Exhibit 99
News Release
Date: July 18, 2006 |
| 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 |
The financial information presented in this news release represents preliminary financial results.
Mid-State Bancshares Reports Earnings of $0.39 Per Share for Second Quarter of 2006
ARROYO GRANDE, CA - Mid-State Bancshares (the Company) [NASDAQ: MDST], the holding company for Mid-State Bank & Trust (the Bank), reported diluted earnings of $0.39 per share for the second quarter of 2006 on net income of $8.9 million. Results in the quarter were impacted by a $2.4 million increase in non-interest expense reflecting, primarily, increases in staffing for growth and compliance, benefit cost increases and adoption of Statement of Financial Accounting Standards (SFAS) No. 123R, “Share-Based Payment”, which changes the method of accounting for costs of stock options and other equity compensation. The adoption of the new accounting statement alone reduced earnings by approximately $408,000 after tax, or $0.02 per share. Net income for the second quarter of 2005 was $9.5 million, or $0.41 per share.
For the first six months of 2006, net income was $17.7 million, or $0.78 per share, compared to $18.6 million and $0.79 per share for the first six months of 2005. Adoption of the new statement reduced 2006 earnings by approximately $805,000 for the first six months, or $0.04 per share.
In the wake of increases in short term interest rates throughout 2005 and early 2006, the Company’s net interest margin improved to 5.61% (6.01% on a taxable equivalent basis) for the first half of 2006, up from the 2005 period’s level of 5.30% (5.72% on a taxable equivalent basis). “The Company’s net interest margin, which had generally been increasing in the rising rate environment of 2005, has flattened out in 2006 in the wake of intense deposit competition and has meant relatively flat net interest income for the Company in recent quarters,” said James G. Stathos, executive vice president and chief financial officer. “Average loans in the second quarter of 2006 were 2.7% ahead of the first quarter of this year but deposits decreased. Securing deposits at a reasonable cost to fund loan growth is an ongoing challenge. The Company has promotions planned during the balance of the year to bolster deposit growth.”
“Despite current challenges, earnings and key financial ratios were slightly improved in the second quarter of 2006 compared to the first quarter of this year,” noted James W. Lokey, president and chief executive officer. “Net income increased to just over $8.9 million from slightly less than $8.8 million in the prior quarter. Additionally, the Company’s Return on Assets improved to 1.52% from 1.50% in the prior quarter and the Company’s Return on Equity increased to 13.17% from 12.77% in the first quarter. We are also pleased to be opening our new Westlake Village office in the Ventura County market very soon where we believe business opportunities are significant.”
The loan portfolio reached $1.56 billion at June 30, 2006, compared to $1.49 billion one year ago. The Company saw growth in its loan portfolio in both the residential and non-residential real estate sectors. Real estate secured loans, excluding construction and land development loans and home equity credit lines, total approximately $846 million or 54% of the loan portfolio. Management believes that with increased interest rates and more intense pricing pressure affecting competition, the growth rates enjoyed in this sector of the loan portfolio are likely to slow. Therefore, additional emphasis in 2006 is being placed on growing the Company’s commercial and industrial loans.
Non-performing asset levels are negligible, having fallen to $261,000 at period-end from $5.2 million one year earlier. The Company’s allowances for losses to loans was 0.9% of total gross loans compared to 1.0% one year earlier. Management believes the Company’s allowances are appropriate to cover the losses inherent in the loan portfolio at the current time.
Total assets of the Company decreased 1.0% to $2.33 billion at quarter-end, down from $2.35 billion one year earlier. Deposits decreased 1.9% to $1.99 billion at quarter-end, down from $2.03 billion one year earlier. Demand deposits decreased to $521.5 million, down from $561.4 million one year earlier. Time deposits increased to $466.3 million from $415.2 million. Other interest bearing deposit categories including NOW, money market and savings declined by $50.7 million compared to the year earlier period.
Total non-interest income for the quarter increased to $6.0 million from $5.4 million in the comparable 2005 period. For the full 6 months, non-interest income was $10.9 million in 2006 compared to $10.8 million in 2005. The 2005 results were bolstered by a $330,000 gain on a life insurance policy in the first quarter of that year which did not recur in 2006. 2006 results benefited from a $325,000 gain in the second quarter representing the Company’s proportional interest in a sold merchant processing business in which it had an interest. The Company also benefited from increases in service charges and fees, primarily the result of increased NSF fees, in the 2006 periods compared to the like 2005 periods. These were partially offset by declines in net gains on sale of securities and sale of loans held for sale.
Total non-interest expense was $21.6 million in the second quarter of 2006 compared to $19.2 million in the like 2005 period. Year-to-date, non-interest expense increased from $37.5 million in 2005 to $42.6 million this year. Approximately $473,000 of the increase for the quarter and $913,000 of the year-to-date increase relates to the aforementioned expense of adopting SFAS No. 123R. An additional $1.2 million of the increase across the two quarters, and $1.3 million across the two six month periods, represents higher salary expense relating to a combination of hiring additional personnel to staff up for the soon to be opened Westlake Village branch location, increasing staff for compliance purposes (especially as it relates to Bank Secrecy Act and U.S.A. Patriot Act provisions) and regular salary increases across the Company. Benefit costs also increased $299,000 and $811,000 in comparing the three month and six month periods ending June 30, respectively, primarily for increased group insurance costs and incentive programs. Professional services increased $103,000 across the comparable quarters and between the two six month periods, were up $882,000, primarily for increased consulting services and accounting services. The balance of the increases across the time periods consisted of a number of smaller increases over several line items.
2
On June 15, 2005 the Board authorized the repurchase of up to five percent of its outstanding shares, or up to 1,141,373 additional shares of the Company’s common stock. This authorization does not have an expiration date. The Company repurchased 308,251 and 524,082 shares of its common stock for the three month and six month periods ended June 30, 2006, respectively, at an average price of $27.52 and $27.92 per share, respectively. As of June 30, 2006, the Company is continuing the program and can repurchase up to 292,593 additional shares under the current authorization. For the three months and six months ended June 30, 2005, 315,787 and 509,557 shares were repurchased, respectively, at an average price of $26.06 and $26.52, respectively.
In other matters concerning capital, the Board of Directors approved a quarterly cash dividend of $0.18 per share in the second quarter of 2006, identical to its first quarter 2006 level. The rate was $0.16 per share in each of the like 2005 periods.
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 40 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) |
|
|
| June 30, 2006 |
| June 30, 2005 |
| June 30, 2006 |
| June 30, 2005 |
| ||||
Interest Income (not taxable equivalent) |
| $ | 36,030 |
| $ | 31,654 |
| $ | 70,765 |
| $ | 61,136 |
| ||
Interest Expense |
| 6,578 |
| 3,694 |
| 11,844 |
| 6,407 |
| ||||||
Net Interest Income |
| 29,452 |
| 27,960 |
| 58,921 |
| 54,729 |
| ||||||
(Benefit)/Provision for Loan Losses |
| — |
| — |
| — |
| — |
| ||||||
Net Interest Income after provision for loan losses |
| 29,452 |
| 27,960 |
| 58,921 |
| 54,729 |
| ||||||
Non-interest income |
| 5,959 |
| 5,378 |
| 10,939 |
| 10,773 |
| ||||||
Non-interest expense |
| 21,589 |
| 19,211 |
| 42,551 |
| 37,546 |
| ||||||
Income before income taxes |
| 13,822 |
| 14,127 |
| 27,309 |
| 27,956 |
| ||||||
Provision for income taxes |
| 4,899 |
| 4,615 |
| 9,612 |
| 9,354 |
| ||||||
Net Income |
| $ | 8,923 |
| $ | 9,512 |
| $ | 17,697 |
| $ | 18,602 |
| ||
|
| Quarter Ended |
| Year-to-Date |
| ||||||||
(In thousands, except per share data) |
| June 30, 2006 |
| June 30, 2005 |
| June 30, 2006 |
| June 30, 2005 |
| ||||
Per share: |
|
|
|
|
|
|
|
|
| ||||
Net Income - basic |
| $ | 0.40 |
| $ | 0.42 |
| $ | 0.79 |
| $ | 0.81 |
|
Net Income - diluted |
| $ | 0.39 |
| $ | 0.41 |
| $ | 0.78 |
| $ | 0.79 |
|
Weighted average shares used in Basic E.P.S. calculation |
| 22,246 |
| 22,884 |
| 22,344 |
| 22,951 |
| ||||
Weighted average shares used in Diluted E.P.S. calculation |
| 22,706 |
| 23,381 |
| 22,828 |
| 23,468 |
| ||||
Cash dividends |
| $ | 0.18 |
| $ | 0.16 |
| $ | 0.36 |
| $ | 0.32 |
|
Book value at period-end |
|
|
|
|
| $ | 12.08 |
| $ | 12.04 |
| ||
Tangible book value at period end |
|
|
|
|
| $ | 9.64 |
| $ | 9.63 |
| ||
Ending Shares |
|
|
|
|
| 22,121 |
| 22,810 |
| ||||
Financial Ratios |
|
|
|
|
|
|
|
|
| ||||
Return on assets |
| 1.52 | % | 1.63 | % | 1.51 | % | 1.61 | % | ||||
Return on tangible assets |
| 1.56 | % | 1.67 | % | 1.55 | % | 1.65 | % | ||||
Return on equity |
| 13.17 | % | 13.87 | % | 12.97 | % | 13.60 | % | ||||
Return on tangible equity |
| 16.44 | % | 17.34 | % | 16.14 | % | 17.00 | % | ||||
Net interest margin (not taxable equivalent) |
| 5.61 | % | 5.37 | % | 5.61 | % | 5.30 | % | ||||
Net interest margin (taxable equivalent yield) |
| 6.00 | % | 5.79 | % | 6.01 | % | 5.72 | % | ||||
Net loan (recoveries) losses to avg. loans |
| 0.02 | % | 0.06 | % | 0.01 | % | 0.06 | % | ||||
Efficiency ratio |
| 61.0 | % | 57.6 | % | 60.9 | % | 57.3 | % | ||||
Period Averages |
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 2,347,097 |
| $ | 2,339,887 |
| $ | 2,361,014 |
| $ | 2,323,193 |
|
Total Tangible Assets |
| 2,293,114 |
| 2,284,853 |
| 2,306,924 |
| 2,267,989 |
| ||||
Total Loans (includes loans held for sale) |
| 1,560,602 |
| 1,460,506 |
| 1,540,413 |
| 1,447,401 |
| ||||
Total Earning Assets |
| 2,107,590 |
| 2,088,566 |
| 2,118,473 |
| 2,084,110 |
| ||||
Total Deposits |
| 1,998,463 |
| 2,022,691 |
| 2,014,818 |
| 2,007,110 |
| ||||
Common Equity |
| 271,704 |
| 275,100 |
| 275,179 |
| 275,842 |
| ||||
Common Tangible Equity |
| 217,721 |
| 220,067 |
| 221,089 |
| 220,638 |
| ||||
Balance Sheet - At Period-End |
|
|
|
|
|
|
|
|
| ||||
Cash and due from banks |
|
|
|
|
| $ | 97,563 |
| $ | 116,891 |
| ||
Investments and Fed Funds Sold |
|
|
|
|
| 522,091 |
| 606,462 |
| ||||
Loans held for sale |
|
|
|
|
| 8,933 |
| 10,871 |
| ||||
Loans, net of deferred fees, before allowance for loan losses |
|
|
|
|
| 1,564,169 |
| 1,490,366 |
| ||||
Allowance for Loan Losses |
|
|
|
|
| (11,855 | ) | (13,403 | ) | ||||
Goodwill and core deposit intangibles |
|
|
|
|
| 53,887 |
| 54,885 |
| ||||
Other assets |
|
|
|
|
| 92,872 |
| 85,024 |
| ||||
Total Assets |
|
|
|
|
| $ | 2,327,660 |
| $ | 2,351,096 |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Non-interest bearing deposits |
|
|
|
|
| $ | 521,469 |
| $ | 561,435 |
| ||
Interest bearing deposits |
|
|
|
|
| 1,464,783 |
| 1,464,293 |
| ||||
Other borrowings |
|
|
|
|
| 49,726 |
| 25,331 |
| ||||
Allowance for losses - unfunded commitments |
|
|
|
|
| 1,880 |
| 1,759 |
| ||||
Other liabilities |
|
|
|
|
| 22,693 |
| 23,623 |
| ||||
Shareholders’ equity |
|
|
|
|
| 267,109 |
| 274,655 |
| ||||
Total Liabilities and Shareholders’ Equity |
|
|
|
|
| $ | 2,327,660 |
| $ | 2,351,096 |
| ||
Asset Quality & Capital - At Period-End |
|
|
|
|
|
|
|
|
| ||||
Non-accrual loans |
|
|
|
|
| $ | 261 |
| $ | 5,152 |
| ||
Loans past due 90 days or more |
|
|
|
|
| — |
| — |
| ||||
Other real estate owned |
|
|
|
|
| — |
| — |
| ||||
Total non performing assets |
|
|
|
|
| $ | 261 |
| $ | 5,152 |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Allowance for losses to loans, gross (1) |
|
|
|
|
| 0.9 | % | 1.0 | % | ||||
Non-accrual loans to total loans, gross |
|
|
|
|
| 0.0 | % | 0.3 | % | ||||
Non performing assets to total assets |
|
|
|
|
| 0.0 | % | 0.2 | % | ||||
|
|
|
|
|
|
|
|
|
| ||||
Allowance for losses to non performing loans (1) |
|
|
|
|
| 5262.5 | % | 294.3 | % | ||||
Equity to average assets (leverage ratio) |
|
|
|
|
| 9.4 | % | 9.4 | % | ||||
Tier One capital to risk-adjusted assets |
|
|
|
|
| 11.2 | % | 11.6 | % | ||||
Total capital to risk-adjusted assets |
|
|
|
|
| 11.9 | % | 12.5 | % |
(1) Includes allowance for loan losses and allowance for losses - unfunded commitments
Consolidated Financial Data — Mid-State Bancshares
(Unaudited) |
| Quarter Ended |
| |||||||||||||||
(In thousands, except per share data) |
|
|
| June 30, 2006 |
| Mar. 31, 2006 |
| Dec. 31, 2005 |
| Sept. 30, 2005 |
| June 30, 2005 |
| |||||
Interest Income (not taxable equivalent) |
| $ | 36,030 |
| $ | 34,735 |
| $ | 34,267 |
| $ | 32,923 |
| $ | 31,654 |
| ||
Interest Expense |
| 6,578 |
| 5,266 |
| 4,772 |
| 4,324 |
| 3,694 |
| |||||||
Net Interest Income |
| 29,452 |
| 29,469 |
| 29,495 |
| 28,599 |
| 27,960 |
| |||||||
(Benefit)/Provision for Loan Losses |
| — |
| — |
| — |
| — |
| — |
| |||||||
Net Interest Income after provision for loan losses |
| 29,452 |
| 29,469 |
| 29,495 |
| 28,599 |
| 27,960 |
| |||||||
Non-interest income |
| 5,959 |
| 4,980 |
| 5,397 |
| 5,271 |
| 5,378 |
| |||||||
Non-interest expense |
| 21,589 |
| 20,962 |
| 20,655 |
| 19,473 |
| 19,211 |
| |||||||
Income before income taxes |
| 13,822 |
| 13,487 |
| 14,237 |
| 14,397 |
| 14,127 |
| |||||||
Provision for income taxes |
| 4,899 |
| 4,713 |
| 4,840 |
| 4,905 |
| 4,615 |
| |||||||
Net Income |
| $ | 8,923 |
| $ | 8,774 |
| $ | 9,397 |
| $ | 9,492 |
| $ | 9,512 |
| ||
Per share: |
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income - basic |
| $ | 0.40 |
| $ | 0.39 |
| $ | 0.42 |
| $ | 0.42 |
| $ | 0.42 |
| ||
Net Income - diluted |
| $ | 0.39 |
| $ | 0.38 |
| $ | 0.41 |
| $ | 0.41 |
| $ | 0.41 |
| ||
Weighted average shares used in Basic E.P.S. calculation |
| 22,246 |
| 22,444 |
| 22,546 |
| 22,709 |
| 22,884 |
| |||||||
Weighted average shares used in Diluted E.P.S. calculation |
| 22,706 |
| 22,951 |
| 23,038 |
| 23,231 |
| 23,381 |
| |||||||
Cash dividends |
| $ | 0.18 |
| $ | 0.18 |
| $ | 0.18 |
| $ | 0.16 |
| $ | 0.16 |
| ||
Book value at period-end |
| $ | 12.08 |
| $ | 12.12 |
| $ | 12.10 |
| $ | 12.01 |
| $ | 12.04 |
| ||
Tangible book value at period end |
| $ | 9.64 |
| $ | 9.71 |
| $ | 9.69 |
| $ | 9.60 |
| $ | 9.63 |
| ||
Ending Shares |
| 22,121 |
| 22,378 |
| 22,520 |
| 22,623 |
| 22,810 |
| |||||||
Financial Ratios |
|
|
|
|
|
|
|
|
|
|
| |||||||
Return on assets |
| 1.52 | % | 1.50 | % | 1.54 | % | 1.57 | % | 1.63 | % | |||||||
Return on tangible assets |
| 1.56 | % | 1.53 | % | 1.58 | % | 1.60 | % | 1.67 | % | |||||||
Return on equity |
| 13.17 | % | 12.77 | % | 13.41 | % | 13.65 | % | 13.87 | % | |||||||
Return on tangible equity |
| 16.44 | % | 15.85 | % | 16.67 | % | 17.03 | % | 17.34 | % | |||||||
Net interest margin (not taxable equivalent) |
| 5.61 | % | 5.61 | % | 5.47 | % | 5.22 | % | 5.37 | % | |||||||
Net interest margin (taxable equivalent yield) |
| 6.00 | % | 6.02 | % | 5.88 | % | 5.63 | % | 5.79 | % | |||||||
Net loan losses (recoveries) to average loans |
| 0.02 | % | (0.01 | %) | (0.10 | %) | 0.49 | % | 0.06 | % | |||||||
Efficiency ratio |
| 61.0 | % | 60.8 | % | 59.2 | % | 57.5 | % | 57.6 | % | |||||||
Period Averages |
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Assets |
| $ | 2,347,097 |
| $ | 2,375,086 |
| $ | 2,421,219 |
| $ | 2,401,998 |
| $ | 2,339,887 |
| ||
Total Tangible Assets |
| 2,293,114 |
| 2,320,887 |
| 2,366,807 |
| 2,347,308 |
| 2,284,853 |
| |||||||
Total Loans (includes loans held for sale) |
| 1,560,602 |
| 1,520,000 |
| 1,478,550 |
| 1,517,357 |
| 1,460,506 |
| |||||||
Total Earning Assets |
| 2,107,590 |
| 2,129,477 |
| 2,138,788 |
| 2,172,310 |
| 2,088,566 |
| |||||||
Total Deposits |
| 1,998,463 |
| 2,031,355 |
| 2,099,061 |
| 2,082,464 |
| 2,022,691 |
| |||||||
Common Equity |
| 271,704 |
| 278,693 |
| 278,092 |
| 275,854 |
| 275,100 |
| |||||||
Common Tangible Equity |
| 217,721 |
| 224,494 |
| 223,679 |
| 221,164 |
| 220,067 |
| |||||||
Balance Sheet - At Period-End |
|
|
|
|
|
|
|
|
|
|
| |||||||
Cash and due from banks |
| $ | 97,563 |
| $ | 113,461 |
| $ | 109,791 |
| $ | 130,602 |
| $ | 116,891 |
| ||
Investments and Fed Funds Sold |
| 522,091 |
| 590,191 |
| 619,332 |
| 649,815 |
| 606,462 |
| |||||||
Loans held for sale |
| 8,933 |
| 8,683 |
| 10,176 |
| 10,391 |
| 10,871 |
| |||||||
Loans, net of deferred fees, before allowance for loan losses |
| 1,564,169 |
| 1,546,323 |
| 1,519,014 |
| 1,497,704 |
| 1,490,366 |
| |||||||
Allowance for Loan Losses |
| (11,855 | ) | (11,931 | ) | (11,896 | ) | (11,532 | ) | (13,403 | ) | |||||||
Goodwill and other intangibles (excl OMSR’s) |
| 53,887 |
| 54,105 |
| 54,323 |
| 54,541 |
| 54,885 |
| |||||||
Other assets (incl OMSR’s) |
| 92,872 |
| 92,609 |
| 90,759 |
| 90,852 |
| 85,024 |
| |||||||
Total Assets |
| $ | 2,327,660 |
| $ | 2,393,441 |
| $ | 2,391,499 |
| $ | 2,422,373 |
| $ | 2,351,096 |
| ||
Non-interest bearing deposits |
| $ | 521,469 |
| $ | 535,538 |
| $ | 567,782 |
| $ | 589,601 |
| $ | 561,435 |
| ||
Interest bearing deposits |
| 1,464,783 |
| 1,515,374 |
| 1,501,824 |
| 1,516,361 |
| 1,464,293 |
| |||||||
Other borrowings |
| 49,726 |
| 47,159 |
| 25,903 |
| 23,680 |
| 25,331 |
| |||||||
Allowance for losses - unfunded commitments |
| 1,880 |
| 1,696 |
| 1,761 |
| 1,839 |
| 1,759 |
| |||||||
Other liabilities |
| 22,693 |
| 22,366 |
| 21,667 |
| 19,206 |
| 23,623 |
| |||||||
Shareholders’ equity |
| 267,109 |
| 271,308 |
| 272,562 |
| 271,686 |
| 274,655 |
| |||||||
Total Liabilities and Shareholders’ equity |
| $ | 2,327,660 |
| $ | 2,393,441 |
| $ | 2,391,499 |
| $ | 2,422,373 |
| $ | 2,351,096 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Asset Quality & Capital - At Period-End |
|
|
|
|
|
|
|
|
|
|
| |||||||
Non-accrual loans |
| $ | 261 |
| $ | 1,701 |
| $ | 2,463 |
| $ | 8,323 |
| $ | 5,152 |
| ||
Loans past due 90 days or more |
| — |
| — |
| — |
| — |
| — |
| |||||||
Other real estate owned |
| — |
| — |
| — |
| — |
| — |
| |||||||
Total non performing assets |
| $ | 261 |
| $ | 1,701 |
| $ | 2,463 |
| $ | 8,323 |
| $ | 5,152 |
| ||
Allowance for losses to loans, gross (1) |
| 0.9 | % | 0.9 | % | 0.9 | % | 0.9 | % | 1.0 | % | |||||||
Non-accrual loans to total loans, gross |
| 0.0 | % | 0.1 | % | 0.2 | % | 0.6 | % | 0.3 | % | |||||||
Non performing assets to total assets |
| 0.0 | % | 0.1 | % | 0.1 | % | 0.3 | % | 0.2 | % | |||||||
Allowance for losses to non performing loans (1) |
| 5262.5 | % | 801.1 | % | 554.5 | % | 160.7 | % | 294.3 | % | |||||||
Equity to average assets (leverage ratio) |
| 9.4 | % | 9.4 | % | 9.2 | % | 9.2 | % | 9.4 | % | |||||||
Tier One capital to risk-adjusted assets |
| 11.2 | % | 11.4 | % | 11.6 | % | 11.5 | % | 11.6 | % | |||||||
Total capital to risk-adjusted assets |
| 11.9 | % | 12.2 | % | 12.3 | % | 12.2 | % | 12.5 | % | |||||||
(1) Includes allowance for loan losses and allowance for losses - unfunded commitments