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Midland States Bancorp, Inc. Announces 2019 Third Quarter Results

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Midland States Bancorp, Inc. Announces 2019 Third Quarter Results
  • Net income of $12.7 million, or $0.51 diluted earnings per share, which included $5.3 million, or $0.15 per diluted share, of integration and acquisition expenses

  • Acquisition of HomeStar Financial Group, Inc. completed on July 17, 2019

  • Total assets surpassed $6 billion at September 30, 2019

  • Efficiency ratio improved to 60.6% from 61.6% in prior quarter

EFFINGHAM, Ill., Oct. 24, 2019 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (MSBI) (the “Company”) today reported net income of $12.7 million, or $0.51 diluted earnings per share, for the third quarter of 2019, which included $5.3 million, or $0.15 per diluted share, in integration and acquisition expenses. This compares to net income of $16.4 million, or $0.67 diluted earnings per share, for the second quarter of 2019, which included $0.3 million in integration and acquisition expenses, and net income of $8.5 million, or $0.35 diluted earnings per share, for the third quarter of 2018, which included $9.6 million in integration and acquisition expenses.

Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “Our third quarter results reflect the initial benefits of our acquisition of HomeStar Financial Group, Inc., which has provided us a leading position in the Kankakee, Illinois market and improved our deposit base. We continued to execute well on our strategic priorities in the quarter, which resulted in strong inflows of core deposits, further improvement in our operational efficiencies, and maintaining a relatively stable net interest margin, excluding accretion income. During the third quarter, we also issued $100 million of subordinated notes that will put us in a position to reduce our cost of borrowings over the next year and authorized a $25 million stock repurchase program. We believe these capital management actions, along with our history of increasing our quarterly dividend by at least 10% each year, will contribute in our efforts to efficiently manage our capital and deliver a strong total return for our shareholders.”

Factors Affecting Comparability

The Company acquired HomeStar Financial Group, Inc. (“HomeStar”) in July 2019. The financial position and results of operations of HomeStar prior to its acquisition date are not included in the Company’s financial results.

Adjusted Earnings

Financial results for the third quarter of 2019 included $5.3 million in integration and acquisition expenses. Excluding these and other expenses and certain income, adjusted earnings were $16.4 million, or $0.66 diluted earnings per share, for the third quarter of 2019.

Financial results for the third quarter of 2018 included $9.6 million in integration and acquisition expenses. Excluding these and other expenses and certain income, adjusted earnings were $15.6 million, or $0.64 diluted earnings per share, for the third quarter of 2018.

A reconciliation of adjusted earnings to net income according to accounting principles generally accepted in the United States (“GAAP”) is provided in the financial tables at the end of this press release.

Net Interest Income

Net interest income for the third quarter of 2019 was $49.5 million, an increase of 7.3% from $46.1 million for the second quarter of 2019. Excluding accretion income, net interest income increased $3.7 million from the prior quarter. Accretion income associated with purchased loan portfolios totaled $3.1 million for the third quarter of 2019, compared with $3.4 million for the second quarter of 2019. The increase in net interest income excluding accretion income was primarily attributable to the contribution from HomeStar.

Relative to the third quarter of 2018, net interest income increased $4.4 million, or 9.7%. Accretion income for the third quarter of 2018 was $1.7 million. Excluding the impact of accretion income, net interest income increased primarily due to the contribution of HomeStar.

Net Interest Margin

Net interest margin for the third quarter of 2019 was 3.70%, compared to 3.76% for the second quarter of 2019. The Company’s net interest margin benefits from accretion income on purchased loan portfolios, which contributed 20 and 25 basis points to net interest margin in the third quarter of 2019 and second quarter of 2019, respectively. Excluding the impact of accretion income, net interest margin decreased one basis point from the second quarter of 2019.

Relative to the third quarter of 2018, net interest margin increased from 3.59%. Accretion income on purchased loan portfolios contributed 10 basis points to net interest margin in the third quarter of 2018. Excluding the impact of accretion income, net interest margin increased one basis point compared to the third quarter of 2018.

Noninterest Income

Noninterest income for the third quarter of 2019 was $19.6 million, unchanged from $19.6 million for the second quarter of 2019.

Relative to the third quarter of 2018, noninterest income increased 7.3% from $18.3 million. The increase was attributable to higher wealth management revenue, interchange revenue and other income, partially offset by a decline in commercial FHA and residential mortgage banking revenue.

Wealth management revenue for the third quarter of 2019 was $6.0 million, an increase of 9.0% from $5.5 million in the second quarter of 2019, primarily due to an increase in estate fees. Compared to the third quarter of 2018, wealth management revenue increased 9.7%.

Commercial FHA revenue for the third quarter of 2019 was $2.9 million, compared to $4.9 million in the second quarter of 2019. Commercial FHA revenue in the third quarter of 2019 included a $1.1 million mortgage servicing rights (“MSR”) impairment, while the second quarter of 2019 included a $0.6 million recapture of MSR impairment. The Company originated $112.8 million in rate lock commitments during the third quarter of 2019, compared to $42.2 million in the prior quarter. Compared to the third quarter of 2018, commercial FHA revenue decreased $0.2 million.

Noninterest Expense

Noninterest expense for the third quarter of 2019 was $48.0 million, which included $5.3 million in integration and acquisition expenses and a $0.1 million gain on MSR held for sale, compared with $40.2 million for the second quarter of 2019, which included $0.3 million in integration and acquisition expenses and a $0.5 million gain on MSR held for sale. Excluding integration and acquisition expenses and gain on MSR held for sale, the increase in noninterest expense primarily reflects the addition of HomeStar’s operations.

Relative to the third quarter of 2018, noninterest expense decreased 4.6% from $50.3 million, which included $9.6 million in integration and acquisition expenses and a $0.3 million loss on MSR held for sale. Excluding these items, noninterest expense increased 5.7% from $40.5 million, primarily due to the addition of HomeStar’s operations.

Loan Portfolio

Total loans outstanding were $4.33 billion at September 30, 2019, compared with $4.07 billion at June 30, 2019 and $4.16 billion at September 30, 2018. The increase in total loans from June 30, 2019 was primarily due to the addition of HomeStar’s loan portfolio. Excluding the impact of HomeStar’s loan portfolio, total loans increased $44.1 million, or 1.1%, from June 30, 2019, primarily due to growth in the commercial loan portfolio. Equipment finance balances increased $57.1 million from June 30, 2019, which are booked within the commercial loans and leases portfolio, reflecting management’s efforts to grow the equipment finance business. The increase in total loans from September 30, 2018 was primarily attributable to the addition of HomeStar’s loan portfolio.

Deposits

Total deposits were $4.45 billion at September 30, 2019, compared with $4.01 billion at June 30, 2019, and $4.14 billion at September 30, 2018. The increases in total deposits from June 30, 2019 and September 30, 2018 were primarily attributable to the addition of HomeStar’s deposits. Excluding the impact of HomeStar’s deposits, total deposits increased $112.2 million, or 2.8%, from June 30, 2019.

Asset Quality

Nonperforming loans totaled $45.2 million, or 1.04% of total loans, at September 30, 2019, compared with $50.7 million, or 1.24% of total loans, at June 30, 2019, and $38.6 million, or 0.93% of total loans, at September 30, 2018.

Net charge-offs for the third quarter of 2019 were $5.4 million, or 0.49% of average loans on an annualized basis.

The Company recorded a provision for loan losses of $4.4 million for the third quarter of 2019, which included an increase of $2.3 million to the specific reserve established for an existing nonperforming loan. The Company’s allowance for loan losses was 0.58% of total loans and 55.3% of nonperforming loans at September 30, 2019, compared with 0.64% of total loans and 51.2% of nonperforming loans at June 30, 2019. Fair market value discounts recorded in connection with acquired loan portfolios represented 0.51% of total loans at September 30, 2019, compared with 0.39% of total loans at June 30, 2019.

Capital

At September 30, 2019, the Company exceeded all regulatory capital requirements under Basel III and was considered to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

September 30,
2019

Well Capitalized
Regulatory Requirements

Total capital to risk-weighted assets

14.82%

10.00%

Tier 1 capital to risk-weighted assets

10.35%

8.00%

Tier 1 leverage ratio

8.77%

5.00%

Common equity Tier 1 capital

9.02%

6.50%

Tangible common equity to tangible assets (1)

7.58%

NA

(1) A non-GAAP financial measure. Refer to page 14 for a reconciliation to the comparable GAAP financial measure.

Stock Repurchase Program

During the third quarter of 2019, the Company repurchased 71,603 shares of its common stock at a weighted average price of $25.58 under its stock repurchase program, which authorized the repurchase of up to $25 million of its common stock. As of September 30, 2019, the Company had $23.2 million remaining under the current stock repurchase authorization.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 7:30 a.m. Central Time on Friday, October 25, 2019 to discuss its financial results. The call can be accessed via telephone at (877) 516-3531; conference ID: 3089402. A recorded replay can be accessed through November 2, 2019 by dialing (855) 859-2056; conference ID: 3089402.

A slide presentation relating to the third quarter 2019 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Webcasts and Presentations page of the Company’s investor relations website at investors.midlandsb.com under the “News and Events” tab.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of September 30, 2019, the Company had total assets of approximately $6.11 billion and its Wealth Management Group had assets under administration of approximately $3.28 billion. Midland provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiary. For additional information, visit https://www.midlandsb.com/ or follow Midland on LinkedIn at https://www.linkedin.com/company/midland-states-bank.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include “Adjusted Earnings,” “Adjusted Diluted Earnings Per Common Share,” “Adjusted Return on Average Assets,” “Adjusted Return on Average Shareholders’ Equity,” “Adjusted Return on Average Tangible Common Equity,” “Efficiency Ratio,” “Tangible Common Equity to Tangible Assets,” “Tangible Book Value Per Share” and “Return on Average Tangible Common Equity.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks relating to acquisitions; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe" or "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

CONTACTS:
Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
Douglas J. Tucker, SVP and Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321

MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited)

For the Quarter Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands, except per share data)

2019

2019

2019

2018

2018

Earnings Summary

Net interest income

$

49,450

$

46,077

$

45,601

$

48,535

$

45,081

Provision for loan losses

4,361

4,076

3,243

3,467

2,103

Noninterest income

19,606

19,587

17,075

21,170

18,272

Noninterest expense

48,025

40,194

41,097

45,375

50,317

Income before income taxes

16,670

21,394

18,336

20,863

10,933

Income taxes

4,015

5,039

4,354

4,527

2,436

Net income

12,655

16,355

13,982

16,336

8,497

Preferred stock dividends, net

(22)

34

34

34

35

Net income available to common shareholders

$

12,677

$

16,321

$

13,948

$

16,302

$

8,462

Diluted earnings per common share

$

0.51

$

0.67

$

0.57

$

0.67

$

0.35

Weighted average shares outstanding - diluted

24,684,529

24,303,211

24,204,661

24,200,346

24,325,743

Return on average assets

0.84

%

1.17

%

1.01

%

1.14

%

0.59

%

Return on average shareholders' equity

7.71

%

10.43

%

9.23

%

10.81

%

5.68

%

Return on average tangible common equity (1)

11.19

%

15.34

%

13.79

%

16.40

%

8.69

%

Net interest margin

3.70

%

3.76

%

3.73

%

3.85

%

3.59

%

Efficiency ratio (1)

60.63

%

61.58

%

64.73

%

65.50

%

63.02

%

Adjusted Earnings Performance Summary

Adjusted earnings (1)

$

16,422

$

16,196

$

14,098

$

16,397

$

15,632

Adjusted diluted earnings per common share (1)

$

0.66

$

0.66

$

0.58

$

0.67

$

0.64

Adjusted return on average assets (1)

1.09

%

1.16

%

1.02

%

1.14

%

1.09

%

Adjusted return on average shareholders' equity (1)

10.01

%

10.33

%

9.31

%

10.85

%

10.45

%

Adjusted return on average tangible common equity (1)

14.52

%

15.19

%

13.90

%

16.46

%

16.02

%

(1) Non-GAAP financial measures. Refer to pages 12 - 14 for a reconciliation to the comparable GAAP financial measures.

MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

For the Quarter Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(in thousands, except per share data)

2019

2019

2019

2018

2018

Net interest income:

Total interest income

$

65,006

$

60,636

$

59,432

$

61,592

$

56,987

Total interest expense

15,556

14,559

13,831

13,057

11,906

Net interest income

49,450

46,077

45,601

48,535

45,081

Provision for loan losses

4,361

4,076

3,243

3,467

2,103

Net interest income after provision for loan losses

45,089

42,001

42,358

45,068

42,978

Noninterest income:

Wealth management revenue

5,998

5,504

4,953

5,651

5,467

Commercial FHA revenue

2,894

4,917

3,270

4,194

3,130

Residential mortgage banking revenue

720

611

834

1,041

1,154

Service charges on deposit accounts

3,008

2,639

2,520

2,976

2,804

Interchange revenue

3,249

3,010

2,680

2,941

2,759

Gain on sales of investment securities, net

25

14

-

469

-

Other income

3,712

2,892

2,818

3,898

2,958

Total noninterest income

19,606

19,587

17,075

21,170

18,272

Noninterest expense:

Salaries and employee benefits

25,083

21,134

22,039

23,020

22,528

Occupancy and equipment

4,793

4,500

4,832

4,914

5,040

Data processing

5,443

4,987

4,891

5,660

10,817

Professional

2,348

2,410

2,073

2,752

3,087

Amortization of intangible assets

1,803

1,673

1,810

1,852

1,853

(Gain) loss on mortgage servicing rights held for sale

(70

)

(515

)

-

-

270

Other expense

8,625

6,005

5,452

7,177

6,722

Total noninterest expense

48,025

40,194

41,097

45,375

50,317

Income before income taxes

16,670

21,394

18,336

20,863

10,933

Income taxes

4,015

5,039

4,354

4,527

2,436

Net income

12,655

16,355

13,982

16,336

8,497

Preferred stock dividends, net

(22

)

34

34

34

35

Net income available to common shareholders

$

12,677

$

16,321

$

13,948

$

16,302

$

8,462

Basic earnings per common share

$

0.51

$

0.67

$

0.58

$

0.68

$

0.35

Diluted earnings per common share

$

0.51

$

0.67

$

0.57

$

0.67

$

0.35

MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

As of

September 30,

June 30,

March 31,

December 31,

September 30,

(in thousands)

2019

2019

2019

2018

2018

Assets

Cash and cash equivalents

$

409,346

$

245,415

$

276,480

$

213,700

$

242,433

Investment securities

668,630

613,026

656,152

660,785

685,753

Loans

4,328,835

4,073,527

4,092,106

4,137,551

4,156,282

Allowance for loan losses

(24,917

)

(25,925

)

(23,091

)

(20,903

)

(19,631

)

Total loans, net

4,303,918

4,047,602

4,069,015

4,116,648

4,136,651

Loans held for sale, at fair value

88,322

22,143

16,851

30,401

35,246

Premises and equipment, net

93,896

94,824

94,514

94,840

95,062

Other real estate owned

4,890

3,797

2,020

3,483

3,684

Loan servicing rights, at lower of cost or fair value

54,124

54,191

52,957

53,447

51,626

Mortgage servicing rights held for sale

1,860

159

257

3,545

4,419

Intangible assets

36,690

33,893

35,566

37,376

39,228

Goodwill

171,074

164,673

164,673

164,673

164,044

Cash surrender value of life insurance policies

141,510

140,593

139,686

138,783

138,600

Other assets

139,644

125,739

133,609

119,992

127,866

Total assets

$

6,113,904

$

5,546,055

$

5,641,780

$

5,637,673

$

5,724,612

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$

1,015,081

$

902,286

$

941,344

$

972,164

$

991,311

Interest-bearing deposits

3,430,090

3,108,921

3,094,944

3,102,006

3,151,895

Total deposits

4,445,171

4,011,207

4,036,288

4,074,170

4,143,206

Short-term borrowings

122,294

113,844

115,832

124,235

145,450

FHLB advances and other borrowings

559,932

582,387

669,009

640,631

652,253

Subordinated debt

192,689

94,215

94,174

94,134

94,093

Trust preferred debentures

48,165

48,041

47,918

47,794

47,676

Other liabilities

90,131

56,473

54,391

48,184

47,788

Total liabilities

5,458,382

4,906,167

5,017,612

5,029,148

5,130,466

Total shareholders’ equity

655,522

639,888

624,168

608,525

594,146

Total liabilities and shareholders’ equity

$

6,113,904

$

5,546,055

$

5,641,780

$

5,637,673

$

5,724,612

MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

As of

September 30,

June 30,

March 31,

December 31,

September 30,

(in thousands)

2019

2019

2019

2018

2018

Loan Portfolio

Commercial loans and leases

$

1,292,511

$

1,149,370

$

1,122,621

$

1,074,935

$

1,034,546

Commercial real estate loans

1,622,363

1,524,369

1,560,427

1,639,155

1,711,926

Construction and land development loans

215,978

250,414

239,376

232,229

239,480

Residential real estate loans

587,984

552,406

569,051

578,048

586,134

Consumer loans

609,999

596,968

600,631

613,184

584,196

Total loans

$

4,328,835

$

4,073,527

$

4,092,106

$

4,137,551

$

4,156,282

Deposit Portfolio

Noninterest-bearing demand deposits

$

1,015,081

$

902,286

$

941,344

$

972,164

$

991,311

Interest-bearing:

Checking accounts

1,222,599

1,009,023

968,844

1,002,275

1,047,914

Money market accounts

753,869

732,573

802,036

862,171

836,151

Savings accounts

526,938

442,017

457,176

442,132

445,640

Time deposits

833,038

785,337

685,700

633,787

633,654

Brokered time deposits

93,646

139,971

181,188

161,641

188,536

Total deposits

$

4,445,171

$

4,011,207

$

4,036,288

$

4,074,170

$

4,143,206

MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

For the Quarter Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)

2019

2019

2019

2018

2018

Average Balance Sheets

Cash and cash equivalents

$

259,427

$

162,110

$

152,078

$

155,280

$

154,526

Investment securities

666,157

636,946

654,764

676,483

700,018

Loans

4,352,635

4,086,720

4,128,893

4,139,831

4,106,367

Loans held for sale

31,664

40,177

30,793

51,981

48,715

Nonmarketable equity securities

44,010

44,217

44,279

42,708

42,770

Total interest-earning assets

5,353,893

4,970,170

5,010,807

5,066,283

5,052,396

Non-earning assets

636,028

618,023

618,996

624,378

639,323

Total assets

$

5,989,921

$

5,588,193

$

5,629,803

$

5,690,661

$

5,691,719

Interest-bearing deposits

$

3,429,063

$

3,107,660

$

3,093,979

$

3,123,134

$

3,172,422

Short-term borrowings

124,183

120,859

135,337

143,869

139,215

FHLB advances and other borrowings

591,516

607,288

673,250

645,642

608,153

Subordinated debt

106,090

94,196

94,156

94,115

94,075

Trust preferred debentures

48,105

47,982

47,848

47,737

47,601

Total interest-bearing liabilities

4,298,957

3,977,985

4,044,570

4,054,497

4,061,466

Noninterest-bearing deposits

967,192

921,115

919,185

989,954

989,142

Other noninterest-bearing liabilities

72,610

60,363

51,838

46,487

47,654

Shareholders' equity

651,162

628,730

614,210

599,723

593,457

Total liabilities and shareholders' equity

$

5,989,921

$

5,588,193

$

5,629,803

$

5,690,661

$

5,691,719

Yields

Cash and cash equivalents

2.14

%

2.43

%

2.42

%

2.24

%

1.96

%

Investment securities

3.00

%

3.11

%

3.07

%

3.04

%

3.01

%

Loans

5.31

%

5.32

%

5.22

%

5.28

%

4.88

%

Loans held for sale

3.02

%

4.50

%

3.94

%

3.92

%

4.17

%

Nonmarketable equity securities

5.33

%

5.42

%

5.69

%

5.20

%

5.01

%

Total interest-earning assets

4.85

%

4.94

%

4.85

%

4.87

%

4.52

%

Interest-bearing deposits

1.08

%

1.09

%

0.97

%

0.86

%

0.77

%

Short-term borrowings

0.68

%

0.70

%

0.71

%