Exhibit 99.1
PRESS RELEASE | For more information contact: | |
Prosperity Bancshares, Inc.SM | Dan Rollins | |
4295 San Felipe | Senior Vice President | |
Houston, Texas 77027 | 713.693.9300 | |
dan.rollins@prosperitybanktx.com |
FOR IMMEDIATE RELEASE
PROSPERITY BANCSHARES, INC. SM
FIRST QUARTER EARNINGS UP 42.3%
Q1 Diluted Earnings Per Share up 22.2% to $0.33
HOUSTON, April 14, 2003. Prosperity Bancshares, Inc.SM (Nasdaq: PRSP), the parent company of Prosperity BankSM, reported record net income for the first quarter of 2003 totaling $6.389 million, an increase of $1.898 million or 42.3 percent, compared with $4.491 million for the same period in 2002. Diluted earnings per share increased $0.06 or 22.2 percent to $0.33 for the three months ended March 31, 2003 compared with $0.27 for the three months ended March 31, 2002.
Strong growth in average earning assets was the primary factor contributing to higher earnings for the first three months of 2003 when compared to the same period last year.
In reviewing the first quarter, Prosperity’s President and Chief Executive Officer David Zalman said, “We are pleased to report that despite historically low interest rates and the attendant margin compression, our earnings for the first quarter of 2003 continued to show the strength that we reported in 2002. We believe we have the right strategies, controls, capital, and people to achieve our strategic goals and remain on track. We continue to be excited about our Company’s future.”
“We continue to expand our footprint in the Dallas/Fort Worth Metroplex. We believe our pending acquisitions of Abrams Centre National Bank and BankDallas will further enhance our franchise value by expanding our presence in one of the most vibrant markets in the nation,” commented Ned S.
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Holmes, Prosperity’s Chairman of the Board.
“We remain comfortable with the current estimates from analysts that report through First Call and project that we will earn between $1.32 and $1.35 per diluted share in 2003,” added David Hollaway, Prosperity’s Chief Financial Officer.
“We kicked off our ‘Real Bankers . . . not just a Bank’ marketing campaign during the first quarter and are pleased with the increased visibility we are enjoying in the Greater Houston Metropolitan Area,” added H. E. “Tim” Timanus, Jr., President and Chief Operating Officer of Prosperity BankSM.
Results of Operations for the three months ended March 31, 2003
For the three months ended March 31, 2003, net income was $6.389 million compared with $4.491 million for the same period in 2002. Net income per diluted common share was $0.33 for the three months ended March 31, 2003 compared with $0.27 for the same period in 2002. Return on average assets and average common shareholders’ equity for the three months ended March 31, 2003 was 1.40 percent and 16.19 percent, respectively.
Net interest income for the quarter ended March 31, 2003 increased 34.2 percent, to $16.131 million from $12.024 million during the same period in 2002. The increase was attributable primarily to a 38.1 percent increase in average earning assets and was partially offset by a continuing reduction of the net interest margin.
Non-interest income increased 76.8 percent to $3.821 million for the three months ended March 31, 2003 compared with the same period in 2002.
Non-interest expense for the first quarter of 2003 was $10.500 million, up 37.0 percent compared to the first quarter of 2002. These expenses reflect the Company’s commitment to expanding its franchise with the additional banking centers acquired last year along with related acquisition expenses and a commitment to improving technology, all of which are designed to support the Company’s future growth. The Company achieved an excellent efficiency ratio of 51.24 percent for the first quarter of 2003 compared to 52.34 percent for the first quarter of 2002.
Total loans were $656.568 million at March 31, 2003, an increase of $235.652 million or 56.0 percent from March 31, 2002, and a decrease of $22.991 million or 3.4 percent from December 31, 2002.
Non-performing assets were $3.459 million or 0.53 percent of loans and other real estate at March 31, 2003, compared with $68,000 or 0.02 percent of loans and other real estate at March 31, 2002 and $2.610 million or 0.38 percent of loans and other real estate at December 31, 2002. Net charge-offs were 0.06 percent of average loans for the first quarter of 2003, compared with net recoveries of (0.01) percent of average loans for the same period in 2002.
“While non-performing loans are still at a higher level than we prefer, we are actively managing them and charge-offs remain at low levels. We continue to experience loan payoffs in the low interest rate
2
environment as we remain unwilling to jeopardize our net interest margin by reducing loan rates to marginally profitable levels,” commented Randy D. Hester, Chief Lending Officer of Prosperity BankSM.
At March 31, 2003, Prosperity had $1.879 billion in total assets, $656.568 million in loans, $1.634 billion in deposits, and more than 125,000 deposit and loan accounts. Assets, loans and deposits at March 31, 2003 grew by 45.7 percent, 56.0 percent and 43.1 percent respectively, compared with their levels at March 31, 2002.
Conference Call
Prosperity has scheduled a conference call to discuss its First Quarter Earnings Announcement for 10:30 AM, Central Standard Time on Monday, April 14, 2003. Participants will include David Zalman, President and Chief Executive Officer; Tim Timanus, Executive Vice President and Chief Operating Officer; David Hollaway, CPA, Chief Financial Officer; and Dan Rollins, Senior Vice President. Interested parties may listen live over the Internet atwww.prosperitybanktx.com or by calling 1-800-223-9488.
Proposed Acquisition of Abrams Centre National Bank
Prosperity’s proposed acquisition of Abrams Centre National Bank, Dallas, Texas, was announced on February 3, 2003. Under terms of the deal, Prosperity will pay approximately $16.3 million for all outstanding shares of Abrams Centre Bancshares, Inc.
Abrams Centre Bancshares, a subsidiary of MB Financial, Inc. (NASDAQ: MBFI) operates two (2) banking offices in the greater Dallas metropolitan area. At March 31, 2003, Abrams Centre had total assets of $96.6 million, loans of $31.7 million, deposits of $70.8 million and shareholders’ equity of $14.0 million.
Both current Abrams Centre locations will be converted into full service banking centers of Prosperity Bank upon consummation of the transaction. All necessary regulatory approvals have been received.
Proposed Acquisition of BankDallas
Prosperity’s proposed acquisition of BankDallas was announced on March 5, 2003. Under terms of the deal, Prosperity will pay approximately $7.0 million for all outstanding shares of Dallas Bancshares Corporation.
BankDallas operates one (1) banking office in central Dallas, which will become a full service banking center of Prosperity BankSM upon consummation of the transaction. At March 31, 2003, BankDallas had total assets of $42.0 million, loans of $28.3 million, deposits of $37.6 million and shareholders’ equity of $4.3 million.
Prosperity Bancshares, Inc. SM, formed in 1983, is a $1.9 billion bank holding company headquartered in Houston, Texas. Operating under a community banking philosophy, Prosperity seeks to develop
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broad customer relationships based on service and convenience. Prosperity offers a variety of traditional loan and deposit products to its customers, which consist primarily of consumers and small and medium sized businesses. In addition to established banking products, Prosperity offers a complete line of services including: Internet Banking services atwww.prosperitybanktx.com, Trust and Financial Services, Retail Brokerage Services, MasterMoney Debit Cards, and 24 hour voice response banking. The company currently operates forty-two (42) full service banking locations in fifteen contiguous counties including the Greater Houston Metropolitan Area, and in Dallas. (Angleton, Bay City, Beeville, Clear Lake, Cleveland, Cuero, Cypress, Dayton, Dallas—Camp Wisdom, Dallas—Westmoreland, East Bernard, Edna, El Campo, Fairfield, Galveston, Goliad, Hitchcock, Houston—Aldine, Houston—Bellaire, Houston—CityWest, Houston—Copperfield, Houston—Downtown, Houston—Gladebrook, Houston—Highway 6, Houston—Medical Center, Houston—Memorial, Houston—Post Oak, Houston—River Oaks, Houston—Tanglewood, Houston -Waugh Drive, Houston—Woodcreek, Liberty, Magnolia, Mathis, Mont Belvieu, Needville, Palacios, Sweeny, Victoria, West Columbia, Wharton and Winnie.)
– – –
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release contains, and the remarks by our management on the conference call may contain, forward-looking statements within the meaning of the securities laws that are based on current expectations, assumptions’ estimates and projections about Prosperity Bancshares, Inc.SM and its subsidiaries. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Prosperity’s control, that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include whether we can: continue to sustain our current internal growth rate or our total growth rate; successfully close and integrate acquisitions; continue to provide products and services that appeal to our customers; continue to have access to the debt and equity capital we need to sustain our growth; and achieve our sales objectives. Other risks include the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); customer and consumer demand, including customer and consumer response to marketing; effectiveness of spending, investments or programs; fluctuations in the cost and availability of supply chain resources; economic conditions, including currency rate fluctuations and interest rate fluctuations; weather; and the stock price volatility associated with “small-cap” companies. These and various other factors are discussed in our most recent Annual Report of Form 10-K .
Copies of Prosperity Bancshares, Inc.’sSM SEC filings may be downloaded from the Internet at no charge from FreeEDGAR, a real-time access to SEC filings site located atwww.freeedgar.com.
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Prosperity Bancshares, Inc.SM
Financial Highlights (Unaudited)
(Dollars in thousands)
Three Months Ended | Years Ended | |||||||||||||||
Mar 31, 2003 | Mar 31, 2002 | Dec 31, 2002 | Dec 31, 2001 | |||||||||||||
Balance Sheet Averages | ||||||||||||||||
Investment securities | $ | 989,803 |
| $ | 774,623 |
| $ | 818,362 |
| $ | 666,242 |
| ||||
Total loans |
| 666,870 |
|
| 417,098 |
|
| 524,885 |
|
| 419,552 |
| ||||
Fed funds sold and other earnings |
| 11,916 |
|
| 16,290 |
|
| 20,956 |
|
| 30,478 |
| ||||
Total earning assets |
| 1,668,589 |
|
| 1,208,011 |
|
| 1,364,203 |
|
| 1,116,272 |
| ||||
Allowance for credit losses |
| (9,567 | ) |
| (6,043 | ) |
| (7,350 | ) |
| (5,586 | ) | ||||
Cash and due from banks |
| 48,736 |
|
| 28,610 |
|
| 36,200 |
|
| 28,816 |
| ||||
Core deposit intangibles (CDI) and goodwill |
| 72,311 |
|
| 22,620 |
|
| 38,531 |
|
| 23,229 |
| ||||
Other real estate |
| 144 |
|
| 0 |
|
| 144 |
|
| 0 |
| ||||
Other assets |
| 49,496 |
|
| 27,129 |
|
| 38,133 |
|
| 28,459 |
| ||||
Total assets | $ | 1,829,709 |
| $ | 1,280,327 |
| $ | 1,469,861 |
| $ | 1,191,190 |
| ||||
Non-interest bearing deposits | $ | 305,852 |
| $ | 180,491 |
| $ | 230,326 |
| $ | 181,228 |
| ||||
Interest bearing deposits |
| 1,291,116 |
|
| 959,113 |
|
| 1,070,559 |
|
| 879,967 |
| ||||
Total deposits |
| 1,596,968 |
|
| 1,139,604 |
|
| 1,300,885 |
|
| 1,061,195 |
| ||||
Fed funds purchased & other interest bearing liabilities |
| 30,913 |
|
| 13,933 |
|
| 16,435 |
|
| 17,219 |
| ||||
Other liabilities |
| 10,970 |
|
| 7,023 |
|
| 9,557 |
|
| 8,582 |
| ||||
Company obligated mandatorily redeemable trust preferred securities of subsidiary trusts |
| 33,000 |
|
| 27,000 |
|
| 28,750 |
|
| 18,875 |
| ||||
Shareholders’ equity |
| 157,858 |
|
| 92,767 |
|
| 114,234 |
|
| 85,319 |
| ||||
Total liabilities and equity | $ | 1,829,709 |
| $ | 1,280,327 |
| $ | 1,469,861 |
| $ | 1,191,190 |
| ||||
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Prosperity Bancshares, Inc.SM
Financial Highlights (Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended | Three Months Ended | |||||||||||
Mar 31, 2003 | Mar 31, 2002 | Dec 31, 2002 | Dec 31, 2001 | |||||||||
Income Statement Data | ||||||||||||
Interest on loans | $ | 11,430 | $ | 7,756 | $ | 12,385 | $ | 8,153 | ||||
Interest on securities |
| 10,742 |
| 10,558 |
| 10,319 |
| 10,728 | ||||
Interest on fed funds sold and other earning assets |
| 40 |
| 66 |
| 133 |
| 75 | ||||
Total interest income |
| 22,212 |
| 18,380 |
| 22,837 |
| 18,956 | ||||
Interest expense |
| 6,081 |
| 6,356 |
| 6,828 |
| 7,518 | ||||
Net interest income(A) |
| 16,131 |
| 12,024 |
| 16,009 |
| 11,438 | ||||
Provision for credit losses |
| 120 |
| 120 |
| 650 |
| 650 | ||||
Net interest income after provision for loan losses |
| 16,011 |
| 11,904 |
| 15,359 |
| 10,788 | ||||
Service charges on deposit accounts |
| 3,255 |
| 1,858 |
| 3,467 |
| 2,029 | ||||
Other income |
| 566 |
| 303 |
| 681 |
| 281 | ||||
Total non-interest income |
| 3,821 |
| 2,161 |
| 4,148 |
| 2,310 | ||||
Salaries and benefits |
| 5,407 |
| 3,909 |
| 5,111 |
| 3,196 | ||||
Core deposit intangible (CDI) and goodwill amortization |
| 193 |
| 0 |
| 162 |
| 341 | ||||
Minority interest trust preferred securities |
| 569 |
| 498 |
| 586 |
| 529 | ||||
Other expenses |
| 4,331 |
| 3,255 |
| 4,301 |
| 3,295 | ||||
Total non-interest expenses |
| 10,500 |
| 7,662 |
| 10,160 |
| 7,361 | ||||
Net earnings before taxes |
| 9,332 |
| 6,403 |
| 9,347 |
| 5,737 | ||||
Federal income taxes |
| 2,943 |
| 1,912 |
| 2,965 |
| 1,747 | ||||
Net earnings available to common shareholders | $ | 6,389 | $ | 4,491 | $ | 6,382 | $ | 3,990 | ||||
Basic earnings per share | $ | 0.34 | $ | 0.28 | $ | 0.34 | $ | 0.25 | ||||
Diluted earnings per share | $ | 0.33 | $ | 0.27 | $ | 0.33 | $ | 0.24 | ||||
(A) Net interest income on a tax equivalent basis would be $16,696 and $12,531 for the three months ended March 31, 2003 and 2002, respectively and $16,568 and $11,908 for the three months ended December 31, 2002 and 2001, respectively.
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Prosperity Bancshares, Inc.SM
Financial Highlights (Unaudited)
(Dollars and share amounts in thousands, except per share data)
Three Months Ended | Three Months Ended | ||||||||||||
Mar 31, 2003 | Mar 31, 2002 | Dec 31, 2002 | Dec 31, 2001 | ||||||||||
Common Share and Other Data | |||||||||||||
Employees—FTE |
| 496 |
| 314 |
|
| 501 |
| 312 | ||||
Book value per share | $ | 8.46 | $ | 5.71 |
| $ | 8.19 | $ | 5.47 | ||||
Tangible book value per share | $ | 4.65 | $ | 4.32 |
| $ | 4.36 | $ | 4.08 | ||||
Period end shares outstanding |
| 18,943 |
| 16,240 |
|
| 18,896 |
| 16,210 | ||||
Weighted average shares outstanding (basic) |
| 18,916 |
| 16,222 |
|
| 18,888 |
| 16,202 | ||||
Weighted average shares outstanding (diluted) |
| 19,209 |
| 16,552 |
|
| 19,208 |
| 16,532 | ||||
Non-accrual loans | $ | 2,630 | $ | 1 |
| $ | 1,125 | $ | 1 | ||||
Accruing loans 90 days or more days past due |
| 247 |
| 67 |
|
| 120 |
| 0 | ||||
Other non-performing loans |
| 0 |
| 0 |
|
| 1,100 |
| 0 | ||||
Restructured loans |
| 0 |
| 0 |
|
| 0 |
| 0 | ||||
Total non-performing loans |
| 2,877 |
| 68 |
|
| 2,345 |
| 1 | ||||
Repossessed Assets |
| 55 |
| 0 |
|
| 46 |
| 4 | ||||
Other real estate |
| 527 |
| 0 |
|
| 219 |
| 0 | ||||
Total non-performing assets | $ | 3,459 | $ | 68 |
| $ | 2,610 | $ | 5 | ||||
Allowance for credit losses at end of period | $ | 9,318 | $ | 6,126 |
| $ | 9,580 | $ | 5,985 | ||||
Net charge-offs | $ | 383 | $ | (21 | ) | $ | 123 | $ | 183 | ||||
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Prosperity Bancshares, Inc.SM
Financial Highlights (Unaudited)
Three Months Ended | Year Ended | |||||||||||
Mar 31, 2003 | Mar 31, 2002 | Dec 31, 2002 | ||||||||||
Performance Ratios | ||||||||||||
Return on average assets (annualized) |
| 1.40 | % |
| 1.40 | % |
| 1.45 | % | |||
Return on average common equity (annualized) |
| 16.19 | % |
| 19.36 | % |
| 18.66 | % | |||
Net interest margin (tax equivalent) (annualized) |
| 4.00 | % |
| 4.15 | % |
| 4.16 | % | |||
Efficiency ratio (B) |
| 51.24 | % |
| 52.34 | % |
| 50.36 | % | |||
Diluted earnings per share | $ | 0.33 |
| $ | 0.27 |
| $ | 1.22 |
| |||
Asset Quality Ratios | ||||||||||||
Non-performing assets to average earning assets |
| 0.21 | % |
| 0.01 | % |
| 0.19 | % | |||
Non-performing assets to loans and other real estate |
| 0.53 | % |
| 0.02 | % |
| 0.38 | % | |||
Net charge-offs to average loans |
| 0.06 | % |
| (0.01 | %) |
| 0.03 | % | |||
Allowance for credit losses to total loans |
| 1.42 | % |
| 1.46 | % |
| 1.41 | % | |||
Common Stock Market Price | ||||||||||||
High | $ | 19.77 |
| $ | 16.28 |
| $ | 19.95 |
| |||
Low | $ | 16.30 |
| $ | 13.48 |
| $ | 13.48 |
| |||
Period end market price | $ | 16.58 |
| $ | 16.28 |
| $ | 19.00 |
| |||
(B)Calculated by dividing total non-interest expense (excluding securities losses and credit loss provisions) by net interest income plus non-interest income. Note: The trust preferred securities expense is treated as interest expense for this calculation. Additionally, taxes are not part of this calculation.
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Prosperity Bancshares, Inc.SM
Financial Highlights (March 31, 2003 and March 31, 2002 Unaudited)
(Dollars in thousands)
Mar 31, 2003 | Dec 31, 2002 | Mar 31, 2002 | ||||||||||
Balance Sheet Data(at period end) | ||||||||||||
Investment securities | $ | 1,056,349 |
| $ | 950,317 |
| $ | 797,519 |
| |||
Total loans |
| 656,568 |
|
| 679,559 |
|
| 420,916 |
| |||
Fed funds sold and other earning assets |
| 3,537 |
|
| 14,491 |
|
| 891 |
| |||
Total earning assets |
| 1,716,454 |
|
| 1,644,367 |
|
| 1,219,326 |
| |||
Allowance for credit losses |
| (9,318 | ) |
| (9,580 | ) |
| (6,126 | ) | |||
Cash and due from banks |
| 52,859 |
|
| 66,806 |
|
| 26,131 |
| |||
Core deposit intangibles (CDI) and goodwill |
| 72,225 |
|
| 72,410 |
|
| 22,641 |
| |||
Other real estate |
| 527 |
|
| 219 |
|
| 0 |
| |||
Other assets |
| 46,639 |
|
| 48,034 |
|
| 27,665 |
| |||
Total assets | $ | 1,879,386 |
| $ | 1,822,256 |
| $ | 1,289,637 |
| |||
Non-interest bearing deposits | $ | 312,104 |
| $ | 327,699 |
| $ | 179,010 |
| |||
Interest bearing deposits |
| 1,322,161 |
|
| 1,258,912 |
|
| 963,351 |
| |||
Total deposits |
| 1,634,265 |
|
| 1,586,611 |
|
| 1,142,361 |
| |||
Fed funds purchased and other interest bearing liabilities |
| 39,966 |
|
| 37,939 |
|
| 19,142 |
| |||
Other liabilities |
| 11,891 |
|
| 9,967 |
|
| 8,353 |
| |||
Company obligated mandatorily redeemable trust preferred securities of subsidiary trusts |
| 33,000 |
|
| 33,000 |
|
| 27,000 |
| |||
Shareholders’ equity |
| 160,264 |
|
| 154,739 |
|
| 92,781 |
| |||
Total liabilities and equity | $ | 1,879,386 |
| $ | 1,822,256 |
| $ | 1,289,637 |
| |||
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Prosperity Bancshares, Inc.S M
Financial Highlights (Unaudited)
Three Months Ended | ||||||||||||
Mar 31, 2003 | Dec 31, 2002 | Sep 30, 2002 | Jun 30, 2002 | |||||||||
Comparative Quarterly Asset Quality, Performance & Capital Ratios | ||||||||||||
Return on average assets (annualized) | 1.40 | % | 1.43 | % | 1.54 | % | 1.43 | % | ||||
Return on average common equity (annualized) | 16.19 | % | 16.72 | % | 19.43 | % | 20.16 | % | ||||
Return on average tangible equity (annualized) | 29.87 | % | 30.50 | % | 28.83 | % | 27.20 | % | ||||
Net interest margin (tax equivalent) (annualized) | 4.00 | % | 4.08 | % | 4.23 | % | 4.21 | % | ||||
Efficiency ratio | 51.24 | % | 48.92 | % | 48.90 | % | 52.06 | % | ||||
Non-performing assets to loans and other real estate | 0.53 | % | 0.38 | % | 0.12 | % | 0.09 | % | ||||
Net charge-offs / (recoveries) to average loans | 0.06 | % | 0.02 | % | 0.02 | % | (0.02 | %) | ||||
Allowance for credit losses to total loans | 1.42 | % | 1.41 | % | 1.26 | % | 1.43 | % | ||||
Tier 1 risk-based capital | 14.93 | % | 14.10 | % | 15.44 | % | 17.03 | % | ||||
Total risk-based capital | 16.10 | % | 15.30 | % | 16.52 | % | 18.24 | % | ||||
Tier 1 leverage capital | 6.73 | % | 6.56 | % | 8.31 | % | 7.37 | % | ||||
Equity to assets | 8.52 | % | 8.49 | % | 8.85 | % | 7.16 | % | ||||
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Prosperity Bancshares, Inc.SMSupplemental
Financial Data (Unaudited)
(Dollars in thousands)
Three Months Ended Mar 31, 2003 | ||||||||||
Average Balance | Interest Income/ Interest Expense | Yield/Rate | ||||||||
YIELD ANALYSIS | ||||||||||
Interest earning assets: | ||||||||||
Federal funds sold | $ | 11,916 |
| $ | 40 | 1.34 | % | |||
Investment securities |
| 989,803 |
|
| 10,742 | 4.34 | % | |||
Loans |
| 666,870 |
|
| 11,430 | 6.86 | % | |||
Total interest earning assets |
| 1,668,589 |
| $ | 22,212 | 5.32 | % | |||
Non-interest earning assets |
| 170,687 |
| |||||||
Allowance for credit losses |
| (9,567 | ) | |||||||
Total assets | $ | 1,829,709 |
| |||||||
Interest Bearing Liabilities: | ||||||||||
Interest bearing demand deposits | $ | 335,352 |
| $ | 1,001 | 1.19 | % | |||
Savings and money market deposits |
| 376,989 |
|
| 947 | 1.00 | % | |||
Certificates and other time deposits |
| 578,775 |
|
| 3,878 | 2.68 | % | |||
Federal funds purchased and other borrowings |
| 30,913 |
|
| 255 | 3.30 | % | |||
Total Interest Bearing Liabilities |
| 1,322,029 |
| $ | 6,081 | 1.84 | % | |||
Non-interest Bearing Liabilities: | ||||||||||
Non-interest bearing demand deposits |
| 305,852 |
| |||||||
Trust preferred securities |
| 33,000 |
| |||||||
Other liabilities |
| 10,970 |
| |||||||
Total liabilities |
| 1,671,851 |
| |||||||
Shareholders’ equity |
| 157,858 |
| |||||||
Total Liabilities and Shareholders’ Equity | $ | 1,829,709 |
| |||||||
Net Interest Income & Margin | $ | 16,131 | 3.87 | % | ||||||
Net Interest Income & Margin (tax equivalent) | $ | 16,696 | 4.00 | % | ||||||
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