SOURCE: Mackinac Financial Corporation

Mackinac Financial Corporation

July 24, 2015 14:00 ET

Mackinac Financial Corporation Reports Increased Earnings Momentum for Six Month and Second Quarter 2015 Results

MANISTIQUE, MI--(Marketwired - Jul 24, 2015) - Mackinac Financial Corporation (NASDAQ: MFNC), the bank holding company for mBank, today announced second quarter 2015 income of $1.614 million or $.26 per share compared to net income of $.805 million, or $.15 per share for the second quarter of 2014 and $1.366 million, or $.22 per share, in the 2015 first quarter. Operating results for the first six months of 2015 totaled $2.986 million, or $.48 per share, compared to $1.466 million, or $.27 per share, for the same period in 2014. Total assets of the Corporation at June 30, 2015 totaled $735.338 million, compared to $595.869 million on June 30, 2014.

Shareholders' equity at June 30, 2015 totaled $75.746 million, compared to $66.477 million on June 30, 2014. The book value per share equated to $12.15 on June 30, 2015 compared to $12.03 per share a year ago. Weighted average shares outstanding totaled 6,250,984 shares in the 2015 first half compared to 5,529,290 for the same period in 2015.

The acquisition of Peninsula Financial Corporation, the holding company for Peninsula Bank ("PFC"), in December 2014 added approximately $125 million in assets, $70 million in loan balances and $100 million in deposits to our organization. In connection with this acquisition we increased shareholders equity by $7.804 million, issued 695,361 shares of our common stock and added approximately 350 new shareholders.

Key highlights for the first six months of 2015 results include:

  • mBank, the Corporation's primary asset, recorded net income of $3.516 million in the first half of 2015, compared to $2.404 million for the first half of 2014, a 46.26 % increase following the seamless integration of Peninsula Bank.

  • The Corporation recorded "pre-tax, pre-provision" income of $5.038 million for the first half of 2015, compared to $2.588 million for the same period in 2014.

  • Healthy new loan growth with production of $114.8 million and $14.2 million of "net" balance sheet growth.

  • Strong net interest margin improving to 4.35% compared to 4.21% in the 2014 first half.

  • Increased contribution from secondary mortgage market activity.

  • Dividend on common stock of $.075 per share compared to $.05 per share one year ago.

Loans and Nonperforming Assets

Total loans at June 30, 2015 were $615.247 million, a $112.307 million increase from $502.940 million at June 30, 2014, of which approximately $70.0 million is due to the PFC acquisition. The Corporation is up $14.166 million, 2.0%, from year-end 2014 total loans of $601.081 million. In addition to the aforementioned balance sheet totals, the company services $228 million of sold mortgage loans and $66 million of sold SBA and USDA loans. Total loans under management now total $909 million. 

New loan production totaled $114.8 million with the Upper Peninsula contributing $64.6 million, the Northern Lower Peninsula $32.8 million and Southeast Michigan $17.4 million. Commercial loan production accounted for $73.0 million of the six month total, with consumer, primarily 1-4 family mortgages, of $41.8 million. Commenting on new loan production and overall lending activities, Kelly W. George, President and CEO of mBank, stated, "We are very pleased with the new loan opportunities in all our markets. Our net loan balances did not increase in line with production as we experienced approximately $25.0 million of unanticipated loan payoffs due in part to customers moving to other institutions for pricing and terms that were outside of our loan structure guidelines. Loan balance growth did accelerate in the second quarter with strong loan pipelines moving into the second half of the year for both commercial and mortgage business." 

Nonperforming loans totaled $9.652 million, 1.57% of total loans at June 30, 2015 compared to $2.652 million, or .53% of total loans at June 30, 2014 and up from the $3.939 million from December 31, 2014. Total loan delinquencies greater than 30 days resided at a nominal 1.71%, or $7.641 million. Mr. George, commenting on credit quality, stated, "Our credit quality risk metrics and overall loan portfolio payment performance remains strong with no systemic issues within any segments of the portfolio."

Mr. George also stated, "The increase in nonperforming loans is isolated almost solely with the local paper mill loan relationship we discussed in detail in our previous quarters press release. As an update, a letter of intent has been signed with a potential new owner who is completing exclusive due diligence with hopes of acquiring the assets of the mill and reopening it in early October of this year making paper again. We are cautiously optimistic that the letter of intent and subsequent due diligence will result in a final definite sales agreement. We have taken prudent steps working with all lending parties and government agencies to continually wind down the mill and protect and control the disposition of our collateral should the mill fail to reopen since it was abruptly closed in late March by its private equity owner."

Mr. George concluded, "We have been very pleased with the resolution of several of the acquired PFC problem assets, and expect further positive progress there as we work through their remaining nonperforming assets. We believe our purchase accounting marks for the loans acquired are appropriate."

Margin Analysis

Net interest income in the first half of 2015 increased to $14.520 million, 4.35%, compared to 11.252 million, or 4.21%, in the first half of 2014. The increase in net interest income was largely due to the PFC acquisition as we increased earning assets by approximately $90 million. We also had increased net interest contribution due to the accretive attributes associated with the purchase accounting adjustments related to PFC loan marks under GAAP. Mr. George stated, "We have been successful in maintaining our strong net interest margin within this historically low interest rate cycle though the use of continued targeted funding strategies and disciplined loan pricing in efforts to mitigate longer term interest rate risk where we maintain a favorable balance sheet position in a rising interest rate environment. We continue to look for any investment opportunities that fit our balance sheet structure but will not take unnecessary risk or extend duration in order to enhance short term yields. We will remain committed to our core banking philosophy which emphasizes loan growth as the best asset to invest in to benefit and help grow the economic bases in our local communities, which in turn also provides the best overall returns to our shareholders."

Deposits

Total deposits of $588.821 million at June 30, 2015 increased by $104.805 million ($100 million from the PFC acquisition noted above) from deposits of $484.016 million on June 30, 2014 and were down $18.152 million from year end deposits of $606.973 million. Mr. George, commenting on core deposits and overall liquidity needs, stated "The Corporation maintains a strong liquidity position to fund operations and loan growth. We proactively review our short and long term funding needs and review our pricing levels within the different segments of our deposit products in order to best manage our net interest margin to capture as many dollars as we can. 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 growth durations, and cover any potential short term funding gaps that could arise to protect our balance sheet in various interest rate change stress tests."

Noninterest Income/Expense

Noninterest income, at $1.973 million in the first six months of 2015, increased $.632 million from the first six months 2014 level of $1.341 million. The primary reason for the increase was increased year over year activity in the secondary mortgage market. Income from this source totaled $.449 million compared to $.243 million in the 2014 six month period. Noninterest expense, at $11.456 million in the first half of 2015, increased $1.452 million, or 14.50% from the first half of 2014. The increase from the first six months of 2014 was largely attributable to the PFC acquisition in December 2014 in terms of salaries and benefits, and some data processing costs which are expected to diminish now that the conversion process is complete. We remain diligent in monitoring and controlling our overall expense base, which continues to reside at below peer levels.

Assets and Capital

Total assets of the Corporation at June 30, 2015 were $735.338 million, up $139.469 million from the $595.869 million reported at June 30, 2014, approximately $125 million attributed to the acquisition of PFC in December 2014, and down slightly from the $743.785 million of total assets at year-end 2014. The decrease in assets during the first half was primarily due to the reduction in deposits as we paid down some of our brokered deposits in connection with reductions in loan funding needs. Common shareholders' equity at June 30, 2015 totaled $75.746 million, or $12.15 per share, compared to $66.477 million, or $12.03 per share on June 30, 2014. The Corporation and the Bank are both "well-capitalized" with Tier 1 Capital at the Corporation of 9.14% and 9.91% at the Bank.

Paul D. Tobias, Chairman and Chief Executive Officer of the Corporation concluded, "With the acquisition of PFC, the combination of our organizations has resulted in accretive earnings as planned, and we expect this contribution to continue in future periods. The expansion of our footprint from this business combination provided us with increased growth opportunities in the western part of Marquette County and tangent markets. Our increased asset size resulted in the anticipated operational and scale efficiencies, which contributed to earnings accretion. We believe that we will have additional accretive opportunities in the near term as the regulatory and operating costs for smaller banks dictate a larger asset base. We remain committed to our shareholders in all of our endeavors to increase value by building a safe and sound company with strong asset growth, increasing core earnings and growing returns on equity." 

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $725 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: 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, 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
 
(Dollars in thousands, except per share data) As of and For the Period Ending 
June 30, 2015
    As of and For the Year Ending December 31, 2014     As of and For the Period Ending
June 30, 2014
 
  (Unaudited)           (Unaudited)  
Selected Financial Condition Data (at end of period):                      
Assets $ 735,338     $ 743,785     $ 595,869  
Loans   615,247       600,935       502,940  
Investment securities   60,561       65,832       47,374  
Deposits   588,821       606,973       484,016  
Borrowings   64,483       49,846       42,087  
Shareholders' equity   75,746       73,996       66,477  
                       
                       
Selected Statements of Income Data (six months and year ended):                      
Net interest income $ 14,520     $ 23,527     $ 11,252  
Income before taxes   4,533       2,829       2,214  
Net income   2,985       1,700       1,466  
Income per common share - Basic   .48       .30       .27  
Income per common share - Diluted   .48       .30       .26  
Weighted average shares outstanding   6,250,984       5,592,738       5,529,290  
Weighted average shares outstanding- Diluted   6,278,498       5,653,811       5,623,192  
                       
Three Months Ended:                      
Net interest income $ 7,000     $ 6,389     $ 5,659  
Income before taxes and preferred dividend   2,450       (726 )     1,220  
Net income   1,614       (652 )     806  
Income per common share - Basic   .26       (.13 )     .15  
Income per common share - Diluted   .26       (.13 )     .15  
Weighted average shares outstanding   6,245,553       5,770,104       5,527,690  
Weighted average shares outstanding- Diluted   6,288,147       5,770,104       5,557,563  
                       
Selected Financial Ratios and Other Data:                      
Performance Ratios:                      
Net interest margin   4.35 %     4.19 %     4.21 %
Efficiency ratio   70.15       74.43       78.95  
Return on average assets   .82       .28       .51  
Return on average equity   8.03       2.57       4.51  
                       
Average total assets $ 735,225     $ 605,612     $ 580,934  
Average total shareholders' equity   74,965       66,249       65,508  
Average loans to average deposits ratio   100.99 %     103.98 %     103.78 %
                       
                       
Common Share Data at end of period:                      
Market price per common share $ 10.53     $ 11.85     $ 12.90  
Book value per common share   12.15       11.81       12.03  
Tangible book value per share   11.35       11.01       12.03  
Dividends paid per share, annualized   .30       .225       .200  
Common shares outstanding   6,236,250       6,266,756       5,527,690  
                       
Other Data at end of period:                      
Allowance for loan losses $ 5,600     $ 5,140     $ 5,097  
Non-performing assets $ 12,044     $ 6,949     $ 4,599  
Allowance for loan losses to total loans   .91 %     .86 %     1.01 %
Non-performing assets to total assets   1.64 %     .93 %     .77 %
Texas ratio   15.76 %     9.37 %     6.43 %
                       
Number of:                      
  Branch locations   17       17       11  
  FTE Employees   168       160       134  
                         
                         
                         
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES  
CONSOLIDATED BALANCE SHEETS  
   
  June 30,     December 31,     June 30,  
  2015     2014     2014  
  (Unaudited)           (Unaudited)  
ASSETS                      
                       
Cash and due from banks $ 16,658     $ 21,947     $ 20,744  
Federal funds sold   3       -       2  
  Cash and cash equivalents   16,661       21,947       20,746  
                       
Interest-bearing deposits in other financial institutions   5,338       5,797       235  
Securities available for sale   60,561       65,832       47,374  
Federal Home Loan Bank stock   2,169       2,973       3,060  
                       
Loans:                      
  Commercial   447,086       433,566       374,565  
  Mortgage   150,998       148,984       113,332  
  Consumer   17,163       18,385       15,043  
    Total Loans   615,247       600,935       502,940  
      Allowance for loan losses   (5,600 )     (5,140 )     (5,097 )
  Net loans   609,647       595,795       497,843  
                       
Premises and equipment   12,584       12,658       9,790  
Other real estate held for sale   2,392       3,010       1,947  
Deferred tax asset   10,013       11,498       9,097  
Deposit based intangibles   1,136       1,196       -  
Goodwill   3,805       3,805       -  
Other assets   11,032       19,274       5,777  
                       
TOTAL ASSETS $ 735,338     $ 743,785     $ 595,869  
                       
LIABILITIES AND SHAREHOLDERS' EQUITY                      
                       
LIABILITIES:                      
Deposits:                      
  Noninterest bearing deposits $ 108,068     $ 95,498     $ 73,732  
  NOW, money market, interest checking   198,482       212,565       148,242  
  Savings   29,921       28,015       15,658  
  CDs < $100,000   133,582       134,951       143,140  
  CDs > $100,000   28,731       30,316       23,151  
  Brokered   90,037       105,628       80,093  
      Total deposits   588,821       606,973       484,016  
                         
  Borrowings   64,483       49,846       42,087  
  Other liabilities   6,288       12,970       3,289  
    Total liabilities   659,592       669,789       529,392  
                       
SHAREHOLDERS' EQUITY:                      
  Preferred stock - No par value:                      
    Authorized - 500,000 shares, none issued and outstanding   -       -       -  
  Common stock and additional paid in capital - No par value                      
    Authorized - 18,000,000 shares                      
    Issued and outstanding - 6,236,250; 6,266,756 and 5,527,690 respectively   61,461       61,679       53,703  
    Retained earnings   13,851       11,804       12,325  
    Accumulated other comprehensive income   434       513       449  
                         
      Total shareholders' equity   75,746       73,996       66,477  
                       
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 735,338     $ 743,785     $ 595,869  
                       
                       
                       
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
 
  Three Months Ended   Six Months Ended
  June 30,   June 30,
  2015   2014   2015   2014
  (Unaudited)   (Unaudited)
INTEREST INCOME:                      
  Interest and fees on loans:                      
    Taxable $ 7,742   $ 6,373   $ 15,967   $ 12,654
    Tax-exempt   3     -     6     23
  Interest on securities:                      
    Taxable   261     244     563     481
    Tax-exempt   53     14     94     27
  Other interest income   40     32     102     80
    Total interest income   8,099     6,663     16,732     13,265
                       
INTEREST EXPENSE:                      
  Deposits   801     800     1,624     1,622
  Borrowings   298     204     588     391
    Total interest expense   1,099     1,004     2,212     2,013
                       
Net interest income   7,000     5,659     14,520     11,252
Provision for loan losses   200     191     505     374
Net interest income after provision for loan losses   6,800     5,468     14,015     10,878
                       
OTHER INCOME:                      
  Deposit service fees   244     192     428     349
  Income from loans sold on the secondary market   282     139     449     242
  SBA/USDA loan sale gains   282     166     400     548
  Mortgage servicing income   199     89     230     102
  Net security gains   259     -     269     -
  Other   84     64     198     100
      Total other income   1,350     650     1,974     1,341
                       
OTHER EXPENSE:                      
  Salaries and employee benefits   2,916     2,523     5,963     5,064
  Occupancy   626     546     1,202     1,084
  Furniture and equipment   390     303     789     622
  Data processing   359     288     714     574
  Advertising   120     123     246     230
  Professional service fees   279     276     580     607
  Loan and deposit   125     83     263     162
  Writedowns and losses on other real estate held for sale   20     14     37     14
  FDIC insurance assessment   140     90     248     175
  Telephone   106     82     238     164
  Other   619     570     1,176     1,309
      Total other expenses   5,700     4,898     11,456     10,005
                       
Income before provision for income taxes   2,450     1,220     4,533     2,214
Provision for income taxes   836     414     1,548     748
                       
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS   1,614     806     2,985     1,466
                       
                       
INCOME PER COMMON SHARE:                      
  Basic $ .26   $ .15   $ .48   $ .27
  Diluted $ .26   $ .14   $ .48   $ .26
                         
                         
                         
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY
 
(Dollars in thousands)
 
Loan Portfolio Balances (at end of period):
           
  June 30,   December 31,   June 30,
  2015   2014   2014
  (Unaudited)   (Unaudited)   (Unaudited)
Commercial Loans:                
Other   235,339     221,680     182,353
Real estate - operators of nonresidential buildings $ 102,380   $ 106,644   $ 103,598
Hospitality and tourism   42,391     46,211     42,111
Lessors of residential buildings   22,419     19,776     14,912
Commercial construction   19,868     16,284     10,550
Gasoline stations and convenience stores   14,601     13,841     11,881
Lessors of other real estate property   10,088     9,130     9,160
  Total Commercial Loans   447,086     433,566     374,565
                 
1-4 family residential real estate   142,276     139,553     105,868
Consumer   17,163     18,385     15,043
Consumer construction   8,722     9,431     7,464
                 
  Total Loans $ 615,247   $ 600,935   $ 502,940
                   
                   
Credit Quality (at end of period):  
                 
  June 30,     December 31,     June 30,  
  2015     2014     2014  
  (Unaudited)     (Unaudited)     (Unaudited)  
Nonperforming Assets :                      
Nonaccrual loans $ 8,690     $ 3,939     $ 2,055  
Loans past due 90 days or more   140       -       -  
Restructured loans   822       -       597  
  Total nonperforming loans   9,652       3,939       2,652  
Other real estate owned   2,392       3,010       1,947  
  Total nonperforming assets $ 12,044     $ 6,949     $ 4,599  
Nonperforming loans as a % of loans   1.57 %     .66 %     .53 %
Nonperforming assets as a % of assets   1.64 %     .93 %     .77 %
Reserve for Loan Losses:                      
At period end $ 5,600     $ 5,140     $ 5,097  
As a % of average loans   .93 %     1.01 %     1.04 %
As a % of nonperforming loans   58.02 %     130.49 %     192.19 %
As a % of nonaccrual loans   64.44 %     130.49 %     248.03 %
Texas Ratio   15.76 %     9.37 %     6.43 %
                       
Charge-off Information (year to date):                      
  Average loans $ 603,711     $ 509,749     $ 489,656  
  Net charge-offs (recoveries) $ 44     $ 721     $ (62 )
  Charge-offs as a % of average loans   .01 %     .14 %     N/M %
                         
                         
                         
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES  
QUARTERLY FINANCIAL HIGHLIGHTS  
     
  QUARTER ENDED  
  (Unaudited)  
  June 30,   March 31,   December 31,   September 30,   June 30,  
  2015   2015   2014   2014   2014  
BALANCE SHEET (Dollars in thousands)                              
                               
Total loans $ 615,247   $ 597,731   $ 600,935   $ 518,373   $ 502,940  
Allowance for loan losses   (5,600 )   (5,527 )   (5,140 )   (5,279 )   (5,097 )
  Total loans, net   609,647     592,204     595,795     513,094     497,843  
Total assets   735,338     728,844     743,785     613,943     595,869  
Core deposits   470,053     468,622     471,029     403,950     380,772  
Noncore deposits   118,768     129,291     135,944     87,256     103,244  
  Total deposits   588,821     597,913     606,973     491,206     484,016  
Total borrowings   64,483     49,839     49,846     52,409     42,087  
Total shareholders' equity   75,746     75,038     73,996     67,132     66,477  
Total tangible equity   70,805     70,066     68,995     67,132     66,477  
Total shares outstanding   6,236,250     6,257,450     6,266,756     5,564,815     5,527,690  
Weighted average shares outstanding   6,245,553     6,256,475     5,770,104     5,540,200     5,527,690  
                               
AVERAGE BALANCES (Dollars in thousands)                              
                               
Assets $ 732,979   $ 737,496   $ 651,935   $ 607,840   $ 581,150  
Loans   607,330     600,052     549,411     509,618     492,923  
Deposits   594,266     601,834     522,155     494,599     469,720  
Equity   75,564     73,776     67,397     66,558     65,553  
                               
INCOME STATEMENT (Dollars in thousands)                              
                               
Net interest income $ 7,000   $ 7,520   $ 6,389   $ 5,886   $ 5,659  
Provision for loan losses   200     305     639     187     191  
  Net interest income after provision   6,800     7,215     5,750     5,699     5,468  
Total noninterest income   1,350     624     1,003     768     650  
Total noninterest expense   5,700     5,756     7,479     5,126     4,898  
Income before taxes   2,450     2,083     (726 )   1,341     1,220  
Provision for income taxes   836     712     (74 )   455     414  
Net income available to common shareholders $ 1,614   $ 1,371   $ (652 ) $ 886   $ 806  
Income pre-tax, pre-provision $ 2,650   $ 2,388   $ (87 ) $ 1,528   $ 1,411  
                               
PER SHARE DATA                              
                               
Earnings $ .26   $ .22   $ (.13 ) $ .16   $ .15  
Book value per common share   12.15     11.99     11.81     12.06     12.03  
Tangible book value per share   11.35     11.20     11.01     12.06     12.03  
Market value, closing price   10.53     11.39     11.85     11.30     12.90  
Dividends per share   .075     .075     .075     .05     .05  
                               
ASSET QUALITY RATIOS                              
                               
Nonperforming loans/total loans   1.57 %   1.98 %   .66 %   .52 %   .53 %
Nonperforming assets/total assets   1.64     1.99     .93     .74     .77  
Allowance for loan losses/total loans   .91     .92     .86     1.02     1.01  
Allowance for loan losses/nonperforming loans   58.02     46.64     130.49     195.88     192.19  
Texas ratio (1)   15.76     19.16     9.37     6.27     6.43  
                               
PROFITABILITY RATIOS                              
                               
Return on average assets   .88 %   .75 %   (.40 )%   .58 %   .56 %
Return on average equity   8.57     7.54     (3.84 )   5.28     4.93  
Net interest margin   4.17     4.53     4.19     4.20     4.18  
Efficiency ratio   69.94     74.27     70.27     73.83     77.55  
Average loans/average deposits   102.20     99.78     105.22     103.03     104.94  
                               
CAPITAL ADEQUACY RATIOS                              
                               
Tier 1 leverage ratio   9.14 %   8.75 %   8.57 %   10.23 %   10.50 %
Tier 1 capital to risk weighted assets   10.18     10.33     10.23     11.68     11.86  
Total capital to risk weighted assets   11.04     11.22     11.07     12.68     12.87  
Average equity/average assets (for the quarter)   10.31     10.00     10.34     10.95     11.28  
Tangible equity/tangible assets (at quarter end)   9.68     9.68     9.25     10.93     11.16  
                               
(1)Texas ratio equals nonperforming assets divided by tangible shareholders' equity plus allowance for loan losses  
               

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