* 2008 reported earnings per share of $0.35; operating earnings per share of $0.71 * Fourth quarter net loss of $0.31 per share includes $0.20 per share in MBG goodwill and intangible impairment and acquisition-related retention payout * Loans increase at 7% annual rate in fourth quarter and 20% for the year * Core deposits increase 8% in the fourth quarter; total deposits increase 6% for the quarter and 13% for the year * Company adds $60 million in capital, raising its total risk-based capital ratio to 12.82%
ST. LOUIS, Jan. 30, 2009 (GLOBE NEWSWIRE) -- Enterprise Financial Services Corp (Nasdaq:EFSC) reported net income for 2008 of $4.4 million, or $0.35 per fully diluted share, compared to $17.6 million or $1.40 per share for 2007. Included in the 2008 results are $9.2 million in pre-tax, non-cash goodwill and intangible impairment charges related to Millennium Brokerage Group (MBG), the Company's wholesale insurance distribution subsidiary, $3.4 million in pre-tax gains on the sale of nonstrategic branches in the Kansas City area and a $1.0 million charge related to a payout under an employee retention agreement.
Excluding these non-recurring items, operating earnings for the year were $9.1 million, or $0.71 per share.
For the fourth quarter of 2008, the Company reported a net loss of $4.0 million, or $0.31 per fully diluted share, compared to a net profit of $4.9 million, or $0.39 per share, for the prior year period. Fourth quarter 2008 results included a $3.3 million pre-tax goodwill and other intangible impairment charge related to MBG and an $875,000 employee retention payout. The after tax impact of these charges was $0.20 per diluted share. Excluding the impairment charge and employee retention payout, the Company's net operating loss for the fourth quarter was $1.3 million, or $0.11 per share. The net operating loss for the quarter was primarily attributable to higher loan loss provision totaling $14.1 million in the fourth quarter 2008 compared to $2.5 million in the prior year period.
We are presenting operating earnings and loss figures, which are non-GAAP (Generally Accepted Accounting Principles) financial measures, because we believe adjusting our results to exclude non-recurring items provides shareholders with a more comparable basis for evaluating our period-to-period operating results and financial performance. A schedule reconciling GAAP net (loss) income to operating (loss) earnings is provided in the attached tables.
Capital Management
During the fourth quarter, the Company added $60 million in regulatory capital, raising its total risk-based capital ratio to 12.82% - well in excess of regulatory guidelines. On December 12, 2008, the Company completed a private placement of $25 million in convertible trust preferred securities with two institutional investors. The securities carry a 9% coupon and are convertible into 1,439,263 shares of EFSC common stock for $17.37 per share. Subsequently, on December 19, 2008, the Company added $35 million in regulatory capital through the sale of 35,000 shares of senior preferred stock and the issuance of warrants to the US Treasury. The warrants allow the US Treasury to purchase 324,074 shares of common stock for $16.20 per share. The preferred stock has a dividend of 5% per year, increasing to 9% in 2014 if not redeemed.
Banking Line of Business
Deposits and Liquidity
From an industry perspective, the fourth quarter of the year was particularly challenging as the instability and volatility of the financial markets caused a massive "flight to quality" to the Treasury markets. In spite of this turmoil in the industry, the Company increased core deposits $113 million, or 8%, during the quarter.
For the year, deposits rose $208 million, or 13%, to $1.8 billion. Excluding brokered deposits and the effects of the sale of approximately $37 million in core deposits related to branch sales, core deposits increased $23 million, or 2%, in 2008. Core deposits include certificates of deposit sold to Bank clients through the CDARS program, totaling $60 million at year end.
The Company elected to "opt-in" to the expanded FDIC deposit insurance program and the government sponsored debt issuance guaranty program, which represents an additional source of liquidity.
Loans
Net loans increased 7% on an annualized basis in the fourth quarter. The Company continued to institute more effective loan pricing strategies to counteract the negative impact of rapidly declining short-term interest rates in the fourth quarter. For the full year, net loans increased $336 million, or 20%. More than 60% of the net loan growth was related to commercial and industrial businesses. Net loan growth was funded by the growth in deposits as described above along with increased wholesale borrowings.
The Company's loan portfolio mix at December 31, 2008, from both industry and collateral perspectives, did not change significantly from December 31, 2007. Loans collateralized by commercial real estate totaled $829 million at year end 2008. Approximately $318 million, or 38% of that total, represented real estate that was "owner-occupied" by commercial and industrial businesses.
Asset quality
Nonperforming loans rose $6.1 million, or 26%, on a linked quarter basis. Total nonperforming loans of $29.7 million represented 1.50% of total loans at December 31, 2008 compared to 1.21% at September 30, 2008. Past due loans, excluding nonperforming loans, were 0.70% of loans at year end compared to 0.79% at the end of the third quarter.
Nonperforming loans at December 31, 2008 by industry segment were as follows:
Commercial Real Estate $16.1 million
Residential Construction /
Land Acquisition and Development 11.8 million
Commercial & Industrial 1.7 million
Other 0.1 million
---------------
$29.7 million
Other real estate at December 31, 2008 was $13.9 million, up $2.6 million, or 23%, from September 30, 2008. During 2008, the Company sold $7.9 million in other real estate for a net gain of $552,000. Residential lots and completed homes represented 80% of other real estate at year end. All properties are in the Company's St. Louis and Kansas City markets.
Total nonperforming assets were $43.5 million, or 1.92% of total assets, at December 31, 2008 compared to 1.56% at September 30, 2008.
Net charge-offs were $8.5 million in the fourth quarter, due primarily to losses on two relationships totaling $5.5 million described in the Company's third quarter report and write downs related to the deteriorating residential construction markets. For the year, net charge-offs were $12.7 million, representing 0.70% of average loans.
Provision for loan losses was $14.1 million in the fourth quarter and $22.5 million for the year.
The Company increased its ratio of the allowance for loan losses to portfolio loans to 1.58% at year end from 1.32% in the third quarter. The reserve coverage equaled 106% of nonperforming loans at year end.
Peter Benoist, President and CEO, commented, "The financial crisis on Wall Street has led to a significant downturn in the economy, particularly during the fourth quarter of the year. As a result, we felt it prudent to recognize asset exposures where appropriate and to bolster our loan loss reserves as a result of the rapidly deteriorating economic trends. Enterprise's 2008 reported financial results were driven largely by these fourth quarter actions, which led to a $17.9 million increase in loan loss provision for the full year, as well as the $9.2 million in non-cash impairment charges related to MBG."
Net Interest Income
Net interest income in the banking segment increased $752,000, or 4%, for the quarter and $6.8 million, or 10%, for the full year, totaling $71.6 million for the full year.
Including the effect of holding company debt, net interest rate margin increased 3 basis points to 3.37% in the fourth quarter, compared to 3.34% for the third quarter and 3.80% for the prior year fourth quarter. The margin has been compressed as a result of sharply declining short-term rates, an increased volume of wholesale funding to support loan growth and a roughly 10 basis point impact from the increase in average nonperforming assets compared to the fourth quarter of 2007. In 2009, we expect margins to remain flat as improved loan pricing is expected to be offset by competitive deposit pricing.
Wealth Management Line of Business
Fee income from the Wealth Management line of business, including income from state tax credit brokerage activities, totaled $5.6 million for the fourth quarter of 2008, a 15% increase from the same period in 2007. For the year, Wealth Management fee income was $15.0 million, or 2% higher than 2007.
Excluding the goodwill and intangible impairment charges for MBG, expenses in Wealth Management were flat in the fourth quarter 2008 compared to same period in 2007. For the year 2008, Wealth Management expenses increased $861,000 from 2007. This increase was primarily due to the restructuring of MBG's compensation for principals as part of the Company's buyout of the remaining minority interest in MBG on December 31, 2007.
Trust
Trust revenues were down $523,000, or 24%, for the quarter, and down $1.0 million, or 13%, for the year. The primary drivers of the decline were overall equity market declines, coupled with lost client advisory revenues resulting from personnel turnover earlier in the year.
Trust fiduciary revenues totaled $3.3 million for the full year 2008, an increase of 9% over the prior year. Demand for Trust fiduciary services increased during the year primarily as a result of market disruptions resulting from the acquisition of a major St. Louis investment firm.
During the fourth quarter, Enterprise Trust completed several initiatives designed to enhance client service. We relocated our St. Louis advisory organization to new offices in a high-visibility residential condominium tower in the heart of Clayton, MO and converted our client account reporting and aggregation systems to a more robust technology platform.
Millennium Brokerage Group
MBG revenues were down $540,000, or 26%, in the fourth quarter compared to the same period in 2007 and down $1.9 million, or 28%, for the year.
While sales margins rebounded near expected levels in the fourth quarter, paid premium sales were down from 2007 as a result of tighter underwriting standards, continued disruption from the growing influence of aggregators and general turmoil in the financial services industry. We expect cash earnings in 2009 to be flat with 2008.
In the third quarter, the Company recorded a $5.9 million pre-tax goodwill impairment charge, reflecting the impact of pressure on MBG margins and earnings in the face of a consolidating insurance industry. The fourth quarter impairment charge reflected a further adjustment of the value of goodwill and other intangibles at MBG due to the deteriorating operating environment and lower cash earnings from MBG. The remaining goodwill and intangibles at MBG totaled $4.5 million at year end 2008. The Company continues to evaluate strategic alternatives for MBG, although these efforts have been hampered by adverse financial markets.
State Tax Credit Brokerage
For the fourth quarter of 2008, state tax credit brokerage activities generated $2.6 million in fee income, versus $759,000 in the fourth quarter of 2007. Of this total, $2.0 million consisted of the mark-to-market adjustments under FASB 159 on the inventory of tax credit assets, offset by the fair value adjustments related to interest rate caps purchased during the quarter.
Fee income from state tax credit brokerage activities was $4.2 million in 2008, compared to $792,000 in 2007. The increase reflected the results of the brokerage group's first full year of activity.
Other Business Results
For the fourth quarter, excluding the $3.3 million goodwill and intangible impairment charge on MBG, noninterest expenses increased $1.4 million, or 11%. $875,000 of the increase represented the resolution of a $1.0 million executive retention agreement connected with the acquisition of Great American Bank in 2007. The remaining increase in noninterest expenses was due to additional write-downs and expenses on other real estate, higher FDIC insurance expenses and higher expenses associated with nonperforming loans. These increases were partially offset by lower variable compensation expenses driven by Company financial results.
For the year 2008, excluding $9.2 million in goodwill and intangible impairment charges on MBG and the $1.0 million retention agreement payment, noninterest expenses for the year increased $3.8 million, or 8%, over 2007. Excluding the impairment charges, the retention payment and the branch sale gain, the Company's efficiency ratio in the fourth quarter was 56.3% versus 58.3% in the same quarter of 2007 and 60.6% for the full year 2008 versus 61.3% in 2007.
Although the Company had applied for a new Arizona state bank charter, banking regulators have curtailed new charter approvals as a result of conditions in the Arizona real estate market. In the interim, Enterprise Bank & Trust continues to operate a successful and growing loan production office in Phoenix.
In light of the difficult operating environment, during the fourth quarter the Company took a number of actions to reduce operating expenses. These actions included staff reductions in all three markets, reductions in variable compensation and limitations on filling open positions and staff additions.
Enterprise Financial operates commercial banking and wealth management businesses in metropolitan St. Louis and Kansas City and a loan production office in Phoenix AZ. Enterprise is primarily focused on serving the needs of privately held businesses, their owner families, executives and professionals.
Readers should note that in addition to the historical information contained herein, this press release contains forward-looking statements, which are inherently subject to risks and uncertainties that could cause actual results to differ materially from those contemplated from such statements. We use the words "expect" and "intend" and variations of such words and similar expressions in this communication to identify such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, burdens imposed by federal and state regulations of banks, credit risk, exposure to local and national economic conditions, risks associated with rapid increase or decrease in prevailing interest rates, effects of mergers and acquisitions, effects of critical accounting policies and judgments, legal and regulatory developments and competition from banks and other financial institutions, as well as other risk factors described in Enterprise Financial's 2007 Annual Report on Form 10-K. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY
(unaudited)
(In thousands, except per
share data) For the For the Twelve
Quarter Ended Months Ended
INCOME STATEMENTS Dec 31, Dec 31, Dec 31, Dec 31,
2008 2007 2008 2007
-------- -------- -------- --------
Total interest income $ 29,163 $ 31,916 $117,981 $122,517
Total interest expense 11,963 15,713 51,258 61,465
-------- -------- -------- --------
Net interest income 17,200 16,203 66,723 61,052
Provision for loan losses 14,125 2,450 22,475 4,615
-------- -------- -------- --------
Net interest income
after provision for
loan losses 3,075 13,753 44,248 56,437
NONINTEREST INCOME
Wealth Management revenue 2,943 4,064 10,848 13,980
Deposit service charges 1,135 926 4,376 3,228
(Loss) gain on sale of
other real estate (31) (43) 552 (48)
State tax credit activity,
net 2,624 759 4,201 792
Gain on sale of securities 88 233 161 233
Gain on sales of branch/
charter -- -- 3,400 --
Other income 891 291 1,735 1,488
-------- -------- -------- --------
Total noninterest income 7,650 6,230 25,273 19,673
NONINTEREST EXPENSE
Salaries and benefits 7,317 7,583 31,024 29,555
Occupancy 1,086 1,003 4,246 3,901
Furniture and equipment 405 384 1,470 1,439
Impairment charges related
to Millennium Brokerage
Group 3,300 -- 9,200 --
Other 5,709 4,113 17,565 14,621
-------- -------- -------- --------
Total noninterest expense 17,817 13,083 63,505 49,516
(Loss) income before
income tax (7,092) 6,900 6,016 26,594
Income tax (benefit)
expense (3,140) 1,994 1,586 9,016
-------- -------- -------- --------
Net (loss) income $ (3,952) $ 4,906 $ 4,430 $ 17,578
======== ======== ======== ========
Basic (loss) earnings per
share $ (0.31) $ 0.40 $ 0.35 $ 1.44
Diluted (loss) earnings
per share $ (0.31) $ 0.39 $ 0.35 $ 1.40
Return on average assets (0.70%) 1.04% 0.21% 1.00%
Return on average common
equity (8.45%) 11.28% 2.43% 10.89%
Efficiency ratio 71.70% 58.32% 69.03% 61.34%
Noninterest expense to
average assets 3.15% 2.77% 2.98% 2.82%
YIELDS (fully tax
equivalent)
Loans 5.74% 7.65% 6.20% 7.88%
Securities 4.70% 4.87% 4.72% 4.58%
Federal funds sold 1.59% 4.23% 4.51% 4.78%
Yield on earning assets 5.67% 7.42% 6.09% 7.63%
Interest bearing deposits 2.47% 4.10% 2.84% 4.35%
Subordinated debt 6.04% 7.24% 6.01% 7.21%
Borrowed funds 2.67% 4.54% 3.19% 4.86%
Cost of paying
liabilities 2.62% 4.26% 3.00% 4.50%
Net interest spread 3.05% 3.16% 3.09% 3.13%
Net interest rate margin 3.37% 3.80% 3.47% 3.83%
RECONCILATION OF NET (LOSS) INCOME TO OPERATING (LOSS) EARNINGS
(All amounts net of tax, in thousands, except per share data)
4th Quarter 2008 Total year 2008
Net Diluted Net Diluted
income EPS income EPS
Net (loss) income $ (3,952) $ (0.31) $ 4,430 $ 0.35
Impairment charges
related to Millennium
Brokerage Group 2,112 0.16 5,888 0.46
Gain on sales of Kansas
City nonstrategic
branches/charter -- -- (1,880) (0.15)
Employee retention
agreement 560 0.04 640 0.05
--------- --------- --------- ---------
Operating (loss) earnings $ (1,280) $ (0.11) $ 9,078 $ 0.71
========= ========= ========= =========
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)
(In thousands)
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
BALANCE SHEETS 2008 2008 2008 2008 2007
---------- ---------- ---------- ---------- ----------
ASSETS
Cash and due
from banks $ 25,626 $ 38,641 $ 67,661 $ 64,108 $ 76,265
Federal funds
sold 2,637 1,718 15,630 954 75,665
Interest-
bearing
deposits 14,384 2,178 349 6,435 1,719
Debt and
equity
investments 108,315 113,932 120,072 116,810 83,333
Loans held for
sale 2,632 520 1,666 3,422 3,420
Portfolio
loans 1,977,175 1,942,600 1,849,415 1,726,455 1,641,432
Less allowance
for loan
losses 31,309 25,662 24,011 22,249 21,593
---------- ---------- ---------- ---------- ----------
Net loans 1,945,866 1,916,938 1,825,404 1,704,206 1,619,839
---------- ---------- ---------- ---------- ----------
Other real
estate 13,868 11,285 9,294 7,736 2,963
Premises and
equipment,
net 25,158 25,166 25,238 24,775 22,223
State tax
credits, held
for sale 39,142 37,751 37,882 27,309 23,149
Goodwill 48,512 51,312 57,910 58,331 57,177
Core deposit
intangible 2,126 2,256 2,729 2,887 3,330
Other
amortizing
intangibles 1,378 2,090 2,301 2,512 2,723
Other assets 40,867 32,614 31,582 28,393 27,312
---------- ---------- ---------- ---------- ----------
Total assets $2,270,511 $2,236,401 $2,197,718 $2,047,878 $1,999,118
========== ========== ========== ========== ==========
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Non-interest
bearing
deposits $ 247,361 $ 225,013 $ 240,148 $ 232,121 $ 278,313
Interest
bearing
deposits 1,545,423 1,463,040 1,429,598 1,358,588 1,306,699
---------- ---------- ---------- ---------- ----------
Total
deposits 1,792,784 1,688,053 1,669,746 1,590,709 1,585,012
Subordinated
debentures 85,081 59,307 56,807 56,807 56,807
FHLB advances 119,957 222,926 203,043 154,405 152,901
Federal funds
purchased 19,400 36,600 -- -- --
Other
borrowings 26,760 36,632 72,886 53,508 16,680
Other
liabilities 8,404 7,924 12,335 14,212 14,569
---------- ---------- ---------- ---------- ----------
Total
liabilities 2,052,386 2,051,442 2,014,817 1,869,641 1,825,969
Shareholders'
equity 218,125 184,959 182,901 178,237 173,149
---------- ---------- ---------- ---------- ----------
Total
liabilities
and
shareholders'
equity $2,270,511 $2,236,401 $2,197,718 $2,047,878 $1,999,118
========== ========== ========== ========== ==========
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)
(In thousands,
except per
share data) For the Quarter Ended
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2008 2008 2008 2008 2007
---------- ---------- ---------- ---------- ----------
EARNINGS
SUMMARY
Net
interest
income $ 17,200 $ 16,584 $ 16,802 $ 16,137 $ 16,203
Provision
for loan
losses 14,125 2,825 3,200 2,325 2,450
Wealth
Mangement
revenue 2,943 2,640 2,682 2,583 4,064
Noninterest
income 4,707 5,001 1,762 2,955 2,166
Noninterest
expense 17,817 19,133 12,723 13,832 13,083
(Loss)
income
before
income
tax (7,092) 2,267 5,323 5,518 6,900
Net (loss)
income (3,952) 1,319 3,500 3,563 4,906
Diluted
earnings
per
share $ (0.31) $ 0.10 $ 0.27 $ 0.28 $ 0.39
Return on
average
common
equity (8.45%) 2.81% 7.77% 8.13% 11.28%
Net
interest
rate
margin
(fully tax
equival-
ized) 3.37% 3.34% 3.56% 3.63% 3.80%
Efficiency
ratio 71.70% 78.98% 59.88% 63.82% 58.32%
MARKET DATA
Book
value
per
common
share $ 14.31 $ 14.57 $ 14.45 $ 14.27 $ 13.96
Tangible
book
value
per
common
share $ 10.24 $ 10.19 $ 9.48 $ 9.17 $ 8.86
Market
value per
share $ 15.24 $ 22.56 $ 18.85 $ 25.00 $ 23.81
Period end
common
shares
outstand-
ing 12,801 12,694 12,654 12,487 12,406
Average
basic
common
shares 12,702 12,664 12,545 12,441 12,387
Average
diluted
common
shares 12,787 12,817 12,760 12,675 12,676
ASSET
QUALITY
Net
charge
-offs $ 8,478 $ 1,124 $ 1,439 $ 1,668 $ 611
Non-
performing
loans $ 29,662 $ 23,546 $ 13,180 $ 9,307 $ 12,720
Nonperform-
ing loans
to total
loans 1.50% 1.21% 0.71% 0.54% 0.77%
Nonperform-
ing assets
to total
assets 1.92% 1.56% 1.02% 0.83% 0.78%
Allowance
for loan
losses to
total
loans 1.58% 1.32% 1.30% 1.29% 1.32%
Net charge
-offs to
average
loans
(annualiz-
ed) 1.73% 0.24% 0.32% 0.40% 0.15%
CAPITAL
Average
common
equity to
average
assets 8.28% 8.55% 8.62% 8.92% 9.21%
Tier 1
capital to
risk-
weighted
assets 8.91% 8.83% 8.76% 9.15% 9.32%
Total
capital to
risk-
weighted
assets 12.82% 10.18% 9.96% 10.36% 10.54%
Tangible
common
equity to
tangible
assets 5.91% 5.93% 5.62% 5.77% 5.68%
AVERAGE
BALANCES
Portfolio
loans $1,947,690 $1,881,428 $1,790,491 $1,687,316 $1,583,325
Earning
assets 2,071,560 2,005,635 1,922,309 1,810,384 1,719,825
Total
assets 2,246,775 2,184,804 2,102,582 1,974,590 1,873,921
Deposits 1,739,525 1,645,398 1,600,805 1,530,158 1,511,476
Sharehold-
ers'
equity 190,878 186,848 181,274 176,170 172,563
LOAN
PORTFOLIO
Commercial
and
indust-
rial $ 556,210 $ 539,924 $ 510,377 $ 487,289 $ 476,184
Commercial
real
estate 829,476 845,221 835,688 735,087 690,868
Construc-
tion real
estate 337,550 313,262 284,556 285,966 266,111
Residential
real
estate 228,772 218,642 193,630 189,549 170,510
Consumer
and other 25,167 25,550 25,164 28,564 37,759
---------- ---------- ---------- ---------- ----------
Total
loan
port-
folio $1,977,175 $1,942,599 $1,849,415 $1,726,455 $1,641,432
DEPOSIT
PORTFOLIO
Noninterest
-bearing
accounts $ 247,361 $ 225,013 $ 240,148 $ 232,121 $ 278,313
Interest-
bearing
trans-
action
accounts 126,644 118,614 134,659 136,009 131,141
Money
market
and
savings
accounts 710,712 664,436 680,635 724,725 682,920
Certif-
icates of
deposit 708,067 679,990 614,304 497,854 492,638
---------- ---------- ---------- ---------- ----------
Total
deposit
port-
folio $1,792,784 $1,688,053 $1,669,746 $1,590,709 $1,585,012
ENTERPRISE FINANCIAL SERVICES CORP
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(unaudited)
(In thousands) For the Quarter Ended
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2008 2008 2008 2008 2007
---------- ---------- ----------- ---------- ----------
YIELDS (fully
tax
equivalent)
Loans 5.74% 5.94% 6.30% 6.93% 7.65%
Securities 4.70% 4.75% 4.60% 4.84% 4.87%
Federal funds
sold 1.59% 2.12% 1.85% 3.32% 4.23%
Yield on
earning
assets 5.67% 5.86% 6.17% 6.77% 7.42%
Interest
bearing
deposits 2.47% 2.72% 2.78% 3.46% 4.10%
Subordinated
debt 6.04% 5.63% 5.66% 6.71% 7.24%
Borrowed funds 2.67% 2.98% 3.44% 3.82% 4.54%
Cost of paying
liabilities 2.62% 2.85% 2.97% 3.62% 4.26%
Net interest
spread 3.05% 3.01% 3.20% 3.15% 3.16%
Net interest
rate margin 3.37% 3.34% 3.56% 3.63% 3.80%
WEALTH
MANAGEMENT
Trust Assets
under
management $ 790,646 $ 930,100 $ 986,717 $1,046,390 $1,098,110
Trust Assets
under
adminis-
tration 1,220,733 1,453,476 1,532,559 1,633,195 1,696,303