SOURCE: Mackinac Financial Corporation

Mackinac Financial Corporation

February 04, 2015 16:00 ET

Mackinac Financial Corporation Announces 2014 Results of Operations

MANISTIQUE, MI--(Marketwired - Feb 4, 2015) - Mackinac Financial Corporation (NASDAQ: MFNC), the bank holding company for mBank (the "Bank"), today announced 2014 income of $1.700 million, or $.30 per share, compared to net income available to common shareholders of $5.629 million, or $1.01, per share for 2013. In 2013, a deferred tax benefit of $2.250 million was recorded which equated to $.40 per share. In December 2014, the Corporation completed the acquisition of Peninsula Financial Corporation, ("PFC") the holding company for Peninsula Bank, headquartered in Ishpeming, Michigan. In connection with this acquisition and other strategic initiatives, the Corporation had nonrecurring transaction related expenses totaling $2.475 million. These "one-time" costs reduced the reported net income in 2014 by $1.810 million, or $.32 per share, on an after tax basis. The adjusted net income for 2014 (not inclusive of the nonrecurring transaction related expenses) would equate to $3.510 million, or $.62 per share, compared to adjusted net income of $3.379 million in 2013 (not including the deferred tax benefit), or $.61 per share. Weighted average shares for 2014 totaled 5,592,738 compared to 5,518,383 shares in 2013.

The Bank recorded net income of $4.070 million for 2014 compared to $4.939 million in 2013, as adjusted for the $2.250 million deferred tax benefit. In 2014, the Bank recorded $.786 million, after tax, of nonrecurring transaction related expenses. The adjusted income for 2014 would have been $4.856 million, compared to the adjusted income of $4.939 million in 2013. The slight reduction in core income for the bank was largely attributable to large reductions year to year in secondary market mortgage lending activities seen throughout the industry and some smaller reductions in our SBA originations for sale. These reductions were offset by strong gains in net interest income of approximately $1.1 million through continued strong balance sheet growth and sustained margin.

Total assets of the Corporation at December 31, 2014 were $743.785 million, up 29.85% from the $572.800 million reported at December 31, 2013. The PFC acquisition in early December added approximately $125 million in assets. The Corporation and the Bank are both "well-capitalized."

Paul D. Tobias, Chairman and Chief Executive Officer of Mackinac, commenting on the year stated, "We are very pleased with our recent acquisition of PFC. This community bank had an impressive tradition and the same community banking culture of mBank. We are pleased to add this tradition to our largest and growing commerce hub in the Upper Peninsula. We explored other acquisition opportunities throughout the year, remained patient, and concluded Peninsula Bank would create long-term shareholder value with minimal risk. We expect this acquisition to be immediately accretive and we are pleased with the current integration into our banking platform and business model. Concurrently in 2014, we have also continued to grow our balance sheet organically with good quality loans and core deposits while maintaining a healthy margin and stable bank expense base."

Key highlights for 2014 results include:

  • The early December acquisition of Peninsula Bank, a 127-year old, $125 million asset bank headquartered in the Upper Peninsula with six banking locations in Marquette County. With this transaction, total assets of the Corporation were $744 million at 2014 year end. We expect this acquisition to be immediately accretive, at a 2015 contribution of $.15 to $.20 per share with continued contribution beyond.

  • Increased annual dividend by 50%, from $.20 to $.30 per share.

  • Credit quality remains strong with a Texas Ratio of 5.90% compared to 5.59% one year ago, and nonperforming assets of $4.668 million, or .63% of assets, compared with $3.908, or .68% of assets, at 2013 year end.

  • Healthy new loan growth, with production of $183 million and organic balance sheet growth of $50 million.

  • Margin remains solid, at 4.19% in 2014 with disciplined pricing of our loan and deposit products. Net interest income increased from $21.399 million in 2013 to $23.527 million in 2014, a 9.94% increase.

  • Our asset based lending subsidiary, Mackinac Commercial Credit, reached sustainable profitability in January 2015 with 4th quarter 2014 portfolio growth and expense management.

Loans and Nonperforming Assets

Total loans at December 31, 2014 were $600.935 million compared to $483.832 million at 2013 year end. The PFC acquired loans were $67 million, and the Corporation had organic growth in 2014 of $50 million. In addition to the aforementioned balance sheet totals, the company services $224 million of sold mortgage loans and $46 million of sold SBA and USDA loans. Total loans under management now total $871 million. 

New loan production totaled $183 million with the Upper Peninsula contributing $105 million, the Northern Lower Peninsula $40 million and Southeast Michigan $38 million. Commercial loan production accounted for $110 million of the 2014 total, with consumer loans, primarily 1-4 family mortgages, of $73 million. Commenting on new loan production and overall lending activities, Kelly W. George, President and CEO of mBank stated, "We are once again pleased with our successful track record in new loan production. We have grown loans by approximately 8% each year for the past several years in a challenging interest rate environment and state economy that was slow coming out of the recession which led to limited loan opportunities for some years. Competition has increased in all our markets as well, with more healthy banks looking to lend and the steady introduction of credit unions competing more for commercial loan clients. Loan balance growth has accelerated in recent months with good activity in all of our markets and lending segments. Our pipeline of pending credits entering 2015 is healthy and we expect pick up in the SBA originations that were slow to close in the fourth quarter of 2014." 

Nonperforming loans totaled $1.658 million, .28% of total loans at December 31, 2014 compared to $2.024 million, or .42% of total loans at December 31, 2013. Nonperforming assets were $4.668 million, .63% of total assets compared to $3.908 million, .68% of assets at 2013 year end. George, commenting on credit quality stated, "Our credit processes continue to maintain pace with the changing risk profile of the company and provide the foundation for our good lending success. Problem assets continue to be well managed and identified quickly for resolution. We are diligent within our loan origination structures and will not stretch our prudent lending parameters for new loans but try as best we can to accommodate rate terms for good quality credits to be competitive in all our markets. From a macro perspective, our loan origination mix and industry concentrations are managed for diversity, and improved with the mix and types of loans that we acquired in the PFC acquisition." 

Margin Analysis

Net interest income for 2014 increased to $23.527 million, a 4.19% net interest margin compared to $21.399 million, or 4.17%, in 2013. George stated, "the growth and stability of our net interest margin is a direct reflection of our continued pricing discipline for loans and deposits within our various markets. We will continue our efforts to maintain our strong net interest margin within this historically low interest rate cycle through the use of continued targeted funding strategies and disciplined loan pricing and terms in efforts to mitigate longer term interest rate risk. We will also utilize alternative funding sources such as internet CDs and small levels of wholesale deposits when deemed necessary to structure different liabilities to match asset durations for competitive lending situations that arise, and cover any potential short term funding gaps that could develop."

Deposits

Total deposits of $606.973 million at 2014 year end included $101 million deposits acquired with the PFC acquisition. The growth of deposits was approximately $40 million from 2013 year-end and was comprised primarily of wholesale deposit funding. George, commenting on core deposits and overall liquidity needs, stated, "The Corporation maintains a strong liquidity position to fund operations and loan growth. We will remain committed to our core banking philosophy which emphasizes funding loan growth with core deposits to build long term franchise value and help grow the economic bases in our local communities. With the acquisition of the PFC locations, we expect further core deposit procurement efforts with these branch outlets in markets we had currently not penetrated to their fullest with a larger selection of banking services we expect to provide to this client base."

Noninterest Income/Expense

Noninterest income, at $3.112 million was $.826 million lower than the 2013 level of $3.938 million. Noninterest income decreased primarily as a result of a reduced level of fees and gains on the sale of loans from secondary market mortgage activity of $.391 million from prior year period, along with lower gains from sales on SBA loans and reduced levels of service fee income.

Noninterest expense, at $22.610 million, included $2.475 million of nonrecurring transaction-related expenses. Excluding these charges, noninterest expense totaled $20.135 million, compared to $18.128 million in 2013. The largest increase from 2014 was in salaries and benefits, largely reflective of the compensation packages for the staff up of our asset based lending subsidiary formed in the third quarter of 2013. Overall salary and benefit costs at the subsidiary bank remain below peer levels. We also incurred increased expenses for occupancy due primarily for our new banking facility in Marquette, our primary market in the Upper Peninsula, and needed facilities to support our growth in the county following the acquisition of PFC as well. The company will continue to make managing its cost base a primary focus into 2015 with the recent acquisition and continues to evaluate it personnel and technological infrastructures to ensure they keep pace internally with a changing risk environment within the banking and regulatory environments. 

Assets and Capital

Total assets of the Corporation at December 31, 2014 were $743.785 million, up $170.985 million from the $572.800 million of total assets at year-end 2013. The Corporation's internal growth (exclusive of the PFC acquisition) for 2014 amounted to approximately $46 million, or 8%, due primarily to robust loan growth.

Total common shareholders' equity at December 31, 2014 was $73.996 million, or $11.81 per share, compared to $65.249 million, or $11.77 per share at December 31, 2013. The Corporation issued 695,361 shares and added approximately 375 new common stock shareholders as a result of the PFC acquisition. We expect this acquisition to be immediately accretive and benefit our legacy and newly added PFC shareholders. The capital levels at both Bank and Consolidated levels remain "well capitalized" at December 31, 2014.

In closure, Mr. Tobias stated, "In addition, our organic growth will be enhanced in 2015 with our asset based lending subsidiary attaining the growth necessary to sustain profitability. The asset based lending business is complementary to our commercial lending and to our SBA/USDA efforts. These current initiatives will produce positive returns on our investment and significantly add to shareholder value in the near future. Our increased footings and growing revenue base will also allow us to better absorb the higher costs associated with increased regulation. As we look into 2015 and beyond, we will continue to evaluate opportunities for both organic and external growth to enhance shareholder value."

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $740 million and whose common stock is traded on the NASDAQ stock market as "MFNC." The principal subsidiary of the Corporation is mBank. Headquartered in Manistique, Michigan, mBank has 17 branch locations; thirteen in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, Michigan. The Company's banking services include commercial lending and treasury management products and services geared toward small to mid-sized businesses, as well as a full array of personal and business deposit products and consumer loans.

Forward-Looking Statements

This release contains certain forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," and variations of such words and similar expressions are intended to identify forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. These statements reflect management's current beliefs as to expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include among others: our failure to achieve expected synergies from the acquisition of Peninsula Bank, unforeseen difficulties in integrating the operations of Peninsula Bank, changes in the national and local economies or market conditions; changes in interest rates and banking regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions, bank consolidations, branch closings and other sources may not be fully realized at all or within specified time frames as well as other risks and uncertainties including but not limited to those detailed from time to time in filings of the Company with the Securities and Exchange Commission. These and other factors may cause decisions and actual results to differ materially from current expectations. Mackinac Financial Corporation undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

 
 
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
           
           
  December 31,     December 31,  
(Dollars in thousands, except per share data) 2014     2013  
  (Unaudited)     (Unaudited)  
Selected Financial Condition Data (at end of period):              
Assets $ 743,785     $ 572,800  
Loans   600,935       483,832  
Investment securities   65,832       44,388  
Deposits   606,973       466,299  
Borrowings   49,846       37,852  
Common Shareholders' Equity   73,996       65,249  
Shareholders' equity   73,996       65,249  
               
               
Selected Statements of Income Data:              
Net interest income $ 23,527     $ 21,399  
Income before taxes and preferred dividend   2,829       5,534  
Net income   1,700       5,629  
Income per common share - Basic   .30       1.01  
Income per common share - Diluted   .30       1.00  
Dividends paid per share $ .225     $ .170  
Weighted average shares outstanding   5,592,738       5,558,313  
Weighted average shares outstanding - Diluted   5,653,811       5,650,058  
               
Selected Financial Ratios and Other Data:              
Performance Ratios:              
Net interest margin   4.19 %     4.17 %
Efficiency ratio   74.43       67.46  
Return on average assets   .28       1.01  
Return on average common equity   2.57       9.07  
Return on average equity   2.57       8.26  
               
Average total assets $ 605,612     $ 555,152  
Average common shareholders' equity   66,249       62,082  
Average total shareholders' equity   66,249       68,172  
Average loans to average deposits ratio   103.98 %     103.46 %
               
Common Share Data at end of period:              
Market price per common share $ 11.85     $ 9.90  
Book value per common share $ 11.81     $ 11.77  
Tangible book value per share $ 11.01     $ 11.77  
Common shares outstanding   6,266,756       5,541,390  
               
Other Data at end of period:              
Allowance for loan losses $ 5,140     $ 4,661  
Non-performing assets $ 4,668     $ 3,908  
Allowance for loan losses to total loans   .86 %     .96 %
Non-performing assets to total assets   .63 %     .68 %
Texas ratio   5.90 %     5.59 %
               
Number of:              
  Branch locations   17       11  
  FTE Employees   160       133  
                 
                 
                 
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES  
CONSOLIDATED BALANCE SHEETS  
   
   
  December 31,     December 31,  
  2014     2013  
  (Unaudited)     Audited  
ASSETS              
               
Cash and due from banks $ 21,947     $ 18,216  
Federal funds sold   -       3  
  Cash and cash equivalents   21,947       18,219  
               
Interest-bearing deposits in other financial institutions   5,797       10  
Securities available for sale   65,832       44,388  
Federal Home Loan Bank stock   2,973       3,060  
               
Loans:              
  Commercial   407,377       359,368  
  Mortgage   170,203       110,663  
  Consumer   23,355       13,801  
    Total Loans   600,935       483,832  
      Allowance for loan losses   (5,140 )     (4,661 )
Net loans   595,795       479,171  
               
Premises and equipment   12,658       10,210  
Other real estate held for sale   3,010       1,884  
Deferred Tax Asset   11,498       9,933  
Deposit based intangible   1,196       -  
Goodwill   3,805       -  
Other assets   19,274       5,925  
               
TOTAL ASSETS $ 743,785     $ 572,800  
               
LIABILITIES AND SHAREHOLDERS' EQUITY              
               
LIABILITIES:              
Deposits:              
  Noninterest bearing deposits $ 95,498     $ 72,936  
  NOW, money market, interest checking   212,565       149,123  
  Savings   28,015       13,039  
  CDs < $100,000   134,951       140,495  
  CDs > $100,000   30,316       23,159  
  Brokered   105,628       67,547  
    Total deposits   606,973       466,299  
               
Borrowings   49,846       37,852  
Other liabilities   12,970       3,400  
Total liabilities   669,789       507,551  
               
SHAREHOLDERS' EQUITY:              
  Preferred stock - No par value:              
    Authorized 500,000 shares, Issued and outstanding - none and 11,000 shares   -       -  
  Common stock and additional paid in capital - No par value              
    Authorized - 18,000,000 shares              
    Issued and outstanding - 6,266,756 and 5,541,390, shares respectively   62,410       53,621  
    Retained earnings   11,803       11,412  
    Accumulated other comprehensive income   (217 )     216  
               
      Total shareholders' equity   73,996       65,249  
               
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 743,785     $ 572,800  
               
               
               
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF OPERATIONS  
           
           
  For the Years Ended December 31,  
  2014   2013     2012  
  (Unaudited)   (Audited)     (Audited)  
INTEREST INCOME:                    
  Interest and fees on loans:                    
    Taxable $ 26,461   $ 24,295     $ 23,197  
    Tax-exempt   30     105       116  
  Interest on securities:                    
    Taxable   962     961       948  
    Tax-exempt   64     34       27  
  Other interest income   152     128       139  
    Total interest income   27,669     25,523       24,427  
                     
INTEREST EXPENSE:                    
  Deposits   3,218     3,468       3,946  
  Borrowings   924     656       657  
    Total interest expense   4,142     4,124       4,603  
                     
Net interest income   23,527     21,399       19,824  
Provision for loan losses   1,200     1,675       945  
Net interest income after provision for loan losses   22,327     19,724       18,879  
                     
OTHER INCOME:                    
  Deposit service fees   701     667       699  
  Income from loans sold on the secondary market   637     1,028       1,390  
  SBA/USDA loan sale gains   757     951       1,176  
  Mortgage servicing income   675     790       417  
  Net security gains   54     73       -  
  Other   288     429       361  
    Total other income   3,112     3,938       4,043  
                     
OTHER EXPENSE:                    
  Salaries and employee benefits   10,303     9,351       8,288  
  Occupancy   2,129     1,481       1,372  
  Furniture and equipment   1,268     1,102       885  
  Data processing   1,150     1,071       991  
  Advertising   449     436       376  
  Professional service fees   1,163     1,069       1,196  
  Loan and deposit   699     617       877  
  Writedowns and losses on other real estate held for sale   280     265       489  
  FDIC insurance assessment   362     385       459  
  Telephone   327     303       233  
  Nonrecurring transaction related expenses   2,475     -       -  
  Other   2,005     2,048       1,591  
    Total other expenses   22,610     18,128       16,757  
                     
Income before income taxes   2,829     5,534       6,165  
Provision (benefit of) for income taxes   1,129     (403 )     (922 )
                     
NET INCOME   1,700     5,937       7,087  
                     
Preferred dividend and accretion of discount   -     308       629  
                     
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 1,700   $ 5,629     $ 6,458  
                     
INCOME PER COMMON SHARE:                    
  Basic $ .30   $ 1.01     $ 1.51  
  Diluted $ .30   $ 1.00     $ 1.51  
                       
                       
                       
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY
 
 
(Dollars in thousands)
 
Loan Portfolio Balances (at end of period):
       
  December 31,   December 31,
  2014   2013
  (Unaudited)   (Unaudited)
  Commercial Loans:          
  Real estate - operators of nonresidential buildings $ 106,644   $ 100,333
  Hospitality and tourism   46,211     45,360
  Lessors of residential buildings   19,776     14,191
  Commercial construction   16,284     10,904
  Gasoline stations and convenience stores   13,841     11,534
  Real estate agents and managers   9,454     10,922
  Other   221,356     166,124
    Total Commercial Loans   433,566     359,368
           
  1-4 family residential real estate   139,553     103,768
  Consumer   18,385     13,801
  Consumer construction   9,431     6,895
           
  Total Loans $ 600,935   $ 483,832
 
 
Credit Quality (at end of period):
           
  December 31,     December 31,  
  2014     2013  
  (Unaudited)     (Unaudited)  
  Nonperforming Assets:              
  Nonaccrual loans $ 1,658     $ 2,024  
  Loans past due 90 days or more   -       -  
  Restructured loans   -       -  
    Total nonperforming loans   1,658       2,024  
  Other real estate owned   3,010       1,884  
    Total nonperforming assets $ 4,668     $ 3,908  
  Nonperforming loans as a % of loans   .28 %     .42 %
  Nonperforming assets as a % of assets   .63 %     .68 %
  Reserve for Loan Losses:              
  At period end $ 5,140     $ 4,661  
  As a % of average loans   1.01 %     .96 %
  As a % of nonperforming loans   310.00 %     230.29 %
  As a % of nonaccrual loans   310.00 %     230.29 %
  Texas Ratio   5.90 %     5.59 %
               
  Charge-off Information (year to date):              
    Average loans $ 509,749     $ 462,500  
    Net charge-offs $ 721     $ 2,232  
    Charge-offs as a % of average loans, annualized   .14 %     .48 %
                   
                   
                   
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES  
QUARTERLY FINANCIAL HIGHLIGHTS  
   
                             
  QUARTER ENDED  
  (Unaudited)  
 
 
December 31, 2014  
 
 
 
September 30, 2014  
 
 
 
June 30,
2014
 
 
 
 
March 31,
2014
 
 
 
 
December 31, 2013  
 
BALANCE SHEET (Dollars in thousands)                                      
                                       
Total loans $ 600,935     $ 518,373     $ 502,940     $ 485,862     $ 483,832  
Allowance for loan losses   (5,140 )     (5,279 )     (5,097 )     (4,883 )     (4,661 )
  Total loans, net   595,795       513,094       497,843       480,979       479,171  
Total assets   743,785       613,943       595,869       583,592       572,800  
Core deposits   471,029       403,950       380,772       384,846       375,593  
Noncore deposits   135,944       87,256       103,244       90,864       90,706  
  Total deposits   606,973       491,206       484,016       475,710       466,299  
Total borrowings   49,846       52,409       42,087       38,852       37,852  
Common shareholders' equity   73,996       67,132       66,477       65,730       65,249  
Total shareholders' equity   73,996       67,132       66,477       65,730       65,249  
Total shares outstanding   6,266,756       5,564,815       5,527,690       5,527,690       5,541,390  
Weighted average shares outstanding   5,770,104       5,540,200       5,527,690       5,530,908       5,555,952  
                                       
AVERAGE BALANCES (Dollars in thousands)                                      
                                       
Assets $ 651,935     $ 607,840     $ 581,150     $ 580,717     $ 569,443  
Loans   549,411       509,618       492,923       486,354       479,321  
Deposits   522,155       494,599       469,720       473,951       461,630  
Common Equity   67,397       66,558       65,553       65,462       62,950  
Equity   67,397       66,558       65,553       65,462       66,906  
                                       
INCOME STATEMENT (Dollars in thousands)                                      
                                       
Net interest income $ 6,389     $ 5,886     $ 5,659     $ 5,593     $ 5,626  
Provision for loan losses   639       187       191       183       825  
  Net interest income after provision   5,750       5,699       5,468       5,410       4,801  
Total noninterest income   1,003       768       650       691       1,191  
Total noninterest expense   7,479       5,126       4,898       5,107       4,935  
Income before taxes   (726 )     1,341       1,220       994       1,057  
Provision for income taxes   (74 )     455       414       334       (1,911 )
  Net income   (652 )     886       806       660       2,968  
Preferred dividend expense   -       -       -       -       58  
Net income available to common shareholders $ (652 )   $ 886     $ 806     $ 660     $ 2,910  
                                       
PER SHARE DATA                                      
                                       
Earnings $ (.13 )   $ .16     $ .15     $ .12     $ .52  
Book value per common share   11.85       12.06       12.03       11.89       11.77  
Market value, closing price   11.81       11.30       12.90       12.54       9.90  
Dividends per share   .075       .05       .05       .05       .05  
                                       
ASSET QUALITY RATIOS                                      
                                       
Nonperforming loans/total loans   .28 %     .52 %     .53 %     .31 %     .42 %
Nonperforming assets/total assets   .63       .74       .77       .63       .68  
Allowance for loan losses/total loans   .86       1.02       1.01       1.01       .96  
Allowance for loan losses/nonperforming loans   310.00       195.88       192.19       327.50       230.29  
Texas ratio (1)   5.90       6.27       6.43       5.18       5.59  
                                       
PROFITABILITY RATIOS                                      
                                       
Return on average assets   (.40 )%     .58 %     .56 %     .46 %     2.03 %
Return on average common equity   (3.84 )     5.28       4.93       4.09       18.34  
Return on average equity   (3.84 )     5.28       4.93       4.09       17.26  
Net interest margin   4.19       4.20       4.18       4.25       4.24  
Efficiency ratio   70.27       73.83       77.55       80.57       66.94  
Average loans/average deposits   105.22       103.03       104.94       102.62       103.83  
                                       
CAPITAL ADEQUACY RATIOS                                      
                                       
Tier 1 leverage ratio   8.68 %     10.23 %     10.50 %     10.25 %     10.31 %
Tier 1 capital to risk weighted assets   10.35       11.68       11.86       11.79       11.83  
Total capital to risk weighted assets   11.19       12.68       12.87       12.79       12.79  
Average equity/average assets (for the quarter)   10.34       10.95       11.28       11.27       11.75  
Tangible equity/tangible assets (at quarter end)   9.25       10.93       11.16       11.26       11.75  
 
(1) Texas ratio equals nonperforming assets divided by shareholders' equity plus allowance for loan losses
 

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