Exhibit 99.1
| FOR IMMEDIATE RELEASE |
900 S. Shackleford, Suite 401 Little Rock, AR 72211 | FOR FURTHER INFORMATION CONTACT: Mark McFatridge | CEO Matt Machen | CFO 501.975.6011 |
Bear State Financial, Inc. Announces Third Quarter 2015 Earnings
QUARTER HIGHLIGHTS:
| | ● | Third quarter2015GAAP net income was $3.2 million or $0.10 per diluted common share, compared toGAAP net income of $22.7 million or $0.68 per diluted common share for the third quarter of 2014. Net income for the third quarter of 2014 included a non-recurring income tax benefit of $20.3 million. |
| | ● | Third quarter 2015 GAAP pre-tax earnings were $4.7 millioncompared to pre-tax earnings of $2.4 million in the third quarter of 2014. |
| | ● | Book value per common share was $5.36 atSeptember 30,2015, an8% increase from $4.96 atSeptember 30, 2014. |
| | ● | Tangible book value per common share was $4.38 at September 30, 2015, an 11% increase from $3.96 at September 30, 2014. |
| | ● | Bear State Financial, Inc. completed its acquisition of Metropolitan National Bank (Springfield, MO) on October 1, 2015. |
Little Rock, AR– November 5, 2015 – Bear State Financial, Inc. (the “Company,” NASDAQ:BSF), today reported earnings of $3.2 million and earnings per diluted common share of $0.10 in the third quarter of 2015, compared to earnings of $22.7 million or $0.68 per diluted common share in the third quarter of 2014. Net income for the third quarter of 2014 included a non-recurring income tax benefit of $20.3 million primarily resulting from the reversal of the Company’s valuation allowance against its deferred tax assets. Pre-tax income for the third quarter of 2015 was $4.7 million compared to pre-tax income of $2.4 million in the third quarter of 2014.
On October 1, 2015, the Company completed its previously-announced acquisition of Metropolitan National Bank (Springfield, MO) (“MNB”). In connection with and effective upon the MNB acquisition, Mark McFatridge, CEO of MNB, was appointed President and CEO of the Company and Bear State Bank, N.A., the Company’s wholly-owned bank subsidiary (“Bear State Bank”). In addition, McFatridge and John Ghirardelli, a member of the Board of Directors of MNB, were also elected to the respective Boards of Directors of the Company and Bear State Bank.
The Company plans to convert MNB systems to its core technology platform, and, subject to regulatory approval, consolidate its two banking charters to a single charter. The Company anticipates the conversion and charter consolidation to be substantially completed by the second quarter of 2016.
As of September 30, 2015, MNB had approximately $455 million of total assets, $370 million of net loans and $370 million of deposits. Following the consummation of the MNB acquisition on October 1, 2015, the Company and its consolidated subsidiaries will have approximately $2 billion in total assets, 55 total branches (41 branches throughout Arkansas, 2 branches in Southeast Oklahoma and 12 branches in Southwest Missouri) and three loan production offices in Arkansas and one in Missouri.
“This is a great time to be with Bear State Financial,” said Mark McFatridge, CEO. “Bear State continues to build on our strong foundation while making solid progress in achieving our goals with respect to improved operational efficiency. Our teams are working diligently toward making the integration of Metropolitan National Bank a non-event for our customers. Additionally, we continue to invest in systems and processes that will allow us to facilitate a simpler and more responsive operational environment in order to realize efficiencies that will benefit our organization long term.”
FINANCIAL CONDITION
Total assets were $1.47 billion at September 30, 2015, a 4% decrease compared to $1.53 billion at September 30, 2014. Total deposits were $1.21 billion at September 30, 2015, a 5% decrease compared to $1.28 billion at September 30, 2014. The decrease in deposits is due, in part, to management’s efforts to reduce unprofitable to marginally profitable accounts and more efficiently manage its deposit base. Total loans were $1.08 billion at September 30, 2015, an increase of $14 million, or 1%, from September 30, 2014. While loan opportunities are abundant in the Company’s markets, management has deliberately chosen not to pursue a majority of these opportunities due to unacceptable levels of rate and/or credit risk.
Total stockholders’ equity was $179 million at September 30, 2015, an 8% increase from $165 million at September 30, 2014. Tangible common stockholders’ equity was $146 million at September 30, 2015, an 11% increase from $132 million at September 30, 2014. Book value per common share was $5.36 at September 30, 2015, an 8% increase from $4.96 at September 30, 2014. Tangible book value per common share was $4.38 at September 30, 2015, an 11% increase from $3.96 at September 30, 2014. The Company’s ratio of total stockholders’ equity to total assets increased to 12.15% at September 30, 2015, compared to 10.82% at September 30, 2014. The calculation of the Company’s tangible book value per common share, tangible common stockholders’ equity and the reconciliation of such non-GAAP financial measures to the most comparable GAAP measures are included in the schedules accompanying this release.
RESULTS OF OPERATIONS
Third quarter 2015 core earnings totaled $3.3 million or $0.10 per diluted common share, compared to core earnings of $4.1 million or $0.12 per diluted common share in the third quarter of 2014. The core return on average assets measured 0.90% and 1.09%; core return on average equity measured 7.41% and 11.12%; and core return on average tangible equity measured 9.07% and 14.42%, each for the third quarters of 2015 and 2014, respectively.
Pre-tax income on a GAAP basis for the third quarter of 2015 was $4.7 million compared to pre-tax income on a GAAP basis of $2.4 million in the third quarter of 2014. The Company recognized third quarter 2015 GAAP net income of $3.2 million or $0.10 per diluted common share compared to GAAP net income of $22.7 million or $0.68 per diluted common share in the third quarter of 2014. The GAAP net income resulted in a GAAP return on average assets of0.87% in the third quarter of 2015, compared to 6.02% in the third quarter of 2014. GAAP net income includes what the Company considers “non-core items,” which are items that we do not consider indicative of our core operating performance and which are not necessarily comparable from year to year. The reconciliation of GAAP net income and core earnings, a non-GAAP financial measure, together with related financial measures and ratios is included in the schedules accompanying this release.
Net interest income for the third quarter of 2015 was $12.2 million, compared to $14.7 million for the same period in 2014. Net interest income for the nine months ended September 30, 2015 was $36.8 million, compared to $24 million for the same period in 2014. Interest income for the third quarter of 2015 was $13.7 million compared to $16.2 million for the same period in 2014. Interest income for the nine months ended September 30, 2015 was $41.4 million compared to $27.5 million for the same period in 2014. The increase in interest income for the nine months ended September 30, 2015, compared to the same period in 2014, was primarily related to increases in the average balances of loans receivable and investment securities as a result of the merger with First National Security Company (“First National”) on June 13, 2014. Interest expense for the third quarter of 2015 was $1.5 million compared to $1.6 million for the same period in 2014. Interest expense for the nine months ended September 30, 2015 was $4.6 million compared to $3.5 million for the same period in 2014. The increase in interest expense for the nine months ended September 30, 2015 compared to the same period in 2014 was primarily due to an increase in the average balance of deposit accounts and borrowings as a result of the First National merger.
Net interest margin measured 3.74% for the third quarter 2015, compared to 4.44% for the same period in 2014. Net interest margin for the nine months ended September 30, 2015 was 3.76%, compared to 3.84% for the same period in 2014. Average cost of total interest-bearing liabilities for the nine months ended September 30, 2015 was 0.55%, compared to 0.63% for the same period 2014.
Noninterest income is generated primarily through deposit account fee income, profit on sale of loans, and earnings on life insurance policies. Total noninterest income of $3.3 million for the three months ended September 30, 2015 decreased from $3.6 million for the same period in 2014, a 9% decrease. Total noninterest income of $9.8 million for the nine months ended September 30, 2015 increased from $6.7 million for the same period in 2014, a 48% increase. The increase in the nine month comparison period was primarily due to an increase in deposit fee income and gain on sale of loans. The increase in deposit fee income was primarily due to an increase in deposit accounts resulting from the merger with First National. The increase in gain on sale of loans was due to an increase in the number of and the average profit on mortgage loans sold.
Total noninterest expense decreased $4.9 million or 32% during the third quarter of 2015 compared to the third quarter of 2014. The variance in total noninterest expense for the three month period ended September 30, 2015 compared to the same period in 2014 was primarily the result of a decrease of approximately $4.1 million in non-core expenses incurred during the third quarter of 2014 and a benefit from expense savings following the Company’s consolidation of its three subsidiary banks into a single charter during the first quarter of 2015. Total noninterest expense increased $3.3 million or 11% during the nine months ended September 30, 2015 compared to the same period in 2014. The variance in total noninterest expense for the nine months ended September 30, 2015 compared to the same period in 2014 was primarily related to the increase in personnel and overhead costs resulting from the merger with First National. The Company’s core efficiency ratio was 66% in the third quarter of 2015 compared to 61% in the third quarter of 2014.
Nonperforming assets increased to $19.1 million at September 30, 2015, compared to $15.0 million at September 30, 2014. The increase in nonperforming assets is primarily attributable to a single relationship that management has been actively monitoring. The Company anticipates a resolution of this matter within the next six months and management believes that reserves adequately reflect its estimated loss exposure. The allowance for loan losses represented 1.30% of total loans at September 30, 2015, compared to 1.22% at September 30, 2014. The ratio of allowance for loan losses plus discount on acquired loans to total loans was 1.97% at September 30, 2015, compared to 2.52% at September 30, 2014. The ratio of the allowance for loan losses to nonperforming loans was 83.18% at September 30, 2015, compared to 136.79% at September 30, 2014. Annualized net charge-offs as a percentage of average loans for the quarter ended September 30, 2015 was 0.08% compared to 0.01% for the quarter ended September 30, 2014. Provision for loan losses in the third quarter of 2015 was $331,000, compared to $600,000 for the same period in 2014. Provision for loans losses for the nine months ended September 30, 2015 was $931,000, compared to $830,000 for the same period in 2014.
About Bear State Financial, Inc.
Bear State Financial, Inc. is the parent company for Bear State Bank, and effective October 1, 2015, for Metropolitan National Bank. Bear State Financial common stock is traded on the NASDAQ Global Market under the symbol BSF. For more information on Bear State Financial, please visitwww.bearstatefinancial.com. Its principal subsidiaries are community oriented financial institutions providing a broad line of financial products to individuals and business customers. Bear State Bank operates 43 branches and three loan production offices throughout Arkansas and Southeast Oklahoma. Metropolitan National Bank operates 12 branches and one loan production office in Southwest Missouri.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures in addition to results presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders. The Company utilizes the non-GAAP measure of core earnings, which management believes is useful in evaluating operating trends, including components of core revenue and core expense. Core earnings and its components exclude amounts that the Company views as unrelated to its normalized operations. The Company also reports certain non-GAAP equity measures (including tangible stockholders’ equity, tangible book value per common share and related ratios) that exclude intangible assets from their calculation due to the importance of these non-GAAP measures to the investment community. A reconciliation of non-GAAP financial measures to GAAP measures is included in the accompanying financial tables.
Forward-Looking Statements
This press release contains statements about future events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of theSecurities Exchange Act of 1934, including, without limitation, statements regarding the integration of MNB and the consolidation of the MNB and Bear State Bank charters.Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,”“anticipate,”“expect,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed inthe Company’s filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance ofBear State Bank’sand MNB’spricing, products and services, and with respect to the loans extended byBear StateBank and MNB and real estate owned, market prices of the property securing loans and the costs of collection and sales.The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.The Companydoes not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
BEAR STATE FINANCIAL, INC. | |
SELECTED CONSOLIDATED FINANCIAL DATA - UNAUDITED | |
(In thousands, except share data) | |
| | | September | | | June | | | March | | | December | | | September | |
| | | 2015 | | | 2015 | | | 2015 | | | 2014 | | | 2014 | |
| | | | | | | | | | | | | | | | | | | | | |
Balance sheet data, at quarter end: | | | | | | | | | | | | | | | | | | | | |
Commercial real estate - mortgage loans | | $ | 401,044 | | | $ | 378,878 | | | $ | 388,043 | | | $ | 415,155 | | | $ | 423,925 | |
Consumer real estate - mortgage loans | | | 309,951 | | | | 307,183 | | | | 315,082 | | | | 320,254 | | | | 318,508 | |
Farmland | | | 53,192 | | | | 48,058 | | | | 50,244 | | | | 47,199 | | | | 48,892 | |
Construction and land development | | | 93,688 | | | | 103,094 | | | | 100,918 | | | | 98,594 | | | | 89,165 | |
Commercial and industrial loans | | | 186,772 | | | | 185,266 | | | | 152,913 | | | | 139,871 | | | | 149,073 | |
Consumer and other | | | 32,428 | | | | 32,455 | | | | 32,613 | | | | 33,809 | | | | 33,268 | |
Total loans | | | 1,077,075 | | | | 1,054,934 | | | | 1,039,813 | | | | 1,054,882 | | | | 1,062,831 | |
Allowance for loan losses | | | (13,975 | ) | | | (13,854 | ) | | | (13,762 | ) | | | (13,660 | ) | | | (12,964 | ) |
Investment securities | | | 164,564 | | | | 182,525 | | | | 176,599 | | | | 174,218 | | | | 190,376 | |
Goodwill | | | 25,717 | | | | 25,717 | | | | 25,717 | | | | 25,717 | | | | 25,801 | |
Core deposit intangible, net | | | 6,869 | | | | 7,026 | | | | 7,182 | | | | 7,338 | | | | 7,494 | |
Total assets | | | 1,470,725 | | | | 1,451,281 | | | | 1,477,597 | | | | 1,514,595 | | | | 1,528,387 | |
Noninterest-bearing deposits | | | 173,525 | | | | 168,225 | | | | 176,924 | | | | 180,136 | | | | 169,962 | |
Total deposits | | | 1,209,176 | | | | 1,208,800 | | | | 1,236,258 | | | | 1,263,797 | | | | 1,277,306 | |
Short term borrowings | | | 10,366 | | | | 3,530 | | | | 5,576 | | | | 12,083 | | | | 12,081 | |
FHLB advances | | | 49,457 | | | | 41,591 | | | | 38,936 | | | | 43,095 | | | | 49,783 | |
Other borrowings | | | 18,843 | | | | 18,450 | | | | 18,706 | | | | 18,163 | | | | 19,519 | |
Total stockholders' equity | | | 178,670 | | | | 174,831 | | | | 173,128 | | | | 170,454 | | | | 165,419 | |
| | | | | | | | | | | | | | | | | | | | | |
Balance sheet data, quarterly averages: | | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 1,077,500 | | | $ | 1,059,235 | | | $ | 1,045,946 | | | $ | 1,059,636 | | | $ | 1,045,076 | |
Investment securities | | | 180,831 | | | | 189,285 | | | | 183,857 | | | | 183,735 | | | | 213,813 | |
Total earning assets | | | 1,294,619 | | | | 1,294,523 | | | | 1,325,125 | | | | 1,350,646 | | | | 1,309,259 | |
Goodwill | | | 25,717 | | | | 25,717 | | | | 25,717 | | | | 25,773 | | | | 25,612 | |
Core deposit intangible, net | | | 6,972 | | | | 7,127 | | | | 7,284 | | | | 7,441 | | | | 7,773 | |
Total assets | | | 1,466,342 | | | | 1,468,521 | | | | 1,504,716 | | | | 1,525,455 | | | | 1,493,527 | |
Noninterest-bearing deposits | | | 176,219 | | | | 173,248 | | | | 175,457 | | | | 178,286 | | | | 170,310 | |
Interest-bearing deposits | | | 1,036,330 | | | | 1,055,200 | | | | 1,072,255 | | | | 1,106,867 | | | | 1,096,212 | |
Total deposits | | | 1,212,549 | | | | 1,228,448 | | | | 1,247,712 | | | | 1,285,153 | | | | 1,266,522 | |
Short term borrowings | | | 6,166 | | | | 4,481 | | | | 11,902 | | | | 11,992 | | | | 14,763 | |
FHLB Advances | | | 47,614 | | | | 38,625 | | | | 50,206 | | | | 37,942 | | | | 47,559 | |
Other borrowings | | | 18,641 | | | | 18,564 | | | | 18,482 | | | | 19,552 | | | | 14,675 | |
Total stockholders' equity | | | 177,824 | | | | 175,025 | | | | 172,811 | | | | 166,793 | | | | 145,737 | |
| | | | | | | | | | | | | | | | | | | | | |
Statement of operation data for the three months ended: | | | | | | | | | | | | | | | | | |
Interest income | | $ | 13,749 | | | $ | 13,523 | | | $ | 14,106 | | | $ | 14,945 | | | $ | 16,223 | |
Interest expense | | | 1,529 | | | | 1,563 | | | | 1,528 | | | | 1,627 | | | | 1,567 | |
Net interest income | | | 12,220 | | | | 11,960 | | | | 12,578 | | | | 13,318 | | | | 14,656 | |
Provision for loan losses | | | 331 | | | | 300 | | | | 300 | | | | 758 | | | | 600 | |
Net interest income after provision for loan losses | | | 11,889 | | | | 11,660 | | | | 12,278 | | | | 12,560 | | | | 14,056 | |
Noninterest income | | | 3,318 | | | | 3,397 | | | | 3,111 | | | | 3,382 | | | | 3,631 | |
Noninterest expense | | | 10,465 | | | | 11,273 | | | | 12,237 | | | | 11,387 | | | | 15,324 | |
Income before taxes | | | 4,742 | | | | 3,784 | | | | 3,152 | | | | 4,555 | | | | 2,363 | |
Income tax expense | | | 1,529 | | | | 1,253 | | | | 885 | | | | (259 | ) | | | (20,312 | ) |
Net income | | $ | 3,213 | | | $ | 2,531 | | | $ | 2,267 | | | $ | 4,814 | | | $ | 22,675 | |
BEAR STATE FINANCIAL, INC. | |
SELECTED CONSOLIDATED FINANCIAL DATA - UNAUDITED | |
(In thousands, except share data) | |
| | | September | | | June | | | March | | | December | | | September | |
| | | 2015 | | | 2015 | | | 2015 | | | 2014 | | | 2014 | |
| | | | | | | | | | | | | | | | | | | | | |
Common stock data: | | | | | | | | | | | | | | | | | | | | |
Core earnings per share, diluted | | $ | 0.10 | | | $ | 0.09 | | | $ | 0.08 | | | $ | 0.10 | | | $ | 0.12 | |
Net income per share, diluted | | $ | 0.10 | | | $ | 0.08 | | | $ | 0.07 | | | $ | 0.14 | | | $ | 0.68 | |
Tangible book value per share | | $ | 4.38 | | | $ | 4.26 | | | $ | 4.20 | | | $ | 4.12 | | | $ | 3.96 | |
Book value per share | | $ | 5.36 | | | $ | 5.24 | | | $ | 5.19 | | | $ | 5.11 | | | $ | 4.96 | |
Diluted weighted average shares outstanding | | | 33,497,298 | | | | 33,521,490 | | | | 33,551,776 | | | | 33,508,230 | | | | 33,432,486 | |
End of period shares outstanding | | | 33,349,512 | | | | 33,375,753 | | | | 33,375,753 | | | | 33,365,845 | | | | 33,366,345 | |
| | | | | | | | | | | | | | | | | | | | | |
Profitability and performance ratios: | | | | | | | | | | | | | | | | | | | | |
Core return on average assets | | | 0.90 | % | | | 0.79 | % | | | 0.76 | % | | | 0.89 | % | | | 1.09 | % |
Return on average assets | | | 0.87 | % | | | 0.69 | % | | | 0.61 | % | | | 1.25 | % | | | 6.02 | % |
Core return on average equity | | | 7.41 | % | | | 6.65 | % | | | 6.58 | % | | | 8.16 | % | | | 11.12 | % |
Core return on average tangible equity | | | 9.07 | % | | | 8.18 | % | | | 8.14 | % | | | 10.19 | % | | | 14.42 | % |
Return on average equity | | | 7.17 | % | | | 5.80 | % | | | 5.32 | % | | | 11.45 | % | | | 61.73 | % |
Net interest margin | | | 3.74 | % | | | 3.71 | % | | | 3.85 | % | | | 3.91 | % | | | 4.44 | % |
Noninterest income to total revenue | | | 21.35 | % | | | 22.12 | % | | | 19.83 | % | | | 20.25 | % | | | 19.86 | % |
Noninterest income to average assets | | | 0.90 | % | | | 0.93 | % | | | 0.84 | % | | | 0.88 | % | | | 0.96 | % |
Noninterest expense to average assets | | | 2.83 | % | | | 3.08 | % | | | 3.30 | % | | | 2.96 | % | | | 4.07 | % |
Efficiency ratio(1) | | | 66.24 | % | | | 69.51 | % | | | 71.88 | % | | | 66.54 | % | | | 61.02 | % |
Average loans to average deposits | | | 88.86 | % | | | 86.23 | % | | | 83.83 | % | | | 82.45 | % | | | 82.52 | % |
Securities to total assets | | | 11.19 | % | | | 12.58 | % | | | 11.95 | % | | | 11.50 | % | | | 12.46 | % |
| | | | | | | | | | | | | | | | | | | | | |
Asset quality ratios: | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses to total loans | | | 1.30 | % | | | 1.31 | % | | | 1.32 | % | | | 1.29 | % | | | 1.22 | % |
Allowance for loan losses to non-performing loans | | | 83.18 | % | | | 134.94 | % | | | 138.60 | % | | | 139.82 | % | | | 136.79 | % |
Nonperforming loans to total loans | | | 1.56 | % | | | 0.97 | % | | | 0.95 | % | | | 0.93 | % | | | 0.89 | % |
Nonperforming assets to total assets | | | 1.30 | % | | | 0.94 | % | | | 0.99 | % | | | 0.96 | % | | | 0.98 | % |
Annualized net charge offs to average total loans | | | 0.08 | % | | | 0.08 | % | | | 0.08 | % | | | 0.22 | % | | | 0.01 | % |
| | | | | | | | | | | | | | | | | | | | | |
Regulatory capital ratios: | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage ratio | | | 9.83 | % | | | 9.54 | % | | | 8.96 | % | | | 8.29 | % | | | 8.11 | % |
Common equity tier 1 capital ratio | | | 11.77 | % | | | 11.59 | % | | | 11.39 | % | | N/A | | | N/A | |
Tier 1 capital to risk weighted assets | | | 11.77 | % | | | 11.59 | % | | | 11.39 | % | | | 10.89 | % | | | 10.31 | % |
Total capital to risk weighted assets | | | 12.94 | % | | | 12.77 | % | | | 12.58 | % | | | 12.11 | % | | | 11.45 | % |
(1) Efficiency ratio is a non-GAAP ratio that is calculated by dividing core noninterest expense by the sum of net interest income and noninterest income. Other companies may define and calculate this data differently. |
BEAR STATE FINANCIAL, INC. |
CONDENSEDCONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - UNAUDITED |
(In thousands, except share data) |
| | September 30, 2015 | | | December 31, 2014 | |
| ASSETS | | | | | | | | |
| | | | | | | | | |
Cash and cash equivalents | | $ | 58,746 | | | $ | 113,086 | |
Interest-bearing time deposits in banks | | | 10,930 | | | | 12,421 | |
Investment securities available for sale | | | 164,564 | | | | 174,218 | |
Other investment securities, at cost | | | 8,197 | | | | 5,864 | |
Loans receivable, net of allowance of $13,975 and $13,660, respectively | | | 1,063,100 | | | | 1,041,222 | |
Loans held for sale | | | 8,032 | | | | 6,409 | |
Accrued interest receivable | | | 5,020 | | | | 4,485 | |
Real estate owned - net | | | 2,290 | | | | 4,792 | |
Office properties and equipment - net | | | 51,768 | | | | 50,332 | |
Cash surrender value of life insurance | | | 45,998 | | | | 44,130 | |
Goodwill | | | 25,717 | | | | 25,717 | |
Core deposit intangible - net | | | 6,869 | | | | 7,338 | |
Deferred tax asset, net | | | 17,121 | | | | 20,697 | |
Prepaid expenses and other assets | | | 2,373 | | | | 3,884 | |
| | | | | | | | | |
TOTAL | | $ | 1,470,725 | | | $ | 1,514,595 | |
| | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
| | | | | | | | | |
LIABILITIES: | | | | | | | | |
Noninterest bearing deposits | | $ | 173,525 | | | $ | 180,136 | |
Interest bearing deposits | | | 1,035,651 | | | | 1,083,661 | |
Total deposits | | | 1,209,176 | | | | 1,263,797 | |
Short term borrowings | | | 10,366 | | | | 12,083 | |
Other borrowings | | | 68,300 | | | | 61,258 | |
Other liabilities | | | 4,213 | | | | 7,003 | |
| | | | | | | | | |
Total liabilities | | | 1,292,055 | | | | 1,344,141 | |
| | | | | | | | | |
STOCKHOLDERS’ EQUITY: | | | | | | | | |
Preferred stock, $0.01 par value—5,000,000 shares authorized; none issued at September 30, 2015 and December 31, 2014 | | | -- | | | | -- | |
Common stock, $0.01 par value—100,000,000 shares authorized; 33,349,512and 33,365,845 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | | | 333 | | | | 334 | |
Additional paid-in capital | | | 169,570 | | | | 169,543 | |
Accumulated other comprehensive income | | | 753 | | | | 577 | |
Retained earnings | | | 8,014 | | | | -- | |
| | | | | | | | | |
Total stockholders’ equity | | | 178,670 | | | | 170,454 | |
| | | | | | | | | |
TOTAL | | $ | 1,470,725 | | | $ | 1,514,595 | |
BEAR STATE FINANCIAL, INC. |
CONDENSEDCONSOLIDATED STATEMENTS OF INCOME |
(In thousands, except earnings per share) |
(Unaudited) |
| | | Three Months Ended | | | Nine Months Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| | | 2015 | | | 2014 | | | 2015 | | | 2014 | |
INTEREST INCOME: | | | | | | | | | | | | | | | | |
Loans receivable | | $ | 12,829 | | | $ | 15,390 | | | $ | 38,610 | | | $ | 25,381 | |
Investment securities: | | | | | | | | | | | | | | | | |
Taxable | | | 337 | | | | 272 | | | | 979 | | | | 777 | |
Nontaxable | | | 516 | | | | 456 | | | | 1,546 | | | | 1,069 | |
Other | | | 67 | | | | 105 | | | | 243 | | | | 321 | |
Total interest income | | | 13,749 | | | | 16,223 | | | | 41,378 | | | | 27,548 | |
| | | | | | | | | | | | | | | | | |
INTEREST EXPENSE: | | | | | | | | | | | | | | | | |
Deposits | | | 1,265 | | | | 1,320 | | | | 3,853 | | | | 3,174 | |
Other borrowings | | | 264 | | | | 247 | | | | 767 | | | | 334 | |
| | | | | | | | | | | | | | | | | |
Total interest expense | | | 1,529 | | | | 1,567 | | | | 4,620 | | | | 3,508 | |
| | | | | | | | | | | | | | | | | |
NET INTEREST INCOME | | | 12,220 | | | | 14,656 | | | | 36,758 | | | | 24,040 | |
| | | | | | | | | | | | | | | | | |
PROVISION FOR LOAN LOSSES | | | 331 | | | | 600 | | | | 931 | | | | 830 | |
| | | | | | | | | | | | | | | | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | | | 11,889 | | | | 14,056 | | | | 35,827 | | | | 23,210 | |
| | | | | | | | | | | | | | | | | |
NONINTEREST INCOME: | | | | | | | | | | | | | | | | |
Net gain on sales of investment securities | | | -- | | | | 30 | | | | 88 | | | | 30 | |
Deposit fee income | | | 1,926 | | | | 1,956 | | | | 5,569 | | | | 3,445 | |
Earnings on life insurance policies | | | 357 | | | | 349 | | | | 1,096 | | | | 758 | |
Gain on sale of loans | | | 833 | | | | 968 | | | | 2,359 | | | | 1,923 | |
Other | | | 202 | | | | 328 | | | | 715 | | | | 497 | |
| | | | | | | | | | | | | | | | | |
Total noninterest income | | | 3,318 | | | | 3,631 | | | | 9,827 | | | | 6,653 | |
| | | | | | | | | | | | | | | | | |
NONINTEREST EXPENSES: | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 5,518 | | | | 6,261 | | | | 17,521 | | | | 15,864 | |
Net occupancy expense | | | 1,475 | | | | 1,569 | | | | 4,273 | | | | 2,850 | |
Real estate owned, net | | | (341 | ) | | | 650 | | | | (431 | ) | | | 1,458 | |
Amortization of intangible assets | | | 156 | | | | 157 | | | | 469 | | | | 183 | |
Data processing | | | 1,103 | | | | 4,177 | | | | 3,814 | | | | 5,159 | |
Professional fees | | | 133 | | | | 213 | | | | 616 | | | | 644 | |
Advertising and public relations | | | 510 | | | | 494 | | | | 1,764 | | | | 795 | |
Postage and supplies | | | 244 | | | | 263 | | | | 809 | | | | 466 | |
Other | | | 1,667 | | | | 1,540 | | | | 5,138 | | | | 3,264 | |
| | | | | | | | | | | | | | | | | |
Total noninterest expenses | | | 10,465 | | | | 15,324 | | | | 33,973 | | | | 30,683 | |
| | | | | | | | | | | | | | | | | |
INCOME (LOSS) BEFORE INCOME TAXES | | | 4,742 | | | | 2,363 | | | | 11,681 | | | | (820 | ) |
| | | | | | | | | | | | | | | | | |
INCOME TAX PROVISION (BENEFIT) | | | 1,529 | | | | (20,312 | ) | | | 3,667 | | | | (20,312 | ) |
| | | | | | | | | | | | | | | | | |
NET INCOME | | $ | 3,213 | | | $ | 22,675 | | | $ | 8,014 | | | $ | 19,492 | |
| | | | | | | | | | | | | | | | | |
Basic earnings per common share | | $ | 0.10 | | | $ | 0.68 | | | $ | 0.24 | | | $ | 0.73 | |
| | | | | | | | | | | | | | | | | |
Diluted earnings per common share | | $ | 0.10 | | | $ | 0.68 | | | $ | 0.24 | | | $ | 0.71 | |
BEAR STATE FINANCIAL, INC. |
AVERAGE CONSOLIDATED BALANCE SHEETS and NET INTEREST ANALYSIS - UNAUDITED |
(In thousands) |
| | | Three MonthsEndedSeptember 30, | |
| | | 2015 | | | 2014 | |
| | | Average Balance | | | Interest | | | Average Yield/ Cost | | | Average Balance | | | Interest | | | Average Yield/ Cost | |
| | | (Dollars in Thousands) | |
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable(1) | | $ | 1,077,500 | | | $ | 12,829 | | | | 4.72 | % | | $ | 1,045,076 | | | $ | 15,390 | | | | 5.84 | % |
Investment securities(2) | | | 180,831 | | | | 853 | | | | 1.87 | | | | 213,813 | | | | 728 | | | | 1.35 | |
Other interest-earning assets | | | 36,288 | | | | 67 | | | | 0.73 | | | | 50,370 | | | | 105 | | | | 0.83 | |
Total interest-earning assets | | | 1,294,619 | | | | 13,749 | | | | 4.21 | | | | 1,309,259 | | | | 16,223 | | | | 4.92 | |
Noninterest-earning assets | | | 171,723 | | | | | | | | | | | | 184,268 | | | | | | | | | |
Total assets | | $ | 1,466,342 | | | | | | | | | | | $ | 1,493,527 | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | $ | 1,036,330 | | | | 1,265 | | | | 0.48 | | | $ | 1,096,212 | | | | 1,320 | | | | 0.48 | |
Other borrowings | | | 72,421 | | | | 264 | | | | 1.45 | | | | 76,997 | | | | 247 | | | | 1.27 | |
Total interest-bearing liabilities | | | 1,108,751 | | | | 1,529 | | | | 0.55 | | | | 1,173,209 | | | | 1,567 | | | | 0.53 | |
Noninterest-bearing deposits | | | 176,219 | | | | | | | | | | | | 170,310 | | | | | | | | | |
Noninterest-bearing liabilities | | | 3,548 | | | | | | | | | | | | 4,271 | | | | | | | | | |
Total liabilities | | | 1,288,518 | | | | | | | | | | | | 1,347,790 | | | | | | | | | |
Stockholders' equity | | | 177,824 | | | | | | | | | | | | 145,737 | | | | | | | | | |
Total liabilities andstockholders' equity | | $ | 1,466,342 | | | | | | | | | | | $ | 1,493,527 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | | | | | | $ | 12,220 | | | | | | | | | | | $ | 14,656 | | | | | |
Net earning assets | | $ | 185,868 | | | | | | | | | | | $ | 136,050 | | | | | | | | | |
Interest rate spread | | | | | | | | | | | 3.66 | % | | | | | | | | | | | 4.39 | % |
Net interest margin | | | | | | | | | | | 3.74 | % | | | | | | | | | | | 4.44 | % |
Ratio of interest-earning assets toInterest-bearing liabilities | | | | | | | | | | | 116.76 | % | | | | | | | | | | | 111.60 | % |
| | | Nine MonthsEndedSeptember 30, | |
| | | 2015 | | | 2014 | |
| | | Average Balance | | | Interest | | | Average Yield/ Cost | | | Average Balance | | | Interest | | | Average Yield/ Cost | |
| | | (Dollars in Thousands) | |
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable(1) | | $ | 1,062,552 | | | $ | 38,610 | | | | 4.86 | % | | $ | 653,780 | | | $ | 25,381 | | | | 5.19 | % |
Investment securities(2) | | | 184,648 | | | | 2,525 | | | | 1.83 | | | | 131,157 | | | | 1,846 | | | | 1.88 | |
Other interest-earning assets | | | 58,988 | | | | 243 | | | | 0.55 | | | | 51,728 | | | | 321 | | | | 0.83 | |
Total interest-earning assets | | | 1,306,188 | | | | 41,378 | | | | 4.24 | | | | 836,665 | | | | 27,548 | | | | 4.40 | |
Noninterest-earning assets | | | 173,547 | | | | | | | | | | | | 99,541 | | | | | | | | | |
Total assets | | $ | 1,479,735 | | | | | | | | | | | $ | 936,206 | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | $ | 1,054,412 | | | | 3,853 | | | | 0.49 | | | $ | 715,593 | | | | 3,174 | | | | 0.59 | |
Other borrowings | | | 71,530 | | | | 767 | | | | 1.43 | | | | 32,971 | | | | 334 | | | | 1.35 | |
Total interest-bearing liabilities | | | 1,125,942 | | | | 4,620 | | | | 0.55 | | | | 748,564 | | | | 3,508 | | | | 0.63 | |
Noninterest-bearing deposits | | | 175,028 | | | | | | | | | | | | 83,145 | | | | | | | | | |
Noninterest-bearing liabilities | | | 3,508 | | | | | | | | | | | | 3,326 | | | | | | | | | |
Total liabilities | | | 1,304,478 | | | | | | | | | | | | 835,035 | | | | | | | | | |
Stockholders' equity | | | 175,257 | | | | | | | | | | | | 101,171 | | | | | | | | | |
Total liabilities andstockholders' equity | | $ | 1,479,735 | | | | | | | | | | | $ | 936,206 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | | | | | | $ | 36,758 | | | | | | | | | | | $ | 24,040 | | | | | |
Net earning assets | | $ | 180,246 | | | | | | | | | | | $ | 88,101 | | | | | | | | | |
Interest rate spread | | | | | | | | | | | 3.69 | % | | | | | | | | | | | 3.78 | % |
Net interest margin | | | | | | | | | | | 3.76 | % | | | | | | | | | | | 3.84 | % |
Ratio of interest-earning assets toInterest-bearing liabilities | | | | | | | | | | | 116.01 | % | | | | | | | | | | | 111.77 | % |
(1) Includes nonaccrual loans.
(2) Includes FHLB and FRB stock.
BEAR STATE FINANCIAL, INC. |
ASSET QUALITY ANALYSIS - UNAUDITED |
(In thousands) |
| | | September 30, 2015 | | | December 31, 2014 | | | | | |
| | | Net (2) | | | % Total Assets | | | Net (2) | | | % Total Assets | | | Increase (Decrease) | |
Nonaccrual Loans: | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | $ | 5,698 | | | | 0.39 | % | | $ | 4,959 | | | | 0.33 | % | | $ | 739 | |
Nonfarm nonresidential | | | 6,023 | | | | 0.41 | % | | | 3,113 | | | | 0.21 | % | | | 2,910 | |
Farmland | | | 735 | | | | 0.05 | % | | | 734 | | | | 0.05 | % | | | 1 | |
Construction and land development | | | 682 | | | | 0.04 | % | | | 624 | | | | 0.04 | % | | | 58 | |
Commercial | | | 3,518 | | | | 0.24 | % | | | 306 | | | | 0.02 | % | | | 3,212 | |
Consumer | | | 144 | | | | 0.01 | % | | | 34 | | | | -- | | | | 110 | |
| | | | | | | | | | | | | | | | | | | | | |
Total nonaccrual loans | | | 16,800 | | | | 1.14 | % | | | 9,770 | | | | 0.65 | % | | | 7,030 | |
| | | | | | | | | | | | | | | | | | | | | |
Accruing loans 90 days or more past due | | | -- | | | | -- | | | | 353 | | | | 0.02 | % | | | (353 | ) |
| | | | | | | | | | | | | | | | | | | | | |
Real estate owned | | | 2,290 | | | | 0.16 | % | | | 4,792 | | | | 0.31 | % | | | (2,502 | ) |
| | | | | | | | | | | | | | | | | | | | | |
Total nonperforming assets | | | 19,090 | | | | 1.30 | % | | | 14,915 | | | | 0.98 | % | | | 4,175 | |
Performing restructured loans | | | 287 | | | | 0.02 | % | | | 566 | | | | 0.04 | % | | | (279 | ) |
| | | | | | | | | | | | | | | | | | | | | |
Total nonperforming assets and performing restructured loans (1) | | $ | 19,377 | | | | 1.32 | % | | $ | 15,481 | | | | 1.02 | % | | $ | 3,896 | |
| | | | | | | | | | | | | | | | | | | | | |
| | (1) | The table does not include substandard loans which were judged not to be impaired totaling $18.1 million at September 30, 2015 and $24.9 million at December 31, 2014 or acquired ASC 310-30 purchased credit impaired loans which are considered performing at September 30, 2015. |
| | (2) | Loan balances are presented net of undisbursed loan funds, partial charge-offs and interest payments recorded as reductions in principal balances for financial reporting purposes. |
BEAR STATE FINANCIAL, INC. |
CALCULATION OF RETURN ON AVERAGE TANGIBLE COMMON STOCKHOLDERS' EQUITY - UNAUDITED |
(In thousands) |
| | | For the Quarter Ending | |
| | | 9/30/2015 | | | 6/30/2015 | | | 3/31/2015 | | | 12/31/2014 | | | 9/30/2014 | |
Net income available to common stockholders | | $ | 3,213 | | | $ | 2,531 | | | $ | 2,267 | | | $ | 4,814 | | | $ | 22,675 | |
Average common stockholders' equity | | | 177,824 | | | | 175,025 | | | | 172,811 | | | | 166,793 | | | | 145,737 | |
Less Average Intangible Assets: | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | (25,717 | ) | | | (25,717 | ) | | | (25,717 | ) | | | (25,773 | ) | | | (25,612 | ) |
Core Deposit Intangible, net of accumulated amortization | | | (6,972 | ) | | | (7,127 | ) | | | (7,284 | ) | | | (7,441 | ) | | | (7,773 | ) |
| | | | | | | | | | | | | | | | | | | | | |
Average tangible common stockholders' equity | | $ | 145,135 | | | $ | 142,181 | | | $ | 139,810 | | | $ | 133,579 | | | $ | 112,352 | |
| | | | | | | | | | | | | | | | | | | | | |
Annualized return on average tangible common stockholders' equity | | | 8.8 | % | | | 7.1 | % | | | 6.6 | % | | | 14.3 | % | | | 80.1 | % |
BEAR STATE FINANCIAL, INC. |
CALCULATION OF RATIO OF TANGIBLE BOOK VALUE PER COMMON SHARE - UNAUDITED |
(In thousands, except share data) |
| | | For the Period Ending | |
| | | 9/30/2015 | | | 6/30/2015 | | | 3/31/2015 | | | 12/31/2014 | | | 9/30/2014 | |
Total common stockholder's equity | | | 178,670 | | | | 174,831 | | | | 173,128 | | | | 170,454 | | | | 165,419 | |
Less intangible assets: | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | (25,717 | ) | | | (25,717 | ) | | | (25,717 | ) | | | (25,717 | ) | | | (25,801 | ) |
Core Deposit Intangible, net of accumulated amortization | | | (6,869 | ) | | | (7,026 | ) | | | (7,182 | ) | | | (7,338 | ) | | | (7,494 | ) |
Total intangibles | | | (32,586 | ) | | | (32,743 | ) | | | (32,899 | ) | | | (33,055 | ) | | | (33,295 | ) |
Total tangible common stockholder's equity | | $ | 146,084 | | | $ | 142,088 | | | $ | 140,229 | | | $ | 137,399 | | | $ | 132,124 | |
| | | | | | | | | | | | | | | | | | | | | |
Common Shares Outstanding | | | 33,350 | | | | 33,376 | | | | 33,376 | | | | 33,366 | | | | 33,366 | |
| | | | | | | | | | | | | | | | | | | | | |
Tangible book value per common share | | $ | 4.38 | | | $ | 4.26 | | | $ | 4.20 | | | $ | 4.12 | | | $ | 3.96 | |
BEAR STATE FINANCIAL, INC. |
RECONCILIATION OF NON-GAAP SELECTED CONSOLIDATED FINANCIAL DATA - UNAUDITED |
(In thousands, except share data) |
| | | | As of and for the quarter ended | |
| | | | September 30, | | | June 30, | | | March 31, | | | December 31, | | | September 30, | |
| | | | 2015 | | | 2015 | | | 2015 | | | 2014 | | | 2014 | |
Net income (loss) | | $ | 3,213 | | | $ | 2,531 | | | $ | 2,267 | | | $ | 4,814 | | | $ | 22,675 | |
Adj: Gain on sale of securities, net | | | - | | | | - | | | | (88 | ) | | | (1 | ) | | | (30 | ) |
Adj: Merger, acquisition and integration expenses | | | 166 | | | | 441 | | | | 565 | | | | 55 | | | | 477 | |
Adj: Rebranding expenses | | | 6 | | | | 158 | | | | 395 | | | | 219 | | | | | |
Adj: Pension plan payment | | | | | | | | | | | | | | | | | | | | | |
Adj: Real estate owned provision | | | - | | | | - | | | | - | | | | - | | | | 653 | |
Adj. Data processing termination fees | | | | | | | | | | | | | | | | | | | 3,035 | |
Adj: Deferred tax asset valuation allowance reversal | | | | | | | | | | | | | | | (1,550 | ) | | | (21,142 | ) |
Tax Effect of Adjustments | | | (66 | ) | | | (229 | ) | | | (334 | ) | | | (105 | ) | | | (1,583 | ) |
Total core income | (A) | | $ | 3,319 | | | $ | 2,901 | | | $ | 2,805 | | | $ | 3,432 | | | $ | 4,085 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total revenue | | $ | 15,538 | | | $ | 15,357 | | | $ | 15,689 | | | $ | 16,700 | | | $ | 18,287 | |
Adj: Gain on sale of securities, net | | | - | | | | - | | | | (88 | ) | | | (1 | ) | | | (30 | ) |
Total core revenue | | $ | 15,538 | | | $ | 15,357 | | | $ | 15,601 | | | $ | 16,699 | | | $ | 18,257 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total non-interest expense | | $ | 10,465 | | | $ | 11,273 | | | $ | 12,237 | | | $ | 11,387 | | | $ | 15,324 | |
Less: Merger, acquisition and integration expenses | | | (166 | ) | | | (441 | ) | | | (565 | ) | | | (55 | ) | | | (477 | ) |
Less: Rebranding Expenses | | | (6 | ) | | | (158 | ) | | | (395 | ) | | | (219 | ) | | | - | |
Less: Pension plan payment | | | - | | | | - | | | | - | | | | - | | | | - | |
Less: Real estate owned provision | | | - | | | | - | | | | - | | | | - | | | | (653 | ) |
Less: Data processing termination fees | | | - | | | | - | | | | - | | | | - | | | | (3,035 | ) |
Core noninterest expense | | $ | 10,293 | | | $ | 10,674 | | | $ | 11,277 | | | $ | 11,113 | | | $ | 11,159 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total average assets | (B) | | $ | 1,466,342 | | | $ | 1,468,521 | | | $ | 1,504,716 | | | $ | 1,525,455 | | | $ | 1,493,527 | |
Total average stockholders' equity | (C) | | | 177,824 | | | | 175,025 | | | | 172,811 | | | | 166,793 | | | | 145,737 | |
Total average tangible stockholders' equity | (D) | | | 145,135 | | | | 142,181 | | | | 139,810 | | | | 133,579 | | | | 112,352 | |
Total tangible stockholders' equity, period end | (E) | | | 146,084 | | | | 142,088 | | | | 140,229 | | | | 137,399 | | | | 132,124 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total common shares outstanding, period-end | (F) | | | 33,349,512 | | | | 33,375,753 | | | | 33,375,753 | | | | 33,365,845 | | | | 33,366,345 | |
Average diluted shares outstanding | (G) | | | 33,497,298 | | | | 33,521,490 | | | | 33,551,776 | | | | 33,508,230 | | | | 33,432,486 | |
| | | | | | | | | | | | | | | | | | | | | | |
Core earnings per share, diluted | (A/G) | | | 0.10 | | | | 0.09 | | | | 0.08 | | | | 0.10 | | | $ | 0.12 | |
Tangible book value per share, period-end | (E/F) | | $ | 4.38 | | | $ | 4.26 | | | $ | 4.20 | | | $ | 4.12 | | | $ | 3.96 | |
| | | | | | | | | | | | | | | | | | | | | | |
Core return on average assets | (A/B) | | | 0.90 | % | | | 0.79 | % | | | 0.76 | % | | | 0.89 | % | | | 1.09 | % |
Core return on average equity | (A/C) | | | 7.41 | % | | | 6.65 | % | | | 6.58 | % | | | 8.16 | % | | | 11.12 | % |
Core return on average tangible equity | (A/D) | | | 9.07 | % | | | 8.18 | % | | | 8.14 | % | | | 10.19 | % | | | 14.42 | % |
Efficiency ratio(1) | | | 66.24 | % | | | 69.51 | % | | | 71.88 | % | | | 66.54 | % | | | 61.02 | % |
| | | | | | | | | | | | | | | | | | | | | |
(1) Efficiency ratio is a non-GAAP ratio that is calculated by dividing core noninterest expense by the sum of net interest income and noninterest income. Other companies may define and calculate this data differently. |
14
