0001193125-12-333915.txt : 20120803 0001193125-12-333915.hdr.sgml : 20120803 20120803111534 ACCESSION NUMBER: 0001193125-12-333915 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20120730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120803 DATE AS OF CHANGE: 20120803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW CENTURY BANCORP INC CENTRAL INDEX KEY: 0001263762 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 200218264 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50400 FILM NUMBER: 121005712 MAIL ADDRESS: STREET 1: LISA CAMPBELL STREET 2: 700 WEST CUMBERLAND ST CITY: DUNN STATE: NC ZIP: 283351988 8-K 1 d388732d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

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 30, 2012

 

 

NEW CENTURY BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

North Carolina   000-50400   20-0218264

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

700 W. Cumberland Street, Dunn, North Carolina   28334
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (910) 892-7080

Not Applicable

(Former name or former address, if changed since last report)

 

 

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 30, 2012, New Century Bancorp, Inc. (the “Registrant”) announced financial results for the second quarter ended June 30, 2012. A copy of the Registrant’s July 30, 2012 press release is attached as Exhibit 99.1 hereto and incorporated by reference herein.

On August 2, 2012, the Registrant announced amended financial results for the second quarter ended June 30, 2012 reflecting an increase to net income for the quarter. A copy of the Registrant’s August 2, 2012 press release is attached as Exhibit 99.2 hereto and incorporated by reference herein.

The information contained in Item 2.02 of this Current Report 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 in 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 filing.

 

Item 9.01 Financial Statements and Exhibits.

 

  (d) Exhibits.

 

EXHIBIT
NO.

   

DESCRIPTION OF EXHIBIT

99.1    Press release, dated July 30, 2012, regarding the Registrant’s financial results for the second quarter
99.2    Press release, dated August 2, 2012, regarding the Registrant’s financial results for the second quarter

This Current Report on Form 8-K (including information included or incorporated by reference herein) may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of Registrant’s goals and expectations with respect to earnings, income per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of Registrant’s management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Registrant’s control).

SIGNATURES

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.

 

NEW CENTURY BANCORP, INC.
By:  

/s/ Lisa F. Campbell

  Lisa F. Campbell
 

Executive Vice President, Chief Financial Officer and Chief Operating Officer

Dated: August 3, 2012

EXHIBIT INDEX

 

EXHIBIT
NO.

   

DESCRIPTION OF EXHIBIT

99.1    Press release, dated July 30, 2012, regarding the Registrant’s financial results for the second quarter
99.2    Press release, dated August 2, 2012, regarding the Registrant’s financial results for the second quarter
 EX-99.1 2 d388732dex991.htm PRESS RELEASE Press release

Exhibit 99.1

 

FOR RELEASE:   July 30, 2012
Lisa F. Campbell, Executive Vice President  
Chief Operating Officer and Chief Financial Officer  

Office: 910-892-7080 and Direct: 910-897-3660

lisac@newcenturybanknc.com

www.newcenturybanknc.com

  

NEW CENTURY BANCORP REPORTS

SECOND QUARTER 2012 EARNINGS

Quarter sees improving asset quality, reduction in nonperforming loans, and steady net interest margin,

as well as strong capital ratios.

DUNN, NC … New Century Bancorp (the “Company” NASDAQ: NCBC), the holding company for New Century Bank, today reported net income of $744,000 for the quarter ended June 30, 2012, and basic and diluted earnings per share of $0.11, compared to a net loss of ($861,000) and basic and diluted losses per share of ($0.13) for the quarter ended June 30, 2011. For the six months ended June 30, 2012, the Company reported net income of $2.9 million, and basic and diluted earnings per share of $0.41, compared to a net loss of ($740,000) and basic and diluted losses per share of ($0.11) for the same period a year ago.

Total assets for the Company as of June 30, 2012, were $563.0 million, total deposits were $471.2 million, and total loans were $390.4 million, compared to total assets of $629.1 million, total deposits of $538.8 million, and total loans of $458.5 million for the same date in 2011.

Early in the second quarter, New Century completed the sale of its Pembroke and Raeford offices to Lumbee Guaranty Bank, resulting in a one-time gain of $557,000 which was included in non-interest income.

“We are pleased with our second quarter and year-to-date results,” said William L. Hedgepeth, president and CEO of New Century Bancorp and New Century Bank. “Through a focused approach, asset quality has improved, non-performing loans have been reduced, and net interest margin has remained steady. Another positive indicator is that our capital ratios have continued to improve, and we remain well-capitalized which is the highest capital category. As always, we are working to strengthen New Century Bank through the products and services we offer our customers and how we serve them, as well as through a process of continually improving and upgrading our systems. We believe this is critical for remaining a strong community bank as we go forward.”

New Century Bank has branch offices in these North Carolina communities: Dunn, Clinton, Fayetteville, Goldsboro, Lillington, Lumberton, and a loan production office in Greenville.

###

The information as of and for the quarter ended June 30, 2012, as presented is unaudited. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of our goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including, but not limited to, our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s SEC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Company.

New Century Bancorp, Inc.

Selected Financial Information and Other Data

($ in thousands, except per share data)

 

     At or for the three months ended     At or for the six months ended  
     June 30, 2012     March 31, 2012     December 31, 2011     September 30, 2011     June 30, 2011     June 30, 2012     June 30, 2011     June 30, 2010  

Summary of Operations:

                 

Total interest income

    $ 6,325      $ 6,619      $ 7,086      $ 7,584      $ 7,798      $ 12,944      $ 15,713      $ 16,857   

Total interest expense

      1,684        1,772        1,903        2,089        2,193        3,457        4,433        4,879   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income

      4,641        4,847        5,183        5,495        5,605        9,487        11,280        11,978   

Provision for loan losses

      23        (2,136 )      319        2,194        2,542        (2,113 )      3,706        1,909   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income after provision

      4,618        6,983        4,864        3,301        3,063        11,600        7,574        10,069   

Noninterest income

      1,179        626        642        643        892        1,806        1,533        1,342   

Noninterest expense

      4,629        4,216        4,574        4,114        5,339        8,845        10,417        9,111   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

      1,168        3,393        932        (170 )      (1,384 )      4,561        (1,310 )      2,300   

Provision for income taxes (benefit)

      424        1,281        333        (148 )      (523 )      1,704        (570 )      769   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

    $ 744      $ 2,112      $ 599      $ (22 )    $ (861 )    $ 2,857      $ (740 )    $ 1,531   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Share and Per Share Data:

                 

Earnings (loss) per share - basic

    $ 0.11      $ 0.31      $ 0.09      $ (0.00 )    $ (0.13 )    $ 0.41      $ (0.11 )    $ 0.22   

Book value per share

      7.60        7.49        7.22        7.14        7.08        7.60        7.08        8.19   

Tangible book value per share

      7.55        7.41        7.14        7.05        6.99        7.55        6.99        8.08   

Ending shares outstanding

      6,913,636        6,913,636        6,860,367        6,860,367        6,913,636        6,913,636        6,913,636        6,891,784   

Weighted average shares outstanding:

                 

Basic

      6,913,636        6,859,196        6,860,367        6,861,034        6,913,636        6,913,636        6,913,636        6,842,218   

Diluted

      6,913,636        6,859,196        6,860,367        6,861,034        6,913,636        6,913,636        6,913,636        6,851,055   

Selected Performance Ratios:

                 

Return on average assets

      0.53 %      1.45 %      0.39 %      -0.01 %      -0.55 %      1.00 %      -0.24 %      0.48 % 

Return on average equity

      5.67 %      16.89 %      4.80 %      -0.18 %      -6.82 %      11.15 %      -2.95 %      5.53 % 

Net interest margin

      3.63 %      3.64 %      3.68 %      3.77 %      3.84 %      3.64 %      3.92 %      4.04 % 

Efficiency ratio (1)

      79.54 %      77.03 %      78.52 %      67.03 %      82.18 %      78.32 %      81.30 %      68.40 % 

Period End Balance Sheet Data:

                 

Loans, held for sale

    $ —        $ 1,552      $ —        $ —        $ —        $ —        $ —        $ —     

Loans, net of unearned income

      390,403        399,760        417,624        439,410        458,523        390,403        458,523        490,883   

Total Earning Assets

      514,724        534,057        536,390        564,928        583,854        514,724        583,854        619,867   

Other intangible assets

      356        516        545        583        622        356        622        776   

Total Assets

      563,010        580,996        589,651        616,580        629,135        563,010        629,135        663,001   

Deposits

      471,184        489,966        501,377        527,172        538,812        471,184        538,812        566,031   

Short term debt

      22,953        23,301        21,877        23,850        23,746        22,953        23,746        20,138   

Long term debt

      12,372        12,372        14,372        14,372        14,372        12,372        14,372        18,372   

Shareholders’ equity

      52,541        51,777        49,546        48,949        48,965        52,541        48,965        56,442   

Selected Average Balances:

                 

Gross Loans

    $ 396,190      $ 409,009      $ 429,642      $ 449,650      $ 460,236      $ 402,600      $ 463,263      $ 488,557   

Total Earning Assets

      514,132        535,317        559,110        578,349        585,273        524,724        579,642        597,852   

Other intangible assets

      384        533        569        602        640        459        659        813   

Total Assets

      563,835        585,249        608,118        625,768        631,204        574,225        631,205        638,930   

Deposits

      471,829        495,649        518,508        534,271        539,690        483,739        577,956        542,152   

Short term debt

      22,961        23,004        23,476        24,491        23,604        23,719        23,863        25,151   

Long term debt

      12,372        13,845        14,372        14,372        14,372        12,372        14,372        12,372   

Shareholders’ equity

      52,774        50,300        49,486        49,855        50,669        51,537        50,525        55,815   

Asset Quality Ratios:

                 

Nonperforming loans

    $ 16,579      $ 19,270      $ 19,636      $ 20,116      $ 16,307      $ 16,579      $ 16,307      $ 13,885   

Other real estate owned

      3,859        2,391        3,031        3,230        3,380        3,859        3,380        3,215   

Allowance for loan losses

      9,183        9,568        10,034        10,338        10,378        9,183        10,378        10,006   

Nonperforming loans (2) to period-end loans

      4.25 %      4.82 %      4.70 %      4.58 %      3.56 %      4.25 %      3.56 %      2.83 % 

Allowance for loan losses to period-end loans

      2.35 %      2.39 %      2.40 %      2.35 %      2.26 %      2.35 %      2.26 %      2.04 % 

Delinquency Ratio (3)

      0.77 %      0.23 %      1.02 %      0.93 %      0.48 %      0.77 %      0.48 %      0.75 % 

Net loan charge-offs to average loans

      -0.42 %      -1.64 %      0.68 %      1.92 %      1.94 %      0.63 %      1.43 %      0.73 % 

 

(1) Efficiency ratio is calculated as non-interest expenses divided by the sum of net interest income and non-interest income.
(2) Nonperforming loans consist of non-accrual loans and restructured loans.
(3) Delinquency Ratio includes 30-89 days past due and excludes non-accrual loans.
EX-99.2 3 d388732dex992.htm PRESS RELEASE Press Release

Exhibit 99.2

 

LOGO

 

FOR RELEASE:    August 2, 2012
Lisa F. Campbell, Executive Vice President   
Chief Operating Officer and Chief Financial Officer   
Office: 910-892-7080 and Direct: 910-897-3660   
lisac@newcenturybanknc.com   
www.newcenturybanknc.com   

NEW CENTURY BANCORP AMENDS PREVIOUSLY RELEASED

SECOND QUARTER 2012 EARNINGS

TO REFLECT INCREASED NET INCOME

DUNN, NC . . . New Century Bancorp (the “Company” NASDAQ: NCBC), the holding company for New Century Bank, today reported that its unaudited results of operations for the three and six months ended June 30, 2012, as previously released on July 30, 2012, would be amended to reflect increased net income. The Company’s net income for the quarter ended June 30, 2012, as adjusted, was $1.2 million, resulting in basic and diluted earnings per share of $0.17. Net income for the six months ended June 30, 2012, as adjusted, was $3.3 million, resulting in basic and diluted earnings per share of $0.47 for the six-month period.

The increase in net income for the three and six month periods ended June 30, 2012 stems from a decrease in the required balance of the Company’s allowance for loan losses due to reductions in adversely classified assets and nonaccrual loans, improved historical credit quality metrics, and an overall reduction in the size of the Company’s loan portfolio.

Total assets for the Company as of June 30, 2012 were impacted by the change and, as adjusted, were $563.7 million. Total deposits and total loans were $471.2 million and $390.4 million, respectively, and these measures were not affected by the change.

The Company will furnish a report on Form 8-K to the Securities and Exchange Commission on August 3, 2012, as scheduled, regarding its results of operations for the three and six months ended June 30, 2012. No restatement or amendment of the Company’s reports previously filed with the Securities and Exchange Commission is anticipated.

New Century Bank has branch offices in these North Carolina communities: Dunn, Clinton, Fayetteville, Goldsboro, Lillington, Lumberton, and a loan production office in Greenville.

###

The information as of and for the quarter ended June 30, 2012, as presented is unaudited. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of our goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including, but not limited to, our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s SEC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Company.

New Century Bancorp, Inc.

Selected Financial Information and Other Data

($ in thousands, except per share data)

 

    At or for the three months ended     At or for the six months ended  
    June 30,
2012		     March 31,
2012		     December 31,
2011		     September 30,
2011		     June 30,
2011		     June 30,
2012		     June 30,
2011		     June 30,
2010		  

Summary of Operations:

                

Total interest income

   $ 6,325      $ 6,619      $ 7,086      $ 7,584      $ 7,798      $ 12,944      $ 15,713      $ 16,857   

Total interest expense

     1,684        1,772        1,903        2,089        2,193        3,457        4,433        4,879   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income

     4,641        4,847        5,183        5,495        5,605        9,487        11,280        11,978   

Provision for loan losses

     (649 )      (2,136 )      319        2,194        2,542        (2,786 )      3,706        1,909   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income after provision

     5,290        6,983        4,864        3,301        3,063        12,273        7,574        10,069   

Noninterest income

     1,199        626        642        643        892        1,826        1,533        1,342   

Noninterest expense

     4,648        4,216        4,574        4,114        5,339        8,865        10,417        9,111   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

     1,841        3,393        932        (170 )      (1,384 )      5,234        (1,310 )      2,300   

Provision for income taxes (benefit)

     683        1,281        333        (148 )      (523 )      1,964        (570 )      769   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

   $ 1,158      $ 2,112      $ 599      $ (22 )    $ (861 )    $ 3,270      $ (740 )    $ 1,531   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Share and Per Share Data:

                

Earnings (loss) per share - basic

   $ 0.17      $ 0.31      $ 0.09      $ (0.00 )    $ (0.13 )    $ 0.47      $ (0.11 )    $ 0.22   

Earnings (loss) per share - diluted

   $ 0.17      $ 0.31      $ 0.03      $ (0.00 )    $ 0.13      $ 0.47      $ (0.11 )    $ 0.22   

Book value per share

     7.66        7.49        7.22        7.14        7.08        7.66        7.08        8.19   

Tangible book value per share

     7.61        7.41        7.14        7.05        6.99        7.61        6.99        8.08   

Ending shares outstanding

     6,913,636        6,913,636        6,860,367        6,860,367        6,913,636        6,913,636        6,913,636        6,891,784   

Weighted average shares outstanding:

                

Basic

     6,913,636        6,859,196        6,860,367        6,861,034        6,913,636        6,913,636        6,913,636        6,842,218   

Diluted

     6,913,636        6,859,196        6,860,367        6,861,034        6,913,636        6,913,636        6,913,636        6,851,055   

Selected Performance Ratios:

                

Return on average assets

     0.83 %      1.45 %      0.39 %      -0.01 %      -0.55 %      1.15 %      -0.24 %      0.48 % 

Return on average equity

     8.82 %      16.89 %      4.80 %      -0.18 %      -6.82 %      12.76 %      -2.95 %      5.53 % 

Net interest margin

     3.63 %      3.64 %      3.68 %      3.77 %      3.84 %      3.64 %      3.92 %      4.04 % 

Efficiency ratio (1)

     79.59 %      77.03 %      78.52 %      67.03 %      82.18 %      78.36 %      81.30 %      68.40 % 

Period End Balance Sheet Data:

                

Loans, held for sale

   $ —        $ 1,552      $ —        $ —        $ —        $ —        $ —        $ —     

Loans, net of unearned income

     390,403        399,760        417,624        439,410        458,523        390,403        458,523        490,883   

Total Earning Assets

     515,397        534,057        536,390        564,928        583,854        515,397        583,854        619,867   

Core Deposit Intangible

     356        516        545        583        622        356        622        776   

Total Assets

     563,682        580,996        589,651        616,580        629,135        563,682        629,135        663,001   

Deposits

     471,184        489,966        501,377        527,172        538,812        471,184        538,812        566,031   

Short term debt

     22,953        23,301        21,877        23,850        23,746        22,953        23,746        20,138   

Long term debt

     12,372        12,372        14,372        14,372        14,372        12,372        14,372        18,372   

Shareholders’ equity

     52,954        51,777        49,546        48,949        48,965        52,954        48,965        56,442   

Selected Average Balances:

                

Gross Loans

   $ 396,190      $ 409,009      $ 429,642      $ 449,650      $ 460,236      $ 402,600      $ 463,263      $ 488,557   

Total Earning Assets

     514,147        535,317        559,110        578,349        585,273        524,732        579,642        597,852   

Core Deposit Intangible

     379        533        569        602        640        454        659        813   

Total Assets

     563,850        585,249        608,118        625,768        631,204        574,232        631,205        638,930   

Deposits

     471,829        495,649        518,508        534,271        539,690        483,739        577,956        542,152   

Short term debt

     22,961        23,004        23,476        24,491        23,604        23,719        23,863        25,151   

Long term debt

     12,372        13,845        14,372        14,372        14,372        12,372        14,372        12,372   

Shareholders’ equity

     52,783        50,300        49,486        49,855        50,669        51,541        50,525        55,815   

Asset Quality Ratios:

                

Nonperforming loans

   $ 16,579      $ 19,270      $ 19,636      $ 20,116      $ 16,307      $ 16,579      $ 16,307      $ 13,885   

Other real estate owned

     3,859        2,391        3,031        3,230        3,380        3,859        3,380        3,215   

Allowance for loan losses

     8,510        9,568        10,034        10,338        10,378        8,510        10,378        10,006   

Nonperforming loans (2) to period-end loans

     4.25 %      4.82 %      4.70 %      4.58 %      3.56 %      4.25 %      3.56 %      2.83 % 

Allowance for loan losses to period-end loans

     2.18 %      2.39 %      2.40 %      2.35 %      2.26 %      2.18 %      2.26 %      2.04 % 

Delinquency Ratio (3)

     0.77 %      0.23 %      1.02 %      0.93 %      0.48 %      0.77 %      0.48 %      0.75 % 

Net loan charge-offs to average loans

     -0.42 %      -1.64 %      0.68 %      1.92 %      1.94 %      0.63 %      1.43 %      0.73 % 

 

(1) Efficiency ratio is calculated as non-interest expenses divided by the sum of net interest income and non-interest income.
(2) Nonperforming loans consist of non-accrual loans and restructured loans.
(3) Delinquency Ratio includes 30-89 days past due and excludes non-accrual loans.
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