Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank
(the “Bank”), today announced record earnings for the twelve months
ended December 31, 2019. For the year ended December 31, 2019,
Plumas Bancorp (the “Company”) reported net income of $15.5
million, an increase of $1.5 million, or 11%, from $14.0 million
for the year ended December 31, 2018. Earnings per diluted share
increased to $2.97 for the year ended December 31, 2019, up $0.29
from $2.68 for 2018. Earnings for the fourth quarter of 2019
totaled $3.9 million, an increase of $0.3 million, or 9%, from $3.6
million for the three months ended December 31, 2018. Earnings per
diluted share increased to $0.74 for the three months ended
December 31, 2019, up $0.06 from $0.68 for the fourth quarter of
2018.
Financial Highlights
December 31, 2019 compared to December 31,
2018
- Total assets increased by $41
million, or 5%, to $865 million.
- Gross loans increased by $54
million, or 9%, to a record level of $620 million.
- Total deposits increased by $21
million, or 3%, to $747 million.
- Total equity increased by $17.6
million to $85 million; also a record.
- Book value per share increased by
$3.33, or 26%, to $16.36, up from $13.03.
- Dividends paid per common share
increased to a record level of 46 cents.
- Tangible common equity to total
assets increased to 9.7%.
Income Statement
Year ended December 31, 2019 compared to
December 31, 2018
- Net income increased by $1.5
million or 11%, to $15.5 million.
- Diluted EPS increased by $0.29, or
11%, to $2.97 from $2.68.
- Net interest income increased by
$4.5 million to $37.6 million.
- Return on average equity totaled
20.2%.
- Return on average assets totaled
1.82%.
Three months ended December 31, 2019
compared to December 31, 2018
- Net income increased by $311
thousand or 9%, to $3.9 million.
- Diluted EPS increased by $0.06, or
9%, to $0.74 from $0.68.
- Net interest income increased by
$474 thousand to $9.4 million.
- Return on average equity totaled
18.5%.
- Return on average assets totaled
1.76%.
President’s Comments
“We are gratified to have ended 2019 with record
levels of earnings, loan balances and shareholders’ equity. We’re
also quite pleased that our performance has been recognized
throughout the investment community as evidenced by the numerous
awards we received over the past year,” stated Plumas Bank
Director, President and Chief Executive Officer, Andrew J.
Ryback.
Ryback continued, “We continue to focus on
meeting the changing needs of both our consumer and business
clients. Over the last two years we have implemented
consumer-oriented technological initiatives including
person-to-person (P2P), which is an online service that allows
customers to transfer funds from their bank account to another
individuals account via the internet or a mobile phone. We
also implemented MobiMoney, which is an application that allows
users to control and manage their debit card transactions.
These technologies enable more secure and convenient
payments. Going forward, we will expand our business-oriented
digital offerings by integrating mobile wallet technology and
streamlining loan applications and forms. This will increase
convenience and efficiency for our business clients.” He
added, “We see a significant opportunity for growth in the Northern
Nevada region and with the addition during 2019 of two new
directors from the Reno area, Michonne Ascuaga and Heidi Gansert,
along with the strong guidance of the entire board, we look forward
to expanding our presence in this high-growth market.”
Ryback concluded, “As we enter our 40th year,
I’d like to thank our loyal shareholders and clients for their
support. Additionally, I’d like to extend my gratitude to our
directors, executives, and the entire Plumas Bank team for their
hard work and dedication to our clients and our communities.”
Loans, Deposits, Investments and
Cash
Gross loans increased by $53.5 million, or 9%,
from $566 million at December 31, 2018 to $620 million at December
31, 2019. The three largest areas of growth in the Company’s loan
portfolio were $45 million in commercial real estate loans, $13
million in auto loans and $10 million in agricultural loans. These
items were partially offset by declines in other loan categories of
$15 million, the largest of which was a decline in construction
loans of $9.0 million.
Total deposits increased by $20.8 million from
$727 million at December 31, 2018 to $747 million at December 31,
2019. On October 26, 2018 we purchased a branch in Carson
City, Nevada from Mutual of Omaha Bank. In this transaction we
acquired $45.6 million in deposits including $18.5 million in time
deposits. We experienced a decrease in deposits at this
branch mostly related to the maturity of time deposits which were
yielding significantly higher rates than our offering rates. In
total, time deposits at the Carson City Branch declined by $14.8
million from $17.8 million at December 31, 2018 to $3.0 million at
December 31, 2019. Excluding the effect of the decline in time
deposits in Carson City, total deposits would have increased by
$35.6 million or 5%. At December 31, 2019, 44% of the Company’s
deposits were in the form of non-interest-bearing demand deposits
and only 5% were time deposits. The Company has no brokered
deposits.
The $20.8 million increase in deposits includes
increases of $27.6 million in non-interest-bearing demand deposits,
$8.1 million in money market accounts and $6.2 million in savings
accounts. These items were partially offset by declines of
$2.3 million in interest-bearing demand deposits and $18.8 million
in time deposits.
Total investment securities decreased by $12.2
million from $171.5 million at December 31, 2018 to $159.3 million
at December 31, 2019. Cash and due from banks increased by $256
thousand from $46.7 million at December 31, 2018 to $46.9 million
at December 31, 2019.
Asset Quality
Nonperforming assets (which are comprised of
nonperforming loans, other real estate owned (“OREO”) and
repossessed vehicle holdings) at December 31, 2019 totaled $2.8
million, up from $2.3 million at December 31, 2018.
Nonperforming assets as a percentage of total assets increased to
0.33% at December 31, 2019 up from 0.28% at December 31, 2018. OREO
declined by $463 thousand from $1.2 million at December 31, 2018 to
$707 thousand at December 31, 2019. Nonperforming loans at
December 31, 2019 were $2.0 million, up $0.9 million from $1.1
million at December 31, 2018. Nonperforming loans as a
percentage of total loans increased to 0.33% at December 31, 2019,
up from 0.20% at December 31, 2018.
During 2019 and 2018 we recorded a provision for
loan losses of $1.5 million and $1.0 million, respectively. Net
charge-offs totaled $1.2 million and $711 thousand during the
twelve months ended December 31, 2019 and 2018, respectively. The
allowance for loan losses totaled $7.2 million at December 31, 2019
and $7.0 million at December 31, 2018. The allowance for loan
losses as a percentage of total loans decreased from 1.23% at
December 31, 2018 to 1.17% at December 31, 2019.
Shareholders’ Equity
Total shareholders’ equity increased by $17.6
million from $66.9 million at December 31, 2018 to $84.5 million at
December 31, 2019. The largest component of the $17.6 million
increase was earnings during the twelve-month period totaling $15.5
million. In addition, we recorded an increase in accumulated other
comprehensive income of $4.1 million from a loss of $2.0 million at
December 31, 2018 to income of $2.1 million at December 31, 2019.
Stock option activity increased shareholders’ equity by $0.4
million. During 2019 the Company paid two 23 cents per share
semi-annual cash dividends which had the effect of reducing
shareholders’ equity by $2.4 million.
Net Interest Income and Net Interest Margin
Net interest income for the twelve months ended
December 31, 2019 was $37.6 million, an increase of $4.5 million
from the $33.1 million earned during the same period in 2018.
During the year ended December 31, 2019 the Bank benefited from
increases in the average balance of loans of $70.2 million and an
increase in yield on loans of 8 basis points to 5.82%. Interest
income increased by $5.0 million while interest expense increased
by $511 thousand. The increase in interest expense was mostly
related to the higher costs of deposits at our Carson City, Nevada
branch. Net interest margin for the twelve months ended
December 31, 2019 increased 5 basis points to 4.75%, up from 4.70%
for the same period in 2018.
Net interest income was $9.4 million for the
three months ended December 31, 2019, an increase of $474 thousand,
or 5%, from $9.0 million for the same period in 2018. The
increase in net interest income includes an increase of $482
thousand in interest income; the largest component of which was an
increase in interest and fees on loans of $537 thousand. This
increase in interest and fees on loans was related to an increase
in average loan balances of $49.6 million. Yield on loans
decreased by 12 basis points to 5.66% related to a decline in
market interest rates including a decline in the average prime
rate. Interest expense increased by $8 thousand. Net interest
margin for the three months ended December 31, 2019 decreased 13
basis points to 4.60%, down from 4.73% for the same period in
2018.
Non-Interest Income/Expense
During the year ended December 31, 2019,
non-interest income totaled $8.1 million, a decrease of $746
thousand from the twelve months ended December 31, 2018. The
largest component of this decrease was a decline of $1.0 million in
gains on sale of SBA loans from $1.9 million during the twelve
months ended December 31, 2018 to $867 thousand during 2019.
Proceeds from SBA loan sales totaled $19.5 million during 2019 and
$41.7 million during 2018. Loans originated for sale totaled
$20.4 million during 2019 compared to $38.9 million during the
twelve months ended December 31, 2018. We attribute some of
the decline in originations to the government shutdown during the
first quarter of 2019. During the shutdown we were unable to
provide SBA guaranteed loans. In addition, higher market
rates have resulted in a decrease in demand and competition in the
SBA lending market remains intense. Non-interest income
benefited during the 2018 period from a $209 thousand gain recorded
upon the prospective adoption of a newly effective accounting
pronouncement impacting the measurement of equity securities, which
in our case consists of stock in our correspondent banks, without a
readily determinable fair market value. No gain or loss was
recorded on these investment securities during the current period.
Partially offsetting these declines in non-interest income
were increases of $119 thousand in service charge income,
$200 thousand in interchange income and a $114 thousand gain
on sale of investment securities.
During the three months ended December 31, 2019,
non-interest income totaled $2.0 million, an increase of $173
thousand from the three months ended December 31, 2018. The largest
component of this increase was a $93 thousand gain on sale of
investment securities.
During 2019, total non-interest expense
increased by $969 thousand to $22.8 million. The largest
component of this increase was $871 thousand in salaries and
benefit expense. Salary expense increased by $1.0 million related
to annual merit and promotion increases, an increase of seven FTE
and a full year of operations of our Carson City, Nevada branch.
Other significant increases in salary and benefit expense include a
decline of $226 thousand in the deferral of loan origination costs
and an increase of $114 thousand in medical insurance
expense. Partially offsetting these items was a decline of
$544 thousand in commission expense consistent with the decline in
SBA sales.
During the three months ended December 31, 2019,
total non-interest expense declined by $227 thousand to $5.5
million, down from $5.7 million for the comparable period in 2018.
The largest component of this decline was a net gain on the sale of
two OREO properties totaling $266 thousand.
Founded in 1980, Plumas Bank is a locally owned
and managed full-service community bank headquartered in
Northeastern California. The Bank operates thirteen branches:
eleven located in the California counties of Plumas, Lassen,
Placer, Nevada, Modoc and Shasta and two branches located in the
northern Nevada counties of Washoe and Carson City. The Bank also
operates three loan production offices: two located in the
California counties of Placer and Butte and one located in the
Oregon county of Klamath. Plumas Bank offers a wide range of
financial and investment services to consumers and businesses and
has received nationwide Preferred Lender status with the United
States Small Business Administration. For more information on
Plumas Bancorp and Plumas Bank, please visit our website at
www.plumasbank.com.
This news release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Exchange Act of 1934,
as amended and Plumas Bancorp intends for such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Future events are difficult to
predict, and the expectations described above are necessarily
subject to risk and uncertainty that may cause actual results to
differ materially and adversely.
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." These forward-looking statements are
not guarantees of future performance, nor should they be relied
upon as representing management's views as of any subsequent date.
Forward-looking statements involve significant risks and
uncertainties and actual results may differ materially from those
presented, either expressed or implied, in this news release.
Factors that might cause such differences include, but are not
limited to: the Company's ability to successfully execute its
business plans and achieve its objectives; changes in general
economic and financial market conditions, either nationally or
locally in areas in which the Company conducts its operations;
changes in interest rates; continuing consolidation in the
financial services industry; new litigation or changes in existing
litigation; increased competitive challenges and expanding product
and pricing pressures among financial institutions; legislation or
regulatory changes which adversely affect the Company's operations
or business; loss of key personnel; and changes in accounting
policies or procedures as may be required by the Financial
Accounting Standards Board or other regulatory agencies.
In addition, discussions about risks and
uncertainties are set forth from time to time in the Company’s
publicly available Securities and Exchange Commission filings. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect subsequent events or
circumstances.
Contact: Elizabeth KuipersVice President,
Marketing Manager & Investor Relations OfficerPlumas Bank35 S.
Lindan AvenueQuincy, CA 95971530.283.7305
ext.8912investorrelations@plumasbank.com
| PLUMAS
BANCORP |
| CONDENSED
CONSOLIDATED BALANCE SHEETS |
| (In thousands) |
| (Unaudited) |
|
|
As of December 31, |
|
|
|
|
|
2019 |
|
|
2018 |
|
|
Dollar Change |
|
Percentage Change |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
| Cash and due
from banks |
$ |
46,942 |
|
$ |
46,686 |
|
$ |
256 |
|
0.5% |
| Investment
securities |
|
159,320 |
|
|
171,507 |
|
|
(12,187) |
|
-7.1% |
| Loans, net
of allowance for loan losses |
|
616,036 |
|
|
562,498 |
|
|
53,538 |
|
9.5% |
| Premises and
equipment, net |
|
14,629 |
|
|
14,287 |
|
|
342 |
|
2.4% |
| Bank owned
life insurance |
|
13,184 |
|
|
12,856 |
|
|
328 |
|
2.6% |
| Real estate
acquired through foreclosure |
|
707 |
|
|
1,170 |
|
|
(463) |
|
-39.6% |
| Accrued
interest receivable and other assets |
|
14,373 |
|
|
15,394 |
|
|
(1,021) |
|
-6.6% |
|
Total assets |
$ |
865,191 |
|
$ |
824,398 |
|
$ |
40,793 |
|
4.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Deposits |
$ |
747,324 |
|
$ |
726,565 |
|
$ |
20,759 |
|
2.9% |
| Accrued
interest payable and other liabilities |
|
23,052 |
|
|
20,591 |
|
|
2,461 |
|
12.0% |
| Junior
subordinated deferrable interest debentures |
|
10,310 |
|
|
10,310 |
|
|
- |
|
0.0% |
|
Total liabilities |
|
780,686 |
|
|
757,466 |
|
|
23,220 |
|
3.1% |
|
Shareholders’ equity |
|
84,505 |
|
|
66,932 |
|
|
17,573 |
|
26.3% |
|
Total liabilities and shareholders’ equity |
$ |
865,191 |
|
$ |
824,398 |
|
$ |
40,793 |
|
4.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| PLUMAS
BANCORP |
| CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
| (In thousands,
except per share data) |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE YEAR ENDED DECEMBER 31, |
|
2019 |
|
|
2018 |
|
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
$ |
39,302 |
|
$ |
34,322 |
|
$ |
4,980 |
|
14.5% |
| Interest
expense |
|
1,747 |
|
|
1,236 |
|
|
511 |
|
41.3% |
|
Net interest income before provision for loan losses |
|
37,555 |
|
|
33,086 |
|
|
4,469 |
|
13.5% |
| Provision
for loan losses |
|
1,500 |
|
|
1,000 |
|
|
500 |
|
50.0% |
|
Net interest income after provision for loan losses |
|
36,055 |
|
|
32,086 |
|
|
3,969 |
|
12.4% |
| Non-interest
income |
|
8,135 |
|
|
8,881 |
|
|
(746) |
|
-8.4% |
| Non-interest
expense |
|
22,810 |
|
|
21,841 |
|
|
969 |
|
4.4% |
|
Income before income taxes |
|
21,380 |
|
|
19,126 |
|
|
2,254 |
|
11.8% |
| Provision
for income taxes |
|
5,868 |
|
|
5,134 |
|
|
734 |
|
14.3% |
|
Net income |
$ |
15,512 |
|
$ |
13,992 |
|
$ |
1,520 |
|
10.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
earnings per share |
$ |
3.01 |
|
$ |
2.74 |
|
$ |
0.27 |
|
9.9% |
| Diluted
earnings per share |
$ |
2.97 |
|
$ |
2.68 |
|
$ |
0.29 |
|
10.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE THREE MONTHS ENDED DECEMBER 31, |
|
2019 |
|
|
2018 |
|
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
$ |
9,849 |
|
$ |
9,367 |
|
$ |
482 |
|
5.1% |
| Interest
expense |
|
407 |
|
|
399 |
|
|
8 |
|
2.0% |
|
Net interest income before provision for loan losses |
|
9,442 |
|
|
8,968 |
|
|
474 |
|
5.3% |
| Provision
for loan losses |
|
600 |
|
|
200 |
|
|
400 |
|
- |
|
Net interest income after provision for loan losses |
|
8,842 |
|
|
8,768 |
|
|
74 |
|
0.8% |
| Non-interest
income |
|
2,014 |
|
|
1,841 |
|
|
173 |
|
9.4% |
| Non-interest
expense |
|
5,508 |
|
|
5,735 |
|
|
(227) |
|
-4.0% |
|
Income before income taxes |
|
5,348 |
|
|
4,874 |
|
|
474 |
|
9.7% |
| Provision
for income taxes |
|
1,467 |
|
|
1,304 |
|
|
163 |
|
12.5% |
|
Net income |
$ |
3,881 |
|
$ |
3,570 |
|
$ |
311 |
|
8.7% |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
earnings per share |
$ |
0.75 |
|
$ |
0.70 |
|
$ |
0.05 |
|
7.1% |
| Diluted
earnings per share |
$ |
0.74 |
|
$ |
0.68 |
|
$ |
0.06 |
|
8.8% |
| PLUMAS
BANCORP |
| SELECTED
FINANCIAL INFORMATION |
| (Dollars in
thousands, except per share data) |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Three Months Ended |
|
|
12/31/19 |
|
12/31/18 |
|
12/31/17 |
|
12/31/19 |
|
12/31/18 |
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
3.01 |
|
|
$ |
2.74 |
|
|
$ |
1.64 |
|
|
$ |
0.75 |
|
|
$ |
0.70 |
|
| Diluted
earnings per share |
$ |
2.97 |
|
|
$ |
2.68 |
|
|
$ |
1.58 |
|
|
$ |
0.74 |
|
|
$ |
0.68 |
|
| Weighted
average shares outstanding |
|
5,155 |
|
|
|
5,108 |
|
|
|
5,005 |
|
|
|
5,163 |
|
|
|
5,129 |
|
| Weighted
average diluted shares outstanding |
|
5,228 |
|
|
|
5,219 |
|
|
|
5,185 |
|
|
|
5,231 |
|
|
|
5,222 |
|
| Cash
dividends paid per share1 |
$ |
0.46 |
|
|
$ |
0.36 |
|
|
$ |
0.28 |
|
|
$ |
0.23 |
|
|
$ |
0.18 |
|
| |
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (annualized for the three
months) |
|
|
|
|
|
|
|
|
| Return on
average assets |
|
1.82 |
% |
|
1.83 |
% |
|
1.18 |
% |
|
|
1.76 |
% |
|
|
1.74 |
% |
| Return on
average equity |
|
20.2 |
% |
|
23.3 |
% |
|
15.4 |
% |
|
|
18.5 |
% |
|
|
22.2 |
% |
| Yield on
earning assets |
|
4.97 |
% |
|
4.87 |
% |
|
4.50 |
% |
|
|
4.79 |
% |
|
|
4.94 |
% |
| Rate paid on
interest-bearing liabilities |
|
0.39 |
% |
|
0.30 |
% |
|
0.27 |
% |
|
|
0.36 |
% |
|
|
0.36 |
% |
| Net interest
margin |
|
4.75 |
% |
|
4.70 |
% |
|
4.35 |
% |
|
|
4.60 |
% |
|
|
4.73 |
% |
| Noninterest
income to average assets |
|
0.95 |
% |
|
1.16 |
% |
|
1.19 |
% |
|
|
0.91 |
% |
|
|
0.90 |
% |
| Noninterest
expense to average assets |
|
2.68 |
% |
|
2.86 |
% |
|
2.89 |
% |
|
|
2.49 |
% |
|
|
2.79 |
% |
| Efficiency
ratio2 |
|
49.9 |
% |
|
52.0 |
% |
|
55.5 |
% |
|
|
48.1 |
% |
|
|
53.1 |
% |
| |
|
|
|
|
|
|
|
|
|
| |
12/31/19 |
|
12/31/18 |
|
12/31/17 |
|
|
|
|
|
CREDIT QUALITY RATIOS AND DATA |
|
|
|
|
|
|
|
|
|
| Allowance
for loan losses |
$ |
7,243 |
|
|
$ |
6,958 |
|
|
$ |
6,669 |
|
|
|
|
|
| Allowance
for loan losses as a percentage of total loans |
|
1.17% |
|
|
|
1.23% |
|
|
|
1.37% |
|
|
|
|
|
|
|
Nonperforming loans |
$ |
2,050 |
|
|
$ |
1,117 |
|
|
$ |
3,022 |
|
|
|
|
|
|
Nonperforming assets |
$ |
2,813 |
|
|
$ |
2,340 |
|
|
$ |
4,401 |
|
|
|
|
|
|
Nonperforming loans as a percentage of total loans |
|
0.33% |
|
|
|
0.20% |
|
|
|
0.62% |
|
|
|
|
|
|
|
Nonperforming assets as a percentage of total assets |
|
0.33% |
|
|
|
0.28% |
|
|
|
0.59% |
|
|
|
|
|
|
| Net
charge-offs |
$ |
1,215 |
|
|
$ |
711 |
|
|
$ |
480 |
|
|
|
|
|
| Net
charge-offs as a percentage of average |
|
0.21% |
|
|
|
|
|
|
|
|
0.10% |
|
|
|
|
|
|
loans |
|
0.14% |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER DATA |
|
|
|
|
|
|
|
|
|
| Common
shares outstanding at end of period |
|
5,166 |
|
|
|
5,137 |
|
|
|
5,065 |
|
|
|
|
|
|
Shareholders' equity |
$ |
84,505 |
|
|
$ |
66,932 |
|
|
$ |
55,700 |
|
|
|
|
|
| Book value
per common share |
$ |
16.36 |
|
|
$ |
13.03 |
|
|
$ |
11.00 |
|
|
|
|
|
| Tangible
common equity3 |
$ |
83,584 |
|
|
$ |
65,748 |
|
|
$ |
55,619 |
|
|
|
|
|
| Tangible
book value per common share4 |
$ |
16.18 |
|
|
$ |
12.80 |
|
|
$ |
10.98 |
|
|
|
|
|
| Tangible
common equity to total assets |
|
9.7% |
|
|
|
8.0% |
|
|
|
7.5% |
|
|
|
|
|
| Gross loans
to deposits |
|
82.9% |
|
|
|
77.9% |
|
|
|
73.4% |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANK REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
|
| Tier 1
Leverage Ratio |
|
10.4% |
|
|
|
9.3% |
|
|
|
8.8% |
|
|
|
|
|
| Common
Equity Tier 1 Ratio |
|
13.1% |
|
|
|
11.8% |
|
|
|
12.0% |
|
|
|
|
|
| Tier 1
Risk-Based Capital Ratio |
|
13.1% |
|
|
|
11.8% |
|
|
|
12.0% |
|
|
|
|
|
| Total
Risk-Based Capital Ratio |
|
14.2% |
|
|
|
13.0% |
|
|
|
13.2% |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| (1) The Company paid a
semi-annual dividend of 23 cents per share on November 15,2019 and
May 15, 2019, 18 cents per share on November 15, 2018 and May 15,
2018 and 14 cents per share on November 15, 2017 and May 15,
2017. |
| (2) Efficiency ratio
is defined as noninterest expense divided by total revenue (net
interest income and total noninterest income). |
| (3) Tangible common
equity is defined as common equity less core deposit
intangibles. |
| (4) Tangible common
book value per share is defined as tangible common equity divided
by common shares outstanding. |
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