SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 25, 2011
ECB BANCORP, INC.
(Exact name of registrant as specified in its charter)
North Carolina | 000-24753 | 56-2090738 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
Post Office Box 337
Engelhard, North Carolina 27824
(Address of principal executive offices, including zip code)
Registrants telephone number, including area code: (252) 925-5501
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
On July 25, 2011, we announced our results of operations for the three and six months ended June 30, 2011. A copy of our press release is being furnished as Exhibit 99.1 to this Report.
The information contained in this Report and its exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. The following exhibit is furnished with this Report: |
Exhibit |
Exhibit Description | |
99.1 | Copy of our press release dated July 25, 2011 |
Disclosures About Forward-Looking Statements
Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, expectations or beliefs about future events or results, and other statements that are not descriptions of historical facts, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in our Annual Report on Form 10-K and in other documents we file with the Securities and Exchange Commission from time to time. Copies of those reports are available through our Internet website at www.myecb.com or directly through the Commissions website at www.sec.gov. Forward-looking statements may be identified by terms such as may, will, should, could, expects, plans, intends, anticipates, feels, believes, estimates, predicts, forecasts, potential or continue, or similar terms or the negative of these terms, or other statements concerning opinions or judgments of our management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to: the necessary approval required for the private placement and assumption of deposits may not be obtained or may not be obtained on the terms expected or on the schedule that we anticipate, and other closing conditions for such transactions may not be satisfied; pressures on the Companys earnings, capital and liquidity resulting from current and future conditions in the credit and equity markets; the financial success or changing strategies of our customers; actions of government regulators or changes in laws, regulations or accounting standards that adversely affect our business; changes in the interest rate environment and the level of market interest rates that reduce our net interest margins and/or the values of loans we make and securities we hold; weather and similar conditions, particularly the effect of hurricanes on our banking and operations facilities and on our customers and the communities in which we do business; continued or unexpected increases in credit losses in our loan portfolio; continued adverse conditions in general economic conditions and real estate values in our banking market (particularly as those conditions affect our loan portfolio, the abilities of our borrowers to repay their loans, and the values of loan collateral); and other developments or changes in our business that we do not expect. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements in this paragraph. We have no obligation, and do not intend, to update these forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, we have duly caused this Report to be signed on our behalf by the undersigned hereunto duly authorized.
ECB BANCORP, INC. | ||||
(Registrant) | ||||
Date: July 25, 2011 | By: | /S/ A. Dwight Utz | ||
A. Dwight Utz | ||||
President and Chief Executive Officer |
EXHIBIT 99.1
PRESS RELEASE
July 25, 2011
CONTACT: | ECB Bancorp, Inc. | |
Thomas M. Crowder, Chief Financial Officer | ||
(252) 925-5520 | ||
(252) 925-8491 facsimile |
FOR IMMEDIATE RELEASE
ECB Bancorp, Inc. Reports 2011 Second Quarter Results
ENGELHARD, N.C.-ECB Bancorp, Inc. (NASDAQ:ECBE) (ECB or the Company) today announced its results for the three and six months ended June 30, 2011.
2011 Second Quarter Financial Highlights
For the three months ended June 30, 2011, net income totaled $1,145,000, a 19.6 % increase from the $957,000 in net income for the three months ended June 30, 2010. After adjusting for $265,000 in preferred stock dividends and the accretion of warrant discount, net income available to common shareholders for the three months ended June 30, 2011 was $880,000 or $0.31 per diluted share, an increase of 29.2 % compared to $692,000 or $0.24 per diluted share for the three months ended June 30, 2010.
For the six months ended June 30, 2011, net income was $61,000, which compares to net income for the six months ended June 30, 2010 of $1,444,000. After adjusting for $530,000 in preferred stock dividends and accretion of warrant discount, loss charged to common shareholders for the six months ended June 30, 2011 was $469,000 or $0.16 per basic and diluted share, compared to income available to common shareholders of $0.32 per basic and diluted share for the prior year period.
Other Financial Highlights include:
| Consolidated assets increased 2.1% to $941,463,000 at June 30, 2011 from $921,840,000 at June 30, 2010. |
| Loans decreased 4.8% to $542,687,000 at June 30, 2011 compared to $570,174,000 at June 30, 2010. |
| Deposits increased 2.6 % to $812,774,000 at June 30, 2011 from $792,454,000 at June 30, 2010. |
| Net interest income remained virtually unchanged for the three months ended June 30, 2011 and 2010 at $7,045,000 and $7,033,000 respectively. For the six months ended June 30, 2011, net interest income decreased 1.5% to $13,813,000 compared to $14,028,000 for the first six months of 2010. |
| Non-interest income for the three months ended June 30, 2011 was $2,539,000 an increase of 36.1% compared to $1,866,000 for the same three month period a year ago. For the six months ended June 30, 2011, non-interest income decreased 12.4% to $3,970,000 compared to $4,534,000 for the same period in 2010. |
| Provision for loan losses charged to operations for the three months ended June 30, 2011 totaled $1,273,000, a decrease of 67.6% compared to $3,930,000 charged to operations for the first quarter ended March 31, 2011. |
As discussed in ECBs Form 10-Q for the first quarter, during April the Banks board approved a resolution at the request of the FDIC which, among other things, provides for the Bank to establish a policy regarding cash dividends it pays to ECB and requires that the Banks board document an analysis of the amount of any dividend it proposes to pay to ECB each quarter and obtain its banking regulators approval before the dividend is paid. Because dividends from the Bank are ECBs primary source of funds with which to pay dividends to its shareholders, that resolution affects ECBs ability to pay dividends and the timing of its Boards consideration of dividends. As of the date of this press release, ECBs Board has not made a determination as to the declaration of a dividend to its shareholders for the second quarter.
A. Dwight Utz, President and Chief Executive Officer, stated: During the second quarter we were pleased to execute two very important events that will position our company to move forward with its strategic growth initiatives. The first event was the conversion of our core processing system. The completion of this project will give us the technology and systems capabilities to move forward with our growth strategy. The second event was the commitment of certain institutional investors to acquire $75 million of ECB Bancorp common stock at $16.00 per share, subject to regulatory and shareholder approvals. This additional capital will also support ECBs future growth strategy. An important post quarter end announcement earlier this month was the execution of a definitive agreement to purchase deposits and certain assets of four branches in the Raleigh, Cary, Chapel Hill markets and one branch in Plymouth, NC and one branch in Wilmington, NC from the Bank of Hampton Roads. All these events will give us the platform and the ability to diversify our geographic footprint and position ECB to be a more significant financial services provider in North Carolina going forward.
- More -
Thomas M. Crowder, Executive Vice President and Chief Financial Officer stated: With the capital commitment from our institutional investors we are also moving forward in requesting regulatory approval to repay TARP upon the close of our capital raise.
Mr. Utz concluded: The future of ECB Bancorp is financially sound, and the leadership team is moving prudently to continue executing our strategic growth of the ECB franchise over the coming quarters and years, combining organic growth with continued focus on acquiring attractively priced deposits and assets in strong markets.
About ECB Bancorp, Inc.
ECB Bancorp, Inc. is a bank holding company, headquartered in Engelhard, North Carolina, whose wholly-owned subsidiary, The East Carolina Bank, is a state-chartered, independent community bank insured by the FDIC. The Bank provides a full range of financial services through its 25 offices covering eastern North Carolina from Currituck to Ocean Isle Beach and Greenville to Hatteras. The Bank also provides mortgages, insurance services through the Banks licensed agents, and investment and brokerage services offered through a third-party broker-dealer. The Companys common stock is listed on The Nasdaq Global Market under the symbol ECBE. More information can be obtained by visiting ECBs web site at www.myecb.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, expectations or beliefs about future events or results, and other statements that are not descriptions of historical facts, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the Companys Annual Report on Form 10-K and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as may, will, should, could, expects, plans, intends, anticipates, feels, believes, estimates, predicts, forecasts, potential or continue, or similar terms or the negative of these terms, or other statements concerning opinions or judgments of the Companys management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to: the necessary approval required for the private placement and assumption of deposits may not be obtained or may not be obtained on the terms expected or on the schedule that we anticipate, and other closing conditions for such transactions may not be satisfied, pressures on the Companys earnings, capital and liquidity resulting from current and future conditions in the credit and equity markets; the financial success or changing strategies of the Companys customers; actions of government regulators or changes in laws, regulations or accounting standards that adversely affect our business; changes in the interest rate environment and the level of market interest rates that reduce our net interest margins and/or the values of loans we make and securities we hold; weather and
similar conditions, particularly the effect of hurricanes on the Companys banking and operations facilities and on the Companys customers and the communities in which it does business; continued or unexpected increases in credit losses in the Companys loan portfolio; continued adverse conditions in general economic conditions and real estate values in our banking market (particularly as those conditions affect our loan portfolio, the abilities of our borrowers to repay their loans, and the values of loan collateral); and other developments or changes in our business that we do not expect. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by the cautionary statements in this paragraph. The Company has no obligation, and does not intend, to update these forward-looking statements.
###
See 3 pages of financial information attached
ECB BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets
June 30, 2011, December 31, 2010 and June 30, 2010
(Dollars in thousands, except per share data)
June 30, 2011 |
December 31, 2010* |
June 30, 2010 |
||||||||||
Assets |
||||||||||||
Non-interest bearing deposits and cash |
$ | 13,633 | $ | 11,731 | $ | 12,075 | ||||||
Interest bearing deposits |
61 | 20 | 867 | |||||||||
Overnight investments |
34,475 | 8,415 | 16,605 | |||||||||
Total cash and cash equivalents |
48,169 | 20,166 | 29,547 | |||||||||
Investment securities |
||||||||||||
Available-for-sale, at market value (cost of $297,407, $275,883 and $263,225 at June 30, 2011, December 31, and June 30, 2010, respectively) |
298,116 | 273,229 | 268,064 | |||||||||
Loans held for sale |
1,444 | 4,136 | 1,584 | |||||||||
Loans |
542,687 | 567,631 | 570,174 | |||||||||
Allowance for loan losses |
(15,448 | ) | (13,247 | ) | (10,462 | ) | ||||||
Loans, net |
527,239 | 554,384 | 559,712 | |||||||||
Real estate and repossessions acquired in settlement of loans, net |
7,050 | 4,536 | 4,644 | |||||||||
Federal Home Loan Bank common stock, at cost |
4,032 | 4,571 | 5,116 | |||||||||
Bank premises and equipment, net |
26,740 | 26,636 | 25,294 | |||||||||
Accrued interest receivable |
4,507 | 5,243 | 4,647 | |||||||||
Bank owned life insurance |
9,102 | 8,954 | 8,805 | |||||||||
Other assets |
15,064 | 18,014 | 14,427 | |||||||||
Total |
$ | 941,463 | $ | 919,869 | $ | 921,840 | ||||||
Liabilities and Shareholders equity |
||||||||||||
Deposits |
||||||||||||
Demand, noninterest bearing |
$ | 123,672 | $ | 104,932 | $ | 106,033 | ||||||
Demand, interest bearing |
262,259 | 262,977 | 205,263 | |||||||||
Savings |
41,520 | 29,938 | 22,017 | |||||||||
Time |
385,323 | 388,094 | 459,141 | |||||||||
Total deposits |
812,774 | 785,941 | 792,454 | |||||||||
Accrued interest payable |
648 | 631 | 1,017 | |||||||||
Short-term borrowings |
13,711 | 11,509 | 22,408 | |||||||||
Long-term obligations |
27,500 | 34,500 | 14,500 | |||||||||
Other liabilities |
4,510 | 6,394 | 4,543 | |||||||||
Total liabilities |
859,143 | 838,975 | 834,922 | |||||||||
Shareholders equity |
||||||||||||
Preferred stock, Series A |
17,370 | 17,288 | 17,205 | |||||||||
Common stock, par value $3.50 per share |
9,974 | 9,974 | 9,974 | |||||||||
Capital surplus |
25,863 | 25,852 | 25,836 | |||||||||
Warrants |
878 | 878 | 878 | |||||||||
Retained earnings |
27,886 | 28,554 | 30,069 | |||||||||
Accumulated other comprehensive income (loss) |
349 | (1,652 | ) | 2,956 | ||||||||
Total shareholders equity |
82,320 | 80,894 | 86,918 | |||||||||
Total |
$ | 941,463 | $ | 919,869 | $ | 921,840 | ||||||
Common shares outstanding |
2,849,841 | 2,849,841 | 2,849,841 | |||||||||
Common shares authorized |
10,000,000 | 10,000,000 | 10,000,000 | |||||||||
Preferred shares outstanding |
17,949 | 17,949 | 17,949 | |||||||||
Preferred shares authorized |
2,000,000 | 2,000,000 | 2,000,000 |
* | Derived from audited consolidated financial statements. |
ECB BANCORP, INC. AND SUBSIDIARY
Consolidated Results of Operations
For the three and six months ended June 30, 2011 and 2010
(Dollars in thousands, except per share data)
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Interest income: |
||||||||||||||||
Interest and fees on loans |
$ | 7,329 | $ | 7,790 | $ | 14,686 | $ | 15,422 | ||||||||
Interest on investment securities: |
||||||||||||||||
Interest exempt from federal income taxes |
117 | 490 | 245 | 952 | ||||||||||||
Taxable interest income |
2,163 | 1,673 | 4,100 | 3,570 | ||||||||||||
Dividend income |
9 | 7 | 18 | 34 | ||||||||||||
Other interest income |
14 | 5 | 21 | 7 | ||||||||||||
Total interest income |
9,632 | 9,965 | 19,070 | 19,985 | ||||||||||||
Interest expense: |
||||||||||||||||
Deposits: |
||||||||||||||||
Demand accounts |
505 | 322 | 1,062 | 639 | ||||||||||||
Savings |
74 | 15 | 127 | 27 | ||||||||||||
Time |
1,790 | 2,412 | 3,601 | 4,901 | ||||||||||||
Short-term borrowings |
73 | 61 | 142 | 117 | ||||||||||||
Long-term obligations |
145 | 122 | 325 | 273 | ||||||||||||
Total interest expense |
2,587 | 2,932 | 5,257 | 5,957 | ||||||||||||
Net interest income |
7,045 | 7,033 | 13,813 | 14,028 | ||||||||||||
Provision for loan losses |
1,273 | 1,780 | 5,203 | 4,780 | ||||||||||||
Net interest income after provision for loan losses |
5,772 | 5,253 | 8,610 | 9,248 | ||||||||||||
Noninterest income: |
||||||||||||||||
Service charges on deposit accounts |
828 | 893 | 1,593 | 1,716 | ||||||||||||
Other service charges and fees |
330 | 433 | 574 | 698 | ||||||||||||
Mortgage origination fees |
452 | 293 | 778 | 505 | ||||||||||||
Net gain on sale of securities |
858 | 152 | 884 | 1,441 | ||||||||||||
Income from bank owned life insurance |
74 | 74 | 148 | 148 | ||||||||||||
Other operating (expense) income |
(3 | ) | 21 | (7 | ) | 26 | ||||||||||
Total noninterest income |
2,539 | 1,866 | 3,970 | 4,534 | ||||||||||||
Noninterest expenses: |
||||||||||||||||
Salaries |
2,826 | 2,326 | 5,390 | 4,645 | ||||||||||||
Retirement and other employee benefits |
784 | 712 | 1,460 | 1,442 | ||||||||||||
Occupancy |
522 | 447 | 1,005 | 904 | ||||||||||||
Equipment |
513 | 486 | 1,072 | 953 | ||||||||||||
Professional fees |
271 | 211 | 542 | 499 | ||||||||||||
Supplies |
78 | 68 | 129 | 120 | ||||||||||||
Telephone |
189 | 157 | 358 | 340 | ||||||||||||
FDIC insurance |
201 | 345 | 527 | 678 | ||||||||||||
Other outside services |
162 | 110 | 343 | 228 | ||||||||||||
Net cost of real estate and repossessions acquired in settlement of loans |
79 | 47 | 97 | 381 | ||||||||||||
Other operating expenses |
1,032 | 1,007 | 1,978 | 1,964 | ||||||||||||
Total noninterest expenses |
6,657 | 5,916 | 12,901 | 12,154 | ||||||||||||
Income (loss) before income taxes |
1,654 | 1,203 | (321 | ) | 1,628 | |||||||||||
Income tax expense (benefit) |
509 | 246 | (382 | ) | 184 | |||||||||||
Net income |
1,145 | 957 | 61 | 1,444 | ||||||||||||
Preferred stock dividends |
224 | 224 | 448 | 448 | ||||||||||||
Accretion of discount |
41 | 41 | 82 | 82 | ||||||||||||
Income (loss) available to common shareholders |
$ | 880 | $ | 692 | ($ | 469 | ) | $ | 914 | |||||||
Net income (loss) per share - basic |
$ | 0.31 | $ | 0.24 | ($ | 0.16 | ) | $ | 0.32 | |||||||
Net income (loss) per share - diluted |
$ | 0.31 | $ | 0.24 | ($ | 0.16 | ) | $ | 0.32 | |||||||
Weighted average shares outstanding - basic |
2,849,841 | 2,849,841 | 2,849,841 | 2,849,343 | ||||||||||||
Weighted average shares outstanding - diluted |
2,849,841 | 2,849,936 | 2,849,841 | 2,849,407 | ||||||||||||
ECB Bancorp, Inc.
Supplemental Quarterly Financial Data (Unaudited)
(Dollars in thousands, except per share data)
6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | 6/30/2010 | ||||||||||||||||
Income Statement Data: |
||||||||||||||||||||
Interest income |
$ | 9,632 | $ | 9,438 | $ | 9,840 | $ | 9,982 | $ | 9,965 | ||||||||||
Interest expense |
2,587 | 2,670 | 2,926 | 3,005 | 2,932 | |||||||||||||||
Net interest income |
7,045 | 6,768 | 6,914 | 6,977 | 7,033 | |||||||||||||||
Provision for loan losses |
1,273 | 3,930 | 4,337 | 3,863 | 1,780 | |||||||||||||||
Net after provision expense |
5,772 | 2,838 | 2,577 | 3,114 | 5,253 | |||||||||||||||
Noninterest income |
2,539 | 1,431 | 3,661 | 3,800 | 1,866 | |||||||||||||||
Noninterest expense |
6,657 | 6,244 | 8,307 | 6,379 | 5,916 | |||||||||||||||
Income (loss) before income taxes |
1,654 | (1,975 | ) | (2,069 | ) | 535 | 1,203 | |||||||||||||
Income tax expense (benefit) |
509 | (891 | ) | (945 | ) | (5 | ) | 246 | ||||||||||||
Net income (loss) |
1,145 | (1,084 | ) | (1,124 | ) | 540 | 957 | |||||||||||||
Preferred stock dividend & accretion of discount |
265 | 265 | 266 | 267 | 265 | |||||||||||||||
Net income (loss) available to common shareholders |
$ | 880 | $ | (1,349 | ) | $ | (1,390 | ) | $ | 273 | $ | 692 | ||||||||
Per Share Data and Shares Outstanding: |
||||||||||||||||||||
Net income - basic |
$ | 0.31 | $ | (0.47 | ) | $ | (0.49 | ) | $ | 0.10 | $ | 0.24 | ||||||||
Net income - diluted |
0.31 | (0.47 | ) | (0.49 | ) | 0.10 | 0.24 | |||||||||||||
Cash dividends |
| 0.07 | 0.07 | 0.07 | 0.07 | |||||||||||||||
Book value at period end |
22.79 | 21.71 | 22.32 | 24.70 | 24.46 | |||||||||||||||
Dividend payout ratio |
0.00 | % | -14.89 | % | -14.29 | % | 70.00 | % | 29.17 | % | ||||||||||
Weighted-average number of common shares outstanding: |
||||||||||||||||||||
Basic |
2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | |||||||||||||||
Diluted |
2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | 2,849,936 | |||||||||||||||
Shares outstanding at period end |
2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | 2,849,841 | |||||||||||||||
Balance Sheet Data: |
||||||||||||||||||||
Total assets |
$ | 941,463 | $ | 916,571 | $ | 919,869 | $ | 932,209 | $ | 921,840 | ||||||||||
Loans - gross |
542,687 | 546,641 | 567,631 | 575,003 | 570,174 | |||||||||||||||
Allowance for loan losses |
15,448 | 15,219 | 13,247 | 13,187 | 10,462 | |||||||||||||||
Investment securities |
298,116 | 304,975 | 273,229 | 263,946 | 268,064 | |||||||||||||||
Interest earning assets |
880,814 | 856,840 | 858,002 | 877,540 | 862,410 | |||||||||||||||
Premises and equipment, net |
26,740 | 26,716 | 26,636 | 25,897 | 25,294 | |||||||||||||||
Total deposits |
812,774 | 786,754 | 785,941 | 790,592 | 792,454 | |||||||||||||||
Short-term borrowings |
13,711 | 17,421 | 11,509 | 13,534 | 22,408 | |||||||||||||||
Long-term obligations |
27,500 | 27,500 | 34,500 | 34,500 | 14,500 | |||||||||||||||
Shareholders equity |
82,320 | 79,213 | 80,894 | 87,632 | 86,918 | |||||||||||||||
Selected Performance Ratios (annualized): |
||||||||||||||||||||
Return on average assets |
0.49 | % | -0.48 | % | -0.48 | % | 0.23 | % | 0.43 | % | ||||||||||
Return on average shareholders equity |
5.71 | % | -5.38 | % | -5.15 | % | 2.44 | % | 4.48 | % | ||||||||||
Net interest margin |
3.35 | % | 3.30 | % | 3.23 | % | 3.31 | % | 3.52 | % | ||||||||||
Efficiency ratio |
68.60 | % | 75.00 | % | 77.28 | % | 57.83 | % | 63.94 | % | ||||||||||
Asset Quality Ratios: |
||||||||||||||||||||
Nonperforming loans to period-end loans |
4.65 | % | 4.04 | % | 3.89 | % | 3.59 | % | 3.37 | % | ||||||||||
Allowance for loan losses to period-end loans |
2.85 | % | 2.78 | % | 2.33 | % | 2.29 | % | 1.83 | % | ||||||||||
Allowance for loan losses to nonperforming loans |
61 | % | 69 | % | 60 | % | 64 | % | 54 | % | ||||||||||
Net charge-offs to average loans (annualized) |
0.77 | % | 1.40 | % | 2.99 | % | 0.79 | % | 1.83 | % | ||||||||||
Capital Ratios: |
||||||||||||||||||||
Tangible equity to total assets |
6.90 | % | 6.75 | % | 6.91 | % | 7.55 | % | 7.56 | % | ||||||||||
Equity-to-assets ratio |
8.74 | % | 8.64 | % | 8.79 | % | 9.40 | % | 9.43 | % | ||||||||||
Leverage Capital Ratio |
8.38 | % | 8.42 | % | 8.66 | % | 8.79 | % | 9.26 | % | ||||||||||
Tier 1 Capital Ratio |
12.17 | % | 11.97 | % | 12.08 | % | 12.37 | % | 12.78 | % | ||||||||||
Total Capital Ratio |
13.45 | % | 13.24 | % | 13.34 | % | 13.63 | % | 14.03 | % |