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Section 1: 8-K (8-K)

hth_Current Folio_8K_Earnings

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 25, 2019

 

 

 

 

Hilltop Holdings Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

Maryland

 

1-31987

 

84-1477939

(State or other jurisdiction of incorporation)

 

(Commission

File Number)

 

(IRS Employer Identification No.)

 

 

 

 

2323 Victory Avenue, Suite 1400

 

 

Dallas, Texas

 

75219

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (214) 855-2177

 

 

 

 

 

(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 (see General Instruction A.2. below):

 

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 or Rule 12b– 2 of the Securities Exchange Act of 1934.

 

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. ☐

 


 

Section 2 – Financial Information

 

Item 2.02  Results of Operations and Financial Condition.

 

On April 25, 2019,  Hilltop Holdings Inc., or the Company, issued a press release announcing its results of operations and financial condition as of and for the three months ended March 31, 2019. The text of the release is set forth in Exhibit 99.1 attached to this Current Report on Form 8-K and is incorporated herein by reference.

 

The information in this Current Report on Form 8-K (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth in such filing.

 

Section 8 – Other Events

 

Item 8.01  Other Events.

 

On April 25, 2019, the Board of Directors of the Company declared a quarterly cash dividend of $0.08 per common share, payable on May 31, 2019, to stockholders of record as of the close of business on May 15, 2019. 

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01  Financial Statements and Exhibits.

 

(a)

Financial statements of businesses acquired.

Not applicable.

(b)

Pro forma financial information.

Not applicable.

(c)

Shell company transactions.

Not applicable.

(d)

Exhibits.

 

The following exhibit(s) are filed or furnished, depending on the relative item requiring such exhibit, in accordance with the provisions of Item 601 of Regulation S-K and Instruction B.2 to this form.

 

 

 

 

 

 

Exhibit

Number

 

Description of Exhibit

 

99.1

 

 

Press Release dated April 25, 2019 (furnished pursuant to Item 2.02).

 

 


 

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.

 

 

 

 

 

 

 

Hilltop Holdings Inc.,

 

 

a Maryland corporation

 

 

 

 

 

 

 

 

Date:

April 25, 2019

By:

/s/ COREY PRESTIDGE

 

 

Name:

Corey G. Prestidge

 

 

Title:

Executive Vice President,

 

 

 

General Counsel & Secretary

 

 


(Back To Top)

Section 2: EX-99.1 (EX-99.1)

hth_Ex_99-1_Earnings

Exhibit 99.1

 

 

Investor Relations Contact:

 

Erik Yohe

 

214-525-4634

 

eyohe@hilltop-holdings.com

 

Hilltop Holdings Inc. Announces Financial Results for First Quarter 2019

 

DALLAS — (BUSINESS WIRE) April 25, 2019 — Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced financial results for the first quarter of 2019. Hilltop produced income to common stockholders of $38.8 million, or $0.41 per diluted share, for the first quarter of 2019, compared to $24.4 million, or $0.25 per diluted share, for the first quarter of 2018. Hilltop’s financial results for the first quarter of 2019 include the impact of costs associated with significant leadership changes and other efficiency initiative-related charges which, in the aggregate, totaled $8.7 million before income taxes.

 

Hilltop also announced that its Board of Directors declared a quarterly cash dividend of $0.08 per common share payable on May 31, 2019, to all common stockholders of record as of the close of business on May 15, 2019.  

 

Jeremy Ford, CEO of Hilltop, said,  “We are very pleased with the solid start to 2019 as revenues grew by 7% and noninterest expenses, including the impact of the previously announced leadership changes, remained in line with the prior year. We remain focused on executing against our ‘platform for growth’ initiatives, which we believe will continue to improve productivity, scalability and the services delivered to our clients. Our business continues to strengthen as we maintain strong capital levels and solid liquidity and credit quality, which will support our growth priorities in 2019 and beyond.”

 

·

Banking revenues and income grew as net interest margin improved versus the prior year period;

·

The broker-dealer segment’s capital markets and structured finance businesses performed well as the decline in market interest rates, combined with our ongoing investments in these businesses, yielded improved trading results in the quarter;

·

While the mortgage industry remains challenging, our mortgage origination segment’s focus on profitable production and efficiency resulted in lower operating expenses and supported a profitable quarter even though origination volumes declined versus the first quarter of 2018; and

·

Insurance generated improved profits versus the first quarter of 2018 as expenses declined and the investment portfolio performance improved

 

First Quarter 2019 Highlights for Hilltop:

 

·

In January 2019, Hilltop adopted the new lease accounting standard which, among other things:

o

Added operating lease liabilities of $118.5 million and right-of-use assets of $108.8 million to the consolidated balance sheet at March 31, 2019; and

o

Negatively  impacted regulatory capital ratios, performance ratios and other measures dependent upon asset or liability balances;

·

Hilltop’s annualized return on average assets and return on average equity for the first quarter of 2019 were 1.21% and 8.04%, respectively, compared to 0.77% and 5.19%, respectively, for the first quarter of 2018;

·

Hilltop’s book value per common share increased to $21.23 at March 31, 2019, compared to $20.83 at December 31, 2018; 

·

Hilltop’s total assets were $13.5 billion at March 31, 2019, compared to $13.7 billion at December 31, 2018;

·

Loans1, net of allowance for loan losses, increased to $6.5 billion compared to $6.3 billion at December 31, 2018;

·

Non-performing loans decreased to $30.9 million, or 0.38% of total loans at March 31, 2019, compared to $34.0 million, or 0.41% of total loans, at December 31, 2018;

·

Loans held for sale  decreased by 24.0%  from  December 31, 2018 to $1.1 billion at March 31, 2019;

·

Total deposits were $8.3 billion at March 31, 2019, compared to $8.5  billion at December 31, 2018;

·

Hilltop maintained strong capital levels with a Tier 1 Leverage Ratio2 of 13.22% and a Common Equity Tier 1 Capital Ratio of 16.75% at March 31, 2019;

Y:\HTH Branding-Logo\HTH Vertical Logo - Color.jpg


 

·

Hilltop’s net interest margin3 decreased to 3.69% for the first quarter of 2019, compared to 3.75% in the fourth quarter of 2018;

·

The provision for loan losses was $1.0 million during the first quarter of 2019, compared to $6.9 million in the fourth quarter of 2018;  

·

For the first quarter of 2019, noninterest income was $252.5 million, compared to $235.1 million in the first quarter of 2018,  a 7.4%  increase;

·

For the first quarter of 2019, noninterest expense was $309.1 million, compared to $308.2 million in the first quarter of 2018, a 0.3%  increase; and

·

Hilltop’s effective tax rate decreased to 22.6% during the first quarter of 2019, compared to 23.3% during the same period in 2018


1    “Loans” reflect loans held for investment excluding broker-dealer loans, net of allowance for loan losses, of $491.8 million and $578.2 million at March 31, 2019 and December 31, 2018, respectively.

2   Based on the end of period Tier 1 capital divided by total average assets during the quarter, excluding goodwill and intangible assets.

3   Net interest margin is defined as net interest income divided by average interest-earning assets.

 

Consolidated Financial and Other Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

(in 000's)

    

2019

    

2018

    

2018

    

2018

    

2018

Cash and due from banks

 

$

313,192

 

$

644,073

 

$

405,682

 

$

353,432

 

$

470,127

Federal funds sold

 

 

438

 

 

400

 

 

468

 

 

403

 

 

400

Assets segregated for regulatory purposes

 

 

156,851

 

 

133,993

 

 

220,115

 

 

128,417

 

 

198,170

Securities purchased under agreements to resell

 

 

65,205

 

 

61,611

 

 

164,656

 

 

229,172

 

 

244,978

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading, at fair value

 

 

703,295

 

 

745,466

 

 

660,314

 

 

634,197

 

 

756,151

Available for sale, at fair value

 

 

1,019,851

 

 

875,658

 

 

874,496

 

 

811,218

 

 

806,583

Held to maturity, at amortized cost

 

 

369,865

 

 

351,012

 

 

348,163

 

 

353,192

 

 

356,452

Equity, at fair value

 

 

19,343

 

 

19,679

 

 

21,555

 

 

21,218

 

 

20,876

 

 

 

2,112,354

 

 

1,991,815

 

 

1,904,528

 

 

1,819,825

 

 

1,940,062

Loans held for sale

 

 

1,059,280

 

 

1,393,246

 

 

1,524,980

 

 

1,953,562

 

 

1,409,634

Loans held for investment, net of unearned income

 

 

7,011,679

 

 

6,930,458

 

 

6,940,306

 

 

6,545,630

 

 

6,387,413

Allowance for loan losses

 

 

(58,809)

 

 

(59,486)

 

 

(60,152)

 

 

(61,970)

 

 

(63,194)

Loans held for investment, net

 

 

6,952,870

 

 

6,870,972

 

 

6,880,154

 

 

6,483,660

 

 

6,324,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker-dealer and clearing organization receivables

 

 

1,651,199

 

 

1,440,287

 

 

1,491,507

 

 

1,614,951

 

 

1,660,720

Premises and equipment, net

 

 

210,333

 

 

237,373

 

 

236,172

 

 

172,911

 

 

173,637

Operating lease right-of-use assets

 

 

108,806

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Other assets

 

 

591,442

 

 

580,362

 

 

604,445

 

 

648,317

 

 

637,802

Goodwill

 

 

291,435

 

 

291,435

 

 

291,435

 

 

251,808

 

 

251,808

Other intangible assets, net

 

 

35,965

 

 

38,005

 

 

40,394

 

 

32,716

 

 

34,569

Total assets

 

$

13,549,370

 

$

13,683,572

 

$

13,764,536

 

$

13,689,174

 

$

13,346,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non interest-bearing

 

$

2,490,144

 

$

2,560,750

 

$

2,525,677

 

$

2,468,332

 

$

2,565,825

Interest-bearing

 

 

5,807,975

 

 

5,975,406

 

 

5,764,556

 

 

5,345,290

 

 

5,393,897

Total deposits

 

 

8,298,119

 

 

8,536,156

 

 

8,290,233

 

 

7,813,622

 

 

7,959,722

Broker-dealer and clearing organization payables

 

 

1,490,227

 

 

1,294,925

 

 

1,396,401

 

 

1,409,904

 

 

1,504,172

Short-term borrowings

 

 

914,525

 

 

1,065,807

 

 

1,216,649

 

 

1,610,735

 

 

1,064,325

Securities sold, not yet purchased, at fair value

 

 

69,354

 

 

81,667

 

 

179,582

 

 

251,581

 

 

255,551

Notes payable

 

 

225,372

 

 

228,872

 

 

220,192

 

 

227,736

 

 

202,700

Operating lease liabilities

 

 

118,452

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Junior subordinated debentures

 

 

67,012

 

 

67,012

 

 

67,012

 

 

67,012

 

 

67,012

Other liabilities

 

 

351,178

 

 

435,240

 

 

430,309

 

 

392,171

 

 

367,188

Total liabilities

 

 

11,534,239

 

 

11,709,679

 

 

11,800,378

 

 

11,772,761

 

 

11,420,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

938

 

 

936

 

 

946

 

 

946

 

 

960

Additional paid-in capital

 

 

1,491,585

 

 

1,489,816

 

 

1,504,467

 

 

1,502,105

 

 

1,526,867

Accumulated other comprehensive loss

 

 

(1,062)

 

 

(8,627)

 

 

(14,722)

 

 

(11,846)

 

 

(9,698)

Retained earnings

 

 

499,452

 

 

466,737

 

 

448,923

 

 

419,683

 

 

404,260

Deferred compensation employee stock trust, net

 

 

827

 

 

825

 

 

860

 

 

857

 

 

857

Employee stock trust

 

 

(213)

 

 

(217)

 

 

(252)

 

 

(252)

 

 

(254)

Total Hilltop stockholders' equity

 

 

1,991,527

 

 

1,949,470

 

 

1,940,222

 

 

1,911,493

 

 

1,922,992

Noncontrolling interests

 

 

23,604

 

 

24,423

 

 

23,936

 

 

4,920

 

 

2,464

Total stockholders' equity

 

 

2,015,131

 

 

1,973,893

 

 

1,964,158

 

 

1,916,413

 

 

1,925,456

Total liabilities & stockholders' equity

 

$

13,549,370

 

$

13,683,572

 

$

13,764,536

 

$

13,689,174

 

$

13,346,126

 

Y:\HTH Branding-Logo\HTH Vertical Logo - Color.jpg


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Consolidated Income Statements

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

(in 000's, except per share data)

    

2019

    

2018

    

2018

    

2018

    

2018

    

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

110,870

 

$

119,322

 

$

113,535

 

$

103,924

 

$

99,944

 

Securities borrowed

 

 

16,859

 

 

16,782

 

 

16,346

 

 

17,486

 

 

16,300

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Taxable

 

 

15,616

 

 

15,512

 

 

11,994

 

 

12,516

 

 

10,953

 

 Tax-exempt

 

 

1,498

 

 

1,648

 

 

1,717

 

 

1,697

 

 

1,772

 

Other

 

 

5,197

 

 

4,438

 

 

4,734

 

 

4,417

 

 

4,391

 

Total interest income

 

 

150,040

 

 

157,702

 

 

148,326

 

 

140,040

 

 

133,360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

17,106

 

 

14,838

 

 

12,353

 

 

10,136

 

 

8,675

 

Securities loaned

 

 

14,738

 

 

13,935

 

 

13,984

 

 

15,075

 

 

13,739

 

Short-term borrowings

 

 

5,471

 

 

7,476

 

 

7,831

 

 

6,466

 

 

4,043

 

Notes payable

 

 

2,641

 

 

2,627

 

 

2,702

 

 

2,437

 

 

2,497

 

Junior subordinated debentures

 

 

1,001

 

 

968

 

 

955

 

 

918

 

 

822

 

Other

 

 

152

 

 

143

 

 

160

 

 

160

 

 

164

 

Total interest expense

 

 

41,109

 

 

39,987

 

 

37,985

 

 

35,192

 

 

29,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

108,931

 

 

117,715

 

 

110,341

 

 

104,848

 

 

103,420

 

Provision (recovery) for loan losses

 

 

951

 

 

6,926

 

 

(371)

 

 

340

 

 

(1,807)

 

Net interest income after provision (recovery) for loan losses

 

 

107,980

 

 

110,789

 

 

110,712

 

 

104,508

 

 

105,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains from sale of loans and other mortgage production income

 

 

96,139

 

 

90,628

 

 

116,243

 

 

132,478

 

 

105,767

 

Mortgage loan origination fees

 

 

21,873

 

 

26,615

 

 

27,004

 

 

29,318

 

 

20,626

 

Securities commissions and fees

 

 

35,969

 

 

36,984

 

 

36,968

 

 

38,320

 

 

38,717

 

Investment and securities advisory fees and commissions

 

 

20,160

 

 

26,260

 

 

23,487

 

 

21,965

 

 

18,354

 

Net insurance premiums earned

 

 

33,203

 

 

34,146

 

 

34,185

 

 

34,105

 

 

34,315

 

Other

 

 

45,124

 

 

23,883

 

 

31,810

 

 

23,248

 

 

17,364

 

Total noninterest income

 

 

252,468

 

 

238,516

 

 

269,697

 

 

279,434

 

 

235,143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employees' compensation and benefits

 

 

189,898

 

 

179,881

 

 

205,575

 

 

200,632

 

 

182,600

 

Occupancy and equipment, net

 

 

28,023

 

 

30,512

 

 

29,015

 

 

27,893

 

 

27,830

 

Professional services

 

 

22,942

 

 

26,793

 

 

27,984

 

 

26,020

 

 

24,704

 

Loss and loss adjustment expenses

 

 

14,926

 

 

20,694

 

 

18,712

 

 

24,409

 

 

15,532

 

Other

 

 

53,296

 

 

52,939

 

 

54,425

 

 

59,563

 

 

57,536

 

Total noninterest expense

 

 

309,085

 

 

310,819

 

 

335,711

 

 

338,517

 

 

308,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

51,363

 

 

38,486

 

 

44,698

 

 

45,425

 

 

32,168

 

Income tax expense

 

 

11,586

 

 

8,928

 

 

7,600

 

 

11,034

 

 

7,488

 

Net income

 

 

39,777

 

 

29,558

 

 

37,098

 

 

34,391

 

 

24,680

 

Less: Net income attributable to noncontrolling interest

 

 

991

 

 

1,443

 

 

1,293

 

 

1,311

 

 

239

 

Income attributable to Hilltop

 

$

38,786

 

$

28,115

 

$

35,805

 

$

33,080

 

$

24,441

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.41

 

$

0.30

 

$

0.38

 

$

0.35

 

$

0.25

 

Diluted

 

$

0.41

 

$

0.30

 

$

0.38

 

$

0.35

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.08

 

$

0.07

 

$

0.07

 

$

0.07

 

$

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

93,669

 

 

94,092

 

 

94,554

 

 

95,270

 

 

95,985

 

Diluted

 

 

93,669

 

 

94,130

 

 

94,610

 

 

95,358

 

 

96,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2019

Segment Results

 

 

 

 

 

 

 

Mortgage

    

 

    

 

 

    

All Other and

    

Hilltop

(in 000's)

    

Banking

    

Broker-Dealer

    

Origination

    

Insurance

    

Corporate

    

Eliminations

    

Consolidated

Net interest income (expense)

 

$

92,690

 

$

12,850

 

$

(467)

 

$

642

 

$

(1,330)

 

$

4,546

 

$

108,931

Provision (recovery) for loan losses

 

 

1,025

 

 

(74)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

951

Noninterest income

 

 

10,621

 

 

91,307

 

 

118,033

 

 

36,492

 

 

538

 

 

(4,523)

 

 

252,468

Noninterest expense

 

 

60,726

 

 

87,807

 

 

114,677

 

 

30,338

 

 

15,562

 

 

(25)

 

 

309,085

Income (loss) before income taxes

 

$

41,560

 

$

16,424

 

$

2,889

 

$

6,796

 

$

(16,354)

 

$

48

 

$

51,363

 

 

 

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Three Months Ended

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

Selected Financial Data

    

2019

    

2018

    

2018

    

2018

    

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hilltop Consolidated:

 

 

   

 

 

   

 

 

 

 

 

 

 

 

 

Return on average stockholders' equity

 

 

8.04%

 

 

5.76%

 

 

7.41%

 

 

6.95%

 

 

5.19%

Return on average assets

 

 

1.21%

 

 

0.86%

 

 

1.07%

 

 

1.03%

 

 

0.77%

Net interest margin (1)

 

 

3.69%

 

 

3.75%

 

 

3.48%

 

 

3.46%

 

 

3.52%

Net interest margin (taxable equivalent) (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported

 

 

3.70%

 

 

3.76%

 

 

3.49%

 

 

3.47%

 

 

3.53%

Impact of purchase accounting

 

 

32 bps

 

 

43 bps

 

 

28 bps

 

 

29 bps

 

 

36 bps

Book value per common share ($)

 

 

21.23

 

 

20.83

 

 

20.51

 

 

20.21

 

 

20.02

Shares outstanding, end of period (000's)

 

 

93,821

 

 

93,610

 

 

94,594

 

 

94,571

 

 

96,048

Dividend payout ratio (3)

 

 

19.32%

 

 

23.43%

 

 

18.48%

 

 

20.16%

 

 

27.49%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Banking Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin (1)

 

 

4.24%

 

 

4.50%

 

 

4.13%

 

 

4.11%

 

 

4.15%

Net interest margin (taxable equivalent) (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As reported

 

 

4.25%

 

 

4.51%

 

 

4.14%

 

 

4.12%

 

 

4.16%

Impact of purchase accounting

 

 

44 bps

 

 

61 bps

 

 

39 bps

 

 

42 bps

 

 

51 bps

Accretion of discount on loans ($000's)

 

 

8,735

 

 

12,737

 

 

8,147

 

 

8,343

 

 

9,867

Net charge-offs (recoveries) ($000's)

 

 

1,628

 

 

7,592

 

 

1,447

 

 

1,564

 

 

(1,315)

Return on average assets

 

 

1.34%

 

 

1.31%

 

 

1.19%

 

 

1.09%

 

 

1.31%

Fee income ratio

 

 

10.28%

 

 

10.12%

 

 

10.69%

 

 

10.79%

 

 

10.51%

Efficiency ratio

 

 

58.78%

 

 

56.79%

 

 

63.71%

 

 

66.47%

 

 

61.32%

Employees' compensation and benefits ($000's)

 

 

32,171

 

 

31,955

 

 

36,878

 

 

32,442

 

 

30,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker-Dealer Segment: