Cascade Bancorp Reports Fourth Quarter And Full Year 2013 Financial Results

PR Newswire

BEND, Ore., Feb. 4, 2014 /PRNewswire/ -- Cascade Bancorp, (CACB) ("Company" or "Cascade") the holding company for Bank of the Cascades ("Bank"), today announced its financial results for the three months and full year ended December 31, 2013.

Fourth Quarter and Full Year 2013 Financial Highlights

  • Net income for the fourth quarter of 2013 was $1.2 million or $0.03 per share compared to $1.3 million or $0.03 per share for the fourth quarter of 2012. The results of the fourth quarter of 2013 included expenses of approximately $1.0 million in merger costs related to the previously announced acquisition of Home Federal Bancorp ("Home"), $0.7 million related the Company's annual incentive plan, and a $0.3 million tax adjustment reflecting the expiration of certain tax credits. Partially offsetting these expenses was a recovery of $1.0 million in interest from the payoff of a non-accrual loan.
  • Net income for the full year 2013 was $50.8 million or $1.08 per basic share compared to $6.0 million or $0.13 per share for the year 2012. The primary reason for the increase in net income for 2013 was the reversal of a full valuation allowance of $50.1 million in the Company's deferred tax asset ("DTA") in the second quarter of 2013.
  • Net Interest Margin ("NIM") was 3.75% for the year ended December 31, 2013 compared to 3.85% for the year ended December 31, 2012.
  • Stockholders equity increased to $188.7 million or $3.97 per basic share at December 31, 2013 as compared to $140.8 million or $2.97 per basic share at December 31, 2012 due primarily to the DTA recognition in the second quarter of 2013.
  • Gross loans (total loans, less deferred loan fees) at December 31, 2013 were up $138.2 million or 16.1% compared to December 31, 2012.
  • At December 31, 2013, substandard loans were reduced by 67.5% to $41.2 million compared to December 31, 2012; non-performing assets improved to 0.81% of total assets compared to 1.94% at December 31, 2012; and 2013 net charge-offs were $7.4 million compared to $17.7 million in 2012.
  • Total deposits at December 31, 2013 increased $91.1 million or 8.46% compared to December 31, 2012.
  • Tier 1 Capital Leverage Ratio at the Bank rose to at 10.49% at December 31, 2013 compared to 10.42% at December 31, 2012.

Significant Milestones Achieved in 2013

  • On October 23, 2013, the Company announced the signing of a merger agreement with Home Federal Bancorp ("Home"), a community bank in the Pacific Northwest with approximately $1 billion in assets which upon closure is expected to unlock significant efficiency and profitability opportunities. Assuming completion of the merger, the Company will become among the largest community banks in the Pacific Northwest1 with over $2.3 billion in assets, hold a top community bank market share in its Central Oregon and Boise Idaho markets, and expand its footprint to include Eugene, Oregon.
  • On October 18, 2013 Cascade completed the customer integration of three former branches of American West Bank.
  • The Bank implemented mobile banking and mobile bill pay services as well as upgraded its online banking platform to enhance customer convenience and service.
  • The Bank achieved strong growth in both loans and deposits.
  • The Company substantially completed its priority goal of returning to a strong credit quality profile with improvements in all credit quality related metrics.

1 Defined as headquartered in Washington, Oregon and Idaho with total assets of $10 billion or less.

Terry Zink, President and Chief Executive Officer of Cascade Bancorp commented, "I am pleased to report that 2013 was a remarkable and transformational year for Bank of the Cascades. The Bank cleared its legacy credit quality and regulatory issues, enhanced its capital and achieved solid organic growth. These results were critical to our successful bid for Home announced in October. Our Home merger planning process indicates the closing of the transaction could occur as early as March 2014, and that we will achieve the cost savings and revenue synergy goals that underpin the logic for this combination. While the next several quarters will include normal purchase accounting activity and integration related costs, we remain confident that the financial and quality metrics of the resulting Cascade will compare favorably with the top performing banks in the Pacific Northwest by the fourth quarter of 2014."

Commenting on the fourth quarter of 2013, Mr. Zink added, "During the fourth quarter, we saw a 6.2% growth in our loan portfolio as compared to the previous quarter. Our loans outstanding are now nearly $1.0 billion with continued positive trends in credit quality metrics. At the same time we introduced mobile banking services for our customers and upgraded our online banking services."

Mr. Zink continued, "I also want to comment on the importance of substantially completing our number one strategic priority of returning Cascade's loan portfolio to a condition of sound quality. The Bank has completed a long journey from the depths of the great recession. The Cascade team has worked tirelessly and effectively to clear legacy problems in order to build a strong foundation from which to grow in the future. I am pleased that the achievements of 2013 demonstrate that Cascade is positioned, ready and focused to capitalize on what we believe is an exciting future."

Financial Review

Total assets increased $104.8 million to $1.4 billion at December 31, 2013, as compared to $1.3 billion at December 31, 2012. The increase for the year ended December 31, 2013 as compared to the prior year was driven by $146.2 million growth in total loans outstanding (total loans, including loans held for sale, less deferred loan fees), a decrease in cash and cash equivalents of $31.2 million and a $50.1 million increase in DTA, partially offset by a decrease of $63.1 million in investment securities available-for-sale.  The increase in DTA was the result of a second quarter 2013 reversal of its full valuation allowance.

Gross loans outstanding were $994.5 million at December 31, 2013 an increase of $138.2 million as compared to December 31, 2012 gross loan balance of $856.3 million. This growth in gross loans outstanding was largely attributable to local lending including owner-occupied commercial real estate, small business loans and lines, consumer lending, including residential mortgages and increased shared national credits in the commercial and industrial portfolio.

Loan quality continued to improve during 2013 with remediation of special mention and substandard loans. These adversely risk rated loans totaled $85.1 million at December 31, 2013 as compared to $175.6 million at December 31, 2012. Remediation was accomplished through payoffs/pay downs, note sales and/or charge offs related to the restructure of adversely risk rated loans as well as credit upgrades owing to improved obligor cash flows. Non-performing assets as of December 31, 2013 improved to 0.81% of total assets as compared to 1.94% at December 31, 2012. During 2013, management made a $1.0 million provision for loan losses compared to a $1.1 million provision for loan losses in 2012. The reserve for loan losses was at 2.08% of total loans at December 31, 2013. No provision for loan loss was made in the fourth quarter of 2013 or 2012.

Deposit balances increased $91.1 million to $1.2 billion at December 31, 2013 as compared to December 31, 2012 balances of $1.1 billion. The increase is across all deposit categories and relates to expanded customer relationships and a strengthening economy in our market areas.  

The Company had $27.0 million of short term FHLB borrowings as of December 31, 2013 compared to $60.0 million in long-term FHLB borrowings at December 31, 2012. The Company pre-paid the $60.0 million of long term borrowings outstanding at December 31, 2012 during the second quarter of 2013, incurring a prepayment penalty of $3.8 million.

Net income for the three months ended December 31, 2013 was $1.2 million or $0.03 per share compared to $1.3 million or $0.03 per share for the fourth quarter of 2012. The results of the fourth quarter of 2013 included approximately $1.0 million in merger costs related to the previously announced Home acquisition, $0.7 million related the Company's annual incentive plan, and a $0.3 million tax adjustment reflecting the expiration of certain state tax credits. Partially offsetting these items was a recovery of $1.0 million in interest from the payoff of a non-accrual loan. Net income for the full year of 2013 was $50.8 million or $1.08 per basic share compared to $6.0 million or $0.13 per share for the year ended 2012. Net income for the year ended 2013 includes a net credit to income tax provision of $50.2 million largely the result of the Company's reversal of its prior DTA allowance. The 2012 income tax provision was $79.0 thousand.

Net interest income was $48.2 million for the full year of 2013, compared to $49.9 million for the full year of 2012. This year-over-year decline in net interest income was largly due to the declining rate environment especially on loans and investments. Net interest income for the three months ended December 31, 2013 was $13.1 million, up $1.0 million from $12.1 million during the three months ended September 30, 2013 and up $1.1 million from $12.0 million for the three months ended December 31, 2012. The quarter-over-quarter increases were mainly due to the full recovery of principal and $1.0 million in interest from repayment of a previously non-accrual loan.

Interest expense for the year ended December 31, 2013 was $2.8 million compared to $5.0 million for the year ended December 31, 2012. This $2.2 million decrease year-over-year was due to the decreased rates on deposits in the low market rate environment as well as prepayment of $60.0 million of FHLB borrowings bearing a weighted average rate of 3.17% during the second quarter of 2013. Interest expense for the three months ended December 31, 2013 was $0.4 million, compared to $0.5 million for the three months ended September 30, 2013 and $1.1 million for the three months ended December 31, 2012.

Non-interest income for the year ended December 31, 2013 was $14.5 million compared to $13.1 million for the year ended December 31, 2012. This increase is primarily related to increased card issuer and merchant service fees, as well as increased other income. Included in other income is the Company's newly initiated SBA and customer interest rate swap products. Non-interest income for the three months ended December 31, 2013, September 30, 2013 and December 31, 2012 were $3.9 million, $3.6 million and $3.5 million, respectively.

Non-interest expense for the year ended December 31, 2013 was $61.0 million, compared to $55.8 million for the year ended December 31, 2012. The $5.2 million increase was primarily related to the $3.8 million prepayment penalty on early payoff of FHLB advances as well approximately $1.0 million in merger costs related to previously announced Home acquisition and $0.7 million related the Company's annual incentive plan. Non-interest expense for the three months ended December 31, 2013 was $14.8 million which included the merger costs discussed above.  Non-interest expense for the quarter ending September 30, 2013 and December 31, 2012 were $13.6 million and $14.1 million, respectively.

Conference Call Information

Cascade announced on January 29, 2014 in a Form 8-K filed with the SEC that they will conduct a quarterly earnings conference call Wednesday, February 5, 2014, at 2:00 p.m. PST (5:00 p.m. EST). Terry E. Zink, President and CEO, and Gregory Newton, Executive Vice President and CFO will discuss fourth quarter and year-end 2013 results and provide an update on recent activities. There will be a question-and-answer session following the presentation. Shareholders, analysts and other interested parties are invited to join the call by dialing (888) 567-1602 a few minutes before 2:00 p.m.

About Cascade Bancorp and Bank of the Cascades

Cascade Bancorp (CACB), headquartered in Bend, Oregon, and its wholly owned subsidiary, Bank of the Cascades, operate in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 28 branches in Central, Southern and Northwest Oregon, as well as in the greater Boise/Treasure Valley, Idaho area. The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value-driven customers. For further information, please visit our website at www.botc.com.

FORWARD LOOKING STATEMENTS

This release contains forward-looking statements about Cascade Bancorp's plans and anticipated results of operations and financial condition. These statements include, but are not limited to, our plans, objectives, expectations, and intentions and are not statements of historical fact. When used in this report, the word "expects," "believes," "anticipates," "could," "may," "will," "should," "plan," "predicts," "projections," "continue" and other similar expressions constitute forward-looking statements, as do any other statements that expressly or implicitly predict future events, results or performance, and such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain risks and uncertainties and Cascade Bancorp's success in managing such risks and uncertainties could cause actual results to differ materially from those projected, including among others, the following factors: local and national economic conditions could be less favorable than expected or could have a more direct and pronounced effect on us than expected and adversely affect our results of operations and financial condition; the local housing/real estate market could continue to decline for a longer period than we anticipate; the risks presented by a continued economic recession, which could continue to adversely affect credit quality, collateral values, including real estate collateral and OREO properties, investment values, liquidity and loan originations, reserves for loan losses and charge offs of loans and loan portfolio delinquency rates and may be exacerbated by our concentration of operations in the States of Oregon and Idaho generally, and Central, Southern and Northwest Oregon, as well as the greater Boise/Treasure Valley, Idaho area, specifically; interest rate changes could significantly reduce net interest income and negatively affect funding sources; competition among financial institutions could increase significantly; competition or changes in interest rates could negatively affect net interest margin, as could other factors listed from time to time in Cascade Bancorp's SEC reports; the reputation of the financial services industry could further deteriorate, which could adversely affect our ability to access markets for funding and to acquire and retain customers; and existing regulatory requirements, changes in regulatory requirements and legislation (including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act) and our inability to meet those requirements, including capital requirements and increases in our deposit insurance premium, could adversely affect the businesses in which we are engaged, our results of operations and financial condition. Such forward-looking statements also include, but are not limited to, statements about the benefits of the proposed merger involving Cascade and Home Federal, including future financial and operating results, Cascade's or Home Federal's plans, objectives, expectations and intentions, the expected timing of completion of the merger and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: (i) the ability to obtain the requisite Cascade and Home Federal shareholder approvals; (ii) the risk that Cascade or Home Federal may be unable to obtain governmental and regulatory approvals required for the merger, or required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger; (iii) the risk that a condition to the closing of the merger may not be satisfied; (iv) the timing to consummate the proposed merger; (v) the risk that the businesses will not be integrated successfully; (vi) the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; (vii) disruption from the transaction making it more difficult to maintain relationships with customers, employees or vendors; (viii) the diversion of management time on merger-related issues; (ix) general worldwide economic conditions and related uncertainties; (x) liquidity risk affecting Cascade's ability to meet its obligations when they come due; (xi) excessive loan losses; (xii) the effect of changes in governmental regulations; and (xiii) other factors we discuss or refer to in the "Risk Factors" section of Cascade's most recent Annual Report on Form 10-K filed with Securities and Exchange Commission (the "SEC") on March 29, 2013. These risks, as well as other risks associated with the merger, are more fully discussed in the preliminary joint proxy statement/prospectus included in the amendment to the preliminary Registration Statement on Form S-4 (registration statement number 333-192865) that was filed with the SEC on January 22, 2014 in connection with the merger. Additional risks and uncertainties are identified and discussed in Cascade's reports filed with the SEC and available at the SEC's website at www.sec.gov.  These forward-looking statements speak only as of the date of this release. Cascade Bancorp undertakes no obligation to publish revised forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date hereof. Readers should carefully review all disclosures filed by Cascade Bancorp from time to time with the SEC.

Participants in the Solicitation

Cascade, Home Federal and their respective directors and executive officers may be soliciting proxies from Cascade and Home Federal shareholders in favor of the proposed merger and related matters. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of Cascade and Home Federal shareholders in connection with the proposed merger and a description of their direct and indirect interests, by security holdings or otherwise is set forth in the preliminary joint proxy statement/prospectus filed with the SEC on January 22, 2014. You can find information about Cascade's directors and executive officers in Cascade's definitive proxy statement filed with the SEC on March 27, 2013 for its 2013 Annual Meeting of Shareholders. You can find information about Home Federal's directors and executive officers in Home Federal's definitive proxy statement filed with the SEC on April 19, 2013. Additional information about Cascade's directors and executive officers and Home Federal's directors and executive officers can also be found in the above-referenced preliminary Registration Statement on Form S-4 filed with the SEC on January 22, 2014. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You can obtain free copies of these documents from Cascade and Home Federal using the contact information above.

Additional Information about the Proposed Merger and Where to Find It

This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed merger (registration statement number 333-192865) between Cascade and Home Federal, Cascade has filed with the SEC a preliminary Registration Statement on Form S-4, which includes a joint proxy statement of Cascade and Home Federal that also constitutes a prospectus. After the registration statement has been declared effective by the SEC, Cascade and Home Federal will deliver a definitive joint proxy statement/prospectus to their respective shareholders. Cascade and Home Federal urge investors and security holders to read the definitive joint proxy statement/prospectus regarding the proposed merger, as well as other documents filed with the SEC because they will contain important information about the proposed merger. You may obtain copies of all documents filed with the SEC regarding this Transaction, free of charge, at the SEC's website (www.sec.gov). You may also obtain these documents, free of charge, from: (i) Cascade's website (www.botc.com) under the heading "About Us" and then under the heading "Investor Relations" and then under the heading "Investor Information" and then under the tab "SEC Filings;" (ii) Cascade upon written request to Cascade Bancorp, Attn: Investor Relations, 1100 North West Wall Street, P.O. Box 369, Bend, Oregon 97701; (iii) Home Federal's website (www.myhomefed.com/ir) under the heading "Investor Relations" and then under the heading "SEC Filings;" or (iv) Home Federal upon written request to Home Federal Bancorp, Inc., Attn: Eric Nadeau, 500 12th Avenue South, Nampa, Idaho 83651.

Information contained herein, other than information at December 31, 2012, and for the twelve months then ended, is unaudited.  All financial data should be read in conjunction with the notes to the consolidated financial statements of Cascade Bancorp and subsidiary as of and for the fiscal year ended December 31, 2012, as contained in the Company's Annual Report on Form 10-K for such fiscal year.


CASCADE BANCORP

CONSOLIDATED BALANCE SHEETS

(In thousands) (Unaudited)


December 31, 2013


September 30, 2013


December 31, 2012

ASSETS






Cash and cash equivalents:






Cash and due from banks

$

33,300



$

44,405



$

31,354


Interest bearing deposits

48,527



85,399



81,651


Federal funds sold

22



22



23


Total cash and cash equivalents

81,849



129,826



113,028


Investment securities available-for-sale

194,481



200,103



257,544


Investment securities held-to-maturity, estimated fair value of $1,342 ($1,863 in 2012)

1,320



1,337



1,813


Federal Home Loan Bank (FHLB) stock

9,913



10,006



10,285


Loans held for sale

10,359



12,414



2,329


Loans, net

973,618



916,505



829,057


Premises and equipment, net

32,953



33,744



34,239


Bank-owned life insurance (BOLI)

36,567



36,364



35,705


Other real estate owned (OREO), net

3,144



3,345



6,552


Deferred tax asset (DTA), net

50,068



51,463




Other assets

11,947



11,563



10,865


Total assets

$

1,406,219



$

1,406,670



$

1,301,417








LIABILITIES & STOCKHOLDERS' EQUITY






Liabilities:






Deposits:






Demand

$

431,079



$

459,033



$

410,258


Interest bearing demand

544,668



541,604



496,674


Savings

50,258



47,225



40,030


Time

141,315



147,754



129,272


Total deposits

1,167,320



1,195,616



1,076,234


FHLB borrowings

27,000





60,000


Other liabilities

23,184



24,178



24,408


Total liabilities

1,217,504



1,219,794



1,160,642








Stockholders' equity:






Preferred stock, no par value; 5,000,000 shares authorized; none issued or outstanding






Common stock, no par value; 100,000,000 shares authorized; 47,587,563 issued and outstanding (47,326,306 in 2012)

330,839



330,684



330,024


Accumulated deficit

(142,088)



(143,320)



(192,933)


Accumulated other comprehensive income

(36)



(488)



3,684


Total stockholders' equity

188,715



186,876



140,775


Total liabilities and stockholders' equity

$

1,406,219



$

1,406,670



$

1,301,417



 









CASCADE BANCORP







CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands) (Unaudited)





Three Months Ended


Three Months Ended


Year Ended


December 31,


September 30,


December 31,


2013


2012


2013


2012


2013


2012

Interest income:












Interest and fees on loans

$

12,053



$

11,601



$

11,080



$

11,893



$

45,304



$

48,832


Interest on investments

1,377



1,377



1,356



1,533



5,436



5,839


Other investment income

72



45



71



36



245



208


Total interest income

13,502



13,023



12,507



13,462



50,985



54,879














Interest expense:












Deposits:












Interest bearing demand

191



179



193



224



732



1,051


Savings

5



5



6



5



22



23


Time

216



405



235



462



1,045



2,017


Other borrowings

21



479



16



480



970



1,908


Total interest expense

433



1,068



450



1,171



2,769



4,999














Net interest income

13,069



11,955



12,057



12,291



48,216



49,880


Loan loss provision









1,000



1,100


Net interest income after loan loss provision

13,069



11,955



12,057



12,291



47,216



48,780














Non-interest income:












Service charges on deposit accounts

786



773



766



791



3,031



3,244


Card issuer and merchant services fees, net

837



662



847



694



3,310



2,632


Earnings on BOLI

203



271



224



234



862



1,022


Mortgage banking income, net

757



1,371



1,284



1,104



4,261



4,319


Other income

1,361



374



516



410



2,989



1,874


Total non-interest income

3,944



3,451



3,637



3,233



14,453



13,091














Non-interest expense:












Salaries and employee benefits

8,412



7,839



7,633



7,859



32,651



31,559


Occupancy

1,101



1,154



1,101



1,127



4,931



4,598


Equipment

392



404



457



371



1,583



1,547


Communications

388



392



347



394



1,496



1,541


FDIC insurance

237



471



454



665



1,542



2,519


OREO

207



891



47



85



529



1,725


Professional services

1,714



1,369



1,025



753



4,249



3,999


Decrease in reserve for unfunded loan commitments



(1,110)








(1,110)

Prepayment penalties on FHLB advances









3,827




Other expenses

2,315



2,659



2,519



2,445



10,162



9,463


Total non-interest expense

14,766



14,069



13,583



13,699



60,970



55,841














Income before income taxes and extraordinary net gain

2,247



1,337



2,111



1,825



699



6,030


Income tax benefit (provision)

(1,013)



(29)



(619)





50,146



(79)


Net income

$

1,234



$

1,308



$

1,492



$

1,825



$

50,845



$

5,951



 



CASCADE BANCORP

ADDITIONAL FINANCIAL INFORMATION

(In thousands, except per share data) (Unaudited)


LINKED QUARTER


YEAR OVER YEAR


December 31, 2013

September 30, 2013


December 31, 2013

December 31, 2012

Share Data





Basic net income per common share

$

0.03


$

0.03



$

1.08


$

0.13


Diluted net income per common share

$

0.03


$

0.03



$

1.07


$

0.13


Book value per basic common share

$

3.97


$

3.93



$

3.97


$

2.97


Basic average shares outstanding

47,588


47,213



47,588


47,326


Fully diluted average shares outstanding

47,576


47,589



47,484


47,278


Key Ratios





Return on average total shareholders' equity

2.59

%

3.13

%


28.49

%

4.34

%

Return on average total assets

0.35

%

0.42

%


0.55

%

0.46

%

Net interest spread

4.02

%

3.72

%


3.75

%

3.85

%

Net interest margin

4.11

%

3.81

%


3.90

%

4.11

%

Total revenue (net int. inc. + non int. inc.)

$

17,014


$

15,695



$

62,670


$

62,967


Efficiency ratio1

86.79

%

86.55

%


97.29

%

88.68

%

Credit Quality Ratios





Reserve for credit losses

$

21,297


$

22,093



$

21,297


$

27,701


Reserve for credit losses to ending gross loans

2.14

%

2.35

%


2.14

%

3.23

%

Non-performing assets ("NPAs")

$

11,453


$

12,356



$

11,453


$

25,305


Non-performing assets to total assets

0.81

%

0.88

%


0.81

%

1.94

%

Delinquent >30 days to total loans (excl. NPAs)

0.29

%

0.40

%


0.29

%

1.80

%

Net Charge off's ("NCOs")

$

796


$

1,041



$

7,404


$

17,727


Net loan charge-offs to average total loans

0.08

%

0.11

%


0.81

%

2.06

%

Bank Capital Ratios





Tier 1 capital leverage ratio

10.49

%

10.37

%


10.49

%

10.42

%

Tier 1 risk-based capital ratio

13.01

%

13.34

%


13.01

%

14.09

%

Total risk-based capital ratio

14.27

%

14.61

%


14.27

%

15.36

%

Bancorp Capital Ratios





Tier 1 capital leverage ratio

10.49

%

10.44

%


10.49

%

10.44

%

Tier 1 risk-based capital ratio

12.99

%

13.41

%


12.99

%

14.12

%

Total risk-based capital ratio

14.25

%

14.67

%


14.25

%

15.39

%


1 The efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense by the sum of net interest income and non-interest income.

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