Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FIDELITY D & D BANCORP INC | fdbc-20170201x8k.htm |
Exhibit 99.1
FIDELITY D & D BANCORP, INC.
FOR IMMEDIATE RELEASE
Date: February 1, 2017
Contacts:
|
Daniel J. Santaniello |
Salvatore R. DeFrancesco, Jr. |
|
President and Chief Executive Officer |
Treasurer and Chief Financial Officer |
|
570-504-8035 |
570-504-8000 |
FIDELITY D & D BANCORP, INC.
REPORTS 2016 FINANCIAL RESULTS
Dunmore, PA – Fidelity D & D Bancorp, Inc. (OTC US: FDBC) and its banking subsidiary Fidelity Deposit and Discount Bank, announced net income for the year ended December 31, 2016 of $7.7 million, or $3.13 diluted earnings per share, compared to $7.1 million, or $2.90 diluted earnings per share, for the year ended December 31, 2015. The $0.6 million, or 8%, improvement resulted from strategic growth which expanded net interest income by $1.6 million, or 7%, and other income by $0.5 million. The Company continued to focus on its relationship management strategy achieving $42.9 million, or 6%, growth in average earning assets during 2016. This growth was funded by a $43.7 million increase in average deposits and a $5.4 million increase in average shareholders’ equity partially offset by a $6.8 million reduction in average borrowings. Other expenses increased $0.6 million combined with a $1.0 million larger provision for income taxes partially reduced the revenue growth. Return on average assets (ROA) was 1.02% for 2016 and 1.00% for 2015. During the same periods, return on average equity (ROE) was 9.64% and 9.55%.
“Fidelity Bank’s 2016 results demonstrated quality and consistent growth in earnings and the balance sheet as we continued to focus on our strategic priority of relationship management.” stated Daniel J. Santaniello, President and Chief Executive Officer. “In 2016, the company produced strong growth in loans, deposits, non-interest income, and capital, while returning more capital to our shareholders than the prior year. I am very proud of the Fidelity Banker’s commitment to partnering with clients to help achieve their financial success.”
Net income for the quarter ended December 31, 2016 increased $0.2 million, or 11%, to $2.0 million from $1.8 million for the same 2015 quarter. The improvement stemmed from producing $0.4 million in additional net interest income, a $0.3 million increase in other income and a $0.2 million reduction in the provision for loan losses partially offset by $0.5 million higher other expenses. Earnings per share on a diluted basis was $0.83 and $0.74 for the quarters ended December 31, 2016 and 2015, respectively. ROA and ROE were 1.06% and 9.92%, respectively, for the fourth quarter of 2016 and 0.99% and 9.48%, respectively, for the fourth quarter of 2015.
The Company’s total assets increased $63.5 million, or 9%, to $792.9 million at December 31, 2016 from $729.4 million at December 31, 2015. A $42.9 million net increase in the loan portfolio, $4.8 million increase in securities and $13.6 million increase in cash balances made up the bulk of the asset growth. Excluding the $49.4 million temporary escrow deposit received at the end of 2016, total deposits grew $33.4 million, or 5%. Shareholders’ equity increased $4.3 million, or 6%, and short-term borrowings were reduced by $24.0 million.
Net interest income was $25.1 million for the year ended December 31, 2016, a $1.6 million increase over the $23.5 million earned for the year ended December 31, 2015. An increase of $34.1 million in average loans and leases mitigated the lower yields earned in the loan portfolio and generated $1.0 million more interest income. Higher investment portfolio yields with an additional $6.4 million in average investments contributed another $0.4 million in interest income. In conjunction with the higher interest income, stable deposit costs with lower average borrowings at lower interest rates saved $0.2 million in interest expense. As a result of the higher
earnings on a larger average portfolio of earning assets, net interest margin was 3.72% for 2016, or 2 basis points higher, than the 3.70% recorded for 2015.
Net interest income was $6.4 million for the fourth quarter of 2016 compared to $6.0 million for the fourth quarter of 2015. The $0.4 million, or 6%, increase resulted from a higher level of interest-earning assets. This lead to a four basis point improvement in the net interest margin to 3.73% for the fourth quarter of 2016 compared to 3.69% for the same 2015 quarter.
The provision for loan losses was $50 thousand lower in 2016 than 2015. The decrease in the provision was primarily due to a lower level of non-performing loans. The ratio of non-accrual loans to total loans was 1.23% and 1.61% at December 31, 2016 and 2015, respectively. Net charge-offs as a percentage of total average loans for the year ended December 31, 2016 was 0.21% compared to 0.13 % for the year ended December 31, 2015. The allowance for loan losses was $9.4 million at December 31, 2016, or 1.57% of total loans, compared to $9.5 million, or 1.71% of total loans, at December 31, 2015.
The provision for loan losses was $0.4 million for the fourth quarter of 2016, a $0.2 million decrease compared to $0.6 million for the fourth quarter of 2015. During the last quarter of 2015, a single large commercial real estate loan was moved to non-accrual status requiring a higher provision. This loan was resolved in June 2016.
Total other income recorded for the year ended December 31, 2016 was $8.0 million, an increase of $0.5 million, or 6%, from the $7.5 million recorded for the year ended December 31, 2015. Other income increased due to $0.4 million more deposit service charges, $0.2 million in additional interchange fees and $82 thousand more fees from financial services that offset $0.2 million fewer gains on loan sales and $71 thousand less gains on securities when compared to 2015.
Total other income increased $0.3 million, or 14%, to $2.2 million during the fourth quarter of 2016 compared to $1.9 million for the fourth quarter of 2015. Increases of $0.1 million in deposit fees, $49 thousand in loan fees and $60 thousand more gains on loan sales were partially offset by $54 thousand fewer gains on security sales for the three months ended December 31, 2016 compared to the three months ended December 31, 2015.
Other expenses increased to $21.6 million for the year ended December 31, 2016, an increase of $0.6 million from $21.0 million for the year ended December 31, 2015. Increases within this category included a $1.1 million increase in salaries and employee benefits expense, a $0.4 million increase in data processing expense and $0.2 million in PA shares tax expense. These increases were partially offset by a $0.6 million FHLB prepayment fee, which was paid in 2015 for the early payoff of long-term debt which did not recur in 2016. Also partially offsetting the increases was a $0.3 million decrease in advertising and marketing expenses for 2016 when compared to 2015 along with a decrease of $0.1 million in professional services.
Other expenses increased $0.5 million, or 11%, to $5.5 million for the fourth quarter of 2016 compared to $5.0 million for the fourth quarter of 2015. The increase was due to a $0.5 million in additional salaries and employee benefits expense, $67 thousand more premises and equipment expense and $75 thousand higher data processing expenses. These increases were partially offset by $84 thousand lower FDIC assessment costs and $61 thousand less automated transaction processing expenses.
During the year ended December 31, 2016, provision for income taxes increased by $1.0 million. This change resulted from an audit adjustment reducing 2015 income tax expense by $0.4 million plus a higher level of taxable income in 2016.
Fidelity D & D Bancorp, Inc. has built a strong history as trusted advisors to the customers served by The Fidelity Deposit and Discount Bank, and is proud to be an active member of the community of Northeastern Pennsylvania. The Company serves Lackawanna and Luzerne Counties through The Fidelity Deposit and Discount Bank’s 10 community banking office locations providing personal and business banking products and services, including wealth management assistance through fiduciary activities with the Bank’s full trust powers; as well as offering a full array of asset management services. The Bank provides 24 hour, 7 day a week service
to customers through branch offices, online at www.bankatfidelity.com, and through the Customer Care Center at 800-388-4380. The Bank's deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.
Forward-looking statements
Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.
The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:
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· |
the effects of economic conditions on current customers, specifically the effect of the economy on loan customers’ ability to repay loans; |
|
· |
the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; |
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· |
the impact of new or changes in existing laws and regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the regulations promulgated there under; |
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· |
impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules; |
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· |
governmental monetary and fiscal policies, as well as legislative and regulatory changes; |
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· |
effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions; |
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· |
the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; |
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· |
the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks; |
|
· |
the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet; |
|
· |
technological changes; |
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· |
the interruption or breach in security of our information systems and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses; |
|
· |
acquisitions and integration of acquired businesses; |
|
· |
the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities; |
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· |
volatilities in the securities markets; |
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· |
acts of war or terrorism; |
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· |
disruption of credit and equity markets; and |
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· |
the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. |
The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.
For more information please visit our investor relations web site located through www.bankatfidelity.com.
FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands)
|
|
||||
|
At Period End: |
December 31, 2016 |
December 31, 2015 |
||
|
Assets |
||||
|
Total cash and cash equivalents |
$ |
25,843 |
$ |
12,277 |
|
Investment securities |
130,037 | 125,232 | ||
|
Federal Home Loan Bank Stock |
2,606 | 2,120 | ||
|
Loans and leases |
600,348 | 557,630 | ||
|
Allowance for loan losses |
(9,364) | (9,527) | ||
|
Premises and equipment, net |
17,164 | 16,723 | ||
|
Life insurance cash surrender value |
11,435 | 11,082 | ||
|
Other assets |
14,875 | 13,821 | ||
|
|
||||
|
Total assets |
$ |
792,944 |
$ |
729,358 |
|
|
||||
|
Liabilities |
||||
|
Non-interest-bearing deposits |
$ |
211,153 |
$ |
142,774 |
|
Interest-bearing deposits |
492,306 | 477,901 | ||
|
Total deposits |
703,459 | 620,675 | ||
|
Short-term borrowings |
4,223 | 28,204 | ||
|
Other liabilities |
4,631 | 4,128 | ||
|
Total liabilities |
712,313 | 653,007 | ||
|
|
||||
|
Shareholders' equity |
80,631 | 76,351 | ||
|
|
||||
|
Total liabilities and shareholders' equity |
$ |
792,944 |
$ |
729,358 |
|
|
||||
|
|
||||
|
Average Year-To-Date Balances: |
December 31, 2016 |
December 31, 2015 |
||
|
Assets |
||||
|
Total cash and cash equivalents |
$ |
23,801 |
$ |
22,248 |
|
Investment securities |
129,679 | 122,549 | ||
|
Loans and leases, net |
559,538 | 525,571 | ||
|
Premises and equipment, net |
16,584 | 15,954 | ||
|
Other assets |
26,244 | 26,520 | ||
|
|
||||
|
Total assets |
$ |
755,846 |
$ |
712,842 |
|
|
||||
|
Liabilities |
||||
|
Non-interest-bearing deposits |
$ |
152,826 |
$ |
138,389 |
|
Interest-bearing deposits |
505,079 | 475,853 | ||
|
Total deposits |
657,905 | 614,242 | ||
|
Short-term borrowings |
13,044 | 19,886 | ||
|
Other liabilities |
5,120 | 4,306 | ||
|
Total liabilities |
676,069 | 638,434 | ||
|
|
||||
|
Shareholders' equity |
79,777 | 74,408 | ||
|
|
||||
|
Total liabilities and shareholders' equity |
$ |
755,846 |
$ |
712,842 |
|
|
||||
FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Statements of Income
(dollars in thousands)
|
|
Three Months Ended |
Twelve Months Ended |
||||||||
|
|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
|
Interest income |
||||||||||
|
Loans and leases |
$ |
6,212 |
$ |
5,979 |
$ |
24,362 |
$ |
23,364 | ||
|
Securities and other |
826 | 681 | 3,133 | 2,650 | ||||||
|
|
||||||||||
|
Total interest income |
7,038 | 6,660 | 27,495 | 26,014 | ||||||
|
|
||||||||||
|
Interest expense |
||||||||||
|
Deposits |
582 | 597 | 2,309 | 2,236 | ||||||
|
Borrowings and debt |
19 | 8 | 49 | 293 | ||||||
|
|
||||||||||
|
Total interest expense |
601 | 605 | 2,358 | 2,529 | ||||||
|
|
||||||||||
|
Net interest income |
6,437 | 6,055 | 25,137 | 23,485 | ||||||
|
|
||||||||||
|
Provision for loan losses |
(375) | (575) | (1,025) | (1,075) | ||||||
|
Other income |
2,194 | 1,927 | 8,005 | 7,533 | ||||||
|
Other expenses |
(5,489) | (4,952) | (21,655) | (21,022) | ||||||
|
Provision for income taxes |
(738) | (634) | (2,769) | (1,818) | ||||||
|
Net income |
$ |
2,029 |
$ |
1,821 |
$ |
7,693 |
$ |
7,103 | ||
|
|
||||||||||
|
|
||||||||||
|
|
||||||||||
|
|
Three Months Ended |
|||||||||
|
|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||
|
Interest income |
||||||||||
|
Loans and leases |
$ |
6,212 |
$ |
6,155 |
$ |
5,989 |
$ |
6,006 |
$ |
5,979 |
|
Securities and other |
826 | 851 | 726 | 730 | 681 | |||||
|
|
||||||||||
|
Total interest income |
7,038 | 7,006 | 6,715 | 6,736 | 6,660 | |||||
|
|
||||||||||
|
Interest expense |
||||||||||
|
Deposits |
582 | 580 | 567 | 580 | 597 | |||||
|
Borrowings and debt |
19 | 5 | 7 | 18 | 8 | |||||
|
|
||||||||||
|
Total interest expense |
601 | 585 | 574 | 598 | 605 | |||||
|
|
||||||||||
|
Net interest income |
6,437 | 6,421 | 6,141 | 6,138 | 6,055 | |||||
|
|
||||||||||
|
Provision for loan losses |
(375) | (225) | (275) | (150) | (575) | |||||
|
Other income |
2,194 | 2,024 | 2,100 | 1,687 | 1,927 | |||||
|
Other expenses |
(5,489) | (5,409) | (5,369) | (5,388) | (4,952) | |||||
|
Provision for income taxes |
(738) | (776) | (669) | (586) | (634) | |||||
|
Net income |
$ |
2,029 |
$ |
2,035 |
$ |
1,928 |
$ |
1,701 |
$ |
1,821 |
|
|
||||||||||
FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands)
|
|
||||||||||
|
At Period End: |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||
|
Assets |
||||||||||
|
Total cash and cash equivalents |
$ |
25,843 |
$ |
31,440 |
$ |
27,853 |
$ |
41,091 |
$ |
12,277 |
|
Investment securities |
130,037 | 128,765 | 129,760 | 128,673 | 125,232 | |||||
|
Federal Home Loan Bank Stock |
2,606 | 1,201 | 1,140 | 1,420 | 2,120 | |||||
|
Loans and leases |
600,348 | 573,898 | 562,758 | 557,293 | 557,630 | |||||
|
Allowance for loan losses |
(9,364) | (9,196) | (9,207) | (9,384) | (9,527) | |||||
|
Premises and equipment, net |
17,164 | 16,497 | 16,455 | 16,519 | 16,723 | |||||
|
Life insurance cash surrender value |
11,435 | 11,346 | 11,257 | 11,169 | 11,082 | |||||
|
Other assets |
14,875 | 16,472 | 16,460 | 16,601 | 13,821 | |||||
|
|
||||||||||
|
Total assets |
$ |
792,944 |
$ |
770,423 |
$ |
756,476 |
$ |
763,382 |
$ |
729,358 |
|
|
||||||||||
|
Liabilities |
||||||||||
|
Non-interest-bearing deposits |
$ |
211,153 |
$ |
160,129 |
$ |
157,776 |
$ |
157,358 |
$ |
142,774 |
|
Interest-bearing deposits |
492,306 | 511,678 | 505,524 | 510,553 | 477,901 | |||||
|
Total deposits |
703,459 | 671,807 | 663,300 | 667,911 | 620,675 | |||||
|
Short-term borrowings |
4,223 | 10,996 | 7,258 | 12,765 | 28,204 | |||||
|
Other liabilities |
4,631 | 6,061 | 5,522 | 4,397 | 4,128 | |||||
|
Total liabilities |
712,313 | 688,864 | 676,080 | 685,073 | 653,007 | |||||
|
|
||||||||||
|
Shareholders' equity |
80,631 | 81,559 | 80,396 | 78,309 | 76,351 | |||||
|
|
||||||||||
|
Total liabilities and shareholders' equity |
$ |
792,944 |
$ |
770,423 |
$ |
756,476 |
$ |
763,382 |
$ |
729,358 |
|
|
||||||||||
|
|
||||||||||
|
Average Quarterly Balances: |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||
|
Assets |
||||||||||
|
Total cash and cash equivalents |
$ |
16,435 |
$ |
21,166 |
$ |
28,753 |
$ |
28,960 |
$ |
17,612 |
|
Investment securities |
130,971 | 130,301 | 129,604 | 127,820 | 127,509 | |||||
|
Loans and leases, net |
574,283 | 562,429 | 553,212 | 548,034 | 541,144 | |||||
|
Premises and equipment, net |
16,780 | 16,468 | 16,445 | 16,641 | 16,843 | |||||
|
Other assets |
26,651 | 26,594 | 26,347 | 25,374 | 24,409 | |||||
|
|
||||||||||
|
Total assets |
$ |
765,120 |
$ |
756,958 |
$ |
754,361 |
$ |
746,829 |
$ |
727,517 |
|
|
||||||||||
|
Liabilities |
||||||||||
|
Non-interest-bearing deposits |
$ |
162,065 |
$ |
155,516 |
$ |
148,703 |
$ |
144,890 |
$ |
141,198 |
|
Interest-bearing deposits |
499,087 | 505,673 | 512,695 | 502,917 | 493,383 | |||||
|
Total deposits |
661,152 | 661,189 | 661,398 | 647,807 | 634,581 | |||||
|
Short-term borrowings |
16,606 | 9,266 | 9,162 | 17,145 | 12,003 | |||||
|
Other liabilities |
5,949 | 5,409 | 4,713 | 4,396 | 4,766 | |||||
|
Total liabilities |
683,708 | 675,864 | 675,273 | 669,348 | 651,350 | |||||
|
|
||||||||||
|
Shareholders' equity |
81,411 | 81,094 | 79,088 | 77,481 | 76,167 | |||||
|
|
||||||||||
|
Total liabilities and shareholders' equity |
$ |
765,120 |
$ |
756,958 |
$ |
754,361 |
$ |
746,829 |
$ |
727,517 |
|
|
FIDELITY D & D BANCORP, INC.
Selected Financial Ratios and Other Data
|
|
||||||||||
|
|
Three Months Ended |
|||||||||
|
|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||
|
Selected returns and financial ratios |
||||||||||
|
Basic earnings per share |
$ |
0.83 |
$ |
0.83 |
$ |
0.79 |
$ |
0.69 |
$ |
0.74 |
|
Diluted earnings per share |
$ |
0.83 |
$ |
0.82 |
$ |
0.79 |
$ |
0.69 |
$ |
0.74 |
|
Dividends per share |
$ |
0.39 |
$ |
0.29 |
$ |
0.29 |
$ |
0.27 |
$ |
0.37 |
|
Yield on interest-earning assets (FTE) |
4.07% | 4.11% | 3.99% | 4.04% | 4.05% | |||||
|
Cost of interest-bearing liabilities |
0.46% | 0.45% | 0.44% | 0.46% | 0.48% | |||||
|
Net interest spread |
3.61% | 3.66% | 3.55% | 3.58% | 3.57% | |||||
|
Net interest margin |
3.73% | 3.78% | 3.66% | 3.70% | 3.69% | |||||
|
Return on average assets |
1.06% | 1.07% | 1.03% | 0.92% | 0.99% | |||||
|
Return on average equity |
9.92% | 9.99% | 9.80% | 8.83% | 9.48% | |||||
|
Efficiency ratio |
61.23% | 61.85% | 63.09% | 66.49% | 61.15% | |||||
|
Expense ratio |
1.69% | 1.77% | 1.75% | 1.99% | 1.68% | |||||
|
|
||||||||||
|
|
Twelve Months Ended |
|||||||||
|
|
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||||
|
Basic earnings per share |
$ |
3.14 |
$ |
2.91 | ||||||
|
Diluted earnings per share |
$ |
3.13 |
$ |
2.90 | ||||||
|
Dividends per share |
$ |
1.24 |
$ |
1.16 | ||||||
|
Yield on interest-earning assets (FTE) |
4.05% | 4.08% | ||||||||
|
Cost of interest-bearing liabilities |
0.46% | 0.51% | ||||||||
|
Net interest spread |
3.59% | 3.57% | ||||||||
|
Net interest margin |
3.72% | 3.70% | ||||||||
|
Return on average assets |
1.02% | 1.00% | ||||||||
|
Return on average equity |
9.64% | 9.55% | ||||||||
|
Efficiency ratio |
63.09% | 64.40% | ||||||||
|
Expense ratio |
1.80% | 1.86% | ||||||||
|
|
||||||||||
|
Other financial data |
At period end: |
|||||||||
|
|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||
|
Book value per share |
$ |
32.86 |
$ |
33.24 |
$ |
32.76 |
$ |
31.92 |
$ |
31.25 |
|
Equity to assets |
10.17% | 10.59% | 10.63% | 10.26% | 10.47% | |||||
|
Allowance for loan losses to: |
||||||||||
|
Total loans |
1.57% | 1.61% | 1.64% | 1.69% | 1.71% | |||||
|
Non-accrual loans |
1.27x |
1.57x |
1.56x |
1.13x |
1.06x |
|||||
|
Non-accrual loans to total loans |
1.23% | 1.02% | 1.05% | 1.49% | 1.61% | |||||
|
Non-performing assets to total assets |
1.33% | 1.32% | 1.37% | 1.77% | 1.76% | |||||
|
Net charge-offs to average total loans |
0.21% | 0.23% | 0.27% | 0.21% | 0.13% | |||||