Exhibit 99
News Release |
Date: January 28, 2004 |
| Phone Number: 805/473-6803 |
Contact: James G. Stathos |
| NASDAQ Symbol: MDST |
Title: Executive Vice President and Chief Financial Officer |
| Web site: www.midstatebank.com |
Mid-State Bancshares Reports Earnings Increase of 11.1% for 2003
ARROYO GRANDE, CA – Mid-State Bancshares (the Company) [NASDAQ: MDST], the holding company for Mid-State Bank & Trust (the Bank), reported net income of $33.2 million for 2003, an 11.1% increase over 2002 earnings of $29.9 million. Diluted earnings per share were $1.40 in 2003 compared to $1.20 in 2002. For the fourth quarter of 2003 and 2002, net income was $8.4 million and $8.7 million, respectively, resulting in the same diluted earnings per share figure of $0.35 for both periods based on fewer shares outstanding in 2003.
“I am especially pleased with the earnings growth Mid-State has achieved during 2003 in view of the various dynamics the Company faced throughout the year,” stated Carrol R. Pruett, chairman of the board. “While interest rates generally trended downward into early summer, the higher levels later in the year led to reduced mortgage loan originations and corresponding lower gains on sale during the fourth quarter. Loan demand, which was slow early in the year, did show some growth toward the end of 2003 and prospects for the recovery of problem assets were improved by the end of the year. We also were able to successfully complete our merger with Ojai Valley Bank at the end of October, thus giving us two more offices in the important Ventura County market.”
Asset quality at the Company continued to improve during 2003. Strong credit quality standards, along with consistent performance of the loan portfolio, resulted in sustained and
-more-
improving trends in classified assets. “The portfolio has shown consistent level trends with non-performing loans for the past four consecutive quarters with noted improvement in the fourth quarter. The charge-off rate for the year reflects a declining trend from the last two years,” said James W. Lokey, president and chief executive officer. Based on these factors, combined with an improving economy, Management took a $1.2 million pre-tax benefit to the provision for loan losses at Management’s regular fourth quarter review of the allowance for loan losses. “The size of the allowance for loan losses was reduced to a level appropriate to the risk of loss in the portfolio,” said Lokey
“The fourth quarter reflected a slow down of the largest refinancing boom ever, and the profits associated with the mortgage banking activity slowed as a result,” said James G. Stathos, executive vice president and chief financial officer. “The net gain on sale from mortgage loans held for sale was $0.4 million in the fourth quarter of 2003 compared to $1.0 million in the third quarter of 2003 and $0.6 million in the fourth quarter of 2002. For the entire year, the net gain on sale reached $3.4 million in 2003 compared to $1.0 million in 2002. At this point in time, we would expect that the net gain on sale to be realized in 2004 will be lower than that achieved in 2003.”
The Company experienced an increase in employee benefit expense during the year. For the full year, these costs were $6.1 million in 2003 compared to $4.0 million in 2002. On a quarterly basis, those costs were $2.1 million during the fourth quarter of 2003, up from $1.5 million in the third quarter of 2003 and $0.7 million in the fourth quarter of 2002. While these increases are tied to the improved performance of the Company, they are also the result of enhancements made to the benefits plan during the year to remain competitive in recruiting, hiring, and retaining the most qualified staff possible.
2
Total assets of the Company increased 14.2% to $2.209 billion at year-end, up from $1.935 billion one year earlier. Approximately $105 million of the $274 million reported increase was due to the successful integration of Ojai Valley Bank into the Company on October 31, 2003. Deposits increased 15.7% to $1.912 billion at year-end, up from $1.653 billion one year earlier, with $79 million of the growth attributable to the merger. The Bank continues to be very successful attracting core deposits, while remaining competitive in retaining time deposits. Time deposits increased modestly to $400.6 million from $399.6 million one year earlier. All other categories of demand, NOW, money market and savings increased to $1.512 billion from $1.253 billion at December 31, 2002. The loan portfolio reached $1.155 billion at December 31, 2003, compared to $1.088 billion one year earlier. Approximately $30 million of this growth can be traced to the Ojai Valley Bank merger.
The Company continued its stock repurchase program during the fourth quarter, repurchasing a total of 174,176 and 800,006 shares, respectively, for the three month and twelve month periods ending December 31, 2003. In the comparable 2002 periods, the Company repurchased 162,206 and 477,264 shares. On the other hand, 498,153 shares were issued during the fourth quarter in connection with the Ojai Valley Bank merger. As of December 31, 2003 there were 872 shares which could be repurchased under the Board of Directors original repurchase program authorization. At its regular Board meeting of January 21, 2004, the Board authorized the purchase of up to 1,178,352 additional shares.
In other matters concerning capital, the Board of Directors declared a fourth quarter 2003 dividend of $0.13 per share, resulting in a total dividend of $0.50 per share for the year 2003. That amount represents a 22% increase over the same period one year ago. In 2002, the fourth quarter dividend was $0.11 per share, with a $0.41 per share return for the year.
3
Non-performing asset levels totaled $15.7 million compared to $16.7 million one year earlier. The level of non-performing assets as a percent of total assets was 0.7% compared to 0.9% one year ago. Non-performing assets are centered primarily in two lending relationships secured by real estate (total $13.3 million). Management has established specific reserves that would offset potential losses, if any, arising from less than full recovery of the loans from the supporting collateral. One property has now been foreclosed upon, and is accounted for on the Consolidated Statement of Financial Position under “Other Real Estate Owned” (total $3.3 million). The ratio of the Company’s allowances for losses to non-performing loans was 146% compared to 114% one year earlier.
Mid-State Bancshares is a $2.2 billion holding company for Mid-State Bank & Trust, an independent, community bank serving California’s San Luis Obispo, Santa Barbara, and Ventura Counties. Since opening its doors in 1961, the Bank has grown to 41 offices serving more than 100,000 households.
This Press Release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act. All of the statements contained in the Press Release, other than statements of historical fact, should be considered forward-looking statements, including, but not limited to, those concerning (i) the Company’s strategies, objectives and plans for expansion of its operations, products and services, and growth of its portfolio of loans, investments and deposits, (ii) the Company’s beliefs and expectations regarding actions that may be taken by regulatory authorities having oversight of the operation, (iii) the Company’s beliefs as to the adequacy of its existing and anticipated allowances for loan and real estate losses and (iv) the Company’s beliefs and expectations concerning future operating results. Although the Company believes the expectations reflected in those forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct. All subsequent written and oral forward-looking statements by or attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this qualification. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are not intended to give any assurance as to future results. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Please See Pertinent Financial Data Attached.
###
4
Consolidated Financial Data - Mid-State Bancshares
(Unaudited)
|
| Quarter Ended |
| Year-to-Date |
| ||||||||
(In thousands) |
| Dec. 31, 2003 |
| Dec. 31, 2002 |
| Dec. 31, 2003 |
| Dec. 31, 2002 |
| ||||
Interest Income (not taxable equivalent) |
| $ | 26,525 |
| $ | 27,107 |
| $ | 105,240 |
| $ | 109,332 |
|
Interest Expense |
| 2,140 |
| 3,403 |
| 9,699 |
| 16,381 |
| ||||
Net Interest Income |
| 24,385 |
| 23,704 |
| 95,541 |
| 92,951 |
| ||||
(Benefit)/Provision for Loan Losses |
| (1,229 | ) | — |
| (969 | ) | 600 |
| ||||
Net Interest Income after provision for loan losses |
| 25,614 |
| 23,704 |
| 96,510 |
| 92,351 |
| ||||
Non-interest income |
| 6,823 |
| 6,419 |
| 29,059 |
| 24,321 |
| ||||
Non-interest expense |
| 19,701 |
| 17,441 |
| 74,691 |
| 70,925 |
| ||||
Income before income taxes |
| 12,736 |
| 12,681 |
| 50,878 |
| 45,747 |
| ||||
Provision for income taxes |
| 4,350 |
| 3,966 |
| 17,714 |
| 15,892 |
| ||||
Net Income |
| $ | 8,386 |
| $ | 8,715 |
| $ | 33,164 |
| $ | 29,855 |
|
|
| Quarter Ended |
| Year-to-Date |
| ||||||||
(In thousands, except per share data) |
| Dec. 31, 2003 |
| Dec. 31, 2002 |
| Dec. 31, 2003 |
| Dec. 31, 2002 |
| ||||
Per share: |
|
|
|
|
|
|
|
|
| ||||
Net Income - basic |
| $ | 0.36 |
| $ | 0.37 |
| $ | 1.41 |
| $ | 1.25 |
|
Net Income - diluted |
| $ | 0.35 |
| $ | 0.35 |
| $ | 1.40 |
| $ | 1.20 |
|
Weighted average shares used in Basic E.P.S. calculation |
| 23,447 |
| 23,773 |
| 23,443 |
| 23,962 |
| ||||
Weighted average shares used in Diluted E.P.S. calculation |
| 23,921 |
| 24,769 |
| 23,762 |
| 24,837 |
| ||||
Cash dividends |
| $ | 0.13 |
| $ | 0.11 |
| $ | 0.50 |
| $ | 0.41 |
|
Book value at period-end |
|
|
|
|
|
| $ | 11.56 |
| $ | 10.72 |
| |
Tangible book value at period end |
|
|
|
|
|
| $ | 9.15 |
| $ | 8.94 |
| |
Ending Shares |
|
|
|
|
| 23,567 |
| 23,697 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Financial Ratios |
|
|
|
|
|
|
|
|
| ||||
Return on assets |
| 1.53 | % | 1.79 | % | 1.62 | % | 1.58 | % | ||||
Return on tangible assets |
| 1.57 | % | 1.82 | % | 1.66 | % | 1.61 | % | ||||
Return on equity |
| 12.50 | % | 13.72 | % | 12.70 | % | 12.22 | % | ||||
Return on tangible equity |
| 15.45 | % | 16.40 | % | 15.21 | % | 14.72 | % | ||||
Net interest margin (not taxable equivalent) |
| 4.91 | % | 5.36 | % | 5.14 | % | 5.41 | % | ||||
Net interest margin (taxable equivalent yield) |
| 5.31 | % | 5.73 | % | 5.54 | % | 5.74 | % | ||||
Net loan losses to avg. loans |
| (0.01 | )% | 0.00 | % | 0.06 | % | 0.19 | % | ||||
Efficiency ratio |
| 63.1 | % | 57.9 | % | 59.9 | % | 60.5 | % | ||||
|
|
|
|
|
|
|
|
|
| ||||
Period Averages |
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 2,171,206 |
| $ | 1,935,767 |
| $ | 2,045,252 |
| $ | 1,892,137 |
|
Total Tangible Assets |
| 2,118,330 |
| 1,894,702 |
| 2,000,406 |
| 1,850,671 |
| ||||
Total Loans (includes loans held for sale) |
| 1,138,603 |
| 1,098,947 |
| 1,131,932 |
| 1,109,245 |
| ||||
Total Earning Assets |
| 1,971,706 |
| 1,755,655 |
| 1,857,241 |
| 1,718,280 |
| ||||
Total Deposits |
| 1,878,835 |
| 1,661,588 |
| 1,763,215 |
| 1,623,510 |
| ||||
Common Equity |
| 266,132 |
| 251,922 |
| 261,103 |
| 244,295 |
| ||||
Common Tangible Equity |
| 215,316 |
| 210,857 |
| 217,982 |
| 202,829 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Balance Sheet - At Period-End |
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
|
|
|
|
| $ | 123,763 |
| $ | 128,036 |
| ||
Investments and Fed Funds Sold |
|
|
|
|
| 822,179 |
| 625,483 |
| ||||
Loans held for sale |
|
|
|
|
| 13,410 |
| 22,560 |
| ||||
Loans, net of deferred fees, before allowance for loan losses |
|
|
|
|
| 1,154,932 |
| 1,087,551 |
| ||||
Allowance for Loan Losses |
|
|
|
|
| (16,063 | ) | (17,370 | ) | ||||
Goodwill and other intangibles (excl OMSR’s) |
|
|
|
|
| 56,947 |
| 40,949 |
| ||||
Other assets (incl OMSR’s) |
|
|
|
|
| 53,664 |
| 47,531 |
| ||||
Total Assets |
|
|
|
|
| $ | 2,208,832 |
| $ | 1,934,740 |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Non-interest bearing deposits |
|
|
|
|
| $ | 487,624 |
| $ | 390,212 |
| ||
Interest bearing deposits |
|
|
|
|
| 1,424,807 |
| 1,262,735 |
| ||||
Other borrowings |
|
|
|
|
| 7,627 |
| 10,973 |
| ||||
Allowance for losses - unfunded commitments |
|
|
|
|
| 1,941 |
| 1,771 |
| ||||
Other liabilities |
|
|
|
|
| 14,279 |
| 14,914 |
| ||||
Shareholders’ equity |
|
|
|
|
| 272,554 |
| 254,135 |
| ||||
Total Liabilities and Shareholders’ equity |
|
|
|
|
| $ | 2,208,832 |
| $ | 1,934,740 |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Asset Quality & Capital - At Period-End |
|
|
|
|
|
|
|
|
| ||||
Non-accrual loans |
|
|
|
|
| $ | 12,312 |
| $ | 16,748 |
| ||
Loans past due 90 days or more |
|
|
|
|
| — |
| — |
| ||||
Other real estate owned |
|
|
|
|
| 3,428 |
| — |
| ||||
Total non performing assets |
|
|
|
|
| $ | 15,740 |
| $ | 16,748 |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Allowance for losses to loans, gross (1) |
|
|
|
|
| 1.6 | % | 1.8 | % | ||||
Non-accrual loans to total loans, gross |
|
|
|
|
| 1.1 | % | 1.5 | % | ||||
Non performing assets to total assets |
|
|
|
|
| 0.7 | % | 0.9 | % | ||||
Allowance for losses to non performing loans (1) |
|
|
|
|
| 146.2 | % | 114.3 | % | ||||
|
|
|
|
|
|
|
|
|
| ||||
Equity to average assets (leverage ratio) |
|
|
|
|
| 9.6 | % | 10.6 | % | ||||
Tier One capital to risk-adjusted assets |
|
|
|
|
| 13.8 | % | 14.7 | % | ||||
Total capital to risk-adjusted assets |
|
|
|
|
| 15.0 | % | 16.0 | % |
(1) Includes allowance for loan losses and allowance for losses - unfunded commitments
Consolidated Financial Data - - Mid-State Bancshares
(Unaudited)
|
| Quarter Ended |
| |||||||||||||
(In thousands) |
| Dec. 31, 2003 |
| Sept. 30, 2003 |
| June 30, 2003 |
| Mar. 31, 2003 |
| Dec. 31, 2002 |
| |||||
Interest Income (not taxable equivalent) |
| $ | 26,525 |
| $ | 26,643 |
| $ | 26,207 |
| $ | 25,865 |
| $ | 27,107 |
|
Interest Expense |
| 2,140 |
| 2,157 |
| 2,568 |
| 2,834 |
| 3,404 |
| |||||
Net Interest Income |
| 24,385 |
| 24,486 |
| 23,639 |
| 23,031 |
| 23,703 |
| |||||
(Benefit)/Provision for Loan Losses |
| (1,229 | ) | — |
| 150 |
| 110 |
| — |
| |||||
Net Interest Income after provision for loan losses |
| 25,614 |
| 24,486 |
| 23,489 |
| 22,921 |
| 23,703 |
| |||||
Non-interest income |
| 6,823 |
| 7,838 |
| 7,484 |
| 6,914 |
| 6,419 |
| |||||
Non-interest expense |
| 19,701 |
| 18,589 |
| 18,026 |
| 18,375 |
| 17,441 |
| |||||
Income before income taxes |
| 12,736 |
| 13,735 |
| 12,947 |
| 11,460 |
| 12,681 |
| |||||
Provision for income taxes |
| 4,350 |
| 4,760 |
| 4,587 |
| 4,017 |
| 3,966 |
| |||||
Net Income |
| $ | 8,386 |
| $ | 8,975 |
| $ | 8,360 |
| $ | 7,443 |
| $ | 8,715 |
|
|
| Quarter Ended |
| |||||||||||||
(In thousands, except per share data) |
| Dec. 31, 2003 |
| Sept. 30, 2003 |
| June 30, 2003 |
| Mar. 31, 2003 |
| Dec. 31, 2002 |
| |||||
Per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income - basic |
| $ | 0.36 |
| $ | 0.39 |
| $ | 0.36 |
| $ | 0.32 |
| $ | 0.37 |
|
Net Income - diluted |
| $ | 0.35 |
| $ | 0.37 |
| $ | 0.34 |
| $ | 0.30 |
| $ | 0.35 |
|
Weighted average shares used in Basic E.P.S. calculation |
| 23,447 |
| 23,287 |
| 23,442 |
| 23,598 |
| 23,773 |
| |||||
Weighted average shares used in Diluted E.P.S. calculation |
| 23,921 |
| 24,350 |
| 24,477 |
| 24,638 |
| 24,769 |
| |||||
Cash dividends |
| $ | 0.13 |
| $ | 0.13 |
| $ | 0.13 |
| $ | 0.11 |
| $ | 0.11 |
|
Book value at period-end |
| $ | 11.56 |
| $ | 11.25 |
| $ | 11.22 |
| $ | 10.89 |
| $ | 10.72 |
|
Tangible book value at period end |
| $ | 9.15 |
| $ | 9.43 |
| $ | 9.41 |
| $ | 9.09 |
| $ | 8.94 |
|
Ending Shares |
| 23,567 |
| 23,191 |
| 23,384 |
| 23,488 |
| 23,697 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Financial Ratios |
|
|
|
|
|
|
|
|
|
|
| |||||
Return on assets |
| 1.53 | % | 1.72 | % | 1.68 | % | 1.55 | % | 1.79 | % | |||||
Return on tangible assets |
| 1.57 | % | 1.76 | % | 1.72 | % | 1.58 | % | 1.82 | % | |||||
Return on equity |
| 12.50 | % | 13.61 | % | 12.82 | % | 11.84 | % | 13.72 | % | |||||
Return on tangible equity |
| 15.45 | % | 16.08 | % | 15.17 | % | 14.10 | % | 16.40 | % | |||||
Net interest margin (not taxable equivalent) |
| 4.91 | % | 5.14 | % | 5.26 | % | 5.29 | % | 5.36 | % | |||||
Net interest margin (taxable equivalent yield) |
| 5.31 | % | 5.53 | % | 5.67 | % | 5.69 | % | 5.73 | % | |||||
Net loan (recoveries) losses to avg. loans |
| (0.01 | )% | 0.38 | % | (0.08 | )% | (0.03 | )% | 0.00 | % | |||||
Efficiency ratio |
| 63.1 | % | 57.5 | % | 57.9 | % | 61.4 | % | 57.9 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Period Averages |
|
|
|
|
|
|
|
|
|
|
| |||||
Total Assets |
| $ | 2,171,206 |
| $ | 2,069,078 |
| $ | 1,990,671 |
| $ | 1,947,332 |
| $ | 1,935,767 |
|
Total Tangible Assets |
| 2,118,330 |
| 2,024,032 |
| 1,950,141 |
| 1,906,534 |
| 1,894,702 |
| |||||
Total Loans (includes loans held for sale) |
| 1,138,603 |
| 1,140,493 |
| 1,132,369 |
| 1,115,920 |
| 1,098,947 |
| |||||
Total Earning Assets |
| 1,971,706 |
| 1,889,499 |
| 1,801,275 |
| 1,764,490 |
| 1,755,655 |
| |||||
Total Deposits |
| 1,878,835 |
| 1,787,933 |
| 1,711,342 |
| 1,672,208 |
| 1,661,588 |
| |||||
Common Equity |
| 266,132 |
| 261,692 |
| 261,509 |
| 254,950 |
| 251,922 |
| |||||
Common Tangible Equity |
| 215,316 |
| 221,430 |
| 220,980 |
| 214,152 |
| 210,857 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance Sheet - At Period-End |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks |
| $ | 123,763 |
| $ | 109,469 |
| $ | 124,176 |
| $ | 113,257 |
| $ | 128,036 |
|
Investments and Fed Funds Sold |
| 822,179 |
| 767,741 |
| 680,320 |
| 669,990 |
| 625,483 |
| |||||
Loans held for sale |
| 13,410 |
| 42,075 |
| 49,875 |
| 26,794 |
| 22,560 |
| |||||
Loans, net of deferred fees, before allowance for loan losses |
| 1,154,932 |
| 1,091,113 |
| 1,102,210 |
| 1,095,355 |
| 1,087,551 |
| |||||
Allowance for Loan Losses |
| (16,063 | ) | (16,871 | ) | (17,963 | ) | (17,576 | ) | (17,370 | ) | |||||
Goodwill and other intangibles (excl OMSR’s) |
| 56,947 |
| 40,146 |
| 40,413 |
| 40,682 |
| 40,949 |
| |||||
Other assets (incl OMSR’s) |
| 53,664 |
| 52,476 |
| 45,223 |
| 49,379 |
| 47,531 |
| |||||
Total Assets |
| $ | 2,208,832 |
| $ | 2,086,149 |
| $ | 2,024,254 |
| $ | 1,977,881 |
| $ | 1,934,740 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-interest bearing deposits |
| $ | 487,624 |
| 436,565 |
| $ | 422,732 |
| $ | 397,622 |
| $ | 390,212 |
| |
Interest bearing deposits |
| 1,424,807 |
| 1,358,227 |
| 1,317,402 |
| 1,304,525 |
| 1,262,735 |
| |||||
Other borrowings |
| 7,627 |
| 7,907 |
| 6,354 |
| 2,382 |
| 10,973 |
| |||||
Allowance for losses - unfunded commitments |
| 1,941 |
| 1,862 |
| 1,812 |
| 1,811 |
| 1,771 |
| |||||
Other liabilities |
| 14,279 |
| 20,767 |
| 13,594 |
| 15,777 |
| 14,914 |
| |||||
Shareholders’ equity |
| 272,554 |
| 260,821 |
| 262,360 |
| 255,764 |
| 254,135 |
| |||||
Total Liabilities and Shareholders’ equity |
| $ | 2,208,832 |
| $ | 2,086,149 |
| $ | 2,024,254 |
| $ | 1,977,881 |
| $ | 1,934,740 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Asset Quality & Capital - At Period-End |
|
|
|
|
|
|
|
|
|
|
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Non-accrual loans |
| $ | 12,312 |
| $ | 12,562 |
| $ | 16,436 |
| $ | 16,799 |
| $ | 16,748 |
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Loans past due 90 days or more |
| — |
| — |
| 1 |
| — |
| — |
| |||||
Other real estate owned |
| 3,428 |
| 3,279 |
| — |
| — |
| — |
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Total non performing assets |
| $ | 15,740 |
| $ | 15,841 |
| $ | 16,437 |
| $ | 16,799 |
| $ | 16,748 |
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Allowance for losses to loans, gross (1) |
| 1.6 | % | 1.7 | % | 1.8 | % | 1.8 | % | 1.8 | % | |||||
Non-accrual loans to total loans, gross |
| 1.1 | % | 1.2 | % | 1.5 | % | 1.5 | % | 1.5 | % | |||||
Non performing assets to total assets |
| 0.7 | % | 0.8 | % | 0.8 | % | 0.8 | % | 0.9 | % | |||||
Allowance for losses to non performing loans (1) |
| 146.2 | % | 149.1 | % | 120.3 | % | 115.4 | % | 114.3 | % | |||||
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Equity to average assets (leverage ratio) |
| 9.6 | % | 10.2 | % | 10.5 | % | 10.6 | % | 10.6 | % | |||||
Tier One capital to risk-adjusted assets |
| 13.8 | % | 14.7 | % | 14.6 | % | 14.6 | % | 14.7 | % | |||||
Total capital to risk-adjusted assets |
| 15.0 | % | 16.0 | % | 15.8 | % | 15.9 | % | 16.0 | % |
(1) Includes allowance for loan losses and allowance for losses - unfunded commitments