was partially offset by an $ 11.0 million increase in noninterest expense , a $ 3.4 million increase in provision for loan losses and a $ 2.5 million increase in income tax expense . the increase in net income of $ 3.3 million for the twelve months ended december 31 , 2019 compared to the twelve months ended december 31 , 2018 was due primarily to a $ 8.0 million increase in noninterest income , a $ 0.7 million increase in net interest income and a $ 0.1 million decrease in income tax expense , but was partially offset by a $ 3.5 million increase in noninterest expense and $ 2.1 million increase in provision for loan losses . during the twelve months ended december 31 , 2020 , return on average assets was 0.69 % , compared to 0.65 % for the twelve months ended december 31 , 2019. during the twelve months ended december 31 , 2020 , return on average shareholders ' equity was 9.39 % , compared to 8.52 % for the twelve months ended december 31 , 2019. additionally , for the 23 twelve months ended december 31 , 2020 , return on average tangible common equity was 9.53 % compared to 8.65 % for the twelve months ended december 31 , 2019. these profitability ratios improved during 2020 as net income growth of 16.7 % outpaced total average balance sheet growth of 9.6 % , as well as average shareholders ' equity growth of 5.9 % and average tangible common equity growth of 6.0 % . refer to the `` reconciliation of non-gaap financial measures `` section of item 7 of part ii of this report , management 's discussion and analysis of financial condition and results of operations for additional information . consolidated average balance sheets and net interest income analyses for the periods presented , the following tables provide the average balances of interest-earning assets and interest-bearing liabilities and the related yields and cost of funds . the tables do not reflect any effect of income taxes . balances are based on the average of daily balances . nonaccrual loans are included in average loan balances . replace_table_token_0_th 1 yield on total interest-earning assets minus cost of total interest-bearing liabilities 2 net interest income divided by average interest-earning assets 3 on a fully-taxable equivalent ( `` fte `` ) basis assuming a 21 % tax rate . refer to the `` reconciliation of non-gaap financial measures `` section of item 7 of part ii of this report , management 's discussion and analysis of financial condition and results of operations 24 rate/volume analysis the following table illustrates the impact of changes in the volume of interest-earning assets and interest-bearing liabilities and interest rates on net interest income for the periods indicated . the change in interest not due solely to volume or rate has been allocated in proportion to the absolute dollar amounts of the change in each . rate/volume analysis of net interest income twelve months ended december 31 , 2020 vs. december 31 , 2019 due to changes in twelve months ended december 31 , 2019 vs. december 31 , 2018 due to changes in ( amounts in thousands ) volume rate net volume rate net interest income loans , including loans held-for-sale $ 5,333 $ ( 6,933 ) $ ( 1,600 ) $ 21,689 $ 1,457 $ 23,146 securities – taxable 1,817 ( 4,501 ) ( 2,684 ) 2,047 1,130 3,177 securities – non-taxable ( 64 ) ( 803 ) ( 867 ) 103 ( 318 ) ( 215 ) other earning assets 2,948 ( 8,352 ) ( 5,404 ) 5,922 ( 83 ) 5,839 total 10,034 ( 20,589 ) ( 10,555 ) 29,761 2,186 31,947 interest expense interest-bearing deposits 6,245 ( 19,582 ) ( 13,337 ) 14,172 12,657 26,829 other borrowed funds 583 625 1,208 2,417 2,001 4,418 total 6,828 ( 18,957 ) ( 12,129 ) 16,589 14,658 31,247 increase ( decrease ) in net interest income $ 3,206 $ ( 1,632 ) $ 1,574 $ 13,172 $ ( 12,472 ) $ 700 2020 v. 2019 net interest income for the twelve months ended december 31 , 2020 was $ 64.5 million , an increase of $ 1.6 million , or 2.5 % , compared to $ 63.0 million for the twelve months ended december 31 , 2019. the increase in net interest income was the result of a $ 12.1 million , or 14.4 % , decrease in total interest expense to $ 72.3 million for the twelve months ended december 31 , 2020 compared to $ 84.4 million for the twelve months ended december 31 , 2019. this decrease in total interest expense was partially offset by a $ 10.6 million , or 7.2 % , decrease in total interest income to $ 136.9 million for the twelve months ended december 31 , 2020 compared to $ 147.4 million for the twelve months ended december 31 , 2019. the decrease in total interest expense was driven primarily by a decrease in interest expense related to certificates and brokered deposits and money market accounts . interest expense on certificates and brokered deposits decreased $ 11.9 million , or 21.5 % , due to a decline of 27 bps in the cost of these deposits as well as a $ 263.9 million , or 12.3 % , decrease in the average balance of these deposits . the decrease in certificates and brokered deposit balances was driven by the company 's pricing strategy to reduce the level of these higher cost deposits . the decrease in interest expense related to money market accounts of $ 1.3 million , or 10.1 % , was driven by a decline of 101 bps in the cost of these deposits , partially offset by an increase of $ 518.7 million , or 81.4 % , in the average balance of these deposits . story_separator_special_tag nonaccrual owner-occupied commercial real estate loan that paid off in full during 2020. total nonperforming assets increased $ 1.5 million , or 17.2 % , as of december 31 , 2020 compared to december 31 , 2019 , due primarily to the increase in nonperforming loans discussed above , partially offset by a $ 2.1 million write-down of a legacy commercial oreo property in 2020. the ratio of nonperforming loans to total loans increased to 0.33 % as of december 31 , 2020 compared to 0.23 % as of december 31 , 2019 and the ratio of nonperforming assets to total assets remained 0.22 % as of december 31 , 2020 , consistent with 0.22 % as of december 31 , 2019. total tdrs as of december 31 , 2020 were $ 3.0 million , up $ 2.5 million from december 31 , 2019. the increase was driven by one residential mortgage loan that became a tdr during the second quarter 2020 and one loan relationship in the owner-occupied real estate category that became a tdr during the fourth quarter 2020. as of december 31 , 2019 , the company had one commercial property in oreo with a carrying value of $ 2.1 million which was written-off during 2020. the property consisted of two buildings that were residential units adjacent to a university campus . the company did not have any oreo as of december 31 , 2020. as of december 31 , 2020 , our financial results have reflected little impact on asset quality to date as a result of covid-19 . however , the ultimate impact the pandemic may have on our business and asset quality is still uncertain . we remain optimistic that the combination of government stimulus programs and the relief programs we have provided to our clients will lessen the economic stress on our borrowers . however , if the effects of the pandemic extend for a prolonged period of time , we may experience negative trends in nonperforming loans and assets . non-tdr loan modifications due to covid-19 the “ interagency statement on loan modifications and reporting for financial institutions working with customers affected by the coronavirus ” was issued by our banking regulators on march 22 , 2020. this guidance encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of covid-19 . additionally , section 4013 of the cares act further provides that loan modifications due to the impact of covid-19 that would otherwise be classified as tdrs under gaap will not be so classified . modifications within the scope of this relief are in effect from the period beginning march 1 , 2020 until january 1 , 2022 , or 60 days after the date on which the national emergency related to the covid-19 pandemic formally terminates . in accordance with this guidance , the company offered modifications to borrowers who were both impacted by covid-19 and current on all principal and interest payments . as of december 31 , 2020 , the company had $ 11.9 million in non-tdr loan modifications due to covid-19 . u.s. small business administration paycheck protection program section 1102 of the cares act created the ppp , which is jointly administered by the sba and the department of the treasury . the ppp is designed to provide economic relief to small businesses nationwide adversely impacted by covid-19 . on december 27 , 2020 , the economic aid to hard-hit small businesses , nonprofits , and venues act was enacted , extending the authority to continue to make ppp loans , including a provision for second draw ppp loans , through march 31 , 2021. these loans may be 100 % forgiven if certain conditions , including predefined sba approved use of the funds and certain borrower certifications are satisfied and are fully guaranteed by the sba . as a preferred sba lender , we assisted our clients in 33 participating in the ppp to help them maintain their workforces in an uncertain and challenging environment . the loans originated by us during 2020 bear an interest rate of 1.00 % and we received weighted average origination fees of 3.86 % of the amount funded , or approximately $ 2.3 million in total . the company received this fee revenue from the sba in late june 2020 and it is being deferred over the life of the ppp loans and recognized as interest income . as of december 31 , 2020 , we had 376 ppp loans totaling $ 50.6 million outstanding . as of december 31 , 2020 , the company processed 84 applications for forgiveness from ppp borrowers . on december 27 , 2020 , additional funding was allocated to the ppp through the passage of the economic aid to hard-hit small businesses , nonprofits and venues act . the additional funding can be used by small businesses who have yet to receive a ppp loan as well as certain small businesses who may be eligible to receive a second ppp loan . the company began offering ppp loans again in the first quarter of 2021. the company anticipates that the majority of ppp loans it originates will ultimately be forgiven , in whole or in part , by the sba in accordance with the terms of the program . management anticipates that loan forgiveness applications will continue during 2021. allowance for loan losses replace_table_token_10_th the determination of the allowance for loan losses and the related provision for loan losses are components of our significant accounting policies as discussed within note 1 to the company 's consolidated financial statements . the adequacy of the allowance for loan losses and the provision are based on the review and evaluation of the loan portfolio and reflect management 's assessment of the risks and potential losses within the portfolio . this evaluation considers historical loss experience as well as qualitative factors such as

liquidity and capital resources the company believes it has sufficient liquidity and capital resources to meet its cash and capital expenditure requirements for at least the next twelve months . the company may explore strategic alternatives , including additional asset , deposit or revenue generation channels that complement our commercial and consumer banking platforms , which may require 38 additional capital . if the company is unable to secure such capital at favorable terms , its ability to take advantage of such opportunities could be adversely affected . liquidity management is the process used by the company to manage the continuing flow of funds necessary to meet its financial commitments on a timely basis and at a reasonable cost while also maintaining safe and sound operations . liquidity , represented by cash and investment securities , is a product of the company 's operating , investing and financing activities . the primary sources of funds are deposits , principal and interest payments on loans and investment securities , maturing loans and investment securities , access to wholesale funding sources and collateralized borrowings . while scheduled payments and maturities of loans and investment securities are relatively predictable sources of funds , deposit flows are greatly influenced by interest rates , general economic conditions and competition . therefore , the company supplements deposit growth and enhances interest rate risk management through borrowings and wholesale funding , which are generally advances from the fhlb and brokered deposits . additionally , the company has enhanced its liquidity management process through increased loan sale activity . during 2020 , the company sold $ 188.6 million of public finance , single tenant lease financing and sba 7 ( a ) guaranteed loans at premiums to book value , as well as a $ 90.8 million pool of residential mortgage loans . during 2019 , the company sold $ 237.5 million of portfolio residential mortgage , single tenant lease financing and public finance loans . these loan sales have provided liquidity to manage overall loan portfolio growth and capital utilization . the company holds cash and investment securities that qualify as liquid assets to maintain adequate liquidity to ensure safe and sound operations and meet its financial commitments .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the company believes it has sufficient liquidity and capital resources to meet its cash and capital expenditure requirements for at least the next twelve months . the company may explore strategic alternatives , including additional asset , deposit or revenue generation channels that complement our commercial and consumer banking platforms , which may require 38 additional capital . if the company is unable to secure such capital at favorable terms , its ability to take advantage of such opportunities could be adversely affected . liquidity management is the process used by the company to manage the continuing flow of funds necessary to meet its financial commitments on a timely basis and at a reasonable cost while also maintaining safe and sound operations . liquidity , represented by cash and investment securities , is a product of the company 's operating , investing and financing activities . the primary sources of funds are deposits , principal and interest payments on loans and investment securities , maturing loans and investment securities , access to wholesale funding sources and collateralized borrowings . while scheduled payments and maturities of loans and investment securities are relatively predictable sources of funds , deposit flows are greatly influenced by interest rates , general economic conditions and competition . therefore , the company supplements deposit growth and enhances interest rate risk management through borrowings and wholesale funding , which are generally advances from the fhlb and brokered deposits . additionally , the company has enhanced its liquidity management process through increased loan sale activity . during 2020 , the company sold $ 188.6 million of public finance , single tenant lease financing and sba 7 ( a ) guaranteed loans at premiums to book value , as well as a $ 90.8 million pool of residential mortgage loans . during 2019 , the company sold $ 237.5 million of portfolio residential mortgage , single tenant lease financing and public finance loans . these loan sales have provided liquidity to manage overall loan portfolio growth and capital utilization . the company holds cash and investment securities that qualify as liquid assets to maintain adequate liquidity to ensure safe and sound operations and meet its financial commitments .
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 Suspicious Activity Report : was partially offset by an $ 11.0 million increase in noninterest expense , a $ 3.4 million increase in provision for loan losses and a $ 2.5 million increase in income tax expense . the increase in net income of $ 3.3 million for the twelve months ended december 31 , 2019 compared to the twelve months ended december 31 , 2018 was due primarily to a $ 8.0 million increase in noninterest income , a $ 0.7 million increase in net interest income and a $ 0.1 million decrease in income tax expense , but was partially offset by a $ 3.5 million increase in noninterest expense and $ 2.1 million increase in provision for loan losses . during the twelve months ended december 31 , 2020 , return on average assets was 0.69 % , compared to 0.65 % for the twelve months ended december 31 , 2019. during the twelve months ended december 31 , 2020 , return on average shareholders ' equity was 9.39 % , compared to 8.52 % for the twelve months ended december 31 , 2019. additionally , for the 23 twelve months ended december 31 , 2020 , return on average tangible common equity was 9.53 % compared to 8.65 % for the twelve months ended december 31 , 2019. these profitability ratios improved during 2020 as net income growth of 16.7 % outpaced total average balance sheet growth of 9.6 % , as well as average shareholders ' equity growth of 5.9 % and average tangible common equity growth of 6.0 % . refer to the `` reconciliation of non-gaap financial measures `` section of item 7 of part ii of this report , management 's discussion and analysis of financial condition and results of operations for additional information . consolidated average balance sheets and net interest income analyses for the periods presented , the following tables provide the average balances of interest-earning assets and interest-bearing liabilities and the related yields and cost of funds . the tables do not reflect any effect of income taxes . balances are based on the average of daily balances . nonaccrual loans are included in average loan balances . replace_table_token_0_th 1 yield on total interest-earning assets minus cost of total interest-bearing liabilities 2 net interest income divided by average interest-earning assets 3 on a fully-taxable equivalent ( `` fte `` ) basis assuming a 21 % tax rate . refer to the `` reconciliation of non-gaap financial measures `` section of item 7 of part ii of this report , management 's discussion and analysis of financial condition and results of operations 24 rate/volume analysis the following table illustrates the impact of changes in the volume of interest-earning assets and interest-bearing liabilities and interest rates on net interest income for the periods indicated . the change in interest not due solely to volume or rate has been allocated in proportion to the absolute dollar amounts of the change in each . rate/volume analysis of net interest income twelve months ended december 31 , 2020 vs. december 31 , 2019 due to changes in twelve months ended december 31 , 2019 vs. december 31 , 2018 due to changes in ( amounts in thousands ) volume rate net volume rate net interest income loans , including loans held-for-sale $ 5,333 $ ( 6,933 ) $ ( 1,600 ) $ 21,689 $ 1,457 $ 23,146 securities – taxable 1,817 ( 4,501 ) ( 2,684 ) 2,047 1,130 3,177 securities – non-taxable ( 64 ) ( 803 ) ( 867 ) 103 ( 318 ) ( 215 ) other earning assets 2,948 ( 8,352 ) ( 5,404 ) 5,922 ( 83 ) 5,839 total 10,034 ( 20,589 ) ( 10,555 ) 29,761 2,186 31,947 interest expense interest-bearing deposits 6,245 ( 19,582 ) ( 13,337 ) 14,172 12,657 26,829 other borrowed funds 583 625 1,208 2,417 2,001 4,418 total 6,828 ( 18,957 ) ( 12,129 ) 16,589 14,658 31,247 increase ( decrease ) in net interest income $ 3,206 $ ( 1,632 ) $ 1,574 $ 13,172 $ ( 12,472 ) $ 700 2020 v. 2019 net interest income for the twelve months ended december 31 , 2020 was $ 64.5 million , an increase of $ 1.6 million , or 2.5 % , compared to $ 63.0 million for the twelve months ended december 31 , 2019. the increase in net interest income was the result of a $ 12.1 million , or 14.4 % , decrease in total interest expense to $ 72.3 million for the twelve months ended december 31 , 2020 compared to $ 84.4 million for the twelve months ended december 31 , 2019. this decrease in total interest expense was partially offset by a $ 10.6 million , or 7.2 % , decrease in total interest income to $ 136.9 million for the twelve months ended december 31 , 2020 compared to $ 147.4 million for the twelve months ended december 31 , 2019. the decrease in total interest expense was driven primarily by a decrease in interest expense related to certificates and brokered deposits and money market accounts . interest expense on certificates and brokered deposits decreased $ 11.9 million , or 21.5 % , due to a decline of 27 bps in the cost of these deposits as well as a $ 263.9 million , or 12.3 % , decrease in the average balance of these deposits . the decrease in certificates and brokered deposit balances was driven by the company 's pricing strategy to reduce the level of these higher cost deposits . the decrease in interest expense related to money market accounts of $ 1.3 million , or 10.1 % , was driven by a decline of 101 bps in the cost of these deposits , partially offset by an increase of $ 518.7 million , or 81.4 % , in the average balance of these deposits . story_separator_special_tag nonaccrual owner-occupied commercial real estate loan that paid off in full during 2020. total nonperforming assets increased $ 1.5 million , or 17.2 % , as of december 31 , 2020 compared to december 31 , 2019 , due primarily to the increase in nonperforming loans discussed above , partially offset by a $ 2.1 million write-down of a legacy commercial oreo property in 2020. the ratio of nonperforming loans to total loans increased to 0.33 % as of december 31 , 2020 compared to 0.23 % as of december 31 , 2019 and the ratio of nonperforming assets to total assets remained 0.22 % as of december 31 , 2020 , consistent with 0.22 % as of december 31 , 2019. total tdrs as of december 31 , 2020 were $ 3.0 million , up $ 2.5 million from december 31 , 2019. the increase was driven by one residential mortgage loan that became a tdr during the second quarter 2020 and one loan relationship in the owner-occupied real estate category that became a tdr during the fourth quarter 2020. as of december 31 , 2019 , the company had one commercial property in oreo with a carrying value of $ 2.1 million which was written-off during 2020. the property consisted of two buildings that were residential units adjacent to a university campus . the company did not have any oreo as of december 31 , 2020. as of december 31 , 2020 , our financial results have reflected little impact on asset quality to date as a result of covid-19 . however , the ultimate impact the pandemic may have on our business and asset quality is still uncertain . we remain optimistic that the combination of government stimulus programs and the relief programs we have provided to our clients will lessen the economic stress on our borrowers . however , if the effects of the pandemic extend for a prolonged period of time , we may experience negative trends in nonperforming loans and assets . non-tdr loan modifications due to covid-19 the “ interagency statement on loan modifications and reporting for financial institutions working with customers affected by the coronavirus ” was issued by our banking regulators on march 22 , 2020. this guidance encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of covid-19 . additionally , section 4013 of the cares act further provides that loan modifications due to the impact of covid-19 that would otherwise be classified as tdrs under gaap will not be so classified . modifications within the scope of this relief are in effect from the period beginning march 1 , 2020 until january 1 , 2022 , or 60 days after the date on which the national emergency related to the covid-19 pandemic formally terminates . in accordance with this guidance , the company offered modifications to borrowers who were both impacted by covid-19 and current on all principal and interest payments . as of december 31 , 2020 , the company had $ 11.9 million in non-tdr loan modifications due to covid-19 . u.s. small business administration paycheck protection program section 1102 of the cares act created the ppp , which is jointly administered by the sba and the department of the treasury . the ppp is designed to provide economic relief to small businesses nationwide adversely impacted by covid-19 . on december 27 , 2020 , the economic aid to hard-hit small businesses , nonprofits , and venues act was enacted , extending the authority to continue to make ppp loans , including a provision for second draw ppp loans , through march 31 , 2021. these loans may be 100 % forgiven if certain conditions , including predefined sba approved use of the funds and certain borrower certifications are satisfied and are fully guaranteed by the sba . as a preferred sba lender , we assisted our clients in 33 participating in the ppp to help them maintain their workforces in an uncertain and challenging environment . the loans originated by us during 2020 bear an interest rate of 1.00 % and we received weighted average origination fees of 3.86 % of the amount funded , or approximately $ 2.3 million in total . the company received this fee revenue from the sba in late june 2020 and it is being deferred over the life of the ppp loans and recognized as interest income . as of december 31 , 2020 , we had 376 ppp loans totaling $ 50.6 million outstanding . as of december 31 , 2020 , the company processed 84 applications for forgiveness from ppp borrowers . on december 27 , 2020 , additional funding was allocated to the ppp through the passage of the economic aid to hard-hit small businesses , nonprofits and venues act . the additional funding can be used by small businesses who have yet to receive a ppp loan as well as certain small businesses who may be eligible to receive a second ppp loan . the company began offering ppp loans again in the first quarter of 2021. the company anticipates that the majority of ppp loans it originates will ultimately be forgiven , in whole or in part , by the sba in accordance with the terms of the program . management anticipates that loan forgiveness applications will continue during 2021. allowance for loan losses replace_table_token_10_th the determination of the allowance for loan losses and the related provision for loan losses are components of our significant accounting policies as discussed within note 1 to the company 's consolidated financial statements . the adequacy of the allowance for loan losses and the provision are based on the review and evaluation of the loan portfolio and reflect management 's assessment of the risks and potential losses within the portfolio . this evaluation considers historical loss experience as well as qualitative factors such as

