Exhibit 99.1
News Release
Date: July 22, 2004 |
| Phone Number: 805/473-7700 |
Contact: James G. Stathos |
| NASDAQ Symbol: “MDST” |
Title: Chief Financial Officer |
| Website: www.midstatebank.com |
MID-STATE REPORTS 14.7% INCREASE IN EARNINGS PER SHARE
Arroyo Grande, California - Mid-State Bancshares (the Company), the holding company for Mid-State Bank & Trust (the Bank), reported that diluted earnings per share increased 14.7% to $0.39 in the second quarter of 2004 compared to $0.34 in the like period one year earlier. Net income for the three months ended June 30, 2004 was $9.4 million, up 12.1% from the $8.4 million earned in the same 2003 period.
The Company’s asset quality improved significantly in the second quarter. Continued improvements in the level of classified assets, reductions in non performing assets, net recoveries resulting from the Company’s ongoing collection efforts and continuing improvement in local economic conditions have all contributed. “Based on our current position and the outlook going forward, Mid-State has taken a $2.7 million pre-tax benefit to the provision for loan losses following Management’s regular second quarter review of the allowance for loan losses,” said James W. Lokey, president and chief executive officer. “The size of the allowance for loan losses was reduced to an appropriate level based on Management’s estimate of the risk of loss currently inherent in the portfolio,” said Lokey. Non-performing asset levels totaled $11.8 million compared to $16.4 million one year earlier. The level of non-performing assets as a percent of total assets was 0.5% compared to 0.8% one year ago. Non-performing assets are centered primarily in two loans secured by real estate (totaling $10.1 million). One of those two loans ($1.6 million) was paid off on July 2, 2004 and is expected to generate a pre-tax gain in the third quarter of 2004. Management has specific reserves on its non-accrual loans that it believes would offset potential losses, if any, arising from less than full recovery of the loans from the supporting collateral. The ratio of the Company’s allowances for losses to non-performing loans was 131% compared to 120% one year earlier.
“Also contributing to earnings was a pre-tax gain of $1.1 million recorded in the second quarter on the sale of Other Real Estate Owned (OREO),” said James G. Stathos, executive vice president and chief financial officer. “Year-to-date results were also bolstered by pre-tax securities gains of $382 thousand, the majority of which was due to accepting a tender offer for a $1.0 million block of corporate bonds held by the Bank which resulted in a $352 thousand gain in the first quarter of 2004. Another gain impacting comparability to the prior year occurred in March when the Company received a payment totaling approximately $915 thousand related to a loan previously charged off. While $616 thousand represented a recovery to the Allowance for Loan Losses, the remaining $299 thousand represented the pre-tax recovery of expenses incurred and prior period’s interest earned,” added Stathos.
Total assets of the Company increased 11.3% to $2.252 billion at quarter-end, up from $2.024 billion one year earlier. Approximately $105 million of the $228 million reported increase was the result of the successful
integration of Ojai Valley Bank which was acquired by the Company on October 31, 2003. Deposits increased 12.2% to $1.954 billion at quarter-end, up from $1.740 billion one year earlier, with $79 million of the growth attributable to the merger. The Bank continues to be very successful in attracting core deposits, while remaining competitive in retaining time deposits. Time deposits increased modestly to $401.2 million from $397.6 million one year earlier. All other categories of demand, NOW, money market and savings increased to $1.553 billion from $1.343 billion at June 30, 2003.
The loan portfolio reached $1.302 billion at June 30, 2004, compared to $1.084 billion one year earlier. Approximately $30 million of this growth can be traced to the Ojai Valley Bank merger. The Company is seeing growth in its loan portfolio and with the improving economy expects this trend to continue. This trend, coupled with the benefit from rising interest rates, is expected to have a positive effect on the Company’s net interest income.
The slowdown in refinance activity caused the net gain on sale of mortgage loans held for sale to decline to $0.2 million in the second quarter of 2004 compared to $1.0 million in the like 2003 period. Similarly, the net gain on sale for the six months year-to-date was $0.4 million compared to $2.0 million one year earlier. Management continues to anticipate that the net gain on sale in 2004 will be significantly lower than the level achieved in 2003.
The Company experienced an increase in pre-tax non-interest expense of just under $2.9 million in the three months ended June 30, 2004 compared to the same period one year earlier. For the six months year-to-date, the increase from one year earlier was $4.2 million. Salaries and benefits accounted for $2.0 million of the increase in the second quarter and $3.0 million of the increase for the six months year-to-date comparisons. The amount of increase was influenced by several factors, including: 1) the addition of employees from the acquisition of Ojai Valley Bank, 2) increases in accrual rates for incentive compensation, 3) increases in the Company cost of health care coverage for employees, 4) increases in workers compensation premiums, 5) increases in payroll tax rates for California’s Family Leave Act, 6) one-time severance costs for terminated employees, and 7) regular salary increases. Increases in occupancy expense and advertising & promotional expense accounted for the balance of the increase in non interest expense.
At the start of 2004, there were 872 shares of the Company’s common stock remaining for repurchase under the Board of Directors May 2002 stock repurchase program authorization. At its regular Board meeting of January 21, 2004, the Board authorized the repurchase of up to 1,178,352 additional shares. The new authorization does not have an expiration date. There were 157,350 shares repurchased in the second quarter of 2004 at an average price of $22.48 per share compared to 185,699 shares repurchased in the second quarter of 2003 at an average price of $19.06 per share. Year-to-date, the Company has repurchased 158,212 shares at an average price of $22.51 per share compared to 418,289 repurchased in the like 2003 period at an average price of $17.93 per share. As of June 30, 2004, the Company is continuing the program and can repurchase up to 1,021,012 additional shares under the January authorization.
In other matters concerning capital, the Board of Directors increased its first and second quarter 2004 dividends to $0.14 per share, or $0.28 for the six months, representing a 17% increase over the $0.24 declared in the first half of 2003. The Company paid a dividend of $0.13 in the second quarter of 2003.
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.
# # #
Consolidated Financial Data - Mid-State Bancshares
(Unaudited) |
| Quarter Ended |
| Year-to-Date |
| ||||||||
(In thousands) |
| June 30, 2004 |
| June 30, 2003 |
| June 30, 2004 |
| June 30, 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Interest Income (not taxable equivalent) |
| $ | 26,620 |
| $ | 26,207 |
| $ | 52,857 |
| $ | 52,072 |
|
Interest Expense |
| 1,990 |
| 2,568 |
| 4,066 |
| 5,402 |
| ||||
Net Interest Income |
| 24,630 |
| 23,639 |
| 48,791 |
| 46,670 |
| ||||
(Benefit)/Provision for Loan Losses |
| (2,700 | ) | 150 |
| (2,700 | ) | 260 |
| ||||
Net Interest Income after provision for loan losses |
| 27,330 |
| 23,489 |
| 51,491 |
| 46,410 |
| ||||
Non-interest income |
| 7,910 |
| 7,485 |
| 14,910 |
| 14,399 |
| ||||
Non-interest expense |
| 20,877 |
| 18,027 |
| 40,571 |
| 36,402 |
| ||||
Income before income taxes |
| 14,363 |
| 12,947 |
| 25,830 |
| 24,407 |
| ||||
Provision for income taxes |
| 4,990 |
| 4,587 |
| 8,792 |
| 8,604 |
| ||||
Net Income |
| $ | 9,373 |
| $ | 8,360 |
| $ | 17,038 |
| $ | 15,803 |
|
|
| Quarter Ended |
| Year-to-Date |
| ||||||||
(In thousands, except per share data) |
| June 30, 2004 |
| June 30, 2003 |
| June 30, 2004 |
| June 30, 2003 |
| ||||
Per share: |
|
|
|
|
|
|
|
|
| ||||
Net Income - basic |
| $ | 0.40 |
| $ | 0.36 |
| $ | 0.72 |
| $ | 0.67 |
|
Net Income - diluted |
| $ | 0.39 |
| $ | 0.34 |
| $ | 0.71 |
| $ | 0.64 |
|
Weighted average shares used in Basic E.P.S. calculation |
| 23,550 |
| 23,442 |
| 23,560 |
| 23,520 |
| ||||
Weighted average shares used in Diluted E.P.S. calculation |
| 23,962 |
| 24,477 |
| 24,003 |
| 24,557 |
| ||||
Cash dividends |
| $ | 0.14 |
| $ | 0.13 |
| $ | 0.28 |
| $ | 0.24 |
|
Book value at period-end |
|
|
|
|
| $ | 11.60 |
| $ | 11.22 |
| ||
Tangible book value at period end |
|
|
|
|
| $ | 9.79 |
| $ | 9.41 |
| ||
Ending Shares |
|
|
|
|
| 23,454 |
| 23,384 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Financial Ratios |
|
|
|
|
|
|
|
|
| ||||
Return on assets |
| 1.68 | % | 1.68 | % | 1.54 | % | 1.62 | % | ||||
Return on tangible assets |
| 1.72 | % | 1.72 | % | 1.58 | % | 1.65 | % | ||||
Return on equity |
| 13.73 | % | 12.82 | % | 12.40 | % | 12.34 | % | ||||
Return on tangible equity |
| 17.28 | % | 15.17 | % | 15.59 | % | 14.65 | % | ||||
Net interest margin (not taxable equivalent) |
| 4.90 | % | 5.26 | % | 4.89 | % | 5.28 | % | ||||
Net interest margin (taxable equivalent yield) |
| 5.31 | % | 5.67 | % | 5.30 | % | 5.68 | % | ||||
Net loan (recoveries) losses to avg. loans |
| 0.00 | % | (0.08 | )% | (0.09 | )% | (0.06 | )% | ||||
Efficiency ratio |
| 64.2 | % | 57.9 | % | 63.7 | % | 59.6 | % | ||||
|
|
|
|
|
|
|
|
|
| ||||
Period Averages |
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 2,242,379 |
| $ | 1,990,671 |
| $ | 2,220,872 |
| $ | 1,969,121 |
|
Total Tangible Assets |
| 2,185,971 |
| 1,950,141 |
| 2,164,292 |
| 1,928,458 |
| ||||
Total Loans (includes loans held for sale) |
| 1,289,633 |
| 1,132,369 |
| 1,239,789 |
| 1,124,190 |
| ||||
Total Earning Assets |
| 2,022,516 |
| 1,801,275 |
| 2,007,793 |
| 1,782,984 |
| ||||
Total Deposits |
| 1,947,865 |
| 1,711,342 |
| 1,923,670 |
| 1,691,883 |
| ||||
Common Equity |
| 274,577 |
| 261,509 |
| 276,312 |
| 258,248 |
| ||||
Common Tangible Equity |
| 218,169 |
| 220,980 |
| 219,732 |
| 217,585 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Balance Sheet - At Period-End |
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
|
|
|
|
| $ | 128,141 |
| $ | 124,176 |
| ||
Investments and Fed Funds Sold |
|
|
|
|
| 697,431 |
| 680,320 |
| ||||
Loans held for sale |
|
|
|
|
| 12,789 |
| 49,875 |
| ||||
Loans, net of deferred fees, before allowance for loan losses |
|
|
|
|
| 1,316,135 |
| 1,102,210 |
| ||||
Allowance for Loan Losses |
|
|
|
|
| (13,895 | ) | (17,963 | ) | ||||
Goodwill and core deposit intangibles |
|
|
|
|
| 56,259 |
| 42,292 |
| ||||
Other assets |
|
|
|
|
| 55,155 |
| 43,344 |
| ||||
Total Assets |
|
|
|
|
| $ | 2,252,015 |
| $ | 2,024,254 |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Non-interest bearing deposits |
|
|
|
|
| $ | 498,754 |
| $ | 422,732 |
| ||
Interest bearing deposits |
|
|
|
|
| 1,455,691 |
| 1,317,402 |
| ||||
Other borrowings |
|
|
|
|
| 4,964 |
| 6,354 |
| ||||
Allowance for losses - unfunded commitments |
|
|
|
|
| 1,570 |
| 1,812 |
| ||||
Other liabilities |
|
|
|
|
| 19,074 |
| 13,594 |
| ||||
Shareholders’ equity |
|
|
|
|
| 271,962 |
| 262,360 |
| ||||
Total Liabilities and Shareholders’ equity |
|
|
|
|
| $ | 2,252,015 |
| $ | 2,024,254 |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Asset Quality & Capital - At Period-End |
|
|
|
|
|
|
|
|
| ||||
Non-accrual loans |
|
|
|
|
| $ | 11,758 |
| $ | 16,436 |
| ||
Loans past due 90 days or more |
|
|
|
|
| 2 |
| 1 |
| ||||
Other real estate owned |
|
|
|
|
| — |
| — |
| ||||
Total non performing assets |
|
|
|
|
| $ | 11,760 |
| $ | 16,437 |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Allowance for losses to loans, gross (1) |
|
|
|
|
| 1.2 | % | 1.8 | % | ||||
Non-accrual loans to total loans, gross |
|
|
|
|
| 0.9 | % | 1.5 | % | ||||
Non performing assets to total assets |
|
|
|
|
| 0.5 | % | 0.8 | % | ||||
Allowance for losses to non performing loans (1) |
|
|
|
|
| 131.5 | % | 120.3 | % | ||||
|
|
|
|
|
|
|
|
|
| ||||
Equity to average assets (leverage ratio) |
|
|
|
|
| 9.7 | % | 10.5 | % | ||||
Tier One capital to risk-adjusted assets |
|
|
|
|
| 13.0 | % | 14.6 | % | ||||
Total capital to risk-adjusted assets |
|
|
|
|
| 13.9 | % | 15.8 | % |
(1) Includes allowance for loan losses and allowance for losses - unfunded commitments
(Unaudited) |
| Quarter Ended |
| |||||||||||||
(In thousands) |
| June 30, 2004 |
| Mar. 31, 2004 |
| Dec. 31, 2003 |
| Sept. 30, 2003 |
| June 30, 2003 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest Income (not taxable equivalent) |
| $ | 26,620 |
| $ | 26,237 |
| $ | 26,525 |
| $ | 26,643 |
| $ | 26,207 |
|
Interest Expense |
| 1,990 |
| 2,076 |
| 2,140 |
| 2,157 |
| 2,568 |
| |||||
Net Interest Income |
| 24,630 |
| 24,161 |
| 24,385 |
| 24,486 |
| 23,639 |
| |||||
(Benefit)/Provision for Loan Losses |
| (2,700 | ) | — |
| (1,229 | ) | — |
| 150 |
| |||||
Net Interest Income after provision for loan losses |
| 27,330 |
| 24,161 |
| 25,614 |
| 24,486 |
| 23,489 |
| |||||
Non-interest income |
| 7,910 |
| 6,999 |
| 6,823 |
| 7,838 |
| 7,484 |
| |||||
Non-interest expense |
| 20,877 |
| 19,693 |
| 19,701 |
| 18,589 |
| 18,026 |
| |||||
Income before income taxes |
| 14,363 |
| 11,467 |
| 12,736 |
| 13,735 |
| 12,947 |
| |||||
Provision for income taxes |
| 4,990 |
| 3,802 |
| 4,350 |
| 4,760 |
| 4,587 |
| |||||
Net Income |
| $ | 9,373 |
| $ | 7,665 |
| $ | 8,386 |
| $ | 8,975 |
| $ | 8,360 |
|
|
| Quarter Ended |
| |||||||||||||
(In thousands, except per share data) |
| June 30, 2004 |
| Mar. 31, 2004 |
| Dec. 31, 2003 |
| Sept. 30, 2003 |
| June 30, 2003 |
| |||||
Per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income - basic |
| $ | 0.40 |
| $ | 0.33 |
| $ | 0.36 |
| $ | 0.39 |
| $ | 0.36 |
|
Net Income - diluted |
| $ | 0.39 |
| $ | 0.32 |
| $ | 0.35 |
| $ | 0.37 |
| $ | 0.34 |
|
Weighted average shares used in Basic E.P.S. calculation |
| 23,550 |
| 23,570 |
| 23,447 |
| 23,287 |
| 23,442 |
| |||||
Weighted average shares used in Diluted E.P.S. calculation |
| 23,962 |
| 24,045 |
| 23,921 |
| 24,350 |
| 24,477 |
| |||||
Cash dividends |
| $ | 0.14 |
| $ | 0.14 |
| $ | 0.13 |
| $ | 0.13 |
| $ | 0.13 |
|
Book value at period-end |
| $ | 11.60 |
| $ | 11.80 |
| $ | 11.56 |
| $ | 11.25 |
| $ | 11.22 |
|
Tangible book value at period end |
| $ | 9.79 |
| $ | 9.40 |
| $ | 9.15 |
| $ | 9.43 |
| $ | 9.41 |
|
Ending Shares |
| 23,454 |
| 23,586 |
| 23,567 |
| 23,191 |
| 23,384 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Financial Ratios |
|
|
|
|
|
|
|
|
|
|
| |||||
Return on assets |
| 1.68 | % | 1.40 | % | 1.53 | % | 1.72 | % | 1.68 | % | |||||
Return on tangible assets |
| 1.72 | % | 1.44 | % | 1.57 | % | 1.76 | % | 1.72 | % | |||||
Return on equity |
| 13.73 | % | 11.09 | % | 12.50 | % | 13.61 | % | 12.82 | % | |||||
Return on tangible equity |
| 17.28 | % | 13.93 | % | 15.45 | % | 16.08 | % | 15.17 | % | |||||
Net interest margin (not taxable equivalent) |
| 4.90 | % | 4.88 | % | 4.91 | % | 5.14 | % | 5.26 | % | |||||
Net interest margin (taxable equivalent yield) |
| 5.31 | % | 5.30 | % | 5.31 | % | 5.53 | % | 5.67 | % | |||||
Net loan (recoveries) losses to avg. loans |
| 0.00 | % | -0.04 | % | -0.01 | % | 0.38 | % | -0.08 | % | |||||
Efficiency ratio |
| 64.2 | % | 63.2 | % | 63.1 | % | 57.5 | % | 57.9 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Period Averages |
|
|
|
|
|
|
|
|
|
|
| |||||
Total Assets |
| $ | 2,242,379 |
| $ | 2,199,365 |
| $ | 2,171,206 |
| $ | 2,069,078 |
| $ | 1,990,671 |
|
Total Tangible Assets |
| 2,185,971 |
| 2,142,613 |
| 2,118,330 |
| 2,024,032 |
| 1,950,141 |
| |||||
Total Loans (includes loans held for sale) |
| 1,289,633 |
| 1,189,945 |
| 1,138,603 |
| 1,140,493 |
| 1,132,369 |
| |||||
Total Earning Assets |
| 2,022,516 |
| 1,993,070 |
| 1,971,706 |
| 1,889,499 |
| 1,801,275 |
| |||||
Total Deposits |
| 1,947,865 |
| 1,899,475 |
| 1,878,835 |
| 1,787,933 |
| 1,711,342 |
| |||||
Common Equity |
| 274,577 |
| 278,047 |
| 266,132 |
| 261,692 |
| 261,509 |
| |||||
Common Tangible Equity |
| 218,169 |
| 221,295 |
| 215,316 |
| 221,430 |
| 220,980 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance Sheet - At Period-End |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks |
| $ | 128,141 |
| $ | 123,672 |
| $ | 123,763 |
| $ | 109,469 |
| $ | 124,176 |
|
Investments and Fed Funds Sold |
| 697,431 |
| 749,708 |
| 822,179 |
| 767,741 |
| 680,320 |
| |||||
Loans held for sale |
| 12,789 |
| 10,712 |
| 13,410 |
| 42,075 |
| 49,875 |
| |||||
Loans, net of deferred fees, before allowance for loan losses |
| 1,316,135 |
| 1,240,325 |
| 1,154,932 |
| 1,091,113 |
| 1,102,210 |
| |||||
Allowance for Loan Losses |
| (13,895 | ) | (16,584 | ) | (16,063 | ) | (16,871 | ) | (17,963 | ) | |||||
Goodwill and other intangibles (excl OMSR’s) |
| 56,259 |
| 56,603 |
| 56,947 |
| 40,146 |
| 40,413 |
| |||||
Other assets (incl OMSR’s) |
| 55,155 |
| 54,231 |
| 53,664 |
| 52,476 |
| 45,223 |
| |||||
Total Assets |
| $ | 2,252,015 |
| $ | 2,218,667 |
| $ | 2,208,832 |
| $ | 2,086,149 |
| $ | 2,024,254 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-interest bearing deposits |
| $ | 498,754 |
| $ | 480,652 |
| $ | 487,624 |
| $ | 436,565 |
| $ | 422,732 |
|
Interest bearing deposits |
| 1,455,691 |
| 1,435,908 |
| 1,424,807 |
| 1,358,227 |
| 1,317,402 |
| |||||
Other borrowings |
| 4,964 |
| 4,886 |
| 7,627 |
| 7,907 |
| 6,354 |
| |||||
Allowance for losses - unfunded commitments |
| 1,570 |
| 1,867 |
| 1,941 |
| 1,862 |
| 1,812 |
| |||||
Other liabilities |
| 19,074 |
| 17,072 |
| 14,279 |
| 20,767 |
| 13,594 |
| |||||
Shareholders’ equity |
| 271,962 |
| 278,282 |
| 272,554 |
| 260,821 |
| 262,360 |
| |||||
Total Liabilities and Shareholders’ equity |
| $ | 2,252,015 |
| $ | 2,218,667 |
| $ | 2,208,832 |
| $ | 2,086,149 |
| $ | 2,024,254 |
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Asset Quality & Capital - At Period-End |
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Non-accrual loans |
| $ | 11,758 |
| $ | 12,220 |
| $ | 12,312 |
| $ | 12,562 |
| $ | 16,436 |
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Loans past due 90 days or more |
| 2 |
| — |
| — |
| — |
| 1 |
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Other real estate owned |
| — |
| 3,428 |
| 3,428 |
| 3,279 |
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Total non performing assets |
| $ | 11,760 |
| $ | 15,648 |
| $ | 15,740 |
| $ | 15,841 |
| $ | 16,437 |
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Allowance for losses to loans, gross (1) |
| 1.2 | % | 1.5 | % | 1.6 | % | 1.7 | % | 1.8 | % | |||||
Non-accrual loans to total loans, gross |
| 0.9 | % | 1.0 | % | 1.1 | % | 1.2 | % | 1.5 | % | |||||
Non performing assets to total assets |
| 0.5 | % | 0.7 | % | 0.7 | % | 0.8 | % | 0.8 | % | |||||
Allowance for losses to non performing loans (1) |
| 131.5 | % | 151.0 | % | 146.2 | % | 149.1 | % | 120.3 | % | |||||
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Equity to average assets (leverage ratio) |
| 9.7 | % | 9.7 | % | 9.6 | % | 10.2 | % | 10.5 | % | |||||
Tier One capital to risk-adjusted assets |
| 13.0 | % | 13.6 | % | 13.8 | % | 14.7 | % | 14.6 | % | |||||
Total capital to risk-adjusted assets |
| 13.9 | % | 14.8 | % | 15.0 | % | 16.0 | % | 15.8 | % |
(1) Includes allowance for loan losses and allowance for losses - unfunded commitments