|
| | | | |
| For Immediate Release | | |
| Contact: | | Marcy Mutch | | NASDAQ: FIBK |
| | | Investor Relations Officer First Interstate BancSystem, Inc. (406) 255-5322 investor.relations@fib.com | | www.FIBK.com |
First Interstate BancSystem, Inc. Reports Earnings Growth of 5.9% Quarter-Over-Quarter
Billings, MT - July 20, 2015 - First Interstate BancSystem, Inc. (NASDAQ: FIBK) reports second quarter 2015 net income of $22.2 million, or $0.49 per share. This compares to net income of $21.0 million, or $0.46 per share, during first quarter 2015, and $21.1 million, or $0.47 per share, during second quarter 2014.
SECOND QUARTER HIGHLIGHTS
| |
| • | Pre-tax, pre-provision income of $35.1 million, a 7.9% increase from the prior quarter and a 15.5% increase from the same period in the prior year. |
| |
| • | Organic loan growth of 3.6% over prior quarter and 5.3% year-over-year. |
| |
| • | Loan to deposit ratio of 75.0% as of June 30, 2015, compared to 72.9% a year ago. |
| |
| • | Net interest margin ratio of 3.47%, a 4 basis point improvement compared to first quarter 2015. |
| |
| • | Income from the origination and sale of mortgage loans increased 49.0%, to $8.8 million, as compared to first quarter 2015. |
| |
| • | Improvement in non-performing assets, which declined to 1.01% of total assets as of June 30, 2015, as compared to 1.11% of total assets as of March 31, 2015. |
“We continued to see strong improvement in our core earnings during the second quarter, with a 12% increase in total revenue and a 15% increase in pre-tax, pre-provision income compared to the second quarter of 2014,” said Ed Garding, President and Chief Executive Officer of First Interstate BancSystem, Inc. “We saw a notable increase in organic loan demand in our markets, which, along with the Mountain West acquisition, drove a 13% increase in our total loans year-over-year. Organic loan demand was broad-based, with notable growth in our commercial, commercial real estate, consumer and agricultural portfolios. We also had a strong quarter of residential mortgage loan production, which resulted in a strong increase in our loan sale income," continued Mr. Garding. "As we continue to execute well on our growth strategies and complete our pending acquisition of Absarokee Bancorporation, we believe we can continue to deliver strong results for our shareholders,” said Mr. Garding.
RESULTS OF OPERATIONS
Net Interest Income. The Company's net interest income, on a fully taxable equivalent basis, increased $1.0 million to $66.4 million during second quarter 2015, as compared to $65.4 million during first quarter 2015, primarily due to the combined impact of one additional accrual day during second quarter 2015 and a shift in the mix of interest earning assets from lower yielding interest bearing deposits in banks to higher yielding loans.
The yield on average loans decreased 7 basis points to 4.89% during second quarter 2015, as compared to 4.96% during first quarter 2015. The impact of the reduction in loan yield was more than offset by a 2.0% increase in average loans outstanding during second quarter 2015, as compared to first quarter 2015. Interest accretion related to the fair valuation of acquired loans contributed $1.6 million of interest income during second quarter 2015, of which $470 thousand was related to early payoffs of acquired loans. This compares to interest accretion of $1.1 million during first quarter 2015, of which $351 thousand was related to early payoffs. Recoveries of charged-off loan interest were $753 during second quarter 2015, as compared to $591 during first quarter 2015.
The Company's net interest margin ratio increased 4 basis points to 3.47% during second quarter 2015, as compared to 3.43% during first quarter 2015. Exclusive of the accelerated interest accretion related to early payoffs of acquired loans and the impact of recoveries of charged-off interest, the Company's net interest margin ratio increased 2 basis points to 3.40% during second quarter 2015, compared to 3.38% during first quarter 2015. This increase was primarily driven by a shift in the mix of interest earning assets from lower yielding interest bearing deposits in banks to higher yielding loans and investment securities.
Non-Interest Income. Non-interest income increased $4.0 million to $31.8 million during second quarter 2015, as compared to $27.8 million during first quarter 2015, primarily due to increases in income from the origination and sale of mortgage loans and increases in other service charges, commissions and fees income.
Income from the origination and sale of loans increased $2.9 million, or 49.0%, to $8.8 million during second quarter 2015, as compared to $5.9 million during first quarter 2015. During the second quarter of 2015, the Company sold $10.6 million of seasoned portfolio loans at an aggregate gain of $410 thousand. In addition, mortgage loan production increased 29.5% during second quarter 2015, as compared to first quarter 2015. Loans originated for home purchases accounted for approximately 65% of the Company's loan production during second quarter 2015, as compared to approximately 57% during first quarter 2015.
Other service charges, commissions and fees income increased $1.3 million, or 13.2%, to $11.2 million during second quarter 2015, as compared to $9.9 million during first quarter 2015, primarily due to increases in interchange fee income due to higher debit and credit card transaction volumes.
Also, during second quarter 2015, the Company recorded a $863 thousand gain on the sale of land. This gain is included in other income in the accompanying financial summary. Other income decreased $323 thousand, or 10.3%, to $2.8 million during second quarter 2015, as compared to $3.1 million during first quarter 2015. Included in first quarter 2015 other income is income from the reversal of $1.0 million of accrued costs associated with the settlement of secondary investor claims acquired as part of the 2014 Mountain West Financial Corp acquisition.
Non-Interest Expense. Non-interest expense increased $2.4 million, or 4.0%, to $62.0 million during second quarter 2015, as compared to $59.6 million during first quarter 2015. During second quarter 2015, the Company recorded one-time contract termination expense of $876 thousand related to a change in payment service provider. In addition, the Company recognized unusually high fraud losses primarily related to fraudulent credit card activity during second quarter 2015. Fraud losses were $719 thousand during second quarter 2015, an increase of $520 thousand from first quarter 2015.
BALANCE SHEET
Total assets decreased $142 million, or 1.7%, to $8.4 billion as of June 30, 2015, from $8.5 billion as of March 31, 2015. Second quarter 2015 loan growth was funded through available funds resulting in decreases in investment securities and interest bearing deposits in banks.
Total loans increased $177 million, or 3.6%, to $5.1 billion as of June 30, 2015, from $4.9 billion as of March 31, 2015, with the most notable growth occurring in commercial, commercial real estate, agricultural and consumer loans.
Continuing business expansion in the Company's market areas and the movement of completed commercial construction projects from construction loans to permanent financing resulted in increases in the commercial and commercial real estate loan portfolios. Commercial loans increased $65 million, or 8.6%, to $819 million as of June 30, 2015, from $754 million as of March 31, 2015, and commercial real estate loans increased $33 million, or 2.0%, to $1.7 billion as of June 30, 2015.
Agricultural loans increased $25 million, or 21.3%, to $143 million as of June 30, 2015, from $118 million as of March 31, 2015. Growth in agricultural loans is primarily attributable to seasonal increases in credit lines that typically occur during the second and third quarters of each year.
Consumer loans grew $31 million or 4.0%, to $799 million as of June 30, 2015, from $768 million as of March 31, 2015. Approximately 76% of this increase occurred in the indirect consumer loan portfolio, which grew $23 million to $589 million as of June 30, 2015, from $566 million as of March 31, 2015, due to the combined impacts of heightened consumer demand for recreational vehicles and increased dealer volume resulting from the Company's historical expansion efforts within its existing market areas.
The Company has historically experienced a decrease in total deposits during the second quarter of the year. As of June 30, 2015, total deposits decreased $164 million, or 2.4%, to $6.8 billion, as compared to $7.0 billion as of March 31, 2015. As of June 30, 2015, the mix of total deposits was 26% non-interest bearing demand, 30% interest bearing demand, 27% savings and 17% time.
ASSET QUALITY
Non-performing assets declined to $85 million, or 1.01% of total assets, as of June 30, 2015, from $94 million, or 1.11% of total assets, as of March 31, 2015, with all categories of non-performing assets showing improvement. Loans past due 90 days or more and still accruing interest decreased 58.4% to $2.2 million as of June 30, 2015, from $5.2 million as of March 31, 2015, primarily due to the renewal of past due loans that were in the process of renewal at March 31, 2015.
OREO decreased 22.2% to $11.8 million as of June 30, 2015, from $15.1 million as of March 31, 2015. During second quarter 2015, the Company recorded OREO additions of $1.1 million and sold OREO property with carrying values of $4.5 million at a $986 thousand net gain.
The Company recorded a provision for loan losses of $1.3 million during second quarter 2015, compared to $1.1 million during first quarter 2015. Higher provision for loan losses recorded during second quarter 2015, as compared to first quarter 2015, is reflective of loan growth and increases in estimated loss exposure on certain non-performing loans. The Company's allowance for loan losses as a percentage of period end loans declined slightly to 1.50% as of June 30, 2015, compared to 1.53% as of March 31, 2015.
Second Quarter 2015 Conference Call for Investors
First Interstate BancSystem, Inc. will host a conference call to discuss second quarter 2015 results at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) on Tuesday, July 21, 2015. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-877-507-0356 or by logging on to www.FIBK.com. The call will be recorded and made available for replay after 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time) on July 21, 2015 through 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) on August 21, 2015, by dialing 1-877-344-7529 (using conference ID 10068509). The call will also be archived on our website, www.FIBK.com, for one year.
About First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. is a financial and bank holding company incorporated in 1971 and headquartered in Billings, Montana. The Company operates 80 banking offices, including detached drive-up facilities, in 42 communities in Montana, Wyoming and western South Dakota. Through First Interstate Bank, the Company delivers a comprehensive range of banking products and services to individuals, businesses, municipalities and other entities throughout the Company's market areas.
Cautionary Note Regarding Forward-Looking Statements and Factors that Could Affect Future Results
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, that involve inherent risks and uncertainties. Any statements about our plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. Such statements are identified as those that include words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trend,” “objective,” “continue” or similar expressions or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may” or similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other important factors that could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. The following factors, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this report: continuing or worsening business and economic conditions, adverse economic conditions affecting Montana, Wyoming and western South Dakota, credit losses, lending risk, adequacy of the allowance for loan losses, impairment of goodwill, changes in interest rates, access to low-cost funding sources, dependence on the Company’s management team, ability to attract and retain qualified employees, governmental regulation and changes in regulatory, tax and accounting rules and interpretations, failure of technology, inability to meet liquidity requirements, failure to manage growth, competition, ineffective internal operational controls, environmental remediation and other costs, reliance on external vendors, litigation pertaining to fiduciary responsibilities, failure to effectively implement technology-driven products and services, soundness of other financial institutions, inability of our bank subsidiary to pay dividends, implementation of new lines of business or new product or service offerings, change in dividend policy, volatility of Class A common stock, decline in market price of Class A common stock, dilution as a result of future equity issuances, uninsured nature of any investment in Class A common stock, voting control of Class B stockholders, anti-takeover provisions, controlled company status, and subordination of common stock to Company debt.
These factors are not necessarily all of the factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and we do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
First Interstate BancSystem, Inc.
P.O. Box 30918 Billings, Montana 59116 (406) 255-5390
www.FIBK.com
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Financial Summary
(Unaudited, $ in thousands, except per share data)
|
| | | | | | | | | | | | | | | | | | | | |
| | | 2015 | | 2014 |
| INCOME STATEMENT SUMMARIES | | 2nd Qtr | | 1st Qtr | | 4th Qtr | | 3rd Qtr | | 2nd Qtr |
| Net interest income | | $ | 65,288 |
| | $ | 64,325 |
| | $ | 65,516 |
| | $ | 65,082 |
| | $ | 59,727 |
|
| Net interest income on a fully-taxable equivalent ("FTE") basis | | 66,399 |
| | 65,381 |
| | 66,585 |
| | 66,129 |
| | 60,806 |
|
| Provision for loan losses | | 1,340 |
| | 1,095 |
| | 118 |
| | 261 |
| | (2,001 | ) |
| Non-interest income: | | | | | | | | | | |
| Other service charges, commissions and fees | | 11,173 |
| | 9,867 |
| | 11,429 |
| | 10,458 |
| | 9,699 |
|
| Income from the origination and sale of loans | | 8,802 |
| | 5,906 |
| | 5,554 |
| | 7,346 |
| | 6,380 |
|
| Wealth management revenues | | 4,897 |
| | 4,937 |
| | 4,775 |
| | 5,157 |
| | 4,609 |
|
| Service charges on deposit accounts | | 4,053 |
| | 3,944 |
| | 4,432 |
| | 4,331 |
| | 3,929 |
|
| Investment securities gains (losses), net | | 46 |
| | 6 |
| | (19 | ) | | (8 | ) | | 17 |
|
| Other income | | 2,799 |
| | 3,122 |
| | 5,190 |
| | 2,079 |
| | 1,937 |
|
| Total non-interest income | | 31,770 |
| | 27,782 |
| | 31,361 |
| | 29,363 |
| | 26,571 |
|
| Non-interest expense: | | | | | | | | | | |
| Salaries and wages | | 26,093 |
| | 25,349 |
| | 23,717 |
| | 25,914 |
| | 24,440 |
|
| Employee benefits | | 8,070 |
| | 7,780 |
| | 6,812 |
| | 7,841 |
| | 7,164 |
|
| Occupancy, net | | 4,529 |
| | 4,492 |
| | 4,770 |
| | 4,534 |
| | 4,253 |
|
| Furniture and equipment | | 3,703 |
| | 3,793 |
| | 4,120 |
| | 3,338 |
| | 3,157 |
|
| Outsourced technology services | | 2,593 |
| | 2,463 |
| | 2,468 |
| | 2,346 |
| | 2,309 |
|
| Other real estate owned income, net | | (823 | ) | | (61 | ) | | (61 | ) | | (58 | ) | | (134 | ) |
| Core deposit intangible amortization | | 855 |
| | 854 |
| | 855 |
| | 688 |
| | 354 |
|
| Non-core expenses (income) | | (7 | ) | | 70 |
| | 2,368 |
| | 5,052 |
| | 597 |
|
| Other expenses | | 16,965 |
| | 14,852 |
| | 16,604 |
| | 15,303 |
| | 13,780 |
|
| Total non-interest expense | | 61,978 |
| | 59,592 |
| | 61,653 |
| | 64,958 |
| | 55,920 |
|
| Income before taxes | | 33,740 |
| | 31,420 |
| | 35,106 |
| | 29,226 |
| | 32,379 |
|
| Income taxes | | 11,518 |
| | 10,440 |
| | 12,330 |
| | 10,071 |
| | 11,302 |
|
| Net income | | $ | 22,222 |
| | $ | 20,980 |
| | $ | 22,776 |
| | $ | 19,155 |
| | $ | 21,077 |
|
| Core net income** | | $ | 22,189 |
|
| $ | 21,020 |
| | $ | 24,260 |
| | $ | 22,302 |
| | $ | 21,438 |
|
| Pre-tax, pre-provision net income** | | $ | 35,080 |
| | $ | 32,515 |
| | $ | 35,224 |
| | $ | 29,487 |
| | $ | 30,378 |
|
| | | | | | | | | | | |
| PER COMMON SHARE DATA | | | | | | | | | | |
| Net income - basic | | $ | 0.49 |
| | $ | 0.46 |
| | $ | 0.50 |
| | $ | 0.43 |
| | $ | 0.48 |
|
| Net income - diluted | | 0.49 |
| | 0.46 |
| | 0.49 |
| | 0.42 |
| | 0.47 |
|
| Core net income - diluted | | 0.49 |
| | 0.46 |
| | 0.53 |
| | 0.49 |
| | 0.48 |
|
| Cash dividend paid | | 0.20 |
| | 0.20 |
| | 0.16 |
| | 0.16 |
| | 0.16 |
|
| Book value at period end | | 20.32 |
| | 20.13 |
| | 19.85 |
| | 19.40 |
| | 18.95 |
|
| Tangible book value at period end** | | 15.58 |
| | 15.36 |
| | 15.07 |
| | 14.61 |
| | 14.71 |
|
| | | | | | | | | | | |
| OUTSTANDING COMMON SHARES | | | | | | | | | | |
| At period-end | | 45,506,583 |
| | 45,429,468 |
| | 45,788,415 |
| | 45,672,922 |
| | 44,255,012 |
|
| Weighted-average shares - basic | | 45,143,122 |
| | 45,378,230 |
| | 45,485,548 |
| | 44,911,858 |
| | 44,044,260 |
|
| Weighted-average shares - diluted | | 45,606,686 |
| | 45,840,191 |
| | 46,037,344 |
| | 45,460,288 |
| | 44,575,963 |
|
| | | | | | | | | | | |
| SELECTED ANNUALIZED RATIOS | | | | | | | | | | |
| Return on average assets | | 1.06 | % | | 1.00 | % | | 1.05 | % | | 0.93 | % | | 1.12 | % |
| Core return on average assets** | | 1.06 |
| | 1.00 |
| | 1.12 |
| | 1.09 |
| | 1.14 |
|
| Return on average common equity | | 9.68 |
| | 9.38 |
| | 10.09 |
| | 8.55 |
| | 10.18 |
|
| Core return on average common equity** | | 9.66 |
| | 9.40 |
| | 10.75 |
| | 9.96 |
| | 10.36 |
|
| Return on average tangible common equity** | | 12.65 |
| | 12.35 |
| | 13.34 |
| | 11.17 |
| | 13.16 |
|
| Net FTE interest income to average earning assets | | 3.47 |
| | 3.43 |
| | 3.38 |
| | 3.55 |
| | 3.54 |
|
| | | | | | | | | | | |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Financial Summary - continued
(Unaudited, $ in thousands)
|
| | | | | | | | | | | | | | | | | | | | |
| | | 2015 | | 2014 |
| BALANCE SHEET SUMMARIES | | Jun 30 | | Mar 31 | | Dec 31 | | Sept 30 | | Jun 30 |
| Assets: | | | | | | | | | | |
| Cash and cash equivalents | | $ | 506,434 |
| | $ | 637,803 |
| | $ | 798,670 |
| | $ | 819,963 |
| | $ | 503,648 |
|
| Investment securities | | 2,139,433 |
| | 2,340,904 |
| | 2,287,110 |
| | 2,169,774 |
| | 2,093,985 |
|
| Loans held for investment: | | | | | | | | | | |
| Commercial real estate | | 1,704,073 |
| | 1,670,829 |
| | 1,639,422 |
| | 1,686,509 |
| | 1,464,947 |
|
| Construction real estate | | 403,228 |
| | 406,305 |
| | 418,269 |
| | 367,420 |
| | 361,009 |
|
| Residential real estate | | 999,038 |
| | 997,123 |
| | 999,903 |
| | 957,282 |
| | 894,502 |
|
| Agricultural real estate | | 158,506 |
| | 156,734 |
| | 167,659 |
| | 158,940 |
| | 162,428 |
|
| Consumer | | 799,126 |
| | 768,462 |
| | 762,471 |
| | 745,482 |
| | 707,035 |
|
| Commercial | | 819,119 |
| | 754,149 |
| | 740,073 |
| | 736,908 |
| | 727,482 |
|
| Agricultural | | 142,629 |
| | 117,569 |
| | 124,859 |
| | 136,587 |
| | 130,280 |
|
| Other | | 2,905 |
| | 377 |
| | 3,959 |
| | 2,316 |
| | 2,016 |
|
| Mortgage loans held for sale | | 75,322 |
| | 55,758 |
| | 40,828 |
| | 62,938 |
| | 56,663 |
|
| Total loans | | 5,103,946 |
| | 4,927,306 |
| | 4,897,443 |
| | 4,854,382 |
| | 4,506,362 |
|
| Less allowance for loan losses | | 76,552 |
| | 75,336 |
| | 74,200 |
| | 74,231 |
| | 78,266 |
|
| Net loans | | 5,027,394 |
| | 4,851,970 |
| | 4,823,243 |
| | 4,780,151 |
| | 4,428,096 |
|
| Premises and equipment, net | | 189,488 |
| | 192,748 |
| | 195,212 |
| | 207,181 |
| | 180,341 |
|
| Goodwill and intangible assets (excluding mortgage servicing rights) | | 215,958 |
| | 216,815 |
| | 218,870 |
| | 218,799 |
| | 187,502 |
|
| Company owned life insurance | | 177,625 |
| | 154,741 |
| | 153,821 |
| | 152,761 |
| | 138,899 |
|
| Other real estate owned, net | | 11,773 |
| | 15,134 |
| | 13,554 |
| | 18,496 |
| | 16,425 |
|
| Mortgage servicing rights, net | | 14,654 |
| | 14,093 |
| | 14,038 |
| | 13,894 |
| | 13,443 |
|
| Other assets | | 103,459 |
| | 104,334 |
| | 105,418 |
| | 100,333 |
| | 89,040 |
|
| Total assets | | $ | 8,386,218 |
| | $ | 8,528,542 |
| | $ | 8,609,936 |
| | $ | 8,481,352 |
| | $ | 7,651,379 |
|
| | | | |
| | | | | | |
| Liabilities and stockholders' equity: | | | |
| | | | | | |
| Deposits: | | | | | | | | | | |
| Non-interest bearing | | $ | 1,757,641 |
| | $ | 1,757,664 |
| | $ | 1,791,364 |
| | $ | 1,637,151 |
| | $ | 1,533,484 |
|
| Interest bearing | | 5,046,760 |
| | 5,210,495 |
| | 5,214,848 |
| | 5,322,348 |
| | 4,645,558 |
|
| Total deposits | | 6,804,401 |
| | 6,968,159 |
| | 7,006,212 |
| | 6,959,499 |
| | 6,179,042 |
|
| Securities sold under repurchase agreements | | 469,145 |
| | 462,073 |
| | 502,250 |
| | 432,478 |
| | 462,985 |
|
| Accounts payable, accrued expenses and other liabilities | | 62,272 |
| | 58,335 |
| | 72,006 |
| | 63,713 |
| | 51,456 |
|
| Long-term debt | | 43,068 |
| | 43,048 |
| | 38,067 |
| | 36,882 |
| | 36,893 |
|
| Subordinated debentures held by subsidiary trusts | | 82,477 |
| | 82,477 |
| | 82,477 |
| | 102,916 |
| | 82,477 |
|
| Total liabilities | | 7,461,363 |
| | 7,614,092 |
| | 7,701,012 |
| | 7,595,488 |
| | 6,812,853 |
|
| Stockholders' equity: | | | | | | | | | | |
| Common stock | | 313,125 |
| | 310,544 |
| | 323,596 |
| | 321,132 |
| | 283,697 |
|
| Retained earnings | | 612,875 |
| | 599,727 |
| | 587,862 |
| | 572,362 |
| | 560,469 |
|
| Accumulated other comprehensive income (loss) | | (1,145 | ) | | 4,179 |
| | (2,534 | ) | | (7,630 | ) | | (5,640 | ) |
| Total stockholders' equity | | 924,855 |
| | 914,450 |
| | 908,924 |
| | 885,864 |
| | 838,526 |
|
| Total liabilities and stockholders' equity | | $ | 8,386,218 |
| | $ | 8,528,542 |
| | $ | 8,609,936 |
| | $ | 8,481,352 |
| | $ | 7,651,379 |
|
| | | | | | | | | | | |
| CONSOLIDATED CAPITAL RATIOS | | | | | | | | | | |
| Total risk-based capital | | 15.37 | % | * | 15.43 | % | | 16.15 | % | | 16.34 | % | | 16.69 | % |
| Tier 1 risk-based capital | | 13.88 |
| * | 13.94 |
| | 14.52 |
| | 14.71 |
| | 15.02 |
|
| Tier 1 common capital to total risk-weighted assets | | 12.55 |
| * | 12.58 |
| | 13.08 |
| | 12.89 |
| | 13.45 |
|
| Leverage Ratio | | 10.11 |
| * | 8.78 |
| | 9.61 |
| | 10.42 |
| | 10.35 |
|
| Tangible common stockholders' equity to tangible assets** | | 8.68 |
| | 8.39 |
| | 8.22 |
| | 8.07 |
| | 8.72 |
|
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Financial Summary - continued
(Unaudited, $ in thousands)
|
| | | | | | | | | | | | | | | | | | | | |
| | | 2015 | | 2014 |
| ASSET QUALITY | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 | | Jun 30 |
| Allowance for loan losses | | $ | 76,552 |
| | $ | 75,336 |
| | $ | 74,200 |
| | $ | 74,231 |
| | $ | 78,266 |
|
| As a percentage of period-end loans | | 1.50 | % | | 1.53 | % | | 1.52 | % | | 1.53 | % | | 1.74 | % |
| | | | | | | | | | | |
| Net charge-offs (recoveries) during quarter | | $ | 124 |
| | $ | (41 | ) | | $ | 149 |
| | $ | 4,296 |
| | $ | 1,104 |
|
| Annualized as a percentage of average loans | | 0.01 | % | | — | % | | 0.01 | % | | 0.36 | % | | 0.10 | % |
| | | | | | | | | | |
|
| Non-performing assets: | | | | | | | | | |
|
| Non-accrual loans | | $ | 70,848 |
| | $ | 73,941 |
| | $ | 62,182 |
| | $ | 71,915 |
| | $ | 79,166 |
|
| Accruing loans past due 90 days or more | | 2,153 |
| | 5,175 |
| | 2,576 |
| | 1,348 |
| | 1,494 |
|
| Total non-performing loans | | 73,001 |
| | 79,116 |
| | 64,758 |
| | 73,263 |
| | 80,660 |
|
| Other real estate owned | | 11,773 |
| | 15,134 |
| | 13,554 |
| | 18,496 |
| | 16,425 |
|
| Total non-performing assets | | 84,774 |
| | 94,250 |
| | 78,312 |
| | 91,759 |
| | 97,085 |
|
| As a percentage of: | | | | | | | | | | |
| Total loans and OREO | | 1.66 | % | | 1.91 | % | | 1.59 | % | | 1.88 | % | | 2.15 | % |
| Total assets | | 1.01 | % | | 1.11 | % | | 0.91 | % | | 1.08 | % | | 1.27 | % |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ASSET QUALITY TRENDS | Provision for Loan Losses | | Net Charge-offs (Recoveries) | | Allowance for Loan Losses | | Accruing Loans 30-89 Days Past Due | | Accruing TDRs | | Non-Performing Loans | | Non-Performing Assets |
| Q2 2012 | $ | 12,000 |
| | $ | 25,108 |
| | $ | 102,794 |
| | $ | 55,074 |
| | $ | 35,959 |
| | $ | 136,374 |
| | $ | 190,191 |
|
| Q3 2012 | 9,500 |
| | 13,288 |
| | 99,006 |
| | 48,277 |
| | 35,428 |
| | 127,270 |
| | 167,241 |
|
| Q4 2012 | 8,000 |
| | 6,495 |
| | 100,511 |
| | 34,602 |
| | 31,932 |
| | 110,076 |
| | 142,647 |
|
| Q1 2013 | 500 |
| | 3,107 |
| | 97,904 |
| | 41,924 |
| | 35,787 |
| | 100,535 |
| | 133,005 |
|
| Q2 2013 | 375 |
| | (249 | ) | | 98,528 |
| | 39,408 |
| | 23,406 |
| | 105,471 |
| | 128,253 |
|
| Q3 2013 | (3,000 | ) | | 2,538 |
| | 92,990 |
| | 39,414 |
| | 21,939 |
| | 96,203 |
| | 114,740 |
|
| Q4 2013 | (4,000 | ) | | 3,651 |
| | 85,339 |
| | 26,944 |
| | 21,780 |
| | 96,671 |
| | 112,175 |
|
| Q1 2014 | (5,000 | ) | | (1,032 | ) | | 81,371 |
| | 41,034 |
| | 19,687 |
| | 89,778 |
| | 106,372 |
|
| Q2 2014 | (2,001 | ) | | 1,104 |
| | 78,266 |
| | 24,250 |
| | 23,531 |
| | 80,660 |
| | 97,085 |
|
| Q3 2014 | 261 |
| | 4,296 |
| | 74,231 |
| | 38,400 |
| | 20,956 |
| | 73,263 |
| | 91,759 |
|
| Q4 2014 | 118 |
| | 149 |
| | 74,200 |
| | 28,848 |
| | 20,952 |
| | 64,758 |
| | 78,312 |
|
| Q1 2015 | 1,095 |
| | (41 | ) | | 75,336 |
| | 40,744 |
| | 16,070 |
| | 79,116 |
| | 94,250 |
|
| Q2 2015 | 1,340 |
| | 124 |
| | 76,552 |
| | 31,178 |
| | 15,127 |
| | 73,001 |
| | 84,774 |
|
|
| | | | | | | | | | | | | | | |
| CRITICIZED LOANS | Special Mention | | Substandard | | Doubtful | | Total |
| Q2 2012 | $ | 220,509 |
| | $ | 243,916 |
| | $ | 81,473 |
| | $ | 545,898 |
|
| Q3 2012 | 223,306 |
| | 229,826 |
| | 66,179 |
| | 519,311 |
|
| Q4 2012 | 209,933 |
| | 215,188 |
| | 42,459 |
| | 467,580 |
|
| Q1 2013 | 197,645 |
| | 197,095 |
| | 43,825 |
| | 438,565 |
|
| Q2 2013 | 192,390 |
| | 161,786 |
| | 52,266 |
| | 406,442 |
|
| Q3 2013 | 180,850 |
| | 168,278 |
| | 42,415 |
| | 391,543 |
|
| Q4 2013 | 159,081 |
| | 154,100 |
| | 45,308 |
| | 358,489 |
|
| Q1 2014 | 174,834 |
| | 161,103 |
| | 31,672 |
| | 367,609 |
|
| Q2 2014 | 160,271 |
| | 155,744 |
| | 29,115 |
| | 345,130 |
|
| Q3 2014 | 156,469 |
| | 156,123 |
| | 39,450 |
| | 352,042 |
|
| Q4 2014 | 154,084 |
| | 163,675 |
| | 34,854 |
| | 352,613 |
|
| Q1 2015 | 140,492 |
| | 156,887 |
| | 37,476 |
| | 334,855 |
|
| Q2 2015 | 155,707 |
| | 159,899 |
| | 31,701 |
| | 347,307 |
|
*Preliminary estimate - may be subject to change.
**See Non-GAAP Financial Measures included herein for a discussion regarding core net income, pre-tax, pre-provision net income, tangible book value per common share, core return on average assets, core return on average common equity, return on average tangible common equity and tangible common stockholders' equity to tangible assets.
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Average Balance Sheets
(Unaudited, $ in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | June 30, 2015 | | March 31, 2015 | | June 30, 2014 |
| | Average Balance | Interest | Average Rate | | Average
Balance | Interest | Average
Rate | | Average Balance | Interest | Average Rate |
| Interest earning assets: | | | | | | | | | | | |
| Loans (1) (2) | $ | 4,991,416 |
| $ | 60,911 |
| 4.89 | % | | $ | 4,895,146 |
| $ | 59,816 |
| 4.96 | % | | $ | 4,436,786 |
| $ | 56,019 |
| 5.06 | % |
| Investment securities (2) | 2,319,636 |
| 9,642 |
| 1.67 |
| | 2,294,433 |
| 9,641 |
| 1.70 |
| | 2,091,438 |
| 9,017 |
| 1.73 |
|
| Interest bearing deposits in banks | 369,345 |
| 271 |
| 0.29 |
| | 546,583 |
| 389 |
| 0.29 |
| | 356,911 |
| 225 |
| 0.25 |
|
| Federal funds sold | 3,168 |
| 5 |
| 0.63 |
| | 1,174 |
| 2 |
| 0.69 |
| | 1,958 |
| 3 |
| 0.61 |
|
| Total interest earnings assets | 7,683,565 |
| 70,829 |
| 3.70 |
| | 7,737,336 |
| 69,848 |
| 3.66 |
| | 6,887,093 |
| 65,264 |
| 3.80 |
|
| Non-earning assets | 743,545 |
| | | | 752,077 |
| | | | 669,029 |
| | |
| Total assets | $ | 8,427,110 |
| | | | $ | 8,489,413 |
| | | | $ | 7,556,122 |
| | |
| Interest bearing liabilities: | | | | | | | | | | | |
| Demand deposits | $ | 2,086,443 |
| $ | 524 |
| 0.10 | % | | $ | 2,089,203 |
| $ | 506 |
| 0.10 | % | | $ | 1,878,483 |
| $ | 513 |
| 0.11 | % |
| Savings deposits | 1,874,508 |
| 624 |
| 0.13 |
| | 1,882,816 |
| 628 |
| 0.14 |
| | 1,653,034 |
| 598 |
| 0.15 |
|
| Time deposits | 1,175,753 |
| 2,091 |
| 0.71 |
| | 1,220,590 |
| 2,175 |
| 0.72 |
| | 1,148,832 |
| 2,216 |
| 0.77 |
|
| Repurchase agreements | 448,810 |
| 53 |
| 0.05 |
| | 479,525 |
| 54 |
| 0.05 |
| | 438,744 |
| 63 |
| 0.06 |
|
| Other borrowed funds | 7 |
| — |
| — |
| | 4 |
| — |
| — |
| | 8 |
| — |
| — |
|
| Long-term debt | 43,039 |
| 538 |
| 5.01 |
| | 38,113 |
| 515 |
| 5.48 |
| | 36,897 |
| 476 |
| 5.17 |
|
| Subordinated debentures held by subsidiary trusts | 82,477 |
| 600 |
| 2.92 |
| | 82,477 |
| 589 |
| 2.90 |
| | 82,477 |
| 592 |
| 2.88 |
|
| Total interest bearing liabilities | 5,711,037 |
| 4,430 |
| 0.31 |
| | 5,792,728 |
| 4,467 |
| 0.31 |
| | 5,238,475 |
| 4,458 |
| 0.34 |
|
| Non-interest bearing deposits | 1,739,329 |
| | | | 1,723,001 |
| | | | 1,443,239 |
| | |
| Other non-interest bearing liabilities | 55,515 |
| | | | 66,391 |
| | | | 44,291 |
| | |
| Stockholders’ equity | 921,229 |
| | | | 907,293 |
| | | | 830,117 |
| | |
| Total liabilities and stockholders’ equity | $ | 8,427,110 |
| | | | $ | 8,489,413 |
| | | | $ | 7,556,122 |
| | |
| Net FTE interest income | | 66,399 |
| | | | 65,381 |
| | | | 60,806 |
| |
| Less FTE adjustments (2) | | (1,111 | ) | | | | (1,056 | ) | | | | (1,079 | ) | |
| Net interest income from consolidated statements of income | | $ | 65,288 |
| | | | $ | 64,325 |
| | | | $ | 59,727 |
| |
| Interest rate spread | | | 3.39 | % | | | | 3.35 | % | | | | 3.46 | % |
| Net FTE interest margin (3) | | | 3.47 | % | | | | 3.43 | % | | | | 3.54 | % |
| Cost of funds, including non-interest bearing demand deposits (4) | | | 0.24 | % | | | | 0.24 | % | | | | 0.27 | % |
| |
| (1) | Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs, which is not material. |
| |
| (2) | Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. |
| |
| (3) | Net FTE interest margin during the period equals the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by average interest earning assets for the period. |
| |
| (4) | Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest bearing liabilities plus non-interest bearing deposits. |
FIRST INTERSTATE BANCSYSTEM, INC AND SUBSIDIARIES
Average Balance Sheets
(Unaudited, $ in thousands)
|
| | | | | | | | | | | | | | | | | |
| | Six Months Ended |
| | June 30, 2015 | | June 30, 2014 |
| | Average Balance | Interest | Average Rate | | Average
Balance | Interest | Average
Rate |
| Interest earning assets: | | | | | | | |
| Loans (1) (2) | $ | 4,943,547 |
| $ | 120,727 |
| 4.92 | % | | $ | 4,391,143 |
| $ | 110,211 |
| 5.06 | % |
| Investment securities (2) | 2,307,104 |
| 19,283 |
| 1.69 |
| | 2,099,993 |
| 18,387 |
| 1.77 |
|
| Interest bearing deposits in banks | 457,475 |
| 660 |
| 0.29 |
| | 362,815 |
| 456 |
| 0.25 |
|
| Federal funds sold | 2,176 |
| 7 |
| 0.65 |
| | 1,531 |
| 4 |
| 0.53 |
|
| Total interest earnings assets | 7,710,302 |
| 140,677 |
| 3.68 |
| | 6,855,482 |
| 129,058 |
| 3.80 |
|
| Non-earning assets | 747,788 |
| | | | 666,748 |
| | |
| Total assets | $ | 8,458,090 |
| | | | $ | 7,522,230 |
| | |
| Interest bearing liabilities: | | | | | | | |
| Demand deposits | $ | 2,087,815 |
| $ | 1,030 |
| 0.10 | % | | $ | 1,858,211 |
| $ | 1,025 |
| 0.11 | % |
| Savings deposits | 1,878,640 |
| 1,252 |
| 0.13 |
| | 1,646,296 |
| 1,193 |
| 0.15 |
|
| Time deposits | 1,198,048 |
| 4,266 |
| 0.72 |
| | 1,160,783 |
| 4,533 |
| 0.79 |
|
| Repurchase agreements | 464,083 |
| 107 |
| 0.05 |
| | 447,601 |
| 129 |
| 0.06 |
|
| Other borrowed funds | 5 |
| — |
| — |
| | 7 |
| — |
| — |
|
| Long-term debt | 40,589 |
| 1,052 |
| 5.23 |
| | 36,903 |
| 949 |
| 5.19 |
|
| Subordinated debentures held by subsidiary trusts | 82,477 |
| 1,190 |
| 2.91 |
| | 82,477 |
| 1,180 |
| 2.89 |
|
| Total interest bearing liabilities | 5,751,657 |
| 8,897 |
| 0.31 |
| | 5,232,278 |
| 9,009 |
| 0.35 |
|
| Non-interest bearing deposits | 1,731,210 |
| | | | 1,423,639 |
| | |
| Other non-interest bearing liabilities | 60,924 |
| | | | 47,223 |
| | |
| Stockholders’ equity | 914,299 |
| | | | 819,090 |
| | |
| Total liabilities and stockholders’ equity | $ | 8,458,090 |
| | | | $ | 7,522,230 |
| | |
| Net FTE interest income | | 131,780 |
| | | | 120,049 |
| |
| Less FTE adjustments (2) | | (2,167 | ) | | | | (2,186 | ) | |
| Net interest income from consolidated statements of income | | $ | 129,613 |
| | | | $ | 117,863 |
| |
| Interest rate spread | | | 3.37 | % | | | | 3.45 | % |
| Net FTE interest margin (3) | | | 3.45 | % | | | | 3.53 | % |
| Cost of funds, including non-interest bearing demand deposits (4) | | | 0.24 | % | | | | 0.27 | % |
| |
| (1) | Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs, which is not material. |
| |
| (2) | Interest income and average rates for tax exempt loans and securities are presented on a FTE basis. |
| |
| (3) | Net FTE interest margin during the period equals the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by average interest earning assets for the period. |
| |
| (4) | Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest bearing liabilities plus non-interest bearing deposits. |
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, this release contains certain non-GAAP financial measures that management uses to provide supplemental perspectives on capital adequacy, operating results, performance trends and financial condition. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies because other companies may not calculate these non-GAAP measures in the same manner. As a result, the usefulness of these measures to investors may be limited, and they should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP.
The Company adjusts certain capital adequacy measures to exclude intangible assets except mortgage servicing rights. Management believes these non-GAAP financial measures, which are intended to complement the capital ratios defined by banking regulators, are useful to investors in evaluating the Company's performance due to the importance that analysts place on these ratios and also allow investors to compare certain aspects of the Company's capitalization to other companies.
The Company also adjusts earnings and certain performance ratios to exclude certain non-core revenues and expenses, including investment securities net gains or losses, acquisition expenses consisting primarily of travel expenses and professional fees, and nonrecurring litigation expenses. Management believes these non-GAAP financial measures are useful to investors in evaluating operating trends by excluding amounts which the Company views as unrelated to its normalized operations. These non-core income and expense adjustments are presented net of estimated income tax expense.
In addition, the Company adjusts net income to exclude income tax expense and provision for loan losses. Management believes this non-GAAP financial measure is useful to investors in evaluating operating trends by excluding pre-tax amounts which the Company views as fluctuating widely based on economic conditions.
The following table reconciles the above described non-GAAP financial measures to their most directly comparable GAAP financial measures as of the dates indicated.
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited, $ in thousands, except share and per share data)
|
| | | | | | | | | | | | | | | | | | | | |
| | | 2015 | | 2014 |
| As Of or For the Quarter Ended | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 | | Jun 30 |
| Net income | | $ | 22,222 |
| | $ | 20,980 |
| | $ | 22,776 |
| | $ | 19,155 |
| | $ | 21,077 |
|
| Add back: income tax expense | | 11,518 |
| | 10,440 |
| | 12,330 |
| | 10,071 |
| | 11,302 |
|
| Add back: provision for loan losses | | 1,340 |
| | 1,095 |
| | 118 |
| | 261 |
| | (2,001 | ) |
| Pre-tax, pre-provision net income | | $ | 35,080 |
| | $ | 32,515 |
| | $ | 35,224 |
| | $ | 29,487 |
| | $ | 30,378 |
|
| | | | | | | | | | | |
| Net income | | $ | 22,222 |
| | $ | 20,980 |
| | $ | 22,776 |
| | $ | 19,155 |
| | $ | 21,077 |
|
| Adj: investment securities (gains) losses, net | | (46 | ) | | (6 | ) | | 19 |
| | 8 |
| | (17 | ) |
| Plus: acquisition & nonrecurring litigation expenses | | (7 | ) | | 70 |
| | 2,368 |
| | 5,052 |
| | 597 |
|
| Adj: income taxes | | 20 |
| | (24 | ) | | (903 | ) | | (1,913 | ) | | (219 | ) |
| Total core net income | (A) | 22,189 |
| | 21,020 |
| | 24,260 |
| | 22,302 |
| | 21,438 |
|
| | | | | | | | | | | |
| Total non-interest income | | $ | 31,770 |
| | $ | 27,782 |
| | $ | 31,361 |
| | $ | 29,363 |
| | $ | 26,571 |
|
| Adj: investment securities (gains) losses, net | | (46 | ) | | (6 | ) | | 19 |
| | 8 |
| | (17 | ) |
| Total core non-interest income | | 31,724 |
| | 27,776 |
| | 31,380 |
| | 29,371 |
| | 26,554 |
|
| Net interest income | | 65,288 |
| | 64,325 |
| | 65,516 |
| | 65,082 |
| | 59,727 |
|
| Total core revenue | | $ | 97,012 |
| | $ | 92,101 |
| | $ | 96,896 |
| | $ | 94,453 |
| | $ | 86,281 |
|
| | | | | | | | | | | |
| Total non-interest expense | | $ | 61,978 |
| | $ | 59,592 |
| | $ | 61,653 |
| | $ | 64,958 |
| | $ | 55,920 |
|
| Less: acquisition & nonrecurring litigation expenses | | 7 |
| | (70 | ) | | (2,368 | ) | | (5,052 | ) | | (597 | ) |
| Core non-interest expense | | $ | 61,985 |
| | $ | 59,522 |
| | $ | 59,285 |
| | $ | 59,906 |
| | $ | 55,323 |
|
| | | | | | | | | | | |
| Total quarterly average stockholders' equity | (B) | $ | 921,229 |
| | $ | 907,293 |
| | $ | 895,605 |
| | $ | 888,464 |
| | $ | 830,117 |
|
| Less: average goodwill and other intangible assets (excluding mortgage servicing rights) | | (216,457 | ) | | (218,511 | ) | | (218,407 | ) | | (208,346 | ) | | (187,710 | ) |
| Average tangible common stockholders' equity | (C) | $ | 704,772 |
| | $ | 688,782 |
| | $ | 677,198 |
| | $ | 680,118 |
| | $ | 642,407 |
|
| | | | | | | | | | | |
| Total stockholders' equity, period-end | | $ | 924,855 |
| | $ | 914,450 |
| | $ | 908,924 |
| | $ | 885,864 |
| | $ | 838,526 |
|
| Less: goodwill and other intangible assets (excluding mortgage servicing rights) | | (215,958 | ) | | (216,815 | ) | | (218,870 | ) | | (218,799 | ) | | (187,502 | ) |
| Total tangible common stockholders' equity | (D) | $ | 708,897 |
| | $ | 697,635 |
| | $ | 690,054 |
| | $ | 667,065 |
| | $ | 651,024 |
|
| | | | | | | | | | | |
| Total assets | | $ | 8,386,218 |
| | $ | 8,528,542 |
| | $ | 8,609,936 |
| | 8,481,352 |
| | 7,651,379 |
|
| Less: goodwill and other intangible assets (excluding mortgage servicing rights) | | (215,958 | ) | | (216,815 | ) | | (218,870 | ) | | (218,799 | ) | | (187,502 | ) |
| Tangible assets | (E) | $ | 8,170,260 |
| | $ | 8,311,727 |
| | $ | 8,391,066 |
| | $ | 8,262,553 |
| | $ | 7,463,877 |
|
| | | | | | | | | | | |
| Total quarterly average assets | (F) | $ | 8,427,110 |
| | $ | 8,489,413 |
| | $ | 8,586,418 |
| | $ | 8,150,404 |
| | $ | 7,556,122 |
|
| | | | | | | | | | | |
| Total common shares outstanding, period end | (G) | 45,506,583 |
| | 45,429,468 |
| | 45,788,415 |
| | 45,672,922 |
| | 44,255,012 |
|
| Weighted-average common shares - diluted | (H) | 45,606,686 |
| | 45,840,191 |
| | 46,037,344 |
| | 45,460,288 |
| | 44,575,963 |
|
| | | | | | | | | | | |
| Core earnings per share, diluted | (A/H) | $ | 0.49 |
| | $ | 0.46 |
| | $ | 0.53 |
| | $ | 0.49 |
| | $ | 0.48 |
|
| Tangible book value per share, period-end | (D/G) | 15.58 |
| | 15.36 |
| | 15.07 |
| | 14.61 |
| | 14.71 |
|
| | | | | | | | | | | |
| Annualized net income | (I) | $ | 89,132 |
| | $ | 85,086 |
| | $ | 90,361 |
| | $ | 75,995 |
| | $ | 84,540 |
|
| Annualized core net income | (J) | 89,000 |
| | 85,248 |
| | 96,249 |
| | 88,481 |
| | 85,988 |
|
| | | | | | | | | | | |
| Core return on average assets | (J/F) | 1.06 | % | | 1.00 | % | | 1.12 | % | | 1.09 | % | | 1.14 | % |
| Core return on average common equity | (J/B) | 9.66 |
| | 9.40 |
| | 10.75 |
| | 9.96 |
| | 10.36 |
|
| Return on average tangible common equity | (I/C) | 12.65 |
| | 12.35 |
| | 13.34 |
| | 11.17 |
| | 13.16 |
|
| Tangible common stockholders' equity to tangible assets | (D/E) | 8.68 |
| | 8.39 |
| | 8.22 |
| | 8.07 |
| | 8.72 |
|
