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| 8-K - 8-K 09302015 EARNINGS - UNITED SECURITY BANCSHARES | ubfo8k09302015.htm |
United Security Bancshares earns third quarter profits of $1.9 million and retires $3.0 million in Junior Subordinated Debt
FRESNO, CA - October 15, 2015. United Security Bancshares (Nasdaq: UBFO), today announced its unaudited financial results for the quarter ended September 30, 2015. The Company reported consolidated net income of $1,886,000 or $0.12 per basic and diluted common share for the quarter ended September 30, 2015, as compared to $1,703,000 or $0.11 per basic and diluted common share for the quarter ended September 30, 2014. United Security Bancshares recognized net income of $5,177,000 for the nine months ended September 30, 2015, an improvement of $518,000, or 11.12%, relative to the net income in the nine months ended September 30, 2014. Basic and diluted earnings per share increased to $0.33 for the nine months ended September 30, 2015, as compared to $0.29 for the nine months ended September 30, 2014.
“We have demonstrated our ability to achieve our strategic and operational goals by enhancing operating efficiencies, growing our loan portfolio and core deposit base, and improving credit quality," said Dennis R. Woods, President and Chief Executive Officer of the Company. "One of the highlights of this last quarter was that we were able to buy back and retire $3.0 million of our junior subordinated debt at 40% of par value."
Third Quarter 2015 Highlights (at or for the period ended September 30, 2015)
▪ | Basic and diluted earnings per share increased 9.09% compared to the quarter ended September 30, 2014. |
▪ | Net interest income increased to $6,633,000, compared to $6,526,000 in the preceding quarter and $6,129,000 for the quarter ended September 30, 2014. |
▪ | Net interest margin decreased to 4.18%, when compared to 4.30% in the preceding quarter, and increased from the 4.11% for the quarter ended September 30, 2014. |
▪ | Net recoveries totaled $44,000, compared to $264,000 in the preceding quarter and $28,000 for the quarter ended September 30, 2014. |
▪ | Total loans increased to $515,846,000, compared to $457,595,000 at December 31, 2014 and $447,011,000 at September 30, 2014. |
▪ | Nonperforming assets declined to $26,700,000, compared to $29,586,000 at December 31, 2014 and $28,611,000 at September 30, 2014. |
▪ | The allowance for credit losses as a percentage of gross loans declined to 2.24%, compared to 2.35% at December 31, 2014 and 2.49% at September 30, 2014. |
▪ | Total deposits increased to $616,635,000, compared to $565,373,000 at December 31, 2014 and $590,947,000 at September 30, 2014. |
▪ | Tangible book value per share increased to $5.26, compared to $5.08 at December 31, 2014 and $5.03 at September 30, 2014. |
Annualized return on average equity (ROAE) for the nine months ended September 30, 2015 was 8.10%, compared to 7.90% for the nine months ended September 30, 2014. Annualized return on average assets (ROAA) was 1.01% for the nine months ended September 30, 2015, compared to 0.94% for the nine months ended September 30, 2014. The increases in ROAE and ROAA for the nine months ended September 30, 2015 were primarily due to growth in the loan portfolio during 2015 and the resulting favorable impact on interest income. Net income increased for the nine months ended September 30, 2015 compared to the same period ended September 30, 2014, and our net interest margin strengthened from 4.01% for the nine months ended September 30, 2014 to 4.25% for the nine months ended September 30, 2015. The 24 basis point increase in net interest margin in the period-to-period comparison resulted primarily from growth of the loan portfolio, which is a higher yielding asset, compared to overnight investments with the Federal Reserve Bank.
Annualized return on average equity (ROAE) for the quarter ended September 30, 2015 was 9.38%, compared to 8.39% for the same period in 2014. Annualized return on average assets (ROAA) was 1.16% for the quarter ended September 30, 2015, compared to 1.00% for the same period in 2014.
The Board of Directors of United Security Bancshares declared a third quarter 2015 stock dividend of one percent (1%) on September 22, 2015. The stock dividend was payable to shareholders of record on October 5, 2015, and the shares will be issued
on October 16, 2015. This marks the 28th consecutive quarterly stock dividend since initiated in 2008. The Company's Board of Directors have elected to issue stock dividends in order to preserve capital for future growth opportunities.
Total assets were up $55,230,000, or 8.33% in the first nine months of 2015, due to net growth of $58,251,000 in gross loan balances. Loan volume was favorably impacted by the purchase of $18,924,000 in residential mortgage loans during the first quarter of 2015 in addition to increases in real estate construction and student loan portfolios. Total deposits increased $51,262,000 or 9.07% to $616,635,000 during the nine months ended September 30, 2015. The cost of average deposits declined from 0.20% for the quarter ended September 30, 2014 to 0.18% for the quarter ended September 30, 2015. Shareholders’ equity at September 30, 2015 was $88,020,000, up $5,194,000 from shareholders’ equity of $82,826,000 at December 31, 2014.
Net interest income for the nine months ended September 30, 2015 totaled $19,384,000, an increase of $1,874,000 from the $17,510,000 reported for the nine months ended September 30, 2014. The net interest margin was 4.25% for the nine months ended September 30, 2015, as compared to 4.01% for the nine months ended September 30, 2014. The Company experienced an improvement in net interest margin due to a shift within average interest-earning assets from low-yielding overnight investments to higher-yielding loans. Net interest income for the quarter ended September 30, 2015 totaled $6,633,000, an increase of $504,000 from $6,129,000 reported for the quarter ended September 30, 2014. The net interest margin increased to 4.18% for the quarter ended September 30, 2015, as compared to 4.11% for the quarter ended September 30, 2014. The improvement in the net interest margin on a quarterly comparison basis is primarily due to reinvestment of overnight investments into loans, partially offset by a 31 basis point decrease in yield on the loan portfolio.
Noninterest income for the nine months ended September 30, 2015 totaled $3,914,000, reflecting a decrease of $219,000 from $4,133,000 in noninterest income reported for the nine months ended September 30, 2014. Customer service fees continued to provide the majority of the Company's noninterest income, totaling $2,661,000 and $2,639,000 for the nine months ended September 30, 2015 and 2014, respectively. On a year-over-year comparative basis, noninterest income decreased primarily due to to a gain of $691,000 on the sale of an investment in 2014, partially offset by a $458,000 increase in gain on the fair value option of financial liabilities during 2015. Noninterest income for the quarter ended September 30, 2015 totaled $1,449,000, reflecting an increase of $138,000 from $1,311,000 in noninterest income reported for the quarter ended September 30, 2014. This increase was partially due to a $131,000 increase in gain on the fair value option of financial liabilities for the quarter ended September 30, 2015. Customer service fees totaled $963,000 for the quarter ended September 30, 2015, as compared to $957,000 for the quarter ended September 30, 2014.
For the nine months ended September 30, 2015, noninterest expense totaled $14,404,000, an increase of $249,000 as compared to $14,155,000 for the nine months ended September 30, 2014. On a year-over-year comparative basis, noninterest expense increased primarily due to increases of $226,000 in occupancy expense and $114,000 in net cost on OREO, compared to the same period ended September 30, 2014. Partially offsetting the increases were decreases in professional fees and salaries and employee benefit expenses. Noninterest expense totaled $5,014,000 for the quarter ended September 30, 2015, an increase of $397,000 as compared to $4,617,000 reported for the quarter ended September 30, 2014. Noninterest expense for the quarter ended September 30, 2015 includes a one-time write down on OREO of $187,000 and a one-time $130,000 OREO expense for the removal of dead and dying trees to satisfy a California Board of Forestry and Fire Protection regulation.
The Company recorded a provision for credit losses of $434,000 for the nine months ended September 30, 2015 in connection with a few borrower relationships that exhibited credit deterioration. The Company had a recovery of provision of $101,000 for the nine months ended September 30, 2014. The Company had a recovery of provision for loan loss of $23,000 for the quarter ended September 30, 2015, compared to a provision of $39,000 for the quarter ended September 30, 2014. Net loan recoveries totaled $368,000 for the nine months ended September 30, 2015, as compared to net recoveries of $228,000 for the nine months ended September 30, 2014. Net loan recoveries totaled $44,000 for the quarter ended September 30, 2015, as compared to net loan recoveries of $28,000 for the quarter ended September 30, 2014.
With a modest recovery in the economy and real estate markets within the Bank's service area, the Company has maintained an adequate allowance for loan losses which totaled 2.24% of total loans at September 30, 2015, a slight decline compared to 2.35% of total loans at December 31, 2014 and 2.49% at September 30, 2014. The decline in our allowance for loan losses has been driven by the growth in our loan portfolio and a decrease in our historical loss percentages due to lower levels of loan charge-offs and improved credit quality. In determining the adequacy of the allowance for loan losses, Management's judgment is a significant factor and management considers the allowance for credit losses at September 30, 2015 to be adequate.
Non-performing assets, comprised of nonaccrual loans, troubled debt restructures (TDR), other real estate owned through foreclosure (OREO), and loans more than 90 days past due and still accruing interest, decreased approximately $2,886,000 between December 31, 2014 and September 30, 2015 to $26,700,000. Nonperforming assets as a percentage of total assets
decreased from 4.46% at December 31, 2014 to 3.72% at September 30, 2015. Nonaccrual loans decreased $1,687,000 between December 31, 2014 and September 30, 2015 to $8,248,000. Impaired loans totaled $14,431,000 at September 30, 2015, a decrease of $1,606,000 from the balance of $16,037,000 at December 31, 2014. OREO totaled $12,689,000 at September 30, 2015, a decrease of $1,321,000 from the balance of $14,010,000 at December 31, 2014.
About United Security Bancshares
United Security Bancshares (NASDAQ: UBFO) is the holding company for United Security Bank, which was founded in 1987. United Security Bank is headquartered in Fresno and operates 11 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Oakhurst, San Joaquin, and Taft. Additionally, United Security Bank operates Commercial Real Estate Construction, Commercial Lending, Consumer Lending, and Financial Services departments. For more information, please visit www.unitedsecuritybank.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and the Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Company’s possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Company’s ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the company’s market, (4) other-than-expected credit losses, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) the effect of acquisitions and integration of acquired businesses, (7) the impact of proposed and/or recently adopted changes in laws, and regulations on the Company and its business; (8) changing bank regulatory conditions, policies, whether arising as new legislation or regulatory initiatives or changes in our regulatory classifications, that could lead to restrictions on activities of banks generally or as to the Bank, including specifically the formal order between the Federal Reserve Bank of San Francisco and the Company and the Bank, (9) failure to comply with the written regulatory agreement under which the Company is subject and (10) unknown economic impacts caused by the State of California’s budget issues, including the effect on Federal spending do to sequestration required by the Budget Control Act of 2011. Management cannot predict at this time the severity or duration of the effects of the recent business slowdown on the Company's specific business activities and profitability. Weaker or a further decline in capital and consumer spending, and related recessionary trends could adversely affect the Company's performance in a number of ways including decreased demand for our products and services and increased credit losses. Likewise, changes in interest rates, among other things, could slow the rate of growth or put pressure on current deposit levels and affect the ability of borrowers to repay loans. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance including the factors that influence earnings. For a more complete discussion of these risks and uncertainties, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, and particularly the section of Management’s Discussion and Analysis. Readers should carefully review all disclosures the Company files from time to time with the Securities and Exchange Commission ("SEC").
United Security Bancshares | |||||||
Consolidated Balance Sheets (unaudited) | |||||||
(in thousands) | |||||||
September 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Cash and noninterest-bearing deposits in other banks | $ | 23,458 | $ | 21,348 | |||
Cash and due from Federal Reserve Bank | 92,930 | 82,229 | |||||
Cash and cash equivalents | 116,388 | 103,577 | |||||
Interest-bearing deposits in other banks | 1,526 | 1,522 | |||||
Investment securities available for sale (at fair value) | 34,423 | 48,301 | |||||
Loans and leases, net of unearned fees | 515,846 | 457,595 | |||||
Less: Allowance for credit losses | (11,573 | ) | (10,771 | ) | |||
Net loans | 504,273 | 446,824 | |||||
Premises and equipment - net | 10,944 | 11,550 | |||||
Other real estate owned | 12,689 | 14,010 | |||||
Goodwill and intangible assets | 4,488 | 4,488 | |||||
Cash surrender value of life insurance | 18,106 | 17,717 | |||||
Deferred income taxes | 6,712 | 6,853 | |||||
Other assets | 8,850 | 8,327 | |||||
Total assets | $ | 718,399 | $ | 663,169 | |||
Deposits | |||||||
Noninterest bearing demand deposits | $ | 258,678 | $ | 215,439 | |||
Money market, NOW, and savings | 286,782 | 271,789 | |||||
Time | 71,175 | 78,145 | |||||
Total deposits | 616,635 | 565,373 | |||||
Accrued interest payable | 30 | 40 | |||||
Other liabilities | 5,834 | 4,815 | |||||
Junior subordinated debentures (at fair value) | 7,880 | 10,115 | |||||
Total liabilities | 630,379 | 580,343 | |||||
Shareholders' equity | |||||||
Common stock, no par value 20,000,000 shares authorized, 15,892,482 issued and outstanding at September 30, 2015, and 15,425,086 at December 31, 2014 | 51,726 | 49,271 | |||||
Retained earnings | 36,472 | 33,730 | |||||
Accumulated other comprehensive loss | (178) | (175) | |||||
Total shareholders' equity | 88,020 | 82,826 | |||||
Total liabilities and shareholders' equity | $ | 718,399 | $ | 663,169 | |||
United Security Bancshares | |||||||||||||||
Consolidated Statements of Income (unaudited) | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest income: | |||||||||||||||
Interest and fees on loans | $ | 6,728 | $ | 6,187 | $ | 19,641 | $ | 17,602 | |||||||
Interest on investment securities | 175 | 227 | 555 | 688 | |||||||||||
Interest on deposits in FRB | 55 | 63 | 138 | 210 | |||||||||||
Interest on deposits in other banks | 1 | 2 | 5 | 5 | |||||||||||
Total interest income | 6,959 | 6,479 | 20,339 | 18,505 | |||||||||||
Interest expense: | |||||||||||||||
Interest on deposits | 268 | 291 | 780 | 812 | |||||||||||
Interest on other borrowed funds | 58 | 59 | 175 | 183 | |||||||||||
Total interest expense | 326 | 350 | 955 | 995 | |||||||||||
Net interest income | 6,633 | 6,129 | 19,384 | 17,510 | |||||||||||
(Recovery of provision) provision for credit losses | (23) | 39 | 434 | (101) | |||||||||||
Net interest income after (recovery of provision) provision for credit losses | 6,656 | 6,090 | 18,950 | 17,611 | |||||||||||
Non-interest income: | |||||||||||||||
Customer service fees | 963 | 957 | 2,661 | 2,639 | |||||||||||
Increase in cash surrender value of bank-owned life insurance | 130 | 129 | 388 | 384 | |||||||||||
Gain (loss) on Fair Value of Financial Liability | 226 | 95 | 424 | (34) | |||||||||||
(Loss) gain on sale of other investment | (23) | — | (23) | 691 | |||||||||||
Gain on sale of fixed assets | — | — | — | 25 | |||||||||||
Other non-interest income | 153 | 130 | 464 | 428 | |||||||||||
Total non-interest income | 1,449 | 1,311 | 3,914 | 4,133 | |||||||||||
Non-interest expense: | |||||||||||||||
Salaries and employee benefits | 2,341 | 2,303 | 7,044 | 7,108 | |||||||||||
Occupancy expense | 1,047 | 966 | 3,021 | 2,795 | |||||||||||
Data processing | 29 | 32 | 90 | 101 | |||||||||||
Professional fees | 277 | 452 | 877 | 959 | |||||||||||
Regulatory assessments | 234 | 228 | 705 | 700 | |||||||||||
Director fees | 78 | 59 | 202 | 176 | |||||||||||
Amortization of intangibles | — | — | — | 62 | |||||||||||
Correspondent bank service charges | 19 | 30 | 56 | 89 | |||||||||||
(Loss) gain on California tax credit partnership | (1) | (62) | 60 | (15) | |||||||||||
Net cost on operation and sale of OREO | 401 | 116 | 594 | 480 | |||||||||||
Other non-interest expense | 589 | 493 | 1,755 | 1,700 | |||||||||||
Total non-interest expense | 5,014 | 4,617 | 14,404 | 14,155 | |||||||||||
Income before income tax provision | 3,091 | 2,784 | 8,460 | 7,589 | |||||||||||
Provision for income taxes | 1,205 | 1,081 | 3,283 | 2,930 | |||||||||||
Net income | $ | 1,886 | $ | 1,703 | $ | 5,177 | $ | 4,659 | |||||||
Basic earnings per common share | $ | 0.12 | $ | 0.11 | $ | 0.33 | $ | 0.29 | |||||||
Diluted earnings per common share | $ | 0.12 | $ | 0.11 | $ | 0.33 | $ | 0.29 | |||||||
Weighted average basic shares for EPS | 15,892,488 | 15,881,387 | 15,892,488 | 15,867,346 | |||||||||||
Weighted average diluted shares for EPS | 15,894,532 | 15,886,397 | 15,894,444 | 15,874,192 | |||||||||||
United Security Bancshares | |||||||||||||||
Average Balances and Rates (unaudited) | |||||||||||||||
(in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Average Balances: | |||||||||||||||
Loans (1) | $ | 500,522 | $ | 435,549 | $ | 488,885 | $ | 414,769 | |||||||
Investment Securities – taxable | 36,513 | 50,599 | 43,375 | 49,230 | |||||||||||
Interest-bearing deposits in other banks | 1,526 | 1,519 | 1,524 | 1,517 | |||||||||||
Interest-bearing deposits in FRB | 90,739 | 104,254 | 76,523 | 117,367 | |||||||||||
Total interest-earning assets | 629,300 | 591,921 | 610,307 | 582,883 | |||||||||||
Allowance for credit losses | (11,583 | ) | (11,132 | ) | (11,274 | ) | (11,085 | ) | |||||||
Cash and due from banks | 22,340 | 20,629 | 21,789 | 19,982 | |||||||||||
Other real estate owned | 13,156 | 14,173 | 13,725 | 14,145 | |||||||||||
Other non-earning assets | 52,297 | 58,135 | 52,932 | 59,062 | |||||||||||
Total average assets | 705,510 | 673,726 | 687,479 | 664,987 | |||||||||||
Interest bearing deposits | 354,702 | 342,786 | 351,924 | 334,945 | |||||||||||
Junior subordinated debentures | 9,528 | 10,104 | 9,933 | 10,908 | |||||||||||
Total interest-bearing liabilities | 364,230 | 352,890 | 361,857 | 345,853 | |||||||||||
Noninterest-bearing deposits | 245,305 | 230,590 | 232,122 | 231,853 | |||||||||||
Other liabilities | 8,739 | 9,677 | 8,023 | 8,428 | |||||||||||
Total liabilities | 618,274 | 593,157 | 602,002 | 586,134 | |||||||||||
Total equity | 87,236 | 80,569 | 85,477 | 78,853 | |||||||||||
Total liabilities and equity | $ | 705,510 | $ | 673,726 | $ | 687,479 | $ | 664,987 | |||||||
Average Rates: | |||||||||||||||
Loans (1) | 5.33 | % | 5.64 | % | 5.37 | % | 5.67 | % | |||||||
Investment securities- taxable | 1.90 | % | 1.78 | % | 1.71 | % | 1.87 | % | |||||||
Interest-bearing deposits in other banks | 0.26 | % | 0.52 | % | 0.44 | % | 0.44 | % | |||||||
Interest-bearing deposits in FRB | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | |||||||
Earning assets | 4.39 | % | 4.34 | % | 4.46 | % | 4.24 | % | |||||||
Interest bearing deposits | 0.30 | % | 0.34 | % | 0.30 | % | 0.32 | % | |||||||
Junior subordinated debentures | 2.42 | % | 2.32 | % | 2.36 | % | 2.24 | % | |||||||
Total interest-bearing liabilities | 0.36 | % | 0.39 | % | 0.35 | % | 0.38 | % | |||||||
Net interest margin | 4.18 | % | 4.11 | % | 4.25 | % | 4.01 | % | |||||||
(1) Loan amounts include nonaccrual loans, but the related interest income has been included only if collected for the period prior to the loan being placed on a nonaccrual basis.
United Security Bancshares | |||||||||||
Credit Quality (unaudited) | |||||||||||
(dollars in thousands) | |||||||||||
September 30, 2015 | December 31, 2014 | September 30, 2014 | |||||||||
Commercial and industrial | $ | 1,310 | $ | 433 | $ | 114 | |||||
Real estate - mortgage | 1,547 | 4,361 | 4,434 | ||||||||
RE construction & development | 4,941 | 5,141 | 5,207 | ||||||||
Agricultural | — | — | — | ||||||||
Installment/other | 450 | — | — | ||||||||
Total Nonaccrual Loans | $ | 8,248 | $ | 9,935 | $ | 9,755 | |||||
Loans past due 90 days and still accruing | 19 | — | — | ||||||||
Restructured Loans | 5,744 | 5,641 | 4,513 | ||||||||
Total nonperforming loans | $ | 14,011 | $ | 15,576 | $ | 14,268 | |||||
Other real estate owned | 12,689 | 14,010 | 14,343 | ||||||||
Total nonperforming assets | $ | 26,700 | $ | 29,586 | $ | 28,611 | |||||
Nonperforming assets to total gross loans | 5.18 | % | 6.47 | % | 6.40 | % | |||||
Nonperforming assets to total assets | 3.72 | % | 4.46 | % | 4.14 | % | |||||
Allowance for loan losses to nonperforming loans | 82.60 | % | 69.15 | % | 77.90 | % | |||||
United Security Bancshares | |||||||||||||
Selected Financial Data (unaudited) | |||||||||||||
(dollars in thousands, except per share amounts) | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Annualized return on average assets | 1.16 | % | 1.00 | % | 1.01% | 0.94% | |||||||
Annualized return on average equity | 9.38 | % | 8.39 | % | 8.10% | 7.90% | |||||||
Annualized net recoveries to average loans | (0.03 | )% | (0.03 | )% | (0.10)% | (0.07)% | |||||||
September 30, 2015 | December 31, 2014 | September 30, 2014 | |||||||||||
Shares outstanding - period end | 15,892,488 | 15,425,086 | 15,272,382 | ||||||||||
Book value per share | $5.54 | $5.37 | $5.32 | ||||||||||
Tangible book value per share | $5.26 | $5.08 | $5.03 | ||||||||||
Efficiency ratio | 59.28 | % | 64.57 | % | 64.97 | % | |||||||
Total impaired loans | $14,431 | $16,037 | $14,386 | ||||||||||
Loan to deposit ratio | 83.65 | % | 80.94 | % | 75.64 | % | |||||||
Allowance for credit losses to total loans | 2.24 | % | 2.35 | % | 2.49 | % | |||||||
Total capital to risk weighted assets | |||||||||||||
Company | 16.14 | % | 17.29 | % | 16.49 | % | |||||||
Bank | 16.13 | % | 16.91 | % | 15.90 | % | |||||||
Tier 1 capital to risk-weighted assets | |||||||||||||
Company | 14.87 | % | 16.03 | % | 15.23 | % | |||||||
Bank | 14.87 | % | 15.65 | % | 14.64 | % | |||||||
Common equity tier 1 capital to risk-weighted assets | |||||||||||||
Company | 13.64 | % | N/A | N/A | |||||||||
Bank | 14.87 | % | N/A | N/A | |||||||||
Tier 1 capital to adjusted average assets (leverage) | |||||||||||||
Company | 12.74 | % | 12.49 | % | 11.94 | % | |||||||
Bank | 12.78 | % | 12.25 | % | 11.66 | % | |||||||