the peer group is periodically reviewed , and was revised in the first quarter of 2020 after evaluating financial institutions that we believe better reflect our company , particularly in terms of market capitalization , asset size , employee headcount and loan portfolio composition . the company is in the middle of the group in terms of asset size . the group of 21 midwestern , publicly traded , peer financial institutions against which we compared our performance for 2020 consisted of bank first corporation , civista bancshares , inc. , crossfirst bankshares , inc. , equity bancshares , inc. , farmers national banc corp. , farmers & merchants bancorp , first business financial services , inc. , first financial corp. , first mid bancshares , inc. , german american bancorp , inc. , hills bancorporation , isabella bank corporation , lcnb corp. , level one bancorp , inc. , macatawa bank corporation , mackinac financial corporation , mercantile bank corporation , midwestone financial group , inc. , nicolet bankshares , inc. , peoples bancorp , inc. , and southern missouri bancorp , inc. the company 's goal is to perform at or near the top of this peer group relative to what we consider to be three key metrics : return on average equity , efficiency ratio and texas ratio . we believe these measures encompass the factors that define the performance of a community bank . company and peer results for the key financial performance measures are summarized below . replace_table_token_3_th ( 1 ) as presented , this is a non-gaap financial measure . for further information , refer to the section “ non-gaap financial measures ” of this item . ( 2 ) latest data available . our earnings outlook is positive , and we have strong capital resources . we anticipate the company will be profitable in 2021 at a level that compares with that of our peers . the amount of our future profit is dependent , in large part , on our ability to continue to grow the loan portfolio , the amount of loan losses we incur , fluctuations in market interest rates , the strength of the local and national economy , and the economic recovery from the covid-19 pandemic . the following discussion describes the consolidated operations and financial condition of the company , including its subsidiary west bank and west bank 's special purpose subsidiaries . results of operations for the year ended december 31 , 2020 are compared to the results for the year ended december 31 , 2019 and the consolidated financial condition of the company as of december 31 , 2020 is compared to december 31 , 2019. results of operations for the year ended december 31 , 2019 compared to the results for the year ended december 31 , 2018 can be found in item 7 - management 's discussion and analysis of financial condition and results of operations of the company 's 2019 annual report on form 10-k filed with the sec on february 27 , 2020. significant developments - impact of covid-19 the covid-19 pandemic , and efforts to contain it , have had a complex and significant adverse impact on the economy , the banking industry and the company . the impact on future fiscal periods is subject to a high degree of uncertainty . 32 ( dollars in thousands , except per share amounts ) effects on our market areas . our commercial and consumer banking products and services are offered primarily in iowa and minnesota , where individual and government responses to the covid-19 pandemic led to broad curtailment of economic activity beginning in march 2020. in iowa and minnesota , schools closed for the remainder of the school year , most retail establishments , including restaurants and entertainment venues , were ordered to close for varying lengths of time , and travel and non-critical healthcare services were significantly curtailed . since the initial shut down in march 2020 , phased reopening plans began in mid-may subject to public health reopening guidelines , including social distancing and limitations on capacity . schools and colleges have reopened under various in-person , online and hybrid learning models . recent increases in covid-19 transmission has lead to additional targeted closures and restrictions . these measures have had a lasting impact on the economies of and customers located in these states . the bank remained open during the closures as banks had been identified as essential services . initially , the bank continued to serve its customers through its drive-ups and video teller machines and inside its branch offices by appointment only . our full service branch lobbies reopened to walk-in customer activity in june 2020. both states in our market areas experienced increases in unemployment levels in 2020 as a result of the curtailment of business activities . unemployment in iowa was 3.1 percent in december 2020 , after peaking at 11.0 percent in april 2020 , according to the iowa workforce development . unemployment in minnesota was 4.4 percent in december 2020 , after peaking at 9.9 percent in may 2020 , according to the minnesota department of employment and economic development . policy and regulatory developments . federal , state and local governments and regulatory authorities have enacted and issued a range of policy responses to the covid-19 pandemic , including the following : the federal reserve decreased the range for the federal funds target rate by 0.5 percent on march 3 , 2020 , and by another 1.0 percent on march 16 , 2020 , reaching a current range of 0.0 - 0.25 percent . on march 27 , 2020 , president trump signed the cares act , which established a $ 2 trillion economic stimulus package , including cash payments to individuals , supplemental unemployment insurance benefits and a $ 349 billion loan program administered through the sba , referred to as the ppp . story_separator_special_tag management believes the presentation of this non-gaap measure provides supplemental useful information for proper understanding of the financial results , as it enhances the comparability of income arising from taxable and nontaxable sources . ( 2 ) the efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income , excluding specific noninterest income and expenses . management believes the presentation of this non-gaap measure provides supplemental useful information for proper understanding of the financial performance . it is a standard measure of comparison within the banking industry . 37 ( dollars in thousands , except per share amounts ) results of operations - 2020 compared to 2019 overview net income for the year ended december 31 , 2020 , was $ 32,712 , compared to $ 28,690 for the year ended december 31 , 2019. basic and diluted earnings per common share for 2020 were $ 1.99 and $ 1.98 , respectively , and were $ 1.75 and 1.74 , respectively for 2019. the increase in 2020 net income compared to 2019 was primarily the result of higher net interest income and noninterest income , partially offset by an increase in provision for loan losses . net interest income grew $ 16,403 , or 24.7 percent , in 2020 compared to 2019. the increase in net interest income was primarily due to the decrease in interest expense on deposits and other borrowings . interest expense decreased $ 14,845 , or 46.0 percent , compared to 2019 , primarily due to the federal reserve 's reductions in the targeted federal funds rate that occurred in march 2020 in response to the covid-19 pandemic . in response to the economic conditions and reduction in market interest rates , west bank lowered its interest rates in march 2020 in almost all deposit categories . the company recorded a provision for loan losses of $ 12,000 in 2020 compared to a provision for loan losses of $ 600 in 2019. the increase in the provision for loan losses was due to the uncertainty surrounding economic conditions as a result of the covid-19 pandemic and slow economic recovery in the hotel and entertainment industries , and an increase in specific reserves on impaired loans . noninterest income increased $ 1,284 , or 15.4 percent , in 2020 compared to 2019 , primarily due to loan swap fees earned on back-to-back interest rate swaps and realized investment securities gains in 2020 , compared to losses in 2019. noninterest expense grew $ 648 , or 1.7 percent , in 2020 compared to 2019 , primarily due to an increase in fdic insurance expense . the company has consistently used the efficiency ratio as one of its key financial metrics to measure expense control . for the year ended december 31 , 2020 , the company 's efficiency ratio decreased to 41.96 percent from the prior year 's ratio of 50.96 percent . this ratio is computed by dividing noninterest expense ( excluding other real estate owned expense and write-down of premises ) by the sum of tax-equivalent net interest income plus noninterest income ( excluding net investment securities gains or losses and gains or losses on disposition of premises and equipment ) , and a lower ratio is better . the higher efficiency ratio in 2019 was attributable to our expansion of operations in the three new minnesota markets of owatonna , mankato and st. cloud . in march 2019 , the company began operations in these three new minnesota markets . the financial results of 2019 included certain operational and business development costs directly related to the minnesota expansion totaling approximately $ 2.8 million on a pretax basis , while net interest income and fee income in these markets was approximately $ 1.1 million in 2019. the expense drag from the ramp up of these operations resulted in a higher than normal efficiency ratio in 2019. we entered 2020 with profitable operations in these new markets . the lower efficiency ratio in 2020 , compared to 2019 , was primarily the result of profitable operations in the new minnesota markets and the decrease in interest expense , which was attributable to the federal reserve 's reductions in the federal funds rate . the texas ratio , which is the ratio of nonperforming assets to tangible common equity plus the allowance for loan losses , increased to 6.40 percent as of december 31 , 2020 , compared to 0.23 percent as of december 31 , 2019. a lower texas ratio indicates a stronger credit quality condition . the increase in our texas ratio in 2020 was primarily due to an increase in nonaccrual loans resulting from the downgrade in the credit quality of one borrower due to the severe economic impact of covid-19 on its business . for more discussion on loan quality , see the “ loan portfolio ” and “ summary of the allowance for loan losses ” sections in this item of this form 10-k. 38 ( dollars in thousands , except per share amounts ) net interest income net interest income increased to $ 82,833 for 2020 from $ 66,430 for 2019 , as the impact of the growth of interest-earning assets and decrease in average rate paid on interest-bearing liabilities exceeded the effects of an increase in average balance of interest-bearing liabilities and decrease in average yields on interest-earning assets . the net interest margin for 2020 increased 25 basis points to 3.20 percent compared to 2.95 percent for 2019. the average yield on earning ass ets decreased by 51 basis points , while the rate paid on interest-bearing liabilitie s decreased by 91 basis points . the primary driver of the increase in the net interest margin was a decrease in interest rates paid on deposits and other borrowed funds and an increase in average loan balances , partially offset by a decrease in yield on loans and investments . the federal reserve

liquidity and capital resources the objective of liquidity management is to ensure the availability of sufficient cash flows to meet all financial commitments and to capitalize on opportunities for profitable business expansion . the company 's principal source of funds is deposits . other sources include loan principal repayments , proceeds from the maturity and sale of investment securities , principal payments on amortizing securities , federal funds purchased , advances from the fhlb , and funds provided by operations . liquidity management is conducted on both a daily and a long-term basis . investments in liquid assets are adjusted based on expected loan demand , projected loan and investment securities maturities and payments , expected deposit flows and the objectives set by west bank 's asset-liability management policy . the company experienced a significant increase in deposits in the fourth quarter of 2020. those deposits resulted in a significant increase in liquidity and total assets as of december 31 , 2020 compared to december 31 , 2019. we believe that deposit levels could decrease in 2021 as a result of the distressed economic conditions in our market areas relating to the covid-19 pandemic , low interest rates and customers ' utilization of liquidity . the company believes there could be potential stresses on liquidity management on a longer-term basis as a direct result of the duration of the covid-19 pandemic . as customers manage their own liquidity needs , we could experience an increase in the utilization of existing lines of credit .


 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 objective of liquidity management is to ensure the availability of sufficient cash flows to meet all financial commitments and to capitalize on opportunities for profitable business expansion . the company 's principal source of funds is deposits . other sources include loan principal repayments , proceeds from the maturity and sale of investment securities , principal payments on amortizing securities , federal funds purchased , advances from the fhlb , and funds provided by operations . liquidity management is conducted on both a daily and a long-term basis . investments in liquid assets are adjusted based on expected loan demand , projected loan and investment securities maturities and payments , expected deposit flows and the objectives set by west bank 's asset-liability management policy . the company experienced a significant increase in deposits in the fourth quarter of 2020. those deposits resulted in a significant increase in liquidity and total assets as of december 31 , 2020 compared to december 31 , 2019. we believe that deposit levels could decrease in 2021 as a result of the distressed economic conditions in our market areas relating to the covid-19 pandemic , low interest rates and customers ' utilization of liquidity . the company believes there could be potential stresses on liquidity management on a longer-term basis as a direct result of the duration of the covid-19 pandemic . as customers manage their own liquidity needs , we could experience an increase in the utilization of existing lines of credit .
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 Suspicious Activity Report : the peer group is periodically reviewed , and was revised in the first quarter of 2020 after evaluating financial institutions that we believe better reflect our company , particularly in terms of market capitalization , asset size , employee headcount and loan portfolio composition . the company is in the middle of the group in terms of asset size . the group of 21 midwestern , publicly traded , peer financial institutions against which we compared our performance for 2020 consisted of bank first corporation , civista bancshares , inc. , crossfirst bankshares , inc. , equity bancshares , inc. , farmers national banc corp. , farmers & merchants bancorp , first business financial services , inc. , first financial corp. , first mid bancshares , inc. , german american bancorp , inc. , hills bancorporation , isabella bank corporation , lcnb corp. , level one bancorp , inc. , macatawa bank corporation , mackinac financial corporation , mercantile bank corporation , midwestone financial group , inc. , nicolet bankshares , inc. , peoples bancorp , inc. , and southern missouri bancorp , inc. the company 's goal is to perform at or near the top of this peer group relative to what we consider to be three key metrics : return on average equity , efficiency ratio and texas ratio . we believe these measures encompass the factors that define the performance of a community bank . company and peer results for the key financial performance measures are summarized below . replace_table_token_3_th ( 1 ) as presented , this is a non-gaap financial measure . for further information , refer to the section “ non-gaap financial measures ” of this item . ( 2 ) latest data available . our earnings outlook is positive , and we have strong capital resources . we anticipate the company will be profitable in 2021 at a level that compares with that of our peers . the amount of our future profit is dependent , in large part , on our ability to continue to grow the loan portfolio , the amount of loan losses we incur , fluctuations in market interest rates , the strength of the local and national economy , and the economic recovery from the covid-19 pandemic . the following discussion describes the consolidated operations and financial condition of the company , including its subsidiary west bank and west bank 's special purpose subsidiaries . results of operations for the year ended december 31 , 2020 are compared to the results for the year ended december 31 , 2019 and the consolidated financial condition of the company as of december 31 , 2020 is compared to december 31 , 2019. results of operations for the year ended december 31 , 2019 compared to the results for the year ended december 31 , 2018 can be found in item 7 - management 's discussion and analysis of financial condition and results of operations of the company 's 2019 annual report on form 10-k filed with the sec on february 27 , 2020. significant developments - impact of covid-19 the covid-19 pandemic , and efforts to contain it , have had a complex and significant adverse impact on the economy , the banking industry and the company . the impact on future fiscal periods is subject to a high degree of uncertainty . 32 ( dollars in thousands , except per share amounts ) effects on our market areas . our commercial and consumer banking products and services are offered primarily in iowa and minnesota , where individual and government responses to the covid-19 pandemic led to broad curtailment of economic activity beginning in march 2020. in iowa and minnesota , schools closed for the remainder of the school year , most retail establishments , including restaurants and entertainment venues , were ordered to close for varying lengths of time , and travel and non-critical healthcare services were significantly curtailed . since the initial shut down in march 2020 , phased reopening plans began in mid-may subject to public health reopening guidelines , including social distancing and limitations on capacity . schools and colleges have reopened under various in-person , online and hybrid learning models . recent increases in covid-19 transmission has lead to additional targeted closures and restrictions . these measures have had a lasting impact on the economies of and customers located in these states . the bank remained open during the closures as banks had been identified as essential services . initially , the bank continued to serve its customers through its drive-ups and video teller machines and inside its branch offices by appointment only . our full service branch lobbies reopened to walk-in customer activity in june 2020. both states in our market areas experienced increases in unemployment levels in 2020 as a result of the curtailment of business activities . unemployment in iowa was 3.1 percent in december 2020 , after peaking at 11.0 percent in april 2020 , according to the iowa workforce development . unemployment in minnesota was 4.4 percent in december 2020 , after peaking at 9.9 percent in may 2020 , according to the minnesota department of employment and economic development . policy and regulatory developments . federal , state and local governments and regulatory authorities have enacted and issued a range of policy responses to the covid-19 pandemic , including the following : the federal reserve decreased the range for the federal funds target rate by 0.5 percent on march 3 , 2020 , and by another 1.0 percent on march 16 , 2020 , reaching a current range of 0.0 - 0.25 percent . on march 27 , 2020 , president trump signed the cares act , which established a $ 2 trillion economic stimulus package , including cash payments to individuals , supplemental unemployment insurance benefits and a $ 349 billion loan program administered through the sba , referred to as the ppp . story_separator_special_tag management believes the presentation of this non-gaap measure provides supplemental useful information for proper understanding of the financial results , as it enhances the comparability of income arising from taxable and nontaxable sources . ( 2 ) the efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income , excluding specific noninterest income and expenses . management believes the presentation of this non-gaap measure provides supplemental useful information for proper understanding of the financial performance . it is a standard measure of comparison within the banking industry . 37 ( dollars in thousands , except per share amounts ) results of operations - 2020 compared to 2019 overview net income for the year ended december 31 , 2020 , was $ 32,712 , compared to $ 28,690 for the year ended december 31 , 2019. basic and diluted earnings per common share for 2020 were $ 1.99 and $ 1.98 , respectively , and were $ 1.75 and 1.74 , respectively for 2019. the increase in 2020 net income compared to 2019 was primarily the result of higher net interest income and noninterest income , partially offset by an increase in provision for loan losses . net interest income grew $ 16,403 , or 24.7 percent , in 2020 compared to 2019. the increase in net interest income was primarily due to the decrease in interest expense on deposits and other borrowings . interest expense decreased $ 14,845 , or 46.0 percent , compared to 2019 , primarily due to the federal reserve 's reductions in the targeted federal funds rate that occurred in march 2020 in response to the covid-19 pandemic . in response to the economic conditions and reduction in market interest rates , west bank lowered its interest rates in march 2020 in almost all deposit categories . the company recorded a provision for loan losses of $ 12,000 in 2020 compared to a provision for loan losses of $ 600 in 2019. the increase in the provision for loan losses was due to the uncertainty surrounding economic conditions as a result of the covid-19 pandemic and slow economic recovery in the hotel and entertainment industries , and an increase in specific reserves on impaired loans . noninterest income increased $ 1,284 , or 15.4 percent , in 2020 compared to 2019 , primarily due to loan swap fees earned on back-to-back interest rate swaps and realized investment securities gains in 2020 , compared to losses in 2019. noninterest expense grew $ 648 , or 1.7 percent , in 2020 compared to 2019 , primarily due to an increase in fdic insurance expense . the company has consistently used the efficiency ratio as one of its key financial metrics to measure expense control . for the year ended december 31 , 2020 , the company 's efficiency ratio decreased to 41.96 percent from the prior year 's ratio of 50.96 percent . this ratio is computed by dividing noninterest expense ( excluding other real estate owned expense and write-down of premises ) by the sum of tax-equivalent net interest income plus noninterest income ( excluding net investment securities gains or losses and gains or losses on disposition of premises and equipment ) , and a lower ratio is better . the higher efficiency ratio in 2019 was attributable to our expansion of operations in the three new minnesota markets of owatonna , mankato and st. cloud . in march 2019 , the company began operations in these three new minnesota markets . the financial results of 2019 included certain operational and business development costs directly related to the minnesota expansion totaling approximately $ 2.8 million on a pretax basis , while net interest income and fee income in these markets was approximately $ 1.1 million in 2019. the expense drag from the ramp up of these operations resulted in a higher than normal efficiency ratio in 2019. we entered 2020 with profitable operations in these new markets . the lower efficiency ratio in 2020 , compared to 2019 , was primarily the result of profitable operations in the new minnesota markets and the decrease in interest expense , which was attributable to the federal reserve 's reductions in the federal funds rate . the texas ratio , which is the ratio of nonperforming assets to tangible common equity plus the allowance for loan losses , increased to 6.40 percent as of december 31 , 2020 , compared to 0.23 percent as of december 31 , 2019. a lower texas ratio indicates a stronger credit quality condition . the increase in our texas ratio in 2020 was primarily due to an increase in nonaccrual loans resulting from the downgrade in the credit quality of one borrower due to the severe economic impact of covid-19 on its business . for more discussion on loan quality , see the “ loan portfolio ” and “ summary of the allowance for loan losses ” sections in this item of this form 10-k. 38 ( dollars in thousands , except per share amounts ) net interest income net interest income increased to $ 82,833 for 2020 from $ 66,430 for 2019 , as the impact of the growth of interest-earning assets and decrease in average rate paid on interest-bearing liabilities exceeded the effects of an increase in average balance of interest-bearing liabilities and decrease in average yields on interest-earning assets . the net interest margin for 2020 increased 25 basis points to 3.20 percent compared to 2.95 percent for 2019. the average yield on earning ass ets decreased by 51 basis points , while the rate paid on interest-bearing liabilitie s decreased by 91 basis points . the primary driver of the increase in the net interest margin was a decrease in interest rates paid on deposits and other borrowed funds and an increase in average loan balances , partially offset by a decrease in yield on loans and investments . the federal reserve

