Exhibit 99
News Release
|
Date: January 27, 2005 |
| 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 14.3% Earnings Per Share Increase
in Fourth Quarter 2004
ARROYO GRANDE, CA - Mid-State Bancshares (the Company) [NASDAQ: MDST], the holding company for Mid-State Bank & Trust (the Bank), reported diluted earnings of $0.40 per share for the fourth quarter of 2004, up 14.3% from the $0.35 earned one year earlier. Net income for the quarter was $9.4 million, up 12.1% from the $8.4 million earned in the same quarter in 2003. For the full year, results were $1.47 per share for 2004, a 5% increase from $1.40 per share earned in the previous year. Total net income for the year reached $35.1 million, a 5.9% increase over the $33.2 million earned in 2003.
“As we enter 2005, the prospects for Mid-State Bank & Trust are very positive,” said James W. Lokey, president and chief executive officer. “Our earning asset mix has improved with the growth in the loan portfolio and we expect that to continue. Along with the loan growth, the recent rate increases are having a positive effect on the net interest margin.”
James G. Stathos, executive vice president and chief financial officer, added, “These results are after investing nearly $1 million in 2004 in additional expense along with untold hours of employees’ time to document the Bank’s internal control structure over financial reporting, as required by Section 404 of the Sarbanes-Oxley legislation.”
Total assets of the Company increased 3.8% to $2.3 billion at quarter-end, up from $2.2 billion one year earlier, while deposits increased 4.3% to $2.0 billion at quarter-end, up from just over $1.9 billion one year earlier. The Bank continues to be very successful in attracting core deposits, while remaining competitive in retaining time deposits. Time deposits decreased modestly to $394.3 million from $400.6 million one year earlier. All other categories of demand, NOW, money market, and savings increased to $1.6 billion from $1.5 billion at December 31, 2003. The loan portfolio reached just over $1.4 billion at December 31, 2004, compared to $1.15 billion one year earlier. The Company is seeing growth in its loan portfolio, especially in both the residential and non-residential real estate sectors, and with the improving economy expects to see further improvement in its commercial and industrial loan segment. This trend, coupled with the benefit from rising interest rates, is expected to have a positive effect on the Company’s net interest income.
Non-performing asset levels were reduced to $10.7 million compared to $15.7 million one year earlier. The level of non-performing assets as a percent of total assets was 0.5% compared to 0.7% one year ago. Non-performing assets are centered primarily in one loan secured by real estate (totaling $8.5 million). Management has specific reserves on its impaired 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 146% compared to the same level one year earlier. The Company’s allowance for losses to loans was 1.1% of total gross loans at December 31, 2004, compared to 1.6% at December 31, 2003.
The five key factors influencing earnings in 2004 compared to 2003 included the following: 1) the Company took a benefit to provision for loan losses of $2.7 million in 2004 compared to a benefit of $969,000 in 2003 resulting in a pre-tax improvement to earnings of $1.7 million; 2) the Company showed a $5.9 million increase in net interest income as the result of increases in earning assets, more than offsetting lower earning asset yields; 3) the Company realized non-recurring gains in 2004 of $1.1 million on the sale of Other Real Estate Owned (OREO) and $475,000 in securities gains compared to minimal gains the prior year; 4) increases in non-interest expense amounted to $4.6 million in 2004 compared to 2003 reflecting Sarbanes-Oxley compliance costs, increased advertising expenditures, and the impact of the acquisition of Ojai Valley Bank late in 2003; and 5) there was a decline in net gains realized on mortgage loans sold of $2.8 million in 2004 compared to 2003 as a result of the dramatic slowdown in refinance activity during the year.
Key factors influencing earnings in the fourth quarter of 2004 compared to the fourth quarter of 2003 included the following: 1) the Company took a benefit to provision for loan losses of $1.2 million in 2003 compared to no provision or benefit in 2004, resulting in a decrease in pre-tax earnings; 2) the Company showed a $2.2 million increase in net interest income as the result of increases in earning assets, more than offsetting lower earning asset yields; 3) the Company realized reduced levels of non-interest income by $1.2 million, primarily the result of a $908,000 drop in merchant processing income as a result of outsourcing of this activity; and 4) decreases in non-interest expense amounted to $1.2 million in the fourth quarter of 2004 compared to the like 2003 period because decreases in the Company’s bonus accrual and costs of merchant processing activities more than offset the increase in Sarbanes-Oxley compliance costs.
In early 2004, the Board authorized the repurchase of up to 1,178,352 additional shares of the Company’s common stock. This authorization does not have an expiration date. There were 285,048 shares of the Company’s common stock repurchased in the fourth quarter of 2004 at an average price of $27.47 per share compared to 174,176 shares repurchased in the fourth quarter of 2003 at an average price of $25.05 per share. In 2004, the Company repurchased 658,867 shares (872 were purchased under a prior authorization) of its common stock at an average price of $25.26 per share compared to 800,006 repurchased in the like 2003 period at an average price of $20.27 per share. As of December 31, 2004, the Company is continuing the program and can repurchase up to 520,357 additional shares under the January authorization.
2
In other matters concerning capital, the Board of Directors again approved a quarterly dividend in the fourth quarter of 2004, raising it to $0.16 per share, which brings the total for 2004 to $0.58, representing a 16% increase over the $0.50 declared in 2003. The Company paid a dividend of $0.13 in the fourth quarter of 2003.
Mid-State Bancshares is a $2.3 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 its operation and interest rates, (iii) the Company’s beliefs as to the adequacy of its existing and anticipated allowances for loan and real estate losses, (iv) the Company’s beliefs and expectations concerning future operating results, (v) the growth of its loan portfolio and its net interest margin and (vi) the strength of the economy in its service area. 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.
###
3
Consolidated Financial Data - Mid-State Bancshares
(Unaudited) |
| Quarter Ended |
| Year-to-Date |
| ||||||||
(In thousands) |
| Dec. 31, 2004 |
| Dec. 31, 2003 |
| Dec. 31, 2004 |
| Dec. 31, 2003 |
| ||||
Interest Income (not taxable equivalent) |
| $ | 28,843 |
| $ | 26,525 |
| $ | 109,936 |
| $ | 105,240 |
|
Interest Expense |
| 2,301 |
| 2,140 |
| 8,450 |
| 9,699 |
| ||||
Net Interest Income |
| 26,542 |
| 24,385 |
| 101,486 |
| 95,541 |
| ||||
(Benefit)/Provision for Loan Losses |
| — |
| (1,229 | ) | (2,700 | ) | (969 | ) | ||||
Net Interest Income after provision for loan losses |
| 26,542 |
| 25,614 |
| 104,186 |
| 96,510 |
| ||||
Non-interest income |
| 5,604 |
| 6,823 |
| 27,764 |
| 29,059 |
| ||||
Non-interest expense |
| 18,458 |
| 19,701 |
| 79,294 |
| 74,691 |
| ||||
Income before income taxes |
| 13,688 |
| 12,736 |
| 52,656 |
| 50,878 |
| ||||
Provision for income taxes |
| 4,290 |
| 4,350 |
| 17,547 |
| 17,714 |
| ||||
Net Income |
| $ | 9,398 |
| $ | 8,386 |
| $ | 35,109 |
| $ | 33,164 |
|
|
| Quarter Ended |
| Year-to-Date |
| ||||||||||
(In thousands, except per share data) |
| Dec. 31, 2004 |
| Dec. 31, 2003 |
| Dec. 31, 2004 |
| Dec. 31, 2003 |
| ||||||
Per share: |
|
|
|
|
|
|
|
|
| ||||||
Net Income - basic |
| $ | 0.41 |
| $ | 0.36 |
| $ | 1.50 |
| $ | 1.41 |
| ||
Net Income - diluted |
| $ | 0.40 |
| $ | 0.35 |
| $ | 1.47 |
| $ | 1.40 |
| ||
Weighted average shares used in Basic E.P.S. calculation |
| 23,201 |
| 23,447 |
| 23,422 |
| 23,443 |
| ||||||
Weighted average shares used in Diluted E.P.S. calculation |
| 23,741 |
| 23,921 |
| 23,897 |
| 23,762 |
| ||||||
Cash dividends |
| $ | 0.16 |
| $ | 0.13 |
| $ | 0.58 |
| $ | 0.50 |
| ||
Book value at period-end |
|
|
|
|
| $ | 11.89 |
| $ | 11.57 |
| ||||
Tangible book value at period end |
|
|
|
|
| $ | 9.48 |
| $ | 9.15 |
| ||||
Ending Shares |
|
|
|
|
| 23,099 |
| 23,567 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Financial Ratios |
|
|
|
|
|
|
|
|
| ||||||
Return on assets |
| 1.60 | % | 1.53 | % | 1.55 | % | 1.62 | % | ||||||
Return on tangible assets |
| 1.64 | % | 1.57 | % | 1.59 | % | 1.66 | % | ||||||
Return on equity |
| 13.40 | % | 12.50 | % | 12.67 | % | 12.70 | % | ||||||
Return on tangible equity |
| 16.75 | % | 15.45 | % | 15.90 | % | 15.21 | % | ||||||
Net interest margin (not taxable equivalent) |
| 5.01 | % | 4.91 | % | 4.95 | % | 5.14 | % | ||||||
Net interest margin (taxable equivalent yield) |
| 5.42 | % | 5.31 | % | 5.36 | % | 5.54 | % | ||||||
Net loan (recoveries) losses to avg. loans |
| 0.03 | % | (0.01 | )% | (0.03 | )% | 0.06 | % | ||||||
Efficiency ratio |
| 57.4 | % | 63.1 | % | 61.3 | % | 59.9 | % | ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Period Averages |
|
|
|
|
|
|
|
|
| ||||||
Total Assets |
| $ | 2,330,364 |
| $ | 2,171,206 |
| $ | 2,269,873 |
| $ | 2,045,252 |
| ||
Total Tangible Assets |
| 2,274,646 |
| 2,118,330 |
| 2,213,639 |
| 2,000,406 |
| ||||||
Total Loans (includes loans held for sale) |
| 1,403,478 |
| 1,138,603 |
| 1,310,842 |
| 1,131,932 |
| ||||||
Total Earning Assets |
| 2,107,007 |
| 1,971,706 |
| 2,050,218 |
| 1,857,241 |
| ||||||
Total Deposits |
| 2,026,945 |
| 1,878,835 |
| 1,970,248 |
| 1,763,215 |
| ||||||
Common Equity |
| 278,924 |
| 266,132 |
| 277,054 |
| 261,103 |
| ||||||
Common Tangible Equity |
| 223,206 |
| 215,316 |
| 220,820 |
| 217,982 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Balance Sheet - At Period-End |
|
|
|
|
|
|
|
|
| ||||||
Cash and due from banks |
|
|
|
|
| $ | 109,719 |
| $ | 123,763 |
| ||||
Investments and Fed Funds Sold |
|
|
|
|
| 650,817 |
| 822,179 |
| ||||||
Loans held for sale |
|
|
|
|
| 12,988 |
| 13,410 |
| ||||||
Loans, net of deferred fees, before allowance for loan losses |
|
|
|
|
| 1,421,894 |
| 1,154,932 |
| ||||||
Allowance for Loan Losses |
|
|
|
|
| (13,799 | ) | (16,063 | ) | ||||||
Goodwill and core deposit intangibles |
|
|
|
|
| 55,572 |
| 56,947 |
| ||||||
Other assets |
|
|
|
|
| 55,946 |
| 53,664 |
| ||||||
Total Assets |
|
|
|
|
| $ | 2,293,137 |
| $ | 2,208,832 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||||
Non-interest bearing deposits |
|
|
|
|
| $ | 517,139 |
| $ | 487,624 |
| ||||
Interest bearing deposits |
|
|
|
|
| 1,477,406 |
| 1,424,807 |
| ||||||
Other borrowings |
|
|
|
|
| 6,582 |
| 7,627 |
| ||||||
Allowance for losses - unfunded commitments |
|
|
|
|
| 1,783 |
| 1,941 |
| ||||||
Other liabilities |
|
|
|
|
| 15,600 |
| 14,279 |
| ||||||
Shareholders’ equity |
|
|
|
|
| 274,627 |
| 272,554 |
| ||||||
Total Liabilities and Shareholders’ equity |
|
|
|
|
| $ | 2,293,137 |
| $ | 2,208,832 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||||
Asset Quality & Capital - At Period-End |
|
|
|
|
|
|
|
|
| ||||||
Non-accrual loans |
|
|
|
|
| $ | 10,700 |
| $ | 12,312 |
| ||||
Loans past due 90 days or more |
|
|
|
|
| — |
| — |
| ||||||
Other real estate owned |
|
|
|
|
| — |
| 3,428 |
| ||||||
Total non performing assets |
|
|
|
|
| $ | 10,700 |
| $ | 15,740 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||||
Allowance for losses to loans, gross (1) |
|
|
|
|
| 1.1 | % | 1.6 | % | ||||||
Non-accrual loans to total loans, gross |
|
|
|
|
| 0.8 | % | 1.1 | % | ||||||
Non performing assets to total assets |
|
|
|
|
| 0.5 | % | 0.7 | % | ||||||
Allowance for losses to non performing loans (1) |
|
|
|
|
| 145.6 | % | 146.2 | % | ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Equity to average assets (leverage ratio) |
|
|
|
|
| 9.3 | % | 9.6 | % | ||||||
Tier One capital to risk-adjusted assets |
|
|
|
|
| 12.1 | % | 13.8 | % | ||||||
Total capital to risk-adjusted assets |
|
|
|
|
| 13.0 | % | 15.0 | % | ||||||
(1) Includes allowance for loan losses and allowance for losses - unfunded commitments
4
(Unaudited) |
| Quarter Ended |
| |||||||||||||||||
(In thousands) |
| Dec. 31, 2004 |
| Sept. 30, 2004 |
| June 30, 2004 |
| Mar. 31, 2004 |
| Dec. 31, 2003 |
| |||||||||
Interest Income (not taxable equivalent) |
| $ | 28,843 |
| $ | 28,236 |
| $ | 26,620 |
| $ | 26,237 |
| $ | 26,525 |
| ||||
Interest Expense |
| 2,301 |
| 2,083 |
| 1,990 |
| 2,076 |
| 2,140 |
| |||||||||
Net Interest Income |
| 26,542 |
| 26,153 |
| 24,630 |
| 24,161 |
| 24,385 |
| |||||||||
(Benefit)/Provision for Loan Losses |
| — |
| — |
| (2,700 | ) | — |
| (1,229 | ) | |||||||||
Net Interest Income after provision for loan losses |
| 26,542 |
| 26,153 |
| 27,330 |
| 24,161 |
| 25,614 |
| |||||||||
Non-interest income |
| 5,604 |
| 7,250 |
| 7,910 |
| 6,999 |
| 6,823 |
| |||||||||
Non-interest expense |
| 18,458 |
| 20,265 |
| 20,877 |
| 19,693 |
| 19,701 |
| |||||||||
Income before income taxes |
| 13,688 |
| 13,138 |
| 14,363 |
| 11,467 |
| 12,736 |
| |||||||||
Provision for income taxes |
| 4,290 |
| 4,465 |
| 4,990 |
| 3,802 |
| 4,350 |
| |||||||||
Net Income |
| $ | 9,398 |
| $ | 8,673 |
| $ | 9,373 |
| $ | 7,665 |
| $ | 8,386 |
| ||||
|
| Quarter Ended |
| ||||||||||||||||
(In thousands, except per share data) |
| Dec. 31, 2004 |
| Sept. 30, 2004 |
| June 30, 2004 |
| Mar. 31, 2004 |
| Dec. 31, 2003 |
| ||||||||
Per share: |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Income - basic |
| $ | 0.41 |
| $ | 0.37 |
| $ | 0.40 |
| $ | 0.33 |
| $ | 0.36 |
| |||
Net Income - diluted |
| $ | 0.40 |
| $ | 0.36 |
| $ | 0.39 |
| $ | 0.32 |
| $ | 0.35 |
| |||
Weighted average shares used in Basic E.P.S. calculation |
| 23,201 |
| 23,369 |
| 23,550 |
| 23,570 |
| 23,447 |
| ||||||||
Weighted average shares used in Diluted E.P.S. calculation |
| 23,741 |
| 23,842 |
| 23,962 |
| 24,045 |
| 23,921 |
| ||||||||
Cash dividends |
| $ | 0.16 |
| $ | 0.14 |
| $ | 0.14 |
| $ | 0.14 |
| $ | 0.13 |
| |||
Book value at period-end |
| $ | 11.89 |
| $ | 11.94 |
| $ | 11.60 |
| $ | 11.80 |
| $ | 11.56 |
| |||
Tangible book value at period end |
| $ | 9.48 |
| $ | 9.54 |
| $ | 9.20 |
| $ | 9.40 |
| $ | 9.15 |
| |||
Ending Shares |
| 23,099 |
| 23,323 |
| 23,454 |
| 23,586 |
| 23,567 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Financial Ratios |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Return on assets |
| 1.60 | % | 1.50 | % | 1.68 | % | 1.40 | % | 1.53 | % | ||||||||
Return on tangible assets |
| 1.64 | % | 1.53 | % | 1.72 | % | 1.44 | % | 1.57 | % | ||||||||
Return on equity |
| 13.40 | % | 12.47 | % | 13.73 | % | 11.09 | % | 12.50 | % | ||||||||
Return on tangible equity |
| 16.75 | % | 15.64 | % | 17.28 | % | 13.93 | % | 15.45 | % | ||||||||
Net interest margin (not taxable equivalent) |
| 5.01 | % | 5.01 | % | 4.90 | % | 4.88 | % | 4.91 | % | ||||||||
Net interest margin (taxable equivalent yield) |
| 5.42 | % | 5.41 | % | 5.31 | % | 5.30 | % | 5.31 | % | ||||||||
Net loan (recoveries) losses to avg. loans |
| 0.03 | % | (0.01 | )% | 0.00 | % | (0.04 | )% | (0.01 | )% | ||||||||
Efficiency ratio |
| 57.4 | % | 60.7 | % | 64.2 | % | 63.2 | % | 63.1 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Period Averages |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Assets |
| $ | 2,330,364 |
| $ | 2,306,318 |
| $ | 2,242,379 |
| $ | 2,199,365 |
| $ | 2,171,206 |
| |||
Total Tangible Assets |
| 2,274,646 |
| 2,250,254 |
| 2,185,971 |
| 2,142,613 |
| 2,118,330 |
| ||||||||
Total Loans (includes loans held for sale) |
| 1,403,478 |
| 1,358,768 |
| 1,289,633 |
| 1,189,945 |
| 1,138,603 |
| ||||||||
Total Earning Assets |
| 2,107,007 |
| 2,077,356 |
| 2,022,516 |
| 1,993,070 |
| 1,971,706 |
| ||||||||
Total Deposits |
| 2,026,945 |
| 2,005,694 |
| 1,947,865 |
| 1,899,475 |
| 1,878,835 |
| ||||||||
Common Equity |
| 278,924 |
| 276,652 |
| 274,577 |
| 278,047 |
| 266,132 |
| ||||||||
Common Tangible Equity |
| 223,206 |
| 220,587 |
| 218,169 |
| 221,295 |
| 215,316 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Balance Sheet - At Period-End |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Cash and due from banks |
| $ | 109,719 |
| $ | 119,104 |
| $ | 128,141 |
| $ | 123,672 |
| $ | 123,763 |
| |||
Investments and Fed Funds Sold |
| 650,817 |
| 688,923 |
| 697,431 |
| 749,708 |
| 822,179 |
| ||||||||
Loans held for sale |
| 12,988 |
| 10,001 |
| 12,789 |
| 10,712 |
| 13,410 |
| ||||||||
Loans, net of deferred fees, before allowance for loan losses |
| 1,421,894 |
| 1,394,478 |
| 1,316,135 |
| 1,240,325 |
| 1,154,932 |
| ||||||||
Allowance for Loan Losses |
| (13,799 | ) | (13,912 | ) | (13,895 | ) | (16,584 | ) | (16,063 | ) | ||||||||
Goodwill and other intangibles (excl OMSR’s) |
| 55,572 |
| 55,916 |
| 56,259 |
| 56,603 |
| 56,947 |
| ||||||||
Other assets (incl OMSR’s) |
| 55,946 |
| 55,033 |
| 55,155 |
| 54,231 |
| 53,664 |
| ||||||||
Total Assets |
| $ | 2,293,137 |
| $ | 2,309,543 |
| $ | 2,252,015 |
| $ | 2,218,667 |
| $ | 2,208,832 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Non-interest bearing deposits |
| $ | 517,139 |
| $ | 524,785 |
| $ | 498,754 |
| $ | 480,652 |
| $ | 487,624 |
| |||
Interest bearing deposits |
| 1,477,406 |
| 1,474,782 |
| 1,455,691 |
| 1,435,908 |
| 1,424,807 |
| ||||||||
Other borrowings |
| 6,582 |
| 5,843 |
| 4,964 |
| 4,886 |
| 7,627 |
| ||||||||
Allowance for losses - unfunded commitments |
| 1,783 |
| 1,682 |
| 1,570 |
| 1,867 |
| 1,941 |
| ||||||||
Other liabilities |
| 15,600 |
| 23,989 |
| 19,074 |
| 17,072 |
| 14,279 |
| ||||||||
Shareholders’ equity |
| 274,627 |
| 278,462 |
| 271,962 |
| 278,282 |
| 272,554 |
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Total Liabilities and Shareholders’ equity |
| $ | 2,293,137 |
| $ | 2,309,543 |
| $ | 2,252,015 |
| $ | 2,218,667 |
| $ | 2,208,832 |
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Asset Quality & Capital - At Period-End |
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Non-accrual loans |
| $ | 10,700 |
| $ | 10,954 |
| $ | 11,758 |
| $ | 12,220 |
| $ | 12,312 |
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Loans past due 90 days or more |
| — |
| — |
| 2 |
| — |
| — |
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Other real estate owned |
| — |
| — |
| — |
| 3,428 |
| 3,428 |
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Total non performing assets |
| $ | 10,700 |
| $ | 10,954 |
| $ | 11,760 |
| $ | 15,648 |
| $ | 15,740 |
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Allowance for losses to loans, gross (1) |
| 1.1 | % | 1.1 | % | 1.2 | % | 1.5 | % | 1.6 | % | ||||||||
Non-accrual loans to total loans, gross |
| 0.8 | % | 0.8 | % | 0.9 | % | 1.0 | % | 1.1 | % | ||||||||
Non performing assets to total assets |
| 0.5 | % | 0.5 | % | 0.5 | % | 0.7 | % | 0.7 | % | ||||||||
Allowance for losses to non performing loans (1) |
| 145.6 | % | 142.4 | % | 131.5 | % | 151.0 | % | 146.2 | % | ||||||||
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Equity to average assets (leverage ratio) |
| 9.3 | % | 9.5 | % | 9.7 | % | 9.7 | % | 9.6 | % | ||||||||
Tier One capital to risk-adjusted assets |
| 12.1 | % | 12.4 | % | 13.0 | % | 13.6 | % | 13.8 | % | ||||||||
Total capital to risk-adjusted assets |
| 13.0 | % | 13.3 | % | 13.9 | % | 14.8 | % | 15.0 | % | ||||||||
(1) Includes allowance for loan losses and allowance for losses - unfunded commitments
5