Exhibit 99.1
For further information:
David B. Ramaker, CEO
Lori A. Gwizdala, CFO
989-839-5350
Chemical Financial Corporation Reports Fourth Quarter and Full Year 2013 Results
Company Posts Record Net Income for the Year; Loan Growth up 11.5% in 2013
MIDLAND, MI, January 27, 2014 -- -- Chemical Financial Corporation (NASDAQ:CHFC) today announced 2013 fourth quarter net income of $14.4 million, or $0.48 per diluted share, up 14.3% on a diluted per share basis over 2012 fourth quarter net income of $11.7 million, or $0.42 per diluted share. For the twelve months ended December 31, 2013, net income was $56.8 million, or $2.00 per diluted share, an increase of 8.1% on a diluted per share basis compared to net income for the twelve months ended December 31, 2012 of $51.0 million, or $1.85 per diluted share.
"Fourth quarter 2013 earnings per share increased 14% over fourth quarter 2012 results, capping a strong year of earnings for Chemical Financial Corporation shareholders. Robust organic balance sheet growth, improving credit quality metrics and a focus on controlling costs led to consistent earnings improvement over the course of the year. While we remain confident in our prospects going forward, it is important to remember that future earnings improvement will be driven increasingly by overall balance sheet and fee income growth coupled with vigilant cost discipline, as opposed to credit quality improvements and cost cutting," said David B. Ramaker, Chairman, Chief Executive Officer and President.
"As our economy improves, we expect to see continued organic growth in 2014. By making Chemical Bank the community-oriented, Michigan-centric, financial institution of choice in the markets we serve---and seeking to partner with like-minded institutions in the state as Michigan's banking industry consolidates---we believe we are well positioned to achieve additional competitive and acquisitive market share gains as we move forward," Ramaker added.
Net income of $14.4 million in the fourth quarter of 2013 was $0.6 million, or 4.1%, lower than the third quarter of 2013, with higher net interest income and a lower provision for loan losses offset by slightly lower noninterest income and higher operating expenses in the fourth quarter of 2013. Net income in the fourth quarter of 2013 was $2.7 million, or 23%, higher than the fourth quarter of 2012, primarily attributable to a combination of higher net interest income and a lower provision for loan losses. Net income of $56.8 million in 2013 was $5.8 million, or 11.4%, higher than 2012, with higher net interest income and noninterest income and a lower provision for loan losses partially offset by higher operating expenses.
The Corporation's return on average assets was 0.93% during the fourth quarter of 2013, compared to 1.00% in the third quarter of 2013 and 0.83% in the fourth quarter of 2012. The Corporation's return on average shareholders' equity was 8.4% in the fourth quarter of 2013, compared to 9.6% in the third quarter of 2013 and 7.7% in the fourth quarter of 2012.
The net interest margin (on a tax-equivalent basis) was 3.63% in the fourth quarter of 2013, compared to 3.58% in the third quarter of 2013 and 3.74% in the fourth quarter of 2012. The slight increase in the net interest margin in the fourth quarter of 2013, compared to the third quarter of 2013, was largely attributable to growth in the loan portfolio. The decrease in the net interest margin in the fourth quarter of 2013, compared to the fourth quarter of 2012, was primarily attributable to the repricing of loans during the twelve months ended December 31, 2013, which was partially offset by growth in loans and the favorable repricing of deposits.
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Net interest income was $51.3 million in the fourth quarter of 2013, $2.0 million, or 4.1%, higher than the third quarter of 2013 and $3.3 million, or 6.9%, higher than the fourth quarter of 2012. The increases in net interest income in the fourth quarter of 2013 over both the third quarter of 2013 and the fourth quarter of 2012 were largely attributable to loan growth. Total loans grew $125 million, or 2.8%, in the fourth quarter of 2013 and $480 million, or 11.5%, over the twelve months ended December 31, 2013.
Net interest income was $196.6 million in 2013, $9.1 million, or 4.9%, higher than 2012, with the increase primarily attributable to loan growth in 2013 and the favorable impact of interest-bearing deposits repricing lower during 2013. These increases were partially offset by the unfavorable impact of interest-earning assets repricing during the year. The net interest margin (on a tax equivalent basis) was 3.59% in 2013, compared to 3.76% in 2012.
The provision for loan losses was $2.0 million in the fourth quarter of 2013, compared to $3.0 million in the third quarter of 2013 and $5.0 million in the fourth quarter of 2012. The decrease in the provision for loan losses in the fourth quarter of 2013 compared to both the third quarter of 2013 and the fourth quarter of 2012 was due to continued improvement in the overall credit quality of the loan portfolio. The provision for loan losses was $11.0 million in 2013, compared to $18.5 million in 2012.
The Corporation's nonperforming loans, consisting of nonaccrual loans, accruing loans past due 90 days or more as to principal or interest payments and nonperforming troubled debt restructurings, totaled $82.0 million at December 31, 2013, compared to $75.8 million at September 30, 2013 and $90.9 million at December 31, 2012. Nonperforming loans comprised 1.76% of total loans at December 31, 2013, compared to 1.68% at September 30, 2013 and 2.18% at December 31, 2012. The increase in nonperforming loans during the fourth quarter of 2013 was largely attributable to the downgrade to nonaccrual status of $6.4 million of commercial and commercial real estate loans to an agricultural grower and processor. At December 31, 2013, the borrower was experiencing some financial difficulty; however, these loans were believed to be adequately secured by income-producing farm land and other assets. Accordingly, the Corporation did not require a specific impairment reserve on these loans at that date. The reduction in nonperforming loans during the twelve months ended December 31, 2013 was attributable to a combination of improving economic conditions and loan charge-offs.
Net loan charge-offs were $4.5 million, or 0.39% of average loans, in the fourth quarter of 2013, compared to $3.7 million, or 0.33% of average loans, in the third quarter of 2013 and $5.2 million, or 0.51% of average loans, in the fourth quarter of 2012. Net loan charge-offs totaled $16.4 million, or 0.38% of average loans, in 2013, compared to $22.3 million, or 0.57% of average loans, in 2012.
At December 31, 2013, the allowance for loan losses of the originated loan portfolio was $78.6 million, or 1.81% of originated loans, compared to $81.0 million, or 1.92% of originated loans, at September 30, 2013 and $84.0 million, or 2.22% of originated loans, at December 31, 2012. The allowance for loan losses of the originated loan portfolio as a percentage of nonperforming loans was 96% at December 31, 2013, compared to 107% at September 30, 2013 and 92% at December 31, 2012.
Noninterest income was $13.6 million in the fourth quarter of 2013, compared to $14.6 million in the third quarter of 2013 and $14.7 million in the fourth quarter of 2012. The decrease in noninterest income in the fourth quarter of 2013, compared to both the third quarter of 2013 and the fourth quarter of 2012, was largely attributable to lower mortgage banking revenue. Mortgage banking revenue was $0.6 million in the fourth quarter of 2013, compared to $1.0 million in the third quarter of 2013 and $2.5 million in the fourth quarter of 2012. The decreases in mortgage banking revenue in the fourth quarter of 2013, compared to both the third quarter of 2013 and the fourth quarter of 2012, were primarily attributable to declines in the volume of loans sold in the secondary market. The Corporation sold $36 million of residential mortgage loans in the secondary market in the fourth quarter of 2013, compared to $45 million in the third quarter of 2013 and $76 million in the fourth quarter of 2012.
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Noninterest income was $60.4 million in 2013, compared to $54.7 million in 2012. Noninterest income in 2013 was $5.7 million, or 10.5%, higher than 2012, with the increase attributable to increases in all major categories of noninterest income, except for mortgage banking revenue, that was partially driven by growth in the volume of services provided and additional fees and revenue earned as a result of the acquisition of 21 branch banking offices in December 2012 (branch acquisition transaction). Wealth management revenue was $14.0 million in 2013, compared to $11.8 million in 2012, with the increase due partially to an increase in equity market performance that led to increased assets under management. Mortgage banking revenue was $5.3 million in 2013, compared to $6.6 million in 2012, with the decrease due primarily to declines in the volume of loans sold in the secondary market. The Corporation sold $211 million of residential mortgage loans in the secondary market in 2013, compared to $305 million in 2012.
Operating expenses were $42.4 million in the fourth quarter of 2013, compared to $39.5 million in the third quarter of 2013 and $42.0 million in the fourth quarter of 2012. The increase in operating expenses of $2.9 million, or 7.2%, in the fourth quarter of 2013, compared to the third quarter of 2013, was primarily attributable to an $0.8 million increase in donations expense, a $0.6 million increase in credit-related expenses, and a $0.5 million increase in group health care costs. The increase in donations expense was attributable to year-end commitments by the Corporation to the Chemical Bank Foundation to further assist in building the Foundation's endowment fund. The increase in credit-related expenses was primarily attributable to lower gains on the sales of other real estate properties in the fourth quarter of 2013, compared to the third quarter of 2013. While operating expenses in the fourth quarter of 2013 were similar to those in the fourth quarter of 2012, incremental operating costs associated with the branch acquisition transaction, merit and market-driven compensation increases provided to the Corporation's employees effective at the beginning of 2013, and higher performance-based compensation expenses were partially offset by lower credit-related expenses. Operating expenses in the fourth quarter of 2012 also included $1.8 million attributable to the branch acquisition transaction.
Operating expenses were $164.9 million in 2013, compared to $151.9 million in 2012. Operating expenses included nonrecurring costs in 2012 of $2.9 million attributable to the branch acquisition transaction. Excluding these nonrecurring expenses, operating expenses in 2013 were $15.9 million, or 11%, higher than 2012, due largely to incremental operating costs associated with the branch acquisition transaction, in addition to employee compensation costs resulting from merit increases, market-based salary adjustments, higher performance-based compensation and higher group health care costs, all of which were partially offset by lower credit-related expenses.
The Corporation's efficiency ratio was 63.7% in the fourth quarter of 2013, 61.0% in the third quarter of 2013 and 63.0% in the fourth quarter of 2012. The Corporation's efficiency ratio was 63.1% for 2013 and 60.8% for 2012.
Total assets were $6.18 billion at December 31, 2013, compared to $6.26 billion at September 30, 2013 and $5.92 billion at December 31, 2012. The increase in total assets during the twelve months ended December 31, 2013 was primarily attributable to an increase in deposits that was used to partially fund loan growth. The Corporation continues to keep its excess liquidity at the Federal Reserve Bank (FRB), with $180 million in balances held at the FRB at December 31, 2013, compared to $357 million at September 30, 2013 and $514 million at December 31, 2012.
Total loans were $4.65 billion at December 31, 2013, up from $4.52 billion at September 30, 2013 and $4.17 billion at December 31, 2012. During the three and twelve months ended December 31, 2013, total loans increased $125 million, or 2.8%, and $480 million, or 11.5%, respectively. The increases in loans during the three and twelve months ended December 31, 2013 occurred across all loan categories and were largely attributable to a combination of improving economic conditions and increased market share. The increase in loans of $480 million during 2013 was attributable to increases in commercial loans of $174 million, or 17.3%, commercial real estate loans of $71 million, or 6.1%, real estate construction and land development loans of $10 million, or 9.6%, residential real estate loans of $76 million, or 8.7%, and consumer installment and home equity loans of $149 million, or 14.6%. The average yield on the loan portfolio was 4.42% in the fourth quarter of 2013, compared to 4.44% in the third quarter of 2013 and 4.79% in the fourth quarter of 2012.
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Investment securities were $958.5 million at December 31, 2013, compared to $987.7 million at September 30, 2013 and $816.8 million at December 31, 2012. The average yield of the investment securities portfolio was 2.07% in the fourth quarter of 2013, compared to 2.05% in the third quarter of 2013 and 2.21% in the fourth quarter of 2012.
Total deposits were $5.12 billion at December 31, 2013, compared to $5.19 billion at September 30, 2013 and $4.92 billion at December 31, 2012. The Corporation experienced an increase in total deposits of $201 million, or 4.1%, during the twelve months ended December 31, 2013, with the increase attributable to organic deposit growth of $255 million during the twelve months ended December 31, 2013, which was partially offset by the payoff of maturing brokered deposits acquired in the acquisition of O.A.K. Financial Corporation in 2010. The repricing of matured customer certificates of deposit and the decrease in interest rates on various interest-bearing deposit accounts to reflect lower market interest rates resulted in the Corporation's average cost of funds declining to 0.30% in the fourth quarter of 2013 from 0.32% in the third quarter of 2013 and 0.41% in the fourth quarter of 2012.
At December 31, 2013, the Corporation's tangible equity to assets ratio and total risk-based capital ratio were 9.4% and 14.0%, respectively, compared to 8.9% and 14.2%, respectively, at September 30, 2013 and 8.1% and 13.2%, respectively, at December 31, 2012. At December 31, 2013, the Corporation's book value was $23.38 per share, compared to $22.61 per share at September 30, 2013 and $21.69 per share at December 31, 2012. At December 31, 2013, the Corporation's tangible book value was $19.17 per share, compared to $18.36 per share at September 30, 2013 and $17.03 per share at December 31, 2012.
Chemical Financial Corporation will host a conference call to discuss its fourth quarter and full year 2013 results on Monday, January 27, 2014 at 11 a.m. eastern standard time. Anyone interested may access the conference call on a live basis by dialing toll-free at 1-888-378-0324 and entering 8885780 for the conference ID. The call will also be broadcast live over the Internet hosted at Chemical Financial Corporation's website at www.chemicalbankmi.com under the "Investor Info" section. A copy of the slide-show presentation and an audio replay of the call will remain available on Chemical Financial Corporation's website for at least 14 days.
Chemical Financial Corporation is the second largest banking company headquartered and operating branch offices in Michigan. The Corporation operates through a single subsidiary bank, Chemical Bank, with 156 banking offices spread over 38 counties in the lower peninsula of Michigan. At December 31, 2013, the Corporation had total assets of $6.2 billion. Chemical Financial Corporation's common stock trades on The NASDAQ Stock Market under the symbol CHFC and is one of the issues comprising The NASDAQ Global Select Market. More information about the Corporation is available by visiting the investor relations section of its website at www.chemicalbankmi.com.
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Forward-Looking Statements
This press release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and Chemical Financial Corporation (Corporation). Words or phrases such as "anticipates," "believes," "confident," "continue," "estimates," "expects," "focus," "forecasts," "future," "going-forward," "improving," "intends," "is likely," "judgment," "look," "opinion," "opportunities," "plans," "predicts," "projects," "prospects," "seeking," "should," "trend," "will," and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These statements include, among others, statements related to future earnings improvement, future levels of loan charge-offs, future levels of provisions for loan losses, real estate valuation, future levels of nonperforming assets, the rate of asset dispositions, future capital levels, future changes in regulatory requirements, future dividends, future growth and funding sources, future liquidity levels, future profitability levels, the effects on earnings of future changes in interest rates, the future level of other revenue sources, future economic trends and conditions, future initiatives to expand the Corporation's market share, expected performance and cash flows from acquired loans, future effects of new or changed accounting standards, future opportunities for acquisitions, and future cost savings. All statements referencing future time periods are forward-looking.
Management's determination of the provision and allowance for loan losses; the carrying value of acquired loans, goodwill and mortgage servicing rights; the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment); and management's assumptions concerning pension and other postretirement benefit plans involve judgments that are inherently forward-looking. There can be no assurance that future loan losses will be limited to the amounts estimated. The future effect of changes in the financial and credit markets and the national and regional economies on the banking industry, generally, and on the Corporation, specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. The Corporation undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Risk factors include, but are not limited to, the risk factors described in Item 1A of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2012. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.
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Chemical Financial Corporation Announces Fourth Quarter and Full Year 2013 Operating Results
Consolidated Statements of Financial Position (Unaudited)
Chemical Financial Corporation
| December 31, 2013 | September 30, 2013 | December 31, 2012 | ||||||||||
| (In thousands, except per share data) | ||||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents: | ||||||||||||
| Cash and cash due from banks | $ | 130,811 | $ | 135,839 | $ | 142,467 | ||||||
| Interest-bearing deposits with the Federal Reserve Bank | 179,977 | 357,271 | 513,668 | |||||||||
| Total cash and cash equivalents | 310,788 | 493,110 | 656,135 | |||||||||
| Investment securities: | ||||||||||||
| Available-for-sale | 684,570 | 705,146 | 586,809 | |||||||||
| Held-to-maturity | 273,905 | 282,579 | 229,977 | |||||||||
| Total investment securities | 958,475 | 987,725 | 816,786 | |||||||||
| Loans held-for-sale | 5,219 | 7,907 | 17,665 | |||||||||
| Loans: | ||||||||||||
| Commercial | 1,176,307 | 1,128,122 | 1,002,722 | |||||||||
| Commercial real estate | 1,232,658 | 1,215,631 | 1,161,861 | |||||||||
| Real estate construction and land development | 109,861 | 102,034 | 100,237 | |||||||||
| Residential mortgage | 960,423 | 942,777 | 883,835 | |||||||||
| Consumer installment and home equity | 1,168,372 | 1,134,107 | 1,019,080 | |||||||||
| Total loans | 4,647,621 | 4,522,671 | 4,167,735 | |||||||||
| Allowance for loan losses | (79,072 | ) | (81,532 | ) | (84,491 | ) | ||||||
| Net loans | 4,568,549 | 4,441,139 | 4,083,244 | |||||||||
| Premises and equipment | 75,308 | 73,690 | 75,458 | |||||||||
| Goodwill | 120,164 | 120,164 | 120,164 | |||||||||
| Other intangible assets | 13,424 | 13,865 | 15,388 | |||||||||
| Interest receivable and other assets | 132,781 | 120,636 | 132,412 | |||||||||
| Total Assets | $ | 6,184,708 | $ | 6,258,236 | $ | 5,917,252 | ||||||
| Liabilities | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing | $ | 1,227,768 | $ | 1,162,599 | $ | 1,085,857 | ||||||
| Interest-bearing | 3,894,617 | 4,028,706 | 3,835,586 | |||||||||
| Total deposits | 5,122,385 | 5,191,305 | 4,921,443 | |||||||||
| Interest payable and other liabilities | 38,395 | 36,019 | 54,716 | |||||||||
| Short-term borrowings | 327,428 | 357,595 | 310,463 | |||||||||
| Federal Home Loan Bank (FHLB) advances | — | — | 34,289 | |||||||||
| Total liabilities | 5,488,208 | 5,584,919 | 5,320,911 | |||||||||
| Shareholders' Equity | ||||||||||||
| Preferred stock, no par value per share | — | — | — | |||||||||
| Common stock, $1 par value per share | 29,790 | 29,778 | 27,499 | |||||||||
| Additional paid-in capital | 488,177 | 487,176 | 433,195 | |||||||||
| Retained earnings | 199,053 | 191,538 | 166,766 | |||||||||
| Accumulated other comprehensive loss | (20,520 | ) | (35,175 | ) | (31,119 | ) | ||||||
| Total shareholders' equity | 696,500 | 673,317 | 596,341 | |||||||||
| Total Liabilities and Shareholders' Equity | $ | 6,184,708 | $ | 6,258,236 | $ | 5,917,252 | ||||||
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Chemical Financial Corporation Announces Fourth Quarter and Full Year 2013 Operating Results
Consolidated Statements of Income (Unaudited)
Chemical Financial Corporation
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| Interest Income | ||||||||||||||||
| Interest and fees on loans | $ | 50,639 | $ | 48,721 | $ | 195,590 | $ | 193,193 | ||||||||
| Interest on investment securities: | ||||||||||||||||
| Taxable | 2,497 | 2,280 | 10,234 | 9,890 | ||||||||||||
| Tax-exempt | 1,656 | 1,524 | 6,394 | 5,931 | ||||||||||||
| Dividends on nonmarketable equity securities | 404 | 403 | 1,105 | 1,041 | ||||||||||||
| Interest on deposits with the Federal Reserve Bank | 127 | 198 | 738 | 703 | ||||||||||||
| Total interest income | 55,323 | 53,126 | 214,061 | 210,758 | ||||||||||||
| Interest Expense | ||||||||||||||||
| Interest on deposits | 3,893 | 4,783 | 16,883 | 21,782 | ||||||||||||
| Interest on short-term borrowings | 125 | 109 | 484 | 426 | ||||||||||||
| Interest on FHLB advances | — | 240 | 47 | 1,005 | ||||||||||||
| Total interest expense | 4,018 | 5,132 | 17,414 | 23,213 | ||||||||||||
| Net Interest Income | 51,305 | 47,994 | 196,647 | 187,545 | ||||||||||||
| Provision for loan losses | 2,000 | 5,000 | 11,000 | 18,500 | ||||||||||||
| Net interest income after provision for loan losses | 49,305 | 42,994 | 185,647 | 169,045 | ||||||||||||
| Noninterest Income | ||||||||||||||||
| Service charges and fees on deposit accounts | 5,519 | 5,035 | 21,939 | 19,581 | ||||||||||||
| Wealth management revenue | 3,296 | 2,928 | 13,989 | 11,763 | ||||||||||||
| Other charges and fees for customer services | 3,925 | 3,743 | 17,151 | 14,227 | ||||||||||||
| Mortgage banking revenue | 637 | 2,538 | 5,336 | 6,597 | ||||||||||||
| Gain on sale of investment securities | 29 | 34 | 1,133 | 34 | ||||||||||||
| Gain on sale of merchant card services | — | — | — | 1,280 | ||||||||||||
| Other | 172 | 418 | 861 | 1,202 | ||||||||||||
| Total noninterest income | 13,578 | 14,696 | 60,409 | 54,684 | ||||||||||||
| Operating Expenses | ||||||||||||||||
| Salaries, wages and employee benefits | 24,357 | 22,537 | 96,419 | 84,383 | ||||||||||||
| Occupancy | 3,485 | 3,149 | 13,934 | 12,413 | ||||||||||||
| Equipment and software | 3,483 | 3,461 | 13,734 | 13,112 | ||||||||||||
| Other | 11,080 | 12,881 | 40,861 | 42,013 | ||||||||||||
| Total operating expenses | 42,405 | 42,028 | 164,948 | 151,921 | ||||||||||||
| Income before income taxes | 20,478 | 15,662 | 81,108 | 71,808 | ||||||||||||
| Federal income tax expense | 6,100 | 4,000 | 24,300 | 20,800 | ||||||||||||
| Net Income | $ | 14,378 | $ | 11,662 | $ | 56,808 | $ | 51,008 | ||||||||
| Earnings Per Common Share: | ||||||||||||||||
| Weighted average common shares outstanding for basic earnings per share | 29,786 | 27,498 | 28,183 | 27,492 | ||||||||||||
| Weighted average common shares outstanding for diluted earnings per share, including common stock equivalents | 30,032 | 27,630 | 28,352 | 27,583 | ||||||||||||
| Basic earnings per common share | $ | 0.48 | $ | 0.42 | $ | 2.02 | $ | 1.86 | ||||||||
| Diluted earnings per common share | $ | 0.48 | $ | 0.42 | $ | 2.00 | $ | 1.85 | ||||||||
| Cash Dividends Declared Per Common Share | $ | 0.23 | $ | 0.21 | $ | 0.87 | $ | 0.82 | ||||||||
| Key Ratios (annualized where applicable): | ||||||||||||||||
| Return on average assets | 0.93 | % | 0.83 | % | 0.95 | % | 0.94 | % | ||||||||
| Return on average shareholders' equity | 8.4 | % | 7.7 | % | 9.1 | % | 8.7 | % | ||||||||
| Net interest margin | 3.63 | % | 3.74 | % | 3.59 | % | 3.76 | % | ||||||||
| Efficiency ratio | 63.7 | % | 63.0 | % | 63.1 | % | 60.8 | % | ||||||||
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Chemical Financial Corporation Announces Fourth Quarter and Full Year 2013 Operating Results
Financial Summary (Unaudited)
Chemical Financial Corporation
(Dollars in Thousands)
| Three Months Ended | ||||||||||||||||||||||||||||||||
| Dec 31, 2013 | Sept 30, 2013 | June 30, 2013 | March 31, 2013 | Dec 31, 2012 | Sept 30, 2012 | June 30, 2012 | March 31, 2012 | |||||||||||||||||||||||||
| Average Balances | ||||||||||||||||||||||||||||||||
| Total assets | $ | 6,117,217 | $ | 5,966,988 | $ | 5,859,822 | $ | 5,924,820 | $ | 5,576,422 | $ | 5,433,491 | $ | 5,360,598 | $ | 5,396,420 | ||||||||||||||||
| Total interest-earning assets | 5,782,141 | 5,621,542 | 5,530,262 | 5,579,789 | 5,251,531 | 5,105,101 | 5,044,629 | 5,061,882 | ||||||||||||||||||||||||
| Total loans | 4,588,448 | 4,424,332 | 4,249,708 | 4,152,570 | 4,077,918 | 3,987,928 | 3,901,321 | 3,824,604 | ||||||||||||||||||||||||
| Total deposits | 5,065,671 | 4,960,270 | 4,878,214 | 4,950,956 | 4,590,370 | 4,464,582 | 4,383,628 | 4,416,273 | ||||||||||||||||||||||||
| Total interest-bearing liabilities | 4,211,647 | 4,167,915 | 4,126,751 | 4,221,638 | 3,926,582 | 3,823,954 | 3,817,753 | 3,903,986 | ||||||||||||||||||||||||
| Total shareholders' equity | 678,487 | 620,911 | 606,607 | 599,406 | 600,794 | 591,683 | 582,873 | 574,261 | ||||||||||||||||||||||||
| Key Ratios (annualized where applicable) | ||||||||||||||||||||||||||||||||
| Net interest margin (taxable equivalent basis) | 3.63 | % | 3.58 | % | 3.60 | % | 3.54 | % | 3.74 | % | 3.76 | % | 3.80 | % | 3.76 | % | ||||||||||||||||
| Efficiency ratio | 63.7 | % | 61.0 | % | 63.3 | % | 64.4 | % | 63.0 | % | 59.3 | % | 58.7 | % | 62.1 | % | ||||||||||||||||
| Return on average assets | 0.93 | % | 1.00 | % | 0.97 | % | 0.91 | % | 0.83 | % | 0.96 | % | 1.04 | % | 0.92 | % | ||||||||||||||||
| Return on average shareholders' equity | 8.4 | % | 9.6 | % | 9.4 | % | 9.0 | % | 7.7 | % | 8.8 | % | 9.6 | % | 8.7 | % | ||||||||||||||||
| Average shareholders' equity as a percent of average assets | 11.1 | % | 10.4 | % | 10.4 | % | 10.1 | % | 10.8 | % | 10.9 | % | 10.9 | % | 10.6 | % | ||||||||||||||||
| Capital ratios (period end): | ||||||||||||||||||||||||||||||||
| Tangible shareholders' equity as a percent of total assets | 9.4 | % | 8.9 | % | 8.5 | % | 8.1 | % | 8.1 | % | 8.8 | % | 9.0 | % | 8.7 | % | ||||||||||||||||
| Total risk-based capital ratio | 14.0 | % | 14.2 | % | 13.1 | % | 13.3 | % | 13.2 | % | 13.6 | % | 13.6 | % | 13.7 | % | ||||||||||||||||
| Dec 31, 2013 | Sept 30, 2013 | June 30, 2013 | March 31, 2013 | Dec 31, 2012 | Sept 30, 2012 | June 30, 2012 | March 31, 2012 | |||||||||||||||||||||||||
| Credit Quality Statistics | ||||||||||||||||||||||||||||||||
| Originated Loans | $ | 4,352,924 | $ | 4,213,728 | $ | 3,990,633 | $ | 3,810,989 | $ | 3,775,140 | $ | 3,606,547 | $ | 3,515,110 | $ | 3,370,279 | ||||||||||||||||
| Acquired Loans | 294,697 | 308,943 | 345,238 | 374,272 | 392,595 | 412,612 | 447,232 | 472,819 | ||||||||||||||||||||||||
| Nonperforming Assets: | ||||||||||||||||||||||||||||||||
| Nonperforming loans | 81,984 | 75,818 | 79,342 | 86,417 | 90,854 | 90,877 | 92,811 | 98,548 | ||||||||||||||||||||||||
| Other real estate / repossessed assets (ORE) | 9,776 | 12,033 | 13,659 | 18,194 | 18,469 | 19,467 | 23,509 | 25,944 | ||||||||||||||||||||||||
| Total nonperforming assets | 91,760 | 87,851 | 93,001 | 104,611 | 109,323 | 110,344 | 116,320 | 124,492 | ||||||||||||||||||||||||
| Performing troubled debt restructurings | 39,571 | 34,071 | 32,657 | 30,723 | 31,369 | 30,406 | 26,383 | 27,177 | ||||||||||||||||||||||||
| Allowance for loan losses - originated as a percent of: | ||||||||||||||||||||||||||||||||
| Total originated loans | 1.81 | % | 1.92 | % | 2.05 | % | 2.16 | % | 2.22 | % | 2.33 | % | 2.40 | % | 2.54 | % | ||||||||||||||||
| Nonperforming loans | 96 | % | 107 | % | 103 | % | 95 | % | 92 | % | 93 | % | 91 | % | 87 | % | ||||||||||||||||
| Nonperforming loans as a percent of total loans | 1.76 | % | 1.68 | % | 1.83 | % | 2.06 | % | 2.18 | % | 2.26 | % | 2.34 | % | 2.56 | % | ||||||||||||||||
| Nonperforming assets as a percent of: | ||||||||||||||||||||||||||||||||
| Total loans plus ORE | 1.97 | % | 1.94 | % | 2.14 | % | 2.49 | % | 2.61 | % | 2.73 | % | 2.92 | % | 3.22 | % | ||||||||||||||||
| Total assets | 1.48 | % | 1.40 | % | 1.60 | % | 1.75 | % | 1.85 | % | 1.98 | % | 2.17 | % | 2.28 | % | ||||||||||||||||
| Net loan charge-offs (year-to-date): | ||||||||||||||||||||||||||||||||
| Originated | $ | 16,419 | $ | 11,959 | $ | 8,307 | $ | 4,657 | $ | 20,142 | $ | 14,939 | $ | 10,622 | $ | 5,548 | ||||||||||||||||
| Acquired | — | — | — | — | 2,200 | 2,200 | — | — | ||||||||||||||||||||||||
| Total loan charge-offs (year-to-date) | 16,419 | 11,959 | 8,307 | 4,657 | 22,342 | 17,139 | 10,622 | 5,548 | ||||||||||||||||||||||||
| Net loan charge-offs as a percent of average loans (year-to-date, annualized) | 0.38 | % | 0.37 | % | 0.40 | % | 0.45 | % | 0.57 | % | 0.59 | % | 0.55 | % | 0.58 | % | ||||||||||||||||
| Dec 31, 2013 | Sept 30, 2013 | June 30, 2013 | March 31, 2013 | Dec 31, 2012 | Sept 30, 2012 | June 30, 2012 | March 31, 2012 | |||||||||||||||||||||||||
| Additional Data - Intangibles | ||||||||||||||||||||||||||||||||
| Goodwill | $ | 120,164 | $ | 120,164 | $ | 120,164 | $ | 120,164 | $ | 120,164 | $ | 113,414 | $ | 113,414 | $ | 113,414 | ||||||||||||||||
| Core deposit intangibles (CDI) | 10,001 | 10,466 | 10,933 | 11,417 | 11,910 | 6,777 | 7,144 | 7,512 | ||||||||||||||||||||||||
| Mortgage servicing rights (MSR) | 3,423 | 3,399 | 3,421 | 3,485 | 3,478 | 3,466 | 3,463 | 3,427 | ||||||||||||||||||||||||
| Amortization of CDI (quarter only) | 465 | 467 | 484 | 493 | 467 | 367 | 368 | 367 | ||||||||||||||||||||||||
8
Chemical Financial Corporation Announces Fourth Quarter and Full Year 2013 Operating Results
Average Balances, Tax Equivalent Interest and Effective Yields and Rates (Unaudited)*
Chemical Financial Corporation
| Three Months Ended December 31, 2013 | Twelve Months Ended December 31, 2013 | |||||||||||||||||||||
Average Balance | Tax Equivalent Interest | Effective Yield/Rate | Average Balance | Tax Equivalent Interest | Effective Yield/Rate | |||||||||||||||||
| Assets | (Dollars in thousands) | |||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||
| Loans** | $ | 4,595,248 | $ | 51,167 | 4.42 | % | $ | 4,366,209 | $ | 197,563 | 4.52 | % | ||||||||||
| Taxable investment securities | 725,658 | 2,497 | 1.38 | 721,932 | 10,234 | 1.42 | ||||||||||||||||
| Tax-exempt investment securities | 247,256 | 2,542 | 4.11 | 233,965 | 9,776 | 4.18 | ||||||||||||||||
| Other interest-earning assets | 25,572 | 404 | 6.27 | 25,572 | 1,105 | 4.32 | ||||||||||||||||
| Interest-bearing deposits with the Federal Reserve Bank | 188,407 | 127 | 0.27 | 281,291 | 738 | 0.26 | ||||||||||||||||
| Total interest-earning assets | 5,782,141 | 56,737 | 3.90 | 5,628,969 | 219,416 | 3.90 | ||||||||||||||||
| Less: allowance for loan losses | (81,558 | ) | (83,264 | ) | ||||||||||||||||||
| Other assets: | ||||||||||||||||||||||
| Cash and cash due from banks | 122,589 | 121,488 | ||||||||||||||||||||
| Premises and equipment | 74,258 | 74,134 | ||||||||||||||||||||
| Interest receivable and other assets | 219,787 | 223,265 | ||||||||||||||||||||
| Total assets | $ | 6,117,217 | $ | 5,964,592 | ||||||||||||||||||
| Liabilities and shareholders' equity | ||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 1,145,924 | $ | 266 | 0.09 | % | $ | 1,093,975 | $ | 1,011 | 0.09 | % | ||||||||||
| Savings deposits | 1,382,324 | 309 | 0.09 | 1,357,317 | 1,210 | 0.09 | ||||||||||||||||
| Time deposits | 1,347,393 | 3,318 | 0.98 | 1,391,045 | 14,662 | 1.05 | ||||||||||||||||
| Short-term borrowings | 336,006 | 125 | 0.15 | 337,649 | 484 | 0.14 | ||||||||||||||||
| FHLB advances | — | — | — | 1,935 | 47 | 2.43 | ||||||||||||||||
| Total interest-bearing liabilities | 4,211,647 | 4,018 | 0.38 | 4,181,921 | 17,414 | 0.42 | ||||||||||||||||
| Noninterest-bearing deposits | 1,190,030 | — | — | 1,121,745 | — | — | ||||||||||||||||
| Total deposits and borrowed funds | 5,401,677 | 4,018 | 0.30 | 5,303,666 | 17,414 | 0.33 | ||||||||||||||||
| Interest payable and other liabilities | 37,053 | 34,371 | ||||||||||||||||||||
| Shareholders' equity | 678,487 | 626,555 | ||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 6,117,217 | $ | 5,964,592 | ||||||||||||||||||
| Net Interest Spread (Average yield earned on interest-earning assets minus average rate paid on interest-bearing liabilities) | 3.52 | % | 3.48 | % | ||||||||||||||||||
| Net Interest Income (FTE) | $ | 52,719 | $ | 202,002 | ||||||||||||||||||
| Net Interest Margin (Net Interest Income (FTE) divided by total average interest-earning assets) | 3.63 | % | 3.59 | % | ||||||||||||||||||
| * | Fully taxable equivalent (FTE) basis using a federal income tax rate of 35%. |
| ** | Nonaccrual loans and loans held-for-sale are included in average balances reported and are included in the calculation of yields. Also, tax equivalent interest includes net loan fees. |
9
Chemical Financial Corporation Announces Fourth Quarter and Full Year 2013 Operating Results
Nonperforming Assets (Unaudited)
Chemical Financial Corporation
| Dec 31, 2013 | Sept 30, 2013 | June 30, 2013 | March 31, 2013 | Dec 31, 2012 | Sept 30, 2012 | June 30, 2012 | March 31, 2012 | |||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||
| Nonperforming Loans: | ||||||||||||||||||||||||||||||||
| Nonaccrual loans: | ||||||||||||||||||||||||||||||||
| Commercial | $ | 18,374 | $ | 11,809 | $ | 11,052 | $ | 12,186 | $ | 14,601 | $ | 15,217 | $ | 12,673 | $ | 11,443 | ||||||||||||||||
| Commercial real estate | 28,598 | 28,623 | 28,498 | 35,849 | 37,660 | 41,311 | 41,691 | 46,870 | ||||||||||||||||||||||||
| Real estate construction | 371 | 183 | 183 | 168 | 1,217 | 933 | 408 | 61 | ||||||||||||||||||||||||
| Land development | 2,309 | 2,954 | 3,434 | 4,105 | 4,184 | 5,731 | 3,077 | 3,748 | ||||||||||||||||||||||||
| Residential mortgage | 8,921 | 8,029 | 9,241 | 10,407 | 10,164 | 11,307 | 12,613 | 12,687 | ||||||||||||||||||||||||
| Consumer installment | 676 | 665 | 552 | 699 | 739 | 876 | 1,182 | 1,278 | ||||||||||||||||||||||||
| Home equity | 2,648 | 3,023 | 3,064 | 2,837 | 2,733 | 2,949 | 2,812 | 3,066 | ||||||||||||||||||||||||
| Total nonaccrual loans | 61,897 | 55,286 | 56,024 | 66,251 | 71,298 | 78,324 | 74,456 | 79,153 | ||||||||||||||||||||||||
| Accruing loans contractually past due 90 days or more as to interest or principal payments: | ||||||||||||||||||||||||||||||||
| Commercial | 536 | 281 | 1 | 4 | — | 273 | 300 | 1,005 | ||||||||||||||||||||||||
| Commercial real estate | 190 | — | 78 | 177 | 87 | 247 | 269 | 75 | ||||||||||||||||||||||||
| Real estate construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Land development | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Residential mortgage | 537 | 692 | 164 | 196 | 1,503 | 431 | 840 | 333 | ||||||||||||||||||||||||
| Consumer installment | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Home equity | 734 | 686 | 689 | 874 | 769 | 1,147 | 1,157 | 1,233 | ||||||||||||||||||||||||
| Total accruing loans contractually past due 90 days or more as to interest or principal payments | 1,997 | 1,659 | 932 | 1,251 | 2,359 | 2,098 | 2,566 | 2,646 | ||||||||||||||||||||||||
| Nonperforming troubled debt restructurings: | ||||||||||||||||||||||||||||||||
| Commercial loan portfolio | 13,414 | 15,744 | 19,140 | 14,587 | 13,876 | 6,553 | 11,691 | 11,258 | ||||||||||||||||||||||||
| Consumer loan portfolio | 4,676 | 3,129 | 3,246 | 4,328 | 3,321 | 3,902 | 4,098 | 5,491 | ||||||||||||||||||||||||
| Total nonperforming troubled debt restructurings | 18,090 | 18,873 | 22,386 | 18,915 | 17,197 | 10,455 | 15,789 | 16,749 | ||||||||||||||||||||||||
| Total nonperforming loans | 81,984 | 75,818 | 79,342 | 86,417 | 90,854 | 90,877 | 92,811 | 98,548 | ||||||||||||||||||||||||
| Other real estate and repossessed assets | 9,776 | 12,033 | 13,659 | 18,194 | 18,469 | 19,467 | 23,509 | 25,944 | ||||||||||||||||||||||||
| Total nonperforming assets | $ | 91,760 | $ | 87,851 | $ | 93,001 | $ | 104,611 | $ | 109,323 | $ | 110,344 | $ | 116,320 | $ | 124,492 | ||||||||||||||||
10
Chemical Financial Corporation Announces Fourth Quarter and Full Year 2013 Operating Results
Summary of Loan Loss Experience (Unaudited)
Chemical Financial Corporation
| Twelve Months Ended Dec 31, 2013 | Three Months Ended | Twelve Months Ended Dec 31, 2012 | Three Months Ended | |||||||||||||||||||||||||||||||||||||
| Dec 31, 2013 | Sept 30, 2013 | June 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sept 30, 2012 | June 30, 2012 | Mar 31, 2012 | |||||||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||||||||||
| Allowance for loan losses - originated loan portfolio | ||||||||||||||||||||||||||||||||||||||||
| Allowance for loan losses - beginning of period | $ | 83,991 | $ | 81,032 | $ | 81,684 | $ | 82,334 | $ | 83,991 | $ | 86,733 | $ | 84,194 | $ | 84,511 | $ | 85,585 | $ | 86,733 | ||||||||||||||||||||
| Provision for loan losses | 11,000 | 2,000 | 3,000 | 3,000 | 3,000 | 17,400 | 5,000 | 4,000 | 4,000 | 4,400 | ||||||||||||||||||||||||||||||
| Net loan charge-offs: | ||||||||||||||||||||||||||||||||||||||||
| Commercial | (2,321 | ) | (448 | ) | (615 | ) | (59 | ) | (1,199 | ) | (3,483 | ) | (1,345 | ) | (416 | ) | (834 | ) | (888 | ) | ||||||||||||||||||||
| Commercial real estate | (6,277 | ) | (1,233 | ) | (1,248 | ) | (1,786 | ) | (2,010 | ) | (5,684 | ) | (330 | ) | (1,627 | ) | (1,880 | ) | (1,847 | ) | ||||||||||||||||||||
| Real estate construction | (37 | ) | (37 | ) | — | — | — | (70 | ) | (70 | ) | — | — | — | ||||||||||||||||||||||||||
| Land development | (753 | ) | (207 | ) | (400 | ) | (50 | ) | (96 | ) | (1,294 | ) | (1,168 | ) | (51 | ) | (45 | ) | (30 | ) | ||||||||||||||||||||
| Residential mortgage | (2,532 | ) | (527 | ) | (409 | ) | (1,023 | ) | (573 | ) | (4,876 | ) | (1,120 | ) | (1,120 | ) | (941 | ) | (1,695 | ) | ||||||||||||||||||||
| Consumer installment | (2,643 | ) | (836 | ) | (786 | ) | (574 | ) | (447 | ) | (3,209 | ) | (917 | ) | (691 | ) | (872 | ) | (729 | ) | ||||||||||||||||||||
| Home equity | (1,856 | ) | (1,172 | ) | (194 | ) | (158 | ) | (332 | ) | (1,526 | ) | (253 | ) | (412 | ) | (502 | ) | (359 | ) | ||||||||||||||||||||
| Net loan charge-offs | (16,419 | ) | (4,460 | ) | (3,652 | ) | (3,650 | ) | (4,657 | ) | (20,142 | ) | (5,203 | ) | (4,317 | ) | (5,074 | ) | (5,548 | ) | ||||||||||||||||||||
| Allowance for loan losses - end of period | 78,572 | 78,572 | 81,032 | 81,684 | 82,334 | 83,991 | 83,991 | 84,194 | 84,511 | 85,585 | ||||||||||||||||||||||||||||||
| Allowance for loan losses - acquired loan portfolio | ||||||||||||||||||||||||||||||||||||||||
| Allowance for loan losses - beginning of period | 500 | 500 | 500 | 500 | 500 | 1,600 | 500 | 2,200 | 2,200 | 1,600 | ||||||||||||||||||||||||||||||
| Provision for loan losses | — | — | — | — | — | 1,100 | — | 500 | — | 600 | ||||||||||||||||||||||||||||||
| Net loan charge-offs - (commercial) | — | — | — | — | — | (2,200 | ) | — | (2,200 | ) | — | — | ||||||||||||||||||||||||||||
| Allowance for loan losses - end of period | 500 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | 2,200 | 2,200 | ||||||||||||||||||||||||||||||
| Total allowance for loan losses | $ | 79,072 | $ | 79,072 | $ | 81,532 | $ | 82,184 | $ | 82,834 | $ | 84,491 | $ | 84,491 | $ | 84,694 | $ | 86,711 | $ | 87,785 | ||||||||||||||||||||
| Net loan charge-offs as a percent of average loans (quarterly amounts annualized) | 0.38% | 0.39% | 0.33% | 0.34% | 0.45% | 0.57% | 0.51% | 0.65% | 0.52% | 0.58% | ||||||||||||||||||||||||||||||
11
Chemical Financial Corporation Announces Fourth Quarter and Full Year 2013 Operating Results
Selected Quarterly Information (Unaudited)
Chemical Financial Corporation
4th Qtr. 2013 | 3rd Qtr. 2013 | 2nd Qtr. 2013 | 1st Qtr. 2013 | 4th Qtr. 2012 | 3rd Qtr. 2012 | 2nd Qtr. 2012 | 1st Qtr. 2012 | |||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||
| Summary of Operations | ||||||||||||||||||||||||||||||||
| Interest income | $ | 55,323 | $ | 53,578 | $ | 52,781 | $ | 52,379 | $ | 53,126 | $ | 52,501 | $ | 52,467 | $ | 52,664 | ||||||||||||||||
| Interest expense | 4,018 | 4,284 | 4,385 | 4,727 | 5,132 | 5,591 | 6,021 | 6,469 | ||||||||||||||||||||||||
| Net interest income | 51,305 | 49,294 | 48,396 | 47,652 | 47,994 | 46,910 | 46,446 | 46,195 | ||||||||||||||||||||||||
| Provision for loan losses | 2,000 | 3,000 | 3,000 | 3,000 | 5,000 | 4,500 | 4,000 | 5,000 | ||||||||||||||||||||||||
| Net interest income after provision for loan losses | 49,305 | 46,294 | 45,396 | 44,652 | 42,994 | 42,410 | 42,446 | 41,195 | ||||||||||||||||||||||||
| Noninterest income | 13,578 | 14,644 | 15,948 | 16,239 | 14,696 | 12,719 | 13,944 | 13,325 | ||||||||||||||||||||||||
| Operating expenses | 42,405 | 39,545 | 41,041 | 41,957 | 42,028 | 36,723 | 36,199 | 36,971 | ||||||||||||||||||||||||
| Income before income taxes | 20,478 | 21,393 | 20,303 | 18,934 | 15,662 | 18,406 | 20,191 | 17,549 | ||||||||||||||||||||||||
| Federal income tax expense | 6,100 | 6,400 | 6,100 | 5,700 | 4,000 | 5,300 | 6,325 | 5,175 | ||||||||||||||||||||||||
| Net income | $ | 14,378 | $ | 14,993 | $ | 14,203 | $ | 13,234 | $ | 11,662 | $ | 13,106 | $ | 13,866 | $ | 12,374 | ||||||||||||||||
| Net interest margin | 3.63 | % | 3.58 | % | 3.60 | % | 3.54 | % | 3.74 | % | 3.76 | % | 3.80 | % | 3.76 | % | ||||||||||||||||
| Per Common Share Data | ||||||||||||||||||||||||||||||||
| Net income: | ||||||||||||||||||||||||||||||||
| Basic | $ | 0.48 | $ | 0.54 | $ | 0.52 | $ | 0.48 | $ | 0.42 | $ | 0.48 | $ | 0.50 | $ | 0.45 | ||||||||||||||||
| Diluted | 0.48 | 0.53 | 0.51 | 0.48 | 0.42 | 0.48 | 0.50 | 0.45 | ||||||||||||||||||||||||
| Cash dividends declared | 0.23 | 0.22 | 0.21 | 0.21 | 0.21 | 0.21 | 0.20 | 0.20 | ||||||||||||||||||||||||
| Book value - period-end | 23.38 | 22.61 | 22.14 | 21.97 | 21.69 | 21.75 | 21.42 | 21.10 | ||||||||||||||||||||||||
| Tangible book value - period-end | 19.17 | 18.36 | 17.53 | 17.34 | 17.03 | 17.52 | 17.17 | 16.84 | ||||||||||||||||||||||||
| Market value - period-end | 31.67 | 27.92 | 25.99 | 26.38 | 23.76 | 24.20 | 21.50 | 23.44 | ||||||||||||||||||||||||
12