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Lakeland Bancorp Announces Fourth Quarter and Record Annual Results

Lakeland Bancorp Announces Fourth Quarter and Record Annual Results

OAK RIDGE, N.J., Jan. 28, 2019 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ: LBAI) (the “Company”), the parent company of Lakeland Bank (“Lakeland”), reported net income of $15.6 million for the three months ended December 31, 2018, an 18% increase compared to $13.2 million for the three months ended December 31, 2017. For the three months ended December 31, 2018, the Company reported diluted EPS of $0.32, an increase of 19% compared to $0.27 for the same period in 2017. For the fourth quarter of 2018, return on average assets was 1.08%, return on average common equity was 10.05% and return on average tangible common equity was 12.98%.

For the year ended December 31, 2018, the Company reported net income of $63.4 million, a 21% increase compared to $52.6 million for the same period in 2017. For the year ended December 31, 2018, the Company reported diluted EPS of $1.32, an increase of 21% compared to $1.09 for the year ended December 31, 2017. For the twelve months of 2018, return on average assets was 1.15%, return on average common equity was 10.59%, and return on average tangible common equity was 13.78%.

During the fourth quarter of 2018, Highlands Bancorp shareholders approved the merger of Highlands Bancorp with and into the Company. The merger was consummated on January 4, 2019, adding approximately $480 million in total assets and four branches to the Company.

Thomas Shara, Lakeland Bancorp’s President and CEO commented, "We are pleased to report strong fourth quarter results as we delivered our seventh consecutive year of record earnings in 2018. Our fourth quarter financial results include non-routine, pre-tax expenses for branch dispositions, merger-related expenses and severance accrual totaling $1.2 million and an additional $320,000 in New Jersey state tax expense for a change in the estimated timing of the realization of deferred tax assets. Excluding the impact of these items, our fourth quarter 2018 results for diluted EPS, return on average assets, return on average equity and return on tangible average equity would have been $0.35, 1.17%, 10.85% and 14.01%, respectively. We are excited that 2019 is off to a strong start as we consummated the Highlands Bancorp merger in early January 2019. The merger will further strengthen Lakeland’s position for future growth."

The following represents performance highlights and significant events related to the fourth quarter of 2018:

  • Total loans grew $128.2 million, or 3.0%, in the fourth quarter of 2018 and resulted in total loan growth of 7.3% for 2018.
  • Total deposits grew $251.9 million, or 5.8%, during 2018 and resulted in a loan to deposit ratio of 96.5%.
  • Non-recurring items in the fourth quarter of 2018 included the loss on disposition of four former branches of $561,000; merger-related expenses of $464,000; and severance expense of $139,000 totaling a pre-tax expense of $1.2 million.
  • The efficiency ratio for the year of 2018 was 56%.
  • Tangible book value per share increased 9.1% to $10.22 at December 31, 2018 from $9.38 at December 31, 2017.
  • Asset quality remains strong with total non-performing assets decreasing to 0.22% of total assets at December 31, 2018 from 0.27% of total assets at December 31, 2017.

Net Interest Margin and Income

Net interest margin for the fourth quarter of 2018 of 3.29% decreased eight basis points from the fourth quarter of 2017. The decrease in net interest margin was due primarily to an increase in the cost of interest-bearing liabilities, partially offset by an increase in the yield on interest-earning assets. Net interest margin for 2018 was 3.36% as compared to 3.38% for 2017.

The yield on interest-earning assets for the fourth quarter of 2018 was 4.20% compared to 3.95% for the fourth quarter of 2017. The increase in yield was due primarily to a 25 basis point increase in the yield on loans and leases as interest rates continue to rise. The yield on interest-earning assets for 2018 was 4.12% compared to 3.88% for 2017.

The cost of interest-bearing liabilities for the fourth quarter of 2018 was 1.21% compared to 0.75% for the fourth quarter of 2017 as the cost of interest-bearing transaction accounts, time deposits and borrowings have increased 53, 62, and 29 basis points, respectively, since the fourth quarter of 2017 largely driven by competitive pressures influencing higher market interest rates. The cost of interest-bearing liabilities for 2018 was 1.01% compared to 0.67% for 2017.

Net interest income increased to $44.2 million for the fourth quarter of 2018 compared to $42.4 million for the fourth quarter of 2017, due primarily to the growth of interest-earning assets and increases in loan and lease yields, offset by an increase in the cost of interest-bearing liabilities. Net interest income for 2018 was $173.6 million, as compared to $165.2 million for 2017.

Noninterest Income

Noninterest income decreased $148,000 to $5.6 million for the fourth quarter of 2018 from $5.8 million for the fourth quarter of 2017. The Company recorded a $199,000 loss on equity securities in the fourth quarter of 2018. In addition, commissions and fees increased $137,000 compared to the fourth quarter of 2017 due primarily to an increase in investment services income, while income on bank owned life insurance and gains on sales of loans decreased $105,000 and $190,000, respectively. Other income increased $209,000 due primarily to an increase in loan swap income.

For 2018, noninterest income totaled $22.3 million compared to $25.4 million for 2017. Noninterest income in 2017 included $2.5 million in gains on sales of investment securities, $881,000 gain on the sales of three former branches and a $342,000 gain on the payoff of an acquired loan. Noninterest income for 2018 had increases in commissions and fees of $684,000, an increase in income on bank owned life insurance of $902,000, including death benefit income, partially offset by a $583,000 loss on equity securities and a $507,000 decrease in gains on sales of loans.

Noninterest Expense

Noninterest expense totaled $28.7 million for the fourth quarter of 2018 compared to $25.8 million for the fourth quarter of 2017, primarily due to salary and employee benefit expense increasing $2.1 million as a result of additions to our staff to support continued growth, normal merit increases and higher benefit costs. In the fourth quarter of 2018, data processing expense increased $587,000 compared to the fourth quarter of 2017 due primarily to the Company’s expansion and improvement of its digital infrastructure.  Expenses related to the Highlands merger related expenses totaled $464,000 for the fourth quarter of 2018.

For 2018, noninterest expense totaled $111.2 million compared to $104.5 million for 2017. Included in the results for 2017 was $2.8 million in long-term debt prepayment fees, while 2018 included $464,000 in merger related expenses. Excluding the 2017 long-term debt prepayment fees and 2018 merger expenses, the resulting $9.0 million net increase was primarily due to a $7.4 million increase in salary and employee benefit costs resulting from additions to our staff to support continued growth, as well as normal merit increases and higher benefit costs. Data processing increased $1.6 million compared to 2017 due primarily to the Company’s expansion and improvement of its digital infrastructure.

Income Tax Expense

The effective tax rate in the fourth quarter of 2018 was 24.4% compared to 37.5% during the same period last year primarily due to the change in tax rates resulting from the Tax Cuts and Jobs Act of 2017 (the "Tax Act") and the changes in New Jersey tax law during 2018.

Financial Condition

In 2018, total assets increased $400.5 million to $5.81 billion as total loans and leases grew $303.8 million to $4.46 billion and investment securities increased $23.1 million to $821.5 million. On the funding side, total deposits increased $251.9 million to $4.62 billion, while borrowings increased $98.2 million to $520.1 million. As of December 31, 2018, total loans and leases as a percent of total deposits was 96.5%.

Asset Quality

At December 31, 2018, non-performing assets totaled $13.0 million, 0.22% of total assets, compared to $14.5 million, 0.27% of total assets, at December 31, 2017. Non-accrual loans and leases as a percent of total loans and leases equaled 0.27% at December 31, 2018 compared to 0.33% at December 31, 2017. The allowance for loan and lease losses increased to $37.7 million at December 31, 2018, 0.84% of total loans and leases, compared to $35.5 million at December 31, 2017, 0.85% of total loans and leases. In the fourth quarter of 2018, the Company had net charge-offs of $196,000, 0.02% of average loans and leases, annualized, compared to net recoveries of $312,000, (0.03)% of average loans and leases, annualized, for the same period in 2017. The fourth quarter of 2018 provision for loan and lease losses was $591,000 compared to $1.2 million in the fourth quarter of 2017.

Capital

At December 31, 2018, stockholders' equity was $623.7 million compared to $583.1 million at December 31, 2017, a 7% increase. Lakeland Bank remains above FDIC “well capitalized” standards, with a Tier 1 Leverage Ratio of 9.39% at December 31, 2018. At December 31, 2018, the book value per common share and tangible book value per common share were $13.14 and $10.22 compared to $12.31 and $9.38 at December 31, 2017. On January 24, 2018, the Company declared a quarterly cash dividend of $0.115 per share to be paid on February 15, 2018 to stockholders of record as of February 8, 2018.

Forward-Looking Statements

The information disclosed in this document includes various forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The words “anticipates”, “projects”, “intends”, “estimates”, “expects”, “believes”, “plans”, “may”, “will”, “should”, “could”, and other similar expressions are intended to identify such forward-looking statements. The Company cautions that these forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from such forward-looking statements. The following factors, among others, could cause actual results to differ materially and adversely from such forward-looking statements: changes in the financial services industry and the U.S. and global capital markets, changes in economic conditions nationally, regionally and in the Company’s markets, the nature and timing of actions of the Federal Reserve Board and other regulators, the nature and timing of legislation and regulation affecting the financial services industry, government intervention in the U.S. financial system, changes in federal and state tax laws, changes in levels of market interest rates, pricing pressures on loan and deposit products, credit risks of the Company’s lending and leasing activities, successful implementation, deployment and upgrades of new and existing technology, systems, services and products, customers’ acceptance of the Company’s products and services, competition and failure to realize anticipated efficiencies and synergies from the merger of Highlands Bancorp, Inc. into Lakeland Bancorp and the merger of Highlands State Bank into Lakeland Bank.  Any statements made by the Company that are not historical facts (including statements regarding anticipated synergies from the Highlands Bancorp and Highlands State Bank mergers and regarding positioning for 2019) should be considered to be forward-looking statements. The Company is not obligated to update and does not undertake to update any of its forward-looking statements made herein.

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results.  Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis, and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods in question.

The Company also provides measurements and ratios based on tangible equity and tangible assets. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

The Company also uses an efficiency ratio that is a non-GAAP financial measure. The ratio that the Company uses excludes amortization of core deposit intangibles, provision for unfunded lending commitments and, where applicable, long-term debt prepayment fees and merger related expenses. Income for the non-GAAP ratio is increased by the favorable effect of tax-exempt income and excludes gains and losses from the sale of investment securities and gain on debt extinguishment, which can vary from period to period. The Company uses this ratio because it believes the ratio provides a relevant measure to compare the operating performance period to period.

These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. See accompanying non-GAAP tables.

About Lakeland

Upon the completion of the Highlands Bancorp, Inc. acquisition on January 4, 2019, Lakeland Bancorp, Inc. (LBAI) has approximately $6.3 billion in total assets. Lakeland Bank, a wholly-owned subsidiary of Lakeland Bancorp, Inc., operates 54 branch offices throughout Bergen, Essex, Morris, Ocean, Passaic, Somerset, Sussex, and Union counties in New Jersey including one branch in Highland Mills, New York; six New Jersey regional commercial lending centers in Bernardsville, Jackson, Montville, Newton, Teaneck and Waldwick; and one New York commercial lending center to serve the Hudson Valley region. Lakeland also has a commercial loan production office serving Middlesex and Monmouth counties in New Jersey.  Lakeland Bank offers an extensive suite of financial products and services for businesses and consumers. Visit LakelandBank.com for more information.

Thomas J. Shara
President & CEO

Thomas F. Splaine
EVP & CFO
973-697-2000


Lakeland Bancorp, Inc.
Financial Highlights
(Unaudited)
               
  Three Months Ended
December 31,
  Twelve months ended
December 31,
(Dollars in thousands, except per share amounts) 2018   2017   2018   2017
               
INCOME STATEMENT              
Net interest income $ 44,206     $ 42,379     $ 173,559     $ 165,238  
Provision for loan and lease losses (591 )   (1,218 )   (4,413 )   (6,090 )
Gains on sales of investment securities             2,524  
Gains on sales of loans 299     489     1,329     1,836  
Loss on equity securities (199 )       (583 )    
Other noninterest income 5,528     5,287     21,564     21,075  
Long-term debt prepayment fee             (2,828 )
Merger related expenses (464 )       (464 )    
Other noninterest expense (28,199 )   (25,849 )   (110,703 )   (101,706 )
  Pretax income 20,580     21,088     80,289     80,049  
Provision for income taxes (5,030 )   (7,913 )   (16,888 )   (27,469 )
  Net income $ 15,550     $ 13,175     $ 63,401     $ 52,580  
               
Basic earnings per common share $ 0.32     $ 0.28     $ 1.32     $ 1.10  
Diluted earnings per common share $ 0.32     $ 0.27     $ 1.32     $ 1.09  
Dividends paid per common share $ 0.115     $ 0.100     $ 0.445     $ 0.395  
Weighted average shares - basic 47,605     47,466     47,570     47,438  
Weighted average shares - diluted 47,780     47,719     47,764     47,674  
               
SELECTED OPERATING RATIOS              
Annualized return on average assets 1.08 %   0.97 %   1.15 %   1.00 %
Annualized return on average common equity 10.05 %   8.99 %   10.59 %   9.25 %
Annualized return on average tangible common equity (1) 12.98 %   11.82 %   13.78 %   12.24 %
Annualized yield on interest-earning assets 4.20 %   3.95 %   4.12 %   3.88 %
Annualized cost of interest-bearing liabilities 1.21 %   0.75 %   1.01 %   0.67 %
Annualized net interest spread 2.99 %   3.20 %   3.11 %   3.21 %
Annualized net interest margin 3.29 %   3.37 %   3.36 %   3.38 %
Efficiency ratio (1) 56.18 %   53.06 %   56.09 %   53.40 %
Stockholders' equity to total assets         10.74 %   10.79 %
Book value per common share         $ 13.14     $ 12.31  
Tangible book value per common share (1)         $ 10.22     $ 9.38  
Tangible common equity to tangible assets (1)         8.57 %   8.44 %
               
ASSET QUALITY RATIOS         12/31/2018   12/31/2017
Ratio of allowance for loan and lease losses to total loans and leases         0.84 %   0.85 %
Non-performing loans and leases to total loans and leases         0.27 %   0.33 %
Non-performing assets to total assets         0.22 %   0.27 %
Annualized net charge-offs to average loans and leases         0.05 %   0.05 %
               
(1) See Supplemental Information - Non-GAAP Financial Measures              
               
               
               
Lakeland Bancorp, Inc.
Financial Highlights
(Unaudited)
               
SELECTED BALANCE SHEET DATA AT PERIOD-END         12/31/2018   12/31/2017
Loans and leases         $ 4,460,447     $ 4,156,680  
Allowance for loan and lease losses         37,688     35,455  
Investment securities         821,486     798,396  
Total assets         5,806,093     5,405,639  
Total deposits         4,620,670     4,368,748  
Short-term borrowings         233,905     124,936  
Other borrowings         286,145     296,913  
Stockholders' equity         623,739     583,122  
               
SELECTED AVERAGE BALANCE SHEET DATA For the Three Months Ended December 31,   For the Twelve Months Ended December 31,
  2018   2017   2018   2017
Loans and leases $ 4,393,382     $ 4,116,920     $ 4,283,401     $ 4,024,257  
Investment securities 823,193     798,687     816,697     810,434  
Interest-earning assets 5,346,934     5,014,333     5,182,194     4,926,986  
Total assets 5,694,827     5,372,248     5,528,914     5,267,561  
Noninterest-bearing demand deposits 1,003,508     988,451     984,445     959,298  
Savings deposits 483,606     478,685     489,742     486,821  
Interest-bearing transaction accounts 2,446,325     2,222,221     2,301,065     2,241,259  
Time deposits 769,129     730,590     778,180     623,257  
Total deposits 4,702,568     4,419,947     4,553,432     4,310,635  
Short-term borrowings 50,196     43,130     53,775     41,695  
Other borrowings 288,126     295,818     286,639     316,283  
Total interest-bearing liabilities 4,037,382     3,770,444     3,909,401     3,709,315  
Stockholders' equity 613,583     581,254     598,527     568,680  
               


Lakeland Bancorp, Inc.
Consolidated Statements of Income
(Unaudited)
             
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
(Dollars in thousands, except per share amounts) 2018 2017   2018 2017
             
INTEREST INCOME          
Loans, leases and fees $ 50,759   $ 44,889     $ 193,143   $ 172,342  
Federal funds sold and interest-bearing deposits with banks 715   262     1,559   880  
Taxable investment securities and other 4,550   3,850     16,710   14,987  
Tax exempt investment securities 410   460     1,709   1,995  
  TOTAL INTEREST INCOME 56,434   49,461     213,121   190,204  
INTEREST EXPENSE          
Deposits 9,935   5,039     30,620   16,600  
Federal funds purchased and securities sold under agreements to repurchase 62   38     471   198  
Other borrowings 2,231   2,005     8,471   8,168  
  TOTAL INTEREST EXPENSE 12,228   7,082     39,562   24,966  
NET INTEREST INCOME 44,206   42,379     173,559   165,238  
Provision for loan and lease losses 591   1,218     4,413   6,090  
  NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 43,615   41,161     169,146   159,148  
NONINTEREST INCOME          
Service charges on deposit accounts 2,814   2,814     10,584   10,740  
Commissions and fees 1,446   1,309     5,542   4,858  
Income on bank owned life insurance 699   804     3,256   2,354  
Loss on equity securities (199 )     (583 )  
Gains on sales of loans 299   489     1,329   1,836  
Gains on sales of investment securities         2,524  
Other income 569   360     2,182   3,123  
  TOTAL NONINTEREST INCOME 5,628   5,776     22,310   25,435  
NONINTEREST EXPENSE          
Salaries and employee benefit expense 17,674   15,553     68,595   61,166  
Net occupancy expense 2,498   2,573     10,155   10,243  
Furniture and equipment expense 2,010   2,103     8,297   8,269  
FDIC insurance expense 383   404     1,608   1,577  
Stationary, supplies and postage expense 395   378     1,625   1,797  
Marketing expense 277   324     1,437   1,675  
Data processing expense 1,084   497     3,609   1,993  
Telecommunications expense 448   451     1,769   1,607  
ATM and debit card expense 571   547     2,195   2,051  
Core deposit intangible amortization 142   165     594   654  
Other real estate owned and other repossessed assets expense 46   73     158   181  
Long-term debt prepayment fee         2,828  
Merger related expenses 464       464    
Other expenses 2,671   2,781     10,661   10,493  
  TOTAL NONINTEREST EXPENSE 28,663   25,849     111,167   104,534  
INCOME BEFORE PROVISION FOR INCOME TAXES 20,580   21,088     80,289   80,049  
Provision for income taxes 5,030   7,913     16,888   27,469  
NET INCOME $ 15,550   $ 13,175     $ 63,401   $ 52,580  
             
EARNINGS PER COMMON SHARE:          
  Basic $ 0.32   $ 0.28     $ 1.32   $ 1.10  
  Diluted $ 0.32   $ 0.27     $ 1.32   $ 1.09  
DIVIDENDS PAID PER COMMON SHARE $ 0.115   $ 0.100     $ 0.445   $ 0.395  


Lakeland Bancorp, Inc.
Consolidated Balance Sheets
       
(Dollars in thousands) December 31, 2018   December 31, 2017
  (Unaudited)    
ASSETS      
Cash $ 205,199     $ 114,138  
Interest-bearing deposits due from banks 3,400     28,795  
  Total cash and cash equivalents 208,599     142,933  
Investment securities available for sale, at fair value 638,618     628,046  
Equity securities, at fair value 15,921     18,089  
Investment securities held to maturity; fair value of $150,933 at December 31, 2018      
  and $138,688 at December 31, 2017 153,646     139,685  
Federal Home Loan Bank and other membership stocks, at cost 13,301     12,576  
Loans held for sale 1,113     456  
Loans and leases:      
  Commercial, real estate 3,377,324     3,096,092  
  Commercial, industrial and other 336,735     340,400  
  Leases 87,925     75,039  
  Residential mortgages 329,854     322,880  
  Consumer and home equity 328,609     322,269  
  Total loans and leases 4,460,447     4,156,680  
  Net deferred costs (fees) (3,714 )   (3,960 )
  Allowance for loan and lease losses (37,688 )   (35,455 )
  Net loans and leases 4,419,045     4,117,265  
Premises and equipment, net 49,175     50,313  
Accrued interest receivable 16,114     14,416  
Goodwill 136,433     136,433  
Other identifiable intangible assets 1,768     2,362  
Bank owned life insurance 110,052     107,489  
Other assets 42,308     35,576  
  TOTAL ASSETS $ 5,806,093     $ 5,405,639  
LIABILITIES AND STOCKHOLDERS' EQUITY      
LIABILITIES      
Deposits:      
  Noninterest-bearing $ 950,218     $ 967,335  
  Savings and interest-bearing transaction accounts 2,913,414     2,663,985  
  Time deposits $250 thousand and under 589,737     556,863  
  Time deposits over $250 thousand 167,301     180,565  
  Total deposits 4,620,670     4,368,748  
Federal funds purchased and securities sold under agreements to repurchase 233,905     124,936  
Other borrowings 181,118     192,011  
Subordinated debentures 105,027     104,902  
Other liabilities 41,634     31,920  
  TOTAL LIABILITIES 5,182,354     4,822,517  
       
STOCKHOLDERS' EQUITY      
Common stock, no par value; authorized 100,000,000 shares at December 31, 2018      
  and 70,000,000 shares at December 31, 2017;  issued shares 47,486,250 at      
  December 31, 2018 and 47,353,864 shares at December 31, 2017 514,703     512,734  
Retained earnings 116,874     72,737  
Accumulated other comprehensive gain (loss) (7,838 )   (2,349 )
  TOTAL STOCKHOLDERS' EQUITY 623,739     583,122  
  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,806,093     $ 5,405,639  


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Lakeland Bancorp, Inc.
Financial Highlights
(Unaudited)
           
  For the Quarter Ended
  Dec 31, Sept 30, June 30, March 31, Dec 31,
(Dollars in thousands, except per share data) 2018 2018 2018 2018 2017
           
INCOME STATEMENT          
Net interest income $ 44,206   $ 43,624   $ 43,493   $ 42,236   $ 42,379  
Provision for loan and lease losses (591 ) (1,046 ) (1,492 ) (1,284 ) (1,218 )
Gains on sales of loans 299   484   300   246   489  
Gain (loss) on equity securities (199 ) (439 ) 73   (18 )  
Other noninterest income 5,528   5,594   5,336   5,106   5,287  
Merger related expenses (464 )        
Other noninterest expense (28,199 ) (27,793 ) (27,574 ) (27,137 ) (25,849 )
  Pretax income 20,580   20,424   20,136   19,149   21,088  
Provision for income taxes (5,030 ) (3,666 ) (4,298 ) (3,894 ) (7,913 )
  Net income $ 15,550   $ 16,758   $ 15,838   $ 15,255   $ 13,175  
           
Basic earnings per common share $ 0.32   $ 0.35   $ 0.33   $ 0.32   $ 0.28  
Diluted earnings per common share $ 0.32   $ 0.35   $ 0.33   $ 0.32   $ 0.27  
Dividends paid per common share $ 0.115   $ 0.115   $ 0.115   $ 0.100   $ 0.100  
Dividends paid $ 5,510   $ 5,510   $ 5,509   $ 4,778   $ 4,776  
Weighted average shares - basic 47,605   47,605   47,600   47,503   47,466  
Weighted average shares - diluted 47,780   47,788   47,770   47,736   47,719  
           
SELECTED OPERATING RATIOS          
Annualized return on average assets 1.08 % 1.19 % 1.17 % 1.14 % 0.97 %
Annualized return on average common equity 10.05 % 11.02 % 10.71 % 10.60 % 8.99 %
Annualized return on average tangible common equity (1) 12.98 % 14.31 % 13.97 % 13.90 % 11.82 %
Annualized net interest margin 3.29 % 3.32 % 3.43 % 3.39 % 3.37 %
Efficiency ratio (1) 56.18 % 56.00 % 55.60 % 56.58 % 53.06 %
Common stockholders' equity to total assets 10.74 % 10.80 % 10.80 % 10.75 % 10.79 %
Tangible common equity to tangible assets (1) 8.57 % 8.55 % 8.51 % 8.43 % 8.44 %
Tier 1 risk-based ratio 11.26 % 11.21 % 11.16 % 11.08 % 10.87 %
Total risk-based ratio 13.71 %