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):  October 24, 2018

OLD POINT FINANCIAL CORPORATION

 (Exact name of registrant as specified in its charter)

Virginia	000-12896	54-1265373
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1 West Mellen Street

Hampton, Virginia  23663

(Address of principal executive offices)  (Zip Code)

(757) 728-1200

(Registrant's telephone number, including area code)

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.	☐

Item 2.02 Results of Operations and Financial Condition.

On October 24, 2018 Old Point Financial Corporation issued a press release reporting its earnings and financial results for the quarter ended September 30, 2018. A copy of the press release is furnished as Exhibit 99.1and is incorporated by reference into this Item 2.02.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits
	Exhibit 99.1 Press release dated October 24, 2018

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.

	Old Point Financial Corporation
	Registrant
Date: October 26, 2018	/s/ Robert F. Shuford, Sr.
	Robert F. Shuford, Sr.
	Chairman of the Board
	President & Chief Executive Officer

EX-99.1

Exhibit 99.1

Old Point Releases Third Quarter 2018 Results

Hampton, VA, October 24, 2018 (PRNewswire) Old Point Financial Corporation (the Company or Old Point) (NASDAQ "OPOF") reported net income of $1.6 million and earnings per share of $0.31 for the third quarter ended September 30, 2018. Net operating earnings (non-GAAP) for the third quarter of 2018, which excluded $48 thousand in after tax merger costs, were $1.6 million, or $0.32 per share.

Net income for the nine months ended September 30, 2018 was $3.5 million, or $0.69 per share. Excluding the effect of $732 thousand in after tax merger costs, net operating earnings (non-GAAP) for the nine months ended September 30, 2018 were $4.3 million, or $0.83 per share.

Robert Shuford, Jr., President and CEO of Old Point National Bank said, "Strong revenues and solid expense control contributed to continuing improvement in our core operating metrics this quarter. Our earnings of $1.6 million for the quarter reflects over 100% growth from the third quarter of last year and 12% growth over operating earnings in the second quarter of this year. Gross revenues were $13.2 million for the quarter, reflecting growth of 12.5% over the same quarter last year. We remain focused on building the franchise and improving our operational efficiency".

Highlights of the quarter are as follows:

· Net interest income improved to $8.5 million, an increase of 1.1% over the previous quarter and 10.1% over the third quarter of 2017.

· Return on average assets (ROA) was 0.62% compared to 0.39% in the prior quarter and 0.32% in the third quarter of 2017. Net operating ROA (non-GAAP) was 0.64% compared to 0.57% and 0.32% in the second quarter of 2018 and the third quarter of 2017, respectively.

· The net interest margin (on a fully tax-equivalent basis) improved to 3.67% from 3.65% in the prior quarter and 3.64% in the third quarter of 2017.

· Total assets as of September 30, 2018 were $1.0 billion, representing growth of $43.6 million, or 4.4%, from December 31, 2017 and $70.9 million, or 7.4%, from September 30, 2017.

Net Interest Income

Net interest income for the third quarter of 2018 was $8.5 million, an increase of $89 thousand, or 1.1%, from the prior quarter and an increase of $784 thousand, or 10.1%, from the third quarter of 2017. The quarter-over-quarter growth in net interest income was principally the result of higher yields on earnings assets which was partially offset by higher funding costs. The year-over-year growth was positively impacted by higher average earning asset balances as well as higher yields. The tax-equivalent net interest margin for the quarter was 3.67%, up from 3.65% in the prior quarter and 3.64% in the same period a year ago. The margin improvement was primarily due to increases in average loan yields which outweighed higher rates on interest-bearing deposits and borrowings.

Asset Quality

Non-performing assets (NPAs) totaled $17.5 million as of September 30, 2018, up from $16.4 million at June 30, 2018 and $14.2 million at September 30, 2017. NPAs as a percentage of total assets were 1.70%, which compares to 1.59% at June 30, 2018 and 1.49% at September 30, 2017. Non-accrual loans decreased to $13.0 million from $13.9 million at June 30, 2018 but increased from $10.2 million at September 30, 2017. Loans past due 90 days or more and still accruing interest increased to $4.3 million from $2.3 million at June 30, 2018 and $4.0 million at September 30, 2017. Of the loans past due 90 days or more at September 30, 2018, approximately $2.4 million were government-guaranteed student and small business loans. Other real estate owned totaled $133 thousand at September 30, 2018 compared to $251 thousand at June 30, 2018.  The Company had no other real estate owned at September 30, 2017.

1

The allowance for loan and lease losses (ALLL) was $10.2 million at September 30, 2018 compared to $9.9 million at June 30, 2018 and $8.9 million at September 30, 2017. The ALLL as a percentage of loans held for investment was 1.31% at September 30, 2018 compared to 1.27% at June 30, 2018 and 1.28% at September 30, 2017. Annualized net charge offs as a percentage of average loans outstanding was 0.20% for the quarter ended September 30, 2018. This compares to 0.22% in the preceding quarter and 0.60% in the third quarter of 2017.

Noninterest Income

Total noninterest income for the quarter was $3.4 million which represents a decline of $51 thousand, or 1.5%, from the previous quarter and an increase of $219 thousand, or 6.9% from the third quarter of 2017. The decrease relative to the prior quarter was largely due to a $40 thousand net gain on securities sales in the second quarter; there were no security sales in the third quarter of 2018.  For both the nine months ended September 30, 2018 and 2017, total noninterest income was $10.0 million.

Noninterest Expense

Noninterest expense totaled $9.4 million for the third quarter of 2018. This represents a decrease of $791 thousand, or 7.7%, from the second quarter of 2018 and an increase of $518 thousand, or 5.8%, from the third quarter of 2017. The linked quarter decline was mainly attributable to reduced salaries and employee benefits and merger related expenses, while the year ago quarter increase is mainly associated with increased staffing related to acquisition growth.

Balance Sheet Review

Total assets as of September 30, 2018 were $1.0 billion, an increase of $43.6 million, or 4.4%, from December 31, 2017. Net loans held for investment increased $40.1 million, or 5.5%, from December 31, 2017 to $769.2 million. The growth in net loans and total assets was largely the result of the Citizens National Bank (Citizens) acquisition, which was completed on April 1, 2018.

Total liabilities increased $40.4 million, or 4.6%, from December 31, 2017. Total deposits increased $57.7 million, or 7.4%, to $841.3 million from December 31, 2017. Noninterest-bearing deposits increased $14.8 million, or 6.6%, savings deposits increased $22.0 million, or 6.4%, and time deposits increased $20.9 million, or 9.8%. Overnight repurchase agreements declined $2.6 million, or 12.5%, and Federal Home Loan Bank advances decreased by $7.5 million, or 11.1%, from December 31, 2017.  Even though the Tier 1 leverage ratio was compressed a modest 14 basis points to 9.84% at September 30, 2018, total stockholders' equity increased 3.3% from December 31, 2017 to $99.6 million.

2

Non-GAAP Financial Measures – In addition to the Company's results presented in accordance with GAAP, this release includes certain non-GAAP financial measures including net operating earnings, net operating earnings per share, net operating ROA, and operating efficiency ratio.  A schedule reconciling these non-GAAP financial measures is provided at the end of this press release.  The Company uses these non-GAAP financial measures in its internal analysis of financial and operating performance and the Company's management believes that they provide greater transparency regarding management's view of the Company's performance.  These non-GAAP financial measures should be read in conjunction with, and not as a substitute for, the Company's GAAP results.  In addition, because not all companies use identical calculations, the Company's presentation of its non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

Safe Harbor Statement Regarding Forward-Looking Statements - Statements in this press release which use language such as "believes," "expects," "plans," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" and similar expressions, identify forward-looking statements. These forward-looking statements are based on the beliefs of Old Point's management, as well as estimates and assumptions made by, and information currently available to, management. These statements are inherently uncertain, and there can be no assurance that the underlying estimates or assumptions will prove to be accurate. Actual results could differ materially from historical results or those anticipated by such statements. Forward-looking statements in this release may include, without limitation: statements regarding future financial performance; future impacts of the Tax Cut and Jobs Act on the Company's operations; performance of the investment and loan portfolios, including performance of the consumer auto loan portfolio and the purchased student loan portfolio; the effects of diversifying the loan portfolio; strategic business initiatives; management's efforts to reposition the balance sheet; deposit growth; levels and sources of liquidity; use of proceeds from the sale of securities; future levels of charge-offs or net recoveries; the impact of increases in NPAs on future earnings; write-downs and expected sales of other real estate owned; and changes in interest rates.

Factors that could have a material adverse effect on the operations and future prospects of Old Point include, but are not limited to, the possibility that any of the anticipated benefits of the acquisition of Citizens will not be realized or will not be realized within the expected time period. Other factors that could have a material adverse effect on the operations and future prospects of Old Point include, but are not limited to, changes in: interest rates and yields; general economic and business conditions, including unemployment levels; demand for loan products; the legislative/regulatory climate; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board and any changes associated with the current administration; the quality or composition of the loan or securities portfolios; changes in the volume and mix of interest-earning assets and interest-bearing liabilities; the effects of management's investment strategy and strategy to manage the net interest margin; the U.S. Government's guarantee of repayment of student loans purchased by Old Point; the level of net charge-offs on loans; deposit flows; competition; demand for financial services in Old Point's market area; technology; cyber threats, attacks and events; reliance on third parties for key services; the use of inaccurate assumptions in management's modeling systems; the real estate market; accounting principles, policies and guidelines; and other factors detailed in Old Point's publicly filed documents, including its Annual Report on Form 10-K for the year ended December 31, 2017. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on such statements, which speak only as of date of the release.

Old Point Financial Corporation ("OPOF" - Nasdaq)is theparent company of The Old Point National Bank of Phoebus, a locally owned and managed community bank serving all of Hampton Roads and Old Point Trust & Financial Services, N.A., aHampton Roads wealth management services provider. Web: www.oldpoint.com. For more information, contact Jeff Farrar, Chief Financial Officer & Senior Vice President/Finance of Old Point Financial Corporation at 757-728-1248, or Laura Wright, Vice President/Marketing Director, Old Point National Bank at 757-728-1743.

3

Old Point Financial Corporation and Subsidiaries
Consolidated Balance Sheets	September 30,			December 31,
(in thousands, except per share data)	2018			2017
	(unaudited)
Assets
Cash and due from banks	$	15,539		$	13,420
Interest-bearing due from banks		12,519			908
Federal funds sold		561			84
Cash and cash equivalents		28,619			14,412
Securities available-for-sale, at fair value		142,288			157,121
Restricted securities, at cost		3,869			3,846
Loans held for sale		1,033			779
Loans, net		769,204			729,092
Premises and equipment, net		37,278			37,197
Bank-owned life insurance		26,567			25,981
Goodwill		1,611			621
Other real estate owned, net		133			-
Core deposit intangible, net		418			-
Other assets		14,420			12,777
Total assets	$	1,025,440		$	981,826
Liabilities & Stockholders' Equity
Deposits:
Noninterest-bearing deposits	$	240,528		$	225,716
Savings deposits		367,085			345,053
Time deposits		233,698			212,825
Total deposits		841,311			783,594
Federal funds purchased and other short-term borrowings		-			10,000
Overnight repurchase agreements		18,116			20,693
Federal Home Loan Bank advances		60,000			67,500
Other borrowings		2,850			-
Accrued expenses and other liabilities		3,588			3,651
Total liabilities		925,865			885,438
Stockholders' equity:
Common stock, $5 par value, 10,000,000 shares authorized; 5,181,810 and 5,019,703 shares outstanding (includes 12,083 and 2,245 shares of nonvested restricted stock, respectively)		25,849			25,087
Additional paid-in capital		20,624			17,270
Retained earnings		56,794			54,738
Accumulated other comprehensive loss, net		(3,692	)		(707	)
Total stockholders' equity		99,575			96,388
Total liabilities and stockholders' equity	$	1,025,440		$	981,826

4

Old Point Financial Corporation and Subsidiaries
Consolidated Statements of Income (unaudited)	Three Months Ended							Nine Months Ended
(in thousands, except per share data)	Sep. 30, 2018		Jun. 30, 2018		Sep. 30, 2017			Sep. 30, 2018		Sep. 30, 2017
Interest and Dividend Income:
Loans, including fees	$	8,865	$	8,688	$	7,642		$	25,448	$	21,532
Due from banks		68		22		4			94		12
Federal funds sold		5		8		1			15		6
Securities:
Taxable		510		499		487			1,503		1,474
Tax-exempt		291		302		385			937		1,232
Dividends and interest on all other securities		75		75		49			210		98
Total interest and dividend income		9,814		9,594		8,568			28,207		24,354
Interest Expense:
Savings deposits		164		141		103			409		240
Time deposits		774		698		560			2,088		1,599
Federal funds purchased, securities sold under
agreements to repurchase and other borrowings		41		42		13			93		26
Federal Home Loan Bank advances		320		287		161			931		233
Total interest expense		1,299		1,168		837			3,521		2,098
Net interest income		8,515		8,426		7,731			24,686		22,256
Provision for loan losses		749		575		1,275			1,849		2,925
Net interest income after provision for loan losses		7,766		7,851		6,456			22,837		19,331
Noninterest Income:
Fiduciary and asset management fees		904		916		903			2,803		2,820
Service charges on deposit accounts		1,095		1,078		1,001			3,043		2,844
Other service charges, commissions and fees		873		941		843			2,668		2,562
Bank-owned life insurance income		202		173		198			584		595
Mortgage banking income		240		236		172			617		462
Gain on sale of available-for-sale securities, net		-		40		2			120		89
Gain on acquisition of Old Point Mortgage		-		-		-			-		550
Other operating income		59		40		35			104		114
Total noninterest income		3,373		3,424		3,154			9,939		10,036
Noninterest Expense:
Salaries and employee benefits		5,608		5,935		5,104			17,020		15,650
Occupancy and equipment		1,557		1,487		1,444			4,521		4,347
Data processing		317		373		266			993		749
FDIC insurance		160		186		128			537		322
Customer development		143		135		153			460		451
Professional services		482		537		508			1,507		1,401
Employee professional development		195		208		196			595		651
Other taxes		134		142		141			446		422
ATM and other losses		103		157		103			357		435
Loss (gain) on other real estate owned		-		86		-			86		(18	)
Merger expenses		48		391		-			644		-
Other operating expenses		680		581		866			1,895		2,103
Total noninterest expense		9,427		10,218		8,909			29,061		26,513
Income before income taxes		1,712		1,057		701			3,715		2,854
Income tax expense (benefit)		115		65		(56	)		184		(6	)
Net income	$	1,597	$	992	$	757		$	3,531	$	2,860
Basic Earnings per Share:
Weighted average shares outstanding		5,181,343		5,177,233		4,993,805			5,126,808		4,985,135
Net income per share of common stock	$	0.31	$	0.19	$	0.15		$	0.69	$	0.57
Diluted Earnings per Share:
Weighted average shares outstanding		5,181,343		5,177,233		5,003,785			5,126,832		4,997,231
Net income per share of common stock	$	0.31	$	0.19	$	0.15		$	0.69	$	0.57
Cash Dividends Declared per Share:	$	0.11	$	0.11	$	0.11		$	0.33	$	0.33

5

Old Point Financial Corporation and Subsidiaries
Average Balance Sheets, Net Interest Income And Rates
(unaudited)
	For the quarter ended September 30,
	2018								2017
				Interest								Interest
	Average			Income/		Yield/			Average			Income/		Yield/
	Balance			Expense		Rate**			Balance			Expense		Rate**
	(dollars in thousands)
ASSETS
Loans*	$	777,179		$	8,880		4.57	%	$	659,926		$	7,142		4.33	%
Investment securities:
Taxable		94,674			510		2.15	%		103,485			491		1.90	%
Tax-exempt*		47,458			368		3.10	%		70,805			636		3.59	%
Total investment securities		142,132			878		2.47	%		174,290			1,127		2.59	%
Interest-bearing due from banks		13,389			68		2.03	%		1,316			3		0.91	%
Federal funds sold		950			5		2.11	%		1,248			2		0.64	%
Other investments		3,869			75		7.75	%		2,098			35		6.67	%
Total earning assets		937,519		$	9,906		4.23	%		838,878		$	8,309		3.96	%
Allowance for loan losses		(10,184	)							(9,025	)
Other non-earning assets		103,231								102,655
Total assets	$	1,030,566							$	932,508
LIABILITIES AND STOCKHOLDERS' EQUITY
Time and savings deposits:
Interest-bearing transaction accounts	$	28,001		$	2		0.03	%	$	28,438		$	2		0.03	%
Money market deposit accounts		243,556			140		0.23	%		235,539			60		0.10	%
Savings accounts		88,345			22		0.10	%		82,217			11		0.05	%
Time deposits		235,443			774		1.31	%		203,819			520		1.02	%
Total time and savings deposits		595,345			938		0.63	%		550,013			593		0.43	%
Federal funds purchased, repurchase
agreements and other borrowings		32,800			41		0.50	%		26,302			8		0.12	%
Federal Home Loan Bank advances		60,000			320		2.13	%		26,374			72		1.09	%
Total interest-bearing liabilities		688,145			1,299		0.76	%		602,689			673		0.45	%
Demand deposits		238,592								227,880
Other liabilities		3,382								5,586
Stockholders' equity		100,447								96,353
Total liabilities and stockholders' equity	$	1,030,566							$	932,508
Net interest margin				$	8,607		3.67	%				$	7,636		3.64	%
*Computed on a fully tax-equivalent basis using a 21% rate in 2018 and a 34% rate in prior periods
**Annualized

6

Old Point Financial Corporation and Subsidiaries
Average Balance Sheets, Net Interest Income And Rates
(unaudited)
	For the nine months ended September 30,
	2018								2017
				Interest								Interest
	Average			Income/		Yield/			Average			Income/		Yield/
	Balance			Expense		Rate**			Balance			Expense		Rate**
	(dollars in thousands)
ASSETS
Loans*	$	767,101		$	25,492		4.43	%	$	638,262		$	13,953		4.37	%
Investment securities:
Taxable		94,907			1,503		2.11	%		105,303			987		1.87	%
Tax-exempt*		51,717			1,186		3.06	%		71,618			1,283		3.58	%
Total investment securities		146,624			2,689		2.45	%		176,921			2,270		2.57	%
Interest-bearing due from banks		6,481			94		1.93	%		1,710			8		0.94	%
Federal funds sold		1,164			15		1.72	%		1,422			5		0.70	%
Other investments		4,160			210		6.73	%		1,537			49		6.38	%
Total earning assets		925,530		$	28,500		4.11	%		819,852		$	16,285		3.97	%
Allowance for loan losses		(10,052	)							(8,710	)
Other nonearning assets		98,138								105,422
Total assets	$	1,014,297							$	916,564
LIABILITIES AND STOCKHOLDERS' EQUITY
Time and savings deposits:
Interest-bearing transaction accounts	$	28,159		$	8		0.04	%	$	28,332		$	5		0.04	%
Money market deposit accounts		238,520			347		0.19	%		235,798			112		0.09	%
Savings accounts		87,596			54		0.08	%		81,114			20		0.05	%
Time deposits		227,914			2,088		1.22	%		205,469			1,039		1.01	%
Total time and savings deposits		582,189			2,497		0.57	%		550,713			1,176		0.43	%
Federal funds purchased, repurchase
agreements and other borrowings		30,442			93		0.41	%		23,482			13		0.11	%
Federal Home Loan Bank advances		68,223			931		1.82	%		13,260			72		1.09	%
Total interest-bearing liabilities		680,854			3,521		0.69	%		587,455			1,261		0.43	%
Demand deposits		231,916								227,971
Other liabilities		3,243								5,715
Stockholders' equity		98,284								95,423
Total liabilities and stockholders' equity	$	1,014,297							$	916,564
Net interest margin				$	24,979		3.60	%				$	15,024		3.67	%
*Computed on a fully tax-equivalent basis using a 21% rate in 2018 and a 34% rate in prior periods
**Annualized

7

Old Point Financial Corporation and Subsidiaries
Selected Ratios (unaudited)	September 30,			June 30,			September 30,
(in thousands, except per share data)	2018			2018			2017
Earnings per common share, diluted	$	0.31		$	0.19		$	0.15
Return on average assets (ROA)		0.62	%		0.39	%		0.32	%
Return on average equity (ROE)		6.36	%		4.05	%		3.10	%
Net Interest Margin (FTE)		3.67	%		3.65	%		3.64	%
Non-performing assets (NPAs) / total assets		1.70	%		1.59	%		1.49	%
Annualized Net Charge Offs / average total loans		0.20	%		0.22	%		0.60	%
Allowance for loan losses / total loans		1.31	%		1.27	%		1.28	%
Efficiency ratio (FTE)		78.69	%		85.54	%		80.15	%
Non-Performing Assets (NPAs)
Nonaccrual loans	$	13,009		$	13,891		$	10,212
Loans > 90 days past due, but still accruing interest		4,316			2,295			3,983
Other real estate owned		133			251			-
Total non-performing assets	$	17,458		$	16,437		$	14,195
Other Selected Numbers
Loans, net	$	769,204		$	766,344		$	692,045
Deposits		841,311			840,335			782,445
Shareholders equity		99,575			99,293			97,641
Total assets		1,025,440			1,032,130			954,497
Loans charged off during the quarter, net of recoveries		391			433			1,034
Quarterly average loans		777,955			778,033			694,783
Quarterly average assets		1,030,566			1,024,591			954,031
Quarterly average earning assets		937,106			934,618			865,739
Quarterly average deposits		833,937			828,938			773,630
Quarterly average equity		100,447			98,071			97,642

Old Point Financial Corporation and Subsidiaries
Reconciliations of GAAP Measures to Non-GAAP Measures (unaudited)
(in thousands, except per share data)
	Three Months Ended									Nine Months Ended
	Sep. 30, 2018			Jun. 30, 2018			Sep. 30, 2017			Sep. 30, 2018			Sep. 30, 2017
Net income	$	1,597		$	992		$	757		$	3,531		$	2,860
Plus: Merger-related costs, excluding severance (after tax)		48			391			-			644			-
Plus: Merger-related severance costs (after tax)		-			88			-			88			-
Less: Gain on acquisition of Old Point Mortgage (after tax)		-			-			-			-			(363	)
Net operating earnings		1,645			1,471			757			4,263			2,497
Weighted average shares outstanding (assuming dilution)		5,181,343			5,177,233			5,003,785			5,126,832			4,997,231
Earnings per share (GAAP)	$	0.31		$	0.19		$	0.15		$	0.69		$	0.57
Net operating earnings per share (non-GAAP)	$	0.32		$	0.28		$	0.15		$	0.83		$	0.50
Average assets	$	1,030,566		$	1,024,591		$	954,031		$	1,014,297		$	929,191
ROA (GAAP)		0.62	%		0.39	%		0.32	%		0.46	%		0.41	%
Net operating ROA (non-GAAP)		0.64	%		0.57	%		0.32	%		0.56	%		0.36	%
Efficiency ratio (FTE)		78.69	%		85.54	%		80.15	%		83.23	%		80.29	%
Operating efficiency ratio (FTE)		78.29	%		81.34	%		80.15	%		81.06	%		81.65	%

8