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| 8-K - 8-K - WashingtonFirst Bankshares, Inc. | a2ndq2016investorpresentat.htm |
NASDAQ: WFBI
www.wfbi.com
Investor Presentation
September 2016
Disclaimer
1
WashingtonFirst Bankshares, Inc. and its subsidiaries (the “Company”) make forward-
looking statements in this presentation that are subject to risks and uncertainties. These
forward-looking statements include: statements of goals, intentions, earnings expectations,
and other expectations; estimates of risks and of future costs and benefits; assessments of
probable loan losses; assessments of market risks; and statements of the ability to achieve
financial and other goals. These forward-looking statements are subject to significant
uncertainties because they are based upon or are affected by: management’s estimates and
projections of future interest rates, market behavior, and other economic conditions; future
laws and regulations; and a variety of other matters which, by their nature, are subject to
significant uncertainties. Because of these uncertainties, the Company’s actual future
results may differ materially from those indicated. In addition, the Company’s past results
of operations do not necessarily indicate its future results. Please also see the discussion of
“RISK FACTORS” in the Company’s 10-K filed March 15, 2016 which is available online
at www.sec.gov.
For further information on the company please contact:
Matthew R. Johnson
Executive Vice President / Chief Financial Officer
(703) 840-2410
mjohnson@wfbi.com
Corporate Overview
2
Full service commercial bank founded in 2004, headquartered in Reston, VA,
with 19 branches in the Washington, DC metro area
Excellent market position as the 4th largest bank headquartered in the
Washington, DC metro area(1)
$1.9 billion in total assets as of June 30, 2016
• 5-year asset CAGR: 32%
• Demonstrated organic growth and successful acquisitions
Superior asset quality: NPAs of 0.71% as of June 30, 2016
Experienced management team
Strong earnings with diverse revenue channels
Recent market superlatives
• Top 10 Most Profitable Banks in DC metro area(2)
• Top 20 Fastest Growing Banks in USA(3)
• One of the fastest growing companies in the DC metro area (2014 and 2015)(2)
• Added to the Russell 2000® in 2016
(1) Source: SNL Financial; based on deposits. Includes recently announced acquisition of Cardinal Financial Corp by United Bankshares
(2) Source: Washington Business Journal
(3) Source: SNL Financial
Locations
3
Our Strategy
WashingtonFirst seeks to capitalize on market opportunities while maintaining disciplined
and conservative credit underwriting that has been the cornerstone of our past profitability.
Opportunity
Organic Growth
Focus on relationships
Enhance existing footprint
Hire seasoned lenders
Blueprint for Success
Profitability
Continued emphasis on Net Interest Margin
Enhance fee income
Continued diligence to minimize overhead
Opportunistic
Growth
Explore potential acquisitions
Cultivate relationships with institutional
investors
Maintain Credit
Quality
Continued diligence on credit quality
Conservative credit culture
Disciplined underwriting
4
Board of Directors
Physicians
Attorneys
Consulting/Government Relations Professionals
Real Estate Professionals
Entrepreneurs
Joseph S. Bracewell *
Chairman of the Board
William C. Oldaker *
Oldaker Law
Group, LLP
Honorable
Joe R. Reeder
Greenberg Traurig
Josephine S. Cooper
Josephine Cooper, LLC
Honorable
John H. Dalton
The Financial
Services Roundtable
Juan A. Mencia *
CubeCorp/ByteTech
Mark C. Michael
Occasions Caterers, Inc.
Larry D. Meyers
Meyers & Associates
Madhu K. Mohan, MD *
Riverside Medical Group
Randall S. Peyton, MD
Arthritis & Sports
Orthopaedics &
Physical Therapy
James P. Muldoon
METCOR, Ltd.
Gail R. Steckler
Infrastructure Management
Group, Inc.
General (Ret.)
Johnnie E. Wilson
JWIL, LLC
William G. Reilly
Champion Title &
Settlements, Inc.
Kenneth Morrissette *
Interstate Worldwide
Relocation Services
Diverse experience with strong ties to the Washington, DC metropolitan area
Richard D. Horn
General Counsel
Bankers
Caren D. Merrick
Pocket Mentor
C.E. Andrews *
MorganFranklin Consulting
Shaza L. Andersen *
President & Chief Executive
Officer
Donald W. Fisher, PhD
American Medical Group
Association
5
Jon M. Peterson
The Peterson Companies
* Executive Committee
Stephen M. Cumbie
NVCommercial, NVRetail,
Metro Realty
Senior Leadership Overview
Longevity amongst experienced, diverse management team
Significant experience and impressive track record in community banking,
acquisitions, and creation of franchise value
Well-connected in the Washington DC metro business community
Excellent regulatory relationships
Significant insider ownership
6
Name Age Title
Joseph S. Bracewell 69 Chairman of the Board
Shaza L. Andersen 49 President/CEO
George W. Connors, IV 56 Bank President/CCO
Matthew R. Johnson 52 EVP/CFO
Richard D. Horn 54 General Counsel
Michael J. Rebibo 50 EVP/President Mortgage & 1st Portfolio
Senior Leadership Team
Joseph S. Bracewell – Chairman of the Board
Chairman of the Board of Directors of the Bank and the Company
Over 40 years of experience in the banking and legal industries
Principal organizer or founding director of six newly-chartered banks, five of which have been
profitably sold
Previously a member of the Board of Directors of the Independent Community Bankers of America as
well as a director and vice chairman of the Federal Home Loan Bank of Atlanta
Shaza L. Andersen –President/CEO
Founder and Chief Executive Officer of WashingtonFirst Bank
Over 25 years of experience in banking including serving as the EVP and COO of Century National
Bank from 1994 to 2001 until acquired by United Bank in 2001
Extensive M&A experience
Serves on several Boards including Amalgamated Casualty Insurance, Washington Redskins
Leadership Council, Blitz for the Better Foundation, and George Mason University Dean’s Advisory
Council, and previously served on the Board of Directors of the Federal Home Loan Bank of Atlanta
7
Matthew R. Johnson – EVP / CFO
Executive Vice President and Chief Financial Officer of WashingtonFirst
Has been with WashingtonFirst since its inception in 2004
Extensive financial institution planning and development as well as acquisition experience
Prior to WashingtonFirst served as the Chief Financial Officer of another community bank in the DC
metro area and also held management positions with Olson Research Associates, Caledonian Venture
Partners and Chesapeake Ventures
George W. Connors, IV – Bank President / CCO
Founding director and President and Chief Credit Officer of WashingtonFirst
Has been in commercial banking for over 30 years, serving in executive management positions at
WashingtonFirst, Century National Bank and its successor, United Bank
Served as SVP and DC Group Lending Manager for United from 2001 to 2004 and was a voting
member of its 7-member Executive Loan Committee
Senior Leadership Team
Richard D. Horn – General Counsel & Corporate Secretary
Founding director and General Counsel for both the Bank and the Company
Prior to joining WashingtonFirst was a partner with the law firm of Bracewell & Giuliani, LLP in
Washington, DC
Admitted to practice law in Virginia, Maryland and the District of Columbia
8
Michael J. Rebibo, CFP® – EVP/ President Mortgage & 1st Portfolio
Founder and President/CEO of subsidiaries WashingtonFirst Mortgage & 1st Portfolio Wealth Advisors
Prior to founding 1st Portfolio was founder and CEO of Financial Security Corporation
Served as a founding organizer of Access National Corporation, a publicly traded holding company
in the Washington, DC metro area
$66,642
$74,567
$92,441
$53,706
Virginia Maryland Washington
D.C. MSA
Nation
Attractive Market – Washington D.C.
9
Washington D.C. Market Highlights
Median Household Income 2015
Projected Population Change (1)
Projected Household Income Change (1)
4.7%
3.9%
6.3%
3.5%
Virginia Maryland Washington
D.C. MSA
Nation
8.2%
10.0%
8.4%
6.7%
Virginia Maryland Washington
D.C. MSA
Nation
Source: SNL Financial
(1) Growth projections for 2015-2020
• 6th largest population in the nation (6.1
million)
• $163 billion in deposits
• 2.3 million households
• 219,675 businesses
• 4.3% unemployment rate
Summary 5-Year Financial Performance
10
Source: Company documents
(Dollars in Thousands) At or for the year ended, '11-'15 Quarter Ended,
Except per share data 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 CAGR 03/31/16 6/30/16
Balance Sheet
Total Assets $ 559,462 $ 1,147,818 $ 1,127,559 $ 1,335,310 $ 1,674,466 31.7% $ 1,759,383 $ 1,853,666
Total Net Loans 415,005 747,095 829,586 1,056,869 1,332,228 33.9% 1,371,167 1,431,126
Deposits 479,001 972,660 948,903 1,086,063 1,333,242 29.2% 1,407,560 1,548,877
Total Equity 53,477 101,520 107,604 134,538 178,595 35.2% 184,128 188,300
Balance Sheet Ratios
Loans HFI / Deposits 87.7% 77.5% 88.3% 98.1% 98.1% 95.6% 89.8%
TCE / TA 5.77% 6.97% 7.64% 8.60% 9.95% 9.79% 9.52%
Leverage Ratio 9.06% 9.97% 10.53% 10.23% 10.67% 10.55% 10.06%
Total Capital Ratio 11.84% 13.77% 14.05% 13.20% 14.86% 14.74% 14.56%
Performance
Net Income - Common $ 1,930 $ 2,057 $ 6,161 $ 9,263 $ 12,181 58.5% $ 3,924 $ 4,398
Diluted EPS $ 0.59 $ 0.56 $ 0.76 $ 1.12 $ 1.19 19.2% $ 0.32 $ 0.35
ROAA 0.53% 0.39% 0.60% 0.75% 0.83% 0.94% 0.98%
ROAE 5.24% 3.92% 6.01% 8.36% 8.48% 8.58% 9.42%
Net Interest Margin 4.02% 4.14% 3.97% 3.92% 3.74% 3.51% 3.37%
Efficiency Ratio 67.4% 75.3% 67.2% 66.4% 64.0% 64.7% 64.7%
Asset Quality
NPAs / Assets 1.25% 1.92% 1.97% 0.84% 0.86% 0.80% 0.71%
NCOs / Avg Loans* 0.22% 0.43% 0.32% 0.24% 0.04% 0.20% 0.20%
Reserves / Loans HFI 1.17% 0.83% 1.02% 0.87% 0.94% 0.92% 0.91%
* 6/30/2016 Annualized
Consistent Balance Sheet Growth
11
Total Assets (Dollars in Millions)
Source: Company documents and SNL Financial
*Peers defined as banks in MD, VA, DC with total assets between $1 billion and $5 billion; peer data through 2Q2016
**Represents quarter-over-quarter growth in 1Q 2016 and 2Q2016
$559
$1,148 $1,128
$1,335
$1,674
$1,759
$1,854
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2011 2012 2013 2014 2015 Q1 2016 Q2 2016
2011 2012 2013 2014 2015 Q1 2016** Q2 2016 **
WFBI 22.8% 105.2% (1.8%) 18.4% 25.8% 5.1% 5.4%
Peers* (1.1%) 8.5% (1.6%) 4.8% 4.2% 1.7% 1.9%
Total Asset Size As of June 30, 2016
12
Loans, Held for Investment As of June 30, 2016
13
Diversified loan portfolio with a strong credit culture
Amount
(in thousands)
Construction and Development 270,476$
Commercial Real Estate (Owner Occupied) 226,949
Commercial Real Estate (Investment Property) 465,445
Residential Real Estate 254,520
Commercial and Industrial 166,941
Consumer 7,192
Total HFI 1,391,523$
Construction and
Development
19%
Commercial Real
Estate (Owner
Occupied)
16%
Commercial Real
Estate
(Investment
Property)
34%
Residential Real
Estate
18%
Commercial and
Industrial
12%
Consumer
1%
Note: Multifamily loans included in Commercial Real Estate (Investment Property)
Asset Quality
14
Nonperforming Assets (Dollars in Thousands)
NPAs / Assets
Source: Company documents and SNL Financial
* Peers defined as banks in MD, VA, DC with total assets between $1 billion and $5 billion; peer data through 2Q2016
WFBI Peers*
$6,987
$22,051 $22,265
$11,206
$14,498
$14,059
$13,205
$0
$5,000
$10,000
$15,000
$20,000
$25,000
2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Nonaccruals TDRs OREO 90+ PD NPA / L+O
1.25%
1.92% 1.97%
0.84% 0.86% 0.80% 0.71%
2.98%
2.48% 2.33% 2.41%
1.69% 1.56% 1.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Our Credit Culture
We regard the money we are lending as our own money
We do not engage in speculative lending and expect our borrowers to have a vested
interest
We believe in well-documented files and thorough credit analysis, and have received
numerous accolades from our regulators and auditors
We look for a primary source of repayment based on a demonstrated cash flow history
We model or analyze for an economically independent secondary source of
repayment, which usually consists of hard collateral and/or personal guarantees
Our approval process involves multiple loan officers, and all significant loans require
the prior approval of a Board Committee
We strive to identify problems early and work them out expeditiously
We have zero tolerance for compliance violations or any kind of insider self-dealing
15
Strong Core Deposit Base
16
06/30/2016 Deposit Composition ($ in Millions) Non-Maturity Deposits
Cost of Deposits = 0.60%
Source: Company documents
*Jumbo Time Deposits are those time deposits over $250,000
Noninterest
Bearing
Deposits,
$418.4
NOW & Other
Trans. Accts,
$153.3
MMDA & Other
Savings, $485.1
Retail Time
Deposits,
$349.3
Jumbo Time
Deposits*,
$142.8
$277.5
$590.4
$624.5
$715.2
$893.1
$936.4
$1,056.8
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
$0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
2011 2012 2013 2014 2015 1Q 2016 2Q 2016
C
os
t o
f
D
ep
os
it
s
(%
)
N
on
-M
at
u
rit
y
D
ep
os
it
s
(D
oll
ar
s
in
Milli
on
s)
Earnings Growth
17
Net Income (Dollars in Thousands)
Source: Company documents
Net Income - Common ($000)
$1,930.0 $2,057.0
$6,161.0
$9,263.0
$12,181.0
$3,924.0
$4,398.0
$0.0
$2,000.0
$4,000.0
$6,000.0
$8,000.0
$10,000.0
$12,000.0
$14,000.0
2011 2012 2013 2014 2015 1Q 2016 2Q 2016
N
et
I
n
co
m
e
2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Diluted
EPS
$0.59 $0.56 $0.76 $1.12 $1.19 $0.32 $0.35
Recent Financial Performance
18
Efficiency Ratio (%)(1) Core ROAA (%)(2)
Source: SNL Financial and Company documents
(1) Efficiency ratio excludes extraordinary items, non-recurring items, foreclosure expense, gains/losses on sale of securities, debt extinguishment and amortization of intangibles
(2) Core income excludes extraordinary items, non-recurring items and gains/losses on sale of securities; 1Q2016 and 2Q2016 annualized
(3) Peers defined as banks in MD, VA, DC with total assets between $1 billion and $5 billion; peer data through 2Q2016
(3) (3)
0.53%
0.65%
0.64%
0.75%
0.86%
0.94%
0.98%
0.82%
0.90%
0.91% 0.92%
0.86% 0.92% 0.92%
0.50%
0.75%
1.00%
2011 2012 2013 2014 2015 Q1 2016 Q2 2016
WFBI Peer Median
64.3%
61.4%
65.0%
65.2%
64.0%
64.7% 64.7%
64.3%
65.3%
66.8%
66.6%
65.7%
64.9%
63.4%
60.0%
62.5%
65.0%
67.5%
2011 2012 2013 2014 2015 Q1 2016 Q2 2016
WFBI Peer Median
19
Net Interest Margin
Net Interest Margin Over Time
Positioned for a rising interest rate environment; nearly 68% of the loan portfolio
consists of floating and adjustable rate as of 06/30/2016
Modeling +200bp interest rate shock results in an increase in net interest income of
8.2% based on 6/30/2016 data
Source: Company documents (1) Peers defined as banks in MD, VA, DC with total assets between $1 billion and $5 billion; peer data through 2Q2016
WFBI Peer Median (1)
4.03% 4.01%
3.89% 3.89%
3.65%
3.63%
3.65%
4.02%
4.14%
3.97%
3.92%
3.68%
3.51%
3.37%
3.20%
3.45%
3.70%
3.95%
4.20%
2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Current Capital Position
20
Consolidated Capital Components
Source: Company documents
(1) Common Equity adjusted for other tier 1 components
(2) Recorded on the balance sheet at its fair value of $7.9 million
Regulatory capital levels are
above “well-capitalized” levels
under regulatory guidelines for
prompt corrective action
$10.3 million of par value of
trust preferred(2) yielding 3
Month LIBOR + 315 bps with
weighted average cost of 3.78%
as of 06/30/2016
$25.0 million of subordinated
debt with a 6% fixed-to-floating
rate coupon matures 10/15/2025,
callable 10/15/2020.
(1)
0
50,000
100,000
150,000
200,000
2009 2010 2011 2012 2013 2014 2015 Q1 2016 Q2 2016
Common Equity SBLF / TARP Sub Debt TruPS All other Tier 2 Capital
WFBI Stock Performance (LTM) As of September 2, 2016
21
Source : SNL Financial
Volume
$24.90 37.7% year over year
Price
37,112 avg daily (3 months)
M&A Track Record
22
Proven track record of completing acquisitions
WFBI acquisition of 1st Portfolio Holding Corporation, in 2015 (all stock)
WFBI assumption of Millennium Bank, NA in 2014 (FDIC assisted)
WFBI acquisition of Alliance Bankshares in 2012 (cash and stock)
WFB acquisition of First Liberty Bancorp in 2006 (cash and stock)
WFB acquisition of Sterling branch in 2005
WFB acquisition of DC branch in 2004
Century National Bank (CNB) sale to United Bankshares in 2001
CNB acquisition of GrandBank in 2000
CNB acquisition of Reston branch in 1998
CNB acquisition of McLean branch in 1997 (including capital raising contingency)
CNB acquisition of DC branch from RTC in 1994
Strong management team
Insider ownership aligns management and stakeholder
interests
Demographically attractive market area
Demonstrated track record of quality growth
Excellent asset quality and risk management
Strong profitability with attractive earnings growth
Concluding Remarks
23
NASDAQ: WFBI
www.wfbi.com
Thank you
Appendix
25
Facts About Our Common Stock As of September 2, 2016
26
Exchange NASDAQ Stock Market
Ticker symbol WFBI
Current Market Price1 $24.90
Common shares outstanding 10,431,016 voting; 12,252,430 total
Market capitalization1 $305.1 million
Insider ownership2 25.4% total
Institutional ownership2 44.6% total
Stock dividends 5% in 2012, 2013 and 2014
Cash dividend Consecutive quarterly dividends since January 2014
Current quarterly dividend $0.06 (0.96% yield)
Average volume1 (3 mo. average) 37,112
Fully Diluted EPS (LTM) $1.29
Tangible book value (6/30/2016) $14.30
1 Data as of close of business September 2, 2016.
2 SNL Financial
Capital Strength
27
(dollars in thousands) 2011 2012 2013 2014 2015 1Q2016 2Q2016
Total Assets 559,462$ 1,147,818$ 1,127,559$ 1,335,310$ 1,674,466$ 1,759,383$ 1,853,666$
Total Shareholders' Equity 53,477 101,520 107,604 134,538 178,595 184,128 188,300
Total risk based capital 52,660 113,752 123,811 146,713 209,962 213,364 217,724
Total risk weighted assets 455,150 826,103 881,235 1,111,426 1,412,771 1,447,176 1,495,678
TCE / Tangible Assets 5.78% 6.97% 7.64% 8.60% 9.95% 9.79% 9.52%
Total risk based capital ratio 11.84% 13.77% 14.05% 13.20% 14.86% 14.74% 14.56%
Tier 1 risk based capital ratio 10.73% 12.71% 12.80% 12.14% 12.22% 12.16% 12.04%
Tier 1 leverage ratio 9.06% 9.97% 10.53% 10.23% 10.67% 10.55% 10.06%
Historical Balance Sheet
28
* Retroactively adjusted to reflect the effect of all stock dividends.
(dollars in thousands) 2011 2012 2013 2014 2015 1Q2016 2Q2016
Cash and cash equivalents 72,321$ 224,207$ 109,164$ 62,306$ 62,753$ 69,117$ 99,441$
Investment securities and other investments 59,477 138,221 148,897 171,733 226,241 263,617 265,156
Loans held for sale - - - 1,068 36,494 37,439 52,198
Loans held investment, net of allowance 415,005 747,095 829,586 1,055,801 1,295,794 1,333,728 1,378,928
Other real estate owned 615 3,294 1,463 361 - 1,675 2,159
Intangibles 3,601 4,029 3,943 6,894 13,319 13,240 13,173
Other assets 8,443 30,972 34,506 37,147 39,865 40,567 42,611
Total Assets 559,462$ 1,147,818$ 1,127,559$ 1,335,310$ 1,674,466$ 1,759,383$ 1,853,666$
Deposits 479,001$ 972,660$ 948,903$ 1,086,063$ 1,333,242$ 1,407,560$ 1,548,877$
Borrowings 24,350 64,923 63,489 104,311 149,913 154,988 103,563
Other liabilities 2,634 8,715 7,563 10,398 12,716 12,707 12,926
Total Liabilities 505,985 1,046,298 1,019,955 1,200,772 1,495,871 1,575,255 1,665,366
Preferred stock 17,796 17,796 17,796 13,347 - - -
Common equity 35,757 83,757 91,317 120,757 178,722 182,375 186,395
Accumulated OCI (76) (33) (1,509) 434 (127) 1,753 1,905
Total Shareholders' Equity 53,477 101,520 107,604 134,538 178,595 184,128 188,300
Total Liabilities and Shareholders' equity 559,462$ 1,147,818$ 1,127,559$ 1,335,310$ 1,674,466$ 1,759,383$ 1,853,666$
Summary ratios:
Tangible book value per share* 10.01$ 10.12$ 10.69$ 11.95$ 13.55$ 13.98$ 14.30$
Loans HFI / Deposits 87.7% 77.5% 88.3% 98.1% 98.1% 95.6% 89.8%
Historical Income Statement
29
* Retroactively adjusted to reflect the effect of all stock dividends.
(dollars in thousands) 2011 2012 2013 2014 2015 1Q2016 2Q2016
Interest income 24,387$ 28,219$ 46,829$ 55,119$ 63,183$ 17,544$ 18,182$
Interest expense 5,009 4,949 6,130 7,219 9,211 2,991 3,181
Net interest income 19,378 23,270 40,699 47,900 53,972 14,553 15,001
Provision for loan losses 2,301 3,225 4,755 3,005 3,550 625 980
Net interest income after provision for loan losses 17,077 20,045 35,944 44,895 50,422 13,928 14,021
Non-interest income 1,159 3,541 1,139 1,998 7,891 4,781 8,490
Non-interest expense 13,835 20,178 28,117 33,116 39,589 12,501 15,535
Income before provision for income taxes 4,401 3,408 8,966 13,777 18,724 6,208 6,976
Provision for income taxes 1,794 1,173 2,627 4,353 6,469 2,284 2,578
Net income 2,607 2,235 6,339 9,424 12,255 3,924 4,398
Preferred stock dividends and accretion 677 178 178 161 74 - -
Net income available to common shareholders 1,930$ 2,057$ 6,161$ 9,263$ 12,181$ 3,924$ 4,398$
Fully diluted earnings per share* 0.59$ 0.56$ 0.76$ 1.12$ 1.19$ 0.32$ 0.35$
Credit Composition and Quality
30
(dollars in thousands) 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Non-accrual 8,558$ 8,694$ 5,638$ 5,920$ 8,379$ 10,201$ 8,790$ 7,417$
90+ days still accruing 157 - - 113 73 28 - 13
TDRs 1,807 2,151 3,090 4,362 3,959 4,269 3,594 3,616
OREO 1,161 361 451 291 109 - 1,675 2,159
Other - - - - - - - -
Non-performing assets 11,683$ 11,206$ 9,179$ 10,686$ 12,520$ 14,498$ 14,059$ 13,205$
Loans 30-89 days past due / Loans HFI 0.75% 0.57% 0.11% 0.41% 0.49% 0.35% 0.51% 0.20%
NPAs & 90+ days past due / Assets 0.87% 0.84% 0.64% 0.70% 0.78% 0.86% 0.80% 0.71%
Reserves / Loans HFI 0.88% 0.87% 0.91% 0.90% 0.92% 0.94% 0.92% 0.91%
Non-GAAP, adjusted reserves / Loans HFI 1.58% 1.46% 1.45% 1.36% 1.31% 1.30% 1.25% 1.22%
Reserves / NPLs 85.29% 85.36% 112.91% 102.22% 93.25% 84.76% 99.56% 114.02%
Net charge-offs / Average loans HFI* 0.10% 0.20% 0.04% 0.03% 0.04% 0.04% 0.20% 0.20%
* 1Q2016 and 2Q2016 Annualized