Peoples Security Bank and Trust Company is sometimes referred to as "Peoples Bank." During 2020, we approved 1,450 PPP loans totaling $217.5 million. We generate interest income from our loan and securities portfolios. We also offer unsecured loans and lines of credit with terms up to five years. -9- Table of ContentsAdjustable-Rate Loans. We attempt to negotiate floors on most adjustable rate commercial loans. Loan Approval Procedures and Authority. At December 31, 2020, our regulatory limit on loans to one borrower was $46.2 million. The response of governmental authorities. Our credit, operational, and other risks are generally expected to increase. Changes in the value of goodwill and intangible assets could reduce our earnings. Our profitability depends upon our ability to successfully compete in our market area. We rely heavily on our executive officers and employees. In addition, a significant portion of our loan portfolio is secured by real property. We also have substantial ongoing business relationships with other third parties. There is no assurance that Peoples Bank will be able to pay dividends. Accordingly, our results of operations may be adversely effected.
