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CST: 23/08/2019 09:19:02   

American National Bankshares Inc. Reports First Quarter 2019 Earnings

126 Days ago

  • Q1 2019 net income of $6.0 million
  • Q1 2019 diluted EPS of $0.69
  • Q1 2019 net interest margin of 3.50%
  • Q1 2019 average shareholders’ equity of $224.7 million is 12.06% of average assets
  • Q1 2019 merger related expense $451,000

DANVILLE, Va., April 18, 2019 (GLOBE NEWSWIRE) -- American National Bankshares Inc. (“American National”) (Nasdaq:  AMNB), parent company of American National Bank and Trust Company (“American National Bank”), today announced net income for the first quarter of 2019 of $6,003,000 compared to $5,812,000 for the first quarter of 2018, a $191,000 or 3.3% increase. Basic and diluted net income per common share was $0.69 for the first quarter of 2019 compared to $0.67 for the 2018 quarter. Net income for the first quarter of 2019 produced a return on average assets of 1.29%, a return on average equity of 10.69%, and a return on average tangible equity of 13.44% (non-GAAP).

On April 1, 2019, American National completed its merger with Roanoke, Virginia based HomeTown Bankshares Corporation (“HomeTown”). The merger, valued at approximately $84.2 million, significantly expanded American National’s operations in Roanoke and added a new presence in the New River Valley. 

Financial Performance and Overview
Jeffrey V. Haley, President and Chief Executive Officer, reported, “We were pleased with our first quarter of 2019. Earnings were $6.0 million compared to $5.8 million for the comparable quarter of 2018, a 3.3% increase. The major driver of the increase was increased net interest income, resulting from higher average yields and higher loan volume. The increase was offset by $451,000 in one-time merger related expenses related to the HomeTown acquisition.

“The balance sheet showed modest growth over the past year. Average loan volume for the first quarter of 2019 was up $14.3 million or 1.1% compared to the 2018 quarter. First quarter of 2019 compared to first quarter of 2018, loans were up $38.8 million or 2.9%. We have seen loan growth in most of our markets, but it has been offset by payoffs and some slowing of demand for credit.

“Average interest bearing deposits for the 2019 quarter were $25.5 million or 2.2% less than the comparable quarter of 2018. First quarter of 2019 compared to first quarter of 2018, total deposits are virtually unchanged. However, we are very pleased at the $25.4 million (6.3%) growth in noninterest bearing demand deposits over the past year.

“In this uncertain interest rate environment, our continuing challenge is to maintain quality growth in assets and deposits and, at the same time, maintain and improve our net interest margin. Our net interest margin for the 2019 quarter was 3.50%, a four basis point increase from the 2018 quarter.”

Haley concluded, “We’re very excited about 2019. We had a good first quarter. We consummated the merger with HomeTown on April 1. We are diligently working toward a systems conversion in late April so the two banks will be completely integrated. We believe this will lay the groundwork for increased growth and earnings for American National in 2019 and beyond.”

Capital
American National’s capital ratios remain strong and exceed all regulatory requirements. 

Average shareholders’ equity was 12.06% of average assets for the quarter ended March 31, 2019, compared to 11.52% for the quarter ended March 31, 2018.

Book value per common share was $26.21 at March 31, 2019, compared to $24.19 at March 31, 2018.

Tangible book value per common share was $21.10 (non-GAAP) at March 31, 2019, compared to $19.00 (non-GAAP) at March 31, 2018.

Credit Quality Measurements
Non-performing assets (composed of $197,000 of 90 day past due loans, $1,111,000 of non-accrual loans and $646,000 of other real estate owned) represented 0.10% of total assets at March 31, 2019, compared to 0.20% at March 31, 2018.

Annualized net charge-offs to average loans were zero basis points (0.00%) for the 2019 first quarter, unchanged from the same quarter in 2018.

Other real estate owned was $646,000 at March 31, 2019, compared to $1,716,000 at March 31, 2018, a decrease of $1,070,000 or 62.4%.

Acquisition Related Financial Impact
The acquisition accounting adjustments related to our 2011 and 2015 acquisitions have had and continue to have a positive impact on net interest income and income before income tax. The impact of these adjustments is summarized below (dollars in thousands):

For the quarter ended March 31,   2019   2018
Net Interest Income   $   255   $   427
Income Before Income Taxes   $   200   $   350
         

The first quarter of 2019 includes $217,000 in cash basis accretion income related to the early payoff of several acquired loans, compared to $255,000 for the comparable quarter of 2018.

The positive financial impact of these merger related accounting adjustments will continue to decline in upcoming quarters. However, starting in the second quarter of 2019, American National anticipates a significant positive impact from merger related accounting adjustments associated with the acquisition of HomeTown.

Net Interest Income
Net interest income before the provision for loan losses increased to $15,068,000 in the first quarter of 2019 from $14,543,000 in the first quarter of 2018, an increase of $525,000 or 3.6%.

For the 2019 quarter, the net interest margin was 3.50% compared to 3.46% for the same quarter in 2018, an increase of four basis points.  

The major drivers affecting margin were:

  • Positively – a $38.4 million (2.3%) increase in average earning assets, at a 23 basis point higher yield.
  • Positively – a $19.8 million (4.9%) increase in average noninterest bearing deposits.
  • Negatively – a $25.5 million (2.2%) decrease in the average balance of interest bearing deposits, at a 25 basis point higher cost.

Provision for Loan Losses and Allowance for Loan Losses
Provision expense for the first quarter of 2019 was $16,000 compared to a recovery of ($44,000) for the first quarter of 2018, an increase of $60,000. The $16,000 provision related to adjustments on the specific reserves for the impaired loan loss allowance.

The allowance for loan losses as a percentage of total loans was 0.94% at March 31, 2019 compared to 1.03% at March 31, 2018. There was a modest increase in the loans outstanding in the first quarter of 2019; loans were up from year-end $2.6 million or 0.2%. However, the need for additional loan loss provision was mitigated by continued high asset quality, low charge offs, and improvement in various qualitative factors, notably economic, political and regulatory, used in the determination of the allowance.

Noninterest Income
Noninterest income totaled $3,451,000 in the first quarter of 2019, compared with $3,333,000 in the first quarter of 2018, an increase of $118,000 or 3.5%.  

Mortgage banking income decreased $44,000 (9.8%) compared to the first quarter of 2018.

Securities gains increased $202,000 (166.9%) compared to the first quarter of 2018. Gains in the 2019 quarter were almost entirely related to unrealized changes in the market value of equity securities held by the company.
           
Noninterest Expense
Noninterest expense totaled $10,929,000 in the first quarter of 2019, compared to $10,702,000 in the first quarter of 2018, an increase of $227,000 or 2.1%.  

The major factor affecting expense was salaries, which decreased $333,000 or 6.7%, largely related to a revised accrual of estimated employee benefits during the prior quarter. Total full-time equivalent employees were 299 at the end of the first quarter of 2019, down from 326 for the first quarter of 2018. The reduction was the result of a combination of retirements and delayed hiring decisions, in anticipation of the pending HomeTown merger.

Merger related expenses, which are related to the HomeTown acquisition and are nonrecurring in nature, totaled $451,000 during the first quarter of 2019. Management anticipates significant additional merger related expenses in the second quarter, mostly related to data processing contract termination and conversion related expense.

The effective income tax rate for the 2019 quarter was 20.7%, compared to 19.5% for the same quarter of 2018.

About American National
American National is a multi-state bank holding company with total assets of approximately $2.5 billion following the acquisition of HomeTown, which was effective April 1, 2019. Headquartered in Danville, Virginia, American National is the parent company of American National Bank and Trust Company. American National Bank is a community bank serving Virginia and North Carolina with 30 banking offices. American National Bank also manages an additional $836 million of trust, investment and brokerage assets in its Trust and Investment Services Division. Additional information about American National and American National Bank is available on American National Bank's website at www.amnb.com.

Non-GAAP Financial Measures
This release contains financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). American National’s management uses these non-GAAP financial measures in its analysis of American National’s performance. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that are infrequent in nature. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of American National’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. For a reconciliation of non-GAAP financial measures, see “Reconciliation of Non-GAAP Financial Measures” at the end of this release.

Forward-Looking Statements
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. American National intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. American National’s ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors that could have a material effect on the operations and future prospects of American National include but are not limited to: (1) expected revenue synergies and cost savings from the recently completed merger with HomeTown may not be fully realized or realized within the expected timeframe; (2) the businesses of American National and/or HomeTown may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (3) revenues following the merger may be lower than expected; (4) customer and employee relationships and business operations may be disrupted by the merger; (5) changes in interest rates, general economic conditions, legislation and regulation, and monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury, Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System; (6) the quality and composition of the loan and securities portfolios, demand for loan products, deposit flows, competition, and demand for financial services in American National’s market areas; (7) the implementation of new technologies, and the ability to develop and maintain secure and reliable electronic systems; (8) accounting principles, policies, and guidelines; and (9) other risk factors detailed from time to time in filings made by American National with the Securities and Exchange Commission. American National undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:       William W. Traynham, Chief Financial Officer
434-773-2242
traynhamw@amnb.com
     


  American National Bankshares Inc.  
  Consolidated Balance Sheets  
 (Dollars in thousands, except per share data) 
Unaudited
       
  March 31
  2019   2018
Assets      
Cash and due from banks $   28,912     $   18,772  
Interest-bearing deposits in other banks     41,949         57,881  
       
Equity securities, at fair value     2,069         2,320  
Securities available for sale, at fair value     324,289         310,348  
Restricted stock, at cost     5,299         5,221  
Loans held for sale     1,252         1,792  
       
Loans     1,360,063         1,321,221  
Less allowance for loan losses     (12,806 )       (13,575 )
Net Loans     1,347,257         1,307,646  
       
Premises and equipment, net     30,900         25,759  
Other real estate owned, net     646         1,716  
Goodwill     43,872         43,872  
Core deposit intangibles, net     871         1,114  
Bank owned life insurance     19,047         18,566  
Accrued interest receivable and other assets     22,041         22,567  
       
Total assets $   1,868,404     $   1,817,574  
       
       
Liabilities      
Demand deposits -- noninterest-bearing $   425,579     $   400,225  
Demand deposits -- interest-bearing     242,802         233,973  
Money market deposits     379,668         409,290  
Savings deposits     135,289         134,171  
Time deposits     376,452         381,592  
Total deposits     1,559,790         1,559,251  
       
Short-term borrowings:      
Customer repurchase agreements     35,945         10,466  
Long-term borrowings     4,238         -  
Junior subordinated debt     27,953         27,851  
Accrued interest payable and other liabilities     11,005         10,166  
Total liabilities     1,638,931         1,607,734  
       
Shareholders' equity      
Preferred stock, $5 par, 2,000,000 shares authorized, none outstanding     -         -  
Common stock, $1 par, 20,000,000 shares authorized, 8,756,569 shares outstanding at March 31, 2019 and 8,675,033 shares outstanding at March 31, 2018     8,705         8,621  
Capital in excess of par value     78,738         76,525  
Retained earnings     145,351         131,299  
Accumulated other comprehensive loss, net     (3,321 )       (6,605 )
Total shareholders' equity     229,473         209,840  
       
Total liabilities and shareholders' equity $   1,868,404     $   1,817,574  
       


American National Bankshares Inc.  
Consolidated Statements of Income
(Dollars in thousands, except per share data)
Unaudited
         
  Three Months Ended
  March 31
  2019
  2018
Interest and Dividend Income:          
Interest and fees on loans $   15,638     $   14,657  
Interest and dividends on securities:        
Taxable     1,821         1,324  
Tax-exempt     287         419  
Dividends     84         80  
Other interest income     266         188  
Total interest and dividend income     18,096         16,668  
         
Interest Expense:          
Interest on deposits     2,472         1,825  
Interest on short-term borrowings     172         10  
Interest on junior subordinated debt     384         290  
Total interest expense     3,028         2,125  
         
Net Interest Income       15,068         14,543  
Provision for (recovery of) loan losses     16         (44 )
         
Net Interest Income After Provision  for (Recovery of) Loan Losses       15,052         14,587  
         
Noninterest Income:          
Trust fees     914         929  
Service charges on deposit accounts     594         612  
Other fees and commissions     708         642  
Mortgage banking income     406         450  
Securities gains, net     323         121  
Brokerage fees     147         222  
Income from Small Business Investment Companies     168         155  
Other     191         202  
Total noninterest income     3,451         3,333  
         
Noninterest Expense:          
Salaries     4,664         4,997  
Employee benefits     1,230         1,175  
Occupancy and equipment     1,084         1,128  
FDIC assessment     125         146  
Bank franchise tax     290         281  
Core deposit intangible amortization     55         77  
Data processing     532         422  
Software     324         305  
Other real estate owned, net     13         30  
Merger related expenses     451         -  
Other     2,161         2,141  
Total noninterest expense     10,929         10,702  
         
Income Before Income Taxes     7,574         7,218  
Income Taxes     1,571         1,406  
Net Income   $   6,003     $   5,812  
         
Net Income Per Common Share:          
Basic $   0.69     $   0.67  
Diluted $   0.69     $   0.67  
Weighted Average Common Shares Outstanding:          
Basic     8,745,174         8,669,728  
Diluted     8,745,723         8,687,351  
         

American National Bankshares Inc.
Financial Highlights
Unaudited

(Dollars in thousands, except per share data)          
  1st Qtr   4th Qtr   1st Qtr
  2019   2018   2018
EARNINGS          
Interest income $     18,096     $   17,891     $   16,668  
Interest expense   3,028       2,879       2,125  
Net interest income   15,068       15,012       14,543  
Provision for (recovery of) loan losses     16         (6 )       (44 )
Noninterest income   3,451       2,998       3,333  
Noninterest expense   10,929       11,638       10,702  
Income taxes   1,571       1,376       1,406  
Net income   6,003       5,002       5,812  
           
PER COMMON SHARE            
Income per share - basic $     0.69     $   0.57     $   0.67  
Income per share - diluted     0.69         0.57         0.67  
Cash dividends paid     0.25         0.25         0.25  
Book value per share     26.21         25.52         24.19  
Book value per share - tangible (a)     21.10         20.38         19.00  
Closing market price     34.92         29.31         37.60  
           
FINANCIAL RATIOS          
Return on average assets   1.29 %     1.08 %     1.28 %
Return on average equity   10.69       9.16       11.10  
Return on average tangible equity (a)   13.44       11.63       14.29  
Average equity to average assets   12.06       11.78       11.52  
Tangible equity to tangible assets (a)   10.13       9.78       9.30  
Net interest margin, taxable equivalent   3.50       3.48       3.46  
Efficiency ratio (a)   56.95       58.15       59.36  
Effective tax rate   20.74       21.57       19.48  
           
PERIOD-END BALANCES          
Securities $     331,657     $   339,730     $   317,889  
Loans held for sale     1,252         640         1,792  
Loans, net of unearned income     1,360,063         1,357,476         1,321,221  
Goodwill and other intangibles     44,743         44,798         44,986  
Assets     1,868,404         1,862,866         1,817,574  
Assets - tangible (a)     1,823,661         1,818,068         1,772,588  
Deposits     1,559,790         1,566,227         1,559,251  
Customer repurchase agreements     35,945         35,243         10,466  
Long-term borrowings     32,191         27,927         27,851  
Shareholders' equity     229,473         222,542         209,840  
Shareholders' equity - tangible (a)     184,730         177,744         164,854  
           
AVERAGE BALANCES          
Securities (b) $     343,834     $   332,230     $   312,783  
Loans held for sale     1,830         1,201         2,037  
Loans, net of unearned income     1,352,521         1,335,469         1,338,058  
Interest-earning assets     1,736,887         1,736,453         1,698,451  
Goodwill and other intangibles     44,778         44,831         45,031  
Assets     1,863,212         1,854,492         1,818,429  
Assets - tangible (a)     1,818,434         1,809,661         1,773,398  
Interest-bearing deposits     1,131,604         1,116,911         1,157,122  
Deposits     1,551,413         1,558,864         1,557,149  
Customer repurchase agreements     42,705         37,905         12,247  
Other short-term borrowings     61         -         2,183  
Long-term borrowings     32,197         27,914         27,836  
Shareholders' equity     224,677         218,430         209,433  
Shareholders' equity - tangible (a)     179,899         173,599         164,402  
           
American National Bankshares Inc.          
Financial Highlights          
Unaudited          
           
(Dollars in thousands, except per share data)          
  1st Qtr   4th Qtr   1st Qtr
  2019   2018   2018
CAPITAL            
Weighted average shares outstanding - basic   8,745,174         8,717,572       8,669,728  
Weighted average shares outstanding - diluted   8,745,723         8,723,388       8,687,351  
           
ALLOWANCE FOR LOAN LOSSES          
Beginning balance $     12,805     $   13,588     $   13,603  
Provision for (recovery of) loan losses   16         (6 )     (44 )
Charge-offs   (69 )     (818 )     (44 )
Recoveries   54       41       60  
Ending balance $     12,806     $   12,805     $   13,575  
           
LOANS          
Construction and land development $     93,759     $   97,240     $   93,031  
Commercial real estate     659,133         655,800         624,164  
Residential real estate     212,665         209,438         207,256  
Home equity     99,979         103,933         108,024  
Commercial and industrial     289,301         285,972         284,257  
Consumer     5,226         5,093         4,489  
Total $   1,360,063     $   1,357,476     $   1,321,221  
           
NONPERFORMING ASSETS AT PERIOD-END          
Nonperforming loans:          
90 days past due and accruing $     197     $   72     $   273  
Nonaccrual   1,111       1,090       1,598  
Other real estate owned   646       869       1,716  
Nonperforming assets $     1,954     $   2,031     $   3,587  
           
ASSET QUALITY RATIOS          
Allowance for loan losses to total loans   0.94 %     0.94 %     1.03 %
Allowance for loan losses to nonperforming loans   979.05       1,101.98       725.55  
Nonperforming assets to total assets   0.10       0.11       0.20  
Nonperforming loans to total loans   0.10       0.09       0.14  
Annualized net charge-offs (recoveries) to average loans   0.00       0.23       0.00  
           
           
OTHER DATA          
Fiduciary assets at period-end (c) (d) $     533,063     $   494,034     $   509,668  
Retail brokerage assets at period-end (c) (d) $     303,045     $   274,552     $   316,064  
Number full-time equivalent employees (e)     299         305         326  
Number of full service offices     24         24         26  
Number of loan production offices     -         2         2  
Number of ATMs     33         33         34  
           

Notes:

(a) - This financial measure is not calculated in accordance with GAAP.  For a reconciliation of non-GAAP financial measures, see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.
(b) - Average does not include unrealized gains and losses.
(c) - Market value.
(d) - Assets are not owned by American National and are not reflected in the consolidated balance sheet.
(e) - Average for quarter.
 


Net Interest Income Analysis
For the Three Months Ended March 31, 2019 and 2018
(Dollars in thousands)
Unaudited
                         
          Interest          
  Average Balance   Income/Expense   Yield/Rate  
                         
  2019   2018   2019   2018   2019   2018  
Loans:                        
Commercial $   265,578   $   258,552   $   2,891   $   2,444   4.41 % 3.83 %
Real estate     1,083,800       1,077,243       12,716       12,189   4.69   4.53  
Consumer     4,973       4,300       75       76   6.12   7.17  
Total loans     1,354,351       1,340,095       15,682       14,709   4.64   4.40  
                         
Securities:                        
Federal agencies & GSEs     139,465       103,199       850       517   2.44   2.00  
Mortgage-backed & CMOs     111,701       108,826       693       600   2.48   2.21  
State and municipal     78,597       86,336       538       634   2.74   2.94  
Other     14,071       14,422       178       175   5.06   4.85  
Total securities     343,834       312,783       2,259       1,926   2.63   2.46  
                         
Deposits in other banks     38,702       45,573       266       188   2.79   1.67  
                         
Total interest-earning assets     1,736,887       1,698,451       18,207       16,823   4.20   3.97  
                         
Non-earning assets     126,325       119,978                  
                         
Total assets $   1,863,212   $   1,818,429                  
                         
Deposits:                        
Demand $   238,430   $   232,383       14       11   0.02   0.02  
Money market     395,704       410,171       1,153       783   1.18   0.77  
Savings     134,060       130,708       10       9   0.03   0.03  
Time     363,410       383,860       1,295       1,022   1.45   1.08  
Total deposits     1,131,604       1,157,122       2,472       1,825   0.89   0.64  
                         
Customer repurchase agreements     42,705       12,247       171       1   1.62   0.03  
Other short-term borrowings     61       2,183       1       9   6.56   1.65  
Long-term borrowings     27,937       27,836       384       290   5.50   4.17  
Total interest-bearing liabilities     1,202,307       1,199,388       3,028       2,125   1.02   0.72  
                         
Noninterest bearing demand deposits     419,809       400,027                  
Other liabilities     16,419       9,581                  
Shareholders' equity     224,677       209,433                  
Total liabilities and shareholders' equity $   1,863,212   $   1,818,429                  
                         
Interest rate spread                 3.18 % 3.25 %
Net interest margin                 3.50 % 3.46 %
                         
Net interest income (taxable equivalent basis)           15,179       14,698          
Less: Taxable equivalent adjustment             111       155          
Net interest income         $   15,068   $   14,543          
                             

 

American National Bankshares Inc.          
Reconciliation of Non-GAAP Financial Measures        
Unaudited          
           
(Dollars in thousands, except per share data)          
  1st Qtr   4th Qtr   1st Qtr
  2019   2018   2018
EFFICIENCY RATIO          
Noninterest expense $     10,929     $   11,638     $   10,702  
Add/subtract: loss/(gain) on sale of OREO   2       (11 )     5  
Subtract: core deposit intangible amortization   (55 )     (55 )     (77 )
Subtract: merger related expense     (451 )     (872 )       -  
  $     10,425     $   10,700     $   10,630  
           
Net interest income $     15,068     $   15,012     $   14,543  
Tax equivalent adjustment   111       114       155  
Noninterest income   3,451       2,998       3,333  
Add/subtract: (gain)/loss on securities   (323 )     270       (121 )
Add/subtract: (gain)/loss on fixed assets     -       6       (3 )
  $     18,307     $   18,400     $   17,907  
           
Efficiency ratio   56.95 %     58.15 %     59.36 %
           
TAX EQUIVALENT NET INTEREST INCOME          
Non-GAAP measures:          
Interest income - loans $     15,682     $   15,525     $   14,709  
Interest income - investments and other   2,525       2,480       2,114  
Interest expense - deposits   (2,472 )     (2,340 )     (1,825 )
Interest expense - customer repurchase agreements     (171 )       (145 )       (1 )
Interest expense - other short-term borrowings     (1 )     -       (9 )
Interest expense - long-term borrowings   (384 )     (394 )     (290 )
Total net interest income $     15,179     $   15,126     $   14,698  
Less non-GAAP measures:          
Tax benefit on nontaxable interest - loans     (44 )       (44 )       (52 )
Tax benefit on nontaxable interest - securities   (67 )     (70 )     (103 )
GAAP measures $     15,068     $   15,012     $   14,543  
           
           
RETURN ON AVERAGE TANGIBLE EQUITY          
Return on average equity (GAAP basis)     10.69 %       9.16 %       11.10 %
Impact of excluding average goodwill and other intangibles     2.75         2.47         3.19  
Return on average tangible equity (non-GAAP)   13.44 %     11.63 %     14.29 %
           
TANGIBLE EQUITY TO TANGIBLE ASSETS          
Equity to assets ratio (GAAP basis)     12.28 %       11.95 %       11.55 %
Impact of excluding goodwill and other intangibles     2.15         2.17         2.25  
Tangible equity to tangible assets ratio (non-GAAP)   10.13 %     9.78 %     9.30 %
           
TANGIBLE BOOK VALUE          
Book value per share (GAAP basis) $     26.21     $   25.52     $   24.19  
Impact of excluding goodwill and other intangibles     5.11         5.14         5.19  
Tangible book value per share (non-GAAP) $     21.10     $   20.38     $   19.00  
           

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