Exhibit 99.1
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| | | | News Release |
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 | | First Midwest Bancorp, Inc. | | First Midwest Bancorp One Pierce Place, Suite 1500 Itasca, Illinois 60143 (630) 875-7450 |
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| FOR IMMEDIATE RELEASE | | CONTACT: | | Paul F. Clemens |
| | | | | | | EVP, Chief Financial Officer |
| | | | | | | (630) 875-7347 |
| TRADED: NASDAQ Global Select Market | | | | www.firstmidwest.com |
| SYMBOL: FMBI | | | | |
FIRST MIDWEST BANCORP, INC.
ANNOUNCES FOURTH QUARTER LOSS PER SHARE OF $0.11, NET OF A NONCASH
IMPAIRMENT CHARGE OF $0.67
FOURTH QUARTER PERFORMANCE HIGHLIGHTS:
| | • | | Improved Loan Growth Continues Recent Trend |
| | • | | Credit Costs Below Record-Breaking Year |
| | • | | Fee Income Strong and Growing |
| | • | | Staff Reconciled For New Sales Challenges |
Fourth Quarter Synopsis:
ITASCA, IL, JANUARY 23, 2008– First Midwest Bancorp, Inc. (the “Company” or “First Midwest”)(NASDAQ NGS: FMBI),the holding company of First Midwest Bank, today reported results of operations and financial condition for fourth quarter and full year 2007. First Midwest Chairman and Chief Executive Officer, John M. O’Meara reported, “The Company’s net income for full year 2007 was $80.2 million, which is net of a $32.5 million after-tax noncash charge to earnings associated with the impairment of the Company’s asset-backed collateralized debt securities portfolio. This compares to $117.2 million for full year 2006. The Company reported a loss of $0.11 per diluted share for fourth quarter 2007 and earnings of $1.62 per diluted share for full year 2007, as compared to $0.63 per diluted share for fourth quarter 2006 and $2.37 per diluted share for full year 2006. The impairment charge reduced fourth quarter and full year 2007 diluted earnings per share by $0.67 and $0.65, respectively. Return on average equity was 10.7% for full year 2007 and 16.9% for full year
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2006. Return on average assets was 1.0% and 1.4% for full year 2007 and 2006, respectively. For additional information regarding the noncash impairment charge, one should refer to the 8-K filing dated January 22, 2008.
Exclusive of the impairment charge, earnings per share performance for the current quarter amounted to $0.56 as compared to $0.55 in third quarter 2007. Linked quarter performance was impacted by approximately $621,000, or $0.01 per diluted share, in severance expense associated with targeted staff reductions. Fourth quarter 2007 performance, in comparison to the prior quarter, further reflected the combined impact of seasonal changes in our funding mix and reductions in the Federal Reserve’s targeted discount rate, which saw net interest margin decline by 10 basis points.”
O’Meara further commented, “Performance in the fourth quarter evidences our response to the industry-wide challenges present in the marketplace, which included challenging credit markets and continued pressure on loan yields and deposit pricing. Expansion of loan totals remain on trend, credit costs remain controlled and lower than 2006. Fee income for 2007 grew 8.6% as compared to the prior year, primarily due to stronger service charges and trust revenues. Rationalization of our staffing levels should improve our competitiveness. First Midwest’s priorities will remain focused on the long-term by continuing to execute our needs-based selling approach, protecting our capital, maintaining liquidity, and taking those actions necessary to generate sustainable earnings growth, including strategic additions to our staff and fee generating businesses.”
Balance Sheet Discussion:
Loans outstanding at December 31, 2007 were up $32.2 million from September 30, 2007. The increase was due primarily to growth in commercial real estate and construction loans. Loans outstanding declined $45.3 million from December 31, 2006. The net year-over-year decline reflects the combined impact of participation loan payoffs and rapid prepayment of multifamily loan portfolios, which occurred primarily in the first half of 2007, as well as the continued paydown of the Company’s indirect auto loan portfolio.
Fourth quarter 2007 average transaction deposit balances decreased $51.1 million from third quarter 2007 due primarily to the seasonal decline in public fund and commercial NOW deposits. Average annual transaction deposit balances grew $72.0 million from 2006, primarily due to growth in savings deposits.
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Asset Quality Performance:
Loan charge-offs as a percentage of average loans for fourth quarter and full year 2007 were 0.13% and 0.16%, respectively, compared to 0.12% for third quarter 2007 and 0.30% and 0.21% for fourth quarter and full year 2006, respectively. Nonperforming assets, including ninety-day past due loans totaled $45.9 million, or 0.92% of loans plus foreclosed real estate, at December 31, 2007, compared to $38.2 million, or 0.77%, at September 30, 2007 and $31.7 million, or 0.63%, at December 31, 2006. Increases in ninety-day past due credits were concentrated in a small number of well-secured deals. Loan valuation reserves, as a percentage of total loans, stood at 1.25%, unchanged from September 30, 2007 and year-end 2006.
Margin Performance:
Net interest margin for fourth quarter 2007 stood at 3.53%, compared with 3.63% for third quarter 2007 and 3.57% for fourth quarter 2006, and represents the first decline since fourth quarter 2006. The decline from third quarter 2007 was due primarily to reductions in the Federal Reserve’s targeted discount rate during fourth quarter 2007. Given the Company’s asset and liability profile, such changes impact the yield on loans more quickly than the Company’s cost of funding. During fourth quarter 2007, the weighted average yield on interest-earning assets declined 24 basis points, while the weighted average rate on interest-bearing liabilities declined 15 basis points from third quarter 2007. Depending upon future changes by the Federal Reserve, the Company expects its margin to recover in 2008 as it adjusts its cost of funds through rate reductions and changes its mix of assets and funding.
Fee-based Revenues:
Fee-based revenues for fourth quarter and full year 2007 increased 8.6% and 12.0%, respectively, from the same periods in 2006. The increases for both periods were led by double digit growth in service charges on deposits, trust fees, and annuity sales.
Operating Efficiency:
The efficiency ratio for fourth quarter 2007 was 53.9%, compared to 51.9% for third quarter 2007 and 49.6% for fourth quarter 2006. For full year 2007, the efficiency ratio was 52.5% compared to 50.5% for full year 2006. As part of the Company’s continuing effort to improve productivity, it reduced future operating expenses during fourth quarter 2007, primarily by consolidating certain support areas, resulting in a $621,000 charge for severance-related costs.
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Capital Analysis and Projection:
First Midwest’s capital position continues to exceed all of the regulatory minimum levels to be considered a “well capitalized institution” by the Federal Reserve System. As of December 31, 2007, First Midwest’s Total Risk Based Capital ratio was 11.7%, compared to 12.2% as of September 30, 2007 and December 31, 2006. Its Tier 1 Risk Based Capital ratio was 9.1%, compared to 9.6% at September 30, 2007 and December 31, 2006. First Midwest’s tangible capital ratio, which represents the ratio of stockholders’ equity to total assets excluding intangible assets, stood at 5.6% compared to 5.8% at September 30, 2007 and 5.6% at December 31, 2006.
During fourth quarter 2007, 296,961 shares were repurchased in accordance with the Company’s share repurchase program. During fourth quarter 2007, dividends of $0.31 per share were declared, representing a 5.1% increase from $0.295 declared in third quarter 2007.
Tax Discussion:
In August, the State of Illinois enacted new legislation that will affect the apportionment of income to Illinois. As a result of this legislation, the Company adjusted the value of certain state deferred tax assets. The adjustment resulted in an after-tax $1.4 million benefit to fourth quarter 2007 net income.
About First Midwest:
First Midwest is the premier relationship-based banking franchise in the growing Chicagoland banking market. As one of the Chicago metropolitan area’s largest independent bank holding companies, First Midwest provides the full range of both business and retail banking and trust and investment management services through 102 offices located in 63 communities, primarily in metropolitan Chicago. First Midwest was recently recognized by the Alfred P. Sloan Awards for Business Excellence in Workforce Flexibility in the greater Chicago Area.
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Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results and the Company’s financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Company’s future results, see “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and other reports filed with the Securities and Exchange Commission. Forward-looking statements represent management’s best judgment as of the date hereof based on currently available information. Except as required by law, the Company undertakes no duty to update the contents of this press release after the date hereof.
Conference Call
A conference call to discuss the Company’s results, outlook and related matters will be held on Wednesday, January 23rd, at 10:00 am (ET). Members of the public who would like to listen to the conference call should dial 1-800-659-1942 (U.S. domestic) or 1-617-614-2710 (international) and enter passcode number 988 06 980. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company’s web site, www.firstmidwest.com/aboutinvestor_overview.asp. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the Company’s web site or by dialing 1-888-286-8010 (U.S. domestic) or 1-617-801-6888 (international) passcode number 380 84 383, beginning approximately one hour after the event through 11:59 pm (ET) on January 30, 2008. Please direct any questions regarding obtaining access to the conference call to First Midwest Bancorp, Inc. Investor Relations, via e-mail, at investor.relations@firstmidwest.com.
Accompanying Financial Statements and Tables
Accompanying this press release is the following unaudited financial information:
| • | | Operating Highlights, Balance Sheet Highlights and Stock Performance Data (1 page) |
| • | | Condensed Consolidated Statements of Condition (1 page) |
| • | | Condensed Consolidated Statements of Income (1 page) |
| • | | Selected Quarterly Data and Asset Quality (1 page) |
Press Release and Additional Information Available on Website
This press release, the accompanying financial statements and tables, and certain additional unauditedSelected Financial Information (totaling 3 pages) are available through the “Investor Relations” section of First Midwest’s website atwww.firstmidwest.com.
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| First Midwest Bancorp, Inc. | | Press Release Dated January 23, 2008 |
Operating Highlights
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Unaudited | | Quarters Ended | | | Years Ended | |
(Amounts in thousands except per share data) | | Dec. 31, 2007 | | | Sept. 30, 2007 | | | Dec. 31, 2006 | | | Dec. 31, 2007 | | | Dec. 31, 2006 | |
Net income | | $ | (5,418 | ) | | $ | 27,237 | | | $ | 31,528 | | | $ | 80,159 | | | $ | 117,246 | |
Diluted earnings per share | | $ | (0.11 | ) | | $ | 0.55 | | | $ | 0.63 | | | $ | 1.62 | | | $ | 2.37 | |
Return on average equity | | | (2.91 | )% | | | 14.57 | % | | | 16.40 | % | | | 10.69 | % | | | 16.87 | % |
Return on average assets | | | (0.27 | )% | | | 1.35 | % | | | 1.47 | % | | | 0.99 | % | | | 1.42 | % |
Net interest margin | | | 3.53 | % | | | 3.63 | % | | | 3.57 | % | | | 3.58 | % | | | 3.67 | % |
Efficiency ratio | | | 53.87 | % | | | 51.87 | % | | | 49.56 | % | | | 52.50 | % | | | 50.53 | % |
Balance Sheet Highlights
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Unaudited | | Ending Balances As Of |
(Amounts in thousands except per share data) | | Dec. 31, 2007 | | Sept. 30, 2007 | | Dec. 31, 2006 |
Total assets | | $ | 8,091,518 | | $ | 7,884,345 | | $ | 8,441,526 |
Total loans | | | 4,963,672 | | | 4,931,472 | | | 5,008,944 |
Total deposits | | | 5,778,861 | | | 5,834,175 | | | 6,167,216 |
Stockholders’ equity | | | 723,975 | | | 727,928 | | | 751,014 |
Book value per share | | $ | 14.94 | | $ | 14.94 | | $ | 15.01 |
Shares outstanding | | | 48,453 | | | 48,735 | | | 50,025 |
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| Stock Performance Data | | | | | | | | | |
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Unaudited | | Quarters Ended |
| | | Dec. 31, 2007 | | Sept. 30, 2007 | | Dec. 31, 2006 |
Market Price: | | | | | | | | | |
Quarter End | | $ | 30.60 | | $ | 34.16 | | $ | 38.68 |
High | | $ | 36.50 | | $ | 36.62 | | $ | 39.52 |
Low | | $ | 29.67 | | $ | 31.87 | | $ | 36.62 |
Quarter end price to book value | | | 2.0 x | | | 2.3 x | | | 2.6 x |
Quarter end price to 2007 earnings | | | 13.5 x | | | N/A | | | N/A |
Dividends declared per share | | $ | 0.310 | | $ | 0.295 | | $ | 0.295 |
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| First Midwest Bancorp, Inc. | | Press Release Dated January 23, 2008 |
Condensed Consolidated Statements of Condition
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Unaudited | | December 31, | |
(Amounts in thousands) | | 2007 | | | 2006 | |
Assets | | | | | | | | |
Cash and due from banks | | $ | 193,792 | | | $ | 209,825 | |
Funds sold and other short-term investments | | | 1,439 | | | | 9,841 | |
Trading account securities | | | 18,352 | | | | 15,878 | |
Securities available for sale | | | 2,134,813 | | | | 2,442,674 | |
Securities held to maturity, at amortized cost | | | 97,671 | | | | 91,380 | |
Loans | | | 4,963,672 | | | | 5,008,944 | |
Reserve for loan losses | | | (61,800 | ) | | | (62,370 | ) |
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Net loans | | | 4,901,872 | | | | 4,946,574 | |
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Premises, furniture, and equipment | | | 125,828 | | | | 126,677 | |
Investment in corporate owned life insurance | | | 203,535 | | | | 196,598 | |
Goodwill and other intangible assets | | | 288,235 | | | | 292,658 | |
Accrued interest receivable and other assets | | | 125,981 | | | | 109,421 | |
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Total assets | | $ | 8,091,518 | | | $ | 8,441,526 | |
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Liabilities and Stockholders’ Equity | | | | | | | | |
Deposits | | $ | 5,778,861 | | | $ | 6,167,216 | |
Borrowed funds | | | 1,264,228 | | | | 1,182,268 | |
Subordinated debt | | | 230,082 | | | | 228,674 | |
Accrued interest payable and other liabilities | | | 94,372 | | | | 112,354 | |
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Total liabilities | | | 7,367,543 | | | | 7,690,512 | |
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Common stock | | | 613 | | | | 613 | |
Additional paid-in capital | | | 207,851 | | | | 205,044 | |
Retained earnings | | | 844,972 | | | | 823,787 | |
Accumulated other comprehensive (loss) | | | (11,727 | ) | | | (15,288 | ) |
Treasury stock, at cost | | | (317,734 | ) | | | (263,142 | ) |
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Total stockholders’ equity | | | 723,975 | | | | 751,014 | |
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Total liabilities and stockholders’ equity | | $ | 8,091,518 | | | $ | 8,441,526 | |
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| First Midwest Bancorp, Inc. | | Press Release Dated January 23, 2008 |
Condensed Consolidated Statements of Income
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Unaudited | | Quarters Ended
December 31, | | Years Ended
December 31, |
(Amounts in thousands except per share data) | | 2007 | | | 2006 | | 2007 | | | 2006 |
Interest Income | | | | | | | | | | | | | | |
Loans | | $ | 87,998 | | | $ | 94,183 | | $ | 365,370 | | | $ | 352,939 |
Securities | | | 26,510 | | | | 31,076 | | | 110,864 | | | | 122,909 |
Other | | | 103 | | | | 138 | | | 727 | | | | 561 |
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Total interest income | | | 114,611 | | | | 125,397 | | | 476,961 | | | | 476,409 |
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Interest Expense | | | | | | | | | | | | | | |
Deposits | | | 40,598 | | | | 42,769 | | | 166,267 | | | | 148,118 |
Borrowed funds | | | 12,148 | | | | 16,105 | | | 55,540 | | | | 62,974 |
Subordinated debt | | | 3,767 | | | | 3,760 | | | 15,025 | | | | 13,458 |
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Total interest expense | | | 56,513 | | | | 62,634 | | | 236,832 | | | | 224,550 |
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Net interest income | | | 58,098 | | | | 62,763 | | | 240,129 | | | | 251,859 |
Provision for loan losses | | | 2,042 | | | | 3,865 | | | 7,233 | | | | 10,229 |
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Net interest income after provision for loan losses | | | 56,056 | | | | 58,898 | | | 232,896 | | | | 241,630 |
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Noninterest Income | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | 11,986 | | | | 10,594 | | | 45,015 | | | | 40,036 |
Trust and investment management fees | | | 4,061 | | | | 3,666 | | | 15,701 | | | | 14,269 |
Other service charges, commissions, and fees | | | 5,324 | | | | 5,362 | | | 22,183 | | | | 20,135 |
Card-based fees | | | 3,979 | | | | 3,712 | | | 15,925 | | | | 13,777 |
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Subtotal, fee-based revenues | | | 25,350 | | | | 23,334 | | | 98,824 | | | | 88,217 |
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Corporate owned life insurance income | | | 2,117 | | | | 1,966 | | | 8,033 | | | | 7,616 |
Security (losses) gains, net | | | (50,041 | ) | | | 3,371 | | | (50,801 | ) | | | 4,269 |
Other | | | 109 | | | | 982 | | | 4,197 | | | | 3,181 |
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Total noninterest income | | | (22,465 | ) | | | 29,653 | | | 60,253 | | | | 103,283 |
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Noninterest Expense | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 27,686 | | | | 26,507 | | | 111,598 | | | | 106,201 |
Net occupancy expense | | | 5,480 | | | | 5,007 | | | 22,054 | | | | 20,153 |
Equipment expense | | | 2,744 | | | | 2,740 | | | 10,540 | | | | 10,227 |
Technology and related costs | | | 1,760 | | | | 1,532 | | | 7,084 | | | | 6,584 |
Other | | | 12,594 | | | | 12,009 | | | 47,861 | | | | 49,450 |
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Total noninterest expense | | | 50,264 | | | | 47,795 | | | 199,137 | | | | 192,615 |
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Income before taxes | | | (16,673 | ) | | | 40,756 | | | 94,012 | | | | 152,298 |
Income tax expense | | | (11,255 | ) | | | 9,228 | | | 13,853 | | | | 35,052 |
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Net (Loss) Income | | $ | (5,418 | ) | | $ | 31,528 | | $ | 80,159 | | | $ | 117,246 |
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Diluted Earnings Per Share | | $ | (0.11 | ) | | $ | 0.63 | | $ | 1.62 | | | $ | 2.37 |
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Dividends Declared Per Share | | $ | 0.310 | | | $ | 0.295 | | $ | 1.195 | | | $ | 1.120 |
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Weighted Average Diluted Shares Outstanding | | | 48,754 | | | | 50,392 | | | 49,622 | | | | 49,469 |
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| First Midwest Bancorp, Inc. | | Press Release Dated January 23, 2008 |
Selected Quarterly Data
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Unaudited | | Years Ended | | | Quarters Ended | |
(Amounts in thousands except per share data) | | 12/31/07 | | | 12/31/06 | | | 12/31/07 | | | 9/30/07 | | | 6/30/07 | | | 3/31/07 | | | 12/31/06 | |
Net interest income | | $ | 240,129 | | | $ | 251,859 | | | $ | 58,098 | | | $ | 60,697 | | | $ | 60,964 | | | $ | 60,370 | | | $ | 62,763 | |
Provision for loan losses | | | 7,233 | | | | 10,229 | | | | 2,042 | | | | 470 | | | | 1,761 | | | | 2,960 | | | | 3,865 | |
Noninterest income | | | 60,253 | | | | 103,283 | | | | (22,465 | ) | | | 23,395 | | | | 30,623 | | | | 28,700 | | | | 29,653 | |
Noninterest expense | | | 199,137 | | | | 192,615 | | | | 50,264 | | | | 49,981 | | | | 50,737 | | | | 48,155 | | | | 47,795 | |
Net income | | | 80,159 | | | | 117,246 | | | | (5,418 | ) | | | 27,237 | | | | 29,311 | | | | 29,029 | | | | 31,528 | |
Diluted earnings per share | | $ | 1.62 | | | $ | 2.37 | | | $ | (0.11 | ) | | $ | 0.55 | | | $ | 0.59 | | | $ | 0.58 | | | $ | 0.63 | |
Return on average equity | | | 10.69 | % | | | 16.87 | % | | | (2.91 | )% | | | 14.57 | % | | | 15.47 | % | | | 15.48 | % | | | 16.40 | % |
Return on average assets | | | 0.99 | % | | | 1.42 | % | | | (0.27 | )% | | | 1.35 | % | | | 1.44 | % | | | 1.42 | % | | | 1.47 | % |
Net interest margin | | | 3.58 | % | | | 3.67 | % | | | 3.53 | % | | | 3.63 | % | | | 3.61 | % | | | 3.53 | % | | | 3.57 | % |
Efficiency ratio | | | 52.50 | % | | | 50.53 | % | | | 53.87 | % | | | 51.87 | % | | | 52.13 | % | | | 52.19 | % | | | 49.56 | % |
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Period end shares outstanding | | | 48,453 | | | | 50,025 | | | | 48,453 | | | | 48,735 | | | | 49,494 | | | | 49,747 | | | | 50,025 | |
Book value per share | | $ | 14.94 | | | $ | 15.01 | | | $ | 14.94 | | | $ | 14.94 | | | $ | 14.97 | | | $ | 15.16 | | | $ | 15.01 | |
Dividends declared per share | | $ | 1.195 | | | $ | 1.120 | | | $ | 0.310 | | | $ | 0.295 | | | $ | 0.295 | | | $ | 0.295 | | | $ | 0.295 | |
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| Asset Quality | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Unaudited | | Years Ended | | | Quarters Ended | |
(Amounts in thousands) | | 12/31/07 | | | 12/31/06 | | | 12/31/07 | | | 9/30/07 | | | 6/30/07 | | | 3/31/07 | | | 12/31/06 | |
Nonaccrual loans | | $ | 18,447 | | | $ | 16,209 | | | $ | 18,447 | | | $ | 12,771 | | | $ | 14,927 | | | $ | 17,582 | | | $ | 16,209 | |
Restructured loans | | | 280 | | | | — | | | | 280 | | | | — | | | | — | | | | — | | | | — | |
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Total nonperforming loans | | | 18,727 | | | | 16,209 | | | | 18,727 | | | | 12,771 | | | | 14,927 | | | | 17,582 | | | | 16,209 | |
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Foreclosed real estate | | | 6,053 | | | | 2,727 | | | | 6,053 | | | | 4,032 | | | | 3,683 | | | | 3,195 | | | | 2,727 | |
Loans past due 90 days and still accruing | | | 21,149 | | | | 12,810 | | | | 21,149 | | | | 21,421 | | | | 19,633 | | | | 15,603 | | | | 12,810 | |
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Nonperforming loans to loans | | | 0.38 | % | | | 0.32 | % | | | 0.38 | % | | | 0.26 | % | | | 0.30 | % | | | 0.35 | % | | | 0.32 | % |
Nonperforming assets to loans plus foreclosed real estate | | | 0.50 | % | | | 0.38 | % | | | 0.50 | % | | | 0.34 | % | | | 0.38 | % | | | 0.42 | % | | | 0.38 | % |
Nonperforming assets plus loans past due 90 days to loans plus foreclosed real estate | | | 0.92 | % | | | 0.63 | % | | | 0.92 | % | | | 0.77 | % | | | 0.78 | % | | | 0.73 | % | | | 0.63 | % |
Reserve for loan losses to loans | | | 1.25 | % | | | 1.25 | % | | | 1.25 | % | | | 1.25 | % | | | 1.27 | % | | | 1.25 | % | | | 1.25 | % |
Reserve for loan losses to nonperforming loans | | | 330 | % | | | 385 | % | | | 330 | % | | | 481 | % | | | 418 | % | | | 355 | % | | | 385 | % |
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Provision for loan losses | | $ | 7,233 | | | $ | 10,229 | | | $ | 2,042 | | | $ | 470 | | | $ | 1,761 | | | $ | 2,960 | | | $ | 3,865 | |
Net loan charge-offs | | | 7,803 | | | | 10,187 | | | | 1,654 | | | | 1,449 | | | | 1,770 | | | | 2,930 | | | | 3,865 | |
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Net loan charge-offs to average loans | | | 0.16 | % | | | 0.21 | % | | | 0.13 | % | | | 0.12 | % | | | 0.14 | % | | | 0.24 | % | | | 0.30 | % |
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