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 5, 2014
FIDELITY D & D BANCORP, INC.
(Exact name of registrant as specified in its charter)
|
Pennsylvania |
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333-90273 |
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23-3017653 |
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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|
|
|
|
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Blakely and Drinker Streets, Dunmore, PA 18512
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (570) 342-8281
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))
FIDELITY D & D BANCORP, INC.
CURRENT REPORT ON FORM 8-K
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 5, 2014, Fidelity D & D Bancorp, Inc. issued a press release describing its results of operations for the quarter and year-to-date ended December 31, 2013. A copy of the related press release is being furnished as Exhibit 99.1 to this Form 8-K.
The information in this Item 2.02 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit NumberDescription
99.1Copy of the Press Release, dated February 5, 2014.
SIGNATURE
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.
FIDELITY D & D BANCORP, INC.
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Date: February 5, 2014 |
By: /s/ Salvatore R. DeFrancesco, Jr. |
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Salvatore R. DeFrancesco, Jr. |
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Treasurer and Chief Financial Officer |
EXHIBIT INDEX
EXHIBIT NO.
99.1 Copy of the Press Release, dated February 5, 2014.
Exhibit 99.1
FIDELITY D & D BANCORP, INC.
FOR IMMEDIATE RELEASE
Date: February 5, 2014
Contacts:
|
Daniel J. Santaniello |
Salvatore R. DeFrancesco, Jr. |
|
President and Chief Executive Officer |
Treasurer and Chief Financial Officer |
|
570-504-8035 |
570-504-8000 |
FIDELITY D & D BANCORP, INC.
REPORTS 2013 FINANCIAL RESULTS
Dunmore, PA – Fidelity D & D Bancorp, Inc. (OTC Bulletin Board: FDBC), parent company of The Fidelity Deposit and Discount Bank, announced a 45% net income increase for the year ended December 31, 2013, with net income of $7.1 million, or $3.03 per share, compared to net income for the year ended December 31, 2012 of $4.9 million, or $2.14 per share. This increase resulted primarily from recognizing a $2.9 million net gain ($1.9 million after tax, or $0.80 per share) on the sale of the Company’s entire pooled trust preferred security portfolio, completed in late December. The additional pretax increase in operating income was accomplished through $0.7 million lower provision for loan losses required and $0.2 million more net interest income, partially offset by the $0.3 million other real estate owned write-downs plus $0.2 million increases recorded within other expenses. Asset quality issues were further addressed through resolutions occurring throughout the loan portfolio and the liquidation of the pooled trust preferred security portfolio, with total non-performing assets down to 1.4% of total assets at December 31, 2013.
“Fidelity achieved record net income for 2013,” stated Daniel J. Santaniello, President and Chief Executive Officer. “In 2013, through our customer-centric approach, we grew our base of consumer and business customers, while achieving higher capital ratios. The Company’s strong balance sheet positions us to continue to deliver value to our key stakeholders as the regulatory and economic climate evolves.”
Net income for the quarter ended December 31, 2013 was $2.7 million compared to $0.9 million for the same quarter of 2012. The earnings per share for the quarter were $1.15 compared to $0.40 for the same prior year period. The quarter increase resulted from the mentioned $2.9 million gain on the pooled trust preferred security portfolio sale. Net interest income improved $0.1 million and provision for loan losses was down by $0.3 million, offset by the $0.2 million decrease in other income and $0.3 increase in other expenses from the other real estate owned write-downs during the fourth quarter of 2013 over the same 2012 period.
The Company’s assets totaled $623.8 million at December 31, 2013, growth of $22.3 million, or 4%, from $601.5 million at December 31, 2012. Asset growth occurred from the $44.6 million, or 11%, increase in loans partially funded by $9.6 million and $3.2 million reductions in loans held-for-sale and investment securities, respectively, plus utilizing $8.6 million of cash balances. Total deposits increased $15.0 million, or 3%, and shareholders’ equity grew $7.1 million, or 12%. The Bank’s regulatory capital ratios for the period ending December 31, 2013 were Total Risk Based Capital Ratio of 15.1%, Tier I Capital Ratio of 13.9% and Leverage Ratio of 10.3%.
Net interest income was $20.9 million for the year ended December 31, 2013, a 1% increase, or $245 thousand above the $20.6 million earned in 2012 achieved from efforts to mitigate margin pressure, by actively growing the loan portfolio and reducing non-performing assets, when operating during volatile
economic conditions and uncertainties while interest rates remained at low levels. As a result, net interest margin was maintained at 3.80% for 2013 and 2012.
Net interest income was $5.3 million for the quarter ended December 31, 2013, compared to the $5.2 million recorded during the same quarter of 2012. The cost reductions on lower interest-bearing liabilities have leveled out that no longer offset the persistent effect low rates had on reducing earning-asset yields. This 10 basis point reduction in spread was overcome by the non-interest bearing deposit growth achieved plus, more so, the larger loan portfolio to improve net interest income. As a result, net interest margin declined to 3.76% for the fourth quarter 2013, compared to 3.86% for same 2012 period.
The provision for loan losses was $2.6 million for the 2013 year, compared to $3.3 million required in 2012. The efforts taken that resolved asset quality by addressing the migration of commercial credits to non-performing status, including reaching a resolution on several rated as substandard, and reducing non-accrual loans, necessitated the lower requirement to provision for loan losses by $700 thousand.
The provision for loan losses was $950 thousand for the fourth quarter of 2013 compared to the $1.3 million required for the fourth quarter of 2012. Replenishing the allowance for loan losses from activity taken during the fourth quarter of 2013 required a lower level of provision for loan losses, stemming from less non-performing loans, when compared to the fourth quarter of 2012.
Workout efforts were successful to improve asset quality as the ratio of non-performing assets to total assets at December 31, 2013 was 1.44%, a 150 basis point decrease from 2.94% at December 31, 2012. The ratio of non-accrual loans to total loans at December 31, 2013 decreased 155 basis-points to 1.18%. Net charge-offs were $2.6 million in 2013 and $2.4 million in 2012. The allowance for loan losses was 1.86% of total loans at December 31, 2013 down from 2.02% at December 31, 2012.
Total other income for the year ended December 31, 2013 was $10.5 million, compared to $7.8 million for the 2012 year. This increase resulted primarily from recognizing a $2.9 million net gain on the sale of the entire pooled trust preferred security portfolio. The additional growth of $131 thousand more interchange transaction fees, $76 thousand additional deposit service charges and $59 thousand from higher financial service and trust activities plus $39 thousand of more net servicing fees, was more than offset by the $363 thousand fewer in gains on sold loans and $124 thousand less fees collected on loans.
Total other income recorded for the quarter ended December 31, 2013 was $4.5 million compared with $1.9 million for the same quarter in 2012. Again, this increase resulted primarily from recognizing a $2.9 million net gain on the sale of the entire pooled trust preferred security portfolio. The $241 thousand fewer in gains on sold loans, occurring from the reduction in mortgage banking activity, pushed other income down during the fourth quarter of 2013 compared to the same 2012 quarter.
Total other operating expenses increased by $538 thousand, or 3%, to $19.1 million for the year ending December 31, 2013, compared to $18.6 million for the 2012 year. The reductions in occupancy and equipment expenses of $103 thousand, loan collection costs of $95 thousand and FDIC assessment of $41 thousand partially offset the increases of $290 thousand in other real estate costs, $259 thousand in additional salary and benefit expenses, $186 thousand of automated transaction processing expenses and $44 thousand more in advertising and marketing expenses throughout 2013.
Total other operating expenses increased $347 thousand, or 7%, to $5.0 million from $4.6 million for the quarters ending December 31, 2013 and 2012, respectively. The other operating expenses primarily increased from $292 thousand additional other real estate costs recognized during the fourth quarter of 2013.
Fidelity D & D Bancorp, Inc. serves Lackawanna and Luzerne Counties through The Fidelity Deposit and Discount Bank’s 11 community banking office locations, including wealth management assistance through providing fiduciary activities with the Bank’s full trust powers; as well as offering a full array of asset management services. The Bank's deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.
Forward-Looking Statements
Certain of the matters discussed in this press release may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.
The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:
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the effects of economic deterioration on current customers, specifically the effect of the economy on loan customers’ ability to repay loans; |
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the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; |
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the impact of new laws and regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the regulations promulgated there under; |
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the effects of the failure of the Federal government to reach an agreement to raise the debt ceiling or avoid sequester and the negative effects on economic or business conditions as a result; |
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governmental monetary and fiscal policies, as well as legislative and regulatory changes; |
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the effect of changes in accounting policies and practices, as may be adopted by banking regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; |
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the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks; |
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the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, and the internet; |
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technological changes; |
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acquisitions and integration of acquired businesses; |
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the failure of assumptions underlying the establishment of reserves for loan and lease losses and estimations of values of collateral and various financial assets and liabilities; |
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volatility in the securities markets; |
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deteriorating economic conditions; |
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acts of war or terrorism; and |
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disruption of credit and equity markets. |
For more information please visit our investor relations web site located through www.bankatfidelity.com.
FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands)
|
At Period End: |
December 31, 2013 |
December 31, 2012 |
||
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Assets |
||||
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Total cash and cash equivalents |
$ |
13,218 |
$ |
21,846 |
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Investment securities |
97,423 | 100,730 | ||
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Federal Home Loan Bank Stock |
2,640 | 2,624 | ||
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Loans and leases |
479,061 | 444,101 | ||
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Allowance for loan losses |
(8,928) | (8,972) | ||
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Premises and equipment, net |
13,602 | 14,127 | ||
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Life insurance cash surrender value |
10,402 | 10,065 | ||
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Other assets |
16,407 | 17,004 | ||
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Total assets |
$ |
623,825 |
$ |
601,525 |
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Liabilities |
||||
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Non-interest-bearing deposits |
$ |
122,919 |
$ |
126,035 |
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Interest-bearing deposits |
406,779 | 388,625 | ||
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Total deposits |
529,698 | 514,660 | ||
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Short-term borrowings |
8,642 | 8,056 | ||
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Long-term debt |
16,000 | 16,000 | ||
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Other liabilities |
3,425 | 3,863 | ||
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Total liabilities |
557,765 | 542,579 | ||
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Shareholders' equity |
66,060 | 58,946 | ||
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Total liabilities and shareholders' equity |
$ |
623,825 |
$ |
601,525 |
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Average Year-To-Date Balances: |
December 31, 2013 |
December 31, 2012 |
||
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Assets |
||||
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Total cash and cash equivalents |
$ |
19,703 |
$ |
37,022 |
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Investment securities |
103,563 | 112,712 | ||
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Loans and leases, net |
452,898 | 418,287 | ||
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Premises and equipment, net |
13,852 | 13,943 | ||
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Other assets |
28,756 | 26,522 | ||
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Total assets |
$ |
618,772 |
$ |
608,486 |
|
Liabilities |
||||
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Non-interest-bearing deposits |
$ |
126,149 |
$ |
111,458 |
|
Interest-bearing deposits |
396,411 | 406,948 | ||
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Total deposits |
522,560 | 518,406 | ||
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Short-term borrowings and long-term debt |
31,524 | 29,794 | ||
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Other liabilities |
3,803 | 3,390 | ||
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Total liabilities |
557,887 | 551,590 | ||
|
Shareholders' equity |
60,885 | 56,896 | ||
|
Total liabilities and shareholders' equity |
$ |
618,772 |
$ |
608,486 |
FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Statements of Income
(dollars in thousands)
|
Three Months Ended |
Twelve Months Ended |
|||||||||
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Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||||||
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Interest income |
||||||||||
|
Loans and leases |
$ |
5,438 |
$ |
5,455 |
$ |
21,818 |
$ |
21,699 | ||
|
Securities and other |
581 | 522 | 2,035 | 2,295 | ||||||
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Total interest income |
6,019 | 5,977 | 23,853 | 23,994 | ||||||
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Interest expense |
||||||||||
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Deposits |
530 | 553 | 2,081 | 2,439 | ||||||
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Borrowings and debt |
223 | 221 | 887 | 915 | ||||||
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Total interest expense |
753 | 774 | 2,968 | 3,354 | ||||||
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Net interest income |
5,266 | 5,203 | 20,885 | 20,640 | ||||||
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Provision for loan losses |
950 | 1,250 | 2,550 | 3,250 | ||||||
|
OTTI - credit losses |
- |
- |
- |
136 | ||||||
|
Other income |
4,514 | 1,866 | 10,541 | 7,788 | ||||||
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Other expenses |
4,989 | 4,642 | 19,119 | 18,581 | ||||||
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Provision for income taxes |
1,131 | 248 | 2,635 | 1,559 | ||||||
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Net income |
$ |
2,710 |
$ |
929 |
$ |
7,122 |
$ |
4,902 | ||
|
Three Months Ended |
||||||||||
|
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2012 |
||||||
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Interest income |
||||||||||
|
Loans and leases |
$ |
5,438 |
$ |
5,455 |
$ |
5,456 |
$ |
5,469 |
$ |
5,455 |
|
Securities and other |
581 | 499 | 456 | 499 | 522 | |||||
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Total interest income |
6,019 | 5,954 | 5,912 | 5,968 | 5,977 | |||||
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Interest expense |
||||||||||
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Deposits |
530 | 525 | 511 | 515 | 553 | |||||
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Borrowings and debt |
223 | 223 | 221 | 220 | 221 | |||||
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Total interest expense |
753 | 748 | 732 | 735 | 774 | |||||
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Net interest income |
5,266 | 5,206 | 5,180 | 5,233 | 5,203 | |||||
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Provision for loan losses |
950 | 450 | 600 | 550 | 1,250 | |||||
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Other income |
4,514 | 1,908 | 2,051 | 2,068 | 1,866 | |||||
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Other expenses |
4,989 | 4,644 | 4,606 | 4,880 | 4,642 | |||||
|
Provision for income taxes |
1,131 | 515 | 512 | 477 | 248 | |||||
|
Net income |
$ |
2,710 |
$ |
1,505 |
$ |
1,513 |
$ |
1,394 |
$ |
929 |
FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands)
|
At Period End: |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2012 |
|||||
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Assets |
||||||||||
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Total cash and cash equivalents |
$ |
13,218 |
$ |
35,885 |
$ |
15,266 |
$ |
20,730 |
$ |
21,846 |
|
Investment securities |
97,423 | 103,111 | 96,466 | 99,496 | 100,730 | |||||
|
Federal Home Loan Bank Stock |
2,640 | 2,160 | 3,214 | 2,238 | 2,624 | |||||
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Loans and leases |
479,061 | 464,008 | 465,351 | 450,677 | 444,101 | |||||
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Allowance for loan losses |
(8,928) | (8,405) | (8,296) | (8,236) | (8,972) | |||||
|
Premises and equipment, net |
13,602 | 13,709 | 13,802 | 13,876 | 14,127 | |||||
|
Life insurance cash surrender value |
10,402 | 10,316 | 10,231 | 10,146 | 10,065 | |||||
|
Other assets |
16,407 | 19,510 | 19,141 | 19,244 | 17,004 | |||||
|
Total assets |
$ |
623,825 |
$ |
640,294 |
$ |
615,175 |
$ |
608,171 |
$ |
601,525 |
|
Liabilities |
||||||||||
|
Non-interest-bearing deposits |
$ |
122,919 |
$ |
134,114 |
$ |
127,268 |
$ |
122,855 |
$ |
126,035 |
|
Interest-bearing deposits |
406,779 | 410,716 | 392,255 | 391,611 | 388,625 | |||||
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Total deposits |
529,698 | 544,830 | 519,523 | 514,466 | 514,660 | |||||
|
Short-term borrowings |
8,642 | 14,197 | 16,199 | 13,593 | 8,056 | |||||
|
Long-term debt |
16,000 | 16,000 | 16,000 | 16,000 | 16,000 | |||||
|
Other liabilities |
3,425 | 3,471 | 3,550 | 4,333 | 3,863 | |||||
|
Total liabilities |
557,765 | 578,498 | 555,272 | 548,392 | 542,579 | |||||
|
Shareholders' equity |
66,060 | 61,796 | 59,903 | 59,779 | 58,946 | |||||
|
Total liabilities and shareholders' equity |
$ |
623,825 |
$ |
640,294 |
$ |
615,175 |
$ |
608,171 |
$ |
601,525 |
|
Average Quarterly Balances: |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2012 |
|||||
|
Assets |
||||||||||
|
Total cash and cash equivalents |
$ |
17,177 |
$ |
18,296 |
$ |
13,554 |
$ |
29,939 |
$ |
27,674 |
|
Investment securities |
104,729 | 102,617 | 102,335 | 104,582 | 107,021 | |||||
|
Loans and leases, net |
462,528 | 456,479 | 450,684 | 441,632 | 426,040 | |||||
|
Premises and equipment, net |
13,692 | 13,841 | 13,838 | 14,042 | 14,266 | |||||
|
Other assets |
29,173 | 29,622 | 28,441 | 27,761 | 26,662 | |||||
|
Total assets |
$ |
627,299 |
$ |
620,855 |
$ |
608,852 |
$ |
617,956 |
$ |
601,663 |
|
Liabilities |
||||||||||
|
Non-interest-bearing deposits |
$ |
126,200 |
$ |
124,794 |
$ |
122,805 |
$ |
130,864 |
$ |
117,025 |
|
Interest-bearing deposits |
404,633 | 400,305 | 390,392 | 390,113 | 393,319 | |||||
|
Total deposits |
530,833 | 525,099 | 513,197 | 520,977 | 510,344 | |||||
|
Short-term borrowings and long-term debt |
30,058 | 31,263 | 31,199 | 33,616 | 28,527 | |||||
|
Other liabilities |
3,848 | 3,892 | 3,657 | 3,811 | 3,549 | |||||
|
Total liabilities |
564,739 | 560,254 | 548,053 | 558,404 | 542,420 | |||||
|
Shareholders' equity |
62,560 | 60,601 | 60,799 | 59,552 | 59,243 | |||||
|
Total liabilities and shareholders' equity |
$ |
627,299 |
$ |
620,855 |
$ |
608,852 |
$ |
617,956 |
$ |
601,663 |
FIDELITY D & D BANCORP, INC.
Selected Financial Ratios and Other Data
|
Three Months Ended |
||||||||||
|
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2012 |
||||||
|
Selected returns and financial ratios |
||||||||||
|
Basic earnings per share |
$ |
1.15 |
$ |
0.64 |
$ |
0.64 |
$ |
0.60 |
$ |
0.40 |
|
Diluted earnings per share |
$ |
1.14 |
$ |
0.64 |
$ |
0.64 |
$ |
0.60 |
$ |
0.40 |
|
Dividends per share |
$ |
0.35 |
$ |
0.25 |
$ |
0.25 |
$ |
0.25 |
$ |
0.25 |
|
Yield on interest-earning assets (FTE) |
4.27% | 4.26% | 4.37% | 4.36% | 4.41% | |||||
|
Cost of interest-bearing liabilities |
0.69% | 0.69% | 0.70% | 0.70% | 0.73% | |||||
|
Net interest spread |
3.58% | 3.57% | 3.67% | 3.66% | 3.68% | |||||
|
Net interest margin |
3.76% | 3.74% | 3.84% | 3.84% | 3.86% | |||||
|
Return on average assets |
1.71% | 0.96% | 1.00% | 0.91% | 0.61% | |||||
|
Return on average equity |
17.19% | 9.85% | 9.98% | 9.49% | 6.24% | |||||
|
Efficiency ratio |
67.48% | 64.51% | 61.90% | 66.17% | 64.44% | |||||
|
Expense ratio |
2.02% | 1.83% | 1.69% | 1.92% | 1.88% | |||||
|
Twelve Months Ended |
||||||||||
|
Dec. 31, 2013 |
Dec. 31, 2012 |
|||||||||
|
Basic earnings per share |
$ |
3.03 |
$ |
2.14 | ||||||
|
Diluted earnings per share |
$ |
3.02 |
$ |
2.14 | ||||||
|
Dividends per share |
$ |
1.10 |
$ |
1.00 | ||||||
|
Yield on interest-earning assets (FTE) |
4.31% | 4.39% | ||||||||
|
Cost of interest-bearing liabilities |
0.69% | 0.77% | ||||||||
|
Net interest spread |
3.62% | 3.62% | ||||||||
|
Net interest margin |
3.80% | 3.80% | ||||||||
|
Return on average assets |
1.15% | 0.81% | ||||||||
|
Return on average equity |
11.70% | 8.62% | ||||||||
|
Efficiency ratio |
64.99% | 63.40% | ||||||||
|
Expense ratio |
1.87% | 1.78% | ||||||||
|
Other financial data |
||||||||||
|
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2012 |
||||||
|
Book value per share |
$ |
27.62 |
$ |
26.06 |
$ |
25.42 |
$ |
25.52 |
$ |
25.37 |
|
Equity to assets |
10.59% | 9.65% | 9.74% | 9.83% | 9.80% | |||||
|
Allowance for loan losses to: |
||||||||||
|
Total loans |
1.86% | 1.81% | 1.78% | 1.83% | 2.02% | |||||
|
Non-accrual loans |
1.58x |
1.37x |
1.24x |
0.85x |
0.74x |
|||||
|
Non-accrual loans to total loans |
1.18% | 1.32% | 1.44% | 2.16% | 2.73% | |||||
|
Non-performing assets to total assets |
1.44% | 1.82% | 2.03% | 2.47% | 2.94% | |||||