Attached files
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| 8-K - 8-K - CULLEN/FROST BANKERS, INC. | a3q14form8k-earningsrelease.htm |
Exhibit 99.1
Greg Parker
Investor Relations
210.220.5632
or
Renee Sabel
Media Relations
210.220.5416
FOR IMMEDIATE RELEASE
October 29, 2014
CULLEN/FROST REPORTS STRONG THIRD QUARTER RESULTS
• | Average loans increase 14.7 percent |
• | Average deposits rise 16.9 percent |
• | Asset quality continues to improve |
SAN ANTONIO - Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported strong third quarter 2014 results, including significant net income, loan and deposit growth.
Cullen/Frost’s net income available to common shareholders for the third quarter of 2014 rose to $75.6 million, a 29.4 percent increase over third quarter 2013 earnings of $58.4 million. On a per-share basis, net income was $1.19 per diluted common share, compared to $0.96 per diluted common share reported a year earlier. Returns on average assets and common equity were 1.13 percent and 11.32 percent respectively, compared to 1.01 percent and 10.07 percent for the same period a year earlier.
For the third quarter of 2014, net interest income on a tax-equivalent basis increased 16.5 percent to $208.6 million, compared to the $179.1 million reported for the same quarter of 2013. Average deposits for the quarter were $22.7 billion, an increase of $3.3 billion, or 16.9 percent, over the $19.5 billion reported for last year's third quarter. For the third quarter of 2014, average loans increased $1.4 billion, or 14.7 percent, to $10.6 billion, from the $9.3 billion reported for the third quarter a year earlier. The acquisition of WNB Bancshares, Inc. in May of 2014 added deposits of $1.6 billion and loans of $670.6 million and contributed to this growth.
“I am very pleased to report positive results across the board this quarter in an economy that's showing signs of improvement despite ongoing regulatory and rate challenges," said Cullen/Frost CEO Dick Evans. "We saw strong growth in loans, deposits and net-interest income, along with a solid increase in non-interest income, led by an 18.1 percent growth in trust and investment management fees.
“Average loans increased $1.4 billion, in spite of a highly competitive lending environment in all the Texas markets we serve,” Evans said. “This strong loan growth is the result of our focused calling effort and team-selling approach, which expanded our customer base during the recession, combined with our acquisition of WNB Bancshares. Our credit quality continues to improve, and net charge-offs during the quarter were only $364,000. Capital levels remain strong, and we have plenty of liquidity to fund loans.
“Since 2007, before the financial crisis began, year-to-date average deposits at Frost have risen $11.3 billion, a reflection of our efforts to build and extend relationships with customers who understand and appreciate our value proposition. The greater liquidity continues to pressure the net interest margin in this challenging rate environment.
“We are fortunate to operate in Texas, a business-friendly state with a diversified economy, no state income tax and abundant natural resources. Job growth consistently exceeds the national average, and Texas is regularly touted as a top state for business and good jobs. The dynamic markets we serve are among the strongest in the U.S.,” said Evans.
“Decisions made during the financial crisis of 2008 and actions taken in the years that followed spurred our strong performance this quarter. We have consistently paid a shareholder dividend and have increased the dividend annually for the past 20 years.
“Our success as a company would not be possible without our outstanding employees across Texas, who work together to bring the Frost culture to life every day, take care of customers and help our company grow and innovate.”
For the first nine months of 2014, net income available to common shareholders was $199.2 million compared to $170.6 million reported for the same period of 2013. Year-to-date earnings were $3.18 per diluted common share, compared to $2.81 per diluted common share for the same period in 2013. Returns on average assets and average equity for the first nine months of 2014 were 1.06 percent and 10.57 percent respectively, compared to 1.02 percent and 9.83 percent for the same period a year earlier.
Noted financial data for the third quarter of 2014 follows:
• | Tier 1 and Total Risk-Based Capital Ratios for the Corporation at the end of the third quarter of 2014 were 13.91 percent and 14.81 percent, respectively, and continue to be in excess of well-capitalized levels. The tangible common equity ratio was 7.51 percent at the end of the third quarter of 2014, compared to 7.81 percent for the same quarter last year. The tangible common equity ratio, which is a non-GAAP financial measure, is equal to end of period shareholders’ equity less preferred stock, goodwill and intangible assets divided by end-of-period total assets less goodwill and intangible assets. |
• | Net-interest income on a taxable equivalent basis for the third quarter of 2014 totaled $208.6 million, an increase of 16.5 percent, compared to $179.1 million for the same period a year ago. Strong growth in deposits has helped to fund the increase in earning assets. The net interest margin was 3.39 percent for the third quarter of 2014, compared to 3.38 percent for the third quarter of 2013, and 3.48 percent for the second quarter of 2014. |
• | Non-interest income for the third quarter of 2014 totaled $80.9 million, a 9.3 percent increase compared to $74.0 million reported for the third quarter of 2013. Trust and investment management fees were $26.8 million, up $4.1 million, or 18.1 percent, from the third quarter of 2013, with approximately $3.1 million of the increase related to investment fees. Investment management fees are generally assessed based on the market value of trust assets that are managed and held in custody. These investment management fees were favorably impacted by higher market values, new business and changes to the fee schedule. Trust and investment management fees also included $930,000 in higher Oil and Gas fees. Insurance commissions and fees were $11.3 million, up 9.4 percent or $977,000 compared to the $10.4 million reported the third |
quarter a year earlier. Most of this increase was due to commission income from commercial lines property and casualty, which was up $1.1 million and was impacted by new business. Other income rose $774,000 from last year’s third quarter and included increases in sundry income from various miscellaneous items, up $806,000.
• | Non-interest expense was $163.8 million for the quarter, up $12.0 million or 7.9 percent compared to the $151.8 million reported for the third quarter a year earlier. Total salaries rose $5.2 million, or 7.6 percent, to $73.8 million, and were impacted by an increase in the number of employees, including employees from the WNB acquisition, combined with normal annual merit and market increases. Net Occupancy expense rose $955,000 or 7.3 percent including higher lease expense and repairs and maintenance due in part to the additional facilities added in connection with the WNB acquisition in the second quarter of 2014. Furniture and Equipment was up $1.4 million, or 9.9 percent, due mainly to a $1.0 million increase in software maintenance. Other expense was $40.9 million, up 10.8 percent, or $4.0 million, from $36.9 million for the third quarter last year. Impacting this increase was a $2.1 million increase in sundry and other miscellaneous expenses and increases of $630,000 in check card expense and $557,000 in donations expense. |
• | For the third quarter of 2014, the provision for loan losses was $390,000, compared to net charge-offs of $364,000. For the third quarter of 2013, the provision for loan losses was $5.1 million, compared to net charge-offs of $5.4 million. The allowance for loan losses as a percentage of total loans was 0.91% percent at September 30, 2014, compared to 1.00 percent at the end of the third quarter last year and 0.92 percent at the end of the second quarter of 2014. Non-performing assets were $63.0 million at the end of the third quarter, compared to $68.6 million last quarter-end and $98.1 million at last year’s third quarter. |
Cullen/Frost Bankers, Inc. will host a conference call on Wednesday, October 29, 2014, at 10:00 a.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a “listen only” mode at 1-800-944-6430. Digital playback of the conference call will be available after 2 p.m. CT until midnight Sunday, November 2, 2014 at 855-859-2056 with Conference ID # of 23552095. The call will also
be available by webcast at the URL listed below and available for playback after 2 p.m. CT. After entering the Web site, www.frostbank.com, go to "About Frost" on the top navigation bar, then click on Investor Relations.
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $27.4 billion in assets at September 30, 2014. Among the top 50 largest U.S. banks and one of 24 banks included in the KBW Bank Index, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.
Forward-Looking Statements and Factors that Could Affect Future Results
Certain statements contained in this Earnings Release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in the Corporation's future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Corporation that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
• | Local, regional, national and international economic conditions and the impact they may have on the Corporation and its customers and the Corporation’s assessment of that impact. |
• | Volatility and disruption in national and international financial markets. |
• | Government intervention in the U.S. financial system. |
• | Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs. |
• | Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements. |
• | The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board. |
• | Inflation, interest rate, securities market and monetary fluctuations. |
• | The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Corporation and its subsidiaries must comply. |
• | The soundness of other financial institutions. |
• | Political instability. |
• | Impairment of the Corporation’s goodwill or other intangible assets. |
• | Acts of God or of war or terrorism. |
• | The timely development and acceptance of new products and services and perceived overall value of these products and services by users. |
• | Changes in consumer spending, borrowings and savings habits. |
• | Changes in the financial performance and/or condition of the Corporation’s borrowers. |
• | Technological changes. |
• | Acquisitions and integration of acquired businesses. |
• | The ability to increase market share and control expenses. |
• | The Corporation’s ability to attract and retain qualified employees. |
• | Changes in the competitive environment in the Corporation’s markets and among banking organizations and other financial service providers. |
• | The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters. |
• | Changes in the reliability of the Corporation’s vendors, internal control systems or information systems. |
• | Changes in the Corporation’s liquidity position. |
• | Changes in the Corporation’s organization, compensation and benefit plans. |
• | The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals. |
• | Greater than expected costs or difficulties related to the integration of new products and lines of business. |
• | The Corporation’s success at managing the risks involved in the foregoing items. |
Forward-looking statements speak only as of the date on which such statements are made. The Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.
Cullen/Frost Bankers, Inc. | |||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |||||||||||||||
CONDENSED INCOME STATEMENTS | |||||||||||||||||||
Net interest income | $ | 177,978 | $ | 169,629 | $ | 160,335 | $ | 159,208 | $ | 155,353 | |||||||||
Net interest income (1) | 208,590 | 198,926 | 187,795 | 184,960 | 179,121 | ||||||||||||||
Provision for loan losses | 390 | 4,924 | 6,600 | 5,899 | 5,108 | ||||||||||||||
Non-interest income: | |||||||||||||||||||
Trust and investment management fees | 26,807 | 26,748 | 25,411 | 24,237 | 22,692 | ||||||||||||||
Service charges on deposit accounts | 20,819 | 20,462 | 19,974 | 20,602 | 20,742 | ||||||||||||||
Insurance commissions and fees | 11,348 | 9,823 | 13,126 | 10,433 | 10,371 | ||||||||||||||
Interchange and debit card transaction fees | 4,719 | 4,627 | 4,243 | 4,324 | 4,376 | ||||||||||||||
Other charges, commissions and fees | 9,804 | 8,550 | 8,207 | 8,586 | 9,266 | ||||||||||||||
Net gain (loss) on securities transactions | 33 | 2 | — | 1,179 | (14 | ) | |||||||||||||
Other | 7,332 | 8,938 | 6,529 | 9,177 | 6,558 | ||||||||||||||
Total non-interest income | 80,862 | 79,150 | 77,490 | 78,538 | 73,991 | ||||||||||||||
Non-interest expense: | |||||||||||||||||||
Salaries and wages | 73,756 | 70,473 | 70,217 | 72,201 | 68,524 | ||||||||||||||
Employee benefits | 14,639 | 14,806 | 17,388 | 14,798 | 14,989 | ||||||||||||||
Net occupancy | 14,049 | 13,733 | 12,953 | 12,750 | 13,094 | ||||||||||||||
Furniture and equipment | 16,078 | 15,207 | 14,953 | 14,643 | 14,629 | ||||||||||||||
Deposit insurance | 3,421 | 3,145 | 3,117 | 3,037 | 2,921 | ||||||||||||||
Intangible amortization | 1,029 | 806 | 689 | 753 | 780 | ||||||||||||||
Other | 40,856 | 45,800 | 38,624 | 36,333 | 36,886 | ||||||||||||||
Total non-interest expense | 163,828 | 163,970 | 157,941 | 154,515 | 151,823 | ||||||||||||||
Income before income taxes | 94,622 | 79,885 | 73,284 | 77,332 | 72,413 | ||||||||||||||
Income taxes | 17,007 | 13,415 | 12,096 | 14,761 | 11,969 | ||||||||||||||
Net income | 77,615 | 66,470 | 61,188 | 62,571 | 60,444 | ||||||||||||||
Preferred stock dividends | 2,016 | 2,015 | 2,016 | 2,016 | 2,015 | ||||||||||||||
Net income available to common shareholders | $ | 75,599 | $ | 64,455 | $ | 59,172 | $ | 60,555 | $ | 58,429 | |||||||||
PER COMMON SHARE DATA | |||||||||||||||||||
Earnings per common share - basic | $ | 1.20 | $ | 1.03 | $ | 0.97 | $ | 1.00 | $ | 0.96 | |||||||||
Earnings per common share - diluted | 1.19 | 1.02 | 0.96 | 0.99 | 0.96 | ||||||||||||||
Cash dividends per common share | 0.51 | 0.51 | 0.50 | 0.50 | 0.50 | ||||||||||||||
Book value per common share at end of quarter | 42.40 | 41.72 | 39.76 | 39.13 | 38.63 | ||||||||||||||
OUTSTANDING COMMON SHARES | |||||||||||||||||||
Period-end common shares | 63,058 | 62,951 | 60,896 | 60,566 | 60,492 | ||||||||||||||
Weighted-average common shares - basic | 62,939 | 61,551 | 60,701 | 60,461 | 60,340 | ||||||||||||||
Dilutive effect of stock compensation | 934 | 916 | 886 | 846 | 866 | ||||||||||||||
Weighted-average common shares - diluted | 63,873 | 62,467 | 61,587 | 61,307 | 61,206 | ||||||||||||||
SELECTED ANNUALIZED RATIOS | |||||||||||||||||||
Return on average assets | 1.13 | % | 1.04 | % | 1.00 | % | 1.02 | % | 1.01 | % | |||||||||
Return on average common equity | 11.32 | 10.33 | 9.97 | 10.21 | 10.07 | ||||||||||||||
Net interest income to average earning assets (1) | 3.39 | 3.48 | 3.42 | 3.39 | 3.38 | ||||||||||||||
(1) Taxable-equivalent basis assuming a 35% tax rate | |||||||||||||||||||
Cullen/Frost Bankers, Inc. | |||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | |||||||||||||||
BALANCE SHEET SUMMARY | |||||||||||||||||||
($ in millions) | |||||||||||||||||||
Average Balance: | |||||||||||||||||||
Loans | $ | 10,611 | $ | 10,080 | $ | 9,578 | $ | 9,348 | $ | 9,251 | |||||||||
Earning assets | 24,636 | 23,020 | 22,240 | 21,864 | 21,199 | ||||||||||||||
Total assets | 26,592 | 24,829 | 24,007 | 23,623 | 22,926 | ||||||||||||||
Non-interest-bearing demand deposits | 9,532 | 8,736 | 8,153 | 8,002 | 7,738 | ||||||||||||||
Interest-bearing deposits | 13,216 | 12,481 | 12,358 | 12,099 | 11,722 | ||||||||||||||
Total deposits | 22,748 | 21,217 | 20,511 | 20,101 | 19,460 | ||||||||||||||
Shareholders' equity | 2,794 | 2,648 | 2,553 | 2,497 | 2,447 | ||||||||||||||
Period-End Balance: | |||||||||||||||||||
Loans | $ | 10,747 | $ | 10,679 | $ | 9,751 | $ | 9,516 | $ | 9,306 | |||||||||
Earning assets | 25,203 | 24,295 | 22,817 | 22,238 | 21,688 | ||||||||||||||
Goodwill and intangible assets | 667 | 665 | 542 | 543 | 541 | ||||||||||||||
Total assets | 27,371 | 26,523 | 24,685 | 24,313 | 23,530 | ||||||||||||||
Total deposits | 23,491 | 22,517 | 21,066 | 20,689 | 19,979 | ||||||||||||||
Shareholders' equity | 2,818 | 2,771 | 2,566 | 2,514 | 2,481 | ||||||||||||||
Adjusted shareholders' equity (1) | 2,663 | 2,610 | 2,423 | 2,374 | 2,335 | ||||||||||||||
ASSET QUALITY | |||||||||||||||||||
($ in thousands) | |||||||||||||||||||
Allowance for loan losses: | $ | 98,312 | $ | 98,286 | $ | 95,156 | $ | 92,438 | $ | 93,147 | |||||||||
As a percentage of period-end loans | 0.91 | % | 0.92 | % | 0.98 | % | 0.97 | % | 1.00 | % | |||||||||
Net charge-offs: | $ | 364 | $ | 1,794 | $ | 3,882 | $ | 6,608 | $ | 5,361 | |||||||||
Annualized as a percentage of average loans | 0.01 | % | 0.07 | % | 0.16 | % | 0.28 | % | 0.23 | % | |||||||||
Non-performing assets: | |||||||||||||||||||
Non-accrual loans | $ | 57,100 | $ | 59,631 | $ | 49,503 | $ | 56,720 | $ | 79,081 | |||||||||
Restructured loans | — | — | — | 1,137 | 8,243 | ||||||||||||||
Foreclosed assets | 5,866 | 8,935 | 11,788 | 11,916 | 10,748 | ||||||||||||||
Total | $ | 62,966 | $ | 68,566 | $ | 61,291 | $ | 69,773 | $ | 98,072 | |||||||||
As a percentage of: | |||||||||||||||||||
Total loans and foreclosed assets | 0.59 | % | 0.64 | % | 0.63 | % | 0.73 | % | 1.05 | % | |||||||||
Total assets | 0.23 | % | 0.26 | % | 0.25 | 0.29 | 0.42 | ||||||||||||
CONSOLIDATED CAPITAL RATIOS | |||||||||||||||||||
Tier 1 Risk-Based Capital Ratio | 13.91 | % | 13.84 | % | 14.41 | % | 14.39 | % | 14.53 | % | |||||||||
Total Risk-Based Capital Ratio | 14.81 | 14.76 | 15.38 | 15.52 | 15.68 | ||||||||||||||
Leverage Ratio | 8.27 | 8.66 | 8.59 | 8.49 | 8.61 | ||||||||||||||
Equity to Assets Ratio (period-end) | 10.30 | 10.45 | 10.39 | 10.34 | 10.54 | ||||||||||||||
Equity to Assets Ratio (average) | 10.51 | 10.66 | 10.63 | 10.57 | 10.67 | ||||||||||||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss). | |||||||||||||||||||
Cullen/Frost Bankers, Inc. | |||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
CONDENSED INCOME STATEMENTS | |||||||||||||
Net interest income | $ | 507,942 | $ | 461,347 | |||||||||
Net interest income (1) | 595,310 | 525,890 | |||||||||||
Provision for loan losses | 11,914 | 14,683 | |||||||||||
Non-interest income: | |||||||||||||
Trust and investment management fees | 78,966 | 67,138 | |||||||||||
Service charges on deposit accounts | 61,255 | 60,830 | |||||||||||
Insurance commissions and fees | 34,297 | 32,707 | |||||||||||
Interchange and debit card transaction fees | 13,589 | 12,655 | |||||||||||
Other charges, commissions and fees | 26,561 | 25,599 | |||||||||||
Net gain (loss) on securities transactions | 35 | (3 | ) | ||||||||||
Other | 22,799 | 25,354 | |||||||||||
Total non-interest income | 237,502 | 224,280 | |||||||||||
Non-interest expense: | |||||||||||||
Salaries and wages | 214,446 | 201,491 | |||||||||||
Employee benefits | 46,833 | 47,609 | |||||||||||
Net occupancy | 40,735 | 37,718 | |||||||||||
Furniture and equipment | 46,238 | 43,800 | |||||||||||
Deposit insurance | 9,683 | 8,645 | |||||||||||
Intangible amortization | 2,524 | 2,388 | |||||||||||
Other | 125,280 | 115,744 | |||||||||||
Total non-interest expense | 485,739 | 457,395 | |||||||||||
Income before income taxes | 247,791 | 213,549 | |||||||||||
Income taxes | 42,518 | 38,254 | |||||||||||
Net income | 205,273 | 175,295 | |||||||||||
Preferred stock dividends | 6,047 | 4,703 | |||||||||||
Net income available to common shareholders | $ | 199,226 | $ | 170,592 | |||||||||
PER COMMON SHARE DATA | |||||||||||||
Earnings per common share - basic | $ | 3.20 | $ | 2.82 | |||||||||
Earnings per common share - diluted | 3.18 | 2.81 | |||||||||||
Cash dividends per common share | 1.52 | 1.48 | |||||||||||
Book value per common share at end of quarter | 42.40 | 38.63 | |||||||||||
OUTSTANDING COMMON SHARES | |||||||||||||
Period-end common shares | 63,058 | 60,492 | |||||||||||
Weighted-average common shares - basic | 61,739 | 60,313 | |||||||||||
Dilutive effect of stock compensation | 914 | 724 | |||||||||||
Weighted-average common shares - diluted | 62,653 | 61,037 | |||||||||||
SELECTED ANNUALIZED RATIOS | |||||||||||||
Return on average assets | 1.06 | % | 1.02 | % | |||||||||
Return on average common equity | 10.57 | 9.83 | |||||||||||
Net interest income to average earning assets (1) | 3.43 | 3.42 | |||||||||||
(1) Taxable-equivalent basis assuming a 35% tax rate | |||||||||||||
Cullen/Frost Bankers, Inc. | |||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||||||
As of or for the | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
BALANCE SHEET SUMMARY | |||||||||||||
($ in millions) | |||||||||||||
Average Balance: | |||||||||||||
Loans | $ | 10,093 | $ | 9,190 | |||||||||
Earning assets | 23,307 | 20,697 | |||||||||||
Total assets | 25,151 | 22,459 | |||||||||||
Non-interest-bearing demand deposits | 8,812 | 7,541 | |||||||||||
Interest-bearing deposits | 12,688 | 11,446 | |||||||||||
Total deposits | 21,500 | 18,987 | |||||||||||
Shareholders' equity | 2,666 | 2,441 | |||||||||||
Period-End Balance: | |||||||||||||
Loans | $ | 10,747 | $ | 9,306 | |||||||||
Earning assets | 25,203 | 21,688 | |||||||||||
Goodwill and intangible assets | 667 | 541 | |||||||||||
Total assets | 27,371 | 23,530 | |||||||||||
Total deposits | 23,491 | 19,979 | |||||||||||
Shareholders' equity | 2,818 | 2,481 | |||||||||||
Adjusted shareholders' equity (1) | 2,663 | 2,335 | |||||||||||
ASSET QUALITY | |||||||||||||
($ in thousands) | |||||||||||||
Allowance for loan losses: | $ | 98,312 | $ | 93,147 | |||||||||
As a percentage of period-end loans | 0.91 | % | 1.00 | % | |||||||||
Net charge-offs: | $ | 6,040 | $ | 25,989 | |||||||||
Annualized as a percentage of average loans | 0.08 | % | 0.38 | % | |||||||||
Non-performing assets: | |||||||||||||
Non-accrual loans | $ | 57,100 | $ | 79,081 | |||||||||
Restructured loans | — | 8,243 | |||||||||||
Foreclosed assets | 5,866 | 10,748 | |||||||||||
Total | $ | 62,966 | $ | 98,072 | |||||||||
As a percentage of: | |||||||||||||
Total loans and foreclosed assets | 0.59 | % | 1.05 | % | |||||||||
Total assets | 0.23 | 0.42 | |||||||||||
CONSOLIDATED CAPITAL RATIOS | |||||||||||||
Tier 1 Risk-Based Capital Ratio | 13.91 | % | 14.53 | % | |||||||||
Total Risk-Based Capital Ratio | 14.81 | 15.68 | |||||||||||
Leverage Ratio | 8.27 | 8.61 | |||||||||||
Equity to Assets Ratio (period-end) | 10.30 | 10.54 | |||||||||||
Equity to Assets Ratio (average) | 10.60 | 10.87 | |||||||||||
(1) Shareholders' equity excluding accumulated other comprehensive income (loss). | |||||||||||||