HOUSTON, July 24, 2009 (GLOBE NEWSWIRE) -- MetroCorp Bancshares, Inc. (Nasdaq:MCBI), a Texas corporation, which provides community banking services through its subsidiaries, MetroBank, N.A., serving Texas, and Metro United Bank, serving California, today announced the results for the second quarter of 2009.
Second Quarter Highlights * Net income of $1.2 million for second quarter of 2009, compared with net income of $2.3 million for second quarter of 2008, and net loss of ($2.0 million) for the first quarter of 2009. * Diluted earnings per common share for second quarter of 2009 was $0.05 compared with $0.21 for second quarter of 2008, and diluted loss per common share of ($0.23) for the first quarter of 2009. * Net nonperforming assets to total assets at June 30, 2009 declined to 3.45% compared with 3.53% at December 31, 2008 and 3.67% at March 31, 2009. * Net interest margin improved to 3.58% at June 30, 2009 from 3.44% at March 31, 2009. * Provision for loan losses for the second quarter of 2009 was $1.8 million compared with $1.5 million in the second quarter of 2008 and $7.3 million for the first quarter of 2009. * Allowance for loan losses was 1.84% of total loans at June 30, 2009 compared with 1.80% at December 31, 2008 and 1.81% at March 31, 2009. * Total risk-based capital ratio increased to 13.58% at June 30, 2009 compared with 10.17% at December 31, 2008 and 13.09% at March 31, 2009.
George M. Lee, President and CEO of MetroCorp Bancshares, Inc. stated, "Management's focus in identifying and remediating weak and problematic loans during the last 12 months has produced encouraging results as reflected in our second quarter performance. We have achieved improvements in earnings, asset quality and net interest margin, while maintaining stable loan and deposit levels with strong risk based capital, liquidity and allowance for loan losses.
"Net income of $1.2 million for the second quarter of 2009, as compared to a net loss of ($2.0) million during the first quarter of 2009, was achieved in spite of a $700,000 FDIC special assessment accrual.
"Our focus on reducing nonperforming assets has yielded a net decrease of $4.7 million from March 31, 2009 to $57.7 million at June 30, 2009. As a result, net nonperforming assets to total assets declined from 3.67% at March 31, 2009 to 3.45% at June 30, 2009. Net charge-offs for the three months ending June 30, 2009 were $1.7 million or 0.13% of total loans, which is in line with our expectation. Allowance for loan losses to total loans increased slightly from 1.81% at the end of March 31, 2009 to 1.84% at the end of June 30, 2009.
"Our deposit franchise continued to be one of our strengths, and average total deposits grew from $1.27 billion as of December 31, 2008 to $1.39 billion in second quarter. As a result, liquidity remained strong with other borrowings reduced significantly from $139 million as of December 31, 2008 to $28 million as of June 30, 2009.
"During second quarter, with our attention on liabilities and interest rate management, together with the improvements in our loan portfolio, our net interest margin expanded by 14 basis points from 3.44% for the three months ended March 31, 2009 to 3.58% for the three months ended June 30, 2009.
"Our capital remained healthy with total risk based capital ratio of 13.58% at June 30, 2009 as compared to 13.09% at March 31, 2009.
"Although we are encouraged by second quarter 2009 results, we remain extremely cautious as we continue to see weaknesses in both Texas and California markets. The management will remain focused and vigilant as we move forward."
Interest income and expense
Net interest income before the provision for loan losses for the three months ended June 30, 2009 was $13.7 million, down $805,000 or 5.6% compared with $14.5 million for the same period in 2008. The decrease in net interest income was due primarily to lower loan yields as a result of interest rate cuts by the Federal Reserve, which caused the prime rate to decrease from 5% to 3.25% during the last 12 months, and an increase in nonperforming assets. On a linked-quarter basis, net interest income before the provision for loan losses for the three months ended June 30, 2009 increased $866,000 or 6.8% compared with $12.8 million for the period ended March 31, 2009 as a result of increased loan yields and lower funding costs.
Net interest income before the provision for loan losses for the six months ended June 30, 2009 was $26.5 million, down $2.0 million or 7.0% compared with $28.5 million for the same period in 2008. The decrease in net interest income was due primarily to lower loan yields as a result of interest rate cuts and an increase in nonperforming assets.
The net interest margin for the three months ended June 30, 2009 was 3.58%, down 42 basis points compared with 4.00% for the same period in 2008. The yield on average earning assets decreased 102 basis points, and the cost of average earning assets decreased 60 basis points. On a linked-quarter basis, the net interest margin for the three months ended June 30, 2009 increased 14 basis points compared with 3.44% for the three months ended March 31, 2009. The yield on average earning assets decreased 5 basis points, and the cost of average earning assets decreased 19 basis points.
The net interest margin for the six months ended June 30, 2009 was 3.51%, down 53 basis points compared with 4.04% for the same period in 2008. The yield on average earning assets decreased 126 basis points, and the cost of average earning assets decreased 73 basis points.
Interest income for the three months ended June 30, 2009 was $22.1 million, down $2.5 million or 10.4% compared with $24.6 million for the same period in 2008, primarily due to lower loan yields and increased nonperforming assets. However, the effect of the decrease was partially offset by floor rates set on certain variable rate loans, almost all of which had reached the floor rate as of June 30, 2009. Average earning assets grew 5.2% for the second quarter of 2009 compared with the same period in 2008. Average total loans increased 2.1% to $1.32 billion in the second quarter of 2009 compared with $1.29 billion for the second quarter of 2008. The yield on average earning assets for the second quarter of 2009 was 5.78% compared with 6.80% for the second quarter of 2008.
Interest income for the six months ended June 30, 2009 was $43.8 million, down $5.9 million or 11.9% compared with $49.7 million for the same period in 2008, primarily due to lower loan yields and an increase in nonperforming assets, but partially offset by the effect of loan floor rates. Average earning assets grew 7.5% for the six months ended June 30, 2009 compared with the same period in 2008. Average total loans increased 6.1% to $1.33 billion for the six months ended June 30, 2009 compared with $1.25 billion for the same period of 2008. The yield on average earning assets for the six months ended June 30, 2009 was 5.80% compared with 7.06% for the same period in 2008.
Interest expense for the three months ended June 30, 2009 was $8.4 million, down $1.7 million or 17.2% compared with $10.1 million for the same period in 2008, primarily due to lower cost of funds that was partially offset by the effect of an increase in interest-bearing deposits. Average interest-bearing deposits were $1.18 billion for the second quarter of 2009 compared with $1.00 billion for the second quarter of 2008, an increase of $177.5 million or 17.7%. The cost of interest-bearing deposits for the second quarter of 2009 was 2.60% compared with 3.51% for the second quarter of 2008. Average other borrowings, consisting primarily of borrowings from the FHLB, but excluding junior subordinated debentures, were $28.3 million for the second quarter of 2009, a decrease of $121.8 million or 81.1% compared with $150.1 million for the second quarter of 2008. Other borrowings decreased primarily due to liquidity provided by deposit growth and funds received from participation in the Capital Purchase Program ("CPP"). The cost of other borrowings for the second quarter of 2009 was 3.34% compared with 2.36% for the second quarter of 2008. The cost increased as lower cost short-term FHLB borrowings were repaid and higher cost long-term borrowings remained outstanding.
Interest expense for the six months ended June 30, 2009 was $17.3 million, down $3.9 million or 18.4% compared with $21.2 million for the same period in 2008, primarily due to lower cost of funds that was partially offset by the effect of an increase in interest-bearing deposits. Average interest-bearing deposits were $1.15 billion for the six months ended June 30, 2009 compared with $991.4 million for the same period of 2008, an increase of 16.1%. The cost of interest-bearing deposits for the six months ended June 30, 2009 was 2.76% compared with 3.73% for the same period of 2008. Average other borrowings, consisting primarily of borrowings from the FHLB but excluding junior subordinated debentures, were $46.0 million for the six months ended June 30, 2009, a decrease of $85.9 million or 65.1% compared with $131.9 million for the same period of 2008. Other borrowings decreased primarily due to liquidity provided by deposit growth and funds from the CPP. The cost of other borrowings for the six months ended June 30, 2009 was 2.32% compared with 2.70% for the same period of 2008.
Noninterest income and expense
Noninterest income for the three months ended June 30, 2009 was $1.9 million, down $440,000 or 18.5% compared with the same period in 2008. Noninterest income for the six months ended June 30, 2009 was $3.9 million, down $639,000 or 14.2% compared with the same period in 2008. The decrease for the three and six months ended June 30, 2009 was primarily due to declines in gain on sale of loans, gain on securities transactions and service fees, partially offset by an increase in other noninterest income that was the result of rental income received on other real estate property and an increase in the cash value of bank owned life insurance.
Noninterest expense for the three months ended June 30, 2009 was $12.1 million, an increase of $335,000 or 2.8% compared with the same period in 2008. Noninterest expense for the six months ended June 30, 2009 was $22.7 million, a decrease of $57,000 or 0.25% compared with the same period in 2008. For the three and six months ended June 30, 2009, decreases in salaries and employee benefit expenses (further described below) and other-than-temporary impairment ("OTTI") charges were partially offset by increases in expenses related to the FDIC assessment and foreclosed assets.
In the second quarter of 2009, a $59,000 write down of investment securities was recorded through earnings for OTTI, in accordance with the adoption of FSP FAS 115-2 and FAS 124-2 on April 1, 2009. This new guidance requires that credit-related OTTI on securities be recognized through earnings while noncredit-related OTTI be recognized through equity. Noncredit-related OTTI on securities of $881,000 pre-tax was recognized through equity.
The FDIC assessment was $1.4 million and $1.7 million for the three and six months ended June 30, 2009, an increase of $1.3 million and $1.5 million, respectively from the same periods in 2008, primarily due to the one-time special FDIC assessment and the higher assessment rate effective in 2009.
Salaries and employee benefits expense for the three months ended June 30, 2009 was $5.2 million, a decrease of $688,000 or 11.6% compared with $5.9 million for the same period in 2008. Salaries and employee benefits expense for the six months ended June 30, 2009 was $10.6 million, a decrease of $1.8 million or 14.4% compared with $12.4 million for the same period in 2008. Salaries and employee benefits expense for the three and six months ended June 30, 2009 declined primarily due to streamlined operations and decreases in bonus accrual, stock-based compensation expense, and employee health care benefit expenses. The number of full-time equivalent employees at June 30, 2009 was 297, a decrease of 9.2% compared with 327 at June 30, 2008.
Provision for loan losses
The following table summarizes the provision for loan losses and net charge-offs as of and for the quarters indicated:
June 30, March 31, December 31, June 30,
2009 2009 2008 2008
----------------------------------------------
(dollars in thousands)
Allowance for Loan Losses
-------------------------
Balance at beginning
of quarter $ 24,158 $ 24,235 $ 15,723 $ 14,588
Provision for loan
losses for quarter 1,827 7,287 11,846 1,465
Net charge-offs
for quarter (1,719) (7,364) (3,334) (533)
---------- ---------- ---------- ----------
Balance at end
of quarter $ 24,266 $ 24,158 $ 24,235 $ 15,520
========== ========== ========== ==========
Total loans $1,321,478 $1,335,856 $1,346,048 $1,311,565
Allowance for loan
losses to total loans 1.84% 1.81% 1.80% 1.18%
Net charge-offs to
total loans (0.13)% (0.55)% (0.25)% (0.04)%
The provision for loan losses for the three months ended June 30, 2009 was $1.8 million, an increase of $362,000 compared with $1.5 million for the same period in 2008. The increase was primarily due to an increase in nonperforming assets since June 30, 2008 and higher net charge-offs for the second quarter of 2009. On a linked-quarter basis, the provision for loan losses in the second quarter of 2009 decreased primarily as a result of lower charge-offs in the second quarter compared with higher than normal charge-offs during the first quarter of 2009. The allowance for loan losses as a percent of total loans was 1.84% at June 30, 2009 and 1.80% at December 31, 2008, and increased compared with 1.18% at June 30, 2008.
Net charge-offs for the three months ended June 30, 2009 were $1.7 million or 0.13% of total loans compared with net charge-offs of $533,000 or 0.04% of total loans for the three months ended June 30, 2008. The charge-offs primarily consisted of $1.8 million in loans from Texas and $347,000 in loans from California, partially offset by recoveries of $430,000 from both Texas and California.
Asset Quality
The following table summarizes nonperforming assets as of the dates indicated:
June 30, March 31, December 31,
2009 2009 2008
---------- ---------- ----------
(dollars in thousands)
Nonperforming Assets
--------------------
Nonaccrual loans $ 32,556 $ 52,753 $ 48,239
Accruing loans 90 days or more
past due 422 0 103
Troubled debt restructurings 1,059 1,062 4,474
Other real estate 23,649 8,561 4,825
---------- ---------- ----------
Total nonperforming assets 57,686 62,376 57,641
Less nonperforming loans
guaranteed by the SBA, Ex-Im Bank,
or the OCCGF (2,120) (2,883) (1,843)
---------- ----------- ----------
Net nonperforming assets $ 55,566 $ 59,493 $ 55,798
========== ========== ==========
Net nonperforming assets to total
assets 3.45% 3.67% 3.53%
Total nonperforming assets remained stable at $57.7 million at June 30, 2009 compared with $57.6 million at December 31, 2008. On a linked-quarter basis, total nonperforming assets decreased $4.7 million to $57.7 million at June 30, 2009 compared with $62.4 million at March 31, 2009. The ratio of net nonperforming assets to total assets decreased to 3.45% at June 30, 2009 from 3.53% at December 31, 2008, but increased from 0.54% at June 30, 2008.
On a linked-quarter basis, Texas total nonperforming assets decreased by $10.7 million, partially offset by a $6.0 million increase in California. The decline in nonperforming assets in Texas consists primarily of sales of other real estate ("ORE") assets, and $6.6 million in pay-offs and resolutions of nonperforming loans, which were partially offset by a $3.7 million increase in loans that moved to non-accrual status during the quarter. In California, $5.5 million in loans were moved to nonperforming status, which was partially offset by reductions of $790,000.
On a linked-quarter basis, ORE increased by approximately $15.1 million compared with March 31, 2009, which included $16.6 million of new foreclosed properties partially offset by $6.2 million of ORE sales in Texas, and a net increase of $4.6 million in California.
Net nonperforming assets, which are total nonperforming assets net of the portion of loans guaranteed by the Small Business Administration, the Export Import Bank of the United States, or the Overseas Chinese Community Guaranty Fund, at June 30, 2009 were $55.6 million compared with $55.8 million at December 31, 2008. Approximately $29.9 million of the nonaccrual loans are collateralized by real estate, which represented 91.8% of total nonaccrual loans at June 30, 2009. Management has been aggressive in identifying problem loans but continued weak economic conditions could cause further deterioration in the loan portfolio. Management is closely monitoring the loan portfolio and diligently working on resolution programs.
Management conference call. On Monday, July 27, 2009, the Company will hold a conference call at 10:00 a.m. Central (11:00 a.m. Eastern) to discuss the second quarter 2009 results. A brief management presentation will be followed by a question and answer period. To participate by phone, U.S. callers may dial 1.877.407.4019 (International callers may dial 1.201.689.8337) and ask for the MetroCorp conference. The call will be webcast by Shareholder.com and can be accessed at MetroCorp's web site at www.metrobank-na.com. An audio archive of the call will be available approximately one hour after the call and will be accessible at www.metrobank-na.com in the Investor Relations section.
MetroCorp Bancshares, Inc., provides a full range of commercial and consumer banking services through its wholly owned subsidiaries, MetroBank, N.A. and Metro United Bank. The Company has thirteen full-service banking locations in the greater Houston and Dallas, Texas metropolitan areas, and six full service banking locations in the greater San Diego, Los Angeles and San Francisco, California metropolitan areas. As of June 30, 2009, the Company had consolidated assets of $1.6 billion. For more information, visit the Company's web site at www.metrobank-na.com.
The MetroCorp Bancshares Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2894
The statements contained in this release that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe the Company's future plans, projections, strategies and expectations, are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: (1) general business and economic conditions in the markets the Company serves may be less favorable than expected which could decrease the demand for loan, deposit and other financial services and increase loan delinquencies and defaults; (2) changes in the interest rate environment which could reduce the Company's net interest margin; (3) the failure of or changes in management's assumptions regarding the adequacy of the allowance for loan losses; (4) legislative or regulatory developments including changes in laws concerning taxes, banking, securities, insurance and other aspects of the financial securities industry; (5) changes in the availability of funds which could increase costs or decrease liquidity; (6) the effects of competition from other financial institutions operating in the Company's market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; (7) changes in accounting principles, policies or guidelines; (8) a deterioration or downgrade in the credit quality and credit agency ratings of the securities in the Company's securities portfolio; (9) the incurrence and possible impairment of goodwill associated with an acquisition; and (10) the Company's ability to adapt successfully to technological changes to meet customers' needs and developments in the marketplace. All written or oral forward-looking statements are expressly qualified in their entirety by these cautionary statements. These and other risks and factors are further described from time to time in the Company's 2008 annual report on Form 10-K and other reports and other documents filed with the Securities and Exchange Commission.
MetroCorp Bancshares, Inc.
(In thousands, except share amounts)
(Unaudited)
June 30, December 31,
Consolidated Balance Sheets 2009 2008
--------------------------- ---------- ----------
Assets
Cash and due from banks $ 24,111 $ 26,383
Federal funds sold and other short-term
investments 43,185 11,718
---------- ----------
Total cash and cash equivalents 67,296 38,101
Securities -available-for-sale, at fair value 121,855 102,104
Securities -held to maturity, at cost (fair
value is $3,132 at June 30, 2009) 3,044 --
Other investments 17,545 29,220
Loans, net of allowance for loan losses of
$24,266 and $24,235, respectively 1,297,212 1,321,813
Accrued interest receivable 5,770 5,946
Premises and equipment, net 6,596 7,368
Goodwill 21,827 21,827
Core deposit intangibles 417 506
Customers' liability on acceptances 4,492 8,012
Foreclosed assets, net 23,649 4,825
Cash value of bank owned life insurance 27,792 27,090
Other assets 15,075 13,426
---------- ----------
Total assets $1,612,570 $1,580,238
========== ==========
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing $ 209,910 $ 204,107
Interest-bearing 1,163,529 1,065,046
---------- ----------
Total deposits 1,373,439 1,269,153
Junior subordinated debentures 36,083 36,083
Other borrowings 27,574 139,046
Accrued interest payable 1,589 1,279
Acceptances outstanding 4,492 8,012
Other liabilities 6,633 7,506
---------- ----------
Total liabilities 1,449,810 1,461,079
Commitments and contingencies -- --
Shareholders' Equity:
Preferred stock, $1.00 par value, 2,000,000
shares are authorized; 45,000 shares issued
and outstanding 44,647 --
Common stock, $1.00 par value, 50,000,000
shares are authorized; 10,994,965 shares
issued; 10,926,315 shares and 10,885,081
shares outstanding at June 30, 2009 and
December 31, 2008 respectively 10,995 10,995
Additional paid-in-capital 28,749 28,222
Retained earnings 79,892 82,311
Accumulated other comprehensive loss (603) (910)
Treasury stock, at cost (920) (1,459)
---------- ----------
Total shareholders' equity 162,760 119,159
---------- ----------
Total liabilities and shareholders' equity $1,612,570 $1,580,238
========== ==========
Nonperforming Assets and Asset Quality Ratios
---------------------------------------------
Nonaccrual loans $ 32,556 $ 48,239
Accruing loans 90 days or more past due 422 103
Troubled debt restructurings 1,059 4,474
Other real estate ("ORE") 23,649 4,825
---------- ----------
Total nonperforming assets 57,686 57,641
Less nonperforming loans guaranteed by the
SBA, Ex-Im Bank, or the OCCGF (2,120) (1,843)
---------- ----------
Net nonperforming assets $ 55,566 $ 55,798
========== ==========
Net nonperforming assets to total assets 3.45% 3.53%
Net nonperforming assets to total loans and ORE 4.13% 4.13%
Allowance for loan losses to total loans 1.84% 1.80%
Allowance for loan losses to net
nonperforming loans 76.03% 47.54%
Net charge-offs to total loans 0.69% 0.41%
Net charge-offs $ 9,083 $ 5,539
Total loans to total deposits 96.22% 106.06%
MetroCorp Bancshares, Inc.
(In thousands, except per share amounts)
(Unaudited)
For the three months For the six months
ended June 30 ended June 30
Average Balance ---------------------- ----------------------
Sheet Data 2009 2008 2009 2008
--------------- ---------- ---------- ---------- ----------
Total assets $1,628,203 $1,549,537 $1,616,660 $1,510,000
Securities 109,691 124,774 105,591 129,617
Total loans 1,319,125 1,291,494 1,330,551 1,253,615
Allowance for
loan losses (24,952) (15,065) (24,325) (14,499)
Net loans 1,294,173 1,276,429 1,306,226 1,239,116
Total interest-earning
assets 1,531,352 1,455,224 1,521,152 1,415,503
Total deposits 1,388,423 1,221,175 1,358,490 1,200,961
Other borrowings and
junior subordinated
debt 64,426 186,219 82,067 167,950
Total shareholders'
equity 163,216 122,208 161,276 120,934
Income Statement Data
---------------------
Interest income:
Loans $ 20,747 $ 23,020 $ 41,137 $ 46,420
Securities:
Taxable 999 1,276 2,083 2,648
Tax-exempt 77 64 125 137
Federal funds sold and
other short-term
investments 231 241 418 465
---------- ---------- ---------- ----------
Total interest
income 22,054 24,601 43,763 49,670
Interest expense:
Time deposits 5,439 6,830 11,304 14,431
Demand and savings
deposits 2,195 1,902 4,429 3,967
Other borrowings 756 1,400 1,568 2,808
---------- ---------- ---------- ----------
Total interest
expense 8,390 10,132 17,301 21,206
Net interest income 13,664 14,469 26,462 28,464
Provision for loan
losses 1,827 1,465 9,114 3,049
---------- ---------- ---------- ----------
Net interest income
after provision for
loan losses 11,837 13,004 17,348 25,415
Noninterest income:
Service fees 1,086 1,206 2,175 2,449
Other loan-related
fees 161 183 293 364
Letters of credit
commissions and fees 258 295 513 562
Gain on sale of
securities, net 9 124 9 148
Gain on sale of loans -- 194 -- 245
Other noninterest
income 424 376 878 739
---------- ---------- ---------- ----------
Total noninterest
income 1,938 2,378 3,868 4,507
Noninterest expense:
Salaries and employee
benefits 5,243 5,931 10,631 12,417
Occupancy and
equipment 2,000 1,982 3,992 3,941
Foreclosed assets, net 997 (389) 1,420 (332)
Impairment on
securities 940 1,540 1,180 1,540
Less: Noncredit
portion of
other-than
-temporary
impairment (881) -- (881) --
---------- ---------- ---------- ----------
Net impairment on
securities 59 1,540 299 1,540
FDIC assessment 1,413 98 1,685 183
Other noninterest
expense 2,421 2,636 4,677 5,012
---------- ---------- ---------- ----------
Total noninterest
expense 12,133 11,798 22,704 22,761
Income (loss) before
provision for
income taxes 1,642 3,584 (1,488) 7,161
Provision for income
taxes 490 1,316 (606) 2,658
---------- ---------- ---------- ----------
Net income (loss) $ 1,152 $ 2,268 $ (882) $ 4,503
========== ========== ========== ==========
Dividends - preferred
stock $ (562) $ -- $ (1,031) $ --
---------- ---------- ---------- ----------
Net income (loss)
applicable to
common stock $ 590 $ 2,268 $ (1,913) $ 4,503
========== ========== ========== ==========
Per Share Data
--------------
Earnings (loss) per
share - basic $ 0.05 $ 0.21 $ (0.18) $ 0.42
Earnings (loss) per
share - diluted 0.05 0.21 (0.18) 0.41
Weighted average shares
outstanding:
Basic 10,906 10,819 10,891 10,815
Diluted 10,912 10,899 10,894 10,900
Dividends per
common share $ -- $ 0.04 $ 0.04 $ 0.08
Performance Ratio Data
----------------------
Return on average
assets 0.28% 0.59% (0.11)% 0.60%
Return on average
shareholders' equity 2.83% 7.46% (1.10)% 7.49%
Net interest margin 3.58% 4.00% 3.51% 4.04%
Efficiency ratio (1) 77.39% 60.89% 73.87% 64.36%
Equity to assets
(Average) 10.02% 7.89% 9.98% 8.01%
(1) Calculated by dividing total noninterest expense, excluding loan
loss provisions and impairment on securities, by net interest
income plus noninterest income.