The Bank Note - April 2020
Connecting with Shareholders of Alliance Bank Central Texas
APRIL 2020
Message from Todd Moore
This month we processed approximately 200 Paycheck Protection Program (PPP) loans, totaling over $10,000,000. It was rewarding to be part of that important process which helped keep thousands of people employed here in McLennan County.
Our staff jumped in the breach when there was very little guidance, but a lot of national publicity about this popular program. Both customers and non-customers inquired in mass and the bank stepped in, stepped up and funded these loans quickly.
We will pick up many new customers through the process, as some business owners were referred to our bank after finding out they did not have a relationship at their bank. Many felt stranded when their financial institution did not prioritize their
PPP loans, at a time when they needed help the most.
Read the email (below) Michael sent to those who processed PPP loans. The conversation he had with a local young professional captures the spirit of what has happened here the last few weeks and I hope it makes you proud of your association with our bank.
It’s an honor to serve these types of customers and it is important business. Thanks, Michael for sharing it with us.
For the next six months we will include some practical steps to guard your mental health as we work through this challenging time. Watch a brief eight minute podcast, Managing Your Stress in a Crisis.
Take care of yourself and take care of each other. We’ll get through this together. Call on us if we can help with anything, banking or otherwise. We’re here to help!
If you haven’t already, please go to our Alliance Bank Central Texas Facebook page. Like it, Share it, and repeat!
Todd Moore
President & CEO
Cell Phone: 254.722.2300
Letter From Michael
“Just spoke with (customer), checking in on him to see how they’re doing and let him know about the PPP loans. He has apprehension about taking government money, but said he’d talk to his wife today to discuss their financial situation and see what the wisest decision would be. But wanted to pass along in the conversation how highly he spoke of all of y’all. He said no other bank is like ours, he can literally call just about anyone up here and get sound advice on a number of issues. Especially Phillip, he spoke of how invaluable that relationship is to him and that he views Phillip as a father to him. He said you can see a stark difference in the culture and leadership at Alliance compared to any other bank in town, that you can’t get that type of relationship anywhere else. He said you can genuinely tell that everyone up here cares, and especially during times like this, that means a lot. This joint effort everyone is doing here is working, people notice, and they value it. Some good encouragement during interesting times. A shout out to everyone here, and all the more reason to be thankful to work here.”
Financial Update
The bank had its best quarter in history as net income for the first quarter 3/31/20 was $621M, which was an increase of $258M (71%) over the first quarter last year. Netting out security gains, it was up $178M (51%).
Non-interest bearing demand deposits were up 28%, as were interest bearing checking accounts which were also up 28% over last year. Fee and service income rose 27%, while total other income (which includes securities gains) was $144M (57%) higher.
Preparing for Paycheck Protection Program Loan Forgiveness
Paycheck Protection Program (PPP) loan forgiveness guidance from the US Department of the Treasury and Small Business Treasury is not yet final, but you can start preparing now. Start a binder that will have all of the necessary documentation easily accessible when it it time to request loan forgiveness. The binder should include:
- Payroll Expenses
- Retirement Contributions
- Health Insurance
- State and Local Taxes
- Interest Expense
- Lease Payments
- Utilities
Here to Serve You
Do your banking from the comfort and safety of your car at our new Woodway location (191 Archway Drive). With your safety top of mind, our teller team is equipped with personal protective equipment and ready to serve you!
Come see us in the Woodway drive thru Monday to Friday, 7:30 a.m. to 6:00 p.m. Our Bosque drive thru is also open for safe, accessible banking Monday to Friday, 7:30 a.m. to 6 p.m. and Saturday, 9:00 a.m. to noon.
Employee Birthday Celebrations
April Celebrations
Mark Minor (4/1)
Geral Theut (4/6)
Teri Torres (4/12)
James Shroeder (4/13)
Yolanda Reynaga (4/20)
Marlisa Perez (4/25)
Andrea Perez (4/26)
Robbie Franklin (4/29)
Imelda Guerrero (4/30)
About Alliance Bank Central Texas
Alliance Bank Central Texas is a community bank founded by a local board of directors, owned by a diverse group of over 200 shareholders, and operated by seasoned bankers, most of whom have spent their entire careers in Waco. In less than ten years it has seen assets grow from $35 million to over $300 million. The bank is focused on helping entrepreneurs, professionals and residents, and understands the condition of the local market. It feels real value is created through people connecting personally with their bankers, versus simply having transactions with a bank. Alliance Bank Central Texas provides a full range of financial services including business, personal and mortgage loans. It also provides a variety of deposit products and services including commercial, personal and certificates of deposits along with electronic banking, mobile deposit and cash management services.