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| 8-K - 8-K - ARROW FINANCIAL CORP | form8kq12014earningsrelease.htm |
 | 250 Glen Street Glens Falls, NY |
NASDAQ® Symbol: "AROW" Website: arrowfinancial.com Media Contact: Timothy C. Badger Tel: (518) 415-4307 Fax: (518) 745-1976 | |
Arrow Reports Increased Quarterly Earnings and Strong Asset Quality Ratios
• | First-quarter diluted earnings per share increased 2.4%. |
• | Net interest income on a tax-equivalent basis rose $1.0 million or 6.9%. |
• | Continued growth in insurance commission income and income from fiduciary activities. |
• | Record highs at quarter-end for total loans, assets, deposits and stockholders' equity, as well as assets under trust administration and investment management. |
• | An increase of 2% in the cash dividends paid. |
GLENS FALLS, N.Y. (April 21, 2014) -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended March 31, 2014. Net income for the first quarter of 2014 was $5.32 million, an increase of $139 thousand, or 2.7%, from net income of $5.18 million for the first quarter of 2013. Diluted earnings per share (EPS) for the quarter was $0.43, a 2.4% increase from the comparable 2013 quarter, when diluted EPS was $0.42. Return on average assets for the first quarter of 2014 was 0.99%, and return on average equity for the 2014 first quarter was 11.11%.
Expansion continues with the announcement of a new Saratoga National Bank and Trust Company banking branch in Colonie, New York; it will be the Bank's first office in Albany County.
Arrow President and CEO Thomas J. Murphy stated, "Arrow ended the first quarter with solid returns on average assets and average equity, record highs in several key balance sheet categories, excellent asset quality and strong capital. We are pleased with these results."
The following list expands on the highlights of our first-quarter results:
Net Interest Income and Margin: In the first quarter of 2014, on a tax-equivalent basis, our net interest income increased $1.0 million, or 6.9%, compared to the first quarter of 2013, while our tax-equivalent net interest margin remained relatively unchanged, falling one basis point to 3.12% from 3.13% in the first quarter of 2013. Although our loan yields remain under pressure, net interest margin increased 6 basis points to 3.12% from our fourth quarter 2013 margin of 3.06%.
Insurance Agency Operations: Insurance commission income rose from $2.0 million for the first quarter of 2013 to $2.4 million for the first quarter of 2014, an increase of $416 thousand, or 20.5%. This increase was primarily attributable to annual contingent commission income received from certain insurance carriers.
Trust Assets and Related Noninterest Income: Assets under trust administration and investment management at March 31, 2014, were a record $1.183 billion, an increase of $88.0 million, or 8.0%, from the March 31, 2013, balance of $1.095 billion. The growth in balances was generally attributable to a significant rise in the equity markets between the reporting dates as well as to the addition of new accounts. Income from fiduciary activities increased by $299 thousand, or 19.0%, for the first three months of 2014, as compared to the 2013 period.
Balance Sheet Changes: Total assets at March 31, 2014, reached a record high of $2.222 billion, an increase of $105.6 million, or 5.0%, from the $2.116 billion balance at March 31, 2013, and 2.7% above total assets of $2.164 billion at December 31, 2013. Our loan portfolio also rose to a record high of $1.3 billion, up $145.7 million, or 12.5%, from the March 31, 2013, level, and an increase of $44.0 million, or 3.5%, from
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the level at December 31, 2013. While all three major categories of our loan portfolio grew during the first quarter of 2014, the largest increase was in our commercial real estate loan portfolio, followed by increases in our residential real estate loan and automobile loan categories.
During the first three months of 2014, we originated approximately $27 million of residential real estate loans, a decrease of 12.1% from approximately $30 million of residential real estate loans originated in the comparable period for 2013. However, during the 2014 first quarter, our management strategy was to retain most of our originations, as opposed to our 2013 strategy of selling most into the secondary market. As a result, the outstanding balance of our residential real estate loan portfolio at March 31, 2014, was higher than the outstanding balance at both March 31, 2013 and December 31, 2013. Since we elected to retain most mortgage originations, our gain on the sale of residential real estate loan originations in the first quarter of 2014 was significantly less than our gain on the sale of such originations in the comparable 2013 quarter.
Asset Quality: Asset quality remained strong at March 31, 2014, as measured by our low level of nonperforming assets and low level of net charge-offs. Nonperforming assets of $7.3 million at March 31, 2014 represented only 0.33% of period-end assets, down four basis points from our 0.37% ratio as of December 31, 2013. Net loan losses for the first quarter of 2014, expressed as an annualized percentage of average loans outstanding, were only 0.08%. These asset quality ratios continue to be significantly better than recently reported industry-wide averages and our overall loan delinquency rates remain low.
Our allowance for loan losses was $14.6 million at March 31, 2014, which represented 1.12% of loans outstanding, thirteen basis points below our ratio one year earlier and two basis points below our ratio at December 31, 2013.
Capital: Total stockholders’ equity was a record $194.5 million at period-end, an increase of $16.7 million, or 9.4%, above the March 31, 2013 amount. Arrow's capital ratios continued to remain strong, as reflected by a Tier 1 leverage ratio of 9.30% at quarter-end, unchanged from March 31, 2013. Arrow's total risk-based capital ratio was 15.62%, down from 16.34% a year ago. The capital ratios of the Company and its subsidiary banks continue to significantly exceed the “well capitalized” regulatory standard, which is the highest current regulatory category.
Peer Group: Many of our key operating ratios have consistently compared very favorably to our peer group, which we define as all U.S. bank holding companies having $1.0 billion to $3.0 billion in total assets, as identified in the Federal Reserve Bank’s "Bank Holding Company Performance Report" (FRB Report). The most current peer data available in the FRB Report is for the twelve-month period ended December 31, 2013, in which our return on average equity (ROE) was 12.11%, as compared to 8.56% for our peer group. Our ratio of loans 90 days past due and accruing plus nonaccrual loans to total loans was 0.56% as of December 31, 2013, as compared to 1.46% for our peer group. Our ratio of net loan losses for the year ending December 31, 2013, was 0.09%, well below the peer result of 0.25%.
Cash and Stock Dividends: We distributed a cash dividend of $.25 per share to stockholders in the first quarter of 2014. The cash dividend was 2% higher than the cash dividend paid in the first quarter of 2013, adjusted for our 2% stock dividend in September 2013. This quarter's dividend, based on our $26.44 closing stock price at March 31, 2014, represented an annualized yield of 3.78%.
Securities Transactions: There were no securities transactions in the first quarter of 2014. However, included in our comparable 2013 first quarter results were securities transactions of $318 thousand, net of tax, which represented nearly $.03 per share for the quarter.
Industry Recognition: Arrow was recently recognized by Forbes as one of "America's 50 Most Trustworthy Financial Companies" for its accounting and governance practices. The list includes publicly traded banks and insurance companies. This is the third consecutive year Arrow has received a "Most Trustworthy" designation from Forbes.
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Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc.; three property and casualty insurance agencies: Loomis & LaPann, Inc., Upstate Agency, LLC, and McPhillips Insurance Agency, a division of Glens Falls National Insurance Agencies, LLC; and Capital Financial Group, Inc., an insurance agency specializing in the sale and servicing of group health plans.
The information contained in this News Release may contain statements that are not historical in nature but rather are based on management’s beliefs, assumptions, expectations, estimates and projections about the future. These statements may be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, and our other filings with the Securities and Exchange Commission.
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ARROW FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Per Share Amounts - Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
INTEREST AND DIVIDEND INCOME | ||||||||
Interest and Fees on Loans | $ | 12,774 | $ | 12,783 | ||||
Interest on Deposits at Banks | 13 | 27 | ||||||
Interest and Dividends on Investment Securities: | ||||||||
Fully Taxable | 2,008 | 1,796 | ||||||
Exempt from Federal Taxes | 1,471 | 1,390 | ||||||
Total Interest and Dividend Income | 16,266 | 15,996 | ||||||
INTEREST EXPENSE | ||||||||
NOW Accounts | 464 | 778 | ||||||
Savings Deposits | 219 | 268 | ||||||
Time Deposits of $100,000 or More | 230 | 319 | ||||||
Other Time Deposits | 391 | 554 | ||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 4 | 3 | ||||||
Federal Home Loan Bank Advances | 145 | 173 | ||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 141 | 144 | ||||||
Total Interest Expense | 1,594 | 2,239 | ||||||
NET INTEREST INCOME | 14,672 | 13,757 | ||||||
Provision for Loan Losses | 458 | 100 | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 14,214 | 13,657 | ||||||
NONINTEREST INCOME | ||||||||
Income From Fiduciary Activities | 1,873 | 1,574 | ||||||
Fees for Other Services to Customers | 2,194 | 2,282 | ||||||
Insurance Commissions | 2,444 | 2,028 | ||||||
Net Gain on Securities Transactions | — | 527 | ||||||
Net Gain on Sales of Loans | 123 | 607 | ||||||
Other Operating Income | 252 | 156 | ||||||
Total Noninterest Income | 6,886 | 7,174 | ||||||
NONINTEREST EXPENSE | ||||||||
Salaries and Employee Benefits | 7,642 | 7,621 | ||||||
Occupancy Expenses, Net | 2,341 | 2,276 | ||||||
FDIC Assessments | 273 | 264 | ||||||
Other Operating Expense | 3,210 | 3,250 | ||||||
Total Noninterest Expense | 13,466 | 13,411 | ||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 7,634 | 7,420 | ||||||
Provision for Income Taxes | 2,314 | 2,239 | ||||||
NET INCOME | $ | 5,320 | $ | 5,181 | ||||
Average Shares Outstanding 1: | ||||||||
Basic | 12,354 | 12,272 | ||||||
Diluted | 12,378 | 12,290 | ||||||
Per Common Share: | ||||||||
Basic Earnings | $ | 0.43 | $ | 0.42 | ||||
Diluted Earnings | 0.43 | 0.42 | ||||||
1 Share and per share data have been restated for the September 27, 2013, 2% stock dividend. | ||||||||
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ARROW FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share and Per Share Amounts - Unaudited) | |||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2013 | |||||||||
ASSETS | |||||||||||
Cash and Due From Banks | $ | 40,056 | $ | 37,275 | $ | 23,943 | |||||
Interest-Bearing Deposits at Banks | 35,994 | 12,705 | 113,231 | ||||||||
Investment Securities: | |||||||||||
Available-for-Sale | 429,230 | 457,606 | 478,775 | ||||||||
Held-to-Maturity (Approximate Fair Value of $322,335 at March 31, 2014; $302,305 at December 31, 2013; and $259,562 at March 31, 2013) | 317,632 | 299,261 | 251,456 | ||||||||
Other Investments | 3,896 | 6,281 | 4,493 | ||||||||
Loans | 1,310,423 | 1,266,472 | 1,164,759 | ||||||||
Allowance for Loan Losses | (14,636 | ) | (14,434 | ) | (14,603 | ) | |||||
Net Loans | 1,295,787 | 1,252,038 | 1,150,156 | ||||||||
Premises and Equipment, Net | 28,717 | 29,154 | 29,363 | ||||||||
Goodwill | 22,003 | 22,003 | 22,003 | ||||||||
Other Intangible Assets, Net | 3,996 | 4,140 | 4,457 | ||||||||
Other Assets | 44,270 | 43,235 | 38,085 | ||||||||
Total Assets | $ | 2,221,581 | $ | 2,163,698 | $ | 2,115,962 | |||||
LIABILITIES | |||||||||||
Noninterest-Bearing Deposits | $ | 277,086 | $ | 278,958 | $ | 254,308 | |||||
NOW Accounts | 908,028 | 817,366 | 845,531 | ||||||||
Savings Deposits | 524,670 | 498,779 | 476,115 | ||||||||
Time Deposits of $100,000 or More | 74,127 | 78,928 | 89,797 | ||||||||
Other Time Deposits | 164,108 | 168,299 | 185,455 | ||||||||
Total Deposits | 1,948,019 | 1,842,330 | 1,851,206 | ||||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 13,787 | 11,777 | 12,166 | ||||||||
Federal Home Loan Bank Overnight Advances | — | 53,000 | — | ||||||||
Federal Home Loan Bank Term Advances | 20,000 | 20,000 | 30,000 | ||||||||
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts | 20,000 | 20,000 | 20,000 | ||||||||
Other Liabilities | 25,284 | 24,437 | 24,787 | ||||||||
Total Liabilities | 2,027,090 | 1,971,544 | 1,938,159 | ||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Preferred Stock, $5 Par Value; 1,000,000 Shares Authorized | — | — | — | ||||||||
Common Stock, $1 Par Value; 20,000,000 Shares Authorized (16,744,486 Shares Issued at March 31, 2014, and December 31, 2013; and 16,416,163 Shares Issued at March 31, 2013) | 16,744 | 16,744 | 16,416 | ||||||||
Additional Paid-in Capital | 229,842 | 229,290 | 219,178 | ||||||||
Retained Earnings | 29,692 | 27,457 | 28,423 | ||||||||
Unallocated ESOP Shares (79,763 Shares at March 31, 2014; 87,641 Shares at December 31, 2013; and 95,172 Shares at March 31, 2013) | (1,650 | ) | (1,800 | ) | (2,000 | ) | |||||
Accumulated Other Comprehensive Loss | (4,075 | ) | (4,373 | ) | (8,324 | ) | |||||
Treasury Stock, at Cost (4,315,156 Shares at March 31, 2014; 4,296,723 Shares at December 31, 2013; and 4,310,578 Shares at March 31, 2013) | (76,062 | ) | (75,164 | ) | (75,890 | ) | |||||
Total Stockholders’ Equity | 194,491 | 192,154 | 177,803 | ||||||||
Total Liabilities and Stockholders’ Equity | $ | 2,221,581 | $ | 2,163,698 | $ | 2,115,962 | |||||
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Arrow Financial Corporation Selected Quarterly Information (Dollars In Thousands, Except Per Share Amounts - Unaudited) | |||||||||||||||||||
Quarter Ended | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 | ||||||||||||||
Net Income | $ | 5,320 | $ | 5,784 | $ | 5,623 | $ | 5,207 | $ | 5,181 | |||||||||
Transactions Recorded in Net Income (Net of Tax): | |||||||||||||||||||
Net Gain on Securities Transactions | — | — | — | 8 | 318 | ||||||||||||||
Net Gain on Sales of Loans | 74 | 114 | 100 | 301 | 367 | ||||||||||||||
Share and Per Share Data:1 | |||||||||||||||||||
Period End Shares Outstanding | 12,350 | 12,360 | 12,329 | 12,284 | 12,251 | ||||||||||||||
Basic Average Shares Outstanding | 12,354 | 12,339 | 12,308 | 12,261 | 12,272 | ||||||||||||||
Diluted Average Shares Outstanding | 12,378 | 12,387 | 12,344 | 12,279 | 12,290 | ||||||||||||||
Basic Earnings Per Share | $ | 0.43 | $ | 0.47 | $ | 0.46 | $ | 0.42 | $ | 0.42 | |||||||||
Diluted Earnings Per Share | 0.43 | 0.47 | 0.46 | 0.42 | 0.42 | ||||||||||||||
Cash Dividend Per Share | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | ||||||||||||||
Selected Quarterly Average Balances: | |||||||||||||||||||
Interest-Bearing Deposits at Banks | 17,184 | 46,853 | 14,096 | 26,632 | 41,145 | ||||||||||||||
Investment Securities | 755,008 | 762,768 | 744,928 | 771,018 | 711,848 | ||||||||||||||
Loans | 1,284,649 | 1,254,957 | 1,224,840 | 1,185,041 | 1,169,870 | ||||||||||||||
Deposits | 1,887,589 | 1,904,922 | 1,800,181 | 1,801,346 | 1,773,126 | ||||||||||||||
Other Borrowed Funds | 68,375 | 62,038 | 92,073 | 94,596 | 64,622 | ||||||||||||||
Shareholders’ Equity | 194,127 | 184,506 | 179,634 | 178,867 | 176,874 | ||||||||||||||
Total Assets | 2,176,038 | 2,176,264 | 2,095,017 | 2,099,138 | 2,039,314 | ||||||||||||||
Return on Average Assets | 0.99 | % | 1.05 | % | 1.06 | % | 0.99 | % | 1.03 | % | |||||||||
Return on Average Equity | 11.11 | % | 12.44 | % | 12.42 | % | 11.68 | % | 11.88 | % | |||||||||
Return on Tangible Equity2 | 12.84 | % | 14.50 | % | 14.55 | % | 13.70 | % | 13.97 | % | |||||||||
Average Earning Assets | $ | 2,056,841 | $ | 2,064,578 | $ | 1,983,864 | $ | 1,982,691 | $ | 1,922,863 | |||||||||
Average Paying Liabilities | 1,678,080 | 1,686,993 | 1,614,873 | 1,641,300 | 1,590,401 | ||||||||||||||
Interest Income, Tax-Equivalent | 17,439 | 17,633 | 17,032 | 16,989 | 17,059 | ||||||||||||||
Interest Expense | 1,594 | 1,713 | 1,747 | 2,223 | 2,239 | ||||||||||||||
Net Interest Income, Tax-Equivalent | 15,845 | 15,920 | 15,285 | 14,766 | 14,820 | ||||||||||||||
Tax-Equivalent Adjustment | 1,173 | 1,174 | 1,158 | 1,180 | 1,063 | ||||||||||||||
Net Interest Margin 3 | 3.12 | % | 3.06 | % | 3.06 | % | 2.99 | % | 3.13 | % | |||||||||
Efficiency Ratio Calculation: | |||||||||||||||||||
Noninterest Expense | $ | 13,466 | $ | 13,385 | $ | 13,133 | $ | 13,274 | $ | 13,411 | |||||||||
Less: Intangible Asset Amortization | (106 | ) | (108 | ) | (108 | ) | (112 | ) | (124 | ) | |||||||||
Net Noninterest Expense | $ | 13,360 | $ | 13,277 | $ | 13,025 | $ | 13,162 | $ | 13,287 | |||||||||
Net Interest Income, Tax-Equivalent | $ | 15,845 | $ | 15,920 | $ | 15,285 | $ | 14,766 | $ | 14,820 | |||||||||
Noninterest Income | 6,886 | 6,877 | 6,939 | 7,071 | 7,174 | ||||||||||||||
Less: Net Securities Gains | — | — | — | (13 | ) | (527 | ) | ||||||||||||
Net Gross Income | $ | 22,731 | $ | 22,797 | $ | 22,224 | $ | 21,824 | $ | 21,467 | |||||||||
Efficiency Ratio | 58.77 | % | 58.24 | % | 58.61 | % | 60.31 | % | 61.90 | % | |||||||||
Period-End Capital Information: | |||||||||||||||||||
Total Stockholders’ Equity (i.e. Book Value) | $ | 194,491 | $ | 192,154 | $ | 182,683 | $ | 177,607 | $ | 177,803 | |||||||||
Book Value per Share | 15.75 | 15.55 | 14.82 | 14.46 | 14.51 | ||||||||||||||
Intangible Assets | 25,999 | 26,143 | 26,273 | 26,387 | 26,460 | ||||||||||||||
Tangible Book Value per Share 2 | 13.64 | 13.43 | 12.69 | 12.31 | 12.35 | ||||||||||||||
Capital Ratios: | |||||||||||||||||||
Tier 1 Leverage Ratio | 9.30 | % | 9.19 | % | 9.37 | % | 9.19 | % | 9.30 | % | |||||||||
Tier 1 Risk-Based Capital Ratio | 14.55 | % | 14.70 | % | 14.59 | % | 14.82 | % | 15.15 | % | |||||||||
Total Risk-Based Capital Ratio | 15.62 | % | 15.77 | % | 15.69 | % | 15.96 | % | 16.34 | % | |||||||||
Assets Under Trust Administration and Investment Management | $ | 1,182,661 | $ | 1,174,891 | $ | 1,111,085 | $ | 1,073,523 | $ | 1,094,708 | |||||||||
1Share and Per Share Data have been restated for the September 27, 2013, 2% stock dividend.
2Tangible Book Value and Tangible Equity exclude intangible assets from total equity. These are non-GAAP financial measures which we believe provide investors with information that is useful in understanding our financial performance.
3Net Interest Margin is the ratio of our annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure which we believe provides investors with information that is useful in understanding our financial performance.
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Arrow Financial Corporation Consolidated Financial Information (Dollars in Thousands - Unaudited) | |||||||||||
Quarter Ended: | 3/31/2014 | 12/31/2013 | 3/31/2013 | ||||||||
Loan Portfolio | |||||||||||
Commercial Loans | $ | 89,876 | $ | 87,893 | $ | 89,167 | |||||
Commercial Construction Loans | 28,026 | 27,815 | 27,380 | ||||||||
Commercial Real Estate Loans | 308,841 | 288,119 | 255,242 | ||||||||
Other Consumer Loans | 7,783 | 7,649 | 7,031 | ||||||||
Consumer Automobile Loans | 400,621 | 394,204 | 354,001 | ||||||||
Residential Real Estate Loans | 475,276 | 460,792 | 431,938 | ||||||||
Total Loans | $ | 1,310,423 | $ | 1,266,472 | $ | 1,164,759 | |||||
Allowance for Loan Losses | |||||||||||
Allowance for Loan Losses, Beginning of Quarter | $ | 14,434 | $ | 14,584 | $ | 15,298 | |||||
Loans Charged-off | 336 | 246 | 890 | ||||||||
Less Recoveries of Loans Previously Charged-off | 80 | 96 | 95 | ||||||||
Net Loans Charged-off | 256 | 150 | 795 | ||||||||
Provision for Loan Losses | 458 | — | 100 | ||||||||
Allowance for Loan Losses, End of Quarter | $ | 14,636 | $ | 14,434 | $ | 14,603 | |||||
Nonperforming Assets | |||||||||||
Nonaccrual Loans | $ | 6,284 | $ | 6,479 | $ | 5,218 | |||||
Loans Past Due 90 or More Days and Accruing | 347 | 652 | 259 | ||||||||
Loans Restructured and in Compliance with Modified Terms | 380 | 641 | 473 | ||||||||
Total Nonperforming Loans | 7,011 | 7,772 | 5,950 | ||||||||
Repossessed Assets | 138 | 63 | 45 | ||||||||
Other Real Estate Owned | 198 | 81 | 1,149 | ||||||||
Total Nonperforming Assets | $ | 7,347 | $ | 7,916 | $ | 7,144 | |||||
Key Asset Quality Ratios | |||||||||||
Net Loans Charged-off to Average Loans, Quarter-to-date Annualized | 0.08 | % | 0.05 | % | 0.28 | % | |||||
Provision for Loan Losses to Average Loans, Quarter-to-date Annualized | 0.14 | % | — | % | 0.03 | % | |||||
Allowance for Loan Losses to Period-End Loans | 1.12 | % | 1.14 | % | 1.25 | % | |||||
Allowance for Loan Losses to Period-End Nonperforming Loans | 208.76 | % | 185.71 | % | 245.43 | % | |||||
Nonperforming Loans to Period-End Loans | 0.53 | % | 0.61 | % | 0.51 | % | |||||
Nonperforming Assets to Period-End Assets | 0.33 | % | 0.37 | % | 0.34 | % | |||||
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