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| 8-K - FORM 8-K - ANCHOR BANCORP WISCONSIN INC | d874273d8k.htm |
 NASDAQ: ABCW
Sterne Agee Financial Institutions Investor Conference
February 2015
Exhibit 99.1 |
 2
This
presentation
does
not
constitute
an
offer
to
sell,
nor
a
solicitation
of
an
offer
to
buy,
any
securities
of
Anchor
BanCorp
Wisconsin,
Inc.
(“Anchor”
or
the
“Company”)
by
any
person
in
any
jurisdiction
in
which
it
is
unlawful
for
such
person
to
make
such
an
offering
or
solicitation.
Neither the Securities and Exchange Commission nor any other regulatory body has
approved or disapproved of the securities of Anchor or passed upon the accuracy or adequacy of this
presentation. Any representation to the contrary is a criminal offense.
Except as otherwise indicated, this presentation speaks as of the date hereof. The
delivery of this presentation shall not, under any circumstances, create any implication that there has been
no change in the affairs of the Company after the date hereof.
Market
and
other
statistical
data
used
in
this
presentation
has
been
obtained
from
independent
industry
sources
and
publications
as
well
as
from
research
reports
prepared
for
other
purposes. Industry publications and surveys and forecasts generally state that the
information contained therein has been obtained from sources believed to be reliable. Anchor has not
independently verified the data obtained from these sources. Forward-looking
information obtained from these sources is subject to the same qualifications and the additional uncertainties
regarding the other forward-looking statements in this presentation.
From time to time, Anchor may make forward-looking statements that reflect the
Company’s views with respect to, among other things, future events and financial performance. Words such
as “may,”
“should,”
“could,”
“predict,”
“potential,”
“believe,”
“will likely result,”
“expect,”
“continue,”
“will,”
“anticipate,”
“seek,”
“estimate,”
“intend,”
“plan,”
“projection,”
“would”
and “outlook,”
or
the negative version of those words or other comparable words are intended to
identify forward-looking statements, but are not the exclusive means of identifying such statements. These
forward-looking statements are not historical facts, and are based on current
expectations, estimates and projections about the Company’s industry, management’s beliefs and certain
assumptions made by management, many of which, by their nature, are inherently
uncertain and beyond the Company’s control. Accordingly, you are cautioned that any such forward-
looking
statements
are
not
guarantees
of
future
performance
and
are
subject
to
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict.
Although
the
Company
believes
that
the expectations reflected in such forward-looking statements are reasonable as
of the date made, actual results may prove to be materially different from the expected results expressed or
implied by such forward-looking statements. Any forward-looking statement
speaks only as of the date on which it was made, and unless otherwise required by law, the Company does not
undertake any obligation to update or review any forward-looking statements,
whether as a result of new information, future developments or otherwise.
This presentation includes certain non-GAAP financial measures. These
non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial
measures prepared in accordance with GAAP. Please refer to the Appendix of this
presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the
most directly comparable financial measures prepared in accordance with GAAP.
Cautionary Statement Regarding Forward-Looking
Information and Non-GAAP Financial Information |
 3
Our Turnaround Story
October 2013
Oct. 2013
December 2014
August 013 –
The Recap
Aug. 2013
September 2013 –
Recap Execution
Sept. 2013
Apr. 2014 -
Jul. 2014
April 2014 –
July 2014
June 2009
Jun. 2009
June 2009 –
January 2011
Jun. 2009 -
Jan. 2011
Aug. 2010
August 2010
October 2014
Oct. 2014
Dec. 2014
January 2015
Jan. 2015
Additions to exec. mgmt team: CEO,
CFO, Chief Credit Officer, Retail
Banking Manager
Anchor effected a 1-for-200 reverse
stock split
Authorized shares were reduced
from 2 billion to 12 million,
consisting of 11.9 million of common
and 100,000 of preferred
Cease and Desist Order and
Prompt Corrective Action
Directive lifted by OCC in
April
Cease and Desist lifted by
FRB in July
Anchor announced
it entered into an
agreement to sell
its Viroqua branch
Prompt Corrective Action Directive
issued by the OCC
Anchor entered into stock
purchase agreements with
certain institutional investors,
private investors and directors
and officers of Anchor to sell
common stock for aggregate
gross proceeds of $175 million
Anchor exchanged TARP Preferred
Stock for 300,000 common shares and
cancelled the outstanding TARP warrant
Anchor satisfied all obligations under the
Amended and Restated Credit
Agreement with certain lenders and U.S.
Bank with a cash payment of $49 million
Anchor converted from a WI corporation
to a DE corporation
All issued and outstanding shares of
legacy common stock were cancelled
Anchor common
stock offering priced
at $26.00 per share,
and listed on
NASDAQ as ABCW
Anchor concluded FY 2014 with
consolidated net income of
$14.6 million or $1.60 EPS
(diluted)
Anchor closed on the sale of its
corporate headquarters
Anchor closed on the sale of its
Richland Center branch
Cease and
Desist Orders
issued by the
OCC and FRB |
 4
Experienced Management Team
Name
Title
Years of
Experience
Selected Professional Biography
Chris M. Bauer
Director, President & CEO
45
Director, President and Chief Executive Officer of the Company since June 2009
Formerly independent consultant and immediate past chairman of the American
Automobile Association, Inc.
Founded First Business Bank Milwaukee in 2000, serving as its chairman until
2003 Retired as chairman and Chief Executive Officer of Firstar Bank
Milwaukee, N.A. and head of commercial banking for Firstar Corp. in
1999 Thomas G. Dolan
EVP, Chief Operating Officer
30
Joined the Company and the Bank in March 2011 as CFO, promoted to COO September
2014 More than 25 years of experience with LaSalle Bank and Bank of America
and was the owner and Managing Director of Northern Pointe Consulting, a
financial institution consulting firm from 2008 to 2012
Martha M. Hayes
EVP & Chief Risk Officer
30
Joined the Bank as its Chief Credit Risk Officer in July 2009
Former
President
and
Managing
Director
of
Merrill
Lynch
Business
Financial
Services
in Chicago
from 2004 to 2008
Previously worked at Wachovia as Senior Vice President and Director of Commercial
Loan Products and Chief Operating Officer for Wachovia’s Risk
Management Division, Business Credit Solutions William T. James
SVP, Chief Financial Officer
25
Joined the Company and the Bank in October 2013 as Treasurer, promoted to CFO
September 2014 Previously served as Treasurer and Senior Vice President of
Guaranty Bank in Milwaukee from 2006 to 2013
Currently oversees the Treasury Management, Finance, and Accounting areas
Scott M. McBrair
EVP (Retail Banking Group)
30
Prior to joining Anchor in 2011, Mr. McBrair served as the Executive Vice
President-Retail Banking at Webster Bank from 2005 to 2009
Served
in
a
variety
of
retail
banking
assignments
at
Bank
One,
now
JPMorgan
Chase,
over
a
21
year
span
from
1983
to
2005,
most
recently
as
EVP
–
Retail
Regional
Manager
Ronald R. Osterholz
SVP (Human Resources)
40
Joined the Bank in 1973 and previously served as Savings Officer, Branch Manager
and Branch Coordinator
Currently oversees the Bank’s Human Resources and Training departments
Mark D. Timmerman
EVP, Secretary & GC
20
Oversees the Bank’s legal and compliance areas
Has
been
a
member
of
the
State
Bar
of
Wisconsin
since
1994 |
 5
Overview of the Anchor Franchise
1)
Financial data as of or for the year ended December 31, 2014. Returns and net
charge-offs shown annualized. Note: NPAs and NPLs excludes troubled debt
restructurings that are now accruing. Depository ranking information based on June 30, 2014 FDIC data.
Franchise Summary
Third largest bank headquartered in Wisconsin
Strong funding base
Focused on expanding commercial lending business and
building a service-driven, relationship-based franchise
Serves nearly 108,000 households and businesses
95 year history
Franchise Footprint
Financial Highlights¹
Balance Sheet ($mm)
Total assets
$2,082
Total net loans
1,524
Total deposits
1,814
Tangible common equity
228
Tangible common equity / Tangible assets
10.93%
Asset Quality
NPAs / Total Assets
3.39%
NPLs / Gross Loans
2.22
Reserves / NPLs
133.95
Reserves / Gross Loans
2.97
NCOs / Avg. Loans
0.86 YTD
LTM Profitability - YTD
ROAA
0.69%
Net interest margin
3.48
Efficiency ratio
90.12 |
 6
Attractive Demographic Footprint
“The Triangle”
accounts for nearly half of the Wisconsin population
Headquartered in Madison—Wisconsin’s fastest growing market and home to
the State Government and the University of Wisconsin
Median household income in 2013 of $56,889, compares favorably to the national
average of $51,314 Madison has a highly educated population contributing to
a dynamic business environment and diversified local economy
As reported in the September 2014 issue of In Business, Madison was rated the most
livable city in the nation, according to Livability.com’s second
annual top 100 Places to live survey Strong presence in the Fox
Valley—one of Wisconsin’s fastest growing markets While
historically strong in the paper industry (e.g. Kimberly Clark), the Fox Valley has broadened its manufacturing
base to include electronics and government vehicles
Significant opportunity in the Milwaukee market
138 business establishments in the Milwaukee area employ 500 or more employees
Seven Fortune 500 companies are headquartered in the metro area
More than 40 Fortune 500 companies have significant operations in the Milwaukee
area. Total personal income for the metro Milwaukee area was $73.6 billion
in 2012 Equates to a per capita personal income of $46,943, 7.3% higher
than the per capita figure for the United States as a whole
Source: US Census; SNL Financial; Metropolitan Milwaukee Association of Commerce
|
 7
Competitive Market Positioning
Deposit
Market
Share
–
Fox
Valley
#4 deposit rank in the Madison metropolitan
statistical area (“MSA”)
Madison, Fox Valley and suburban Milwaukee
regions account for nearly half of Wisconsin’s
total population
18 branches in prosperous Dane County
53 locations spanning 10 MSAs in the state
Note: Deposit data as of June 30, 2014.
Source: FDIC.
Deposit
Market
Share
–
Madison
MSA
Observations and Key Facts
Deposit
Market
Share
–
Milwaukee
MSA
Total
Number of
Deposits
Market
Rank
Institution
Branches
($mm)
Share
1
U.S. Bank National Association
52
$25,353
41.0%
2
BMO Harris Bank National Association
75
9,341
15.1
3
JPMorgan Chase Bank, National Association
30
5,454
8.8
4
Associated Bank, National Association
41
5,190
8.4
5
Wells Fargo Bank, National Association
13
1,730
2.8
6
PNC Bank, National Association
32
1,134
1.8
7
WaterStone Bank, SSB
11
985
1.6
8
North Shore Bank, FSB
26
941
1.5
9
Tri City National Bank
33
850
1.4
10
Park Bank
5
732
1.2
30
Anchor BanCorp Wisconsin Inc.
7
165
0.3
Total in Market
554
$61,913
Total
Number of
Deposits
Market
Rank
Institution
Branches
($mm)
Share
1
BMO Harris Bank National Association
29
$2,575
15.9%
2
U.S. Bank National Association
14
1,538
9.5
3
Associated Bank, National Association
26
1,294
8.0
4
Anchor BanCorp Wisconsin Inc.
22
1,016
6.3
5
First Business Bank
1
975
6.0
6
John Deere Financial, f.s.b.
1
877
5.4
7
JPMorgan Chase Bank, National Association
5
733
4.5
8
State Bank of Cross Plains
9
648
4.0
9
The Park Bank
13
575
3.6
10
Wells Fargo Bank, National Association
7
419
2.6
Total in Market
248
$16,200
Total
Number of
Deposits
Market
Rank
Institution
Branches
($mm)
Share
1
BMO Harris Bank National Association
16
$1,170
15.2%
2
Associated Bank, National Association
12
888
11.5
3
JPMorgan Chase Bank, National Association
13
693
9.0
4
National Exchange Bank and Trust
7
627
8.1
5
U.S. Bank National Association
10
464
6.0
6
Wells Fargo Bank, National Association
5
354
4.6
7
The First National Bank - Fox Valley
4
305
4.0
8
American National Bank - Fox Cities
1
220
2.9
9
Anchor BanCorp Wisconsin Inc.
9
217
2.8
10
West Pointe Bank
1
214
2.8
Total in Market
155
$7,721 |
 8
Continuing the Recovery & Executing Our
Business Plan
Continue Credit Improvement
Execute Business Development
Strategies
Improve Efficiency
Potential Future Value of the DTA¹
Normalize Excess Capital
Building
Shareholder
Value
1)
“DTA”
refers to Anchor’s deferred tax asset. |
 9
Q4 & Year-End 2014 Financial Highlights
Delivered improved operating results
Net Income of $14.6 million or $1.60 diluted EPS
5 consecutive quarters of profitability
Maintaining low cost of funds
Rationalizing cost structure (mortgage/branch system)
Credit quality improved
NPLs decreased $33.4 million or 48.7%
OREO decreased $28.0 million or 44.1%
NPA/Total Assets improved YOY from 6.25% to 3.39%
De—provisioned reserves of $4.6 million in 2014
Organic growth in loans and deposits
Emphasis on growing C&I business –
hired strong, experienced talent
Transformed mortgage business, hired experienced market and business leader
Net of discontinued business, classified loan reductions and exclusions of sold
branch loans, loans grew $68 million or 4.2% in 2014
|
 Loan
Portfolio 10
While total loans decreased $38.4
MM in 2014, originations offset
$106 million of loan runoff from
discontinued business:
($000s)
2013
2014
YoY Change
Adj. Change*
Adj. % Change
1-4 Family Mortgage
$529,777
$541,211
$11,434
27,585
5.2%
Home Equity
$226,225
$220,182
($6,043)
(171)
-0.1%
Commercial Real Estate
$702,355
$683,509
($18,846)
40,754
5.8%
Commercial Business
$21,591
$16,514
($5,077)
(1,677)
-7.8%
Consumer & Education
$141,606
$121,689
($19,917)
1,361
1.0%
Gross Loans
$1,621,554
$1,583,105
($38,449)
67,852
4.2%
*Adjustments include discontinued business, classified loan reductions and exclusion of sold branch
loans •
$21M of student loan runoff
•
$83M of classified loan decline
•
$2M in sold branch loans |
 Deposit Mix
11
($000s)
2013
2014
YoY Change
Adj. Change*
Adj. % Change
Non-interest bearing
$259,926
$291,248
$31,322
$33,439
12.9%
Demand
$301,956
$305,004
$3,048
$4,822
1.6%
Money market
$468,461
$455,594
($12,867)
($9,795)
-2.1%
Savings
$293,159
$312,544
$19,385
$21,446
7.3%
Other
$822
$2,568
$1,746
$1,746
212.4%
Jumbo CDs
$88,700
$69,226
($19,474)
($19,474)
-22.0%
Retail CDs
$462,269
$377,987
($84,282)
($76,695)
-16.6%
Total CDs
$550,969
$447,213
($103,756)
-$96,169
-17.5%
Total Deposits
$1,875,293
$1,814,171
($61,122)
($44,511)
-2.4%
*Adjustments excluding impact of sold branch deposits |
 12
Deposit Costs Reduced Significantly
Cost of Interest-Bearing Deposits
Anchor has significantly reduced its cost of deposits since 2010
1)
Anchor peer group represents all Wisconsin banks and thrifts with total assets
greater than $500 million as of December 31, 2014. Source: SNL Financial and
Anchor SEC filings. Note:
Represents
financial
data
for
the
three
months
ended
December
31
of
each
respective
year
and
quarterly
data
after
that.
Anchor
data
reflects
the
consolidated
entity.
Deposit
cost
represents
interest
expense
for
the
respective
quarter,
annualized,
as
a
percentage
of
average
total
deposits. |
 13
Continued Improving Asset Quality
Proactively managing asset quality
Non-performing Asset Levels ($mm)
1)
Non-performing
loans
and
assets
exclude
troubled
debt
restructurings
that
are
now
accruing.
Source: Anchor SEC filings.
Credit Quality Overview
($000s)
As of
12/31/2013
12/31/2014
Nonaccrual loans
$39,151
$18,632
Troubled debt restructurings¹
29,346
16,483
OREO
63,460
35,491
Total nonperforming assets
$131,957
$70,606
NPLs / Gross Loans
4.22%
2.22%
NPAs / Total Assets
6.25
3.39
ALLL / Gross Loans
4.02
2.97
ALLL / NPLs
95.16
133.95 |
 14
Maintaining Appropriate Loan Loss Reserves
Allowance to Total Loans Held-for-Investment
Anchor has built an allowance sufficient to cover potential credit losses
The ALLL to total NPLs was 133.95% at December 31, 2014, an increase from 95.16% at
December 31, 2013 1)
Anchor peer group represents all Wisconsin banks and thrifts with total assets
greater than $500 million as of December 31, 2014. Note: Anchor data reflects
the consolidated entity. Source: SNL Financial and Anchor SEC filings.
|
 15
Key Investment Highlights
Well known banking executives with considerable financial services and acquisition
experience in their Wisconsin markets Business oriented and experienced Board
of Directors with large ownership stake Experienced commercial banking
management team Experienced and Qualified Management Team
Anchor’s growth is funded by its large core deposit base
At December 31, 2014, Anchor had total deposits of $1.8 billion
Anchor’s relationship banking model cross-sells deposit products at the
time of loan origination to clients in order to provide a stable source of
funding Strong Core Funding Base
Recap provided Anchor with stronger capital position and sophisticated investor
base As of December 31, 2014, Anchor had a 10.43% Tier 1 leverage ratio,
16.97% Tier 1 ratio and a 18.25% Total RBC ratio Total assets of $2.1 billion
and total gross loans of $1.6 billion at quarter end Non-performing
assets have declined 84.5% from March 31, 2010 to $70.6 million at December 31, 2014
Stable Balance Sheet and Strong Capital Position
Headquartered in Madison, Anchor is the third largest Wisconsin-based
depository 53 locations spanning 10 MSAs in the state
Anchor’s core markets, Fox Valley, Madison and Milwaukee, account for nearly
half of Wisconsin’s total population Madison was also named
America’s 14th Most Recession-Proof City by CNNMoney.com in September of 2010
Desirable Markets |
 APPENDIX |
 17
Board of Directors
Name
Selected Professional Biography
Chris M. Bauer
Director, President and Chief Executive Officer of the Company since June 2009
Formerly an independent consultant and immediate past chairman of the American Automobile
Association, Inc. Founded First Business Bank Milwaukee in 2000, serving as its
chairman until 2003 Retired as chairman and Chief Executive Officer of Firstar Bank
Milwaukee, N.A. and head of commercial banking for Firstar Corp. in 1999
Richard A. Bergstrom
Current Vice Chairman and former President of Bergstrom Corporation, Wisconsin’s largest
automotive retailer, with 25 dealerships across the state
Substantial senior management expertise and financial expertise as president of Bergstrom
Corporation Holly Cremer Berkenstadt
Director of the Company since 1994
Former Chairman of the Board and Director of Wisconsin Cheeseman, Inc., a direct food and
gift company located in Sun Prairie, Wisconsin
Director of the Cremer Foundation and serves as a Director of several not-for-profit
boards Bradley E. Cooper
Founding partner of Capital Z Partners, a private equity fund focused on investing in the
financial services sector Former investment banker in the Financial Institutions Group
of Salomon Brothers Martin S. Friedman
Co-founder of FJ Capital Management, an investment fund firm based in McLean, Virginia,
and has served as its CEO since 2008 Previously Director of Research for Friedman,
Billings, Ramsey Group, a research and securities trading firm, from 1998 to 2007 David L.
Omachinski Currently a CPA and serving as an independent business consultant
Chairman of the Board since June 2009 and Lead Director of the Board from February 2009 to
June 2009 Former President, COO and CFO of Oshkosh B’Gosh, a clothing
manufacturer Former President and CEO of Magnum Products, LLC, an equipment supplier
for a variety of industries Pat Richter
Director of Athletics-Emeritus at the University of Wisconsin-Madison and Emeritus
Director of the Board of the Green Bay Packers, Green Bay, Wisconsin
Member of the Board of Directors at Meriter Health Services, Madison, Wisconsin
|
 18
Reconciliation of Non-GAAP Measures
Non-GAAP Financial Measures¹
1)
Tangible common equity to tangible assets (the “tangible common equity
ratio”) is a non-GAAP financial measure. The Company calculates the tangible common equity ratio by excluding the balance of preferred
equity,
goodwill
and
other
intangible
assets
from
common
shareholders’
equity
and
assets.
The
Company
considers
this
information
important
to
shareholders
as
tangible
equity
is
a
measure
that
is
consistent
with
the calculation of capital for bank regulatory purposes, which excludes intangible
assets from the calculation of risk-based ratios. This disclosure should not be viewed as a substitute for results determined to be in
accordance with GAAP, nor is it necessarily comparable to non-GAAP performance
measures presented by other companies. ($000s)
As of
09/30/2013
12/31/2013
03/31/2014
06/30/2014
09/30/2014
12/31/2014
Total GAAP Equity
$201,037
$202,198
$206,708
$211,507
$214,709
$227,663
Less: Preferred Equity
0
0
0
0
0
0
Less: Goodwill and Other Intangibles
0
0
0
0
0
0
Tangible Common Equity
$201,037
$202,198
$206,708
$211,507
$214,709
$227,663
Total GAAP Assets
$2,191,001
$2,112,474
$2,109,824
$2,121,249
$2,106,520
$2,082,379
Less: Goodwill and Other Intangibles
0
0
0
0
0
0
Tangible Assets
$2,191,001
$2,112,474
$2,109,824
$2,121,249
$2,106,520
$2,082,379
Tang. Common Equity / Tang. Assets
9.18%
9.57%
9.80%
9.97%
10.19%
10.93% |
     19
ABCW Stock Price Performance
Current value
sustained by
confidence in ABCW,
Russell Index inclusion
and low float
Offering
Price:
$26.00
Recap
Px
$20.00
Per Share Data
TBV: $23.85
DTA: $11.85
Adj. TBV: $35.70
As of 12/31/2014
P/DTA
adj.TBV:
94%
(full DTA value)
P/TBV: 140%
Price as of
02/09/2015
TBV and DTA
values as of
12/31/14
Public Offering
Russell Inclusion
As of
02/09/2015
:
Price:
$33.50
Market Cap:
$319.8M
NASDA
Q |
 20
Consolidated Financial Summary |
 21
Consolidated Financial Summary
(cont.)
Ending
balances
(in 000's)
12/14-12/13
BALANCE SHEET
12/31/14
9/30/14
12/31/13
12/31/14
12/31/13
Incr(Decr)
Assets:
Investment securities
293,577
$
294,105
$
287,797
$
294,599
$
277,872
$
6%
Loans held for sale
5,608
5,145
4,137
6,594
3,085
114%
Loans: Mortgage
1,197,365
1,185,377
1,242,172
1,224,720
1,232,132
(1%)
Consumer
345,477
346,236
371,332
341,871
367,831
(7%)
Commercial
16,579
16,252
21,863
16,514
21,591
(24%)
Total loans
1,559,421
$
1,547,865
$
1,635,367
$
1,583,105
$
1,621,554
$
(2%)
Allowance for loan losses
(48,260)
(49,377)
(69,854)
(47,037)
(65,182)
(28%)
Interest earning deposits in banks
167,787
162,329
144,748
100,873
99,257
2%
Other assets
148,898
160,877
177,792
144,245
175,888
(18%)
Total assets
2,127,031
$
2,120,944
$
2,179,987
$
2,082,379
$
2,112,474
$
(1%)
Liabilities and Stockholders' Equity:
Total deposits
1,868,104
$
1,872,362
$
1,932,837
$
1,814,171
$
1,875,293
$
(3%)
Other borrowed funds
14,982
14,520
19,167
13,752
12,877
7%
Other liabilities
21,500
22,186
24,724
26,793
22,106
21%
Total liabilities
1,904,586
$
1,909,068
$
1,976,728
$
1,854,716
$
1,910,276
$
(3%)
Total stockholders' equity
222,445
211,876
203,259
227,663
202,198
13%
Total liabilities & stockholders' equity
2,127,031
$
2,120,944
$
2,179,987
$
2,082,379
$
2,112,474
$
(1%)
CREDIT QUALITY
12/31/14
9/30/14
12/31/13
12/31/2014
12/31/2013
Incr(Decr)
Provision for loan losses
(3,281)
$
(1,304)
$
-
$
(4,585)
$
950
$
N/M
Net charge-offs
(3,281)
834
6,671
13,560
19,529
(149%)
Ending allowance for loan losses
47,037
47,037
65,182
(28%)
Key Metrics
Loans 30 to 89 days past due
8,892
$
9,979
$
16,165
$
(45%)
Non-performing loans (NPL)
35,115
38,352
68,497
(49%)
Other real estate owned
35,491
46,725
63,460
(44%)
Non-performing assets
70,606
85,077
131,957
(46%)
Allowance for loan losses to NPL
133.95%
122.65%
95.16%
38.79
N/M = not meaningful
Quarter ended Averages
Ending balances |