Exhibit 99.1
For more information, contact:
Kevin Eichner (314) 725 5500
Frank Sanfilippo (314) 725 5500
Melissa Sturges (816) 221 7500
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ENTERPRISE FINANCIAL REPORTS 30% INCREASE IN THIRD QUARTER | ||
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| • | Net Income Up 45% From Same Period One Year Ago |
| • | Portfolio Loans Increase $267 Million or 27% Year-to-Date |
| • | Wealth Management Revenue Rises 136% Over Prior Year |
| • | NorthStar Conversion and Merger Completed Successfully |
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St. Louis, October 17, 2006 – Enterprise Financial Services Corp (NASDAQ: EFSC), the parent company of Enterprise Bank & Trust, reported net income of $4.2 million or $0.35 per fully diluted share for the third quarter of 2006 versus $2.9 million or $0.27 per fully diluted share in the same quarter of 2005---a 30% increase. For the nine months ended September 30, 2006, the Company reported net income of $11.1 million or $0.99 per fully diluted share versus $8.5 million or $0.80 per share for the same period in 2005---a 24% increase.
The Company announced that it successfully completed the conversion and merger of its NorthStar Bank NA acquisition on October 6, 2006. Included in the balance sheet comparisons in this release as of September 30, 2006 are $8 million of investments securities, $151 million of portfolio loans, $156 million of deposits, and approximately $19 million in goodwill and deposit intangibles related to this acquisition. The earnings generated from NorthStar are now included in Enterprise’s earnings from the date of acquisition.
“We were pleased with the results of this quarter as we continue to execute on our core strategies,” commented Kevin C. Eichner, President & CEO of EFSC. “Our banking and wealth management businesses are thriving, and we were very gratified to see the NorthStar conversion completed so smoothly. Developing a reputation for making wise, humane and effective acquisitions is important to us as we build on top of our strong organic growth model,” he said.
While the stated purchase price for NorthStar was $36 million (80% stock/20% cash), approximately $4.5 million of the consideration is considered “contingent” and is held in an escrow account pending the collection of certain loans. This effectively reduced loans and other real estate owned and increased goodwill on the balance sheet by the same amount. In accordance with generally accepted accounting principles, approximately 177,000 shares of EFSC stock in the NorthStar escrow account have not been credited to shareholders’ equity or in company average shares when reporting fully diluted earnings per share.
BANKING LINE OF BUSINESS
Banking net interest income increased $3.1 million or 27% in the third quarter of 2006 versus the same quarter in 2005. At quarter end, portfolio loans were up $9 million from the prior quarter (excluding NorthStar) and up $116 million from December 31, 2005 or 15% annualized year to date (excluding NorthStar). Including NorthStar, portfolio loans were up $160 million from the prior quarter and up $267 million from December 31, 2005 or 27%.
Total deposits grew $49 million during the quarter (excluding NorthStar) or at an annualized rate of 18%. NorthStar added $156 million to the total. The combined bank deposit mix remains favorable with demand deposit accounts representing 17% of the total in a competitive deposit rate environment.
The tax-equivalent net interest rate margin decreased to 3.99% during the third quarter compared to 4.11% in the second quarter of 2006, primarily due to 1) the slightly dilutive impact of NorthStar’s net interest rate margin and 2) increases in deposit costs. The third quarter margin was slightly down from the 4.03% reported in the third quarter of 2005. While the previously reported refinement in the company’s accounting for loan fees and direct origination costs in late 2005 had a negative impact on the margin, it was mostly offset by the increase in market rates and a more favorable earning asset mix.
Asset quality continues to be very solid. Net recoveries for the quarter were $46,000 or 0.01% to average loans (annualized). On a year to date basis, net charge-offs totaled $31,000 or less than 0.01% (annualized). The company estimates that charge-offs for the full year in 2006 will be less than ten basis points. For the third quarter, provision for loan losses was $240,000, compared to $408,000 in the same quarter last year. The quarterly decline in provision was due to lower loan growth during the quarter.
The third quarter results reflect, for the first time, the combined Enterprise and NorthStar loan portfolios. Twelve loan relationships, six of which relate to the NorthStar acquisition, were placed on non-accrual status during the quarter. No single credit represents more than $2 million in outstandings. Non-performing loans totaled $6.2 million or 0.49% of loans versus 0.14% and 0.18% at December 31, 2005 and September 30, 2005, respectively. The Company’s allowance for loan losses represented 1.40% of portfolio loans at September 30, 2006 compared to 1.30% at yearend and 1.35% for the prior year period. The increase is primarily the result of the effects of conforming the acquired NorthStar loan portfolio to the Company’s risk rating and loan loss reserve methodologies.
“We are comfortable that our due diligence and credit monitoring processes have adequately identified the risk components of the acquired NorthStar portfolio and have been appropriately adjusted during the quarter,” said Peter F. Benoist, Chairman of EFSC’s Banking division. “As we move forward, we would expect reserve levels to return to those more typical of our recent history,” he continued.
Additionally, foreclosed real estate was $1.2 million as of September 30 representing three NorthStar Kansas City properties that either had been foreclosed or were in the process of foreclosure at acquisition date. $1.2 million of the $4.5 million loan escrow has been allocated to the balances and netted out on the balance sheet.
A 13% increase in the quarterly service charges from the prior year was due to the addition of NorthStar and increased account activity partially offset by the effects of a higher earnings credit rate on commercial accounts.
WEALTH MANAGEMENT LINE OF BUSINESS
Wealth Management revenue during the quarter was up 136% over the prior year, driven by $1.9 million of revenue from Millennium Brokerage Group LLC (“Millennium”) acquired in October 2005, and a 17% organic increase in revenues from the Enterprise Trust business (excluding one time insurance gains). The Company’s ratio of fee income to total revenue for the third quarter was 24% versus 17% in the same period of 2005 as the Wealth Management segment continues to expand rapidly in line with the Company’s income diversification strategies.
- 2 -
Wealth Management assets under administration were $1.57 billion at September 30, 2006, a 21% increase over one year ago after adjusting for the $250 million in common trust fund assets that were distributed in December 2005 in accordance with a related contract.
Millennium’s business continued to expand despite operational issues with certain consolidating carriers and a tighter underwriting environment. Case submissions were up substantially in August and September, and assuming normal progression rates to paid status, fourth quarter revenue is expected to be up significantly from prior quarters. Millennium margins remain very strong and in line with expectations.
In line with the Company’s definitive contractual agreement, Enterprise recognized its 23.1% pre-tax priority return by adjusting the minority interest in net income of its consolidated Millennium subsidiary by approximately $86,000 during the quarter. This brings the pre-tax profit contribution (including interest and amortization of intangibles) of the Millennium unit to $1.4 million in the nine months of 2006 as Millennium heads into the fourth quarter, typically its strongest.
OTHER BUSINESS RESULTS
The Company’s efficiency ratio improved from 63% in the third quarter of 2005 to 60% in the same quarter of 2006. Non-interest expenses increased from $8.5 million in the third quarter of 2005 to $11.0 million in the same quarter of 2006. Approximately $806,000 of this increase was related to the addition of Millennium (including the amortization of intangibles) and $1.1 million was related to the addition of NorthStar (including amortization of the core deposit intangible). The remainder was primarily connected with expenses associated with supporting the Company’s organic growth rates.
Eichner commented, “While we encourage shareholders and analysts to view EFSC’s performance over a much longer horizon, this was a particularly strong quarter with net income up over 45% from the same period last year. The successful integration of NorthStar, continued income diversification, strong core bank growth, and several new key hires were all highlights.”
Enterprise Financial operates commercial banking and wealth management businesses mostly in metropolitan St. Louis and Kansas City, with a primary focus on serving the needs of privately held businesses, their owners and other success-minded individuals.
Please refer to the Consolidated Financial Summary attached for more details.
# # #
Readers should note that in addition to the historical information contained herein, this press release may contain forward-looking statements which are inherently subject to risks and uncertainties that could cause actual results to differ materially from those contemplated from such statements. Factors that could cause or contribute to such differences include, but are not limited to, burdens imposed by federal and state regulations of banks, credit risk, exposure to local economic conditions, risks associated with rapid increase or decrease in prevailing interest rates and competition from banks and other financial institutions, as well as those in Enterprise Financial’s 2005 Annual Report on Form 10-K.
- 3 -
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY
(unaudited)
|
| For the Quarter Ended |
| For the Nine Months Ended |
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($ In thousands, except per share data) |
| 2006 |
| 2005 |
| 2006 |
| 2005 |
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INCOME STATEMENTS |
|
|
|
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|
|
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|
|
|
Total interest income |
| $ | 26,364 |
| $ | 17,611 |
| $ | 67,452 |
| $ | 48,497 |
|
Total interest expense |
|
| 12,525 |
|
| 6,452 |
|
| 30,214 |
|
| 15,813 |
|
|
|
|
|
|
| ||||||||
Net interest income |
|
| 13,839 |
|
| 11,159 |
|
| 37,238 |
|
| 32,684 |
|
Provision for loan loss |
|
| 240 |
|
| 408 |
|
| 1,777 |
|
| 1,420 |
|
|
|
|
|
|
| ||||||||
Net interest income after provision for loan losses |
|
| 13,599 |
|
| 10,751 |
|
| 35,461 |
|
| 31,264 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Management revenue |
|
| 3,468 |
|
| 1,472 |
|
| 10,018 |
|
| 4,155 |
|
Deposit service charges |
|
| 603 |
|
| 533 |
|
| 1,636 |
|
| 1,553 |
|
Gain on sale of mortgage loans |
|
| 95 |
|
| 145 |
|
| 165 |
|
| 247 |
|
Other income |
|
| 159 |
|
| 127 |
|
| 435 |
|
| 383 |
|
|
|
|
|
|
| ||||||||
Total noninterest income |
|
| 4,325 |
|
| 2,277 |
|
| 12,254 |
|
| 6,338 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
| 6,754 |
|
| 5,503 |
|
| 18,398 |
|
| 16,103 |
|
Occupancy |
|
| 737 |
|
| 568 |
|
| 1,957 |
|
| 1,652 |
|
Furniture and equipment |
|
| 317 |
|
| 212 |
|
| 806 |
|
| 572 |
|
Other |
|
| 3,144 |
|
| 2,242 |
|
| 8,405 |
|
| 6,086 |
|
|
|
|
|
|
| ||||||||
Total noninterest expense |
|
| 10,952 |
|
| 8,525 |
|
| 29,566 |
|
| 24,413 |
|
Minority interest in net income of consolidated subsidiary |
|
| (434 | ) |
| — |
|
| (826 | ) |
| — |
|
|
|
|
|
|
| ||||||||
Income before income tax |
|
| 6,538 |
|
| 4,503 |
|
| 17,323 |
|
| 13,189 |
|
Income taxes |
|
| 2,357 |
|
| 1,625 |
|
| 6,242 |
|
| 4,723 |
|
|
|
|
|
|
| ||||||||
Net income |
| $ | 4,181 |
| $ | 2,878 |
| $ | 11,081 |
| $ | 8,466 |
|
|
|
|
|
|
| ||||||||
Basic earnings per share |
| $ | 0.37 |
| $ | 0.29 |
| $ | 1.03 |
| $ | 0.85 |
|
Diluted earnings per share |
| $ | 0.35 |
| $ | 0.27 |
| $ | 0.99 |
| $ | 0.80 |
|
Return on average assets |
|
| 1.10 | % |
| 0.98 | % |
| 1.11 | % |
| 1.01 | % |
Return on average equity |
|
| 12.99 | % |
| 13.84 | % |
| 13.88 | % |
| 14.37 | % |
Net interest rate margin (fully tax equivalized) |
|
| 3.99 | % |
| 4.03 | % |
| 4.03 | % |
| 4.13 | % |
Yield on earning assets (fully tax equivalized) |
|
| 7.54 | % |
| 6.33 | % |
| 7.24 | % |
| 6.10 | % |
Cost of paying liabilities |
|
| 4.31 | % |
| 2.94 | % |
| 3.96 | % |
| 2.53 | % |
Net interest spread |
|
| 3.23 | % |
| 3.39 | % |
| 3.28 | % |
| 3.57 | % |
Efficiency ratio |
|
| 60.30 | % |
| 63.45 | % |
| 59.74 | % |
| 62.56 | % |
Noninterest expense to average assets |
|
| 2.89 | % |
| 2.92 | % |
| 2.95 | % |
| 2.92 | % |
- 4 -
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)
($ in thousands) |
| Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
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BALANCE SHEETS |
|
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|
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|
|
|
|
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|
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|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
| $ | 54,513 |
| $ | 50,063 |
| $ | 42,597 |
| $ | 54,118 |
| $ | 38,542 |
|
Federal funds sold |
|
| 6,959 |
|
| 3,034 |
|
| 6,027 |
|
| 64,709 |
|
| 45,281 |
|
Interest-bearing deposits |
|
| 1,214 |
|
| 607 |
|
| 104 |
|
| 84 |
|
| 101 |
|
Debt and equity investments |
|
| 114,860 |
|
| 109,449 |
|
| 110,333 |
|
| 135,559 |
|
| 96,684 |
|
Loans held for sale |
|
| 5,268 |
|
| 3,028 |
|
| 2,447 |
|
| 2,761 |
|
| 2,273 |
|
Portfolio loans |
|
| 1,269,391 |
|
| 1,108,906 |
|
| 1,066,084 |
|
| 1,002,379 |
|
| 976,804 |
|
Less allowance for loan losses |
|
| 17,805 |
|
| 14,449 |
|
| 13,964 |
|
| 12,990 |
|
| 13,168 |
|
|
|
|
|
|
|
| ||||||||||
Net loans |
|
| 1,251,586 |
|
| 1,094,457 |
|
| 1,052,120 |
|
| 989,389 |
|
| 963,636 |
|
|
|
|
|
|
|
| ||||||||||
Premises and equipment, net |
|
| 15,295 |
|
| 13,941 |
|
| 13,624 |
|
| 10,276 |
|
| 10,098 |
|
Goodwill |
|
| 29,804 |
|
| 12,004 |
|
| 12,004 |
|
| 12,042 |
|
| 1,938 |
|
Other assets |
|
| 28,676 |
|
| 19,958 |
|
| 18,828 |
|
| 18,030 |
|
| 11,289 |
|
|
|
|
|
|
|
| ||||||||||
Total assets |
| $ | 1,508,175 |
| $ | 1,306,541 |
| $ | 1,258,084 |
| $ | 1,286,968 |
| $ | 1,169,842 |
|
|
|
|
|
|
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| ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
| $ | 222,668 |
| $ | 195,719 |
| $ | 192,997 |
| $ | 229,325 |
| $ | 206,724 |
|
Interest bearing deposits |
|
| 1,059,282 |
|
| 879,995 |
|
| 848,633 |
|
| 886,919 |
|
| 816,241 |
|
|
|
|
|
|
|
| ||||||||||
Total deposits |
|
| 1,281,950 |
|
| 1,075,714 |
|
| 1,041,630 |
|
| 1,116,244 |
|
| 1,022,965 |
|
Subordinated debentures |
|
| 35,054 |
|
| 30,930 |
|
| 30,930 |
|
| 30,930 |
|
| 20,620 |
|
FHLB advances |
|
| 38,162 |
|
| 88,653 |
|
| 75,068 |
|
| 28,584 |
|
| 28,749 |
|
Other borrowings |
|
| 13,731 |
|
| 4,810 |
|
| 7,221 |
|
| 8,347 |
|
| 6,975 |
|
Other liabilities |
|
| 11,113 |
|
| 7,237 |
|
| 7,729 |
|
| 10,258 |
|
| 7,036 |
|
|
|
|
|
|
|
| ||||||||||
Total liabilities |
|
| 1,380,010 |
|
| 1,207,344 |
|
| 1,162,578 |
|
| 1,194,363 |
|
| 1,086,345 |
|
Shareholders’ equity |
|
| 128,165 |
|
| 99,197 |
|
| 95,506 |
|
| 92,605 |
|
| 83,497 |
|
|
|
|
|
|
|
| ||||||||||
Total liabilities and shareholders’ equity |
| $ | 1,508,175 |
| $ | 1,306,541 |
| $ | 1,258,084 |
| $ | 1,286,968 |
| $ | 1,169,842 |
|
|
|
|
|
|
|
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- 5 -
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)
|
| For the Quarter Ended |
| |||||||||||||
|
|
| ||||||||||||||
($ In thousands, except per share data) |
| Sep 30, |
| Jun 30, |
| Mar 31, |
| Dec 31, |
| Sep 30, |
| |||||
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EARNINGS SUMMARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
| $ | 13,839 |
| $ | 12,142 |
| $ | 11,257 |
| $ | 11,883 |
| $ | 11,159 |
|
Provision for loan losses |
|
| 240 |
|
| 737 |
|
| 800 |
|
| 70 |
|
| 408 |
|
Wealth Mangement revenue |
|
| 3,468 |
|
| 3,231 |
|
| 3,319 |
|
| 2,370 |
|
| 1,472 |
|
Noninterest income |
|
| 857 |
|
| 721 |
|
| 658 |
|
| 258 |
|
| 805 |
|
Noninterest expense |
|
| 10,952 |
|
| 9,320 |
|
| 9,294 |
|
| 9,910 |
|
| 8,525 |
|
Minority interest in net income of consolidated subsidiary |
|
| (434 | ) |
| — |
|
| (453 | ) |
| (113 | ) |
| — |
|
Income before income tax |
|
| 6,538 |
|
| 6,097 |
|
| 4,687 |
|
| 4,418 |
|
| 4,503 |
|
Net income |
|
| 4,181 |
|
| 3,901 |
|
| 2,998 |
|
| 2,829 |
|
| 2,878 |
|
Diluted earnings per share |
| $ | 0.35 |
| $ | 0.36 |
| $ | 0.28 |
| $ | 0.26 |
| $ | 0.27 |
|
Return on average equity |
|
| 12.99 | % |
| 16.00 | % |
| 12.89 | % |
| 12.52 | % |
| 13.84 | % |
Net interest rate margin (fully tax equivalized) |
|
| 3.99 | % |
| 4.11 | % |
| 3.99 | % |
| 4.06 | % |
| 4.03 | % |
Efficiency ratio |
|
| 60.30 | % |
| 57.91 | % |
| 61.01 | % |
| 68.28 | % |
| 63.45 | % |
MARKET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
| $ | 11.19 |
| $ | 9.44 |
| $ | 9.13 |
| $ | 8.85 |
| $ | 8.26 |
|
Tangible book value per share |
| $ | 8.05 |
| $ | 7.91 |
| $ | 7.57 |
| $ | 7.27 |
| $ | 8.07 |
|
Market value per share |
| $ | 30.86 |
| $ | 25.45 |
| $ | 27.39 |
| $ | 22.68 |
| $ | 21.22 |
|
Period end common shares |
|
| 11,452 |
|
| 10,508 |
|
| 10,466 |
|
| 10,459 |
|
| 10,111 |
|
Average basic common shares |
|
| 11,397 |
|
| 10,490 |
|
| 10,465 |
|
| 10,357 |
|
| 10,083 |
|
Average diluted common shares |
|
| 11,823 |
|
| 10,876 |
|
| 10,856 |
|
| 10,983 |
|
| 10,782 |
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
| $ | (46 | ) | $ | 251 |
| $ | (174 | ) | $ | 248 |
| $ | 10 |
|
Nonperforming loans |
| $ | 6,214 |
| $ | 893 |
| $ | 1,353 |
| $ | 1,421 |
| $ | 1,777 |
|
Nonperforming loans to total loans |
|
| 0.49 | % |
| 0.08 | % |
| 0.13 | % |
| 0.14 | % |
| 0.18 | % |
Allowance for loan losses to total loans |
|
| 1.40 | % |
| 1.30 | % |
| 1.31 | % |
| 1.30 | % |
| 1.35 | % |
Net charge-offs (recoveries) to average loans (annualized) |
|
| (0.01 | )% |
| 0.09 | % |
| (0.07 | )% |
| 0.10 | % |
| 0.00 | % |
CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity to average assets |
|
| 8.49 | % |
| 7.66 | % |
| 7.63 | % |
| 7.20 | % |
| 7.12 | % |
Tier 1 capital to risk-weighted assets |
|
| 9.54 | % |
| 9.87 | % |
| 9.87 | % |
| 10.31 | % |
| 10.33 | % |
Total capital to risk-weighted assets |
|
| 10.79 | % |
| 11.11 | % |
| 11.11 | % |
| 11.55 | % |
| 11.58 | % |
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio loans |
| $ | 1,257,394 |
| $ | 1,079,063 |
| $ | 1,020,866 |
| $ | 979,182 |
| $ | 968,802 |
|
Earning assets |
|
| 1,400,706 |
|
| 1,202,676 |
|
| 1,165,389 |
|
| 1,181,273 |
|
| 1,114,508 |
|
Total assets |
|
| 1,504,253 |
|
| 1,276,878 |
|
| 1,235,691 |
|
| 1,244,652 |
|
| 1,159,341 |
|
Deposits |
|
| 1,262,544 |
|
| 1,044,498 |
|
| 1,060,035 |
|
| 1,080,525 |
|
| 1,012,070 |
|
Shareholders’ equity |
|
| 127,685 |
|
| 97,786 |
|
| 94,338 |
|
| 89,641 |
|
| 82,495 |
|
LOAN PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
| $ | 343,776 |
| $ | 323,109 |
| $ | 299,706 |
| $ | 265,488 |
| $ | 263,286 |
|
Commercial real estate |
|
| 553,486 |
|
| 438,684 |
|
| 428,696 |
|
| 410,382 |
|
| 363,566 |
|
Construction real estate |
|
| 185,743 |
|
| 162,589 |
|
| 155,361 |
|
| 138,318 |
|
| 128,444 |
|
Residential real estate |
|
| 148,369 |
|
| 148,650 |
|
| 144,228 |
|
| 151,575 |
|
| 177,948 |
|
Consumer and other |
|
| 38,017 |
|
| 35,874 |
|
| 38,093 |
|
| 36,616 |
|
| 43,559 |
|
|
|
|
|
|
|
| ||||||||||
Total loan portfolio |
| $ | 1,269,391 |
| $ | 1,108,906 |
| $ | 1,066,084 |
| $ | 1,002,379 |
| $ | 976,804 |
|
DEPOSIT PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing accounts |
| $ | 222,668 |
| $ | 195,719 |
| $ | 192,997 |
| $ | 229,325 |
| $ | 206,724 |
|
Interest-bearing transaction accounts |
|
| 101,262 |
|
| 99,887 |
|
| 108,699 |
|
| 108,712 |
|
| 85,824 |
|
Money market and savings accounts |
|
| 507,407 |
|
| 471,526 |
|
| 472,247 |
|
| 483,186 |
|
| 450,107 |
|
Certificates of deposit |
|
| 450,613 |
|
| 308,582 |
|
| 267,687 |
|
| 295,021 |
|
| 280,310 |
|
|
|
|
|
|
|
| ||||||||||
Total deposit portfolio |
| $ | 1,281,950 |
| $ | 1,075,714 |
| $ | 1,041,630 |
| $ | 1,116,244 |
| $ | 1,022,965 |
|
WEALTH MANAGEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust Assets Under Management |
| $ | 996,142 |
| $ | 983,365 |
| $ | 976,425 |
| $ | 819,608 |
| $ | 975,704 |
|
Trust Assets Under Administration |
|
| 1,567,164 |
|
| 1,536,437 |
|
| 1,563,394 |
|
| 1,388,480 |
|
| 1,541,597 |
|
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