Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Paragon Commercial CORP | pbnc_8k.htm |
Exhibit 99.1
NEWS RELEASE
Paragon Commercial Corporation Reports 31% Increase
in Earnings for the Second Quarter of 2016
Highlights:
■ Listing on Nasdaq in conjunction with a $28.7 million initial public offering of common stock
■ Fully diluted earnings per share of $0.75 versus $0.59 for second quarter of 2015
■ Second quarter 2016 net income of $3.5 million, a 31% increase over the prior year
■ Loan growth of $60.4 million in the second quarter
■ Credit quality remains strong with nonperforming loans at only 0.11% of total loans
■ Nonperforming assets decreased to 0.44% of total assets at June 30, 2016 compared to 1.10% for the same period in 2015
■ Second quarter ROAA of 1.00% and ROAE of 13.41%
■ Book value increased to $24.17 at June 30, 2016
RALEIGH, N.C., July 20, 2016 – Paragon Commercial Corporation (Nasdaq: PBNC), parent company of Paragon Bank, today reported unaudited financial results for the three- and six-month periods ended June 30, 2016. Net income during the three-month period increased 31% to $3.5 million compared to $2.7 million for the same period in 2015. The increase in earnings was primarily
driven by an increase in net interest income as a result of continued loan growth as non-interest income and expense were relatively unchanged from the prior year. Fully diluted earnings per share for the period was $0.75, a 27% increase over the same period last year. For the six-month period ending June 30, 2016, the company reported net income of $6.3 million, an increase of 27% over the $5.0 million of net income for the same period in 2015. Robert C. Hatley, President and CEO stated, “The second quarter
was extremely meaningful for Paragon in a number of ways. We completed our IPO and subsequent listing on Nasdaq. The IPO provided growth capital, brought new institutional ownership to the company and provided additional liquidity for our shareholders. We had an outstanding quarter in every component of our financials. Our exceptional loan and deposit growth in a very competitive environment is in line with our expectations and due to our extraordinary staff in our key markets of Raleigh and Charlotte. That growth
coupled with negligible non-interest expense growth contributed to our 1.00% return on average assets for the quarter. Management continues to concentrate our efforts in core deposit growth from our local markets. This effort has paid off in reduction of funding costs. Our credit quality continues to be among the best in North Carolina and the Southeast.”
The return on average assets for the second quarter of 2016 was 1.00% and the return on average equity was 13.41% compared to 0.83% and 11.70%, respectively, for the same ratios in the second quarter of 2015.
Consolidated Assets
Total consolidated assets on June 30, 2016 were $1.45 billion compared to $1.31 billion as of December 31, 2015. Assets increased during the quarter by $113.2 million as a result of loan demand and short term cash investments generated from core deposit growth.
Loan Portfolio
Loans outstanding increased by $60.4 million during the second quarter from $1.05 billion at March 31, 2016 to $1.11 billion at June 30, 2016. The company continues to see strong loan growth throughout the Raleigh, Charlotte and Cary markets.
Page 1
Deposit Portfolio
Total deposits increased by $53.1 million during the second quarter as the company experienced strong local funding growth while simultaneously making an effort to reduce its noncore deposit percentage. The deposit portfolio mix continues to experience a shift from time deposits to core transactional accounts. During the quarter, demand account balances increased by $12.5
million while money market and interest checking accounts increased by $30.8 million, increases of 8% and 5%, respectively. During the same period, time deposits increased by only $9.8 million or 4% as the company continued to implement its strategic initiative to reduce its reliance on time deposits.
Credit Quality
The company recorded no loan loss provisions for the second quarter of 2016 due to net recoveries of past losses totaling $56,000 funding the allowance for loan losses for loan growth, as well as continued credit quality improvement. The provision for loan losses for the quarter ended June 30, 2015 was $179,000. The allowance for loan losses as a percentage of total loans
at June 30, 2016 was 0.72%, down from 0.76% in the previous quarter.
Nonperforming loans were 0.11% and 0.05% of total loans at June 30, 2016 and March 31, 2016, respectively. Loans past due 30 days or greater at quarter end were 0.07% and 0.01% of total loans for those same periods. The ratio of total nonperforming assets to total assets including foreclosed real estate was 0.44% compared to 0.43% in the previous quarter.
Net Interest Income
Net interest income increased by $1.1 million during the second quarter of 2016 compared to the second quarter of 2015. Net interest income totaled $11.3 million during the period, representing a net interest margin of 3.55% on a tax equivalent basis, up 0.05% compared to the second quarter of 2015. For the six-month period ended June 30, 2016, net interest income increased
$2.2 million compared to the six-month period ended June 30, 2015.
Non-Interest Income
For the second quarter of 2016, non-interest income was $381,000 compared to $324,000 for the same period in 2015. The second quarter of 2015 was impacted by $126,000 in losses on sale or write-down of foreclosed properties compared to $45,000 for the same period in 2016.
Non-Interest Expense
Non-interest expense in the second quarter of 2016 was $6.5 million compared to $6.4 million in the second quarter of 2015. Personnel expense increased by $625,000 as the company added lenders and staff to support its strong growth. This expense, however, was offset by declines in several other key categories such as problem loan and unreimbursed loan costs, occupancy costs
and professional fees which declined by $156,000, $146,000 and $136,000, respectively in the second quarter of 2016 compared to the second quarter of 2015.
MEDIA INQUIRIES:
Blair Kelly – MMI Public Relations, 919.233.6600 or Blair@MMIpublicrelations.com
Kate Feldhouse – Paragon Bank, AVP/Marketing & Public Relations Specialist , 919.534.7462 or KFeldhouse@ParagonBank.com
INVESTOR INQUIRIES:
Steve Crouse – Paragon Bank, Chief Financial Officer, 919.534.7404 or SCrouse@ParagonBank.com
NEW MEDIA CONTENT:
Paragon Bank LinkedIn Page: http://linkd.in/P0o9Wc
ABOUT PARAGON COMMERCIAL CORPORATION
Paragon Commercial Corporation is the parent company of Paragon Bank, which provides a private banking experience to businesses, professionals, executives, entrepreneurs and other individuals. Founded in Raleigh, North Carolina in 1999, Paragon Bank provides banking services through highly responsive professionals, an extensive courier service, online and mobile technologies,
free worldwide ATM access, and a select number of strategically placed offices in Raleigh, Cary and Charlotte, NC. For more information, visit http://ParagonBank.com.
Page 2
(end)
FORWARD-LOOKING STATEMENTS
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, without limitation: the effects of future
economic conditions; governmental fiscal and monetary policies; legislative and regulatory changes; the risks of changes in interest rates; management of growth; fluctuations in our financial results; reliance on key personnel; our ability to compete effectively; privacy, security and other risks associated with our business; and the other factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of our website at https://paragonbank.com/investor-relations/
or upon request from our investor relations department. Paragon Commercial Corporation assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
USE OF NON-GAAP FINANCIAL MEASURES
Some of the financial measures included in this press release are not measures of financial performance recognized by United States generally accepted accounting principles, or GAAP. These non-GAAP financial measures are “overhead to average assets” and “efficiency ratio”. Our management uses these non-GAAP financial measures in its analysis of our
performance and because of market expectations of use of these ratios to evaluate the company. Management believes each of these non-GAAP financial measures provides useful information about our financial condition and results of operation.
“Overhead to average assets” reflects the amount of non-interest expenses incurred in comparison to the total size of the company and provides investors with an additional measure of our productivity.
The efficiency ratio shows the amount of revenue generated for each dollar spent and provides investors with a measure of our productivity.
These non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the
end of this release under the caption “Reconciliation of Non-GAAP Financial Measures.”
Page 3
|
PARAGON COMMERCIAL CORPORATION | |||||||
|
CONSOLIDATED STATEMENTS OF INCOME | |||||||
|
(Unaudited) | |||||||
|
|
|
| |||||
|
|
Three Months Ended |
Year to Date | |||||
|
|
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
as of June 30, | |
|
(Dollars in thousands, except per share data) |
2016 |
2016 |
2015 |
2015 |
2015 |
2016 |
2015 |
|
Loans and loan fees |
$11,840 |
$11,190 |
$11,311 |
$11,223 |
$10,899 |
$23,030 |
$20,966 |
|
Investment securities |
1,369 |
1,219 |
1,238 |
1,249 |
1,072 |
2,588 |
2,299 |
|
Federal funds and other interest income |
63 |
58 |
45 |
38 |
40 |
121 |
66 |
|
Total Interest and Dividend Income |
13,272 |
12,467 |
12,594 |
12,510 |
12,011 |
25,739 |
23,331 |
|
Interest-bearing checking and money markets |
836 |
857 |
769 |
727 |
645 |
1,693 |
1,260 |
|
Time deposits |
556 |
567 |
704 |
799 |
846 |
1,123 |
1,810 |
|
Borrowings and repurchase agreements |
579 |
492 |
391 |
328 |
307 |
1,071 |
596 |
|
Total Interest Expense |
1,971 |
1,916 |
1,864 |
1,854 |
1,798 |
3,887 |
3,666 |
|
Net Interest Income |
11,301 |
10,551 |
10,730 |
10,656 |
10,213 |
21,852 |
19,665 |
|
Provision for loan losses |
- |
- |
- |
- |
179 |
- |
750 |
|
Net Interest Income after Provision for Loan Losses |
11,301 |
10,551 |
10,730 |
10,656 |
10,034 |
21,852 |
18,915 |
|
Non-interest Income |
|
|
|
|
|
|
|
|
Increase in cash surrender value of bank owned life insurance |
226 |
223 |
221 |
225 |
206 |
449 |
407 |
|
Net gain (loss) on sale of securities |
- |
85 |
(26) |
145 |
- |
85 |
423 |
|
Deposit service charges and other fees |
56 |
58 |
56 |
58 |
54 |
114 |
105 |
|
Mortgage banking revenues |
33 |
32 |
41 |
44 |
75 |
65 |
112 |
|
Net loss on sale or write-down of other real estate |
(45) |
(212) |
(287) |
(9) |
(126) |
(257) |
(463) |
|
Other noninterest income |
111 |
80 |
97 |
81 |
115 |
191 |
224 |
|
Total Non-interest Income |
381 |
266 |
102 |
544 |
324 |
647 |
808 |
|
|
|
|
|
|
|
|
|
|
Non-interest Expense |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
3,742 |
3,867 |
3,617 |
3,378 |
3,117 |
7,609 |
6,336 |
|
Occupancy |
342 |
344 |
344 |
366 |
488 |
686 |
837 |
|
Furniture and equipment |
502 |
492 |
495 |
482 |
451 |
994 |
901 |
|
Data processing |
279 |
296 |
257 |
267 |
299 |
575 |
579 |
|
Directors fees and expenses |
219 |
252 |
251 |
253 |
211 |
471 |
417 |
|
Professional fees |
182 |
237 |
123 |
159 |
318 |
419 |
455 |
|
FDIC and other supervisory assessments |
217 |
195 |
229 |
231 |
252 |
412 |
479 |
|
Advertising and public relations |
234 |
188 |
211 |
177 |
301 |
422 |
421 |
|
Unreimbursed loan costs and foreclosure related expenses |
142 |
69 |
124 |
281 |
298 |
211 |
469 |
|
Other expenses |
629 |
660 |
649 |
586 |
665 |
1,289 |
1,386 |
|
Total Non-interest Expenses |
6,488 |
6,600 |
6,300 |
6,180 |
6,400 |
13,088 |
12,280 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
5,194 |
4,217 |
4,532 |
5,020 |
3,958 |
9,411 |
7,443 |
|
Income tax expense |
1,719 |
1,379 |
1,569 |
1,707 |
1,308 |
3,098 |
2,485 |
|
Net income |
$3,475 |
$2,838 |
$2,963 |
$3,313 |
$2,650 |
$6,313 |
$4,958 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$0.76 |
$0.62 |
$0.65 |
$0.73 |
$0.59 |
$1.38 |
$1.10 |
|
Diluted earnings per share |
$0.75 |
$0.62 |
$0.65 |
$0.73 |
$0.59 |
$1.37 |
$1.10 |
Page 4
|
PARAGON COMMERCIAL CORPORATION | |||||
|
CONSOLIDATED BALANCE SHEETS | |||||
|
(Unaudited) | |||||
|
|
|
| |||
|
|
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
|
(Dollars and shares in thousands) |
2016 |
2016 |
2015 |
2015 |
2015 |
|
Assets |
|
|
|
|
|
|
Cash and due from banks |
$100,115 |
$51,559 |
$55,530 |
$118,297 |
$77,949 |
|
Investment securities - available for sale, at fair value |
186,323 |
182,157 |
168,896 |
172,513 |
168,048 |
|
Loans-net of unearned income and deferred fees |
1,105,344 |
1,044,981 |
1,016,156 |
998,232 |
991,445 |
|
Allowance for loan losses |
(7,986) |
(7,931) |
(7,641) |
(7,618) |
(7,569) |
|
|
1,097,358 |
1,037,050 |
1,008,515 |
990,614 |
983,876 |
|
Premises and equipment, net |
16,124 |
16,281 |
16,433 |
16,538 |
16,611 |
|
Bank owned life insurance |
28,723 |
28,497 |
28,274 |
28,052 |
27,827 |
|
Federal Home Loan Bank stock, at cost |
8,613 |
7,232 |
8,061 |
7,636 |
8,699 |
|
Accrued interest receivable |
4,092 |
3,858 |
3,795 |
3,609 |
3,944 |
|
Deferred tax assets |
3,264 |
4,304 |
4,118 |
5,141 |
5,527 |
|
Other real estate owned and reposessed property |
5,183 |
5,228 |
5,453 |
13,017 |
13,679 |
|
Other assets |
4,538 |
5,011 |
6,836 |
5,776 |
7,259 |
|
Total Assets |
$1,454,333 |
$1,341,177 |
$1,305,911 |
$1,361,193 |
$1,313,419 |
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand, non-interest bearing |
$179,070 |
$166,556 |
$158,974 |
$161,878 |
$162,758 |
|
Money market accounts and interest checking |
654,954 |
624,199 |
504,092 |
501,822 |
489,675 |
|
Time deposits |
266,177 |
256,378 |
319,781 |
392,080 |
372,402 |
|
Total deposits |
1,100,201 |
1,047,133 |
982,847 |
1,055,780 |
1,024,835 |
|
Repurchase agreements and federal funds purchased |
22,690 |
24,494 |
30,580 |
25,978 |
26,546 |
|
Borrowings |
175,000 |
146,673 |
169,800 |
160,422 |
146,039 |
|
Subordinated debentures |
18,558 |
18,558 |
18,558 |
18,558 |
18,558 |
|
Other liabilities |
6,175 |
4,147 |
6,468 |
6,162 |
6,297 |
|
Total Liabilities |
1,322,624 |
1,241,005 |
1,208,253 |
1,266,900 |
1,222,275 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Common stock, $0.008 par value |
43 |
37 |
37 |
37 |
36 |
|
Additional paid in capital |
79,845 |
53,235 |
53,147 |
52,993 |
52,694 |
|
Retained earnings |
51,673 |
48,198 |
45,360 |
42,397 |
39,084 |
|
Accumulated other comprehensive (loss) income |
148 |
(1,298) |
(886) |
(1,134) |
(670) |
|
Total Shareholders' Equity |
131,709 |
100,172 |
97,658 |
94,293 |
91,144 |
|
Total Liabilities and Shareholders' Equity |
$1,454,333 |
$1,341,177 |
$1,305,911 |
$1,361,193 |
$1,313,419 |
|
PARAGON COMMERCIAL CORPORATION | |||||
|
LOANS | |||||
|
(Unaudited) | |||||
|
|
|
| |||
|
|
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
|
(In thousands except per share data) |
2016 |
2016 |
2015 |
2015 |
2015 |
|
Loans |
|
|
|
|
|
|
Construction and land development |
$63,819 |
$68,316 |
$64,704 |
$70,997 |
$72,867 |
|
Commercial real estate: |
|
|
|
|
|
|
Commercial real estate |
340,475 |
320,791 |
305,723 |
300,696 |
303,056 |
|
Commercial real estate - owner occupied |
158,612 |
144,168 |
147,017 |
141,563 |
134,177 |
|
Farmland |
1,002 |
1,313 |
1,332 |
1,348 |
1,054 |
|
Multifamily, nonresidential and junior liens |
93,945 |
86,610 |
79,171 |
84,228 |
81,876 |
|
Total commercial real estate |
594,034 |
552,882 |
533,243 |
527,835 |
520,163 |
|
Consumer real estate: |
|
|
|
|
|
|
Home equity lines |
85,883 |
80,940 |
78,943 |
75,687 |
69,566 |
|
Secured by 1-4 family residential, secured by 1st deeds of trust |
186,054 |
171,355 |
167,709 |
164,555 |
162,370 |
|
Secured by 1-4 family residential, secured by 2nd deeds of trust |
3,656 |
3,731 |
3,723 |
3,642 |
3,750 |
|
Total consumer real estate |
275,593 |
256,026 |
250,375 |
243,884 |
235,686 |
|
Commercial and industrial loans |
157,640 |
153,159 |
153,669 |
138,571 |
144,420 |
|
Consumer and other |
14,258 |
14,598 |
14,165 |
16,945 |
18,309 |
|
Total loans |
$1,105,344 |
$1,044,981 |
$1,016,156 |
$998,232 |
$991,445 |
Page 5
|
PARAGON COMMERCIAL CORPORATION | |||||
|
OTHER FINANCIAL HIGHLIGHTS | |||||
|
(Unaudited) | |||||
|
| |||||
|
|
Three Months Ended | ||||
|
|
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
|
(In thousands, except per share data) |
2016 |
2016 |
2015 |
2015 |
2015 |
|
Selected Average Balances: |
|
|
|
|
|
|
Average total assets |
$1,393,722 |
$1,323,397 |
$1,330,518 |
$1,342,111 |
$1,279,887 |
|
Average earning assets |
1,310,510 |
1,235,237 |
1,239,027 |
1,240,640 |
1,196,615 |
|
Average loans |
1,071,325 |
1,019,396 |
1,004,627 |
999,857 |
973,610 |
|
Average total deposits |
1,019,133 |
994,219 |
1,010,610 |
1,010,398 |
937,700 |
|
Average shareholders' equity |
103,682 |
99,090 |
96,688 |
93,498 |
90,607 |
|
|
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
|
Return on average assets |
1.00% |
0.86% |
0.89% |
0.99% |
0.83% |
|
Return on average equity |
13.41% |
11.46% |
12.26% |
14.17% |
11.70% |
|
Tangible common equity ratio |
9.06% |
7.47% |
7.48% |
6.93% |
6.94% |
|
Total interest-earning assets |
$1,373,728 |
$1,257,254 |
$1,224,106 |
$1,280,961 |
$1,223,755 |
|
Tax equivalent net interest margin |
3.55% |
3.54% |
3.52% |
3.49% |
3.50% |
|
Overhead to average assets |
1.86% |
1.99% |
1.89% |
1.84% |
2.00% |
|
Efficiency ratio |
54.13% |
59.04% |
55.44% |
54.88% |
59.05% |
|
|
|
|
|
|
|
|
Credit Ratios: |
|
|
|
|
|
|
Non-accrual loans |
$1,220 |
$487 |
$513 |
$738 |
$754 |
|
Other real estate owned |
$5,183 |
$5,228 |
$5,453 |
$13,017 |
$13,679 |
|
Nonperforming assets to total assets |
0.44% |
0.43% |
0.46% |
1.01% |
1.10% |
|
Nonperforming loans to total loans |
0.11% |
0.05% |
0.05% |
0.07% |
0.08% |
|
Loans past due >30 days and still accruing |
$346 |
$127 |
$- |
$- |
$- |
|
Net loan charge-offs (recoveries) |
$(56) |
$(289) |
$(23) |
$(49) |
$162 |
|
Annualized net charge-offs/average loans |
-0.02% |
-0.11% |
-0.01% |
-0.02% |
0.07% |
|
Allowance for loan losses/total loans |
0.72% |
0.76% |
0.75% |
0.76% |
0.76% |
|
Allowance for loan losses/nonperforming loans |
655% |
1629% |
1489% |
1032% |
1004% |
|
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
Average diluted common shares outstanding |
4,624,326 |
4,574,455 |
4,567,023 |
4,565,963 |
4,528,553 |
|
End of quarter common shares outstanding |
5,449,886 |
4,581,334 |
4,581,334 |
4,580,434 |
4,553,141 |
|
Book value per common share |
$24.17 |
$21.87 |
$21.32 |
$20.59 |
$20.02 |
(1) This measure is not a measure recognized under United States generally accepted accounting principles, or GAAP, and is therefore considered to be a non-GAAP financial measure. Please see “Reconciliation of Non-GAAP Financial Measures” below for a reconciliation of this measure to the most
directly comparable GAAP measure.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
“Overhead to average assets” is defined as non-interest expense divided by total average assets. We believe overhead to average assets is an important indicator of the company’s level of non-interest expenses relative to the company’s overall size, which assists in the evaluation of our productivity. While the overhead to average assets ratio is a
measure of productivity, its value reflects the attributes of the business model we employ.
|
|
Three Months Ended | ||||
|
|
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
|
(Dollars in thousands) |
2016 |
2016 |
2015 |
2015 |
2015 |
|
Overhead to Average Assets |
|
|
|
|
|
|
Non-interest expense |
$6,488 |
$6,600 |
$6,300 |
$6,180 |
$6,400 |
|
Average Assets |
1,393,722 |
1,323,397 |
1,330,518 |
1,342,111 |
1,279,887 |
|
|
|
|
|
|
|
|
Overhead to Average Assets |
1.86% |
1.99% |
1.89% |
1.84% |
2.00% |
“Efficiency ratio” is defined as total non-interest expense divided by adjusted operating revenue. Adjusted operating revenue is equal to net interest income (taxable equivalent) plus non-interest income, adjusted to exclude the impacts of gains and losses on the sale of securities and gains and losses on the sale or write down of foreclosed real estate because
we believe the timing of the recognition of those items to be discretionary. We believe the efficiency ratio is important as an indicator of productivity because it shows the amount of revenue generated by our operations for each dollar spent. While the efficiency ratio is a measure of productivity, its value reflects the attributes of the business model we employ.
Page 6
|
|
Three Months Ended | ||||
|
|
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
|
(Dollars in thousands) |
2016 |
2016 |
2015 |
2015 |
2015 |
|
Efficiency Ratio |
|
|
|
|
|
|
Non-interest expense |
$6,488 |
$6,600 |
$6,300 |
$6,180 |
$6,400 |
|
|
|
|
|
|
|
|
Net interest taxable equivalent income |
$11,560 |
$10,785 |
$10,949 |
$10,853 |
$10,388 |
|
Non-interest income |
381 |
266 |
102 |
544 |
324 |
|
Less gain on investment securities |
- |
(85) |
26 |
(145) |
- |
|
Plus loss on sale or writedown of foreclosed real estate |
45 |
212 |
287 |
9 |
126 |
|
Adjusted operating revenue |
$11,986 |
$11,178 |
$11,364 |
$11,261 |
$10,838 |
|
|
|
|
|
|
|
|
Efficiency ratio |
54.13% |
59.04% |
55.44% |
54.88% |
59.05% |
Page 7