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): October 29, 2014
FIDELITY D & D BANCORP, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania |
|
333-90273 |
|
23-3017653 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
|
|
|
|
|
Blakely and Drinker Streets, Dunmore, PA 18512
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (570) 342-8281
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 (see General Instruction A.2. below):
☐ 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))
FIDELITY D & D BANCORP, INC.
CURRENT REPORT ON FORM 8-K
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 29, 2014, Fidelity D & D Bancorp, Inc. issued a press release describing its results of operations for the quarter and year-to-date periods ended September 30, 2014. A copy of the related press release is being furnished as Exhibit 99.1 to this Form 8-K.
The information in this Item 2.02 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit NumberDescription
99.1Copy of the Press Release, dated October 29, 2014.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FIDELITY D & D BANCORP, INC.
Date: October 29, 2014 |
By: /s/ Salvatore R. DeFrancesco, Jr. |
|
Salvatore R. DeFrancesco, Jr. |
|
Treasurer and Chief Financial Officer |
EXHIBIT INDEX
EXHIBIT NO.
99.1 Copy of the Press Release, dated October 29, 2014.
FIDELITY D & D BANCORP, INC.
FOR IMMEDIATE RELEASE
Date: October 29, 2014
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 THIRD QUARTER 2014 FINANCIAL RESULTS
Dunmore, PA – Fidelity D & D Bancorp, Inc. (OTC Bulletin Board: FDBC), parent company of The Fidelity Deposit and Discount Bank, announced net income for the quarter ended September 30, 2014 of $1.6 million, an increase of $0.1 million, or 8%, compared to the 2013 third quarter. Earnings improvement occurred by expanding net interest income by 7%, while the decline in other income and incurring higher operating expenses was partially offset by the decline in provision for loan losses compared to the previous year’s third quarter. Net interest income progress was derived from the Company’s successful growth over the past year; with a $35 million growth in quarterly average earning assets funded by a $30 million increase in average deposit balances, plus a $10 million average balance progression of shareholder’s equity. Earnings per share on a diluted basis for the quarters were $0.67 and $0.64 for the three months ended September 30, 2014 and 2013, respectively. The return on average assets was 0.98% and 0.96% with the return on average equity of 9.17% and 9.85% for the three months ended September 30, 2014 and 2013, each respectively.
“We are very pleased with the third quarter financial results and the continued improvement in the Company’s performance,” stated Daniel J. Santaniello, President and Chief Executive Officer. “The strong results are reflective of the Fidelity Banker's commitment to delivering value in customer-centric manner. We added customers, increased deposits and loans, while effectively managing expenses and balance sheet risks.”
Net income for the nine months ended September 30, 2014 was $4.7 million, an increase of $0.3 million, or 7%, compared to net income of $4.4 million for the same 2013 period. The year-to-date period earnings improvement occurred from producing 4% more net interest income, with the halved provision for loan losses more than offset the decline in other income, while other expenses nominally increased 2% compared to the prior year-to-date period. The return on average assets was 0.97% and 0.96% with a return on average equity of 9.15% and 9.78%, each respectively, for the nine months ended September 30, 2014 and 2013. Earnings per share on a diluted basis were $1.95 and $1.88 for the nine months ended September 30, 2014 and 2013, respectively.
The Company’s assets grew $50.1 million, or 8%, to total $673.9 million at September 30, 2014 from $623.8 million at December 31, 2013. Asset growth resulted primarily from a $23.8 million growth in the loans and leases, net, the $17.2 million added investment securities and a $6.5 million increase in cash and cash equivalent balances. The asset growth was funded by the $30.1 million increase in interest-bearing deposit balances, $12.0 million increase in non-interest-bearing deposits, along with generating $5.0 million more in total shareholders’ equity, during the first nine months of 2014.
Net interest income increased $0.4 million, or 7%, to $5.6 million for the quarter ended September 30, 2014 compared to the same quarter of 2013. The 5 basis points in interest cost reductions, primarily from
lowering rates on certificate of deposit accounts, enhanced the spread 4 basis points, while loan yields declined and investment yields increased, in combination had reduced yield on average earning assets by a single basis point. However, the $34.6 million increase on average earning assets was what increased net interest income by $0.4 million in the third quarter of 2014 compared to the same year ago quarter. This asset growth at similar overall earning yield with rates declining on costing liabilities boosted the net interest margin up 4 basis points to 3.78% for the third quarter of 2014 compared to 3.74% for the same 2013 period.
Net interest income increased $0.7 million, or 4%, to $16.3 million for the nine months ended September 30, 2014 from $15.6 million recorded during the same period of 2013. Net interest margin was 3.79% during the first nine months of 2014 compared to 3.81% during the first nine months of 2013, down primarily from the $30.8 million increase in average earning assets producing 7 basis point lower yields on earning assets that was partially offset by 6 basis point rate reductions on interest-bearing liabilities.
The provision for loan losses was $0.2 million and $0.5 million for the third quarters ended September 30, 2014 and 2013, respectively. Provision for loan losses was $0.8 million for the nine months ended September 30, 2014, as compared to $1.6 million for the same 2013 period. Although provision for loan losses was required on loan growth each period, overall the provision was halved during 2014 from improvement in loan credit quality and fewer remaining non-performing assets. The allowance for loan losses was sustained at 1.84% of total loans at September 30, 2014, up from 1.81% at September 30, 2013, because of the uncertain persistent economic effect in the marketplace afflicting potential loan portfolio performance.
Total other income recorded for the quarter ended September 30, 2014 was $1.7 million compared with $1.9 million for the same quarter in 2013. The decrease in other income was primarily due to the $138 thousand investment gains recovered in the third quarter of 2013 and fewer sales of loans during 2014 producing $104 thousand less in gains on loans sold compared to the same prior year quarter. Other income fee based items that produced $82 thousand additional revenue were from $35 more rental income, $22 thousand more fees from mortgage servicing, $17 increased trust fiduciary fees, plus the $14 thousand added interchange fees for the quarter ended September 30, 2014, compared to the same 2013 period.
Total other income for the nine months ended September 30, 2014 was $5.3 million compared to $6.0 million for the same period in 2013. The decrease in other income was primarily due to the $745 thousand reduction in total gains recognized from the sale of loans with $131 thousand less loan service charge activities and $83 thousand fewer deposit service charges. These reductions were partially offset by the net improvement from $239 thousand added revenue from $94 thousand more rental income, $89 thousand more net mortgage servicing fees and $71 thousand additional interchange fees for the nine months ended September 30, 2014 compared to the same 2013 period.
Total other operating expenses were $4.9 million, a $0.3 million, or 6%, increase for the quarter ended September 30, 2014 when compared to the same quarter in 2013. The increase in other expenses resulted from $212 thousand increase in salary and benefits, $147 thousand additional other real estate owned expenses and $91 thousand more professional fees, partially offset by $111 thousand lower advertising and marketing expenses, $24 thousand fewer loan collection costs, $20 thousand less FDIC assessment expense, and $18 thousand fewer automated transaction processing costs, when comparing the third quarter of 2014 to 2013.
Total other operating expenses increased $0.3 million, or 2%, to $14.4 million for the nine months ended September 30, 2014 from $14.1 million in the same 2013 period. The other expense increase resulted primarily from $279 thousand growth in salary and benefits expense, $153 thousand added professional fees incurred, $124 thousand added premises and equipment costs and $47 thousand more automated transaction processing costs, partially offset by $270 thousand lower collection expenses and $176 thousand less
advertising and marketing expenses. The other operating expenses also increased from fewer numbers of loans booked, from refinancing activity that capitalized $166 thousand more loan origination costs in the 2013 year-to-date period than in the same 2014 period.
Fidelity D & D Bancorp, Inc. serves Lackawanna and Luzerne Counties through The Fidelity Deposit and Discount Bank’s 11 community banking office locations, including wealth management assistance through providing fiduciary activities with the Bank’s full trust powers; as well as offering a full array of asset management services. 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 may 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:
· |
the effects of economic deterioration 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; |
· |
the impact of new laws and regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the regulations promulgated there under; |
· |
the adequacy of the allowance for loan losses; |
· |
impacts of the new capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules; |
· |
governmental monetary and fiscal policies, as well as legislative and regulatory changes; |
· |
effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions; |
· |
the effect of changes in accounting policies and practices, as may be adopted by banking regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; |
· |
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; |
· |
acquisitions and integration of acquired businesses; |
· |
the failure of assumptions underlying the establishment of reserves for loan and lease losses and estimations of values of collateral and various financial assets and liabilities; |
· |
volatility in the securities markets; |
· |
disruptions due to flooding, severe weather, or other natural disasters or Acts of God; |
· |
acts of war or terrorism; and |
· |
disruption of credit and equity markets. |
· |
|
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: |
September 30, 2014 |
December 31, 2013 |
||
Assets |
||||
Total cash and cash equivalents |
$ |
19,685 |
$ |
13,218 |
Investment securities |
114,425 | 97,423 | ||
Federal Home Loan Bank Stock |
2,282 | 2,640 | ||
Loans and leases |
503,453 | 479,061 | ||
Allowance for loan losses |
(9,277) | (8,928) | ||
Premises and equipment, net |
14,590 | 13,602 | ||
Life insurance cash surrender value |
10,654 | 10,402 | ||
Other assets |
18,073 | 16,407 | ||
Total assets |
$ |
673,885 |
$ |
623,825 |
Liabilities |
||||
Non-interest-bearing deposits |
$ |
134,943 |
$ |
122,919 |
Interest-bearing deposits |
436,925 | 406,779 | ||
Total deposits |
571,868 | 529,698 | ||
Short-term borrowings |
11,225 | 8,642 | ||
Long-term debt |
16,000 | 16,000 | ||
Other liabilities |
3,734 | 3,425 | ||
Total liabilities |
602,827 | 557,765 | ||
Shareholders' equity |
71,058 | 66,060 | ||
Total liabilities and shareholders' equity |
$ |
673,885 |
$ |
623,825 |
Average Year-To-Date Balances: |
September 30, 2014 |
December 31, 2013 |
||
Assets |
||||
Total cash and cash equivalents |
$ |
19,986 |
$ |
19,703 |
Investment securities |
106,885 | 103,563 | ||
Loans and leases, net |
481,688 | 452,898 | ||
Premises and equipment, net |
14,181 | 13,852 | ||
Other assets |
27,632 | 28,756 | ||
Total assets |
$ |
650,372 |
$ |
618,772 |
Liabilities |
||||
Non-interest-bearing deposits |
$ |
129,348 |
$ |
126,149 |
Interest-bearing deposits |
416,717 | 396,411 | ||
Total deposits |
546,065 | 522,560 | ||
Short-term borrowings and long-term debt |
31,485 | 31,524 | ||
Other liabilities |
3,943 | 3,803 | ||
Total liabilities |
581,493 | 557,887 | ||
Shareholders' equity |
68,879 | 60,885 | ||
Total liabilities and shareholders' equity |
$ |
650,372 |
$ |
618,772 |
FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Statements of Income
(dollars in thousands)
.
Three Months Ended |
Nine Months Ended |
|||||||||
Sep. 30, 2014 |
Sep. 30, 2013 |
Sep. 30, 2014 |
Sep. 30, 2013 |
|||||||
Interest income |
||||||||||
Loans and leases |
$ |
5,656 |
$ |
5,455 |
$ |
16,588 |
$ |
16,380 | ||
Securities and other |
639 | 499 | 1,854 | 1,454 | ||||||
Total interest income |
6,295 | 5,954 | 18,442 | 17,834 | ||||||
Interest expense |
||||||||||
Deposits |
507 | 525 | 1,495 | 1,551 | ||||||
Borrowings and debt |
223 | 223 | 663 | 664 | ||||||
Total interest expense |
730 | 748 | 2,158 | 2,215 | ||||||
Net interest income |
5,565 | 5,206 | 16,284 | 15,619 | ||||||
Provision for loan losses |
(210) | (450) | (810) | (1,600) | ||||||
Other income |
1,748 | 1,908 | 5,307 | 6,027 | ||||||
Other expenses |
(4,910) | (4,644) | (14,456) | (14,131) | ||||||
Provision for income taxes |
(562) | (515) | (1,611) | (1,503) | ||||||
Net income |
$ |
1,631 |
$ |
1,505 |
$ |
4,714 |
$ |
4,412 | ||
Three Months Ended |
||||||||||
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
||||||
Interest income |
||||||||||
Loans and leases |
$ |
5,656 |
$ |
5,524 |
$ |
5,407 |
$ |
5,438 |
$ |
5,455 |
Securities and other |
639 | 621 | 595 | 581 | 499 | |||||
Total interest income |
6,295 | 6,145 | 6,002 | 6,019 | 5,954 | |||||
Interest expense |
||||||||||
Deposits |
507 | 498 | 489 | 530 | 525 | |||||
Borrowings and debt |
223 | 223 | 218 | 223 | 223 | |||||
Total interest expense |
730 | 721 | 707 | 753 | 748 | |||||
Net interest income |
5,565 | 5,424 | 5,295 | 5,266 | 5,206 | |||||
Provision for loan losses |
(210) | (300) | (300) | (950) | (450) | |||||
Other income |
1,748 | 1,821 | 1,738 | 4,514 | 1,908 | |||||
Other expenses |
(4,910) | (4,761) | (4,785) | (4,989) | (4,644) | |||||
Provision for income taxes |
(562) | (557) | (492) | (1,131) | (515) | |||||
Net income |
$ |
1,631 |
$ |
1,627 |
$ |
1,456 |
$ |
2,710 |
$ |
1,505 |
FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands)
At Period End: |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
|||||
Assets |
||||||||||
Total cash and cash equivalents |
$ |
19,685 |
$ |
14,439 |
$ |
32,099 |
$ |
13,218 |
$ |
35,885 |
Investment securities |
114,425 | 102,699 | 102,213 | 97,423 | 103,111 | |||||
Federal Home Loan Bank Stock |
2,282 | 2,954 | 2,176 | 2,640 | 2,160 | |||||
Loans and leases |
503,453 | 497,133 | 484,015 | 479,061 | 464,008 | |||||
Allowance for loan losses |
(9,277) | (9,029) | (8,899) | (8,928) | (8,405) | |||||
Premises and equipment, net |
14,590 | 14,341 | 14,410 | 13,602 | 13,709 | |||||
Life insurance cash surrender value |
10,654 | 10,569 | 10,485 | 10,402 | 10,316 | |||||
Other assets |
18,073 | 17,200 | 17,930 | 16,407 | 19,510 | |||||
Total assets |
$ |
673,885 |
$ |
650,306 |
$ |
654,429 |
$ |
623,825 |
$ |
640,294 |
Liabilities |
||||||||||
Non-interest-bearing deposits |
$ |
134,943 |
$ |
126,008 |
$ |
132,096 |
$ |
122,919 |
$ |
134,114 |
Interest-bearing deposits |
436,925 | 412,495 | 422,670 | 406,779 | 410,716 | |||||
Total deposits |
571,868 | 538,503 | 554,766 | 529,698 | 544,830 | |||||
Short-term borrowings |
11,225 | 21,872 | 12,327 | 8,642 | 14,197 | |||||
Long-term debt |
16,000 | 16,000 | 16,000 | 16,000 | 16,000 | |||||
Other liabilities |
3,734 | 4,005 | 3,487 | 3,425 | 3,471 | |||||
Total liabilities |
602,827 | 580,380 | 586,580 | 557,765 | 578,498 | |||||
Shareholders' equity |
71,058 | 69,926 | 67,849 | 66,060 | 61,796 | |||||
Total liabilities and shareholders' equity |
$ |
673,885 |
$ |
650,306 |
$ |
654,429 |
$ |
623,825 |
$ |
640,294 |
Average Quarterly Balances: |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
|||||
Assets |
||||||||||
Total cash and cash equivalents |
$ |
15,766 |
$ |
19,461 |
$ |
24,831 |
$ |
17,177 |
$ |
18,296 |
Investment securities |
111,335 | 106,034 | 103,197 | 104,729 | 102,617 | |||||
Loans and leases, net |
490,712 | 482,406 | 471,738 | 462,528 | 456,479 | |||||
Premises and equipment, net |
14,432 | 14,428 | 13,674 | 13,692 | 13,841 | |||||
Other assets |
28,142 | 27,098 | 27,651 | 29,173 | 29,622 | |||||
Total assets |
$ |
660,387 |
$ |
649,427 |
$ |
641,091 |
$ |
627,299 |
$ |
620,855 |
Liabilities |
||||||||||
Non-interest-bearing deposits |
$ |
131,201 |
$ |
129,069 |
$ |
127,736 |
$ |
126,200 |
$ |
124,794 |
Interest-bearing deposits |
424,256 | 415,555 | 410,185 | 404,633 | 400,305 | |||||
Total deposits |
555,457 | 544,624 | 537,921 | 530,833 | 525,099 | |||||
Short-term borrowings and long-term debt |
30,071 | 31,907 | 32,503 | 30,058 | 31,263 | |||||
Other liabilities |
4,285 | 3,942 | 3,595 | 3,848 | 3,892 | |||||
Total liabilities |
589,813 | 580,473 | 574,019 | 564,739 | 560,254 | |||||
Shareholders' equity |
70,574 | 68,954 | 67,072 | 62,560 | 60,601 | |||||
Total liabilities and shareholders' equity |
$ |
660,387 |
$ |
649,427 |
$ |
641,091 |
$ |
627,299 |
$ |
620,855 |
FIDELITY D & D BANCORP, INC.
Selected Financial Ratios and Other Data
Three Months Ended |
||||||||||
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
||||||
Selected returns and financial ratios |
||||||||||
Basic earnings per share |
$ |
0.68 |
$ |
0.67 |
$ |
0.61 |
$ |
1.15 |
$ |
0.64 |
Diluted earnings per share |
$ |
0.67 | 0.67 |
$ |
0.61 |
$ |
1.14 |
$ |
0.64 | |
Dividends per share |
$ |
0.25 |
$ |
0.25 |
$ |
0.25 |
$ |
0.35 |
$ |
0.25 |
Yield on interest-earning assets (FTE) |
4.25% | 4.27% | 4.27% | 4.27% | 4.26% | |||||
Cost of interest-bearing liabilities |
0.64% | 0.65% | 0.65% | 0.69% | 0.69% | |||||
Net interest spread |
3.61% | 3.62% | 3.62% | 3.58% | 3.57% | |||||
Net interest margin |
3.78% | 3.79% | 3.79% | 3.76% | 3.74% | |||||
Return on average assets |
0.98% | 1.01% | 0.92% | 1.71% | 0.96% | |||||
Return on average equity |
9.17% | 9.47% | 8.80% | 17.19% | 9.85% | |||||
Efficiency ratio |
64.92% | 64.68% | 67.89% | 67.48% | 64.51% | |||||
Expense ratio |
1.90% | 1.87% | 2.06% | 2.02% | 1.83% | |||||
Nine Months Ended |
||||||||||
Sep. 30, 2014 |
Sep. 30, 2013 |
|||||||||
Basic earnings per share |
$ |
1.96 |
$ |
1.88 | ||||||
Diluted earnings per share |
$ |
1.95 |
$ |
1.88 | ||||||
Dividends per share |
$ |
0.75 |
$ |
0.75 | ||||||
Yield on interest-earning assets (FTE) |
4.26% | 4.33% | ||||||||
Cost of interest-bearing liabilities |
0.64% | 0.70% | ||||||||
Net interest spread |
3.62% | 3.63% | ||||||||
Net interest margin |
3.79% | 3.81% | ||||||||
Return on average assets |
0.97% | 0.96% | ||||||||
Return on average equity |
9.15% | 9.78% | ||||||||
Efficiency ratio |
65.71% | 64.18% | ||||||||
Expense ratio |
1.94% | 1.81% | ||||||||
Other financial data |
Three Months Ended |
|||||||||
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
||||||
Book value per share |
$ |
29.37 |
$ |
28.90 |
$ |
28.13 |
$ |
27.62 |
$ |
26.06 |
Equity to assets |
10.54% | 10.75% | 10.37% | 10.59% | 9.65% | |||||
Allowance for loan losses to: |
||||||||||
Total loans |
1.84% | 1.82% | 1.84% | 1.86% | 1.81% | |||||
Non-accrual loans |
2.07x |
2.22x |
2.40x |
1.58x |
1.37x |
|||||
Non-accrual loans to total loans |
0.89% | 0.82% | 0.77% | 1.18% | 1.32% | |||||
Non-performing assets to total assets |
1.09% | 1.08% | 1.07% | 1.44% | 1.82% |