Westamerica Bancorporation (Nasdaq: WABC), parent company of
Westamerica Bank, generated net income for the fourth quarter 2017
of $4.2 million and diluted earnings per common share ("EPS") of
$0.16. Fourth quarter 2017 results include adjustments to asset
values triggered by enactment of the Tax Cuts and Jobs Act of 2017
which reduced EPS $0.48, recognition of a loss contingency which
reduced EPS $0.12, and securities gains which increased EPS $0.18.
Fourth quarter 2017 results compare to third quarter 2017 net
income of $15.0 million and EPS of $0.57, and to fourth quarter
2016 net income of $14.5 million and EPS of $0.56.
"Fourth quarter 2017 net income benefited from higher net
interest income; Westamerica’s annualized net interest margin on a
fully taxable equivalent basis increased to 3.12 percent in the
fourth quarter 2017 from 3.10 percent in the third quarter 2017.
The margin is supported by a relatively low cost of funding, which
has been steady at 0.04 percent of loans and investments from the
fourth quarter of 2016 through the fourth quarter 2017. Asset
quality remains very high with nonperforming assets totaling only
$7.9 million at December 31, 2017 and net loan losses for the year
2017 were just 0.08 percent of average loan balances,” said
Chairman, President and CEO David Payne. “After the
accounting charges required by the new tax law, Westamerica’s
capital position remains solid with total capital to assets of 10.7
percent at December 31, 2017 compared to 11.1 percent at September
30, 2017. Westamerica increased its quarterly dividend to $0.40 per
common share in the fourth quarter 2017,” concluded Payne.
The annualized net interest margin on a fully taxable equivalent
basis was 3.12 percent for the fourth quarter 2017, compared to
3.10 percent for the third quarter 2017, and 3.15 percent for the
fourth quarter 2016. Net interest income on a fully taxable
equivalent basis was $36.6 million for the fourth quarter 2017,
compared to $35.7 million for the third quarter 2017, and $36.0
million for the fourth quarter 2016. The annualized funding cost of
deposits and other interest-bearing borrowings, as a percentage of
average earning assets, was unchanged at 0.04 percent for the
fourth quarter 2017, third quarter 2017, and fourth quarter 2016.
Checking and savings deposits, which earn relatively low interest
rates and are less volatile than time deposits during periods of
rising market interest rates, represented 95 percent of average
total deposits during the fourth quarter 2017.
The Company recognized no provision for loan losses for the
fourth quarter 2017 given stable nonperforming loan volumes and
other credit quality attributes. At December 31, 2017, the
allowance for loan losses totaled $23.0 million.
Noninterest income for the fourth quarter 2017 totaled $20.3
million, including $8.0 million in securities gains, compared to
$12.5 million for the third quarter 2017 and $11.5 million for the
fourth quarter 2016. Merchant processing fees were $2.3 million for
the fourth quarter 2017, $2.2 million for the third quarter 2017
and $1.7 million for the fourth quarter 2016; the increase is due
to successful sales efforts and increased processing volumes.
Noninterest expense for the fourth quarter 2017 totaled $30.2
million, including a $625 thousand impairment of low income housing
limited partnership investments due to enactment of the Tax Cuts
and Jobs Act of 2017 and a $5.5 million loss contingency accrual.
As disclosed in the Company’s Form 8-K filed October 19, 2017 and
Form 10-Q filed November 3, 2017, the Company has determined that
it is obligated to provide refunds of revenue recognized in prior
years to some customers; the Company has estimated the probable
amount of these obligations and accrued a liability as of December
31, 2017.
The book tax provision on a fully taxable equivalent basis for
the fourth quarter 2017 totaled $22.6 million, of which $12.3
million represents the charge to re-measure the Company’s net
deferred tax asset triggered by enactment of the Tax Cuts and Jobs
Act of 2017.
Westamerica Bancorporation, through its wholly owned subsidiary
Westamerica Bank, operates commercial banking and trust offices
throughout Northern and Central California.
For additional information contact:Westamerica
Bancorporation1108 Fifth Avenue, San Rafael, CA 94901Robert A.
Thorson – SVP & Chief Financial
Officer707-863-6840investments@westamerica.com
The following appears in accordance with the Private Securities
Litigation Reform Act of 1995:
This press release may contain forward-looking statements about
the Company, including descriptions of plans or objectives of its
management for future operations, products or services, and
forecasts of its revenues, earnings or other measures of economic
performance. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current
facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate," or words of similar
meaning, or future or conditional verbs such as "will," "would,"
"should," "could," or "may."
Forward-looking statements, by their nature, are subject to
risks and uncertainties. A number of factors — many of which are
beyond the Company's control — could cause actual conditions,
events or results to differ significantly from those described in
the forward-looking statements. The Company's most recent reports
filed with the Securities and Exchange Commission, including the
annual report for the year ended December 31, 2016 filed on Form
10-K and quarterly report for the quarter ended September 30, 2017
filed on Form 10-Q, describe some of these factors, including
certain credit, interest rate, operational, liquidity and market
risks associated with the Company's business and operations. Other
factors described in these reports include changes in business and
economic conditions, competition, fiscal and monetary policies,
disintermediation, legislation including the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2011, the Sarbanes-Oxley Act
of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and
acquisitions.
Forward-looking statements speak only as of the date they are
made. The Company does not undertake to update forward-looking
statements to reflect circumstances or events that occur after the
date forward looking statements are made.
|
|
Public Information January 18, 2018 |
|
WESTAMERICA BANCORPORATION |
|
|
|
FINANCIAL HIGHLIGHTS |
|
|
|
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
1.
Net Income Summary. |
|
|
|
|
|
|
(in thousands except per-share
amounts) |
|
|
|
|
% |
|
|
|
Q4'17 |
Q4'16 |
Change |
Q3'17 |
|
|
|
|
|
|
|
Net Interest
and Fee Income (FTE) |
$36,644 |
|
$35,959 |
|
1.9 |
% |
$35,680 |
|
|
Reversal of
Provision for Loan Losses |
- |
|
- |
|
n/m |
|
- |
|
|
Noninterest Income |
20,300 |
|
11,545 |
|
75.8 |
% |
12,548 |
|
|
Noninterest
Expense |
30,167 |
|
24,577 |
|
22.7 |
% |
24,114 |
|
|
Income Before
Taxes (FTE) |
26,777 |
|
22,927 |
|
16.8 |
% |
24,114 |
|
|
Income Tax
Provision (FTE) |
22,617 |
|
8,474 |
|
n/m |
|
9,097 |
|
|
Net
Income |
$4,160 |
|
$14,453 |
|
-71.2 |
% |
$15,017 |
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding |
26,384 |
|
25,773 |
|
2.4 |
% |
26,309 |
|
|
Diluted Average
Common Shares |
26,538 |
|
25,925 |
|
2.4 |
% |
26,404 |
|
|
|
|
|
|
|
|
Operating
Ratios: |
|
|
|
|
|
Basic Earnings Per Common Share |
$0.16 |
|
$0.56 |
|
-71.4 |
% |
$0.57 |
|
|
Diluted Earnings Per Common Share |
0.16 |
|
0.56 |
|
-71.4 |
% |
0.57 |
|
|
Return On Assets (a) |
0.30 |
% |
1.07 |
% |
|
1.09 |
% |
|
Return On Common Equity (a) |
2.7 |
% |
10.3 |
% |
|
9.9 |
% |
|
Net Interest Margin (FTE) (a) |
3.12 |
% |
3.15 |
% |
|
3.10 |
% |
|
Efficiency Ratio (FTE) |
53.0 |
% |
51.7 |
% |
|
50.0 |
% |
|
|
|
|
|
|
|
Dividends Paid
Per Common Share |
$0.40 |
|
$0.39 |
|
2.6 |
% |
$0.39 |
|
|
Common Dividend
Payout Ratio
|
250 |
% |
70 |
% |
|
68 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
12/31'17YTD |
12/31'16YTD |
Change |
|
|
|
|
|
|
|
|
Net Interest
and Fee Income (FTE) |
$144,118 |
|
$145,077 |
|
-0.7 |
% |
|
|
Reversal of
Provision for Loan Losses |
(1,900 |
) |
(3,200 |
) |
n/m |
|
|
|
Noninterest
Income |
56,628 |
|
46,574 |
|
21.6 |
% |
|
|
Noninterest
Expense |
103,292 |
|
101,752 |
|
1.5 |
% |
|
|
Income Before
Taxes (FTE) |
99,354 |
|
93,099 |
|
6.7 |
% |
|
|
Income Tax
Provision (FTE) |
49,329 |
|
34,246 |
|
44.0 |
% |
|
|
Net Income |
$50,025 |
|
$58,853 |
|
-15.0 |
% |
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding |
26,291 |
|
25,612 |
|
2.7 |
% |
|
|
Diluted Average
Common Shares |
26,419 |
|
25,678 |
|
2.9 |
% |
|
|
|
|
|
|
|
|
Operating
Ratios: |
|
|
|
|
|
Basic Earnings Per Common Share |
$1.90 |
|
$2.30 |
|
-17.4 |
% |
|
|
Diluted Earnings Per Common Share |
1.89 |
|
2.29 |
|
-17.5 |
% |
|
|
Return On Assets |
0.92 |
% |
1.12 |
% |
|
|
|
Return On Common Equity |
8.4 |
% |
10.9 |
% |
|
|
|
Net Interest Margin (FTE) |
3.12 |
% |
3.24 |
% |
|
|
|
Efficiency Ratio (FTE) |
51.5 |
% |
53.1 |
% |
|
|
|
|
|
|
|
|
|
Dividends Paid
Per Common Share |
$1.57 |
|
$1.56 |
|
0.6 |
% |
|
|
Common Dividend
Payout Ratio
|
83 |
% |
68 |
% |
|
|
|
|
|
|
|
|
2.
Net Interest Income. |
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
% |
|
|
|
Q4'17 |
Q4'16 |
Change |
Q3'17 |
|
|
|
|
|
|
|
Interest and
Fee Income (FTE) |
$37,115 |
|
$36,459 |
|
1.8 |
% |
$36,153 |
|
|
Interest
Expense |
471 |
|
500 |
|
-5.8 |
% |
473 |
|
|
Net Interest
and Fee Income (FTE) |
$36,644 |
|
$35,959 |
|
1.9 |
% |
$35,680 |
|
|
|
|
|
|
|
|
Average Earning
Assets |
$4,682,897 |
|
$4,561,619 |
|
2.7 |
% |
$4,587,848 |
|
|
Average
Interest- |
|
|
|
|
|
Bearing Liabilities |
2,701,190 |
|
2,681,585 |
|
0.7 |
% |
2,687,620 |
|
|
|
|
|
|
|
|
Yield on
Earning Assets (FTE) (a) |
3.16 |
% |
3.19 |
% |
|
3.14 |
% |
|
Cost of Funds
(a) |
0.04 |
% |
0.04 |
% |
|
0.04 |
% |
|
Net Interest
Margin (FTE) (a) |
3.12 |
% |
3.15 |
% |
|
3.10 |
% |
|
Interest
Expense/ |
|
|
|
|
|
Interest-Bearing Liabilities (a) |
0.07 |
% |
0.07 |
% |
|
0.07 |
% |
|
Net Interest
Spread (FTE) (a) |
3.09 |
% |
3.12 |
% |
|
3.07 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
12/31'17YTD |
12/31'16YTD |
Change |
|
|
|
|
|
|
|
|
Interest and
Fee Income (FTE) |
$146,018 |
|
$147,193 |
|
-0.8 |
% |
|
|
Interest
Expense |
1,900 |
|
2,116 |
|
-10.2 |
% |
|
|
Net Interest
and Fee Income (FTE) |
$144,118 |
|
$145,077 |
|
-0.7 |
% |
|
|
|
|
|
|
|
|
Average Earning
Assets |
$4,622,339 |
|
$4,476,755 |
|
3.3 |
% |
|
|
Average
Interest- |
|
|
|
|
|
Bearing Liabilities |
2,696,399 |
|
2,624,688 |
|
2.7 |
% |
|
|
|
|
|
|
|
|
Yield on
Earning Assets (FTE) |
3.16 |
% |
3.29 |
% |
|
|
|
Cost of
Funds |
0.04 |
% |
0.05 |
% |
|
|
|
Net Interest
Margin (FTE) |
3.12 |
% |
3.24 |
% |
|
|
|
Interest
Expense/ |
|
|
|
|
|
Interest-Bearing Liabilities |
0.07 |
% |
0.08 |
% |
|
|
|
Net Interest
Spread (FTE) |
3.09 |
% |
3.21 |
% |
|
|
|
|
|
|
|
|
3.
Loans & Other Earning Assets. |
|
|
|
|
|
|
(average volume, dollars in
thousands) |
|
|
|
|
% |
|
|
|
Q4'17 |
Q4'16 |
Change |
Q3'17 |
|
|
|
|
|
|
|
Total
Assets |
$5,534,700 |
|
$5,370,412 |
|
3.1 |
% |
$5,441,612 |
|
|
Total Earning
Assets |
4,682,897 |
|
4,561,619 |
|
2.7 |
% |
4,587,848 |
|
|
Total
Loans |
1,285,748 |
|
1,356,350 |
|
-5.2 |
% |
1,287,740 |
|
|
Commercial Loans |
327,790 |
|
349,022 |
|
-6.1 |
% |
324,727 |
|
|
Commercial RE Loans |
575,984 |
|
546,145 |
|
5.5 |
% |
566,794 |
|
|
Consumer Loans |
381,974 |
|
461,183 |
|
-17.2 |
% |
396,219 |
|
|
Total
Investment Securities |
3,397,149 |
|
3,205,269 |
|
6.0 |
% |
3,300,108 |
|
|
Available For Sale (Market) |
2,216,054 |
|
1,821,998 |
|
21.6 |
% |
2,066,568 |
|
|
Held To Maturity |
1,181,095 |
|
1,383,271 |
|
-14.6 |
% |
1,233,540 |
|
|
Unrealized (Loss) Gain |
(3,522 |
) |
(5,571 |
) |
n/m |
4,039 |
|
|
|
|
|
|
|
|
Loans/Deposits |
26.7 |
% |
28.8 |
% |
|
27.3 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
12/31'17YTD |
12/31'16YTD |
Change |
|
|
|
|
|
|
|
|
Total
Assets |
$5,439,682 |
|
$5,246,144 |
|
3.7 |
% |
|
|
Total Earning
Assets |
4,622,339 |
|
4,476,755 |
|
3.3 |
% |
|
|
Total
Loans |
1,315,202 |
|
1,424,259 |
|
-7.7 |
% |
|
|
Commercial Loans |
339,234 |
|
354,831 |
|
-4.4 |
% |
|
|
Commercial RE Loans |
567,006 |
|
590,012 |
|
-3.9 |
% |
|
|
Consumer Loans |
408,962 |
|
479,416 |
|
-14.7 |
% |
|
|
Total
Investment Securities |
3,307,137 |
|
3,052,496 |
|
8.3 |
% |
|
|
Available For Sale (Market) |
2,052,456 |
|
1,651,500 |
|
24.3 |
% |
|
|
Held To Maturity |
1,254,681 |
|
1,400,996 |
|
-10.4 |
% |
|
|
Unrealized Loss |
(3,522 |
) |
(5,571 |
) |
n/m |
|
|
|
|
|
|
|
|
|
Loans/Deposits |
27.9 |
% |
31.0 |
% |
|
|
|
|
|
|
|
|
4.
Deposits, Other Interest-Bearing Liabilities &
Equity. |
|
|
|
|
(average volume, dollars in
thousands) |
|
|
|
|
% |
|
|
|
Q4'17 |
Q4'16 |
Change |
Q3'17 |
|
|
|
|
|
|
|
Total
Deposits |
$4,811,035 |
|
$4,702,129 |
|
2.3 |
% |
$4,714,579 |
|
|
Noninterest Demand |
2,172,678 |
|
2,077,213 |
|
4.6 |
% |
2,103,042 |
|
|
Interest Bearing Transaction |
899,822 |
|
871,947 |
|
3.2 |
% |
891,532 |
|
|
Savings |
1,501,872 |
|
1,492,748 |
|
0.6 |
% |
1,475,969 |
|
|
Time greater than $100K |
106,746 |
|
113,781 |
|
-6.2 |
% |
108,673 |
|
|
Time less than $100K |
129,917 |
|
146,440 |
|
-11.3 |
% |
135,363 |
|
|
Total
Short-Term Borrowings |
62,833 |
|
56,669 |
|
10.9 |
% |
76,083 |
|
|
Shareholders'
Equity |
610,200 |
|
558,057 |
|
9.3 |
% |
599,473 |
|
|
|
|
|
|
|
|
Demand
Deposits/ |
|
|
|
|
|
Total Deposits |
45.2 |
% |
44.2 |
% |
|
44.6 |
% |
|
Transaction
& Savings |
|
|
|
|
|
Deposits / Total Deposits |
95.1 |
% |
94.5 |
% |
|
94.8 |
% |
|
|
|
|
|
|
|
|
12/31'17YTD |
12/31'16YTD |
Change |
|
|
|
|
|
|
|
|
Total
Deposits |
$4,722,250 |
|
$4,590,351 |
|
2.9 |
% |
|
|
Noninterest Demand |
2,095,522 |
|
2,026,939 |
|
3.4 |
% |
|
|
Interest Bearing Transaction |
888,116 |
|
862,581 |
|
3.0 |
% |
|
|
Savings |
1,492,725 |
|
1,428,059 |
|
4.5 |
% |
|
|
Time greater than $100K |
109,563 |
|
118,750 |
|
-7.7 |
% |
|
|
Time less than $100K |
136,324 |
|
154,022 |
|
-11.5 |
% |
|
|
Total
Short-Term Borrowings |
69,671 |
|
61,276 |
|
13.7 |
% |
|
|
Shareholders'
Equity |
596,356 |
|
542,301 |
|
10.0 |
% |
|
|
|
|
|
|
|
|
Demand
Deposits/ |
|
|
|
|
|
Total Deposits |
44.4 |
% |
44.2 |
% |
|
|
|
Transaction
& Savings |
|
|
|
|
|
Deposits / Total Deposits |
94.8 |
% |
94.1 |
% |
|
|
|
|
|
|
|
|
5.
Interest Yields Earned & Rates Paid. |
|
|
|
|
|
(dollars in thousands) |
|
|
|
Q4'17 |
|
|
|
Average |
Income/ |
Yield (a) / |
|
|
|
Volume |
Expense |
Rate |
|
|
|
|
|
|
|
|
Interest &
Fee Income Earned |
|
|
|
|
|
Total Earning Assets (FTE) |
$4,682,897 |
|
$37,115 |
|
3.16 |
% |
|
|
Total Loans (FTE) |
1,285,748 |
|
15,671 |
|
4.84 |
% |
|
|
Commercial Loans (FTE) |
327,790 |
|
4,168 |
|
5.05 |
% |
|
|
Commercial RE Loans |
575,984 |
|
8,009 |
|
5.52 |
% |
|
|
Consumer Loans |
381,974 |
|
3,494 |
|
3.63 |
% |
|
|
Total Investments (FTE) |
3,397,149 |
|
21,444 |
|
2.52 |
% |
|
|
|
|
|
|
|
|
Interest
Expense Paid |
|
|
|
|
|
Total Earning Assets |
4,682,897 |
|
471 |
|
0.04 |
% |
|
|
Total Interest-Bearing Liabilities |
2,701,190 |
|
471 |
|
0.07 |
% |
|
|
Total Interest-Bearing Deposits |
2,638,357 |
|
461 |
|
0.07 |
% |
|
|
Interest-Bearing Transaction |
899,822 |
|
60 |
|
0.03 |
% |
|
|
Savings |
1,501,872 |
|
225 |
|
0.06 |
% |
|
|
Time less than $100K |
129,917 |
|
75 |
|
0.23 |
% |
|
|
Time greater than $100K |
106,746 |
|
101 |
|
0.38 |
% |
|
|
Total Short-Term
Borrowings |
62,833 |
|
10 |
|
0.06 |
% |
|
|
|
|
|
|
|
|
Net Interest
Income and |
|
|
|
|
|
Margin (FTE) |
|
$36,644 |
|
3.12 |
% |
|
|
|
|
|
|
|
|
|
Q4'16 |
|
|
|
Average |
Income/ |
Yield (a) / |
|
|
|
Volume |
Expense |
Rate |
|
|
|
|
|
|
|
|
Interest &
Fee Income Earned |
|
|
|
|
|
Total Earning Assets (FTE) |
$4,561,619 |
|
$36,459 |
|
3.19 |
% |
|
|
Total Loans (FTE) |
1,356,350 |
|
16,526 |
|
4.85 |
% |
|
|
Commercial Loans (FTE) |
349,022 |
|
4,084 |
|
4.66 |
% |
|
|
Commercial RE Loans |
546,145 |
|
8,386 |
|
6.11 |
% |
|
|
Consumer Loans |
461,183 |
|
4,056 |
|
3.50 |
% |
|
|
Total Investments (FTE) |
3,205,269 |
|
19,933 |
|
2.49 |
% |
|
|
|
|
|
|
|
|
Interest
Expense Paid |
|
|
|
|
|
Total Earning Assets |
4,561,619 |
|
500 |
|
0.04 |
% |
|
|
Total Interest-Bearing Liabilities |
2,681,585 |
|
500 |
|
0.07 |
% |
|
|
Total Interest-Bearing Deposits |
2,624,916 |
|
491 |
|
0.07 |
% |
|
|
Interest-Bearing Transaction |
871,947 |
|
58 |
|
0.03 |
% |
|
|
Savings |
1,492,748 |
|
230 |
|
0.06 |
% |
|
|
Time less than $100K |
146,440 |
|
90 |
|
0.24 |
% |
|
|
Time greater than $100K |
113,781 |
|
113 |
|
0.40 |
% |
|
|
Total Short-Term
Borrowings |
56,669 |
|
9 |
|
0.06 |
% |
|
|
|
|
|
|
|
|
Net Interest
Income and |
|
|
|
|
|
Margin (FTE) |
|
$35,959 |
|
3.15 |
% |
|
|
|
|
|
|
|
6.
Noninterest Income. |
|
|
|
|
|
|
(dollars in thousands except per-share
amounts) |
|
|
|
|
% |
|
|
|
Q4'17 |
Q4'16 |
Change |
Q3'17 |
|
|
|
|
|
|
|
Service Charges
on Deposits |
$4,756 |
|
$5,064 |
|
-6.1 |
% |
$4,989 |
|
|
Merchant
Processing Services |
2,346 |
|
1,678 |
|
39.8 |
% |
2,153 |
|
|
Debit Card
Fees |
1,569 |
|
1,566 |
|
0.2 |
% |
1,784 |
|
|
Other Service
Fees |
620 |
|
620 |
|
0.1 |
% |
652 |
|
|
ATM Processing
Fees |
696 |
|
551 |
|
26.4 |
% |
684 |
|
|
Trust
Fees |
739 |
|
682 |
|
8.4 |
% |
718 |
|
|
Financial
Services Commissions |
155 |
|
157 |
|
-1.4 |
% |
148 |
|
|
Securities
Gains |
7,955 |
|
- |
|
n/m |
|
- |
|
|
Other
Income |
1,464 |
|
1,227 |
|
19.3 |
% |
1,420 |
|
|
Total
Noninterest Income |
$20,300 |
|
$11,545 |
|
75.8 |
% |
$12,548 |
|
|
|
|
|
|
|
|
Total Revenue (FTE) |
$56,944 |
|
$47,504 |
|
19.9 |
% |
$48,228 |
|
|
Noninterest Income/Revenue (FTE) |
35.6 |
% |
24.3 |
% |
|
26.0 |
% |
|
Service Charges/Avg. Deposits (a) |
0.39 |
% |
0.43 |
% |
|
0.42 |
% |
|
Total Revenues (FTE) Per
Avg. |
|
|
|
|
|
Common Share (a) |
$8.56 |
|
$7.33 |
|
16.8 |
% |
$7.27 |
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
12/31'17YTD |
12/31'16YTD |
Change |
|
|
|
|
|
|
|
|
Service Charges
on Deposits |
$19,612 |
|
$20,854 |
|
-6.0 |
% |
|
|
Merchant
Processing Services |
8,426 |
|
6,377 |
|
32.1 |
% |
|
|
Debit Card
Fees |
6,421 |
|
6,290 |
|
2.1 |
% |
|
|
Other Service
Fees |
2,584 |
|
2,571 |
|
0.5 |
% |
|
|
ATM Processing
Fees |
2,610 |
|
2,411 |
|
8.2 |
% |
|
|
Trust
Fees |
2,875 |
|
2,686 |
|
7.0 |
% |
|
|
Financial
Services Commissions |
639 |
|
568 |
|
12.6 |
% |
|
|
Securities
Gains |
7,955 |
|
- |
|
n/m |
|
|
|
Other
Income |
5,506 |
|
4,817 |
|
14.3 |
% |
|
|
Total
Noninterest Income |
$56,628 |
|
$46,574 |
|
21.6 |
% |
|
|
|
|
|
|
|
|
Total Revenue (FTE) |
$200,746 |
|
$191,651 |
|
4.7 |
% |
|
|
Noninterest Income/Revenue (FTE) |
28.2 |
% |
24.3 |
% |
|
|
|
Service Charges/Avg. Deposits |
0.42 |
% |
0.45 |
% |
|
|
|
Total Revenues (FTE) Per
Avg. |
|
|
|
|
|
Common Share |
$7.64 |
|
$7.48 |
|
2.0 |
% |
|
|
|
|
|
|
|
7.
Noninterest Expense. |
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
% |
|
|
|
Q4'17 |
Q4'16 |
Change |
Q3'17 |
|
|
|
|
|
|
|
Salaries &
Benefits |
$12,652 |
|
$12,439 |
|
1.7 |
% |
$12,816 |
|
|
Loss
Contingency (2) |
5,542 |
|
3 |
|
n/m |
|
- |
|
|
Occupancy and
Equipment |
4,860 |
|
4,860 |
|
0.0 |
% |
4,907 |
|
|
Outsourced Data
Processing |
2,325 |
|
2,131 |
|
9.1 |
% |
2,383 |
|
|
Amortization
of |
|
|
|
|
|
Identifiable Intangibles |
755 |
|
863 |
|
-12.4 |
% |
760 |
|
|
Professional
Fees |
627 |
|
797 |
|
-21.3 |
% |
512 |
|
|
Impairment of
Tax Credit Investments |
625 |
|
- |
|
n/m |
|
- |
|
|
Courier
Service |
423 |
|
494 |
|
-14.4 |
% |
451 |
|
|
Other
Operating |
2,358 |
|
2,990 |
|
-21.2 |
% |
2,285 |
|
|
Total
Noninterest Expense |
$30,167 |
|
$24,577 |
|
22.7 |
% |
$24,114 |
|
|
|
|
|
|
|
|
Noninterest
Expense/ |
|
|
|
|
|
Avg. Earning Assets (a) |
2.56 |
% |
2.14 |
% |
|
2.09 |
% |
|
Noninterest
Expense/Revenues (FTE) |
53.0 |
% |
51.7 |
% |
|
50.0 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
12/31'17YTD |
12/31'16YTD |
Change |
|
|
|
|
|
|
|
|
Salaries &
Benefits |
$51,519 |
|
$51,507 |
|
0.0 |
% |
|
|
Loss
Contingency (2) |
5,542 |
|
3 |
|
n/m |
|
|
|
Occupancy and
Equipment |
19,430 |
|
19,017 |
|
2.2 |
% |
|
|
Outsourced Data
Processing |
9,035 |
|
8,505 |
|
6.2 |
% |
|
|
Amortization
of |
|
|
|
|
|
Identifiable Intangibles |
3,077 |
|
3,504 |
|
-12.2 |
% |
|
|
Professional
Fees |
2,161 |
|
3,980 |
|
-45.7 |
% |
|
|
Impairment of
Tax Credit Investments |
625 |
|
- |
|
n/m |
|
|
|
Courier
Service |
1,732 |
|
1,952 |
|
-11.3 |
% |
|
|
Other
Operating |
10,171 |
|
13,284 |
|
-23.4 |
% |
|
|
Total
Noninterest Expense |
$103,292 |
|
$101,752 |
|
1.5 |
% |
|
|
|
|
|
|
|
|
Noninterest
Expense/ |
|
|
|
|
|
Avg. Earning Assets |
2.23 |
% |
2.27 |
% |
|
|
|
Noninterest
Expense/Revenues (FTE) |
51.5 |
% |
53.1 |
% |
|
|
|
|
|
|
|
|
8.
Allowance for Loan Losses. |
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
% |
|
|
|
Q4'17 |
Q4'16 |
Change |
Q3'17 |
|
|
|
|
|
|
|
Average Total
Loans |
$1,285,748 |
|
$1,356,350 |
|
-5.2 |
% |
$1,287,740 |
|
|
|
|
|
|
|
|
Allowance for Loan Loss
(ALL) |
|
|
|
|
Beginning of Period |
$23,628 |
|
$26,359 |
|
-10.4 |
% |
$24,103 |
|
|
Reversal of Provision for Loan
Losses |
- |
|
- |
|
n/m |
|
- |
|
|
Net ALL Losses |
(619 |
) |
(405 |
) |
n/m |
|
(475 |
) |
|
ALL End of Period |
$23,009 |
|
$25,954 |
|
-11.3 |
% |
$23,628 |
|
|
ALL Recoveries/Gross ALL
Losses |
47 |
% |
66 |
% |
|
53 |
% |
|
|
|
|
|
|
|
Net ALL Losses /Avg. Total Loans (a) |
0.19 |
% |
0.12 |
% |
|
0.15 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
12/31'17YTD |
12/31'16YTD |
Change |
|
|
|
|
|
|
|
|
Average Total
Loans |
$1,315,202 |
|
$1,424,259 |
|
-7.7 |
% |
|
|
|
|
|
|
|
|
Allowance for Loan Loss
(ALL) |
|
|
|
|
Beginning of Period |
$25,954 |
|
$29,771 |
|
-12.8 |
% |
|
|
Reversal of Provision for Loan
Losses |
(1,900 |
) |
(3,200 |
) |
n/m |
|
|
|
Net ALL Losses |
(1,045 |
) |
(617 |
) |
n/m |
|
|
|
ALL End of Period |
$23,009 |
|
$25,954 |
|
-11.3 |
% |
|
|
ALL Recoveries/Gross ALL
Losses |
82 |
% |
91 |
% |
|
|
|
|
|
|
|
|
|
Net ALL Losses /Avg. Total Loans |
0.08 |
% |
0.04 |
% |
|
|
|
|
|
|
|
|
9.
Credit Quality. |
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
% |
|
|
|
12/31/17 |
12/31/16 |
Change |
9/30/17 |
|
|
|
|
|
|
|
Nonperforming
Loans (1): |
|
|
|
|
|
Nonperforming Nonaccrual |
$1,641 |
|
$3,956 |
|
-58.5 |
% |
$1,498 |
|
|
Performing Nonaccrual |
4,285 |
|
4,429 |
|
-3.2 |
% |
4,285 |
|
|
Total Nonaccrual Loans |
5,926 |
|
8,385 |
|
-29.3 |
% |
5,783 |
|
|
90+ Days Past Due Accruing Loans |
531 |
|
497 |
|
6.8 |
% |
434 |
|
|
Total |
6,457 |
|
8,882 |
|
-27.3 |
% |
6,217 |
|
|
Repossessed
Loan Collateral (1) |
1,426 |
|
3,095 |
|
-53.9 |
% |
1,426 |
|
|
Total Nonperforming Assets
(1) |
$7,883 |
|
$11,977 |
|
-34.2 |
% |
$7,643 |
|
|
|
|
|
|
|
|
Total Loans
Outstanding |
$1,287,982 |
|
$1,352,711 |
|
-4.8 |
% |
$1,284,782 |
|
|
|
|
|
|
|
|
Total
Assets |
$5,513,046 |
|
$5,366,083 |
|
2.7 |
% |
$5,445,808 |
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
Allowance for Loan Losses |
$23,009 |
|
$25,954 |
|
-11.3 |
% |
$23,628 |
|
|
Allowance/Loans |
1.79 |
% |
1.92 |
% |
|
1.84 |
% |
|
Nonperforming Loans/Total Loans |
0.50 |
% |
0.66 |
% |
|
0.48 |
% |
|
|
|
|
|
|
10.
Capital. |
|
|
|
|
|
|
(in thousands, except per-share
amounts) |
|
|
|
|
% |
|
|
|
12/31/17 |
12/31/16 |
Change |
9/30/17 |
|
|
|
|
|
|
|
Shareholders'
Equity |
$590,239 |
|
$561,367 |
|
5.1 |
% |
$603,957 |
|
|
Total
Assets |
5,513,046 |
|
5,366,083 |
|
2.7 |
% |
5,445,808 |
|
|
|
|
|
|
|
|
Shareholders'
Equity/ |
|
|
|
|
|
Total Assets |
10.71 |
% |
10.46 |
% |
|
11.09 |
% |
|
Shareholders'
Equity/ |
|
|
|
|
|
Total Loans |
45.83 |
% |
41.50 |
% |
|
47.01 |
% |
|
Tangible Common
Equity Ratio |
8.63 |
% |
8.26 |
% |
|
8.98 |
% |
|
Common Shares
Outstanding |
26,425 |
|
25,907 |
|
2.0 |
% |
26,319 |
|
|
Common Equity
Per Share |
$22.34 |
|
$21.67 |
|
3.1 |
% |
$22.95 |
|
|
Market Value
Per Common Share |
$59.55 |
|
$62.93 |
|
-5.4 |
% |
$59.54 |
|
|
|
|
|
|
|
|
Share
Repurchase Programs |
|
|
|
|
|
|
(shares in thousands) |
|
|
|
|
% |
|
|
|
Q4'17 |
Q4'16 |
Change |
Q3'17 |
|
|
|
|
|
|
|
Total Shares
Repurchased |
- |
|
- |
|
n/m |
|
- |
|
|
Average Repurchase Price |
$- |
|
$- |
|
n/m |
|
$- |
|
|
Net Shares
Issued |
(106 |
) |
(242 |
) |
n/m |
|
(15 |
) |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
12/31'17YTD |
12/31'16YTD |
Change |
|
|
|
|
|
|
|
|
Total Shares
Repurchased |
6 |
|
137 |
|
n/m |
|
|
|
Average Repurchase Price |
$56.51 |
|
$41.94 |
|
n/m |
|
|
|
Net Shares
Issued |
(518 |
) |
(379 |
) |
n/m |
|
|
|
|
|
|
|
|
11.
Period-End Balance Sheets. |
|
|
|
|
|
|
(unaudited, dollars in thousands) |
|
|
|
|
% |
|
|
|
12/31/17 |
12/31/16 |
Change |
9/30/17 |
|
Assets: |
|
|
|
|
|
Cash and Due from Banks |
$575,002 |
|
$462,271 |
|
24.4 |
% |
$561,757 |
|
|
|
|
|
|
|
|
Investment Securities: |
|
|
|
|
|
Available For Sale |
2,193,507 |
|
1,890,758 |
|
16.0 |
% |
2,090,477 |
|
|
Held to Maturity |
1,158,864 |
|
1,346,312 |
|
-13.9 |
% |
1,204,240 |
|
|
|
|
|
|
|
|
Loans |
1,287,982 |
|
1,352,711 |
|
-4.8 |
% |
1,284,782 |
|
|
Allowance For Loan Losses |
(23,009 |
) |
(25,954 |
) |
-11.3 |
% |
(23,628 |
) |
|
Total Loans, net |
1,264,973 |
|
1,326,757 |
|
-4.7 |
% |
1,261,154 |
|
|
|
|
|
|
|
|
Other Real Estate Owned |
1,426 |
|
3,095 |
|
-53.9 |
% |
1,426 |
|
|
Premises and Equipment, net |
35,301 |
|
36,566 |
|
-3.5 |
% |
35,507 |
|
|
Identifiable Intangibles, net |
3,850 |
|
6,927 |
|
-44.4 |
% |
4,605 |
|
|
Goodwill |
121,673 |
|
121,673 |
|
0.0 |
% |
121,673 |
|
|
Other Assets |
158,450 |
|
171,724 |
|
-7.7 |
% |
164,969 |
|
|
|
|
|
|
|
|
Total
Assets |
$5,513,046 |
|
$5,366,083 |
|
2.7 |
% |
$5,445,808 |
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity: |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest Bearing |
$2,197,526 |
|
$2,089,443 |
|
5.2 |
% |
$2,128,342 |
|
|
Interest-Bearing Transaction |
904,245 |
|
865,701 |
|
4.5 |
% |
873,145 |
|
|
Savings |
1,494,024 |
|
1,493,427 |
|
0.0 |
% |
1,491,168 |
|
|
Time |
231,818 |
|
256,170 |
|
-9.5 |
% |
241,925 |
|
|
Total Deposits |
4,827,613 |
|
4,704,741 |
|
2.6 |
% |
4,734,580 |
|
|
|
|
|
|
|
|
Short-Term Borrowed Funds |
58,471 |
|
59,078 |
|
-1.0 |
% |
66,337 |
|
|
Other Liabilities |
36,723 |
|
40,897 |
|
-10.2 |
% |
40,934 |
|
|
Total
Liabilities |
4,922,807 |
|
4,804,716 |
|
2.5 |
% |
4,841,851 |
|
|
|
|
|
|
|
|
Shareholders'
Equity: |
|
|
|
|
|
Common Equity: |
|
|
|
|
|
Paid-In Capital |
433,267 |
|
406,139 |
|
6.7 |
% |
427,188 |
|
|
Accumulated Other |
|
|
|
|
|
Comprehensive Loss |
(16,832 |
) |
(10,074 |
) |
n/m |
|
(3,433 |
) |
|
Retained Earnings |
173,804 |
|
165,302 |
|
5.1 |
% |
180,202 |
|
|
Total
Shareholders' Equity |
590,239 |
|
561,367 |
|
5.1 |
% |
603,957 |
|
|
|
|
|
|
|
|
Total
Liabilities and |
|
|
|
|
|
Shareholders' Equity |
$5,513,046 |
|
$5,366,083 |
|
2.7 |
% |
$5,445,808 |
|
|
|
|
|
|
|
12.
Income Statements. |
|
|
|
|
|
|
(unaudited, in thousands except per-share
amounts) |
|
|
|
|
% |
|
|
|
Q4'17 |
Q4'16 |
Change |
Q3'17 |
|
Interest &
Fee Income: |
|
|
|
|
|
Loans |
$15,410 |
|
$16,235 |
|
-5.1 |
% |
$15,082 |
|
|
Investment Securities: |
|
|
|
|
|
Available for Sale |
12,359 |
|
9,422 |
|
31.2 |
% |
11,347 |
|
|
Held to Maturity |
6,435 |
|
7,552 |
|
-14.8 |
% |
6,716 |
|
|
Total Interest
& Fee Income |
34,204 |
|
33,209 |
|
3.0 |
% |
33,145 |
|
|
|
|
|
|
|
|
Interest
Expense: |
|
|
|
|
|
Transaction Deposits |
60 |
|
58 |
|
3.1 |
% |
60 |
|
|
Savings Deposits |
225 |
|
230 |
|
-2.3 |
% |
220 |
|
|
Time Deposits |
176 |
|
203 |
|
-13.1 |
% |
181 |
|
|
Short-Term Borrowed Funds |
10 |
|
9 |
|
13.6 |
% |
12 |
|
|
Total Interest
Expense |
471 |
|
500 |
|
-5.8 |
% |
473 |
|
|
|
|
|
|
|
|
Net Interest
Income |
33,733 |
|
32,709 |
|
3.1 |
% |
32,672 |
|
|
|
|
|
|
|
|
Reversal of
Provision for Loan Losses |
- |
|
- |
|
n/m |
|
- |
|
|
|
|
|
|
|
|
Noninterest
Income: |
|
|
|
|
|
Service Charges |
4,756 |
|
5,064 |
|
-6.1 |
% |
4,989 |
|
|
Merchant Processing Services |
2,346 |
|
1,678 |
|
39.8 |
% |
2,153 |
|
|
Debit Card Fees |
1,569 |
|
1,566 |
|
0.2 |
% |
1,784 |
|
|
Other Service Fees |
620 |
|
620 |
|
0.1 |
% |
652 |
|
|
ATM Processing Fees |
696 |
|
551 |
|
26.4 |
% |
684 |
|
|
Trust Fees |
739 |
|
682 |
|
8.4 |
% |
718 |
|
|
Financial Services Commissions |
155 |
|
157 |
|
-1.4 |
% |
148 |
|
|
Securities Gains |
7,955 |
|
- |
|
n/m |
|
- |
|
|
Other |
1,464 |
|
1,227 |
|
19.3 |
% |
1,420 |
|
|
Total
Noninterest Income |
20,300 |
|
11,545 |
|
75.8 |
% |
12,548 |
|
|
|
|
|
|
|
|
Noninterest
Expense: |
|
|
|
|
|
Salaries and
Benefits |
12,652 |
|
12,439 |
|
1.7 |
% |
12,816 |
|
|
Loss Contingency (2) |
5,542 |
|
3 |
|
n/m |
|
- |
|
|
Occupancy and Equipment |
4,860 |
|
4,860 |
|
0.0 |
% |
4,907 |
|
|
Outsourced Data Processing |
2,325 |
|
2,131 |
|
9.1 |
% |
2,383 |
|
|
Amortization of Identifiable Intangibles |
755 |
|
863 |
|
-12.4 |
% |
760 |
|
|
Professional Fees |
627 |
|
797 |
|
-21.3 |
% |
512 |
|
|
Impairment of Tax Credit Investments |
625 |
|
- |
|
n/m |
|
- |
|
|
Courier Service |
423 |
|
494 |
|
-14.4 |
% |
451 |
|
|
Other |
2,358 |
|
2,990 |
|
-21.2 |
% |
2,285 |
|
|
Total
Noninterest Expense |
30,167 |
|
24,577 |
|
22.7 |
% |
24,114 |
|
|
|
|
|
|
|
|
Income Before
Income Taxes |
23,866 |
|
19,677 |
|
21.3 |
% |
21,106 |
|
|
Income Tax
Provision |
19,706 |
|
5,224 |
|
n/m |
|
6,089 |
|
|
Net
Income |
$4,160 |
|
$14,453 |
|
-71.2 |
% |
$15,017 |
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding |
26,384 |
|
25,773 |
|
2.4 |
% |
26,309 |
|
|
Diluted Common
Shares Outstanding |
26,538 |
|
25,925 |
|
2.4 |
% |
26,404 |
|
|
|
|
|
|
|
|
Per Common
Share Data: |
|
|
|
|
|
Basic Earnings |
$0.16 |
|
$0.56 |
|
-71.4 |
% |
$0.57 |
|
|
Diluted Earnings |
0.16 |
|
0.56 |
|
-71.4 |
% |
0.57 |
|
|
Dividends Paid |
0.40 |
|
0.39 |
|
2.6 |
% |
0.39 |
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
12/31'17YTD |
12/31'16YTD |
Change |
|
|
Interest &
Fee Income: |
|
|
|
|
|
Loans |
$61,740 |
|
$69,139 |
|
-10.7 |
% |
|
|
Investment Securities: |
|
|
|
|
|
Available for Sale |
44,664 |
|
34,276 |
|
30.3 |
% |
|
|
Held to Maturity |
27,432 |
|
30,636 |
|
-10.5 |
% |
|
|
Total Interest
& Fee Income |
133,836 |
|
134,051 |
|
-0.2 |
% |
|
|
|
|
|
|
|
|
Interest
Expense: |
|
|
|
|
|
Transaction Deposits |
233 |
|
259 |
|
-10.0 |
% |
|
|
Savings Deposits |
890 |
|
907 |
|
-1.8 |
% |
|
|
Time Deposits |
733 |
|
911 |
|
-19.6 |
% |
|
|
Short-Term Borrowed Funds |
44 |
|
39 |
|
12.5 |
% |
|
|
Total Interest
Expense |
1,900 |
|
2,116 |
|
-10.2 |
% |
|
|
|
|
|
|
|
|
Net Interest
Income |
131,936 |
|
131,935 |
|
0.0 |
% |
|
|
|
|
|
|
|
|
Reversal of
Provision for Loan Losses |
(1,900 |
) |
(3,200 |
) |
n/m |
|
|
|
|
|
|
|
|
|
Noninterest
Income: |
|
|
|
|
|
Service Charges |
19,612 |
|
20,854 |
|
-6.0 |
% |
|
|
Merchant Processing Services |
8,426 |
|
6,377 |
|
32.1 |
% |
|
|
Debit Card Fees |
6,421 |
|
6,290 |
|
2.1 |
% |
|
|
Other Service Fees |
2,584 |
|
2,571 |
|
0.5 |
% |
|
|
ATM Processing Fees |
2,610 |
|
2,411 |
|
8.2 |
% |
|
|
Trust Fees |
2,875 |
|
2,686 |
|
7.0 |
% |
|
|
Financial Services Commissions |
639 |
|
568 |
|
12.6 |
% |
|
|
Securities Gains |
7,955 |
|
- |
|
n/m |
|
|
|
Other |
5,506 |
|
4,817 |
|
14.3 |
% |
|
|
Total
Noninterest Income |
56,628 |
|
46,574 |
|
21.6 |
% |
|
|
|
|
|
|
|
|
Noninterest
Expense: |
|
|
|
|
|
Salaries and
Benefits |
51,519 |
|
51,507 |
|
0.0 |
% |
|
|
Loss Contingency (2) |
5,542 |
|
3 |
|
n/m |
|
|
|
Occupancy and Equipment |
19,430 |
|
19,017 |
|
2.2 |
% |
|
|
Outsourced Data Processing |
9,035 |
|
8,505 |
|
6.2 |
% |
|
|
Amortization of Identifiable Intangibles |
3,077 |
|
3,504 |
|
-12.2 |
% |
|
|
Professional Fees |
2,161 |
|
3,980 |
|
-45.7 |
% |
|
|
Impairment of Tax Credit Investments |
625 |
|
- |
|
n/m |
|
|
|
Courier Service |
1,732 |
|
1,952 |
|
-11.3 |
% |
|
|
Other |
10,171 |
|
13,284 |
|
-23.4 |
% |
|
|
Total
Noninterest Expense |
103,292 |
|
101,752 |
|
1.5 |
% |
|
|
|
|
|
|
|
|
Income Before
Income Taxes |
87,172 |
|
79,957 |
|
9.0 |
% |
|
|
Income Tax
Provision |
37,147 |
|
21,104 |
|
76.0 |
% |
|
|
Net
Income |
$50,025 |
|
$58,853 |
|
-15.0 |
% |
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding |
26,291 |
|
25,612 |
|
2.7 |
% |
|
|
Diluted Common
Shares Outstanding |
26,419 |
|
25,678 |
|
2.9 |
% |
|
|
|
|
|
|
|
|
Per Common
Share Data: |
|
|
|
|
|
Basic Earnings |
$1.90 |
|
$2.30 |
|
-17.4 |
% |
|
|
Diluted Earnings |
1.89 |
|
2.29 |
|
-17.5 |
% |
|
|
Dividends Paid |
1.57 |
|
1.56 |
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes and Abbreviations: |
|
|
|
|
|
(FTE) Fully Taxable Equivalent. The Company presents
its net interest margin and net interest income on a FTE basis
using the current statutory federal tax
rate. Management believes
the FTE basis is valuable to the reader because the Company’s loan
and investment securities portfolios contain a relatively large
portion of municipal loans and securities that are federally tax
exempt. The Company’s tax
exempt loans and securities composition may not be similar to that
of other banks, therefore in order to reflect the impact of the
federally tax exempt loans and securities on the net interest
margin and net interest income for comparability with other banks,
the Company presents its net interest margin and net interest
income on a FTE basis. |
|
|
|
|
|
(a) Annualized |
|
|
|
|
|
(1) All originated and purchased non performing loans
and repossessed loan collateral have been combined as of Q1
'17. Prior period
presentation has been updated, accordingly. |
|
|
(2) Represents the Company's estimated refunds to
customers of revenue recognized in prior years. |
|
|
|
|
|
|
|