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| 8-K - HCSB FINANCIAL CORP | e00553_hcsb-8k.htm |
For Immediate Release
HCSB Financial Corporation Announces Removal of Regulatory Consent Order and Third Quarter 2016 Financial Results
Loris, SC, October 27, 2016----HCSB Financial Corporation (the “Company”), the holding company for Horry County State Bank (the “Bank”), announced today that the Bank received notification on October 26, 2016 from the Federal Deposit Insurance Corporation and the South Carolina State Board of Financial Institutions (the “Supervisory Authorities”) that the Consent Order previously entered into with the Bank on February 10, 2011 was terminated. “We are pleased with the removal of the Consent Order and believe this reflects the hard work of management and our employees over the past several years. This demonstrates the Bank’s return to a healthy financial condition.” commented Jan Hollar, Chief Executive Officer of the Company and the Bank. Although the Consent Order has been terminated, certain regulatory requirements and restrictions remain, including requirements to continue to improve credit quality and earnings, restriction prohibiting dividend payments without prior approval from Supervisory Authorities, and the maintenance of a specified leverage capital ratio.
The Company also announced financial results for the third quarter ended September 30, 2016, including net losses per share available to common shareholders of $0.00 per share, a decrease from earnings of $0.03 per share at the end of the second quarter of 2016.
“The third quarter has been yet another quarter of progress at Horry County State Bank. We are pleased with our significant reduction in nonperforming assets following the completion of our asset disposition plan. The completion of this plan did result in some one-time legal costs which impacted our profitability this quarter, but we believe that with these costs now behind us, we can look toward positive earnings in the fourth quarter. We continue to see an uptick in our loan production, as we add quality, in-market commercial loans to our portfolio, and our asset quality is in line with our internal goals. The key focus areas for our team as we finish out 2016 are quality loan production, continued improvement in asset quality, and meaningful earnings per share,” remarked Jan Hollar, Chief Executive Officer of the Company and the Bank.
Financial Highlights
During the third quarter, the Company reported a net loss of $1.8 million, as the Company continued its efforts to reduce nonperforming assets. The previously announced asset disposition plan was substantially completed in the third quarter of 2016, which resulted in additional losses of $1.4 million from the write down of other real estate owned (“OREO”) and loss on sale of loans. The additional losses taken on OREO resulted from the resolution of a group of properties for which the Bank was not comfortable with potential risks associated with carrying the properties. Net interest income for the third quarter was up $59,000 from the second quarter of 2016 and noninterest expense was down $2.9 million quarter-over-quarter as the net cost of operation of OREO decreased $1.9 million and professional fee decreased $648,000.
The Company saw loan growth of $10.1 million, or 5%, for the third quarter of 2016 as loan production continues to be a key management focus. Total deposits remained flat and totaled $323.3 million at September 30, 2016, compared to $323.2 million at June 30, 2016, as a slight increase in core deposits was offset by a decrease in internet- based time deposits.
Interest Income and Net Interest Margin
Net interest income was up quarter over quarter, totaling $2.5 million for the third quarter of 2016 as compared to $2.4 million in the second quarter of 2016, led by increased interest income on loans and investment securities. Net interest margin decreased 4 basis points to 2.80% for the quarter ended September 30, 2016 from 2.84% for the quarter ended June 30, 2016. The decrease in net interest margin is primarily the result of a 27 basis point decrease in yield on securities as more than $10 million in higher yielding bonds were called during the past four months. This decrease in yield on securities was partially offset by an increase in yield on interest-bearing deposits.
Non-Interest Income
Non-interest income was $334,000 in the third quarter of 2016 compared to $19.5 million in the second quarter of 2016. The second quarter included $19.1 million of gains on the extinguishment of debt related to the settlement of subordinated debt. Included in non-interest income for the third quarter was a $153,000 gain on sale of securities, as compared to a loss on sale of securities of $102,000 in the second quarter of 2016 and a $224,000 loss on sale of assets recorded in the third quarter related to the bulk sale of nonperforming loans announced in the second quarter. Excluding the gain on extinguishment of debt, loss on sale of assets and gain (loss) on the sale of securities for each quarter, non-interest income decreased $35,000 in the third quarter of 2016 as compared to the second quarter of 2016 due to lower ATM and other fee income.
Asset Quality
During the third quarter, asset quality improved significantly due to the implementation of the asset disposition plan that was put in place following the close of the capital raise in the second quarter. OREO decreased by $3.2 million during the quarter to $4.0 million at September 30, 2016 due to the write down and sale of several properties. Nonperforming loans, including nonperforming loans held for sale, decreased by $3.4 million to $931,000 at September 30, 2016 as the asset disposition plan was completed in the third quarter. The ratio of nonperforming assets to total assets dropped to 1.30% at September 30, 2016, as compared to 3.03% at June 30, 2016 and the ratio of nonperforming loans to total loans dropped to 0.45% at the end of the third quarter of 2016 as compared to 2.18% at the end of the second quarter of 2016.
Allowance for Loan Losses
At September 30, 2016, the allowance for loan losses was $4.7 million, compared to $4.5 million at June 30, 2016. As a percentage of total loans held-for-investment, the allowance for loan losses was 2.24% in the third quarter of 2016, down slightly from 2.26% in the second quarter of 2016. The decrease in the allowance for loan losses as a percent of total loans was a reflection of improved levels of past dues. Out of the $4.7 million in total allowance for loan losses at September 30, 2016, specific allowances for impaired loans accounted for $788,000 as compared to $845,000 in the second quarter due to the sale and resolution of nonperforming loans.
Balance Sheet and Capital
Total assets decreased $913,000 during the third quarter of 2016, while gross loans (including loans held-for-sale) increased $10.1 million compared to the second quarter of 2016 as the Company saw solid loan production during the quarter. Total deposits remained flat and totaled $323.3 million at September 30, 2016, compared to $323.2 million at June 30, 2016, as an increase in money market and NOW deposits was offset by a decrease in time deposits which primarily resulted from the maturity of $8.1 million in internet-based time deposits.
As of September 30, 2016 the Bank’s leverage ratio, Common Equity Tier 1 ratio (CET1), Tier 1 risk-based capital ratio, and total risk-based capital ratio were 9.38%, 15.08%, 15.08% and 16.34%, respectively.
About HCSB Financial Corporation
HCSB Financial Corporation is the holding company for Horry County State Bank, a full-service community bank providing services in eight branches across Horry County, South Carolina. Horry County State Bank’s website is www.hcsbaccess.com. HSCB shares are quoted on the OTC Pink under the symbol “HCFB”.
SAFE HARBOR
This news release contains forward-looking statements, as defined by the federal securities laws, including statement about the Company’s financial outlook and business environment. Forward looking statements generally include words such as “expects,” “projects,” “anticipates,” “believes,” “estimates,” “strategy,” “plan,” “potential,” and other similar expressions. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those anticipated in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of some factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled “Forward-Looking Statements” on pages 1-2 and in the section entitled “Risk Factors” of the Company’s annual report on Form 10-K filed with the SEC for the year ended December 31, 2015. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
For additional information contact:
Jennifer W. Harris
Chief Financial Officer
(843) 716-6407
jharris@horrycountystatebank.com
HCSB Financial Corporation
Condensed Consolidated Balance Sheet (Unaudited)
| As of | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| 2016 | 2016 | 2016 | 2015* | 2015 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 31,174 | $ | 64,024 | $ | 41,652 | $ | 22,137 | $ | 29,185 | ||||||||||
| Investment securities available for sale | 111,581 | 80,969 | 83,205 | 89,701 | 84,291 | |||||||||||||||
| Nonmarketable equity securities | 1,090 | 1,090 | 1,276 | 1,330 | 1,330 | |||||||||||||||
| Loans held for sale | — | 4,280 | — | — | — | |||||||||||||||
| Loans | 209,176 | 199,072 | 199,635 | 209,367 | 219,982 | |||||||||||||||
| Allowance for loan losses | (4,676 | ) | (4,492 | ) | (3,719 | ) | (4,601 | ) | (5,021 | ) | ||||||||||
| Net loans | 204,500 | 194,580 | 195,916 | 204,766 | 214,961 | |||||||||||||||
| Premises and equipment, net | 14,456 | 14,591 | 15,758 | 15,917 | 16,069 | |||||||||||||||
| Assets held-for-sale | — | 768 | — | — | — | |||||||||||||||
| Other real estate owned | 4,032 | 7,256 | 11,270 | 13,624 | 18,510 | |||||||||||||||
| Bank-owned life insurance | 11,562 | 11,481 | 11,400 | 11,319 | 11,239 | |||||||||||||||
| Other assets | 2,712 | 3,441 | 2,886 | 2,629 | 2,962 | |||||||||||||||
| Total assets | $ | 381,107 | $ | 382,480 | $ | 363,363 | $ | 361,423 | $ | 378,547 | ||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Demand noninterest-bearing | $ | 47,060 | $ | 44,077 | $ | 40,227 | $ | 40,182 | $ | 45,135 | ||||||||||
| Money market, NOW and savings | 125,785 | 119,191 | 122,613 | 116,678 | 121,965 | |||||||||||||||
| Time deposits | 150,505 | 159,974 | 172,621 | 173,971 | 180,514 | |||||||||||||||
| Total deposits | 323,350 | 323,242 | 335,461 | 330,831 | 347,614 | |||||||||||||||
| Short-term borrowings | 1,662 | 1,659 | 1,248 | 1,716 | 1,119 | |||||||||||||||
| Long-term debt | 17,000 | 17,000 | 34,141 | 34,138 | 34,248 | |||||||||||||||
| Accrued expenses and other liabilities | 2,502 | 3,312 | 7,161 | 6,988 | 6,741 | |||||||||||||||
| Total liabilities | 344,514 | 345,213 | 378,011 | 373,673 | 389,722 | |||||||||||||||
| Shareholders’ equity: | ||||||||||||||||||||
| Preferred stock | — | 9 | 12,895 | 12,895 | 12,895 | |||||||||||||||
| Common stock | 4,958 | 3,633 | 38 | 38 | 38 | |||||||||||||||
| Warrants | — | — | 1,012 | 1,012 | 1,012 | |||||||||||||||
| Additional paid-in capital | 82,051 | 81,903 | 30,220 | 30,220 | 30,214 | |||||||||||||||
| Retained deficit | (49,961 | ) | (48,177 | ) | (58,090 | ) | (54,807 | ) | (54,398 | ) | ||||||||||
| Accumulated other comprehensive loss | (455 | ) | (101 | ) | (723 | ) | (1,608 | ) | (936 | ) | ||||||||||
| Total shareholders’ equity | 36,593 | 37,267 | (14,648 | ) | (12,250 | ) | (11,175 | ) | ||||||||||||
| Total liabilities and shareholders’ equity | $ | 381,107 | $ | 382,480 | $ | 363,363 | $ | 361,423 | $ | 378,547 | ||||||||||
| Common shares issued and outstanding | 495,763,940 | 363,314,783 | 3,846,340 | 3,846,340 | 3,816,340 | |||||||||||||||
* Derived from audited financial statements.
HCSB Financial Corporation
Condensed Consolidated Income Statement (Unaudited)
| At or For the Three Months Ended | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| 2016 | 2016 | 2016 | 2015 | 2015 | ||||||||||||||||
| ($ in thousands, except per share amounts) | ||||||||||||||||||||
| Interest income | ||||||||||||||||||||
| Loans, including fees | $ | 2,667 | $ | 2,581 | $ | 2,483 | $ | 2,753 | $ | 3,088 | ||||||||||
| Investment securities | 426 | 386 | 461 | 479 | 506 | |||||||||||||||
| Nonmarketable equity securities | 11 | 14 | 14 | 14 | 8 | |||||||||||||||
| Interest on deposits at banks | 68 | 73 | 31 | 14 | 16 | |||||||||||||||
| Total interest income | 3,172 | 3,054 | 2,989 | 3,260 | 3,618 | |||||||||||||||
| Interest expense | ||||||||||||||||||||
| Money market, NOW and savings deposits | 115 | 100 | 96 | 98 | 108 | |||||||||||||||
| Time deposits | 403 | 412 | 427 | 450 | 487 | |||||||||||||||
| Borrowings | 150 | 97 | 523 | 518 | 510 | |||||||||||||||
| Total interest expense | 668 | 609 | 1,046 | 1,066 | 1,105 | |||||||||||||||
| Net interest income | 2,504 | 2,445 | 1,943 | 2,194 | 2,513 | |||||||||||||||
| Provision for loan losses | — | 3,560 | 1,424 | — | — | |||||||||||||||
| Net interest income (loss) after provision | 2,504 | (1,115 | ) | 519 | 2,194 | 2,513 | ||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Service charges on deposit accounts | 188 | 189 | 161 | 163 | 197 | |||||||||||||||
| Mortgage banking income | 7 | — | — | 6 | 50 | |||||||||||||||
| Income from bank-owned life insurance | 110 | 110 | 110 | 109 | 109 | |||||||||||||||
| Gain (loss) on sale of securities available for sale | 153 | (102 | ) | 17 | — | 20 | ||||||||||||||
| Gain (loss) on sale of assets | (224 | ) | — | — | (4 | ) | 736 | |||||||||||||
| Gain on extinguishment of debt | — | 19,115 | — | — | — | |||||||||||||||
| Other noninterest income | 100 | 141 | 128 | 149 | 231 | |||||||||||||||
| Total noninterest income | 334 | 19,453 | 416 | 423 | 1,343 | |||||||||||||||
| Noninterest expenses | ||||||||||||||||||||
| Salaries and employee benefits | 1,648 | 1,668 | 1,286 | 1,228 | 1,330 | |||||||||||||||
| Occupancy and equipment | 493 | 486 | 499 | 493 | 558 | |||||||||||||||
| Legal and professional fees | 428 | 1,076 | 215 | 494 | 488 | |||||||||||||||
| FDIC insurance | 204 | 206 | 309 | 320 | 346 | |||||||||||||||
| Loss on disposal of fixed assets | — | 247 | — | — | — | |||||||||||||||
| Net cost of operation of other real estate owned | 1,392 | 3,273 | 1,564 | 167 | 382 | |||||||||||||||
| Other noninterest expense | 457 | 549 | 345 | 364 | 349 | |||||||||||||||
| Total noninterest expenses | 4,622 | 7,505 | 4,218 | 3,066 | 3,453 | |||||||||||||||
| Income (loss) before income taxes | (1,784 | ) | 10,833 | (3,283 | ) | (449 | ) | 403 | ||||||||||||
| Income tax expense (benefit) | — | 920 | — | (40 | ) | 35 | ||||||||||||||
| Net income (loss) | (1,784 | ) | 9,913 | (3,283 | ) | (409 | ) | 368 | ||||||||||||
| Preferred dividends | — | — | (398 | ) | (405 | ) | (514 | ) | ||||||||||||
| Net income (loss) available to common shareholders | $ | (1,784 | ) | $ | 9,913 | $ | (3,681 | ) | $ | (814 | ) | $ | (146 | ) | ||||||
| Earnings per common share, fully diluted | $ | (0.00 | ) | $ | 0.03 | $ | (0.96 | ) | $ | (0.21 | ) | $ | (0.04 | ) | ||||||
| Weighted average diluted common shares | 411,085,981 | 319,862,554 | 3,846,340 | 3,846,340 | 3,816,340 | |||||||||||||||
HCSB Financial Corporation
Average Balance Sheets and Net Interest Analysis (Unaudited)
| For the Three Months Ended | ||||||||||||||||||||||||
| September 30, 2016 | September 30, 2015 | |||||||||||||||||||||||
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||
| Balance | Expense | Rate (2) | Balance | Expense | Rate (2) | |||||||||||||||||||
| Assets | ($ in thousands) | |||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans and loans held for sale (1) | $ | 204,634 | $ | 2,667 | 5.18 | % | $ | 226,162 | $ | 3,088 | 5.42 | % | ||||||||||||
| Interest-bearing deposits | 51,270 | 68 | 0.53 | % | 31,796 | 16 | 0.20 | % | ||||||||||||||||
| Investment securities | 98,153 | 426 | 1.74 | % | 89,388 | 506 | 2.26 | % | ||||||||||||||||
| Other interest-earning assets | 1,090 | 11 | 4.01 | % | 1,144 | 8 | 2.77 | % | ||||||||||||||||
| Total interest-earning assets | 355,147 | 3,172 | 3.55 | % | 348,490 | 3,618 | 4.12 | % | ||||||||||||||||
| Allowance for loan losses | (4,518 | ) | (5,573 | ) | ||||||||||||||||||||
| Cash and due from banks | 1,806 | 1,787 | ||||||||||||||||||||||
| Premises and equipment | 14,544 | 17,742 | ||||||||||||||||||||||
| Other assets | 21,030 | 32,444 | ||||||||||||||||||||||
| Total assets | $ | 388,009 | $ | 394,890 | ||||||||||||||||||||
| Liabilities and shareholders’ equity | ||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand | $ | 40,423 | $ | 17 | 0.17 | % | $ | 39,904 | $ | 15 | 0.15 | % | ||||||||||||
| Money market, NOW and savings | 86,089 | 98 | 0.45 | % | 87,517 | 93 | 0.42 | % | ||||||||||||||||
| Time deposits | 155,542 | 403 | 1.03 | % | 189,101 | 487 | 1.02 | % | ||||||||||||||||
| Total interest-bearing deposits | 282,054 | 518 | 0.73 | % | 316,522 | 595 | 0.75 | % | ||||||||||||||||
| Short-term borrowings | 1,773 | 1 | 0.22 | % | 1,203 | 1 | 0.33 | % | ||||||||||||||||
| Long-term debt | 17,000 | 149 | 3.49 | % | 34,248 | 509 | 5.90 | % | ||||||||||||||||
| Total borrowed funds | 18,773 | 150 | 3.18 | % | 35,451 | 510 | 5.71 | % | ||||||||||||||||
| Total interest-bearing liabilities | 300,827 | 668 | 0.88 | % | 351,973 | 1,105 | 1.25 | % | ||||||||||||||||
| Net interest rate spread | 2,504 | 2.68 | % | 2,513 | 2.87 | % | ||||||||||||||||||
| Noninterest-bearing demand deposits | 47,408 | 47,779 | ||||||||||||||||||||||
| Other liabilities | 3,183 | 6,980 | ||||||||||||||||||||||
| Shareholders’ equity | 36,591 | (11,842 | ) | |||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 388,009 | $ | 394,890 | ||||||||||||||||||||
| Net interest margin | 2.80 | % | 2.86 | % | ||||||||||||||||||||
| (1) | Nonaccrual loans are included in the average loan balances. |
| (2) | Yield/ rate calculated on Actual/Actual day count basis, except for yield on investments which is calculated on a 30/360 day count basis. |
HCSB Financial Corporation
Selected Ratios (Unaudited)
| At or For the Three Months Ended | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| 2016 | 2016 | 2016 | 2015 | 2015 | ||||||||||||||||
| ($ in thousands, except per share amounts) | ||||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||
| Basic Earnings (Loss) per Common Share | $ | (0.00 | ) | $ | 0.03 | $ | (0.96 | ) | $ | (0.21 | ) | $ | (0.04 | ) | ||||||
| Book value per common share (1) | $ | 0.07 | $ | 0.10 | $ | (7.16 | ) | $ | (6.59 | ) | $ | (6.31 | ) | |||||||
| Common shares outstanding | 495,764,318 | 363,314,783 | 3,846,340 | 3,846,340 | 3,816,640 | |||||||||||||||
| Weighted average dilutive common shares outstanding | 411,085,981 | 319,862,554 | 3,846,340 | 3,846,340 | 3,816,340 | |||||||||||||||
| Selected Performance Ratios: | ||||||||||||||||||||
| Return on Average Assets | -1.83 | % | 10.36 | % | -3.67 | % | -0.44 | % | 0.37 | % | ||||||||||
| Return on Average Equity (2) | -19.40 | % | 111.93 | % | N/A | N/A | N/A | |||||||||||||
| Net interest margin (non-tax equivalent) | 2.80 | % | 2.84 | % | 2.45 | % | 2.66 | % | 2.86 | % | ||||||||||
| Non-interest Income as a % of Revenue | 9.53 | % | 86.43 | % | 12.22 | % | 11.49 | % | 27.07 | % | ||||||||||
| Non-interest Income as a % of Average Assets | 0.09 | % | 5.06 | % | 0.12 | % | 0.11 | % | 0.34 | % | ||||||||||
| Non-interest Expense as a % of Average Assets | 1.19 | % | 1.95 | % | 1.17 | % | 0.83 | % | 0.87 | % | ||||||||||
| Asset Quality: | ||||||||||||||||||||
| Past due 30-59 days (and still accruing) | $ | 535 | $ | 636 | $ | 3,667 | $ | 3,897 | $ | 2,058 | ||||||||||
| Past due 60-89 days (and still accruing) | 112 | 159 | 647 | 244 | 808 | |||||||||||||||
| Past due 90 days plus (and still accruing) | — | — | — | — | — | |||||||||||||||
| Nonaccrual loans | 931 | 332 | 6,115 | 8,742 | 6,792 | |||||||||||||||
| Nonperforming loans | 931 | 332 | 6,115 | 8,742 | 6,792 | |||||||||||||||
| Nonperforming loans held for sale (nonaccruing) | — | 4,012 | — | — | — | |||||||||||||||
| OREO | 4,032 | 7,256 | 11,270 | 13,624 | 18,510 | |||||||||||||||
| Nonperforming assets | 4,963 | 11,600 | 17,385 | 22,366 | 25,302 | |||||||||||||||
| Nonperforming loans to total loans | 0.45 | % | 2.18 | % | 3.06 | % | 4.18 | % | 3.09 | % | ||||||||||
| Nonperforming assets to total assets | 1.30 | % | 3.03 | % | 4.78 | % | 6.19 | % | 6.68 | % | ||||||||||
| Allowance to total loans held-for-investment | 2.24 | % | 2.26 | % | 1.86 | % | 2.20 | % | 2.28 | % | ||||||||||
| Allowance to nonperforming loans | 502.26 | % | 103.41 | % | 60.82 | % | 52.63 | % | 73.93 | % | ||||||||||
| Allowance to nonperforming assets | 94.22 | % | 38.72 | % | 21.39 | % | 20.57 | % | 19.84 | % | ||||||||||
| Net charge-offs (recoveries) to average loans | 4.13 | % | 5.57 | % | 4.52 | % | 0.78 | % | 1.02 | % | ||||||||||
| (annualized) | ||||||||||||||||||||
| Capital Ratios (Bank): | ||||||||||||||||||||
| Common Equity Tier 1 (CET1) capital | $ | 36,404 | $ | 38,114 | $ | 9,238 | $ | 12,135 | 12,169 | |||||||||||
| Tier 1 capital | 36,404 | 38,114 | 9,238 | 12,135 | $ | 12,169 | ||||||||||||||
| Tier 2 capital | 3,039 | 2,939 | 2,962 | 3,267 | 3,497 | |||||||||||||||
| Total risk based capital | 39,443 | 41,053 | 12,200 | 15,402 | 15,666 | |||||||||||||||
| Risk weighted assets | 241,456 | 233,528 | 236,204 | 260,024 | 278,214 | |||||||||||||||
| Average assets for leverage ratio | 388,135 | 384,914 | 360,649 | 370,482 | 400,954 | |||||||||||||||
| Common Equity Tier 1 (CET1) ratio | 15.08 | % | 16.32 | % | 3.91 | % | 4.67 | % | 4.37 | % | ||||||||||
| Tier 1 ratio | 15.08 | % | 16.32 | % | 3.91 | % | 4.67 | % | 4.37 | % | ||||||||||
| Total risk based capital ratio | 16.34 | % | 17.58 | % | 5.17 | % | 5.92 | % | 5.63 | % | ||||||||||
| Tier 1 leverage ratio | 9.38 | % | 9.90 | % | 2.56 | % | 3.28 | % | 3.04 | % | ||||||||||
| (1) | Book value per share excludes non-voting preferred shares |
| (2) | Ratio not applicable in prior periods due to negative equity |