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Section 1: 8-K (FORM 8-K)

fcbc20190422_8k.htm

 

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): April 23, 2019

 
 
 

FIRST COMMUNITY BANKSHARES, INC.

 

(Exact name of registrant as specified in its charter)

 

 

Virginia

 

000-19297

 

55-0694814

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 

 

P.O. Box 989

Bluefield, Virginia

 

24605-0989

(Address of principal executive offices)

 

(Zip Code)

 

 

Registrant’s telephone number, including area code: (276) 326-9000

 
 

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 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 April 23, 2019, First Community Bankshares, Inc. (the “Company”) announced by press release its earnings for the first quarter of 2019. A copy of the press release is attached hereto as Exhibit 99.1.

 

Item 8.01            Other Events.     

 

On April 23, 2019, the Company announced by press release its quarterly cash dividend to common shareholders of twenty-five cents ($0.25) per common share, payable on May 17, 2019, to shareholders of record on May 3, 2019. A copy of the press release is attached hereto as Exhibit 99.1.

 

Item 9.01            Financial Statements and Exhibits.

 

(d)

The following exhibit is included with this report:

 

Exhibit No.

 

Exhibit Description

 

 

 

99.1

 

Earnings and dividend press release dated April 23, 2019

 

 

Forward-Looking Statements 

 

This Current Report on Form 8-K contains forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include:  changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the most recent year ended. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

 

 

 

 

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.

 

 

 

FIRST COMMUNITY BANKSHARES, INC.

     

Date:

April 23, 2019

 

By:

/s/ David D. Brown

     
   

David D. Brown

   

Chief Financial Officer

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Section 2: EX-99.1 (EXHIBIT 99.1)

ex_141379.htm

Exhibit 99.1

 

 

NEWS RELEASE

FOR IMMEDIATE RELEASE:

 

FOR MORE INFORMATION, CONTACT:

April 23, 2019

 

David D. Brown

   

(276) 326-9000

 

First Community Bankshares, Inc. Announces First Quarter Results

and Increased Quarterly Dividend

 

Bluefield, Virginia – First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended March 31, 2019. The Company reported net income of $9.63 million, or $0.60 per diluted common share, for the quarter ended March 31, 2019, which was an increase of $763 thousand, or 8.60%, over the same quarter of 2018.

 

The Company also announced today that the Board of Directors declared a quarterly cash dividend to common shareholders of twenty-five cents ($0.25) per common share, an increase of seven cents ($0.07), or 38.89%, over last second quarter’s dividend. The quarterly dividend is payable to common shareholders of record on May 3, 2019, and is expected to be paid on or about May 17, 2019. The current year marks the 34th consecutive year of regular cash dividends paid to shareholders.

 

First Quarter 2019 Highlights

 

General

 

o

The Company’s remaining wholesale repurchase agreement of $25 million matured during the first quarter.  The Company repaid the borrowing with current liquidity, which should result in annualized net pre-tax savings of $378 thousand.  This culminates the Company’s 5-year strategic shift back to a more traditional community bank balance sheet, during which the Company paid off $200 million in wholesale debt.

 

o

The Company declared a quarterly cash dividend to common shareholders of twenty-five cents ($0.25) per common share, an increase of seven cents ($0.07), or 38.89%, over last second quarter’s dividend.

 

o

The Company received $1.68 million from litigation settlements during the first quarter.

 

Income Statement

 

o

Net income increased $763 thousand, or 8.60%, to $9.63 million compared to the same quarter of 2018.

 

o

Diluted earnings per share increased $.08 to $.60 compared to the same quarter of 2018, for an increase of 15.38%.

 

o

Return on average assets for the quarter increased to 1.75%. Return on average equity for the quarter increased to 11.77%.

 

o

Net interest margin increased 22 basis points to 4.60% compared to the same quarter of 2018.

 

Balance Sheet

 

o

Book value per common share increased $0.27 to $21.06, and tangible book value per common share increased $0.20 to a record $14.89, compared to December 31, 2018.

 

o

The Company repurchased 232,900 common shares for $7.78 million during the quarter.

 

o

The Company and its subsidiary bank both significantly exceed regulatory “well capitalized” targets as of March 31, 2019.

 

Non-GAAP Financial Measures

 

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%.  While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

 

1

 

 

About First Community Bankshares, Inc.

 

First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 44 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of March 31, 2019. First Community Bank offers wealth management and investment advice through its Trust Division and First Community Wealth Management, which collectively managed and administered $1.02 billion in combined assets as of March 31, 2019. The Company reported consolidated assets of $2.24 billion as of March 31, 2019. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

 

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

 

2

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

 

   

Three Months Ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

(Amounts in thousands, except share and per share data)

 

2019

   

2018

   

2018

   

2018

   

2018

 

Interest income

                                       

Interest and fees on loans

  $ 22,179     $ 23,938     $ 22,556     $ 22,422     $ 22,755  

Interest on securities

    1,094       1,249       1,372       1,361       1,104  

Interest on deposits in banks

    338       194       358       514       471  

Total interest income

    23,611       25,381       24,286       24,297       24,330  

Interest expense

                                       

Interest on deposits

    1,305       1,297       1,269       1,327       1,251  

Interest on borrowings

    120       205       692       708       700  

Total interest expense

    1,425       1,502       1,961       2,035       1,951  

Net interest income

    22,186       23,879       22,325       22,262       22,379  

Provision for loan losses

    1,220       908       495       495       495  

Net interest income after provision

    20,966       22,971       21,830       21,767       21,884  

Noninterest income

    8,080       6,297       6,519       6,959       6,668  

Noninterest expense

    16,785       17,366       18,131       17,160       17,116  

Income before income taxes

    12,261       11,902       10,218       11,566       11,436  

Income tax expense

    2,630       2,596       1,118       2,500       2,568  

Net income

  $ 9,631     $ 9,306     $ 9,100     $ 9,066     $ 8,868  
                                         

Earnings per common share

                                       

Basic

  $ 0.61     $ 0.57     $ 0.55     $ 0.54     $ 0.52  

Diluted

    0.60       0.57       0.55       0.54       0.52  

Cash dividends per common share

                                       

Regular

    0.21       0.21       0.21       0.18       0.18  

Special

    -       -       -       -       0.48  

Weighted average shares outstanding

                                       

Basic

    15,839,424       16,201,148       16,512,823       16,689,398       16,955,758  

Diluted

    15,920,950       16,280,404       16,612,416       16,788,615       17,047,638  

Performance ratios

                                       

Return on average assets

    1.75 %     1.63 %     1.55 %     1.53 %     1.52 %

Return on average common equity

    11.77 %     11.01 %     10.59 %     10.68 %     10.30 %

Return on average tangible common equity(1)

    16.66 %     15.58 %     15.06 %     15.21 %     14.53 %

 

 

 

         

(1)

A non-GAAP financial measure defined as net income divided by average stockholders' equity less average goodwill and other intangible assets

 

 

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)

 

   

Three Months Ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 
   

2019

   

2018

   

2018

   

2018

   

2018

 

(Amounts in thousands, except per share data)

                                       

Net income

  $ 9,631     $ 9,306     $ 9,100     $ 9,066     $ 8,868  

Non-GAAP adjustments:

                                       

Net loss on sale of securities

    -       -       618       -       -  

Loss on extinguishment of debt

    -       -       1,096       -       -  

Goodwill impairment

    -       -       1,492       -       -  

Deferred tax asset revaluation

    -       -       (1,669 )     -       -  

Other items(1)

    (1,675 )     254       -       297       (130 )

Total adjustments

    (1,675 )     254       1,537       297       (130 )

Tax effect

    (328 )     61       411       96       (24 )

Adjusted earnings, non-GAAP

  $ 8,284     $ 9,499     $ 10,226     $ 9,267     $ 8,762  
                                         

Adjusted diluted earnings per common share, non-GAAP

  $ 0.52     $ 0.58     $ 0.62     $ 0.55     $ 0.51  

Performance ratios, non-GAAP

                                       

Adjusted return on average assets

    1.51 %     1.67 %     1.74 %     1.57 %     1.50 %

Adjusted return on average common equity

    10.12 %     11.23 %     11.90 %     10.91 %     10.17 %

Adjusted return on average tangible common equity(2)

    14.33 %     15.90 %     16.93 %     15.55 %     14.36 %

 

 

 

                   

(1)

Includes other non-recurring income and expense items

(2)

A non-GAAP financial measure defined as adjusted earnings divided by average stockholders' equity less average goodwill and other intangible assets

 

3

 

 

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

 

   

Three Months Ended March 31,

 
   

2019

   

2018

 
   

Average

           

Average Yield/

   

Average

           

Average Yield/

 

(Amounts in thousands)

 

Balance

   

Interest(1)

   

Rate(1)

   

Balance

   

Interest(1)

   

Rate(1)

 

Assets

                                               

Earning assets

                                               

Loans(2)(3)

  $ 1,765,132     $ 22,236       5.11 %   $ 1,805,839     $ 22,827       5.13 %

Securities available for sale

    145,783       1,231       3.43 %     165,103       1,384       3.40 %

Securities held to maturity

    12,348       45       1.48 %     25,132       105       1.69 %

Interest-bearing deposits

    54,694       338       2.50 %     117,953       471       1.62 %

Total earning assets

    1,977,957       23,850       4.89 %     2,114,027       24,787       4.76 %

Other assets

    247,965                       252,284                  

Total assets

  $ 2,225,922                     $ 2,366,311                  
                                                 

Liabilities and stockholders' equity

                                               

Interest-bearing deposits

                                               

Demand deposits

  $ 447,023     $ 37       0.03 %   $ 462,741     $ 63       0.06 %

Savings deposits

    501,276       175       0.14 %     518,560       82       0.06 %

Time deposits

    438,454       1,093       1.01 %     493,545       1,106       0.91 %

Total interest-bearing deposits

    1,386,753       1,305       0.38 %     1,474,846       1,251       0.34 %

Borrowings

                                               

Retail repurchase agreements

    3,259       1       0.13 %     4,444       1       0.09 %

Wholesale repurchase agreements

    15,278       119       3.17 %     25,000       199       3.23 %

FHLB advances and other borrowings

    -       -       -       50,000       500       4.06 %

Total borrowings

    18,537       120       2.63 %     79,444       700       3.57 %

Total interest-bearing liabilities

    1,405,290       1,425       0.41 %     1,554,290       1,951       0.51 %

Noninterest-bearing demand deposits

    459,766                       432,606                  

Other liabilities

    28,894                       30,142                  

Total liabilities

    1,893,950                       2,017,038                  

Stockholders' equity

    331,972                       349,273                  

Total liabilities and stockholders' equity

  $ 2,225,922                     $ 2,366,311                  

Net interest income, FTE(1)

          $ 22,425                     $ 22,836          

Net interest rate spread

                    4.48 %                     4.25 %

Net interest margin, FTE(1)

                    4.60 %                     4.38 %

 

 

 

                     

(1)

Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.

(2)

Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.

(3)

Interest on loans includes non-cash purchase accounting accretion of $764 thousand and $1.8 million for the three months ended March 31, 2019 and 2018, respectively.

 

4

 

 

CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE  (Unaudited)

 

   

Three Months Ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

(Amounts in thousands)

 

2019

   

2018

   

2018

   

2018

   

2018

 

Noninterest income

                                       

Wealth management

  $ 745     $ 854     $ 791     $ 823     $ 794  

Service charges on deposits

    3,408       3,850       3,803       3,612       3,468  

Other service charges and fees

    2,049       2,017       1,925       1,934       1,857  

Insurance commissions

    -       -       299       338       329  

Net loss on sale of securities

    -       -       (618 )     -       -  

Net FDIC indemnification asset amortization

    (552 )     (579 )     (645 )     (575 )     (382 )

Other income

    1,675       -       -       -       -  

Other operating income

    755       155       964       827       602  

Total noninterest income

  $ 8,080     $ 6,297     $ 6,519     $ 6,959     $ 6,668  

Noninterest expense

                                       

Salaries and employee benefits

  $ 9,166     $ 9,273     $ 8,983     $ 8,993     $ 9,441  

Occupancy expense

    1,153       1,134       1,075       1,083       1,250  

Furniture and equipment expense

    1,033       1,004       985       945       1,046  

Service fees

    1,030       1,047       1,134       851       828  

Advertising and public relations

    524       550       478       461       522  

Professional fees

    414       356       337       430       307  

Amortization of intangibles

    246       254       261       263       261  

FDIC premiums and assessments

    168       209       234       252       211  

Loss on extinguishment of debt

    -       -       1,096       -       -  

Goodwill impairment

    -       -       1,492       -       -  

Other operating expense

    3,051       3,539       2,056       3,882       3,250  

Total noninterest expense

  $ 16,785     $ 17,366     $ 18,131     $ 17,160     $ 17,116  

 

5

 

 

CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)

 

   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

(Amounts in thousands, except per share data)

 

2019

   

2018

   

2018

   

2018

   

2018

 

Assets

                                       

Cash and cash equivalents

  $ 148,546     $ 76,873     $ 73,679     $ 107,957     $ 205,140  

Debt securities available for sale

    132,597       153,116       163,593       196,425       164,192  

Debt securities held to maturity

    -       25,013       25,047       25,082       25,115  

Loans held for investment, net of unearned income

                                       

Noncovered

    1,719,905       1,756,269       1,770,426       1,776,112       1,767,703  

Covered

    17,475       18,815       20,483       22,919       25,406  

Allowance for loan losses

    (18,243 )     (18,267 )     (18,256 )     (19,583 )     (19,500 )

Loans held for investment, net

    1,719,137       1,756,817       1,772,653       1,779,448       1,773,609  

FDIC indemnification asset

    4,578       5,108       5,653       6,390       6,884  

Premises and equipment, net

    46,636       45,785       45,537       45,547       46,415  

Other real estate owned, noncovered

    3,903       3,806       4,754       4,805       4,620  

Other real estate owned, covered

    152       32       44       44       70  

Interest receivable

    5,227       5,481       5,374       5,580       5,155  

Goodwill

    92,744       92,744       94,287       95,779       95,779  

Other intangible assets

    4,780       5,026       5,366       5,628       5,891  

Other assets

    84,035       74,573       73,701       75,435       95,437  

Total assets

  $ 2,242,335     $ 2,244,374     $ 2,269,688     $ 2,348,120     $ 2,428,307  
                                         

Liabilities

                                       

Deposits

                                       

Noninterest-bearing

  $ 479,299     $ 459,550     $ 463,945     $ 462,851     $ 460,478  

Interest-bearing

    1,399,138       1,396,200       1,411,906       1,441,887       1,520,141  

Total deposits

    1,878,437       1,855,750       1,875,851       1,904,738       1,980,619  

Securities sold under agreements to repurchase

    3,700       29,370       30,151       27,869       29,115  

FHLB borrowings

    -       -       -       50,000       50,000  

Interest, taxes, and other liabilities

    27,096       26,397       25,284       26,392       26,536  

Total liabilities

    1,909,233       1,911,517       1,931,286       2,008,999       2,086,270  
                                         

Stockholders' equity

                                       

Common stock(2)

    15,818       16,007       21,382       21,382       21,382  

Additional paid-in capital(2)

    115,914       122,486       229,182       228,949       228,774  

Retained earnings

    202,103       195,793       189,902       184,279       178,227  

Treasury stock, at cost(2)

    -       -       (99,247 )     (92,904 )     (83,865 )

Accumulated other comprehensive loss

    (733 )     (1,429 )     (2,817 )     (2,585 )     (2,481 )

Total stockholders' equity

    333,102       332,857       338,402       339,121       342,037  

Total liabilities and stockholders' equity

  $ 2,242,335     $ 2,244,374     $ 2,269,688     $ 2,348,120     $ 2,428,307  
                                         

Shares outstanding at period-end

    15,818,368       16,007,263       16,390,502       16,574,347       16,847,452  

Book value per common share

  $ 21.06     $ 20.79     $ 20.65     $ 20.46     $ 20.30  

Tangible book value per common share(1)

    14.89       14.69       14.57       14.34       14.27  

 

 

 

                 

(1)

A non-GAAP financial measure defined as stockholders' equity less goodwill and other intangible assets, divided by shares outstanding

(2)

In accordance with the Company's reincorporation from Nevada to Virginia on October 2, 2018, treasury stock is not recognized.

 

6

 

 

SELECTED CREDIT QUALITY INFORMATION (Unaudited)

 

 

   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

(Amounts in thousands)

 

2019

   

2018

   

2018

   

2018

   

2018

 

Allowance for Loan Losses

                                       

Beginning balance

  $ 18,267     $ 18,256     $ 19,583     $ 19,500     $ 19,276  

Provision for loan losses charged to operations

    1,220       908       495       495       495  

Charge-offs

    (1,622 )     (1,282 )     (2,177 )     (750 )     (698 )

Recoveries

    378       385       355       338       427  

Net charge-offs

    (1,244 )     (897 )     (1,822 )     (412 )     (271 )

Ending balance

  $ 18,243     $ 18,267     $ 18,256     $ 19,583     $ 19,500  
                                         

Nonperforming Assets

                                       

Non-covered nonperforming assets

                                       

Nonaccrual loans

  $ 18,544     $ 19,583     $ 20,542     $ 21,467     $ 21,650  

Accruing loans past due 90 days or more

    156       58       46       -       27  

Troubled debt restructurings ("TDRs")(1)

    835       161       189       133       77  

Total non-covered nonperforming loans

    19,535       19,802       20,777       21,600       21,754  

OREO

    3,903       3,806       4,754       4,805       4,620  

Total non-covered nonperforming assets

  $ 23,438     $ 23,608     $ 25,531     $ 26,405     $ 26,374  
                                         

Covered nonperforming assets

                                       

Nonaccrual loans

  $ 237     $ 322     $ 330     $ 509     $ 596  

Total covered nonperforming loans

    237       322       330       509       596  

OREO

    152       32       44       44       70  

Total covered nonperforming assets

  $ 389     $ 354     $ 374     $ 553     $ 666  
                                         

Additional Information

                                       

Performing TDRs(2)

  $ 5,654     $ 6,266     $ 6,953     $ 6,847     $ 7,220  

Total TDRs(3)

    6,489       6,427       7,142       6,980       7,297  
                                         

Non-covered ratios

                                       

Nonperforming loans to total loans

    1.14 %     1.13 %     1.17 %     1.22 %     1.23 %

Nonperforming assets to total assets

    1.05 %     1.06 %     1.14 %     1.14 %     1.10 %

Non-PCI allowance to nonperforming loans

    93.39 %     92.25 %     87.87 %     90.66 %     89.64 %

Non-PCI allowance to total loans

    1.06 %     1.04 %     1.03 %     1.10 %     1.10 %

Annualized net charge-offs to average loans

    0.29 %     0.20 %     0.41 %     0.09 %     0.06 %
                                         

Total ratios

                                       

Nonperforming loans to total loans

    1.14 %     1.13 %     1.18 %     1.23 %     1.25 %

Nonperforming assets to total assets

    1.06 %     1.07 %     1.14 %     1.15 %     1.11 %

Allowance for loan losses to nonperforming loans

    92.27 %     90.77 %     86.49 %     88.57 %     87.25 %

Allowance for loan losses to total loans

    1.05 %     1.03 %     1.02 %     1.09 %     1.09 %

Annualized net charge-offs to average loans

    0.29 %     0.20 %     0.40 %     0.09 %     0.06 %

 

 

 

                 

(1)

Accruing TDRs restructured within the past six months or nonperforming

(2)

Accruing TDRs with six months or more of satisfactory payment performance

(3)

Accruing total TDRs 

 

7

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