Pilot Bancshares Inc. (OTCMKTS: PLBN), Pilot Bank’s parent company, announced consolidated total assets at the end of Q1 2021 of $633.9MM, a 7% increase compared to Q4 2020. Total assets grew 44% YoY, with gross loans growing 52% YoY to $184.8MM.
Aviation and commercial lending drove asset growth in Q1.
At the end of the quarter, on March 31, 2021, total deposits were $507.8MM, which is a 31% increase YoY. The company’s borrowings increased due to the $69MM received from the Federal Reserve Banks Paycheck Protection Program Liquidity Facility in short-term advances. The company’s subsidiary, Pilot Bank, is well-capitalized, and despite COVID-19 concerns and changing global climate, the bank executed it without liquidity and asset quality deterioration. Overall asset growth in the quarter grew mainly because of taking part in round two of the SBAs PPL Loan Program and solid production in aviation and commercial lending segments.
In Q1 consolidated investments and loans, interest income was $5.9 MM, which was 18% QoQ mainly because of strong long growth and PPP income accretion true-up adjustments. The lower cost of funds and the PPP adjustment increased net interest income. Interestingly non-interest income was substantial in Q1 2021, increasing 43% QoQ due to success in the company’s Small Business Administration borrowing program.
Pilot Bancshares focused on enhancing efficiencies in 2021
The company is focusing interest expenses on borrowing and deposits this year, capitalizing inefficiencies, and enhancing non-interest income. In addition, the bank has continued to see considerable loan demand in all core lending segments. Pilot Bank also added more loan, credit operation, and SBA staff to enhance its experienced bankers’ team to manage its business pipeline. Pilot Bancshares’ core mission is to cement Pilot Banks’ name as Tampa Bay’s bank of choice.
 Reports 44% YoY Growth in Total Assets in Q1 2021){kind=link}