SOURCE: Park Sterling Corporation

Park Sterling Corporation

April 27, 2017 07:01 ET

Park Sterling Corporation Announces Results for First Quarter 2017

CHARLOTTE, NC--(Marketwired - April 27, 2017) - Park Sterling Corporation (NASDAQ: PSTB), the holding company for Park Sterling Bank, today released unaudited results of operations and other financial information for the first quarter of 2017. In a separate press release, Park Sterling and South State Corporation jointly announced the signing of a definitive merger agreement. South State Corporation will host a conference call to discuss the transaction at 10:00 a.m. EST on Thursday, April 27, 2017. Callers wishing to participate may call toll-free by dialing (877) 506-9272. The number for international participants is (412) 380-2004. The conference ID number is 10087433. Please note that this call will be in lieu of the previously announced Park Sterling earnings call originally scheduled for 8:30 a.m. EST on Thursday, April 27, 2017, which will not be held.

  • Net income of $7.5 million, or $0.14 per share, compared to $5.3 million, or $0.10 per share, in the quarter ended December 31, 2016
  • Adjusted net income (non-GAAP), which excludes merger-related expenses and gain on sale of securities, was $7.5 million, or $0.14 per share, compared to $7.3 million, or $0.14 per share in the prior quarter
  • Noninterest income decreased $377 thousand from a strong fourth quarter; with a decrease from the record capital markets income in the fourth quarter partially offset by growth in mortgage banking income
  • Noninterest expenses totaled $20.6 million, a decrease of $4.4 million from the prior quarter which included $3.0 million in merger-related expenses
  • Adjusted noninterest expenses (non-GAAP), which excludes merger-related costs, decreased $1.4 million from the prior quarter; the prior quarter results included a $1.5 million loss on the termination of an interest rate hedge on variable rate debt that was repaid
  • Nonperforming loans declined to a very low level of 0.49% of total loans
  • Capital levels remained strong with Tier 1 leverage ratio of 9.99%
  • The Board of Directors declared a quarterly cash dividend on common shares of $0.04 per share (April 2017)

"We are very pleased with our results for the first quarter of 2017. Our priorities are to deliver high quality products and services through exceptionally talented and experienced in-market banking professionals and to continue to improve profitability and returns," said Jim Cherry, Chief Executive Officer. "Our distinctive value proposition is rewarding us with attractive growth in loans, deposits and revenue, which enables us to deliver increasing earnings and returns for our shareholders."

Financial Results

Income Statement -- Three Months Ended March 31, 2017

Park Sterling reported net income of $7.5 million, or $0.14 per share, for the three months ended March 31, 2017 ("2017Q1"). This compares to net income of $5.3 million, or $0.10 per share, for the three months ended December 31, 2016 ("2016Q4") and net income of $2.7 million, or $0.05 per share, for the three months ended March 31, 2016 ("2016Q1"). The increase in net income from 2016Q4 resulted primarily from the absence of $3.0 million in merger-related expenses recorded in 2016Q4 and a $1.5 million loss on the termination of an interest rate hedge on debt repaid during 2016Q4, partially offset by an increase in income tax expense. The increase in net income from 2016Q1 was primarily a result of the benefits and cost savings from the acquisition of First Capital Bancorp, Inc., which was completed on January 1, 2016, and the absence of merger-related expenses of $5.2 million recorded in 2016Q1, partially offset by increased income taxes on higher pretax income in 2017Q1.

Net interest income totaled $27.1 million in 2017Q1, which represents a $0.5 million, or 2%, increase from $26.6 million in 2016Q4 and a $0.5 million, or 2%, increase from $26.6 million in 2016Q1. Average total earning assets increased $35 million in 2017Q1 to $2.98 billion, compared to $2.95 billion in 2016Q4 and increased $151 million, or 5%, compared to $2.83 billion in 2016Q1. The increase in average total earning assets in 2017Q1 from 2016Q4 included an increase in average loans (including loans held for sale) of $17.6 million, or 3% annualized, an increase in average marketable securities of $17.3 million, and an increase in average other interest-earning assets of $0.6 million. The increase in average total earning assets in 2017Q1 from 2016Q1 resulted primarily from a $148.9 million, or 7%, increase in average loans (including loans held for sale), a $3.8 million, or 1%, decrease in average marketable securities and a $6.0 million, or 11%, increase in average other earning assets.

Net interest margin was 3.68% in 2017Q1, representing a 10 basis point increase from 3.58% in 2016Q4 and a 10 basis point decrease from 3.78% in 2016Q1. The increase in net interest margin from 2016Q4 resulted primarily from a 12 basis point increase in loan yields. The decrease in net interest margin from 2016Q1 was primarily the result of a 20 basis point decrease in loan yields, partially offset by a 21 basis point increase in yields on investment securities.

The Company reported $678 thousand of provision expense in 2017Q1, compared to $550 thousand of provision recorded in 2016Q4, and $556 thousand of provision recorded in 2016Q1. Allowance for loan loss levels increased to 0.52% of total loans at 2017Q1 compared to 0.50% at 2016Q4.

Noninterest income totaled $5.5 million in 2017Q1, compared to $5.8 million in 2016Q4 and $4.7 million in 2016Q1. The decrease from 2016Q4 is primarily the result of a $461 thousand decrease in capital market income from the record fourth quarter level, partially offset by a $196 thousand increase in mortgage banking income. The increase in noninterest income from 2016Q1 reflects increases in capital market income, mortgage banking income and service charge income, partially offset by a decrease in income from bank-owned life as a result of one-time gain from death benefits recorded in 2016Q1.

Noninterest expense decreased $4.4 million, or 18%, to $20.6 million in 2017Q1 from $25.0 million in 2016Q4, and decreased $5.5 million, or 21%, compared to $26.2 million in 2016Q1. The decrease in noninterest expense from 2016Q4 resulted from the absence of $3.0 million in merger-related expenses and the $1.5 million loss on termination of the interest rate hedge, each recorded in 2016Q4. Adjusted noninterest expenses (non-GAAP), which exclude merger-related expenses ($0 in 2017Q1, $3.0 million in 2016Q4 and $5.2 million in 2016Q1), decreased $1.4 million, or 6%, to $20.6 million in 2017Q1 compared to $22.0 million in 2016Q4, and decreased $0.4 million compared to $21.0 million in 2016Q1. The decrease in adjusted noninterest expenses from 2016Q4 was due primarily to the absence of the loss on termination of the interest rate hedge recorded in 2016Q4.

The Company's effective tax rate was 33.2% in 2017Q1, compared to 22.1% in 2016Q4 and 40.6% in 2016Q1. The increase in the effective tax rate compared to 2016Q4 was the result of the early adoption in 2016Q4 of ASU 2016-09, which requires that excess tax benefits on stock-based compensation be recognized as a reduction of tax expense rather than as a component of other comprehensive income. Excluding the effect of the $798 thousand reduction in tax expense in 2016Q4 caused by the adoption of this standard, the 2016Q4 effective tax rate was 33.7%.

Balance Sheet

Total assets increased $53.4 million, or 7% annualized, to $3.31 billion at 2017Q1, as compared to total assets of $3.26 billion at 2016Q4. Total securities, including non-marketable securities, increased $21.1 million, to $532.9 million. Total loans, excluding loans held for sale, increased $48.4 million, or 8% annualized, to $2.46 billion at 2017Q1.

The mix of commercial and consumer loans remained largely consistent with 2016Q4. Total commercial loans increased $49.6 million and represent 79% of the loan portfolio. Commercial and industrial and commercial real estate owner occupied increased $35.6 million and represent 32.1% of the portfolio, up from 31.3% at 2016Q4, reflecting an increased focus on commercial and industrial and commercial real estate owner occupied lending. Acquisition, construction and development loans decreased $13.1 million and represent 15% of the portfolio, down from 15.9% at 2016Q4. Total consumer loans decreased $0.6 million and remain flat as a percentage of total loans at 21% of the portfolio.

Total deposits decreased $5 million, or 1% annualized, to $2.51 billion at 2017Q1. Noninterest bearing demand deposits increased $3.1 million, or 2% annualized, to $524.4 million (21% of total deposits). Money market, NOW and savings deposits were up $26.6 million from 2016Q4 and represent 51% of total deposits. Time deposits decreased $34.2 million to $706.8 million at 2017Q1.

Total borrowings increased $55.2 million, or 64% annualized, to $403 million at 2017Q1 compared to $348.2 million at 2016Q4. At 2017Q1, FHLB borrowings totaled $340 million, the senior unsecured term loan at the holding company totaled $29.7 million, and acquired subordinated debt, net of acquisition accounting fair value marks, totaled $33.7 million.

Total shareholders' equity increased $5.9 million to $361.7 million at 2017Q1 compared to $355.8 million at 2016Q4, driven by a $5.4 million increase in retained earnings and an increase of $0.6 million in accumulated other comprehensive income. The change in accumulated other comprehensive income was caused by the effect of market interest rate increases on the fair value of available for sale investment securities. During 2017Q1, there were 82,600 shares of common stock repurchased at a cost of $0.9 million to neutralize the effect of stock compensation vestings and exercises.

The Company's capital ratios remain strong at March 31, 2017 with Common Equity Tier 1 ("CET1") at 11.04% and Tier 1 leverage ratio at 9.99%.

Asset Quality

Asset quality remains strong. Nonperforming assets were $15.3 million at 2017Q1, or 0.46% of total assets, compared to $15.4 million at 2016Q4, or 0.47% of total assets. Nonperforming loans were $12.1 million at 2017Q1, and represented 0.49% of total loans, compared to $12.9 million at 2016Q4, or 0.54% of total loans. The Company reported net recoveries of $30 thousand, or 0.01% of average loans (annualized), in 2017Q1, compared to net charge-offs of $37 thousand, or 0.01% of average loans (annualized), in 2016Q4.

The allowance for loan losses increased $708 thousand, or 6%, to $12.8 million, or 0.52% of total loans, at 2017Q1, compared to $12.1 million, or 0.50%, of total loans at 2016Q4. The increase in allowance is primarily attributable to the increase in outstanding loans at period end.

Conference Call
As noted above, Park Sterling and South State Corporation jointly announced the signing of a definitive merger agreement in a separate press release. South State Corporation will host a conference call to discuss the transaction at 10:00 a.m. EST on Thursday, April 27, 2017. Callers wishing to participate may call toll-free by dialing (877) 506-9272. The number for international participants is (412) 380-2004. The conference ID number is 10087433. Please note that this call will be in lieu of the previously announced Park Sterling earnings call originally scheduled for 8:30 a.m. EST on Thursday, April 27, 2017, which will not be held.

Callers can also listen to the live audio webcast through the Investor Relations section of www.SouthStateBank.com. A replay will be available from 2 p.m. Eastern Time on April 27, 2017 until 9 a.m. on May 11, 2017. To listen to the replay, dial (877) 344-7529 or (412) 317-0088. The passcode is 10087433. The event will also be archived and available beginning April 27 by midnight Eastern Time in the Investor Relations section of www.SouthStateBank.com. Additionally, an investor presentation summarizing key operating assumptions, is available on SSB's website at www.SouthStateBank.com under investor relations.

About Park Sterling Corporation
Park Sterling Corporation, the holding company for Park Sterling Bank, is headquartered in Charlotte, North Carolina. Park Sterling, a regional community-focused financial services company with $3.3 billion in assets, is the largest community bank headquartered in the Charlotte area and has 54 banking offices stretching across the Carolinas and into North Georgia, as well as in Richmond, Virginia. The bank serves professionals, individuals, and small and mid-sized businesses by offering a full array of financial services, including deposit, mortgage banking, cash management, consumer and business finance, capital markets and wealth management services with a commitment to "Answers You Can Bank On℠." Park Sterling prides itself on being large enough to help customers achieve their financial aspirations, yet small enough to care that they do. Park Sterling is focused on building a banking franchise that is noted for sound risk management, strong community focus and exceptional customer service. For more information, visit www.parksterlingbank.com. Park Sterling Corporation shares are traded on NASDAQ under the symbol PSTB.

Non-GAAP Financial Measures
Tangible assets, tangible common equity, tangible book value, average tangible common equity, adjusted net income, adjusted operating revenues, adjusted noninterest income, adjusted noninterest expenses, adjusted operating expense, adjusted allowance for loan losses, and related ratios and per share measures, including adjusted return on average assets and adjusted return on average equity, as used throughout this release, are non-GAAP financial measures. For additional information, see "Reconciliation of Non-GAAP Financial Measures" in the accompanying tables.

Cautionary Statement Regarding Forward-Looking Statements
Statements included in this communication which are not historical in nature or do not relate to current facts are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "may," "will," "anticipate," "could," "should," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "project" and "intend," as well as other similar words and expressions of the future, are intended to identify forward-looking statements. South State Corporation ("South State") and Park Sterling Corporation ("Park Sterling") caution readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from anticipated results. Such risks and uncertainties, include, among others, the following possibilities: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between South State and Park Sterling; the outcome of any legal proceedings that may be instituted against South State or Park Sterling; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction), and shareholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where South State and Park Sterling do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; South State's ability to complete the acquisition and integration of Park Sterling successfully; inability to generate future organic growth in loan balances, retail banking, wealth management, mortgage banking or capital markets results through the hiring of new personnel, development of new products, including new online and mobile banking platforms for treasury services, opening of de novo branches or otherwise in a timely, cost-efficient manner; inability to capitalize on identified revenue enhancements or expense management opportunities, including the inability to achieve or maintain adjusted operating expense to adjusted operating revenue targets; failure of assumptions underlying noninterest expense levels; failure of assumptions underlying the establishment of the allowance for loan losses; deterioration in the value of securities held in the investment securities portfolio; the company's ability to fully realize the value of its net deferred tax asset, including the impact of lower federal income tax rates on the carrying amount or the risk that the company may be required to establish a valuation allowance; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on the financial, credit and real estate markets generally, which could negatively impact the company's revenues and the value of its assets and liabilities; changes in general economic or business conditions, customer behavior and other uncertainties that could lead to reduced revenues and deterioration in the credit quality of the loan portfolio or the value of the collateral securing those loans and result in higher credit losses than currently expected; sensitivity to the interest rate environment, including continued low interest rates, a rapid increase in interest rates or a change in the shape of the yield curve, and the impact on net interest margins; cyber-security events; failure to anticipate or inability to adapt to rapid technological developments and changes; fluctuations in the market price of the common stock, regulatory, legal and contractual requirements, other uses of capital, financial performance, market conditions generally, and future actions by the board of directors, in each case impacting repurchases of common stock or declaration of dividends; the impact of implementation of legal and regulatory developments, including changes in the federal risk-based capital rules; increased competition from both banks and nonbanks; changes in accounting standards, rules and interpretations, inaccurate estimates or assumptions in accounting, including acquisition accounting fair market value assumptions and accounting for purchased credit-impaired loans, and the impact on Park Sterling's financial statements; and management's ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk; and other factors that may affect future results of South State and Park Sterling. Additional factors that could cause results to differ materially from those described above can be found in South State's Annual Report on Form 10-K for the year ended December 31, 2016, which is on file with the Securities and Exchange Commission (the "SEC") and available in the "Investor Relations" section of South State's website, http://www.southstatebank.com, under the heading "SEC Filings" and in other documents South State files with the SEC, and in Park Sterling's Annual Report on Form 10-K for the year ended December 31, 2016, which is on file with the SEC and available on the "Investor Relations" page linked to Park Sterling's website, http://www.parksterlingbank.com, under the heading "Regulatory Filings" and in other documents Park Sterling files with the SEC.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither South State nor Park Sterling assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

IMPORTANT ADDITIONAL INFORMATION
In connection with the proposed transaction between South State and Park Sterling, South State will file with the SEC a Registration Statement on Form S-4 that will include a Joint Proxy Statement of South State and Park Sterling and a Prospectus of South State, as well as other relevant documents concerning the proposed transaction. The proposed transaction involving South State and Park Sterling will be submitted to Park Sterling's shareholders and South State's shareholders for their consideration. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Shareholders of South State and shareholders of Park Sterling are urged to read the registration statement and the joint proxy statement/prospectus regarding the transaction when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.

Shareholders will be able to obtain a free copy of the definitive joint proxy statement/prospectus, as well as other filings containing information about South State and Park Sterling, without charge, at the SEC's website (http://www.sec.gov). Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to South State Corporation, 520 Gervais Street, Columbia, South Carolina 29201, Attention: John C. Pollok, Senior Executive Vice President, CFO and COO, (800) 277-2175 or to Park Sterling Corporation, 1043 E. Morehead Street, Suite 201, Charlotte, North Carolina 28204, Attention: Donald K. Truslow, (704) 323-4292.

PARTICIPANTS IN THE SOLICITATION
South State, Park Sterling and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding South State's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 6, 2017, and certain of its Current Reports on Form 8-K. Information regarding Park Sterling's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on April 13, 2017, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of this document may be obtained as described in the preceding paragraph.

PARK STERLING CORPORATION               
CONDENSED CONSOLIDATED INCOME STATEMENT               
THREE MONTH RESULTS               
($ in thousands, except per share amounts)  March 31,  December 31,  September 30,  June 30,  March 31,
   2017  2016  2016  2016  2016
   (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
Interest income                    
 Loans, including fees  $27,462  $27,066  $26,521  $26,729  $27,124
 Taxable investment securities   2,935   2,793   2,583   2,640   2,687
 Tax-exempt investment securities   135   135   137   137   147
 Nonmarketable equity securities   198   163   151   153   154
 Interest on deposits at banks   89   54   51   34   42
 Federal funds sold   2   1   1   5   8
  Total interest income   30,821   30,212   29,444   29,698   30,162
Interest expense                    
 Money market, NOW and savings deposits   967   941   953   1,014   1,017
 Time deposits   1,425   1,469   1,447   1,449   1,398
 Short-term borrowings   501   361   345   251   294
 Long-term debt   371   371   379   440   410
 Subordinated debt   499   499   497   494   446
  Total interest expense   3,763   3,641   3,621   3,648   3,565
  Net interest income   27,058   26,571   25,823   26,050   26,597
Provision for loan losses   678   550   642   882   556
  Net interest income after provision   26,380   26,021   25,181   25,168   26,041
Noninterest income                    
 Service charges on deposit accounts   1,682   1,761   1,671   1,528   1,489
 Mortgage banking income   961   765   1,015   873   775
 Income from wealth management activities   649   682   739   863   803
 Income from capital market activities   609   1,070   680   767   68
 ATM and card income   714   713   730   776   573
 Income from bank-owned life insurance   578   663   532   526   988
 Gain (loss) on sale of securities available for sale   58   6   -   (87)   (6)
 Amortization of indemnification assetand true-up liability expense   
-
  
-
  
(139)
  
(25)
  
(147)
 Other noninterest income   217   185   219   154   184
  Total noninterest income   5,468   5,845   5,447   5,375   4,727
Noninterest expenses                    
 Salaries and employee benefits   11,483   11,480   11,755   11,774   13,018
 Occupancy and equipment   2,907   3,577   3,111   3,041   3,125
 Data processing and outside service fees   1,925   2,105   2,331   2,224   5,523
 Legal and professional fees   783   869   978   950   725
 Deposit charges and FDIC insurance   485   391   405   478   432
 Loss on disposal of fixed assets   24   2,175   144   230   44
 Communication fees   463   504   532   505   483
 Postage and supplies   142   125   115   191   173
 Loan and collection expense   117   57   425   273   37
 Core deposit intangible amortization   454   458   458   458   458
 Advertising and promotion   146   254   44   367   421
 Net cost of operation of other real estate owned   175   11   (92)   70   266
 Other noninterest expense   1,538   3,019   906   1,385   1,448
  Total noninterest expenses   20,642   25,025   21,112   21,946   26,153
  Income before income taxes   11,206   6,841   9,516   8,597   4,615
Income tax expense   3,717   1,510   3,192   3,045   1,874
  Net income  $7,489  $5,331  $6,324  $5,552  $2,741
                     
Earnings per common share, fully diluted  $0.14  $0.10  $0.12  $0.11  $0.05
Weighted average diluted common shares   53,462,857   53,155,493   52,743,928   52,704,537   52,599,584
                     
                
PARK STERLING CORPORATION               
WEALTH MANAGEMENT ASSETS               
($ in thousands)               
    
   March 31,  December 31,  September 30,  June 30,  March 31,
   2017  2016  2016  2016  2016
   (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
Discretionary assets held  $288,250  $278,872  $294,849  $322,996  $339,198
Non-discretionary assets held   44,996   36,522   28,476   32,173   31,174
Total wealth management assets  $333,246  $315,394  $323,325  $355,169  $370,372
                     
PARK STERLING CORPORATION                    
MORTGAGE ORIGINATION                    
($ in thousands)                    
    for the three month period ended
    March 31,   December 31,   September 30,   June 30,   March 31,
    2017   2016   2016   2016   2016
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Mortgage origination - purchase  $18,446  $14,767  $21,982  $25,316  $14,656
Mortgage origination - refinance   16,068   21,316   20,552   16,221   13,430
Mortgage origination - construction   16,823   18,535   19,440   18,403   14,764
Total mortgage origination  $51,337  $54,618  $61,974  $59,941  $42,850
                
                
PARK STERLING CORPORATION               
CONDENSED CONSOLIDATED BALANCE SHEETS               
($ in thousands)  March 31,  December 31,  September 30,  June 30,  March 31,
   2017  2016*  2016  2016  2016
   (Unaudited)     (Unaudited)  (Unaudited)  (Unaudited)
ASSETS                    
Cash and due from banks  $40,081  $34,162  $35,066  $33,348  $34,038
Interest-earning balances at banks   32,997   48,882   38,540   34,955   47,143
Investment securities available for sale   423,345   402,501   405,010   393,131   396,863
Investment securities held to maturity   89,579   91,752   99,415   102,125   104,459
Nonmarketable equity securities   19,967   17,501   16,289   14,420   13,118
Federal funds sold   765   570   345   1,570   11,271
Loans held for sale   6,181   7,996   15,203   11,967   7,593
Loans - Non-covered   2,460,595   2,412,186   2,368,950   2,311,775   2,262,294
Loans - Covered   -   -   -   15,122   16,849
Allowance for loan losses   (12,833)   (12,125)   (11,612)   (10,873)   (9,832)
 Net loans   2,447,762   2,400,061   2,357,338   2,316,024   2,269,311
                     
Premises and equipment, net   62,392   63,080   64,632   65,711   65,494
FDIC receivable for loss share agreements   -   -   -   1,164   1,477
Other real estate owned - non-covered   3,167   2,438   2,730   2,866   3,425
Other real estate owned - covered   -   -   -   380   985
Bank-owned life insurance   71,337   70,785   70,167   69,695   69,202
Deferred tax asset   21,250   25,721   26,947   28,985   30,088
Goodwill   63,317   63,317   63,030   63,197   63,707
Core deposit intangible   10,984   11,438   11,896   12,354   12,813
Other assets   15,632   15,192   20,330   22,183   22,750
                     
 Total assets  $3,308,756  $3,255,396  $3,226,938  $3,174,075  $3,153,737
                     
LIABILITIES AND SHAREHOLDERS' EQUITY                    
                     
Deposits:                    
Demand noninterest-bearing  $524,380  $521,295  $505,591  $496,195  $469,046
Money market, NOW and savings   1,277,986   1,251,385   1,228,687   1,229,040   1,255,848
Time deposits   706,829   741,072   749,999   748,188   773,089
 Total deposits   2,509,195   2,513,752   2,484,277   2,473,423   2,497,983
                     
Short-term borrowings   340,000   285,000   280,000   200,000   170,000
Long-term debt   29,747   29,736   29,725   64,714   65,000
Subordinated debt   33,671   33,501   33,339   33,176   33,014
Accrued expenses and other liabilities   34,423   37,562   40,901   48,312   38,229
 Total liabilities   2,947,036   2,899,551   2,868,242   2,819,625   2,804,226
                     
Shareholders' equity:                    
 Common stock   53,113   53,117   53,306   53,332   53,038
 Additional paid-in capital   273,291   273,400   275,323   275,246   274,706
 Retained earnings   37,977   32,608   29,409   25,219   21,263
 Accumulated other comprehensive income (loss)   (2,661)   (3,280)   658   653   504
 Total shareholders' equity   361,720   355,845   358,696   354,450   349,511
                     
Total liabilities and shareholders' equity  $3,308,756  $3,255,396  $3,226,938  $3,174,075  $3,153,737
                     
 Common shares issued and outstanding   53,112,726   53,116,519   53,305,834   53,332,369   53,038,020
                     
 * Derived from audited financial statements.                    
                 
                
PARK STERLING CORPORATION               
SUMMARY OF LOAN PORTFOLIO               
($ in thousands)               
   March 31,  December 31,  September 30,  June 30,  March 31,
   2017  2016*  2016  2016  2016
BY LOAN TYPE  (Unaudited)     (Unaudited)  (Unaudited)  (Unaudited)
Commercial:                    
 Commercial and industrial  $430,247  $387,401  $351,506  $334,644  $334,027
 Commercial real estate (CRE) - owner-occupied   360,318   367,553   366,506   376,440   374,428
 CRE - investor income producing   770,404   743,107   768,513   764,168   723,539
 Acquisition, construction and development (AC&D) - 1-4 Family Construction   85,025   82,707   108,706   100,604   97,614
 AC&D - Lots and land   98,339   105,362   88,620   94,686   88,492
 AC&D - CRE construction   186,325   194,732   148,696   125,466   136,561
 Other commercial   12,743   12,900   10,653   10,410   10,167
  Total commercial loans   1,943,401   1,893,762   1,843,200   1,806,418   1,764,828
                     
Consumer:                    
 Residential mortgage   273,624   260,521   254,298   244,063   235,737
 Home equity lines of credit   170,709   176,799   181,246   181,020   177,594
 Residential construction   52,631   59,060   63,847   65,867   71,117
 Other loans to individuals   16,936   18,905   23,281   26,575   27,245
  Total consumer loans   513,900   515,285   522,672   517,525   511,693
   Total loans   2,457,301   2,409,047   2,365,872   2,323,943   2,276,521
 Deferred costs (fees)   3,294   3,139   3,078   2,954   2,622
   Total loans, net of deferred costs (fees)  $2,460,595  $2,412,186  $2,368,950  $2,326,897  $2,279,143
                     
 * Derived from audited financial statements.                    
                     
   March 31,  December 31,  September 30,  June 30,  March 31,
   2017  2016*  2016  2016  2016
BY ACQUIRED AND NON-ACQUIRED  (Unaudited)     (Unaudited)  (Unaudited)  (Unaudited)
Acquired loans - performing  $495,216  $538,845  $599,840  $661,930  $726,025
Acquired loans - purchase credit impaired   81,869   85,456   90,571   98,672   106,105
 Total acquired loans   577,085   624,301   690,411   760,602   832,130
Non-acquired loans, net of deferred costs (fees)**   1,883,510   1,787,885   1,678,539   1,566,295   1,447,013
 Total loans  $2,460,595  $2,412,186  $2,368,950  $2,326,897  $2,279,143
                     
* Derived from audited financial statements.               
** Includes loans transferred from acquired pools following release of acquisition accounting FMV adjustments.      
       
                
PARK STERLING CORPORATION               
ALLOWANCE FOR LOAN LOSSES               
THREE MONTH RESULTS               
($ in thousands)  March 31,  December 31,  September 30,  June 30,  March 31,
   2017  2016*  2016  2016  2016
   (Unaudited)     (Unaudited)  (Unaudited)  (Unaudited)
Beginning of period allowance  $12,125  $11,612  $10,873  $9,832  $9,064
Loans charged-off   (146)   (223)   (156)   (94)   (82)
Recoveries of loans charged-off   176   186   253   253   294
 Net charge-offs (recoveries)   30   (37)   97   159   212
                     
Provision expense   678   550   642   882   556
Benefit attributable to FDIC loss share agreements   -   -   -   -   -
 Total provision expense charged to operations   678   550   642   882   556
Provision expense recorded through FDIC loss share receivable   -   -   -   -   -
 End of period allowance  $12,833  $12,125  $11,612  $10,873  $9,832
                     
Net charge-offs (recoveries)  $30  $(37)  $97  $159  $212
Net charge-offs (recoveries) to average loans (annualized)   0.01%   -0.01%   0.02%   0.03%   0.04%
                     
 * Derived from audited financial statements.               
  
                
PARK STERLING CORPORATION               
ACQUIRED LOANS               
($ in thousands)               
   March 31,  December 31,  September 30,  June 30,  March 31,
ACQUIRED LOANS AND FAIR MARKET VALUE (FMV) ADJUSTMENTS  2017  2016*  2016  2016  2016
(Unaudited)     (Unaudited)  (Unaudited)  (Unaudited)
                     
Non-acquired loans  $1,883,510  $1,787,885  $1,678,539  $1,566,295  $1,447,013
                     
 Purchased performing loans   498,314   542,269   604,000   666,894   732,075
 Less: remaining FMV adjustments   (3,098)   (3,424)   (4,160)   (4,964)   (6,050)
 Purchased performing loans, net   495,216   538,845   599,840   661,930   726,025
                     
 Purchased credit impaired loans   104,416   109,805   115,736   124,985   133,644
 Less: remaining FMV adjustments   (22,547)   (24,349)   (25,165)   (26,313)   (27,539)
 Purchased credit impaired loans, net   81,869   85,456   90,571   98,672   106,105
                     
Total loans  $2,460,595  $2,412,186  $2,368,950  $2,326,897  $2,279,143
                     
                     
   March 31,  December 31,  September 30,  June 30,  March 31,
PURCHASED PERFORMING FMV ADJUSTMENTS  2017  2016*  2016  2016  2016
(Unaudited)     (Unaudited)  (Unaudited)  (Unaudited)
                     
Beginning FMV adjustment  $(3,424)  $(4,160)  $(4,964)  $(6,050)  $(2,132)
Increase from First Capital   -   -   -   -   (5,200)
Accretion to interest income:                    
 First Capital   236   503   623   777   1,027
 All other mergers   90   233   181   309   255
                     
Ending FMV adjustment  $(3,098)  $(3,424)  $(4,160)  $(4,964)  $(6,050)
                     
                     
   March 31,  December 31,  September 30,  June 30,  March 31,
PCI FMV ADJUSTMENTS  2017  2016*  2016  2016  2016
(Unaudited)     (Unaudited)  (Unaudited)  (Unaudited)
                     
Contractual principal and interest  $119,326  $125,512  $133,223  $143,701  $153,124
Nonaccretable difference   (7,142)   (10,448)   (11,529)   (14,652)   (14,975)
 Expected cash flows as of the end of period   112,184   115,064   121,694   129,049   138,149
Accretable yield   (30,315)   (29,608)   (31,123)   (30,377)   (32,044)
Ending basis in PCI loans- estimated fair value  $81,869  $85,456  $90,571  $98,672  $106,105
                     
Beginning accretable yield  $(29,608)  $(31,123)  $(30,377)  $(32,044)  $(32,509)
Increase from First Capital   -   -   -   -   (1,663)
Loan system servicing income   1,413   1,389   1,532   1,434   1,551
Accretion to interest income   2,014   1,285   1,241   1,343   1,471
Reclass to (from) non-accretable yield   (3,802)   (929)   (2,691)   (522)   (993)
Other adjustments   (332)   (230)   (828)   (588)   99
Period end accretable yield**  $(30,315)  $(29,608)  $(31,123)  $(30,377)  $(32,044)
                     
                     
 * Derived from audited financial statements.
 ** Difference between the remaining FMV discount on purchased credit impaired loans and the period end accretable yield is a function of projected estimated expected interest income being included in the period end accretable yield.
  
                   
PARK STERLING CORPORATION                  
AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS               
THREE MONTHS                  
($ in thousands)  March 31, 2017        March 31, 2016      
   Average  Income/  Yield/  Average  Income/  Yield/
   Balance  Expense  Rate (2)  Balance  Expense  Rate (2)
Assets                      
Interest-earning assets:                      
 Loans and loans held for sale, net (1)  $2,423,722  $27,462  4.60%  $2,274,824  $27,124  4.80%
 Fed funds sold   866   2  0.94%   6,895   8  0.47%
 Taxable investment securities   486,065   2,935  2.42%   487,154   2,687  2.21%
 Tax-exempt investment securities   13,322   135  4.05%   16,047   147  3.66%
 Other interest-earning assets   60,799   287  1.91%   48,772   196  1.62%
                       
  Total interest-earning assets   2,984,774   30,821  4.19%   2,833,692   30,162  4.28%
                       
Allowance for loan losses   (12,276)          (9,864)       
Cash and due from banks   36,995          36,758       
Premises and equipment   63,033          66,514       
Goodwill   63,317          62,055       
Intangible assets   11,187          12,718       
Other assets   111,480          130,752       
                       
  Total assets  $3,258,510         $3,132,625       
                       
Liabilities and shareholders' equity                      
Interest-bearing liabilities:                      
 Interest-bearing demand  $464,792  $86  0.08%  $426,795  $85  0.08%
 Savings and money market   730,253   562  0.31%   733,301   831  0.46%
 Time deposits - core   639,264   1,174  0.74%   710,289   1,219  0.69%
 Brokered deposits   148,705   570  1.55%   126,824   280  0.89%
  Total interest-bearing deposits   1,983,014   2,392  0.49%   1,997,209   2,415  0.49%
 Short-term borrowings   298,667   501  0.68%   191,701   294  0.62%
 Long-term debt   29,741   371  5.06%   65,824   410  2.51%
 Subordinated debt   33,589   499  6.02%   32,930   446  5.45%
  Total borrowed funds   361,997   1,371  1.54%   290,455   1,150  1.59%
                       
  Total interest-bearing liabilities   2,345,011   3,763  0.65%   2,287,664   3,565  0.63%
                       
Net interest rate spread       27,058  3.54%       26,597  3.65%
                       
Noninterest-bearing demand deposits   517,090          456,457       
Other liabilities   37,279          39,948       
Shareholders' equity   359,130          348,556       
                       
Total liabilities and shareholders' equity  $3,258,510         $3,132,625       
                       
Net interest margin          3.68%          3.78%
                       
(1) Nonaccrual loans are included in the average loan balances.
(2) Yield/ rate calculated on Actual/Actual day count basis, except for yield on investments which is calculated on a 30/360 day count basis.
 
                
PARK STERLING CORPORATION               
SELECTED RATIOS               
($ in thousands, except per share amounts)  March 31,  December 31,  September 30,  June 30,  March 31,
   2017  2016  2016  2016  2016
   Unaudited  Unaudited  Unaudited  Unaudited  Unaudited
ASSET QUALITY                    
 Nonaccrual loans  $9,613  $8,819  $8,623  $5,185  $6,595
 Troubled debt restructuring (and still accruing)   2,486   2,892   2,549   2,582   2,696
 Past due 90 days plus (and still accruing)   -   1,230   293   -   293
 Nonperforming loans   12,099   12,941   11,465   7,767   9,584
 OREO   3,167   2,438   2,730   3,246   4,410
 Nonperforming assets   15,266   15,379   14,195   11,013   13,994
 Past due 30-59 days (and still accruing)   430   1,175   1,104   985   217
 Past due 60-89 days (and still accruing)   587   1,836   2,558   5,800   499
                      
 Nonperforming loans to total loans   0.49%   0.54%   0.48%   0.33%   0.42%
 Nonperforming assets to total assets   0.46%   0.47%   0.44%   0.35%   0.44%
 Allowance to total loans   0.52%   0.50%   0.49%   0.47%   0.43%
 Allowance to nonperforming loans   106.07%   93.69%   101.28%   139.99%   102.59%
 Allowance to nonperforming assets   84.06%   78.84%   81.80%   98.73%   70.26%
 Past due 30-89 days (accruing) to total loans   0.04%   0.12%   0.15%   0.29%   0.03%
 Net charge-offs (recoveries) to average loans (annualized)   0.01%   -0.01%   0.02%   0.03%   0.04%
                     
CAPITAL                    
 Book value per common share  $6.86  $6.81  $6.85  $6.75  $6.69
 Tangible book value per common share**  $5.45  $5.38  $5.42  $5.31  $5.22
 Common shares outstanding   53,112,726   53,116,519   53,305,834   53,332,369   53,038,020
 Weighted average dilutive common shares outstanding   53,462,857   53,155,493   52,743,928   52,704,537   52,599,584
                      
 Common Equity Tier 1 (CET1) capital  $288,866  $288,594  $287,518  $282,721  $275,490
 Tier 1 capital   314,316   314,043   312,781   307,736   300,354
 Tier 2 capital   12,181   12,125   11,615   10,914   9,832
 Total risk based capital   326,497   326,168   324,396   318,650   310,186
 Risk weighted assets   2,616,215   2,613,003   2,596,463   2,538,461   2,478,547
 Average assets for leverage ratio   3,147,201   3,165,665   3,108,707   3,058,742   3,076,505
                      
 Common Equity Tier 1 (CET1) ratio   11.04%   11.04%   11.07%   11.14%   11.11%
 Tier 1 ratio   12.01%   12.02%   12.04%   12.12%   12.12%
 Total risk based capital ratio   12.48%   12.48%   12.49%   12.55%   12.51%
 Tier 1 leverage ratio   9.99%   9.92%   10.06%   10.06%   9.76%
 Tangible common equity to tangible assets**   8.89%   8.84%   9.00%   9.00%   8.87%
                     
LIQUIDITY                    
 Net loans to total deposits   97.55%   95.48%   94.89%   93.64%   90.85%
 Reliance on wholesale funding   18.99%   17.39%   17.65%   16.25%   15.50%
                     
INCOME STATEMENT (THREE MONTH RESULTS; ANNUALIZED)                    
 Return on Average Assets   0.93%   0.66%   0.79%   0.71%   0.35%
 Return on Average Common Equity   8.46%   5.89%   7.04%   6.33%   3.16%
 Net interest margin (non-tax equivalent)   3.68%   3.58%   3.54%   3.69%   3.78%
                      
 ** Non-GAAP financial measure                    
                     

Non-GAAP Financial Measures
Tangible assets, tangible common equity, tangible book value, adjusted average tangible common equity, adjusted net income, adjusted noninterest income, adjusted operating revenues, adjusted noninterest expense, adjusted operating expenses, adjusted allowance for loan losses, and related ratios and per share measures, including adjusted return on average assets and adjusted return on average equity, as used throughout this release, are non-GAAP financial measures. Management uses (i) tangible assets, tangible common equity, tangible book value and average tangible common equity (which exclude goodwill and other intangibles from equity and assets), and related ratios, to evaluate the adequacy of shareholders' equity and to facilitate comparisons with peers; (ii) adjusted allowance for loan losses (which includes net FMV adjustments related to acquired loans) as supplemental information for comparing the combined allowance and fair market value adjustments to the combined acquired and non-acquired loan portfolios (fair market value adjustments are available only for losses on acquired loans) to facilitate comparisons with peers; and (iii) adjusted net income, adjusted noninterest income and adjusted noninterest expense (which exclude merger-related expenses and/or gain or loss on sale of securities, as applicable), , adjusted operating expense (which excludes merger-related expenses and amortization of intangibles) and adjusted operating revenues (which includes net interest income and noninterest income and excludes gain or loss on sale of securities, as applicable) to evaluate core earnings and to facilitate comparisons with peers.

                
PARK STERLING CORPORATION               
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES               
($ in thousands, except per share amounts)  March 31,  December 31,  September 30,  June 30,  March 31,
   2017  2016  2016  2016  2016
   (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
Adjusted net income                    
 Net income (as reported)  $7,489  $5,331  $6,324  $5,552  $2,741
 Plus: merger-related expenses   -   2,984   1,487   1,268   5,193
 Less: (gain) loss on sale of securities   (58)   (6)   -   87   6
 Less: tax impact of merger-related expenses and (gain) loss on sale of securities   20   (1,004)   (499)   (464)   (1,772)
  Adjusted net income  $7,451  $7,305  $7,312  $6,443  $6,168
                     
 Divided by: weighted average diluted shares   53,462,857   53,155,493   52,743,928   52,704,537   52,599,584
  Adjusted net income per share   0.14   0.14   0.14   0.12   0.12
 Estimated tax rate for adjustment   33.73%   33.73%   33.54%   34.26%   34.09%
                     
Adjusted noninterest income                    
 Noninterest income (as reported)  $5,468  $5,845  $5,447  $5,375  $4,727
 Less: (gain) loss on sale of securities   (58)   (6)   -   87   6
  Adjusted noninterest income  $5,410  $5,839  $5,447  $5,462  $4,733
                     
Adjusted noninterest expenses                    
 Noninterest expenses (as reported)  $20,642  $25,025  $21,112  $21,946  $26,153
 Less: merger-related expenses   -   (2,984)   (1,487)   (1,268)   (5,193)
  Adjusted noninterest expenses  $20,642  $22,041  $19,625  $20,678  $20,960
                     
Adjusted operating expense                    
 Noninterest expenses (as reported)  $20,642  $25,025  $21,112  $21,946  $26,153
 Less: merger-related expenses   -   (2,984)   (1,487)   (1,268)   (5,193)
 Less: amortization of intangibles   (454)   (458)   (458)   (458)   (458)
  Adjusted operating expense  $20,188  $21,583  $19,167  $20,220  $20,502
                     
Adjusted operating revenues                    
 Net Interest Income (as reported)  $27,058  $26,571  $25,823  $26,050  $26,597
 Plus: noninterest income (as reported)   5,468   5,845   5,447   5,375   4,727
 Less: (gain) loss on sale of securities   (58)   (6)   -   87   6
  Adjusted operating revenues  $32,468  $32,410  $31,270  $31,512  $31,330
                     
Adjusted operating expense to adjusted operating revenues                    
 Adjusted operating expense  $20,188  $21,583  $19,167  $20,220  $20,502
 Divided by: adjusted operating revenues   32,468   32,410   31,270   31,512   31,330
  Adjusted operating expense to adjusted operating revenues   62.18%   66.59%   61.30%   64.17%   65.44%
  Noninterest expenses to net interest income plus noninterest income   63.46%   77.20%   67.52%   69.84%   83.49%
                     
Adjusted return on average assets                    
 Adjusted net income  $7,451  $7,305  $7,312  $6,443  $6,168
 Divided by: average assets   3,258,510   3,229,299   3,186,799   3,135,031   3,132,625
 Multiplied by: annualization factor   4.06   3.98   3.98   4.02   4.02
  Adjusted return on average assets   0.93%   0.90%   0.91%   0.83%   0.79%
  Return on average assets   0.93%   0.66%   0.79%   0.71%   0.35%
                     
Adjusted return on average equity                    
 Adjusted net income  $7,451  $7,305  $7,312  $6,443  $6,168
 Divided by: average common equity   359,130   359,985   357,577   352,505   348,556
 Multiplied by: annualization factor   4.06   3.98   3.98   4.02   4.02
  Adjusted return on average equity   8.41%   8.07%   8.14%   7.35%   7.12%
  Return on average equity   8.46%   5.89%   7.04%   6.33%   3.16%
                     
                
PARK STERLING CORPORATION               
RECONCILIATION OF NON-GAAP MEASURES               
($ in thousands, except per share amounts)  March 31,  December 31,  September 30,  June 30,  March 31,
   2017  2016  2016  2016  2016
   (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
Tangible common equity to tangible assets                    
 Total assets  $3,308,756  $3,255,396  $3,226,938  $3,174,075  $3,153,737
 Less: intangible assets   (74,301)   (74,755)   (74,926)   (75,551)   (76,520)
  Tangible assets  $3,234,455  $3,180,641  $3,152,012  $3,098,524  $3,077,217
                      
 Total common equity  $361,720  $355,845  $358,696  $354,450  $349,511
 Less: intangible assets   (74,301)   (74,755)   (74,926)   (75,551)   (76,520)
  Tangible common equity  $287,419  $281,090  $283,770  $278,899  $272,991
                      
 Tangible common equity  $287,419  $281,090  $283,770  $278,899  $272,991
 Divided by: tangible assets   3,234,455   3,180,641   3,152,012   3,098,524   3,077,217
  Tangible common equity to tangible assets   8.89%   8.84%   9.00%   9.00%   8.87%
  Common equity to assets   10.93%   10.93%   11.12%   11.17%   11.08%
                     
Tangible book value per share                    
 Issued and outstanding shares   53,112,726   53,116,519   53,305,834   53,332,369   53,038,020
 Less: unvested restricted stock awards   (390,233)   (405,732)   (837,561)   (969,991)   (785,658)
  Period end dilutive shares   52,722,493   52,710,787   52,468,273   52,362,378   52,252,362
                      
 Tangible common equity  $287,419  $281,090  $283,770  $278,899  $272,991
 Divided by: period end dilutive shares   52,722,493   52,710,787   52,468,273   52,362,378   52,252,362
  Tangible common book value per share  $5.45  $5.33  $5.41  $5.33  $5.22
  Common book value per share  $6.86  $6.75  $6.84  $6.77  $6.69
                     
Adjusted return on average tangible common equity                    
 Average common equity  $359,130  $359,985  $357,577  $352,505  $348,556
 Less: average intangible assets   (74,504)   (74,812)   (75,196)   (76,083)   (74,773)
  Average tangible common equity  $284,626  $285,173  $282,381  $276,422  $273,783
                      
 Net income  $7,489  $5,331  $6,324  $5,552  $2,741
 Divided by: average tangible common equity   284,626   285,173   282,381   276,422   273,783
 Multiplied by: annualization factor   4.06   3.98   3.98   4.02   4.02
  Return on average tangible common equity   10.67%   7.44%   8.91%   8.08%   4.03%
                      
 Adjusted net income  $7,451  $7,305  $7,312  $6,443  $6,168
 Divided by: average tangible common equity   284,626   285,173   282,381   276,422   273,783
 Multiplied by: annualization factor   4.06   3.98   3.98   4.02   4.02
  Adjusted return on average tangible common equity   10.62%   10.19%   10.30%   9.37%   9.06%
                     
Adjusted allowance for loan losses                    
 Allowance for loan losses  $12,833  $12,125  $11,612  $10,873  $9,832
 Plus: acquisition accounting FMV adjustments to acquired loans   25,645   27,773   29,548   31,159   33,589
  Adjusted allowance for loan losses  $38,478  $39,898  $41,160  $42,032  $43,421
 Divided by: total loans (excluding LHFS before FMV adjustments)  $2,486,240  $2,439,959  $2,398,498  $2,358,056  $2,312,732
  Adjusted allowance for loan losses to total loans   1.55%   1.64%   1.72%   1.78%   1.88%
  Allowance for loan losses to total loans   0.52%   0.50%   0.49%   0.47%   0.43%

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