MANISTIQUE, MI -- (Marketwire) -- 02/05/13 -- Mackinac Financial Corporation (NASDAQ: MFNC), the holding Corporation for mBank, today announced net income of $6.459 million or $1.51 per share, for the year ended December 31, 2012, compared to net income of $1.452 million, or $.42 per share, for 2011. The Corporation's primary asset, mBank, recorded net income of $7.884 million for the fiscal year 2012 compared to $2.656 million for 2011. The 2012 consolidated and bank results include a $3.0 million deferred tax valuation adjustment.
Total assets of the Corporation at 2012 year-end were $545.980 million, up 9.57% from the $498.311 million at 2011 year-end. The Corporation and the Bank are both "well-capitalized" with Tier 1 Capital at the Corporation of 11.98% and 9.63% at the Bank.
Some highlights for 2012 include:
- Consummation of a common stock rights offering and the investment by Steinhardt Capital Investors, LLLP with the issuance of 2.140 million shares for net proceeds of $11.500 million.
- In December, the Corporation announced its first quarterly dividend since the recapitalization at $.04 per share.
- New loan production of $214.1 million. Balance sheet growth equated to $47.9 million for 2012, an 11.9% increase in loans outstanding from 2011 year end.
- 2012 secondary mortgage loan income of $1.390 million, compared to $.700 million in 2011.
- Continued success with the sale of SBA and USDA loan guarantees with sales generating $1.126 million in 2012.
- 2012 core deposit growth of $24 million from 2011 year end, an increase of 6.8%.
- Improved net interest margin at 4.17% compared to 4.06% in 2011.
- Improved credit quality with a Texas Ratio of 10.30% compared to 18.43% one year ago, with nonperforming assets of $8.001 million at 2012 year end compared to $11.155 million a year ago.
- Opening of our new standalone Escanaba branch banking center relocated from an in-store Menards location in August, and the opening of our new loan production office in Traverse City. Both locations are considered core commerce center hubs in their respective markets.
Loan Production
Total loans at 2012 year-end were $449.177 million, an 11.95% increase from the $401.246 million at 2011 year-end. The Corporation had total loan production for all loan types of $214 million in 2012. Comprising the total production were $103 million in commercial loans, and $111 million in consumer loans, $101 million of which were mortgages. The Upper Peninsula continues to drive a large majority of the new originations, totaling $134 million, with Southeast Michigan production of $42 million, and the Northern Lower Peninsula with $38 million. Commenting on new loan opportunities, Kelly W. George, President and Chief Executive Officer of mBank, stated, "We were extremely pleased with our success in loan production in 2012. Our loan production was all encompassing, including new home purchases and refinances, small business expansion and working capital advances, and also included loan relationships we procured from our competition. We continue to see good loan opportunities, both commercial and retail in all our markets. Our focus on SBA/USDA lending programs has allowed small businesses in our markets to take advantage of these loan programs to garner the additional capital they have needed to grow their operations and provide more jobs and commerce to these areas. We continue to remain very diligent within our credit underwriting parameters to ensure the new growth is coming onto our balance sheet in a prudent and sound manner with discipline in both loan structuring and pricing. In addition to the $449 million in balance sheet loans, we also have $50 million of SBA/USDA loans and $97 million of secondary market mortgage loans that we sold but retained servicing on. This increases our loans under management to $596 million."
Secondary Market Mortgage Lending
The Corporation made a concentrated effort several years ago to augment this line of business through some key personnel additions and technology enhancements. These efforts were well rewarded, with production of $74.1 million in secondary market mortgage loans compared to $39.0 million in 2011. Gains and fees from secondary mortgage activity totaled $1.390 million in 2012 compared to $.700 million in 2011. In addition, the Corporation also received $.179 million in fees on its secondary market servicing portfolio.
SBA/USDA Program Lending
The Corporation continues to have success in this line of business as in years past with 2012 gains from sales of SBA/USDA guaranteed loan balances amounting to $1.176 million compared to $1.500 million in 2011. The guaranteed SBA/USDA loan balances sold totaled $11.962 million for 2012, compared to $23.806 million in 2011. The Bank also services approximately $50 million of SBA/USDA loans which generated an additional $.374 million in fees during 2012. The Corporation remains a state leader in the origination of these government lending programs.
Nonperforming Loans / Assets
Nonperforming loans totaled $4.789 million, 1.07% of total loans at December 31, 2012 compared to $7.993 million, or 1.99% of total loans at December 31, 2011. Nonperforming assets were reduced by $3.154 million from a year ago and stood at $8.001 million, or 1.47% of total assets. George, commenting on credit quality, stated, "We have continued to aggressively remedy or exit our remaining problem assets throughout the year and are pleased with our continued reduction in the level of nonperforming assets and our overall loan portfolio payment performance with delinquent loans greater than 30 days residing at a nominal .73% of total loans. Our current level of nonperforming assets and associated costs are now more in line with a normal business climate and we continue to validate the underlying collateral to ensure the security has not deteriorated and carrying values are accurate."
Margin Analysis
Net interest income and the net interest margin in 2012 increased to $19.824 million, and 4.17%, compared to $17.929 million, and 4.06%, in 2011. The interest margin increase was largely due to decreased funding costs. George, commenting on the margin, stated, "We expect some margin pressure in future periods from a national economic policy that fosters a low interest rate environment and remain proactive in managing both the asset and the liability side of the balance sheet to mitigate the downward pressure. This interest rate environment has also limited investment options and puts pressure on our loan portfolio yields in this prolonged economic cycle. Our challenge is to continue growing our loan portfolio with a good balance of fixed and variable rate loans, structured to mitigate long-term interest rate risk when an upward interest rate movement begins to occur."
Deposits
Total deposits of $434.557 million at 2012 year-end increased 11.64% from deposits of $404.789 million at 2011 year-end. The overall increase in deposits for 2012 is comprised of an increase in core deposits of $23.772 million and increased noncore deposits of $5.996 million. George, commenting on core deposits, stated, "In 2012 we experienced continued good core deposit growth, though lower than in previous years, partially due to proactive rate reductions on deposit products that led to some balance reductions from strictly price driven non-relationship deposit customers. Our balance sheet liquidity was strong throughout 2012, and we were able to fund the majority of our balance sheet growth with core deposits."
Noninterest Income/Expense
Noninterest income, at $4.043 million in 2012, increased $.387 million from 2011's total of $3.656 million. The largest driver of noninterest income in 2012 was secondary market mortgage activities and gains from SBA/USDA loan sales. Income from secondary mortgage activities totaled $1.390 million in 2012 compared to $.700 million in 2011. SBA/USDA loan sale gains were $1.176 million compared to 2011 gains of $1.500 million.
Noninterest expense, at $16.757 million in 2012, increased $.788 million, or 4.93% from 2011. Increased expenses were noted in data processing, professional services associated with the divesture auction of our TARP securities and nominal employment costs. The FDIC premiums were reduced by $.390 million, or 45.94% in 2012 from $.849 million in 2011. George, commenting on areas of increased expenses, stated, "We remain diligent in our efforts to manage our operating expenses in the ongoing evaluation of our operating platform to improve efficiencies. This has become ever more challenging for all banks in our current regulatory banking climate, where the need is critical to ensure that comprehensive risk management systems and personnel infrastructure keep pace with a constantly changing banking profile, both internally and externally."
Capital
In August, the Corporation consummated the common stock rights offering and the capital investment by Steinhardt Capital Investors, LLLP with the issuance of 2.140 million shares of common stock for $11.500 million in net proceeds. Total shareholders' equity at December 31, 2012 totaled $72.448 million, compared to $55.263 million at 2011 year-end, an increase of $17.185 million, or 31.10%. Book value of common shareholders' equity was $11.05 per share at December 31, 2012 compared to $12.97 per share at December 31, 2011.
Paul D. Tobias, Chairman and Chief Executive Officer, concluded, "We are proud of our operating results for 2012. Looking forward, we are well positioned for expansion with strong credit quality and capital above the 'well capitalized' regulatory guidelines. The capital raised this year and our new relationship with the Steinhardt family are significant achievements and give us flexibility in an uncertain banking world. Regulatory costs and increasing capital requirements are creating an environment where capital is once again 'King.' To provide further flexibility, we are also in the process of setting up an $8.0 million line of credit with one of our correspondent banks.
"Our capital strength and our earnings momentum has led to the establishment of a dividend on our common stock, initially at $.04 per quarter. We are pleased to be able to reward our shareholders for their loyalty and faith. We will continue to focus on our organic growth but will also keep an eye out for external expansion opportunities that we can execute and where returns will exceed our cost of capital.
"On the list of value creation options will be the partial or full redemption of our preferred stock securities, now held by friends and investors. The current dividend at 5% without tax shelter moves to 9% without tax shelter in early 2014. We will evaluate our redemption strategy and base our timing and level of redemption on these cost factors and the quality of probable returns of alternate uses. We believe prudent growth, strong earnings, proper use of capital and returning excess capital to shareholders will help create fair market valuation for the benefit of all shareholders."
Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets of $546 million and whose common stock is traded on the NASDAQ stock market as "MFNC." The principal subsidiary of the Corporation is mBank. Headquartered in Manistique, Michigan, mBank has 11 branch locations; seven in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, Michigan. 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: 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, branch closings and other sources may not be fully realized at all or within specified time frames as well as other risks and uncertainties including but not limited to those detailed from time to time in filings of the Company with the Securities and Exchange Commission. These and other factors may cause decisions and actual results to differ materially from current expectations. Mackinac Financial Corporation undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
===========================================================================
December 31, December 31,
(Dollars in thousands, except per share data) 2012 2011
------------- -------------
(Unaudited)
Selected Financial Condition Data (at end of
period):
Assets $ 545,980 $ 498,311
Loans 449,177 401,246
Investment securities 43,799 38,727
Deposits 434,557 404,789
Borrowings 35,925 35,997
Common Shareholders' Equity 61,448 44,342
Shareholders' equity 72,448 55,263
Selected Statements of Income Data
Net interest income $ 19,824 $ 17,929
Income before taxes and preferred dividend 6,165 3,316
Net income 6,459 1,452
Income per common share - Basic 1.51 .42
Income per common share - Diluted 1.46 .41
Weighted average shares outstanding 4,285,043 3,419,736
Weighted average shares outstanding - Diluted 4,412,625 3,500,204
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin 4.17% 4.06%
Efficiency ratio 67.95 68.43
Return on average assets 1.23 .30
Return on average common equity 12.43 3.30
Return on average equity 10.26 2.66
Average total assets $ 526,740 $ 489,539
Average common shareholders' equity 51,978 43,940
Average total shareholders' equity 62,939 54,561
Average loans to average deposits ratio 99.45% 98.05%
Common Share Data at end of period:
Market price per common share $ 7.09 $ 5.42
Book value per common share $ 11.05 $ 12.97
Common shares outstanding 5,559,859 3,419,736
Other Data at end of period:
Allowance for loan losses $ 5,218 $ 5,251
Non-performing assets $ 8,001 $ 11,155
Allowance for loan losses to total loans 1.16% 1.31%
Non-performing assets to total assets 1.47% 2.24%
Texas ratio 10.30% 18.43%
Number of:
Branch locations 11 11
FTE Employees 121 116
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
===========================================================================
December 31, December 31,
2012 2011
------------ ------------
(Unaudited)
ASSETS
Cash and due from banks $ 26,958 $ 20,071
Federal funds sold 3 13,999
------------ ------------
Cash and cash equivalents 26,961 34,070
Interest-bearing deposits in other financial
institutions 10 10
Securities available for sale 43,799 38,727
Federal Home Loan Bank stock 3,060 3,060
Loans:
Commercial 342,841 311,215
Mortgage 95,413 83,106
Consumer 10,923 6,925
------------ ------------
Total Loans 449,177 401,246
Allowance for loan losses (5,218) (5,251)
------------ ------------
Net loans 443,959 395,995
Premises and equipment 10,633 9,627
Other real estate held for sale 3,212 3,162
Deferred Tax Asset 9,131 8,427
Other assets 5,215 5,233
------------ ------------
TOTAL ASSETS $ 545,980 $ 498,311
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits:
Noninterest bearing deposits $ 67,652 $ 51,273
NOW, money market, interest checking 155,465 152,563
Savings 13,829 14,203
CDs < $100,000 135,550 130,685
CDs > $100,000 24,355 23,229
Brokered 37,706 32,836
------------ ------------
Total deposits 434,557 404,789
Borrowings 35,925 35,997
Other liabilities 3,050 2,262
------------ ------------
Total liabilities 473,532 443,048
SHAREHOLDERS' EQUITY:
Preferred stock - No par value:
Authorized 500,000 shares, Issued and
outstanding - 11,000 shares 11,000 10,921
Common stock and additional paid in capital -
No par value
Authorized - 18,000,000 shares
Issued and outstanding - 5,559,914,
3,419,736 and 3,419,736 shares respectively 53,797 43,525
Retained earnings 6,727 492
Accumulated other comprehensive income 924 325
------------ ------------
Total shareholders' equity 72,448 55,263
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 545,980 $ 498,311
============ ============
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
===========================================================================
For the Years Ended December 31,
-------------------------------------
2012 2011 2010
----------- ----------- -----------
(Unaudited)
INTEREST INCOME:
Interest and fees on loans:
Taxable $ 23,197 $ 21,627 $ 21,091
Tax-exempt 116 147 188
Interest on securities:
Taxable 948 1,162 1,406
Tax-exempt 27 28 28
Other interest income 139 108 127
----------- ----------- -----------
Total interest income 24,427 23,072 22,840
----------- ----------- -----------
INTEREST EXPENSE:
Deposits 3,946 4,530 5,607
Borrowings 657 613 848
----------- ----------- -----------
Total interest expense 4,603 5,143 6,455
----------- ----------- -----------
Net interest income 19,824 17,929 16,385
Provision for loan losses 945 2,300 6,500
----------- ----------- -----------
Net interest income after provision
for loan losses 18,879 15,629 9,885
----------- ----------- -----------
OTHER INCOME:
Deposit service fees 699 832 990
Net security gains - (1) 215
Income from secondary market loans
sold 1,390 700 539
SBA/USDA loan sale gains 1,176 1,500 868
Mortgage servicing income 417 400 -
Other 361 225 183
----------- ----------- -----------
Total other income 4,043 3,656 2,795
----------- ----------- -----------
OTHER EXPENSE:
Salaries and employee benefits 8,288 7,275 6,918
Occupancy 1,372 1,376 1,313
Furniture and equipment 885 827 806
Data processing 991 761 740
Professional service fees 1,196 756 627
Loan and deposit 877 1,137 910
Writedowns and losses on other real
estate held for sale 489 1,137 2,753
FDIC insurance assessment 459 849 957
Telephone 233 215 193
Advertising 376 351 297
Other 1,591 1,285 1,084
----------- ----------- -----------
Total other expenses 16,757 15,969 16,598
----------- ----------- -----------
Income before provision for income
taxes 6,165 3,316 (3,918)
Provision for income taxes (922) 1,098 (3,500)
----------- ----------- -----------
NET INCOME 7,087 2,218 (418)
----------- ----------- -----------
Preferred dividend and accretion of
discount 629 766 742
----------- ----------- -----------
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS $ 6,458 $ 1,452 $ (1,160)
=========== =========== ===========
INCOME PER COMMON SHARE:
Basic $ 1.51 $ .42 $ (.34)
=========== =========== ===========
Diluted $ 1.46 $ .41 $ (.34)
=========== =========== ===========
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY
============================================================================
(Dollars in thousands)
Loan Portfolio Balances (at end of period):
December 31, December 31,
2012 2011
--------------- ---------------
(Unaudited) (Unaudited)
Commercial Loans:
Real estate - operators of nonresidential
buildings $ 95,151 $ 75,391
Hospitality and tourism 40,787 33,306
Real estate agents and managers 12,672 10,617
Lessors of nonresidential buildings 12,128 16,499
Other 164,874 155,657
--------------- ---------------
Total Commercial Loans 325,612 291,470
1-4 family residential real estate 87,948 77,332
Consumer 10,923 6,925
Construction
Commercial 17,229 19,745
Consumer 7,465 5,774
--------------- ---------------
Total Loans $ 449,177 $ 401,246
=============== ===============
Credit Quality (at end of period):
December 31, December 31,
2012 2011
--------------- ---------------
(Unaudited) (Unaudited)
Nonperforming Assets :
Nonaccrual loans $ 4,687 $ 5,490
Loans past due 90 days or more - -
Restructured loans 102 2,503
--------------- ---------------
Total nonperforming loans 4,789 7,993
Other real estate owned 3,212 3,162
--------------- ---------------
Total nonperforming assets $ 8,001 $ 11,155
=============== ===============
Nonperforming loans as a % of loans 1.07% 1.99%
--------------- ---------------
Nonperforming assets as a % of assets 1.47% 2.24%
--------------- ---------------
Reserve for Loan Losses:
At period end $ 5,218 $ 5,251
--------------- ---------------
As a % of average loans 1.24% 1.35%
--------------- ---------------
As a % of nonperforming loans 108.96% 65.69%
--------------- ---------------
As a % of nonaccrual loans 111.33% 95.65%
--------------- ---------------
Texas Ratio 10.30% 18.43%
--------------- ---------------
Charge-off Information (year to date):
Average loans $ 422,440 $ 388,115
--------------- ---------------
Net charge-offs $ 977 $ 3,662
--------------- ---------------
Charge-offs as a % of average loans,
annualized .23% .94%
--------------- ---------------
MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES QUARTERLY FINANCIAL
HIGHLIGHTS
============================================================================
---------------------------------------------
QUARTER ENDED
---------------------------------------------
(Unaudited)
---------------------------------------------
December 31, September 30, June 30,
2012 2012 2012
---------------------------------------------
BALANCE SHEET (Dollars in
thousands)
Total loans $ 449,177 $ 433,958 $ 419,453
Allowance for loan losses (5,218) (5,186) (5,083)
------------- ------------- -------------
Total loans, net 443,959 428,772 414,370
Total assets 545,980 551,117 524,366
Core deposits 372,496 372,500 357,933
Noncore deposits (1) 62,061 66,863 67,448
------------- ------------- -------------
Total deposits 434,557 439,363 425,381
Total borrowings 35,925 35,925 35,997
Common shareholders' equity 61,448 61,945 49,352
Total shareholders' equity 72,448 72,945 60,352
Total shares outstanding 5,559,859 5,559,859 3,419,736
Weighted average shares
outstanding 5,559,859 4,722,029 3,419,736
AVERAGE BALANCES (Dollars in
thousands)
Assets $ 545,661 $ 545,788 $ 511,681
Loans 438,168 424,461 422,887
Deposits 433,573 439,327 452,655
Common Equity 61,936 56,327 44,927
Equity 72,936 67,327 55,915
INCOME STATEMENT (Dollars in
thousands)
Net interest income $ 5,112 $ 4,930 $ 5,019
Provision for loan losses 150 150 150
------------- ------------- -------------
Net interest income after
provision 4,962 4,780 4,869
Total noninterest income 983 1,149 1,305
Total noninterest expense 4,349 4,367 4,207
------------- ------------- -------------
Income before taxes 1,596 1,562 1,967
Provision for income taxes 536 528 (2,335)
------------- ------------- -------------
Net income 1,060 1,034 4,302
------------- ------------- -------------
Preferred dividend expense 138 137 161
------------- ------------- -------------
Net income (loss) available to
common shareholders $ 922 $ 897 $ 4,141
============= ============= =============
PER SHARE DATA
Earnings $ .17 $ .19 $ 1.21
Book value per common share 11.05 11.14 14.43
Market value, closing price 7.09 7.60 5.99
ASSET QUALITY RATIOS
Nonperforming loans/total loans 1.07% 1.22% 1.28%
Nonperforming assets/total
assets 1.47 1.60 1.70
Allowance for loan losses/total
loans 1.16 1.20 1.21
Allowance for loan
losses/nonperforming loans 108.96 98.03 94.57
Texas ratio (2) 10.30 11.26 13.59
PROFITABILITY RATIOS
Return on average assets .67% .65% 3.21%
Return on average common equity 5.93 6.33 36.57
Return on average equity 5.03 5.29 29.39
Net interest margin 4.11 4.10 4.30
Efficiency ratio 70.52 67.29 63.61
Average loans/average deposits 99.45 96.62 101.50
CAPITAL ADEQUACY RATIOS
Tier 1 leverage ratio 11.98% 11.93% 10.16%
Tier 1 capital to risk weighted
assets 13.81 14.02 12.87
Total capital to risk weighted
assets 14.93 15.15 14.12
Average equity/average assets 13.37 12.34 10.93
Tangible equity/tangible assets 13.26 13.36 11.51
------------------------------
QUARTER ENDED
------------------------------
(Unaudited)
------------------------------
March 31, December 31,
2012 2011
------------------------------
BALANCE SHEET (Dollars in
thousands)
Total loans $ 414,402 $ 401,246
Allowance for loan losses (5,382) (5,251)
------------- -------------
Total loans, net 409,020 395,995
Total assets 506,496 498,311
Core deposits 355,186 348,724
Noncore deposits (1) 56,902 56,065
------------- -------------
Total deposits 412,088 404,789
Total borrowings 35,997 35,997
Common shareholders' equity 45,119 44,342
Total shareholders' equity 56,095 55,263
Total shares outstanding 3,419,736 3,419,736
Weighted average shares
outstanding 3,419,736 3,419,736
AVERAGE BALANCES (Dollars in
thousands)
Assets $ 503,412 $ 487,304
Loans 404,048 396,197
Deposits 409,250 390,940
Common Equity 44,469 44,325
Equity 55,418 55,219
INCOME STATEMENT (Dollars in
thousands)
Net interest income $ 4,763 $ 4,901
Provision for loan losses 495 1,300
------------- -------------
Net interest income after
provision 4,268 3,601
Total noninterest income 606 725
Total noninterest expense 3,834 4,221
------------- -------------
Income before taxes 1,040 105
Provision for income taxes 349 27
------------- -------------
Net income 691 78
------------- -------------
Preferred dividend expense 193 192
------------- -------------
Net income (loss) available to
common shareholders $ 498 $ (114)
============= =============
PER SHARE DATA
Earnings $ .15 $ (.03)
Book value per common share 13.19 12.97
Market value, closing price 7.00 5.42
ASSET QUALITY RATIOS
Nonperforming loans/total loans 1.65% 1.99%
Nonperforming assets/total
assets 2.04 2.24
Allowance for loan losses/total
loans 1.30 1.31
Allowance for loan
losses/nonperforming loans 78.49 65.69
Texas ratio (2) 16.84 18.43
PROFITABILITY RATIOS
Return on average assets .40% (.09)%
Return on average common equity 4.53 (1.02)
Return on average equity 3.62 (.82)
Net interest margin 4.17 4.38
Efficiency ratio 71.01 69.04
Average loans/average deposits 98.73 101.34
CAPITAL ADEQUACY RATIOS
Tier 1 leverage ratio 9.95% 10.08%
Tier 1 capital to risk weighted
assets 11.55 11.62
Total capital to risk weighted
assets 12.80 12.87
Average equity/average assets 11.01 11.33
Tangible equity/tangible assets 11.01 11.33
(1) Noncore deposits includes Internet CDs, brokered deposits and CDs
greater than $100,000
(2) Texas ratio equals nonperforming assets divided by shareholders' equity
plus allowance for loan losses
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