Attached files
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| 8-K - FORM 8-K - CNB FINANCIAL CORP/PA | ccne720188-k.htm |
Exhibit 99.1
News Release | ||
 | ||
Contact: Brian W. Wingard | ||
Treasurer | ||
(814) 765-9621 | ||
FOR IMMEDIATE RELEASE | ||
CNB FINANCIAL CORPORATION REPORTS SECOND QUARTER EARNINGS FOR 2018,
HIGHLIGHTED BY STRONG ORGANIC LOAN AND DEPOSIT GROWTH
Clearfield, Pennsylvania – July 20, 2018
CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the second quarter and first six months of 2018. Highlights include the following:
• | Net income of $8.4 million, or $0.55 per share, in the second quarter of 2018, compared to net income of $6.7 million, or $0.44 per share, in the second quarter of 2017. Pre-tax income in the second quarter of 2018 was $10.0 million compared to $8.5 million in the second quarter of 2017 excluding securities gains of $155 thousand and a gain on sale of a branch of $536 thousand, an increase of 18.1%. |
• | Net income of $15.5 million, or $1.02 per share, during the six months ended June 30, 2018, compared to net income of $13.2 million, or $0.87 per share, during the six months ended June 30, 2017. Pre-tax income for the six months ended June 30, 2018 was $18.2 million compared to $16.0 million for the same period in 2017 excluding securities gains of $1.5 million and a gain on sale of a branch of $536 thousand, an increase of 13.8%. |
• | Annualized returns on average assets and equity of 1.07% and 12.62%, respectively, for the six months ended June 30, 2018, compared to 1.00% and 11.28%, respectively, for the six months ended June 30, 2017. The annualized return on average tangible equity was 15.08% and 13.70% during the six months June 30, 2018 and 2017, respectively. |
• | Net interest margin on a fully tax-equivalent basis of 3.73% and 3.77% for the six months ended June 30, 2018 and 2017, respectively. |
• | Loans of $2.34 billion as of June 30, 2018, compared to loans of $2.02 billion as of June 30, 2017, representing organic loan growth of 15.6%. |
• | Deposits of $2.40 billion as of June 30, 2018, compared to deposits of $2.08 billion as of June 30, 2017, representing organic deposit growth of 15.6%. |
• | Book value per share of $16.35 as of June 30, 2018 increased 2.3% compared to book value per share of $15.98 as of December 31, 2017 and tangible book value per share of $13.74 as of June 30, 2018 increased 3.0% compared to tangible book value per share of $13.33 as of December 31, 2017. |
• | Book value per share of $16.35 as of June 30, 2018 increased 4.0% compared to book value per share of $15.72 as of June 30, 2017, and tangible book value per share of $13.74 as of June 30, 2018 increased 5.3% compared to tangible book value per share of $13.04 as of June 30, 2017. |
• | Non-performing assets of $25.0 million, or 0.83% of total assets as of June 30, 2018, compared to $20.4 million, or 0.74% of total assets, as of December 31, 2017, and $21.2 million, or 0.79% of total assets, as of June 30, 2017. |
Joseph B. Bower, Jr., President and CEO, stated, "Our performance for the quarter is a credit to the hard work and diligence of our team. Strong double-digit organic loan and deposit growth reflect the momentum and demand for our community banking model by customers in both our legacy and newer markets."
Net Interest Margin
Net interest margin on a fully tax equivalent basis was 3.73% and 3.77% for the six months ended June 30, 2018 and 2017, respectively. The yield on earning assets increased 17 basis points to 4.59% for the six months ended June 30, 2018 from 4.42% for the six months ended June 30, 2017. The cost of interest-bearing liabilities increased 24 basis points to 1.00% for the six months ended June 30, 2018 from 0.76% for the six months ended June 30, 2017.
Total interest and dividend income increased by 18.0% to $61.5 million for the six months ended June 30, 2018 from $52.1 million for the six months ended June 30, 2017. Net interest income increased by 13.0% to $49.9 million for the six months ended June 30, 2018 from $44.2 million for the six months ended June 30, 2017.
Asset Quality
During the three and six months ended June 30, 2018, CNB recorded a provision for loan losses of $1.9 million and $3.5 million, as compared to a provision for loan losses of $1.1 million and $2.2 million for the three and six months ended June 30, 2017. Net chargeoffs during the three and six months ended June 30, 2018 were $538 thousand and $1.1 million, compared to net chargeoffs of $411 thousand and $1.2 million for the three and six months ended June 30, 2017. CNB Bank net chargeoffs totaled $139 thousand and $58 thousand during the six months ended June 30, 2018 and 2017, or 0.01% and 0.01%, respectively, of average CNB Bank loans. Holiday Financial Services Corporation is CNB’s consumer discount company and recorded net chargeoffs totaling $968 thousand and $1.2 million during the six months ended June 30, 2018 and 2017, respectively.
In the second quarter of 2018, CNB identified a commercial and industrial relationship that, while performing in accordance with its contractual terms and current with scheduled principal and interest payments, filed for bankruptcy. As of June 30, 2018, the outstanding principal balance of the relationship is $5.5 million, and the specific loan loss reserve recorded during the quarter is $758 thousand.
Non-Interest Income
Net realized gains on available-for-sale securities were $0 for the six months ended June 30, 2018, compared to $1.5 million during the six months ended June 30, 2017. In addition, CNB realized a gain on the sale of a branch in the second quarter of 2017 of $536 thousand. Excluding the effects of these gains associated with the branch sale and the sale of available for sale securities in 2017, non-interest income for the six months ended June 30, 2018 and 2017 was $10.4 million and $8.8 million, respectively.
As a result of CNB’s continued focus on growing its Private Client Solutions division, wealth and asset management revenues were $2.1 million for the first six months of 2018, an increase of 16.3% from $1.8 million in the first six months of 2017. In addition, as a result of its continued organic growth, CNB experienced an increase in service charges in deposit accounts of $263 thousand, or 11.7%, in the first six months of 2018 compared to the first six months of 2017. Similarly, other service charges and fees increased $253 thousand, or 23.3%, in the first six months of 2018 compared to the first six months of 2017. Income from investments in Small Business Investment Companies was $340 thousand in the first six months of 2018 compared to $37 thousand in the first six months of 2017, which is reported as a component of other non-interest income.
Non-Interest Expenses
Total non-interest expenses were $19.5 million and $38.5 million during the three and six months ended June 30, 2018, compared to $17.8 million and $34.8 million during the three and six months ended June 30, 2017. Salaries and benefits expense increased $1.8 million, or 9.8%, during the six months ended June 30, 2018 compared to the six months ended June 30, 2017. As of June 30, 2018, CNB had 539 full-time equivalent staff, compared to 493 full-time equivalent staff as of June 30, 2017, an increase of 9.3%. The remainder of the increase in non-interest expenses was primarily a result CNB’s continued growth and the servicing of a larger customer base. Total households serviced at June 30, 2018 were 61,354, compared to 57,808 households at June 30, 2017, an increase of 6.1%.
Income Tax Expense
As a result of the enactment of the Tax Cuts and Jobs Act in the fourth quarter of 2017, income tax expense decreased $2.2 million, or 45.7%, during the six months ended June 30, 2018 compared to the six months ended June 30, 2017. CNB’s effective tax rate was 14.6% in the first six months of 2018 compared to 27.2% in the first six of 2017.
About CNB Financial Corporation
CNB Financial Corporation is a financial holding company with consolidated assets of approximately $3.0 billion that conducts business primarily through CNB Bank, CNB Financial Corporation’s principal subsidiary. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division and 42 full-service offices in Pennsylvania, Ohio, and New York. CNB Bank’s divisions include ERIEBANK, based in Erie, Pennsylvania with offices in northwest Pennsylvania and northeast Ohio; FCBank, based in Worthington, Ohio with offices in central Ohio; and BankOnBuffalo, based in Buffalo, New York with offices in northwest New York. CNB Bank is headquartered in Clearfield, Pennsylvania with offices in central and north central Pennsylvania. More information about CNB Financial Corporation and CNB Bank may be found on the Internet at www.cnbbank.bank.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to CNB’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond CNB’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” CNB’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in CNB’s annual and quarterly reports.
The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. CNB undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.
Financial Tables
The following tables supplement the financial highlights described previously for CNB Financial Corporation. All dollars are stated in thousands, except share and per share data.
(unaudited) | (unaudited) | ||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
% | % | ||||||||||||||||||
2018 | 2017 | change | 2018 | 2017 | change | ||||||||||||||
Income Statement | |||||||||||||||||||
Interest income | $ | 32,099 | $ | 27,003 | 18.9 | % | $ | 61,486 | $ | 52,107 | 18.0 | % | |||||||
Interest expense | 6,273 | 4,014 | 56.3 | % | 11,560 | 7,916 | 46.0 | % | |||||||||||
Net interest income | 25,826 | 22,989 | 12.3 | % | 49,926 | 44,191 | 13.0 | % | |||||||||||
Provision for loan losses | 1,905 | 1,134 | 68.0 | % | 3,536 | 2,150 | 64.5 | % | |||||||||||
Net interest income after provision for loan losses | 23,921 | 21,855 | 9.5 | % | 46,390 | 42,041 | 10.3 | % | |||||||||||
Non-interest income | |||||||||||||||||||
Service charges on deposit accounts | 1,271 | 1,165 | 9.1 | % | 2,518 | 2,255 | 11.7 | % | |||||||||||
Other service charges and fees | 723 | 559 | 29.3 | % | 1,341 | 1,088 | 23.3 | % | |||||||||||
Wealth and asset management fees | 1,090 | 952 | 14.5 | % | 2,120 | 1,823 | 16.3 | % | |||||||||||
Net realized gains on available-for-sale securities | — | 155 | NA | — | 1,538 | NA | |||||||||||||
Net realized and unrealized gains on trading securities | 237 | 127 | 86.6 | % | 251 | 315 | (20.3 | )% | |||||||||||
Mortgage banking | 310 | 247 | 25.5 | % | 518 | 431 | 20.2 | % | |||||||||||
Bank owned life insurance | 339 | 364 | (6.9 | )% | 739 | 716 | 3.2 | % | |||||||||||
Card processing and interchange income | 1,103 | 970 | 13.7 | % | 2,074 | 1,848 | 12.2 | % | |||||||||||
Gain on sale of branch | — | 536 | NA | — | 536 | NA | |||||||||||||
Other | 533 | 14 | NA | 796 | 312 | 155.1 | % | ||||||||||||
Total non-interest income | 5,606 | 5,089 | 10.2 | % | 10,357 | 10,862 | (4.6 | )% | |||||||||||
Non-interest expenses | |||||||||||||||||||
Salaries and benefits | 10,131 | 8,902 | 13.8 | % | 19,666 | 17,907 | 9.8 | % | |||||||||||
Net occupancy expense of premises | 2,634 | 2,257 | 16.7 | % | 5,130 | 4,797 | 6.9 | % | |||||||||||
FDIC insurance premiums | 378 | 370 | 2.2 | % | 676 | 574 | 17.8 | % | |||||||||||
Core Deposit Intangible amortization | 248 | 331 | (25.1 | )% | 496 | 662 | (25.1 | )% | |||||||||||
Card processing and interchange expenses | 638 | 614 | 3.9 | % | 1,372 | 1,036 | 32.4 | % | |||||||||||
Other | 5,514 | 5,323 | 3.6 | % | 11,202 | 9,855 | 13.7 | % | |||||||||||
Total non-interest expenses | 19,543 | 17,797 | 9.8 | % | 38,542 | 34,831 | 10.7 | % | |||||||||||
Income before income taxes | 9,984 | 9,147 | 9.2 | % | 18,205 | 18,072 | 0.7 | % | |||||||||||
Income tax expense | 1,543 | 2,464 | (37.4 | )% | 2,667 | 4,909 | (45.7 | )% | |||||||||||
Net income | 8,441 | 6,683 | 26.3 | % | 15,538 | 13,163 | 18.0 | % | |||||||||||
Average diluted shares outstanding | 15,216,310 | 15,206,161 | 15,208,687 | 15,050,719 | |||||||||||||||
Diluted earnings per share | 0.55 | 0.44 | 25.0 | % | 1.02 | 0.87 | 17.2 | % | |||||||||||
Cash dividends per share | 0.165 | 0.165 | — | % | 0.33 | 0.33 | — | % | |||||||||||
Payout ratio | 30 | % | 38 | % | 32 | % | 38 | % | |||||||||||
Average Balances | |||||||||||||||||||
Loans, net of unearned income | 2,308,261 | 1,993,287 | 2,255,721 | 1,951,035 | |||||||||||||||
Investment securities | 491,078 | 495,335 | 453,588 | 480,238 | |||||||||||||||
Total earning assets | 2,799,339 | 2,488,622 | 2,709,309 | 2,431,273 | |||||||||||||||
Total assets | 2,956,577 | 2,659,761 | 2,891,824 | 2,625,727 | |||||||||||||||
Non interest-bearing deposits | 310,069 | 301,154 | 310,800 | 290,696 | |||||||||||||||
Interest-bearing deposits | 1,978,740 | 1,756,011 | 1,923,370 | 1,736,909 | |||||||||||||||
Shareholders' equity | 247,607 | 239,347 | 246,194 | 233,445 | |||||||||||||||
Tangible shareholders' equity (*) | 207,585 | 198,208 | 206,050 | 192,141 | |||||||||||||||
Average Yields | |||||||||||||||||||
Loans, net of unearned income | 5.05 | % | 4.87 | % | 4.95 | % | 4.77 | % | |||||||||||
Investment securities | 2.70 | % | 2.87 | % | 2.81 | % | 2.99 | % | |||||||||||
Total earning assets | 4.64 | % | 4.47 | % | 4.59 | % | 4.42 | % | |||||||||||
Interest-bearing deposits | 0.75 | % | 0.51 | % | 0.69 | % | 0.50 | % | |||||||||||
Interest-bearing liabilities | 1.09 | % | 0.70 | % | 1.00 | % | 0.76 | % | |||||||||||
Performance Ratios (annualized) | |||||||||||||||||||
Return on average assets | 1.14 | % | 1.01 | % | 1.07 | % | 1.00 | % | |||||||||||
Return on average equity | 13.64 | % | 11.17 | % | 12.62 | % | 11.28 | % | |||||||||||
Return on average tangible equity (*) | 16.27 | % | 13.49 | % | 15.08 | % | 13.70 | % | |||||||||||
Net interest margin (FTE) | 3.74 | % | 3.73 | % | 3.73 | % | 3.77 | % | |||||||||||
Loan Charge-Offs | |||||||||||||||||||
Net loan charge-offs | 538 | 411 | 1,107 | 1,211 | |||||||||||||||
Net loan charge-offs / average loans | 0.09 | % | 0.08 | % | 0.10 | % | 0.12 | % | |||||||||||
The following is a non-GAAP disclosure of pre-tax net income excluding the effects of net realized gains on the sale of available for sale securities and the gain on the sale of a branch: | |||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
% | % | ||||||||||||||||||
2018 | 2017 | change | 2018 | 2017 | change | ||||||||||||||
Pre-tax net income, GAAP basis | 9,984 | 9,147 | 9.2 | % | 18,205 | 18,072 | 0.7 | % | |||||||||||
Net realized gains on available-for-sale securities | — | (155 | ) | NA | — | (1,538 | ) | NA | |||||||||||
Gain on sale of branch | — | (536 | ) | NA | — | (536 | ) | NA | |||||||||||
Pre-tax net income, non-GAAP | 9,984 | 8,456 | 18.1 | % | 18,205 | 15,998 | 13.8 | % | |||||||||||
(unaudited) | (unaudited) | |||||||||||||
June 30, | December 31, | June 30, | % change versus | |||||||||||
2018 | 2017 | 2017 | 12/31/17 | 6/30/17 | ||||||||||
Ending Balance Sheet | ||||||||||||||
Loans, net of unearned income | $ | 2,335,292 | $ | 2,145,959 | $ | 2,020,829 | 8.8 | % | 15.6 | % | ||||
Loans held for sale | 1,661 | 852 | 1,652 | 95.0 | % | 0.5 | % | |||||||
Investment securities | 458,440 | 416,859 | 458,816 | 10.0 | % | (0.1 | )% | |||||||
FHLB and other equity interests | 22,689 | 21,517 | 23,298 | 5.4 | % | (2.6 | )% | |||||||
Other earning assets | 2,786 | 2,199 | 1,756 | 26.7 | % | 58.7 | % | |||||||
Total earning assets | 2,820,868 | 2,587,386 | 2,506,351 | 9.0 | % | 12.5 | % | |||||||
Allowance for loan losses | (22,122 | ) | (19,693 | ) | (17,269 | ) | 12.3 | % | 28.1 | % | ||||
Goodwill | 38,730 | 38,730 | 38,730 | — | % | — | % | |||||||
Core deposit intangible | 1,129 | 1,625 | 2,192 | (30.5 | )% | (48.5 | )% | |||||||
Other assets | 171,024 | 160,725 | 148,905 | 6.4 | % | 14.9 | % | |||||||
Total assets | $ | 3,009,629 | $ | 2,768,773 | $ | 2,678,909 | 8.7 | % | 12.3 | % | ||||
Non interest-bearing deposits | $ | 314,906 | $ | 321,858 | $ | 313,871 | (2.2 | )% | 0.3 | % | ||||
Interest-bearing deposits | 2,086,659 | 1,845,957 | 1,762,918 | 13.0 | % | 18.4 | % | |||||||
Total deposits | 2,401,565 | 2,167,815 | 2,076,789 | 10.8 | % | 15.6 | % | |||||||
Borrowings | 257,812 | 257,359 | 262,940 | 0.2 | % | (2.0 | )% | |||||||
Subordinated debt | 70,620 | 70,620 | 70,620 | — | % | — | % | |||||||
Other liabilities | 29,739 | 29,069 | 28,268 | 2.3 | % | 5.2 | % | |||||||
Common stock | — | — | — | NA | NA | |||||||||
Additional paid in capital | 97,059 | 97,042 | 96,490 | — | % | 0.6 | % | |||||||
Retained earnings | 158,790 | 148,298 | 142,409 | 7.1 | % | 11.5 | % | |||||||
Treasury stock | (608 | ) | (1,087 | ) | (541 | ) | (44.1 | )% | 12.4 | % | ||||
Accumulated other comprehensive income (loss) | (5,348 | ) | (343 | ) | 1,934 | NA | NA | |||||||
Total shareholders' equity | 249,893 | 243,910 | 240,292 | 2.5 | % | 4.0 | % | |||||||
Total liabilities and shareholders' equity | $ | 3,009,629 | $ | 2,768,773 | $ | 2,678,909 | 5.1 | % | 8.6 | % | ||||
Ending shares outstanding | 15,285,430 | 15,264,740 | 15,285,371 | |||||||||||
Book value per share | $ | 16.35 | $ | 15.98 | $ | 15.72 | 2.3 | % | 4.0 | % | ||||
Tangible book value per share (*) | $ | 13.74 | $ | 13.33 | $ | 13.04 | 3.0 | % | 5.3 | % | ||||
Capital Ratios | ||||||||||||||
Tangible common equity / tangible assets (*) | 7.07 | % | 7.46 | % | 7.56 | % | ||||||||
Tier 1 leverage ratio | 8.14 | % | 8.45 | % | 8.45 | % | ||||||||
Common equity tier 1 ratio | 9.61 | % | 10.00 | % | 10.27 | % | ||||||||
Tier 1 risk based ratio | 10.49 | % | 10.97 | % | 11.29 | % | ||||||||
Total risk based ratio | 13.67 | % | 14.32 | % | 14.71 | % | ||||||||
Asset Quality | ||||||||||||||
Non-accrual loans | $ | 24,318 | $ | 19,232 | $ | 19,995 | ||||||||
Loans 90+ days past due and accruing | 311 | 477 | 314 | |||||||||||
Total non-performing loans | 24,629 | 19,709 | 20,309 | |||||||||||
Other real estate owned | 418 | 710 | 889 | |||||||||||
Total non-performing assets | $ | 25,047 | $ | 20,419 | $ | 21,198 | ||||||||
Loans modified in a troubled debt restructuring (TDR): | ||||||||||||||
Performing TDR loans | $ | 7,912 | $ | 8,344 | $ | 8,253 | ||||||||
Non-performing TDR loans ** | 9,388 | 8,959 | 2,935 | |||||||||||
Total TDR loans | $ | 17,300 | $ | 17,303 | $ | 11,188 | ||||||||
Non-performing assets / Loans + OREO | 1.07 | % | 0.95 | % | 1.05 | % | ||||||||
Non-performing assets / Total assets | 0.83 | % | 0.74 | % | 0.79 | % | ||||||||
Allowance for loan losses / Loans | 0.95 | % | 0.92 | % | 0.85 | % | ||||||||
* - Tangible common equity, tangible assets and tangible book value per share are non-GAAP financial measures calculated using GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of stockholders’ equity. Tangible assets is calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets. Return on average tangible equity is calculated by dividing annualized net income by average tangible assets. Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding. CNB believes that these non-GAAP financial measures provide information to investors that is useful in understanding its financial condition. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data). | ||||||||||||||
** - Nonperforming TDR loans are also included in the balance of non-accrual loans in the previous table. | ||||||||||||||
(unaudited) | (unaudited) | |||||||||||||
June 30, | December 31, | June 30, | ||||||||||||
2018 | 2017 | 2017 | ||||||||||||
Shareholders' equity | $ | 249,893 | $ | 243,910 | $ | 240,292 | ||||||||
Less goodwill | 38,730 | 38,730 | 38,730 | |||||||||||
Less core deposit intangible | 1,129 | 1,625 | 2,192 | |||||||||||
Tangible common equity | $ | 210,034 | $ | 203,555 | $ | 199,370 | ||||||||
Total assets | $ | 3,009,629 | $ | 2,768,773 | $ | 2,678,909 | ||||||||
Less goodwill | 38,730 | 38,730 | 38,730 | |||||||||||
Less core deposit intangible | 1,129 | 1,625 | 2,192 | |||||||||||
Tangible assets | $ | 2,969,770 | $ | 2,728,418 | $ | 2,637,987 | ||||||||
Ending shares outstanding | 15,285,430 | 15,264,740 | 15,285,371 | |||||||||||
Tangible book value per share | $ | 13.74 | $ | 13.33 | $ | 13.04 | ||||||||
Tangible common equity/Tangible assets | 7.07 | % | 7.46 | % | 7.56 | % | ||||||||