SOURCE: Mackinac Financial Corporation

Mackinac Financial Corporation

October 30, 2015 13:37 ET

Mackinac Financial Corporation Reports Nine Month and Third Quarter 2015 Results

MANISTIQUE, MI--(Marketwired - Oct 30, 2015) - Mackinac Financial Corporation (NASDAQ: MFNC) (the "Corporation"), the bank holding company for mBank, today announced third quarter 2015 net income of $1.018 million or $.16 per share compared to net income available to common shareholders of $.886 million, or $.16 per share for the third quarter of 2014. The 2015 third quarter results include one-time charges related to (i) the transfer of our asset based lending subsidiary assets to mBank, which charges included unamortized debt issue costs and a prepayment penalty, and (ii) regulatory audit costs incurred in connection with our approval as an SBA preferred lender. Operating results for the first nine months of 2015 totaled $4.003 million or $.64 per share compared to $2.352 million or $.43 per share for the same period in 2014. Total assets of the Corporation at September 30, 2015 totaled $754.972 million, compared to $613.943 million at September 30, 2014.

Shareholders' equity at September 30, 2015 totaled $76.091 million, compared to $67.132 million on September 30, 2014. The book value per share equated to $12.18 on September 30, 2015 compared to $12.06 per share a year ago. Weighted average shares outstanding totaled 6,247,416 for the first nine months of 2015 compared to 5,532,966 for the same period in 2014.

The acquisition of Peninsula Financial Corporation ("PFC"), the holding company for Peninsula Bank, 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 nine months of 2015 results include:

  • mBank, the Corporation's primary asset, recorded net income of $5.003 million in the first nine months of 2015, compared to $3.654 million for the same period in 2014, a 36.92% increase following the seamless integration of Peninsula Bank.

  • The Corporation recorded "pre-tax, pre-provision" income of $6.932 million for the first nine months of 2015, compared to $4.116 million for the same period in 2014, an increase of 68%.

  • Healthy new bank loan growth with production of $175.409 million and $18.971 million of "net" balance sheet growth.

  • Strong net interest margin, which improved to 4.29% compared to 4.20% in the first nine months of 2014.

  • Increased contribution from secondary mortgage market activity. Income from this source in the 2015 nine month period totaled $.750 million compared to $.455 million in the 2014 nine month period. 

Loans and Nonperforming Assets

Total loans at September 30, 2015 were $619.906 million, a $101.533 million increase from $518.373 million at September 30, 2014, of which approximately $70.0 million is due to the PFC acquisition. The Corporation is up $18.971 million, 3.16%, from year-end 2014 total loans of $600.935 million. In addition to the aforementioned balance sheet totals, the company services $229.769 million of sold mortgage loans and $65.830 million of sold SBA and USDA loans. Total loans under management now total $916 million. 

New loan production totaled $175.409 million with the Upper Peninsula contributing $100.091 million, the Northern Lower Peninsula $42.590 million and Southeast Michigan $32.728 million. Commercial loan production accounted for $103.503 million of the nine month total, with consumer loans, primarily 1-4 family mortgages, of $71.906 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 which is up $35 million from the prior year same period and we have seen continued new home purchase mortgage business throughout the year as well. Our net loan balances did not quite increase in line with production as we experienced approximately $25 - $30 million of unanticipated loan payoffs due in part to customers moving to other institutions for pricing and terms that were outside of our loan underwriting guidelines. We have also passed on several loan transactions where we ascertained that loan structures required some form of government guarantee and the clients were able to obtain more traditional financing elsewhere. We have a healthy loan pipeline for the remainder of the year for both commercial and mortgage business and expect this momentum to continue into next year."

Nonperforming loans totaled $8.028 million, 1.30% of total loans at September 30, 2015, down $1.624 million from June 30, 2015 balances of $9.652 million and up $4.089 million from 2014 year end balances of $3.939 million. Total loan delinquencies greater than 30 days resided at a nominal 1.47%, or $9.134 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. Of note, we expect to exit in the fourth quarter from the previously reported community development paper mill loan transaction for which we remain adequately reserved. This was the primary reason for the increase in nonperforming loans for 2015."

Margin Analysis

Net interest income in the first nine months of 2015 increased to $21.755 million, 4.29%, compared to $17.138 million, or 4.20%, in the first nine months 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 through 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 loan and investment opportunities that fit our balance sheet structure but will not take unnecessary risk or extend durations in order to enhance short term yields. In addition, we are pleased that our purchase accounting marks through our loan due diligence completed for the PFC acquisition have proven accurate in augmenting margin dollars."

Deposits

Total deposits of $622.334 million at September 30, 2015 increased by $131.128 million ($100 million from the PFC acquisition noted above) from deposits of $491.206 million on September 30, 2014 and increased $15.361 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 $2.747 million in the first nine months of 2015, increased $.638 million from the first nine months 2014 level of $2.109 million. The primary reason for the improvement was increased year over year activity in the secondary mortgage market. Income from this source totaled $.750 million compared to $.455 million in the 2014 nine month period. Noninterest expense, at $17.570 million in the first nine months of 2015, increased $2.439 million, or 16.12% from the first nine months of 2014. The 2015 increase from the first nine months of 2014 was largely attributable to the PFC acquisition in December 2014 in terms of salaries and benefits, occupancy expense of acquired branch offices and some early 2015 data processing costs prior to conversion. 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 September 30, 2015 were $754.972 million, up $141.029 million from the $613.943 million reported at September 30, 2014, with approximately $125 million attributable to the acquisition of PFC in December 2014, and up from the $743.785 million of total assets at year-end 2014. Common shareholders' equity at September 30, 2015 totaled $76.091 million, or $12.18 per share, compared to $67.132 million, or $12.06 per share on September 30, 2014. The Corporation and the Bank are both "well-capitalized" with Tier 1 Capital at the Corporation of 9.02% and 9.92% at the Bank.

Paul D. Tobias, Chairman and Chief Executive Officer of the Corporation added, "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. Early in the fourth quarter we moved MCC, our asset based lending subsidiary, into mBank to take advantage of a lower cost of funds. This activity is now contributing to earnings and we expect that contribution to accelerate as the market for closely monitored loans grows as the credit cycle ages. In conclusion, 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 per share 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 $750 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
September 30,
2015
 
 
 
 
 
 
 
 
As of and for the
Year Ending
December 31,
2014
 
 
 
 
 
 
 
 
As of and for the
Period Ending
September 30,
2014
 
 
 
 
    (Unaudited)           (Unaudited)  
Selected Financial Condition Data (at end of period):                        
Assets   $ 754,972     $ 743,785     $ 613,943  
Loans     619,906       600,935       518,373  
Investment securities     54,432       65,832       48,742  
Deposits     622,334       606,973       491,206  
Borrowings     49,593       49,846       52,409  
Shareholders' equity     76,091       73,996       67,132  
                         
                         
Selected Statements of Income Data (nine months and year ended):                        
Net interest income   $ 21,755     $ 23,527     $ 17,138  
Income before taxes     6,077       2,829       3,555  
Net income     4,003       1,700       2,352  
Income per common share - Basic*     .64       .30       .43  
Income per common share - Diluted*     .64       .30       .42  
Weighted average shares outstanding     6,247,416       5,592,738       5,532,966  
Weighted average shares outstanding- Diluted     6,278,817       5,653,811       5,594,040  
                         
Three Months Ended:                        
Net interest income   $ 7,235     $ 6,389     $ 5,886  
Income before taxes     1,544       (726 )     1,341  
Net income     1,018       (652 )     886  
Income per common share - Basic     .16       (.13 )     .16  
Income per common share - Diluted*     .16       (.13 )     .16  
Weighted average shares outstanding*     6,238,963       5,770,104       5,540,200  
Weighted average shares outstanding- Diluted     6,278,009       5,770,104       5,611,959  
                         
Selected Financial Ratios and Other Data:                        
Performance Ratios:                        
Net interest margin     4.29 %     4.19 %     4.20 %
Efficiency ratio     72.11       74.43       77.34  
Return on average assets     .72       .28       .53  
Return on average equity     7.09       2.57       4.77  
                         
Average total assets   $ 740,593     $ 605,612     $ 590,001  
Average total shareholders' equity     75,436       66,249       65,862  
Average loans to average deposits ratio     100.08 %     103.98 %     103.52 %
                         
                         
Common Share Data at end of period:                        
Market price per common share   $ 10.10     $ 11.85     $ 11.30  
Book value per common share     12.18       11.81       12.06  
Tangible book value per share     11.39       11.01          
Dividends per share, annualized     .400       .225       .200  
Common shares outstanding     6,249,595       6,266,756       5,564,815  
                         
Other Data at end of period:                        
Allowance for loan losses   $ 5,779     $ 5,140     $ 5,279  
Non-performing assets   $ 10,324     $ 6,949     $ 4,538  
Allowance for loan losses to total loans     .93 %     .86 %     1.02 %
Non-performing assets to total assets     1.37 %     .93 %     .74 %
Texas ratio     13.41 %     9.37 %     6.27 %
                         
Number of:                        
  Branch locations     17       17       11  
  FTE Employees     173       160       134  
                         
                         
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
    September 30,     December 31,     September 30,  
    2015     2014     2014  
    (Unaudited)           (Unaudited)  
ASSETS                        
                         
Cash and due from banks   $ 28,581     $ 21,947     $ 22,399  
Federal funds sold     10,000       -       2  
  Cash and cash equivalents     38,581       21,947       22,401  
                         
Interest-bearing deposits in other financial institutions     5,089       5,797       235  
Securities available for sale     54,432       65,832       48,742  
Federal Home Loan Bank stock     2,169       2,973       3,060  
                         
Loans:                        
  Commercial     446,327       433,566       383,759  
  Mortgage     156,764       148,984       119,039  
  Consumer     16,815       18,385       15,575  
    Total Loans     619,906       600,935       518,373  
      Allowance for loan losses     (5,779 )     (5,140 )     (5,279 )
  Net loans     614,127       595,795       513,094  
                         
Premises and equipment     12,670       12,658       9,821  
Other real estate held for sale     2,296       3,010       1,843  
Deferred tax asset     9,326       11,498       8,681  
Deposit based intangibles     1,106       1,196          
Goodwill     3,805       3,805          
Other assets     11,371       19,274       6,066  
                         
TOTAL ASSETS   $ 754,972     $ 743,785     $ 613,943  
                         
LIABILITIES AND SHAREHOLDERS' EQUITY                        
                         
LIABILITIES:                        
Deposits:                        
  Noninterest bearing deposits   $ 114,769     $ 95,498     $ 84,073  
  NOW, money market, interest checking     213,737       212,565       173,793  
  Savings     31,742       28,015       15,263  
  CDs < $100,000     129,715       134,951       130,821  
  CDs > $100,000     27,272       30,316       24,891  
  Brokered     105,099       105,628       62,365  
      Total deposits     622,334       606,973       491,206  
                         
  Federal funds purchased     -       -       7,500  
  Borrowings     49,593       49,846       44,909  
  Other liabilities     6,954       12,970       3,196  
    Total liabilities     678,881       669,789       546,811  
                         
SHAREHOLDERS' EQUITY:                        
  Preferred stock - No par value:                        
    Authorized - 500,000 shares,Issued and outstanding - none and 4,000 shares     -       -       -  
  Common stock and additional paid in capital - No par value                        
    Authorized - 18,000,000 shares                        
    Issued and outstanding - 6,249,595; 6,266,756 and 5,564,815 respectively     61,320       61,679       53,800  
    Retained earnings     14,229       11,804       12,923  
    Accumulated other comprehensive income                        
      Unrealized gains (losses) on available for sale securities     591       562       409  
      Minimum pension liability     (49 )     (49 )     -  
                         
    Total shareholders' equity     76,091       73,996       67,132  
                         
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 754,972     $ 743,785     $ 613,943  
                         
                         
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
    2015   2014   2015   2014
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
INTEREST INCOME:                        
  Interest and fees on loans:                        
    Taxable   $ 8,019   $ 6,651   $ 23,986   $ 19,305
    Tax-exempt     3     4     9     27
  Interest on securities:                        
    Taxable     282     230     845     711
    Tax-exempt     35     14     129     41
  Other interest income     46     34     148     114
    Total interest income     8,385     6,933     25,117     20,198
                         
INTEREST EXPENSE:                        
  Deposits     843     813     2,467     2,435
  Borrowings     307     234     895     625
    Total interest expense     1,150     1,047     3,362     3,060
                         
Net interest income     7,235     5,886     21,755     17,138
Provision for loan losses     350     187     855     561
Net interest income after provision for loan losses     6,885     5,699     20,900     16,577
                         
OTHER INCOME:                        
  Deposit service fees     196     168     624     517
  Income from loans sold on the secondary market     301     212     750     455
  SBA/USDA loan sale gains     40     -     440     548
  Mortgage servicing income     9     313     239     415
  Net security gains     133     -     402     -
  Other     94     75     292     174
    Total other income     773     768     2,747     2,109
                         
OTHER EXPENSE:                        
  Salaries and employee benefits     3,139     2,481     9,102     7,545
  Occupancy     602     511     1,804     1,595
  Furniture and equipment     370     305     1,159     927
  Data processing     327     288     1,041     862
  Advertising     153     114     399     344
  Professional service fees     348     276     928     883
  Loan and deposit     136     144     399     306
  Writedowns and losses on other real estate held for sale     104     176     141     190
  FDIC insurance assessment     135     92     383     267
  Telephone     108     84     346     248
  Other     692     655     1,868     1,964
    Total other expenses     6,114     5,126     17,570     15,131
                         
Income before provision for income taxes     1,544     1,341     6,077     3,555
Provision for income taxes     526     455     2,074     1,203
                         
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS   $ 1,018   $ 886   $ 4,003   $ 2,352
                         
INCOME PER COMMON SHARE:                        
  Basic   $ .16   $ .16   $ .64   $ .43
  Diluted   $ .16   $ .16   $ .64   $ .42
                           
                           
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY
 
(Dollars in thousands)
 
Loan Portfolio Balances (at end of period):
             
             
    September 30,   December 31,   September 30,
    2015   2014   2014
    (Unaudited)   (Unaudited)   (Unaudited)
Commercial Loans:                  
Real estate - operators of nonresidential buildings   $ 102,897   $ 106,644   $ 100,912
Hospitality and tourism     41,156     46,211     42,538
Lessors of residential buildings     25,911     19,776     16,262
Gasoline stations and convenience stores     17,077     13,841     11,626
Commercial construction     15,498     16,284     12,242
Lessors of other real estate property     7,088     9,130     9,067
Other     236,700     221,680     191,112
  Total Commercial Loans     446,327     433,566     383,759
                   
1-4 family residential real estate     144,807     139,553     110,310
Consumer     16,815     18,385     15,575
Consumer construction     11,957     9,431     8,729
                   
  Total Loans   $ 619,906   $ 600,935   $ 518,373
                     
                     
Credit Quality (at end of period):                  
                   
    September 30,     December 31,     September 30,  
    2015     2014     2014  
    (Unaudited)     (Unaudited)     (Unaudited)  
Nonperforming Assets :                        
Nonaccrual loans   $ 7,226     $ 3,939     $ 2,098  
Loans past due 90 days or more     -       -       -  
Restructured loans     802       -       597  
  Total nonperforming loans     8,028       3,939       2,695  
Other real estate owned     2,296       3,010       1,843  
  Total nonperforming assets   $ 10,324     $ 6,949     $ 4,538  
Nonperforming loans as a% of loans     1.30 %     .66 %     .52 %
Nonperforming assets as a% of assets     1.37 %     .93 %     .74 %
Reserve for Loan Losses:                        
At period end   $ 5,779     $ 5,140     $ 5,279  
As a% of average loans     .95 %     1.01 %     1.06 %
As a% of nonperforming loans     71.99 %     130.49 %     195.88 %
As a% of nonaccrual loans     79.98 %     130.49 %     251.62 %
Texas Ratio     13.41 %     9.37 %     6.27 %
                         
Charge-off Information (year to date):                        
  Average loans   $ 607,284     $ 509,749     $ 496,383  
  Net charge-offs (recoveries)   $ 216     $ 721     $ (57 )
  Charge-offs as a% of average loans     .05 %     .14 %     N/M %
                           
                           
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS
 
                     
  QUARTER ENDED  
  (Unaudited)  
  September   June   March   December   September  
  30, 2015   30, 2015   31, 2015   31, 2014   30, 2014  
BALANCE SHEET (Dollars in thousands)                    
                               
Total loans $ 619,906   $ 615,247   $ 597,731   $ 600,935   $ 518,373  
Allowance for loan losses   (5,779 )   (5,600 )   (5,527 )   (5,140 )   (5,279 )
  Total loans, net   614,127     609,647     592,204     595,795     513,094  
Total assets   754,972     735,338     728,844     743,785     613,943  
Core deposits   489,963     470,053     468,622     471,029     403,950  
Noncore deposits   132,371     118,768     129,291     135,944     87,256  
  Total deposits   622,334     588,821     597,913     606,973     491,206  
Total borrowings   49,593     64,483     49,839     49,846     52,409  
Total shareholders' equity   76,091     75,746     75,038     73,996     67,132  
Total tangible equity   71,180     70,805     70,066     68,995     67,132  
Total shares outstanding   6,249,595     6,236,250     6,257,450     6,266,756     5,564,815  
Weighted average shares outstanding   6,247,416     6,245,553     6,256,475     5,770,104     5,540,200  
                               
AVERAGE BALANCES (Dollars in thousands)                              
                               
Assets $ 751,153   $ 732,979   $ 737,496   $ 651,935   $ 607,840  
Loans   614,315     607,330     600,052     549,411     509,618  
Deposits   624,528     594,266     601,834     522,155     494,599  
Equity   76,362     75,564     73,776     67,397     66,558  
                               
INCOME STATEMENT (Dollars in thousands)                              
                               
Net interest income $ 7,235   $ 7,000   $ 7,520   $ 6,389   $ 5,886  
Provision for loan losses   350     200     305     639     187  
  Net interest income after provision   6,885     6,800     7,215     5,750     5,699  
Total noninterest income   773     1,350     624     1,003     768  
Total noninterest expense   6,114     5,700     5,756     7,479     5,126  
Income before taxes   1,544     2,450     2,083     (726 )   1,341  
Provision for income taxes   526     836     712     (74 )   455  
Net income available to common shareholders $ 1,018   $ 1,614   $ 1,371   $ (652 ) $ 886  
Income pre-tax, pre-provision $ 1,894   $ 2,650   $ 2,388   $ (87 ) $ 1,528  
                               
PER SHARE DATA                              
                               
Earnings $ .16   $ .26   $ .22   $ (.13 ) $ .16  
Book value per common share   12.18     12.15     11.99     11.81     12.06  
Tangible book value per share   11.39     11.35     11.20     11.01     12.06  
Market value, closing price   10.10     10.53     11.39     11.85     11.30  
Dividends per share   .100     .075     .075     .075     .05  
                               
ASSET QUALITY RATIOS                              
                               
Nonperforming loans/total loans   1.30 %   1.57 %   1.98 %   .66 %   .52 %
Nonperforming assets/total assets   1.37     1.64     1.99     .93     .74  
Allowance for loan losses/total loans   .93     .91     .92     .86     1.02  
Allowance for loan losses/nonperforming loans   71.99     58.02     46.64     130.49     195.88  
Texas ratio (1)   13.41     15.76     19.16     9.37     6.27  
                               
PROFITABILITY RATIOS                              
                               
Return on average assets   .54 %   .88 %   .75 %   (.40 )%   .58 %
Return on average equity   5.28     8.57     7.54     (3.84 )   5.28  
Net interest margin   4.18     4.17     4.53     4.19     4.20  
Efficiency ratio   76.13     69.94     74.27     70.27     73.83  
Average loans/average deposits   98.36     102.20     99.78     105.22     103.03  
                               
CAPITAL ADEQUACY RATIOS                              
                               
Tier 1 leverage ratio   9.02 %   9.14 %   8.75 %   8.57 %   10.23 %
Tier 1 capital to risk weighted assets   10.28     10.18     10.33     10.23     11.68  
Total capital to risk weighted assets   11.17     11.04     11.22     11.07     12.68  
Average equity/average assets (for the quarter)   10.19     10.31     10.00     10.34     10.95  
Tangible equity/tangible assets (at quarter end)   9.49     9.68     9.68     9.25     10.93  
                               
(1)Texas ratio equals nonperforming assets divided by tangible shareholders' equity plus allowance for loan losses
 

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