102                      ‐ 136                                            ‐                     ‐ 136               ‐ 2,640                                  

         
Community Banks Participating in SBLF

Report on Information from 06/30/2014 Call Reports transmitted with October 2014 Report

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

Estate

Agri

Pro

Region Total Assets

Baseline Lending Baseline

Business

Lending

Q2 2014

Medallion Bank Salt Lake City UT Southwest 925,571              ‐ 234,859                                            ‐                     ‐ 234,859          ‐ 428,824                                  

         

Blue Ridge Bankshares, Inc. Luray VA Southeast 224,160 4,225 15,593 159 2,442 22,419 11,909 15,694 

Citizens Community Bank South Hill VA Southeast 162,660 18,419 16,605 251 3,246 38,520 12,722 26,518 

Heritage Bankshares, Inc. Norfolk VA Southeast 336,863 29,431                                      ‐ 36,330                     ‐ 65,761 26,275                            

52,425          

TowneBank Suffolk VA Southeast 4,909,837 302,054 531,494 675 6,389 840,612 471,522 738,008 

Virginia Heritage Bank Fairfax VA Southeast 955,685 39,167                                      ‐ 50,228                     ‐ 89,395 54,275                          

120,463 

WashingtonFirst Bankshares, Inc. Reston VA Southeast 1,388,086 60,171 13,644 117 3,240 77,172 120,734                          

179,023 

Xenith Bankshares, Inc. Richmond VA Southeast 768,082 14,641                                      ‐ 19,095 593 34,328 195,251 51,651 

Puget Sound Bank Bellevue WA West 357,262 49,945                                      ‐ 28,866                     ‐ 78,810 114,688                            

60,717 

U&I Financial Corp Lynnwood WA West 223,960 8,950                                      ‐ 34,994                     ‐ 43,943 11,964                            

45,331          

W.T.B. Financial Corporation Spokane WA West 4,478,780 726,366 358,143 80,131 37,049 1,201,688 914,490 484,239 

County Bancorp, Inc. Manitowoc WI Midwest 758,322 44,238 63,411 118,072 171,649 397,369 47,299 73,437 

Deerfield Financial Corporation Deerfield WI Midwest 116,004 15,306 116 4,065 1,820 21,306 6,750 9,015 

First American Investment, Inc. Hudson WI Midwest 161,921 4,014 15,043                    ‐ 163 19,220 14,144 35,141 

First Menasha Bancshares, Inc. Neenah WI Midwest 369,139 51,762 29,044 6 519 81,331 68,621                            

63,821 

Nicolet Bankshares, Inc. Green Bay WI Midwest 1,159,982 129,397 137,477 41 2,935 269,850 243,255 187,225 

Northern Bankshares, Inc. McFarland WI Midwest 432,260 26,290 62,897 1,313 15,949 106,449 35,467                          

115,215 

PFSB Bancorporation, Inc. Pigeon Falls WI Midwest 75,543 3,710 8,995 6,075 11,414 30,194 2,811 7,045 

Sword Financial Corporation Horicon WI Midwest 585,379 63,172 127,299 10,132 21,004 221,607 78,371 129,002 

First Bank of Charleston Inc. Charleston WV Southeast 210,672 23,426                                        ‐ 1,497                     ‐ 24,923 27,251                              

2,565          

MVB Financial Corp. Fairmont WV Southeast 1,061,246 15,650                                      ‐ 38,312                     ‐ 53,962 76,459                          

101,639          

Financial Security Corporation Basin WY West 322,667 26,934 10,943 18,648 17,218 73,742 30,803 27,419 
30

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.18  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

(6,02819 banks).  To assess the effect of SBLF participation, the analysis matches 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.

                                                            

18For additional information regarding the composition of the peer and broader comparison groups, please see Appendix A. 19 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.
31

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.20  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.

                                                            

20 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.
32

The following is a list of the 71 characteristic variables selected, grouped by category.  These variables are based on

SNL’s array of summary financials for each institution.

• Balance sheet measures (6 continuous variables):  total assets, asset growth rate, loan growth rate, deposit

growth rate, gross loans to assets, and loans to deposits.

• Performance measures (5 continuous variables):  return on average assets (ROAA), return on average equity

(ROAE), net interest margin, yield to cost spread, and efficiency ratio.  

• Capitalization (8 continuous variables and 1 categorical variable): equity to assets, tangible equity to

tangible assets, tangible common equity to tangible assets, risk based capital ratio, tier 1 risk based ratio, tier

1 common risk based ratio, leverage ratio, change in common and preferred stock and capital surplus as a

percentage of total equity between Q1 2010 and Q1 2011 (0% or less, 0 to 5%, 5 to 10%, over 10%) and

common dividends declared to net income.  

• Loan composition (6 continuous variables):  construction land development loans to total loans, total 1‐4

family loans to total loans, multifamily loans to total loans, total real estate loans to total loans, commercial

and industrial loans to total loans, and consumer loans to total loans.

• Deposit composition (5 continuous variables):  non‐interest bearing deposits to total deposits, transaction

accounts to total deposits, money market deposit account (MMDA) savings to total deposits, retail time

deposits to deposits, and jumbo time deposits to total deposits.

• Asset quality (11 continuous variables):  non‐current loans to loans, nonperforming loans to loans, non‐

performing assets to total assets, non‐performing assets excluding restructured loans to total assets, non‐

performing assets to loans plus foreclosed real estate, loan loss reserves to gross loans, net charge‐offs to

average loans, non‐performing assets plus loans 90 days past due to tangible equity plus loan loss reserves,

adjusted non‐performing assets plus adjusted loans 90 days past due divided by tangible equity plus loan loss

reserves, adjusted non‐performing assets to total assets, and adjusted non‐performing loans to total loans.

• Liquidity (4 continuous variables):  liquidity ratio, interest earning assets to interest bearing liabilities,

brokered deposits to deposits, and jumbo deposits to total domestic deposits.

• Yield to cost ratios (4 continuous variables):  yield to loans and leases, cost of interest bearing deposits, cost

of interest bearing liabilities, and cost of funds.

• Government program participation (3 categorical variables):  current or former participation in CPP

(participant; non‐participant), former participation in Transaction Account Guarantee Program (TAGP)

(participant; non‐participant), former participation in Debt Guarantee Program (TDGP) (participant; non‐

participant).

• Corporate organization (6 categorical variables and 1 continuous variable):  de novo status (de novo; non‐

de novo), ownership (private; public), ownership structure (mutual; stock corporation), institution type

(savings bank; commercial bank), primary regulator (Federal Reserve Board (FRB); Office of the Comptroller

of the Currency (OCC); Federal Deposit Insurance Corporation (FDIC)), Community Reinvestment Act rating

(outstanding, needs to improve, satisfactory), and bank age in years.    
33

• 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 characteristics that differ significantly from the broader market of community banks.

Step 2:  Calculation of a Propensity Score for Each SBLF Participant and Non‐Participant

Treasury calculated a “propensity score” ranging between 0 and 1 for each SBLF bank participant and each non‐

participant based on the 71 characteristic variables described above.  The calculation of the propensity score for each

bank follows a standard logistic regression.  The dependent variable is defined as program status (non‐participant = 0,

SBLF participant = 1) and the independent variables are the 71 characteristic variables.  A backward selection process

was used to iteratively eliminate highly insignificant variables (i.e., p‐values > 0.60).21  Through the backward variable

selection process, 17 variables were eliminated.  The initial test of propensity score’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.   

                                                            

21 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.  
34

Step 3:  Selection of a Control Group of Non‐Participants Using Propensity Scores  

Treasury selected a control group of non‐participants for comparison to SBLF institutions by matching each SBLF

participant with the non‐participant that had the next closest propensity score (propensity score‐matched “control

group”).  For example, if an SBLF participant had a propensity score of 0.30, the institution selected for inclusion in

the control group was the non‐participant that received a propensity score closest to 0.30.

Step 4:    Evaluation of the Balance of Characteristic Variables Between SBLF Participants and the Control Group

Treasury performed statistical tests to assess whether the control group and the SBLF participants had comparable

distributions with respect to each of the 71 characteristic variables. The statistical differences in each variable

between the two groups of banks were calculated using chi‐squared tests for categorical variables and Kolmogorov‐

Smirnov tests (K‐S tests) for continuous variables (see Table A for detailed test results). These tests found no

statistically significant imbalances (p‐values < 0.05) between the group of SBLF banks and the control group across

any of the 71 characteristic variables (see Table A for additional detail).  This suggests that the propensity score

matching analysis reduced the possibility of selection bias by selecting a statistically balanced control group.

Step 5:  Estimation of Net Effect of SBLF Participation

To estimate the net effect of the SBLF participation using this methodology, Treasury compared the median increases

in lending growth at SBLF banks to the median increases in lending growth and the control group over baseline and

since investment.  Consistent with the findings from the peer and comparison group analysis described previously,

the results of the propensity score matching analysis suggest that the SBLF program is supporting increased business

lending among program participants.  By convention, the output of these methodologies reflects differentials

between groups and are not directly comparable with the results presented in the preceding peer and comparison

group analyses.

As of September 30, 2013, SBLF banks have increased business loans outstanding by a median 52.1 percent over

baseline levels, versus a 29.0 percent median increase for the propensity score‐matched control group, for an

estimated net effect associated with SBLF participation of 23.1 percent.  The following table shows changes in

business lending and other lending by SBLF banks and the propensity score matched control group.  

   

Number of institutions 257 257

Median Change in Lending Over Baseline

Business lending 52.1% 29.0% 23.1%

Other lending 31.6% 17.8% 13.8%

Median Change in Lending Since Investment

Business lending 29.8% 14.9% 14.9%

Other lending 20.6% 11.4% 9.2%

Results of Propensity Score Matching Analysis

Average Lending of

SBLF Participants

Average Lending of

Control Group

Estimated Net Effect of  

SBLF Participation
35

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 characteristic 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.   
36

Step 1:  Assignment of Institutions into Treatment Groups

Treasury assigned institutions to one of three groups: SBLF Investment, Other Investment, and No Investment.  To

identify institutions that received capital investments, Treasury accessed call report data from SNL.  Because banks do

not report capital investments uniformly, Treasury used the sum of changes in the common stock, preferred stock

and surplus capital call report line items as a percentage of the Q1 2011 total equity line item to identify outside

capital investments.  Institutions which did not receive a capital investment over the period were assigned to the “No

Investment” control group.  

Because both SBLF and non‐SBLF institutions varied in the amount of capital they raised, Treasury sought to include

in the “Other Investment” group a set of non‐SBLF institutions that raised amounts of capital in a distribution

comparable to that of the SBLF institutions.  To establish an appropriate comparison group, the group of SBLF

institutions was initially trimmed (excluding institutions above the 95th percentile and below the 5th percentile in

capital increases) to minimize the influence outliers whose reported increases in capital generally reflected influences

other than traditional capital investments, such as changes caused by mergers, acquisitions, or restructurings.  

Treasury then employed a stratified random sampling approach to identify a group of non‐SBLF institutions with an

equal distribution of net changes in their capital levels as that of SBLF institutions between Q1 2011 and Q3 2013.  All

institutions that reported changes in capital and were not assigned to the Other Investment group through this

stratification process were eliminated.   

Treasury validated the robustness of the stratification approach using multiple iterations and formal statistical tests

to confirm that the results were not sensitive to the selection of a particular random sample.  This approach resulted

in an “Other Investment” group of 908 non‐SBLF institutions, an SBLF Investment group of 254 program participants,

and a No Investment control group of 3,654 non‐participants.   

Step 2:  Evaluation of the Balance of Characteristic Variables Among Treatment Groups  

To assess the distribution of each of the 71 characteristic variables across treatment groups, Treasury regressed each

variable on the three comparison group indicators.  For continuous variables, a form of linear regression was used.  

For categorical variables, a binomial or multinomial logistic regression was performed, depending on the number of

possible outcomes for that variable. The joint significance of comparison group indicators’ coefficients was tested

using F‐tests.  The analysis found statistically significant imbalances (p‐values < 0.05) for 66 of the 71 characteristic

variables measured.  This result suggests that the SBLF Investment and Other Investment groups have observable

characteristics that differ significantly from the No Investment group.

Step 3:   Calculation of Three Propensity Scores for Each Institution

A multinomial logistic regression was performed to estimate three propensity scores, reflecting the probability of an

institution’s inclusion in the SBLF Investment, Other Investment, and No Investment treatment groups respectively.  

The regression incorporated and incorporated backward selection process to identify highly insignificant variables (p‐

values > 0.60).22  Through the backward variable selection process, 14 variables were eliminated.   

                                                            

22 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
37

Propensity score models require that each institution maintain a non‐zero probability of being selected into each

group and that sufficient overlap between the propensity scores exists.  To meet this criteria, Treasury trimmed all

three groups to ensure that both propensity scores fall within a range common to all groups.  Institutions with

propensity scores below the lowest scores of any alternative group and above the maximum score of any alternative

group were automatically discarded from further analysis.  In total, 295 banks in the No Investment control group (8

percent of group), 115 banks in the Other Investment group (13 percent), and 31 banks in the SBLF Institutions group

(12 percent) were eliminated through this process.  This trimming requirement resulted, however, in only modest

changes to the overall net impact results.

Step 4:    Evaluation of the Ability of the Propensity Scores to Balance of Characteristic Variables

To validate the comparability of the three groups when using propensity scores to control for differences in

characteristic variables, Treasury regressed each of the 71 characteristics variables on treatment (SBLF Investment,

Other Investment, No Investment) incorporating the two separate propensity scores and their joint interaction as

additional independent variables.  For continuous variables, a form of regular linear regression was used to

determine the appropriate coefficients for testing.  For categorical variables, a binomial or multinomial logistic

regression was performed, depending on the number of possible outcomes for that variable.  Once the coefficients

for each treatment group were determined with respect to each dependent variable, the joint significance of

treatment group coefficients was tested using the F‐test.  These tests found no statistically significant imbalances (p‐

values < 0.05) between the groups across any of the 71 characteristic variables when propensity scores were included

in the calculation. This suggests that the propensity scores reduced the possibility of selection bias by effectively

balancing the characteristic variables (see Table B for additional detail).

Step 5:  Estimated Net Effect of SBLF Investment and Other Investment over No Investment

Treasury regressed lending growth on treatment type, the two propensity scores and their joint interactions to

determine the “estimated net treatment effects”, or the average differences in lending growth associated with SBLF

and Other Investment sources relative to No Investment.  

After isolating the effect of propensity scores on lending growth, the difference in business lending associated with

banks that received an SBLF investment (SBLF Investment) over banks that did not receive a capital investment (No

Investment) is 31.2 percent.  For banks that received an alternative investment (Other Investment), the difference in

business lending over banks that did not receive a capital investment is 17.0 percent after controlling for propensity.   

These results indicate that the business lending impact associated with SBLF investments has been highly significant.  

These findings also suggest that, when compared with alternative sources of capital, SBLF investments were more

effective on a dollar‐weighted basis in yielding increased business lending.  In each case, these results are significant

at a 95 percent confidence limit.  As above, the output of this methodology reflects differentials between No

Investment and SBLF Investment or Other Investment, respectively, and is not directly comparable with the results

presented in the preceding peer and comparison group analyses.

                                                                                                                                                                                                                       

[continued from previous page footnote] 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).
38

   

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%
39

Table A:   Summary Statistics of Characteristic Variables: Propensity Score Matching

The following tables includes additional detail of the chi‐square test results for the 11 categorical variables and the K‐

S test results for the 60 continuous variables used in the propensity score matching analysis.  All variables were

measured at March 31, 2011, the quarter before the initial SBLF investment.  

Summary of Chi‐Square Test Results for Continuous Variables and KS‐Test Results for Categorical Variables

p‐value p‐value

After PS After PS

Correction Correction

Corporate organization Asset quality

Banks Age in Yrs. 0.84 Noncurrent Loans to  Loans 0.12

Balance sheet measures NPLs to  Loans 0.09

Total Assets 0.08 NPAs to  Total Assets 0.21

Asset Growth Rate 0.25 NPA Excl. Restruct. Lns to  Total Assets 0.42

Loan Growth Rate 0.25 NPAs to  Loans+Frclsd RE 0.14

Deposit Growth Rate 0.36 Loan Loss Reserves to  Gross Loans 0.30

Gross Loans to  Assets 0.70 NCOs to Avg Loans 0.63

Loans to Deposits 0.90 NPA+ Loans 90PD to  Tang Equity + LLR 0.21

Performance measures Adj NPA + Adj Lns 90PD /  Tang Equity + LLR 0.18

ROAA 0.18 Adjusted NPA to  Total Assets 0.18

ROAE 0.18 Adjusted NPL to  Total Loans 0.08

Net Interest Margin 0.18 Local market indicators

Yield to  Cost Spread 0.08 Unemployment Rate 0.90

Efficiency Ratio 0.42 Change in Unempl Rate from Prior Year 0.84

Capitalization CAGR Population 0.63

Equity to  Assets 0.63 CAGR Households 0.77

Tangible Equity to  Tangible Assets 0.99 CAGR Per Capita Income 0.84

Tang Common Eqty to  Tang Assts 0.84 CAGR Median Household Income 0.77

Risk Based Capital Ratio 0.90 Proj CAGR Population 0.77

Tier 1 Risk‐based Ratio 0.70 Proj CAGR Households 0.55

Tier 1 Common Risk‐Based Ratio 0.84 Proj CAGR Per Capita Income 0.77

Leverage Ratio 0.90 Proj CAGR Median Household Income 0.94

Com Div Decl to Net Income 0.36

Loan composition Government Program Participation

Const Land Dev Lns to  Loans 0.42 TARP 0.86

Tot 1‐4 Fam Loans to  Loans 0.84 TAGP Participant 0.26

Multifamily  Loans to  Loans 0.94 TDGP Participant 0.37

Total Real Est Lns to  Tot Loans 1.00 Ownership

CI Loans to  Loans 0.84 Private 0.52

Consumer Loans to  Loans 0.30 Ownership Structure 0.15

Deposit composition Company Type 0.60

Non Int Bear Dep to Total Deposits 0.90 Regulatory

Trans Accts to Total Deposits 0.63 Primary Regulator 0.38

MMDA Savings to  Total Deposits 0.70 CRA Rating 0.99

Retail Time Deposits to  Dep 0.30 De Novo Status

Jumbo Time Deposit to  Total Dep 0.77 De Novo Status 0.66

Liquidity Region

Liquidity Ratio 0.48 Region 0.81

Int Earn Assets to Int Bear Liab 0.25 Capital Raising Activity

Brokered Deposits to  Deposits 1.00 Capital Raise Observed 0.67

Jumbo Deposit to  Total Dom Dep 0.77

Yield to cost ratios

Yield on Loans and Leases 0.42

Cost of Int Bearing Deposits 0.58

Cost of Interest Bearing Liab 0.84

Cost of Funds 0.97
40

Table B:   Summary Statistics of Characteristic Variables: Multiple Propensity Score Regression Adjustment

The following tables include 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
41

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

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