Wisconsin | 1-34095 | 39-1576570 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
¨ | 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)) |
99.1 | Press release of the registrant dated April 24, 2014, containing financial information for its quarter ended March 31, 2014. |
April 24, 2014 | FIRST BUSINESS FINANCIAL SERVICES, INC. | |||||
By: | /s/ James F. Ropella | |||||
Name: | James F. Ropella | |||||
Title: | Chief Financial Officer |
Exhibit Number | ||
99.1 | Press release of the registrant dated April 24, 2014, containing financial information for its quarter ended March 31, 2014. |
• | Net income for the first quarter of 2014 totaled $3.3 million, compared to $3.2 million in the first quarter of 2013. |
• | Pre-tax adjusted earnings, defined as pre-tax income excluding the effects of provision for loan and lease losses, other identifiable costs of credit and other discrete items unrelated to the Company’s primary business activities, totaled $5.3 million in the first quarter of 2014, compared to $5.0 million in the first quarter of 2013. |
• | At 1.06%, first quarter 2014 annualized return on average assets exceeded 1.0% for the fifth consecutive quarter. |
• | At 12.01%, first quarter 2014 annualized return on average equity exceeded 12.0% for the seventh consecutive quarter. |
• | Top line revenue, consisting of net interest income and non-interest income, increased 8% to $13.1 million for the quarter ended March 31, 2014, compared to $12.2 million for the first quarter of 2013. |
• | Trust and investment service fee income was a record $1.1 million, reflecting trust assets under management and administration of $969.3 million as of March 31, 2014, an increase of $126.3 million, or 15%, from March 31, 2013. |
• | The Company’s efficiency ratio of 59.84% marked its seventh consecutive quarter below 60%. |
• | Period-end net loans and leases grew for the eighth consecutive quarter, reaching a record $971.2 million at March 31, 2014. |
• | Average in-market deposit balances remained strong at $736.0 million for the three months ended March 31, 2014, up 2% from $722.7 million in the first quarter of 2013. The Company’s in-market funding mix benefited from year-over-year growth in low-cost transaction deposits and non-interest-bearing deposit balances of 13%, or $25.2 million. |
• | Net interest margin measured 3.58% for the quarter ended March 31, 2014, improving 5 basis points compared to the same period of 2013. |
• | Non-performing assets of $14.4 million at March 31, 2014 decreased by $1.7 million, or 11%, from December 31, 2013. |
• | The Company recognized no charge-offs during the first quarter of 2014 and $20,000 of recoveries on loans previously charged off, resulting in a ratio of annualized net recoveries to average loans and leases of 0.01%. |
CONTACT: | First Business Financial Services, Inc. | |
James F. Ropella, Senior Vice President | ||
and Chief Financial Officer | ||
608-232-5970 | ||
jropella@firstbusiness.com |
(Unaudited) | As of | |||||||||||||||||||
(Dollars in thousands) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 76,396 | $ | 81,286 | $ | 96,114 | $ | 106,578 | $ | 75,212 | ||||||||||
Securities available-for-sale, at fair value | 185,547 | 180,118 | 186,242 | 194,498 | 201,804 | |||||||||||||||
Loans and leases receivable | 985,319 | 980,951 | 956,345 | 947,915 | 916,656 | |||||||||||||||
Allowance for loan and lease losses | (14,101 | ) | (13,901 | ) | (15,185 | ) | (15,202 | ) | (15,507 | ) | ||||||||||
Loans and leases, net | 971,218 | 967,050 | 941,160 | 932,713 | 901,149 | |||||||||||||||
Leasehold improvements and equipment, net | 1,186 | 1,155 | 1,182 | 1,218 | 1,128 | |||||||||||||||
Foreclosed properties | 333 | 333 | 595 | 565 | 905 | |||||||||||||||
Cash surrender value of bank-owned life insurance | 23,348 | 23,142 | 22,906 | 22,691 | 22,479 | |||||||||||||||
Investment in Federal Home Loan Bank stock, at cost | 1,255 | 1,255 | 1,255 | 1,829 | 1,144 | |||||||||||||||
Accrued interest receivable and other assets | 14,489 | 14,316 | 15,485 | 15,977 | 16,466 | |||||||||||||||
Total assets | $ | 1,273,772 | $ | 1,268,655 | $ | 1,264,939 | $ | 1,276,069 | $ | 1,220,287 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
In-market deposits | $ | 731,164 | $ | 736,323 | $ | 713,993 | $ | 691,001 | $ | 722,456 | ||||||||||
Brokered CDs | 405,536 | 393,532 | 414,338 | 451,978 | 349,330 | |||||||||||||||
Total deposits | 1,136,700 | 1,129,855 | 1,128,331 | 1,142,979 | 1,071,786 | |||||||||||||||
Federal Home Loan Bank and other borrowings | 7,936 | 11,936 | 11,936 | 11,936 | 26,936 | |||||||||||||||
Junior subordinated notes | 10,315 | 10,315 | 10,315 | 10,315 | 10,315 | |||||||||||||||
Accrued interest payable and other liabilities | 6,626 | 7,274 | 8,258 | 7,601 | 9,103 | |||||||||||||||
Total liabilities | 1,161,577 | 1,159,380 | 1,158,840 | 1,172,831 | 1,118,140 | |||||||||||||||
Total stockholders’ equity | 112,195 | 109,275 | 106,099 | 103,238 | 102,147 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,273,772 | $ | 1,268,655 | $ | 1,264,939 | $ | 1,276,069 | $ | 1,220,287 |
(Unaudited) | As of and for the Three Months Ended | |||||||||||||||||||
(Dollars in thousands, except per share amounts) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||
Total interest income | $ | 13,402 | $ | 13,763 | $ | 13,586 | $ | 13,142 | $ | 13,319 | ||||||||||
Total interest expense | 2,601 | 2,779 | 2,887 | 2,949 | 3,090 | |||||||||||||||
Net interest income | 10,801 | 10,984 | 10,699 | 10,193 | 10,229 | |||||||||||||||
Provision for loan and lease losses | 180 | (1,202 | ) | 109 | 54 | 80 | ||||||||||||||
Net interest income after provision for loan and lease losses | 10,621 | 12,186 | 10,590 | 10,139 | 10,149 | |||||||||||||||
Trust and investment services fee income | 1,068 | 983 | 976 | 970 | 827 | |||||||||||||||
Service charges on deposits | 567 | 574 | 549 | 544 | 483 | |||||||||||||||
Loan fees | 390 | 309 | 296 | 332 | 358 | |||||||||||||||
Other | 296 | 325 | 303 | 328 | 285 | |||||||||||||||
Total non-interest income | 2,321 | 2,191 | 2,124 | 2,174 | 1,953 | |||||||||||||||
Compensation | 5,057 | 4,459 | 4,586 | 4,507 | 4,726 | |||||||||||||||
FDIC insurance | 190 | 174 | 169 | 193 | 205 | |||||||||||||||
Net collateral liquidation costs (recoveries) | 159 | 29 | 108 | 73 | (14 | ) | ||||||||||||||
Net (gain) loss on foreclosed properties | — | (118 | ) | (48 | ) | 79 | (30 | ) | ||||||||||||
Endowment to First Business Charitable Foundation | — | 1,300 | — | — | — | |||||||||||||||
Other | 2,446 | 2,712 | 2,332 | 2,638 | 2,291 | |||||||||||||||
Total non-interest expense | 7,852 | 8,556 | 7,147 | 7,490 | 7,178 | |||||||||||||||
Income before tax expense | 5,090 | 5,821 | 5,567 | 4,823 | 4,924 | |||||||||||||||
Income tax expense | 1,753 | 2,061 | 1,958 | 1,690 | 1,680 | |||||||||||||||
Net income | $ | 3,337 | $ | 3,760 | $ | 3,609 | $ | 3,133 | $ | 3,244 | ||||||||||
Per common share: | ||||||||||||||||||||
Basic earnings | $ | 0.85 | $ | 0.95 | $ | 0.92 | $ | 0.80 | $ | 0.83 | ||||||||||
Diluted earnings | 0.84 | 0.95 | 0.91 | 0.80 | 0.83 | |||||||||||||||
Dividends declared | 0.21 | 0.14 | 0.14 | 0.14 | 0.14 | |||||||||||||||
Book value | 28.44 | 27.71 | 26.94 | 26.35 | 26.07 | |||||||||||||||
Tangible book value | 28.44 | 27.71 | 26.94 | 26.35 | 26.07 |
(Unaudited) | For the Three Months Ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2014 | December 31, 2013 | March 31, 2013 | ||||||||||||||||||||||||||||||
Average balance | Interest | Average yield/rate | Average balance | Interest | Average yield/rate | Average balance | Interest | Average yield/rate | |||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||
Commercial real estate and other mortgage loans(1) | $ | 636,812 | $ | 7,497 | 4.71 | % | $ | 642,104 | $ | 8,133 | 5.07 | % | $ | 617,948 | $ | 8,013 | 5.19 | % | |||||||||||||||
Commercial and industrial loans(1) | 298,696 | 4,525 | 6.06 | % | 288,478 | 4,265 | 5.91 | % | 251,814 | 4,088 | 6.49 | % | |||||||||||||||||||||
Direct financing leases(1) | 26,056 | 297 | 4.56 | % | 24,300 | 282 | 4.64 | % | 15,015 | 193 | 5.14 | % | |||||||||||||||||||||
Consumer and other loans(1) | 17,083 | 156 | 3.65 | % | 15,880 | 153 | 3.85 | % | 16,711 | 159 | 3.81 | % | |||||||||||||||||||||
Total loans and leases receivable(1) | 978,647 | 12,475 | 5.10 | % | 970,762 | 12,833 | 5.29 | % | 901,488 | 12,453 | 5.53 | % | |||||||||||||||||||||
Mortgage-related securities(2) | 151,478 | 746 | 1.97 | % | 151,041 | 734 | 1.94 | % | 166,005 | 701 | 1.69 | % | |||||||||||||||||||||
Other investment securities(3) | 31,950 | 121 | 1.51 | % | 33,330 | 121 | 1.45 | % | 33,502 | 109 | 1.30 | % | |||||||||||||||||||||
FHLB stock | 1,261 | 1 | 0.30 | % | 1,255 | 1 | 0.36 | % | 1,144 | 1 | 0.30 | % | |||||||||||||||||||||
Short-term investments | 43,925 | 59 | 0.54 | % | 65,451 | 74 | 0.45 | % | 56,332 | 55 | 0.39 | % | |||||||||||||||||||||
Total interest-earning assets | 1,207,261 | 13,402 | 4.44 | % | 1,221,839 | 13,763 | 4.51 | % | 1,158,471 | 13,319 | 4.60 | % | |||||||||||||||||||||
Non-interest-earning assets | 57,799 | 57,233 | 59,963 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,265,060 | $ | 1,279,072 | $ | 1,218,434 | |||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||
Transaction accounts | $ | 78,591 | 45 | 0.23 | % | $ | 72,016 | 41 | 0.23 | % | $ | 53,872 | 28 | 0.21 | % | ||||||||||||||||||
Money market | 462,574 | 587 | 0.51 | % | 471,610 | 599 | 0.51 | % | 459,201 | 671 | 0.58 | % | |||||||||||||||||||||
Certificates of deposit | 50,925 | 120 | 0.94 | % | 54,400 | 134 | 0.99 | % | 66,128 | 170 | 1.03 | % | |||||||||||||||||||||
Brokered certificates of deposit | 387,240 | 1,417 | 1.46 | % | 399,671 | 1,515 | 1.52 | % | 359,257 | 1,729 | 1.93 | % | |||||||||||||||||||||
Total interest-bearing deposits | 979,330 | 2,169 | 0.89 | % | 997,697 | 2,289 | 0.92 | % | 938,458 | 2,598 | 1.11 | % | |||||||||||||||||||||
FHLB advances | 3,111 | 1 | 0.16 | % | 5 | — | — | % | 1,343 | 3 | 0.93 | % | |||||||||||||||||||||
Other borrowings | 8,647 | 157 | 7.26 | % | 12,528 | 210 | 6.70 | % | 12,048 | 215 | 7.14 | % | |||||||||||||||||||||
Junior subordinated notes | 10,315 | 274 | 10.63 | % | 10,315 | 280 | 10.86 | % | 10,315 | 274 | 10.63 | % | |||||||||||||||||||||
Total interest-bearing liabilities | 1,001,403 | 2,601 | 1.04 | % | 1,020,545 | 2,779 | 1.09 | % | 962,164 | 3,090 | 1.28 | % | |||||||||||||||||||||
Non-interest-bearing demand deposit accounts | 143,953 | 142,738 | 143,499 | ||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 8,530 | 7,436 | 11,414 | ||||||||||||||||||||||||||||||
Total liabilities | 1,153,886 | 1,170,719 | 1,117,077 | ||||||||||||||||||||||||||||||
Stockholders’ equity | 111,174 | 108,353 | 101,357 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,265,060 | $ | 1,279,072 | $ | 1,218,434 | |||||||||||||||||||||||||||
Net interest income | $ | 10,801 | $ | 10,984 | $ | 10,229 | |||||||||||||||||||||||||||
Interest rate spread | 3.40 | % | 3.42 | % | 3.32 | % | |||||||||||||||||||||||||||
Net interest-earning assets | $ | 205,858 | 201,294 | $ | 196,307 | ||||||||||||||||||||||||||||
Net interest margin | 3.58 | % | 3.60 | % | 3.53 | % |
(1) | The average balances of loans and leases include non-performing loans and leases. Interest income related to non-performing loans and leases is recognized when collected. |
(2) | Includes amortized cost basis of assets available for sale. |
(3) | Yields on tax-exempt municipal obligations are not presented on a tax-equivalent basis in this table. |
For the Three Months Ended | |||||||||||||||
(Unaudited) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||
Return on average assets (annualized) | 1.06 | % | 1.18 | % | 1.14 | % | 1.02 | % | 1.06 | % | |||||
Return on average equity (annualized) | 12.01 | % | 13.88 | % | 13.73 | % | 12.05 | % | 12.80 | % | |||||
Efficiency ratio | 59.84 | % | 55.97 | % | 56.11 | % | 59.93 | % | 59.17 | % | |||||
Interest rate spread | 3.40 | % | 3.42 | % | 3.38 | % | 3.28 | % | 3.32 | % | |||||
Net interest margin | 3.58 | % | 3.60 | % | 3.56 | % | 3.46 | % | 3.53 | % | |||||
Average interest-earning assets to average interest-bearing liabilities | 120.56 | % | 119.72 | % | 118.79 | % | 119.05 | % | 120.40 | % |
As of and for the Three Months Ended | |||||||||||||||
(Unaudited) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||
Total capital to risk-weighted assets | 12.92 | % | 13.16 | % | 13.26 | % | 13.12 | % | 13.19 | % | |||||
Tier I capital to risk-weighted assets | 10.96 | % | 10.83 | % | 10.89 | % | 10.74 | % | 10.77 | % | |||||
Tier I capital to average assets | 9.67 | % | 9.35 | % | 9.20 | % | 9.17 | % | 9.07 | % | |||||
Tangible common equity to tangible assets | 8.81 | % | 8.61 | % | 8.39 | % | 8.09 | % | 8.37 | % |
(Unaudited) | As of | |||||||||||||||||||
(Dollars in thousands) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||
Non-performing loans and leases | $ | 14,110 | $ | 15,855 | $ | 9,725 | $ | 11,241 | $ | 11,674 | ||||||||||
Foreclosed properties, net | 333 | 333 | 595 | 565 | 905 | |||||||||||||||
Total non-performing assets | 14,443 | 16,188 | 10,320 | 11,806 | 12,579 | |||||||||||||||
Performing troubled debt restructurings | 586 | 371 | 789 | 1,076 | 1,245 | |||||||||||||||
Total impaired assets | $ | 15,029 | $ | 16,559 | $ | 11,109 | $ | 12,882 | $ | 13,824 | ||||||||||
Non-performing loans and leases as a percent of total gross loans and leases | 1.43 | % | 1.61 | % | 1.02 | % | 1.18 | % | 1.27 | % | ||||||||||
Non-performing assets as a percent of total gross loans and leases plus foreclosed properties | 1.46 | % | 1.65 | % | 1.08 | % | 1.24 | % | 1.37 | % | ||||||||||
Non-performing assets as a percent of total assets | 1.13 | % | 1.28 | % | 0.82 | % | 0.93 | % | 1.03 | % | ||||||||||
Allowance for loan and lease losses as a percent of total gross loans and leases | 1.43 | % | 1.42 | % | 1.59 | % | 1.60 | % | 1.69 | % | ||||||||||
Allowance for loan and lease losses as a percent of non-performing loans | 99.94 | % | 87.68 | % | 156.14 | % | 135.24 | % | 132.83 | % | ||||||||||
Criticized assets: | ||||||||||||||||||||
Special mention | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Substandard | 21,283 | 22,841 | 17,145 | 21,564 | 19,737 | |||||||||||||||
Doubtful | — | — | — | — | — | |||||||||||||||
Total criticized assets | $ | 21,283 | $ | 22,841 | $ | 17,145 | $ | 21,564 | $ | 19,737 | ||||||||||
Criticized assets to total assets | 1.67 | % | 1.80 | % | 1.36 | % | 1.69 | % | 1.62 | % |
(Unaudited) | For the Three Months Ended | |||||||||||||||||||
(Dollars in thousands) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||
Charge-offs | $ | — | $ | 120 | $ | 135 | $ | 647 | $ | 11 | ||||||||||
Recoveries | (20 | ) | (38 | ) | (9 | ) | (288 | ) | (38 | ) | ||||||||||
Net (recoveries) charge-offs | $ | (20 | ) | $ | 82 | $ | 126 | $ | 359 | $ | (27 | ) | ||||||||
Net (recoveries) charge-offs as a percent of average gross loans and leases (annualized) | (0.01 | )% | 0.03 | % | 0.05 | % | 0.15 | % | (0.01 | )% |
(Unaudited) | As of | |||||||||||||||||||
(Dollars in thousands) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||
Trust assets under management | $ | 787,645 | $ | 763,912 | $ | 731,076 | $ | 676,855 | $ | 660,599 | ||||||||||
Trust assets under administration | 181,611 | 195,056 | 179,692 | 175,929 | 182,376 | |||||||||||||||
Total trust assets | $ | 969,256 | $ | 958,968 | $ | 910,768 | $ | 852,784 | $ | 842,975 |
(Unaudited) | For the Three Months Ended | |||||||||||||||||||
(Dollars in thousands) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||
Income before tax expense | $ | 5,090 | $ | 5,821 | $ | 5,567 | $ | 4,823 | $ | 4,924 | ||||||||||
Add back: | ||||||||||||||||||||
Provision for loan and lease losses | 180 | (1,202 | ) | 109 | 54 | 80 | ||||||||||||||
Net (gain) loss on foreclosed properties | — | (118 | ) | (48 | ) | 79 | (30 | ) | ||||||||||||
Endowment to First Business Charitable Foundation | — | 1,300 | — | — | — | |||||||||||||||
Pre-tax adjusted earnings | $ | 5,270 | $ | 5,801 | $ | 5,628 | $ | 4,956 | $ | 4,974 |
(Unaudited) | As of | |||||||||||||||||||
(Dollars in thousands, except per share amounts) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||
Common stockholders’ equity | $ | 112,195 | $ | 109,275 | $ | 106,099 | $ | 103,238 | $ | 102,147 | ||||||||||
Intangible assets | — | — | — | — | — | |||||||||||||||
Tangible common equity | $ | 112,195 | $ | 109,275 | $ | 106,099 | $ | 103,238 | $ | 102,147 | ||||||||||
Common shares outstanding | 3,944,795 | 3,943,997 | 3,938,423 | 3,918,347 | 3,918,758 | |||||||||||||||
Book value per share | $ | 28.44 | $ | 27.71 | $ | 26.94 | $ | 26.35 | $ | 26.07 | ||||||||||
Tangible book value per share | 28.44 | 27.71 | 26.94 | 26.35 | 26.07 |
(Unaudited) | As of | |||||||||||||||||||
(Dollars in thousands) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||
Common stockholders’ equity | $ | 112,195 | $ | 109,275 | $ | 106,099 | $ | 103,238 | $ | 102,147 | ||||||||||
Intangible assets | — | — | — | — | — | |||||||||||||||
Tangible common equity | $ | 112,195 | $ | 109,275 | $ | 106,099 | $ | 103,238 | $ | 102,147 | ||||||||||
Total assets | $ | 1,273,772 | $ | 1,268,655 | $ | 1,264,939 | $ | 1,276,069 | $ | 1,220,287 | ||||||||||
Intangible assets | — | — | — | — | — | |||||||||||||||
Tangible assets | $ | 1,273,772 | $ | 1,268,655 | $ | 1,264,939 | $ | 1,276,069 | $ | 1,220,287 | ||||||||||
Tangible common equity to tangible assets | 8.81 | % | 8.61 | % | 8.39 | % | 8.09 | % | 8.37 | % |
(Unaudited) | For the Three Months Ended | |||||||||||||||||||
(Dollars in thousands) | March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||||
Total non-interest expense | $ | 7,852 | $ | 8,556 | $ | 7,147 | $ | 7,490 | $ | 7,178 | ||||||||||
Less: | ||||||||||||||||||||
Net (gain) loss on foreclosed properties | — | (118 | ) | (48 | ) | 79 | (30 | ) | ||||||||||||
Amortization of other intangible assets | — | — | — | — | — | |||||||||||||||
Endowment to First Business Charitable Foundation | — | 1,300 | — | — | — | |||||||||||||||
Total operating expense | $ | 7,852 | $ | 7,374 | $ | 7,195 | $ | 7,411 | $ | 7,208 | ||||||||||
Net interest income | $ | 10,801 | $ | 10,984 | $ | 10,699 | $ | 10,193 | $ | 10,229 | ||||||||||
Total non-interest income | 2,321 | 2,191 | 2,124 | 2,174 | 1,953 | |||||||||||||||
Less: | ||||||||||||||||||||
Gain on sale of securities | — | — | — | — | — | |||||||||||||||
Total operating revenue | $ | 13,122 | $ | 13,175 | $ | 12,823 | $ | 12,367 | $ | 12,182 | ||||||||||
Efficiency ratio | 59.84 | % | 55.97 | % | 56.11 | % | 59.93 | % | 59.17 | % |