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Reliant Bancorp, Inc. Reports Record Third Quarter 2021 Results

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Reported Net Income of $13.3 million, or Diluted EPS of $0.79

Loan Growth Continues With 11.8% Annualized Increase

BRENTWOOD, Tenn., October 19, 2021--(BUSINESS WIRE)--Reliant Bancorp, Inc. ("Reliant Bancorp" or the "Company") (Nasdaq: RBNC), parent company of Reliant Bank (the "Bank"), reported net income attributable to common shareholders of $13.3 million, or $0.79 per diluted common share, for the third quarter of 2021 compared to net income attributable to common shareholders of $13.0 million, or $0.78 per diluted common share, for the second quarter of 2021, and $11.5 million, or $0.69 per diluted common share, for the third quarter of 2020. When merger expenses are excluded, income per diluted common share increased to $0.87 during the third quarter of 2021 compared to $0.78 and $0.70 the second quarter of 2021 and the third quarter of 2020, respectively.

DeVan Ard, Jr., Reliant Bancorp's Chairman and CEO stated, "I am very pleased to continue 2021 with solid third quarter results as evidenced by our strong net interest margin, sound asset quality, and impressive loan production. Loan growth has continued to accelerate with a 3.0% increase from the prior quarter. When PPP loans are excluded, loan growth increased to 3.6%, or 14.2% when annualized."

Ard continued, "Our team continues to focus on reducing high cost wholesale deposits, as customer deposits increased to make up 89.9% of our deposit portfolio and the cost of deposits decreased to 0.58%, or 0.26% when adjusted for swap termination fees. We also continued to build shareholder value as our book value and tangible book value per share increased 2.8% and 3.7%, respectively, from the prior quarter, or 11.3% and 14.6%, respectively, when annualized. Additionally, shareholders’ equity to total assets and tangible common equity to tangible assets increased to 11.82% and 9.90%, respectively, which allows us to continue to deliver exceptional returns to our shareholders."

Third Quarter Highlights

Dollar Amounts in Thousands, Except Per Share Amounts

2021

2020

Third
Quarter

Second
Quarter

Third
Quarter

Results of Operations Highlights

Net income attributable to common shareholders

$

13,289

$

13,045

$

11,533

Net income per diluted common share

$

0.79

$

0.78

$

0.69

Net interest margin (NIM) (1)

4.22

%

4.14

%

4.54

%

Adjusted NIM (2)

4.40

%

4.28

%

3.99

%

Pre-tax pre-provision income (2)

$

17,487

$

16,387

$

16,207

Efficiency ratio (tax equivalent basis)

54.8

%

54.1

%

54.0

%

Bank segment adjusted efficiency ratio (2)

46.4

%

49.1

%

48.6

%

Balance Sheet Highlights

Loans

$

2,389,833

$

2,321,070

$

2,357,898

Allowance for loan losses

(20,897

)

(20,894

)

(19,834

)

Total assets

3,013,559

3,098,464

3,044,512

Total deposits

2,547,705

2,629,840

2,565,502

Book value per share

$

21.36

$

20.77

$

18.46

Tangible book value per share (2)

$

17.50

$

16.88

$

14.65

Return on average: (3)

Assets ("ROAA")

1.74

%

1.69

%

1.53

%

Equity ("ROAE")

15.01

%

15.41

%

15.32

%

Tangible common equity ("ROATCE") (2)

18.40

%

19.07

%

19.42

%

(1)

Net interest margin is the result of annualized net interest income calculated on a tax-equivalent basis divided by average interest-earning assets for the period.

(2)

Certain measures are considered non-GAAP financial measures. See "Reconciliation of Non-GAAP Financial Measures - Unaudited."

(3)

Data has been annualized.

Net Interest Margin Improves Through Asset Mix Optimization

Net interest margin increased to 4.22% at September 30, 2021, an increase of 8 basis points from the previous quarter and a decrease of 32 basis points from the third quarter of 2020. The linked quarter increase was primarily due to a 23 basis point decrease in our cost of funds due to a decrease in interest-bearing deposits, especially higher cost wholesale time deposits, as well as a $2,290 swap termination fee incurred during the quarter compared to the $2,859 swap termination fee incurred during the previous quarter. The adjusted net interest margin, which excludes this swap termination fee impact as well as the benefits from purchase accounting accretion, showed continued improvement as it increased 12 basis points from the linked quarter to 4.40%. Net income and earnings per share during the quarter were not affected by this termination fee as securities were sold for a gain of $2,419 to offset the transaction.

Loan yields remain strong at 4.96% when excluding fees, representing a decrease of 16 basis points from the linked quarter and a 38 basis point decrease from the same period in the prior year, which can both largely be attributed to the decrease in purchase accounting accretion. As of September 30, 2021, $12.0 million of purchase accounting accretion remains unaccreted.

The cost of deposits continued to improve to 0.58% with a decrease of 25 basis points from the previous quarter and 4 basis points from the third quarter of 2020. When removing the impact of the second and third quarter swap termination fees the cost of deposits improves even further to 0.26%, or a decrease of 15 basis points from the previous quarter and 36 basis points from the third quarter of 2020. This decrease is largely the result of a decrease in average wholesale time deposits of $74.4 million and $104.6 million from the linked quarter and year-over-year, respectively. These decreases were offset by an increase in average noninterest-bearing deposits of $19.7 million and $80.6 million from the linked quarter and year-over-year, respectively.

Continued Loan Growth and Asset Quality Stability

Loans increased $68.8 million from the linked quarter to $2.4 billion. Loan originations during the quarter totaled $272.0 million at a weighted-average coupon rate of 4.15% with a continued focus on credit quality through sound underwriting. These originations were offset with principal payments, including PPP forgiveness payments of $13.7 million. When PPP loans are excluded, loans increased $82.5 million, or 3.6%, from the linked quarter and $114.9 million, or 5.1%, year-over-year.

Our longstanding focus on credit quality continued to be a source of strength with net recoveries continuing into the third quarter. Nonperforming loans held for investment accounted for 0.22% of total loans held for investment and nonperforming assets accounted for only 0.34% of total assets at September 30, 2021, despite the addition of a retired bank facility to other real estate owned during the quarter. Criticized assets to total loans remains low at 0.60%. The allowance for loan loss was 0.87% of loans (1.38% including unaccreted net purchased loan discounts) at September 30, 2021. There was no provision recognized during the quarter as net charge-offs were in a recovery position for the quarter and year-to-date.

Conclusion

Ard concluded, "I am proud of our team’s ability to serve the community and our shareholders as well as our ability to create meaningful careers and a positive workplace for our employees as evidenced through Newsweek’s recognition of the Bank as the Best Small Bank in Tennessee for the second year in a row. We continue to see increased demand in the loan pipeline as we move into the fourth quarter, and we are optimistic about our market and financial positions as we continue to build a bright future for Reliant Bank."

About Reliant Bancorp, Inc. and Reliant Bank

Reliant Bancorp, Inc. is a Brentwood, Tennessee-based financial holding company which, through its wholly owned subsidiary Reliant Bank, operates banking centers in Tennessee. Reliant Bank is a full-service commercial bank that offers a variety of deposit, lending, and mortgage products and services to business and consumer customers. As of September 30, 2021, Reliant Bancorp had approximately $3.0 billion in total consolidated assets, approximately $2.4 billion in loans held for investment and approximately $2.5 billion in deposits. For additional information, locations and hours of operation, please visit www.reliantbank.com.

Financial Measures

This release contains certain financial measures that are not measures recognized under generally accepted accounting principles ("GAAP") and, therefore, are considered non-GAAP financial measures. Members of Company management use these non-GAAP financial measures in their analysis of the Company’s performance, financial condition, and efficiency of operations. Management of the Company believes that these non-GAAP financial measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods, and demonstrate the effects of significant gains and charges in the periods presented. Management of the Company also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding underlying operating performance and identifying and analyzing ongoing operating trends. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the non-GAAP financial measures discussed herein are calculated may differ from the manner in which measures with similar names are calculated by other companies. You should understand how other companies calculate their financial measures similar to, or with names similar to, the non-GAAP financial measures we have discussed herein when comparing such non-GAAP financial measures.

The non-GAAP financial measures in this release include "adjusted net interest margin (NIM)," "adjusted net income," "adjusted diluted earnings per share (EPS)," "adjusted annualized return on average assets (ROAA)," "adjusted annualized return on average equity (ROAE)," "adjusted annualized return on average tangible common equity (ROATCE)," "adjusted pre-tax pre-provision income," "tangible common equity to tangible assets (TCE/TA)," "tangible book value per share," "allowance for loan losses plus unaccreted purchased loan discounts to total loans," "bank segment adjusted net income," "bank segment adjusted noninterest expense," "bank segment adjusted efficiency ratio," "adjusted cost of funds," "adjusted cost of interest-bearing liabilities," and "adjusted cost of deposits."

Forward-Looking Statements

All statements, other than statements of historical fact, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to continued delivery of exceptional shareholder returns, increased demand in the loan pipeline, and management’s optimism about the Company’s market and financial positions. The words "believe," "anticipate," "expect," "may," "will," "assume," "should," "predict," "could," "would," "intend," "targets," "estimates," "projects," "plans," and "potential," and other similar words and expressions of the future, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking, including statements about the Company’s future financial and operating results and the Company’s plans, objectives, and intentions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties, and other factors include, among others: (1) the effects of the coronavirus (COVID-19) pandemic, including (i) the magnitude and duration of the pandemic and its impact on general economic and financial market conditions and on our business, results of operations, and financial condition and that of our customers, (ii) actions taken by governments, businesses and individuals in response to the coronavirus (COVID-19) pandemic, (iii) the pace of recovery when the coronavirus (COVID-19) pandemic subsides, and (iv) the speed with which coronavirus (COVID-19) vaccines can be widely distributed, those vaccines’ efficacy against the virus and public acceptance of the vaccines, (2) the possibility that our asset quality could decline or that we experience greater loan losses than anticipated, (3) increased levels of other real estate, primarily as a result of foreclosures, (4) the impact of liquidity needs on our results of operations and financial condition, (5) competition from financial institutions and other financial service providers, (6) the effect of interest rate increases on the cost of deposits, (7) unanticipated weakness in loan demand or loan pricing, (8) unanticipated adverse conditions in the national economy or local economies in which we operate, including in Middle Tennessee, (9) lack of strategic growth opportunities or our failure to execute on available opportunities, (10) deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses, (11) economic crises and associated credit issues in industries most impacted by the coronavirus (COVID-19) pandemic, including the hotel and retail sectors, (12) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits, (13) our ability to effectively manage problem credits, (14) our ability to successfully implement efficiency initiatives on time and with the results projected, (15) our ability to successfully develop and market new products and technology, (16) the impact of negative developments in the financial industry and United States and global capital and credit markets, (17) our ability to retain the services of key personnel, (18) our ability to adapt to technological changes, (19) risks associated with litigation, including reputational and financial risks and the applicability of insurance coverage, (20) the vulnerability of the Bank’s computer and information technology systems and networks, and the systems and networks of third parties with whom the Company or the Bank contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss, and other security breaches and interruptions, (21) changes in state and federal laws, rules, regulations, or policies applicable to banks or bank or financial holding companies, including regulatory or legislative developments, (22) adverse impacts (including costs, fines, reputational harm, or other negative effects) from current or future litigation, regulatory examinations, or other legal and/or regulatory actions, (23) the ability to meet expectations regarding the timing and completion and accounting and tax treatment of the pending transaction with United Community Banks, Inc. (the "Transaction"), (24) the effect of the announcement and pendency of the Transaction on customer, supplier, or employee relationships and operating results (including without limitation difficulties in maintaining relationships with employees and customers), as well as on the market price of the Company's common stock, (25) the occurrence of any event, change, or other circumstances that could give rise to the termination of the definitive merger agreement for the Transaction, (26) the amount of costs, fees, expenses and charges related to the Transaction, including those arising as a result of unexpected factors or events, (27) the ability to obtain the shareholder and governmental approvals required for the Transaction, (28) reputational risk associated with and the reaction of the parties' customers, suppliers, employees, or other business partners to the Transaction, (29) the failure of any of the conditions to the closing of the Transaction to be satisfied, or any unexpected delay in closing the Transaction, (30) the risk associated with Company management's attention being diverted away from the day-to-day business and operations of the Company to the completion of the Transaction, and (31) general competitive, economic, political, and market conditions, including economic conditions in the local markets where we operate. Additional factors which could affect the forward-looking statements can be found in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed with the Securities and Exchange Commission (the "SEC") and available on the SEC’s website at http://www.sec.gov. The Company believes the forward-looking statements contained herein are reasonable; however, many of such risks, uncertainties, and other factors are beyond the Company’s ability to control or predict and undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. Therefore, the Company can give no assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, update or revise any forward-looking statement.

RELIANT BANCORP, INC.

CONSOLIDATED BALANCE SHEETS - Unaudited

(Dollar amounts in thousands, except per share amounts)

September 30,
2021

June 30,
2021

September 30,
2020

ASSETS

Cash and due from banks

$

13,270

$

11,763

$

14,050

Interest-bearing deposits in financial institutions

66,155

43,676

61,349

Federal funds sold

1,002

656

12,273

Total cash and cash equivalents

80,427

56,095

87,672

Securities available for sale

254,416

266,695

273,893

Loans

2,389,833

2,321,070

2,357,898

Less: allowance for loan losses

(20,897

)

(20,894

)

(19,834

)

Loans, net

2,368,936

2,300,176

2,338,064

Mortgage loans held for sale, net

62,543

229,418

99,587

Accrued interest receivable

14,374

14,492

14,615

Premises and equipment, net

27,519

29,183

33,319

Operating leases right of use assets

12,427

12,744

14,619

Restricted equity securities, at cost

15,770

15,770

17,367

Other real estate, net

3,088

2,233

1,326

Cash surrender value of life insurance contracts

78,460

78,979

68,109

Deferred tax assets, net

5,788

5,978

8,523

Goodwill

54,396

54,396

51,506

Core deposit intangibles

9,978

10,434

11,820

Other assets

25,437

21,871

24,092

TOTAL ASSETS

$

3,013,559

$

3,098,464

$

3,044,512

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

Noninterest-bearing demand

$

626,598

$

602,555

$

538,844

Interest-bearing demand

410,923

441,161

272,805

Savings and money market deposit accounts

989,677

1,003,402

813,001

Time

520,507

582,722

940,852

Total deposits

2,547,705

2,629,840

2,565,502

Accrued interest payable

2,302

1,967

3,744

Federal funds purchased

5,000

Subordinated debentures

70,821

70,770

70,389

Federal Home Loan Bank advances

16,000

40,555

Operating leases liabilities

13,605

13,932

15,756

Other liabilities

22,811

19,666

36,480

TOTAL LIABILITIES

2,657,244

2,752,175

2,737,426

Preferred stock, $1 par value per share; 10,000,000 shares authorized; no shares issued to date

Common stock, $1 par value per share; 30,000,000 shares authorized; 16,682,928, 16,672,511, and 16,634,572 shares issued and outstanding at September 30, 2021, June 30, 2021, and September 30, 2020, respectively

16,683

16,673

16,635

Additional paid-in capital

234,696

234,390

232,738

Retained earnings

98,182

86,917

55,206

Accumulated other comprehensive income

6,754

8,309

2,507

TOTAL SHAREHOLDERS’ EQUITY

356,315

346,289

307,086

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

3,013,559

$

3,098,464

$

3,044,512

This information is preliminary and based on company data available at the time of presentation.

RELIANT BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(Dollar amounts in thousands, except per share amounts)

Three Months Ended

September 30,
2021

June 30,
2021

September 30,
2020

INTEREST INCOME

Interest and fees on loans

$

30,817

$

31,183

$

32,895

Interest and fees on loans held for sale

1,184

1,807

1,037

Interest on investment securities, taxable

786

663

399

Interest on investment securities, nontaxable

928

1,216

1,186

Restricted equity securities and other

215

226

251

TOTAL INTEREST INCOME

33,930

35,095

35,768

INTEREST EXPENSE

Deposits

Demand

153

216

236

Savings and money market deposit accounts

441

647

1,162

Time

3,348

4,678

2,735

Federal Home Loan Bank advances and other borrowings

9

13

104

Subordinated debentures

980

980

992

TOTAL INTEREST EXPENSE

4,931

6,534

5,229

NET INTEREST INCOME

28,999

28,561

30,539

PROVISION FOR LOAN LOSSES

1,500

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

28,999

28,561

29,039

NONINTEREST INCOME

Service charges on deposit accounts

1,678

1,656

1,583

Gains on mortgage loans sold, net

4,218

2,978

3,784

Gain on securities transactions, net

2,419

2,966

Income from bank owned life insurance

2,181

556

386

Other noninterest income

373

154

249

TOTAL NONINTEREST INCOME

10,869

8,310

6,002

NONINTEREST EXPENSE

Salaries and employee benefits

12,426

12,793

12,184

Occupancy

2,038

1,999

2,054

Data processing and software

2,265

2,262

2,240

Professional fees

526

358

775

Regulatory fees

328

343

365

Merger expenses

1,453

77

Other operating expense

3,345

2,729

2,639

TOTAL NONINTEREST EXPENSE

22,381

20,484

20,334

INCOME BEFORE PROVISION FOR INCOME TAXES

17,487

16,387

14,707

INCOME TAX EXPENSE

3,551

3,202

2,800

CONSOLIDATED NET INCOME

13,936

13,185

11,907

NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY

(647

)

(140

)

(374

)

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS

$

13,289

$

13,045

$

11,533

Basic net income attributable to common shareholders, per share

$

0.80

$

0.79

$

0.70

Diluted net income attributable to common shareholders, per share

$

0.79

$

0.78

$

0.69

This information is preliminary and based on company data available at the time of presentation.

RELIANT BANCORP, INC.

SEGMENT FINANCIAL INFORMATION - UNAUDITED

(Dollar Amounts in Thousands)

Three Months Ended

September 30, 2021

Commercial
Banking

Residential
Mortgage
Banking

Elimination
Entries

Consolidated

Net interest income

$

28,164

$

835

$

$

28,999

Provision for loan losses

Noninterest income

6,651

4,177

41

10,869

Noninterest expense (excluding merger expense)

16,551

4,377

20,928

Merger expense

1,453

1,453

Income tax expense

3,522

29

3,551

Net income

13,289

606

41

13,936

Noncontrolling interest in net income of subsidiary

(606

)

(41

)

(647

)

Net income attributable to common shareholders

$

13,289

$

$

$

13,289

Three Months Ended

June 30, 2021

Commercial
Banking

Residential
Mortgage
Banking

Elimination
Entries

Consolidated

Net interest income

$

27,440

$

1,121

$

$

28,561

Provision for loan losses

Noninterest income

5,335

3,251

(276

)

8,310

Noninterest expense (excluding merger expense)

16,570

3,914

20,484

Merger expense

Income tax expense

3,160

42

3,202

Net income

13,045

416

(276

)

13,185

Noncontrolling interest in net income of subsidiary

(416

)

276

(140

)

Net income attributable to common shareholders

$

13,045

$

$

$

13,045

Three Months Ended

September 30, 2020

Commercial
Banking

Residential
Mortgage
Banking

Elimination
Entries

Consolidated

Net interest income

$

29,731

$

808

$

$

30,539

Provision for loan losses

1,500

1,500

Noninterest income

2,219

3,797

(14

)

6,002

Noninterest expense (excluding merger expense)

16,067

4,190

20,257

Merger expense

77

77

Income tax expense

2,773

27

2,800

Net (loss) income

11,533

388

(14

)

11,907

Noncontrolling interest in net loss of subsidiary

(388

)

14

(374

)

Net income attributable to common shareholders

$

11,533

$

$

$

11,533

This information is preliminary and based on company data available at the time of presentation.

RELIANT BANCORP, INC.

SELECTED QUARTERLY FINANCIAL DATA - UNAUDITED

(Dollar amounts in thousands, except per share amounts)

Three months ended,

September 30,
2021

June 30,
2021

September 30,
2020

Per Common Share

Basic net income

$

0.80

$

0.79

$

0.70

Diluted net income

$

0.79

$

0.78

$

0.69

Adjusted diluted income(1)

$

0.87

$

0.78

$

0.70

Book value

$

21.36

$

20.77

$

18.46

Tangible book value(1)

$

17.50

$

16.88

$

14.65

Shares Outstanding

Basic weighted average common shares

16,665,155

16,616,888

16,587,274

Diluted weighted average common shares

16,805,157

16,784,744

16,649,673

Common shares outstanding at period end

16,682,928

16,672,511

16,634,572

Selected Balance Sheet Data

Loans, net of unearned income

$

2,389,833

$

2,321,070

$

2,357,898

Total assets

3,013,559

3,098,464

3,044,512

Customer deposits

2,289,737

2,320,054

2,185,915

Wholesale and institutional deposits

257,968

309,786

379,587

Total deposits

2,547,705

2,629,840

2,565,502

Total liabilities

2,657,244

2,752,175

2,737,426

Total shareholders' equity

356,315

346,289

307,086

Selected Balance Sheet Data - Quarterly Averages

Loans held for investment

$

2,360,073

$

2,288,841

$

2,337,958

Total assets

3,036,777

3,088,329

2,991,818

Interest-bearing liabilities

2,032,296

2,113,993

2,108,428

Total liabilities

2,685,605

2,748,825

2,692,383

Total shareholders' equity

351,172

339,504

299,435

Selected Performance Ratios

Return on average assets (2)

1.74

%

1.69

%

1.53

%

Return on shareholders' equity (2)

15.01

%

15.41

%

15.32

%

Return on average tangible common equity(1) (2)

18.40

%

19.07

%

19.42

%

Average shareholders' equity to average assets

11.56

%

10.99

%

...

10.01

%

Net interest margin (tax-equivalent basis) (2)

4.22

%

4.14

%

4.54

%

Efficiency Ratio (tax-equivalent basis)

54.8

%

54.1

%

54.0

%

Bank Segment efficiency ratio (1)

46.4

%

49.1

%

48.6

%

...