Sterling Bancorp Reports First Quarter 2018 Financial Results

Q1 2018 Summary

  • Net income of $15.7 million, a 51% increase from Q1 2017
  • Fully diluted EPS of $0.30, a 30% increase from Q1 2017
  • Total loan originations of $408 million, a 59% increase from Q1 2017
  • Total gross loans, including loans held for investment and loans held for sale, of $2.80 billion, a 39% increase from Q1 2017
  • Total deposits of $2.29 billion, a 33% increase from Q1 2017
  • Net interest margin of 3.89%
  • Named as the top performing community bank in the United States for 2017 with total assets between $1 billion and $10 billion by SNL/S&P Global Market Intelligence

SOUTHFIELD, Mich.--()--Sterling Bancorp, Inc. (NASDAQ: SBT), the holding company of Sterling Bank and Trust, F.S.B., today reported unaudited financial results for its first quarter ended March 31, 2018.

“We are very pleased with our strong start to 2018, as we delivered excellent growth in our revenue streams combined with well controlled expenses”

For the three months ended March 31, 2018, net income totaled $15.7 million, or $0.30 per diluted share, based on 53.0 million weighted average diluted shares outstanding. This compares to fourth quarter 2017 net income of $6.5 million, or $0.13 per diluted share, based on 49.0 million weighted average diluted shares outstanding. For the first quarter of 2017, net income totaled $10.4 million, or $0.23 per diluted share, based on 45.3 million weighted average diluted shares outstanding.

“We are very pleased with our strong start to 2018, as we delivered excellent growth in our revenue streams combined with well controlled expenses,” said Gary Judd, Chairman and CEO of Sterling Bancorp. “As a result, we generated a 30% year-over-year increase in earnings per share and continued to deliver the superior level of returns that made us the top performing community bank in the United States in 2017, as recognized by SNL/S&P Global Market Intelligence.

“We continue to see strong demand for residential mortgage loans in our target markets, and we increased the volume of loans sold into the secondary market as part of our balance sheet management strategy. Given our healthy loan pipeline, we expect to continue to strategically utilize loan sales to mitigate pressure on our net interest margin going forward, which we believe will enable us to continue to generate profitable growth for our shareholders,” said Mr. Judd.

Financial Highlights (Unaudited)

(Dollars in thousands, except per share data)     At or for the Three Months Ended
3/31/2018   12/31/2017   3/31/2017
Net income $ 15,749 $ 6,531 $ 10,416
Diluted earnings per share $ 0.30 $ 0.13 $ 0.23
Net interest income before provision for loan losses $ 28,195 $ 26,915 $ 21,871
Net interest margin 3.89 % 3.97 % 4.07 %
Noninterest income $ 6,037 $ 2,826 $ 5,586
Noninterest expense $ 11,503 $ 11,943 $ 9,092
Loans held for investment, net $ 2,580,560 $ 2,594,357 $ 2,003,019
Deposits $ 2,291,165 $ 2,245,110 $ 1,722,148
Nonperforming loans $ 5,115 $ 783 $ 640
Allowance for loan losses to total loans 0.74 % 0.71 % 0.77 %
Allowance for loan losses to nonperforming loans 374 % 2,357 % 2,432 %
Provision for loan losses $ 641 $ 600 $ 600
Net charge offs (recoveries) $ (34 ) $ (668 ) $ (145 )
ROA 2.13 % 0.94 % 1.89 %
ROE 22.17 % 11.46 % 24.80 %
Efficiency ratio 33.6 % 40.2 % 33.1 %
 

Operating Results for the First Quarter 2018

Net Interest Income

Net interest income for the first quarter of 2018 was $28.2 million, an increase of 4.8% from $26.9 million for the fourth quarter of 2017. The increase in net interest income from the fourth quarter was primarily attributable to a $185 million increase in average interest earning assets, partially offset by the effects of an 8 basis point decrease in the net interest margin.

Relative to the first quarter of 2017, net interest income increased 28.9% from $21.9 million. The increase in net interest income from the first quarter of 2017 was primarily attributable to a $748 million increase in average interest earning assets, partially offset by the effects of an 18 basis point decrease in the net interest margin.

Net Interest Margin

Net interest margin for the first quarter of 2018 was 3.89%, compared to 3.97% for the fourth quarter of 2017. The decrease in net interest margin was primarily attributable to a 5 basis point decrease in the average yield on interest earning assets and a 10 basis point increase in the average cost of interest-bearing deposits.

Relative to the first quarter of 2017, the net interest margin decreased from 4.07%, primarily due to a 32 basis point increase in the average cost of interest-bearing deposits, partially offset by a 2 basis point increase in the average yield on interest earning assets.

Noninterest Income

Noninterest income for the first quarter of 2018 was $6.0 million, an increase from $2.8 million for the fourth quarter of 2017. The increase was primarily the result of a $3.1 million increase in the gain on sale of loans due to an increase in the amount of residential mortgages sold in the secondary market compared to the prior period.

Noninterest income increased from $5.6 million in the first quarter of 2017, primarily as a result of a $0.2 million increase in service charges and fees and a $0.2 million increase in other income.

Noninterest Expense

Noninterest expense for the first quarter of 2018 was $11.5 million, compared with $11.9 million for the fourth quarter of 2017. The decrease was primarily attributable to lower salary expense, as well as $0.2 million of expenses incurred during the fourth quarter of 2017 related to the Company’s initial public offering.

Relative to the first quarter of 2017, noninterest expense increased from $9.1 million. The increase was primarily due to an increase in personnel expenses and occupancy and equipment costs required to support the growth in the Company’s operations.

The Company’s operating efficiency ratio was 33.6% in the first quarter of 2018, compared with 40.2% in the fourth quarter of 2017 and 33.1% in the first quarter of 2017.

Income Taxes

The effective tax rate for the three months ended March 31, 2018 was 29%, compared with 62% and 41% for the three months ended December 31, 2017 and March 31, 2017, respectively. The decrease in the effective tax rate in the first quarter of 2018 as compared to first quarter of 2017 was attributable to the reduction in the federal corporate tax rate that was effective January 1, 2018. The effective tax rate for the fourth quarter of 2017 includes the effect of the re-measurement of the Company’s net deferred tax assets.

The Company continues to expect that its effective tax rate for 2018 will be in the range of 28% to 30%. The actual annual effective tax rate will vary depending upon the mix of the Company’s taxable income by state.

Loan Portfolio

Total loans, which includes those held for investment and held for sale, were $2.80 billion at March 31, 2018, compared with $2.73 billion at December 31, 2017. Contributing to the increase were an $88 million increase in residential real estate loans and a $6 million increase in commercial and industrial loans, partially offset by a $20 million decrease in the commercial real estate and construction loan portfolio, which decrease was driven by loan payoffs.

During the first quarter of 2018, the Company originated $408 million in loans, which included $349 million in residential mortgage loans, $5 million in commercial real estate loans, $44 million in construction loans and $10 million in commercial and industrial loans.

Deposits

Total deposits were $2.29 billion at March 31, 2018, compared with $2.25 billion at December 31, 2017. The increase was primarily attributable to a $123 million increase in retail deposits, partially offset by a $77 million decrease in brokered deposits.

Credit Quality

Nonperforming assets totaled $8.1 million, or 0.27% of total assets, at March 31, 2018, compared with $3.8 million, or 0.13% of total assets, at December 31, 2017. The increase was primarily due to a large residential real estate loan being placed on non-accrual. The Company believes that no impairment exists, as there is more than sufficient collateral value supporting the loan.

Net recoveries for the first quarter of 2018 were $34,000 and there were no charge offs during the quarter.

With the lack of charge offs and no specific reserves required for the large loan placed on non-accrual, the Company recorded a provision for loan losses of $641,000 for the first quarter of 2018, comparable with the provision for loan losses in the first quarter of 2017.

The Company’s allowance for loan losses was 0.74% of total loans and 374% of nonperforming loans at March 31, 2018, compared with 0.71% and 2,357%, respectively, at December 31, 2017.

Capital

At March 31, 2018, the Bank exceeded all regulatory capital requirements under Basel III and was considered to be a “well-capitalized” financial institution, as summarized in the following tables:

       

Well
Capitalized

    Company Actual at
March 31, 2018
Total adjusted capital to risk-weighted assets N/A 20.38 %
Tier 1 (core) capital to risk-weighted assets N/A 15.77 %
Tier 1 (core) capital to adjusted tangible assets N/A 9.73 %
Common Tier 1 (CET 1) N/A 15.77 %
 
Well
Capitalized
Sterling Bank Actual at
March 31, 2018
Total adjusted capital to risk-weighted assets 10.00 % 15.07 %
Tier 1 (core) capital to risk-weighted assets 8.00 % 14.02 %
Tier 1 (core) capital to adjusted tangible assets 5.00 % 8.65 %
Common Tier 1 (CET 1) 6.50 % 14.02 %
 

Conference Call and Webcast

Management will host a conference call today at 5:00 p.m. Eastern Time to discuss the Company's financial results. The conference call number for U.S. participants is (877) 270-2148 and the conference call number for participants outside the U.S. is (412) 902-6510. The conference ID number for both conference call numbers is 10118833. Additionally, interested parties can listen to a live webcast of the call in the "Investor Relations" section of the Company's website at www.sterlingbank.com. An archived version of the webcast will be available in the same location shortly after the live call has ended. A replay of the conference call may be accessed through May 14, 2018 by dialing (877) 344-7529, using conference ID number 10118833.

About Sterling Bancorp, Inc.

Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield, Michigan. In March 2018, Sterling was named as the top performing community bank in the United States with total assets between $1 billion and $10 billion in 2017 by SNL/S&P Global Market Intelligence. For additional information, please visit the Company’s website at www.sterlingbank.com.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures include “Average Tangible Common Equity,” and “Return on Average Tangible Common Equity,” each of which are common metrics in the banking industry. Management uses these non-GAAP financial measures to assess the Company’s capital strength and business performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore this presentation may not be comparable to other similarly titled measures as presented by other companies. For further information see “Reconciliation of Non-GAAP Financial Measures” in the Financial Data section that follows.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements," within the meeting of the federal securities laws, including but not limited to statements about the Company’s expected loan production, operating expenses and future earnings levels. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe" or "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

 
Sterling Bancorp, Inc.
Consolidated Balance Sheets
Unaudited (dollars in thousands)
         
Assets   3/31/2018       12/31/2017     % change       3/31/2017     % change  
Cash and due from banks $ 37,541 $ 40,147 (6 )% $ 30,598 23 %
Investment securities 124,956 126,848 (1 )% 87,121 43 %
Federal Home Loan Bank stock, at cost 22,950 22,950 0 % 18,360 25 %
Mortgage loans held for sale 200,467 112,866 78 % 1,468 N/M
Loans, net of allowance for loan losses of $19,132, $18,457 and $15,567 2,580,560 2,594,357 (1 )% 2,003,019 29 %
Accrued interest receivable 11,936 11,493 4 % 8,430 42 %
Mortgage servicing rights, net 7,780 6,496 20 % 5,424 43 %
Leasehold improvements and equipment, net 7,705 7,043 9 % 6,246 23 %
Cash surrender value of bank-owned life insurance 30,837 30,680 1 % 30,194 2 %
Deferred tax asset, net 7,234 6,847 6 % 9,189 (21 )%
Other assets   2,366       2,231     6 %     2,126     11 %
Total assets $ 3,034,332     $ 2,961,958     2 %   $ 2,202,175     38 %
 
Liabilities
Noninterest-bearing deposits $ 75,062 $ 73,682 2 % $ 60,436 24 %
Interest-bearing deposits   2,216,103       2,171,428     2 %     1,661,712     33 %
Total deposits 2,291,165 2,245,110 2 % 1,722,148 33 %
Federal Home Loan Bank borrowings 342,937 338,000 1 % 222,115 54 %
Subordinated notes, net 64,923 64,889 0 % 49,371 32 %
Accrued expenses and other liabilities   46,795       40,661     15 %     37,431     25 %
Total liabilities 2,745,820 2,688,660 2 % 2,031,065 35 %
 
Shareholders’ Equity
Preferred stock, authorized 10,000,000 shares; no shares issued and outstanding - - N/M - N/M
Common stock, voting, authorized 500,000,000 shares at March 31, 2018 and December 31, 2017 and 490,000,000 at March 31, 2017, issued and outstanding 53,002,963, 52,963,308 and 45,271,000 shares at March 31, 2018, December 31, 2017 and March 31,2017, respectively. 111,238 111,238 0 % 22,863 387 %
Common stock, non-voting, no par value, authorized 10,000,000 shares, issued and outstanding 5,072,000 shares at March 31, 2017. - - - 2,885 -
Additional paid-in capital 12,425 12,416 0 % 15,336 (19 )%
Retained earnings 164,984 149,816 10 % 130,095 27 %
Accumulated other comprehensive loss   (135 )     (172 )   N/M       (69 )   N/M  
Total shareholders’ equity   288,512       273,298     6 %     171,110     69 %
Total liabilities and shareholders’ equity $ 3,034,332     $ 2,961,958     2 %   $ 2,202,175     38 %
 
N/M- not meaningful
 
   
Sterling Bancorp, Inc.
Condensed Consolidated Statements of Income
Unaudited (dollars in thousands, except per share amounts)
   
Three Months Ended
  3/31/2018     12/31/2017   % change       3/31/2017   % change  
Interest Income:    
Interest and fees on loans $ 35,856 $ 34,095 5 % $ 26,759 34 %
Interest and dividends on investment securities 819 588 39 % 365 124 %
Other interest   114     54   110 %     19   500 %
Total interest income 36,789 34,737 6 % 27,143 36 %
Interest Expense:
Interest on deposits 6,589 5,884 12 % 3,534 86 %
Interest on Federal Home Loan Bank borrowings 833 751 11 % 830 0 %
Interest on subordinated notes and other   1,172     1,187   (1 )%     908   29 %
Total interest expense   8,594     7,822   10 %     5,272   63 %
Net interest income 28,195 26,915 5 % 21,871 29 %
Provision for loan losses   641     600   7 %     600   7 %
Net interest income after provision for loan losses 27,554 26,315 5 % 21,271 30 %
Non-interest income
Service charges and fees 618 629 (2 )% 409 51 %
Investment management and advisory fees 623 603 3 % 552 13 %
Net gain on sale of loans 4,006 868 362 % 4,052 (1 )%
Other income   790     726   9 %     573   38 %
Total non-interest income   6,037     2,826   114 %     5,586   8 %
Non-interest expense
Salaries and employee benefits 6,649 6,880 (3 )% 5,410 23 %
Occupancy and equipment 1,546 1,632 (5 )% 1,389 11 %
Professional fees 622 665 (7 )% 369 69 %
Advertising and marketing 349 370 (6 )% 192 82 %
FDIC assessments 543 455 19 % 242 124 %
Data processing 288 292 (1 )% 207 39 %
Other   1,506     1,649   (9 )%     1,283   17 %
Total non-interest expense   11,503     11,943   (4 )%     9,092   27 %
Income before income taxes 22,088 17,198 28 % 17,765 24 %
Income tax expense   6,339     10,667   (41 )%     7,349   (14 )%
Net income $ 15,749   $ 6,531   141 %   $ 10,416   51 %
Income per share, basic and diluted $ 0.30   $ 0.13 $ 0.23

Weighted average common shares outstanding, basic and diluted

52,963,308 49,033,542 45,271,000
 
N/M - not meaningful
 
       
Sterling Bancorp, Inc.
Select Financial Data
Unaudited (dollars in thousands)
 
As of and for the Three Months Ended
3/31/2018     12/31/2017     3/31/2017  
Performance Ratios:
Return on average assets 2.13 % 0.94 % 1.89 %
Return on average shareholders' equity 22.17 % 11.46 % 24.80 %
Return on average tangible common equity 22.24 % 11.50 % 25.00 %
Yield on earning assets 5.07 % 5.12 % 5.05 %
Cost of average interest-bearing liabilities 1.36 % 1.28 % 1.10 %
Net interest spread 3.71 % 3.84 % 3.95 %
Net interest margin 3.89 % 3.97 % 4.07 %
Efficiency ratio(1) 33.6 % 40.2 % 33.1 %
 

(1) Efficiency Ratio is computed as the ratio of non-interest expense divided by the sum of net interest income and non-interest income.

   

 

                   
Sterling Bancorp, Inc.
Yield Analysis and Net Interest Income
Unaudited (dollars in thousands)
 
For the Three Months Ended
3/31/2018 12/31/2017 3/31/2017

Average
Balance

Interest

Average
Yield/
Rate

Average
Balance

Interest

Average
Yield/
Rate

Average
Balance

Interest

Average
Yield/
Rate

Interest earning assets
Loans (1) $ 2,733,759 $ 35,856 5.25 % $ 2,563,319 $ 34,095 5.32 % $ 2,044,732 $ 26,759 5.23 %
Securities, includes restricted stock 141,616 819 2.31 % 132,869 588 1.77 % 97,329 365 1.50 %
Other interest earning assets   24,663   114 1.85 %   18,597   54 1.17 %   9,574   19 0.79 %
Total interest earning assets $ 2,900,038 $ 36,789 5.07 % $ 2,714,785 $ 34,737 5.12 % $ 2,151,635 $ 27,143 5.05 %
Interest-bearing liabilities
Money Market, Savings and NOW $ 1,525,436 $ 4,135 1.10 % $ 1,457,137 $ 3,653 0.99 % $ 1,200,209 $ 2,459 0.83 %
Time deposits   705,824   2,454 1.41 %   662,822   2,231 1.34 %   422,972   1,075 1.03 %
Total interest-bearing deposits 2,231,260 6,589 1.20 % 2,119,959 5,884 1.10 % 1,623,181 3,534 0.88 %
FHLB borrowings 259,056 833 1.29 % 244,263 751 1.20 % 273,622 830 1.21 %
Subordinated debt   64,901   1,172 7.22 %   64,871   1,187 7.32 %   49,349   908 7.36 %
Total borrowings   323,957 2,005 2.48 %   309,134   1,938 2.45 %   322,972   1,738 2.15 %
Total interest-bearing liabilities $ 2,555,217   8,594 1.36 % $ 2,429,093   7,822 1.28 % $ 1,946,152   5,272 1.10 %
Net interest income and spread (2) $ 28,195 3.71 % $ 26,915 3.84 % $ 21,871 3.95 %
Net interest margin 3.89 % 3.97 % 4.07 %
 
(1) Nonaccrual loans are included in the respective average loan balances. Income, if any, on such loans is recognized on a cash basis.
(2) Interest income does not include taxable equivalent adjustments.
 
           
Sterling Bancorp, Inc.
Loan Composition
Unaudited (dollars in thousands)
 
  3/31/2018       12/31/2017     % Change       3/31/2017     % Change  
Construction $ 179,846 $ 192,319 (6 )% $ 159,874 12 %
Residential real estate, mortgage 2,134,447 2,132,641 0 % 1,615,075 32 %
Commercial real estate, mortgage 239,204 247,076 (3 )% 206,870 16 %
Commercial and industrial loans, lines of credit 46,166 40,749 13 % 36,710 26 %
Other consumer loans   29       29     1 %     57     (49 )%
Total loans held for investment 2,599,692 2,612,814 (1 )% 2,018,586 29 %
Less: allowance for loan losses   (19,132 )     (18,457 )   4 %     (15,567 )   23 %
Loans, net $ 2,580,560     $ 2,594,357     (1 )%   $ 2,003,019     29 %
 
Mortgage loans held for sale $ 200,467     $ 112,866     78 %   $ 1,468     N/M  
Total gross loans $ 2,800,159     $ 2,725,680     3 %   $ 2,020,054     39 %
 
           

Sterling Bancorp, Inc

Deposit Composition
Unaudited (dollars in thousands)
 
  3/31/2018     12/31/2017   % change       3/31/2017   % change  
Noninterest bearing demand deposits 75,062 $ 73,682 2 % $ 60,436 24 %
Money Market, Savings and NOW deposits 1,536,481 1,507,956 2 % 1,267,914 21 %
Time deposits   679,622     663,472   2 %     393,798   73 %
Total deposits $ 2,291,165   $ 2,245,110   2 %   $ 1,722,148   33 %
 
       

Sterling Bancorp, Inc

Capital and Credit Quality Ratios
Unaudited (dollars in thousands)
 
As of and for the Three Months Ended
  3/31/2018       12/31/2017       3/31/2017  
Capital Ratios
Regulatory and Other Capital Ratios—
Consolidated:
Tier 1 (core) capital to risk-weighted assets 15.77 % 15.53 % 12.66 %
Tier 1 (core) capital to adjusted tangible assets 9.73 % 9.83 % 7.71 %
Common Tier 1 (CET 1) 15.77 % 15.53 % 12.66 %
Total adjusted capital to risk-weighted assets 20.38 % 20.28 % 17.49 %
 
Regulatory and Other Capital Ratios—Bank:
Tier 1 (core) capital to risk-weighted assets 14.02 % 13.71 % 15.00 %
Tier 1 (core) capital to adjusted tangible assets 8.65 % 8.68 % 9.14 %
Common Tier 1 (CET 1) 14.02 % 13.71 % 15.00 %
Total capital to risk-weighted assets 15.07 % 14.76 % 16.16 %
 
Credit Quality Data
Nonperforming loans (1) $ 5,115 $ 783 $ 640
Nonperforming loans to total loans 0.20 % 0.03 % 0.03 %
Nonperforming assets (2) $ 8,082 $ 3,777 $ 3,703
Nonperforming assets to total assets 0.27 % 0.13 % 0.17 %
Allowance for loan losses to total loans 0.74 % 0.71 % 0.77 %
Allowance for loan losses to nonperforming loans 374 % 2,357 % 2,432 %
Net charge offs to average loans (0.00 )% (0.03 )% (0.01 )%
 

(1) Nonperforming loans include nonaccrual loans and loans past due 90 days or more and still accruing interest.

(2) Nonperforming assets include nonperforming loans and loans modified under troubled debt restructurings and other repossessed assets.
 
 
Sterling Bancorp, Inc.
Allowance for Loan Losses
Unaudited (dollars in thousands)
     
Three Months Ended
  3/31/2018     12/31/2017       3/31/2017
Allowance for loan losses  
Balance at beginning of period $ 18,457 $ 17,189 $ 14,822
Provision for loan losses 641 600 600
Charge offs - (19 ) -
Recoveries   34     687       145
Balance at end of period $ 19,132   $ 18,457     $ 15,567
 

Return on Average Tangible Common Equity Reconciliations (non-GAAP)

Average tangible common equity and return on average common equity are non-GAAP disclosure. Sterling’s management uses these non-GAAP financial measures to assess the Company’s capital strength and business performance. Average tangible common equity excludes the effect of intangible assets. This non-GAAP financial measure should not be considered a substitute for those comparable measures that are similarly titled that are determined in accordance with U.S. GAAP that may be used by other companies. The following is a reconciliation of average tangible common equity to the average shareholders’ equity, its most comparable GAAP measure, as well as a calculation of return on average tangible common equity as of March 31, 2018 and 2017, and December 31, 2017.

       
As of and for the Three Months Ended
  3/31/2018     12/31/2017     3/31/2017  
 
Net Income $ 15,749 $ 6,531 $ 10,416
Average shareholders' equity 284,100 228,037 167,967
Adjustments
Customer-related intangible   (863 )   (975 )   (1,294 )
Average tangible common equity $ 283,237   $ 227,062   $ 166,673  
Return on average tangible common equity*   22.24 %   11.50 %   25.00 %
 
*Annualized
 

Contacts

Financial Profiles, Inc.
Allyson Pooley
310-622-8230
or
Larry Clark
310-622-8223
SBT@finprofiles.com

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