Mackinac Financial Corporation Reports 2021 First Quarter Financial Results

Manistique, Michigan, UNITED STATES


MANISTIQUE, Mich., April 29, 2021 (GLOBE NEWSWIRE) -- Mackinac Financial Corporation (Nasdaq: MFNC) (“we”, or the “Corporation”) the bank holding company for mBank (“the Bank”) today announced 2021 first quarter net income of $3.88 million, or $.37 per share, compared to 2020 first quarter net income of $3.05 million, or $.28 per share. Weighted average shares outstanding for the first quarter of 2021 were 10,522,899 compared to 10,717,967 for the same period of 2020.

Total assets of the Corporation at March 31, 2021 were $1.51 billion, compared to $1.36 billion at March 31, 2020. Shareholders’ equity at March 31, 2021 totaled $170.18 million, compared to $160.06 million at March 31, 2020. Book value per share outstanding equated to $16.13 at the end of the first quarter 2021, compared to $14.93 per share outstanding a year ago. Tangible book value at quarter-end was $146.40 million, or $13.88 per share outstanding, compared to $135.61 million, or $12.87 per share outstanding at the end of the first quarter 2020.

Additional notes:

  • mBank, the Corporation’s primary asset, recorded net income of $4.26 million for the first quarter of 2021.

  • The Bank funded approximately $53 million of Paycheck Protection Program (PPP) loans in the first quarter of 2021 with origination fees totaling approximately $2.78 million. These loans continue to support small businesses throughout our footprint with the majority of recipients residing in the Upper Peninsula and Northern Michigan.  

  • Non-interest income was very solid for the quarter including secondary market mortgage fees and gains on sale of $1.30 million and premiums on the sale of Small Business Administration (SBA) guaranteed loans of $433 thousand.

  • The residential mortgage pipeline resides at robust levels and we expect strong output from this line of business as we look to upcoming quarters.

  • Core operating margin, which is net of accretion from acquired loans and PPP fees that were subject to purchase accounting adjustments, was 4.14%.  

  • On April 12, 2021 the Board of Directors of MFNC announced the signing of a definitive agreement for Nicolet Bankshares (Green Bay, WI) to acquire the Corporation. The transaction is expected to close in the third quarter of 2021. Specific information regarding the transaction can be found at www.bankmbank.com.

Revenue & PPP Recognition

Total revenue of the Corporation for first quarter 2021 was $17.29 million, compared to $17.60 million for the first quarter of 2020. Total interest income for the first three months of 2021 was $14.89 million, compared to $15.67 million for the same period in 2020. The 2021 first quarter interest income included accretive yield of $237 thousand from combined credit mark accretion associated with acquisitions, compared to $818 thousand in the same period of 2020.  

The first quarter 2021 interest income was also positively impacted by recognition of a portion of the PPP loan origination fees that were earned during the quarter:

  • The bank originated approximately $53 million of PPP loans in the first quarter.
  • The origination efforts resulted in fees earned of $2.78 million, which are subject to FASB accounting guidance for recognition.
  • In accordance with applicable accounting guidance, the bank recognized $826 thousand in pre-tax fee revenue that offset ASC 310-20 eligible origination costs.
  • This recognition resulted in $1.95 million of fees remaining to be accreted over the expected life of the PPP loan pool, which will initially be 12-months unless acceleration occurs due to the loans being paid off or forgiven before maturity.
  • The amount accreted during the second quarter was $296 thousand.
  • The total amount of PPP fees that were recognized in the second quarter was $1.12 million, leaving $1.66 million to be accreted or accelerated upon payoff.

Loan Production and Portfolio Mix

Total balance sheet loans at March 31, 2021 were $1.06 billion, compared to March 31, 2020 balances of $1.04 billion. Total loans under management reside at $1.31 billion, which includes $244.14 million of service retained loans. Overall loan production for the first three months of 2021 was $133.56 million, which included $53.73 million of PPP loans. The remaining $79.8 million was inclusive of $35.1 million of secondary market loans, compared to total production of $66.9 million in the first quarter 2020, which was inclusive of $19.0 million of secondary market production.  

Overall Quarterly Loan Production is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f450277-ef09-4a10-8450-2f908fce2b32 

Credit Quality

Nonperforming loans totaled $5.02 million, or .47% of total loans (.53% when excluding PPP loans) at March 31, 2021, compared to $6.42 million, or .61% of total loans at March 31, 2020. Total loan delinquencies greater than 30 days resided at .43% (.48% when excluding PPP loans), compared to 1.23% in 2020. The nonperforming assets to total assets ratio resided at .45% (.48 when excluding PPP loans) for the first quarter of 2021, compared to .64% for the first quarter of 2020. The Corporation currently has no commercial loans in full payment deferral and a nominal $5.3 million that remain in the interest- only portion of their COVID-19 loan modification period. These loans are expected to return to normal principal and interest payments over the next quarter. There are $300 thousand of consumer loans that remain in full payment deferral. Total loans in some type of COVID-19 payment modification are a minimal .59% of total loans. There remains no sign of any adverse systemic issues or deterioration in the loan portfolio and we expect good payment performance as we look to our stronger commerce months ahead.  

Margin Analysis, Funding and Liquidity

Net interest income for first quarter 2021 was $13.78 million, resulting in a Net Interest Margin (NIM) of 4.52%, compared to $13.40 million in the first quarter 2020 and a NIM of 4.60%. Core operating margin, which is net of accretion from acquired loans that were subject to purchase accounting adjustments (as well as PPP impact for the 2021 period), was 4.14% for the first quarter of 2021, compared to 4.32% for the same period of 2020.

Margin Analysis Per Quarter is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6792bddd-857d-40a7-affe-d09627009945 

Total bank deposits (excluding brokered deposits) have increased by approximately $261 million year-over-year from $999.09 million at March 31, 2020 to $1.26 billion at first quarter-end 2021. Total brokered deposits have decreased significantly and were $13.35 million at March 31, 2021, compared to $96.29 million at March 31, 2020, a decrease of 86%. FHLB (Federal Home Loan Bank) borrowings have also decreased from $64.12 million at March 31, 2020 to $53.46 million at March 31, 2021. The company plans to retire an additional $25 million of FHLB borrowings in June 2021. Overall access to short-term functional liquidity remains very strong through multiple sources, if needed.

Noninterest Income / Expense

First quarter 2021 Noninterest Income was $2.40 million, compared to $1.94 million for the same period of 2020. The significant year-over-year improvement is mainly due to the increase of secondary market mortgage sales. Noninterest Expense for the first quarter of 2021 was $11.85 million, compared to $11.37 million for the same period of 2020. The expense variance was largely a result of PPP related expenses.

Assets and Capital

Total assets of the Corporation at March 31, 2021 were $1.51 billion, compared to $1.36 billion at March 31, 2020. Shareholders’ equity at March 31, 2021 totaled $170.18 million, compared to $160.06 million at March 31, 2020. Book value per share outstanding equated to $16.13 at the end of the first quarter 2021, compared to $14.93 per share outstanding a year ago. Tangible book value at quarter-end was $146.40 million, or $13.88 per share outstanding, compared to $135.61 million, or $12.87 per share outstanding at the end of the first quarter 2020.

Both the Corporation and the Bank are “well-capitalized” with total risk-based capital to risk-weighted assets of 15.34% and 14.62% and tier 1 capital to total tier 1 average assets at the Corporation of 9.63% and at the bank of 9.16%. The leverage ratio is calculated inclusive of PPP loan balances.

Paul D. Tobias, Chairman and Chief Executive Officer of the Corporation and Chairman of mBank concluded, “As we move toward closing of the Nicolet transaction, the company continues to work on behalf of all constituencies to make the transition as smooth as possible while maintaining best-in-class service to our valued clients. We know that with our experience on the buy-side and Nicolet being an active acquirer, we have two dedicated teams that will complete this process in the best manner possible.”

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $1.5 billion 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 28 branch locations: ten in the Upper Peninsula, ten in the Northern Lower Peninsula, one in Oakland County, Michigan, and seven in Northern Wisconsin. The Corporation’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: risks that the Company’s proposed merger with Nicolet Bankshares, Inc. (“Nicolet”) will not be consummated due to inability to obtain shareholder or regulatory approval or to satisfy certain closing conditions, or if consummated, the possibility that any of the anticipated benefits of the proposed merger will not be realized; 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.

Important Information and Where to Find It

Certain communications in this release relate to the proposed merger transaction involving Nicolet and Mackinac. In connection with the proposed merger, Nicolet and Mackinac will file a joint proxy statement/‌prospectus on Form S-4 and other relevant documents concerning the merger with the Securities and Exchange Commission (the “SEC”). BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/‌PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/‌PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT NICOLET, MACKINAC AND THE PROPOSED MERGER. When available, the joint proxy statement/prospectus will be delivered to shareholders of Nicolet and Mackinac. Investors may obtain copies of the joint proxy statement/prospectus and other relevant documents (as they become available) free of charge at the SEC’s website (www.sec.gov). Copies of the documents filed with the SEC by Nicolet will be available free of charge on Nicolet’s website at www.nicoletbank.com. Copies of the documents filed with the SEC by Mackinac will be available free of charge on Mackinac’s website at www.bankmbank.com.

Nicolet, Mackinac and certain of their directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Nicolet and the shareholders of Mackinac in connection with the proposed merger. Information about the directors and executive officers of Nicolet and Mackinac will be included in the joint proxy statement/prospectus for the proposed transaction filed with the SEC. Information about the directors and executive officers of Nicolet is also included in the proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on March 2, 2021. Information about the directors and executive officers of Mackinac is also included in the proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on April 22, 2021. Additional information regarding the interests of such participants and other persons who may be deemed participants in the transaction will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available.



MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS

      As of and For the As of and For the As of and For the 
      Period Ending Year Ending Period Ending 
      March 31, December 31, March 31, 
(Dollars in thousands, except per share data) 2021 2020 2020 
      (Unaudited)   (Unaudited) 
Selected Financial Condition Data (at end of period):      
Assets     $ 1,508,248 $1,501,730 $1,356,381 
Loans      1,063,756  1,077,592  1,044,177 
Investment securities    109,414  111,836  114,734 
Deposits      1,273,279  1,258,776  1,095,381 
Borrowings     53,459  63,479  67,120 
Shareholders’ equity    170,176  167,864  160,060 
            
Selected Statements of Income Data (three months and year ended)     
Net interest income    $ 13,778 $54,806 $13,397 
Income before taxes    4,278  17,056  3,862 
Net income     3,880  13,473  3,051 
Income per common share - Basic   0.37  1.27  0.28 
Income per common share - Diluted   0.37  1.27  0.28 
Weighted average shares outstanding - Basic  10,522,899  10,580,044  10,717,967 
Weighted average shares outstanding- Diluted  10,522,899  10,580,044  10,817,470 
            
Selected Financial Ratios and Other Data:       
Performance Ratios:          
Net interest margin     4.52% 4.37% 4.60%
Efficiency ratio     73.19  71.84  73.78 
Return on average assets    1.04  0.92  0.93 
Return on average equity    9.31  8.19  7.54 
            
Average total assets    $ 1,512,496 $1,464,674 $1,321,134 
Average total shareholders’ equity   169,023  164,505  162,661 
Average loans to average deposits ratio   84.26% 93.34% 97.30%
            
Common Share Data at end of period:        
Market price per common share  $ 14.02 $12.76 $10.45 
Book value per common share   16.13  15.99  15.20 
Tangible book value per share   13.88  13.71  12.87 
Dividends paid per share, annualized   0.56  0.56  0.56 
Common shares outstanding    10,550,393  10,500,758  10,533,589 
            
Other Data at end of period:         
Allowance for loan losses   $ 5,842 $5,816 $5,292 
Non-performing assets    6,716  7,210  8,644 
Allowance for loan losses to total loans   0.55% 0.54% 0.51%
Non-performing assets to total assets   0.45% 0.48% 0.64%
Texas ratio     4.41% 4.82% 6.13%
            
Number of:          
Branch locations     28  28  29 
FTE Employees     310  315  316 



MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

  March 31, December 31, March 31,
  2021
 2020
 2020
  (Unaudited)    (Unaudited)
ASSETS         
          
Cash and due from banks $239,831  $218,901  $97,041 
Federal funds sold  3,661   76   31 
Cash and cash equivalents  243,492   218,977   97,072 
          
Interest-bearing deposits in other financial institutions  2,427   2,917   8,825 
Securities available for sale  109,414   111,836   114,734 
Federal Home Loan Bank stock  4,924   4,924   4,924 
          
Loans:         
Commercial  818,584   819,907   760,357 
Mortgage  226,780   238,705   263,445 
Consumer  18,392   18,980   20,375 
Total Loans  1,063,756   1,077,592   1,044,177 
Allowance for loan losses  (5,842)  (5,816)  (5,292)
Net loans  1,057,914   1,071,776   1,038,885 
          
Premises and equipment  25,010   25,518   24,522 
Other real estate held for sale  1,692   1,752   2,228 
Deferred tax asset  2,492   3,303   3,154 
Deposit based intangibles  4,200   4,368   4,874 
Goodwill  19,574   19,574   19,574 
Other assets  37,109   36,785   37,589 
          
TOTAL ASSETS $1,508,248  $1,501,730  $1,356,381 
          
LIABILITIES AND SHAREHOLDERS’ EQUITY         
          
LIABILITIES:         
Deposits:         
Noninterest bearing deposits $443,956  $414,804  $278,191 
NOW, money market, interest checking  478,181   450,556   369,003 
Savings  137,134   130,755   109,818 
CDs<$250,000  190,320   202,266   227,924 
CDs>$250,000  10,337   15,224   14,152 
Brokered  13,351   45,171   96,293 
Total deposits  1,273,279   1,258,776   1,095,381 
          
Federal funds purchased        22,790 
Borrowings  53,459   63,479   67,120 
Other liabilities  11,334   11,611   11,030 
Total liabilities  1,338,072   1,333,866   1,196,321 
          
SHAREHOLDERS’ EQUITY:         
Common stock and additional paid in capital - No par value Authorized - 18,000,000 shares Issued and outstanding - 10,550,393; 10,500,758 and 10,533,589 respectively  127,397   127,164   127,003 
Retained earnings  41,721   39,318   33,316 
Accumulated other comprehensive income (loss)         
Unrealized (losses) gains on available for sale securities  1,641   1,965   151 
Minimum pension liability  (583)  (583)  (410)
Total shareholders’ equity  170,176   167,864   160,060 
          
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,508,248  $1,501,730  $1,356,381 



MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

  For the Three Months Ended 
  March 31, 
   2021   2020 
         
  (Unaudited) 
INTEREST INCOME:     
Interest and fees on loans:     
Taxable $ 14,122  $14,613 
Tax-exempt  20   74 
Interest on securities:     
Taxable  524   621 
Tax-exempt  142   87 
Other interest income  84   270 
Total interest income  14,892   15,665 
      
INTEREST EXPENSE:     
Deposits  889   1,927 
Borrowings  225   341 
Total interest expense  1,114   2,268 
      
Net interest income  13,778   13,397 
Provision for loan losses  50   100 
Net interest income after provision for loan losses  13,728   13,297 
      
OTHER INCOME:     
Deposit service fees  257   403 
Income from loans sold on the secondary market  1,302   538 
SBA/USDA loan sale gains  433   710 
Mortgage servicing amortization  241   189 
Net security gains  36   - 
Other  129   97 
Total other income  2,398   1,937 
      
OTHER EXPENSE:     
Salaries and employee benefits  6,824   6,051 
Occupancy  1,183   1,124 
Furniture and equipment  842   802 
Data processing  770   825 
Advertising  113   212 
Professional service fees  498   498 
Loan origination expenses and deposit and card related fees  450   381 
Writedowns and losses on other real estate held for sale  (52)  3 
FDIC insurance assessment  140   150 
Communications expense  241   213 
Other  839   1,113 
Total other expenses  11,848   11,372 
      
Income before provision for income taxes  4,278   3,862 
Provision for income taxes  398   811 
      
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 3,880  $3,051 
      
INCOME PER COMMON SHARE:     
Basic $ 0.37  $0.28 
Diluted $ 0.37  $0.28 



MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY

(Dollars in thousands)

Loan Portfolio Balances (at end of period):

 March 31, December 31, March 31, 
 2021 2020 2020 
 (Unaudited) (Audited) (Unaudited) 
Commercial Loans:      
Real estate - operators of nonresidential buildings$ 137,356 $138,992 $136,477 
Hospitality and tourism 105,077  100,237  94,734 
Lessors of residential buildings 51,288  52,035  48,529 
Gasoline stations and convenience stores 27,562  29,046  26,495 
Logging 16,756  18,651  21,380 
Commercial construction 49,240  47,698  29,971 
Other 431,305  433,248  402,771 
Total Commercial Loans 818,584  819,907  760,357 
       
1-4 family residential real estate 214,034  227,044  244,059 
Consumer 18,392  18,980  20,375 
Consumer construction 12,746  11,661  19,386 
       
Total Loans$ 1,063,756 $1,077,592 $1,044,177 
       

Credit Quality (at end of period):

 March 31, December 31, March 31, 
 2021 2020 2020 
 (Unaudited) (Audited) (Unaudited) 
Nonperforming Assets :      
Nonaccrual loans$ 5,024 $5,458 $6,416 
Loans past due 90 days or more -  -  - 
Restructured loans -  -  - 
Total nonperforming loans 5,024  5,458  6,416 
Other real estate owned 1,692  1,752  2,228 
Total nonperforming assets$ 6,716 $7,210 $8,644 
Nonperforming loans as a % of loans 0.47% 0.51% 0.61%
Nonperforming assets as a % of assets 0.45% 0.48% 0.64%
Reserve for Loan Losses:      
At period end$ 5,842 $5,816 $5,292 
As a % of outstanding loans 0.55% 0.54% 0.51%
As a % of nonperforming loans 116.28% 106.56% 82.48%
As a % of nonaccrual loans 116.28% 106.56% 82.48%
Texas Ratio 4.41% 4.82% 6.13%
       
Charge-off Information (year to date):     
Average loans$ 1,078,022 $1,117,132 $1,047,144 
Net charge-offs (recoveries)$ 24 $492 $116 
Charge-offs as a % of average      
loans, annualized 0.01% 0.04% 0.04%



MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES QUARTERLY FINANCIAL HIGHLIGHTS

          
 QUARTER ENDED
 (Unaudited)
 March 31, December 31, September 30, June, 30 March 31,
  2021   2020   2020   2020   2020 
BALANCE SHEET (Dollars in thousands)         
          
Total loans$ 1,063,756  $1,077,592  $1,144,325  $1,153,790  $1,044,177 
Allowance for loan losses (5,842)  (5,816)  (5,832)  (5,355)  (5,292)
Total loans, net 1,057,914   1,071,776   1,138,493   1,148,435   1,038,885 
Total assets 1,508,248   1,501,730   1,522,917   1,518,473   1,356,381 
Core deposits 1,249,591   1,198,381   1,195,062   1,122,582   984,936 
Noncore deposits 23,688   60,395   85,825   104,970   110,445 
Total deposits 1,273,279   1,258,776   1,280,887   1,227,552   1,095,381 
Total borrowings 53,459   63,479   63,505   114,466   67,120 
Total shareholders' equity 170,176   167,864   166,168   164,157   160,060 
Total tangible equity 146,402   143,922   142,057   139,877   135,612 
Total shares outstanding 10,550,393   10,500,758   10,533,589   10,533,589   10,533,589 
Weighted average shares outstanding 10,522,899   10,536,023   10,533,589   10,533,589   10,717,967 
          
AVERAGE BALANCES (Dollars in thousands)        
          
Assets$ 1,512,496  $1,505,869  $1,536,128  $1,501,423  $1,321,134 
Earning assets 1,235,235   1,252,038   1,303,102   1,290,012   1,171,551 
Loans 1,078,022   1,118,665   1,154,670   1,147,620   1,047,144 
Noninterest bearing deposits 426,890   422,081   422,134   346,180   284,677 
Deposits 1,279,362   1,255,669   1,269,658   1,211,694   1,076,206 
Equity 169,023   167,459   165,450   161,811   162,661 
          
INCOME STATEMENT (Dollars in thousands)        
          
Net interest income$ 13,778  $13,898  $13,052  $14,458  $13,397 
Provision for loan losses 50   400   400   100   100 
Net interest income after provision 13,728   13,498   12,652   14,358   13,297 
Total noninterest income 2,398   2,779   3,116   2,367   1,937 
Total noninterest expense 11,848   11,663   11,561   12,352   11,372 
Income before taxes 4,278   4,614   4,207   4,373   3,862 
Provision for income taxes 398   970   883   919   811 
Net income available to common shareholders$ 3,880  $3,644  $3,324  $3,454  $3,051 
Income pre-tax, pre-provision$ 4,328  $5,014  $4,607  $4,473  $3,962 
          
PER SHARE DATA         
          
Earnings per common share$ 0.37  $0.35  $0.32  $0.33  $0.28 
Book value per common share 16.13   15.99   15.78   15.58   15.20 
Tangible book value per share 13.88   13.71   13.49   13.28   12.87 
Market value, closing price 14.02   12.76   9.65   10.37   10.45 
Dividends per share 0.14   0.14   0.14   0.14   0.14 
          
ASSET QUALITY RATIOS         
          
Nonperforming loans/total loans 0.47%  0.51%  0.47%  0.53%  0.61%
Nonperforming assets/total assets 0.45   0.48   0.48   0.55   0.64 
Allowance for loan losses/total loans 0.55   0.54   0.51   0.46   0.51 
Allowance for loan losses/nonperforming loans 116.28   106.56   107.72   87.44   82.48 
Texas ratio 4.41   4.82   4.91   4.22   6.13 
          
PROFITABILITY RATIOS         
          
Return on average assets 1.04%  0.96%  0.86%  0.93%  0.93%
Return on average equity 9.31   8.66   7.99   8.58   7.54 
Net interest margin 4.52   4.42   3.98   4.51   4.60 
Average loans/average deposits 84.26   89.09   90.94   94.71   97.30 
          
CAPITAL ADEQUACY RATIOS         
          
Tier 1 leverage ratio 9.63%  9.63%  9.20%  9.45%  10.20%
Tier 1 capital to risk weighted assets 14.74   14.48   13.91   13.27   12.89 
Total capital to risk weighted assets 15.34   15.07   14.49   13.79   13.41 
Average equity/average assets (for the quarter) 11.18   11.12   10.77   10.78   12.31 



Overall Quarterly Loan Production Margin Analysis Per Quarter

Contact Data