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Section 1: 8-K (8-K)

Document


 
 
 
 
 
 
UNITED STATES 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
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): February 22, 2018
 
 
 
 
 
 
Stewardship Financial Corporation
(Exact Name of Registrant as Specified in Charter)
 
 
 
 
New Jersey
(State or other jurisdiction of
incorporation)
1-33377
(Commission File Number)
22-3351447
(I.R.S. Employer Identification No.)
 
 
 
630 Godwin Avenue
Midland Park, NJ
(Address of principal executive offices)
 
07432
(Zip Code)
 
 
 
Registrant’s telephone number, including area code: (201) 444-7100

Not Applicable
(Former name or former address, if changed since last report)
 
 
 
 
 
 
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 14a-12 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))
 
 
 
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
 
 
Emerging growth company [ ]
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
 
 






Item 2.02. Results of Operations and Financial Condition
 
On February 22, 2018, Stewardship Financial Corporation (the "Corporation") issued a press release, furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference, announcing the Corporation’s financial results for the year ended December 31, 2017.
The information contained in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any registration statement filed by the Corporation under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this Report is not intended to, and does not, constitute a determination or admission by the Corporation that the information in this Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Corporation.
 
Item 9.01. Financial Statements and Exhibits
 
The following exhibit is furnished pursuant to Item 2.02 and shall not be deemed to be "filed":
 
Exhibit No.  
 
Description
 
 
 
 
 
 
Press Release dated February 22, 2018





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.

 
STEWARDSHIP FINANCIAL CORPORATION
 
 
 
 
Date:  February 23, 2018
 
 
 
 
 
 
 
 
By:
 /s/ Claire M. Chadwick
 
 
Name:
Claire M. Chadwick
 
 
Title:
Executive Vice President and Chief Financial Officer
 
 
 
 
 
 





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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


392319239_sfc1a13.jpg

For Immediate Release
 
Contact:
 
 
 
Claire M. Chadwick
 
 
 
Executive Vice President and
 
 
 
Chief Financial Officer
 
 
 
630 Godwin Avenue
 
 
 
Midland Park, NJ 07432
 
 
 
P: 201.444.7100
 
    
        
Stewardship Financial Corporation Reports
Fourth Quarter and Year End 2017 Earnings

Midland Park, NJ - February 22, 2018 - Stewardship Financial Corporation (NASDAQ:SSFN), parent company of Atlantic Stewardship Bank, reported results for fourth quarter and full year ended December 31, 2017. Net income for the three months and year ended December 31, 2017 was reported at $48,000 and $3.9 million, respectively. Both the three months and the year ended December 31, 2017 were impacted by a charge of $1.4 million as a result of the enactment of the Tax Cuts and Jobs Act (“Tax Act”) in December 2017. For the three months and year ended December 31, 2016 net income was $1.3 million and $4.7 million, respectively.

On December 22, 2017, the Tax Act was enacted which reduced the Federal statutory tax rate for corporations from 35% to 21% effective in 2018. While the Tax Act will lower the Corporation’s future tax rate, it also required the Corporation to revalue its net deferred tax assets to account for the future impact of the lower corporate tax rates. As a result, the Corporation recognized a charge of $1.4 million for the quarter and year ended December 31, 2017 related to the revaluation of the net deferred tax assets. Excluding the impact of the Tax Act, net income for the three months and year ended December 31, 2017 was $1.5 million and $5.4 million, respectively. (Please refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of the Tax Act).

1



Press Release - Midland Park NJ
Stewardship Financial Corporation continued                     February 22, 2018


In reflecting on the Corporation's 2017 accomplishments, Paul Van Ostenbridge, President and Chief Executive Officer of Stewardship Financial Corporation, highlighted the following:
$133.2 million of growth in assets;
Asset growth was driven by 18% of loan growth;
16% of deposit growth provided the funding needs;
Net interest income increased 17%;
A successful capital raise was completed in April 2017;
Our newest location opened in Morristown, NJ in June 2017;
The formation of a Small Business Administration (SBA) Department occurred in the fall of 2017 - improving our ability to provide lending solutions for small businesses that do not meet traditional lending requirements;
Expenses were maintained, even with the growth in the balance sheet.
"The Corporation remains committed to building on the successes of the year just ended, including prudently growing the loan portfolio to further improve our strong core earnings.”

Operating Results
Net interest income of $6.8 million and $26.4 million was reported for the three months and year ended December 31, 2017, respectively. Current net interest income levels reflect improvement over the $5.9 million and $22.6 million reported in the comparable prior year periods, with the current year increases primarily driven by growth in the loan portfolio. Average loan balances increased $133.4 million and $131.4 million for the three months and year ended December 31, 2017, respectively, over the comparable prior year periods. The net interest margins for the current three month period and the year were 3.09% and 3.13%, respectively, compared to 3.18% for both the three months and year ended December 31, 2016. The margins continue to reflect an environment with a flattened yield curve.

Due in a large part to growth in the loan portfolio, the Corporation recorded provisions for loan losses for the three months and year ended December 31, 2017 of $75,000 and $655,000, respectively. For the three months and year ended December 31, 2016 negative provisions for loan losses were $300,000 and $1.35 million, respectively. With relatively stable credit quality, the allowance for loan losses to total gross loans

2



Press Release - Midland Park NJ
Stewardship Financial Corporation continued                     February 22, 2018


declined to 1.23% at December 31, 2017 compared to 1.31% at December 31, 2016.

For the three months and year ended December 31, 2017, noninterest income was $850,000 and $3.3 million, respectively, compared to $937,000 and $3.4 million in the equivalent prior year periods. For the three months and year ended December 31, 2017, noninterest income included $55,000 and $178,000 of gains on sales of mortgage loans, respectively, compared to $94,000 and $164,000 for the comparable prior year periods. For the year ended December 31, 2017, noninterest income included $1,000 of gains on calls and sales of securities compared to $63,000 for the comparable prior year period.

Noninterest expenses for the three months and year ended December 31, 2017 were $5.1 million and $20.3 million, respectively, compared to $5.0 million and $19.9 million in the comparable prior year periods. Van Ostenbridge stated, “We have been committed to managing our infrastructure and containing costs while growing the balance sheet and are encouraged by the efficiencies realized.”

Balance Sheet / Financial Condition
Total assets of $928.8 million at December 31, 2017 reflected a $133.2 million increase, or 17%, since December 31, 2016. The asset growth continues to be driven by organic loan originations which resulted in a $107.6 million year-over-year increase in the gross loan portfolio.

Deposit balances totaled $764.1 million at December 31, 2017, reflecting $105.2 million of net growth when compared to $658.9 million a year earlier. A mix of organic growth and the retention / expansion of existing relationships has resulted in solid increases in deposits. Van Ostenbridge noted, “Essentially, we have demonstrated our ability to fund the increase in loans with deposit growth." Other borrowings were $63.8 million at December 31, 2017 compared to $59.2 million at December 31, 2016. Approximately $20 million

3



Press Release - Midland Park NJ
Stewardship Financial Corporation continued                     February 22, 2018


of the growth in other borrowings can be attributed to a leverage strategy undertaken in conjunction with the capital raise in April 2017.

All regulatory capital levels at December 31, 2017 continue to reflect a strong capital position with ratios in excess of the levels to be considered "well capitalized" under the applicable regulations. The Tier 1 leverage ratio was 8.88% and 7.65% at December 31, 2017 and 2016, respectively. Total risk based capital ratio was 14.29% at December 31, 2017 compared to 13.10% at December 31, 2016.

About Stewardship Financial Corporation
Stewardship Financial Corporation’s subsidiary, the Atlantic Stewardship Bank, is a full-service community bank serving both individuals and businesses. ASB is known for tithing, or sharing, 10% of its taxable income with nonprofit, educational, charitable and/or evangelical religious organizations. To date, ASB’s total tithing donations total over $ 9.3 million. ASB maintains 12 banking locations in NJ including; Hawthorne, Midland Park, Montville, Morristown, North Haledon, Pequannock, Ridgewood, Waldwick, Westwood, Wyckoff and two offices in Wayne. ASB invites you to visit their website at www.asbnow.com for additional information and to learn more.

Forward Looking Statements
The information disclosed in this document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” and “potential.” Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of the Corporation that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include changes in general, economic and market conditions, legislative and regulatory conditions, or the development of an interest rate environment that adversely affects the Corporation’s interest rate spread or other income anticipated from operations and investments.

4



Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP").  This press release also contains certain supplemental non-GAAP information that the Corporation’s management uses in its analysis of the Corporation’s financial results.  Specifically, the Corporation provides measures based on what it believes are its operating earnings on a consistent basis, and excludes material non-routine operating items which affect the GAAP reporting of results of operations.  The Corporation’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Corporation’s core financial results for the periods in question. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.  See accompanying non-GAAP tables. 




5



Stewardship Financial Corporation
Selected Consolidated Financial Information
(dollars in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
September 30,
 
June 30,
 
March 31,
 
December 31,
 
2017
 
2017
 
2017
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
Selected Financial Condition Data:
 
 
 
 
 
 
 
 
 
     Cash and cash equivalents
$
21,270

 
$
17,213

 
$
19,459

 
$
12,793

 
$
11,680

     Securities available for sale
113,015

 
115,733

 
116,244

 
95,632

 
98,583

     Securities held to maturity
52,442

 
53,323

 
52,091

 
52,805

 
52,330

     FHLB stock
3,715

 
3,919

 
5,169

 
3,784

 
3,515

     Loans held for sale
370

 
688

 
446

 
188

 
773

     Loans receivable:
 
 
 
 
 
 
 
 
 
          Loans receivable, gross
711,720

 
691,953

 
692,056

 
654,769

 
604,083

          Allowance for loan losses
(8,762
)
 
(8,614
)
 
(8,550
)
 
(8,246
)
 
(7,905
)
          Other, net
(397
)
 
(422
)
 
(344
)
 
(327
)
 
(226
)
     Loans receivable, net
702,561

 
682,917

 
683,162

 
646,196

 
595,952

     Other real estate owned, net

 

 

 
401

 
401

     Bank owned life insurance
21,084

 
20,943

 
20,802

 
16,673

 
16,558

     Other assets
14,309

 
15,958

 
15,934

 
15,927

 
15,743

     Total assets
$
928,766

 
$
910,694

 
$
913,307

 
$
844,399

 
$
795,535

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Noninterest-bearing deposits
$
172,861

 
$
171,609

 
$
177,678

 
$
170,566

 
$
169,306

     Interest-bearing deposits
591,238

 
569,352

 
543,215

 
530,138

 
489,624

     Total deposits
764,099

 
740,961

 
720,893

 
700,704

 
658,930

     Other borrowings
63,760

 
68,760

 
93,760

 
65,200

 
59,200

     Subordinated debentures and


 


 
 
 
 
 
 
        subordinated notes
23,317

 
23,301

 
23,284

 
23,268

 
23,252

     Other liabilities
3,925

 
3,564

 
2,859

 
2,810

 
2,766

     Total liabilities
855,101

 
836,586

 
840,796

 
791,982

 
744,148

     Shareholders' equity
73,665

 
74,108

 
72,511

 
52,417

 
51,387

     Total liabilities and shareholders' equity
$
928,766

 
$
910,694

 
$
913,307

 
$
844,399

 
$
795,535

 
 
 
 
 
 
 
 
 
 
     Gross loans to deposits
93.14
%
 
93.39
%
 
96.00
%
 
93.44
%
 
91.68
%
 
 
 
 
 
 
 
 
 
 
     Equity to assets
7.93
%
 
8.14
%
 
7.94
%
 
6.21
%
 
6.46
%
 
 
 
 
 
 
 
 
 
 
     Book value per share
$
8.51

 
$
8.57

 
$
8.39

 
$
8.55

 
$
8.39

 
 
 
 
 
 
 
 
 
 
Asset Quality Data:
 
 
 
 
 
 
 
 
 
     Nonaccrual loans
$
1,194

 
$
806

 
$
826

 
$
592

 
$
606

     Loans past due 90 days or more and
 
 
 
 
 
 
 
 
 
        accruing

 

 
320

 

 

     Total nonperforming loans
1,194

 
806

 
1,146

 
592

 
606

     Other real estate owned

 

 

 
401

 
401

     Total nonperforming assets
$
1,194

 
$
806

 
$
1,146

 
$
993

 
$
1,007

 
 
 
 
 
 
 
 
 
 
     Nonperforming loans to total loans
0.17
%
 
0.12
%
 
0.17
%
 
0.09
%
 
0.10
%
     Nonperforming assets to total assets
0.13
%
 
0.09
%
 
0.13
%
 
0.12
%
 
0.13
%
     Allowance for loan losses to total gross
 
 
 
 
 
 
 
 
 
        loans
1.23
%
 
1.24
%
 
1.24
%
 
1.26
%
 
1.31
%

6



Stewardship Financial Corporation
Selected Consolidated Financial Information
(dollars in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended
 
For the year ended
 
 
 
December 31,
 
December 31,
 
 
 
2017
 
2016
 
2017
 
2016
Selected Operating Data:
 
 
 
 
 
 
 
 
Interest income
$
8,463

 
$
7,000

 
$
32,230

 
$
27,085

 
Interest expense
1,628

 
1,103

 
5,858

 
4,513

 
 
Net interest income
6,835

 
5,897

 
26,372

 
22,572

 
Provision for loan losses
75

 
(300
)
 
655

 
(1,350
)
 
Net interest income
 
 
 
 
 
 
 
 
 
after provision for loan losses
6,760

 
6,197

 
25,717

 
23,922

 
Noninterest income:
 
 
 
 
 
 
 
 
 
Fees and service charges
533

 
564

 
2,111

 
2,159

 
 
Bank owned life insurance
141

 
119

 
526

 
447

 
 
Gain on calls and sales of securities

 
1

 
1

 
63

 
 
Gain on sales of mortgage loans
55

 
94

 
178

 
164

 
 
Gain on sales of other real estate owned

 
30

 
13

 
36

 
 
Miscellaneous
121

 
129

 
478

 
542

 
 
Total noninterest income
850

 
937

 
3,307

 
3,411

 
Noninterest expenses:
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
2,888

 
2,735

 
11,455

 
10,980

 
 
Occupancy, net
414

 
396

 
1,630

 
1,598

 
 
Equipment
176

 
156

 
673

 
609

 
 
Data processing
442

 
481

 
1,811

 
1,915

 
 
Advertising
171

 
196

 
700

 
669

 
 
FDIC insurance premium
86

 
21

 
322

 
317

 
 
Charitable contributions
240

 
135

 
615

 
375

 
 
Bank-card related services
130

 
148

 
551

 
579

 
 
Other real estate owned, net

 
14

 
24

 
143

 
 
Miscellaneous
521

 
720

 
2,520

 
2,717

 
 
Total noninterest expenses
5,068

 
5,002

 
20,301

 
19,902

   Income before income tax expense
2,542

 
2,132

 
8,723

 
7,431

   Income tax expense
2,494

 
784

 
4,776

 
2,695

   Net income
$
48

 
$
1,348

 
$
3,947

 
$
4,736

 
 
 
 
 
 
 
 
 
 
   Weighted avg. no. of diluted common shares
8,648,191

 
6,119,693

 
7,906,791

 
6,109,983

   Diluted earnings per common share
$
0.01

 
$
0.22

 
$
0.50

 
$
0.78

 
 
 
 
 
 
 
 
 
 
   Return on average common equity
0.26
%
 
10.40
%
 
5.86
%
 
9.43
%
 
 
 
 
 
 
 
 
 
 
   Return on average assets
0.02
%
 
0.69
%
 
0.45
%
 
0.63
%
 
 
 
 
 
 
 
 
 
 
   Yield on average interest-earning assets
3.82
%
 
3.77
%
 
3.83
%
 
3.81
%
   Cost of average interest-bearing liabilities
0.97
%
 
0.80
%
 
0.91
%
 
0.85
%
   Net interest rate spread
2.85
%
 
2.97
%
 
2.92
%
 
2.96
%
 
 
 
 
 
 
 
 
 
 
   Net interest margin
3.09
%
 
3.18
%
 
3.13
%
 
3.18
%


7



Stewardship Financial Corporation
Selected Consolidated Financial Information
(dollars in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended
 
 
 
 
December 31,
 
September 30,
 
June 30,
 
March 31,
 
December 31,
 
 
 
 
2017
 
2017
 
2017
 
2017
 
2016
Selected Operating Data:
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
$
8,463

 
$
8,400

 
$
7,943

 
$
7,424

 
$
7,000

 
Interest expense
 
1,628

 
1,577

 
1,409

 
1,244

 
1,103

 
 
Net interest income
 
6,835

 
6,823

 
6,534

 
6,180

 
5,897

 
Provision for loan losses
 
75

 
20

 
260

 
300

 
(300
)
 
Net interest and dividend income
 
 
 
 
 
 
 
 
 
 
 
 
after provision for loan losses
 
6,760

 
6,803

 
6,274

 
5,880

 
6,197

 
Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
 
Fees and service charges
 
533

 
524

 
519

 
535

 
564

 
 
Bank owned life insurance
 
141

 
141

 
129

 
115

 
119

 
 
Gain on calls and sales of
 
 
 
 
 
 
 
 
 
 
 
 
    securities
 

 
1

 

 

 
1

 
 
Gain on sales of mortgage loans
 
55

 
68

 
38

 
17

 
94

 
 
Gain on sales of other real estate
 
 
 
 
 
 
 
 
 
 
 
 
    owned
 

 

 
13

 

 
30

 
 
Miscellaneous
 
121

 
111

 
114

 
132

 
129

 
 
Total noninterest income
 
850

 
845

 
813

 
799

 
937

 
Noninterest expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
2,888

 
2,843

 
2,880

 
2,844

 
2,735

 
 
Occupancy, net
 
414

 
414

 
393

 
409

 
396

 
 
Equipment
 
176

 
173

 
162

 
162

 
156

 
 
Data processing
 
442

 
444

 
456

 
469

 
481

 
 
Advertising
 
171

 
182

 
211

 
136

 
196

 
 
FDIC insurance premium
 
86

 
50

 
109

 
77

 
21

 
 
Charitable contributions
 
240

 
130

 
120

 
125

 
135

 
 
Bank-card related services
 
130

 
137

 
142

 
142

 
148

 
 
Other real estate owned, net
 

 

 
9

 
15

 
14

 
 
Miscellaneous
 
521

 
663

 
601

 
735

 
720

 
 
Total noninterest expenses
 
5,068

 
5,036

 
5,083

 
5,114

 
5,002

   Income before income tax expense
 
2,542

 
2,612

 
2,004

 
1,565

 
2,132

   Income tax expense
 
2,494

 
972

 
736

 
574

 
784

   Net income
 
$
48

 
$
1,640

 
$
1,268

 
$
991

 
$
1,348

 
 
 
 
 
 
 
 
 
 
 
 
 
   Weighted avg. no. of diluted common
 
 
 
 
 
 
 
 
 
 
       shares
 
8,648,191

 
8,643,737

 
8,174,484

 
6,124,926

 
6,119,693

   Diluted earnings per common share
 
$
0.01

 
$
0.19

 
$
0.16

 
$
0.16

 
$
0.22

 
 
 
 
 
 
 
 
 
 
 
 
 
   Return on average common equity
 
0.26
%
 
8.83
%
 
7.37
%
 
7.71
%
 
10.40
%
 
 
 
 
 
 
 
 
 
 
 
 
 
   Return on average assets
 
0.02
%
 
0.71
%
 
0.58
%
 
0.49
%
 
0.69
%
 
 
 
 
 
 
 
 
 
 
 
 
 
   Yield on average interest-earning assets
 
3.82
%
 
3.80
%
 
3.81
%
 
3.88
%
 
3.77
%
   Cost of average interest-bearing
 
 
 
 
 
 
 
 
 
 
       liabilities
 
0.97
%
 
0.94
%
 
0.90
%
 
0.84
%
 
0.80
%
   Net interest rate spread
 
2.85
%
 
2.86
%
 
2.91
%
 
3.04
%
 
2.97
%
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net interest margin
 
3.09
%
 
3.09
%
 
3.14
%
 
3.23
%
 
3.18
%

8



Stewardship Financial Corporation
Non-GAAP Reconciliation
(dollars in thousands, except per share amounts)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months ended
 
For the year ended
 
 
 
December 31,
 
December 31,
 
 
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
   Net income
$
48

 
$
1,348

 
$
3,947

 
$
4,736

 
Impact of Tax Act
1,420

 

 
1,420

 

   Adjusted net income
$
1,468

 
$
1,348

 
$
5,367

 
$
4,736

 
 
 
 
 
 
 
 
 
 
   Weighted avg. no. of diluted common shares
8,648,191

 
6,119,693

 
7,906,791

 
6,109,983

   Adjusted diluted earnings per common share
$
0.17

 
$
0.22

 
$
0.68

 
$
0.78

 
 
 
 
 
 
 
 
 
 
   Adjusted return on average common equity
7.82
%
 
10.40
%
 
7.96
%
 
9.43
%
 
 
 
 
 
 
 
 
 
 
   Adjusted return on average assets
0.63
%
 
0.69
%
 
0.61
%
 
0.63
%
 
 
 
 
 
 
 
 
 
 


9
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