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Section 1: 8-K (8-K 12312015 EARNINGS)

8-K


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

February 1, 2016
Date of Report (Date of earliest event reported)

UNITED SECURITY BANCSHARES
(Exact Name of Registrant as Specified in its Charter)

California
(State or Other Jurisdiction of Incorporation)
000-32987
 
91-2112732
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
 
 
2126 Inyo Street, Fresno, California
 
93721
(Address of principal executive offices)
 
(Zip Code)

559-248-4943
(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a12 under the Exchange
Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))








ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 1, 2016, United Security Bancshares issued a press release reporting its financial results for the quarter ended December 31, 2015. A copy of such press release is attached, and incorporated herein by reference as Exhibit 99.1


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits.

EXHIBIT #
99.1 Press release of United Security Bancshares dated February 1, 2016


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
 
United Security Bancshares
 
 
 
 
Date:
February 1, 2016
 
By: /s/ Bhavneet Gill
 
 
 
Bhavneet Gill
 
 
 
Senior Vice President & Chief Financial Officer






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Section 2: EX-99.1 (EXHIBIT 99.1 UBFO EARNINGS)

Exhibit


United Security Bancshares earns 2015 profits of $6.8 million

FRESNO, CA - February 1, 2016. United Security Bancshares (Nasdaq: UBFO), today announced its unaudited financial results for the quarter ended December 31, 2015. The Company reported consolidated net income of $1,634,000 or $0.10 per basic and diluted common share for the quarter ended December 31, 2015, as compared to $1,556,000 or $0.10 per basic and diluted common share for the quarter ended December 31, 2014. The Company recognized net income of $6,810,000 for the year ended December 31, 2015, an improvement of $594,000, or 9.56%, relative to the net income of $6,216,000 recognized for the year ended December 31, 2014. Basic and diluted earnings per share increased to $0.42 for the year ended December 31, 2015, as compared to $0.39 for the year ended December 31, 2014.

“2015 has been an exceptional year for United Security Bancshares as we grew our loan portfolio, core deposit base, and recognized a 22% year over year increase in core earnings, all while decreasing levels of nonperforming assets and maintaining strong capital and liquidity levels. We look forward to continued success in 2016," said Dennis R. Woods, President and Chief Executive Officer of the Company. The Company defines core earnings as pretax income less gain or loss on sales, OREO expenses, provision or recovery of provision for loan loss, bonus expense, and gain or loss on fair value of financial liability.

Fourth Quarter 2015 Highlights (at or for the period ended December 31, 2015)

Net interest income increased to $6,745,000, compared to $6,633,000 in the preceding quarter and $6,105,000 for the quarter ended December 31, 2014.
Net interest margin decreased to 4.14%, when compared to 4.18% in the preceding quarter, and increased from the 3.99% for the quarter ended December 31, 2014.
Net charge-offs totaled $1,385,000, compared to net recoveries of $264,000 in the preceding quarter and net recoveries of $400,000 for the quarter ended December 31, 2014.
Total loans increased to $515,376,000, compared to $457,595,000 at December 31, 2014.
Nonperforming assets declined to $25,648,000, compared to $29,586,000 at December 31, 2014.
The allowance for credit losses as a percentage of gross loans declined to 1.88%, compared to 2.35% at December 31, 2014.
Total deposits increased to $621,805,000, compared to $565,373,000 at December 31, 2014.
Tangible book value per share increased to $5.30, compared to $5.08 at December 31, 2014.

Annualized return on average equity (ROAE) for the year ended December 31, 2015 was 7.88%, compared to 7.80% for the year ended December 31, 2014. Annualized return on average assets (ROAA) was 0.98% for the year ended December 31, 2015, compared to 0.93% for the year ended December 31, 2014. The increases in ROAE and ROAA for the year ended December 31, 2015 were primarily due to the growth in the loan portfolio during 2015 and the resulting favorable impact on interest income. Net income increased for the year ended December 31, 2015 compared to the year ended December 31, 2014, and the Company's net interest margin strengthened from 4.01% for the year ended December 31, 2014 to 4.22% for the year ended December 31, 2015. The 21 basis point increase in net interest margin in the period-to-period comparison resulted primarily from the growth of the loan portfolio, which is a higher yielding asset, compared to overnight investments with the Federal Reserve Bank.

Annualized return on average equity (ROAE) for the quarter ended December 31, 2015 was 7.27% compared to 7.51% for the same period in 2014. Annualized return on average assets (ROAA) was 0.90% for the quarter ended December 31, 2015, compared to 0.90% for the same period in 2014.

The Board of Directors of United Security Bancshares declared a fourth quarter 2015 stock dividend of one percent (1%) on December 17, 2015. The stock dividend was payable to shareholders of record on January 4, 2016, and the shares were issued on January 15, 2016. This marks the 29th consecutive quarterly stock dividend since 2008. The Company's Board of Directors has elected to issue stock dividends in order to preserve capital for future growth opportunities. No assurances can be provided that future dividends, whether payable in stock or cash, will be declared and/or as to the timing of such future dividends, if any.

Total assets were up $62,475,000, or 9.42% for the year ended December 31, 2015, due to net growth of $57,781,000 in gross loan balances. Loan volume was favorably impacted by the purchase of $18,924,000 in residential mortgage loans during the first quarter of 2015 in addition to increases in the commercial real estate, agricultural, and student loan portfolios. Total





deposits increased $56,432,000 or 9.98% to $621,805,000 during the year ended December 31, 2015. The cost of average deposits declined from 0.20% for the quarter ended December 31, 2014 to 0.18% for the quarter ended December 31, 2015. Shareholders’ equity at December 31, 2015 was $89,635,000, up $6,809,000 from shareholders’ equity of $82,826,000 at December 31, 2014.

Net interest income for the year ended December 31, 2015 totaled $26,129,000, an increase of $2,512,000 from the net interest income of $23,617,000 for the year ended December 31, 2014. The net interest margin was 4.22% for the year ended December 31, 2015, as compared to 4.01% for the year ended December 31, 2014. The improvement in the net interest margin was primarily due to a shift within average interest-earning assets from low-yielding overnight investments to higher-yielding loans. Net interest income for the quarter ended December 31, 2015 totaled $6,745,000, an increase of $640,000 from the $6,105,000 reported for the quarter ended December 31, 2014. The net interest margin increased to 4.14% for the quarter ended December 31, 2015, as compared to 3.99% for the quarter ended December 31, 2014. The improvement in the net interest margin on a quarterly comparison basis was primarily due to the reinvestment of overnight investments into loans, partially offset by a 13 basis point decrease in yields on the loan portfolio.

Non-interest income for the year ended December 31, 2015 totaled $4,735,000, reflecting a decrease of $426,000 from $5,161,000 in non-interest income reported for the year ended December 31, 2014. Customer service fees continued to provide the majority of the Company's non-interest income, totaling $3,620,000 and $3,473,000 for the twelve months ended December 31, 2015 and 2014, respectively. On a year-over-year comparative basis, non-interest income decreased primarily due to a gain of $691,000 on the sale of an investment in 2014 which did not recur in 2015, partially offset by the $147,000 increase in customer service fees. Non-interest income for the quarter ended December 31, 2015 totaled $822,000, reflecting a decrease of $208,000 from $1,030,000 in non-interest income reported for the quarter ended December 31, 2014. This decrease was primarily due to $417,000 in losses recorded on the fair value option of financial liabilities for the quarter ended December 31, 2015, and was partially offset by the $126,000 increase in customer service fees. Customer service fees totaled $960,000 for the quarter ended December 31, 2015, as compared to $834,000 for the quarter ended December 31, 2014.

For the year ended December 31, 2015, non-interest expense totaled $19,598,000, an increase of $383,000 compared to $19,215,000 for the year ended December 31, 2014. On a year-over-year comparative basis, non-interest expense increased due primarily to increases of $282,000 in occupancy expense and $268,000 in salaries and employee benefit expenses, compared to the same period ended December 31, 2014. Partially offsetting this increase was a $319,000 decrease in professional fees. Non-interest expense totaled $5,195,000 for the quarter ended December 31, 2015, an increase of $133,000 as compared to $5,062,000 reported for the quarter ended December 31, 2014.

The Company recorded a recovery of provision for credit losses of $41,000 for the year ended December 31, 2015 compared with a recovery of provision of $845,000 for the year ended December 31, 2014. The Company had a recovery of provision for loan loss of $475,000 for the quarter ended December 31, 2015, compared to a recovery of provision of $745,000 for the quarter ended December 31, 2014. Net loan losses totaled $1,017,000 for the year ended December 31, 2015, as compared to net recoveries of $629,000 for the year ended December 31, 2014. Net loan charge-offs totaled $1,385,000 for the quarter ended December 31, 2015, as compared to net loan recoveries of $400,000 for the quarter ended December 31, 2014. For the quarter ended December 31, 2015, the Company recorded charge-offs totaling $1,426,000 related to two borrower relationships that had been fully reserved for since first quarter 2015.

With a modest recovery in the economy and real estate markets within the Bank's service area, the Company has maintained an adequate allowance for loan losses which totaled 1.88% of total loans at December 31, 2015, a decline compared to 2.35% of total loans at December 31, 2014. The decline in our allowance for loan losses has been driven by the growth in our loan portfolio and a decrease in our historical loss percentages due to lower levels of loan charge-offs and improved credit quality. In determining the adequacy of the allowance for loan losses, the judgment of the Company's management is a significant factor and management considers the allowance for credit losses at December 31, 2015 to be adequate.

Non-performing assets, comprised of nonaccrual loans, troubled debt restructures (TDR), other real estate owned through foreclosure (OREO), and loans more than 90 days past due and still accruing interest, decreased approximately $3,938,000 between December 31, 2014 and December 31, 2015 to $25,648,000. Nonperforming assets as a percentage of total assets decreased from 4.46% at December 31, 2014 to 3.53% at December 31, 2015. Nonaccrual loans decreased $1,742,000 between December 31, 2014 and December 31, 2015 to $8,193,000. Impaired loans totaled $23,572,000 at December 31, 2015, an increase of $7,535,000 from the balance of $16,037,000 at December 31, 2014. OREO totaled $12,873,000 at December 31, 2015, a decrease of $1,137,000 from the balance of $14,010,000 at December 31, 2014.









About United Security Bancshares
United Security Bancshares (NASDAQ: UBFO) is the holding company for United Security Bank, which was founded in 1987. United Security Bank is headquartered in Fresno and operates 11 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Oakhurst, San Joaquin, and Taft. Additionally, United Security Bank operates Commercial Real Estate Construction, Commercial Lending, Consumer Lending, and Financial Services departments. For more information, please visit www.unitedsecuritybank.com.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and the Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Company’s possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Company’s ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the company’s market, (4) other-than-expected credit losses, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) the effect of acquisitions and integration of acquired businesses, (7) the impact of proposed and/or recently adopted changes in laws, and regulations on the Company and its business; (8) changing bank regulatory conditions, policies, whether arising as new legislation or regulatory initiatives or changes in our regulatory classifications, that could lead to restrictions on activities of banks generally or as to the Bank, including specifically the formal order between the Federal Reserve Bank of San Francisco and the Company and the Bank, (9) failure to comply with the written regulatory agreement under which the Company is subject and (10) unknown economic impacts caused by the State of California’s budget issues, including the effect on Federal spending do to sequestration required by the Budget Control Act of 2011. Management cannot predict at this time the severity or duration of the effects of the recent business slowdown on the Company's specific business activities and profitability. Weaker or a further decline in capital and consumer spending, and related recessionary trends could adversely affect the Company's performance in a number of ways including decreased demand for our products and services and increased credit losses. Likewise, changes in interest rates, among other things, could slow the rate of growth or put pressure on current deposit levels and affect the ability of borrowers to repay loans. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance including the factors that influence earnings. For a more complete discussion of these risks and uncertainties, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, and particularly the section of Management’s Discussion and Analysis. Readers should carefully review all disclosures the Company files from time to time with the Securities and Exchange Commission ("SEC").






United Security Bancshares
 
 
 
Consolidated Balance Sheets (unaudited)
 
 
 
(in thousands)
 
 
 
 
December 31, 2015
 
December 31, 2014
Assets
 
 
 
Cash and non-interest-bearing deposits in other banks
$
29,733

 
$
21,348

Cash and due from Federal Reserve Bank
96,018

 
82,229

Cash and cash equivalents
125,751

 
103,577

Interest-bearing deposits in other banks
1,528

 
1,522

Investment securities available for sale (at fair value)
30,893

 
48,301

Loans and leases, net of unearned fees
515,376

 
457,595

Less: Allowance for credit losses
(9,713
)
 
(10,771
)
Net loans
505,663

 
446,824

Premises and equipment - net
10,800

 
11,550

Other real estate owned
12,873

 
14,010

Goodwill and intangible assets
4,488

 
4,488

Cash surrender value of life insurance
18,337

 
17,717

Deferred income taxes
5,228

 
6,853

Other assets
10,083

 
8,327

Total assets
$
725,644

 
$
663,169

Deposits
 
 
 
Non-interest bearing demand deposits
$
262,168

 
$
215,439

Money market, NOW, and savings
290,478

 
271,789

Time
69,159

 
78,145

Total deposits
621,805

 
565,373

Accrued interest payable
29

 
40

Other liabilities
5,875

 
4,815

Junior subordinated debentures (at fair value)
8,300

 
10,115

Total liabilities
636,009

 
580,343

Shareholders' equity
 
 
 
 
 
 
 
Common stock, no par value 20,000,000 shares authorized, 16,051,406 issued and outstanding at December 31, 2015, and 15,425,086 at December 31, 2014
52,572

 
49,271

Retained earnings
37,265

 
33,730

Accumulated other comprehensive loss
(202)

 
(175)

Total shareholders' equity
89,635

 
82,826

Total liabilities and shareholders' equity
$
725,644

 
$
663,169














United Security Bancshares
 
 
 
 
 
 
 
Consolidated Statements of Income (unaudited)
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
2015
 
2014
 
2015
 
2014
Interest income:
 
 
 
 
 
 
 
Interest and fees on loans
$
6,828

 
$
6,175

 
$
26,469

 
$
23,777

Interest on investment securities
167

 
212

 
722

 
901

Interest on deposits in FRB
75

 
67

 
213

 
277

Interest on deposits in other banks
1

 
2

 
6

 
7

Total interest income
7,071

 
6,456

 
27,410

 
24,962

Interest expense:
 
 
 
 
 
 
 
Interest on deposits
277

 
292

 
1,056

 
1,104

Interest on other borrowed funds
49

 
59

 
225

 
241

Total interest expense
326

 
351

 
1,281

 
1,345

Net interest income
6,745

 
6,105

 
26,129

 
23,617

(Recovery of provision) provision for credit losses
(475)

 
(745)

 
(41)

 
(845)

Net interest income after (recovery of provision) provision for credit losses
7,220

 
6,850

 
26,170

 
24,462

Non-interest income:
 
 
 
 
 
 
 
Customer service fees
960

 
834

 
3,620

 
3,473

Increase in cash surrender value of bank-owned life insurance
130

 
130

 
519

 
514

(Loss) on Fair Value of Financial Liability
(417)

 
(68)

 
(73)

 
(102)

Gain on redemption of JR subordinated debentures

 

 
78

 

(Loss) gain on sale of other investment

 

 
(23)

 
691

Gain on sale of fixed assets
10

 

 
10

 
25

Other non-interest income
139

 
134

 
604

 
560

Total non-interest income
822

 
1,030

 
4,735

 
5,161

Non-interest expense:
 
 
 
 
 
 
 
Salaries and employee benefits
2,877

 
2,546

 
9,921

 
9,653

Occupancy expense
1,021

 
965

 
4,042

 
3,760

Data processing
36

 
33

 
126

 
134

Professional fees
260

 
498

 
1,137

 
1,456

Regulatory assessments
254

 
243

 
959

 
943

Director fees
75

 
55

 
277

 
232

Amortization of intangibles

 

 

 
62

Correspondent bank service charges
19

 
29

 
75

 
117

Gain on California tax credit partnership
13

 
54

 
73

 
39

Net cost on operation and sale of OREO
25

 
91

 
619

 
571

Other non-interest expense
615

 
548

 
2,369

 
2,248

Total non-interest expense
5,195

 
5,062

 
19,598

 
19,215

 
 
 
 
 
 
 
 
Income before income tax provision
2,847

 
2,818

 
11,307

 
10,408

Provision for income taxes
1,213

 
1,262

 
4,497

 
4,192

Net income
$
1,634

 
$
1,556

 
$
6,810

 
$
6,216

 
 
 
 
 
 
 
 
Basic earnings per common share
$
0.10

 
$
0.10

 
$
0.42

 
$
0.39

Diluted earnings per common share
$
0.10

 
$
0.10

 
$
0.42

 
$
0.39

Weighted average basic shares for EPS
16,051,406

 
16,051,406

 
16,051,406
 
16,035,581
Weighted average diluted shares for EPS
16,053,873

 
16,053,333

 
16,053,426
 
16,040,865
 
 
 
 
 
 
 
 







United Security Bancshares
 
 
 
 
 
 
 
Average Balances and Rates (unaudited)
 
 
 
 
 
 
 
(in thousands)
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
2015
 
2014
 
2015
 
2014
Average Balances:
 
 
 
 
 
 
 
Loans (1)
$
506,699

 
$
446,717

 
$
493,375

 
$
422,760

Investment Securities – taxable
32,429

 
49,169

 
40,616

 
49,219

Interest-bearing deposits in other banks
1,528

 
1,521

 
1,525

 
1,518

Interest-bearing deposits in FRB
105,033

 
109,509

 
83,709

 
115,395

Total interest-earning assets
645,689


606,916


619,225


588,892

Allowance for credit losses
(11,603
)
 
(11,216
)
 
(11,357
)
 
(11,118
)
Cash and due from banks
23,733

 
21,847

 
22,279

 
20,447

Other real estate owned
12,697

 
14,314

 
13,466

 
14,188

Other non-earning assets
52,650

 
57,319

 
52,861

 
58,624

Total average assets
723,166


689,180


696,474


671,033

 
 
 
 
 
 
 
 
Interest bearing deposits
366,321

 
358,438

 
355,553

 
340,830

Junior subordinated debentures
7,858

 
9,992

 
9,410

 
10,681

Total interest-bearing liabilities
374,179

 
368,430

 
364,963


351,511

Non-interest-bearing deposits
251,610

 
228,016

 
237,034

 
230,876

Other liabilities
8,242

 
10,532

 
8,078

 
8,954

Total liabilities
634,031


606,978


610,075


591,341

Total equity
89,135

 
82,202

 
86,399

 
79,692

Total liabilities and equity
$
723,166

 
$
689,180

 
$
696,474

 
$
671,033

 
 
 
 
 
 
 
 
Average Rates:
 
 
 
 
 
 
 
Loans (1)
5.35
%
 
5.48
%
 
5.36
%
 
5.62
%
Investment securities- taxable
2.04
%
 
1.71
%
 
1.78
%
 
1.83
%
Interest-bearing deposits in other banks
0.26
%
 
0.52
%
 
0.39
%
 
0.46
%
Interest-bearing deposits in FRB
0.28
%
 
0.24
%
 
0.25
%
 
0.24
%
Earning assets
4.34
%
 
4.22
%
 
4.43
%
 
4.24
%
Interest bearing deposits
0.30
%
 
0.32
%
 
0.30
%
 
0.32
%
Junior subordinated debentures
2.47
%
 
2.34
%
 
2.39
%
 
2.26
%
Total interest-bearing liabilities
0.35
%
 
0.38
%
 
0.35
%
 
0.38
%
Net interest margin
4.14
%
 
3.99
%
 
4.22
%
 
4.01
%
 
 
 
 
 
 
 
 
(1) Loan amounts include nonaccrual loans, but the related interest income has been included only if collected for the period prior to the loan being placed on a nonaccrual basis.
















United Security Bancshares
 
 
 
Credit Quality (unaudited)
 
 
 
(dollars in thousands)
 
 
 
 
December 31, 2015
 
December 31, 2014
Commercial and industrial
$
328

 
$
433

Real estate - mortgage
1,635

 
4,361

RE construction & development
5,580

 
5,141

Agricultural

 

Installment/other
650

 

Total Nonaccrual Loans
$
8,193


$
9,935

 
 
 
 
Loans past due 90 days and still accruing

 

Restructured Loans
4,582

 
5,641

Total nonperforming loans
$
12,775

 
$
15,576

Other real estate owned
12,873

 
14,010

Total nonperforming assets
$
25,648

 
$
29,586

 
 
 
 
Nonperforming assets to total gross loans
4.98
%
 
6.47
%
Nonperforming assets to total assets
3.53
%
 
4.46
%
Allowance for loan losses to nonperforming loans
76.03
%
 
69.15
%






United Security Bancshares
 
 
 
 
 
 
 
Selected Financial Data (unaudited)
 
 
 
 
 
 
 
(dollars in thousands, except per share amounts)
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Annualized return on average assets
0.90
%
 
0.90
 %
 
0.98%
 
0.93%
Annualized return on average equity
7.27
%
 
7.51
 %
 
7.88%
 
7.80%
Annualized net charge-offs (recoveries) to average loans
1.08
%
 
(0.36
)%
 
0.21%
 
(0.15)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
December 31, 2014
 
 
 
 
Shares outstanding - period end
16,051,406

 
15,425,086

 
 
 
 
Book value per share

$5.58

 

$5.37

 
 
 
 
Tangible book value per share

$5.30

 

$5.08

 
 
 
 
Efficiency ratio
61.49
%
 
64.57
 %
 
 
 
 
Total impaired loans

$23,572

 

$16,037

 
 
 
 
Loan to deposit ratio
82.88
%
 
80.94
 %
 
 
 
 
Allowance for credit losses to total loans
1.88
%
 
2.35
 %
 
 
 
 
Total capital to risk weighted assets
 
 
 
 
 
 
 
Company
16.65
%
 
17.29
 %
 
 
 
 
Bank
16.69
%
 
16.91
 %
 
 
 
 
Tier 1 capital to risk-weighted assets
 
 
 
 
 
 
 
Company
15.40
%
 
16.03
 %
 
 
 
 
Bank
15.43
%
 
15.65
 %
 
 
 
 
Common equity tier 1 capital to risk-weighted assets
 
 
 
 
 
 
 
Company
14.10
%
 
N/A

 
 
 
 
Bank
14.87
%
 
N/A

 
 
 
 
Tier 1 capital to adjusted average assets (leverage)
 
 
 
 
 
 
 
Company
12.95
%
 
12.49
 %
 
 
 
 
Bank
12.94
%
 
12.25
 %
 
 
 
 




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