RALEIGH, N.C., May 08, 2020 (GLOBE NEWSWIRE) — West Town Bancorp, Inc. (OTC PINK: WTWB) (the “Company” or “West Town”), the financial holding company for West Town Bank & Trust (“the Bank”), announced today its financial results for the three months ended March 31, 2020, reflecting a $3.3 million year-over-year increase in the provision for loan losses which was impacted by the global spread of the coronavirus (“COVID-19”) and its effects on the economic environment. Highlights include the following:
- First quarter net loss of $832,000 or $0.37 per diluted share, compared to net income of $1.1 million or $0.34 per diluted share for the first quarter of 2019.
- Provision for loan losses of $3.5 million for the first quarter of 2020 compared to $173,000 for the first quarter of 2019.
- Return on average assets of -1.08%, compared to 0.74% for the first quarter of 2019.
- Return on average common equity of -4.93%, compared to 5.43% for the first quarter of 2019.
- Return on average tangible common equity (a non-GAAP financial measure) of -7.09%, compared to 8.73% for the first quarter of 2019.
- Windsor Advantage, LLC (“Windsor”) processing and servicing revenue of $1.7 million as compared to $1.5 million for the same period last year.
- Mortgage origination and sales revenue of $1.4 million as compared to $435,000 for the same period last year.
As previously announced, on May 6, 2019, Sound Bank, formerly a wholly owned subsidiary of West Town, completed a recapitalization that resulted in a significant reduction in West Town’s ownership position in the bank. Sound Bank, effective October 1, 2019, changed its name to Dogwood State Bank. Due to the reduction in West Town’s ownership position, the financial results for Sound Bank beginning on May 6, 2019 are deconsolidated from the financial results of the Company. Therefore, on a comparative basis, the Company’s financial results for the first quarter of 2020 do not include any operating impact from Sound Bank whereas the financial results for the first quarter of 2019 are impacted by the performance of Sound Bank.
“The COVID-19 pandemic has created never-before-seen challenges for our nation, our communities and the businesses West Town Bank & Trust serves. In late March, we built a technology centric framework that enabled our organization to accept and seamlessly process Paycheck Protection Program (PPP) loan applications in accordance with the U.S. Small Business Administration’s guidelines and the related CARES Act signed into law on March 27, 2020. As of May 5, 2020, WTBT closed and funded 200 loan applications in excess of $21.5 million. I want to thank our dedicated staff members for their commitment to provide the expertise needed to help our small business clients navigate these difficult times,” said Eric Bergevin, President and CEO of West Town Bancorp, Inc. “The way our partners at Windsor Advantage, LLC and SBA Loan Documentation Services, LLC responded to the situation was nothing short of incredible. During this same period, Windsor’s team of 35 full-time employees helped authorize over 10,600 applications totaling more than $2.0 billion for approximately 40 of its institutional lender clients, helping create and preserve jobs for roughly 350,000 employees across the U.S. In addition, the team at SBA Loan Documentation Services helped to document and review over 580 PPP loan closing packages on behalf of its numerous bank clients to ensure that PPP loan closings complied with the CARES Act and the SBA’s guidelines. My extreme gratitude goes out to all of those employees within our family of companies that made it possible for small businesses and their employees, most in need of funds, to gain access to the PPP program and obtain funds needed to sustain their viability.”
Balance Sheet
At March 31, 2020, the Company’s total assets were $312.2 million, net loans held for investment were $211.5 million, loans held for sale were $11.8 million, total deposits were $221.4 million and total shareholders’ equity was $67.0 million. Compared with December 31, 2019, total assets decreased $1.9 million or 1%, net loans held for investment decreased $8.1 million or 4%, loans held for sale decreased $729,000 or 6%, total deposits increased $977,000 or 0.4%, and total shareholders’ equity decreased $715,000 or 1%. The decreases in assets and loans are reflective of an overall slowdown in the economy as a result of the COVID-19 pandemic. The decrease in total shareholders’ equity was primarily a result of the loss posted for the quarter.
During the first quarter of 2020, the Company issued 40,217 shares associated with various stock-based compensation program and repurchased 25,000 shares of its voting common stock.
Capital Levels
At March 31, 2020, the regulatory capital ratios of West Town Bank & Trust exceeded the minimum thresholds established for well-capitalized banks under applicable banking regulations.
| “Well Capitalized” Minimums | Basel III Fully Phased-In | West Town Bank & Trust | |
| Tier 1 common equity ratio | 6.50% | 7.00% | 14.47% |
| Tier 1 risk-based capital ratio | 8.00% | 8.50% | 14.47% |
| Total risk-based capital ratio | 10.00% | 10.50% | 15.73% |
| Tier 1 leverage ratio | 5.00% | 4.00% | 12.18% |
The Company’s book value per common share increased from $25.70 at March 31, 2019 to $30.25 at March 31, 2020. The Company’s tangible book value per common share (a non-GAAP financial measure) increased from $16.17 at March 31, 2019 to $20.88 at March 31, 2020 primarily due to the gain on deconsolidation of Sound Bank and the subsequent removal of the intangible assets associated with Sound Bank from the consolidated financial statements.
Asset Quality
The Company’s nonperforming assets to total assets ratio increased from 3.99% at December 31, 2019 to 4.16% at March 31, 2020, primarily due to the Company’s efforts to address credit concerns surrounding the potential economic impact of COVID-19 and the widespread societal responses to the pandemic. Nonaccrual loans decreased $1.5 million as of March 31, 2020 as compared to the prior year end while foreclosed assets increased $1.9 million from December 31, 2019 to March 31, 2020. During the fourth quarter of 2019, the Company formed Patriarch, LLC as a subsidiary to expedite the liquidation and recovery of certain Bank assets and as of March 31, 2020, Patriarch held $3.8 million in foreclosed assets. The Bank regularly conducts impairment analyses on all nonperforming assets with updated appraisals to ensure the assets are carried at the lower of fair market value or book value with any deficits charged off immediately versus carrying specific reserves.
The Company recorded a $3.5 million provision for loan losses during the first quarter of 2020 as compared to a provision of $173,000 in first quarter 2019 in response to the increasing nonperforming asset ratios, increased levels of charge-offs and forecasted credit weaknesses due to deteriorating economic conditions driven by the current COVID-19 pandemic. Expected loss estimates consider the impacts of decreased economic activity and higher unemployment and the mitigating benefits of government stimulus and industry wide loan modification efforts. The Company recorded $2.4 million in net charge-offs during the first quarter 2020. Most of the charge-offs were in the hospitality industry.
| (Dollars in thousands) | 3/31/20 | 12/31/19 | 9/30/19 | 6/30/19 | 3/31/19 | ||||||||||
| Nonaccrual loans – originated | $ | 7,732 | $ | 9,200 | $ | 4,813 | $ | 3,290 | $ | 4,666 | |||||
| Nonaccrual loans – acquired | – | – | – | – | 262 | ||||||||||
| Foreclosed assets | 5,243 | 3,370 | 2,028 | 2,069 | 2,493 | ||||||||||
| 90 days past due and still accruing – originated | – | – | – | – | 407 | ||||||||||
| 90 days past due and still accruing – acquired | – | – | – | – | 421 | ||||||||||
| Total nonperforming assets | 12,975 | 12,570 | 6,841 | 5,359 | 8,249 | ||||||||||
| Total nonperforming assets – originated | 12,975 | 12,570 | 6,841 | 5,359 | 7,566 | ||||||||||
| Net charge-offs | $ | 2,390 | $ | 779 | $ | 138 | $ | 200 | $ | 58 | |||||
| Annualized net charge-offs to total average portfolio loans | 4.39 | % | 1.36 | % | 0.25 | % | 0.27 | % | 0.05 | % | |||||
| Ratio of total nonperforming assets to total assets | 4.16 | % | 3.99 | % | 2.21 | % | 1.77 | % | 1.40 | % | |||||
| Ratio of total nonperforming loans to total loans | 3.66 | % | 4.19 | % | 2.31 | % | 1.57 | % | 1.38 | % | |||||
| Ratio of total allowance for loan losses to total loans | 2.27 | % | 1.72 | % | 1.64 | % | 1.62 | % | 0.98 | % |
Net Interest Income and Margin
Net interest income for the three months ended March 31, 2020 decreased $2.1 million or 36% in comparison to the first quarter 2019, primarily due to the deconsolidation of Sound Bank from the consolidated financial statements as of May 6, 2019. The net interest margin increased from 4.61% for the first quarter 2019 to 5.72% for the first quarter 2020. The margin improvement is largely related to the increase in loan yield from 6.56% to 8.16%, due in part to a change in the makeup of the loan portfolio as the percentage of consumer-related loans decreased while higher yielding commercially-focused loans associated with the Government Guaranteed Lending (“GGL”) department became a larger portion of the portfolio with the deconsolidation of Sound Bank loans. In addition, the annualized impact of several large loan pay-offs in the first quarter of 2020 which had associated loan discounts that were brought into income during the period helped to increase loan yield.
| Three Months Ended | ||||||||||
| (Dollars in thousands) | 3/31/20 | 12/31/19 | 9/30/19 | 6/30/19 | 3/31/19 | |||||
| Average balances: | ||||||||||
| Loans | $ | 226,683 | $ | 229,941 | $ | 220,939 | $ | 297,501 | $ | 435,583 |
| Investment securities | 23,861 | 21,572 | 21,111 | 20,960 | 21,119 | |||||
| Interest-bearing balances and other | 17,046 | 16,259 | 16,801 | 47,025 | 54,690 | |||||
| Total interest-earning assets | 267,590 | 267,772 | 258,851 | 365,486 | 511,392 | |||||
| Noninterest deposits | 56,329 | 52,456 | 47,199 | 75,643 | 112,836 | |||||
| Interest-bearing liabilities: | ||||||||||
| Interest-bearing deposits | 166,567 | 179,195 | 170,390 | 234,603 | 338,682 | |||||
| Borrowed funds | 16,475 | 6,129 | 6,452 | 17,204 | 37,852 | |||||
| Total interest-bearing liabilities | 183,042 | 185,324 | 176,842 | 251,807 | 376,534 | |||||
| Total assets | 313,476 | 311,312 | 300,011 | 416,840 | 576,640 | |||||
| Common shareholders’ equity | 68,445 | 67,172 | 68,448 | 82,090 | 78,698 | |||||
| Tangible common equity (1) | 47,570 | 46,448 | 47,636 | 57,825 | 48,918 | |||||
| Interest income/expense: | ||||||||||
| Loans | $ | 4,559 | $ | 4,139 | $ | 4,315 | $ | 5,218 | $ | 7,122 |
| Investment securities | 95 | 82 | 76 | 100 | 167 | |||||
| Interest-bearing balances and other | 76 | 83 | 105 | 241 | 356 | |||||
| Total interest income | 4,730 | 4,304 | 4,496 | 5,559 | 7,645 | |||||
| Deposits | 845 | 979 | 942 | 1,104 | 1,432 | |||||
| Borrowings | 109 | 56 | 72 | 172 | 330 | |||||
| Total interest expense | 954 | 1,035 | 1,014 | 1,276 | 1,762 | |||||
| Net interest income | $ | 3,776 | $ | 3,269 | $ | 3,482 | $ | 4,283 | $ | 5,883 |
| (1) Non-GAAP financial measure. Tangible common equity is calculated by subtracting intangible assets from common shareholders’ equity |
| Three Months Ended | |||||
| 3/31/20 | 12/31/19 | 9/30/19 | 6/30/19 | 3/31/19 | |
| Average yields and costs: | |||||
| Loans | 8.16% | 7.14% | 7.75% | 7.04% | 6.56% |
| Investment securities | 1.59% | 1.52% | 1.44% | 1.91% | 3.16% |
| Interest-bearing balances and other | 1.81% | 2.03% | 2.48% | 2.06% | 2.61% |
| Total interest-earning assets | 7.17% | 6.38% | 6.89% | 6.10% | 6.00% |
| Interest-bearing deposits | 2.06% | 2.17% | 2.19% | 1.89% | 1.70% |
| Borrowed funds | 2.68% | 3.62% | 4.43% | 4.01% | 3.50% |
| Total interest-bearing liabilities | 2.11% | 2.22% | 2.27% | 2.03% | 1.88% |
| Cost of funds | 1.62% | 1.73% | 1.80% | 1.56% | 1.44% |
| Net interest margin | 5.72% | 4.84% | 5.34% | 4.70% | 4.61% |
Noninterest Income
Noninterest income for the three months ended March 31, 2020 was $4.6 million, an increase of $1.4 million or 45% as compared to the same prior year period. Specific items to note include:
- Windsor, a subsidiary of the Company which offers a SBA and USDA loan servicing platform, had processing and servicing revenue totaling $1.7 million, an increase of $226,000, or 15% as compared to the $1.5 million in income earned from the investment in Windsor during the same prior year period. The increase is directly attributable to the continued growth in the volume in the servicing portfolio as Windsor brings in new customers.
- GGL revenue of $775,000 was decreased by $125,000 or 14% in comparison to the first quarter of 2019. GGL volume was impacted by the restrictions put in place throughout the country as Shelter-In-Place orders in the states in which the Company operates, and reduced economic activity slowed deal flows for the Company.
- Mortgage revenue totaled $1.4 million, an increase of $983,000 or 226% as compared to the first quarter 2019. Mortgage loans originated for secondary market sale increased from $10.4 million in the first quarter 2019 to $20.9 million in the first quarter 2020.
Noninterest Expense
Noninterest expense for the first quarter 2020 was $6.0 million, a decrease of $1.4 million or 19%, from $7.5 million for the first quarter 2019. The decreases in all noninterest expense categories, including compensation, occupancy, data processing, communications and other operating expenses are primarily related to the deconsolidation of Sound Bank from the consolidated financial statements as of May 6, 2019.
About West Town Bancorp, Inc.
West Town Bancorp, Inc. is a financial holding company based in Raleigh, NC. The Company is the holding company for West Town Bank & Trust, an Illinois state-chartered bank. West Town Bank & Trust provides banking services through its two full-service offices located in the greater Chicago area. The Company is also the parent company of: Windsor Advantage, LLC, a loan servicing company; West Town Insurance Agency, Inc., an insurance agency; Patriarch, LLC, a real estate management company; SBA Loan Documentation Services, LLC, a loan documentation origination company; and Glenwood Structured Finance, LLC, a loan broker and large loan syndication company. The Company is registered with, and supervised by, the Federal Reserve. West Town Bank & Trust’s primary regulators are the Illinois Department of Financial and Professional Regulation and the FDIC.
For more information, visit https://www.westtownbank.com/
Important Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations, and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time this release was prepared. These statements can be identified by the use of words such as “expect,” “anticipate,” “estimate,” “believe,” variations of these words, and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values; changes in Small Business Administration rules, regulations, or loan products, including the section 7(a) program; changes in other government guaranteed loan programs or our ability to participate in such programs; changes in tax law, including the impact of such changes on our tax assets and liabilities; future governmental shutdowns that may impact revenues associated with our lending and other operations that are dependent on government guaranteed loan programs; changes in banking regulations and accounting principles, policies, or guidelines; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with the Company’s acquisition and divesture activities; the failure of our strategic investments or acquisitions to perform as anticipated and the impact of any impairments to our intangible assets, such as goodwill; the impact of our strategic initiatives on our ability to retain key employees, and the impact of competition from traditional or new sources. These, and other factors that may emerge, could cause decisions and actual results to differ materially from current expectations. The Company assumes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.
Consolidated Balance Sheet
| Ending Balance | |||||||||||||||
| (Dollars in thousands, unaudited) | 3/31/20 | 12/31/19 | 9/30/19 | 6/30/19 | 3/31/19 | ||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 5,928 | $ | 5,021 | $ | 4,085 | $ | 2,665 | $ | 5,433 | |||||
| Interest-bearing deposits | 8,518 | 9,849 | 16,068 | 14,450 | 69,636 | ||||||||||
| Total cash and cash equivalents | 14,446 | 14,870 | 20,153 | 17,115 | 75,069 | ||||||||||
| Interest-bearing time deposits | 2,746 | 2,746 | 2,746 | 2,746 | 2,746 | ||||||||||
| Securities, at fair value | 24,946 | 21,087 | 21,804 | 20,716 | 21,031 | ||||||||||
| Loans held for sale | 11,839 | 12,568 | 13,965 | 14,902 | 11,037 | ||||||||||
| Loans held for investment: | |||||||||||||||
| Originated loans | 216,423 | 223,470 | 211,647 | 209,492 | 336,505 | ||||||||||
| Acquired loans, net | – | – | – | – | 81,978 | ||||||||||
| Allowance for loan and lease losses | (4,907 | ) | (3,837 | ) | (3,462 | ) | (3,400 | ) | (4,115 | ) | |||||
| Loans held for investment, net | 211,516 | 219,633 | 208,185 | 206,092 | 414,368 | ||||||||||
| Premises and equipment, net | 4,740 | 4,761 | 4,795 | 4,832 | 12,099 | ||||||||||
| Foreclosed assets | 5,243 | 3,370 | 2,028 | 2,069 | 2,493 | ||||||||||
| Loan servicing assets | 3,528 | 3,358 | 3,053 | 3,220 | 3,619 | ||||||||||
| Bank owned life insurance | 5,048 | 5,021 | 4,993 | 4,964 | 9,090 | ||||||||||
| Accrued interest receivable | 1,067 | 1,116 | 1,079 | 1,196 | 1,637 | ||||||||||
| Goodwill | 13,161 | 13,150 | 12,721 | 12,721 | 19,737 | ||||||||||
| Other intangible assets, net | 7,596 | 7,782 | 7,968 | 8,154 | 9,827 | ||||||||||
| Other assets | 6,370 | 4,729 | 5,779 | 4,638 | 8,066 | ||||||||||
| Total assets | $ | 312,246 | $ | 314,191 | $ | 309,269 | $ | 303,365 | $ | 590,819 | |||||
| Liabilities and Shareholders’ Equity | |||||||||||||||
| Liabilities | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing | $ | 59,360 | $ | 49,573 | $ | 54,380 | $ | 46,068 | $ | 128,435 | |||||
| Interest-bearing | 162,059 | 170,869 | 177,472 | 164,619 | 345,581 | ||||||||||
| Total deposits | 221,419 | 220,442 | 231,852 | 210,687 | 474,016 | ||||||||||
| Borrowings | 17,649 | 19,295 | 2,382 | 5,868 | 26,294 | ||||||||||
| Accrued interest payable | 433 | 429 | 424 | 433 | 927 | ||||||||||
| Other liabilities | 5,735 | 6,300 | 8,092 | 7,562 | 9,860 | ||||||||||
| Total liabilities | 245,236 | 246,466 | 242,750 | 224,550 | 511,097 | ||||||||||
| Shareholders’ equity: | |||||||||||||||
| Common stock, voting | 2,193 | 2,166 | 2,206 | 2,674 | 2,749 | ||||||||||
| Common stock, non-voting | 22 | 22 | 22 | 129 | 329 | ||||||||||
| Additional paid in capital | 24,162 | 24,245 | 24,771 | 38,557 | 45,287 | ||||||||||
| Retained earnings | 40,371 | 41,203 | 39,446 | 37,375 | 31,273 | ||||||||||
| Accumulated other comprehensive income | 262 | 89 | 74 | 80 | 84 | ||||||||||
| Total shareholders’ equity | 67,010 | 67,725 | 66,519 | 78,815 | 79,722 | ||||||||||
| Total liabilities and shareholders’ equity | $ | 312,246 | $ | 314,191 | $ | 309,269 | $ | 303,365 | $ | 590,819 |
Financial Performance (Consolidated)
| (Dollars in thousands except share | Three Months Ended | |||||||||||
| and per share data; unaudited) | 3/31/20 | 12/31/19 | 9/30/19 | 6/30/19 | 3/31/19 | |||||||
| Interest income | ||||||||||||
| Loans | $ | 4,559 | $ | 4,139 | $ | 4,315 | $ | 5,218 | $ | 7,122 | ||
| Investment securities and deposits | 171 | 165 | 181 | 341 | 523 | |||||||
| Total interest income | 4,730 | 4,304 | 4,496 | 5,559 | 7,645 | |||||||
| Interest expense | ||||||||||||
| Interest on deposits | 845 | 979 | 942 | 1,104 | 1,432 | |||||||
| Interest on borrowed funds | 109 | 56 | 72 | 172 | 330 | |||||||
| Total interest expense | 954 | 1,035 | 1,014 | 1,276 | 1,762 | |||||||
| Net interest income | 3,776 | 3,269 | 3,482 | 4,283 | 5,883 | |||||||
| Provision for loan losses | 3,460 | 1,155 | 200 | 477 | 173 | |||||||
| Noninterest income | ||||||||||||
| Windsor processing and servicing revenue | 1,713 | 2,256 | 1,774 | 1,970 | 1,487 | |||||||
| Government lending | 755 | 2,288 | 983 | 1,754 | 880 | |||||||
| Mortgage | 1,418 | 716 | 975 | 1,113 | 435 | |||||||
| Bank-owned life insurance | 27 | 28 | 29 | 44 | 56 | |||||||
| Service charge | 19 | 29 | 23 | 99 | 226 | |||||||
| Gain on deconsolidation of Sound Bank | – | – | – | 6,425 | – | |||||||
| Other noninterest | 709 | 98 | 153 | 92 | 122 | |||||||
| Total noninterest income | 4,641 | 5,415 | 3,937 | 11,497 | 3,206 | |||||||
| Noninterest expense | ||||||||||||
| Compensation | 3,753 | 3,750 | 3,199 | 3,385 | 4,261 | |||||||
| Occupancy and equipment | 256 | 221 | 343 | 338 | 506 | |||||||
| Loan and special asset expenses | 242 | 318 | (523 | ) | 510 | 179 | ||||||
| Professional services | 490 | 359 | 432 | 569 | 582 | |||||||
| Data processing | 148 | 109 | 161 | 198 | 345 | |||||||
| Software | 249 | 172 | 160 | 199 | 226 | |||||||
| Communications | 89 | 80 | 33 | 110 | 226 | |||||||
| Advertising | 55 | 86 | 51 | 109 | 112 | |||||||
| Transaction-related | 17 | 16 | 1 | 916 | 43 | |||||||
| Amortization of intangibles | 186 | 186 | 186 | 233 | 330 | |||||||
| Other operating expenses | 545 | 464 | 335 | 643 | 644 | |||||||
| Total noninterest expense | 6,030 | 5,761 | 4,378 | 7,210 | 7,454 | |||||||
| Income (loss) before income taxes | (1,073 | ) | 1,768 | 2,841 | 8,093 | 1,462 | ||||||
| Income tax expense (benefit) | (241 | ) | 37 | 687 | 2,174 | 397 | ||||||
| Net income (loss) | $ | (832 | ) | $ | 1,731 | $ | 2,154 | $ | 5,919 | $ | 1,065 | |
| Basic earnings (loss) per common share | $ | (0.38 | ) | $ | 0.79 | $ | 0.93 | $ | 1.97 | $ | 0.35 | |
| Diluted earnings (loss) per common share | $ | (0.37 | ) | $ | 0.78 | $ | 0.91 | $ | 1.94 | $ | 0.34 | |
| Weighted average common shares outstanding | 2,193 | 2,196 | 2,328 | 2,997 | 3,054 | |||||||
| Diluted average common shares outstanding | 2,232 | 2,234 | 2,369 | 3,045 | 3,115 | |||||||
Performance Ratios
| Three Months Ended | |||||||||||||||
| 3/31/20 | 12/31/19 | 9/30/19 | 6/30/19 | 3/31/19 | |||||||||||
| PER COMMON SHARE | |||||||||||||||
| Basic earnings (loss) per common share | $ | (0.38 | ) | $ | 0.79 | $ | 0.93 | $ | 1.97 | $ | 0.35 | ||||
| Diluted earnings (loss) per common share | $ | (0.37 | ) | $ | 0.77 | $ | 0.91 | $ | 1.94 | $ | 0.34 | ||||
| Book value per common share | $ | 30.25 | $ | 30.78 | $ | 29.86 | $ | 28.12 | $ | 25.70 | |||||
| Tangible book value per common share | $ | 20.88 | $ | 21.27 | $ | 20.57 | $ | 20.67 | $ | 16.17 | |||||
| FINANCIAL RATIOS (ANNUALIZED) | |||||||||||||||
| Return on average assets | -1.08 | % | 2.21 | % | 2.85 | % | 5.70 | % | 0.74 | % | |||||
| Return on average common shareholders’ equity | -4.93 | % | 10.22 | % | 12.49 | % | 28.92 | % | 5.43 | % | |||||
| Return on average tangible common equity | -7.09 | % | 14.79 | % | 17.94 | % | 41.06 | % | 8.73 | % | |||||
| Net interest margin | 5.72 | % | 4.84 | % | 5.34 | % | 4.70 | % | 4.61 | % | |||||
| Efficiency ratio (1) | 71.4 | % | 66.2 | % | 59.0 | % | 67.3 | % | 81.5 | % |
Contact: Eric Bergevin, 252-482-4400
