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Howard Bancorp, Inc. Reports Third Quarter 2019 Results

BALTIMORE--(BUSINESS WIRE)--

Howard Bancorp, Inc. (“Howard Bancorp” or the “Company”) (HBMD), the parent company of Howard Bank (“Howard Bank” or the “Bank”), today reported its financial results for the quarter ended September 30, 2019. A summary of results and other developments during the third quarter of 2019 is as follows:

  • Net income was $4.6 million for the three months ended September 30, 2019, compared to $2.1 million for the three month period ended June 30, 2019, and $4.0 million for the third quarter of 2018. This represented earnings of $0.24 per basic and diluted common share for the three months ended September 30, 2019, compared to $0.11 per share for the three months ended June 30, 2019 and $0.21 per share for the third quarter of 2018. Pretax income for the third quarter of 2019 was reduced due to a pending $700 thousand charge related to the confidential settlement of a legal suit stemming from mortgages originated at First Mariner Bank prior to its recapitalization in 2014. The second quarter of 2019 pretax income was reduced by $3.6 million with the execution of our previously disclosed branch optimization initiative. The $700 thousand decrease in third quarter 2019 and the $3.6 million decrease in second quarter pretax income, net of tax, reduced basic and diluted earnings per share (“EPS”) by $0.03 and $0.14 respectively leading to operating EPS of $0.27 in the third quarter of 2019 and $0.25 in the second quarter of 2019. The following table summarizes our key performance metrics:

($ in thousands except per share information)

 

SEPTEMBER 30, 2019

 

Nine Months Ended

 

Three Months Ended

Reported

 

Operating (3)

 

Reported

 

Operating (3)

 

 

 

 

 

Net interest Income

$ 52,043

$ 52,043

$ 17,215

$ 17,215

Provision

3,443

3,443

608

608

Noninterest Income(1)

15,410

14,752

5,033

5,033

Noninterest Expense(2)

49,717

44,724

15,405

14,705

Pretax Income

14,293

18,627

6,235

6,935

Net income

10,981

14,122

4,637

5,145

 

 

 

 

 

Basic EPS

$0.58

$0.74

$0.24

$0.27

 

 

 

 

 

ROA

0.66%

0.84%

0.82%

0.91%

ROE

4.85%

6.24%

6.00%

6.66%

Efficiency Ratio

73.70%

66.96%

69.24%

66.09%

 

 

 

 

 

NPA’s to Total Assets

1.04%

1.04%

1.04%

1.04%

(1)

Year to date operating noninterest income is $658 thousand less than reported noninterest income to exclude a gain on the sale of securities of $658 thousand recorded in the second quarter of 2019.

(2)

Year to date operating noninterest expense is $5.0 million less than the reported noninterest expense to exclude (i) the $3.6 million of occupancy expenses associated primarily from the remaining lease liability of closing branch locations (ii) a $651,000 penalty from the FHLB for the early repayment of advances associated with a realignment of the securities portfolio incurred in the second quarter of 2019 iii) the $700 thousand charge related to a pending confidential legal settlement recorded in the third quarter of 2019.

(3)

Operating results exclude the impact of revenues and/or expenses associated with second quarter initiatives regarding branch delivery optimization, the sale of investment securities and the restructuring of debt obligations, and the long standing legal case and is a non-GAAP financial measure. For a reconciliation of these non-GAAP financial measures to its comparable GAAP measure, see “Reconciliation of Non-GAAP Financial Measures” at the end of this release.

  • Total assets at September 30, 2019 were $2.3 billion, unchanged from total assets at June 30, 2019 as the Bank directed assets from the lower yielding securities portfolio to a higher yielding loan portfolio. During the third quarter of 2019, we reduced cash levels by $50 million while increasing our investment portfolio by $15 million, our mortgage loans held for sale by $9 million, and our loan portfolio by $29 million. The net portfolio loans growth of $29 million or 1.7% during the third quarter of 2019, or just under 7% on an annualized basis, increased loans from $1.70 billion at June 30, 2019 to just under $1.73 billion at September 30, 2019. Our three core commercial loan categories, Construction, Commercial Real Estate and C&I collectively increased by $31.3 million or 2.7% during the quarter (or nearly 11% annualized growth), while residential and consumer loans declined by $2.5 million.
  • Total deposit levels of $1.66 billion decreased by $62 million during the third quarter of 2019, as we reduced institutional CD’s by $63 million while increasing our FHLB borrowings by $57 million. This shift between two non-customer sources of funding was undertaken to reduce the overall cost of these funds. Excluding this shift, our customer sources of total deposits were basically unchanged when comparing September 30, 2019 to June 30, 2019. However the composition of our customer deposits shifted during the third quarter as transaction deposits increased by $11 million or 1.8% during the third quarter, while our more costly money market and CD deposits declined by $9 million. As a result, our transaction deposits of $617 million at September 30, 2019 represented 37.3% of our total deposits compared to 35.3% at June 30, 2019.
  • Total common shareholders’ equity increased by $5.3 million or 2%, from $303.5 million at June 30, 2019 to $308.8 million at September 30, 2019. Late in the second quarter of 2019, Howard Bancorp announced a share buyback program that will allow the Company to purchase up to $7 million in common shares if deemed beneficial to the Company’s long-term value. Because of an increase in the market value of the Company’s common shares, fewer than 5 thousand shares were repurchased during the third quarter of 2019.

For the Three Months Ended September 30, 2019

Interest income of $23.0 million for the third quarter of 2019 decreased by $190 thousand or under 1 percent from the $23.1 million recorded in the second quarter of 2019. Although the quarterly average balance of our portfolio loans increased by $36.7 million or 2.2% for the third quarter of 2019 compared to the second quarter, the yield on our loan portfolio declined by 15 basis points primarily due to two prime rate reductions during the third quarter. Howard Bank’s fixed rate loans mitigated the impact of the two prime rate changes totaling 50bps during the third quarter. Higher yielding loans also continued to pay-down or payoff in the present declining rate environment. Also impacting the third quarter interest income was a $35.7 million reduction in the quarterly average balance of our investment portfolio for the third quarter given the sale of $35 million in securities executed late in June of 2019. This transfer of assets as noted earlier mitigated the margin impact of lower market rates, however, overall average earning assets were only $1 million higher for the third quarter compared to the second quarter, while the yield on our earning assets declined from 4.71% for the second quarter to 4.62% for the third quarter.

Interest expense was $5.8 million for both the third quarter of 2019 and the second quarter of 2019. Similarly, the cost of interest bearing liabilities was unchanged at 1.54% for both the second and third quarters of 2019.

Overall, driven by the declining rate environment, the net interest income of $17.2 million for the third quarter of 2019 was essentially flat compared to the $17.4 million in the second quarter of 2019. The declining rate environment modestly impacted the net interest margin (“NIM”) with a NIM of 3.46% for the third quarter of 2019 compared to the second quarter NIM of 3.53%. Fair market value adjustments on acquired loan portfolios continued to have a modest and declining impact on the margin of 7 bps in the third quarter.

The following table represents the NIM as reported each quarter, and the more stable NIM excluding the impact of the additional interest income due to the purchase accounting measures:

 

2019

 

2018

 

Third

 

Second

 

First

 

Fourth

 

Third

 

Second

 

First

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

 

 

 

Excluding Fair

 

 

 

 

 

 

 

Value Loan Impact (1)

3.39%

3.44%

3.54%

3.64%

3.66%

3.74%

3.51%

 

 

 

 

 

 

 

 

As Reported

3.46%

3.53%

3.64%

3.74%

3.91%

3.83%

3.55%

(1)

The core NIM excludes the impact of purchase accounting adjustments on net interest income and is a non-GAAP financial measure. For a reconciliation of this non-GAAP financial measure to its comparable GAAP measure, see “Reconciliation of Non-GAAP Financial Measures” at the end of this release.

Our provision for credit losses for the third quarter of 2019 of $608 thousand returned to more historically normalized levels compared to the second quarter provision of $1.1 million and the $1.7 million provision recorded for the first quarter of 2019. The provision for the third quarter was influenced by $130 thousand in net charge-offs for the quarter and the growth in the loan portfolio. The second quarter provision was increased by an unexpected charge-off of nearly $300 thousand resulting from a claim on the guaranteed portion of an SBA loan that was denied, while the first quarter provision was the result of a large charge-off of a loan that had been reserved during 2018. That loan has subsequently been sold at no additional loss.

Asset quality management has resulted in a stabilization of the ratio of non-performing loans to total loans which was 1.15% for both June 30, 2019 and September 30, 2019, and the ratio of non-performing assets to total assets declined slightly from 1.05% to 1.04% at the same dates.

Third quarter 2019 noninterest revenues of $5.0 million were $800 thousand or 13% lower than the $5.8 million recorded in the second quarter of 2019. However excluding the $658 thousand gain on the sale of securities recorded in the second quarter, the third quarter noninterest revenues declined by only $150 thousand compared to the second quarter. Service charges and other core banking noninterest income for the third quarter were $95 thousand higher than the second quarter, while mortgage related revenues for the third quarter were $245 thousand lower.

Our total noninterest expenses of $15.4 million for the third quarter of 2019 represent a $4.1 million decrease from the $19.5 million of expenses in the second quarter of 2019. As described above, the third quarter of 2019 included $700 thousand in expenses from charges related to the confidential settlement, while the second quarter 2019 expenses included $3.6 million in expenses related to the costs of our branch delivery optimization initiatives as well as $651 thousand of expense related to the early prepayment of a few higher rate FHLB advances. Excluding the impact of these items, total expenses for the third quarter were $14.7 million, which was $457 thousand or 3.0% lower than the $15.2 million for the second quarter of 2019. Third quarter compensation expenses were $333 thousand lower than the second quarter primarily from lower employment tax and benefit costs, occupancy costs were approximately $100 thousand lower mostly due to the branch reductions, while FDIC insurance expenses were $245 thousand lower as we were able to utilize an assessment credit during the quarter instead of having to make our normal quarterly assessment payment. The full results of the branch optimization announced in the second quarter will become more apparent in the fourth quarter as the closed locations continued to operate for most of the third quarter due to customer notification requirements.

Chairman and CEO Mary Ann Scully noted, "The third quarter of 2019 showed continued growth in our core commercial banking activities with over 11% annualized growth in commercial loans, funded to a larger extent by low cost transaction deposits consistent with our strategy. The expense level of the Bank reflected the ongoing emphasis on scale enabled efficiency. These focused revenue and funding activities combined with structural resource allocation help to sustain improved returns. Our consistent profitability combined with very strong capital levels led us to initiate a modest share buyback program late in the second quarter of 2019 with repurchase activities expected to accelerate in order to support improved market valuations.

"The Bank’s ability to cover all growth markets in our footprint with 46% fewer branches than in March of 2018 will lead to significant efficiency gains starting in the fourth quarter and beyond while these improvements in our branch delivery network are also strategically more consistent with customer behaviors. We have recently renegotiated a core data processing contract resulting in not only high six figure savings annually, but also improved access to better reporting systems for the bank and its commercial clients. In addition to increasing efficiencies, this allows for the investment of certain financial resources into those higher growth commercial activities in the areas of our market that are currently experiencing significant disruption due to industry consolidation, management turnover and numerous denovo banking activities. The disruption that is occurring and is expected to accelerate creates a helpful tailwind for us.

"The company is optimistic about our ability to not only navigate but to differentiate ourselves in a very challenging interest rate and competitive environment. We are confident in successful execution of these multiple strategic activities that are all designed to leverage our position as the largest locally headquartered and only commercially focused bank in our region."

This press release contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to Howard’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. Such forward-looking statements are based on various assumptions (some of which may be beyond Howard’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, those related to difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the markets in which Howard operates and in which its loans are concentrated, including the effects of declines in housing markets, an increase in unemployment levels and slowdowns in economic growth; Howard’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs; changes in market interest rates which may increase funding costs and reduce earning asset yields and thus reduce margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial and industrial loans in our loan portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of Howard’s operations including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations issued in accordance with this statute and potential expenses associated with complying with such regulations; possible additional loan losses and impairment of the collectability of loans; Howard’s ability to comply with applicable capital and liquidity requirements (including the finalized Basel III capital standards), including our ability to generate liquidity internally or raise capital on favorable terms; any impairment of Howard's goodwill or other intangible assets; system failure or cybersecurity breaches of Howard's network security; Howard's ability to recruit and retain key employees; the effects of weather and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability and man-made disasters including terrorist attacks; the effects of any reputation, credit, interest rate, market, operational, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; and the costs associated with resolving any problem loans, litigation and other risks and uncertainties, including those discussed in the Howard’s Form 10-K for the year ended December 31, 2018 and other documents filed by Howard with the Securities and Exchange Commission from time to time. Forward-looking statements are as of the date they are made, and Howard does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of Howard.

Additional information is available at www.howardbank.com.

HOWARD BANCORP, INC.
 

Nine months ended

 

 

Three months ended

(Dollars in thousands, except per share data.)

September 30,

 

 

Sept 30

 

Jun 30

 

 

Sept 30

Income Statement Data:

2019

 

2018

 

 

2019

 

2019

 

 

2018

Interest income

$

68,884

 

$

57,961

 

$

22,955

 

$

23,145

 

$

22,436

 

Interest expense

 

16,841

 

 

9,286

 

 

5,740

 

 

5,791

 

 

3,789

 

Net interest income

 

52,043

 

 

48,675

 

 

17,215

 

 

17,354

 

 

18,647

 

Provision for credit losses

 

3,443

 

 

3,241

 

 

608

 

 

1,110

 

 

696

 

Noninterest income

 

15,410

 

 

14,177

 

 

5,033

 

 

5,841

 

 

3,856

 

Merger and restructuring expenses

 

15,461

 

 

-

 

 

-

 

 

(212

)

Other noninterest expense

 

49,717

 

 

49,227

 

 

15,405

 

 

19,454

 

 

16,608

 

Pre-tax income/(loss)

 

14,293

 

 

(5,077

)

 

6,235

 

 

2,631

 

 

5,411

 

Federal and state income tax expense/(benefit)

 

3,312

 

 

(1,103

)

 

1,598

 

 

543

 

 

1,432

 

Net income/(loss)

 

10,981

 

 

(3,974

)

 

4,637

 

 

2,088

 

 

3,979

 

 
Per share data and shares outstanding:
Net income/(loss) per common share-basic

$

0.58

 

$

(0.23

)

$

0.24

 

$

0.11

 

$

0.21

 

Book value per common share at period end

$

16.18

 

$

15.42

 

$

16.18

 

$

15.92

 

$

15.42

 

Tangible book value per common share at period end

$

12.24

 

$

11.00

 

$

12.24

 

$

11.94

 

$

11.00

 

Average common shares outstanding

 

19,064,235

 

 

17,058,217

 

 

19,078,561

 

 

19,061,164

 

 

19,025,855

 

Shares outstanding at period end

 

19,081,777

 

 

19,033,864

 

 

19,081,777

 

 

19,063,080

 

 

19,033,864

 

 
Financial Condition data:
Total assets

$

2,293,475

 

$

2,153,419

 

$

2,293,475

 

$

2,295,634

 

$

2,153,419

 

Loans receivable (gross)

 

1,729,880

 

 

1,624,484

 

 

1,729,880

 

 

1,701,020

 

$

1,624,484

 

Allowance for credit losses

 

(9,598

)

 

(7,224

)

 

(9,598

)

 

(9,120

)

$

(7,224

)

Other interest-earning assets

 

295,677

 

 

274,978

 

 

295,677

 

 

319,023

 

$

274,978

 

Transaction deposits

 

617,194

 

 

618,299

 

 

617,194

 

 

606,178

 

$

618,299

 

Total deposits

 

1,655,623

 

 

1,624,629

 

 

1,655,623

 

 

1,717,216

 

$

1,624,629

 

Borrowings

 

302,353

 

 

227,953

 

 

302,353

 

 

248,811

 

$

227,953

 

Total shareholders' equity

 

308,752

 

 

293,550

 

 

308,752

 

 

303,527

 

$

293,550

 

Common equity

 

308,752

 

 

293,550

 

 

308,752

 

 

303,527

 

$

293,550

 

 
Average assets

$

2,236,168

 

$

1,940,469

 

$

2,244,259

 

$

2,246,800

 

$

2,157,797

 

Average shareholders' equity

 

302,616

 

 

256,050

 

 

306,636

 

 

303,599

 

 

291,005

 

Average common shareholders' equity

 

302,616

 

 

256,050

 

 

306,636

 

 

303,599

 

 

291,005

 

 
Selected performance ratios:

 

Return on average assets

 

0.66

 

%

 

(0.27

)

%

 

0.82

 

%

 

0.37

 

%

 

0.73

 

%

Return on average common equity

 

4.85

 

%

 

(2.07

)

%

 

6.00

 

%

 

2.76

 

%

 

5.43

 

%

Net interest margin(1)

 

3.54

 

%

 

3.79

 

%

 

3.46

 

%

 

3.53

 

%

 

3.91

 

%

Efficiency ratio(2)

 

73.71

 

%

 

102.92

 

%

 

69.24

 

%

 

83.87

 

%

 

72.86

 

%

 

Asset quality ratios:

 

Nonperforming loans to gross loans

 

1.15

 

%

 

1.69

 

%

 

1.15

 

%

 

1.13

 

%

 

1.69

 

%

Allowance for credit losses to loans

 

0.55

 

%

 

0.44

 

%

 

0.55

 

%

 

0.54

 

%

 

0.44

 

%

Allowance for credit losses to nonperforming loans

 

48.09

 

%

 

26.33

 

%

 

48.09

 

%

 

47.24

 

%

 

26.33

 

%

Nonperforming assets to loans and other real estate

 

1.38

 

%

 

1.94

 

%

 

1.38

 

%

 

1.41

 

%

 

1.94

 

%

Nonperforming assets to total assets

 

1.04

 

%

 

1.46

 

%

 

1.04

 

%

 

1.05

 

%

 

1.46

 

%

 

Capital ratios:

 

Leverage ratio

 

9.39

 

%

 

8.86

 

%

 

9.39

 

%

 

9.06

 

%

 

8.86

 

%

Tier I risk-based capital ratio

 

10.83

 

%

 

10.39

 

%

 

10.83

 

%

 

10.52

 

%

 

10.39

 

%

Total risk-based capital ratio

 

12.87

 

%

 

11.01

 

%

 

12.87

 

%

 

12.55

 

%

 

11.01

 

%

Average equity to average assets

 

13.53

 

%

 

13.20

 

%

 

13.66

 

%

 

13.51

 

%

 

13.49

 

%

 
(1) Net interest margin is net interest income divided by average earning assets.
(2) Efficiency ratio is noninterest expense divided by the sum of net interest income and noninterest income.
...
Unaudited Consolidated Statements of Financial Condition
(Dollars in thousands, except per share amounts) PERIOD ENDED

Sept 30,

 

June 30,

 

March 31,

 

December 31,

 

Sept 30,

2019

 

2019

 

2019

 

2018

 

2018

ASSETS:
Cash and cash equivalents:
Cash and due from banks

$

74,655

 

$

124,868

 

$

97,054

 

$

100,976

 

$

101,292

 

Federal funds sold

 

354

 

 

193

 

 

408

 

 

522

 

 

366

 

Total cash and cash equivalents

 

75,009

 

 

125,061

 

 

97,462

 

 

101,498

 

 

101,658

 

 
Interest bearing deposits with banks

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 
Investment Securities:
Available-for-sale

 

164,026

 

 

151,685

 

 

191,860

 

 

223,858

 

 

125,673

 

Held-to-maturity

 

9,750

 

 

9,750

 

 

9,250

 

 

9,250

 

 

9,250

 

Federal Home Loan Bank stock, at cost

 

13,642

 

 

11,220

 

 

11,050

 

 

11,786

 

 

10,511

 

Total investment securities

 

187,418

 

 

172,655

 

 

212,160

 

 

244,894

 

 

145,434

 

 
Loans held-for-sale

 

46,713

 

 

37,680

 

 

26,815

 

 

21,261

 

 

28,253

 

 
Loans

 

1,729,880

 

 

1,701,020

 

 

1,647,178

 

 

1,649,751

 

 

1,624,484

 

Allowance for credit losses

 

(9,598

)

 

(9,120

)

 

(8,754

)

 

(9,873

)

 

(7,224

)

Net loans

 

1,720,282

 

 

1,691,900

 

 

1,638,424

 

 

1,639,878

 

 

1,617,260

 

 
Accrued interest receivable

 

6,749

 

 

7,155

 

 

7,244

 

 

6,941

 

 

6,488

 

 
Bank premises and equipment, net

 

42,743

 

 

42,876

 

 

44,721

 

 

45,137

 

 

49,765

 

 
Other assets:
Goodwill

 

65,949

 

 

65,949

 

 

65,949

 

 

70,697

 

 

71,824

 

Bank owned life insurance

 

75,364

 

 

75,060

 

 

74,601

 

 

74,153

 

 

73,699

 

Other intangibles

 

9,186

 

 

9,932

 

 

10,698

 

 

11,482

 

 

12,282

 

Other assets

 

64,061

 

 

67,366

 

 

72,485

 

 

50,573

 

 

46,756

 

Total other assets

 

214,561

 

 

218,307

 

 

223,733

 

 

206,905

 

 

204,561

 

Total assets

$

2,293,475

 

$

2,295,634

 

$

2,250,559

 

$

2,266,514

 

$

2,153,419

 

 
LIABILITIES AND SHAREHOLDERS' EQUITY:
Deposits:
Total transaction deposits

$

617,194

 

$

606,178

 

$

654,346

 

$

656,522

 

$

618,299

 

Interest bearing non-transaction deposits

 

1,038,429

 

 

1,111,038

 

 

1,019,122

 

 

1,029,284

 

 

1,006,330

 

Total deposits

 

1,655,623

 

 

1,717,216

 

 

1,673,468

 

 

1,685,806

 

 

1,624,629

 

Borrowed funds

 

302,353

 

 

248,811

 

 

250,363

 

 

276,653

 

 

227,953

 

Other liabilities

 

26,748

 

 

26,080

 

 

26,199

 

 

9,372

 

 

7,287

 

Total liabilities

 

1,984,723

 

 

1,992,107

 

 

1,950,030

 

 

1,971,831

 

 

1,859,869

 

Shareholders' equity:
Common stock – $.01 par value

 

191

 

 

191

 

 

191

 

 

190

 

 

190

 

Additional paid-in capital

 

276,431

 

 

276,218

 

 

276,128

 

 

275,843

 

 

275,770

 

Retained earnings

 

29,258

 

 

24,621

 

 

22,533

 

 

18,277

 

 

18,131

 

Accumulated other comprehensive income/(loss), net

 

2,872

 

 

2,497

 

 

1,677

 

 

373

 

 

(541

)

Total shareholders' equity

 

308,752

 

 

303,527

 

 

300,529

 

 

294,683

 

 

293,550

 

Total liabilities and shareholders' equity

$

2,293,475

 

$

2,295,634

 

$

2,250,559

 

$

2,266,514

 

$

2,153,419

 

 
Capital Ratios - Howard Bancorp, Inc.
Tangible Capital

$

233,616

 

$

227,646

 

$

223,881

 

$

212,504

 

$

209,444

 

Tier 1 Leverage (to average assets)

 

9.39

%

 

9.06

%

 

9.04

%

 

8.91

%

 

8.86

%

Common Equity Tier 1 Capital (to risk weighted assets)

 

10.83

%

 

10.52

%

 

10.58

%

 

10.16

%

 

10.39

%

Tier 1 Capital (to risk weighted assets)

 

10.83

%

 

10.52

%

 

10.58

%

 

10.16

%

 

10.39

%

Total Capital Ratio (to risk weighted assets)

 

12.87

%

 

12.55

%

 

12.62

%

 

12.31

%

 

11.01